MANAGING BUSINESS
Judicial reorganisationFinancials · financial year 2026, abbreviated format
Annual accounts 2026 filed on 31-08-2026 at the NBB all 33 filings
Turnover
€312,186▲ 13.3%
2025 · €275,633
EBIT margin
5.0%▼ 3.7pp
2025 · 8.8%
Net result
€5,740▼ 65.6%
2025 · €16,663
Working capital
€121,914▲ 20.8%
2025 · €100,892
Multi-year overview
2019 to 2026, 8 financial yearsTurnover
€312,186
▲ 13.3%
2026
20192026
Operating result
€15,747
▼ 34.8%
2026
20192026
Net result
€5,740
▼ 65.6%
2026
20192026
EBIT margin
5.0%
▼ 3.7pp
2026
20192026
Equity
€126,824
▲ 4.7%
2026
20192026
Total assets
€338,944
▲ 13.0%
2026
20192026
Debt
€212,120
▲ 18.6%
2026
20192026
Working capital
€121,914
▲ 20.8%
2026
20192026
Solvency
37.4%
▼ 3.0pp
2026
20192026
Current ratio
1.63
=
2026
20192026
Return on assets (ROA)
1.7%
▼ 3.9pp
2026
20192026
Staff (FTE)
no figure
2026
20192026
Every figure per financial year
Every figure with its change against the financial year before
favourable
unfavourable
Line20192020202120222023202420252026
Turnover€73,161-€139,094▲ 90.1%€157,024▲ 12.9%€135,532▼ 13.7%€186,459▲ 37.6%€275,633€312,186▲ 13.3%
Operating result€3,808-€3,523▼ 7.5%€24,013▲ 582%€24,755▲ 3.1%€22,401▼ 9.5%€28,768▲ 28.4%€24,142▼ 16.1%€15,747▼ 34.8%
Net result€1,925-€2,071▲ 7.6%€20,273within the sector's middle half▲ 879%€25,042within the sector's middle half▲ 23.5%€16,875within the sector's middle half▼ 32.6%€21,238within the sector's middle half▲ 25.9%€16,663within the sector's middle half▼ 21.5%€5,740▼ 65.6%
EBIT margin5.2%-2.5%▼ 2.7pp15.3%▲ 12.8pp18.3%▲ 3.0pp12.0%▼ 6.3pp8.8%5.0%▼ 3.7pp
Equity€18,923-€20,994▲ 10.9%€41,267below the sector's middle half▲ 96.6%€66,308within the sector's middle half▲ 60.7%€83,183within the sector's middle half▲ 25.4%€104,422within the sector's middle half▲ 25.5%€121,084within the sector's middle half▲ 16.0%€126,824▲ 4.7%
Total assets€100,402-€108,153▲ 7.7%€134,303below the sector's middle half▲ 24.2%€148,826below the sector's middle half▲ 10.8%€171,909within the sector's middle half▲ 15.5%€195,810within the sector's middle half▲ 13.9%€299,949within the sector's middle half▲ 53.2%€338,944▲ 13.0%
Debt€81,479-€87,159▲ 7.0%€93,036▲ 6.7%€82,518▼ 11.3%€88,725▲ 7.5%€91,388▲ 3.0%€178,865▲ 95.7%€212,120▲ 18.6%
Working capital€12,507-€4,534▼ 63.7%€48,701within the sector's middle half▲ 974%€31,315within the sector's middle half▼ 35.7%€59,257within the sector's middle half▲ 89.2%€90,594within the sector's middle half▲ 52.9%€100,892within the sector's middle half▲ 11.4%€121,914▲ 20.8%
Solvency18.8%-19.4%▲ 0.6pp30.7%within the sector's middle half▲ 11.3pp44.6%within the sector's middle half▲ 13.8pp48.4%within the sector's middle half▲ 3.8pp53.3%within the sector's middle half▲ 4.9pp40.4%within the sector's middle half▼ 13.0pp37.4%▼ 3.0pp
Current ratio1.19-1.05▼ 0.131.93within the sector's middle half▲ 0.881.67within the sector's middle half▼ 0.261.97within the sector's middle half▲ 0.302.29within the sector's middle half▲ 0.321.63within the sector's middle half▼ 0.661.63=
Return on assets (ROA)1.9%-1.9%=15.1%within the sector's middle half▲ 13.2pp16.8%within the sector's middle half▲ 1.7pp9.8%within the sector's middle half▼ 7.0pp10.8%within the sector's middle half▲ 1.0pp5.6%below the sector's middle half▼ 5.3pp1.7%▼ 3.9pp
Staff (FTE)0.3-
above
within
below
The sector band is the middle half of the companies in Legal and accounting activities (NACE 69). 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 2026 is 35% lower than in 2025 and the lowest since 2022. It is the second fall in a row.
