Financials · financial year 2025, micro format
Annual accounts 2025 filed on 29-07-2026 at the NBB all 5 filings
Equity
€137,862▲ 12.6%
2024 · €122,471
Net result
€15,391
2024 · -€39,918
Total assets
€318,799▼ 3.4%
2024 · €329,982
Solvency
43.2%▲ 6.1pp
2024 · 37.1%
Multi-year overview
2021 to 2025, 5 financial yearsOperating result
€17,687
▼ 51.1%
2025
20212025
Net result
€15,391
2025
middle half of the sector
20212025
Equity
€137,862
▲ 12.6%
2025
middle half of the sector
20212025
Total assets
€318,799
▼ 3.4%
2025
middle half of the sector
20212025
Debt
€180,937
▼ 12.8%
2025
20212025
Working capital
-€51,798
▲ 24.3%
2025
lowest quarter of the sector
20212025
Solvency
43.2%
▲ 6.1pp
2025
middle half of the sector
20212025
Current ratio
0.13
▼ 0.09
2025
lowest quarter of the sector
20212025
Return on assets (ROA)
4.8%
▲ 16.9pp
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€55,801-€59,556▲ 6.7%€56,810▼ 4.6%€36,205▼ 36.3%€17,687▼ 51.1%
Net result€34,479within the sector's middle half-€39,325within the sector's middle half▲ 14.1%€40,285within the sector's middle half▲ 2.4%-€39,918below the sector's middle half€15,391within the sector's middle half
Equity€82,779within the sector's middle half-€122,104within the sector's middle half▲ 47.5%€162,389below the sector's middle half▲ 33.0%€122,471within the sector's middle half▼ 24.6%€137,862within the sector's middle half▲ 12.6%
Total assets€453,582within the sector's middle half-€475,414within the sector's middle half▲ 4.8%€455,843below the sector's middle half▼ 4.1%€329,982within the sector's middle half▼ 27.6%€318,799within the sector's middle half▼ 3.4%
Debt€370,803-€353,310▼ 4.7%€293,454▼ 16.9%€207,511▼ 29.3%€180,937▼ 12.8%
Working capital-€60,793below the sector's middle half--€75,579below the sector's middle half▼ 24.3%-€90,312within the sector's middle half▼ 19.5%-€68,427below the sector's middle half▲ 24.2%-€51,798below the sector's middle half▲ 24.3%
Solvency18.2%below the sector's middle half-25.7%within the sector's middle half▲ 7.4pp35.6%within the sector's middle half▲ 9.9pp37.1%within the sector's middle half▲ 1.5pp43.2%within the sector's middle half▲ 6.1pp
Current ratio0.25below the sector's middle half-0.36below the sector's middle half▲ 0.110.20below the sector's middle half▼ 0.160.22below the sector's middle half▲ 0.020.13below the sector's middle half▼ 0.09
Return on assets (ROA)7.6%within the sector's middle half-8.3%within the sector's middle half▲ 0.7pp8.8%within the sector's middle half▲ 0.6pp-12.1%below the sector's middle half▼ 20.9pp4.8%within the sector's middle half▲ 16.9pp
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 51% lower than in 2024 and the lowest since 2021. It is the third fall in a row.
Turnover and EBIT margin are not published. The abbreviated or 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 €318,799
Fixed assets
€311,061 =
Current assets
€7,738 ▼ 59.1%
Equity and liabilities €318,799
Equity
€137,862 ▲ 12.6%
Debt
€180,937 ▼ 12.8%
Debt's share of the balance-sheet total falls from 62.9% to 56.8%. Equity is higher and debt is lower.
