Financials · financial year 2025, micro format
Annual accounts 2025 filed on 31-07-2026 at the NBB all 4 filings
Equity
€174,333▲ 1.0%
2024 · €172,669
Net result
€25,664▼ 42.5%
2024 · €44,671
Total assets
€794,658▲ 0.5%
2024 · €790,767
Solvency
21.9%▲ 0.1pp
2024 · 21.8%
Multi-year overview
2022 to 2025, 4 financial yearsOperating result
€58,139
▼ 15.6%
2025
20222025
Net result
€25,664
▼ 42.5%
2025
middle half of the sector
20222025
Equity
€174,333
▲ 1.0%
2025
middle half of the sector
20222025
Total assets
€794,658
▲ 0.5%
2025
middle half of the sector
20222025
Debt
€620,325
▲ 0.4%
2025
20222025
Working capital
-€74,420
▲ 8.1%
2025
lowest quarter of the sector
20222025
Solvency
21.9%
▲ 0.1pp
2025
middle half of the sector
20222025
Current ratio
0.61
▲ 0.12
2025
lowest quarter of the sector
20222025
Return on assets (ROA)
3.2%
▼ 2.4pp
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
Operating result€84,741-€75,430▼ 11.0%€68,879▼ 8.7%€58,139▼ 15.6%
Net result€76,203above the sector's middle half-€51,594within the sector's middle half▼ 32.3%€44,671within the sector's middle half▼ 13.4%€25,664within the sector's middle half▼ 42.5%
Equity€79,603within the sector's middle half-€129,598within the sector's middle half▲ 62.8%€172,669within the sector's middle half▲ 33.2%€174,333within the sector's middle half▲ 1.0%
Total assets€312,603within the sector's middle half-€392,501within the sector's middle half▲ 25.6%€790,767within the sector's middle half▲ 101%€794,658within the sector's middle half▲ 0.5%
Debt€232,999-€262,903▲ 12.8%€618,098▲ 135%€620,325▲ 0.4%
Working capital€18,900within the sector's middle half-€59,275within the sector's middle half▲ 214%-€81,017below the sector's middle half-€74,420below the sector's middle half▲ 8.1%
Solvency25.5%within the sector's middle half-33.0%within the sector's middle half▲ 7.6pp21.8%below the sector's middle half▼ 11.2pp21.9%within the sector's middle half▲ 0.1pp
Current ratio1.26within the sector's middle half-1.52within the sector's middle half▲ 0.270.49below the sector's middle half▼ 1.030.61below the sector's middle half▲ 0.12
Return on assets (ROA)24.4%above the sector's middle half-13.1%within the sector's middle half▼ 11.2pp5.6%within the sector's middle half▼ 7.5pp3.2%within the sector's middle half▼ 2.4pp
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 16% lower than in 2024 and the lowest since 2022. It is the third fall in a row.
Turnover and EBIT margin are not published. The micro 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 €794,658
Fixed assets
€678,666 ▼ 4.7%
Current assets
€115,993 ▲ 47.1%
Equity and liabilities €794,658
Equity
€174,333 ▲ 1.0%
Debt
€620,325 ▲ 0.4%
Debt's share of the balance-sheet total falls from 78.2% to 78.1%. Equity and debt are higher.
Key figures and ratios
ROE
14.7%▼
2024 · 25.9%
Debt ≤ 1 year
€190,413▲
2024 · €159,884
Debt > 1 year
€429,912▼
2024 · €458,214
Income taxes
€7,812▼
2024 · €12,328
Green means a favourable move, even when the figure itself falls, as with debt or debt to equity.
