Financials · financial year 2025, full format
Annual accounts 2025 filed on 01-07-2026 at the NBB all 35 filings
Equity
€98.1m▲ 2.0%
2024 · €96.2m
Net result
€2.1m▼ 87.4%
2024 · €16.6m
Total assets
€110.0m▲ 10.6%
2024 · €99.5m
Solvency
89.2%▼ 7.5pp
2024 · 96.7%
In the rankings
#4 company by total assets in Dilbeek, Finance and insurance sector#4 company by equity in Dilbeek, Finance and insurance sector
Multi-year overview
2018 to 2025, 8 financial yearsTurnover
€337,526
▼ 46.4%
2025
20182025
Operating result
-€2.3m
▲ 1.4%
2025
20182025
Net result
€2.1m
▼ 87.4%
2025
highest quarter of the sector
20182025
Equity
€98.1m
▲ 2.0%
2025
highest quarter of the sector
20182025
Total assets
€110.0m
▲ 10.6%
2025
highest quarter of the sector
20182025
Debt
€11.9m
▲ 260%
2025
20182025
Working capital
€30.3m
▼ 39.6%
2025
highest quarter of the sector
20182025
Solvency
89.2%
▼ 7.5pp
2025
highest quarter of the sector
20182025
Current ratio
3.58
▼ 19.91
2025
highest quarter of the sector
20182025
Return on assets (ROA)
1.9%
▼ 14.8pp
2025
middle half of the sector
20182025
Staff (FTE)
1.3
▲ 8.3%
2025
middle half of the sector
20182025
Every figure per financial year
Every figure with its change against the financial year before
favourable
unfavourable
Line20182019202020212022202320242025
Turnover€0.3m-€0.6m▲ 124%€0.6m▲ 4.5%€0.6m▲ 1.6%€0.6m▼ 4.8%€0.7m▲ 22.4%€0.6m▼ 9.5%€0.3m▼ 46.4%
Operating result-€1.3m--€1.9m▼ 45.8%-€0.6m▲ 65.9%-€0.8m▼ 22.1%€0.02m-€1.4m-€2.4m▼ 63.2%-€2.3m▲ 1.4%
Net result€8.3m-€7.5m▼ 9.1%€1.0mabove the sector's middle half▼ 86.3%€5.8mabove the sector's middle half▲ 460%€4.2mabove the sector's middle half▼ 26.9%-€11.6mbelow the sector's middle half€16.6mabove the sector's middle half€2.1mabove the sector's middle half▼ 87.4%
Equity€73.6m-€81.1m▲ 10.2%€82.1mabove the sector's middle half▲ 1.3%€87.9mabove the sector's middle half▲ 7.0%€92.1mabove the sector's middle half▲ 4.8%€80.1mabove the sector's middle half▼ 13.0%€96.2mabove the sector's middle half▲ 20.1%€98.1mabove the sector's middle half▲ 2.0%
Total assets€88.1m-€94.9m▲ 7.8%€94.5mabove the sector's middle half▼ 0.4%€100.0mabove the sector's middle half▲ 5.8%€103.2mabove the sector's middle half▲ 3.2%€94.5mabove the sector's middle half▼ 8.5%€99.5mabove the sector's middle half▲ 5.3%€110.0mabove the sector's middle half▲ 10.6%
Debt€14.5m-€13.8m▼ 4.8%€12.4m▼ 10.2%€12.1m▼ 2.4%€11.0m▼ 8.6%€14.3m▲ 29.8%€3.3m▼ 77.0%€11.9m▲ 260%
Working capital€45.6m-€45.8m▲ 0.3%€39.2mabove the sector's middle half▼ 14.4%€37.8mabove the sector's middle half▼ 3.6%€37.3mabove the sector's middle half▼ 1.2%€27.4mabove the sector's middle half▼ 26.6%€50.3mabove the sector's middle half▲ 83.5%€30.3mabove the sector's middle half▼ 39.6%
Solvency83.5%-85.5%▲ 1.9pp86.9%above the sector's middle half▲ 1.4pp87.9%above the sector's middle half▲ 1.0pp89.3%above the sector's middle half▲ 1.4pp84.8%above the sector's middle half▼ 4.5pp96.7%above the sector's middle half▲ 11.9pp89.2%above the sector's middle half▼ 7.5pp
