Eforge (0808.554.782): financials and annual accounts

Eforge

Zwevegem ·KBO/BCE: BE 0808.554.782

Line	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015	2014	2013	2012	2011	2010	2009
Balance sheet: assets
Total assets`20/58`	2.0m	1.3m	981,292	900,009	624,798	487,278	443,902	220,507	75,504	89,488	139,117	125,749	122,173	116,698	90,255	52,204	26,582
Fixed assets`21/28`	395,657	253,930	460,809	72,450	98,581	93,215	96,969	80,408	4,681	15,105	24,194	24,651	32,868	330	661	504	1,008
Intangible fixed assets`21`	0	182,574	365,149	46	546	1,646	1,671	942	-	-	-	-	-	-	-	-	-
Tangible fixed assets`22/27`	395,207	71,356	95,661	72,404	81,354	91,569	95,298	79,466	4,681	15,105	24,194	24,651	32,868	330	661	504	1,008
Furniture and vehicles`24`	19,646	50,123	65,791	33,898	34,212	40,394	44,085	21,069	2,784	12,392	22,001	24,651	32,868	330	661	504	1,008
Other tangible fixed assets`26`	375,561	21,233	29,869	38,506	47,142	51,175	51,214	58,397	1,897	2,712	2,193	-	-	-	-	-	-
Financial fixed assets`28`	450	-	-	0	16,681	-	-	-	-	-	-	-	-	-	-	-	-
Current assets`29/58`	1.6m	1.0m	520,483	827,559	526,218	394,063	346,933	140,099	70,823	74,383	114,923	101,098	89,305	116,368	89,594	51,700	25,574
Amounts receivable within one year`40/41`	763,508	665,602	339,071	262,665	181,437	113,993	66,270	38,059	22,905	38,582	17,522	26,599	69,206	24,186	5,685	15,615	-
Trade receivables`40`	425,366	348,283	307,824	193,512	179,583	111,951	61,315	37,590	18,220	20,354	9,545	24,655	64,090	24,186	5,396	15,615	-
Other amounts receivable`41`	338,141	317,319	31,247	69,152	1,854	2,042	4,955	469	4,685	18,228	7,977	1,944	5,116	-	289	-	-
Current investments`50/53`	-	-	-	-	-	-	-	-	40,278	30,276	91,545	72,234	18,306	88,651	81,300	11,456	11,308
Cash at bank and in hand`54/58`	809,506	364,928	174,764	561,396	341,453	276,825	276,414	100,907	7,640	5,524	5,856	2,265	1,793	3,531	2,609	24,629	14,266
Deferred charges and accrued income`490/1`	12,749	12,983	6,648	3,499	3,328	3,246	4,248	1,132	-	-	-	-	-	-	-	-	-
Balance sheet: equity and liabilities
Total equity and liabilities`10/49`	2.0m	1.3m	981,292	900,009	624,798	487,278	443,902	220,507	75,504	89,488	139,117	125,749	122,173	116,698	90,255	52,204	26,582
Equity`10/15`	737,262	310,144	359,433	382,821	268,498	203,477	231,790	-78,419	62,819	78,994	102,099	85,420	47,509	41,240	39,769	17,437	12,760
Contributions`10/11`	520,000	520,000	520,000	520,000	520,000	520,000	520,000	18,600	18,600	18,600	18,600	18,600	18,600	18,600	18,600	12,400	12,400
Issued capital`100`	-	-	-	-	-	-	520,000	18,600	18,600	18,600	18,600	18,600	18,600	18,600	18,600	18,600	18,600
Uncalled capital`101`	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	6,200	6,200
Reserves`13`	217,262	56,435	56,435	56,435	56,435	56,435	56,435	56,435	56,435	60,394	83,435	66,760	26,860	21,860	19,300	4,300	300
Non-distributable reserves`130/1`	1,860	1,860	1,860	1,860	1,860	1,860	-	-	-	-	-	-	-	-	-	-	-
Legal reserve`130`	-	-	-	-	-	-	1,860	1,860	1,860	1,860	1,860	1,860	1,860	1,860	1,860	1,860	300
Reserves not available under the articles`1311`	-	-	1,860	1,860	1,860	1,860	-	-	-	-	-	-	-	-	-	-	-
