Financials · financial year 2025, micro format
Annual accounts 2025 filed on 29-01-2026 PDF all 8 filings
Equity
€58,799▼ 24.6%
2024 · €77,940
Net result
€4,859▼ 81.4%
2024 · €26,099
Total assets
€95,169▲ 17.4%
2024 · €81,085
Solvency
61.8%▼ 34.3pp
2024 · 96.1%
Multi-year overview
2018 to 2025, 8 financial yearsOperating result
€6,721
▼ 80.1%
2025
20182025
Net result
€4,859
▼ 81.4%
2025
lowest quarter of the sector
20182025
Equity
€58,799
▼ 24.6%
2025
middle half of the sector
20182025
Total assets
€95,169
▲ 17.4%
2025
lowest quarter of the sector
20182025
Debt
€36,370
▲ 12×
2025
20182025
Working capital
€48,400
▼ 20.0%
2025
middle half of the sector
20182025
Solvency
61.8%
▼ 34.3pp
2025
middle half of the sector
20182025
Current ratio
2.40
▼ 31.77
2025
middle half of the sector
20182025
Return on assets (ROA)
5.1%
▼ 27.1pp
2025
middle half of the sector
20182025
Staff (FTE)
1
▲ 150%
2025
20182025
Every figure per financial year
Every figure with its change against the financial year before
favourable
unfavourable
Line20182019202020212022202320242025
Operating result€15,814-€59,190▲ 274%€39,496▼ 33.3%€53,790▲ 36.2%€79,161▲ 47.2%€75,095▼ 5.1%€33,735▼ 55.1%€6,721▼ 80.1%
Net result€11,761-€45,918▲ 290%€30,664within the sector's middle half▼ 33.2%€42,131within the sector's middle half▲ 37.4%€62,458within the sector's middle half▲ 48.2%€59,220within the sector's middle half▼ 5.2%€26,099within the sector's middle half▼ 55.9%€4,859below the sector's middle half▼ 81.4%
Equity€23,361-€68,467▲ 193%€98,331within the sector's middle half▲ 43.6%€38,663within the sector's middle half▼ 60.7%€47,120within the sector's middle half▲ 21.9%€52,341within the sector's middle half▲ 11.1%€77,940within the sector's middle half▲ 48.9%€58,799within the sector's middle half▼ 24.6%
Total assets€30,642-€91,489▲ 199%€114,070below the sector's middle half▲ 24.7%€155,286within the sector's middle half▲ 36.1%€116,044below the sector's middle half▼ 25.3%€120,070below the sector's middle half▲ 3.5%€81,085below the sector's middle half▼ 32.5%€95,169below the sector's middle half▲ 17.4%
Debt€7,281-€23,022▲ 216%€15,739▼ 31.6%€116,624▲ 641%€68,923▼ 40.9%€67,729▼ 1.7%€3,145▼ 95.4%€36,370▲ 12×
Working capital€21,370-€67,391▲ 215%€97,030within the sector's middle half▲ 44.0%€35,173within the sector's middle half▼ 63.8%€45,283within the sector's middle half▲ 28.7%€49,076within the sector's middle half▲ 8.4%€60,505within the sector's middle half▲ 23.3%€48,400within the sector's middle half▼ 20.0%
Solvency76.2%-74.8%▼ 1.4pp86.2%above the sector's middle half▲ 11.4pp24.9%within the sector's middle half▼ 61.3pp40.6%within the sector's middle half▲ 15.7pp43.6%within the sector's middle half▲ 3.0pp96.1%above the sector's middle half▲ 52.5pp61.8%within the sector's middle half▼ 34.3pp
Current ratio3.94-3.93=7.17above the sector's middle half▲ 3.231.30within the sector's middle half▼ 5.861.67within the sector's middle half▲ 0.371.72within the sector's middle half▲ 0.0634.17above the sector's middle half▲ 32.452.40within the sector's middle half▼ 31.77
Return on assets (ROA)38.4%-50.2%▲ 11.8pp26.9%above the sector's middle half▼ 23.3pp27.1%above the sector's middle half▲ 0.2pp53.8%above the sector's middle half▲ 26.7pp49.3%above the sector's middle half▼ 4.5pp32.2%above the sector's middle half▼ 17.1pp5.1%within the sector's middle half▼ 27.1pp
Staff (FTE)0.4below the sector's middle half1▲ 150%1=1=0.4▼ 60.0%1▲ 150%
above
within
below
The sector band is the middle half of the companies in Activities auxiliary to financial services and insurance activities (NACE 66). 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 80% lower than in 2024 and the lowest since 2021. It is the third fall in a row.
