Financials · financial year 2025, abbreviated format
Annual accounts 2025 filed on 31-10-2025 PDF all 5 filings
Equity
€808,259▼ 3.7%
2024 · €839,524
Net result
-€31,265
2024 · €91,849
Total assets
€1.7m▼ 0.9%
2024 · €1.7m
Solvency
46.7%▼ 1.4pp
2024 · 48.1%
Multi-year overview
2021 to 2025, 5 financial yearsOperating result
€10,342
▼ 56.2%
2025
20212025
Net result
-€31,265
2025
lowest quarter of the sector
20212025
Equity
€808,259
▼ 3.7%
2025
middle half of the sector
20212025
Total assets
€1.7m
▼ 0.9%
2025
middle half of the sector
20212025
Debt
€923,273
▲ 1.8%
2025
20212025
Working capital
-€300,168
▼ 133%
2025
lowest quarter of the sector
20212025
Solvency
46.7%
▼ 1.4pp
2025
middle half of the sector
20212025
Current ratio
0.20
▼ 0.16
2025
lowest quarter of the sector
20212025
Return on assets (ROA)
-1.8%
▼ 7.1pp
2025
lowest 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€0.004m-€0.2m▲ 38×€0.2m▲ 3.8%€0.02m▼ 86.5%€0.01m▼ 56.2%
Net result€0.5mabove the sector's middle half-€0.1mwithin the sector's middle half▼ 76.1%€0.1mwithin the sector's middle half▼ 0.8%€0.09mwithin the sector's middle half▼ 14.9%-€0.03mbelow the sector's middle half
Equity€0.6mwithin the sector's middle half-€0.7mwithin the sector's middle half▲ 18.0%€0.7mwithin the sector's middle half▲ 4.6%€0.8mwithin the sector's middle half▲ 12.3%€0.8mwithin the sector's middle half▼ 3.7%
Total assets€1.7mwithin the sector's middle half-€1.8mwithin the sector's middle half▲ 6.0%€1.7mwithin the sector's middle half▼ 4.4%€1.7mwithin the sector's middle half▲ 3.3%€1.7mwithin the sector's middle half▼ 0.9%
Debt€1.1m-€1.1m▼ 0.9%€0.9m▼ 10.6%€0.9m▼ 3.9%€0.9m▲ 1.8%
Working capital-€0.1mwithin the sector's middle half--€0.09mwithin the sector's middle half▲ 35.6%-€0.2mbelow the sector's middle half▼ 117%-€0.1mwithin the sector's middle half▲ 36.0%-€0.3mbelow the sector's middle half▼ 133%
Solvency36.3%within the sector's middle half-40.4%within the sector's middle half▲ 4.1pp44.2%within the sector's middle half▲ 3.8pp48.1%within the sector's middle half▲ 3.9pp46.7%within the sector's middle half▼ 1.4pp
Current ratio0.32below the sector's middle half-0.65within the sector's middle half▲ 0.340.32below the sector's middle half▼ 0.330.36within the sector's middle half▲ 0.030.20below the sector's middle half▼ 0.16
Return on assets (ROA)27.3%above the sector's middle half-6.1%within the sector's middle half▼ 21.1pp6.4%within the sector's middle half▲ 0.2pp5.3%within the sector's middle half▼ 1.1pp-1.8%below the sector's middle half▼ 7.1pp
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 56% 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 €1.7m
Fixed assets
€1.7m ▼ 1.1%
Current assets
€74,573 ▲ 4.3%
Equity and liabilities €1.7m
Equity
€808,259 ▼ 3.7%
Debt
€923,273 ▲ 1.8%
Debt's share of the balance-sheet total rises from 51.9% to 53.3%. Equity is lower and debt is higher.
Key figures and ratios
ROE
-3.9%▼
2024 · 10.9%
Debt ≤ 1 year
€374,741▲
2024 · €200,352
Debt > 1 year
€521,908▼
2024 · €677,093
Income taxes
€756▲
2024 · €648
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 |
|---|---|---|---|---|
| Tangible fixed assets | - | €9,356 | €96,386 | €1,065 |
| Depreciation and write-downs of the year | €9,049 | €9,049 | €7,279 | €19,460 |
Source: notes to the 2022 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 | €23,006 | €9,049 | €9,049 | €7,279 | €19,460 | ▲ 167% |
| Other operating charges640/8 | - | €1,088 | €1,206 | €2,267 | €2,930 | ▲ 29.3% |
| Gross operating margin9900 | €30,354 | €178,614 | €185,201 | €33,139 | €32,732 | ▼ 1.2% |
| Operating profit (loss)9901 | €4,430 | €168,478 | €174,947 | €23,593 | €10,342 | ▼ 56.2% |
| Financial income75/76B | - | €0 | - | €100,000 | €0 | ▼ 100% |
| Recurring financial income75 | €500,004 | €0 | - | €100,000 | €0 | ▼ 100% |
| Financial charges65/66B | - | €29,569 | €27,397 | €31,096 | €40,852 | ▲ 31.4% |
| Recurring financial charges65 | €47,976 | €29,569 | €27,397 | €31,096 | €40,852 | ▲ 31.4% |
| Profit (loss) for the period before taxes9903 | €456,457 | €138,909 | €147,549 | €92,496 | -€30,510 | - |
