Financials · financial year 2025, abbreviated format
Annual accounts 2025 filed on 26-05-2026 PDF all 11 filings
Turnover
≈ €400,000
Estimated: probably between €310,000 and €720,000
Total assets
€1.1m▼ 3.1%
2024 · €1.1m
Net result
€159,938▼ 27.0%
2024 · €219,041
Working capital
-€726,302▲ 9.4%
2024 · -€801,278
Multi-year overview
2018 to 2025, 8 financial yearsOperating result
€212,902
▲ 0.1%
2025
20182025
Net result
€159,938
▼ 27.0%
2025
highest quarter of the sector
20182025
Equity
€302,013
▲ 24.8%
2025
middle half of the sector
20182025
Total assets
€1.1m
▼ 3.1%
2025
middle half of the sector
20182025
Debt
€784,084
▼ 10.8%
2025
20182025
Working capital
-€726,302
▲ 9.4%
2025
lowest quarter of the sector
20182025
Solvency
27.8%
▲ 6.2pp
2025
middle half of the sector
20182025
Current ratio
0.01
=
2025
lowest quarter of the sector
20182025
Return on assets (ROA)
14.7%
▼ 4.8pp
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€0.1m-€0.2m▲ 20.4%€0.08m▼ 52.5%€0.1m▲ 45.5%€0.2m▲ 52.7%€0.2m▼ 7.3%€0.2m▲ 24.3%€0.2m▲ 0.1%
Net result€0.1m-€0.2m▲ 50.1%€0.1mabove the sector's middle half▼ 49.3%€0.2mabove the sector's middle half▲ 112%€0.6mabove the sector's middle half▲ 150%€0.4mabove the sector's middle half▼ 33.6%€0.2mabove the sector's middle half▼ 45.1%€0.2mabove the sector's middle half▼ 27.0%
Equity€0.5m-€0.3m▼ 36.6%€0.2mwithin the sector's middle half▼ 28.3%€0.02mbelow the sector's middle half▼ 89.0%€0.02mbelow the sector's middle half▲ 1.3%€0.2mwithin the sector's middle half▲ 817%€0.2mwithin the sector's middle half▲ 8.5%€0.3mwithin the sector's middle half▲ 24.8%
Total assets€1.0m-€1.0m▲ 1.4%€1.0mwithin the sector's middle half▲ 0.1%€1.1mwithin the sector's middle half▲ 5.8%€1.1mwithin the sector's middle half▼ 1.8%€1.1mwithin the sector's middle half▼ 1.1%€1.1mwithin the sector's middle half▲ 6.5%€1.1mwithin the sector's middle half▼ 3.1%
Debt€0.5m-€0.7m▲ 36.3%€0.8m▲ 12.2%€1.1m▲ 31.7%€1.0m▼ 1.9%€0.8m▼ 20.2%€0.9m▲ 6.0%€0.8m▼ 10.8%
Working capital-€0.3m--€0.6m▼ 109%-€0.8mbelow the sector's middle half▼ 25.8%-€1.0mbelow the sector's middle half▼ 29.3%-€1.0mbelow the sector's middle half▼ 1.7%-€0.8mbelow the sector's middle half▲ 19.1%-€0.8mbelow the sector's middle half▲ 0.7%-€0.7mbelow the sector's middle half▲ 9.4%
Solvency47.9%-29.9%▼ 17.9pp21.4%below the sector's middle half▼ 8.5pp2.2%below the sector's middle half▼ 19.2pp2.3%below the sector's middle half▲ 0.1pp21.2%below the sector's middle half▲ 18.9pp21.6%below the sector's middle half▲ 0.4pp27.8%within the sector's middle half▲ 6.2pp
Current ratio0.05-0.02▼ 0.030.03below the sector's middle half▲ 0.020.02below the sector's middle half▼ 0.010.01below the sector's middle half▼ 0.010.01below the sector's middle half=0.02below the sector's middle half=0.01below the sector's middle half=
Return on assets (ROA)14.7%-21.8%▲ 7.1pp11.1%within the sector's middle half▼ 10.8pp22.1%above the sector's middle half▲ 11.1pp56.4%above the sector's middle half▲ 34.3pp37.9%above the sector's middle half▼ 18.5pp19.5%above the sector's middle half▼ 18.3pp14.7%within the sector's middle half▼ 4.8pp
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 0% higher than in 2024 and the highest since 2021. It is the second rise in a row, after the fall in 2023.
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 €1.1m
Fixed assets
€1.1m ▼ 2.9%
Current assets
€10,717 ▼ 18.7%
Equity and liabilities €1.1m
Equity
€302,013 ▲ 24.8%
Debt
€784,084 ▼ 10.8%
Debt's share of the balance-sheet total falls from 78.4% to 72.2%. Equity is higher and debt is lower.
