Financials · financial year 2025, micro format
Annual accounts 2025 filed on 02-07-2026 at the NBB all 25 filings
Equity
€119,157▼ 23.6%
2024 · €156,006
Net result
€44,151▲ 35.9%
2024 · €32,486
Total assets
€283,034▲ 17.3%
2024 · €241,364
Solvency
42.1%▼ 22.5pp
2024 · 64.6%
Multi-year overview
2019 to 2025, 7 financial yearsOperating result
€65,190
▲ 34.9%
2025
20192025
Net result
€44,151
▲ 35.9%
2025
middle half of the sector
20192025
Equity
€119,157
▼ 23.6%
2025
middle half of the sector
20192025
Total assets
€283,034
▲ 17.3%
2025
middle half of the sector
20192025
Debt
€163,877
▲ 92.0%
2025
20192025
Working capital
€112,265
▼ 22.3%
2025
middle half of the sector
20192025
Solvency
42.1%
▼ 22.5pp
2025
middle half of the sector
20192025
Current ratio
1.70
▼ 1.23
2025
middle half of the sector
20192025
Return on assets (ROA)
15.6%
▲ 2.1pp
2025
middle half of the sector
20192025
Every figure per financial year
Every figure with its change against the financial year before
favourable
unfavourable
Line2019202020212022202320242025
Operating result€20,911-€17,884▼ 14.5%€30,104▲ 68.3%€57,306▲ 90.4%€45,109▼ 21.3%€48,336▲ 7.2%€65,190▲ 34.9%
Net result€16,400-€13,144within the sector's middle half▼ 19.9%€14,308within the sector's middle half▲ 8.9%€40,477within the sector's middle half▲ 183%€29,714within the sector's middle half▼ 26.6%€32,486within the sector's middle half▲ 9.3%€44,151within the sector's middle half▲ 35.9%
Equity€48,877-€39,021below the sector's middle half▼ 20.2%€53,329within the sector's middle half▲ 36.7%€93,806within the sector's middle half▲ 75.9%€123,520within the sector's middle half▲ 31.7%€156,006within the sector's middle half▲ 26.3%€119,157within the sector's middle half▼ 23.6%
Total assets€88,154-€89,233below the sector's middle half▲ 1.2%€98,302below the sector's middle half▲ 10.2%€207,899within the sector's middle half▲ 111%€218,795within the sector's middle half▲ 5.2%€241,364within the sector's middle half▲ 10.3%€283,034within the sector's middle half▲ 17.3%
Debt€39,276-€50,211▲ 27.8%€44,973▼ 10.4%€114,093▲ 154%€95,275▼ 16.5%€85,358▼ 10.4%€163,877▲ 92.0%
Working capital€50,326-€39,983within the sector's middle half▼ 20.6%€53,962within the sector's middle half▲ 35.0%€72,127within the sector's middle half▲ 33.7%€107,440within the sector's middle half▲ 49.0%€144,559within the sector's middle half▲ 34.5%€112,265within the sector's middle half▼ 22.3%
Solvency55.4%-43.7%within the sector's middle half▼ 11.7pp54.3%within the sector's middle half▲ 10.5pp45.1%within the sector's middle half▼ 9.1pp56.5%within the sector's middle half▲ 11.3pp64.6%within the sector's middle half▲ 8.2pp42.1%within the sector's middle half▼ 22.5pp
Current ratio2.33-1.81within the sector's middle half▼ 0.522.23within the sector's middle half▲ 0.421.78within the sector's middle half▼ 0.452.37within the sector's middle half▲ 0.602.93within the sector's middle half▲ 0.561.70within the sector's middle half▼ 1.23
Return on assets (ROA)18.6%-14.7%within the sector's middle half▼ 3.9pp14.6%within the sector's middle half▼ 0.2pp19.5%within the sector's middle half▲ 4.9pp13.6%within the sector's middle half▼ 5.9pp13.5%within the sector's middle half▼ 0.1pp15.6%within the sector's middle half▲ 2.1pp
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 35% higher than in 2024 and the highest since 2021. It is the second rise in a row, after the fall in 2023.
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 €283,034
Fixed assets
€11,499 ▼ 47.8%
Current assets
€271,535 ▲ 23.8%
Equity and liabilities €283,034
Equity
€119,157 ▼ 23.6%
Debt
€163,877 ▲ 92.0%
Debt's share of the balance-sheet total rises from 35.4% to 57.9%. Equity is lower and debt is higher.
