Financials · financial year 2025, micro format
Annual accounts 2025 filed on 29-12-2025 PDF all 6 filings
Equity
€2.9m▲ 156%
2024 · €1.1m
Net result
€2.7m▲ 91×
2024 · €29,811
Total assets
€3.4m▲ 107%
2024 · €1.6m
Solvency
85.0%▲ 16.4pp
2024 · 68.6%
Multi-year overview
2020 to 2025, 6 financial yearsOperating result
€9,049
▼ 88.4%
2025
20202025
Net result
€2.7m
▲ 91×
2025
highest quarter of the sector
20202025
Equity
€2.9m
▲ 156%
2025
highest quarter of the sector
20202025
Total assets
€3.4m
▲ 107%
2025
highest quarter of the sector
20202025
Debt
€509,505
▼ 1.2%
2025
20202025
Working capital
€455,707
▼ 20.6%
2025
highest quarter of the sector
20202025
Solvency
85.0%
▲ 16.4pp
2025
highest quarter of the sector
20202025
Current ratio
3.92
▼ 1.15
2025
middle half of the sector
20202025
Return on assets (ROA)
79.8%
▲ 78.0pp
2025
highest quarter of the sector
20202025
Every figure per financial year
Every figure with its change against the financial year before
favourable
unfavourable
Line202020212022202320242025
Operating result€0.04m-€0.2m▲ 324%€0.2m▲ 40.1%€0.4m▲ 92.6%€0.08m▼ 82.3%€0.009m▼ 88.4%
Net result€0.03mwithin the sector's middle half-€0.2mabove the sector's middle half▲ 663%€0.2mabove the sector's middle half▼ 25.8%€0.5mabove the sector's middle half▲ 221%€0.03mwithin the sector's middle half▼ 94.4%€2.7mabove the sector's middle half▲ 91×
Equity€0.2mwithin the sector's middle half-€0.4mabove the sector's middle half▲ 130%€0.6mabove the sector's middle half▲ 42.0%€1.1mabove the sector's middle half▲ 94.8%€1.1mabove the sector's middle half▲ 2.7%€2.9mabove the sector's middle half▲ 156%
Total assets€0.3mwithin the sector's middle half-€0.5mwithin the sector's middle half▲ 101%€0.8mwithin the sector's middle half▲ 55.0%€1.2mabove the sector's middle half▲ 58.1%€1.6mabove the sector's middle half▲ 31.8%€3.4mabove the sector's middle half▲ 107%
Debt€0.08m-€0.1m▲ 38.2%€0.2m▲ 101%€0.1m▼ 33.5%€0.5m▲ 244%€0.5m▼ 1.2%
Working capital€0.05mwithin the sector's middle half-€0.2mabove the sector's middle half▲ 395%€0.4mabove the sector's middle half▲ 81.8%€0.7mabove the sector's middle half▲ 75.8%€0.6mabove the sector's middle half▼ 21.5%€0.5mabove the sector's middle half▼ 20.6%
Solvency68.0%within the sector's middle half-78.0%above the sector's middle half▲ 10.0pp71.4%within the sector's middle half▼ 6.6pp88.0%above the sector's middle half▲ 16.6pp68.6%within the sector's middle half▼ 19.4pp85.0%above the sector's middle half▲ 16.4pp
Current ratio1.57within the sector's middle half-3.07within the sector's middle half▲ 1.502.87within the sector's middle half▼ 0.208.44above the sector's middle half▲ 5.585.07above the sector's middle half▼ 3.373.92within the sector's middle half▼ 1.15
Return on assets (ROA)11.6%within the sector's middle half-44.1%above the sector's middle half▲ 32.5pp21.1%within the sector's middle half▼ 23.0pp42.8%above the sector's middle half▲ 21.7pp1.8%within the sector's middle half▼ 41.0pp79.8%above the sector's middle half▲ 78.0pp
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 88% lower than in 2024 and the lowest since 2020. It is the second fall in a row.
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 €3.4m
Fixed assets
€2.8m ▲ 201%
Current assets
€611,645 ▼ 14.5%
Equity and liabilities €3.4m
Equity
€2.9m ▲ 156%
Debt
€509,505 ▼ 1.2%
Debt's share of the balance-sheet total falls from 31.4% to 15.0%. Equity is higher and debt is lower.
