Financials · financial year 2025, micro format
Annual accounts 2025 filed on 08-07-2026 at the NBB all 6 filings
Equity
€222,421▼ 36.1%
2024 · €347,949
Net result
€84,604▲ 54.5%
2024 · €54,743
Total assets
€544,757▲ 12.8%
2024 · €483,063
Solvency
40.8%▼ 31.2pp
2024 · 72.0%
Multi-year overview
2020 to 2025, 6 financial yearsOperating result
€111,304
▲ 60.1%
2025
20202025
Net result
€84,604
▲ 54.5%
2025
highest quarter of the sector
20202025
Equity
€222,421
▼ 36.1%
2025
middle half of the sector
20202025
Total assets
€544,757
▲ 12.8%
2025
middle half of the sector
20202025
Debt
€322,336
▲ 139%
2025
20202025
Working capital
€99,629
▼ 57.5%
2025
middle half of the sector
20202025
Solvency
40.8%
▼ 31.2pp
2025
middle half of the sector
20202025
Current ratio
1.40
▼ 4.88
2025
middle half of the sector
20202025
Return on assets (ROA)
15.5%
▲ 4.2pp
2025
middle half of the sector
20202025
Every figure per financial year
Every figure with its change against the financial year before
favourable
unfavourable
Line202020212022202320242025
Operating result€102,123-€107,777▲ 5.5%€96,756▼ 10.2%€112,195▲ 16.0%€69,500▼ 38.1%€111,304▲ 60.1%
Net result€71,319above the sector's middle half-€73,852above the sector's middle half▲ 3.6%€64,961within the sector's middle half▼ 12.0%€80,074within the sector's middle half▲ 23.3%€54,743within the sector's middle half▼ 31.6%€84,604above the sector's middle half▲ 54.5%
Equity€74,319within the sector's middle half-€148,171within the sector's middle half▲ 99.4%€213,132within the sector's middle half▲ 43.8%€293,206within the sector's middle half▲ 37.6%€347,949within the sector's middle half▲ 18.7%€222,421within the sector's middle half▼ 36.1%
Total assets€296,853within the sector's middle half-€384,567within the sector's middle half▲ 29.5%€430,547within the sector's middle half▲ 12.0%€467,520within the sector's middle half▲ 8.6%€483,063within the sector's middle half▲ 3.3%€544,757within the sector's middle half▲ 12.8%
Debt€222,534-€236,396▲ 6.2%€217,415▼ 8.0%€174,315▼ 19.8%€135,115▼ 22.5%€322,336▲ 139%
Working capital€7,461within the sector's middle half-€72,171within the sector's middle half▲ 867%€127,609within the sector's middle half▲ 76.8%€192,624above the sector's middle half▲ 50.9%€234,306above the sector's middle half▲ 21.6%€99,629within the sector's middle half▼ 57.5%
Solvency25.0%within the sector's middle half-38.5%within the sector's middle half▲ 13.5pp49.5%within the sector's middle half▲ 11.0pp62.7%within the sector's middle half▲ 13.2pp72.0%within the sector's middle half▲ 9.3pp40.8%within the sector's middle half▼ 31.2pp
Current ratio1.12within the sector's middle half-1.76within the sector's middle half▲ 0.652.38within the sector's middle half▲ 0.623.91within the sector's middle half▲ 1.526.28above the sector's middle half▲ 2.371.40within the sector's middle half▼ 4.88
Return on assets (ROA)24.0%above the sector's middle half-19.2%within the sector's middle half▼ 4.8pp15.1%within the sector's middle half▼ 4.1pp17.1%within the sector's middle half▲ 2.0pp11.3%within the sector's middle half▼ 5.8pp15.5%within the sector's middle half▲ 4.2pp
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 60% higher than in 2024. It is a recovery after the fall in 2024.
