Financials · financial year 2025, abbreviated format
2025 annual accounts filed 62 days after the deadline Filed on 1 October 2026, deadline 31 July 2026 (7 months after the close on 31 December 2025, Companies Code art. 3:10). Source: NBB, 2026-00544576.
Annual accounts 2025 filed on 01-10-2026 at the NBB all 5 filings
Equity
€340,162▲ 8.2%
2024 · €314,472
Net result
€275,690▲ 6.1%
2024 · €259,877
Total assets
€2.0m▲ 7.6%
2024 · €1.9m
Solvency
17.1%▲ 0.1pp
2024 · 17.0%
Multi-year overview
2021 to 2025, 5 financial yearsOperating result
€320,877
▲ 1.4%
2025
20212025
Net result
€275,690
▲ 6.1%
2025
highest quarter of the sector
20212025
Equity
€340,162
▲ 8.2%
2025
middle half of the sector
20212025
Total assets
€2.0m
▲ 7.6%
2025
middle half of the sector
20212025
Debt
€1.7m
▲ 7.5%
2025
20212025
Working capital
-€144,201
▲ 35.9%
2025
middle half of the sector
20212025
Solvency
17.1%
▲ 0.1pp
2025
lowest quarter of the sector
20212025
Current ratio
0.87
▲ 0.12
2025
middle half of the sector
20212025
Return on assets (ROA)
13.8%
▼ 0.2pp
2025
highest quarter of the sector
20212025
Staff (FTE)
3
▲ 42.9%
2025
highest quarter of the sector
20212025
Every figure per financial year
Every figure with its change against the financial year before
favourable
unfavourable
Line20212022202320242025
Operating result€0.02m-€0.3m▲ 18×€0.3m▲ 5.6%€0.3m▲ 4.5%€0.3m▲ 1.4%
Net result€0.007mwithin the sector's middle half-€0.2mabove the sector's middle half▲ 31×€0.2mabove the sector's middle half▲ 10.9%€0.3mabove the sector's middle half▲ 5.7%€0.3mabove the sector's middle half▲ 6.1%
Equity€0.03mbelow the sector's middle half-€0.2mwithin the sector's middle half▲ 522%€0.3mwithin the sector's middle half▲ 50.8%€0.3mwithin the sector's middle half▲ 23.5%€0.3mwithin the sector's middle half▲ 8.2%
Total assets€1.9mwithin the sector's middle half-€2.1mwithin the sector's middle half▲ 8.9%€1.9mwithin the sector's middle half▼ 11.7%€1.9mwithin the sector's middle half▼ 0.2%€2.0mwithin the sector's middle half▲ 7.6%
Debt€1.9m-€1.9m▲ 1.6%€1.6m▼ 17.2%€1.5m▼ 4.0%€1.7m▲ 7.5%
Working capital-€0.7mbelow the sector's middle half--€0.5mbelow the sector's middle half▲ 31.8%-€0.3mbelow the sector's middle half▲ 35.7%-€0.2mbelow the sector's middle half▲ 26.7%-€0.1mwithin the sector's middle half▲ 35.9%
Solvency1.4%below the sector's middle half-8.0%below the sector's middle half▲ 6.6pp13.7%below the sector's middle half▲ 5.7pp17.0%below the sector's middle half▲ 3.3pp17.1%below the sector's middle half▲ 0.1pp
Current ratio0.31below the sector's middle half-0.58within the sector's middle half▲ 0.270.66within the sector's middle half▲ 0.080.75within the sector's middle half▲ 0.090.87within the sector's middle half▲ 0.12
Return on assets (ROA)0.4%below the sector's middle half-10.5%within the sector's middle half▲ 10.2pp13.2%above the sector's middle half▲ 2.7pp14.0%above the sector's middle half▲ 0.8pp13.8%above the sector's middle half▼ 0.2pp
Staff (FTE)1.1within the sector's middle half-2within the sector's middle half▲ 81.8%2above the sector's middle half=2.1above the sector's middle half▲ 5.0%3above the sector's middle half▲ 42.9%
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 1% higher than in 2024 and the highest since 2021. It is the fourth rise in a row.
Turnover and EBIT margin are not published. The abbreviated 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 €2.0m
Fixed assets
€989,993 ▼ 14.8%
Current assets
€1.0m ▲ 45.2%
Equity and liabilities €2.0m
Equity
€340,162 ▲ 8.2%
Debt
€1.7m ▲ 7.5%
Debt's share of the balance-sheet total falls from 83.0% to 82.9%. Equity and debt are higher.
