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Public limited companyfounded 2003active for 23 yearsDe Gerlachekaai 20, 2000 Antwerpen, BelgiumKBO/BCE: BE 0860.409.202

Financials · financial year 2024, full format, standalone accounts, 2025 accounts filed

Annual accounts 2025 filed on 15-06-2026 at the NBB Consolidated accounts 2025 at the NBB all 46 filings

The accounts were filed as a PDF only.

Equity
€599.6m▲ 95.6%
2023 · €306.6m
Net result
€293.0m▲ 111×
2023 · €2.6m
Total assets
€805.2m▲ 75.9%
2023 · €457.8m
Solvency
74.5%▲ 7.5pp
2023 · 67.0%
Multi-year overview
2018 to 2024, 7 financial years
Turnover
€5.3m
▼ 7.1% 2024
20182024
Operating result
-€3.5m
▲ 84.3% 2024
20182024
Net result
€293.0m
▲ 111× 2024
highest quarter of the sector
20182024
Equity
€599.6m
▲ 95.6% 2024
highest quarter of the sector
20182024
Total assets
€805.2m
▲ 75.9% 2024
highest quarter of the sector
20182024
Debt
€202.7m
▲ 47.0% 2024
20182024
Working capital
€197.6m
2024
highest quarter of the sector
20182024
Solvency
74.5%
▲ 7.5pp 2024
middle half of the sector
20182024
Current ratio
2.61
▲ 1.61 2024
middle half of the sector
20182024
Return on assets (ROA)
36.4%
▲ 35.8pp 2024
highest quarter of the sector
20182024
Staff (FTE)
39.4
▲ 4.2% 2024
highest quarter of the sector
20182024
Every figure per financial year
Every figure with its change against the financial year before
favourable unfavourable
Line2018201920202021202220232024
Turnover€3.6m-€3.3m▼ 8.7%€3.2m▼ 3.8%€4.3m▲ 36.0%€3.3m▼ 24.8%€5.7m▲ 76.0%€5.3m▼ 7.1%
Operating result-€5.7m--€5.5m▲ 3.0%-€6.6m▼ 19.0%-€4.5m▲ 31.6%-€10.8m▼ 141%-€22.3m▼ 105%-€3.5m▲ 84.3%
Net result€10.2m-€44.9m▲ 341%-€84.0mbelow the sector's middle half-€28.6mbelow the sector's middle half▲ 65.9%€236.0mabove the sector's middle half€2.6mabove the sector's middle half▼ 98.9%€293.0mabove the sector's middle half▲ 111×
Equity€659.2m-€704.1m▲ 6.8%€598.2mabove the sector's middle half▼ 15.0%€564.2mabove the sector's middle half▼ 5.7%€680.7mabove the sector's middle half▲ 20.6%€306.6mabove the sector's middle half▼ 55.0%€599.6mabove the sector's middle half▲ 95.6%
Total assets€736.8m-€823.3m▲ 11.7%€708.1mabove the sector's middle half▼ 14.0%€675.1mabove the sector's middle half▼ 4.7%€857.1mabove the sector's middle half▲ 27.0%€457.8mabove the sector's middle half▼ 46.6%€805.2mabove the sector's middle half▲ 75.9%
Debt€77.3m-€118.9m▲ 53.8%€109.6m▼ 7.8%€101.0m▼ 7.8%€175.6m▲ 73.8%€137.9m▼ 21.5%€202.7m▲ 47.0%
Working capital€40.0m-€1.2m▼ 96.9%-€10.6mbelow the sector's middle half€32.2mabove the sector's middle half€400.8mabove the sector's middle half▲ 12×-€0.6mbelow the sector's middle half€197.6mabove the sector's middle half
Solvency89.5%-85.5%▼ 3.9pp84.5%within the sector's middle half▼ 1.0pp83.6%above the sector's middle half▼ 0.9pp79.4%within the sector's middle half▼ 4.2pp67.0%within the sector's middle half▼ 12.4pp74.5%within the sector's middle half▲ 7.5pp
Current ratio1.52-1.01▼ 0.510.90within the sector's middle half▼ 0.111.32within the sector's middle half▲ 0.423.28above the sector's middle half▲ 1.961.00within the sector's middle half▼ 2.292.61within the sector's middle half▲ 1.61
Return on assets (ROA)1.4%-5.5%▲ 4.1pp-11.9%below the sector's middle half▼ 17.3pp-4.2%below the sector's middle half▲ 7.6pp27.5%above the sector's middle half▲ 31.8pp0.6%within the sector's middle half▼ 27.0pp36.4%above the sector's middle half▲ 35.8pp
Staff (FTE)26.8-24.9▼ 7.1%25.7above the sector's middle half▲ 3.2%32.5above the sector's middle half▲ 26.5%35.8above the sector's middle half▲ 10.2%37.8above the sector's middle half▲ 5.6%39.4above the sector's middle half▲ 4.2%
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 2024 is a loss of €3.5m, smaller than the loss of €22.3m in 2023.

