FORMA. (0427.065.759): financials and annual accounts

FORMA.

Uccle ·KBO/BCE: BE 0427.065.759

Line	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015	2014	2013	2012	2011	2009	2008	2007	2006
Balance sheet: assets
Total assets`20/58`	1.3m	1.4m	1.4m	1.8m	2.3m	2.3m	1.4m	1.7m	1.4m	1.4m	1.3m	1.1m	836,963	1.0m	777,156	972,699	1.2m	1.2m	1.3m
Fixed assets`21/28`	59,751	70,230	107,903	92,128	103,877	139,589	162,934	145,145	119,572	106,599	120,057	172,786	155,249	160,452	149,818	157,509	135,062	150,125	181,580
Intangible fixed assets`21`	9,671	12,790	2,328	7,713	13,098	16,098	18,829	2,235	2,190	1,200	-	-	-	-	-	-	-	-	-
Tangible fixed assets`22/27`	44,193	51,401	99,537	78,377	84,741	117,453	138,067	136,871	111,245	99,262	114,170	153,949	148,036	153,239	142,605	148,571	126,532	143,636	168,866
Plant, machinery and equipment`23`	1,314	850	1,079	-	-	-	-	-	872	1,744	-	-	-	-	-	-	-	-	-
Furniture and vehicles`24`	11,447	23,364	75,219	47,434	51,988	76,615	89,143	90,442	57,887	69,646	114,170	153,949	148,036	153,239	142,605	148,571	126,532	143,636	168,866
Other tangible fixed assets`26`	31,432	27,188	23,239	30,943	32,753	40,838	48,923	46,430	52,486	27,873	-	-	-	-	-	-	-	-	-
Financial fixed assets`28`	5,887	6,039	6,039	6,039	6,039	6,039	6,039	6,039	6,137	6,137	5,887	18,837	7,213	7,213	7,213	8,938	8,530	6,489	12,714
Current assets`29/58`	1.2m	1.3m	1.3m	1.7m	2.1m	2.1m	1.3m	1.6m	1.3m	1.2m	1.2m	910,006	681,714	844,083	627,338	815,190	1.0m	1.1m	1.1m
Stocks and contracts in progress`3`	73,790	321,422	68,061	273,810	44,489	125,686	47,654	78,990	117,105	61,085	66,813	29,080	24,095	25,633	24,105	28,972	15,481	24,396	33,654
Stocks`30/36`	73,790	321,422	68,061	273,810	44,489	125,686	47,654	78,990	117,105	61,085	66,813	29,080	24,095	25,633	24,105	28,972	15,481	24,396	33,654
Amounts receivable within one year`40/41`	643,120	553,332	709,072	718,759	1.6m	1.6m	1.1m	801,977	984,174	815,877	459,992	653,224	361,406	646,818	488,246	585,043	647,089	763,157	867,957
Trade receivables`40`	568,976	398,223	528,952	705,548	1.6m	1.6m	1.1m	735,679	919,459	751,799	341,305	520,935	190,192	566,174	385,243	501,095	508,094	650,039	669,958
Other amounts receivable`41`	74,144	155,109	180,119	13,211	1,077	3,219	10,427	66,298	64,715	64,078	118,687	132,289	171,214	80,644	103,003	83,948	138,995	113,118	197,999
Current investments`50/53`	-	-	-	-	-	-	-	-	-	-	-	27,627	29,006	149,159	27,053	72,205	77,946	76,231	76,952
Cash at bank and in hand`54/58`	458,124	428,167	500,847	653,280	509,764	406,562	75,729	690,250	217,366	364,210	661,271	94,819	267,207	22,312	84,325	124,732	301,394	205,999	102,866
Deferred charges and accrued income`490/1`	20,445	13,654	13,074	17,287	35,947	13,142	18,472	13,522	8,649	6,439	265	105,256	-	161	3,609	4,238	191	-	2,715
Balance sheet: equity and liabilities
Total equity and liabilities`10/49`	1.3m	1.4m	1.4m	1.8m	2.3m	2.3m	1.4m	1.7m	1.4m	1.4m	1.3m	1.1m	836,963	1.0m	777,156	972,699	1.2m	1.2m	1.3m
Equity`10/15`	647,768	642,014	513,876	386,028	358,351	687,386	686,596	686,554	563,722	492,116	515,931	515,727	510,089	507,601	436,600	514,018	511,499	469,466	451,148
