Financials · financial year 2025, abbreviated format
2025 annual accounts filed 5 days after the deadline Filed on 5 May 2026, deadline 30 April 2026 (7 months after the close on 30 September 2025, Companies Code art. 3:10). Source: NBB, 2026-00105047.
Annual accounts 2025 filed on 05-05-2026 PDF all 9 filings
Equity
€450,071▼ 14.5%
2024 · €526,700
Net result
-€76,629
2024 · €16,828
Total assets
€1.8m▲ 148%
2024 · €725,041
Solvency
25.0%▼ 47.6pp
2024 · 72.6%
Multi-year overview
2019 to 2025, 7 financial yearsOperating result
-€73,571
2025
20192025
Net result
-€76,629
2025
lowest quarter of the sector
20192025
Equity
€450,071
▼ 14.5%
2025
middle half of the sector
20192025
Total assets
€1.8m
▲ 148%
2025
middle half of the sector
20192025
Debt
€1.3m
▲ 580%
2025
20192025
Working capital
€239,606
▼ 38.8%
2025
middle half of the sector
20192025
Solvency
25.0%
▼ 47.6pp
2025
middle half of the sector
20192025
Current ratio
1.18
▼ 2.07
2025
middle half of the sector
20192025
Return on assets (ROA)
-4.3%
▼ 6.6pp
2025
lowest quarter of the sector
20192025
Every figure per financial year
Every figure with its change against the financial year before
favourable
unfavourable
Line2019202020212022202320242025
Operating result€0.03m-€0.1m▲ 197%€0.2m▲ 82.3%€0.1m▼ 42.0%€0.1m▲ 39.3%€0.02m▼ 86.7%-€0.07m
Net result€0.03m-€0.08mwithin the sector's middle half▲ 195%€0.1mwithin the sector's middle half▲ 84.1%€0.09mwithin the sector's middle half▼ 35.1%€0.1mwithin the sector's middle half▲ 27.7%€0.02mwithin the sector's middle half▼ 85.7%-€0.08mbelow the sector's middle half
Equity€0.08m-€0.2mwithin the sector's middle half▲ 95.1%€0.3mwithin the sector's middle half▲ 89.7%€0.4mwithin the sector's middle half▲ 30.7%€0.5mwithin the sector's middle half▲ 30.0%€0.5mwithin the sector's middle half▲ 3.3%€0.5mwithin the sector's middle half▼ 14.5%
Total assets€0.1m-€0.2mbelow the sector's middle half▲ 105%€0.5mbelow the sector's middle half▲ 123%€0.7mwithin the sector's middle half▲ 43.4%€0.7mwithin the sector's middle half▲ 4.1%€0.7mwithin the sector's middle half▼ 1.1%€1.8mwithin the sector's middle half▲ 148%
Debt€0.03m-€0.06m▲ 135%€0.2m▲ 207%€0.3m▲ 63.3%€0.2m▼ 28.4%€0.2m▼ 11.3%€1.3m▲ 580%
Working capital€0.06m-€0.1mwithin the sector's middle half▲ 132%€0.3mwithin the sector's middle half▲ 104%€0.3mabove the sector's middle half▲ 30.0%€0.4mabove the sector's middle half▲ 27.2%€0.4mabove the sector's middle half▼ 11.5%€0.2mwithin the sector's middle half▼ 38.8%
Solvency75.4%-71.8%within the sector's middle half▼ 3.6pp61.1%within the sector's middle half▼ 10.7pp55.7%within the sector's middle half▼ 5.4pp69.5%within the sector's middle half▲ 13.8pp72.6%within the sector's middle half▲ 3.1pp25.0%within the sector's middle half▼ 47.6pp
Current ratio3.19-3.11above the sector's middle half▼ 0.082.40within the sector's middle half▼ 0.712.50within the sector's middle half▲ 0.103.57above the sector's middle half▲ 1.073.24above the sector's middle half▼ 0.321.18within the sector's middle half▼ 2.07
Return on assets (ROA)24.3%-35.0%above the sector's middle half▲ 10.7pp28.9%above the sector's middle half▼ 6.1pp13.1%above the sector's middle half▼ 15.8pp16.0%above the sector's middle half▲ 3.0pp2.3%within the sector's middle half▼ 13.7pp-4.3%below the sector's middle half▼ 6.6pp
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 €73,571, after a profit of €19,587 in 2024. It is the lowest result since 2021.
Turnover and EBIT margin are not published. The abbreviated or micro format does not require them.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €1.8m
Fixed assets
€213,876 ▲ 34.8%
Current assets
€1.6m ▲ 180%
Equity and liabilities €1.8m
Equity
€450,071 ▼ 14.5%
Debt
€1.3m ▲ 580%
Debt's share of the balance-sheet total rises from 27.4% to 75.0%. Equity is lower and debt is higher.
