Financials · financial year 2025, micro format
Annual accounts 2025 filed on 31-07-2026 at the NBB all 7 filings
Equity
€82,839▼ 43.7%
2024 · €147,184
Net result
€59,455▲ 30.2%
2024 · €45,657
Total assets
€279,469▲ 17.3%
2024 · €238,179
Solvency
29.6%▼ 32.2pp
2024 · 61.8%
Multi-year overview
2019 to 2025, 7 financial yearsOperating result
€77,282
▲ 30.0%
2025
20192025
Net result
€59,455
▲ 30.2%
2025
middle half of the sector
20192025
Equity
€82,839
▼ 43.7%
2025
middle half of the sector
20192025
Total assets
€279,469
▲ 17.3%
2025
middle half of the sector
20192025
Debt
€196,630
▲ 116%
2025
20192025
Working capital
€67,051
▼ 48.6%
2025
middle half of the sector
20192025
Solvency
29.6%
▼ 32.2pp
2025
middle half of the sector
20192025
Current ratio
1.38
▼ 2.02
2025
middle half of the sector
20192025
Return on assets (ROA)
21.3%
▲ 2.1pp
2025
middle half of the sector
20192025
Every figure per financial year
Every figure with its change against the financial year before
favourable
unfavourable
Line2019202020212022202320242025
Operating result€13,934-€31,325▲ 125%€10,601▼ 66.2%€27,283▲ 157%€40,849▲ 49.7%€59,432▲ 45.5%€77,282▲ 30.0%
Net result€9,630-€24,328within the sector's middle half▲ 153%€7,280within the sector's middle half▼ 70.1%€20,709within the sector's middle half▲ 184%€27,181within the sector's middle half▲ 31.2%€45,657within the sector's middle half▲ 68.0%€59,455within the sector's middle half▲ 30.2%
Equity€22,030-€46,357within the sector's middle half▲ 110%€53,637within the sector's middle half▲ 15.7%€74,347within the sector's middle half▲ 38.6%€101,527within the sector's middle half▲ 36.6%€147,184within the sector's middle half▲ 45.0%€82,839within the sector's middle half▼ 43.7%
Total assets€80,661-€103,145below the sector's middle half▲ 27.9%€93,498below the sector's middle half▼ 9.4%€125,286below the sector's middle half▲ 34.0%€194,714within the sector's middle half▲ 55.4%€238,179within the sector's middle half▲ 22.3%€279,469within the sector's middle half▲ 17.3%
Debt€58,632-€56,788▼ 3.1%€39,861▼ 29.8%€50,940▲ 27.8%€93,187▲ 82.9%€90,996▼ 2.4%€196,630▲ 116%
Working capital€6,852-€34,212within the sector's middle half▲ 399%€41,695within the sector's middle half▲ 21.9%€64,385within the sector's middle half▲ 54.4%€88,966within the sector's middle half▲ 38.2%€130,564within the sector's middle half▲ 46.8%€67,051within the sector's middle half▼ 48.6%
Solvency27.3%-44.9%within the sector's middle half▲ 17.6pp57.4%within the sector's middle half▲ 12.4pp59.3%within the sector's middle half▲ 2.0pp52.1%within the sector's middle half▼ 7.2pp61.8%within the sector's middle half▲ 9.7pp29.6%within the sector's middle half▼ 32.2pp
Current ratio1.30-2.09within the sector's middle half▲ 0.792.66within the sector's middle half▲ 0.572.37within the sector's middle half▼ 0.293.09within the sector's middle half▲ 0.723.40within the sector's middle half▲ 0.311.38within the sector's middle half▼ 2.02
Return on assets (ROA)11.9%-23.6%above the sector's middle half▲ 11.6pp7.8%within the sector's middle half▼ 15.8pp16.5%within the sector's middle half▲ 8.7pp14.0%within the sector's middle half▼ 2.6pp19.2%within the sector's middle half▲ 5.2pp21.3%within the sector's middle half▲ 2.1pp
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 30% higher than in 2024 and the highest since 2021. It is the fourth rise in a row.
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 €279,469
Fixed assets
€37,809 ▼ 29.0%
Current assets
€241,660 ▲ 30.7%
Equity and liabilities €279,469
Equity
€82,839 ▼ 43.7%
Debt
€196,630 ▲ 116%
Debt's share of the balance-sheet total rises from 38.2% to 70.4%. Equity is lower and debt is higher.
