EQUANS Services
ActiveFinancials · financial year 2025, full format
Annual accounts 2025 filed on 02-07-2026 at the NBB all 49 filings
Turnover
€527.9m▲ 2.9%
2024 · €513.1m
EBIT margin
3.8%▼ 1.3pp
2024 · 5.1%
Net result
€15.6m▼ 17.1%
2024 · €18.8m
Working capital
€95.0m▲ 9.2%
2024 · €87.0m
In the rankings
#1 employer in Sint-Joost-ten-Node, Administrative and support services sector#1 oldest company in Sint-Joost-ten-Node, Administrative and support services sector#2 company by total assets in Sint-Joost-ten-Node, Administrative and support services sector
Multi-year overview
2018 to 2025, 8 financial yearsTurnover
€527.9m
▲ 2.9%
2025
20182025
Operating result
€20.0m
▼ 23.7%
2025
20182025
Net result
€15.6m
▼ 17.1%
2025
highest quarter of the sector
20182025
EBIT margin
3.8%
▼ 1.3pp
2025
20182025
Equity
€56.8m
▲ 5.8%
2025
highest quarter of the sector
20182025
Total assets
€250.1m
▲ 5.4%
2025
highest quarter of the sector
20182025
Debt
€190.0m
▲ 5.6%
2025
20182025
Working capital
€95.0m
▲ 9.2%
2025
highest quarter of the sector
20182025
Solvency
22.7%
▲ 0.1pp
2025
middle half of the sector
20182025
Current ratio
1.65
▲ 0.02
2025
middle half of the sector
20182025
Return on assets (ROA)
6.2%
▼ 1.7pp
2025
middle half of the sector
20182025
Staff (FTE)
2,081.2
▼ 2.4%
2025
highest quarter of the sector
20182025
Every figure per financial year
Every figure with its change against the financial year before
favourable
unfavourable
Line20182019202020212022202320242025
Turnover€370.1m-€372.9m▲ 0.8%€333.6m▼ 10.5%€362.5m▲ 8.7%€425.4m▲ 17.4%€464.3m▲ 9.1%€513.1m▲ 10.5%€527.9m▲ 2.9%
Operating result€26.1m-€15.8m▼ 39.6%€4.7m▼ 70.2%-€1.8m€12.4m€9.3m▼ 24.5%€26.2m▲ 180%€20.0m▼ 23.7%
Net result€35.6m-€18.0m▼ 49.4%€11.0mabove the sector's middle half▼ 39.3%€43.2mabove the sector's middle half▲ 294%€9.2mabove the sector's middle half▼ 78.7%€11.9mabove the sector's middle half▲ 29.0%€18.8mabove the sector's middle half▲ 58.4%€15.6mabove the sector's middle half▼ 17.1%
EBIT margin7.0%-4.2%▼ 2.8pp1.4%▼ 2.8pp-0.5%▼ 1.9pp2.9%▲ 3.4pp2.0%▼ 0.9pp5.1%▲ 3.1pp3.8%▼ 1.3pp
Equity€202.3m-€220.3m▲ 8.9%€231.3mabove the sector's middle half▲ 5.0%€264.4mabove the sector's middle half▲ 14.4%€235.8mabove the sector's middle half▼ 10.8%€50.1mabove the sector's middle half▼ 78.8%€53.7mabove the sector's middle half▲ 7.2%€56.8mabove the sector's middle half▲ 5.8%
Total assets€619.3m-€632.5m▲ 2.1%€647.1mabove the sector's middle half▲ 2.3%€410.5mabove the sector's middle half▼ 36.6%€416.1mabove the sector's middle half▲ 1.4%€217.7mabove the sector's middle half▼ 47.7%€237.3mabove the sector's middle half▲ 9.0%€250.1mabove the sector's middle half▲ 5.4%
Debt€413.2m-€408.8m▼ 1.1%€412.9m▲ 1.0%€140.6m▼ 66.0%€176.8m▲ 25.8%€163.8m▼ 7.3%€179.9m▲ 9.8%€190.0m▲ 5.6%
Working capital€70.3m-€82.9m▲ 17.9%€93.4mabove the sector's middle half▲ 12.7%€277.1mabove the sector's middle half▲ 197%€256.3mabove the sector's middle half▼ 7.5%€78.6mabove the sector's middle half▼ 69.3%€87.0mabove the sector's middle half▲ 10.6%€95.0mabove the sector's middle half▲ 9.2%
Solvency32.7%-34.8%▲ 2.2pp35.7%within the sector's middle half▲ 0.9pp64.4%above the sector's middle half▲ 28.7pp56.7%within the sector's middle half▼ 7.7pp23.0%within the sector's middle half▼ 33.7pp22.6%within the sector's middle half▼ 0.4pp22.7%within the sector's middle half▲ 0.1pp
Current ratio1.66-1.79▲ 0.141.86within the sector's middle half▲ 0.073.49above the sector's middle half▲ 1.622.83above the sector's middle half▼ 0.651.63within the sector's middle half▼ 1.201.63within the sector's middle half=1.65within the sector's middle half▲ 0.02
Return on assets (ROA)5.8%-2.9%▼ 2.9pp1.7%within the sector's middle half▼ 1.2pp10.5%within the sector's middle half▲ 8.8pp2.2%within the sector's middle half▼ 8.3pp5.5%within the sector's middle half▲ 3.2pp7.9%within the sector's middle half▲ 2.5pp6.2%within the sector's middle half▼ 1.7pp
Staff (FTE)2,042.7-2,137.1▲ 4.6%2,143.8above the sector's middle half▲ 0.3%2,119.7above the sector's middle half▼ 1.1%2,231.4above the sector's middle half▲ 5.3%2,125.3above the sector's middle half▼ 4.8%2,131.9above the sector's middle half▲ 0.3%2,081.2above the sector's middle half▼ 2.4%
above
within
below
The sector band is the middle half of the companies in Services to buildings and landscape activities (NACE 81). 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 operating result for 2025 is 24% lower than in 2024.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €250.1m
Fixed assets
€8.7m ▼ 24.4%
Current assets
€241.4m ▲ 6.9%
Equity and liabilities €250.1m
Equity
€56.8m ▲ 5.8%
Provisions
€3.3m ▼ 10.4%
Debt
€190.0m ▲ 5.6%
Debt's share of the balance-sheet total rises from 75.8% to 76.0%. Equity and debt are higher.