Key figures and ratios
ROE
-17.0%▼
2024 · 3.2%
Debt ≤ 1 year
€1.3m▲
2024 · €174,575
Debt > 1 year
€3,411▼
2024 · €23,766
Income taxes
€398▼
2024 · €7,565
Green means a favourable move, even when the figure itself falls, as with debt or debt to equity.
Investments
| Item | 30-09-2021 | 30-09-2022 | 30-09-2023 | 30-09-2024 | 30-09-2025 |
|---|---|---|---|---|---|
| Tangible fixed assets | €6,694 | €112,816 | €14,731 | €63,705 | €78,578 |
| Intangible fixed assets | - | - | - | - | €10,386 |
| Depreciation and write-downs of the year | €1,051 | €10,617 | €20,027 | €21,672 | €22,650 |
Source: notes to the 2021 to 2025 annual accounts (statement of fixed assets)
Annual accounts
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|
| Non-recurring operating income76A | - | - | - | €6,027 | - | €11,955 | €2,130 | ▼ 82.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | - | €421 | €1,051 | €10,617 | €20,027 | €21,672 | €22,650 | ▲ 4.5% |
| Other operating charges640/8 | - | - | €651 | €1,314 | €1,104 | €2,257 | €21,743 | ▲ 863% |
| Gross operating margin9900 | €34,025 | €102,455 | €184,075 | €117,732 | €168,476 | €43,516 | -€29,178 | - |
| Operating profit (loss)9901 | €33,623 | €100,018 | €182,373 | €105,800 | €147,346 | €19,587 | -€73,571 | - |
| Financial income75/76B | - | - | €2,694 | €7,276 | €10,856 | €7,276 | €125 | ▼ 98.3% |
| Recurring financial income75 | - | €1,165 | €2,694 | €7,276 | €10,856 | €7,276 | €125 | ▼ 98.3% |
| Financial charges65/66B | - | - | €1,198 | €2,311 | €2,473 | €2,470 | €2,785 | ▲ 12.7% |
| Recurring financial charges65 | €996 | €729 | €1,198 | €2,311 | €2,473 | €2,470 | €2,785 | ▲ 12.7% |
| Profit (loss) for the period before taxes9903 | €32,628 | €100,454 | €183,869 | €110,765 | €155,728 | €24,393 | -€76,231 | - |
| Income taxes67/77 | €6,511 | €23,338 | €41,934 | €18,663 | €38,068 | €7,565 | €398 | ▼ 94.7% |
| Profit (loss) for the period9904 | €26,117 | €77,116 | €141,935 | €92,102 | €117,660 | €16,828 | -€76,629 | - |
| Profit (loss) for the period to be appropriated9905 | €26,117 | €77,116 | €141,935 | €92,102 | €117,660 | €16,828 | -€76,629 | - |
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|
| Assets | ||||||||
| Total assets20/58 | €0.1m | €0.2m | €0.5m | €0.7m | €0.7m | €0.7m | €1.8m | ▲ 148% |
| Fixed assets21/28 | €0.03m | €0.03m | €0.03m | €0.1m | €0.1m | €0.2m | €0.2m | ▲ 34.8% |
| Intangible fixed assets21 | - | - | - | - | - | - | €0.01m | - |
| Tangible fixed assets22/27 | - | €0.002m | €0.007m | €0.1m | €0.09m | €0.1m | €0.2m | ▲ 33.5% |
| Land and buildings22 | - | - | - | €0.06m | €0.07m | €0.06m | €0.1m | ▲ 76.2% |
| Plant, machinery and equipment23 | - | - | - | €0.005m | €0.005m | €0.004m | €0.02m | ▲ 409% |
| Furniture and vehicles24 | - | - | €0.007m | €0.03m | €0.02m | €0.07m | €0.05m | ▼ 23.5% |
| Financial fixed assets28 | €0.03m | €0.03m | €0.03m | €0.03m | €0.03m | €0.03m | €0.03m | = |
| Current assets29/58 | €0.08m | €0.2m | €0.5m | €0.6m | €0.6m | €0.6m | €1.6m | ▲ 180% |
| Amounts receivable after more than one year29 | - | - | €0.2m | €0.5m | €0.5m | €0.5m | - | - |
| Other amounts receivable291 | - | - | €0.2m | €0.5m | €0.5m | €0.5m | - | - |
| Amounts receivable within one year40/41 | €0.05m | €0.04m | €0.1m | €0.08m | €0.1m | €0.07m | €0.5m | ▲ 641% |
| Trade receivables40 | - | - | €0.1m | €0.06m | €247 | €0.04m | €0.04m | ▲ 21.3% |
