Financials · financial year 2025, abbreviated format
Annual accounts 2025 filed on 21-05-2026 PDF all 16 filings
Equity
€3.0m▲ 23.8%
2024 · €2.5m
Net result
€582,688▲ 321%
2024 · €138,506
Total assets
€3.6m▲ 0.1%
2024 · €3.6m
Solvency
84.3%▲ 16.1pp
2024 · 68.2%
Multi-year overview
2018 to 2025, 8 financial yearsOperating result
€216,609
▲ 5.2%
2025
20182025
Net result
€582,688
▲ 321%
2025
highest quarter of the sector
20182025
Equity
€3.0m
▲ 23.8%
2025
highest quarter of the sector
20182025
Total assets
€3.6m
▲ 0.1%
2025
middle half of the sector
20182025
Debt
€563,982
▼ 50.6%
2025
20182025
Working capital
€175,952
2025
middle half of the sector
20182025
Solvency
84.3%
▲ 16.1pp
2025
highest quarter of the sector
20182025
Current ratio
1.70
▲ 1.23
2025
middle half of the sector
20182025
Return on assets (ROA)
16.2%
▲ 12.3pp
2025
highest quarter of the sector
20182025
Staff (FTE)
no figure
2025
20182025
Every figure per financial year
Every figure with its change against the financial year before
favourable
unfavourable
Line20182019202020212022202320242025
Operating result€0.03m--€0.005m€0.09m€0.05m▼ 45.1%€0.3m▲ 435%€0.05m▼ 80.2%€0.2m▲ 301%€0.2m▲ 5.2%
Net result€0.02m--€0.006m€0.07mwithin the sector's middle half€0.03mwithin the sector's middle half▼ 60.4%€0.6mabove the sector's middle half▲ 20×€0.02mwithin the sector's middle half▼ 96.1%€0.1mwithin the sector's middle half▲ 508%€0.6mabove the sector's middle half▲ 321%
Equity€0.2m-€0.2m▼ 3.1%€0.3mwithin the sector's middle half▲ 53.8%€1.7mwithin the sector's middle half▲ 536%€2.3mabove the sector's middle half▲ 33.9%€2.3mabove the sector's middle half▲ 1.0%€2.5mabove the sector's middle half▲ 6.0%€3.0mabove the sector's middle half▲ 23.8%
Total assets€0.2m-€0.2m▼ 8.1%€0.4mbelow the sector's middle half▲ 124%€3.1mwithin the sector's middle half▲ 598%€3.1mwithin the sector's middle half▲ 1.9%€3.1mwithin the sector's middle half▼ 0.8%€3.6mwithin the sector's middle half▲ 15.2%€3.6mwithin the sector's middle half▲ 0.1%
Debt€0.03m-€0.02m▼ 34.6%€0.2m▲ 681%€1.4m▲ 695%€0.9m▼ 38.0%€0.8m▼ 5.5%€1.1m▲ 41.7%€0.6m▼ 50.6%
Working capital-€0.007m--€0.01m▼ 84.2%€0.05mwithin the sector's middle half-€0.7mbelow the sector's middle half-€0.2mwithin the sector's middle half▲ 73.9%-€0.2mbelow the sector's middle half▼ 32.4%-€0.4mbelow the sector's middle half▼ 69.5%€0.2mwithin the sector's middle half
Solvency84.2%-88.8%▲ 4.6pp60.9%within the sector's middle half▼ 27.9pp55.5%within the sector's middle half▼ 5.4pp72.9%within the sector's middle half▲ 17.4pp74.2%within the sector's middle half▲ 1.3pp68.2%within the sector's middle half▼ 5.9pp84.3%above the sector's middle half▲ 16.1pp
Current ratio0.81-0.45▼ 0.351.89within the sector's middle half▲ 1.440.11below the sector's middle half▼ 1.790.47within the sector's middle half▲ 0.360.39within the sector's middle half▼ 0.080.46within the sector's middle half▲ 0.081.70within the sector's middle half▲ 1.23
Return on assets (ROA)11.5%--2.8%▼ 14.3pp16.3%above the sector's middle half▲ 19.1pp0.9%within the sector's middle half▼ 15.4pp18.4%above the sector's middle half▲ 17.5pp0.7%within the sector's middle half▼ 17.7pp3.9%within the sector's middle half▲ 3.1pp16.2%above the sector's middle half▲ 12.3pp
Staff (FTE)0.6below the sector's middle half1within the sector's middle half▲ 66.7%0.7within the sector's middle half▼ 30.0%0.5within the sector's middle half▼ 28.6%
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 5% higher than in 2024 and the highest since 2022. It is the second rise in a row, after the fall in 2023.
