Financials · financial year 2025, full format
2025 annual accounts filed 50 days after the deadline Filed on 19 September 2026, deadline 31 July 2026 (7 months after the close on 31 December 2025, Companies Code art. 3:10). Source: NBB, 2026-00516829.
Annual accounts 2025 filed on 19-09-2026 at the NBB all 4 filings
Equity
€693,015▲ 5.8%
2024 · €655,045
Net result
€37,970▼ 65.0%
2024 · €108,619
Total assets
€3.2m▲ 2.7%
2024 · €3.1m
Solvency
21.7%▲ 0.6pp
2024 · 21.0%
Multi-year overview
2022 to 2025, 4 financial yearsTurnover
€344,283
▼ 21.9%
2025
20222025
Operating result
€190,737
▼ 36.2%
2025
20222025
Net result
€37,970
▼ 65.0%
2025
middle half of the sector
20222025
Equity
€693,015
▲ 5.8%
2025
lowest quarter of the sector
20222025
Total assets
€3.2m
▲ 2.7%
2025
middle half of the sector
20222025
Debt
€2.5m
▲ 1.9%
2025
20222025
Working capital
-€285,836
▲ 66.5%
2025
middle half of the sector
20222025
Solvency
21.7%
▲ 0.6pp
2025
lowest quarter of the sector
20222025
Current ratio
0.40
▲ 0.28
2025
middle half of the sector
20222025
Return on assets (ROA)
1.2%
▼ 2.3pp
2025
middle half of the sector
20222025
Staff (FTE)
1
2025
middle half of the sector
20222025
Every figure per financial year
Every figure with its change against the financial year before
favourable
unfavourable
Line2022202320242025
Turnover€0.4m-€0.5m▲ 10.4%€0.4m▼ 6.4%€0.3m▼ 21.9%
Operating result€0.3m-€0.3m▲ 11.6%€0.3m▲ 3.1%€0.2m▼ 36.2%
Net result€0.2mwithin the sector's middle half-€0.2mwithin the sector's middle half▲ 4.4%€0.1mwithin the sector's middle half▼ 38.6%€0.04mwithin the sector's middle half▼ 65.0%
Equity€0.4mbelow the sector's middle half-€0.5mwithin the sector's middle half▲ 47.9%€0.7mwithin the sector's middle half▲ 19.9%€0.7mbelow the sector's middle half▲ 5.8%
Total assets€3.3mwithin the sector's middle half-€3.3mwithin the sector's middle half▼ 0.9%€3.1mwithin the sector's middle half▼ 4.8%€3.2mwithin the sector's middle half▲ 2.7%
Debt€2.9m-€2.7m▼ 7.1%€2.5m▼ 9.7%€2.5m▲ 1.9%
Working capital-€0.6mbelow the sector's middle half--€0.7mbelow the sector's middle half▼ 19.9%-€0.9mbelow the sector's middle half▼ 27.6%-€0.3mwithin the sector's middle half▲ 66.5%
Solvency11.2%below the sector's middle half-16.7%below the sector's middle half▲ 5.5pp21.0%below the sector's middle half▲ 4.3pp21.7%below the sector's middle half▲ 0.6pp
Current ratio0.35within the sector's middle half-0.29below the sector's middle half▼ 0.070.12below the sector's middle half▼ 0.170.40within the sector's middle half▲ 0.28
Return on assets (ROA)5.1%within the sector's middle half-5.4%within the sector's middle half▲ 0.3pp3.5%within the sector's middle half▼ 1.9pp1.2%within the sector's middle half▼ 2.3pp
Staff (FTE)1within 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 36% lower than in 2024 and the lowest since 2022.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €3.2m
Fixed assets
€3.0m ▲ 0.4%
Current assets
€187,156 ▲ 66.6%
Equity and liabilities €3.2m
Equity
€693,015 ▲ 5.8%
Debt
€2.5m ▲ 1.9%
Debt's share of the balance-sheet total falls from 79.0% to 78.3%. Equity and debt are higher.
