ESFE (0454.832.109): financials and annual accounts

ESFE

Ghent ·KBO/BCE: BE 0454.832.109

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`	1.0m	1.0m	1.0m	1.0m	969,974	989,210	997,987	962,000	984,235	991,941	967,007	875,377	914,755	1.1m	1.2m	1.1m	937,872	801,812	837,469	755,624
Fixed assets`21/28`	649,907	656,311	661,787	667,455	642,400	667,715	676,153	617,400	617,400	408,619	277,520	281,422	13,323	9,132	1,000	-	731	1,463	2,194	2,925
Intangible fixed assets`21`	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	731	1,463	2,194	2,925
Tangible fixed assets`22/27`	7,507	13,911	19,387	25,055	-	25,315	33,753	-	-	1,619	5,520	9,422	13,323	9,132	-	-	-	-	-	-
Furniture and vehicles`24`	7,507	13,911	19,387	25,055	-	25,315	33,753	-	-	1,619	5,520	9,422	13,323	-	-	-	-	-	-	-
Financial fixed assets`28`	642,400	642,400	642,400	642,400	642,400	642,400	642,400	617,400	617,400	407,000	272,000	272,000	-	-	1,000	-	-	-	-	-
Current assets`29/58`	367,053	350,352	342,038	338,395	327,574	321,495	321,835	344,600	366,835	583,322	689,487	593,955	901,432	1.1m	1.2m	1.1m	937,141	800,349	835,275	752,699
Amounts receivable after more than one year`29`	68,151	68,151	68,151	68,151	68,151	68,944	18,944	18,944	107,159	157,809	164,375	183,533	45,000	-	-	-	-	-	-	-
Other amounts receivable`291`	68,151	68,151	68,151	68,151	68,151	68,944	18,944	18,944	107,159	157,809	164,375	183,533	45,000	-	-	-	-	-	-	-
Stocks and contracts in progress`3`	-	-	-	-	-	-	-	-	-	-	-	-	-	140,000	305,500	276,462	-	-	-	-
Stocks`30/36`	-	-	-	-	-	-	-	-	-	-	-	-	-	140,000	305,500	276,462	-	-	-	-
Amounts receivable within one year`40/41`	106,270	122,030	109,914	85,119	100,119	101,590	129,551	121,470	140,721	229,571	459,601	358,197	34,732	139,886	88,150	161,330	155,618	766,401	795,704	744,774
Trade receivables`40`	100,196	116,531	104,431	79,751	94,751	95,961	119,641	105,701	106,628	113,818	111,272	11,337	7,476	-	36,174	11,181	2,270	8,000	35,672	34,874
Other amounts receivable`41`	6,074	5,499	5,482	5,368	5,368	5,628	9,910	15,769	34,094	115,754	348,329	346,860	27,256	139,886	51,976	150,149	153,348	758,401	760,032	709,900
Current investments`50/53`	170,220	100,823	100,202	61,595	94,963	95,050	135,099	160,043	18,555	137,542	27,164	24,053	533,929	529,005	693,046	570,413	-	-	38,040	-
Cash at bank and in hand`54/58`	22,413	59,348	63,772	123,530	64,342	54,900	36,597	43,881	99,831	57,400	37,369	27,235	286,824	243,653	128,537	85,891	781,523	33,948	1,531	7,925
Deferred charges and accrued income`490/1`	-	-	-	-	-	1,011	1,643	261	569	1,000	978	937	947	699	-	2,398	-	-	-	-
Balance sheet: equity and liabilities
Total equity and liabilities`10/49`	1.0m	1.0m	1.0m	1.0m	969,974	989,210	997,987	962,000	984,235	991,941	967,007	875,377	914,755	1.1m	1.2m	1.1m	937,872	801,812	837,469	755,624
Equity`10/15`	517,753	505,068	495,181	492,797	476,026	459,070	448,985	446,166	436,374	425,198	395,989	302,727	340,258	457,812	446,039	229,455	240,737	103,954	140,475	133,489
Contributions`10/11`	1.1m	1.1m	1.1m	1.1m	1.1m	1.1m	1.1m	1.1m	1.1m	1.1m	1.1m	1.1m	1.1m	1.1m	1.1m	1.1m	1.1m	309,503	309,503	309,503
Capital`10`	-	-	-	-	1.1m	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Issued capital`100`	-	-	-	-	1.1m	1.1m	1.1m	1.1m	1.1m	1.1m	1.1m	1.1m	1.1m	1.1m	1.1m	1.1m	1.1m	309,503	309,503	309,503
