Financials · financial year 2025, full format
Annual accounts 2025 filed on 31-01-2026 PDF all 14 filings
Equity
€488,991▼ 14.7%
2023 · €573,277
Net result
€132,685▲ 230%
2023 · €40,175
Total assets
€1.9m▲ 0.9%
2023 · €1.8m
Solvency
26.3%▼ 4.8pp
2023 · 31.1%
Multi-year overview
2018 to 2025, 7 financial yearsOperating result
€230,352
2025
20182025
Net result
€132,685
2025
middle half of the sector
20182025
Equity
€488,991
2025
lowest quarter of the sector
20182025
Total assets
€1.9m
2025
lowest quarter of the sector
20182025
Debt
€1.4m
2025
20182025
Working capital
€763,844
2025
middle half of the sector
20182025
Solvency
26.3%
2025
lowest quarter of the sector
20182025
Current ratio
1.76
2025
middle half of the sector
20182025
Return on assets (ROA)
7.1%
2025
middle half of the sector
20182025
Staff (FTE)
1.3
2025
middle half of the sector
20182025
Every figure per financial year
Every figure with its change against the financial year before
favourable
unfavourable
Line2018201920202021202220232025
Operating result€0.07m-€0.1m▲ 101%€0.1m▼ 17.8%€0.007m▼ 93.5%€0.3m▲ 45×€0.08m▼ 75.4%€0.2m-
Net result€0.03m-€0.08m▲ 149%€0.06mwithin the sector's middle half▼ 26.3%-€0.02mbelow the sector's middle half€0.2mwithin the sector's middle half€0.04mwithin the sector's middle half▼ 81.8%€0.1mwithin the sector's middle half-
Equity€0.2m-€0.3m▲ 39.6%€0.3mwithin the sector's middle half▲ 20.9%€0.3mwithin the sector's middle half▼ 6.5%€0.5mwithin the sector's middle half▲ 70.8%€0.6mwithin the sector's middle half▲ 7.5%€0.5mbelow the sector's middle half-
Total assets€2.4m-€2.2m▼ 6.5%€2.2mabove the sector's middle half▼ 1.9%€2.0mabove the sector's middle half▼ 9.0%€2.0mwithin the sector's middle half▼ 1.6%€1.8mwithin the sector's middle half▼ 5.7%€1.9mbelow the sector's middle half-
Debt€2.2m-€2.0m▼ 10.7%€1.9m▼ 5.1%€1.7m▼ 9.4%€1.4m▼ 15.1%€1.3m▼ 10.6%€1.4m-
Working capital€0.4m-€0.4m▲ 15.4%€0.5mabove the sector's middle half▲ 14.4%€0.5mabove the sector's middle half▼ 1.2%€0.6mwithin the sector's middle half▲ 32.6%€0.2mwithin the sector's middle half▼ 75.2%€0.8mwithin the sector's middle half-
Solvency8.3%-12.4%▲ 4.1pp15.3%below the sector's middle half▲ 2.9pp15.7%below the sector's middle half▲ 0.4pp27.2%within the sector's middle half▲ 11.5pp31.1%within the sector's middle half▲ 3.8pp26.3%below the sector's middle half-
Current ratio1.19-1.24▲ 0.051.29within the sector's middle half▲ 0.051.32within the sector's middle half▲ 0.031.50within the sector's middle half▲ 0.191.14within the sector's middle half▼ 0.361.76within the sector's middle half-
Return on assets (ROA)1.3%-3.5%▲ 2.2pp2.6%within the sector's middle half▼ 0.9pp-1.1%below the sector's middle half▼ 3.7pp11.3%above the sector's middle half▲ 12.4pp2.2%within the sector's middle half▼ 9.1pp7.1%within the sector's middle half-
Staff (FTE)1-1.6▲ 60.0%2above the sector's middle half▲ 25.0%3.1▲ 55.0%3.6within the sector's middle half▲ 16.1%1.9within the sector's middle half▼ 47.2%1.3within 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 €230,352, against €83,062 in 2023. Comparable figures for the intervening years are unavailable.
The turnover shown is an estimate from the gross margin.
Balance-sheet composition
2025 in colour, 2023 as the grey bar beneath
Assets €1.9m
Fixed assets
€92,106 ▼ 84.6%
Current assets
€1.8m ▲ 41.9%
Equity and liabilities €1.9m
Equity
€488,991 ▼ 14.7%
Debt
€1.4m ▲ 7.9%
Debt's share of the balance-sheet total rises from 68.9% to 73.7%. Equity is lower and debt is higher.
