CEBEO
ActiveFinancials · financial year 2025, full format
Annual accounts 2025 filed on 18-06-2026 at the NBB all 55 filings
Turnover
€773.0m▲ 3.8%
2024 · €744.7m
EBIT margin
4.8%▲ 1.2pp
2024 · 3.6%
Net result
€29.0m▲ 34.9%
2024 · €21.5m
Working capital
€142.5m▲ 10.2%
2024 · €129.3m
In the rankings
#1 employer in Waregem, Wholesale and retail trade sector#1 company by total assets in Waregem, Wholesale and retail trade sector#1 company by equity in Waregem, Wholesale and retail trade sector
Trend over the years
2021 to 2025, 5 financial years 2018 to 2025, 8 financial years
The operating result for 2025 is 38% higher than in 2024. It is a recovery after the fall in 2024.
Turnover€773.0m
2025
Operating result€37.2m
2025
Net result€29.0m
2025
Total assets€368.7m
2025
Equity€244.0m
2025
Debt€124.6m
2025
Working capital€142.5m
2025
EBIT margin4.8%
2025
Return on assets (ROA)7.9%
2025
Solvency66.2%
2025
Current ratio2.14
2025
Staff (FTE)914
2025
Turnover is what the company sold, the result is what was left of it. A loss stands below the zero line.
Assets, equity and debt per financial year.
Above zero, the company can pay its short-term debts with what it holds in the short term.
The EBIT margin is the share of each euro of turnover left from operations. The return on assets is what the assets earn.
The higher the solvency, the better the company absorbs a setback.
A ratio above 1 means the short-term assets cover the short-term debts.
Average staff per financial year, in full-time equivalents (FTE).
Use the arrow keys on the chart for the figures per year.
The sector band is the middle half of the companies in Wholesale trade (NACE 46). 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
Line20182019202020212022202320242025
Turnover€574.2m-€599.7m▲ 4.4%€610.3m▲ 1.8%€682.0m▲ 11.7%€798.9m▲ 17.1%€877.2m▲ 9.8%€744.7m▼ 15.1%€773.0m▲ 3.8%
Operating result€31.7m-€36.3m▲ 14.5%€31.6m▼ 13.0%€44.0m▲ 39.5%€62.5m▲ 41.9%€61.5m▼ 1.5%€26.9m▼ 56.2%€37.2m▲ 38.1%
Net result€23.2m-€25.9m▲ 11.5%€25.0mabove the sector's middle half▼ 3.6%€34.6mabove the sector's middle half▲ 38.3%€48.5mabove the sector's middle half▲ 40.3%€47.4mabove the sector's middle half▼ 2.2%€21.5mabove the sector's middle half▼ 54.6%€29.0mabove the sector's middle half▲ 34.9%
EBIT margin5.5%-6.0%▲ 0.5pp5.2%▼ 0.9pp6.5%▲ 1.3pp7.8%▲ 1.4pp7.0%▼ 0.8pp3.6%▼ 3.4pp4.8%▲ 1.2pp
Equity€107.2m-€117.2m▲ 9.2%€142.1mabove the sector's middle half▲ 21.3%€157.7mabove the sector's middle half▲ 10.9%€186.1mabove the sector's middle half▲ 18.0%€233.5mabove the sector's middle half▲ 25.5%€235.0mabove the sector's middle half▲ 0.6%€244.0mabove the sector's middle half▲ 3.8%
Total assets€227.9m-€240.1m▲ 5.4%€270.6mabove the sector's middle half▲ 12.7%€288.3mabove the sector's middle half▲ 6.5%€337.8mabove the sector's middle half▲ 17.2%€388.7mabove the sector's middle half▲ 15.1%€358.5mabove the sector's middle half▼ 7.8%€368.7mabove the sector's middle half▲ 2.9%
Debt€120.3m-€122.6m▲ 1.9%€128.2m▲ 4.6%€130.4m▲ 1.7%€150.0m▲ 15.1%€153.9m▲ 2.6%€123.3m▼ 19.9%€124.6m▲ 1.1%
Working capital€85.0m-€95.4m▲ 12.3%€120.6mabove the sector's middle half▲ 26.3%€123.2mabove the sector's middle half▲ 2.2%€116.9mabove the sector's middle half▼ 5.1%€128.7mabove the sector's middle half▲ 10.1%€129.3mabove the sector's middle half▲ 0.5%€142.5mabove the sector's middle half▲ 10.2%
