COSELOG
ActiveFinancials · financial year 2025, unclassified schema, standalone accounts
Annual accounts 2025 filed on 29-09-2026 at the NBB Annual accounts 2025 at the NBB all 42 filings
Turnover
€203.4m▲ 633%
2024 · €27.8m
EBIT margin
0.2%▼ 1.8pp
2024 · 2.0%
Net result
-€7.0m
2024 · €4.5m
Working capital
-€22.0m▲ 18.9%
2024 · -€27.2m
In the rankings
#1 company by total assets in Hainaut, Construction sector#2 company by equity in Hainaut, Specialised construction sector
Trend over the years
2021 to 2025, 5 financial years 2018 to 2025, 8 financial years
The operating result for 2025 is 29% lower than in 2024. It is the third fall in a row.
Turnover€203.4m
2025
Operating result€0.4m
2025
Net result-€7.0m
2025
Total assets€240.8m
2025
Equity€34.6m
2025
Debt€205.5m
2025
Working capital-€22.0m
2025
EBIT margin0.2%
2025
Return on assets (ROA)-2.9%
2025
Solvency14.4%
2025
Current ratio0.76
2025
Staff (FTE)180.2
2024
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 Specialised construction activities (NACE 43). 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€19.4m-€19.8m▲ 1.9%€19.8m▼ 0.3%€22.4m▲ 13.5%€24.6m▲ 10.0%€26.6m▲ 7.7%€27.8m▲ 4.5%€203.4m▲ 633%
Operating result€0.4m-€0.4m▲ 5.5%-€0.6m€0.4m€0.7m▲ 93.0%€0.7m▼ 1.7%€0.5m▼ 22.3%€0.4m▼ 29.4%
Net result-€0.07m--€0.07m▲ 7.8%€0.2mabove the sector's middle half€0.8mabove the sector's middle half▲ 350%-€0.01mbelow the sector's middle half-€0.3mbelow the sector's middle half▼ 2,661%€4.5mabove the sector's middle half-€7.0m
EBIT margin2.1%-2.1%▲ 0.1pp-2.8%▼ 5.0pp1.7%▲ 4.5pp2.9%▲ 1.2pp2.6%▼ 0.3pp2.0%▼ 0.7pp0.2%▼ 1.8pp
Equity€22.7m-€22.6m▼ 0.6%€22.7mabove the sector's middle half▲ 0.5%€23.2mabove the sector's middle half▲ 1.9%€23.1mabove the sector's middle half▼ 0.2%€19.9mabove the sector's middle half▼ 13.9%€23.8mabove the sector's middle half▲ 19.4%€34.6m▲ 45.3%
Total assets€58.2m-€54.0m▼ 7.2%€65.0mabove the sector's middle half▲ 20.4%€67.7mabove the sector's middle half▲ 4.1%€78.3mabove the sector's middle half▲ 15.6%€82.2mabove the sector's middle half▲ 5.0%€122.9mabove the sector's middle half▲ 49.6%€240.8m▲ 95.8%
Debt€35.4m-€31.4m▼ 11.4%€42.3m▲ 34.7%€44.5m▲ 5.3%€55.1m▲ 23.9%€62.3m▲ 12.9%€99.2m▲ 59.3%€205.5m▲ 107%
Working capital-€20.2m--€16.2m▲ 19.9%-€15.8mbelow the sector's middle half▲ 2.5%-€16.1mbelow the sector's middle half▼ 2.0%-€16.5mbelow the sector's middle half▼ 2.3%-€20.4mbelow the sector's middle half▼ 23.6%-€27.2mbelow the sector's middle half▼ 33.3%-€22.0m▲ 18.9%
Solvency39.1%-41.9%▲ 2.8pp35.0%within the sector's middle half▼ 6.9pp34.2%within the sector's middle half▼ 0.8pp29.5%within the sector's middle half▼ 4.7pp24.2%within the sector's middle half▼ 5.3pp19.3%below the sector's middle half▼ 4.9pp14.4%▼ 5.0pp
Current ratio0.23-0.29▲ 0.060.46below the sector's middle half▲ 0.170.51below the sector's middle half▲ 0.050.63below the sector's middle half▲ 0.120.60below the sector's middle half▼ 0.030.65below the sector's middle half▲ 0.050.76▲ 0.11
Return on assets (ROA)-0.1%--0.1%=0.3%below the sector's middle half▲ 0.4pp1.1%within the sector's middle half▲ 0.9pp0.0%below the sector's middle half▼ 1.1pp-0.4%below the sector's middle half▼ 0.3pp3.7%within the sector's middle half▲ 4.0pp-2.9%▼ 6.6pp
