Financials · financial year 2025, micro format
Annual accounts 2025 filed on 29-07-2026 at the NBB all 17 filings
Equity
€111,146▼ 25.3%
2024 · €148,839
Net result
-€37,693▼ 6,249%
2024 · -€594
Total assets
€271,961▼ 32.3%
2024 · €401,645
Solvency
40.9%▲ 3.8pp
2024 · 37.1%
Multi-year overview
2019 to 2025, 7 financial yearsOperating result
€75,383
▲ 174%
2025
20192025
Net result
-€37,693
▼ 6,249%
2025
lowest quarter of the sector
20192025
Equity
€111,146
▼ 25.3%
2025
middle half of the sector
20192025
Total assets
€271,961
▼ 32.3%
2025
middle half of the sector
20192025
Debt
€93,675
▼ 43.4%
2025
20192025
Working capital
€107,257
▼ 30.3%
2025
middle half of the sector
20192025
Solvency
40.9%
▲ 3.8pp
2025
middle half of the sector
20192025
Current ratio
2.38
▲ 0.31
2025
middle half of the sector
20192025
Return on assets (ROA)
-13.9%
▼ 13.7pp
2025
lowest quarter of the sector
20192025
Staff (FTE)
3.1
▼ 20.5%
2025
20192025
Every figure per financial year
Every figure with its change against the financial year before
favourable
unfavourable
Line2019202020212022202320242025
Operating result€18,263-€29,245▲ 60.1%€43,654▲ 49.3%€19,885▼ 54.4%€5,181▼ 73.9%€27,475▲ 430%€75,383▲ 174%
Net result€14,629-€22,394within the sector's middle half▲ 53.1%€33,036within the sector's middle half▲ 47.5%€16,040within the sector's middle half▼ 51.4%€1,792below the sector's middle half▼ 88.8%-€594below the sector's middle half-€37,693below the sector's middle half▼ 6,249%
Equity€129,732-€152,125within the sector's middle half▲ 17.3%€185,162within the sector's middle half▲ 21.7%€201,202within the sector's middle half▲ 8.7%€202,994within the sector's middle half▲ 0.9%€148,839within the sector's middle half▼ 26.7%€111,146within the sector's middle half▼ 25.3%
Total assets€264,213-€276,567within the sector's middle half▲ 4.7%€331,353within the sector's middle half▲ 19.8%€317,937within the sector's middle half▼ 4.0%€317,722within the sector's middle half▼ 0.1%€401,645within the sector's middle half▲ 26.4%€271,961within the sector's middle half▼ 32.3%
Debt€134,481-€124,442▼ 7.5%€146,191▲ 17.5%€116,735▼ 20.1%€114,728▼ 1.7%€165,561▲ 44.3%€93,675▼ 43.4%
Working capital€67,671-€83,693within the sector's middle half▲ 23.7%€78,622within the sector's middle half▼ 6.1%€113,452within the sector's middle half▲ 44.3%€138,634within the sector's middle half▲ 22.2%€153,907within the sector's middle half▲ 11.0%€107,257within the sector's middle half▼ 30.3%
Solvency49.1%-55.0%within the sector's middle half▲ 5.9pp55.9%within the sector's middle half▲ 0.9pp63.3%within the sector's middle half▲ 7.4pp63.9%within the sector's middle half▲ 0.6pp37.1%within the sector's middle half▼ 26.8pp40.9%within the sector's middle half▲ 3.8pp
Current ratio1.71-2.10within the sector's middle half▲ 0.391.69within the sector's middle half▼ 0.412.09within the sector's middle half▲ 0.402.25within the sector's middle half▲ 0.162.07within the sector's middle half▼ 0.182.38within the sector's middle half▲ 0.31
Return on assets (ROA)5.5%-8.1%within the sector's middle half▲ 2.6pp10.0%within the sector's middle half▲ 1.9pp5.0%within the sector's middle half▼ 4.9pp0.6%below the sector's middle half▼ 4.5pp-0.1%below the sector's middle half▼ 0.7pp-13.9%below the sector's middle half▼ 13.7pp
Staff (FTE)1within the sector's middle half1.8▲ 80.0%2.5▲ 38.9%2.2▼ 12.0%3.9▲ 77.3%3.1▼ 20.5%
above
within
below
The sector band is the middle half of the companies in Activities auxiliary to financial services and insurance activities (NACE 66). 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 174% higher than in 2024 and the highest since 2021. It is the second rise in a row, after the fall in 2023.
