ARTICLE OSED (0471.826.608), Inactive: annual accounts and directors

ARTICLE OSED

KBO/BCE: BE 0471.826.608

Line	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015	2014	2013	2012	2011	2010	2009	2008	2007	2006
Balance sheet: assets
Total assets`20/58`	446,761	903,040	918,446	969,387	929,678	912,411	912,767	895,403	872,023	865,001	816,326	549,808	502,393	537,696	592,369	618,865	569,129	636,269	578,500	494,477
Fixed assets`21/28`	-	178,995	193,695	203,291	198,056	206,821	221,244	234,334	250,084	265,142	280,964	65,026	79,574	60,571	105,381	121,990	173,996	202,216	216,832	235,234
Intangible fixed assets`21`	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	323	645	-	-	-
Tangible fixed assets`22/27`	-	170,122	184,822	194,418	189,183	197,948	212,371	225,460	244,811	259,869	275,691	59,753	74,301	53,747	98,557	115,183	166,866	195,731	210,347	228,749
Land and buildings`22`	-	169,090	181,756	188,333	181,694	187,456	195,663	208,102	220,542	226,411	235,189	-	2,664	27,458	57,432	87,406	117,380	125,373	133,367	121,360
Plant, machinery and equipment`23`	-	483	1,512	3,006	1,809	-	-	0	165	950	1,864	3,046	3,715	5,244	6,003	935	1,877	38,792	47,648	56,503
Furniture and vehicles`24`	-	549	1,554	3,080	5,680	10,492	16,707	17,358	24,104	22,611	17,594	21,885	22,078	12,315	16,846	4,991	16,807	31,565	29,333	50,886
Other tangible fixed assets`26`	-	-	-	-	-	-	-	-	-	51	1,326	5,232	6,381	8,730	18,275	21,851	30,802	-	-	-
Financial fixed assets`28`	0	8,873	8,873	8,873	8,873	8,873	8,873	8,873	5,273	5,273	5,273	5,273	5,273	6,825	6,825	6,485	6,485	6,485	6,485	6,485
Current assets`29/58`	446,761	724,045	724,751	766,096	731,621	705,590	691,523	661,069	621,938	599,859	535,362	484,782	422,820	477,125	486,988	496,875	395,133	434,053	361,669	259,243
Amounts receivable after more than one year`29`	-	373,000	373,000	443,000	443,000	443,000	443,000	443,000	443,000	443,000	335,000	335,000	335,000	335,000	335,000	335,000	-	-	-	-
Other amounts receivable`291`	-	373,000	373,000	443,000	443,000	443,000	443,000	443,000	443,000	443,000	335,000	335,000	335,000	335,000	335,000	335,000	-	-	-	-
Amounts receivable within one year`40/41`	309,000	8,060	10,515	11,038	25,058	3,064	36,920	37,222	36,812	45,448	108,334	88,565	56,757	82,700	85,513	75,229	359,601	409,679	354,070	258,483
Trade receivables`40`	-	-	-	1,561	1,898	3,064	1,022	741	741	477	-	2,159	59	8,088	9,331	6,820	4,500	27,124	35,439	3,667
Other amounts receivable`41`	309,000	8,060	10,515	9,477	23,160	-	35,898	36,481	36,071	44,971	108,334	86,407	56,698	74,612	76,182	68,409	355,101	382,555	318,631	254,816
Current investments`50/53`	-	29,825	29,825	29,825	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Cash at bank and in hand`54/58`	137,761	44,081	40,014	23,866	37,297	47,032	6,988	6,000	3,505	7,658	7,061	6,139	3,000	6,000	5,822	6,000	35,232	23,998	7,099	260
Deferred charges and accrued income`490/1`	-	269,079	271,398	258,367	226,266	212,494	204,615	174,847	138,622	103,753	84,966	55,077	28,063	53,424	60,653	80,646	300	377	500	500
Balance sheet: equity and liabilities
Total equity and liabilities`10/49`	446,761	903,040	918,446	969,387	929,678	912,411	912,767	895,403	872,023	865,001	816,326	549,808	502,393	537,696	592,369	618,865	569,129	636,269	578,500	494,477
