Financials · financial year 2025, micro format
Annual accounts 2025 filed on 28-07-2026 at the NBB all 6 filings
Equity
€110,740=
2024 · €110,740
Net result
€65,975▲ 79.6%
2024 · €36,742
Total assets
€479,957▲ 1.4%
2024 · €473,411
Solvency
23.1%▼ 0.3pp
2024 · 23.4%
Multi-year overview
2020 to 2025, 6 financial yearsOperating result
€101,392
▲ 44.9%
2025
20202025
Net result
€65,975
▲ 79.6%
2025
middle half of the sector
20202025
Equity
€110,740
=
2025
middle half of the sector
20202025
Total assets
€479,957
▲ 1.4%
2025
middle half of the sector
20202025
Debt
€369,217
▲ 1.8%
2025
20202025
Working capital
-€14,815
▼ 88.4%
2025
middle half of the sector
20202025
Solvency
23.1%
▼ 0.3pp
2025
middle half of the sector
20202025
Current ratio
0.84
▼ 0.03
2025
middle half of the sector
20202025
Return on assets (ROA)
13.7%
▲ 6.0pp
2025
middle half of the sector
20202025
Staff (FTE)
1
=
2025
20202025
Every figure per financial year
Every figure with its change against the financial year before
favourable
unfavourable
Line202020212022202320242025
Operating result€59,200-€6,572▼ 88.9%€19,291▲ 194%€21,340▲ 10.6%€69,961▲ 228%€101,392▲ 44.9%
Net result€46,168within the sector's middle half-€3,655below the sector's middle half▼ 92.1%€12,342within the sector's middle half▲ 238%€9,332within the sector's middle half▼ 24.4%€36,742within the sector's middle half▲ 294%€65,975within the sector's middle half▲ 79.6%
Equity€48,668within the sector's middle half-€52,323within the sector's middle half▲ 7.5%€64,666within the sector's middle half▲ 23.6%€73,998within the sector's middle half▲ 14.4%€110,740within the sector's middle half▲ 49.7%€110,740within the sector's middle half=
Total assets€77,519below the sector's middle half-€83,725below the sector's middle half▲ 8.0%€175,962within the sector's middle half▲ 110%€453,231within the sector's middle half▲ 158%€473,411within the sector's middle half▲ 4.5%€479,957within the sector's middle half▲ 1.4%
Debt€28,851-€31,402▲ 8.8%€111,297▲ 254%€379,233▲ 241%€362,672▼ 4.4%€369,217▲ 1.8%
Working capital€33,764within the sector's middle half-€36,085within the sector's middle half▲ 6.9%€39,560within the sector's middle half▲ 9.6%€8,629within the sector's middle half▼ 78.2%-€7,863within the sector's middle half-€14,815within the sector's middle half▼ 88.4%
Solvency62.8%within the sector's middle half-62.5%within the sector's middle half▼ 0.3pp36.7%within the sector's middle half▼ 25.7pp16.3%below the sector's middle half▼ 20.4pp23.4%below the sector's middle half▲ 7.1pp23.1%within the sector's middle half▼ 0.3pp
Current ratio2.95within the sector's middle half-2.64within the sector's middle half▼ 0.312.80within the sector's middle half▲ 0.161.08within the sector's middle half▼ 1.710.88within the sector's middle half▼ 0.210.84within the sector's middle half▼ 0.03
Return on assets (ROA)59.6%above the sector's middle half-4.4%within the sector's middle half▼ 55.2pp7.0%within the sector's middle half▲ 2.6pp2.1%within the sector's middle half▼ 5.0pp7.8%within the sector's middle half▲ 5.7pp13.7%within the sector's middle half▲ 6.0pp
Staff (FTE)11=1=1=
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 45% higher than in 2024 and the highest since 2021. It is the fourth rise in a row.
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 €479,957
Fixed assets
€399,286 ▼ 4.4%
Current assets
€80,671 ▲ 44.5%
Equity and liabilities €479,957
Equity
€110,740 =
Debt
€369,217 ▲ 1.8%
Debt's share of the balance-sheet total rises from 76.6% to 76.9%. Debt is higher.
Key figures and ratios
ROE
59.6%▲
2024 · 33.2%
Debt ≤ 1 year
€95,486▲
2024 · €63,706
Debt > 1 year
€272,802▼
2024 · €297,534
Income taxes
€19,265▲
2024 · €16,917
Staff costs
€26,102▲
2024 · €20,532
Green means a favourable move, even when the figure itself falls, as with debt or debt to equity.
