Financials · financial year 2025, abbreviated format
Annual accounts 2025 filed on 19-03-2026 PDF all 5 filings
Equity
€40,678=
2024 · €40,678
Net result
€21,072▼ 54.4%
2024 · €46,228
Total assets
€94,560▼ 20.0%
2024 · €118,270
Solvency
43.0%▲ 8.6pp
2024 · 34.4%
Multi-year overview
2021 to 2025, 5 financial yearsOperating result
€39,530
▼ 38.4%
2025
20212025
Net result
€21,072
▼ 54.4%
2025
middle half of the sector
20212025
Equity
€40,678
=
2025
lowest quarter of the sector
20212025
Total assets
€94,560
▼ 20.0%
2025
lowest quarter of the sector
20212025
Debt
€53,883
▼ 30.6%
2025
20212025
Working capital
€33,746
▲ 4.3%
2025
middle half of the sector
20212025
Solvency
43.0%
▲ 8.6pp
2025
middle half of the sector
20212025
Current ratio
1.63
▲ 0.21
2025
middle half of the sector
20212025
Return on assets (ROA)
22.3%
▼ 16.8pp
2025
highest quarter of the sector
20212025
Every figure per financial year
Every figure with its change against the financial year before
favourable
unfavourable
Line20212022202320242025
Operating result€31,534-€19,219▼ 39.1%€79,335▲ 313%€64,144▼ 19.1%€39,530▼ 38.4%
Net result€23,608within the sector's middle half-€12,070within the sector's middle half▼ 48.9%€57,781within the sector's middle half▲ 379%€46,228within the sector's middle half▼ 20.0%€21,072within the sector's middle half▼ 54.4%
Equity€28,608below the sector's middle half-€40,678below the sector's middle half▲ 42.2%€98,458below the sector's middle half▲ 142%€40,678below the sector's middle half▼ 58.7%€40,678below the sector's middle half=
Total assets€47,482below the sector's middle half-€68,209below the sector's middle half▲ 43.7%€125,343below the sector's middle half▲ 83.8%€118,270below the sector's middle half▼ 5.6%€94,560below the sector's middle half▼ 20.0%
Debt€18,874-€27,532▲ 45.9%€26,885▼ 2.4%€77,592▲ 189%€53,883▼ 30.6%
Working capital€24,364within the sector's middle half-€37,139within the sector's middle half▲ 52.4%€88,719within the sector's middle half▲ 139%€32,342within the sector's middle half▼ 63.5%€33,746within the sector's middle half▲ 4.3%
Solvency60.2%within the sector's middle half-59.6%within the sector's middle half▼ 0.6pp78.6%above the sector's middle half▲ 18.9pp34.4%within the sector's middle half▼ 44.2pp43.0%within the sector's middle half▲ 8.6pp
Current ratio2.29within the sector's middle half-2.35within the sector's middle half▲ 0.064.30above the sector's middle half▲ 1.951.42within the sector's middle half▼ 2.881.63within the sector's middle half▲ 0.21
Return on assets (ROA)49.7%above the sector's middle half-17.7%above the sector's middle half▼ 32.0pp46.1%above the sector's middle half▲ 28.4pp39.1%above the sector's middle half▼ 7.0pp22.3%above the sector's middle half▼ 16.8pp
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 38% lower than in 2024. It is the second fall in a row.
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 €94,560
Fixed assets
€6,932 ▼ 16.8%
Current assets
€87,628 ▼ 20.3%
Equity and liabilities €94,560
Equity
€40,678 =
Debt
€53,883 ▼ 30.6%
Debt's share of the balance-sheet total falls from 65.6% to 57.0%. Debt is lower.
