Financials · financial year 2025, abbreviated format, standalone accounts
Annual accounts 2025 filed on 14-07-2026 at the NBB Consolidated accounts 2025 at the NBB all 10 filings
Equity
€21.5m▼ 1.4%
2024 · €21.8m
Net result
-€303,437▲ 45.4%
2024 · -€556,243
Total assets
€27.6m▲ 1.9%
2024 · €27.0m
Solvency
78.1%▼ 2.6pp
2024 · 80.6%
Multi-year overview
2021 to 2025, 5 financial yearsOperating result
-€331,648
▲ 40.3%
2025
20212025
Net result
-€303,437
▲ 45.4%
2025
lowest quarter of the sector
20212025
Equity
€21.5m
▼ 1.4%
2025
highest quarter of the sector
20212025
Total assets
€27.6m
▲ 1.9%
2025
highest quarter of the sector
20212025
Debt
€6.0m
▲ 15.5%
2025
20212025
Working capital
-€3.1m
2025
lowest quarter of the sector
20212025
Solvency
78.1%
▼ 2.6pp
2025
middle half of the sector
20212025
Current ratio
0.45
▼ 1.68
2025
middle half of the sector
20212025
Return on assets (ROA)
-1.1%
▲ 1.0pp
2025
lowest quarter of the sector
20212025
Every figure per financial year
Every figure with its change against the financial year before
favourable
unfavourable
Line20212022202320242025
Operating result-€1.5m--€0.7m▲ 51.3%-€0.4m▲ 43.5%-€0.6m▼ 35.8%-€0.3m▲ 40.3%
Net result-€1.5mbelow the sector's middle half--€0.8mbelow the sector's middle half▲ 47.2%-€0.4mbelow the sector's middle half▲ 43.3%-€0.6mbelow the sector's middle half▼ 24.4%-€0.3mbelow the sector's middle half▲ 45.4%
Equity€23.6mabove the sector's middle half-€22.8mabove the sector's middle half▼ 3.3%€22.4mabove the sector's middle half▼ 2.0%€21.8mabove the sector's middle half▼ 2.5%€21.5mabove the sector's middle half▼ 1.4%
Total assets€25.5mwithin the sector's middle half-€26.4mwithin the sector's middle half▲ 3.5%€26.2mwithin the sector's middle half▼ 0.7%€27.0mwithin the sector's middle half▲ 3.3%€27.6mabove the sector's middle half▲ 1.9%
Debt€1.9m-€3.6m▲ 89.6%€3.8m▲ 7.1%€5.2m▲ 36.8%€6.0m▲ 15.5%
Working capital-€1.3mbelow the sector's middle half--€0.8mbelow the sector's middle half▲ 39.9%€0.03mwithin the sector's middle half€1.1mwithin the sector's middle half▲ 31×-€3.1mbelow the sector's middle half
Solvency92.6%above the sector's middle half-86.5%above the sector's middle half▼ 6.1pp85.4%above the sector's middle half▼ 1.1pp80.6%within the sector's middle half▼ 4.8pp78.1%within the sector's middle half▼ 2.6pp
Current ratio0.28below the sector's middle half-0.65within the sector's middle half▲ 0.371.03within the sector's middle half▲ 0.382.13within the sector's middle half▲ 1.100.45within the sector's middle half▼ 1.68
Return on assets (ROA)-5.9%below the sector's middle half--3.0%below the sector's middle half▲ 2.9pp-1.7%below the sector's middle half▲ 1.3pp-2.1%below the sector's middle half▼ 0.3pp-1.1%below 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 a loss of €331,648, smaller than the loss of €555,838 in 2024.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €27.6m
Fixed assets
€25.0m =
Current assets
€2.6m ▲ 24.7%
Equity and liabilities €27.6m
Equity
€21.5m ▼ 1.4%
Debt
€6.0m ▲ 15.5%
Debt's share of the balance-sheet total rises from 19.4% to 21.9%. Equity is lower and debt is higher.
