CORRELATIONS (0463.824.702): financials and annual accounts

CORRELATIONS

Uccle ·KBO/BCE: BE 0463.824.702

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`	327,903	201,170	223,406	146,952	165,457	230,143	261,106	190,711	190,711	215,676	217,903	276,898	216,044	180,107	125,553	124,745	131,552	136,736	116,698	128,137
Formation expenses`20`	0	0	0	0	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Fixed assets`21/28`	43,497	57,454	68,225	10,397	13,194	13,175	14,188	34,653	34,653	45,717	17,432	16,619	6,735	6,230	12,965	21,488	32,411	10,979	11,910	14,720
Intangible fixed assets`21`	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	583
Tangible fixed assets`22/27`	38,398	52,355	63,126	5,298	8,095	8,076	9,474	29,939	29,939	41,003	12,718	11,918	2,065	1,560	8,355	16,883	26,778	5,346	6,305	10,932
Furniture and vehicles`24`	36,898	50,855	61,402	2,313	3,849	2,568	3,605	22,867	22,867	32,490	12,718	11,918	2,065	1,560	8,355	16,883	23,677	1,211	4,613	7,346
Other tangible fixed assets`26`	1,500	1,500	1,724	2,985	4,246	5,508	5,869	7,072	7,072	8,514	-	-	-	-	-	-	3,101	4,135	1,692	-
Assets under construction and advance payments`27`	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	3,586
Financial fixed assets`28`	5,099	5,099	5,099	5,099	5,099	5,099	4,714	4,714	4,714	4,714	4,714	4,701	4,670	4,670	4,610	4,605	5,633	5,633	5,605	3,205
Current assets`29/58`	284,406	143,717	155,182	136,555	152,263	216,968	246,918	156,058	156,058	169,959	200,471	260,279	209,309	173,877	112,588	103,257	99,141	125,757	104,788	113,417
Amounts receivable within one year`40/41`	60,096	42,864	121,872	33,731	69,637	77,831	81,587	137,728	137,728	132,554	119,981	227,763	144,306	110,901	90,908	82,611	71,428	81,056	62,059	99,744
Trade receivables`40`	50,608	37,475	43,465	33,731	63,322	77,831	81,587	128,820	128,820	105,196	90,324	175,910	63,134	105,515	29,083	25,169	31,079	48,833	16,275	24,118
Other amounts receivable`41`	9,488	5,388	78,407	-	6,315	-	-	8,908	8,908	27,358	29,658	51,853	81,172	5,386	61,825	57,441	40,349	32,223	45,784	75,626
Current investments`50/53`	50,000	50,000	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	40,461	33,265	13,673
Cash at bank and in hand`54/58`	174,310	50,853	33,310	101,347	80,559	136,693	164,516	14,895	14,895	36,944	79,442	31,424	64,919	62,976	21,680	20,646	27,713	4,240	9,464	-
Deferred charges and accrued income`490/1`	-	-	-	1,478	2,068	2,443	815	3,435	3,435	461	1,048	1,092	84	-	-	-	-	-	-	-
Balance sheet: equity and liabilities
Total equity and liabilities`10/49`	327,903	201,170	223,406	146,952	165,457	230,143	261,106	190,711	190,711	215,676	217,903	276,898	216,044	180,107	125,553	124,745	131,552	136,736	116,698	128,137
Equity`10/15`	220,647	137,141	109,804	102,509	102,509	132,670	144,120	72,981	72,981	73,254	98,629	178,755	202,387	134,772	92,828	101,264	78,755	79,515	62,058	62,248
Contributions`10/11`	8,197	8,197	8,197	8,197	8,197	8,197	8,197	8,197	8,197	8,197	8,197	8,197	8,197	8,197	8,197	8,197	8,197	8,197	8,197	8,197
Issued capital`100`	-	-	-	-	-	-	18,592	18,592	18,592	18,592	18,592	18,592	18,592	18,592	18,592	18,592	18,592	18,592	18,592	18,592
Uncalled capital`101`	-	-	-	-	-	-	10,395	10,395	10,395	10,395	10,395	10,395	10,395	10,395	10,395	10,395	10,395	10,395	10,395	10,395
Reserves`13`	144,365	60,859	60,859	60,859	60,859	60,859	60,859	60,859	60,859	60,859	60,859	60,859	60,859	60,859	60,859	60,859	60,859	70,859	53,859	53,859
Non-distributable reserves`130/1`	1,859	1,859	1,859	1,859	1,859	1,859	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Legal reserve`130`	-	-	-	-	-	-	1,859	1,859	1,859	1,859	1,859	1,859	1,859	1,859	1,859	1,859	1,859	1,859	1,859	1,859
Reserves not available under the articles`1311`	1,859	1,859	1,859	1,859	1,859	1,859	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Distributable reserves`133`	142,506	59,000	59,000	59,000	59,000	59,000	59,000	59,000	59,000	59,000	59,000	59,000	59,000	59,000	59,000	59,000	59,000	69,000	52,000	52,000
Profit (loss) carried forward`14`	68,085	68,085	40,747	33,453	33,453	63,614	75,064	3,925	3,925	4,198	29,573	109,698	133,331	65,716	23,772	32,207	9,699	459	2	192
Amounts payable`17/49`	107,256	64,029	113,602	44,443	62,948	97,472	116,986	117,730	117,730	142,422	119,274	98,143	13,657	45,335	32,725	23,481	52,797	57,221	54,640	65,889
Amounts payable after more than one year`17`	8,974	19,283	29,111	-	-	2,235	7,315	24,627	24,627	33,156	-	-	-	-	-	-	-	-	-	-
Financial debts`170/4`	8,974	19,283	29,111	-	-	2,235	7,315	24,627	24,627	33,156	-	-	-	-	-	-	-	-	-	-
Amounts payable within one year`42/48`	84,532	44,747	84,491	44,443	62,113	95,238	67,733	93,102	93,102	108,009	119,274	98,143	13,657	45,335	32,725	23,481	52,797	42,221	54,640	65,889
Current portion of amounts payable after more than one year`42`	17,094	9,828	9,370	-	2,235	8,327	10,196	10,195	10,195	8,374	-	-	4,804	-	-	-	-	-	-	6,553
Financial debts`43`	-	-	-	-	-	-	-	-	-	-	-	-	-	10,000	14,474	20,000	25,000	833	834	1,607
