Financials · financial year 2025, abbreviated format
2025 annual accounts filed 23 days after the deadline Filed on 23 August 2026, deadline 31 July 2026 (7 months after the close on 31 December 2025, Companies Code art. 3:10). Source: NBB, 2026-00430880.
Annual accounts 2025 filed on 23-08-2026 at the NBB all 34 filings
Equity
€817,334▼ 2.7%
2024 · €840,116
Net result
-€22,782
2024 · €57,343
Total assets
€1.2m▼ 5.0%
2024 · €1.3m
Solvency
65.7%▲ 1.6pp
2024 · 64.1%
Multi-year overview
2018 to 2025, 8 financial yearsOperating result
€35,698
▼ 54.5%
2025
20182025
Net result
-€22,782
2025
lowest quarter of the sector
20182025
Equity
€817,334
▼ 2.7%
2025
highest quarter of the sector
20182025
Total assets
€1.2m
▼ 5.0%
2025
middle half of the sector
20182025
Debt
€427,385
▼ 9.1%
2025
20182025
Working capital
-€222,916
▲ 0.1%
2025
lowest quarter of the sector
20182025
Solvency
65.7%
▲ 1.6pp
2025
middle half of the sector
20182025
Current ratio
0.48
▼ 0.05
2025
lowest quarter of the sector
20182025
Return on assets (ROA)
-1.8%
▼ 6.2pp
2025
lowest 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€0.07m-€0.07m▲ 3.2%€0.01m▼ 85.9%€0.01m▲ 3.4%€0.004m▼ 59.4%€0.1m▲ 25×€0.08m▼ 26.1%€0.04m▼ 54.5%
Net result€0.04m-€0.05m▲ 30.9%€0.006mbelow the sector's middle half▼ 87.9%-€0.001mbelow the sector's middle half€0.003mbelow the sector's middle half€0.06mwithin the sector's middle half▲ 19×€0.06mwithin the sector's middle half▼ 5.3%-€0.02mbelow the sector's middle half
Equity€0.7m-€0.7m▲ 7.2%€0.7mabove the sector's middle half▲ 0.8%€0.7mabove the sector's middle half▼ 0.1%€0.7mwithin the sector's middle half▲ 0.4%€0.8mabove the sector's middle half▲ 8.4%€0.8mabove the sector's middle half▲ 7.3%€0.8mabove the sector's middle half▼ 2.7%
Total assets€1.3m-€1.3m▲ 2.7%€1.3mwithin the sector's middle half▼ 3.7%€1.2mwithin the sector's middle half▼ 2.7%€1.2mwithin the sector's middle half▲ 0.5%€1.3mwithin the sector's middle half▲ 1.6%€1.3mwithin the sector's middle half▲ 4.4%€1.2mwithin the sector's middle half▼ 5.0%
Debt€0.6m-€0.6m▼ 2.1%€0.5m▼ 9.1%€0.5m▼ 6.1%€0.5m▲ 0.6%€0.5m▼ 8.0%€0.5m▼ 0.5%€0.4m▼ 9.1%
Working capital-€0.5m--€0.5m▲ 5.8%-€0.4mbelow the sector's middle half▲ 6.6%-€0.4mbelow the sector's middle half▲ 9.7%-€0.4mbelow the sector's middle half▲ 0.7%-€0.4mbelow the sector's middle half▲ 3.1%-€0.2mbelow the sector's middle half▲ 39.3%-€0.2mbelow the sector's middle half▲ 0.1%
Solvency52.2%-54.4%▲ 2.3pp57.0%within the sector's middle half▲ 2.6pp58.5%within the sector's middle half▲ 1.5pp58.4%within the sector's middle half▼ 0.1pp62.3%within the sector's middle half▲ 3.9pp64.1%within the sector's middle half▲ 1.8pp65.7%within the sector's middle half▲ 1.6pp
Current ratio0.21-0.23▲ 0.020.22below the sector's middle half▼ 0.010.25below the sector's middle half▲ 0.030.26below the sector's middle half▲ 0.010.22below the sector's middle half▼ 0.040.52below the sector's middle half▲ 0.300.48below the sector's middle half▼ 0.05
Return on assets (ROA)2.9%-3.6%▲ 0.8pp0.5%below the sector's middle half▼ 3.2pp-0.1%below the sector's middle half▼ 0.5pp0.3%below the sector's middle half▲ 0.3pp4.8%within the sector's middle half▲ 4.6pp4.4%within the sector's middle half▼ 0.4pp-1.8%below the sector's middle half▼ 6.2pp
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 55% lower than in 2024. It is the second fall in a row.