Staff (FTE)144.9-152▲ 4.9%154.7above the sector's middle half▲ 1.8%164.4above the sector's middle half▲ 6.3%156.3above the sector's middle half▼ 4.9%168.7above the sector's middle half▲ 7.9%180.2above the sector's middle half▲ 6.8%
above
within
below
The sector band is the middle half of the companies in Specialised construction activities (NACE 43). 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 €240.8m
Fixed assets
€171.7m ▲ 138%
Current assets
€69.0m ▲ 36.0%
Equity and liabilities €241.6m
Equity
€34.6m ▲ 45.3%
Provisions
€1.5m ▲ 340×
Debt
€205.5m ▲ 107%
Debt's share of the balance-sheet total rises from 80.7% to 85.1%. Equity and debt are higher.
Key figures and ratios
EBITDA
€32.1m▲
2024 · €1.7m
Cash flow
€24.6m▲
2024 · €5.6m
Quick ratio
0.72▲
2024 · 0.62
Debt to equity
5.95▲
2024 · 4.17
ROE
-20.4%▼
2024 · 18.9%
Interest coverage
5.88▲
2024 · 0.47
Debt ≤ 1 year
€91.1m▲
2024 · €77.9m
Debt > 1 year
€110.0m▲
2024 · €21.0m
Income taxes
€724,000▲
2024 · €3,600
Customer credit
83 days▲
2024 · 62 days
Supplier credit
172 days▲
2024 · 118 days
Staff costs
€67.9m▲
2024 · €10.9m
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 | 157 | 166 | 173 | 190 | 184 |
| full-time | 148 | 158 | 161 | 181 | 175 |
| part-time | 9 | 8 | 12 | 9 | 9 |
| in full-time equivalents | 154.9 | 164 | 170.4 | 187.9 | 181.8 |
| Average over the year, in full-time equivalents | 158.5 | 156.3 | 168.7 | 180.2 | 186 |
| On a permanent contract | 145 | 155 | 165 | 178 | 171 |
| Joined | 14 | 26 | 22 | 36 | 37 |
| Left | 22 | 17 | 15 | 19 | 44 |
| Agency workers, average number | 8.7 | 12.8 | 9 | 9.9 | 12.6 |
| Training hours | 629 | 820 | 409 | 847 | 933 |
Source: social balance sheet in the 2021 to 2025 annual accounts
Securities and guarantees
| Item | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Debts secured on the company's own assets | €4.6m | - | - | €13.1m | €139.2m |
| Debts guaranteed by Belgian public bodies | - | €3.9m | €3.1m | - | - |
| Pledge on other assets, amount secured | €4.2m | €4.2m | €4.2m | €15.2m | - |
| Carrying value of the other pledged assets | €6.2m | €6.2m | €6.2m | €24.1m | - |
Source: notes to the 2021 to 2025 annual accounts (statement of debts and off-balance-sheet rights and commitments)
Investments
| Item | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Tangible fixed assets | €632,099 | €412,372 | €917,690 | €364,488 | €28.1m |
| Intangible fixed assets | - | - | - | - | €1,000 |
| Financial fixed assets | €25,000 | €12,000 | €737,250 | €21.6m | - |
| Depreciation and write-downs of the year | €1.2m | €1.1m | €1.1m | €1.1m | €31.7m |
Source: notes to the 2021 to 2025 annual accounts (statement of fixed assets)
Auditor
| Item | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Fee for the audit | €25,000 | €27,236 | €27,000 | €33,500 | - |
Source: notes to the 2021 to 2025 annual accounts (relations with the auditor)
Group figures
COSELOG heads a group. The consolidated accounts add up the company and its subsidiaries.
