Financials · financial year 2025, full format
Annual accounts 2025 filed on 16-06-2026 at the NBB all 33 filings
Equity
€242.8m▲ 2.6%
2024 · €236.8m
Net result
€10.4m▲ 0.4%
2024 · €10.3m
Total assets
€247.0m▲ 2.7%
2024 · €240.4m
Solvency
98.3%▼ 0.2pp
2024 · 98.5%
In the rankings
#4 oldest company in Liège, Finance and insurance sector#7 company by equity in Liège, Finance and insurance sector
Multi-year overview
2020 to 2025, 5 financial yearsTurnover
€2,642
▲ 28.6%
2025
20202025
Operating result
-€419,183
▲ 45.8%
2025
20202025
Net result
€10.4m
▲ 0.4%
2025
highest quarter of the sector
20202025
Equity
€242.8m
▲ 2.6%
2025
highest quarter of the sector
20202025
Total assets
€247.0m
▲ 2.7%
2025
highest quarter of the sector
20202025
Debt
€4.1m
▲ 14.5%
2025
20202025
Working capital
€21.5m
▲ 33.5%
2025
highest quarter of the sector
20202025
Solvency
98.3%
▼ 0.2pp
2025
highest quarter of the sector
20202025
Current ratio
6.18
▲ 0.74
2025
highest quarter of the sector
20202025
Return on assets (ROA)
4.2%
▼ 0.1pp
2025
middle half of the sector
20202025
Every figure per financial year
Every figure with its change against the financial year before
favourable
unfavourable
Line20202021202320242025
Turnover€0.003m-€0.002m▼ 31.5%€0.003m▲ 28.6%
Operating result-€0.7m--€0.8m▼ 15.0%-€0.4m▲ 45.8%
Net result€9.5m-€10.3m▲ 8.8%€10.4mabove the sector's middle half▲ 0.4%
Equity€230.1m-€236.8m▲ 2.9%€242.8mabove the sector's middle half▲ 2.6%
Total assets€210.2mabove the sector's middle half-€218.7mabove the sector's middle half▲ 4.1%€233.5m-€240.4m▲ 3.0%€247.0mabove the sector's middle half▲ 2.7%
Debt€3.3m-€3.6m▲ 8.1%€4.1m▲ 14.5%
Working capital€22.0m-€16.1m▼ 27.0%€21.5mabove the sector's middle half▲ 33.5%
Solvency98.6%-98.5%▼ 0.1pp98.3%above the sector's middle half▼ 0.2pp
Current ratio7.58-5.44▼ 2.136.18above the sector's middle half▲ 0.74
Return on assets (ROA)4.1%-4.3%▲ 0.2pp4.2%within the sector's middle half▼ 0.1pp
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 a loss of €419,183, smaller than the loss of €773,865 in 2024.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €247.0m
Fixed assets
€221.3m ▲ 0.3%
Current assets
€25.6m ▲ 30.0%
Equity and liabilities €247.0m
Equity
€242.8m ▲ 2.6%
Debt
€4.1m ▲ 14.5%
Debt's share of the balance-sheet total rises from 1.5% to 1.7%. Equity and debt are higher.
Key figures and ratios
ROE
4.3%▼
2024 · 4.4%
Debt ≤ 1 year
€4.1m▲
2024 · €3.6m
Green means a favourable move, even when the figure itself falls, as with debt or debt to equity.
Securities and guarantees
| Item | 2020 | 2021 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Carrying value of the other pledged assets | - | - | €6.9m | - | - |
Source: notes to the 2020 to 2025 annual accounts (statement of debts and off-balance-sheet rights and commitments)
Investments
| Item | 2020 | 2021 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Financial fixed assets | - | - | €8.6m | €12.2m | €389,288 |
Source: notes to the 2020 to 2025 annual accounts (statement of fixed assets)
Auditor
| Item | 2020 | 2021 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Fee for the audit | - | - | €5,000 | €5,150 | €5,300 |
| Other work by the auditor | - | - | €2,000 | €2,000 | €2,070 |
Source: notes to the 2020 to 2025 annual accounts (relations with the auditor)
Public contracts
3 awards · 2023 to 2025
Renouvellement du portefeuille d'assurances du CPAS de Comines-Warneton
Verzekeringen van Stad, OCMW en AGB Stadsontwikkeling Bilzen: Arbeidsongevallen
Verzekeringen van Stad, OCMW en AGB Stadsontwikkeling Bilzen: Voertuigen
Source: TED (Tenders Electronic Daily), Publications Office of the European Union. The values are as the buyer published them. For a framework agreement, the value is a ceiling.
