Financials · financial year 2025, abbreviated format
Annual accounts 2025 filed on 23-07-2026 PDF all 12 filings
Turnover
≈ €540,000
Estimated: probably between €400,000 and €1.0m
Total assets
€3.1m▼ 32.3%
2024 · €4.6m
Net result
€308,079▼ 80.8%
2024 · €1.6m
Working capital
-€699,512▼ 112%
2024 · -€329,283
Multi-year overview
2018 to 2025, 8 financial yearsOperating result
€41,468
▼ 36.0%
2025
20182025
Net result
€308,079
▼ 80.8%
2025
highest quarter of the sector
20182025
Equity
€1.5m
▼ 12.0%
2025
highest quarter of the sector
20182025
Total assets
€3.1m
▼ 32.3%
2025
highest quarter of the sector
20182025
Debt
€1.6m
▼ 44.8%
2025
20182025
Working capital
-€699,512
▼ 112%
2025
lowest quarter of the sector
20182025
Solvency
49.5%
▲ 11.4pp
2025
middle half of the sector
20182025
Current ratio
0.11
▼ 0.72
2025
lowest quarter of the sector
20182025
Return on assets (ROA)
10.0%
▼ 25.1pp
2025
middle half of the sector
20182025
Staff (FTE)
3
=
2025
highest 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€0.001m--€0.009m-€0.01m▼ 51.2%-€0.002m▲ 82.3%€0.006m-€0.02m€0.06m€0.04m▼ 36.0%
Net result€0.8m-€0.3m▼ 63.3%€0.6mabove the sector's middle half▲ 133%€0.3mabove the sector's middle half▼ 55.1%€0.3mabove the sector's middle half▼ 2.6%€0.2mabove the sector's middle half▼ 36.4%€1.6mabove the sector's middle half▲ 788%€0.3mabove the sector's middle half▼ 80.8%
Equity€2.1m-€2.4m▲ 13.1%€2.6mabove the sector's middle half▲ 8.1%€2.6mabove the sector's middle half=€2.8mabove the sector's middle half▲ 10.7%€3.0mabove the sector's middle half▲ 5.9%€1.7mabove the sector's middle half▼ 42.0%€1.5mabove the sector's middle half▼ 12.0%
Total assets€3.9m-€3.0m▼ 23.6%€3.3mabove the sector's middle half▲ 10.4%€3.2mabove the sector's middle half▼ 4.4%€3.2mabove the sector's middle half▲ 0.2%€3.2mabove the sector's middle half▲ 1.3%€4.6mabove the sector's middle half▲ 42.0%€3.1mabove the sector's middle half▼ 32.3%
Debt€1.8m-€0.6m▼ 65.4%€0.8m▲ 19.1%€0.6m▼ 19.5%€0.3m▼ 43.9%€0.2m▼ 36.9%€2.8m▲ 13×€1.6m▼ 44.8%
Working capital-€0.4m--€0.1m▲ 67.7%-€0.2mbelow the sector's middle half▼ 57.3%-€0.2mbelow the sector's middle half▼ 13.8%-€0.2mbelow the sector's middle half▲ 36.7%€0.01mwithin the sector's middle half-€0.3mbelow the sector's middle half-€0.7mbelow the sector's middle half▼ 112%
Solvency53.3%-78.9%▲ 25.6pp77.2%above the sector's middle half▼ 1.7pp80.8%above the sector's middle half▲ 3.6pp89.3%above the sector's middle half▲ 8.5pp93.3%above the sector's middle half▲ 4.1pp38.1%within the sector's middle half▼ 55.2pp49.5%within the sector's middle half▲ 11.4pp
Current ratio0.69-0.24▼ 0.450.59within the sector's middle half▲ 0.350.41below the sector's middle half▼ 0.180.49below the sector's middle half▲ 0.071.07within the sector's middle half▲ 0.580.83within the sector's middle half▼ 0.240.11below the sector's middle half▼ 0.72
Return on assets (ROA)19.3%-9.3%▼ 10.0pp19.6%above the sector's middle half▲ 10.3pp9.2%within the sector's middle half▼ 10.4pp8.9%within the sector's middle half▼ 0.3pp5.6%within the sector's middle half▼ 3.3pp35.1%above the sector's middle half▲ 29.5pp10.0%within the sector's middle half▼ 25.1pp
Staff (FTE)1.6-1.6=1.6within the sector's middle half=1.6within the sector's middle half=2.5within the sector's middle half▲ 56.3%3above the sector's middle half▲ 20.0%3above the sector's middle half=3above the sector's middle half=
above
within
below
The sector band is the middle half of the companies in Activities of head offices; management consultancy activities (NACE 70). 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 36% lower than 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 €3.1m
Fixed assets
€3.0m =
Current assets
€87,185 ▼ 94.4%
Equity and liabilities €3.1m
Equity
€1.5m ▼ 12.0%
Debt
€1.6m ▼ 44.8%
Debt's share of the balance-sheet total falls from 61.9% to 50.5%. Equity and debt are lower.
