Financials · financial year 2025, micro format
Annual accounts 2025 filed on 28-07-2026 at the NBB all 16 filings
Equity
€10.5m▲ 1.3%
2024 · €10.4m
Net result
€131,704▼ 19.5%
2024 · €163,659
Total assets
€11.8m▲ 2.7%
2024 · €11.4m
Solvency
89.3%▼ 1.3pp
2024 · 90.6%
Multi-year overview
2018 to 2025, 8 financial yearsOperating result
-€110,536
▼ 60.7%
2025
20182025
Net result
€131,704
▼ 19.5%
2025
highest quarter of the sector
20182025
Equity
€10.5m
▲ 1.3%
2025
highest quarter of the sector
20182025
Total assets
€11.8m
▲ 2.7%
2025
highest quarter of the sector
20182025
Debt
€1.3m
▲ 16.4%
2025
20182025
Working capital
€11.3m
▲ 3.6%
2025
highest quarter of the sector
20182025
Solvency
89.3%
▼ 1.3pp
2025
highest quarter of the sector
20182025
Current ratio
no figure
2025
20182025
Return on assets (ROA)
1.1%
▼ 0.3pp
2025
lowest quarter of the sector
20182025
Staff (FTE)
no figure
2025
20182025
Every figure per financial year
Every figure with its change against the financial year before
favourable
unfavourable
Line20182019202020212022202320242025
Operating result-€0.1m--€0.1m▼ 45.6%€0.3m€2.8m▲ 870%€0.09m▼ 96.8%-€0.07m-€0.07m▲ 1.8%-€0.1m▼ 60.7%
Net result€1.0m-€0.3m▼ 67.1%€1.2mabove the sector's middle half▲ 272%-€2.2mbelow the sector's middle half-€0.4mbelow the sector's middle half▲ 81.0%€0.7mabove the sector's middle half€0.2mabove the sector's middle half▼ 75.0%€0.1mabove the sector's middle half▼ 19.5%
Equity€10.7m-€11.0m▲ 2.9%€12.2mabove the sector's middle half▲ 10.6%€10.0mabove the sector's middle half▼ 18.1%€9.5mabove the sector's middle half▼ 4.2%€10.2mabove the sector's middle half▲ 6.8%€10.4mabove the sector's middle half▲ 1.6%€10.5mabove the sector's middle half▲ 1.3%
Total assets€10.9m-€11.2m▲ 2.8%€12.4mabove the sector's middle half▲ 10.5%€10.0mabove the sector's middle half▼ 19.2%€9.6mabove the sector's middle half▼ 4.4%€10.3mabove the sector's middle half▲ 7.3%€11.4mabove the sector's middle half▲ 11.1%€11.8mabove the sector's middle half▲ 2.7%
Debt€0.2m-€0.2m▼ 5.0%€0.2m▲ 3.6%€0.07m▼ 69.9%€0.06m▼ 24.0%€0.1m▲ 82.7%€1.1m▲ 949%€1.3m▲ 16.4%
Working capital€5.6m-€5.9m▲ 4.5%€7.1mabove the sector's middle half▲ 20.9%€9.4mabove the sector's middle half▲ 33.1%€9.0mabove the sector's middle half▼ 4.1%€9.6mabove the sector's middle half▲ 6.7%€10.9mabove the sector's middle half▲ 12.9%€11.3mabove the sector's middle half▲ 3.6%
Solvency97.7%-97.9%▲ 0.2pp98.0%above the sector's middle half▲ 0.1pp99.3%above the sector's middle half▲ 1.2pp99.4%above the sector's middle half▲ 0.2pp99.0%above the sector's middle half▼ 0.4pp90.6%above the sector's middle half▼ 8.4pp89.3%above the sector's middle half▼ 1.3pp
Current ratio24.10-26.28▲ 2.1830.38above the sector's middle half▲ 4.1094.83above the sector's middle half
Return on assets (ROA)8.7%-2.8%▼ 5.9pp9.4%within the sector's middle half▲ 6.6pp-22.0%below the sector's middle half▼ 31.4pp-4.4%below the sector's middle half▲ 17.6pp6.3%within the sector's middle half▲ 10.7pp1.4%within the sector's middle half▼ 4.9pp1.1%below the sector's middle half▼ 0.3pp
Staff (FTE)6.8-
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 a loss of €110,536, larger than the loss of €68,781 in 2024. It is the lowest result since 2021.
Turnover and EBIT margin are not published. The abbreviated or micro format does not require them.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €11.8m
Fixed assets
€456,288 ▼ 10.5%
Current assets
€11.3m ▲ 3.3%
Equity and liabilities €11.8m
Equity
€10.5m ▲ 1.3%
Debt
€1.3m ▲ 16.4%
Debt's share of the balance-sheet total rises from 9.4% to 10.7%. Equity and debt are higher.