Key figures and ratios
EBITDA
€22.4m▼
2024 · €28.9m
Cash flow
€18.0m▼
2024 · €21.5m
Quick ratio
1.65▲
2024 · 1.62
Debt to equity
3.34▼
2024 · 3.35
ROE
27.4%▼
2024 · 35.0%
Interest coverage
40.53▼
2024 · 88.76
Debt ≤ 1 year
€146.3m▲
2024 · €138.7m
Income taxes
€7.4m▼
2024 · €9.1m
Customer credit
98 days▼
2024 · 108 days
Supplier credit
95 days▲
2024 · 88 days
Staff costs
€180.5m▲
2024 · €173.9m
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 | 2,264 | 2,365 | 2,291 | 2,313 | 2,173 |
| full-time | 1,967 | 2,034 | 1,952 | 1,956 | 1,806 |
| part-time | 297 | 331 | 339 | 357 | 367 |
| in full-time equivalents | 2,122.9 | 2,208 | 2,130.6 | 2,136.9 | 1,989.5 |
| Average over the year, in full-time equivalents | 2,119.7 | 2,231.4 | 2,125.3 | 2,132 | 2,081.2 |
| On a permanent contract | 2,241 | 2,349 | 2,279 | 2,297 | 2,160 |
| Joined | 216 | 307 | 252 | 228 | 136 |
| Left | 193 | 206 | 326 | 206 | 276 |
| Agency workers, average number | 18.7 | 27.2 | 20.5 | 19.8 | 11.9 |
| Training hours | 165,802 | 149,483 | 86,433 | 60,669 | 57,664 |
Source: social balance sheet in the 2021 to 2025 annual accounts
Investments
| Item | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Tangible fixed assets | €59,300 | €5.8m | €1.3m | €74,068 | €197,055 |
| Intangible fixed assets | €966,261 | €7.8m | €76,978 | - | - |
| Financial fixed assets | €11.2m | €1,330 | - | - | - |
| Depreciation and write-downs of the year | €1.2m | €2.9m | €2.7m | €2.7m | €2.4m |
Source: notes to the 2021 to 2025 annual accounts (statement of fixed assets)
Auditor
| Item | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Fee for the audit | €51,000 | €54,940 | €59,000 | €60,550 | €62,362 |
| Other work by the auditor | - | €2,500 | - | - | - |
Source: notes to the 2021 to 2025 annual accounts (relations with the auditor)
Subsidies and aid
Flemish government
2023 to 2025 · 5 entries · €65,019 awarded · €65,019 paid| Year | Entries | Awarded | Paid |
|---|---|---|---|
| 2025 | 2 | €11,973 | €11,973 |
| 2024 | 2 | €21,959 | €21,959 |
| 2023 | 1 | €31,087 | €31,087 |
European Union, budget
2025 · 32 entries · €5.7m in totalProjects
MAINTENANCE OF TECHNICAL INSTALLATIONS AND HELPDESK SERVICES IN EESC BUILDINGS
BUILDING MAINTENANCE SERVICES AND TECHNICAL SUPPORT
INSTALLATION OF 60 ELECTRIC VEHICLE CHARGING STATIONS
JDE - REPLACEMENT OF LIGHTING IN THE AGORA ROOMS (PHASE 4): ROOMS 52 AND 62
SERVICES OF A PROJECT COORDINATOR
Show 15 more projects
FIBER OPTIC CABLES FOR THE SERVER ROOMS , JDE AND BVS
INSTALLATION OF A METER FOLLOWING THE OBLIGATIONS OF PEB (ENERGY PERFORMANCE OF BUILDINGS)
LIGHTING OPTIMISATION FOR THE RESTAURANT AND THE KITCHENS JDE
LIGHTING OPTIMISATION FOR THE MEETING ROOMS AGORA 51, 60, 61
VMA - COMPLIANCE UPGRADE OF THE HIGH-VOLTAGE SUBSTATION
SERVICES OF AN ENERGY ENGINEER
REPLACEMENT OF THE CARBON MONOXIDE DETECTION CONTROL UNIT
REPLACEMENT OF THE LAST FLUORESCENT LIGHTS ON THE MEZZANINE LEVEL
DRAFTING SUPPORT FOR UPDATING PLANS AND AS-BUILT DOCUMENTATION
LIGHTING OPTIMISATION FOR THE CORRIDORS - JDE+7&8
LIGHTING OPTIMISATION FOR THE CORRIDORS - JDE+2
LIGHTING OPTIMISATION FOR THE STAIRWELL JDE E9A
FIRE SAFETY SIGNAGE ON PEDESTRIAN BRIDGES - TECHNICAL STAFF LABOUR