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 €271,961
Fixed assets
€87,076 ▼ 16.6%
Current assets
€184,885 ▼ 37.8%
Equity and liabilities €271,961
Equity
€111,146 ▼ 25.3%
Provisions
€67,140 ▼ 23.0%
Debt
€93,675 ▼ 43.4%
Debt's share of the balance-sheet total falls from 41.2% to 34.4%. Equity and debt are lower.
Key figures and ratios
ROE
-33.9%▼
2024 · -0.4%
Debt ≤ 1 year
€77,627▼
2024 · €143,341
Debt > 1 year
€16,047▼
2024 · €22,220
Income taxes
€11,288▼
2024 · €24,158
Staff costs
€147,883▼
2024 · €169,062
Green means a favourable move, even when the figure itself falls, as with debt or debt to equity.
Staff
| Item | 31-05-2022 | 31-05-2023 | 31-12-2024 | 31-12-2025 |
|---|---|---|---|---|
| Employees at the balance-sheet date | 3 | 4 | 4 | 4 |
| full-time | 2 | 2 | 3 | 3 |
| part-time | 1 | 2 | 1 | 1 |
| in full-time equivalents | 2.2 | 2.2 | 3.3 | 3.1 |
| Average over the year, in full-time equivalents | 2.5 | 2.2 | 3.9 | 3.1 |
| On a permanent contract | - | 2 | 3 | 3 |
| Joined | - | 3 | 3 | 7 |
| Left | - | 2 | 5 | 5 |
Source: social balance sheet in the 2022 to 2025 annual accounts
Investments
| Item | 31-05-2022 | 31-05-2023 | 2024 | 2025 |
|---|---|---|---|---|
| Tangible fixed assets | €12,951 | €22,063 | €96,784 | €13,778 |
| Intangible fixed assets | - | - | €4,500 | €3,290 |
| Depreciation and write-downs of the year | €50,643 | €54,393 | €65,071 | €34,358 |
Source: notes to the 2022 to 2025 annual accounts (statement of fixed assets)
Annual accounts
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|
| Non-recurring operating income76A | - | - | - | - | - | - | €24,000 | - |
| Remuneration, social security and pensions62 | - | - | - | €90,762 | €88,316 | €169,062 | €147,883 | ▼ 12.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €37,159 | €41,746 | €47,406 | €50,643 | €54,393 | €65,071 | €34,358 | ▼ 47.2% |
| Provisions for liabilities and charges: additions (uses and reversals)635/8 | - | - | - | - | - | €87,244 | -€20,104 | - |
| Other operating charges640/8 | - | - | - | €142 | - | €3,825 | €1,182 | ▼ 69.1% |
| Non-recurring operating charges66A | - | - | - | - | - | €3,409 | €766 | ▼ 77.5% |
| Gross operating margin9900 | €55,504 | €83,285 | €153,779 | €161,432 | €147,890 | €356,086 | €239,468 | ▼ 32.7% |
| Operating profit (loss)9901 | €18,263 | €29,245 | €43,654 | €19,885 | €5,181 | €27,475 | €75,383 | ▲ 174% |
| Financial income75/76B | - | - | - | €3,116 | €622 | €446 | €665 | ▲ 49.1% |
| Recurring financial income75 | €40 | €9 | €100 | €3,116 | €622 | €446 | €665 | ▲ 49.1% |
| Financial charges65/66B | - | - | - | €654 | €1,420 | €4,356 | €102,452 | ▲ 24× |
| Recurring financial charges65 | €666 | €1,195 | €951 | €654 | €1,420 | €4,356 | €102,452 | ▲ 24× |
| Profit (loss) for the period before taxes9903 | €17,636 | €28,059 | €42,803 | €22,347 | €4,383 | €23,564 | -€26,405 | - |
