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CARMEUSE

Active
Public limited companyfounded 1987active for 39 yearsRue du Château 13A, 5300 Andenne, BelgiumKBO/BCE: BE 0431.473.519

Financials · financial year 2025, full format

Annual accounts 2025 filed on 12-06-2026 at the NBB all 39 filings

Turnover
€147.5m▼ 8.4%
2024 · €161.1m
EBIT margin
6.1%▼ 4.2pp
2024 · 10.2%
Net result
€4.4m▼ 59.3%
2024 · €10.8m
Working capital
-€23.0m▲ 59.9%
2024 · -€57.4m
Trend over the years

2021 to 2025, 5 financial years 2018 to 2025, 7 financial years

The operating result for 2025 is 46% lower than in 2024. It is the second fall in a row.

Turnover€147.5m 2025 Operating result€9.0m 2025 Net result€4.4m 2025

Turnover is what the company sold, the result is what was left of it. A loss stands below the zero line.

Use the arrow keys on the chart for the figures per year.

The sector band is the middle half of the companies in Other mining and quarrying (NACE 08). 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 dashed line is the median. There is a sector band for net result, equity, total assets, working capital, solvency, current ratio, return on assets (ROA) and staff (FTE).

Every figure with its change against the financial year before
favourable unfavourable
Line2018202020212022202320242025
Turnover€118.0m-€98.5m-€109.1m▲ 10.8%€147.1m▲ 34.8%€157.5m▲ 7.0%€161.1m▲ 2.3%€147.5m▼ 8.4%
Operating result€45.6m-€1.2m-€7.7m▲ 547%€16.3m▲ 113%€17.9m▲ 9.4%€16.5m▼ 7.9%€9.0m▼ 45.6%
Net result€37.0m-€1.2mabove the sector's middle half-€5.9mabove the sector's middle half▲ 411%€10.9mabove the sector's middle half▲ 82.8%€14.1mabove the sector's middle half▲ 30.1%€10.8mabove the sector's middle half▼ 23.4%€4.4mabove the sector's middle half▼ 59.3%
EBIT margin38.6%-1.2%-7.0%▲ 5.8pp11.1%▲ 4.1pp11.4%▲ 0.2pp10.2%▼ 1.1pp6.1%▼ 4.2pp
Equity€40.9m-€39.2mabove the sector's middle half-€45.2mabove the sector's middle half▲ 15.1%€46.0mabove the sector's middle half▲ 1.8%€60.1mabove the sector's middle half▲ 30.7%€40.9mabove the sector's middle half▼ 31.9%€45.3mabove the sector's middle half▲ 10.8%
Total assets€183.6m-€135.3mabove the sector's middle half-€141.0mabove the sector's middle half▲ 4.2%€160.7mabove the sector's middle half▲ 14.0%€174.9mabove the sector's middle half▲ 8.8%€158.7mabove the sector's middle half▼ 9.3%€163.7mabove the sector's middle half▲ 3.2%
Debt€114.9m-€67.6m-€67.4m▼ 0.3%€86.5m▲ 28.4%€97.1m▲ 12.2%€101.0m▲ 4.1%€101.7m▲ 0.7%
Working capital€10.6m--€10.5mbelow the sector's middle half--€20.5mbelow the sector's middle half▼ 96.1%-€34.2mbelow the sector's middle half▼ 66.6%-€32.9mbelow the sector's middle half▲ 3.6%-€57.4mbelow the sector's middle half▼ 74.3%-€23.0mbelow the sector's middle half▲ 59.9%
Solvency22.3%-29.0%within the sector's middle half-32.0%within the sector's middle half▲ 3.0pp28.6%within the sector's middle half▼ 3.4pp34.4%within the sector's middle half▲ 5.8pp25.8%below the sector's middle half▼ 8.6pp27.7%below the sector's middle half▲ 1.9pp
Current ratio1.13-0.76below the sector's middle half-0.59below the sector's middle half▼ 0.170.53below the sector's middle half▼ 0.060.61below the sector's middle half▲ 0.080.35below the sector's middle half▼ 0.250.63below the sector's middle half▲ 0.27
Return on assets (ROA)20.2%-0.9%within the sector's middle half-4.2%within the sector's middle half▲ 3.4pp6.8%within the sector's middle half▲ 2.5pp8.1%within the sector's middle half▲ 1.3pp6.8%within the sector's middle half▼ 1.3pp2.7%within the sector's middle half▼ 4.1pp
Staff (FTE)322.1-263.5above the sector's middle half-249.4above the sector's middle half▼ 5.4%249.6above the sector's middle half▲ 0.1%248.4above the sector's middle half▼ 0.5%252.6above the sector's middle half▲ 1.7%243.3above the sector's middle half▼ 3.7%
above within below The sector band is the middle half of the companies in Other mining and quarrying (NACE 08). 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.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €163.7m
Fixed assets €124.7m ▼ 1.9%
Current assets €39.0m ▲ 23.8%
Equity and liabilities €163.7m
Equity €45.3m ▲ 10.8%
Provisions €16.7m ▼ 0.3%
Debt €101.7m ▲ 0.7%
Debt's share of the balance-sheet total falls from 63.7% to 62.1%. Equity and debt are higher.
Key figures and ratios
2025 value · change against 2024
EBITDA
€22.1m▼
2024 · €27.4m
Cash flow
€17.6m▼
2024 · €21.8m
Quick ratio
0.40▲
2024 · 0.19
Debt to equity
2.24▼
2024 · 2.47
ROE
9.7%▼
2024 · 26.5%
Interest coverage
14.28▼
2024 · 25.28
Debt ≤ 1 year
€62.0m▼
2024 · €88.9m
Debt > 1 year
€39.2m▲
2024 · €12.0m
Income taxes
€2.0m▼
2024 · €3.5m
Customer credit
42 days▲
2024 · 34 days
Supplier credit
465 days▲
2024 · 417 days
Staff costs
€25.1m▲
2024 · €25.1m
Green means a favourable move, even when the figure itself falls, as with debt or debt to equity.