TRIENNIAL INSPECTION OF FIRE DETECTION INSTALLATIONS
JDE PRINTSHOP - COMPLIANCE UPGRADE OF EMERGENCY LIGHTING
Public contracts
95 awards · 2024 to 2026
Antwerpen - Ring Center - Technisch beheer exploitatie en onderhoud met TW van de technische installaties voor 9 jaar (vanaf het 6de jaar is het te allen tijde opzegbaar): RDGB-VRN-2026-111472-77 - 1
Entretien technique: DE-518-2025 - 1
2026/HFB/OP/159101 – Beheer en het onderhoud voor de technische installaties van de gebouwen Kreupelenstraat 2 en Martelaarsplein.: 2026/HFB/OP/159101 - 1
Marché public de service relatif à la maintenance des installations H.V.A.C., sanitaires, électriques, de sécurité et aux ascenseurs de la copropriété" La Tannerie", avenue du douaire, 31 à 53 à 1340 Ottignies-Louvain-la-Neuve ainsi que les réparations propriétaires dans plusieurs immeubles appartenant à la Ville, pour une durée de 48 mois
Entretien, dépannages et réparations urgentes des chambres frigorifiques et du froid professionnel cuisine pour différents sites du CPAS de CHARLEROI: Entretien et dépannage des chambres froides
Show 45 more contracts
Entretien, dépannages et réparations urgentes des chambres frigorifiques et du froid professionnel cuisine pour différents sites du CPAS de CHARLEROI: Dépannage du matériel de froid professionnel horeca hors chambres froides (frigos, vitrines, saladettes,...)
Entretien, dépannages et réparations urgentes des chambres frigorifiques et du froid professionnel cuisine pour différents sites du CPAS de CHARLEROI: Entretien et dépannage des chambres froides
Entretien, dépannages et réparations urgentes des chambres frigorifiques et du froid professionnel cuisine pour différents sites du CPAS de CHARLEROI: Dépannage du matériel de froid professionnel horeca hors chambres froides (frigos, vitrines, saladettes,...)
Le NID: maintenance et gestion des installations sanitaires, électriques et HVAC: GIB/2025/001 - 1
Accord-cadre pluriannuel de services pour la Maintenance Technique Générale des Installations techniques des bâtiments de la Police Fédérale situés dans le complexe WPR Bertem et DAFA Melsbroek: PERCEEL1 : WPR BERTEM
Accord-cadre pluriannuel de services pour la Maintenance Technique Générale des Installations techniques des bâtiments de la Police Fédérale situés dans le complexe WPR Bertem et DAFA Melsbroek: PERCEEL 2: DAFA MELSBROEK
Raamovereenkomsten voor het beheer en/of onderhoud van HVAC-installaties: 2025/HFB/OP/143812 - 1
Raamovereenkomsten voor het beheer en/of onderhoud van HVAC-installaties: 2025/HFB/OP/143812 - 2
Raamovereenkomsten voor het beheer en/of onderhoud van HVAC-installaties: 2025/HFB/OP/143812 - 3
Het preventief en curatief technisch onderhoud van gemeentelijke gebouwen en installaties
Raamovereenkomst HVAC: Onderhoud, hulpverlening, interventies in regie, beperkte totale waarborg en vervangen van centrale verwarmings-, sanitair warm water- en ventilatie-installaties: PERCEEL 2 MIDDEN - RaamOvereenkomst Onderhoud, Hulpverlening, Interventies & Herstellingen in Regie van individuele en collectieve HVAC & SWW installaties én beperkte totale waarborg van enkel de collectieve HVAC & SWW installaties.
