Financials · financial year 2025, abbreviated format
2025 annual accounts filed 61 days after the deadline Filed on 30 September 2026, deadline 31 July 2026 (7 months after the close on 31 December 2025, Companies Code art. 3:10). Source: NBB, 2026-00537105.
Annual accounts 2025 filed on 30-09-2026 at the NBB all 20 filings
Equity
€332,927▼ 14.2%
2024 · €387,939
Net result
-€55,012▼ 181%
2024 · -€19,549
Total assets
€1.6m▼ 2.5%
2024 · €1.6m
Solvency
21.5%▼ 2.9pp
2024 · 24.4%
Multi-year overview
2018 to 2025, 8 financial yearsOperating result
-€51,505
▼ 272%
2025
20182025
Net result
-€55,012
▼ 181%
2025
lowest quarter of the sector
20182025
Equity
€332,927
▼ 14.2%
2025
middle half of the sector
20182025
Total assets
€1.6m
▼ 2.5%
2025
middle half of the sector
20182025
Debt
€1.2m
▲ 1.5%
2025
20182025
Working capital
-€670,828
▼ 3.4%
2025
lowest quarter of the sector
20182025
Solvency
21.5%
▼ 2.9pp
2025
lowest quarter of the sector
20182025
Current ratio
0.18
▲ 0.02
2025
lowest quarter of the sector
20182025
Return on assets (ROA)
-3.5%
▼ 2.3pp
2025
lowest quarter of the sector
20182025
Staff (FTE)
0.2
▼ 75.0%
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€0.02m-€0.08m▲ 400%-€0.03m-€0.01m▲ 66.1%-€0.05m▼ 319%-€0.004m▲ 92.1%-€0.01m▼ 267%-€0.05m▼ 272%
Net result€0.003m-€0.06m▲ 25×-€0.001mbelow the sector's middle half-€0.01mbelow the sector's middle half▼ 1,204%-€0.05mbelow the sector's middle half▼ 302%-€0.008mbelow the sector's middle half▲ 84.6%-€0.02mbelow the sector's middle half▼ 143%-€0.06mbelow the sector's middle half▼ 181%
Equity€0.5m-€0.5m▲ 13.7%€0.5mwithin the sector's middle half▼ 7.1%€0.5mwithin the sector's middle half▼ 2.7%€0.4mwithin the sector's middle half▼ 11.2%€0.4mwithin the sector's middle half▼ 1.9%€0.4mwithin the sector's middle half▼ 4.8%€0.3mwithin the sector's middle half▼ 14.2%
Total assets€1.2m-€1.2m▼ 2.3%€1.2mwithin the sector's middle half▼ 0.9%€1.8mwithin the sector's middle half▲ 52.0%€1.7mwithin the sector's middle half▼ 3.5%€1.7mwithin the sector's middle half▼ 2.7%€1.6mwithin the sector's middle half▼ 5.2%€1.6mwithin the sector's middle half▼ 2.5%
Debt€0.7m-€0.6m▼ 12.5%€0.6m▲ 4.6%€1.3m▲ 98.1%€1.3m▼ 0.7%€1.2m▼ 2.9%€1.2m▼ 5.4%€1.2m▲ 1.5%
Working capital-€0.2m--€0.3m▼ 64.7%-€0.3mbelow the sector's middle half▼ 12.8%-€0.6mbelow the sector's middle half▼ 114%-€0.7mbelow the sector's middle half▼ 12.0%-€0.7mbelow the sector's middle half▲ 3.4%-€0.6mbelow the sector's middle half▲ 2.0%-€0.7mbelow the sector's middle half▼ 3.4%
Solvency37.5%-43.7%▲ 6.1pp40.9%within the sector's middle half▼ 2.8pp26.2%within the sector's middle half▼ 14.7pp24.1%below the sector's middle half▼ 2.1pp24.3%below the sector's middle half▲ 0.2pp24.4%below the sector's middle half▲ 0.1pp21.5%below the sector's middle half▼ 2.9pp
Current ratio0.67-0.31▼ 0.360.34within the sector's middle half▲ 0.030.24below the sector's middle half▼ 0.100.16below the sector's middle half▼ 0.080.18below the sector's middle half▲ 0.020.16below the sector's middle half▼ 0.020.18below the sector's middle half▲ 0.02
Return on assets (ROA)0.2%-5.4%▲ 5.2pp-0.1%below the sector's middle half▼ 5.5pp-0.7%below the sector's middle half▼ 0.6pp-3.0%below the sector's middle half▼ 2.3pp-0.5%below the sector's middle half▲ 2.6pp-1.2%below the sector's middle half▼ 0.7pp-3.5%below the sector's middle half▼ 2.3pp
Staff (FTE)1.8-0.5▼ 72.2%0.6below the sector's middle half▲ 20.0%1within the sector's middle half▲ 66.7%1.1within the sector's middle half▲ 10.0%1.4within the sector's middle half▲ 27.3%0.8within the sector's middle half▼ 42.9%0.2within the sector's middle half▼ 75.0%
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 €51,505, larger than the loss of €13,829 in 2024. It is the lowest result since 2018.
