Financials · financial year 2025, abbreviated format
Annual accounts 2025 filed on 30-07-2026 at the NBB all 12 filings
Equity
€496,765▲ 6.8%
2024 · €465,158
Net result
€111,300▲ 22.2%
2024 · €91,090
Total assets
€670,126▲ 5.6%
2024 · €634,654
Solvency
74.1%▲ 0.8pp
2024 · 73.3%
Multi-year overview
2018 to 2025, 8 financial yearsOperating result
€33,467
▲ 0.3%
2025
20182025
Net result
€111,300
▲ 22.2%
2025
middle half of the sector
20182025
Equity
€496,765
▲ 6.8%
2025
middle half of the sector
20182025
Total assets
€670,126
▲ 5.6%
2025
middle half of the sector
20182025
Debt
€173,361
▲ 2.3%
2025
20182025
Working capital
€42,918
▲ 38.3%
2025
middle half of the sector
20182025
Solvency
74.1%
▲ 0.8pp
2025
middle half of the sector
20182025
Current ratio
1.28
▲ 0.04
2025
middle half of the sector
20182025
Return on assets (ROA)
16.6%
▲ 2.3pp
2025
highest quarter of the sector
20182025
Every figure per financial year
Every figure with its change against the financial year before
favourable
unfavourable
Line20182019202020212022202320242025
Operating result€25,623-€21,239▼ 17.1%€22,459▲ 5.7%€14,565▼ 35.1%€11,575▼ 20.5%€23,992▲ 107%€33,371▲ 39.1%€33,467▲ 0.3%
Net result€79,693-€55,493▼ 30.4%€95,399within the sector's middle half▲ 71.9%€34,139within the sector's middle half▼ 64.2%€6,990within the sector's middle half▼ 79.5%€12,995within the sector's middle half▲ 85.9%€91,090within the sector's middle half▲ 601%€111,300within the sector's middle half▲ 22.2%
Equity€278,835-€334,327▲ 19.9%€387,895within the sector's middle half▲ 16.0%€422,034within the sector's middle half▲ 8.8%€429,024within the sector's middle half▲ 1.7%€442,019within the sector's middle half▲ 3.0%€465,158within the sector's middle half▲ 5.2%€496,765within the sector's middle half▲ 6.8%
Total assets€349,645-€381,682▲ 9.2%€459,871below the sector's middle half▲ 20.5%€475,664below the sector's middle half▲ 3.4%€557,247below the sector's middle half▲ 17.2%€560,949below the sector's middle half▲ 0.7%€634,654below the sector's middle half▲ 13.1%€670,126within the sector's middle half▲ 5.6%
Debt€70,810-€47,354▼ 33.1%€71,976▲ 52.0%€53,630▼ 25.5%€128,223▲ 139%€118,930▼ 7.2%€169,496▲ 42.5%€173,361▲ 2.3%
Working capital€62,420-€101,099▲ 62.0%€60,991within the sector's middle half▼ 39.7%€97,159within the sector's middle half▲ 59.3%€27,172within the sector's middle half▼ 72.0%€22,868within the sector's middle half▼ 15.8%€31,034within the sector's middle half▲ 35.7%€42,918within the sector's middle half▲ 38.3%
Solvency79.7%-87.6%▲ 7.8pp84.3%above the sector's middle half▼ 3.2pp88.7%above the sector's middle half▲ 4.4pp77.0%within the sector's middle half▼ 11.7pp78.8%above the sector's middle half▲ 1.8pp73.3%within the sector's middle half▼ 5.5pp74.1%within the sector's middle half▲ 0.8pp
Current ratio2.57-3.61▲ 1.041.85within the sector's middle half▼ 1.762.84within the sector's middle half▲ 0.991.44within the sector's middle half▼ 1.401.35within the sector's middle half▼ 0.091.23within the sector's middle half▼ 0.121.28within the sector's middle half▲ 0.04
Return on assets (ROA)22.8%-14.5%▼ 8.3pp20.7%above the sector's middle half▲ 6.2pp7.2%within the sector's middle half▼ 13.6pp1.3%within the sector's middle half▼ 5.9pp2.3%within the sector's middle half▲ 1.1pp14.4%above the sector's middle half▲ 12.0pp16.6%above the sector's middle half▲ 2.3pp
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 0% higher than in 2024 and the highest since 2021. It is the third rise in a row, after the fall in 2022.
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 €670,126
Fixed assets
€473,236 ▲ 0.4%
Current assets
€196,890 ▲ 20.4%
Equity and liabilities €670,126
Equity
€496,765 ▲ 6.8%
Debt
€173,361 ▲ 2.3%
Debt's share of the balance-sheet total falls from 26.7% to 25.9%. Equity and debt are higher.
