Financials · financial year 2025, micro format
Annual accounts 2025 filed on 16-03-2026 PDF all 8 filings
Equity
€205,058▲ 71.8%
2024 · €119,341
Net result
€85,716▼ 75.6%
2024 · €351,618
Total assets
€591,900▲ 19.2%
2024 · €496,661
Solvency
34.6%▲ 10.6pp
2024 · 24.0%
Multi-year overview
2019 to 2025, 7 financial yearsOperating result
€116,968
▼ 74.9%
2025
20192025
Net result
€85,716
▼ 75.6%
2025
highest quarter of the sector
20192025
Equity
€205,058
▲ 71.8%
2025
middle half of the sector
20192025
Total assets
€591,900
▲ 19.2%
2025
middle half of the sector
20192025
Debt
€386,842
▲ 2.5%
2025
20192025
Working capital
-€246,576
▲ 30.2%
2025
lowest quarter of the sector
20192025
Solvency
34.6%
▲ 10.6pp
2025
middle half of the sector
20192025
Current ratio
0.35
▲ 0.29
2025
lowest quarter of the sector
20192025
Return on assets (ROA)
14.5%
▼ 56.3pp
2025
middle half of the sector
20192025
Every figure per financial year
Every figure with its change against the financial year before
favourable
unfavourable
Line2019202020212022202320242025
Operating result€84,265-€100,915▲ 19.8%€175,158▲ 73.6%€224,434▲ 28.1%€590,513▲ 163%€465,468▼ 21.2%€116,968▼ 74.9%
Net result€67,099-€80,140above the sector's middle half▲ 19.4%€134,700above the sector's middle half▲ 68.1%€171,497above the sector's middle half▲ 27.3%€443,132above the sector's middle half▲ 158%€351,618above the sector's middle half▼ 20.7%€85,716above the sector's middle half▼ 75.6%
Equity€150,796-€243,337within the sector's middle half▲ 61.4%€378,036within the sector's middle half▲ 55.4%€327,533within the sector's middle half▼ 13.4%€120,665within the sector's middle half▼ 63.2%€119,341within the sector's middle half▼ 1.1%€205,058within the sector's middle half▲ 71.8%
Total assets€168,012-€280,825within the sector's middle half▲ 67.1%€409,212within the sector's middle half▲ 45.7%€339,506within the sector's middle half▼ 17.0%€182,970within the sector's middle half▼ 46.1%€496,661within the sector's middle half▲ 171%€591,900within the sector's middle half▲ 19.2%
Debt€17,216-€37,488▲ 118%€31,176▼ 16.8%€11,973▼ 61.6%€62,305▲ 420%€377,320▲ 506%€386,842▲ 2.5%
Working capital€150,796-€244,837above the sector's middle half▲ 62.4%€379,565above the sector's middle half▲ 55.0%€329,033above the sector's middle half▼ 13.3%€69,133within the sector's middle half▼ 79.0%-€353,270below the sector's middle half-€246,576below the sector's middle half▲ 30.2%
Solvency89.8%-86.7%above the sector's middle half▼ 3.1pp92.4%above the sector's middle half▲ 5.7pp96.5%above the sector's middle half▲ 4.1pp65.9%within the sector's middle half▼ 30.5pp24.0%below the sector's middle half▼ 41.9pp34.6%within the sector's middle half▲ 10.6pp
Current ratio9.76-7.80above the sector's middle half▼ 1.9613.80above the sector's middle half▲ 6.0032.42above the sector's middle half▲ 18.622.20within the sector's middle half▼ 30.220.06below the sector's middle half▼ 2.130.35below the sector's middle half▲ 0.29
Return on assets (ROA)39.9%-28.5%above the sector's middle half▼ 11.4pp32.9%above the sector's middle half▲ 4.4pp50.5%above the sector's middle half▲ 17.6pp242.2%above the sector's middle half▲ 191.7pp70.8%above the sector's middle half▼ 171.4pp14.5%within the sector's middle half▼ 56.3pp
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 75% lower than in 2024 and the lowest since 2021. It is the second fall in a row.