| Other amounts receivable41 | - | - | €0.01m | €0.02m | €0.1m | €0.04m | €0.5m | ▲ 14× |
| Current investments50/53 | - | - | - | €0.03m | - | - | - | - |
| Cash at bank and in hand54/58 | €0.04m | €0.08m | €0.06m | - | €0.03m | €0.02m | €0.1m | ▲ 381% |
| Deferred charges and accrued income490/1 | - | - | €0.007m | €0.004m | €0.006m | €0.006m | €0.9m | ▲ 158× |
| Equity and liabilities | ||||||||
| Total equity and liabilities10/49 | €0.1m | €0.2m | €0.5m | €0.7m | €0.7m | €0.7m | €1.8m | ▲ 148% |
| Equity10/15 | €0.08m | €0.2m | €0.3m | €0.4m | €0.5m | €0.5m | €0.5m | ▼ 14.5% |
| Contributions10/11 | €0.05m | - | €0.05m | €0.05m | €0.05m | €0.05m | €0.05m | = |
| Reserves13 | €0.03m | €0.1m | €0.3m | €0.3m | €0.5m | €0.5m | €0.4m | ▼ 16.1% |
| Non-distributable reserves130/1 | - | - | €0.005m | - | - | - | - | - |
| Reserves not available under the articles1311 | - | - | €0.005m | - | - | - | - | - |
| Distributable reserves133 | - | - | €0.2m | €0.3m | €0.5m | €0.5m | €0.4m | ▼ 16.1% |
| Amounts payable17/49 | €0.03m | €0.06m | €0.2m | €0.3m | €0.2m | €0.2m | €1.3m | ▲ 580% |
| Amounts payable after more than one year17 | - | - | - | €0.08m | €0.05m | €0.02m | €0.003m | ▼ 85.6% |
| Financial debts170/4 | - | - | - | €0.08m | €0.05m | €0.02m | €0.003m | ▼ 85.6% |
| Amounts payable within one year42/48 | €0.03m | €0.06m | €0.2m | €0.2m | €0.2m | €0.2m | €1.3m | ▲ 671% |
| Current portion of amounts payable after more than one year42 | - | - | - | €0.03m | €0.03m | €0.03m | €0.02m | ▼ 25.6% |
| Financial debts43 | - | - | €0.05m | €0.04m | - | €0.02m | - | - |
| Credit institutions430/8 | - | - | €0.05m | €0.04m | - | €0.02m | - | - |
| Trade debts44 | €0.003m | €0.002m | €0.007m | €343 | €0.005m | - | €0.02m | - |
| Suppliers440/4 | - | - | €0.007m | €343 | €0.005m | - | €0.02m | - |
| Taxes, remuneration and social security45 | - | - | €0.04m | €0.03m | €0.05m | €0.02m | €0.5m | ▲ 28× |
| Taxes450/3 | - | - | €0.04m | €0.02m | €0.05m | €0.01m | €0.5m | ▲ 34× |
| Remuneration and social security454/9 | - | - | - | €0.007m | €0.003m | €0.003m | €0.003m | = |
| Other amounts payable47/48 | - | - | €0.1m | €0.1m | €0.09m | €0.1m | €0.8m | ▲ 659% |
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €26,117 | €77,116 | €141,935 | €92,102 | €117,660 | €16,828 | -€76,629 | - |
| + Depreciation and write-downs630 | - | €421 | €1,051 | €10,617 | €20,027 | €21,672 | €22,650 | ▲ 4.5% |
| Operating cash flow (approximation) | €26,117 | €77,537 | €142,987 | €102,720 | €137,687 | €38,500 | -€53,979 | - |
| Investment in fixed assets (approximation) | - | -€2,164 | -€6,694 | -€102,050 | -€14,731 | -€61,804 | -€77,871 | ▼ 26.0% |
| Change in cash | - | €44,389 | -€19,092 | - | - | -€2,576 | €88,396 | - |
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 (9)
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 30-09-2025 | abbreviated format | 05-05-2026 | 2026-00105047 | |
| 30-09-2024 | abbreviated format | 18-05-2025 | 2025-00097174 | |
| 30-09-2023 | abbreviated format | 30-04-2024 | 2024-00078117 | |
| 30-09-2022 | abbreviated format | 10-05-2023 | 2023-00084103 | |
| 30-09-2021 | abbreviated format | 02-05-2022 | 2022-20019890 | |
| 30-09-2020 | abbreviated format | 30-04-2021 | 2021-12400175 | |
| 30-09-2019 | micro format | 28-04-2020 | 2020-10200431 | |
| 30-09-2018 | micro format | 30-04-2019 | 2019-11700236 | |
| 30-09-2017 | micro format | 10-04-2018 | 2018-09500534 |