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COMETSAMBRE

Active
Public limited companyfounded 1988active for 37 yearsRivage de Boubier 25, 6200 Châtelet, BelgiumKBO/BCE: BE 0436.206.426

Financials · financial year 2025, full format

2025 annual accounts filed 41 days after the deadline Filed on 10 September 2026, deadline 31 July 2026 (7 months after the close on 31 December 2025, Companies Code art. 3:10). Source: NBB, 2026-00512604.

Annual accounts 2025 filed on 10-09-2026 at the NBB all 36 filings

Turnover
€247.5m▲ 3.0%
2024 · €240.3m
EBIT margin
-2.7%▼ 2.5pp
2024 · -0.2%
Net result
-€12.4m▼ 1,851%
2024 · -€635,748
Working capital
€13.0m▼ 49.0%
2024 · €25.6m
Trend over the years

2021 to 2025, 5 financial years 2018 to 2025, 8 financial years

The operating result for 2025 is a loss of €6.7m, larger than the loss of €521,972 in 2024. It is the lowest result since 2021.

Turnover€247.5m 2025 Operating result-€6.7m 2025 Net result-€12.4m 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 Waste collection, recovery and disposal activities (NACE 38). 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€168.2m-€167.2m▼ 0.6%€163.8m▼ 2.1%€317.6m▲ 94.0%€284.4m▼ 10.4%€229.2m▼ 19.4%€240.3m▲ 4.8%€247.5m▲ 3.0%
Operating result-€1.2m--€0.5m▲ 61.0%€5.6m€11.4m▲ 102%€2.4m▼ 79.0%€0.5m▼ 79.0%-€0.5m-€6.7m▼ 1,191%
Net result€0.8m-€0.8m▲ 4.7%€0.8mabove the sector's middle half▼ 1.7%€14.3mabove the sector's middle half▲ 17×€0.7mwithin the sector's middle half▼ 94.9%€1.3mabove the sector's middle half▲ 76.4%-€0.6mbelow the sector's middle half-€12.4mbelow the sector's middle half▼ 1,851%
EBIT margin-0.7%--0.3%▲ 0.4pp3.4%▲ 3.7pp3.6%▲ 0.1pp0.8%▼ 2.8pp0.2%▼ 0.6pp-0.2%▼ 0.4pp-2.7%▼ 2.5pp
Equity€29.4m-€30.1m▲ 2.5%€30.9mabove the sector's middle half▲ 2.6%€45.2mabove the sector's middle half▲ 46.1%€40.7mabove the sector's middle half▼ 9.8%€36.8mabove the sector's middle half▼ 9.7%€36.1mabove the sector's middle half▼ 1.9%€23.6mabove the sector's middle half▼ 34.5%
Total assets€52.8m-€56.5m▲ 6.9%€64.7mabove the sector's middle half▲ 14.6%€80.2mabove the sector's middle half▲ 24.0%€130.8mabove the sector's middle half▲ 63.1%€86.1mabove the sector's middle half▼ 34.2%€126.9mabove the sector's middle half▲ 47.3%€91.0mabove the sector's middle half▼ 28.3%
Debt€23.2m-€26.1m▲ 12.6%€31.0m▲ 18.6%€34.3m▲ 10.5%€89.3m▲ 161%€49.1m▼ 45.1%€90.6m▲ 84.5%€67.1m▼ 25.9%
Working capital€20.4m-€19.4m▼ 5.3%€20.9mabove the sector's middle half▲ 7.8%€33.6mabove the sector's middle half▲ 61.1%€35.3mabove the sector's middle half▲ 4.9%€26.2mabove the sector's middle half▼ 25.8%€25.6mabove the sector's middle half▼ 2.3%€13.0mabove the sector's middle half▼ 49.0%
Solvency55.7%-53.4%▼ 2.3pp47.8%within the sector's middle half▼ 5.6pp56.3%within the sector's middle half▲ 8.5pp31.1%within the sector's middle half▼ 25.2pp42.7%within the sector's middle half▲ 11.6pp28.4%within the sector's middle half▼ 14.3pp26.0%within the sector's middle half▼ 2.5pp
Current ratio2.09-1.90▼ 0.181.80within the sector's middle half▼ 0.102.17within the sector's middle half▲ 0.371.47within the sector's middle half▼ 0.701.70within the sector's middle half▲ 0.231.32within the sector's middle half▼ 0.381.23within the sector's middle half▼ 0.10
Return on assets (ROA)1.5%-1.5%=1.3%within the sector's middle half▼ 0.2pp17.9%above the sector's middle half▲ 16.6pp0.6%within the sector's middle half▼ 17.3pp1.5%within the sector's middle half▲ 0.9pp-0.5%within the sector's middle half▼ 2.0pp-13.6%below the sector's middle half▼ 13.1pp
Staff (FTE)66.9-71.5▲ 6.9%69.2above the sector's middle half▼ 3.2%66.9above the sector's middle half▼ 3.3%69.4above the sector's middle half▲ 3.7%73.6above the sector's middle half▲ 6.1%82.6above the sector's middle half▲ 12.2%79.2above the sector's middle half▼ 4.1%
above within below The sector band is the middle half of the companies in Waste collection, recovery and disposal activities (NACE 38). 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 €91.0m
Fixed assets €20.5m ▼ 7.3%
Current assets €70.5m ▼ 32.7%
Equity and liabilities €91.0m
Equity €23.6m ▼ 34.5%
Provisions €197,190 ▼ 10.6%
Debt €67.1m ▼ 25.9%
Debt's share of the balance-sheet total rises from 71.4% to 73.8%. Equity and debt are lower.
Key figures and ratios
2025 value · change against 2024
EBITDA
-€3.0m▼
2024 · €3.2m
Cash flow
-€8.6m▼
2024 · €3.1m
Quick ratio
0.61▲
2024 · 0.54
Debt to equity
2.84▲
2024 · 2.51
ROE
-52.5%▼
2024 · -1.8%
Interest coverage
-1.78▼
2024 · 2.05
Debt ≤ 1 year
€57.5m▼
2024 · €79.2m
Debt > 1 year
€9.5m▼
2024 · €10.9m
Income taxes
€7,392▲
2024 · €7,077
Customer credit
35 days▼
2024 · 39 days
Supplier credit
34 days▼
2024 · 37 days
Staff costs
€6.1m▲
2024 · €5.8m
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 COMETSAMBRE: materials recovery from waste (NACE 38210). They are comparable in size and age: total assets between €43m and €131m, founded between 1963 and 2001.

