Financials · financial year 2025, full format, standalone accounts
Annual accounts 2025 filed on 16-06-2026 at the NBB Consolidated accounts 2025 at the NBB all 75 filings
Equity
€76.2m▲ 32.9%
2024 · €57.3m
Net result
€27.4m▲ 76.9%
2024 · €15.5m
Total assets
€85.3m▲ 31.7%
2024 · €64.8m
Solvency
89.3%▲ 0.8pp
2024 · 88.5%
In the rankings
#1 company by total assets in Ans, Finance and insurance sector#1 company by equity in Ans, Finance and insurance sector#1 oldest company in Ans, Finance and insurance sector
Multi-year overview
2018 to 2025, 8 financial yearsTurnover
€545,503
▲ 0.4%
2025
20182025
Operating result
-€71,191
▼ 15.4%
2025
20182025
Net result
€27.4m
▲ 76.9%
2025
highest quarter of the sector
20182025
Equity
€76.2m
▲ 32.9%
2025
highest quarter of the sector
20182025
Total assets
€85.3m
▲ 31.7%
2025
highest quarter of the sector
20182025
Debt
€9.1m
▲ 22.5%
2025
20182025
Working capital
€41.0m
▲ 85.1%
2025
highest quarter of the sector
20182025
Solvency
89.3%
▲ 0.8pp
2025
highest quarter of the sector
20182025
Current ratio
5.49
▲ 1.52
2025
highest quarter of the sector
20182025
Return on assets (ROA)
32.2%
▲ 8.2pp
2025
highest quarter of the sector
20182025
Staff (FTE)
0.4
=
2025
lowest quarter of the sector
20182025
Every figure per financial year
Every figure with its change against the financial year before
favourable
unfavourable
Line20182019202020212022202320242025
Turnover€0.6m-€0.6m▼ 3.1%€0.5m▼ 13.2%€0.5m▲ 0.3%€0.5m▼ 7.7%€0.5m▲ 2.4%€0.5m▲ 11.2%€0.5m▲ 0.4%
Operating result-€0.02m--€0.05m▼ 131%-€0.09m▼ 73.7%-€0.07m▲ 22.5%-€0.05m▲ 32.5%-€0.07m▼ 54.2%-€0.06m▲ 15.1%-€0.07m▼ 15.4%
Net result€0.9m-€7.3m▲ 706%€3.7mabove the sector's middle half▼ 49.8%€4.3mabove the sector's middle half▲ 17.7%€5.0mabove the sector's middle half▲ 16.3%€11.9mabove the sector's middle half▲ 135%€15.5mabove the sector's middle half▲ 30.9%€27.4mabove the sector's middle half▲ 76.9%
Equity€31.7m-€36.6m▲ 15.4%€37.5mabove the sector's middle half▲ 2.5%€38.5mabove the sector's middle half▲ 2.7%€39.8mabove the sector's middle half▲ 3.2%€48.8mabove the sector's middle half▲ 22.6%€57.3mabove the sector's middle half▲ 17.6%€76.2mabove the sector's middle half▲ 32.9%
Total assets€36.5m-€39.8m▲ 8.9%€40.9mabove the sector's middle half▲ 2.7%€52.6mabove the sector's middle half▲ 28.7%€48.5mabove the sector's middle half▼ 7.7%€54.1mabove the sector's middle half▲ 11.5%€64.8mabove the sector's middle half▲ 19.8%€85.3mabove the sector's middle half▲ 31.7%
Debt€4.8m-€3.2m▼ 33.3%€3.4m▲ 4.7%€14.1m▲ 318%€8.8m▼ 37.7%€5.3m▼ 39.2%€7.5m▲ 39.6%€9.1m▲ 22.5%
Working capital€5.6m-€10.4m▲ 87.5%€11.4mabove the sector's middle half▲ 9.0%€12.4mabove the sector's middle half▲ 9.0%€13.6mabove the sector's middle half▲ 9.7%€13.6mabove the sector's middle half▼ 0.1%€22.1mabove the sector's middle half▲ 62.9%€41.0mabove the sector's middle half▲ 85.1%
