C-Shift (0634.938.739): annual accounts, directors and company register

C-Shift

Ghent ·KBO/BCE: BE 0634.938.739

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%

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%

Company	Turnover	EBIT margin	Solvency	Staff
C-Shift Ghent	-	-	11.7%	-
Chemviron Seneffe	€136.5m	7.4%	55.8%	180.8
Taminco Ghent	€527.2m	14.8%	23.2%	405.3
TURPAZ BELGIUM Fernelmont	-	-	2.1%	4.8
SADAPS BARDAHL ADDITIVES & LUBRICANTS Tournai	€111.1m	9.4%	68.5%	192.8
Ashland Specialties Belgium Beveren-Kruibeke-Zwijndrecht	€19.6m	11.2%	85.3%	114.9
AFTON CHEMICAL Ecaussinnes	€58.8m	12.9%	80.7%	180.9

Line	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016
Balance sheet: assets
Total assets`20/58`	256.8m	241.5m	227.0m	197.0m	169.8m	102.3m	71.8m	61.2m	43,747	50,171
Fixed assets`21/28`	247.8m	240.9m	224.8m	194.6m	-	89.5m	54.4m	20.1m	-	-
Intangible fixed assets`21`	0	0	215	978	-	3,007	984	-	-	-
Tangible fixed assets`22/27`	247.8m	240.9m	224.8m	194.6m	-	89.5m	54.4m	20.1m	-	-
Furniture and vehicles`24`	27,036	28,744	30,451	36,072	-	42,664	47,115	-	-	-
Assets under construction and advance payments`27`	247.8m	240.9m	224.8m	194.5m	-	89.5m	54.3m	20.1m	-	-
Financial fixed assets`28`	-	0	1,006	1,509	-	1,509	1,509	-	-	-
Other financial fixed assets`284/8`	-	0	1,006	1,509	-	1,509	1,509	-	-	-
Amounts receivable and cash guarantees`285/8`	-	0	1,006	1,509	-	1,509	1,509	-	-	-
Current assets`29/58`	8.9m	545,225	2.1m	2.5m	-	12.8m	17.5m	41.2m	43,747	50,171
Amounts receivable within one year`40/41`	150,944	198,907	2.1m	2.4m	-	4.3m	5.4m	4.8m	777	219
Trade receivables`40`	-	0	30,934	0	-	15,000	0	58,693	-	-
Other amounts receivable`41`	150,944	198,907	2.1m	2.4m	-	4.3m	5.4m	4.7m	777	219
Cash at bank and in hand`54/58`	8.8m	337,333	29,158	70,406	-	8.4m	12.0m	36.4m	42,970	49,952
Deferred charges and accrued income`490/1`	13,051	8,984	-	0	-	97,226	0	0	-	-
Balance sheet: equity and liabilities
Total equity and liabilities`10/49`	256.8m	241.5m	227.0m	197.0m	169.8m	102.3m	71.8m	61.2m	43,747	50,171
Equity`10/15`	30.2m	28.2m	31.6m	41.9m	-	47.3m	47.7m	47.0m	42,069	45,736
Contributions`10/11`	30.1m	30.1m	30.1m	30.1m	-	30.1m	30.1m	30.1m	61,500	61,500
Capital`10`	30.1m	30.1m	30.1m	30.1m	-	-	-	-	-	-
Issued capital`100`	30.1m	30.1m	30.1m	30.1m	-	30.1m	30.1m	30.1m	61,500	61,500
Profit (loss) carried forward`14`	-31.5m	-29.4m	-22.3m	-11.9m	-	-3.3m	-596,389	-64,520	-19,431	-15,764
Investment grants`15`	31.7m	27.5m	23.8m	23.8m	-	20.5m	18.3m	17.0m	-	-
Amounts payable`17/49`	226.6m	213.3m	195.4m	155.1m	-	55.0m	24.1m	14.3m	1,677	4,434
Amounts payable after more than one year`17`	184.0m	179.4m	137.7m	105.6m	-	40.6m	-	-	-	-
Financial debts`170/4`	184.0m	179.4m	137.7m	105.6m	-	40.6m	-	-	-	-
Subordinated loans`170`	127.7m	112.7m	-	-	-	-	-	-	-	-
Credit institutions`173`	56.3m	66.7m	75.0m	54.1m	-	29.0m	-	-	-	-
Other loans`174`	-	0	62.7m	51.5m	-	11.5m	-	-	-	-
Amounts payable within one year`42/48`	42.6m	33.9m	57.6m	49.4m	-	14.5m	24.1m	14.3m	1,500	4,260
Current portion of amounts payable after more than one year`42`	18.8m	8.3m	-	-	-	-	-	-	-	-
Financial debts`43`	0	0	34.0m	31.9m	-	0	-	-	-	-
Credit institutions`430/8`	-	-	34.0m	31.9m	-	-	-	-	-	-
