Financials · financial year 2025, full format
Annual accounts 2025 filed on 14-07-2026 at the NBB all 20 filings
Equity
€12.2m▲ 5.1%
2024 · €11.6m
Net result
€590,613▼ 72.7%
2024 · €2.2m
Total assets
€14.1m▼ 7.9%
2024 · €15.3m
Solvency
86.1%▲ 10.6pp
2024 · 75.5%
Multi-year overview
2018 to 2025, 8 financial yearsOperating result
€653,990
▼ 13.5%
2025
20182025
Net result
€590,613
▼ 72.7%
2025
middle half of the sector
20182025
Equity
€12.2m
▲ 5.1%
2025
middle half of the sector
20182025
Total assets
€14.1m
▼ 7.9%
2025
middle half of the sector
20182025
Debt
€2.0m
▼ 47.8%
2025
20182025
Working capital
€1.9m
▲ 39.8%
2025
middle half of the sector
20182025
Solvency
86.1%
▲ 10.6pp
2025
middle half of the sector
20182025
Current ratio
1.99
▲ 0.62
2025
middle half of the sector
20182025
Return on assets (ROA)
4.2%
▼ 9.9pp
2025
middle half of the sector
20182025
Every figure per financial year
Every figure with its change against the financial year before
favourable
unfavourable
Line20182019202020212022202320242025
Operating result-€0.003m-€0.1m€0.2m▲ 22.8%€0.1m▼ 26.4%€0.2m▲ 32.5%€0.2m▲ 6.5%€0.8m▲ 358%€0.7m▼ 13.5%
Net result€0.2m-€0.4m▲ 169%€0.2mabove the sector's middle half▼ 59.7%€1.5mabove the sector's middle half▲ 785%€1.2mabove the sector's middle half▼ 22.5%€0.5mabove the sector's middle half▼ 55.0%€2.2mabove the sector's middle half▲ 315%€0.6mwithin the sector's middle half▼ 72.7%
Equity€1.6m-€6.8m▲ 319%€7.0mabove the sector's middle half▲ 2.5%€8.5mabove the sector's middle half▲ 21.3%€9.7mabove the sector's middle half▲ 13.6%€10.0mabove the sector's middle half▲ 3.3%€11.6mabove the sector's middle half▲ 16.1%€12.2mwithin the sector's middle half▲ 5.1%
Total assets€4.1m-€10.9m▲ 169%€11.5mabove the sector's middle half▲ 5.4%€12.1mabove the sector's middle half▲ 5.3%€13.7mabove the sector's middle half▲ 13.6%€13.2mabove the sector's middle half▼ 4.1%€15.3mabove the sector's middle half▲ 16.5%€14.1mwithin the sector's middle half▼ 7.9%
Debt€2.4m-€4.0m▲ 67.1%€4.5m▲ 10.5%€3.6m▼ 19.7%€4.1m▲ 13.7%€3.2m▼ 21.7%€3.8m▲ 17.6%€2.0m▼ 47.8%
Working capital-€2.4m--€3.7m▼ 53.3%-€3.7mbelow the sector's middle half▲ 0.2%-€2.1mbelow the sector's middle half▲ 43.6%-€0.2mbelow the sector's middle half▲ 88.3%€0.1mwithin the sector's middle half€1.4mabove the sector's middle half▲ 14×€1.9mwithin the sector's middle half▲ 39.8%
Solvency40.3%-62.9%▲ 22.6pp61.1%within the sector's middle half▼ 1.8pp70.3%within the sector's middle half▲ 9.3pp70.3%within the sector's middle half=75.8%within the sector's middle half▲ 5.4pp75.5%within the sector's middle half▼ 0.2pp86.1%within the sector's middle half▲ 10.6pp
Current ratio0.00-0.09▲ 0.080.12below the sector's middle half▲ 0.030.38within the sector's middle half▲ 0.270.93within the sector's middle half▲ 0.551.03within the sector's middle half▲ 0.101.37within the sector's middle half▲ 0.341.99within the sector's middle half▲ 0.62
Return on assets (ROA)3.8%-3.8%=1.5%within the sector's middle half▼ 2.4pp12.3%above the sector's middle half▲ 10.9pp8.4%within the sector's middle half▼ 3.9pp4.0%within the sector's middle half▼ 4.5pp14.1%above the sector's middle half▲ 10.1pp4.2%within the sector's middle half▼ 9.9pp
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 13% lower than in 2024.
Large changes and their cause
- 2025 Net result -73% on 2024. The accounts now follow the full format, last year the abbreviated format.