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 €544,757
Fixed assets
€195,883 ▼ 4.1%
Current assets
€348,874 ▲ 25.2%
Equity and liabilities €544,757
Equity
€222,421 ▼ 36.1%
Debt
€322,336 ▲ 139%
Debt's share of the balance-sheet total rises from 28.0% to 59.2%. Equity is lower and debt is higher.
Key figures and ratios
ROE
38.0%▲
2024 · 15.7%
Debt ≤ 1 year
€249,245▲
2024 · €44,410
Debt > 1 year
€73,091▼
2024 · €90,704
Income taxes
€34,742▲
2024 · €22,650
Green means a favourable move, even when the figure itself falls, as with debt or debt to equity.
Securities and guarantees
| Item | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Mortgages, amount registered | - | €27,500 | - | - | - |
| Mortgage mandates | - | €165,000 | - | - | - |
| Carrying value of the mortgaged assets | - | €208,843 | - | - | - |
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 | - | - | €5,381 | €3,914 | - |
| Depreciation and write-downs of the year | €7,469 | €7,333 | €7,426 | €8,210 | €8,190 |
Source: notes to the 2021 to 2025 annual accounts (statement of fixed assets)
Annual accounts
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €27,287 | €7,469 | €7,333 | €7,426 | €8,210 | €8,190 | ▼ 0.2% |
| Other operating charges640/8 | - | €501 | €567 | €1,187 | €1,268 | €1,055 | ▼ 16.8% |
| Gross operating margin9900 | €130,282 | €115,747 | €104,656 | €120,809 | €78,978 | €120,549 | ▲ 52.6% |
| Operating profit (loss)9901 | €102,123 | €107,777 | €96,756 | €112,195 | €69,500 | €111,304 | ▲ 60.1% |
| Financial income75/76B | - | €419 | €540 | €4,486 | €10,440 | €10,297 | ▼ 1.4% |
| Recurring financial income75 | €580 | €419 | €540 | €4,486 | €10,440 | €10,297 | ▼ 1.4% |
| Financial charges65/66B | - | €4,634 | €5,184 | €3,082 | €2,547 | €2,255 | ▼ 11.5% |
| Recurring financial charges65 | €1,682 | €4,634 | €5,184 | €3,082 | €2,547 | €2,255 | ▼ 11.5% |
| Profit (loss) for the period before taxes9903 | €101,021 | €103,562 | €92,113 | €113,600 | €77,393 | €119,347 | ▲ 54.2% |
| Income taxes67/77 | €29,702 | €29,709 | €27,152 | €33,526 | €22,650 | €34,742 | ▲ 53.4% |
| Profit (loss) for the period9904 | €71,319 | €73,852 | €64,961 | €80,074 | €54,743 | €84,604 | ▲ 54.5% |
| Profit (loss) for the period to be appropriated9905 | €71,319 | €73,852 | €64,961 | €80,074 | €54,743 | €84,604 | ▲ 54.5% |
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|
| Assets | |||||||
| Total assets20/58 | €296,853 | €384,567 | €430,547 | €467,520 | €483,063 | €544,757 | ▲ 12.8% |
| Fixed assets21/28 | €225,489 | €218,021 | €210,688 | €208,643 | €204,347 | €195,883 | ▼ 4.1% |
| Tangible fixed assets22/27 | €225,489 | €218,021 | €210,688 | €208,643 | €204,347 | €195,883 | ▼ 4.1% |
| Land and buildings22 | - | €214,736 | €208,843 | €205,449 | €199,293 | €193,136 | ▼ 3.1% |
| Plant, machinery and equipment23 | - | - | - | - | €1,291 | €1,009 | ▼ 21.8% |
| Furniture and vehicles24 | - | €3,284 | €1,845 | €3,194 | €3,763 | €1,737 | ▼ 53.8% |
