ELEREP

Absorbed by SPIE BELGIUM Public limited companyKBO/BCE: BE 0883.559.538 subsidiary of SPIE BELGIUM

ELEREP

Financial year 2025

Follow Report

Annual accounts 2025

full format, filed on 09-03-2026, 52 days before the deadline

Operating income

€255,964

▼ 20.7%

Operating result

€94,976

▼ 23.7%

Profit

€37,793

▲ 25.5%

Working capital

-€739,755

▲ €163,753

Solvency

79.3%

▲ 3.7 percentage points

Current ratio

0.00

▲ 0.00

Turnover: not included in this filing.

Balance sheet

balance sheet total €3.6m on 30-09-2025

What the company ownsHow it is paid for

Change in equityin €m

Change in cashin euro

Filed annual accounts

as filed with the National Bank, click a year to choose it

Line	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015	2014	2013	2012	2011	2010	2009	2008	2007
Balance sheet: assets
Total assets`20/58`	3.6m	3.7m	3.9m	4.0m	1.0m	1.1m	1.1m	1.1m	1.1m	1.2m	1.2m	1.2m	1.2m	1.5m	1.4m	1.3m	1.5m	1.5m	1.6m
Fixed assets`21/28`	3.6m	3.7m	3.9m	4.0m	1.0m	1.1m	1.1m	1.1m	1.1m	1.1m	1.2m	1.2m	1.2m	1.3m	1.3m	1.3m	1.4m	1.4m	1.6m
Tangible fixed assets`22/27`	3.6m	3.7m	3.9m	4.0m	1.0m	1.1m	1.1m	1.1m	1.1m	1.1m	1.2m	1.2m	1.2m	1.2m	1.3m	1.3m	1.3m	1.4m	1.4m
Land and buildings`22`	3.6m	3.7m	3.9m	4.0m	1.0m	1.1m	1.1m	1.1m	1.1m	1.1m	1.2m	1.2m	1.2m	1.2m	1.3m	1.3m	1.3m	1.4m	1.4m
Plant, machinery and equipment`23`	8,886	9,646	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Financial fixed assets`28`	-	-	-	-	-	-	-	-	-	-	-	-	-	41,500	41,500	14,000	84,000	84,000	207,701
Affiliated companies`280/1`	-	-	-	-	-	-	-	-	-	-	-	-	-	41,500	41,500	14,000	84,000	84,000	207,701
Participating interests`280`	-	-	-	-	-	-	-	-	-	-	-	-	-	6,000	6,000	6,000	6,000	6,000	-
Amounts receivable`281`	-	-	-	-	-	-	-	-	-	-	-	-	-	35,500	35,500	8,000	78,000	78,000	207,701
Current assets`29/58`	1,280	1,060	2,347	3,967	4,907	2,737	3,726	4,584	858	27,341	1,962	32,781	12,422	168,740	83,924	18,774	71,326	11,839	19,065
Amounts receivable within one year`40/41`	40	60	683	340	2,414	-	-	2,545	109	25,298	119	8,503	4,250	31,326	22,627	10,464	20,559	420	-
Trade receivables`40`	-	-	-	-	-	-	-	2,545	-	25,179	-	8,503	4,250	31,326	22,627	-	19,778	-	-
Other amounts receivable`41`	40	60	683	340	2,414	-	-	-	109	119	119	-	-	-	-	10,464	781	420	-
Current investments`50/53`	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	895	-	-	-
Other investments`51/53`	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	895	-	-	-
Cash at bank and in hand`54/58`	1,240	1,000	1,665	3,627	2,494	2,737	3,726	2,039	749	2,043	1,843	1,378	4,811	135,596	61,298	5,947	50,766	11,419	19,065
Deferred charges and accrued income`490/1`	-	-	-	-	-	-	-	-	-	-	-	22,900	3,361	1,819	-	1,468	-	-	-
Balance sheet: equity and liabilities
Total equity and liabilities`10/49`	3.6m	3.7m	3.9m	4.0m	1.0m	1.1m	1.1m	1.1m	1.1m	1.2m	1.2m	1.2m	1.2m	1.5m	1.4m	1.3m	1.5m	1.5m	1.6m
Equity`10/15`	2.8m	2.8m	2.8m	2.7m	93,865	91,189	283,740	142,796	112,091	308,909	174,914	79,814	221,947	584,013	464,398	364,500	274,493	185,905	110,200
Contributions`10/11`	70,000	70,000	70,000	70,000	70,000	70,000	70,000	70,000	70,000	70,000	70,000	70,000	70,000	70,000	70,000	70,000	70,000	70,000	70,000
Capital`10`	70,000	70,000	70,000	70,000	70,000	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Issued capital`100`	70,000	70,000	70,000	70,000	70,000	70,000	70,000	70,000	70,000	70,000	70,000	70,000	70,000	70,000	70,000	70,000	70,000	70,000	70,000
Revaluation surpluses`12`	2.3m	2.4m	2.5m	2.6m	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Reserves`13`	351,234	261,091	140,571	27,879	9,814	9,814	9,814	9,814	9,814	9,814	9,814	9,814	151,947	514,013	394,398	294,500	204,493	115,905	7,000