Key figures and ratios
ROE
5.5%▼
2024 · 16.6%
Debt ≤ 1 year
€472,992▼
2024 · €965,342
Debt > 1 year
€2.0m▲
2024 · €1.4m
Income taxes
€49,645▼
2024 · €61,973
Staff costs
€28,398▲
2024 · €2,020
Green means a favourable move, even when the figure itself falls, as with debt or debt to equity.
Staff
| Item | 31-12-2025 |
|---|---|
| Employees at the balance-sheet date | 1 |
| full-time | 1 |
| in full-time equivalents | 1 |
| Average over the year, in full-time equivalents | 1 |
| On a permanent contract | 1 |
| Joined | 1 |
| Left | 0 |
Source: social balance sheet in the 2025 annual accounts
Investments
| Item | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|
| Tangible fixed assets | - | €3,044 | - | €15,988 |
| Financial fixed assets | €3.0m | - | - | - |
| Depreciation and write-downs of the year | - | €23 | €1,014 | €5,295 |
Source: notes to the 2022 to 2025 annual accounts (statement of fixed assets)
Annual accounts
| Line | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|
| Turnover70 | €426,388 | €470,565 | €440,611 | €344,283 | ▼ 21.9% |
| Non-recurring operating income76A | - | €13 | €175 | €5,439 | ▲ 31× |
| Goods, raw materials, services and sundry goods60/61 | €168,068 | €199,770 | €140,567 | €164,763 | ▲ 17.2% |
| Remuneration, social security and pensions62 | - | €2,710 | €2,020 | €28,398 | ▲ 14× |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | - | €23 | €1,014 | €5,295 | ▲ 422% |
| Other operating charges640/8 | €1,435 | €870 | €820 | €6,788 | ▲ 728% |
| Gross operating margin9900 | €261,108 | €293,490 | €302,745 | €231,218 | ▼ 23.6% |
| Operating profit (loss)9901 | €259,673 | €289,886 | €298,890 | €190,737 | ▼ 36.2% |
| Financial income75/76B | - | €265 | €842 | €848 | ▲ 0.6% |
| Recurring financial income75 | - | €265 | €842 | €848 | ▲ 0.6% |
| Financial charges65/66B | €32,458 | €55,367 | €129,140 | €103,969 | ▼ 19.5% |
| Recurring financial charges65 | €32,458 | €55,367 | €129,140 | €98,654 | ▼ 23.6% |
| Non-recurring financial charges66B | - | - | - | €5,315 | - |
| Profit (loss) for the period before taxes9903 | €227,216 | €234,783 | €170,592 | €87,616 | ▼ 48.6% |
| Income taxes67/77 | €57,730 | €57,843 | €61,973 | €49,645 | ▼ 19.9% |
| Profit (loss) for the period9904 | €169,486 | €176,940 | €108,619 | €37,970 | ▼ 65.0% |
| Transfer to tax-exempt reserves689 | - | - | €50,520 | - | - |
| Profit (loss) for the period to be appropriated9905 | €169,486 | €176,940 | €58,099 | €37,970 | ▼ 34.6% |
| Line | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|
| Assets | |||||
| Total assets20/58 | €3.3m | €3.3m | €3.1m | €3.2m | ▲ 2.7% |
| Fixed assets21/28 | €3.0m | €3.0m | €3.0m | €3.0m | ▲ 0.4% |
| Tangible fixed assets22/27 | - | €0.003m | €0.002m | €0.01m | ▲ 533% |
| Plant, machinery and equipment23 | - | - | - | €0.002m | - |
