Financials · financial year 2025, abbreviated format
Annual accounts 2025 filed on 30-04-2026 PDF all 13 filings
Equity
€503,984▼ 0.5%
2024 · €506,569
Net result
€70,705▼ 23.0%
2024 · €91,868
Total assets
€655,704▼ 5.8%
2024 · €695,713
Solvency
76.9%▲ 4.0pp
2024 · 72.8%
Multi-year overview
2019 to 2025, 7 financial yearsOperating result
€88,091
▼ 29.7%
2025
20192025
Net result
€70,705
▼ 23.0%
2025
middle half of the sector
20192025
Equity
€503,984
▼ 0.5%
2025
middle half of the sector
20192025
Total assets
€655,704
▼ 5.8%
2025
middle half of the sector
20192025
Debt
€151,719
▼ 19.8%
2025
20192025
Working capital
€289,904
▲ 13.2%
2025
highest quarter of the sector
20192025
Solvency
76.9%
▲ 4.0pp
2025
middle half of the sector
20192025
Current ratio
6.68
▲ 1.87
2025
highest quarter of the sector
20192025
Return on assets (ROA)
10.8%
▼ 2.4pp
2025
middle half of the sector
20192025
Staff (FTE)
0
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€105,290-€143,237▲ 36.0%€208,448▲ 45.5%€39,850▼ 80.9%€90,586▲ 127%€125,393▲ 38.4%€88,091▼ 29.7%
Net result€73,290-€102,023within the sector's middle half▲ 39.2%€146,213within the sector's middle half▲ 43.3%€28,000within the sector's middle half▼ 80.9%€64,175within the sector's middle half▲ 129%€91,868within the sector's middle half▲ 43.2%€70,705within the sector's middle half▼ 23.0%
Equity€276,096-€378,118within the sector's middle half▲ 37.0%€459,643within the sector's middle half▲ 21.6%€455,972within the sector's middle half▼ 0.8%€514,947within the sector's middle half▲ 12.9%€506,569within the sector's middle half▼ 1.6%€503,984within the sector's middle half▼ 0.5%
Total assets€422,364-€557,385within the sector's middle half▲ 32.0%€653,487within the sector's middle half▲ 17.2%€716,656within the sector's middle half▲ 9.7%€732,139within the sector's middle half▲ 2.2%€695,713within the sector's middle half▼ 5.0%€655,704within the sector's middle half▼ 5.8%
Debt€146,268-€179,266▲ 22.6%€193,845▲ 8.1%€260,684▲ 34.5%€217,192▼ 16.7%€189,143▼ 12.9%€151,719▼ 19.8%
Working capital€196,802-€286,661above the sector's middle half▲ 45.7%€350,883above the sector's middle half▲ 22.4%€204,866within the sector's middle half▼ 41.6%€253,484within the sector's middle half▲ 23.7%€256,100within the sector's middle half▲ 1.0%€289,904above the sector's middle half▲ 13.2%
Solvency65.4%-67.8%within the sector's middle half▲ 2.5pp70.3%within the sector's middle half▲ 2.5pp63.6%within the sector's middle half▼ 6.7pp70.3%within the sector's middle half▲ 6.7pp72.8%within the sector's middle half▲ 2.5pp76.9%within the sector's middle half▲ 4.0pp
Current ratio7.46-8.26above the sector's middle half▲ 0.805.64above the sector's middle half▼ 2.623.51above the sector's middle half▼ 2.134.70above the sector's middle half▲ 1.194.81above the sector's middle half▲ 0.116.68above the sector's middle half▲ 1.87
Return on assets (ROA)17.4%-18.3%above the sector's middle half▲ 1.0pp22.4%above the sector's middle half▲ 4.1pp3.9%within the sector's middle half▼ 18.5pp8.8%within the sector's middle half▲ 4.9pp13.2%above the sector's middle half▲ 4.4pp10.8%within the sector's middle half▼ 2.4pp
Staff (FTE)0within 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 30% lower than in 2024 and the lowest since 2022.
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 €655,704
Fixed assets
€314,781 ▼ 15.5%
Current assets
€340,923 ▲ 5.4%
Equity and liabilities €655,704
Equity
€503,984 ▼ 0.5%
Debt
€151,719 ▼ 19.8%
Debt's share of the balance-sheet total falls from 27.2% to 23.1%. Equity and debt are lower.
Key figures and ratios
ROE
14.0%▼
2024 · 18.1%
Debt ≤ 1 year
€51,019▼
2024 · €67,216
Debt > 1 year
€100,700▼
2024 · €121,927
Income taxes
€28,045▼
2024 · €38,815
Green means a favourable move, even when the figure itself falls, as with debt or debt to equity.