Turnover and EBIT margin are not published. The abbreviated 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 €3.6m
Fixed assets
€3.2m ▼ 2.6%
Current assets
€428,888 ▲ 26.4%
Equity and liabilities €3.6m
Equity
€3.0m ▲ 23.8%
Debt
€563,982 ▼ 50.6%
Debt's share of the balance-sheet total falls from 31.8% to 15.7%. Equity is higher and debt is lower.
Key figures and ratios
ROE
19.2%▲
2024 · 5.6%
Debt ≤ 1 year
€252,936▼
2024 · €735,350
Debt > 1 year
€304,927▼
2024 · €399,713
Income taxes
€53,267▲
2024 · €50,357
Green means a favourable move, even when the figure itself falls, as with debt or debt to equity.
Staff
| Item | 31-12-2021 | 31-12-2022 | 31-12-2023 | 31-12-2024 |
|---|---|---|---|---|
| Employees at the balance-sheet date | 1 | 1 | - | - |
| full-time | 1 | 1 | - | - |
| in full-time equivalents | 1 | 1 | - | - |
| Average over the year, in full-time equivalents | 0.6 | 1 | 0.7 | 0.5 |
| On a permanent contract | 1 | 1 | - | - |
| Joined | 1 | - | 0 | 1 |
| Left | 0 | - | 1 | 1 |
Source: social balance sheet in the 2021 to 2024 annual accounts
Securities and guarantees
| Item | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Debts secured on the company's own assets | €575,735 | €646,946 | €628,333 | €526,277 | €410,248 |
| Pledge on the business | €180,000 | €180,000 | €180,000 | €180,000 | €180,000 |
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 | - | - | - | €31,380 | €6,881 |
| Financial fixed assets | €2.7m | - | - | €272,248 | €120,000 |
| Depreciation and write-downs of the year | €16,190 | €16,190 | €16,190 | €21,943 | €24,473 |
Source: notes to the 2021 to 2025 annual accounts (statement of fixed assets)
Subsidies and aid
Flemish government
2023 · 1 entry · €419 awardedAnnual accounts
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Remuneration, social security and pensions62 | - | - | - | €39,957 | €76,422 | €56,423 | €26,411 | - | - |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | - | - | €14,841 | €16,190 | €16,190 | €16,190 | €21,943 | €24,473 | ▲ 11.5% |
| Other operating charges640/8 | - | - | - | €348 | €413 | €1,025 | €1,293 | €2,393 | ▲ 85.1% |
| Gross operating margin9900 | €27,379 | -€3,399 | €104,974 | €104,937 | €352,423 | €124,991 | €255,629 | €243,475 | ▼ 4.8% |
| Operating profit (loss)9901 | €25,688 | -€5,079 | €88,312 | €48,443 | €259,399 | €51,352 | €205,982 | €216,609 | ▲ 5.2% |
| Financial income75/76B | - | - | - | €5,076 | €400,000 | - | €10 | €610,179 | ▲ 62,263× |
| Recurring financial income75 | €36 | €36 | €251 | €5,076 | €400,000 | - | €10 | €610,179 | ▲ 62,263× |
| Financial charges65/66B | - | - | - | €11,890 | €14,662 | €17,723 | €17,129 | €190,832 | ▲ 11× |
