Financials · financial year 2025, full format, standalone accounts
Annual accounts 2025 filed on 03-06-2026 PDF Consolidated accounts 2025 (PDF) all 38 filings
Equity
€1.79bn▲ 9.3%
2024 · €1.64bn
Net result
€245.1m▼ 8.8%
2024 · €268.6m
Total assets
€4.15bn▲ 12.7%
2024 · €3.69bn
Solvency
43.2%▼ 1.3pp
2024 · 44.6%
In the rankings
#4 company by total assets in Antwerp, Finance and insurance sector#4 company by equity in Antwerp, Finance and insurance sector
Multi-year overview
2018 to 2025, 8 financial yearsTurnover
€22.4m
2025
20182025
Operating result
-€6.8m
▲ 46.7%
2025
20182025
Net result
€245.1m
▼ 8.8%
2025
highest quarter of the sector
20182025
Equity
€1.79bn
▲ 9.3%
2025
highest quarter of the sector
20182025
Total assets
€4.15bn
▲ 12.7%
2025
highest quarter of the sector
20182025
Debt
€2.36bn
▲ 15.4%
2025
20182025
Working capital
€97.3m
▼ 19.9%
2025
highest quarter of the sector
20182025
Solvency
43.2%
▼ 1.3pp
2025
middle half of the sector
20182025
Current ratio
1.30
▼ 0.34
2025
middle half of the sector
20182025
Return on assets (ROA)
5.9%
▼ 1.4pp
2025
middle half of the sector
20182025
Staff (FTE)
9.9
▼ 7.5%
2025
highest quarter of the sector
20182025
Every figure per financial year
Every figure with its change against the financial year before
favourable
unfavourable
Line20182019202020212022202320242025
Turnover€22.4m
Operating result€3.7m-€0.2m▼ 95.4%-€9.8m-€18.6m▼ 89.0%€1.9m-€6.7m-€12.8m▼ 92.1%-€6.8m▲ 46.7%
Net result€84.1m-€112.8m▲ 34.1%€282.6mabove the sector's middle half▲ 151%€22.0mabove the sector's middle half▼ 92.2%€145.4mabove the sector's middle half▲ 560%€274.8mabove the sector's middle half▲ 89.0%€268.6mabove the sector's middle half▼ 2.2%€245.1mabove the sector's middle half▼ 8.8%
Equity€284.5m-€337.0m▲ 18.4%€744.4mabove the sector's middle half▲ 121%€916.9mabove the sector's middle half▲ 23.2%€1,290.2mabove the sector's middle half▲ 40.7%€1,464.0mabove the sector's middle half▲ 13.5%€1,642.6mabove the sector's middle half▲ 12.2%€1,794.8mabove the sector's middle half▲ 9.3%
Total assets€937.5m-€1,197.1m▲ 27.7%€1,614.9mabove the sector's middle half▲ 34.9%€2,467.7mabove the sector's middle half▲ 52.8%€3,770.1mabove the sector's middle half▲ 52.8%€3,589.9mabove the sector's middle half▼ 4.8%€3,685.9mabove the sector's middle half▲ 2.7%€4,153.0mabove the sector's middle half▲ 12.7%
Debt€653.0m-€860.1m▲ 31.7%€870.5m▲ 1.2%€1,550.8m▲ 78.2%€2,479.9m▲ 59.9%€2,125.9m▼ 14.3%€2,043.3m▼ 3.9%€2,358.1m▲ 15.4%
Working capital€88.6m-€70.7m▼ 20.2%€86.0mabove the sector's middle half▲ 21.7%-€16.1mbelow the sector's middle half€14.9mabove the sector's middle half-€98.1mbelow the sector's middle half€121.5mabove the sector's middle half€97.3mabove the sector's middle half▼ 19.9%
Solvency30.3%-28.2%▼ 2.2pp46.1%within the sector's middle half▲ 17.9pp37.2%within the sector's middle half▼ 8.9pp34.2%within the sector's middle half▼ 2.9pp40.8%within the sector's middle half▲ 6.6pp44.6%within the sector's middle half▲ 3.8pp43.2%within the sector's middle half▼ 1.3pp
Current ratio2.81-1.81▼ 1.001.93within the sector's middle half▲ 0.120.91within the sector's middle half▼ 1.021.03within the sector's middle half▲ 0.130.48within the sector's middle half▼ 0.551.65within the sector's middle half▲ 1.171.30within the sector's middle half▼ 0.34
Return on assets (ROA)9.0%-9.4%▲ 0.5pp17.5%above the sector's middle half▲ 8.1pp0.9%within the sector's middle half▼ 16.6pp3.9%within the sector's middle half▲ 3.0pp7.7%within the sector's middle half▲ 3.8pp7.3%within the sector's middle half▼ 0.4pp5.9%within the sector's middle half▼ 1.4pp
Staff (FTE)1.8-3.9▲ 117%5.6within the sector's middle half▲ 43.6%6.1within the sector's middle half▲ 8.9%7.9within the sector's middle half▲ 29.5%10.2above the sector's middle half▲ 29.1%10.7above the sector's middle half▲ 4.9%9.9above the sector's middle half▼ 7.5%
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 €6.8m, smaller than the loss of €12.8m in 2024.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €4.14bn
Fixed assets
€3.72bn ▲ 10.5%
Current assets
€419.1m ▲ 35.5%
Equity and liabilities €4.15bn
Equity
€1.79bn ▲ 9.3%
Debt
€2.36bn ▲ 15.4%
Debt's share of the balance-sheet total rises from 55.4% to 56.8%. Equity and debt are higher.