Key figures and ratios
ROE
37.1%▲
2024 · 20.8%
Debt ≤ 1 year
€159,269▲
2024 · €74,756
Debt > 1 year
€0▼
2024 · €7,160
Income taxes
€17,259▲
2024 · €12,574
Green means a favourable move, even when the figure itself falls, as with debt or debt to equity.
Investments
| Item | 30-09-2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Tangible fixed assets | €537 | €54,035 | €1,212 | - | €619 |
| Depreciation and write-downs of the year | €114 | €11,542 | €11,010 | €11,070 | €11,169 |
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 | - | - | - | €21,000 | €0 | - | - | - |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €17,420 | - | €114 | €11,542 | €11,010 | €11,070 | €11,169 | ▲ 0.9% |
| Other operating charges640/8 | - | - | €3,347 | €12,588 | €24,129 | €13,534 | €14,174 | ▲ 4.7% |
| Gross operating margin9900 | €50,017 | €22,624 | €33,565 | €81,436 | €80,247 | €72,940 | €90,533 | ▲ 24.1% |
| Operating profit (loss)9901 | €20,911 | €17,884 | €30,104 | €57,306 | €45,109 | €48,336 | €65,190 | ▲ 34.9% |
| Financial income75/76B | - | - | €1 | €55 | €0 | €2 | €31 | ▲ 19× |
| Recurring financial income75 | €0 | - | €1 | €55 | €0 | €2 | €31 | ▲ 19× |
| Financial charges65/66B | - | - | €876 | €883 | €3,265 | €3,277 | €3,812 | ▲ 16.3% |
| Recurring financial charges65 | €1,477 | €942 | €876 | €883 | €3,265 | €3,277 | €3,812 | ▲ 16.3% |
| Profit (loss) for the period before taxes9903 | €19,435 | €16,942 | €29,229 | €56,479 | €41,844 | €45,060 | €61,409 | ▲ 36.3% |
| Income taxes67/77 | €3,035 | €3,798 | €14,921 | €16,002 | €12,130 | €12,574 | €17,259 | ▲ 37.3% |
| Profit (loss) for the period9904 | €16,400 | €13,144 | €14,308 | €40,477 | €29,714 | €32,486 | €44,151 | ▲ 35.9% |
| Transfer from tax-exempt reserves789 | - | - | €26,769 | €0 | - | - | - | - |
| Profit (loss) for the period to be appropriated9905 | €11,483 | €12,477 | €41,077 | €40,477 | €29,714 | €32,486 | €44,151 | ▲ 35.9% |
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|
| Assets | ||||||||
| Total assets20/58 | €88,154 | €89,233 | €98,302 | €207,899 | €218,795 | €241,364 | €283,034 | ▲ 17.3% |
| Fixed assets21/28 | - | - | €423 | €42,917 | €33,119 | €22,049 | €11,499 | ▼ 47.8% |
| Tangible fixed assets22/27 | - | - | €423 | €42,917 | €33,119 | €22,049 | €11,499 | ▼ 47.8% |
| Furniture and vehicles24 | - | - | €423 | €42,917 | €33,119 | €22,049 | €11,499 | ▼ 47.8% |
| Current assets29/58 | €88,154 | €89,233 | €97,878 | €164,982 | €185,676 | €219,315 | €271,535 | ▲ 23.8% |
| Amounts receivable within one year40/41 | €14,203 | €9,251 | €26,643 | €147,647 | €81,128 | €47,198 | €28,912 | ▼ 38.7% |
| Trade receivables40 | - | - | €26,343 | €147,491 | €81,128 | €47,198 | €28,912 | ▼ 38.7% |
| Other amounts receivable41 | - | - | €300 | €156 | €0 | - | - | - |
| Cash at bank and in hand54/58 | €64,630 | €77,355 | €68,288 | €15,196 | €101,339 | €171,067 | €241,295 | ▲ 41.1% |
| Deferred charges and accrued income490/1 | - | - | €2,947 | €2,139 | €3,209 | €1,050 | €1,328 | ▲ 26.5% |
| Equity and liabilities | ||||||||
| Total equity and liabilities10/49 | €88,154 | €89,233 | €98,302 | €207,899 | €218,795 | €241,364 | €283,034 | ▲ 17.3% |