Balance-sheet composition
2024 in colour, 2023 as the grey bar beneath
Assets €805.2m
Fixed assets €484.7m ▲ 51.2%
Current assets €320.5m ▲ 133%
Equity and liabilities €805.2m
Equity €599.6m ▲ 95.6%
Provisions €2.9m ▼ 78.6%
Debt €202.7m ▲ 47.0%
Debt's share of the balance-sheet total falls from 30.1% to 25.2%. Equity and debt are higher.
Key figures and ratios
2024 value · change against 2023
ROE
48.9%▲
2023 · 0.9%
Debt ≤ 1 year
€122.8m▼
2023 · €137.9m
Debt > 1 year
€79.9m
Income taxes
€999,312▲
2023 · -€191,653
Staff costs
€5.4m▲
2023 · €5.0m
Green means a favourable move, even when the figure itself falls, as with debt or debt to equity.

Investments

fixed assets acquired
Item20202021202220232024
Tangible fixed assets€28,878€44,749€11,605€176,192€311,308
Financial fixed assets-€20,691€964,170--
Depreciation and write-downs of the year€238,823€125,797€64,739€55,550€118,077

Source: notes to the 2020 to 2024 annual accounts (statement of fixed assets)

Auditor

fees
Item20202021202220232024
Fee for the audit€310,456€307,601€419,034€288,465€300,102

Source: notes to the 2020 to 2024 annual accounts (relations with the auditor)

