Financials · financial year 2025, full format
Annual accounts 2025 filed on 15-06-2026 at the NBB all 7 filings
Equity
€253.9m▼ 3.7%
2024 · €263.8m
Net result
€2.8m▲ 274%
2024 · €736,858
Total assets
€263.3m▼ 2.1%
2024 · €269.0m
Solvency
96.4%▼ 1.6pp
2024 · 98.1%
Multi-year overview
2019 to 2025, 7 financial yearsOperating result
-€464,625
▼ 736%
2025
20192025
Net result
€2.8m
▲ 274%
2025
highest quarter of the sector
20192025
Equity
€253.9m
▼ 3.7%
2025
highest quarter of the sector
20192025
Total assets
€263.3m
▼ 2.1%
2025
highest quarter of the sector
20192025
Debt
€9.4m
▲ 80.8%
2025
20192025
Working capital
€25.1m
▼ 74.5%
2025
highest quarter of the sector
20192025
Solvency
96.4%
▼ 1.6pp
2025
highest quarter of the sector
20192025
Current ratio
3.66
▼ 16.30
2025
highest quarter of the sector
20192025
Return on assets (ROA)
1.0%
▲ 0.8pp
2025
middle half of the sector
20192025
Every figure per financial year
Every figure with its change against the financial year before
favourable
unfavourable
Line2019202020212022202320242025
Operating result-€0.3m--€0.08m▲ 77.3%€0.08m€0.1m▲ 88.0%€0.1m▼ 0.4%-€0.06m-€0.5m▼ 736%
Net result€18.1m-€3.6mabove the sector's middle half▼ 80.1%€9.7mabove the sector's middle half▲ 170%€9.1mabove the sector's middle half▼ 7.0%€2.0mabove the sector's middle half▼ 78.0%€0.7mwithin the sector's middle half▼ 63.0%€2.8mabove the sector's middle half▲ 274%
Equity€188.2m-€250.6mabove the sector's middle half▲ 33.1%€275.0mabove the sector's middle half▲ 9.7%€275.2mabove the sector's middle half▲ 0.1%€275.0mabove the sector's middle half▼ 0.1%€263.8mabove the sector's middle half▼ 4.1%€253.9mabove the sector's middle half▼ 3.7%
Total assets€261.2m-€261.2mabove the sector's middle half=€275.4mabove the sector's middle half▲ 5.4%€275.4mabove the sector's middle half=€275.1mabove the sector's middle half▼ 0.1%€269.0mabove the sector's middle half▼ 2.2%€263.3mabove the sector's middle half▼ 2.1%
Debt€73.0m-€10.6m▼ 85.5%€0.4m▼ 96.7%€0.1m▼ 60.2%€0.1m▼ 0.6%€5.2m▲ 37×€9.4m▲ 80.8%
Working capital-€72.8m--€10.4mbelow the sector's middle half▲ 85.7%€14.0mabove the sector's middle half€14.2mabove the sector's middle half▲ 1.4%€13.9mabove the sector's middle half▼ 1.8%€98.6mabove the sector's middle half▲ 608%€25.1mabove the sector's middle half▼ 74.5%
Solvency72.1%-95.9%above the sector's middle half▲ 23.9pp99.9%above the sector's middle half▲ 3.9pp99.9%above the sector's middle half▲ 0.1pp99.9%above the sector's middle half=98.1%above the sector's middle half▼ 1.9pp96.4%above the sector's middle half▼ 1.6pp
Current ratio0.00-0.02below the sector's middle half▲ 0.0240.40above the sector's middle half▲ 40.3819.96above the sector's middle half3.66above the sector's middle half▼ 16.30
Return on assets (ROA)6.9%-1.4%within the sector's middle half▼ 5.6pp3.5%within the sector's middle half▲ 2.2pp3.3%within the sector's middle half▼ 0.2pp0.7%within the sector's middle half▼ 2.6pp0.3%within the sector's middle half▼ 0.4pp1.0%within the sector's middle half▲ 0.8pp
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 a loss of €464,625, larger than the loss of €55,610 in 2024. It is the lowest result since 2021.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €263.3m
Fixed assets
€228.8m ▲ 38.5%
Current assets
€34.5m ▼ 66.7%
Equity and liabilities €263.3m
Equity
€253.9m ▼ 3.7%
Debt
€9.4m ▲ 80.8%
Debt's share of the balance-sheet total rises from 1.9% to 3.6%. Equity is lower and debt is higher.