Solvency86.8%-91.9%▲ 5.1pp91.7%above the sector's middle half▼ 0.2pp73.2%within the sector's middle half▼ 18.5pp81.9%within the sector's middle half▲ 8.7pp90.1%above the sector's middle half▲ 8.2pp88.5%above the sector's middle half▼ 1.6pp89.3%above the sector's middle half▲ 0.8pp
Current ratio2.15-4.24▲ 2.094.37above the sector's middle half▲ 0.131.88within the sector's middle half▼ 2.492.55within the sector's middle half▲ 0.673.55above the sector's middle half▲ 1.003.97above the sector's middle half▲ 0.425.49above the sector's middle half▲ 1.52
Return on assets (ROA)2.5%-18.4%▲ 15.9pp9.0%above the sector's middle half▼ 9.4pp8.2%within the sector's middle half▼ 0.8pp10.4%above the sector's middle half▲ 2.1pp21.9%above the sector's middle half▲ 11.5pp23.9%above the sector's middle half▲ 2.0pp32.2%above the sector's middle half▲ 8.2pp
Staff (FTE)0.4-0.4=0.4below the sector's middle half=0.4below the sector's middle half=0.4below the sector's middle half=0.4below the sector's middle half=0.4below the sector's middle half=0.4below the sector's middle half=
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 €71,191, larger than the loss of €61,709 in 2024.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €85.3m
Fixed assets
€35.2m ▲ 0.1%
Current assets
€50.1m ▲ 69.4%
Equity and liabilities €85.3m
Equity
€76.2m ▲ 32.9%
Provisions
€3,907 ▼ 9.7%
Debt
€9.1m ▲ 22.5%
Debt's share of the balance-sheet total falls from 11.5% to 10.7%. Equity and debt are higher.
Key figures and ratios
ROE
36.0%▲
2024 · 27.0%
Debt ≤ 1 year
€9.1m▲
2024 · €7.4m
Debt > 1 year
€2,200=
2024 · €2,200
Income taxes
€776,922▲
2024 · €141,352
Staff costs
€66,781▲
2024 · €66,295
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 | 1 | 1 | 1 | - |
| part-time | 1 | 1 | 1 | 1 | - |
| in full-time equivalents | 0.4 | 0.4 | 0.4 | 0.4 | 0.4 |
| Average over the year, in full-time equivalents | 0.4 | 0.4 | 0.4 | 0.4 | 0.4 |
| On a permanent contract | 1 | 1 | 1 | 1 | 1 |
Source: social balance sheet in the 2021 to 2025 annual accounts
Investments
| Item | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Financial fixed assets | €4,251 | €41,687 | €9.0m | €29,382 | €24,503 |
| Depreciation and write-downs of the year | €1,674 | €1,674 | €1,674 | €1,674 | €1,674 |
Source: notes to the 2021 to 2025 annual accounts (statement of fixed assets)
Auditor
| Item | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Fee for the audit | €33,000 | €37,905 | €49,000 | €47,110 | €47,895 |
| Other work by the auditor | - | - | €3,600 | €3,710 | €2,098 |
| Work by persons linked to the auditor | €39,309 | €1,500 | €3,100 | €2,177 | - |
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 | - | - | - | €0.5m | €0.5m | €0.5m | €0.5m | €0.5m | ▲ 0.4% |
| Turnover70 | €0.6m | €0.6m | €0.5m | €0.5m | €0.5m | €0.5m | €0.5m | €0.5m | ▲ 0.4% |
| Operating charges60/66A | - | - | - | €0.6m | €0.5m | €0.6m | €0.6m | €0.6m | ▲ 1.9% |
