Financials · financial year 2025, micro format
2025 annual accounts filed 4 days after the deadline Filed on 4 May 2026, deadline 30 April 2026 (7 months after the close on 30 September 2025, Companies Code art. 3:10). Source: NBB, 2026-00106676.
Annual accounts 2025 filed on 04-05-2026 PDF all 9 filings
Equity
€64,146▼ 14.6%
2024 · €75,120
Net result
-€10,974▼ 63.9%
2024 · -€6,697
Total assets
€136,224▼ 21.1%
2024 · €172,725
Solvency
47.1%▲ 3.6pp
2024 · 43.5%
Multi-year overview
2019 to 2025, 7 financial yearsOperating result
-€10,401
▼ 88.5%
2025
20192025
Net result
-€10,974
▼ 63.9%
2025
lowest quarter of the sector
20192025
Equity
€64,146
▼ 14.6%
2025
middle half of the sector
20192025
Total assets
€136,224
▼ 21.1%
2025
middle half of the sector
20192025
Debt
€72,077
▼ 26.2%
2025
20192025
Working capital
-€62,524
▲ 5.5%
2025
lowest quarter of the sector
20192025
Solvency
47.1%
▲ 3.6pp
2025
middle half of the sector
20192025
Current ratio
0.13
▼ 0.03
2025
lowest quarter of the sector
20192025
Return on assets (ROA)
-8.1%
▼ 4.2pp
2025
lowest quarter of the sector
20192025
Every figure per financial year
Every figure with its change against the financial year before
favourable
unfavourable
Line2019202020212022202320242025
Operating result€46,696-€52,559▲ 12.6%-€19,561€20,193€8,770▼ 56.6%-€5,518-€10,401▼ 88.5%
Net result€34,823-€40,137within the sector's middle half▲ 15.3%-€21,493below the sector's middle half€17,905within the sector's middle half€6,793within the sector's middle half▼ 62.1%-€6,697below the sector's middle half-€10,974below the sector's middle half▼ 63.9%
Equity€67,526-€78,613within the sector's middle half▲ 16.4%€57,120within the sector's middle half▼ 27.3%€75,025within the sector's middle half▲ 31.3%€81,817within the sector's middle half▲ 9.1%€75,120within the sector's middle half▼ 8.2%€64,146within the sector's middle half▼ 14.6%
Total assets€150,102-€117,875below the sector's middle half▼ 21.5%€253,770within the sector's middle half▲ 115%€223,100within the sector's middle half▼ 12.1%€192,630within the sector's middle half▼ 13.7%€172,725within the sector's middle half▼ 10.3%€136,224within the sector's middle half▼ 21.1%
Debt€82,576-€39,262▼ 52.5%€196,650▲ 401%€148,075▼ 24.7%€110,812▼ 25.2%€97,605▼ 11.9%€72,077▼ 26.2%
Working capital€26,622-€23,445within the sector's middle half▼ 11.9%-€47,582below the sector's middle half-€37,516below the sector's middle half▲ 21.2%-€37,333below the sector's middle half▲ 0.5%-€66,179below the sector's middle half▼ 77.3%-€62,524below the sector's middle half▲ 5.5%
Solvency45.0%-66.7%within the sector's middle half▲ 21.7pp22.5%below the sector's middle half▼ 44.2pp33.6%within the sector's middle half▲ 11.1pp42.5%within the sector's middle half▲ 8.8pp43.5%within the sector's middle half▲ 1.0pp47.1%within the sector's middle half▲ 3.6pp
Current ratio1.51-1.66within the sector's middle half▲ 0.160.30below the sector's middle half▼ 1.360.33below the sector's middle half▲ 0.030.32below the sector's middle half▼ 0.010.15below the sector's middle half▼ 0.170.13below the sector's middle half▼ 0.03
Return on assets (ROA)23.2%-34.1%above the sector's middle half▲ 10.9pp-8.5%below the sector's middle half▼ 42.5pp8.0%within the sector's middle half▲ 16.5pp3.5%within the sector's middle half▼ 4.5pp-3.9%below the sector's middle half▼ 7.4pp-8.1%below the sector's middle half▼ 4.2pp
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 a loss of €10,401, larger than the loss of €5,518 in 2024. It is the lowest result since 2021.
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 €136,224
Fixed assets
€127,198 ▼ 20.9%
Current assets
€9,025 ▼ 24.6%
Equity and liabilities €136,224
Equity
€64,146 ▼ 14.6%
Debt
€72,077 ▼ 26.2%
Debt's share of the balance-sheet total falls from 56.5% to 52.9%. Equity and debt are lower.