The turnover shown is an estimate from the gross margin.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €14.1m
Fixed assets
€10.2m ▲ 0.4%
Current assets
€3.9m ▼ 24.2%
Equity and liabilities €14.1m
Equity
€12.2m ▲ 5.1%
Debt
€2.0m ▼ 47.8%
Debt's share of the balance-sheet total falls from 24.5% to 13.9%. Equity is higher and debt is lower.
Key figures and ratios
ROE
4.9%▼
2024 · 18.7%
Debt ≤ 1 year
€2.0m▼
2024 · €3.8m
Income taxes
€194,480▲
2024 · €169,171
Green means a favourable move, even when the figure itself falls, as with debt or debt to equity.
Investments
| Item | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Financial fixed assets | €10,500 | €6,637 | - | €246,925 | €40,000 |
Source: notes to the 2021 to 2025 annual accounts (statement of fixed assets)
Annual accounts
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Remuneration, social security and pensions62 | - | - | - | €325 | - | - | - | - | - |
| Other operating charges640/8 | - | - | - | €0.001m | €0.001m | €0.001m | €0.001m | €0.5m | ▲ 379× |
| Gross operating margin9900 | -€0.002m | €0.1m | €0.2m | €0.1m | €0.2m | €0.2m | €0.8m | €1.2m | ▲ 55.6% |
| Operating profit (loss)9901 | -€0.003m | €0.1m | €0.2m | €0.1m | €0.2m | €0.2m | €0.8m | €0.7m | ▼ 13.5% |
| Financial income75/76B | - | - | - | €1.4m | €1.0m | €0.5m | €1.6m | €0.1m | ▼ 91.6% |
| Recurring financial income75 | €0.2m | €0.3m | €0.01m | €1.0m | €1.0m | €0.2m | €1.6m | €0.1m | ▼ 91.6% |
| Non-recurring financial income76B | - | - | - | €0.4m | - | €0.3m | - | - | - |
| Financial charges65/66B | - | - | - | €0.003m | €0.007m | €0.2m | €0.006m | €0.001m | ▼ 84.2% |
| Recurring financial charges65 | €0.03m | €0.02m | €0.001m | €0.003m | €0.007m | €0.2m | €0.006m | €0.001m | ▼ 84.2% |
| Profit (loss) for the period before taxes9903 | €0.2m | €0.4m | €0.2m | €1.5m | €1.2m | €0.5m | €2.3m | €0.8m | ▼ 66.3% |
| Income taxes67/77 | - | - | - | - | - | - | €0.2m | €0.2m | ▲ 15.0% |
| Profit (loss) for the period9904 | €0.2m | €0.4m | €0.2m | €1.5m | €1.2m | €0.5m | €2.2m | €0.6m | ▼ 72.7% |
| Transfer to tax-exempt reserves689 | - | - | - | - | - | - | - | €0.3m | - |
| Profit (loss) for the period to be appropriated9905 | €0.2m | €0.4m | €0.2m | €1.5m | €1.2m | €0.5m | €2.2m | €0.3m | ▼ 86.3% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Assets | |||||||||
| Total assets20/58 | €4.1m | €10.9m | €11.5m | €12.1m | €13.7m | €13.2m | €15.3m | €14.1m | ▼ 7.9% |
| Fixed assets21/28 | €4.0m | €10.5m | €11.0m | €10.8m | €10.4m | €10.0m | €10.2m | €10.2m | ▲ 0.4% |
| Financial fixed assets28 | €4.0m | €10.5m | €11.0m | €10.8m | €10.4m | €10.0m | €10.2m | €10.2m | ▲ 0.4% |
| Current assets29/58 | €0.007m | €0.3m | €0.5m | €1.3m | €3.4m | €3.2m | €5.1m | €3.9m | ▼ 24.2% |
| Amounts receivable after more than one year29 | - | - | - | €0.6m | €1.4m | €2.2m | €3.0m | €1.4m | ▼ 51.5% |
| Other amounts receivable291 | - | - | - | €0.6m | €1.4m | €2.2m | €3.0m | €1.4m | ▼ 51.5% |
| Amounts receivable within one year40/41 | - | €0.2m | €0.3m | €0.4m | €1.1m | €1.0m | €2.0m | €1.4m | ▼ 31.1% |
| Trade receivables40 | - | - | - | €0.3m | €0.7m | €0.9m | €1.2m | €1.2m | ▼ 0.2% |
| Other amounts receivable41 | - | - | - | €0.1m | €0.4m | €0.1m | €0.8m | €0.2m | ▼ 78.5% |