Annual accounts
| Line | 2020 | 2021 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Operating income70/76A | - | - | €0.003m | €0.002m | €0.003m | ▲ 28.6% |
| Turnover70 | - | - | €0.003m | €0.002m | €0.003m | ▲ 28.6% |
| Operating charges60/66A | - | - | €0.7m | €0.8m | €0.4m | ▼ 45.6% |
| Services and other goods61 | - | - | €0.6m | €0.7m | €0.4m | ▼ 46.8% |
| Other operating charges640/8 | - | - | €0.05m | €0.04m | €0.03m | ▼ 1.7% |
| Non-recurring operating charges66A | - | - | - | €0.01m | - | - |
| Operating profit (loss)9901 | - | - | -€0.7m | -€0.8m | -€0.4m | ▲ 45.8% |
| Financial income75/76B | - | - | €10.1m | €11.1m | €10.8m | ▼ 2.8% |
| Recurring financial income75 | - | - | €10.1m | €11.1m | €10.8m | ▼ 2.8% |
| Income from financial fixed assets750 | - | - | €9.8m | €10.3m | €10.6m | ▲ 3.5% |
| Income from current assets751 | - | - | €0.3m | €0.3m | €0.2m | ▼ 38.6% |
| Other financial income752/9 | - | - | - | €0.6m | - | - |
| Financial charges65/66B | - | - | -€0.08m | €0.006m | €0.004m | ▼ 40.2% |
| Recurring financial charges65 | - | - | -€0.08m | €0.006m | €0.004m | ▼ 40.2% |
| Debt charges650 | - | - | €0.003m | €0.002m | - | - |
| Write-downs on current assets other than stocks, contracts in progress and trade receivables: additions (reversals)651 | - | - | -€0.09m | €0 | - | - |
| Other financial charges652/9 | - | - | €0.004m | €0.004m | €0.004m | ▼ 5.4% |
| Profit (loss) for the period before taxes9903 | - | - | €9.5m | €10.3m | €10.4m | ▲ 0.5% |
| Income taxes67/77 | - | - | €338 | -€0.004m | - | - |
| Taxes670/3 | - | - | €338 | €214 | - | - |
| Tax adjustments and reversals of tax provisions77 | - | - | - | €0.004m | - | - |
| Profit (loss) for the period9904 | - | - | €9.5m | €10.3m | €10.4m | ▲ 0.4% |
| Profit (loss) for the period to be appropriated9905 | - | - | €9.5m | €10.3m | €10.4m | ▲ 0.4% |
| Line | 2020 | 2021 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Assets | ||||||
| Total assets20/58 | €210.2m | €218.7m | €233.5m | €240.4m | €247.0m | ▲ 2.7% |
| Fixed assets21/28 | - | - | €208.1m | €220.7m | €221.3m | ▲ 0.3% |
| Financial fixed assets28 | - | - | €208.1m | €220.7m | €221.3m | ▲ 0.3% |
| Companies linked by participating interests282/3 | - | - | €199.0m | €210.7m | €211.0m | ▲ 0.1% |
| Participating interests282 | - | - | €199.0m | €210.7m | €211.0m | ▲ 0.1% |
| Other financial fixed assets284/8 | - | - | €9.1m | €10.0m | €10.4m | ▲ 3.9% |
| Shares284 | - | - | €9.1m | €10.0m | €10.4m | ▲ 3.9% |
| Current assets29/58 | - | - | €25.4m | €19.7m | €25.6m | ▲ 30.0% |
| Amounts receivable after more than one year29 | - | - | €1.9m | €1.6m | €1.7m | ▲ 6.5% |
| Other amounts receivable291 | - | - | €1.9m | €1.6m | €1.7m | ▲ 6.5% |
| Amounts receivable within one year40/41 | - | - | €2.2m | €2.3m | €4.6m | ▲ 102% |