| Item | 2020 | 2021 | 2022 | 2023 | 2024 |
|---|---|---|---|---|---|
| Turnover | €119.6m | €139.1m | €154.7m | €162.4m | €196.8m |
| Operating result | €3.6m | €3.4m | €6.2m | €7.9m | €6.4m |
| Result for the year | -€480,000 | €657,000 | €3.6m | €2.6m | -€216,000 |
| Equity | €36.4m | €36.8m | €40.4m | €43.7m | €43.8m |
| Total assets | €129.9m | €136.7m | €161.6m | €201.1m | €262.7m |
Source: 2020 to 2024 consolidated accounts
Comparable companies
These companies have the same main activity as COSELOG: other specialised construction activities (NACE 43990). They are comparable in size and age: total assets between €44m and €236m, founded between 1968 and 2003.
| Company | Founded | Total assets | Equity | Turnover | Net result | FTE | Financial year |
|---|---|---|---|---|---|---|---|
| COSELOG Tournai | 2001 | €137.1m | €30.0m | €30.2m | €6.5m | 186 | 2025 |
| FRANKI FOUNDATIONS BELGIUM Tubize | 1998 | €111.4m | €41.1m | €78.2m | -€0.1m | 306 | 2025 |
| AGENCE INTERCOMMUNALE DE DEVELOPPEMENT ECONOMIQUE DES ARRONDISSEMENTS DE TOURNAI, ATH ET DES COMMUNES AVOISINANTES Tournai | 1990 | €235.8m | €149.6m | €12.5m | €6.3m | 78.6 | 2025 |
| ELOY TRAVAUX Sprimont | 1984 | €55.5m | €7.4m | €66.5m | €5.4m | 229 | 2025 |
| Sarens be Meise | 1968 | €77.3m | €8.7m | €49.7m | -€0.4m | 188.7 | 2025 |
| BIO - DYNAMICS Wielsbeke | 2003 | €43.6m | €12.2m | €64.4m | €3.2m | 120.2 | 2025 |
| SMET-F & C Dessel | 1987 | €54.1m | €14.2m | €84.1m | €3.4m | 198.9 | 2025 |
They were chosen from the 7,010 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, 137 companies had the same profile as COSELOG has now. Two years later, 2.2% had gone bankrupt and 95.6% were still going.
- Large
- solvency 10 to 30%
- a small loss
- without age
2.2%
went bankrupt
2.2%
stopped otherwise
95.6%
was still going
The bankruptcy probability of COSELOG itself is lower: 0.4% within 12 months. It rests on far more data about COSELOG than the profile alone.
