Summary
Narwal is a financial institution; the bankruptcy model is trained on trading and manufacturing companies and does not apply here. The 2025 annual accounts show equity of €184,526 and a net result of €198,955. Equity is growing by about 15% per year across the filed financial years. Its solvency ranks better than 24% of 9,732 sector peers (NACE 64, financial year 2025). The company has been active since 2018 and the Belgian Official Gazette contains no insolvency or warning signals.
Financials · financial year 2025, micro format
Equity
€184,526▼ 37.3%
2024 · €294,333
Net result
€198,955▲ 10.0%
2024 · €180,873
Total assets
€942,650▼ 11.0%
2024 · €1.1m
Solvency
19.6%▼ 8.2pp
2024 · 27.8%
Trend over the years
2021 to 2025, 5 financial years 2019 to 2025, 7 financial years
The operating result recovers in 2025; 2025 is 8% above 2024.
What the company sold each financial year and what was left of it. A loss stands below the zero line.
Operating result€0.3m
2025
Net result€0.2m
2025
What the company owns (total assets), how much of it is its own (equity) and how much it owes.
Total assets€0.9m
2025
Equity€0.2m
2025
Debt€0.8m
2025
Short-term assets minus short-term debts. Above zero the company can pay its bills in the short term.
Working capital€0.2m
2025
How much of each euro of turnover is left from operations (EBIT margin) and what the assets earn (return on assets).
Return on assets (ROA)21.1%
2025
The share of the company financed with its own means. The higher it is, the better it absorbs a shock.
Solvency19.6%
2025
Short-term assets per euro of short-term debt. Above 1 the short-term debts are covered.
Current ratio1.23
2025
Use the arrow keys on the chart for the figures per year.
Sector: the middle half of NACE 64, Financial service activities, except insurance and pension funding: a quarter of companies sit below it, a quarter above. Each year compared with accounts in the same format, and only where there are at least 30. Dashed line: the median. Available for Net result, Equity, Total assets, Working capital, Solvency, Current ratio, Return on assets (ROA).
Every figure with its change against the financial year before
favourable
unfavourable
Line2019202020212022202320242025
Operating result€0.08m-€0.1m▲ 45.9%€0.1m▲ 5.9%€0.2m▲ 61.3%€0.3m▲ 53.4%€0.3m▼ 13.7%€0.3m▲ 7.8%
Net result€0.05m-€0.08mabove the sector's middle half▲ 54.5%€0.09mabove the sector's middle half▲ 8.9%€0.6mabove the sector's middle half▲ 645%€0.4mabove the sector's middle half▼ 41.4%€0.2mwithin the sector's middle half▼ 52.1%€0.2mabove the sector's middle half▲ 10.0%
Equity€0.07m-€0.1mwithin the sector's middle half▲ 113%€0.2mwithin the sector's middle half▲ 57.9%€0.2mwithin the sector's middle half=€0.6mabove the sector's middle half▲ 160%€0.3mwithin the sector's middle half▼ 52.0%€0.2mwithin the sector's middle half▼ 37.3%
Total assets€0.1m-€0.2mwithin the sector's middle half▲ 62.4%€0.4mwithin the sector's middle half▲ 48.6%€1.0mabove the sector's middle half▲ 178%€0.8mwithin the sector's middle half▼ 22.0%€1.1mwithin the sector's middle half▲ 38.2%€0.9mabove the sector's middle half▼ 11.0%
Debt€0.08m-€0.09m▲ 15.5%€0.1m▲ 33.0%€0.7m▲ 538%€0.2m▼ 79.5%€0.8m▲ 400%€0.8m▼ 0.9%
Working capital€0.03m-€0.1mwithin the sector's middle half▲ 289%€0.2mabove the sector's middle half▲ 95.8%€0.2mabove the sector's middle half▼ 4.3%€0.6mabove the sector's middle half▲ 216%€0.2mwithin the sector's middle half▼ 59.6%€0.2mabove the sector's middle half▼ 35.0%
Solvency47.9%-62.9%within the sector's middle half▲ 15.1pp66.8%within the sector's middle half▲ 3.9pp24.0%within the sector's middle half▼ 42.8pp80.0%above the sector's middle half▲ 56.0pp27.8%within the sector's middle half▼ 52.2pp19.6%below the sector's middle half▼ 8.2pp
Current ratio1.41-2.17within the sector's middle half▲ 0.762.72within the sector's middle half▲ 0.551.26within the sector's middle half▼ 1.465.05above the sector's middle half▲ 3.791.37within the sector's middle half▼ 3.681.23within the sector's middle half▼ 0.14
Return on assets (ROA)35.2%-33.5%above the sector's middle half▼ 1.7pp24.5%above the sector's middle half▼ 9.0pp65.6%above the sector's middle half▲ 41.1pp49.2%above the sector's middle half▼ 16.3pp17.1%above the sector's middle half▼ 32.2pp21.1%within the sector's middle half▲ 4.0pp
Staff (FTE)0within the sector's middle half
above
within
below
the middle half of NACE 64, Financial service activities, except insurance and pension funding: a quarter of companies sit below it, a quarter above. Each year compared with accounts in the same format, and only where there are at least 30.
