Summary
Solvac is a financial institution; the bankruptcy model is trained on trading and manufacturing companies and does not apply here. The 2025 annual accounts show equity of €2.52bn and a net result of €125.3m. Equity remains stable across the filed financial years (±0% per year). Its solvency ranks better than 80% of 3,027 sector peers (NACE 64, financial year 2025). The company has been active since 1983 and the Belgian Official Gazette contains no insolvency or warning signals.
Financials · financial year 2025, full format, standalone accounts
In the rankings
#7 company by equity in Elsene#8 company by total assets in Elsene, Finance and insurance sector
Equity
€2.52bn=
2024 · €2.52bn
Net result
€125.3m▲ 19.7%
2024 · €104.7m
Total assets
€2.73bn=
2024 · €2.73bn
Solvency
92.1%=
2024 · 92.1%
Trend over the years
2021 to 2025, 5 financial years 2018 to 2025, 8 financial years
The operating result stays negative: a loss of €3.9m in 2025 against €3.1m in 2024; the loss grows.
What the company sold each financial year and what was left of it. A loss stands below the zero line.
Operating result-€3.9m
2025
Net result€125.3m
2025
What the company owns (total assets), how much of it is its own (equity) and how much it owes.
Total assets€2,733.0m
2025
Equity€2,517.6m
2025
Debt€215.4m
2025
Short-term assets minus short-term debts. Above zero the company can pay its bills in the short term.
Working capital-€29.4m
2025
How much of each euro of turnover is left from operations (EBIT margin) and what the assets earn (return on assets).
Return on assets (ROA)4.6%
2025
The share of the company financed with its own means. The higher it is, the better it absorbs a shock.
Solvency92.1%
2025
Short-term assets per euro of short-term debt. Above 1 the short-term debts are covered.
Current ratio0.54
2025
Average staff in full-time equivalents (FTE).
Staff (FTE)2
2025
Use the arrow keys on the chart for the figures per year.
Sector: the middle half of NACE 64, Financial service activities, except insurance and pension funding: a quarter of companies sit below it, a quarter above. Each year compared with accounts in the same format, and only where there are at least 30. Dashed line: the median. Available for Net result, Equity, Total assets, Working capital, Solvency, Current ratio, Return on assets (ROA), Staff (FTE).
Every figure with its change against the financial year before
favourable
unfavourable
Line20182019202020212022202320242025
Operating result-€1.4m--€1.5m▼ 6.6%-€4.0m▼ 167%-€1.8m▲ 54.7%-€1.9m▼ 7.4%-€4.7m▼ 144%-€3.1m▲ 35.6%-€3.9m▼ 28.5%
Net result€113.7m-€118.7m▲ 4.4%€114.4mabove the sector's middle half▼ 3.6%€117.4mabove the sector's middle half▲ 2.6%€122.0mabove the sector's middle half▲ 4.0%€127.3mabove the sector's middle half▲ 4.4%€104.7mabove the sector's middle half▼ 17.8%€125.3mabove the sector's middle half▲ 19.7%