Credit institutions`430/8`	-	-	-	-	-	-	-	-	-	-	-	-	-	10,000	14,474	20,000	25,000	833	834	1,607
Trade debts`44`	4,431	7,863	5,878	6,766	19,006	30,035	11,324	7,339	7,339	4,756	8,781	35,090	4,889	3,634	7,609	1,426	4,607	12,368	21,398	11,568
Suppliers`440/4`	4,431	7,863	5,878	6,766	19,006	30,035	11,324	7,339	7,339	4,756	8,781	35,090	4,889	3,634	7,609	1,426	4,607	12,368	21,398	11,568
Advances received on contracts in progress`46`	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	43,051
Taxes, remuneration and social security`45`	44,869	14,564	11,243	12,141	40,872	56,875	46,212	75,568	75,568	94,879	110,493	63,053	3,964	31,701	10,643	2,055	23,190	29,020	32,408	3,110
Taxes`450/3`	44,869	14,564	11,243	12,141	40,872	56,875	46,212	75,568	75,568	94,879	110,493	63,053	3,964	31,701	10,643	2,055	21,011	26,841	30,229	931
Remuneration and social security`454/9`	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	2,179	2,179	2,179	2,179
Other amounts payable`47/48`	18,137	12,491	58,000	25,536	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Accrued charges and deferred income`492/3`	13,750	-	-	-	835	0	41,938	-	-	1,257	-	-	-	-	-	-	-	15,000	-	-
Income statement
Gross operating margin`9900`	206,811	86,189	93,908	131,957	86,933	126,202	164,356	-	165,956	168,913	172,730	185,156	154,535	222,250	66,848	103,995	104,611	104,333	107,771	42,296
Remuneration, social security and pensions`62`	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	7,394	12,403	17,696
Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets`630`	13,956	13,407	5,034	2,797	2,470	2,016	11,993	-	12,462	12,683	3,237	2,424	1,020	8,306	9,309	9,299	10,830	7,554	7,178	9,772
Write-downs on stocks, contracts in progress and trade receivables: additions (reversals)`631/4`	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	3,101	-	-	-	-
Other operating charges`640/8`	1,186	4,134	2,861	1,960	3,759	2,322	5,697	-	3,512	8,995	3,176	3,033	2,968	3,282	1,721	3,336	1,631	1,139	1,524	1,231
Non-recurring operating charges`66A`	-	-	-	62	199	1,019	-	-	-	-	-	-	-	-	-	-	-	50	50	-
Operating profit (loss)`9901`	191,669	68,649	86,013	127,138	80,505	120,844	146,666	-	149,982	147,235	166,317	179,699	150,546	210,662	55,818	88,259	92,150	88,246	86,666	13,597
Financial income`75/76B`	464	345	293	101	3	2	-	-	275	4,587	667	551	1,063	442	233	328	398	261	118	124
Recurring financial income`75`	464	345	293	101	3	2	-	-	275	4,587	667	551	1,063	442	233	328	398	261	118	124
Financial charges`65/66B`	1,907	2,450	1,534	500	500	969	670	-	1,661	1,053	458	1,502	1,292	4,110	4,453	1,129	4,306	1,702	952	2,287
Recurring financial charges`65`	1,907	2,450	1,534	500	500	969	670	-	1,661	1,053	458	1,502	1,292	4,110	4,453	1,129	4,306	1,702	952	2,287
Profit (loss) for the period before taxes`9903`	190,226	66,543	84,773	126,739	80,008	119,876	145,996	-	148,596	150,769	166,526	178,749	150,318	206,994	51,599	87,459	88,243	86,755	85,782	11,434
Income taxes`67/77`	35,220	17,706	19,479	25,000	13,685	25,182	26,982	-	33,869	47,002	87,666	50,738	62,703	20,050	20,034	32,950	44,003	24,298	21,972	4,670
Profit (loss) for the period`9904`	155,006	48,837	65,295	101,739	66,323	94,694	119,014	-	114,727	103,768	78,861	128,011	87,615	186,944	31,564	54,508	44,240	62,457	63,810	6,764
Profit (loss) for the period to be appropriated`9905`	155,006	48,837	65,295	101,739	66,323	94,694	119,014	-	114,727	103,768	78,861	128,011	87,615	186,944	31,564	54,508	44,240	62,457	63,810	6,764
Appropriation of the result
Profit (loss) to be appropriated`9906`	223,091	89,585	98,747	135,191	129,936	168,304	135,921	3,925	118,925	133,340	188,559	211,698	153,331	210,716	63,772	64,207	44,699	62,459	64,002	9,192
Profit (loss) brought forward from the previous period`14P`	68,085	40,747	33,453	33,453	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Transfer from equity`791/2`	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	10,000	-	-	-
Transfer to equity`691/2`	83,506	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	17,000	-	9,000
To other reserves`6921`	83,506	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	17,000	-	9,000
Profit to be distributed`694/7`	71,500	21,500	58,000	101,739	96,483	104,691	60,857	-	115,000	129,143	158,986	102,000	20,000	145,000	40,000	32,000	45,000	45,000	64,000	-
Return on contributions (dividend)`694`	50,000	-	40,000	82,739	66,483	74,691	30,857	-	85,000	107,143	136,986	80,000	-	125,000	20,000	7,000	24,000	30,000	49,000	-
Directors or managers`695`	21,500	21,500	18,000	19,000	30,000	30,000	30,000	-	30,000	22,000	22,000	22,000	20,000	20,000	20,000	25,000	21,000	15,000	15,000	-
Social balance sheet
Average staff (FTE)`9087`	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	0.2	0.4	0.5
Hours worked`1013`	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	340	672	888
Document	PDF	PDF	PDF	PDF	PDF	PDF	PDF	PDF	PDF	PDF	PDF	PDF	PDF	PDF	PDF	PDF	PDF	PDF	PDF	PDF

