Financials · financial year 2025, full format
Annual accounts 2025 filed on 29-07-2026 at the NBB all 5 filings
Turnover
€1.8m▲ 23.9%
2024 · €1.4m
EBIT margin
5.3%▼ 4.0pp
2024 · 9.2%
Net result
€1.7m▲ 13×
2024 · €130,665
Working capital
€2.8m▲ 226%
2024 · €861,056
In the rankings
#8 company by equity in Merelbeke-Melle, Professional and technical services sector#10 company by total assets in Merelbeke-Melle, Professional and technical services sector
Multi-year overview
2021 to 2025, 5 financial yearsTurnover
€1.8m
▲ 23.9%
2025
20212025
Operating result
€92,432
▼ 29.4%
2025
20212025
Net result
€1.7m
▲ 13×
2025
highest quarter of the sector
20212025
EBIT margin
5.3%
▼ 4.0pp
2025
20212025
Equity
€48.9m
▲ 3.6%
2025
highest quarter of the sector
20212025
Total assets
€49.4m
▲ 3.9%
2025
highest quarter of the sector
20212025
Debt
€506,266
▲ 44.9%
2025
20212025
Working capital
€2.8m
▲ 226%
2025
highest quarter of the sector
20212025
Solvency
99.0%
▼ 0.3pp
2025
highest quarter of the sector
20212025
Current ratio
6.54
▲ 3.08
2025
highest quarter of the sector
20212025
Return on assets (ROA)
3.4%
▲ 3.2pp
2025
middle half of the sector
20212025
Staff (FTE)
4.6
▼ 4.2%
2025
middle half of the sector
20212025
Every figure per financial year
Every figure with its change against the financial year before
favourable
unfavourable
Line20212022202320242025
Turnover€1.0m€1.6m▲ 57.1%€1.4m▼ 11.5%€1.8m▲ 23.9%
Operating result€0.2m-€0.2m▼ 2.6%€0.3m▲ 63.9%€0.1m▼ 55.7%€0.09m▼ 29.4%
Net result€1.7mabove the sector's middle half-€0.2mwithin the sector's middle half▼ 89.1%€0.6mabove the sector's middle half▲ 221%€0.1mwithin the sector's middle half▼ 77.9%€1.7mabove the sector's middle half▲ 13×
EBIT margin17.7%18.4%▲ 0.8pp9.2%▼ 9.2pp5.3%▼ 4.0pp
Equity€46.5mabove the sector's middle half-€46.5mabove the sector's middle half=€47.1mabove the sector's middle half▲ 1.3%€47.2mabove the sector's middle half▲ 0.3%€48.9mabove the sector's middle half▲ 3.6%
Total assets€47.2mabove the sector's middle half-€47.5mabove the sector's middle half▲ 0.7%€47.6mabove the sector's middle half▲ 0.2%€47.6mabove the sector's middle half▼ 0.1%€49.4mabove the sector's middle half▲ 3.9%
Debt€0.7m-€1.0m▲ 45.3%€0.5m▼ 47.3%€0.3m▼ 33.7%€0.5m▲ 44.9%
Working capital€1.1mabove the sector's middle half--€0.1mwithin the sector's middle half€0.6mabove the sector's middle half€0.9mabove the sector's middle half▲ 39.9%€2.8mabove the sector's middle half▲ 226%
Solvency98.5%above the sector's middle half-97.9%above the sector's middle half▼ 0.6pp98.9%above the sector's middle half▲ 1.0pp99.3%above the sector's middle half▲ 0.4pp99.0%above the sector's middle half▼ 0.3pp
Current ratio3.52within the sector's middle half-0.84within the sector's middle half▼ 2.682.20within the sector's middle half▲ 1.363.46above the sector's middle half▲ 1.266.54above the sector's middle half▲ 3.08
Return on assets (ROA)3.6%within the sector's middle half-0.4%within the sector's middle half▼ 3.2pp1.2%within the sector's middle half▲ 0.9pp0.3%within the sector's middle half▼ 1.0pp3.4%within the sector's middle half▲ 3.2pp
Staff (FTE)0.9below the sector's middle half-2.5within the sector's middle half▲ 178%4within the sector's middle half▲ 60.0%4.8within the sector's middle half▲ 20.0%4.6within the sector's middle half▼ 4.2%
above
within
below
The sector band is the middle half of the companies in Activities of head offices; management consultancy activities (NACE 70). 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 29% lower than in 2024 and the lowest since 2021. It is the second fall in a row.
Large changes and their cause
- 2022 Net result -89% on 2021. The accounts now follow the full format, last year the abbreviated format.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €49.4m
Fixed assets
€46.1m ▼ 0.5%
Current assets
€3.3m ▲ 174%
Equity and liabilities €49.4m
Equity
€48.9m ▲ 3.6%
Debt
€506,266 ▲ 44.9%
Debt's share of the balance-sheet total rises from 0.7% to 1.0%. Equity and debt are higher.
