Financials · financial year 2025, abbreviated format
Annual accounts 2025 filed on 05-06-2026 PDF all 7 filings
Equity
€397,906▼ 34.2%
2024 · €604,621
Net result
€1.1m▲ 105%
2024 · €534,377
Total assets
€929,994▼ 36.1%
2024 · €1.5m
Solvency
42.8%▲ 1.2pp
2024 · 41.5%
Multi-year overview
2019 to 2025, 7 financial yearsOperating result
€160,492
▲ 35.1%
2025
20192025
Net result
€1.1m
▲ 105%
2025
highest quarter of the sector
20192025
Equity
€397,906
▼ 34.2%
2025
middle half of the sector
20192025
Total assets
€929,994
▼ 36.1%
2025
middle half of the sector
20192025
Debt
€532,088
▼ 37.4%
2025
20192025
Working capital
-€401,880
▲ 42.9%
2025
lowest quarter of the sector
20192025
Solvency
42.8%
▲ 1.2pp
2025
middle half of the sector
20192025
Current ratio
0.24
▲ 0.07
2025
lowest quarter of the sector
20192025
Return on assets (ROA)
117.6%
▲ 80.8pp
2025
highest quarter of the sector
20192025
Every figure per financial year
Every figure with its change against the financial year before
favourable
unfavourable
Line2019202020212022202320242025
Operating result€0.09m-€0.08m▼ 15.0%€0.07m▼ 9.9%€0.08m▲ 6.8%€0.09m▲ 20.2%€0.1m▲ 27.6%€0.2m▲ 35.1%
Net result€0.1m-€0.1mabove the sector's middle half▼ 21.2%€0.08mabove the sector's middle half▼ 23.6%€0.07mwithin the sector's middle half▼ 12.8%€0.2mabove the sector's middle half▲ 117%€0.5mabove the sector's middle half▲ 240%€1.1mabove the sector's middle half▲ 105%
Equity€0.2m-€0.3mwithin the sector's middle half▲ 69.4%€0.3mwithin the sector's middle half▲ 31.3%€0.07mwithin the sector's middle half▼ 79.8%€0.07mwithin the sector's middle half=€0.6mabove the sector's middle half▲ 761%€0.4mwithin the sector's middle half▼ 34.2%
Total assets€0.3m-€0.5mwithin the sector's middle half▲ 50.9%€0.6mwithin the sector's middle half▲ 9.0%€0.6mwithin the sector's middle half▲ 7.4%€1.5mabove the sector's middle half▲ 153%€1.5mabove the sector's middle half▼ 3.7%€0.9mwithin the sector's middle half▼ 36.1%
Debt€0.2m-€0.2m▲ 34.9%€0.2m▼ 15.2%€0.5m▲ 154%€1.4m▲ 174%€0.9m▼ 40.9%€0.5m▼ 37.4%
Working capital€0.006m-€0.1mwithin the sector's middle half▲ 18×€0.2mabove the sector's middle half▲ 83.0%-€0.09mbelow the sector's middle half-€1.2mbelow the sector's middle half▼ 1,227%-€0.7mbelow the sector's middle half▲ 43.5%-€0.4mbelow the sector's middle half▲ 42.9%
Solvency46.4%-52.1%within the sector's middle half▲ 5.7pp62.7%within the sector's middle half▲ 10.7pp11.8%below the sector's middle half▼ 50.9pp4.7%below the sector's middle half▼ 7.1pp41.5%within the sector's middle half▲ 36.9pp42.8%within the sector's middle half▲ 1.2pp
Current ratio1.03-1.51within the sector's middle half▲ 0.482.06within the sector's middle half▲ 0.550.81within the sector's middle half▼ 1.240.13below the sector's middle half▼ 0.680.17below the sector's middle half▲ 0.040.24below the sector's middle half▲ 0.07
Return on assets (ROA)40.8%-21.3%above the sector's middle half▼ 19.5pp15.0%within the sector's middle half▼ 6.4pp12.1%within the sector's middle half▼ 2.8pp10.4%within the sector's middle half▼ 1.7pp36.7%above the sector's middle half▲ 26.3pp117.6%above the sector's middle half▲ 80.8pp
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 35% higher than in 2024 and the highest since 2021. It is the fourth rise in a row.
Large changes and their cause
- 2025 Net result +105% on 2024. The accounts now follow the abbreviated format, last year the micro format.
