Financials · financial year 2025, full format
Annual accounts 2025 filed on 30-06-2026 at the NBB all 7 filings
Turnover
€1.8m▲ 31.4%
2023 · €1.4m
EBIT margin
Not meaningful: turnover is only a small part of operating income
Net result
€9.3m▲ 93.0%
2024 · €4.8m
Working capital
-€13.7m▼ 12.7%
2024 · -€12.2m
Multi-year overview
2019 to 2025, 7 financial yearsTurnover
no figure
2025
20192025
Operating result
€4.6m
▲ 41.6%
2025
20192025
Net result
€9.3m
▲ 93.0%
2025
highest quarter of the sector
20192025
Equity
€11.9m
▲ 1.0%
2025
highest quarter of the sector
20192025
Total assets
€51.4m
▲ 19.9%
2025
highest quarter of the sector
20192025
Debt
€39.5m
▲ 27.1%
2025
20192025
Working capital
-€13.7m
▼ 12.7%
2025
lowest quarter of the sector
20192025
Solvency
23.2%
▼ 4.3pp
2025
lowest quarter of the sector
20192025
Current ratio
0.21
▲ 0.12
2025
lowest quarter of the sector
20192025
Return on assets (ROA)
18.0%
▲ 6.8pp
2025
highest quarter of the sector
20192025
Staff (FTE)
2.7
▲ 12.5%
2025
middle half of the sector
20192025
Every figure per financial year
Every figure with its change against the financial year before
favourable
unfavourable
Line2019202020212022202320242025
Turnover€1.4m€1.8m▲ 31.4%
Operating result-€0.3m-€0.4m-€0.9m€1.0m€2.2m▲ 126%€3.2m▲ 47.1%€4.6m▲ 41.6%
Net result-€0.4m-€1.0mabove the sector's middle half-€0.9mbelow the sector's middle half€0.1mwithin the sector's middle half€3.3mabove the sector's middle half▲ 24×€4.8mabove the sector's middle half▲ 43.8%€9.3mabove the sector's middle half▲ 93.0%
Equity€0.8m-€5.3mabove the sector's middle half▲ 552%€7.0mabove the sector's middle half▲ 30.2%€8.2mabove the sector's middle half▲ 17.4%€11.5mabove the sector's middle half▲ 40.9%€11.8mabove the sector's middle half▲ 2.6%€11.9mabove the sector's middle half▲ 1.0%
Total assets€6.1m-€21.2mabove the sector's middle half▲ 247%€30.3mabove the sector's middle half▲ 43.2%€34.2mabove the sector's middle half▲ 12.9%€36.7mabove the sector's middle half▲ 7.4%€42.9mabove the sector's middle half▲ 16.6%€51.4mabove the sector's middle half▲ 19.9%
Debt€5.3m-€15.8m▲ 200%€23.4m▲ 47.6%€26.1m▲ 11.6%€25.2m▼ 3.1%€31.1m▲ 23.0%€39.5m▲ 27.1%
Working capital-€0.4m-€0.4mabove the sector's middle half-€4.3mbelow the sector's middle half-€6.2mbelow the sector's middle half▼ 43.2%-€4.3mbelow the sector's middle half▲ 31.0%-€12.2mbelow the sector's middle half▼ 186%-€13.7mbelow the sector's middle half▼ 12.7%
Solvency13.5%-25.2%within the sector's middle half▲ 11.8pp22.9%below the sector's middle half▼ 2.3pp23.8%below the sector's middle half▲ 0.9pp31.3%within the sector's middle half▲ 7.4pp27.5%within the sector's middle half▼ 3.8pp23.2%below the sector's middle half▼ 4.3pp
Current ratio0.62-1.20within the sector's middle half▲ 0.580.30below the sector's middle half▼ 0.900.18below the sector's middle half▼ 0.120.44below the sector's middle half▲ 0.270.09below the sector's middle half▼ 0.350.21below the sector's middle half▲ 0.12
Return on assets (ROA)-6.2%-4.6%within the sector's middle half▲ 10.8pp-2.9%below the sector's middle half▼ 7.4pp0.4%below the sector's middle half▲ 3.3pp9.1%within the sector's middle half▲ 8.7pp11.2%within the sector's middle half▲ 2.1pp18.0%above the sector's middle half▲ 6.8pp
Staff (FTE)1.9within the sector's middle half2.3within the sector's middle half▲ 21.1%2.5within the sector's middle half▲ 8.7%2.5within the sector's middle half=2.4within the sector's middle half▼ 4.0%2.7within the sector's middle half▲ 12.5%
above
within
below
The sector band is the middle half of the companies in Activities of head offices; management consultancy activities (NACE 70). 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 42% higher than in 2024 and the highest since 2019. It is the fourth rise in a row, after the fall in 2021.