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 €1.6m
Fixed assets
€1.4m ▼ 4.2%
Current assets
€143,873 ▲ 17.9%
Equity and liabilities €1.6m
Equity
€332,927 ▼ 14.2%
Provisions
€45,142 ▼ 4.6%
Debt
€1.2m ▲ 1.5%
Debt's share of the balance-sheet total rises from 72.6% to 75.6%. Equity is lower and debt is higher.
Key figures and ratios
ROE
-16.5%▼
2024 · -5.0%
Debt ≤ 1 year
€814,701▲
2024 · €770,763
Debt > 1 year
€357,738▼
2024 · €383,990
Income taxes
€80▼
2024 · €1,717
Staff costs
€5,807▼
2024 · €11,857
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 | 1 | 2 | - | - | 1 |
| full-time | 1 | 2 | - | - | 1 |
| part-time | - | 0 | - | - | 0 |
| in full-time equivalents | 1 | 2 | - | - | 1 |
| Average over the year, in full-time equivalents | 1 | 1.1 | 1.4 | 0.8 | 0.2 |
| On a permanent contract | 1 | 1 | - | - | 1 |
| Joined | - | 2 | 2 | 6 | 1 |
| Left | - | 1 | 4 | 6 | 0 |
Source: social balance sheet in the 2021 to 2025 annual accounts
Securities and guarantees
| Item | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Debts secured on the company's own assets | €363,263 | €330,460 | €305,668 | €280,416 | €254,666 |
| Mortgages, amount registered | €25,000 | €25,000 | €25,000 | €25,000 | €25,000 |
| Mortgage mandates | €450,000 | €450,000 | €450,000 | €450,000 | €450,000 |
| Carrying value of the mortgaged assets | €551,032 | €528,144 | €505,255 | €482,737 | €460,219 |
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 | €612,831 | €11,475 | - | €1,215 | - |
| Intangible fixed assets | €9,800 | €65,448 | - | - | - |
| Financial fixed assets | - | - | - | - | €0 |
| Depreciation and write-downs of the year | €56,079 | €71,987 | €65,212 | €61,953 | €61,419 |
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 |
|---|---|---|---|---|---|---|---|---|---|
| Non-recurring operating income76A | - | - | - | €3,014 | €0 | - | - | - | - |
| Remuneration, social security and pensions62 | - | - | - | €37,814 | €27,934 | €23,602 | €11,857 | €5,807 | ▼ 51.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €26,854 | €63,522 | €44,929 | €56,079 | €71,987 | €65,212 | €61,953 | €61,419 | ▼ 0.9% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals)631/4 | - | - | - | - | -€581 | €2,500 | €6,290 | €0 | ▼ 100% |
| Other operating charges640/8 | - | - | - | €6,810 | €17,083 | €3,633 | €10,226 | €5,744 | ▼ 43.8% |
| Non-recurring operating charges66A | - | - | - | - | - | - | €4,750 | €0 | ▼ 100% |
| Gross operating margin9900 | €120,605 | €154,868 | €41,940 | €89,298 | €68,636 | €91,181 | €81,247 | €21,465 | ▼ 73.6% |
| Operating profit (loss)9901 | €15,327 | €76,664 | -€33,684 | -€11,405 | -€47,787 | -€3,765 | -€13,829 | -€51,505 | ▼ 272% |
| Financial income75/76B | - | - | - | €120 | €7 | €11 | €173 | €0 | ▼ 100% |
| Recurring financial income75 | €2,264 | €2,717 | €35,898 | €120 | €7 | €11 | €173 | €0 | ▼ 100% |
| Financial charges65/66B | - | - | - | €3,221 | €7,038 | €6,595 | €6,375 | €5,625 | ▼ 11.8% |
| Recurring financial charges65 | €14,724 | €10,005 | €4,120 | €3,221 | €7,038 | €6,595 | €6,375 | €5,625 | ▼ 11.8% |
