Financials · financial year 2025, micro format
2025 annual accounts filed 31 days after the deadline Filed on 31 August 2026, deadline 31 July 2026 (7 months after the close on 31 December 2025, Companies Code art. 3:10). Source: NBB, 2026-00466418.
Annual accounts 2025 filed on 31-08-2026 at the NBB all 6 filings
Equity
€18,392▲ 31.1%
2024 · €14,030
Net result
€4,361▼ 82.2%
2024 · €24,460
Total assets
€100,229▲ 9.2%
2024 · €91,826
Solvency
18.3%▲ 3.1pp
2024 · 15.3%
Multi-year overview
2020 to 2025, 6 financial yearsOperating result
€9,041
▼ 67.9%
2025
20202025
Net result
€4,361
▼ 82.2%
2025
lowest quarter of the sector
20202025
Equity
€18,392
▲ 31.1%
2025
lowest quarter of the sector
20202025
Total assets
€100,229
▲ 9.2%
2025
lowest quarter of the sector
20202025
Debt
€81,837
▲ 5.2%
2025
20202025
Working capital
€15,935
▼ 22.1%
2025
middle half of the sector
20202025
Solvency
18.3%
▲ 3.1pp
2025
lowest quarter of the sector
20202025
Current ratio
1.26
▼ 0.20
2025
middle half of the sector
20202025
Return on assets (ROA)
4.4%
▼ 22.3pp
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-€110-€3,812-€16,849€2,288€28,199▲ 12×€9,041▼ 67.9%
Net result-€1,241below the sector's middle half-€2,123below the sector's middle half-€19,010below the sector's middle half€2,699below the sector's middle half€24,460within the sector's middle half▲ 806%€4,361below the sector's middle half▼ 82.2%
Equity€3,759below the sector's middle half-€5,882below the sector's middle half▲ 56.5%-€13,128below the sector's middle half-€10,430below the sector's middle half▲ 20.6%€14,030below the sector's middle half€18,392below the sector's middle half▲ 31.1%
Total assets€86,056below the sector's middle half-€90,104below the sector's middle half▲ 4.7%€68,936below the sector's middle half▼ 23.5%€94,581below the sector's middle half▲ 37.2%€91,826below the sector's middle half▼ 2.9%€100,229below the sector's middle half▲ 9.2%
Debt€82,297-€84,223▲ 2.3%€82,064▼ 2.6%€105,011▲ 28.0%€77,796▼ 25.9%€81,837▲ 5.2%
Working capital-€26,701within the sector's middle half--€26,126within the sector's middle half▲ 2.2%-€41,766below the sector's middle half▼ 59.9%€12,948within the sector's middle half€20,446within the sector's middle half▲ 57.9%€15,935within the sector's middle half▼ 22.1%
Solvency4.4%below the sector's middle half-6.5%below the sector's middle half▲ 2.2pp-19.0%below the sector's middle half▼ 25.6pp-11.0%below the sector's middle half▲ 8.0pp15.3%below the sector's middle half▲ 26.3pp18.3%below the sector's middle half▲ 3.1pp
Current ratio0.46below the sector's middle half-0.35below the sector's middle half▼ 0.110.16below the sector's middle half▼ 0.191.25within the sector's middle half▲ 1.091.45within the sector's middle half▲ 0.201.26within the sector's middle half▼ 0.20
Return on assets (ROA)-1.4%below the sector's middle half-2.4%within the sector's middle half▲ 3.8pp-27.6%below the sector's middle half▼ 29.9pp2.9%within the sector's middle half▲ 30.4pp26.6%above the sector's middle half▲ 23.8pp4.4%within the sector's middle half▼ 22.3pp
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 68% lower than 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 €100,229
Fixed assets
€22,202 ▼ 15.1%
Current assets
€78,026 ▲ 18.8%
Equity and liabilities €100,229
Equity
€18,392 ▲ 31.1%
Debt
€81,837 ▲ 5.2%
Debt's share of the balance-sheet total falls from 84.7% to 81.7%. Equity and debt are higher.
