DEMARC (0443.692.153): financials and annual accounts

DEMARC

Liège ·KBO/BCE: BE 0443.692.153

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`	655,073	682,192	712,125	745,427	776,537	867,182	885,212	1.0m	1.0m	1.0m	1.1m	1.1m	1.1m	1.2m	1.2m	1.2m	1.0m	1.0m	1.0m	1.3m
Formation expenses`20`	-	-	-	-	-	-	-	-	-	-	-	-	-	-	43	2,024	4,006	5,987	7,968	9,949
Fixed assets`21/28`	609,213	641,780	674,545	707,311	740,076	827,925	855,261	991,435	990,208	1.0m	1.0m	1.0m	1.1m	1.2m	1.2m	1.2m	976,275	1.0m	1.0m	1.2m
Intangible fixed assets`21`	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	31	184	338
Tangible fixed assets`22/27`	409,213	441,780	474,545	507,311	540,076	627,925	655,261	661,435	660,208	680,645	701,590	710,775	747,661	1.2m	1.2m	1.2m	972,269	1.0m	1.0m	1.2m
Land and buildings`22`	131,856	140,563	149,269	157,976	166,683	222,177	233,479	244,782	247,918	259,221	270,524	281,827	293,130	608,514	628,729	648,944	417,408	431,024	444,640	625,873
Plant, machinery and equipment`23`	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	112	223	335
Furniture and vehicles`24`	8,233	8,789	9,345	9,901	10,457	9,588	9,894	-	-	-	238	609	1,345	3,355	4,430	6,386	7,219	9,648	11,470	13,680
Other tangible fixed assets`26`	198,717	216,566	234,613	252,661	270,708	298,477	320,032	334,067	347,262	364,209	378,272	394,147	417,832	441,516	463,326	484,526	545,708	565,466	550,016	574,160
Assets under construction and advance payments`27`	70,407	75,862	81,317	86,773	92,228	97,683	91,856	82,586	65,028	57,215	52,556	34,192	35,354	110,877	82,719	15,331	1,934	-	-	-
Financial fixed assets`28`	200,000	200,000	200,000	200,000	200,000	200,000	200,000	330,000	330,000	330,000	330,000	330,000	330,000	-	-	-	-	-	-	-
Current assets`29/58`	45,860	40,412	37,580	38,116	36,461	39,257	29,951	29,793	22,189	27,498	22,835	35,291	16,787	19,430	19,804	37,808	38,954	23,007	26,969	95,639
Stocks and contracts in progress`3`	-	-	-	-	-	-	-	-	-	-	-	-	-	3,699	3,699	3,699	3,699	3,699	3,699	45,541
Stocks`30/36`	-	-	-	-	-	-	-	-	-	-	-	-	-	3,699	3,699	3,699	3,699	3,699	3,699	3,699
Contracts in progress`37`	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	41,842
Amounts receivable within one year`40/41`	0	14	14	14	14	14	14	14	14	14	14	14	-	-	-	5,436	18,487	15,354	16,384	49,020
Trade receivables`40`	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	5,421	14,937	11,539	15,593	47,050
Other amounts receivable`41`	0	14	14	14	14	14	14	14	14	14	14	14	-	-	-	15	3,550	3,815	791	1,970
Current investments`50/53`	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	0	2,737	2,666	-
Cash at bank and in hand`54/58`	25,700	21,363	18,531	19,067	16,518	16,590	7,196	23,422	14,265	11,264	1,205	444	13	273	66	43	383	644	3,906	1,078
Deferred charges and accrued income`490/1`	20,160	19,035	19,035	19,035	19,929	22,653	22,741	6,357	7,910	16,220	21,616	34,833	16,774	15,458	16,039	28,630	16,385	573	314	-
Balance sheet: equity and liabilities
Total equity and liabilities`10/49`	655,073	682,192	712,125	745,427	776,537	867,182	885,212	1.0m	1.0m	1.0m	1.1m	1.1m	1.1m	1.2m	1.2m	1.2m	1.0m	1.0m	1.0m	1.3m
Equity`10/15`	-145,604	-128,983	-110,941	-86,683	-72,912	-330,167	-312,190	-288,267	-268,634	-250,591	-232,487	-207,204	-184,230	-78,811	-26,889	29,699	80,347	106,610	140,860	187,286
Contributions`10/11`	210,710	210,710	210,710	210,710	210,710	210,710	210,710	210,710	210,710	210,710	210,710	210,710	210,710	210,710	210,710	210,710	210,710	210,710	210,710	197,076
Capital`10`	210,710	210,710	210,710	210,710	210,710	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Issued capital`100`	210,710	210,710	210,710	210,710	210,710	210,710	210,710	210,710	210,710	210,710	210,710	210,710	210,710	210,710	210,710	210,710	210,710	210,710	210,710	210,710
Uncalled capital`101`	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	0	13,634
