Financials · financial year 2025, abbreviated format
Annual accounts 2025 filed on 23-01-2026 PDF all 8 filings
Equity
€2.2m▲ 12.4%
2024 · €2.0m
Net result
€526,132▲ 7.1%
2024 · €491,083
Total assets
€5.7m▲ 1.9%
2024 · €5.6m
Solvency
39.0%▲ 3.6pp
2024 · 35.4%
Multi-year overview
2019 to 2025, 7 financial yearsOperating result
€217,438
▼ 11.2%
2025
20192025
Net result
€526,132
▲ 7.1%
2025
highest quarter of the sector
20192025
Equity
€2.2m
▲ 12.4%
2025
highest quarter of the sector
20192025
Total assets
€5.7m
▲ 1.9%
2025
highest quarter of the sector
20192025
Debt
€3.5m
▼ 3.8%
2025
20192025
Working capital
-€594,411
▼ 195%
2025
lowest quarter of the sector
20192025
Solvency
39.0%
▲ 3.6pp
2025
middle half of the sector
20192025
Current ratio
0.51
▼ 0.28
2025
middle half of the sector
20192025
Return on assets (ROA)
9.3%
▲ 0.5pp
2025
middle half of the sector
20192025
Staff (FTE)
12.6
▲ 12.5%
2025
highest quarter of the sector
20192025
Every figure per financial year
Every figure with its change against the financial year before
favourable
unfavourable
Line2019202020212022202320242025
Operating result€0.07m-€0.1m▲ 77.7%€0.2m▲ 30.1%€0.2m▲ 20.0%€0.4m▲ 112%€0.2m▼ 42.1%€0.2m▼ 11.2%
Net result-€0.01m-€0.05mwithin the sector's middle half€0.07mwithin the sector's middle half▲ 42.1%€0.9mabove the sector's middle half▲ 14×€0.6mabove the sector's middle half▼ 38.9%€0.5mabove the sector's middle half▼ 11.5%€0.5mabove the sector's middle half▲ 7.1%
Equity€0.3m-€0.4mwithin the sector's middle half▲ 14.4%€0.4mabove the sector's middle half▲ 17.9%€1.3mabove the sector's middle half▲ 184%€1.7mabove the sector's middle half▲ 36.2%€2.0mwithin the sector's middle half▲ 15.0%€2.2mabove the sector's middle half▲ 12.4%
Total assets€4.8m-€4.8mabove the sector's middle half▲ 0.6%€4.7mabove the sector's middle half▼ 1.6%€5.1mabove the sector's middle half▲ 8.6%€5.6mabove the sector's middle half▲ 8.8%€5.6mabove the sector's middle half▼ 0.5%€5.7mabove the sector's middle half▲ 1.9%
Debt€4.5m-€4.4m▼ 0.5%€4.3m▼ 3.3%€3.9m▼ 9.5%€3.9m▼ 0.1%€3.6m▼ 7.3%€3.5m▼ 3.8%
Working capital-€0.4m--€0.3mbelow the sector's middle half▲ 8.3%-€0.5mbelow the sector's middle half▼ 30.5%-€0.7mbelow the sector's middle half▼ 57.8%-€0.6mbelow the sector's middle half▲ 12.9%-€0.2mbelow the sector's middle half▲ 67.7%-€0.6mbelow the sector's middle half▼ 195%
Solvency6.9%-7.8%below the sector's middle half▲ 0.9pp9.4%below the sector's middle half▲ 1.5pp24.5%within the sector's middle half▲ 15.1pp30.6%within the sector's middle half▲ 6.2pp35.4%within the sector's middle half▲ 4.7pp39.0%within the sector's middle half▲ 3.6pp
Current ratio0.26-0.33below the sector's middle half▲ 0.080.15below the sector's middle half▼ 0.180.10below the sector's middle half▼ 0.050.40below the sector's middle half▲ 0.310.78within the sector's middle half▲ 0.380.51within the sector's middle half▼ 0.28
Return on assets (ROA)-0.3%-1.0%within the sector's middle half▲ 1.3pp1.4%within the sector's middle half▲ 0.4pp17.7%within the sector's middle half▲ 16.3pp9.9%within the sector's middle half▼ 7.8pp8.8%within the sector's middle half▼ 1.1pp9.3%within the sector's middle half▲ 0.5pp
Staff (FTE)1.2-2above the sector's middle half▲ 66.7%2.1▲ 5.0%3.5▲ 66.7%7▲ 100%11.2above the sector's middle half▲ 60.0%12.6above the sector's middle half▲ 12.5%
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 11% lower than in 2024. It is the second fall in a row.