CompanyFoundedTotal assetsEquityTurnoverNet resultFTEFinancial year
COMETSAMBRE Châtelet1988€91.0m€23.6m€247.5m-€12.4m79.22025
BELGIAN SCRAP TERMINAL Beveren-Kruibeke-Zwijndrecht1986€95.4m€42.7m€321.9m-€7.3m53.52025
CAMPINE RECYCLING Beerse2001€64.6m€35.5m€139.8m€6.8m85.62025
QUATRA Lokeren1998€131.0m€37.1m€296.7m€9.3m35.92025
DERICHEBOURG Belgium Charleroi1963€43.0m€23.3m€127.5m-€0.3m129.32025
Rezinal Heusden-Zolder1974€51.5m€28.5m€80.7m€1.3m612025
ECORE BELGIUM Aubange1993€51.7m€37.2m€90.9m€3.5m35.12025

They were chosen from the 592 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, 1,608 companies had the same profile as COMETSAMBRE has now. Two years later, 4.1% had gone bankrupt and 88.9% were still going.

  • 20 years or older
  • solvency 10 to 30%
  • a loss of 10% of the balance sheet or more
  • without size
4.1% went bankrupt
6.7% stopped otherwise
88.9% was still going

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

That fits the bankruptcy probability of COMETSAMBRE itself: 1.4% 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 1,608 companies, not a prediction for COMETSAMBRE. 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

2 awards · 2026
Valorisation des métaux: 2026/004 - 1
buyer: Intercommunale de gestion environnementaleSewage, refuse, cleaning and environmental servicesawarded 19-05-2026€140,5002 tendersTED 348133-2026
Valorisation des métaux: 2026/004 - 1
buyer: Intercommunale de gestion environnementaleSewage, refuse, cleaning and environmental servicesawarded 19-05-2026€152,5002 tendersTED 348133-2026

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 · 96 lines

Source: Annual accounts 2025 at the NBB, filed on 10-09-2026.

