Financials · financial year 2025, full format
Annual accounts 2025 filed on 10-07-2026 at the NBB all 4 filings
Equity
€45.4m▲ 33.5%
2024 · €34.0m
Net result
€6.4m▲ 18×
2024 · €357,599
Total assets
€61.8m▲ 20.7%
2024 · €51.2m
Solvency
73.4%▲ 7.0pp
2024 · 66.3%
Multi-year overview
2022 to 2025, 4 financial yearsTurnover
€892,826
▲ 19.3%
2025
20222025
Operating result
-€522,066
▼ 1,113%
2025
20222025
Net result
€6.4m
▲ 18×
2025
highest quarter of the sector
20222025
Equity
€45.4m
▲ 33.5%
2025
highest quarter of the sector
20222025
Total assets
€61.8m
▲ 20.7%
2025
highest quarter of the sector
20222025
Debt
€16.4m
▼ 4.6%
2025
20222025
Working capital
€2.3m
2025
middle half of the sector
20222025
Solvency
73.4%
▲ 7.0pp
2025
middle half of the sector
20222025
Current ratio
1.73
▲ 1.20
2025
middle half of the sector
20222025
Return on assets (ROA)
10.3%
▲ 9.6pp
2025
highest quarter of the sector
20222025
Every figure per financial year
Every figure with its change against the financial year before
favourable
unfavourable
Line2022202320242025
Turnover€0.7m€0.9m▲ 19.3%
Operating result-€0.5m--€0.2m▲ 59.0%-€0.04m▲ 76.7%-€0.5m▼ 1,113%
Net result-€0.6mbelow the sector's middle half-€4.2mabove the sector's middle half€0.4mwithin the sector's middle half▼ 91.4%€6.4mabove the sector's middle half▲ 18×
Equity€13.8mabove the sector's middle half-€30.1mabove the sector's middle half▲ 118%€34.0mabove the sector's middle half▲ 12.8%€45.4mabove the sector's middle half▲ 33.5%
Total assets€27.8mabove the sector's middle half-€51.2mabove the sector's middle half▲ 83.9%€51.2mabove the sector's middle half▲ 0.1%€61.8mabove the sector's middle half▲ 20.7%
Debt€14.0m-€21.0m▲ 50.1%€17.2m▼ 18.2%€16.4m▼ 4.6%
Working capital-€7.6mbelow the sector's middle half--€15.8mbelow the sector's middle half▼ 107%-€1.3mbelow the sector's middle half▲ 92.0%€2.3mwithin the sector's middle half
Solvency49.6%within the sector's middle half-58.9%within the sector's middle half▲ 9.3pp66.3%within the sector's middle half▲ 7.5pp73.4%within the sector's middle half▲ 7.0pp
Current ratio0.45within the sector's middle half-0.09below the sector's middle half▼ 0.360.53within the sector's middle half▲ 0.441.73within the sector's middle half▲ 1.20
Return on assets (ROA)-2.2%below the sector's middle half-8.1%within the sector's middle half▲ 10.3pp0.7%within the sector's middle half▼ 7.4pp10.3%above the sector's middle half▲ 9.6pp
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 €522,066, larger than the loss of €43,053 in 2024. It is the lowest result since 2022.
Large changes and their cause
- 2024 Net result -91% on 2023. The accounts now follow the full format, last year the abbreviated format.
- 2023 Equity +118%, Total assets +84% on 2022. Capital increase of €8,651,030 (Official Gazette 21-11-2023). Capital increase of €8,651,030 (Official Gazette 21-11-2023).
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €61.8m
Fixed assets
€56.5m ▲ 13.5%
Current assets
€5.3m ▲ 267%
Equity and liabilities €61.8m
Equity
€45.4m ▲ 33.5%
Debt
€16.4m ▼ 4.6%
Debt's share of the balance-sheet total falls from 33.7% to 26.6%. Equity is higher and debt is lower.