Equity€2,528.4m-€2,530.8m▲ 0.1%€2,528.9mabove the sector's middle half▼ 0.1%€2,530.0mabove the sector's middle half=€2,532.8mabove the sector's middle half▲ 0.1%€2,535.9mabove the sector's middle half▲ 0.1%€2,516.4mabove the sector's middle half▼ 0.8%€2,517.6mabove the sector's middle half=
Total assets€2,738.0m-€2,738.9m=€2,747.1mabove the sector's middle half▲ 0.3%€2,747.3mabove the sector's middle half=€2,748.7mabove the sector's middle half▲ 0.1%€2,754.9mabove the sector's middle half▲ 0.2%€2,732.8mabove the sector's middle half▼ 0.8%€2,733.0mabove the sector's middle half=
Debt€209.6m-€208.1m▼ 0.7%€218.2m▲ 4.8%€217.2m▼ 0.4%€215.9m▼ 0.6%€219.0m▲ 1.4%€216.4m▼ 1.2%€215.4m▼ 0.4%
Working capital-€9.7m--€7.3m▲ 24.9%-€17.5mbelow the sector's middle half▼ 139%-€16.2mbelow the sector's middle half▲ 7.3%-€13.8mbelow the sector's middle half▲ 14.9%-€10.6mbelow the sector's middle half▲ 23.2%-€80.1mbelow the sector's middle half▼ 656%-€29.4mbelow the sector's middle half▲ 63.3%
Solvency92.3%-92.4%▲ 0.1pp92.1%above the sector's middle half▼ 0.3pp92.1%above the sector's middle half=92.1%above the sector's middle half▲ 0.1pp92.0%above the sector's middle half▼ 0.1pp92.1%above the sector's middle half=92.1%above the sector's middle half=
Current ratio0.83-0.87▲ 0.040.74within the sector's middle half▼ 0.130.75within the sector's middle half▲ 0.010.79within the sector's middle half▲ 0.030.84within the sector's middle half▲ 0.060.30below the sector's middle half▼ 0.540.54within the sector's middle half▲ 0.24
Return on assets (ROA)4.2%-4.3%▲ 0.2pp4.2%within the sector's middle half▼ 0.2pp4.3%within the sector's middle half▲ 0.1pp4.4%within the sector's middle half▲ 0.2pp4.6%within the sector's middle half▲ 0.2pp3.8%within the sector's middle half▼ 0.8pp4.6%within the sector's middle half▲ 0.8pp
Staff (FTE)1.4-1.7▲ 21.4%1.6within the sector's middle half▼ 5.9%1.6within the sector's middle half=1.6within the sector's middle half=2.8within the sector's middle half▲ 75.0%2.3within the sector's middle half▼ 17.9%2within the sector's middle half▼ 13.0%
above
within
below
the middle half of NACE 64, Financial service activities, except insurance and pension funding: a quarter of companies sit below it, a quarter above. Each year compared with accounts in the same format, and only where there are at least 30.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €2.73bn
Fixed assets
€2.70bn =
Current assets
€35.2m ▲ 0.3%
Equity and liabilities €2.73bn
Equity
€2.52bn =
Debt
€215.4m ▼ 0.4%
Debt's share of the balance-sheet total stays at 7.9%.
Key figures and ratios
ROE
5.0%▲
2024 · 4.2%
Debt ≤ 1 year
€64.7m▼
2024 · €115.3m
Debt > 1 year
€150.0m▲
2024 · €100.0m
Income taxes
€326▼
2024 · €443
Staff costs
€307,294▼
2024 · €337,294
Green means a favourable move, even when the figure itself falls: as with debt or debt to equity.