Balance sheet Code20242025
Assets
Total assets20/58€126.9m€91.0m▼
Fixed assets21/28€22.1m€20.5m▼
Intangible fixed assets21€0€0.09m▲
Tangible fixed assets22/27€15.3m€13.7m▼
Land and buildings22€5.1m€4.4m▼
Plant, machinery and equipment23€5.0m€4.9m▼
Furniture and vehicles24€0.2m€0.1m▼
Leasing and similar rights25€4.2m€3.5m▼
Other tangible fixed assets26€0.5m€0.7m▲
Assets under construction and advance payments27€0.3m€0.2m▼
Financial fixed assets28€6.8m€6.7m▼
Affiliated companies280/1€6.7m€6.6m▼
Participating interests280€5.4m€5.4m=
Amounts receivable281€1.3m€1.2m▼
Other financial fixed assets284/8€0.08m€0.08m=
Shares284€0.03m€0.03m=
Amounts receivable and cash guarantees285/8€0.05m€0.05m=
Current assets29/58€104.8m€70.5m▼
Stocks and contracts in progress3€62.3m€35.7m▼
Stocks30/36€62.3m€35.7m▼
Raw materials and consumables30/31€2.2m€0.9m▼
Finished goods33€23.1m€10.7m▼
Goods purchased for resale34€37.0m€24.1m▼
Amounts receivable within one year40/41€27.3m€24.8m▼
Trade receivables40€25.9m€23.9m▼
Other amounts receivable41€1.4m€0.9m▼
Current investments50/53€8.0m€8.0m=
Own shares50€8.0m€8.0m=
Cash at bank and in hand54/58€6.0m€1.6m▼
Deferred charges and accrued income490/1€1.1m€0.4m▼
Equity and liabilities
Total equity and liabilities10/49€126.9m€91.0m▼
Equity10/15€36.1m€23.6m▼
Contributions10/11€9.0m€9.0m=
Capital10€9.0m€9.0m=
Issued capital100€9.0m€9.0m=
Reserves13€27.4m€27.3m▼
Non-distributable reserves130/1€8.9m€8.9m=
Legal reserve130€0.9m€0.9m=
Own shares acquired1312€8.0m€8.0m=
Tax-exempt reserves132€0.7m€0.6m▼
Distributable reserves133€17.8m€17.8m=
Profit (loss) carried forward14-€0.6m-€12.9m▼
Investment grants15€0.3m€0.2m▼
Provisions and deferred taxes16€0.2m€0.2m▼
Deferred taxes168€0.2m€0.2m▼
Amounts payable17/49€90.6m€67.1m▼
Amounts payable after more than one year17€10.9m€9.5m▼
Financial debts170/4€10.9m€9.5m▼
Leasing and similar obligations172€3.0m€2.4m▼
Credit institutions173€8.0m€7.1m▼
Amounts payable within one year42/48€79.2m€57.5m▼
Current portion of amounts payable after more than one year42€3.2m€3.4m▲
Financial debts43€53.4m€33.9m▼
Credit institutions430/8€45.7m€33.9m▼
Other loans439€7.7m-
Trade debts44€21.1m€18.4m▼
Suppliers440/4€21.1m€18.4m▼
Advances received on contracts in progress46€0.2m€0.5m▲
Taxes, remuneration and social security45€1.3m€1.3m▼
Taxes450/3€0.3m€0.4m▲
Remuneration and social security454/9€1.0m€0.9m▼
Accrued charges and deferred income492/3€0.4m€0.2m▼
Income statement Code20242025
Operating income70/76A€256.2m€240.6m▼
Turnover70€240.3m€247.5m▲
Change in stocks of work in progress, finished goods and contracts in progress71€9.7m-€12.4m▼
Other operating income74€6.1m€5.4m▼
Non-recurring operating income76A€0.06m€0.2m▲
Operating charges60/66A€256.7m€247.3m▼
Goods for resale, raw materials and consumables60€208.8m€196.6m▼
Purchases600/8€230.3m€182.4m▼
Change in stocks: decrease (increase)609-€21.6m€14.2m▲
Services and other goods61€38.2m€40.1m▲
Remuneration, social security and pensions62€5.8m€6.1m▲
Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630€3.7m€3.8m▲
Other operating charges640/8€0.2m€0.3m▲
Non-recurring operating charges66A€0.02m€0.4m▲
Operating profit (loss)9901-€0.5m-€6.7m▼
Financial income75/76B€2.5m€3.2m▲
Recurring financial income75€2.5m€3.2m▲
Income from financial fixed assets750€1.1m€1.2m▲
Income from current assets751€278€0.06m▲
Other financial income752/9€1.3m€1.9m▲
Financial charges65/66B€2.6m€8.8m▲
Recurring financial charges65€2.6m€8.8m▲
Debt charges650€1.6m€1.7m▲
Other financial charges652/9€1.0m€7.2m▲
Profit (loss) for the period before taxes9903-€0.7m-€12.4m▼
Transfer from deferred taxes780€0.02m€0.02m▼
Income taxes67/77€0.007m€0.007m▲
Taxes670/3€0.007m€0.007m▲
Profit (loss) for the period9904-€0.6m-€12.4m▼
Transfer from tax-exempt reserves789€0.07m€0.07m▼
Profit (loss) for the period to be appropriated9905-€0.6m-€12.3m▼
Appropriation of the result
Profit (loss) to be appropriated9906-€0.6m-€12.9m▼
Profit (loss) brought forward from the previous period14P--€0.6m
Social balance sheet
Average headcount (FTE)908782.679.2▼

The notes to these accounts have 93 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.