Large changes and their cause
- 2023 Net result +158% on 2022. This financial year ran 18 months, the previous one 12.
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 €591,900
Fixed assets
€460,984 ▼ 2.6%
Current assets
€130,916 ▲ 465%
Equity and liabilities €591,900
Equity
€205,058 ▲ 71.8%
Debt
€386,842 ▲ 2.5%
Debt's share of the balance-sheet total falls from 76.0% to 65.4%. Equity and debt are higher.
Key figures and ratios
ROE
41.8%▼
2024 · 294.6%
Debt ≤ 1 year
€377,492▲
2024 · €376,423
Income taxes
€22,627▼
2024 · €112,801
Green means a favourable move, even when the figure itself falls, as with debt or debt to equity.
Investments
| Item | 30-06-2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|
| Tangible fixed assets | - | €62,620 | - | - |
| Financial fixed assets | - | - | €430,000 | - |
| Depreciation and write-downs of the year | - | €6,588 | €12,524 | €12,524 |
Source: notes to the 2022 to 2025 annual accounts (statement of fixed assets)
Annual accounts
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|
| Non-recurring operating income76A | - | - | - | €400 | €0 | - | - | - |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €1,243 | - | - | - | €6,588 | €12,524 | €12,524 | = |
| Other operating charges640/8 | - | - | - | €731 | €1,112 | €245 | €793 | ▲ 223% |
| Gross operating margin9900 | €86,452 | €101,844 | €176,058 | €225,165 | €598,213 | €478,238 | €130,285 | ▼ 72.8% |
| Operating profit (loss)9901 | €84,265 | €100,915 | €175,158 | €224,434 | €590,513 | €465,468 | €116,968 | ▼ 74.9% |
| Financial income75/76B | - | - | - | €0 | - | - | - | - |
| Recurring financial income75 | €401 | €400 | €201 | €0 | - | - | - | - |
| Financial charges65/66B | - | - | - | €680 | €330 | €1,050 | €8,624 | ▲ 722% |
| Recurring financial charges65 | - | - | €64 | €680 | €330 | €1,050 | €8,624 | ▲ 722% |
| Profit (loss) for the period before taxes9903 | €84,666 | €101,315 | €175,296 | €223,755 | €590,183 | €464,419 | €108,344 | ▼ 76.7% |
| Income taxes67/77 | €17,567 | €21,175 | €40,596 | €52,258 | €147,051 | €112,801 | €22,627 | ▼ 79.9% |
| Profit (loss) for the period9904 | €67,099 | €80,140 | €134,700 | €171,497 | €443,132 | €351,618 | €85,716 | ▼ 75.6% |
| Profit (loss) for the period to be appropriated9905 | €67,099 | €80,140 | €134,700 | €171,497 | €443,132 | €351,618 | €85,716 | ▼ 75.6% |
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|
| Assets | ||||||||
| Total assets20/58 | €168,012 | €280,825 | €409,212 | €339,506 | €182,970 | €496,661 | €591,900 | ▲ 19.2% |
| Fixed assets21/28 | - | - | - | - | €56,032 | €473,508 | €460,984 | ▼ 2.6% |
| Tangible fixed assets22/27 | - | - | - | - | €56,032 | €43,508 | €30,984 | ▼ 28.8% |
| Furniture and vehicles24 | - | - | - | - | €56,032 | €43,508 | €30,984 | ▼ 28.8% |
| Financial fixed assets28 | - | - | - | - | - | €430,000 | €430,000 | = |
| Current assets29/58 | €168,012 | €280,825 | €409,212 | €339,506 | €126,938 | €23,153 | €130,916 | ▲ 465% |
| Amounts receivable within one year40/41 | €36,300 | €48,400 | €24,200 | €30,250 | €30,250 | €0 | €22,539 | - |
| Trade receivables40 | - | - | - | €30,250 | €30,250 | €0 | €20,167 | - |