| Income taxes67/77 | €3,007 | €5,666 | €9,767 | €6,307 | €2,591 | €24,158 | €11,288 | ▼ 53.3% |
| Profit (loss) for the period9904 | €14,629 | €22,394 | €33,036 | €16,040 | €1,792 | -€594 | -€37,693 | ▼ 6,249% |
| Transfer from tax-exempt reserves789 | - | - | - | €1,260 | €1,260 | €1,260 | - | - |
| Profit (loss) for the period to be appropriated9905 | €14,629 | €17,352 | €34,297 | €17,300 | €3,052 | €667 | -€37,693 | - |
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|
| Assets | ||||||||
| Total assets20/58 | €264,213 | €276,567 | €331,353 | €317,937 | €317,722 | €401,645 | €271,961 | ▼ 32.3% |
| Fixed assets21/28 | €101,780 | €116,781 | €138,205 | €100,513 | €68,183 | €104,396 | €87,076 | ▼ 16.6% |
| Intangible fixed assets21 | - | - | - | - | - | €3,744 | €6,031 | ▲ 61.1% |
| Tangible fixed assets22/27 | €101,780 | €116,781 | €138,205 | €100,513 | €68,183 | €100,652 | €81,045 | ▼ 19.5% |
| Plant, machinery and equipment23 | - | - | - | - | - | €33,919 | €29,659 | ▼ 12.6% |
| Furniture and vehicles24 | - | - | - | €100,513 | €57,823 | €46,460 | €35,877 | ▼ 22.8% |
| Other tangible fixed assets26 | - | - | - | - | €10,361 | €20,273 | €15,509 | ▼ 23.5% |
| Current assets29/58 | €162,433 | €159,786 | €193,148 | €217,424 | €249,539 | €297,249 | €184,885 | ▼ 37.8% |
| Amounts receivable within one year40/41 | €84,304 | €56,751 | €100,882 | €121,497 | €130,545 | €141,880 | €95,962 | ▼ 32.4% |
| Trade receivables40 | - | - | - | €68,116 | €86,954 | €119,449 | €67,708 | ▼ 43.3% |
| Other amounts receivable41 | - | - | - | €53,381 | €43,591 | €22,431 | €28,254 | ▲ 26.0% |
| Cash at bank and in hand54/58 | €78,129 | €100,506 | €91,699 | €95,348 | €115,926 | €151,542 | €80,501 | ▼ 46.9% |
| Deferred charges and accrued income490/1 | - | - | - | €579 | €3,068 | €3,828 | €8,422 | ▲ 120% |
| Equity and liabilities | ||||||||
| Total equity and liabilities10/49 | €264,213 | €276,567 | €331,353 | €317,937 | €317,722 | €401,645 | €271,961 | ▼ 32.3% |
| Equity10/15 | €129,732 | €152,125 | €185,162 | €201,202 | €202,994 | €148,839 | €111,146 | ▼ 25.3% |
| Contributions10/11 | €6,200 | €6,200 | - | €6,200 | €6,200 | €6,200 | €6,200 | = |
| Reserves13 | €123,532 | €145,925 | €178,962 | €195,002 | €196,794 | €141,972 | €141,972 | = |
| Non-distributable reserves130/1 | - | - | - | €1,860 | €1,860 | - | - | - |
| Reserves not available under the articles1311 | - | - | - | €1,860 | €1,860 | - | - | - |
| Tax-exempt reserves132 | - | - | - | €2,521 | €1,260 | - | - | - |
| Distributable reserves133 | - | - | - | €190,621 | €193,673 | €141,972 | €141,972 | = |
| Profit (loss) carried forward14 | - | - | - | - | - | €667 | -€37,026 | - |
| Provisions and deferred taxes16 | - | - | - | - | - | €87,244 | €67,140 | ▼ 23.0% |