Key figures and ratios
ROE
53.0%▼
2024 · 90.5%
Debt ≤ 1 year
€737,019▼
2024 · €814,464
Debt > 1 year
€47,065▼
2024 · €64,714
Income taxes
€49,964▼
2024 · €50,241
Green means a favourable move, even when the figure itself falls, as with debt or debt to equity.
Investments
| Item | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Tangible fixed assets | €106,306 | €16,194 | €11,728 | €103,715 | €14,127 |
| Financial fixed assets | - | - | €250 | - | - |
| Depreciation and write-downs of the year | €10,091 | €21,918 | €24,038 | €38,774 | €46,813 |
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 | - | - | - | €1,478 | - | - | - | - | - |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €17,814 | €18,757 | €17,865 | €10,091 | €21,918 | €24,038 | €38,774 | €46,813 | ▲ 20.7% |
| Other operating charges640/8 | - | - | - | €2,859 | €1,985 | €1,724 | €1,962 | €2,163 | ▲ 10.2% |
| Gross operating margin9900 | €165,226 | €196,920 | €103,657 | €133,744 | €208,404 | €196,768 | €253,323 | €261,878 | ▲ 3.4% |
| Operating profit (loss)9901 | €145,267 | €174,836 | €83,022 | €120,795 | €184,500 | €171,007 | €212,587 | €212,902 | ▲ 0.1% |
| Financial income75/76B | - | - | - | €150,000 | €460,011 | €270,000 | €60,001 | €7 | ▼ 100.0% |
| Recurring financial income75 | €50,000 | €100,000 | €60,000 | €150,000 | €460,011 | €270,000 | €60,001 | €7 | ▼ 100.0% |
| Financial charges65/66B | - | - | - | €6,133 | €3,057 | €2,870 | €3,307 | €3,006 | ▼ 9.1% |
| Recurring financial charges65 | €13,594 | €7,314 | €12,897 | €6,133 | €3,057 | €2,870 | €3,307 | €3,006 | ▼ 9.1% |
| Profit (loss) for the period before taxes9903 | €181,673 | €267,523 | €130,125 | €264,661 | €641,454 | €438,137 | €269,282 | €209,902 | ▼ 22.1% |
| Income taxes67/77 | €32,998 | €44,287 | €16,845 | €25,004 | €41,148 | €39,433 | €50,241 | €49,964 | ▼ 0.6% |
| Profit (loss) for the period9904 | €148,675 | €223,236 | €113,280 | €239,658 | €600,306 | €398,704 | €219,041 | €159,938 | ▼ 27.0% |
| Profit (loss) for the period to be appropriated9905 | €148,675 | €223,236 | €113,280 | €239,658 | €600,306 | €398,704 | €219,041 | €159,938 | ▼ 27.0% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Assets | |||||||||
| Total assets20/58 | €1.0m | €1.0m | €1.0m | €1.1m | €1.1m | €1.1m | €1.1m | €1.1m | ▼ 3.1% |
| Fixed assets21/28 | €1.0m | €1.0m | €1.0m | €1.1m | €1.1m | €1.0m | €1.1m | €1.1m | ▼ 2.9% |
| Tangible fixed assets22/27 | €0.03m | €0.05m | €0.04m | €0.1m | €0.1m | €0.08m | €0.1m | €0.1m | ▼ 22.1% |
| Land and buildings22 | - | - | - | €0.009m | €0.008m | €0.007m | €0.006m | €0.008m | ▲ 23.7% |
| Plant, machinery and equipment23 | - | - | - | €0.008m | €0.02m | €0.01m | €0.01m | €0.01m | ▼ 12.5% |
| Furniture and vehicles24 | - | - | - | €0.08m | €0.07m | €0.06m | €0.1m | €0.1m | ▼ 25.2% |
| Financial fixed assets28 | €1.0m | €1.0m | €1.0m | €1.0m | €1.0m | €1.0m | €1.0m | €1.0m | = |
| Current assets29/58 | €0.02m | €0.01m | €0.03m | €0.02m | €0.009m | €0.01m | €0.01m | €0.01m | ▼ 18.7% |
| Amounts receivable within one year40/41 | - | - | €0.008m | €0.005m | - | €0.001m | €0.001m | €0.002m | ▲ 173% |
| Other amounts receivable41 | - | - | - | €0.005m | - | €0.001m | €0.001m | €0.002m | ▲ 173% |
| Cash at bank and in hand54/58 | €0.01m | €0.01m | €0.02m | €0.02m | €0.009m | €0.008m | €0.01m | €0.007m | ▼ 37.7% |
