Financials · financial year 2025, abbreviated format
Annual accounts 2025 filed on 13-07-2026 at the NBB all 5 filings
Turnover
≈ €160,000
Estimated: probably between €130,000 and €210,000
Total assets
€638,209▼ 3.6%
2024 · €662,117
Net result
€71,605▼ 25.5%
2024 · €96,109
Working capital
-€14,588
2024 · €44,940
Multi-year overview
2021 to 2025, 5 financial yearsOperating result
€98,498
▼ 25.5%
2025
20212025
Net result
€71,605
▼ 25.5%
2025
middle half of the sector
20212025
Equity
€432,782
▼ 4.1%
2025
middle half of the sector
20212025
Total assets
€638,209
▼ 3.6%
2025
middle half of the sector
20212025
Debt
€205,427
▼ 2.6%
2025
20212025
Working capital
-€14,588
2025
middle half of the sector
20212025
Solvency
67.8%
▼ 0.3pp
2025
middle half of the sector
20212025
Current ratio
0.72
▼ 3.01
2025
middle half of the sector
20212025
Return on assets (ROA)
11.2%
▼ 3.3pp
2025
middle half of the sector
20212025
Every figure per financial year
Every figure with its change against the financial year before
favourable
unfavourable
Line20212022202320242025
Operating result€200,152-€96,737▼ 51.7%€97,515▲ 0.8%€132,183▲ 35.6%€98,498▼ 25.5%
Net result€134,942above the sector's middle half-€66,189above the sector's middle half▼ 51.0%€68,937above the sector's middle half▲ 4.2%€96,109above the sector's middle half▲ 39.4%€71,605within the sector's middle half▼ 25.5%
Equity€234,942within the sector's middle half-€301,130above the sector's middle half▲ 28.2%€370,068above the sector's middle half▲ 22.9%€451,177above the sector's middle half▲ 21.9%€432,782within the sector's middle half▼ 4.1%
Total assets€754,865above the sector's middle half-€711,535above the sector's middle half▼ 5.7%€701,361above the sector's middle half▼ 1.4%€662,117above the sector's middle half▼ 5.6%€638,209within the sector's middle half▼ 3.6%
Debt€519,923-€410,404▼ 21.1%€331,294▼ 19.3%€210,940▼ 36.3%€205,427▼ 2.6%
Working capital€67,011within the sector's middle half-€57,530within the sector's middle half▼ 14.1%€34,792within the sector's middle half▼ 39.5%€44,940within the sector's middle half▲ 29.2%-€14,588within the sector's middle half
Solvency31.1%within the sector's middle half-42.3%within the sector's middle half▲ 11.2pp52.8%within the sector's middle half▲ 10.4pp68.1%within the sector's middle half▲ 15.4pp67.8%within the sector's middle half▼ 0.3pp
Current ratio2.21within the sector's middle half-2.78within the sector's middle half▲ 0.571.63within the sector's middle half▼ 1.153.73within the sector's middle half▲ 2.110.72within the sector's middle half▼ 3.01
Return on assets (ROA)17.9%within the sector's middle half-9.3%within the sector's middle half▼ 8.6pp9.8%within the sector's middle half▲ 0.5pp14.5%within the sector's middle half▲ 4.7pp11.2%within the sector's middle half▼ 3.3pp
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 25% lower than in 2024.
Turnover and EBIT margin are not published. The abbreviated or 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 €638,209
Fixed assets
€600,572 =
Current assets
€37,637 ▼ 38.7%
Equity and liabilities €638,209
Equity
€432,782 ▼ 4.1%
Debt
€205,427 ▼ 2.6%
Debt's share of the balance-sheet total rises from 31.9% to 32.2%. Equity and debt are lower.