Solvency47.1%-48.8%▲ 1.7pp52.5%within the sector's middle half▲ 3.7pp54.7%within the sector's middle half▲ 2.2pp55.1%within the sector's middle half▲ 0.4pp60.1%within the sector's middle half▲ 5.0pp65.5%above the sector's middle half▲ 5.5pp66.2%within the sector's middle half▲ 0.6pp
Current ratio1.71-1.78▲ 0.071.94within the sector's middle half▲ 0.161.94within the sector's middle half=1.78within the sector's middle half▼ 0.161.84within the sector's middle half▲ 0.062.05within the sector's middle half▲ 0.212.14within the sector's middle half▲ 0.09
Return on assets (ROA)10.2%-10.8%▲ 0.6pp9.2%within the sector's middle half▼ 1.6pp12.0%above the sector's middle half▲ 2.8pp14.4%above the sector's middle half▲ 2.4pp12.2%above the sector's middle half▼ 2.2pp6.0%within the sector's middle half▼ 6.2pp7.9%within the sector's middle half▲ 1.9pp
Staff (FTE)903.6-871.1▼ 3.6%896above the sector's middle half▲ 2.9%932.1above the sector's middle half▲ 4.0%931.4above the sector's middle half▼ 0.1%943.4above the sector's middle half▲ 1.3%943.4above the sector's middle half=914above the sector's middle half▼ 3.1%
above
within
below
The sector band is the middle half of the companies in Wholesale trade (NACE 46). 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 €368.7m
Fixed assets
€101.7m ▼ 4.1%
Current assets
€267.1m ▲ 5.8%
Equity and liabilities €368.7m
Equity
€244.0m ▲ 3.8%
Provisions
€140,044 ▼ 38.7%
Debt
€124.6m ▲ 1.1%
Debt's share of the balance-sheet total falls from 34.4% to 33.8%. Equity and debt are higher.
Key figures and ratios
EBITDA
€47.8m▲
2024 · €37.0m
Cash flow
€39.6m▲
2024 · €31.6m
Quick ratio
1.48▲
2024 · 1.35
Debt to equity
0.51▼
2024 · 0.52
ROE
11.9%▲
2024 · 9.2%
Interest coverage
68.56▼
2024 · 79.45
Debt ≤ 1 year
€124.6m▲
2024 · €123.3m
Income taxes
€10.0m▲
2024 · €7.9m
Customer credit
68 days▼
2024 · 70 days
Supplier credit
64 days▼
2024 · 66 days
Staff costs
€73.7m▲
2024 · €71.7m
Green means a favourable move, even when the figure itself falls, as with debt or debt to equity.
Staff
| Item | 31-12-2021 | 31-12-2022 | 31-12-2023 | 31-12-2024 | 31-12-2025 |
|---|---|---|---|---|---|
| Employees at the balance-sheet date | 960 | 963 | 969 | 969 | 938 |
| full-time | 833 | 821 | 829 | 827 | 781 |
| part-time | 127 | 142 | 140 | 142 | 157 |
| in full-time equivalents | 932.1 | 930.5 | 935.9 | 935.9 | 902.9 |
| Average over the year, in full-time equivalents | 900.9 | 924.4 | 943.4 | 936.9 | 914 |
| On a permanent contract | 960 | 963 | 969 | 969 | 938 |
| Joined | 161 | 126 | 117 | 104 | 85 |
| Left | 122 | 123 | 111 | 104 | 116 |
| Agency workers, average number | 107.5 | 100.5 | 116.7 | 137.5 | 85.2 |
| Training hours | 11,233 | 14,182 | 16,317 | 19,532 | 20,461 |
Source: social balance sheet in the 2021 to 2025 annual accounts
Investments
| Item | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Tangible fixed assets | €13.9m | €39.3m | €40.7m | €4.5m | €3.7m |
| Intangible fixed assets | €5.7m | €4.3m | €1.5m | €5.3m | €2.7m |
| Depreciation and write-downs of the year | €6.3m | €6.6m | €6.9m | €10.1m | €10.6m |
Source: notes to the 2021 to 2025 annual accounts (statement of fixed assets)
Auditor
The auditor is Forvis Mazars Réviseurs d’Entreprises.
