Financials · financial year 2025, micro format
Annual accounts 2025 filed on 11-06-2026 PDF all 17 filings
Equity
€414,764▼ 10.3%
2024 · €462,417
Net result
-€47,654
2024 · €121,601
Total assets
€713,984▼ 13.2%
2024 · €822,918
Solvency
58.1%▲ 1.9pp
2024 · 56.2%
Multi-year overview
2018 to 2025, 8 financial yearsOperating result
€10,081
▼ 85.4%
2025
20182025
Net result
-€47,654
2025
lowest quarter of the sector
20182025
Equity
€414,764
▼ 10.3%
2025
highest quarter of the sector
20182025
Total assets
€713,984
▼ 13.2%
2025
middle half of the sector
20182025
Debt
€299,221
▼ 17.0%
2025
20182025
Working capital
€139,803
▼ 18.5%
2025
middle half of the sector
20182025
Solvency
58.1%
▲ 1.9pp
2025
middle half of the sector
20182025
Current ratio
4.57
▲ 0.81
2025
highest quarter of the sector
20182025
Return on assets (ROA)
-6.7%
▼ 21.5pp
2025
lowest quarter of the sector
20182025
Staff (FTE)
no figure
2025
20182025
Every figure per financial year
Every figure with its change against the financial year before
favourable
unfavourable
Line20182019202020212022202320242025
Operating result€76,525-€149,492▲ 95.4%€61,676▼ 58.7%€61,857▲ 0.3%€111,795▲ 80.7%€34,711▼ 69.0%€69,257▲ 99.5%€10,081▼ 85.4%
Net result-€15,010-€92,531€119,514within the sector's middle half▲ 29.2%€104,334within the sector's middle half▼ 12.7%€89,755within the sector's middle half▼ 14.0%-€161,919below the sector's middle half€121,601within the sector's middle half-€47,654below the sector's middle half
Equity€96,601-€189,132▲ 95.8%€308,646within the sector's middle half▲ 63.2%€412,980within the sector's middle half▲ 33.8%€502,736within the sector's middle half▲ 21.7%€340,816within the sector's middle half▼ 32.2%€462,417within the sector's middle half▲ 35.7%€414,764above the sector's middle half▼ 10.3%
Total assets€557,607-€600,138▲ 7.6%€624,573within the sector's middle half▲ 4.1%€673,496within the sector's middle half▲ 7.8%€995,678within the sector's middle half▲ 47.8%€775,690within the sector's middle half▼ 22.1%€822,918within the sector's middle half▲ 6.1%€713,984within the sector's middle half▼ 13.2%
Debt€461,006-€411,006▼ 10.8%€315,927▼ 23.1%€260,515▼ 17.5%€492,942▲ 89.2%€434,873▼ 11.8%€360,501▼ 17.1%€299,221▼ 17.0%
Working capital-€28,929-€42,238€138,824within the sector's middle half▲ 229%€218,857within the sector's middle half▲ 57.7%€231,270within the sector's middle half▲ 5.7%€49,466within the sector's middle half▼ 78.6%€171,486within the sector's middle half▲ 247%€139,803within the sector's middle half▼ 18.5%
Solvency17.3%-31.5%▲ 14.2pp49.4%within the sector's middle half▲ 17.9pp61.3%within the sector's middle half▲ 11.9pp50.5%within the sector's middle half▼ 10.8pp43.9%within the sector's middle half▼ 6.6pp56.2%within the sector's middle half▲ 12.3pp58.1%within the sector's middle half▲ 1.9pp
Current ratio0.71-1.40▲ 0.693.05above the sector's middle half▲ 1.654.09above the sector's middle half▲ 1.043.39above the sector's middle half▼ 0.701.58within the sector's middle half▼ 1.813.76above the sector's middle half▲ 2.184.57above the sector's middle half▲ 0.81
Return on assets (ROA)-2.7%-15.4%▲ 18.1pp19.1%above the sector's middle half▲ 3.7pp15.5%within the sector's middle half▼ 3.6pp9.0%within the sector's middle half▼ 6.5pp-20.9%below the sector's middle half▼ 29.9pp14.8%within the sector's middle half▲ 35.7pp-6.7%below the sector's middle half▼ 21.5pp
Staff (FTE)1-1=1below the sector's middle half=1below the sector's middle half=1below the sector's middle half=
above
within
below
The sector band is the middle half of the companies in Activities auxiliary to financial services and insurance activities (NACE 66). 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 85% lower than in 2024 and the lowest 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 €713,984
Fixed assets
€534,999 ▼ 9.2%
Current assets
€178,986 ▼ 23.4%
Equity and liabilities €713,984
Equity
€414,764 ▼ 10.3%
Debt
€299,221 ▼ 17.0%
Debt's share of the balance-sheet total falls from 43.8% to 41.9%. Equity and debt are lower.
Key figures and ratios
ROE
-11.5%▼
2024 · 26.3%
Debt ≤ 1 year
€39,183▼
2024 · €62,228
Debt > 1 year
€260,038▼
2024 · €298,272
Income taxes
€968▼
2024 · €15,652
Green means a favourable move, even when the figure itself falls, as with debt or debt to equity.
