Financials · financial year 2025, full format
Annual accounts 2025 filed on 30-06-2026 at the NBB all 27 filings
Equity
€98.7m▲ 0.8%
2024 · €98.0m
Net result
€774,762▲ 4.2%
2024 · €743,201
Total assets
€117.7m▲ 7.0%
2024 · €110.1m
Solvency
83.9%▼ 5.1pp
2024 · 89.0%
In the rankings
#6 company by total assets in Knokke-Heist, Finance and insurance sector#6 company by equity in Knokke-Heist, Finance and insurance sector
Multi-year overview
2018 to 2025, 8 financial yearsOperating result
€587,014
2025
20182025
Net result
€774,762
▲ 4.2%
2025
middle half of the sector
20182025
Equity
€98.7m
▲ 0.8%
2025
highest quarter of the sector
20182025
Total assets
€117.7m
▲ 7.0%
2025
highest quarter of the sector
20182025
Debt
€10.8m
▲ 162%
2025
20182025
Working capital
€35.9m
▲ 0.5%
2025
highest quarter of the sector
20182025
Solvency
83.9%
▼ 5.1pp
2025
middle half of the sector
20182025
Current ratio
17.30
▲ 4.43
2025
highest quarter of the sector
20182025
Return on assets (ROA)
0.7%
=
2025
middle half of the sector
20182025
Staff (FTE)
1.5
▲ 25.0%
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€0.2m-€0.07m▼ 56.0%-€0.05m-€0.2m▼ 387%-€0.4m▼ 62.7%-€0.4m▼ 2.2%-€0.4m▼ 14.6%€0.6m
Net result€0.9m-€44.0m▲ 48×€0.2mabove the sector's middle half▼ 99.7%€18.0mabove the sector's middle half▲ 119×-€0.3mbelow the sector's middle half€0.2mabove the sector's middle half€0.7mabove the sector's middle half▲ 218%€0.8mwithin the sector's middle half▲ 4.2%
Equity€45.8m-€89.8m▲ 96.0%€89.9mabove the sector's middle half▲ 0.2%€97.6mabove the sector's middle half▲ 8.5%€97.3mabove the sector's middle half▼ 0.3%€97.2mabove the sector's middle half▼ 0.1%€98.0mabove the sector's middle half▲ 0.8%€98.7mabove the sector's middle half▲ 0.8%
Total assets€48.7m-€97.7m▲ 101%€91.7mabove the sector's middle half▼ 6.1%€108.2mabove the sector's middle half▲ 17.9%€105.6mabove the sector's middle half▼ 2.3%€105.5mabove the sector's middle half▼ 0.2%€110.1mabove the sector's middle half▲ 4.4%€117.7mabove the sector's middle half▲ 7.0%
Debt€2.9m-€7.9m▲ 173%€1.8m▼ 77.2%€10.6m▲ 489%€4.8m▼ 54.3%€4.8m▼ 0.4%€4.1m▼ 14.6%€10.8m▲ 162%
Working capital€3.0m-€42.7m▲ 14×€48.5mabove the sector's middle half▲ 13.6%€8.4mabove the sector's middle half▼ 82.8%€29.5mabove the sector's middle half▲ 253%€30.0mabove the sector's middle half▲ 1.8%€35.8mabove the sector's middle half▲ 19.1%€35.9mabove the sector's middle half▲ 0.5%
Solvency94.1%-91.9%▼ 2.2pp98.0%above the sector's middle half▲ 6.1pp90.2%above the sector's middle half▼ 7.8pp92.1%above the sector's middle half▲ 1.9pp92.2%above the sector's middle half▲ 0.1pp89.0%above the sector's middle half▼ 3.2pp83.9%within the sector's middle half▼ 5.1pp
Current ratio9.66-8.37▼ 1.291.79within the sector's middle half7.10above the sector's middle half▲ 5.318.13above the sector's middle half▲ 1.0212.87above the sector's middle half▲ 4.7417.30above the sector's middle half▲ 4.43
Return on assets (ROA)1.9%-45.0%▲ 43.1pp0.2%below the sector's middle half▼ 44.9pp16.6%above the sector's middle half▲ 16.5pp-0.3%below the sector's middle half▼ 16.9pp0.2%below the sector's middle half▲ 0.5pp0.7%within the sector's middle half▲ 0.5pp0.7%within the sector's middle half=
Staff (FTE)0.5within the sector's middle half1.2within the sector's middle half▲ 140%1.2within the sector's middle half=1.5within the sector's middle half▲ 25.0%
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 a profit of €587,014, after a loss of €429,881 in 2024. It is the highest result since 2021.
