Financials · financial year 2025, abbreviated format
2025 annual accounts filed 61 days after the deadline Filed on 30 September 2026, deadline 31 July 2026 (7 months after the close on 31 December 2025, Companies Code art. 3:10). Source: NBB, 2026-00541359.
Annual accounts 2025 filed on 30-09-2026 at the NBB all 5 filings
Equity
€53,143▼ 6.4%
2024 · €56,752
Net result
-€3,609
2024 · €26,076
Total assets
€601,263▼ 6.0%
2024 · €639,845
Solvency
8.8%=
2024 · 8.9%
Multi-year overview
2021 to 2025, 5 financial yearsOperating result
-€1,258
2025
20212025
Net result
-€3,609
2025
lowest quarter of the sector
20212025
Equity
€53,143
▼ 6.4%
2025
lowest quarter of the sector
20212025
Total assets
€601,263
▼ 6.0%
2025
middle half of the sector
20212025
Debt
€548,120
▼ 6.0%
2025
20212025
Working capital
-€394,222
▼ 13.7%
2025
lowest quarter of the sector
20212025
Solvency
8.8%
=
2025
lowest quarter of the sector
20212025
Current ratio
0.14
▼ 0.09
2025
lowest quarter of the sector
20212025
Return on assets (ROA)
-0.6%
▼ 4.7pp
2025
lowest quarter of the sector
20212025
Every figure per financial year
Every figure with its change against the financial year before
favourable
unfavourable
Line20212022202320242025
Operating result-€326-€748-€6,678€33,538-€1,258
Net result€184,628within the sector's middle half-€127,171within the sector's middle half▼ 31.1%€118,278within the sector's middle half▼ 7.0%€26,076within the sector's middle half▼ 78.0%-€3,609below the sector's middle half
Equity€186,828below the sector's middle half-€313,199below the sector's middle half▲ 67.6%€430,677below the sector's middle half▲ 37.5%€56,752below the sector's middle half▼ 86.8%€53,143below the sector's middle half▼ 6.4%
Total assets€549,325below the sector's middle half-€633,184below the sector's middle half▲ 15.3%€708,865below the sector's middle half▲ 12.0%€639,845below the sector's middle half▼ 9.7%€601,263within the sector's middle half▼ 6.0%
Debt€362,497-€319,986▼ 11.7%€278,189▼ 13.1%€583,093▲ 110%€548,120▼ 6.0%
Working capital-€83,004within the sector's middle half--€2,217within the sector's middle half▲ 97.3%€71,202within the sector's middle half-€346,598within the sector's middle half-€394,222below the sector's middle half▼ 13.7%
Solvency34.0%within the sector's middle half-49.5%within the sector's middle half▲ 15.5pp60.8%within the sector's middle half▲ 11.3pp8.9%below the sector's middle half▼ 51.9pp8.8%below the sector's middle half=
Current ratio0.14below the sector's middle half-0.98within the sector's middle half▲ 0.841.71within the sector's middle half▲ 0.730.23below the sector's middle half▼ 1.480.14below the sector's middle half▼ 0.09
Return on assets (ROA)33.6%above the sector's middle half-20.1%above the sector's middle half▼ 13.5pp16.7%above the sector's middle half▼ 3.4pp4.1%within the sector's middle half▼ 12.6pp-0.6%below the sector's middle half▼ 4.7pp
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 a loss of €1,258, after a profit of €33,538 in 2024.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €601,263
Fixed assets
€536,000 ▼ 0.1%
Current assets
€65,263 ▼ 37.0%
Equity and liabilities €601,263
Equity
€53,143 ▼ 6.4%
Debt
€548,120 ▼ 6.0%
Debt's share of the balance-sheet total stays at 91.2%.
Key figures and ratios
ROE
-6.8%▼
2024 · 45.9%
Debt ≤ 1 year
€459,485▲
2024 · €450,148
Debt > 1 year
€88,571▼
2024 · €132,857
Green means a favourable move, even when the figure itself falls, as with debt or debt to equity.
