Financials · financial year 2025, micro format
Annual accounts 2025 filed on 29-06-2026 at the NBB all 9 filings
Equity
€111,573▼ 51.8%
2024 · €231,317
Net result
€92,973▼ 55.7%
2024 · €209,670
Total assets
€488,027▼ 6.3%
2024 · €520,622
Solvency
22.9%▼ 21.6pp
2024 · 44.4%
Multi-year overview
2018 to 2025, 8 financial yearsOperating result
€130,402
▼ 5.6%
2025
20182025
Net result
€92,973
▼ 55.7%
2025
highest quarter of the sector
20182025
Equity
€111,573
▼ 51.8%
2025
middle half of the sector
20182025
Total assets
€488,027
▼ 6.3%
2025
middle half of the sector
20182025
Debt
€376,455
▲ 30.1%
2025
20182025
Working capital
-€132,337
2025
lowest quarter of the sector
20182025
Solvency
22.9%
▼ 21.6pp
2025
middle half of the sector
20182025
Current ratio
0.51
▼ 0.84
2025
lowest quarter of the sector
20182025
Return on assets (ROA)
19.1%
▼ 21.2pp
2025
middle half of the sector
20182025
Every figure per financial year
Every figure with its change against the financial year before
favourable
unfavourable
Line20182019202020212022202320242025
Operating result€785-€1,644▲ 109%€9,854▲ 499%€3,403▼ 65.5%€14,503▲ 326%€86,362▲ 495%€138,065▲ 59.9%€130,402▼ 5.6%
Net result-€1,327--€412▲ 69.0%€6,908within the sector's middle half€88below the sector's middle half▼ 98.7%€9,080within the sector's middle half▲ 103×€123,047above the sector's middle half▲ 14×€209,670above the sector's middle half▲ 70.4%€92,973above the sector's middle half▼ 55.7%
Equity€9,291-€8,879▼ 4.4%€15,787below the sector's middle half▲ 77.8%€15,875below the sector's middle half▲ 0.6%€24,956below the sector's middle half▲ 57.2%€141,647within the sector's middle half▲ 468%€231,317within the sector's middle half▲ 63.3%€111,573within the sector's middle half▼ 51.8%
Total assets€109,254-€113,115▲ 3.5%€128,259within the sector's middle half▲ 13.4%€114,933below the sector's middle half▼ 10.4%€115,397below the sector's middle half▲ 0.4%€230,115within the sector's middle half▲ 99.4%€520,622within the sector's middle half▲ 126%€488,027within the sector's middle half▼ 6.3%
Debt€99,963-€104,236▲ 4.3%€112,472▲ 7.9%€99,058▼ 11.9%€90,442▼ 8.7%€88,468▼ 2.2%€289,305▲ 227%€376,455▲ 30.1%
Working capital€1,304--€6,665-€232within the sector's middle half▲ 96.5%-€2,158within the sector's middle half▼ 831%€198within the sector's middle half€109,818within the sector's middle half▲ 556×€43,776within the sector's middle half▼ 60.1%-€132,337below the sector's middle half
Solvency8.5%-7.8%▼ 0.7pp12.3%below the sector's middle half▲ 4.5pp13.8%below the sector's middle half▲ 1.5pp21.6%below the sector's middle half▲ 7.8pp61.6%within the sector's middle half▲ 39.9pp44.4%within the sector's middle half▼ 17.1pp22.9%within the sector's middle half▼ 21.6pp
Current ratio1.21-0.62▼ 0.580.99within the sector's middle half▲ 0.370.87within the sector's middle half▼ 0.121.02within the sector's middle half▲ 0.157.27above the sector's middle half▲ 6.251.34within the sector's middle half▼ 5.930.51below the sector's middle half▼ 0.84
Return on assets (ROA)-1.2%--0.4%▲ 0.9pp5.4%within the sector's middle half▲ 5.8pp0.1%below the sector's middle half▼ 5.3pp7.9%within the sector's middle half▲ 7.8pp53.5%above the sector's middle half▲ 45.6pp40.3%above the sector's middle half▼ 13.2pp19.1%within the sector's middle half▼ 21.2pp
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 6% lower than in 2024.
Turnover and EBIT margin are not published. The 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 €488,027
Fixed assets
€352,057 ▲ 0.7%
Current assets
€135,971 ▼ 20.5%
Equity and liabilities €488,027
Equity
€111,573 ▼ 51.8%
Debt
€376,455 ▲ 30.1%
Debt's share of the balance-sheet total rises from 55.6% to 77.1%. Equity is lower and debt is higher.