| Income taxes67/77 | €480 | €30,135 | €39,625 | €648 | €756 | ▲ 16.7% |
| Profit (loss) for the period9904 | €455,977 | €108,774 | €107,924 | €91,849 | -€31,265 | - |
| Profit (loss) for the period to be appropriated9905 | €455,977 | €108,774 | €107,924 | €91,849 | -€31,265 | - |
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Assets | ||||||
| Total assets20/58 | €1.7m | €1.8m | €1.7m | €1.7m | €1.7m | ▼ 0.9% |
| Fixed assets21/28 | €1.6m | €1.6m | €1.6m | €1.7m | €1.7m | ▼ 1.1% |
| Tangible fixed assets22/27 | €0.02m | €0.01m | €0.01m | €0.09m | €0.07m | ▼ 20.1% |
| Plant, machinery and equipment23 | - | - | - | - | €0.001m | - |
| Furniture and vehicles24 | - | €0.01m | €0.01m | €0.09m | €0.07m | ▼ 21.1% |
| Financial fixed assets28 | €1.6m | €1.6m | €1.6m | €1.6m | €1.6m | = |
| Current assets29/58 | €0.07m | €0.2m | €0.1m | €0.07m | €0.07m | ▲ 4.3% |
| Amounts receivable within one year40/41 | €0.005m | €0.008m | €0.07m | €0.05m | €0.03m | ▼ 42.9% |
| Trade receivables40 | - | €0.008m | €0.07m | €0.02m | €0.02m | ▼ 6.0% |
| Other amounts receivable41 | - | €0 | €375 | €0.03m | €0.008m | ▼ 71.4% |
| Cash at bank and in hand54/58 | €0.06m | €0.2m | €0.02m | €0.02m | €0.03m | ▲ 100.0% |
| Deferred charges and accrued income490/1 | - | €0.005m | €0.007m | €0.004m | €0.01m | ▲ 261% |
| Equity and liabilities | ||||||
| Total equity and liabilities10/49 | €1.7m | €1.8m | €1.7m | €1.7m | €1.7m | ▼ 0.9% |
| Equity10/15 | €0.6m | €0.7m | €0.7m | €0.8m | €0.8m | ▼ 3.7% |
| Contributions10/11 | €0.2m | €0.2m | €0.2m | €0.2m | €0.2m | = |
| Capital10 | - | €0.2m | €0.2m | €0.2m | €0.2m | = |
| Issued capital100 | - | €0.2m | €0.2m | €0.2m | €0.2m | = |
| Reserves13 | €0.5m | €0.6m | €0.6m | €0.7m | €0.7m | ▼ 4.5% |
| Non-distributable reserves130/1 | - | €0.02m | €0.02m | €0.02m | €0.02m | = |
| Legal reserve130 | - | €0.02m | €0.02m | €0.02m | €0.02m | = |
| Distributable reserves133 | - | €0.5m | €0.6m | €0.7m | €0.6m | ▼ 4.6% |
| Profit (loss) carried forward14 | - | - | €0 | €0 | - | - |
| Amounts payable17/49 | €1.1m | €1.1m | €0.9m | €0.9m | €0.9m | ▲ 1.8% |
| Amounts payable after more than one year17 | €0.8m | €0.8m | €0.6m | €0.7m | €0.5m | ▼ 22.9% |
| Financial debts170/4 | - | €0.8m | €0.6m | €0.7m | €0.5m | ▼ 22.9% |
| Amounts payable within one year42/48 | €0.2m | €0.3m | €0.3m | €0.2m | €0.4m | ▲ 87.0% |
| Current portion of amounts payable after more than one year42 | - | €0.2m | €0.1m | €0.2m | €0.2m | ▲ 1.8% |
| Financial debts43 | - | - | €0.02m | €0 | - | - |
| Credit institutions430/8 | - | - | €0.02m | €0 | - | - |
| Trade debts44 | €0.001m | €0.003m | €0.004m | €0.007m | €0.003m | ▼ 55.1% |
| Suppliers440/4 | - | €0.003m | €0.004m | €0.007m | €0.003m | ▼ 55.1% |
| Taxes, remuneration and social security45 | - | €0.06m | €0.02m | €0.005m | €0.01m | ▲ 116% |
| Taxes450/3 | - | €0.06m | €0.02m | €0.002m | €0.01m | ▲ 500% |
| Remuneration and social security454/9 | - | €0.002m | €0.003m | €0.003m | €0 | ▼ 100% |
| Other amounts payable47/48 | - | €0.03m | €0.1m | €0.03m | €0.2m | ▲ 523% |
| Accrued charges and deferred income492/3 | - | €0.03m | €0.01m | €0.03m | €0.03m | ▼ 10.9% |
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €455,977 | €108,774 | €107,924 | €91,849 | -€31,265 | - |
| + Depreciation and write-downs630 | €23,006 | €9,049 | €9,049 | €7,279 | €19,460 | ▲ 167% |
| Operating cash flow (approximation) | €478,983 | €117,823 | €116,973 | €99,128 | -€11,805 | - |
| Investment in fixed assets (approximation) | - | €0 | -€9,356 | -€87,030 | -€1,065 | ▲ 98.8% |
| Change in cash | - | €105,143 | -€138,946 | -€7,355 | €15,838 | - |
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 |
|---|---|---|---|---|
| 31-03-2025 | abbreviated format | 31-10-2025 | 2025-00564333 | |
| 31-03-2024 | abbreviated format | 31-10-2024 | 2024-00532474 | |
| 31-03-2023 | abbreviated format | 31-10-2023 | 2023-00504257 | |
| 31-03-2022 | abbreviated format | 18-10-2022 | 2022-20470098 | |
| 31-03-2021 | abbreviated format | 04-11-2021 | 2021-76100021 |