| Other amounts receivable41 | - | - | - | - | - | - | €2,373 | - |
| Cash at bank and in hand54/58 | €111,108 | €211,910 | €384,632 | €308,962 | €96,688 | €22,522 | €107,713 | ▲ 378% |
| Deferred charges and accrued income490/1 | - | - | - | €294 | €0 | €630 | €663 | ▲ 5.2% |
| Equity and liabilities | ||||||||
| Total equity and liabilities10/49 | €168,012 | €280,825 | €409,212 | €339,506 | €182,970 | €496,661 | €591,900 | ▲ 19.2% |
| Equity10/15 | €150,796 | €243,337 | €378,036 | €327,533 | €120,665 | €119,341 | €205,058 | ▲ 71.8% |
| Contributions10/11 | €6,200 | - | - | €18,600 | €18,600 | €18,600 | €18,600 | = |
| Reserves13 | €143,860 | €223,860 | €359,436 | €308,933 | €102,065 | €100,741 | €186,458 | ▲ 85.1% |
| Non-distributable reserves130/1 | - | - | - | €1,860 | €0 | - | - | - |
| Reserves not available under the articles1311 | - | - | - | €1,860 | €0 | - | - | - |
| Distributable reserves133 | - | - | - | €307,073 | €102,065 | €100,741 | €186,458 | ▲ 85.1% |
| Profit (loss) carried forward14 | €736 | €877 | - | €0 | €0 | €0 | €0 | - |
| Amounts payable17/49 | €17,216 | €37,488 | €31,176 | €11,973 | €62,305 | €377,320 | €386,842 | ▲ 2.5% |
| Amounts payable within one year42/48 | €17,216 | €35,988 | €29,647 | €10,473 | €57,805 | €376,423 | €377,492 | ▲ 0.3% |
| Trade debts44 | €1,833 | €971 | €548 | €348 | €1,761 | €792 | €560 | ▼ 29.3% |
| Suppliers440/4 | - | - | - | €348 | €1,761 | €792 | €560 | ▼ 29.3% |
| Taxes, remuneration and social security45 | - | - | - | €7,497 | €54,995 | €7,145 | €5,947 | ▼ 16.8% |
| Taxes450/3 | - | - | - | €7,497 | €52,670 | €4,783 | €3,162 | ▼ 33.9% |
| Remuneration and social security454/9 | - | - | - | - | €2,324 | €2,363 | €2,785 | ▲ 17.9% |
| Other amounts payable47/48 | - | - | - | €2,628 | €1,049 | €368,485 | €370,985 | ▲ 0.7% |
| Accrued charges and deferred income492/3 | - | - | - | €1,500 | €4,500 | €897 | €9,350 | ▲ 943% |
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €67,099 | €80,140 | €134,700 | €171,497 | €443,132 | €351,618 | €85,716 | ▼ 75.6% |
| + Depreciation and write-downs630 | €1,243 | - | - | - | €6,588 | €12,524 | €12,524 | = |
| Operating cash flow (approximation) | €68,342 | €80,140 | €134,700 | €171,497 | €449,720 | €364,142 | €98,240 | ▼ 73.0% |
| Investment in fixed assets (approximation) | - | - | - | - | - | -€430,000 | €0 | - |
| Change in cash | - | €100,802 | €172,723 | -€75,670 | -€212,274 | -€74,165 | €85,191 | - |
A Belgian filing has no cash-flow statement. These rows are therefore an approximation, derived from the income statement and the balance-sheet moves.
Filings with the National Bank (8)
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-12-2025 | micro format | 16-03-2026 | 2026-00054633 | |
| 31-12-2024 | micro format | 29-07-2025 | 2025-00327522 | |
| 31-12-2023 | micro format | 25-06-2024 | 2024-00161447 | |
| 30-06-2022 | micro format | 23-12-2022 | 2022-20544888 | |
| 30-06-2021 | micro format | 23-12-2021 | 2021-81500075 | |
| 30-06-2020 | micro format | 25-01-2021 | 2021-01700297 | |
| 30-06-2019 | micro format | 11-12-2019 | 2019-75800227 | |
| 30-06-2018 | micro format | 08-01-2019 | 2019-00700236 |