Equity`10/15`	443,516	316,549	356,646	331,270	292,384	264,985	260,629	216,948	143,799	108,598	48,076	9,148	-57,324	-78,984	-110,738	60,355	112,055	60,197	8,747	4,178
Contributions`10/11`	12,392	12,392	12,392	12,392	12,392	12,392	12,392	12,392	12,392	12,392	12,392	12,392	12,392	12,392	12,392	6,197	6,197	6,197	6,197	6,197
Issued capital`100`	-	-	-	-	-	-	18,592	18,592	18,592	18,592	18,592	18,592	18,592	18,592	18,592	18,592	18,592	18,592	18,592	18,592
Uncalled capital`101`	-	-	-	-	-	-	6,200	6,200	6,200	6,200	6,200	6,200	6,200	6,200	6,200	12,395	12,395	12,395	12,395	12,395
Contributions outside capital`11`	-	-	-	-	-	12,392	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Share premium`1100/10`	-	-	-	-	-	12,392	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Reserves`13`	344,253	344,253	344,253	318,878	279,992	252,593	248,237	204,556	131,407	1,860	1,860	1,860	1,860	1,860	1,860	1,860	1,860	1,860	1,860	-
Non-distributable reserves`130/1`	1,860	1,860	1,860	1,860	1,860	1,860	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Legal reserve`130`	-	-	-	-	-	-	1,860	1,860	1,860	1,860	1,860	1,860	1,860	1,860	1,860	1,860	1,860	1,860	1,860	-
Reserves not available under the articles`1311`	1,860	1,860	1,860	1,860	1,860	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Other`1319`	-	-	-	-	-	1,860	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Distributable reserves`133`	342,393	342,393	342,393	317,018	278,132	250,733	246,377	202,696	129,547	-	-	-	-	-	-	-	-	-	-	-
Profit (loss) carried forward`14`	86,871	-40,097	-	-	-	-	-	-	-	94,346	33,824	-5,104	-71,576	-93,237	-124,990	52,298	103,997	52,140	689	-2,019
Provisions and deferred taxes`16`	3,245	426,952	426,952	426,952	426,952	426,952	426,952	426,952	426,952	426,952	426,952	426,952	426,952	426,952	426,952	254,984	187,757	187,757	187,757	187,757
Provisions for liabilities and charges`160/5`	3,245	426,952	426,952	426,952	426,952	426,952	426,952	426,952	426,952	426,952	426,952	426,952	426,952	426,952	426,952	254,984	187,757	187,757	187,757	187,757
Pensions and similar obligations`160`	-	426,952	426,952	426,952	426,952	426,952	426,952	426,952	426,952	426,952	-	-	-	-	-	-	-	-	-	-
Major repairs and maintenance`162`	3,245	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Amounts payable`17/49`	-	159,539	134,849	211,165	210,342	220,474	225,186	251,503	301,272	329,452	341,299	113,708	132,766	189,729	276,156	303,526	269,317	388,315	381,997	302,542
Amounts payable after more than one year`17`	-	48,008	76,852	89,872	102,486	114,707	126,547	142,776	185,217	191,782	239,037	51,685	73,971	95,004	116,590	166,875	173,939	205,581	209,710	194,832
Financial debts`170/4`	-	48,008	76,852	89,872	102,486	114,707	126,547	142,776	185,217	191,782	239,037	51,685	73,971	95,004	116,590	166,875	173,939	205,581	209,710	194,832
Amounts payable within one year`42/48`	-	111,532	57,998	109,628	106,797	100,764	98,638	108,727	109,640	134,367	99,547	56,283	56,758	94,725	159,566	136,384	95,378	182,734	172,287	106,717
Current portion of amounts payable after more than one year`42`	-	10,174	23,104	18,667	18,838	21,824	21,178	30,433	58,611	63,188	48,635	23,137	21,880	57,294	52,452	49,718	41,993	28,241	22,712	38,865
