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FIMASER

Active Risk: not assessed
Public limited companyfounded 1988active for 38 yearsBoudewijnlaan 29, 1000 Brussel, BelgiumKBO/BCE: BE 0434.818.930

Financials · financial year 2025, full format

Annual accounts 2025 filed on 12-06-2026 at the NBB all 37 filings

Equity
€17.3m▼ 14.7%
2019 · €20.3m
Net result
€2.0m▼ 57.7%
2024 · €4.7m
Total assets
€223.5m▲ 1.3%
2024 · €220.5m
Solvency
10.5%▼ 0.7pp
2019 · 11.2%
Trend over the years

2021 to 2025, 5 financial years 2018 to 2025, 8 financial years

The operating result for 2025 is 30% lower than in 2024.

Turnover€24.9m 2025 Operating result€8.9m 2025 Net result€2.0m 2025

Turnover is what the company sold, the result is what was left of it. A loss stands below the zero line.

Use the arrow keys on the chart for the figures per year.

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 dashed line is the median. There is a sector band for net result, equity, total assets, working capital, solvency, current ratio, return on assets (ROA) and staff (FTE).

Every figure with its change against the financial year before
favourable unfavourable
Line20182019202020212022202320242025
Turnover€22.3m-€21.5m▼ 3.9%€20.2m▼ 5.9%€17.4m▼ 13.9%€17.0m▼ 2.3%€21.4m▲ 26.0%€25.0m▲ 16.5%€24.9m▼ 0.4%
Operating result€7.9m-€10.1m▲ 28.0%€8.7m▼ 13.8%€5.6m▼ 35.0%€3.9m▼ 31.6%€8.6m▲ 122%€12.7m▲ 48.2%€8.9m▼ 30.1%
Net result€5.2m-€7.5m▲ 44.4%€7.0mabove the sector's middle half▼ 6.6%€3.4mabove the sector's middle half▼ 50.9%€2.3mabove the sector's middle half▼ 31.9%€3.2mabove the sector's middle half▲ 38.5%€4.7mabove the sector's middle half▲ 45.8%€2.0mabove the sector's middle half▼ 57.7%
Equity€22.7m-€20.3m▼ 10.9%€17.3mwithin the sector's middle half
Total assets€183.5m-€180.2m▼ 1.8%€159.3mabove the sector's middle half▼ 11.6%€164.2mabove the sector's middle half▲ 3.1%€176.0mabove the sector's middle half▲ 7.2%€199.1mabove the sector's middle half▲ 13.1%€220.5mabove the sector's middle half▲ 10.8%€223.5mabove the sector's middle half▲ 1.3%
Debt€159.6m-€158.7m▼ 0.6%€141.1m▼ 11.1%€146.1m▲ 3.6%€158.5m▲ 8.4%€181.6m▲ 14.6%€200.9m▲ 10.6%€202.8m▲ 1.0%
Working capital€27.4m-€24.4m▼ 10.8%€21.2mabove the sector's middle half▼ 13.3%€18.8mabove the sector's middle half▼ 11.3%€17.9mabove the sector's middle half▼ 4.9%€17.3mabove the sector's middle half▼ 3.1%€18.0mabove the sector's middle half▲ 3.8%€16.3mabove the sector's middle half▼ 9.4%
Solvency12.4%-11.2%▼ 1.2pp10.5%below the sector's middle half
Current ratio1.18-1.16▼ 0.021.15within the sector's middle half=1.13within the sector's middle half▼ 0.021.11within the sector's middle half▼ 0.021.10within the sector's middle half▼ 0.021.09within the sector's middle half▼ 0.011.08within the sector's middle half▼ 0.01
Return on assets (ROA)2.8%-4.2%▲ 1.3pp4.4%within the sector's middle half▲ 0.2pp2.1%within the sector's middle half▼ 2.3pp1.3%within the sector's middle half▼ 0.8pp1.6%within the sector's middle half▲ 0.3pp2.1%within the sector's middle half▲ 0.5pp0.9%within the sector's middle half▼ 1.2pp
Staff (FTE)61.4-62.2▲ 1.3%2within the sector's middle half▼ 96.8%66above the sector's middle half▲ 33×64.3above the sector's middle half▼ 2.6%74.1above the sector's middle half▲ 15.2%85.1above the sector's middle half▲ 14.8%90.3above the sector's middle half▲ 6.1%
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.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €223.5m
Fixed assets €6.7m ▲ 46.9%
Current assets €216.8m ▲ 0.4%
Key figures and ratios
2025 value · change against 2024
Debt ≤ 1 year
€200.5m▲
2024 · €198.0m
Income taxes
€511,058▼
2024 · €988,708
Staff costs
€8.0m▲
2024 · €7.3m
Green means a favourable move, even when the figure itself falls, as with debt or debt to equity.