Comparable companies

These companies have the same main activity as CARMEUSE: other mining and quarrying (NACE 08111). They are comparable in size and age: total assets between €17m and €67m, founded between 1888 and 2000.

CompanyFoundedTotal assetsEquityGross marginTurnoverNet resultFTEFinancial year
CARMEUSE Andenne1987€163.7m€45.3m-€147.5m€4.4m243.32025
LES CARRIERES DE LA PIERRE BLEUE BELGE Soignies1994€26.4m€10.4m-€13.4m-€2.0m161.52025
Carrières Unies de Porphyre Lessines1903€67.0m€46.2m-€44.4m€4.1m137.12025
CARRIERES DU HAINAUT Soignies1888€62.1m€24.6m-€43.6m€3.7m319.12025
CARRIÈRES LES PETONS Walcourt1977€17.4m€2.7m-€9.9m-€1.0m33.52025
Carrière des Limites Rochefort1961€18.5m€11.0m-€21.5m€3.6m28.52024
CARRIERES DE GRES REUNIES La Roche-en-Ardenne2000€21.4m€3.3m€2.0m--€0.4m242025

They were chosen from the 94 other active companies with that main activity and annual accounts from the past two years. All companies with this main activity

Companies with the same profile, two years later

Historical observation

In July 2024, 733 companies had the same profile as CARMEUSE has now. Two years later, 1.0% had gone bankrupt and 97.4% were still going.

  • Medium-sized
  • 20 years or older
  • solvency 10 to 30%
  • a profit under 5% of the balance sheet
1.0% went bankrupt
1.4% stopped otherwise
97.4% was still going

Another 0.3% stopped without a precise date, possibly only after those two years.

That fits the bankruptcy probability of CARMEUSE itself: 0.4% within 12 months.

Test of the method

The method was tested on the 497,445 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.

The companies in ten equal groups, from the lowest to the highest expected share
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 733 companies, not a prediction for CARMEUSE. 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.