Securities and guarantees
| Item | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Carrying value of the other pledged assets | €536,000 | €536,000 | €536,000 | €536,000 | - |
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 | 2025 |
|---|---|---|---|---|---|
| Tangible fixed assets | - | €1,472 | €1,000 | - | - |
| Financial fixed assets | €536,000 | - | - | - | - |
| Depreciation and write-downs of the year | - | €195 | €761 | €491 | €296 |
Source: notes to the 2021 to 2025 annual accounts (statement of fixed assets)
Annual accounts
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Non-recurring operating income76A | - | - | - | €0 | - | - |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | - | €195 | €761 | €491 | €296 | ▼ 39.7% |
| Other operating charges640/8 | €250 | - | €25 | €412 | - | - |
| Gross operating margin9900 | -€76 | €943 | -€5,892 | €34,441 | -€962 | - |
| Operating profit (loss)9901 | -€326 | €748 | -€6,678 | €33,538 | -€1,258 | - |
| Financial income75/76B | €186,000 | €130,000 | €129,023 | - | - | - |
| Recurring financial income75 | €186,000 | €130,000 | €129,023 | - | - | - |
| Financial charges65/66B | €1,046 | €3,577 | €4,067 | €3,782 | €2,352 | ▼ 37.8% |
| Recurring financial charges65 | €1,046 | €3,577 | €4,067 | €3,782 | €2,352 | ▼ 37.8% |
| Profit (loss) for the period before taxes9903 | €184,628 | €127,171 | €118,278 | €29,756 | -€3,609 | - |
| Income taxes67/77 | - | - | - | €3,681 | - | - |
| Profit (loss) for the period9904 | €184,628 | €127,171 | €118,278 | €26,076 | -€3,609 | - |
| Profit (loss) for the period to be appropriated9905 | €184,628 | €127,171 | €118,278 | €26,076 | -€3,609 | - |
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Assets | ||||||
| Total assets20/58 | €549,325 | €633,184 | €708,865 | €639,845 | €601,263 | ▼ 6.0% |
| Fixed assets21/28 | €536,000 | €537,277 | €537,516 | €536,296 | €536,000 | ▼ 0.1% |
| Tangible fixed assets22/27 | - | €1,277 | €1,516 | €296 | - | - |
| Furniture and vehicles24 | - | €1,277 | €1,516 | €296 | - | - |
| Financial fixed assets28 | €536,000 | €536,000 | €536,000 | €536,000 | €536,000 | = |
| Current assets29/58 | €13,325 | €95,907 | €171,350 | €103,550 | €65,263 | ▼ 37.0% |
| Amounts receivable within one year40/41 | €8,067 | €8,067 | €8,067 | €42,245 | €50,144 | ▲ 18.7% |
| Trade receivables40 | €8,067 | €8,067 | €8,067 | €40,000 | €48,400 | ▲ 21.0% |
| Other amounts receivable41 | - | - | - | €2,245 | €1,744 | ▼ 22.3% |
| Cash at bank and in hand54/58 | €4,415 | €86,960 | €161,397 | €61,305 | €15,119 | ▼ 75.3% |
| Deferred charges and accrued income490/1 | €844 | €881 | €1,886 | - | - | - |
| Equity and liabilities | ||||||
| Total equity and liabilities10/49 | €549,325 | €633,184 | €708,865 | €639,845 | €601,263 | ▼ 6.0% |
| Equity10/15 | €186,828 | €313,199 | €430,677 | €56,752 | €53,143 | ▼ 6.4% |
| Contributions10/11 | €3,000 | €3,000 | €3,000 | €3,000 | €3,000 | = |
| Reserves13 | €183,828 | €310,199 | €427,677 | €53,752 | €53,752 | = |
| Distributable reserves133 | €183,828 | €310,199 | €427,677 | €53,752 | €53,752 | = |
| Profit (loss) carried forward14 | - | - | - | - | -€3,609 | - |
| Amounts payable17/49 | €362,497 | €319,986 | €278,189 | €583,093 | €548,120 | ▼ 6.0% |
| Amounts payable after more than one year17 | €265,714 | €221,429 | €177,143 | €132,857 | €88,571 | ▼ 33.3% |
| Financial debts170/4 | €265,714 | €221,429 | €177,143 | €132,857 | €88,571 | ▼ 33.3% |
| Amounts payable within one year42/48 | €96,328 | €98,125 | €100,148 | €450,148 | €459,485 | ▲ 2.1% |
| Current portion of amounts payable after more than one year42 | €44,286 | €44,286 | €44,286 | €44,286 | €44,286 | = |
| Trade debts44 | - | - | - | €440 | €8,840 | ▲ 20× |
| Suppliers440/4 | - | - | - | €440 | €8,840 | ▲ 20× |
| Taxes, remuneration and social security45 | €8,216 | €8,628 | €8,703 | €3,681 | €3,681 | = |
| Taxes450/3 | €8,216 | €8,628 | €8,703 | €3,681 | €3,681 | = |
| Other amounts payable47/48 | €43,826 | €45,211 | €47,159 | €401,741 | €402,678 | ▲ 0.2% |
| Accrued charges and deferred income492/3 | €454 | €432 | €898 | €88 | €64 | ▼ 27.4% |
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €184,628 | €127,171 | €118,278 | €26,076 | -€3,609 | - |
| + Depreciation and write-downs630 | - | €195 | €761 | €491 | €296 | ▼ 39.7% |
| Operating cash flow (approximation) | €184,628 | €127,366 | €119,039 | €26,566 | -€3,314 | - |
| Investment in fixed assets (approximation) | - | -€1,472 | -€1,000 | €730 | €0 | ▼ 100% |
| Change in cash | - | €82,546 | €74,437 | -€100,092 | -€46,186 | ▲ 53.9% |
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 |
|---|---|---|---|---|
| 31-12-2025 | abbreviated format | 30-09-2026 | 2026-00541359 | |
| 31-12-2024 | full format | 08-08-2025 | 2025-00372296 | |
| 31-12-2023 | full format | 12-07-2024 | 2024-00241609 | |
| 31-12-2022 | full format | 07-07-2023 | 2023-00214439 | |
| 31-12-2021 | full format | 29-06-2022 | 2022-20116523 |