Financials · financial year 2025, abbreviated format
Annual accounts 2025 filed on 24-04-2026 PDF all 19 filings
Equity
€476,033▼ 11.7%
2024 · €539,120
Net result
-€63,087▲ 19.8%
2024 · -€78,664
Total assets
€1.2m▼ 10.3%
2024 · €1.3m
Solvency
41.3%▼ 0.7pp
2024 · 42.0%
Multi-year overview
2018 to 2025, 8 financial yearsOperating result
-€36,432
▲ 23.8%
2025
20182025
Net result
-€63,087
▲ 19.8%
2025
lowest quarter of the sector
20182025
Equity
€476,033
▼ 11.7%
2025
middle half of the sector
20182025
Total assets
€1.2m
▼ 10.3%
2025
middle half of the sector
20182025
Debt
€676,242
▼ 9.3%
2025
20182025
Working capital
-€256,941
▼ 36.9%
2025
lowest quarter of the sector
20182025
Solvency
41.3%
▼ 0.7pp
2025
middle half of the sector
20182025
Current ratio
0.44
▼ 0.15
2025
middle half of the sector
20182025
Return on assets (ROA)
-5.5%
▲ 0.6pp
2025
lowest quarter of the sector
20182025
Staff (FTE)
0.5
=
2025
middle half of the sector
20182025
Every figure per financial year
Every figure with its change against the financial year before
favourable
unfavourable
Line20182019202020212022202320242025
Operating result-€0.07m--€0.03m▲ 48.4%€0.01m€0.05m▲ 238%€0.03m▼ 40.5%€0.09m▲ 219%-€0.05m-€0.04m▲ 23.8%
Net result-€0.1m--€0.07m▲ 25.9%€0.001mbelow the sector's middle half€0.03mwithin the sector's middle half▲ 20×€0.01mwithin the sector's middle half▼ 41.5%€0.06mwithin the sector's middle half▲ 275%-€0.08mbelow the sector's middle half-€0.06mbelow the sector's middle half▲ 19.8%
Equity€0.09m-€0.02m▼ 82.5%€0.02mbelow the sector's middle half▲ 8.1%€0.04mbelow the sector's middle half▲ 151%€0.06mbelow the sector's middle half▲ 35.2%€0.1mbelow the sector's middle half▲ 97.5%€0.5mwithin the sector's middle half▲ 378%€0.5mwithin the sector's middle half▼ 11.7%
Total assets€1.2m-€1.1m▼ 10.5%€1.0mwithin the sector's middle half▼ 6.1%€1.1mwithin the sector's middle half▲ 2.7%€0.9mwithin the sector's middle half▼ 11.1%€1.0mwithin the sector's middle half▲ 3.6%€1.3mwithin the sector's middle half▲ 32.7%€1.2mwithin the sector's middle half▼ 10.3%
Debt€1.1m-€1.1m▼ 4.8%€1.0m▼ 6.3%€1.0m▲ 0.2%€0.9m▼ 13.0%€0.9m▼ 2.6%€0.7m▼ 12.8%€0.7m▼ 9.3%
Working capital€0.03m--€0.04m-€0.03mwithin the sector's middle half▲ 26.3%-€0.03mwithin the sector's middle half▼ 3.0%-€0.1mwithin the sector's middle half▼ 351%-€0.09mwithin the sector's middle half▲ 35.2%-€0.2mwithin the sector's middle half▼ 120%-€0.3mbelow the sector's middle half▼ 36.9%
Solvency7.3%-1.4%▼ 5.9pp1.6%below the sector's middle half▲ 0.2pp4.0%below the sector's middle half▲ 2.4pp6.1%below the sector's middle half▲ 2.1pp11.7%below the sector's middle half▲ 5.5pp42.0%within the sector's middle half▲ 30.3pp41.3%within the sector's middle half▼ 0.7pp
Current ratio1.08-0.91▼ 0.170.93within the sector's middle half▲ 0.020.93within the sector's middle half▲ 0.010.71within the sector's middle half▼ 0.220.82within the sector's middle half▲ 0.110.59within the sector's middle half▼ 0.240.44within the sector's middle half▼ 0.15
Return on assets (ROA)-8.1%--6.7%▲ 1.4pp0.1%below the sector's middle half▲ 6.8pp2.4%within the sector's middle half▲ 2.3pp1.6%within the sector's middle half▼ 0.8pp5.8%within the sector's middle half▲ 4.2pp-6.1%below the sector's middle half▼ 11.9pp-5.5%below the sector's middle half▲ 0.6pp
Staff (FTE)1.6-1▼ 37.5%0.5within the sector's middle half0.5within the sector's middle half=0.5within the sector's middle half=0.5within the sector's middle half=
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 €36,432, smaller than the loss of €47,829 in 2024.