Key figures and ratios
ROE
27.1%▲
2023 · 7.0%
Debt ≤ 1 year
€1.0m▼
2023 · €1.1m
Debt > 1 year
€310,000▲
2023 · €163,000
Income taxes
€12,566▲
2023 · €6,451
Staff costs
€62,822▼
2023 · €88,983
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 | 30-06-2025 |
|---|---|---|---|---|
| Employees at the balance-sheet date | 4 | 3 | 1 | - |
| full-time | 3 | 2 | 1 | - |
| part-time | 1 | 1 | - | - |
| in full-time equivalents | 3.8 | 2.8 | 1 | - |
| Average over the year, in full-time equivalents | 3.1 | 3.6 | 1.9 | 1.3 |
| On a permanent contract | 1 | 1 | 1 | - |
| Joined | 3 | 1 | 0 | 2 |
| Left | 2 | 2 | 2 | 3 |
Source: social balance sheet in the 2021 to 2025 annual accounts
Securities and guarantees
| Item | 2021 | 2022 | 2023 | 30-06-2025 |
|---|---|---|---|---|
| Mortgage mandates | €25,000 | €50,000 | €25,000 | - |
Source: notes to the 2021 to 2025 annual accounts (statement of debts and off-balance-sheet rights and commitments)
Investments
| Item | 2021 | 2022 | 2023 | 30-06-2025 |
|---|---|---|---|---|
| Tangible fixed assets | - | €75,701 | €91,311 | €31,731 |
| Financial fixed assets | - | - | €456,200 | - |
| Depreciation and write-downs of the year | €22,699 | €10,328 | €27,911 | €35,926 |
Source: notes to the 2021 to 2025 annual accounts (statement of fixed assets)
Annual accounts
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|
| Non-recurring operating income76A | - | - | - | €190 | €10,500 | €2,479 | €100,402 | - |
| Remuneration, social security and pensions62 | - | - | - | €119,884 | €140,341 | €88,983 | €62,822 | - |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €25,375 | €23,067 | €22,783 | €22,699 | €10,328 | €27,911 | €35,926 | - |
| Other operating charges640/8 | - | - | - | €2,472 | €2,337 | €4,070 | €6,143 | - |
| Gross operating margin9900 | €138,296 | €240,704 | €217,604 | €152,537 | €490,159 | €204,026 | €335,244 | - |
| Operating profit (loss)9901 | €69,567 | €140,048 | €115,093 | €7,481 | €337,154 | €83,062 | €230,352 | - |
| Financial income75/76B | - | - | - | €104 | €12 | €540 | €10,600 | - |
| Recurring financial income75 | €755 | €5,044 | €1,764 | €104 | €12 | €540 | €10,600 | - |
| Financial charges65/66B | - | - | - | €29,093 | €30,585 | €36,975 | €95,701 | - |
| Recurring financial charges65 | €28,971 | €28,183 | €37,245 | €29,093 | €30,585 | €36,975 | €95,701 | - |
| Profit (loss) for the period before taxes9903 | €41,350 | €115,985 | €79,612 | -€21,507 | €306,581 | €46,626 | €145,251 | - |
| Income taxes67/77 | €9,927 | €37,699 | €21,891 | €152 | €85,606 | €6,451 | €12,566 | - |
| Profit (loss) for the period9904 | €31,423 | €78,286 | €57,720 | -€21,659 | €220,975 | €40,175 | €132,685 | - |
| Profit (loss) for the period to be appropriated9905 | €31,423 | €112,386 | €57,720 | -€21,659 | €220,975 | €40,175 | €132,685 | - |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|
| Assets | ||||||||
| Total assets20/58 | €2.4m | €2.2m | €2.2m | €2.0m | €2.0m | €1.8m | €1.9m | - |
| Fixed assets21/28 | €0.08m | €0.06m | €0.05m | €0.01m | €0.08m | €0.6m | €0.09m | - |
| Tangible fixed assets22/27 | €0.08m | €0.05m | €0.05m | €0.01m | €0.08m | €0.1m | €0.09m | - |
| Plant, machinery and equipment23 | - | - | - | €0.01m | €0.01m | €0.02m | €0.02m | - |
| Furniture and vehicles24 | - | - | - | €0.002m | €0.07m | €0.1m | €0.07m | - |
| Financial fixed assets28 | €0.002m | €0.002m | €0.002m | €0.002m | €0.002m | €0.5m | €0.002m | - |
| Current assets29/58 | €2.3m | €2.2m | €2.1m | €2.0m | €1.9m | €1.2m | €1.8m | - |
| Amounts receivable after more than one year29 | - | - | - | - | €0.3m | - | - | - |
| Other amounts receivable291 | - | - | - | - | €0.3m | - | - | - |
| Stocks and contracts in progress3 | €0.8m | €1.2m | €0.8m | €0.7m | €0.1m | €0.5m | €0.6m | - |
| Stocks30/36 | - | - | - | €0.7m | €0.1m | €0.5m | €0.6m | - |
