Financials · financial year 2025, full format
Annual accounts 2025 filed on 31-07-2026 at the NBB all 17 filings
Every figure per financial year
The operating result for 2025 is a profit of €10.1m, after a loss of €7.5m in 2024. It is the highest result since 2021.
- 2022 Net result -56% on 2021. The accounts now follow the full format, last year the abbreviated format.
Staff
| Item | 31-12-2021 | 31-12-2022 | 31-12-2023 | 31-12-2024 | 31-12-2025 |
|---|---|---|---|---|---|
| Employees at the balance-sheet date | 42 | 51 | 60 | 68 | 77 |
| full-time | 36 | 47 | 52 | 59 | 65 |
| part-time | 6 | 4 | 8 | 9 | 12 |
| in full-time equivalents | 39.9 | 50.3 | 58.6 | 66.2 | 73.9 |
| Average over the year, in full-time equivalents | 35 | 46.1 | 55.3 | 65.1 | 69.7 |
| On a permanent contract | 42 | 51 | 60 | 68 | 77 |
| Joined | 9 | 11 | 20 | 18 | 16 |
| Left | 2 | 2 | 11 | 10 | 7 |
| Agency workers, average number | - | 1.1 | 0.5 | 0.6 | 0.9 |
| Training hours | 797 | 1,177 | 1,447 | 2,796 | 2,407 |
Source: social balance sheet in the 2021 to 2025 annual accounts
Securities and guarantees
| Item | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Debts secured on the company's own assets | - | - | - | €3.0m | €3.0m |
| Mortgages, amount registered | €27,500 | €27,500 | - | - | - |
| Mortgage mandates | €309,100 | €309,100 | - | - | - |
| Carrying value of the mortgaged assets | €388,692 | €190,000 | - | - | - |
| Pledge on other assets, amount secured | - | - | - | €3.0m | €3.0m |
| Carrying value of the other pledged assets | - | - | - | €2.3m | €13.2m |
Source: notes to the 2021 to 2025 annual accounts (statement of debts and off-balance-sheet rights and commitments)
Investments
| Item | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Tangible fixed assets | €46,565 | €73,300 | €477,281 | €153,542 | €104,117 |
| Intangible fixed assets | €113,365 | €23,549 | €43,349 | €9,942 | - |
| Financial fixed assets | €9.6m | €440,413 | €49,202 | €200 | €31,150 |
| Depreciation and write-downs of the year | €210,985 | €196,379 | €230,449 | €272,399 | €258,718 |
Source: notes to the 2021 to 2025 annual accounts (statement of fixed assets)
Auditor
| Item | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Fee for the audit | - | €3,920 | €5,000 | €5,000 | €5,500 |
| Other work by the auditor | - | - | €1,305 | - | - |
Source: notes to the 2021 to 2025 annual accounts (relations with the auditor)
Subsidies and aid
Flemish government
2022 to 2024 · 6 entries · €17,253 awarded · €17,253 paid| Year | Entries | Awarded | Paid |
|---|---|---|---|
| 2024 | 2 | €2,300 | €6,514 |
| 2023 | 3 | €7,855 | €3,641 |
| 2022 | 1 | €7,098 | €7,098 |
Federal government
2024 · 1 entry · €510,221 in total| Year | Department | Transactions | Amount |
|---|---|---|---|
| 2024 | FOD Beleid & Ondersteuning | 1 | €510,221 |
European Union, budget
2025 · 1 entry · €3.7m in total| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Operating income70/76A | - | - | - | - | €14.0m | €12.4m | €8.1m | €33.8m | ▲ 317% |
| Turnover70 | - | - | - | - | €13.5m | €11.4m | €4.1m | €31.4m | ▲ 674% |
| Change in stocks of work in progress, finished goods and contracts in progress71 | - | - | - | - | - | - | €2.7m | €1.6m | ▼ 42.0% |
| Other operating income74 | - | - | - | - | €0.5m | €0.4m | €0.7m | €0.8m | ▲ 18.4% |