Current ratio4.26-4.50▲ 0.244.33above the sector's middle half▼ 0.174.38above the sector's middle half▲ 0.054.80above the sector's middle half▲ 0.423.10above the sector's middle half▼ 1.7023.49above the sector's middle half▲ 20.393.58above the sector's middle half▼ 19.91
Return on assets (ROA)9.4%-7.9%▼ 1.5pp1.1%within the sector's middle half▼ 6.8pp5.8%within the sector's middle half▲ 4.7pp4.1%within the sector's middle half▼ 1.7pp-12.2%below the sector's middle half▼ 16.3pp16.7%above the sector's middle half▲ 28.9pp1.9%within the sector's middle half▼ 14.8pp
Staff (FTE)2.8-2.8=2.8within the sector's middle half=1.7within the sector's middle half▼ 39.3%1.7within the sector's middle half=1.8within the sector's middle half▲ 5.9%1.2within the sector's middle half▼ 33.3%1.3within the sector's middle half▲ 8.3%
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 a loss of €2.3m, smaller than the loss of €2.4m in 2024.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €110.0m
Fixed assets
€67.9m ▲ 44.5%
Current assets
€42.1m ▼ 19.8%
Equity and liabilities €110.0m
Equity
€98.1m ▲ 2.0%
Debt
€11.9m ▲ 260%
Debt's share of the balance-sheet total rises from 3.3% to 10.8%. Equity and debt are higher.
Key figures and ratios
ROE
2.1%▼
2024 · 17.2%
Debt ≤ 1 year
€11.8m▲
2024 · €2.2m
Income taxes
€5,489▲
2024 · €118
Staff costs
€52,469▼
2024 · €109,408
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 | 31-12-2025 |
|---|---|---|---|---|---|
| Employees at the balance-sheet date | 2 | 2 | 2 | 1 | 1 |
| full-time | 1 | 1 | 1 | - | 1 |
| part-time | 1 | 1 | 1 | 1 | - |
| in full-time equivalents | 1.5 | 1.8 | 1.8 | 0.8 | 1 |
| Average over the year, in full-time equivalents | 1.7 | 1.7 | 1.8 | 1.2 | 1.3 |
| On a permanent contract | 2 | 2 | 2 | 1 | 1 |
| Joined | 0 | 1 | - | 0 | 1 |
| Left | 1 | 1 | - | 1 | 1 |
Source: social balance sheet in the 2021 to 2025 annual accounts
Securities and guarantees
| Item | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Guarantees given for others' debts | €400,000 | €400,000 | €400,000 | - | - |
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 | - | €39,734 | - | - | - |
| Financial fixed assets | €12.6m | €16.2m | €13.7m | €7.2m | €22.1m |
| Depreciation and write-downs of the year | €14,064 | €12,489 | €16,676 | €9,375 | €7,485 |
Source: notes to the 2021 to 2025 annual accounts (statement of fixed assets)
Auditor
| Item | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Fee for the audit | €10,831 | €12,052 | €13,989 | €14,713 | €15,316 |
Source: notes to the 2021 to 2025 annual accounts (relations with the auditor)
Annual accounts
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Operating income70/76A | - | - | - | €0.6m | €1.8m | €0.7m | €0.7m | €0.3m | ▼ 47.1% |
| Turnover70 | €0.3m | €0.6m | €0.6m | €0.6m | €0.6m | €0.7m | €0.6m | €0.3m | ▼ 46.4% |
| Other operating income74 | - | - | - | €0.03m | €0.05m | €0.03m | €0.03m | €0.006m | ▼ 81.7% |
