Financials · financial year 2025, micro format
Annual accounts 2025 filed on 08-05-2026 PDF all 19 filings
Equity
€601,202▲ 8.9%
2024 · €552,253
Net result
€244,333▲ 175%
2024 · €88,982
Total assets
€654,964▼ 7.5%
2024 · €708,246
Solvency
91.8%▲ 13.8pp
2024 · 78.0%
Multi-year overview
2018 to 2025, 8 financial yearsOperating result
€349,977
▲ 190%
2025
20182025
Net result
€244,333
▲ 175%
2025
highest quarter of the sector
20182025
Equity
€601,202
▲ 8.9%
2025
highest quarter of the sector
20182025
Total assets
€654,964
▼ 7.5%
2025
middle half of the sector
20182025
Debt
€53,762
▼ 56.9%
2025
20182025
Working capital
€520,903
▲ 2.7%
2025
highest quarter of the sector
20182025
Solvency
91.8%
▲ 13.8pp
2025
highest quarter of the sector
20182025
Current ratio
10.69
▲ 5.63
2025
highest quarter of the sector
20182025
Return on assets (ROA)
37.3%
▲ 24.7pp
2025
highest 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€120,152-€146,713▲ 22.1%€120,655▼ 17.8%€155,431▲ 28.8%€128,325▼ 17.4%€240,568▲ 87.5%€120,619▼ 49.9%€349,977▲ 190%
Net result€81,549-€98,660▲ 21.0%€86,158above the sector's middle half▼ 12.7%€109,226above the sector's middle half▲ 26.8%€88,887above the sector's middle half▼ 18.6%€166,859above the sector's middle half▲ 87.7%€88,982above the sector's middle half▼ 46.7%€244,333above the sector's middle half▲ 175%
Equity€314,264-€412,924▲ 31.4%€464,536above the sector's middle half▲ 12.5%€518,998above the sector's middle half▲ 11.7%€546,203above the sector's middle half▲ 5.2%€643,480above the sector's middle half▲ 17.8%€552,253above the sector's middle half▼ 14.2%€601,202above the sector's middle half▲ 8.9%
Total assets€339,678-€450,022▲ 32.5%€499,769within the sector's middle half▲ 11.1%€583,056within the sector's middle half▲ 16.7%€625,746within the sector's middle half▲ 7.3%€719,526within the sector's middle half▲ 15.0%€708,246within the sector's middle half▼ 1.6%€654,964within the sector's middle half▼ 7.5%
Debt€25,414-€37,098▲ 46.0%€35,233▼ 5.0%€36,338▲ 3.1%€20,639▼ 43.2%€44,861▲ 117%€124,808▲ 178%€53,762▼ 56.9%
Working capital€309,899-€392,221▲ 26.6%€451,209above the sector's middle half▲ 15.0%€547,204above the sector's middle half▲ 21.3%€599,640above the sector's middle half▲ 9.6%€598,082above the sector's middle half▼ 0.3%€507,218above the sector's middle half▼ 15.2%€520,903above the sector's middle half▲ 2.7%
Solvency92.5%-91.8%▼ 0.8pp93.0%above the sector's middle half▲ 1.2pp89.0%above the sector's middle half▼ 3.9pp87.3%above the sector's middle half▼ 1.7pp89.4%above the sector's middle half▲ 2.1pp78.0%within the sector's middle half▼ 11.5pp91.8%above the sector's middle half▲ 13.8pp
Current ratio13.19-11.92▼ 1.2815.03above the sector's middle half▲ 3.1222.96above the sector's middle half▲ 7.9330.05above the sector's middle half▲ 7.0914.33above the sector's middle half▼ 15.725.06above the sector's middle half▼ 9.2710.69above the sector's middle half▲ 5.63
Return on assets (ROA)24.0%-21.9%▼ 2.1pp17.2%within the sector's middle half▼ 4.7pp18.7%within the sector's middle half▲ 1.5pp14.2%within the sector's middle half▼ 4.5pp23.2%within the sector's middle half▲ 9.0pp12.6%within the sector's middle half▼ 10.6pp37.3%above the sector's middle half▲ 24.7pp
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 190% higher than in 2024 and the highest since 2021. It is a recovery after the fall 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 €654,964
Fixed assets
€80,299 ▲ 5.4%
Current assets
€574,665 ▼ 9.1%
Equity and liabilities €654,964
Equity
€601,202 ▲ 8.9%
Provisions
€0 ▼ 100%
Debt
€53,762 ▼ 56.9%
Debt's share of the balance-sheet total falls from 17.6% to 8.2%. Equity is higher and debt is lower.
