Financials · financial year 2025, micro format
2025 annual accounts filed 21 days after the deadline Filed on 21 August 2026, deadline 31 July 2026 (7 months after the close on 31 December 2025, Companies Code art. 3:10). Source: NBB, 2026-00411505.
Annual accounts 2025 filed on 21-08-2026 at the NBB all 5 filings
Equity
€497,936▲ 153%
2024 · €196,602
Net result
€301,333
2024 · -€18,391
Total assets
€946,362▲ 63.3%
2024 · €579,458
Solvency
52.6%▲ 18.7pp
2024 · 33.9%
Multi-year overview
2021 to 2025, 5 financial yearsOperating result
€483,601
2025
20212025
Net result
€301,333
2025
highest quarter of the sector
20212025
Equity
€497,936
▲ 153%
2025
highest quarter of the sector
20212025
Total assets
€946,362
▲ 63.3%
2025
highest quarter of the sector
20212025
Debt
€284,744
▼ 25.6%
2025
20212025
Working capital
€55,969
2025
middle half of the sector
20212025
Solvency
52.6%
▲ 18.7pp
2025
middle half of the sector
20212025
Current ratio
1.39
▲ 1.02
2025
middle half of the sector
20212025
Return on assets (ROA)
31.8%
▲ 35.0pp
2025
highest quarter of the sector
20212025
Staff (FTE)
no figure
2025
20212025
Every figure per financial year
Every figure with its change against the financial year before
favourable
unfavourable
Line20212022202320242025
Operating result€0.05m--€0.009m€0.1m-€0.008m€0.5m
Net result€0.02mwithin the sector's middle half--€0.03mbelow the sector's middle half€0.07mwithin the sector's middle half-€0.02mbelow the sector's middle half€0.3mabove the sector's middle half
Equity€0.2mwithin the sector's middle half-€0.1mbelow the sector's middle half▼ 14.7%€0.2mwithin the sector's middle half▲ 49.1%€0.2mwithin the sector's middle half▼ 8.6%€0.5mabove the sector's middle half▲ 153%
Total assets€1.5mwithin the sector's middle half-€1.3mwithin the sector's middle half▼ 10.4%€0.6mbelow the sector's middle half▼ 57.7%€0.6mwithin the sector's middle half▲ 3.3%€0.9mabove the sector's middle half▲ 63.3%
Debt€1.3m-€1.2m▼ 9.9%€0.3m▼ 70.7%€0.4m▲ 10.7%€0.3m▼ 25.6%
Working capital-€0.2mbelow the sector's middle half--€0.2mbelow the sector's middle half▼ 17.3%-€0.2mwithin the sector's middle half▲ 36.9%-€0.2mbelow the sector's middle half▲ 1.7%€0.06mwithin the sector's middle half
Solvency11.4%below the sector's middle half-10.9%below the sector's middle half▼ 0.5pp38.3%within the sector's middle half▲ 27.4pp33.9%within the sector's middle half▼ 4.4pp52.6%within the sector's middle half▲ 18.7pp
Current ratio0.36within the sector's middle half-0.11below the sector's middle half▼ 0.250.21below the sector's middle half▲ 0.100.37below the sector's middle half▲ 0.171.39within the sector's middle half▲ 1.02
Return on assets (ROA)1.3%within the sector's middle half--2.2%below the sector's middle half▼ 3.5pp12.6%above the sector's middle half▲ 14.8pp-3.2%below the sector's middle half▼ 15.8pp31.8%above the sector's middle half▲ 35.0pp
Staff (FTE)0.8below the sector's middle half-1within the sector's middle half▲ 25.0%1within the sector's middle half=1=
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 €483,601, after a loss of €8,318 in 2024. It is the highest result since 2021.
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 €946,362
Fixed assets
€747,085 ▲ 53.5%
Current assets
€199,277 ▲ 115%
Equity and liabilities €946,362
Equity
€497,936 ▲ 153%
Provisions
€163,682
Debt
€284,744 ▼ 25.6%
Debt's share of the balance-sheet total falls from 66.1% to 30.1%. Equity is higher and debt is lower.
Key figures and ratios
ROE
60.5%▲
2024 · -9.4%
Debt ≤ 1 year
€143,308▼
2024 · €247,907
Debt > 1 year
€141,017▲
2024 · €134,861
Income taxes
€234▼
2024 · €5,268
Staff costs
€50,083▲
2024 · €49,142
Green means a favourable move, even when the figure itself falls, as with debt or debt to equity.
