Equity
Equity fell by 60% in 14 years.
Equity fell by 60% in 14 years.
Green is investment, beige is depreciation.
Between 2013 and 2025, 47% of the full-time equivalents disappeared.
The 2018 accounts came 6 days late. The other nine of the last ten were filed on time.
EU support, mostly Neighbourhood, Development and International Cooperation Instrument - Global Europe ( NDICI - Global Europe ).
The dashed line is the sector median: 0.1% across 4,522 companies (NACE 70, small).
Fewer than 1 in 1,000 comparable companies go bankrupt within 12 months (an estimate).
The band follows from the bankruptcy probability. 10 more points roughly halve it.
| 75-100 | Excellent | under 0.55% |
| 60-74 | Healthy | 0.55% to 1.5% |
| 45-59 | Fair | 1.5% to 4.2% |
| 25-44 | Weak | 4.2% to 15.0% |
| 0-24 | Critical | over 15.0% |
Where the company stands within its band depends half on the bankruptcy probability and half on how it does against its sector peers (NACE 70, small). It does better than 30% of them on solvency, 22% on liquidity, 74% on profitability and 42% on growth.
The bankruptcy probability was computed on 05-11-2026 by the bankruptcy model of 2 October 2026, which learns from Belgian bankruptcies and reads the registers, the annual accounts and the Belgian Official Gazette.
The probability rests on the annual accounts with balance sheet date 31-12-2025.
Of the companies with a bankruptcy probability in the very low class on 30-06-2025, 0.1% went bankrupt within twelve months.
Some facts cap the score, however low the probability. With negative or zero equity, a heavy loss, a special status in the KBO, one missing filing or accounts filed more than 90 days late, the score is Fair at most (59). With two missing filings, it is Weak at most (44). During a judicial reorganisation or at the company's end (bankruptcy, dissolution, liquidation), it is Critical at most (24).
In July 2024, 2,613 companies had the same profile as Agrer has now. Each dot stands for 7 companies, two years later.
That fits the bankruptcy probability of Agrer itself: < 0.1% within 12 months.
The method was tested on the 497,446 companies of July 2024. Each company was given the bankruptcy share of the same profile a year earlier, in July 2023. The expectation was that 1.6% would go bankrupt within 24 months. In fact 1.7% went bankrupt.
| Group | Expected | Actual |
|---|---|---|
| 1 | 0.2% | 0.2% |
| 2 | 0.3% | 0.5% |
| 3 | 0.5% | 0.6% |
| 4 | 0.7% | 0.8% |
| 5 | 0.9% | 0.9% |
| 6 | 1.3% | 1.5% |
| 7 | 1.6% | 1.8% |
| 8 | 1.8% | 1.8% |
| 9 | 3.0% | 3.1% |
| 10 | 5.6% | 6.2% |
A company that went bankrupt had a higher expected share than one that kept going in 74.5% of comparisons. The level depends on the economy. In a year with more bankruptcies than the year before, the actual share is higher than the expected one.
This is an observation about 2,613 companies, not a prediction for Agrer. The sector does not count, because the KBO no longer lists a sector for a company that has stopped. By sector, mostly the survivors would count, which would paint too rosy a picture.
Liquidity is ample, with a current ratio of 1.92 (1.81 in 2024), above the usual 1.5. Short-term debt is 51.9% and cash 11.2% of total assets. However, 70.2% of the assets are financed with debt and provisions.
Show the recommended maximum and see how the verdict changes with amount, term and advance.
The scores and ratios are Checked's own calculations, not a credit decision.
The company filed its last 7 accounts on average 88 days before the deadline. In the sector (NACE 70), the median for financial year 2024 was 9 days before the deadline, and 32% of those companies filed late.
| Company | Turnover | EBIT margin | Solvency | Staff |
|---|---|---|---|---|
| Agrer Ixelles | €7.1m | 14.2% | 29.8% | 14.2 |
| FIRST STOP EUROPE Zaventem | €8.0m | -26.2% | 77.6% | 13.3 |
| IBF International Consulting Brussels | €16.1m | 2.0% | 11.9% | 15.3 |
| MEDVET Antwerp | €7.7m | 49.0% | 34.8% | 12.9 |
| ICO Niel | €3.4m | 1.1% | 70.7% | 10.3 |
| PIPING LOGISTICS Aalst | €20.8m | 13.0% | 30.4% | 17 |
| Software A.G. Belgium Auderghem | €7.0m | 84.1% | 33.2% | 8.8 |
Grey: the largest companies of the sector (head offices and management consultancy (NACE 70)), without their names. Blue: the sector peers from the table.
These companies have the same main activity as Agrer: business and other management consultancy (NACE 70200). They are comparable in size and age: total assets between €9m and €20m, founded between 1977 and 1996.
Agrer has been active since 1959 and the Belgian Official Gazette contains no insolvency or warning signals. The 2025 annual accounts show equity of €3.8m and a net result of €820,192.
Equity has been stable since 2018 (±1.8% per year). Its solvency ranks better than 29% of 3,870 sector peers (NACE 70, financial year 2025).
The computed 12-month bankruptcy probability is below 0.1% (very low).
Sources: KBO register, filings at the National Bank, Belgian Official Gazette.
Higher than 29% of 3,870 companies in 2025.
Higher than 61% of 3,724 companies in 2025.
Higher than 65% of 3,846 companies in 2025.
Net result: top quarter · Equity: middle half · Balance sheet total: top quarter · Working capital: top quarter · Staff: top quarter
6.8 men and 7.4 women in full-time equivalents in 2025.
