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Annual accounts 2025
micro format, filed on 28-07-2026, 3 days before the deadlineTurnover and EBIT margin are not published. The micro format does not require them. The turnover shown is an estimate from the gross margin.
Turnover ≈ €180,000. Estimated: probably between €160,000 and €240,000.
Balance sheet
balance sheet total €491,767 on 31-12-2025in euro
in euro
Position in the sector
2.6%
Higher than 15% of 9,119 companies in 2025.
0.71
Higher than 16% of 8,757 companies in 2025.
0.8%
Higher than 29% of 8,885 companies in 2025.
Net result: middle half · Equity: bottom quarter · Balance sheet total: top quarter · Working capital: bottom quarter
Filed annual accounts
as filed with the National Bank, click a year to choose it| Line | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 | 2013 | 2012 | 2011 | 2010 | 2009 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Balance sheet: assets | ||||||||||||||||||
20/58 |
491,767 | 525,749 | 208,149 | 248,756 | 251,904 | 416,202 | 298,246 | 343,134 | 195,789 | 190,187 | 188,542 | 174,549 | 203,331 | 202,457 | 216,794 | 211,972 | 84,117 | |
21/28 |
439,493 | 485,128 | 157,788 | 182,308 | 205,809 | 377,088 | 292,471 | 312,966 | 187,183 | 165,341 | 173,982 | 155,398 | 164,613 | 184,081 | 190,101 | 191,164 | 46,022 | |
22/27 |
439,493 | 485,128 | 157,788 | 182,308 | 205,809 | 222,088 | 137,471 | 157,966 | 32,183 | 10,341 | 18,982 | 398 | 9,613 | 29,081 | 35,101 | 36,164 | 46,022 | |
22 |
369,573 | 381,850 | 114,978 | 119,149 | 123,319 | 127,489 | 131,659 | 135,830 | - | - | - | - | - | - | - | - | - | |
23 |
16,251 | 19,793 | 7,974 | 10,016 | 12,058 | 9,500 | 5,812 | 6,707 | 1,007 | 217 | - | 104 | 4,223 | 11,432 | 18,819 | 24,559 | 12,816 | |
24 |
53,670 | 83,485 | 34,836 | 53,143 | 70,432 | 85,099 | - | 15,430 | 31,176 | 10,124 | 18,982 | 295 | 5,390 | 17,649 | 16,282 | 11,605 | 33,206 | |
28 |
- | - | - | - | - | 155,000 | 155,000 | 155,000 | 155,000 | 155,000 | 155,000 | 155,000 | 155,000 | 155,000 | 155,000 | 155,000 | - | |
29/58 |
52,274 | 40,621 | 50,361 | 66,448 | 46,095 | 39,114 | 5,775 | 30,168 | 8,606 | 24,846 | 14,560 | 19,151 | 38,718 | 18,377 | 26,694 | 20,809 | 38,095 | |
40/41 |
43,933 | 33,972 | 39,810 | 56,800 | 39,033 | 31,244 | 2,591 | 26,054 | 224 | 14,568 | 1,796 | 965 | 30,705 | 12,737 | 26,544 | 10,971 | 14,623 | |
40 |
- | 19,527 | 17,731 | 18,840 | 17,715 | 15,257 | 231 | 284 | 216 | 14,568 | - | 515 | 7,905 | 10,143 | 13,518 | 10,971 | 14,623 | |
41 |
43,933 | 14,445 | 22,079 | 37,960 | 21,318 | 15,987 | 2,359 | 25,770 | 8 | - | 1,796 | 450 | 22,800 | 2,594 | 13,026 | - | - | |
54/58 |
5,982 | 4,087 | 7,736 | 7,237 | 4,822 | 5,791 | 2,422 | 3,376 | 7,102 | 9,348 | 11,861 | 16,697 | 5,858 | 3,019 | 149 | 9,837 | 23,472 | |