Financial debts`43`	-	-	-	-	1,571	-	5,299	35,281	18,661	19,241	20,974	18,607	1,810	19,832	19,046	19,741	5,844	19,185	32,295	8,104
Credit institutions`430/8`	-	-	-	-	1,571	-	5,299	35,281	18,661	19,241	20,974	18,607	1,810	19,832	19,046	19,741	5,844	19,185	32,295	8,104
Trade debts`44`	-	25,744	14,173	5,592	12,113	10,028	35,385	8,910	12,732	3,952	3,706	10,066	21,179	4,690	21,708	10,268	6,051	4,645	1,308	19,524
Suppliers`440/4`	-	25,744	14,173	5,592	12,113	10,028	35,385	8,910	12,732	3,952	3,706	10,066	21,179	4,690	21,708	10,268	6,051	4,645	1,308	19,524
Taxes, remuneration and social security`45`	-	-	5,289	5,289	1,401	5,759	34,576	31,902	17,436	45,786	24,033	4,474	11,889	12,909	66,360	26,657	41,489	76,663	61,972	40,223
Taxes`450/3`	-	-	5,289	5,289	1,401	5,759	34,576	31,632	17,166	45,516	23,763	2,562	7,037	6,552	56,405	18,507	33,728	68,438	56,512	36,289
Remuneration and social security`454/9`	-	-	-	-	-	-	-	270	270	270	270	1,912	4,853	6,357	9,955	8,151	7,761	8,225	5,460	3,934
Other amounts payable`47/48`	-	75,613	15,433	80,080	72,874	63,153	2,200	2,200	2,200	2,200	2,200	-	-	-	-	30,000	-	54,000	54,000	-
Accrued charges and deferred income`492/3`	-	-	-	11,665	1,059	5,003	-	-	6,416	3,303	2,715	5,740	2,037	-	-	267	-	-	-	994
Income statement
Non-recurring operating income`76A`	-	-	-	-	1,597	-	1,453	920	-	1,817	1,522	1,392	29,407	11,936	239	1,313	-	-	-	-
Gross operating margin`9900`	191,228	-19,838	51,106	66,701	49,933	21,239	102,998	149,855	137,003	159,962	159,868	139,239	74,050	133,107	102,309	164,460	162,089	147,833	157,946	164,270
Remuneration, social security and pensions`62`	-	-	-	-	-	8,485	37,305	36,728	36,280	35,604	35,798	39,279	35,677	38,285	41,928	39,731	40,679	36,431	22,628	67,416
Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets`630`	-	14,700	15,146	15,677	13,951	17,894	20,860	19,351	29,868	29,618	63,923	23,191	22,004	47,545	47,562	45,591	28,160	35,311	34,701	39,527
Provisions for liabilities and charges: additions (uses and reversals)`635/8`	3,245	-	-	-	-	-	-	-	-	-	-	-	-	-	171,968	67,227	-	-	-	27,812
Other operating charges`640/8`	3,851	12,354	4,670	4,779	4,484	7,922	1,734	4,185	20,581	14,392	9,190	11,900	4,195	9,933	3,795	6,546	6,676	6,524	8,899	8,376
Non-recurring operating charges`66A`	37,566	-	4,231	-	-	-	-	-	-	-	-	927	8,088	-	-	386	-	-	500	-
Operating profit (loss)`9901`	146,565	-46,892	27,059	46,245	31,497	-13,062	43,099	89,591	50,275	80,348	50,956	64,869	12,175	37,345	-162,943	5,365	86,573	69,566	91,718	21,139
Financial income`75/76B`	15,170	11,541	12,826	13,712	13,733	27,179	27,179	27,218	27,179	27,279	23,953	23,953	-	573	615	643	31,715	35,869	27,306	18,816
Recurring financial income`75`	15,170	11,541	12,826	13,712	13,733	27,179	27,179	27,218	27,179	27,279	23,953	23,953	-	573	615	643	31,715	35,869	27,306	18,816
Financial charges`65/66B`	1,699	4,606	3,769	4,497	4,993	5,716	7,708	8,915	11,093	12,526	13,171	11,926	9,217	12,911	15,281	17,382	18,360	19,404	17,475	17,871
Recurring financial charges`65`	1,699	4,606	3,769	4,497	4,993	5,716	7,708	8,915	11,093	12,526	13,171	11,926	9,217	12,911	15,281	17,382	18,360	19,404	17,475	17,871
Profit (loss) for the period before taxes`9903`	160,036	-39,957	36,116	55,460	40,237	8,400	62,570	107,895	66,360	95,101	63,259	77,361	24,277	36,943	-177,369	-10,446	99,928	86,031	101,050	22,084