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 137 companies, not a prediction for COSELOG. 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 | - | - | - | €22.8m | €25.1m | €26.9m | €28.1m | €200.2m | ▲ 614% |
| Turnover70 | €19.4m | €19.8m | €19.8m | €22.4m | €24.6m | €26.6m | €27.8m | €203.4m | ▲ 633% |
| Change in stocks of work in progress, finished goods and contracts in progress71 | - | - | - | - | - | - | - | -€10.3m | - |
| Own construction capitalised72 | - | - | - | - | - | - | - | €2.7m | - |
| Other operating income74 | - | - | - | €0.3m | €0.4m | €0.3m | €0.3m | €3.8m | ▲ 13× |
| Non-recurring operating income76A | - | - | - | - | - | - | - | €0.7m | - |
| Operating charges60/66A | - | - | - | €22.4m | €24.4m | €26.2m | €27.5m | €199.8m | ▲ 627% |
| Goods for resale, raw materials and consumables60 | - | - | - | €8.5m | €9.6m | €10.0m | €10.5m | €42.3m | ▲ 302% |
| Purchases600/8 | - | - | - | €8.5m | €9.7m | €10.1m | €10.7m | - | - |
| Change in stocks: decrease (increase)609 | - | - | - | -€0.06m | -€0.1m | -€0.07m | -€0.2m | -€0.3m | ▼ 54.1% |
| Services and other goods61 | - | - | - | €4.1m | €4.7m | €4.6m | €4.8m | €54.5m | ▲ 11× |
| Remuneration, social security and pensions62 | - | - | - | €8.5m | €8.7m | €10.1m | €10.9m | €67.9m | ▲ 526% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €1.4m | €1.4m | €1.4m | €1.2m | €1.1m | €1.1m | €1.1m | €31.7m | ▲ 29× |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals)631/4 | - | - | - | -€137 | €68 | -€137 | €0.05m | €0.4m | ▲ 678% |
| Provisions for liabilities and charges: additions (uses and reversals)635/8 | - | - | - | €0.02m | -€0.02m | - | - | €0.007m | - |
| Other operating charges640/8 | - | - | - | €0.1m | €0.2m | €0.3m | €0.2m | €2.9m | ▲ 15× |
| Non-recurring operating charges66A | - | - | - | - | - | €0.06m | €0.004m | €0.2m | ▲ 51× |
| Operating profit (loss)9901 | €0.4m | €0.4m | -€0.6m | €0.4m | €0.7m | €0.7m | €0.5m | €0.4m | ▼ 29.4% |
| Financial income75/76B | - | - | - | €1.2m | €0.2m | €1.3m | €7.6m | €1.2m | ▼ 83.9% |
| Recurring financial income75 | €0.1m | €0.1m | €1.4m | €0.2m | €0.2m | €1.3m | €7.6m | €1.2m | ▼ 84.6% |
| Income from financial fixed assets750 | - | - | - | €0.07m | - | - | €6.0m | €0.6m | ▼ 90.6% |
| Income from current assets751 | - | - | - | €0.1m | €0.2m | €1.3m | €1.6m | - | - |
| Other financial income752/9 | - | - | - | €0.04m | €0.04m | €0.05m | €0.04m | €0.6m | ▲ 17× |
| Non-recurring financial income76B | - | - | - | €1.0m | - | - | - | €0.05m | - |
| Financial charges65/66B | - | - | - | €0.8m | €1.0m | €2.3m | €3.6m | €8.1m | ▲ 123% |
| Recurring financial charges65 | €0.6m | €0.6m | €0.6m | €0.8m | €1.0m | €2.3m | €3.6m | €5.9m | ▲ 63.8% |
| Debt charges650 | €0.6m | €0.6m | €0.6m | €0.8m | €0.9m | €2.3m | €3.5m | €5.5m | ▲ 54.4% |
| Other financial charges652/9 | - | - | - | €0.008m | €0.03m | €0.05m | €0.1m | €0.3m | ▲ 202% |
| Non-recurring financial charges66B | - | - | - | - | - | - | - | €2.1m | - |
