PARTE
InactiveFinancials · financial year 2025, full format
2025 annual accounts filed 153 days after the deadline Filed on 3 July 2026, deadline 31 January 2026 (7 months after the close on 30 June 2025, Companies Code art. 3:10). Source: NBB, 2026-00269750.
Annual accounts 2025 filed on 03-07-2026 PDF all 5 filings
Turnover
€1.9m
EBIT margin
-1.8%
Net result
-€367,070▲ 37.6%
2024 · -€588,221
Working capital
-€21.5m▼ 41.2%
2024 · -€15.2m
Multi-year overview
2021 to 2025, 5 financial yearsTurnover
€1.9m
2025
20212025
Operating result
-€34,538
2025
20212025
Net result
-€367,070
▲ 37.6%
2025
20212025
EBIT margin
-1.8%
2025
20212025
Equity
€2.8m
▼ 11.7%
2025
20212025
Total assets
€40.4m
▲ 26.5%
2025
20212025
Debt
€37.6m
▲ 30.7%
2025
20212025
Working capital
-€21.5m
▼ 41.2%
2025
20212025
Staff (FTE)
6.8
▲ 21.4%
2025
20212025
Every figure per financial year
Every figure with its change against the financial year before
favourable
unfavourable
Line20212022202320242025
Turnover€1.9m
Operating result-€0.1m-€0.2m€0.5m▲ 133%€0.07m▼ 88.0%-€0.03m
Net result-€0.01m-€0.1m€0.02m▼ 82.4%-€0.6m-€0.4m▲ 37.6%
EBIT margin-1.8%
Equity€1.2m-€3.7m▲ 207%€3.7m▲ 0.5%€3.1m▼ 15.8%€2.8m▼ 11.7%
Total assets€9.4m-€17.8m▲ 89.5%€21.2m▲ 18.6%€31.9m▲ 50.8%€40.4m▲ 26.5%
Debt€8.2m-€14.1m▲ 72.2%€17.4m▲ 23.4%€28.8m▲ 65.1%€37.6m▲ 30.7%
Working capital-€3.2m--€4.0m▼ 25.7%-€6.1m▼ 51.6%-€15.2m▼ 148%-€21.5m▼ 41.2%
Staff (FTE)1.2-2.1▲ 75.0%3.8▲ 81.0%5.6▲ 47.4%6.8▲ 21.4%
The operating result for 2025 is a loss of €34,538, after a profit of €65,127 in 2024.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €40.4m
Fixed assets
€30.5m ▲ 23.6%
Current assets
€9.8m ▲ 36.4%
Equity and liabilities €40.4m
Equity
€2.8m ▼ 11.7%
Debt
€37.6m ▲ 30.7%
Debt's share of the balance-sheet total rises from 90.2% to 93.1%. Equity is lower and debt is higher.
Key figures and ratios
EBITDA
-€10,275▼
2024 · €101,747
Cash flow
-€342,807▲
2024 · -€551,601
Current ratio
0.31▼
2024 · 0.32
Debt to equity
13.54▲
2024 · 9.15
ROE
-13.2%▲
2024 · -18.7%
ROA
-0.9%▲
2024 · -1.8%
Interest coverage
-0.03▼
2024 · 0.14
Debt ≤ 1 year
€31.3m▲
2024 · €22.4m
Debt > 1 year
€6.3m=
2024 · €6.3m
Income taxes
€20,770▲
2024 · -€10,676
Customer credit
1363 days
Supplier credit
1215 days
Staff costs
€328,204▼
2024 · €458,618
Green means a favourable move, even when the figure itself falls, as with debt or debt to equity.
