Financials · financial year 2025, abbreviated format
Annual accounts 2025 filed on 22-06-2026 at the NBB all 9 filings
Equity
€247,635▲ 70.5%
2024 · €145,259
Net result
€102,376▲ 16.6%
2024 · €87,809
Total assets
€370,818▲ 2.6%
2024 · €361,274
Solvency
66.8%▲ 26.6pp
2024 · 40.2%
Multi-year overview
2018 to 2025, 8 financial yearsTurnover
€0
2025
20182025
Operating result
€43,864
▲ 12.5%
2025
20182025
Net result
€102,376
▲ 16.6%
2025
middle half of the sector
20182025
Equity
€247,635
▲ 70.5%
2025
middle half of the sector
20182025
Total assets
€370,818
▲ 2.6%
2025
lowest quarter of the sector
20182025
Debt
€123,183
▼ 43.0%
2025
20182025
Working capital
-€93,039
▲ 52.5%
2025
middle half of the sector
20182025
Solvency
66.8%
▲ 26.6pp
2025
middle half of the sector
20182025
Current ratio
0.24
▲ 0.15
2025
lowest quarter of the sector
20182025
Return on assets (ROA)
27.6%
▲ 3.3pp
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€89,752-€95,752▲ 6.7%€78,397▼ 18.1%€78,397=€0€0
Operating result-€17,704-€34,805€55,379▲ 59.1%€52,046▼ 6.0%€37,276▼ 28.4%€34,664▼ 7.0%€39,000▲ 12.5%€43,864▲ 12.5%
Net result€22,049--€206,045€63,329within the sector's middle half€41,226within the sector's middle half▼ 34.9%€25,499within the sector's middle half▼ 38.1%€63,534within the sector's middle half▲ 149%€87,809within the sector's middle half▲ 38.2%€102,376within the sector's middle half▲ 16.6%
Equity€69,906--€136,139-€72,810below the sector's middle half▲ 46.5%-€31,583below the sector's middle half▲ 56.6%-€6,084below the sector's middle half▲ 80.7%€57,450below the sector's middle half€145,259below the sector's middle half▲ 153%€247,635within the sector's middle half▲ 70.5%
Total assets€589,051-€350,311▼ 40.5%€348,652below the sector's middle half▼ 0.5%€351,745below the sector's middle half▲ 0.9%€362,837below the sector's middle half▲ 3.2%€356,059below the sector's middle half▼ 1.9%€361,274below the sector's middle half▲ 1.5%€370,818below the sector's middle half▲ 2.6%
Debt€519,145-€486,450▼ 6.3%€421,462▼ 13.4%€383,328▼ 9.0%€368,921▼ 3.8%€298,609▼ 19.1%€216,016▼ 27.7%€123,183▼ 43.0%
Working capital-€289,611--€285,979▲ 1.3%-€337,876within the sector's middle half▼ 18.1%-€315,501within the sector's middle half▲ 6.6%-€309,243within the sector's middle half▲ 2.0%-€265,349within the sector's middle half▲ 14.2%-€196,006within the sector's middle half▲ 26.1%-€93,039within the sector's middle half▲ 52.5%
Solvency11.9%--38.9%▼ 50.7pp-20.9%below the sector's middle half▲ 18.0pp-9.0%below the sector's middle half▲ 11.9pp-1.7%below the sector's middle half▲ 7.3pp16.1%below the sector's middle half▲ 17.8pp40.2%within the sector's middle half▲ 24.1pp66.8%within the sector's middle half▲ 26.6pp
Current ratio0.00-0.03▲ 0.030.01below the sector's middle half▼ 0.020.03below the sector's middle half▲ 0.010.06below the sector's middle half▲ 0.040.05below the sector's middle half▼ 0.010.09below the sector's middle half▲ 0.040.24below the sector's middle half▲ 0.15
Return on assets (ROA)3.7%--58.8%▼ 62.6pp18.2%above the sector's middle half▲ 77.0pp11.7%above the sector's middle half▼ 6.4pp7.0%within the sector's middle half▼ 4.7pp17.8%above the sector's middle half▲ 10.8pp24.3%above the sector's middle half▲ 6.5pp27.6%above the sector's middle half▲ 3.3pp
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 12% higher than in 2024. It is the second rise in a row, after the fall in 2023.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €370,818
Fixed assets
€340,674 ▼ 0.2%
Current assets
€30,144 ▲ 50.6%
Equity and liabilities €370,818
Equity
€247,635 ▲ 70.5%
Debt
€123,183 ▼ 43.0%
Debt's share of the balance-sheet total falls from 59.8% to 33.2%. Equity is higher and debt is lower.
