Financials · financial year 2025, micro format
Annual accounts 2025 filed on 07-05-2026 PDF all 7 filings
Equity
€27,595▼ 75.8%
2024 · €113,942
Net result
€3,653▼ 65.0%
2024 · €10,430
Total assets
€138,115▼ 2.5%
2024 · €141,618
Solvency
20.0%▼ 60.5pp
2024 · 80.5%
Multi-year overview
2019 to 2025, 7 financial yearsOperating result
€6,632
▼ 54.2%
2025
20192025
Net result
€3,653
▼ 65.0%
2025
lowest quarter of the sector
20192025
Equity
€27,595
▼ 75.8%
2025
lowest quarter of the sector
20192025
Total assets
€138,115
▼ 2.5%
2025
middle half of the sector
20192025
Debt
€110,520
▲ 299%
2025
20192025
Working capital
-€60,342
2025
lowest quarter of the sector
20192025
Solvency
20.0%
▼ 60.5pp
2025
lowest quarter of the sector
20192025
Current ratio
0.45
▼ 1.03
2025
lowest quarter of the sector
20192025
Return on assets (ROA)
2.6%
▼ 4.7pp
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€31,519-€36,423▲ 15.6%€32,594▼ 10.5%€18,879▼ 42.1%€14,337▼ 24.1%€14,465▲ 0.9%€6,632▼ 54.2%
Net result€21,749-€26,792within the sector's middle half▲ 23.2%€23,222within the sector's middle half▼ 13.3%€13,085within the sector's middle half▼ 43.7%€10,064within the sector's middle half▼ 23.1%€10,430within the sector's middle half▲ 3.6%€3,653below the sector's middle half▼ 65.0%
Equity€34,149-€60,941below the sector's middle half▲ 78.5%€90,363below the sector's middle half▲ 48.3%€103,448within the sector's middle half▲ 14.5%€103,513within the sector's middle half▲ 0.1%€113,942within the sector's middle half▲ 10.1%€27,595below the sector's middle half▼ 75.8%
Total assets€57,286-€131,507below the sector's middle half▲ 130%€151,528below the sector's middle half▲ 15.2%€155,751within the sector's middle half▲ 2.8%€142,034within the sector's middle half▼ 8.8%€141,618within the sector's middle half▼ 0.3%€138,115within the sector's middle half▼ 2.5%
Debt€23,137-€70,566▲ 205%€61,166▼ 13.3%€52,303▼ 14.5%€38,522▼ 26.3%€27,676▼ 28.2%€110,520▲ 299%
Working capital-€6,239--€17,290within the sector's middle half▼ 177%€16,987within the sector's middle half€5,916within the sector's middle half▼ 65.2%€3,014within the sector's middle half▼ 49.1%€13,283within the sector's middle half▲ 341%-€60,342below the sector's middle half
Solvency59.6%-46.3%within the sector's middle half▼ 13.3pp59.6%within the sector's middle half▲ 13.3pp66.4%within the sector's middle half▲ 6.8pp72.9%within the sector's middle half▲ 6.5pp80.5%above the sector's middle half▲ 7.6pp20.0%below the sector's middle half▼ 60.5pp
Current ratio0.73-0.52within the sector's middle half▼ 0.211.49within the sector's middle half▲ 0.971.17within the sector's middle half▼ 0.321.10within the sector's middle half▼ 0.081.48within the sector's middle half▲ 0.380.45below the sector's middle half▼ 1.03
Return on assets (ROA)38.0%-20.4%above the sector's middle half▼ 17.6pp15.3%above the sector's middle half▼ 5.0pp8.4%within the sector's middle half▼ 6.9pp7.1%within the sector's middle half▼ 1.3pp7.4%within the sector's middle half▲ 0.3pp2.6%within the sector's middle half▼ 4.7pp
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 54% lower than in 2024 and the lowest since 2021.
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 €138,115
Fixed assets
€87,937 ▼ 12.6%
Current assets
€50,178 ▲ 22.5%
Equity and liabilities €138,115
Equity
€27,595 ▼ 75.8%
Debt
€110,520 ▲ 299%
Debt's share of the balance-sheet total rises from 19.5% to 80.0%. Equity is lower and debt is higher.
