Financials · financial year 2025, micro format
2025 annual accounts filed 18 days after the deadline Filed on 18 November 2025, deadline 31 October 2025 (7 months after the close on 31 March 2025, Companies Code art. 3:10). Source: NBB, 2025-00570240.
Annual accounts 2025 filed on 18-11-2025 PDF all 12 filings
Equity
€5,821▲ 28.8%
2024 · €4,520
Net result
€1,301
2024 · -€3,753
Total assets
€10,544▲ 22.3%
2024 · €8,621
Solvency
55.2%▲ 2.8pp
2024 · 52.4%
Multi-year overview
2019 to 2025, 6 financial yearsOperating result
€1,625
2025
20192025
Net result
€1,301
2025
lowest quarter of the sector
20192025
Equity
€5,821
▲ 28.8%
2025
lowest quarter of the sector
20192025
Total assets
€10,544
▲ 22.3%
2025
lowest quarter of the sector
20192025
Debt
€4,723
▲ 15.2%
2025
20192025
Working capital
€2,576
2025
middle half of the sector
20192025
Solvency
55.2%
▲ 2.8pp
2025
middle half of the sector
20192025
Current ratio
1.55
▲ 0.70
2025
middle half of the sector
20192025
Return on assets (ROA)
12.3%
▲ 55.9pp
2025
middle half of the sector
20192025
Every figure per financial year
Every figure with its change against the financial year before
favourable
unfavourable
Line201920202022202320242025
Operating result€34,255--€13,992-€4,276--€7,708▼ 80.2%-€3,545▲ 54.0%€1,625
Net result€22,866--€14,343below the sector's middle half-€4,613below the sector's middle half--€7,936below the sector's middle half▼ 72.0%-€3,753below the sector's middle half▲ 52.7%€1,301below the sector's middle half
Equity€44,531-€30,187below the sector's middle half▼ 32.2%€16,209below the sector's middle half-€8,273below the sector's middle half▼ 49.0%€4,520below the sector's middle half▼ 45.4%€5,821below the sector's middle half▲ 28.8%
Total assets€68,933-€34,516below the sector's middle half▼ 49.9%€21,315below the sector's middle half-€12,019below the sector's middle half▼ 43.6%€8,621below the sector's middle half▼ 28.3%€10,544below the sector's middle half▲ 22.3%
Debt€24,402-€4,328▼ 82.3%€5,106-€3,746▼ 26.6%€4,101▲ 9.5%€4,723▲ 15.2%
Working capital€15,569-€9,315within the sector's middle half▼ 40.2%€7,897within the sector's middle half-€3,708within the sector's middle half▼ 53.0%-€646within the sector's middle half€2,576within the sector's middle half
Solvency64.6%-87.5%above the sector's middle half▲ 22.9pp76.0%within the sector's middle half-68.8%within the sector's middle half▼ 7.2pp52.4%within the sector's middle half▼ 16.4pp55.2%within the sector's middle half▲ 2.8pp
Current ratio1.65-3.15within the sector's middle half▲ 1.502.55within the sector's middle half-1.99within the sector's middle half▼ 0.560.84within the sector's middle half▼ 1.151.55within the sector's middle half▲ 0.70
Return on assets (ROA)33.2%--41.6%below the sector's middle half▼ 74.7pp-21.6%below the sector's middle half--66.0%below the sector's middle half▼ 44.4pp-43.5%below the sector's middle half▲ 22.5pp12.3%within the sector's middle half▲ 55.9pp
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 a profit of €1,625, after a loss of €3,545 in 2024. It is the highest result since 2020.
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 €10,544
Fixed assets
€3,245 ▼ 37.2%
Current assets
€7,299 ▲ 111%
Equity and liabilities €10,544
Equity
€5,821 ▲ 28.8%
Debt
€4,723 ▲ 15.2%
Debt's share of the balance-sheet total falls from 47.6% to 44.8%. Equity and debt are higher.
