Cartel (0721.395.532): financials and annual accounts

Cartel

Antwerp ·KBO/BCE: BE 0721.395.532

Line	2026	2025	2024	2023	2022	2021	2020
Balance sheet: assets
Total assets`20/58`	2.1m	1.7m	1.3m	1.3m	931,100	145,580	27,026
Fixed assets`21/28`	60,463	63,326	10,524	11,653	12,781	12,868	10,784
Intangible fixed assets`21`	2,649	2,649	2,649	2,649	2,649	2,649	-
Tangible fixed assets`22/27`	56,614	59,478	6,676	7,804	8,933	10,061	10,625
Plant, machinery and equipment`23`	4,419	5,548	6,676	7,804	8,933	10,061	10,625
Furniture and vehicles`24`	5,609	7,345	-	-	-	-	-
Other tangible fixed assets`26`	46,586	46,586	-	-	-	-	-
Financial fixed assets`28`	1,200	1,200	1,200	1,200	1,200	159	159
Current assets`29/58`	2.0m	1.6m	1.2m	1.3m	918,319	132,711	16,242
Amounts receivable after more than one year`29`	235,314	235,314	238,993	365,300	192,182	-	-
Trade receivables`290`	-	-	-	149,146	65,000	-	-
Other amounts receivable`291`	235,314	235,314	238,993	216,154	127,182	-	-
Stocks and contracts in progress`3`	-	0	35,421	35,421	6,938	-	-
Stocks`30/36`	-	0	35,421	35,421	6,938	-	-
Amounts receivable within one year`40/41`	1.7m	1.2m	659,948	743,273	582,237	105,625	7,558
Trade receivables`40`	1.0m	801,456	400,235	533,700	294,590	61,315	5,324
Other amounts receivable`41`	658,434	412,398	259,713	209,573	287,647	44,310	2,234
Cash at bank and in hand`54/58`	53,886	141,384	314,382	113,746	136,811	27,086	8,366
Deferred charges and accrued income`490/1`	1,902	628	-	258	151	-	318
Balance sheet: equity and liabilities
Total equity and liabilities`10/49`	2.1m	1.7m	1.3m	1.3m	931,100	145,580	27,026
Equity`10/15`	1.6m	998,156	296,999	148,938	77,091	11,722	18,748
Contributions`10/11`	18,600	18,600	18,600	18,600	18,600	18,600	18,600
Capital`10`	-	-	18,600	18,600	18,600	-	-
Issued capital`100`	-	-	18,600	18,600	18,600	18,600	18,600
Reserves`13`	1.6m	703,017	1,860	1,860	1,860	7	7
Non-distributable reserves`130/1`	-	0	1,860	1,860	1,860	7	-
Legal reserve`130`	-	-	1,860	1,860	1,860	7	7
Reserves not available under the articles`1311`	-	0	-	-	-	-	-
Tax-exempt reserves`132`	105,250	-	-	-	-	-	-
Distributable reserves`133`	1.5m	703,017	-	-	-	-	-
Profit (loss) carried forward`14`	0	276,539	276,539	128,478	56,631	-6,885	141
Amounts payable`17/49`	443,733	656,350	962,270	1.1m	854,009	133,858	8,278
Amounts payable after more than one year`17`	-	-	-	-	-	65,000	-
Other amounts payable`178/9`	-	-	-	-	-	65,000	-
Amounts payable within one year`42/48`	407,973	631,387	885,426	1.1m	854,009	68,540	8,278
Current portion of amounts payable after more than one year`42`	76,844	-	-	-	-	-	-
Trade debts`44`	80,145	89,500	50,160	339,168	245,260	26,368	6,976
Suppliers`440/4`	80,145	89,500	50,160	339,168	245,260	26,368	6,976
Taxes, remuneration and social security`45`	75,502	367,652	89,509	34,534	32,455	18	1,302
Taxes`450/3`	69,991	362,217	80,780	29,797	26,130	18	1,302
Remuneration and social security`454/9`	5,512	5,436	8,729	4,737	6,325	-	-
Other amounts payable`47/48`	175,482	174,235	745,757	747,011	576,294	42,154	-
Accrued charges and deferred income`492/3`	35,761	24,962	76,844	-	-	318	-
Income statement
Gross operating margin`9900`	943,656	1.1m	244,032	149,328	111,717	-5,364	908
Remuneration, social security and pensions`62`	35,651	29,426	40,001	44,682	28,519	-	-
Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets`630`	2,863	2,459	1,128	1,128	1,128	564	658
Write-downs on stocks, contracts in progress and trade receivables: additions (reversals)`631/4`	-	-	-	-2,000	2,000	-	-
Other operating charges`640/8`	1,140	1,194	930	886	449	100	-
Operating profit (loss)`9901`	904,001	1.1m	201,971	104,632	79,621	-6,029	250
Financial income`75/76B`	108	4,984	2,310	196	8,982	3	-
Recurring financial income`75`	108	4,984	2,310	196	2,891	3	-
Non-recurring financial income`76B`	-	-	-	-	6,091	-	-
Financial charges`65/66B`	12,835	28,674	6,220	5,446	953	1,001	40
Recurring financial charges`65`	12,835	28,674	6,220	5,446	953	1,001	40
Profit (loss) for the period before taxes`9903`	891,273	1.1m	198,061	99,382	87,650	-7,026	210
Income taxes`67/77`	274,496	366,212	50,000	27,535	22,282	-	62
Profit (loss) for the period`9904`	616,778	701,157	148,061	71,847	65,369	-7,026	148
Transfer to tax-exempt reserves`689`	105,250	-	-	-	-	-	-
Profit (loss) for the period to be appropriated`9905`	511,528	701,157	148,061	71,847	65,369	-7,026	148
Appropriation of the result
Profit (loss) to be appropriated`9906`	788,067	977,696	276,539	128,478	58,483	-6,885	148
Profit (loss) brought forward from the previous period`14P`	276,539	276,539	128,478	56,631	-6,885	-	-
Transfer to equity`691/2`	788,067	701,157	-	-	1,853	-	7
To the legal reserve`6920`	-	-	-	-	1,853	-	7
To other reserves`6921`	788,067	701,157	-	-	-	-	-
Social balance sheet
Average staff (FTE)`9087`	1	0.9	-	-	-	-	-
Hours worked`1013`	1,721	1,674	-	-	-	-	-
Document	PDF	PDF	PDF	PDF	PDF	PDF	PDF

