EXPECT
Annual accounts 2025
abbreviated format, filed on 15-07-2026, 16 days before the deadline€228,309
▼ 21.6%
€211,463
▼ 9.5%
€215,397
▼ 8.4%
€141,651
▼ 3.4%
63.8%
▲ 9.0 percentage points
0.25
▼ 0.19
Balance sheet
balance sheet total €1.9m on 31-12-2025What the company ownsHow it is paid for
in €m
in euro
Position in the sector
63.8%
Higher than 68% of 2,094 companies in 2025.
0.25
Higher than 9% of 2,010 companies in 2025.
7.3%
Higher than 61% of 2,053 companies in 2025.
EXPECT
Middle half of the sector
80% of the sector
Abbreviated accounts in advertising and market research (NACE 73)
Net result: top quarter · Equity: top quarter · Balance sheet total: top quarter · Working capital: bottom quarter
Filed annual accounts
as filed with the National Bank, click a year to choose it| Line | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Balance sheet: assets | ||||||||||||
20/58 |
1.9m | 2.0m | 1.9m | 1.9m | 1.9m | 1.9m | 1.8m | 1.8m | 1.8m | 2.2m | 2.2m | |
21/28 |
1.8m | 1.8m | 1.8m | 1.8m | 1.8m | 1.8m | 1.8m | 1.8m | 1.8m | 2.2m | 2.2m | |
22/27 |
4,853 | 6,198 | 3,882 | 1,256 | 2,673 | 2,494 | 0 | 0 | 0 | 187 | 509 | |
23 |
0 | 932 | 1,399 | - | - | - | - | - | - | - | - | |
24 |
4,853 | 5,265 | 2,483 | 1,256 | 2,673 | 2,494 | 0 | 0 | 0 | 187 | 509 | |
26 |
- | - | - | - | - | - | - | - | - | - | 0 | |
28 |
1.8m | 1.8m | 1.8m | 1.8m | 1.8m | 1.8m | 1.8m | 1.8m | 1.8m | 2.2m | 2.2m | |
29/58 |
66,409 | 124,778 | 99,608 | 36,810 | 55,225 | 43,110 | 13,163 | 10,430 | 9,806 | 639 | 22,086 | |
40/41 |
22,235 | 96,213 | 75,416 | 22,645 | 19,179 | 20,367 | 8,811 | 9,831 | 2,870 | 31 | 20,460 | |
40 |
22,102 | 55,571 | 24,159 | 21,085 | 19,167 | 20,367 | 7,424 | 9,822 | - | - | 20,460 | |
41 |
134 | 40,642 | 51,257 | 1,560 | 12 | - | 1,387 | 9 | 2,870 | 31 | 0 | |
54/58 |
37,336 | 24,905 | 22,217 | 11,607 | 34,360 | 22,743 | 4,352 | 0 | 6,936 | - | 1,626 | |
490/1 |
6,838 | 3,661 | 1,975 | 2,558 | 1,686 | - | 0 | 599 | 0 | 608 | - | |
| Balance sheet: equity and liabilities | ||||||||||||
10/49 |
1.9m | 2.0m | 1.9m | 1.9m | 1.9m | 1.9m | 1.8m | 1.8m | 1.8m | 2.2m | 2.2m | |
10/15 |
1.2m | 1.1m | 947,677 | 787,021 | 676,668 | 591,808 | 510,830 | 385,065 | 299,969 | 583,244 | 269,721 | |
10/11 |
20,000 | 20,000 | 20,000 | 20,000 | 20,000 | 20,000 | 20,000 | 20,000 | 20,000 | 20,000 | 20,000 | |
100 |
- | - | - | - | - | - | 20,000 | 20,000 | 20,000 | 20,000 | 20,000 | |
13 |
1.2m | 52,000 | 52,000 | 52,000 | 52,000 | 2,000 | 2,000 | 2,000 | 2,000 | 2,000 | 2,000 | |
130/1 |
- | - | 2,000 | 2,000 | 2,000 | 2,000 | - | - | - | - | - | |
130 |
- | - | - | - | - | - | 2,000 | 2,000 | 2,000 | 2,000 | 2,000 | |
1311 |
- | - | 2,000 | 2,000 | 2,000 | 2,000 | - | - | - | - | - | |
133 |
1.2m | 52,000 | 50,000 | 50,000 | 50,000 | - | - | - | - | - | - | |
14 |
0 | 1.0m | 875,677 | 715,021 | 604,668 | 569,808 | 488,830 | 363,065 | 277,969 | 561,244 | 247,721 | |
17/49 |
687,530 | 884,961 | 982,813 | 1.1m | 1.2m | 1.3m | 1.3m | 1.5m | 1.5m | 1.6m | 2.0m | |
17 |
417,583 | 571,957 | 701,548 | 823,762 | 953,683 | 1.1m | 715,158 | 836,097 | 964,891 | 945,401 | 1.1m | |
170/4 |
87,766 | 251,957 | 381,548 | 508,762 | 633,683 | 744,769 | 715,158 | 836,097 | 964,891 | 945,401 | 1.1m | |
178/9 |
329,817 | 320,000 | 320,000 | 315,000 | 320,000 | 320,000 | - | - | - | - | - | |