Line20182019202020212022202320242025Change
Operating income70/76A---€321.9m€300.9m€231.6m€256.2m€240.6m▼ 6.1%
Turnover70€168.2m€167.2m€163.8m€317.6m€284.4m€229.2m€240.3m€247.5m▲ 3.0%
Change in stocks of work in progress, finished goods and contracts in progress71---€0.4m€11.9m-€2.3m€9.7m-€12.4m-
Other operating income74---€3.5m€4.5m€4.6m€6.1m€5.4m▼ 12.2%
Non-recurring operating income76A---€0.3m€0.02m€0.03m€0.06m€0.2m▲ 187%
Operating charges60/66A---€310.5m€298.5m€231.1m€256.7m€247.3m▼ 3.6%
Goods for resale, raw materials and consumables60---€263.4m€252.5m€188.1m€208.8m€196.6m▼ 5.8%
Purchases600/8---€267.8m€261.7m€184.6m€230.3m€182.4m▼ 20.8%
Change in stocks: decrease (increase)609----€4.4m-€9.2m€3.5m-€21.6m€14.2m-
Services and other goods61---€39.4m€37.5m€33.7m€38.2m€40.1m▲ 5.1%
Remuneration, social security and pensions62---€4.5m€4.9m€5.5m€5.8m€6.1m▲ 6.4%
Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630€2.1m€2.1m€3.4m€2.8m€3.2m€3.4m€3.7m€3.8m▲ 0.9%
Other operating charges640/8---€0.4m€0.3m€0.3m€0.2m€0.3m▲ 32.6%
Non-recurring operating charges66A---€0.006m€0.08m€0.05m€0.02m€0.4m▲ 22×
Operating profit (loss)9901-€1.2m-€0.5m€5.6m€11.4m€2.4m€0.5m-€0.5m-€6.7m▼ 1,191%
Financial income75/76B---€6.8m€2.5m€1.8m€2.5m€3.2m▲ 27.7%
Recurring financial income75€2.7m€1.7m€0.3m€6.1m€2.5m€1.8m€2.5m€3.2m▲ 27.7%
Income from financial fixed assets750---€0.3m€0.5m€1.2m€1.1m€1.2m▲ 5.0%
Income from current assets751---€0.02m€0.04m€0.04m€278€0.06m▲ 205×
Other financial income752/9---€5.8m€2.0m€0.5m€1.3m€1.9m▲ 42.7%
Non-recurring financial income76B---€0.7m€0.008m----
Financial charges65/66B---€1.5m€4.0m€1.0m€2.6m€8.8m▲ 240%
Recurring financial charges65€0.5m€0.3m€2.1m€1.0m€4.0m€1.5m€2.6m€8.8m▲ 240%
Debt charges650€0.3m€0.2m€0.1m€0.1m€0.4m€1.2m€1.6m€1.7m▲ 5.7%
Write-downs on current assets other than stocks, contracts in progress and trade receivables: additions (reversals)651---€0.7m--€0.5m---
Other financial charges652/9---€0.2m€3.6m€0.8m€1.0m€7.2m▲ 601%
Non-recurring financial charges66B---€0.5m€0.001m-€0.5m---
Profit (loss) for the period before taxes9903€1.0m€0.8m€4.1m€16.7m€0.8m€1.3m-€0.7m-€12.4m▼ 1,804%
Transfer from deferred taxes780---€0.008m€0.01m€0.02m€0.02m€0.02m▼ 0.3%
Transfer to deferred taxes680---€0.07m-----
Income taxes67/77€0.005m€0.008m€3.2m€2.3m€0.1m€0.03m€0.007m€0.007m▲ 4.5%
Taxes670/3---€4.9m€0.1m€0.03m€0.007m€0.007m▲ 4.5%
Tax adjustments and reversals of tax provisions77---€2.6m€0.002m----
Profit (loss) for the period9904€0.8m€0.8m€0.8m€14.3m€0.7m€1.3m-€0.6m-€12.4m▼ 1,851%
Transfer from tax-exempt reserves789---€0.02m€0.03m€0.05m€0.07m€0.07m▼ 0.3%
