Financials · financial year 2025, full format
Annual accounts 2025 filed on 02-06-2026 PDF all 13 filings
Equity
€25.6m▲ 19.9%
2024 · €21.4m
Net result
€4.3m▲ 219%
2024 · €1.3m
Total assets
€26.5m▲ 16.4%
2024 · €22.7m
Solvency
96.7%▲ 2.8pp
2024 · 93.9%
In the rankings
#1 employer in Izegem, Finance and insurance sector#4 company by equity in Izegem, Finance and insurance sector#7 company by staff growth in West Flanders, Financial services sector
Multi-year overview
2018 to 2025, 8 financial yearsTurnover
€3.2m
▼ 0.9%
2025
20182025
Operating result
€1.2m
▼ 18.5%
2025
20182025
Net result
€4.3m
▲ 219%
2025
highest quarter of the sector
20182025
Equity
€25.6m
▲ 19.9%
2025
highest quarter of the sector
20182025
Total assets
€26.5m
▲ 16.4%
2025
middle half of the sector
20182025
Debt
€864,832
▼ 37.7%
2025
20182025
Working capital
€10.2m
▲ 52.4%
2025
highest quarter of the sector
20182025
Solvency
96.7%
▲ 2.8pp
2025
highest quarter of the sector
20182025
Current ratio
17.19
▼ 3.64
2025
highest quarter of the sector
20182025
Return on assets (ROA)
16.1%
▲ 10.2pp
2025
highest quarter of the sector
20182025
Staff (FTE)
13
▲ 13.0%
2025
highest quarter of the sector
20182025
Every figure per financial year
Every figure with its change against the financial year before
favourable
unfavourable
Line20182019202020212022202320242025
Turnover€2.7m-€2.7m▼ 0.5%€3.0m▲ 10.5%€3.6m▲ 18.2%€3.3m▼ 8.9%€3.4m▲ 3.6%€3.2m▼ 4.2%€3.2m▼ 0.9%
Operating result€1.5m-€1.4m▼ 6.7%€2.0m▲ 43.9%€2.1m▲ 4.8%€1.7m▼ 18.1%€1.6m▼ 7.1%€1.5m▼ 5.3%€1.2m▼ 18.5%
Net result€1.0m-€2.9m▲ 210%€3.0mabove the sector's middle half▲ 1.1%€1.6mabove the sector's middle half▼ 45.8%€1.3mabove the sector's middle half▼ 17.0%€2.9mabove the sector's middle half▲ 114%€1.3mabove the sector's middle half▼ 53.4%€4.3mabove the sector's middle half▲ 219%
Equity€8.3m-€11.2m▲ 35.4%€14.2mwithin the sector's middle half▲ 26.5%€15.8mwithin the sector's middle half▲ 11.3%€17.2mwithin the sector's middle half▲ 8.5%€20.0mwithin the sector's middle half▲ 16.7%€21.4mabove the sector's middle half▲ 6.7%€25.6mabove the sector's middle half▲ 19.9%
Total assets€15.7m-€16.0m▲ 2.1%€15.9mwithin the sector's middle half▼ 0.7%€17.6mwithin the sector's middle half▲ 10.8%€18.5mwithin the sector's middle half▲ 5.2%€21.2mwithin the sector's middle half▲ 14.6%€22.7mwithin the sector's middle half▲ 7.3%€26.5mwithin the sector's middle half▲ 16.4%
Debt€7.4m-€4.7m▼ 35.5%€1.7m▼ 64.9%€1.8m▲ 6.1%€1.3m▼ 24.3%€1.2m▼ 12.0%€1.4m▲ 17.8%€0.9m▼ 37.7%
Working capital€4.1m-€5.3m▲ 28.2%€5.0mabove the sector's middle half▼ 4.9%€6.8mabove the sector's middle half▲ 35.0%€7.8mabove the sector's middle half▲ 15.4%€11.5mabove the sector's middle half▲ 47.3%€6.7mabove the sector's middle half▼ 41.7%€10.2mabove the sector's middle half▲ 52.4%