Balance-sheet composition
2026 in colour, 2025 as the grey bar beneath
Assets €338,944
Fixed assets
€23,824 ▼ 39.1%
Current assets
€315,120 ▲ 20.8%
Equity and liabilities €338,944
Equity
€126,824 ▲ 4.7%
Debt
€212,120 ▲ 18.6%
Debt's share of the balance-sheet total rises from 59.6% to 62.6%. Equity and debt are higher.
Key figures and ratios
EBITDA
€31,029▼
2025 · €39,911
Cash flow
€21,022▼
2025 · €32,432
Debt to equity
1.67▲
2025 · 1.48
ROE
4.5%▼
2025 · 13.8%
Interest coverage
3.05▼
2025 · 5.25
Debt ≤ 1 year
€193,206▲
2025 · €159,952
Debt > 1 year
€18,913=
2025 · €18,913
Customer credit
298 days▲
2025 · 238 days
Supplier credit
80 days▼
2025 · 413 days
Staff costs
€289,628▲
2025 · €263,242
Green means a favourable move, even when the figure itself falls, as with debt or debt to equity.
Investments
| Item | 31-03-2022 | 31-03-2023 | 31-03-2024 | 31-03-2025 | 31-03-2026 |
|---|---|---|---|---|---|
| Intangible fixed assets | €50,000 | - | - | €20,000 | - |
| Depreciation and write-downs of the year | €10,881 | €19,415 | €16,778 | €15,770 | €15,282 |
Source: notes to the 2022 to 2026 annual accounts (statement of fixed assets)
Annual accounts
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Turnover70 | €73,161 | €139,094 | €157,024 | €135,532 | €186,459 | - | €275,633 | €312,186 | ▲ 13.3% |
| Non-recurring operating income76A | - | - | - | €4,623 | €1,613 | €1,044 | €1,631 | €64 | ▼ 96.1% |
| Goods, raw materials, services and sundry goods60/61 | - | - | - | €46,013 | €35,557 | - | €31,070 | €39,846 | ▲ 28.2% |
| Remuneration, social security and pensions62 | - | - | - | €97,840 | €145,235 | €188,134 | €263,242 | €289,628 | ▲ 10.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €2,637 | €4,356 | €8,133 | €10,881 | €19,415 | €16,778 | €15,770 | €15,282 | ▼ 3.1% |
| Other operating charges640/8 | - | - | - | €344 | €374 | €901 | €407 | €415 | ▲ 2.0% |
| Non-recurring operating charges66A | - | - | - | €502 | €2,530 | €353 | - | €873 | - |
| Gross operating margin9900 | €56,308 | €77,120 | €104,497 | €134,322 | €189,955 | €234,934 | €303,560 | €321,945 | ▲ 6.1% |
| Operating profit (loss)9901 | €3,808 | €3,523 | €24,013 | €24,755 | €22,401 | €28,768 | €24,142 | €15,747 | ▼ 34.8% |
| Financial income75/76B | - | - | - | €4,535 | €196 | €914 | €119 | €168 | ▲ 41.1% |
| Recurring financial income75 | €0 | €100 | €2,530 | €4,535 | €196 | €914 | €119 | €168 | ▲ 41.1% |
| Financial charges65/66B | - | - | - | €3,944 | €4,787 | €8,443 | €7,598 | €10,175 | ▲ 33.9% |
| Recurring financial charges65 | €1,883 | €1,551 | €5,910 | €3,944 | €4,787 | €8,443 | €7,598 | €10,175 | ▲ 33.9% |
| Profit (loss) for the period before taxes9903 | €1,925 | €2,071 | €20,633 | €25,346 | €17,810 | €21,238 | €16,663 | €5,740 | ▼ 65.6% |
