Financials · financial year 2025, full format
Annual accounts 2025 filed on 30-07-2026 at the NBB all 11 filings
Equity
€45.3m▼ 2.7%
2024 · €46.5m
Net result
-€1.3m▲ 39.4%
2024 · -€2.1m
Total assets
€71.2m▲ 5.2%
2024 · €67.7m
Solvency
63.6%▼ 5.1pp
2024 · 68.7%
Multi-year overview
2018 to 2025, 8 financial yearsOperating result
-€824,651
▲ 30.5%
2025
20182025
Net result
-€1.3m
▲ 39.4%
2025
lowest quarter of the sector
20182025
Equity
€45.3m
▼ 2.7%
2025
highest quarter of the sector
20182025
Total assets
€71.2m
▲ 5.2%
2025
highest quarter of the sector
20182025
Debt
€26.0m
▲ 22.5%
2025
20182025
Working capital
€18.3m
▲ 17.7%
2025
highest quarter of the sector
20182025
Solvency
63.6%
▼ 5.1pp
2025
middle half of the sector
20182025
Current ratio
15.98
▲ 10.39
2025
highest quarter of the sector
20182025
Return on assets (ROA)
-1.8%
▲ 1.3pp
2025
lowest quarter of the sector
20182025
Staff (FTE)
0
2025
lowest quarter of the sector
20182025
Every figure per financial year
Every figure with its change against the financial year before
favourable
unfavourable
Line20182019202020212022202320242025
Operating result€0.04m-€0.1m▲ 248%€0.07m▼ 50.9%€0.1m▲ 72.8%-€0.9m-€0.5m▲ 41.0%-€1.2m▼ 135%-€0.8m▲ 30.5%
Net result€0.003m-€0.02m▲ 721%€0.04mwithin the sector's middle half▲ 91.7%€0.03mwithin the sector's middle half▼ 21.9%€5.3mabove the sector's middle half▲ 152×-€1.0mbelow the sector's middle half-€2.1mbelow the sector's middle half▼ 97.8%-€1.3mbelow the sector's middle half▲ 39.4%
Equity€18.5m-€22.5m▲ 21.7%€24.1mabove the sector's middle half▲ 6.8%€29.5mabove the sector's middle half▲ 22.5%€34.8mabove the sector's middle half▲ 17.8%€38.2mabove the sector's middle half▲ 9.9%€46.5mabove the sector's middle half▲ 21.8%€45.3mabove the sector's middle half▼ 2.7%
Total assets€19.3m-€25.0m▲ 29.6%€26.4mabove the sector's middle half▲ 5.4%€31.2mabove the sector's middle half▲ 18.0%€51.7mabove the sector's middle half▲ 66.0%€56.6mabove the sector's middle half▲ 9.5%€67.7mabove the sector's middle half▲ 19.6%€71.2mabove the sector's middle half▲ 5.2%
Debt€0.8m-€2.5m▲ 214%€2.3m▼ 7.4%€1.7m▼ 28.0%€17.0m▲ 920%€18.4m▲ 8.6%€21.2m▲ 15.1%€26.0m▲ 22.5%
Working capital-€0.1m-€0.3m-€0.4mbelow the sector's middle half€0.9mabove the sector's middle half€2.6mabove the sector's middle half▲ 195%€0.6mabove the sector's middle half▼ 76.7%€15.5mabove the sector's middle half▲ 25×€18.3mabove the sector's middle half▲ 17.7%
Solvency95.9%-90.0%▼ 5.8pp91.3%above the sector's middle half▲ 1.2pp94.7%above the sector's middle half▲ 3.4pp67.2%within the sector's middle half▼ 27.5pp67.5%within the sector's middle half▲ 0.3pp68.7%within the sector's middle half▲ 1.2pp63.6%within the sector's middle half▼ 5.1pp
Current ratio0.81-1.18▲ 0.370.69within the sector's middle half▼ 0.492.35within the sector's middle half▲ 1.663.47above the sector's middle half▲ 1.131.60within the sector's middle half▼ 1.875.60above the sector's middle half▲ 3.9915.98above the sector's middle half▲ 10.39
Return on assets (ROA)0.0%-0.1%▲ 0.1pp0.2%below the sector's middle half▲ 0.1pp0.1%below the sector's middle half▼ 0.1pp10.2%within the sector's middle half▲ 10.1pp-1.8%below the sector's middle half▼ 12.0pp-3.1%below the sector's middle half▼ 1.2pp-1.8%below the sector's middle half▲ 1.3pp
Staff (FTE)6.4-6.6▲ 3.1%6.1above the sector's middle half▼ 7.6%4.3above the sector's middle half▼ 29.5%2.7within the sector's middle half▼ 37.2%0within the sector's middle half▼ 100%0within the sector's middle half0below the sector's middle half
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 a loss of €824,651, smaller than the loss of €1.2m in 2024.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €71.2m
Fixed assets
€51.7m ▲ 6.0%
Current assets
€19.5m ▲ 3.1%
Equity and liabilities €71.2m
Equity
€45.3m ▼ 2.7%
Debt
€26.0m ▲ 22.5%
Debt's share of the balance-sheet total rises from 31.3% to 36.4%. Equity is lower and debt is higher.