| Non-recurring operating income76A | - | - | - | - | €41 | €0.6m | €0.7m | €0.004m | ▼ 99.3% |
| Operating charges60/66A | - | - | - | - | €10.8m | €12.6m | €15.6m | €23.7m | ▲ 52.5% |
| Goods for resale, raw materials and consumables60 | - | - | - | - | €0.6m | €0.5m | €0.05m | €0.02m | ▼ 62.5% |
| Purchases600/8 | - | - | - | - | €0.6m | €0.1m | €0.05m | €0.02m | ▼ 62.5% |
| Change in stocks: decrease (increase)609 | - | - | - | - | - | €0.4m | €0 | - | - |
| Services and other goods61 | - | - | - | - | €3.8m | €5.0m | €6.1m | €7.1m | ▲ 16.3% |
| Remuneration, social security and pensions62 | - | - | - | €3.9m | €5.1m | €6.9m | €8.7m | €9.6m | ▲ 10.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €0.08m | €0.06m | €0.2m | €0.2m | €0.2m | €0.2m | €0.3m | €0.3m | ▼ 5.0% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals)631/4 | - | - | - | €0.01m | €0.08m | -€0.07m | €0.4m | €0.5m | ▲ 23.0% |
| Provisions for liabilities and charges: additions (uses and reversals)635/8 | - | - | - | - | -€1.8m | €0 | - | €6.2m | - |
| Other operating charges640/8 | - | - | - | €0.004m | €0.003m | €0.03m | €0.003m | €0.01m | ▲ 439% |
| Non-recurring operating charges66A | - | - | - | €2.7m | €2.8m | €0 | - | - | - |
| Gross operating margin9900 | -€0.3m | -€1.0m | -€1.4m | €2.3m | - | - | - | - | - |
| Operating profit (loss)9901 | -€2.1m | -€3.5m | -€4.6m | -€4.5m | €3.2m | -€0.3m | -€7.5m | €10.1m | - |
| Financial income75/76B | - | - | - | €15.8m | €1.9m | €1.8m | €1.8m | €2.7m | ▲ 50.1% |
| Recurring financial income75 | €6.0m | €5.8m | €13.7m | €15.7m | €1.5m | €1.8m | €1.8m | €2.7m | ▲ 50.1% |
| Income from financial fixed assets750 | - | - | - | - | €0.9m | €1.0m | €1.8m | €2.7m | ▲ 49.6% |
| Income from current assets751 | - | - | - | - | €0.7m | €0.8m | €0 | €0.005m | - |
| Other financial income752/9 | - | - | - | - | €0.003m | €0.005m | €0.005m | €0.01m | ▲ 122% |
| Non-recurring financial income76B | - | - | - | €0.08m | €0.3m | €0 | - | - | - |
| Financial charges65/66B | - | - | - | €0.2m | €0.1m | €0.9m | €3.1m | €12.5m | ▲ 306% |
| Recurring financial charges65 | €0.04m | €0.06m | €0.2m | €0.2m | €0.1m | €0.5m | €1.5m | €5.2m | ▲ 246% |
| Debt charges650 | - | - | - | - | €0.07m | €0.2m | €0.7m | €4.1m | ▲ 449% |
| Write-downs on current assets other than stocks, contracts in progress and trade receivables: additions (reversals)651 | - | - | - | - | €0.03m | €0.2m | €0.5m | €1.1m | ▲ 101% |
| Other financial charges652/9 | - | - | - | - | €0.02m | €0.01m | €0.2m | €0.04m | ▼ 80.0% |
| Non-recurring financial charges66B | - | - | - | €0.03m | €0.004m | €0.4m | €1.6m | €7.3m | ▲ 363% |
| Profit (loss) for the period before taxes9903 | €3.8m | €2.2m | €8.5m | €11.0m | €4.9m | €0.6m | -€8.7m | €0.4m | - |
| Income taxes67/77 | €0.005m | €0.3m | €0.006m | €0.02m | €0.1m | €0.01m | €0.01m | €0.4m | ▲ 29× |
| Taxes670/3 | - | - | - | - | €0.2m | €0.01m | €0.01m | €0.4m | ▲ 29× |
| Tax adjustments and reversals of tax provisions77 | - | - | - | - | €0.02m | €62 | €0 | - | - |
| Profit (loss) for the period9904 | €3.8m | €1.9m | €8.4m | €11.0m | €4.8m | €0.6m | -€8.7m | -€0.009m | ▲ 99.9% |
| Profit (loss) for the period to be appropriated9905 | €3.8m | €1.9m | €8.4m | €11.0m | €4.8m | €0.6m | -€8.7m | -€0.009m | ▲ 99.9% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Assets | |||||||||
