Financials · financial year 2025, abbreviated format
Annual accounts 2025 filed on 13-07-2026 at the NBB all 22 filings
Equity
€520,952▼ 11.5%
2024 · €588,354
Net result
-€67,402
2024 · €92,625
Total assets
€1.0m▲ 1.4%
2024 · €986,577
Solvency
52.1%▼ 7.6pp
2024 · 59.6%
Multi-year overview
2018 to 2025, 8 financial yearsOperating result
-€69,643
2025
20182025
Net result
-€67,402
2025
lowest quarter of the sector
20182025
Equity
€520,952
▼ 11.5%
2025
middle half of the sector
20182025
Total assets
€1.0m
▲ 1.4%
2025
middle half of the sector
20182025
Debt
€479,307
▲ 20.4%
2025
20182025
Working capital
€557,354
▼ 9.5%
2025
highest quarter of the sector
20182025
Solvency
52.1%
▼ 7.6pp
2025
middle half of the sector
20182025
Current ratio
2.31
▼ 0.46
2025
middle half of the sector
20182025
Return on assets (ROA)
-6.7%
▼ 16.1pp
2025
lowest quarter of the sector
20182025
Staff (FTE)
5.8
=
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
Operating result€0.02m--€0.005m€0.3m€0.9m▲ 199%€0.2m▼ 78.3%€0.1m▼ 41.3%€0.1m▲ 8.8%-€0.07m
Net result€0.005m--€0.008m€0.2mabove the sector's middle half€0.7mabove the sector's middle half▲ 206%€0.1mwithin the sector's middle half▼ 80.5%€0.1mwithin the sector's middle half▼ 7.1%€0.09mwithin the sector's middle half▼ 24.2%-€0.07mbelow the sector's middle half
Equity€0.3m-€0.2m▼ 3.1%€0.5mwithin the sector's middle half▲ 90.7%€0.9mwithin the sector's middle half▲ 91.6%€0.4mwithin the sector's middle half▼ 58.1%€0.5mwithin the sector's middle half▲ 32.7%€0.6mwithin the sector's middle half▲ 18.7%€0.5mwithin the sector's middle half▼ 11.5%
Total assets€0.6m-€0.8m▲ 22.0%€1.0mwithin the sector's middle half▲ 25.8%€1.7mwithin the sector's middle half▲ 82.7%€1.3mwithin the sector's middle half▼ 27.1%€1.2mwithin the sector's middle half▼ 9.0%€1.0mwithin the sector's middle half▼ 14.7%€1.0mwithin the sector's middle half▲ 1.4%
Debt€0.4m-€0.5m▲ 39.1%€0.5m▼ 5.0%€0.8m▲ 74.2%€0.9m▲ 5.5%€0.7m▼ 26.3%€0.4m▼ 39.7%€0.5m▲ 20.4%
Working capital€0.2m-€0.2m▼ 28.7%€0.5mabove the sector's middle half▲ 213%€1.2mabove the sector's middle half▲ 127%€0.5mabove the sector's middle half▼ 60.5%€0.6mabove the sector's middle half▲ 36.5%€0.6mabove the sector's middle half▼ 3.7%€0.6mabove the sector's middle half▼ 9.5%
Solvency40.6%-32.2%▼ 8.3pp48.8%within the sector's middle half▲ 16.6pp51.2%within the sector's middle half▲ 2.4pp29.4%within the sector's middle half▼ 21.8pp42.9%within the sector's middle half▲ 13.5pp59.6%within the sector's middle half▲ 16.8pp52.1%within the sector's middle half▼ 7.6pp
Current ratio1.85-1.33▼ 0.532.34within the sector's middle half▲ 1.013.22above the sector's middle half▲ 0.891.61within the sector's middle half▼ 1.622.29within the sector's middle half▲ 0.682.77within the sector's middle half▲ 0.482.31within the sector's middle half▼ 0.46
Return on assets (ROA)0.8%--1.0%▼ 1.8pp23.2%above the sector's middle half▲ 24.2pp38.8%above the sector's middle half▲ 15.6pp10.4%within the sector's middle half▼ 28.5pp10.6%within the sector's middle half▲ 0.2pp9.4%within the sector's middle half▼ 1.2pp-6.7%below the sector's middle half▼ 16.1pp
Staff (FTE)0.6below the sector's middle half3within the sector's middle half▲ 400%5.8above the sector's middle half▲ 93.3%5.8above the sector's middle half=5.8above the sector's middle half=5.8above the sector's middle half=
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 €69,643, after a profit of €125,165 in 2024. It is the lowest result since 2021.
