Financials · financial year 2025, micro format
Annual accounts 2025 filed on 17-07-2026 at the NBB all 8 filings
Equity
€369,945▼ 17.0%
2024 · €445,882
Net result
€24,064▼ 14.9%
2024 · €28,268
Total assets
€485,186▲ 6.9%
2024 · €453,732
Solvency
76.2%▼ 22.0pp
2024 · 98.3%
Multi-year overview
2018 to 2025, 8 financial yearsOperating result
€24,155
▲ 157%
2025
20182025
Net result
€24,064
▼ 14.9%
2025
middle half of the sector
20182025
Equity
€369,945
▼ 17.0%
2025
middle half of the sector
20182025
Total assets
€485,186
▲ 6.9%
2025
middle half of the sector
20182025
Debt
€115,241
▲ 15×
2025
20182025
Working capital
€170,359
▼ 40.2%
2025
highest quarter of the sector
20182025
Solvency
76.2%
▼ 22.0pp
2025
middle half of the sector
20182025
Current ratio
2.73
▼ 34.58
2025
middle half of the sector
20182025
Return on assets (ROA)
5.0%
▼ 1.3pp
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€41,435-€65,659▲ 58.5%€62,697▼ 4.5%€44,583▼ 28.9%€8,674▼ 80.5%€46,440▲ 435%€9,409▼ 79.7%€24,155▲ 157%
Net result€30,254-€48,977▲ 61.9%€47,180within the sector's middle half▼ 3.7%€249,579above the sector's middle half▲ 429%€7,820within the sector's middle half▼ 96.9%€50,253within the sector's middle half▲ 543%€28,268within the sector's middle half▼ 43.7%€24,064within the sector's middle half▼ 14.9%
Equity€36,454-€85,431▲ 134%€132,611within the sector's middle half▲ 55.2%€382,190within the sector's middle half▲ 188%€390,010within the sector's middle half▲ 2.0%€417,614above the sector's middle half▲ 7.1%€445,882above the sector's middle half▲ 6.8%€369,945within the sector's middle half▼ 17.0%
Total assets€295,342-€320,818▲ 8.6%€353,311within the sector's middle half▲ 10.1%€431,754within the sector's middle half▲ 22.2%€427,709within the sector's middle half▼ 0.9%€482,486within the sector's middle half▲ 12.8%€453,732within the sector's middle half▼ 6.0%€485,186within the sector's middle half▲ 6.9%
Debt€258,888-€235,387▼ 9.1%€220,700▼ 6.2%€49,564▼ 77.5%€37,699▼ 23.9%€64,872▲ 72.1%€7,850▼ 87.9%€115,241▲ 15×
Working capital-€30,635--€10,543▲ 65.6%-€19,354within the sector's middle half▼ 83.6%€217,757above the sector's middle half€218,350above the sector's middle half▲ 0.3%€249,737above the sector's middle half▲ 14.4%€285,080above the sector's middle half▲ 14.2%€170,359above the sector's middle half▼ 40.2%
Solvency12.3%-26.6%▲ 14.3pp37.5%within the sector's middle half▲ 10.9pp88.5%above the sector's middle half▲ 51.0pp91.2%above the sector's middle half▲ 2.7pp86.6%above the sector's middle half▼ 4.6pp98.3%above the sector's middle half▲ 11.7pp76.2%within the sector's middle half▼ 22.0pp
Current ratio0.33-0.79▲ 0.460.67within the sector's middle half▼ 0.128.12above the sector's middle half▲ 7.467.70above the sector's middle half▼ 0.424.85above the sector's middle half▼ 2.8537.32above the sector's middle half▲ 32.472.73within the sector's middle half▼ 34.58
Return on assets (ROA)10.2%-15.3%▲ 5.0pp13.4%within the sector's middle half▼ 1.9pp57.8%above the sector's middle half▲ 44.5pp1.8%within the sector's middle half▼ 56.0pp10.4%within the sector's middle half▲ 8.6pp6.2%within the sector's middle half▼ 4.2pp5.0%within the sector's middle half▼ 1.3pp
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 157% higher than in 2024. It is a recovery after the fall in 2024.
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 €485,186
Fixed assets
€216,602 ▲ 34.7%
Current assets
€268,584 ▼ 8.3%
Equity and liabilities €485,186
Equity
€369,945 ▼ 17.0%
Debt
€115,241 ▲ 15×
Debt's share of the balance-sheet total rises from 1.7% to 23.8%. Equity is lower and debt is higher.