Key figures and ratios
ROE
13.7%▼
2024 · 16.4%
Debt ≤ 1 year
€321.9m▲
2024 · €187.8m
Debt > 1 year
€1.99bn▲
2024 · €1.82bn
Income taxes
€4.4m▼
2024 · €6.4m
Staff costs
€1.1m▼
2024 · €1.7m
Green means a favourable move, even when the figure itself falls, as with debt or debt to equity.
Staff
| Item | 31-12-2021 | 31-12-2022 | 31-12-2023 | 31-12-2024 | 31-12-2025 |
|---|---|---|---|---|---|
| Employees at the balance-sheet date | 6 | 9 | 12 | 10 | 10 |
| full-time | 6 | 8 | 11 | 9 | 9 |
| part-time | - | 1 | 1 | 1 | 1 |
| in full-time equivalents | 6 | 8.9 | 11.9 | 9.9 | 9.9 |
| Average over the year, in full-time equivalents | 6.1 | 7.9 | 10.2 | 10.7 | 10.2 |
| On a permanent contract | 6 | 9 | 12 | 10 | 10 |
| Joined | 1 | 3 | 3 | 1 | 1 |
| Left | 1 | 0 | 0 | 3 | 1 |
| Agency workers, average number | 0.7 | 0.1 | - | - | - |
| Training hours | - | 36 | 34 | 77 | 128 |
Source: social balance sheet in the 2021 to 2025 annual accounts
Securities and guarantees
| Item | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Guarantees given for others' debts | €47,194 | €47,194 | €31.7m | €14.4m | €17.8m |
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 | €165,452 | €11,175 | €8,905 | €7,554 | €10,218 |
| Intangible fixed assets | €652,787 | €452,248 | €176,439 | €115,503 | €162,883 |
| Financial fixed assets | €54.9m | €174.1m | €1.06bn | €387.7m | €239.5m |
| Depreciation and write-downs of the year | €668,001 | €1.8m | €2.6m | €2.6m | €2.4m |
Source: notes to the 2021 to 2025 annual accounts (statement of fixed assets)
Auditor
| Item | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Fee for the audit | €125,600 | €167,003 | €143,250 | €147,970 | €200,000 |
| Other work by the auditor | €29,778 | €141,406 | €86,800 | €48,560 | €52,000 |
Source: notes to the 2021 to 2025 annual accounts (relations with the auditor)
Annual accounts
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Operating income70/76A | - | - | - | €9.7m | €21.6m | €21.6m | €20.5m | €22.7m | ▲ 10.5% |
| Turnover70 | - | - | - | - | - | - | - | €22.4m | - |
| Other operating income74 | - | - | - | €9.7m | €21.6m | €21.6m | €20.5m | €0.2m | ▼ 98.9% |
| Operating charges60/66A | - | - | - | €28.3m | €19.7m | €28.3m | €33.3m | €29.5m | ▼ 11.5% |
| Services and other goods61 | - | - | - | €21.7m | €16.8m | €24.3m | €27.2m | €26.0m | ▼ 4.5% |
| Remuneration, social security and pensions62 | - | - | - | €0.9m | €1.1m | €1.3m | €1.7m | €1.1m | ▼ 33.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €0.02m | €0.05m | €0.3m | €0.7m | €1.8m | €2.6m | €2.6m | €2.4m | ▼ 10.3% |
| Other operating charges640/8 | - | - | - | €5.0m | €0.006m | €0.007m | €1.8m | €0.03m | ▼ 98.5% |
| Non-recurring operating charges66A | - | - | - | €0.04m | - | - | €0.001m | - | - |
| Operating profit (loss)9901 | €3.7m | €0.2m | -€9.8m | -€18.6m | €1.9m | -€6.7m | -€12.8m | -€6.8m | ▲ 46.7% |