Other loans`439`	0	0	-	0	-	0	-	-	-	-
Trade debts`44`	23.8m	25.5m	23.7m	17.5m	-	13.8m	23.5m	14.3m	1,500	4,260
Suppliers`440/4`	23.8m	25.5m	23.7m	17.5m	-	13.8m	23.5m	14.3m	1,500	4,260
Taxes, remuneration and social security`45`	0	0	-	0	-	602,484	608,077	0	-	-
Taxes`450/3`	0	0	-	0	-	602,484	608,077	0	-	-
Remuneration and social security`454/9`	0	0	-	-	-	-	-	-	-	-
Accrued charges and deferred income`492/3`	-	-	-	-	-	0	6,639	0	177	174
Income statement
Operating income`70/76A`	4.1m	1.4m	1.7m	905,566	-	3.4m	-	0	-	-
Other operating income`74`	-	-	37,846	-	-	-	-	-	-	-
Non-recurring operating income`76A`	4.1m	1.4m	1.7m	905,566	-	-	-	-	-	-
Gross operating margin`9900`	-	-	-	-	-	-	-	-	-2,885	-14,333
Operating charges`60/66A`	734,496	442,050	5.3m	3.8m	-	5.2m	526,901	72,676	-	-
Goods for resale, raw materials and consumables`60`	-	0	-	-	-	-	-	-	-	-
Purchases`600/8`	-	0	-	-	-	-	-	-	-	-
Services and other goods`61`	677,933	400,059	5.3m	3.7m	-	1.7m	508,539	71,666	-	-
Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets`630`	1,707	1,922	6,384	6,514	-	5,792	3,575	-	-	-
Other operating charges`640/8`	54,856	40,069	30,189	43,157	-	3.5m	14,788	1,010	684	1,250
Operating profit (loss)`9901`	3.4m	1.0m	-3.6m	-2.9m	-	-1.7m	-526,901	-72,676	-3,569	-15,583
Financial income`75/76B`	13,417	16,108	6,499	5,507	-	16,616	17,126	29,408	-	-
Recurring financial income`75`	13,417	16,108	6,499	5,507	-	16,616	17,126	29,408	-	-
Income from financial fixed assets`750`	-	-	-	603	-	-	-	-	-	-
Income from current assets`751`	13,417	9,901	6,462	397	-	9,208	16,213	27,357	-	-
Other financial income`752/9`	-	6,207	37	4,507	-	7,408	913	2,052	-	-
Financial charges`65/66B`	5.6m	8.1m	6.8m	2.9m	-	947,300	22,093	1,822	98	181
Recurring financial charges`65`	5.6m	8.1m	6.8m	2.9m	-	947,300	22,093	1,822	98	181
Debt charges`650`	5.5m	8.1m	6.6m	2.8m	-	589,326	3	267	-	-
Other financial charges`652/9`	55,023	692	140,460	130,666	-	357,973	22,091	1,555	-	-
Profit (loss) for the period before taxes`9903`	-2.2m	-7.1m	-10.4m	-5.8m	-	-2.7m	-531,869	-45,090	-3,667	-15,764
Profit (loss) for the period`9904`	-2.2m	-7.1m	-10.4m	-5.8m	-	-2.7m	-531,869	-45,090	-3,667	-15,764
Profit (loss) for the period to be appropriated`9905`	-2.2m	-7.1m	-10.4m	-5.8m	-	-2.7m	-531,869	-45,090	-3,667	-15,764
Appropriation of the result
Profit (loss) to be appropriated`9906`	-31.5m	-29.4m	-22.3m	-11.9m	-	-3.3m	-596,389	-64,520	-19,431	-15,764
Profit (loss) brought forward from the previous period`14P`	-29.4m	-22.3m	-11.9m	-6.1m	-	-	-	-	-	-
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Financial year	Type	Filed	Reference	Document
31-12-2025	full format	18-06-2026	2026-00195030	PDF
31-12-2024	full format	16-07-2025	2025-00280698	PDF
31-12-2023	full format	12-07-2024	2024-00255008	PDF
31-12-2022	full format	01-06-2023	2023-00104313	PDF
31-12-2021	full format	04-07-2022	2022-20171791	PDF
31-12-2020	full format	15-06-2021	2021-20300423	PDF
31-12-2019	full format	19-08-2020	2020-42500468	PDF
31-12-2018	full format	17-07-2019	2019-34800505	PDF
31-12-2017	abbreviated format	03-09-2018	2018-62000065	PDF
31-12-2016	abbreviated format	30-05-2017	2017-14000184	PDF

