Financials · financial year 2025, micro format
Annual accounts 2025 filed on 29-06-2026 at the NBB all 9 filings
Equity
€1.3m▼ 18.8%
2024 · €1.6m
Net result
€30,967▼ 66.7%
2024 · €92,946
Total assets
€1.7m▼ 0.4%
2024 · €1.7m
Solvency
78.3%▼ 17.8pp
2024 · 96.1%
Multi-year overview
2018 to 2025, 8 financial yearsOperating result
€89,110
▼ 4.5%
2025
20182025
Net result
€30,967
▼ 66.7%
2025
middle half of the sector
20182025
Equity
€1.3m
▼ 18.8%
2025
highest quarter of the sector
20182025
Total assets
€1.7m
▼ 0.4%
2025
highest quarter of the sector
20182025
Debt
€362,704
▲ 449%
2025
20182025
Working capital
€239,934
▼ 56.1%
2025
highest quarter of the sector
20182025
Solvency
78.3%
▼ 17.8pp
2025
highest quarter of the sector
20182025
Current ratio
1.75
▼ 16.60
2025
middle half of the sector
20182025
Return on assets (ROA)
1.9%
▼ 3.7pp
2025
middle half of the sector
20182025
Every figure per financial year
Every figure with its change against the financial year before
favourable
unfavourable
Line20182019202020212022202320242025
Operating result€0.1m-€0.1m▼ 23.7%€0.1m▲ 11.4%€0.1m▼ 4.4%€0.2m▲ 84.4%€0.1m▼ 43.7%€0.09m▼ 12.6%€0.09m▼ 4.5%
Net result€0.3m-€0.3m▲ 4.9%€0.1mabove the sector's middle half▼ 64.0%€0.1mabove the sector's middle half▲ 20.1%€0.2mabove the sector's middle half▲ 106%€0.1mabove the sector's middle half▼ 58.8%€0.09mabove the sector's middle half▼ 6.3%€0.03mwithin the sector's middle half▼ 66.7%
Equity€0.7m-€1.0m▲ 36.6%€1.1mabove the sector's middle half▲ 9.6%€1.2mabove the sector's middle half▲ 10.6%€1.5mabove the sector's middle half▲ 19.6%€1.6mabove the sector's middle half▲ 6.8%€1.6mabove the sector's middle half▲ 2.9%€1.3mabove the sector's middle half▼ 18.8%
Total assets€1.8m-€1.9m▲ 2.9%€1.8mabove the sector's middle half▼ 3.8%€1.8mabove the sector's middle half▼ 3.4%€1.8mabove the sector's middle half▲ 5.2%€1.8mabove the sector's middle half▼ 0.5%€1.7mabove the sector's middle half▼ 8.6%€1.7mabove the sector's middle half▼ 0.4%
Debt€1.1m-€0.9m▼ 19.9%€0.7m▼ 19.3%€0.5m▼ 25.3%€0.4m▼ 28.3%€0.3m▼ 28.7%€0.07m▼ 75.6%€0.4m▲ 449%
Working capital-€0.04m-€0.07m-€0.01mwithin the sector's middle half-€0.06mbelow the sector's middle half▼ 415%€0.3mabove the sector's middle half€0.3mabove the sector's middle half▼ 12.1%€0.5mabove the sector's middle half▲ 110%€0.2mabove the sector's middle half▼ 56.1%
Solvency40.3%-53.5%▲ 13.2pp61.0%within the sector's middle half▲ 7.5pp69.9%within the sector's middle half▲ 8.8pp79.5%above the sector's middle half▲ 9.6pp85.3%above the sector's middle half▲ 5.8pp96.1%above the sector's middle half▲ 10.8pp78.3%above the sector's middle half▼ 17.8pp
Current ratio0.84-1.32▲ 0.480.94within the sector's middle half▼ 0.380.67within the sector's middle half▼ 0.272.40within the sector's middle half▲ 1.732.41within the sector's middle half▲ 0.0118.34above the sector's middle half▲ 15.931.75within the sector's middle half▼ 16.60
Return on assets (ROA)14.1%-14.3%▲ 0.3pp5.4%within the sector's middle half▼ 9.0pp6.7%within the sector's middle half▲ 1.3pp13.0%within the sector's middle half▲ 6.4pp5.4%within the sector's middle half▼ 7.6pp5.5%within the sector's middle half▲ 0.1pp1.9%within the sector's middle half▼ 3.7pp
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 5% 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 €1.7m
Fixed assets
€1.1m ▲ 0.8%
Current assets
€561,063 ▼ 2.9%
Equity and liabilities €1.7m
Equity
€1.3m ▼ 18.8%
Debt
€362,704 ▲ 449%
Debt's share of the balance-sheet total rises from 3.9% to 21.7%. Equity is lower and debt is higher.
