Financials · financial year 2025, micro format
Annual accounts 2025 filed on 26-02-2026 PDF all 15 filings
Equity
€115,088▲ 26.5%
2024 · €90,971
Net result
€24,116▲ 127%
2024 · €10,629
Total assets
€1.5m▲ 2.2%
2024 · €1.5m
Solvency
7.6%▲ 1.5pp
2024 · 6.1%
Multi-year overview
2019 to 2025, 7 financial yearsOperating result
€37,120
▼ 8.1%
2025
20192025
Net result
€24,116
▲ 127%
2025
middle half of the sector
20192025
Equity
€115,088
▲ 26.5%
2025
middle half of the sector
20192025
Total assets
€1.5m
▲ 2.2%
2025
highest quarter of the sector
20192025
Debt
€1.4m
▲ 0.6%
2025
20192025
Working capital
€40,238
▼ 22.4%
2025
middle half of the sector
20192025
Solvency
7.6%
▲ 1.5pp
2025
lowest quarter of the sector
20192025
Current ratio
1.12
▼ 0.06
2025
middle half of the sector
20192025
Return on assets (ROA)
1.6%
▲ 0.9pp
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€0.01m-€0.04m▲ 188%€0.04m▲ 16.0%€0.03m▼ 28.2%€0.04m▲ 36.5%€0.04m▼ 4.8%€0.04m▼ 8.1%
Net result-€0.02m--€0.09mbelow the sector's middle half▼ 244%€0.02mwithin the sector's middle half€0.007mwithin the sector's middle half▼ 67.2%€0.01mwithin the sector's middle half▲ 82.8%€0.01mwithin the sector's middle half▼ 22.2%€0.02mwithin the sector's middle half▲ 127%
Equity€0.1m-€0.04mbelow the sector's middle half▼ 70.2%€0.06mwithin the sector's middle half▲ 62.6%€0.07mwithin the sector's middle half▲ 12.6%€0.08mwithin the sector's middle half▲ 20.5%€0.09mwithin the sector's middle half▲ 13.2%€0.1mwithin the sector's middle half▲ 26.5%
Total assets€1.5m-€1.4mabove the sector's middle half▼ 9.4%€1.4mabove the sector's middle half▲ 2.0%€1.4mabove the sector's middle half▼ 0.3%€1.4mabove the sector's middle half▲ 0.2%€1.5mabove the sector's middle half▲ 7.2%€1.5mabove the sector's middle half▲ 2.2%
Debt€1.4m-€1.3m▼ 4.0%€1.3m▲ 0.3%€1.3m▼ 0.9%€1.3m▼ 0.8%€1.4m▲ 6.8%€1.4m▲ 0.6%
Working capital€0.4m-€0.1mwithin the sector's middle half▼ 69.5%€0.1mwithin the sector's middle half▼ 4.6%€0.09mwithin the sector's middle half▼ 23.6%€0.08mwithin the sector's middle half▼ 19.1%€0.05mwithin the sector's middle half▼ 31.0%€0.04mwithin the sector's middle half▼ 22.4%
Solvency8.1%-2.7%below the sector's middle half▼ 5.4pp4.3%below the sector's middle half▲ 1.6pp4.8%below the sector's middle half▲ 0.6pp5.8%below the sector's middle half▲ 1.0pp6.1%below the sector's middle half▲ 0.3pp7.6%below the sector's middle half▲ 1.5pp
Current ratio50.15-3.05within the sector's middle half▼ 47.102.25within the sector's middle half▼ 0.791.77within the sector's middle half▼ 0.481.46within the sector's middle half▼ 0.311.18within the sector's middle half▼ 0.281.12within the sector's middle half▼ 0.06
Return on assets (ROA)-1.7%--6.3%below the sector's middle half▼ 4.6pp1.6%within the sector's middle half▲ 7.9pp0.5%below the sector's middle half▼ 1.1pp1.0%below the sector's middle half▲ 0.4pp0.7%below the sector's middle half▼ 0.3pp1.6%within the sector's middle half▲ 0.9pp
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 8% lower than in 2024 and the lowest since 2022. 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 €1.5m
Fixed assets
€1.2m =
Current assets
€372,233 ▲ 9.8%
Equity and liabilities €1.5m
Equity
€115,088 ▲ 26.5%
Debt
€1.4m ▲ 0.6%
Debt's share of the balance-sheet total falls from 93.9% to 92.4%. Equity and debt are higher.