| Total assets20/58 | €16.8m | €20.6m | €27.3m | €39.1m | €38.8m | €45.7m | €57.7m | €114.0m | ▲ 97.7% |
| Fixed assets21/28 | €12.1m | €15.8m | €18.0m | €22.3m | €29.0m | €37.2m | €42.2m | €66.9m | ▲ 58.3% |
| Intangible fixed assets21 | €0.04m | €0.03m | €0.02m | €0.1m | €0.1m | €0.1m | €0.09m | €0.05m | ▼ 45.3% |
| Tangible fixed assets22/27 | €0.09m | €0.2m | €0.9m | €0.8m | €0.7m | €0.9m | €0.9m | €0.7m | ▼ 13.1% |
| Plant, machinery and equipment23 | - | - | - | €0.1m | €0.06m | €0.03m | €0.002m | €0 | ▼ 100% |
| Furniture and vehicles24 | - | - | - | €0.08m | €0.09m | €0.1m | €0.2m | €0.1m | ▼ 7.9% |
| Other tangible fixed assets26 | - | - | - | €0.6m | €0.5m | €0.8m | €0.7m | €0.6m | ▼ 14.0% |
| Financial fixed assets28 | €11.9m | €15.6m | €17.1m | €21.5m | €28.2m | €36.2m | €41.3m | €66.1m | ▲ 60.1% |
| Affiliated companies280/1 | - | - | - | - | €28.2m | €36.2m | €36.2m | €56.7m | ▲ 56.7% |
| Participating interests280 | - | - | - | - | €1.2m | €1.3m | €1.3m | €14.0m | ▲ 11× |
| Amounts receivable281 | - | - | - | - | €27.0m | €34.9m | €34.9m | €42.8m | ▲ 22.4% |
| Companies linked by participating interests282/3 | - | - | - | - | - | - | €5.1m | €9.3m | ▲ 84.1% |
| Participating interests282 | - | - | - | - | - | - | €0.001m | €0.002m | ▲ 10.7% |
| Amounts receivable283 | - | - | - | - | - | - | €5.1m | €9.3m | ▲ 84.1% |
| Other financial fixed assets284/8 | - | - | - | - | €183 | €183 | €183 | €183 | = |
| Amounts receivable and cash guarantees285/8 | - | - | - | - | €183 | €183 | €183 | €183 | = |
| Current assets29/58 | €4.7m | €4.8m | €9.3m | €16.8m | €9.8m | €8.5m | €15.4m | €47.2m | ▲ 205% |
| Amounts receivable after more than one year29 | - | - | - | €2.6m | €2.5m | €3.3m | €3.2m | €3.8m | ▲ 17.9% |
| Other amounts receivable291 | - | - | - | €2.6m | €2.5m | €3.3m | €3.2m | €3.8m | ▲ 17.9% |
| Stocks and contracts in progress3 | - | - | €0.4m | €0.4m | €0.2m | €0 | €2.7m | €4.2m | ▲ 58.0% |
| Stocks30/36 | - | - | - | €0.4m | €0.2m | €0 | - | - | - |
| Property held for sale35 | - | - | - | - | €0.2m | €0 | - | - | - |
| Contracts in progress37 | - | - | - | - | - | - | €2.7m | €4.2m | ▲ 58.0% |
| Amounts receivable within one year40/41 | €1.7m | €0.9m | €2.7m | €3.4m | €2.7m | €0.8m | €3.7m | €32.6m | ▲ 776% |
| Trade receivables40 | - | - | - | €1.7m | €2.6m | €0.6m | €3.7m | €29.8m | ▲ 703% |
| Other amounts receivable41 | - | - | - | €1.7m | €0.1m | €0.2m | €0.003m | €2.8m | ▲ 792× |
| Cash at bank and in hand54/58 | €1.3m | €1.5m | €3.5m | €9.1m | €2.5m | €0.5m | €1.7m | €1.0m | ▼ 42.6% |
| Deferred charges and accrued income490/1 | - | - | - | €1.4m | €2.0m | €3.9m | €4.2m | €5.6m | ▲ 34.5% |
| Equity and liabilities | |||||||||
| Total equity and liabilities10/49 | €16.8m | €20.6m | €27.3m | €39.1m | €38.8m | €45.7m | €57.7m | €114.0m | ▲ 97.7% |
| Equity10/15 | €14.3m | €16.1m | €23.1m | €31.1m | €35.9m | €36.5m | €27.8m | €40.6m | ▲ 46.0% |
| Contributions10/11 | €2.0m | €2.0m | €2.0m | €2.0m | €2.0m | €2.0m | €2.0m | €2.0m | = |
| Capital10 | - | - | - | €2.0m | €2.0m | €2.0m | €2.0m | €2.0m | = |
| Issued capital100 | - | - | - | €2.0m | €2.0m | €2.0m | €2.0m | €2.0m | = |
| Revaluation surpluses12 | - | - | - | - | - | - | - | €12.8m | - |
| Reserves13 | €0.2m | €0.2m | €0.2m | €0.2m | €0.2m | €0.2m | €0.2m | €0.2m | = |