| Financial income75/76B | - | - | - | €77.5m | €209.1m | €360.1m | €338.6m | €337.6m | ▼ 0.3% |
| Recurring financial income75 | €21.2m | €46.5m | €65.0m | €57.5m | €96.8m | €175.6m | €101.3m | €235.5m | ▲ 132% |
| Income from financial fixed assets750 | - | - | - | €57.5m | €96.8m | €170.5m | €89.9m | €230.8m | ▲ 157% |
| Income from current assets751 | - | - | - | - | - | €5.1m | €11.3m | €4.6m | ▼ 58.8% |
| Other financial income752/9 | - | - | - | €0.02m | €0.07m | €0.002m | €0.2m | €0.03m | ▼ 81.4% |
| Non-recurring financial income76B | - | - | - | €20.1m | €112.3m | €184.5m | €237.3m | €102.1m | ▼ 57.0% |
| Financial charges65/66B | - | - | - | €36.9m | €60.7m | €66.8m | €50.8m | €81.3m | ▲ 60.0% |
| Recurring financial charges65 | €21.2m | €23.8m | €29.1m | €36.5m | €60.1m | €57.5m | €50.5m | €64.7m | ▲ 28.1% |
| Debt charges650 | €21.0m | €23.0m | €28.0m | €35.4m | €58.6m | €55.4m | €48.6m | €61.7m | ▲ 27.0% |
| Other financial charges652/9 | - | - | - | €1.1m | €1.5m | €2.1m | €1.9m | €3.0m | ▲ 55.2% |
| Non-recurring financial charges66B | - | - | - | €0.4m | €0.6m | €9.3m | €0.3m | €16.6m | ▲ 56× |
| Profit (loss) for the period before taxes9903 | €84.1m | €113.1m | €282.7m | €22.1m | €150.4m | €286.7m | €275.0m | €249.4m | ▼ 9.3% |
| Income taxes67/77 | €0.01m | €0.3m | €0.1m | €0.06m | €5.0m | €11.9m | €6.4m | €4.4m | ▼ 31.5% |
| Taxes670/3 | - | - | - | €0.09m | €5.0m | €11.9m | €6.4m | €4.4m | ▼ 31.5% |
| Tax adjustments and reversals of tax provisions77 | - | - | - | €0.03m | €0.002m | €0.03m | - | €0.002m | - |
| Profit (loss) for the period9904 | €84.1m | €112.8m | €282.6m | €22.0m | €145.4m | €274.8m | €268.6m | €245.1m | ▼ 8.8% |
| Profit (loss) for the period to be appropriated9905 | €84.1m | €112.8m | €282.6m | €22.0m | €145.4m | €274.8m | €268.6m | €245.1m | ▼ 8.8% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Assets | |||||||||
| Total assets20/58 | €937.5m | €1,197.1m | €1,614.9m | €2,467.7m | €3,770.1m | €3,589.9m | €3,685.9m | €4,153.0m | ▲ 12.7% |
| Formation expenses20 | €5.6m | €5.9m | €5.9m | €14.5m | €22.6m | €17.3m | €12.6m | €17.5m | ▲ 38.5% |
| Fixed assets21/28 | €794.5m | €1,033.7m | €1,430.5m | €2,297.5m | €3,272.4m | €3,482.5m | €3,364.0m | €3,716.3m | ▲ 10.5% |
| Intangible fixed assets21 | - | €0.005m | €0.5m | €1.0m | €1.1m | €1.0m | €0.7m | €0.5m | ▼ 27.4% |
| Tangible fixed assets22/27 | €0.2m | €0.2m | €0.1m | €0.2m | €0.1m | €0.09m | €0.05m | €0.02m | ▼ 62.7% |
| Plant, machinery and equipment23 | - | - | - | €0.03m | €0.02m | €0.02m | €0.01m | €0.02m | ▲ 24.1% |
| Furniture and vehicles24 | - | - | - | €0.008m | €0.004m | €0.003m | €0.001m | €454 | ▼ 69.7% |
| Other tangible fixed assets26 | - | - | - | €0.1m | €0.1m | €0.07m | €0.03m | €0.001m | ▼ 95.9% |
| Financial fixed assets28 | €794.3m | €1,033.5m | €1,429.9m | €2,296.3m | €3,271.1m | €3,481.5m | €3,363.2m | €3,715.8m | ▲ 10.5% |