Staff
| Item | 31-12-2022 | 31-12-2023 | 31-12-2024 | 31-12-2025 |
|---|---|---|---|---|
| Employees at the balance-sheet date | 1 | 1 | 1 | 1 |
| full-time | 0 | 0 | 0 | 0 |
| part-time | 1 | 1 | 1 | 1 |
| in full-time equivalents | 0.6 | 0.6 | 0.6 | 0.6 |
| Average over the year, in full-time equivalents | 0.6 | 0.6 | 0.6 | 0.6 |
| On a permanent contract | 1 | 1 | 1 | 1 |
| Joined | 1 | - | - | - |
| Left | 0 | - | - | - |
Source: social balance sheet in the 2022 to 2025 annual accounts
Securities and guarantees
| Item | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Mortgages, amount registered | - | €85,000 | €172,500 | €172,500 | €55,000 |
| Carrying value of the mortgaged assets | - | €94,953 | €185,437 | €181,851 | €188,435 |
Source: notes to the 2021 to 2025 annual accounts (statement of debts and off-balance-sheet rights and commitments)
Investments
| Item | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Tangible fixed assets | €6,832 | €96,359 | €248,503 | €105,001 | €8,715 |
| Financial fixed assets | - | - | - | - | €0 |
| Depreciation and write-downs of the year | €7,610 | €7,627 | €10,780 | €21,336 | €26,996 |
Source: notes to the 2021 to 2025 annual accounts (statement of fixed assets)
Annual accounts
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|
| Non-recurring operating income76A | - | - | - | €3,917 | €13,865 | €0 | ▼ 100% |
| Remuneration, social security and pensions62 | - | - | €5,541 | €19,371 | €20,532 | €26,102 | ▲ 27.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €5,218 | €7,610 | €7,627 | €10,780 | €21,336 | €26,996 | ▲ 26.5% |
| Other operating charges640/8 | - | €968 | €16,581 | €31,377 | €3,504 | €2,597 | ▼ 25.9% |
| Gross operating margin9900 | €65,460 | €15,151 | €49,039 | €82,868 | €115,332 | €157,088 | ▲ 36.2% |
| Operating profit (loss)9901 | €59,200 | €6,572 | €19,291 | €21,340 | €69,961 | €101,392 | ▲ 44.9% |
| Financial income75/76B | - | €1 | €0 | €0 | €0 | €1 | ▲ 664% |
| Recurring financial income75 | €1 | €1 | €0 | €0 | €0 | €1 | ▲ 664% |
| Financial charges65/66B | - | €291 | €606 | €5,654 | €16,302 | €16,152 | ▼ 0.9% |
| Recurring financial charges65 | €349 | €291 | €606 | €5,654 | €16,302 | €16,152 | ▼ 0.9% |
| Profit (loss) for the period before taxes9903 | €58,852 | €6,282 | €18,685 | €15,686 | €53,659 | €85,241 | ▲ 58.9% |
| Income taxes67/77 | €12,684 | €2,627 | €6,343 | €6,353 | €16,917 | €19,265 | ▲ 13.9% |
| Profit (loss) for the period9904 | €46,168 | €3,655 | €12,342 | €9,332 | €36,742 | €65,975 | ▲ 79.6% |
| Profit (loss) for the period to be appropriated9905 | €46,168 | €3,655 | €12,342 | €9,332 | €36,742 | €65,975 | ▲ 79.6% |
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|
| Assets | |||||||
| Total assets20/58 | €77,519 | €83,725 | €175,962 | €453,231 | €473,411 | €479,957 | ▲ 1.4% |
| Fixed assets21/28 | €26,422 | €25,644 | €114,376 | €342,878 | €417,568 | €399,286 | ▼ 4.4% |
| Tangible fixed assets22/27 | €26,422 | €25,644 | €114,376 | €342,878 | €417,568 | €399,286 | ▼ 4.4% |
| Land and buildings22 | - | - | €94,953 | €318,985 | €341,822 | €338,674 | ▼ 0.9% |
| Plant, machinery and equipment23 | - | €695 | €524 | €1,319 | €702 | €85 | ▼ 87.9% |
| Furniture and vehicles24 | - | €19,945 | €14,519 | €18,818 | €8,294 | €8,771 | ▲ 5.8% |
| Leasing and similar rights25 | - | - | - | - | €63,619 | €49,249 | ▼ 22.6% |
| Other tangible fixed assets26 | - | €5,004 | €4,380 | €3,755 | €3,131 | €2,507 | ▼ 19.9% |
