Financials · financial year 2025, micro format
Annual accounts 2025 filed on 02-07-2026 at the NBB all 11 filings
Equity
€369,876▲ 66.7%
2024 · €221,844
Net result
€205,676▲ 4.4%
2024 · €196,960
Total assets
€582,043▲ 41.0%
2024 · €412,887
Solvency
63.5%▲ 9.8pp
2024 · 53.7%
Multi-year overview
2018 to 2025, 8 financial yearsOperating result
€268,839
▲ 5.0%
2025
20182025
Net result
€205,676
▲ 4.4%
2025
highest quarter of the sector
20182025
Equity
€369,876
▲ 66.7%
2025
middle half of the sector
20182025
Total assets
€582,043
▲ 41.0%
2025
middle half of the sector
20182025
Debt
€212,166
▲ 11.1%
2025
20182025
Working capital
€333,349
▲ 107%
2025
highest quarter of the sector
20182025
Solvency
63.5%
▲ 9.8pp
2025
middle half of the sector
20182025
Current ratio
2.58
▲ 0.73
2025
middle half of the sector
20182025
Return on assets (ROA)
35.3%
▼ 12.4pp
2025
highest quarter of the sector
20182025
Staff (FTE)
1
=
2025
20182025
Every figure per financial year
Every figure with its change against the financial year before
favourable
unfavourable
Line20182019202020212022202320242025
Operating result€18,207-€3,654▼ 79.9%€33,056▲ 805%€122,062▲ 269%€221,444▲ 81.4%€199,069▼ 10.1%€256,116▲ 28.7%€268,839▲ 5.0%
Net result€12,344-€1,952▼ 84.2%€27,645within the sector's middle half▲ 14×€94,833above the sector's middle half▲ 243%€165,039above the sector's middle half▲ 74.0%€146,174above the sector's middle half▼ 11.4%€196,960above the sector's middle half▲ 34.7%€205,676above the sector's middle half▲ 4.4%
Equity€74,217-€76,170▲ 2.6%€98,815within the sector's middle half▲ 29.7%€199,848within the sector's middle half▲ 102%€89,887within the sector's middle half▼ 55.0%€166,060within the sector's middle half▲ 84.7%€221,844within the sector's middle half▲ 33.6%€369,876within the sector's middle half▲ 66.7%
Total assets€91,553-€86,635▼ 5.4%€125,625below the sector's middle half▲ 45.0%€289,706within the sector's middle half▲ 131%€399,690within the sector's middle half▲ 38.0%€358,378within the sector's middle half▼ 10.3%€412,887within the sector's middle half▲ 15.2%€582,043within the sector's middle half▲ 41.0%
Debt€17,336-€10,465▼ 39.6%€26,811▲ 156%€89,858▲ 235%€309,803▲ 245%€192,318▼ 37.9%€191,043▼ 0.7%€212,166▲ 11.1%
Working capital€62,922-€66,205▲ 5.2%€87,589within the sector's middle half▲ 32.3%€191,402above the sector's middle half▲ 119%€32,637within the sector's middle half▼ 82.9%€79,123within the sector's middle half▲ 142%€161,049within the sector's middle half▲ 104%€333,349above the sector's middle half▲ 107%
Solvency81.1%-87.9%▲ 6.9pp78.7%above the sector's middle half▼ 9.3pp69.0%within the sector's middle half▼ 9.7pp22.5%below the sector's middle half▼ 46.5pp46.3%within the sector's middle half▲ 23.8pp53.7%within the sector's middle half▲ 7.4pp63.5%within the sector's middle half▲ 9.8pp
Current ratio4.65-7.33▲ 2.685.15above the sector's middle half▼ 2.183.36within the sector's middle half▼ 1.791.11within the sector's middle half▼ 2.251.41within the sector's middle half▲ 0.311.85within the sector's middle half▲ 0.432.58within the sector's middle half▲ 0.73
Return on assets (ROA)13.5%-2.3%▼ 11.2pp22.0%above the sector's middle half▲ 19.8pp32.7%above the sector's middle half▲ 10.7pp41.3%above the sector's middle half▲ 8.6pp40.8%above the sector's middle half▼ 0.5pp47.7%above the sector's middle half▲ 6.9pp35.3%above the sector's middle half▼ 12.4pp
Staff (FTE)11=1=
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 5% higher than in 2024 and the highest since 2018. 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 €582,043
Fixed assets
€37,054 ▼ 39.6%
Current assets
€544,989 ▲ 55.0%
Equity and liabilities €582,043
Equity
€369,876 ▲ 66.7%
Debt
€212,166 ▲ 11.1%
Debt's share of the balance-sheet total falls from 46.3% to 36.5%. Equity and debt are higher.
Key figures and ratios
ROE
55.6%▼
2024 · 88.8%
Debt ≤ 1 year
€211,640▲
2024 · €190,495
Income taxes
€65,597▲
2024 · €62,129
Staff costs
€10,188▼
2024 · €10,432
Green means a favourable move, even when the figure itself falls, as with debt or debt to equity.