Turnover and EBIT margin not published: the abbreviated or micro format does not require them. The turnover shown is an estimate from the gross margin.
Why a figure moved sharply
- 2024 Net result -52% on 2023. The accounts now follow the abbreviated format, last year the micro format.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €942,650
Fixed assets
€97,113 ▼ 34.1%
Current assets
€845,537 ▼ 7.3%
Equity and liabilities €942,650
Equity
€184,526 ▼ 37.3%
Debt
€758,124 ▼ 0.9%
Debt's share of the balance-sheet total rises from 72.2% to 80.4%. Equity and debt are lower.
Key figures and ratios
ROE
107.8%▲
2024 · 61.5%
Debt ≤ 1 year
€686,353▲
2024 · €667,328
Debt > 1 year
€47,641▼
2024 · €84,197
Income taxes
€70,453▲
2024 · €66,433
Green means a favourable move, even when the figure itself falls: as with debt or debt to equity.
Annual accounts
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|
| Remuneration, social security and pensions62 | - | - | - | - | €36 | €0 | - | - |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €16,947 | €14,107 | €12,608 | €3,468 | €5,621 | €42,445 | €50,220 | ▲ 18.3% |
| Other operating charges640/8 | - | - | €419 | €852 | €124 | €697 | €178 | ▼ 74.4% |
| Gross operating margin9900 | €100,463 | €133,543 | €137,590 | €205,270 | €313,949 | €309,108 | €337,197 | ▲ 9.1% |
| Operating profit (loss)9901 | €80,657 | €117,661 | €124,564 | €200,951 | €308,167 | €265,966 | €286,798 | ▲ 7.8% |
| Financial income75/76B | - | - | €5,053 | €504,242 | €156,833 | €26 | €4,203 | ▲ 164× |
| Recurring financial income75 | €0 | - | €5,053 | €504,242 | €156,833 | €26 | €4,203 | ▲ 164× |
| Financial charges65/66B | - | - | €237 | €4,697 | €8,908 | €18,685 | €21,593 | ▲ 15.6% |
| Recurring financial charges65 | €1,194 | €867 | €237 | €4,697 | €8,908 | €18,685 | €21,593 | ▲ 15.6% |
| Profit (loss) for the period before taxes9903 | €79,463 | €116,794 | €129,380 | €700,495 | €456,092 | €247,306 | €269,408 | ▲ 8.9% |
| Income taxes67/77 | €28,049 | €37,356 | €42,891 | €56,308 | €78,572 | €66,433 | €70,453 | ▲ 6.1% |
| Profit (loss) for the period9904 | €51,414 | €79,437 | €86,489 | €644,187 | €377,520 | €180,873 | €198,955 | ▲ 10.0% |
| Profit (loss) for the period to be appropriated9905 | €51,414 | €79,437 | €86,489 | €644,187 | €377,520 | €180,873 | €198,955 | ▲ 10.0% |
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|
| Assets | ||||||||
| Total assets20/58 | €0.1m | €0.2m | €0.4m | €1.0m | €0.8m | €1.1m | €0.9m | ▼ 11.0% |
| Fixed assets21/28 | €0.06m | €0.05m | €0.04m | €0.04m | €0.01m | €0.1m | €0.1m | ▼ 34.1% |
| Tangible fixed assets22/27 | €0.02m | €0.02m | €0.003m | €0.01m | €0.01m | €0.1m | €0.1m | ▼ 34.1% |
| Plant, machinery and equipment23 | - | - | - | €0.003m | €0.001m | €0.004m | €0.003m | ▼ 35.7% |
| Furniture and vehicles24 | - | - | €0.003m | €0.001m | €0 | €0.1m | €0.08m | ▼ 32.3% |
| Other tangible fixed assets26 | - | - | - | €0.009m | €0.01m | €0.02m | €0.01m | ▼ 45.9% |
| Financial fixed assets28 | €0.03m | €0.03m | €0.03m | €0.03m | €0 | - | - | - |
| Current assets29/58 | €0.09m | €0.2m | €0.3m | €0.9m | €0.8m | €0.9m | €0.8m | ▼ 7.3% |
| Amounts receivable after more than one year29 | - | - | - | €0.5m | €0.5m | €0.5m | €0.5m | = |
| Other amounts receivable291 | - | - | - | €0.5m | €0.5m | €0.5m | €0.5m | = |
| Amounts receivable within one year40/41 | €0.03m | €0.03m | €0.2m | €0.3m | €0.2m | €0.2m | €0.3m | ▲ 56.3% |
| Trade receivables40 | - | - | €0.03m | €0.1m | €0.2m | €0.2m | €0.2m | ▲ 6.5% |
| Other amounts receivable41 | - | - | €0.2m | €0.2m | €144 | €146 | €0.08m | ▲ 571× |
| Cash at bank and in hand54/58 | €0.05m | €0.2m | €0.1m | €0.1m | €0.04m | €0.2m | €0.08m | ▼ 66.9% |
| Deferred charges and accrued income490/1 | - | - | €0.002m | €0.001m | €0.001m | €0.002m | €0.006m | ▲ 228% |