Key figures and ratios
ROE
11.2%▲
2024 · -32.6%
Debt ≤ 1 year
€59,536▼
2024 · €87,348
Debt > 1 year
€117,590▲
2024 · €116,349
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 |
|---|---|---|---|---|---|
| Financial fixed assets | €433,067 | - | - | - | - |
Source: notes to the 2021 to 2025 annual accounts (statement of fixed assets)
Annual accounts
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Other operating charges640/8 | €348 | €348 | €384 | €387 | €400 | ▲ 3.2% |
| Gross operating margin9900 | €56,148 | €59,904 | €57,194 | €36,592 | €18,087 | ▼ 50.6% |
| Operating profit (loss)9901 | €55,801 | €59,556 | €56,810 | €36,205 | €17,687 | ▼ 51.1% |
| Financial charges65/66B | €5,232 | €5,484 | €4,578 | €76,123 | €2,296 | ▼ 97.0% |
| Recurring financial charges65 | €5,232 | €5,484 | €4,578 | €76,123 | €2,296 | ▼ 97.0% |
| Profit (loss) for the period before taxes9903 | €50,569 | €54,072 | €52,232 | -€39,918 | €15,391 | - |
| Income taxes67/77 | €16,090 | €14,747 | €11,946 | €0 | - | - |
| Profit (loss) for the period9904 | €34,479 | €39,325 | €40,285 | -€39,918 | €15,391 | - |
| Profit (loss) for the period to be appropriated9905 | €34,479 | €39,325 | €40,285 | -€39,918 | €15,391 | - |
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Assets | ||||||
| Total assets20/58 | €453,582 | €475,414 | €455,843 | €329,982 | €318,799 | ▼ 3.4% |
| Fixed assets21/28 | €433,067 | €433,067 | €433,067 | €311,061 | €311,061 | = |
| Financial fixed assets28 | €433,067 | €433,067 | €433,067 | €311,061 | €311,061 | = |
| Current assets29/58 | €20,515 | €42,347 | €22,776 | €18,921 | €7,738 | ▼ 59.1% |
| Cash at bank and in hand54/58 | €20,515 | €42,347 | €22,776 | €18,921 | €7,738 | ▼ 59.1% |
| Equity and liabilities | ||||||
| Total equity and liabilities10/49 | €453,582 | €475,414 | €455,843 | €329,982 | €318,799 | ▼ 3.4% |
| Equity10/15 | €82,779 | €122,104 | €162,389 | €122,471 | €137,862 | ▲ 12.6% |
| Contributions10/11 | €48,300 | €48,300 | €48,300 | €48,300 | €48,300 | = |
| Reserves13 | €34,479 | €73,804 | €114,089 | €114,089 | €114,089 | = |
| Distributable reserves133 | €34,479 | €73,804 | €114,089 | €114,089 | €114,089 | = |
| Profit (loss) carried forward14 | - | - | - | -€39,918 | -€24,527 | ▲ 38.6% |
| Amounts payable17/49 | €370,803 | €353,310 | €293,454 | €207,511 | €180,937 | ▼ 12.8% |
| Amounts payable after more than one year17 | €289,496 | €235,384 | €180,366 | €116,349 | €117,590 | ▲ 1.1% |
| Financial debts170/4 | €289,496 | €235,384 | €180,366 | €93,489 | €49,018 | ▼ 47.6% |
| Other amounts payable178/9 | - | - | - | €22,860 | €68,572 | ▲ 200% |
| Amounts payable within one year42/48 | €81,307 | €117,927 | €113,087 | €87,348 | €59,536 | ▼ 31.8% |
| Current portion of amounts payable after more than one year42 | €53,222 | €54,112 | €55,017 | €43,740 | €44,472 | ▲ 1.7% |
| Trade debts44 | €10,890 | €26,731 | €24,756 | €26,620 | €14,520 | ▼ 45.5% |
| Suppliers440/4 | €10,890 | €26,731 | €24,756 | €26,620 | €14,520 | ▼ 45.5% |
| Taxes, remuneration and social security45 | €17,195 | €37,084 | €33,314 | €16,988 | €545 | ▼ 96.8% |
| Taxes450/3 | €17,195 | €37,084 | €33,314 | €16,988 | €545 | ▼ 96.8% |
| Accrued charges and deferred income492/3 | - | - | - | €3,814 | €3,812 | ▼ 0.1% |
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €34,479 | €39,325 | €40,285 | -€39,918 | €15,391 | - |
| Operating cash flow (approximation) | €34,479 | €39,325 | €40,285 | -€39,918 | €15,391 | - |
| Investment in fixed assets (approximation) | - | €0 | €0 | €122,006 | €0 | ▼ 100% |
| Change in cash | - | €21,833 | -€19,572 | -€3,855 | -€11,183 | ▼ 190% |
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 | 29-07-2026 | 2026-00349067 | |
| 31-12-2024 | micro format | 29-08-2025 | 2025-00446829 | |
| 31-12-2023 | abbreviated format | 31-10-2024 | 2024-00524731 | |
| 31-12-2022 | micro format | 20-06-2023 | 2023-00139818 | |
| 31-12-2021 | micro format | 31-08-2022 | 2022-20388519 |