Investments

fixed assets acquired
Item20212022202320242025
Tangible fixed assets€854,630€1.4m€1.7m€2.0m€2.7m
Intangible fixed assets€23,892€75,242€26,400--
Depreciation and write-downs of the year€70,068€354,896€671,402€406,596€612,233

Source: notes to the 2021 to 2025 annual accounts (statement of fixed assets)

Auditor

fees

The auditor is Mazars.

Item20212022202320242025
Fee for the audit€30,500€30,500€31,720€39,750€43,498

Source: notes to the 2021 to 2025 annual accounts (relations with the auditor)

Annual accounts
Filed annual accounts As filed with the NBB · 2025 against 2024 · 71 lines
Balance sheet Code20242025
Assets
Total assets20/58€220.5m€223.5m▲
Fixed assets21/28€4.5m€6.7m▲
Intangible fixed assets21€1.7m€2.1m▲
Tangible fixed assets22/27€2.8m€4.6m▲
Furniture and vehicles24€0.006m€0.004m▼
Assets under construction and advance payments27€2.8m€4.6m▲
Financial fixed assets28€0.001m€0.001m=
Other financial fixed assets284/8€0.001m€0.001m=
Shares284€0.001m€0.001m=
Current assets29/58€216.0m€216.8m▲
Amounts receivable after more than one year29€51.2m€51.3m▲
Trade receivables290€51.2m€51.3m▲
Amounts receivable within one year40/41€149.4m€149.3m▼
Trade receivables40€142.9m€141.2m▼
Other amounts receivable41€6.6m€8.1m▲
Cash at bank and in hand54/58€9.4m€10.8m▲
Deferred charges and accrued income490/1€6.0m€5.4m▼
Equity and liabilities
Total equity and liabilities10/49€220.5m€223.5m▲
Contributions10/11€8.7m€8.7m=
Capital10€8.7m€8.7m=
Issued capital100€8.7m€8.7m=
Reserves13€0.9m€0.9m=
Non-distributable reserves130/1€0.9m€0.9m=
Legal reserve130€0.9m€0.9m=
Profit (loss) carried forward14€10.1m€11.1m▲
Provisions for liabilities and charges160/5€0.02m€0▼
Other liabilities and charges164/5€0.02m€0▼
Amounts payable17/49€200.9m€202.8m▲
Amounts payable within one year42/48€198.0m€200.5m▲
Financial debts43€188.0m€193.0m▲
Credit institutions430/8€188.0m€193.0m▲
Trade debts44€4.1m€3.6m▼
Suppliers440/4€2.9m€2.3m▼
Bills of exchange payable441€1.3m€1.3m▲
Taxes, remuneration and social security45€1.7m€1.2m▼
Taxes450/3€0.4m€0.2m▼
Remuneration and social security454/9€1.3m€1.0m▼
Other amounts payable47/48€4.2m€2.7m▼
Accrued charges and deferred income492/3€2.8m€2.3m▼
Income statement Code20242025
Operating income70/76A€34.3m€41.2m▲
Turnover70€25.0m€24.9m▼
Own construction capitalised72€0.6m€1.0m▲
Other operating income74€6.7m€7.6m▲
Non-recurring operating income76A€2.0m€7.8m▲
Operating charges60/66A€21.6m€32.3m▲
Services and other goods61€6.2m€6.3m▲
Remuneration, social security and pensions62€7.3m€8.0m▲
Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630€0.4m€0.6m▲
Write-downs on stocks, contracts in progress and trade receivables: additions (reversals)631/4-€5.8m-€3.0m▲
Provisions for liabilities and charges: additions (uses and reversals)635/8-€0.2m-€0.02m▲
Other operating charges640/8€13.7m€20.4m▲
Non-recurring operating charges66A-€494
Operating profit (loss)9901€12.7m€8.9m▼
Recurring financial income75€0.6m€0.6m▼
Income from current assets751€0.008m€0.002m▼
Other financial income752/9€0.6m€0.6m▼
Financial charges65/66B€7.6m€7.0m▼
Recurring financial charges65€7.6m€7.0m▼
Debt charges650€7.4m€6.7m▼
Other financial charges652/9€0.2m€0.2m▲
Profit (loss) for the period before taxes9903€5.7m€2.5m▼
Income taxes67/77€1.0m€0.5m▼
Taxes670/3€1.1m€0.5m▼
Tax adjustments and reversals of tax provisions77€0.08m-
Profit (loss) for the period9904€4.7m€2.0m▼
Profit (loss) for the period to be appropriated9905€4.7m€2.0m▼
Appropriation of the result
Profit (loss) to be appropriated9906€12.5m€12.1m▼
Profit (loss) brought forward from the previous period14P€7.8m€10.1m▲
Profit to be distributed694/7€2.4m€1.0m▼
Return on contributions (dividend)694€2.4m€1.0m▼
Social balance sheet
Average headcount (FTE)908785.190.3▲