| Affiliated companies280/1 | - | - | - | €1,797.5m | €2,617.9m | €2,784.9m | €2,627.3m | €2,832.2m | ▲ 7.8% |
| Participating interests280 | - | - | - | €153.4m | €225.8m | €1,153.6m | €1,235.1m | €1,197.9m | ▼ 3.0% |
| Amounts receivable281 | - | - | - | €1,644.2m | €2,392.1m | €1,631.3m | €1,392.2m | €1,634.3m | ▲ 17.4% |
| Companies linked by participating interests282/3 | - | - | - | €498.8m | €653.2m | €696.5m | €736.0m | €883.6m | ▲ 20.1% |
| Participating interests282 | - | - | - | €313.6m | €387.1m | €442.8m | €551.0m | €626.2m | ▲ 13.6% |
| Amounts receivable283 | - | - | - | €185.2m | €266.1m | €253.7m | €185.0m | €257.4m | ▲ 39.2% |
| Current assets29/58 | €137.5m | €157.5m | €178.5m | €155.8m | €475.1m | €90.1m | €309.3m | €419.1m | ▲ 35.5% |
| Amounts receivable after more than one year29 | - | - | - | €0.9m | €9.7m | €9.7m | €13.6m | - | - |
| Other amounts receivable291 | - | - | - | €0.9m | €9.7m | €9.7m | €13.6m | - | - |
| Amounts receivable within one year40/41 | €10.2m | €1.8m | €6.6m | €81.1m | €12.8m | €13.3m | €2.7m | €41.0m | ▲ 15× |
| Trade receivables40 | - | - | - | €0.09m | €1.2m | €0.1m | €1.9m | €7.7m | ▲ 314% |
| Other amounts receivable41 | - | - | - | €81.0m | €11.6m | €13.2m | €0.8m | €33.3m | ▲ 41× |
| Current investments50/53 | - | - | - | - | €0.03m | €0.03m | €225.2m | €0.03m | ▼ 100.0% |
| Other investments51/53 | - | - | - | - | €0.03m | €0.03m | €225.2m | €0.03m | ▼ 100.0% |
| Cash at bank and in hand54/58 | €127.0m | €154.4m | €101.5m | €66.5m | €441.1m | €48.7m | €43.8m | €377.2m | ▲ 762% |
| Deferred charges and accrued income490/1 | - | - | - | €7.3m | €11.5m | €18.4m | €24.0m | €1.0m | ▼ 95.9% |
| Equity and liabilities | |||||||||
| Total equity and liabilities10/49 | €937.5m | €1,197.1m | €1,614.9m | €2,467.7m | €3,770.1m | €3,589.9m | €3,685.9m | €4,153.0m | ▲ 12.7% |
| Equity10/15 | €284.5m | €337.0m | €744.4m | €916.9m | €1,290.2m | €1,464.0m | €1,642.6m | €1,794.8m | ▲ 9.3% |
| Contributions10/11 | €92.7m | €92.7m | €102.6m | €592.7m | €895.6m | €895.6m | €895.6m | €895.6m | = |
| Capital10 | - | - | - | €108.9m | €136.1m | €136.1m | €136.1m | €136.1m | = |
| Issued capital100 | - | - | - | €108.9m | €136.1m | €136.1m | €136.1m | €136.1m | = |
| Contributions outside capital11 | - | - | - | €483.8m | €759.5m | €759.5m | €759.5m | €759.5m | = |
| Share premium1100/10 | - | - | - | €483.8m | €759.5m | €759.5m | €759.5m | €759.5m | = |
| Reserves13 | €9.3m | €9.3m | €10.3m | €10.9m | €13.6m | €13.6m | €13.6m | €13.6m | = |
| Non-distributable reserves130/1 | - | - | - | €10.9m | €13.6m | €13.6m | €13.6m | €13.6m | = |
| Legal reserve130 | - | - | - | €10.9m | €13.6m | €13.6m | €13.6m | €13.6m | = |
| Profit (loss) carried forward14 | €182.6m | €235.1m | €441.5m | €313.4m | €381.0m | €554.8m | €733.3m | €885.6m | ▲ 20.8% |