| Non-distributable reserves130/1 | - | - | - | €0.2m | €0.2m | €0.2m | €0.2m | €0.2m | = |
| Legal reserve130 | - | - | - | €0.2m | €0.2m | €0.2m | €0.2m | €0.2m | = |
| Profit (loss) carried forward14 | €12.1m | €14.0m | €21.0m | €29.0m | €33.8m | €34.4m | €25.7m | €25.7m | = |
| Provisions and deferred taxes16 | - | - | - | €1.8m | €0 | - | - | €6.2m | - |
| Provisions for liabilities and charges160/5 | - | - | - | €1.8m | €0 | - | - | €6.2m | - |
| Other liabilities and charges164/5 | - | - | - | €1.8m | €0 | - | - | €6.2m | - |
| Amounts payable17/49 | €2.5m | €4.5m | €4.2m | €6.2m | €2.9m | €9.2m | €29.9m | €67.2m | ▲ 125% |
| Amounts payable after more than one year17 | - | - | €1.4m | €0.9m | €0.5m | €0.7m | €18.5m | €0 | ▼ 100% |
| Financial debts170/4 | - | - | - | €0 | - | - | €18.2m | €0 | ▼ 100% |
| Subordinated loans170 | - | - | - | - | - | - | €18.2m | €0 | ▼ 100% |
| Other amounts payable178/9 | - | - | - | €0.9m | €0.5m | €0.7m | €0.2m | €0 | ▼ 100% |
| Amounts payable within one year42/48 | €2.5m | €4.4m | €2.8m | €5.1m | €2.3m | €8.3m | €11.3m | €63.8m | ▲ 466% |
| Current portion of amounts payable after more than one year42 | - | - | - | €0 | - | - | - | €53.4m | - |
| Financial debts43 | - | - | - | - | - | €6.0m | €7.0m | €7.0m | = |
| Credit institutions430/8 | - | - | - | - | - | €6.0m | €7.0m | €7.0m | = |
| Trade debts44 | €0.8m | €0.8m | €0.9m | €2.0m | €1.4m | €1.2m | €2.1m | €1.7m | ▼ 21.5% |
| Suppliers440/4 | - | - | - | €2.0m | €1.4m | €1.2m | €2.1m | €1.7m | ▼ 21.5% |
| Taxes, remuneration and social security45 | - | - | - | €1.2m | €0.9m | €1.2m | €1.8m | €1.7m | ▼ 8.0% |
| Taxes450/3 | - | - | - | €0.6m | €0.2m | €0.1m | €0.3m | €0.5m | ▲ 43.7% |
| Remuneration and social security454/9 | - | - | - | €0.6m | €0.7m | €1.0m | €1.5m | €1.2m | ▼ 19.5% |
| Other amounts payable47/48 | - | - | - | €2.0m | €0.001m | €0.004m | €0.3m | €0.001m | ▼ 99.6% |
| Accrued charges and deferred income492/3 | - | - | - | €0.1m | €0.1m | €0.1m | €0.1m | €3.4m | ▲ 26× |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €3.8m | €1.9m | €8.4m | €11.0m | €4.8m | €0.6m | -€8.7m | -€0.009m | ▲ 99.9% |
| + Depreciation and write-downs630 | €0.08m | €0.06m | €0.2m | €0.2m | €0.2m | €0.2m | €0.3m | €0.3m | ▼ 5.0% |
| Operating cash flow (approximation) | €3.9m | €2.0m | €8.6m | €11.2m | €5.0m | €0.8m | -€8.4m | €0.2m | - |
| Investment in fixed assets (approximation) | - | -€3.8m | -€2.4m | -€4.5m | -€6.9m | -€8.5m | -€5.3m | -€24.9m | ▼ 372% |
| Change in cash | - | €0.2m | €2.0m | €5.5m | -€6.6m | -€1.9m | €1.1m | -€0.7m | - |
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 17 filings with the National Bank
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-12-2025 | full format | 31-07-2026 | 2026-00378464 | |
| 31-12-2024 | full format | 17-07-2025 | 2025-00283985 | |
| 31-12-2023 | full format | 29-05-2024 | 2024-00102620 | |
| 31-12-2022 | full format | 01-06-2023 | 2023-00106082 | |
| 31-12-2021 | abbreviated format | 01-06-2022 | 2022-20045170 | |
| 31-12-2020 | abbreviated format | 28-05-2021 | 2021-15800032 | |
| 31-12-2019 | abbreviated format | 29-05-2020 | 2020-14300592 | |
| 31-12-2018 | abbreviated format | 29-05-2019 | 2019-15400464 | |
| 31-12-2017 | abbreviated format | 30-05-2018 | 2018-14500044 | |
| 31-12-2016 | abbreviated format | 31-05-2017 | 2017-14200191 |