Men €114,439, women €69,760 per full-time equivalent. Jobs differ, so this is not a pay gap.
| Line | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 | 2013 | 2012 | 2011 | 2010 | 2009 | 2008 | 2007 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Balance sheet: assets | ||||||||||||||||||||
Total assets20/58 |
12.6m | 12.2m | 14.3m | 15.6m | 16.4m | 15.9m | 14.2m | 14.2m | 11.7m | 10.5m | 11.5m | 11.9m | 11.7m | 10.7m | 19.0m | 18.9m | 17.0m | 17.0m | 17.2m | |
Fixed assets21/28 |
44,355 | 29,838 | 28,765 | 159,935 | 249,555 | 312,658 | 162,940 | 167,993 | 160,421 | 70,733 | 125,596 | 182,720 | 343,756 | 200,243 | 2.1m | 2.1m | 2.0m | 1.9m | 1.9m | |
Tangible fixed assets22/27 |
44,355 | 29,838 | 28,765 | 159,935 | 249,555 | 312,658 | 156,133 | 161,186 | 153,614 | 63,926 | 118,789 | 175,913 | 336,949 | 193,436 | 209,539 | 243,500 | 85,306 | 35,861 | 53,273 | |
Plant, machinery and equipment23 |
- | - | - | - | - | - | 0 | - | 0 | - | 0 | 0 | 21,273 | - | 0 | - | - | - | - | |
Furniture and vehicles24 |
44,355 | 29,838 | 28,765 | 158,462 | 245,547 | 277,547 | 144,577 | 145,774 | 112,737 | 44,757 | 96,456 | 150,416 | 278,713 | 182,728 | 197,245 | 229,603 | 84,127 | 34,041 | 50,812 | |
Other tangible fixed assets26 |
- | - | - | 1,473 | 4,008 | 7,700 | 11,556 | 15,412 | 16,006 | 19,169 | 22,333 | 25,497 | 36,963 | 10,708 | 12,294 | 13,897 | 1,179 | 1,820 | 2,461 | |
Assets under construction and advance payments27 |
- | - | - | - | 0 | 27,411 | - | - | 24,871 | - | - | - | - | - | - | - | - | - | - | |
Financial fixed assets28 |
- | - | - | - | - | - | 6,807 | 6,807 | 6,807 | 6,807 | 6,807 | 6,807 | 6,807 | 6,807 | 1.9m | 1.9m | 1.9m | 1.9m | 1.9m | |
Affiliated companies280/1 |
- | - | - | - | - | - | - | - | - | - | - | - | - | - | 1.9m | 1.9m | 1.9m | 1.9m | 1.9m | |
Amounts receivable281 |
- | - | - | - | - | - | - | - | - | - | - | - | - | - | 1.9m | 1.9m | 1.9m | 1.9m | 1.9m | |
Other financial fixed assets284/8 |
- | - | - | - | - | - | 6,807 | 6,807 | 6,807 | 6,807 | 6,807 | 6,807 | 6,807 | 6,807 | 6,152 | 1,478 | 1,478 | 1,478 | 1,478 | |
Amounts receivable and cash guarantees285/8 |
- | - | - | - | - | - | 6,807 | 6,807 | 6,807 | 6,807 | 6,807 | 6,807 | 6,807 | 6,807 | 6,152 | 1,478 | 1,478 | 1,478 | 1,478 | |
Current assets29/58 |
12.6m | 12.2m | 14.3m | 15.4m | 16.1m | 15.6m | 14.0m | 14.1m | 11.5m | 10.4m | 11.4m | 11.8m | 11.4m | 10.5m | 17.0m | 16.8m | 15.0m | 15.1m | 15.3m | |
Amounts receivable after more than one year29 |
- | - | - | - | - | 994,423 | 994,423 | 994,423 | 994,423 | 994,423 | 994,423 | 239,227 | - | - | - | - | - | - | - | |
Other amounts receivable291 |
- | - | - | - | - | 994,423 | 994,423 | 994,423 | 994,423 | 994,423 | 994,423 | 239,227 | - | - | - | - | - | - | - | |
Stocks and contracts in progress3 |
34,322 | 217,366 | - | 124,299 | 31,948 | 66,493 | 40,745 | 110,343 | 262,127 | 157,819 | 2.9m | 2.9m | 3.2m | 2.8m | 1.7m | 1.8m | 1.6m | 1.7m | 1.6m | |
Contracts in progress37 |
34,322 | 217,366 | - | 124,299 | 31,948 | 66,493 | 40,745 | 110,343 | 262,127 | 157,819 | 2.9m | 2.9m | 3.2m | 2.8m | 1.7m | 1.8m | 1.6m | 1.7m | 1.6m | |
Amounts receivable within one year40/41 |
5.3m | 4.7m | 7.5m | 8.4m | 7.5m | 7.1m | 7.7m | 9.0m | 7.2m | 5.4m | 5.5m | 5.0m | 5.9m | 4.9m | 8.2m | 8.3m | 5.7m | 7.0m | 5.7m | |
Trade receivables40 |
4.2m | 3.8m | 6.4m | 7.6m | 6.9m | 6.8m | 6.9m | 8.4m | 7.0m | 5.3m | 5.2m | 4.5m | 5.6m | 4.0m | 7.3m | 7.3m | 5.0m | 6.4m | 5.3m | |
Other amounts receivable41 |
1.1m | 873,782 | 1.0m | 764,521 | 652,138 | 273,918 | 758,340 | 650,136 | 236,177 | 148,792 | 252,350 | 489,831 | 308,442 | 898,043 | 883,603 | 1.1m | 666,684 | 507,626 | 413,958 | |
Current investments50/53 |
5.8m | 5.2m | 5.2m | 139,741 | 139,741 | 61,707 | 61,707 | 61,707 | 186,930 | - | 141,328 | 78,000 | - | 800,000 | - | - | 5.8m | 5.0m | 3.5m | |
Own shares50 |
139,741 | 139,741 | 139,741 | 139,741 | 139,741 | 61,707 | 61,707 | 61,707 | 61,707 | - | - | - | - | - | - | - | - | - | - | |
Other investments51/53 |
5.6m | 5.0m | 5.0m | - | - | - | - | - | 125,223 | - | 141,328 | 78,000 | - | 800,000 | - | - | 5.8m | 5.0m | 3.5m | |
Cash at bank and in hand54/58 |