Revaluation surpluses`12`	18,121	19,385	20,649	21,914	23,178	24,442	25,707	26,971	28,235	29,499	30,764	32,028	33,292	34,556	35,820	37,085	38,349	39,613	40,878	42,142
Reserves`13`	24,086	22,822	21,557	20,293	19,028	17,765	16,500	15,236	13,972	12,708	11,443	10,179	8,915	7,651	6,386	5,122	3,858	2,594	1,329	65
Non-distributable reserves`130/1`	65	65	65	65	65	65	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Legal reserve`130`	65	65	65	65	65	65	65	65	65	65	65	65	65	65	65	65	65	65	65	65
Distributable reserves`133`	24,021	22,757	21,492	20,228	18,963	17,700	16,435	15,171	13,907	12,643	11,378	10,114	8,850	7,586	6,321	5,057	3,793	2,529	1,264	-
Profit (loss) carried forward`14`	-398,520	-381,899	-363,857	-339,600	-325,828	-583,084	-565,107	-541,184	-521,551	-503,508	-485,404	-460,121	-437,147	-331,728	-279,805	-223,218	-172,570	-146,307	-112,057	-51,997
Amounts payable`17/49`	800,677	811,175	823,065	832,110	849,449	1.2m	1.2m	1.3m	1.3m	1.3m	1.3m	1.3m	1.3m	1.3m	1.2m	1.2m	934,882	928,665	900,610	1.1m
Amounts payable after more than one year`17`	654,908	681,094	700,401	713,664	731,081	1.0m	1.1m	1.1m	1.1m	1.2m	1.2m	1.1m	1.1m	1.1m	990,326	911,361	765,921	786,016	814,015	896,159
Financial debts`170/4`	40,068	53,274	66,481	78,744	89,911	332,460	373,375	411,447	448,432	483,645	516,501	546,717	575,288	1.1m	990,326	911,361	765,921	786,016	814,015	896,159
Other amounts payable`178/9`	614,840	627,820	633,920	634,920	641,170	715,170	677,770	714,270	693,550	678,550	659,550	588,360	553,700	-	-	-	-	-	-	-
Amounts payable within one year`42/48`	145,769	130,081	122,665	118,371	118,368	149,719	146,257	183,778	139,049	126,539	110,861	148,193	149,690	211,690	235,614	253,959	168,011	142,430	86,376	236,529
Current portion of amounts payable after more than one year`42`	16,303	15,526	12,263	11,672	10,878	42,012	39,708	51,649	41,836	35,625	30,216	29,467	27,510	27,680	27,108	23,191	23,174	31,919	30,802	30,538
Financial debts`43`	-	-	-	-	-	-	-	-	-	35	-	-	4,893	11,531	15,557	20,663	20,607	20,187	-	76,110
Credit institutions`430/8`	-	-	-	-	-	-	-	-	-	35	-	-	4,893	11,531	15,557	20,663	20,607	20,187	-	76,110
Trade debts`44`	36,246	16,421	9,142	22,508	20,515	15,293	27,048	42,698	27,096	23,062	14,547	28,260	22,734	46,457	57,479	16,478	21,911	12,050	9,016	84,657
Suppliers`440/4`	36,246	16,421	9,142	22,508	20,515	15,293	27,048	42,698	27,096	23,062	14,547	28,260	22,734	46,457	57,479	16,478	21,911	12,050	9,016	84,657
Advances received on contracts in progress`46`	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	4,525	-
Taxes, remuneration and social security`45`	-	-	-	-	-	-	-	-	-	-	-	-	-	69	292	-	910	187	-	-
Taxes`450/3`	-	-	-	-	-	-	-	-	-	-	-	-	-	69	292	-	910	187	-	-
Other amounts payable`47/48`	93,219	98,134	101,259	84,191	86,975	92,414	79,501	89,431	70,117	67,817	66,098	90,466	94,553	125,953	135,178	193,627	101,409	78,087	42,033	45,224
Accrued charges and deferred income`492/3`	-	-	0	75	-	-	-	-	-	-	-	-	-	-	-	-	950	219	219	-
Income statement
Non-recurring operating income`76A`	-	-	-	-	-	-	-	-	-	-	-	-	-	517	1,609	6,035	852	-	47,383	-
Gross operating margin`9900`	28,762	27,106	22,362	29,509	338,686	52,340	54,023	55,391	54,661	54,752	50,486	57,605	53,125	56,453	47,422	55,863	74,883	61,531	14,117	61,065
Remuneration, social security and pensions`62`	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-1,883
Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets`630`	32,567	32,765	32,765	32,765	35,091	38,618	38,055	36,289	34,441	33,825	33,030	36,886	38,159	49,735	51,292	49,617	43,771	42,422	42,720	49,210
Write-downs on stocks, contracts in progress and trade receivables: additions (reversals)`631/4`	-	-	-	-	-	-	-	-	-	-	-	8,735	3,699	-	-	-	-	-	-	-
Other operating charges`640/8`	8,731	7,581	8,465	5,200	9,353	10,478	10,285	16,479	10,154	9,609	6,306	-	10,818	9,377	9,183	12,031	9,397	4,079	10,018	11,733
Non-recurring operating charges`66A`	-	-	-	-	4,118	-	588	588	588	588	588	588	54,204	-	-	-	200	-	200	-