| Current assets29/58 | €51,097 | €58,082 | €61,586 | €110,352 | €55,844 | €80,671 | ▲ 44.5% |
| Amounts receivable within one year40/41 | €46,497 | €57,075 | €43,335 | €77,009 | €38,272 | €56,527 | ▲ 47.7% |
| Trade receivables40 | - | €9,075 | €68 | €44,570 | €18,165 | €21,491 | ▲ 18.3% |
| Other amounts receivable41 | - | €48,000 | €43,267 | €32,440 | €20,107 | €35,036 | ▲ 74.2% |
| Cash at bank and in hand54/58 | €3,751 | €512 | €9,799 | €30,342 | €14,306 | €22,718 | ▲ 58.8% |
| Deferred charges and accrued income490/1 | - | €494 | €8,453 | €3,001 | €3,266 | €1,425 | ▼ 56.3% |
| Equity and liabilities | |||||||
| Total equity and liabilities10/49 | €77,519 | €83,725 | €175,962 | €453,231 | €473,411 | €479,957 | ▲ 1.4% |
| Equity10/15 | €48,668 | €52,323 | €64,666 | €73,998 | €110,740 | €110,740 | = |
| Contributions10/11 | - | €2,500 | €2,500 | €2,500 | €2,500 | €2,500 | = |
| Reserves13 | €46,168 | €49,823 | €62,166 | €71,498 | €108,240 | €108,240 | = |
| Distributable reserves133 | - | €49,823 | €62,166 | €71,498 | €108,240 | €108,240 | = |
| Profit (loss) carried forward14 | - | - | - | - | - | €0 | - |
| Amounts payable17/49 | €28,851 | €31,402 | €111,297 | €379,233 | €362,672 | €369,217 | ▲ 1.8% |
| Amounts payable after more than one year17 | €10,971 | €7,030 | €83,686 | €276,148 | €297,534 | €272,802 | ▼ 8.3% |
| Financial debts170/4 | - | €7,030 | €83,686 | €156,148 | €182,534 | €162,802 | ▼ 10.8% |
| Other amounts payable178/9 | - | - | - | €120,000 | €115,000 | €110,000 | ▼ 4.3% |
| Amounts payable within one year42/48 | €17,333 | €21,997 | €22,026 | €101,724 | €63,706 | €95,486 | ▲ 49.9% |
| Current portion of amounts payable after more than one year42 | - | €3,941 | €8,344 | €14,058 | €23,206 | €23,917 | ▲ 3.1% |
| Trade debts44 | - | €1,521 | €1,534 | €29,746 | €6,386 | €1,655 | ▼ 74.1% |
| Suppliers440/4 | - | €1,521 | €1,534 | €29,746 | €6,386 | €1,655 | ▼ 74.1% |
| Taxes, remuneration and social security45 | - | €16,000 | €4,111 | €15,924 | €12,582 | €3,297 | ▼ 73.8% |
| Taxes450/3 | - | €16,000 | €3,355 | €11,272 | €9,947 | €11 | ▼ 99.9% |
| Remuneration and social security454/9 | - | - | €756 | €4,651 | €2,635 | €3,286 | ▲ 24.7% |
| Other amounts payable47/48 | - | €534 | €8,037 | €41,996 | €21,532 | €66,617 | ▲ 209% |
| Accrued charges and deferred income492/3 | - | €2,376 | €5,585 | €1,361 | €1,431 | €930 | ▼ 35.0% |
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €46,168 | €3,655 | €12,342 | €9,332 | €36,742 | €65,975 | ▲ 79.6% |
| + Depreciation and write-downs630 | €5,218 | €7,610 | €7,627 | €10,780 | €21,336 | €26,996 | ▲ 26.5% |
| Operating cash flow (approximation) | €51,385 | €11,266 | €19,969 | €20,112 | €58,078 | €92,972 | ▲ 60.1% |
| Investment in fixed assets (approximation) | - | -€6,832 | -€96,359 | -€239,282 | -€96,025 | -€8,715 | ▲ 90.9% |
| Change in cash | - | -€3,239 | €9,286 | €20,544 | -€16,036 | €8,412 | - |
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 (6)
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-12-2025 | micro format | 28-07-2026 | 2026-00340679 | |
| 31-12-2024 | micro format | 03-08-2025 | 2025-00360840 | |
| 31-12-2023 | micro format | 29-07-2024 | 2024-00308321 | |
| 31-12-2022 | micro format | 01-09-2023 | 2023-00444271 | |
| 31-12-2021 | micro format | 22-07-2022 | 2022-20215272 | |
| 31-12-2020 | micro format | 28-07-2021 | 2021-40900156 |