Turnover and EBIT margin are not published. The abbreviated 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 €1.0m
Fixed assets
€16,932 ▼ 25.5%
Current assets
€983,328 ▲ 2.0%
Equity and liabilities €1.0m
Equity
€520,952 ▼ 11.5%
Debt
€479,307 ▲ 20.4%
Debt's share of the balance-sheet total rises from 40.4% to 47.9%. Equity is lower and debt is higher.
Key figures and ratios
ROE
-12.9%▼
2024 · 15.7%
Debt ≤ 1 year
€425,973▲
2024 · €348,138
Income taxes
-€776▼
2024 · €33,811
Staff costs
€307,084▲
2024 · €291,886
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 | 3 | 6 | 6 | 6 | 3 |
| full-time | 3 | 5 | 6 | 6 | 3 |
| part-time | - | 1 | 0 | 0 | 0 |
| in full-time equivalents | 3 | 5.8 | 6 | 6 | 3 |
| Average over the year, in full-time equivalents | 3 | 4.8 | 5.8 | 5.8 | 5.2 |
| On a permanent contract | 3 | 5 | 5 | 4 | 3 |
| Joined | 1 | 5 | 1 | 2 | 0 |
| Left | 0 | 2 | 1 | 2 | 3 |
Source: social balance sheet in the 2021 to 2025 annual accounts
Investments
| Item | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Tangible fixed assets | €9,903 | €13,575 | €1,534 | €10,730 | €1,095 |
| Depreciation and write-downs of the year | €24,864 | €8,642 | €8,299 | €8,244 | €6,885 |
Source: notes to the 2021 to 2025 annual accounts (statement of fixed assets)
Subsidies and aid
Flemish government
2022 to 2025 · 3 entries · €7,771 awarded · €7,771 paid| Year | Entries | Awarded | Paid |
|---|---|---|---|
| 2025 | 1 | €2,881 | €2,881 |
| 2024 | 1 | €1,650 | €1,650 |
| 2022 | 1 | €3,240 | €3,240 |
Annual accounts
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Remuneration, social security and pensions62 | - | - | - | €0.1m | €0.2m | €0.3m | €0.3m | €0.3m | ▲ 5.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €0.07m | €0.04m | €0.03m | €0.02m | €0.009m | €0.008m | €0.008m | €0.007m | ▼ 16.5% |
| Other operating charges640/8 | - | - | - | €0.003m | €0.001m | €0.003m | €0.001m | €0.001m | ▼ 9.9% |
| Gross operating margin9900 | €0.09m | €0.04m | €0.4m | €1.1m | €0.4m | €0.4m | €0.4m | €0.2m | ▼ 42.5% |
| Operating profit (loss)9901 | €0.02m | -€0.005m | €0.3m | €0.9m | €0.2m | €0.1m | €0.1m | -€0.07m | - |
| Financial income75/76B | - | - | - | €0.003m | €0.002m | €0.03m | €0.002m | €0.003m | ▲ 25.2% |
| Recurring financial income75 | €0.001m | €0.002m | €13 | €0.003m | €0.002m | €0.03m | €0.002m | €0.003m | ▲ 25.2% |
| Financial charges65/66B | - | - | - | €0.002m | €0.02m | -€0.008m | €0.001m | €0.001m | ▲ 41.2% |
| Recurring financial charges65 | €0.002m | €0.002m | €0.001m | €0.002m | €0.02m | -€0.008m | €0.001m | €0.001m | ▲ 41.2% |
| Profit (loss) for the period before taxes9903 | €0.02m | -€0.006m | €0.3m | €0.9m | €0.2m | €0.2m | €0.1m | -€0.07m | - |
