Financials · financial year 2025, abbreviated format
Annual accounts 2025 filed on 23-03-2026 PDF all 12 filings
Amounts without an identifiable currency are taken as euros.
Equity
€321,854▼ 2.5%
2024 · €330,204
Net result
€46,550▼ 47.3%
2024 · €88,326
Total assets
€1.1m▼ 1.1%
2024 · €1.1m
Solvency
28.9%▼ 0.4pp
2024 · 29.4%
Multi-year overview
2018 to 2025, 8 financial yearsOperating result
€87,019
▼ 7.6%
2025
20182025
Net result
€46,550
▼ 47.3%
2025
middle half of the sector
20182025
Equity
€321,854
▼ 2.5%
2025
middle half of the sector
20182025
Total assets
€1.1m
▼ 1.1%
2025
middle half of the sector
20182025
Debt
€789,915
▼ 0.5%
2025
20182025
Working capital
-€65,504
2025
middle half of the sector
20182025
Solvency
28.9%
▼ 0.4pp
2025
middle half of the sector
20182025
Current ratio
0.77
▼ 0.26
2025
middle half of the sector
20182025
Return on assets (ROA)
4.2%
▼ 3.7pp
2025
middle half of the sector
20182025
Staff (FTE)
no figure
2025
20182025
Every figure per financial year
Every figure with its change against the financial year before
favourable
unfavourable
Line20182019202020212022202320242025
Operating result€0.02m-€0.06m▲ 194%€0.06m▲ 0.9%€0.07m▲ 13.4%€0.07m▲ 7.3%€0.06m▼ 17.9%€0.09m▲ 61.6%€0.09m▼ 7.6%
Net result€0.02m-€0.03m▲ 24.4%€0.03mwithin the sector's middle half▲ 6.9%€0.06mwithin the sector's middle half▲ 87.8%€0.1mwithin the sector's middle half▲ 131%€0.03mwithin the sector's middle half▼ 77.6%€0.09mwithin the sector's middle half▲ 199%€0.05mwithin the sector's middle half▼ 47.3%
Equity€0.09m-€0.1m▲ 34.3%€0.1mbelow the sector's middle half▲ 10.8%€0.2mwithin the sector's middle half▲ 34.9%€0.3mwithin the sector's middle half▲ 44.9%€0.3mwithin the sector's middle half▲ 2.5%€0.3mwithin the sector's middle half▲ 22.2%€0.3mwithin the sector's middle half▼ 2.5%
Total assets€1.1m-€1.1m▲ 2.3%€1.1mwithin the sector's middle half▼ 3.6%€1.1mwithin the sector's middle half▲ 1.5%€1.1mwithin the sector's middle half▲ 4.6%€1.1mwithin the sector's middle half▼ 4.4%€1.1mwithin the sector's middle half▲ 2.6%€1.1mwithin the sector's middle half▼ 1.1%
Debt€1.0m-€1.0m▼ 0.6%€0.9m▼ 5.4%€0.9m▼ 3.3%€0.9m▼ 3.4%€0.8m▼ 6.5%€0.8m▼ 3.8%€0.8m▼ 0.5%
Working capital-€0.9m--€0.004m▲ 99.6%-€0.05mwithin the sector's middle half▼ 1,235%-€0.06mwithin the sector's middle half▼ 28.9%-€0.04mwithin the sector's middle half▲ 33.8%-€0.09mwithin the sector's middle half▼ 115%€0.005mwithin the sector's middle half-€0.07mwithin the sector's middle half
Solvency8.3%-10.9%▲ 2.6pp12.5%below the sector's middle half▲ 1.6pp16.6%below the sector's middle half▲ 4.1pp23.0%below the sector's middle half▲ 6.4pp24.7%below the sector's middle half▲ 1.7pp29.4%within the sector's middle half▲ 4.7pp28.9%within the sector's middle half▼ 0.4pp
Current ratio0.09-0.96▲ 0.860.50within the sector's middle half▼ 0.460.55within the sector's middle half▲ 0.050.77within the sector's middle half▲ 0.220.54within the sector's middle half▼ 0.241.02within the sector's middle half▲ 0.490.77within the sector's middle half▼ 0.26
Return on assets (ROA)2.1%-2.5%▲ 0.5pp2.8%within the sector's middle half▲ 0.3pp5.2%within the sector's middle half▲ 2.4pp11.5%above the sector's middle half▲ 6.3pp2.7%within the sector's middle half▼ 8.8pp7.9%within the sector's middle half▲ 5.2pp4.2%within the sector's middle half▼ 3.7pp
Staff (FTE)0below 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 8% lower than in 2024.
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 €1.1m
Fixed assets
€896,943 ▲ 0.4%
Current assets
€214,826 ▼ 7.0%
Equity and liabilities €1.1m
Equity
€321,854 ▼ 2.5%
Debt
€789,915 ▼ 0.5%
Debt's share of the balance-sheet total rises from 70.6% to 71.1%. Equity and debt are lower.
