Financials · financial year 2025, abbreviated format
Annual accounts 2025 filed on 30-06-2026 at the NBB all 13 filings
Equity
€311,628▲ 13.6%
2024 · €274,251
Net result
€37,377▼ 6.0%
2024 · €39,780
Total assets
€402,063▲ 7.0%
2024 · €375,920
Solvency
77.5%▲ 4.6pp
2024 · 73.0%
Multi-year overview
2018 to 2025, 8 financial yearsOperating result
€62,910
▲ 5.4%
2025
20182025
Net result
€37,377
▼ 6.0%
2025
middle half of the sector
20182025
Equity
€311,628
▲ 13.6%
2025
middle half of the sector
20182025
Total assets
€402,063
▲ 7.0%
2025
lowest quarter of the sector
20182025
Debt
€90,435
▼ 11.0%
2025
20182025
Working capital
-€7,964
▲ 89.1%
2025
middle half of the sector
20182025
Solvency
77.5%
▲ 4.6pp
2025
middle half of the sector
20182025
Current ratio
0.91
▲ 0.71
2025
middle half of the sector
20182025
Return on assets (ROA)
9.3%
▼ 1.3pp
2025
middle half of the sector
20182025
Staff (FTE)
0
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€37,064-€43,910▲ 18.5%€60,533▲ 37.9%€42,533▼ 29.7%€58,883▲ 38.4%€63,950▲ 8.6%€59,667▼ 6.7%€62,910▲ 5.4%
Net result€18,333-€27,724▲ 51.2%€33,942within the sector's middle half▲ 22.4%€22,712within the sector's middle half▼ 33.1%€33,223within the sector's middle half▲ 46.3%€37,466within the sector's middle half▲ 12.8%€39,780within the sector's middle half▲ 6.2%€37,377within the sector's middle half▼ 6.0%
Equity€172,863-€185,587▲ 7.4%€219,529within the sector's middle half▲ 18.3%€242,241within the sector's middle half▲ 10.3%€275,529within the sector's middle half▲ 13.7%€312,930within the sector's middle half▲ 13.6%€274,251within the sector's middle half▼ 12.4%€311,628within the sector's middle half▲ 13.6%
Total assets€503,128-€513,472▲ 2.1%€468,795below the sector's middle half▼ 8.7%€457,341below the sector's middle half▼ 2.4%€446,085below the sector's middle half▼ 2.5%€451,272below the sector's middle half▲ 1.2%€375,920below the sector's middle half▼ 16.7%€402,063below the sector's middle half▲ 7.0%
Debt€330,265-€327,884▼ 0.7%€249,265▼ 24.0%€215,100▼ 13.7%€170,557▼ 20.7%€138,342▼ 18.9%€101,669▼ 26.5%€90,435▼ 11.0%
Working capital-€161,898--€162,734▼ 0.5%-€124,733within the sector's middle half▲ 23.4%-€100,049within the sector's middle half▲ 19.8%-€86,206within the sector's middle half▲ 13.8%-€66,726within the sector's middle half▲ 22.6%-€73,312within the sector's middle half▼ 9.9%-€7,964within the sector's middle half▲ 89.1%
Solvency34.4%-36.1%▲ 1.8pp46.8%within the sector's middle half▲ 10.7pp53.0%within the sector's middle half▲ 6.1pp61.8%within the sector's middle half▲ 8.8pp69.3%within the sector's middle half▲ 7.6pp73.0%within the sector's middle half▲ 3.6pp77.5%within the sector's middle half▲ 4.6pp
Current ratio0.17-0.25▲ 0.080.23below the sector's middle half▼ 0.020.34within the sector's middle half▲ 0.120.36within the sector's middle half▲ 0.010.45within the sector's middle half▲ 0.090.19below the sector's middle half▼ 0.260.91within the sector's middle half▲ 0.71
Return on assets (ROA)3.6%-5.4%▲ 1.8pp7.2%within the sector's middle half▲ 1.8pp5.0%within the sector's middle half▼ 2.3pp7.4%within the sector's middle half▲ 2.5pp8.3%within the sector's middle half▲ 0.9pp10.6%within the sector's middle half▲ 2.3pp9.3%within the sector's middle half▼ 1.3pp
Staff (FTE)0within the sector's middle half0within 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 5% higher than in 2024. It is a recovery after the fall in 2024.
Turnover and EBIT margin are not published. The abbreviated or 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 €402,063
Fixed assets
€323,975 ▼ 9.6%
Current assets
€78,088 ▲ 346%
Equity and liabilities €402,063
Equity
€311,628 ▲ 13.6%
Debt
€90,435 ▼ 11.0%
Debt's share of the balance-sheet total falls from 27.0% to 22.5%. Equity is higher and debt is lower.
