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Private limited companyfounded 2004active for 22 yearsCatharinadreef 45, 2970 Schilde, BelgiumKBO/BCE: BE 0866.701.136

Financials · financial year 2025, abbreviated format

Annual accounts 2025 filed on 08-05-2026 PDF all 6 filings

Equity
€1.3m▼ 66.0%
2024 · €3.7m
Net result
€1.5m▲ 31.2%
2024 · €1.2m
Total assets
€3.7m▼ 15.7%
2024 · €4.3m
Solvency
34.4%▼ 50.7pp
2024 · 85.1%
Multi-year overview
2020 to 2025, 6 financial years
Operating result
€2.0m
▲ 24.2% 2025
20202025
Net result
€1.5m
▲ 31.2% 2025
highest quarter of the sector
20202025
Equity
€1.3m
▼ 66.0% 2025
middle half of the sector
20202025
Total assets
€3.7m
▼ 15.7% 2025
middle half of the sector
20202025
Debt
€2.4m
▲ 272% 2025
20202025
Working capital
€1.2m
▼ 65.9% 2025
highest quarter of the sector
20202025
Solvency
34.4%
▼ 50.7pp 2025
middle half of the sector
20202025
Current ratio
1.63
▼ 7.68 2025
middle half of the sector
20202025
Return on assets (ROA)
42.1%
▲ 15.0pp 2025
highest quarter of the sector
20202025
Staff (FTE)
1
▲ 233% 2025
middle half of the sector
20202025
Every figure per financial year
Every figure with its change against the financial year before
favourable unfavourable
Line202020212022202320242025
Operating result€0.4m-€0.4m▲ 9.2%€1.4m▲ 225%€1.2m▼ 15.2%€1.6m▲ 41.0%€2.0m▲ 24.2%
Net result€0.07mwithin the sector's middle half-€0.3mabove the sector's middle half▲ 335%€1.0mabove the sector's middle half▲ 245%€0.9mabove the sector's middle half▼ 14.2%€1.2mabove the sector's middle half▲ 33.5%€1.5mabove the sector's middle half▲ 31.2%
Equity€0.3mwithin the sector's middle half-€0.6mwithin the sector's middle half▲ 91.4%€1.6mwithin the sector's middle half▲ 164%€2.5mabove the sector's middle half▲ 53.6%€3.7mabove the sector's middle half▲ 46.6%€1.3mwithin the sector's middle half▼ 66.0%
Total assets€0.8mwithin the sector's middle half-€1.4mwithin the sector's middle half▲ 60.7%€2.4mwithin the sector's middle half▲ 77.0%€3.3mwithin the sector's middle half▲ 37.6%€4.3mwithin the sector's middle half▲ 30.4%€3.7mwithin the sector's middle half▼ 15.7%
Debt€0.5m-€0.7m▲ 41.8%€0.8m▲ 4.7%€0.8m▲ 3.9%€0.6m▼ 20.2%€2.4m▲ 272%
Working capital€0.2mwithin the sector's middle half-€0.5mabove the sector's middle half▲ 104%€1.3mabove the sector's middle half▲ 163%€2.5mabove the sector's middle half▲ 97.9%€3.6mabove the sector's middle half▲ 43.6%€1.2mabove the sector's middle half▼ 65.9%
Solvency38.2%within the sector's middle half-45.5%within the sector's middle half▲ 7.3pp67.8%within the sector's middle half▲ 22.3pp75.7%within the sector's middle half▲ 7.9pp85.1%above the sector's middle half▲ 9.4pp34.4%within the sector's middle half▼ 50.7pp
Current ratio2.04within the sector's middle half-2.03within the sector's middle half▼ 0.013.00within the sector's middle half▲ 0.967.70above the sector's middle half▲ 4.709.31above the sector's middle half▲ 1.621.63within the sector's middle half▼ 7.68
Return on assets (ROA)8.0%within the sector's middle half-21.7%above the sector's middle half▲ 13.7pp42.4%above the sector's middle half▲ 20.6pp26.4%above the sector's middle half▼ 15.9pp27.1%above the sector's middle half▲ 0.6pp42.1%above the sector's middle half▲ 15.0pp
Staff (FTE)0.3within the sector's middle half1within the sector's middle half▲ 233%
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 24% higher than in 2024 and the highest since 2021. It is the second rise in a row, after the fall in 2023.

