Financials · financial year 2025, full format
2025 annual accounts filed 59 days after the deadline Filed on 28 September 2026, deadline 31 July 2026 (7 months after the close on 31 December 2025, Companies Code art. 3:10). Source: NBB, 2026-00533309.
Annual accounts 2025 filed on 28-09-2026 at the NBB all 20 filings
Equity
€169,704▲ 31.7%
2024 · €128,897
Net result
€40,806▲ 90.6%
2024 · €21,411
Total assets
€385,918▼ 13.0%
2024 · €443,407
Solvency
44.0%▲ 14.9pp
2024 · 29.1%
Multi-year overview
2018 to 2025, 7 financial yearsOperating result
€63,698
▲ 72.5%
2025
20182025
Net result
€40,806
▲ 90.6%
2025
middle half of the sector
20182025
Equity
€169,704
▲ 31.7%
2025
lowest quarter of the sector
20182025
Total assets
€385,918
▼ 13.0%
2025
lowest quarter of the sector
20182025
Debt
€216,214
▼ 31.3%
2025
20182025
Working capital
-€128,426
▲ 23.9%
2025
middle half of the sector
20182025
Solvency
44.0%
▲ 14.9pp
2025
middle half of the sector
20182025
Current ratio
0.12
▼ 0.15
2025
lowest quarter of the sector
20182025
Return on assets (ROA)
10.6%
▲ 5.7pp
2025
highest quarter of the sector
20182025
Every figure per financial year
Every figure with its change against the financial year before
favourable
unfavourable
Line2018201920202021202220242025
Operating result€9,808-€5,788▼ 41.0%-€362€6,334€36,568▲ 477%€36,918-€63,698▲ 72.5%
Net result€6,287-€2,716▼ 56.8%-€3,190below the sector's middle half€3,733below the sector's middle half€33,256within the sector's middle half▲ 791%€21,411within the sector's middle half-€40,806within the sector's middle half▲ 90.6%
Equity€44,131-€46,847▲ 6.2%€43,657below the sector's middle half▼ 6.8%€47,391below the sector's middle half▲ 8.6%€80,647below the sector's middle half▲ 70.2%€128,897below the sector's middle half-€169,704below the sector's middle half▲ 31.7%
Total assets€463,790-€449,428▼ 3.1%€436,215below the sector's middle half▼ 2.9%€430,539below the sector's middle half▼ 1.3%€440,033below the sector's middle half▲ 2.2%€443,407below the sector's middle half-€385,918below the sector's middle half▼ 13.0%
Debt€419,658-€402,581▼ 4.1%€392,558▼ 2.5%€383,149▼ 2.4%€359,386▼ 6.2%€314,509-€216,214▼ 31.3%
Working capital-€244,994--€242,065▲ 1.2%-€245,276below the sector's middle half▼ 1.3%-€240,969below the sector's middle half▲ 1.8%-€208,648below the sector's middle half▲ 13.4%-€168,688within the sector's middle half--€128,426within the sector's middle half▲ 23.9%
Solvency9.5%-10.4%▲ 0.9pp10.0%below the sector's middle half▼ 0.4pp11.0%below the sector's middle half▲ 1.0pp18.3%below the sector's middle half▲ 7.3pp29.1%within the sector's middle half-44.0%within the sector's middle half▲ 14.9pp
Current ratio0.01-0.01=0.01below the sector's middle half=0.05below the sector's middle half▲ 0.030.14below the sector's middle half▲ 0.100.26below the sector's middle half-0.12below the sector's middle half▼ 0.15
Return on assets (ROA)1.4%-0.6%▼ 0.8pp-0.7%below the sector's middle half▼ 1.3pp0.9%within the sector's middle half▲ 1.6pp7.6%within the sector's middle half▲ 6.7pp4.8%within the sector's middle half-10.6%above the sector's middle half▲ 5.7pp
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 73% higher than in 2024 and the highest since 2020.
The turnover shown is an estimate from the gross margin.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €385,918
Fixed assets
€368,937 ▼ 3.8%
Current assets
€16,980 ▼ 71.7%
Equity and liabilities €385,918
Equity
€169,704 ▲ 31.7%
Debt
€216,214 ▼ 31.3%
Debt's share of the balance-sheet total falls from 70.9% to 56.0%. Equity is higher and debt is lower.