| Income taxes67/77 | €0.01m | €0.002m | €0.08m | €0.2m | €0.05m | €0.03m | €0.03m | -€0.001m | - |
| Profit (loss) for the period9904 | €0.005m | -€0.008m | €0.2m | €0.7m | €0.1m | €0.1m | €0.09m | -€0.07m | - |
| Profit (loss) for the period to be appropriated9905 | €0.005m | €0.003m | €0.2m | €0.7m | €0.1m | €0.1m | €0.09m | -€0.07m | - |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Assets | |||||||||
| Total assets20/58 | €0.6m | €0.8m | €1.0m | €1.7m | €1.3m | €1.2m | €1.0m | €1.0m | ▲ 1.4% |
| Fixed assets21/28 | €0.1m | €0.08m | €0.04m | €0.02m | €0.03m | €0.02m | €0.02m | €0.02m | ▼ 25.5% |
| Tangible fixed assets22/27 | €0.1m | €0.07m | €0.04m | €0.02m | €0.02m | €0.02m | €0.02m | €0.01m | ▼ 28.5% |
| Land and buildings22 | - | - | - | €0.007m | €0.005m | €0.003m | €0.002m | €0.001m | ▼ 36.4% |
| Plant, machinery and equipment23 | - | - | - | €0.002m | €0.007m | €0.009m | €0.01m | €0.01m | ▼ 28.0% |
| Furniture and vehicles24 | - | - | - | €0.01m | €0.008m | €0.005m | €0.004m | €0.003m | ▼ 27.1% |
| Other tangible fixed assets26 | - | - | - | €0.001m | €0.005m | €0.001m | €0.001m | €0.001m | ▼ 25.0% |
| Financial fixed assets28 | €0.006m | €0.006m | €0.004m | €0.004m | €0.004m | €0.002m | €0.002m | €0.002m | = |
| Current assets29/58 | €0.5m | €0.7m | €0.9m | €1.7m | €1.2m | €1.1m | €1.0m | €1.0m | ▲ 2.0% |
| Amounts receivable within one year40/41 | €0.4m | €0.6m | €0.8m | €1.3m | €0.5m | €0.7m | €0.6m | €0.6m | ▲ 1.6% |
| Trade receivables40 | - | - | - | €1.3m | €0.4m | €0.7m | €0.5m | €0.5m | ▼ 9.1% |
| Other amounts receivable41 | - | - | - | €0.005m | €0.06m | €0.03m | €0.02m | €0.08m | ▲ 265% |
| Current investments50/53 | €0.01m | - | - | €0.04m | €0.2m | €0.06m | €0.2m | €0.2m | ▲ 0.9% |
| Cash at bank and in hand54/58 | €0.1m | €0.05m | €0.08m | €0.3m | €0.4m | €0.3m | €0.2m | €0.2m | ▲ 6.7% |
| Deferred charges and accrued income490/1 | - | - | - | €0.1m | €0.08m | €0.07m | €0.02m | €0.01m | ▼ 21.3% |
| Equity and liabilities | |||||||||
| Total equity and liabilities10/49 | €0.6m | €0.8m | €1.0m | €1.7m | €1.3m | €1.2m | €1.0m | €1.0m | ▲ 1.4% |
| Equity10/15 | €0.3m | €0.2m | €0.5m | €0.9m | €0.4m | €0.5m | €0.6m | €0.5m | ▼ 11.5% |
| Contributions10/11 | €0.1m | €0.1m | - | €0.1m | €0.1m | €0.1m | €0.1m | €0.1m | = |
| Reserves13 | €0.2m | €0.1m | €0.4m | €0.8m | €0.3m | €0.4m | €0.5m | €0.4m | ▼ 13.7% |
| Non-distributable reserves130/1 | - | - | - | €0.01m | €0.01m | €0 | - | - | - |
| Reserves not available under the articles1311 | - | - | - | €0.01m | €0.01m | €0 | - | - | - |
| Distributable reserves133 | - | - | - | €0.8m | €0.3m | €0.4m | €0.5m | €0.4m | ▼ 13.7% |