| Equity and liabilities | ||||||||
| Total equity and liabilities10/49 | €0.1m | €0.2m | €0.4m | €1.0m | €0.8m | €1.1m | €0.9m | ▼ 11.0% |
| Equity10/15 | €0.07m | €0.1m | €0.2m | €0.2m | €0.6m | €0.3m | €0.2m | ▼ 37.3% |
| Contributions10/11 | €0.02m | - | €0.02m | €0.02m | €0.02m | €0.02m | €0.02m | = |
| Reserves13 | €0.05m | €0.1m | €0.2m | €0.2m | €0.2m | €0.2m | €0.2m | ▼ 23.7% |
| Distributable reserves133 | - | - | €0.2m | €0.2m | €0.2m | €0.2m | €0.2m | ▼ 23.7% |
| Profit (loss) carried forward14 | - | - | - | €0 | €0.4m | €0.06m | €0 | ▼ 100% |
| Amounts payable17/49 | €0.08m | €0.09m | €0.1m | €0.7m | €0.2m | €0.8m | €0.8m | ▼ 0.9% |
| Amounts payable after more than one year17 | €0.01m | - | - | - | - | €0.08m | €0.05m | ▼ 43.4% |
| Financial debts170/4 | - | - | - | - | - | €0.08m | €0.05m | ▼ 43.4% |
| Amounts payable within one year42/48 | €0.06m | €0.09m | €0.1m | €0.7m | €0.1m | €0.7m | €0.7m | ▲ 2.9% |
| Current portion of amounts payable after more than one year42 | - | - | - | - | - | €0.04m | €0.04m | ▲ 3.8% |
| Financial debts43 | - | - | - | - | - | - | €0.01m | - |
| Credit institutions430/8 | - | - | - | - | - | - | €0.01m | - |
| Trade debts44 | €0.002m | €0.03m | €0.05m | €0.01m | €0.02m | €0.005m | €0.005m | ▲ 6.0% |
| Suppliers440/4 | - | - | €0.05m | €0.01m | €0.02m | €0.005m | €0.005m | ▲ 6.0% |
| Taxes, remuneration and social security45 | - | - | €0.07m | €0.08m | €0.03m | €0.02m | €0.07m | ▲ 183% |
| Taxes450/3 | - | - | €0.06m | €0.08m | €0.03m | €0.02m | €0.06m | ▲ 201% |
| Remuneration and social security454/9 | - | - | €0.004m | €0.003m | €0.003m | €0.003m | €0.005m | ▲ 54.3% |
| Other amounts payable47/48 | - | - | €0.004m | €0.7m | €0.1m | €0.6m | €0.6m | ▼ 6.3% |
| Accrued charges and deferred income492/3 | - | - | €0.001m | €0.001m | €0.003m | €0.01m | €0.02m | ▲ 75.9% |
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €51,414 | €79,437 | €86,489 | €644,187 | €377,520 | €180,873 | €198,955 | ▲ 10.0% |
| + Depreciation and write-downs630 | €16,947 | €14,107 | €12,608 | €3,468 | €5,621 | €42,445 | €50,220 | ▲ 18.3% |
| Operating cash flow (approximation) | €68,362 | €93,544 | €99,097 | €647,654 | €383,142 | €223,318 | €249,175 | ▲ 11.6% |
| Investment in fixed assets (approximation) | - | -€5,660 | -€1,000 | -€12,202 | €28,044 | -€178,491 | €0 | - |
| Change in cash | - | €107,747 | -€26,019 | €8,624 | -€101,826 | €205,820 | -€165,163 | - |
Simplified and derived: a Belgian filing has no cash-flow statement, so these rows come from the income statement and the balance-sheet moves.
Filings with the National Bank (7)
| Financial year | Type | Filed | Reference |
|---|---|---|---|
| 31-12-2025 | micro format | 31-07-2026 | 2026-00361558 |
| 31-12-2024 | abbreviated format | 19-06-2025 | 2025-00152343 |
| 31-12-2023 | micro format | 28-06-2024 | 2024-00176686 |
| 31-12-2022 | micro format | 30-06-2023 | 2023-00179716 |
| 31-12-2021 | micro format | 29-06-2022 | 2022-20129880 |
| 31-12-2020 | micro format | 30-06-2021 | 2021-28000029 |
| 31-12-2019 | micro format | 30-06-2020 | 2020-23400042 |
Similar companies · same sector, comparable size
DVA Real Estate
BE 0684.748.338
Antwerpen · equity €184,493
lamont31
BE 1009.732.881
Kluisbergen · equity €184,576
MONKEY PROJECTS
BE 0822.624.831
Roeselare · equity €184,449
DECOURTY HOLDING
BE 1018.928.085
Court-Saint-Etienne · equity €184,641
MAARIS
BE 0467.076.675
Gent · equity €184,667
Of the 24,457 active companies whose main activity is activities of holding companies (NACE 64210), figures are known for 20,067. 13,745 are within a factor 10 of this equity. These 5 are the closest to it. See the whole sector
Public contracts: No European public contracts awarded found since October 2016. Contracts below the EU thresholds are not in TED.