Key figures and ratios
ROE
1.3%▼
2024 · 1.6%
Debt ≤ 1 year
€20,790▼
2024 · €45,244
Income taxes
€15,270▼
2024 · €16,267
A ratio outside any meaningful range has been withheld (balance sheet total €11.8m, equity €10.5m).
Green means a favourable move, even when the figure itself falls, as with debt or debt to equity.
Investments
| Item | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Tangible fixed assets | - | - | €99,062 | €10,333 | €5,140 |
| Depreciation and write-downs of the year | €53,662 | €38,765 | €52,715 | €59,528 | €59,180 |
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 | - | - | - | - | €0.1m | €0.01m | - | - | - |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €0.05m | €0.05m | €0.05m | €0.05m | €0.04m | €0.05m | €0.06m | €0.06m | ▼ 0.6% |
| Other operating charges640/8 | - | - | - | €0.004m | €0.004m | €0.006m | €0.004m | €0.004m | ▼ 6.2% |
| Non-recurring operating charges66A | - | - | - | -€2.5m | - | - | - | - | - |
| Gross operating margin9900 | €0.4m | -€0.08m | €0.3m | €0.4m | €0.1m | -€0.01m | -€0.005m | -€0.05m | ▼ 816% |
| Operating profit (loss)9901 | -€0.1m | -€0.1m | €0.3m | €2.8m | €0.09m | -€0.07m | -€0.07m | -€0.1m | ▼ 60.7% |
| Financial income75/76B | - | - | - | €0.005m | €0.3m | €0.2m | €0.3m | €0.5m | ▲ 78.0% |
| Recurring financial income75 | €0.06m | €0.5m | €1.0m | €0.005m | €0.3m | €0.2m | €0.3m | €0.5m | ▲ 78.0% |
| Financial charges65/66B | - | - | - | €5.0m | €0.8m | -€0.6m | €0.03m | €0.2m | ▲ 637% |
| Recurring financial charges65 | €0.07m | €0.01m | €0.005m | €0.01m | €0.8m | -€0.6m | €0.03m | €0.2m | ▲ 637% |
| Non-recurring financial charges66B | - | - | - | €5.0m | - | - | - | - | - |
| Profit (loss) for the period before taxes9903 | €1.0m | €0.3m | €1.3m | -€2.2m | -€0.4m | €0.7m | €0.2m | €0.1m | ▼ 18.3% |
| Income taxes67/77 | €0.1m | €0.03m | €0.1m | €0.002m | €0.005m | €0.06m | €0.02m | €0.02m | ▼ 6.1% |
| Profit (loss) for the period9904 | €1.0m | €0.3m | €1.2m | -€2.2m | -€0.4m | €0.7m | €0.2m | €0.1m | ▼ 19.5% |
| Profit (loss) for the period to be appropriated9905 | €1.0m | €0.3m | €1.2m | -€2.2m | -€0.4m | €0.7m | €0.2m | €0.1m | ▼ 19.5% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Assets | |||||||||
| Total assets20/58 | €10.9m | €11.2m | €12.4m | €10.0m | €9.6m | €10.3m | €11.4m | €11.8m | ▲ 2.7% |
| Fixed assets21/28 | €5.1m | €5.2m | €5.1m | €0.6m | €0.5m | €0.6m | €0.5m | €0.5m | ▼ 10.5% |
| Tangible fixed assets22/27 | €0.6m | €0.7m | €0.6m | €0.6m | €0.5m | €0.6m | €0.5m | €0.5m | ▼ 10.5% |
| Land and buildings22 | - | - | - | €0.6m | €0.5m | €0.5m | €0.4m | €0.4m | ▼ 7.6% |
| Furniture and vehicles24 | - | - | - | - | - | €0.09m | €0.07m | €0.05m | ▼ 30.3% |
| Financial fixed assets28 | €4.5m | €4.5m | €4.5m | - | - | - | - | - | - |
| Current assets29/58 | €5.8m | €6.1m | €7.3m | €9.5m | €9.1m | €9.7m | €10.9m | €11.3m | ▲ 3.3% |
| Amounts receivable within one year40/41 | €0.8m | €0.003m | €0.006m | €0.008m | €0.1m | €0.1m | €0.07m | €0.2m | ▲ 127% |
| Trade receivables40 | - | - | - | €0.005m | €0.04m | - | €0.02m | - | - |
| Other amounts receivable41 | - | - | - | €0.003m | €0.06m | €0.1m | €0.06m | €0.2m | ▲ 184% |
