Financials · financial year 2026, micro format
Annual accounts 2026 filed on 29-09-2026 at the NBB all 14 filings
Equity
€569,113▲ 5.8%
2025 · €537,873
Net result
€80,889▲ 42.9%
2025 · €56,615
Total assets
€972,569▲ 65.7%
2025 · €586,921
Solvency
58.5%▼ 33.1pp
2025 · 91.6%
Multi-year overview
2019 to 2026, 8 financial yearsOperating result
€115,469
▲ 54.4%
2026
20192026
Net result
€80,889
▲ 42.9%
2026
20192026
Equity
€569,113
▲ 5.8%
2026
20192026
Total assets
€972,569
▲ 65.7%
2026
20192026
Debt
€403,457
▲ 723%
2026
20192026
Working capital
€360,520
▲ 35.2%
2026
20192026
Solvency
58.5%
▼ 33.1pp
2026
20192026
Current ratio
4.28
▼ 2.36
2026
20192026
Return on assets (ROA)
8.3%
▼ 1.3pp
2026
20192026
Every figure per financial year
Every figure with its change against the financial year before
favourable
unfavourable
Line20192020202120222023202420252026
Operating result€92,645-€73,036▼ 21.2%€139,415▲ 90.9%€206,982▲ 48.5%€136,811▼ 33.9%€141,624▲ 3.5%€74,797▼ 47.2%€115,469▲ 54.4%
Net result€63,744-€49,649▼ 22.1%€93,078above the sector's middle half▲ 87.5%€136,429above the sector's middle half▲ 46.6%€95,558above the sector's middle half▼ 30.0%€98,246above the sector's middle half▲ 2.8%€56,615within the sector's middle half▼ 42.4%€80,889▲ 42.9%
Equity€351,396-€401,045▲ 14.1%€449,623above the sector's middle half▲ 12.1%€444,947above the sector's middle half▼ 1.0%€476,005above the sector's middle half▲ 7.0%€545,001above the sector's middle half▲ 14.5%€537,873above the sector's middle half▼ 1.3%€569,113▲ 5.8%
Total assets€375,892-€425,696▲ 13.2%€500,416within the sector's middle half▲ 17.6%€499,021within the sector's middle half▼ 0.3%€531,976within the sector's middle half▲ 6.6%€615,462within the sector's middle half▲ 15.7%€586,921within the sector's middle half▼ 4.6%€972,569▲ 65.7%
Debt€24,496-€24,651▲ 0.6%€50,793▲ 106%€54,074▲ 6.5%€55,972▲ 3.5%€70,461▲ 25.9%€49,048▼ 30.4%€403,457▲ 723%
Working capital€342,402-€398,350▲ 16.3%€438,130above the sector's middle half▲ 10.0%€393,481above the sector's middle half▼ 10.2%€418,363above the sector's middle half▲ 6.3%€498,140above the sector's middle half▲ 19.1%€266,651above the sector's middle half▼ 46.5%€360,520▲ 35.2%
Solvency93.5%-94.2%▲ 0.7pp89.8%above the sector's middle half▼ 4.4pp89.2%above the sector's middle half▼ 0.7pp89.5%above the sector's middle half▲ 0.3pp88.6%above the sector's middle half▼ 0.9pp91.6%above the sector's middle half▲ 3.1pp58.5%▼ 33.1pp
Current ratio14.98-17.16▲ 2.189.63above the sector's middle half▼ 7.538.28above the sector's middle half▼ 1.358.55above the sector's middle half▲ 0.278.19above the sector's middle half▼ 0.366.64above the sector's middle half▼ 1.554.28▼ 2.36
Return on assets (ROA)17.0%-11.7%▼ 5.3pp18.6%within the sector's middle half▲ 6.9pp27.3%above the sector's middle half▲ 8.7pp18.0%within the sector's middle half▼ 9.4pp16.0%within the sector's middle half▼ 2.0pp9.6%within the sector's middle half▼ 6.3pp8.3%▼ 1.3pp
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 2026 is 54% higher than in 2025. It is a recovery after the fall in 2025.
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
2026 in colour, 2025 as the grey bar beneath
Assets €972,569
Fixed assets
€502,121 ▲ 83.9%
Current assets
€470,448 ▲ 49.9%
Equity and liabilities €972,569
Equity
€569,113 ▲ 5.8%
Debt
€403,457 ▲ 723%
Debt's share of the balance-sheet total rises from 8.4% to 41.5%. Equity and debt are higher.
Key figures and ratios
ROE
14.2%▲
2025 · 10.5%
Debt ≤ 1 year
€109,928▲
2025 · €47,267
Debt > 1 year
€289,471
Income taxes
€26,926▲
2025 · €19,651
Green means a favourable move, even when the figure itself falls, as with debt or debt to equity.
