FTW (0479.986.484): financials and annual accounts

FTW

Nassogne ·KBO/BCE: BE 0479.986.484

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`	2.5m	2.4m	2.6m	2.7m	2.6m	3.5m	3.4m	2.0m	1.8m	1.8m	1.4m	1.6m	1.6m	1.9m	1.8m	1.3m	1.3m	987,981	558,114	380,950
Fixed assets`21/28`	2.2m	2.1m	2.2m	1.9m	1.8m	2.4m	2.3m	1.3m	1.2m	1.2m	961,858	1.1m	1.2m	1.1m	1.1m	555,350	597,302	406,156	196,853	67,347
Tangible fixed assets`22/27`	2.1m	2.0m	2.1m	1.8m	1.7m	2.3m	2.2m	1.1m	1.1m	1.1m	859,058	951,162	1.1m	1.0m	991,566	452,850	594,802	403,756	194,453	67,347
Land and buildings`22`	1.7m	1.6m	1.7m	1.7m	1.7m	2.3m	2.1m	1.1m	1.1m	1.1m	833,030	923,146	1.1m	1.0m	972,513	413,960	544,358	363,878	169,148	26,816
Plant, machinery and equipment`23`	43,086	65,278	73,433	71,056	18,028	18,148	23,441	13,962	9,919	15,251	14,533	11,546	5,239	1,242	12,214	26,495	33,905	21,917	13,134	23,923
Furniture and vehicles`24`	18,405	27,601	33,537	12,905	12,080	20,290	29,743	24,619	16,613	13,124	11,495	16,471	18,852	3,256	6,839	12,395	16,539	17,962	12,171	16,607
Other tangible fixed assets`26`	308,296	311,824	308,296	67,026	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Financial fixed assets`28`	105,383	105,383	105,383	105,383	105,175	106,761	106,133	179,408	102,800	102,800	102,800	102,500	102,500	102,500	102,500	102,500	2,500	2,400	2,400	-
Current assets`29/58`	290,734	297,752	446,263	805,972	811,810	1.1m	1.1m	658,991	559,966	512,814	434,064	537,514	460,102	735,585	710,915	701,864	730,160	581,824	361,262	313,604
Stocks and contracts in progress`3`	3,805	22,650	57,700	309,245	132,325	917,750	917,750	384,169	194,885	220,834	269,937	447,662	390,551	636,343	608,428	555,578	560,001	460,525	208,172	134,281
Stocks`30/36`	3,805	22,650	57,700	109,245	132,325	130,250	130,250	157,750	189,885	195,375	235,000	386,466	390,551	576,343	548,428	548,428	551,987	460,525	208,172	134,281
Contracts in progress`37`	-	-	-	200,000	-	787,500	787,500	226,419	5,000	25,459	34,937	61,196	-	60,000	60,000	7,150	8,014	-	-	-
Amounts receivable within one year`40/41`	244,363	228,764	308,828	469,609	629,474	77,745	153,343	194,480	260,598	147,114	126,551	70,884	67,354	56,633	99,382	138,718	168,212	48,741	76,520	32,035
Trade receivables`40`	238,758	223,382	303,460	456,220	624,175	54,062	115,319	164,327	258,167	133,257	112,939	48,051	57,355	33,980	87,221	131,209	167,978	48,228	19,664	30,021
Other amounts receivable`41`	5,605	5,382	5,367	13,390	5,300	23,684	38,024	30,154	2,431	13,857	13,612	22,833	9,998	22,653	12,161	7,509	234	513	56,857	2,014
Cash at bank and in hand`54/58`	41,368	45,383	76,797	26,549	49,448	74,423	23,518	80,342	104,483	144,866	37,576	7,716	2,198	42,609	2,763	6,962	1,000	72,558	76,569	147,288
Deferred charges and accrued income`490/1`	1,197	955	2,938	569	562	945	519	-	-	-	-	11,252	-	-	341	606	947	-	-	-
Balance sheet: equity and liabilities
Total equity and liabilities`10/49`	2.5m	2.4m	2.6m	2.7m	2.6m	3.5m	3.4m	2.0m	1.8m	1.8m	1.4m	1.6m	1.6m	1.9m	1.8m	1.3m	1.3m	987,981	558,114	380,950
Equity`10/15`	172,455	116,925	184,606	241,666	355,911	794,238	949,437	913,058	818,894	810,042	789,952	774,786	752,835	741,565	738,990	80,195	84,250	113,242	105,820	73,058
Contributions`10/11`	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	18,600	18,600	18,600	6,200	6,200	6,200
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	18,600	18,600	18,600
Uncalled capital`101`	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	12,400	12,400	12,400