Solvency53.0%-70.3%▲ 17.3pp89.5%above the sector's middle half▲ 19.2pp89.9%above the sector's middle half▲ 0.4pp92.8%above the sector's middle half▲ 2.8pp94.4%above the sector's middle half▲ 1.7pp93.9%above the sector's middle half▼ 0.5pp96.7%above the sector's middle half▲ 2.8pp
Current ratio4.10-10.40▲ 6.308.71above the sector's middle half▼ 1.6911.76above the sector's middle half▲ 3.0518.24above the sector's middle half▲ 6.4828.49above the sector's middle half▲ 10.2520.83above the sector's middle half▼ 7.6617.19above the sector's middle half▼ 3.64
Return on assets (ROA)6.1%-18.4%▲ 12.3pp18.7%above the sector's middle half▲ 0.3pp9.2%above the sector's middle half▼ 9.6pp7.2%within the sector's middle half▼ 1.9pp13.5%above the sector's middle half▲ 6.3pp5.9%within the sector's middle half▼ 7.6pp16.1%above the sector's middle half▲ 10.2pp
Staff (FTE)9.7-10▲ 3.1%9.6within the sector's middle half▼ 4.0%10.8above the sector's middle half▲ 12.5%10.6above the sector's middle half▼ 1.9%11.6above the sector's middle half▲ 9.4%11.5above the sector's middle half▼ 0.9%13above the sector's middle half▲ 13.0%
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 18% lower than in 2024 and the lowest since 2018. It is the fourth fall in a row.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €26.5m
Fixed assets
€15.6m ▼ 0.5%
Current assets
€10.8m ▲ 54.0%
Equity and liabilities €26.5m
Equity
€25.6m ▲ 19.9%
Debt
€864,832 ▼ 37.7%
Debt's share of the balance-sheet total falls from 6.1% to 3.3%. Equity is higher and debt is lower.
Key figures and ratios
ROE
16.6%▲
2024 · 6.2%
Debt ≤ 1 year
€630,703▲
2024 · €337,903
Income taxes
€415,746▼
2024 · €457,479
Staff costs
€1.2m▲
2024 · €1.1m
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 | 11 | 11 | 11 | 12 | 13 |
| full-time | 11 | 11 | 11 | 12 | 13 |
| part-time | 0 | 0 | 0 | 0 | 0 |
| in full-time equivalents | 11 | 11 | 11 | 12 | 13 |
| Average over the year, in full-time equivalents | 10.8 | 10.6 | 11.6 | 11.5 | 13 |
| On a permanent contract | 11 | 11 | 11 | 12 | 13 |
| Joined | 2 | 2 | 1 | 3 | 1 |
| Left | 0 | 2 | 1 | 2 | 0 |
| Agency workers, average number | - | - | - | - | 0 |
| Training hours | 64 | 41 | 16 | 68 | 208 |
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 | €927,070 | - | - | - | - |
| Carrying value of the other pledged assets | €10.0m | €10.0m | €9.0m | €15.3m | - |
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 | €34,746 | €96,401 | €94,030 | €266,119 | €41,544 |
| Financial fixed assets | - | - | €0 | €6.3m | - |
| Depreciation and write-downs of the year | €53,850 | €50,086 | €52,265 | €89,023 | €115,572 |
Source: notes to the 2021 to 2025 annual accounts (statement of fixed assets)
