CEFAC (0426.702.703): financials and annual accounts

CEFAC

Blegny ·KBO/BCE: BE 0426.702.703

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`	989,072	1.1m	1.2m	1.1m	1.0m	940,630	815,555	660,967	566,074	462,923	372,856	349,615	266,632	258,816	398,689	363,989	207,943	143,408	154,782	83,232
Fixed assets`21/28`	495,082	34,996	47,553	77,790	94,818	88,115	22,432	36,732	74,528	120,425	149,154	155,654	53,863	18,433	26,364	39,966	46,050	53,526	104,002	54,530
Intangible fixed assets`21`	186	745	1,547	2,458	3,370	2,849	440	-	1,424	2,848	4,272	5,696	-	-	-	-	18	135	-	-
Tangible fixed assets`22/27`	491,389	30,764	42,533	71,860	87,979	81,744	18,470	33,211	69,586	114,061	141,520	146,596	53,343	17,923	25,855	39,456	45,522	49,882	34,476	-
Land and buildings`22`	465,323	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Furniture and vehicles`24`	26,067	26,491	37,653	66,903	84,834	75,153	8,607	14,225	43,134	72,604	89,912	95,991	13,382	11,194	16,547	31,557	41,204	47,889	34,476	-
Other tangible fixed assets`26`	-	4,273	4,880	4,957	3,145	6,592	9,863	18,987	26,452	41,457	51,607	50,605	39,961	6,729	9,308	7,899	4,318	1,993	-	-
Financial fixed assets`28`	3,507	3,487	3,474	3,472	3,469	3,521	3,521	3,521	3,518	3,516	3,362	3,362	520	510	510	510	510	3,510	69,526	54,530
Current assets`29/58`	493,989	1.1m	1.2m	991,235	914,750	852,515	793,123	624,235	491,546	342,499	223,702	193,961	212,770	240,383	372,324	324,023	161,893	89,882	50,779	28,702
Amounts receivable within one year`40/41`	372,866	447,097	292,973	211,109	360,721	303,466	224,319	216,949	179,244	153,404	124,377	110,426	147,473	180,762	204,574	218,613	69,902	60,720	4,375	22,259
Trade receivables`40`	327,820	267,829	257,635	166,242	285,905	233,534	178,758	179,134	154,289	125,794	124,002	97,452	94,292	122,815	102,940	105,732	57,656	52,050	235	9,139
Other amounts receivable`41`	45,046	179,268	35,337	44,867	74,816	69,932	45,560	37,815	24,955	27,610	375	12,974	53,181	57,947	101,633	112,881	12,246	8,671	4,140	13,120
Current investments`50/53`	-	-	-	-	-	-	-	-	-	-	-	-	-	-	2	2	2	135	-	-
Cash at bank and in hand`54/58`	101,326	628,376	847,322	768,932	542,825	536,915	560,049	397,061	300,732	178,379	90,220	75,025	58,165	49,112	158,562	94,827	83,461	19,587	44,149	6,443
Deferred charges and accrued income`490/1`	19,798	15,789	16,872	11,194	11,204	12,135	8,755	10,224	11,570	10,716	9,105	8,510	7,131	10,509	9,187	10,581	8,528	9,439	2,255	-
Balance sheet: equity and liabilities
Total equity and liabilities`10/49`	989,072	1.1m	1.2m	1.1m	1.0m	940,630	815,555	660,967	566,074	462,923	372,856	349,615	266,632	258,816	398,689	363,989	207,943	143,408	154,782	83,232
Equity`10/15`	730,656	939,642	1.1m	960,519	872,285	714,280	714,964	569,095	442,762	312,865	204,101	139,072	106,588	68,619	23,094	71,854	62,556	160	-33,853	-22,427
Contributions`10/11`	61,808	61,808	61,808	61,808	61,808	61,808	61,808	61,808	61,808	61,808	61,808	61,808	61,808	18,550	18,550	18,550	18,550	18,550	62,000	62,000
Capital`10`	61,808	61,808	61,808	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Issued capital`100`	61,808	61,808	61,808	-	-	-	61,808	61,808	61,808	61,808	61,808	61,808	61,808	18,550	18,550	18,550	18,550	18,550	62,000	62,000