Key figures and ratios
ROE
20.1%▼
2024 · 92.1%
Debt ≤ 1 year
€786,697▼
2024 · €1.9m
Debt > 1 year
€772,619▼
2024 · €934,994
Income taxes
€4,824▼
2024 · €7,316
Staff costs
€287,706▲
2024 · €273,369
Green means a favourable move, even when the figure itself falls, as with debt or debt to equity.
Staff
| Item | 31-12-2021 | 31-12-2022 | 31-12-2023 | 31-12-2024 | 31-12-2025 |
|---|---|---|---|---|---|
| Employees at the balance-sheet date | 2 | 3 | 3 | 3 | 3 |
| full-time | 1 | 3 | 3 | 3 | 3 |
| part-time | 1 | - | 0 | 0 | 0 |
| in full-time equivalents | 1.6 | 3 | 3 | 3 | 3 |
| Average over the year, in full-time equivalents | 1.6 | 2.5 | 3 | 3 | 3 |
| On a permanent contract | 2 | 3 | 3 | 3 | 3 |
| Joined | - | 1 | - | - | - |
| Left | - | 0 | - | - | - |
| Training hours | - | - | - | - | 30 |
Source: social balance sheet in the 2021 to 2025 annual accounts
Securities and guarantees
| Item | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Debts secured on the company's own assets | - | - | - | €1.1m | - |
| Mortgages, amount registered | - | - | - | €1.1m | €1.1m |
| Carrying value of the mortgaged assets | - | - | - | €2.5m | €2.5m |
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 | - | €40,000 | - | - | - |
| Financial fixed assets | - | - | - | - | €9,141 |
| Depreciation and write-downs of the year | €608 | €6,307 | €10,608 | €10,608 | €10,608 |
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 |
|---|---|---|---|---|---|---|---|---|---|
| Remuneration, social security and pensions62 | - | - | - | €0.1m | €0.2m | €0.3m | €0.3m | €0.3m | ▲ 5.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €0.001m | €0.001m | €0.001m | €0.001m | €0.006m | €0.01m | €0.01m | €0.01m | = |
| Other operating charges640/8 | - | - | - | €0.001m | €0.001m | €0.002m | €0.002m | €0.002m | ▲ 3.7% |
| Gross operating margin9900 | €0.1m | €0.1m | €0.1m | €0.1m | €0.2m | €0.3m | €0.4m | €0.3m | ▼ 2.6% |
| Operating profit (loss)9901 | €0.001m | -€0.009m | -€0.01m | -€0.002m | €0.006m | -€0.02m | €0.06m | €0.04m | ▼ 36.0% |
| Financial income75/76B | - | - | - | €0.3m | €0.3m | €0.2m | €1.6m | €0.3m | ▼ 80.6% |
| Recurring financial income75 | €0.8m | €0.3m | €0.7m | €0.3m | €0.3m | €0.2m | €1.6m | €0.3m | ▼ 80.6% |
| Financial charges65/66B | - | - | - | €0.006m | €0.02m | €0.001m | €0.005m | €0.03m | ▲ 522% |
| Recurring financial charges65 | €0.04m | €0.01m | €0.004m | €0.006m | €0.02m | €0.001m | €0.005m | €0.03m | ▲ 522% |
| Profit (loss) for the period before taxes9903 | €0.8m | €0.3m | €0.7m | €0.3m | €0.3m | €0.2m | €1.6m | €0.3m | ▼ 80.6% |
