Financials · financial year 2025, abbreviated format
Annual accounts 2025 filed on 27-03-2026 PDF all 20 filings
Turnover
≈ €270,000
Estimated: probably between €220,000 and €350,000
Total assets
€2.2m▼ 7.6%
2024 · €2.4m
Net result
€81,723▼ 2.1%
2024 · €83,490
Working capital
€642,154▲ 38.2%
2024 · €464,601
Multi-year overview
2019 to 2025, 7 financial yearsOperating result
€120,978
▲ 134%
2025
20192025
Net result
€81,723
▼ 2.1%
2025
middle half of the sector
20192025
Equity
€2.1m
▲ 4.1%
2025
highest quarter of the sector
20192025
Total assets
€2.2m
▼ 7.6%
2025
middle half of the sector
20192025
Debt
€150,911
▼ 63.7%
2025
20192025
Working capital
€642,154
▲ 38.2%
2025
highest quarter of the sector
20192025
Solvency
93.3%
▲ 10.4pp
2025
highest quarter of the sector
20192025
Current ratio
5.42
▲ 3.31
2025
highest quarter of the sector
20192025
Return on assets (ROA)
3.6%
▲ 0.2pp
2025
middle half of the sector
20192025
Staff (FTE)
0
2025
middle half of the sector
20192025
Every figure per financial year
Every figure with its change against the financial year before
favourable
unfavourable
Line2019202020212022202320242025
Operating result-€0.02m-€0.06m€0.02m▼ 63.3%€0.09m▲ 273%€0.01m▼ 88.1%€0.05m▲ 388%€0.1m▲ 134%
Net result-€0.01m-€0.05mwithin the sector's middle half€0.01mwithin the sector's middle half▼ 72.2%€0.06mwithin the sector's middle half▲ 317%€0.4mabove the sector's middle half▲ 563%€0.08mwithin the sector's middle half▼ 79.1%€0.08mwithin the sector's middle half▼ 2.1%
Equity€2.6m-€2.5mabove the sector's middle half▼ 3.9%€2.1mabove the sector's middle half▼ 14.9%€2.0mabove the sector's middle half▼ 7.8%€2.3mabove the sector's middle half▲ 17.6%€2.0mabove the sector's middle half▼ 13.6%€2.1mabove the sector's middle half▲ 4.1%
Total assets€2.6m-€2.7mabove the sector's middle half▲ 2.6%€2.6mwithin the sector's middle half▼ 5.2%€2.2mwithin the sector's middle half▼ 12.3%€2.4mwithin the sector's middle half▲ 6.7%€2.4mwithin the sector's middle half▲ 1.4%€2.2mwithin the sector's middle half▼ 7.6%
Debt€0.009m-€0.2m▲ 20×€0.4m▲ 129%€0.3m▼ 35.7%€0.07m▼ 74.9%€0.4m▲ 523%€0.2m▼ 63.7%
Working capital€1.2m-€1.0mabove the sector's middle half▼ 10.4%€0.7mabove the sector's middle half▼ 35.9%€0.5mabove the sector's middle half▼ 25.4%€0.8mabove the sector's middle half▲ 69.9%€0.5mabove the sector's middle half▼ 45.0%€0.6mabove the sector's middle half▲ 38.2%
Solvency99.7%-93.3%above the sector's middle half▼ 6.3pp83.9%above the sector's middle half▼ 9.5pp88.2%above the sector's middle half▲ 4.3pp97.2%above the sector's middle half▲ 9.1pp82.9%above the sector's middle half▼ 14.3pp93.3%above the sector's middle half▲ 10.4pp
Current ratio6.75above the sector's middle half2.61within the sector's middle half▼ 4.142.87within the sector's middle half▲ 0.2613.64above the sector's middle half▲ 10.772.12within the sector's middle half▼ 11.525.42above the sector's middle half▲ 3.31
Return on assets (ROA)-0.4%-1.9%within the sector's middle half▲ 2.3pp0.6%within the sector's middle half▼ 1.4pp2.7%within the sector's middle half▲ 2.1pp16.6%above the sector's middle half▲ 14.0pp3.4%within the sector's middle half▼ 13.2pp3.6%within the sector's middle half▲ 0.2pp
Staff (FTE)0below the sector's middle half0below the sector's middle half0within the sector's middle half0within the sector's middle half0within the sector's middle half
above
within
below
The sector band is the middle half of the companies in Activities of head offices; management consultancy activities (NACE 70). 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 134% higher than in 2024 and the highest since 2021. It is the second rise in a row, after the fall in 2023.
