Financials · financial year 2025, abbreviated format
Annual accounts 2025 filed on 24-07-2026 at the NBB all 8 filings
Equity
€614,268▲ 3.7%
2024 · €592,089
Net result
€22,180▼ 29.6%
2024 · €31,489
Total assets
€1.4m▼ 1.7%
2024 · €1.4m
Solvency
45.2%▲ 2.4pp
2024 · 42.8%
Multi-year overview
2018 to 2025, 8 financial yearsOperating result
€39,806
▼ 26.4%
2025
20182025
Net result
€22,180
▼ 29.6%
2025
middle half of the sector
20182025
Equity
€614,268
▲ 3.7%
2025
middle half of the sector
20182025
Total assets
€1.4m
▼ 1.7%
2025
middle half of the sector
20182025
Debt
€745,652
▼ 5.7%
2025
20182025
Working capital
-€211,436
▼ 27.1%
2025
lowest quarter of the sector
20182025
Solvency
45.2%
▲ 2.4pp
2025
middle half of the sector
20182025
Current ratio
0.05
▼ 0.13
2025
lowest quarter of the sector
20182025
Return on assets (ROA)
1.6%
▼ 0.6pp
2025
lowest quarter of the sector
20182025
Every figure per financial year
Every figure with its change against the financial year before
favourable
unfavourable
Line20182019202020212022202320242025
Operating result€0.03m-€0.08m▲ 128%€0.01m▼ 81.4%€0.08m▲ 462%€0.09m▲ 6.4%€0.09m▼ 1.1%€0.05m▼ 37.5%€0.04m▼ 26.4%
Net result€0.02m-€0.01m▼ 38.7%-€0.003mbelow the sector's middle half€0.05mwithin the sector's middle half€0.08mwithin the sector's middle half▲ 53.9%€0.06mwithin the sector's middle half▼ 24.6%€0.03mwithin the sector's middle half▼ 45.4%€0.02mwithin the sector's middle half▼ 29.6%
Equity€0.03m-€0.4m▲ 15×€0.4mwithin the sector's middle half▼ 0.7%€0.4mwithin the sector's middle half▲ 12.9%€0.5mwithin the sector's middle half▲ 15.8%€0.6mwithin the sector's middle half▲ 11.5%€0.6mwithin the sector's middle half▲ 5.6%€0.6mwithin the sector's middle half▲ 3.7%
Total assets€0.3m-€1.5m▲ 381%€1.4mwithin the sector's middle half▼ 4.6%€1.4mwithin the sector's middle half▼ 2.0%€1.4mwithin the sector's middle half▼ 1.1%€1.4mwithin the sector's middle half▼ 1.3%€1.4mwithin the sector's middle half▲ 0.4%€1.4mwithin the sector's middle half▼ 1.7%
Debt€0.3m-€1.1m▲ 290%€1.1m▼ 5.9%€1.0m▼ 7.5%€0.9m▼ 8.6%€0.8m▼ 8.6%€0.8m▼ 3.2%€0.7m▼ 5.7%
Working capital-€0.1m--€0.01m▲ 89.2%-€0.1mbelow the sector's middle half▼ 957%-€0.2mbelow the sector's middle half▼ 37.0%-€0.1mbelow the sector's middle half▲ 8.7%-€0.1mbelow the sector's middle half▲ 9.5%-€0.2mbelow the sector's middle half▼ 28.2%-€0.2mbelow the sector's middle half▼ 27.1%
Solvency8.1%-25.6%▲ 17.5pp26.7%within the sector's middle half▲ 1.0pp30.8%within the sector's middle half▲ 4.1pp36.0%within the sector's middle half▲ 5.3pp40.7%within the sector's middle half▲ 4.7pp42.8%within the sector's middle half▲ 2.1pp45.2%within the sector's middle half▲ 2.4pp
Current ratio0.12-0.94▲ 0.820.44below the sector's middle half▼ 0.500.28below the sector's middle half▼ 0.150.25below the sector's middle half▼ 0.030.20below the sector's middle half▼ 0.060.18below the sector's middle half▼ 0.010.05below the sector's middle half▼ 0.13
Return on assets (ROA)6.1%-0.8%▼ 5.4pp-0.2%below the sector's middle half▼ 1.0pp3.5%within the sector's middle half▲ 3.7pp5.5%within the sector's middle half▲ 2.0pp4.2%within the sector's middle half▼ 1.3pp2.3%within the sector's middle half▼ 1.9pp1.6%below the sector's middle half▼ 0.6pp
above
within
below
The sector band is the middle half of the companies in Activities auxiliary to financial services and insurance activities (NACE 66). 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 26% lower than in 2024 and the lowest since 2020. It is the third fall in a row.