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 €929,994
Fixed assets
€799,786 ▼ 38.9%
Current assets
€130,207 ▼ 11.3%
Equity and liabilities €929,994
Equity
€397,906 ▼ 34.2%
Debt
€532,088 ▼ 37.4%
Debt's share of the balance-sheet total falls from 58.5% to 57.2%. Equity and debt are lower.
Key figures and ratios
ROE
274.8%▲
2024 · 88.4%
Debt ≤ 1 year
€532,088▼
2024 · €850,573
Income taxes
€41,174▼
2024 · €55,537
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 | - | €1,422 | €1,222 | €2,163 | €25,042 |
| Financial fixed assets | - | - | €1.2m | - | €628,280 |
| Depreciation and write-downs of the year | €14,827 | €15,111 | €14,716 | €15,486 | €10,767 |
Source: notes to the 2021 to 2025 annual accounts (statement of fixed assets)
Annual accounts
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|
| Non-recurring operating income76A | - | - | €144 | - | €0 | - | - | - |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €0.001m | €0.01m | €0.01m | €0.02m | €0.01m | €0.02m | €0.01m | ▼ 30.5% |
| Other operating charges640/8 | - | - | €0.002m | €0.003m | €0.002m | €0.001m | €0.002m | ▲ 118% |
| Gross operating margin9900 | €0.1m | €0.09m | €0.09m | €0.1m | €0.1m | €0.1m | €0.2m | ▲ 28.2% |
| Operating profit (loss)9901 | €0.09m | €0.08m | €0.07m | €0.08m | €0.09m | €0.1m | €0.2m | ▲ 35.1% |
| Financial income75/76B | - | - | €0.03m | €0.03m | €0.09m | €0.5m | €1.0m | ▲ 107% |
| Recurring financial income75 | €0.06m | €0.04m | €0.03m | €0.03m | €0.09m | €0.5m | €1.0m | ▲ 107% |
| Financial charges65/66B | - | - | €0.001m | €0.001m | €424 | €430 | €121 | ▼ 71.9% |
| Recurring financial charges65 | €71 | €0.001m | €0.001m | €0.001m | €424 | €430 | €121 | ▼ 71.9% |
| Profit (loss) for the period before taxes9903 | €0.2m | €0.1m | €0.1m | €0.1m | €0.2m | €0.6m | €1.1m | ▲ 92.3% |
| Income taxes67/77 | €0.02m | €0.01m | €0.01m | €0.03m | €0.03m | €0.06m | €0.04m | ▼ 25.9% |
| Profit (loss) for the period9904 | €0.1m | €0.1m | €0.08m | €0.07m | €0.2m | €0.5m | €1.1m | ▲ 105% |
| Profit (loss) for the period to be appropriated9905 | €0.1m | €0.1m | €0.08m | €0.07m | €0.2m | €0.5m | €1.1m | ▲ 105% |
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|
| Assets | ||||||||
| Total assets20/58 | €0.3m | €0.5m | €0.6m | €0.6m | €1.5m | €1.5m | €0.9m | ▼ 36.1% |
| Fixed assets21/28 | €0.2m | €0.2m | €0.2m | €0.2m | €1.3m | €1.3m | €0.8m | ▼ 38.9% |
| Tangible fixed assets22/27 | €0.001m | €0.06m | €0.05m | €0.03m | €0.02m | €0.007m | €0.02m | ▲ 197% |
| Plant, machinery and equipment23 | - | - | €0.001m | - | €0.001m | €0.002m | €0.001m | ▼ 46.6% |
| Furniture and vehicles24 | - | - | - | €0.001m | €0.001m | €94 | €0.02m | ▲ 216× |
| Leasing and similar rights25 | - | - | €0.05m | €0.03m | €0.02m | €0.005m | €0 | ▼ 100% |
| Financial fixed assets28 | €0.2m | €0.2m | €0.2m | €0.2m | €1.3m | €1.3m | €0.8m | ▼ 40.2% |
| Current assets29/58 | €0.2m | €0.3m | €0.4m | €0.4m | €0.2m | €0.1m | €0.1m | ▼ 11.3% |
| Amounts receivable within one year40/41 | - | - | - | €0.003m | €0 | €0.06m | €0.004m | ▼ 93.1% |
| Trade receivables40 | - | - | - | €0.003m | €0 | €0.06m | €0 | ▼ 100% |
| Other amounts receivable41 | - | - | - | - | - | - | €0.004m | - |
