Financials · financial year 2025, abbreviated format
Annual accounts 2025 filed on 23-07-2026 at the NBB all 15 filings
Equity
€555,301▼ 0.5%
2024 · €558,177
Net result
€47,264▼ 51.1%
2024 · €96,677
Total assets
€639,052▼ 16.6%
2024 · €766,396
Solvency
86.9%▲ 14.1pp
2024 · 72.8%
Trend over the years
2021 to 2025, 5 financial years 2018 to 2025, 8 financial years
The operating result for 2025 is 70% higher than in 2024 and the highest since 2021. It is the second rise in a row, after the fall in 2023.
Operating result€67,913
2025
Net result€47,264
2025
Total assets€639,052
2025
Equity€555,301
2025
Debt€83,751
2025
Working capital€56,661
2025
Return on assets (ROA)7.4%
2025
Solvency86.9%
2025
Current ratio1.68
2025
Turnover is what the company sold, the result is what was left of it. A loss stands below the zero line.
Assets, equity and debt per financial year.
Above zero, the company can pay its short-term debts with what it holds in the short term.
The EBIT margin is the share of each euro of turnover left from operations. The return on assets is what the assets earn.
The higher the solvency, the better the company absorbs a setback.
A ratio above 1 means the short-term assets cover the short-term debts.
Use the arrow keys on the chart for the figures per year.
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 dashed line is the median. There is a sector band for net result, equity, total assets, working capital, solvency, current ratio and return on assets (ROA).
Every figure with its change against the financial year before
favourable
unfavourable
Line20182019202020212022202320242025
Operating result€59,951-€72,545▲ 21.0%€76,929▲ 6.0%€66,384▼ 13.7%€53,485▼ 19.4%€34,083▼ 36.3%€39,954▲ 17.2%€67,913▲ 70.0%
Net result€39,501-€50,140▲ 26.9%€58,899within the sector's middle half▲ 17.5%€50,399within the sector's middle half▼ 14.4%€42,478within the sector's middle half▼ 15.7%€26,014within the sector's middle half▼ 38.8%€96,677above the sector's middle half▲ 272%€47,264within the sector's middle half▼ 51.1%
Equity€345,927-€396,066▲ 14.5%€454,965within the sector's middle half▲ 14.9%€505,364above the sector's middle half▲ 11.1%€547,842above the sector's middle half▲ 8.4%€501,001above the sector's middle half▼ 8.6%€558,177above the sector's middle half▲ 11.4%€555,301within the sector's middle half▼ 0.5%
Total assets€635,858-€629,023▼ 1.1%€660,754within the sector's middle half▲ 5.0%€716,367within the sector's middle half▲ 8.4%€728,024within the sector's middle half▲ 1.6%€674,752within the sector's middle half▼ 7.3%€766,396within the sector's middle half▲ 13.6%€639,052within the sector's middle half▼ 16.6%
Debt€289,932-€232,956▼ 19.7%€205,789▼ 11.7%€211,003▲ 2.5%€180,182▼ 14.6%€173,751▼ 3.6%€208,219▲ 19.8%€83,751▼ 59.8%
Working capital-€90,412--€70,029▲ 22.5%-€40,165within the sector's middle half▲ 42.6%€11,203within the sector's middle half€53,618within the sector's middle half▲ 379%€2,293within the sector's middle half▼ 95.7%€57,823within the sector's middle half▲ 25×€56,661within the sector's middle half▼ 2.0%
Solvency54.4%-63.0%▲ 8.6pp68.9%within the sector's middle half▲ 5.9pp70.5%within the sector's middle half▲ 1.7pp75.3%within the sector's middle half▲ 4.7pp74.2%within the sector's middle half▼ 1.0pp72.8%within the sector's middle half▼ 1.4pp86.9%above the sector's middle half▲ 14.1pp
Current ratio0.61-0.65▲ 0.050.80within the sector's middle half▲ 0.151.05within the sector's middle half▲ 0.251.30within the sector's middle half▲ 0.251.01within the sector's middle half▼ 0.291.28within the sector's middle half▲ 0.271.68within the sector's middle half▲ 0.41
Return on assets (ROA)6.2%-8.0%▲ 1.8pp8.9%within the sector's middle half▲ 0.9pp7.0%within the sector's middle half▼ 1.9pp5.8%within the sector's middle half▼ 1.2pp3.9%within the sector's middle half▼ 2.0pp12.6%within the sector's middle half▲ 8.8pp7.4%within the sector's middle half▼ 5.2pp
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.