Large changes and their cause
  • 2025 Equity -66% on 2024. Partial demerger to ADWORK, effective 01-01-2025. Capital reduction of €2,369,094 (Official Gazette 18-08-2025).

Turnover and EBIT margin are not published. The abbreviated 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 €3.7m
Fixed assets €479,323 ▲ 54.6%
Current assets €3.2m ▼ 21.1%
Equity and liabilities €3.7m
Equity €1.3m ▼ 66.0%
Debt €2.4m ▲ 272%
Debt's share of the balance-sheet total rises from 14.9% to 65.6%. Equity is lower and debt is higher.
Key figures and ratios
2025 value · change against 2024
ROE
122.5%▲
2024 · 31.8%
Debt ≤ 1 year
€2.0m▲
2024 · €431,998
Income taxes
€544,300▲
2024 · €492,464
Staff costs
€51,121▲
2024 · €12,989
Green means a favourable move, even when the figure itself falls, as with debt or debt to equity.

Staff

social balance sheet
Item31-12-2024
Employees at the balance-sheet date1
full-time1
in full-time equivalents1
Average over the year, in full-time equivalents0.3
On a permanent contract1
Joined1
Left0

Source: social balance sheet in the 2024 annual accounts

Investments

fixed assets acquired
Item20212022202320242025
Tangible fixed assets€51,811€163,409€19,639€168,240€275,337
Financial fixed assets€14,450----
Depreciation and write-downs of the year€33,247€56,751€74,616€74,700€105,466

Source: notes to the 2021 to 2025 annual accounts (statement of fixed assets)

Annual accounts
Filed annual accounts As filed with the NBB · 2025 against 2024 · 53 lines
Balance sheet Code20242025
Assets
Total assets20/58€4.3m€3.7m▼
Fixed assets21/28€0.3m€0.5m▲
Tangible fixed assets22/27€0.3m€0.5m▲
Plant, machinery and equipment23€0.06m€0.3m▲
Furniture and vehicles24€0.2m€0.1m▼
Other tangible fixed assets26€0.07m€0.05m▼
Financial fixed assets28€0.009m€0.009m=
Current assets29/58€4.0m€3.2m▼
Amounts receivable after more than one year29€0.7m-
Other amounts receivable291€0.7m-
Amounts receivable within one year40/41€0.6m€0.7m▲
Trade receivables40€0.5m€0.7m▲
Other amounts receivable41€0.06m€326▼
Current investments50/53€1.7m€1.6m▼
Cash at bank and in hand54/58€1.0m€0.8m▼
Deferred charges and accrued income490/1€0.05m€0.04m▼
Equity and liabilities
Total equity and liabilities10/49€4.3m€3.7m▼
Equity10/15€3.7m€1.3m▼
Contributions10/11€0.003m€0.001m▼
Reserves13€3.7m€1.3m▼
Tax-exempt reserves132€0.6m€0.2m▼
Distributable reserves133€3.1m€1.1m▼
Amounts payable17/49€0.6m€2.4m▲
Amounts payable within one year42/48€0.4m€2.0m▲
Trade debts44€0.3m€0.2m▼
Suppliers440/4€0.3m€0.2m▼
Taxes, remuneration and social security45€0.03m€0.2m▲
Taxes450/3€0.03m€0.2m▲
Remuneration and social security454/9-€0.01m
Other amounts payable47/48€0.1m€1.6m▲
Accrued charges and deferred income492/3€0.2m€0.4m▲
Income statement Code20242025
Remuneration, social security and pensions62€0.01m€0.05m▲
Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630€0.07m€0.1m▲
Other operating charges640/8€0.02m€0.009m▼
Non-recurring operating charges66A-€0.02m
Gross operating margin9900€1.8m€2.2m▲
Operating profit (loss)9901€1.6m€2.0m▲
Financial income75/76B€0.06m€0.05m▼
Recurring financial income75€0.06m€0.05m▼
Financial charges65/66B€0.04m€0.01m▼
Recurring financial charges65€0.04m€0.01m▼
Profit (loss) for the period before taxes9903€1.7m€2.1m▲
Income taxes67/77€0.5m€0.5m▲
Profit (loss) for the period9904€1.2m€1.5m▲
Transfer to tax-exempt reserves689€0.5m-
Profit (loss) for the period to be appropriated9905€0.7m€1.5m▲
Appropriation of the result
Profit (loss) to be appropriated9906€0.7m€1.5m▲
Transfer from equity791/2-€0.06m
Transfer to equity691/2€0.7m-
To other reserves6921€0.7m-
Profit to be distributed694/7-€1.6m
Return on contributions (dividend)694-€1.6m
Social balance sheet
Average headcount (FTE)90870.31.0▲

