Financials · financial year 2025, micro format
Annual accounts 2025 filed on 14-07-2026 at the NBB all 8 filings
Equity
€113,328▲ 11.6%
2024 · €101,552
Net result
€11,776▲ 917%
2024 · €1,157
Total assets
€604,326▼ 2.6%
2024 · €620,599
Solvency
18.8%▲ 2.4pp
2024 · 16.4%
Multi-year overview
2018 to 2025, 8 financial yearsOperating result
€20,201
▲ 156%
2025
20182025
Net result
€11,776
▲ 917%
2025
middle half of the sector
20182025
Equity
€113,328
▲ 11.6%
2025
middle half of the sector
20182025
Total assets
€604,326
▼ 2.6%
2025
middle half of the sector
20182025
Debt
€490,998
▼ 5.4%
2025
20182025
Working capital
€25,581
2025
middle half of the sector
20182025
Solvency
18.8%
▲ 2.4pp
2025
lowest quarter of the sector
20182025
Current ratio
1.30
▲ 0.98
2025
middle half of the sector
20182025
Return on assets (ROA)
1.9%
▲ 1.8pp
2025
middle half of the sector
20182025
Every figure per financial year
Every figure with its change against the financial year before
favourable
unfavourable
Line20182019202020212022202320242025
Operating result€19,616-€14,621▼ 25.5%€18,301▲ 25.2%€20,552▲ 12.3%€21,409▲ 4.2%€44,606▲ 108%€7,886▼ 82.3%€20,201▲ 156%
Net result€13,288-€10,504▼ 20.9%€13,190within the sector's middle half▲ 25.6%€13,713within the sector's middle half▲ 4.0%€12,811within the sector's middle half▼ 6.6%€30,689within the sector's middle half▲ 140%€1,157below the sector's middle half▼ 96.2%€11,776within the sector's middle half▲ 917%
Equity€19,488-€29,993▲ 53.9%€43,182within the sector's middle half▲ 44.0%€56,895within the sector's middle half▲ 31.8%€69,706within the sector's middle half▲ 22.5%€100,395within the sector's middle half▲ 44.0%€101,552within the sector's middle half▲ 1.2%€113,328within the sector's middle half▲ 11.6%
Total assets€48,114-€53,761▲ 11.7%€63,108below the sector's middle half▲ 17.4%€327,677within the sector's middle half▲ 419%€659,623within the sector's middle half▲ 101%€669,425within the sector's middle half▲ 1.5%€620,599within the sector's middle half▼ 7.3%€604,326within the sector's middle half▼ 2.6%
Debt€28,625-€23,768▼ 17.0%€19,926▼ 16.2%€270,782▲ 14×€589,917▲ 118%€569,030▼ 3.5%€519,047▼ 8.8%€490,998▼ 5.4%
Working capital€13,398-€24,236▲ 80.9%€34,522within the sector's middle half▲ 42.4%€2,136within the sector's middle half▼ 93.8%-€272,366below the sector's middle half-€240,106below the sector's middle half▲ 11.8%-€239,574below the sector's middle half▲ 0.2%€25,581within the sector's middle half
Solvency40.5%-55.8%▲ 15.3pp68.4%within the sector's middle half▲ 12.6pp17.4%below the sector's middle half▼ 51.1pp10.6%below the sector's middle half▼ 6.8pp15.0%below the sector's middle half▲ 4.4pp16.4%below the sector's middle half▲ 1.4pp18.8%below the sector's middle half▲ 2.4pp
Current ratio1.93-2.46▲ 0.532.73within the sector's middle half▲ 0.271.02within the sector's middle half▼ 1.710.30below the sector's middle half▼ 0.720.38below the sector's middle half▲ 0.070.32below the sector's middle half▼ 0.061.30within the sector's middle half▲ 0.98
Return on assets (ROA)27.6%-19.5%▼ 8.1pp20.9%above the sector's middle half▲ 1.4pp4.2%within the sector's middle half▼ 16.7pp1.9%within the sector's middle half▼ 2.2pp4.6%within the sector's middle half▲ 2.6pp0.2%below the sector's middle half▼ 4.4pp1.9%within the sector's middle half▲ 1.8pp
above
within
below
The sector band is the middle half of the companies in Financial service activities, except insurance and pension funding (NACE 64). A quarter of them sit below it, a quarter above. Each year counts only accounts in the same format, and only where there are at least 30.
The operating result for 2025 is 156% higher than in 2024. It is a recovery after the fall in 2024.
Turnover and EBIT margin are not published. The micro format does not require them. The turnover shown is an estimate from the gross margin.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €604,326
Fixed assets
€494,325 ▼ 2.7%
Current assets
€110,001 ▼ 2.2%
Equity and liabilities €604,326
Equity
€113,328 ▲ 11.6%
Debt
€490,998 ▼ 5.4%
Debt's share of the balance-sheet total falls from 83.6% to 81.2%. Equity is higher and debt is lower.
