Financials · financial year 2025, abbreviated format
Annual accounts 2025 filed on 03-07-2026 at the NBB all 7 filings
Equity
€198,409▲ 41.2%
2024 · €140,542
Net result
€57,867▲ 174%
2024 · €21,096
Total assets
€275,614▲ 33.7%
2024 · €206,211
Solvency
72.0%▲ 3.8pp
2024 · 68.2%
Multi-year overview
2019 to 2025, 7 financial yearsTurnover
€205,216
▲ 32.0%
2025
20192025
Operating result
€81,425
▲ 117%
2025
20192025
Net result
€57,867
▲ 174%
2025
middle half of the sector
20192025
Equity
€198,409
▲ 41.2%
2025
middle half of the sector
20192025
Total assets
€275,614
▲ 33.7%
2025
lowest quarter of the sector
20192025
Debt
€77,205
▲ 17.6%
2025
20192025
Working capital
€238,942
▲ 30.2%
2025
middle half of the sector
20192025
Solvency
72.0%
▲ 3.8pp
2025
middle half of the sector
20192025
Current ratio
7.52
▼ 1.57
2025
highest quarter of the sector
20192025
Return on assets (ROA)
21.0%
▲ 10.8pp
2025
highest quarter of the sector
20192025
Every figure per financial year
Every figure with its change against the financial year before
favourable
unfavourable
Line2019202020212022202320242025
Turnover€167,801€152,002▼ 9.4%€155,519▲ 2.3%€205,216▲ 32.0%
Operating result€24,725-€51,977▲ 110%€35,540▼ 31.6%€34,162▼ 3.9%€25,099▼ 26.5%€37,454▲ 49.2%€81,425▲ 117%
Net result€16,739-€35,186within the sector's middle half▲ 110%€18,529within the sector's middle half▼ 47.3%€23,989within the sector's middle half▲ 29.5%€18,803within the sector's middle half▼ 21.6%€21,096within the sector's middle half▲ 12.2%€57,867within the sector's middle half▲ 174%
Equity€22,939-€58,125below the sector's middle half▲ 153%€76,654below the sector's middle half▲ 31.9%€100,643below the sector's middle half▲ 31.3%€119,446below the sector's middle half▲ 18.7%€140,542below the sector's middle half▲ 17.7%€198,409within the sector's middle half▲ 41.2%
Total assets€80,926-€130,053below the sector's middle half▲ 60.7%€147,626below the sector's middle half▲ 13.5%€177,789below the sector's middle half▲ 20.4%€176,642below the sector's middle half▼ 0.6%€206,211below the sector's middle half▲ 16.7%€275,614below the sector's middle half▲ 33.7%
Debt€57,987-€71,928▲ 24.0%€70,972▼ 1.3%€77,146▲ 8.7%€57,196▼ 25.9%€65,668▲ 14.8%€77,205▲ 17.6%
Working capital€41,652-€82,580within the sector's middle half▲ 98.3%€71,030within the sector's middle half▼ 14.0%€114,768within the sector's middle half▲ 61.6%€145,127within the sector's middle half▲ 26.5%€183,457within the sector's middle half▲ 26.4%€238,942within the sector's middle half▲ 30.2%
Solvency28.3%-44.7%within the sector's middle half▲ 16.3pp51.9%within the sector's middle half▲ 7.2pp56.6%within the sector's middle half▲ 4.7pp67.6%within the sector's middle half▲ 11.0pp68.2%within the sector's middle half▲ 0.5pp72.0%within the sector's middle half▲ 3.8pp
Current ratio3.79-3.63above the sector's middle half▼ 0.163.33above the sector's middle half▼ 0.304.41above the sector's middle half▲ 1.079.71above the sector's middle half▲ 5.309.09above the sector's middle half▼ 0.627.52above the sector's middle half▼ 1.57
Return on assets (ROA)20.7%-27.1%above the sector's middle half▲ 6.4pp12.6%above the sector's middle half▼ 14.5pp13.5%above the sector's middle half▲ 0.9pp10.6%within the sector's middle half▼ 2.8pp10.2%within the sector's middle half▼ 0.4pp21.0%above the sector's middle half▲ 10.8pp
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 117% higher than in 2024 and the highest since 2021. It is the second rise in a row, after the fall in 2023.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Equity and liabilities €275,614
Equity
€198,409 ▲ 41.2%
Debt
€77,205 ▲ 17.6%
Debt's share of the balance-sheet total falls from 31.8% to 28.0%. Equity and debt are higher.
