Financials · financial year 2025, abbreviated format
Annual accounts 2025 filed on 17-07-2026 at the NBB all 8 filings
Equity
€18,293▼ 21.0%
2024 · €23,150
Net result
€160,143▲ 977%
2024 · €14,876
Total assets
€2.7m▲ 138%
2024 · €1.1m
Solvency
0.7%▼ 1.4pp
2024 · 2.0%
Multi-year overview
2018 to 2025, 8 financial yearsOperating result
€182,697
▲ 389%
2025
20182025
Net result
€160,143
▲ 977%
2025
middle half of the sector
20182025
Equity
€18,293
▼ 21.0%
2025
lowest quarter of the sector
20182025
Total assets
€2.7m
▲ 138%
2025
highest quarter of the sector
20182025
Debt
€2.7m
▲ 141%
2025
20182025
Working capital
-€870,664
▼ 223%
2025
lowest quarter of the sector
20182025
Solvency
0.7%
▼ 1.4pp
2025
lowest quarter of the sector
20182025
Current ratio
0.22
▼ 0.07
2025
lowest quarter of the sector
20182025
Return on assets (ROA)
5.9%
▲ 4.6pp
2025
middle half of the sector
20182025
Staff (FTE)
7.6
▲ 65.2%
2025
highest quarter of the sector
20182025
Every figure per financial year
Every figure with its change against the financial year before
favourable
unfavourable
Line20182019202020212022202320242025
Operating result-€0.02m--€0.02m▼ 24.2%€0.04m€0.03m▼ 10.1%€0.03m▲ 5.5%€0.07m▲ 110%€0.04m▼ 48.7%€0.2m▲ 389%
Net result-€0.02m--€0.05m▼ 141%€0.02mwithin the sector's middle half€0.004mbelow the sector's middle half▼ 75.2%€0.009mbelow the sector's middle half▲ 117%€0.04mwithin the sector's middle half▲ 326%€0.01mbelow the sector's middle half▼ 61.4%€0.2mwithin the sector's middle half▲ 977%
Equity-€0.01m--€0.06m▼ 353%-€0.04mbelow the sector's middle half▲ 27.9%-€0.04mbelow the sector's middle half▲ 9.6%-€0.03mbelow the sector's middle half▲ 23.0%€0.008mbelow the sector's middle half€0.02mbelow the sector's middle half▲ 180%€0.02mbelow the sector's middle half▼ 21.0%
Total assets€1.5m-€1.4m▼ 8.7%€1.6mabove the sector's middle half▲ 16.5%€1.5mwithin the sector's middle half▼ 10.2%€1.3mwithin the sector's middle half▼ 11.3%€1.1mwithin the sector's middle half▼ 14.8%€1.1mwithin the sector's middle half▲ 3.6%€2.7mabove the sector's middle half▲ 138%
Debt€1.5m-€1.5m▼ 5.6%€1.7m▲ 14.6%€1.5m▼ 10.2%€1.3m▼ 11.6%€1.1m▼ 17.4%€1.1m▲ 2.3%€2.7m▲ 141%
Working capital-€0.2m--€0.2m▼ 16.3%-€0.6mbelow the sector's middle half▼ 162%-€0.3mbelow the sector's middle half▲ 55.0%-€0.3mbelow the sector's middle half▼ 4.4%-€0.2mbelow the sector's middle half▲ 12.5%-€0.3mbelow the sector's middle half▼ 8.0%-€0.9mbelow the sector's middle half▼ 223%
Solvency-0.9%--4.3%▼ 3.5pp-2.7%below the sector's middle half▲ 1.6pp-2.7%below the sector's middle half=-2.3%below the sector's middle half▲ 0.4pp0.8%below the sector's middle half▲ 3.1pp2.0%below the sector's middle half▲ 1.3pp0.7%below the sector's middle half▼ 1.4pp
Current ratio0.18-0.23▲ 0.050.08below the sector's middle half▼ 0.150.23below the sector's middle half▲ 0.150.24below the sector's middle half▲ 0.010.26below the sector's middle half▲ 0.020.30below the sector's middle half▲ 0.030.22below the sector's middle half▼ 0.07
Return on assets (ROA)-1.3%--3.4%▼ 2.1pp1.0%below the sector's middle half▲ 4.4pp0.3%below the sector's middle half▼ 0.8pp0.7%below the sector's middle half▲ 0.4pp3.5%within the sector's middle half▲ 2.8pp1.3%below the sector's middle half▼ 2.2pp5.9%within the sector's middle half▲ 4.6pp
Staff (FTE)0.3-4.3▲ 14×4.5within the sector's middle half▲ 4.7%5.1within the sector's middle half▲ 13.3%5.3within the sector's middle half▲ 3.9%4.8within the sector's middle half▼ 9.4%4.6within the sector's middle half▼ 4.2%7.6above the sector's middle half▲ 65.2%
above
within
below
The sector band is the middle half of the companies in Activities auxiliary to financial services and insurance activities (NACE 66). 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 4.9 times that of 2024 and the highest since 2021. It is a recovery after the fall in 2024.
