FINALMA
ActiveFinancials · financial year 2025, abbreviated format
Annual accounts 2025 filed on 30-06-2026 at the NBB all 15 filings
Turnover
Not included in this filing
EBIT margin
Not included in this filing
Net result
€32,276
2024 · -€167,361
Working capital
-€841,830▼ 35.8%
2024 · -€619,873
Multi-year overview
2018 to 2025, 8 financial yearsOperating result
-€55,396
▲ 76.6%
2025
20182025
Net result
€32,276
2025
middle half of the sector
20182025
Equity
€1.2m
▲ 2.7%
2025
highest quarter of the sector
20182025
Total assets
€2.1m
▲ 13.3%
2025
middle half of the sector
20182025
Debt
€847,185
▲ 33.5%
2025
20182025
Working capital
-€841,830
▼ 35.8%
2025
lowest quarter of the sector
20182025
Solvency
59.3%
▼ 6.1pp
2025
middle half of the sector
20182025
Current ratio
0.01
▼ 0.02
2025
lowest quarter of the sector
20182025
Return on assets (ROA)
1.6%
▲ 10.7pp
2025
middle half of the sector
20182025
Staff (FTE)
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-€0.01m--€0.04m▼ 171%€0.006m-€0.02m-€0.1m▼ 351%-€0.3m▼ 156%-€0.2m▲ 13.6%-€0.06m▲ 76.6%
Net result€0.02m-€0.006m▼ 77.1%€0.5mabove the sector's middle half▲ 94×€0.09mwithin the sector's middle half▼ 83.2%€0.02mwithin the sector's middle half▼ 74.5%€0.02mwithin the sector's middle half▼ 18.9%-€0.2mbelow the sector's middle half€0.03mwithin the sector's middle half
Equity€0.7m-€0.7m▲ 0.8%€1.2mwithin the sector's middle half▲ 77.1%€1.3mwithin the sector's middle half▲ 7.3%€1.3mwithin the sector's middle half▲ 1.7%€1.4mwithin the sector's middle half▲ 1.4%€1.2mwithin the sector's middle half▼ 12.2%€1.2mabove the sector's middle half▲ 2.7%
Total assets€0.8m-€1.3m▲ 53.7%€1.6mwithin the sector's middle half▲ 25.8%€1.7mwithin the sector's middle half▲ 2.3%€2.0mwithin the sector's middle half▲ 19.3%€1.8mwithin the sector's middle half▼ 8.0%€1.8mwithin the sector's middle half▲ 0.5%€2.1mwithin the sector's middle half▲ 13.3%
Debt€0.1m-€0.6m▲ 298%€0.4m▼ 34.4%€0.3m▼ 13.6%€0.6m▲ 88.1%€0.5m▼ 27.9%€0.6m▲ 38.7%€0.8m▲ 33.5%
Working capital€0.3m--€0.3m€0.3mwithin the sector's middle half-€0.3mbelow the sector's middle half-€0.6mbelow the sector's middle half▼ 86.2%-€0.4mbelow the sector's middle half▲ 33.4%-€0.6mbelow the sector's middle half▼ 51.5%-€0.8mbelow the sector's middle half▼ 35.8%
Solvency82.2%-54.0%▼ 28.3pp76.0%above the sector's middle half▲ 22.0pp79.7%above the sector's middle half▲ 3.7pp68.0%within the sector's middle half▼ 11.7pp74.9%within the sector's middle half▲ 6.9pp65.4%within the sector's middle half▼ 9.5pp59.3%within the sector's middle half▼ 6.1pp
Current ratio3.15-0.56▼ 2.601.88within the sector's middle half▲ 1.320.02below the sector's middle half▼ 1.860.03below the sector's middle half▲ 0.010.11below the sector's middle half▲ 0.070.02below the sector's middle half▼ 0.080.01below the sector's middle half▼ 0.02
Return on assets (ROA)3.0%-0.4%▼ 2.5pp33.1%above the sector's middle half▲ 32.7pp5.4%within the sector's middle half▼ 27.7pp1.2%within the sector's middle half▼ 4.3pp1.0%within the sector's middle half▼ 0.1pp-9.1%below the sector's middle half▼ 10.1pp1.6%within the sector's middle half▲ 10.7pp
Staff (FTE)0below the sector's middle half0below the sector's middle half0below the sector's middle half0within the sector's middle half
above
within
below
The sector band is the middle half of the companies in Activities of head offices; management consultancy activities (NACE 70). 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 loss of €55,396, smaller than the loss of €236,772 in 2024.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €2.1m
Fixed assets
€2.1m ▲ 14.0%
Current assets
€5,355 ▼ 64.1%
Equity and liabilities €2.1m
Equity
€1.2m ▲ 2.7%
Debt
€847,185 ▲ 33.5%
Debt's share of the balance-sheet total rises from 34.6% to 40.7%. Equity and debt are higher.