Securities and guarantees
| Item | 31-03-2022 | 31-03-2023 | 31-03-2024 | 31-03-2025 | 31-03-2026 |
|---|---|---|---|---|---|
| Carrying value of the mortgaged assets | - | - | - | - | €447,463 |
Source: notes to the 2022 to 2026 annual accounts (statement of debts and off-balance-sheet rights and commitments)
Investments
| Item | 31-03-2022 | 31-03-2023 | 31-03-2024 | 31-03-2025 | 31-03-2026 |
|---|---|---|---|---|---|
| Tangible fixed assets | €43,875 | €16,160 | - | €239,410 | €261,845 |
| Depreciation and write-downs of the year | €3,901 | €9,416 | €10,148 | €14,468 | €32,728 |
Source: notes to the 2022 to 2026 annual accounts (statement of fixed assets)
Annual accounts
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Non-recurring operating income76A | - | - | - | €5,000 | €2,000 | - | - | - | - |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €9,189 | €6,299 | €1,445 | €3,901 | €9,416 | €10,148 | €14,468 | €32,728 | ▲ 126% |
| Other operating charges640/8 | - | - | - | €1,656 | €2,016 | €903 | €2,123 | €1,658 | ▼ 21.9% |
| Gross operating margin9900 | €103,704 | €81,559 | €142,389 | €212,539 | €148,243 | €152,675 | €91,389 | €149,855 | ▲ 64.0% |
| Operating profit (loss)9901 | €92,645 | €73,036 | €139,415 | €206,982 | €136,811 | €141,624 | €74,797 | €115,469 | ▲ 54.4% |
| Financial income75/76B | - | - | - | €0 | €4,110 | €2,391 | €3,727 | €8,322 | ▲ 123% |
| Recurring financial income75 | €236 | €274 | €80 | €0 | €4,110 | €2,391 | €3,727 | €8,322 | ▲ 123% |
| Financial charges65/66B | - | - | - | €72 | €1,564 | €1,333 | €2,257 | €15,976 | ▲ 608% |
| Recurring financial charges65 | €202 | €153 | €105 | €72 | €1,564 | €1,333 | €2,257 | €15,976 | ▲ 608% |
| Profit (loss) for the period before taxes9903 | €92,679 | €73,157 | €139,389 | €206,910 | €139,358 | €142,681 | €76,267 | €107,815 | ▲ 41.4% |
| Income taxes67/77 | €28,935 | €23,508 | €46,312 | €70,481 | €43,800 | €44,435 | €19,651 | €26,926 | ▲ 37.0% |
| Profit (loss) for the period9904 | €63,744 | €49,649 | €93,078 | €136,429 | €95,558 | €98,246 | €56,615 | €80,889 | ▲ 42.9% |
| Profit (loss) for the period to be appropriated9905 | €63,744 | €49,649 | €93,078 | €136,429 | €95,558 | €98,246 | €56,615 | €80,889 | ▲ 42.9% |
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Assets | |||||||||
| Total assets20/58 | €375,892 | €425,696 | €500,416 | €499,021 | €531,976 | €615,462 | €586,921 | €972,569 | ▲ 65.7% |
| Fixed assets21/28 | €8,994 | €2,695 | €11,492 | €51,466 | €58,210 | €48,062 | €273,003 | €502,121 | ▲ 83.9% |
| Tangible fixed assets22/27 | €8,994 | €2,695 | €11,492 | €51,466 | €58,210 | €48,062 | €273,003 | €502,121 | ▲ 83.9% |
| Land and buildings22 | - | - | - | - | - | - | €234,919 | €447,463 | ▲ 90.5% |
| Plant, machinery and equipment23 | - | - | - | €782 | €3,331 | €1,874 | €586 | €0 | ▼ 100% |
| Furniture and vehicles24 | - | - | - | €4,817 | €5,462 | €3,828 | €2,195 | €26,411 | ▲ 12× |
| Other tangible fixed assets26 | - | - | - | €45,867 | €49,417 | €42,360 | €35,303 | €28,247 | ▼ 20.0% |
| Current assets29/58 | €366,898 | €423,001 | €488,924 | €447,555 | €473,766 | €567,400 | €313,918 | €470,448 | ▲ 49.9% |
| Amounts receivable after more than one year29 | - | - | - | - | €60,556 | €60,556 | €0 | - | - |
| Other amounts receivable291 | - | - | - | - | €60,556 | €60,556 | €0 | - | - |
| Amounts receivable within one year40/41 | €32,789 | €26,933 | €95,679 | €130,754 | €97,333 | €66,784 | €85,931 | €78,359 | ▼ 8.8% |
| Trade receivables40 | - | - | - | €130,754 | €81,758 | €66,784 | €75,047 | €78,359 | ▲ 4.4% |
| Other amounts receivable41 | - | - | - | - | €15,575 | - | €10,884 | €0 | ▼ 100% |
| Current investments50/53 | - | - | - | - | €150,586 | €150,586 | €150,586 | €150,586 | = |
