Financials · financial year 2025, micro format
Annual accounts 2025 filed on 15-06-2026 at the NBB all 6 filings
Equity
€291,431▼ 21.5%
2024 · €371,165
Net result
€62,266▼ 18.8%
2024 · €76,716
Total assets
€423,821▲ 1.6%
2024 · €417,328
Solvency
68.8%▼ 20.2pp
2024 · 88.9%
Multi-year overview
2020 to 2025, 6 financial yearsOperating result
€85,376
▼ 17.3%
2025
20202025
Net result
€62,266
▼ 18.8%
2025
middle half of the sector
20202025
Equity
€291,431
▼ 21.5%
2025
middle half of the sector
20202025
Total assets
€423,821
▲ 1.6%
2025
middle half of the sector
20202025
Debt
€132,390
▲ 187%
2025
20202025
Working capital
€959
▼ 98.3%
2025
middle half of the sector
20202025
Solvency
68.8%
▼ 20.2pp
2025
middle half of the sector
20202025
Current ratio
1.01
▼ 2.13
2025
middle half of the sector
20202025
Return on assets (ROA)
14.7%
▼ 3.7pp
2025
middle half of the sector
20202025
Every figure per financial year
Every figure with its change against the financial year before
favourable
unfavourable
Line202020212022202320242025
Operating result€65,157-€62,182▼ 4.6%€138,264▲ 122%€139,757▲ 1.1%€103,202▼ 26.2%€85,376▼ 17.3%
Net result€52,567within the sector's middle half-€40,878within the sector's middle half▼ 22.2%€103,764above the sector's middle half▲ 154%€195,739above the sector's middle half▲ 88.6%€76,716above the sector's middle half▼ 60.8%€62,266within the sector's middle half▼ 18.8%
Equity€54,067within the sector's middle half-€94,945within the sector's middle half▲ 75.6%€198,709within the sector's middle half▲ 109%€394,449above the sector's middle half▲ 98.5%€371,165above the sector's middle half▼ 5.9%€291,431within the sector's middle half▼ 21.5%
Total assets€74,768below the sector's middle half-€122,419below the sector's middle half▲ 63.7%€244,697within the sector's middle half▲ 99.9%€462,098within the sector's middle half▲ 88.8%€417,328within the sector's middle half▼ 9.7%€423,821within the sector's middle half▲ 1.6%
Debt€20,701-€27,474▲ 32.7%€45,988▲ 67.4%€67,650▲ 47.1%€46,163▼ 31.8%€132,390▲ 187%
Working capital-€7,333below the sector's middle half-€4,335within the sector's middle half€37,647within the sector's middle half▲ 768%€78,346within the sector's middle half▲ 108%€56,750within the sector's middle half▼ 27.6%€959within the sector's middle half▼ 98.3%
Solvency72.3%above the sector's middle half-77.6%above the sector's middle half▲ 5.2pp81.2%above the sector's middle half▲ 3.6pp85.4%above the sector's middle half▲ 4.2pp88.9%above the sector's middle half▲ 3.6pp68.8%within the sector's middle half▼ 20.2pp
Current ratio0.65below the sector's middle half-1.16within the sector's middle half▲ 0.511.82within the sector's middle half▲ 0.662.93within the sector's middle half▲ 1.113.14within the sector's middle half▲ 0.221.01within the sector's middle half▼ 2.13
Return on assets (ROA)70.3%above the sector's middle half-33.4%above the sector's middle half▼ 36.9pp42.4%above the sector's middle half▲ 9.0pp42.4%above the sector's middle half=18.4%within the sector's middle half▼ 24.0pp14.7%within the sector's middle half▼ 3.7pp
above
within
below
The sector band is the middle half of the companies in Insurance, reinsurance and pension funding, except compulsory social security (NACE 65). 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 17% lower than in 2024 and the lowest since 2021. It is the second fall in a row.
Large changes and their cause
- 2024 Net result -61% on 2023. The 2023 profit included a one-off income of €121,124.