The notes to these accounts have 47 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 12-06-2026.

Line20182019202020212022202320242025Change
Operating income70/76A--€27.8m€24.5m€24.6m€31.5m€34.3m€41.2m▲ 20.2%
Turnover70€22.3m€21.5m€20.2m€17.4m€17.0m€21.4m€25.0m€24.9m▼ 0.4%
Own construction capitalised72------€0.6m€1.0m▲ 68.4%
Other operating income74--€7.6m€5.8m€6.1m€6.5m€6.7m€7.6m▲ 12.8%
Non-recurring operating income76A---€1.3m€1.5m€3.5m€2.0m€7.8m▲ 286%
Operating charges60/66A--€19.2m€18.9m€20.8m€22.9m€21.6m€32.3m▲ 49.8%
Services and other goods61--€8.3m€6.5m€6.8m€6.7m€6.2m€6.3m▲ 0.1%
Remuneration, social security and pensions62--€4.7m€5.0m€4.3m€5.9m€7.3m€8.0m▲ 9.7%
Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630€0.008m€0.01m€0.01m€0.07m€0.4m€0.7m€0.4m€0.6m▲ 50.6%
Write-downs on stocks, contracts in progress and trade receivables: additions (reversals)631/4---€3.4m-€1.1m-€0.2m-€5.8m-€3.0m▲ 49.3%
Provisions for liabilities and charges: additions (uses and reversals)635/8---€0.4m-€0.1m-€0.5m--€0.2m-€0.02m▲ 90.2%
Other operating charges640/8--€9.9m€8.4m€9.7m€9.4m€13.7m€20.4m▲ 49.2%
Non-recurring operating charges66A---€0.1m-€0.02m-€494-
Operating profit (loss)9901€7.9m€10.1m€8.7m€5.6m€3.9m€8.6m€12.7m€8.9m▼ 30.1%
Recurring financial income75€0.7m€0.9m€0.5m€0.5m€0.6m€0.5m€0.6m€0.6m▼ 3.4%
Income from current assets751--€367€240€0.001m€0.005m€0.008m€0.002m▼ 70.6%
Other financial income752/9--€0.5m€0.5m€0.6m€0.5m€0.6m€0.6m▼ 2.6%
Financial charges65/66B--€0.6m€1.0m€1.5m€5.1m€7.6m€7.0m▼ 8.4%
Recurring financial charges65€0.8m€0.7m€0.6m€1.0m€1.5m€5.1m€7.6m€7.0m▼ 8.4%
Debt charges650€0.5m€0.4m€0.4m€0.8m€1.3m€4.9m€7.4m€6.7m▼ 9.3%
Other financial charges652/9--€0.2m€0.2m€0.2m€0.2m€0.2m€0.2m▲ 25.2%
Profit (loss) for the period before taxes9903€7.8m€10.3m€8.6m€5.1m€2.9m€4.0m€5.7m€2.5m▼ 56.0%
Income taxes67/77€2.6m€2.8m€1.6m€1.7m€0.6m€0.8m€1.0m€0.5m▼ 48.3%
Taxes670/3--€1.7m€1.7m€0.7m€0.8m€1.1m€0.5m▼ 52.1%
Tax adjustments and reversals of tax provisions77--€0.07m-€0.1m-€0.08m--
Profit (loss) for the period9904€5.2m€7.5m€7.0m€3.4m€2.3m€3.2m€4.7m€2.0m▼ 57.7%