The notes to these accounts have 9 items, including the statement of assets and debts, the cost breakdown and rights and commitments. You find them in the filed accounts (PDF).

Source: Annual accounts 2025 (PDF), filed on 08-05-2026.

Line202020212022202320242025Change
Non-recurring operating income76A--€0.003m----
Remuneration, social security and pensions62--€0.005m-€0.01m€0.05m▲ 294%
Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630€0.04m€0.03m€0.06m€0.07m€0.07m€0.1m▲ 41.2%
Other operating charges640/8-€0.02m€0.04m€0.005m€0.02m€0.009m▼ 63.9%
Non-recurring operating charges66A-----€0.02m-
Gross operating margin9900€0.6m€0.5m€1.5m€1.2m€1.8m€2.2m▲ 26.8%
Operating profit (loss)9901€0.4m€0.4m€1.4m€1.2m€1.6m€2.0m▲ 24.2%
Financial income75/76B--€0.01m€0.03m€0.06m€0.05m▼ 18.2%
Recurring financial income75€0.001m-€0.01m€0.03m€0.06m€0.05m▼ 18.2%
Financial charges65/66B-€0.01m€0.01m€0.009m€0.04m€0.01m▼ 75.2%
Recurring financial charges65€0.02m€0.01m€0.01m€0.009m€0.04m€0.01m▼ 75.2%
Non-recurring financial charges66B---€187---
Profit (loss) for the period before taxes9903€0.1m€0.4m€1.4m€1.2m€1.7m€2.1m▲ 25.1%
Income taxes67/77€0.08m€0.1m€0.4m€0.3m€0.5m€0.5m▲ 10.5%
Profit (loss) for the period9904€0.07m€0.3m€1.0m€0.9m€1.2m€1.5m▲ 31.2%
Transfer to tax-exempt reserves689----€0.5m--
Profit (loss) for the period to be appropriated9905€0.07m€0.3m€1.0m€0.9m€0.7m€1.5m▲ 135%
Line202020212022202320242025Change
Assets
Total assets20/58€0.8m€1.4m€2.4m€3.3m€4.3m€3.7m▼ 15.7%
Fixed assets21/28€0.4m€0.4m€0.5m€0.5m€0.3m€0.5m▲ 54.6%
Tangible fixed assets22/27€0.4m€0.4m€0.5m€0.4m€0.3m€0.5m▲ 56.1%
Land and buildings22-€0.3m€0.2m€0.2m---
Plant, machinery and equipment23-€0.05m€0.1m€0.09m€0.06m€0.3m▲ 370%
Furniture and vehicles24-€0.04m€0.08m€0.06m€0.2m€0.1m▼ 27.4%
Other tangible fixed assets26--€0.1m€0.08m€0.07m€0.05m▼ 22.4%
Financial fixed assets28€250€0.01m€0.009m€0.009m€0.009m€0.009m=
Current assets29/58€0.5m€0.9m€1.9m€2.9m€4.0m€3.2m▼ 21.1%
Amounts receivable after more than one year29--€0.3m€0.4m€0.7m--
Other amounts receivable291--€0.3m€0.4m€0.7m--
Amounts receivable within one year40/41€0.03m€0.4m€0.4m€0.6m€0.6m€0.7m▲ 31.3%
Trade receivables40-€0.4m€0.2m€0.5m€0.5m€0.7m▲ 48.5%
Other amounts receivable41-€41€0.2m€0.1m€0.06m€326▼ 99.5%
Current investments50/53--€0.1m€1.4m€1.7m€1.6m▼ 6.8%
Cash at bank and in hand54/58€0.3m€0.4m€1.1m€0.2m€1.0m€0.8m▼ 22.2%
