Financials · financial year 2025, abbreviated format
Annual accounts 2025 filed on 14-07-2026 at the NBB all 11 filings
Equity
€213,371▼ 16.6%
2024 · €255,908
Net result
€74,863▲ 62.6%
2024 · €46,047
Total assets
€330,940▲ 10.1%
2024 · €300,592
Solvency
64.5%▼ 20.7pp
2024 · 85.1%
Multi-year overview
2018 to 2025, 8 financial yearsOperating result
€73,159
▲ 12.1%
2025
20182025
Net result
€74,863
▲ 62.6%
2025
middle half of the sector
20182025
Equity
€213,371
▼ 16.6%
2025
middle half of the sector
20182025
Total assets
€330,940
▲ 10.1%
2025
lowest quarter of the sector
20182025
Debt
€117,569
▲ 163%
2025
20182025
Working capital
€51,386
▼ 49.0%
2025
middle half of the sector
20182025
Solvency
64.5%
▼ 20.7pp
2025
middle half of the sector
20182025
Current ratio
1.44
▼ 1.82
2025
middle half of the sector
20182025
Return on assets (ROA)
22.6%
▲ 7.3pp
2025
highest quarter of the sector
20182025
Every figure per financial year
Every figure with its change against the financial year before
favourable
unfavourable
Line20182019202020212022202320242025
Operating result€22,136-€34,064▲ 53.9%€54,063▲ 58.7%€52,745▼ 2.4%€67,407▲ 27.8%€67,488▲ 0.1%€65,290▼ 3.3%€73,159▲ 12.1%
Net result€13,080-€21,423▲ 63.8%€36,736within the sector's middle half▲ 71.5%€36,004within the sector's middle half▼ 2.0%€45,540within the sector's middle half▲ 26.5%€107,390within the sector's middle half▲ 136%€46,047within the sector's middle half▼ 57.1%€74,863within the sector's middle half▲ 62.6%
Equity€97,470-€118,893▲ 22.0%€155,629within the sector's middle half▲ 30.9%€164,632within the sector's middle half▲ 5.8%€190,172within the sector's middle half▲ 15.5%€253,861within the sector's middle half▲ 33.5%€255,908within the sector's middle half▲ 0.8%€213,371within the sector's middle half▼ 16.6%
Total assets€205,970-€209,510▲ 1.7%€228,346below the sector's middle half▲ 9.0%€249,262below the sector's middle half▲ 9.2%€231,422below the sector's middle half▼ 7.2%€301,408below the sector's middle half▲ 30.2%€300,592below the sector's middle half▼ 0.3%€330,940below the sector's middle half▲ 10.1%
Debt€108,500-€90,617▼ 16.5%€72,717▼ 19.8%€84,630▲ 16.4%€41,250▼ 51.3%€47,547▲ 15.3%€44,684▼ 6.0%€117,569▲ 163%
Working capital€39,257-€35,931▼ 8.5%€55,201within the sector's middle half▲ 53.6%€46,632within the sector's middle half▼ 15.5%€35,672within the sector's middle half▼ 23.5%€99,361within the sector's middle half▲ 179%€100,692within the sector's middle half▲ 1.3%€51,386within the sector's middle half▼ 49.0%
Solvency47.3%-56.7%▲ 9.4pp68.2%above the sector's middle half▲ 11.4pp66.0%above the sector's middle half▼ 2.1pp82.2%above the sector's middle half▲ 16.1pp84.2%above the sector's middle half▲ 2.0pp85.1%above the sector's middle half▲ 0.9pp64.5%within the sector's middle half▼ 20.7pp
Current ratio4.27-2.98▼ 1.294.03above the sector's middle half▲ 1.051.97within the sector's middle half▼ 2.061.86within the sector's middle half▼ 0.103.09above the sector's middle half▲ 1.223.25above the sector's middle half▲ 0.161.44within the sector's middle half▼ 1.82
Return on assets (ROA)6.4%-10.2%▲ 3.9pp16.1%within the sector's middle half▲ 5.9pp14.4%within the sector's middle half▼ 1.6pp19.7%above the sector's middle half▲ 5.2pp35.6%above the sector's middle half▲ 16.0pp15.3%within the sector's middle half▼ 20.3pp22.6%above the sector's middle half▲ 7.3pp
above
within
below
The sector band is the middle half of the companies in Activities auxiliary to financial services and insurance activities (NACE 66). 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 12% higher than in 2024 and the highest since 2021. It is a recovery after the fall in 2024.