| Recurring financial charges65 | €1,032 | €503 | €2,786 | €11,890 | €14,662 | €17,723 | €17,129 | €13,384 | ▼ 21.9% |
| Non-recurring financial charges66B | - | - | - | - | - | - | - | €177,448 | - |
| Profit (loss) for the period before taxes9903 | €24,692 | -€5,546 | €85,776 | €41,628 | €644,737 | €33,629 | €188,863 | €635,955 | ▲ 237% |
| Income taxes67/77 | - | - | €13,640 | €13,067 | €64,620 | €10,840 | €50,357 | €53,267 | ▲ 5.8% |
| Profit (loss) for the period9904 | €24,692 | -€5,546 | €72,136 | €28,561 | €580,118 | €22,789 | €138,506 | €582,688 | ▲ 321% |
| Profit (loss) for the period to be appropriated9905 | €24,692 | -€5,546 | €72,136 | €28,561 | €580,118 | €22,789 | €138,506 | €582,688 | ▲ 321% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Assets | |||||||||
| Total assets20/58 | €0.2m | €0.2m | €0.4m | €3.1m | €3.1m | €3.1m | €3.6m | €3.6m | ▲ 0.1% |
| Fixed assets21/28 | €0.2m | €0.2m | €0.3m | €3.0m | €3.0m | €3.0m | €3.3m | €3.2m | ▼ 2.6% |
| Intangible fixed assets21 | - | - | €0.1m | €0.1m | €0.1m | €0.1m | €0.08m | €0.07m | ▼ 19.7% |
| Tangible fixed assets22/27 | - | - | - | - | - | - | €0.03m | €0.02m | ▼ 5.5% |
| Plant, machinery and equipment23 | - | - | - | - | - | - | - | €0 | - |
| Furniture and vehicles24 | - | - | - | - | - | - | €0.03m | €0.02m | ▼ 5.5% |
| Financial fixed assets28 | €0.2m | €0.2m | €0.2m | €2.9m | €2.9m | €2.9m | €3.1m | €3.1m | ▼ 2.1% |
| Current assets29/58 | €0.03m | €0.01m | €0.1m | €0.08m | €0.2m | €0.1m | €0.3m | €0.4m | ▲ 26.4% |
| Stocks and contracts in progress3 | €0.002m | €0.001m | - | - | - | - | - | - | - |
| Amounts receivable within one year40/41 | €0.007m | €0.007m | €0.04m | €0.06m | €0.1m | €0.1m | €0.3m | €0.4m | ▲ 43.3% |
| Trade receivables40 | - | - | - | €0.01m | €0.04m | €0.03m | €0.02m | €0.01m | ▼ 30.0% |
| Other amounts receivable41 | - | - | - | €0.05m | €0.1m | €0.07m | €0.3m | €0.4m | ▲ 48.4% |
| Cash at bank and in hand54/58 | €0.02m | €0.002m | €0.06m | €0.02m | €0.006m | €0.05m | €0.05m | €0.02m | ▼ 66.3% |
| Deferred charges and accrued income490/1 | - | - | - | €125 | - | €0.003m | €0.007m | €0.004m | ▼ 49.1% |
| Equity and liabilities | |||||||||
| Total equity and liabilities10/49 | €0.2m | €0.2m | €0.4m | €3.1m | €3.1m | €3.1m | €3.6m | €3.6m | ▲ 0.1% |
| Equity10/15 | €0.2m | €0.2m | €0.3m | €1.7m | €2.3m | €2.3m | €2.5m | €3.0m | ▲ 23.8% |
| Contributions10/11 | €0.2m | €0.2m | - | €1.6m | €1.6m | €1.6m | €1.6m | €1.6m | = |
| Reserves13 | €0.002m | €0.002m | - | - | - | - | - | - | - |
| Profit (loss) carried forward14 | -€0.03m | -€0.03m | €0.04m | €0.07m | €0.6m | €0.7m | €0.8m | €1.4m | ▲ 72.0% |
| Amounts payable17/49 | €0.03m | €0.02m | €0.2m | €1.4m | €0.9m | €0.8m | €1.1m | €0.6m | ▼ 50.6% |