Key figures and ratios
ROE
-2.8%▲
2024 · -4.4%
Debt ≤ 1 year
€1.2m▼
2024 · €3.4m
Debt > 1 year
€21.0m▲
2024 · €15.0m
Income taxes
€0▼
2024 · €414
Staff costs
-€2,056▼
2024 · €0
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 |
|---|---|---|
| Employees at the balance-sheet date | 3 | 2 |
| full-time | 3 | 2 |
| part-time | 0 | 0 |
| in full-time equivalents | 3 | 2 |
| Average over the year, in full-time equivalents | 4.3 | 2.7 |
| On a permanent contract | 3 | 2 |
| Joined | 0 | 0 |
| Left | 3 | 3 |
Source: social balance sheet in the 2021 to 2022 annual accounts
Investments
| Item | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Tangible fixed assets | - | €142,259 | €35,125 | €4,450 | - |
| Intangible fixed assets | - | - | - | - | €11,048 |
| Financial fixed assets | €8.9m | €20.3m | €15.2m | - | €3.0m |
| Depreciation and write-downs of the year | €20,328 | €22,363 | €35,959 | €35,868 | €36,889 |
Source: notes to the 2021 to 2025 annual accounts (statement of fixed assets)
Subsidies and aid
Flemish government
2022 · 1 entry · €3,000 awarded · €3,000 paidAnnual accounts
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Non-recurring operating income76A | - | - | - | €0.004m | €0 | - | - | - | - |
| Remuneration, social security and pensions62 | - | - | - | €0.4m | €0.2m | €0.02m | €0 | -€0.002m | - |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €0.02m | €0.02m | €0.02m | €0.02m | €0.02m | €0.04m | €0.04m | €0.04m | ▲ 2.8% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals)631/4 | - | - | - | - | - | - | - | €0.02m | - |
| Other operating charges640/8 | - | - | - | €0.002m | €0.06m | €0.05m | €0.04m | €0.05m | ▲ 5.4% |
| Non-recurring operating charges66A | - | - | - | €0 | €0.002m | €0 | €0.006m | -€0.003m | - |
| Gross operating margin9900 | €0.6m | €0.7m | €0.6m | €0.5m | -€0.6m | -€0.4m | -€1.1m | -€0.7m | ▲ 34.0% |
| Operating profit (loss)9901 | €0.04m | €0.1m | €0.07m | €0.1m | -€0.9m | -€0.5m | -€1.2m | -€0.8m | ▲ 30.5% |
| Financial income75/76B | - | - | - | €0.02m | €7.2m | €0.5m | €0.1m | €0.7m | ▲ 478% |
| Recurring financial income75 | €0.004m | €0.005m | €0.009m | €0.02m | €7.2m | €0.5m | €0.1m | €0.7m | ▲ 478% |
| Financial charges65/66B | - | - | - | €0.1m | €1.0m | €1.1m | €1.0m | €1.1m | ▲ 14.1% |
| Recurring financial charges65 | €0.03m | €0.08m | €0.02m | €0.1m | €1.0m | €1.1m | €1.0m | €1.1m | ▲ 14.1% |
| Profit (loss) for the period before taxes9903 | €0.02m | €0.07m | €0.06m | €0.04m | €5.3m | -€1.0m | -€2.1m | -€1.3m | ▲ 39.4% |
| Income taxes67/77 | €0.02m | €0.05m | €0.02m | €0.001m | €0.07m | €0 | €414 | €0 | ▼ 100% |
| Profit (loss) for the period9904 | €0.003m | €0.02m | €0.04m | €0.03m | €5.3m | -€1.0m | -€2.1m | -€1.3m | ▲ 39.4% |