| Item | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Fee for the audit | €36,320 | €41,619 | €44,094 | €44,359 | €46,178 |
| Other work by the auditor | €25,750 | - | - | €36,500 | €10,000 |
| Work by persons linked to the auditor | €350 | - | - | - | €18,500 |
Source: notes to the 2021 to 2025 annual accounts (relations with the auditor)
Subsidies and aid
Flemish government
2022 to 2025 · 8 entries · €70,478 awarded · €70,478 paid| Year | Entries | Awarded | Paid |
|---|---|---|---|
| 2025 | 3 | €11,365 | €11,365 |
| 2024 | 2 | €21,574 | €21,574 |
| 2023 | 2 | €19,817 | €19,817 |
| 2022 | 1 | €17,722 | €17,722 |
Public contracts
24 awards · 2017 to 2026
Achats de matériels électriques divers: MF/6100/FEL/11bis - 1
Marché public de fournitures portant sur la conclusion d’un accord-cadre pour l’achat de matériel de sécurité physique et électronique: BZAE/P&O5.1/GRA/2024/Mat_Stit - 8
Marché public de fournitures portant sur la conclusion d’un accord-cadre pour l’achat de matériel de sécurité physique et électronique: BZAE/P&O5.1/GRA/2024/Mat_Stit - 9
Raamovereenkomst met meerdere deelnemers voor het leveren van elektrisch materiaal: AP/OP/2025-028 - 1
Marché conjoint Ville de Mons - CPAS: Fourniture de matériel électrique: Lot 1 Matériel d'installation
Show 19 more contracts
Marché conjoint Ville de Mons - CPAS: Fourniture de matériel électrique: Lot 2 : éclairages
Marché conjoint Ville de Mons - CPAS: Fourniture de matériel électrique: Lot 3 : Matériels HVAC
Marché conjoint Ville de Mons - CPAS: Fourniture de matériel électrique: Lot 4 : Luminaires
Marché conjoint Ville de Mons - CPAS: Fourniture de matériel électrique: Lot 5 : Matériels divers
Raamcontract: leveren elektrisch materiaal
Raamcontract voor de aankoop van elektrotechnisch materiaal en huishoudtoestellen 2025 - 2029: ELEKTROTECHNISCH MATERIAAL
Raamovereenkomst voor de levering van materiaal voor elektrische installaties
Draden en installatiekabels: FLU23L035 - Draden en installatiekabels
Raamovereenkomst voor het leveren van elektrisch installatiemateriaal en lampen: GAC_2023_02760 - 1
QMMO24-2884 - Raamovereenkomst voor de levering van batterijen voor de vzw Associatie KU Leuven, Centrum voor Levende Talen en UZ Leuven - Kandidaatstelling: QMMO24-2884 - 1
Marchandises pour les travaux d'aménagement d'un internat au bâtiment sis rue de la Rouge Croix 92 (2): Ventilation
Groepsaankoop raamovereenkomst voor het leveren van klein elektrisch materiaal
Raamovereenkomst voor de levering van elektrisch materiaal: 2023/707/INK/CC/EJ - 1
Raamovereenkomst voor elektrisch materiaal op afroep: AZT-2023-187 - 1
Elektrisch materiaal op afroep
** GEGUNDE OPDRACHT ** Raamovereenkomst voor het leveren van elektrisch materiaal en elektr(on)ische apparaten: Raamovereenkomst voor het leveren van elektrisch materiaal en elektr(on)ische apparaten
Acquisition de petit outillage: Outillage électriciens et pinces
Acquisition de petit outillage: Outillage menuiserie
Levering van gereedschappen en toebehoren aan de diensten van de VDAB
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.