Turnover and EBIT margin are not published. The abbreviated or 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 €423,821
Fixed assets
€302,742 ▼ 9.4%
Current assets
€121,079 ▲ 45.5%
Equity and liabilities €423,821
Equity
€291,431 ▼ 21.5%
Debt
€132,390 ▲ 187%
Debt's share of the balance-sheet total rises from 11.1% to 31.2%. Equity is lower and debt is higher.
Key figures and ratios
ROE
21.4%▲
2024 · 20.7%
Debt ≤ 1 year
€120,121▲
2024 · €26,488
Debt > 1 year
€12,065▼
2024 · €19,675
Income taxes
€22,916▼
2024 · €26,889
Green means a favourable move, even when the figure itself falls, as with debt or debt to equity.
Securities and guarantees
| Item | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Pledge on other assets, amount secured | - | - | €33,921 | €26,955 | €19,675 |
| Carrying value of the other pledged assets | - | - | €44,804 | €34,833 | €24,861 |
Source: notes to the 2021 to 2025 annual accounts (statement of debts and off-balance-sheet rights and commitments)
Investments
| Item | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Tangible fixed assets | €3,668 | €5,064 | €56,250 | €7,074 | - |
| Financial fixed assets | €25,600 | €66,321 | €262,666 | - | - |
| Depreciation and write-downs of the year | €57 | €932 | €8,045 | €14,891 | €15,438 |
Source: notes to the 2021 to 2025 annual accounts (statement of fixed assets)
Annual accounts
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | - | €57 | €932 | €8,045 | €14,891 | €15,438 | ▲ 3.7% |
| Other operating charges640/8 | - | €519 | €879 | €1,014 | €1,149 | €1,159 | ▲ 0.9% |
| Gross operating margin9900 | €65,851 | €62,759 | €140,076 | €148,816 | €119,241 | €101,974 | ▼ 14.5% |
| Operating profit (loss)9901 | €65,157 | €62,182 | €138,264 | €139,757 | €103,202 | €85,376 | ▼ 17.3% |
| Financial income75/76B | - | €971 | €1,016 | €124,235 | €1,960 | €1,050 | ▼ 46.4% |
| Recurring financial income75 | €60 | €971 | €1,016 | €3,111 | €1,960 | €1,050 | ▼ 46.4% |
| Non-recurring financial income76B | - | - | - | €121,124 | €0 | - | - |
| Financial charges65/66B | - | €160 | €246 | €1,100 | €1,556 | €1,245 | ▼ 20.0% |
| Recurring financial charges65 | €0 | €160 | €246 | €1,100 | €1,556 | €1,245 | ▼ 20.0% |
| Profit (loss) for the period before taxes9903 | €65,217 | €62,993 | €139,035 | €262,891 | €103,605 | €85,182 | ▼ 17.8% |
| Income taxes67/77 | €12,650 | €22,115 | €35,271 | €67,151 | €26,889 | €22,916 | ▼ 14.8% |
| Profit (loss) for the period9904 | €52,567 | €40,878 | €103,764 | €195,739 | €76,716 | €62,266 | ▼ 18.8% |
| Profit (loss) for the period to be appropriated9905 | €52,567 | €40,878 | €103,764 | €195,739 | €76,716 | €62,266 | ▼ 18.8% |
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|
| Assets | |||||||
| Total assets20/58 | €74,768 | €122,419 | €244,697 | €462,098 | €417,328 | €423,821 | ▲ 1.6% |
| Fixed assets21/28 | €61,400 | €90,610 | €161,062 | €343,058 | €334,090 | €302,742 | ▼ 9.4% |
| Tangible fixed assets22/27 | - | €3,611 | €7,742 | €55,947 | €48,130 | €32,692 | ▼ 32.1% |
| Land and buildings22 | - | €3,611 | €2,877 | €4,047 | €2,861 | €1,675 | ▼ 41.4% |
| Furniture and vehicles24 | - | - | €4,865 | €51,900 | €45,269 | €31,017 | ▼ 31.5% |
| Financial fixed assets28 | €61,400 | €87,000 | €153,320 | €287,110 | €285,959 | €270,050 | ▼ 5.6% |