Investments
| Item | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|
| Tangible fixed assets | €222,078 | €11,789 | €510,860 | €1,037 |
| Depreciation and write-downs of the year | €2,185 | €11,712 | €18,929 | €34,272 |
Source: notes to the 2022 to 2025 annual accounts (statement of fixed assets)
Annual accounts
| Line | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|
| Remuneration, social security and pensions62 | - | €290 | - | - | - |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €2,185 | €11,712 | €18,929 | €34,272 | ▲ 81.1% |
| Other operating charges640/8 | €208 | €486 | €1,608 | €5,040 | ▲ 213% |
| Gross operating margin9900 | €87,134 | €87,918 | €89,416 | €97,451 | ▲ 9.0% |
| Operating profit (loss)9901 | €84,741 | €75,430 | €68,879 | €58,139 | ▼ 15.6% |
| Financial income75/76B | - | €44 | €533 | €142 | ▼ 73.4% |
| Recurring financial income75 | - | €44 | €533 | €142 | ▼ 73.4% |
| Financial charges65/66B | €2,586 | €10,154 | €12,413 | €24,805 | ▲ 99.8% |
| Recurring financial charges65 | €2,586 | €10,154 | €12,413 | €24,805 | ▲ 99.8% |
| Profit (loss) for the period before taxes9903 | €82,155 | €65,320 | €56,999 | €33,476 | ▼ 41.3% |
| Income taxes67/77 | €5,952 | €13,726 | €12,328 | €7,812 | ▼ 36.6% |
| Profit (loss) for the period9904 | €76,203 | €51,594 | €44,671 | €25,664 | ▼ 42.5% |
| Profit (loss) for the period to be appropriated9905 | €76,203 | €51,594 | €44,671 | €25,664 | ▼ 42.5% |
| Line | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|
| Assets | |||||
| Total assets20/58 | €312,603 | €392,501 | €790,767 | €794,658 | ▲ 0.5% |
| Fixed assets21/28 | €219,893 | €219,969 | €711,900 | €678,666 | ▼ 4.7% |
| Tangible fixed assets22/27 | €219,893 | €219,969 | €711,900 | €678,666 | ▼ 4.7% |
| Land and buildings22 | €209,027 | €209,025 | €674,065 | €649,914 | ▼ 3.6% |
| Plant, machinery and equipment23 | €8,281 | €9,203 | €8,060 | €6,545 | ▼ 18.8% |
| Furniture and vehicles24 | €2,585 | €1,742 | €29,776 | €22,207 | ▼ 25.4% |
| Current assets29/58 | €92,710 | €172,531 | €78,867 | €115,993 | ▲ 47.1% |
| Amounts receivable after more than one year29 | €67,719 | €29,773 | - | - | - |
| Trade receivables290 | €25,979 | €29,773 | - | - | - |
| Other amounts receivable291 | €41,740 | - | - | - | - |
| Amounts receivable within one year40/41 | - | - | €30,370 | €35,356 | ▲ 16.4% |
| Trade receivables40 | - | - | €30,370 | €32,584 | ▲ 7.3% |
| Other amounts receivable41 | - | - | - | €2,771 | - |
| Current investments50/53 | €7,407 | €19,267 | €31,039 | €40,813 | ▲ 31.5% |
| Cash at bank and in hand54/58 | €16,073 | €121,873 | €16,566 | €37,746 | ▲ 128% |
| Deferred charges and accrued income490/1 | €1,512 | €1,619 | €892 | €2,078 | ▲ 133% |
| Equity and liabilities | |||||
| Total equity and liabilities10/49 | €312,603 | €392,501 | €790,767 | €794,658 | ▲ 0.5% |
| Equity10/15 | €79,603 | €129,598 | €172,669 | €174,333 | ▲ 1.0% |
| Contributions10/11 | €5,000 | €5,000 | €5,000 | €5,000 | = |
| Reserves13 | €74,603 | €124,598 | €167,669 | €169,333 | ▲ 1.0% |
| Distributable reserves133 | €74,603 | €124,598 | €167,669 | €169,333 | ▲ 1.0% |
| Amounts payable17/49 | €232,999 | €262,903 | €618,098 | €620,325 | ▲ 0.4% |
| Amounts payable after more than one year17 | €159,189 | €149,647 | €458,214 | €429,912 | ▼ 6.2% |
| Financial debts170/4 | €159,189 | €149,647 | €458,214 | €429,912 | ▼ 6.2% |
| Amounts payable within one year42/48 | €73,811 | €113,256 | €159,884 | €190,413 | ▲ 19.1% |
| Current portion of amounts payable after more than one year42 | €9,290 | €9,542 | €27,432 | €28,302 | ▲ 3.2% |
| Trade debts44 | €290 | - | - | €837 | - |
| Suppliers440/4 | €290 | - | - | €837 | - |
| Taxes, remuneration and social security45 | €11,246 | €21,047 | €35,371 | €13,390 | ▼ 62.1% |
| Taxes450/3 | €1,952 | €21,047 | €35,371 | €13,390 | ▼ 62.1% |
| Remuneration and social security454/9 | €9,294 | - | - | - | - |
| Other amounts payable47/48 | €52,984 | €82,668 | €97,080 | €147,884 | ▲ 52.3% |
| Line | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €76,203 | €51,594 | €44,671 | €25,664 | ▼ 42.5% |
| + Depreciation and write-downs630 | €2,185 | €11,712 | €18,929 | €34,272 | ▲ 81.1% |
| Operating cash flow (approximation) | €78,389 | €63,307 | €63,600 | €59,936 | ▼ 5.8% |
| Investment in fixed assets (approximation) | - | -€11,789 | -€510,860 | -€1,037 | ▲ 99.8% |
| Change in cash | - | €105,800 | -€105,306 | €21,179 | - |
A Belgian filing has no cash-flow statement. These rows are therefore an approximation, derived from the income statement and the balance-sheet moves.