Key figures and ratios
ROE
71.8%▲
2024 · 31.0%
Debt ≤ 1 year
€174,609▲
2024 · €54,398
Debt > 1 year
€22,021▼
2024 · €36,597
Income taxes
€15,815▲
2024 · €12,397
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 | €2,730 | - | €70,814 | €4,862 | - |
| Depreciation and write-downs of the year | €13,576 | €12,791 | €10,451 | €14,800 | €15,408 |
Source: notes to the 2021 to 2025 annual accounts (statement of fixed assets)
Annual accounts
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|
| Non-recurring operating income76A | - | - | - | - | €17,968 | - | - | - |
| Remuneration, social security and pensions62 | - | - | €80 | €41 | - | - | - | - |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €15,333 | €13,511 | €13,576 | €12,791 | €10,451 | €14,800 | €15,408 | ▲ 4.1% |
| Other operating charges640/8 | - | - | €1,469 | €1,477 | €3,126 | €1,711 | €2,065 | ▲ 20.6% |
| Gross operating margin9900 | €30,817 | €45,925 | €25,725 | €41,591 | €54,426 | €75,943 | €94,755 | ▲ 24.8% |
| Operating profit (loss)9901 | €13,934 | €31,325 | €10,601 | €27,283 | €40,849 | €59,432 | €77,282 | ▲ 30.0% |
| Financial income75/76B | - | - | - | - | - | €5 | - | - |
| Recurring financial income75 | €0 | €29 | - | - | - | €5 | - | - |
| Financial charges65/66B | - | - | €849 | €584 | €6,356 | €1,384 | €2,012 | ▲ 45.4% |
| Recurring financial charges65 | €1,218 | €656 | €849 | €584 | €6,356 | €1,384 | €2,012 | ▲ 45.4% |
| Profit (loss) for the period before taxes9903 | €12,717 | €30,698 | €9,752 | €26,699 | €34,493 | €58,053 | €75,270 | ▲ 29.7% |
| Income taxes67/77 | €3,087 | €6,370 | €2,472 | €5,990 | €7,312 | €12,397 | €15,815 | ▲ 27.6% |
| Profit (loss) for the period9904 | €9,630 | €24,328 | €7,280 | €20,709 | €27,181 | €45,657 | €59,455 | ▲ 30.2% |
| Profit (loss) for the period to be appropriated9905 | €9,630 | €24,328 | €7,280 | €20,709 | €27,181 | €45,657 | €59,455 | ▲ 30.2% |
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|
| Assets | ||||||||
| Total assets20/58 | €80,661 | €103,145 | €93,498 | €125,286 | €194,714 | €238,179 | €279,469 | ▲ 17.3% |
| Fixed assets21/28 | €51,047 | €37,537 | €26,691 | €13,900 | €63,155 | €53,217 | €37,809 | ▼ 29.0% |
| Intangible fixed assets21 | €1,599 | €1,199 | €800 | €400 | - | - | - | - |
| Tangible fixed assets22/27 | €49,448 | €36,337 | €25,891 | €13,500 | €63,155 | €53,217 | €37,809 | ▼ 29.0% |
| Plant, machinery and equipment23 | - | - | €2,665 | €2,392 | €2,119 | €1,846 | €1,573 | ▼ 14.8% |
| Furniture and vehicles24 | - | - | - | - | - | €4,498 | €3,526 | ▼ 21.6% |
| Leasing and similar rights25 | - | - | €23,226 | €11,108 | €61,036 | €46,873 | €32,710 | ▼ 30.2% |
| Current assets29/58 | €29,614 | €65,608 | €66,807 | €111,386 | €131,559 | €184,962 | €241,660 | ▲ 30.7% |
| Amounts receivable within one year40/41 | €15,653 | €26,696 | €5,622 | €18,975 | €2,613 | €24,069 | €23,590 | ▼ 2.0% |
| Trade receivables40 | - | - | €5,526 | €18,880 | €2,426 | €24,027 | €23,548 | ▼ 2.0% |
| Other amounts receivable41 | - | - | €96 | €96 | €188 | €42 | €42 | = |
| Cash at bank and in hand54/58 | €13,717 | €38,912 | €60,835 | €84,847 | €125,467 | €160,502 | €217,644 | ▲ 35.6% |