Staff
| Item | 31-12-2021 | 31-12-2022 | 31-12-2023 | 31-12-2024 | 30-06-2025 |
|---|---|---|---|---|---|
| Employees at the balance-sheet date | 2 | 3 | 5 | 5 | 8 |
| full-time | 2 | 3 | 4 | 4 | 6 |
| part-time | 0 | 0 | 1 | 1 | 2 |
| in full-time equivalents | 2 | 3 | 4.8 | 4.8 | 7.8 |
| Average over the year, in full-time equivalents | 1.2 | 2.1 | 3.8 | 5.6 | 6.8 |
| On a permanent contract | 2 | 3 | 5 | 5 | 8 |
| Joined | 2 | 1 | 5 | 4 | 5 |
| Left | 0 | 0 | 3 | 4 | 2 |
Source: social balance sheet in the 2021 to 2025 annual accounts
Overdue debts
| Item | 2021 | 2022 | 2023 | 2024 | 30-06-2025 |
|---|---|---|---|---|---|
| Overdue tax debts | - | - | - | - | €858 |
Source: notes to the 2021 to 2025 annual accounts (statement of debts)
Securities and guarantees
| Item | 2021 | 2022 | 2023 | 2024 | 30-06-2025 |
|---|---|---|---|---|---|
| Debts secured on the company's own assets | - | €7.4m | €9.2m | €7.2m | - |
| Pledge on the business | - | - | - | - | €39.2m |
| Pledge on other assets, amount secured | €6.3m | €7.4m | €9.2m | €6.2m | €19.5m |
| Carrying value of the other pledged assets | €8.2m | €12.2m | €13.8m | €14.1m | €18.6m |
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 | 30-06-2025 |
|---|---|---|---|---|---|
| Tangible fixed assets | - | €89,752 | €31,173 | - | €3,223 |
| Intangible fixed assets | - | €15,736 | €91,056 | €108,973 | €2,825 |
| Financial fixed assets | €8.2m | €7.0m | €2.3m | €6.8m | €5.9m |
| Depreciation and write-downs of the year | - | €5,807 | €13,346 | €36,620 | €24,263 |
Source: notes to the 2021 to 2025 annual accounts (statement of fixed assets)
Subsidies and aid
Flemish government
2023 · 1 entry · €1,900 awardedAnnual accounts
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Operating income70/76A | - | - | - | - | €1.9m | - |
| Turnover70 | - | - | - | - | €1.9m | - |
| Other operating income74 | - | - | - | - | €0.008m | - |
| Operating charges60/66A | - | - | - | - | €1.9m | - |
| Goods for resale, raw materials and consumables60 | - | - | - | - | €0.4m | - |
| Purchases600/8 | - | - | - | - | €0.4m | - |
| Services and other goods61 | - | - | - | - | €1.2m | - |
| Remuneration, social security and pensions62 | €0.05m | €0.2m | €0.3m | €0.5m | €0.3m | ▼ 28.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | - | €0.006m | €0.01m | €0.04m | €0.02m | ▼ 33.7% |
| Other operating charges640/8 | €0.001m | €0.001m | €0.002m | €0.003m | €0.001m | ▼ 54.5% |
| Non-recurring operating charges66A | - | €0.05m | €0 | - | - | - |
| Gross operating margin9900 | -€0.06m | €0.5m | €0.8m | €0.6m | - | - |
| Operating profit (loss)9901 | -€0.1m | €0.2m | €0.5m | €0.07m | -€0.03m | - |
| Financial income75/76B | €0.2m | €0.1m | €0.07m | €0.06m | €0.03m | ▼ 48.1% |
| Recurring financial income75 | €0.2m | €0.1m | €0.07m | €0.06m | €0.03m | ▼ 48.1% |
| Income from current assets751 | - | - | - | - | €0.03m | - |
| Other financial income752/9 | - | - | - | - | €0 | - |
| Financial charges65/66B | €0.1m | €0.2m | €0.6m | €0.7m | €0.3m | ▼ 52.7% |
| Recurring financial charges65 | €0.1m | €0.2m | €0.6m | €0.7m | €0.3m | ▼ 52.7% |
| Debt charges650 | - | - | - | - | €0.3m | - |
| Other financial charges652/9 | - | - | - | - | €0.002m | - |
| Profit (loss) for the period before taxes9903 | -€0.01m | €0.1m | €0.04m | -€0.6m | -€0.3m | ▲ 42.2% |
| Income taxes67/77 | €106 | €0.04m | €0.02m | -€0.01m | €0.02m | - |
| Taxes670/3 | - | - | - | - | €0.02m | - |
| Tax adjustments and reversals of tax provisions77 | - | - | - | - | €0 | - |
| Profit (loss) for the period9904 | -€0.01m | €0.1m | €0.02m | -€0.6m | -€0.4m | ▲ 37.6% |
| Profit (loss) for the period to be appropriated9905 | -€0.01m | €0.1m | €0.02m | -€0.6m | -€0.4m | ▲ 37.6% |
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Assets | ||||||
| Total assets20/58 | €9.4m | €17.8m | €21.2m | €31.9m | €40.4m | ▲ 26.5% |
| Fixed assets21/28 | €8.2m | €15.4m | €17.8m | €24.7m | €30.5m | ▲ 23.6% |
| Intangible fixed assets21 | - | €0.01m | €0.1m | €0.2m | €0.2m | ▼ 8.7% |