Profit (loss) for the period to be appropriated9905€5.2m€7.5m€7.0m€3.4m€2.3m€3.2m€4.7m€2.0m▼ 57.7%
Line20182019202020212022202320242025Change
Assets
Total assets20/58€183.5m€180.2m€159.3m€164.2m€176.0m€199.1m€220.5m€223.5m▲ 1.3%
Fixed assets21/28€0.02m€0.01m€0.01m€0.8m€1.9m€3.0m€4.5m€6.7m▲ 46.9%
Intangible fixed assets21---€0.2m€1.4m€0.9m€1.7m€2.1m▲ 19.8%
Tangible fixed assets22/27€0.02m€0.01m€0.01m€0.6m€0.5m€2.1m€2.8m€4.6m▲ 64.0%
Furniture and vehicles24--€0.01m€0.01m€0.007m€0.006m€0.006m€0.004m▼ 27.9%
Assets under construction and advance payments27---€0.6m€0.5m€2.1m€2.8m€4.6m▲ 64.2%
Financial fixed assets28€0.001m€0.001m€0.001m€0.001m€0.001m€0.001m€0.001m€0.001m=
Other financial fixed assets284/8--€0.001m€0.001m€0.001m€0.001m€0.001m€0.001m=
Shares284--€0.001m€0.001m€0.001m€0.001m€0.001m€0.001m=
Current assets29/58€183.5m€180.2m€159.3m€163.4m€174.1m€196.1m€216.0m€216.8m▲ 0.4%
Amounts receivable after more than one year29--€34.7m€29.4m€35.5m€43.1m€51.2m€51.3m▲ 0.2%
Trade receivables290--€34.7m€29.4m€35.5m€43.1m€51.2m€51.3m▲ 0.2%
Amounts receivable within one year40/41€134.9m€130.2m€110.8m€121.2m€125.6m€137.0m€149.4m€149.3m▼ 0.1%
Trade receivables40--€105.9m€115.7m€120.3m€129.8m€142.9m€141.2m▼ 1.2%
Other amounts receivable41--€4.9m€5.5m€5.3m€7.2m€6.6m€8.1m▲ 23.1%
Cash at bank and in hand54/58€14.0m€11.5m€11.6m€10.8m€11.2m€12.0m€9.4m€10.8m▲ 14.6%
Deferred charges and accrued income490/1--€2.2m€2.0m€1.7m€4.0m€6.0m€5.4m▼ 9.2%
Equity and liabilities
Total equity and liabilities10/49€183.5m€180.2m€159.3m€164.2m€176.0m€199.1m€220.5m€223.5m▲ 1.3%
Equity10/15€22.7m€20.3m-€17.3m-----
Contributions10/11€8.7m€8.7m€8.7m€8.7m€8.7m€8.7m€8.7m€8.7m=
Capital10--€8.7m€8.7m€8.7m€8.7m€8.7m€8.7m=
Issued capital100--€8.7m€8.7m€8.7m€8.7m€8.7m€8.7m=
Reserves13€0.9m€0.9m€0.9m€0.9m€0.9m€0.9m€0.9m€0.9m=
Non-distributable reserves130/1--€0.9m€0.9m€0.9m€0.9m€0.9m€0.9m=
Legal reserve130--€0.9m€0.9m€0.9m€0.9m€0.9m€0.9m=
Profit (loss) carried forward14€13.2m€10.7m€7.8m€7.8m€7.8m€7.8m€10.1m€11.1m▲ 9.9%
Provisions and deferred taxes16€1.2m€1.3m-€0.7m-----
Provisions for liabilities and charges160/5--€0.9m€0.7m€0.3m€0.3m€0.02m€0▼ 100%