Securities and guarantees
| Item | 30-09-2021 | 30-09-2022 | 30-09-2023 | 30-09-2024 | 30-09-2025 |
|---|---|---|---|---|---|
| Debts secured on the company's own assets | €139,019 | €209,016 | €178,611 | €147,917 | €59,378 |
| Mortgages, amount registered | - | €25,000 | €25,000 | €25,000 | €25,000 |
| Mortgage mandates | - | - | - | €140,000 | €140,000 |
| Carrying value of the mortgaged assets | - | €140,052 | €124,539 | €114,980 | €100,192 |
Source: notes to the 2021 to 2025 annual accounts (statement of debts and off-balance-sheet rights and commitments)
Investments
| Item | 30-09-2021 | 30-09-2022 | 30-09-2023 | 30-09-2024 | 30-09-2025 |
|---|---|---|---|---|---|
| Tangible fixed assets | €26,014 | €245,380 | €47,475 | €6,978 | - |
| Depreciation and write-downs of the year | €30,248 | €39,666 | €40,416 | €44,664 | €38,694 |
Source: notes to the 2021 to 2025 annual accounts (statement of fixed assets)
Annual accounts
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €17,934 | €25,458 | €30,248 | €39,666 | €40,416 | €44,664 | €38,694 | ▼ 13.4% |
| Other operating charges640/8 | - | - | €1,338 | €4,879 | €3,808 | €4,592 | €5,417 | ▲ 18.0% |
| Gross operating margin9900 | €124,381 | €170,513 | €240,033 | €84,395 | €134,809 | €174,649 | €132,202 | ▼ 24.3% |
| Operating profit (loss)9901 | €105,290 | €143,237 | €208,448 | €39,850 | €90,586 | €125,393 | €88,091 | ▼ 29.7% |
| Financial income75/76B | - | - | €3,239 | €3,320 | €3,131 | €7,431 | €12,305 | ▲ 65.6% |
| Recurring financial income75 | €726 | €1,688 | €3,239 | €3,320 | €3,131 | €5,946 | €12,305 | ▲ 107% |
| Non-recurring financial income76B | - | - | - | - | - | €1,485 | €0 | ▼ 100% |
| Financial charges65/66B | - | - | €1,847 | €2,704 | €3,951 | €2,141 | €1,646 | ▼ 23.2% |
| Recurring financial charges65 | €3,864 | €3,146 | €1,847 | €2,704 | €2,466 | €2,141 | €1,646 | ▼ 23.2% |
| Non-recurring financial charges66B | - | - | - | - | €1,485 | €0 | - | - |
| Profit (loss) for the period before taxes9903 | €102,152 | €141,778 | €209,840 | €40,465 | €89,766 | €130,683 | €98,750 | ▼ 24.4% |
| Income taxes67/77 | €28,862 | €39,756 | €63,626 | €12,466 | €25,590 | €38,815 | €28,045 | ▼ 27.7% |
| Profit (loss) for the period9904 | €73,290 | €102,023 | €146,213 | €28,000 | €64,175 | €91,868 | €70,705 | ▼ 23.0% |
| Profit (loss) for the period to be appropriated9905 | €73,290 | €102,023 | €146,213 | €28,000 | €64,175 | €91,868 | €70,705 | ▼ 23.0% |
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|
| Assets | ||||||||
| Total assets20/58 | €422,364 | €557,385 | €653,487 | €716,656 | €732,139 | €695,713 | €655,704 | ▼ 5.8% |
| Fixed assets21/28 | €195,112 | €231,265 | €227,031 | €430,149 | €410,082 | €372,396 | €314,781 | ▼ 15.5% |
| Tangible fixed assets22/27 | €195,112 | €231,265 | €227,031 | €430,149 | €410,082 | €372,396 | €314,781 | ▼ 15.5% |
| Land and buildings22 | - | - | €181,589 | €360,849 | €333,538 | €312,181 | €285,595 | ▼ 8.5% |
| Plant, machinery and equipment23 | - | - | - | €2,085 | €2,746 | €2,865 | €2,093 | ▼ 26.9% |
| Furniture and vehicles24 | - | - | €40,896 | €63,892 | €71,496 | €55,753 | €26,028 | ▼ 53.3% |
| Other tangible fixed assets26 | - | - | €4,547 | €3,323 | €2,302 | €1,597 | €1,065 | ▼ 33.3% |
| Current assets29/58 | €227,252 | €326,120 | €426,456 | €286,507 | €322,056 | €323,316 | €340,923 | ▲ 5.4% |
| Amounts receivable after more than one year29 | - | - | €87,500 | €87,500 | €87,500 | €37,500 | €37,500 | = |
| Other amounts receivable291 | - | - | €87,500 | €87,500 | €87,500 | €37,500 | €37,500 | = |
| Amounts receivable within one year40/41 | €14,009 | €10,771 | €39,131 | €31,088 | €15,623 | €8,342 | €50,125 | ▲ 501% |
| Trade receivables40 | - | - | €11,000 | €30,710 | €0 | €306 | €184 | ▼ 39.8% |