Reserves`13`	6,181	248,809	375,509	375,509	375,509	375,509	376,194	230,325	103,992	103,947	103,895	38,865	6,381	50,069	1,954	51,906	1,855	906	53,992	53,992
Non-distributable reserves`130/1`	6,181	6,181	6,181	6,181	6,181	6,181	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Legal reserve`130`	6,181	6,181	6,181	-	-	-	6,181	6,181	6,181	6,181	6,181	6,181	6,181	1,855	1,855	1,855	1,855	906	906	906
Reserves not available under the articles`1311`	-	-	-	6,181	6,181	6,181	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Tax-exempt reserves`132`	-	486	486	486	486	486	486	446	408	364	311	253	200	149	99	51	-	-	53,085	53,085
Distributable reserves`133`	-	242,143	368,843	368,843	368,843	368,843	369,527	223,698	97,403	97,403	97,403	32,432	-	48,065	-	50,000	-	-	-	-
Profit (loss) carried forward`14`	662,667	629,024	616,495	523,201	434,967	276,962	276,962	276,962	276,962	147,109	38,398	38,398	38,398	-	2,590	1,398	42,151	-19,297	-149,845	-138,419
Provisions and deferred taxes`16`	-	-	-	-	-	-	-	-	1,165	7,370	3,000	8,700	-	675	170,000	180,910	7,434	-	27,335	27,335
Provisions for liabilities and charges`160/5`	-	-	-	-	-	-	-	-	1,165	7,370	3,000	8,700	-	675	170,000	180,910	7,434	-	-	-
Other liabilities and charges`164/5`	-	-	-	-	-	-	-	-	1,165	7,370	-	-	-	-	-	-	-	-	-	-
Deferred taxes`168`	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	27,335	27,335
Amounts payable`17/49`	258,415	186,618	150,907	108,507	137,284	226,351	100,591	91,872	122,147	142,689	165,754	201,843	160,045	189,522	205,594	111,225	137,952	143,249	161,300	78,324
Amounts payable after more than one year`17`	-	-	-	-	-	-	-	-	4,027	22,322	41,061	59,442	-	-	-	687	7,738	17,391	-	-
Financial debts`170/4`	-	-	-	-	-	-	-	-	4,027	22,322	41,061	59,442	-	-	-	687	7,738	17,391	-	-
Amounts payable within one year`42/48`	258,415	186,618	150,907	108,507	137,284	226,351	94,278	85,777	98,908	88,967	106,410	136,305	155,295	189,193	205,594	110,538	130,214	125,858	161,300	78,324
Current portion of amounts payable after more than one year`42`	-	-	-	-	-	-	-	3,219	18,295	18,739	18,382	18,031	-	-	687	7,051	8,878	9,465	-	-
Trade debts`44`	169,304	89,433	79,619	44,279	81,279	44,166	19,802	26,675	6,808	16,994	13,203	19,416	20,155	53,718	43,261	63,812	74,633	71,107	1,388	51
Suppliers`440/4`	169,304	89,433	79,619	44,279	81,279	44,166	19,802	26,675	6,808	16,994	13,203	19,416	20,155	53,718	43,261	63,812	74,633	71,107	1,388	51
Advances received on contracts in progress`46`	1,572	2,588	1,379	1,324	872	2,193	1,971	1,227	9,744	980	374	831	1,282	1,424	7,231	17,724	8,920	6,492	-	-
Taxes, remuneration and social security`45`	71,989	78,351	54,843	55,045	51,354	69,702	61,311	46,200	63,607	52,217	71,666	59,732	27,864	26,116	43,442	21,831	37,075	38,794	-	1,380
Taxes`450/3`	22,016	35,393	14,792	17,933	27,363	9,148	11,263	9,624	15,280	16,209	36,357	16,400	8,158	12,324	30,384	10,417	22,100	21,591	-	1,380
Remuneration and social security`454/9`	49,973	42,958	40,051	37,112	23,991	60,555	50,048	36,575	48,327	36,007	35,309	43,332	19,706	13,792	13,058	11,415	14,975	17,203	-	-
Other amounts payable`47/48`	15,551	16,246	15,066	7,859	3,779	110,289	11,194	8,456	454	37	2,785	38,294	105,994	107,935	110,975	120	709	-	159,912	76,894
Accrued charges and deferred income`492/3`	-	-	-	-	-	-	6,313	6,095	19,211	31,399	18,283	6,095	4,750	329	-	-	-	-	-	-