Turnover and EBIT margin are not published. The abbreviated 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 €1.2m
Fixed assets
€948,698 ▼ 6.7%
Current assets
€203,577 ▼ 24.1%
Equity and liabilities €1.2m
Equity
€476,033 ▼ 11.7%
Debt
€676,242 ▼ 9.3%
Debt's share of the balance-sheet total rises from 58.0% to 58.7%. Equity and debt are lower.
Key figures and ratios
ROE
-13.3%▲
2024 · -14.6%
Debt ≤ 1 year
€460,518▲
2024 · €455,749
Debt > 1 year
€215,725▼
2024 · €289,602
Staff costs
€24,787▼
2024 · €26,193
Green means a favourable move, even when the figure itself falls, as with debt or debt to equity.
Staff
| Item | 31-12-2022 | 31-12-2023 | 31-12-2024 | 31-12-2025 |
|---|---|---|---|---|
| Employees at the balance-sheet date | 1 | 1 | - | 1 |
| full-time | 0 | 0 | - | 0 |
| part-time | 1 | 1 | - | 1 |
| in full-time equivalents | 0.5 | 0.5 | - | 0.5 |
| Average over the year, in full-time equivalents | 0.5 | 0.5 | 0.5 | 0.5 |
| On a permanent contract | 1 | 1 | - | 1 |
| Joined | 1 | - | - | - |
| Left | 0 | - | - | - |
Source: social balance sheet in the 2022 to 2025 annual accounts
Investments
| Item | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Tangible fixed assets | €130,286 | €7,994 | €9,187 | €3,699 | €3,165 |
| Depreciation and write-downs of the year | €50,835 | €51,128 | €52,404 | €47,135 | €70,832 |
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 |
|---|---|---|---|---|---|---|---|---|---|
| Non-recurring operating income76A | - | - | - | - | - | - | €5,802 | €0 | ▼ 100% |
| Remuneration, social security and pensions62 | - | - | - | - | €15,082 | €18,796 | €26,193 | €24,787 | ▼ 5.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €111,845 | €64,484 | €46,400 | €50,835 | €51,128 | €52,404 | €47,135 | €70,832 | ▲ 50.3% |
| Other operating charges640/8 | - | - | - | €5,218 | €10,706 | €9,268 | €11,034 | €17,141 | ▲ 55.3% |
| Non-recurring operating charges66A | - | - | - | - | - | €673 | €8,330 | €0 | ▼ 100% |
| Gross operating margin9900 | €190,115 | €61,589 | €65,542 | €105,081 | €106,085 | €174,247 | €44,862 | €76,328 | ▲ 70.1% |
| Operating profit (loss)9901 | -€67,406 | -€34,799 | €14,516 | €49,028 | €29,169 | €93,107 | -€47,829 | -€36,432 | ▲ 23.8% |
| Financial income75/76B | - | - | - | €73 | €4,450 | €1,158 | €0 | €16 | - |
| Recurring financial income75 | €758 | €8,915 | €7,720 | €73 | €0 | €1,158 | €0 | €16 | - |
| Non-recurring financial income76B | - | - | - | - | €4,450 | €0 | - | - | - |
| Financial charges65/66B | - | - | - | €23,700 | €18,768 | €38,576 | €30,835 | €26,671 | ▼ 13.5% |
| Recurring financial charges65 | €32,202 | €17,791 | €20,972 | €23,700 | €18,768 | €38,576 | €30,835 | €26,671 | ▼ 13.5% |
| Profit (loss) for the period before taxes9903 | -€98,850 | -€73,204 | €1,265 | €25,400 | €14,851 | €55,689 | -€78,664 | -€63,087 | ▲ 19.8% |