The turnover shown is an estimate from the gross margin.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €117.7m
Fixed assets
€79.6m ▲ 11.7%
Current assets
€38.1m ▼ 1.7%
Equity and liabilities €117.7m
Equity
€98.7m ▲ 0.8%
Provisions
€8.2m ▲ 2.4%
Debt
€10.8m ▲ 162%
Debt's share of the balance-sheet total rises from 3.7% to 9.2%. Equity and debt are higher.
Key figures and ratios
ROE
0.8%▲
2024 · 0.8%
Debt ≤ 1 year
€2.2m▼
2024 · €3.0m
Debt > 1 year
€8.1m▲
2024 · €1.0m
Income taxes
€7,145▲
2024 · -€23,774
Staff costs
€99,488▲
2024 · €68,619
Green means a favourable move, even when the figure itself falls, as with debt or debt to equity.
Staff
| Item | 30-11-2022 | 30-11-2023 | 30-11-2024 | 30-11-2025 |
|---|---|---|---|---|
| Employees at the balance-sheet date | 1 | 2 | 2 | 3 |
| full-time | 1 | 1 | 0 | 1 |
| part-time | 0 | 1 | 2 | 2 |
| in full-time equivalents | 1 | 1.3 | 1.1 | 2.1 |
| Average over the year, in full-time equivalents | 0.5 | 1.2 | 1.2 | 1.5 |
| On a permanent contract | 1 | 2 | 2 | 3 |
| Joined | 1 | 1 | - | 1 |
| Left | 0 | 0 | - | 0 |
Source: social balance sheet in the 2022 to 2025 annual accounts
Securities and guarantees
| Item | 30-11-2021 | 30-11-2022 | 30-11-2023 | 30-11-2024 | 30-11-2025 |
|---|---|---|---|---|---|
| Mortgages, amount registered | - | - | - | - | €27,500 |
| Mortgage mandates | - | - | - | - | €2.0m |
| Carrying value of the mortgaged assets | - | - | - | - | €3.0m |
Source: notes to the 2021 to 2025 annual accounts (statement of debts and off-balance-sheet rights and commitments)
Investments
| Item | 30-11-2021 | 30-11-2022 | 30-11-2023 | 30-11-2024 | 30-11-2025 |
|---|---|---|---|---|---|
| Tangible fixed assets | €7,780 | €2.3m | €65,905 | €228,366 | €3.1m |
| Financial fixed assets | €78.6m | €11,219 | - | - | €6.3m |
| Depreciation and write-downs of the year | €96,242 | €129,441 | €163,861 | €156,079 | €152,666 |
Source: notes to the 2021 to 2025 annual accounts (statement of fixed assets)
Annual accounts
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Non-recurring operating income76A | - | - | - | - | - | - | - | €1.3m | - |
| Remuneration, social security and pensions62 | - | - | - | - | €0.02m | €0.08m | €0.07m | €0.1m | ▲ 45.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €0.08m | €0.1m | €0.1m | €0.1m | €0.1m | €0.2m | €0.2m | €0.2m | ▼ 2.2% |
| Other operating charges640/8 | - | - | - | €0.01m | €0.1m | €0.02m | €0.03m | €0.4m | ▲ 12× |
| Gross operating margin9900 | €0.3m | €0.2m | €0.06m | -€0.1m | -€0.08m | -€0.1m | -€0.2m | €1.2m | - |
| Operating profit (loss)9901 | €0.2m | €0.07m | -€0.05m | -€0.2m | -€0.4m | -€0.4m | -€0.4m | €0.6m | - |
| Financial income75/76B | - | - | - | €20.0m | €1.4m | €1.2m | €1.8m | €1.3m | ▼ 24.0% |
| Recurring financial income75 | €0.9m | €5.3m | €0.3m | €1.7m | €1.3m | €1.1m | €1.7m | €1.3m | ▼ 24.6% |
| Non-recurring financial income76B | - | - | - | €18.3m | €0.07m | €0.03m | €0.02m | €0.03m | ▲ 19.7% |
| Financial charges65/66B | - | - | - | €0.5m | €1.1m | €0.4m | €0.6m | €0.8m | ▲ 35.6% |
| Recurring financial charges65 | €0.1m | €0.8m | €0.1m | €0.5m | €0.9m | €0.4m | €0.6m | €0.8m | ▲ 35.6% |
| Non-recurring financial charges66B | - | - | - | - | €0.2m | €0 | - | - | - |
| Profit (loss) for the period before taxes9903 | €1.0m | €44.0m | €0.2m | €19.3m | -€0.09m | €0.4m | €0.7m | €1.1m | ▲ 52.0% |
