Financials · financial year 2025, micro format
Annual accounts 2025 filed on 04-06-2026 PDF all 16 filings
Equity
€452,949▲ 4.5%
2024 · €433,428
Net result
€19,521▲ 131%
2024 · €8,436
Total assets
€470,744▲ 6.0%
2024 · €444,213
Solvency
96.2%▼ 1.4pp
2024 · 97.6%
Multi-year overview
2018 to 2025, 8 financial yearsOperating result
€22,907
▲ 457%
2025
20182025
Net result
€19,521
▲ 131%
2025
middle half of the sector
20182025
Equity
€452,949
▲ 4.5%
2025
highest quarter of the sector
20182025
Total assets
€470,744
▲ 6.0%
2025
middle half of the sector
20182025
Debt
€17,795
▲ 65.0%
2025
20182025
Working capital
€306,401
▲ 6.1%
2025
highest quarter of the sector
20182025
Solvency
96.2%
▼ 1.4pp
2025
highest quarter of the sector
20182025
Current ratio
18.22
▼ 9.56
2025
highest quarter of the sector
20182025
Return on assets (ROA)
4.1%
▲ 2.2pp
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€52,303-€59,009▲ 12.8%€76,330▲ 29.4%€63,464▼ 16.9%€110,867▲ 74.7%€41,127▼ 62.9%€4,113▼ 90.0%€22,907▲ 457%
Net result€39,808-€39,624▼ 0.5%€53,684within the sector's middle half▲ 35.5%€48,921within the sector's middle half▼ 8.9%€85,256above the sector's middle half▲ 74.3%€31,188within the sector's middle half▼ 63.4%€8,436within the sector's middle half▼ 73.0%€19,521within the sector's middle half▲ 131%
Equity€166,319-€205,943▲ 23.8%€259,627within the sector's middle half▲ 26.1%€308,548within the sector's middle half▲ 18.8%€393,804within the sector's middle half▲ 27.6%€424,993above the sector's middle half▲ 7.9%€433,428above the sector's middle half▲ 2.0%€452,949above the sector's middle half▲ 4.5%
Total assets€220,184-€248,280▲ 12.8%€302,377within the sector's middle half▲ 21.8%€325,321within the sector's middle half▲ 7.6%€416,463within the sector's middle half▲ 28.0%€447,149within the sector's middle half▲ 7.4%€444,213within the sector's middle half▼ 0.7%€470,744within the sector's middle half▲ 6.0%
Debt€53,865-€42,336▼ 21.4%€42,750▲ 1.0%€16,773▼ 60.8%€22,658▲ 35.1%€22,156▼ 2.2%€10,785▼ 51.3%€17,795▲ 65.0%
Working capital€14,265-€58,849▲ 313%€109,504within the sector's middle half▲ 86.1%€160,052above the sector's middle half▲ 46.2%€244,854above the sector's middle half▲ 53.0%€278,872above the sector's middle half▲ 13.9%€288,787above the sector's middle half▲ 3.6%€306,401above the sector's middle half▲ 6.1%
Solvency75.5%-82.9%▲ 7.4pp85.9%above the sector's middle half▲ 2.9pp94.8%above the sector's middle half▲ 9.0pp94.6%above the sector's middle half▼ 0.3pp95.0%above the sector's middle half▲ 0.5pp97.6%above the sector's middle half▲ 2.5pp96.2%above the sector's middle half▼ 1.4pp
Current ratio1.26-2.39▲ 1.133.56within the sector's middle half▲ 1.1710.54above the sector's middle half▲ 6.9811.81above the sector's middle half▲ 1.2613.59above the sector's middle half▲ 1.7827.78above the sector's middle half▲ 14.1918.22above the sector's middle half▼ 9.56
Return on assets (ROA)18.1%-16.0%▼ 2.1pp17.8%within the sector's middle half▲ 1.8pp15.0%within the sector's middle half▼ 2.7pp20.5%within the sector's middle half▲ 5.4pp7.0%within the sector's middle half▼ 13.5pp1.9%within the sector's middle half▼ 5.1pp4.1%within the sector's middle half▲ 2.2pp
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 nearly 5.6 times that of 2024. It is a recovery after the fall in 2024.
Turnover and EBIT margin are not published. The 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 €470,744
Fixed assets
€146,548 ▲ 1.3%
Current assets
€324,196 ▲ 8.2%
Equity and liabilities €470,744
Equity
€452,949 ▲ 4.5%
Debt
€17,795 ▲ 65.0%
Debt's share of the balance-sheet total rises from 2.4% to 3.8%. Equity and debt are higher.
