F & S PROJECTS (0890.522.653), Inactive: financials and annual accounts

F & S PROJECTS

KBO/BCE: BE 0890.522.653

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`	2.2m	2.3m	2.0m	2.1m	3.6m	3.9m	4.0m	4.1m	4.2m	4.3m	3.7m	3.7m	1.7m	1.7m	1.1m	798,743	679,570
Fixed assets`21/28`	802,378	876,567	1.1m	1.3m	1.4m	1.9m	2.1m	2.2m	2.3m	2.4m	2.4m	2.5m	655,803	329,229	482,411	442,888	356,557
Tangible fixed assets`22/27`	799,855	874,044	1.1m	1.2m	1.4m	1.9m	2.1m	2.2m	2.3m	2.4m	2.4m	2.5m	655,280	329,106	482,288	442,765	356,017
Land and buildings`22`	-	-	56,703	72,878	89,052	385,226	401,401	417,575	351,946	280,000	280,000	280,000	280,000	-	307,108	322,700	251,989
Plant, machinery and equipment`23`	-	-	31,974	2,124	4,566	8,322	49,228	111,173	190,125	256,671	178,147	172,574	217,249	165,982	65,681	28,989	22,143
Furniture and vehicles`24`	4,367	17,946	26,745	5,442	47,855	84,139	144,331	222,739	173,766	249,920	198,049	224,023	140,596	158,523	96,155	61,315	48,245
Leasing and similar rights`25`	795,489	856,097	947,010	1.1m	1.2m	-	-	-	-	-	-	-	-	-	-	-	-
Other tangible fixed assets`26`	-	-	2,228	10,149	18,071	25,992	33,913	41,835	49,756	57,677	54,657	62,160	2,158	4,601	7,544	10,040	-
Financial fixed assets`28`	2,523	2,523	2,523	82,023	2,523	2,523	2,523	2,523	2,523	2,523	2,523	2,523	523	123	123	123	540
Current assets`29/58`	1.4m	1.4m	944,460	791,253	2.2m	2.0m	1.9m	1.9m	1.9m	1.9m	1.4m	1.2m	1.0m	1.4m	578,990	355,854	323,013
Stocks and contracts in progress`3`	-	-	263,145	175,379	1.2m	836,123	832,395	801,137	843,059	515,922	448,974	190,206	177,616	91,823	79,389	92,947	42,586
Stocks`30/36`	-	-	48,324	159,693	476,989	497,373	495,287	385,012	289,108	265,074	216,686	170,306	32,308	91,823	79,389	92,947	29,283
Contracts in progress`37`	-	-	214,821	15,686	751,668	338,750	337,108	416,125	553,951	250,848	232,288	19,900	145,308	-	-	-	13,303
Amounts receivable within one year`40/41`	1.3m	1.3m	523,150	569,333	912,371	1.1m	966,432	1.1m	1.0m	1.3m	757,459	851,905	546,914	1.1m	403,763	204,591	247,704
Trade receivables`40`	33,745	88,328	504,892	491,673	402,827	950,828	798,350	878,847	909,453	1.2m	669,895	784,864	466,840	565,731	386,438	194,808	199,453
Other amounts receivable`41`	1.3m	1.2m	18,258	77,660	509,544	143,254	168,082	187,520	128,608	111,999	87,564	67,041	80,073	529,886	17,325	9,783	48,252
Cash at bank and in hand`54/58`	62,865	138,209	158,165	44,558	56,766	71,182	100,159	62,877	16,160	61,539	123,454	180,357	266,528	151,783	75,929	49,083	24,956
Deferred charges and accrued income`490/1`	-	-	-	1,983	10,500	11,189	12,382	11,576	13,598	26,309	20,957	957	14,998	14,617	19,909	9,233	7,767
Balance sheet: equity and liabilities
Total equity and liabilities`10/49`	2.2m	2.3m	2.0m	2.1m	3.6m	3.9m	4.0m	4.1m	4.2m	4.3m	3.7m	3.7m	1.7m	1.7m	1.1m	798,743	679,570
Equity`10/15`	1.2m	1.2m	654,336	-911,113	114,965	147,475	110,758	282,432	281,954	332,098	305,986	304,572	288,573	274,779	214,422	100,522	63,378
Contributions`10/11`	1.5m	1.5m	1.5m	18,600	18,600	18,600	18,600	18,600	18,600	18,600	18,600	18,600	18,600	18,600	18,600	18,600	18,600
Issued capital`100`	-	-	-	-	-	-	18,600	18,600	18,600	18,600	18,600	18,600	18,600	18,600	18,600	18,600	18,600
Reserves`13`	146,221	146,221	146,221	146,221	146,221	146,221	146,221	263,832	263,354	313,498	287,386	285,972	269,973	256,179	195,822	81,922	44,778
Non-distributable reserves`130/1`	-	-	-	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	1,860
Reserves not available under the articles`1311`	-	-	-	1,860	1,860	1,860	-	-	-	-	-	-	-	-	-	-	-
Distributable reserves`133`	146,221	146,221	146,221	144,361	144,361	144,361	144,361	261,972	261,494	311,638	285,526	284,112	268,113	254,319	193,962	80,062	42,918
Profit (loss) carried forward`14`	-387,267	-410,402	-970,484	-1.1m	-49,856	-17,345	-54,062	-	-	-	-	-	-	-	-	-	-
Provisions and deferred taxes`16`	-	-	-	-	-	-	-	-	22,532	36,794	36,794	36,794	36,794	37,452	34,247	-	-
Provisions for liabilities and charges`160/5`	-	-	-	-	-	-	-	-	22,532	36,794	36,794	36,794	36,794	37,452	34,247	-	-
Other liabilities and charges`164/5`	-	-	-	-	-	-	-	-	22,532	36,794	-	-	-	-	-	-	-
Amounts payable`17/49`	918,351	1.1m	1.4m	3.0m	3.5m	3.8m	3.9m	3.9m	3.9m	4.0m	3.4m	3.4m	1.3m	1.4m	812,732	698,220	616,192
Amounts payable after more than one year`17`	828,901	839,401	970,388	1.2m	1.7m	1.9m	2.1m	2.1m	2.0m	2.3m	2.2m	2.2m	514,133	502,354	470,337	456,192	291,532
Financial debts`170/4`	828,901	839,401	970,388	1.2m	1.7m	1.9m	2.1m	2.1m	2.0m	2.3m	2.2m	2.2m	514,133	502,354	470,337	456,192	291,532
Amounts payable within one year`42/48`	89,451	212,993	386,919	1.7m	1.8m	1.8m	1.8m	1.8m	1.8m	1.7m	1.2m	1.2m	819,971	866,624	337,479	236,388	322,590
Current portion of amounts payable after more than one year`42`	71,403	130,987	128,325	105,771	139,952	148,819	136,455	145,987	201,341	220,905	182,717	202,084	100,475	85,417	72,650	63,059	31,624
Financial debts`43`	-	-	-	1.0m	1.0m	1.0m	1.0m	1.0m	1.0m	1.0m	705,032	503,781	402,546	405,073	3,787	-	-