Subsidies and aid

Flemish government

2024 · 1 entry · €9,000 awarded · €9,000 paid
Schemes
1 entry · €9,000 · €9,000 paid · Departement Werk en Sociale Economie
Annual accounts
Filed annual accounts As filed with the NBB · 2024 against 2023 · 89 lines
Balance sheet Code20232024
Assets
Total assets20/58€457.8m€805.2m▲
Fixed assets21/28€320.5m€484.7m▲
Tangible fixed assets22/27€0.2m€0.4m▲
Plant, machinery and equipment23€0.2m€0.2m▲
Furniture and vehicles24€0.02m€0.2m▲
Financial fixed assets28€320.3m€484.3m▲
Affiliated companies280/1€320.1m€483.8m▲
Participating interests280€118.4m€52.0m▼
Amounts receivable281€201.7m€431.8m▲
Companies linked by participating interests282/3€0.2m€0.2m=
Participating interests282€0.2m€0.2m=
Other financial fixed assets284/8€412€0.3m▲
Shares284€80€0.002m▲
Amounts receivable and cash guarantees285/8€332€0.3m▲
Current assets29/58€137.3m€320.5m▲
Amounts receivable within one year40/41€53.7m€123.4m▲
Trade receivables40€6.4m€5.7m▼
Other amounts receivable41€47.3m€117.8m▲
Current investments50/53€18.1m€134.8m▲
Own shares50€16.4m€23.3m▲
Other investments51/53€1.7m€111.5m▲
Cash at bank and in hand54/58€64.4m€60.9m▼
Deferred charges and accrued income490/1€1.0m€1.3m▲
Equity and liabilities
Total equity and liabilities10/49€457.8m€805.2m▲
Equity10/15€306.6m€599.6m▲
Contributions10/11€213.4m€213.4m=
Capital10€88.8m€88.8m=
Issued capital100€88.8m€88.8m=
Contributions outside capital11€124.6m€124.6m=
Share premium1100/10€124.6m€124.6m=
Reserves13€87.2m€94.1m▲
Non-distributable reserves130/1€25.7m€32.5m▲
Legal reserve130€8.9m€8.9m=
Reserves not available under the articles1311€0.4m€0.4m=
Own shares acquired1312€16.4m€23.3m▲
Tax-exempt reserves132€61.5m€61.5m=
Profit (loss) carried forward14€6.0m€292.1m▲
Provisions and deferred taxes16€13.3m€2.9m▼
Provisions for liabilities and charges160/5€13.3m€2.9m▼
Other liabilities and charges164/5€13.3m€2.9m▼
Amounts payable17/49€137.9m€202.7m▲
Amounts payable after more than one year17-€79.9m
Financial debts170/4-€79.9m
Other loans174-€79.9m
Amounts payable within one year42/48€137.9m€122.8m▼
Trade debts44€0.8m€4.4m▲
Suppliers440/4€0.8m€4.4m▲
Taxes, remuneration and social security45€1.2m€1.3m▲
Taxes450/3€0.5m€0.4m▼
Remuneration and social security454/9€0.7m€0.9m▲
Other amounts payable47/48€135.8m€117.2m▼
Accrued charges and deferred income492/3€0.01m-
Income statement Code20232024
Operating income70/76A€6.1m€5.7m▼
Turnover70€5.7m€5.3m▼
Other operating income74€0.4m€0.4m▲
Operating charges60/66A€28.4m€9.2m▼
Services and other goods61€10.5m€13.7m▲
Remuneration, social security and pensions62€5.0m€5.4m▲
Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630€0.06m€0.1m▲
Provisions for liabilities and charges: additions (uses and reversals)635/8€12.5m-€10.4m▼
Other operating charges640/8€0.4m€0.5m▲
Operating profit (loss)9901-€22.3m-€3.5m▲
Financial income75/76B€36.3m€302.0m▲
Recurring financial income75€33.0m€202.0m▲
Income from financial fixed assets750€14.9m€196.0m▲
Income from current assets751€18.0m€5.8m▼
Other financial income752/9€0.04m€0.1m▲
Non-recurring financial income76B€3.4m€100.0m▲
Financial charges65/66B€11.6m€4.5m▼
Recurring financial charges65€11.6m€4.5m▼
Debt charges650€4.4m€9.0m▲
Write-downs on current assets other than stocks, contracts in progress and trade receivables: additions (reversals)651-€1.6m-€6.9m▼
Other financial charges652/9€8.8m€2.3m▼
Profit (loss) for the period before taxes9903€2.4m€294.0m▲
Income taxes67/77-€0.2m€1.0m▲
Taxes670/3€0.007m€1.0m▲
Tax adjustments and reversals of tax provisions77€0.2m-
Profit (loss) for the period9904€2.6m€293.0m▲
Profit (loss) for the period to be appropriated9905€2.6m€293.0m▲
Appropriation of the result
Profit (loss) to be appropriated9906€294.6m€299.0m▲
Profit (loss) brought forward from the previous period14P€292.0m€6.0m▼
Transfer from equity791/2€88.0m-
Withdrawal from contributions791€85.3m-
From reserves792€2.8m-
Transfer to equity691/2-€6.9m
To other reserves6921-€6.9m
Profit to be distributed694/7€376.7m-
Return on contributions (dividend)694€376.7m-
Social balance sheet
Average headcount (FTE)908737.839.4▲

The notes to these accounts have 80 items, including the statement of assets and debts, the cost breakdown and rights and commitments. You find them in the filed accounts (PDF).

Source: Annual accounts 2024 (PDF), filed on 13-06-2025.