Turnover and EBIT margin are not published. The abbreviated or 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 €639,052
Fixed assets
€499,660 ▼ 0.3%
Current assets
€139,392 ▼ 47.4%
Equity and liabilities €639,052
Equity
€555,301 ▼ 0.5%
Debt
€83,751 ▼ 59.8%
Debt's share of the balance-sheet total falls from 27.2% to 13.1%. Equity and debt are lower.
Key figures and ratios
ROE
8.5%▼
2024 · 17.3%
Debt ≤ 1 year
€82,731▼
2024 · €207,199
Income taxes
€23,545▲
2024 · €21,400
Green means a favourable move, even when the figure itself falls, as with debt or debt to equity.
Investments
| Item | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Tangible fixed assets | - | €1,149 | €7,159 | - | - |
| Depreciation and write-downs of the year | - | €70 | €578 | €1,714 | €1,714 |
Source: notes to the 2021 to 2025 annual accounts (statement of fixed assets)
Annual accounts
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €4,000 | €0 | - | - | €70 | €578 | €1,714 | €1,714 | = |
| Other operating charges640/8 | - | - | - | €1,093 | €850 | €930 | €965 | €718 | ▼ 25.6% |
| Non-recurring operating charges66A | - | - | - | - | - | €1,079 | €0 | - | - |
| Gross operating margin9900 | €65,067 | €73,376 | €77,932 | €67,478 | €54,405 | €36,669 | €42,632 | €70,344 | ▲ 65.0% |
| Operating profit (loss)9901 | €59,951 | €72,545 | €76,929 | €66,384 | €53,485 | €34,083 | €39,954 | €67,913 | ▲ 70.0% |
| Financial income75/76B | - | - | - | €9,368 | €11,814 | €7,225 | €79,211 | €3,534 | ▼ 95.5% |
| Recurring financial income75 | €6,863 | €9,224 | €11,904 | €9,368 | €11,814 | €7,225 | €79,211 | €3,534 | ▼ 95.5% |
| Financial charges65/66B | - | - | - | €1,153 | €1,200 | €696 | €1,087 | €638 | ▼ 41.4% |
| Recurring financial charges65 | €2,446 | €2,304 | €1,813 | €1,153 | €1,200 | €696 | €1,087 | €638 | ▼ 41.4% |
| Profit (loss) for the period before taxes9903 | €64,368 | €79,465 | €87,020 | €74,600 | €64,098 | €40,611 | €118,078 | €70,809 | ▼ 40.0% |
| Income taxes67/77 | €24,867 | €29,325 | €28,121 | €24,201 | €21,620 | €14,597 | €21,400 | €23,545 | ▲ 10.0% |
| Profit (loss) for the period9904 | €39,501 | €50,140 | €58,899 | €50,399 | €42,478 | €26,014 | €96,677 | €47,264 | ▼ 51.1% |
| Profit (loss) for the period to be appropriated9905 | €39,501 | €50,140 | €58,899 | €50,399 | €42,478 | €26,014 | €96,677 | €47,264 | ▼ 51.1% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Assets | |||||||||
| Total assets20/58 | €635,858 | €629,023 | €660,754 | €716,367 | €728,024 | €674,752 | €766,396 | €639,052 | ▼ 16.6% |
| Fixed assets21/28 | €496,506 | €496,506 | €496,506 | €496,506 | €497,584 | €503,087 | €501,374 | €499,660 | ▼ 0.3% |
| Tangible fixed assets22/27 | - | - | - | - | €1,079 | €6,582 | €4,868 | €3,155 | ▼ 35.2% |
| Furniture and vehicles24 | - | - | - | - | €1,079 | €6,582 | €4,868 | €3,155 | ▼ 35.2% |
| Financial fixed assets28 | €496,506 | €496,506 | €496,506 | €496,506 | €496,506 | €496,506 | €496,506 | €496,506 | = |
| Current assets29/58 | €139,353 | €132,517 | €164,248 | €219,861 | €230,440 | €171,665 | €265,022 | €139,392 | ▼ 47.4% |
| Amounts receivable within one year40/41 | €112,665 | €129,519 | €157,119 | €212,363 | €228,499 | €167,434 | €261,586 | €118,913 | ▼ 54.5% |
| Trade receivables40 | - | - | - | - | - | €1,289 | €0 | - | - |
| Other amounts receivable41 | - | - | - | €212,363 | €228,499 | €166,145 | €261,586 | €118,913 | ▼ 54.5% |
| Cash at bank and in hand54/58 | €26,687 | €1,534 | €2,644 | €1,531 | €1,941 | €4,230 | €3,437 | €20,479 | ▲ 496% |