Raamovereenkomst HVAC: Onderhoud, hulpverlening, interventies in regie, beperkte totale waarborg en vervangen van centrale verwarmings-, sanitair warm water- en ventilatie-installaties: PERCEEL 3 ZUID - RaamOvereenkomst Onderhoud, Hulpverlening, Interventies & Herstellingen in Regie van individuele en collectieve HVAC & SWW installaties én beperkte totale waarborg van enkel de collectieve HVAC & SWW installaties.
Het onderhoud en beheer van de technische installaties van 10 gebouwen: 2025/HFB/OP/134064 - 2
Het onderhoud en beheer van de technische installaties van 10 gebouwen: 2025/HFB/OP/134064 - 3
Het onderhoud en beheer van de technische installaties van 10 gebouwen: 2025/HFB/OP/134064 - 6
MARCHES PUBLICS - ADMINISTRATION GÉNÉRALE - MARCHÉ DE SERVICE D'ENTRETIEN ET DE MAINTENANCE DES INSTALLATIONS H.V.A.C. DES BÂTIMENTS : INSTALLATIONS DE CHAUFFAGE, INSTALLATIONS DE CLIMATISATION ET DE VENTILATION ET INSTALLATIONS CONNEXES, CONJOINTEMENT AVEC LE C.P.A.S., LA R.C.A. ET LA ZONE DE POLICE DE BRAINE-L'ALLEUD: Grandes Installations
Accord-cadre pour l'entretien des dévidoirs, des sous-stations de comptage et des bornes incendie de l'Université de Liège - Campus de Liège, Campus d'Arlon et Campus de Gembloux Agro-Bio Tech: LOT 1 : Liège, Sart-Tilman et Arlon
Raamovereenkomst voor het technisch beheer met totale waarborg van de technische uitrustingen zwembad Ter Wallen
Raamovereenkomst exploitatie hvac en sanitaire installaties
EXPLOITATION, CONDUITE, SURVEILLANCE, ENTRETIEN ET GARANTIE TOTALE DES INSTALLATIONS DE CHAUFFAGE, DE VENTILATION, DES INSTALLATIONS SANITAIRES ET D'ÉPURATION DES EAUX POUR LA PISCINE NEPTUNIUM (2026-2033): Sport1030-202508 - 1
Raamcontract onderhoud en herstellingen CV-ketels, zonneboilers en warmtepompen binnen het patrimonium van Woonsprong: PERCEEL 3 : Eigen patrimonium (Oostende wijk Stene ) (+/- 590 wooneenheden + nieuw te bouwen panden)
Raamcontract onderhoud en herstellingen CV-ketels, zonneboilers en warmtepompen binnen het patrimonium van Woonsprong: PERCEEL 4 : Ingehuurd patrimonium (Oostende-Bredene-Ichtegem-Gistel-Oudenburg-Middelkerke) (+/-400 woongelegenheden. (referentie aug 2025))
HASSELT - Federaal Administratief Centrum – Onderhoudscontract tbv het preventief onderhoud en het technisch beheer van de technische installaties tot einde huurcontract 31/12/2025 (2x 1jaar verlengbaar) Referentie FA11170: RDGB-VRO-2024-710047-181 - 1
ACCORD-CADRE - ENTRETIEN ET DEPANNAGE DES INSTALLATIONS HVAC DES BATIMENTS DE SPI
Onderhoud, storingzoeken en repareren van HVAC-, sanitair- en hoogspanningscabinetechnische installaties: CM-MC 2024_093 - 3
Raamovereenkomst onderhoud en herstelling van verwarmings-, warm water-, ventilatie installaties en pompen: 2025/918/INK/CC/EJ - perceel 1 - regio Antwerpen
Raamovereenkomst onderhoud en herstelling van verwarmings-, warm water-, ventilatie installaties en pompen: 2025/918/INK/CC/EJ - perceel 2 - regio Limburg
Raamovereenkomst onderhoud en herstelling van verwarmings-, warm water-, ventilatie installaties en pompen: 2025/918/INK/CC/EJ - perceel 4 - regio Vlaams-Brabant
Maintenance Générale des Installations Techniques du site du siège de Bruxelles Environnement à Tour & Taxis / Algemeen onderhoud van de technische installaties van de site van de zetel van Leefmilieu Brussel in Tour & Taxis
Onderhoud en beheer van technische installaties met totale waarborg en energiebeheer van sporthal Meos en St. Anna zwembad
Maintenance, gestion des installations techniques et helpdesk dans les immeubles du Comité des régions et du Comité économique et social européen à Bruxelles avec obligation de résultat
