Financials · financial year 2025, micro format
Annual accounts 2025 filed on 17-07-2026 at the NBB all 7 filings
Equity
€295,771▼ 0.7%
2024 · €297,916
Net result
-€2,145▲ 13.8%
2024 · -€2,488
Total assets
€609,380▼ 4.0%
2024 · €634,906
Solvency
48.5%▲ 1.6pp
2024 · 46.9%
Multi-year overview
2019 to 2025, 7 financial yearsOperating result
€3,723
▼ 1.1%
2025
20192025
Net result
-€2,145
▲ 13.8%
2025
lowest quarter of the sector
20192025
Equity
€295,771
▼ 0.7%
2025
middle half of the sector
20192025
Total assets
€609,380
▼ 4.0%
2025
middle half of the sector
20192025
Debt
€313,610
▼ 6.9%
2025
20192025
Working capital
-€18,502
▼ 15.9%
2025
middle half of the sector
20192025
Solvency
48.5%
▲ 1.6pp
2025
middle half of the sector
20192025
Current ratio
0.40
▼ 0.11
2025
lowest quarter of the sector
20192025
Return on assets (ROA)
-0.4%
=
2025
lowest quarter of the sector
20192025
Every figure per financial year
Every figure with its change against the financial year before
favourable
unfavourable
Line2019202020212022202320242025
Operating result€8,346--€4,940€22,967€24,886▲ 8.4%€21,873▼ 12.1%€3,765▼ 82.8%€3,723▼ 1.1%
Net result€1,793--€11,498below the sector's middle half€14,534within the sector's middle half€15,858within the sector's middle half▲ 9.1%€11,487within the sector's middle half▼ 27.6%-€2,488below the sector's middle half-€2,145below the sector's middle half▲ 13.8%
Equity€301,793-€290,289within the sector's middle half▼ 3.8%€304,823within the sector's middle half▲ 5.0%€320,681within the sector's middle half▲ 5.2%€300,403within the sector's middle half▼ 6.3%€297,916within the sector's middle half▼ 0.8%€295,771within the sector's middle half▼ 0.7%
Total assets€701,866-€679,308within the sector's middle half▼ 3.2%€684,460within the sector's middle half▲ 0.8%€678,265within the sector's middle half▼ 0.9%€684,060within the sector's middle half▲ 0.9%€634,906within the sector's middle half▼ 7.2%€609,380within the sector's middle half▼ 4.0%
Debt€400,073-€389,019▼ 2.8%€379,637▼ 2.4%€357,584▼ 5.8%€383,657▲ 7.3%€336,990▼ 12.2%€313,610▼ 6.9%
Working capital-€26,653--€20,318within the sector's middle half▲ 23.8%-€3,215within the sector's middle half▲ 84.2%€13,713within the sector's middle half-€13,605within the sector's middle half-€15,969within the sector's middle half▼ 17.4%-€18,502within the sector's middle half▼ 15.9%
Solvency43.0%-42.7%within the sector's middle half▼ 0.3pp44.5%within the sector's middle half▲ 1.8pp47.3%within the sector's middle half▲ 2.7pp43.9%within the sector's middle half▼ 3.4pp46.9%within the sector's middle half▲ 3.0pp48.5%within the sector's middle half▲ 1.6pp
Current ratio0.14-0.04below the sector's middle half▼ 0.090.89within the sector's middle half▲ 0.841.55within the sector's middle half▲ 0.670.76within the sector's middle half▼ 0.790.51below the sector's middle half▼ 0.260.40below the sector's middle half▼ 0.11
Return on assets (ROA)0.3%--1.7%below the sector's middle half▼ 1.9pp2.1%within the sector's middle half▲ 3.8pp2.3%within the sector's middle half▲ 0.2pp1.7%within the sector's middle half▼ 0.7pp-0.4%below the sector's middle half▼ 2.1pp-0.4%below the sector's middle half=
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 1% lower than in 2024 and the lowest since 2021. It is the third fall in a row.