Key figures and ratios
EBITDA
-€54,089▲
2024 · -€235,728
Cash flow
€33,582▲
2024 · -€166,317
Debt to equity
0.69▲
2024 · 0.53
ROE
2.6%▲
2024 · -13.9%
Interest coverage
-352.10▲
2024 · -814.43
Debt ≤ 1 year
€847,185▲
2024 · €634,808
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 | - | - | €3,789 | - | €1,214 |
| Financial fixed assets | €908,377 | €1.4m | €217,981 | €45,017 | €254,325 |
| Depreciation and write-downs of the year | - | - | €559 | €1,044 | €1,307 |
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 |
|---|---|---|---|---|---|---|---|---|---|
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | - | - | - | - | - | €559 | €1,044 | €1,307 | ▲ 25.2% |
| Other operating charges640/8 | - | - | - | €868 | €868 | €240,010 | €150,968 | €47,998 | ▼ 68.2% |
| Non-recurring operating charges66A | - | - | - | - | - | €1,245 | €0 | - | - |
| Gross operating margin9900 | -€14,031 | -€39,600 | €7,095 | -€22,903 | -€106,409 | -€32,318 | -€84,760 | -€6,091 | ▲ 92.8% |
| Operating profit (loss)9901 | -€14,933 | -€40,468 | €6,227 | -€23,771 | -€107,277 | -€274,131 | -€236,772 | -€55,396 | ▲ 76.6% |
| Financial income75/76B | - | - | - | €145,747 | €139,366 | €293,037 | €69,700 | €87,825 | ▲ 26.0% |
| Recurring financial income75 | €52,250 | €50,050 | €544,730 | €55,503 | €107,848 | €114,991 | €69,700 | €87,825 | ▲ 26.0% |
| Non-recurring financial income76B | - | - | - | €90,244 | €31,519 | €178,046 | €0 | - | - |
| Financial charges65/66B | - | - | - | €111 | €195 | €266 | €289 | €154 | ▼ 46.9% |
| Recurring financial charges65 | €208 | €88 | €1,758 | €111 | €195 | €266 | €289 | €154 | ▼ 46.9% |
| Profit (loss) for the period before taxes9903 | €37,109 | €9,494 | €549,199 | €121,865 | €31,894 | €18,640 | -€167,361 | €32,276 | - |
| Income taxes67/77 | €12,164 | €3,779 | €10,990 | €31,592 | €8,897 | €0 | - | - | - |
| Profit (loss) for the period9904 | €24,945 | €5,715 | €538,209 | €90,273 | €22,998 | €18,640 | -€167,361 | €32,276 | - |
| Profit (loss) for the period to be appropriated9905 | €24,945 | €5,715 | €538,209 | €90,273 | €22,998 | €18,640 | -€167,361 | €32,276 | - |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Assets | |||||||||
| Total assets20/58 | €0.8m | €1.3m | €1.6m | €1.7m | €2.0m | €1.8m | €1.8m | €2.1m | ▲ 13.3% |
| Fixed assets21/28 | €0.4m | €1.0m | €0.9m | €1.7m | €2.0m | €1.8m | €1.8m | €2.1m | ▲ 14.0% |
| Tangible fixed assets22/27 | €0.002m | €0.002m | €0.002m | €0.002m | €0.002m | €0.005m | €0.003m | €0.003m | ▼ 2.7% |
| Plant, machinery and equipment23 | - | - | - | - | - | €0.003m | €0.002m | €0.001m | ▼ 6.1% |
| Other tangible fixed assets26 | - | - | - | €0.002m | €0.002m | €0.002m | €0.002m | €0.002m | = |
| Financial fixed assets28 | €0.4m | €1.0m | €0.9m | €1.7m | €2.0m | €1.8m | €1.8m | €2.1m | ▲ 14.0% |
| Current assets29/58 | €0.5m | €0.3m | €0.7m | €0.007m | €0.02m | €0.05m | €0.01m | €0.005m | ▼ 64.1% |
| Amounts receivable within one year40/41 | €0.001m | €0.06m | €0.7m | €0.001m | €0.02m | €0.03m | €0.009m | €0.003m | ▼ 69.0% |
| Trade receivables40 | - | - | - | €0.001m | €0 | €0.008m | €0 | €0.002m | - |
| Other amounts receivable41 | - | - | - | €0 | €0.02m | €0.02m | €0.009m | €0.001m | ▼ 91.8% |