Large changes and their cause
- 2023 Net result +2,255% on 2022. The accounts now follow the full format, last year the abbreviated format.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €51.4m
Fixed assets
€47.8m ▲ 14.7%
Current assets
€3.6m ▲ 204%
Equity and liabilities €51.4m
Equity
€11.9m ▲ 1.0%
Debt
€39.5m ▲ 27.1%
Debt's share of the balance-sheet total rises from 72.5% to 76.8%. Equity and debt are higher.
Key figures and ratios
ROE
77.8%▲
2024 · 40.7%
Debt ≤ 1 year
€17.3m▲
2024 · €13.3m
Debt > 1 year
€21.3m▲
2024 · €16.9m
Income taxes
€4,675▼
2024 · €73,818
Staff costs
€319,725▲
2024 · €246,138
Green means a favourable move, even when the figure itself falls, as with debt or debt to equity.
Revenue breakdown
By activity 2024
- Dienstprestatie Center for Sight - Dr. E. Mertens €372,00020.6%
- Dienstprestatie OAMM €318,00017.6%
- Dienstprestaties Fernand De Wilde BV €252,00014.0%
- Dienstprestatie Oogartsenpraktijk Brugge €216,00012.0%
- Dienstprestatie Dr. J.C. Vryghem €216,00012.0%
- Dienstprestatie Dr. F. Kesteloot €192,00010.6%
- Dienstprestatie Dr. M. Dieltiëns €180,00010.0%
- Dienstprestaties Bredabaan 552 €60,0003.3%
Total €1,806,000
Source: 2024 accounts, page 25, filing 2025-00228604
All years (2022 to 2024)
| By activity | 2022 | 2023 | 2024 |
|---|---|---|---|
| Dienstprestatie Center for Sight - Dr. E. Mertens | €218,000 | €318,000 | €372,000 |
| Dienstprestatie OAMM | €228,000 | €252,000 | €318,000 |
| Dienstprestaties Fernand De Wilde BV | - | - | €252,000 |
| Dienstprestatie Dr. J.C. Vryghem | €278,000 | €216,000 | €216,000 |
| Dienstprestatie Oogartsenpraktijk Brugge | €118,000 | €162,000 | €216,000 |
| Dienstprestatie Dr. F. Kesteloot | €216,000 | €162,000 | €192,000 |
| Dienstprestatie Dr. M. Dieltiëns | €40,000 | €162,000 | €180,000 |
| Dienstprestaties Bredabaan 552 | - | - | €60,000 |
| Dienstprestaties Signifeye | - | - | €0 |
| Dienstprestatie Signifeye | €133,000 | €102,000 | - |
| Total | €1,231,000 | €1,374,000 | €1,806,000 |
Staff
| Item | 31-12-2021 | 31-12-2022 | 31-12-2023 | 31-12-2024 | 31-12-2025 |
|---|---|---|---|---|---|
| Employees at the balance-sheet date | 3 | 4 | 3 | 3 | 4 |
| full-time | 1 | 1 | 1 | 1 | 2 |
| part-time | 2 | 3 | 2 | 2 | 2 |
| in full-time equivalents | 2.3 | 3.2 | 2.4 | 2.4 | 3.4 |
| Average over the year, in full-time equivalents | 2.3 | 2.5 | 2.5 | 2.4 | 2.7 |
| On a permanent contract | 3 | 4 | 3 | 3 | 4 |
| Joined | - | 1 | 0 | - | 1 |
| Left | - | 0 | 1 | - | 0 |
Source: social balance sheet in the 2021 to 2025 annual accounts
Investments
| Item | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Tangible fixed assets | €4.7m | €3.0m | €133,164 | €2.2m | €43,027 |