Key figures and ratios
ROE
-17.1%▼
2024 · -8.9%
Debt ≤ 1 year
€71,550▼
2024 · €78,148
Income taxes
€56▼
2024 · €191
Green means a favourable move, even when the figure itself falls, as with debt or debt to equity.
Investments
| Item | 30-09-2021 | 30-09-2022 | 30-09-2023 | 30-09-2024 | 30-09-2025 |
|---|---|---|---|---|---|
| Tangible fixed assets | €204,628 | €1,123 | - | €26,098 | - |
| Financial fixed assets | €1,568 | - | - | - | - |
| Depreciation and write-downs of the year | €17,908 | €30,084 | €29,500 | €31,079 | €33,558 |
Source: notes to the 2021 to 2025 annual accounts (statement of fixed assets)
Annual accounts
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|
| Non-recurring operating income76A | - | - | €4,204 | €909 | - | €8,111 | - | - |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €29,498 | €31,297 | €17,908 | €30,084 | €29,500 | €31,079 | €33,558 | ▲ 8.0% |
| Other operating charges640/8 | - | - | €1,239 | €1,202 | €1,442 | €834 | €1,065 | ▲ 27.7% |
| Gross operating margin9900 | €76,914 | €84,632 | -€413 | €51,480 | €39,711 | €26,395 | €24,222 | ▼ 8.2% |
| Operating profit (loss)9901 | €46,696 | €52,559 | -€19,561 | €20,193 | €8,770 | -€5,518 | -€10,401 | ▼ 88.5% |
| Financial income75/76B | - | - | €67 | €1 | €22 | €35 | €35 | ▲ 0.9% |
| Recurring financial income75 | €41 | €2 | €67 | €1 | €22 | €35 | €35 | ▲ 0.9% |
| Financial charges65/66B | - | - | €1,799 | €1,693 | €1,991 | €1,023 | €552 | ▼ 46.0% |
| Recurring financial charges65 | €744 | €526 | €1,799 | €1,693 | €1,991 | €1,023 | €552 | ▼ 46.0% |
| Profit (loss) for the period before taxes9903 | €45,993 | €52,035 | -€21,293 | €18,501 | €6,801 | -€6,506 | -€10,918 | ▼ 67.8% |
| Income taxes67/77 | €11,170 | €11,898 | €201 | €597 | €8 | €191 | €56 | ▼ 70.8% |
| Profit (loss) for the period9904 | €34,823 | €40,137 | -€21,493 | €17,905 | €6,793 | -€6,697 | -€10,974 | ▼ 63.9% |
| Profit (loss) for the period to be appropriated9905 | €34,823 | €40,137 | -€21,493 | €17,905 | €6,793 | -€6,697 | -€10,974 | ▼ 63.9% |
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|
| Assets | ||||||||
| Total assets20/58 | €150,102 | €117,875 | €253,770 | €223,100 | €192,630 | €172,725 | €136,224 | ▼ 21.1% |
| Fixed assets21/28 | €71,065 | €59,133 | €233,318 | €204,357 | €174,857 | €160,756 | €127,198 | ▼ 20.9% |
| Tangible fixed assets22/27 | €71,065 | €59,133 | €231,750 | €202,789 | €173,289 | €159,188 | €125,630 | ▼ 21.1% |
| Plant, machinery and equipment23 | - | - | €172,793 | €152,452 | €132,111 | €133,845 | €108,628 | ▼ 18.8% |
| Furniture and vehicles24 | - | - | €31,276 | €27,064 | €21,445 | €9,150 | €4,349 | ▼ 52.5% |
| Other tangible fixed assets26 | - | - | €27,681 | €23,273 | €19,733 | €16,193 | €12,653 | ▼ 21.9% |
| Financial fixed assets28 | - | - | €1,568 | €1,568 | €1,568 | €1,568 | €1,568 | = |
| Current assets29/58 | €79,037 | €58,742 | €20,452 | €18,743 | €17,772 | €11,969 | €9,025 | ▼ 24.6% |
| Stocks and contracts in progress3 | - | - | €2,315 | €1,985 | €1,933 | €2,122 | €2,017 | ▼ 5.0% |
| Stocks30/36 | - | - | €2,315 | €1,985 | €1,933 | €2,122 | €2,017 | ▼ 5.0% |
| Amounts receivable within one year40/41 | €5,035 | €5,734 | €9,252 | €11,532 | €6,818 | €477 | €644 | ▲ 35.0% |
| Trade receivables40 | - | - | €7,977 | €10,256 | €6,563 | €477 | - | - |
| Other amounts receivable41 | - | - | €1,276 | €1,276 | €255 | - | €644 | - |
