Financials · financial year 2025, full format
Annual accounts 2025 filed on 24-03-2026 PDF all 7 filings
Equity
€192,061▲ 16.1%
2024 · €165,374
Net result
€70,783▲ 5.8%
2024 · €66,883
Total assets
€755,728▲ 5.1%
2024 · €719,384
Solvency
25.4%▲ 2.4pp
2024 · 23.0%
Multi-year overview
2019 to 2025, 7 financial yearsTurnover
no figure
2025
20192025
Operating result
€52,985
▼ 48.0%
2025
20192025
Net result
€70,783
▲ 5.8%
2025
middle half of the sector
20192025
Equity
€192,061
▲ 16.1%
2025
lowest quarter of the sector
20192025
Total assets
€755,728
▲ 5.1%
2025
lowest quarter of the sector
20192025
Debt
€563,667
▲ 1.7%
2025
20192025
Working capital
-€38,366
2025
middle half of the sector
20192025
Solvency
25.4%
▲ 2.4pp
2025
lowest quarter of the sector
20192025
Current ratio
0.68
▼ 0.35
2025
middle half of the sector
20192025
Return on assets (ROA)
9.4%
▲ 0.1pp
2025
highest quarter of the sector
20192025
Every figure per financial year
Every figure with its change against the financial year before
favourable
unfavourable
Line2019202020212022202320242025
Turnover€193,550-
Operating result€26,249-€19,059▼ 27.4%€64,704▲ 239%€38,657▼ 40.3%€45,929▲ 18.8%€101,992▲ 122%€52,985▼ 48.0%
Net result€17,952-€13,502within the sector's middle half▼ 24.8%€44,097within the sector's middle half▲ 227%€24,201within the sector's middle half▼ 45.1%€23,993within the sector's middle half▼ 0.9%€66,883within the sector's middle half▲ 179%€70,783within the sector's middle half▲ 5.8%
Equity€24,152-€24,152below the sector's middle half=€68,249below the sector's middle half▲ 183%€92,450below the sector's middle half▲ 35.5%€116,444below the sector's middle half▲ 26.0%€165,374below the sector's middle half▲ 42.0%€192,061below the sector's middle half▲ 16.1%
Total assets€46,248-€61,239below the sector's middle half▲ 32.4%€86,101below the sector's middle half▲ 40.6%€513,350below the sector's middle half▲ 496%€445,828below the sector's middle half▼ 13.2%€719,384below the sector's middle half▲ 61.4%€755,728below the sector's middle half▲ 5.1%
Debt€22,096-€37,087▲ 67.8%€17,852▼ 51.9%€420,900▲ 24×€329,384▼ 21.7%€554,009▲ 68.2%€563,667▲ 1.7%
Working capital€12,977-€11,231within the sector's middle half▼ 13.5%€57,905within the sector's middle half▲ 416%€57,424within the sector's middle half▼ 0.8%€20,863within the sector's middle half▼ 63.7%€1,748within the sector's middle half▼ 91.6%-€38,366within the sector's middle half
Solvency52.2%-39.4%within the sector's middle half▼ 12.8pp79.3%within the sector's middle half▲ 39.8pp18.0%below the sector's middle half▼ 61.3pp26.1%below the sector's middle half▲ 8.1pp23.0%below the sector's middle half▼ 3.1pp25.4%below the sector's middle half▲ 2.4pp
Current ratio2.14-1.38within the sector's middle half▼ 0.765.28above the sector's middle half▲ 3.902.26within the sector's middle half▼ 3.021.79within the sector's middle half▼ 0.471.03within the sector's middle half▼ 0.770.68within the sector's middle half▼ 0.35
Return on assets (ROA)38.8%-22.0%above the sector's middle half▼ 16.8pp51.2%above the sector's middle half▲ 29.2pp4.7%within the sector's middle half▼ 46.5pp5.4%within the sector's middle half▲ 0.7pp9.3%above the sector's middle half▲ 3.9pp9.4%above the sector's middle half▲ 0.1pp
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 48% lower than in 2024.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €755,728
Fixed assets
€675,275 ▲ 3.8%
Current assets
€80,452 ▲ 17.2%
Equity and liabilities €755,728
Equity
€192,061 ▲ 16.1%
Debt
€563,667 ▲ 1.7%
Debt's share of the balance-sheet total falls from 77.0% to 74.6%. Equity and debt are higher.