Key figures and ratios
ROE
12.0%▼
2024 · 14.5%
Debt ≤ 1 year
€86,051▼
2024 · €90,819
Debt > 1 year
€4,384▼
2024 · €10,850
Income taxes
€20,266▲
2024 · €13,577
Green means a favourable move, even when the figure itself falls, as with debt or debt to equity.
Securities and guarantees
| Item | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Debts secured on the company's own assets | - | - | - | €17,189 | - |
| Mortgages, amount registered | €175,000 | €175,000 | €175,000 | €175,000 | €175,000 |
| Carrying value of the mortgaged assets | €388,945 | €367,312 | €346,644 | €325,976 | €305,307 |
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 | €3,347 | €26,512 | €37,415 | €2,070 | €1,400 |
| Depreciation and write-downs of the year | €30,277 | €32,724 | €39,081 | €35,609 | €35,837 |
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 | - | - | - | - | - | - | €20,107 | €0 | ▼ 100% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €27,052 | €31,301 | €31,360 | €30,277 | €32,724 | €39,081 | €35,609 | €35,837 | ▲ 0.6% |
| Other operating charges640/8 | - | - | - | €2,251 | €1,443 | €5,428 | €1,771 | €4,193 | ▲ 137% |
| Gross operating margin9900 | €66,550 | €77,758 | €94,136 | €75,061 | €93,051 | €108,460 | €97,046 | €102,940 | ▲ 6.1% |
| Operating profit (loss)9901 | €37,064 | €43,910 | €60,533 | €42,533 | €58,883 | €63,950 | €59,667 | €62,910 | ▲ 5.4% |
| Financial charges65/66B | - | - | - | €6,843 | €5,695 | €4,782 | €6,309 | €5,266 | ▼ 16.5% |
| Recurring financial charges65 | €10,900 | €9,851 | €8,334 | €6,843 | €5,695 | €4,782 | €6,309 | €5,266 | ▼ 16.5% |
| Profit (loss) for the period before taxes9903 | €26,164 | €34,059 | €52,199 | €35,690 | €53,188 | €59,168 | €53,357 | €57,644 | ▲ 8.0% |
| Income taxes67/77 | €7,831 | €6,335 | €18,257 | €12,978 | €19,965 | €21,702 | €13,577 | €20,266 | ▲ 49.3% |
| Profit (loss) for the period9904 | €18,333 | €27,724 | €33,942 | €22,712 | €33,223 | €37,466 | €39,780 | €37,377 | ▼ 6.0% |
| Profit (loss) for the period to be appropriated9905 | €18,333 | €27,724 | €33,942 | €22,712 | €33,223 | €37,466 | €39,780 | €37,377 | ▼ 6.0% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Assets | |||||||||
| Total assets20/58 | €503,128 | €513,472 | €468,795 | €457,341 | €446,085 | €451,272 | €375,920 | €402,063 | ▲ 7.0% |
| Fixed assets21/28 | €470,043 | €459,989 | €431,654 | €404,724 | €398,511 | €396,845 | €358,412 | €323,975 | ▼ 9.6% |
| Tangible fixed assets22/27 | €470,043 | €459,989 | €431,654 | €404,724 | €398,511 | €396,845 | €358,412 | €323,975 | ▼ 9.6% |
| Land and buildings22 | - | - | - | €388,945 | €367,312 | €346,644 | €325,976 | €305,307 | ▼ 6.3% |
| Plant, machinery and equipment23 | - | - | - | €15,779 | €23,319 | €31,972 | €24,768 | €16,666 | ▼ 32.7% |
| Furniture and vehicles24 | - | - | - | - | €7,880 | €18,229 | €7,669 | €2,003 | ▼ 73.9% |
| Current assets29/58 | €33,085 | €53,483 | €37,141 | €52,617 | €47,574 | €54,427 | €17,507 | €78,088 | ▲ 346% |
| Amounts receivable within one year40/41 | €9,667 | €5,832 | - | - | - | - | €1,422 | €0 | ▼ 100% |
| Other amounts receivable41 | - | - | - | - | - | - | €1,422 | €0 | ▼ 100% |
| Cash at bank and in hand54/58 | €23,418 | €34,901 | €37,141 | €52,617 | €35,883 | €42,736 | €16,085 | €78,088 | ▲ 385% |
| Deferred charges and accrued income490/1 | - | - | - | - | €11,691 | €11,691 | €0 | - | - |