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 €5.7m
Fixed assets
€5.1m ▲ 4.6%
Current assets
€609,786 ▼ 15.7%
Equity and liabilities €5.7m
Equity
€2.2m ▲ 12.4%
Debt
€3.5m ▼ 3.8%
Debt's share of the balance-sheet total falls from 64.6% to 61.0%. Equity is higher and debt is lower.
Key figures and ratios
ROE
23.8%▼
2024 · 25.0%
Debt ≤ 1 year
€1.2m▲
2024 · €925,228
Debt > 1 year
€2.1m▼
2024 · €2.7m
Income taxes
€42,105▼
2024 · €63,110
Staff costs
€1.1m▲
2024 · €925,706
Green means a favourable move, even when the figure itself falls, as with debt or debt to equity.
Staff
| Item | 30-06-2022 | 30-06-2023 | 30-06-2024 | 30-06-2025 |
|---|---|---|---|---|
| Employees at the balance-sheet date | 4 | 8 | 12 | 14 |
| full-time | 4 | 7 | 12 | 11 |
| part-time | - | 1 | - | 3 |
| in full-time equivalents | 4 | 7.9 | 12 | 13.7 |
| Average over the year, in full-time equivalents | 3.5 | 7 | 11.2 | 12.6 |
| On a permanent contract | 4 | 8 | 12 | 14 |
| Joined | 1 | 4 | 2 | 3 |
| Left | 0 | 0 | 0 | 1 |
Source: social balance sheet in the 2022 to 2025 annual accounts
Securities and guarantees
| Item | 30-06-2022 | 30-06-2023 | 30-06-2024 | 30-06-2025 |
|---|---|---|---|---|
| Mortgages, amount registered | - | - | €50,000 | - |
| Mortgage mandates | - | - | €435,000 | - |
| Carrying value of the mortgaged assets | - | - | €441,912 | - |
Source: notes to the 2022 to 2025 annual accounts (statement of debts and off-balance-sheet rights and commitments)
Investments
| Item | 30-06-2022 | 30-06-2023 | 30-06-2024 | 30-06-2025 |
|---|---|---|---|---|
| Tangible fixed assets | €444,203 | €214,500 | €138,127 | €316,466 |
| Financial fixed assets | €13,374 | - | €136 | - |
| Depreciation and write-downs of the year | €49,625 | €71,738 | €88,086 | €96,113 |
Source: notes to the 2022 to 2025 annual accounts (statement of fixed assets)
Subsidies and aid
Flemish government
2023 to 2025 · 4 entries · €4,057 awarded · €4,282 paid| Year | Entries | Awarded | Paid |
|---|---|---|---|
| 2025 | 1 | €3,075 | €3,075 |
| 2024 | 2 | €622 | €622 |
| 2023 | 1 | €360 | €585 |
Annual accounts
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|
| Remuneration, social security and pensions62 | - | - | - | €0.3m | €0.5m | €0.9m | €1.1m | ▲ 23.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €0.04m | €0.02m | €0.02m | €0.05m | €0.07m | €0.09m | €0.1m | ▲ 9.1% |
| Other operating charges640/8 | - | - | - | €0.007m | €0.02m | €0.006m | €0.01m | ▲ 64.9% |
| Gross operating margin9900 | €0.2m | €0.3m | €0.3m | €0.5m | €1.0m | €1.3m | €1.5m | ▲ 16.2% |
| Operating profit (loss)9901 | €0.07m | €0.1m | €0.2m | €0.2m | €0.4m | €0.2m | €0.2m | ▼ 11.2% |
| Financial income75/76B | - | - | - | €0.8m | €0.3m | €0.4m | €0.4m | ▲ 6.8% |