| Income taxes67/77 | €0 | €0 | €360 | €304 | €935 | €0 | - | - | - |
| Profit (loss) for the period9904 | €1,925 | €2,071 | €20,273 | €25,042 | €16,875 | €21,238 | €16,663 | €5,740 | ▼ 65.6% |
| Profit (loss) for the period to be appropriated9905 | €1,925 | €2,071 | €20,273 | €25,042 | €16,875 | €21,238 | €16,663 | €5,740 | ▼ 65.6% |
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Assets | |||||||||
| Total assets20/58 | €100,402 | €108,153 | €134,303 | €148,826 | €171,909 | €195,810 | €299,949 | €338,944 | ▲ 13.0% |
| Fixed assets21/28 | €20,816 | €16,460 | €33,449 | €71,068 | €51,653 | €34,875 | €39,106 | €23,824 | ▼ 39.1% |
| Intangible fixed assets21 | €19,141 | €14,785 | €31,949 | €71,068 | €51,653 | €34,875 | €39,106 | €23,824 | ▼ 39.1% |
| Financial fixed assets28 | €1,675 | €1,675 | €1,500 | - | - | - | - | - | - |
| Current assets29/58 | €79,586 | €91,693 | €100,854 | €77,758 | €120,256 | €160,935 | €260,844 | €315,120 | ▲ 20.8% |
| Amounts receivable after more than one year29 | - | - | - | - | - | €73,085 | €71,085 | €56,055 | ▼ 21.1% |
| Other amounts receivable291 | - | - | - | - | - | €73,085 | €71,085 | €56,055 | ▼ 21.1% |
| Amounts receivable within one year40/41 | €74,000 | €62,030 | €68,255 | €71,784 | €115,800 | €84,342 | €182,510 | €256,732 | ▲ 40.7% |
| Trade receivables40 | - | - | - | €53,994 | €100,851 | €76,215 | €179,726 | €254,474 | ▲ 41.6% |
| Other amounts receivable41 | - | - | - | €17,790 | €14,949 | €8,127 | €2,784 | €2,259 | ▼ 18.9% |
| Cash at bank and in hand54/58 | €5,586 | €246 | €1,994 | €5,975 | €4,456 | €3,426 | €7,249 | €2,333 | ▼ 67.8% |
| Deferred charges and accrued income490/1 | - | - | - | - | - | €82 | - | - | - |
| Equity and liabilities | |||||||||
| Total equity and liabilities10/49 | €100,402 | €108,153 | €134,303 | €148,826 | €171,909 | €195,810 | €299,949 | €338,944 | ▲ 13.0% |
| Equity10/15 | €18,923 | €20,994 | €41,267 | €66,308 | €83,183 | €104,422 | €121,084 | €126,824 | ▲ 4.7% |
| Contributions10/11 | €18,600 | €18,600 | €18,600 | €18,600 | €18,600 | €18,600 | €18,600 | €18,600 | = |
| Capital10 | - | - | - | €18,600 | €18,600 | €18,600 | €18,600 | €18,600 | = |
| Issued capital100 | - | - | - | €18,600 | €18,600 | €18,600 | €18,600 | €18,600 | = |
| Reserves13 | €1,860 | €1,860 | €1,860 | €1,860 | €1,860 | €1,860 | €1,860 | €1,860 | = |
| Non-distributable reserves130/1 | - | - | - | €1,860 | €1,860 | €1,860 | €1,860 | €1,860 | = |
| Legal reserve130 | - | - | - | €1,860 | €1,860 | €1,860 | €1,860 | €1,860 | = |
| Profit (loss) carried forward14 | -€1,538 | €534 | €20,807 | €45,848 | €62,723 | €83,962 | €100,624 | €106,364 | ▲ 5.7% |