Key figures and ratios
ROE
36.9%▼
2024 · 40.4%
Debt ≤ 1 year
€118,818▲
2024 · €66,909
Debt > 1 year
€444,849▼
2024 · €487,100
Income taxes
€16,314▼
2024 · €26,094
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 | - | €399,300 | €399,300 | €509,300 | €509,300 |
| Carrying value of the mortgaged assets | - | €396,693 | €385,927 | €621,427 | €604,684 |
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 | €1,637 | €410,095 | €4,002 | €272,302 | €49,773 |
| Depreciation and write-downs of the year | €4,298 | €14,449 | €15,612 | €20,260 | €25,224 |
Source: notes to the 2021 to 2025 annual accounts (statement of fixed assets)
Annual accounts
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|
| Turnover70 | €193,550 | - | - | - | - | - | - | - |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €5,075 | €5,332 | €4,298 | €14,449 | €15,612 | €20,260 | €25,224 | ▲ 24.5% |
| Other operating charges640/8 | - | - | €488 | €49,033 | €43,136 | €5,935 | €28,233 | ▲ 376% |
| Non-recurring operating charges66A | - | - | €3,124 | - | - | - | - | - |
| Gross operating margin9900 | €31,687 | €24,647 | €72,614 | €102,139 | €104,678 | €128,187 | €106,442 | ▼ 17.0% |
| Operating profit (loss)9901 | €26,249 | €19,059 | €64,704 | €38,657 | €45,929 | €101,992 | €52,985 | ▼ 48.0% |
| Financial income75/76B | - | - | - | €366 | €1 | €1 | €50,414 | ▲ 84,023× |
| Recurring financial income75 | - | - | - | €366 | €1 | €1 | €50,414 | ▲ 84,023× |
| Non-recurring financial income76B | - | - | - | €366 | - | - | - | - |
| Financial charges65/66B | - | - | €173 | €4,609 | €11,014 | €9,016 | €16,302 | ▲ 80.8% |
| Recurring financial charges65 | €102 | €175 | €173 | €4,609 | €11,014 | €9,016 | €16,302 | ▲ 80.8% |
| Profit (loss) for the period before taxes9903 | €26,147 | €18,885 | €64,531 | €34,414 | €34,916 | €92,977 | €87,096 | ▼ 6.3% |
| Income taxes67/77 | €8,194 | €5,383 | €20,435 | €10,212 | €10,922 | €26,094 | €16,314 | ▼ 37.5% |
| Profit (loss) for the period9904 | €17,952 | €13,502 | €44,097 | €24,201 | €23,993 | €66,883 | €70,783 | ▲ 5.8% |
| Profit (loss) for the period to be appropriated9905 | €17,952 | €13,502 | €44,097 | €24,201 | €23,993 | €66,883 | €70,783 | ▲ 5.8% |
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|
| Assets | ||||||||
| Total assets20/58 | €46,248 | €61,239 | €86,101 | €513,350 | €445,828 | €719,384 | €755,728 | ▲ 5.1% |
| Formation expenses20 | €1,090 | €818 | €545 | €273 | - | - | - | - |
| Fixed assets21/28 | €20,791 | €19,631 | €14,119 | €410,038 | €398,685 | €650,726 | €675,275 | ▲ 3.8% |
| Tangible fixed assets22/27 | €19,211 | €14,951 | €9,439 | €405,358 | €394,005 | €646,046 | €670,595 | ▲ 3.8% |
| Land and buildings22 | - | - | - | €401,581 | €393,559 | €628,179 | €656,826 | ▲ 4.6% |
| Furniture and vehicles24 | - | - | €7,802 | €3,777 | €446 | €17,867 | €13,770 | ▼ 22.9% |
| Assets under construction and advance payments27 | - | - | €1,637 | - | - | - | - | - |
| Financial fixed assets28 | €1,580 | €4,680 | €4,680 | €4,680 | €4,680 | €4,680 | €4,680 | = |
| Current assets29/58 | €24,366 | €40,790 | €71,437 | €103,040 | €47,143 | €68,657 | €80,452 | ▲ 17.2% |
| Amounts receivable within one year40/41 | - | €1,117 | €1,801 | €16,117 | €15,016 | €5,939 | €31,641 | ▲ 433% |