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 €95,169
Fixed assets
€12,247 ▼ 34.7%
Current assets
€82,921 ▲ 33.0%
Equity and liabilities €95,169
Equity
€58,799 ▼ 24.6%
Debt
€36,370 ▲ 12×
Debt's share of the balance-sheet total rises from 3.9% to 38.2%. Equity is lower and debt is higher.
Key figures and ratios
ROE
8.3%▼
2024 · 33.5%
Debt ≤ 1 year
€34,521▲
2024 · €1,824
Income taxes
€2,035▼
2024 · €7,439
Staff costs
€1,759▲
2024 · €1,484
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 | 1 | 1 | 1 | 1 | 1 |
| full-time | 0 | 0 | 0 | - | 0 |
| part-time | 1 | 1 | 1 | 1 | 1 |
| in full-time equivalents | 0.4 | 0.4 | 0.4 | 0.4 | 0.4 |
| Average over the year, in full-time equivalents | 0.4 | 0.4 | 0.4 | - | 0.4 |
| On a permanent contract | 1 | 1 | 1 | 1 | 1 |
Source: social balance sheet in the 2021 to 2025 annual accounts
Investments
| Item | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Tangible fixed assets | €2,966 | €817 | €1,908 | €19,956 | €757 |
| Financial fixed assets | - | €40 | - | - | €0 |
| Depreciation and write-downs of the year | €777 | €1,328 | €1,662 | €4,466 | €7,265 |
Source: notes to the 2021 to 2025 annual accounts (statement of fixed assets)
Subsidies and aid
Flemish government
2024 · 1 entry · €660 awarded · €660 paidAnnual accounts
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Remuneration, social security and pensions62 | - | - | - | €620 | €10,737 | €9,633 | €1,484 | €1,759 | ▲ 18.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €591 | €861 | €960 | €777 | €1,328 | €1,662 | €4,466 | €7,265 | ▲ 62.7% |
| Other operating charges640/8 | - | - | - | €449 | €574 | €694 | €803 | €583 | ▼ 27.3% |
| Gross operating margin9900 | €16,405 | €60,149 | €44,314 | €55,636 | €91,799 | €87,084 | €40,487 | €16,328 | ▼ 59.7% |
| Operating profit (loss)9901 | €15,814 | €59,190 | €39,496 | €53,790 | €79,161 | €75,095 | €33,735 | €6,721 | ▼ 80.1% |
| Financial income75/76B | - | - | - | - | - | €30 | €0 | €326 | ▲ 32,634× |
| Recurring financial income75 | - | - | - | - | - | €30 | €0 | €326 | ▲ 32,634× |
| Financial charges65/66B | - | - | - | €324 | €304 | €241 | €197 | €154 | ▼ 21.9% |
| Recurring financial charges65 | - | €124 | €232 | €324 | €304 | €241 | €197 | €154 | ▼ 21.9% |
| Profit (loss) for the period before taxes9903 | €15,814 | €59,066 | €39,264 | €53,467 | €78,857 | €74,883 | €33,539 | €6,894 | ▼ 79.4% |
| Income taxes67/77 | €4,053 | €13,148 | €8,600 | €11,336 | €16,400 | €15,663 | €7,439 | €2,035 | ▼ 72.6% |
| Profit (loss) for the period9904 | €11,761 | €45,918 | €30,664 | €42,131 | €62,458 | €59,220 | €26,099 | €4,859 | ▼ 81.4% |
| Profit (loss) for the period to be appropriated9905 | €11,761 | €45,918 | €30,664 | €42,131 | €62,458 | €59,220 | €26,099 | €4,859 | ▼ 81.4% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Assets | |||||||||
| Total assets20/58 | €30,642 | €91,489 | €114,070 | €155,286 | €116,044 | €120,070 | €81,085 | €95,169 | ▲ 17.4% |
| Fixed assets21/28 | €1,990 | €1,130 | €1,301 | €3,490 | €3,019 | €3,264 | €18,755 | €12,247 | ▼ 34.7% |
| Tangible fixed assets22/27 | €1,990 | €1,130 | €1,301 | €3,490 | €2,979 | €3,224 | €18,715 | €12,207 | ▼ 34.8% |
| Plant, machinery and equipment23 | - | - | - | €2,684 | €2,400 | €2,073 | €757 | €955 | ▲ 26.1% |
| Furniture and vehicles24 | - | - | - | €806 | €579 | €1,152 | €17,958 | €11,252 | ▼ 37.3% |
| Financial fixed assets28 | - | - | - | - | €40 | €40 | €40 | €40 | = |