| Goods for resale, raw materials and consumables60 | - | - | - | €0.001m | - | - | €0.001m | €0.02m | ▲ 13× |
| Purchases600/8 | - | - | - | €0.001m | - | - | €0.001m | €0.02m | ▲ 13× |
| Services and other goods61 | - | - | - | €0.5m | €0.5m | €0.5m | €0.5m | €0.5m | ▼ 0.3% |
| Remuneration, social security and pensions62 | - | - | - | €0.06m | €0.06m | €0.06m | €0.07m | €0.07m | ▲ 0.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €0.002m | €0.002m | €0.002m | €0.002m | €0.002m | €0.002m | €0.002m | €0.002m | = |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals)631/4 | - | - | - | -€0.02m | - | - | - | - | - |
| Other operating charges640/8 | - | - | - | €0.02m | €0.001m | €0.001m | €0.001m | €324 | ▼ 74.2% |
| Operating profit (loss)9901 | -€0.02m | -€0.05m | -€0.09m | -€0.07m | -€0.05m | -€0.07m | -€0.06m | -€0.07m | ▼ 15.4% |
| Financial income75/76B | - | - | - | €5.7m | €6.7m | €12.2m | €16.0m | €28.4m | ▲ 77.7% |
| Recurring financial income75 | €1.0m | €7.7m | €4.1m | €5.7m | €6.7m | €12.2m | €16.0m | €28.4m | ▲ 77.7% |
| Income from financial fixed assets750 | - | - | - | €3.8m | €6.2m | €10.4m | €15.2m | €24.7m | ▲ 62.3% |
| Income from current assets751 | - | - | - | €0.1m | €0.2m | €0.4m | €0.5m | €0.9m | ▲ 92.5% |
| Other financial income752/9 | - | - | - | €1.8m | €0.3m | €1.5m | €0.2m | €2.7m | ▲ 11× |
| Financial charges65/66B | - | - | - | €0.9m | €1.5m | -€0.08m | €0.3m | €0.1m | ▼ 63.5% |
| Recurring financial charges65 | €0.06m | €0.3m | €0.2m | €0.9m | €1.5m | -€0.08m | €0.3m | €0.1m | ▼ 63.5% |
| Debt charges650 | €5 | €133 | - | €0.03m | €0.07m | €0.02m | €0.007m | €0.007m | ▼ 4.3% |
| Write-downs on current assets other than stocks, contracts in progress and trade receivables: additions (reversals)651 | - | - | - | €0.7m | €1.3m | -€0.7m | €0.1m | -€0.5m | - |
| Other financial charges652/9 | - | - | - | €0.2m | €0.1m | €0.6m | €0.1m | €0.5m | ▲ 329% |
| Profit (loss) for the period before taxes9903 | €0.9m | €7.3m | €3.8m | €4.8m | €5.1m | €12.2m | €15.7m | €28.2m | ▲ 80.3% |
| Transfer from deferred taxes780 | - | - | - | €419 | €419 | €419 | €419 | €419 | = |
| Income taxes67/77 | €0.002m | €0.02m | €0.07m | €0.4m | €0.06m | €0.4m | €0.1m | €0.8m | ▲ 450% |
| Taxes670/3 | - | - | - | €0.4m | €0.06m | €0.4m | €0.1m | €0.8m | ▲ 425% |
| Tax adjustments and reversals of tax provisions77 | - | - | - | €106 | - | - | €0.007m | - | - |
| Profit (loss) for the period9904 | €0.9m | €7.3m | €3.7m | €4.3m | €5.0m | €11.9m | €15.5m | €27.4m | ▲ 76.9% |
| Transfer from tax-exempt reserves789 | - | - | - | €0.001m | €0.001m | €0.001m | €0.001m | €0.001m | = |
| Profit (loss) for the period to be appropriated9905 | €0.9m | €7.3m | €3.7m | €4.3m | €5.0m | €11.9m | €15.5m | €27.4m | ▲ 76.9% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Assets | |||||||||
