Financials · financial year 2025, abbreviated format
Annual accounts 2025 filed on 24-07-2026 at the NBB all 5 filings
Equity
€213,092▼ 2.2%
2024 · €217,788
Net result
-€4,696
2024 · €202
Total assets
€1.6m=
2024 · €1.6m
Solvency
13.6%▼ 0.3pp
2024 · 13.9%
Multi-year overview
2021 to 2025, 5 financial yearsOperating result
€38,638
▼ 32.0%
2025
20212025
Net result
-€4,696
2025
lowest quarter of the sector
20212025
Equity
€213,092
▼ 2.2%
2025
middle half of the sector
20212025
Total assets
€1.6m
=
2025
middle half of the sector
20212025
Debt
€1.4m
▲ 0.3%
2025
20212025
Working capital
-€176,992
▼ 17.6%
2025
middle half of the sector
20212025
Solvency
13.6%
▼ 0.3pp
2025
lowest quarter of the sector
20212025
Current ratio
0.16
▼ 0.08
2025
lowest quarter of the sector
20212025
Return on assets (ROA)
-0.3%
▼ 0.3pp
2025
lowest quarter of the sector
20212025
Staff (FTE)
0
2025
middle half of the sector
20212025
Every figure per financial year
Every figure with its change against the financial year before
favourable
unfavourable
Line20212022202320242025
Operating result€0.06m-€0.06m▼ 7.2%-€0.1m€0.06m€0.04m▼ 32.0%
Net result€0.04mwithin the sector's middle half-€0.04mwithin the sector's middle half▼ 0.5%-€0.1mbelow the sector's middle half€202below the sector's middle half-€0.005mbelow the sector's middle half
Equity€0.3mwithin the sector's middle half-€0.3mwithin the sector's middle half▲ 13.3%€0.2mwithin the sector's middle half▼ 37.6%€0.2mwithin the sector's middle half▲ 0.1%€0.2mwithin the sector's middle half▼ 2.2%
Total assets€0.5mbelow the sector's middle half-€1.0mwithin the sector's middle half▲ 116%€1.3mwithin the sector's middle half▲ 31.4%€1.6mwithin the sector's middle half▲ 21.2%€1.6mwithin the sector's middle half=
Debt€0.1m-€0.6m▲ 330%€1.1m▲ 69.0%€1.4m▲ 25.4%€1.4m▲ 0.3%
Working capital€0.02mwithin the sector's middle half--€0.01mwithin the sector's middle half-€0.6mbelow the sector's middle half▼ 4,534%-€0.2mwithin the sector's middle half▲ 75.4%-€0.2mwithin the sector's middle half▼ 17.6%
Solvency67.5%within the sector's middle half-35.3%within the sector's middle half▼ 32.1pp16.8%below the sector's middle half▼ 18.5pp13.9%below the sector's middle half▼ 2.9pp13.6%below the sector's middle half▼ 0.3pp
Current ratio1.33within the sector's middle half-0.80within the sector's middle half▼ 0.520.07below the sector's middle half▼ 0.730.25below the sector's middle half▲ 0.180.16below the sector's middle half▼ 0.08
Return on assets (ROA)9.0%within the sector's middle half-4.1%within the sector's middle half▼ 4.9pp-10.1%below the sector's middle half▼ 14.2pp0.0%below the sector's middle half▲ 10.1pp-0.3%below the sector's middle half▼ 0.3pp
Staff (FTE)0within the sector's middle half0within the sector's middle half0within the sector's middle half
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 32% lower than in 2024.
Turnover and EBIT margin are not published. The abbreviated format does not require them. The turnover shown is an estimate from the gross margin.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €1.6m
Fixed assets
€1.5m ▲ 0.9%
Current assets
€34,824 ▼ 29.6%
Equity and liabilities €1.6m
Equity
€213,092 ▼ 2.2%
Debt
€1.4m ▲ 0.3%
Debt's share of the balance-sheet total rises from 86.1% to 86.4%. Equity is lower and debt is higher.