Key figures and ratios
ROE
6.5%▲
2024 · 6.3%
Debt ≤ 1 year
€98,225▲
2024 · €7,850
Debt > 1 year
€17,016
Income taxes
€5,694▲
2024 · €5,397
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 | - | €2,228 | - | €696 | €61,817 |
| Financial fixed assets | €210,872 | - | - | - | - |
| Depreciation and write-downs of the year | €8,816 | €8,869 | €8,910 | €7,771 | €6,017 |
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 | - | - | - | - | - | - | - | €11,376 | - |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | - | €442 | €1,245 | €8,816 | €8,869 | €8,910 | €7,771 | €6,017 | ▼ 22.6% |
| Other operating charges640/8 | - | - | - | €1,154 | €1,080 | €1,627 | €1,612 | €1,194 | ▼ 25.9% |
| Non-recurring operating charges66A | - | - | - | - | €687 | - | - | - | - |
| Gross operating margin9900 | €41,889 | €66,668 | €65,675 | €54,553 | €19,310 | €56,977 | €18,792 | €31,366 | ▲ 66.9% |
| Operating profit (loss)9901 | €41,435 | €65,659 | €62,697 | €44,583 | €8,674 | €46,440 | €9,409 | €24,155 | ▲ 157% |
| Financial income75/76B | - | - | - | €218,696 | €3,300 | €15,651 | €24,461 | €5,955 | ▼ 75.7% |
| Recurring financial income75 | - | - | - | €763 | €3,300 | €15,651 | €24,461 | €5,955 | ▼ 75.7% |
| Non-recurring financial income76B | - | - | - | €217,933 | - | - | - | - | - |
| Financial charges65/66B | - | - | - | €3,090 | €644 | €544 | €205 | €352 | ▲ 71.8% |
| Recurring financial charges65 | €3,391 | €4,082 | €3,417 | €3,090 | €644 | €544 | €205 | €352 | ▲ 71.8% |
| Profit (loss) for the period before taxes9903 | €38,044 | €61,577 | €59,280 | €260,189 | €11,330 | €61,547 | €33,665 | €29,758 | ▼ 11.6% |
| Income taxes67/77 | €7,790 | €12,600 | €12,100 | €10,610 | €3,510 | €11,294 | €5,397 | €5,694 | ▲ 5.5% |
| Profit (loss) for the period9904 | €30,254 | €48,977 | €47,180 | €249,579 | €7,820 | €50,253 | €28,268 | €24,064 | ▼ 14.9% |
| Profit (loss) for the period to be appropriated9905 | €30,254 | €48,977 | €47,180 | €249,579 | €7,820 | €50,253 | €28,268 | €24,064 | ▼ 14.9% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Assets | |||||||||
| Total assets20/58 | €295,342 | €320,818 | €353,311 | €431,754 | €427,709 | €482,486 | €453,732 | €485,186 | ▲ 6.9% |
| Fixed assets21/28 | €280,417 | €282,184 | €314,439 | €183,428 | €176,787 | €167,877 | €160,802 | €216,602 | ▲ 34.7% |
| Tangible fixed assets22/27 | - | €1,767 | €34,022 | €25,206 | €18,565 | €9,655 | €2,580 | €58,380 | ▲ 23× |
| Plant, machinery and equipment23 | - | - | - | - | €226 | €133 | €630 | €2,720 | ▲ 332% |
| Furniture and vehicles24 | - | - | - | €25,206 | €16,389 | €7,572 | - | €53,710 | - |
| Other tangible fixed assets26 | - | - | - | - | €1,950 | €1,950 | €1,950 | €1,950 | = |
| Financial fixed assets28 | €280,417 | €280,417 | €280,417 | €158,222 | €158,222 | €158,222 | €158,222 | €158,222 | = |
| Current assets29/58 | €14,925 | €38,634 | €38,872 | €248,326 | €250,922 | €314,609 | €292,930 | €268,584 | ▼ 8.3% |
| Amounts receivable after more than one year29 | - | - | - | €158,222 | €163,678 | €163,678 | €163,678 | €163,678 | = |
| Other amounts receivable291 | - | - | - | €158,222 | €163,678 | €163,678 | €163,678 | €163,678 | = |
| Amounts receivable within one year40/41 | €626 | €12,313 | €12,100 | €18,579 | €20,837 | €15,769 | €10,810 | €13,038 | ▲ 20.6% |
| Trade receivables40 | - | - | - | €8,333 | - | €10,000 | - | - | - |
| Other amounts receivable41 | - | - | - | €10,246 | €20,837 | €5,769 | €10,810 | €13,038 | ▲ 20.6% |
| Current investments50/53 | - | - | - | - | - | €75,000 | €77,884 | €31,955 | ▼ 59.0% |
