Financials · financial year 2025, micro format
Annual accounts 2025 filed on 22-07-2026 at the NBB all 5 filings
Equity
€87,691▲ 0.5%
2024 · €87,228
Net result
€55,464▼ 78.0%
2024 · €251,862
Total assets
€280,059▼ 30.5%
2024 · €402,703
Solvency
31.3%▲ 9.7pp
2024 · 21.7%
Multi-year overview
2021 to 2025, 5 financial yearsOperating result
€63,361
▼ 77.4%
2025
20212025
Net result
€55,464
▼ 78.0%
2025
middle half of the sector
20212025
Equity
€87,691
▲ 0.5%
2025
middle half of the sector
20212025
Total assets
€280,059
▼ 30.5%
2025
middle half of the sector
20212025
Debt
€192,368
▼ 39.0%
2025
20212025
Working capital
€80,456
▼ 12.7%
2025
middle half of the sector
20212025
Solvency
31.3%
▲ 9.7pp
2025
middle half of the sector
20212025
Current ratio
1.45
▲ 0.13
2025
middle half of the sector
20212025
Return on assets (ROA)
19.8%
▼ 42.7pp
2025
middle half of the sector
20212025
Staff (FTE)
2.1
▼ 12.5%
2025
20212025
Every figure per financial year
Every figure with its change against the financial year before
favourable
unfavourable
Line20212022202320242025
Operating result€3,373-€16,619▲ 393%€26,216▲ 57.7%€280,237▲ 969%€63,361▼ 77.4%
Net result€2,220below the sector's middle half-€8,441within the sector's middle half▲ 280%€14,704within the sector's middle half▲ 74.2%€251,862above the sector's middle half▲ 17×€55,464within the sector's middle half▼ 78.0%
Equity€12,220below the sector's middle half-€20,661below the sector's middle half▲ 69.1%€35,365below the sector's middle half▲ 71.2%€87,228within the sector's middle half▲ 147%€87,691within the sector's middle half▲ 0.5%
Total assets€211,914within the sector's middle half-€318,688within the sector's middle half▲ 50.4%€179,621within the sector's middle half▼ 43.6%€402,703within the sector's middle half▲ 124%€280,059within the sector's middle half▼ 30.5%
Debt€199,694-€298,027▲ 49.2%€144,256▼ 51.6%€315,475▲ 119%€192,368▼ 39.0%
Working capital€3,282within the sector's middle half-€10,843within the sector's middle half▲ 230%€40,842within the sector's middle half▲ 277%€92,197within the sector's middle half▲ 126%€80,456within the sector's middle half▼ 12.7%
Solvency5.8%below the sector's middle half-6.5%below the sector's middle half▲ 0.7pp19.7%below the sector's middle half▲ 13.2pp21.7%below the sector's middle half▲ 2.0pp31.3%within the sector's middle half▲ 9.7pp
Current ratio1.02within the sector's middle half-1.04within the sector's middle half▲ 0.021.36within the sector's middle half▲ 0.331.32within the sector's middle half▼ 0.041.45within the sector's middle half▲ 0.13
Return on assets (ROA)1.0%below the sector's middle half-2.6%within the sector's middle half▲ 1.6pp8.2%within the sector's middle half▲ 5.5pp62.5%above the sector's middle half▲ 54.4pp19.8%within the sector's middle half▼ 42.7pp
Staff (FTE)0.2-1.1▲ 450%2.1▲ 90.9%2.4▲ 14.3%2.1▼ 12.5%
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 77% lower than in 2024.
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 €280,059
Fixed assets
€22,236 ▼ 15.7%
Current assets
€257,823 ▼ 31.5%
Equity and liabilities €280,059
Equity
€87,691 ▲ 0.5%
Debt
€192,368 ▼ 39.0%
Debt's share of the balance-sheet total falls from 78.3% to 68.7%. Equity is higher and debt is lower.
Key figures and ratios
ROE
63.2%▼
2024 · 288.7%
Debt ≤ 1 year
€177,368▼
2024 · €284,123
Income taxes
€7,498▼
2024 · €28,489
Staff costs
€89,798▼
2024 · €105,597
Green means a favourable move, even when the figure itself falls, as with debt or debt to equity.