Assistance à la mise en exploitation, conduite et maintenance des installations techniques de du bâtiment Média Square de la RTBF: Assistance à la mise en exploitation, conduite et maintenance des installations techniques du bâtiment Média Square
Bruxelles-SPF Justice-Gestion technique, exploitation et maintenance des principales installations techniques avec GARANTIE TOTALE: RDGB-BRU-2024-221861-23 - 1
Marché de service relatif à la conduite et la gestion technique du traitement des eaux ainsi qu’au diagnostic des pannes de l’ensemble des équipements HVAC de la piscine du complexe « rue de l’Ourthe », sis rue de l’Ourthe 1 à 4020 Liège pour une durée déterminée de 24 mois prenant cours le lendemain de la notification, à l’adjudicataire, de l’approbation de son offre: BAT/2025-0005/SN - 1
Het technisch beheer, onderhoud en totale waarborg van de technische installaties en prestaties op afroep.: 2024/HFB/OP/131168 - 1
Het technisch beheer, onderhoud en totale waarborg van de technische installaties en prestaties op afroep.: 2024/HFB/OP/128063 - 1
ONDERHOUD VAN DE TECHNISCHE HVAC-, VERWARMINGS- EN SANITAIRE INSTALLATIES VAN DE GEMEENTEGEBOUWEN: Scha/Infra/2024/007 - 1
Gestion technique et maintenance des installations du campus de Gosselies
Onderhoud en herstellen elektrische verwarming: Onderhoud elektrische verwarming perceel 2
Onderhoud en herstellen elektrische verwarming: Onderhoud elektrische verwarming perceel 3
Marché de service relatif au contrat d’entretien des installations techniques, la surveillance et le diagnostic des pannes des systèmes installés pour la piscine du Laveu sise rue du Laveu, 52 à 4000 Liège pour une durée déterminée de 24 mois (reconductible 24 mois cf l’art 57 de la Loi du 17/06/16) prenant cours le lendemain de la notification, à l’adjudicataire, de l’approbation de son offre: BAT2024-0161/EB/TQ - 1
Entretien, conduite, dépannages, gestion du combustible et garantie totale des installations techniques des Centres ADEPS: DISIPPJ_3132-2024-00001 - 1
Entretien, conduite, dépannages, gestion du combustible et garantie totale des installations techniques des Centres ADEPS: DISIPPJ_3132-2024-00001 - 2
Entretien, conduite, dépannages, gestion du combustible et garantie totale des installations techniques des Centres ADEPS: DISIPPJ_3132-2024-00001 - 3
Onderhoud, wachtdienst en totale waarborg van cv-installaties, sanitair en (regenwater)pompinstallaties
The 50 most recent of 95 awards.
Source: TED (Tenders Electronic Daily), Publications Office of the European Union. The values are as the buyer published them. For a framework agreement, the value is a ceiling.
Annual accounts
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Operating income70/76A | €377.0m | - | - | €369.3m | €437.5m | €472.3m | €522.8m | €533.2m | ▲ 2.0% |
| Turnover70 | €370.1m | €372.9m | €333.6m | €362.5m | €425.4m | €464.3m | €513.1m | €527.9m | ▲ 2.9% |
| Own construction capitalised72 | - | - | - | €0.5m | €0.008m | €0.2m | €0.04m | €0.007m | ▼ 80.1% |
| Other operating income74 | €5.2m | - | - | €6.4m | €11.9m | €7.8m | €9.6m | €5.2m | ▼ 45.4% |
| Non-recurring operating income76A | €1.8m | - | - | - | €0.2m | - | - | - | - |
| Operating charges60/66A | €350.9m | - | - | €371.1m | €425.2m | €462.9m | €496.6m | €513.2m | ▲ 3.3% |
| Goods for resale, raw materials and consumables60 | €168.6m | - | - | €178.6m | €201.4m | €220.6m | €241.6m | €245.4m | ▲ 1.6% |
| Purchases600/8 | - | - | - | €178.4m | €201.1m | €220.4m | €241.4m | €245.0m | ▲ 1.5% |
| Change in stocks: decrease (increase)609 | -€0.07m | - | - | €0.1m | €0.2m | €0.2m | €0.3m | €0.4m | ▲ 58.9% |
| Services and other goods61 | €41.2m | - | - | €36.4m | €55.4m | €68.6m | €75.5m | €82.9m | ▲ 9.8% |