Key figures and ratios
ROE
10.4%▲
2024 · 1.1%
Debt ≤ 1 year
€84,419▼
2024 · €352,021
Debt > 1 year
€397,348▲
2024 · €160,586
Income taxes
€3,862▲
2024 · €1,957
Green means a favourable move, even when the figure itself falls, as with debt or debt to equity.
Investments
| Item | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Tangible fixed assets | €248,576 | €55,411 | - | - | - |
| Financial fixed assets | - | €275,000 | €112 | - | €2,000 |
| Depreciation and write-downs of the year | €30,274 | €15,471 | €16,569 | €16,120 | €15,827 |
Source: notes to the 2021 to 2025 annual accounts (statement of fixed assets)
Annual accounts
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €9,338 | €7,437 | €7,870 | €30,274 | €15,471 | €16,569 | €16,120 | €15,827 | ▼ 1.8% |
| Other operating charges640/8 | - | - | - | €1,899 | €1,010 | €1,001 | €1,050 | €1,024 | ▼ 2.5% |
| Gross operating margin9900 | €31,675 | €23,874 | €27,797 | €52,725 | €37,890 | €62,176 | €25,056 | €37,052 | ▲ 47.9% |
| Operating profit (loss)9901 | €19,616 | €14,621 | €18,301 | €20,552 | €21,409 | €44,606 | €7,886 | €20,201 | ▲ 156% |
| Financial income75/76B | - | - | - | €0 | - | - | - | - | - |
| Recurring financial income75 | - | - | - | €0 | - | - | - | - | - |
| Financial charges65/66B | - | - | - | €1,965 | €5,324 | €5,130 | €4,772 | €4,563 | ▼ 4.4% |
| Recurring financial charges65 | €510 | €343 | €272 | €1,965 | €5,324 | €5,130 | €4,772 | €4,563 | ▼ 4.4% |
| Profit (loss) for the period before taxes9903 | €19,106 | €14,278 | €18,029 | €18,587 | €16,086 | €39,476 | €3,114 | €15,638 | ▲ 402% |
| Income taxes67/77 | €5,817 | €3,774 | €4,839 | €4,875 | €3,274 | €8,787 | €1,957 | €3,862 | ▲ 97.4% |
| Profit (loss) for the period9904 | €13,288 | €10,504 | €13,190 | €13,713 | €12,811 | €30,689 | €1,157 | €11,776 | ▲ 917% |
| Profit (loss) for the period to be appropriated9905 | €13,288 | €10,504 | €13,190 | €13,713 | €12,811 | €30,689 | €1,157 | €11,776 | ▲ 917% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Assets | |||||||||
| Total assets20/58 | €48,114 | €53,761 | €63,108 | €327,677 | €659,623 | €669,425 | €620,599 | €604,326 | ▼ 2.6% |
| Fixed assets21/28 | €20,360 | €12,924 | €8,660 | €226,962 | €540,729 | €524,272 | €508,152 | €494,325 | ▼ 2.7% |
| Tangible fixed assets22/27 | €20,272 | €12,836 | €7,572 | €225,874 | €264,641 | €248,072 | €231,952 | €216,125 | ▼ 6.8% |
| Land and buildings22 | - | - | - | €222,543 | €217,694 | €212,846 | €207,997 | €203,149 | ▼ 2.3% |
| Furniture and vehicles24 | - | - | - | €2,158 | €46,947 | €35,226 | €23,954 | €12,976 | ▼ 45.8% |
| Leasing and similar rights25 | - | - | - | €1,174 | - | - | - | - | - |
| Financial fixed assets28 | €88 | €88 | €1,088 | €1,088 | €276,088 | €276,200 | €276,200 | €278,200 | ▲ 0.7% |
| Current assets29/58 | €27,753 | €40,837 | €54,448 | €100,715 | €118,895 | €145,153 | €112,448 | €110,001 | ▼ 2.2% |
| Amounts receivable within one year40/41 | €17,714 | €34,516 | €29,645 | €88,245 | €112,171 | €128,788 | €101,411 | €104,899 | ▲ 3.4% |
| Trade receivables40 | - | - | - | €88,120 | €111,320 | €126,100 | €97,405 | €102,725 | ▲ 5.5% |
| Other amounts receivable41 | - | - | - | €125 | €851 | €2,688 | €4,006 | €2,174 | ▼ 45.7% |
| Cash at bank and in hand54/58 | €8,946 | €4,488 | €23,151 | €10,788 | €4,854 | €14,384 | €8,937 | €2,744 | ▼ 69.3% |