Key figures and ratios
ROE
22.3%▲
2024 · -83.0%
Debt ≤ 1 year
€4,723▲
2024 · €4,101
Income taxes
€133▲
2024 · €103
Staff costs
€806
Green means a favourable move, even when the figure itself falls, as with debt or debt to equity.
Staff
| Item | 31-03-2025 |
|---|---|
| Employees at the balance-sheet date | 2 |
| part-time | 2 |
| in full-time equivalents | 1.4 |
| Joined | 2 |
| Left | 2 |
Source: social balance sheet in the 2025 annual accounts
Investments
| Item | 31-03-2022 | 31-03-2023 | 31-03-2024 | 31-03-2025 |
|---|---|---|---|---|
| Tangible fixed assets | - | €330 | €2,478 | - |
| Depreciation and write-downs of the year | €4,649 | €4,077 | €1,877 | €1,921 |
Source: notes to the 2022 to 2025 annual accounts (statement of fixed assets)
Annual accounts
| Line | 2019 | 2020 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|
| Remuneration, social security and pensions62 | - | - | - | - | - | €806 | - |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €8,492 | €8,492 | €4,649 | €4,077 | €1,877 | €1,921 | ▲ 2.3% |
| Other operating charges640/8 | - | - | €713 | €724 | €797 | €653 | ▼ 18.0% |
| Gross operating margin9900 | €43,464 | -€4,779 | €1,085 | -€2,907 | -€872 | €5,005 | - |
| Operating profit (loss)9901 | €34,255 | -€13,992 | -€4,276 | -€7,708 | -€3,545 | €1,625 | - |
| Financial income75/76B | - | - | €1 | €7 | €2 | €23 | ▲ 850% |
| Recurring financial income75 | €80 | €3 | €1 | €7 | €2 | €23 | ▲ 850% |
| Financial charges65/66B | - | - | €224 | €108 | €107 | €214 | ▲ 99.4% |
| Recurring financial charges65 | €357 | €238 | €224 | €108 | €107 | €214 | ▲ 99.4% |
| Profit (loss) for the period before taxes9903 | €33,978 | -€14,226 | -€4,499 | -€7,809 | -€3,650 | €1,434 | - |
| Income taxes67/77 | €11,111 | €117 | €114 | €127 | €103 | €133 | ▲ 29.1% |
| Profit (loss) for the period9904 | €22,866 | -€14,343 | -€4,613 | -€7,936 | -€3,753 | €1,301 | - |
| Profit (loss) for the period to be appropriated9905 | €22,866 | -€14,343 | -€4,613 | -€7,936 | -€3,753 | €1,301 | - |
| Line | 2019 | 2020 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|
| Assets | |||||||
| Total assets20/58 | €68,933 | €34,516 | €21,315 | €12,019 | €8,621 | €10,544 | ▲ 22.3% |
| Fixed assets21/28 | €29,365 | €20,872 | €8,312 | €4,565 | €5,166 | €3,245 | ▼ 37.2% |
| Tangible fixed assets22/27 | €29,365 | €20,872 | €8,312 | €4,565 | €5,166 | €3,245 | ▼ 37.2% |
| Plant, machinery and equipment23 | - | - | €1,785 | €1,515 | €883 | €250 | ▼ 71.6% |
| Furniture and vehicles24 | - | - | - | - | €717 | €538 | ▼ 24.9% |
| Other tangible fixed assets26 | - | - | €6,527 | €3,050 | €3,566 | €2,457 | ▼ 31.1% |
| Current assets29/58 | €39,569 | €13,643 | €13,003 | €7,454 | €3,455 | €7,299 | ▲ 111% |
| Amounts receivable within one year40/41 | €3,953 | €9,653 | €5,632 | €1,136 | €785 | €2,820 | ▲ 259% |
| Trade receivables40 | - | - | €1,755 | €195 | - | €450 | - |