Staff
| Item | 31-12-2021 | 31-12-2022 | 31-12-2023 | 31-12-2024 |
|---|---|---|---|---|
| Employees at the balance-sheet date | 1 | 1 | 1 | 1 |
| full-time | 1 | 1 | 1 | 1 |
| part-time | - | - | - | 0 |
| in full-time equivalents | 1 | 1 | 1 | 1 |
| Average over the year, in full-time equivalents | 0.8 | 1 | 1 | 1 |
| On a permanent contract | 1 | 1 | 1 | 1 |
| Joined | 1 | - | - | - |
| Left | 0 | - | - | - |
Source: social balance sheet in the 2021 to 2024 annual accounts
Investments
| Item | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Tangible fixed assets | €1.4m | - | - | - | €715,117 |
| Financial fixed assets | €100,104 | €1 | - | - | - |
| Depreciation and write-downs of the year | €114,700 | €66,628 | €35,098 | €33,667 | €18,137 |
Source: notes to the 2021 to 2025 annual accounts (statement of fixed assets)
Subsidies and aid
Flemish government
2022 · 1 entry · €431 awardedAnnual accounts
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Non-recurring operating income76A | - | - | €160,903 | €0 | €674,519 | - |
| Remuneration, social security and pensions62 | €36,172 | €40,245 | €47,576 | €49,142 | €50,083 | ▲ 1.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €114,700 | €66,628 | €35,098 | €33,667 | €18,137 | ▼ 46.1% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals)631/4 | €25,000 | - | - | - | - | - |
| Other operating charges640/8 | €11,833 | €9,044 | €10,200 | €7,421 | €5,229 | ▼ 29.5% |
| Gross operating margin9900 | €238,171 | €107,385 | €228,017 | €81,912 | €557,049 | ▲ 580% |
| Operating profit (loss)9901 | €50,466 | -€8,532 | €135,142 | -€8,318 | €483,601 | - |
| Financial income75/76B | €303 | - | €492 | €0 | €3,260 | - |
| Recurring financial income75 | €303 | - | €492 | €0 | €3,260 | - |
| Financial charges65/66B | €22,422 | €18,180 | €22,151 | €4,806 | €21,611 | ▲ 350% |
| Recurring financial charges65 | €22,422 | €18,180 | €22,151 | €4,806 | €21,611 | ▲ 350% |
| Profit (loss) for the period before taxes9903 | €28,346 | -€26,712 | €113,483 | -€13,123 | €465,250 | - |
| Transfer from deferred taxes780 | - | - | - | - | €809 | - |
| Transfer to deferred taxes680 | - | - | - | - | €164,491 | - |
| Income taxes67/77 | €9,229 | €2,687 | €42,708 | €5,268 | €234 | ▼ 95.6% |
| Profit (loss) for the period9904 | €19,117 | -€29,399 | €70,775 | -€18,391 | €301,333 | - |
| Transfer from tax-exempt reserves789 | - | - | - | - | €2,426 | - |
| Transfer to tax-exempt reserves689 | - | - | - | - | €493,473 | - |
| Profit (loss) for the period to be appropriated9905 | €19,117 | -€29,399 | €70,775 | -€18,391 | -€189,713 | ▼ 932% |
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Assets | ||||||
| Total assets20/58 | €1.5m | €1.3m | €0.6m | €0.6m | €0.9m | ▲ 63.3% |
| Fixed assets21/28 | €1.4m | €1.3m | €0.5m | €0.5m | €0.7m | ▲ 53.5% |
| Tangible fixed assets22/27 | €1.3m | €1.2m | €0.5m | €0.4m | €0.7m | ▲ 59.7% |
| Land and buildings22 | €1.2m | €1.2m | €0.4m | €0.4m | €0.7m | ▲ 57.9% |
| Furniture and vehicles24 | €0.07m | €0.05m | €0.03m | €0.01m | €0.03m | ▲ 111% |
| Financial fixed assets28 | €0.05m | €0.05m | €0.05m | €0.05m | €0.05m | = |
| Current assets29/58 | €0.1m | €0.03m | €0.04m | €0.09m | €0.2m | ▲ 115% |