| Deferred charges and accrued income490/1 | - | - | - | €1,681 | €1,870 | €1,982 | €2,100 | €2,358 | ▲ 12.3% |
| Equity and liabilities | |||||||||
| Total equity and liabilities10/49 | €48,114 | €53,761 | €63,108 | €327,677 | €659,623 | €669,425 | €620,599 | €604,326 | ▼ 2.6% |
| Equity10/15 | €19,488 | €29,993 | €43,182 | €56,895 | €69,706 | €100,395 | €101,552 | €113,328 | ▲ 11.6% |
| Contributions10/11 | €6,200 | €6,200 | - | €6,200 | €6,200 | €6,200 | €6,200 | €6,200 | = |
| Reserves13 | €13,288 | €23,793 | €36,982 | €50,695 | €63,506 | €94,195 | €95,352 | €107,128 | ▲ 12.3% |
| Non-distributable reserves130/1 | - | - | - | €1,855 | €1,855 | - | - | €1,855 | - |
| Reserves not available under the articles1311 | - | - | - | €1,855 | €1,855 | - | - | €1,855 | - |
| Distributable reserves133 | - | - | - | €48,840 | €61,651 | €94,195 | €95,352 | €105,273 | ▲ 10.4% |
| Amounts payable17/49 | €28,625 | €23,768 | €19,926 | €270,782 | €589,917 | €569,030 | €519,047 | €490,998 | ▼ 5.4% |
| Amounts payable after more than one year17 | €14,270 | €7,166 | - | €172,204 | €196,457 | €178,621 | €160,586 | €397,348 | ▲ 147% |
| Financial debts170/4 | - | - | - | €172,204 | €196,457 | €178,621 | €160,586 | €397,348 | ▲ 147% |
| Amounts payable within one year42/48 | €14,355 | €16,602 | €19,926 | €98,578 | €391,260 | €385,259 | €352,021 | €84,419 | ▼ 76.0% |
| Current portion of amounts payable after more than one year42 | - | - | - | €7,796 | €17,638 | €17,836 | €18,035 | €18,228 | ▲ 1.1% |
| Trade debts44 | €2,696 | €1,525 | €4,084 | €3,001 | €4,330 | €1,871 | €4,806 | €1,985 | ▼ 58.7% |
| Suppliers440/4 | - | - | - | €3,001 | €4,330 | €1,871 | €4,806 | €1,985 | ▼ 58.7% |
| Taxes, remuneration and social security45 | - | - | - | €4,740 | €4,881 | €10,665 | €4,481 | €5,882 | ▲ 31.3% |
| Taxes450/3 | - | - | - | €4,740 | €4,881 | €10,665 | €4,481 | €5,882 | ▲ 31.3% |
| Other amounts payable47/48 | - | - | - | €83,041 | €364,411 | €354,888 | €324,698 | €58,324 | ▼ 82.0% |
| Accrued charges and deferred income492/3 | - | - | - | - | €2,200 | €5,150 | €6,440 | €9,230 | ▲ 43.3% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €13,288 | €10,504 | €13,190 | €13,713 | €12,811 | €30,689 | €1,157 | €11,776 | ▲ 917% |
| + Depreciation and write-downs630 | €9,338 | €7,437 | €7,870 | €30,274 | €15,471 | €16,569 | €16,120 | €15,827 | ▼ 1.8% |
| Operating cash flow (approximation) | €22,627 | €17,941 | €21,060 | €43,987 | €28,282 | €47,258 | €17,278 | €27,602 | ▲ 59.8% |
| Investment in fixed assets (approximation) | - | €0 | -€3,607 | -€248,576 | -€329,237 | -€112 | €0 | -€2,000 | - |
| Change in cash | - | -€4,458 | €18,664 | -€12,363 | -€5,934 | €9,530 | -€5,447 | -€6,192 | ▼ 13.7% |
A Belgian filing has no cash-flow statement. These rows are therefore an approximation, derived from the income statement and the balance-sheet moves.
Filings with the National Bank (8)
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-12-2025 | micro format | 14-07-2026 | 2026-00297431 | |
| 31-12-2024 | micro format | 30-06-2025 | 2025-00212754 | |
| 31-12-2023 | micro format | 01-07-2024 | 2024-00196407 | |
| 31-12-2022 | micro format | 04-07-2023 | 2023-00205982 | |
| 31-12-2021 | micro format | 28-06-2022 | 2022-20147790 | |
| 31-12-2020 | micro format | 14-07-2021 | 2021-35200117 | |
| 31-12-2019 | micro format | 29-05-2020 | 2020-13600139 | |
| 31-12-2018 | micro format | 21-08-2019 | 2019-48600596 |