Key figures and ratios
ROE
81.0%▼
2024 · 82.6%
Debt ≤ 1 year
€1.1m▲
2024 · €915,523
Debt > 1 year
€505,629▼
2024 · €622,020
Income taxes
€18,415▼
2024 · €23,906
Staff costs
€153,923▲
2024 · €117,902
Green means a favourable move, even when the figure itself falls, as with debt or debt to equity.
Staff
| Item | 31-12-2021 | 31-12-2022 | 31-12-2023 | 31-12-2024 | 31-12-2025 |
|---|---|---|---|---|---|
| Employees at the balance-sheet date | 3 | 2 | 2 | 3 | 3 |
| full-time | 3 | 2 | 2 | 3 | 3 |
| in full-time equivalents | 3 | 2 | 2 | 3 | 3 |
| Average over the year, in full-time equivalents | 1.1 | 2 | 2 | 2.1 | 3 |
| On a permanent contract | 3 | 2 | 2 | 3 | 3 |
| Joined | 3 | 0 | 2 | 3 | - |
| Left | 0 | 1 | 2 | 2 | - |
Source: social balance sheet in the 2021 to 2025 annual accounts
Investments
| Item | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Tangible fixed assets | €191,970 | €1,173 | €6,463 | €84,938 | €26,788 |
| Intangible fixed assets | €1.5m | - | - | - | - |
| Depreciation and write-downs of the year | €88,749 | €177,972 | €178,496 | €184,890 | €197,991 |
Source: notes to the 2021 to 2025 annual accounts (statement of fixed assets)
Subsidies and aid
Flemish government
2022 to 2025 · 3 entries · €911 awarded · €911 paid| Year | Entries | Awarded | Paid |
|---|---|---|---|
| 2025 | 1 | €301 | €301 |
| 2023 | 1 | €225 | €225 |
| 2022 | 1 | €385 | €385 |
Annual accounts
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Non-recurring operating income76A | - | - | - | €750 | - | - |
| Remuneration, social security and pensions62 | €43,409 | €94,480 | €87,994 | €117,902 | €153,923 | ▲ 30.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €88,749 | €177,972 | €178,496 | €184,890 | €197,991 | ▲ 7.1% |
| Other operating charges640/8 | €487 | €1,625 | €836 | €1,850 | €2,243 | ▲ 21.2% |
| Non-recurring operating charges66A | - | €106 | €63 | €365 | €562 | ▲ 53.9% |
| Gross operating margin9900 | €148,230 | €560,943 | €570,244 | €621,574 | €675,596 | ▲ 8.7% |
| Operating profit (loss)9901 | €15,586 | €286,760 | €302,856 | €316,567 | €320,877 | ▲ 1.4% |
| Financial income75/76B | €45 | €33 | €874 | €1,142 | €5,716 | ▲ 401% |
| Recurring financial income75 | €45 | €33 | €874 | €1,142 | €5,716 | ▲ 401% |
| Financial charges65/66B | €4,354 | €13,788 | €24,617 | €33,926 | €32,488 | ▼ 4.2% |
| Recurring financial charges65 | €4,354 | €13,788 | €24,617 | €33,926 | €32,488 | ▼ 4.2% |
| Profit (loss) for the period before taxes9903 | €11,277 | €273,005 | €279,113 | €283,782 | €294,105 | ▲ 3.6% |
| Income taxes67/77 | €4,129 | €51,349 | €33,322 | €23,906 | €18,415 | ▼ 23.0% |
| Profit (loss) for the period9904 | €7,149 | €221,656 | €245,791 | €259,877 | €275,690 | ▲ 6.1% |
| Profit (loss) for the period to be appropriated9905 | €7,149 | €221,656 | €245,791 | €259,877 | €275,690 | ▲ 6.1% |
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Assets | ||||||
| Total assets20/58 | €1.9m | €2.1m | €1.9m | €1.9m | €2.0m | ▲ 7.6% |
| Fixed assets21/28 | €1.6m | €1.4m | €1.3m | €1.2m | €1.0m | ▼ 14.8% |
| Intangible fixed assets21 | €1.4m | €1.3m | €1.1m | €1.0m | €0.8m | ▼ 15.5% |
| Tangible fixed assets22/27 | €0.2m | €0.2m | €0.1m | €0.2m | €0.2m | ▼ 10.9% |