Annual accounts
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Operating income70/76A | - | - | - | €0.003m | €0.03m | €0.005m | €0.005m | €0.004m | ▼ 24.2% |
| Other operating income74 | - | - | - | €0.003m | €0.03m | €0.005m | €0.005m | €0.004m | ▼ 24.2% |
| Operating charges60/66A | - | - | - | €1.8m | €2.0m | €4.7m | €3.1m | €3.9m | ▲ 28.4% |
| Services and other goods61 | - | - | - | €1.4m | €1.6m | €2.0m | €2.1m | €2.7m | ▲ 28.5% |
| Remuneration, social security and pensions62 | - | - | - | €0.2m | €0.2m | €0.4m | €0.3m | €0.3m | ▼ 8.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €0.004m | €0.008m | €0.009m | €0.009m | €0.007m | €0.006m | €0.002m | €0.001m | ▼ 57.5% |
| Other operating charges640/8 | - | - | - | €0.1m | €0.1m | €0.1m | €0.1m | €0.1m | ▼ 0.8% |
| Non-recurring operating charges66A | - | - | - | - | - | €2.2m | €0.5m | €0.8m | ▲ 60.2% |
| Operating profit (loss)9901 | -€1.4m | -€1.5m | -€4.0m | -€1.8m | -€1.9m | -€4.7m | -€3.1m | -€3.9m | ▼ 28.5% |
| Financial income75/76B | - | - | - | €122.3m | €126.9m | €135.2m | €111.2m | €132.5m | ▲ 19.1% |
| Recurring financial income75 | €119.0m | €123.9m | €122.1m | €122.3m | €126.9m | €135.2m | €111.2m | €132.5m | ▲ 19.1% |
| Income from financial fixed assets750 | - | - | - | €122.3m | €126.9m | €134.7m | €110.9m | €132.1m | ▲ 19.1% |
| Income from current assets751 | - | - | - | - | - | €0.5m | €0.3m | €0.4m | ▲ 26.8% |
| Financial charges65/66B | - | - | - | €3.1m | €2.9m | €3.1m | €3.5m | €3.3m | ▼ 5.9% |
| Recurring financial charges65 | €3.9m | €3.6m | €3.7m | €3.1m | €2.9m | €3.1m | €3.5m | €3.3m | ▼ 5.9% |
| Debt charges650 | €3.9m | €3.6m | €3.7m | €2.9m | €2.9m | €3.1m | €3.4m | €3.2m | ▼ 7.3% |
| Other financial charges652/9 | - | - | - | €0.2m | €0.02m | €0.01m | €0.01m | €0.06m | ▲ 420% |
| Profit (loss) for the period before taxes9903 | €113.7m | €118.7m | €114.4m | €117.4m | €122.0m | €127.3m | €104.7m | €125.3m | ▲ 19.7% |
| Income taxes67/77 | €0.001m | €409 | €265 | €250 | €261 | €427 | €443 | €326 | ▼ 26.4% |
| Taxes670/3 | - | - | - | €260 | €261 | €427 | €443 | €353 | ▼ 20.3% |
| Tax adjustments and reversals of tax provisions77 | - | - | - | €10 | - | - | - | €27 | - |
| Profit (loss) for the period9904 | €113.7m | €118.7m | €114.4m | €117.4m | €122.0m | €127.3m | €104.7m | €125.3m | ▲ 19.7% |
| Profit (loss) for the period to be appropriated9905 | €113.7m | €118.7m | €114.4m | €117.4m | €122.0m | €127.3m | €104.7m | €125.3m | ▲ 19.7% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Assets | |||||||||
| Total assets20/58 | €2,738.0m | €2,738.9m | €2,747.1m | €2,747.3m | €2,748.7m | €2,754.9m | €2,732.8m | €2,733.0m | = |
| Fixed assets21/28 | €2,689.7m | €2,689.7m | €2,697.7m | €2,697.7m | €2,697.7m | €2,697.7m | €2,697.7m | €2,697.7m | = |
| Intangible fixed assets21 | - | €0.02m | €0.02m | €0.01m | €0.006m | €0.001m | - | - | - |
| Tangible fixed assets22/27 | €0.03m | €0.02m | €0.02m | €0.01m | €0.01m | €0.01m | €0.009m | €0.06m | ▲ 509% |
| Furniture and vehicles24 | - | - | - | €0.002m | - | - | - | - | - |