Staff
| Item | 31-12-2021 | 31-12-2022 | 31-12-2023 | 31-12-2024 | 31-12-2025 |
|---|---|---|---|---|---|
| Employees at the balance-sheet date | 1 | 2 | 4 | 2 | 3 |
| full-time | 1 | 2 | 2 | 1 | 1 |
| part-time | 0 | 0 | 2 | 1 | 2 |
| in full-time equivalents | 0 | 2 | 2.9 | 1.4 | 2 |
| Average over the year, in full-time equivalents | 0.2 | 1.1 | 2.1 | 2.4 | 2 |
| On a permanent contract | 1 | 2 | 4 | 2 | 3 |
| Joined | 1 | 1 | 2 | 2 | 4 |
| Left | 0 | 0 | 0 | 4 | 4 |
| Training hours | - | - | 0 | 0 | - |
Source: social balance sheet in the 2021 to 2025 annual accounts
Investments
| Item | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Tangible fixed assets | €7,737 | €4,717 | €47,279 | €35,916 | €5,387 |
| Intangible fixed assets | €2,190 | - | - | - | - |
| Depreciation and write-downs of the year | €990 | €3,811 | €8,234 | €8,278 | €9,535 |
Source: notes to the 2021 to 2025 annual accounts (statement of fixed assets)
Subsidies and aid
Flemish government
2022 to 2025 · 4 entries · €5,020 awarded · €6,100 paid| Year | Entries | Awarded | Paid |
|---|---|---|---|
| 2025 | 1 | €0 | €266 |
| 2024 | 1 | €266 | €0 |
| 2023 | 1 | €3,944 | €5,024 |
| 2022 | 1 | €810 | €810 |
Annual accounts
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Non-recurring operating income76A | - | €0 | - | - | - | - |
| Remuneration, social security and pensions62 | €4,379 | €47,432 | €94,952 | €105,597 | €89,798 | ▼ 15.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €990 | €3,811 | €8,234 | €8,278 | €9,535 | ▲ 15.2% |
| Other operating charges640/8 | €398 | €460 | €628 | €757 | €782 | ▲ 3.3% |
| Non-recurring operating charges66A | - | - | €6,227 | €10,957 | €0 | ▼ 100% |
| Gross operating margin9900 | €9,140 | €68,322 | €136,257 | €405,826 | €163,475 | ▼ 59.7% |
| Operating profit (loss)9901 | €3,373 | €16,619 | €26,216 | €280,237 | €63,361 | ▼ 77.4% |
| Financial income75/76B | €32 | €34 | €351 | €811 | €348 | ▼ 57.1% |
| Recurring financial income75 | €31 | €34 | €351 | €811 | €348 | ▼ 57.1% |
| Non-recurring financial income76B | €1 | - | - | - | - | - |
| Financial charges65/66B | €20 | €378 | €315 | €697 | €747 | ▲ 7.2% |
| Recurring financial charges65 | €20 | €378 | €315 | €697 | €747 | ▲ 7.2% |
| Profit (loss) for the period before taxes9903 | €3,385 | €16,275 | €26,252 | €280,351 | €62,962 | ▼ 77.5% |
| Income taxes67/77 | €1,165 | €7,833 | €11,548 | €28,489 | €7,498 | ▼ 73.7% |
| Profit (loss) for the period9904 | €2,220 | €8,441 | €14,704 | €251,862 | €55,464 | ▼ 78.0% |
| Profit (loss) for the period to be appropriated9905 | €2,220 | €8,441 | €14,704 | €251,862 | €55,464 | ▼ 78.0% |
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Assets | ||||||
| Total assets20/58 | €211,914 | €318,688 | €179,621 | €402,703 | €280,059 | ▼ 30.5% |
| Fixed assets21/28 | €8,938 | €9,843 | €26,759 | €26,383 | €22,236 | ▼ 15.7% |
| Intangible fixed assets21 | €1,657 | €926 | €196 | €0 | - | - |
| Tangible fixed assets22/27 | €7,281 | €8,917 | €26,563 | €26,383 | €22,236 | ▼ 15.7% |
| Plant, machinery and equipment23 | - | - | €289 | €1,041 | €1,215 | ▲ 16.7% |