| Remuneration, social security and pensions62 | €139.1m | - | - | €149.0m | €162.5m | €167.5m | €173.9m | €180.5m | ▲ 3.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €0.5m | €0.8m | €0.9m | €1.2m | €2.9m | €2.7m | €2.7m | €2.4m | ▼ 8.1% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals)631/4 | €0.1m | - | - | -€0.3m | -€0.2m | -€0.1m | €0.5m | -€0.03m | - |
| Provisions for liabilities and charges: additions (uses and reversals)635/8 | -€0.8m | - | - | -€0.5m | -€0.07m | €1.0m | -€0.5m | -€0.2m | ▲ 60.3% |
| Other operating charges640/8 | €0.4m | - | - | €1.0m | €1.0m | €0.4m | €1.7m | €0.9m | ▼ 46.3% |
| Non-recurring operating charges66A | €1.8m | - | - | €5.8m | €2.2m | €2.3m | €1.2m | €1.3m | ▲ 11.3% |
| Operating profit (loss)9901 | €26.1m | €15.8m | €4.7m | -€1.8m | €12.4m | €9.3m | €26.2m | €20.0m | ▼ 23.7% |
| Financial income75/76B | - | - | - | €48.1m | €3.4m | €7.2m | €2.5m | €4.1m | ▲ 64.7% |
| Recurring financial income75 | €11.4m | €10.4m | €0.1m | €0.4m | €0.7m | €2.2m | €2.5m | €4.1m | ▲ 64.9% |
| Income from financial fixed assets750 | €10.8m | - | - | €0.2m | €0.6m | €0.1m | €0.8m | €2.6m | ▲ 216% |
| Income from current assets751 | €0.5m | - | - | €0.06m | €0.08m | €2.0m | €1.6m | €1.5m | ▼ 8.5% |
| Other financial income752/9 | €0.1m | - | - | €0.06m | €0.07m | €0.07m | €0.06m | €0.04m | ▼ 42.7% |
| Non-recurring financial income76B | €7.8m | - | - | €47.7m | €2.7m | €5.0m | €0.002m | - | - |
| Financial charges65/66B | €1.7m | - | - | €2.1m | €1.1m | €0.5m | €0.8m | €1.1m | ▲ 47.4% |
| Recurring financial charges65 | €1.7m | €2.6m | €1.5m | €1.7m | €1.1m | €0.5m | €0.8m | €1.1m | ▲ 47.4% |
| Debt charges650 | €1.4m | €1.5m | €1.3m | €1.4m | €0.8m | €0.1m | €0.3m | €0.6m | ▲ 70.2% |
| Other financial charges652/9 | €0.3m | - | - | €0.3m | €0.3m | €0.4m | €0.4m | €0.6m | ▲ 30.1% |
| Non-recurring financial charges66B | - | - | - | €0.4m | - | - | - | €100 | - |
| Profit (loss) for the period before taxes9903 | €43.5m | €23.5m | €12.8m | €44.2m | €14.7m | €16.1m | €27.9m | €23.0m | ▼ 17.8% |
| Income taxes67/77 | €7.9m | €5.5m | €1.9m | €1.0m | €5.5m | €4.2m | €9.1m | €7.4m | ▼ 19.0% |
| Taxes670/3 | €8.5m | - | - | €1.0m | €5.8m | €4.5m | €9.1m | €7.4m | ▼ 19.0% |
| Tax adjustments and reversals of tax provisions77 | €0.6m | - | - | - | €0.3m | €0.3m | - | - | - |
| Profit (loss) for the period9904 | €35.6m | €18.0m | €11.0m | €43.2m | €9.2m | €11.9m | €18.8m | €15.6m | ▼ 17.1% |
| Transfer from tax-exempt reserves789 | - | - | - | - | - | €0.8m | €2.0m | - | - |
| Transfer to tax-exempt reserves689 | €0.7m | - | - | - | - | €0.8m | - | - | - |
| Profit (loss) for the period to be appropriated9905 | €34.9m | €17.2m | €9.0m | €43.2m | €9.2m | €11.9m | €20.8m | €15.6m | ▼ 25.1% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Assets | |||||||||
| Total assets20/58 | €619.3m | €632.5m | €647.1m | €410.5m | €416.1m | €217.7m | €237.3m | €250.1m | ▲ 5.4% |
| Fixed assets21/28 | €441.9m | €445.1m | €445.3m | €21.8m | €20.0m | €14.2m | €11.6m | €8.7m | ▼ 24.4% |
| Intangible fixed assets21 | €2.3m | €3.1m | €4.0m | €3.0m | €8.0m | €6.4m | €4.4m | €2.4m | ▼ 45.8% |
| Tangible fixed assets22/27 | €1.6m | €2.2m | €1.8m | €1.4m | €3.3m | €2.5m | €2.0m | €1.2m | ▼ 38.4% |
| Land and buildings22 | - | - | - | - | €1.1m | €1.5m | €1.4m | €0.7m | ▼ 46.9% |
| Plant, machinery and equipment23 | €1.5m | - | - | €1.0m | €0.8m | €0.5m | €0.2m | €0.3m | ▲ 33.9% |
| Furniture and vehicles24 | €0.2m | - | - | €0.004m | €0.8m | €0.6m | €0.4m | €0.2m | ▼ 45.2% |
| Other tangible fixed assets26 | - | - | - | €0.002m | €0.001m | €0.001m | - | - | - |
| Assets under construction and advance payments27 | - | - | - | €0.5m | €0.6m | €0.004m | €0.01m | - | - |