| Deferred charges and accrued income490/1 | - | - | - | €5,968 | €0 | - | - | - | - |
| Equity and liabilities | |||||||||
| Total equity and liabilities10/49 | €635,858 | €629,023 | €660,754 | €716,367 | €728,024 | €674,752 | €766,396 | €639,052 | ▼ 16.6% |
| Equity10/15 | €345,927 | €396,066 | €454,965 | €505,364 | €547,842 | €501,001 | €558,177 | €555,301 | ▼ 0.5% |
| Contributions10/11 | €18,600 | €18,600 | - | €18,600 | €18,600 | €18,600 | €18,600 | €18,600 | = |
| Reserves13 | €114,216 | €164,356 | €223,255 | €273,654 | €316,132 | €269,291 | €326,467 | €323,591 | ▼ 0.9% |
| Non-distributable reserves130/1 | - | - | - | €1,860 | €1,860 | €0 | - | - | - |
| Reserves not available under the articles1311 | - | - | - | €1,860 | €1,860 | €0 | - | - | - |
| Distributable reserves133 | - | - | - | €271,794 | €314,272 | €269,291 | €326,467 | €323,591 | ▼ 0.9% |
| Profit (loss) carried forward14 | €213,110 | €213,110 | €213,110 | €213,110 | €213,110 | €213,110 | €213,110 | €213,110 | = |
| Amounts payable17/49 | €289,932 | €232,956 | €205,789 | €211,003 | €180,182 | €173,751 | €208,219 | €83,751 | ▼ 59.8% |
| Amounts payable after more than one year17 | €60,011 | €30,304 | €0 | - | - | - | - | - | - |
| Amounts payable within one year42/48 | €229,764 | €202,546 | €204,413 | €208,659 | €176,822 | €169,371 | €207,199 | €82,731 | ▼ 60.1% |
| Current portion of amounts payable after more than one year42 | - | - | - | €2,548 | €0 | - | - | - | - |
| Financial debts43 | - | - | - | €23,882 | €21,061 | €16,738 | €19,330 | €20 | ▼ 99.9% |
| Credit institutions430/8 | - | - | - | €23,882 | €21,061 | €16,738 | €19,330 | €20 | ▼ 99.9% |
| Trade debts44 | €992 | €3,765 | €6,192 | €8,300 | €196 | €1,316 | €1,036 | €589 | ▼ 43.1% |
| Suppliers440/4 | - | - | - | €8,300 | €196 | €1,316 | €1,036 | €589 | ▼ 43.1% |
| Taxes, remuneration and social security45 | - | - | - | €13,161 | €4,798 | €550 | €10,218 | €5,276 | ▼ 48.4% |
| Taxes450/3 | - | - | - | €13,161 | €4,798 | €550 | €10,218 | €5,276 | ▼ 48.4% |
| Other amounts payable47/48 | - | - | - | €160,767 | €150,767 | €150,767 | €176,617 | €76,845 | ▼ 56.5% |
| Accrued charges and deferred income492/3 | - | - | - | €2,344 | €3,360 | €4,380 | €1,020 | €1,020 | = |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €39,501 | €50,140 | €58,899 | €50,399 | €42,478 | €26,014 | €96,677 | €47,264 | ▼ 51.1% |
| + Depreciation and write-downs630 | €4,000 | €0 | - | - | €70 | €578 | €1,714 | €1,714 | = |
| Operating cash flow (approximation) | €43,501 | €50,140 | €58,899 | €50,399 | €42,549 | €26,591 | €98,391 | €48,978 | ▼ 50.2% |
| Investment in fixed assets (approximation) | - | €0 | €0 | €0 | -€1,149 | -€6,081 | €0 | €0 | - |
| Change in cash | - | -€25,153 | €1,110 | -€1,114 | €411 | €2,289 | -€793 | €17,042 | - |
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 15 filings with the National Bank
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-12-2025 | abbreviated format | 23-07-2026 | 2026-00321912 | |
| 31-12-2024 | micro format | 30-07-2025 | 2025-00333166 | |
| 31-12-2023 | micro format | 30-07-2024 | 2024-00308497 | |
| 31-12-2022 | micro format | 14-07-2023 | 2023-00246353 | |
| 31-12-2021 | micro format | 14-07-2022 | 2022-20197161 | |
| 31-12-2020 | abbreviated format | 28-05-2021 | 2021-15900226 | |
| 31-12-2019 | abbreviated format | 06-07-2020 | 2020-27300192 | |
| 31-12-2018 | abbreviated format | 30-08-2019 | 2019-61100470 | |
| 31-12-2017 | abbreviated format | 03-07-2018 | 2018-28100114 | |
| 31-12-2016 | micro format | 29-08-2017 | 2017-53300013 |