Key figures and ratios
ROE
14.5%▼
2024 · 26.7%
Debt ≤ 1 year
€280,330▲
2024 · €226,022
Debt > 1 year
€502,685▼
2024 · €562,740
Income taxes
€22,703▼
2024 · €28,192
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 | €1,865 | €1,526 | €663 | €2,392 | €5,573 |
| Depreciation and write-downs of the year | €14,641 | €14,402 | €13,954 | €960 | €1,826 |
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 |
|---|---|---|---|---|---|---|---|---|---|
| Non-recurring operating income76A | - | - | - | - | - | - | - | €23,520 | - |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €7,716 | €15,972 | €14,293 | €14,641 | €14,402 | €13,954 | €960 | €1,826 | ▲ 90.2% |
| Other operating charges640/8 | - | - | - | €1,064 | €990 | €1,392 | €1,308 | €1,360 | ▲ 4.0% |
| Gross operating margin9900 | €27,575 | €74,373 | €73,707 | €81,885 | €86,412 | €73,624 | €96,426 | €90,204 | ▼ 6.5% |
| Operating profit (loss)9901 | €19,676 | €57,867 | €58,373 | €66,179 | €71,020 | €58,277 | €94,158 | €87,019 | ▼ 7.6% |
| Financial income75/76B | - | - | - | €22,756 | €96,500 | - | €41,341 | €4,889 | ▼ 88.2% |
| Recurring financial income75 | €12,500 | €0 | €0 | €22,756 | €96,500 | - | €41,341 | €4,889 | ▼ 88.2% |
| Financial charges65/66B | - | - | - | €12,312 | €12,404 | €14,021 | €18,981 | €25,288 | ▲ 33.2% |
| Recurring financial charges65 | €301 | €12,360 | €12,900 | €12,312 | €12,404 | €14,021 | €18,981 | €25,288 | ▲ 33.2% |
| Profit (loss) for the period before taxes9903 | €31,875 | €45,507 | €45,472 | €76,624 | €155,116 | €44,256 | €116,518 | €66,619 | ▼ 42.8% |
| Transfer from deferred taxes780 | - | - | - | - | - | - | - | €2,634 | - |
| Income taxes67/77 | €9,028 | €17,079 | €15,085 | €19,561 | €23,279 | €14,728 | €28,192 | €22,703 | ▼ 19.5% |
| Profit (loss) for the period9904 | €22,848 | €28,428 | €30,387 | €57,063 | €131,837 | €29,528 | €88,326 | €46,550 | ▼ 47.3% |
| Profit (loss) for the period to be appropriated9905 | €22,848 | €28,428 | €30,387 | €57,063 | €131,837 | €29,528 | €88,326 | €46,550 | ▼ 47.3% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Assets | |||||||||
| Total assets20/58 | €1.1m | €1.1m | €1.1m | €1.1m | €1.1m | €1.1m | €1.1m | €1.1m | ▼ 1.1% |
| Formation expenses20 | €0 | €0 | €0 | - | - | - | - | - | - |
| Fixed assets21/28 | €1.0m | €1.0m | €1.0m | €1.0m | €1.0m | €1.0m | €0.9m | €0.9m | ▲ 0.4% |
| Intangible fixed assets21 | €0 | €0 | €0 | - | - | - | - | - | - |
| Tangible fixed assets22/27 | €0.01m | €0.05m | €0.04m | €0.03m | €0.01m | €0.001m | €0.002m | €0.006m | ▲ 153% |
| Plant, machinery and equipment23 | - | - | - | €0.003m | €0.002m | €453 | €0.001m | €0.005m | ▲ 486% |
| Furniture and vehicles24 | - | - | - | €0.02m | €0.01m | €0.001m | €0.002m | €0.001m | ▼ 25.0% |
| Financial fixed assets28 | €1.0m | €1.0m | €1.0m | €1.0m | €1.0m | €1.0m | €0.9m | €0.9m | = |
| Current assets29/58 | €0.09m | €0.08m | €0.05m | €0.08m | €0.1m | €0.1m | €0.2m | €0.2m | ▼ 7.0% |
| Stocks and contracts in progress3 | €0 | €0 | €0 | - | - | - | - | - | - |
| Amounts receivable within one year40/41 | €30 | €0.01m | €0.04m | €0.03m | €0.1m | €0.09m | €0.1m | €0.1m | ▲ 16.1% |
| Trade receivables40 | - | - | - | €0.03m | €0.02m | €0.01m | €0.03m | €0.01m | ▼ 59.0% |
| Other amounts receivable41 | - | - | - | €6 | €0.1m | €0.08m | €0.1m | €0.1m | ▲ 42.0% |
| Current investments50/53 | €0 | €0 | €0 | - | - | - | - | - | - |
| Cash at bank and in hand54/58 | €0.09m | €0.07m | €0.01m | €0.05m | €0.02m | €0.009m | €0.1m | €0.06m | ▼ 42.6% |