| Other tangible fixed assets26 | - | - | - | €0.01m | €0.01m | €0.01m | €0.009m | €0.008m | ▼ 10.6% |
| Assets under construction and advance payments27 | - | - | - | - | - | - | - | €0.05m | - |
| Financial fixed assets28 | €2,689.7m | €2,689.7m | €2,697.7m | €2,697.7m | €2,697.7m | €2,697.7m | €2,697.7m | €2,697.7m | = |
| Companies linked by participating interests282/3 | - | - | - | €2,697.7m | €2,697.7m | €2,697.7m | €2,697.7m | €2,697.7m | = |
| Participating interests282 | - | - | - | €2,697.7m | €2,697.7m | €2,697.7m | €2,697.7m | €2,697.7m | = |
| Current assets29/58 | €48.2m | €49.2m | €49.4m | €49.6m | €51.0m | €57.3m | €35.1m | €35.2m | ▲ 0.3% |
| Amounts receivable within one year40/41 | €46.8m | €48.8m | €48.9m | €48.9m | €50.2m | €53.0m | €31.9m | €31.9m | = |
| Trade receivables40 | - | - | - | - | - | - | €395 | - | - |
| Other amounts receivable41 | - | - | - | €48.9m | €50.2m | €53.0m | €31.9m | €31.9m | = |
| Cash at bank and in hand54/58 | €1.4m | €0.4m | €0.4m | €0.6m | €0.7m | €4.2m | €3.2m | €3.3m | ▲ 3.9% |
| Deferred charges and accrued income490/1 | - | - | - | €0.05m | €0.05m | €0.05m | €0.05m | €0.05m | ▼ 0.3% |
| Equity and liabilities | |||||||||
| Total equity and liabilities10/49 | €2,738.0m | €2,738.9m | €2,747.1m | €2,747.3m | €2,748.7m | €2,754.9m | €2,732.8m | €2,733.0m | = |
| Equity10/15 | €2,528.4m | €2,530.8m | €2,528.9m | €2,530.0m | €2,532.8m | €2,535.9m | €2,516.4m | €2,517.6m | = |
| Contributions10/11 | €192.8m | €192.8m | €192.8m | €765.6m | €765.6m | €765.6m | €765.6m | €765.6m | = |
| Capital10 | - | - | - | €192.8m | €192.8m | €192.8m | €192.8m | €192.8m | = |
| Issued capital100 | - | - | - | €192.8m | €192.8m | €192.8m | €192.8m | €192.8m | = |
| Contributions outside capital11 | - | - | - | €572.8m | €572.8m | €572.8m | €572.8m | €572.8m | = |
| Share premium1100/10 | - | - | - | €572.8m | €572.8m | €572.8m | €572.8m | €572.8m | = |
| Reserves13 | €378.7m | €378.7m | €378.7m | €378.7m | €378.7m | €378.7m | €378.7m | €378.7m | = |
| Non-distributable reserves130/1 | - | - | - | €378.7m | €378.7m | €378.7m | €378.7m | €378.7m | = |
| Legal reserve130 | - | - | - | €19.3m | €19.3m | €19.3m | €19.3m | €19.3m | = |
| Other1319 | - | - | - | €359.4m | €359.4m | €359.4m | €359.4m | €359.4m | = |
| Profit (loss) carried forward14 | €1,384.1m | €1,386.5m | €1,384.6m | €1,385.7m | €1,388.5m | €1,391.6m | €1,372.1m | €1,373.3m | ▲ 0.1% |
| Amounts payable17/49 | €209.6m | €208.1m | €218.2m | €217.2m | €215.9m | €219.0m | €216.4m | €215.4m | ▼ 0.4% |
| Amounts payable after more than one year17 | €150.0m | €150.0m | €150.0m | €150.0m | €150.0m | €150.0m | €100.0m | €150.0m | ▲ 50.0% |
| Financial debts170/4 | - | - | - | €150.0m | €150.0m | €150.0m | €100.0m | €150.0m | ▲ 50.0% |
| Credit institutions173 | - | - | - | €150.0m | €150.0m | €150.0m | €100.0m | €150.0m | ▲ 50.0% |
| Amounts payable within one year42/48 | €58.0m | €56.5m | €66.9m | €65.8m | €64.8m | €67.9m | €115.3m | €64.7m | ▼ 43.9% |
| Current portion of amounts payable after more than one year42 | - | - | - | - | - | - | €50.0m | - | - |