| Profit (loss) for the period before taxes9903 | -€0.07m | -€0.03m | €0.2m | €0.8m | -€0.005m | -€0.3m | €4.5m | -€6.5m | - |
| Transfer from deferred taxes780 | - | - | - | €0.003m | €0.003m | €0.003m | €0.003m | €0.2m | ▲ 83× |
| Transfer to deferred taxes680 | - | - | - | - | - | - | - | €0.09m | - |
| Income taxes67/77 | €0.006m | €0.03m | €0.06m | €0.008m | €0.008m | €0.009m | €0.004m | €0.7m | ▲ 201× |
| Taxes670/3 | - | - | - | €0.008m | €0.008m | €0.009m | €0.004m | €0.7m | ▲ 206× |
| Tax adjustments and reversals of tax provisions77 | - | - | - | - | - | - | - | €0.02m | - |
| Profit (loss) for the period9904 | -€0.07m | -€0.07m | €0.2m | €0.8m | -€0.01m | -€0.3m | €4.5m | -€7.0m | - |
| Transfer from tax-exempt reserves789 | - | - | - | €388 | €388 | €388 | €185 | - | - |
| Profit (loss) for the period to be appropriated9905 | -€0.07m | -€0.07m | €0.2m | €0.8m | -€0.01m | -€0.3m | €4.5m | - | - |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Assets | |||||||||
| Total assets20/58 | €58.2m | €54.0m | €65.0m | €67.7m | €78.3m | €82.2m | €122.9m | €240.8m | ▲ 95.8% |
| Fixed assets21/28 | €52.1m | €47.3m | €51.5m | €50.9m | €50.2m | €51.4m | €72.2m | €171.7m | ▲ 138% |
| Intangible fixed assets21 | - | - | - | - | - | - | €0 | €0.8m | - |
| Tangible fixed assets22/27 | €10.2m | €9.2m | €8.1m | €7.5m | €6.7m | €6.5m | €5.7m | €166.3m | ▲ 29× |
| Land and buildings22 | - | - | - | €6.4m | €5.7m | €5.3m | €4.6m | €47.4m | ▲ 922% |
| Plant, machinery and equipment23 | - | - | - | €0.2m | €0.2m | €0.3m | €0.2m | €25.6m | ▲ 103× |
| Furniture and vehicles24 | - | - | - | €0.9m | €0.8m | €0.7m | €0.7m | €7.9m | ▲ 11× |
| Leasing and similar rights25 | - | - | - | - | - | €0.2m | €0.1m | €80.5m | ▲ 614× |
| Other tangible fixed assets26 | - | - | - | - | - | - | - | €4.3m | - |
| Assets under construction and advance payments27 | - | - | - | - | - | - | - | €0.6m | - |
| Financial fixed assets28 | €41.9m | €38.1m | €43.4m | €43.4m | €43.4m | €44.9m | €66.5m | €4.0m | ▼ 94.0% |
| Affiliated companies280/1 | - | - | - | €43.4m | €43.4m | €44.8m | €66.4m | - | - |
| Participating interests280 | - | - | - | €43.3m | €43.4m | €44.1m | €65.7m | - | - |
| Amounts receivable281 | - | - | - | €0.03m | €0.03m | €0.7m | €0.7m | - | - |
| Companies linked by participating interests282/3 | - | - | - | - | - | - | €0 | - | - |
| Participating interests282 | - | - | - | - | - | - | €0 | - | - |
| Other financial fixed assets284/8 | - | - | - | €0.03m | €0.05m | €0.07m | €0.09m | €2.2m | ▲ 24× |
| Shares284 | - | - | - | - | €0.002m | €0.002m | €0.002m | €1.3m | ▲ 645× |
| Amounts receivable and cash guarantees285/8 | - | - | - | €0.03m | €0.05m | €0.07m | €0.09m | €0.9m | ▲ 854% |
| Current assets29/58 | €6.1m | €6.7m | €13.5m | €16.8m | €28.1m | €30.8m | €50.8m | €69.0m | ▲ 36.0% |
| Amounts receivable after more than one year29 | - | - | - | €0.3m | €0.2m | €0.1m | - | - | - |
| Other amounts receivable291 | - | - | - | €0.3m | €0.2m | €0.1m | - | - | - |