Transfer to tax-exempt reserves689---€0.2m-----
Profit (loss) for the period to be appropriated9905€0.3m€0.8m€0.7m€14.1m€0.8m€1.3m-€0.6m-€12.3m▼ 2,081%
Line20182019202020212022202320242025Change
Assets
Total assets20/58€52.8m€56.5m€64.7m€80.2m€130.8m€86.1m€126.9m€91.0m▼ 28.3%
Fixed assets21/28€13.5m€15.7m€17.8m€17.9m€21.2m€22.8m€22.1m€20.5m▼ 7.3%
Intangible fixed assets21€0.02m€0.02m€0.01m€0.008m€0.004m€0.001m€0€0.09m-
Tangible fixed assets22/27€10.4m€12.6m€13.4m€13.4m€14.4m€16.0m€15.3m€13.7m▼ 10.4%
Land and buildings22---€6.4m€5.8m€5.8m€5.1m€4.4m▼ 14.0%
Plant, machinery and equipment23---€2.6m€3.1m€4.2m€5.0m€4.9m▼ 2.6%
Furniture and vehicles24---€0.09m€0.09m€0.09m€0.2m€0.1m▼ 25.7%
Leasing and similar rights25---€3.8m€4.5m€5.1m€4.2m€3.5m▼ 16.8%
Other tangible fixed assets26---€0.1m€0.4m€0.6m€0.5m€0.7m▲ 25.6%
Assets under construction and advance payments27---€0.3m€0.5m€0.2m€0.3m€0.2m▼ 41.7%
Financial fixed assets28€3.1m€3.1m€4.3m€4.5m€6.8m€6.8m€6.8m€6.7m▼ 1.7%
Affiliated companies280/1---€4.4m€6.7m€6.7m€6.7m€6.6m▼ 1.7%
Participating interests280---€3.3m€5.4m€5.4m€5.4m€5.4m=
Amounts receivable281---€1.1m€1.3m€1.3m€1.3m€1.2m▼ 8.5%
Other financial fixed assets284/8---€0.06m€0.05m€0.08m€0.08m€0.08m=
Shares284-----€0.03m€0.03m€0.03m=
Amounts receivable and cash guarantees285/8---€0.06m€0.05m€0.05m€0.05m€0.05m=
Current assets29/58€39.3m€40.8m€46.9m€62.4m€109.7m€63.3m€104.8m€70.5m▼ 32.7%
Amounts receivable after more than one year29---€0.2m€0.04m----
Other amounts receivable291---€0.2m€0.04m----
Stocks and contracts in progress3€15.3m€15.9m€10.9m€15.8m€36.9m€31.1m€62.3m€35.7m▼ 42.7%
Stocks30/36---€15.8m€36.9m€31.1m€62.3m€35.7m▼ 42.7%
Raw materials and consumables30/31---€2.0m€2.1m€1.5m€2.2m€0.9m▼ 60.2%
Finished goods33---€3.9m€15.7m€13.4m€23.1m€10.7m▼ 53.8%
Goods purchased for resale34---€9.9m€19.1m€16.1m€37.0m€24.1m▼ 34.7%
Amounts receivable within one year40/41€16.6m€12.0m€9.5m€32.0m€57.9m€21.4m€27.3m€24.8m▼ 9.4%
Trade receivables40---€30.0m€49.5m€19.4m€25.9m€23.9m▼ 7.9%
Other amounts receivable41---€2.0m€8.4m€1.9m€1.4m€0.9m▼ 36.3%
Current investments50/53----€8.0m€8.0m€8.0m€8.0m=
Own shares50----€8.0m€8.0m€8.0m€8.0m=
Cash at bank and in hand54/58€2.8m€7.8m€23.5m€14.3m€6.6m€2.5m€6.0m€1.6m▼ 73.4%
Deferred charges and accrued income490/1---€0.08m€0.3m€0.3m€1.1m€0.4m▼ 62.7%
Equity and liabilities
Total equity and liabilities10/49€52.8m€56.5m€64.7m€80.2m€130.8m€86.1m€126.9m€91.0m▼ 28.3%
Equity10/15€29.4m€30.1m€30.9m€45.2m€40.7m€36.8m€36.1m€23.6m▼ 34.5%
Contributions10/11€9.0m€9.0m€9.0m€9.0m€9.0m€9.0m€9.0m€9.0m=
Capital10---€9.0m€9.0m€9.0m€9.0m€9.0m=