| Cash at bank and in hand54/58 | €334,109 | €395,833 | €392,713 | €313,849 | €165,291 | €289,473 | €75,309 | €238,483 | ▲ 217% |
| Deferred charges and accrued income490/1 | - | - | - | €2,953 | - | - | €2,092 | €3,020 | ▲ 44.4% |
| Equity and liabilities | |||||||||
| Total equity and liabilities10/49 | €375,892 | €425,696 | €500,416 | €499,021 | €531,976 | €615,462 | €586,921 | €972,569 | ▲ 65.7% |
| Equity10/15 | €351,396 | €401,045 | €449,623 | €444,947 | €476,005 | €545,001 | €537,873 | €569,113 | ▲ 5.8% |
| Contributions10/11 | €6,200 | €6,200 | - | €6,200 | €6,200 | €6,200 | €6,200 | €6,200 | = |
| Contributions outside capital11 | - | - | - | €6,200 | - | - | - | - | - |
| Other1109/19 | - | - | - | €6,200 | - | - | - | - | - |
| Reserves13 | €345,196 | €394,845 | €443,423 | €438,747 | €469,805 | €538,801 | €531,673 | €562,913 | ▲ 5.9% |
| Non-distributable reserves130/1 | - | - | - | €1,860 | €1,860 | - | - | - | - |
| Reserves not available under the articles1311 | - | - | - | €1,860 | €1,860 | - | - | - | - |
| Distributable reserves133 | - | - | - | €436,887 | €467,945 | €538,801 | €531,673 | €562,913 | ▲ 5.9% |
| Profit (loss) carried forward14 | - | - | - | - | - | - | €0 | €0 | - |
| Amounts payable17/49 | €24,496 | €24,651 | €50,793 | €54,074 | €55,972 | €70,461 | €49,048 | €403,457 | ▲ 723% |
| Amounts payable after more than one year17 | - | - | - | - | - | - | - | €289,471 | - |
| Financial debts170/4 | - | - | - | - | - | - | - | €289,471 | - |
| Amounts payable within one year42/48 | €24,496 | €24,651 | €50,793 | €54,074 | €55,403 | €69,259 | €47,267 | €109,928 | ▲ 133% |
| Trade debts44 | €6,526 | €152 | €7,470 | €1,583 | €12,044 | €6,367 | €7,378 | €13,821 | ▲ 87.3% |
| Suppliers440/4 | - | - | - | €1,583 | €12,044 | €6,367 | €7,378 | €13,821 | ▲ 87.3% |
| Taxes, remuneration and social security45 | - | - | - | €42,410 | €25,506 | €38,592 | €21,397 | €31,630 | ▲ 47.8% |
| Taxes450/3 | - | - | - | €42,410 | €25,506 | €24,288 | €21,397 | €31,630 | ▲ 47.8% |
| Remuneration and social security454/9 | - | - | - | - | - | €14,304 | €0 | - | - |
| Other amounts payable47/48 | - | - | - | €10,081 | €17,853 | €24,300 | €18,492 | €64,477 | ▲ 249% |
| Accrued charges and deferred income492/3 | - | - | - | - | €568 | €1,201 | €1,782 | €4,058 | ▲ 128% |
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €63,744 | €49,649 | €93,078 | €136,429 | €95,558 | €98,246 | €56,615 | €80,889 | ▲ 42.9% |
| + Depreciation and write-downs630 | €9,189 | €6,299 | €1,445 | €3,901 | €9,416 | €10,148 | €14,468 | €32,728 | ▲ 126% |
| Operating cash flow (approximation) | €72,933 | €55,948 | €94,522 | €140,330 | €104,973 | €108,394 | €71,084 | €113,617 | ▲ 59.8% |
| Investment in fixed assets (approximation) | - | €0 | -€10,242 | -€43,875 | -€16,160 | €0 | -€239,410 | -€261,845 | ▼ 9.4% |
| Change in cash | - | €61,724 | -€3,119 | -€78,865 | -€148,558 | €124,182 | -€214,164 | €163,174 | - |
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 14 filings with the National Bank
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-03-2026 | micro format | 29-09-2026 | 2026-00547438 | |
| 31-03-2025 | micro format | 28-10-2025 | 2025-00552716 | |
| 31-03-2024 | micro format | 27-09-2024 | 2024-00474663 | |
| 31-03-2023 | micro format | 28-09-2023 | 2023-00456475 | |
| 31-03-2022 | micro format | 14-10-2022 | 2022-20460063 | |
| 31-03-2021 | micro format | 27-10-2021 | 2021-73200135 | |
| 31-03-2020 | micro format | 25-09-2020 | 2020-55400127 | |
| 31-03-2019 | micro format | 09-10-2019 | 2019-69000026 | |
| 31-03-2018 | micro format | 18-10-2018 | 2018-69500191 | |
| 31-03-2017 | abbreviated format | 30-10-2017 | 2017-68000207 |