Financials · financial year 2025, abbreviated format
Annual accounts 2025 filed on 31-03-2026 PDF all 23 filings
Equity
€185,500▼ 13.4%
2024 · €214,159
Net result
-€28,659▼ 24.2%
2024 · -€23,082
Total assets
€7.0m▼ 0.2%
2024 · €7.0m
Solvency
2.7%▼ 0.4pp
2024 · 3.1%
Multi-year overview
2019 to 2025, 7 financial yearsOperating result
€264,795
▼ 1.4%
2025
20192025
Net result
-€28,659
▼ 24.2%
2025
lowest quarter of the sector
20192025
Equity
€185,500
▼ 13.4%
2025
middle half of the sector
20192025
Total assets
€7.0m
▼ 0.2%
2025
highest quarter of the sector
20192025
Debt
€6.8m
▲ 0.2%
2025
20192025
Working capital
€128,400
▼ 21.4%
2025
middle half of the sector
20192025
Solvency
2.7%
▼ 0.4pp
2025
lowest quarter of the sector
20192025
Current ratio
1.69
▼ 0.17
2025
middle half of the sector
20192025
Return on assets (ROA)
-0.4%
▼ 0.1pp
2025
lowest quarter of the sector
20192025
Staff (FTE)
10.2
▼ 8.9%
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€0.3m-€0.2m▼ 5.7%€0.2m▼ 4.1%€0.2m▲ 1.2%€0.3m▲ 35.1%€0.3m▼ 17.2%€0.3m▼ 1.4%
Net result€0.02m-€0.01mwithin the sector's middle half▼ 46.7%€0.003mbelow the sector's middle half▼ 76.5%€0.006mwithin the sector's middle half▲ 140%€0.02mwithin the sector's middle half▲ 232%-€0.02mbelow the sector's middle half-€0.03mbelow the sector's middle half▼ 24.2%
Equity€0.2m-€0.2mwithin the sector's middle half▲ 5.6%€0.2mwithin the sector's middle half▲ 1.2%€0.2mwithin the sector's middle half▲ 3.0%€0.2mwithin the sector's middle half▲ 9.5%€0.2mwithin the sector's middle half▼ 9.7%€0.2mwithin the sector's middle half▼ 13.4%
Total assets€7.0m-€7.1mabove the sector's middle half▲ 1.9%€7.0mabove the sector's middle half▼ 0.7%€7.0mabove the sector's middle half▼ 0.6%€7.0mabove the sector's middle half▲ 0.6%€7.0mabove the sector's middle half▼ 0.9%€7.0mabove the sector's middle half▼ 0.2%
Debt€6.8m-€6.9m▲ 1.8%€6.8m▼ 0.7%€6.8m▼ 0.7%€6.8m▲ 0.3%€6.8m▼ 0.5%€6.8m▲ 0.2%
Working capital€0.2m-€0.2mwithin the sector's middle half▼ 3.2%€0.1mwithin the sector's middle half▼ 10.2%€0.2mwithin the sector's middle half▲ 5.4%€0.2mwithin the sector's middle half▲ 7.6%€0.2mwithin the sector's middle half▼ 2.4%€0.1mwithin the sector's middle half▼ 21.4%
Solvency2.8%-2.9%below the sector's middle half▲ 0.1pp3.0%below the sector's middle half▲ 0.1pp3.1%below the sector's middle half▲ 0.1pp3.4%below the sector's middle half▲ 0.3pp3.1%below the sector's middle half▼ 0.3pp2.7%below the sector's middle half▼ 0.4pp
Current ratio2.05-1.83within the sector's middle half▼ 0.231.74within the sector's middle half▼ 0.081.85within the sector's middle half▲ 0.101.78within the sector's middle half▼ 0.071.86within the sector's middle half▲ 0.081.69within the sector's middle half▼ 0.17
Return on assets (ROA)0.3%-0.2%below the sector's middle half▼ 0.1pp0.0%below the sector's middle half▼ 0.1pp0.1%below the sector's middle half▲ 0.1pp0.3%below the sector's middle half▲ 0.2pp-0.3%below the sector's middle half▼ 0.6pp-0.4%below the sector's middle half▼ 0.1pp
Staff (FTE)11.8-10.8above the sector's middle half▼ 8.5%12.7above the sector's middle half▲ 17.6%11.4above the sector's middle half▼ 10.2%10.5above the sector's middle half▼ 7.9%11.2above the sector's middle half▲ 6.7%10.2above the sector's middle half▼ 8.9%
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 1% lower than in 2024. It is the second fall in a row.
