Financials · financial year 2025, micro format
Annual accounts 2025 filed on 21-04-2026 PDF all 17 filings
Equity
€705,184▲ 7.0%
2024 · €658,895
Net result
€46,289▼ 10.8%
2024 · €51,903
Total assets
€800,676▲ 4.8%
2024 · €763,997
Solvency
88.1%▲ 1.8pp
2024 · 86.2%
Multi-year overview
2019 to 2025, 7 financial yearsOperating result
€61,312
▼ 17.6%
2025
20192025
Net result
€46,289
▼ 10.8%
2025
middle half of the sector
20192025
Equity
€705,184
▲ 7.0%
2025
highest quarter of the sector
20192025
Total assets
€800,676
▲ 4.8%
2025
middle half of the sector
20192025
Debt
€95,492
▼ 9.1%
2025
20192025
Working capital
€584,955
▲ 9.7%
2025
highest quarter of the sector
20192025
Solvency
88.1%
▲ 1.8pp
2025
highest quarter of the sector
20192025
Current ratio
22.28
▼ 1.17
2025
highest quarter of the sector
20192025
Return on assets (ROA)
5.8%
▼ 1.0pp
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€42,424-€45,377▲ 7.0%€22,818▼ 49.7%€74,972▲ 229%€61,564▼ 17.9%€74,387▲ 20.8%€61,312▼ 17.6%
Net result€31,476-€30,147within the sector's middle half▼ 4.2%€13,468within the sector's middle half▼ 55.3%€50,449within the sector's middle half▲ 275%€41,080within the sector's middle half▼ 18.6%€51,903within the sector's middle half▲ 26.3%€46,289within the sector's middle half▼ 10.8%
Equity€471,849-€501,996above the sector's middle half▲ 6.4%€515,464above the sector's middle half▲ 2.7%€565,913above the sector's middle half▲ 9.8%€606,993above the sector's middle half▲ 7.3%€658,895above the sector's middle half▲ 8.6%€705,184above the sector's middle half▲ 7.0%
Total assets€646,205-€670,566within the sector's middle half▲ 3.8%€664,898within the sector's middle half▼ 0.8%€710,439within the sector's middle half▲ 6.8%€730,585within the sector's middle half▲ 2.8%€763,997within the sector's middle half▲ 4.6%€800,676within the sector's middle half▲ 4.8%
Debt€174,356-€168,570▼ 3.3%€149,433▼ 11.4%€144,526▼ 3.3%€123,592▼ 14.5%€105,102▼ 15.0%€95,492▼ 9.1%
Working capital€320,786-€356,006above the sector's middle half▲ 11.0%€374,547above the sector's middle half▲ 5.2%€430,069above the sector's middle half▲ 14.8%€476,221above the sector's middle half▲ 10.7%€533,197above the sector's middle half▲ 12.0%€584,955above the sector's middle half▲ 9.7%
Solvency73.0%-74.9%within the sector's middle half▲ 1.8pp77.5%above the sector's middle half▲ 2.7pp79.7%above the sector's middle half▲ 2.1pp83.1%above the sector's middle half▲ 3.4pp86.2%above the sector's middle half▲ 3.2pp88.1%above the sector's middle half▲ 1.8pp
Current ratio14.23-12.05above the sector's middle half▼ 2.1814.96above the sector's middle half▲ 2.9113.06above the sector's middle half▼ 1.9017.72above the sector's middle half▲ 4.6623.45above the sector's middle half▲ 5.7422.28above the sector's middle half▼ 1.17
Return on assets (ROA)4.9%-4.5%within the sector's middle half▼ 0.4pp2.0%within the sector's middle half▼ 2.5pp7.1%within the sector's middle half▲ 5.1pp5.6%within the sector's middle half▼ 1.5pp6.8%within the sector's middle half▲ 1.2pp5.8%within the sector's middle half▼ 1.0pp
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 18% lower than in 2024.
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 €800,676
Fixed assets
€188,230 ▼ 9.1%
Current assets
€612,445 ▲ 10.0%
Equity and liabilities €800,676
Equity
€705,184 ▲ 7.0%
Debt
€95,492 ▼ 9.1%
Debt's share of the balance-sheet total falls from 13.8% to 11.9%. Equity is higher and debt is lower.