Public contracts

7 awards · 2023 to 2026
Raamovereenkomst voor aanneming van leveringen van kalkmelk voor slibbehandeling, voor een potentiële duur van 4 jaar: CSC 2473 - Lait de chaux (LTM) - 1
buyer: VivaquaChemical productsawarded 24-06-2026€1.8m2 tendersTED 486457-2026
Fourniture de chaux vive
buyer: UveliaConstruction structures and materialsawarded 31-03-2025€5.4m2 tendersTED 216462-2025
Raamovereenkomst voor levering van chemicaliën: ISVAG-2023/079 - 2
buyer: Intercommunale voor Slib en Vuilverwijdering Antwerpse GemeentenChemical productsawarded 06-01-2025€67,2753 tendersTED 57709-2025
Raamovereenkomst voor levering van chemicaliën: ISVAG-2023/079 - 1
buyer: Intercommunale voor Slib en Vuilverwijdering Antwerpse GemeentenChemical productsawarded 10-07-2024€136,9141 tenderTED 129312-2025
Raamovereenkomst voor levering van chemicaliën: ISVAG-2023/079 - 1
buyer: Intercommunale voor Slib en Vuilverwijdering Antwerpse GemeentenChemical productsawarded 10-07-2024€136,9141 tenderTED 57709-2025
Show 2 more contracts
Fourniture de réactifs destinés au traitement de potabilisation d’eaux 2024 – 2028: Lot 11 – Lait de chaux vrac
buyer: Société wallonne des eauxChemical productsawarded 23-05-2024€1.0m3 tendersTED 332946-2024
Leveren calciumhydroxide
buyer: Intergemeentelijke opdrachthoudende Vereniging voor huisvuilverwerking Meetjesland (IVM)Chemical productsawarded 11-09-2023€280,4501 tenderTED 649993-2023

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.

Annual accounts
Filed annual accounts As filed with the NBB · 2025 against 2024 · 99 lines

Source: Annual accounts 2025 at the NBB, filed on 12-06-2026.