42/48 |
269,947 | 287,339 | 281,265 | 254,283 | 254,547 | 215,802 | 614,175 | 616,268 | 571,946 | 664,607 | 820,680 | |
42 |
123,437 | 134,308 | 131,985 | 129,691 | 127,423 | 75,714 | 128,417 | 123,781 | 121,749 | 221,324 | 189,561 | |
43 |
- | - | - | - | - | - | 0 | 67 | - | 555 | - | |
430/8 |
- | - | - | - | - | - | 0 | 67 | - | 555 | - | |
44 |
13,781 | 4,913 | 3,446 | 11,159 | 13,523 | 726 | 249 | 2,839 | 6,397 | 8,440 | 826 | |
440/4 |
13,781 | 4,913 | 3,446 | 11,159 | 13,523 | 726 | 249 | 2,839 | 6,397 | 8,440 | 826 | |
46 |
- | - | - | - | - | - | 15,000 | 6,113 | 698 | 0 | 248,000 | |
45 |
126,285 | 117,669 | 129,520 | 100,155 | 94,928 | 106,693 | 111,444 | 99,137 | 34,929 | 24,653 | 10,430 | |
450/3 |
126,285 | 117,669 | 129,520 | 100,155 | 94,928 | 106,693 | 111,444 | 99,137 | 34,929 | 24,653 | 10,430 | |
454/9 |
- | - | - | - | - | - | 0 | 0 | - | 0 | 0 | |
47/48 |
6,445 | 30,450 | 16,314 | 13,278 | 18,673 | 32,668 | 359,065 | 384,331 | 408,173 | 409,634 | 371,862 | |
492/3 |
0 | 25,664 | - | - | - | 226 | - | - | 0 | 6,573 | - | |
| Income statement | ||||||||||||
70 |
- | - | - | - | - | - | 0 | 0 | - | - | - | |
9900 |
228,309 | 291,213 | 241,403 | 179,046 | 153,640 | 149,370 | 212,434 | 192,135 | 152,069 | 80,248 | 65,862 | |
60/61 |
- | - | - | - | - | - | 0 | 0 | - | - | - | |
62 |
- | - | - | - | - | - | - | - | - | - | 1,188 | |
630 |
3,935 | 1,365 | 1,498 | 1,417 | 1,111 | 467 | - | - | 187 | 602 | 509 | |
640/8 |
12,912 | 56,138 | 1,316 | 978 | 1,082 | 6,434 | 5,115 | 1,133 | 373,365 | 697 | 1,744 | |
9901 |
211,463 | 233,709 | 238,588 | 176,651 | 151,448 | 142,469 | 207,319 | 191,002 | -221,483 | 78,949 | 62,421 | |
75/76B |
1,177 | 2,848 | 0 | 0 | - | - | 35 | - | 4 | 278,000 | 249,020 | |
75 |
1,177 | 2,848 | 0 | 0 | - | - | 35 | - | 4 | 278,000 | 249,020 | |
65/66B |
21,569 | 36,158 | 16,968 | 21,537 | 24,851 | 17,137 | 23,516 | 25,511 | 40,984 | 38,262 | 61,716 | |
65 |
21,569 | 36,158 | 16,968 | 21,537 | 24,851 | 17,137 | 23,516 | 25,511 | 40,984 | 38,262 | 61,716 | |
9903 |
191,070 | 200,399 | 221,621 | 155,115 | 126,597 | 125,332 | 183,838 | 165,492 | -262,463 | 318,687 | 249,725 | |
67/77 |
53,354 | 55,060 | 60,165 | 44,762 | 41,736 | 44,354 | 58,073 | 80,396 | 20,812 | 5,163 | 4 | |
9904 |
137,716 | 145,339 | 161,456 | 110,353 | 84,861 | 80,978 | 125,765 | 85,096 | -283,275 | 313,524 | 249,721 | |
9905 |
137,716 | 145,339 | 161,456 | 110,353 | 84,861 | 80,978 | 125,765 | 85,096 | -283,275 | 313,524 | 249,721 | |
| Appropriation of the result | ||||||||||||
9906 |
1.1m | 1.0m | 876,477 | 715,021 | 654,668 | 569,808 | 488,830 | 363,065 | 277,969 | 561,244 | 249,721 | |
14P |
1.0m | 875,677 | 715,021 | 604,668 | 569,808 | - | - | - | - | - | - | |
691/2 |
1.1m | - | - | - | 50,000 | - | - | - | - | - | 2,000 | |
6920 |
- | - | - | - | - | - | - | - | - | - | 2,000 | |
6921 |
1.1m | - | - | - | 50,000 | - | - | - | - | - | - | |
694/7 |
0 | 20,000 | 800 | - | - | - | - | - | - | - | - | |
694 |
0 | 20,000 | 800 | - | - | - | - | - | - | - | - | |
| Document | ||||||||||||
The notes to these accounts have 17 items, including the statement of assets and debts, the cost breakdown and rights and commitments. You find them in the accounts filed with the NBB.