| Tangible fixed assets22/27 | - | €0.09m | €0.1m | €0.1m | €0.1m | ▼ 2.4% |
| Furniture and vehicles24 | - | - | €0.02m | €0.02m | €0.02m | ▲ 7.9% |
| Leasing and similar rights25 | - | €0.01m | €0.008m | €0.006m | €0.004m | ▼ 24.7% |
| Other tangible fixed assets26 | - | €0.07m | €0.08m | €0.08m | €0.08m | ▼ 2.8% |
| Financial fixed assets28 | €8.2m | €15.3m | €17.6m | €24.4m | €30.3m | ▲ 24.0% |
| Affiliated companies280/1 | - | - | - | - | €30.3m | - |
| Participating interests280 | - | - | - | - | €29.7m | - |
| Amounts receivable281 | - | - | - | - | €0.6m | - |
| Current assets29/58 | €1.2m | €2.5m | €3.4m | €7.2m | €9.8m | ▲ 36.4% |
| Stocks and contracts in progress3 | - | - | - | - | €0 | - |
| Amounts receivable within one year40/41 | €0.8m | €2.2m | €3.3m | €7.1m | €9.6m | ▲ 35.6% |
| Trade receivables40 | €0.4m | €0.9m | €0.009m | €3.4m | €7.1m | ▲ 108% |
| Other amounts receivable41 | €0.4m | €1.2m | €3.3m | €3.7m | €2.6m | ▼ 30.4% |
| Cash at bank and in hand54/58 | €0.4m | €0.3m | €0.05m | €0.09m | €0.1m | ▲ 21.2% |
| Deferred charges and accrued income490/1 | - | €0.002m | €0.02m | €0.02m | €0.09m | ▲ 436% |
| Equity and liabilities | ||||||
| Total equity and liabilities10/49 | €9.4m | €17.8m | €21.2m | €31.9m | €40.4m | ▲ 26.5% |
| Equity10/15 | €1.2m | €3.7m | €3.7m | €3.1m | €2.8m | ▼ 11.7% |
| Contributions10/11 | €1.2m | €3.6m | €3.6m | €3.6m | €3.6m | = |
| Capital10 | €1.2m | €1.9m | €1.9m | €1.9m | €1.9m | = |
| Issued capital100 | €1.2m | €1.9m | €1.9m | €1.9m | €1.9m | = |
| Contributions outside capital11 | - | €1.7m | €1.7m | €1.7m | €1.7m | = |
| Share premium1100/10 | - | €1.7m | €1.7m | €1.7m | €1.7m | = |
| Reserves13 | - | €0.09m | €0.1m | €0 | - | - |
| Distributable reserves133 | - | €0.09m | €0.1m | €0 | - | - |
| Profit (loss) carried forward14 | -€0.01m | €0 | - | -€0.5m | -€0.8m | ▼ 76.9% |
| Amounts payable17/49 | €8.2m | €14.1m | €17.4m | €28.8m | €37.6m | ▲ 30.7% |
| Amounts payable after more than one year17 | €3.8m | €7.6m | €7.9m | €6.3m | €6.3m | = |
| Financial debts170/4 | €3.8m | €7.6m | €7.9m | €6.3m | €6.3m | = |
| Leasing and similar obligations172 | - | - | - | - | €0.003m | - |
| Credit institutions173 | - | - | - | - | €5.5m | - |
| Other loans174 | - | - | - | - | €0.8m | - |
| Amounts payable within one year42/48 | €4.4m | €6.5m | €9.5m | €22.4m | €31.3m | ▲ 39.6% |
| Current portion of amounts payable after more than one year42 | €0.6m | €1.4m | €1.7m | €2.2m | €1.1m | ▼ 48.2% |
| Financial debts43 | €1.9m | €0.2m | €1.1m | €0.2m | €0 | ▼ 100% |
| Credit institutions430/8 | €1.9m | €0.2m | €1.1m | €0.2m | €0 | ▼ 100% |
| Trade debts44 | €0.1m | €0.3m | €0.7m | €0.9m | €1.2m | ▲ 29.8% |
| Suppliers440/4 | €0.1m | €0.3m | €0.7m | €0.9m | €1.2m | ▲ 29.8% |
| Taxes, remuneration and social security45 | €0.006m | €0.07m | €0.07m | €0.04m | €0.05m | ▲ 22.6% |
| Taxes450/3 | €180 | €0.05m | €0.05m | €0.002m | €0.001m | ▼ 38.5% |
| Remuneration and social security454/9 | €0.006m | €0.02m | €0.02m | €0.04m | €0.05m | ▲ 26.7% |
| Other amounts payable47/48 | €1.7m | €4.5m | €6.0m | €19.1m | €28.9m | ▲ 51.5% |
| Accrued charges and deferred income492/3 | - | - | €0.01m | €0.09m | €0.03m | ▼ 60.7% |
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | -€0.01m | €0.1m | €0.02m | -€0.6m | -€0.4m | ▲ 37.6% |
| + Depreciation and write-downs630 | - | €0.006m | €0.01m | €0.04m | €0.02m | ▼ 33.7% |
| Operating cash flow (approximation) | -€0.01m | €0.1m | €0.03m | -€0.6m | -€0.3m | ▲ 37.9% |
| Investment in fixed assets (approximation) | - | -€7.1m | -€2.4m | -€7.0m | -€5.9m | ▲ 15.9% |
| Change in cash | - | -€0.08m | -€0.3m | €0.04m | €0.02m | ▼ 48.2% |
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 (5)
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 30-06-2025 | full format | 03-07-2026 | 2026-00269750 | |
| 31-12-2024 | abbreviated format | 31-08-2025 | 2025-00455390 | |
| 31-12-2023 | abbreviated format | 31-08-2024 | 2024-00423907 | |
| 31-12-2022 | abbreviated format | 10-11-2023 | 2023-00509819 | |
| 31-12-2021 | abbreviated format | 31-10-2022 | 2022-20478711 |