Contributions`10/11`	-	-	-	6,200	6,200	6,200	6,200	6,200	6,200	6,200	6,200	6,198	6,198	6,198	6,198	6,198	6,198	6,198	6,198
Issued capital`100`	-	-	-	-	-	-	6,200	18,593	6,200	18,593	18,593	18,593	18,593	18,593	18,593	18,593	18,593	18,593	18,593
Uncalled capital`101`	-	-	-	-	-	-	-	12,393	-	12,393	12,393	12,395	12,395	12,395	12,395	12,395	12,395	12,395	12,395
Contributions outside capital`11`	-	-	-	-	6,200	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Other`1109/19`	-	-	-	-	6,200	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Reserves`13`	16,735	16,735	16,735	10,535	10,535	10,535	10,535	10,535	10,535	10,535	10,535	10,535	10,535	10,535	10,535	10,535	10,535	10,535	10,535
Non-distributable reserves`130/1`	-	-	-	1,859	1,859	1,859	-	-	-	-	-	-	-	-	-	-	-	-	-
Legal reserve`130`	-	-	-	-	-	-	1,859	1,859	1,859	1,859	1,859	1,859	1,859	1,859	1,859	1,859	1,859	1,859	1,859
Reserves not available under the articles`1311`	-	-	-	1,859	1,859	1,859	-	-	-	-	-	-	-	-	-	-	-	-	-
Distributable reserves`133`	16,735	16,735	16,735	8,676	8,676	8,676	8,676	8,676	8,676	8,676	8,676	8,676	8,676	8,676	8,676	8,676	8,676	8,676	8,676
Profit (loss) carried forward`14`	631,033	625,278	497,141	369,293	341,615	670,650	669,861	669,818	546,986	475,381	499,196	498,994	493,356	490,868	419,867	497,285	494,766	452,733	434,415
Amounts payable`17/49`	607,461	744,791	885,081	1.4m	1.9m	1.6m	740,612	1.0m	883,144	862,094	792,467	567,065	326,874	496,934	340,556	458,681	665,664	750,442	814,576
Amounts payable after more than one year`17`	-	-	-	-	3,148	9,412	15,634	21,812	-	-	-	16,892	46,479	40,368	67,728	10,023	31,842	11,077	25,860
Financial debts`170/4`	-	-	-	-	3,148	9,412	15,634	21,812	-	-	-	16,892	46,479	40,368	67,728	10,023	31,842	11,077	25,860
Amounts payable within one year`42/48`	607,461	743,853	885,081	1.4m	1.9m	1.6m	724,608	1.0m	882,321	861,111	757,890	550,144	274,597	456,566	272,828	446,457	552,030	661,447	644,475
Current portion of amounts payable after more than one year`42`	18,570	32,475	270,647	420,724	446,923	6,221	6,178	6,136	-	10,661	13,637	53,192	42,850	64,860	63,843	48,739	54,751	67,409	91,470
Financial debts`43`	-	-	-	-	-	-	-	-	-	-	37,500	-	-	-	-	-	-	-	-
Credit institutions`430/8`	-	-	-	-	-	-	-	-	-	-	37,500	-	-	-	-	-	-	-	-
Trade debts`44`	408,603	200,112	404,830	437,950	745,369	1.0m	360,362	554,200	444,634	631,774	467,675	464,637	207,062	357,105	173,794	357,957	467,533	569,682	529,389
Suppliers`440/4`	408,603	200,112	404,830	437,950	745,369	1.0m	360,362	554,200	444,634	631,774	467,675	464,637	207,062	357,105	173,794	357,957	467,533	569,682	529,389
Advances received on contracts in progress`46`	104,666	338,982	92,428	172,544	69,464	22,959	10,912	42,405	199,114	72,452	106,319	-	-	-	-	-	-	-	-
Taxes, remuneration and social security`45`	63,560	172,284	117,176	264,258	214,975	148,279	143,498	65,656	44,237	62,289	130,916	31,978	24,685	34,601	35,005	39,423	29,746	24,017	23,616