| Stocks and contracts in progress3 | €1.8m | €1.8m | €1.8m | €1.8m | €1.9m | €2.0m | €2.2m | €3.4m | ▲ 51.1% |
| Stocks30/36 | - | - | - | €1.8m | €1.9m | €2.0m | €2.2m | €3.1m | ▲ 37.5% |
| Raw materials and consumables30/31 | - | - | - | - | - | - | - | €0.02m | - |
| Goods purchased for resale34 | - | - | - | €1.8m | €1.9m | €2.0m | €2.2m | €2.8m | ▲ 26.8% |
| Property held for sale35 | - | - | - | - | - | - | - | €0.2m | - |
| Contracts in progress37 | - | - | - | - | - | - | - | €0.3m | - |
| Amounts receivable within one year40/41 | €3.7m | €3.8m | €10.0m | €14.4m | €24.3m | €26.9m | €40.6m | €54.0m | ▲ 32.9% |
| Trade receivables40 | - | - | - | €3.5m | €3.7m | €3.7m | €4.7m | €46.1m | ▲ 877% |
| Other amounts receivable41 | - | - | - | €10.9m | €20.7m | €23.2m | €35.9m | €8.0m | ▼ 77.9% |
| Current investments50/53 | - | - | - | - | - | - | - | €0.2m | - |
| Other investments51/53 | - | - | - | - | - | - | - | €0.2m | - |
| Cash at bank and in hand54/58 | €0.6m | €1.0m | €1.7m | €0.2m | €1.6m | €1.8m | €7.8m | €10.8m | ▲ 37.5% |
| Deferred charges and accrued income490/1 | - | - | - | €0.005m | €0.005m | €0.03m | €0.06m | €0.7m | ▲ 988% |
| Equity and liabilities | |||||||||
| Total equity and liabilities10/49 | €58.2m | €54.0m | €65.0m | €67.7m | €78.3m | €82.2m | €122.9m | €240.8m | ▲ 95.8% |
| Equity10/15 | €22.7m | €22.6m | €22.7m | €23.2m | €23.1m | €19.9m | €23.8m | €34.6m | ▲ 45.3% |
| Contributions10/11 | €13.8m | €13.8m | €13.8m | €13.8m | €13.8m | €13.8m | €13.8m | €16.6m | ▲ 19.7% |
| Capital10 | - | - | - | €13.8m | €13.8m | €13.8m | €13.8m | €16.6m | ▲ 19.7% |
| Issued capital100 | - | - | - | €13.8m | €13.8m | €13.8m | €13.8m | €16.6m | ▲ 19.7% |
| Reserves13 | €8.5m | €8.4m | €8.6m | €9.0m | €9.0m | €5.9m | €9.8m | - | - |
| Non-distributable reserves130/1 | - | - | - | €0.4m | €0.4m | €0.4m | €0.4m | - | - |
| Legal reserve130 | - | - | - | €0.4m | €0.4m | €0.4m | €0.4m | - | - |
| Tax-exempt reserves132 | - | - | - | €0.05m | €0.05m | €0.05m | €0.05m | - | - |
| Distributable reserves133 | - | - | - | €8.6m | €8.5m | €5.4m | €9.3m | - | - |
| Investment grants15 | - | - | - | €0.3m | €0.2m | €0.2m | €0.2m | €2.2m | ▲ 13× |
| Provisions and deferred taxes16 | €0.02m | €0.02m | €0.02m | €0.03m | €0.01m | €0.007m | €0.004m | €1.5m | ▲ 340× |
| Provisions for liabilities and charges160/5 | - | - | - | €0.02m | - | - | - | €0.2m | - |
| Major repairs and maintenance162 | - | - | - | - | - | - | - | €0.02m | - |
| Environmental obligations163 | - | - | - | - | - | - | - | €0.2m | - |
| Other liabilities and charges164/5 | - | - | - | €0.02m | - | - | - | €0.003m | - |
| Deferred taxes168 | - | - | - | €0.01m | €0.01m | €0.007m | €0.004m | €1.3m | ▲ 297× |
| Amounts payable17/49 | €35.4m | €31.4m | €42.3m | €44.5m | €55.1m | €62.3m | €99.2m | €205.5m | ▲ 107% |
| Amounts payable after more than one year17 | €9.1m | €8.4m | €12.9m | €11.6m | €10.6m | €11.1m | €21.0m | €110.0m | ▲ 423% |