| Recurring financial income75 | €436 | €0.001m | €0.001m | €0.8m | €0.3m | €0.4m | €0.4m | ▲ 7.5% |
| Non-recurring financial income76B | - | - | - | - | - | €0.003m | - | - |
| Financial charges65/66B | - | - | - | €0.07m | €0.07m | €0.09m | €0.08m | ▼ 15.0% |
| Recurring financial charges65 | €0.09m | €0.08m | €0.07m | €0.07m | €0.07m | €0.09m | €0.08m | ▼ 15.0% |
| Profit (loss) for the period before taxes9903 | -€0.01m | €0.05m | €0.1m | €0.9m | €0.7m | €0.6m | €0.6m | ▲ 2.5% |
| Income taxes67/77 | €297 | €0.002m | €0.03m | €0.02m | €0.1m | €0.06m | €0.04m | ▼ 33.3% |
| Profit (loss) for the period9904 | -€0.01m | €0.05m | €0.07m | €0.9m | €0.6m | €0.5m | €0.5m | ▲ 7.1% |
| Profit (loss) for the period to be appropriated9905 | -€0.01m | €0.05m | €0.07m | €0.9m | €0.6m | €0.5m | €0.5m | ▲ 7.1% |
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|
| Assets | ||||||||
| Total assets20/58 | €4.8m | €4.8m | €4.7m | €5.1m | €5.6m | €5.6m | €5.7m | ▲ 1.9% |
| Fixed assets21/28 | €4.6m | €4.6m | €4.6m | €5.1m | €5.2m | €4.8m | €5.1m | ▲ 4.6% |
| Tangible fixed assets22/27 | €0.3m | €0.3m | €0.3m | €0.7m | €0.8m | €0.5m | €0.7m | ▲ 45.7% |
| Land and buildings22 | - | - | - | €0.4m | €0.4m | €0.1m | €0.3m | ▲ 129% |
| Plant, machinery and equipment23 | - | - | - | €0.001m | €0.001m | €379 | €245 | ▼ 35.3% |
| Furniture and vehicles24 | - | - | - | €0.09m | €0.2m | €0.2m | €0.2m | ▲ 10.6% |
| Leasing and similar rights25 | - | - | - | - | €0.03m | €0.03m | €0.07m | ▲ 170% |
| Other tangible fixed assets26 | - | - | - | €0.2m | €0.2m | €0.2m | €0.2m | = |
| Financial fixed assets28 | €4.4m | €4.4m | €4.4m | €4.4m | €4.4m | €4.3m | €4.3m | = |
| Current assets29/58 | €0.1m | €0.2m | €0.08m | €0.08m | €0.4m | €0.7m | €0.6m | ▼ 15.7% |
| Stocks and contracts in progress3 | - | - | - | - | - | €0.3m | €0.3m | ▼ 17.5% |
| Stocks30/36 | - | - | - | - | - | €0.3m | €0.3m | ▼ 17.5% |
| Amounts receivable within one year40/41 | €0.1m | €0.1m | €0.06m | €0.06m | €0.06m | €0.3m | €0.3m | ▲ 6.2% |
| Trade receivables40 | - | - | - | €0.05m | €0.06m | €0.3m | €0.1m | ▼ 49.6% |
| Other amounts receivable41 | - | - | - | €0.006m | - | - | €0.2m | - |
| Cash at bank and in hand54/58 | €0.007m | €0.05m | €0.02m | €0.02m | €0.4m | €0.1m | €0.02m | ▼ 85.0% |
| Deferred charges and accrued income490/1 | - | - | - | €0.007m | €0.01m | €0.01m | €0.03m | ▲ 116% |
| Equity and liabilities | ||||||||
| Total equity and liabilities10/49 | €4.8m | €4.8m | €4.7m | €5.1m | €5.6m | €5.6m | €5.7m | ▲ 1.9% |
| Equity10/15 | €0.3m | €0.4m | €0.4m | €1.3m | €1.7m | €2.0m | €2.2m | ▲ 12.4% |
| Contributions10/11 | €0.4m | €0.4m | €0.4m | €0.4m | €0.4m | €0.4m | €0.4m | = |
| Capital10 | - | - | - | €0.4m | €0.4m | €0.4m | €0.4m | = |
| Issued capital100 | - | - | - | €0.4m | €0.4m | €0.4m | €0.4m | = |