Income statement
Non-recurring operating income`76A`	-	-	-	-	-	-	6,335	-	-	-	91	7,791	47	52	1	1,385	181	17,436	-	712
Gross operating margin`9900`	460,576	445,201	506,079	488,040	578,377	613,736	662,711	600,511	608,208	536,110	482,942	350,189	262,154	262,075	288,434	326,941	302,418	256,930	-1,115	3,349
Remuneration, social security and pensions`62`	399,625	319,316	358,903	310,855	308,758	415,247	387,326	321,746	341,263	286,334	313,731	236,106	155,195	165,985	152,911	139,516	170,741	160,362	-	-
Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets`630`	35,416	19,269	21,213	28,219	28,013	12,218	20,242	44,142	53,796	56,700	52,492	46,970	23,579	16,289	21,888	22,458	20,422	11,661	8,619	-
Write-downs on stocks, contracts in progress and trade receivables: additions (reversals)`631/4`	-13,876	13,689	-58,629	19,112	6,733	25,551	3,437	9,744	1,283	5,454	-3,670	-3,526	10,768	5,978	4,344	-33,082	4,606	-8,342	-	-
Provisions for liabilities and charges: additions (uses and reversals)`635/8`	-	-	-	-	-	-	-	-1,165	-6,206	4,370	-5,700	8,700	-675	675	-10,910	173,476	7,434	-	-	-
Other operating charges`640/8`	3,014	2,922	31,128	2,940	17,326	8,786	1,782	3,450	12,218	9,977	15,888	9,562	8,915	5,444	929	1,495	1,172	3,600	1,628	933
Non-recurring operating charges`66A`	-	-	-	-	-	-	-	-	-	-	123	4	3	300	317	155	431	837	-	5,448
Operating profit (loss)`9901`	36,397	90,005	153,465	126,915	217,547	151,933	249,923	222,594	205,854	173,275	110,201	52,377	64,371	67,706	119,272	23,079	98,041	89,649	-11,361	2,416
Financial income`75/76B`	11,254	8,925	550	71	380	318	93	309	1,278	2,129	1,000	248	718	4,222	2,106	1,322	1,116	464	210	6
Recurring financial income`75`	11,254	8,925	550	71	380	318	93	309	1,278	1,314	1,000	248	718	4,222	2,106	1,322	1,116	464	210	6
Non-recurring financial income`76B`	-	-	-	-	-	-	-	-	-	815	-	-	-	-	-	-	-	-	-	-
Financial charges`65/66B`	3,422	2,578	1,410	-1,453	670	3,254	815	968	1,139	2,415	1,744	1,834	449	677	675	1,010	1,710	2,143	275	445
Recurring financial charges`65`	3,422	2,578	1,410	-1,453	670	3,254	815	968	1,139	2,415	1,744	1,834	449	677	675	1,010	1,710	2,143	275	445
Profit (loss) for the period before taxes`9903`	44,229	96,353	152,606	128,438	217,257	148,997	249,202	221,935	205,993	172,989	109,425	58,577	64,683	71,003	120,386	24,621	97,198	104,568	-11,426	-2,758
Income taxes`67/77`	-8,955	66,132	45,396	39,405	59,252	52,279	93,683	87,645	76,095	64,226	44,395	26,092	21,908	25,479	45,146	15,324	34,801	54,440	-	0
Profit (loss) for the period`9904`	53,184	30,221	107,210	89,034	158,005	96,718	155,519	134,290	129,898	108,763	65,029	32,484	42,775	45,525	75,240	9,298	62,397	77,463	-11,426	-2,759
Transfer from tax-exempt reserves`789`	486	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	53,085	-	-
Transfer to tax-exempt reserves`689`	-	-	-	-	-	-	40	38	45	53	58	53	51	50	48	51	-	-	-	-
Profit (loss) for the period to be appropriated`9905`	53,670	30,221	107,210	89,034	158,005	96,718	155,479	134,252	129,853	108,710	64,971	32,432	42,724	45,475	75,192	9,246	62,397	130,548	-11,426	-2,759
Appropriation of the result
Profit (loss) to be appropriated`9906`	682,694	646,715	630,410	524,001	434,967	373,680	432,441	411,214	276,962	147,109	103,369	70,830	42,724	48,065	76,590	51,398	43,100	-19,297	-149,845	-138,419