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 €2.7m
Fixed assets
€2.5m ▲ 140%
Current assets
€251,964 ▲ 120%
Equity and liabilities €2.7m
Equity
€18,293 ▼ 21.0%
Debt
€2.7m ▲ 141%
Debt's share of the balance-sheet total rises from 98.0% to 99.3%. Equity is lower and debt is higher.
Key figures and ratios
ROE
875.4%▲
2024 · 64.3%
Debt ≤ 1 year
€1.1m▲
2024 · €384,009
Debt > 1 year
€1.6m▲
2024 · €730,278
Income taxes
€3,021▼
2024 · €9,516
Staff costs
€637,777▲
2024 · €381,716
A ratio outside any meaningful range has been withheld (balance sheet total €2.7m, equity €18,293).
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 | 7 | 6 | 6 | 6 | 9 |
| full-time | 4 | 4 | 3 | 2 | 4 |
| part-time | 3 | 2 | 3 | 4 | 5 |
| in full-time equivalents | 5.4 | 5.3 | 4.6 | 4.4 | 7.1 |
| Average over the year, in full-time equivalents | 5.1 | 5.3 | 4.8 | 4.6 | 7.6 |
| On a permanent contract | 7 | 6 | 6 | 6 | 9 |
| Joined | 1 | 0 | 1 | - | 5 |
| Left | 1 | 1 | 1 | - | 2 |
Source: social balance sheet in the 2021 to 2025 annual accounts
Securities and guarantees
| Item | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Debts secured on the company's own assets | €1.3m | €1.1m | €936,506 | €927,091 | €1.9m |
| Mandates to pledge the business | €1.4m | €1.4m | €1.4m | €1.4m | €2.3m |
Source: notes to the 2021 to 2025 annual accounts (statement of debts and off-balance-sheet rights and commitments)
Investments
| Item | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Tangible fixed assets | - | €1,452 | - | €36,808 | €65,892 |
| Intangible fixed assets | - | €18,000 | - | €180,000 | €1.8m |
| Depreciation and write-downs of the year | €193,791 | €193,934 | €190,701 | €202,450 | €394,898 |
Source: notes to the 2021 to 2025 annual accounts (statement of fixed assets)
Subsidies and aid
Flemish government
2022 to 2025 · 3 entries · €284 awarded · €759 paid| Year | Entries | Awarded | Paid |
|---|---|---|---|
| 2025 | 1 | €102 | €102 |
| 2024 | 1 | €0 | €475 |
| 2022 | 1 | €182 | €182 |
Annual accounts
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Non-recurring operating income76A | - | - | - | - | - | - | - | €0.004m | - |
| Remuneration, social security and pensions62 | - | - | - | €0.3m | €0.4m | €0.4m | €0.4m | €0.6m | ▲ 67.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €0.02m | €0.2m | €0.2m | €0.2m | €0.2m | €0.2m | €0.2m | €0.4m | ▲ 95.1% |
| Other operating charges640/8 | - | - | - | €0.001m | €0.001m | €0.001m | €0.003m | €0.001m | ▼ 77.8% |
| Gross operating margin9900 | €0.02m | €0.4m | €0.4m | €0.5m | €0.6m | €0.6m | €0.6m | €1.2m | ▲ 94.6% |