Taxes`450/3`	21,864	132,375	77,923	221,808	177,390	107,134	100,786	14,571	2,946	17,215	85,100	-	-	17,552	13,241	7,641	-	-	-
Remuneration and social security`454/9`	41,696	39,910	39,253	42,450	37,585	41,145	42,711	51,085	41,291	45,075	45,816	31,978	24,685	17,049	21,764	31,782	29,746	24,017	23,616
Other amounts payable`47/48`	12,062	-	-	73,739	411,841	391,311	203,659	352,897	194,336	83,935	1,843	337	-	-	186	338	-	339	-
Accrued charges and deferred income`492/3`	-	938	-	20	360	431	371	225	823	982	34,577	29	5,798	-	-	2,201	81,792	77,918	144,241
Income statement
Non-recurring operating income`76A`	-	-	-	-	-	-	-	-	-	-	168	-	-	-	-	-	-	-	-
Gross operating margin`9900`	696,774	585,380	663,798	678,115	693,732	765,656	779,764	980,747	698,017	622,444	582,761	453,260	266,614	293,311	264,562	327,620	407,233	355,773	306,552
Remuneration, social security and pensions`62`	423,777	382,309	399,768	453,934	456,724	446,534	437,987	465,627	387,851	457,101	416,354	353,705	220,296	200,913	235,208	257,967	248,543	255,505	215,846
Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets`630`	23,610	25,841	45,009	40,548	48,128	48,318	54,952	45,082	38,961	31,741	14,342	16,914	16,202	17,002	15,021	44,821	39,345	31,352	37,846
Write-downs on stocks, contracts in progress and trade receivables: additions (reversals)`631/4`	-	-	-	-	-	612	-	-	-	-	-	-	-	-	-	-	-	-	1,615
Other operating charges`640/8`	7,034	13,773	4,760	2,032	10,027	4,482	6,106	2,453	7,921	39,440	14,507	4,222	3,881	3,378	7,230	8,259	12,423	33,929	9,635
Non-recurring operating charges`66A`	-	-	-	-	-	-	-	-	6,606	5,877	74,749	-	6,643	-	7,793	-	-	-	350
Operating profit (loss)`9901`	242,353	163,458	214,260	181,602	178,853	265,711	280,718	467,585	256,680	88,285	137,558	78,419	26,235	72,018	7,103	16,573	106,922	34,987	41,610
Financial income`75/76B`	5,820	3,357	2,207	988	2,857	1,179	2,294	1,298	2,037	524	47	2	13	5,887	499	428	98	1,304	4,501
Recurring financial income`75`	5,820	3,357	2,207	988	2,857	1,179	2,294	1,298	2,037	524	47	2	13	5,887	499	428	98	1,304	4,501
Financial charges`65/66B`	3,499	5,744	20,619	7,791	9,291	3,119	3,967	4,395	4,132	5,219	6,928	8,864	5,802	6,904	8,419	7,490	16,841	14,372	18,559
Recurring financial charges`65`	3,499	5,744	20,619	7,791	9,291	3,119	3,967	4,395	4,132	5,219	6,928	8,864	5,802	6,904	8,419	7,490	16,841	14,372	18,559
Profit (loss) for the period before taxes`9903`	244,675	161,071	195,848	174,800	172,418	263,771	279,045	464,489	254,586	83,590	56,096	69,557	13,803	71,001	-8,610	9,511	90,179	21,919	27,202
Income taxes`67/77`	68,921	32,933	68,000	47,122	53,027	67,981	84,302	141,657	88,980	24,906	55,894	63,919	11,315	-	14,051	6,992	48,146	3,601	-
Profit (loss) for the period`9904`	175,754	128,138	127,848	127,678	119,391	195,789	194,743	322,832	165,606	58,685	202	5,638	2,488	71,001	-22,661	2,519	42,033	18,318	27,202
Profit (loss) for the period to be appropriated`9905`	175,754	128,138	127,848	127,678	119,391	195,789	194,743	322,832	165,606	58,685	202	5,638	2,488	71,001	-22,661	2,519	42,033	18,318	27,202
Appropriation of the result