Contributions outside capital`11`	-	1.1m	1.1m	1.1m	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Other`1109/19`	-	1.1m	1.1m	1.1m	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Profit (loss) carried forward`14`	-541,747	-554,432	-564,319	-566,707	-583,477	-600,433	-610,518	-613,337	-623,129	-634,305	-663,514	-756,776	-719,245	-601,691	-613,464	-830,048	-818,766	-205,549	-169,028	-176,014
Amounts payable`17/49`	499,207	501,595	508,645	513,053	493,948	530,140	549,002	515,833	547,861	566,743	571,018	572,650	574,497	604,563	770,194	867,039	697,135	697,858	696,994	622,135
Amounts payable after more than one year`17`	-	637	4,436	8,198	-	21,815	31,027	-	-	-	-	2,653	5,202	7,649	-	-	-	-	-	-
Financial debts`170/4`	-	637	4,436	8,198	-	21,815	31,027	-	-	-	-	2,653	5,202	7,649	-	-	-	-	-	-
Amounts payable within one year`42/48`	499,207	500,958	504,209	504,855	493,948	508,325	517,975	515,833	547,861	566,716	570,782	569,971	569,270	596,857	770,194	867,039	697,135	697,858	696,994	622,135
Current portion of amounts payable after more than one year`42`	637	3,799	3,762	3,725	-	9,212	9,131	-	-	-	2,654	2,548	2,448	2,351	-	-	-	-	-	-
Trade debts`44`	2,196	1,916	5,331	6,404	2,691	460	-	511	573	404	2,132	1,596	995	2,096	22,807	24,488	141	864	-	293
Suppliers`440/4`	2,196	1,916	5,331	6,404	2,691	460	-	511	573	404	2,132	1,596	995	2,096	22,807	24,488	141	864	-	293
Advances received on contracts in progress`46`	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	131,595	-	-	-	-
Taxes, remuneration and social security`45`	6,362	5,002	4,875	4,484	1,016	729	-	-	976	-	-	-	-	-	53,961	13,821	-	-	-	-
Taxes`450/3`	6,362	5,002	4,875	4,484	1,016	729	-	-	976	-	-	-	-	-	53,961	13,821	-	-	-	-
Other amounts payable`47/48`	490,012	490,242	490,242	490,242	490,242	497,924	508,845	515,322	546,312	566,312	565,996	565,827	565,827	592,410	693,426	697,135	696,994	696,994	696,994	621,842
Accrued charges and deferred income`492/3`	-	-	-	-	-	-	-	-	-	27	236	26	25	57	-	-	-	-	-	-
Income statement
Non-recurring operating income`76A`	-	-	-	452	1,382	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Gross operating margin`9900`	97,026	93,472	85,105	81,009	18,365	20,084	11,865	9,061	6,874	6,646	49,755	-58,431	-120,834	-23,831	314,291	-8,808	-6,653	-10,186	8,259	5,912
Remuneration, social security and pensions`62`	79,464	76,509	75,430	57,260	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets`630`	6,405	6,301	6,196	5,408	-	8,438	8,438	-	1,619	3,902	3,902	3,902	3,902	2,283	-	731	731	731	731	731
Write-downs on stocks, contracts in progress and trade receivables: additions (reversals)`631/4`	-	-	-	-	-	-	-	-	-	-	-	-	-	-27,629	100,000	-	605,000	26,498	-	-
Other operating charges`640/8`	1,143	1,108	1,092	990	988	987	1,001	998	995	993	993	992	1,020	1,317	967	1,903	965	960	754	752
Non-recurring operating charges`66A`	-	-	-	-	-	-	-	-	-	-	-	-	64	-	-	-	-	-	-	-
Operating profit (loss)`9901`	10,015	9,553	2,388	17,351	17,377	10,659	2,426	8,062	4,260	1,751	44,860	-63,325	-125,756	198	213,324	-11,442	-613,349	-38,375	6,774	4,429
Financial income`75/76B`	3,255	-	384	0	83	-	865	1,942	7,087	27,862	48,696	26,090	8,882	18,440	13,448	852	139	1,879	234	27,856
Recurring financial income`75`	3,255	-	384	0	-	-	865	1,442	7,087	27,862	48,696	26,090	8,882	18,440	13,448	852	139	1,879	234	27,856
Non-recurring financial income`76B`	-	-	-	-	83	-	-	500	-	-	-	-	-	-	-	-	-	-	-	-