Securities and guarantees
| Item | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Mortgages, amount registered | - | - | - | - | €25,000 |
| Mortgage mandates | - | - | - | - | €505,000 |
| Carrying value of the mortgaged assets | - | - | - | - | €526,126 |
Source: notes to the 2021 to 2025 annual accounts (statement of debts and off-balance-sheet rights and commitments)
Investments
| Item | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Tangible fixed assets | - | €325,816 | €27,198 | €2,555 | - |
| Depreciation and write-downs of the year | €34,115 | €41,995 | €53,990 | €54,177 | €54,205 |
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 |
|---|---|---|---|---|---|---|---|---|---|
| Remuneration, social security and pensions62 | - | - | - | €50,843 | €3,051 | - | - | - | - |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €31,054 | €34,336 | €34,115 | €34,115 | €41,995 | €53,990 | €54,177 | €54,205 | ▲ 0.1% |
| Other operating charges640/8 | - | - | - | €2,710 | €1,953 | €1,608 | €2,240 | €1,710 | ▼ 23.7% |
| Non-recurring operating charges66A | - | - | - | - | - | €876 | - | - | - |
| Gross operating margin9900 | €165,397 | €240,300 | €143,665 | €149,524 | €158,793 | €91,185 | €125,674 | €65,996 | ▼ 47.5% |
| Operating profit (loss)9901 | €76,525 | €149,492 | €61,676 | €61,857 | €111,795 | €34,711 | €69,257 | €10,081 | ▼ 85.4% |
| Financial income75/76B | - | - | - | €61,376 | €16,846 | €167 | €75,556 | €290 | ▼ 99.6% |
| Recurring financial income75 | €1 | €1,074 | €176 | €61,376 | €16,846 | €167 | €75,556 | €290 | ▼ 99.6% |
| Financial charges65/66B | - | - | - | €6,843 | €8,576 | €190,434 | €7,561 | €57,057 | ▲ 655% |
| Recurring financial charges65 | €71,723 | €10,522 | €8,257 | €6,843 | €8,576 | €190,434 | €7,561 | €57,057 | ▲ 655% |
| Profit (loss) for the period before taxes9903 | €4,803 | €140,044 | €136,150 | €116,390 | €120,064 | -€155,557 | €137,253 | -€46,686 | - |
| Income taxes67/77 | €19,813 | €47,513 | €16,636 | €12,056 | €30,308 | €6,362 | €15,652 | €968 | ▼ 93.8% |
| Profit (loss) for the period9904 | -€15,010 | €92,531 | €119,514 | €104,334 | €89,755 | -€161,919 | €121,601 | -€47,654 | - |
| Profit (loss) for the period to be appropriated9905 | -€15,010 | €92,531 | €119,514 | €104,334 | €89,755 | -€161,919 | €121,601 | -€47,654 | - |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Assets | |||||||||
| Total assets20/58 | €557,607 | €600,138 | €624,573 | €673,496 | €995,678 | €775,690 | €822,918 | €713,984 | ▼ 13.2% |
| Fixed assets21/28 | €486,362 | €452,026 | €417,911 | €383,796 | €667,617 | €640,825 | €589,204 | €534,999 | ▼ 9.2% |
| Intangible fixed assets21 | €141,094 | €121,407 | €101,719 | €82,031 | €62,344 | €42,656 | €22,969 | €3,281 | ▼ 85.7% |
| Tangible fixed assets22/27 | €345,268 | €330,619 | €316,192 | €301,764 | €605,273 | €598,169 | €566,235 | €531,717 | ▼ 6.1% |
| Land and buildings22 | - | - | - | €301,764 | €590,149 | €586,222 | €557,466 | €526,126 | ▼ 5.6% |
| Plant, machinery and equipment23 | - | - | - | - | €11,467 | €9,053 | €6,639 | €4,225 | ▼ 36.4% |
| Furniture and vehicles24 | - | - | - | - | €3,657 | €2,894 | €2,130 | €1,367 | ▼ 35.8% |
| Current assets29/58 | €71,245 | €148,112 | €206,662 | €289,700 | €328,061 | €134,864 | €233,714 | €178,986 | ▼ 23.4% |
| Amounts receivable within one year40/41 | €44,735 | €59,143 | €38,218 | €12,986 | €9,901 | €8,699 | €19,638 | €11,032 | ▼ 43.8% |
| Trade receivables40 | - | - | - | €6,541 | - | - | - | - | - |
| Other amounts receivable41 | - | - | - | €6,445 | €9,901 | €8,699 | €19,638 | €11,032 | ▼ 43.8% |
| Current investments50/53 | €24,932 | €85,937 | €166,504 | €266,755 | €313,317 | €121,303 | €196,859 | €146,318 | ▼ 25.7% |
| Cash at bank and in hand54/58 | €866 | €482 | €1,202 | €8,883 | €4,583 | €2,094 | €13,632 | €19,458 | ▲ 42.7% |