Subsidies and aid
Flemish government
2022 · 1 entry · €334 awarded · €334 paidAnnual accounts
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Operating income70/76A | - | - | - | €3.6m | €3.3m | €3.5m | €3.4m | €3.3m | ▼ 1.6% |
| Turnover70 | €2.7m | €2.7m | €3.0m | €3.6m | €3.3m | €3.4m | €3.2m | €3.2m | ▼ 0.9% |
| Other operating income74 | - | - | - | €0.07m | €0.07m | €0.09m | €0.1m | €0.1m | ▼ 15.9% |
| Non-recurring operating income76A | - | - | - | €0 | €0.001m | €0.01m | €0.005m | €0 | ▼ 100% |
| Operating charges60/66A | - | - | - | €1.6m | €1.6m | €1.9m | €1.9m | €2.1m | ▲ 11.8% |
| Services and other goods61 | - | - | - | €0.6m | €0.7m | €0.8m | €0.7m | €0.8m | ▲ 9.2% |
| Remuneration, social security and pensions62 | - | - | - | €0.9m | €0.9m | €1.1m | €1.1m | €1.2m | ▲ 13.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €0.06m | €0.06m | €0.05m | €0.05m | €0.05m | €0.05m | €0.09m | €0.1m | ▲ 29.8% |
| Other operating charges640/8 | - | - | - | €0.006m | €0.005m | €0.004m | €0.003m | €0.004m | ▲ 70.8% |
| Non-recurring operating charges66A | - | - | - | - | - | - | €0.01m | €0 | ▼ 100% |
| Operating profit (loss)9901 | €1.5m | €1.4m | €2.0m | €2.1m | €1.7m | €1.6m | €1.5m | €1.2m | ▼ 18.5% |
| Financial income75/76B | - | - | - | €0.1m | €0.3m | €1.8m | €0.3m | €3.5m | ▲ 12× |
| Recurring financial income75 | €0.2m | €2.3m | €2.0m | €0.1m | €0.3m | €1.8m | €0.3m | €3.5m | ▲ 12× |
| Income from financial fixed assets750 | - | - | - | €0 | - | - | - | €3.0m | - |
| Income from current assets751 | - | - | - | €0.09m | €0.2m | €0.3m | €0.2m | €0.2m | ▲ 1.3% |
| Other financial income752/9 | - | - | - | €0.03m | €0.07m | €1.5m | €0.08m | €0.2m | ▲ 198% |
| Financial charges65/66B | - | - | - | €0.03m | €0.2m | €0.04m | €0.004m | €0.03m | ▲ 652% |
| Recurring financial charges65 | €0.3m | €0.2m | €0.5m | €0.03m | €0.2m | €0.04m | €0.004m | €0.03m | ▲ 652% |
| Debt charges650 | €0.2m | €0.2m | €0.06m | €0.02m | €0.03m | €3 | €18 | €0 | ▼ 100% |
| Other financial charges652/9 | - | - | - | €0.01m | €0.1m | €0.04m | €0.004m | €0.03m | ▲ 655% |
| Profit (loss) for the period before taxes9903 | €1.4m | €3.4m | €3.5m | €2.2m | €1.8m | €3.3m | €1.8m | €4.7m | ▲ 161% |
| Income taxes67/77 | €0.4m | €0.5m | €0.5m | €0.6m | €0.5m | €0.5m | €0.5m | €0.4m | ▼ 9.1% |
| Taxes670/3 | - | - | - | €0.6m | €0.5m | €0.5m | €0.5m | €0.4m | ▼ 9.1% |
| Tax adjustments and reversals of tax provisions77 | - | - | - | - | - | - | €13 | €0 | ▼ 100% |
| Profit (loss) for the period9904 | €1.0m | €2.9m | €3.0m | €1.6m | €1.3m | €2.9m | €1.3m | €4.3m | ▲ 219% |
| Transfer to tax-exempt reserves689 | - | - | - | - | - | - | €0.2m | €0.6m | ▲ 222% |