| Current investments50/53 | €3.0m | - | - | €5.4m | €7.4m | €9.2m | €10.6m | €10.7m | ▲ 0.7% |
| Cash at bank and in hand54/58 | €2.0m | €6.1m | €7.3m | €4.0m | €1.6m | €0.5m | €0.2m | €0.4m | ▲ 95.2% |
| Deferred charges and accrued income490/1 | - | - | - | €79 | €89 | €496 | €0.007m | - | - |
| Equity and liabilities | |||||||||
| Total equity and liabilities10/49 | €10.9m | €11.2m | €12.4m | €10.0m | €9.6m | €10.3m | €11.4m | €11.8m | ▲ 2.7% |
| Equity10/15 | €10.7m | €11.0m | €12.2m | €10.0m | €9.5m | €10.2m | €10.4m | €10.5m | ▲ 1.3% |
| Contributions10/11 | €4.0m | €4.0m | €4.0m | €4.0m | €4.0m | €4.0m | €4.0m | €4.0m | = |
| Reserves13 | €6.7m | €7.0m | €8.2m | €6.0m | €6.0m | €6.2m | €6.4m | €6.5m | ▲ 2.4% |
| Non-distributable reserves130/1 | - | - | - | €0.2m | - | - | - | - | - |
| Reserves not available under the articles1311 | - | - | - | €0.2m | - | - | - | - | - |
| Distributable reserves133 | - | - | - | €5.8m | €6.0m | €6.2m | €6.4m | €6.5m | ▲ 2.4% |
| Profit (loss) carried forward14 | €0.007m | €0.01m | €0.03m | €0.004m | -€0.4m | €0.01m | €0.02m | - | - |
| Amounts payable17/49 | €0.2m | €0.2m | €0.2m | €0.07m | €0.06m | €0.1m | €1.1m | €1.3m | ▲ 16.4% |
| Amounts payable within one year42/48 | €0.2m | €0.2m | €0.2m | €0.07m | €0.06m | €0.1m | €0.05m | €0.02m | ▼ 54.0% |
| Trade debts44 | €0.01m | €0.01m | €0.01m | €0.002m | €0.002m | €0.002m | €0.007m | €0.003m | ▼ 64.9% |
| Suppliers440/4 | - | - | - | €0.002m | €0.002m | €0.002m | €0.007m | €0.003m | ▼ 64.9% |
| Taxes, remuneration and social security45 | - | - | - | €0.001m | €0.004m | €0.06m | €0.02m | - | - |
| Taxes450/3 | - | - | - | €0.001m | €0.004m | €0.06m | €0.02m | - | - |
| Other amounts payable47/48 | - | - | - | €0.07m | €0.05m | €0.04m | €0.02m | €0.02m | ▼ 14.7% |
| Accrued charges and deferred income492/3 | - | - | - | €0.004m | - | - | €1.0m | €1.2m | ▲ 19.5% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €1.0m | €0.3m | €1.2m | -€2.2m | -€0.4m | €0.7m | €0.2m | €0.1m | ▼ 19.5% |
| + Depreciation and write-downs630 | €0.05m | €0.05m | €0.05m | €0.05m | €0.04m | €0.05m | €0.06m | €0.06m | ▼ 0.6% |
| Operating cash flow (approximation) | €1.0m | €0.4m | €1.2m | -€2.2m | -€0.4m | €0.7m | €0.2m | €0.2m | ▼ 14.5% |
| Investment in fixed assets (approximation) | - | -€0.1m | €0 | €4.5m | €0 | -€0.1m | -€0.01m | -€0.006m | ▲ 45.7% |
| Change in cash | - | €4.0m | €1.2m | -€3.3m | -€2.4m | -€1.1m | -€0.3m | €0.2m | - |
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 16 filings with the National Bank
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-12-2025 | micro format | 28-07-2026 | 2026-00366682 | |
| 31-12-2024 | micro format | 31-07-2025 | 2025-00360247 | |
| 31-12-2023 | micro format | 31-07-2024 | 2024-00323984 | |
| 31-12-2022 | abbreviated format | 31-08-2023 | 2023-00420813 | |
| 31-12-2021 | abbreviated format | 26-08-2022 | 2022-20341661 | |
| 31-12-2020 | abbreviated format | 30-07-2021 | 2021-45100450 | |
| 31-12-2019 | abbreviated format | 24-08-2020 | 2020-44100387 | |
| 31-12-2018 | abbreviated format | 30-08-2019 | 2019-59600072 | |
| 31-12-2017 | abbreviated format | 29-08-2018 | 2018-60200250 | |
| 31-12-2016 | micro format | 01-08-2017 | 2017-40500203 |