Key figures and ratios
ROE
29.2%▲
2024 · 15.0%
Debt ≤ 1 year
€36,672▲
2024 · €22,685
Debt > 1 year
€40,000=
2024 · €40,000
Income taxes
€23,603▲
2024 · €10,883
Staff costs
€0
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 | €42,514 | €1,105 | - | - | - |
| Depreciation and write-downs of the year | €11,387 | €17,935 | €14,485 | €1,327 | €68 |
Source: notes to the 2021 to 2025 annual accounts (statement of fixed assets)
Annual accounts
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|
| Turnover70 | - | - | - | €167,801 | €152,002 | €155,519 | €205,216 | ▲ 32.0% |
| Non-recurring operating income76A | - | - | - | - | €6,787 | €4,642 | €0 | ▼ 100% |
| Goods, raw materials, services and sundry goods60/61 | - | - | - | €114,080 | €132,926 | €137,381 | €138,279 | ▲ 0.7% |
| Remuneration, social security and pensions62 | - | - | - | - | - | - | €0 | - |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €6,924 | €10,925 | €11,387 | €17,935 | €14,485 | €1,327 | €68 | ▼ 94.9% |
| Other operating charges640/8 | - | - | €1,004 | €1,624 | €2,277 | €1,311 | €1,232 | ▼ 6.0% |
| Non-recurring operating charges66A | - | - | €1,048 | - | - | - | - | - |
| Gross operating margin9900 | €32,822 | €63,549 | €48,978 | €53,721 | €41,860 | €40,092 | €82,726 | ▲ 106% |
| Operating profit (loss)9901 | €24,725 | €51,977 | €35,540 | €34,162 | €25,099 | €37,454 | €81,425 | ▲ 117% |
| Financial income75/76B | - | - | - | €958 | €5,034 | €2,871 | €3,338 | ▲ 16.3% |
| Recurring financial income75 | - | €0 | - | €958 | €5,034 | €2,871 | €3,338 | ▲ 16.3% |
| Financial charges65/66B | - | - | €8,481 | €1,029 | €859 | €8,345 | €3,293 | ▼ 60.5% |
| Recurring financial charges65 | €562 | €1,000 | €8,481 | €1,029 | €859 | €8,345 | €3,293 | ▼ 60.5% |
| Profit (loss) for the period before taxes9903 | €24,163 | €50,977 | €27,058 | €34,091 | €29,274 | €31,979 | €81,470 | ▲ 155% |
| Income taxes67/77 | €7,424 | €15,792 | €8,530 | €10,101 | €10,471 | €10,883 | €23,603 | ▲ 117% |
| Profit (loss) for the period9904 | €16,739 | €35,186 | €18,529 | €23,989 | €18,803 | €21,096 | €57,867 | ▲ 174% |
| Profit (loss) for the period to be appropriated9905 | €16,739 | €35,186 | €18,529 | €23,989 | €18,803 | €21,096 | €57,867 | ▲ 174% |
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|
| Assets | ||||||||
| Total assets20/58 | €80,926 | €130,053 | €147,626 | €177,789 | €176,642 | €206,211 | €275,614 | ▲ 33.7% |
| Fixed assets21/28 | €24,331 | €16,088 | €46,167 | €29,337 | €14,852 | €68 | €0 | ▼ 100% |
| Tangible fixed assets22/27 | €24,331 | €16,088 | €46,167 | €29,337 | €14,852 | €68 | €0 | ▼ 100% |
| Plant, machinery and equipment23 | - | - | - | - | €273 | - | - | - |
| Furniture and vehicles24 | - | - | €46,167 | €29,337 | €14,579 | €68 | €0 | ▼ 100% |
| Current assets29/58 | €56,596 | €113,964 | €101,459 | €148,452 | €161,789 | €206,143 | €275,614 | ▲ 33.7% |
| Amounts receivable after more than one year29 | - | - | - | €67,096 | €89,960 | €115,218 | €120,852 | ▲ 4.9% |
| Trade receivables290 | - | - | - | - | - | €115,218 | €120,852 | ▲ 4.9% |
| Other amounts receivable291 | - | - | - | €67,096 | €89,960 | - | - | - |
| Amounts receivable within one year40/41 | €15,928 | €12,524 | €51,682 | €19,582 | €29,111 | €35,780 | €49,243 | ▲ 37.6% |
| Trade receivables40 | - | - | €44,044 | €16,828 | €29,111 | €35,780 | €49,243 | ▲ 37.6% |
