Financials · financial year 2025, micro format
Annual accounts 2025 filed on 29-06-2026 at the NBB all 12 filings
Equity
€321,578▲ 2.2%
2024 · €314,716
Net result
€33,520▼ 6.2%
2024 · €35,751
Total assets
€366,453▲ 9.4%
2024 · €334,957
Solvency
87.8%▼ 6.2pp
2024 · 94.0%
Multi-year overview
2018 to 2025, 8 financial yearsOperating result
€50,629
▼ 6.0%
2025
20182025
Net result
€33,520
▼ 6.2%
2025
middle half of the sector
20182025
Equity
€321,578
▲ 2.2%
2025
middle half of the sector
20182025
Total assets
€366,453
▲ 9.4%
2025
middle half of the sector
20182025
Debt
€44,875
▲ 122%
2025
20182025
Working capital
€312,999
▲ 2.2%
2025
highest quarter of the sector
20182025
Solvency
87.8%
▼ 6.2pp
2025
highest quarter of the sector
20182025
Current ratio
8.09
▼ 8.40
2025
highest quarter of the sector
20182025
Return on assets (ROA)
9.1%
▼ 1.5pp
2025
middle half of the sector
20182025
Every figure per financial year
Every figure with its change against the financial year before
favourable
unfavourable
Line20182019202020212022202320242025
Operating result€23,455-€83,126▲ 254%€79,350▼ 4.5%€69,704▼ 12.2%€65,535▼ 6.0%€50,932▼ 22.3%€53,853▲ 5.7%€50,629▼ 6.0%
Net result€16,194-€59,408▲ 267%€56,827within the sector's middle half▼ 4.3%€49,068within the sector's middle half▼ 13.7%€45,789within the sector's middle half▼ 6.7%€35,017within the sector's middle half▼ 23.5%€35,751within the sector's middle half▲ 2.1%€33,520within the sector's middle half▼ 6.2%
Equity€103,165-€162,573▲ 57.6%€199,965within the sector's middle half▲ 23.0%€249,034within the sector's middle half▲ 24.5%€294,822within the sector's middle half▲ 18.4%€329,839within the sector's middle half▲ 11.9%€314,716within the sector's middle half▼ 4.6%€321,578within the sector's middle half▲ 2.2%
Total assets€119,086-€180,350▲ 51.4%€247,798within the sector's middle half▲ 37.4%€281,191within the sector's middle half▲ 13.5%€312,154within the sector's middle half▲ 11.0%€342,316within the sector's middle half▲ 9.7%€334,957within the sector's middle half▼ 2.1%€366,453within the sector's middle half▲ 9.4%
Debt€15,920-€17,777▲ 11.7%€47,832▲ 169%€32,157▼ 32.8%€17,332▼ 46.1%€12,478▼ 28.0%€20,241▲ 62.2%€44,875▲ 122%
Working capital€102,383-€155,541▲ 51.9%€193,024above the sector's middle half▲ 24.1%€240,704above the sector's middle half▲ 24.7%€281,615above the sector's middle half▲ 17.0%€319,278above the sector's middle half▲ 13.4%€306,253above the sector's middle half▼ 4.1%€312,999above the sector's middle half▲ 2.2%
Solvency86.6%-90.1%▲ 3.5pp80.7%above the sector's middle half▼ 9.4pp88.6%above the sector's middle half▲ 7.9pp94.4%above the sector's middle half▲ 5.9pp96.4%above the sector's middle half▲ 1.9pp94.0%above the sector's middle half▼ 2.4pp87.8%above the sector's middle half▼ 6.2pp
Current ratio7.76-9.76▲ 2.005.04above the sector's middle half▼ 4.728.57above the sector's middle half▲ 3.5317.26above the sector's middle half▲ 8.6926.62above the sector's middle half▲ 9.3616.49above the sector's middle half▼ 10.128.09above the sector's middle half▼ 8.40
Return on assets (ROA)13.6%-32.9%▲ 19.3pp22.9%above the sector's middle half▼ 10.0pp17.5%within the sector's middle half▼ 5.5pp14.7%within the sector's middle half▼ 2.8pp10.2%within the sector's middle half▼ 4.4pp10.7%within the sector's middle half▲ 0.4pp9.1%within the sector's middle half▼ 1.5pp
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 6% lower than in 2024 and the lowest since 2021.
