Financials · financial year 2025, micro format
Annual accounts 2025 filed on 08-05-2026 PDF all 25 filings
Equity
€162,509▼ 16.7%
2024 · €195,028
Net result
-€32,519▼ 104%
2024 · -€15,934
Total assets
€457,605▼ 10.9%
2024 · €513,706
Solvency
35.5%▼ 2.5pp
2024 · 38.0%
Multi-year overview
2018 to 2025, 7 financial yearsOperating result
-€25,437
▼ 381%
2025
20182025
Net result
-€32,519
▼ 104%
2025
lowest quarter of the sector
20182025
Equity
€162,509
▼ 16.7%
2025
middle half of the sector
20182025
Total assets
€457,605
▼ 10.9%
2025
middle half of the sector
20182025
Debt
€295,095
▼ 7.4%
2025
20182025
Working capital
-€44,251
▲ 11.5%
2025
lowest quarter of the sector
20182025
Solvency
35.5%
▼ 2.5pp
2025
middle half of the sector
20182025
Current ratio
0.20
▲ 0.07
2025
lowest quarter of the sector
20182025
Return on assets (ROA)
-7.1%
▼ 4.0pp
2025
lowest quarter of the sector
20182025
Every figure per financial year
Every figure with its change against the financial year before
favourable
unfavourable
Line2018201920202021202320242025
Operating result€0.05m-€0.03m▼ 45.1%€0.002m▼ 92.8%€0.04m▲ 19×€0.01m--€0.005m-€0.03m▼ 381%
Net result€0.03m-€0.006m▼ 80.4%-€0.007mbelow the sector's middle half€0.002mbelow the sector's middle half-€0.001mbelow the sector's middle half--€0.02mbelow the sector's middle half▼ 1,317%-€0.03mbelow the sector's middle half▼ 104%
Equity€0.2m-€0.2m▲ 2.5%€0.2mwithin the sector's middle half▼ 2.9%€0.2mwithin the sector's middle half▲ 1.0%€0.2mwithin the sector's middle half-€0.2mwithin the sector's middle half▼ 7.6%€0.2mwithin the sector's middle half▼ 16.7%
Total assets€0.6m-€0.9m▲ 46.4%€1.0mabove the sector's middle half▲ 11.0%€1.1mabove the sector's middle half▲ 13.7%€0.6mwithin the sector's middle half-€0.5mwithin the sector's middle half▼ 7.9%€0.5mwithin the sector's middle half▼ 10.9%
Debt€0.4m-€0.6m▲ 74.1%€0.7m▲ 16.1%€0.9m▲ 17.6%€0.3m-€0.3m▼ 8.2%€0.3m▼ 7.4%
Working capital-€0.1m--€0.4m▼ 192%-€0.5mbelow the sector's middle half▼ 10.0%-€0.5mbelow the sector's middle half▼ 15.1%-€0.06mbelow the sector's middle half--€0.05mbelow the sector's middle half▲ 12.1%-€0.04mbelow the sector's middle half▲ 11.5%
Solvency38.6%-27.1%▼ 11.6pp23.7%within the sector's middle half▼ 3.4pp21.1%below the sector's middle half▼ 2.6pp37.8%within the sector's middle half-38.0%within the sector's middle half▲ 0.2pp35.5%within the sector's middle half▼ 2.5pp
Current ratio0.34-0.14▼ 0.200.16below the sector's middle half▲ 0.010.13below the sector's middle half▼ 0.030.41below the sector's middle half-0.13below the sector's middle half▼ 0.280.20below the sector's middle half▲ 0.07
Return on assets (ROA)5.0%-0.7%▼ 4.4pp-0.7%below the sector's middle half▼ 1.4pp0.2%below the sector's middle half▲ 0.9pp-0.2%below the sector's middle half--3.1%below the sector's middle half▼ 2.9pp-7.1%below the sector's middle half▼ 4.0pp
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 €25,437, larger than the loss of €5,285 in 2024. It is the lowest result since 2018.
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 €457,605
Fixed assets
€446,593 ▼ 11.8%
Current assets
€11,011 ▲ 50.3%
Equity and liabilities €457,605
Equity
€162,509 ▼ 16.7%
Debt
€295,095 ▼ 7.4%
Debt's share of the balance-sheet total rises from 62.0% to 64.5%. Equity and debt are lower.
Key figures and ratios
ROE
-20.0%▼
2024 · -8.2%
Debt ≤ 1 year
€55,262▼
2024 · €57,310
Debt > 1 year
€239,833▼
2024 · €258,497
Green means a favourable move, even when the figure itself falls, as with debt or debt to equity.
