Financials · financial year 2025, micro format
Annual accounts 2025 filed on 02-07-2026 at the NBB all 5 filings
Equity
€34,362▲ 52.6%
2024 · €22,511
Net result
€11,851▼ 29.1%
2024 · €16,710
Total assets
€233,965▲ 173%
2024 · €85,851
Solvency
14.7%▼ 11.5pp
2024 · 26.2%
Multi-year overview
2021 to 2025, 5 financial yearsOperating result
€18,512
▼ 19.3%
2025
20212025
Net result
€11,851
▼ 29.1%
2025
middle half of the sector
20212025
Equity
€34,362
▲ 52.6%
2025
lowest quarter of the sector
20212025
Total assets
€233,965
▲ 173%
2025
middle half of the sector
20212025
Debt
€199,603
▲ 215%
2025
20212025
Working capital
-€26,375
2025
lowest quarter of the sector
20212025
Solvency
14.7%
▼ 11.5pp
2025
lowest quarter of the sector
20212025
Current ratio
0.83
▼ 0.43
2025
middle half of the sector
20212025
Return on assets (ROA)
5.1%
▼ 14.4pp
2025
middle half of the sector
20212025
Every figure per financial year
Every figure with its change against the financial year before
favourable
unfavourable
Line20212022202320242025
Operating result-€3,407-€1,948€6,249▲ 221%€22,932▲ 267%€18,512▼ 19.3%
Net result-€3,393below the sector's middle half-€1,098below the sector's middle half€3,956within the sector's middle half▲ 260%€16,710within the sector's middle half▲ 322%€11,851within the sector's middle half▼ 29.1%
Equity€1,607below the sector's middle half-€2,704below the sector's middle half▲ 68.3%€6,660below the sector's middle half▲ 146%€22,511below the sector's middle half▲ 238%€34,362below the sector's middle half▲ 52.6%
Total assets€3,772below the sector's middle half-€104,116below the sector's middle half▲ 28×€145,966within the sector's middle half▲ 40.2%€85,851below the sector's middle half▼ 41.2%€233,965within the sector's middle half▲ 173%
Debt€2,165-€101,411▲ 47×€139,305▲ 37.4%€63,339▼ 54.5%€199,603▲ 215%
Working capital€597within the sector's middle half--€4,810within the sector's middle half-€3,119within the sector's middle half▲ 35.2%€13,411within the sector's middle half-€26,375below the sector's middle half
Solvency42.6%within the sector's middle half-2.6%below the sector's middle half▼ 40.0pp4.6%below the sector's middle half▲ 2.0pp26.2%within the sector's middle half▲ 21.7pp14.7%below the sector's middle half▼ 11.5pp
Current ratio0.95within the sector's middle half0.97within the sector's middle half▲ 0.021.26within the sector's middle half▲ 0.280.83within the sector's middle half▼ 0.43
Return on assets (ROA)1.1%below the sector's middle half2.7%within the sector's middle half▲ 1.7pp19.5%within the sector's middle half▲ 16.8pp5.1%within the sector's middle half▼ 14.4pp
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 19% lower than in 2024.
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 €233,965
Fixed assets
€106,237 ▲ 424%
Current assets
€127,728 ▲ 94.7%
Equity and liabilities €233,965
Equity
€34,362 ▲ 52.6%
Debt
€199,603 ▲ 215%
Debt's share of the balance-sheet total rises from 73.8% to 85.3%. Equity and debt are higher.
Key figures and ratios
ROE
34.5%▼
2024 · 74.2%
Debt ≤ 1 year
€154,103▲
2024 · €52,184
Debt > 1 year
€45,500▲
2024 · €11,155
Income taxes
€3,300▼
2024 · €4,669
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 | €1,032 | €11,329 | €19,942 | €2,052 | €24,259 |
| Financial fixed assets | €103 | - | €64 | - | €75,000 |
| Depreciation and write-downs of the year | €126 | €1,524 | €5,333 | €7,181 | €8,722 |
Source: notes to the 2021 to 2025 annual accounts (statement of fixed assets)
Annual accounts
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €126 | €1,524 | €5,333 | €7,181 | €8,722 | ▲ 21.5% |
| Other operating charges640/8 | €141 | €581 | €834 | €1,519 | €312 | ▼ 79.5% |
| Non-recurring operating charges66A | - | - | - | - | €556 | - |
| Gross operating margin9900 | -€3,140 | €4,053 | €12,416 | €31,632 | €28,101 | ▼ 11.2% |
| Operating profit (loss)9901 | -€3,407 | €1,948 | €6,249 | €22,932 | €18,512 | ▼ 19.3% |
| Financial income75/76B | €26 | €3 | €1 | €0 | €8 | - |
| Recurring financial income75 | €26 | €3 | €1 | €0 | €8 | - |
| Financial charges65/66B | €13 | €526 | €1,121 | €1,553 | €3,370 | ▲ 117% |
