Financials · financial year 2025, abbreviated format
2025 annual accounts filed 41 days after the deadline Filed on 10 September 2026, deadline 31 July 2026 (7 months after the close on 31 December 2025, Companies Code art. 3:10). Source: NBB, 2026-00510530.
Annual accounts 2025 filed on 10-09-2026 at the NBB all 14 filings
Equity
€61,085▼ 34.7%
2024 · €93,513
Net result
-€32,428
2024 · €67,899
Total assets
€202,576▼ 7.9%
2024 · €220,027
Solvency
30.2%▼ 12.3pp
2024 · 42.5%
Multi-year overview
2018 to 2025, 8 financial yearsOperating result
-€29,282
2025
20182025
Net result
-€32,428
2025
lowest quarter of the sector
20182025
Equity
€61,085
▼ 34.7%
2025
lowest quarter of the sector
20182025
Total assets
€202,576
▼ 7.9%
2025
lowest quarter of the sector
20182025
Debt
€141,492
▲ 11.8%
2025
20182025
Working capital
€3,946
▼ 77.9%
2025
middle half of the sector
20182025
Solvency
30.2%
▼ 12.3pp
2025
middle half of the sector
20182025
Current ratio
1.03
▼ 0.11
2025
middle half of the sector
20182025
Return on assets (ROA)
-16.0%
▼ 46.9pp
2025
lowest quarter of the sector
20182025
Staff (FTE)
0
2025
middle half of the sector
20182025
Every figure per financial year
Every figure with its change against the financial year before
favourable
unfavourable
Line20182019202020212022202320242025
Operating result-€29,216-€90,191€64,294▼ 28.7%-€33,856-€18,253▲ 46.1%€9,935€86,675▲ 772%-€29,282
Net result-€29,728-€81,537€38,359within the sector's middle half▼ 53.0%-€31,762below the sector's middle half-€23,308below the sector's middle half▲ 26.6%€8,984within the sector's middle half€67,899within the sector's middle half▲ 656%-€32,428below the sector's middle half
Equity-€48,197-€33,340€71,700below the sector's middle half▲ 115%€39,938below the sector's middle half▼ 44.3%€16,630below the sector's middle half▼ 58.4%€25,614below the sector's middle half▲ 54.0%€93,513below the sector's middle half▲ 265%€61,085below the sector's middle half▼ 34.7%
Total assets€110,034-€269,896▲ 145%€930,099within the sector's middle half▲ 245%€214,040within the sector's middle half▼ 77.0%€224,543below the sector's middle half▲ 4.9%€224,223below the sector's middle half▼ 0.1%€220,027below the sector's middle half▼ 1.9%€202,576below the sector's middle half▼ 7.9%
Debt€158,231-€236,556▲ 49.5%€858,399▲ 263%€174,102▼ 79.7%€207,913▲ 19.4%€198,610▼ 4.5%€126,514▼ 36.3%€141,492▲ 11.8%
Working capital-€89,480-€21,792€62,489within the sector's middle half▲ 187%€62,677within the sector's middle half▲ 0.3%€53,394within the sector's middle half▼ 14.8%€59,766within the sector's middle half▲ 11.9%€17,863within the sector's middle half▼ 70.1%€3,946within the sector's middle half▼ 77.9%
Solvency-43.8%-12.4%▲ 56.2pp7.7%below the sector's middle half▼ 4.6pp18.7%below the sector's middle half▲ 11.0pp7.4%below the sector's middle half▼ 11.3pp11.4%below the sector's middle half▲ 4.0pp42.5%within the sector's middle half▲ 31.1pp30.2%within the sector's middle half▼ 12.3pp
Current ratio0.32-1.12▲ 0.801.08within the sector's middle half▼ 0.041.50within the sector's middle half▲ 0.421.35within the sector's middle half▼ 0.151.41within the sector's middle half▲ 0.061.14within the sector's middle half▼ 0.271.03within the sector's middle half▼ 0.11
Return on assets (ROA)-27.0%-30.2%▲ 57.2pp4.1%within the sector's middle half▼ 26.1pp-14.8%below the sector's middle half▼ 19.0pp-10.4%below the sector's middle half▲ 4.5pp4.0%within the sector's middle half▲ 14.4pp30.9%above the sector's middle half▲ 26.9pp-16.0%below the sector's middle half▼ 46.9pp
Staff (FTE)0.4-0.3▼ 25.0%0below the sector's middle half▼ 100%0within the sector's middle half0within the sector's middle half0within 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 a loss of €29,282, after a profit of €86,675 in 2024.
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 €202,576
Fixed assets
€57,138 ▼ 24.5%
Current assets
€145,438 ▲ 0.7%
Equity and liabilities €202,576
Equity
€61,085 ▼ 34.7%
Debt
€141,492 ▲ 11.8%
Debt's share of the balance-sheet total rises from 57.5% to 69.8%. Equity is lower and debt is higher.