| Operating profit (loss)9901 | -€0.02m | -€0.02m | €0.04m | €0.03m | €0.03m | €0.07m | €0.04m | €0.2m | ▲ 389% |
| Financial income75/76B | - | - | - | €8 | €8 | €115 | €461 | €1 | ▼ 99.7% |
| Recurring financial income75 | €0 | €0 | €81 | €8 | €8 | €115 | €461 | €1 | ▼ 99.7% |
| Financial charges65/66B | - | - | - | €0.02m | €0.02m | €0.02m | €0.01m | €0.02m | ▲ 45.7% |
| Recurring financial charges65 | €0.001m | €0.02m | €0.02m | €0.02m | €0.02m | €0.02m | €0.01m | €0.02m | ▲ 45.7% |
| Profit (loss) for the period before taxes9903 | -€0.02m | -€0.05m | €0.02m | €0.01m | €0.02m | €0.06m | €0.02m | €0.2m | ▲ 569% |
| Income taxes67/77 | €12 | -€1 | €0.001m | €0.009m | €0.009m | €0.02m | €0.01m | €0.003m | ▼ 68.3% |
| Profit (loss) for the period9904 | -€0.02m | -€0.05m | €0.02m | €0.004m | €0.009m | €0.04m | €0.01m | €0.2m | ▲ 977% |
| Profit (loss) for the period to be appropriated9905 | -€0.02m | -€0.05m | €0.02m | €0.004m | €0.009m | €0.04m | €0.01m | €0.2m | ▲ 977% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Assets | |||||||||
| Total assets20/58 | €1.5m | €1.4m | €1.6m | €1.5m | €1.3m | €1.1m | €1.1m | €2.7m | ▲ 138% |
| Fixed assets21/28 | €1.5m | €1.3m | €1.6m | €1.4m | €1.2m | €1.0m | €1.0m | €2.5m | ▲ 140% |
| Intangible fixed assets21 | €1.4m | €1.3m | €1.5m | €1.4m | €1.2m | €1.0m | €1.0m | €2.4m | ▲ 141% |
| Tangible fixed assets22/27 | €0.03m | €0.02m | €0.02m | €0.01m | €0.005m | €0.002m | €0.03m | €0.06m | ▲ 118% |
| Land and buildings22 | - | - | - | €0.005m | €0.003m | €0.001m | €178 | €0.02m | ▲ 102× |
| Plant, machinery and equipment23 | - | - | - | €0.005m | €0.002m | €0.001m | €0.003m | €0.008m | ▲ 179% |
| Furniture and vehicles24 | - | - | - | - | - | - | €0.03m | €0.04m | ▲ 41.0% |
| Current assets29/58 | €0.05m | €0.07m | €0.05m | €0.08m | €0.09m | €0.09m | €0.1m | €0.3m | ▲ 120% |
| Amounts receivable within one year40/41 | €0.04m | €0.05m | €0.05m | €0.07m | €0.08m | €0.07m | €0.03m | €0.06m | ▲ 142% |
| Trade receivables40 | - | - | - | €0.06m | €0.05m | €0.05m | €240 | €0 | ▼ 100% |
| Other amounts receivable41 | - | - | - | €0.01m | €0.03m | €0.01m | €0.03m | €0.06m | ▲ 144% |
| Cash at bank and in hand54/58 | - | €0.009m | - | €0.006m | €0.001m | €0.01m | €0 | €0.05m | - |
| Deferred charges and accrued income490/1 | - | - | - | €0.006m | €0.01m | €0.01m | €0.09m | €0.1m | ▲ 59.5% |
| Equity and liabilities | |||||||||
| Total equity and liabilities10/49 | €1.5m | €1.4m | €1.6m | €1.5m | €1.3m | €1.1m | €1.1m | €2.7m | ▲ 138% |
| Equity10/15 | -€0.01m | -€0.06m | -€0.04m | -€0.04m | -€0.03m | €0.008m | €0.02m | €0.02m | ▼ 21.0% |
| Contributions10/11 | €0.006m | €0.006m | - | €0.006m | €0.006m | €0.006m | €0.006m | €0.006m | = |