| Non-recurring operating income76A | - | - | - | - | €1.2m | - | - | €0.006m | - |
| Operating charges60/66A | - | - | - | €1.4m | €1.8m | €2.2m | €3.0m | €2.7m | ▼ 11.4% |
| Services and other goods61 | - | - | - | €1.3m | €1.7m | €1.5m | €2.9m | €2.6m | ▼ 9.8% |
| Remuneration, social security and pensions62 | - | - | - | €0.1m | €0.06m | €0.1m | €0.1m | €0.05m | ▼ 52.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €0.02m | €0.02m | €0.02m | €0.01m | €0.01m | €0.02m | €0.009m | €0.007m | ▼ 20.2% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals)631/4 | - | - | - | - | - | €0.6m | -€0.6m | - | - |
| Other operating charges640/8 | - | - | - | €0.006m | €0.007m | €0.001m | €0.6m | €0.001m | ▼ 99.8% |
| Non-recurring operating charges66A | - | - | - | €1 | - | - | €0.002m | - | - |
| Operating profit (loss)9901 | -€1.3m | -€1.9m | -€0.6m | -€0.8m | €0.02m | -€1.4m | -€2.4m | -€2.3m | ▲ 1.4% |
| Financial income75/76B | - | - | - | €6.8m | €11.3m | €6.5m | €41.6m | €5.5m | ▼ 86.8% |
| Recurring financial income75 | €19.0m | €8.7m | €2.8m | €6.8m | €10.9m | €3.9m | €18.9m | €5.0m | ▼ 73.2% |
| Income from financial fixed assets750 | - | - | - | €5.2m | €7.1m | €2.3m | €14.8m | €1.6m | ▼ 88.9% |
| Income from current assets751 | - | - | - | €0.3m | €0.4m | €0.5m | €0.7m | €1.0m | ▲ 52.1% |
| Other financial income752/9 | - | - | - | €1.3m | €3.4m | €1.1m | €3.4m | €2.4m | ▼ 28.7% |
| Non-recurring financial income76B | - | - | - | €0.007m | €0.4m | €2.7m | €22.7m | €0.4m | ▼ 98.1% |
| Financial charges65/66B | - | - | - | €0.3m | €6.9m | €16.6m | €22.6m | €1.1m | ▼ 95.3% |
| Recurring financial charges65 | €1.6m | -€1.1m | €1.0m | €0.3m | €0.6m | €0.4m | €0.9m | €0.3m | ▼ 68.6% |
| Debt charges650 | €0.1m | €0.07m | €0.07m | €0.07m | €0.09m | €0.3m | €0.1m | €0.02m | ▼ 82.2% |
| Write-downs on current assets other than stocks, contracts in progress and trade receivables: additions (reversals)651 | - | - | - | €0.06m | €0.2m | -€0.07m | €0.2m | -€0.1m | - |
| Other financial charges652/9 | - | - | - | €0.1m | €0.3m | €0.2m | €0.5m | €0.4m | ▼ 25.1% |
| Non-recurring financial charges66B | - | - | - | - | €6.2m | €16.2m | €21.8m | €0.8m | ▼ 96.4% |
| Profit (loss) for the period before taxes9903 | €8.3m | €7.5m | €1.0m | €5.8m | €4.5m | -€11.6m | €16.6m | €2.1m | ▼ 87.4% |
| Income taxes67/77 | €0.001m | €454 | €372 | €0.01m | €0.2m | €0.001m | €118 | €0.005m | ▲ 47× |
| Taxes670/3 | - | - | - | €0.01m | €0.2m | €0.001m | €118 | €0.005m | ▲ 47× |
| Profit (loss) for the period9904 | €8.3m | €7.5m | €1.0m | €5.8m | €4.2m | -€11.6m | €16.6m | €2.1m | ▼ 87.4% |
| Profit (loss) for the period to be appropriated9905 | €8.3m | €7.5m | €1.0m | €5.8m | €4.2m | -€11.6m | €16.6m | €2.1m | ▼ 87.4% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Assets | |||||||||
| Total assets20/58 | €88.1m | €94.9m | €94.5m | €100.0m | €103.2m | €94.5m | €99.5m | €110.0m | ▲ 10.6% |
| Fixed assets21/28 | €28.4m | €36.1m | €43.5m | €51.0m | €56.0m | €54.0m | €47.0m | €67.9m | ▲ 44.5% |
