Financials · financial year 2025, micro format
Annual accounts 2025 filed on 22-07-2026 at the NBB all 12 filings
Equity
€442,123▲ 27.1%
2024 · €347,860
Net result
€94,263▲ 50.7%
2024 · €62,563
Total assets
€1.4m▲ 15.7%
2024 · €1.2m
Solvency
32.7%▲ 2.9pp
2024 · 29.8%
Multi-year overview
2018 to 2025, 8 financial yearsOperating result
€140,393
▲ 36.6%
2025
20182025
Net result
€94,263
▲ 50.7%
2025
highest quarter of the sector
20182025
Equity
€442,123
▲ 27.1%
2025
highest quarter of the sector
20182025
Total assets
€1.4m
▲ 15.7%
2025
highest quarter of the sector
20182025
Debt
€910,795
▲ 10.9%
2025
20182025
Working capital
€105,560
2025
middle half of the sector
20182025
Solvency
32.7%
▲ 2.9pp
2025
middle half of the sector
20182025
Current ratio
2.01
▲ 1.37
2025
middle half of the sector
20182025
Return on assets (ROA)
7.0%
▲ 1.6pp
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€0.06m-€0.07m▲ 15.1%€0.08m▲ 11.6%€0.02m▼ 74.3%€0.1m▲ 470%€0.07m▼ 40.8%€0.1m▲ 46.1%€0.1m▲ 36.6%
Net result€0.04m-€0.04m▼ 8.6%€0.05mwithin the sector's middle half▲ 21.6%€0.005mwithin the sector's middle half▼ 89.5%€0.08mabove the sector's middle half▲ 16×€0.04mwithin the sector's middle half▼ 45.7%€0.06mwithin the sector's middle half▲ 53.1%€0.09mabove the sector's middle half▲ 50.7%
Equity€0.08m-€0.1m▲ 46.7%€0.2mwithin the sector's middle half▲ 38.7%€0.2mwithin the sector's middle half▲ 2.9%€0.2mwithin the sector's middle half▲ 44.5%€0.3mwithin the sector's middle half▲ 16.7%€0.3mabove the sector's middle half▲ 21.9%€0.4mabove the sector's middle half▲ 27.1%
Total assets€0.6m-€0.8m▲ 25.6%€1.0mabove the sector's middle half▲ 18.3%€1.1mabove the sector's middle half▲ 13.6%€1.2mabove the sector's middle half▲ 9.1%€1.3mabove the sector's middle half▲ 5.9%€1.2mabove the sector's middle half▼ 7.8%€1.4mabove the sector's middle half▲ 15.7%
Debt€0.6m-€0.7m▲ 22.6%€0.8m▲ 14.9%€0.9m▲ 15.8%€1.0m▲ 2.7%€1.0m▲ 3.1%€0.8m▼ 16.4%€0.9m▲ 10.9%
Working capital-€0.2m--€0.02m▲ 93.0%€0.07mwithin the sector's middle half-€0.006mbelow the sector's middle half-€0.02mbelow the sector's middle half▼ 288%€0.01mwithin the sector's middle half-€0.04mbelow the sector's middle half€0.1mwithin the sector's middle half
Solvency12.4%-14.5%▲ 2.1pp17.0%below the sector's middle half▲ 2.5pp15.4%below the sector's middle half▼ 1.6pp20.4%within the sector's middle half▲ 5.0pp22.5%within the sector's middle half▲ 2.1pp29.8%within the sector's middle half▲ 7.2pp32.7%within the sector's middle half▲ 2.9pp
Current ratio0.21-0.80▲ 0.592.16within the sector's middle half▲ 1.360.91below the sector's middle half▼ 1.250.80below the sector's middle half▼ 0.111.11within the sector's middle half▲ 0.310.64below the sector's middle half▼ 0.472.01within the sector's middle half▲ 1.37
Return on assets (ROA)6.4%-4.6%▼ 1.7pp4.8%within the sector's middle half▲ 0.1pp0.4%below the sector's middle half▼ 4.3pp6.3%within the sector's middle half▲ 5.9pp3.2%within the sector's middle half▼ 3.1pp5.4%within the sector's middle half▲ 2.1pp7.0%within the sector's middle half▲ 1.6pp
above
within
below
The sector band is the middle half of the companies in Activities auxiliary to financial services and insurance activities (NACE 66). 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 37% 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 micro 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 €1.4m
Fixed assets
€1.1m ▲ 3.6%
Current assets
€210,391 ▲ 217%
Equity and liabilities €1.4m
Equity
€442,123 ▲ 27.1%
Debt
€910,795 ▲ 10.9%
Debt's share of the balance-sheet total falls from 70.2% to 67.3%. Equity and debt are higher.
