NETWORK
Annual accounts 2025
abbreviated format, filed on 23-07-2026, 8 days before the deadlineGross margin
-€9,712
▼ €4,215
Operating result
-€10,772
▼ €4,246
Profit
€321,900
▲ 10.4%
Working capital
€200,404
▲ €226,501
Solvency
92.2%
▲ 25.0 percentage points
Current ratio
2.48
▲ 1.52
Turnover and EBIT margin are not published. The abbreviated format does not require them.
Balance sheet
balance sheet total €2.0m on 31-12-2025What the company ownsHow it is paid for
Change in equityin €m
Change in cashin euro
Staff
Staff cost per FTE
Staff costs divided by the average number of full-time equivalents.
Joined and left
Filed annual accounts
as filed with the National Bank, click a year to choose it| Line | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Balance sheet: assets | |||||||||||
Total assets20/58 |
2.0m | 2.3m | 1.9m | 2.0m | 2.2m | 2.4m | 2.2m | 1.9m | 1.9m | 2.6m | |
Fixed assets21/28 |
1.7m | 1.7m | 1.7m | 1.7m | 2.1m | 2.1m | 1.8m | 1.8m | 1.8m | 2.5m | |
Tangible fixed assets22/27 |
- | - | - | - | - | - | 15,037 | 30,074 | 45,111 | 60,148 | |
Furniture and vehicles24 |
- | - | - | - | - | - | 15,037 | 30,074 | 45,111 | 60,148 | |
Financial fixed assets28 |
1.7m | 1.7m | 1.7m | 1.7m | 2.1m | 2.1m | 1.8m | 1.8m | 1.7m | 2.4m | |
Current assets29/58 |
336,270 | 615,518 | 199,175 | 321,799 | 85,289 | 228,894 | 331,553 | 49,557 | 107,435 | 125,632 | |
Amounts receivable within one year40/41 |
333,558 | 609,593 | 181,474 | 224,415 | 77,574 | 101,167 | 321,477 | 47,670 | 74,371 | 112,000 | |
Trade receivables40 |
- | 2,989 | 70,825 | 214,466 | 76,458 | 95,167 | 48,329 | 27,670 | 74,371 | 112,000 | |
Other amounts receivable41 |
333,558 | 606,605 | 110,649 | 9,950 | 1,116 | 6,000 | 273,149 | 20,000 | - | - | |
Cash at bank and in hand54/58 |
2,711 | 5,925 | 17,701 | 97,384 | 7,715 | 125,533 | 8,271 | - | 31,214 | 11,662 | |
Deferred charges and accrued income490/1 |
- | - | - | - | - | 2,195 | 1,804 | 1,887 | 1,850 | 1,970 | |
| Balance sheet: equity and liabilities | |||||||||||
Total equity and liabilities10/49 |
2.0m | 2.3m | 1.9m | 2.0m | 2.2m | 2.4m | 2.2m | 1.9m | 1.9m | 2.6m | |
Equity10/15 |
1.9m | 1.6m | 1.6m | 901,489 | 966,090 | 745,161 | 535,659 | 312,281 | 55,362 | 22,061 | |
Contributions10/11 |
20,000 | 20,000 | 20,000 | 20,000 | 20,000 | 20,000 | 20,000 | 20,000 | 20,000 | 20,000 | |
Issued capital100 |
- | - | - | - | - | - | 20,000 | 20,000 | 20,000 | 20,000 | |
Reserves13 |
1.5m | 1.5m | 1.5m | 881,489 | 946,090 | 725,161 | 515,659 | 292,281 | 35,362 | 2,061 | |
Non-distributable reserves130/1 |
- | - | - | 2,000 | 2,000 | 2,000 | - | - | - | - | |
Legal reserve130 |
- | - | - | - | - | - | 2,000 | 2,000 | 2,000 | 1,703 | |
Reserves not available under the articles1311 |
- | - | - | 2,000 | 2,000 | 2,000 | - | - | - | - | |
Distributable reserves133 |
1.5m | 1.5m | 1.5m | 879,489 | 944,090 | 723,161 | 513,659 | 290,281 | 33,362 | 358 | |
Profit (loss) carried forward14 |
321,900 | - | - | - | - | - | - | - | - | - | |
Amounts payable17/49 |
159,795 | 760,942 | 344,599 | 1.1m | 1.3m | 1.6m | 1.6m | 1.6m | 1.8m | 2.6m | |
Amounts payable after more than one year17 |
23,929 | 118,752 | 212,615 | 304,187 | 1.0m | 1.2m | 1.2m | 1.2m | 1.5m | 2.2m | |
Financial debts170/4 |
23,929 | 118,752 | 212,615 | 304,187 | 1.0m | 1.2m | 1.2m | 1.2m | 1.5m | 2.2m | |