| Profit (loss) carried forward14 | €0.001m | €72 | €0.001m | €0.001m | €498 | €0.001m | €354 | €0 | ▼ 100% |
| Amounts payable17/49 | €0.4m | €0.5m | €0.5m | €0.8m | €0.9m | €0.7m | €0.4m | €0.5m | ▲ 20.4% |
| Amounts payable within one year42/48 | €0.3m | €0.5m | €0.4m | €0.5m | €0.8m | €0.5m | €0.3m | €0.4m | ▲ 22.4% |
| Financial debts43 | - | - | - | €0.09m | €0.03m | €0.03m | €0.03m | €0.02m | ▼ 26.3% |
| Credit institutions430/8 | - | - | - | €0.09m | €0.03m | €0.03m | €0.03m | €0.02m | ▼ 26.3% |
| Trade debts44 | €0.2m | €0.2m | €0.2m | €0.3m | €0.2m | €0.4m | €0.3m | €0.4m | ▲ 29.6% |
| Suppliers440/4 | - | - | - | €0.3m | €0.2m | €0.4m | €0.3m | €0.4m | ▲ 29.6% |
| Advances received on contracts in progress46 | - | - | - | - | - | - | €390 | €0 | ▼ 100% |
| Taxes, remuneration and social security45 | - | - | - | €0.2m | €0.1m | €0.1m | €0.04m | €0.05m | ▲ 4.5% |
| Taxes450/3 | - | - | - | €0.1m | €0.06m | €0.06m | €109 | €0.001m | ▲ 13× |
| Remuneration and social security454/9 | - | - | - | €0.02m | €0.04m | €0.05m | €0.04m | €0.04m | ▲ 1.4% |
| Other amounts payable47/48 | - | - | - | €0.007m | €0.5m | €0.006m | €0 | €411 | - |
| Accrued charges and deferred income492/3 | - | - | - | €0.3m | €0.1m | €0.2m | €0.05m | €0.05m | ▲ 6.5% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €4,966 | -€7,790 | €221,335 | €676,464 | €131,627 | €122,231 | €92,625 | -€67,402 | - |
| + Depreciation and write-downs630 | €66,200 | €41,867 | €33,479 | €24,864 | €8,642 | €8,299 | €8,244 | €6,885 | ▼ 16.5% |
| Operating cash flow (approximation) | €71,166 | €34,077 | €254,815 | €701,328 | €140,269 | €130,530 | €100,869 | -€60,517 | - |
| Investment in fixed assets (approximation) | - | -€6,637 | €3,954 | -€8,558 | -€13,575 | -€234 | -€10,730 | -€1,095 | ▲ 89.8% |
| Change in cash | - | -€64,247 | €25,932 | €210,878 | €158,639 | -€168,740 | -€92,919 | €12,472 | - |
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 22 filings with the National Bank
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-12-2025 | abbreviated format | 13-07-2026 | 2026-00283738 | |
| 31-12-2024 | abbreviated format | 15-07-2025 | 2025-00273453 | |
| 31-12-2023 | abbreviated format | 09-07-2024 | 2024-00243638 | |
| 31-12-2022 | abbreviated format | 30-06-2023 | 2023-00178185 | |
| 31-12-2021 | abbreviated format | 13-07-2022 | 2022-20178953 | |
| 31-12-2020 | abbreviated format | 28-07-2021 | 2021-42100010 | |
| 31-12-2019 | abbreviated format | 27-07-2020 | 2020-33900225 | |
| 31-12-2018 | abbreviated format | 30-07-2019 | 2019-39800412 | |
| 30-09-2017 | abbreviated format | 25-04-2018 | 2018-10600261 | |
| 30-09-2016 | abbreviated format | 03-04-2017 | 2017-08700383 |