| Land and buildings22 | - | - | - | €0.02m | €0.02m | ▲ 55.8% |
| Plant, machinery and equipment23 | €0.1m | €0.09m | €0.08m | €0.07m | €0.07m | ▼ 6.5% |
| Furniture and vehicles24 | €0.07m | €0.06m | €0.05m | €0.1m | €0.07m | ▼ 25.0% |
| Current assets29/58 | €0.3m | €0.7m | €0.6m | €0.7m | €1.0m | ▲ 45.2% |
| Amounts receivable within one year40/41 | €0.007m | €0.1m | €0.2m | €0.2m | €0.3m | ▲ 40.0% |
| Trade receivables40 | €0.007m | €0.03m | €0.08m | €0.03m | €0.1m | ▲ 333% |
| Other amounts receivable41 | - | €0.1m | €0.1m | €0.2m | €0.2m | ▼ 2.2% |
| Cash at bank and in hand54/58 | €0.3m | €0.5m | €0.4m | €0.5m | €0.7m | ▲ 49.0% |
| Deferred charges and accrued income490/1 | €0.01m | €0.006m | €0.006m | €0.007m | €0.004m | ▼ 43.7% |
| Equity and liabilities | ||||||
| Total equity and liabilities10/49 | €1.9m | €2.1m | €1.9m | €1.9m | €2.0m | ▲ 7.6% |
| Equity10/15 | €0.03m | €0.2m | €0.3m | €0.3m | €0.3m | ▲ 8.2% |
| Contributions10/11 | €0.02m | €0.02m | €0.02m | €0.02m | €0.02m | = |
| Reserves13 | €0.007m | €0.1m | €0.2m | €0.3m | €0.3m | ▲ 8.7% |
| Distributable reserves133 | €0.007m | €0.1m | €0.2m | €0.3m | €0.3m | ▲ 8.7% |
| Amounts payable17/49 | €1.9m | €1.9m | €1.6m | €1.5m | €1.7m | ▲ 7.5% |
| Amounts payable after more than one year17 | €0.9m | €0.8m | €0.7m | €0.6m | €0.5m | ▼ 18.7% |
| Financial debts170/4 | €0.9m | €0.8m | €0.7m | €0.6m | €0.5m | ▼ 18.7% |
| Amounts payable within one year42/48 | €1.0m | €1.1m | €0.9m | €0.9m | €1.1m | ▲ 25.3% |
| Current portion of amounts payable after more than one year42 | €0.09m | €0.1m | €0.1m | €0.1m | €0.1m | ▲ 1.8% |
| Trade debts44 | €0.2m | €0.2m | €0.2m | €0.3m | €0.3m | ▼ 5.7% |
| Suppliers440/4 | €0.02m | €0.008m | €0.01m | €0.02m | €0.02m | ▼ 11.2% |
| Bills of exchange payable441 | €0.2m | €0.2m | €0.2m | €0.3m | €0.2m | ▼ 5.2% |
| Advances received on contracts in progress46 | - | - | - | - | €0.2m | - |
| Taxes, remuneration and social security45 | €0.01m | €0.03m | €0.01m | €0.02m | €0.03m | ▲ 40.2% |
| Taxes450/3 | €0.004m | €0.02m | - | - | - | - |
| Remuneration and social security454/9 | €0.01m | €0.009m | €0.01m | €0.02m | €0.03m | ▲ 40.2% |
| Other amounts payable47/48 | €0.7m | €0.8m | €0.5m | €0.5m | €0.6m | ▲ 9.8% |
| Accrued charges and deferred income492/3 | - | - | €0.01m | - | - | - |
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €7,149 | €221,656 | €245,791 | €259,877 | €275,690 | ▲ 6.1% |
| + Depreciation and write-downs630 | €88,749 | €177,972 | €178,496 | €184,890 | €197,991 | ▲ 7.1% |
| Operating cash flow (approximation) | €95,897 | €399,628 | €424,287 | €444,767 | €473,681 | ▲ 6.5% |
| Investment in fixed assets (approximation) | - | -€1,174 | -€6,463 | -€84,938 | -€26,546 | ▲ 68.7% |
| Change in cash | - | €225,134 | -€128,185 | €60,827 | €225,327 | ▲ 270% |
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 (5)
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-12-2025 | abbreviated format | 01-10-2026 | 2026-00544576 | |
| 31-12-2024 | abbreviated format | 31-10-2025 | 2025-00557647 | |
| 31-12-2023 | abbreviated format | 31-10-2024 | 2024-00528239 | |
| 31-12-2022 | abbreviated format | 30-10-2023 | 2023-00497719 | |
| 31-12-2021 | abbreviated format | 12-12-2022 | 2022-20535648 |