Non-distributable reserves`130/1`	7,000	7,000	7,000	7,000	7,000	7,000	-	-	-	-	-	-	-	-	-	-	-	-	-
Legal reserve`130`	7,000	7,000	7,000	7,000	7,000	7,000	7,000	7,000	7,000	7,000	7,000	7,000	7,000	7,000	7,000	7,000	7,000	7,000	7,000
Distributable reserves`133`	344,234	254,091	133,571	20,879	2,814	2,814	2,814	2,814	2,814	2,814	2,814	2,814	144,947	507,013	387,398	287,500	197,493	108,905	-
Profit (loss) carried forward`14`	129,666	91,873	61,771	26,510	14,051	11,375	203,926	62,981	32,276	229,095	95,099	-	-	-	-	-	-	-	33,200
Amounts payable`17/49`	741,035	904,568	1.1m	1.3m	942,017	977,335	820,586	932,331	987,690	845,734	982,731	1.1m	1.0m	867,050	930,229	965,857	1.2m	1.3m	1.5m
Amounts payable after more than one year`17`	-	-	-	-	-	-	-	-	-	111,538	219,932	325,248	427,619	651,110	753,446	821,693	1.1m	1.1m	1.4m
Financial debts`170/4`	-	-	-	-	-	-	-	-	-	111,538	219,932	325,248	427,619	547,104	649,441	717,688	961,411	1.0m	1.4m
Credit institutions`173`	-	-	-	-	-	-	-	-	-	111,538	219,932	325,248	427,619	527,104	629,441	717,688	801,874	882,102	1.4m
Other loans`174`	-	-	-	-	-	-	-	-	-	-	-	-	-	20,000	20,000	-	159,536	159,536	-
Other amounts payable`178/9`	-	-	-	-	-	-	-	-	-	-	-	-	-	104,006	104,006	104,006	104,006	104,006	-
Amounts payable within one year`42/48`	741,035	904,568	1.1m	1.3m	942,017	977,335	820,586	932,331	987,690	718,116	730,719	744,108	485,853	124,879	107,989	97,600	94,678	87,899	78,013
Current portion of amounts payable after more than one year`42`	-	-	-	-	-	-	-	-	110,400	108,394	105,316	102,371	99,485	96,681	88,247	84,187	80,227	76,454	72,727
Financial debts`43`	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	105	-	-
Credit institutions`430/8`	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	105	-	-
Trade debts`44`	2,900	1,744	2,861	104,350	3,257	2,190	2,099	2,235	1,050	1,050	2,591	72	2,761	834	605	6,725	775	4,195	3,486
Suppliers`440/4`	2,900	1,744	2,861	104,350	3,257	2,190	2,099	2,235	1,050	1,050	2,591	72	2,761	834	605	6,725	775	4,195	3,486
Taxes, remuneration and social security`45`	23,566	43,318	247	21,214	24,647	67,498	125,166	134,181	71,080	136,059	157,199	82,053	68,589	27,364	19,137	6,688	13,571	7,250	1,800
Taxes`450/3`	23,566	43,318	247	21,214	24,647	67,498	125,166	134,181	71,080	136,059	157,199	82,053	68,589	27,364	19,137	6,688	13,571	7,250	1,800
Other amounts payable`47/48`	714,570	859,505	1.1m	1.1m	914,113	907,646	693,320	795,916	805,160	472,613	465,613	559,613	315,018	-	-	-	-	-	-
Accrued charges and deferred income`492/3`	-	-	-	-	-	-	-	-	-	16,080	32,080	67,673	89,445	91,061	68,794	46,563	46,701	30,733	12,719
Income statement
Operating income`70/76A`	255,964	322,615	314,288	310,060	253,166	270,780	264,176	245,629	213,650	259,823	208,632	292,024	251,759	244,562	239,416	230,904	230,543	227,657	272,148
Other operating income`74`	255,964	322,615	314,288	310,060	253,166	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Operating charges`60/66A`	160,987	198,141	190,718	85,097	61,586	59,903	57,755	53,891	54,012	49,309	50,803	52,165	57,397	57,197	57,798	56,909	53,976	55,875	149,487
Goods for resale, raw materials and consumables`60`	-	-	597	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Purchases`600/8`	-	-	597	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Services and other goods`61`	6,658	2,722	5,011	4,200	4,673	3,673	1,622	1,164	3,699	1,370	1,884	3,687	7,056	4,620	5,095	5,894	3,999	6,583	20,242
Remuneration, social security and pensions`62`	-	-	-	-	-	-	2,200	2,249	2,106	2,064	2,090	2,006	-	-	-	-	-	-	-
Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets`630`	125,960	167,903	158,658	57,459	34,812	34,812	34,266	28,380	28,380	28,380	28,380	28,380	28,380	28,380	28,380	28,380	28,380	28,380	107,777
Other operating charges`640/8`	28,369	27,516	26,451	23,438	22,101	21,418	19,667	22,098	19,827	17,495	18,449	18,092	21,961	24,197	24,323	22,635	21,598	20,912	21,468
Non-recurring operating charges`66A`	-	-	-	-	-	-	-	-	-	-	-	-	5,938	-	-	-	-	-	-
Operating profit (loss)`9901`	94,976	124,474	123,569	224,963	191,580	210,877	206,421	191,738	159,637	210,514	157,829	239,859	194,362	187,366	181,619	173,995	176,567	171,782	122,661
Financial income`75/76B`	-	-	-	-	-	-	-	-	-	-	0	-	1,906	5,867	2,602	4,450	4,578	11,758	58,659
Recurring financial income`75`	-	-	-	-	-	-	-	-	-	-	0	-	1,906	5,867	2,602	4,450	4,578	11,758	58,659
Income from financial fixed assets`750`	-	-	-	-	-	-	-	-	-	-	-	-	1,542	5,780	2,559	3,925	4,495	10,065	57,338
Income from current assets`751`	-	-	-	-	-	-	-	-	-	-	-	-	365	87	42	525	83	1,694	1,321
Other financial income`752/9`	-	-	-	-	-	-	-	-	-	-	0	-	-	-	0	0	0	-	-
Financial charges`65/66B`	14,538	43,451	38,992	1,290	1,216	878	737	1,033	1,982	9,321	10,490	14,770	16,763	18,383	37,987	47,784	51,840	70,282	120,922
Recurring financial charges`65`	14,538	43,451	38,992	1,290	1,216	878	737	1,033	1,982	9,321	10,490	14,770	16,763	18,383	37,987	47,784	51,840	70,282	120,922
Debt charges`650`	14,102	42,912	37,907	-	3	-	228	516	1,446	8,358	9,396	13,871	16,299	18,088	37,630	47,564	51,538	70,030	119,510
Other financial charges`652/9`	436	539	1,085	1,290	1,213	878	508	517	536	964	1,095	899	463	295	357	219	302	252	1,412
Profit (loss) for the period before taxes`9903`	80,438	81,023	84,578	223,674	190,364	209,999	205,684	190,705	157,656	201,192	147,338	225,090	173,567	174,850	146,233	130,661	129,304	113,259	60,399
Income taxes`67/77`	42,645	50,921	49,317	61,214	47,688	52,550	64,739	60,000	54,475	67,197	52,239	77,223	55,633	55,235	46,335	40,654	40,717	37,554	20,198
Taxes`670/3`	42,645	50,921	49,317	61,214	47,688	52,550	65,166	60,000	55,000	69,000	52,239	77,223	56,887	56,011	46,335	40,929	42,161	37,554	20,198
Tax adjustments and reversals of tax provisions`77`	-	-	-	-	-	-	427	-	525	1,804	-	-	1,254	776	-	275	1,444	-	-
Profit (loss) for the period`9904`	37,793	30,103	35,260	162,460	142,676	157,449	140,945	130,705	103,181	133,996	95,099	147,867	117,934	119,615	99,898	90,007	88,588	75,705	40,200
Profit (loss) for the period to be appropriated`9905`	37,793	30,103	35,260	162,460	142,676	157,449	140,945	130,705	103,181	133,996	95,099	147,867	117,934	119,615	99,898	90,007	88,588	75,705	40,200
Appropriation of the result
Profit (loss) to be appropriated`9906`	129,666	91,873	61,771	176,510	154,051	361,375	203,926	162,981	332,276	229,095	95,099	147,867	117,934	119,615	99,898	90,007	88,588	108,905	40,200
Profit (loss) brought forward from the previous period`14P`	91,873	61,771	26,510	14,051	11,375	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Transfer from equity`791/2`	-	-	-	-	-	-	-	-	-	-	-	142,133	480,000	-	-	-	-	-	-
From reserves`792`	-	-	-	-	-	-	-	-	-	-	-	142,133	480,000	-	-	-	-	-	-
Transfer to equity`691/2`	-	-	-	-	-	-	-	-	-	-	-	-	117,934	119,615	99,898	90,007	88,588	108,905	7,000
To the legal reserve`6920`	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	7,000
To other reserves`6921`	-	-	-	-	-	-	-	-	-	-	-	-	117,934	119,615	99,898	90,007	88,588	108,905	-
Profit to be distributed`694/7`	-	-	-	150,000	140,000	350,000	-	100,000	300,000	-	-	290,000	480,000	-	-	-	-	-	-
Return on contributions (dividend)`694`	-	-	-	150,000	140,000	350,000	-	100,000	300,000	-	-	290,000	480,000	-	-	-	-	-	-
Document	PDF	PDF	PDF	PDF	PDF	PDF	PDF	PDF	PDF	PDF	PDF	PDF	PDF	PDF	PDF	PDF	PDF	PDF	PDF

