Financials · financial year 2025, full format
2025 annual accounts filed 21 days after the deadline Filed on 21 August 2026, deadline 31 July 2026 (7 months after the close on 31 December 2025, Companies Code art. 3:10). Source: NBB, 2026-00411460.
Annual accounts 2025 filed on 21-08-2026 at the NBB all 5 filings
Equity
€116,268▼ 46.7%
2024 · €218,177
Net result
€298,091▲ 26.0%
2024 · €236,626
Total assets
€1.0m▼ 0.4%
2024 · €1.0m
Solvency
11.6%▼ 10.1pp
2024 · 21.6%
Multi-year overview
2021 to 2025, 5 financial yearsOperating result
€375,700
▲ 26.5%
2025
20212025
Net result
€298,091
▲ 26.0%
2025
middle half of the sector
20212025
Equity
€116,268
▼ 46.7%
2025
lowest quarter of the sector
20212025
Total assets
€1.0m
▼ 0.4%
2025
middle half of the sector
20212025
Debt
€887,831
▲ 12.3%
2025
20212025
Working capital
€154,619
▼ 42.2%
2025
middle half of the sector
20212025
Solvency
11.6%
▼ 10.1pp
2025
lowest quarter of the sector
20212025
Current ratio
1.22
▼ 0.36
2025
middle half of the sector
20212025
Return on assets (ROA)
29.7%
▲ 6.2pp
2025
highest quarter of the sector
20212025
Staff (FTE)
6.7
▲ 6.3%
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€0.2m-€0.2m▼ 5.6%€0.09m▼ 43.1%€0.3m▲ 215%€0.4m▲ 26.5%
Net result€0.1mwithin the sector's middle half-€0.1mwithin the sector's middle half▲ 0.6%€0.07mwithin the sector's middle half▼ 50.7%€0.2mwithin the sector's middle half▲ 235%€0.3mwithin the sector's middle half▲ 26.0%
Equity€0.1mwithin the sector's middle half-€0.2mwithin the sector's middle half▲ 12.9%€0.2mwithin the sector's middle half▼ 2.7%€0.2mwithin the sector's middle half▲ 39.4%€0.1mbelow the sector's middle half▼ 46.7%
Total assets€1.0mwithin the sector's middle half-€1.0mwithin the sector's middle half▲ 2.6%€0.9mwithin the sector's middle half▼ 12.1%€1.0mwithin the sector's middle half▲ 9.5%€1.0mwithin the sector's middle half▼ 0.4%
Debt€0.9m-€0.9m▲ 0.9%€0.8m▼ 13.8%€0.8m▲ 3.3%€0.9m▲ 12.3%
Working capital€0.1mwithin the sector's middle half-€0.2mwithin the sector's middle half▲ 51.8%€0.3mwithin the sector's middle half▲ 24.1%€0.3mwithin the sector's middle half▲ 5.6%€0.2mwithin the sector's middle half▼ 42.2%
Solvency13.9%below the sector's middle half-15.3%within the sector's middle half▲ 1.4pp17.0%within the sector's middle half▲ 1.6pp21.6%within the sector's middle half▲ 4.6pp11.6%below the sector's middle half▼ 10.1pp
Current ratio1.47within the sector's middle half-1.59within the sector's middle half▲ 0.111.81within the sector's middle half▲ 0.221.58within the sector's middle half▼ 0.231.22within the sector's middle half▼ 0.36
Return on assets (ROA)13.9%within the sector's middle half-13.7%within the sector's middle half▼ 0.3pp7.7%within the sector's middle half▼ 6.0pp23.5%above the sector's middle half▲ 15.8pp29.7%above the sector's middle half▲ 6.2pp
Staff (FTE)6.2within the sector's middle half-6.2within the sector's middle half=6.2within the sector's middle half=6.3within the sector's middle half▲ 1.6%6.7within the sector's middle half▲ 6.3%
above
within
below
The sector band is the middle half of the companies in Activities auxiliary to financial services and insurance activities (NACE 66). 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 27% higher than in 2024 and the highest since 2021. It is the second rise in a row, after the fall in 2023.
The turnover shown is an estimate from the gross margin.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €1.0m
Fixed assets
€151,377 ▼ 45.9%
Current assets
€852,722 ▲ 17.0%
Equity and liabilities €1.0m
Equity
€116,268 ▼ 46.7%
Debt
€887,831 ▲ 12.3%
Debt's share of the balance-sheet total rises from 78.4% to 88.4%. Equity is lower and debt is higher.