Staff
| Item | 31-12-2023 | 31-12-2024 | 31-12-2025 |
|---|---|---|---|
| Employees at the balance-sheet date | 1 | 1 | 1 |
| part-time | 1 | 1 | 1 |
| in full-time equivalents | 0.2 | 0.2 | 0.2 |
| Average over the year, in full-time equivalents | 0.2 | 0.2 | 0.2 |
| On a permanent contract | 1 | 1 | 1 |
| Joined | 1 | - | - |
| Left | 0 | - | - |
Source: social balance sheet in the 2023 to 2025 annual accounts
Investments
| Item | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Tangible fixed assets | €3,998 | €52,132 | €48,384 | €1,652 | €1,455 |
| Depreciation and write-downs of the year | €3,838 | €10,119 | €15,388 | €27,257 | €25,744 |
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 | - | - | - | €1,459 | - | €8,302 | - | €3,232 | - |
| Remuneration, social security and pensions62 | - | - | - | - | - | €8,090 | €10,432 | €10,188 | ▼ 2.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €1,430 | €1,430 | €2,305 | €3,838 | €10,119 | €15,388 | €27,257 | €25,744 | ▼ 5.6% |
| Other operating charges640/8 | - | - | - | €213 | €230 | €2,329 | €3,605 | €2,473 | ▼ 31.4% |
| Non-recurring operating charges66A | - | - | - | - | €950 | - | €3,460 | - | - |
| Gross operating margin9900 | €19,878 | €5,275 | €35,555 | €126,113 | €232,743 | €224,876 | €300,871 | €307,244 | ▲ 2.1% |
| Operating profit (loss)9901 | €18,207 | €3,654 | €33,056 | €122,062 | €221,444 | €199,069 | €256,116 | €268,839 | ▲ 5.0% |
| Financial income75/76B | - | - | - | €218 | €2,258 | €2,792 | €3,430 | €4,580 | ▲ 33.5% |
| Recurring financial income75 | €2 | €36 | €1,051 | €218 | €2,258 | €2,792 | €3,430 | €4,580 | ▲ 33.5% |
| Financial charges65/66B | - | - | - | €465 | €734 | €1,216 | €458 | €2,146 | ▲ 369% |
| Recurring financial charges65 | €587 | €474 | €565 | €465 | €734 | €1,216 | €458 | €2,146 | ▲ 369% |
| Profit (loss) for the period before taxes9903 | €17,622 | €3,216 | €33,541 | €121,815 | €222,968 | €200,645 | €259,089 | €271,273 | ▲ 4.7% |
| Income taxes67/77 | €5,278 | €1,263 | €5,897 | €26,982 | €57,929 | €54,471 | €62,129 | €65,597 | ▲ 5.6% |
| Profit (loss) for the period9904 | €12,344 | €1,952 | €27,645 | €94,833 | €165,039 | €146,174 | €196,960 | €205,676 | ▲ 4.4% |
| Profit (loss) for the period to be appropriated9905 | €12,344 | €1,952 | €27,645 | €94,833 | €165,039 | €146,174 | €196,960 | €205,676 | ▲ 4.4% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Assets | |||||||||
| Total assets20/58 | €91,553 | €86,635 | €125,625 | €289,706 | €399,690 | €358,378 | €412,887 | €582,043 | ▲ 41.0% |
| Fixed assets21/28 | €11,395 | €9,965 | €16,913 | €17,072 | €59,085 | €86,949 | €61,344 | €37,054 | ▼ 39.6% |
| Tangible fixed assets22/27 | €11,305 | €9,875 | €16,823 | €16,982 | €58,995 | €86,859 | €61,254 | €36,964 | ▼ 39.7% |
| Land and buildings22 | - | - | - | €7,642 | €20,533 | €17,541 | €14,692 | €11,843 | ▼ 19.4% |
| Plant, machinery and equipment23 | - | - | - | €6,266 | €8,434 | €5,258 | €3,720 | €3,221 | ▼ 13.4% |
| Furniture and vehicles24 | - | - | - | €3,074 | €30,028 | €64,059 | €42,841 | €21,900 | ▼ 48.9% |
| Financial fixed assets28 | €90 | €90 | €90 | €90 | €90 | €90 | €90 | €90 | = |
| Current assets29/58 | €80,158 | €76,670 | €108,713 | €272,633 | €340,604 | €271,430 | €351,543 | €544,989 | ▲ 55.0% |
| Amounts receivable within one year40/41 | €24,926 | €10,184 | €23,679 | €73,694 | €83,502 | €83,209 | €73,177 | €100,286 | ▲ 37.0% |
| Trade receivables40 | - | - | - | €73,338 | €83,502 | €78,724 | €66,306 | €93,012 | ▲ 40.3% |
| Other amounts receivable41 | - | - | - | €356 | - | €4,484 | €6,871 | €7,274 | ▲ 5.9% |
| Cash at bank and in hand54/58 | €54,764 | €63,687 | €83,096 | €198,940 | €255,681 | €160,279 | €260,865 | €439,325 | ▲ 68.4% |