Turnover and EBIT margin are not published. The abbreviated 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 €7.0m
Fixed assets
€6.6m ▲ 0.3%
Current assets
€315,710 ▼ 10.7%
Equity and liabilities €7.0m
Equity
€185,500 ▼ 13.4%
Debt
€6.8m ▲ 0.2%
Debt's share of the balance-sheet total rises from 96.9% to 97.3%. Equity is lower and debt is higher.
Key figures and ratios
ROE
-15.4%▼
2024 · -10.8%
Debt ≤ 1 year
€187,310▼
2024 · €190,466
Debt > 1 year
€6.6m▲
2024 · €6.6m
Income taxes
€549▼
2024 · €629
Staff costs
€646,671▼
2024 · €687,049
Green means a favourable move, even when the figure itself falls, as with debt or debt to equity.
Staff
| Item | 30-09-2022 | 30-09-2023 | 30-09-2024 | 30-09-2025 |
|---|---|---|---|---|
| Employees at the balance-sheet date | 12 | 11 | 11 | 10 |
| full-time | 11 | 10 | 10 | 9 |
| part-time | 1 | 1 | 1 | 1 |
| in full-time equivalents | 11.5 | 10.5 | 10.5 | 9.5 |
| Average over the year, in full-time equivalents | 11.4 | 10.5 | 11.2 | 10.2 |
| On a permanent contract | 12 | 11 | 11 | 10 |
| Joined | 2 | 1 | 3 | 0 |
| Left | 4 | 2 | 3 | 1 |
| Training hours | - | 7 | - | - |
Source: social balance sheet in the 2022 to 2025 annual accounts
Securities and guarantees
| Item | 30-09-2022 | 30-09-2023 | 30-09-2024 | 30-09-2025 |
|---|---|---|---|---|
| Debts secured on the company's own assets | €77,689 | €76,443 | €33,049 | €48,223 |
| Carrying value of the other pledged assets | €70,073 | €71,837 | €34,326 | €52,514 |
Source: notes to the 2022 to 2025 annual accounts (statement of debts and off-balance-sheet rights and commitments)
Investments
| Item | 30-09-2022 | 30-09-2023 | 30-09-2024 | 30-09-2025 |
|---|---|---|---|---|
| Tangible fixed assets | €10,814 | €46,074 | €12,998 | €49,550 |
| Depreciation and write-downs of the year | €45,781 | €48,662 | €44,385 | €28,413 |
Source: notes to the 2022 to 2025 annual accounts (statement of fixed assets)
Subsidies and aid
Flemish government
2022 to 2025 · 5 entries · €5,563 awarded · €5,548 paid| Year | Entries | Awarded | Paid |
|---|---|---|---|
| 2025 | 1 | €0 | €36 |
| 2024 | 2 | €5,064 | €5,013 |
| 2023 | 1 | €266 | €266 |
| 2022 | 1 | €233 | €233 |
Annual accounts
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|
| Non-recurring operating income76A | - | - | - | €0.002m | - | €0.009m | €0.001m | ▼ 87.9% |
| Remuneration, social security and pensions62 | - | - | - | €0.6m | €0.6m | €0.7m | €0.6m | ▼ 5.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €0.03m | €0.05m | €0.05m | €0.05m | €0.05m | €0.04m | €0.03m | ▼ 36.0% |
| Other operating charges640/8 | - | - | - | €0.002m | €0.004m | €0.003m | €0.003m | ▲ 3.6% |
| Non-recurring operating charges66A | - | - | - | €0.001m | €0.001m | €0 | - | - |