| Financial fixed assets28 | €437.9m | €439.8m | €439.6m | €17.4m | €8.7m | €5.2m | €5.2m | €5.1m | ▼ 1.1% |
| Affiliated companies280/1 | €435.7m | - | - | €17.1m | €8.6m | €5.1m | €5.1m | €5.1m | = |
| Participating interests280 | €435.7m | - | - | €17.1m | €8.6m | €5.1m | €5.1m | €5.1m | = |
| Companies linked by participating interests282/3 | €2.2m | - | - | €0.3m | €100 | €100 | €100 | - | - |
| Participating interests282 | €2.2m | - | - | €0.3m | €100 | €100 | €100 | - | - |
| Other financial fixed assets284/8 | €0.07m | - | - | €0.06m | €0.07m | €0.07m | €0.06m | €0.001m | ▼ 97.8% |
| Shares284 | - | - | - | - | €0.001m | €0.001m | €0.001m | €0.001m | = |
| Amounts receivable and cash guarantees285/8 | €0.07m | - | - | €0.06m | €0.07m | €0.07m | €0.05m | - | - |
| Current assets29/58 | €177.4m | €187.4m | €201.8m | €388.7m | €396.0m | €203.5m | €225.7m | €241.4m | ▲ 6.9% |
| Amounts receivable after more than one year29 | €0.9m | - | - | €0.8m | €0.7m | €1.0m | €0.6m | €0.5m | ▼ 19.6% |
| Trade receivables290 | €0.6m | - | - | €0.8m | €0.7m | €1.0m | €0.6m | €0.5m | ▼ 19.6% |
| Other amounts receivable291 | €0.3m | - | - | - | - | - | - | - | - |
| Stocks and contracts in progress3 | €1.0m | €1.6m | €1.7m | €1.6m | €1.5m | €1.3m | €1.1m | €0.6m | ▼ 39.5% |
| Stocks30/36 | €1.0m | - | - | €1.6m | €1.5m | €1.3m | €1.1m | €0.6m | ▼ 39.5% |
| Raw materials and consumables30/31 | €1.0m | - | - | €1.6m | €1.4m | €1.2m | €1.0m | €0.5m | ▼ 43.5% |
| Goods purchased for resale34 | - | - | - | - | €0.1m | €0.1m | €0.1m | €0.1m | = |
| Amounts receivable within one year40/41 | €138.0m | €150.4m | €138.2m | €134.3m | €158.6m | €157.9m | €155.6m | €144.5m | ▼ 7.2% |
| Trade receivables40 | €132.3m | - | - | €129.4m | €152.6m | €152.3m | €151.3m | €141.4m | ▼ 6.6% |
| Other amounts receivable41 | €5.7m | - | - | €4.9m | €6.1m | €5.6m | €4.3m | €3.0m | ▼ 29.1% |
| Current investments50/53 | €26.0m | €23.0m | €49.3m | €241.1m | €223.8m | €33.1m | €58.1m | €85.9m | ▲ 47.8% |
| Other investments51/53 | €26.0m | - | - | €241.1m | €223.8m | €33.1m | €58.1m | €85.9m | ▲ 47.8% |
| Cash at bank and in hand54/58 | €1.3m | €0.6m | €1.1m | €0.4m | €0.6m | €0.6m | €0.6m | €0.6m | ▲ 2.3% |
| Deferred charges and accrued income490/1 | €10.1m | - | - | €10.5m | €10.7m | €9.6m | €9.7m | €9.3m | ▼ 4.4% |
| Equity and liabilities | |||||||||
| Total equity and liabilities10/49 | €619.3m | €632.5m | €647.1m | €410.5m | €416.1m | €217.7m | €237.3m | €250.1m | ▲ 5.4% |
| Equity10/15 | €202.3m | €220.3m | €231.3m | €264.4m | €235.8m | €50.1m | €53.7m | €56.8m | ▲ 5.8% |
| Contributions10/11 | €6.6m | €6.6m | €6.6m | €6.6m | €6.6m | €6.6m | €6.6m | €6.6m | = |
| Capital10 | €6.6m | - | - | €6.6m | €6.6m | €6.6m | €6.6m | €6.6m | = |
| Issued capital100 | €6.6m | - | - | €6.6m | €6.6m | €6.6m | €6.6m | €6.6m | = |
| Reserves13 | €2.0m | €2.9m | €4.9m | €4.9m | €4.9m | €4.9m | €4.9m | €4.9m | = |
| Non-distributable reserves130/1 | - | - | - | €0.7m | €0.7m | €0.7m | €0.7m | €0.7m | = |
| Legal reserve130 | €0.7m | - | - | €0.7m | €0.7m | €0.7m | €0.7m | €0.7m | = |
| Reserves not available under the articles1311 | €0.02m | - | - | - | €0.02m | €0.02m | €0.02m | €0.02m | = |
| Other1319 | - | - | - | €0.02m | - | - | - | - | - |
| Tax-exempt reserves132 | €1.0m | - | - | €3.8m | €3.1m | €2.2m | €0.2m | €0.2m | = |
| Distributable reserves133 | €0.4m | - | - | €0.4m | €1.1m | €2.0m | €4.0m | €4.0m | = |
| Profit (loss) carried forward14 | €193.7m | €210.9m | €219.8m | €253.0m | €224.4m | €38.7m | €42.3m | €45.4m | ▲ 7.4% |
| Provisions and deferred taxes16 | €3.8m | €3.4m | €2.9m | €5.5m | €3.4m | €3.7m | €3.7m | €3.3m | ▼ 10.4% |
| Provisions for liabilities and charges160/5 | €3.8m | - | - | €5.5m | €3.4m | €3.7m | €3.7m | €3.3m | ▼ 10.4% |
