Financials · financial year 2025, micro format
Annual accounts 2025 filed on 15-06-2026 at the NBB all 18 filings
Equity
€218,339▼ 6.4%
2024 · €233,333
Net result
€37,290▲ 4.0%
2024 · €35,870
Total assets
€271,206▼ 7.8%
2024 · €294,110
Solvency
80.5%▲ 1.2pp
2024 · 79.3%
Multi-year overview
2018 to 2025, 8 financial yearsOperating result
€43,660
▲ 5.0%
2025
20182025
Net result
€37,290
▲ 4.0%
2025
middle half of the sector
20182025
Equity
€218,339
▼ 6.4%
2025
middle half of the sector
20182025
Total assets
€271,206
▼ 7.8%
2025
middle half of the sector
20182025
Debt
€52,867
▼ 13.0%
2025
20182025
Working capital
€198,817
▼ 8.2%
2025
highest quarter of the sector
20182025
Solvency
80.5%
▲ 1.2pp
2025
highest quarter of the sector
20182025
Current ratio
5.29
▼ 0.54
2025
highest quarter of the sector
20182025
Return on assets (ROA)
13.7%
▲ 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€21,943-€19,553▼ 10.9%€22,483▲ 15.0%€22,427▼ 0.2%€18,065▼ 19.4%€31,810▲ 76.1%€41,572▲ 30.7%€43,660▲ 5.0%
Net result€16,896-€16,040▼ 5.1%€22,370within the sector's middle half▲ 39.5%€20,219within the sector's middle half▼ 9.6%€17,220within the sector's middle half▼ 14.8%€26,098within the sector's middle half▲ 51.6%€35,870within the sector's middle half▲ 37.4%€37,290within the sector's middle half▲ 4.0%
Equity€157,091-€173,131▲ 10.2%€195,501within the sector's middle half▲ 12.9%€215,720within the sector's middle half▲ 10.3%€171,365within the sector's middle half▼ 20.6%€197,463within the sector's middle half▲ 15.2%€233,333within the sector's middle half▲ 18.2%€218,339within the sector's middle half▼ 6.4%
Total assets€299,690-€309,873▲ 3.4%€314,652within the sector's middle half▲ 1.5%€308,938within the sector's middle half▼ 1.8%€252,699within the sector's middle half▼ 18.2%€250,771within the sector's middle half▼ 0.8%€294,110within the sector's middle half▲ 17.3%€271,206within the sector's middle half▼ 7.8%
Debt€142,599-€136,742▼ 4.1%€119,151▼ 12.9%€93,218▼ 21.8%€81,334▼ 12.7%€53,308▼ 34.5%€60,777▲ 14.0%€52,867▼ 13.0%
Working capital€108,244-€132,889▲ 22.8%€160,888above the sector's middle half▲ 21.1%€183,235above the sector's middle half▲ 13.9%€143,748within the sector's middle half▼ 21.5%€176,545above the sector's middle half▲ 22.8%€216,550above the sector's middle half▲ 22.7%€198,817above the sector's middle half▼ 8.2%
Solvency52.4%-55.9%▲ 3.5pp62.1%within the sector's middle half▲ 6.3pp69.8%within the sector's middle half▲ 7.7pp67.8%within the sector's middle half▼ 2.0pp78.7%above the sector's middle half▲ 10.9pp79.3%above the sector's middle half▲ 0.6pp80.5%above the sector's middle half▲ 1.2pp
Current ratio4.13-3.71▼ 0.424.05above the sector's middle half▲ 0.344.72above the sector's middle half▲ 0.673.36within the sector's middle half▼ 1.364.31above the sector's middle half▲ 0.955.83above the sector's middle half▲ 1.525.29above the sector's middle half▼ 0.54
Return on assets (ROA)5.6%-5.2%▼ 0.5pp7.1%within the sector's middle half▲ 1.9pp6.5%within the sector's middle half▼ 0.6pp6.8%within the sector's middle half▲ 0.3pp10.4%within the sector's middle half▲ 3.6pp12.2%within the sector's middle half▲ 1.8pp13.7%within the sector's middle half▲ 1.6pp
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 5% higher than in 2024 and the highest since 2021. It is the third rise in a row, after the fall in 2022.
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 €271,206
Fixed assets
€26,013 ▼ 20.5%
Current assets
€245,193 ▼ 6.2%
Equity and liabilities €271,206
Equity
€218,339 ▼ 6.4%
Debt
€52,867 ▼ 13.0%
Debt's share of the balance-sheet total falls from 20.7% to 19.5%. Equity and debt are lower.