Amounts payable within one year42/48 |
135,866 | 641,615 | 131,582 | 817,586 | 230,779 | 412,397 | 413,569 | 331,243 | 373,729 | 330,013 | |
Current portion of amounts payable after more than one year42 |
102,661 | 101,134 | 99,179 | 98,571 | 182,648 | 179,599 | 176,014 | 150,958 | 127,853 | 137,146 | |
Financial debts43 |
8,372 | 8,361 | 8,368 | - | 18,324 | 64,195 | - | 279 | - | - | |
Credit institutions430/8 |
8,372 | 8,361 | 8,368 | - | 18,324 | 64,195 | - | 279 | - | - | |
Trade debts44 |
2,200 | 6,633 | 539 | 174,613 | 9,749 | 12,972 | 10,618 | 5,476 | 25,288 | 123,453 | |
Suppliers440/4 |
2,200 | 6,633 | 539 | 174,613 | 9,749 | 12,972 | 10,618 | 5,476 | 25,288 | 123,453 | |
Taxes, remuneration and social security45 |
- | - | 23,497 | 3,351 | 2,059 | 81,094 | 112,542 | 63,620 | 39,297 | 21,743 | |
Taxes450/3 |
- | - | 23,497 | 3,351 | 2,059 | 81,094 | 111,825 | 60,389 | 36,177 | 18,933 | |
Remuneration and social security454/9 |
- | - | - | - | - | - | 717 | 3,232 | 3,120 | 2,810 | |
Other amounts payable47/48 |
22,632 | 525,488 | - | 541,052 | 18,000 | 74,538 | 114,395 | 110,909 | 181,291 | 47,672 | |
Accrued charges and deferred income492/3 |
- | 575 | 403 | 528 | - | 62 | 42 | 3 | 9 | 3 | |
| Income statement | |||||||||||
Non-recurring operating income76A |
- | - | - | - | - | 6,963 | - | - | - | - | |
Gross operating margin9900 |
-9,712 | -5,496 | 49,935 | 24,293 | 79,108 | 276,674 | 155,214 | 165,018 | 115,757 | 94,391 | |
Remuneration, social security and pensions62 |
- | - | - | - | 346 | 320 | 21,473 | 23,165 | 36,144 | 17,635 | |
Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 |
- | - | - | - | - | - | 15,037 | 15,037 | 15,037 | 15,037 | |
Other operating charges640/8 |
1,060 | 1,030 | 1,022 | 930 | 1,812 | 6,382 | 2,298 | 3,353 | 1,419 | 1,936 | |
Operating profit (loss)9901 |
-10,772 | -6,526 | 48,912 | 23,363 | 76,951 | 269,971 | 116,406 | 123,463 | 63,157 | 59,783 | |
Financial income75/76B |
356,304 | 304,933 | 622,851 | 727,013 | 175,383 | 79,977 | 201,149 | 235,865 | 27,143 | - | |
Recurring financial income75 |
356,304 | 304,933 | 622,851 | 727,013 | 175,383 | 79,977 | 201,149 | 235,865 | 27,143 | - | |
Financial charges65/66B |
3,632 | 6,771 | 5,773 | 11,627 | 12,350 | 10,401 | 15,498 | 13,503 | 19,010 | 18,114 | |
Recurring financial charges65 |
3,632 | 6,771 | 5,773 | 11,626 | 12,350 | 10,401 | 15,498 | 13,503 | 19,010 | 18,114 | |
Non-recurring financial charges66B |
- | - | - | 0 | - | - | - | - | - | - | |
Profit (loss) for the period before taxes9903 |
341,900 | 291,636 | 665,990 | 738,750 | 239,983 | 339,548 | 302,057 | 345,825 | 71,290 | 41,669 | |
Income taxes67/77 |
20,000 | - | 10,913 | 3,351 | 19,053 | 73,509 | 37,729 | 49,996 | 14,825 | 7,608 | |
Profit (loss) for the period9904 |
321,900 | 291,636 | 655,077 | 735,399 | 220,930 | 266,039 | 264,328 | 295,828 | 56,465 | 34,061 | |
Profit (loss) for the period to be appropriated9905 |
321,900 | 291,636 | 655,077 | 735,399 | 220,930 | 266,039 | 264,328 | 295,828 | 56,465 | 34,061 | |
| Appropriation of the result | |||||||||||
Profit (loss) to be appropriated9906 |
321,900 | 291,636 | 655,077 | 735,399 | 220,930 | 266,039 | 264,328 | 295,828 | 56,465 | 34,061 | |
Transfer from equity791/2 |
- | - | - | 300,000 | - | - | - | - | - | - | |
Transfer to equity691/2 |