Key figures and ratios
ROE
2.4%▼
2024 · 5.8%
Debt ≤ 1 year
€321,128▲
2024 · €31,498
Debt > 1 year
€41,576▲
2024 · €34,578
Income taxes
€10,116▼
2024 · €15,508
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 | - | €23,045 | €75,928 | €7,844 | €33,870 |
| Depreciation and write-downs of the year | €3,612 | €4,697 | €2,776 | €17,584 | €24,550 |
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 | - | - | - | - | - | €5,755 | - | - | - |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €4,490 | €3,426 | €3,143 | €3,612 | €4,697 | €2,776 | €17,584 | €24,550 | ▲ 39.6% |
| Other operating charges640/8 | - | - | - | €766 | €288 | €1,029 | €556 | €578 | ▲ 4.1% |
| Gross operating margin9900 | €131,160 | €101,230 | €111,269 | €107,130 | €194,474 | €110,580 | €111,455 | €114,238 | ▲ 2.5% |
| Operating profit (loss)9901 | €126,524 | €96,501 | €107,527 | €102,752 | €189,490 | €106,775 | €93,315 | €89,110 | ▼ 4.5% |
| Financial income75/76B | - | - | - | €75,480 | €140,553 | €50,000 | €141,209 | €11,549 | ▼ 91.8% |
| Recurring financial income75 | €177,051 | €230,000 | €40,000 | €75,480 | €140,553 | €50,000 | €141,209 | €11,549 | ▼ 91.8% |
| Financial charges65/66B | - | - | - | €47,982 | €51,481 | €38,468 | €126,071 | €59,576 | ▼ 52.7% |
| Recurring financial charges65 | €22,711 | €42,133 | €33,610 | €47,982 | €51,481 | €38,468 | €126,071 | €59,576 | ▼ 52.7% |
| Profit (loss) for the period before taxes9903 | €280,865 | €284,368 | €113,917 | €130,251 | €278,562 | €118,307 | €108,453 | €41,083 | ▼ 62.1% |
| Income taxes67/77 | €22,395 | €13,177 | €16,386 | €13,087 | €37,717 | €19,133 | €15,508 | €10,116 | ▼ 34.8% |
| Profit (loss) for the period9904 | €258,469 | €271,191 | €97,531 | €117,164 | €240,845 | €99,174 | €92,946 | €30,967 | ▼ 66.7% |
| Profit (loss) for the period to be appropriated9905 | €258,469 | €271,191 | €97,531 | €117,164 | €240,845 | €99,174 | €92,946 | €30,967 | ▼ 66.7% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Assets | |||||||||
| Total assets20/58 | €1.8m | €1.9m | €1.8m | €1.8m | €1.8m | €1.8m | €1.7m | €1.7m | ▼ 0.4% |
| Fixed assets21/28 | €1.6m | €1.6m | €1.6m | €1.6m | €1.3m | €1.4m | €1.1m | €1.1m | ▲ 0.8% |
| Tangible fixed assets22/27 | €0.007m | €0.004m | €0.01m | €0.006m | €0.02m | €0.08m | €0.07m | €0.08m | ▲ 13.8% |
| Plant, machinery and equipment23 | - | - | - | €0.001m | €110 | - | - | - | - |
| Furniture and vehicles24 | - | - | - | - | €0.02m | €0.07m | €0.06m | €0.07m | ▲ 19.3% |
| Other tangible fixed assets26 | - | - | - | €0.005m | €0.004m | €0.003m | €0.007m | €0.004m | ▼ 36.4% |
| Financial fixed assets28 | €1.6m | €1.6m | €1.6m | €1.6m | €1.3m | €1.3m | €1.0m | €1.0m | = |
| Current assets29/58 | €0.2m | €0.3m | €0.2m | €0.1m | €0.5m | €0.4m | €0.6m | €0.6m | ▼ 2.9% |
| Amounts receivable after more than one year29 | - | - | - | - | €0.4m | €0.3m | €0.3m | €0.2m | ▼ 20.0% |
| Other amounts receivable291 | - | - | - | - | €0.4m | €0.3m | €0.3m | €0.2m | ▼ 20.0% |
| Amounts receivable within one year40/41 | €0.006m | - | €229 | €0.001m | €0.001m | €0.001m | €0.002m | €0.008m | ▲ 218% |
| Trade receivables40 | - | - | - | €0.001m | €0.001m | €0.001m | - | - | - |
| Other amounts receivable41 | - | - | - | - | €283 | - | €0.002m | €0.008m | ▲ 218% |
| Current investments50/53 | - | - | - | - | - | €0.06m | €0.2m | €0.3m | ▲ 42.9% |
| Cash at bank and in hand54/58 | €0.2m | €0.2m | €0.2m | €0.1m | €0.1m | €0.05m | €0.06m | €0.02m | ▼ 67.2% |