| Intangible fixed assets21 | €0 | €0.004m | €0.008m | €0.006m | €0.004m | €0.002m | €442 | - | - |
| Tangible fixed assets22/27 | €1.0m | €1.1m | €1.1m | €1.0m | €0.6m | €0.6m | €0.6m | €0.3m | ▼ 50.7% |
| Land and buildings22 | - | - | - | €0.7m | €0.3m | €0.3m | €0.3m | €0.3m | = |
| Plant, machinery and equipment23 | - | - | - | €0.002m | €0.001m | €0.001m | €231 | - | - |
| Furniture and vehicles24 | - | - | - | €0.01m | €0.03m | €0.02m | €0.007m | - | - |
| Other tangible fixed assets26 | - | - | - | €0.3m | €0.3m | €0.3m | €0.3m | €0.005m | ▼ 98.5% |
| Financial fixed assets28 | €27.4m | €35.0m | €42.5m | €50.0m | €55.4m | €53.4m | €46.4m | €67.6m | ▲ 45.8% |
| Affiliated companies280/1 | - | - | - | €17.3m | €12.8m | €7.6m | €6.6m | €17.6m | ▲ 168% |
| Participating interests280 | - | - | - | €16.4m | €10.3m | €7.6m | €6.6m | €16.9m | ▲ 157% |
| Amounts receivable281 | - | - | - | €0.9m | €2.5m | - | - | €0.7m | - |
| Companies linked by participating interests282/3 | - | - | - | €9.8m | €10.5m | €9.0m | €0.9m | €1.2m | ▲ 41.9% |
| Participating interests282 | - | - | - | €2.9m | €2.1m | €2.9m | €0.9m | €1.2m | ▲ 41.9% |
| Amounts receivable283 | - | - | - | €6.9m | €8.4m | €6.1m | - | - | - |
| Other financial fixed assets284/8 | - | - | - | €22.8m | €32.1m | €36.9m | €38.9m | €48.7m | ▲ 25.2% |
| Shares284 | - | - | - | €22.8m | €32.1m | €36.9m | €38.9m | €48.7m | ▲ 25.2% |
| Amounts receivable and cash guarantees285/8 | - | - | - | €0.05m | - | - | - | - | - |
| Current assets29/58 | €59.6m | €58.8m | €51.0m | €49.0m | €47.1m | €40.4m | €52.5m | €42.1m | ▼ 19.8% |
| Amounts receivable after more than one year29 | - | - | - | €1.0m | €0.8m | €0.8m | €3.0m | €2.7m | ▼ 8.4% |
| Other amounts receivable291 | - | - | - | €1.0m | €0.8m | €0.8m | €3.0m | €2.7m | ▼ 8.4% |
| Stocks and contracts in progress3 | €0.4m | €0.4m | - | - | - | - | - | - | - |
| Amounts receivable within one year40/41 | €2.9m | €4.1m | €0.3m | €0.7m | €1.1m | €0.6m | €1.8m | €1.7m | ▼ 6.5% |
| Trade receivables40 | - | - | - | €0.4m | €0.5m | €0.1m | €0.09m | €0.1m | ▲ 13.3% |
| Other amounts receivable41 | - | - | - | €0.4m | €0.6m | €0.5m | €1.7m | €1.6m | ▼ 7.5% |
| Current investments50/53 | €48.9m | €47.5m | €38.9m | €40.8m | €35.1m | €36.2m | €44.7m | €35.1m | ▼ 21.6% |
| Other investments51/53 | - | - | - | €40.8m | €35.1m | €36.2m | €44.7m | €35.1m | ▼ 21.6% |
| Cash at bank and in hand54/58 | €6.3m | €5.5m | €10.6m | €6.2m | €9.8m | €2.6m | €2.7m | €2.5m | ▼ 9.7% |
| Deferred charges and accrued income490/1 | - | - | - | €0.2m | €0.3m | €0.2m | €0.2m | €0.1m | ▼ 37.2% |
| Equity and liabilities | |||||||||
| Total equity and liabilities10/49 | €88.1m | €94.9m | €94.5m | €100.0m | €103.2m | €94.5m | €99.5m | €110.0m | ▲ 10.6% |
| Equity10/15 | €73.6m | €81.1m | €82.1m | €87.9m | €92.1m | €80.1m | €96.2m | €98.1m | ▲ 2.0% |
| Contributions10/11 | €1.1m | €1.1m | €1.1m | €1.1m | €1.1m | €1.1m | €1.1m | €1.1m | = |