The turnover shown is an estimate from the gross margin.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €330,940
Fixed assets
€161,985 ▲ 4.4%
Current assets
€168,955 ▲ 16.2%
Equity and liabilities €330,940
Equity
€213,371 ▼ 16.6%
Debt
€117,569 ▲ 163%
Debt's share of the balance-sheet total rises from 14.9% to 35.5%. Equity is lower and debt is higher.
Key figures and ratios
ROE
35.1%▲
2024 · 18.0%
Debt ≤ 1 year
€117,569▲
2024 · €44,684
Income taxes
€26,293▲
2024 · €19,569
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 | - | - | - | €899 | €8,029 |
| Depreciation and write-downs of the year | €428 | - | - | €183 | €1,260 |
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 |
|---|---|---|---|---|---|---|---|---|---|
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €474 | €855 | €535 | €428 | - | - | €183 | €1,260 | ▲ 587% |
| Other operating charges640/8 | - | - | - | - | €24 | - | €35 | €192 | ▲ 453% |
| Gross operating margin9900 | €22,610 | €34,919 | €54,597 | €53,172 | €67,431 | €67,488 | €65,508 | €74,612 | ▲ 13.9% |
| Operating profit (loss)9901 | €22,136 | €34,064 | €54,063 | €52,745 | €67,407 | €67,488 | €65,290 | €73,159 | ▲ 12.1% |
| Financial income75/76B | - | - | - | €1,018 | €700 | €69,100 | €733 | €31,094 | ▲ 42× |
| Recurring financial income75 | €0 | €150 | €600 | €1,018 | €700 | €69,100 | €733 | €31,094 | ▲ 42× |
| Financial charges65/66B | - | - | - | €159 | €191 | €505 | €407 | €3,098 | ▲ 661% |
| Recurring financial charges65 | €269 | €148 | €152 | €159 | €191 | €505 | €407 | €3,098 | ▲ 661% |
| Profit (loss) for the period before taxes9903 | €21,868 | €34,066 | €54,511 | €53,604 | €67,916 | €136,083 | €65,616 | €101,156 | ▲ 54.2% |
| Income taxes67/77 | €8,788 | €12,643 | €17,775 | €17,600 | €22,376 | €28,694 | €19,569 | €26,293 | ▲ 34.4% |
| Profit (loss) for the period9904 | €13,080 | €21,423 | €36,736 | €36,004 | €45,540 | €107,390 | €46,047 | €74,863 | ▲ 62.6% |
| Profit (loss) for the period to be appropriated9905 | €13,080 | €21,423 | €36,736 | €36,004 | €45,540 | €107,390 | €46,047 | €74,863 | ▲ 62.6% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Assets | |||||||||
| Total assets20/58 | €205,970 | €209,510 | €228,346 | €249,262 | €231,422 | €301,408 | €300,592 | €330,940 | ▲ 10.1% |
| Fixed assets21/28 | €154,713 | €155,462 | €154,928 | €154,500 | €154,500 | €154,500 | €155,216 | €161,985 | ▲ 4.4% |
| Tangible fixed assets22/27 | €213 | €962 | €428 | - | - | - | €716 | €7,485 | ▲ 946% |
| Plant, machinery and equipment23 | - | - | - | - | - | - | €716 | €7,485 | ▲ 946% |
| Financial fixed assets28 | €154,500 | €154,500 | €154,500 | €154,500 | €154,500 | €154,500 | €154,500 | €154,500 | = |
| Current assets29/58 | €51,257 | €54,047 | €73,418 | €94,762 | €76,922 | €146,908 | €145,377 | €168,955 | ▲ 16.2% |
| Amounts receivable after more than one year29 | - | - | - | €31,350 | €31,950 | €32,550 | €33,150 | €33,750 | ▲ 1.8% |
| Trade receivables290 | - | - | - | €31,350 | €31,950 | €32,550 | €33,150 | €33,750 | ▲ 1.8% |
| Amounts receivable within one year40/41 | €6,478 | €13,569 | €2,225 | €2,400 | €2,631 | - | €5,431 | €3,707 | ▼ 31.7% |
| Trade receivables40 | - | - | - | - | €8 | - | - | - | - |
| Other amounts receivable41 | - | - | - | €2,400 | €2,624 | - | €5,431 | €3,707 | ▼ 31.7% |