Key figures and ratios
ROE
41.3%▼
2024 · 60.5%
Debt ≤ 1 year
€123,183▼
2024 · €216,016
Income taxes
€10,789▲
2024 · €10,274
Green means a favourable move, even when the figure itself falls, as with debt or debt to equity.
Investments
| Item | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Tangible fixed assets | €0 | €0 | €0 | €0 | €0 |
| Depreciation and write-downs of the year | €607 | €607 | €607 | €607 | €590 |
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 |
|---|---|---|---|---|---|---|---|---|---|
| Turnover70 | €89,752 | €95,752 | €78,397 | €78,397 | - | €0 | - | €0 | - |
| Goods, raw materials, services and sundry goods60/61 | - | - | - | €22,244 | - | €0 | - | €0 | - |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | - | - | €17 | €607 | €607 | €607 | €607 | €590 | ▼ 2.7% |
| Other operating charges640/8 | - | - | - | €3,500 | - | - | - | - | - |
| Gross operating margin9900 | €51,296 | €66,739 | €55,396 | €56,153 | €37,883 | €35,271 | €39,606 | €44,455 | ▲ 12.2% |
| Operating profit (loss)9901 | -€17,704 | €34,805 | €55,379 | €52,046 | €37,276 | €34,664 | €39,000 | €43,864 | ▲ 12.5% |
| Financial income75/76B | - | - | - | - | - | €40,000 | €60,000 | €70,000 | ▲ 16.7% |
| Recurring financial income75 | €49,000 | €12,500 | €13,000 | - | - | €40,000 | €60,000 | €70,000 | ▲ 16.7% |
| Financial charges65/66B | - | - | - | €2,428 | €1,845 | €1,397 | €916 | €699 | ▼ 23.7% |
| Recurring financial charges65 | €9,247 | €5,850 | €5,050 | €2,428 | €1,845 | €1,397 | €916 | €699 | ▼ 23.7% |
| Profit (loss) for the period before taxes9903 | €22,049 | -€206,045 | €63,329 | €49,618 | €35,431 | €73,267 | €98,083 | €113,166 | ▲ 15.4% |
| Income taxes67/77 | - | - | - | €8,391 | €9,932 | €9,734 | €10,274 | €10,789 | ▲ 5.0% |
| Profit (loss) for the period9904 | €22,049 | -€206,045 | €63,329 | €41,226 | €25,499 | €63,534 | €87,809 | €102,376 | ▲ 16.6% |
| Profit (loss) for the period to be appropriated9905 | €22,049 | -€206,045 | €63,329 | €41,226 | €25,499 | €63,534 | €87,809 | €102,376 | ▲ 16.6% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Assets | |||||||||
| Total assets20/58 | €589,051 | €350,311 | €348,652 | €351,745 | €362,837 | €356,059 | €361,274 | €370,818 | ▲ 2.6% |
| Fixed assets21/28 | €588,174 | €340,674 | €343,691 | €343,084 | €342,478 | €341,871 | €341,264 | €340,674 | ▼ 0.2% |
| Tangible fixed assets22/27 | - | - | €3,016 | €2,410 | €1,803 | €1,197 | €590 | €0 | ▼ 100% |
| Furniture and vehicles24 | - | - | - | €2,410 | €1,803 | €1,197 | €590 | €0 | ▼ 100% |
| Financial fixed assets28 | €588,174 | €340,674 | €340,674 | €340,674 | €340,674 | €340,674 | €340,674 | €340,674 | = |
| Current assets29/58 | €876 | €9,636 | €4,961 | €8,661 | €20,360 | €14,188 | €20,010 | €30,144 | ▲ 50.6% |
| Amounts receivable within one year40/41 | €0 | - | €33 | €0 | €5,000 | €266 | €0 | €18,000 | - |
| Trade receivables40 | - | - | - | €0 | €0 | €0 | €0 | €0 | - |
| Other amounts receivable41 | - | - | - | €0 | €5,000 | €266 | €0 | €18,000 | - |
| Cash at bank and in hand54/58 | €876 | €9,636 | €4,928 | €8,361 | €15,060 | €13,621 | €19,710 | €11,844 | ▼ 39.9% |
| Deferred charges and accrued income490/1 | - | - | - | €300 | €300 | €300 | €300 | €300 | = |
| Equity and liabilities | |||||||||
| Total equity and liabilities10/49 | €589,051 | €350,311 | €348,652 | €351,745 | €362,837 | €356,059 | €361,274 | €370,818 | ▲ 2.6% |