Comparable companies
These companies have the same main activity as CEBEO: wholesale of electrical equipment, including installation materials (NACE 46643). They are comparable in size and age: total assets between €118m and €490m, founded between 1919 and 1993.
| Company | Founded | Total assets | Equity | Turnover | Net result | FTE | Financial year |
|---|---|---|---|---|---|---|---|
| CEBEO Waregem | 1963 | €368.7m | €244.0m | €773.0m | €29.0m | 914 | 2025 |
| REXEL BELGIUM Asse | 1989 | €197.5m | €104.5m | €644.6m | €37.7m | 773.8 | 2025 |
| NTT Belgium Machelen (Brab.) | 1984 | €254.7m | €11.8m | €422.6m | -€2.2m | 422.5 | 2026 |
| SOLAR TURBINES EUROPE Braine-l'Alleud | 1989 | €394.8m | €79.3m | €514.7m | €21.5m | 349 | 2025 |
| Schneider Electric Ukkel | 1993 | €118.2m | €4.6m | €276.7m | €18.5m | 486.7 | 2025 |
| ERICSSON Machelen (Brab.) | 1974 | €127.8m | €6.4m | €204.8m | €4.2m | 215 | 2025 |
| SIGNIFY BELGIUM Asse | 1919 | €489.7m | €422.1m | €128.7m | -€5.8m | 448.1 | 2025 |
They were chosen from the 944 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 observationIn July 2024, 321 companies had the same profile as CEBEO has now. Two years later, 0.0% had gone bankrupt and 97.5% were still going.
- Large
- 20 years or older
- solvency 30% or more
- a profit of 5% of the balance sheet or more
0.0%
went bankrupt
2.5%
stopped otherwise
97.5%
was still going
That fits the bankruptcy probability of CEBEO itself: 0.1% 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.
| 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 321 companies, not a prediction for CEBEO. 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.
Annual accounts
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Operating income70/76A | - | - | - | €684.8m | €803.9m | €880.4m | €752.8m | €779.2m | ▲ 3.5% |
| Turnover70 | €574.2m | €599.7m | €610.3m | €682.0m | €798.9m | €877.2m | €744.7m | €773.0m | ▲ 3.8% |
| Change in stocks of work in progress, finished goods and contracts in progress71 | - | - | - | - | €0.5m | €0.02m | -€0.03m | -€0.2m | ▼ 445% |
| Other operating income74 | - | - | - | €2.6m | €4.4m | €3.2m | €5.3m | €5.9m | ▲ 10.0% |
| Non-recurring operating income76A | - | - | - | €0.3m | €0.2m | €0.06m | €2.8m | €0.5m | ▼ 80.3% |
| Operating charges60/66A | - | - | - | €640.8m | €741.5m | €818.9m | €725.9m | €742.0m | ▲ 2.2% |
| Goods for resale, raw materials and consumables60 | - | - | - | €518.8m | €607.1m | €663.7m | €566.4m | €588.0m | ▲ 3.8% |
| Purchases600/8 | - | - | - | €529.0m | €618.8m | €685.0m | €551.8m | €583.7m | ▲ 5.8% |
| Change in stocks: decrease (increase)609 | - | - | - | -€10.2m | -€11.7m | -€21.3m | €14.6m | €4.4m | ▼ 70.1% |
| Services and other goods61 | - | - | - | €53.2m | €58.8m | €72.5m | €73.6m | €69.1m | ▼ 6.0% |
| Remuneration, social security and pensions62 | - | - | - | €59.2m | €65.2m | €72.0m | €71.7m | €73.7m | ▲ 2.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €6.3m | €6.5m | €6.3m | €6.3m | €6.6m | €6.9m | €10.1m | €10.6m | ▲ 5.5% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals)631/4 | - | - | - | €1.2m | -€0.6m | €1.0m | €1.9m | -€0.9m | - |