| Pensions and similar obligations160 | €0.7m | - | - | €0.1m | €0.04m | €0.2m | €0.2m | €0.09m | ▼ 56.1% |
| Other liabilities and charges164/5 | €3.1m | - | - | €5.4m | €3.4m | €3.5m | €3.5m | €3.2m | ▼ 7.7% |
| Amounts payable17/49 | €413.2m | €408.8m | €412.9m | €140.6m | €176.8m | €163.8m | €179.9m | €190.0m | ▲ 5.6% |
| Amounts payable after more than one year17 | €282.6m | €282.3m | €281.9m | - | - | - | - | - | - |
| Financial debts170/4 | €282.6m | - | - | - | - | - | - | - | - |
| Other loans174 | €282.6m | - | - | - | - | - | - | - | - |
| Amounts payable within one year42/48 | €107.0m | €104.5m | €108.3m | €111.5m | €139.7m | €124.9m | €138.7m | €146.3m | ▲ 5.5% |
| Current portion of amounts payable after more than one year42 | €0.4m | - | - | - | - | - | - | - | - |
| Trade debts44 | €59.3m | €55.7m | €60.3m | €62.5m | €83.4m | €56.7m | €58.5m | €63.8m | ▲ 9.1% |
| Suppliers440/4 | €59.3m | - | - | €62.5m | €83.4m | €56.7m | €58.5m | €63.8m | ▲ 9.1% |
| Advances received on contracts in progress46 | €19.4m | - | - | €20.2m | €24.3m | €29.7m | €35.3m | €35.4m | ▲ 0.3% |
| Taxes, remuneration and social security45 | €26.8m | - | - | €27.2m | €31.7m | €30.5m | €29.4m | €34.3m | ▲ 16.8% |
| Taxes450/3 | €4.5m | - | - | €1.5m | €3.3m | €3.6m | €3.0m | €3.7m | ▲ 22.9% |
| Remuneration and social security454/9 | €22.2m | - | - | €25.8m | €28.4m | €26.8m | €26.3m | €30.6m | ▲ 16.1% |
| Other amounts payable47/48 | €1.2m | - | - | €1.5m | €0.4m | €8.0m | €15.5m | €12.8m | ▼ 17.6% |
| Accrued charges and deferred income492/3 | €23.6m | - | - | €29.1m | €37.0m | €39.0m | €41.2m | €43.7m | ▲ 6.0% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €35.6m | €18.0m | €11.0m | €43.2m | €9.2m | €11.9m | €18.8m | €15.6m | ▼ 17.1% |
| + Depreciation and write-downs630 | €0.5m | €0.8m | €0.9m | €1.2m | €2.9m | €2.7m | €2.7m | €2.4m | ▼ 8.1% |
| Operating cash flow (approximation) | €36.2m | €18.9m | €11.8m | €44.4m | €12.1m | €14.5m | €21.5m | €18.0m | ▼ 16.0% |
| Investment in fixed assets (approximation) | - | -€4.0m | -€1.2m | €422.3m | -€1.1m | €3.2m | -€0.06m | €0.4m | - |
| Change in cash | - | -€0.7m | €0.5m | -€0.7m | €0.2m | -€0.01m | -€0.03m | €0.01m | - |
A Belgian filing has no cash-flow statement. These rows are therefore an approximation, derived from the income statement and the balance-sheet moves.
Historical observation
In July 2024, 101 companies had the same profile as EQUANS Services has now. Two years later, 97.0% were still going and 2.0% had gone bankrupt.
- Large
- 20 years or older
- solvency 10 to 30%
- a profit of 5% of the balance sheet or more
97.0%
was still going
1.0%
stopped otherwise
2.0%
went bankrupt
That fits the bankruptcy probability of EQUANS Services itself: 0.8% within 12 months.
Test of the method
The method was tested on the 497,446 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 101 companies, not a prediction for EQUANS Services. 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.
Latest 10 of 49 filings with the National Bank
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-12-2025 | full format | 02-07-2026 | 2026-00251443 | |
| 31-12-2024 | full format | 07-07-2025 | 2025-00244604 | |
| 31-12-2023 | full format | 08-07-2024 | 2024-00236858 | |
| 31-12-2022 | full format | 20-07-2023 | 2023-00263932 | |
| 31-12-2021 | full format | 12-07-2022 | 2022-20181095 | |
| 31-12-2020 | full format | 16-07-2021 | 2021-37300077 | |
| 31-12-2019 | full format | 13-07-2020 | 2020-30300482 | |
| 31-12-2018 | full format | 15-07-2019 | 2019-33000332 | |
| 31-12-2017 | full format | 28-06-2018 | 2018-26900522 | |
| 31-12-2016 | full format | 12-07-2017 | 2017-31000355 |