490/1 |
2,359 | 2,562 | 2,814 | 2,411 | 2,240 | 2,079 | 762 | 738 | 1,280 | 930 | 903 | 1,489 | 2,155 | 2,621 | - | - | - | |
| Balance sheet: equity and liabilities | ||||||||||||||||||
10/49 |
491,767 | 525,749 | 208,149 | 248,756 | 251,904 | 416,202 | 298,246 | 343,134 | 195,789 | 190,187 | 188,542 | 174,549 | 203,331 | 202,457 | 216,794 | 211,972 | 84,117 | |
10/15 |
12,717 | 8,893 | 9,110 | 8,322 | 34,645 | 165,000 | 102,652 | 83,367 | 97,810 | 81,691 | 59,507 | 24,174 | 42,107 | 51,007 | 28,529 | 57,041 | 39,578 | |
10/11 |
6,200 | 6,200 | 6,200 | 6,200 | 6,200 | 6,200 | 6,200 | 6,200 | 6,200 | 6,200 | 6,200 | 6,200 | 6,200 | 6,200 | 6,200 | 6,200 | 6,200 | |
100 |
- | - | - | - | - | - | 18,600 | 18,600 | 18,600 | 18,600 | 18,600 | 18,600 | 18,600 | 18,600 | 18,600 | 18,600 | 18,600 | |
101 |
- | - | - | - | - | - | 12,400 | 12,400 | 12,400 | 12,400 | 12,400 | 12,400 | 12,400 | 12,400 | 12,400 | 12,400 | 12,400 | |
13 |
6,517 | 2,910 | 2,910 | 2,122 | 28,445 | 158,800 | 96,452 | 77,167 | 91,610 | 75,491 | 53,307 | 17,974 | 35,907 | 44,807 | 22,329 | 50,841 | 33,378 | |
130/1 |
5,467 | 1,860 | 1,860 | 1,860 | 1,860 | 1,860 | - | - | - | - | - | - | - | - | - | - | - | |
130 |
- | - | - | - | - | - | 1,860 | 1,860 | 1,860 | 1,860 | 1,860 | 1,860 | 1,860 | 1,860 | 1,860 | 1,860 | 1,860 | |
1311 |
1,860 | 1,860 | 1,860 | 1,860 | 1,860 | 1,860 | - | - | - | - | - | - | - | - | - | - | - | |
1319 |
3,607 | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | |
133 |
1,050 | 1,050 | 1,050 | 262 | 26,585 | 156,940 | 94,592 | 75,307 | 89,750 | 73,631 | 51,447 | 16,114 | 34,047 | 42,947 | 20,469 | 48,981 | 31,518 | |
14 |
- | -218 | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | |
17/49 |
479,050 | 516,856 | 199,039 | 240,435 | 217,259 | 251,203 | 195,594 | 259,767 | 97,979 | 108,496 | 129,035 | 150,375 | 161,224 | 151,450 | 188,266 | 154,932 | 44,539 | |
17 |
405,206 | 392,347 | 95,796 | 127,115 | 158,064 | 188,647 | 144,378 | 165,074 | 35,060 | 10,965 | 39,076 | 44,245 | 63,809 | 91,070 | 107,023 | 143,878 | 29,636 | |
170/4 |
405,206 | 392,347 | 95,796 | 127,115 | 158,064 | 188,647 | 144,378 | 165,074 | 35,060 | 10,965 | 39,076 | 44,245 | 63,809 | 91,070 | 107,023 | 143,878 | 29,636 | |
42/48 |
73,844 | 124,508 | 103,243 | 113,320 | 59,195 | 62,556 | 51,118 | 94,605 | 62,919 | 97,531 | 78,779 | 106,130 | 97,413 | 60,380 | 81,243 | 9,121 | 13,178 | |
42 |
51,793 | 32,763 | 37,986 | 37,605 | 37,250 | 50,707 | 29,696 | 22,700 | 19,061 | 26,111 | 27,219 | 27,439 | 37,261 | 26,478 | 32,816 | - | - | |
43 |
- | - | - | - | - | - | - | - | - | - | - | - | - | - | 262 | - | - | |
430/8 |
- | - | - | - | - | - | - | - | - | - | - | - | - | - | 262 | - | - | |