| Financial fixed assets | €9.5m | €3.9m | €4.0m | €6.6m | €6.5m |
| Depreciation and write-downs of the year | €566,339 | €556,027 | €286,664 | €524,691 | €351,483 |
Source: notes to the 2021 to 2025 annual accounts (statement of fixed assets)
Subsidies and aid
Flemish government
2022 · 1 entry · €1,022 awarded · €1,022 paidSchemes
Annual accounts
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|
| Operating income70/76A | - | - | - | - | €4.8m | €6.0m | - | - |
| Turnover70 | - | - | - | - | €1.4m | €1.8m | - | - |
| Other operating income74 | - | - | - | - | €3.4m | €4.2m | - | - |
| Non-recurring operating income76A | - | - | - | - | €0.02m | €0 | - | - |
| Operating charges60/66A | - | - | - | - | €2.6m | €2.8m | - | - |
| Services and other goods61 | - | - | - | - | €2.0m | €2.0m | - | - |
| Remuneration, social security and pensions62 | - | - | €0.2m | €0.1m | €0.2m | €0.2m | €0.3m | ▲ 29.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €0.5m | €0.2m | €0.6m | €0.6m | €0.3m | €0.5m | €0.4m | ▼ 33.0% |
| Other operating charges640/8 | - | - | €0.03m | €0.04m | €0.04m | €0.05m | €0.05m | ▲ 5.6% |
| Gross operating margin9900 | €0.5m | €0.8m | -€0.2m | €1.7m | - | - | €5.3m | - |
| Operating profit (loss)9901 | -€0.3m | €0.4m | -€0.9m | €1.0m | €2.2m | €3.2m | €4.6m | ▲ 41.6% |
| Financial income75/76B | - | - | €0.7m | €78 | €2.2m | €2.9m | €6.0m | ▲ 105% |
| Recurring financial income75 | - | €1.9m | €0.7m | €78 | €2.2m | €2.9m | €6.0m | ▲ 105% |
| Income from financial fixed assets750 | - | - | - | - | €2.2m | €2.9m | - | - |
| Income from current assets751 | - | - | - | - | €0.02m | €0.04m | - | - |
| Other financial income752/9 | - | - | - | - | €10 | €0 | - | - |
| Financial charges65/66B | - | - | €0.6m | €0.8m | €1.1m | €1.3m | €1.3m | ▲ 3.6% |
| Recurring financial charges65 | €0.08m | €0.3m | €0.6m | €0.8m | €1.1m | €1.3m | €1.3m | ▲ 3.6% |
| Debt charges650 | - | - | - | - | €1.1m | €1.3m | - | - |
| Other financial charges652/9 | - | - | - | - | €0.004m | €0.007m | - | - |
| Non-recurring financial charges66B | - | - | €0 | - | - | - | - | - |
| Profit (loss) for the period before taxes9903 | -€0.4m | €1.0m | -€0.9m | €0.1m | €3.4m | €4.9m | €9.3m | ▲ 90.2% |
| Income taxes67/77 | - | - | - | - | €0.02m | €0.07m | €0.005m | ▼ 93.7% |
| Taxes670/3 | - | - | - | - | €0.02m | €0.09m | - | - |
| Tax adjustments and reversals of tax provisions77 | - | - | - | - | - | €0.01m | - | - |
| Profit (loss) for the period9904 | -€0.4m | €1.0m | -€0.9m | €0.1m | €3.3m | €4.8m | €9.3m | ▲ 93.0% |
| Profit (loss) for the period to be appropriated9905 | -€0.4m | €1.0m | -€0.9m | €0.1m | €3.3m | €4.8m | €9.3m | ▲ 93.0% |