| Current assets29/58 | €13,368 | €31,809 | €83,635 | €119,040 | €83,238 | €121,079 | ▲ 45.5% |
| Amounts receivable within one year40/41 | - | €13,017 | €10,951 | €16,795 | €45,857 | €55,871 | ▲ 21.8% |
| Trade receivables40 | - | €12,959 | €10,951 | €11,946 | €40,438 | €53,787 | ▲ 33.0% |
| Other amounts receivable41 | - | €58 | €0 | €4,849 | €5,419 | €2,084 | ▼ 61.5% |
| Cash at bank and in hand54/58 | €13,368 | €18,792 | €72,684 | €100,767 | €35,637 | €63,257 | ▲ 77.5% |
| Deferred charges and accrued income490/1 | - | - | - | €1,478 | €1,744 | €1,951 | ▲ 11.8% |
| Equity and liabilities | |||||||
| Total equity and liabilities10/49 | €74,768 | €122,419 | €244,697 | €462,098 | €417,328 | €423,821 | ▲ 1.6% |
| Equity10/15 | €54,067 | €94,945 | €198,709 | €394,449 | €371,165 | €291,431 | ▼ 21.5% |
| Contributions10/11 | - | €1,500 | €1,500 | €1,500 | €1,500 | €1,500 | = |
| Reserves13 | €52,567 | €93,445 | €197,209 | €392,949 | €369,665 | €289,931 | ▼ 21.6% |
| Distributable reserves133 | - | €93,445 | €197,209 | €392,949 | €369,665 | €289,931 | ▼ 21.6% |
| Profit (loss) carried forward14 | - | - | - | - | €0 | €0 | - |
| Amounts payable17/49 | €20,701 | €27,474 | €45,988 | €67,650 | €46,163 | €132,390 | ▲ 187% |
| Amounts payable after more than one year17 | - | - | - | €26,955 | €19,675 | €12,065 | ▼ 38.7% |
| Financial debts170/4 | - | - | - | €26,955 | €19,675 | €12,065 | ▼ 38.7% |
| Amounts payable within one year42/48 | €20,701 | €27,474 | €45,988 | €40,694 | €26,488 | €120,121 | ▲ 353% |
| Current portion of amounts payable after more than one year42 | - | - | - | €6,966 | €7,281 | €7,610 | ▲ 4.5% |
| Trade debts44 | - | €439 | €61 | €831 | €3,372 | €2,098 | ▼ 37.8% |
| Suppliers440/4 | - | €439 | €61 | €831 | €3,372 | €2,098 | ▼ 37.8% |
| Taxes, remuneration and social security45 | - | €27,035 | €43,387 | €27,431 | €9,141 | €10,241 | ▲ 12.0% |
| Taxes450/3 | - | €27,035 | €43,387 | €27,431 | €9,141 | €7,976 | ▼ 12.7% |
| Remuneration and social security454/9 | - | - | - | - | - | €2,265 | - |
| Other amounts payable47/48 | - | - | €2,540 | €5,466 | €6,695 | €100,171 | ▲ 15× |
| Accrued charges and deferred income492/3 | - | - | - | - | - | €205 | - |
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €52,567 | €40,878 | €103,764 | €195,739 | €76,716 | €62,266 | ▼ 18.8% |
| + Depreciation and write-downs630 | - | €57 | €932 | €8,045 | €14,891 | €15,438 | ▲ 3.7% |
| Operating cash flow (approximation) | €52,567 | €40,935 | €104,696 | €203,784 | €91,607 | €77,704 | ▼ 15.2% |
| Investment in fixed assets (approximation) | - | -€29,267 | -€71,384 | -€190,040 | -€5,923 | €15,910 | - |
| Change in cash | - | €5,424 | €53,892 | €28,083 | -€65,131 | €27,621 | - |
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 (6)
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-12-2025 | micro format | 15-06-2026 | 2026-00160554 | |
| 31-12-2024 | micro format | 16-05-2025 | 2025-00096809 | |
| 31-12-2023 | micro format | 22-05-2024 | 2024-00092108 | |
| 31-12-2022 | micro format | 04-07-2023 | 2023-00196681 | |
| 31-12-2021 | abbreviated format | 27-06-2022 | 2022-20095198 | |
| 31-12-2020 | abbreviated format | 22-07-2021 | 2021-39400334 |