| Other amounts receivable41 | - | - | €28,131 | €378 | €15,623 | €8,036 | €49,941 | ▲ 521% |
| Current investments50/53 | - | - | €18,660 | €27,660 | €135,924 | €214,660 | €150,000 | ▼ 30.1% |
| Cash at bank and in hand54/58 | €161,695 | €262,345 | €276,813 | €135,573 | €77,998 | €58,916 | €101,253 | ▲ 71.9% |
| Deferred charges and accrued income490/1 | - | - | €4,353 | €4,685 | €5,011 | €3,898 | €2,045 | ▼ 47.5% |
| Equity and liabilities | ||||||||
| Total equity and liabilities10/49 | €422,364 | €557,385 | €653,487 | €716,656 | €732,139 | €695,713 | €655,704 | ▼ 5.8% |
| Equity10/15 | €276,096 | €378,118 | €459,643 | €455,972 | €514,947 | €506,569 | €503,984 | ▼ 0.5% |
| Contributions10/11 | €6,200 | - | €6,200 | €6,200 | €1,000 | €1,000 | €1,000 | = |
| Reserves13 | €269,896 | €371,918 | €453,443 | €449,772 | €513,947 | €505,569 | €502,984 | ▼ 0.5% |
| Non-distributable reserves130/1 | - | - | €1,860 | €1,860 | €0 | - | - | - |
| Reserves not available under the articles1311 | - | - | €1,860 | €1,860 | €0 | - | - | - |
| Distributable reserves133 | - | - | €451,583 | €447,912 | €513,947 | €505,569 | €502,984 | ▼ 0.5% |
| Profit (loss) carried forward14 | - | - | - | €0 | €0 | €0 | €0 | - |
| Amounts payable17/49 | €146,268 | €179,266 | €193,845 | €260,684 | €217,192 | €189,143 | €151,719 | ▼ 19.8% |
| Amounts payable after more than one year17 | €115,450 | €139,452 | €118,160 | €178,611 | €147,917 | €121,927 | €100,700 | ▼ 17.4% |
| Financial debts170/4 | - | - | €118,160 | €178,611 | €147,917 | €121,927 | €100,700 | ▼ 17.4% |
| Amounts payable within one year42/48 | €30,450 | €39,459 | €75,574 | €81,641 | €68,572 | €67,216 | €51,019 | ▼ 24.1% |
| Current portion of amounts payable after more than one year42 | - | - | €20,859 | €30,405 | €30,695 | €25,990 | €21,227 | ▼ 18.3% |
| Trade debts44 | €4,436 | €1,227 | €16,563 | €35,009 | €9,811 | €9,021 | €5,011 | ▼ 44.4% |
| Suppliers440/4 | - | - | €16,563 | €35,009 | €9,811 | €9,021 | €5,011 | ▼ 44.4% |
| Advances received on contracts in progress46 | - | - | €0 | - | - | - | - | - |
| Taxes, remuneration and social security45 | - | - | €38,152 | €16,227 | €28,066 | €21,152 | €24,781 | ▲ 17.2% |
| Taxes450/3 | - | - | €38,152 | €16,227 | €28,066 | €21,152 | €24,781 | ▲ 17.2% |
| Other amounts payable47/48 | - | - | - | - | - | €11,054 | €0 | ▼ 100% |
| Accrued charges and deferred income492/3 | - | - | €111 | €432 | €703 | €0 | - | - |
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €73,290 | €102,023 | €146,213 | €28,000 | €64,175 | €91,868 | €70,705 | ▼ 23.0% |
| + Depreciation and write-downs630 | €17,934 | €25,458 | €30,248 | €39,666 | €40,416 | €44,664 | €38,694 | ▼ 13.4% |
| Operating cash flow (approximation) | €91,224 | €127,481 | €176,461 | €67,665 | €104,591 | €136,532 | €109,399 | ▼ 19.9% |
| Investment in fixed assets (approximation) | - | -€61,611 | -€26,014 | -€242,784 | -€20,349 | -€6,978 | €18,922 | - |
| Change in cash | - | €100,650 | €14,468 | -€141,240 | -€57,575 | -€19,082 | €42,337 | - |
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 13 filings with the National Bank
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 30-09-2025 | abbreviated format | 30-04-2026 | 2026-00101677 | |
| 30-09-2024 | abbreviated format | 30-04-2025 | 2025-00083781 | |
| 30-09-2023 | abbreviated format | 30-04-2024 | 2024-00074260 | |
| 30-09-2022 | abbreviated format | 28-04-2023 | 2023-00071838 | |
| 30-09-2021 | abbreviated format | 29-04-2022 | 2022-20017910 | |
| 30-09-2020 | abbreviated format | 28-04-2021 | 2021-11600391 | |
| 30-09-2019 | abbreviated format | 31-03-2020 | 2020-08100196 | |
| 30-09-2018 | abbreviated format | 19-04-2019 | 2019-10500389 | |
| 30-09-2017 | abbreviated format | 09-04-2018 | 2018-09500453 | |
| 30-09-2016 | abbreviated format | 27-03-2017 | 2017-07500504 |