1.4m | 1.9m | 1.7m | 6.8m | 8.4m | 7.4m | 5.3m | 3.9m | 2.9m | 3.8m | 1.9m | 3.5m | 2.3m | 1.9m | 7.0m | 6.6m | 2.0m | 1.5m | 4.4m | |
Deferred charges and accrued income490/1 |
97,751 | 229,545 | 6,573 | - | 4,943 | 7,492 | 5,844 | 9,115 | - | 950 | 11,486 | 50,527 | 4,617 | 13,205 | 38,338 | 5,858 | 9,242 | 21,413 | 40,223 | |
| Balance sheet: equity and liabilities | ||||||||||||||||||||
Total equity and liabilities10/49 |
12.6m | 12.2m | 14.3m | 15.6m | 16.4m | 15.9m | 14.2m | 14.2m | 11.7m | 10.5m | 11.5m | 11.9m | 11.7m | 10.7m | 19.0m | 18.9m | 17.0m | 17.0m | 17.2m | |
Equity10/15 |
3.8m | 3.7m | 3.7m | 3.6m | 3.6m | 3.4m | 3.3m | 3.3m | 3.1m | 3.1m | 3.0m | 2.9m | 2.8m | 2.4m | 9.3m | 8.9m | 8.5m | 8.1m | 7.7m | |
Contributions10/11 |
966,456 | 966,456 | 966,456 | 966,456 | 966,455 | 966,455 | 966,455 | 966,456 | 966,456 | 966,456 | 966,456 | 966,456 | 966,456 | 966,456 | 831,633 | 831,633 | 831,633 | 831,633 | 831,633 | |
Capital10 |
966,456 | 966,456 | 966,456 | 966,456 | 966,455 | - | - | - | - | - | - | - | - | - | - | - | - | - | - | |
Issued capital100 |
966,456 | 966,456 | 966,456 | 966,456 | 966,455 | 966,455 | 966,455 | 966,456 | 966,456 | 966,456 | 966,456 | 966,456 | 966,456 | 966,456 | 831,633 | 831,633 | 831,633 | 831,633 | 831,633 | |
Reserves13 |
236,387 | 236,387 | 236,387 | 236,387 | 236,387 | 158,354 | 158,354 | 158,354 | 258,980 | 396,645 | 396,645 | 396,645 | 96,645 | 96,645 | 83,163 | 83,164 | 83,163 | 83,163 | 83,163 | |
Non-distributable reserves130/1 |
236,387 | 236,387 | 236,387 | 236,387 | 236,387 | 158,354 | 61,708 | 61,708 | 61,708 | - | - | - | - | - | - | - | - | - | - | |
Legal reserve130 |
96,646 | 96,646 | 96,646 | 96,646 | 96,646 | 96,646 | 96,646 | 96,646 | 96,645 | 96,645 | 96,645 | 96,645 | 96,645 | 96,645 | 83,163 | 83,164 | 83,163 | 83,163 | 83,163 | |
Own shares acquired1312 |
139,742 | 139,742 | 139,742 | 139,742 | 139,741 | - | 61,708 | 61,708 | 61,708 | - | - | - | - | - | - | - | - | - | - | |
Tax-exempt reserves132 |
- | - | - | - | - | - | - | - | 100,627 | 300,000 | 300,000 | 300,000 | - | - | - | - | - | - | - | |
Profit (loss) carried forward14 |
2.6m | 2.5m | 2.5m | 2.4m | 2.4m | 2.3m | 2.2m | 2.2m | 1.9m | 1.7m | 1.6m | 1.5m | 1.8m | 1.3m | 8.4m | 8.0m | 7.6m | 7.2m | 6.8m | |
Provisions and deferred taxes16 |
331,318 | 200,000 | 200,000 | 100,000 | - | 1.0m | 1.0m | 415,000 | 370,000 | 370,000 | 370,000 | 370,000 | 170,000 | - | - | - | - | 11,000 | - | |
Provisions for liabilities and charges160/5 |
331,318 | 200,000 | 200,000 | 100,000 | - | 1.0m | 1.0m | 415,000 | 370,000 | 370,000 | 370,000 | 370,000 | 170,000 | - | - | - | - | 11,000 | - | |
Other liabilities and charges164/5 |
331,318 | 200,000 | 200,000 | 100,000 | - | 1.0m | 1.0m | 415,000 | 370,000 | 370,000 | 370,000 | 370,000 | 170,000 | - | - | - | - | 11,000 | - | |
Amounts payable17/49 |
8.5m | 8.3m | 10.4m | 11.9m | 12.8m | 11.5m | 9.9m | 10.5m | 8.2m | 7.0m | 8.2m | 8.7m | 8.8m | 8.3m | 9.7m | 10.0m | 8.5m | 8.9m | 9.5m | |
Amounts payable after more than one year17 |
2.0m | 1.5m | 1.8m | 2.1m | 3.4m | 4.9m | 4.2m | 5.0m | 2.2m | 2.1m | 568,740 | 1.2m | - | - | - | - | - | - | - | |
Financial debts170/4 |
- | - | - | - | - | - | - | - | - | - | - | 239,227 | - | - | - | - | - | - | - | |
Other loans174 |
- | - | - | - | - | - | - | - | - | - | - | 239,227 | - | - | - | - | - | - | - | |
Advances received on contracts in progress176 |
2.0m | 1.5m | 1.8m | 2.1m | 3.4m | 4.9m | 4.2m | 5.0m | 2.2m | 2.1m | 568,740 | 1.0m | - | - | - | - | - | - | - | |
Amounts payable within one year42/48 |
6.5m | 6.7m | 8.6m | 9.8m | 9.5m | 6.7m | 5.7m | 5.4m | 6.0m | 4.9m | 7.6m | 7.5m | 8.8m | 8.3m | 9.0m | 9.5m | 7.8m | 7.1m | 6.6m | |
Financial debts43 |
6,162 | 41,193 | - | - | 31,423 | 18,155 | 8,711 | 88 | 205 | 90 | 473 | 358 | 370 | 155 | 13,521 | 10,277 | 7,042 | 5,889 | 6,973 | |
Credit institutions430/8 |
6,162 | 41,193 | - | - | 31,423 | 18,155 | 8,711 | 88 | 205 | 90 | 473 | 358 | 370 | 155 | 13,521 | 10,277 | 7,042 | 5,889 | 6,973 | |
Trade debts44 |
3.4m | 3.1m | 4.6m | 5.6m | 4.9m | 3.8m | 3.2m | 3.4m | 3.5m | 2.2m | 1.9m | 1.9m | 2.3m | 2.4m | 4.0m | 3.7m | 2.6m | 3.1m | 2.0m | |