Key figures and ratios
ROE
40.6%▲
2024 · 16.1%
Debt ≤ 1 year
€53,762▼
2024 · €124,808
Income taxes
€114,544▲
2024 · €41,885
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 | - | - | €1,815 | - | €4,572 |
| Financial fixed assets | - | - | €75,000 | - | €0 |
| Depreciation and write-downs of the year | €5,468 | €5,468 | €5,700 | €363 | €493 |
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 |
|---|---|---|---|---|---|---|---|---|---|
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €4,365 | €5,468 | €5,468 | €5,468 | €5,468 | €5,700 | €363 | €493 | ▲ 35.8% |
| Provisions for liabilities and charges: additions (uses and reversals)635/8 | - | - | - | €27,720 | €31,185 | -€27,720 | €0 | -€31,185 | - |
| Other operating charges640/8 | - | - | - | €2,085 | €1,998 | €2,467 | €2,923 | €1,592 | ▼ 45.5% |
| Non-recurring operating charges66A | - | - | - | €446 | €509 | - | - | - | - |
| Gross operating margin9900 | €126,601 | €154,460 | €129,165 | €191,150 | €167,485 | €221,015 | €123,904 | €320,878 | ▲ 159% |
| Operating profit (loss)9901 | €120,152 | €146,713 | €120,655 | €155,431 | €128,325 | €240,568 | €120,619 | €349,977 | ▲ 190% |
| Financial income75/76B | - | - | - | €5,596 | €4,240 | €6,286 | €10,925 | €9,955 | ▼ 8.9% |
| Recurring financial income75 | - | - | €3,658 | €5,596 | €4,240 | €6,286 | €10,925 | €9,955 | ▼ 8.9% |
| Financial charges65/66B | - | - | - | €659 | €1,137 | €1,058 | €676 | €1,056 | ▲ 56.1% |
| Recurring financial charges65 | €44 | €41 | €45 | €659 | €1,137 | €1,058 | €676 | €1,056 | ▲ 56.1% |
| Profit (loss) for the period before taxes9903 | €120,108 | €146,672 | €124,268 | €160,368 | €131,428 | €245,795 | €130,867 | €358,877 | ▲ 174% |
| Income taxes67/77 | €38,559 | €48,012 | €38,110 | €51,143 | €42,541 | €78,936 | €41,885 | €114,544 | ▲ 173% |
| Profit (loss) for the period9904 | €81,549 | €98,660 | €86,158 | €109,226 | €88,887 | €166,859 | €88,982 | €244,333 | ▲ 175% |
| Profit (loss) for the period to be appropriated9905 | €81,549 | €98,660 | €86,158 | €109,226 | €88,887 | €166,859 | €88,982 | €244,333 | ▲ 175% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Assets | |||||||||
| Total assets20/58 | €339,678 | €450,022 | €499,769 | €583,056 | €625,746 | €719,526 | €708,246 | €654,964 | ▼ 7.5% |
| Fixed assets21/28 | €4,365 | €21,872 | €16,404 | €10,936 | €5,468 | €76,583 | €76,220 | €80,299 | ▲ 5.4% |
| Tangible fixed assets22/27 | €4,365 | €21,872 | €16,404 | €10,936 | €5,468 | €1,583 | €1,220 | €5,299 | ▲ 334% |
| Furniture and vehicles24 | - | - | - | €10,936 | €5,468 | €1,583 | €1,220 | €5,299 | ▲ 334% |
| Financial fixed assets28 | - | - | - | - | - | €75,000 | €75,000 | €75,000 | = |
| Current assets29/58 | €335,313 | €428,150 | €483,365 | €572,120 | €620,278 | €642,942 | €632,025 | €574,665 | ▼ 9.1% |
| Amounts receivable after more than one year29 | - | - | - | €235,000 | €189,000 | €122,897 | €45,425 | €0 | ▼ 100% |
| Other amounts receivable291 | - | - | - | €235,000 | €189,000 | €122,897 | €45,425 | €0 | ▼ 100% |
| Amounts receivable within one year40/41 | €23,049 | €24,095 | €27,355 | €37,500 | €22,144 | €113,571 | €88,854 | €94,667 | ▲ 6.5% |
| Trade receivables40 | - | - | - | €26,720 | - | €97,574 | €33,031 | €35,420 | ▲ 7.2% |
| Other amounts receivable41 | - | - | - | €10,780 | €22,144 | €15,997 | €55,823 | €59,247 | ▲ 6.1% |
| Current investments50/53 | - | €17,669 | €35,290 | €89,800 | €233,193 | €279,843 | €377,143 | €265,336 | ▼ 29.6% |
| Cash at bank and in hand54/58 | €312,264 | €386,386 | €140,721 | €209,820 | €151,967 | €126,632 | €120,603 | €214,663 | ▲ 78.0% |