Key figures and ratios
ROE
83.3%▼
2024 · 90.6%
Debt ≤ 1 year
€268,307▲
2024 · €127,256
Debt > 1 year
€107,128▼
2024 · €160,145
Income taxes
€31,771▼
2024 · €34,360
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 | - | €2,868 | €822 | €3,117 | €5,000 |
| Financial fixed assets | - | - | - | €244,670 | - |
| Depreciation and write-downs of the year | €454 | €536 | €1,282 | €978 | €2,533 |
Source: notes to the 2021 to 2025 annual accounts (statement of fixed assets)
Subsidies and aid
Flemish government
2025 · 1 entry · €273 awarded · €273 paidAnnual accounts
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €1,314 | €1,768 | €786 | €454 | €536 | €1,282 | €978 | €2,533 | ▲ 159% |
| Other operating charges640/8 | - | - | - | €638 | €570 | €493 | €566 | €1,496 | ▲ 164% |
| Gross operating margin9900 | €2,437 | €3,658 | €11,096 | €4,495 | €15,609 | €88,137 | €139,609 | €134,431 | ▼ 3.7% |
| Operating profit (loss)9901 | €785 | €1,644 | €9,854 | €3,403 | €14,503 | €86,362 | €138,065 | €130,402 | ▼ 5.6% |
| Financial income75/76B | - | - | - | - | €0 | €60,231 | €110,821 | €662 | ▼ 99.4% |
| Recurring financial income75 | €0 | €4 | €3 | - | €0 | €60,231 | €110,821 | €662 | ▼ 99.4% |
| Financial charges65/66B | - | - | - | €1,282 | €1,283 | €1,196 | €4,857 | €6,320 | ▲ 30.1% |
| Recurring financial charges65 | €1,355 | €1,333 | €1,285 | €1,282 | €1,283 | €1,196 | €4,857 | €6,320 | ▲ 30.1% |
| Profit (loss) for the period before taxes9903 | -€570 | €315 | €9,871 | €2,121 | €13,220 | €145,398 | €244,030 | €124,743 | ▼ 48.9% |
| Income taxes67/77 | €758 | €727 | €2,963 | €2,033 | €4,140 | €22,351 | €34,360 | €31,771 | ▼ 7.5% |
| Profit (loss) for the period9904 | -€1,327 | -€412 | €6,908 | €88 | €9,080 | €123,047 | €209,670 | €92,973 | ▼ 55.7% |
| Profit (loss) for the period to be appropriated9905 | -€1,327 | -€412 | €6,908 | €88 | €9,080 | €123,047 | €209,670 | €92,973 | ▼ 55.7% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Assets | |||||||||
| Total assets20/58 | €109,254 | €113,115 | €128,259 | €114,933 | €115,397 | €230,115 | €520,622 | €488,027 | ▼ 6.3% |
| Fixed assets21/28 | €101,645 | €102,148 | €101,363 | €100,908 | €103,241 | €102,781 | €349,590 | €352,057 | ▲ 0.7% |
| Tangible fixed assets22/27 | €1,645 | €2,148 | €1,363 | €908 | €3,241 | €2,781 | €4,920 | €7,387 | ▲ 50.1% |
| Furniture and vehicles24 | - | - | - | €908 | €3,241 | €2,781 | €4,920 | €7,387 | ▲ 50.1% |
| Financial fixed assets28 | €100,000 | €100,000 | €100,000 | €100,000 | €100,000 | €100,000 | €344,670 | €344,670 | = |
| Current assets29/58 | €7,608 | €10,966 | €26,897 | €14,025 | €12,156 | €127,334 | €171,032 | €135,971 | ▼ 20.5% |
| Amounts receivable within one year40/41 | €1,429 | €338 | €8,400 | €858 | €5,801 | €52,229 | €49,822 | €48,260 | ▼ 3.1% |
| Trade receivables40 | - | - | - | €331 | €331 | €22,831 | €1,029 | €1,029 | = |
| Other amounts receivable41 | - | - | - | €527 | €5,470 | €29,398 | €48,793 | €47,231 | ▼ 3.2% |
| Cash at bank and in hand54/58 | €6,180 | €10,629 | €18,496 | €13,167 | €5,679 | €74,429 | €120,533 | €87,710 | ▼ 27.2% |
| Deferred charges and accrued income490/1 | - | - | - | - | €676 | €676 | €676 | - | - |
| Equity and liabilities | |||||||||