| Total assets20/58 | €36.5m | €39.8m | €40.9m | €52.6m | €48.5m | €54.1m | €64.8m | €85.3m | ▲ 31.7% |
| Fixed assets21/28 | €26.1m | €26.1m | €26.1m | €26.1m | €26.2m | €35.2m | €35.2m | €35.2m | ▲ 0.1% |
| Tangible fixed assets22/27 | €0.03m | €0.03m | €0.03m | €0.03m | €0.03m | €0.03m | €0.02m | €0.02m | ▼ 7.1% |
| Land and buildings22 | - | - | - | €0.03m | €0.03m | €0.03m | €0.02m | €0.02m | ▼ 7.1% |
| Furniture and vehicles24 | - | - | - | - | - | €0 | €0 | €0 | - |
| Financial fixed assets28 | €26.1m | €26.1m | €26.1m | €26.1m | €26.1m | €35.2m | €35.2m | €35.2m | ▲ 0.1% |
| Affiliated companies280/1 | - | - | - | €26.1m | €26.1m | €35.1m | €35.1m | €35.1m | = |
| Participating interests280 | - | - | - | €26.1m | €26.1m | €35.1m | €35.1m | €35.1m | = |
| Other financial fixed assets284/8 | - | - | - | €0.03m | €0.07m | €0.09m | €0.1m | €0.1m | ▲ 20.4% |
| Shares284 | - | - | - | €0.03m | €0.07m | €0.09m | €0.1m | €0.1m | ▲ 20.4% |
| Current assets29/58 | €10.4m | €13.7m | €14.7m | €26.5m | €22.4m | €18.9m | €29.6m | €50.1m | ▲ 69.4% |
| Amounts receivable after more than one year29 | - | - | - | €0.6m | - | - | - | - | - |
| Other amounts receivable291 | - | - | - | €0.6m | - | - | - | - | - |
| Amounts receivable within one year40/41 | €1.5m | €1.4m | €1.3m | €0.3m | €0.8m | €0.3m | €0.3m | €0.4m | ▲ 11.5% |
| Trade receivables40 | - | - | - | €0.3m | €0.2m | €0.2m | €0.2m | €0.2m | ▼ 8.8% |
| Other amounts receivable41 | - | - | - | €0.03m | €0.6m | €0.08m | €0.07m | €0.1m | ▲ 77.1% |
| Current investments50/53 | €4.3m | €2.4m | €9.4m | €11.3m | €17.7m | €15.7m | €26.9m | €40.8m | ▲ 51.3% |
| Own shares50 | - | - | - | €0.4m | €0.4m | €1.1m | €1.2m | €1.7m | ▲ 44.7% |
| Other investments51/53 | - | - | - | €10.9m | €17.3m | €14.6m | €25.8m | €39.1m | ▲ 51.5% |
| Cash at bank and in hand54/58 | €4.5m | €8.7m | €3.0m | €14.2m | €3.8m | €2.9m | €2.3m | €8.9m | ▲ 281% |
| Deferred charges and accrued income490/1 | - | - | - | €0.001m | €0.01m | €0.04m | €0.001m | €0.1m | ▲ 102× |
| Equity and liabilities | |||||||||
| Total equity and liabilities10/49 | €36.5m | €39.8m | €40.9m | €52.6m | €48.5m | €54.1m | €64.8m | €85.3m | ▲ 31.7% |
| Equity10/15 | €31.7m | €36.6m | €37.5m | €38.5m | €39.8m | €48.8m | €57.3m | €76.2m | ▲ 32.9% |
| Contributions10/11 | €23.7m | €23.7m | €23.7m | €23.7m | €23.7m | €25.2m | €25.2m | €25.2m | = |
| Capital10 | - | - | - | €23.7m | €23.7m | €25.2m | €25.2m | €25.2m | = |
| Issued capital100 | - | - | - | €23.7m | €23.7m | €25.2m | €25.2m | €25.2m | = |
| Reserves13 | €2.4m | €2.5m | €2.8m | €2.8m | €2.8m | €3.6m | €3.7m | €4.2m | ▲ 14.1% |
| Non-distributable reserves130/1 | - | - | - | €2.8m | €2.8m | €3.6m | €3.7m | €4.2m | ▲ 14.2% |
| Legal reserve130 | - | - | - | €2.4m | €2.4m | €2.5m | €2.5m | €2.5m | = |
| Own shares acquired1312 | - | - | - | €0.4m | €0.4m | €1.1m | €1.2m | €1.7m | ▲ 44.7% |
