Financials · financial year 2025, micro format
Annual accounts 2025 filed on 30-01-2026 PDF all 10 filings
Equity
€83,818▼ 37.8%
2024 · €134,758
Net result
€20,013▼ 46.3%
2024 · €37,275
Total assets
€128,967▼ 31.4%
2024 · €187,981
Solvency
65.0%▼ 6.7pp
2024 · 71.7%
Multi-year overview
2019 to 2025, 7 financial yearsOperating result
€28,877
▼ 44.6%
2025
20192025
Net result
€20,013
▼ 46.3%
2025
middle half of the sector
20192025
Equity
€83,818
▼ 37.8%
2025
middle half of the sector
20192025
Total assets
€128,967
▼ 31.4%
2025
middle half of the sector
20192025
Debt
€45,149
▼ 15.2%
2025
20192025
Working capital
€69,201
▼ 42.8%
2025
middle half of the sector
20192025
Solvency
65.0%
▼ 6.7pp
2025
middle half of the sector
20192025
Current ratio
5.04
▼ 5.51
2025
highest quarter of the sector
20192025
Return on assets (ROA)
15.5%
▼ 4.3pp
2025
middle half of the sector
20192025
Every figure per financial year
Every figure with its change against the financial year before
favourable
unfavourable
Line2019202020212022202320242025
Operating result€55,684-€26,053▼ 53.2%€26,195▲ 0.5%€59,838▲ 128%€97,017▲ 62.1%€52,116▼ 46.3%€28,877▼ 44.6%
Net result€33,677-€12,452within the sector's middle half▼ 63.0%€14,003within the sector's middle half▲ 12.5%€42,439within the sector's middle half▲ 203%€73,409within the sector's middle half▲ 73.0%€37,275within the sector's middle half▼ 49.2%€20,013within the sector's middle half▼ 46.3%
Equity€112,770-€125,223within the sector's middle half▲ 11.0%€139,225within the sector's middle half▲ 11.2%€152,709within the sector's middle half▲ 9.7%€190,014within the sector's middle half▲ 24.4%€134,758within the sector's middle half▼ 29.1%€83,818within the sector's middle half▼ 37.8%
Total assets€321,456-€347,474within the sector's middle half▲ 8.1%€342,398within the sector's middle half▼ 1.5%€157,931within the sector's middle half▼ 53.9%€269,401within the sector's middle half▲ 70.6%€187,981within the sector's middle half▼ 30.2%€128,967within the sector's middle half▼ 31.4%
Debt€208,685-€222,251▲ 6.5%€203,173▼ 8.6%€5,222▼ 97.4%€79,387▲ 15×€53,223▼ 33.0%€45,149▼ 15.2%
Working capital€110,273-€124,065within the sector's middle half▲ 12.5%€77,404within the sector's middle half▼ 37.6%€142,570within the sector's middle half▲ 84.2%€124,121within the sector's middle half▼ 12.9%€121,019within the sector's middle half▼ 2.5%€69,201within the sector's middle half▼ 42.8%
Solvency35.1%-36.0%within the sector's middle half▲ 1.0pp40.7%within the sector's middle half▲ 4.6pp96.7%above the sector's middle half▲ 56.0pp70.5%within the sector's middle half▼ 26.2pp71.7%within the sector's middle half▲ 1.2pp65.0%within the sector's middle half▼ 6.7pp
Current ratio5.35-6.42above the sector's middle half▲ 1.076.98above the sector's middle half▲ 0.5528.57above the sector's middle half▲ 21.592.56within the sector's middle half▼ 26.0010.55above the sector's middle half▲ 7.985.04above the sector's middle half▼ 5.51
Return on assets (ROA)10.5%-3.6%within the sector's middle half▼ 6.9pp4.1%within the sector's middle half▲ 0.5pp26.9%above the sector's middle half▲ 22.8pp27.2%above the sector's middle half▲ 0.4pp19.8%within the sector's middle half▼ 7.4pp15.5%within the sector's middle half▼ 4.3pp
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 45% lower than in 2024. It is the second 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 €128,967
Fixed assets
€42,639 ▼ 21.5%
Current assets
€86,328 ▼ 35.4%
Equity and liabilities €128,967
Equity
€83,818 ▼ 37.8%
Debt
€45,149 ▼ 15.2%
Debt's share of the balance-sheet total rises from 28.3% to 35.0%. Equity and debt are lower.
