Financials · financial year 2025, abbreviated format
Annual accounts 2025 filed on 10-07-2026 at the NBB all 12 filings
Turnover
≈ €380,000
Estimated: probably between €300,000 and €480,000
Total assets
€3.4m▼ 4.6%
2024 · €3.6m
Net result
€73,855▼ 47.6%
2024 · €140,964
Working capital
-€175,155▲ 20.7%
2024 · -€220,785
Multi-year overview
2018 to 2025, 8 financial yearsOperating result
€101,500
▼ 41.6%
2025
20182025
Net result
€73,855
▼ 47.6%
2025
middle half of the sector
20182025
Equity
€2.1m
▲ 3.7%
2025
highest quarter of the sector
20182025
Total assets
€3.4m
▼ 4.6%
2025
highest quarter of the sector
20182025
Debt
€1.3m
▼ 15.2%
2025
20182025
Working capital
-€175,155
▲ 20.7%
2025
lowest quarter of the sector
20182025
Solvency
60.7%
▲ 4.9pp
2025
middle half of the sector
20182025
Current ratio
0.58
=
2025
lowest quarter of the sector
20182025
Return on assets (ROA)
2.2%
▼ 1.8pp
2025
middle half of the sector
20182025
Staff (FTE)
0.5
=
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€0.08m-€0.04m▼ 46.3%€0.04m▲ 3.8%€0.1m▲ 146%€0.2m▲ 53.3%€0.2m▲ 33.4%€0.2m▼ 21.9%€0.1m▼ 41.6%
Net result€0.2m-€0.09m▼ 45.1%€0.1mabove the sector's middle half▲ 54.0%€0.2mabove the sector's middle half▲ 37.2%€0.2mabove the sector's middle half▲ 23.2%€0.3mabove the sector's middle half▲ 15.4%€0.1mwithin the sector's middle half▼ 45.1%€0.07mwithin the sector's middle half▼ 47.6%
Equity€1.3m-€1.4m▲ 6.4%€1.5mabove the sector's middle half▲ 5.8%€1.6mabove the sector's middle half▲ 8.0%€1.8mabove the sector's middle half▲ 9.5%€1.9mabove the sector's middle half▲ 4.3%€2.0mabove the sector's middle half▲ 7.6%€2.1mabove the sector's middle half▲ 3.7%
Total assets€3.4m-€3.5m▲ 2.1%€3.5mabove the sector's middle half▲ 0.4%€3.5mabove the sector's middle half▼ 0.6%€3.4mabove the sector's middle half▼ 2.5%€3.6mabove the sector's middle half▲ 5.9%€3.6mabove the sector's middle half▼ 1.3%€3.4mabove the sector's middle half▼ 4.6%
Debt€2.1m-€2.1m▼ 0.6%€2.0m▼ 3.2%€1.9m▼ 7.0%€1.6m▼ 12.8%€1.8m▲ 7.6%€1.6m▼ 10.7%€1.3m▼ 15.2%
Working capital-€0.5m--€0.5m▼ 13.8%-€0.4mbelow the sector's middle half▲ 26.2%-€0.4mbelow the sector's middle half▲ 8.0%-€0.3mbelow the sector's middle half▲ 13.0%-€0.3mbelow the sector's middle half▼ 2.9%-€0.2mbelow the sector's middle half▲ 33.9%-€0.2mbelow the sector's middle half▲ 20.7%
Solvency38.8%-40.4%▲ 1.6pp42.6%within the sector's middle half▲ 2.1pp46.3%within the sector's middle half▲ 3.7pp51.9%within the sector's middle half▲ 5.7pp51.2%within the sector's middle half▼ 0.8pp55.8%within the sector's middle half▲ 4.6pp60.7%within the sector's middle half▲ 4.9pp
Current ratio0.24-0.09▼ 0.150.27below the sector's middle half▲ 0.190.36below the sector's middle half▲ 0.090.37below the sector's middle half▲ 0.010.46below the sector's middle half▲ 0.090.59below the sector's middle half▲ 0.130.58below the sector's middle half=
Return on assets (ROA)4.5%-2.4%▼ 2.1pp3.7%within the sector's middle half▲ 1.3pp5.2%within the sector's middle half▲ 1.4pp6.5%within the sector's middle half▲ 1.4pp7.1%within the sector's middle half▲ 0.6pp3.9%within the sector's middle half▼ 3.1pp2.2%within the sector's middle half▼ 1.8pp
Staff (FTE)0.50.5below the sector's middle half=0.5below the sector's middle half=0.5below the sector's middle half=0.5within the sector's middle half=0.5within the sector's middle half=0.5within the sector's middle half=
above
within
below
The sector band is the middle half of the companies in Activities of head offices; management consultancy activities (NACE 70). 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 42% lower than in 2024 and the lowest since 2021. It is the second fall in a row.