Key figures and ratios
ROE
21.0%▲
2024 · 11.7%
Debt ≤ 1 year
€331,995▲
2024 · €287,182
Debt > 1 year
€1.1m▼
2024 · €1.1m
Income taxes
€10,375▲
2024 · €7,241
Green means a favourable move, even when the figure itself falls, as with debt or debt to equity.
Investments
| Item | 31-07-2022 | 31-07-2023 | 31-07-2024 | 31-07-2025 |
|---|---|---|---|---|
| Tangible fixed assets | €1,565 | - | - | - |
| Depreciation and write-downs of the year | €267 | €522 | €522 | €254 |
Source: notes to the 2022 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 | €2,164 | €1,914 | €1,914 | €267 | €522 | €522 | €254 | ▼ 51.2% |
| Other operating charges640/8 | - | - | - | €2,659 | €1,791 | €1,824 | €1,794 | ▼ 1.7% |
| Gross operating margin9900 | €16,753 | €39,971 | €47,242 | €33,995 | €44,726 | €42,743 | €39,168 | ▼ 8.4% |
| Operating profit (loss)9901 | €12,958 | €37,289 | €43,256 | €31,068 | €42,412 | €40,397 | €37,120 | ▼ 8.1% |
| Financial income75/76B | - | - | - | €657 | €254 | €156 | €16,879 | ▲ 108× |
| Recurring financial income75 | €1,152 | €9 | - | €657 | €254 | €156 | €16,879 | ▲ 108× |
| Financial charges65/66B | - | - | - | €18,808 | €20,941 | €22,683 | €19,507 | ▼ 14.0% |
| Recurring financial charges65 | €38,592 | €122,514 | €19,141 | €18,808 | €20,941 | €22,683 | €19,507 | ▼ 14.0% |
| Profit (loss) for the period before taxes9903 | -€24,482 | -€85,216 | €24,115 | €12,916 | €21,725 | €17,870 | €34,491 | ▲ 93.0% |
| Income taxes67/77 | €413 | €455 | €1,327 | €5,444 | €8,063 | €7,241 | €10,375 | ▲ 43.3% |
| Profit (loss) for the period9904 | -€24,895 | -€85,671 | €22,788 | €7,473 | €13,663 | €10,629 | €24,116 | ▲ 127% |
| Profit (loss) for the period to be appropriated9905 | -€24,895 | -€85,671 | €22,788 | €7,473 | €13,663 | €10,629 | €24,116 | ▲ 127% |
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|
| Assets | ||||||||
| Total assets20/58 | €1.5m | €1.4m | €1.4m | €1.4m | €1.4m | €1.5m | €1.5m | ▲ 2.2% |
| Fixed assets21/28 | €1.1m | €1.2m | €1.2m | €1.2m | €1.2m | €1.2m | €1.2m | = |
| Tangible fixed assets22/27 | €0.004m | €0.002m | - | €0.001m | €0.001m | €254 | - | - |
| Furniture and vehicles24 | - | - | - | €0.001m | €0.001m | €254 | - | - |
| Financial fixed assets28 | €1.1m | €1.2m | €1.2m | €1.2m | €1.2m | €1.2m | €1.2m | = |
| Current assets29/58 | €0.4m | €0.2m | €0.2m | €0.2m | €0.2m | €0.3m | €0.4m | ▲ 9.8% |
| Amounts receivable within one year40/41 | €0.1m | €0.1m | €0.2m | €0.2m | €0.2m | €0.3m | €0.3m | ▲ 5.3% |
| Trade receivables40 | - | - | - | €0.1m | €0.2m | €0.2m | €0.2m | ▲ 9.2% |
| Other amounts receivable41 | - | - | - | €0.05m | €0.05m | €0.1m | €0.1m | ▲ 0.1% |
| Current investments50/53 | - | €0.03m | €0.04m | €0.03m | €0.03m | €0.03m | €0.02m | ▼ 39.0% |
| Cash at bank and in hand54/58 | €0.3m | €0.02m | €0.01m | €0.003m | €0.001m | €128 | €0.03m | ▲ 255× |
| Deferred charges and accrued income490/1 | - | - | - | - | - | €0.002m | - | - |
| Equity and liabilities | ||||||||
| Total equity and liabilities10/49 | €1.5m | €1.4m | €1.4m | €1.4m | €1.4m | €1.5m | €1.5m | ▲ 2.2% |