| Amounts receivable within one year40/41 | €0.1m | €0.03m | €0.03m | €0.06m | €0.2m | ▲ 256% |
| Trade receivables40 | €0.1m | €0.02m | €0.03m | €0.05m | €0.05m | ▲ 11.8% |
| Other amounts receivable41 | €0.004m | €0.004m | - | €0.007m | €0.1m | ▲ 21× |
| Cash at bank and in hand54/58 | - | - | €0.008m | €0.03m | €0.001m | ▼ 96.5% |
| Deferred charges and accrued income490/1 | €0.004m | €0.002m | €0.002m | €0.004m | €0.002m | ▼ 58.4% |
| Equity and liabilities | ||||||
| Total equity and liabilities10/49 | €1.5m | €1.3m | €0.6m | €0.6m | €0.9m | ▲ 63.3% |
| Equity10/15 | €0.2m | €0.1m | €0.2m | €0.2m | €0.5m | ▲ 153% |
| Contributions10/11 | €0.2m | €0.2m | €0.2m | €0.2m | €0.2m | = |
| Reserves13 | - | - | €0.06m | €0.06m | €0.6m | ▲ 756% |
| Tax-exempt reserves132 | - | - | - | - | €0.5m | - |
| Distributable reserves133 | - | - | €0.06m | €0.06m | €0.06m | = |
| Profit (loss) carried forward14 | €0.02m | -€0.006m | - | -€0.02m | -€0.2m | ▼ 1,032% |
| Provisions and deferred taxes16 | - | - | - | - | €0.2m | - |
| Deferred taxes168 | - | - | - | - | €0.2m | - |
| Amounts payable17/49 | €1.3m | €1.2m | €0.3m | €0.4m | €0.3m | ▼ 25.6% |
| Amounts payable after more than one year17 | €1.0m | €0.9m | €0.1m | €0.1m | €0.1m | ▲ 4.6% |
| Financial debts170/4 | €1.0m | €0.9m | €0.1m | €0.1m | €0.1m | ▲ 4.6% |
| Other amounts payable178/9 | - | - | €147 | - | - | - |
| Amounts payable within one year42/48 | €0.3m | €0.3m | €0.2m | €0.2m | €0.1m | ▼ 42.2% |
| Current portion of amounts payable after more than one year42 | €0.08m | €0.08m | €0.01m | €0.01m | €0.008m | ▼ 38.4% |
| Financial debts43 | - | €10 | - | - | - | - |
| Credit institutions430/8 | - | €10 | - | - | - | - |
| Trade debts44 | €0.01m | €0.03m | €0.05m | €0.09m | €0.07m | ▼ 27.7% |
| Suppliers440/4 | €0.01m | €0.03m | €0.05m | €0.09m | €0.07m | ▼ 27.7% |
| Taxes, remuneration and social security45 | €0.02m | €0.02m | €0.06m | €0.04m | €0.03m | ▼ 16.3% |
| Taxes450/3 | €0.01m | €0.01m | €0.05m | €0.03m | €0.02m | ▼ 38.6% |
| Remuneration and social security454/9 | €0.005m | €0.009m | €0.01m | €0.005m | €0.01m | ▲ 134% |
| Other amounts payable47/48 | €0.2m | €0.1m | €0.08m | €0.1m | €0.04m | ▼ 64.1% |
| Accrued charges and deferred income492/3 | €76 | €346 | €85 | €88 | €420 | ▲ 379% |
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €19,117 | -€29,399 | €70,775 | -€18,391 | €301,333 | - |
| + Depreciation and write-downs630 | €114,700 | €66,628 | €35,098 | €33,667 | €18,137 | ▼ 46.1% |
| Operating cash flow (approximation) | €133,817 | €37,229 | €105,873 | €15,276 | €319,470 | ▲ 21× |
| Investment in fixed assets (approximation) | - | -€1 | €739,097 | €0 | -€278,636 | - |
| Change in cash | - | - | - | €26,122 | -€32,709 | - |
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 (5)
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-12-2025 | micro format | 21-08-2026 | 2026-00411505 | |
| 31-12-2024 | micro format | 25-08-2025 | 2025-00398627 | |
| 31-12-2023 | abbreviated format | 26-09-2024 | 2024-00483598 | |
| 31-12-2022 | abbreviated format | 30-06-2023 | 2023-00178743 | |
| 31-12-2021 | abbreviated format | 31-08-2022 | 2022-20363485 |