| Capital10 | - | - | - | €1.1m | €1.1m | €1.1m | €1.1m | €1.1m | = |
| Issued capital100 | - | - | - | €1.1m | €1.1m | €1.1m | €1.1m | €1.1m | = |
| Reserves13 | €21.7m | €21.7m | €21.7m | €21.7m | €21.7m | €21.3m | €20.8m | €20.6m | ▼ 0.8% |
| Non-distributable reserves130/1 | - | - | - | €0.1m | €0.1m | €0.1m | €0.1m | €0.1m | = |
| Legal reserve130 | - | - | - | €0.1m | €0.1m | €0.1m | €0.1m | €0.1m | = |
| Distributable reserves133 | - | - | - | €21.6m | €21.6m | €21.2m | €20.7m | €20.5m | ▼ 0.8% |
| Profit (loss) carried forward14 | €50.7m | €58.3m | €59.3m | €65.1m | €69.3m | €57.7m | €74.3m | €76.4m | ▲ 2.8% |
| Amounts payable17/49 | €14.5m | €13.8m | €12.4m | €12.1m | €11.0m | €14.3m | €3.3m | €11.9m | ▲ 260% |
| Amounts payable within one year42/48 | €14.0m | €13.1m | €11.8m | €11.2m | €9.8m | €13.0m | €2.2m | €11.8m | ▲ 426% |
| Financial debts43 | - | - | - | - | - | €5.0m | - | €10.0m | - |
| Credit institutions430/8 | - | - | - | - | - | €5.0m | - | €10.0m | - |
| Trade debts44 | €0.2m | €0.1m | €0.08m | €0.5m | €0.5m | €0.1m | €0.07m | €0.1m | ▲ 96.0% |
| Suppliers440/4 | - | - | - | €0.5m | €0.5m | €0.1m | €0.07m | €0.1m | ▲ 96.0% |
| Taxes, remuneration and social security45 | - | - | - | €0.02m | €0.3m | €0.02m | €0.001m | €0.01m | ▲ 22× |
| Taxes450/3 | - | - | - | €0.01m | €0.2m | €0.002m | €0.001m | €0.006m | ▲ 989% |
| Remuneration and social security454/9 | - | - | - | €0.008m | €0.005m | €0.01m | - | €0.006m | - |
| Other amounts payable47/48 | - | - | - | €10.7m | €9.1m | €7.9m | €2.2m | €1.6m | ▼ 25.5% |
| Accrued charges and deferred income492/3 | - | - | - | €0.9m | €1.2m | €1.3m | €1.1m | €0.1m | ▼ 88.1% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €8.3m | €7.5m | €1.0m | €5.8m | €4.2m | -€11.6m | €16.6m | €2.1m | ▼ 87.4% |
| + Depreciation and write-downs630 | €0.02m | €0.02m | €0.02m | €0.01m | €0.01m | €0.02m | €0.009m | €0.007m | ▼ 20.2% |
| Operating cash flow (approximation) | €8.3m | €7.5m | €1.1m | €5.8m | €4.2m | -€11.5m | €16.6m | €2.1m | ▼ 87.4% |
| Investment in fixed assets (approximation) | - | -€7.7m | -€7.5m | -€7.5m | -€5.0m | €2.0m | €7.0m | -€20.9m | - |
| Change in cash | - | -€0.7m | €5.1m | -€4.4m | €3.6m | -€7.2m | €0.1m | -€0.3m | - |
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 35 filings with the National Bank
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-12-2025 | full format | 01-07-2026 | 2026-00238568 | |
| 31-12-2024 | full format | 30-06-2025 | 2025-00199770 | |
| 31-12-2023 | full format | 11-06-2024 | 2024-00122956 | |
| 31-12-2022 | full format | 29-06-2023 | 2023-00174460 | |
| 31-12-2021 | full format | 28-06-2022 | 2022-20107097 | |
| 31-12-2020 | full format | 05-07-2021 | 2021-30700128 | |
| 31-12-2019 | full format | 14-07-2020 | 2020-30000523 | |
| 31-12-2018 | full format | 12-07-2019 | 2019-32400457 | |
| 31-12-2017 | full format | 22-08-2018 | 2018-48400528 | |
| 31-12-2016 | full format | 16-08-2017 | 2017-44200330 |