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 €366,453
Fixed assets
€9,334 ▲ 4.5%
Current assets
€357,119 ▲ 9.5%
Equity and liabilities €366,453
Equity
€321,578 ▲ 2.2%
Debt
€44,875 ▲ 122%
Debt's share of the balance-sheet total rises from 6.0% to 12.2%. Equity and debt are higher.
Key figures and ratios
ROE
10.4%▼
2024 · 11.4%
Debt ≤ 1 year
€44,120▲
2024 · €19,769
Income taxes
€14,590▼
2024 · €15,693
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 | €5,592 | €8,294 | €2,055 | €1,318 | €3,424 |
| Depreciation and write-downs of the year | €3,871 | €3,748 | €4,582 | €2,957 | €3,024 |
Source: notes to the 2021 to 2025 annual accounts (statement of fixed assets)
Annual accounts
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Non-recurring operating income76A | - | - | - | - | €2,066 | €0 | - | - | - |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €9,840 | €2,978 | €2,388 | €3,871 | €3,748 | €4,582 | €2,957 | €3,024 | ▲ 2.3% |
| Other operating charges640/8 | - | - | - | €449 | €338 | €597 | €544 | €849 | ▲ 56.2% |
| Non-recurring operating charges66A | - | - | - | - | - | €119 | €0 | - | - |
| Gross operating margin9900 | €33,773 | €86,517 | €82,616 | €74,024 | €69,621 | €56,230 | €57,353 | €54,502 | ▼ 5.0% |
| Operating profit (loss)9901 | €23,455 | €83,126 | €79,350 | €69,704 | €65,535 | €50,932 | €53,853 | €50,629 | ▼ 6.0% |
| Financial income75/76B | - | - | - | €5 | €6 | €325 | €508 | €1,670 | ▲ 229% |
| Recurring financial income75 | €9 | €0 | €32 | €5 | €6 | €325 | €508 | €1,670 | ▲ 229% |
| Financial charges65/66B | - | - | - | €611 | €630 | €285 | €2,917 | €4,189 | ▲ 43.6% |
| Recurring financial charges65 | €218 | €156 | €188 | €611 | €630 | €285 | €2,917 | €4,189 | ▲ 43.6% |
| Profit (loss) for the period before taxes9903 | €23,247 | €82,970 | €79,194 | €69,098 | €64,912 | €50,971 | €51,444 | €48,110 | ▼ 6.5% |
| Income taxes67/77 | €7,053 | €23,562 | €22,368 | €20,030 | €19,123 | €15,955 | €15,693 | €14,590 | ▼ 7.0% |
| Profit (loss) for the period9904 | €16,194 | €59,408 | €56,827 | €49,068 | €45,789 | €35,017 | €35,751 | €33,520 | ▼ 6.2% |
| Profit (loss) for the period to be appropriated9905 | €16,194 | €59,408 | €56,827 | €49,068 | €45,789 | €35,017 | €35,751 | €33,520 | ▼ 6.2% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Assets | |||||||||
| Total assets20/58 | €119,086 | €180,350 | €247,798 | €281,191 | €312,154 | €342,316 | €334,957 | €366,453 | ▲ 9.4% |
| Fixed assets21/28 | €1,554 | €7,044 | €6,952 | €8,673 | €13,219 | €10,574 | €8,935 | €9,334 | ▲ 4.5% |
| Tangible fixed assets22/27 | €1,554 | €7,044 | €6,952 | €8,673 | €13,219 | €10,574 | €8,935 | €9,334 | ▲ 4.5% |
| Plant, machinery and equipment23 | - | - | - | €70 | - | - | - | - | - |
| Furniture and vehicles24 | - | - | - | €8,603 | €10,349 | €7,704 | €6,065 | €6,465 | ▲ 6.6% |
| Other tangible fixed assets26 | - | - | - | - | €2,870 | €2,870 | €2,870 | €2,870 | = |
| Current assets29/58 | €117,532 | €173,306 | €240,845 | €272,518 | €298,935 | €331,743 | €326,023 | €357,119 | ▲ 9.5% |
| Amounts receivable within one year40/41 | €1,411 | €1,207 | €2,248 | - | €868 | €1,142 | €2,600 | €2,218 | ▼ 14.7% |
| Other amounts receivable41 | - | - | - | - | €868 | €1,142 | €2,600 | €2,218 | ▼ 14.7% |
| Current investments50/53 | - | - | - | - | - | - | - | €251,211 | - |