| Profit (loss) for the period to be appropriated9905 | €1.0m | €2.9m | €3.0m | €1.6m | €1.3m | €2.9m | €1.1m | €3.6m | ▲ 218% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Assets | |||||||||
| Total assets20/58 | €15.7m | €16.0m | €15.9m | €17.6m | €18.5m | €21.2m | €22.7m | €26.5m | ▲ 16.4% |
| Fixed assets21/28 | €10.2m | €10.2m | €10.2m | €10.2m | €10.3m | €9.3m | €15.7m | €15.6m | ▼ 0.5% |
| Intangible fixed assets21 | €454 | €0 | - | - | - | - | - | - | - |
| Tangible fixed assets22/27 | €0.2m | €0.1m | €0.2m | €0.1m | €0.2m | €0.2m | €0.4m | €0.3m | ▼ 19.3% |
| Furniture and vehicles24 | - | - | - | €0.07m | €0.1m | €0.2m | €0.4m | €0.3m | ▼ 17.3% |
| Other tangible fixed assets26 | - | - | - | €0.06m | €0.04m | €0.03m | €0.01m | €0.004m | ▼ 73.0% |
| Financial fixed assets28 | €10.1m | €10.1m | €10.1m | €10.1m | €10.1m | €9.1m | €15.3m | €15.3m | = |
| Affiliated companies280/1 | - | - | - | €10.1m | €10.1m | €9.1m | €15.3m | €15.3m | = |
| Participating interests280 | - | - | - | €10.1m | €10.1m | €9.1m | €15.3m | €15.3m | = |
| Current assets29/58 | €5.4m | €5.8m | €5.7m | €7.4m | €8.3m | €11.9m | €7.0m | €10.8m | ▲ 54.0% |
| Stocks and contracts in progress3 | - | €0 | €0 | €0 | €0 | €0 | €0 | €0 | - |
| Amounts receivable within one year40/41 | €5.3m | €5.7m | €4.4m | €6.6m | €6.3m | €9.9m | €6.5m | €7.5m | ▲ 14.8% |
| Trade receivables40 | - | - | - | €0.4m | €0.3m | €0.1m | €0.3m | €0.4m | ▲ 16.5% |
| Other amounts receivable41 | - | - | - | €6.2m | €6.0m | €9.8m | €6.2m | €7.1m | ▲ 14.7% |
| Current investments50/53 | - | - | - | - | - | - | €0.3m | €1.9m | ▲ 527% |
| Other investments51/53 | - | - | - | - | - | - | €0.3m | €1.9m | ▲ 527% |
| Cash at bank and in hand54/58 | €0.05m | €0.1m | €1.2m | €0.7m | €1.9m | €2.0m | €0.2m | €1.4m | ▲ 814% |
| Deferred charges and accrued income490/1 | - | - | - | €0.05m | €0.04m | €0.04m | €0.06m | €0.07m | ▲ 10.2% |
| Equity and liabilities | |||||||||
| Total equity and liabilities10/49 | €15.7m | €16.0m | €15.9m | €17.6m | €18.5m | €21.2m | €22.7m | €26.5m | ▲ 16.4% |
| Equity10/15 | €8.3m | €11.2m | €14.2m | €15.8m | €17.2m | €20.0m | €21.4m | €25.6m | ▲ 19.9% |
| Contributions10/11 | €4.0m | €4.0m | €4.0m | €4.0m | €4.0m | €4.0m | €4.0m | €4.0m | = |
| Capital10 | - | - | - | €4.0m | €4.0m | €4.0m | €4.0m | €4.0m | = |
| Issued capital100 | - | - | - | €4.0m | €4.0m | €4.0m | €4.0m | €4.0m | = |
| Reserves13 | €4.3m | €7.2m | €10.2m | €11.8m | €13.2m | €16.0m | €17.3m | €21.6m | ▲ 24.5% |
| Non-distributable reserves130/1 | - | - | - | €0.4m | €0.4m | €0.4m | €0.4m | €0.4m | = |
| Legal reserve130 | - | - | - | €0.4m | €0.4m | €0.4m | €0.4m | €0.4m | = |
| Tax-exempt reserves132 | - | - | - | - | - | - | €0.2m | €0.8m | ▲ 322% |