Key figures and ratios
ROE
16.5%▼
2024 · 21.3%
Debt ≤ 1 year
€52,225▲
2024 · €16,433
Debt > 1 year
€150,000▼
2024 · €190,000
Income taxes
€24,439▼
2024 · €32,473
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 | €52,710 | - | - | - | €1,276 |
| Financial fixed assets | €599,450 | - | - | - | - |
| Depreciation and write-downs of the year | €22,081 | €10,788 | €10,679 | €10,174 | €1,449 |
Source: notes to the 2021 to 2025 annual accounts (statement of fixed assets)
Annual accounts
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €22,081 | €10,788 | €10,679 | €10,174 | €1,449 | ▼ 85.8% |
| Other operating charges640/8 | €869 | €608 | €655 | €667 | €683 | ▲ 2.4% |
| Gross operating margin9900 | €223,102 | €108,133 | €108,849 | €143,024 | €100,629 | ▼ 29.6% |
| Operating profit (loss)9901 | €200,152 | €96,737 | €97,515 | €132,183 | €98,498 | ▼ 25.5% |
| Financial income75/76B | - | - | €133 | €386 | €173 | ▼ 55.3% |
| Recurring financial income75 | - | - | €133 | €386 | €173 | ▼ 55.3% |
| Financial charges65/66B | €19,162 | €7,557 | €5,172 | €3,988 | €2,627 | ▼ 34.1% |
| Recurring financial charges65 | €19,162 | €7,557 | €5,172 | €3,988 | €2,627 | ▼ 34.1% |
| Profit (loss) for the period before taxes9903 | €180,989 | €89,181 | €92,476 | €128,582 | €96,044 | ▼ 25.3% |
| Income taxes67/77 | €46,047 | €22,992 | €23,539 | €32,473 | €24,439 | ▼ 24.7% |
| Profit (loss) for the period9904 | €134,942 | €66,189 | €68,937 | €96,109 | €71,605 | ▼ 25.5% |
| Profit (loss) for the period to be appropriated9905 | €134,942 | €66,189 | €68,937 | €96,109 | €71,605 | ▼ 25.5% |
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Assets | ||||||
| Total assets20/58 | €754,865 | €711,535 | €701,361 | €662,117 | €638,209 | ▼ 3.6% |
| Fixed assets21/28 | €632,384 | €621,596 | €610,918 | €600,744 | €600,572 | = |
| Tangible fixed assets22/27 | €32,934 | €22,147 | €11,468 | €1,295 | €1,122 | ▼ 13.3% |
| Furniture and vehicles24 | €32,934 | €22,147 | €11,468 | €1,295 | €1,122 | ▼ 13.3% |
| Financial fixed assets28 | €599,450 | €599,450 | €599,450 | €599,450 | €599,450 | = |
| Current assets29/58 | €122,481 | €89,938 | €90,444 | €61,373 | €37,637 | ▼ 38.7% |
| Amounts receivable within one year40/41 | €47,716 | - | €3,379 | - | - | - |
| Trade receivables40 | €47,716 | - | €3,379 | - | - | - |
| Current investments50/53 | - | - | €50,000 | €40,000 | €0 | ▼ 100% |
| Cash at bank and in hand54/58 | €74,390 | €85,671 | €35,988 | €20,300 | €36,583 | ▲ 80.2% |
| Deferred charges and accrued income490/1 | €375 | €4,267 | €1,077 | €1,072 | €1,054 | ▼ 1.7% |
| Equity and liabilities | ||||||
| Total equity and liabilities10/49 | €754,865 | €711,535 | €701,361 | €662,117 | €638,209 | ▼ 3.6% |
| Equity10/15 | €234,942 | €301,130 | €370,068 | €451,177 | €432,782 | ▼ 4.1% |
| Contributions10/11 | €100,000 | €100,000 | €100,000 | €100,000 | €100,000 | = |
| Capital10 | €100,000 | €100,000 | €100,000 | €100,000 | €100,000 | = |
| Issued capital100 | €100,000 | €100,000 | €100,000 | €100,000 | €100,000 | = |
| Reserves13 | €134,942 | €201,130 | €270,068 | €351,177 | €332,782 | ▼ 5.2% |
| Non-distributable reserves130/1 | €10,000 | €10,000 | €10,000 | €10,000 | €10,000 | = |
| Legal reserve130 | €10,000 | €10,000 | €10,000 | €10,000 | €10,000 | = |
| Distributable reserves133 | €124,942 | €191,130 | €260,068 | €341,177 | €322,782 | ▼ 5.4% |
| Profit (loss) carried forward14 | - | - | - | - | €0 | - |
| Amounts payable17/49 | €519,923 | €410,404 | €331,294 | €210,940 | €205,427 | ▼ 2.6% |
| Amounts payable after more than one year17 | €455,000 | €370,000 | €270,000 | €190,000 | €150,000 | ▼ 21.1% |
| Financial debts170/4 | €455,000 | €370,000 | €270,000 | €190,000 | €150,000 | ▼ 21.1% |
| Amounts payable within one year42/48 | €55,470 | €32,409 | €55,652 | €16,433 | €52,225 | ▲ 218% |
| Trade debts44 | €107 | €63 | €75 | €91 | €602 | ▲ 560% |
| Suppliers440/4 | €107 | €63 | €75 | €91 | €602 | ▲ 560% |
| Taxes, remuneration and social security45 | €55,334 | €32,281 | €55,177 | €16,282 | €13,301 | ▼ 18.3% |
| Taxes450/3 | €55,334 | €32,281 | €55,177 | €16,282 | €13,301 | ▼ 18.3% |
| Other amounts payable47/48 | €29 | €64 | €401 | €60 | €38,322 | ▲ 640× |
| Accrued charges and deferred income492/3 | €9,453 | €7,996 | €5,642 | €4,507 | €3,202 | ▼ 29.0% |
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €134,942 | €66,189 | €68,937 | €96,109 | €71,605 | ▼ 25.5% |
| + Depreciation and write-downs630 | €22,081 | €10,788 | €10,679 | €10,174 | €1,449 | ▼ 85.8% |
| Operating cash flow (approximation) | €157,022 | €76,976 | €79,616 | €106,282 | €73,054 | ▼ 31.3% |
| Investment in fixed assets (approximation) | - | €0 | €0 | €0 | -€1,276 | - |
| Change in cash | - | €11,281 | -€49,683 | -€15,687 | €16,283 | - |
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 | 13-07-2026 | 2026-00301661 | |
| 31-12-2024 | micro format | 27-06-2025 | 2025-00185050 | |
| 31-12-2023 | micro format | 08-08-2024 | 2024-00335299 | |
| 31-12-2022 | micro format | 30-08-2023 | 2023-00378668 | |
| 31-12-2021 | micro format | 15-07-2022 | 2022-20187894 |