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 €1.2m
Fixed assets
€1.0m ▼ 2.2%
Current assets
€202,363 ▼ 17.4%
Equity and liabilities €1.2m
Equity
€817,334 ▼ 2.7%
Debt
€427,385 ▼ 9.1%
Debt's share of the balance-sheet total falls from 35.9% to 34.3%. Equity and debt are lower.
Key figures and ratios
ROE
-2.8%▼
2024 · 6.8%
Debt ≤ 1 year
€425,279▼
2024 · €468,223
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 | - | - | €9,067 | - | - |
| Financial fixed assets | - | - | €100,000 | - | - |
| Depreciation and write-downs of the year | €41,722 | - | €27,503 | €26,541 | €22,938 |
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 | - | - | - | - | - | - | €50,494 | €5,081 | ▼ 89.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €32,734 | €40,819 | €42,879 | €41,722 | - | €27,503 | €26,541 | €22,938 | ▼ 13.6% |
| Other operating charges640/8 | - | - | - | €255 | - | - | €2,812 | €621 | ▼ 77.9% |
| Non-recurring operating charges66A | - | - | - | - | - | €1,990 | - | - | - |
| Gross operating margin9900 | €102,678 | €112,895 | €53,284 | €52,451 | €4,257 | €135,804 | €107,868 | €59,257 | ▼ 45.1% |
| Operating profit (loss)9901 | €69,839 | €72,075 | €10,130 | €10,474 | €4,257 | €106,311 | €78,515 | €35,698 | ▼ 54.5% |
| Financial income75/76B | - | - | - | - | - | - | €619 | - | - |
| Recurring financial income75 | €0 | €1 | - | - | - | - | €619 | - | - |
| Financial charges65/66B | - | - | - | €109 | €5 | €23,663 | €124 | €58,480 | ▲ 472× |
| Recurring financial charges65 | €32,881 | €24,215 | €90 | €109 | €5 | €23,663 | €124 | €58,480 | ▲ 472× |
| Profit (loss) for the period before taxes9903 | €36,958 | €47,861 | €10,040 | €10,365 | €4,252 | €82,648 | €79,010 | -€22,782 | - |
| Income taxes67/77 | €393 | - | €4,229 | €11,227 | €1,135 | €22,116 | €21,668 | - | - |
| Profit (loss) for the period9904 | €36,565 | €47,861 | €5,811 | -€862 | €3,118 | €60,532 | €57,343 | -€22,782 | - |
| Profit (loss) for the period to be appropriated9905 | €36,565 | €47,861 | €5,811 | -€862 | €3,118 | €60,532 | €57,343 | -€22,782 | - |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Assets | |||||||||
| Total assets20/58 | €1.3m | €1.3m | €1.3m | €1.2m | €1.2m | €1.3m | €1.3m | €1.2m | ▼ 5.0% |
| Fixed assets21/28 | €1.1m | €1.2m | €1.1m | €1.1m | €1.1m | €1.2m | €1.1m | €1.0m | ▼ 2.2% |
| Tangible fixed assets22/27 | €1.1m | €1.2m | €1.1m | €1.1m | €1.1m | €1.1m | €1.0m | €0.9m | ▼ 2.4% |
| Land and buildings22 | - | - | - | €1.1m | €1.1m | €1.0m | €1.0m | €0.9m | ▼ 2.2% |
| Plant, machinery and equipment23 | - | - | - | €0.01m | €0.01m | €0.009m | €0.007m | €0.005m | ▼ 26.1% |
| Financial fixed assets28 | €50 | €50 | €50 | €50 | €50 | €0.1m | €0.1m | €0.1m | = |
| Current assets29/58 | €0.1m | €0.1m | €0.1m | €0.1m | €0.1m | €0.1m | €0.2m | €0.2m | ▼ 17.4% |
| Amounts receivable within one year40/41 | €0.06m | €0.02m | €0.02m | €0.02m | €0.02m | €0.04m | €0.03m | €0.02m | ▼ 51.2% |
| Trade receivables40 | - | - | - | €0.02m | €0.02m | €0.03m | €0.03m | €0.02m | ▼ 49.3% |