Key figures and ratios
ROE
6.6%▼
2024 · 7.9%
Debt ≤ 1 year
€27,490▲
2024 · €23,747
Debt > 1 year
€67,605▼
2024 · €81,355
Income taxes
€16,856▼
2024 · €19,427
Green means a favourable move, even when the figure itself falls, as with debt or debt to equity.
Securities and guarantees
| Item | 30-09-2022 | 30-09-2023 | 30-09-2024 | 30-09-2025 |
|---|---|---|---|---|
| Mortgages, amount registered | €150,000 | €150,000 | €150,000 | €150,000 |
| Mortgage mandates | €225,000 | €225,000 | €225,000 | €225,000 |
| Carrying value of the mortgaged assets | €244,699 | €225,876 | €207,053 | €188,230 |
Source: notes to the 2022 to 2025 annual accounts (statement of debts and off-balance-sheet rights and commitments)
Annual accounts
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €18,823 | €18,823 | €18,823 | €18,823 | €18,823 | €18,823 | €18,823 | = |
| Other operating charges640/8 | - | - | - | €3,744 | €4,005 | €5,053 | €4,938 | ▼ 2.3% |
| Gross operating margin9900 | €63,953 | €67,689 | €45,314 | €97,540 | €84,391 | €98,264 | €85,072 | ▼ 13.4% |
| Operating profit (loss)9901 | €42,424 | €45,377 | €22,818 | €74,972 | €61,564 | €74,387 | €61,312 | ▼ 17.6% |
| Financial income75/76B | - | - | - | €51 | €0 | €2,203 | €6,216 | ▲ 182% |
| Recurring financial income75 | €8,397 | €3,541 | €2,295 | €51 | €0 | €2,203 | €6,216 | ▲ 182% |
| Financial charges65/66B | - | - | - | €5,700 | €5,121 | €5,260 | €4,382 | ▼ 16.7% |
| Recurring financial charges65 | €7,474 | €6,879 | €6,288 | €5,700 | €5,121 | €5,260 | €4,382 | ▼ 16.7% |
| Profit (loss) for the period before taxes9903 | €43,347 | €42,039 | €18,825 | €69,323 | €56,443 | €71,330 | €63,145 | ▼ 11.5% |
| Income taxes67/77 | €11,871 | €11,892 | €5,357 | €18,875 | €15,363 | €19,427 | €16,856 | ▼ 13.2% |
| Profit (loss) for the period9904 | €31,476 | €30,147 | €13,468 | €50,449 | €41,080 | €51,903 | €46,289 | ▼ 10.8% |
| Profit (loss) for the period to be appropriated9905 | €31,476 | €30,147 | €13,468 | €50,449 | €41,080 | €51,903 | €46,289 | ▼ 10.8% |
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|
| Assets | ||||||||
| Total assets20/58 | €646,205 | €670,566 | €664,898 | €710,439 | €730,585 | €763,997 | €800,676 | ▲ 4.8% |
| Fixed assets21/28 | €301,167 | €282,345 | €263,522 | €244,699 | €225,876 | €207,053 | €188,230 | ▼ 9.1% |
| Tangible fixed assets22/27 | €301,167 | €282,345 | €263,522 | €244,699 | €225,876 | €207,053 | €188,230 | ▼ 9.1% |
| Land and buildings22 | - | - | - | €195,759 | €180,701 | €165,642 | €150,584 | ▼ 9.1% |
| Other tangible fixed assets26 | - | - | - | €48,940 | €45,175 | €41,411 | €37,646 | ▼ 9.1% |
| Current assets29/58 | €345,037 | €388,221 | €401,376 | €465,740 | €504,709 | €556,944 | €612,445 | ▲ 10.0% |
| Amounts receivable within one year40/41 | €141,261 | €105,113 | €88,617 | €85,702 | €120,928 | €38,408 | €64,189 | ▲ 67.1% |
| Trade receivables40 | - | - | - | €85,702 | €120,713 | €36,622 | €57,189 | ▲ 56.2% |
| Other amounts receivable41 | - | - | - | €0 | €215 | €1,786 | €7,000 | ▲ 292% |
| Current investments50/53 | - | - | - | - | - | €29,267 | €48,779 | ▲ 66.7% |
| Cash at bank and in hand54/58 | €200,190 | €276,966 | €305,807 | €373,092 | €376,548 | €482,386 | €492,602 | ▲ 2.1% |