Line2018201920202021202220232024Change
Operating income70/76A€3.8m€3.5m€3.3m€7.9m€4.2m€6.1m€5.7m▼ 6.3%
Turnover70€3.6m€3.3m€3.2m€4.3m€3.3m€5.7m€5.3m▼ 7.1%
Other operating income74€0.2m€0.2m€0.1m€0.2m€0.1m€0.4m€0.4m▲ 5.2%
Non-recurring operating income76A---€3.3m€0.8m---
Operating charges60/66A€9.6m€9.1m€9.9m€12.4m€15.0m€28.4m€9.2m▼ 67.5%
Services and other goods61€7.6m€5.8m€6.3m€7.6m€10.7m€10.5m€13.7m▲ 30.8%
Remuneration, social security and pensions62€3.2m€2.9m€3.2m€3.6m€4.2m€5.0m€5.4m▲ 7.6%
Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630€0.4m€0.3m€0.2m€0.1m€0.06m€0.06m€0.1m▲ 113%
Provisions for liabilities and charges: additions (uses and reversals)635/8-€2.4m--€0.8m-€0.3m€12.5m-€10.4m-
Other operating charges640/8€0.4m€0.2m€0.2m€0.2m€0.4m€0.4m€0.5m▲ 23.7%
Non-recurring operating charges66A€0.3m--€0.001m----
Operating profit (loss)9901-€5.7m-€5.5m-€6.6m-€4.5m-€10.8m-€22.3m-€3.5m▲ 84.3%
Financial income75/76B---€15.5m€268.9m€36.3m€302.0m▲ 731%
Recurring financial income75€24.8m€35.7m€21.1m€15.5m€260.2m€33.0m€202.0m▲ 513%
Income from financial fixed assets750€22.3m€33.2m€19.2m€14.0m€254.4m€14.9m€196.0m▲ 13×
Income from current assets751€1.8m€2.0m€0.7m€0.3m€5.0m€18.0m€5.8m▼ 67.8%
Other financial income752/9€0.7m€0.6m€1.2m€1.3m€0.9m€0.04m€0.1m▲ 208%
Non-recurring financial income76B-€22.6m--€8.7m€3.4m€100.0m▲ 30×
Financial charges65/66B€7.6m€5.8m€98.5m€39.5m€21.8m€11.6m€4.5m▼ 61.4%
Recurring financial charges65€7.6m€5.1m€10.5m-€3.7m-€0.3m€11.6m€4.5m▼ 61.4%
Debt charges650€1.7m€1.8m€1.2m€0.1m€7.2m€4.4m€9.0m▲ 107%
Write-downs on current assets other than stocks, contracts in progress and trade receivables: additions (reversals)651€1.6m€2.3m€5.7m-€5.4m-€11.5m-€1.6m-€6.9m▼ 330%
Other financial charges652/9€4.3m€1.0m€3.6m€1.7m€3.9m€8.8m€2.3m▼ 73.5%
Non-recurring financial charges66B-€0.7m€88.0m€43.1m€22.2m---
Profit (loss) for the period before taxes9903€11.5m€47.0m-€84.0m-€28.4m€236.3m€2.4m€294.0m▲ 120×
Income taxes67/77€1.3m€2.1m€0.01m€0.2m€0.3m-€0.2m€1.0m-
Taxes670/3€1.3m€3.5m€0.02m€0.2m€0.3m€0.007m€1.0m▲ 143×
Tax adjustments and reversals of tax provisions77-€1.4m€0.004m€0.03m€0.005m€0.2m--
Profit (loss) for the period9904€10.2m€44.9m-€84.0m-€28.6m€236.0m€2.6m€293.0m▲ 111×
Profit (loss) for the period to be appropriated9905€10.2m€44.9m-€84.0m-€28.6m€236.0m€2.6m€293.0m▲ 111×
Line2018201920202021202220232024Change
Assets
Total assets20/58€736.8m€823.3m€708.1m€675.1m€857.1m€457.8m€805.2m▲ 75.9%
Fixed assets21/28€619.6m€703.2m€609.2m€541.9m€280.7m€320.5m€484.7m▲ 51.2%