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|
| Assets | ||||||||
| Total assets20/58 | €6.1m | €21.2m | €30.3m | €34.2m | €36.7m | €42.9m | €51.4m | ▲ 19.9% |
| Fixed assets21/28 | €5.4m | €19.0m | €28.5m | €32.9m | €33.4m | €41.7m | €47.8m | ▲ 14.7% |
| Intangible fixed assets21 | €0.001m | €0.001m | €400 | €200 | €0 | - | - | - |
| Tangible fixed assets22/27 | €1.6m | €1.5m | €1.5m | €3.4m | €3.2m | €4.9m | €4.6m | ▼ 6.6% |
| Land and buildings22 | - | - | - | €1.7m | €0.2m | €0.6m | €0.5m | ▼ 9.9% |
| Plant, machinery and equipment23 | - | - | €1.3m | €1.4m | €1.2m | €0.9m | €0.7m | ▼ 25.2% |
| Furniture and vehicles24 | - | - | €0.002m | €0.003m | €0.003m | €0.002m | €0.02m | ▲ 648% |
| Other tangible fixed assets26 | - | - | €0.2m | €0.2m | €1.9m | €3.3m | €3.3m | ▼ 1.2% |
| Financial fixed assets28 | €3.8m | €17.5m | €27.0m | €29.6m | €30.2m | €36.8m | €43.3m | ▲ 17.5% |
| Affiliated companies280/1 | - | - | - | - | €30.2m | €36.8m | - | - |
| Participating interests280 | - | - | - | - | €30.2m | €36.8m | - | - |
| Current assets29/58 | €0.7m | €2.2m | €1.8m | €1.3m | €3.4m | €1.2m | €3.6m | ▲ 204% |
| Stocks and contracts in progress3 | - | - | - | - | €0 | €0 | - | - |
| Amounts receivable within one year40/41 | €0.5m | €1.9m | €0.9m | €0.5m | €0.1m | €0.2m | €1.1m | ▲ 387% |
| Trade receivables40 | - | - | €0.2m | €0.5m | €0.1m | €0.07m | €0.01m | ▼ 80.2% |
| Other amounts receivable41 | - | - | €0.7m | €0 | - | €0.2m | €1.1m | ▲ 584% |
| Current investments50/53 | - | - | - | - | €2.8m | €0.1m | €0 | ▼ 100% |
| Other investments51/53 | - | - | - | - | €2.8m | €0.1m | - | - |
| Cash at bank and in hand54/58 | €0.09m | €0.2m | €0.9m | €0.7m | €0.3m | €0.8m | €2.3m | ▲ 195% |
| Deferred charges and accrued income490/1 | - | - | €0.06m | €0.1m | €0.1m | €0.05m | €0.1m | ▲ 94.4% |
| Equity and liabilities | ||||||||
| Total equity and liabilities10/49 | €6.1m | €21.2m | €30.3m | €34.2m | €36.7m | €42.9m | €51.4m | ▲ 19.9% |
| Equity10/15 | €0.8m | €5.3m | €7.0m | €8.2m | €11.5m | €11.8m | €11.9m | ▲ 1.0% |
| Contributions10/11 | €1.2m | €4.8m | €7.2m | €8.3m | €8.3m | €8.3m | €8.3m | = |
| Capital10 | - | - | €7.2m | €8.3m | €8.3m | €8.3m | €8.3m | = |
| Issued capital100 | - | - | €7.2m | €8.3m | €8.3m | €8.3m | €8.3m | = |
| Reserves13 | - | €0.6m | €0.6m | €0.6m | €0.7m | €0.9m | €0.9m | = |
| Non-distributable reserves130/1 | - | - | €0.5m | €0.5m | €0.6m | €0.8m | €0.8m | = |
| Legal reserve130 | - | - | €0.5m | €0.5m | €0.6m | €0.8m | €0.8m | = |
| Distributable reserves133 | - | - | €0.1m | €0.1m | €0.1m | €0.1m | €0.1m | = |