Key figures and ratios
ROE
93.9%▲
2024 · 2.7%
Debt ≤ 1 year
€155,937▲
2024 · €140,921
Debt > 1 year
€345,282▼
2024 · €372,181
Income taxes
€12,420▼
2024 · €13,767
Green means a favourable move, even when the figure itself falls, as with debt or debt to equity.
Securities and guarantees
| Item | 31-05-2022 | 31-05-2023 | 31-05-2024 | 31-05-2025 |
|---|---|---|---|---|
| Mortgages, amount registered | - | - | €27,500 | €27,500 |
| Mortgage mandates | - | - | €357,500 | €357,500 |
| Carrying value of the mortgaged assets | - | - | €511,566 | €540,726 |
Source: notes to the 2022 to 2025 annual accounts (statement of debts and off-balance-sheet rights and commitments)
Investments
| Item | 31-05-2022 | 31-05-2023 | 31-05-2024 | 31-05-2025 |
|---|---|---|---|---|
| Tangible fixed assets | €3,777 | €107,627 | €564,891 | €61,114 |
| Financial fixed assets | - | €200,000 | €12,500 | €1.9m |
| Depreciation and write-downs of the year | €23,543 | €29,266 | €64,109 | €65,665 |
Source: notes to the 2022 to 2025 annual accounts (statement of fixed assets)
Annual accounts
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €0.006m | €0.02m | €0.02m | €0.03m | €0.06m | €0.07m | ▲ 2.4% |
| Other operating charges640/8 | - | - | €0.003m | €0.01m | €0.008m | €0.01m | ▲ 56.5% |
| Non-recurring operating charges66A | - | - | €0 | €0.003m | €0 | - | - |
| Gross operating margin9900 | €0.05m | €0.2m | €0.3m | €0.5m | €0.1m | €0.09m | ▼ 42.3% |
| Operating profit (loss)9901 | €0.04m | €0.2m | €0.2m | €0.4m | €0.08m | €0.009m | ▼ 88.4% |
| Financial income75/76B | - | - | €23 | €0.2m | €1 | €2.7m | ▲ 2,792,280× |
| Recurring financial income75 | €229 | €0.1m | €23 | €0.2m | €1 | €2.7m | ▲ 2,792,280× |
| Financial charges65/66B | - | - | €0.004m | €0.005m | €0.03m | €0.02m | ▼ 32.2% |
| Recurring financial charges65 | €192 | €0.001m | €0.004m | €0.005m | €0.03m | €0.02m | ▼ 32.2% |
| Profit (loss) for the period before taxes9903 | €0.04m | €0.3m | €0.2m | €0.6m | €0.04m | €2.7m | ▲ 62× |
| Income taxes67/77 | €0.009m | €0.04m | €0.06m | €0.1m | €0.01m | €0.01m | ▼ 9.8% |
| Profit (loss) for the period9904 | €0.03m | €0.2m | €0.2m | €0.5m | €0.03m | €2.7m | ▲ 91× |
| Profit (loss) for the period to be appropriated9905 | €0.03m | €0.2m | €0.2m | €0.5m | €0.03m | €2.7m | ▲ 91× |
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|
| Assets | |||||||
| Total assets20/58 | €0.3m | €0.5m | €0.8m | €1.2m | €1.6m | €3.4m | ▲ 107% |
| Fixed assets21/28 | €0.1m | €0.2m | €0.1m | €0.4m | €0.9m | €2.8m | ▲ 201% |
| Tangible fixed assets22/27 | €0.04m | €0.08m | €0.06m | €0.1m | €0.6m | €0.6m | ▼ 0.7% |
| Land and buildings22 | - | - | - | - | €0.5m | €0.5m | ▲ 5.8% |
| Plant, machinery and equipment23 | - | - | - | - | €0.02m | €0.02m | ▼ 21.3% |
| Furniture and vehicles24 | - | - | €0.03m | €0.02m | €0.01m | €0.003m | ▼ 71.4% |
| Leasing and similar rights25 | - | - | - | €0.06m | €0.05m | €0.04m | ▼ 27.5% |
| Other tangible fixed assets26 | - | - | €0.03m | €0.04m | €0.03m | €0.03m | ▼ 22.3% |
| Financial fixed assets28 | €0.09m | €0.09m | €0.09m | €0.3m | €0.3m | €2.2m | ▲ 629% |