| Cash at bank and in hand54/58 | €112,534 | €168,396 | €234,893 | €268,699 | €294,766 | €326,136 | €317,817 | €97,814 | ▼ 69.2% |
| Deferred charges and accrued income490/1 | - | - | - | €3,819 | €3,301 | €4,464 | €5,606 | €5,875 | ▲ 4.8% |
| Equity and liabilities | |||||||||
| Total equity and liabilities10/49 | €119,086 | €180,350 | €247,798 | €281,191 | €312,154 | €342,316 | €334,957 | €366,453 | ▲ 9.4% |
| Equity10/15 | €103,165 | €162,573 | €199,965 | €249,034 | €294,822 | €329,839 | €314,716 | €321,578 | ▲ 2.2% |
| Contributions10/11 | €6,200 | €6,200 | - | €6,200 | €6,200 | €6,200 | €6,200 | €6,200 | = |
| Reserves13 | €96,965 | €156,373 | €193,765 | €242,834 | €288,622 | €323,639 | €308,516 | €315,378 | ▲ 2.2% |
| Non-distributable reserves130/1 | - | - | - | €1,860 | €1,860 | €0 | - | - | - |
| Reserves not available under the articles1311 | - | - | - | €1,860 | €1,860 | €0 | - | - | - |
| Distributable reserves133 | - | - | - | €240,974 | €286,762 | €323,639 | €308,516 | €315,378 | ▲ 2.2% |
| Profit (loss) carried forward14 | - | - | - | - | - | - | €0 | €0 | - |
| Amounts payable17/49 | €15,920 | €17,777 | €47,832 | €32,157 | €17,332 | €12,478 | €20,241 | €44,875 | ▲ 122% |
| Amounts payable within one year42/48 | €15,149 | €17,766 | €47,821 | €31,814 | €17,320 | €12,464 | €19,769 | €44,120 | ▲ 123% |
| Trade debts44 | €4,466 | €5,210 | €2,762 | €1,498 | €3,025 | €4,753 | €7,190 | €2,263 | ▼ 68.5% |
| Suppliers440/4 | - | - | - | €1,498 | €3,025 | €4,753 | €7,190 | €2,263 | ▼ 68.5% |
| Taxes, remuneration and social security45 | - | - | - | €19,983 | €10,987 | €3,995 | €4,870 | €6,666 | ▲ 36.9% |
| Taxes450/3 | - | - | - | €16,274 | €10,987 | €3,995 | €1,160 | €6,666 | ▲ 475% |
| Remuneration and social security454/9 | - | - | - | €3,709 | - | - | €3,710 | €0 | ▼ 100% |
| Other amounts payable47/48 | - | - | - | €10,332 | €3,308 | €3,717 | €7,709 | €35,191 | ▲ 356% |
| Accrued charges and deferred income492/3 | - | - | - | €343 | €12 | €13 | €471 | €755 | ▲ 60.1% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €16,194 | €59,408 | €56,827 | €49,068 | €45,789 | €35,017 | €35,751 | €33,520 | ▼ 6.2% |
| + Depreciation and write-downs630 | €9,840 | €2,978 | €2,388 | €3,871 | €3,748 | €4,582 | €2,957 | €3,024 | ▲ 2.3% |
| Operating cash flow (approximation) | €26,035 | €62,385 | €59,215 | €52,939 | €49,537 | €39,599 | €38,707 | €36,544 | ▼ 5.6% |
| Investment in fixed assets (approximation) | - | -€8,467 | -€2,297 | -€5,592 | -€8,294 | -€1,936 | -€1,318 | -€3,424 | ▼ 160% |
| Change in cash | - | €55,863 | €66,497 | €33,806 | €26,067 | €31,371 | -€8,320 | -€220,003 | ▼ 2,544% |
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 12 filings with the National Bank
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-12-2025 | micro format | 29-06-2026 | 2026-00259650 | |
| 31-12-2024 | micro format | 25-06-2025 | 2025-00181710 | |
| 31-12-2023 | micro format | 02-07-2024 | 2024-00208629 | |
| 31-12-2022 | micro format | 27-06-2023 | 2023-00163091 | |
| 31-12-2021 | micro format | 21-06-2022 | 2022-20076354 | |
| 31-12-2020 | micro format | 01-07-2021 | 2021-28700408 | |
| 31-12-2019 | micro format | 24-06-2020 | 2020-20100153 | |
| 31-12-2018 | micro format | 12-07-2019 | 2019-32000357 | |
| 31-12-2017 | micro format | 20-06-2018 | 2018-21700195 | |
| 31-12-2016 | abbreviated format | 06-07-2017 | 2017-28300313 |