The notes to these accounts have 19 items, including the statement of assets and debts, the cost breakdown and rights and commitments. You find them in the filed accounts (PDF).

Source: Annual accounts 2025 (PDF), filed on 09-03-2026.

Download as CSV

Filings

each dot is a set of accounts, on the day it reached the National Bank

Financial year	Type	Filed	Reference	Document
30-09-2025	full format	09-03-2026	2026-00053451	PDF
31-12-2024	full format	22-05-2025	2025-00104176	PDF
31-12-2023	full format	31-05-2024	2024-00109396	PDF
31-12-2022	full format	22-05-2023	2023-00097094	PDF
31-12-2021	full format	20-05-2022	2022-20033565	PDF
31-12-2020	full format	03-06-2021	2021-17500232	PDF
31-12-2019	full format	11-05-2020	2020-11900008	PDF
31-12-2018	full format	24-06-2019	2019-22500012	PDF
31-12-2017	full format	16-07-2018	2018-34100107	PDF
31-12-2016	full format	28-06-2017	2017-24000256	PDF
31-12-2015	full format	01-08-2016	2016-39300432	PDF
31-12-2014	full format	29-07-2015	2015-38700315	PDF
31-12-2013	full format	04-07-2014	2014-27600061	PDF
31-12-2012	full format	08-04-2013	2013-08500442	PDF
31-12-2011	full format	30-03-2012	2012-08000195	PDF
31-12-2010	full format	05-04-2011	2011-07900188	PDF
31-12-2009	full format	20-04-2010	2010-09500153	PDF
31-12-2008	full format	24-04-2009	2009-11700197	PDF
31-12-2007	full format	25-04-2008	2008-11800169	PDF