| Provisions for liabilities and charges: additions (uses and reversals)635/8 | - | - | - | -€0.02m | €1.5m | -€0.4m | -€1.0m | -€0.06m | ▲ 93.9% |
| Other operating charges640/8 | - | - | - | €1.6m | €2.0m | €3.1m | €2.2m | €1.5m | ▼ 32.1% |
| Non-recurring operating charges66A | - | - | - | €0.6m | €0.9m | €0.03m | €1.1m | - | - |
| Operating profit (loss)9901 | €31.7m | €36.3m | €31.6m | €44.0m | €62.5m | €61.5m | €26.9m | €37.2m | ▲ 38.1% |
| Financial income75/76B | - | - | - | €5.6m | €5.9m | €7.0m | €5.3m | €4.9m | ▼ 8.9% |
| Recurring financial income75 | €4.6m | €4.7m | €4.9m | €5.6m | €5.9m | €7.0m | €5.3m | €4.9m | ▼ 8.9% |
| Income from financial fixed assets750 | - | - | - | €280 | €280 | - | €280 | €280 | = |
| Income from current assets751 | - | - | - | €0.2m | €0.2m | €0.7m | €0.7m | €0.6m | ▼ 6.1% |
| Other financial income752/9 | - | - | - | €5.4m | €5.7m | €6.3m | €4.6m | €4.2m | ▼ 9.4% |
| Non-recurring financial income76B | - | - | - | €0 | €1 | - | - | - | - |
| Financial charges65/66B | - | - | - | €2.7m | €3.0m | €3.2m | €2.9m | €3.0m | ▲ 5.5% |
| Recurring financial charges65 | €2.2m | €2.3m | €2.4m | €2.7m | €3.0m | €3.2m | €2.9m | €3.0m | ▲ 5.5% |
| Debt charges650 | €0.2m | €0.2m | €0.2m | €0.2m | €0.2m | €0.3m | €0.5m | €0.7m | ▲ 49.7% |
| Other financial charges652/9 | - | - | - | €2.4m | €2.8m | €2.9m | €2.4m | €2.3m | ▼ 3.0% |
| Non-recurring financial charges66B | - | - | - | €0 | - | €361 | - | €155 | - |
| Profit (loss) for the period before taxes9903 | €34.1m | €38.7m | €34.1m | €47.0m | €65.3m | €65.3m | €29.4m | €39.0m | ▲ 32.7% |
| Transfer from deferred taxes780 | - | - | - | €0.07m | €0.1m | €0.03m | €0.03m | €0.03m | ▼ 19.3% |
| Income taxes67/77 | €10.8m | €12.5m | €9.1m | €12.5m | €16.9m | €17.9m | €7.9m | €10.0m | ▲ 26.6% |
| Taxes670/3 | - | - | - | €12.6m | €17.0m | €17.9m | €8.0m | €10.1m | ▲ 26.3% |
| Tax adjustments and reversals of tax provisions77 | - | - | - | €0.09m | €0.03m | - | €0.1m | €0.1m | ▲ 2.9% |
| Profit (loss) for the period9904 | €23.2m | €25.9m | €25.0m | €34.6m | €48.5m | €47.4m | €21.5m | €29.0m | ▲ 34.9% |
| Transfer from tax-exempt reserves789 | - | - | - | €0.002m | - | €0.9m | €2.1m | €2.1m | ▼ 0.9% |
| Transfer to tax-exempt reserves689 | - | - | - | €2.0m | €2.0m | €1.0m | €1.0m | - | - |
| Profit (loss) for the period to be appropriated9905 | €23.2m | €24.3m | €23.0m | €32.6m | €46.5m | €47.3m | €22.6m | €31.1m | ▲ 37.5% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Assets | |||||||||
| Total assets20/58 | €227.9m | €240.1m | €270.6m | €288.3m | €337.8m | €388.7m | €358.5m | €368.7m | ▲ 2.9% |
| Fixed assets21/28 | €22.9m | €22.3m | €22.4m | €34.7m | €71.6m | €106.8m | €106.0m | €101.7m | ▼ 4.1% |
| Intangible fixed assets21 | €10.0m | €9.0m | €8.7m | €11.5m | €11.5m | €9.0m | €14.1m | €13.0m | ▼ 7.8% |
| Tangible fixed assets22/27 | €12.6m | €13.0m | €13.6m | €23.1m | €60.0m | €97.7m | €91.7m | €88.5m | ▼ 3.5% |
| Land and buildings22 | - | - | - | €11.7m | €0.9m | €0.9m | €74.9m | €72.3m | ▼ 3.5% |