Key figures and ratios
ROE
256.4%▲
2024 · 108.5%
Debt ≤ 1 year
€698,102▲
2024 · €461,390
Debt > 1 year
€189,729▼
2024 · €323,898
Income taxes
€74,506▲
2024 · €59,404
Staff costs
€507,212▼
2024 · €528,257
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 | 7 | 7 | 7 | 7 | 8 |
| full-time | 3 | 3 | 3 | 3 | 4 |
| part-time | 4 | 4 | 4 | 4 | 4 |
| in full-time equivalents | 6.1 | 6.1 | 6.1 | 6.3 | 7.3 |
| Average over the year, in full-time equivalents | 6.2 | 6.2 | 6.2 | 6.3 | 6.7 |
| On a permanent contract | 7 | 7 | 7 | 7 | 8 |
| Joined | 1 | 1 | 1 | - | 2 |
| Left | 0 | 1 | 1 | - | 1 |
Source: social balance sheet in the 2021 to 2025 annual accounts
Investments
| Item | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Tangible fixed assets | €98,040 | €74,791 | €38,312 | €98,823 | €18,180 |
| Intangible fixed assets | €729,719 | - | - | - | - |
| Depreciation and write-downs of the year | €226,521 | €176,968 | €180,421 | €173,032 | €146,510 |
Source: notes to the 2021 to 2025 annual accounts (statement of fixed assets)
Annual accounts
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Remuneration, social security and pensions62 | €0.3m | €0.3m | €0.4m | €0.5m | €0.5m | ▼ 4.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €0.2m | €0.2m | €0.2m | €0.2m | €0.1m | ▼ 15.3% |
| Other operating charges640/8 | €0.004m | €0.004m | €0.009m | €0.003m | €0.01m | ▲ 202% |
| Non-recurring operating charges66A | - | €0.003m | - | - | - | - |
| Gross operating margin9900 | €0.7m | €0.7m | €0.7m | €1.0m | €1.0m | ▲ 3.8% |
| Operating profit (loss)9901 | €0.2m | €0.2m | €0.09m | €0.3m | €0.4m | ▲ 26.5% |
| Financial income75/76B | €0 | €0 | - | €0.006m | €0.002m | ▼ 61.4% |
| Recurring financial income75 | €0 | €0 | - | €0.006m | €0.002m | ▼ 61.4% |
| Financial charges65/66B | €0.01m | €0.008m | €0.009m | €0.007m | €0.006m | ▼ 22.6% |
| Recurring financial charges65 | €0.01m | €0.008m | €0.009m | €0.007m | €0.006m | ▼ 22.6% |
| Profit (loss) for the period before taxes9903 | €0.2m | €0.2m | €0.09m | €0.3m | €0.4m | ▲ 25.9% |
| Income taxes67/77 | €0.02m | €0.01m | €0.02m | €0.06m | €0.07m | ▲ 25.4% |
| Profit (loss) for the period9904 | €0.1m | €0.1m | €0.07m | €0.2m | €0.3m | ▲ 26.0% |
| Profit (loss) for the period to be appropriated9905 | €0.1m | €0.1m | €0.07m | €0.2m | €0.3m | ▲ 26.0% |
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Assets | ||||||
| Total assets20/58 | €1.0m | €1.0m | €0.9m | €1.0m | €1.0m | ▼ 0.4% |
| Fixed assets21/28 | €0.6m | €0.5m | €0.4m | €0.3m | €0.2m | ▼ 45.9% |
| Intangible fixed assets21 | €0.5m | €0.4m | €0.3m | €0.1m | €0 | ▼ 100% |
| Tangible fixed assets22/27 | €0.06m | €0.09m | €0.1m | €0.2m | €0.2m | ▼ 11.2% |
| Furniture and vehicles24 | €0.04m | €0.07m | €0.08m | €0.07m | €0.05m | ▼ 25.4% |
| Other tangible fixed assets26 | €0.01m | €0.03m | €0.02m | €0.1m | €0.1m | ▼ 0.8% |
| Current assets29/58 | €0.4m | €0.6m | €0.6m | €0.7m | €0.9m | ▲ 17.0% |
| Amounts receivable within one year40/41 | €0.001m | - | €0.2m | €0.2m | €0.2m | ▲ 6.3% |
