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, 2026-00464941.
Annual accounts 2025 filed on 31-08-2026 at the NBB all 15 filings
Equity
€634,047▲ 5.6%
2024 · €600,650
Net result
€33,397▼ 79.4%
2024 · €161,775
Total assets
€1.5m▲ 4.1%
2024 · €1.4m
Solvency
43.6%▲ 0.6pp
2024 · 43.0%
Multi-year overview
2018 to 2025, 8 financial yearsOperating result
€36,883
▼ 82.6%
2025
20182025
Net result
€33,397
▼ 79.4%
2025
middle half of the sector
20182025
Equity
€634,047
▲ 5.6%
2025
highest quarter of the sector
20182025
Total assets
€1.5m
▲ 4.1%
2025
highest quarter of the sector
20182025
Debt
€759,796
▲ 3.2%
2025
20182025
Working capital
€327,738
▲ 7.9%
2025
highest quarter of the sector
20182025
Solvency
43.6%
▲ 0.6pp
2025
middle half of the sector
20182025
Current ratio
2.23
▲ 0.08
2025
middle half of the sector
20182025
Return on assets (ROA)
2.3%
▼ 9.3pp
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
Operating result€0.08m-€0.1m▲ 27.3%€0.03m▼ 66.9%€0.2m▲ 586%€0.2m▼ 10.6%€0.04m▼ 79.5%€0.2m▲ 428%€0.04m▼ 82.6%
Net result€0.06m-€0.06m▲ 12.6%€0.04mwithin the sector's middle half▼ 34.7%€0.09mabove the sector's middle half▲ 120%€0.01mwithin the sector's middle half▼ 87.5%€0.04mwithin the sector's middle half▲ 215%€0.2mabove the sector's middle half▲ 340%€0.03mwithin the sector's middle half▼ 79.4%
Equity€0.2m-€0.3m▲ 34.3%€0.3mwithin the sector's middle half▲ 16.7%€0.4mabove the sector's middle half▲ 31.4%€0.4mabove the sector's middle half▲ 3.0%€0.4mabove the sector's middle half▲ 9.1%€0.6mabove the sector's middle half▲ 36.9%€0.6mabove the sector's middle half▲ 5.6%
Total assets€0.3m-€0.3m▲ 13.2%€0.8mwithin the sector's middle half▲ 133%€1.1mabove the sector's middle half▲ 33.3%€1.1mabove the sector's middle half▲ 1.9%€1.2mabove the sector's middle half▲ 6.2%€1.4mabove the sector's middle half▲ 20.4%€1.5mabove the sector's middle half▲ 4.1%
Debt€0.1m-€0.09m▼ 21.5%€0.5m▲ 461%€0.6m▲ 24.5%€0.6m▼ 3.4%€0.7m▲ 8.3%€0.7m▲ 11.3%€0.8m▲ 3.2%
Working capital€0.2m-€0.2m▲ 31.3%€0.2mabove the sector's middle half▼ 13.9%€0.1mabove the sector's middle half▼ 31.2%€0.2mabove the sector's middle half▲ 32.8%€0.2mabove the sector's middle half▲ 11.8%€0.3mabove the sector's middle half▲ 42.5%€0.3mabove the sector's middle half▲ 7.9%
Solvency62.2%-73.8%▲ 11.6pp36.9%within the sector's middle half▼ 36.9pp36.4%within the sector's middle half▼ 0.5pp36.8%within the sector's middle half▲ 0.4pp37.8%within the sector's middle half▲ 1.0pp43.0%within the sector's middle half▲ 5.2pp43.6%within the sector's middle half▲ 0.6pp
Current ratio2.63-3.78▲ 1.155.38above the sector's middle half▲ 1.601.64within the sector's middle half▼ 3.741.82within the sector's middle half▲ 0.182.48within the sector's middle half▲ 0.662.15within the sector's middle half▼ 0.322.23within the sector's middle half▲ 0.08
Return on assets (ROA)18.9%-18.8%▼ 0.1pp5.3%within the sector's middle half▼ 13.6pp8.7%within the sector's middle half▲ 3.4pp1.1%below the sector's middle half▼ 7.6pp3.2%within the sector's middle half▲ 2.1pp11.6%within the sector's middle half▲ 8.4pp2.3%within the sector's middle half▼ 9.3pp
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 83% lower than in 2024 and the lowest since 2021.
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 €1.5m
Fixed assets
€859,589 ▲ 3.6%
Current assets
€594,254 ▲ 4.8%
Equity and liabilities €1.5m
Equity
€634,047 ▲ 5.6%
Provisions
€60,000 =
Debt
€759,796 ▲ 3.2%
Debt's share of the balance-sheet total falls from 52.7% to 52.3%. Equity and debt are higher.