| Transfer from deferred taxes780 | - | - | - | - | - | - | - | €0.004m | - |
| Transfer to deferred taxes680 | - | - | - | - | - | - | - | €0.3m | - |
| Income taxes67/77 | €0.04m | €0.001m | €0.001m | €1.3m | €0.2m | €0.2m | -€0.02m | €0.007m | - |
| Profit (loss) for the period9904 | €0.9m | €44.0m | €0.2m | €18.0m | -€0.3m | €0.2m | €0.7m | €0.8m | ▲ 4.2% |
| Transfer from tax-exempt reserves789 | - | - | - | - | - | - | - | €0.01m | - |
| Transfer to tax-exempt reserves689 | - | - | - | €1.2m | €0.07m | €0.03m | €0.02m | €1.0m | ▲ 40× |
| Profit (loss) for the period to be appropriated9905 | €0.9m | €44.0m | €0.2m | €16.8m | -€0.3m | €0.2m | €0.7m | -€0.2m | - |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Assets | |||||||||
| Total assets20/58 | €48.7m | €97.7m | €91.7m | €108.2m | €105.6m | €105.5m | €110.1m | €117.7m | ▲ 7.0% |
| Fixed assets21/28 | €45.3m | €49.2m | €43.2m | €89.3m | €71.3m | €71.2m | €71.3m | €79.6m | ▲ 11.7% |
| Tangible fixed assets22/27 | €1.0m | €0.9m | €0.9m | €0.8m | €2.9m | €2.9m | €2.9m | €5.6m | ▲ 91.6% |
| Land and buildings22 | - | - | - | €0.7m | €2.8m | €2.8m | €2.9m | €5.6m | ▲ 94.8% |
| Plant, machinery and equipment23 | - | - | - | €0.01m | €0.01m | €0.02m | €0.02m | €0.01m | ▼ 28.1% |
| Furniture and vehicles24 | - | - | - | €0.04m | €0.09m | €0.06m | €0.05m | €0.04m | ▼ 25.1% |
| Assets under construction and advance payments27 | - | - | - | - | - | - | €0.007m | €0 | ▼ 100% |
| Financial fixed assets28 | €44.3m | €48.3m | €42.3m | €88.5m | €68.4m | €68.4m | €68.4m | €74.0m | ▲ 8.2% |
| Current assets29/58 | €3.4m | €48.5m | €48.6m | €18.9m | €34.3m | €34.3m | €38.8m | €38.1m | ▼ 1.7% |
| Amounts receivable after more than one year29 | - | - | - | - | €21.8m | €22.2m | €19.9m | €18.8m | ▼ 5.3% |
| Other amounts receivable291 | - | - | - | - | €21.8m | €22.2m | €19.9m | €18.8m | ▼ 5.3% |
| Amounts receivable within one year40/41 | €1.5m | €1.5m | €3.0m | €1.7m | €0.08m | €0.1m | €0.08m | €1.0m | ▲ 13× |
| Trade receivables40 | - | - | - | €0 | €0.03m | €0.009m | €0.06m | €0.6m | ▲ 816% |
| Other amounts receivable41 | - | - | - | €1.7m | €0.06m | €0.1m | €0.01m | €0.4m | ▲ 31× |
| Current investments50/53 | - | - | €5.6m | €7.8m | €6.5m | €7.1m | €10.3m | €12.8m | ▲ 23.8% |
| Cash at bank and in hand54/58 | €1.9m | €40.6m | €39.9m | €9.4m | €6.0m | €4.7m | €8.5m | €5.5m | ▼ 35.2% |
| Deferred charges and accrued income490/1 | - | - | - | €0.005m | €0.04m | €0.03m | €0.05m | €0.03m | ▼ 26.5% |
| Equity and liabilities | |||||||||
| Total equity and liabilities10/49 | €48.7m | €97.7m | €91.7m | €108.2m | €105.6m | €105.5m | €110.1m | €117.7m | ▲ 7.0% |
| Equity10/15 | €45.8m | €89.8m | €89.9m | €97.6m | €97.3m | €97.2m | €98.0m | €98.7m | ▲ 0.8% |
| Contributions10/11 | €21.8m | €21.8m | €21.8m | €19.2m | €19.2m | €19.2m | €19.2m | €19.2m | = |
| Capital10 | - | - | - | €19.2m | €19.2m | €19.2m | €19.2m | €19.2m | = |
| Issued capital100 | - | - | - | €19.2m | €19.2m | €19.2m | €19.2m | €19.2m | = |
| Reserves13 | €24.0m | €68.0m | €68.2m | €71.6m | €71.6m | €71.6m | €71.6m | €72.5m | ▲ 1.3% |
| Non-distributable reserves130/1 | - | - | - | €2.2m | €2.2m | €2.2m | €2.2m | €2.2m | = |
| Legal reserve130 | - | - | - | €2.2m | €2.2m | €2.2m | €2.2m | €2.2m | = |
| Tax-exempt reserves132 | - | - | - | €1.2m | €1.3m | €1.3m | €1.3m | €2.3m | ▲ 73.0% |
| Distributable reserves133 | - | - | - | €68.2m | €68.2m | €68.1m | €68.1m | €68.1m | = |