Key figures and ratios
ROE
1.1%▲
2024 · 0.3%
Debt ≤ 1 year
€9.4m▲
2024 · €5.2m
Income taxes
€532,873▲
2024 · €255,187
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 | €533 | - | - | - | - |
| Financial fixed assets | - | - | - | - | €101.2m |
| Depreciation and write-downs of the year | €1,032 | €1,092 | €564 | €59 | - |
Source: notes to the 2021 to 2025 annual accounts (statement of fixed assets)
Annual accounts
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €0.05m | €0.01m | €0.001m | €0.001m | €0.001m | €59 | - | - |
| Other operating charges640/8 | - | - | €0.001m | €0.001m | €0.001m | €0.001m | €0.001m | ▲ 3.2% |
| Gross operating margin9900 | -€0.3m | -€0.06m | €0.08m | €0.1m | €0.1m | -€0.05m | -€0.5m | ▼ 749% |
| Operating profit (loss)9901 | -€0.3m | -€0.08m | €0.08m | €0.1m | €0.1m | -€0.06m | -€0.5m | ▼ 736% |
| Financial income75/76B | - | - | €9.7m | €8.9m | €1.9m | €96.9m | €41.4m | ▼ 57.3% |
| Recurring financial income75 | €18.5m | €3.7m | €5.8m | €5.7m | €1.9m | €96.3m | €40.2m | ▼ 58.3% |
| Non-recurring financial income76B | - | - | €3.9m | €3.2m | - | €0.6m | €1.2m | ▲ 92.5% |
| Financial charges65/66B | - | - | €0.02m | €0.01m | €220 | €95.8m | €37.6m | ▼ 60.7% |
| Recurring financial charges65 | €91 | €7 | €0.02m | €0.01m | €220 | €0.01m | €0.01m | ▼ 20.0% |
| Non-recurring financial charges66B | - | - | - | - | - | €95.8m | €37.6m | ▼ 60.7% |
| Profit (loss) for the period before taxes9903 | €18.1m | €3.6m | €9.8m | €9.0m | €2.0m | €1.0m | €3.3m | ▲ 231% |
| Income taxes67/77 | - | - | €0.02m | -€0.02m | €0.03m | €0.3m | €0.5m | ▲ 109% |
| Profit (loss) for the period9904 | €18.1m | €3.6m | €9.7m | €9.1m | €2.0m | €0.7m | €2.8m | ▲ 274% |
| Profit (loss) for the period to be appropriated9905 | €18.1m | €3.6m | €9.7m | €9.1m | €2.0m | €0.7m | €2.8m | ▲ 274% |
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|
| Assets | ||||||||
| Total assets20/58 | €261.2m | €261.2m | €275.4m | €275.4m | €275.1m | €269.0m | €263.3m | ▼ 2.1% |
| Fixed assets21/28 | €261.0m | €261.0m | €261.0m | €261.0m | €261.0m | €165.2m | €228.8m | ▲ 38.5% |
| Tangible fixed assets22/27 | - | €0.002m | €0.002m | €0.001m | €59 | - | - | - |
| Furniture and vehicles24 | - | - | €0.002m | €0.001m | €59 | - | - | - |
| Financial fixed assets28 | €261.0m | €261.0m | €261.0m | €261.0m | €261.0m | €165.2m | €228.8m | ▲ 38.5% |
| Current assets29/58 | €0.2m | €0.2m | €14.3m | €14.3m | €14.1m | €103.8m | €34.5m | ▼ 66.7% |
| Amounts receivable within one year40/41 | €0.007m | €0.03m | €0.06m | €0.004m | €0.08m | €0.03m | €0.2m | ▲ 535% |
| Trade receivables40 | - | - | €0.06m | - | €0.06m | - | €0.03m | - |
| Other amounts receivable41 | - | - | - | €0.004m | €0.02m | €0.03m | €0.2m | ▲ 447% |
| Current investments50/53 | - | - | - | €14.0m | €13.7m | €102.6m | €33.0m | ▼ 67.9% |
| Cash at bank and in hand54/58 | €0.2m | €0.2m | €14.3m | €0.3m | €0.3m | €0.3m | €1.3m | ▲ 295% |