Profit (loss) to be appropriated`9906`	801,033	625,278	497,141	469,293	790,041	865,650	864,561	869,818	640,986	557,881	499,196	498,994	493,356	490,868	419,867	497,285	494,766	452,733	434,415
Profit (loss) brought forward from the previous period`14P`	625,278	497,141	369,293	341,615	670,650	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Profit to be distributed`694/7`	170,000	-	-	100,000	448,426	195,000	194,700	200,000	94,000	82,500	-	-	-	-	-	-	-	-	-
Return on contributions (dividend)`694`	170,000	-	-	100,000	448,426	195,000	194,700	200,000	94,000	82,500	-	-	-	-	-	-	-	-	-
Social balance sheet
Average staff (FTE)`9087`	4	4	4.7	4.5	4.9	5.8	5	5.5	-	5.3	5.8	5.7	5.4	4.9	6.9	6.2	6.3	7.2	6
Hours worked`1013`	6,646	6,756	7,630	6,805	7,853	7,434	8,057	8,610	-	7,800	9,057	9,221	8,330	7,541	9,362	10,157	9,904	11,254	9,739
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Financial year	Type	Filed	Reference	Document
31-12-2025	full format	16-04-2026	2026-00081919	PDF
31-12-2024	full format	05-05-2025	2025-00089577	PDF
31-12-2023	full format	10-05-2024	2024-00085334	PDF
31-12-2022	full format	08-05-2023	2023-00082209	PDF
31-12-2021	full format	25-05-2022	2022-20037295	PDF
31-12-2020	full format	12-05-2021	2021-14300014	PDF
31-12-2019	full format	31-07-2020	2020-38100398	PDF
31-12-2018	full format	29-07-2019	2019-38900308	PDF
31-12-2017	full format	21-06-2018	2018-22700240	PDF
31-12-2016	full format	20-07-2017	2017-33000290	PDF
31-12-2015	full format	17-03-2016	2016-06800423	PDF
31-12-2014	full format	28-08-2015	2015-51700151	PDF
31-12-2013	full format	26-08-2014	2014-48900213	PDF
31-12-2012	full format	30-08-2013	2013-53600448	PDF
31-12-2011	full format	14-08-2012	2012-41500119	PDF
31-12-2009	full format	07-05-2010	2010-11500316	PDF
31-12-2008	full format	30-10-2009	2009-84300297	PDF
31-12-2007	full format	21-10-2008	2008-79000257	PDF
31-12-2006	full format	30-11-2007	2007-82100321	PDF
31-12-2004	full format	19-01-2006	2006-01400191	PDF
31-12-2003	full format	29-03-2005	2005-08300195	PDF
31-12-2002	full format	24-11-2003	2003-79700162	PDF
31-12-2001	full format	10-01-2003	2003-00500219	PDF
31-12-2000	full format	19-12-2001	2001-76200236	PDF
31-12-1999	full format	08-12-2000	2000-74800130	PDF
31-12-1998	full format	29-12-1999	1999-64905104	PDF
31-12-1997	full format	20-01-1999	1999-01304649	PDF
31-12-1996	full format	11-06-1998	1998-16404939	PDF
31-12-1995	full format	24-03-1997	1997-03902125	PDF
31-12-1994	full format	03-10-1995	1995-52600257	PDF
31-12-1993	full format	03-10-1995	1995-52600295	PDF
31-12-1992	full format	03-10-1995	1995-52600282	PDF
31-12-1991	full format	03-10-1995	1995-52600270	PDF
31-12-1990	full format	05-11-1992	1992-37400432	PDF
31-12-1989	full format	05-11-1992	1992-37400443	PDF
31-12-1988	full format	26-10-1992	1992-36400601	PDF
31-12-1987	full format	26-10-1992	1992-36400591	PDF
31-12-1986	consolidated	26-10-1992	1992-36400581	PDF
31-12-1986	full format	31-03-1988	1988-02003567	PDF
31-12-1985	full format	01-09-1986	1986-36702304	PDF