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 €3.4m
Fixed assets
€3.2m ▼ 3.0%
Current assets
€243,376 ▼ 22.1%
Equity and liabilities €3.4m
Equity
€2.1m ▲ 3.7%
Debt
€1.3m ▼ 15.2%
Debt's share of the balance-sheet total falls from 44.2% to 39.3%. Equity is higher and debt is lower.
Key figures and ratios
ROE
3.6%▼
2024 · 7.1%
Debt ≤ 1 year
€418,530▼
2024 · €533,249
Debt > 1 year
€899,103▼
2024 · €1.0m
Income taxes
€28,969▼
2024 · €34,498
Staff costs
€24,627▲
2024 · €23,961
Green means a favourable move, even when the figure itself falls, as with debt or debt to equity.
Staff
| Item | 31-12-2021 | 31-12-2022 | 31-12-2023 | 31-12-2024 | 31-12-2025 |
|---|---|---|---|---|---|
| Employees at the balance-sheet date | 1 | 1 | 1 | 1 | 1 |
| full-time | 0 | 0 | 0 | 0 | 0 |
| part-time | 1 | 1 | 1 | 1 | 1 |
| in full-time equivalents | 0.5 | 0.5 | 0.5 | 0.5 | 0.5 |
| Average over the year, in full-time equivalents | 0.5 | 0.5 | 0.5 | 0.5 | 0.5 |
| On a permanent contract | 1 | 1 | 1 | 1 | 1 |
Source: social balance sheet in the 2021 to 2025 annual accounts
Overdue debts
| Item | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Overdue tax debts | - | - | €5,198 | - | - |
Source: notes to the 2021 to 2025 annual accounts (statement of debts)
Securities and guarantees
| Item | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Debts secured on the company's own assets | €1.4m | €1.2m | €1.3m | €1.2m | €1.0m |
| Mortgages, amount registered | €50,000 | €50,000 | €50,000 | €50,000 | €50,000 |
| Mortgage mandates | €1.5m | €1.5m | €1.5m | €1.5m | €1.5m |
| Carrying value of the mortgaged assets | €1.5m | €1.4m | €1.4m | €1.3m | €1.2m |
| Carrying value of the other pledged assets | €575,000 | €575,000 | €575,000 | €575,000 | €575,000 |
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 | - | €12,277 | €182,037 | €21,220 | €5,535 |
| Depreciation and write-downs of the year | €79,126 | €78,836 | €73,518 | €100,209 | €102,372 |
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 |
|---|---|---|---|---|---|---|---|---|---|
| Non-recurring operating income76A | - | - | - | - | - | €16,000 | €0 | - | - |
| Remuneration, social security and pensions62 | - | - | - | €19,624 | €20,750 | €23,346 | €23,961 | €24,627 | ▲ 2.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €105,905 | €106,029 | €93,640 | €79,126 | €78,836 | €73,518 | €100,209 | €102,372 | ▲ 2.2% |
| Other operating charges640/8 | - | - | - | €6,089 | €6,753 | €7,400 | €5,698 | €5,716 | ▲ 0.3% |
| Gross operating margin9900 | €189,295 | €158,803 | €167,368 | €213,720 | €273,217 | €326,856 | €303,669 | €234,214 | ▼ 22.9% |
| Operating profit (loss)9901 | €79,302 | €42,603 | €44,205 | €108,882 | €166,878 | €222,592 | €173,801 | €101,500 | ▼ 41.6% |
| Financial income75/76B | - | - | - | €139,946 | €139,947 | €141,640 | €52,248 | €50,579 | ▼ 3.2% |