Key figures and ratios
ROE
4.3%▲
2024 · 1.9%
Debt ≤ 1 year
€17,795▲
2024 · €10,785
Income taxes
€7,380▲
2024 · €4,059
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 | €1,810 | €2,750 | - | €2,117 | €5,369 |
| Depreciation and write-downs of the year | €3,436 | €2,297 | €2,830 | €2,698 | €3,463 |
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 |
|---|---|---|---|---|---|---|---|---|---|
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €4,960 | €4,960 | €3,972 | €3,436 | €2,297 | €2,830 | €2,698 | €3,463 | ▲ 28.4% |
| Other operating charges640/8 | - | - | - | - | - | - | €898 | - | - |
| Gross operating margin9900 | €57,263 | €64,229 | €80,302 | €66,900 | €113,164 | €43,957 | €7,709 | €26,369 | ▲ 242% |
| Operating profit (loss)9901 | €52,303 | €59,009 | €76,330 | €63,464 | €110,867 | €41,127 | €4,113 | €22,907 | ▲ 457% |
| Financial income75/76B | - | - | - | €0 | €359 | €176 | €8,382 | €4,000 | ▼ 52.3% |
| Recurring financial income75 | - | €0 | - | €0 | €359 | €176 | €8,382 | €4,000 | ▼ 52.3% |
| Financial charges65/66B | - | - | - | - | €95 | €48 | - | €6 | - |
| Recurring financial charges65 | €39 | €2 | €6 | - | €95 | €48 | - | €6 | - |
| Profit (loss) for the period before taxes9903 | €52,264 | €59,007 | €76,324 | €63,464 | €111,131 | €41,255 | €12,494 | €26,901 | ▲ 115% |
| Income taxes67/77 | €12,456 | €19,382 | €22,641 | €14,543 | €25,875 | €10,067 | €4,059 | €7,380 | ▲ 81.8% |
| Profit (loss) for the period9904 | €39,808 | €39,624 | €53,684 | €48,921 | €85,256 | €31,188 | €8,436 | €19,521 | ▲ 131% |
| Profit (loss) for the period to be appropriated9905 | €39,808 | €39,624 | €53,684 | €48,921 | €85,256 | €31,188 | €8,436 | €19,521 | ▲ 131% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Assets | |||||||||
| Total assets20/58 | €220,184 | €248,280 | €302,377 | €325,321 | €416,463 | €447,149 | €444,213 | €470,744 | ▲ 6.0% |
| Formation expenses20 | - | - | - | - | - | €0 | €0 | €0 | - |
| Fixed assets21/28 | €152,054 | €147,095 | €150,123 | €148,496 | €148,950 | €146,120 | €144,641 | €146,548 | ▲ 1.3% |
| Tangible fixed assets22/27 | €16,753 | €11,793 | €14,821 | €13,195 | €13,649 | €10,819 | €9,340 | €11,246 | ▲ 20.4% |
| Land and buildings22 | - | - | - | €7,909 | €7,028 | €6,147 | €5,266 | €4,385 | ▼ 16.7% |
| Plant, machinery and equipment23 | - | - | - | €0 | €2,623 | €1,706 | €2,140 | €4,807 | ▲ 125% |
| Furniture and vehicles24 | - | - | - | €5,030 | €3,998 | €2,966 | €1,934 | €2,055 | ▲ 6.3% |
| Other tangible fixed assets26 | - | - | - | €256 | - | €0 | €0 | €0 | - |
| Financial fixed assets28 | €135,301 | €135,301 | €135,301 | €135,301 | €135,301 | €135,301 | €135,301 | €135,301 | = |
| Current assets29/58 | €68,130 | €101,185 | €152,254 | €176,825 | €267,512 | €301,028 | €299,572 | €324,196 | ▲ 8.2% |
| Amounts receivable after more than one year29 | - | - | - | - | €21,097 | €100,000 | €100,000 | €100,000 | = |
| Other amounts receivable291 | - | - | - | - | €21,097 | €100,000 | €100,000 | €100,000 | = |
| Amounts receivable within one year40/41 | €6 | €43,439 | €45,541 | €66,545 | €26,469 | €30,084 | €25,490 | €29,167 | ▲ 14.4% |
| Trade receivables40 | - | - | - | €19,595 | €21,360 | €18,163 | €13,510 | €14,116 | ▲ 4.5% |
