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%
Multi-year overview
2018 to 2025, 8 financial yearsTurnover
€24.9m
▼ 0.4%
2025
20182025
Operating result
€8.9m
▼ 30.1%
2025
20182025
Net result
€2.0m
▼ 57.7%
2025
highest quarter of the sector
20182025
Equity
no figure
2025
20182025
Total assets
€223.5m
▲ 1.3%
2025
highest quarter of the sector
20182025
Debt
€202.8m
▲ 1.0%
2025
20182025
Working capital
€16.3m
▼ 9.4%
2025
highest quarter of the sector
20182025
Solvency
no figure
2025
20182025
Current ratio
1.08
▼ 0.01
2025
middle half of the sector
20182025
Return on assets (ROA)
0.9%
▼ 1.2pp
2025
middle half of the sector
20182025
Staff (FTE)
90.3
▲ 6.1%
2025
highest quarter of the sector
20182025
Every figure per financial year
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.
The operating result for 2025 is 30% lower than in 2024.
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
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
| Item | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| 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
The auditor is Mazars.
| Item | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| 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
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| 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% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| 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% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| 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.
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 | |
| 31-12-2024 | full format | 23-06-2025 | 2025-00163476 | |
| 31-12-2023 | full format | 28-06-2024 | 2024-00187706 | |
| 31-12-2022 | full format | 05-07-2023 | 2023-00213895 | |
| 31-12-2021 | full format | 04-07-2022 | 2022-20165215 | |
| 31-12-2020 | full format | 24-06-2021 | 2021-24400348 | |
| 31-12-2019 | full format | 09-10-2020 | 2020-60500069 | |
| 31-12-2018 | full format | 18-07-2019 | 2019-34800097 | |
| 31-12-2017 | full format | 12-07-2018 | 2018-32300456 | |
| 31-12-2016 | full format | 10-07-2017 | 2017-30900537 |