| Deferred charges and accrued income490/1 | - | - | - | €0.002m | €371 | €414 | €0.002m | €0.002m | ▲ 40.4% |
| Equity and liabilities | |||||||||
| Total equity and liabilities10/49 | €1.0m | €1.0m | €1.0m | €1.1m | €1.1m | €1.1m | €1.1m | €1.1m | ▼ 3.1% |
| Equity10/15 | €0.5m | €0.3m | €0.2m | €0.02m | €0.02m | €0.2m | €0.2m | €0.3m | ▲ 24.8% |
| Contributions10/11 | €0.02m | €0.02m | - | €0.02m | €0.02m | €0.02m | €0.02m | €0.02m | = |
| Reserves13 | €0.5m | €0.3m | €0.2m | €0.005m | €0.006m | €0.2m | €0.2m | €0.3m | ▲ 26.8% |
| Non-distributable reserves130/1 | - | - | - | €0.002m | €0.002m | - | - | - | - |
| Reserves not available under the articles1311 | - | - | - | €0.002m | €0.002m | - | - | - | - |
| Distributable reserves133 | - | - | - | €0.004m | €0.004m | €0.2m | €0.2m | €0.3m | ▲ 26.8% |
| Amounts payable17/49 | €0.5m | €0.7m | €0.8m | €1.1m | €1.0m | €0.8m | €0.9m | €0.8m | ▼ 10.8% |
| Amounts payable after more than one year17 | €0.2m | €0.1m | €0.01m | €0.05m | €0.03m | €0.01m | €0.06m | €0.05m | ▼ 27.3% |
| Financial debts170/4 | - | - | - | €0.05m | €0.03m | €0.01m | €0.06m | €0.05m | ▼ 27.3% |
| Amounts payable within one year42/48 | €0.3m | €0.6m | €0.8m | €1.0m | €1.0m | €0.8m | €0.8m | €0.7m | ▼ 9.5% |
| Current portion of amounts payable after more than one year42 | - | - | - | €0.03m | €0.02m | €0.02m | €0.03m | €0.02m | ▼ 41.8% |
| Trade debts44 | €0.004m | €0.002m | €0.003m | €0.004m | €0.001m | €0.005m | €0.001m | €0.002m | ▲ 79.0% |
| Suppliers440/4 | - | - | - | €0.004m | €0.001m | €0.005m | €0.001m | €0.002m | ▲ 79.0% |
| Taxes, remuneration and social security45 | - | - | - | €0.03m | €0.05m | €0.04m | €0.02m | €0.02m | ▲ 1.8% |
| Taxes450/3 | - | - | - | €0.03m | €0.05m | €0.04m | €0.02m | €0.02m | ▲ 1.8% |
| Other amounts payable47/48 | - | - | - | €0.9m | €0.9m | €0.7m | €0.8m | €0.7m | ▼ 8.6% |
| Accrued charges and deferred income492/3 | - | - | - | €0.003m | - | - | - | - | - |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €148,675 | €223,236 | €113,280 | €239,658 | €600,306 | €398,704 | €219,041 | €159,938 | ▼ 27.0% |
| + Depreciation and write-downs630 | €17,814 | €18,757 | €17,865 | €10,091 | €21,918 | €24,038 | €38,774 | €46,813 | ▲ 20.7% |
| Operating cash flow (approximation) | €166,489 | €241,993 | €131,144 | €249,748 | €622,224 | €422,742 | €257,814 | €206,752 | ▼ 19.8% |
| Investment in fixed assets (approximation) | - | -€38,024 | -€3,495 | -€72,635 | -€16,194 | -€11,978 | -€103,715 | -€14,127 | ▲ 86.4% |
| Change in cash | - | -€2,797 | €6,946 | -€1,416 | -€6,904 | -€119 | €2,460 | -€4,126 | - |
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 | abbreviated format | 26-05-2026 | 2026-00120405 | |
| 31-12-2024 | abbreviated format | 05-06-2025 | 2025-00120241 | |
| 31-12-2023 | abbreviated format | 11-06-2024 | 2024-00121022 | |
| 31-12-2022 | abbreviated format | 23-03-2023 | 2023-00045341 | |
| 31-12-2021 | abbreviated format | 31-05-2022 | 2022-20042683 | |
| 31-12-2020 | abbreviated format | 27-05-2021 | 2021-15600375 | |
| 31-12-2019 | abbreviated format | 26-05-2020 | 2020-13300063 | |
| 31-12-2018 | abbreviated format | 04-06-2019 | 2019-16500237 | |
| 31-12-2017 | abbreviated format | 18-05-2018 | 2018-13400154 | |
| 31-12-2016 | abbreviated format | 06-06-2017 | 2017-15000509 |