Financials · financial year 2025, micro format
Annual accounts 2025 filed on 30-06-2026 at the NBB all 5 filings
Equity
€73,532▼ 82.6%
2024 · €423,674
Net result
€49,858▼ 41.9%
2024 · €85,804
Total assets
€485,266▲ 5.7%
2024 · €459,240
Solvency
15.2%▼ 77.1pp
2024 · 92.3%
Multi-year overview
2021 to 2025, 5 financial yearsOperating result
€63,446
▼ 39.0%
2025
20212025
Net result
€49,858
▼ 41.9%
2025
middle half of the sector
20212025
Equity
€73,532
▼ 82.6%
2025
middle half of the sector
20212025
Total assets
€485,266
▲ 5.7%
2025
middle half of the sector
20212025
Debt
€411,734
▲ 12×
2025
20212025
Working capital
-€41,896
2025
lowest quarter of the sector
20212025
Solvency
15.2%
▼ 77.1pp
2025
lowest quarter of the sector
20212025
Current ratio
0.90
▼ 7.74
2025
middle half of the sector
20212025
Return on assets (ROA)
10.3%
▼ 8.4pp
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€187,400-€124,290▼ 33.7%€113,028▼ 9.1%€103,993▼ 8.0%€63,446▼ 39.0%
Net result€145,315above the sector's middle half-€97,677above the sector's middle half▼ 32.8%€92,377above the sector's middle half▼ 5.4%€85,804above the sector's middle half▼ 7.1%€49,858within the sector's middle half▼ 41.9%
Equity€147,815within the sector's middle half-€245,493within the sector's middle half▲ 66.1%€337,870within the sector's middle half▲ 37.6%€423,674above the sector's middle half▲ 25.4%€73,532within the sector's middle half▼ 82.6%
Total assets€215,774within the sector's middle half-€323,008within the sector's middle half▲ 49.7%€399,496within the sector's middle half▲ 23.7%€459,240within the sector's middle half▲ 15.0%€485,266within the sector's middle half▲ 5.7%
Debt€67,959-€77,516▲ 14.1%€61,627▼ 20.5%€35,567▼ 42.3%€411,734▲ 12×
Working capital€143,405above the sector's middle half-€193,890above the sector's middle half▲ 35.2%€230,564above the sector's middle half▲ 18.9%€271,807above the sector's middle half▲ 17.9%-€41,896below the sector's middle half
Solvency68.5%within the sector's middle half-76.0%within the sector's middle half▲ 7.5pp84.6%above the sector's middle half▲ 8.6pp92.3%above the sector's middle half▲ 7.7pp15.2%below the sector's middle half▼ 77.1pp
Current ratio3.11within the sector's middle half-3.50within the sector's middle half▲ 0.394.74above the sector's middle half▲ 1.248.64above the sector's middle half▲ 3.900.90within the sector's middle half▼ 7.74
Return on assets (ROA)67.3%above the sector's middle half-30.2%above the sector's middle half▼ 37.1pp23.1%within the sector's middle half▼ 7.1pp18.7%within the sector's middle half▼ 4.4pp10.3%within the sector's middle half▼ 8.4pp
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 39% lower than in 2024 and the lowest since 2021. It is the fourth 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 €485,266
Fixed assets
€115,428 ▼ 24.0%
Current assets
€369,837 ▲ 20.3%
Equity and liabilities €485,266
Equity
€73,532 ▼ 82.6%
Debt
€411,734 ▲ 12×
Debt's share of the balance-sheet total rises from 7.7% to 84.8%. Equity is lower and debt is higher.