| Equity10/15 | €0.1m | €0.04m | €0.06m | €0.07m | €0.08m | €0.09m | €0.1m | ▲ 26.5% |
| Contributions10/11 | €0.006m | - | - | €0.006m | €0.006m | €0.006m | €0.006m | = |
| Reserves13 | €0.002m | €0.002m | €0.002m | €0.009m | €0.02m | €0.03m | €0.06m | ▲ 71.4% |
| Non-distributable reserves130/1 | - | - | - | €0.002m | €0.002m | €0.002m | €0.002m | = |
| Reserves not available under the articles1311 | - | - | - | €0.002m | €0.002m | €0.002m | €0.002m | = |
| Distributable reserves133 | - | - | - | €0.007m | €0.02m | €0.03m | €0.06m | ▲ 75.9% |
| Profit (loss) carried forward14 | €0.1m | €0.03m | €0.05m | €0.05m | €0.05m | €0.05m | €0.05m | = |
| Amounts payable17/49 | €1.4m | €1.3m | €1.3m | €1.3m | €1.3m | €1.4m | €1.4m | ▲ 0.6% |
| Amounts payable after more than one year17 | €1.4m | €1.3m | €1.2m | €1.2m | €1.1m | €1.1m | €1.1m | ▼ 3.2% |
| Financial debts170/4 | - | - | - | €1.2m | €1.1m | €1.1m | €1.1m | ▼ 3.2% |
| Amounts payable within one year42/48 | €0.009m | €0.06m | €0.1m | €0.1m | €0.2m | €0.3m | €0.3m | ▲ 15.6% |
| Current portion of amounts payable after more than one year42 | - | - | - | €0.03m | €0.03m | €0.03m | €0.04m | ▲ 4.4% |
| Financial debts43 | - | - | - | - | - | €19 | - | - |
| Credit institutions430/8 | - | - | - | - | - | €19 | - | - |
| Trade debts44 | €0.001m | €0.01m | €0.03m | €0.03m | €0.03m | €0.04m | €0.04m | ▲ 0.2% |
| Suppliers440/4 | - | - | - | €0.03m | €0.03m | €0.04m | €0.04m | ▲ 0.2% |
| Taxes, remuneration and social security45 | - | - | - | €0.03m | €0.05m | €0.06m | €0.08m | ▲ 26.4% |
| Taxes450/3 | - | - | - | €0.009m | €0.01m | €0.007m | €0.01m | ▲ 43.3% |
| Remuneration and social security454/9 | - | - | - | €0.02m | €0.04m | €0.05m | €0.06m | ▲ 24.1% |
| Other amounts payable47/48 | - | - | - | €0.03m | €0.05m | €0.2m | €0.2m | ▲ 18.3% |
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | -€24,895 | -€85,671 | €22,788 | €7,473 | €13,663 | €10,629 | €24,116 | ▲ 127% |
| + Depreciation and write-downs630 | €2,164 | €1,914 | €1,914 | €267 | €522 | €522 | €254 | ▼ 51.2% |
| Operating cash flow (approximation) | -€22,730 | -€83,757 | €24,702 | €7,740 | €14,184 | €11,150 | €24,371 | ▲ 119% |
| Investment in fixed assets (approximation) | - | -€97,510 | €0 | -€1,565 | €22,313 | €0 | €0 | - |
| Change in cash | - | -€285,781 | -€10,038 | -€8,194 | -€2,308 | -€804 | €32,460 | - |
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 15 filings with the National Bank
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-07-2025 | micro format | 26-02-2026 | 2026-00044858 | |
| 31-07-2024 | micro format | 28-02-2025 | 2025-00040702 | |
| 31-07-2023 | micro format | 28-02-2024 | 2024-00038814 | |
| 31-07-2022 | micro format | 27-02-2023 | 2023-00031473 | |
| 31-07-2021 | micro format | 28-02-2022 | 2022-07000216 | |
| 31-07-2020 | micro format | 26-02-2021 | 2021-06500096 | |
| 31-07-2019 | micro format | 30-11-2019 | 2019-75100484 | |
| 31-07-2018 | micro format | 30-10-2018 | 2018-71000198 | |
| 31-07-2017 | micro format | 31-10-2017 | 2017-69200554 | |
| 31-07-2016 | abbreviated format | 30-11-2016 | 2016-69000015 |