Balance sheet Code20242025
Assets
Total assets20/58€158.7m€163.7m▲
Fixed assets21/28€127.2m€124.7m▼
Intangible fixed assets21€4.6m€3.9m▼
Tangible fixed assets22/27€121.9m€120.2m▼
Land and buildings22€28.0m€34.7m▲
Plant, machinery and equipment23€74.1m€69.1m▼
Furniture and vehicles24€0.8m€0.9m▲
Leasing and similar rights25€0.03m€0.02m▼
Other tangible fixed assets26€0.001m€0.001m=
Assets under construction and advance payments27€18.9m€15.4m▼
Financial fixed assets28€0.6m€0.6m▼
Affiliated companies280/1€0.001m€0.001m▼
Participating interests280€0.001m€0.001m▼
Companies linked by participating interests282/3€0.6m€0.6m=
Participating interests282€0.6m€0.6m=
Other financial fixed assets284/8€0.03m€0.03m=
Shares284€0.004m€0.004m=
Amounts receivable and cash guarantees285/8€0.03m€0.03m=
Current assets29/58€31.5m€39.0m▲
Stocks and contracts in progress3€14.4m€14.4m=
Stocks30/36€14.4m€14.4m=
Raw materials and consumables30/31€8.0m€7.7m▼
Finished goods33€6.3m€6.5m▲
Goods purchased for resale34€0.2m€0.2m▲
Amounts receivable within one year40/41€15.9m€23.2m▲
Trade receivables40€14.9m€17.1m▲
Other amounts receivable41€1.1m€6.1m▲
Current investments50/53€1.0m€1.2m▲
Other investments51/53€1.0m€1.2m▲
Cash at bank and in hand54/58€0.03m€0.04m▲
Deferred charges and accrued income490/1€0.2m€0.2m▲
Equity and liabilities
Total equity and liabilities10/49€158.7m€163.7m▲
Equity10/15€40.9m€45.3m▲
Contributions10/11€35.9m€35.9m=
Capital10€34.1m€34.1m=
Issued capital100€34.1m€34.1m=
Contributions outside capital11€1.8m€1.8m=
Share premium1100/10€1.8m€1.8m=
Reserves13€3.6m€3.6m=
Non-distributable reserves130/1€3.6m€3.6m=
Legal reserve130€3.6m€3.6m=
Tax-exempt reserves132€0€0=
Profit (loss) carried forward14€1.4m€5.8m▲
Investment grants15€0€0=
Provisions and deferred taxes16€16.7m€16.7m▼
Provisions for liabilities and charges160/5€16.7m€16.7m▼
Pensions and similar obligations160€0.3m€0.3m▼
Environmental obligations163€16.3m€16.4m▲
Other liabilities and charges164/5€0.2m€0.02m▼
Amounts payable17/49€101.0m€101.7m▲
Amounts payable after more than one year17€12.0m€39.2m▲
Financial debts170/4€12.0m€39.2m▲
Other loans174€12.0m€39.2m▲
Amounts payable within one year42/48€88.9m€62.0m▼
Current portion of amounts payable after more than one year42€1.3m-
Financial debts43€0€12.0m▲
Other loans439€0€12.0m▲
Trade debts44€51.7m€45.0m▼
Suppliers440/4€51.7m€45.0m▼
Taxes, remuneration and social security45€5.7m€5.1m▼
Taxes450/3€0.1m€0.07m▼
Remuneration and social security454/9€5.6m€5.0m▼
Other amounts payable47/48€30.3m€242▼
Accrued charges and deferred income492/3€0.1m€0.5m▲
Income statement Code20242025
Operating income70/76A€178.2m€161.7m▼
Turnover70€161.1m€147.5m▼
Change in stocks of work in progress, finished goods and contracts in progress71-€1.2m€0.2m▲
Other operating income74€18.2m€14.0m▼
Operating charges60/66A€161.7m€152.8m▼
Goods for resale, raw materials and consumables60€45.2m€35.3m▼
Purchases600/8€46.0m€34.6m▼
Change in stocks: decrease (increase)609-€0.8m€0.7m▲
Services and other goods61€80.0m€78.0m▼
Remuneration, social security and pensions62€25.1m€25.1m▲
Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630€11.0m€13.2m▲
Write-downs on stocks, contracts in progress and trade receivables: additions (reversals)631/4-€0.2m-€0.4m▼
Provisions for liabilities and charges: additions (uses and reversals)635/8-€1.0m-€0.04m▲
Other operating charges640/8€1.6m€1.7m▲
Non-recurring operating charges66A€0.03m€176▼
Operating profit (loss)9901€16.5m€9.0m▼
Financial income75/76B€0.005m€0.009m▲
Recurring financial income75€0.005m€0.009m▲
Income from current assets751€0.004m-
Other financial income752/9€0.001m€0.009m▲
Financial charges65/66B€2.1m€2.6m▲
Recurring financial charges65€2.1m€2.6m▲
Debt charges650€1.1m€1.5m▲
Other financial charges652/9€1.1m€1.0m▼
Profit (loss) for the period before taxes9903€14.3m€6.4m▼
Income taxes67/77€3.5m€2.0m▼
Taxes670/3€3.8m€2.8m▼
Tax adjustments and reversals of tax provisions77€0.3m€0.8m▲
Profit (loss) for the period9904€10.8m€4.4m▼
Profit (loss) for the period to be appropriated9905€10.8m€4.4m▼
Appropriation of the result
Profit (loss) to be appropriated9906€31.4m€5.8m▼
Profit (loss) brought forward from the previous period14P€20.6m€1.4m▼
Profit to be distributed694/7€30.0m-
Return on contributions (dividend)694€30.0m-
Social balance sheet
Average headcount (FTE)9087252.6243.3▼

The notes to these accounts have 99 items, including the statement of assets and debts, the cost breakdown and rights and commitments. You find them in the accounts filed with the NBB.