Suppliers440/4 |
3.4m | 3.1m | 4.6m | 5.6m | 4.9m | 3.8m | 3.2m | 3.4m | 3.5m | 2.2m | 1.9m | 1.9m | 2.3m | 2.4m | 4.0m | 3.7m | 2.6m | 3.1m | 2.0m | |
Advances received on contracts in progress46 |
2.8m | 3.3m | 3.6m | 3.6m | 4.1m | 2.4m | 2.1m | 1.6m | 1.8m | 2.2m | 5.2m | 4.1m | 5.3m | 4.8m | 4.0m | 5.1m | 4.3m | 3.2m | 4.0m | |
Taxes, remuneration and social security45 |
354,939 | 347,176 | 375,523 | 534,768 | 452,179 | 410,950 | 348,128 | 410,882 | 359,950 | 427,926 | 398,184 | 721,566 | 778,797 | 592,603 | 313,540 | 301,509 | 423,035 | 303,084 | 302,104 | |
Taxes450/3 |
39,087 | 41,859 | 75,226 | 452,465 | 162,823 | 161,459 | 79,780 | 70,415 | 50,318 | 84,049 | 147,656 | 514,834 | 461,244 | 319,483 | 27,323 | 27,949 | 114,589 | 41,819 | 41,197 | |
Remuneration and social security454/9 |
315,853 | 305,318 | 300,296 | 82,304 | 289,356 | 249,491 | 268,348 | 340,467 | 309,632 | 343,877 | 250,528 | 206,732 | 317,553 | 273,120 | 286,217 | 273,560 | 308,446 | 261,265 | 260,907 | |
Other amounts payable47/48 |
- | - | - | - | - | - | 8,100 | - | 411,400 | 100,000 | 100,000 | 714,659 | 458,082 | 467,495 | 668,219 | 326,804 | 458,424 | 415,897 | 278,843 | |
Accrued charges and deferred income492/3 |
- | - | - | - | - | - | - | - | 1,658 | 335 | 5,565 | 3,037 | - | 3,033 | 713,791 | 453,557 | 694,529 | 1.9m | 2.9m | |
| Income statement | ||||||||||||||||||||
Operating income70/76A |
8.6m | 7.5m | 10.7m | 12.0m | 11.0m | 9.4m | 10.5m | 11.0m | 11.2m | 8.2m | 8.3m | 10.8m | 12.4m | 7.1m | 9.5m | 10.4m | 9.3m | 10.3m | 6.9m | |
Turnover70 |
7.1m | 7.0m | 10.8m | 11.9m | 10.4m | 10.0m | 9.4m | 11.0m | 10.1m | 9.5m | 8.2m | 10.7m | 11.4m | 6.6m | 9.2m | 9.5m | 8.8m | 10.1m | 7.0m | |
Change in stocks of work in progress, finished goods and contracts in progress71 |
639,609 | -47,980 | -659,445 | -287,492 | 255,696 | -951,124 | 634,897 | -533,615 | 744,876 | -1.5m | -57,048 | -269,591 | 370,133 | 152,059 | -119,453 | 215,822 | -88,056 | 20,588 | -430,645 | |
Other operating income74 |
914,477 | 544,241 | 538,550 | 436,716 | 413,965 | - | - | - | - | - | - | - | - | - | - | - | - | - | - | |
Non-recurring operating income76A |
- | - | - | - | - | - | 34,838 | 16,756 | 38,116 | - | 15,845 | 95,197 | 9,452 | 114 | 7,500 | 775 | 3,811 | 79,532 | 19,810 | |
Operating charges60/66A |
7.6m | 6.4m | 9.1m | 11.3m | 10.3m | 8.7m | 9.9m | 10.2m | 10.5m | 7.9m | 8.1m | 10.3m | 11.1m | 5.7m | 8.8m | 9.6m | 8.6m | 9.9m | 6.7m | |
Goods for resale, raw materials and consumables60 |
81,401 | 392,345 | 800,584 | 520,940 | 437,524 | 249,331 | 751,693 | 906,893 | 794,093 | 580,706 | 629,280 | 421,374 | 1.0m | 510,306 | 446,873 | 474,229 | 768,559 | 582,934 | 493,758 | |
Purchases600/8 |
81,401 | 392,345 | 800,584 | 520,940 | 437,524 | 249,331 | 751,693 | 906,893 | 794,093 | 580,706 | 629,280 | 421,374 | 1.0m | 510,306 | 446,873 | 474,229 | 768,559 | 582,934 | 493,758 | |
Services and other goods61 |
5.4m | 4.2m | 6.6m | 8.8m | 8.1m | 7.0m | 6.8m | 7.4m | 8.1m | 5.5m | 5.7m | 7.5m | 7.7m | 3.7m | 6.3m | 7.3m | 6.2m | 8.0m | 4.5m | |
Remuneration, social security and pensions62 |
1.3m | 1.3m | 1.4m | 1.3m | 1.4m | 1.2m | 1.7m | 1.7m | 1.5m | 1.7m | 1.6m | 1.9m | 2.1m | 1.4m | 1.8m | 1.8m | 1.7m | 1.5m | 1.6m | |
Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 |
17,143 | 18,373 | 37,359 | 170,643 | 160,001 | 161,271 | 104,967 | 80,516 | 68,809 | 62,193 | 76,049 | 156,806 | 111,665 | 119,347 | 111,952 | 56,780 | 38,640 | 22,464 | 33,467 | |
Write-downs on stocks, contracts in progress and trade receivables: additions (reversals)631/4 |
103,595 | - | 25,000 | 167,453 | - | - | - | - | - | - | - | -54,160 | -39,239 | -52,193 | 108,000 | - | -35,864 | -144,080 | 99,766 | |
Provisions for liabilities and charges: additions (uses and reversals)635/8 |
131,318 | - | - | 100,000 | -12,000 | 12,000 | 585,000 | 45,000 | - | - | - | 200,000 | 170,000 | -70,000 | - | - | -11,000 | 11,000 | - | |
Other operating charges640/8 |
623,357 | 526,078 | 211,470 | 143,452 | 131,344 | 6,578 | - | 4,755 | 4,346 | 56,969 | 29,552 | 99,859 | 31,083 | 41,024 | 13,425 | 5,201 | 7,025 | 14,101 | 4,188 | |
Non-recurring operating charges66A |