Credit institutions`430/8`	-	-	-	1.0m	1.0m	1.0m	1.0m	1.0m	1.0m	1.0m	700,000	500,000	400,000	405,073	3,787	-	-
Other loans`439`	-	-	-	-	-	-	-	-	5,034	5,028	5,032	3,781	2,546	-	-	-	-
Trade debts`44`	6,930	70,888	118,010	206,695	566,045	571,234	549,331	439,240	510,811	376,412	276,416	362,625	274,586	206,605	175,223	132,797	251,441
Suppliers`440/4`	6,930	70,888	118,010	206,695	566,045	571,234	549,331	439,240	510,811	376,412	276,416	362,625	274,586	206,605	175,223	132,797	251,441
Advances received on contracts in progress`46`	-	-	65,140	-	-	-	-	-	-	-	-	-	-	-	-	2,459	-
Taxes, remuneration and social security`45`	-	-	75,444	88,065	85,393	101,192	106,496	89,335	103,820	100,928	52,578	88,012	32,094	35,699	23,493	15,343	10,134
Taxes`450/3`	-	-	4,771	4,432	11,563	8,946	-	5,670	14,504	20,581	14,298	41,464	9,160	11,138	4,699	1,938	604
Remuneration and social security`454/9`	-	-	70,673	83,633	73,830	92,246	106,496	83,665	89,317	80,347	38,280	46,548	22,934	24,562	18,793	13,405	9,530
Other amounts payable`47/48`	11,118	11,118	-	338,409	-	-	38,500	80,000	-	6,009	6,009	1,963	10,271	133,829	62,326	22,730	29,391
Accrued charges and deferred income`492/3`	-	-	-	-	1,064	-	-	-	-	-	-	-	2,388	1,860	4,916	5,641	2,071
Income statement
Non-recurring operating income`76A`	-	723,784	-	48,558	8,500	4,250	1,650	49,946	-	16,446	-	5,100	11,317	88,313	-	-	1,399
Gross operating margin`9900`	120,430	1.2m	1.3m	-44,450	1.1m	1.6m	1.5m	1.5m	1.5m	1.5m	1.4m	1.3m	1.0m	937,932	910,577	427,240	294,222
Remuneration, social security and pensions`62`	120	491,645	726,505	695,274	863,670	1.2m	1.3m	1.1m	1.1m	1.1m	939,188	931,394	738,028	665,568	493,796	255,475	138,192
Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets`630`	64,157	99,712	185,194	192,239	225,343	275,042	312,942	298,629	276,000	309,403	289,985	266,581	231,211	187,738	137,070	91,555	85,197
Write-downs on stocks, contracts in progress and trade receivables: additions (reversals)`631/4`	-	-	155,507	-	-	-	-	-	-	-	-	-	-	2,170	10,535	-	-
Provisions for liabilities and charges: additions (uses and reversals)`635/8`	-	-	-	-	-	-	-	-22,532	-14,262	-	-	-	-658	8,491	34,247	-	-
Other operating charges`640/8`	19,921	29,972	23,357	20,959	21,453	23,995	22,891	26,855	33,786	9,188	18,675	7,388	5,337	-	4,222	1,556	1,431
Non-recurring operating charges`66A`	6,531	-	-	42,810	-	100	500	-	36,961	-	-	-	-	-	996	4,023	341
Operating profit (loss)`9901`	29,701	573,822	172,030	-995,732	36,426	113,577	-99,532	86,673	22,746	115,351	126,933	92,605	34,310	73,966	230,706	78,653	69,401
Financial income`75/76B`	854	10,969	6,869	43,204	7,096	1,743	7,433	2,918	2,554	19,257	4,381	10,395	11,140	4,915	827	605	783
Recurring financial income`75`	854	10,969	6,869	43,204	7,096	1,743	7,433	2,918	2,554	2,811	4,381	10,395	11,140	4,915	827	605	783
Non-recurring financial income`76B`	-	-	-	-	-	-	-	-	-	16,446	-	-	-	-	-	-	-
Financial charges`65/66B`	7,420	23,002	71,910	71,161	73,682	72,108	79,083	89,113	77,388	97,667	104,350	77,100	32,927	36,193	29,960	23,183	13,334
Recurring financial charges`65`	7,420	23,002	71,910	71,161	73,682	72,108	79,083	89,113	77,388	97,667	104,350	77,100	32,927	36,193	29,960	23,183	13,334
Profit (loss) for the period before taxes`9903`	23,135	561,789	106,989	-1.0m	-30,159	43,213	-171,182	478	-52,088	36,942	26,964	30,999	23,840	131,001	200,577	52,052	57,908
Income taxes`67/77`	-	1,707	1,540	2,388	2,351	6,496	492	-	-1,944	10,829	25,549	15,000	10,046	30,644	56,677	14,908	20,036
Profit (loss) for the period`9904`	23,135	560,082	105,449	-1.0m	-32,510	36,717	-171,674	478	-50,144	26,112	1,414	15,999	13,794	100,357	143,899	37,144	37,872
Profit (loss) for the period to be appropriated`9905`	23,135	560,082	105,449	-1.0m	-32,510	36,717	-171,674	478	-50,144	26,112	1,414	15,999	13,794	100,357	143,899	37,144	37,872
Appropriation of the result
Profit (loss) to be appropriated`9906`	-387,267	-410,402	-970,484	-1.1m	-49,856	-17,345	-171,674	478	-50,144	26,112	1,414	15,999	13,794	100,357	143,899	37,144	37,872
Profit (loss) brought forward from the previous period`14P`	-410,402	-970,484	-1.1m	-49,856	-17,345	-	-	-	-	-	-	-	-	-	-	-	-
Transfer from equity`791/2`	-	-	-	-	-	-	117,612	-	50,144	-	100,357	-	-	-	-	-	-
Transfer to equity`691/2`	-	-	-	-	-	-	-	478	-	26,112	101,771	15,999	13,794	60,357	113,899	37,144	37,872
To the legal reserve`6920`	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	1,760
To other reserves`6921`	-	-	-	-	-	-	-	478	-	26,112	101,771	15,999	13,794	60,357	113,899	37,144	36,112
Profit to be distributed`694/7`	-	-	-	-	-	-	-	-	-	-	-	-	-	40,000	30,000	-	-
Directors or managers`695`	-	-	-	-	-	-	-	-	-	-	-	-	-	40,000	30,000	-	-
Social balance sheet
Average staff (FTE)`9087`	-	9.8	10.1	10.6	16.1	24.5	24	19.7	20.3	19.7	17.5	19.2	14.6	13.6	11.3	5.9	4.2
Hours worked`1013`	-	12,142	16,864	17,651	22,713	32,242	35,821	31,541	32,648	32,763	28,928	29,908	23,780	21,880	17,444	10,100	5,734
Document	PDF	PDF	PDF	PDF	PDF	PDF	PDF	PDF	PDF	PDF	PDF	PDF	PDF	PDF	PDF	PDF	PDF