Income taxes`67/77`	33,069	140	10,740	16,574	12,838	4,045	18,889	32,820	31,160	34,579	24,331	10,889	2,617	5,189	-81	41,254	28,071	34,580	42,481	12,359
Profit (loss) for the period`9904`	126,967	-40,097	25,375	38,886	27,399	4,356	43,681	75,075	35,201	60,522	38,928	66,472	21,660	31,754	-177,288	-51,700	71,857	51,451	58,569	9,725
Profit (loss) for the period to be appropriated`9905`	126,967	-40,097	25,375	38,886	27,399	4,356	43,681	75,075	35,201	60,522	38,928	66,472	21,660	31,754	-177,288	-51,700	71,857	51,451	58,569	9,725
Appropriation of the result
Profit (loss) to be appropriated`9906`	86,871	-40,097	25,375	38,886	27,399	4,356	43,681	75,075	129,547	94,346	33,824	-5,104	-71,576	-93,237	-124,990	52,298	123,997	52,140	56,549	-2,019
Profit (loss) brought forward from the previous period`14P`	-40,097	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Transfer to equity`691/2`	-	-	25,375	38,886	27,399	4,356	43,681	75,075	129,547	-	-	-	-	-	-	-	-	-	1,860	-
To the legal reserve`6920`	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	1,860	-
To other reserves`6921`	-	-	25,375	38,886	27,399	4,356	43,681	75,075	129,547	-	-	-	-	-	-	-	-	-	-	-
Profit to be distributed`694/7`	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	20,000	-	54,000	-
Return on contributions (dividend)`694`	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	54,000	-
Directors or managers`695`	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	20,000	-	-	-
Social balance sheet
Average staff (FTE)`9087`	-	-	-	-	-	1	1	1	1	1	1	1	1	1	1	1.1	1.1	1	1	1.5
Hours worked`1013`	-	-	-	-	-	167	1,756	1,771	1,786	1,763	1,763	1,778	1,892	1,892	1,975	1,975	1,980	1,732	1,117	2,516
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Financial year	Type	Filed	Reference	Document
31-12-2025	micro format	30-01-2026	2026-00029402	PDF
31-12-2024	micro format	28-08-2025	2025-00446941	PDF
31-12-2023	micro format	07-10-2024	2024-00506583	PDF
31-12-2022	micro format	25-10-2023	2023-00495626	PDF
31-12-2021	micro format	31-08-2022	2022-20371757	PDF
31-12-2020	micro format	28-10-2021	2021-74700515	PDF
31-12-2019	micro format	22-10-2020	2020-63400489	PDF
31-12-2018	micro format	30-09-2019	2019-67400473	PDF
31-12-2017	micro format	31-08-2018	2018-62000493	PDF
31-12-2016	micro format	28-07-2017	2017-39500525	PDF
31-12-2015	full format	29-07-2016	2016-38200317	PDF
31-12-2014	full format	30-07-2015	2015-39000304	PDF
31-12-2013	full format	30-07-2014	2014-39000246	PDF
31-12-2012	full format	30-07-2013	2013-38300111	PDF
31-12-2011	full format	29-08-2012	2012-53100358	PDF
31-12-2010	full format	09-11-2011	2011-60600548	PDF
31-12-2009	full format	19-01-2011	2011-01100266	PDF
31-12-2008	full format	31-08-2009	2009-67500234	PDF
31-12-2007	full format	23-10-2008	2008-78900003	PDF
31-12-2006	full format	09-10-2007	2007-76800213	PDF
31-12-2005	full format	01-08-2006	2006-59305102	PDF
31-12-2004	full format	30-09-2005	2005-79300441	PDF
31-12-2003	full format	21-01-2005	2005-02403129	PDF
31-12-2002	full format	22-10-2003	2003-75800774	PDF
31-12-2001	full format	20-11-2002	2002-72504276	PDF
31-12-2000	full format	23-11-2001	2001-71103074	PDF