Key figures and ratios
ROE
13.2%▲
2024 · 9.2%
Debt ≤ 1 year
€110,520▲
2024 · €27,676
Income taxes
€2,650▼
2024 · €3,595
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 | €34,571 | - | - | - | - |
| Carrying value of the other pledged assets | €37,951 | - | - | - | - |
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 | - | €14,104 | €9,206 | €8,274 | €3,072 |
| Financial fixed assets | - | €15,000 | - | - | - |
| Depreciation and write-downs of the year | €12,776 | €13,140 | €16,433 | €16,376 | €15,795 |
Source: notes to the 2021 to 2025 annual accounts (statement of fixed assets)
Annual accounts
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|
| Remuneration, social security and pensions62 | - | - | - | - | €253 | €0 | - | - |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €194 | €2,122 | €12,776 | €13,140 | €16,433 | €16,376 | €15,795 | ▼ 3.5% |
| Other operating charges640/8 | - | - | €101 | €657 | €918 | €2,159 | €1,175 | ▼ 45.6% |
| Gross operating margin9900 | €31,763 | €38,645 | €45,471 | €32,677 | €31,940 | €33,000 | €23,603 | ▼ 28.5% |
| Operating profit (loss)9901 | €31,519 | €36,423 | €32,594 | €18,879 | €14,337 | €14,465 | €6,632 | ▼ 54.2% |
| Financial income75/76B | - | - | €0 | - | €0 | €0 | €5 | ▲ 13× |
| Recurring financial income75 | €0 | €10 | €0 | - | €0 | €0 | €5 | ▲ 13× |
| Financial charges65/66B | - | - | €889 | €633 | €694 | €441 | €334 | ▼ 24.1% |
| Recurring financial charges65 | €113 | €249 | €889 | €633 | €694 | €441 | €334 | ▼ 24.1% |
| Profit (loss) for the period before taxes9903 | €31,407 | €36,184 | €31,705 | €18,247 | €13,643 | €14,025 | €6,303 | ▼ 55.1% |
| Income taxes67/77 | €9,658 | €9,393 | €8,483 | €5,161 | €3,578 | €3,595 | €2,650 | ▼ 26.3% |
| Profit (loss) for the period9904 | €21,749 | €26,792 | €23,222 | €13,085 | €10,064 | €10,430 | €3,653 | ▼ 65.0% |
| Profit (loss) for the period to be appropriated9905 | €21,749 | €26,792 | €23,222 | €13,085 | €10,064 | €10,430 | €3,653 | ▼ 65.0% |
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|
| Assets | ||||||||
| Total assets20/58 | €57,286 | €131,507 | €151,528 | €155,751 | €142,034 | €141,618 | €138,115 | ▼ 2.5% |
| Fixed assets21/28 | €40,388 | €112,801 | €100,026 | €115,989 | €108,762 | €100,660 | €87,937 | ▼ 12.6% |
| Tangible fixed assets22/27 | €388 | €57,801 | €45,026 | €45,989 | €38,762 | €30,660 | €17,937 | ▼ 41.5% |
| Plant, machinery and equipment23 | - | - | - | €2,254 | €1,789 | €9,020 | €6,900 | ▼ 23.5% |
| Furniture and vehicles24 | - | - | €41,041 | €30,604 | €19,863 | €9,581 | €1,677 | ▼ 82.5% |
| Other tangible fixed assets26 | - | - | €3,985 | €13,131 | €17,110 | €12,059 | €9,360 | ▼ 22.4% |
| Financial fixed assets28 | €40,000 | €55,000 | €55,000 | €70,000 | €70,000 | €70,000 | €70,000 | = |
| Current assets29/58 | €16,898 | €18,706 | €51,503 | €39,762 | €33,272 | €40,958 | €50,178 | ▲ 22.5% |
| Stocks and contracts in progress3 | - | - | - | - | - | - | €1,277 | - |
| Stocks30/36 | - | - | - | - | - | - | €1,277 | - |
| Amounts receivable within one year40/41 | €11,668 | €11,596 | €47,815 | €27,083 | €30,235 | €37,398 | €30,981 | ▼ 17.2% |
| Trade receivables40 | - | - | €47,795 | €23,898 | €23,898 | €37,398 | €30,843 | ▼ 17.5% |
| Other amounts receivable41 | - | - | €20 | €3,185 | €6,337 | €0 | €138 | - |