| Cash at bank and in hand54/58 | €0.001m | €0.002m | €0.002m | €0.006m | €0.001m | €0.02m | €0.003m | €0.002m | ▼ 37.0% |
| Deferred charges and accrued income490/1 | - | - | - | €441 | €0.001m | €0.002m | €0.003m | €385 | ▼ 84.7% |
| Equity and liabilities | |||||||||
| Total equity and liabilities10/49 | €0.8m | €1.3m | €1.6m | €1.7m | €2.0m | €1.8m | €1.8m | €2.1m | ▲ 13.3% |
| Equity10/15 | €0.7m | €0.7m | €1.2m | €1.3m | €1.3m | €1.4m | €1.2m | €1.2m | ▲ 2.7% |
| Contributions10/11 | €0.2m | €0.2m | - | €0.2m | €0.2m | €0.2m | €0.2m | €0.2m | = |
| Reserves13 | €0.02m | €0.02m | €0.02m | €0.02m | €0.02m | €0.02m | €0.02m | €0.02m | = |
| Non-distributable reserves130/1 | - | - | - | €0.02m | €0.02m | €0 | - | - | - |
| Reserves not available under the articles1311 | - | - | - | €0.02m | €0.02m | €0 | - | - | - |
| Distributable reserves133 | - | - | - | €0.007m | €0.007m | €0.02m | €0.02m | €0.02m | = |
| Profit (loss) carried forward14 | €0.5m | €0.5m | €1.1m | €1.2m | €1.2m | €1.2m | €1.0m | €1.1m | ▲ 3.1% |
| Amounts payable17/49 | €0.1m | €0.6m | €0.4m | €0.3m | €0.6m | €0.5m | €0.6m | €0.8m | ▲ 33.5% |
| Amounts payable within one year42/48 | €0.1m | €0.6m | €0.4m | €0.3m | €0.6m | €0.5m | €0.6m | €0.8m | ▲ 33.5% |
| Trade debts44 | €0.001m | €0.003m | €0.002m | €0.006m | €0.004m | €0.008m | €0.004m | €0.005m | ▲ 20.9% |
| Suppliers440/4 | - | - | - | €0.006m | €0.004m | €0.008m | €0.004m | €0.005m | ▲ 20.9% |
| Taxes, remuneration and social security45 | - | - | - | €0.01m | €0.1m | €0.1m | €0.2m | €0.2m | ▲ 30.2% |
| Taxes450/3 | - | - | - | €0.01m | €0.04m | €0.009m | €0.002m | €0.002m | ▼ 6.3% |
| Remuneration and social security454/9 | - | - | - | - | €0.07m | €0.1m | €0.2m | €0.2m | ▲ 30.7% |
| Other amounts payable47/48 | - | - | - | €0.3m | €0.5m | €0.3m | €0.5m | €0.6m | ▲ 34.7% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €24,945 | €5,715 | €538,209 | €90,273 | €22,998 | €18,640 | -€167,361 | €32,276 | - |
| + Depreciation and write-downs630 | - | - | - | - | - | €559 | €1,044 | €1,307 | ▲ 25.2% |
| Operating cash flow (approximation) | €24,945 | €5,715 | €538,209 | €90,273 | €22,998 | €19,198 | -€166,317 | €33,582 | - |
| Investment in fixed assets (approximation) | - | -€591,780 | €69,795 | -€764,007 | -€307,348 | €185,898 | -€44,359 | -€255,540 | ▼ 476% |
| Change in cash | - | €273 | €318 | €4,288 | -€5,236 | €17,334 | -€14,877 | -€1,289 | ▲ 91.3% |
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 15 filings with the National Bank
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-12-2025 | abbreviated format | 30-06-2026 | 2026-00223268 | |
| 31-12-2024 | full format | 30-07-2025 | 2025-00332834 | |
| 31-12-2023 | full format | 02-07-2024 | 2024-00198292 | |
| 31-12-2022 | full format | 24-07-2023 | 2023-00262953 | |
| 31-12-2021 | full format | 26-08-2022 | 2022-20324635 | |
| 31-12-2020 | full format | 27-08-2021 | 2021-56700058 | |
| 31-12-2019 | full format | 28-07-2020 | 2020-35000104 | |
| 31-12-2018 | full format | 31-07-2019 | 2019-42200148 | |
| 31-12-2017 | full format | 17-08-2018 | 2018-46400334 | |
| 31-12-2016 | full format | 09-08-2017 | 2017-42900378 |