| Cash at bank and in hand54/58 | €44,779 | €10,328 | €40,443 | €61,012 | €42,340 | €114,358 | €106,796 | €131,499 | ▲ 23.1% |
| Equity and liabilities | |||||||||
| Total equity and liabilities10/49 | €205,970 | €209,510 | €228,346 | €249,262 | €231,422 | €301,408 | €300,592 | €330,940 | ▲ 10.1% |
| Equity10/15 | €97,470 | €118,893 | €155,629 | €164,632 | €190,172 | €253,861 | €255,908 | €213,371 | ▼ 16.6% |
| Contributions10/11 | €6,200 | €6,200 | - | €6,200 | €6,200 | €6,200 | €6,200 | €6,200 | = |
| Reserves13 | €61,860 | €82,860 | €118,860 | €127,760 | €153,260 | €247,260 | €248,760 | €205,860 | ▼ 17.2% |
| Non-distributable reserves130/1 | - | - | - | €1,860 | €1,860 | - | - | - | - |
| Reserves not available under the articles1311 | - | - | - | €1,860 | €1,860 | - | - | - | - |
| Distributable reserves133 | - | - | - | €125,900 | €151,400 | €247,260 | €248,760 | €205,860 | ▼ 17.2% |
| Profit (loss) carried forward14 | €29,410 | €29,833 | €30,569 | €30,672 | €30,712 | €401 | €948 | €1,311 | ▲ 38.3% |
| Amounts payable17/49 | €108,500 | €90,617 | €72,717 | €84,630 | €41,250 | €47,547 | €44,684 | €117,569 | ▲ 163% |
| Amounts payable after more than one year17 | €96,500 | €72,500 | €54,500 | €36,500 | - | - | - | - | - |
| Financial debts170/4 | - | - | - | €36,500 | - | - | - | - | - |
| Amounts payable within one year42/48 | €12,000 | €18,117 | €18,217 | €48,130 | €41,250 | €47,547 | €44,684 | €117,569 | ▲ 163% |
| Current portion of amounts payable after more than one year42 | - | - | - | €18,000 | €18,500 | - | - | - | - |
| Trade debts44 | - | €117 | €217 | €380 | - | €153 | €684 | €169 | ▼ 75.3% |
| Suppliers440/4 | - | - | - | €380 | - | €153 | €684 | €169 | ▼ 75.3% |
| Taxes, remuneration and social security45 | - | - | - | €4,100 | €3,750 | €13,554 | €7,950 | €7,091 | ▼ 10.8% |
| Taxes450/3 | - | - | - | €4,100 | €3,750 | €13,554 | €7,950 | €7,091 | ▼ 10.8% |
| Other amounts payable47/48 | - | - | - | €25,650 | €19,000 | €33,840 | €36,050 | €110,309 | ▲ 206% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €13,080 | €21,423 | €36,736 | €36,004 | €45,540 | €107,390 | €46,047 | €74,863 | ▲ 62.6% |
| + Depreciation and write-downs630 | €474 | €855 | €535 | €428 | - | - | €183 | €1,260 | ▲ 587% |
| Operating cash flow (approximation) | €13,554 | €22,278 | €37,270 | €36,431 | €45,540 | €107,390 | €46,230 | €76,123 | ▲ 64.7% |
| Investment in fixed assets (approximation) | - | -€1,604 | €0 | €0 | €0 | €0 | -€899 | -€8,029 | ▼ 793% |
| Change in cash | - | -€34,451 | €30,115 | €20,570 | -€18,672 | €72,017 | -€7,562 | €24,703 | - |
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 11 filings with the National Bank
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-12-2025 | abbreviated format | 14-07-2026 | 2026-00296756 | |
| 31-12-2024 | full format | 22-08-2025 | 2025-00401752 | |
| 31-12-2023 | full format | 29-07-2024 | 2024-00295558 | |
| 31-12-2022 | full format | 27-07-2023 | 2023-00299831 | |
| 31-12-2021 | full format | 26-08-2022 | 2022-20404069 | |
| 31-12-2020 | full format | 30-08-2021 | 2021-57800326 | |
| 31-12-2019 | full format | 27-08-2020 | 2020-45600441 | |
| 31-12-2018 | full format | 02-07-2019 | 2019-29300474 | |
| 31-12-2017 | full format | 30-08-2018 | 2018-56700300 | |
| 31-12-2016 | full format | 09-08-2017 | 2017-42500184 |