| Furniture and vehicles24 | €7,281 | €8,917 | €19,394 | €16,962 | €11,048 | ▼ 34.9% |
| Other tangible fixed assets26 | - | - | €6,880 | €8,380 | €9,973 | ▲ 19.0% |
| Current assets29/58 | €202,976 | €308,845 | €152,862 | €376,320 | €257,823 | ▼ 31.5% |
| Stocks and contracts in progress3 | €1,262 | €1,262 | €1,262 | €1,262 | €1,262 | = |
| Stocks30/36 | €1,262 | €1,262 | €1,262 | €1,262 | €1,262 | = |
| Amounts receivable within one year40/41 | €50,459 | €112,098 | €87,910 | €193,664 | €142,131 | ▼ 26.6% |
| Trade receivables40 | €50,382 | €109,987 | €87,234 | €178,130 | €138,665 | ▼ 22.2% |
| Other amounts receivable41 | €77 | €2,111 | €676 | €15,534 | €3,466 | ▼ 77.7% |
| Cash at bank and in hand54/58 | €73,282 | €41,956 | €57,661 | €164,172 | €88,885 | ▼ 45.9% |
| Deferred charges and accrued income490/1 | €77,973 | €153,529 | €6,028 | €17,222 | €25,545 | ▲ 48.3% |
| Equity and liabilities | ||||||
| Total equity and liabilities10/49 | €211,914 | €318,688 | €179,621 | €402,703 | €280,059 | ▼ 30.5% |
| Equity10/15 | €12,220 | €20,661 | €35,365 | €87,228 | €87,691 | ▲ 0.5% |
| Contributions10/11 | €10,000 | €10,000 | €10,000 | €10,000 | €10,000 | = |
| Reserves13 | €2,200 | €10,600 | €25,300 | €77,100 | €77,100 | = |
| Distributable reserves133 | €2,200 | €10,600 | €25,300 | €77,100 | €77,100 | = |
| Profit (loss) carried forward14 | €20 | €61 | €65 | €128 | €591 | ▲ 364% |
| Amounts payable17/49 | €199,694 | €298,027 | €144,256 | €315,475 | €192,368 | ▼ 39.0% |
| Amounts payable within one year42/48 | €199,694 | €298,002 | €112,020 | €284,123 | €177,368 | ▼ 37.6% |
| Trade debts44 | €19,955 | €33,630 | €44,125 | €17,613 | €42,010 | ▲ 139% |
| Suppliers440/4 | €19,955 | €33,630 | €44,125 | €17,613 | €42,010 | ▲ 139% |
| Advances received on contracts in progress46 | €166,235 | €239,144 | €0 | - | - | - |
| Taxes, remuneration and social security45 | €12,023 | €23,904 | €65,301 | €66,510 | €35,278 | ▼ 47.0% |
| Taxes450/3 | €11,441 | €18,313 | €43,265 | €55,967 | €17,850 | ▼ 68.1% |
| Remuneration and social security454/9 | €582 | €5,591 | €22,037 | €10,543 | €17,428 | ▲ 65.3% |
| Other amounts payable47/48 | €1,480 | €1,325 | €2,594 | €200,000 | €100,080 | ▼ 50.0% |
| Accrued charges and deferred income492/3 | - | €25 | €32,236 | €31,353 | €15,000 | ▼ 52.2% |
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €2,220 | €8,441 | €14,704 | €251,862 | €55,464 | ▼ 78.0% |
| + Depreciation and write-downs630 | €990 | €3,811 | €8,234 | €8,278 | €9,535 | ▲ 15.2% |
| Operating cash flow (approximation) | €3,209 | €12,253 | €22,938 | €260,141 | €64,998 | ▼ 75.0% |
| Investment in fixed assets (approximation) | - | -€4,717 | -€25,150 | -€7,902 | -€5,387 | ▲ 31.8% |
| Change in cash | - | -€31,326 | €15,706 | €106,510 | -€75,287 | - |
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 | micro format | 22-07-2026 | 2026-00318789 | |
| 31-12-2024 | micro format | 03-04-2025 | 2025-00062239 | |
| 31-12-2023 | micro format | 12-07-2024 | 2024-00238715 | |
| 31-12-2022 | micro format | 14-07-2023 | 2023-00235227 | |
| 31-12-2021 | micro format | 01-07-2022 | 2022-20116866 |