| Amounts payable17/49 | €81,479 | €87,159 | €93,036 | €82,518 | €88,725 | €91,388 | €178,865 | €212,120 | ▲ 18.6% |
| Amounts payable after more than one year17 | €14,400 | - | €40,883 | €36,075 | €27,727 | €21,048 | €18,913 | €18,913 | = |
| Financial debts170/4 | - | - | - | €10,380 | €4,709 | €0 | - | - | - |
| Other amounts payable178/9 | - | - | - | €25,695 | €23,019 | €21,048 | €18,913 | €18,913 | = |
| Amounts payable within one year42/48 | €67,079 | €87,159 | €52,153 | €46,443 | €60,998 | €70,340 | €159,952 | €193,206 | ▲ 20.8% |
| Current portion of amounts payable after more than one year42 | - | - | - | €3,735 | €7,803 | €6,679 | €2,446 | €935 | ▼ 61.8% |
| Financial debts43 | - | - | - | - | - | €3,510 | - | - | - |
| Credit institutions430/8 | - | - | - | - | - | €3,510 | - | - | - |
| Trade debts44 | €9,992 | €25,375 | €19,981 | €11,086 | €20,031 | €35,923 | €35,117 | €8,697 | ▼ 75.2% |
| Suppliers440/4 | - | - | - | €11,086 | €20,031 | €35,923 | €35,117 | €8,697 | ▼ 75.2% |
| Taxes, remuneration and social security45 | - | - | - | €31,621 | €33,165 | €24,228 | €122,268 | €183,574 | ▲ 50.1% |
| Taxes450/3 | - | - | - | €10,831 | €4,131 | €1,270 | €57,803 | €74,673 | ▲ 29.2% |
| Remuneration and social security454/9 | - | - | - | €20,790 | €29,034 | €22,958 | €64,466 | €108,901 | ▲ 68.9% |
| Other amounts payable47/48 | - | - | - | - | - | - | €120 | - | - |
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €1,925 | €2,071 | €20,273 | €25,042 | €16,875 | €21,238 | €16,663 | €5,740 | ▼ 65.6% |
| + Depreciation and write-downs630 | €2,637 | €4,356 | €8,133 | €10,881 | €19,415 | €16,778 | €15,770 | €15,282 | ▼ 3.1% |
| Operating cash flow (approximation) | €4,562 | €6,427 | €28,406 | €35,922 | €36,290 | €38,016 | €32,432 | €21,022 | ▼ 35.2% |
| Investment in fixed assets (approximation) | - | €0 | -€25,122 | -€48,500 | €0 | €0 | -€20,000 | €0 | - |
| Change in cash | - | -€5,339 | €1,748 | €3,980 | -€1,519 | -€1,030 | €3,823 | -€4,916 | - |
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 33 filings with the National Bank
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-03-2026 | abbreviated format | 31-08-2026 | 2026-00492978 | |
| 31-03-2025 | micro format | 05-08-2025 | 2025-00371621 | |
| 31-03-2024 | micro format | 02-10-2024 | 2024-00497342 | |
| 31-03-2023 | micro format | 31-08-2023 | 2023-00441277 | |
| 31-03-2022 | full format | 31-08-2022 | 2022-20426274 | |
| 31-03-2021 | full format | 31-08-2021 | 2021-66000213 | |
| 31-03-2020 | full format | 23-10-2020 | 2020-64400012 | |
| 31-03-2019 | full format | 30-08-2019 | 2019-62500401 | |
| 31-03-2018 | full format | 31-08-2018 | 2018-61000288 | |
| 31-03-2017 | full format | 15-12-2017 | 2017-72100503 |