Financial charges`65/66B`	352	-	384	581	547	574	472	212	171	404	294	296	616	6,865	10,188	692	7	25	22	11
Recurring financial charges`65`	352	-	384	581	547	574	472	212	171	404	294	296	616	6,865	10,188	692	7	25	22	11
Profit (loss) for the period before taxes`9903`	12,918	9,553	2,387	16,771	16,913	10,085	2,819	9,793	11,176	29,209	93,262	-37,531	-117,554	11,773	216,584	-11,282	-613,217	-36,521	6,986	32,274
Income taxes`67/77`	233	-334	-	-	-43	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Profit (loss) for the period`9904`	12,685	9,887	2,387	16,771	16,956	10,085	2,819	9,793	11,176	29,209	93,262	-37,531	-117,554	11,773	216,584	-11,282	-613,217	-36,521	6,986	32,274
Profit (loss) for the period to be appropriated`9905`	12,685	9,887	2,387	16,771	16,956	10,085	2,819	9,793	11,176	29,209	93,262	-37,531	-117,554	11,773	216,584	-11,282	-613,217	-36,521	6,986	32,274
Appropriation of the result
Profit (loss) to be appropriated`9906`	-541,747	-554,432	-564,319	-566,707	-583,477	-600,433	-610,518	-613,337	-623,129	-634,305	-663,514	-756,776	-719,245	-601,691	-613,464	-830,048	-818,766	-205,549	-169,028	-176,014
Profit (loss) brought forward from the previous period`14P`	-554,432	-564,319	-566,707	-583,477	-600,433	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Social balance sheet
Average staff (FTE)`9087`	1	1	1	0.9	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Hours worked`1013`	1,709	1,763	1,760	1,597	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
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Financial year	Type	Filed	Reference	Document
31-12-2025	abbreviated format	30-09-2026	2026-00535184	PDF
31-12-2024	micro format	23-05-2025	2025-00103951	PDF
31-12-2023	micro format	30-09-2024	2024-00481209	PDF
31-12-2022	micro format	24-08-2023	2023-00348608	PDF
31-12-2021	micro format	25-10-2022	2022-20471528	PDF
31-12-2020	micro format	23-11-2021	2021-78000308	PDF
31-12-2019	micro format	13-11-2020	2020-70300076	PDF
31-12-2018	micro format	24-06-2019	2019-22000340	PDF
31-12-2017	micro format	01-10-2018	2018-67000485	PDF
31-12-2016	micro format	02-10-2017	2017-65600483	PDF
31-12-2015	abbreviated format	30-09-2016	2016-63500144	PDF
31-12-2014	abbreviated format	30-08-2015	2015-53800042	PDF
31-12-2013	abbreviated format	29-09-2014	2014-62300237	PDF
31-12-2012	abbreviated format	31-08-2013	2013-55900159	PDF
31-12-2011	abbreviated format	27-08-2012	2012-46100461	PDF
31-12-2010	abbreviated format	19-08-2011	2011-42100115	PDF
31-12-2009	abbreviated format	20-08-2010	2010-42900038	PDF
31-12-2008	abbreviated format	19-08-2009	2009-61500070	PDF
31-12-2007	abbreviated format	07-07-2008	2008-38300091	PDF
31-12-2006	abbreviated format	25-07-2007	2007-51400059	PDF
31-12-2005	abbreviated format	25-07-2006	2006-54302604	PDF
31-12-2004	abbreviated format	26-07-2005	2005-58003177	PDF
31-12-2003	abbreviated format	06-12-2004	2004-83601434	PDF
31-12-2002	abbreviated format	13-04-2004	2004-11004310	PDF
31-12-2001	abbreviated format	13-04-2004	2004-11004323	PDF
31-12-2000	abbreviated format	20-12-2001	2001-77703316	PDF
31-12-1999	abbreviated format	17-11-2000	2000-72204164	PDF
31-12-1998	abbreviated format	17-11-2000	2000-72204172	PDF
31-12-1997	abbreviated format	17-11-2000	2000-72204184	PDF
31-12-1996	abbreviated format	27-08-1997	1997-39601374	PDF
31-12-1995	abbreviated format	24-06-1996	1996-20200459	PDF