| Other amounts receivable41 | - | - | €3,877 | €941 | €785 | €2,371 | ▲ 202% |
| Cash at bank and in hand54/58 | €30,692 | €3,610 | €6,394 | €5,255 | €1,201 | €2,989 | ▲ 149% |
| Deferred charges and accrued income490/1 | - | - | €977 | €1,063 | €1,469 | €1,489 | ▲ 1.4% |
| Equity and liabilities | |||||||
| Total equity and liabilities10/49 | €68,933 | €34,516 | €21,315 | €12,019 | €8,621 | €10,544 | ▲ 22.3% |
| Equity10/15 | €44,531 | €30,187 | €16,209 | €8,273 | €4,520 | €5,821 | ▲ 28.8% |
| Contributions10/11 | €18,600 | - | €18,600 | €18,600 | €18,600 | €18,600 | = |
| Reserves13 | €1,860 | €1,860 | €1,860 | €1,860 | €1,860 | €1,860 | = |
| Non-distributable reserves130/1 | - | - | €1,860 | €1,860 | - | - | - |
| Reserves not available under the articles1311 | - | - | €1,860 | €1,860 | - | - | - |
| Distributable reserves133 | - | - | - | - | €1,860 | €1,860 | = |
| Profit (loss) carried forward14 | €24,071 | €9,727 | -€4,251 | -€12,187 | -€15,940 | -€14,639 | ▲ 8.2% |
| Amounts payable17/49 | €24,402 | €4,328 | €5,106 | €3,746 | €4,101 | €4,723 | ▲ 15.2% |
| Amounts payable after more than one year17 | €403 | €0 | - | - | - | - | - |
| Amounts payable within one year42/48 | €23,999 | €4,328 | €5,106 | €3,746 | €4,101 | €4,723 | ▲ 15.2% |
| Financial debts43 | - | - | €136 | €162 | - | - | - |
| Credit institutions430/8 | - | - | €136 | €162 | - | - | - |
| Trade debts44 | €6,802 | €654 | €2,416 | €634 | €886 | €2,087 | ▲ 136% |
| Suppliers440/4 | - | - | €2,416 | €634 | €886 | €2,087 | ▲ 136% |
| Taxes, remuneration and social security45 | - | - | €277 | €678 | €928 | €363 | ▼ 60.8% |
| Taxes450/3 | - | - | €277 | €678 | €928 | €363 | ▼ 60.8% |
| Other amounts payable47/48 | - | - | €2,278 | €2,273 | €2,287 | €2,273 | ▼ 0.6% |
| Line | 2019 | 2020 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €22,866 | -€14,343 | -€4,613 | -€7,936 | -€3,753 | €1,301 | - |
| + Depreciation and write-downs630 | €8,492 | €8,492 | €4,649 | €4,077 | €1,877 | €1,921 | ▲ 2.3% |
| Operating cash flow (approximation) | €31,359 | -€5,851 | €36 | -€3,859 | -€1,876 | €3,222 | - |
| Investment in fixed assets (approximation) | - | €0 | - | -€330 | -€2,478 | €0 | - |
| Change in cash | - | -€27,082 | - | -€1,140 | -€4,054 | €1,788 | - |
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 |
|---|---|---|---|---|
| 31-03-2025 | micro format | 18-11-2025 | 2025-00570240 | |
| 31-03-2024 | micro format | 18-11-2024 | 2024-00604393 | |
| 31-03-2023 | micro format | 28-11-2023 | 2023-00517054 | |
| 31-03-2022 | micro format | 17-11-2022 | 2022-20523332 | |
| 31-03-2020 | micro format | 30-09-2020 | 2020-58300597 | |
| 31-03-2019 | micro format | 03-10-2019 | 2019-68400337 | |
| 31-03-2018 | micro format | 23-10-2018 | 2018-70100012 | |
| 31-03-2017 | micro format | 11-10-2017 | 2017-67100066 | |
| 31-03-2016 | abbreviated format | 12-10-2016 | 2016-65400334 | |
| 31-03-2015 | abbreviated format | 18-09-2015 | 2015-59000394 |