Financials · financial year 2025, abbreviated format
Annual accounts 2025 filed on 30-07-2026 at the NBB all 20 filings
Equity
€588,596▲ 0.1%
2024 · €588,082
Net result
€514▼ 86.1%
2024 · €3,703
Total assets
€1.5m▼ 4.7%
2024 · €1.6m
Solvency
39.8%▲ 1.9pp
2024 · 37.9%
Multi-year overview
2018 to 2025, 8 financial yearsOperating result
-€5,780
2025
20182025
Net result
€514
▼ 86.1%
2025
lowest quarter of the sector
20182025
Equity
€588,596
▲ 0.1%
2025
middle half of the sector
20182025
Total assets
€1.5m
▼ 4.7%
2025
middle half of the sector
20182025
Debt
€889,834
▼ 7.6%
2025
20182025
Working capital
-€69,598
▲ 4.3%
2025
middle half of the sector
20182025
Solvency
39.8%
▲ 1.9pp
2025
middle half of the sector
20182025
Current ratio
0.88
=
2025
middle half of the sector
20182025
Return on assets (ROA)
0.0%
▼ 0.2pp
2025
lowest quarter of the sector
20182025
Staff (FTE)
0
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-€0.03m-€0.06m€0.06m▲ 6.9%€0.05m▼ 12.7%€0.09m▲ 69.3%€0.02m▼ 72.8%€0.05m▲ 91.5%-€0.006m
Net result-€0.04m-€0.05m€0.04mwithin the sector's middle half▼ 18.7%€0.07mwithin the sector's middle half▲ 72.8%€0.06mwithin the sector's middle half▼ 13.9%-€0.08mbelow the sector's middle half€0.004mbelow the sector's middle half€0.001mbelow the sector's middle half▼ 86.1%
Equity€0.5m-€0.5m▲ 10.3%€0.5mwithin the sector's middle half▲ 7.6%€0.6mwithin the sector's middle half▲ 12.2%€0.7mwithin the sector's middle half▲ 9.4%€0.6mwithin the sector's middle half▼ 11.6%€0.6mwithin the sector's middle half▲ 0.6%€0.6mwithin the sector's middle half▲ 0.1%
Total assets€1.7m-€1.8m▲ 4.3%€1.8mwithin the sector's middle half=€1.8mwithin the sector's middle half▲ 1.7%€1.7mwithin the sector's middle half▼ 1.9%€1.4mwithin the sector's middle half▼ 17.3%€1.6mwithin the sector's middle half▲ 7.2%€1.5mwithin the sector's middle half▼ 4.7%
Debt€1.2m-€1.3m▲ 2.1%€1.2m▼ 3.1%€1.2m▼ 3.0%€1.1m▼ 7.8%€0.9m▼ 20.8%€1.0m▲ 11.7%€0.9m▼ 7.6%
Working capital-€0.7m--€0.2m▲ 72.0%-€0.2mwithin the sector's middle half▲ 15.1%-€0.1mwithin the sector's middle half▲ 40.7%-€0.1mwithin the sector's middle half▼ 3.9%-€0.04mwithin the sector's middle half▲ 57.2%-€0.07mwithin the sector's middle half▼ 70.3%-€0.07mwithin the sector's middle half▲ 4.3%
Solvency26.9%-28.5%▲ 1.6pp30.7%within the sector's middle half▲ 2.2pp33.9%within the sector's middle half▲ 3.2pp37.8%within the sector's middle half▲ 3.9pp40.4%within the sector's middle half▲ 2.6pp37.9%within the sector's middle half▼ 2.5pp39.8%within the sector's middle half▲ 1.9pp
Current ratio0.39-0.59▲ 0.200.65within the sector's middle half▲ 0.060.79within the sector's middle half▲ 0.140.79within the sector's middle half▼ 0.010.91within the sector's middle half▲ 0.120.87within the sector's middle half▼ 0.030.88within the sector's middle half=
Return on assets (ROA)-2.4%-2.7%▲ 5.0pp2.2%within the sector's middle half▼ 0.5pp3.7%within the sector's middle half▲ 1.5pp3.2%within the sector's middle half▼ 0.4pp-5.3%below the sector's middle half▼ 8.5pp0.2%below the sector's middle half▲ 5.5pp0.0%below the sector's middle half▼ 0.2pp
Staff (FTE)0below the sector's middle half0within the sector's middle half0within the sector's middle half0within 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 a loss of €5,780, after a profit of €45,453 in 2024. It is the lowest result since 2021.
Turnover and EBIT margin are not published. The abbreviated 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 €1.5m
Fixed assets
€977,680 ▼ 6.2%
Current assets
€500,750 ▼ 1.5%
Equity and liabilities €1.5m
Equity
€588,596 ▲ 0.1%
Debt
€889,834 ▼ 7.6%
Debt's share of the balance-sheet total falls from 62.1% to 60.2%. Equity is higher and debt is lower.
Key figures and ratios
ROE
0.1%▼
2024 · 0.6%
Debt ≤ 1 year
€570,349▼
2024 · €581,213
Debt > 1 year
€319,486▼
2024 · €348,158
Income taxes
€311▲
2024 · -€44
Green means a favourable move, even when the figure itself falls, as with debt or debt to equity.