| Financial debts43 | - | - | - | €49.9m | €48.0m | €48.6m | €13.0m | - | - |
| Credit institutions430/8 | - | - | - | €49.9m | €48.0m | €48.6m | €13.0m | - | - |
| Trade debts44 | €0.2m | €0.1m | €0.1m | €0.1m | €0.08m | €1.6m | €0.2m | €0.1m | ▼ 15.0% |
| Suppliers440/4 | - | - | - | €0.1m | €0.08m | €1.6m | €0.2m | €0.1m | ▼ 15.0% |
| Taxes, remuneration and social security45 | - | - | - | €13.6m | €14.4m | €15.3m | €0.06m | €0.09m | ▲ 47.7% |
| Taxes450/3 | - | - | - | €13.5m | €14.3m | €15.2m | - | €0.03m | - |
| Remuneration and social security454/9 | - | - | - | €0.09m | €0.05m | €0.09m | €0.06m | €0.06m | ▲ 3.7% |
| Other amounts payable47/48 | - | - | - | €2.2m | €2.4m | €2.4m | €52.0m | €64.5m | ▲ 23.8% |
| Accrued charges and deferred income492/3 | - | - | - | €1.4m | €1.1m | €1.2m | €1.1m | €0.7m | ▼ 34.5% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €113.7m | €118.7m | €114.4m | €117.4m | €122.0m | €127.3m | €104.7m | €125.3m | ▲ 19.7% |
| + Depreciation and write-downs630 | €0.004m | €0.008m | €0.009m | €0.009m | €0.007m | €0.006m | €0.002m | €0.001m | ▼ 57.5% |
| Operating cash flow (approximation) | €113.7m | €118.7m | €114.4m | €117.4m | €122.0m | €127.3m | €104.7m | €125.3m | ▲ 19.7% |
| Investment in fixed assets (approximation) | - | -€0.02m | -€8.0m | €0 | €0 | €0 | €0 | -€0.05m | - |
| Change in cash | - | -€1.0m | €0.01m | €0.2m | €0.2m | €3.5m | -€1.0m | €0.1m | - |
Simplified and derived: a Belgian filing has no cash-flow statement, so these rows come from the income statement and the balance-sheet moves.
Latest 10 of 67 filings with the National Bank
| Financial year | Type | Filed | Reference |
|---|---|---|---|
| 31-12-2025 | full format | 02-06-2026 | 2026-00138445 |
| 31-12-2024 | full format | 14-11-2025 | 2025-00567218 |
| 31-12-2023 | full format | 27-02-2025 | 2025-00041699 |
| 31-12-2022 | consolidated | 09-06-2023 | 2023-00120217 |
| 31-12-2022 | full format | 24-05-2023 | 2023-00095509 |
| 31-12-2021 | consolidated | 13-05-2022 | 2022-20027362 |
| 31-12-2021 | full format | 11-05-2022 | 2022-20025805 |
| 31-12-2020 | consolidated | 28-05-2021 | 2021-15700420 |
| 31-12-2020 | full format | 18-05-2021 | 2021-14500016 |
| 31-12-2019 | full format | 20-05-2020 | 2020-12600574 |
Similar companies · same sector, comparable size
D'Ieteren Group
BE 0403.448.140
Elsene · equity €2,536,118,838
KORYS
BE 0844.198.918
Halle · equity €2,540,396,222
ACKERMANS & VAN HAAREN
BE 0404.616.494
Antwerpen · equity €2,634,503,218
COMPAGNIE NATIONALE A PORTEFEUILLE
BE 0467.825.060
Gerpinnes · equity €2,245,241,678
B.S.A. INTERNATIONAL
BE 0443.205.173
Anderlecht · equity €2,864,463,132
Of the 24,455 active companies whose main activity is activities of holding companies (NACE 64210), figures are known for 20,128. 218 are within a factor 10 of this equity. These 5 are the closest to it. See the whole sector
Public contracts: No European public contracts awarded found since October 2016. Contracts below the EU thresholds are not in TED.