- | 3,268 | 4,041 | 2,671 | 38,449 | - | 0 | 13,151 | 75 | 2,052 | 2,363 | 55,499 | 500 | 5,233 | 2,818 | - | 163 | 1,801 | 5,762 | |
Operating profit (loss)9901 |
1.0m | 1.1m | 1.6m | 781,505 | 762,329 | 734,781 | 544,298 | 797,363 | 715,689 | 357,817 | 208,995 | 576,864 | 1.3m | 1.4m | 712,515 | 892,432 | 687,439 | 388,536 | 230,210 | |
Financial income75/76B |
99,819 | 163,295 | 76,363 | 200,943 | 111,455 | 29,943 | 73,493 | 93,892 | 21,302 | 61,635 | 198,204 | 472,939 | 113,795 | 96,777 | 110,221 | 115,951 | 325,344 | 348,979 | 207,987 | |
Recurring financial income75 |
99,819 | 163,295 | 76,363 | 200,943 | 111,455 | 29,943 | 73,493 | 93,892 | 21,302 | 61,635 | 198,204 | 472,939 | 113,795 | 96,777 | 110,221 | 115,951 | 325,344 | 348,979 | 207,987 | |
Income from financial fixed assets750 |
- | - | - | - | - | - | - | - | - | - | - | - | - | - | - | 68,937 | - | - | - | |
Income from current assets751 |
96,222 | 116,060 | 44,835 | 5,629 | 1,062 | 5,417 | 17,455 | 7,573 | 3,186 | 9,715 | 6,266 | 5,594 | 17,553 | 7,338 | 75,738 | 41,826 | 290,616 | 344,256 | 205,726 | |
Other financial income752/9 |
3,597 | 47,235 | 31,528 | 195,314 | 110,393 | 24,526 | 56,038 | 86,319 | 18,116 | 51,920 | 191,938 | 467,345 | 96,242 | 89,439 | 34,483 | 5,188 | 34,728 | 4,723 | 2,261 | |
Financial charges65/66B |
101,556 | 47,824 | 207,249 | 94,961 | 91,479 | 197,654 | 158,020 | 167,978 | 201,912 | 67,797 | 141,867 | 163,134 | 142,117 | 68,655 | 68,720 | 266,851 | 76,750 | 89,990 | 63,967 | |
Recurring financial charges65 |
101,556 | 47,824 | 207,249 | 94,961 | 91,479 | 197,654 | 158,020 | 167,978 | 201,912 | 67,797 | 141,867 | 163,134 | 142,117 | 68,655 | 68,720 | 266,851 | 76,750 | 89,990 | 63,967 | |
Debt charges650 |
- | - | - | 108 | 351 | - | 29 | - | 207 | 806 | 3,466 | 1,265 | 89 | 26,304 | 1,216 | 5 | 2,486 | 58 | 263 | |
Write-downs on current assets other than stocks, contracts in progress and trade receivables: additions (reversals)651 |
- | - | - | - | - | - | - | - | - | -5,599 | 48,000 | 42,000 | - | - | - | - | - | - | - | |
Other financial charges652/9 |
101,556 | 47,824 | 207,249 | 94,853 | 91,128 | 197,654 | 157,991 | 167,978 | 201,705 | 72,590 | 90,401 | 119,869 | 142,028 | 42,351 | 67,504 | 266,846 | 74,264 | 89,932 | 63,704 | |
Profit (loss) for the period before taxes9903 |
999,095 | 1.2m | 1.4m | 887,487 | 782,305 | 567,070 | 459,771 | 723,277 | 535,079 | 351,655 | 278,814 | 926,367 | 1.3m | 1.4m | 758,698 | 742,307 | 939,681 | 725,256 | 388,278 | |
Income taxes67/77 |
178,903 | 370,823 | 459,723 | 428,593 | 185,221 | 122,326 | 202,333 | 81,853 | 120,180 | 131,318 | 68,191 | 282,185 | 368,194 | 278,934 | 7,661 | 9,799 | 81,070 | 36,287 | 70,955 | |
Taxes670/3 |
246,133 | 370,823 | 459,723 | 428,593 | 1.2m | 122,326 | 202,333 | 105,432 | 120,442 | 136,841 | 68,191 | 282,185 | 368,194 | 325,235 | 7,661 | 43,735 | 123,143 | 36,287 | 70,955 | |
Tax adjustments and reversals of tax provisions77 |
67,229 | - | - | - | 1.0m | - | - | 23,579 | 262 | 5,523 | - | - | - | 46,301 | - | 33,936 | 42,073 | - | - | |
Profit (loss) for the period9904 |
820,192 | 823,669 | 972,250 | 458,894 | 597,084 | 444,744 | 257,438 | 641,424 | 414,899 | 220,337 | 210,623 | 644,182 | 913,590 | 1.2m | 751,037 | 732,508 | 858,611 | 688,969 | 317,323 | |
Transfer from tax-exempt reserves789 |
- | - | - | - | - | - | 0 | 100,627 | 199,373 | - | - | - | - | - | - | - | - | - | - | |
Transfer to tax-exempt reserves689 |
- | - | - | - | - | - | - | - | 0 | - | - | 300,000 | - | - | - | - | - | - | - | |
Profit (loss) for the period to be appropriated9905 |
820,192 | 823,669 | 972,250 | 458,894 | 597,084 | 444,744 | 257,438 | 742,051 | 614,272 | 220,337 | 210,623 | 344,182 | 913,590 | 1.2m | 751,037 | 732,508 | 858,611 | 688,969 | 317,323 | |
| Appropriation of the result | ||||||||||||||||||||
Profit (loss) to be appropriated9906 |
3.4m | 3.3m | 3.4m | 2.8m | 2.9m | 2.7m | 2.5m | 2.6m | 2.3m | 1.8m | 1.7m | 2.1m | 2.2m | 3.8m | 8.7m | 8.3m | 8.0m | 7.5m | 7.0m | |
Profit (loss) brought forward from the previous period14P |
2.5m | 2.5m | 2.4m | 2.4m | 2.3m | - | - | - | - | - | - | - | - | - | - | - | - | - | - | |