Financial year	Type	Filed	Reference	Document
25-08-2025	abbreviated format	06-03-2026	2026-00050930	PDF
31-12-2024	abbreviated format	10-06-2025	2025-00131669	PDF
31-12-2023	abbreviated format	26-04-2024	2024-00076678	PDF
31-12-2022	abbreviated format	31-08-2023	2023-00416892	PDF
31-12-2021	abbreviated format	31-08-2022	2022-20374161	PDF
31-12-2020	abbreviated format	31-08-2021	2021-62800350	PDF
31-12-2019	abbreviated format	30-11-2020	2020-73300417	PDF
31-12-2018	abbreviated format	30-08-2019	2019-59800026	PDF
31-12-2017	abbreviated format	31-08-2018	2018-57100473	PDF
31-12-2016	abbreviated format	11-07-2017	2017-29600498	PDF
31-12-2015	abbreviated format	29-08-2016	2016-49100246	PDF
31-12-2014	abbreviated format	31-08-2015	2015-54300088	PDF
31-12-2013	abbreviated format	28-08-2014	2014-49600578	PDF
31-12-2012	abbreviated format	15-07-2013	2013-31500331	PDF
31-12-2011	abbreviated format	05-06-2012	2012-15400517	PDF
31-12-2010	abbreviated format	22-06-2011	2011-20400494	PDF
31-12-2009	abbreviated format	16-06-2010	2010-19100446	PDF