| Profit (loss) for the period9904 | -€98,850 | -€73,204 | €1,265 | €25,400 | €14,851 | €55,689 | -€78,664 | -€63,087 | ▲ 19.8% |
| Profit (loss) for the period to be appropriated9905 | -€98,850 | -€73,204 | €1,265 | €25,400 | €14,851 | €55,689 | -€78,664 | -€63,087 | ▲ 19.8% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Assets | |||||||||
| Total assets20/58 | €1.2m | €1.1m | €1.0m | €1.1m | €0.9m | €1.0m | €1.3m | €1.2m | ▼ 10.3% |
| Fixed assets21/28 | €0.8m | €0.7m | €0.7m | €0.7m | €0.6m | €0.6m | €1.0m | €0.9m | ▼ 6.7% |
| Tangible fixed assets22/27 | €0.8m | €0.7m | €0.7m | €0.7m | €0.6m | €0.6m | €1.0m | €0.9m | ▼ 6.7% |
| Land and buildings22 | - | - | - | €0.6m | €0.6m | €0.5m | €1.0m | €0.9m | ▼ 6.4% |
| Plant, machinery and equipment23 | - | - | - | €0.02m | €0.01m | €0.02m | €0.01m | €0.01m | ▼ 22.7% |
| Furniture and vehicles24 | - | - | - | €0.02m | €0.02m | €0.01m | €0.001m | €0 | ▼ 100% |
| Current assets29/58 | €0.4m | €0.4m | €0.4m | €0.4m | €0.3m | €0.4m | €0.3m | €0.2m | ▼ 24.1% |
| Stocks and contracts in progress3 | €0.3m | €0.2m | €0.2m | €0.2m | €0.1m | €0.2m | €0.1m | €0.1m | ▼ 9.3% |
| Stocks30/36 | - | - | - | €0.2m | €0.07m | €0.1m | €0.1m | €0.1m | ▲ 3.4% |
| Contracts in progress37 | - | - | - | €0.05m | €0.05m | €0.07m | €0.03m | €0.01m | ▼ 57.6% |
| Amounts receivable within one year40/41 | €0.06m | €0.1m | €0.09m | €0.1m | €0.1m | €0.1m | €0.09m | €0.04m | ▼ 54.5% |
| Trade receivables40 | - | - | - | €0.1m | €0.1m | €0.1m | €0.08m | €0.03m | ▼ 59.2% |
| Other amounts receivable41 | - | - | - | €0.004m | €0 | €0.002m | €0.003m | €0.005m | ▲ 76.6% |
| Cash at bank and in hand54/58 | €0.06m | €0.04m | €0.06m | €0.04m | €0.06m | €0.09m | €0.04m | €0.03m | ▼ 32.3% |
| Deferred charges and accrued income490/1 | - | - | - | €0.009m | €0.01m | €0.03m | €0.02m | €0.03m | ▲ 35.4% |
| Equity and liabilities | |||||||||
| Total equity and liabilities10/49 | €1.2m | €1.1m | €1.0m | €1.1m | €0.9m | €1.0m | €1.3m | €1.2m | ▼ 10.3% |
| Equity10/15 | €0.09m | €0.02m | €0.02m | €0.04m | €0.06m | €0.1m | €0.5m | €0.5m | ▼ 11.7% |
| Contributions10/11 | €0.3m | €0.3m | - | €0.3m | €0.3m | €0.3m | €0.3m | €0.3m | = |
| Revaluation surpluses12 | - | - | - | €0.1m | €0.1m | €0.1m | €0.6m | €0.6m | ▼ 4.2% |
| Reserves13 | €0.02m | €0.02m | €0.02m | €0.02m | €0.02m | €0.02m | €0.02m | €0.05m | ▲ 108% |
| Non-distributable reserves130/1 | - | - | - | €0.002m | €0.002m | €0.002m | €0.002m | €0.002m | = |
| Reserves not available under the articles1311 | - | - | - | €0.002m | €0.002m | €0.002m | €0.002m | €0.002m | = |
| Distributable reserves133 | - | - | - | €0.02m | €0.02m | €0.02m | €0.02m | €0.05m | ▲ 117% |
| Profit (loss) carried forward14 | -€0.3m | -€0.4m | -€0.4m | -€0.3m | -€0.3m | -€0.3m | -€0.3m | -€0.4m | ▼ 18.8% |