| Deferred charges and accrued income490/1 | - | - | - | €0.003m | €0.002m | €0.003m | €0.004m | €0.009m | ▲ 139% |
| Equity and liabilities | |||||||||
| Total equity and liabilities10/49 | €1.1m | €1.1m | €1.1m | €1.1m | €1.1m | €1.1m | €1.1m | €1.1m | ▼ 1.1% |
| Equity10/15 | €0.09m | €0.1m | €0.1m | €0.2m | €0.3m | €0.3m | €0.3m | €0.3m | ▼ 2.5% |
| Contributions10/11 | €0.01m | €0.01m | - | €0.01m | €0.02m | €0.02m | €0.02m | €0.02m | = |
| Reserves13 | €0.08m | €0.1m | €0.1m | €0.2m | €0.2m | €0.3m | €0.3m | €0.3m | ▼ 2.7% |
| Non-distributable reserves130/1 | - | - | - | €0.002m | €0.002m | - | - | - | - |
| Reserves not available under the articles1311 | - | - | - | €0.002m | €0.002m | - | - | - | - |
| Tax-exempt reserves132 | - | - | - | €0.003m | €0.003m | €0.003m | €0.003m | - | - |
| Distributable reserves133 | - | - | - | €0.2m | €0.2m | €0.2m | €0.3m | €0.3m | ▼ 1.9% |
| Profit (loss) carried forward14 | €0 | €0 | €0 | - | - | - | - | - | - |
| Amounts payable17/49 | €1.0m | €1.0m | €0.9m | €0.9m | €0.9m | €0.8m | €0.8m | €0.8m | ▼ 0.5% |
| Amounts payable after more than one year17 | - | €0.9m | €0.8m | €0.8m | €0.7m | €0.6m | €0.6m | €0.5m | ▼ 10.7% |
| Financial debts170/4 | - | - | - | €0.8m | €0.7m | €0.6m | €0.6m | €0.5m | ▼ 10.7% |
| Amounts payable within one year42/48 | €1.0m | €0.08m | €0.1m | €0.1m | €0.2m | €0.2m | €0.2m | €0.3m | ▲ 24.0% |
| Current portion of amounts payable after more than one year42 | - | - | - | €0.07m | €0.07m | €0.07m | €0.06m | €0.06m | ▼ 1.1% |
| Trade debts44 | €0.003m | €0.003m | €0.002m | €0.002m | €0.006m | €0.01m | €0.001m | €0.001m | ▲ 16.3% |
| Suppliers440/4 | - | - | - | €0.002m | €0.006m | €0.01m | €0.001m | €0.001m | ▲ 16.3% |
| Taxes, remuneration and social security45 | - | - | - | €0.008m | €0.02m | €0.007m | €0.02m | €0.02m | ▲ 39.1% |
| Taxes450/3 | - | - | - | €0.008m | €0.02m | €0.007m | €0.02m | €0.02m | ▲ 39.1% |
| Other amounts payable47/48 | - | - | - | €0.06m | €0.08m | €0.1m | €0.1m | €0.2m | ▲ 33.6% |
| Accrued charges and deferred income492/3 | - | - | - | €0.001m | €0.001m | €0.003m | €0.005m | €0.007m | ▲ 33.2% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €22,848 | €28,428 | €30,387 | €57,063 | €131,837 | €29,528 | €88,326 | €46,550 | ▼ 47.3% |
| + Depreciation and write-downs630 | €7,716 | €15,972 | €14,293 | €14,641 | €14,402 | €13,954 | €960 | €1,826 | ▲ 90.2% |
| Operating cash flow (approximation) | €30,564 | €44,400 | €44,680 | €71,704 | €146,239 | €43,482 | €89,286 | €48,375 | ▼ 45.8% |
| Investment in fixed assets (approximation) | - | -€56,127 | -€3,437 | -€1,865 | -€1,526 | -€663 | €96,759 | -€5,573 | - |
| Change in cash | - | -€25,606 | -€55,411 | €37,076 | -€28,936 | -€10,676 | €89,445 | -€41,906 | - |
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 | 23-03-2026 | 2026-00060581 | |
| 31-12-2024 | abbreviated format | 02-04-2025 | 2025-00062497 | |
| 31-12-2023 | abbreviated format | 29-04-2024 | 2024-00071961 | |
| 31-12-2022 | abbreviated format | 07-04-2023 | 2023-00056404 | |
| 31-12-2021 | abbreviated format | 18-07-2022 | 2022-20193883 | |
| 31-12-2020 | abbreviated format | 12-07-2021 | 2021-33500329 | |
| 31-12-2019 | micro format | 14-07-2020 | 2020-29300296 | |
| 31-12-2018 | micro format | 11-07-2019 | 2019-31100120 | |
| 31-12-2017 | micro format | 25-07-2018 | 2018-37500333 | |
| 31-12-2016 | abbreviated format | 30-08-2017 | 2017-50600542 |