| Amounts payable17/49 | €653.0m | €860.1m | €870.5m | €1,550.8m | €2,479.9m | €2,125.9m | €2,043.3m | €2,358.1m | ▲ 15.4% |
| Amounts payable after more than one year17 | €596.3m | €758.2m | €758.5m | €1,352.9m | €1,980.1m | €1,903.6m | €1,820.8m | €1,987.8m | ▲ 9.2% |
| Financial debts170/4 | - | - | - | €1,352.9m | €1,974.5m | €1,896.0m | €1,816.0m | €1,978.0m | ▲ 8.9% |
| Unsubordinated bonds171 | - | - | - | €1,349.0m | €1,974.0m | €1,896.0m | €1,816.0m | €1,978.0m | ▲ 8.9% |
| Other loans174 | - | - | - | €3.9m | €0.5m | - | - | - | - |
| Other amounts payable178/9 | - | - | - | - | €5.6m | €7.6m | €4.8m | €9.8m | ▲ 105% |
| Amounts payable within one year42/48 | €48.9m | €86.9m | €92.5m | €171.9m | €460.2m | €188.2m | €187.8m | €321.9m | ▲ 71.4% |
| Current portion of amounts payable after more than one year42 | - | - | - | €4.5m | €375.0m | €78.0m | €80.0m | €214.0m | ▲ 168% |
| Trade debts44 | €5.7m | €3.4m | €6.9m | €14.3m | €9.5m | €7.7m | €12.3m | €9.3m | ▼ 23.9% |
| Suppliers440/4 | - | - | - | €14.3m | €9.5m | €7.7m | €12.3m | €9.3m | ▼ 23.9% |
| Taxes, remuneration and social security45 | - | - | - | €0.2m | €0.6m | €1.5m | €0.1m | €0.2m | ▲ 12.4% |
| Taxes450/3 | - | - | - | €0.07m | €0.4m | €1.3m | - | - | - |
| Remuneration and social security454/9 | - | - | - | €0.1m | €0.2m | €0.2m | €0.1m | €0.2m | ▲ 12.4% |
| Other amounts payable47/48 | - | - | - | €152.9m | €75.1m | €101.0m | €95.4m | €98.4m | ▲ 3.1% |
| Accrued charges and deferred income492/3 | - | - | - | €26.0m | €39.6m | €34.1m | €34.7m | €48.5m | ▲ 39.5% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €84.1m | €112.8m | €282.6m | €22.0m | €145.4m | €274.8m | €268.6m | €245.1m | ▼ 8.8% |
| + Depreciation and write-downs630 | €0.02m | €0.05m | €0.3m | €0.7m | €1.8m | €2.6m | €2.6m | €2.4m | ▼ 10.3% |
| Operating cash flow (approximation) | €84.1m | €112.8m | €282.9m | €22.7m | €147.2m | €277.4m | €271.3m | €247.4m | ▼ 8.8% |
| Investment in fixed assets (approximation) | - | -€239.3m | -€397.2m | -€867.7m | -€976.7m | -€212.8m | €115.9m | -€354.7m | - |
| Change in cash | - | €27.3m | -€52.9m | -€34.9m | €374.6m | -€392.5m | -€4.9m | €333.4m | - |
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 38 filings with the National Bank
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-12-2025 | consolidated | 03-06-2026 | 2026-00140531 | |
| 31-12-2025 | full format | 03-06-2026 | 2026-00140940 | |
| 31-12-2024 | full format | 05-06-2025 | 2025-00123925 | |
| 31-12-2024 | consolidated | 05-06-2025 | 2025-00126391 | |
| 31-12-2023 | consolidated | 03-06-2024 | 2024-00111429 | |
| 31-12-2023 | full format | 03-06-2024 | 2024-00111515 | |
| 31-12-2022 | consolidated | 06-06-2023 | 2023-00114984 | |
| 31-12-2022 | full format | 02-06-2023 | 2023-00109071 | |
| 31-12-2021 | consolidated | 07-06-2022 | 2022-20053867 | |
| 31-12-2021 | full format | 03-06-2022 | 2022-20047663 |