| Plant, machinery and equipment23 | - | - | - | €3.2m | €3.1m | €2.9m | €7.2m | €7.0m | ▼ 3.3% |
| Furniture and vehicles24 | - | - | - | €0.8m | €0.9m | €0.9m | €1.1m | €0.7m | ▼ 33.1% |
| Other tangible fixed assets26 | - | - | - | €7.3m | €8.4m | €9.2m | €8.4m | €8.4m | ▼ 0.2% |
| Assets under construction and advance payments27 | - | - | - | - | €46.8m | €83.8m | €0.1m | €0.2m | ▲ 50.0% |
| Financial fixed assets28 | €0.3m | €0.3m | €0.2m | €0.2m | €0.1m | €0.1m | €0.1m | €0.1m | ▼ 1.2% |
| Affiliated companies280/1 | - | - | - | €0.008m | €0.008m | €0.008m | €0.008m | €0.008m | = |
| Participating interests280 | - | - | - | €0.008m | €0.008m | €0.008m | €0.008m | €0.008m | = |
| Other financial fixed assets284/8 | - | - | - | €0.1m | €0.1m | €0.1m | €0.1m | €0.1m | ▼ 1.3% |
| Amounts receivable and cash guarantees285/8 | - | - | - | €0.1m | €0.1m | €0.1m | €0.1m | €0.1m | ▼ 1.3% |
| Current assets29/58 | €205.0m | €217.8m | €248.2m | €253.6m | €266.3m | €281.9m | €252.5m | €267.1m | ▲ 5.8% |
| Stocks and contracts in progress3 | €56.8m | €56.8m | €58.2m | €68.8m | €81.2m | €101.2m | €85.9m | €82.5m | ▼ 4.0% |
| Stocks30/36 | - | - | - | €68.6m | €80.5m | €100.5m | €85.2m | €81.9m | ▼ 3.8% |
| Goods purchased for resale34 | - | - | - | €68.6m | €80.5m | €100.5m | €85.2m | €81.9m | ▼ 3.8% |
| Contracts in progress37 | - | - | - | €0.3m | €0.7m | €0.7m | €0.7m | €0.5m | ▼ 25.7% |
| Amounts receivable within one year40/41 | €143.5m | €158.4m | €189.0m | €182.8m | €183.1m | €177.9m | €165.3m | €182.9m | ▲ 10.6% |
| Trade receivables40 | - | - | - | €145.6m | €168.0m | €165.5m | €143.4m | €144.3m | ▲ 0.6% |
| Other amounts receivable41 | - | - | - | €37.2m | €15.2m | €12.4m | €21.9m | €38.6m | ▲ 76.2% |
| Cash at bank and in hand54/58 | €0.7m | €0.3m | €0.3m | €0.9m | €1.0m | €1.7m | €0.1m | €0.07m | ▼ 48.9% |
| Deferred charges and accrued income490/1 | - | - | - | €1.0m | €0.9m | €1.1m | €1.2m | €1.6m | ▲ 36.8% |
| Equity and liabilities | |||||||||
| Total equity and liabilities10/49 | €227.9m | €240.1m | €270.6m | €288.3m | €337.8m | €388.7m | €358.5m | €368.7m | ▲ 2.9% |
| Equity10/15 | €107.2m | €117.2m | €142.1m | €157.7m | €186.1m | €233.5m | €235.0m | €244.0m | ▲ 3.8% |
| Contributions10/11 | €3.7m | €3.7m | €3.7m | €3.9m | €3.9m | €3.9m | €3.9m | €3.9m | = |
| Capital10 | - | - | - | €3.9m | €3.9m | €3.9m | €3.9m | €3.9m | = |
| Issued capital100 | - | - | - | €3.9m | €3.9m | €3.9m | €3.9m | €3.9m | = |
| Revaluation surpluses12 | - | - | - | €4.8m | €4.8m | €4.8m | €4.8m | €4.8m | = |
| Reserves13 | €4.9m | €6.5m | €8.5m | €12.0m | €13.9m | €13.9m | €14.8m | €14.8m | ▼ 0.5% |
| Non-distributable reserves130/1 | - | - | - | €0.8m | €0.8m | €0.8m | €0.8m | €0.8m | = |
| Legal reserve130 | - | - | - | €0.7m | €0.7m | €0.7m | €0.7m | €0.7m | = |
| Other1319 | - | - | - | €0.02m | €0.02m | €0.02m | €0.02m | €0.02m | = |
| Tax-exempt reserves132 | - | - | - | €6.1m | €8.1m | €8.1m | €7.0m | €5.0m | ▼ 29.5% |
| Distributable reserves133 | - | - | - | €5.1m | €5.1m | €5.1m | €7.1m | €9.1m | ▲ 28.3% |