Key figures and ratios
ROE
24.0%▲
2024 · 16.6%
Debt ≤ 1 year
€145,407▼
2024 · €228,658
Debt > 1 year
€70,807▼
2024 · €85,852
Income taxes
€20,664▲
2024 · €12,571
Green means a favourable move, even when the figure itself falls, as with debt or debt to equity.
Securities and guarantees
| Item | 2021 | 2022 | 2024 | 2025 |
|---|---|---|---|---|
| Debts secured on the company's own assets | - | €129,539 | €100,653 | €85,852 |
| Mortgages, amount registered | - | €357,000 | €25,000 | €25,000 |
| Mortgage mandates | - | - | €235,000 | €235,000 |
| Carrying value of the mortgaged assets | - | €405,341 | €289,410 | €279,895 |
Source: notes to the 2021 to 2025 annual accounts (statement of debts and off-balance-sheet rights and commitments)
Annual accounts
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|
| Non-recurring operating income76A | - | - | - | - | €23,700 | - | - | - |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €13,838 | €13,838 | €13,838 | €13,838 | €13,838 | €14,500 | €14,500 | = |
| Other operating charges640/8 | - | - | - | €1,646 | €1,734 | €4,852 | €4,300 | ▼ 11.4% |
| Gross operating margin9900 | €25,284 | €21,289 | €15,204 | €21,818 | €52,140 | €56,270 | €82,497 | ▲ 46.6% |
| Operating profit (loss)9901 | €9,808 | €5,788 | -€362 | €6,334 | €36,568 | €36,918 | €63,698 | ▲ 72.5% |
| Financial income75/76B | - | - | - | - | - | - | €45 | - |
| Recurring financial income75 | - | - | - | - | - | - | €45 | - |
| Financial charges65/66B | - | - | - | €2,601 | €2,796 | €2,936 | €2,272 | ▼ 22.6% |
| Recurring financial charges65 | €3,521 | €3,072 | €2,828 | €2,601 | €2,796 | €2,936 | €2,272 | ▼ 22.6% |
| Profit (loss) for the period before taxes9903 | €6,287 | €2,716 | -€3,190 | €3,733 | €33,772 | €33,982 | €61,470 | ▲ 80.9% |
| Income taxes67/77 | - | - | - | - | €516 | €12,571 | €20,664 | ▲ 64.4% |
| Profit (loss) for the period9904 | €6,287 | €2,716 | -€3,190 | €3,733 | €33,256 | €21,411 | €40,806 | ▲ 90.6% |
| Profit (loss) for the period to be appropriated9905 | €6,287 | €2,716 | -€3,190 | €3,733 | €33,256 | €21,411 | €40,806 | ▲ 90.6% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|
| Assets | ||||||||
| Total assets20/58 | €463,790 | €449,428 | €436,215 | €430,539 | €440,033 | €443,407 | €385,918 | ▼ 13.0% |
| Fixed assets21/28 | €460,691 | €446,854 | €433,016 | €419,179 | €405,341 | €383,437 | €368,937 | ▼ 3.8% |
| Tangible fixed assets22/27 | €460,691 | €446,854 | €433,016 | €419,179 | €405,341 | €383,437 | €368,937 | ▼ 3.8% |
| Land and buildings22 | - | - | - | €419,179 | €405,341 | €381,741 | €367,450 | ▼ 3.7% |
| Plant, machinery and equipment23 | - | - | - | - | - | €1,696 | €1,488 | ▼ 12.3% |
| Current assets29/58 | €3,098 | €2,575 | €3,199 | €11,361 | €34,691 | €59,970 | €16,980 | ▼ 71.7% |
| Amounts receivable within one year40/41 | - | - | - | - | €12,079 | €55,645 | €12,394 | ▼ 77.7% |
| Trade receivables40 | - | - | - | - | €10,454 | €55,645 | €12,394 | ▼ 77.7% |
| Other amounts receivable41 | - | - | - | - | €1,625 | - | - | - |
| Cash at bank and in hand54/58 | €3,098 | €2,575 | €3,199 | €609 | €22,612 | €2,545 | €3,888 | ▲ 52.8% |
| Deferred charges and accrued income490/1 | - | - | - | €10,752 | - | €1,780 | €699 | ▼ 60.7% |
| Equity and liabilities | ||||||||