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 €1.4m
Fixed assets
€1.3m ▲ 0.2%
Current assets
€11,328 ▼ 69.8%
Equity and liabilities €1.4m
Equity
€614,268 ▲ 3.7%
Debt
€745,652 ▼ 5.7%
Debt's share of the balance-sheet total falls from 57.2% to 54.8%. Equity is higher and debt is lower.
Key figures and ratios
ROE
3.6%▼
2024 · 5.3%
Debt ≤ 1 year
€222,764▲
2024 · €203,810
Debt > 1 year
€521,888▼
2024 · €586,208
Income taxes
€5,215▼
2024 · €8,780
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 |
|---|---|---|---|---|---|
| Debts secured on the company's own assets | - | €457,779 | €405,259 | €346,935 | €287,616 |
| Debts guaranteed by Belgian public bodies | - | €300,000 | €300,000 | €300,000 | €300,000 |
| Carrying value of the other pledged assets | - | €1.3m | €1.3m | €1.3m | €1.3m |
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 |
|---|---|---|---|---|---|
| Financial fixed assets | - | - | - | - | €3,000 |
| Depreciation and write-downs of the year | €2,500 | €2,479 | €2,120 | €0 | - |
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 | - | - | €1,835 | €2,500 | €2,479 | €2,120 | €0 | - | - |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals)631/4 | - | - | - | - | - | €11,449 | €11,449 | €0 | ▼ 100% |
| Other operating charges640/8 | - | - | - | €2,496 | €1,147 | €1,559 | €1,294 | €1,412 | ▲ 9.1% |
| Gross operating margin9900 | €35,431 | €79,269 | €17,975 | €87,247 | €91,100 | €101,653 | €66,848 | €41,218 | ▼ 38.3% |
| Operating profit (loss)9901 | €34,606 | €78,729 | €14,641 | €82,251 | €87,474 | €86,525 | €54,105 | €39,806 | ▼ 26.4% |
| Financial income75/76B | - | - | - | €0 | €18,000 | €2 | €0 | - | - |
| Recurring financial income75 | €0 | - | €1,706 | €0 | €18,000 | €2 | €0 | - | - |
| Financial charges65/66B | - | - | - | €18,011 | €16,218 | €14,846 | €13,837 | €12,411 | ▼ 10.3% |
| Recurring financial charges65 | €10,430 | €19,122 | €18,937 | €18,011 | €16,218 | €14,846 | €13,837 | €12,411 | ▼ 10.3% |
| Profit (loss) for the period before taxes9903 | €24,176 | €25,101 | -€2,591 | €64,240 | €89,256 | €71,681 | €40,269 | €27,395 | ▼ 32.0% |
| Income taxes67/77 | €4,900 | €13,282 | €0 | €14,531 | €12,750 | €14,000 | €8,780 | €5,215 | ▼ 40.6% |
| Profit (loss) for the period9904 | €19,276 | €11,819 | -€2,591 | €49,708 | €76,506 | €57,681 | €31,489 | €22,180 | ▼ 29.6% |
| Profit (loss) for the period to be appropriated9905 | €19,276 | €11,819 | -€2,591 | €49,708 | €76,506 | €57,681 | €31,489 | €22,180 | ▼ 29.6% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Assets | |||||||||
| Total assets20/58 | €0.3m | €1.5m | €1.4m | €1.4m | €1.4m | €1.4m | €1.4m | €1.4m | ▼ 1.7% |
| Formation expenses20 | - | - | €20 | €0 | - | - | - | - | - |
| Fixed assets21/28 | €0.3m | €1.3m | €1.4m | €1.4m | €1.3m | €1.3m | €1.3m | €1.3m | ▲ 0.2% |
| Tangible fixed assets22/27 | - | - | €0.007m | €0.005m | €0.002m | €0 | - | - | - |
| Furniture and vehicles24 | - | - | - | €0.005m | €0.002m | €0 | - | - | - |
| Financial fixed assets28 | €0.3m | €1.3m | €1.3m | €1.3m | €1.3m | €1.3m | €1.3m | €1.3m | ▲ 0.2% |
| Current assets29/58 | €0.01m | €0.2m | €0.09m | €0.06m | €0.05m | €0.03m | €0.04m | €0.01m | ▼ 69.8% |
| Amounts receivable within one year40/41 | €0.01m | €0.09m | €0.08m | €0.05m | €0.04m | €0.02m | €0.03m | €0.007m | ▼ 76.6% |
| Trade receivables40 | - | - | - | €0.02m | €0 | €0.008m | €0.008m | €0 | ▼ 100% |
| Other amounts receivable41 | - | - | - | €0.03m | €0.04m | €0.02m | €0.02m | €0.007m | ▼ 68.0% |
| Current investments50/53 | - | €0.07m | - | - | - | - | - | - | - |