| Current assets29/58 | €0.1m | €0.3m | €0.6m | €0.8m | €0.7m | €0.6m | ▼ 14.5% |
| Stocks and contracts in progress3 | - | - | - | - | - | €0.004m | - |
| Stocks30/36 | - | - | - | - | - | €0.004m | - |
| Amounts receivable within one year40/41 | €0.04m | €0.03m | €0.6m | €0.4m | €0.4m | €0.6m | ▲ 49.3% |
| Trade receivables40 | - | - | €0.3m | €0.01m | €0.1m | €0.1m | ▲ 9.3% |
| Other amounts receivable41 | - | - | €0.3m | €0.4m | €0.3m | €0.4m | ▲ 68.5% |
| Cash at bank and in hand54/58 | €0.08m | €0.3m | €0.06m | €0.4m | €0.3m | €0.02m | ▼ 94.3% |
| Deferred charges and accrued income490/1 | - | - | €0.001m | €0.02m | €0.01m | €0.02m | ▲ 86.2% |
| Equity and liabilities | |||||||
| Total equity and liabilities10/49 | €0.3m | €0.5m | €0.8m | €1.2m | €1.6m | €3.4m | ▲ 107% |
| Equity10/15 | €0.2m | €0.4m | €0.6m | €1.1m | €1.1m | €2.9m | ▲ 156% |
| Contributions10/11 | - | - | €0.1m | €0.1m | €0.1m | €0.02m | ▼ 84.5% |
| Reserves13 | €0.07m | €0.3m | €0.5m | €1.0m | €1.0m | €2.9m | ▲ 180% |
| Distributable reserves133 | - | - | €0.5m | €1.0m | €1.0m | €2.9m | ▲ 180% |
| Profit (loss) carried forward14 | - | - | - | - | - | €0 | - |
| Amounts payable17/49 | €0.08m | €0.1m | €0.2m | €0.1m | €0.5m | €0.5m | ▼ 1.2% |
| Amounts payable after more than one year17 | - | - | - | €0.05m | €0.4m | €0.3m | ▼ 7.2% |
| Financial debts170/4 | - | - | - | €0.05m | €0.4m | €0.3m | ▼ 7.2% |
| Amounts payable within one year42/48 | €0.08m | €0.1m | €0.2m | €0.1m | €0.1m | €0.2m | ▲ 10.7% |
| Current portion of amounts payable after more than one year42 | - | - | - | €0.01m | €0.03m | €0.03m | ▲ 3.8% |
| Trade debts44 | €0.06m | €0.01m | €0.008m | €0.02m | €0.03m | €0.004m | ▼ 87.4% |
| Suppliers440/4 | - | - | €0.008m | €0.02m | €0.03m | €0.004m | ▼ 87.4% |
| Taxes, remuneration and social security45 | - | - | €0.07m | €0.002m | €0.03m | €0.005m | ▼ 81.7% |
| Taxes450/3 | - | - | €0.07m | €0.002m | €0.03m | €0.005m | ▼ 81.7% |
| Other amounts payable47/48 | - | - | €0.1m | €0.06m | €0.05m | €0.1m | ▲ 125% |
| Accrued charges and deferred income492/3 | - | - | €0.002m | €362 | €0.003m | €0.008m | ▲ 216% |
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €0.03m | €0.2m | €0.2m | €0.5m | €0.03m | €2.7m | ▲ 91× |
| + Depreciation and write-downs630 | €0.006m | €0.02m | €0.02m | €0.03m | €0.06m | €0.07m | ▲ 2.4% |
| Operating cash flow (approximation) | €0.04m | €0.2m | €0.2m | €0.6m | €0.09m | €2.8m | ▲ 30× |
| Investment in fixed assets (approximation) | - | -€0.06m | -€0.004m | -€0.3m | -€0.6m | -€1.9m | ▼ 234% |
| Change in cash | - | €0.2m | -€0.3m | €0.3m | -€0.08m | -€0.3m | ▼ 304% |
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 (6)
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-05-2025 | micro format | 29-12-2025 | 2025-00591142 | |
| 31-05-2024 | micro format | 30-12-2024 | 2024-00626556 | |
| 31-05-2023 | micro format | 28-12-2023 | 2023-00539175 | |
| 31-05-2022 | micro format | 28-12-2022 | 2022-20547783 | |
| 31-05-2021 | micro format | 30-12-2021 | 2021-82000559 | |
| 31-05-2020 | micro format | 28-12-2020 | 2020-77200289 |