Key figures and ratios
ROE
-1.4%▲
2024 · -2.6%
Debt ≤ 1 year
€5.7m▲
2024 · €963,679
Green means a favourable move, even when the figure itself falls, as with debt or debt to equity.
Securities and guarantees
| Item | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Pledge on other assets, amount secured | - | - | €188.8m | - | - |
| Carrying value of the other pledged assets | - | - | €25.0m | - | - |
Source: notes to the 2021 to 2025 annual accounts (statement of debts and off-balance-sheet rights and commitments)
Investments
| Item | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Financial fixed assets | €25.0m | - | - | - | - |
Source: notes to the 2021 to 2025 annual accounts (statement of fixed assets)
Auditor
| Item | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Fee for the audit | €108,000 | €89,100 | €93,555 | €96,829 | - |
| Other work by the auditor | €7,000 | €15,935 | - | €14,320 | - |
Source: notes to the 2021 to 2025 annual accounts (relations with the auditor)
Annual accounts
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Operating income70/76A | - | €1.9m | €2.3m | €2.5m | - | - |
| Other operating income74 | - | €1.9m | €2.3m | €2.5m | - | - |
| Operating charges60/66A | €1.5m | €2.7m | €2.7m | €3.0m | - | - |
| Services and other goods61 | €0.8m | €2.6m | €2.7m | €3.0m | - | - |
| Other operating charges640/8 | €348 | €450 | €75 | €0.002m | €0.001m | ▼ 45.8% |
| Non-recurring operating charges66A | €0.7m | €0.03m | - | - | - | - |
| Gross operating margin9900 | - | - | - | - | -€0.3m | - |
| Operating profit (loss)9901 | -€1.5m | -€0.7m | -€0.4m | -€0.6m | -€0.3m | ▲ 40.3% |
| Financial income75/76B | - | €0.001m | €0.001m | €0.003m | €0.03m | ▲ 996% |
| Recurring financial income75 | - | €0.001m | €0.001m | €0.003m | €0.03m | ▲ 996% |
| Income from current assets751 | - | €0.001m | €0.001m | €0.003m | - | - |
| Other financial income752/9 | - | €4 | €71 | - | - | - |
| Financial charges65/66B | €0.006m | €0.06m | €0.04m | €0.003m | €0.004m | ▲ 11.6% |
| Recurring financial charges65 | €0.006m | €0.06m | €0.04m | €0.003m | €0.004m | ▲ 11.6% |
| Debt charges650 | €0.006m | €0.06m | €0.03m | - | - | - |
| Other financial charges652/9 | €200 | €0.003m | €0.008m | €0.003m | - | - |
| Profit (loss) for the period before taxes9903 | -€1.5m | -€0.8m | -€0.4m | -€0.6m | -€0.3m | ▲ 45.4% |
| Profit (loss) for the period9904 | -€1.5m | -€0.8m | -€0.4m | -€0.6m | -€0.3m | ▲ 45.4% |
| Profit (loss) for the period to be appropriated9905 | -€1.5m | -€0.8m | -€0.4m | -€0.6m | -€0.3m | ▲ 45.4% |
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Assets | ||||||
| Total assets20/58 | €25.5m | €26.4m | €26.2m | €27.0m | €27.6m | ▲ 1.9% |
| Fixed assets21/28 | €25.0m | €25.0m | €25.0m | €25.0m | €25.0m | = |
| Financial fixed assets28 | €25.0m | €25.0m | €25.0m | €25.0m | €25.0m | = |
| Affiliated companies280/1 | €25.0m | €25.0m | €25.0m | €25.0m | - | - |
| Participating interests280 | €25.0m | €25.0m | €25.0m | €25.0m | - | - |