Source: Annual accounts 2025 at the NBB, filed on 15-07-2026.
Filings
each dot is a set of accounts, on the day it reached the National Bank| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-12-2025 | abbreviated format | 15-07-2026 | 2026-00300651 | |
| 31-12-2024 | micro format | 27-08-2025 | 2025-00416348 | |
| 31-12-2023 | full format | 31-08-2024 | 2024-00451570 | |
| 31-12-2022 | full format | 28-08-2023 | 2023-00409639 | |
| 31-12-2021 | full format | 22-08-2022 | 2022-20307625 | |
| 31-12-2020 | full format | 30-08-2021 | 2021-57300282 | |
| 31-12-2019 | micro format | 01-09-2020 | 2020-49300191 | |
| 31-12-2018 | full format | 15-07-2019 | 2019-32700452 | |
| 31-12-2017 | micro format | 24-08-2018 | 2018-49300392 | |
| 31-12-2016 | micro format | 28-08-2017 | 2017-53100386 | |
| 31-12-2015 | full format | 05-08-2016 | 2016-40600058 |
Key figures and ratios
per financial year, computed from the annual accounts| Line | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 215,397 | 235,075 | 240,087 | 178,068 | 152,558 | 142,936 | - | - | -221,296 | 79,551 | 62,930 | ||
| 141,651 | 146,704 | 162,954 | 111,769 | 85,971 | 81,445 | - | - | -283,088 | 314,126 | 250,229 | ||
| 5,767 | 6,164 | 4,124 | 0 | 1,289 | 2,961 | - | 1.8m | -372,000 | 280 | 2.2m | ||
| 12,432 | 2,687 | 10,610 | -22,753 | 11,617 | 18,391 | 4,352 | -6,936 | - | - | - | ||
| -203,538 | -162,561 | -181,657 | -217,473 | -199,322 | -172,691 | -601,012 | -605,839 | -562,140 | -663,968 | -798,594 | ||
| 63.8% | 54.8% | 49.1% | 42.2% | 35.9% | 31.6% | 27.8% | 21.0% | 16.3% | 26.5% | 12.1% | ||
| 0.25 | 0.43 | 0.35 | 0.14 | 0.22 | 0.20 | 0.02 | 0.02 | 0.02 | 0.00 | 0.03 | ||
| 0.57 | 0.82 | 1.04 | 1.37 | 1.79 | 2.16 | 2.60 | 3.77 | 5.12 | 2.77 | 7.24 | ||
| 11.4% | 13.5% | 17.0% | 14.0% | 12.5% | 13.7% | 24.6% | 22.1% | -94.4% | 53.8% | 92.6% | ||
| 7.3% | 7.4% | 8.4% | 5.9% | 4.5% | 4.3% | 6.8% | 4.6% | -15.4% | 14.3% | 11.2% | ||
| 9.99 | 6.50 | 14.15 | 8.27 | 6.14 | - | - | - | - | - | - |
EBIT margin: not included in this filing.
A Belgian filing has no cash-flow statement. Cash flow is therefore an approximation, derived from the income statement. Investment is the acquisitions in the notes and, without them, the balance-sheet move.
Securities and guarantees
on own assets and for others| Item | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|
| Debts secured on the company's own assets | €211,204 | - | €468,533 | - | - |
| Pledge on other assets, amount secured | - | - | - | - | €638,478 |
| Carrying value of the other pledged assets | €1.8m | - | €1.8m | - | €1.8m |
Source: notes to the 2021 to 2025 annual accounts (statement of debts and off-balance-sheet rights and commitments)
Investments
fixed assets acquired| Item | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|
| Tangible fixed assets | €5,767 | €6,164 | €4,124 | - | €1,289 |
| Financial fixed assets | €0 | - | - | - | - |
| €3,935 | €1,365 | €1,498 | €1,417 | €1,111 |
Source: notes to the 2021 to 2025 annual accounts (statement of fixed assets)
Insights on EXPECT
The operating result for 2025 is 10% lower than in 2024 and the lowest since 2022. It is the second fall in a row.
Debt's share of the balance-sheet total falls from 45.2% to 36.2%. Equity is higher and debt is lower.