Key figures and ratios
ROE
23.9%▼
2024 · 27.7%
Debt ≤ 1 year
€17,127▲
2024 · €12,676
Debt > 1 year
€28,022▼
2024 · €40,547
Income taxes
€6,360▼
2024 · €11,722
Green means a favourable move, even when the figure itself falls, as with debt or debt to equity.
Investments
| Item | 30-09-2022 | 30-09-2023 | 30-09-2024 | 30-09-2025 |
|---|---|---|---|---|
| Tangible fixed assets | €11,077 | €63,012 | €3,149 | €3,173 |
| Depreciation and write-downs of the year | €6,103 | €2,145 | €14,806 | €14,819 |
Source: notes to the 2022 to 2025 annual accounts (statement of fixed assets)
Annual accounts
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|
| Non-recurring operating income76A | - | - | - | - | €14,886 | €0 | - | - |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €2,667 | €2,406 | €1,456 | €6,103 | €2,145 | €14,806 | €14,819 | ▲ 0.1% |
| Other operating charges640/8 | - | - | - | €272 | €1,072 | €1,565 | €808 | ▼ 48.3% |
| Non-recurring operating charges66A | - | - | - | €6,830 | €0 | - | - | - |
| Gross operating margin9900 | €60,340 | €29,561 | €28,358 | €73,043 | €100,234 | €68,486 | €44,505 | ▼ 35.0% |
| Operating profit (loss)9901 | €55,684 | €26,053 | €26,195 | €59,838 | €97,017 | €52,116 | €28,877 | ▼ 44.6% |
| Financial income75/76B | - | - | - | €8 | €0 | - | €10 | - |
| Recurring financial income75 | - | - | €45 | €8 | €0 | - | €10 | - |
| Financial charges65/66B | - | - | - | €5,052 | €431 | €3,119 | €2,514 | ▼ 19.4% |
| Recurring financial charges65 | €7,109 | €7,564 | €4,613 | €5,052 | €431 | €3,119 | €2,514 | ▼ 19.4% |
| Profit (loss) for the period before taxes9903 | €48,612 | €18,512 | €20,805 | €54,795 | €96,585 | €48,997 | €26,373 | ▼ 46.2% |
| Income taxes67/77 | €14,934 | €6,060 | €6,802 | €12,356 | €23,176 | €11,722 | €6,360 | ▼ 45.7% |
| Profit (loss) for the period9904 | €33,677 | €12,452 | €14,003 | €42,439 | €73,409 | €37,275 | €20,013 | ▼ 46.3% |
| Profit (loss) for the period to be appropriated9905 | €33,677 | €12,452 | €14,003 | €42,439 | €73,409 | €37,275 | €20,013 | ▼ 46.3% |
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|
| Assets | ||||||||
| Total assets20/58 | €321,456 | €347,474 | €342,398 | €157,931 | €269,401 | €187,981 | €128,967 | ▼ 31.4% |
| Fixed assets21/28 | €185,846 | €200,536 | €252,045 | €10,189 | €65,943 | €54,286 | €42,639 | ▼ 21.5% |
| Tangible fixed assets22/27 | €185,146 | €200,536 | €252,045 | €10,189 | €65,943 | €54,286 | €42,639 | ▼ 21.5% |
| Land and buildings22 | - | - | - | €0 | - | - | - | - |
| Plant, machinery and equipment23 | - | - | - | - | - | €3,022 | €2,392 | ▼ 20.8% |
| Furniture and vehicles24 | - | - | - | €8,050 | €64,624 | €50,766 | €40,248 | ▼ 20.7% |
| Other tangible fixed assets26 | - | - | - | €2,139 | €1,319 | €499 | €0 | ▼ 100% |
| Assets under construction and advance payments27 | - | - | - | €0 | - | - | - | - |
| Financial fixed assets28 | €700 | - | - | - | - | - | - | - |
| Current assets29/58 | €135,609 | €146,937 | €90,353 | €147,742 | €203,458 | €133,694 | €86,328 | ▼ 35.4% |
| Amounts receivable within one year40/41 | €20,963 | €29,189 | €21,901 | €63,773 | €77,975 | €36,539 | €26,007 | ▼ 28.8% |
| Trade receivables40 | - | - | - | €20,209 | €46,661 | €581 | €14,157 | ▲ 24× |
| Other amounts receivable41 | - | - | - | €43,564 | €31,314 | €35,958 | €11,850 | ▼ 67.0% |