44 |
1,568 | 70,727 | 8,234 | 1,099 | 1,231 | 1,532 | 1,204 | 4,437 | 3,492 | 1,708 | 1,029 | 3,394 | 2,083 | 2,657 | 4,114 | 1,339 | 7,653 | |
440/4 |
1,568 | 70,727 | 8,234 | 1,099 | 1,231 | 1,532 | 1,204 | 4,437 | 3,492 | 1,708 | 1,029 | 3,394 | 2,083 | 2,657 | 4,114 | 1,339 | 7,653 | |
45 |
20,482 | 21,018 | 31,123 | 32,616 | 20,715 | 10,317 | 20,218 | 42,968 | 36,224 | 42,649 | 40,459 | 46,805 | 33,069 | 31,244 | 31,030 | 6,409 | 5,177 | |
450/3 |
20,482 | 21,018 | 31,123 | 32,616 | 20,715 | 10,317 | 20,218 | 42,968 | 36,224 | 42,649 | 40,459 | 46,805 | 33,069 | 31,244 | 31,030 | 3,123 | 1,862 | |
454/9 |
- | - | - | - | - | - | - | - | - | - | - | - | - | - | - | 3,286 | 3,315 | |
47/48 |
- | - | 25,900 | 42,000 | - | - | - | 24,500 | 4,141 | 27,063 | 10,072 | 28,491 | 25,000 | - | 13,021 | 1,373 | 348 | |
492/3 |
- | - | - | - | - | - | 98 | 88 | - | - | 11,180 | - | 2 | - | - | 1,934 | 1,725 | |
| Income statement | ||||||||||||||||||
76A |
- | - | - | - | - | 14,000 | - | 10,000 | - | - | 8,000 | - | - | 13,223 | 2,500 | - | - | |
9900 |
85,461 | 82,416 | 77,875 | 71,941 | 59,759 | 93,877 | 57,292 | 73,181 | 66,501 | 53,970 | 66,769 | 53,253 | 71,599 | 50,479 | 55,828 | 62,463 | 61,223 | |
630 |
45,635 | 32,509 | 24,519 | 24,905 | 24,324 | 6,881 | 20,495 | 20,920 | 25,570 | 9,916 | 9,726 | 9,215 | 20,135 | 20,740 | 27,671 | 28,993 | 24,921 | |
640/8 |
7,876 | 36,155 | 2,158 | 1,735 | 1,982 | 2,108 | 2,434 | 17,110 | 2,948 | 1,887 | 4,360 | 4,755 | 3,591 | 2,644 | 5,181 | 827 | 1,008 | |
66A |
- | - | - | - | 154,999 | - | - | - | - | 402 | - | 7,000 | - | - | - | - | - | |
9901 |
31,950 | 13,751 | 51,198 | 45,301 | -121,545 | 84,888 | 34,363 | 35,151 | 37,983 | 41,764 | 52,682 | 39,283 | 47,874 | 27,095 | 22,977 | 32,643 | 35,293 | |
75/76B |
1,271 | 981 | 1,600 | 1,822 | 1,172 | 901 | 937 | 664 | 1 | 0 | 233 | 6 | 19 | 942 | 85 | 28 | - | |
75 |
1,271 | 981 | 1,600 | 1,822 | 1,172 | 901 | 937 | 664 | 1 | 0 | 233 | 6 | 19 | 942 | 85 | 28 | - | |
65/66B |
18,025 | 12,709 | 2,794 | 2,755 | 2,312 | 2,841 | 3,199 | 1,997 | 1,974 | 2,674 | 3,323 | 3,231 | 3,693 | 4,353 | 4,660 | 2,001 | 1,915 | |
65 |
18,025 | 12,709 | 2,794 | 2,755 | 2,312 | 2,841 | 3,199 | 1,997 | 1,974 | 2,562 | 3,323 | 3,231 | 3,693 | 4,353 | 4,660 | 2,001 | 1,915 | |
66B |
- | - | - | - | - | - | - | - | - | 112 | - | - | - | - | - | - | - | |
9903 |
15,197 | 2,023 | 50,004 | 44,367 | -122,685 | 82,948 | 32,101 | 33,819 | 36,009 | 39,090 | 57,592 | 29,057 | 44,200 | 36,908 | 20,901 | 30,670 | 33,378 | |
67/77 |
11,372 | 2,241 | 12,215 | 10,690 | 7,670 | 20,600 | 12,817 | 13,261 | 19,891 | 16,906 | 22,259 | 14,990 | 19,767 | 14,429 | 12,324 | 13,207 | - | |
9904 |