Intangible fixed assets21€0.1m€0.2m€0.05m€0.009m----
Tangible fixed assets22/27€0.3m€0.2m€0.2m€0.1m€0.07m€0.2m€0.4m▲ 94.7%
Plant, machinery and equipment23€0.2m€0.1m€0.08m€0.06m€0.04m€0.2m€0.2m▲ 15.4%
Furniture and vehicles24€0.05m€0.09m€0.07m€0.05m€0.03m€0.02m€0.2m▲ 931%
Financial fixed assets28€619.2m€702.8m€608.9m€541.7m€280.6m€320.3m€484.3m▲ 51.2%
Affiliated companies280/1€618.9m€702.6m€608.7m€541.5m€280.4m€320.1m€483.8m▲ 51.2%
Participating interests280€122.4m€119.5m€117.5m€117.5m€118.4m€118.4m€52.0m▼ 56.1%
Amounts receivable281€496.5m€583.1m€491.2m€424.0m€162.0m€201.7m€431.8m▲ 114%
Companies linked by participating interests282/3€0.2m€0.2m€0.2m€0.2m€0.2m€0.2m€0.2m=
Participating interests282€0.2m€0.2m€0.2m€0.2m€0.2m€0.2m€0.2m=
Other financial fixed assets284/8€450€450€448€420€400€412€0.3m▲ 635×
Shares284€80€80€80€80€80€80€0.002m▲ 20×
Amounts receivable and cash guarantees285/8€370€370€368€340€320€332€0.3m▲ 783×
Current assets29/58€117.3m€120.1m€99.0m€133.2m€576.4m€137.3m€320.5m▲ 133%
Amounts receivable within one year40/41€79.3m€70.3m€79.9m€67.2m€79.7m€53.7m€123.4m▲ 130%
Trade receivables40€4.1m€2.4m€0.9m€3.0m€3.5m€6.4m€5.7m▼ 11.5%
Other amounts receivable41€75.2m€68.0m€79.1m€64.3m€76.1m€47.3m€117.8m▲ 149%
Current investments50/53€19.6m€17.5m€9.0m€12.9m€489.1m€18.1m€134.8m▲ 643%
Own shares50€15.6m€13.3m€7.7m€11.1m€19.2m€16.4m€23.3m▲ 41.8%
Other investments51/53€4.0m€4.2m€1.4m€1.8m€469.8m€1.7m€111.5m▲ 65×
Cash at bank and in hand54/58€18.2m€32.0m€9.3m€52.6m€6.7m€64.4m€60.9m▼ 5.5%
Deferred charges and accrued income490/1€0.2m€0.3m€0.7m€0.4m€1.0m€1.0m€1.3m▲ 33.7%
Equity and liabilities
Total equity and liabilities10/49€736.8m€823.3m€708.1m€675.1m€857.1m€457.8m€805.2m▲ 75.9%
Equity10/15€659.2m€704.1m€598.2m€564.2m€680.7m€306.6m€599.6m▲ 95.6%
Contributions10/11€88.8m€88.8m€298.7m€298.7m€298.7m€213.4m€213.4m=
Capital10€88.8m€88.8m€88.8m€88.8m€88.8m€88.8m€88.8m=
Issued capital100€88.8m€88.8m€88.8m€88.8m€88.8m€88.8m€88.8m=
Contributions outside capital11€209.9m€209.9m€209.9m€209.9m€209.9m€124.6m€124.6m=
Share premium1100/10--€209.9m€209.9m€209.9m€124.6m€124.6m=
Reserves13€86.3m€84.1m€78.4m€81.8m€90.0m€87.2m€94.1m▲ 7.9%
Non-distributable reserves130/1--€16.9m€20.3m€28.5m€25.7m€32.5m▲ 26.7%
Legal reserve130€8.9m€8.9m€8.9m€8.9m€8.9m€8.9m€8.9m=
Reserves not available under the articles1311€0.4m€0.4m-€0.4m€0.4m€0.4m€0.4m=
Own shares acquired1312--€7.7m€11.1m€19.2m€16.4m€23.3m▲ 41.8%
Other1319--€0.4m-----
Tax-exempt reserves132€61.5m€61.5m€61.5m€61.5m€61.5m€61.5m€61.5m=