Other`1319`	1,860	1,860	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Distributable reserves`133`	215,402	54,575	54,575	54,575	54,575	54,575	54,575	54,575	54,575	58,534	81,575	64,900	25,000	20,000	17,440	2,440	-
Profit (loss) carried forward`14`	0	-266,291	-217,002	-193,614	-307,937	-372,958	-344,645	-153,454	-12,216	-	64	60	2,049	780	1,869	737	60
Amounts payable`17/49`	1.2m	987,300	621,859	517,188	356,300	283,801	212,112	298,926	12,685	10,494	37,018	40,329	74,664	75,458	50,486	34,767	13,822
Amounts payable after more than one year`17`	290,312	24,289	31,331	38,263	45,088	51,806	108,419	119,214	-	-	-	-	-	-	-	-	-
Financial debts`170/4`	290,312	24,289	31,331	38,263	45,088	51,806	58,419	69,214	-	-	-	-	-	-	-	-	-
Other amounts payable`178/9`	-	-	-	-	-	0	50,000	50,000	-	-	-	-	-	-	-	-	-
Amounts payable within one year`42/48`	953,846	960,014	588,503	476,370	309,003	228,642	103,172	179,411	12,685	10,494	37,018	37,484	74,664	75,458	50,486	34,767	13,822
Current portion of amounts payable after more than one year`42`	73,178	357,042	6,932	6,825	6,718	6,614	6,511	-	-	-	-	-	-	-	-	-	-
Trade debts`44`	550,425	298,025	306,971	243,533	101,478	77,569	31,602	40,131	3,972	10,376	3,460	2,692	51,470	10,875	2,014	-	696
Suppliers`440/4`	550,425	298,025	306,971	243,533	101,478	77,569	31,602	40,131	3,972	10,376	3,460	2,692	51,470	10,875	2,014	-	696
Taxes, remuneration and social security`45`	330,242	264,204	238,255	163,632	140,437	95,458	65,059	29,194	4,837	118	9,558	34,167	5,369	2,624	10,171	4,090	406
Taxes`450/3`	58,894	66,045	95,144	91,327	70,269	41,809	17,919	6,286	943	118	9,558	32,667	5,369	2,624	10,171	4,090	406
Remuneration and social security`454/9`	271,348	198,159	143,112	72,305	70,168	53,649	47,140	22,908	3,893	-	-	1,500	-	-	-	-	-
Other amounts payable`47/48`	0	40,743	36,344	62,380	60,369	49,001	-	110,086	3,876	-	24,000	625	17,825	61,959	38,301	30,677	12,720
Accrued charges and deferred income`492/3`	0	2,997	2,025	2,555	2,210	3,354	521	302	-	-	-	2,845	-	-	-	-	-
Income statement
Non-recurring operating income`76A`	14,053	9,133	5,290	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Gross operating margin`9900`	2.9m	1.9m	1.3m	822,363	723,162	429,463	49,572	-15,974	10,423	-6,073	63,002	70,810	16,874	8,696	24,734	9,469	3,078
Remuneration, social security and pensions`62`	2.0m	1.7m	1.1m	666,060	621,664	415,952	211,956	108,123	6,149	-	-	-	-	-	-	-	-
Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets`630`	220,182	218,741	209,483	19,144	20,863	21,824	21,035	14,030	10,424	10,424	10,157	8,217	8,547	330	834	504	504
Write-downs on stocks, contracts in progress and trade receivables: additions (reversals)`631/4`	478	28,671	4,975	2,030	6,735	0	1,085	-	-	-	-	-	-6,277	6,277	-	-	-
Other operating charges`640/8`	3,920	3,327	3,212	13,644	1,332	13,274	2,576	1,437	9,839	6,870	2,949	1,137	2,414	846	818	465	1,275
Non-recurring operating charges`66A`	0	159	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Operating profit (loss)`9901`	622,631	-19,331	-8,524	121,484	72,567	-21,586	-187,079	-139,564	-15,989	-23,367	49,896	61,456	12,190	1,243	23,082	8,500	1,299
Financial income`75/76B`	4,427	2,549	232	834	89	14	141	22	265	553	543	168	1,293	1,568	756	185	9