Financial year	Type	Filed	Reference	Document
31-12-2025	micro format	27-08-2026	2026-00435173	PDF
31-12-2024	micro format	26-08-2025	2025-00404970	PDF
31-12-2023	micro format	31-10-2024	2024-00527573	PDF
31-12-2022	micro format	04-07-2023	2023-00205047	PDF
31-12-2021	micro format	29-03-2022	2022-08800348	PDF
31-12-2020	micro format	05-08-2021	2021-45500543	PDF
31-12-2019	micro format	29-10-2020	2020-66500150	PDF
31-12-2018	micro format	30-08-2019	2019-59300077	PDF
31-12-2017	full format	29-08-2018	2018-55800503	PDF
31-12-2016	micro format	31-08-2017	2017-60000308	PDF
31-12-2015	full format	25-08-2016	2016-47500166	PDF
31-12-2014	full format	25-08-2015	2015-48500083	PDF
31-12-2013	full format	26-08-2014	2014-46800553	PDF
31-12-2012	full format	06-09-2013	2013-57500465	PDF
31-12-2011	full format	29-08-2012	2012-49200276	PDF
31-12-2010	full format	25-08-2011	2011-43600371	PDF
31-12-2009	full format	16-08-2010	2010-41600513	PDF
31-12-2008	full format	18-09-2009	2009-76200137	PDF
31-12-2007	full format	28-08-2008	2008-63500386	PDF
31-12-2006	full format	30-08-2007	2007-64400265	PDF
31-12-2005	full format	19-09-2006	2006-78701064	PDF
31-12-2004	full format	16-08-2005	2005-64200022	PDF
31-12-2003	full format	12-07-2004	2004-43100039	PDF
31-12-2002	full format	02-06-2003	2003-16900229	PDF
31-12-2001	full format	19-06-2002	2002-22300143	PDF
31-12-2000	full format	21-12-2001	2001-76700218	PDF
31-12-1999	full format	19-07-2000	2000-43400138	PDF