Deferred charges and accrued income490/1-€0.09m€0.08m€0.2m€0.05m€0.04m▼ 34.0%
Equity and liabilities
Total equity and liabilities10/49€0.8m€1.4m€2.4m€3.3m€4.3m€3.7m▼ 15.7%
Equity10/15€0.3m€0.6m€1.6m€2.5m€3.7m€1.3m▼ 66.0%
Contributions10/11-€0.003m€0.003m€0.003m€0.003m€0.001m▼ 64.3%
Reserves13€0.3m€0.6m€1.6m€2.5m€3.7m€1.3m▼ 66.0%
Non-distributable reserves130/1-€300-----
Reserves not available under the articles1311-€300-----
Tax-exempt reserves132--€0.04m€0.04m€0.6m€0.2m▼ 64.3%
Distributable reserves133-€0.6m€1.6m€2.5m€3.1m€1.1m▼ 66.3%
Amounts payable17/49€0.5m€0.7m€0.8m€0.8m€0.6m€2.4m▲ 272%
Amounts payable after more than one year17€0.2m€0.2m€0.1m€0.1m---
Financial debts170/4-€0.2m€0.1m€0.1m---
Amounts payable within one year42/48€0.2m€0.5m€0.6m€0.4m€0.4m€2.0m▲ 352%
Current portion of amounts payable after more than one year42-€0.02m€0.02m€0.02m---
Trade debts44€0.1m€0.3m€0.6m€0.3m€0.3m€0.2m▼ 32.8%
Suppliers440/4-€0.3m€0.6m€0.3m€0.3m€0.2m▼ 32.8%
Taxes, remuneration and social security45-€0.1m€0.02m€0.03m€0.03m€0.2m▲ 495%
Taxes450/3-€0.1m€0.02m€0.03m€0.03m€0.2m▲ 459%
Remuneration and social security454/9-----€0.01m-
Other amounts payable47/48-€0.006m€0.009m€0.02m€0.1m€1.6m▲ 12×
Accrued charges and deferred income492/3-€0.1m-€0.3m€0.2m€0.4m▲ 109%
Line202020212022202320242025Change
Profit (loss) for the period9904€0.07m€0.3m€1.0m€0.9m€1.2m€1.5m▲ 31.2%
+ Depreciation and write-downs630€0.04m€0.03m€0.06m€0.07m€0.07m€0.1m▲ 41.2%
Operating cash flow (approximation)€0.1m€0.3m€1.1m€1.0m€1.2m€1.6m▲ 31.8%
Investment in fixed assets (approximation)--€0.07m-€0.2m-€0.006m€0.07m-€0.3m-
Change in cash-€0.1m€0.6m-€0.9m€0.9m-€0.2m-

A Belgian filing has no cash-flow statement. These rows are therefore an approximation, derived from the income statement and the balance-sheet moves.

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Filings with the National Bank (6)
Financial year Type Filed Reference Document
31-12-2025 abbreviated format 08-05-2026 2026-00106303 PDF
31-12-2024 abbreviated format 18-06-2025 2025-00149595 PDF
31-12-2023 abbreviated format 10-07-2024 2024-00235470 PDF
31-12-2022 abbreviated format 31-05-2023 2023-00100759 PDF
31-12-2021 abbreviated format 01-07-2022 2022-20137108 PDF
31-12-2020 abbreviated format 30-08-2021 2021-61700577 PDF

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