Key figures and ratios
ROE
22.4%▲
2024 · 19.6%
Debt ≤ 1 year
€153,972▲
2024 · €132,429
Debt > 1 year
€17,215▼
2024 · €33,801
Income taxes
€19,258▲
2024 · €17,313
Green means a favourable move, even when the figure itself falls, as with debt or debt to equity.
Investments
| Item | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Tangible fixed assets | - | - | €5,244 | - | €4,364 |
| Financial fixed assets | - | €143,273 | - | - | - |
| Depreciation and write-downs of the year | €307 | €307 | €958 | €1,748 | €2,318 |
Source: notes to the 2021 to 2025 annual accounts (statement of fixed assets)
Annual accounts
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €5,578 | €5,578 | €611 | €307 | €307 | €958 | €1,748 | €2,318 | ▲ 32.6% |
| Other operating charges640/8 | - | - | - | €1,072 | €1,542 | €1,352 | €2,005 | €1,595 | ▼ 20.4% |
| Gross operating margin9900 | €32,310 | €28,573 | €24,435 | €15,944 | €13,424 | €26,302 | €37,124 | €37,380 | ▲ 0.7% |
| Operating profit (loss)9901 | €25,623 | €21,239 | €22,459 | €14,565 | €11,575 | €23,992 | €33,371 | €33,467 | ▲ 0.3% |
| Financial income75/76B | - | - | - | €28,644 | €1,918 | €1,163 | €80,765 | €101,094 | ▲ 25.2% |
| Recurring financial income75 | €72,020 | €48,020 | €89,467 | €28,644 | €1,918 | €1,163 | €80,765 | €101,094 | ▲ 25.2% |
| Financial charges65/66B | - | - | - | €1,042 | €2,174 | €5,438 | €5,732 | €4,003 | ▼ 30.2% |
| Recurring financial charges65 | €1,853 | €1,191 | €511 | €1,042 | €2,174 | €5,438 | €5,732 | €4,003 | ▼ 30.2% |
| Profit (loss) for the period before taxes9903 | €95,789 | €68,068 | €111,415 | €42,166 | €11,320 | €19,717 | €108,404 | €130,558 | ▲ 20.4% |
| Income taxes67/77 | €16,097 | €12,575 | €16,016 | €8,027 | €4,330 | €6,721 | €17,313 | €19,258 | ▲ 11.2% |
| Profit (loss) for the period9904 | €79,693 | €55,493 | €95,399 | €34,139 | €6,990 | €12,995 | €91,090 | €111,300 | ▲ 22.2% |
| Profit (loss) for the period to be appropriated9905 | €79,693 | €55,493 | €95,399 | €34,139 | €6,990 | €12,995 | €91,090 | €111,300 | ▲ 22.2% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Assets | |||||||||
| Total assets20/58 | €349,645 | €381,682 | €459,871 | €475,664 | €557,247 | €560,949 | €634,654 | €670,126 | ▲ 5.6% |
| Formation expenses20 | €0 | - | - | - | - | - | - | - | - |
| Fixed assets21/28 | €247,452 | €241,874 | €326,904 | €325,687 | €468,652 | €472,938 | €471,190 | €473,236 | ▲ 0.4% |
| Intangible fixed assets21 | €0 | - | - | - | - | - | - | - | - |
| Tangible fixed assets22/27 | €6,500 | €922 | €1,525 | €307 | €0 | €4,286 | €2,538 | €4,584 | ▲ 80.6% |
| Furniture and vehicles24 | - | - | - | €307 | €0 | €4,286 | €2,538 | €4,584 | ▲ 80.6% |
| Financial fixed assets28 | €240,952 | €240,952 | €325,379 | €325,379 | €468,652 | €468,652 | €468,652 | €468,652 | = |
| Current assets29/58 | €102,193 | €139,808 | €132,967 | €149,978 | €88,595 | €88,011 | €163,464 | €196,890 | ▲ 20.4% |
| Stocks and contracts in progress3 | €0 | - | - | - | - | - | - | - | - |
| Amounts receivable within one year40/41 | €1,569 | €693 | €88,512 | €26,979 | €35,158 | €7,541 | €8,591 | €8,936 | ▲ 4.0% |
| Other amounts receivable41 | - | - | - | €26,979 | €35,158 | €7,541 | €8,591 | €8,936 | ▲ 4.0% |
| Current investments50/53 | €0 | - | - | - | - | - | - | - | - |
| Cash at bank and in hand54/58 | €100,605 | €139,095 | €42,988 | €118,120 | €51,101 | €78,501 | €153,887 | €186,932 | ▲ 21.5% |
| Deferred charges and accrued income490/1 | - | - | - | €4,879 | €2,335 | €1,970 | €986 | €1,021 | ▲ 3.6% |
| Equity and liabilities | |||||||||
| Total equity and liabilities10/49 | €349,645 | €381,682 | €459,871 | €475,664 | €557,247 | €560,949 | €634,654 | €670,126 | ▲ 5.6% |