Line	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015	2014	2013	2012	2011	2010	2009
EBITDA	93,858	673,534	357,224	-803,493	261,769	388,620	213,409	385,302	298,745	424,754	416,919	359,185	265,521	261,704	367,777	170,208	154,599
Cash flow	87,292	659,794	290,643	-833,839	192,833	311,759	141,268	299,107	225,855	335,515	291,400	282,580	245,005	288,095	280,970	128,700	123,070
Investment in fixed assets (approximation)	-10,031	57,088	83,966	79,500	9,486	63,425	229,580	258,676	106,412	347,831	166,076	2.1m	569,725	353,043	177,589	182,326	355,583
Change in cash	-75,343	-19,956	113,606	-12,208	-14,416	-28,977	37,282	46,717	-45,379	-61,915	-56,904	-86,171	114,745	75,853	26,847	24,127	-
Working capital	1.3m	1.2m	557,541	-947,688	416,904	191,330	80,585	187,396	89,873	190,854	128,092	64,960	186,084	487,216	241,511	119,467	423
Solvency	57.4%	53.6%	32.5%	-44.3%	3.2%	3.8%	2.8%	6.8%	6.8%	7.7%	8.2%	8.1%	17.4%	16.3%	20.2%	12.6%	9.3%
Current ratio	15.13	6.53	2.44	0.46	1.23	1.11	1.04	1.11	1.05	1.11	1.10	1.06	1.23	1.56	1.72	1.51	1.00
Quick ratio	15.13	6.53	1.76	0.35	0.55	0.65	0.59	0.65	0.59	0.81	0.74	0.89	1.01	1.46	1.48	1.11	0.87
Debt to equity	0.74	0.87	2.07	-	30.44	25.55	35.34	13.66	13.71	11.93	11.11	11.16	4.63	4.99	3.79	6.95	9.72
ROE	1.9%	46.1%	16.1%	-	-28.3%	24.9%	-155.0%	0.2%	-17.8%	7.9%	0.5%	5.3%	4.8%	36.5%	67.1%	37.0%	59.8%
ROA	1.1%	24.7%	5.2%	-49.9%	-0.9%	0.9%	-4.3%	0.0%	-1.2%	0.6%	0.0%	0.4%	0.8%	6.0%	13.6%	4.7%	5.6%
Interest coverage	12.65	29.28	4.97	-11.29	3.55	-	-	-	-	-	-	-	-	-	-	-	-

Item	31-12-2024	31-12-2023	31-12-2022	31-12-2021
Employees at the balance-sheet date	10	11	11	14
full-time	9	9	9	13
part-time	1	2	2	1
in full-time equivalents	9.8	10.2	10.2	13.8
Average over the year, in full-time equivalents	9.8	10.1	10.6	16.1
On a permanent contract	10	11	11	14
Joined	4	3	1	6
Left	5	3	4	14

Item	25-08-2025	2024	2023	2022	2021
Tangible fixed assets	-	€57,088	€66,466	-	€9,486
Financial fixed assets	-	-	€17,500	€79,500	-
Depreciation and write-downs of the year	€64,157	€99,712	€185,194	€192,239	€225,343

F & S PROJECTS

Annual accounts 2025

Balance sheet

Change in equityin €m

Change in cashin euro

Staff

Staff cost per FTE

Joined and left

Filed annual accounts

Filings

Subsidies and aid

Flemish government 2024, 1 entry, €1,150 awarded, €1,150 paid

Key figures and ratios

Social balance sheet

Investments

Insights on F & S PROJECTS