Revaluation surpluses`12`	566,040	566,040	566,040	566,040	566,040	566,040	566,040	566,040	566,040	566,040	566,040	566,040	566,040	566,040	566,040	-	-	-	-	-
Reserves`13`	252,850	252,850	252,850	252,850	252,850	209,599	364,797	328,418	234,255	225,402	205,313	190,146	168,250	168,250	168,250	63,284	63,284	63,284	63,284	62,479
Non-distributable reserves`130/1`	1,860	1,860	1,860	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	1,860	1,860	1,056
Reserves not available under the articles`1311`	1,860	1,860	1,860	1,860	1,860	1,860	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Tax-exempt reserves`132`	169,764	169,764	169,764	169,764	169,764	126,512	126,512	126,512	126,512	126,512	126,512	126,512	126,512	126,512	126,512	61,424	61,424	61,424	61,424	61,424
Distributable reserves`133`	81,226	81,226	81,226	81,226	81,226	81,226	236,425	200,046	105,882	97,030	76,940	61,774	39,878	39,878	39,878	-	-	-	-	-
Profit (loss) carried forward`14`	-665,035	-720,565	-652,884	-595,824	-481,579	-	-	-	-	-	-	-	-55	-11,325	-13,900	-1,688	2,366	43,758	36,336	4,379
Amounts payable`17/49`	2.3m	2.3m	2.5m	2.5m	2.3m	2.7m	2.4m	1.1m	933,054	948,221	605,970	816,390	886,533	1.1m	1.1m	1.2m	1.2m	874,739	452,295	307,892
Amounts payable after more than one year`17`	943,243	868,770	970,307	553,668	749,702	809,390	857,286	629,335	584,657	628,833	400,336	453,931	508,191	849,454	439,103	501,071	186,072	59,844	44,723	6,014
Financial debts`170/4`	817,392	694,770	796,307	379,668	575,702	635,390	683,286	455,335	410,657	454,833	226,336	279,931	334,191	415,454	439,103	501,071	186,072	59,844	44,723	6,014
Other amounts payable`178/9`	125,852	174,000	174,000	174,000	174,000	174,000	174,000	174,000	174,000	174,000	174,000	174,000	174,000	434,000	-	-	-	-	-	-
Amounts payable within one year`42/48`	1.4m	1.4m	1.5m	1.9m	1.5m	1.9m	1.6m	424,714	348,397	319,388	205,634	362,459	378,342	269,673	626,865	675,351	1.1m	814,895	407,571	301,878
Current portion of amounts payable after more than one year`42`	175,978	190,236	172,649	124,231	134,948	134,984	96,906	90,688	61,688	79,812	60,495	64,065	58,062	49,976	61,968	59,312	21,304	12,779	7,285	1,718
Financial debts`43`	-	-	45,158	481,783	-	795,000	616,030	-	-	-	-	100,000	167,906	70,393	89,393	75,684	317,669	271,209	-	-
Credit institutions`430/8`	-	-	45,158	481,783	-	795,000	616,030	-	-	-	-	100,000	167,906	70,393	89,393	75,684	317,669	271,209	-	-
Trade debts`44`	115,498	73,159	121,789	101,243	200,032	288,749	380,464	203,518	126,349	109,920	56,935	106,809	60,886	122,962	295,537	294,889	374,042	206,881	55,324	34,401
Suppliers`440/4`	115,498	73,159	121,789	101,243	200,032	288,749	380,464	203,518	126,349	109,920	56,935	106,809	60,886	122,962	295,537	294,889	374,042	206,881	55,324	34,401
Advances received on contracts in progress`46`	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	105,875
Taxes, remuneration and social security`45`	24,602	48,507	132,743	172,254	170,420	19,869	34,210	6,548	21,381	16,002	10,777	10,500	6,075	6,075	65,593	36,682	72,069	78,328	107,555	13,272
Taxes`450/3`	14,922	37,721	111,008	155,162	159,149	10,711	27,338	4,475	18,936	9,172	10,777	10,500	6,075	6,075	6,075	6,075	70,505	78,328	107,555	13,272
Remuneration and social security`454/9`	9,680	10,785	21,735	17,092	11,271	9,158	6,872	2,073	2,445	6,830	-	-	-	-	59,518	30,607	1,564	-	-	-
Other amounts payable`47/48`	1.0m	1.1m	1.0m	1.1m	1.0m	662,678	449,423	123,960	138,979	113,654	77,427	81,086	85,413	20,268	114,374	208,784	270,350	245,699	237,408	146,612
Accrued charges and deferred income`492/3`	18,899	-	-	-	-	6,124	-	-	-	-	-	-	-	-	22	596	1,706	-	-	-