| Provisions for liabilities and charges160/5 | - | - | - | - | - | €87,244 | €67,140 | ▼ 23.0% |
| Other liabilities and charges164/5 | - | - | - | - | - | €87,244 | €67,140 | ▼ 23.0% |
| Amounts payable17/49 | €134,481 | €124,442 | €146,191 | €116,735 | €114,728 | €165,561 | €93,675 | ▼ 43.4% |
| Amounts payable after more than one year17 | €39,469 | €48,349 | €31,665 | €12,763 | - | €22,220 | €16,047 | ▼ 27.8% |
| Financial debts170/4 | - | - | - | €12,763 | - | €22,220 | €16,047 | ▼ 27.8% |
| Amounts payable within one year42/48 | €94,762 | €76,093 | €114,526 | €103,972 | €110,905 | €143,341 | €77,627 | ▼ 45.8% |
| Current portion of amounts payable after more than one year42 | - | - | - | €18,902 | €14,763 | €5,916 | €6,173 | ▲ 4.3% |
| Trade debts44 | €37,754 | €25,245 | €44,245 | €32,731 | €30,860 | €57,479 | €24,317 | ▼ 57.7% |
| Suppliers440/4 | - | - | - | €32,731 | €30,860 | €57,479 | €24,317 | ▼ 57.7% |
| Advances received on contracts in progress46 | - | - | - | - | €11,671 | - | - | - |
| Taxes, remuneration and social security45 | - | - | - | €50,205 | €51,321 | €12,423 | €31,162 | ▲ 151% |
| Taxes450/3 | - | - | - | €33,657 | €28,846 | €5,939 | €13,436 | ▲ 126% |
| Remuneration and social security454/9 | - | - | - | €16,549 | €22,475 | €6,484 | €17,726 | ▲ 173% |
| Other amounts payable47/48 | - | - | - | €2,134 | €2,289 | €67,524 | €15,975 | ▼ 76.3% |
| Accrued charges and deferred income492/3 | - | - | - | - | €3,823 | - | - | - |
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €14,629 | €22,394 | €33,036 | €16,040 | €1,792 | -€594 | -€37,693 | ▼ 6,249% |
| + Depreciation and write-downs630 | €37,159 | €41,746 | €47,406 | €50,643 | €54,393 | €65,071 | €34,358 | ▼ 47.2% |
| Operating cash flow (approximation) | €51,788 | €64,140 | €80,443 | €66,683 | €56,185 | €64,478 | -€3,334 | - |
| Investment in fixed assets (approximation) | - | -€56,748 | -€68,831 | -€12,951 | -€22,063 | -€101,284 | -€17,039 | ▲ 83.2% |
| Change in cash | - | €22,377 | -€8,807 | €3,649 | €20,578 | €35,616 | -€71,041 | - |
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 17 filings with the National Bank
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-12-2025 | micro format | 29-07-2026 | 2026-00348392 | |
| 31-12-2024 | micro format | 28-07-2025 | 2025-00314544 | |
| 31-05-2023 | micro format | 11-01-2024 | 2024-00546848 | |
| 31-05-2022 | micro format | 21-12-2022 | 2022-20544463 | |
| 31-05-2021 | micro format | 17-01-2022 | 2022-01000533 | |
| 31-05-2020 | micro format | 15-01-2021 | 2021-01000232 | |
| 31-05-2019 | micro format | 30-01-2020 | 2020-03000375 | |
| 31-05-2018 | micro format | 30-01-2019 | 2019-03400069 | |
| 31-05-2017 | micro format | 25-01-2018 | 2018-02400086 | |
| 31-05-2016 | full format | 26-01-2017 | 2017-01900185 |