Withdrawal from contributions791 |
- | - | - | - | - | - | - | - | 0 | - | - | - | - | - | - | - | - | - | - | |
From reserves792 |
- | - | - | - | - | - | - | - | 0 | - | - | - | - | - | - | - | - | - | - | |
Transfer to equity691/2 |
- | - | - | - | 78,034 | - | - | - | 61,708 | - | - | - | - | 13,482 | - | - | - | - | - | |
To the legal reserve6920 |
- | - | - | - | - | - | - | - | - | - | - | - | - | 13,482 | - | - | - | - | - | |
To other reserves6921 |
- | - | - | - | 78,034 | - | - | - | 61,708 | - | - | - | - | - | - | - | - | - | - | |
Profit to be distributed694/7 |
804,800 | 804,800 | 885,280 | 402,400 | 402,400 | 390,830 | 246,840 | 411,400 | 411,400 | 100,000 | 100,000 | 600,000 | 456,800 | 2.5m | 341,414 | 334,038 | 422,857 | 326,365 | 174,725 | |
Return on contributions (dividend)694 |
804,800 | 804,800 | 885,280 | 402,400 | 402,400 | 390,830 | 246,840 | 411,400 | 411,400 | 100,000 | 100,000 | 600,000 | 456,800 | 2.5m | 341,414 | 334,038 | 422,857 | 326,365 | 174,725 | |
| Social balance sheet | ||||||||||||||||||||
Average staff (FTE)9087 |
14.2 | 12.8 | 14.1 | 20.1 | 18.6 | 19.5 | 26.1 | 26.3 | 21.3 | 20.5 | 21.4 | 23.8 | 26.6 | 24.9 | 23.8 | 24.4 | 23.8 | 22.8 | 24.5 | |
Men (FTE)1003 |
6.8 | 6.5 | 9.4 | 12.3 | 10.9 | 9.6 | 11.9 | 10.1 | 9.3 | 9.8 | 9.2 | 9.5 | 10.5 | 12.2 | - | - | - | - | - | |
Women (FTE)1003 |
7.4 | 6.3 | 4.7 | 7.8 | 7.7 | 9.9 | 14.2 | 16.2 | 12 | 10.7 | 12.2 | 14.3 | 16.1 | 12.7 | - | - | - | - | - | |
Agency workers1501 |
- | 0.3 | 0.8 | 0.1 | 1 | 1 | - | - | 1 | - | - | - | - | 1 | 1 | 0 | - | 0 | 0 | |
Hours worked1013 |
22,640 | 19,943 | 22,142 | 29,765 | 29,424 | 25,243 | 37,457 | 37,700 | 31,411 | 32,950 | 33,527 | 36,709 | 38,953 | 29,527 | 39,138 | 40,185 | 40,325 | 37,271 | 40,836 | |
| Document | ||||||||||||||||||||
The accounts for 27 older financial years (1977-2006) were filed as documents without figures as data, scans for example.
The notes to these accounts have 38 items, including the statement of assets and debts, the cost breakdown and rights and commitments. You find them in the filed accounts (PDF).
Source: Annual accounts 2025 (PDF), filed on 09-04-2026.
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-12-2025 | full format | 09-04-2026 | 2026-00077007 | |
| 31-12-2024 | full format | 07-04-2025 | 2025-00065836 | |
| 31-12-2023 | full format | 10-04-2024 | 2024-00061553 | |
| 31-12-2022 | full format | 20-04-2023 | 2023-00062125 | |
| 31-12-2021 | full format | 11-05-2022 | 2022-20026615 | |
| 31-12-2020 | full format | 27-04-2021 | 2021-11700286 | |
| 31-12-2019 | full format | 31-07-2020 | 2020-37300585 | |
| 31-12-2018 | full format | 06-08-2019 | 2019-45200263 | |
| 31-12-2017 | full format | 01-06-2018 | 2018-15200331 | |
| 31-12-2016 | full format | 11-05-2017 | 2017-11800496 | |
| 31-12-2015 | full format | 29-04-2016 | 2016-11100306 | |
| 31-12-2014 | full format | 06-05-2015 | 2015-11600055 | |
| 31-12-2013 | full format | 15-05-2014 | 2014-12600124 | |
| 31-12-2012 | full format | 26-04-2013 | 2013-10100206 | |
| 31-03-2012 | full format | 29-08-2012 | 2012-51800553 | |
| 31-03-2011 | full format | 19-07-2011 | 2011-31400510 | |
| 31-03-2010 | full format | 26-08-2010 | 2010-48200356 | |
| 31-03-2009 | full format | 28-07-2009 | 2009-49800359 | |
| 31-03-2008 | full format | 29-07-2008 | 2008-51200192 | |
| 31-03-2007 | full format | 26-07-2007 | 2007-49200130 | |
| 31-03-2006 | full format | 31-07-2006 | 2006-58003132 | |
| 31-03-2005 | full format | 27-07-2005 | 2005-59402228 | |
| 31-03-2004 | full format | 03-08-2004 | 2004-57800798 | |
| 31-12-2002 | full format | 12-05-2003 | 2003-13702440 | |
| 31-12-2001 | full format | 06-05-2002 | 2002-11502837 | |
| 31-12-2000 | full format | 02-05-2001 | 2001-11203106 | |
| 31-12-1999 | full format | 04-05-2000 | 2000-11604384 | |
| 31-12-1998 | full format | 17-05-1999 | 1999-10101636 | |
| 31-12-1997 | full format | 11-05-1998 | 1998-09000807 | |
| 31-03-1997 | full format | 04-08-1997 | 1997-36003556 | |
| 31-03-1996 | full format | 05-08-1996 | 1996-39200725 | |
| 31-03-1995 | full format | 07-08-1995 | 1995-44702974 | |
| 31-03-1994 | full format | 31-08-1994 | 1994-37802529 | |