Key figures and ratios
ROE
5.3%▼
2024 · 26.9%
Debt ≤ 1 year
€266,516▲
2024 · €263,255
Debt > 1 year
€493,280▲
2024 · €473,204
Income taxes
€9,982▼
2024 · €55,655
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 | €188,795 | €1,400 | €172,988 | €72,483 | €87,287 |
| Financial fixed assets | - | - | - | - | €500 |
| Depreciation and write-downs of the year | €33,595 | €35,238 | €39,915 | €42,732 | €58,315 |
Source: notes to the 2021 to 2025 annual accounts (statement of fixed assets)
Annual accounts
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Remuneration, social security and pensions62 | - | - | - | - | €134 | - | - | - | - |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €2,208 | €4,802 | €89,754 | €33,595 | €35,238 | €39,915 | €42,732 | €58,315 | ▲ 36.5% |
| Provisions for liabilities and charges: additions (uses and reversals)635/8 | - | - | - | €50,000 | €30,000 | -€20,000 | - | - | - |
| Other operating charges640/8 | - | - | - | €5,217 | €5,304 | €5,075 | €7,414 | €8,784 | ▲ 18.5% |
| Gross operating margin9900 | €79,347 | €101,943 | €125,323 | €308,216 | €266,784 | €65,250 | €262,542 | €103,982 | ▼ 60.4% |
| Operating profit (loss)9901 | €75,944 | €96,680 | €31,992 | €219,404 | €196,108 | €40,261 | €212,395 | €36,883 | ▼ 82.6% |
| Financial income75/76B | - | - | - | €0 | €544 | €15,528 | €23,843 | €25,697 | ▲ 7.8% |
| Recurring financial income75 | €2,200 | €506 | €37,256 | €0 | €544 | €15,528 | €23,843 | €25,697 | ▲ 7.8% |
| Financial charges65/66B | - | - | - | €99,151 | €180,408 | €11,456 | €18,809 | €19,201 | ▲ 2.1% |
| Recurring financial charges65 | €2,953 | €4,713 | €991 | €15,640 | €12,807 | €11,456 | €18,809 | €19,201 | ▲ 2.1% |
| Non-recurring financial charges66B | - | - | - | €83,511 | €167,601 | - | - | - | - |
| Profit (loss) for the period before taxes9903 | €75,190 | €92,472 | €68,257 | €120,253 | €16,244 | €44,333 | €217,429 | €43,378 | ▼ 80.0% |
| Income taxes67/77 | €17,457 | €27,474 | €25,834 | €26,863 | €4,588 | €7,566 | €55,655 | €9,982 | ▼ 82.1% |
| Profit (loss) for the period9904 | €57,733 | €64,998 | €42,422 | €93,389 | €11,655 | €36,767 | €161,775 | €33,397 | ▼ 79.4% |
| Profit (loss) for the period to be appropriated9905 | €57,733 | €64,998 | €42,422 | €93,389 | €11,655 | €36,767 | €161,775 | €33,397 | ▼ 79.4% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Assets | |||||||||
| Total assets20/58 | €0.3m | €0.3m | €0.8m | €1.1m | €1.1m | €1.2m | €1.4m | €1.5m | ▲ 4.1% |
| Fixed assets21/28 | €0.007m | €0.02m | €0.5m | €0.7m | €0.7m | €0.8m | €0.8m | €0.9m | ▲ 3.6% |
| Tangible fixed assets22/27 | €0.007m | €0.02m | €0.5m | €0.7m | €0.7m | €0.8m | €0.8m | €0.9m | ▲ 3.5% |
| Land and buildings22 | - | - | - | €0.7m | €0.6m | €0.8m | €0.8m | €0.8m | ▼ 1.3% |
| Plant, machinery and equipment23 | - | - | - | €0.03m | €0.02m | €0.02m | €0.04m | €0.08m | ▲ 85.3% |
| Furniture and vehicles24 | - | - | - | €0.01m | €0.004m | €0.008m | €0.008m | €0.01m | ▲ 52.3% |
| Financial fixed assets28 | €150 | €150 | €150 | €150 | €150 | €150 | €150 | €0.001m | ▲ 333% |
| Current assets29/58 | €0.3m | €0.3m | €0.3m | €0.4m | €0.4m | €0.4m | €0.6m | €0.6m | ▲ 4.8% |
| Amounts receivable within one year40/41 | €0.3m | €0.3m | €0.2m | €0.3m | €0.4m | €0.4m | €0.6m | €0.6m | ▲ 2.9% |
| Trade receivables40 | - | - | - | €0.09m | €0.1m | €0.04m | €0.1m | €0.09m | ▼ 23.4% |
| Other amounts receivable41 | - | - | - | €0.2m | €0.3m | €0.3m | €0.5m | €0.5m | ▲ 9.6% |
| Cash at bank and in hand54/58 | €0.02m | €0.02m | €0.03m | €0.04m | €0.03m | €0.001m | €0.001m | €0.01m | ▲ 21× |