3,825 | -218 | 37,789 | 33,677 | -130,355 | 62,348 | 19,285 | 20,558 | 16,118 | 22,184 | 35,333 | 14,067 | 24,433 | 22,479 | 8,577 | 17,463 | 33,378 | |
9905 |
3,825 | -218 | 37,789 | 33,677 | -130,355 | 62,348 | 19,285 | 20,558 | 16,118 | 22,184 | 35,333 | 14,067 | 24,433 | 22,479 | 8,577 | 17,463 | 33,378 | |
| Appropriation of the result | ||||||||||||||||||
9906 |
3,607 | -218 | 37,789 | 33,677 | -130,355 | 62,348 | 19,285 | 20,558 | 16,118 | 22,184 | 35,333 | 14,067 | 24,433 | 22,479 | 8,577 | 17,463 | 33,378 | |
14P |
-218 | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | |
791/2 |
- | - | - | 26,323 | 130,355 | - | - | 14,442 | - | - | - | 17,933 | 8,900 | - | 7,904 | - | - | |
691/2 |
3,607 | - | 789 | - | - | 62,348 | 19,285 | - | 16,118 | 22,184 | 35,333 | - | - | 22,479 | - | 17,463 | 33,378 | |
6921 |
3,607 | - | 789 | - | - | 62,348 | 19,285 | - | 16,118 | 22,184 | 35,333 | - | - | 22,479 | - | 17,463 | 33,378 | |
694/7 |
- | - | 37,000 | 60,000 | - | - | - | 35,000 | - | - | - | 32,000 | 33,333 | - | 16,482 | - | - | |
694 |
- | - | 37,000 | 60,000 | - | - | - | 35,000 | - | - | - | 32,000 | 33,333 | - | 16,482 | - | - | |
| Document | ||||||||||||||||||
The notes to these accounts have 7 items, including the statement of assets and debts, the cost breakdown and rights and commitments. You find them in the accounts filed with the NBB.
Source: Annual accounts 2025 at the NBB, filed on 28-07-2026.
Filings
each dot is a set of accounts, on the day it reached the National Bank| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-12-2025 | micro format | 28-07-2026 | 2026-00380811 | |
| 31-12-2024 | micro format | 24-08-2025 | 2025-00399221 | |
| 31-12-2023 | micro format | 27-08-2024 | 2024-00385994 | |
| 31-12-2022 | micro format | 19-06-2023 | 2023-00144580 | |
| 31-12-2021 | micro format | 29-08-2022 | 2022-20387470 | |
| 31-12-2020 | micro format | 26-08-2021 | 2021-55700390 | |
| 31-12-2019 | micro format | 06-08-2020 | 2020-39700050 | |
| 31-12-2018 | micro format | 19-08-2019 | 2019-48500322 | |
| 31-12-2017 | micro format | 24-07-2018 | 2018-36800280 | |
| 31-12-2016 | micro format | 08-08-2017 | 2017-43400075 | |
| 31-12-2015 | abbreviated format | 22-08-2016 | 2016-45600263 | |
| 31-12-2014 | abbreviated format | 10-08-2015 | 2015-41900491 | |
| 31-12-2013 | abbreviated format | 25-08-2014 | 2014-45100489 | |
| 31-12-2012 | abbreviated format | 25-07-2013 | 2013-35000288 | |
| 31-12-2011 | abbreviated format | 03-08-2012 | 2012-37800091 | |
| 31-12-2010 | abbreviated format | 23-07-2011 | 2011-33200107 | |
| 31-12-2009 | abbreviated format | 16-08-2010 | 2010-40800569 |
Key figures and ratios