| Profit (loss) for the period to be appropriated9905 | €0.003m | €0.02m | €0.04m | €0.03m | €5.3m | -€1.0m | -€2.1m | -€1.3m | ▲ 39.4% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Assets | |||||||||
| Total assets20/58 | €19.3m | €25.0m | €26.4m | €31.2m | €51.7m | €56.6m | €67.7m | €71.2m | ▲ 5.2% |
| Fixed assets21/28 | €18.7m | €22.8m | €25.5m | €29.6m | €48.0m | €55.0m | €48.8m | €51.7m | ▲ 6.0% |
| Intangible fixed assets21 | - | - | - | - | - | - | - | €0.01m | - |
| Tangible fixed assets22/27 | €0.2m | €0.1m | €0.1m | €0.1m | €0.2m | €0.2m | €0.2m | €0.2m | ▼ 18.5% |
| Plant, machinery and equipment23 | - | - | - | €0.003m | €0.001m | €0 | - | - | - |
| Furniture and vehicles24 | - | - | - | €0.01m | €0.06m | €0.07m | €0.07m | €0.06m | ▼ 13.7% |
| Other tangible fixed assets26 | - | - | - | €0.1m | €0.2m | €0.2m | €0.1m | €0.1m | ▼ 21.0% |
| Financial fixed assets28 | €18.5m | €22.6m | €25.4m | €29.5m | €47.8m | €54.8m | €48.6m | €51.6m | ▲ 6.1% |
| Current assets29/58 | €0.6m | €2.3m | €0.9m | €1.6m | €3.7m | €1.6m | €18.9m | €19.5m | ▲ 3.1% |
| Amounts receivable within one year40/41 | €0.4m | €0.5m | €0.7m | €1.3m | €0.5m | €0.9m | €17.3m | €18.7m | ▲ 8.0% |
| Trade receivables40 | - | - | - | €0.8m | €0.08m | €0.6m | €1.1m | €0.3m | ▼ 69.4% |
| Other amounts receivable41 | - | - | - | €0.5m | €0.5m | €0.4m | €16.2m | €18.4m | ▲ 13.5% |
| Cash at bank and in hand54/58 | €0.09m | €1.6m | €0.09m | €0.08m | €2.9m | €0.05m | €1.4m | €0.02m | ▼ 98.7% |
| Deferred charges and accrued income490/1 | - | - | - | €0.1m | €0.3m | €0.7m | €0.2m | €0.8m | ▲ 391% |
| Equity and liabilities | |||||||||
| Total equity and liabilities10/49 | €19.3m | €25.0m | €26.4m | €31.2m | €51.7m | €56.6m | €67.7m | €71.2m | ▲ 5.2% |
| Equity10/15 | €18.5m | €22.5m | €24.1m | €29.5m | €34.8m | €38.2m | €46.5m | €45.3m | ▼ 2.7% |
| Contributions10/11 | €2.4m | €2.7m | €2.7m | €29.4m | €29.4m | €33.9m | €44.3m | €44.3m | = |
| Capital10 | - | - | - | €4.8m | €4.8m | €5.2m | €6.9m | €6.9m | = |
| Issued capital100 | - | - | - | €4.8m | €4.8m | €5.2m | €6.9m | €6.9m | = |
| Contributions outside capital11 | - | - | - | €24.6m | €24.6m | €28.6m | €37.3m | €37.3m | = |
| Share premium1100/10 | - | - | - | €24.6m | €24.6m | €28.6m | €37.3m | €37.3m | = |
| Reserves13 | €0.002m | €0.002m | €0.09m | €0.1m | €5.4m | €5.4m | €5.4m | €5.4m | = |
| Non-distributable reserves130/1 | - | - | - | €0.007m | €0.3m | €0.3m | €0.3m | €0.3m | = |
| Legal reserve130 | - | - | - | €0.007m | €0.3m | €0.3m | €0.3m | €0.3m | = |
| Distributable reserves133 | - | - | - | €0.1m | €5.1m | €5.1m | €5.1m | €5.1m | = |
| Profit (loss) carried forward14 | €0.02m | €0.05m | - | - | - | -€1.0m | -€3.1m | -€4.4m | ▼ 40.3% |