| Amounts receivable within one year40/41 | €1.0m | €0.8m | €0.9m | €0.8m | €0.4m | €0.5m | €0.8m | - |
| Trade receivables40 | - | - | - | €0.07m | €0.06m | €0.09m | €0.01m | - |
| Other amounts receivable41 | - | - | - | €0.8m | €0.4m | €0.4m | €0.8m | - |
| Current investments50/53 | €0.1m | €0.005m | €0.1m | €0.02m | €0.5m | €0.3m | €196 | - |
| Cash at bank and in hand54/58 | €0.3m | €0.2m | €0.3m | €0.5m | €0.5m | €0.009m | €0.3m | - |
| Deferred charges and accrued income490/1 | - | - | - | €0.003m | €0.008m | €0.005m | €0.001m | - |
| Equity and liabilities | ||||||||
| Total equity and liabilities10/49 | €2.4m | €2.2m | €2.2m | €2.0m | €2.0m | €1.8m | €1.9m | - |
| Equity10/15 | €0.2m | €0.3m | €0.3m | €0.3m | €0.5m | €0.6m | €0.5m | - |
| Contributions10/11 | €0.02m | €0.02m | - | €0.02m | €0.02m | €0.02m | €0.02m | - |
| Reserves13 | €0.2m | €0.3m | €0.3m | €0.3m | €0.5m | €0.6m | €0.5m | - |
| Non-distributable reserves130/1 | - | - | - | €0.002m | €0.002m | €0.002m | €0.002m | - |
| Reserves not available under the articles1311 | - | - | - | €0.002m | €0.002m | €0.002m | €0.002m | - |
| Distributable reserves133 | - | - | - | €0.3m | €0.5m | €0.6m | €0.5m | - |
| Amounts payable17/49 | €2.2m | €2.0m | €1.9m | €1.7m | €1.4m | €1.3m | €1.4m | - |
| Amounts payable after more than one year17 | €0.2m | €0.2m | €0.2m | €0.2m | €0.2m | €0.2m | €0.3m | - |
| Financial debts170/4 | - | - | - | €0.002m | - | - | - | - |
| Other amounts payable178/9 | - | - | - | €0.2m | €0.2m | €0.2m | €0.3m | - |
| Amounts payable within one year42/48 | €1.9m | €1.8m | €1.7m | €1.5m | €1.2m | €1.1m | €1.0m | - |
| Current portion of amounts payable after more than one year42 | - | - | - | €0.01m | €0.002m | - | - | - |
| Financial debts43 | - | - | - | €0.7m | €0.3m | - | €0.09m | - |
| Credit institutions430/8 | - | - | - | €0.7m | €0.3m | - | €0.09m | - |
| Trade debts44 | €0.06m | €0.01m | €0.08m | €0.03m | €0.03m | €0.3m | €0.3m | - |
| Suppliers440/4 | - | - | - | €0.03m | €0.03m | €0.3m | €0.3m | - |
| Advances received on contracts in progress46 | - | - | - | €0.06m | €0.02m | €0.04m | €0.01m | - |
| Taxes, remuneration and social security45 | - | - | - | €0.06m | €0.1m | €0.006m | €0.03m | - |
| Taxes450/3 | - | - | - | €0.04m | €0.1m | €0.001m | €0.02m | - |
| Remuneration and social security454/9 | - | - | - | €0.01m | €0.01m | €0.006m | €0.002m | - |
| Other amounts payable47/48 | - | - | - | €0.6m | €0.8m | €0.7m | €0.6m | - |
| Accrued charges and deferred income492/3 | - | - | - | €0.01m | €0.01m | €0.02m | €0.06m | - |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €31,423 | €78,286 | €57,720 | -€21,659 | €220,975 | €40,175 | €132,685 | - |
| + Depreciation and write-downs630 | €25,375 | €23,067 | €22,783 | €22,699 | €10,328 | €27,911 | €35,926 | - |
| Operating cash flow (approximation) | €56,798 | €101,353 | €80,504 | €1,040 | €231,302 | €68,086 | €168,611 | - |
| Investment in fixed assets (approximation) | - | €180 | -€13,774 | €10,997 | -€75,701 | -€547,511 | - | - |
| Change in cash | - | -€106,884 | €29,697 | €198,667 | €68,329 | -€515,592 | - | - |
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 14 filings with the National Bank
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 30-06-2025 | full format | 31-01-2026 | 2026-00032489 | |
| 31-12-2023 | full format | 31-07-2024 | 2024-00309946 | |
| 31-12-2022 | full format | 29-08-2023 | 2023-00382924 | |
| 31-12-2021 | micro format | 30-08-2022 | 2022-20384170 | |
| 31-12-2020 | micro format | 25-08-2021 | 2021-53200055 | |
| 31-12-2019 | micro format | 29-06-2020 | 2020-22000495 | |
| 31-12-2018 | micro format | 08-07-2019 | 2019-30300205 | |
| 31-12-2017 | micro format | 29-08-2018 | 2018-52800045 | |
| 31-12-2016 | micro format | 11-08-2017 | 2017-42800069 | |
| 31-12-2015 | full format | 13-07-2016 | 2016-30700260 |