Other liabilities and charges164/5--€0.9m€0.7m€0.3m€0.3m€0.02m€0▼ 100%
Amounts payable17/49€159.6m€158.7m€141.1m€146.1m€158.5m€181.6m€200.9m€202.8m▲ 1.0%
Amounts payable within one year42/48€156.2m€155.8m€138.1m€144.6m€156.2m€178.8m€198.0m€200.5m▲ 1.3%
Financial debts43--€120.0m€133.0m€146.9m€169.0m€188.0m€193.0m▲ 2.7%
Credit institutions430/8--€120.0m€133.0m€146.9m€169.0m€188.0m€193.0m▲ 2.7%
Trade debts44€4.5m€4.6m€5.2m€4.0m€4.8m€4.2m€4.1m€3.6m▼ 12.4%
Suppliers440/4--€4.0m€2.8m€3.6m€3.0m€2.9m€2.3m▼ 19.0%
Bills of exchange payable441--€1.2m€1.2m€1.2m€1.2m€1.3m€1.3m▲ 2.8%
Taxes, remuneration and social security45--€1.5m€2.3m€1.1m€1.5m€1.7m€1.2m▼ 30.1%
Taxes450/3--€0.3m€0.5m€0.2m€1€0.4m€0.2m▼ 55.6%
Remuneration and social security454/9--€1.3m€1.7m€0.9m€1.5m€1.3m€1.0m▼ 21.7%
Other amounts payable47/48--€11.4m€5.3m€3.4m€4.1m€4.2m€2.7m▼ 35.9%
Accrued charges and deferred income492/3--€3.0m€1.6m€2.3m€2.8m€2.8m€2.3m▼ 19.0%
Line20182019202020212022202320242025Change
Profit (loss) for the period9904€5.2m€7.5m€7.0m€3.4m€2.3m€3.2m€4.7m€2.0m▼ 57.7%
+ Depreciation and write-downs630€0.008m€0.01m€0.01m€0.07m€0.4m€0.7m€0.4m€0.6m▲ 50.6%
Operating cash flow (approximation)€5.2m€7.5m€7.0m€3.5m€2.7m€3.9m€5.1m€2.6m▼ 49.1%
Investment in fixed assets (approximation)--€0.006m-€0.01m-€0.9m-€1.5m-€1.7m-€2.0m-€2.7m▼ 40.1%
Change in cash--€2.5m€0.1m-€0.8m€0.4m€0.8m-€2.6m€1.4m-

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 37 filings with the National Bank
Financial year Type Filed Reference Document
31-12-2025 full format 12-06-2026 2026-00161514 PDF
31-12-2024 full format 23-06-2025 2025-00163476 PDF
31-12-2023 full format 28-06-2024 2024-00187706 PDF
31-12-2022 full format 05-07-2023 2023-00213895 PDF
31-12-2021 full format 04-07-2022 2022-20165215 PDF
31-12-2020 full format 24-06-2021 2021-24400348 PDF
31-12-2019 full format 09-10-2020 2020-60500069 PDF
31-12-2018 full format 18-07-2019 2019-34800097 PDF
31-12-2017 full format 12-07-2018 2018-32300456 PDF
31-12-2016 full format 10-07-2017 2017-30900537 PDF

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