Investments
| Item | 30-12-2021 | 30-12-2022 | 30-12-2023 | 30-12-2024 | 30-12-2025 |
|---|---|---|---|---|---|
| Tangible fixed assets | €0 | €5,525 | €103,185 | €71,538 | €2,055 |
| Intangible fixed assets | €0 | - | - | - | - |
| Financial fixed assets | €0 | - | - | - | - |
| Depreciation and write-downs of the year | €40,651 | €41,316 | €65,039 | €64,286 | €66,496 |
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 | - | - | - | - | - | - | €7,639 | €0 | ▼ 100% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €52,771 | €39,306 | €39,790 | €40,651 | €41,316 | €65,039 | €64,286 | €66,496 | ▲ 3.4% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals)631/4 | - | - | - | €15,272 | €12,689 | €26,502 | €26,502 | €13,251 | ▼ 50.0% |
| Other operating charges640/8 | - | - | - | €9,087 | €8,960 | €10,394 | €12,223 | €10,955 | ▼ 10.4% |
| Non-recurring operating charges66A | - | - | - | €2,080 | €0 | - | - | - | - |
| Gross operating margin9900 | €26,661 | €124,049 | €117,106 | €118,657 | €150,254 | €125,673 | €148,464 | €84,922 | ▼ 42.8% |
| Operating profit (loss)9901 | -€32,987 | €55,264 | €59,077 | €51,567 | €87,288 | €23,738 | €45,453 | -€5,780 | - |
| Financial income75/76B | - | - | - | €50,586 | €131 | €1,067 | €981 | €19,953 | ▲ 20× |
| Recurring financial income75 | - | €4,926 | €35,423 | €50,586 | €131 | €1,067 | €981 | €19,953 | ▲ 20× |
| Financial charges65/66B | - | - | - | €29,684 | €25,014 | €100,896 | €42,775 | €13,348 | ▼ 68.8% |
| Recurring financial charges65 | €6,997 | €13,289 | €56,379 | €29,684 | €25,014 | €100,896 | €42,775 | €13,348 | ▼ 68.8% |
| Profit (loss) for the period before taxes9903 | -€39,985 | €46,902 | €38,121 | €72,468 | €62,406 | -€76,092 | €3,659 | €825 | ▼ 77.4% |
| Income taxes67/77 | - | - | - | €6,588 | €5,673 | €368 | -€44 | €311 | - |
| Profit (loss) for the period9904 | -€39,985 | €46,902 | €38,121 | €65,880 | €56,733 | -€76,459 | €3,703 | €514 | ▼ 86.1% |
| Profit (loss) for the period to be appropriated9905 | -€39,985 | €46,902 | €38,121 | €65,880 | €56,733 | -€76,459 | €3,703 | €514 | ▼ 86.1% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Assets | |||||||||
| Total assets20/58 | €1.7m | €1.8m | €1.8m | €1.8m | €1.7m | €1.4m | €1.6m | €1.5m | ▼ 4.7% |
| Fixed assets21/28 | €1.2m | €1.5m | €1.5m | €1.4m | €1.4m | €1.0m | €1.0m | €1.0m | ▼ 6.2% |
| Tangible fixed assets22/27 | €0.9m | €1.1m | €1.1m | €1.0m | €1.0m | €1.0m | €1.0m | €1.0m | ▼ 6.2% |
| Land and buildings22 | - | - | - | €1.0m | €0.9m | €0.9m | €0.9m | €0.9m | ▼ 4.2% |
| Furniture and vehicles24 | - | - | - | - | €0.004m | €0.08m | €0.06m | €0.04m | ▼ 33.1% |
| Other tangible fixed assets26 | - | - | - | €0.07m | €0.07m | €0.06m | €0.06m | €0.05m | ▼ 8.3% |
| Financial fixed assets28 | €0.4m | €0.4m | €0.4m | €0.4m | €0.4m | €0 | - | - | - |
| Current assets29/58 | €0.4m | €0.3m | €0.3m | €0.4m | €0.4m | €0.4m | €0.5m | €0.5m | ▼ 1.5% |
| Stocks and contracts in progress3 | €0.1m | €0.1m | €0.1m | €0.1m | €0.09m | €0.06m | €0.3m | €0.2m | ▼ 8.7% |
| Stocks30/36 | - | - | - | €0.1m | €0.09m | €0.06m | €0.3m | €0.2m | ▼ 8.7% |
| Amounts receivable within one year40/41 | €0.3m | €0.08m | €0.07m | €0.04m | €0.04m | €0.1m | €0.1m | €0.2m | ▲ 23.0% |
| Trade receivables40 | - | - | - | €0.04m | €0.04m | €0.07m | €0.05m | €0.09m | ▲ 67.2% |
| Other amounts receivable41 | - | - | - | €0.005m | €163 | €0.05m | €0.08m | €0.07m | ▼ 6.5% |
| Current investments50/53 | - | - | - | - | - | €0.2m | €0.08m | €0.07m | ▼ 12.5% |