Recurring financial income`75`	4,427	2,549	232	834	89	14	141	22	265	553	543	168	1,293	1,568	756	185	9
Financial charges`65/66B`	42,458	27,848	11,569	5,713	5,764	5,402	3,412	1,257	138	152	269	761	3,506	2,850	2,239	1,873	715
Recurring financial charges`65`	42,458	27,848	11,569	5,713	5,764	5,402	3,412	1,257	138	152	269	761	3,506	2,850	2,239	1,873	715
Profit (loss) for the period before taxes`9903`	584,600	-44,629	-19,860	116,605	66,892	-26,974	-190,350	-140,799	-15,862	-22,965	50,170	60,863	9,977	-39	21,599	6,812	593
Income taxes`67/77`	157,483	4,659	3,529	2,281	1,871	1,339	841	439	313	140	9,491	22,952	3,708	-1,510	5,467	2,135	233
Profit (loss) for the period`9904`	427,118	-49,288	-23,389	114,324	65,021	-28,313	-191,191	-141,238	-16,175	-23,105	40,679	37,911	6,269	1,471	16,132	4,677	360
Profit (loss) for the period to be appropriated`9905`	427,118	-49,288	-23,389	114,324	65,021	-28,313	-191,191	-141,238	-16,175	-23,105	40,679	37,911	6,269	1,471	16,132	4,677	360
Appropriation of the result
Profit (loss) to be appropriated`9906`	160,827	-266,291	-217,002	-193,614	-307,937	-372,958	-344,645	-153,454	-16,175	-23,041	40,739	39,960	7,049	3,340	16,869	4,737	360
Profit (loss) brought forward from the previous period`14P`	-266,291	-217,002	-193,614	-307,937	-372,958	-	-	-	-	-	-	-	-	-	-	-	-
Transfer from equity`791/2`	-	-	-	-	-	-	-	-	3,959	23,041	-	-	-	-	-	-	-
Transfer to equity`691/2`	160,827	-	-	-	-	-	-	-	-	-	16,675	39,900	5,000	2,560	15,000	4,000	300
To the legal reserve`6920`	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	1,560	300
To other reserves`6921`	160,827	-	-	-	-	-	-	-	-	-	16,675	39,900	5,000	2,560	15,000	2,440	-
Profit to be distributed`694/7`	-	-	-	-	-	-	-	-	-	-	24,000	-	-	-	-	-	-
Directors or managers`695`	-	-	-	-	-	-	-	-	-	-	24,000	-	-	-	-	-	-
Social balance sheet
Average staff (FTE)`9087`	23.8	20.5	15.7	10.9	11.6	8.7	4.9	2.7	0.2	-	-	-	-	-	-	-	-
Hours worked`1013`	40,109	33,945	25,509	18,977	20,363	14,537	8,533	4,615	233	-	-	-	-	-	-	-	-
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Financial year	Type	Filed	Reference	Document
31-12-2025	abbreviated format	30-07-2026	2026-00374166	PDF
31-12-2024	abbreviated format	16-07-2025	2025-00273249	PDF
31-12-2023	abbreviated format	18-07-2024	2024-00261071	PDF
31-12-2022	abbreviated format	22-06-2023	2023-00146913	PDF
31-12-2021	abbreviated format	24-06-2022	2022-20089124	PDF
31-12-2020	abbreviated format	15-07-2021	2021-35200564	PDF
31-12-2019	abbreviated format	14-07-2020	2020-29300256	PDF
31-12-2018	micro format	19-07-2019	2019-34900352	PDF
31-12-2017	micro format	04-06-2018	2018-15900483	PDF
31-12-2016	micro format	08-06-2017	2017-16100407	PDF
31-12-2015	abbreviated format	19-07-2016	2016-33000079	PDF
31-12-2014	abbreviated format	17-06-2015	2015-17700344	PDF
31-12-2013	abbreviated format	26-06-2014	2014-21300320	PDF
31-12-2012	abbreviated format	14-08-2013	2013-41900240	PDF
31-12-2011	abbreviated format	23-07-2012	2012-31800116	PDF
31-12-2010	abbreviated format	17-06-2011	2011-16900350	PDF
31-12-2009	abbreviated format	28-05-2010	2010-13000555	PDF