| Cash at bank and in hand54/58 | - | - | €0.002m | €0.006m | €0.006m | €0.003m | €0.006m | €43 | ▼ 99.3% |
| Deferred charges and accrued income490/1 | - | - | - | €0.003m | €0.002m | €0.005m | €0.003m | €0.005m | ▲ 76.9% |
| Equity and liabilities | |||||||||
| Total equity and liabilities10/49 | €0.3m | €1.5m | €1.4m | €1.4m | €1.4m | €1.4m | €1.4m | €1.4m | ▼ 1.7% |
| Equity10/15 | €0.03m | €0.4m | €0.4m | €0.4m | €0.5m | €0.6m | €0.6m | €0.6m | ▲ 3.7% |
| Contributions10/11 | €0.006m | - | - | €0.4m | €0.4m | €0.4m | €0.4m | €0.4m | = |
| Reserves13 | €0.02m | €0.03m | €0.03m | €0.08m | €0.1m | €0.2m | €0.2m | €0.3m | ▲ 9.5% |
| Non-distributable reserves130/1 | - | - | - | €0 | - | - | - | - | - |
| Reserves not available under the articles1311 | - | - | - | €0 | - | - | - | - | - |
| Distributable reserves133 | - | - | - | €0.08m | €0.1m | €0.2m | €0.2m | €0.3m | ▲ 9.5% |
| Profit (loss) carried forward14 | €416 | €235 | -€0.002m | €0 | €0 | €0 | - | - | - |
| Amounts payable17/49 | €0.3m | €1.1m | €1.1m | €1.0m | €0.9m | €0.8m | €0.8m | €0.7m | ▼ 5.7% |
| Amounts payable after more than one year17 | €0.1m | €0.9m | €0.9m | €0.8m | €0.7m | €0.7m | €0.6m | €0.5m | ▼ 11.0% |
| Financial debts170/4 | - | - | - | €0.8m | €0.7m | €0.7m | €0.6m | €0.5m | ▼ 11.0% |
| Amounts payable within one year42/48 | €0.1m | €0.2m | €0.2m | €0.2m | €0.2m | €0.2m | €0.2m | €0.2m | ▲ 9.3% |
| Current portion of amounts payable after more than one year42 | - | - | - | €0.09m | €0.06m | €0.07m | €0.07m | €0.07m | ▼ 5.0% |
| Trade debts44 | €0.02m | €0.02m | €0.02m | €0.01m | €0.002m | €0.001m | €186 | €189 | ▲ 2.0% |
| Suppliers440/4 | - | - | - | €0.01m | €0.002m | €0.001m | €186 | €189 | ▲ 2.0% |
| Advances received on contracts in progress46 | - | - | - | - | - | - | €0.006m | €0 | ▼ 100% |
| Taxes, remuneration and social security45 | - | - | - | €0.02m | €0.02m | €0.01m | €0.02m | €0.03m | ▲ 59.5% |
| Taxes450/3 | - | - | - | €0.02m | €0.02m | €0.006m | €0.006m | €0.007m | ▲ 16.7% |
| Remuneration and social security454/9 | - | - | - | - | €0.003m | €0.005m | €0.01m | €0.02m | ▲ 80.0% |
| Other amounts payable47/48 | - | - | - | €0.1m | €0.1m | €0.08m | €0.1m | €0.1m | ▲ 17.0% |
| Accrued charges and deferred income492/3 | - | - | - | €0.001m | €0.001m | €0.001m | €0.001m | €0.001m | = |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €0.02m | €0.01m | -€0.003m | €0.05m | €0.08m | €0.06m | €0.03m | €0.02m | ▼ 29.6% |
| + Depreciation and write-downs630 | - | - | €0.002m | €0.002m | €0.002m | €0.002m | €0 | - | - |
| Operating cash flow (approximation) | €0.02m | €0.01m | -€0.001m | €0.05m | €0.08m | €0.06m | €0.03m | €0.02m | ▼ 29.6% |
| Investment in fixed assets (approximation) | - | -€1.0m | -€0.009m | -€20 | €0 | €0 | €0 | -€0.003m | - |
| Change in cash | - | - | - | €0.004m | €44 | -€0.003m | €0.003m | -€0.006m | - |
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 (8)
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-12-2025 | abbreviated format | 24-07-2026 | 2026-00328975 | |
| 31-12-2024 | abbreviated format | 04-07-2025 | 2025-00240040 | |
| 31-12-2023 | abbreviated format | 09-07-2024 | 2024-00232271 | |
| 31-12-2022 | abbreviated format | 28-07-2023 | 2023-00286488 | |
| 31-12-2021 | abbreviated format | 14-06-2022 | 2022-20061683 | |
| 31-12-2020 | abbreviated format | 30-07-2021 | 2021-43400353 | |
| 31-12-2019 | abbreviated format | 30-10-2020 | 2020-66800382 | |
| 31-12-2018 | micro format | 30-08-2019 | 2019-59300289 |