Key figures and ratios
ROE
3.5%▲
2024 · 0.3%
Debt ≤ 1 year
€506,266▲
2024 · €349,444
Income taxes
€1,799▼
2024 · €52,014
Staff costs
€394,834▼
2024 · €425,389
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 | 31-12-2024 | 31-12-2025 |
|---|---|---|---|---|---|
| Employees at the balance-sheet date | 1 | 4 | 4 | 5 | 4 |
| full-time | - | 4 | 4 | 4 | 3 |
| part-time | 1 | 0 | 0 | 1 | 1 |
| in full-time equivalents | 0.9 | 4 | 4 | 4.9 | 3.9 |
| Average over the year, in full-time equivalents | 0.9 | 2.5 | 4 | 4.8 | 4.6 |
| On a permanent contract | 1 | 4 | 4 | 5 | 4 |
| Joined | 1 | 4 | 1 | 1 | 0 |
| Left | 0 | 1 | 1 | 0 | 1 |
| Training hours | - | 2 | - | - | - |
Source: social balance sheet in the 2021 to 2025 annual accounts
Investments
| Item | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Tangible fixed assets | €2,856 | €2,144 | €2,900 | €2,520 | - |
| Intangible fixed assets | €351,928 | €241,086 | €50,040 | - | - |
| Financial fixed assets | €45.3m | €691,521 | €11,455 | - | - |
| Depreciation and write-downs of the year | €640 | €91,709 | €139,526 | €131,411 | €131,007 |
Source: notes to the 2021 to 2025 annual accounts (statement of fixed assets)
Subsidies and aid
Flemish government
2023 to 2025 · 3 entries · €956 awarded · €841 paid| Year | Entries | Awarded | Paid |
|---|---|---|---|
| 2025 | 1 | €699 | €747 |
| 2024 | 1 | €78 | €94 |
| 2023 | 1 | €179 | €0 |
Annual accounts
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Operating income70/76A | - | €1.0m | €1.6m | €1.4m | €1.8m | ▲ 24.0% |
| Turnover70 | - | €1.0m | €1.6m | €1.4m | €1.8m | ▲ 23.9% |
| Other operating income74 | - | €498 | €0.001m | €0.001m | €0.002m | ▲ 83.1% |
| Operating charges60/66A | - | €0.8m | €1.3m | €1.3m | €1.7m | ▲ 29.4% |
| Goods for resale, raw materials and consumables60 | - | €0.2m | €0.1m | €0.06m | €0.04m | ▼ 28.1% |
| Purchases600/8 | - | €0.2m | €0.1m | €0.06m | €0.04m | ▼ 28.1% |
| Services and other goods61 | - | €0.4m | €0.7m | €0.7m | €1.1m | ▲ 63.8% |
| Remuneration, social security and pensions62 | €0.03m | €0.2m | €0.4m | €0.4m | €0.4m | ▼ 7.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €0.001m | €0.09m | €0.1m | €0.1m | €0.1m | ▼ 0.3% |
| Other operating charges640/8 | €348 | €0.001m | €0.001m | €0.001m | €0.001m | ▼ 5.0% |
| Gross operating margin9900 | €0.2m | - | - | - | - | - |
| Operating profit (loss)9901 | €0.2m | €0.2m | €0.3m | €0.1m | €0.09m | ▼ 29.4% |
| Financial income75/76B | €1.5m | €0.01m | €1.0m | €0.05m | €2.7m | ▲ 50× |
| Recurring financial income75 | €1.5m | €0.01m | €1.0m | €0.05m | €2.0m | ▲ 37× |
| Income from financial fixed assets750 | - | €0 | €1.0m | €0 | €2.0m | - |
| Income from current assets751 | - | €357 | €0.04m | €0.03m | €0.01m | ▼ 53.1% |
| Other financial income752/9 | - | €0.01m | €0.01m | €0.03m | €0 | ▼ 100% |
| Non-recurring financial income76B | - | - | - | - | €0.7m | - |
| Financial charges65/66B | €0.005m | €0.006m | €0.7m | €0.003m | €1.1m | ▲ 377× |
| Recurring financial charges65 | €0.005m | €0.006m | €0.02m | €0.003m | €0.05m | ▲ 17× |
| Debt charges650 | - | €0.004m | €0.003m | €0.001m | €0 | ▼ 100% |
| Other financial charges652/9 | - | €0.002m | €0.02m | €0.002m | €0.05m | ▲ 29× |
| Non-recurring financial charges66B | - | - | €0.7m | €0 | €1.1m | - |
| Profit (loss) for the period before taxes9903 | €1.7m | €0.2m | €0.6m | €0.2m | €1.7m | ▲ 835% |
| Income taxes67/77 | €0.002m | €0.005m | €0.02m | €0.05m | €0.002m | ▼ 96.5% |
| Taxes670/3 | - | €0.005m | €0.02m | €0.05m | €0.002m | ▼ 96.5% |
| Profit (loss) for the period9904 | €1.7m | €0.2m | €0.6m | €0.1m | €1.7m | ▲ 13× |
| Profit (loss) for the period to be appropriated9905 | €1.7m | €0.2m | €0.6m | €0.1m | €1.7m | ▲ 13× |