Year	Entries	Awarded	Paid
2025	2	€1,741	€1,126
2023	1	€7,388	€7,388
2022	2	€8,198	€8,198

Line	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015	2014	2013	2012	2011	2010	2009
EBITDA	842,813	199,410	200,959	140,628	93,430	238	-166,044	-125,534	-5,565	-12,943	60,053	69,673	20,737	1,573	23,916	9,004	1,803
Cash flow	647,300	169,453	186,094	133,468	85,884	-6,489	-170,157	-127,208	-5,751	-12,681	50,836	46,128	14,816	1,801	16,966	5,181	864
Investment in fixed assets (approximation)	369,044	20,879	597,962	9,694	26,228	18,070	37,595	89,758	0	1,335	9,700	0	41,085	-1	991	0	1,512
Change in cash	444,577	190,164	-386,632	219,943	64,628	411	175,507	93,267	2,115	-332	3,591	472	-1,738	922	-22,020	10,363	-
Working capital	631,917	83,500	-68,021	351,189	217,215	165,422	243,761	-39,312	58,138	63,889	77,905	63,614	14,641	40,910	39,108	16,933	11,752
Solvency	37.2%	23.9%	36.6%	42.5%	43.0%	41.8%	52.2%	-35.6%	83.2%	88.3%	73.4%	67.9%	38.9%	35.3%	44.1%	33.4%	48.0%
Current ratio	1.66	1.09	0.88	1.74	1.70	1.72	3.36	0.78	5.58	7.09	3.10	2.70	1.20	1.54	1.77	1.49	1.85
Debt to equity	1.69	3.18	1.73	1.35	1.33	1.39	0.92	-	0.20	0.13	0.36	0.47	1.57	1.83	1.27	1.99	1.08
ROE	57.9%	-15.9%	-6.5%	29.9%	24.2%	-13.9%	-82.5%	-	-25.7%	-29.2%	39.8%	44.4%	13.2%	3.6%	40.6%	26.8%	2.8%
ROA	21.6%	-3.8%	-2.4%	12.7%	10.4%	-5.8%	-43.1%	-64.1%	-21.4%	-25.8%	29.2%	30.1%	5.1%	1.3%	17.9%	9.0%	1.4%
Interest coverage	19.85	7.16	17.37	24.61	16.21	-	-	-	-	-	-	-	-	-	-	-	-

Item	31-12-2025	31-12-2024	31-12-2023	31-12-2022	31-12-2021
Employees at the balance-sheet date	27	21	19	12	11
full-time	25	19	18	11	10
part-time	2	2	1	1	1
in full-time equivalents	26.6	20.7	18.9	11.9	10.9
Average over the year, in full-time equivalents	23.8	20.5	15.7	10.9	11.6
On a permanent contract	27	21	18	12	11
Joined	7	-	12	3	16
Left	1	-	5	2	16

Eforge

Annual accounts 2025

Balance sheet

Change in equityin euro

Change in cashin euro

Position in the sector

Solvency37.2%

Current ratio1.66

Return on assets21.6%

Staff

Staff cost per FTE€86,069

Joined and left+6

Filed annual accounts

Filings

Subsidies and aid

Flemish government 2022 to 2025, 5 entries, €17,327 awarded, €16,712 paid

Key figures and ratios

Social balance sheet

Investments

Insights on Eforge

Next steps

Item	2025	2024	2023	2022	2021
Tangible fixed assets	€368,594	€20,879	€50,239	€9,694	€9,548
Intangible fixed assets	-	-	€547,723	-	-
Financial fixed assets	€450	-	-	-	€16,681
Depreciation and write-downs of the year	€220,182	€218,741	€209,483	€19,144	€20,863