Line2018202020212022202320242025Change
Operating income70/76A€150.4m-€123.5m€165.2m€176.0m€178.2m€161.7m▼ 9.2%
Turnover70€118.0m€98.5m€109.1m€147.1m€157.5m€161.1m€147.5m▼ 8.4%
Change in stocks of work in progress, finished goods and contracts in progress71€0.3m--€0.6m€1.6m€1.6m-€1.2m€0.2m-
Own construction capitalised72€0.2m-------
Other operating income74€19.1m-€14.9m€16.4m€16.9m€18.2m€14.0m▼ 23.4%
Non-recurring operating income76A€12.8m-------
Operating charges60/66A€104.9m-€115.8m€148.8m€158.1m€161.7m€152.8m▼ 5.5%
Goods for resale, raw materials and consumables60€21.8m-€25.9m€40.7m€43.3m€45.2m€35.3m▼ 22.0%
Purchases600/8--€25.9m-€44.1m€46.0m€34.6m▼ 24.7%
Change in stocks: decrease (increase)609-€0.1m-€0.08m€2.2m-€0.8m-€0.8m€0.7m-
Services and other goods61€65.9m-€55.8m€72.4m€83.3m€80.0m€78.0m▼ 2.5%
Remuneration, social security and pensions62€24.0m-€20.7m€23.0m€24.4m€25.1m€25.1m▲ 0.2%
Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630€16.1m€13.2m€12.1m€11.6m€13.4m€11.0m€13.2m▲ 20.3%
Write-downs on stocks, contracts in progress and trade receivables: additions (reversals)631/4-€0.1m-€0.03m-€0.2m€0.1m-€0.2m-€0.4m▼ 143%
Provisions for liabilities and charges: additions (uses and reversals)635/8-€2.3m-€0.03m-€0.2m-€10.6m-€1.0m-€0.04m▲ 95.6%
Other operating charges640/8€1.2m-€1.3m€1.5m€2.1m€1.6m€1.7m▲ 3.9%
Non-recurring operating charges66A-€21.8m---€2.0m€0.03m€176▼ 99.4%
Operating profit (loss)9901€45.6m€1.2m€7.7m€16.3m€17.9m€16.5m€9.0m▼ 45.6%
Financial income75/76B--€0.07m-€0.002m€0.005m€0.009m▲ 76.7%
Recurring financial income75€1.2m€1.3m€0.06m€0.8m€0.002m€0.005m€0.009m▲ 76.7%
Income from current assets751€0.03m-€0.002m€0.03m€0€0.004m--
Other financial income752/9€1.2m-€0.06m€0.8m€0.002m€0.001m€0.009m▲ 916%
Non-recurring financial income76B--€0.01m-----
Financial charges65/66B€8.4m-€1.3m€1.4m€2.7m€2.1m€2.6m▲ 21.4%
Recurring financial charges65€8.4m€1.3m€1.3m€1.4m€2.1m€2.1m€2.6m▲ 21.4%
Debt charges650€1.2m€0.7m€0.7m€0.7m€1.3m€1.1m€1.5m▲ 42.9%
Other financial charges652/9€7.2m-€0.6m€0.8m€0.9m€1.1m€1.0m▼ 0.8%
Non-recurring financial charges66B€0.002m-€0.002m€0.002m€0.5m---
Profit (loss) for the period before taxes9903€38.4m€1.2m€6.5m€15.7m€15.2m€14.3m€6.4m▼ 55.6%
Income taxes67/77€1.4m€0.05m€0.5m€4.9m€1.1m€3.5m€2.0m▼ 44.2%
Taxes670/3€1.4m-€0.5m€4.9m€1.1m€3.8m€2.8m▼ 26.8%
Tax adjustments and reversals of tax provisions77----€0.06m€0.3m€0.8m▲ 188%
Profit (loss) for the period9904€37.0m€1.2m€5.9m€10.9m€14.1m€10.8m€4.4m▼ 59.3%
Profit (loss) for the period to be appropriated9905€37.0m€1.2m€5.9m€10.9m€14.1m€10.8m€4.4m▼ 59.3%
Line2018202020212022202320242025Change
Assets
Total assets20/58€183.6m€135.3m€141.0m€160.7m€174.9m€158.7m€163.7m▲ 3.2%