| Cash at bank and in hand54/58 | €0.02m | €0.08m | €0.1m | €0.2m | €0.2m | €0.03m | €0.03m | €0.03m | ▼ 9.4% |
| Deferred charges and accrued income490/1 | - | - | - | €50 | €53 | €60 | €0.002m | €0.001m | ▼ 44.2% |
| Equity and liabilities | |||||||||
| Total equity and liabilities10/49 | €1.7m | €1.8m | €1.8m | €1.8m | €1.7m | €1.4m | €1.6m | €1.5m | ▼ 4.7% |
| Equity10/15 | €0.5m | €0.5m | €0.5m | €0.6m | €0.7m | €0.6m | €0.6m | €0.6m | ▲ 0.1% |
| Contributions10/11 | €0.1m | €0.1m | - | €0.1m | €0.1m | €0.1m | €0.1m | €0.1m | = |
| Reserves13 | €0.05m | €0.05m | €0.05m | €0.1m | €0.2m | €0.2m | €0.2m | €0.5m | ▲ 183% |
| Distributable reserves133 | - | - | - | €0.1m | €0.2m | €0.2m | €0.2m | €0.5m | ▲ 183% |
| Profit (loss) carried forward14 | €0.3m | €0.4m | €0.4m | €0.4m | €0.4m | €0.3m | €0.3m | €0 | ▼ 100% |
| Amounts payable17/49 | €1.2m | €1.3m | €1.2m | €1.2m | €1.1m | €0.9m | €1.0m | €0.9m | ▼ 7.6% |
| Amounts payable after more than one year17 | €0.1m | €0.8m | €0.7m | €0.7m | €0.6m | €0.4m | €0.3m | €0.3m | ▼ 8.2% |
| Financial debts170/4 | - | - | - | €0.7m | €0.6m | €0.4m | €0.3m | €0.3m | ▼ 8.2% |
| Amounts payable within one year42/48 | €1.1m | €0.5m | €0.5m | €0.5m | €0.5m | €0.5m | €0.6m | €0.6m | ▼ 1.9% |
| Current portion of amounts payable after more than one year42 | - | - | - | €0.05m | €0.04m | €0.03m | €0.03m | €0.03m | ▲ 1.4% |
| Trade debts44 | €0.6m | €0.009m | €0.02m | €0.02m | €0.01m | €0.02m | €0.1m | €0.02m | ▼ 81.9% |
| Suppliers440/4 | - | - | - | €0.02m | €0.01m | €0.02m | €0.1m | €0.02m | ▼ 81.9% |
| Advances received on contracts in progress46 | - | - | - | - | - | €0.009m | €0.009m | €0.009m | = |
| Taxes, remuneration and social security45 | - | - | - | €0.007m | €0.006m | €0.001m | €0.01m | €0.01m | ▼ 17.6% |
| Taxes450/3 | - | - | - | €0.007m | €0.006m | €0.001m | €0.01m | €0.01m | ▼ 17.6% |
| Remuneration and social security454/9 | - | - | - | €0 | - | - | - | - | - |
| Other amounts payable47/48 | - | - | - | €0.4m | €0.4m | €0.4m | €0.4m | €0.5m | ▲ 21.1% |
| Accrued charges and deferred income492/3 | - | - | - | €0.02m | €0.02m | €0.02m | €0.03m | €0 | ▼ 100% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | -€39,985 | €46,902 | €38,121 | €65,880 | €56,733 | -€76,459 | €3,703 | €514 | ▼ 86.1% |
| + Depreciation and write-downs630 | €52,771 | €39,306 | €39,790 | €40,651 | €41,316 | €65,039 | €64,286 | €66,496 | ▲ 3.4% |
| Operating cash flow (approximation) | €12,786 | €86,207 | €77,911 | €106,531 | €98,049 | -€11,420 | €67,988 | €67,010 | ▼ 1.4% |
| Investment in fixed assets (approximation) | - | -€273,912 | -€16,696 | €0 | -€5,525 | €285,255 | -€79,176 | -€2,055 | ▲ 97.4% |
| Change in cash | - | €60,561 | €44,448 | €109,896 | €12,868 | -€211,624 | -€2,249 | -€2,770 | ▼ 23.2% |
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 20 filings with the National Bank
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 30-12-2025 | abbreviated format | 30-07-2026 | 2026-00356111 | |
| 30-12-2024 | abbreviated format | 28-08-2025 | 2025-00456205 | |
| 30-12-2023 | abbreviated format | 25-06-2024 | 2024-00178081 | |
| 30-12-2022 | abbreviated format | 27-07-2023 | 2023-00288769 | |
| 30-12-2021 | abbreviated format | 13-07-2022 | 2022-20179448 | |
| 30-12-2020 | abbreviated format | 04-11-2021 | 2021-76500547 | |
| 31-12-2019 | abbreviated format | 29-09-2020 | 2020-56900584 | |
| 30-12-2018 | abbreviated format | 17-07-2019 | 2019-34200289 | |
| 30-12-2017 | micro format | 02-07-2018 | 2018-27900084 | |
| 30-12-2016 | abbreviated format | 22-06-2017 | 2017-20200288 |