excap (0665.557.778): financials and annual accounts

excap

Antwerp ·KBO/BCE: BE 0665.557.778

Line	2025	2024	2023	2022	2021	2020	2019	2018	2017
Balance sheet: assets
Total assets`20/58`	649,561	493,685	420,523	397,428	410,122	330,318	423,023	242,961	45,438
Fixed assets`21/28`	20,212	25,565	25,131	48,988	30,289	17,652	7,685	-	-
Intangible fixed assets`21`	3,710	5,882	9,148	10,335	8,004	10,018	-	-	-
Tangible fixed assets`22/27`	14,501	17,683	15,983	20,253	3,885	7,634	7,685	-	-
Plant, machinery and equipment`23`	9,020	8,391	2,560	2,670	2,864	6,263	5,964	-	-
Furniture and vehicles`24`	2,544	4,603	6,982	9,390	1,021	1,371	1,721	-	-
Other tangible fixed assets`26`	2,937	4,689	6,441	8,193	-	-	-	-	-
Financial fixed assets`28`	2,000	2,000	0	18,400	18,400	-	-	-	-
Current assets`29/58`	629,349	468,120	395,392	348,441	379,832	312,666	415,338	242,961	45,438
Amounts receivable within one year`40/41`	574,097	444,096	359,611	289,619	247,786	251,771	343,084	180,955	42,677
Trade receivables`40`	568,790	438,159	357,472	286,916	225,619	251,417	342,064	178,746	39,248
Other amounts receivable`41`	5,307	5,937	2,139	2,703	22,168	354	1,020	2,209	3,430
Cash at bank and in hand`54/58`	47,844	5,880	21,386	46,754	121,441	56,450	63,688	52,474	2,760
Deferred charges and accrued income`490/1`	7,408	18,144	14,394	12,068	10,605	4,445	8,566	9,532	-
Balance sheet: equity and liabilities
Total equity and liabilities`10/49`	649,561	493,685	420,523	397,428	410,122	330,318	423,023	242,961	45,438
Equity`10/15`	78,210	55,552	31,925	27,355	70,647	66,871	40,823	16,672	13,040
Contributions`10/11`	18,550	18,550	18,550	18,550	18,550	18,550	18,550	18,550	12,400
Issued capital`100`	-	-	-	-	-	-	18,550	18,550	18,550
Uncalled capital`101`	-	-	-	-	-	-	-	-	6,150
Reserves`13`	640	640	640	640	640	640	640	640	640
Non-distributable reserves`130/1`	-	-	-	-	-	0	-	-	-
Legal reserve`130`	-	-	-	-	-	-	640	640	640
Reserves not available under the articles`1311`	-	-	-	-	-	0	-	-	-
Distributable reserves`133`	640	640	640	640	640	640	-	-	-
Profit (loss) carried forward`14`	59,020	36,362	12,735	8,166	51,457	47,681	21,634	-2,518	-
Amounts payable`17/49`	571,351	438,133	388,598	370,073	339,474	263,447	382,199	226,288	32,398
Amounts payable within one year`42/48`	557,091	435,643	383,217	363,752	329,770	242,578	359,890	223,920	32,398
Trade debts`44`	406,959	301,535	226,360	134,872	189,996	133,154	138,137	23,307	4,665
Suppliers`440/4`	406,959	301,535	226,360	134,872	189,996	133,154	138,137	23,307	4,665
Advances received on contracts in progress`46`	-	-	0	4,425	-	-	-	-	-
Taxes, remuneration and social security`45`	109,388	74,777	78,677	92,077	86,144	85,379	131,024	47,493	7,409
Taxes`450/3`	39,252	15,137	22,612	30,516	43,059	43,751	99,222	17,384	1,341
Remuneration and social security`454/9`	70,136	59,640	56,065	61,561	43,084	41,628	31,802	30,109	6,068
Other amounts payable`47/48`	40,745	59,332	78,179	132,378	53,630	24,045	90,730	153,120	20,324
Accrued charges and deferred income`492/3`	14,260	2,489	5,381	6,322	9,705	20,869	22,310	2,369	-
Income statement
Gross operating margin`9900`	696,944	595,838	650,019	539,757	411,251	385,634	322,052	171,050	40,707
Remuneration, social security and pensions`62`	635,942	548,027	615,618	564,810	393,162	340,028	269,911	169,742	38,918
Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets`630`	11,271	9,354	9,046	7,156	5,763	2,896	1,469	-	-
Other operating charges`640/8`	8,609	7,439	7,255	4,845	858	448	452	96	94
Operating profit (loss)`9901`	41,122	31,018	18,101	-37,055	11,468	42,262	50,220	1,212	1,696
Financial income`75/76B`	19	4	132	9	34	10	0	2	-
Recurring financial income`75`	19	4	132	9	34	10	0	2	-
Financial charges`65/66B`	3,343	3,082	6,098	5,979	2,297	3,191	10,939	485	166
Recurring financial charges`65`	3,343	3,082	6,098	5,979	2,297	3,191	10,939	485	166
Profit (loss) for the period before taxes`9903`	37,798	27,940	12,135	-43,025	9,205	39,080	39,281	729	1,530
Income taxes`67/77`	15,140	4,313	7,565	267	5,428	13,033	15,130	3,247	890
Profit (loss) for the period`9904`	22,658	23,627	4,570	-43,292	3,776	26,047	24,151	-2,518	640
Profit (loss) for the period to be appropriated`9905`	22,658	23,627	4,570	-43,292	3,776	26,047	24,151	-2,518	640
Appropriation of the result
Profit (loss) to be appropriated`9906`	59,020	36,362	12,735	8,166	51,457	47,681	21,634	-2,518	640
Profit (loss) brought forward from the previous period`14P`	36,362	12,735	8,166	51,457	47,681	-	-	-	-
Transfer to equity`691/2`	-	-	-	-	-	-	-	-	640
To the legal reserve`6920`	-	-	-	-	-	-	-	-	640
Social balance sheet
Average staff (FTE)`9087`	6.7	5.9	7.5	8.7	6.3	6.1	4.2	2.6	0.7
Hours worked`1013`	11,691	10,307	13,028	13,608	10,082	8,667	6,640	4,186	1,040
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Financial year	Type	Filed	Reference	Document
31-12-2025	abbreviated format	08-06-2026	2026-00141985	PDF
31-12-2024	abbreviated format	25-07-2025	2025-00306974	PDF
31-12-2023	abbreviated format	26-07-2024	2024-00287785	PDF
31-12-2022	abbreviated format	06-07-2023	2023-00210025	PDF
31-12-2021	abbreviated format	12-07-2022	2022-20175406	PDF
31-12-2020	abbreviated format	29-07-2021	2021-42300056	PDF
31-12-2019	abbreviated format	19-06-2020	2020-18400315	PDF
31-12-2018	abbreviated format	05-07-2019	2019-29700448	PDF
31-12-2017	abbreviated format	26-07-2018	2018-38800298	PDF