Line	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016
EBITDA	3.4m	1.0m	-3.6m	-2.9m	-	-1.7m	-523,327	-	-	-
Cash flow	-2.2m	-7.1m	-10.4m	-5.8m	-	-2.7m	-528,294	-	-	-
Investment in fixed assets	6.9m	16.1m	30.3m	46.9m	-	35.2m	34.3m	20.1m	-	-
Change in cash	8.4m	308,176	-41,248	-	-	-3.6m	-24.3m	36.3m	-6,982	-
Working capital	-33.7m	-33.3m	-55.5m	-47.0m	-	-1.6m	-6.6m	26.9m	42,247	45,911
Solvency	11.7%	11.7%	13.9%	21.3%	-	46.2%	66.5%	76.7%	96.2%	91.2%
Current ratio	0.21	0.02	0.04	0.05	-	0.89	0.72	2.88	29.16	11.78
Debt to equity	7.51	7.56	6.18	3.70	-	1.16	0.50	0.30	0.04	0.10
ROE	-7.2%	-25.2%	-32.9%	-13.8%	-	-5.7%	-1.1%	-0.1%	-8.7%	-34.5%
ROA	-0.8%	-2.9%	-4.6%	-2.9%	-	-2.6%	-0.7%	-0.1%	-8.4%	-31.4%
Interest coverage	0.62	0.12	-0.54	-1.01	-	-2.95	-199742.97	-	-	-
Supplier credit	12837 days	23284 days	1629 days	1725 days	-	3027 days	16846 days	72753 days	-	-

Item	2025	2024	2023	2022	2021
Tangible fixed assets	€6.9m	€16.1m	€30.3m	€46.9m	-
Depreciation and write-downs of the year	€1,707	€1,922	€6,384	€6,514	-

Item	2025	2024	2023	2022	2021
Fee for the audit	€9,279	€10,511	€8,475	€7,455	-
Other work by the auditor	€0	€0	€7,313	-	-