Key figures and ratios
ROE
-53.1%▼
2024 · 72.6%
Debt ≤ 1 year
€141,492▲
2024 · €126,514
Income taxes
€708▼
2024 · €13,497
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 | €3,298 | €2,545 | - | €59,815 | - |
| Financial fixed assets | €2,000 | - | - | €8,250 | - |
| Depreciation and write-downs of the year | €7,634 | €8,106 | €1,931 | €11,183 | €18,511 |
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 |
|---|---|---|---|---|---|---|---|---|---|
| Remuneration, social security and pensions62 | - | - | - | €0 | - | - | - | - | - |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €8,353 | €8,353 | €8,401 | €7,634 | €8,106 | €1,931 | €11,183 | €18,511 | ▲ 65.5% |
| Other operating charges640/8 | - | - | - | €2,352 | €2,782 | €1,592 | €3,772 | €380 | ▼ 89.9% |
| Non-recurring operating charges66A | - | - | - | €33,065 | €33,065 | €0 | - | €4,170 | - |
| Gross operating margin9900 | -€17,061 | €115,555 | €79,385 | €9,195 | €25,701 | €13,458 | €101,631 | -€6,221 | - |
| Operating profit (loss)9901 | -€29,216 | €90,191 | €64,294 | -€33,856 | -€18,253 | €9,935 | €86,675 | -€29,282 | - |
| Financial income75/76B | - | - | - | €2,593 | €103 | €35 | €0 | €851 | - |
| Recurring financial income75 | €173 | €1,033 | €1,147 | €2,593 | €103 | €35 | €0 | €851 | - |
| Financial charges65/66B | - | - | - | €498 | €5,157 | €986 | €5,280 | €3,289 | ▼ 37.7% |
| Recurring financial charges65 | €685 | €2,347 | €11,126 | €498 | €5,157 | €986 | €5,280 | €3,289 | ▼ 37.7% |
| Profit (loss) for the period before taxes9903 | -€29,728 | €88,877 | €54,315 | -€31,762 | -€23,308 | €8,984 | €81,395 | -€31,720 | - |
| Income taxes67/77 | - | €7,340 | €15,956 | €0 | - | - | €13,497 | €708 | ▼ 94.8% |
| Profit (loss) for the period9904 | -€29,728 | €81,537 | €38,359 | -€31,762 | -€23,308 | €8,984 | €67,899 | -€32,428 | - |
| Profit (loss) for the period to be appropriated9905 | -€29,728 | €81,537 | €38,359 | -€31,762 | -€23,308 | €8,984 | €67,899 | -€32,428 | - |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Assets | |||||||||
| Total assets20/58 | €110,034 | €269,896 | €930,099 | €214,040 | €224,543 | €224,223 | €220,027 | €202,576 | ▼ 7.9% |
| Fixed assets21/28 | €68,458 | €69,190 | €61,662 | €26,261 | €20,699 | €18,768 | €75,649 | €57,138 | ▼ 24.5% |
| Tangible fixed assets22/27 | €67,158 | €54,590 | €47,062 | €9,661 | €4,099 | €2,168 | €50,799 | €32,288 | ▼ 36.4% |
| Plant, machinery and equipment23 | - | - | - | €7,236 | €476 | €301 | €45,526 | €28,516 | ▼ 37.4% |
| Furniture and vehicles24 | - | - | - | €2,424 | €3,624 | €1,867 | €5,273 | €3,772 | ▼ 28.5% |
| Assets under construction and advance payments27 | - | - | - | €0 | - | - | - | - | - |
| Financial fixed assets28 | €1,300 | €14,600 | €14,600 | €16,600 | €16,600 | €16,600 | €24,850 | €24,850 | = |
| Current assets29/58 | €41,576 | €200,706 | €868,436 | €187,780 | €203,844 | €205,456 | €144,378 | €145,438 | ▲ 0.7% |
| Amounts receivable after more than one year29 | - | - | - | €104,996 | €0 | - | - | - | - |
| Other amounts receivable291 | - | - | - | €104,996 | €0 | - | - | - | - |
| Amounts receivable within one year40/41 | €37,836 | €199,426 | €733,380 | €76,311 | €202,265 | €204,983 | €142,433 | €144,176 | ▲ 1.2% |
| Trade receivables40 | - | - | - | €33,845 | €0 | €6,889 | €26,913 | €16,050 | ▼ 40.4% |
| Other amounts receivable41 | - | - | - | €42,466 | €202,265 | €198,094 | €115,520 | €128,126 | ▲ 10.9% |
| Cash at bank and in hand54/58 | €3,567 | €210 | €49,969 | €6,272 | €1,361 | €236 | €1,508 | €1,262 | ▼ 16.3% |