| Amounts payable after more than one year17 | - | - | €0.1m | €0.6m | €0.5m | €0.4m | €0.4m | €0.3m | ▼ 23.7% |
| Financial debts170/4 | - | - | - | €0.6m | €0.5m | €0.4m | €0.4m | €0.3m | ▼ 23.7% |
| Amounts payable within one year42/48 | €0.03m | €0.02m | €0.05m | €0.8m | €0.3m | €0.4m | €0.7m | €0.3m | ▼ 65.6% |
| Current portion of amounts payable after more than one year42 | - | - | - | €0.1m | €0.1m | €0.1m | €0.1m | €0.1m | ▼ 23.4% |
| Financial debts43 | - | - | - | €0.01m | €0.01m | €0.09m | - | €0.008m | - |
| Credit institutions430/8 | - | - | - | €0.01m | €0.01m | €0.09m | - | €0.008m | - |
| Trade debts44 | - | - | €322 | €0.001m | €0.01m | €252 | €295 | €0.03m | ▲ 87× |
| Suppliers440/4 | - | - | - | €0.001m | €0.01m | €252 | €295 | €0.03m | ▲ 87× |
| Taxes, remuneration and social security45 | - | - | - | €0.02m | €0.03m | €0.02m | €0.006m | €0.005m | ▼ 24.2% |
| Taxes450/3 | - | - | - | €0.01m | €0.02m | €0.02m | €0.006m | €0.005m | ▼ 22.5% |
| Remuneration and social security454/9 | - | - | - | €0.006m | €0.01m | - | €147 | €0 | ▼ 100% |
| Other amounts payable47/48 | - | - | - | €0.6m | €0.2m | €0.1m | €0.6m | €0.1m | ▼ 80.6% |
| Accrued charges and deferred income492/3 | - | - | - | €0.006m | €0.006m | €0.009m | €0.007m | €0.006m | ▼ 6.8% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €0.02m | -€0.006m | €0.07m | €0.03m | €0.6m | €0.02m | €0.1m | €0.6m | ▲ 321% |
| + Depreciation and write-downs630 | - | - | €0.01m | €0.02m | €0.02m | €0.02m | €0.02m | €0.02m | ▲ 11.5% |
| Operating cash flow (approximation) | €0.02m | -€0.006m | €0.09m | €0.04m | €0.6m | €0.04m | €0.2m | €0.6m | ▲ 278% |
| Investment in fixed assets (approximation) | - | €0 | -€0.2m | -€2.7m | €0 | €0 | -€0.3m | €0.06m | - |
| Change in cash | - | -€0.02m | €0.06m | -€0.04m | -€0.01m | €0.04m | €0.001m | -€0.03m | - |
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 16 filings with the National Bank
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-12-2025 | abbreviated format | 21-05-2026 | 2026-00116776 | |
| 31-12-2024 | abbreviated format | 20-06-2025 | 2025-00156283 | |
| 31-12-2023 | abbreviated format | 22-05-2024 | 2024-00092270 | |
| 31-12-2022 | abbreviated format | 24-05-2023 | 2023-00092870 | |
| 31-12-2021 | abbreviated format | 03-06-2022 | 2022-20045129 | |
| 31-12-2020 | abbreviated format | 09-03-2021 | 2021-07300066 | |
| 31-12-2019 | abbreviated format | 11-06-2020 | 2020-16300213 | |
| 31-12-2018 | abbreviated format | 27-05-2019 | 2019-14800380 | |
| 31-12-2017 | abbreviated format | 05-06-2018 | 2018-16000329 | |
| 31-12-2016 | abbreviated format | 26-06-2017 | 2017-23000076 |