Line	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015	2014	2013	2012	2011	2010	2009	2008	2007	2006
EBITDA	205,625	82,056	91,047	129,936	82,975	122,861	158,659	-	162,444	159,918	169,554	182,123	151,566	218,968	65,128	97,558	102,980	95,800	93,844	23,369
Cash flow	168,962	62,244	70,328	104,536	68,793	96,711	131,007	-	127,189	116,451	82,097	130,435	88,635	195,250	40,874	63,808	55,070	70,011	70,988	16,536
Investment in fixed assets (approximation)	0	2,636	62,861	0	2,489	2,857	-8,472	-	1,398	40,969	4,049	12,308	1,525	1,570	787	7,110	32,262	6,623	4,368	7,418
Change in cash	123,457	17,543	-68,037	20,788	-56,135	-27,823	149,622	0	-22,049	-42,498	48,019	-33,495	1,942	41,297	1,034	-7,067	23,473	-5,224	-	-
Working capital	199,874	98,970	70,690	92,113	90,150	121,730	179,185	62,956	62,956	61,950	81,198	162,136	195,652	128,543	79,863	79,776	46,344	83,536	50,148	47,528
Solvency	67.3%	68.2%	49.1%	69.8%	62.0%	57.6%	55.2%	38.3%	38.3%	34.0%	45.3%	64.6%	93.7%	74.8%	73.9%	81.2%	59.9%	58.2%	53.2%	48.6%
Current ratio	3.36	3.21	1.84	3.07	2.45	2.28	3.65	1.68	1.68	1.57	1.68	2.65	15.33	3.84	3.44	4.40	1.88	2.98	1.92	1.72
Debt to equity	0.49	0.47	1.03	0.43	0.61	0.73	0.81	1.61	1.61	1.94	1.21	0.55	0.07	0.34	0.35	0.23	0.67	0.72	0.88	1.06
ROE	70.3%	35.6%	59.5%	99.2%	64.7%	71.4%	82.6%	-	157.2%	141.7%	80.0%	71.6%	43.3%	138.7%	34.0%	53.8%	56.2%	78.5%	102.8%	10.9%
ROA	47.3%	24.3%	29.2%	69.2%	40.1%	41.1%	45.6%	-	60.2%	48.1%	36.2%	46.2%	40.6%	103.8%	25.1%	43.7%	33.6%	45.7%	54.7%	5.3%
Interest coverage	over 100	33.49	59.36	over 100	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-

Item	2025	2024	2023	2022
Tangible fixed assets	-	€2,636	€62,861	-
Depreciation and write-downs of the year	€13,956	€13,407	€5,034	€2,797

CORRELATIONS

Annual accounts 2025

Balance sheet

Change in equityin euro

Change in cashin euro

Position in the sector

Solvency67.3%

Current ratio3.36

Return on assets47.3%

Staff

Staff cost per FTE

Joined and left

Filed annual accounts

Filings

Key figures and ratios

Investments

Insights on CORRELATIONS

Next steps