| Trade receivables40 | - | - | - | €0.01m | €0.005m | ▼ 47.3% |
| Other amounts receivable41 | - | - | €2.2m | €2.3m | €4.6m | ▲ 103% |
| Current investments50/53 | - | - | €17.5m | €11.8m | €11.8m | = |
| Other investments51/53 | - | - | €17.5m | €11.8m | €11.8m | = |
| Cash at bank and in hand54/58 | - | - | €3.8m | €4.0m | €7.4m | ▲ 87.9% |
| Deferred charges and accrued income490/1 | - | - | €0.002m | €0.002m | €0.02m | ▲ 943% |
| Equity and liabilities | ||||||
| Total equity and liabilities10/49 | €210.2m | €218.7m | €233.5m | €240.4m | €247.0m | ▲ 2.7% |
| Equity10/15 | - | - | €230.1m | €236.8m | €242.8m | ▲ 2.6% |
| Contributions10/11 | - | - | €99.8m | €99.7m | €99.5m | ▼ 0.2% |
| Reserves13 | - | - | €91.6m | €91.6m | €91.6m | = |
| Non-distributable reserves130/1 | - | - | €10.0m | €10.0m | €10.0m | = |
| Reserves not available under the articles1311 | - | - | €10.0m | €10.0m | €10.0m | = |
| Distributable reserves133 | - | - | €81.6m | €81.6m | €81.6m | = |
| Profit (loss) carried forward14 | - | - | €38.7m | €45.4m | €51.6m | ▲ 13.7% |
| Amounts payable17/49 | - | - | €3.3m | €3.6m | €4.1m | ▲ 14.5% |
| Amounts payable within one year42/48 | - | - | €3.3m | €3.6m | €4.1m | ▲ 14.5% |
| Trade debts44 | - | - | €0.03m | €0.007m | €0.005m | ▼ 20.6% |
| Suppliers440/4 | - | - | €0.03m | €0.007m | €0.005m | ▼ 20.6% |
| Taxes, remuneration and social security45 | - | - | €0.007m | €0.005m | €0.005m | ▲ 2.4% |
| Taxes450/3 | - | - | €0.007m | €0.005m | €0.005m | ▲ 2.4% |
| Other amounts payable47/48 | - | - | €3.3m | €3.6m | €4.1m | ▲ 14.6% |
| Accrued charges and deferred income492/3 | - | - | - | €302 | €65 | ▼ 78.5% |
| Line | 2020 | 2021 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | - | - | €9.5m | €10.3m | €10.4m | ▲ 0.4% |
| Operating cash flow (approximation) | - | - | €9.5m | €10.3m | €10.4m | ▲ 0.4% |
| Investment in fixed assets (approximation) | - | - | - | -€12.6m | -€0.7m | ▲ 94.8% |
| Change in cash | - | - | - | €0.1m | €3.5m | ▲ 27× |
A Belgian filing has no cash-flow statement. These rows are therefore an approximation, derived from the income statement and the balance-sheet moves.
Latest 10 of 33 filings with the National Bank
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-12-2025 | full format | 16-06-2026 | 2026-00185129 | |
| 31-12-2024 | unclassified schema | 17-06-2025 | 2025-00159049 | |
| 31-12-2023 | unclassified schema | 14-06-2024 | 2024-00138886 | |
| 31-12-2022 | unclassified schema | 13-06-2023 | 2023-00137662 | |
| 31-12-2021 | full format | 13-06-2022 | 2022-20070353 | |
| 31-12-2020 | full format | 06-07-2021 | 2021-31800398 | |
| 31-12-2019 | full format | 06-07-2020 | 2020-27200509 | |
| 31-12-2018 | full format | 25-06-2019 | 2019-24200140 | |
| 31-12-2017 | full format | 05-07-2018 | 2018-30600553 | |
| 31-12-2016 | unclassified schema | 18-07-2017 | 2017-35000432 |