| Current assets29/58 | €71,364 | €166,547 | €219,859 | €258,878 | €278,716 | €348,874 | ▲ 25.2% |
| Amounts receivable within one year40/41 | €25,000 | €39,359 | €33,928 | €190,784 | €215,367 | €225,771 | ▲ 4.8% |
| Trade receivables40 | - | €31,749 | €31,749 | €26,853 | €36,896 | €31,280 | ▼ 15.2% |
| Other amounts receivable41 | - | €7,610 | €2,179 | €163,931 | €178,471 | €194,492 | ▲ 9.0% |
| Cash at bank and in hand54/58 | €45,784 | €126,768 | €184,441 | €63,319 | €51,289 | €112,857 | ▲ 120% |
| Deferred charges and accrued income490/1 | - | €419 | €1,490 | €4,775 | €12,060 | €10,246 | ▼ 15.0% |
| Equity and liabilities | |||||||
| Total equity and liabilities10/49 | €296,853 | €384,567 | €430,547 | €467,520 | €483,063 | €544,757 | ▲ 12.8% |
| Equity10/15 | €74,319 | €148,171 | €213,132 | €293,206 | €347,949 | €222,421 | ▼ 36.1% |
| Contributions10/11 | - | €3,000 | €3,000 | €3,000 | €3,000 | €3,000 | = |
| Reserves13 | €71,319 | €145,171 | €210,132 | €290,206 | €344,949 | €219,421 | ▼ 36.4% |
| Distributable reserves133 | - | €145,171 | €210,132 | €290,206 | €344,949 | €219,421 | ▼ 36.4% |
| Amounts payable17/49 | €222,534 | €236,396 | €217,415 | €174,315 | €135,115 | €322,336 | ▲ 139% |
| Amounts payable after more than one year17 | €158,631 | €142,021 | €125,165 | €108,061 | €90,704 | €73,091 | ▼ 19.4% |
| Financial debts170/4 | - | €142,021 | €125,165 | €108,061 | €90,704 | €73,091 | ▼ 19.4% |
| Amounts payable within one year42/48 | €63,903 | €94,375 | €92,250 | €66,254 | €44,410 | €249,245 | ▲ 461% |
| Current portion of amounts payable after more than one year42 | - | €16,610 | €16,856 | €17,104 | €17,356 | €17,613 | ▲ 1.5% |
| Trade debts44 | €3,667 | €3,893 | €3,445 | €6,765 | €14,011 | €4,081 | ▼ 70.9% |
| Suppliers440/4 | - | €3,893 | €3,445 | €6,765 | €14,011 | €4,081 | ▼ 70.9% |
| Taxes, remuneration and social security45 | - | €73,872 | €71,950 | €42,385 | €13,043 | €17,419 | ▲ 33.6% |
| Taxes450/3 | - | €73,872 | €71,950 | €42,385 | €13,043 | €17,419 | ▲ 33.6% |
| Other amounts payable47/48 | - | - | - | - | - | €210,132 | - |
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €71,319 | €73,852 | €64,961 | €80,074 | €54,743 | €84,604 | ▲ 54.5% |
| + Depreciation and write-downs630 | €27,287 | €7,469 | €7,333 | €7,426 | €8,210 | €8,190 | ▼ 0.2% |
| Operating cash flow (approximation) | €98,606 | €81,321 | €72,293 | €87,500 | €62,952 | €92,794 | ▲ 47.4% |
| Investment in fixed assets (approximation) | - | €0 | €0 | -€5,381 | -€3,914 | €274 | - |
| Change in cash | - | €80,984 | €57,673 | -€121,122 | -€12,030 | €61,568 | - |
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 | 08-07-2026 | 2026-00279641 | |
| 31-12-2024 | micro format | 07-07-2025 | 2025-00259936 | |
| 31-12-2023 | micro format | 30-08-2024 | 2024-00407583 | |
| 31-12-2022 | micro format | 31-08-2023 | 2023-00438350 | |
| 31-12-2021 | micro format | 29-07-2022 | 2022-20270848 | |
| 31-12-2020 | micro format | 30-06-2021 | 2021-30200582 |