| Current assets29/58 | €28,651 | €90,360 | €112,769 | €151,796 | €113,025 | €116,805 | €62,329 | €82,921 | ▲ 33.0% |
| Amounts receivable within one year40/41 | €4,997 | €12,651 | €14,923 | €18,419 | €20,367 | €14,912 | €10,332 | €30,321 | ▲ 193% |
| Trade receivables40 | - | - | - | €17,255 | €19,202 | €14,066 | €0 | €16,698 | - |
| Other amounts receivable41 | - | - | - | €1,164 | €1,164 | €846 | €10,332 | €13,623 | ▲ 31.9% |
| Cash at bank and in hand54/58 | €23,654 | €77,108 | €89,140 | €126,090 | €84,112 | €97,045 | €49,007 | €50,390 | ▲ 2.8% |
| Deferred charges and accrued income490/1 | - | - | - | €7,288 | €8,546 | €4,848 | €2,990 | €2,210 | ▼ 26.1% |
| Equity and liabilities | |||||||||
| Total equity and liabilities10/49 | €30,642 | €91,489 | €114,070 | €155,286 | €116,044 | €120,070 | €81,085 | €95,169 | ▲ 17.4% |
| Equity10/15 | €23,361 | €68,467 | €98,331 | €38,663 | €47,120 | €52,341 | €77,940 | €58,799 | ▼ 24.6% |
| Contributions10/11 | €12,400 | €12,400 | - | €18,600 | €18,600 | €18,600 | €18,600 | €18,600 | = |
| Reserves13 | €10,961 | €56,067 | €85,931 | €20,063 | €28,520 | €33,741 | €59,340 | €40,199 | ▼ 32.3% |
| Non-distributable reserves130/1 | - | - | - | €1,860 | €1,860 | €1,860 | €1,860 | €1,860 | = |
| Reserves not available under the articles1311 | - | - | - | €1,860 | €1,860 | €1,860 | €1,860 | €1,860 | = |
| Distributable reserves133 | - | - | - | €18,203 | €26,660 | €31,881 | €57,480 | €38,339 | ▼ 33.3% |
| Profit (loss) carried forward14 | - | - | - | €0 | €0 | €0 | €0 | €0 | - |
| Amounts payable17/49 | €7,281 | €23,022 | €15,739 | €116,624 | €68,923 | €67,729 | €3,145 | €36,370 | ▲ 12× |
| Amounts payable within one year42/48 | €7,281 | €22,968 | €15,739 | €116,624 | €67,742 | €67,729 | €1,824 | €34,521 | ▲ 19× |
| Trade debts44 | €1,655 | €1,537 | €780 | €1,064 | €2,173 | €3,040 | €1,240 | €1,518 | ▲ 22.4% |
| Suppliers440/4 | - | - | - | €1,064 | €2,173 | €3,040 | €1,240 | €1,518 | ▲ 22.4% |
| Taxes, remuneration and social security45 | - | - | - | €7,253 | €11,146 | €10,494 | €29 | €8,824 | ▲ 299× |
| Taxes450/3 | - | - | - | €7,181 | €9,816 | €8,415 | €0 | €8,785 | - |
| Remuneration and social security454/9 | - | - | - | €72 | €1,330 | €2,079 | €29 | €39 | ▲ 33.3% |
| Other amounts payable47/48 | - | - | - | €108,306 | €54,422 | €54,196 | €555 | €24,179 | ▲ 44× |
| Accrued charges and deferred income492/3 | - | - | - | - | €1,182 | €0 | €1,321 | €1,848 | ▲ 40.0% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €11,761 | €45,918 | €30,664 | €42,131 | €62,458 | €59,220 | €26,099 | €4,859 | ▼ 81.4% |
| + Depreciation and write-downs630 | €591 | €861 | €960 | €777 | €1,328 | €1,662 | €4,466 | €7,265 | ▲ 62.7% |
| Operating cash flow (approximation) | €12,352 | €46,779 | €31,624 | €42,909 | €63,785 | €60,883 | €30,565 | €12,124 | ▼ 60.3% |
| Investment in fixed assets (approximation) | - | €0 | -€1,131 | -€2,966 | -€857 | -€1,908 | -€19,956 | -€757 | ▲ 96.2% |
| Change in cash | - | €53,454 | €12,032 | €36,949 | -€41,978 | €12,933 | -€48,038 | €1,382 | - |
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 | 29-01-2026 | 2026-00017605 | |
| 31-12-2024 | micro format | 22-03-2025 | 2025-00052058 | |
| 31-12-2023 | micro format | 11-05-2024 | 2024-00086009 | |
| 31-12-2022 | micro format | 16-03-2023 | 2023-00041515 | |
| 31-12-2021 | micro format | 21-06-2022 | 2022-20077113 | |
| 31-12-2020 | micro format | 22-06-2021 | 2021-22500562 | |
| 31-12-2019 | micro format | 22-06-2020 | 2020-19400236 | |
| 31-12-2018 | micro format | 20-07-2019 | 2019-35600516 |