| Profit (loss) carried forward14 | €0.02m | €0.05m | €0.001m | €6.8m | €6.5m | €6.5m | €7.2m | €7.0m | ▼ 2.6% |
| Provisions and deferred taxes16 | - | - | - | - | €3.5m | €3.4m | €8.0m | €8.2m | ▲ 2.4% |
| Provisions for liabilities and charges160/5 | - | - | - | - | €3.5m | €3.4m | €8.0m | €7.8m | ▼ 1.5% |
| Other liabilities and charges164/5 | - | - | - | - | €3.5m | €3.4m | €8.0m | €7.8m | ▼ 1.5% |
| Deferred taxes168 | - | - | - | - | - | - | - | €0.3m | - |
| Amounts payable17/49 | €2.9m | €7.9m | €1.8m | €10.6m | €4.8m | €4.8m | €4.1m | €10.8m | ▲ 162% |
| Amounts payable after more than one year17 | €2.5m | €2.0m | €1.7m | €0 | - | €0.6m | €1.0m | €8.1m | ▲ 692% |
| Financial debts170/4 | - | - | - | - | - | - | - | €2.2m | - |
| Other amounts payable178/9 | - | - | - | €0 | - | €0.6m | €1.0m | €5.9m | ▲ 478% |
| Amounts payable within one year42/48 | €0.4m | €5.8m | €0.09m | €10.5m | €4.8m | €4.2m | €3.0m | €2.2m | ▼ 26.8% |
| Current portion of amounts payable after more than one year42 | - | - | - | - | - | - | - | €0.2m | - |
| Financial debts43 | - | - | - | €0.05m | €0.05m | €0.04m | €0 | - | - |
| Credit institutions430/8 | - | - | - | €0.05m | €0.05m | €0.04m | €0 | - | - |
| Trade debts44 | - | €5.7m | €0.01m | €0.001m | €0.04m | €0.05m | €0.1m | €0.3m | ▲ 109% |
| Suppliers440/4 | - | - | - | €0.001m | €0.04m | €0.05m | €0.1m | €0.3m | ▲ 109% |
| Taxes, remuneration and social security45 | - | - | - | €1.3m | €0.2m | €0.2m | €0.2m | €0.04m | ▼ 78.4% |
| Taxes450/3 | - | - | - | €1.3m | €0.1m | €0.2m | €0.1m | €0.01m | ▼ 93.2% |
| Remuneration and social security454/9 | - | - | - | - | €0.006m | €0.02m | €0.02m | €0.03m | ▲ 37.8% |
| Other amounts payable47/48 | - | - | - | €9.2m | €4.6m | €3.9m | €2.7m | €1.7m | ▼ 37.9% |
| Accrued charges and deferred income492/3 | - | - | - | €0.07m | €0.008m | €0.009m | €0.08m | €0.5m | ▲ 478% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €0.9m | €44.0m | €0.2m | €18.0m | -€0.3m | €0.2m | €0.7m | €0.8m | ▲ 4.2% |
| + Depreciation and write-downs630 | €0.08m | €0.1m | €0.1m | €0.1m | €0.1m | €0.2m | €0.2m | €0.2m | ▼ 2.2% |
| Operating cash flow (approximation) | €1.0m | €44.1m | €0.2m | €18.1m | -€0.2m | €0.4m | €0.9m | €0.9m | ▲ 3.1% |
| Investment in fixed assets (approximation) | - | -€4.0m | €6.0m | -€46.2m | €17.9m | -€0.07m | -€0.2m | -€8.5m | ▼ 3,604% |
| Change in cash | - | €38.7m | -€0.7m | -€30.5m | -€3.4m | -€1.2m | €3.7m | -€3.0m | - |
A Belgian filing has no cash-flow statement. These rows are therefore an approximation, derived from the income statement and the balance-sheet moves.
Latest 10 of 27 filings with the National Bank
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 30-11-2025 | full format | 30-06-2026 | 2026-00227036 | |
| 30-11-2024 | abbreviated format | 05-05-2025 | 2025-00091195 | |
| 30-11-2023 | abbreviated format | 01-07-2024 | 2024-00209831 | |
| 30-11-2022 | abbreviated format | 29-06-2023 | 2023-00173891 | |
| 30-11-2021 | abbreviated format | 03-10-2022 | 2022-20452187 | |
| 30-11-2020 | abbreviated format | 29-06-2021 | 2021-26800011 | |
| 30-11-2019 | abbreviated format | 05-05-2020 | 2020-11500320 | |
| 30-11-2018 | abbreviated format | 11-05-2019 | 2019-13000178 | |
| 30-11-2017 | abbreviated format | 07-05-2018 | 2018-12300293 | |
| 30-11-2016 | abbreviated format | 12-05-2017 | 2017-11900545 |