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 €609,380
Fixed assets
€597,268 ▼ 3.4%
Current assets
€12,112 ▼ 25.9%
Equity and liabilities €609,380
Equity
€295,771 ▼ 0.7%
Debt
€313,610 ▼ 6.9%
Debt's share of the balance-sheet total falls from 53.1% to 51.5%. Equity and debt are lower.
Key figures and ratios
ROE
-0.7%▲
2024 · -0.8%
Debt ≤ 1 year
€30,614▼
2024 · €32,306
Debt > 1 year
€282,996▼
2024 · €304,685
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 | - | - | €20,346 | - | - |
| Financial fixed assets | - | - | - | - | €0 |
| Depreciation and write-downs of the year | €19,266 | €19,266 | €20,300 | €21,301 | €21,301 |
Source: notes to the 2021 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 | €15,877 | €19,266 | €19,266 | €19,266 | €20,300 | €21,301 | €21,301 | = |
| Other operating charges640/8 | - | - | €2,372 | €2,420 | €2,656 | €2,824 | €2,837 | ▲ 0.5% |
| Gross operating margin9900 | €27,755 | €16,683 | €44,605 | €46,573 | €44,829 | €27,890 | €27,861 | ▼ 0.1% |
| Operating profit (loss)9901 | €8,346 | -€4,940 | €22,967 | €24,886 | €21,873 | €3,765 | €3,723 | ▼ 1.1% |
| Financial income75/76B | - | - | - | €101 | €244 | €708 | €663 | ▼ 6.4% |
| Recurring financial income75 | - | - | - | €101 | €244 | €708 | €663 | ▼ 6.4% |
| Financial charges65/66B | - | - | €7,674 | €4,824 | €7,042 | €6,961 | €6,531 | ▼ 6.2% |
| Recurring financial charges65 | €6,259 | €6,558 | €7,674 | €4,824 | €7,042 | €6,961 | €6,531 | ▼ 6.2% |
| Profit (loss) for the period before taxes9903 | €2,086 | -€11,498 | €15,293 | €20,163 | €15,076 | -€2,488 | -€2,145 | ▲ 13.8% |
| Income taxes67/77 | €293 | €0 | €759 | €4,305 | €3,589 | €0 | - | - |
| Profit (loss) for the period9904 | €1,793 | -€11,498 | €14,534 | €15,858 | €11,487 | -€2,488 | -€2,145 | ▲ 13.8% |
| Profit (loss) for the period to be appropriated9905 | €1,793 | -€11,498 | €14,534 | €15,858 | €11,487 | -€2,488 | -€2,145 | ▲ 13.8% |
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|
| Assets | ||||||||
| Total assets20/58 | €701,866 | €679,308 | €684,460 | €678,265 | €684,060 | €634,906 | €609,380 | ▼ 4.0% |
| Fixed assets21/28 | €697,622 | €678,356 | €659,090 | €639,824 | €639,870 | €618,569 | €597,268 | ▼ 3.4% |
| Tangible fixed assets22/27 | €697,622 | €678,356 | €659,090 | €639,824 | €639,870 | €618,569 | €597,268 | ▼ 3.4% |
| Land and buildings22 | - | - | €659,090 | €639,824 | €639,870 | €618,569 | €597,268 | ▼ 3.4% |
| Current assets29/58 | €4,244 | €952 | €25,370 | €38,441 | €44,191 | €16,337 | €12,112 | ▼ 25.9% |
| Amounts receivable within one year40/41 | - | €10 | €22,500 | €36,427 | €8,924 | €15,195 | €9,862 | ▼ 35.1% |
| Other amounts receivable41 | - | - | €22,500 | €36,427 | €8,924 | €15,195 | €9,862 | ▼ 35.1% |
| Cash at bank and in hand54/58 | €3,096 | €776 | €2,693 | €1,824 | €35,051 | €917 | €2,015 | ▲ 120% |
| Deferred charges and accrued income490/1 | - | - | €176 | €190 | €216 | €224 | €235 | ▲ 4.8% |
| Equity and liabilities | ||||||||