| Current assets29/58 | €0.5m | €1.4m | €1.2m | €2.0m | €2.6m | ▲ 24.7% |
| Amounts receivable within one year40/41 | €0.08m | €1.1m | €1.2m | €2.0m | €2.5m | ▲ 23.9% |
| Trade receivables40 | - | €1.1m | €1.2m | €1.1m | €0.02m | ▼ 98.6% |
| Other amounts receivable41 | €0.08m | - | - | €0.9m | €2.5m | ▲ 184% |
| Current investments50/53 | €0.001m | €0.001m | €0.001m | €0.001m | €0.001m | = |
| Own shares50 | €0.001m | €0.001m | €0.001m | €0.001m | - | - |
| Cash at bank and in hand54/58 | €0.4m | €0.3m | €0.01m | €0.02m | €0.04m | ▲ 87.0% |
| Deferred charges and accrued income490/1 | €0.02m | €0.02m | €0.01m | €0.02m | €0.02m | ▲ 45.2% |
| Equity and liabilities | ||||||
| Total equity and liabilities10/49 | €25.5m | €26.4m | €26.2m | €27.0m | €27.6m | ▲ 1.9% |
| Equity10/15 | €23.6m | €22.8m | €22.4m | €21.8m | €21.5m | ▼ 1.4% |
| Contributions10/11 | €25.1m | €25.1m | €25.1m | €25.1m | €25.1m | = |
| Reserves13 | €0.001m | €0.001m | €0.001m | €0.001m | €0.001m | = |
| Non-distributable reserves130/1 | €0.001m | €0.001m | €0.001m | €0.001m | €0.001m | = |
| Own shares acquired1312 | €0.001m | €0.001m | €0.001m | €0.001m | €0.001m | = |
| Profit (loss) carried forward14 | -€1.5m | -€2.3m | -€2.7m | -€3.3m | -€3.6m | ▼ 9.2% |
| Amounts payable17/49 | €1.9m | €3.6m | €3.8m | €5.2m | €6.0m | ▲ 15.5% |
| Amounts payable within one year42/48 | €1.8m | €2.2m | €1.2m | €1.0m | €5.7m | ▲ 488% |
| Trade debts44 | €0.01m | €0.2m | €0.3m | €0.2m | €4.8m | ▲ 30× |
| Suppliers440/4 | €0.01m | €0.2m | €0.3m | €0.2m | €4.8m | ▲ 30× |
| Taxes, remuneration and social security45 | - | €0.01m | €0.1m | €0.3m | €0.3m | ▲ 22.7% |
| Taxes450/3 | - | €0.01m | €0.1m | €0.3m | €0.3m | ▲ 22.7% |
| Other amounts payable47/48 | €1.7m | €1.9m | €0.7m | €0.5m | €0.5m | ▼ 6.0% |
| Accrued charges and deferred income492/3 | €0.1m | €1.4m | €2.7m | €4.3m | €0.4m | ▼ 91.2% |
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | -€1.5m | -€0.8m | -€0.4m | -€0.6m | -€0.3m | ▲ 45.4% |
| Operating cash flow (approximation) | -€1.5m | -€0.8m | -€0.4m | -€0.6m | -€0.3m | ▲ 45.4% |
| Investment in fixed assets (approximation) | - | €0 | €0 | €0 | €0 | - |
| Change in cash | - | -€0.07m | -€0.3m | €0.008m | €0.02m | ▲ 134% |
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 (10)
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-12-2025 | abbreviated format | 14-07-2026 | 2026-00296967 | |
| 31-12-2025 | consolidated | 06-07-2026 | 2026-00270077 | |
| 31-12-2024 | full format | 24-02-2026 | 2026-00044547 | |
| 31-12-2024 | consolidated | 03-07-2025 | 2025-00239385 | |
| 31-12-2023 | full format | 03-07-2024 | 2024-00222078 | |
| 31-12-2023 | consolidated | 03-07-2024 | 2024-00215560 | |
| 31-12-2022 | full format | 27-06-2023 | 2023-00183222 | |
| 31-12-2022 | consolidated | 27-06-2023 | 2023-00184713 | |
| 31-12-2021 | full format | 29-06-2022 | 2022-20121167 | |
| 31-12-2021 | consolidated | 29-06-2022 | 2022-20153145 |