| Other amounts receivable41 | - | - | €7,638 | €2,754 | - | - | - | - |
| Cash at bank and in hand54/58 | €40,395 | €101,123 | €47,361 | €59,358 | €42,718 | €55,145 | €105,519 | ▲ 91.3% |
| Deferred charges and accrued income490/1 | - | - | €2,416 | €2,416 | - | - | - | - |
| Equity and liabilities | ||||||||
| Total equity and liabilities10/49 | €80,926 | €130,053 | €147,626 | €177,789 | €176,642 | €206,211 | €275,614 | ▲ 33.7% |
| Equity10/15 | €22,939 | €58,125 | €76,654 | €100,643 | €119,446 | €140,542 | €198,409 | ▲ 41.2% |
| Contributions10/11 | €6,200 | €6,200 | €6,200 | €6,200 | €8,060 | €8,060 | €6,200 | ▼ 23.1% |
| Capital10 | - | - | €6,200 | €6,200 | - | - | - | - |
| Issued capital100 | - | - | €18,600 | €18,600 | - | - | - | - |
| Uncalled capital101 | - | - | €12,400 | €12,400 | - | - | - | - |
| Reserves13 | €16,739 | €51,925 | €70,454 | €94,443 | €111,386 | €132,482 | €192,209 | ▲ 45.1% |
| Non-distributable reserves130/1 | - | - | €1,860 | €1,860 | - | - | - | - |
| Legal reserve130 | - | - | €1,860 | €1,860 | - | - | - | - |
| Distributable reserves133 | - | - | €68,594 | €92,583 | €111,386 | €132,482 | €192,209 | ▲ 45.1% |
| Amounts payable17/49 | €57,987 | €71,928 | €70,972 | €77,146 | €57,196 | €65,668 | €77,205 | ▲ 17.6% |
| Amounts payable after more than one year17 | €40,000 | €40,000 | €40,000 | €40,000 | €40,000 | €40,000 | €40,000 | = |
| Financial debts170/4 | - | - | €40,000 | €40,000 | €40,000 | €40,000 | €40,000 | = |
| Amounts payable within one year42/48 | €14,944 | €31,384 | €30,429 | €33,684 | €16,662 | €22,685 | €36,672 | ▲ 61.7% |
| Trade debts44 | €350 | €2,095 | €1,552 | €5,174 | €547 | €1,375 | €2,959 | ▲ 115% |
| Suppliers440/4 | - | - | €1,552 | €5,174 | €547 | €1,375 | €2,959 | ▲ 115% |
| Taxes, remuneration and social security45 | - | - | €28,877 | €28,510 | €16,115 | €21,310 | €33,713 | ▲ 58.2% |
| Taxes450/3 | - | - | €28,834 | €28,405 | €16,036 | €21,310 | €33,642 | ▲ 57.9% |
| Remuneration and social security454/9 | - | - | €44 | €105 | €79 | - | €71 | - |
| Accrued charges and deferred income492/3 | - | - | €543 | €3,462 | €533 | €2,983 | €533 | ▼ 82.1% |
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €16,739 | €35,186 | €18,529 | €23,989 | €18,803 | €21,096 | €57,867 | ▲ 174% |
| + Depreciation and write-downs630 | €6,924 | €10,925 | €11,387 | €17,935 | €14,485 | €1,327 | €68 | ▼ 94.9% |
| Operating cash flow (approximation) | €23,663 | €46,111 | €29,915 | €41,924 | €33,288 | €22,423 | €57,935 | ▲ 158% |
| Investment in fixed assets (approximation) | - | -€2,683 | -€41,466 | -€1,105 | €0 | €13,457 | €0 | ▼ 100% |
| Change in cash | - | €60,728 | -€53,762 | €11,998 | -€16,640 | €12,426 | €50,375 | ▲ 305% |
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 (7)
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-12-2025 | abbreviated format | 03-07-2026 | 2026-00245517 | |
| 31-12-2024 | abbreviated format | 27-06-2025 | 2025-00199581 | |
| 31-12-2023 | abbreviated format | 09-07-2024 | 2024-00223567 | |
| 31-12-2022 | abbreviated format | 30-06-2023 | 2023-00182946 | |
| 31-12-2021 | abbreviated format | 30-08-2022 | 2022-20400412 | |
| 31-12-2020 | abbreviated format | 27-07-2021 | 2021-40600568 | |
| 31-12-2019 | abbreviated format | 31-08-2020 | 2020-47800221 |