| Deferred charges and accrued income490/1 | - | - | - | €200 | €218 | €237 | €437 | €0 | ▼ 100% |
| Equity and liabilities | |||||||||
| Total equity and liabilities10/49 | €110,034 | €269,896 | €930,099 | €214,040 | €224,543 | €224,223 | €220,027 | €202,576 | ▼ 7.9% |
| Equity10/15 | -€48,197 | €33,340 | €71,700 | €39,938 | €16,630 | €25,614 | €93,513 | €61,085 | ▼ 34.7% |
| Contributions10/11 | €18,600 | €18,600 | - | €18,600 | €18,600 | €18,600 | €18,600 | €18,600 | = |
| Reserves13 | - | €13,860 | €52,860 | €52,860 | €1,860 | €7,014 | €74,913 | €42,485 | ▼ 43.3% |
| Non-distributable reserves130/1 | - | - | - | €1,860 | €1,860 | €1,860 | €1,860 | €1,860 | = |
| Reserves not available under the articles1311 | - | - | - | €1,860 | €1,860 | €1,860 | €1,860 | €1,860 | = |
| Distributable reserves133 | - | - | - | €51,000 | €0 | €5,154 | €73,053 | €40,625 | ▼ 44.4% |
| Profit (loss) carried forward14 | -€66,797 | €880 | €240 | -€31,522 | -€3,830 | €0 | - | - | - |
| Amounts payable17/49 | €158,231 | €236,556 | €858,399 | €174,102 | €207,913 | €198,610 | €126,514 | €141,492 | ▲ 11.8% |
| Amounts payable after more than one year17 | €27,081 | €54,691 | €49,000 | €49,000 | €49,000 | €52,920 | €0 | - | - |
| Financial debts170/4 | - | - | - | €49,000 | €49,000 | €52,920 | €0 | - | - |
| Amounts payable within one year42/48 | €131,056 | €178,914 | €805,947 | €125,102 | €150,450 | €145,690 | €126,514 | €141,492 | ▲ 11.8% |
| Trade debts44 | €30,133 | €16,312 | €26,200 | €28,129 | €21,810 | €24,512 | €31,043 | €49,831 | ▲ 60.5% |
| Suppliers440/4 | - | - | - | €28,129 | €21,810 | €24,512 | €31,043 | €49,831 | ▲ 60.5% |
| Advances received on contracts in progress46 | - | - | - | €0 | €2,420 | €0 | - | - | - |
| Taxes, remuneration and social security45 | - | - | - | €3,382 | €6,124 | €4,220 | €27,562 | €5,878 | ▼ 78.7% |
| Taxes450/3 | - | - | - | €3,382 | €6,124 | €4,220 | €27,562 | €5,878 | ▼ 78.7% |
| Remuneration and social security454/9 | - | - | - | €0 | - | - | - | - | - |
| Other amounts payable47/48 | - | - | - | €93,591 | €120,096 | €116,958 | €67,910 | €85,782 | ▲ 26.3% |
| Accrued charges and deferred income492/3 | - | - | - | €0 | €8,463 | €0 | - | - | - |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | -€29,728 | €81,537 | €38,359 | -€31,762 | -€23,308 | €8,984 | €67,899 | -€32,428 | - |
| + Depreciation and write-downs630 | €8,353 | €8,353 | €8,401 | €7,634 | €8,106 | €1,931 | €11,183 | €18,511 | ▲ 65.5% |
| Operating cash flow (approximation) | -€21,375 | €89,890 | €46,760 | -€24,128 | -€15,202 | €10,915 | €79,082 | -€13,917 | - |
| Investment in fixed assets (approximation) | - | -€9,085 | -€873 | €27,768 | -€2,545 | €0 | -€68,065 | €0 | - |
| Change in cash | - | -€3,358 | €49,760 | -€43,697 | -€4,912 | -€1,124 | €1,272 | -€246 | - |
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 |
|---|---|---|---|---|
| 31-12-2025 | abbreviated format | 10-09-2026 | 2026-00510530 | |
| 31-12-2024 | abbreviated format | 27-08-2025 | 2025-00413782 | |
| 31-12-2023 | abbreviated format | 25-07-2024 | 2024-00284734 | |
| 31-12-2022 | abbreviated format | 19-07-2023 | 2023-00250901 | |
| 31-12-2021 | micro format | 31-08-2022 | 2022-20388352 | |
| 31-12-2020 | abbreviated format | 26-08-2021 | 2021-54200178 | |
| 31-12-2019 | abbreviated format | 26-06-2020 | 2020-20700577 | |
| 31-12-2018 | micro format | 10-07-2019 | 2019-30600243 | |
| 31-12-2017 | abbreviated format | 16-08-2018 | 2018-45900084 | |
| 31-12-2016 | micro format | 02-10-2017 | 2017-64400141 |