Key figures and ratios
ROE
21.3%▲
2024 · 18.0%
Debt ≤ 1 year
€104,831▲
2024 · €104,581
Debt > 1 year
€805,964▲
2024 · €716,644
Income taxes
€27,602▲
2024 · €18,520
Green means a favourable move, even when the figure itself falls, as with debt or debt to equity.
Securities and guarantees
| Item | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Mortgages, amount registered | €100,000 | €100,000 | €100,000 | €100,000 | €125,000 |
| Carrying value of the mortgaged assets | €1.0m | €1.1m | €1.0m | €1.0m | €1.1m |
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 | €224,044 | €111,406 | €98,703 | €3,363 | €101,699 |
| Financial fixed assets | - | - | - | €2,754 | €595 |
| Depreciation and write-downs of the year | €27,290 | €44,182 | €44,423 | €62,203 | €62,438 |
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 |
|---|---|---|---|---|---|---|---|---|---|
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €6,833 | €23,234 | €28,233 | €27,290 | €44,182 | €44,423 | €62,203 | €62,438 | ▲ 0.4% |
| Other operating charges640/8 | - | - | - | €36,528 | €17,621 | €4,478 | €1,166 | €24,869 | ▲ 21× |
| Gross operating margin9900 | €71,822 | €97,811 | €128,981 | €84,682 | €180,675 | €119,294 | €166,180 | €227,700 | ▲ 37.0% |
| Operating profit (loss)9901 | €63,075 | €72,623 | €81,039 | €20,864 | €118,872 | €70,393 | €102,811 | €140,393 | ▲ 36.6% |
| Financial charges65/66B | - | - | - | €19,478 | €18,777 | €16,927 | €21,728 | €18,528 | ▼ 14.7% |
| Recurring financial charges65 | €9,212 | €20,166 | €17,816 | €19,478 | €18,777 | €16,927 | €21,728 | €18,528 | ▼ 14.7% |
| Profit (loss) for the period before taxes9903 | €53,863 | €52,457 | €63,223 | €1,386 | €100,095 | €53,466 | €81,083 | €121,865 | ▲ 50.3% |
| Income taxes67/77 | €12,572 | €14,725 | €17,358 | -€3,420 | €24,800 | €12,600 | €18,520 | €27,602 | ▲ 49.0% |
| Profit (loss) for the period9904 | €41,291 | €37,732 | €45,865 | €4,806 | €75,295 | €40,866 | €62,563 | €94,263 | ▲ 50.7% |
| Profit (loss) for the period to be appropriated9905 | €41,291 | €37,732 | €45,865 | €4,806 | €75,295 | €40,866 | €62,563 | €94,263 | ▲ 50.7% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Assets | |||||||||
| Total assets20/58 | €0.6m | €0.8m | €1.0m | €1.1m | €1.2m | €1.3m | €1.2m | €1.4m | ▲ 15.7% |
| Fixed assets21/28 | €0.6m | €0.8m | €0.8m | €1.0m | €1.1m | €1.2m | €1.1m | €1.1m | ▲ 3.6% |
| Tangible fixed assets22/27 | €0.6m | €0.8m | €0.8m | €1.0m | €1.1m | €1.2m | €1.1m | €1.1m | ▲ 3.6% |
| Land and buildings22 | - | - | - | €1.0m | €1.1m | €1.0m | €1.0m | €1.1m | ▲ 6.1% |
| Plant, machinery and equipment23 | - | - | - | €0.003m | €0.002m | €0.002m | €0.002m | €0.001m | ▼ 24.0% |
| Furniture and vehicles24 | - | - | - | €0.001m | €0.03m | €0.1m | €0.09m | €0.07m | ▼ 24.7% |
| Financial fixed assets28 | €0.001m | - | - | - | - | - | €0.003m | €0.003m | ▲ 21.6% |
| Current assets29/58 | €0.06m | €0.06m | €0.1m | €0.06m | €0.09m | €0.1m | €0.07m | €0.2m | ▲ 217% |
| Amounts receivable within one year40/41 | - | €0.001m | €0.04m | €0.04m | €0.05m | €0.009m | €0.01m | €0.03m | ▲ 207% |
| Trade receivables40 | - | - | - | €0.02m | €0.05m | €0.001m | €0.001m | €0.03m | ▲ 27× |
| Other amounts receivable41 | - | - | - | €0.02m | €0.001m | €0.008m | €0.009m | €0.002m | ▼ 76.9% |
| Cash at bank and in hand54/58 | €0.06m | €0.06m | €0.09m | €0.02m | €0.04m | €0.1m | €0.05m | €0.2m | ▲ 238% |