| Deferred charges and accrued income490/1 | - | - | - | €1,077 | €261 | €2,768 | €3,585 | €2,178 | ▼ 39.2% |
| Equity and liabilities | |||||||||
| Total equity and liabilities10/49 | €557,607 | €600,138 | €624,573 | €673,496 | €995,678 | €775,690 | €822,918 | €713,984 | ▼ 13.2% |
| Equity10/15 | €96,601 | €189,132 | €308,646 | €412,980 | €502,736 | €340,816 | €462,417 | €414,764 | ▼ 10.3% |
| Contributions10/11 | €44,000 | €44,000 | €44,000 | €44,000 | €44,000 | €44,000 | €44,000 | €44,000 | = |
| Capital10 | - | - | - | €44,000 | €44,000 | - | - | - | - |
| Issued capital100 | - | - | - | €44,000 | €44,000 | - | - | - | - |
| Reserves13 | €34,400 | €34,400 | €34,400 | €34,400 | €34,400 | €34,400 | €34,400 | €34,400 | = |
| Non-distributable reserves130/1 | - | - | - | €4,400 | €4,400 | €4,400 | €4,400 | - | - |
| Legal reserve130 | - | - | - | €4,400 | €4,400 | - | - | - | - |
| Reserves not available under the articles1311 | - | - | - | - | - | €4,400 | €4,400 | - | - |
| Distributable reserves133 | - | - | - | €30,000 | €30,000 | €30,000 | €30,000 | €34,400 | ▲ 14.7% |
| Profit (loss) carried forward14 | €18,201 | €110,732 | €230,246 | €334,580 | €424,336 | €262,416 | €384,017 | €336,364 | ▼ 12.4% |
| Amounts payable17/49 | €461,006 | €411,006 | €315,927 | €260,515 | €492,942 | €434,873 | €360,501 | €299,221 | ▼ 17.0% |
| Amounts payable after more than one year17 | €360,832 | €305,132 | €248,089 | €189,672 | €396,151 | €349,475 | €298,272 | €260,038 | ▼ 12.8% |
| Financial debts170/4 | - | - | - | €189,672 | €396,151 | €349,475 | €298,272 | €260,038 | ▼ 12.8% |
| Amounts payable within one year42/48 | €100,174 | €105,874 | €67,838 | €70,843 | €96,791 | €85,398 | €62,228 | €39,183 | ▼ 37.0% |
| Current portion of amounts payable after more than one year42 | - | - | - | €58,417 | €78,930 | €80,373 | €51,176 | €36,602 | ▼ 28.5% |
| Trade debts44 | €11,762 | €9,504 | €5,860 | €7,318 | €3,469 | €392 | €767 | €1,157 | ▲ 50.8% |
| Suppliers440/4 | - | - | - | €7,318 | €3,469 | €392 | €767 | €1,157 | ▲ 50.8% |
| Taxes, remuneration and social security45 | - | - | - | €5,109 | €14,392 | - | €5,652 | - | - |
| Taxes450/3 | - | - | - | - | €14,392 | - | €5,652 | - | - |
| Remuneration and social security454/9 | - | - | - | €5,109 | - | - | - | - | - |
| Other amounts payable47/48 | - | - | - | - | - | €4,634 | €4,634 | €1,424 | ▼ 69.3% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | -€15,010 | €92,531 | €119,514 | €104,334 | €89,755 | -€161,919 | €121,601 | -€47,654 | - |
| + Depreciation and write-downs630 | €31,054 | €34,336 | €34,115 | €34,115 | €41,995 | €53,990 | €54,177 | €54,205 | ▲ 0.1% |
| Operating cash flow (approximation) | €16,044 | €126,867 | €153,629 | €138,449 | €131,750 | -€107,929 | €175,778 | €6,551 | ▼ 96.3% |
| Investment in fixed assets (approximation) | - | €0 | €0 | €0 | -€325,816 | -€27,198 | -€2,555 | €0 | - |
| Change in cash | - | -€384 | €720 | €7,681 | -€4,300 | -€2,489 | €11,538 | €5,825 | ▼ 49.5% |
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 17 filings with the National Bank
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-12-2025 | micro format | 11-06-2026 | 2026-00152097 | |
| 31-12-2024 | full format | 20-06-2025 | 2025-00159077 | |
| 31-12-2023 | full format | 17-06-2024 | 2024-00139179 | |
| 31-12-2022 | full format | 20-06-2023 | 2023-00145158 | |
| 31-12-2021 | full format | 16-06-2022 | 2022-20067383 | |
| 31-12-2020 | full format | 04-07-2021 | 2021-30600449 | |
| 31-12-2019 | full format | 22-07-2020 | 2020-32800363 | |
| 31-12-2018 | full format | 08-06-2019 | 2019-17100501 | |
| 31-12-2017 | full format | 11-06-2018 | 2018-17500543 | |
| 31-12-2016 | full format | 15-06-2017 | 2017-17500290 |