| Total equity and liabilities10/49 | €463,790 | €449,428 | €436,215 | €430,539 | €440,033 | €443,407 | €385,918 | ▼ 13.0% |
| Equity10/15 | €44,131 | €46,847 | €43,657 | €47,391 | €80,647 | €128,897 | €169,704 | ▲ 31.7% |
| Contributions10/11 | €65,000 | €65,000 | - | €65,000 | €65,000 | €65,000 | €65,000 | = |
| Capital10 | - | - | - | - | - | €65,000 | €65,000 | = |
| Issued capital100 | - | - | - | - | - | €65,000 | €65,000 | = |
| Reserves13 | - | - | - | - | €15,647 | €63,897 | €104,704 | ▲ 63.9% |
| Non-distributable reserves130/1 | - | - | - | - | - | €6,500 | €6,500 | = |
| Legal reserve130 | - | - | - | - | - | €6,500 | €6,500 | = |
| Distributable reserves133 | - | - | - | - | €15,647 | €57,397 | €98,204 | ▲ 71.1% |
| Profit (loss) carried forward14 | -€20,869 | -€18,153 | -€21,343 | -€17,609 | - | - | - | - |
| Amounts payable17/49 | €419,658 | €402,581 | €392,558 | €383,149 | €359,386 | €314,509 | €216,214 | ▼ 31.3% |
| Amounts payable after more than one year17 | €171,121 | €157,495 | €143,637 | €129,539 | €115,211 | €85,852 | €70,807 | ▼ 17.5% |
| Financial debts170/4 | - | - | - | €129,539 | €115,211 | €85,852 | €70,807 | ▼ 17.5% |
| Amounts payable within one year42/48 | €248,092 | €244,640 | €248,475 | €252,330 | €243,339 | €228,658 | €145,407 | ▼ 36.4% |
| Current portion of amounts payable after more than one year42 | - | - | - | - | €14,328 | €14,801 | €15,044 | ▲ 1.6% |
| Financial debts43 | - | - | - | €14,097 | - | - | - | - |
| Credit institutions430/8 | - | - | - | €14,097 | - | - | - | - |
| Trade debts44 | €212 | €793 | €712 | €164 | €173 | €14,274 | €15,300 | ▲ 7.2% |
| Suppliers440/4 | - | - | - | €164 | €173 | €14,274 | €15,300 | ▲ 7.2% |
| Taxes, remuneration and social security45 | - | - | - | - | €648 | €26,215 | €15,512 | ▼ 40.8% |
| Taxes450/3 | - | - | - | - | €648 | €26,215 | €15,512 | ▼ 40.8% |
| Other amounts payable47/48 | - | - | - | €238,069 | €228,190 | €173,367 | €99,550 | ▼ 42.6% |
| Accrued charges and deferred income492/3 | - | - | - | €1,280 | €836 | - | - | - |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €6,287 | €2,716 | -€3,190 | €3,733 | €33,256 | €21,411 | €40,806 | ▲ 90.6% |
| + Depreciation and write-downs630 | €13,838 | €13,838 | €13,838 | €13,838 | €13,838 | €14,500 | €14,500 | = |
| Operating cash flow (approximation) | €20,125 | €16,554 | €10,648 | €17,571 | €47,094 | €35,911 | €55,306 | ▲ 54.0% |
| Investment in fixed assets (approximation) | - | €0 | €0 | €0 | €0 | - | €0 | - |
| Change in cash | - | -€524 | €624 | -€2,589 | €22,003 | - | €1,343 | - |
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 20 filings with the National Bank
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-12-2025 | full format | 28-09-2026 | 2026-00533309 | |
| 31-12-2024 | abbreviated format | 30-07-2025 | 2025-00336722 | |
| 31-12-2022 | abbreviated format | 18-08-2023 | 2023-00337265 | |
| 31-12-2021 | abbreviated format | 26-08-2022 | 2022-20322746 | |
| 31-12-2020 | abbreviated format | 25-08-2021 | 2021-52600384 | |
| 31-12-2019 | abbreviated format | 18-08-2020 | 2020-42100188 | |
| 31-12-2018 | abbreviated format | 27-09-2019 | 2019-66100076 | |
| 31-12-2017 | abbreviated format | 31-08-2018 | 2018-54800364 | |
| 31-12-2016 | abbreviated format | 28-07-2017 | 2017-36800013 | |
| 31-12-2015 | abbreviated format | 25-07-2016 | 2016-34300537 |