| 31-12-1992 | full format | 08-04-1993 | 1993-29900259 | |
| 31-12-1991 | full format | 30-04-1992 | 1992-04900832 | |
| 31-03-1991 | full format | 06-11-1991 | 1991-29904010 | |
| 31-03-1990 | full format | 14-08-1990 | 1990-21504648 | |
| 31-03-1989 | full format | 03-08-1989 | 1989-19405246 | |
| 31-03-1988 | full format | 09-08-1988 | 1988-18401764 | |
| 31-12-1986 | full format | 04-06-1987 | 1987-08504335 | |
| 31-12-1985 | full format | 02-06-1986 | 1986-10200968 | |
| 31-12-1984 | full format | 04-06-1985 | 1985-07802218 | |
| 31-12-1983 | unclassified schema | 27-06-1984 | 1984-07700990 | |
| 31-12-1982 | unclassified schema | 04-07-1983 | 1983-08201286 | |
| 31-12-1981 | unclassified schema | 23-06-1982 | 1982-06402289 | |
| 31-12-1980 | unclassified schema | 23-06-1982 | 1982-06402276 | |
| 31-12-1979 | unclassified schema | 14-08-1980 | 1980-10400886 | |
| 31-12-1978 | unclassified schema | 15-06-1979 | 1979-05500943 | |
| 31-12-1977 | unclassified schema | 12-05-1978 | 1978-00500321 |
| Year | Entries | Awarded |
|---|---|---|
| 2024 | 12 | €0.06m |
| 2023 | 35 | €7.5m |
| 2022 | 30 | €0 |
| 2021 | 25 | €0 |
| Line | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 | 2013 | 2012 | 2011 | 2010 | 2009 | 2008 | 2007 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| EBITDA | 1.0m | 1.1m | 1.6m | 952,148 | 922,330 | 896,052 | 649,265 | 877,879 | 784,498 | 420,010 | 285,044 | 733,670 | 1.4m | 1.5m | 824,467 | 949,212 | 726,079 | 411,000 | 263,677 | |
| Cash flow | 837,335 | 842,042 | 1.0m | 629,537 | 757,085 | 606,015 | 362,405 | 721,940 | 483,708 | 282,530 | 286,672 | 800,988 | 1.0m | 1.3m | 862,989 | 789,288 | 897,251 | 711,433 | 350,790 | |
| Investment in fixed assets | 31,660 | 21,116 | 20,867 | 826 | 133,109 | 317,796 | 99,914 | 88,088 | 158,890 | 9,521 | 40,541 | 124,437 | 255,719 | 99,751 | 77,991 | 214,974 | 88,248 | 7,744 | 35,608 | |
| Change in cash | -475,582 | 205,627 | -5.1m | -1.7m | 1.1m | 2.1m | 1.4m | 963,703 | -915,502 | 1.9m | -1.6m | 1.2m | 356,343 | -5.1m | 398,856 | 4.7m | 475,831 | -2.9m | - | |
| Working capital | 6.0m | 5.5m | 5.7m | 5.7m | 6.7m | 9.0m | 8.4m | 8.6m | 5.5m | 5.5m | 3.8m | 4.3m | 2.6m | 2.2m | 7.9m | 7.2m | 7.2m | 8.1m | 8.7m | |
| EBIT margin | 14.2% | 15.4% | 14.5% | 6.6% | 7.3% | 7.3% | 5.8% | 7.2% | 7.1% | 3.8% | 2.5% | 5.4% | 11.4% | 21.6% | 7.8% | 9.4% | 7.8% | 3.8% | 3.3% | |
| Solvency | 29.8% | 30.6% | 26.0% | 23.3% | 21.8% | 21.3% | 23.5% | 23.4% | 26.4% | 29.5% | 25.8% | 23.9% | 24.0% | 22.1% | 48.9% | 47.2% | 50.1% | 47.4% | 44.7% | |
| Current ratio | 1.92 | 1.81 | 1.67 | 1.58 | 1.71 | 2.35 | 2.47 | 2.59 | 1.92 | 2.12 | 1.50 | 1.58 | 1.30 | 1.26 | 1.88 | 1.76 | 1.93 | 2.14 | 2.31 | |
| Quick ratio | 1.91 | 1.78 | 1.67 | 1.57 | 1.71 | 2.34 | 2.47 | 2.57 | 1.88 | 2.08 | 1.12 | 1.18 | 0.94 | 0.92 | 1.70 | 1.57 | 1.73 | 1.91 | 2.07 | |
| Debt to equity | 2.26 | 2.21 | 2.80 | 3.26 | 3.58 | 3.41 | 2.96 | 3.15 | 2.66 | 2.26 | 2.75 | 3.05 | 3.11 | 3.52 | 1.04 | 1.12 | 1.00 | 1.11 | 1.23 | |
| ROE | 21.8% | 22.0% | 26.1% | 12.6% | 16.7% | 13.1% | 7.7% | 19.3% | 13.4% | 7.1% | 7.1% | 22.5% | 32.5% | 49.6% | 8.1% | 8.2% | 10.1% | 8.5% | 4.1% | |
| ROA | 6.5% | 6.7% | 6.8% | 2.9% | 3.6% | 2.8% | 1.8% | 4.5% | 3.5% | 2.1% | 1.8% | 5.4% | 7.8% | 11.0% | 3.9% | 3.9% | 5.1% | 4.0% | 1.8% | |
| Interest coverage | 10.02 | 22.95 | 7.72 | over 100 | over 100 | - | over 100 | - | over 100 | over 100 | 82.24 | over 100 | over 100 | 58.70 | over 100 | over 100 | over 100 | over 100 | over 100 | |
| Customer credit | 215 days | 200 days | 218 days | 234 days | 242 days | 249 days | 269 days | 277 days | 252 days | 202 days | 230 days | 153 days | 179 days | 221 days | 292 days | 279 days | 208 days | 232 days | 277 days | |
| Supplier credit | 228 days | 243 days | 226 days | 221 days | 209 days | 193 days | 156 days | 149 days | 142 days | 132 days | 111 days | 87 days | 95 days | 205 days | 215 days | 176 days | 139 days | 134 days | 145 days |
A Belgian filing has no cash-flow statement. Cash flow is therefore an approximation, derived from the income statement. Investment is the acquisitions in the notes and, without them, the balance-sheet move.