| Deferred charges and accrued income490/1 | - | - | - | - | €1,421 | €27,942 | €17,502 | €5,378 | ▼ 69.3% |
| Equity and liabilities | |||||||||
| Total equity and liabilities10/49 | €91,553 | €86,635 | €125,625 | €289,706 | €399,690 | €358,378 | €412,887 | €582,043 | ▲ 41.0% |
| Equity10/15 | €74,217 | €76,170 | €98,815 | €199,848 | €89,887 | €166,060 | €221,844 | €369,876 | ▲ 66.7% |
| Contributions10/11 | €12,400 | €12,400 | - | €18,600 | €18,600 | €18,600 | €18,600 | €18,600 | = |
| Reserves13 | €13,404 | €15,357 | €38,002 | €132,835 | €71,287 | €147,460 | €203,244 | €351,276 | ▲ 72.8% |
| Non-distributable reserves130/1 | - | - | - | €1,860 | €1,860 | - | - | - | - |
| Reserves not available under the articles1311 | - | - | - | €1,860 | €1,860 | - | - | - | - |
| Distributable reserves133 | - | - | - | €130,975 | €69,427 | €147,460 | €203,244 | €351,276 | ▲ 72.8% |
| Profit (loss) carried forward14 | €48,413 | €48,413 | €48,413 | €48,413 | - | - | - | - | - |
| Amounts payable17/49 | €17,336 | €10,465 | €26,811 | €89,858 | €309,803 | €192,318 | €191,043 | €212,166 | ▲ 11.1% |
| Amounts payable after more than one year17 | - | - | €5,687 | €3,438 | €1,154 | - | - | - | - |
| Financial debts170/4 | - | - | - | €3,438 | €1,154 | - | - | - | - |
| Amounts payable within one year42/48 | €17,236 | €10,465 | €21,123 | €81,231 | €307,968 | €192,307 | €190,495 | €211,640 | ▲ 11.1% |
| Financial debts43 | - | - | - | €22,250 | €27,283 | €1,154 | - | - | - |
| Credit institutions430/8 | - | - | - | €22,250 | €27,283 | €1,154 | - | - | - |
| Trade debts44 | €5,229 | €5,804 | €9,901 | €55,206 | €13,346 | €50,015 | €11,855 | €7,222 | ▼ 39.1% |
| Suppliers440/4 | - | - | - | €55,206 | €13,346 | €50,015 | €11,855 | €7,222 | ▼ 39.1% |
| Taxes, remuneration and social security45 | - | - | - | €3,775 | €51,921 | €14,056 | €29,916 | €4,957 | ▼ 83.4% |
| Taxes450/3 | - | - | - | €3,775 | €49,761 | €10,971 | €26,183 | €457 | ▼ 98.3% |
| Remuneration and social security454/9 | - | - | - | - | €2,160 | €3,084 | €3,732 | €4,500 | ▲ 20.6% |
| Other amounts payable47/48 | - | - | - | - | €215,417 | €127,082 | €148,724 | €199,461 | ▲ 34.1% |
| Accrued charges and deferred income492/3 | - | - | - | €5,189 | €681 | €11 | €548 | €527 | ▼ 3.9% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €12,344 | €1,952 | €27,645 | €94,833 | €165,039 | €146,174 | €196,960 | €205,676 | ▲ 4.4% |
| + Depreciation and write-downs630 | €1,430 | €1,430 | €2,305 | €3,838 | €10,119 | €15,388 | €27,257 | €25,744 | ▼ 5.6% |
| Operating cash flow (approximation) | €13,775 | €3,383 | €29,950 | €98,671 | €175,158 | €161,562 | €224,217 | €231,420 | ▲ 3.2% |
| Investment in fixed assets (approximation) | - | €0 | -€9,253 | -€3,998 | -€52,132 | -€43,251 | -€1,652 | -€1,455 | ▲ 12.0% |
| Change in cash | - | €8,922 | €19,410 | €115,844 | €56,741 | -€95,402 | €100,585 | €178,460 | ▲ 77.4% |
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 11 filings with the National Bank
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-12-2025 | micro format | 02-07-2026 | 2026-00265467 | |
| 31-12-2024 | micro format | 21-08-2025 | 2025-00400820 | |
| 31-12-2023 | micro format | 22-08-2024 | 2024-00365402 | |
| 31-12-2022 | micro format | 31-08-2023 | 2023-00415568 | |
| 31-12-2021 | micro format | 26-08-2022 | 2022-20340386 | |
| 31-12-2020 | micro format | 26-08-2021 | 2021-54800143 | |
| 31-12-2019 | micro format | 10-09-2020 | 2020-52400463 | |
| 31-12-2018 | micro format | 28-08-2019 | 2019-52900360 | |
| 31-12-2017 | micro format | 28-08-2018 | 2018-51500404 | |
| 31-12-2016 | micro format | 29-08-2017 | 2017-53400206 |