Income statement
Turnover`70`	-	-	-	-	-	-	-	-	-	-	551,026	388,000	354,845	-	190,645	261,953	641,167	542,504	446,043	347,780
Non-recurring operating income`76A`	53,676	156,768	58,720	100,000	5,004	230,720	2,989	2,221	3,500	413	210,562	11,188	49,472	-	-	131,312	55,000	100	-	61,424
Gross operating margin`9900`	259,920	213,006	219,802	79,821	-216,389	283,610	338,905	212,873	121,448	141,391	-112,246	107,769	-116,461	97,643	90,843	-22,692	74,468	115,253	108,667	32,756
Goods, raw materials, services and sundry goods`60/61`	-	-	-	-	-	-	-	-	-	-	641,717	343,409	473,488	-	164,126	300,298	575,564	443,711	338,282	322,208
Remuneration, social security and pensions`62`	3,859	15,980	13,768	4,845	9,030	22,535	115,650	21,732	17,382	1,265	1,156	2,895	43	6,891	9,663	13,144	26,702	-	-	-
Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets`630`	130,724	128,124	130,136	110,080	84,228	141,385	111,991	45,601	41,100	55,688	37,715	45,048	48,086	56,903	54,643	56,311	84,202	55,996	33,482	21,502
Other operating charges`640/8`	27,363	68,243	46,456	35,935	32,971	72,595	10,697	15,258	16,764	13,024	2,965	12,248	7,875	11,354	6,710	10,252	6,265	12,787	4,206	4,836
Non-recurring operating charges`66A`	-	-	-	108	21,303	-	374	-	9,063	20,404	-	-	-	-	-	4,000	-	700	-	-
Operating profit (loss)`9901`	97,974	659	29,442	-71,147	-363,923	47,095	100,193	130,282	37,140	51,010	-154,081	47,578	-172,466	22,496	19,828	-102,399	-42,701	46,469	70,979	6,418
Financial income`75/76B`	236	2,554	50	4,227	1,904	1,116	1	113	14	15	170	246	169,046	1,938	269	3,028	281	94	186	1,657
Recurring financial income`75`	236	2,554	50	4,227	1,904	1,116	1	113	14	15	170	246	169,046	1,938	269	3,028	281	94	186	1,657
Financial charges`65/66B`	40,872	54,227	46,012	17,892	55,455	41,260	32,520	27,916	21,042	25,573	31,341	32,674	34,783	21,858	32,412	34,095	32,601	10,714	5,914	856
Recurring financial charges`65`	40,872	54,227	46,012	17,892	55,455	41,260	32,520	27,916	21,042	25,573	31,341	32,674	34,783	21,858	32,412	34,095	32,601	10,714	5,914	856
Profit (loss) for the period before taxes`9903`	57,338	-51,014	-16,520	-84,812	-417,474	6,950	67,675	102,479	16,112	25,451	25,310	26,338	11,270	2,575	-12,315	-6,154	-20,021	35,250	65,251	68,643
Income taxes`67/77`	1,809	16,667	40,540	29,433	64,105	162,149	31,296	8,316	7,260	5,362	10,144	4,387	-	-	-103	-2,099	21,371	27,828	32,490	2,128
Profit (loss) for the period`9904`	55,529	-67,681	-57,060	-114,245	-481,579	-155,199	36,379	94,163	8,853	20,089	15,166	21,951	11,270	2,575	-12,212	-4,054	-41,392	7,422	32,761	66,515
Transfer to tax-exempt reserves`689`	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	61,424
Profit (loss) for the period to be appropriated`9905`	55,529	-67,681	-57,060	-114,245	-481,579	-155,199	36,379	94,163	8,853	20,089	15,166	21,951	11,270	2,575	-12,212	-4,054	-41,392	7,422	32,761	5,091
Appropriation of the result
Profit (loss) to be appropriated`9906`	-665,035	-720,565	-652,884	-595,824	-481,579	-155,199	36,379	94,163	8,853	20,089	15,166	21,896	-55	-11,325	-13,900	-1,688	2,366	43,758	37,140	4,633
Profit (loss) brought forward from the previous period`14P`	-720,565	-652,884	-595,824	-481,579	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Transfer from equity`791/2`	-	-	-	-	-	155,199	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Transfer to equity`691/2`	-	-	-	-	-	-	36,379	94,163	8,853	20,089	15,166	21,896	-	-	-	-	-	-	804	255
To the legal reserve`6920`	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	804	255