| Deferred charges and accrued income490/1 | - | - | - | €0.02m | €0.05m | €0.9m | €0.07m | ▼ 91.9% |
| Equity and liabilities | ||||||||
| Total equity and liabilities10/49 | €261.2m | €261.2m | €275.4m | €275.4m | €275.1m | €269.0m | €263.3m | ▼ 2.1% |
| Equity10/15 | €188.2m | €250.6m | €275.0m | €275.2m | €275.0m | €263.8m | €253.9m | ▼ 3.7% |
| Contributions10/11 | €170.1m | €229.1m | €244.0m | €244.0m | €244.0m | €244.0m | €244.0m | = |
| Capital10 | - | - | €244.0m | €244.0m | €244.0m | €244.0m | €244.0m | = |
| Issued capital100 | - | - | €244.0m | €244.0m | €244.0m | €244.0m | €244.0m | = |
| Reserves13 | €0.9m | €21.1m | €30.6m | €30.8m | €30.8m | €19.0m | €6.6m | ▼ 65.2% |
| Non-distributable reserves130/1 | - | - | €1.6m | €2.0m | €2.1m | €2.2m | €2.3m | ▲ 6.4% |
| Legal reserve130 | - | - | €1.6m | €2.0m | €2.1m | €2.2m | €2.3m | ▲ 6.4% |
| Distributable reserves133 | - | - | €29.0m | €28.8m | €28.6m | €16.8m | €4.3m | ▼ 74.4% |
| Profit (loss) carried forward14 | €17.2m | €0.4m | €0.5m | €0.4m | €0.2m | €0.8m | €3.3m | ▲ 315% |
| Amounts payable17/49 | €73.0m | €10.6m | €0.4m | €0.1m | €0.1m | €5.2m | €9.4m | ▲ 80.8% |
| Amounts payable within one year42/48 | €73.0m | €10.6m | €0.4m | €0.1m | €0.1m | €5.2m | €9.4m | ▲ 81.4% |
| Financial debts43 | - | - | - | - | - | €5.0m | - | - |
| Credit institutions430/8 | - | - | - | - | - | €5.0m | - | - |
| Trade debts44 | €0.1m | €0.001m | €0.01m | €0.01m | €0.01m | €0.01m | €0.03m | ▲ 87.1% |
| Suppliers440/4 | - | - | €0.01m | €0.01m | €0.01m | €0.01m | €0.03m | ▲ 87.1% |
| Taxes, remuneration and social security45 | - | - | €0.03m | €0.008m | €0.008m | €0.07m | €0.07m | ▲ 3.4% |
| Taxes450/3 | - | - | €0.03m | €0.008m | €0.008m | €0.07m | €0.07m | ▲ 3.4% |
| Other amounts payable47/48 | - | - | €0.3m | €0.1m | €0.1m | €0.1m | €9.3m | ▲ 79× |
| Accrued charges and deferred income492/3 | - | - | €167 | €0.001m | - | €0.01m | - | - |
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €18.1m | €3.6m | €9.7m | €9.1m | €2.0m | €0.7m | €2.8m | ▲ 274% |
| + Depreciation and write-downs630 | €0.05m | €0.01m | €0.001m | €0.001m | €0.001m | €59 | - | - |
| Operating cash flow (approximation) | €18.2m | €3.6m | €9.7m | €9.1m | €2.0m | €0.7m | €2.8m | ▲ 273% |
| Investment in fixed assets (approximation) | - | -€0.02m | -€0.001m | €0 | €0 | €95.8m | -€63.6m | - |
| Change in cash | - | -€0.03m | €14.1m | -€14.0m | -€0.05m | €0.08m | €1.0m | ▲ 13× |
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 | full format | 15-06-2026 | 2026-00169548 | |
| 31-12-2024 | full format | 18-06-2025 | 2025-00150158 | |
| 31-12-2023 | full format | 03-07-2024 | 2024-00203152 | |
| 31-12-2022 | full format | 06-06-2023 | 2023-00109066 | |
| 31-12-2021 | full format | 06-07-2022 | 2022-20149947 | |
| 31-12-2020 | full format | 09-06-2021 | 2021-18400227 | |
| 31-12-2019 | full format | 03-06-2020 | 2020-14700427 |