| Equity10/15 | €278,835 | €334,327 | €387,895 | €422,034 | €429,024 | €442,019 | €465,158 | €496,765 | ▲ 6.8% |
| Contributions10/11 | €17,480 | €17,480 | - | €17,480 | €17,480 | €17,480 | €17,480 | €17,480 | = |
| Reserves13 | €261,355 | €316,847 | €370,415 | €404,554 | €411,544 | €424,539 | €447,678 | €479,285 | ▲ 7.1% |
| Non-distributable reserves130/1 | - | - | - | €7,500 | €7,500 | €0 | - | - | - |
| Reserves not available under the articles1311 | - | - | - | €7,500 | €7,500 | €0 | - | - | - |
| Distributable reserves133 | - | - | - | €397,054 | €404,044 | €424,539 | €447,678 | €479,285 | ▲ 7.1% |
| Profit (loss) carried forward14 | €0 | - | - | €0 | - | - | €0 | €0 | - |
| Provisions and deferred taxes16 | €0 | - | - | - | - | - | - | - | - |
| Amounts payable17/49 | €70,810 | €47,354 | €71,976 | €53,630 | €128,223 | €118,930 | €169,496 | €173,361 | ▲ 2.3% |
| Amounts payable after more than one year17 | €31,038 | €8,646 | €0 | - | €65,168 | €49,780 | €33,801 | €17,215 | ▼ 49.1% |
| Financial debts170/4 | - | - | - | - | €65,168 | €49,780 | €33,801 | €17,215 | ▼ 49.1% |
| Amounts payable within one year42/48 | €39,773 | €38,709 | €71,976 | €52,818 | €61,423 | €65,143 | €132,429 | €153,972 | ▲ 16.3% |
| Current portion of amounts payable after more than one year42 | - | - | - | €0 | €14,832 | €15,388 | €15,979 | €16,586 | ▲ 3.8% |
| Trade debts44 | €1,815 | €2,022 | €1,808 | €56 | €1,035 | €514 | €384 | €299 | ▼ 22.1% |
| Suppliers440/4 | - | - | - | €56 | €1,035 | €514 | €384 | €299 | ▼ 22.1% |
| Taxes, remuneration and social security45 | - | - | - | €12,951 | €5,177 | €7,587 | €17,037 | €26,534 | ▲ 55.7% |
| Taxes450/3 | - | - | - | €12,951 | €5,177 | €5,222 | €14,633 | €24,113 | ▲ 64.8% |
| Remuneration and social security454/9 | - | - | - | €0 | - | €2,365 | €2,404 | €2,421 | ▲ 0.7% |
| Other amounts payable47/48 | - | - | - | €39,811 | €40,379 | €41,654 | €99,029 | €110,553 | ▲ 11.6% |
| Accrued charges and deferred income492/3 | - | - | - | €812 | €1,632 | €4,007 | €3,266 | €2,174 | ▼ 33.4% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €79,693 | €55,493 | €95,399 | €34,139 | €6,990 | €12,995 | €91,090 | €111,300 | ▲ 22.2% |
| + Depreciation and write-downs630 | €5,578 | €5,578 | €611 | €307 | €307 | €958 | €1,748 | €2,318 | ▲ 32.6% |
| Operating cash flow (approximation) | €85,271 | €61,071 | €96,010 | €34,446 | €7,297 | €13,953 | €92,838 | €113,617 | ▲ 22.4% |
| Investment in fixed assets (approximation) | - | €0 | -€85,641 | €910 | -€143,273 | -€5,244 | €0 | -€4,364 | - |
| Change in cash | - | €38,490 | -€96,107 | €75,132 | -€67,019 | €27,400 | €75,386 | €33,045 | ▼ 56.2% |
A Belgian filing has no cash-flow statement. These rows are therefore an approximation, derived from the income statement and the balance-sheet moves.
Latest 10 of 12 filings with the National Bank
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-12-2025 | abbreviated format | 30-07-2026 | 2026-00356225 | |
| 31-12-2024 | abbreviated format | 28-08-2025 | 2025-00420458 | |
| 31-12-2023 | abbreviated format | 30-08-2024 | 2024-00407521 | |
| 31-12-2022 | abbreviated format | 20-07-2023 | 2023-00254189 | |
| 31-12-2021 | abbreviated format | 24-08-2022 | 2022-20321708 | |
| 31-12-2020 | abbreviated format | 28-07-2021 | 2021-40800572 | |
| 31-12-2019 | abbreviated format | 30-07-2020 | 2020-38900003 | |
| 31-12-2018 | abbreviated format | 21-08-2019 | 2019-49000394 | |
| 31-12-2017 | abbreviated format | 16-08-2018 | 2018-46100101 | |
| 31-12-2016 | abbreviated format | 18-07-2017 | 2017-32500270 |