| Profit (loss) for the period before taxes9903 | €2,867 | €69,376 | -€1,905 | -€14,506 | -€54,818 | -€10,349 | -€20,031 | -€57,130 | ▼ 185% |
| Transfer from deferred taxes780 | - | - | - | €1,556 | €2,472 | €2,472 | €2,199 | €2,199 | = |
| Income taxes67/77 | €316 | €7,869 | €722 | €81 | €80 | €183 | €1,717 | €80 | ▼ 95.3% |
| Profit (loss) for the period9904 | €2,591 | €64,357 | -€999 | -€13,031 | -€52,426 | -€8,060 | -€19,549 | -€55,012 | ▼ 181% |
| Transfer from tax-exempt reserves789 | - | - | - | €6,223 | €9,888 | €9,888 | €8,795 | €8,795 | = |
| Profit (loss) for the period to be appropriated9905 | €2,591 | €75,451 | €4,703 | -€6,808 | -€42,538 | €1,828 | -€10,754 | -€46,217 | ▼ 330% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Assets | |||||||||
| Total assets20/58 | €1.2m | €1.2m | €1.2m | €1.8m | €1.7m | €1.7m | €1.6m | €1.6m | ▼ 2.5% |
| Fixed assets21/28 | €0.9m | €1.1m | €1.0m | €1.6m | €1.6m | €1.5m | €1.5m | €1.4m | ▼ 4.2% |
| Intangible fixed assets21 | €0.008m | €0.02m | €0.02m | €0.02m | €0.07m | €0.06m | €0.05m | €0.04m | ▼ 23.2% |
| Tangible fixed assets22/27 | €0.9m | €1.1m | €1.0m | €1.6m | €1.5m | €1.5m | €1.4m | €1.4m | ▼ 3.6% |
| Land and buildings22 | - | - | - | €1.1m | €1.1m | €1.0m | €1.0m | €0.9m | ▼ 5.1% |
| Plant, machinery and equipment23 | - | - | - | - | - | - | €0.001m | €0.001m | ▼ 10.8% |
| Leasing and similar rights25 | - | - | - | €0.002m | €0.002m | €0.002m | €0.002m | €0.001m | ▼ 4.2% |
| Other tangible fixed assets26 | - | - | - | €0.5m | €0.5m | €0.5m | €0.5m | €0.4m | ▼ 0.1% |
| Financial fixed assets28 | €135 | €135 | €135 | €135 | €135 | €135 | €135 | €135 | = |
| Current assets29/58 | €0.3m | €0.1m | €0.1m | €0.2m | €0.1m | €0.1m | €0.1m | €0.1m | ▲ 17.9% |
| Stocks and contracts in progress3 | €0.006m | €0.006m | €0.01m | €0.02m | €0.02m | €0.05m | €0.006m | €0.006m | = |
| Stocks30/36 | - | - | - | €0.02m | €0.02m | €0.05m | €0.006m | €0.006m | = |
| Amounts receivable within one year40/41 | €0.3m | €0.08m | €0.09m | €0.1m | €0.05m | €0.09m | €0.1m | €0.1m | ▲ 23.4% |
| Trade receivables40 | - | - | - | €0.05m | €0.02m | €0.06m | €0.07m | €0.1m | ▲ 39.7% |
| Other amounts receivable41 | - | - | - | €0.07m | €0.03m | €0.04m | €0.03m | €0.03m | ▼ 9.3% |
| Cash at bank and in hand54/58 | €0.04m | €0.01m | €0.01m | €0.03m | €0.009m | €0.002m | €0.005m | €0.002m | ▼ 57.7% |
| Deferred charges and accrued income490/1 | - | - | - | €0.03m | €0.05m | €0.008m | €0.007m | €0.007m | ▲ 4.4% |
| Equity and liabilities | |||||||||
| Total equity and liabilities10/49 | €1.2m | €1.2m | €1.2m | €1.8m | €1.7m | €1.7m | €1.6m | €1.6m | ▼ 2.5% |
| Equity10/15 | €0.5m | €0.5m | €0.5m | €0.5m | €0.4m | €0.4m | €0.4m | €0.3m | ▼ 14.2% |
| Contributions10/11 | €0.01m | €0.01m | - | €0.01m | €0.01m | €0.01m | €0.01m | €0.01m | = |
| Reserves13 | €0.4m | €0.5m | €0.5m | €0.5m | €0.4m | €0.4m | €0.4m | €0.3m | ▼ 14.6% |
| Non-distributable reserves130/1 | - | - | - | €0.002m | €0.002m | €0 | - | - | - |
| Reserves not available under the articles1311 | - | - | - | €0.002m | €0.002m | €0 | - | - | - |