| Income taxes67/77 | - | €0.001m | €0.002m | - | €0.005m | €264 | €0.007m | €0.005m | ▼ 34.1% |
| Profit (loss) for the period9904 | €0.8m | €0.3m | €0.6m | €0.3m | €0.3m | €0.2m | €1.6m | €0.3m | ▼ 80.8% |
| Profit (loss) for the period to be appropriated9905 | €0.8m | €0.3m | €0.6m | €0.3m | €0.3m | €0.2m | €1.6m | €0.3m | ▼ 80.8% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Assets | |||||||||
| Total assets20/58 | €3.9m | €3.0m | €3.3m | €3.2m | €3.2m | €3.2m | €4.6m | €3.1m | ▼ 32.3% |
| Fixed assets21/28 | €3.0m | €3.0m | €3.0m | €3.0m | €3.0m | €3.0m | €3.0m | €3.0m | = |
| Tangible fixed assets22/27 | €0.1m | €0.1m | €0.1m | €0.1m | €0.1m | €0.1m | €0.1m | €0.1m | ▼ 9.7% |
| Land and buildings22 | - | - | - | €0.08m | €0.08m | €0.08m | €0.08m | €0.08m | = |
| Furniture and vehicles24 | - | - | - | - | €0.03m | €0.02m | €0.01m | €0.004m | ▼ 69.9% |
| Other tangible fixed assets26 | - | - | - | €0.01m | €0.01m | €0.01m | €0.01m | €0.01m | ▼ 4.7% |
| Financial fixed assets28 | €2.9m | €2.9m | €2.9m | €2.9m | €2.9m | €2.9m | €2.9m | €2.9m | ▲ 0.3% |
| Current assets29/58 | €1.0m | €0.04m | €0.3m | €0.2m | €0.1m | €0.2m | €1.6m | €0.09m | ▼ 94.4% |
| Amounts receivable within one year40/41 | €0.06m | €0.01m | €0.2m | €0.1m | €0.1m | €0.1m | €1.5m | €0.02m | ▼ 98.6% |
| Trade receivables40 | - | - | - | €0.001m | €0.003m | €0.03m | €0.03m | €0.02m | ▼ 35.7% |
| Other amounts receivable41 | - | - | - | €0.09m | €0.09m | €0.1m | €1.5m | €312 | ▼ 100.0% |
| Cash at bank and in hand54/58 | €0.9m | €0.03m | €0.2m | €0.08m | €0.05m | €0.07m | €0.06m | €0.07m | ▲ 16.9% |
| Equity and liabilities | |||||||||
| Total equity and liabilities10/49 | €3.9m | €3.0m | €3.3m | €3.2m | €3.2m | €3.2m | €4.6m | €3.1m | ▼ 32.3% |
| Equity10/15 | €2.1m | €2.4m | €2.6m | €2.6m | €2.8m | €3.0m | €1.7m | €1.5m | ▼ 12.0% |
| Contributions10/11 | €1.0m | €1.0m | - | €1.0m | €1.0m | €1.0m | €1.0m | €1.0m | = |
| Reserves13 | €1.1m | €1.4m | €1.5m | €1.5m | €1.8m | €2.0m | €0.7m | €0.5m | ▼ 28.8% |
| Non-distributable reserves130/1 | - | - | - | €0.1m | €0.1m | €0.1m | €0.1m | €0.1m | = |
| Reserves not available under the articles1311 | - | - | - | €0.1m | €0.1m | €0.1m | €0.1m | €0.1m | = |
| Distributable reserves133 | - | - | - | €1.4m | €1.7m | €1.9m | €0.6m | €0.4m | ▼ 33.3% |
| Profit (loss) carried forward14 | - | - | - | - | - | €0 | €0 | €0 | - |
| Amounts payable17/49 | €1.8m | €0.6m | €0.8m | €0.6m | €0.3m | €0.2m | €2.8m | €1.6m | ▼ 44.8% |