| Other amounts receivable41 | - | - | - | €46,950 | €5,109 | €11,920 | €11,980 | €15,051 | ▲ 25.6% |
| Cash at bank and in hand54/58 | €67,688 | €57,311 | €106,278 | €110,280 | €219,946 | €170,945 | €161,082 | €183,029 | ▲ 13.6% |
| Deferred charges and accrued income490/1 | - | - | - | - | - | - | €13,000 | €12,000 | ▼ 7.7% |
| Equity and liabilities | |||||||||
| Total equity and liabilities10/49 | €220,184 | €248,280 | €302,377 | €325,321 | €416,463 | €447,149 | €444,213 | €470,744 | ▲ 6.0% |
| Equity10/15 | €166,319 | €205,943 | €259,627 | €308,548 | €393,804 | €424,993 | €433,428 | €452,949 | ▲ 4.5% |
| Contributions10/11 | €6,200 | €6,200 | - | €6,200 | €6,200 | €6,200 | €6,200 | €6,200 | = |
| Reserves13 | €160,119 | €199,743 | €199,743 | €199,743 | €199,743 | €199,743 | €199,743 | €199,743 | = |
| Non-distributable reserves130/1 | - | - | - | €1,860 | €1,860 | €1,860 | - | - | - |
| Reserves not available under the articles1311 | - | - | - | €1,860 | €1,860 | €1,860 | - | - | - |
| Distributable reserves133 | - | - | - | €197,883 | €197,883 | €197,883 | €199,743 | €199,743 | = |
| Profit (loss) carried forward14 | - | - | €53,684 | €102,605 | €187,861 | €219,049 | €227,485 | €247,006 | ▲ 8.6% |
| Amounts payable17/49 | €53,865 | €42,336 | €42,750 | €16,773 | €22,658 | €22,156 | €10,785 | €17,795 | ▲ 65.0% |
| Amounts payable within one year42/48 | €53,865 | €42,336 | €42,750 | €16,773 | €22,658 | €22,156 | €10,785 | €17,795 | ▲ 65.0% |
| Trade debts44 | €1,114 | €16,156 | €6,324 | €1,508 | €950 | €9,436 | €1,035 | €6,137 | ▲ 493% |
| Suppliers440/4 | - | - | - | €1,508 | €950 | €9,436 | €1,035 | €6,137 | ▲ 493% |
| Taxes, remuneration and social security45 | - | - | - | €15,265 | €21,708 | €12,720 | €9,750 | €11,658 | ▲ 19.6% |
| Taxes450/3 | - | - | - | €11,745 | €21,708 | €9,104 | €6,080 | €7,967 | ▲ 31.0% |
| Remuneration and social security454/9 | - | - | - | €3,519 | - | €3,617 | €3,670 | €3,691 | ▲ 0.6% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €39,808 | €39,624 | €53,684 | €48,921 | €85,256 | €31,188 | €8,436 | €19,521 | ▲ 131% |
| + Depreciation and write-downs630 | €4,960 | €4,960 | €3,972 | €3,436 | €2,297 | €2,830 | €2,698 | €3,463 | ▲ 28.4% |
| Operating cash flow (approximation) | €44,768 | €44,584 | €57,655 | €52,358 | €87,552 | €34,018 | €11,134 | €22,984 | ▲ 106% |
| Investment in fixed assets (approximation) | - | €0 | -€7,000 | -€1,810 | -€2,750 | €0 | -€1,219 | -€5,369 | ▼ 341% |
| Change in cash | - | -€10,378 | €48,967 | €4,002 | €109,666 | -€49,001 | -€9,863 | €21,948 | - |
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 16 filings with the National Bank
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-12-2025 | micro format | 04-06-2026 | 2026-00140824 | |
| 31-12-2024 | micro format | 31-05-2025 | 2025-00119501 | |
| 31-12-2023 | micro format | 13-06-2024 | 2024-00130828 | |
| 31-12-2022 | micro format | 23-07-2023 | 2023-00260186 | |
| 31-12-2021 | micro format | 04-08-2022 | 2022-20274472 | |
| 31-12-2020 | micro format | 30-07-2021 | 2021-42600344 | |
| 31-12-2019 | micro format | 31-08-2020 | 2020-51000595 | |
| 31-12-2018 | micro format | 24-07-2019 | 2019-38800316 | |
| 31-12-2017 | micro format | 28-08-2018 | 2018-50700164 | |
| 31-12-2016 | micro format | 30-09-2017 | 2017-65700084 |