| Amounts payable17/49 | €1.1m | €1.1m | €1.0m | €1.0m | €0.9m | €0.9m | €0.7m | €0.7m | ▼ 9.3% |
| Amounts payable after more than one year17 | €0.7m | €0.7m | €0.6m | €0.6m | €0.4m | €0.4m | €0.3m | €0.2m | ▼ 25.5% |
| Financial debts170/4 | - | - | - | €0.3m | €0.2m | €0.2m | €0.2m | €0.1m | ▼ 33.3% |
| Other amounts payable178/9 | - | - | - | €0.3m | €0.2m | €0.2m | €0.1m | €0.1m | ▼ 17.1% |
| Amounts payable within one year42/48 | €0.4m | €0.4m | €0.4m | €0.4m | €0.5m | €0.5m | €0.5m | €0.5m | ▲ 1.0% |
| Current portion of amounts payable after more than one year42 | - | - | - | €0.05m | €0.05m | €0.05m | €0.05m | €0.05m | ▲ 0.8% |
| Financial debts43 | - | - | - | €0.3m | €0.3m | €0.3m | €0.3m | €0.3m | = |
| Credit institutions430/8 | - | - | - | - | - | €0.3m | €0.3m | €0.3m | = |
| Other loans439 | - | - | - | €0.3m | €0.3m | €0 | - | - | - |
| Trade debts44 | €0.05m | €0.06m | €0.03m | €0.07m | €0.07m | €0.1m | €0.07m | €0.1m | ▲ 35.8% |
| Suppliers440/4 | - | - | - | €0.07m | €0.07m | €0.1m | €0.07m | €0.1m | ▲ 35.8% |
| Taxes, remuneration and social security45 | - | - | - | €0.007m | €0.03m | €0.01m | €0.03m | €0.009m | ▼ 69.2% |
| Taxes450/3 | - | - | - | €0.007m | €0.03m | €0.01m | €0.03m | €0.008m | ▼ 71.0% |
| Remuneration and social security454/9 | - | - | - | - | €0.001m | €0.001m | €0.002m | €0.001m | ▼ 44.9% |
| Other amounts payable47/48 | - | - | - | €0.001m | €0.004m | €0.002m | €0.002m | €0 | ▼ 100% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | -€98,850 | -€73,204 | €1,265 | €25,400 | €14,851 | €55,689 | -€78,664 | -€63,087 | ▲ 19.8% |
| + Depreciation and write-downs630 | €111,845 | €64,484 | €46,400 | €50,835 | €51,128 | €52,404 | €47,135 | €70,832 | ▲ 50.3% |
| Operating cash flow (approximation) | €12,994 | -€8,720 | €47,664 | €76,235 | €65,979 | €108,093 | -€31,529 | €7,745 | - |
| Investment in fixed assets (approximation) | - | €0 | €0 | -€33,858 | -€7,994 | -€9,187 | -€496,467 | -€3,165 | ▲ 99.4% |
| Change in cash | - | -€15,420 | €18,432 | -€21,646 | €24,614 | €24,062 | -€47,888 | -€13,139 | ▲ 72.6% |
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 19 filings with the National Bank
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-12-2025 | abbreviated format | 24-04-2026 | 2026-00091954 | |
| 31-12-2024 | abbreviated format | 24-07-2025 | 2025-00300604 | |
| 31-12-2023 | abbreviated format | 26-07-2024 | 2024-00287635 | |
| 31-12-2022 | abbreviated format | 29-06-2023 | 2023-00172008 | |
| 31-12-2021 | abbreviated format | 23-06-2022 | 2022-20084578 | |
| 31-12-2020 | abbreviated format | 30-06-2021 | 2021-26900181 | |
| 31-12-2019 | abbreviated format | 24-07-2020 | 2020-33100354 | |
| 31-12-2018 | abbreviated format | 25-09-2019 | 2019-65200599 | |
| 30-06-2017 | abbreviated format | 18-01-2018 | 2018-01800012 | |
| 30-06-2016 | abbreviated format | 20-12-2016 | 2016-70700477 |