| Profit (loss) carried forward14 | -€0.4m | €0 | -€0.9m | -€0.7m | €2.5m | €2.6m | €2.7m | ▲ 4.5% |
| Amounts payable17/49 | €5.3m | €15.8m | €23.4m | €26.1m | €25.2m | €31.1m | €39.5m | ▲ 27.1% |
| Amounts payable after more than one year17 | €4.2m | €13.7m | €16.8m | €18.2m | €17.5m | €16.9m | €21.3m | ▲ 26.4% |
| Financial debts170/4 | - | - | €16.8m | €18.2m | €17.5m | €16.9m | €21.3m | ▲ 26.4% |
| Subordinated loans170 | - | - | - | - | €12.6m | €11.9m | - | - |
| Credit institutions173 | - | - | - | - | €5.0m | €5.0m | - | - |
| Amounts payable within one year42/48 | €1.1m | €1.8m | €6.1m | €7.5m | €7.6m | €13.3m | €17.3m | ▲ 29.4% |
| Current portion of amounts payable after more than one year42 | - | - | €2.1m | €2.6m | €2.4m | €2.3m | €2.2m | ▼ 6.3% |
| Financial debts43 | - | - | €2.9m | €3.3m | €0.5m | €1.7m | €1.5m | ▼ 12.3% |
| Credit institutions430/8 | - | - | €2.9m | €3.3m | €0.5m | €1.7m | €1.5m | ▼ 12.3% |
| Trade debts44 | €0.02m | €0.1m | €0.2m | €0.2m | €0.2m | €0.2m | €0.3m | ▲ 50.7% |
| Suppliers440/4 | - | - | €0.2m | €0.2m | €0.2m | €0.2m | €0.3m | ▲ 50.7% |
| Taxes, remuneration and social security45 | - | - | €0.02m | €0.02m | €0.07m | €0.07m | €0.06m | ▼ 16.2% |
| Taxes450/3 | - | - | €0.003m | €0.005m | €0.03m | €0.03m | €0.009m | ▼ 71.1% |
| Remuneration and social security454/9 | - | - | €0.02m | €0.02m | €0.04m | €0.04m | €0.05m | ▲ 31.6% |
| Other amounts payable47/48 | - | - | €0.9m | €1.4m | €4.5m | €9.1m | €13.3m | ▲ 46.2% |
| Accrued charges and deferred income492/3 | - | - | €0.4m | €0.4m | €0.1m | €0.9m | €0.9m | ▲ 2.4% |
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | -€0.4m | €1.0m | -€0.9m | €0.1m | €3.3m | €4.8m | €9.3m | ▲ 93.0% |
| + Depreciation and write-downs630 | €0.5m | €0.2m | €0.6m | €0.6m | €0.3m | €0.5m | €0.4m | ▼ 33.0% |
| Operating cash flow (approximation) | €0.1m | €1.2m | -€0.3m | €0.7m | €3.6m | €5.3m | €9.6m | ▲ 80.6% |
| Investment in fixed assets (approximation) | - | -€13.7m | -€10.1m | -€5.0m | -€0.8m | -€8.8m | -€6.5m | ▲ 26.5% |
| Change in cash | - | €0.1m | €0.6m | -€0.2m | -€0.3m | €0.4m | €1.5m | ▲ 250% |
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 (7)
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-12-2025 | full format | 30-06-2026 | 2026-00223173 | |
| 31-12-2024 | full format | 01-07-2025 | 2025-00228604 | |
| 31-12-2023 | full format | 28-06-2024 | 2024-00194989 | |
| 31-12-2022 | abbreviated format | 30-06-2023 | 2023-00196541 | |
| 31-12-2021 | abbreviated format | 30-06-2022 | 2022-20122815 | |
| 31-12-2020 | abbreviated format | 06-07-2021 | 2021-31900518 | |
| 31-12-2019 | abbreviated format | 05-06-2020 | 2020-15600226 |