| Trade receivables40 | - | - | - | €4,417 | €6,052 | €139 | €18,052 | ▲ 130× |
| Other amounts receivable41 | - | - | €1,801 | €11,701 | €8,965 | €5,801 | €13,589 | ▲ 134% |
| Cash at bank and in hand54/58 | €24,366 | €39,612 | €69,374 | €47,155 | €32,059 | €39,052 | €48,559 | ▲ 24.3% |
| Deferred charges and accrued income490/1 | - | - | €262 | €39,768 | €68 | €23,666 | €252 | ▼ 98.9% |
| Equity and liabilities | ||||||||
| Total equity and liabilities10/49 | €46,248 | €61,239 | €86,101 | €513,350 | €445,828 | €719,384 | €755,728 | ▲ 5.1% |
| Equity10/15 | €24,152 | €24,152 | €68,249 | €92,450 | €116,444 | €165,374 | €192,061 | ▲ 16.1% |
| Contributions10/11 | €6,200 | - | €6,200 | €6,200 | €6,200 | €6,200 | €6,200 | = |
| Reserves13 | €17,952 | €17,952 | €62,049 | €86,250 | €110,244 | €159,174 | €185,861 | ▲ 16.8% |
| Distributable reserves133 | - | - | €62,049 | €86,250 | €110,244 | €159,174 | €185,861 | ▲ 16.8% |
| Amounts payable17/49 | €22,096 | €37,087 | €17,852 | €420,900 | €329,384 | €554,009 | €563,667 | ▲ 1.7% |
| Amounts payable after more than one year17 | €10,707 | €7,528 | €4,321 | €375,284 | €303,103 | €487,100 | €444,849 | ▼ 8.7% |
| Financial debts170/4 | - | - | €4,321 | €375,284 | €303,103 | €487,100 | €444,849 | ▼ 8.7% |
| Amounts payable within one year42/48 | €11,389 | €29,559 | €13,531 | €45,616 | €26,280 | €66,909 | €118,818 | ▲ 77.6% |
| Current portion of amounts payable after more than one year42 | - | - | €3,207 | €29,540 | €22,137 | €33,056 | €39,112 | ▲ 18.3% |
| Financial debts43 | - | - | €3,806 | €6,701 | - | €8,333 | €6,667 | ▼ 20.0% |
| Credit institutions430/8 | - | - | €3,806 | €6,701 | - | €8,333 | €6,667 | ▼ 20.0% |
| Trade debts44 | €333 | €779 | €1,111 | €3,051 | €1,010 | €879 | €20,770 | ▲ 24× |
| Suppliers440/4 | - | - | €1,111 | €3,051 | €1,010 | €879 | €20,770 | ▲ 24× |
| Taxes, remuneration and social security45 | - | - | €4,618 | €5,730 | €3,107 | €6,688 | €8,173 | ▲ 22.2% |
| Taxes450/3 | - | - | €4,618 | €5,730 | €3,107 | €6,688 | €8,173 | ▲ 22.2% |
| Other amounts payable47/48 | - | - | €789 | €594 | €26 | €17,952 | €44,097 | ▲ 146% |
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €17,952 | €13,502 | €44,097 | €24,201 | €23,993 | €66,883 | €70,783 | ▲ 5.8% |
| + Depreciation and write-downs630 | €5,075 | €5,332 | €4,298 | €14,449 | €15,612 | €20,260 | €25,224 | ▲ 24.5% |
| Operating cash flow (approximation) | €23,028 | €18,834 | €48,395 | €38,651 | €39,605 | €87,143 | €96,007 | ▲ 10.2% |
| Investment in fixed assets (approximation) | - | -€4,172 | €1,214 | -€410,368 | -€4,259 | -€272,302 | -€49,773 | ▲ 81.7% |
| Change in cash | - | €15,246 | €29,762 | -€22,219 | -€15,096 | €6,993 | €9,507 | ▲ 36.0% |
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 (7)
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-12-2025 | full format | 24-03-2026 | 2026-00064678 | |
| 31-12-2024 | full format | 18-07-2025 | 2025-00290745 | |
| 31-12-2023 | full format | 04-07-2024 | 2024-00215083 | |
| 31-12-2022 | full format | 01-07-2023 | 2023-00198404 | |
| 31-12-2021 | full format | 19-08-2022 | 2022-20307784 | |
| 31-12-2020 | full format | 20-07-2021 | 2021-37900101 | |
| 31-12-2019 | full format | 14-07-2020 | 2020-30100130 |