| Profit (loss) carried forward14 | €93.9m | €102.2m | €125.2m | €137.1m | €163.6m | €210.9m | €211.5m | €220.6m | ▲ 4.3% |
| Provisions and deferred taxes16 | €0.3m | €0.4m | €0.3m | €0.3m | €1.7m | €1.3m | €0.2m | €0.1m | ▼ 38.7% |
| Provisions for liabilities and charges160/5 | - | - | - | €0.003m | €1.5m | €1.1m | €0.06m | - | - |
| Pensions and similar obligations160 | - | - | - | €0.003m | - | - | - | - | - |
| Other liabilities and charges164/5 | - | - | - | - | €1.5m | €1.1m | €0.06m | - | - |
| Deferred taxes168 | - | - | - | €0.3m | €0.2m | €0.2m | €0.2m | €0.1m | ▼ 15.7% |
| Amounts payable17/49 | €120.3m | €122.6m | €128.2m | €130.4m | €150.0m | €153.9m | €123.3m | €124.6m | ▲ 1.1% |
| Amounts payable after more than one year17 | €0.3m | €0.2m | - | - | - | - | - | - | - |
| Amounts payable within one year42/48 | €120.0m | €122.4m | €127.7m | €130.4m | €149.4m | €153.2m | €123.3m | €124.6m | ▲ 1.1% |
| Trade debts44 | €107.5m | €107.7m | €112.6m | €112.6m | €127.7m | €131.5m | €102.9m | €103.4m | ▲ 0.4% |
| Suppliers440/4 | - | - | - | €112.6m | €127.7m | €131.5m | €102.9m | €103.4m | ▲ 0.4% |
| Taxes, remuneration and social security45 | - | - | - | €17.8m | €21.6m | €20.5m | €18.8m | €19.9m | ▲ 5.9% |
| Taxes450/3 | - | - | - | €5.8m | €7.6m | €6.8m | €6.2m | €6.3m | ▲ 0.7% |
| Remuneration and social security454/9 | - | - | - | €11.9m | €14.1m | €13.6m | €12.6m | €13.6m | ▲ 8.5% |
| Other amounts payable47/48 | - | - | - | - | - | €1.3m | €1.6m | €1.3m | ▼ 15.3% |
| Accrued charges and deferred income492/3 | - | - | - | - | €0.6m | €0.7m | €0.03m | €0.02m | ▼ 22.7% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €23.2m | €25.9m | €25.0m | €34.6m | €48.5m | €47.4m | €21.5m | €29.0m | ▲ 34.9% |
| + Depreciation and write-downs630 | €6.3m | €6.5m | €6.3m | €6.3m | €6.6m | €6.9m | €10.1m | €10.6m | ▲ 5.5% |
| Operating cash flow (approximation) | €29.5m | €32.4m | €31.3m | €40.8m | €55.1m | €54.3m | €31.6m | €39.6m | ▲ 25.5% |
| Investment in fixed assets (approximation) | - | -€5.9m | -€6.4m | -€18.6m | -€43.4m | -€42.2m | -€9.2m | -€6.3m | ▲ 31.7% |
| Change in cash | - | -€0.4m | -€0.08m | €0.6m | €0.1m | €0.6m | -€1.5m | -€0.06m | ▲ 95.9% |
A Belgian filing has no cash-flow statement. These rows are therefore an approximation, derived from the income statement and the balance-sheet moves.
Latest 10 of 55 filings with the National Bank
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-12-2025 | full format | 18-06-2026 | 2026-00200746 | NBB |
| 31-12-2024 | full format | 11-06-2025 | 2025-00155045 | |
| 31-12-2023 | full format | 13-06-2024 | 2024-00146105 | |
| 31-12-2022 | full format | 01-06-2023 | 2023-00107176 | |
| 31-12-2021 | full format | 30-05-2022 | 2022-20047608 | |
| 31-12-2020 | full format | 31-05-2021 | 2021-16500229 | |
| 31-12-2019 | full format | 24-06-2020 | 2020-20000184 | |
| 31-12-2018 | full format | 14-06-2019 | 2019-19500177 | |
| 31-12-2017 | full format | 22-06-2018 | 2018-23000496 | |
| 31-12-2016 | full format | 22-06-2017 | 2017-22800341 |