| Deferred charges and accrued income490/1 | - | - | €350 | €7,564 | €3,479 | €391 | €426 | ▲ 8.9% |
| Equity and liabilities | ||||||||
| Total equity and liabilities10/49 | €80,661 | €103,145 | €93,498 | €125,286 | €194,714 | €238,179 | €279,469 | ▲ 17.3% |
| Equity10/15 | €22,030 | €46,357 | €53,637 | €74,347 | €101,527 | €147,184 | €82,839 | ▼ 43.7% |
| Contributions10/11 | €12,400 | - | €12,400 | €12,400 | €12,400 | €12,400 | €18,600 | ▲ 50.0% |
| Reserves13 | €9,630 | €10,846 | €10,846 | €10,846 | €89,127 | €134,784 | €64,239 | ▼ 52.3% |
| Non-distributable reserves130/1 | - | - | €1,698 | €1,698 | €1,698 | €1,698 | €1,698 | = |
| Reserves not available under the articles1311 | - | - | €1,698 | €1,698 | €1,698 | €1,698 | €1,698 | = |
| Distributable reserves133 | - | - | €9,148 | €9,148 | €87,429 | €133,086 | €62,541 | ▼ 53.0% |
| Profit (loss) carried forward14 | - | €23,111 | €30,391 | €51,101 | - | - | - | - |
| Amounts payable17/49 | €58,632 | €56,788 | €39,861 | €50,940 | €93,187 | €90,996 | €196,630 | ▲ 116% |
| Amounts payable after more than one year17 | €35,870 | €25,392 | €14,748 | €3,938 | €50,594 | €36,597 | €22,021 | ▼ 39.8% |
| Financial debts170/4 | - | - | €14,748 | €3,938 | €50,594 | €36,597 | €22,021 | ▼ 39.8% |
| Amounts payable within one year42/48 | €22,761 | €31,396 | €25,112 | €47,002 | €42,593 | €54,398 | €174,609 | ▲ 221% |
| Current portion of amounts payable after more than one year42 | - | - | €10,643 | €10,810 | €13,441 | €13,997 | €14,576 | ▲ 4.1% |
| Trade debts44 | €1,356 | €2,169 | €62 | €12,589 | €2,812 | €8,901 | €367 | ▼ 95.9% |
| Suppliers440/4 | - | - | €62 | €12,589 | €2,812 | €8,901 | €367 | ▼ 95.9% |
| Advances received on contracts in progress46 | - | - | €3,186 | €3,186 | €4,587 | - | - | - |
| Taxes, remuneration and social security45 | - | - | €7,885 | €17,799 | €17,797 | €17,363 | €21,481 | ▲ 23.7% |
| Taxes450/3 | - | - | €7,885 | €15,604 | €15,633 | €15,148 | €19,225 | ▲ 26.9% |
| Remuneration and social security454/9 | - | - | - | €2,194 | €2,165 | €2,215 | €2,256 | ▲ 1.8% |
| Other amounts payable47/48 | - | - | €3,336 | €2,618 | €3,955 | €14,137 | €138,184 | ▲ 877% |
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €9,630 | €24,328 | €7,280 | €20,709 | €27,181 | €45,657 | €59,455 | ▲ 30.2% |
| + Depreciation and write-downs630 | €15,333 | €13,511 | €13,576 | €12,791 | €10,451 | €14,800 | €15,408 | ▲ 4.1% |
| Operating cash flow (approximation) | €24,963 | €37,838 | €20,856 | €33,500 | €37,632 | €60,456 | €74,864 | ▲ 23.8% |
| Investment in fixed assets (approximation) | - | €0 | -€2,730 | €0 | -€59,706 | -€4,862 | €0 | - |
| Change in cash | - | €25,195 | €21,923 | €24,011 | €40,621 | €35,034 | €57,142 | ▲ 63.1% |
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 (7)
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-12-2025 | micro format | 31-07-2026 | 2026-00382725 | |
| 31-12-2024 | micro format | 28-08-2025 | 2025-00446382 | |
| 31-12-2023 | micro format | 17-07-2024 | 2024-00252815 | |
| 31-12-2022 | micro format | 22-08-2023 | 2023-00356397 | |
| 31-12-2021 | micro format | 16-08-2022 | 2022-20291161 | |
| 31-12-2020 | micro format | 25-08-2021 | 2021-56400084 | |
| 31-12-2019 | micro format | 22-10-2020 | 2020-62500251 |