| Gross operating margin9900 | €0.9m | €0.9m | €1.0m | €0.9m | €1.0m | €1.0m | €0.9m | ▼ 6.0% |
| Operating profit (loss)9901 | €0.3m | €0.2m | €0.2m | €0.2m | €0.3m | €0.3m | €0.3m | ▼ 1.4% |
| Financial income75/76B | - | - | - | €0.006m | €0.006m | €0.006m | €0.005m | ▼ 21.2% |
| Recurring financial income75 | €0.005m | €0.005m | €0.006m | €0.006m | €0.006m | €0.006m | €0.005m | ▼ 21.2% |
| Financial charges65/66B | - | - | - | €0.2m | €0.3m | €0.3m | €0.3m | ▲ 0.2% |
| Recurring financial charges65 | €0.2m | €0.2m | €0.2m | €0.2m | €0.3m | €0.3m | €0.3m | ▲ 0.2% |
| Profit (loss) for the period before taxes9903 | €0.04m | €0.02m | €0.01m | €0.01m | €0.03m | -€0.02m | -€0.03m | ▼ 25.2% |
| Income taxes67/77 | €0.02m | €0.01m | €0.009m | €0.008m | €0.01m | €0.001m | €0.001m | ▼ 12.6% |
| Profit (loss) for the period9904 | €0.02m | €0.01m | €0.003m | €0.006m | €0.02m | -€0.02m | -€0.03m | ▼ 24.2% |
| Profit (loss) for the period to be appropriated9905 | €0.02m | €0.01m | €0.003m | €0.006m | €0.02m | -€0.02m | -€0.03m | ▼ 24.2% |
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|
| Assets | ||||||||
| Total assets20/58 | €7.0m | €7.1m | €7.0m | €7.0m | €7.0m | €7.0m | €7.0m | ▼ 0.2% |
| Fixed assets21/28 | €6.6m | €6.7m | €6.7m | €6.7m | €6.7m | €6.6m | €6.6m | ▲ 0.3% |
| Tangible fixed assets22/27 | €0.06m | €0.2m | €0.1m | €0.09m | €0.09m | €0.06m | €0.08m | ▲ 35.5% |
| Furniture and vehicles24 | - | - | - | €0.08m | €0.08m | €0.04m | €0.07m | ▲ 66.3% |
| Other tangible fixed assets26 | - | - | - | €0.02m | €0.01m | €0.02m | €0.01m | ▼ 26.4% |
| Financial fixed assets28 | €6.6m | €6.6m | €6.6m | €6.6m | €6.6m | €6.6m | €6.6m | = |
| Current assets29/58 | €0.3m | €0.4m | €0.3m | €0.3m | €0.4m | €0.4m | €0.3m | ▼ 10.7% |
| Amounts receivable within one year40/41 | €0.3m | €0.3m | €0.3m | €0.3m | €0.4m | €0.3m | €0.3m | ▼ 10.6% |
| Trade receivables40 | - | - | - | €0.04m | €0.04m | €0.03m | €0.04m | ▲ 32.5% |
| Other amounts receivable41 | - | - | - | €0.3m | €0.3m | €0.3m | €0.3m | ▼ 14.5% |
| Cash at bank and in hand54/58 | €0.03m | €0.03m | €0.01m | €0.01m | €0.009m | €0.01m | €0.01m | ▼ 18.4% |
| Deferred charges and accrued income490/1 | - | - | - | €0.005m | €0.004m | €0.004m | €0.004m | ▲ 2.8% |
| Equity and liabilities | ||||||||
| Total equity and liabilities10/49 | €7.0m | €7.1m | €7.0m | €7.0m | €7.0m | €7.0m | €7.0m | ▼ 0.2% |
| Equity10/15 | €0.2m | €0.2m | €0.2m | €0.2m | €0.2m | €0.2m | €0.2m | ▼ 13.4% |
| Contributions10/11 | €0.02m | - | - | €0.02m | €0.02m | €0.02m | €0.02m | = |
| Reserves13 | €0.2m | €0.2m | €0.2m | €0.2m | €0.2m | €0.2m | €0.2m | ▼ 14.8% |
| Non-distributable reserves130/1 | - | - | - | €0.002m | - | - | - | - |