Issued capital100---€9.0m€9.0m€9.0m€9.0m€9.0m=
Reserves13€19.7m€19.7m€19.9m€35.7m€31.3m€27.4m€27.4m€27.3m▼ 0.3%
Non-distributable reserves130/1---€0.9m€8.9m€8.9m€8.9m€8.9m=
Legal reserve130---€0.9m€0.9m€0.9m€0.9m€0.9m=
Own shares acquired1312----€8.0m€8.0m€8.0m€8.0m=
Tax-exempt reserves132---€0.8m€0.8m€0.7m€0.7m€0.6m▼ 10.6%
Distributable reserves133---€34.0m€21.7m€17.8m€17.8m€17.8m=
Profit (loss) carried forward14-€0.8m€1.5m----€0.6m-€12.9m▼ 2,181%
Investment grants15---€0.5m€0.4m€0.3m€0.3m€0.2m▼ 21.7%
Provisions and deferred taxes16€0.2m€0.2m€2.8m€0.8m€0.7m€0.2m€0.2m€0.2m▼ 10.6%
Provisions for liabilities and charges160/5---€0.5m€0.5m----
Other liabilities and charges164/5---€0.5m€0.5m----
Deferred taxes168---€0.3m€0.3m€0.2m€0.2m€0.2m▼ 10.6%
Amounts payable17/49€23.2m€26.1m€31.0m€34.3m€89.3m€49.1m€90.6m€67.1m▼ 25.9%
Amounts payable after more than one year17€4.3m€4.7m€4.8m€4.9m€12.3m€11.7m€10.9m€9.5m▼ 13.0%
Financial debts170/4---€4.9m€12.3m€11.7m€10.9m€9.5m▼ 13.0%
Leasing and similar obligations172---€2.5m€3.0m€3.8m€3.0m€2.4m▼ 19.6%
Credit institutions173---€2.4m€9.2m€7.9m€8.0m€7.1m▼ 10.5%
Amounts payable within one year42/48€18.8m€21.4m€26.1m€28.7m€74.4m€37.2m€79.2m€57.5m▼ 27.5%
Current portion of amounts payable after more than one year42---€1.7m€3.2m€3.0m€3.2m€3.4m▲ 4.4%
Financial debts43----€45.3m€10.6m€53.4m€33.9m▼ 36.5%
Credit institutions430/8----€45.3m€5.6m€45.7m€33.9m▼ 25.8%
Other loans439-----€5.0m€7.7m--
Trade debts44€13.0m€11.7m€16.4m€23.8m€18.9m€17.0m€21.1m€18.4m▼ 12.4%
Suppliers440/4---€23.8m€18.9m€17.0m€21.1m€18.4m▼ 12.4%
Advances received on contracts in progress46------€0.2m€0.5m▲ 127%
Taxes, remuneration and social security45---€3.2m€1.9m€1.3m€1.3m€1.3m▼ 3.0%
Taxes450/3---€2.4m€1.0m€0.5m€0.3m€0.4m▲ 12.8%
Remuneration and social security454/9---€0.8m€0.9m€0.9m€1.0m€0.9m▼ 8.4%
Other amounts payable47/48---€0.05m€5.1m€5.2m---
Accrued charges and deferred income492/3---€0.7m€2.7m€0.2m€0.4m€0.2m▼ 59.4%
Line20182019202020212022202320242025Change
Profit (loss) for the period9904€0.8m€0.8m€0.8m€14.3m€0.7m€1.3m-€0.6m-€12.4m▼ 1,851%
+ Depreciation and write-downs630€2.1m€2.1m€3.4m€2.8m€3.2m€3.4m€3.7m€3.8m▲ 0.9%
Operating cash flow (approximation)€2.9m€3.0m€4.2m€17.1m€4.0m€4.7m€3.1m-€8.6m-
Investment in fixed assets (approximation)--€4.3m-€5.5m-€2.9m-€6.5m-€5.1m-€3.0m-€2.2m▲ 28.9%
Change in cash-€5.0m€15.7m-€9.2m-€7.7m-€4.1m€3.5m-€4.4m-

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 10-09-2026 2026-00512604 NBB
31-12-2024 full format 10-07-2025 2025-00261077 PDF
31-12-2023 full format 16-07-2024 2024-00258694 PDF
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