| Recurring financial income75 | €127,719 | €89,966 | €139,947 | €139,946 | €139,947 | €141,640 | €52,248 | €50,579 | ▼ 3.2% |
| Financial charges65/66B | - | - | - | €33,151 | €32,943 | €39,154 | €50,587 | €49,255 | ▼ 2.6% |
| Recurring financial charges65 | €23,902 | €38,789 | €36,409 | €33,151 | €32,943 | €39,154 | €50,587 | €49,083 | ▼ 3.0% |
| Non-recurring financial charges66B | - | - | - | - | - | - | - | €172 | - |
| Profit (loss) for the period before taxes9903 | €183,119 | €93,780 | €147,744 | €215,677 | €273,882 | €325,078 | €175,462 | €102,824 | ▼ 41.4% |
| Income taxes67/77 | €27,529 | €8,288 | €16,062 | €35,001 | €51,343 | €68,273 | €34,498 | €28,969 | ▼ 16.0% |
| Profit (loss) for the period9904 | €155,590 | €85,493 | €131,681 | €180,676 | €222,539 | €256,805 | €140,964 | €73,855 | ▼ 47.6% |
| Profit (loss) for the period to be appropriated9905 | €155,590 | €85,493 | €131,681 | €180,676 | €222,539 | €256,805 | €140,964 | €73,855 | ▼ 47.6% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Assets | |||||||||
| Total assets20/58 | €3.4m | €3.5m | €3.5m | €3.5m | €3.4m | €3.6m | €3.6m | €3.4m | ▼ 4.6% |
| Fixed assets21/28 | €3.3m | €3.5m | €3.4m | €3.3m | €3.2m | €3.3m | €3.3m | €3.2m | ▼ 3.0% |
| Tangible fixed assets22/27 | €1.5m | €1.7m | €1.6m | €1.5m | €1.4m | €1.5m | €1.5m | €1.4m | ▼ 6.7% |
| Land and buildings22 | - | - | - | €1.5m | €1.4m | €1.4m | €1.3m | €1.2m | ▼ 4.8% |
| Furniture and vehicles24 | - | - | - | €0.002m | €0 | €0.2m | €0.1m | €0.1m | ▼ 23.2% |
| Financial fixed assets28 | €1.8m | €1.8m | €1.8m | €1.8m | €1.8m | €1.8m | €1.8m | €1.8m | = |
| Current assets29/58 | €0.2m | €0.05m | €0.2m | €0.2m | €0.2m | €0.3m | €0.3m | €0.2m | ▼ 22.1% |
| Amounts receivable within one year40/41 | €0.1m | €0.04m | €0.1m | €0.2m | €0.2m | €0.3m | €0.3m | €0.2m | ▼ 25.4% |
| Trade receivables40 | - | - | - | €0.2m | €0.2m | €0.2m | €0.06m | €0.05m | ▼ 14.8% |
| Other amounts receivable41 | - | - | - | €0.001m | €0 | €0.1m | €0.2m | €0.2m | ▼ 27.9% |
| Cash at bank and in hand54/58 | €0.001m | €0.003m | €0.005m | €189 | €0.001m | €0.006m | €0.004m | €0.01m | ▲ 188% |
| Deferred charges and accrued income490/1 | - | - | - | - | €0.005m | €0.01m | €482 | €0.002m | ▲ 362% |
| Equity and liabilities | |||||||||
| Total equity and liabilities10/49 | €3.4m | €3.5m | €3.5m | €3.5m | €3.4m | €3.6m | €3.6m | €3.4m | ▼ 4.6% |
| Equity10/15 | €1.3m | €1.4m | €1.5m | €1.6m | €1.8m | €1.9m | €2.0m | €2.1m | ▲ 3.7% |
| Contributions10/11 | €0.02m | €0.02m | - | €0.02m | €0.02m | €0.02m | €0.02m | €0.02m | = |
| Reserves13 | €1.3m | €1.4m | €1.4m | €1.6m | €1.8m | €1.8m | €2.0m | €2.0m | ▲ 3.7% |
| Non-distributable reserves130/1 | - | - | - | €0.002m | €0.002m | €0 | - | - | - |
| Reserves not available under the articles1311 | - | - | - | €0.002m | €0.002m | €0 | - | - | - |