Key figures and ratios
ROE
51.8%▼
2024 · 113.6%
Debt ≤ 1 year
€53,883▼
2024 · €77,592
Income taxes
€8,409▼
2024 · €14,181
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 | €4,572 | - | €6,990 | - | - |
| Depreciation and write-downs of the year | €329 | €705 | €789 | €1,404 | €1,404 |
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 | €329 | €705 | €789 | €1,404 | €1,404 | = |
| Other operating charges640/8 | €1,851 | €1,631 | €813 | €628 | €644 | ▲ 2.5% |
| Non-recurring operating charges66A | - | - | - | - | €37,327 | - |
| Gross operating margin9900 | €33,714 | €21,555 | €80,937 | €66,175 | €78,905 | ▲ 19.2% |
| Operating profit (loss)9901 | €31,534 | €19,219 | €79,335 | €64,144 | €39,530 | ▼ 38.4% |
| Financial income75/76B | - | €541 | €1,350 | €1,961 | €1,673 | ▼ 14.7% |
| Recurring financial income75 | - | €541 | €1,350 | €1,961 | €1,673 | ▼ 14.7% |
| Financial charges65/66B | €865 | €827 | €3,025 | €5,696 | €11,723 | ▲ 106% |
| Recurring financial charges65 | €865 | €827 | €3,025 | €5,696 | €11,723 | ▲ 106% |
| Profit (loss) for the period before taxes9903 | €30,670 | €18,933 | €77,659 | €60,409 | €29,480 | ▼ 51.2% |
| Income taxes67/77 | €7,062 | €6,863 | €19,878 | €14,181 | €8,409 | ▼ 40.7% |
| Profit (loss) for the period9904 | €23,608 | €12,070 | €57,781 | €46,228 | €21,072 | ▼ 54.4% |
| Profit (loss) for the period to be appropriated9905 | €23,608 | €12,070 | €57,781 | €46,228 | €21,072 | ▼ 54.4% |
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Assets | ||||||
| Total assets20/58 | €47,482 | €68,209 | €125,343 | €118,270 | €94,560 | ▼ 20.0% |
| Fixed assets21/28 | €4,244 | €3,539 | €9,740 | €8,336 | €6,932 | ▼ 16.8% |
| Tangible fixed assets22/27 | €4,244 | €3,539 | €9,740 | €8,336 | €6,932 | ▼ 16.8% |
| Furniture and vehicles24 | €2,207 | €1,711 | €8,122 | €6,928 | €5,733 | ▼ 17.2% |
| Other tangible fixed assets26 | €2,037 | €1,827 | €1,618 | €1,408 | €1,199 | ▼ 14.9% |
| Current assets29/58 | €43,238 | €64,671 | €115,604 | €109,934 | €87,628 | ▼ 20.3% |
| Amounts receivable after more than one year29 | €15,587 | - | €40,000 | €35,000 | €30,000 | ▼ 14.3% |
| Trade receivables290 | €15,587 | - | - | - | - | - |
| Other amounts receivable291 | - | - | €40,000 | €35,000 | €30,000 | ▼ 14.3% |
| Amounts receivable within one year40/41 | - | €37,041 | €38,619 | €47,283 | €35,982 | ▼ 23.9% |
| Trade receivables40 | - | €15,675 | €16,880 | €16,285 | €26,072 | ▲ 60.1% |
| Other amounts receivable41 | - | €21,366 | €21,739 | €30,998 | €9,910 | ▼ 68.0% |
| Current investments50/53 | €3,455 | €3,455 | €3,455 | €3,455 | €3,455 | = |
| Cash at bank and in hand54/58 | €3,257 | €6,417 | €5,703 | €531 | €99 | ▼ 81.4% |
| Deferred charges and accrued income490/1 | €20,939 | €17,757 | €27,827 | €23,665 | €18,092 | ▼ 23.5% |
| Equity and liabilities | ||||||
| Total equity and liabilities10/49 | €47,482 | €68,209 | €125,343 | €118,270 | €94,560 | ▼ 20.0% |
| Equity10/15 | €28,608 | €40,678 | €98,458 | €40,678 | €40,678 | = |
| Contributions10/11 | €5,000 | €5,000 | €5,000 | €5,000 | €5,000 | = |
| Reserves13 | €23,608 | €35,678 | €93,458 | €35,678 | €35,678 | = |
| Distributable reserves133 | €23,608 | €35,678 | €93,458 | €35,678 | €35,678 | = |
| Amounts payable17/49 | €18,874 | €27,532 | €26,885 | €77,592 | €53,883 | ▼ 30.6% |
| Amounts payable within one year42/48 | €18,874 | €27,532 | €26,885 | €77,592 | €53,883 | ▼ 30.6% |
| Current portion of amounts payable after more than one year42 | - | - | - | €5,075 | €7,353 | ▲ 44.9% |
| Trade debts44 | €1,721 | €13,607 | €2,628 | €37 | €5,088 | ▲ 136× |
| Suppliers440/4 | €1,721 | €13,607 | €2,628 | €37 | €5,088 | ▲ 136× |
| Taxes, remuneration and social security45 | €12,779 | €13,925 | €24,257 | €26,252 | €6,858 | ▼ 73.9% |
| Taxes450/3 | €12,779 | €13,925 | €24,257 | €26,252 | €6,858 | ▼ 73.9% |
| Other amounts payable47/48 | €4,374 | - | - | €46,228 | €34,583 | ▼ 25.2% |
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €23,608 | €12,070 | €57,781 | €46,228 | €21,072 | ▼ 54.4% |
| + Depreciation and write-downs630 | €329 | €705 | €789 | €1,404 | €1,404 | = |
| Operating cash flow (approximation) | €23,936 | €12,775 | €58,570 | €47,632 | €22,476 | ▼ 52.8% |
| Investment in fixed assets (approximation) | - | €0 | -€6,990 | €0 | €0 | - |
| Change in cash | - | €3,161 | -€714 | -€5,172 | -€433 | ▲ 91.6% |
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 | abbreviated format | 19-03-2026 | 2026-00057278 | |
| 31-12-2024 | abbreviated format | 02-07-2025 | 2025-00217661 | |
| 31-12-2023 | abbreviated format | 26-03-2024 | 2024-00049792 | |
| 31-12-2022 | abbreviated format | 14-03-2023 | 2023-00039304 | |
| 31-12-2021 | abbreviated format | 26-07-2022 | 2022-20223304 |