Key figures and ratios

per financial year, computed from the annual accounts

Line	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015	2014	2013	2012	2011	2010	2009	2008	2007
EBITDA	220,936	292,377	282,228	282,423	226,392	245,689	240,687	220,118	188,017	238,894	186,209	268,239	222,742	215,746	209,999	202,375	204,947	200,162	230,439
Cash flow	163,753	198,005	193,919	219,919	177,488	192,262	175,211	159,085	131,561	162,376	123,479	176,247	146,314	147,995	128,278	118,387	116,968	104,085	147,978
Investment in fixed assets (approximation)	0	10,157	30,033	388,051	0	0	64,323	0	0	0	0	0	-41,500	0	27,500	-70,000	0	6,000	1.5m
Change in cash	240	-665	-1,963	1,134	-243	-989	1,687	1,291	-1,294	199	465	-3,433	-130,785	74,298	55,351	-44,819	39,348	-7,646	-
Working capital	-739,755	-903,508	-1.1m	-1.3m	-937,110	-974,598	-816,859	-927,747	-986,832	-690,775	-728,757	-711,327	-473,432	43,861	-24,065	-78,826	-23,353	-76,061	-58,948
Solvency	79.3%	75.6%	71.7%	68.4%	9.1%	8.5%	25.7%	13.3%	10.2%	26.8%	15.1%	6.6%	18.1%	40.2%	33.3%	27.4%	18.5%	12.8%	6.8%
Current ratio	0.00	0.00	0.00	0.00	0.01	0.00	0.00	0.00	0.00	0.04	0.00	0.04	0.03	1.35	0.78	0.19	0.75	0.13	0.24
Debt to equity	0.26	0.32	0.40	0.46	10.04	10.72	2.89	6.53	8.81	2.74	5.62	14.25	4.52	1.48	2.00	2.65	4.40	6.80	13.61
ROE	1.3%	1.1%	1.3%	5.9%	152.0%	172.7%	49.7%	91.5%	92.1%	43.4%	54.4%	185.3%	53.1%	20.5%	21.5%	24.7%	32.3%	40.7%	36.5%
ROA	1.1%	0.8%	0.9%	4.1%	13.8%	14.7%	12.8%	12.2%	9.4%	11.6%	8.2%	12.2%	9.6%	8.2%	7.2%	6.8%	6.0%	5.2%	2.5%
Interest coverage	15.67	6.81	7.45	over 100	over 100	-	over 100	over 100	over 100	28.58	19.82	19.34	13.67	11.93	5.58	4.25	3.98	2.86	1.93
Supplier credit	159 days	234 days	186 days	9069 days	254 days	218 days	472 days	701 days	104 days	280 days	502 days	7 days	143 days	66 days	43 days	417 days	71 days	233 days	63 days

EBIT margin: not included in this filing.

A Belgian filing has no cash-flow statement. Cash flow is therefore an approximation, derived from the income statement. Investment is the acquisitions in the notes and, without them, the balance-sheet move.

Investments

fixed assets acquired

Item	30-09-2025	2024	2023	2022	2021
Tangible fixed assets	-	€10,157	€30,033	€388,051	-
Depreciation and write-downs of the year	€125,960	€167,903	€158,658	€57,459	€34,812

Source: notes to the 2021 to 2025 annual accounts (statement of fixed assets)

Auditor

fees

Item	30-09-2025	2024	2023	2022	2021
Fee for the audit	€2,737	€2,652	€2,573	€2,496	€2,275
Other work by the auditor	€114	-	-	-	-

Source: notes to the 2021 to 2025 annual accounts (relations with the auditor)

Insights on ELEREP

The operating result for 2025 is 24% lower than in 2024 and the lowest since 2007.

Debt's share of the balance-sheet total falls from 24.4% to 20.7%. Equity is higher and debt is lower.