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Assets | ||||||
| Total assets20/58 | €47.2m | €47.5m | €47.6m | €47.6m | €49.4m | ▲ 3.9% |
| Fixed assets21/28 | €45.6m | €46.9m | €46.5m | €46.4m | €46.1m | ▼ 0.5% |
| Intangible fixed assets21 | €0.4m | €0.5m | €0.4m | €0.3m | €0.2m | ▼ 45.0% |
| Tangible fixed assets22/27 | €0.002m | €0.003m | €0.004m | €0.004m | €0.002m | ▼ 57.2% |
| Furniture and vehicles24 | €0.002m | €0.003m | €0.004m | €0.004m | €0.002m | ▼ 57.2% |
| Financial fixed assets28 | €45.3m | €46.4m | €46.1m | €46.1m | €46.0m | ▼ 0.2% |
| Affiliated companies280/1 | - | €46.4m | €46.1m | €46.1m | €46.0m | ▼ 0.2% |
| Participating interests280 | - | €45.9m | €45.5m | €45.5m | €45.5m | ▼ 0.1% |
| Amounts receivable281 | - | €0.5m | €0.6m | €0.6m | €0.5m | ▼ 12.9% |
| Current assets29/58 | €1.6m | €0.6m | €1.1m | €1.2m | €3.3m | ▲ 174% |
| Stocks and contracts in progress3 | - | €0 | €0 | €0 | €0 | - |
| Amounts receivable within one year40/41 | €0.7m | €0.3m | €0.3m | €0.3m | €2.7m | ▲ 784% |
| Trade receivables40 | €0.1m | €0.3m | €0.3m | €0.3m | €0.7m | ▲ 141% |
| Other amounts receivable41 | €0.5m | €0.01m | €0 | €0.009m | €2.0m | ▲ 223× |
| Cash at bank and in hand54/58 | €0.9m | €0.3m | €0.7m | €0.8m | €0.5m | ▼ 37.2% |
| Deferred charges and accrued income490/1 | €0.05m | €0.07m | €0.09m | €0.1m | €0.09m | ▼ 25.7% |
| Equity and liabilities | ||||||
| Total equity and liabilities10/49 | €47.2m | €47.5m | €47.6m | €47.6m | €49.4m | ▲ 3.9% |
| Equity10/15 | €46.5m | €46.5m | €47.1m | €47.2m | €48.9m | ▲ 3.6% |
| Contributions10/11 | €45.0m | €45.0m | €45.0m | €45.0m | €45.0m | = |
| Profit (loss) carried forward14 | €1.5m | €1.5m | €2.1m | €2.2m | €3.9m | ▲ 76.7% |
| Amounts payable17/49 | €0.7m | €1.0m | €0.5m | €0.3m | €0.5m | ▲ 44.9% |
| Amounts payable after more than one year17 | €0.2m | €0.3m | €0.01m | €0 | - | - |
| Financial debts170/4 | €0.2m | €0.3m | €0.01m | €0 | - | - |
| Credit institutions173 | - | €0.2m | €0.01m | €0 | - | - |
| Other loans174 | - | €0.03m | €0 | - | - | - |
| Amounts payable within one year42/48 | €0.5m | €0.7m | €0.5m | €0.3m | €0.5m | ▲ 44.9% |
| Current portion of amounts payable after more than one year42 | €0.1m | €0.4m | €0.3m | €0.01m | €0 | ▼ 100% |
| Trade debts44 | €0.1m | €0.1m | €0.1m | €0.2m | €0.4m | ▲ 134% |
| Suppliers440/4 | €0.1m | €0.1m | €0.1m | €0.2m | €0.4m | ▲ 134% |
| Taxes, remuneration and social security45 | €0.007m | €0.08m | €0.1m | €0.2m | €0.1m | ▼ 22.0% |
| Taxes450/3 | €0.003m | €0.04m | €0.06m | €0.08m | €0.05m | ▼ 36.3% |
| Remuneration and social security454/9 | €0.004m | €0.04m | €0.07m | €0.1m | €0.09m | ▼ 9.9% |
| Other amounts payable47/48 | €0.2m | €0.2m | €0 | - | - | - |
| Accrued charges and deferred income492/3 | €0.001m | €0 | - | - | - | - |
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €1.7m | €0.2m | €0.6m | €0.1m | €1.7m | ▲ 13× |
| + Depreciation and write-downs630 | €0.001m | €0.09m | €0.1m | €0.1m | €0.1m | ▼ 0.3% |
| Operating cash flow (approximation) | €1.7m | €0.3m | €0.7m | €0.3m | €1.8m | ▲ 601% |
| Investment in fixed assets (approximation) | - | -€1.4m | €0.3m | -€0.003m | €0.1m | - |
| Change in cash | - | -€0.6m | €0.5m | €0.06m | -€0.3m | - |
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 (5)
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-12-2025 | full format | 29-07-2026 | 2026-00347741 | |
| 31-12-2024 | full format | 25-07-2025 | 2025-00318103 | |
| 31-12-2023 | full format | 20-07-2024 | 2024-00268950 | |
| 31-12-2022 | full format | 24-08-2023 | 2023-00349217 | |
| 31-12-2021 | abbreviated format | 30-07-2022 | 2022-20260762 |