| Distributable reserves133 | - | - | - | €11.4m | €12.8m | €15.6m | €16.8m | €20.4m | ▲ 21.7% |
| Profit (loss) carried forward14 | €298 | €0.001m | €0.001m | €0.002m | €0.003m | €0.004m | €0.007m | €0.009m | ▲ 22.1% |
| Amounts payable17/49 | €7.4m | €4.7m | €1.7m | €1.8m | €1.3m | €1.2m | €1.4m | €0.9m | ▼ 37.7% |
| Amounts payable after more than one year17 | €5.4m | €3.9m | €0.9m | €0.7m | €0 | - | - | - | - |
| Financial debts170/4 | - | - | - | €0.7m | €0 | - | - | - | - |
| Credit institutions173 | - | - | - | €0.7m | €0 | - | - | - | - |
| Amounts payable within one year42/48 | €1.3m | €0.6m | €0.6m | €0.6m | €0.5m | €0.4m | €0.3m | €0.6m | ▲ 86.7% |
| Current portion of amounts payable after more than one year42 | - | - | - | €0.3m | €0 | - | - | - | - |
| Trade debts44 | €0.02m | €0.02m | €0.04m | €0.05m | €0.1m | €0.2m | €0.05m | €0.1m | ▲ 103% |
| Suppliers440/4 | - | - | - | €0.05m | €0.1m | €0.2m | €0.05m | €0.1m | ▲ 103% |
| Taxes, remuneration and social security45 | - | - | - | €0.3m | €0.3m | €0.2m | €0.2m | €0.4m | ▲ 58.0% |
| Taxes450/3 | - | - | - | €0.2m | €0.2m | €0.05m | €0.07m | €0.2m | ▲ 134% |
| Remuneration and social security454/9 | - | - | - | €0.1m | €0.1m | €0.2m | €0.2m | €0.2m | ▲ 25.3% |
| Other amounts payable47/48 | - | - | - | - | - | - | €0.05m | €0.1m | ▲ 224% |
| Accrued charges and deferred income492/3 | - | - | - | €0.5m | €0.9m | €0.8m | €1.0m | €0.2m | ▼ 77.7% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €1.0m | €2.9m | €3.0m | €1.6m | €1.3m | €2.9m | €1.3m | €4.3m | ▲ 219% |
| + Depreciation and write-downs630 | €0.06m | €0.06m | €0.05m | €0.05m | €0.05m | €0.05m | €0.09m | €0.1m | ▲ 29.8% |
| Operating cash flow (approximation) | €1.0m | €3.0m | €3.0m | €1.7m | €1.4m | €2.9m | €1.4m | €4.4m | ▲ 207% |
| Investment in fixed assets (approximation) | - | €0 | -€0.1m | -€0.03m | -€0.1m | €0.9m | -€6.5m | -€0.04m | ▲ 99.4% |
| Change in cash | - | €0.07m | €1.1m | -€0.5m | €1.2m | €0.06m | -€1.8m | €1.2m | - |
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 13 filings with the National Bank
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-12-2025 | full format | 02-06-2026 | 2026-00135498 | |
| 31-12-2024 | full format | 28-05-2025 | 2025-00111652 | |
| 31-12-2023 | full format | 31-05-2024 | 2024-00109453 | |
| 31-12-2022 | full format | 31-05-2023 | 2023-00112670 | |
| 31-12-2021 | full format | 16-06-2022 | 2022-20083322 | |
| 31-12-2020 | full format | 03-06-2021 | 2021-17000117 | |
| 31-12-2019 | full format | 14-07-2020 | 2020-31000084 | |
| 31-12-2018 | full format | 17-06-2019 | 2019-20500263 | |
| 31-12-2017 | full format | 27-06-2018 | 2018-24200152 | |
| 31-12-2016 | full format | 13-07-2017 | 2017-32600087 |