- | - | 655,077 | 235,399 | 220,930 | 209,502 | 223,378 | 256,919 | 33,301 | 2,061 | |
To the legal reserve6920 |
- | - | - | - | - | - | - | - | 297 | 1,703 | |
To other reserves6921 |
- | - | 655,077 | 235,399 | 220,930 | 209,502 | 223,378 | 256,919 | 33,004 | 358 | |
Profit to be distributed694/7 |
- | 291,636 | - | 800,000 | - | 56,538 | 40,950 | 38,909 | 23,164 | 32,000 | |
Return on contributions (dividend)694 |
- | 291,636 | - | 800,000 | - | - | - | - | - | - | |
Directors or managers695 |
- | - | - | - | - | 56,538 | 40,950 | 38,909 | 23,164 | 32,000 | |
| Social balance sheet | |||||||||||
Average staff (FTE)9087 |
- | - | - | - | - | - | 0.5 | 0.5 | 0.9 | 0.4 | |
Hours worked1013 |
- | - | - | - | - | - | 827 | 830 | 1,698 | 708 | |
| Document | |||||||||||
The notes to these accounts have 4 items, including the statement of assets and debts, the cost breakdown and rights and commitments. You find them in the accounts filed with the NBB.
Source: Annual accounts 2025 at the NBB, filed on 23-07-2026.
Filings
each dot is a set of accounts, on the day it reached the National Bank| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-12-2025 | abbreviated format | 23-07-2026 | 2026-00336236 | |
| 31-12-2024 | abbreviated format | 01-07-2025 | 2025-00228575 | |
| 31-12-2023 | abbreviated format | 09-07-2024 | 2024-00225412 | |
| 31-12-2022 | abbreviated format | 19-06-2023 | 2023-00139240 | |
| 31-12-2021 | abbreviated format | 16-06-2022 | 2022-20070393 | |
| 31-12-2020 | abbreviated format | 01-07-2021 | 2021-30300174 | |
| 31-12-2019 | abbreviated format | 29-07-2020 | 2020-36300081 | |
| 31-12-2018 | abbreviated format | 26-07-2019 | 2019-39300410 | |
| 31-12-2017 | abbreviated format | 18-06-2018 | 2018-20200482 | |
| 31-12-2016 | abbreviated format | 12-07-2017 | 2017-30600083 |
Key figures and ratios
per financial year, computed from the annual accounts| Line | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| EBITDA | - | - | - | - | - | - | 131,443 | 138,500 | 78,194 | 74,820 | |
| Cash flow | - | - | - | - | - | - | 279,365 | 310,865 | 71,502 | 49,098 | |
| Investment in fixed assets (approximation) | - | - | - | - | - | 344,828 | -3,750 | 125,250 | 136,500 | 2.5m | |
| Change in cash | -3,213 | -11,776 | -79,683 | 89,669 | -117,817 | 117,262 | - | - | 19,552 | - | |
| Working capital | 200,404 | -26,098 | 67,593 | -495,787 | -145,489 | -183,503 | -82,017 | -281,686 | -266,295 | -204,381 | |
| Solvency | 92.2% | 67.2% | 81.9% | 44.5% | 43.5% | 31.5% | 24.9% | 16.5% | 2.9% | 0.9% | |
| Current ratio | 2.48 | 0.96 | 1.51 | 0.39 | 0.37 | 0.56 | 0.80 | 0.15 | 0.29 | 0.38 | |
| Debt to equity | 0.09 | 0.49 | 0.22 | 1.24 | 1.30 | 2.17 | 3.02 | 5.05 | 32.97 | - | |
| ROE | 17.1% | 18.7% | 42.1% | 81.6% | 22.9% | 35.7% | 49.3% | 94.7% | 102.0% | 154.4% | |
| ROA | 15.8% | 12.6% | 34.5% | 36.3% | 9.9% | 11.2% | 12.3% | 15.6% | 3.0% | 1.3% |
A Belgian filing has no cash-flow statement. Cash flow is therefore an approximation, derived from the income statement. Investment is the acquisitions in the notes and, without them, the balance-sheet move.
Insights on NETWORK
The operating result for 2025 is a loss of €10,772, larger than the loss of €6,526 in 2024. It is the lowest result since 2016.
Debt's share of the balance-sheet total falls from 32.8% to 7.8%. Equity is higher and debt is lower.