| Equity10/15 | €48,877 | €39,021 | €53,329 | €93,806 | €123,520 | €156,006 | €119,157 | ▼ 23.6% |
| Contributions10/11 | €6,200 | - | €6,200 | €6,200 | €6,200 | €6,200 | €6,200 | = |
| Reserves13 | €42,677 | €32,821 | €47,129 | €87,606 | €117,320 | €149,806 | €112,957 | ▼ 24.6% |
| Non-distributable reserves130/1 | - | - | €1,860 | €0 | - | - | - | - |
| Reserves not available under the articles1311 | - | - | €1,860 | €0 | - | - | - | - |
| Distributable reserves133 | - | - | €45,269 | €87,606 | €117,320 | €149,806 | €112,957 | ▼ 24.6% |
| Profit (loss) carried forward14 | - | - | - | - | - | - | €0 | - |
| Amounts payable17/49 | €39,276 | €50,211 | €44,973 | €114,093 | €95,275 | €85,358 | €163,877 | ▲ 92.0% |
| Amounts payable after more than one year17 | - | - | - | €21,238 | €14,239 | €7,160 | €0 | ▼ 100% |
| Financial debts170/4 | - | - | - | €21,238 | €14,239 | €7,160 | €0 | ▼ 100% |
| Amounts payable within one year42/48 | €37,827 | €49,249 | €43,917 | €92,855 | €78,236 | €74,756 | €159,269 | ▲ 113% |
| Current portion of amounts payable after more than one year42 | - | - | - | €6,920 | €6,999 | €7,079 | €7,160 | ▲ 1.1% |
| Trade debts44 | €744 | €402 | €1,206 | €8,302 | €0 | €1,595 | €1,160 | ▼ 27.3% |
| Suppliers440/4 | - | - | €1,206 | €8,302 | €0 | €1,595 | €1,160 | ▼ 27.3% |
| Taxes, remuneration and social security45 | - | - | €23,717 | €21,644 | €7,573 | €14,841 | €21,883 | ▲ 47.4% |
| Taxes450/3 | - | - | €20,717 | €21,644 | €7,573 | €12,341 | €16,883 | ▲ 36.8% |
| Remuneration and social security454/9 | - | - | €3,000 | €0 | - | €2,500 | €5,000 | ▲ 100% |
| Other amounts payable47/48 | - | - | €18,994 | €55,989 | €63,664 | €51,240 | €129,067 | ▲ 152% |
| Accrued charges and deferred income492/3 | - | - | €1,056 | €0 | €2,800 | €3,442 | €4,608 | ▲ 33.9% |
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €16,400 | €13,144 | €14,308 | €40,477 | €29,714 | €32,486 | €44,151 | ▲ 35.9% |
| + Depreciation and write-downs630 | €17,420 | - | €114 | €11,542 | €11,010 | €11,070 | €11,169 | ▲ 0.9% |
| Operating cash flow (approximation) | €33,820 | €13,144 | €14,422 | €52,019 | €40,724 | €43,556 | €55,320 | ▲ 27.0% |
| Investment in fixed assets (approximation) | - | - | - | -€54,035 | -€1,212 | €0 | -€619 | - |
| Change in cash | - | €12,725 | -€9,066 | -€53,093 | €86,143 | €69,728 | €70,228 | ▲ 0.7% |
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 25 filings with the National Bank
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-12-2025 | micro format | 02-07-2026 | 2026-00270885 | |
| 31-12-2024 | micro format | 29-07-2025 | 2025-00349641 | |
| 31-12-2023 | micro format | 22-07-2024 | 2024-00291989 | |
| 31-12-2022 | micro format | 24-07-2023 | 2023-00280972 | |
| 30-09-2021 | micro format | 25-04-2022 | 2022-20010138 | |
| 30-09-2020 | micro format | 29-04-2021 | 2021-12700355 | |
| 30-09-2019 | micro format | 30-04-2020 | 2020-11200240 | |
| 30-09-2018 | micro format | 30-04-2019 | 2019-12000310 | |
| 30-09-2017 | micro format | 02-05-2018 | 2018-11700433 | |
| 30-09-2016 | abbreviated format | 31-03-2017 | 2017-08400188 |