| Amounts payable17/49 | €0.8m | €2.5m | €2.3m | €1.7m | €17.0m | €18.4m | €21.2m | €26.0m | ▲ 22.5% |
| Amounts payable after more than one year17 | - | €0.5m | €1.0m | €1.0m | €15.0m | €15.5m | €15.0m | €21.0m | ▲ 40.0% |
| Financial debts170/4 | - | - | - | €0 | €15.0m | €15.5m | €15.0m | €21.0m | ▲ 40.0% |
| Other amounts payable178/9 | - | - | - | €1.0m | €0 | - | - | - | - |
| Amounts payable within one year42/48 | €0.8m | €1.9m | €1.3m | €0.7m | €1.1m | €1.0m | €3.4m | €1.2m | ▼ 63.9% |
| Financial debts43 | - | - | - | €0.001m | €0 | - | - | €1.0m | - |
| Credit institutions430/8 | - | - | - | €0.001m | €0 | - | - | - | - |
| Other loans439 | - | - | - | - | - | - | - | €1.0m | - |
| Trade debts44 | €0.2m | €0.4m | €0.5m | €0.5m | €0.4m | €0.4m | €1.2m | €0.2m | ▼ 81.0% |
| Suppliers440/4 | - | - | - | €0.5m | €0.4m | €0.4m | €1.2m | €0.2m | ▼ 81.0% |
| Taxes, remuneration and social security45 | - | - | - | €0.2m | €0.7m | €0.7m | €0 | - | - |
| Taxes450/3 | - | - | - | €0.1m | €0.7m | €0.7m | €0 | - | - |
| Remuneration and social security454/9 | - | - | - | €0.04m | €0 | - | - | - | - |
| Other amounts payable47/48 | - | - | - | €0 | €0.006m | €0 | €2.2m | €0 | ▼ 100% |
| Accrued charges and deferred income492/3 | - | - | - | €0 | €0.9m | €1.9m | €2.8m | €3.7m | ▲ 32.8% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €0.003m | €0.02m | €0.04m | €0.03m | €5.3m | -€1.0m | -€2.1m | -€1.3m | ▲ 39.4% |
| + Depreciation and write-downs630 | €0.02m | €0.02m | €0.02m | €0.02m | €0.02m | €0.04m | €0.04m | €0.04m | ▲ 2.8% |
| Operating cash flow (approximation) | €0.03m | €0.05m | €0.06m | €0.05m | €5.3m | -€1.0m | -€2.0m | -€1.2m | ▲ 40.1% |
| Investment in fixed assets (approximation) | - | -€4.1m | -€2.7m | -€4.1m | -€18.4m | -€7.0m | €6.2m | -€3.0m | - |
| Change in cash | - | €1.5m | -€1.6m | -€0.006m | €2.8m | -€2.9m | €1.4m | -€1.4m | - |
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 11 filings with the National Bank
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-12-2025 | full format | 30-07-2026 | 2026-00355445 | |
| 31-12-2024 | abbreviated format | 28-08-2025 | 2025-00439724 | |
| 31-12-2023 | abbreviated format | 22-08-2024 | 2024-00386157 | |
| 31-12-2022 | abbreviated format | 18-07-2023 | 2023-00257191 | |
| 31-12-2021 | abbreviated format | 15-07-2022 | 2022-20197499 | |
| 31-12-2020 | abbreviated format | 12-10-2021 | 2021-72000497 | |
| 31-12-2019 | abbreviated format | 12-10-2020 | 2020-61600230 | |
| 31-12-2018 | abbreviated format | 02-08-2019 | 2019-44100274 | |
| 31-12-2017 | abbreviated format | 31-08-2018 | 2018-60900397 | |
| 31-12-2016 | abbreviated format | 22-08-2017 | 2017-49300010 |