Line	2025	2024	2023	2022	2021	2020	2019	2018	2017
EBITDA	52,393	40,372	27,146	-29,899	17,231	45,158	51,689	-	-
Cash flow	33,929	32,981	13,616	-36,136	9,539	28,944	25,620	-	-
Investment in fixed assets	5,919	9,788	3,589	25,855	18,400	12,864	9,153	-	-
Change in cash	41,964	-15,506	-25,367	-74,688	64,991	-7,238	11,213	49,714	-
Working capital	72,258	32,477	12,175	-15,311	50,063	70,088	55,448	19,041	13,040
Solvency	12.0%	11.3%	7.6%	6.9%	17.2%	20.2%	9.7%	6.9%	28.7%
Current ratio	1.13	1.07	1.03	0.96	1.15	1.29	1.15	1.09	1.40
Debt to equity	7.31	7.89	12.17	13.53	4.81	3.94	9.36	13.57	2.48
ROE	29.0%	42.5%	14.3%	-158.3%	5.3%	39.0%	59.2%	-15.1%	4.9%
ROA	3.5%	4.8%	1.1%	-10.9%	0.9%	7.9%	5.7%	-1.0%	1.4%
Interest coverage	15.67	13.10	4.45	-5.00	7.50	-	-	-	-

Item	31-12-2025	31-12-2024	31-12-2023	31-12-2022	31-12-2021
Employees at the balance-sheet date	7	6	6	9	7
full-time	5	4	5	8	7
part-time	2	2	1	1	0
in full-time equivalents	6.7	5.8	5.9	8.6	7
Average over the year, in full-time equivalents	6.7	5.9	7.5	8.7	6.3
On a permanent contract	7	6	6	9	7
Joined	1	1	0	4	6
Left	0	1	3	2	6
Training hours	147	109	-	-	-

Item	2025	2024	2023	2022	2021
Tangible fixed assets	€4,856	€7,788	€1,769	€21,411	-
Intangible fixed assets	€1,063	-	€1,820	€4,444	-
Financial fixed assets	€0	€2,000	-	-	€18,400
Depreciation and write-downs of the year	€11,271	€9,354	€9,046	€7,156	€5,763

excap

Annual accounts 2025

Balance sheet

Change in equityin euro

Change in cashin euro

Position in the sector

Solvency12.0%

Current ratio1.13

Return on assets3.5%

Staff

Staff cost per FTE€94,917

Joined and left+1

Filed annual accounts

Filings

Subsidies and aid

Flemish government 2023, 2 entries, €13,515 awarded, €13,515 paid

Key figures and ratios

Social balance sheet

Investments

Insights on excap

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