Key figures and ratios
ROE
-2.2%▼
2024 · 0.1%
Debt ≤ 1 year
€211,816▲
2024 · €199,965
Debt > 1 year
€1.1m▼
2024 · €1.2m
Income taxes
€282▲
2024 · €196
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 |
|---|---|---|---|---|---|
| Debts secured on the company's own assets | - | - | €379,105 | €570,646 | €541,059 |
| Mortgages, amount registered | - | - | €25,000 | €25,000 | €25,000 |
| Mortgage mandates | - | - | €0 | €0 | €0 |
| Carrying value of the mortgaged assets | - | - | €888,949 | €888,949 | €888,949 |
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 | €263,000 | €592,350 | €501,793 | €319,716 | €72,487 |
| Intangible fixed assets | €0 | - | - | - | - |
| Financial fixed assets | €124,300 | - | - | - | - |
| Depreciation and write-downs of the year | €12,546 | €35,354 | €22,848 | €47,544 | €58,646 |
Source: notes to the 2021 to 2025 annual accounts (statement of fixed assets)
Annual accounts
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €12,546 | €35,354 | €22,848 | €47,544 | €58,646 | ▲ 23.4% |
| Other operating charges640/8 | €1,542 | €2,699 | €2,503 | €3,414 | €4,576 | ▲ 34.1% |
| Non-recurring operating charges66A | - | - | €162,433 | €0 | - | - |
| Gross operating margin9900 | €77,543 | €96,915 | €89,540 | €107,775 | €101,860 | ▼ 5.5% |
| Operating profit (loss)9901 | €63,455 | €58,861 | -€98,244 | €56,817 | €38,638 | ▼ 32.0% |
| Financial income75/76B | - | €11 | €0 | €1 | €0 | ▼ 24.5% |
| Recurring financial income75 | - | €11 | €0 | €1 | €0 | ▼ 24.5% |
| Financial charges65/66B | €2,308 | €2,466 | €32,635 | €56,420 | €43,053 | ▼ 23.7% |
| Recurring financial charges65 | €2,308 | €2,466 | €32,635 | €56,420 | €43,053 | ▼ 23.7% |
| Profit (loss) for the period before taxes9903 | €61,147 | €56,407 | -€130,879 | €398 | -€4,414 | - |
| Income taxes67/77 | €20,053 | €15,535 | €0 | €196 | €282 | ▲ 43.9% |
| Profit (loss) for the period9904 | €41,094 | €40,872 | -€130,879 | €202 | -€4,696 | - |
| Profit (loss) for the period to be appropriated9905 | €41,094 | €40,872 | -€130,879 | €202 | -€4,696 | - |
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Assets | ||||||
| Total assets20/58 | €0.5m | €1.0m | €1.3m | €1.6m | €1.6m | = |
| Fixed assets21/28 | €0.4m | €0.9m | €1.2m | €1.5m | €1.5m | ▲ 0.9% |
| Tangible fixed assets22/27 | €0.3m | €0.8m | €1.1m | €1.4m | €1.4m | ▲ 1.0% |
| Land and buildings22 | €0.3m | €0.8m | €1.1m | €1.3m | €1.3m | ▲ 2.5% |
| Plant, machinery and equipment23 | - | €0.005m | €0.004m | €0.003m | €0.002m | ▼ 36.2% |
| Furniture and vehicles24 | - | - | - | €0.08m | €0.06m | ▼ 22.8% |
| Financial fixed assets28 | €0.1m | €0.1m | €0.1m | €0.1m | €0.1m | = |
| Current assets29/58 | €0.08m | €0.05m | €0.05m | €0.05m | €0.03m | ▼ 29.6% |
| Amounts receivable within one year40/41 | €0.003m | €0.005m | €0.03m | €0.03m | €0.01m | ▼ 68.0% |