| Cash at bank and in hand54/58 | €4,602 | €5,815 | €1,673 | €10,185 | €441 | €0 | €14,139 | - |
| Deferred charges and accrued income490/1 | - | - | €2,015 | €2,494 | €2,597 | €3,561 | €3,781 | ▲ 6.2% |
| Equity and liabilities | ||||||||
| Total equity and liabilities10/49 | €57,286 | €131,507 | €151,528 | €155,751 | €142,034 | €141,618 | €138,115 | ▼ 2.5% |
| Equity10/15 | €34,149 | €60,941 | €90,363 | €103,448 | €103,513 | €113,942 | €27,595 | ▼ 75.8% |
| Contributions10/11 | €12,400 | - | €18,600 | €18,600 | €18,600 | €18,600 | €18,600 | = |
| Reserves13 | €21,749 | €48,541 | €71,763 | €84,848 | €84,913 | €84,913 | €8,995 | ▼ 89.4% |
| Distributable reserves133 | - | - | €71,763 | €84,848 | €84,913 | €84,913 | €8,995 | ▼ 89.4% |
| Profit (loss) carried forward14 | - | - | - | - | - | €10,430 | €0 | ▼ 100% |
| Amounts payable17/49 | €23,137 | €70,566 | €61,166 | €52,303 | €38,522 | €27,676 | €110,520 | ▲ 299% |
| Amounts payable after more than one year17 | - | €34,571 | €26,650 | €17,156 | €8,263 | €0 | - | - |
| Financial debts170/4 | - | - | €26,650 | €17,156 | €8,263 | €0 | - | - |
| Amounts payable within one year42/48 | €23,137 | €35,995 | €34,515 | €33,846 | €30,258 | €27,676 | €110,520 | ▲ 299% |
| Current portion of amounts payable after more than one year42 | - | - | €7,921 | €8,769 | €8,893 | €8,305 | €0 | ▼ 100% |
| Financial debts43 | - | - | €20 | €585 | €132 | €5,385 | €1,703 | ▼ 68.4% |
| Credit institutions430/8 | - | - | €20 | €585 | €132 | €5,385 | €1,703 | ▼ 68.4% |
| Trade debts44 | €5,918 | €973 | €1,276 | €13,596 | €2,776 | €6,897 | €6,528 | ▼ 5.3% |
| Suppliers440/4 | - | - | €1,276 | €13,596 | €2,776 | €6,897 | €6,528 | ▼ 5.3% |
| Taxes, remuneration and social security45 | - | - | €22,790 | €6,942 | €8,458 | €6,403 | €21,176 | ▲ 231% |
| Taxes450/3 | - | - | €22,790 | €4,910 | €8,458 | €6,403 | €21,176 | ▲ 231% |
| Remuneration and social security454/9 | - | - | - | €2,033 | - | - | - | - |
| Other amounts payable47/48 | - | - | €2,509 | €3,954 | €10,000 | €686 | €81,112 | ▲ 118× |
| Accrued charges and deferred income492/3 | - | - | - | €1,300 | - | - | - | - |
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €21,749 | €26,792 | €23,222 | €13,085 | €10,064 | €10,430 | €3,653 | ▼ 65.0% |
| + Depreciation and write-downs630 | €194 | €2,122 | €12,776 | €13,140 | €16,433 | €16,376 | €15,795 | ▼ 3.5% |
| Operating cash flow (approximation) | €21,943 | €28,913 | €35,998 | €26,226 | €26,497 | €26,806 | €19,448 | ▼ 27.4% |
| Investment in fixed assets (approximation) | - | -€74,535 | €0 | -€29,104 | -€9,206 | -€8,274 | -€3,072 | ▲ 62.9% |
| Change in cash | - | €1,213 | -€4,142 | €8,512 | -€9,744 | -€441 | €14,139 | - |
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 (7)
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-12-2025 | micro format | 07-05-2026 | 2026-00106061 | |
| 31-12-2024 | micro format | 21-05-2025 | 2025-00107114 | |
| 31-12-2023 | micro format | 05-06-2024 | 2024-00116943 | |
| 31-12-2022 | micro format | 26-05-2023 | 2023-00103289 | |
| 31-12-2021 | abbreviated format | 18-07-2022 | 2022-20194145 | |
| 31-12-2020 | abbreviated format | 17-05-2021 | 2021-14300305 | |
| 31-12-2019 | abbreviated format | 25-05-2020 | 2020-12800277 |