| Cash at bank and in hand54/58 | €74,002 | €53,008 | €8,884 | €5,226 | €8,909 | €8,714 | €5,417 | ▼ 37.8% |
| Deferred charges and accrued income490/1 | - | - | - | - | €112 | €655 | €947 | ▲ 44.5% |
| Equity and liabilities | ||||||||
| Total equity and liabilities10/49 | €150,102 | €117,875 | €253,770 | €223,100 | €192,630 | €172,725 | €136,224 | ▼ 21.1% |
| Equity10/15 | €67,526 | €78,613 | €57,120 | €75,025 | €81,817 | €75,120 | €64,146 | ▼ 14.6% |
| Contributions10/11 | €12,600 | €18,550 | €18,550 | €18,550 | €18,550 | €5,000 | €5,000 | = |
| Reserves13 | €1,855 | €1,855 | €1,855 | €1,855 | €1,855 | €15,405 | €15,405 | = |
| Non-distributable reserves130/1 | - | - | €1,855 | €1,855 | €1,855 | - | - | - |
| Reserves not available under the articles1311 | - | - | €1,855 | €1,855 | €1,855 | - | - | - |
| Distributable reserves133 | - | - | - | - | - | €15,405 | €15,405 | = |
| Profit (loss) carried forward14 | €53,071 | €58,208 | €36,715 | €54,620 | €61,412 | €54,715 | €43,741 | ▼ 20.1% |
| Amounts payable17/49 | €82,576 | €39,262 | €196,650 | €148,075 | €110,812 | €97,605 | €72,077 | ▼ 26.2% |
| Amounts payable after more than one year17 | €27,907 | €1,689 | €126,928 | €91,817 | €55,707 | €19,457 | - | - |
| Financial debts170/4 | - | - | €126,928 | €91,817 | €55,707 | €19,457 | - | - |
| Amounts payable within one year42/48 | €52,416 | €35,298 | €68,033 | €56,259 | €55,105 | €78,148 | €71,550 | ▼ 8.4% |
| Current portion of amounts payable after more than one year42 | - | - | €36,410 | €35,970 | €36,110 | €36,250 | €19,457 | ▼ 46.3% |
| Trade debts44 | €5,990 | €1,752 | €4,419 | €8,211 | €6,343 | €3,998 | €6,848 | ▲ 71.3% |
| Suppliers440/4 | - | - | €4,419 | €8,211 | €6,343 | €3,998 | €6,848 | ▲ 71.3% |
| Taxes, remuneration and social security45 | - | - | €4,491 | €3,105 | €2,105 | €1,668 | €1,295 | ▼ 22.3% |
| Taxes450/3 | - | - | €4,491 | €3,105 | €2,105 | €1,668 | €1,295 | ▼ 22.3% |
| Other amounts payable47/48 | - | - | €22,713 | €8,973 | €10,547 | €36,232 | €43,949 | ▲ 21.3% |
| Accrued charges and deferred income492/3 | - | - | €1,689 | - | - | - | €528 | - |
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €34,823 | €40,137 | -€21,493 | €17,905 | €6,793 | -€6,697 | -€10,974 | ▼ 63.9% |
| + Depreciation and write-downs630 | €29,498 | €31,297 | €17,908 | €30,084 | €29,500 | €31,079 | €33,558 | ▲ 8.0% |
| Operating cash flow (approximation) | €64,321 | €71,434 | -€3,585 | €47,989 | €36,292 | €24,382 | €22,584 | ▼ 7.4% |
| Investment in fixed assets (approximation) | - | -€19,365 | -€192,094 | -€1,123 | €0 | -€16,978 | €0 | - |
| Change in cash | - | -€20,994 | -€44,124 | -€3,658 | €3,683 | -€194 | -€3,298 | ▼ 1,596% |
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 |
|---|---|---|---|---|
| 30-09-2025 | micro format | 04-05-2026 | 2026-00106676 | |
| 30-09-2024 | micro format | 06-05-2025 | 2025-00090545 | |
| 30-09-2023 | micro format | 27-04-2024 | 2024-00076729 | |
| 30-09-2022 | micro format | 03-05-2023 | 2023-00082688 | |
| 30-09-2021 | micro format | 08-05-2022 | 2022-20024273 | |
| 30-09-2020 | micro format | 04-05-2021 | 2021-13200535 | |
| 30-09-2019 | micro format | 26-03-2020 | 2020-07900527 | |
| 30-09-2018 | micro format | 07-05-2019 | 2019-12500329 | |
| 30-09-2017 | micro format | 02-05-2018 | 2018-12000167 |