| Other amounts receivable41 | - | - | - | €0.002m | €0.002m | €0.006m | €0.001m | - | - |
| Cash at bank and in hand54/58 | €0.07m | €0.1m | €0.1m | €0.1m | €0.1m | €0.07m | €0.2m | €0.2m | ▼ 12.3% |
| Deferred charges and accrued income490/1 | - | - | - | €0.002m | €0.002m | €491 | €457 | €299 | ▼ 34.6% |
| Equity and liabilities | |||||||||
| Total equity and liabilities10/49 | €1.3m | €1.3m | €1.3m | €1.2m | €1.2m | €1.3m | €1.3m | €1.2m | ▼ 5.0% |
| Equity10/15 | €0.7m | €0.7m | €0.7m | €0.7m | €0.7m | €0.8m | €0.8m | €0.8m | ▼ 2.7% |
| Contributions10/11 | €0.7m | €0.7m | - | €0.7m | €0.7m | €0.7m | €0.7m | €0.7m | = |
| Profit (loss) carried forward14 | -€0.07m | -€0.02m | -€0.02m | -€0.02m | -€0.02m | €0.04m | €0.1m | €0.08m | ▼ 22.3% |
| Amounts payable17/49 | €0.6m | €0.6m | €0.5m | €0.5m | €0.5m | €0.5m | €0.5m | €0.4m | ▼ 9.1% |
| Amounts payable within one year42/48 | €0.6m | €0.6m | €0.5m | €0.5m | €0.5m | €0.5m | €0.5m | €0.4m | ▼ 9.2% |
| Trade debts44 | €0.01m | €0.02m | €0.03m | €0.05m | €0.05m | €0.06m | €0.06m | €0.03m | ▼ 49.3% |
| Suppliers440/4 | - | - | - | €0.05m | €0.05m | €0.06m | €0.06m | €0.03m | ▼ 49.3% |
| Taxes, remuneration and social security45 | - | - | - | €0.004m | €0.005m | €0.03m | €0.02m | €0.02m | ▼ 19.3% |
| Taxes450/3 | - | - | - | €0.004m | €0.005m | €0.03m | €0.02m | €0.02m | ▼ 19.3% |
| Other amounts payable47/48 | - | - | - | €0.5m | €0.5m | €0.4m | €0.4m | €0.4m | ▼ 2.0% |
| Accrued charges and deferred income492/3 | - | - | - | - | - | - | €0.002m | €0.002m | ▲ 2.4% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €36,565 | €47,861 | €5,811 | -€862 | €3,118 | €60,532 | €57,343 | -€22,782 | - |
| + Depreciation and write-downs630 | €32,734 | €40,819 | €42,879 | €41,722 | - | €27,503 | €26,541 | €22,938 | ▼ 13.6% |
| Operating cash flow (approximation) | €69,299 | €88,680 | €48,690 | €40,861 | €3,118 | €88,035 | €83,883 | €156 | ▼ 99.8% |
| Investment in fixed assets (approximation) | - | -€68,124 | -€11,425 | €0 | €0 | -€76,669 | €58,284 | €0 | ▼ 100% |
| Change in cash | - | €45,467 | -€18,465 | €6,482 | €5,741 | -€44,284 | €144,850 | -€26,176 | - |
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 34 filings with the National Bank
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-12-2025 | abbreviated format | 23-08-2026 | 2026-00430880 | |
| 31-12-2024 | abbreviated format | 31-08-2025 | 2025-00472817 | |
| 31-12-2023 | abbreviated format | 18-10-2024 | 2024-00510594 | |
| 31-12-2022 | abbreviated format | 01-09-2023 | 2023-00443436 | |
| 31-12-2021 | abbreviated format | 30-08-2022 | 2022-20402966 | |
| 31-12-2020 | abbreviated format | 30-08-2021 | 2021-59300457 | |
| 31-12-2019 | abbreviated format | 31-08-2020 | 2020-49200219 | |
| 31-12-2018 | abbreviated format | 30-08-2019 | 2019-61500134 | |
| 31-12-2017 | abbreviated format | 29-08-2018 | 2018-55900288 | |
| 31-12-2016 | abbreviated format | 29-08-2017 | 2017-53200108 |