Operating profit (loss)`9901`	-12,536	-13,240	-18,869	-8,456	290,124	3,244	5,683	2,623	10,066	11,318	11,150	11,984	449	-2,659	-13,053	-5,785	21,715	15,030	-38,621	2,005
Financial income`75/76B`	-	3	53	-	19	35	9	123	-	-	218	-	3,133	-	1,483	76	5	76	63	-
Recurring financial income`75`	-	3	53	-	19	35	9	123	-	-	218	-	3,133	-	1,483	76	5	76	63	-
Financial charges`65/66B`	4,085	4,805	5,441	5,316	32,887	21,256	29,615	22,379	28,109	29,422	36,062	34,370	54,797	49,781	46,624	50,974	48,635	48,091	68,685	40,387
Recurring financial charges`65`	4,085	4,805	5,441	5,316	32,887	21,256	29,027	21,791	27,521	28,834	36,062	34,370	54,797	49,781	46,624	50,974	48,635	48,091	68,685	40,387
Non-recurring financial charges`66B`	-	-	-	-	-	-	588	588	588	588	-	-	-	-	-	-	-	-	-	-
Profit (loss) for the period before taxes`9903`	-16,621	-18,042	-24,256	-13,772	257,256	-17,977	-23,923	-19,633	-18,043	-18,104	-25,282	-22,974	-105,419	-51,923	-56,585	-50,648	-26,263	-32,985	-60,060	-38,382
Income taxes`67/77`	-	-	-	-	-	-	-	-	-	-	1	-	-	-	2	-	-	-	-	-
Profit (loss) for the period`9904`	-16,621	-18,042	-24,256	-13,772	257,256	-17,977	-23,923	-19,633	-18,043	-18,104	-25,283	-22,974	-105,419	-51,923	-56,587	-50,648	-26,263	-32,985	-60,060	-38,382
Profit (loss) for the period to be appropriated`9905`	-16,621	-18,042	-24,256	-13,772	257,256	-17,977	-23,923	-19,633	-18,043	-18,104	-25,283	-22,974	-105,419	-51,923	-56,587	-50,648	-26,263	-32,985	-60,060	-38,382
Appropriation of the result
Profit (loss) to be appropriated`9906`	-398,520	-381,899	-363,857	-339,600	-325,828	-583,084	-565,107	-541,184	-521,551	-503,508	-485,404	-460,121	-437,147	-331,728	-279,805	-223,218	-172,570	-145,042	-112,057	-51,997
Profit (loss) brought forward from the previous period`14P`	-381,899	-363,857	-339,601	-325,828	-583,084	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Transfer to equity`691/2`	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	1,265	-	-
To other reserves`6921`	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	1,265	-	-
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Financial year	Type	Filed	Reference	Document
31-12-2025	abbreviated format	28-08-2026	2026-00441909	PDF
31-12-2024	micro format	31-08-2025	2025-00452743	PDF
31-12-2023	micro format	26-08-2024	2024-00368004	PDF
31-12-2022	micro format	30-08-2023	2023-00373369	PDF
31-12-2021	full format	31-08-2022	2022-20370865	PDF
31-12-2020	full format	11-05-2021	2021-13800064	PDF
31-12-2019	full format	24-08-2020	2020-43300030	PDF
31-12-2018	full format	28-08-2019	2019-52000446	PDF
31-12-2017	full format	14-08-2018	2018-45300055	PDF
31-12-2016	full format	31-08-2017	2017-52600516	PDF
31-12-2015	full format	31-08-2016	2016-53900037	PDF
31-12-2014	full format	30-08-2015	2015-52200592	PDF
31-12-2013	full format	27-02-2015	2015-05000273	PDF
31-12-2012	full format	31-08-2013	2013-57100344	PDF
31-12-2011	full format	29-08-2012	2012-46700428	PDF
31-12-2010	full format	14-12-2011	2011-63500048	PDF
31-12-2009	full format	31-08-2010	2010-52800471	PDF
31-12-2008	full format	31-08-2009	2009-75200249	PDF
31-12-2007	full format	28-08-2008	2008-64700287	PDF
31-12-2006	full format	26-07-2007	2007-46500208	PDF
31-12-2005	full format	08-12-2006	2006-90301337	PDF
31-12-2004	full format	29-07-2005	2005-61502297	PDF
31-12-2003	full format	27-05-2004	2004-18000040	PDF
31-12-2002	full format	19-06-2003	2003-26704752	PDF
31-12-2001	full format	31-05-2002	2002-16005129	PDF
31-12-2000	full format	07-06-2001	2001-19703398	PDF
31-12-1999	full format	11-07-2000	2000-40303746	PDF
31-12-1998	full format	30-12-1999	1999-66000544	PDF
31-12-1997	full format	21-10-1998	1998-54104614	PDF
31-12-1996	full format	29-08-1997	1997-40504046	PDF
31-12-1995	full format	10-07-1996	1996-31900589	PDF
31-12-1994	full format	04-03-1996	1996-03400328	PDF
31-12-1993	full format	04-03-1996	1996-03400337	PDF