Profit (loss) brought forward from the previous period`14P`	629,024	616,495	523,201	434,967	276,962	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Transfer from equity`791/2`	242,143	126,700	-	-	-	97,403	-	-	-	-	-	-	48,065	-	124,000	-	-	-	-	-
Transfer to equity`691/2`	-	-	-	-	-	96,718	145,424	126,295	-	-	64,971	32,432	4,326	48,065	74,000	50,000	949	-	-	-
To the legal reserve`6920`	-	-	-	-	-	-	-	-	-	-	-	-	4,326	-	-	-	949	-	-	-
To other reserves`6921`	-	-	-	-	-	96,718	145,424	126,295	-	-	64,971	32,432	-	48,065	74,000	50,000	-	-	-	-
Profit to be distributed`694/7`	262,169	144,392	13,916	800	-	97,403	10,055	7,957	-	-	-	-	48,065	-	124,000	-	-	-	-	-
Return on contributions (dividend)`694`	246,643	126,700	-	800	-	97,403	-	-	-	-	-	-	48,065	-	-	-	-	-	-	-
Employees`696`	15,527	17,691	13,916	-	-	-	10,055	7,957	-	-	-	-	-	-	-	-	-	-	-	-
Social balance sheet
Average staff (FTE)`9087`	7.6	6.6	7.1	7.6	7.5	8.5	7.7	6.9	6.8	6.3	6.8	4.5	3.1	3.1	2.9	3.1	4.1	4	-	-
Hours worked`1013`	10,469	8,742	9,277	9,667	9,609	12,005	10,768	10,186	10,537	9,571	10,720	7,124	4,872	5,210	4,963	5,327	6,985	7,028	-	-
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Financial year	Type	Filed	Reference	Document
31-12-2025	full format	07-07-2026	2026-00287814	PDF
31-12-2024	full format	28-08-2025	2025-00474812	PDF
31-12-2023	full format	31-07-2024	2024-00326063	PDF
31-12-2022	full format	30-06-2023	2023-00186433	PDF
31-12-2021	full format	31-08-2022	2022-20397416	PDF
31-12-2020	full format	04-12-2021	2021-79500174	PDF
31-12-2019	full format	30-10-2020	2020-66100331	PDF
31-12-2018	full format	30-09-2019	2019-68100164	PDF
31-12-2017	micro format	11-06-2018	2018-17200462	PDF
31-12-2016	micro format	27-04-2017	2017-10400494	PDF
31-12-2015	full format	16-07-2016	2016-32400077	PDF
31-12-2014	full format	20-07-2015	2015-32600037	PDF
31-12-2013	full format	23-07-2014	2014-33600069	PDF
31-12-2012	full format	16-07-2013	2013-32000595	PDF
31-12-2011	full format	30-07-2012	2012-36100277	PDF
31-12-2010	full format	19-07-2011	2011-31700292	PDF
31-12-2009	full format	17-07-2010	2010-34300137	PDF
31-12-2008	full format	31-08-2009	2009-71100006	PDF
31-12-2007	full format	06-05-2008	2008-13200262	PDF
31-12-2006	full format	09-07-2007	2007-38600138	PDF
31-12-2005	full format	07-07-2006	2006-43404154	PDF
31-12-2004	full format	11-07-2005	2005-46102897	PDF
31-12-2003	full format	19-07-2004	2004-48103363	PDF
31-12-2002	full format	31-07-2003	2003-58701322	PDF
31-12-2001	full format	24-07-2002	2002-41503306	PDF
31-12-2000	full format	21-06-2001	2001-24804733	PDF
31-12-1999	full format	21-06-2001	2001-24804720	PDF
31-12-1998	full format	02-11-1999	1999-56605166	PDF
31-12-1997	full format	28-09-1998	1998-49404810	PDF
31-12-1996	full format	12-09-1997	1997-43402877	PDF
31-12-1995	full format	18-07-1996	1996-35101032	PDF
31-12-1994	full format	11-07-1995	1995-38500376	PDF
31-12-1993	full format	15-07-1994	1994-30502085	PDF
31-12-1992	full format	22-07-1993	1993-28205139	PDF
31-12-1991	full format	19-03-1993	1993-03804012	PDF
31-12-1987	full format	30-12-1991	1991-34304832	PDF
31-12-1986	full format	11-01-1988	1988-00301650	PDF
31-12-1985	full format	11-01-1988	1988-00301641	PDF