| Deferred charges and accrued income490/1 | - | - | - | - | - | - | €0.003m | €0.001m | ▼ 79.0% |
| Equity and liabilities | |||||||||
| Total equity and liabilities10/49 | €0.6m | €0.8m | €1.0m | €1.1m | €1.2m | €1.3m | €1.2m | €1.4m | ▲ 15.7% |
| Equity10/15 | €0.08m | €0.1m | €0.2m | €0.2m | €0.2m | €0.3m | €0.3m | €0.4m | ▲ 27.1% |
| Contributions10/11 | €0.006m | €0.006m | - | €0.006m | €0.006m | €0.006m | €0.006m | €0.006m | = |
| Reserves13 | €0.002m | €0.002m | €0.002m | €0.002m | €0.002m | €0.002m | €0.002m | €0.002m | = |
| Non-distributable reserves130/1 | - | - | - | €0.002m | €0.002m | €0.002m | €0.002m | €0.002m | = |
| Reserves not available under the articles1311 | - | - | - | €0.002m | €0.002m | €0.002m | €0.002m | €0.002m | = |
| Profit (loss) carried forward14 | €0.07m | €0.1m | €0.2m | €0.2m | €0.2m | €0.3m | €0.3m | €0.4m | ▲ 27.7% |
| Amounts payable17/49 | €0.6m | €0.7m | €0.8m | €0.9m | €1.0m | €1.0m | €0.8m | €0.9m | ▲ 10.9% |
| Amounts payable after more than one year17 | €0.3m | €0.6m | €0.7m | €0.9m | €0.8m | €0.9m | €0.7m | €0.8m | ▲ 12.5% |
| Financial debts170/4 | - | - | - | €0.5m | €0.5m | €0.5m | €0.4m | €0.5m | ▲ 20.4% |
| Other amounts payable178/9 | - | - | - | €0.4m | €0.4m | €0.4m | €0.3m | €0.3m | ▼ 0.5% |
| Amounts payable within one year42/48 | €0.3m | €0.08m | €0.06m | €0.07m | €0.1m | €0.1m | €0.1m | €0.1m | ▲ 0.2% |
| Current portion of amounts payable after more than one year42 | - | - | - | €0.04m | €0.04m | €0.05m | €0.06m | €0.06m | ▲ 3.6% |
| Trade debts44 | €0.02m | €0.005m | €0.005m | €0.008m | €0.04m | €0.02m | €0.01m | €0.02m | ▲ 36.8% |
| Suppliers440/4 | - | - | - | €0.008m | €0.04m | €0.02m | €0.01m | €0.02m | ▲ 36.8% |
| Taxes, remuneration and social security45 | - | - | - | €0.02m | €0.03m | €0.02m | €0.02m | €0.01m | ▼ 23.6% |
| Taxes450/3 | - | - | - | €0.02m | €0.03m | €0.02m | €0.02m | €0.01m | ▼ 23.6% |
| Other amounts payable47/48 | - | - | - | €0.002m | €0.006m | €0.008m | €0.01m | €0.008m | ▼ 23.4% |
| Accrued charges and deferred income492/3 | - | - | - | - | - | €0.003m | - | - | - |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €41,291 | €37,732 | €45,865 | €4,806 | €75,295 | €40,866 | €62,563 | €94,263 | ▲ 50.7% |
| + Depreciation and write-downs630 | €6,833 | €23,234 | €28,233 | €27,290 | €44,182 | €44,423 | €62,203 | €62,438 | ▲ 0.4% |
| Operating cash flow (approximation) | €48,124 | €60,966 | €74,098 | €32,096 | €119,477 | €85,289 | €124,766 | €156,701 | ▲ 25.6% |
| Investment in fixed assets (approximation) | - | -€185,830 | -€114,047 | -€224,044 | -€111,406 | -€98,703 | -€6,117 | -€102,294 | ▼ 1,572% |
| Change in cash | - | €3,029 | €27,632 | -€70,084 | €20,212 | €61,237 | -€46,227 | €126,083 | - |
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 | micro format | 22-07-2026 | 2026-00318214 | |
| 31-12-2024 | micro format | 01-07-2025 | 2025-00207603 | |
| 31-12-2023 | micro format | 08-07-2024 | 2024-00231251 | |
| 31-12-2022 | micro format | 19-07-2023 | 2023-00257132 | |
| 31-12-2021 | micro format | 31-08-2022 | 2022-20419113 | |
| 31-12-2020 | micro format | 17-12-2021 | 2021-80600207 | |
| 31-12-2019 | micro format | 06-12-2020 | 2020-74800559 | |
| 31-12-2018 | micro format | 30-08-2019 | 2019-57600279 | |
| 31-12-2017 | micro format | 30-08-2018 | 2018-56800439 | |
| 31-12-2016 | micro format | 22-08-2017 | 2017-45600031 |