| Cash at bank and in hand54/58 | €0.2m | €0.3m | €0.4m | €0.4m | €0.2m | €0.09m | €0.1m | ▲ 38.6% |
| Deferred charges and accrued income490/1 | - | - | €0.001m | - | - | - | - | - |
| Equity and liabilities | ||||||||
| Total equity and liabilities10/49 | €0.3m | €0.5m | €0.6m | €0.6m | €1.5m | €1.5m | €0.9m | ▼ 36.1% |
| Equity10/15 | €0.2m | €0.3m | €0.3m | €0.07m | €0.07m | €0.6m | €0.4m | ▼ 34.2% |
| Contributions10/11 | €0.02m | €0.02m | €0.02m | €0.02m | €0.02m | €0.02m | €0.02m | = |
| Capital10 | - | - | €0.02m | - | - | - | - | - |
| Issued capital100 | - | - | €0.02m | - | - | - | - | - |
| Reserves13 | €0.002m | €0.002m | €0.002m | - | €0.002m | €0.3m | €0.4m | ▲ 50.6% |
| Non-distributable reserves130/1 | - | - | €0.002m | - | €0.002m | €0.002m | €0 | ▼ 100% |
| Legal reserve130 | - | - | €0.002m | - | - | - | - | - |
| Reserves not available under the articles1311 | - | - | - | - | €0.002m | €0.002m | €0 | ▼ 100% |
| Distributable reserves133 | - | - | - | - | - | €0.3m | €0.4m | ▲ 51.7% |
| Profit (loss) carried forward14 | €0.1m | €0.2m | €0.3m | €0.05m | €0.05m | €0.3m | €0 | ▼ 100% |
| Amounts payable17/49 | €0.2m | €0.2m | €0.2m | €0.5m | €1.4m | €0.9m | €0.5m | ▼ 37.4% |
| Amounts payable after more than one year17 | - | €0.05m | €0.03m | €0.02m | €0.006m | €0 | - | - |
| Financial debts170/4 | - | - | €0.03m | €0.02m | €0.006m | €0 | - | - |
| Amounts payable within one year42/48 | €0.2m | €0.2m | €0.2m | €0.5m | €1.4m | €0.9m | €0.5m | ▼ 37.4% |
| Current portion of amounts payable after more than one year42 | - | - | €0.01m | €0.01m | €0.01m | €0.006m | €0 | ▼ 100% |
| Trade debts44 | €422 | €0.003m | €0.005m | €0.001m | €0.002m | €158 | €0.03m | ▲ 165× |
| Suppliers440/4 | - | - | €0.005m | €0.001m | €0.002m | €158 | €0.03m | ▲ 165× |
| Taxes, remuneration and social security45 | - | - | €0.02m | €0.08m | €0.05m | €0.06m | €0.009m | ▼ 85.0% |
| Taxes450/3 | - | - | €0.02m | €0.08m | €0.05m | €0.06m | €0.009m | ▼ 85.0% |
| Other amounts payable47/48 | - | - | €0.1m | €0.4m | €1.4m | €0.8m | €0.5m | ▼ 36.7% |
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €0.1m | €0.1m | €0.08m | €0.07m | €0.2m | €0.5m | €1.1m | ▲ 105% |
| + Depreciation and write-downs630 | €0.001m | €0.01m | €0.01m | €0.02m | €0.01m | €0.02m | €0.01m | ▼ 30.5% |
| Operating cash flow (approximation) | €0.1m | €0.1m | €0.1m | €0.09m | €0.2m | €0.5m | €1.1m | ▲ 101% |
| Investment in fixed assets (approximation) | - | -€0.07m | €0 | -€0.001m | -€1.2m | -€0.002m | €0.5m | - |
| Change in cash | - | €0.1m | €0.06m | €0.05m | -€0.2m | -€0.1m | €0.04m | - |
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 (7)
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-12-2025 | abbreviated format | 05-06-2026 | 2026-00140041 | |
| 31-12-2024 | micro format | 09-05-2025 | 2025-00092491 | |
| 31-12-2023 | micro format | 02-05-2024 | 2024-00078608 | |
| 31-12-2022 | micro format | 19-05-2023 | 2023-00090721 | |
| 31-12-2021 | micro format | 25-08-2022 | 2022-20318381 | |
| 31-12-2020 | micro format | 08-09-2021 | 2021-66800228 | |
| 31-12-2019 | micro format | 14-09-2020 | 2020-53100191 |