| Equity10/15 | €69,906 | -€136,139 | -€72,810 | -€31,583 | -€6,084 | €57,450 | €145,259 | €247,635 | ▲ 70.5% |
| Contributions10/11 | €6,200 | €6,200 | - | €6,200 | €6,200 | €6,200 | €6,200 | €6,200 | = |
| Reserves13 | €63,706 | €63,706 | €63,706 | €63,706 | €63,706 | €63,706 | €139,059 | €241,435 | ▲ 73.6% |
| Non-distributable reserves130/1 | - | - | - | €0 | - | - | - | - | - |
| Reserves not available under the articles1311 | - | - | - | €0 | - | - | - | - | - |
| Distributable reserves133 | - | - | - | €63,706 | €63,706 | €63,706 | €139,059 | €241,435 | ▲ 73.6% |
| Profit (loss) carried forward14 | - | -€206,045 | -€142,716 | -€101,489 | -€75,990 | -€12,456 | €0 | - | - |
| Amounts payable17/49 | €519,145 | €486,450 | €421,462 | €383,328 | €368,921 | €298,609 | €216,016 | €123,183 | ▼ 43.0% |
| Amounts payable after more than one year17 | €228,658 | €190,834 | €78,625 | €59,167 | €39,318 | €19,072 | €0 | - | - |
| Financial debts170/4 | - | - | - | €59,167 | €39,318 | €19,072 | €0 | - | - |
| Amounts payable within one year42/48 | €290,487 | €295,616 | €342,837 | €324,161 | €329,603 | €279,537 | €216,016 | €123,183 | ▼ 43.0% |
| Current portion of amounts payable after more than one year42 | - | - | - | €19,458 | €19,848 | €20,246 | €20,652 | €0 | ▼ 100% |
| Financial debts43 | - | - | - | - | €5,464 | €2,083 | €7,643 | €11,429 | ▲ 49.5% |
| Credit institutions430/8 | - | - | - | - | €5,464 | €2,083 | €7,643 | €11,429 | ▲ 49.5% |
| Trade debts44 | €363 | €7,763 | €0 | €0 | €0 | €233 | €5,134 | €149 | ▼ 97.1% |
| Suppliers440/4 | - | - | - | €0 | €0 | €233 | €5,134 | €149 | ▼ 97.1% |
| Taxes, remuneration and social security45 | - | - | - | €2,100 | €4,003 | €3,096 | €1,483 | €3,699 | ▲ 149% |
| Taxes450/3 | - | - | - | €2,100 | €4,003 | €3,096 | €1,483 | €3,699 | ▲ 149% |
| Other amounts payable47/48 | - | - | - | €302,604 | €300,287 | €253,878 | €181,103 | €107,905 | ▼ 40.4% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €22,049 | -€206,045 | €63,329 | €41,226 | €25,499 | €63,534 | €87,809 | €102,376 | ▲ 16.6% |
| + Depreciation and write-downs630 | - | - | €17 | €607 | €607 | €607 | €607 | €590 | ▼ 2.7% |
| Operating cash flow (approximation) | €22,049 | -€206,045 | €63,346 | €41,833 | €26,106 | €64,140 | €88,416 | €102,967 | ▲ 16.5% |
| Investment in fixed assets (approximation) | - | €247,500 | -€3,033 | €0 | €0 | €0 | €0 | €0 | - |
| Change in cash | - | €8,760 | -€4,708 | €3,432 | €6,699 | -€1,438 | €6,089 | -€7,866 | - |
A Belgian filing has no cash-flow statement. These rows are therefore an approximation, derived from the income statement and the balance-sheet moves.
Filings with the National Bank (9)
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-12-2025 | abbreviated format | 22-06-2026 | 2026-00189895 | |
| 31-12-2024 | full format | 03-07-2025 | 2025-00239612 | |
| 31-12-2023 | full format | 22-07-2024 | 2024-00283843 | |
| 31-12-2022 | full format | 19-06-2023 | 2023-00141392 | |
| 31-12-2021 | full format | 08-06-2022 | 2022-20056580 | |
| 31-12-2020 | full format | 15-06-2021 | 2021-20300491 | |
| 31-12-2019 | full format | 10-07-2020 | 2020-29400077 | |
| 31-12-2018 | full format | 16-07-2019 | 2019-33200064 | |
| 31-12-2017 | full format | 04-07-2018 | 2018-29800081 |