| Deferred charges and accrued income490/1 | - | - | - | - | €23,973 | €0 | - | - | - |
| Equity and liabilities | |||||||||
| Total equity and liabilities10/49 | €339,678 | €450,022 | €499,769 | €583,056 | €625,746 | €719,526 | €708,246 | €654,964 | ▼ 7.5% |
| Equity10/15 | €314,264 | €412,924 | €464,536 | €518,998 | €546,203 | €643,480 | €552,253 | €601,202 | ▲ 8.9% |
| Contributions10/11 | €6,200 | €6,200 | - | €6,200 | €8,060 | €8,060 | €6,200 | €6,200 | = |
| Reserves13 | €308,064 | €406,724 | €458,336 | €512,798 | €538,143 | €635,420 | €546,053 | €595,002 | ▲ 9.0% |
| Non-distributable reserves130/1 | - | - | - | €1,860 | - | - | - | - | - |
| Reserves not available under the articles1311 | - | - | - | €1,860 | - | - | - | - | - |
| Distributable reserves133 | - | - | - | €510,938 | €538,143 | €635,420 | €546,053 | €595,002 | ▲ 9.0% |
| Profit (loss) carried forward14 | - | - | - | - | - | €0 | €0 | €0 | - |
| Provisions and deferred taxes16 | - | - | - | €27,720 | €58,905 | €31,185 | €31,185 | €0 | ▼ 100% |
| Provisions for liabilities and charges160/5 | - | - | - | €27,720 | €58,905 | €31,185 | €31,185 | €0 | ▼ 100% |
| Environmental obligations163 | - | - | - | €27,720 | €58,905 | - | - | - | - |
| Other liabilities and charges164/5 | - | - | - | - | - | €31,185 | €31,185 | €0 | ▼ 100% |
| Amounts payable17/49 | €25,414 | €37,098 | €35,233 | €36,338 | €20,639 | €44,861 | €124,808 | €53,762 | ▼ 56.9% |
| Amounts payable within one year42/48 | €25,414 | €35,929 | €32,156 | €24,916 | €20,639 | €44,861 | €124,808 | €53,762 | ▼ 56.9% |
| Trade debts44 | €2,422 | €1,495 | €2,619 | €2,010 | €5,061 | €649 | €5,501 | €5,673 | ▲ 3.1% |
| Suppliers440/4 | - | - | - | €2,010 | €5,061 | €649 | €5,501 | €5,673 | ▲ 3.1% |
| Taxes, remuneration and social security45 | - | - | - | €22,307 | €14,889 | €44,212 | €20,647 | €48,089 | ▲ 133% |
| Taxes450/3 | - | - | - | €22,307 | €14,889 | €44,212 | €20,647 | €48,089 | ▲ 133% |
| Other amounts payable47/48 | - | - | - | €599 | €689 | €0 | €98,660 | €0 | ▼ 100% |
| Accrued charges and deferred income492/3 | - | - | - | €11,422 | - | - | - | - | - |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €81,549 | €98,660 | €86,158 | €109,226 | €88,887 | €166,859 | €88,982 | €244,333 | ▲ 175% |
| + Depreciation and write-downs630 | €4,365 | €5,468 | €5,468 | €5,468 | €5,468 | €5,700 | €363 | €493 | ▲ 35.8% |
| Operating cash flow (approximation) | €85,914 | €104,128 | €91,626 | €114,694 | €94,355 | €172,559 | €89,345 | €244,826 | ▲ 174% |
| Investment in fixed assets (approximation) | - | -€22,975 | €0 | €0 | €0 | -€76,815 | €0 | -€4,572 | - |
| Change in cash | - | €74,122 | -€245,666 | €69,100 | -€57,853 | -€25,336 | -€6,028 | €94,059 | - |
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 19 filings with the National Bank
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-12-2025 | micro format | 08-05-2026 | 2026-00107184 | |
| 31-12-2024 | micro format | 19-05-2025 | 2025-00098872 | |
| 31-12-2023 | micro format | 24-06-2024 | 2024-00156145 | |
| 31-12-2022 | micro format | 05-07-2023 | 2023-00204553 | |
| 31-12-2021 | micro format | 27-06-2022 | 2022-20108713 | |
| 31-12-2020 | micro format | 08-07-2021 | 2021-32600368 | |
| 31-12-2019 | micro format | 11-08-2020 | 2020-40300379 | |
| 31-12-2018 | micro format | 12-08-2019 | 2019-45400542 | |
| 31-12-2017 | micro format | 12-07-2018 | 2018-32400139 | |
| 31-12-2016 | micro format | 19-06-2017 | 2017-18600537 |