| Deferred charges and accrued income490/1 | - | - | - | €115 | €0.002m | €0.003m | - | - | - |
| Equity and liabilities | |||||||||
| Total equity and liabilities10/49 | €0.3m | €0.3m | €0.8m | €1.1m | €1.1m | €1.2m | €1.4m | €1.5m | ▲ 4.1% |
| Equity10/15 | €0.2m | €0.3m | €0.3m | €0.4m | €0.4m | €0.4m | €0.6m | €0.6m | ▲ 5.6% |
| Contributions10/11 | €0.02m | €0.02m | - | €0.02m | €0.02m | €0.02m | €0.02m | €0.02m | = |
| Reserves13 | €0.2m | €0.2m | €0.3m | €0.4m | €0.4m | €0.4m | €0.6m | €0.6m | ▲ 5.8% |
| Non-distributable reserves130/1 | - | - | - | €0.002m | €0.002m | - | - | - | - |
| Reserves not available under the articles1311 | - | - | - | €0.002m | €0.002m | - | - | - | - |
| Distributable reserves133 | - | - | - | €0.4m | €0.4m | €0.4m | €0.6m | €0.6m | ▲ 5.8% |
| Provisions and deferred taxes16 | - | - | - | €0.05m | €0.08m | €0.06m | €0.06m | €0.06m | = |
| Provisions for liabilities and charges160/5 | - | - | - | €0.05m | €0.08m | €0.06m | €0.06m | €0.06m | = |
| Major repairs and maintenance162 | - | - | - | €0.05m | €0.08m | €0.06m | €0.06m | €0.06m | = |
| Amounts payable17/49 | €0.1m | €0.09m | €0.5m | €0.6m | €0.6m | €0.7m | €0.7m | €0.8m | ▲ 3.2% |
| Amounts payable after more than one year17 | €0.002m | €0.003m | €0.5m | €0.4m | €0.4m | €0.5m | €0.5m | €0.5m | ▲ 4.2% |
| Financial debts170/4 | - | - | - | €0.4m | €0.4m | €0.5m | €0.5m | €0.5m | ▲ 4.2% |
| Amounts payable within one year42/48 | €0.1m | €0.09m | €0.05m | €0.2m | €0.2m | €0.1m | €0.3m | €0.3m | ▲ 1.2% |
| Financial debts43 | - | - | - | €0.05m | €0.04m | €0.06m | €0.05m | €0.08m | ▲ 79.1% |
| Credit institutions430/8 | - | - | - | €0.05m | €0.04m | €0.06m | €0.05m | €0.08m | ▲ 79.1% |
| Trade debts44 | €0.001m | €0.004m | €173 | €0.06m | €0.08m | €0.03m | €0.02m | €0.03m | ▲ 77.8% |
| Suppliers440/4 | - | - | - | €0.06m | €0.08m | €0.03m | €0.02m | €0.03m | ▲ 77.8% |
| Advances received on contracts in progress46 | - | - | - | - | - | €0.001m | €0.06m | - | - |
| Taxes, remuneration and social security45 | - | - | - | €0.1m | €0.1m | €0.06m | €0.1m | €0.2m | ▲ 14.0% |
| Taxes450/3 | - | - | - | €0.1m | €0.1m | €0.06m | €0.1m | €0.2m | ▲ 14.0% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €57,733 | €64,998 | €42,422 | €93,389 | €11,655 | €36,767 | €161,775 | €33,397 | ▼ 79.4% |
| + Depreciation and write-downs630 | €2,208 | €4,802 | €89,754 | €33,595 | €35,238 | €39,915 | €42,732 | €58,315 | ▲ 36.5% |
| Operating cash flow (approximation) | €59,942 | €69,800 | €132,176 | €126,984 | €46,893 | €76,681 | €204,507 | €91,711 | ▼ 55.2% |
| Investment in fixed assets (approximation) | - | -€13,193 | -€622,725 | -€188,795 | -€1,400 | -€172,988 | -€70,016 | -€87,787 | ▼ 25.4% |
| Change in cash | - | -€6,247 | €9,182 | €15,212 | -€17,049 | -€24,701 | -€565 | €10,704 | - |
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 15 filings with the National Bank
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-12-2025 | micro format | 31-08-2026 | 2026-00464941 | |
| 31-12-2024 | micro format | 23-08-2025 | 2025-00395088 | |
| 31-12-2023 | micro format | 14-02-2025 | 2025-00034639 | |
| 31-12-2022 | micro format | 24-10-2023 | 2023-00490859 | |
| 31-12-2021 | micro format | 31-08-2022 | 2022-20384640 | |
| 31-12-2020 | micro format | 25-11-2021 | 2021-78200008 | |
| 31-12-2019 | micro format | 03-11-2020 | 2020-67300048 | |
| 31-12-2018 | micro format | 31-07-2019 | 2019-40800008 | |
| 31-12-2017 | micro format | 31-08-2018 | 2018-54800166 | |
| 31-12-2016 | micro format | 30-04-2018 | 2018-11100141 |