| Deferred charges and accrued income490/1 | - | - | - | €6,946 | €7,232 | €6,882 | €6,874 | ▼ 0.1% |
| Equity and liabilities | ||||||||
| Total equity and liabilities10/49 | €646,205 | €670,566 | €664,898 | €710,439 | €730,585 | €763,997 | €800,676 | ▲ 4.8% |
| Equity10/15 | €471,849 | €501,996 | €515,464 | €565,913 | €606,993 | €658,895 | €705,184 | ▲ 7.0% |
| Contributions10/11 | €6,200 | - | - | €6,200 | €6,200 | €6,200 | €6,200 | = |
| Reserves13 | €465,649 | €495,796 | €509,264 | €559,713 | €600,793 | €652,695 | €698,984 | ▲ 7.1% |
| Non-distributable reserves130/1 | - | - | - | €1,860 | €1,860 | €0 | - | - |
| Reserves not available under the articles1311 | - | - | - | €1,860 | €1,860 | €0 | - | - |
| Distributable reserves133 | - | - | - | €557,853 | €598,933 | €652,695 | €698,984 | ▲ 7.1% |
| Amounts payable17/49 | €174,356 | €168,570 | €149,433 | €144,526 | €123,592 | €105,102 | €95,492 | ▼ 9.1% |
| Amounts payable after more than one year17 | €150,105 | €136,355 | €122,605 | €108,855 | €95,105 | €81,355 | €67,605 | ▼ 16.9% |
| Financial debts170/4 | - | - | - | €108,855 | €95,105 | €81,355 | €67,605 | ▼ 16.9% |
| Amounts payable within one year42/48 | €24,251 | €32,215 | €26,829 | €35,671 | €28,487 | €23,747 | €27,490 | ▲ 15.8% |
| Current portion of amounts payable after more than one year42 | - | - | - | €13,750 | €13,750 | €13,750 | €13,750 | = |
| Trade debts44 | €126 | €583 | €4,886 | €3,900 | €1,124 | €1,021 | €2,698 | ▲ 164% |
| Suppliers440/4 | - | - | - | €3,900 | €1,124 | €1,021 | €2,698 | ▲ 164% |
| Taxes, remuneration and social security45 | - | - | - | €17,442 | €13,614 | €8,977 | €8,570 | ▼ 4.5% |
| Taxes450/3 | - | - | - | €14,762 | €10,911 | €6,308 | €5,902 | ▼ 6.4% |
| Remuneration and social security454/9 | - | - | - | €2,680 | €2,703 | €2,669 | €2,669 | = |
| Other amounts payable47/48 | - | - | - | €579 | €0 | - | €2,472 | - |
| Accrued charges and deferred income492/3 | - | - | - | - | - | - | €397 | - |
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €31,476 | €30,147 | €13,468 | €50,449 | €41,080 | €51,903 | €46,289 | ▼ 10.8% |
| + Depreciation and write-downs630 | €18,823 | €18,823 | €18,823 | €18,823 | €18,823 | €18,823 | €18,823 | = |
| Operating cash flow (approximation) | €50,298 | €48,970 | €32,291 | €69,271 | €59,903 | €70,725 | €65,112 | ▼ 7.9% |
| Investment in fixed assets (approximation) | - | €0 | €0 | €0 | €0 | €0 | €0 | - |
| Change in cash | - | €76,776 | €28,841 | €67,285 | €3,456 | €105,838 | €10,216 | ▼ 90.3% |
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 17 filings with the National Bank
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 30-09-2025 | micro format | 21-04-2026 | 2026-00085248 | |
| 30-09-2024 | micro format | 16-04-2025 | 2025-00072970 | |
| 30-09-2023 | micro format | 22-04-2024 | 2024-00067140 | |
| 30-09-2022 | micro format | 27-03-2023 | 2023-00047089 | |
| 30-09-2021 | micro format | 28-03-2022 | 2022-09400460 | |
| 30-09-2020 | micro format | 20-01-2021 | 2021-01400012 | |
| 30-09-2019 | micro format | 14-01-2020 | 2020-01500011 | |
| 30-09-2018 | micro format | 09-04-2019 | 2019-09700465 | |
| 30-09-2017 | micro format | 12-04-2018 | 2018-09900545 | |
| 30-09-2016 | abbreviated format | 21-04-2017 | 2017-09800419 |