Key figures and ratios
ROE
23.7%▼
2024 · 174.3%
Debt ≤ 1 year
€62,092▲
2024 · €45,236
Debt > 1 year
€19,745▼
2024 · €32,560
Income taxes
€2,439▲
2024 · €1,000
Staff costs
€793▲
2024 · €424
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 | €28,218 | €4,242 | €23,345 | €1,846 | €5,199 |
| Financial fixed assets | - | - | - | €3,121 | - |
| Depreciation and write-downs of the year | €15,377 | €19,544 | €5,227 | €9,371 | €9,141 |
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 | - | - | €2,825 | - | €2,800 | €120 | ▼ 95.7% |
| Remuneration, social security and pensions62 | - | - | - | €1,636 | €424 | €793 | ▲ 87.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €6,199 | €15,377 | €19,544 | €5,227 | €9,371 | €9,141 | ▼ 2.4% |
| Other operating charges640/8 | - | €1,981 | €3,107 | €4,204 | €750 | €13,395 | ▲ 18× |
| Non-recurring operating charges66A | - | - | - | €3,639 | - | - | - |
| Gross operating margin9900 | €11,069 | €21,170 | €5,802 | €16,994 | €38,743 | €32,369 | ▼ 16.5% |
| Operating profit (loss)9901 | -€110 | €3,812 | -€16,849 | €2,288 | €28,199 | €9,041 | ▼ 67.9% |
| Financial income75/76B | - | €5 | €1 | €3,070 | €0 | €5 | ▲ 54× |
| Recurring financial income75 | €26 | €5 | €1 | €0 | €0 | €5 | ▲ 54× |
| Non-recurring financial income76B | - | - | - | €3,070 | - | - | - |
| Financial charges65/66B | - | €1,137 | €1,689 | €2,160 | €2,739 | €2,246 | ▼ 18.0% |
| Recurring financial charges65 | €509 | €1,137 | €1,689 | €2,160 | €2,739 | €2,246 | ▼ 18.0% |
| Profit (loss) for the period before taxes9903 | -€593 | €2,680 | -€18,537 | €3,198 | €25,460 | €6,800 | ▼ 73.3% |
| Income taxes67/77 | €648 | €557 | €473 | €500 | €1,000 | €2,439 | ▲ 144% |
| Profit (loss) for the period9904 | -€1,241 | €2,123 | -€19,010 | €2,699 | €24,460 | €4,361 | ▼ 82.2% |
| Profit (loss) for the period to be appropriated9905 | -€1,241 | €2,123 | -€19,010 | €2,699 | €24,460 | €4,361 | ▼ 82.2% |
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|
| Assets | |||||||
| Total assets20/58 | €86,056 | €90,104 | €68,936 | €94,581 | €91,826 | €100,229 | ▲ 9.2% |
| Fixed assets21/28 | €63,279 | €76,120 | €60,818 | €30,548 | €26,144 | €22,202 | ▼ 15.1% |
| Tangible fixed assets22/27 | €63,279 | €76,120 | €60,818 | €30,548 | €23,023 | €19,081 | ▼ 17.1% |
| Plant, machinery and equipment23 | - | €18,599 | €16,466 | €10,260 | €6,969 | €3,928 | ▼ 43.6% |
| Furniture and vehicles24 | - | €31,557 | €25,242 | €20,288 | €16,054 | €15,153 | ▼ 5.6% |
| Leasing and similar rights25 | - | €25,964 | €19,111 | - | - | - | - |
| Financial fixed assets28 | - | - | - | - | €3,121 | €3,121 | = |
| Current assets29/58 | €22,776 | €13,984 | €8,118 | €64,033 | €65,682 | €78,026 | ▲ 18.8% |
| Amounts receivable within one year40/41 | €12,903 | €6,150 | €6,918 | €24,195 | €59,342 | €71,074 | ▲ 19.8% |
| Trade receivables40 | - | €6,074 | €6,842 | €19,831 | €27,934 | €10,421 | ▼ 62.7% |