ARCELORMITTAL BELGIUM establishment since 01-07-1962 · founded in 1962 · group ARCELORMITTAL HOLDING AND SERVICES BELGIUM	5,839 FTE (2025) 0400.106.291
HENRI ESSERS EN ZONEN INTERNATIONAAL TRANSPORT establishment since 01-03-2016 · founded in 1968 · group MAN@THEWHEEL	932 FTE (2025) 0401.296.720
H.ESSERS LOGISTICS SERVICES COMPANY establishment since 01-01-2014 · founded in 1998 · group MAN@THEWHEEL	1,219 FTE (2025) 0464.083.038
ArcelorMittal Tailored Blanks registered office since 14-08-2007 · founded in 2007 · group ARCELORMITTAL HOLDING AND SERVICES BELGIUM	29 FTE (2025) 0891.431.780
ARAMARK establishment since 01-07-2022 · founded in 1972 · group ARAMARK	441 FTE (2025) 0412.674.325
ArcelorMittal Tailored Blanks Gent registered office since 17-10-2006 · founded in 2006 · group ARCELORMITTAL HOLDING AND SERVICES BELGIUM	49 FTE (2025) 0884.331.578
ArcelorMittal Belgium Recycling registered office since 30-12-2022 · founded in 2022 · group ARCELORMITTAL HOLDING AND SERVICES BELGIUM	162 FTE (2025) 0795.572.521
PASEK BELGIË establishment since 01-04-2019 · founded in 2019	22 FTE (2025) 0720.913.797
TMS International Belgium establishment since 15-07-2010 · founded in 2007	20 FTE (2025) 0886.724.312
Alliance Green Services België Gent establishment since 09-02-2023 · founded in 2023 · negative equity (2024) · accounts filed late	6.8 FTE (2024) 0797.567.454

Establishment	Since	Unit number
John Kennedylaan 51 registered office 9042 Ghent 20140 Manufacture of chemicals and chemical products	10-08-2015	2.245.406.676
Steelanol Knippegroen 20, 9042 Ghent 20140 Manufacture of chemicals and chemical products	01-06-2023	2.348.461.951

22-01-2026	Granted	Het reliëf van de bodem aanmerkelijk wijzigen; Nieuwbouw of aanleggen; Nieuwbouw van bijgebouwen, niet-overdekte lage constructies en andere handelingen; Verbouwen en/of uitbreiden zonder functiewijziging en zonder wijziging van aantal woongelegenheden; Verbouwen / Wijzigen Infrastructuur submitted 17-07-2025 · project 2024081501	Provincie Oost-Vlaanderen
11-10-2022	Granted	Nieuwbouw of aanleggen; Ontbossen submitted 07-04-2022 · project 2022034333	Departement Omgeving
07-06-2018	Granted	Bouwen of herbouwen; Hoogstammige bomen vellen die geen deel uitmaken van een bos; Nieuwbouw of aanleggen; Nieuwbouw of aanleg van een complex submitted 30-01-2018 · project 2018008758	Provincie Oost-Vlaanderen
25-01-2018	Discontinued	Bouwen of herbouwen; Hoogstammige bomen vellen die geen deel uitmaken van een bos; Nieuwbouw of aanleg van een complex submitted 28-12-2017 · project 2017010311	Provincie Oost-Vlaanderen

Cadastral parcel	Area	Buildings	Height / floors
44814H0915/00Z000	5.2 ha	1 · 5,454 m²	34.0 m · 2
44814F0688/00C000	3.4 ha	1 · 181 m²	6.3 m · 2

Overview

Lifetime

Key points

Losses

Debts

Investments

Payment terms

Filings

Position in the sector

Checked score

Score breakdown

Comparable companies, two years later

Credit verdict

Signals

Board and ownership

Recent changes

Comparable companies

Official details

Annual accounts 2025

Insights on C-Shift

Financials

Annual accounts 2025

Balance sheet

Change in equityin €m

Change in cashin €m

Position in the sector

Solvency11.7%

Current ratio0.21

Return on assets-0.8%

Filed annual accounts

Filings

Subsidies and aid

European Union 3 projects, €13.4m EU contribution

Projects

Key figures and ratios

Securities and guarantees

Investments

Auditor

Insights on C-Shift

Board & ownership

Board

Mandates through the years

Control

Capital

Owners through the years

Shareholders

Owners 2

Network & group

Group

Belgium 13 Year Equity Result

At the same address

Connections & network

Timeline

Timeline

History

Company details

Identity

Activities

Registered office and establishments

Buildings and parcels at the addresses

Environmental permits

Location

Parcels

Seveso establishment Seveso establishment A Seveso establishment is a site that holds certain substances above a legal threshold. The rules of the European Seveso Directive therefore apply there. The lower or upper tier sets the operator's duties.

Seveso establishment