| Financial debts170/4 | - | - | - | €11.6m | €10.6m | €11.1m | €21.0m | €101.9m | ▲ 385% |
| Subordinated loans170 | - | - | - | - | - | - | - | €10.0m | - |
| Leasing and similar obligations172 | - | - | - | - | - | €0.1m | €0.09m | €46.1m | ▲ 497× |
| Credit institutions173 | - | - | - | €5.3m | €4.1m | €7.6m | €16.9m | €45.8m | ▲ 172% |
| Other loans174 | - | - | - | €6.3m | €6.5m | €3.3m | €4.1m | - | - |
| Other amounts payable178/9 | - | - | - | - | - | - | - | €8.1m | - |
| Amounts payable within one year42/48 | €26.3m | €22.9m | €29.3m | €32.9m | €44.6m | €51.2m | €77.9m | €91.1m | ▲ 16.9% |
| Current portion of amounts payable after more than one year42 | - | - | - | €1.2m | €1.3m | €2.0m | €4.4m | €30.9m | ▲ 602% |
| Financial debts43 | - | - | - | €2.4m | €9.6m | €6.5m | €22.8m | €19.7m | ▼ 13.5% |
| Credit institutions430/8 | - | - | - | €2.4m | €9.6m | €6.5m | €22.8m | €19.7m | ▼ 13.6% |
| Other loans439 | - | - | - | - | - | - | - | €0.01m | - |
| Trade debts44 | €3.3m | €2.1m | €2.5m | €2.7m | €3.3m | €3.1m | €3.4m | €19.9m | ▲ 487% |
| Suppliers440/4 | - | - | - | €2.7m | €3.3m | €3.1m | €3.4m | €19.9m | ▲ 487% |
| Advances received on contracts in progress46 | - | - | - | - | - | - | - | €1.5m | - |
| Taxes, remuneration and social security45 | - | - | - | €1.9m | €1.9m | €2.0m | €4.2m | €16.0m | ▲ 278% |
| Taxes450/3 | - | - | - | €0.7m | €0.6m | €0.6m | €2.8m | €6.6m | ▲ 139% |
| Remuneration and social security454/9 | - | - | - | €1.1m | €1.3m | €1.4m | €1.5m | €9.4m | ▲ 541% |
| Other amounts payable47/48 | - | - | - | €24.7m | €28.5m | €37.5m | €43.1m | €3.0m | ▼ 93.1% |
| Accrued charges and deferred income492/3 | - | - | - | - | - | - | €0.2m | €4.5m | ▲ 22× |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | -€0.07m | -€0.07m | €0.2m | €0.8m | -€0.01m | -€0.3m | €4.5m | -€7.0m | - |
| + Depreciation and write-downs630 | €1.4m | €1.4m | €1.4m | €1.2m | €1.1m | €1.1m | €1.1m | €31.7m | ▲ 29× |
| Operating cash flow (approximation) | €1.4m | €1.4m | €1.6m | €1.9m | €1.1m | €0.8m | €5.6m | €24.6m | ▲ 339% |
| Investment in fixed assets (approximation) | - | €3.4m | -€5.6m | -€0.6m | -€0.4m | -€2.3m | -€21.9m | -€131.2m | ▼ 499% |
| Change in cash | - | €0.4m | €0.7m | -€1.5m | €1.4m | €0.2m | €6.0m | €2.9m | ▼ 51.4% |
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 42 filings with the National Bank
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-12-2025 | unclassified schema | 29-09-2026 | 2026-00530682 | NBB |
| 31-12-2025 | full format | 30-06-2026 | 2026-00247953 | NBB |
| 31-12-2024 | consolidated | 09-10-2025 | 2025-00539500 | |
| 31-12-2024 | full format | 28-08-2025 | 2025-00422927 | |
| 31-12-2023 | consolidated | 19-12-2024 | 2024-00625987 | |
| 31-12-2023 | full format | 22-10-2024 | 2024-00514627 | |
| 31-12-2022 | consolidated | 13-11-2023 | 2023-00511570 | |
| 31-12-2022 | full format | 29-09-2023 | 2023-00468337 | |
| 31-12-2021 | consolidated | 30-08-2022 | 2022-20350290 | |
| 31-12-2021 | full format | 29-08-2022 | 2022-20355600 |