| Total equity and liabilities10/49 | €701,866 | €679,308 | €684,460 | €678,265 | €684,060 | €634,906 | €609,380 | ▼ 4.0% |
| Equity10/15 | €301,793 | €290,289 | €304,823 | €320,681 | €300,403 | €297,916 | €295,771 | ▼ 0.7% |
| Contributions10/11 | €300,000 | - | €300,000 | €300,000 | €300,000 | €300,000 | €300,000 | = |
| Reserves13 | €1,793 | €1,787 | €4,823 | €20,681 | €403 | €403 | €403 | = |
| Non-distributable reserves130/1 | - | - | €89 | €89 | €0 | - | - | - |
| Reserves not available under the articles1311 | - | - | €89 | €89 | €0 | - | - | - |
| Distributable reserves133 | - | - | €4,733 | €20,592 | €403 | €403 | €403 | = |
| Profit (loss) carried forward14 | - | -€11,498 | €0 | - | €0 | -€2,488 | -€4,632 | ▼ 86.2% |
| Amounts payable17/49 | €400,073 | €389,019 | €379,637 | €357,584 | €383,657 | €336,990 | €313,610 | ▼ 6.9% |
| Amounts payable after more than one year17 | €369,175 | €367,749 | €350,464 | €332,856 | €325,862 | €304,685 | €282,996 | ▼ 7.1% |
| Financial debts170/4 | - | - | €350,464 | €332,856 | €325,862 | €304,685 | €282,996 | ▼ 7.1% |
| Amounts payable within one year42/48 | €30,898 | €21,270 | €28,585 | €24,728 | €57,795 | €32,306 | €30,614 | ▼ 5.2% |
| Current portion of amounts payable after more than one year42 | - | - | €18,712 | €17,608 | €20,680 | €21,177 | €21,689 | ▲ 2.4% |
| Trade debts44 | €1,215 | €557 | €911 | €916 | €605 | €699 | €684 | ▼ 2.1% |
| Suppliers440/4 | - | - | €911 | €916 | €605 | €699 | €684 | ▼ 2.1% |
| Advances received on contracts in progress46 | - | - | €1,000 | €0 | - | €4,500 | €7,100 | ▲ 57.8% |
| Taxes, remuneration and social security45 | - | - | €748 | €5,064 | €3,605 | €4,789 | €0 | ▼ 100% |
| Taxes450/3 | - | - | €748 | €5,064 | €3,605 | €3,589 | €0 | ▼ 100% |
| Remuneration and social security454/9 | - | - | - | - | - | €1,200 | €0 | ▼ 100% |
| Other amounts payable47/48 | - | - | €7,214 | €1,140 | €32,905 | €1,140 | €1,140 | = |
| Accrued charges and deferred income492/3 | - | - | €588 | €0 | - | - | - | - |
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €1,793 | -€11,498 | €14,534 | €15,858 | €11,487 | -€2,488 | -€2,145 | ▲ 13.8% |
| + Depreciation and write-downs630 | €15,877 | €19,266 | €19,266 | €19,266 | €20,300 | €21,301 | €21,301 | = |
| Operating cash flow (approximation) | €17,670 | €7,768 | €33,800 | €35,124 | €31,787 | €18,813 | €19,156 | ▲ 1.8% |
| Investment in fixed assets (approximation) | - | €0 | €0 | €0 | -€20,346 | €0 | €0 | - |
| Change in cash | - | -€2,320 | €1,917 | -€869 | €33,227 | -€34,133 | €1,098 | - |
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 (7)
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-12-2025 | micro format | 17-07-2026 | 2026-00304728 | |
| 31-12-2024 | micro format | 22-08-2025 | 2025-00391850 | |
| 31-12-2023 | micro format | 26-06-2024 | 2024-00168370 | |
| 31-12-2022 | micro format | 20-07-2023 | 2023-00253322 | |
| 31-12-2021 | micro format | 18-06-2022 | 2022-20071838 | |
| 31-12-2020 | micro format | 19-10-2021 | 2021-72200415 | |
| 31-12-2019 | micro format | 15-07-2020 | 2020-30500237 |