| Distributable reserves133 | - | - | - | €1.6m | €1.8m | €1.8m | €2.0m | €2.0m | ▲ 3.7% |
| Profit (loss) carried forward14 | €0.01m | €0.04m | €0.04m | €0.04m | €0 | €0 | €0 | - | - |
| Amounts payable17/49 | €2.1m | €2.1m | €2.0m | €1.9m | €1.6m | €1.8m | €1.6m | €1.3m | ▼ 15.2% |
| Amounts payable after more than one year17 | €1.5m | €1.5m | €1.5m | €1.3m | €1.1m | €1.1m | €1.0m | €0.9m | ▼ 12.3% |
| Financial debts170/4 | - | - | - | €1.3m | €1.1m | €1.1m | €1.0m | €0.9m | ▼ 12.3% |
| Amounts payable within one year42/48 | €0.6m | €0.6m | €0.6m | €0.6m | €0.5m | €0.6m | €0.5m | €0.4m | ▼ 21.5% |
| Current portion of amounts payable after more than one year42 | - | - | - | €0.09m | €0.09m | €0.1m | €0.1m | €0.1m | ▼ 7.2% |
| Trade debts44 | €0.006m | €0.008m | €0.007m | €0.002m | €0.009m | €0.01m | €0.001m | €0.005m | ▲ 654% |
| Suppliers440/4 | - | - | - | €0.002m | €0.009m | €0.01m | €0.001m | €0.005m | ▲ 654% |
| Taxes, remuneration and social security45 | - | - | - | €0.06m | €0.09m | €0.1m | €0.09m | €0.02m | ▼ 76.5% |
| Taxes450/3 | - | - | - | €0.06m | €0.09m | €0.1m | €0.09m | €0.02m | ▼ 79.1% |
| Remuneration and social security454/9 | - | - | - | €0.003m | €0.003m | €0.003m | €0.003m | €0.003m | ▲ 0.6% |
| Other amounts payable47/48 | - | - | - | €0.4m | €0.3m | €0.4m | €0.3m | €0.3m | ▼ 13.0% |
| Accrued charges and deferred income492/3 | - | - | - | €0.008m | €0.01m | €0.01m | €0.02m | €0.02m | ▲ 8.5% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €155,590 | €85,493 | €131,681 | €180,676 | €222,539 | €256,805 | €140,964 | €73,855 | ▼ 47.6% |
| + Depreciation and write-downs630 | €105,905 | €106,029 | €93,640 | €79,126 | €78,836 | €73,518 | €100,209 | €102,372 | ▲ 2.2% |
| Operating cash flow (approximation) | €261,495 | €191,522 | €225,321 | €259,802 | €301,375 | €330,324 | €241,174 | €176,226 | ▼ 26.9% |
| Investment in fixed assets (approximation) | - | -€278,683 | -€9,911 | €0 | -€12,277 | -€182,037 | -€21,220 | -€5,535 | ▲ 73.9% |
| Change in cash | - | €1,346 | €2,812 | -€5,158 | €920 | €4,996 | -€2,187 | €7,362 | - |
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 12 filings with the National Bank
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-12-2025 | abbreviated format | 10-07-2026 | 2026-00279847 | |
| 31-12-2024 | abbreviated format | 01-07-2025 | 2025-00211871 | |
| 31-12-2023 | abbreviated format | 04-07-2024 | 2024-00232418 | |
| 31-12-2022 | abbreviated format | 07-07-2023 | 2023-00214625 | |
| 31-12-2021 | abbreviated format | 06-07-2022 | 2022-20149827 | |
| 31-12-2020 | abbreviated format | 08-07-2021 | 2021-33200071 | |
| 31-12-2019 | abbreviated format | 24-07-2020 | 2020-34700121 | |
| 31-12-2018 | abbreviated format | 29-07-2019 | 2019-40800576 | |
| 31-12-2017 | abbreviated format | 13-07-2018 | 2018-35100061 | |
| 31-12-2016 | abbreviated format | 28-07-2017 | 2017-38400370 |