Line	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015	2014	2013	2012	2011	2010	2009	2008	2007	2006
EBITDA	-	-32,192	42,205	61,922	45,448	4,831	63,959	108,942	80,143	109,966	114,879	88,060	34,179	84,890	-115,381	50,956	114,733	104,877	126,419	60,666
Cash flow	-	-25,397	40,521	54,563	41,350	22,249	64,541	94,426	65,068	90,141	102,851	89,663	43,664	79,299	-129,726	-6,109	100,017	86,762	93,270	49,252
Investment in fixed assets	-	23,595	5,550	21,396	10,384	3,471	7,770	3,600	32,560	29,087	298,261	29,979	25,894	2,735	30,953	2,738	7,642	20,695	41,754	31,097
Change in cash	93,680	4,067	16,148	-13,431	-9,735	40,044	988	2,495	-4,154	597	922	3,139	-3,000	178	-178	-29,232	11,234	16,899	6,839	-
Working capital	-	612,513	666,754	656,468	624,825	604,826	592,885	552,342	512,299	465,492	435,815	428,498	366,061	382,400	327,422	360,491	299,755	251,319	189,382	152,526
Solvency	99.3%	35.1%	38.8%	34.2%	31.5%	29.0%	28.6%	24.2%	16.5%	12.6%	5.9%	1.7%	-11.4%	-14.7%	-18.7%	9.8%	19.7%	9.5%	1.5%	0.8%
Current ratio	-	6.49	12.50	6.99	6.85	7.00	7.01	6.08	5.67	4.46	5.38	8.61	7.45	5.04	3.05	3.64	4.14	2.38	2.10	2.43
Debt to equity	-	0.50	0.38	0.64	0.72	0.83	0.86	1.16	2.10	3.03	7.10	12.43	-	-	-	5.03	2.40	6.45	43.67	72.41
ROE	28.6%	-12.7%	7.1%	11.7%	9.4%	1.6%	16.8%	34.6%	24.5%	55.7%	81.0%	726.6%	-	-	-	-85.7%	64.1%	85.5%	669.6%	232.8%
ROA	28.4%	-4.4%	2.8%	4.0%	2.9%	0.5%	4.8%	8.4%	4.0%	7.0%	4.8%	12.1%	4.3%	5.9%	-29.9%	-8.4%	12.6%	8.1%	10.1%	2.0%
Interest coverage	-	-6.99	11.20	13.77	9.10	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-

Item	2025	2024	2023	2022	2021
Tangible fixed assets	-	€23,595	€5,550	€21,396	€10,384
Depreciation and write-downs of the year	-	€14,700	€15,146	€15,677	€13,951

Overview

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Annual accounts 2025

Insights on ARTICLE OSED

Financials

Annual accounts 2025

Balance sheet

Change in equityin euro

Change in cashin euro

Staff

Staff cost per FTE

Filed annual accounts

Filings

Key figures and ratios

Investments

Insights on ARTICLE OSED

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Last board

Mandates through the years

Control

Capital

Owners through the years

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Timeline

History

Company details

Purpose, financial year and meetings according to the articles of association

Name, seat, purpose and duration

General meeting and financial year

Dissolved and wound up on 19 January 2026