| Amounts payable after more than one year17 | €0.4m | €0.5m | €0.2m | €0.2m | €0.03m | €0.02m | €0.9m | €0.8m | ▼ 17.4% |
| Financial debts170/4 | - | - | - | €0.04m | €0.03m | €0.02m | €0.9m | €0.8m | ▼ 17.4% |
| Other amounts payable178/9 | - | - | - | €0.1m | - | - | - | - | - |
| Amounts payable within one year42/48 | €1.4m | €0.2m | €0.5m | €0.4m | €0.3m | €0.2m | €1.9m | €0.8m | ▼ 58.4% |
| Current portion of amounts payable after more than one year42 | - | - | - | €0.04m | €0.05m | €0.01m | €0.2m | €0.2m | ▼ 3.0% |
| Trade debts44 | €0.2m | €0.05m | €0.06m | €0.02m | €0.03m | €0.04m | €0.02m | €0.02m | ▲ 8.0% |
| Suppliers440/4 | - | - | - | €0.02m | €0.03m | €0.04m | €0.02m | €0.02m | ▲ 8.0% |
| Taxes, remuneration and social security45 | - | - | - | €0.01m | €0.02m | €0.05m | €0.04m | €0.05m | ▲ 20.6% |
| Taxes450/3 | - | - | - | €120 | €0.001m | €444 | €0.004m | €0.01m | ▲ 187% |
| Remuneration and social security454/9 | - | - | - | €0.01m | €0.02m | €0.05m | €0.03m | €0.03m | ▲ 1.7% |
| Other amounts payable47/48 | - | - | - | €0.3m | €0.2m | €0.09m | €1.7m | €0.6m | ▼ 66.7% |
| Accrued charges and deferred income492/3 | - | - | - | €0.005m | €0.01m | €0.01m | €0 | - | - |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €0.8m | €0.3m | €0.6m | €0.3m | €0.3m | €0.2m | €1.6m | €0.3m | ▼ 80.8% |
| + Depreciation and write-downs630 | €0.001m | €0.001m | €0.001m | €0.001m | €0.006m | €0.01m | €0.01m | €0.01m | = |
| Operating cash flow (approximation) | €0.8m | €0.3m | €0.6m | €0.3m | €0.3m | €0.2m | €1.6m | €0.3m | ▼ 80.3% |
| Investment in fixed assets (approximation) | - | €0 | -€0.04m | €0 | -€0.04m | €0 | €0 | -€0.009m | - |
| Change in cash | - | -€0.9m | €0.1m | -€0.08m | -€0.03m | €0.02m | -€0.01m | €0.01m | - |
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 12 filings with the National Bank
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-12-2025 | abbreviated format | 23-07-2026 | 2026-00324662 | |
| 31-12-2024 | abbreviated format | 28-02-2025 | 2025-00040761 | |
| 31-12-2023 | abbreviated format | 13-06-2024 | 2024-00143484 | |
| 31-12-2022 | abbreviated format | 22-06-2023 | 2023-00146118 | |
| 31-12-2021 | abbreviated format | 05-07-2022 | 2022-20132260 | |
| 31-12-2020 | abbreviated format | 22-07-2021 | 2021-38000597 | |
| 31-12-2019 | abbreviated format | 23-07-2020 | 2020-32600172 | |
| 31-12-2018 | abbreviated format | 23-07-2019 | 2019-35900401 | |
| 31-12-2017 | abbreviated format | 04-07-2018 | 2018-27500383 | |
| 31-12-2016 | abbreviated format | 05-07-2017 | 2017-27800411 |