Key figures and ratios
ROE
17.1%▲
2024 · 15.4%
Debt ≤ 1 year
€46,376▲
2024 · €44,828
Debt > 1 year
€6,491▼
2024 · €15,949
Income taxes
€17,365▲
2024 · €17,349
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 | €3,841 | €536 | €843 | €34,183 | €3,639 |
| Depreciation and write-downs of the year | €28,360 | €28,911 | €28,025 | €22,369 | €10,358 |
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 | - | - | - | - | - | - | €500 | - | - |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €29,538 | €28,918 | €28,502 | €28,360 | €28,911 | €28,025 | €22,369 | €10,358 | ▼ 53.7% |
| Other operating charges640/8 | - | - | - | €2,872 | €3,713 | €3,072 | €3,093 | €1,409 | ▼ 54.4% |
| Gross operating margin9900 | €55,329 | €51,765 | €54,111 | €53,659 | €50,689 | €62,907 | €67,034 | €55,427 | ▼ 17.3% |
| Operating profit (loss)9901 | €21,943 | €19,553 | €22,483 | €22,427 | €18,065 | €31,810 | €41,572 | €43,660 | ▲ 5.0% |
| Financial income75/76B | - | - | - | €12,864 | €14,094 | €10,560 | €13,459 | €12,628 | ▼ 6.2% |
| Recurring financial income75 | €11,139 | €12,590 | €17,086 | €12,864 | €14,094 | €10,560 | €13,459 | €12,628 | ▼ 6.2% |
| Financial charges65/66B | - | - | - | €4,418 | €3,477 | €2,355 | €1,812 | €1,633 | ▼ 9.9% |
| Recurring financial charges65 | €7,190 | €7,249 | €5,288 | €4,418 | €3,477 | €2,355 | €1,812 | €1,633 | ▼ 9.9% |
| Profit (loss) for the period before taxes9903 | €25,892 | €24,894 | €34,281 | €30,873 | €28,682 | €40,015 | €53,219 | €54,655 | ▲ 2.7% |
| Income taxes67/77 | €8,996 | €8,854 | €11,911 | €10,654 | €11,462 | €13,917 | €17,349 | €17,365 | ▲ 0.1% |
| Profit (loss) for the period9904 | €16,896 | €16,040 | €22,370 | €20,219 | €17,220 | €26,098 | €35,870 | €37,290 | ▲ 4.0% |
| Profit (loss) for the period to be appropriated9905 | €16,896 | €16,040 | €22,370 | €20,219 | €17,220 | €26,098 | €35,870 | €37,290 | ▲ 4.0% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Assets | |||||||||
| Total assets20/58 | €299,690 | €309,873 | €314,652 | €308,938 | €252,699 | €250,771 | €294,110 | €271,206 | ▼ 7.8% |
| Fixed assets21/28 | €156,868 | €127,950 | €100,994 | €76,475 | €48,100 | €20,918 | €32,732 | €26,013 | ▼ 20.5% |
| Tangible fixed assets22/27 | €156,868 | €127,950 | €100,994 | €76,475 | €48,100 | €20,918 | €32,732 | €26,013 | ▼ 20.5% |
| Land and buildings22 | - | - | - | €71,321 | €44,664 | €18,007 | - | - | - |
| Plant, machinery and equipment23 | - | - | - | €2,825 | €2,246 | €2,033 | €3,711 | €3,321 | ▼ 10.5% |
| Furniture and vehicles24 | - | - | - | €826 | - | - | €28,456 | €22,440 | ▼ 21.1% |
| Other tangible fixed assets26 | - | - | - | €1,503 | €1,190 | €878 | €565 | €252 | ▼ 55.4% |
| Current assets29/58 | €142,822 | €181,923 | €213,658 | €232,463 | €204,599 | €229,853 | €261,378 | €245,193 | ▼ 6.2% |
| Amounts receivable within one year40/41 | €139,492 | €167,856 | €198,312 | €222,831 | €191,362 | €213,670 | €236,380 | €236,034 | ▼ 0.1% |
| Trade receivables40 | - | - | - | €2,570 | €2,636 | €2,884 | €3,008 | €3,364 | ▲ 11.8% |
| Other amounts receivable41 | - | - | - | €220,261 | €188,726 | €210,786 | €233,372 | €232,670 | ▼ 0.3% |
| Cash at bank and in hand54/58 | €1,504 | €11,928 | €13,404 | €7,313 | €11,655 | €14,429 | €22,927 | €6,679 | ▼ 70.9% |
| Deferred charges and accrued income490/1 | - | - | - | €2,319 | €1,582 | €1,754 | €2,071 | €2,480 | ▲ 19.7% |