| Reserves not available under the articles1311 | - | - | - | €0.002m | - | - | - | - |
| Tax-exempt reserves132 | - | - | - | €0.02m | €0.02m | €0.02m | €0.02m | = |
| Distributable reserves133 | - | - | - | €0.2m | €0.2m | €0.2m | €0.1m | ▼ 16.4% |
| Amounts payable17/49 | €6.8m | €6.9m | €6.8m | €6.8m | €6.8m | €6.8m | €6.8m | ▲ 0.2% |
| Amounts payable after more than one year17 | €6.6m | €6.7m | €6.6m | €6.6m | €6.6m | €6.6m | €6.6m | ▲ 0.2% |
| Financial debts170/4 | - | - | - | €6.6m | €6.6m | €6.6m | €6.6m | ▲ 0.2% |
| Amounts payable within one year42/48 | €0.2m | €0.2m | €0.2m | €0.2m | €0.2m | €0.2m | €0.2m | ▼ 1.7% |
| Current portion of amounts payable after more than one year42 | - | - | - | €0.04m | €0.04m | €0.01m | €0.01m | ▲ 16.1% |
| Trade debts44 | €0.02m | €0.03m | €0.01m | €0.01m | €0.02m | €0.02m | €0.007m | ▼ 68.5% |
| Suppliers440/4 | - | - | - | €0.01m | €0.02m | €0.02m | €0.007m | ▼ 68.5% |
| Taxes, remuneration and social security45 | - | - | - | €0.1m | €0.1m | €0.1m | €0.1m | ▼ 1.5% |
| Taxes450/3 | - | - | - | €0.04m | €0.04m | €0.03m | €0.03m | ▲ 5.8% |
| Remuneration and social security454/9 | - | - | - | €0.07m | €0.09m | €0.09m | €0.09m | ▼ 3.7% |
| Other amounts payable47/48 | - | - | - | €0.03m | €0.02m | €0.03m | €0.05m | ▲ 36.0% |
| Accrued charges and deferred income492/3 | - | - | - | €0.003m | - | - | €0.002m | - |
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €20,674 | €11,025 | €2,593 | €6,221 | €20,621 | -€23,082 | -€28,659 | ▼ 24.2% |
| + Depreciation and write-downs630 | €31,700 | €45,834 | €45,013 | €45,781 | €48,662 | €44,385 | €28,413 | ▼ 36.0% |
| Operating cash flow (approximation) | €52,374 | €56,859 | €47,606 | €52,001 | €69,284 | €21,303 | -€247 | - |
| Investment in fixed assets (approximation) | - | -€147,841 | -€15,509 | -€10,814 | -€46,074 | -€12,998 | -€49,550 | ▼ 281% |
| Change in cash | - | -€3,701 | -€16,567 | €1,010 | -€2,209 | €4,852 | -€2,467 | - |
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 23 filings with the National Bank
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 30-09-2025 | abbreviated format | 31-03-2026 | 2026-00069288 | |
| 30-09-2024 | abbreviated format | 30-04-2025 | 2025-00087171 | |
| 30-09-2023 | abbreviated format | 14-04-2024 | 2024-00062449 | |
| 30-09-2022 | abbreviated format | 26-04-2023 | 2023-00065913 | |
| 30-09-2021 | abbreviated format | 26-03-2022 | 2022-08800400 | |
| 30-09-2020 | abbreviated format | 01-04-2021 | 2021-09300001 | |
| 30-09-2019 | abbreviated format | 17-01-2020 | 2020-01500449 | |
| 30-09-2018 | abbreviated format | 02-04-2019 | 2019-08900173 | |
| 30-09-2017 | abbreviated format | 03-04-2018 | 2018-08800222 | |
| 30-09-2016 | abbreviated format | 20-04-2017 | 2017-09700381 |