| Total equity and liabilities10/49 | €109,254 | €113,115 | €128,259 | €114,933 | €115,397 | €230,115 | €520,622 | €488,027 | ▼ 6.3% |
| Equity10/15 | €9,291 | €8,879 | €15,787 | €15,875 | €24,956 | €141,647 | €231,317 | €111,573 | ▼ 51.8% |
| Contributions10/11 | €12,400 | €12,400 | - | €12,400 | €12,400 | €18,600 | €18,600 | €18,600 | = |
| Reserves13 | - | - | - | - | - | €123,047 | €212,717 | €92,973 | ▼ 56.3% |
| Distributable reserves133 | - | - | - | - | - | €123,047 | €212,717 | €92,973 | ▼ 56.3% |
| Profit (loss) carried forward14 | -€3,109 | -€3,521 | €3,387 | €3,475 | €12,556 | - | - | - | - |
| Amounts payable17/49 | €99,963 | €104,236 | €112,472 | €99,058 | €90,442 | €88,468 | €289,305 | €376,455 | ▲ 30.1% |
| Amounts payable after more than one year17 | €88,907 | €84,700 | €82,488 | €78,135 | €73,723 | €70,000 | €160,145 | €107,128 | ▼ 33.1% |
| Financial debts170/4 | - | - | - | €78,135 | €73,723 | €70,000 | €160,145 | €107,128 | ▼ 33.1% |
| Amounts payable within one year42/48 | €6,304 | €17,632 | €27,128 | €16,182 | €11,959 | €17,516 | €127,256 | €268,307 | ▲ 111% |
| Current portion of amounts payable after more than one year42 | - | - | - | €4,353 | €4,412 | €3,723 | €46,308 | €48,017 | ▲ 3.7% |
| Financial debts43 | - | - | - | - | - | - | €4,740 | €8,510 | ▲ 79.5% |
| Credit institutions430/8 | - | - | - | - | - | - | €4,740 | €8,510 | ▲ 79.5% |
| Trade debts44 | €933 | €1,224 | €6,069 | €170 | €1,542 | €7,213 | €14,680 | €6,020 | ▼ 59.0% |
| Suppliers440/4 | - | - | - | €170 | €1,542 | €7,213 | €14,680 | €6,020 | ▼ 59.0% |
| Taxes, remuneration and social security45 | - | - | - | €6,391 | €6,004 | €6,580 | €12,139 | €24,386 | ▲ 101% |
| Taxes450/3 | - | - | - | €6,391 | €6,004 | €6,580 | €12,139 | €24,386 | ▲ 101% |
| Other amounts payable47/48 | - | - | - | €5,269 | - | - | €49,389 | €181,374 | ▲ 267% |
| Accrued charges and deferred income492/3 | - | - | - | €4,741 | €4,760 | €952 | €1,904 | €1,020 | ▼ 46.4% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | -€1,327 | -€412 | €6,908 | €88 | €9,080 | €123,047 | €209,670 | €92,973 | ▼ 55.7% |
| + Depreciation and write-downs630 | €1,314 | €1,768 | €786 | €454 | €536 | €1,282 | €978 | €2,533 | ▲ 159% |
| Operating cash flow (approximation) | -€14 | €1,356 | €7,694 | €542 | €9,616 | €124,329 | €210,648 | €95,506 | ▼ 54.7% |
| Investment in fixed assets (approximation) | - | -€2,271 | €0 | €0 | -€2,868 | -€822 | -€247,787 | -€5,000 | ▲ 98.0% |
| Change in cash | - | €4,449 | €7,867 | -€5,329 | -€7,488 | €68,750 | €46,105 | -€32,823 | - |
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 (9)
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-12-2025 | micro format | 29-06-2026 | 2026-00216182 | |
| 31-12-2024 | micro format | 23-06-2025 | 2025-00205440 | |
| 31-12-2023 | micro format | 24-06-2024 | 2024-00164822 | |
| 31-12-2022 | micro format | 26-06-2023 | 2023-00166736 | |
| 31-12-2021 | micro format | 30-06-2022 | 2022-20131682 | |
| 31-12-2020 | micro format | 30-08-2021 | 2021-57200155 | |
| 31-12-2019 | micro format | 05-08-2020 | 2020-39400443 | |
| 31-12-2018 | micro format | 26-07-2019 | 2019-39200492 | |
| 31-12-2017 | micro format | 21-06-2018 | 2018-21200449 |