Key figures and ratios
ROE
14.0%▲
2024 · 1.1%
Debt ≤ 1 year
€3.1m▲
2024 · €2.7m
Debt > 1 year
€13.2m▼
2024 · €14.0m
Green means a favourable move, even when the figure itself falls, as with debt or debt to equity.
Securities and guarantees
| Item | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|
| Debts secured on the company's own assets | - | €17.3m | €15.6m | €16.0m |
| Pledge on other assets, amount secured | - | €18.0m | €18.0m | €25.0m |
| Carrying value of the other pledged assets | - | €8.2m | €32.1m | €37.7m |
Source: notes to the 2022 to 2025 annual accounts (statement of debts and off-balance-sheet rights and commitments)
Investments
| Item | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|
| Intangible fixed assets | - | - | - | €9,075 |
| Financial fixed assets | €21.5m | €28.0m | - | €5.3m |
| Depreciation and write-downs of the year | - | - | - | €159 |
Source: notes to the 2022 to 2025 annual accounts (statement of fixed assets)
Auditor
The auditor is GRANT THORNTON BEDRIJFSREVISOREN - REVISEURS D'ENTREPRISES.
| Item | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|
| Fee for the audit | - | - | €5,100 | €5,346 |
| Other work by the auditor | - | - | €15,000 | €24,098 |
Source: notes to the 2022 to 2025 annual accounts (relations with the auditor)
Annual accounts
| Line | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|
| Operating income70/76A | - | - | €0.7m | €0.9m | ▲ 19.3% |
| Turnover70 | - | - | €0.7m | €0.9m | ▲ 19.3% |
| Operating charges60/66A | - | - | €0.8m | €1.4m | ▲ 78.8% |
| Services and other goods61 | - | - | €0.8m | €1.4m | ▲ 78.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | - | - | - | €159 | - |
| Other operating charges640/8 | - | €115 | €0.001m | €0.003m | ▲ 161% |
| Gross operating margin9900 | -€0.5m | -€0.2m | - | - | - |
| Operating profit (loss)9901 | -€0.5m | -€0.2m | -€0.04m | -€0.5m | ▼ 1,113% |
| Financial income75/76B | €0.1m | €5.0m | €1.3m | €7.8m | ▲ 483% |
| Recurring financial income75 | €0.1m | €5.0m | €1.3m | €7.8m | ▲ 483% |
| Income from financial fixed assets750 | - | - | €1.2m | €7.8m | ▲ 536% |
| Income from current assets751 | - | - | €0.09m | €0.01m | ▼ 83.4% |
| Other financial income752/9 | - | - | €0.03m | €0.01m | ▼ 50.1% |
| Financial charges65/66B | €0.3m | €0.6m | €0.9m | €0.9m | ▼ 3.0% |
| Recurring financial charges65 | €0.3m | €0.6m | €0.9m | €0.9m | ▼ 3.0% |
| Debt charges650 | - | - | €0.9m | €0.8m | ▼ 9.2% |
| Other financial charges652/9 | - | - | €0.003m | €0.06m | ▲ 20× |
| Profit (loss) for the period before taxes9903 | -€0.6m | €4.2m | €0.4m | €6.4m | ▲ 18× |
| Profit (loss) for the period9904 | -€0.6m | €4.2m | €0.4m | €6.4m | ▲ 18× |
| Profit (loss) for the period to be appropriated9905 | -€0.6m | €4.2m | €0.4m | €6.4m | ▲ 18× |
| Line | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|
| Assets | |||||
| Total assets20/58 | €27.8m | €51.2m | €51.2m | €61.8m | ▲ 20.7% |