| Deferred charges and accrued income490/1 | - | - | - | - | - | - | €0.1m | €0.09m | ▼ 10.5% |
| Equity and liabilities | |||||||||
| Total equity and liabilities10/49 | €1.8m | €1.9m | €1.8m | €1.8m | €1.8m | €1.8m | €1.7m | €1.7m | ▼ 0.4% |
| Equity10/15 | €0.7m | €1.0m | €1.1m | €1.2m | €1.5m | €1.6m | €1.6m | €1.3m | ▼ 18.8% |
| Contributions10/11 | €0.05m | €0.05m | - | €0.05m | €0.05m | €0.05m | €0.05m | €0.05m | = |
| Reserves13 | €0.005m | €0.005m | €0.005m | €0.005m | €0.005m | €0.005m | €0.005m | €0.005m | = |
| Non-distributable reserves130/1 | - | - | - | €0.005m | €0.005m | - | - | - | - |
| Reserves not available under the articles1311 | - | - | - | €0.005m | €0.005m | - | - | - | - |
| Distributable reserves133 | - | - | - | - | - | €0.005m | €0.005m | €0.005m | = |
| Profit (loss) carried forward14 | €0.7m | €1.0m | €1.1m | €1.2m | €1.4m | €1.5m | €1.6m | €1.3m | ▼ 19.5% |
| Amounts payable17/49 | €1.1m | €0.9m | €0.7m | €0.5m | €0.4m | €0.3m | €0.07m | €0.4m | ▲ 449% |
| Amounts payable after more than one year17 | €0.8m | €0.7m | €0.5m | €0.3m | €0.2m | €0.09m | €0.03m | €0.04m | ▲ 20.2% |
| Financial debts170/4 | - | - | - | €0.3m | €0.2m | €0.09m | €0.03m | €0.04m | ▲ 20.2% |
| Amounts payable within one year42/48 | €0.3m | €0.2m | €0.2m | €0.2m | €0.2m | €0.2m | €0.03m | €0.3m | ▲ 920% |
| Current portion of amounts payable after more than one year42 | - | - | - | €0.2m | €0.2m | €0.1m | €0.01m | €0.02m | ▲ 54.1% |
| Financial debts43 | - | - | - | - | - | - | €0.001m | €0.001m | ▼ 59.8% |
| Credit institutions430/8 | - | - | - | - | - | - | €0.001m | €0.001m | ▼ 59.8% |
| Trade debts44 | €0.003m | €0.004m | €0.001m | €0.001m | €118 | €0.001m | €0.001m | €0.002m | ▲ 312% |
| Suppliers440/4 | - | - | - | €0.001m | €118 | €0.001m | €0.001m | €0.002m | ▲ 312% |
| Taxes, remuneration and social security45 | - | - | - | €0.001m | - | €0.001m | €0.001m | - | - |
| Taxes450/3 | - | - | - | €0.001m | - | €0.001m | €0.001m | - | - |
| Other amounts payable47/48 | - | - | - | €0.02m | €0.05m | €0.04m | €0.02m | €0.3m | ▲ 18× |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €258,469 | €271,191 | €97,531 | €117,164 | €240,845 | €99,174 | €92,946 | €30,967 | ▼ 66.7% |
| + Depreciation and write-downs630 | €4,490 | €3,426 | €3,143 | €3,612 | €4,697 | €2,776 | €17,584 | €24,550 | ▲ 39.6% |
| Operating cash flow (approximation) | €262,959 | €274,618 | €100,674 | €120,776 | €245,542 | €101,950 | €110,530 | €55,518 | ▼ 49.8% |
| Investment in fixed assets (approximation) | - | -€1,099 | -€8,248 | €0 | €281,087 | -€55,764 | €274,158 | -€33,870 | - |
| Change in cash | - | €11,304 | -€27,792 | -€59,496 | -€33,293 | -€42,682 | €1,682 | -€37,147 | - |
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 (9)
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-12-2025 | micro format | 29-06-2026 | 2026-00229813 | |
| 31-12-2024 | micro format | 27-08-2025 | 2025-00467702 | |
| 31-12-2023 | micro format | 31-07-2024 | 2024-00327937 | |
| 31-12-2022 | micro format | 09-08-2023 | 2023-00327608 | |
| 31-12-2021 | micro format | 19-07-2022 | 2022-20210125 | |
| 31-12-2020 | micro format | 28-07-2021 | 2021-42800392 | |
| 31-12-2019 | micro format | 09-06-2020 | 2020-15700165 | |
| 31-12-2018 | micro format | 03-06-2019 | 2019-15400249 | |
| 31-12-2017 | micro format | 18-07-2018 | 2018-34300395 |