Fixed assets21/28€93.5m€102.9m€111.6m€122.6m€124.2m€127.2m€124.7m▼ 1.9%
Intangible fixed assets21€0.08m€0.04m€0.06m€0.3m€0.7m€4.6m€3.9m▼ 15.9%
Tangible fixed assets22/27€92.9m€101.7m€110.4m€121.1m€122.9m€121.9m€120.2m▼ 1.4%
Land and buildings22€20.1m-€23.7m€26.3m€26.8m€28.0m€34.7m▲ 24.0%
Plant, machinery and equipment23€60.3m-€54.0m€50.9m€46.7m€74.1m€69.1m▼ 6.8%
Furniture and vehicles24€0.3m-€0.9m€0.9m€1.0m€0.8m€0.9m▲ 13.3%
Leasing and similar rights25€0.1m-€0.07m€0.05m€0.04m€0.03m€0.02m▼ 33.2%
Other tangible fixed assets26--€0.003m€0.001m€0.001m€0.001m€0.001m=
Assets under construction and advance payments27€12.0m-€31.9m€42.9m€48.4m€18.9m€15.4m▼ 18.7%
Financial fixed assets28€0.5m€1.1m€1.1m€1.1m€0.6m€0.6m€0.6m▼ 0.1%
Affiliated companies280/1€0.001m-€0.001m€0.001m€0.001m€0.001m€0.001m▼ 35.1%
Participating interests280€0.001m-€0.001m€0.001m€0.001m€0.001m€0.001m▼ 35.1%
Companies linked by participating interests282/3€0.5m-€1.1m€1.1m€0.6m€0.6m€0.6m=
Participating interests282€0.5m-€1.1m€1.1m€0.6m€0.6m€0.6m=
Other financial fixed assets284/8€0.03m-€0.03m€0.03m€0.03m€0.03m€0.03m=
Shares284€0.004m-€0.004m€0.004m€0.004m€0.004m€0.004m=
Amounts receivable and cash guarantees285/8€0.03m-€0.03m€0.03m€0.03m€0.03m€0.03m=
Current assets29/58€90.1m€32.3m€29.4m€38.2m€50.7m€31.5m€39.0m▲ 23.8%
Stocks and contracts in progress3€10.7m€10.9m€11.4m€12.5m€14.7m€14.4m€14.4m=
Stocks30/36€10.7m-€11.4m€12.5m€14.7m€14.4m€14.4m=
Raw materials and consumables30/31€5.4m-€7.4m€6.8m€7.0m€8.0m€7.7m▼ 3.3%
Finished goods33€5.3m-€3.9m€5.5m€7.5m€6.3m€6.5m▲ 4.0%
Goods purchased for resale34€0.07m-€0.07m€0.1m€0.1m€0.2m€0.2m▲ 11.8%
Amounts receivable within one year40/41€78.0m€20.4m€16.9m€24.7m€34.8m€15.9m€23.2m▲ 45.3%
Trade receivables40€12.3m-€10.4m€23.0m€33.2m€14.9m€17.1m▲ 15.0%
Other amounts receivable41€65.7m-€6.5m€1.6m€1.7m€1.1m€6.1m▲ 460%
Current investments50/53€1.1m€1.0m€1.0m€1.0m€1.0m€1.0m€1.2m▲ 18.9%
Other investments51/53€1.1m-€1.0m€1.0m€1.0m€1.0m€1.2m▲ 18.9%
Cash at bank and in hand54/58€0.06m€0.03m€0.06m€0.007m€0.1m€0.03m€0.04m▲ 44.1%
Deferred charges and accrued income490/1€0.2m-€0.01m€0.02m€0.06m€0.2m€0.2m▲ 49.8%
Equity and liabilities
Total equity and liabilities10/49€183.6m€135.3m€141.0m€160.7m€174.9m€158.7m€163.7m▲ 3.2%
Equity10/15€40.9m€39.2m€45.2m€46.0m€60.1m€40.9m€45.3m▲ 10.8%
Contributions10/11€34.1m€34.1m€35.9m€35.9m€35.9m€35.9m€35.9m=
Capital10€34.1m-€34.1m€34.1m€34.1m€34.1m€34.1m=
Issued capital100€34.1m-€34.1m€34.1m€34.1m€34.1m€34.1m=
Contributions outside capital11€1.8m-€1.8m€1.8m€1.8m€1.8m€1.8m=
Share premium1100/10--€1.8m€1.8m€1.8m€1.8m€1.8m=
Reserves13€3.6m€3.6m€3.6m€3.6m€3.6m€3.6m€3.6m=