| Furniture and vehicles24 | - | €0.003m | €0.002m | €0.01m | ▲ 431% |
| Financial fixed assets28 | €3.0m | €3.0m | €3.0m | €3.0m | = |
| Current assets29/58 | €0.3m | €0.3m | €0.1m | €0.2m | ▲ 66.6% |
| Amounts receivable within one year40/41 | €0.1m | €0.07m | €0.05m | €0.2m | ▲ 211% |
| Trade receivables40 | €0.1m | €0.05m | €0.04m | €0.1m | ▲ 231% |
| Other amounts receivable41 | - | €0.02m | €0.006m | €0.01m | ▲ 78.0% |
| Current investments50/53 | €0 | - | - | - | - |
| Cash at bank and in hand54/58 | €0.2m | €0.2m | €0.06m | €0.03m | ▼ 43.5% |
| Deferred charges and accrued income490/1 | €0.003m | €0.001m | €0.002m | €0.001m | ▼ 68.8% |
| Equity and liabilities | |||||
| Total equity and liabilities10/49 | €3.3m | €3.3m | €3.1m | €3.2m | ▲ 2.7% |
| Equity10/15 | €0.4m | €0.5m | €0.7m | €0.7m | ▲ 5.8% |
| Contributions10/11 | €0.2m | €0.2m | €0.2m | €0.2m | = |
| Capital10 | €0.2m | €0.2m | €0.2m | €0.2m | = |
| Issued capital100 | €0.2m | €0.2m | €0.2m | €0.2m | = |
| Reserves13 | €0.02m | €0.02m | €0.07m | €0.07m | = |
| Non-distributable reserves130/1 | €0.02m | €0.02m | €0.02m | €0.02m | = |
| Legal reserve130 | €0.02m | €0.02m | €0.02m | €0.02m | = |
| Tax-exempt reserves132 | - | - | €0.05m | €0.05m | = |
| Profit (loss) carried forward14 | €0.1m | €0.3m | €0.4m | €0.4m | ▲ 9.9% |
| Amounts payable17/49 | €2.9m | €2.7m | €2.5m | €2.5m | ▲ 1.9% |
| Amounts payable after more than one year17 | €2.1m | €1.7m | €1.4m | €2.0m | ▲ 38.3% |
| Financial debts170/4 | €1.9m | €1.6m | €1.4m | €2.0m | ▲ 38.3% |
| Other amounts payable178/9 | €0.2m | €0.1m | - | - | - |
| Amounts payable within one year42/48 | €0.9m | €0.9m | €1.0m | €0.5m | ▼ 51.0% |
| Current portion of amounts payable after more than one year42 | €0.2m | €0.2m | €0.3m | €0.3m | ▲ 2.1% |
| Trade debts44 | €0.02m | €0.04m | €0.06m | €0.03m | ▼ 54.7% |
| Suppliers440/4 | €0.02m | €0.04m | €0.06m | €0.03m | ▼ 54.7% |
| Taxes, remuneration and social security45 | €0.08m | €0.1m | €0.09m | €0.06m | ▼ 34.8% |
| Taxes450/3 | €0.08m | €0.1m | €0.09m | €0.06m | ▼ 34.8% |
| Remuneration and social security454/9 | - | €0 | - | - | - |
| Other amounts payable47/48 | €0.6m | €0.5m | €0.6m | €0.1m | ▼ 76.9% |
| Accrued charges and deferred income492/3 | €0.009m | €0.04m | €0.07m | €0.06m | ▼ 10.9% |
| Line | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €169,486 | €176,940 | €108,619 | €37,970 | ▼ 65.0% |
| + Depreciation and write-downs630 | - | €23 | €1,014 | €5,295 | ▲ 422% |
| Operating cash flow (approximation) | €169,486 | €176,964 | €109,634 | €43,266 | ▼ 60.5% |
| Investment in fixed assets (approximation) | - | -€3,044 | €0 | -€15,988 | - |
| Change in cash | - | -€6,018 | -€134,077 | -€26,904 | ▲ 79.9% |
A Belgian filing has no cash-flow statement. These rows are therefore an approximation, derived from the income statement and the balance-sheet moves.