| Cash at bank and in hand54/58 | €14,299 | €26,321 | €26,332 | €69,949 | €64,072 | €58,049 | €38,744 | €57,236 | ▲ 47.7% |
| Deferred charges and accrued income490/1 | - | - | - | €1,576 | €2,335 | €2,113 | €1,814 | €2,677 | ▲ 47.6% |
| Equity and liabilities | |||||||||
| Total equity and liabilities10/49 | €295,342 | €320,818 | €353,311 | €431,754 | €427,709 | €482,486 | €453,732 | €485,186 | ▲ 6.9% |
| Equity10/15 | €36,454 | €85,431 | €132,611 | €382,190 | €390,010 | €417,614 | €445,882 | €369,945 | ▼ 17.0% |
| Contributions10/11 | €6,200 | €6,200 | - | €6,200 | €6,200 | €17,001 | €17,001 | €17,001 | = |
| Reserves13 | €1,855 | €1,855 | €1,855 | €375,990 | €383,810 | €400,613 | €428,881 | €352,944 | ▼ 17.7% |
| Non-distributable reserves130/1 | - | - | - | €1,855 | €1,855 | - | - | - | - |
| Reserves not available under the articles1311 | - | - | - | €1,855 | €1,855 | - | - | - | - |
| Distributable reserves133 | - | - | - | €374,135 | €381,955 | €400,613 | €428,881 | €352,944 | ▼ 17.7% |
| Profit (loss) carried forward14 | €28,399 | €77,376 | €124,556 | - | - | - | - | €0 | - |
| Amounts payable17/49 | €258,888 | €235,387 | €220,700 | €49,564 | €37,699 | €64,872 | €7,850 | €115,241 | ▲ 15× |
| Amounts payable after more than one year17 | €213,328 | €174,110 | €150,374 | €10,662 | €5,127 | - | - | €17,016 | - |
| Financial debts170/4 | - | - | - | €10,662 | €5,127 | - | - | €17,016 | - |
| Amounts payable within one year42/48 | €45,560 | €49,177 | €58,226 | €30,569 | €32,572 | €64,872 | €7,850 | €98,225 | ▲ 13× |
| Current portion of amounts payable after more than one year42 | - | - | - | €5,474 | €5,535 | €5,127 | - | €6,019 | - |
| Financial debts43 | - | - | - | €6,483 | €5,558 | €4,410 | - | - | - |
| Credit institutions430/8 | - | - | - | €6,483 | €5,558 | €4,410 | - | - | - |
| Trade debts44 | €2,302 | - | €3,795 | €6,471 | €5,917 | €5,822 | €5,753 | €133 | ▼ 97.7% |
| Suppliers440/4 | - | - | - | €6,471 | €5,917 | €5,822 | €5,753 | €133 | ▼ 97.7% |
| Taxes, remuneration and social security45 | - | - | - | €981 | €1,496 | €279 | - | €5,400 | - |
| Taxes450/3 | - | - | - | €981 | €1,496 | €279 | - | €5,400 | - |
| Other amounts payable47/48 | - | - | - | €11,160 | €14,066 | €49,234 | €2,097 | €86,672 | ▲ 41× |
| Accrued charges and deferred income492/3 | - | - | - | €8,333 | - | - | - | - | - |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €30,254 | €48,977 | €47,180 | €249,579 | €7,820 | €50,253 | €28,268 | €24,064 | ▼ 14.9% |
| + Depreciation and write-downs630 | - | €442 | €1,245 | €8,816 | €8,869 | €8,910 | €7,771 | €6,017 | ▼ 22.6% |
| Operating cash flow (approximation) | €30,254 | €49,419 | €48,425 | €258,395 | €16,689 | €59,163 | €36,039 | €30,080 | ▼ 16.5% |
| Investment in fixed assets (approximation) | - | -€2,209 | -€33,500 | €122,195 | -€2,228 | €0 | -€696 | -€61,817 | ▼ 8,782% |
| Change in cash | - | €12,022 | €11 | €43,617 | -€5,877 | -€6,023 | -€19,305 | €18,492 | - |
A Belgian filing has no cash-flow statement. These rows are therefore an approximation, derived from the income statement and the balance-sheet moves.
Filings with the National Bank (8)
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-12-2025 | micro format | 17-07-2026 | 2026-00305155 | |
| 31-12-2024 | micro format | 20-07-2025 | 2025-00289826 | |
| 31-12-2023 | micro format | 24-07-2024 | 2024-00276148 | |
| 31-12-2022 | micro format | 30-08-2023 | 2023-00374914 | |
| 31-12-2021 | micro format | 26-07-2022 | 2022-20222307 | |
| 31-12-2020 | micro format | 20-07-2021 | 2021-39200371 | |
| 31-12-2019 | micro format | 28-07-2020 | 2020-34600033 | |
| 31-12-2018 | micro format | 24-07-2019 | 2019-37700354 |