Financials
Financial year 2025
Paycover from Brussel, company number BE0896651073, closed financial year 2025 with a result of € 420,619 after tax. For that financial year Paycover recorded a gross margin of € 2.6 million and equity of € 3.9 million. Compared with financial year 2024, the result moved from € 359,580 to € 420,619. Profitable, and profit is growing. The buffer is growing. Debts are under control. The most recent annual accounts were filed with the National Bank of Belgium on June 26, 2026.
€ 3.9 million
▲ 12% vs 2024
Assets minus debts, by the books. What is left if everything were sold and paid today.
€ 420,619
▲ 17% vs 2024
Profit after tax over the fiscal year.
€ 12.2 million
▼ 9% vs 2024
Cash and bank balances on the last day of the fiscal year.
People and assets in 2025
23.7
▼ 2.4 vs 2024
Average over the fiscal year, from the social balance sheet.
€ 2.1 million
▼ 3% vs 2024
€ 87,100 per full-time equivalent. Payroll staff only. What the director pays themselves is already netted into the gross margin and is not shown separately in the accounts.
€ 213,897
▼ 28% vs 2024
Book value of vehicles, furniture and equipment.
Debts at end 2025
€ 31
▲ € 30 vs 2024
Loans from banks and other lenders, long and short.
€ 99,788
▲ 10% vs 2024
Supplier invoices still open on the last day of the fiscal year.
€ 317,235
▼ 7% vs 2024
Taxes, VAT and social contributions still to pay.
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| 2022 | 2023 | 2024 | 2025 | Change 2024 → 2025 | |
|---|---|---|---|---|---|
| Gross margin | € 2,241,302 | € 2,648,814 | € 2,627,028 | € 2,599,512 | ▼ 1% |
| Profit after taxes | € 263,936 | € 736,144 | € 359,580 | € 420,619 | ▲ 17% |
| Equity | € 2,361,184 | € 3,097,328 | € 3,456,909 | € 3,877,528 | ▲ 12% |
| Total debts | € 9,709,737 | € 11,778,344 | € 12,320,582 | € 11,148,646 | ▼ 10% |
| Cash | € 9,228,452 | € 12,609,995 | € 13,350,705 | € 12,213,295 | ▼ 9% |
| Retained profit | € 2,361,184 | € 3,097,328 | € 3,456,909 | € 3,877,528 | ▲ 12% |
| Bank debt | € 0 | € 0 | € 1 | € 31 | ▲ € 30 |
| Balance sheet total | € 12,088,875 | € 14,875,672 | € 15,837,211 | € 15,085,895 | ▼ 5% |
| Employees (FTE) | 22.7 | 21.5 | 26.1 | 23.7 | ▼ 2.4 |
Key figures of Paycover, fiscal years 2022 to 2025, from the annual accounts filed with the National Bank of Belgium.Next annual account (fiscal year 2026) expected before 31 July 2027.
What happened to Paycover?
What happened at Paycover in recent years, according to the Belgian Official Gazette, the CBE and the National Bank:
- Herman Ginis stepped down as director. NBB
- New annual accounts for financial year 2025: profit of € 420,619 (▲ 17% vs 2024). Source: NBB ↗
- Herman Ginis became a director. NBB
- New establishment in Hannut. KBO
- New establishment in Gent. KBO
- New establishment in Kortrijk. KBO
- Michael Reul became a director. NBB
- Nathalie Vermeersch became a director. NBB
In short
From € 263,936 profit in 2022 to € 420,619 profit in 2025.
Paid € 110,919 in corporate taxes since 2022.
Best year ever: 2023, with € 736,144 profit.
On average € 109,700 of value added per employee in 2025.
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De Lijn 8 June 2026 New annual account 2025
filed on 8 June 2026
What was left
€ 20 k ▼ 91%
Money in the bank
€ 178 k ▼ 98%
Open the dossier →
NMBS 8 June 2026 New annual account 2025 What was left ▼ 80%
bpost 18 May 2026 New annual account 2025 What was left from loss to profit
Management
Behind Paycover are Michael Reul, Nathalie Vermeersch and Mancover bv. Michael Reul is also behind SOCIETE WALLONNE DE FINANCEMENT COMPLEMENTAIRE DES INFRASTRUCTURES, INSTITUUT WEGTRANSPORT EN LOGISTIEK BELGIE, Mercurius Insurance Brokers and POLE FORMATION EMPLOI POUR LE TRANSPORT ET LA LOGISTIQUE ET LE PORT DE BRUXELLES. Nathalie Vermeersch is also behind IMMOCOVER.
Directors
According to the 2025 annual accounts
Michael Reul
Director
Also active at: SOCIETE WALLONNE DE FINANCEMENT COMPLEMENTAIRE DES INFRASTRUCTURES, INSTITUUT WEGTRANSPORT EN LOGISTIEK BELGIE, Mercurius Insurance Brokers, POLE FORMATION EMPLOI POUR LE TRANSPORT ET LA LOGISTIQUE ET LE PORT DE BRUXELLES
since 2008
since 2008
Managing director · represented by Bruno Velghe
since 2008
Herman Ginis
Director
since 2022 · until 2026
Establishments
Establishment units
Physical locations of this company
Havenlaan 104 box 106
1000 Brussel
Engelse Wandeling(Kor) 2 box K07G
8500 Kortrijk
Active since 1 April 2014
Dublinstraat 35 box 14
9000 Gent
Active since 15 February 2021
Rue de Huy 108A box 0.1
4280 Hannut
Active since 1 February 2022
Who else lives here?
A building full of entrepreneurs or one very busy letterbox? Another 1 companies are registered at this address.
All companies at this address →What is an establishment unit? An establishment unit is a geographically identifiable place where activities of the enterprise are carried out.
Details
- Company number
- 0896.651.073
- VAT number
- BE 0896.651.073
- Registered office
- Havenlaan 104 bus 106, 1000 Brussel
- Names & denominations
- Paycover
- Enterprise type
- Rechtspersoon
- Legal form
- Non-profit association
- Legal situation
- Normale toestand
- Start date
- 15 March 2008
- Peppol
- Active · Active since 27 Mar 2026
- Activities · NACE
Administratieve en ondersteunende activiteiten ten behoeve van kantoren
Andere vormen van maatschappelijke dienstverlening zonder huisvesting, neg
Diverse administratieve activiteiten ten behoeve van kantoren