| Cash at bank and in hand54/58 | €114,122 | €117,125 | €68,149 | €83,561 | €125,340 | €91,823 | €58,367 | ▼ 36.4% |
| Deferred charges and accrued income490/1 | - | - | - | €408 | €143 | €5,333 | €1,954 | ▼ 63.4% |
| Equity and liabilities | ||||||||
| Total equity and liabilities10/49 | €321,456 | €347,474 | €342,398 | €157,931 | €269,401 | €187,981 | €128,967 | ▼ 31.4% |
| Equity10/15 | €112,770 | €125,223 | €139,225 | €152,709 | €190,014 | €134,758 | €83,818 | ▼ 37.8% |
| Contributions10/11 | €6,200 | - | - | €6,200 | €18,600 | €18,600 | €18,600 | = |
| Reserves13 | €106,570 | €117,163 | €133,025 | €146,509 | €171,414 | €116,158 | €65,218 | ▼ 43.9% |
| Tax-exempt reserves132 | - | - | - | €18,750 | €18,750 | €18,750 | €18,750 | = |
| Distributable reserves133 | - | - | - | €127,759 | €152,664 | €97,408 | €46,468 | ▼ 52.3% |
| Profit (loss) carried forward14 | - | - | - | €0 | €0 | €0 | €0 | - |
| Amounts payable17/49 | €208,685 | €222,251 | €203,173 | €5,222 | €79,387 | €53,223 | €45,149 | ▼ 15.2% |
| Amounts payable after more than one year17 | €183,349 | €199,329 | €190,174 | €0 | - | €40,547 | €28,022 | ▼ 30.9% |
| Financial debts170/4 | - | - | - | €0 | - | €40,547 | €28,022 | ▼ 30.9% |
| Amounts payable within one year42/48 | €25,337 | €22,872 | €12,948 | €5,172 | €79,337 | €12,676 | €17,127 | ▲ 35.1% |
| Current portion of amounts payable after more than one year42 | - | - | - | €0 | - | €11,962 | €12,525 | ▲ 4.7% |
| Financial debts43 | - | - | - | €567 | €2,355 | €0 | €382 | - |
| Credit institutions430/8 | - | - | - | €567 | €2,355 | €0 | €382 | - |
| Trade debts44 | €855 | €2,445 | €139 | €105 | €68,997 | €493 | €250 | ▼ 49.2% |
| Suppliers440/4 | - | - | - | €105 | €68,997 | €493 | €250 | ▼ 49.2% |
| Taxes, remuneration and social security45 | - | - | - | €4,500 | €7,985 | €222 | €3,969 | ▲ 18× |
| Taxes450/3 | - | - | - | €4,500 | €7,985 | €222 | €3,969 | ▲ 18× |
| Accrued charges and deferred income492/3 | - | - | - | €50 | €50 | €0 | - | - |
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €33,677 | €12,452 | €14,003 | €42,439 | €73,409 | €37,275 | €20,013 | ▼ 46.3% |
| + Depreciation and write-downs630 | €2,667 | €2,406 | €1,456 | €6,103 | €2,145 | €14,806 | €14,819 | ▲ 0.1% |
| Operating cash flow (approximation) | €36,344 | €14,859 | €15,459 | €48,543 | €75,554 | €52,081 | €34,833 | ▼ 33.1% |
| Investment in fixed assets (approximation) | - | -€17,096 | -€52,965 | €235,753 | -€57,898 | -€3,149 | -€3,173 | ▼ 0.7% |
| Change in cash | - | €3,003 | -€48,976 | €15,412 | €41,779 | -€33,517 | -€33,456 | ▲ 0.2% |
A Belgian filing has no cash-flow statement. These rows are therefore an approximation, derived from the income statement and the balance-sheet moves.
Filings with the National Bank (10)
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 30-09-2025 | micro format | 30-01-2026 | 2026-00020121 | |
| 30-09-2024 | micro format | 29-11-2024 | 2024-00606459 | |
| 30-09-2023 | micro format | 25-01-2024 | 2024-00006318 | |
| 30-09-2022 | micro format | 28-04-2023 | 2023-00069930 | |
| 30-09-2021 | micro format | 29-03-2022 | 2022-08800430 | |
| 30-09-2020 | micro format | 31-12-2020 | 2020-77900391 | |
| 30-09-2019 | micro format | 30-04-2020 | 2020-10500161 | |
| 30-09-2018 | micro format | 28-12-2018 | 2018-75800025 | |
| 30-09-2017 | micro format | 30-03-2018 | 2018-09100318 | |
| 30-09-2016 | abbreviated format | 27-04-2017 | 2017-10400215 |