| Trade receivables40 | €0.001m | €0.002m | €0.02m | €0.03m | €277 | ▼ 99.0% |
| Other amounts receivable41 | €0.002m | €0.003m | €0.008m | €0.002m | €0.01m | ▲ 309% |
| Cash at bank and in hand54/58 | €0.07m | €0.04m | €0.02m | €0.005m | €0.02m | ▲ 305% |
| Deferred charges and accrued income490/1 | €0.01m | €0.008m | €0.006m | €0.01m | €0.006m | ▼ 55.2% |
| Equity and liabilities | ||||||
| Total equity and liabilities10/49 | €0.5m | €1.0m | €1.3m | €1.6m | €1.6m | = |
| Equity10/15 | €0.3m | €0.3m | €0.2m | €0.2m | €0.2m | ▼ 2.2% |
| Contributions10/11 | €0.3m | €0.3m | €0.3m | €0.3m | €0.3m | = |
| Reserves13 | €0.04m | €0.08m | €0.08m | €0.08m | €0.08m | = |
| Distributable reserves133 | €0.04m | €0.08m | €0.08m | €0.08m | €0.08m | = |
| Profit (loss) carried forward14 | - | - | -€0.1m | -€0.1m | -€0.1m | ▼ 3.6% |
| Amounts payable17/49 | €0.1m | €0.6m | €1.1m | €1.4m | €1.4m | ▲ 0.3% |
| Amounts payable after more than one year17 | €0.09m | €0.6m | €0.4m | €1.2m | €1.1m | ▼ 0.7% |
| Financial debts170/4 | €0.09m | €0.6m | €0.4m | €1.2m | €1.1m | ▼ 0.7% |
| Amounts payable within one year42/48 | €0.06m | €0.07m | €0.7m | €0.2m | €0.2m | ▲ 5.9% |
| Current portion of amounts payable after more than one year42 | €0.02m | €0.02m | €0.03m | €0.07m | €0.08m | ▲ 11.5% |
| Financial debts43 | - | - | €0.5m | €0 | - | - |
| Credit institutions430/8 | - | - | €0.5m | €0 | - | - |
| Trade debts44 | €0.002m | €0.02m | €0.07m | €0.04m | €0.02m | ▼ 48.2% |
| Suppliers440/4 | €0.002m | €0.02m | €0.07m | €0.04m | €0.02m | ▼ 48.2% |
| Advances received on contracts in progress46 | €0.01m | €0 | - | - | - | - |
| Taxes, remuneration and social security45 | €0.03m | €0.03m | €0.06m | €0.02m | €0.01m | ▼ 44.0% |
| Taxes450/3 | €0.03m | €0.03m | €0.06m | €0.02m | €0.01m | ▼ 44.0% |
| Other amounts payable47/48 | €0.003m | €0.002m | €0 | €0.07m | €0.1m | ▲ 43.1% |
| Accrued charges and deferred income492/3 | €0 | €373 | €0.001m | €49 | €24 | ▼ 51.9% |
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €41,094 | €40,872 | -€130,879 | €202 | -€4,696 | - |
| + Depreciation and write-downs630 | €12,546 | €35,354 | €22,848 | €47,544 | €58,646 | ▲ 23.4% |
| Operating cash flow (approximation) | €53,639 | €76,226 | -€108,032 | €47,747 | €53,950 | ▲ 13.0% |
| Investment in fixed assets (approximation) | - | -€592,350 | -€339,360 | -€319,716 | -€72,487 | ▲ 77.3% |
| Change in cash | - | -€27,055 | -€25,800 | -€11,392 | €14,123 | - |
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 (5)
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-12-2025 | abbreviated format | 24-07-2026 | 2026-00374849 | |
| 31-12-2024 | abbreviated format | 30-09-2025 | 2025-00524095 | |
| 31-12-2023 | abbreviated format | 30-09-2024 | 2024-00486428 | |
| 31-12-2022 | abbreviated format | 14-07-2023 | 2023-00247616 | |
| 31-12-2021 | abbreviated format | 15-07-2022 | 2022-20200985 |