| Other amounts receivable41 | - | €76 | €76 | €4,365 | €31,408 | €60,652 | ▲ 93.1% |
| Cash at bank and in hand54/58 | €8,982 | €6,187 | - | €39,397 | €5,981 | €6,806 | ▲ 13.8% |
| Deferred charges and accrued income490/1 | - | €1,647 | €1,200 | €440 | €358 | €147 | ▼ 59.1% |
| Equity and liabilities | |||||||
| Total equity and liabilities10/49 | €86,056 | €90,104 | €68,936 | €94,581 | €91,826 | €100,229 | ▲ 9.2% |
| Equity10/15 | €3,759 | €5,882 | -€13,128 | -€10,430 | €14,030 | €18,392 | ▲ 31.1% |
| Contributions10/11 | - | €5,000 | €5,000 | €5,000 | €5,000 | €5,000 | = |
| Reserves13 | - | €882 | €882 | €882 | €9,030 | €13,392 | ▲ 48.3% |
| Distributable reserves133 | - | €882 | €882 | €882 | €9,030 | €13,392 | ▲ 48.3% |
| Profit (loss) carried forward14 | -€1,241 | - | -€19,010 | -€16,311 | - | - | - |
| Amounts payable17/49 | €82,297 | €84,223 | €82,064 | €105,011 | €77,796 | €81,837 | ▲ 5.2% |
| Amounts payable after more than one year17 | €32,820 | €44,113 | €32,181 | €53,925 | €32,560 | €19,745 | ▼ 39.4% |
| Financial debts170/4 | - | €23,782 | €15,909 | €46,000 | €28,924 | €19,745 | ▼ 31.7% |
| Trade debts175 | - | €20,331 | €16,271 | €7,925 | €3,636 | - | - |
| Amounts payable within one year42/48 | €49,477 | €40,110 | €49,883 | €51,085 | €45,236 | €62,092 | ▲ 37.3% |
| Current portion of amounts payable after more than one year42 | - | €9,038 | €7,873 | €4,211 | €13,032 | €12,814 | ▼ 1.7% |
| Financial debts43 | - | - | €1,622 | - | - | - | - |
| Other loans439 | - | - | €1,622 | - | - | - | - |
| Trade debts44 | €15,087 | €7,307 | €24,690 | €28,081 | €21,711 | €31,867 | ▲ 46.8% |
| Suppliers440/4 | - | €7,307 | €24,690 | €28,081 | €21,711 | €31,867 | ▲ 46.8% |
| Taxes, remuneration and social security45 | - | €9,986 | €7,159 | €7,664 | €10,493 | €17,410 | ▲ 65.9% |
| Taxes450/3 | - | €5,886 | €7,159 | €7,664 | €10,493 | €13,310 | ▲ 26.8% |
| Remuneration and social security454/9 | - | €4,100 | - | - | - | €4,100 | - |
| Other amounts payable47/48 | - | €13,779 | €8,540 | €11,129 | - | - | - |
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | -€1,241 | €2,123 | -€19,010 | €2,699 | €24,460 | €4,361 | ▼ 82.2% |
| + Depreciation and write-downs630 | €6,199 | €15,377 | €19,544 | €5,227 | €9,371 | €9,141 | ▼ 2.4% |
| Operating cash flow (approximation) | €4,957 | €17,500 | €534 | €7,926 | €33,830 | €13,502 | ▼ 60.1% |
| Investment in fixed assets (approximation) | - | -€28,218 | -€4,242 | €25,043 | -€4,967 | -€5,199 | ▼ 4.7% |
| Change in cash | - | -€2,795 | - | - | -€33,416 | €825 | - |
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 | 31-08-2026 | 2026-00466418 | |
| 31-12-2024 | micro format | 30-09-2025 | 2025-00513190 | |
| 31-12-2023 | micro format | 05-12-2024 | 2024-00610267 | |
| 31-12-2022 | micro format | 09-08-2023 | 2023-00320774 | |
| 31-12-2021 | micro format | 29-07-2022 | 2022-20244749 | |
| 31-12-2020 | micro format | 30-06-2021 | 2021-28400436 |