| Tax-exempt reserves132 | - | - | - | €0.01m | €0.01m | €0.009m | €0.008m | €0.008m | ▼ 9.7% |
| Distributable reserves133 | - | - | - | €0.005m | €0.005m | €0.005m | €0.005m | €0.005m | = |
| Profit (loss) carried forward14 | €5.6m | €10.3m | €10.9m | €12.0m | €13.2m | €19.9m | €28.4m | €46.7m | ▲ 64.6% |
| Provisions and deferred taxes16 | €0.007m | €0.006m | €0.006m | €0.006m | €0.005m | €0.005m | €0.004m | €0.004m | ▼ 9.7% |
| Deferred taxes168 | - | - | - | €0.006m | €0.005m | €0.005m | €0.004m | €0.004m | ▼ 9.7% |
| Amounts payable17/49 | €4.8m | €3.2m | €3.4m | €14.1m | €8.8m | €5.3m | €7.5m | €9.1m | ▲ 22.5% |
| Amounts payable after more than one year17 | - | - | - | - | - | €0.002m | €0.002m | €0.002m | = |
| Other amounts payable178/9 | - | - | - | - | - | €0.002m | €0.002m | €0.002m | = |
| Amounts payable within one year42/48 | €4.8m | €3.2m | €3.4m | €14.1m | €8.8m | €5.3m | €7.4m | €9.1m | ▲ 22.5% |
| Trade debts44 | €0.2m | €0.2m | €0.1m | €0.1m | €0.05m | €0.07m | €0.05m | €0.08m | ▲ 55.5% |
| Suppliers440/4 | - | - | - | €0.1m | €0.05m | €0.07m | €0.05m | €0.08m | ▲ 55.5% |
| Taxes, remuneration and social security45 | - | - | - | €0.07m | €0.01m | €0.01m | €0.03m | €0.02m | ▼ 15.9% |
| Taxes450/3 | - | - | - | €0.07m | €0.002m | €0.002m | €0.01m | €0.01m | ▲ 25.0% |
| Remuneration and social security454/9 | - | - | - | €0.006m | €0.009m | €0.01m | €0.02m | €0.008m | ▼ 45.1% |
| Other amounts payable47/48 | - | - | - | €13.9m | €8.7m | €5.2m | €7.4m | €9.0m | ▲ 22.4% |
| Accrued charges and deferred income492/3 | - | - | - | - | €0.004m | €0.01m | €242 | €0 | ▼ 100% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €0.9m | €7.3m | €3.7m | €4.3m | €5.0m | €11.9m | €15.5m | €27.4m | ▲ 76.9% |
| + Depreciation and write-downs630 | €0.002m | €0.002m | €0.002m | €0.002m | €0.002m | €0.002m | €0.002m | €0.002m | = |
| Operating cash flow (approximation) | €0.9m | €7.3m | €3.7m | €4.3m | €5.0m | €11.9m | €15.5m | €27.4m | ▲ 76.9% |
| Investment in fixed assets (approximation) | - | €0 | €0.01m | -€0.003m | -€0.04m | -€9.0m | -€0.03m | -€0.02m | ▲ 16.6% |
| Change in cash | - | €4.2m | -€5.7m | €11.3m | -€10.4m | -€1.0m | -€0.5m | €6.5m | - |
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 75 filings with the National Bank
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-12-2025 | consolidated | 17-06-2026 | 2026-00183413 | |
| 31-12-2025 | full format | 16-06-2026 | 2026-00173745 | |
| 31-12-2024 | consolidated | 27-06-2025 | 2025-00217300 | |
| 31-12-2024 | full format | 26-06-2025 | 2025-00211258 | |
| 31-12-2023 | consolidated | 29-07-2024 | 2024-00299012 | |
| 31-12-2023 | full format | 28-06-2024 | 2024-00203361 | |
| 31-12-2022 | consolidated | 29-09-2023 | 2023-00461317 | |
| 31-12-2022 | full format | 13-07-2023 | 2023-00232978 | |
| 31-12-2021 | full format | 25-08-2022 | 2022-20324031 | |
| 31-12-2021 | consolidated | 25-08-2022 | 2022-20324004 |