Investments
| Item | 2021 | 2023 | 2024 | 2025 |
|---|---|---|---|---|
| Tangible fixed assets | €186,808 | - | €60,000 | - |
| Depreciation and write-downs of the year | €64,480 | €66,889 | €62,959 | €59,588 |
Source: notes to the 2021 to 2025 annual accounts (statement of fixed assets)
Annual accounts
| Line | 2018 | 2019 | 2020 | 2021 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|
| Non-recurring operating income76A | - | - | - | €18,170 | - | - | - | - |
| Remuneration, social security and pensions62 | - | - | - | €770 | - | - | - | - |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €44,489 | €87,816 | €90,473 | €64,480 | €66,889 | €62,959 | €59,588 | ▼ 5.4% |
| Other operating charges640/8 | - | - | - | €18,022 | €3,632 | €5,806 | €2,457 | ▼ 57.7% |
| Gross operating margin9900 | €144,634 | €120,001 | €100,916 | €119,390 | €84,590 | €63,479 | €36,608 | ▼ 42.3% |
| Operating profit (loss)9901 | €47,718 | €26,197 | €1,885 | €36,118 | €14,069 | -€5,285 | -€25,437 | ▼ 381% |
| Financial income75/76B | - | - | - | €1 | €751 | €0 | €1,497 | ▲ 3,403× |
| Recurring financial income75 | €2 | €54 | €10 | €1 | €751 | €0 | €1,497 | ▲ 3,403× |
| Financial charges65/66B | - | - | - | €12,196 | €13,526 | €10,820 | €8,579 | ▼ 20.7% |
| Recurring financial charges65 | €5,997 | €6,500 | €11,402 | €12,196 | €13,526 | €10,820 | €8,579 | ▼ 20.7% |
| Profit (loss) for the period before taxes9903 | €41,724 | €19,751 | -€9,507 | €23,924 | €1,294 | -€16,105 | -€32,519 | ▼ 102% |
| Income taxes67/77 | €12,000 | €13,934 | -€2,776 | €21,622 | €2,419 | -€171 | - | - |
| Profit (loss) for the period9904 | €29,724 | €5,817 | -€6,731 | €2,302 | -€1,125 | -€15,934 | -€32,519 | ▼ 104% |
| Profit (loss) for the period to be appropriated9905 | €29,724 | €5,817 | -€6,731 | €2,302 | -€1,125 | -€15,934 | -€32,519 | ▼ 104% |
| Line | 2018 | 2019 | 2020 | 2021 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|
| Assets | ||||||||
| Total assets20/58 | €0.6m | €0.9m | €1.0m | €1.1m | €0.6m | €0.5m | €0.5m | ▼ 10.9% |
| Fixed assets21/28 | €0.5m | €0.8m | €0.9m | €1.0m | €0.5m | €0.5m | €0.4m | ▼ 11.8% |
| Tangible fixed assets22/27 | €0.5m | €0.7m | €0.8m | €1.0m | €0.5m | €0.5m | €0.4m | ▼ 12.3% |
| Land and buildings22 | - | - | - | €0.8m | €0.4m | €0.4m | €0.4m | ▼ 10.1% |
| Plant, machinery and equipment23 | - | - | - | - | €0.002m | €451 | - | - |
| Furniture and vehicles24 | - | - | - | €0.1m | €0.06m | €0.09m | €0.07m | ▼ 20.9% |
| Leasing and similar rights25 | - | - | - | €0.02m | €0.008m | - | - | - |
| Financial fixed assets28 | €0.05m | €0.06m | €0.06m | €0.06m | €0.02m | €0.02m | €0.02m | = |
| Current assets29/58 | €0.08m | €0.07m | €0.09m | €0.08m | €0.04m | €0.007m | €0.01m | ▲ 50.3% |
| Amounts receivable after more than one year29 | - | - | - | - | €0.03m | - | - | - |
| Other amounts receivable291 | - | - | - | - | €0.03m | - | - | - |
| Amounts receivable within one year40/41 | €0.06m | €0.05m | €0.08m | €0.07m | €0.001m | €0.002m | €0.001m | ▼ 22.7% |
| Trade receivables40 | - | - | - | €0.006m | €0.001m | €0.001m | €0.001m | ▼ 8.5% |
| Other amounts receivable41 | - | - | - | €0.06m | €81 | €252 | - | - |
| Current investments50/53 | €0.01m | - | - | - | - | - | - | - |
| Cash at bank and in hand54/58 | - | €0.02m | €0.007m | €0.01m | €0.01m | €0.006m | €0.008m | ▲ 40.0% |
| Deferred charges and accrued income490/1 | - | - | - | €0.002m | €0.003m | - | €0.002m | - |
| Equity and liabilities | ||||||||
| Total equity and liabilities10/49 | €0.6m | €0.9m | €1.0m | €1.1m | €0.6m | €0.5m | €0.5m | ▼ 10.9% |