per financial year, computed from the annual accounts| Line | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 | 2013 | 2012 | 2011 | 2010 | 2009 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 77,585 | 46,261 | 75,718 | 70,206 | -97,222 | 91,769 | 54,858 | 56,071 | 63,553 | 51,680 | 62,408 | 48,498 | 68,008 | 47,835 | 50,647 | 61,636 | 60,214 | ||
| 49,460 | 32,292 | 62,308 | 58,582 | -106,031 | 69,229 | 39,780 | 41,478 | 41,689 | 32,100 | 45,059 | 23,282 | 44,568 | 43,219 | 36,248 | 46,456 | 58,299 | ||
| 0 | 359,849 | 0 | 1,404 | 8,045 | 91,498 | 0 | 146,703 | 47,413 | 1,878 | 28,310 | 0 | 667 | 14,720 | 24,018 | 174,135 | 70,943 | ||
| 1,895 | -3,650 | 499 | 2,415 | -969 | 3,369 | -954 | -3,725 | -2,246 | -2,513 | -4,836 | 10,840 | 2,838 | 2,870 | -9,688 | -13,634 | - | ||
| -21,570 | -83,888 | -52,882 | -46,871 | -13,100 | -23,441 | -45,343 | -64,437 | -54,313 | -72,685 | -64,219 | -86,979 | -58,695 | -42,003 | -54,549 | 11,688 | 24,917 | ||
| 2.6% | 1.7% | 4.4% | 3.3% | 13.8% | 39.6% | 34.4% | 24.3% | 50.0% | 43.0% | 31.6% | 13.8% | 20.7% | 25.2% | 13.2% | 26.9% | 47.1% | ||
| 0.71 | 0.33 | 0.49 | 0.59 | 0.78 | 0.63 | 0.11 | 0.32 | 0.14 | 0.25 | 0.18 | 0.18 | 0.40 | 0.30 | 0.33 | 2.28 | 2.89 | ||
| 37.67 | 58.12 | 21.85 | 28.89 | 6.27 | 1.52 | 1.91 | 3.12 | 1.00 | 1.33 | 2.17 | 6.22 | 3.83 | 2.97 | 6.60 | 2.72 | 1.13 | ||
| 30.1% | -2.4% | 414.8% | 404.7% | -376.3% | 37.8% | 18.8% | 24.7% | 16.5% | 27.2% | 59.4% | 58.2% | 58.0% | 44.1% | 30.1% | 30.6% | 84.3% | ||
| 0.8% | 0.0% | 18.2% | 13.5% | -51.7% | 15.0% | 6.5% | 6.0% | 8.2% | 11.7% | 18.7% | 8.1% | 12.0% | 11.1% | 4.0% | 8.2% | 39.7% | ||
| 4.30 | 3.64 | 27.10 | 25.48 | -42.05 | - | - | - | - | - | - | - | - | - | - | - | - |
A Belgian filing has no cash-flow statement. Cash flow is therefore an approximation, derived from the income statement. Investment is the acquisitions in the notes and, without them, the balance-sheet move.
Securities and guarantees
on own assets and for others| Item | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|
| Mortgages, amount registered | €180,000 | €180,000 | €155,000 | - | - |
| Carrying value of the mortgaged assets | €262,935 | €381,850 | €114,978 | - | - |
Source: notes to the 2021 to 2025 annual accounts (statement of debts and off-balance-sheet rights and commitments)
Investments
fixed assets acquired| Item | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|
| Tangible fixed assets | - | €359,849 | - | €1,404 | €8,045 |
| €45,635 | €32,509 | €24,519 | €24,905 | €24,324 |
Source: notes to the 2021 to 2025 annual accounts (statement of fixed assets)
Insights on MORE
The operating result for 2025 is 132% higher than in 2024. It is a recovery after the fall in 2024.
Debt's share of the balance-sheet total falls from 98.3% to 97.4%. Equity is higher and debt is lower.