Line	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015	2014	2013	2012	2011	2010	2009	2008	2007	2006
EBITDA	71,813	109,275	174,677	155,134	245,561	164,151	270,165	266,736	259,650	229,975	162,693	99,346	87,950	83,994	141,160	45,537	118,464	101,310	-2,742	-
Cash flow	88,600	49,490	128,422	117,253	186,018	108,936	175,760	178,432	183,694	165,463	117,521	79,454	66,355	61,813	97,128	31,755	82,819	89,124	-2,807	-
Investment in fixed assets	487,627	6,712	8,032	11,532	34,769	77,901	5,941	6,346	7,899	29,739	45,992	158,099	59,010	8,357	8,286	16,901	15,946	76,181	58,096	-
Change in cash	-527,051	-218,946	78,390	226,106	5,911	-23,135	162,988	96,329	122,353	88,159	15,195	16,860	9,054	-109,450	63,735	11,366	63,873	-24,562	37,706	-
Working capital	235,574	904,645	1.0m	882,728	777,467	626,165	698,845	538,458	392,637	253,531	117,292	57,656	57,474	51,190	166,730	213,485	31,679	-35,976	-110,521	-49,622
Solvency	73.9%	83.4%	87.5%	89.8%	86.4%	75.9%	87.7%	86.1%	78.2%	67.6%	54.7%	39.8%	40.0%	26.5%	5.8%	19.7%	30.1%	0.1%	-21.9%	-26.9%
Current ratio	1.91	5.85	7.67	9.14	6.66	3.77	8.41	7.28	4.97	3.85	2.10	1.42	1.37	1.27	1.81	2.93	1.24	0.71	0.31	0.37
Debt to equity	0.35	0.20	0.14	0.11	0.16	0.32	0.14	0.16	0.28	0.46	0.81	1.45	1.50	2.76	8.90	1.55	2.21	-	-	-
ROE	7.3%	3.2%	10.2%	9.3%	18.1%	13.5%	21.8%	23.6%	29.3%	34.8%	31.9%	23.4%	40.1%	66.3%	325.8%	12.9%	99.7%	-	-	-
ROA	5.4%	2.7%	8.9%	8.3%	15.7%	10.3%	19.1%	20.3%	22.9%	23.5%	17.4%	9.3%	16.0%	17.6%	18.9%	2.6%	30.0%	54.0%	-7.4%	-3.3%
Interest coverage	20.99	42.39	over 100	-106.78	over 100	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-

Item	31-12-2025	31-12-2024	31-12-2023	31-12-2022	31-12-2021
Employees at the balance-sheet date	9	8	7	9	8
full-time	4	3	3	5	4
part-time	5	5	4	4	4
in full-time equivalents	7.6	6.7	5.9	7.6	6.5
Average over the year, in full-time equivalents	7.6	6.6	7.1	7.6	7.5
On a permanent contract	7	6	6	6	6
Joined	-	2	1	5	-
Left	-	1	3	4	-

Item	2025	2024	2023	2022	2021
Tangible fixed assets	€487,608	€6,699	€8,030	€11,530	€33,522
Intangible fixed assets	-	-	-	-	€1,246
Financial fixed assets	€19	€13	€3	€3	-
Depreciation and write-downs of the year	€35,416	€19,269	€21,213	€28,219	€28,013

CEFAC

Annual accounts 2025

Balance sheet

Change in equityin euro

Change in cashin euro

Position in the sector

Solvency73.9%

Current ratio1.91

Return on assets5.4%

Staff

Staff cost per FTE€52,582

Joined and left

Filed annual accounts

Filings

Key figures and ratios

Social balance sheet

Investments

Insights on CEFAC

Next steps