| Equity10/15 | €0.2m | €0.2m | €0.2m | €0.2m | €0.2m | €0.2m | €0.2m | ▼ 16.7% |
| Contributions10/11 | €0.06m | €0.06m | €0.06m | €0.06m | €0.06m | €0.06m | €0.06m | = |
| Capital10 | - | - | - | €0 | - | - | - | - |
| Issued capital100 | - | - | - | €0 | - | - | - | - |
| Contributions outside capital11 | - | - | - | €0.06m | €0.06m | - | €0.06m | - |
| Other1109/19 | - | - | - | €0.06m | €0.06m | - | €0.06m | - |
| Reserves13 | €0.2m | €0.2m | €0.2m | €0.2m | €0.2m | €0.2m | €0.1m | ▼ 29.9% |
| Non-distributable reserves130/1 | - | - | - | €0.006m | €0.006m | €0.006m | €0.006m | = |
| Legal reserve130 | - | - | - | €0 | - | - | - | - |
| Reserves not available under the articles1311 | - | - | - | €0.006m | €0.006m | €0.006m | €0.006m | = |
| Tax-exempt reserves132 | - | - | - | €0 | - | €0.2m | - | - |
| Distributable reserves133 | - | - | - | €0.2m | €0.2m | - | €0.1m | - |
| Profit (loss) carried forward14 | €0.006m | €0.006m | -€298 | €0.002m | -€0.02m | -€0.03m | -€0.02m | ▲ 51.8% |
| Amounts payable17/49 | €0.4m | €0.6m | €0.7m | €0.9m | €0.3m | €0.3m | €0.3m | ▼ 7.4% |
| Amounts payable after more than one year17 | €0.1m | €0.1m | €0.2m | €0.2m | €0.3m | €0.3m | €0.2m | ▼ 7.2% |
| Financial debts170/4 | - | - | - | €0.2m | €0.3m | €0.3m | €0.2m | ▼ 7.2% |
| Other amounts payable178/9 | - | - | - | €300 | €300 | - | - | - |
| Amounts payable within one year42/48 | €0.2m | €0.5m | €0.6m | €0.6m | €0.1m | €0.06m | €0.06m | ▼ 3.6% |
| Current portion of amounts payable after more than one year42 | - | - | - | €0.08m | €0.07m | €0.04m | €0.04m | ▼ 3.9% |
| Financial debts43 | - | - | - | €0.5m | - | - | - | - |
| Credit institutions430/8 | - | - | - | €0.5m | - | - | - | - |
| Trade debts44 | €0.06m | €0.06m | €0.01m | €0.03m | €0.02m | €0.02m | €0.02m | ▲ 0.2% |
| Suppliers440/4 | - | - | - | €0.03m | €0.02m | €0.02m | €0.02m | ▲ 0.2% |
| Taxes, remuneration and social security45 | - | - | - | €0.01m | €0.009m | €0.004m | €0.001m | ▼ 80.4% |
| Taxes450/3 | - | - | - | €0.01m | €0.009m | €0.004m | €0.001m | ▼ 80.4% |
| Other amounts payable47/48 | - | - | - | - | €0.001m | - | €0.003m | - |
| Accrued charges and deferred income492/3 | - | - | - | €0.02m | - | €0.003m | - | - |
| Line | 2018 | 2019 | 2020 | 2021 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €29,724 | €5,817 | -€6,731 | €2,302 | -€1,125 | -€15,934 | -€32,519 | ▼ 104% |
| + Depreciation and write-downs630 | €44,489 | €87,816 | €90,473 | €64,480 | €66,889 | €62,959 | €59,588 | ▼ 5.4% |
| Operating cash flow (approximation) | €74,213 | €93,633 | €83,741 | €66,782 | €65,764 | €47,024 | €27,070 | ▼ 42.4% |
| Investment in fixed assets (approximation) | - | -€366,553 | -€170,430 | -€202,694 | - | -€50,415 | €200 | - |
| Change in cash | - | - | -€15,111 | €5,092 | - | -€4,406 | €2,277 | - |
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 25 filings with the National Bank
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-12-2025 | micro format | 08-05-2026 | 2026-00108099 | |
| 31-12-2024 | micro format | 19-06-2025 | 2025-00160572 | |
| 31-12-2023 | micro format | 08-02-2024 | 2024-00027949 | |
| 31-12-2021 | micro format | 29-04-2022 | 2022-20017531 | |
| 31-12-2020 | micro format | 09-06-2021 | 2021-18400048 | |
| 31-12-2019 | micro format | 20-04-2020 | 2020-09400330 | |
| 31-12-2018 | micro format | 22-05-2019 | 2019-13900340 | |
| 31-12-2017 | micro format | 01-06-2018 | 2018-15200203 | |
| 31-12-2016 | micro format | 23-08-2017 | 2017-47300164 | |
| 31-12-2015 | abbreviated format | 22-04-2016 | 2016-10600117 |