Profit (loss) carried forward14€274.2m€321.3m€221.1m€183.7m€292.0m€6.0m€292.1m▲ 49×
Provisions and deferred taxes16€0.3m€0.3m€0.3m€9.8m€0.8m€13.3m€2.9m▼ 78.6%
Provisions for liabilities and charges160/5€0.3m€0.3m€0.3m€9.8m€0.8m€13.3m€2.9m▼ 78.6%
Other liabilities and charges164/5€0.3m€0.3m€0.3m€9.8m€0.8m€13.3m€2.9m▼ 78.6%
Amounts payable17/49€77.3m€118.9m€109.6m€101.0m€175.6m€137.9m€202.7m▲ 47.0%
Amounts payable after more than one year17------€79.9m-
Financial debts170/4------€79.9m-
Other loans174------€79.9m-
Amounts payable within one year42/48€77.3m€118.9m€109.6m€101.0m€175.6m€137.9m€122.8m▼ 10.9%
Financial debts43-€22.0m€3.7m-----
Credit institutions430/8-€22.0m€3.7m-----
Trade debts44€1.2m€0.6m€0.7m€1.7m€10.7m€0.8m€4.4m▲ 461%
Suppliers440/4€1.2m€0.6m€0.7m€1.7m€10.7m€0.8m€4.4m▲ 461%
Taxes, remuneration and social security45€2.1m€4.2m€3.5m€0.5m€1.0m€1.2m€1.3m▲ 1.6%
Taxes450/3€1.7m€3.9m€3.2m€0.1m€0.2m€0.5m€0.4m▼ 27.0%
Remuneration and social security454/9€0.3m€0.3m€0.4m€0.4m€0.7m€0.7m€0.9m▲ 23.9%
Other amounts payable47/48€74.0m€92.0m€101.7m€98.8m€163.9m€135.8m€117.2m▼ 13.7%
Accrued charges and deferred income492/3-€0.01m€0.005m€0.02m€0.01m€0.01m--
Line2018201920202021202220232024Change
Profit (loss) for the period9904€10.2m€44.9m-€84.0m-€28.6m€236.0m€2.6m€293.0m▲ 111×
+ Depreciation and write-downs630€0.4m€0.3m€0.2m€0.1m€0.06m€0.06m€0.1m▲ 113%
Operating cash flow (approximation)€10.5m€45.1m-€83.7m-€28.5m€236.1m€2.7m€293.1m▲ 109×
Investment in fixed assets (approximation)--€83.9m€93.8m€67.2m€261.1m-€39.9m-€164.3m▼ 312%
Change in cash-€13.8m-€22.6m€43.3m-€45.9m€57.7m-€3.5m-

A Belgian filing has no cash-flow statement. These rows are therefore an approximation, derived from the income statement and the balance-sheet moves.

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Latest 10 of 46 filings with the National Bank
Financial year Type Filed Reference Document
31-12-2025 consolidated 29-06-2026 2026-00234305 PDF
31-12-2025 full format 15-06-2026 2026-00169604 PDF
31-12-2024 consolidated 08-07-2025 2025-00261185 PDF
31-12-2024 full format 13-06-2025 2025-00145587 PDF
31-12-2023 full format 19-06-2024 2024-00160642 PDF
31-12-2023 consolidated 18-06-2024 2024-00146645 PDF
31-12-2022 consolidated 01-06-2023 2023-00106974 PDF
31-12-2022 full format 24-05-2023 2023-00099016 PDF
31-12-2021 consolidated 27-06-2022 2022-20120475 PDF
31-12-2021 full format 22-06-2022 2022-20135411 PDF

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