Line	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015	2014	2013	2012	2011	2009	2008	2007	2006
EBITDA	265,964	189,299	259,269	222,150	226,981	314,029	335,670	512,667	295,641	120,026	151,900	95,333	42,437	89,020	22,124	61,394	146,267	66,339	79,456
Cash flow	199,365	153,979	172,857	168,226	167,519	244,107	249,695	367,914	204,566	90,425	14,544	22,552	18,690	88,003	-7,640	47,340	81,378	49,670	65,048
Investment in fixed assets	13,966	32,897	73,764	33,441	17,639	28,353	74,026	74,217	65,115	67,335	3,977	34,451	10,999	27,636	9,891	67,268	24,282	6,122	24,051
Change in cash	29,957	-72,680	-152,433	143,516	103,202	330,832	-614,520	472,884	-146,844	-297,061	566,452	-172,388	244,895	-62,013	-	-176,662	95,395	103,133	-
Working capital	588,017	572,722	405,973	293,920	257,982	557,640	539,667	563,445	444,973	386,499	430,451	359,862	407,117	387,517	354,510	368,733	490,071	408,336	439,669
Solvency	51.6%	46.3%	36.7%	22.0%	15.9%	30.2%	48.1%	39.7%	39.0%	36.3%	39.4%	47.6%	60.9%	50.5%	56.2%	52.8%	43.5%	38.5%	35.6%
Current ratio	1.97	1.77	1.46	1.21	1.14	1.35	1.74	1.55	1.50	1.45	1.57	1.65	2.48	1.85	2.30	1.83	1.89	1.62	1.68
Quick ratio	1.85	1.34	1.38	1.01	1.11	1.27	1.68	1.47	1.37	1.38	1.48	1.60	2.39	1.79	2.21	1.76	1.86	1.58	1.63
Debt to equity	0.94	1.16	1.72	3.55	5.28	2.31	1.08	1.52	1.57	1.75	1.54	1.10	0.64	0.98	0.78	0.89	1.30	1.60	1.81
ROE	27.1%	20.0%	24.9%	33.1%	33.3%	28.5%	28.4%	47.0%	29.4%	11.9%	0.0%	1.1%	0.5%	14.0%	-5.2%	0.5%	8.2%	3.9%	6.0%
ROA	14.0%	9.2%	9.1%	7.3%	5.3%	8.6%	13.6%	18.7%	11.4%	4.3%	0.0%	0.5%	0.3%	7.1%	-2.9%	0.3%	3.6%	1.5%	2.1%
Interest coverage	76.02	32.96	12.57	28.51	24.43	-	-	-	-	-	-	-	-	-	-	-	-	-	-

Item	31-12-2025	31-12-2024	31-12-2023	31-12-2022	31-12-2021
Employees at the balance-sheet date	4	4	4	5	5
full-time	4	4	4	4	5
part-time	-	-	-	1	-
in full-time equivalents	4	4	4	4.8	5
Average over the year, in full-time equivalents	4	4	4.7	4.5	4.9
On a permanent contract	4	4	4	5	-
Joined	1	-	2	1	2
Left	1	-	3	1	2

Item	2025	2024	2023	2022	2021
Tangible fixed assets	€13,966	€20,992	€73,764	€33,441	€14,954
Intangible fixed assets	-	€11,906	-	-	€2,685
Depreciation and write-downs of the year	€23,610	€25,841	€45,009	€40,548	€48,128

FORMA.

Annual accounts 2025

Balance sheet

Change in equityin euro

Change in cashin euro

Position in the sector

Solvency51.6%

Current ratio1.97

Return on assets14.0%

Staff

Staff cost per FTE€105,944

Joined and left+0

Filed annual accounts

Filings

Key figures and ratios

Social balance sheet

Investments

Insights on FORMA.

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