| Trade receivables40 | €0.001m | - | - | - | €0.006m | - |
| Other amounts receivable41 | - | - | €0.2m | €0.2m | €0.2m | ▲ 3.1% |
| Current investments50/53 | - | - | €0.1m | €0.1m | €0 | ▼ 100% |
| Cash at bank and in hand54/58 | €0.3m | €0.3m | €0.09m | €0.3m | €0.5m | ▲ 84.7% |
| Deferred charges and accrued income490/1 | €0.1m | €0.2m | €0.2m | €0.2m | €0.2m | ▼ 2.2% |
| Equity and liabilities | ||||||
| Total equity and liabilities10/49 | €1.0m | €1.0m | €0.9m | €1.0m | €1.0m | ▼ 0.4% |
| Equity10/15 | €0.1m | €0.2m | €0.2m | €0.2m | €0.1m | ▼ 46.7% |
| Contributions10/11 | €0.1m | €0.1m | €0.1m | €0.1m | €0.1m | = |
| Capital10 | €0.1m | €0.1m | €0.1m | €0.1m | €0.1m | = |
| Issued capital100 | €0.1m | €0.1m | €0.1m | €0.1m | €0.1m | = |
| Reserves13 | €0.01m | €0.01m | €0.01m | €0.01m | €0.01m | = |
| Non-distributable reserves130/1 | €0.01m | €0.01m | €0.01m | €0.01m | €0.01m | = |
| Legal reserve130 | €0.01m | €0.01m | €0.01m | €0.01m | €0.01m | = |
| Profit (loss) carried forward14 | €0.03m | €0.05m | €0.05m | €0.1m | €0.006m | ▼ 94.2% |
| Amounts payable17/49 | €0.9m | €0.9m | €0.8m | €0.8m | €0.9m | ▲ 12.3% |
| Amounts payable after more than one year17 | €0.6m | €0.5m | €0.4m | €0.3m | €0.2m | ▼ 41.4% |
| Financial debts170/4 | €0.6m | €0.5m | €0.4m | €0.3m | €0.2m | ▼ 41.4% |
| Amounts payable within one year42/48 | €0.3m | €0.3m | €0.3m | €0.5m | €0.7m | ▲ 51.3% |
| Current portion of amounts payable after more than one year42 | €0.1m | €0.1m | €0.1m | €0.1m | €0.1m | ▲ 8.6% |
| Trade debts44 | €0.04m | €0.05m | €0.06m | €0.07m | €0.09m | ▲ 35.4% |
| Suppliers440/4 | €0.04m | €0.05m | €0.06m | €0.07m | €0.09m | ▲ 35.4% |
| Taxes, remuneration and social security45 | €0.04m | €0.06m | €0.06m | €0.1m | €0.07m | ▼ 23.5% |
| Taxes450/3 | €0.03m | €0.04m | €0.03m | €0.03m | €326 | ▼ 99.0% |
| Remuneration and social security454/9 | €0.01m | €0.02m | €0.03m | €0.06m | €0.07m | ▲ 15.2% |
| Other amounts payable47/48 | €0.1m | €0.1m | €0.08m | €0.2m | €0.4m | ▲ 129% |
| Accrued charges and deferred income492/3 | - | €0.001m | €0.003m | €0.005m | €0 | ▼ 100% |
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €142,536 | €143,322 | €70,693 | €236,626 | €298,091 | ▲ 26.0% |
| + Depreciation and write-downs630 | €226,521 | €176,968 | €180,421 | €173,032 | €146,510 | ▼ 15.3% |
| Operating cash flow (approximation) | €369,057 | €320,289 | €251,114 | €409,658 | €444,602 | ▲ 8.5% |
| Investment in fixed assets (approximation) | - | -€69,555 | -€38,312 | -€98,823 | -€18,180 | ▲ 81.6% |
| Change in cash | - | €41,741 | -€249,020 | €164,902 | €215,050 | ▲ 30.4% |
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 | full format | 21-08-2026 | 2026-00411460 | |
| 31-12-2024 | full format | 24-06-2025 | 2025-00168956 | |
| 31-12-2023 | full format | 01-07-2024 | 2024-00187474 | |
| 31-12-2022 | full format | 08-05-2023 | 2023-00082367 | |
| 31-12-2021 | full format | 23-08-2022 | 2022-20304830 |