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 €2.2m
Fixed assets
€1.5m ▼ 5.9%
Current assets
€787,305 ▼ 10.6%
Equity and liabilities €2.2m
Equity
€2.1m ▲ 4.1%
Debt
€150,911 ▼ 63.7%
Debt's share of the balance-sheet total falls from 17.1% to 6.7%. Equity is higher and debt is lower.
Key figures and ratios
ROE
3.9%▼
2024 · 4.1%
Debt ≤ 1 year
€145,152▼
2024 · €415,643
Income taxes
€54,179▲
2024 · €35,677
Green means a favourable move, even when the figure itself falls, as with debt or debt to equity.
Investments
| Item | 30-09-2022 | 30-09-2023 | 30-09-2024 | 30-09-2025 |
|---|---|---|---|---|
| Tangible fixed assets | €3,864 | €3,548 | €69,770 | - |
| Depreciation and write-downs of the year | €2,148 | €2,693 | €5,614 | €20,715 |
Source: notes to the 2022 to 2025 annual accounts (statement of fixed assets)
Annual accounts
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €16,281 | €1,732 | €1,790 | €2,148 | €2,693 | €5,614 | €20,715 | ▲ 269% |
| Other operating charges640/8 | - | - | - | €102 | €1,039 | €8,621 | €1,323 | ▼ 84.7% |
| Non-recurring operating charges66A | - | - | - | €0 | - | - | €26,000 | - |
| Gross operating margin9900 | €3,539 | €68,148 | €41,139 | €90,975 | €14,331 | €65,958 | €169,016 | ▲ 156% |
| Operating profit (loss)9901 | -€15,500 | €64,706 | €23,761 | €88,724 | €10,599 | €51,722 | €120,978 | ▲ 134% |
| Financial income75/76B | - | - | - | €8,841 | €419,140 | €68,761 | €21,202 | ▼ 69.2% |
| Recurring financial income75 | €7,994 | €8,683 | €9,029 | €8,841 | €419,140 | €68,761 | €21,202 | ▼ 69.2% |
| Financial charges65/66B | - | - | - | €484 | €627 | €1,316 | €6,279 | ▲ 377% |
| Recurring financial charges65 | €584 | €935 | €371 | €484 | €627 | €1,316 | €6,279 | ▲ 377% |
| Profit (loss) for the period before taxes9903 | -€8,090 | €72,454 | €32,419 | €97,081 | €429,112 | €119,167 | €135,901 | ▲ 14.0% |
| Income taxes67/77 | €1,450 | €20,664 | €17,996 | €36,931 | €30,045 | €35,677 | €54,179 | ▲ 51.9% |
| Profit (loss) for the period9904 | -€9,540 | €51,790 | €14,422 | €60,150 | €399,068 | €83,490 | €81,723 | ▼ 2.1% |
| Profit (loss) for the period to be appropriated9905 | -€9,540 | €51,790 | €14,422 | €60,150 | €399,068 | €83,490 | €81,723 | ▼ 2.1% |
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|
| Assets | ||||||||
| Total assets20/58 | €2.6m | €2.7m | €2.6m | €2.2m | €2.4m | €2.4m | €2.2m | ▼ 7.6% |
| Fixed assets21/28 | €1.5m | €1.5m | €1.5m | €1.5m | €1.5m | €1.5m | €1.5m | ▼ 5.9% |
| Tangible fixed assets22/27 | €0.02m | €0.03m | €0.03m | €0.03m | €0.04m | €0.1m | €0.08m | ▼ 20.8% |
| Plant, machinery and equipment23 | - | - | - | €0.03m | €0.03m | €0.03m | €0.03m | ▼ 6.5% |
| Furniture and vehicles24 | - | - | - | €0.004m | €0.006m | €0.07m | €0.05m | ▼ 26.2% |
| Financial fixed assets28 | €1.5m | €1.5m | €1.5m | €1.5m | €1.5m | €1.5m | €1.4m | ▼ 4.8% |
| Current assets29/58 | €1.2m | €1.2m | €1.1m | €0.8m | €0.9m | €0.9m | €0.8m | ▼ 10.6% |
| Amounts receivable within one year40/41 | €0.4m | €0.5m | €0.5m | €0.5m | €0.6m | €0.7m | €0.7m | ▲ 3.1% |
| Trade receivables40 | - | - | - | €0.03m | €0.02m | €0.04m | €0.03m | ▼ 42.2% |
| Other amounts receivable41 | - | - | - | €0.5m | €0.6m | €0.6m | €0.7m | ▲ 6.2% |