| Reserves13 | - | - | €0.003m | €0.04m | €0.04m | €0.04m | €0.04m | = |
| Non-distributable reserves130/1 | - | - | - | €0.04m | €0.04m | €0.04m | €0.04m | = |
| Legal reserve130 | - | - | - | €0.04m | €0.04m | €0.04m | €0.04m | = |
| Profit (loss) carried forward14 | -€0.07m | -€0.02m | €0.04m | €0.8m | €1.3m | €1.5m | €1.8m | ▲ 16.0% |
| Amounts payable17/49 | €4.5m | €4.4m | €4.3m | €3.9m | €3.9m | €3.6m | €3.5m | ▼ 3.8% |
| Amounts payable after more than one year17 | €3.9m | €3.9m | €3.7m | €3.1m | €2.8m | €2.7m | €2.1m | ▼ 21.0% |
| Financial debts170/4 | - | - | - | €3.1m | €2.8m | €2.7m | €2.1m | ▼ 21.0% |
| Amounts payable within one year42/48 | €0.5m | €0.5m | €0.5m | €0.8m | €1.0m | €0.9m | €1.2m | ▲ 30.2% |
| Current portion of amounts payable after more than one year42 | - | - | - | €0.5m | €0.5m | €0.2m | €0.2m | ▼ 2.8% |
| Trade debts44 | €0.02m | €0.02m | €0.02m | €0.1m | €0.09m | €0.2m | €0.2m | ▲ 19.7% |
| Suppliers440/4 | - | - | - | €0.1m | €0.09m | €0.2m | €0.2m | ▲ 19.7% |
| Advances received on contracts in progress46 | - | - | - | €0.02m | €0.02m | - | - | - |
| Taxes, remuneration and social security45 | - | - | - | €0.06m | €0.2m | €0.2m | €0.2m | ▼ 18.9% |
| Taxes450/3 | - | - | - | - | €0.2m | €0.1m | €0.08m | ▼ 42.7% |
| Remuneration and social security454/9 | - | - | - | €0.06m | €0.06m | €0.1m | €0.1m | ▲ 12.5% |
| Other amounts payable47/48 | - | - | - | €0.1m | €0.2m | €0.3m | €0.6m | ▲ 90.3% |
| Accrued charges and deferred income492/3 | - | - | - | - | - | €0.01m | €0.2m | ▲ 14× |
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | -€13,832 | €47,175 | €67,026 | €908,127 | €554,670 | €491,083 | €526,132 | ▲ 7.1% |
| + Depreciation and write-downs630 | €43,667 | €19,081 | €20,034 | €49,625 | €71,738 | €88,086 | €96,113 | ▲ 9.1% |
| Operating cash flow (approximation) | €29,836 | €66,256 | €87,060 | €957,752 | €626,408 | €579,169 | €622,245 | ▲ 7.4% |
| Investment in fixed assets (approximation) | - | -€2,750 | -€34,604 | -€457,577 | -€175,854 | €237,213 | -€316,466 | - |
| Change in cash | - | €47,158 | -€36,129 | -€1,353 | €338,865 | -€248,798 | -€90,740 | ▲ 63.5% |
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 (8)
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 30-06-2025 | abbreviated format | 23-01-2026 | 2026-00012413 | |
| 30-06-2024 | abbreviated format | 31-01-2025 | 2025-00019842 | |
| 30-06-2023 | micro format | 31-01-2024 | 2024-00016873 | |
| 30-06-2022 | micro format | 31-01-2023 | 2023-00012821 | |
| 30-06-2021 | micro format | 31-01-2022 | 2022-04600045 | |
| 30-06-2020 | micro format | 28-01-2021 | 2021-02100400 | |
| 30-06-2019 | micro format | 29-01-2020 | 2020-02500131 | |
| 30-06-2018 | micro format | 29-01-2019 | 2019-02500082 |