| Profit (loss) carried forward14 | -€0.02m | -€0.07m | -€0.05m | -€0.05m | -€0.04m | €0.002m | €0.02m | €0.01m | ▼ 28.7% |
| Amounts payable17/49 | €1.5m | €1.5m | €1.7m | €1.5m | €1.3m | €1.1m | €1.1m | €2.7m | ▲ 141% |
| Amounts payable after more than one year17 | €1.3m | €1.1m | €1.0m | €1.1m | €0.9m | €0.8m | €0.7m | €1.6m | ▲ 115% |
| Financial debts170/4 | - | - | - | €1.1m | €0.9m | €0.8m | €0.7m | €1.6m | ▲ 115% |
| Amounts payable within one year42/48 | €0.2m | €0.3m | €0.7m | €0.4m | €0.4m | €0.3m | €0.4m | €1.1m | ▲ 192% |
| Current portion of amounts payable after more than one year42 | - | - | - | €0.2m | €0.2m | €0.2m | €0.2m | €0.3m | ▲ 34.3% |
| Financial debts43 | - | - | - | - | - | - | €0.02m | €0.02m | ▼ 9.6% |
| Credit institutions430/8 | - | - | - | - | - | - | €0.02m | €0.02m | ▼ 9.6% |
| Trade debts44 | €0.008m | €0.02m | €0.01m | €0.03m | €0.03m | €0.03m | €0.02m | €0.05m | ▲ 115% |
| Suppliers440/4 | - | - | - | €0.03m | €0.03m | €0.03m | €0.02m | €0.05m | ▲ 115% |
| Taxes, remuneration and social security45 | - | - | - | €0.06m | €0.06m | €0.06m | €0.04m | €0.06m | ▲ 52.6% |
| Taxes450/3 | - | - | - | €0.001m | €0 | - | - | - | - |
| Remuneration and social security454/9 | - | - | - | €0.06m | €0.06m | €0.06m | €0.04m | €0.06m | ▲ 52.6% |
| Other amounts payable47/48 | - | - | - | €0.07m | €0.1m | €0.07m | €0.08m | €0.7m | ▲ 768% |
| Accrued charges and deferred income492/3 | - | - | - | €0.003m | €0 | - | - | - | - |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | -€0.02m | -€0.05m | €0.02m | €0.004m | €0.009m | €0.04m | €0.01m | €0.2m | ▲ 977% |
| + Depreciation and write-downs630 | €0.02m | €0.2m | €0.2m | €0.2m | €0.2m | €0.2m | €0.2m | €0.4m | ▲ 95.1% |
| Operating cash flow (approximation) | -€0.001m | €0.1m | €0.2m | €0.2m | €0.2m | €0.2m | €0.2m | €0.6m | ▲ 155% |
| Investment in fixed assets (approximation) | - | €0 | -€0.4m | €0 | -€0.02m | €0 | -€0.2m | -€1.8m | ▼ 743% |
| Change in cash | - | - | - | - | -€0.005m | €0.01m | -€0.01m | €0.05m | - |
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 | abbreviated format | 17-07-2026 | 2026-00304738 | |
| 31-12-2024 | abbreviated format | 23-06-2025 | 2025-00163422 | |
| 31-12-2023 | abbreviated format | 11-06-2024 | 2024-00121037 | |
| 31-12-2022 | abbreviated format | 09-06-2023 | 2023-00115853 | |
| 31-12-2021 | abbreviated format | 30-06-2022 | 2022-20111081 | |
| 31-12-2020 | abbreviated format | 09-07-2021 | 2021-32900378 | |
| 31-12-2019 | abbreviated format | 30-06-2020 | 2020-22300228 | |
| 31-12-2018 | abbreviated format | 02-07-2019 | 2019-26300025 |