| Equity and liabilities | |||||||||
| Total equity and liabilities10/49 | €503,128 | €513,472 | €468,795 | €457,341 | €446,085 | €451,272 | €375,920 | €402,063 | ▲ 7.0% |
| Equity10/15 | €172,863 | €185,587 | €219,529 | €242,241 | €275,529 | €312,930 | €274,251 | €311,628 | ▲ 13.6% |
| Contributions10/11 | €100,000 | €100,000 | - | €100,000 | €100,000 | €100,000 | €100,000 | €100,000 | = |
| Reserves13 | €72,459 | €85,183 | €119,125 | €141,837 | €175,529 | €212,930 | €174,251 | €211,628 | ▲ 21.5% |
| Non-distributable reserves130/1 | - | - | - | €10,000 | €10,000 | €0 | - | - | - |
| Reserves not available under the articles1311 | - | - | - | €10,000 | €10,000 | €0 | - | - | - |
| Distributable reserves133 | - | - | - | €131,837 | €165,529 | €212,930 | €174,251 | €211,628 | ▲ 21.5% |
| Profit (loss) carried forward14 | €404 | €404 | €404 | €404 | €0 | - | €0 | €0 | - |
| Amounts payable17/49 | €330,265 | €327,884 | €249,265 | €215,100 | €170,557 | €138,342 | €101,669 | €90,435 | ▼ 11.0% |
| Amounts payable after more than one year17 | €135,281 | €111,667 | €87,391 | €62,434 | €36,777 | €17,189 | €10,850 | €4,384 | ▼ 59.6% |
| Financial debts170/4 | - | - | - | €62,434 | €36,777 | €17,189 | €10,850 | €4,384 | ▼ 59.6% |
| Amounts payable within one year42/48 | €194,983 | €216,217 | €161,874 | €152,666 | €133,780 | €121,153 | €90,819 | €86,051 | ▼ 5.2% |
| Current portion of amounts payable after more than one year42 | - | - | - | €24,957 | €25,657 | €19,588 | €6,339 | €6,466 | ▲ 2.0% |
| Trade debts44 | €780 | €468 | €756 | €5,119 | €1,155 | €1,448 | €1,421 | €912 | ▼ 35.8% |
| Suppliers440/4 | - | - | - | €5,119 | €1,155 | €1,448 | €1,421 | €912 | ▼ 35.8% |
| Taxes, remuneration and social security45 | - | - | - | €11,193 | €7,340 | €11,565 | €3,060 | €8,191 | ▲ 168% |
| Taxes450/3 | - | - | - | €11,193 | €7,340 | €11,565 | €3,060 | €8,191 | ▲ 168% |
| Other amounts payable47/48 | - | - | - | €111,397 | €99,627 | €88,553 | €80,000 | €70,482 | ▼ 11.9% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €18,333 | €27,724 | €33,942 | €22,712 | €33,223 | €37,466 | €39,780 | €37,377 | ▼ 6.0% |
| + Depreciation and write-downs630 | €27,052 | €31,301 | €31,360 | €30,277 | €32,724 | €39,081 | €35,609 | €35,837 | ▲ 0.6% |
| Operating cash flow (approximation) | €45,385 | €59,025 | €65,302 | €52,989 | €65,947 | €76,547 | €75,389 | €73,214 | ▼ 2.9% |
| Investment in fixed assets (approximation) | - | -€21,247 | -€3,025 | -€3,347 | -€26,512 | -€37,415 | €2,824 | -€1,400 | - |
| Change in cash | - | €11,483 | €2,240 | €15,477 | -€16,734 | €6,853 | -€26,651 | €62,002 | - |
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 | abbreviated format | 30-06-2026 | 2026-00252943 | |
| 31-12-2024 | abbreviated format | 03-07-2025 | 2025-00227807 | |
| 31-12-2023 | abbreviated format | 24-06-2024 | 2024-00165629 | |
| 31-12-2022 | abbreviated format | 15-08-2023 | 2023-00328271 | |
| 31-12-2021 | abbreviated format | 28-07-2022 | 2022-20238920 | |
| 31-12-2020 | abbreviated format | 30-07-2021 | 2021-43800515 | |
| 31-12-2019 | micro format | 23-07-2020 | 2020-33500556 | |
| 31-12-2018 | abbreviated format | 25-07-2019 | 2019-37900083 | |
| 31-12-2017 | abbreviated format | 21-07-2018 | 2018-38400336 | |
| 31-12-2016 | abbreviated format | 26-07-2017 | 2017-37900299 |