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 yearsOperating 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
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
| Item | 31-12-2024 |
|---|---|
| Employees at the balance-sheet date | 1 |
| full-time | 1 |
| in full-time equivalents | 1 |
| Average over the year, in full-time equivalents | 0.3 |
| On a permanent contract | 1 |
| Joined | 1 |
| Left | 0 |
Source: social balance sheet in the 2024 annual accounts
Investments
| Item | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| 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
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|
| 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% |
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|
| 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% |
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|
| 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.
Filings with the National Bank (6)
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-12-2025 | abbreviated format | 08-05-2026 | 2026-00106303 | |
| 31-12-2024 | abbreviated format | 18-06-2025 | 2025-00149595 | |
| 31-12-2023 | abbreviated format | 10-07-2024 | 2024-00235470 | |
| 31-12-2022 | abbreviated format | 31-05-2023 | 2023-00100759 | |
| 31-12-2021 | abbreviated format | 01-07-2022 | 2022-20137108 | |
| 31-12-2020 | abbreviated format | 30-08-2021 | 2021-61700577 |