| Fixed assets21/28 | €21.5m | €49.6m | €49.7m | €56.5m | ▲ 13.5% |
| Intangible fixed assets21 | - | - | - | €0.009m | - |
| Financial fixed assets28 | €21.5m | €49.6m | €49.7m | €56.5m | ▲ 13.5% |
| Affiliated companies280/1 | - | - | €49.7m | €56.1m | ▲ 12.8% |
| Participating interests280 | - | - | €32.7m | €37.7m | ▲ 15.3% |
| Amounts receivable281 | - | - | €17.0m | €18.4m | ▲ 8.1% |
| Companies linked by participating interests282/3 | - | - | - | €0.3m | - |
| Participating interests282 | - | - | - | €0.3m | - |
| Current assets29/58 | €6.3m | €1.6m | €1.5m | €5.3m | ▲ 267% |
| Stocks and contracts in progress3 | - | - | €0 | €0 | - |
| Amounts receivable within one year40/41 | €0.6m | €0.2m | €0.4m | €0.3m | ▼ 31.8% |
| Trade receivables40 | €0.4m | €0.2m | €0.3m | €0.1m | ▼ 54.9% |
| Other amounts receivable41 | €0.2m | €0.03m | €0.1m | €0.2m | ▲ 16.1% |
| Current investments50/53 | €4.5m | €0 | - | - | - |
| Cash at bank and in hand54/58 | €1.0m | €1.1m | €0.4m | €4.8m | ▲ 984% |
| Deferred charges and accrued income490/1 | €0.1m | €0.2m | €0.6m | €0.3m | ▼ 56.9% |
| Equity and liabilities | |||||
| Total equity and liabilities10/49 | €27.8m | €51.2m | €51.2m | €61.8m | ▲ 20.7% |
| Equity10/15 | €13.8m | €30.1m | €34.0m | €45.4m | ▲ 33.5% |
| Contributions10/11 | €14.4m | €26.6m | €30.1m | €35.1m | ▲ 16.8% |
| Profit (loss) carried forward14 | -€0.6m | €3.6m | €3.9m | €10.3m | ▲ 162% |
| Amounts payable17/49 | €14.0m | €21.0m | €17.2m | €16.4m | ▼ 4.6% |
| Amounts payable after more than one year17 | - | €15.6m | €14.0m | €13.2m | ▼ 5.5% |
| Financial debts170/4 | - | €15.6m | €14.0m | €13.2m | ▼ 5.5% |
| Credit institutions173 | - | - | €14.0m | €13.2m | ▼ 5.5% |
| Other amounts payable178/9 | - | €3.5m | - | - | - |
| Amounts payable within one year42/48 | €13.9m | €17.4m | €2.7m | €3.1m | ▲ 13.1% |
| Current portion of amounts payable after more than one year42 | - | €1.7m | €2.7m | €2.8m | ▲ 6.3% |
| Financial debts43 | €9.0m | €17.3m | €0 | - | - |
| Credit institutions430/8 | €9.0m | €17.3m | - | - | - |
| Other loans439 | - | €3.5m | €0 | - | - |
| Trade debts44 | €0.4m | €0.1m | €0.07m | €0.3m | ▲ 264% |
| Suppliers440/4 | €0.4m | €0.1m | €0.07m | €0.3m | ▲ 264% |
| Other amounts payable47/48 | €4.5m | €0 | - | - | - |
| Accrued charges and deferred income492/3 | €0.1m | €0.2m | €0.6m | €0.2m | ▼ 66.8% |
| Line | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|
| Profit (loss) for the period9904 | -€0.6m | €4.2m | €0.4m | €6.4m | ▲ 18× |
| + Depreciation and write-downs630 | - | - | - | €159 | - |
| Operating cash flow (approximation) | -€0.6m | €4.2m | €0.4m | €6.4m | ▲ 18× |
| Investment in fixed assets (approximation) | - | -€28.0m | -€0.2m | -€6.7m | ▼ 4,144% |
| Change in cash | - | €0.1m | -€0.7m | €4.3m | - |
A Belgian filing has no cash-flow statement. These rows are therefore an approximation, derived from the income statement and the balance-sheet moves.