| Cash at bank and in hand54/58 | €0.007m | €0.09m | €0.02m | €0.3m | €0.9m | €0.09m | €0.2m | €1.0m | ▲ 573% |
| Deferred charges and accrued income490/1 | - | - | - | €0.005m | €0.005m | - | - | €0.03m | - |
| Equity and liabilities | |||||||||
| Total equity and liabilities10/49 | €4.1m | €10.9m | €11.5m | €12.1m | €13.7m | €13.2m | €15.3m | €14.1m | ▼ 7.9% |
| Equity10/15 | €1.6m | €6.8m | €7.0m | €8.5m | €9.7m | €10.0m | €11.6m | €12.2m | ▲ 5.1% |
| Contributions10/11 | €1.1m | €6.0m | €6.0m | €6.0m | €6.0m | €6.0m | €6.0m | €6.0m | = |
| Capital10 | - | - | - | €6.0m | €6.0m | €6.0m | €6.0m | €6.0m | = |
| Issued capital100 | - | - | - | €6.0m | €6.0m | €6.0m | €6.0m | €6.0m | = |
| Reserves13 | €0.6m | €0.9m | €1.0m | €2.5m | €3.7m | €4.0m | €5.6m | €6.2m | ▲ 10.5% |
| Non-distributable reserves130/1 | - | - | - | €0.6m | €0.6m | €0.6m | €0.6m | €0.6m | = |
| Legal reserve130 | - | - | - | €0.6m | €0.6m | €0.6m | €0.6m | €0.6m | = |
| Tax-exempt reserves132 | - | - | - | - | - | - | - | €0.3m | - |
| Distributable reserves133 | - | - | - | €1.9m | €3.1m | €3.4m | €5.0m | €5.3m | ▲ 5.9% |
| Amounts payable17/49 | €2.4m | €4.0m | €4.5m | €3.6m | €4.1m | €3.2m | €3.8m | €2.0m | ▼ 47.8% |
| Amounts payable after more than one year17 | - | - | €0.3m | €0.2m | €0.5m | €0.07m | - | - | - |
| Financial debts170/4 | - | - | - | €0.2m | €0.5m | €0.07m | - | - | - |
| Amounts payable within one year42/48 | €2.4m | €4.0m | €4.2m | €3.4m | €3.6m | €3.1m | €3.8m | €2.0m | ▼ 47.8% |
| Current portion of amounts payable after more than one year42 | - | - | - | €0.07m | €0.09m | €0.07m | €0.07m | - | - |
| Trade debts44 | - | €0.01m | €0.1m | €0.2m | €0.6m | €0.7m | €0.5m | €0.5m | ▼ 3.0% |
| Suppliers440/4 | - | - | - | €0.2m | €0.6m | €0.7m | €0.5m | €0.5m | ▼ 3.0% |
| Taxes, remuneration and social security45 | - | - | - | - | €0.005m | - | €0.1m | €0.006m | ▼ 95.5% |
| Taxes450/3 | - | - | - | - | €0.005m | - | €0.1m | €0.006m | ▼ 95.5% |
| Other amounts payable47/48 | - | - | - | €3.1m | €2.9m | €2.3m | €3.0m | €1.4m | ▼ 52.4% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €0.2m | €0.4m | €0.2m | €1.5m | €1.2m | €0.5m | €2.2m | €0.6m | ▼ 72.7% |
| Operating cash flow (approximation) | €0.2m | €0.4m | €0.2m | €1.5m | €1.2m | €0.5m | €2.2m | €0.6m | ▼ 72.7% |
| Investment in fixed assets (approximation) | - | -€6.5m | -€0.5m | €0.2m | €0.4m | €0.4m | -€0.2m | -€0.04m | ▲ 83.8% |
| Change in cash | - | €0.08m | -€0.07m | €0.3m | €0.6m | -€0.8m | €0.06m | €0.9m | ▲ 14× |
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 20 filings with the National Bank
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-12-2025 | full format | 14-07-2026 | 2026-00297651 | |
| 31-12-2024 | abbreviated format | 24-06-2025 | 2025-00170383 | |
| 31-12-2023 | abbreviated format | 23-08-2024 | 2024-00372522 | |
| 31-12-2022 | abbreviated format | 29-06-2023 | 2023-00194879 | |
| 31-12-2021 | abbreviated format | 29-06-2022 | 2022-20116522 | |
| 31-12-2020 | abbreviated format | 27-08-2021 | 2021-55800513 | |
| 31-12-2019 | micro format | 30-11-2020 | 2020-72900072 | |
| 31-12-2018 | abbreviated format | 11-06-2019 | 2019-17600346 | |
| 31-12-2017 | abbreviated format | 09-07-2018 | 2018-30800345 | |
| 31-12-2016 | abbreviated format | 13-06-2017 | 2017-17300265 |