Financial year	Type	Filed	Reference	Document
31-03-2026	abbreviated format	30-10-2026	2026-00600825	PDF
31-03-2025	abbreviated format	31-10-2025	2025-00558714	PDF
31-03-2024	micro format	02-01-2025	2025-00629869	PDF
31-03-2023	micro format	21-09-2023	2023-00451795	PDF
31-03-2022	micro format	02-11-2022	2022-20484304	PDF
31-03-2021	micro format	21-10-2021	2021-72600183	PDF
31-03-2020	micro format	13-10-2020	2020-61300301	PDF

Line	2026	2025	2024	2023	2022	2021	2020
EBITDA	906,864	1.1m	203,100	105,760	80,749	-5,464	908
Cash flow	619,641	703,616	149,189	72,975	66,497	-6,462	806
Investment in fixed assets (approximation)	0	55,261	0	0	1,200	2,658	11,433
Change in cash	-87,499	-172,998	200,636	-23,065	109,725	18,720	-
Working capital	1.6m	959,792	363,318	137,285	64,310	64,172	7,964
Solvency	78.4%	60.3%	23.6%	11.7%	8.3%	8.1%	69.4%
Current ratio	4.90	2.52	1.41	1.12	1.08	1.94	1.96
Quick ratio	4.90	2.52	1.37	1.09	1.07	1.94	1.96
Debt to equity	0.27	0.66	3.24	7.52	11.08	11.42	0.44
ROE	38.2%	70.2%	49.9%	48.2%	84.8%	-59.9%	0.8%
ROA	30.0%	42.4%	11.8%	5.7%	7.0%	-4.8%	0.5%
Interest coverage	70.65	38.14	32.65	19.42	84.75	-	-

Item	31-03-2026	31-03-2025
Employees at the balance-sheet date	1	1
full-time	1	1
part-time	0	0
in full-time equivalents	1	1
Average over the year, in full-time equivalents	1	0.9
On a permanent contract	1	1
Joined	0	1
Left	0	0
Training hours	0	-

Item	31-03-2025	31-03-2024	31-03-2023	31-03-2022
Tangible fixed assets	€55,261	-	-	-
Financial fixed assets	-	-	-	€1,200
Depreciation and write-downs of the year	€2,459	€1,128	€1,128	€1,128

Cartel

Annual accounts 2026

Balance sheet

Change in equityin €m

Change in cashin euro

Position in the sector

Solvency78.4%

Current ratio4.90

Return on assets30.0%

Staff

Staff cost per FTE€35,651

Joined and left+0

Filed annual accounts

Filings

Key figures and ratios

Social balance sheet

Investments

Insights on Cartel

Next steps