| Recurring financial charges65 | €13 | €526 | €1,121 | €1,553 | €3,370 | ▲ 117% |
| Profit (loss) for the period before taxes9903 | -€3,393 | €1,424 | €5,129 | €21,379 | €15,151 | ▼ 29.1% |
| Income taxes67/77 | - | €326 | €1,173 | €4,669 | €3,300 | ▼ 29.3% |
| Profit (loss) for the period9904 | -€3,393 | €1,098 | €3,956 | €16,710 | €11,851 | ▼ 29.1% |
| Profit (loss) for the period to be appropriated9905 | -€3,393 | €1,098 | €3,956 | €16,710 | €11,851 | ▼ 29.1% |
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Assets | ||||||
| Total assets20/58 | €3,772 | €104,116 | €145,966 | €85,851 | €233,965 | ▲ 173% |
| Fixed assets21/28 | €1,009 | €10,815 | €25,488 | €20,256 | €106,237 | ▲ 424% |
| Tangible fixed assets22/27 | €906 | €10,712 | €25,321 | €20,192 | €31,173 | ▲ 54.4% |
| Furniture and vehicles24 | €906 | €10,712 | €25,321 | €20,192 | €31,173 | ▲ 54.4% |
| Financial fixed assets28 | €103 | €103 | €167 | €64 | €75,064 | ▲ 1,173× |
| Current assets29/58 | €2,763 | €93,301 | €120,477 | €65,595 | €127,728 | ▲ 94.7% |
| Amounts receivable after more than one year29 | - | €78,000 | €67,750 | €0 | - | - |
| Other amounts receivable291 | - | €78,000 | €67,750 | €0 | - | - |
| Amounts receivable within one year40/41 | €2,340 | €15,301 | €52,599 | €59,976 | €108,455 | ▲ 80.8% |
| Trade receivables40 | €1,210 | €4,235 | €5,765 | €22,420 | €72,922 | ▲ 225% |
| Other amounts receivable41 | €1,130 | €11,066 | €46,834 | €37,556 | €35,533 | ▼ 5.4% |
| Current investments50/53 | - | - | - | €2,693 | €9,743 | ▲ 262% |
| Cash at bank and in hand54/58 | €423 | €0 | €23 | €2,446 | €9,530 | ▲ 290% |
| Deferred charges and accrued income490/1 | - | - | €106 | €480 | - | - |
| Equity and liabilities | ||||||
| Total equity and liabilities10/49 | €3,772 | €104,116 | €145,966 | €85,851 | €233,965 | ▲ 173% |
| Equity10/15 | €1,607 | €2,704 | €6,660 | €22,511 | €34,362 | ▲ 52.6% |
| Contributions10/11 | €5,000 | €5,000 | €5,000 | €5,000 | €5,000 | = |
| Profit (loss) carried forward14 | -€3,393 | -€2,296 | €1,660 | €17,511 | €29,362 | ▲ 67.7% |
| Amounts payable17/49 | €2,165 | €101,411 | €139,305 | €63,339 | €199,603 | ▲ 215% |
| Amounts payable after more than one year17 | - | €3,301 | €15,700 | €11,155 | €45,500 | ▲ 308% |
| Financial debts170/4 | - | €3,301 | €15,700 | €11,155 | €20,575 | ▲ 84.4% |
| Other amounts payable178/9 | - | - | - | - | €24,926 | - |
| Amounts payable within one year42/48 | €2,165 | €98,111 | €123,596 | €52,184 | €154,103 | ▲ 195% |
| Current portion of amounts payable after more than one year42 | - | €2,609 | €6,340 | €3,871 | - | - |
| Financial debts43 | - | €3,010 | €4,835 | €2,798 | €23,733 | ▲ 748% |
| Credit institutions430/8 | - | €3,010 | €4,835 | €2,798 | €19,414 | ▲ 594% |
| Other loans439 | - | - | - | - | €4,319 | - |
| Trade debts44 | €1,581 | €2,343 | €7,844 | €18,334 | €31,491 | ▲ 71.8% |
| Suppliers440/4 | €1,581 | €2,343 | €7,844 | €18,334 | €31,491 | ▲ 71.8% |
| Taxes, remuneration and social security45 | €585 | €581 | €5,399 | €4,084 | €11,494 | ▲ 181% |
| Taxes450/3 | €585 | €581 | €5,399 | €4,084 | €11,494 | ▲ 181% |
| Other amounts payable47/48 | - | €89,568 | €99,179 | €23,096 | €87,386 | ▲ 278% |
| Accrued charges and deferred income492/3 | - | - | €9 | €0 | - | - |
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | -€3,393 | €1,098 | €3,956 | €16,710 | €11,851 | ▼ 29.1% |
| + Depreciation and write-downs630 | €126 | €1,524 | €5,333 | €7,181 | €8,722 | ▲ 21.5% |
| Operating cash flow (approximation) | -€3,267 | €2,621 | €9,288 | €23,891 | €20,572 | ▼ 13.9% |
| Investment in fixed assets (approximation) | - | -€11,329 | -€20,006 | -€1,948 | -€94,703 | ▼ 4,761% |
| Change in cash | - | -€423 | €23 | €2,423 | €7,084 | ▲ 192% |
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 (5)
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-12-2025 | micro format | 02-07-2026 | 2026-00236366 | |
| 31-12-2024 | micro format | 23-07-2025 | 2025-00296865 | |
| 31-12-2023 | micro format | 16-07-2024 | 2024-00248210 | |
| 31-12-2022 | micro format | 05-01-2024 | 2024-00543589 | |
| 31-12-2021 | micro format | 23-08-2022 | 2022-20341568 |