Non-distributable reserves130/1--€3.6m€3.6m€3.6m€3.6m€3.6m=
Legal reserve130€3.6m-€3.6m€3.6m€3.6m€3.6m€3.6m=
Tax-exempt reserves132----€0€0€0-
Profit (loss) carried forward14€0.9m-€0.4m€5.6m€6.4m€20.6m€1.4m€5.8m▲ 318%
Investment grants15€0.4m-€0.06m-€0€0€0-
Provisions and deferred taxes16€27.8m€28.4m€28.5m€28.3m€17.7m€16.7m€16.7m▼ 0.3%
Provisions for liabilities and charges160/5€27.8m-€28.5m€28.3m€17.7m€16.7m€16.7m▼ 0.3%
Pensions and similar obligations160€0.8m-€0.2m€0.1m€0.03m€0.3m€0.3m▼ 0.3%
Environmental obligations163€24.4m-€25.0m€25.2m€16.6m€16.3m€16.4m▲ 0.7%
Other liabilities and charges164/5€2.6m-€3.2m€2.9m€1.1m€0.2m€0.02m▼ 88.2%
Amounts payable17/49€114.9m€67.6m€67.4m€86.5m€97.1m€101.0m€101.7m▲ 0.7%
Amounts payable after more than one year17€35.0m€23.3m€16.5m€13.9m€13.3m€12.0m€39.2m▲ 227%
Financial debts170/4€34.7m-€16.5m€13.9m€13.3m€12.0m€39.2m▲ 227%
Unsubordinated bonds171€34.7m-€6.5m€3.9m€1.3m---
Other loans174--€10.0m€10.0m€12.0m€12.0m€39.2m▲ 227%
Other amounts payable178/9€0.4m-------
Amounts payable within one year42/48€79.5m€42.8m€49.9m€72.3m€83.6m€88.9m€62.0m▼ 30.2%
Current portion of amounts payable after more than one year42€6.6m-€6.6m€2.6m€2.6m€1.3m--
Financial debts43----€0€0€12.0m-
Other loans439----€0€0€12.0m-
Trade debts44€27.4m€31.5m€38.8m€49.4m€52.5m€51.7m€45.0m▼ 12.9%
Suppliers440/4€27.4m-€38.8m€49.4m€52.5m€51.7m€45.0m▼ 12.9%
Taxes, remuneration and social security45€4.1m-€4.4m€10.3m€9.5m€5.7m€5.1m▼ 10.9%
Taxes450/3€0.07m-€0.4m€5.1m€3.8m€0.1m€0.07m▼ 23.1%
Remuneration and social security454/9€4.0m-€4.0m€5.2m€5.7m€5.6m€5.0m▼ 10.7%
Other amounts payable47/48€41.4m-€0.09m€10.1m€19.0m€30.3m€242▼ 100.0%
Accrued charges and deferred income492/3€0.4m-€1.0m€0.3m€0.2m€0.1m€0.5m▲ 316%
Line2018202020212022202320242025Change
Profit (loss) for the period9904€37.0m€1.2m€5.9m€10.9m€14.1m€10.8m€4.4m▼ 59.3%
+ Depreciation and write-downs630€16.1m€13.2m€12.1m€11.6m€13.4m€11.0m€13.2m▲ 20.3%
Operating cash flow (approximation)€53.1m€14.3m€18.0m€22.5m€27.6m€21.8m€17.6m▼ 19.3%
Investment in fixed assets (approximation)---€20.7m-€22.6m-€15.1m-€13.9m-€10.7m▲ 23.0%
Change in cash--€0.03m-€0.06m€0.09m-€0.07m€0.01m-

A Belgian filing has no cash-flow statement. These rows are therefore an approximation, derived from the income statement and the balance-sheet moves.

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31-12-2025 full format 12-06-2026 2026-00169889 NBB
31-12-2024 full format 10-07-2025 2025-00273059 PDF
31-12-2023 full format 17-11-2025 2025-00568719 PDF
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31-12-2018 full format 09-08-2019 2019-45400415 PDF
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