| Cash at bank and in hand54/58 | €0.8m | €0.7m | €0.6m | €0.3m | €0.3m | €0.2m | €0.08m | ▼ 57.8% |
| Deferred charges and accrued income490/1 | - | - | - | - | €0.002m | €0.002m | €0.002m | ▲ 12.4% |
| Equity and liabilities | ||||||||
| Total equity and liabilities10/49 | €2.6m | €2.7m | €2.6m | €2.2m | €2.4m | €2.4m | €2.2m | ▼ 7.6% |
| Equity10/15 | €2.6m | €2.5m | €2.1m | €2.0m | €2.3m | €2.0m | €2.1m | ▲ 4.1% |
| Contributions10/11 | €0.04m | - | - | €0.04m | €0.04m | €0.04m | €0.04m | = |
| Reserves13 | €2.6m | €2.5m | €2.1m | €1.9m | €2.3m | €2.0m | €2.1m | ▲ 4.1% |
| Non-distributable reserves130/1 | - | - | - | €0.004m | €0.004m | €0 | - | - |
| Reserves not available under the articles1311 | - | - | - | €0.004m | €0.004m | €0 | - | - |
| Distributable reserves133 | - | - | - | €1.9m | €2.3m | €2.0m | €2.1m | ▲ 4.1% |
| Profit (loss) carried forward14 | -€0.008m | €0 | - | €0 | €0 | €0 | €0 | - |
| Amounts payable17/49 | €0.009m | €0.2m | €0.4m | €0.3m | €0.07m | €0.4m | €0.2m | ▼ 63.7% |
| Amounts payable within one year42/48 | €0.009m | €0.2m | €0.4m | €0.3m | €0.07m | €0.4m | €0.1m | ▼ 65.1% |
| Trade debts44 | €0.003m | €0.003m | €0.005m | €0.006m | €0.004m | €0.002m | €0.005m | ▲ 202% |
| Suppliers440/4 | - | - | - | €0.006m | €0.004m | €0.002m | €0.005m | ▲ 202% |
| Taxes, remuneration and social security45 | - | - | - | €0.03m | €0.01m | €0.01m | €0.01m | ▲ 10.3% |
| Taxes450/3 | - | - | - | €0.03m | €0.01m | €0.01m | €0.01m | ▲ 10.3% |
| Other amounts payable47/48 | - | - | - | €0.2m | €0.05m | €0.4m | €0.1m | ▼ 68.2% |
| Accrued charges and deferred income492/3 | - | - | - | €0.001m | €0 | €0.001m | €0.006m | ▲ 793% |
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | -€9,540 | €51,790 | €14,422 | €60,150 | €399,068 | €83,490 | €81,723 | ▼ 2.1% |
| + Depreciation and write-downs630 | €16,281 | €1,732 | €1,790 | €2,148 | €2,693 | €5,614 | €20,715 | ▲ 269% |
| Operating cash flow (approximation) | €6,742 | €53,522 | €16,213 | €62,299 | €401,761 | €89,104 | €102,438 | ▲ 15.0% |
| Investment in fixed assets (approximation) | - | -€20,171 | €0 | -€3,864 | -€3,548 | -€69,770 | €70,000 | - |
| Change in cash | - | -€57,573 | -€113,429 | -€338,301 | €48,755 | -€128,362 | -€114,376 | ▲ 10.9% |
A Belgian filing has no cash-flow statement. These rows are therefore an approximation, derived from the income statement and the balance-sheet moves.
Latest 10 of 20 filings with the National Bank
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 30-09-2025 | abbreviated format | 27-03-2026 | 2026-00063861 | |
| 30-09-2024 | abbreviated format | 08-03-2025 | 2025-00045164 | |
| 30-09-2023 | abbreviated format | 27-03-2024 | 2024-00050272 | |
| 30-09-2022 | abbreviated format | 08-03-2023 | 2023-00036743 | |
| 30-09-2021 | abbreviated format | 11-03-2022 | 2022-07500017 | |
| 30-09-2020 | abbreviated format | 06-03-2021 | 2021-07200198 | |
| 30-09-2019 | abbreviated format | 20-03-2020 | 2020-07000445 | |
| 30-09-2018 | abbreviated format | 02-04-2019 | 2019-08700505 | |
| 30-09-2017 | abbreviated format | 06-03-2018 | 2018-06200448 | |
| 30-09-2016 | abbreviated format | 11-01-2017 | 2017-00800579 |