Line	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015	2014	2013	2012	2011	2010	2009	2008	2007	2006
EBITDA	16,419	15,855	8,583	22,759	-	19,097	10,864	-	5,879	5,653	48,762	-59,423	-121,854	2,481	-	-10,711	-612,618	-37,644	7,505	5,160
Cash flow	19,090	16,189	8,583	22,179	-	18,523	11,257	-	12,794	33,111	97,164	-33,629	-113,652	14,056	-	-10,551	-612,486	-35,790	7,717	33,005
Investment in fixed assets (approximation)	0	826	528	30,463	-	0	67,191	-	210,400	135,000	0	272,000	8,093	11,415	1,000	0	-1	0	0	-
Change in cash	-36,935	-4,424	-59,758	59,188	9,442	18,303	-7,285	-55,949	42,430	20,031	10,134	-259,589	43,171	115,116	42,646	-695,632	747,575	32,417	-6,394	-
Working capital	-132,153	-150,606	-162,170	-166,460	-166,374	-186,830	-196,141	-171,234	-181,026	16,606	118,705	23,984	332,162	456,386	445,039	229,455	240,006	102,491	138,281	130,564
Solvency	50.9%	50.2%	49.3%	49.0%	49.1%	46.4%	45.0%	46.4%	44.3%	42.9%	40.9%	34.6%	37.2%	43.1%	36.7%	20.9%	25.7%	13.0%	16.8%	17.7%
Current ratio	0.74	0.70	0.68	0.67	0.66	0.63	0.62	0.67	0.67	1.03	1.21	1.04	1.58	1.76	1.58	1.26	1.34	1.15	1.20	1.21
Quick ratio	0.74	0.70	0.68	0.67	0.66	0.63	0.62	0.67	0.67	1.03	1.21	1.04	1.58	1.53	1.18	0.95	1.34	1.15	1.20	1.21
Debt to equity	0.96	0.99	1.03	1.04	1.04	1.15	1.22	1.16	1.26	1.33	1.44	1.89	1.69	1.32	1.73	3.78	2.90	6.71	4.96	4.66
ROE	2.5%	2.0%	0.5%	3.4%	3.6%	2.2%	0.6%	2.2%	2.6%	6.9%	23.6%	-12.4%	-34.5%	2.6%	48.6%	-4.9%	-254.7%	-35.1%	5.0%	24.2%
ROA	1.2%	1.0%	0.2%	1.7%	1.7%	1.0%	0.3%	1.0%	1.1%	2.9%	9.6%	-4.3%	-12.9%	1.1%	17.8%	-1.0%	-65.4%	-4.6%	0.8%	4.3%
Interest coverage	46.61	-	22.34	39.20	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-

Item	31-12-2025	31-12-2024	31-12-2023	31-12-2022
Employees at the balance-sheet date	1	1	1	1
full-time	1	1	1	1
in full-time equivalents	1	1	1	1
Average over the year, in full-time equivalents	1	1	1	0.9
On a permanent contract	1	1	1	1
Joined	-	-	-	1
Left	-	-	-	0

Item	2025	2024	2023	2022	2021
Tangible fixed assets	-	€826	€528	€30,463	-
Depreciation and write-downs of the year	€6,405	€6,301	€6,196	€5,408	-

ESFE

Annual accounts 2025

Balance sheet

Change in equityin euro

Change in cashin euro

Position in the sector

Solvency50.9%

Current ratio0.74

Return on assets1.2%

Staff

Staff cost per FTE€79,464

Joined and left

Filed annual accounts

Filings

Key figures and ratios

Social balance sheet

Investments

Insights on ESFE

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