| Tax-exempt reserves132 | - | - | - | €0.2m | €0.2m | €0.2m | €0.2m | €0.2m | ▼ 4.8% |
| Distributable reserves133 | - | - | - | €0.2m | €0.2m | €0.2m | €0.2m | €0.1m | ▼ 24.1% |
| Provisions and deferred taxes16 | €0.06m | €0.06m | €0.06m | €0.05m | €0.05m | €0.05m | €0.05m | €0.05m | ▼ 4.6% |
| Deferred taxes168 | - | - | - | €0.05m | €0.05m | €0.05m | €0.05m | €0.05m | ▼ 4.6% |
| Amounts payable17/49 | €0.7m | €0.6m | €0.6m | €1.3m | €1.3m | €1.2m | €1.2m | €1.2m | ▲ 1.5% |
| Amounts payable after more than one year17 | €0.2m | €0.2m | €0.2m | €0.5m | €0.4m | €0.4m | €0.4m | €0.4m | ▼ 6.8% |
| Financial debts170/4 | - | - | - | €0.5m | €0.4m | €0.4m | €0.4m | €0.4m | ▼ 6.8% |
| Amounts payable within one year42/48 | €0.5m | €0.4m | €0.4m | €0.8m | €0.8m | €0.8m | €0.8m | €0.8m | ▲ 5.7% |
| Current portion of amounts payable after more than one year42 | - | - | - | €0.03m | €0.03m | €0.03m | €0.03m | €0.03m | ▲ 1.9% |
| Trade debts44 | €0.2m | €0.04m | €0.06m | €0.3m | €0.3m | €0.3m | €0.2m | €0.3m | ▲ 13.3% |
| Suppliers440/4 | - | - | - | €0.3m | €0.3m | €0.3m | €0.2m | €0.3m | ▲ 13.3% |
| Taxes, remuneration and social security45 | - | - | - | €0.01m | €0.01m | €0.006m | €0.001m | €0.007m | ▲ 681% |
| Taxes450/3 | - | - | - | €0.007m | €0.007m | €0.006m | €154 | €0.004m | ▲ 28× |
| Remuneration and social security454/9 | - | - | - | €0.006m | €0.005m | €304 | €0.001m | €0.003m | ▲ 264% |
| Other amounts payable47/48 | - | - | - | €0.5m | €0.5m | €0.5m | €0.5m | €0.5m | ▲ 0.8% |
| Accrued charges and deferred income492/3 | - | - | - | €100 | €0.005m | €0 | €56 | €45 | ▼ 19.0% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €2,591 | €64,357 | -€999 | -€13,031 | -€52,426 | -€8,060 | -€19,549 | -€55,012 | ▼ 181% |
| + Depreciation and write-downs630 | €26,854 | €63,522 | €44,929 | €56,079 | €71,987 | €65,212 | €61,953 | €61,419 | ▼ 0.9% |
| Operating cash flow (approximation) | €29,446 | €127,879 | €43,930 | €43,048 | €19,561 | €57,152 | €42,404 | €6,407 | ▼ 84.9% |
| Investment in fixed assets (approximation) | - | -€236,171 | -€3,400 | -€621,340 | -€70,631 | €0 | -€1,215 | €0 | - |
| Change in cash | - | -€29,265 | €2,852 | €18,907 | -€23,111 | -€6,913 | €3,206 | -€2,832 | - |
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 20 filings with the National Bank
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-12-2025 | abbreviated format | 30-09-2026 | 2026-00537105 | |
| 31-12-2024 | abbreviated format | 30-09-2025 | 2025-00526853 | |
| 31-12-2023 | abbreviated format | 08-10-2024 | 2024-00506219 | |
| 31-12-2022 | abbreviated format | 31-08-2023 | 2023-00384817 | |
| 31-12-2021 | abbreviated format | 28-10-2022 | 2022-20475848 | |
| 31-12-2020 | abbreviated format | 14-10-2021 | 2021-71800470 | |
| 31-12-2019 | abbreviated format | 23-10-2020 | 2020-62500407 | |
| 31-12-2018 | abbreviated format | 26-07-2019 | 2019-39900562 | |
| 31-12-2017 | abbreviated format | 31-08-2018 | 2018-60900087 | |
| 31-12-2016 | abbreviated format | 30-08-2017 | 2017-54200434 |