| Equity and liabilities | |||||||||
| Total equity and liabilities10/49 | €299,690 | €309,873 | €314,652 | €308,938 | €252,699 | €250,771 | €294,110 | €271,206 | ▼ 7.8% |
| Equity10/15 | €157,091 | €173,131 | €195,501 | €215,720 | €171,365 | €197,463 | €233,333 | €218,339 | ▼ 6.4% |
| Contributions10/11 | €10,000 | €10,000 | - | €10,000 | €10,000 | €10,000 | €10,000 | €10,000 | = |
| Reserves13 | €99,680 | €115,720 | €138,090 | €158,309 | €113,954 | €140,052 | €175,922 | €160,928 | ▼ 8.5% |
| Non-distributable reserves130/1 | - | - | - | €1,860 | €1,860 | - | - | - | - |
| Reserves not available under the articles1311 | - | - | - | €1,860 | €1,860 | - | - | - | - |
| Distributable reserves133 | - | - | - | €156,449 | €112,094 | €140,052 | €175,922 | €160,928 | ▼ 8.5% |
| Profit (loss) carried forward14 | €47,411 | €47,411 | €47,411 | €47,411 | €47,411 | €47,411 | €47,411 | €47,411 | = |
| Amounts payable17/49 | €142,599 | €136,742 | €119,151 | €93,218 | €81,334 | €53,308 | €60,777 | €52,867 | ▼ 13.0% |
| Amounts payable after more than one year17 | €108,021 | €87,708 | €66,381 | €43,990 | €20,483 | - | €15,949 | €6,491 | ▼ 59.3% |
| Financial debts170/4 | - | - | - | €43,990 | €20,483 | - | €15,949 | €6,491 | ▼ 59.3% |
| Amounts payable within one year42/48 | €34,578 | €49,034 | €52,770 | €49,228 | €60,851 | €53,308 | €44,828 | €46,376 | ▲ 3.5% |
| Current portion of amounts payable after more than one year42 | - | - | - | €22,391 | €23,508 | €20,483 | €9,135 | €9,458 | ▲ 3.5% |
| Trade debts44 | €7,941 | €9,049 | €6,651 | €8,290 | €11,296 | €8,249 | €5,169 | €7,267 | ▲ 40.6% |
| Suppliers440/4 | - | - | - | €8,290 | €11,296 | €8,249 | €5,169 | €7,267 | ▲ 40.6% |
| Advances received on contracts in progress46 | - | - | - | €15,893 | €19,523 | €18,313 | €19,523 | €19,523 | = |
| Taxes, remuneration and social security45 | - | - | - | €2,654 | €6,524 | €6,263 | €11,001 | €10,128 | ▼ 7.9% |
| Taxes450/3 | - | - | - | €2,654 | €6,524 | €6,263 | €11,001 | €10,128 | ▼ 7.9% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €16,896 | €16,040 | €22,370 | €20,219 | €17,220 | €26,098 | €35,870 | €37,290 | ▲ 4.0% |
| + Depreciation and write-downs630 | €29,538 | €28,918 | €28,502 | €28,360 | €28,911 | €28,025 | €22,369 | €10,358 | ▼ 53.7% |
| Operating cash flow (approximation) | €46,434 | €44,958 | €50,872 | €48,579 | €46,131 | €54,123 | €58,239 | €47,648 | ▼ 18.2% |
| Investment in fixed assets (approximation) | - | €0 | -€1,546 | -€3,841 | -€536 | -€843 | -€34,183 | -€3,639 | ▲ 89.4% |
| Change in cash | - | €10,424 | €1,476 | -€6,091 | €4,342 | €2,774 | €8,498 | -€16,248 | - |
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 18 filings with the National Bank
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-12-2025 | micro format | 15-06-2026 | 2026-00162344 | |
| 31-12-2024 | micro format | 17-06-2025 | 2025-00146880 | |
| 31-12-2023 | micro format | 23-05-2024 | 2024-00094475 | |
| 31-12-2022 | micro format | 14-06-2023 | 2023-00128396 | |
| 31-12-2021 | micro format | 13-06-2022 | 2022-20059015 | |
| 31-12-2020 | micro format | 25-06-2021 | 2021-24700101 | |
| 31-12-2019 | micro format | 04-06-2020 | 2020-14600119 | |
| 31-12-2018 | micro format | 11-07-2019 | 2019-31400502 | |
| 31-12-2017 | micro format | 01-06-2018 | 2018-15400026 | |
| 31-12-2016 | micro format | 23-06-2017 | 2017-21000114 |