Key figures and ratios
ROE
67.8%▲
2024 · 20.3%
Debt ≤ 1 year
€411,734▲
2024 · €35,567
Income taxes
€17,857▼
2024 · €23,442
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 | €5,219 | €52,347 | €119,063 | €74,973 | - |
| Depreciation and write-downs of the year | €809 | €5,153 | €17,150 | €30,411 | €36,439 |
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 | €809 | €5,153 | €17,150 | €30,411 | €36,439 | ▲ 19.8% |
| Other operating charges640/8 | €807 | €410 | €1,082 | €547 | €1,393 | ▲ 155% |
| Non-recurring operating charges66A | - | - | €10,011 | €0 | - | - |
| Gross operating margin9900 | €189,016 | €129,853 | €141,271 | €134,952 | €101,279 | ▼ 25.0% |
| Operating profit (loss)9901 | €187,400 | €124,290 | €113,028 | €103,993 | €63,446 | ▼ 39.0% |
| Financial income75/76B | - | - | €4,559 | €5,389 | €4,467 | ▼ 17.1% |
| Recurring financial income75 | - | - | €4,559 | €5,389 | €4,467 | ▼ 17.1% |
| Financial charges65/66B | - | €90 | €125 | €135 | €198 | ▲ 46.5% |
| Recurring financial charges65 | - | €90 | €125 | €135 | €198 | ▲ 46.5% |
| Profit (loss) for the period before taxes9903 | €187,400 | €124,200 | €117,462 | €109,247 | €67,715 | ▼ 38.0% |
| Income taxes67/77 | €42,084 | €26,522 | €25,085 | €23,442 | €17,857 | ▼ 23.8% |
| Profit (loss) for the period9904 | €145,315 | €97,677 | €92,377 | €85,804 | €49,858 | ▼ 41.9% |
| Profit (loss) for the period to be appropriated9905 | €145,315 | €97,677 | €92,377 | €85,804 | €49,858 | ▼ 41.9% |
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Assets | ||||||
| Total assets20/58 | €215,774 | €323,008 | €399,496 | €459,240 | €485,266 | ▲ 5.7% |
| Fixed assets21/28 | €4,410 | €51,603 | €107,306 | €151,867 | €115,428 | ▼ 24.0% |
| Tangible fixed assets22/27 | €4,410 | €51,603 | €107,306 | €151,867 | €115,428 | ▼ 24.0% |
| Plant, machinery and equipment23 | - | - | - | €6,066 | €4,834 | ▼ 20.3% |
| Furniture and vehicles24 | €4,410 | €7,496 | €68,015 | €111,327 | €80,935 | ▼ 27.3% |
| Other tangible fixed assets26 | - | €44,107 | €39,291 | €34,475 | €29,659 | ▼ 14.0% |
| Current assets29/58 | €211,365 | €271,405 | €292,190 | €307,373 | €369,837 | ▲ 20.3% |
| Amounts receivable within one year40/41 | €17,141 | €67,742 | €17,141 | €34,282 | €26,620 | ▼ 22.3% |
| Trade receivables40 | €17,141 | €67,742 | €17,141 | €34,282 | €26,620 | ▼ 22.3% |
| Current investments50/53 | - | - | €175,000 | €175,000 | €200,000 | ▲ 14.3% |
| Cash at bank and in hand54/58 | €194,224 | €203,663 | €96,859 | €97,870 | €141,374 | ▲ 44.5% |
| Deferred charges and accrued income490/1 | - | - | €3,191 | €221 | €1,843 | ▲ 733% |
| Equity and liabilities | ||||||
| Total equity and liabilities10/49 | €215,774 | €323,008 | €399,496 | €459,240 | €485,266 | ▲ 5.7% |
| Equity10/15 | €147,815 | €245,493 | €337,870 | €423,674 | €73,532 | ▼ 82.6% |
| Contributions10/11 | €2,500 | €2,500 | €2,500 | €2,500 | €2,500 | = |
| Profit (loss) carried forward14 | €145,315 | €242,993 | €335,370 | €421,174 | €71,032 | ▼ 83.1% |
| Amounts payable17/49 | €67,959 | €77,516 | €61,627 | €35,567 | €411,734 | ▲ 12× |
| Amounts payable within one year42/48 | €67,959 | €77,516 | €61,627 | €35,567 | €411,734 | ▲ 12× |
| Trade debts44 | €725 | €467 | €1,344 | €1,909 | €841 | ▼ 56.0% |
| Suppliers440/4 | €725 | €467 | €1,344 | €1,909 | €841 | ▼ 56.0% |
| Taxes, remuneration and social security45 | €51,198 | €76,679 | €59,294 | €30,187 | €9,948 | ▼ 67.0% |
| Taxes450/3 | €51,198 | €76,679 | €59,294 | €30,187 | €9,948 | ▼ 67.0% |
| Other amounts payable47/48 | €16,036 | €369 | €988 | €3,470 | €400,945 | ▲ 116× |
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €145,315 | €97,677 | €92,377 | €85,804 | €49,858 | ▼ 41.9% |
| + Depreciation and write-downs630 | €809 | €5,153 | €17,150 | €30,411 | €36,439 | ▲ 19.8% |
| Operating cash flow (approximation) | €146,124 | €102,831 | €109,527 | €116,216 | €86,297 | ▼ 25.7% |
| Investment in fixed assets (approximation) | - | -€52,347 | -€72,853 | -€74,973 | €0 | - |
| Change in cash | - | €9,439 | -€106,805 | €1,011 | €43,504 | ▲ 43× |
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 | 30-06-2026 | 2026-00225926 | |
| 31-12-2024 | micro format | 01-07-2025 | 2025-00208751 | |
| 31-12-2023 | micro format | 04-07-2024 | 2024-00213687 | |
| 31-12-2022 | micro format | 28-07-2023 | 2023-00298681 | |
| 31-12-2021 | micro format | 14-07-2022 | 2022-20192283 |