Line	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015	2014	2013	2012	2011	2010	2009	2008	2007	2006
EBITDA	20,030	19,526	13,897	24,309	325,215	41,862	43,738	38,912	44,507	45,143	44,180	48,870	38,608	47,076	38,239	43,832	65,486	57,452	4,099	51,215
Cash flow	15,946	14,723	8,509	18,993	292,347	20,641	14,132	16,656	16,398	15,721	7,747	13,912	-67,260	-2,188	-5,295	-1,031	17,508	9,437	-17,340	10,828
Investment in fixed assets (approximation)	0	0	-0	0	1,250	11,283	31,881	37,516	14,004	12,880	23,845	0	330,000	34,750	73,327	346,518	7,778	41,453	503	408,156
Change in cash	4,337	2,833	-536	2,549	-72	9,394	-16,226	9,157	3,001	10,059	761	431	-260	207	23	-340	-261	-3,262	2,828	-
Working capital	-99,909	-89,668	-85,085	-80,255	-81,907	-110,462	-116,306	-153,985	-116,860	-99,041	-88,026	-112,902	-132,903	-192,260	-215,810	-216,151	-129,057	-119,423	-59,407	-140,890
Solvency	-22.2%	-18.9%	-15.6%	-11.6%	-9.4%	-38.1%	-35.3%	-28.2%	-26.5%	-24.1%	-22.0%	-19.3%	-16.8%	-6.7%	-2.2%	2.5%	7.9%	10.3%	13.5%	14.2%
Current ratio	0.31	0.31	0.31	0.32	0.31	0.26	0.20	0.16	0.16	0.22	0.21	0.24	0.11	0.09	0.08	0.15	0.23	0.16	0.31	0.40
Quick ratio	0.31	0.31	0.31	0.32	0.31	0.26	0.20	0.16	0.16	0.22	0.21	0.24	0.11	0.07	0.07	0.13	0.21	0.14	0.27	0.21
Debt to equity	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	39.24	11.64	8.71	6.39	6.05
ROE	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-170.5%	-32.7%	-30.9%	-42.6%	-20.5%
ROA	-2.5%	-2.6%	-3.4%	-1.8%	33.1%	-2.1%	-2.7%	-1.9%	-1.8%	-1.7%	-2.4%	-2.1%	-9.6%	-4.4%	-4.7%	-4.2%	-2.6%	-3.2%	-5.8%	-2.9%
Interest coverage	4.90	4.06	2.55	4.57	9.89	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-

Item	2025	2024	2023	2022	2021
Tangible fixed assets	-	-	-	-	€1,250
Depreciation and write-downs of the year	€32,567	€32,765	€32,765	€32,765	€35,091

DEMARC

Annual accounts 2025

Balance sheet

Change in equityin euro

Change in cashin euro

Filed annual accounts

Filings

Key figures and ratios

Investments

Insights on DEMARC

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