| Item | 31-12-2025 | 31-12-2024 | 31-12-2023 | 31-12-2022 | 31-12-2021 |
|---|---|---|---|---|---|
| Employees at the balance-sheet date | 15 | 14 | 12 | 18 | 18 |
| full-time | 15 | 14 | 11 | 17 | 18 |
| part-time | - | - | 1 | 1 | 0 |
| in full-time equivalents | 15 | 14 | 11.8 | 17.5 | 18 |
| Average over the year, in full-time equivalents | 14.2 | 12.8 | 14.1 | 20.1 | 18.6 |
| On a permanent contract | 14 | 13 | 11 | 17 | 16 |
| Joined | 3 | 5 | 2 | 8 | 7 |
| Left | 2 | 3 | 8 | 8 | 6 |
| Agency workers, average number | - | 0.3 | 0.8 | 0.1 | 1 |
Source: social balance sheet in the 2021 to 2025 annual accounts
| Item | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|
| Debts secured on the company's own assets | - | - | - | €3.0m | €4.9m |
Source: notes to the 2021 to 2025 annual accounts (statement of debts and off-balance-sheet rights and commitments)
| Item | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|
| Tangible fixed assets | €31,660 | €21,116 | €20,867 | €826 | €133,109 |
| Depreciation and write-downs of the year | €17,143 | €18,373 | €37,359 | €170,643 | €160,001 |
Source: notes to the 2021 to 2025 annual accounts (statement of fixed assets)
The auditor is RENAUD DE BORMAN, REVISEUR D'ENTREPRISES-BEDRIJFSREVISOR.
| Item | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|
| Fee for the audit | €17,371 | €15,300 | €15,300 | €14,419 | €12,524 |
| Other work by the auditor | €14,000 | €29,300 | €5,000 | €4,000 | €12,800 |
| Work by persons linked to the auditor | - | - | €39,500 | €22,250 | €51,600 |
Source: notes to the 2021 to 2025 annual accounts (relations with the auditor)
Source: TED (Tenders Electronic Daily), Publications Office of the European Union. The values are as the buyer published them. For a framework agreement, the value is a ceiling.
The operating result for 2025 is 7% lower than in 2024 and the lowest since 2022. It is the second fall in a row.
Debt's share of the balance-sheet total falls from 67.7% to 67.5%. Equity and debt are higher.
Deed of 28-04-2026Appointments: CDP Petit & Co srl (statutory auditor) and SRL RdB (statutory auditor)General meeting of 07-04-2026
Source: parent in its own accounts
| KEYROCK
establishment since 11-12-2017 · founded in 2017 · accounts filed late |
turnover €46.0m (2025) 0685.795.245 |
| PHG ASSET MANAGEMENT
registered office since 05-07-2004 · founded in 2004 · negative equity (2025) |
total assets €38.2m (2025) 0866.158.926 |
| MACAN DEVELOPMENT
registered office since 21-12-2012 · founded in 2013 |
turnover €4.8m (2025) 0508.869.423 |
| MACAN.GROUP
registered office since 29-06-1999 · founded in 1999 · group PHG ASSET MANAGEMENT |
4.2 FTE (2025) 0466.381.344 |
| Société de Transactions Immobilières et de Constructions
registered office since 05-04-1952 · founded in 1952 |
turnover €2.3m (2025) 0403.330.057 |
| FAIR ESTATE INVEST
registered office since 19-11-1992 · founded in 1989 |
total assets €21.9m (2025) 0437.562.644 |
| L375
registered office since 16-11-2021 · founded in 2021 · negative equity (2025) |
turnover €425,257 (2025) 0777.392.840 |
| SI INVEST
registered office since 08-01-2004 · founded in 2004 |
7 FTE (2025) 0862.540.925 |
| SOUTH MED INVESTMENTS LIMITED
establishment since 27-06-2000 · founded in 2000 · group CAPARBEL |
total assets €13.1m (2025) 0471.991.904 |
| SMARTFLATS
registered office since 16-10-2012 · founded in 2012 |
23 FTE (2024) 0849.650.615 |
The network starts from the directors of Agrer. Every other company they run is a node.
Deadline for the 2026 accounts: 31-07-2027
Financial milestones sit on the financial year-end date, not the filing date.
Sources: Publications in the Belgian Official GazetteFilings with the National Bank
| Establishment | Since | Unit number |
|---|---|---|
| Louizalaan 251 registered office 1050 Ixelles 2110001 Manufacture of basic pharmaceutical products and pharmaceutical preparations | 01-05-1959 | 2.005.494.202 |
| Cadastral parcel | Area | Buildings | Height / floors |
|---|---|---|---|
| 21807G0135/00T003 | 1,574 m² | 1 · 1,579 m² | 46.6 m · 13 |
If something looks wrong or is missing, please tell us.