To other reserves`6921`	-	-	-	-	-	-	36,379	94,163	8,853	20,089	15,166	21,896	-	-	-	-	-	-	-	-
Social balance sheet
Average staff (FTE)`9087`	-	-	-	1.3	0.5	2	2	0.6	0.6	-	-	-	-	0.4	0.4	0.9	1.2	-	-	-
Hours worked`1013`	-	-	-	300	120	1,610	2,095	1,099	1,112	-	-	-	-	365	487	1,080	1,760	-	-	-
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Financial year	Type	Filed	Reference	Document
31-12-2025	micro format	30-07-2026	2026-00355480	PDF
31-12-2024	micro format	30-07-2025	2025-00330823	PDF
31-12-2023	micro format	26-07-2024	2024-00286739	PDF
31-12-2022	micro format	12-07-2023	2023-00227452	PDF
31-12-2021	full format	31-08-2022	2022-20371798	PDF
31-12-2020	full format	27-10-2021	2021-73200402	PDF
31-12-2019	full format	25-11-2020	2020-71700445	PDF
31-12-2018	micro format	18-07-2019	2019-33900216	PDF
31-12-2017	micro format	31-08-2018	2018-55200402	PDF
31-12-2016	micro format	28-07-2017	2017-36600043	PDF
31-12-2015	full format	30-08-2016	2016-49500503	PDF
31-12-2014	full format	28-09-2015	2015-60000513	PDF
31-12-2013	full format	29-09-2014	2014-60800032	PDF
31-12-2012	full format	19-02-2014	2014-04500219	PDF
31-12-2011	full format	06-09-2012	2012-55300036	PDF
31-12-2010	full format	01-07-2011	2011-23300598	PDF
31-12-2009	full format	02-07-2010	2010-25000468	PDF
31-12-2008	full format	02-07-2009	2009-32700073	PDF
31-12-2007	full format	26-08-2008	2008-60600393	PDF
31-12-2006	full format	01-10-2007	2007-74900101	PDF
31-12-2005	full format	31-08-2006	2006-72303794	PDF
31-12-2004	full format	25-07-2005	2005-53602279	PDF
31-12-2003	full format	30-07-2004	2004-56302099	PDF

Line	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015	2014	2013	2012	2011	2010	2009	2008	2007	2006
EBITDA	228,698	128,783	159,578	38,933	-279,694	188,480	212,184	175,883	78,240	106,698	-116,367	92,625	-124,380	79,398	74,471	-46,088	41,501	102,466	104,461	27,920
Cash flow	186,253	60,443	73,076	-4,165	-397,351	-13,813	148,370	139,764	49,952	75,778	52,881	66,999	59,356	59,478	42,431	52,256	42,810	63,418	66,243	88,017
Investment in fixed assets (approximation)	205,578	29,103	335,462	228,024	194,708	326,209	1.2m	268,403	115,196	339,280	6,699	18,256	207,773	87,944	27,319	250,938	275,348	266,500	162,988	49,783
Change in cash	-4,015	-31,414	50,247	-22,899	-24,975	50,905	-56,823	-24,141	-40,383	107,290	29,860	5,518	-40,411	39,846	-4,199	5,962	-71,558	-4,011	-70,719	-
Working capital	-1.1m	-1.1m	-1.0m	-1.1m	-716,001	-830,417	-481,903	234,277	211,568	193,425	228,431	175,055	81,760	465,912	84,050	26,513	-325,275	-233,070	-46,310	11,725
EBIT margin	-	-	-	-	-	-	-	-	-	-	-28.0%	12.3%	-48.6%	-	10.4%	-39.1%	-6.7%	8.6%	15.9%	1.8%
Solvency	6.9%	4.8%	7.0%	8.8%	13.5%	22.6%	28.1%	46.4%	46.7%	46.1%	56.6%	48.7%	45.9%	39.9%	40.9%	6.4%	6.3%	11.5%	19.0%	19.2%
Current ratio	0.21	0.21	0.30	0.41	0.53	0.56	0.69	1.55	1.61	1.61	2.11	1.48	1.22	2.73	1.13	1.04	0.69	0.71	0.89	1.04
Quick ratio	0.21	0.19	0.26	0.25	0.44	0.08	0.11	0.65	1.05	0.91	0.80	0.25	0.18	0.37	0.16	0.22	0.16	0.15	0.38	0.59
Debt to equity	13.43	19.71	13.35	10.36	6.40	3.42	2.56	1.15	1.14	1.17	0.77	1.05	1.18	1.51	1.44	14.68	14.76	7.72	4.27	4.21
ROE	32.2%	-57.9%	-30.9%	-47.3%	-135.3%	-19.5%	3.8%	10.3%	1.1%	2.5%	1.9%	2.8%	1.5%	0.3%	-1.7%	-5.1%	-49.1%	6.6%	31.0%	91.0%
ROA	2.2%	-2.8%	-2.2%	-4.2%	-18.3%	-4.4%	1.1%	4.8%	0.5%	1.1%	1.1%	1.4%	0.7%	0.1%	-0.7%	-0.3%	-3.1%	0.8%	5.9%	17.5%
Interest coverage	5.60	2.37	3.47	2.18	-5.04	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Customer credit	-	-	-	-	-	-	-	-	-	-	75 days	45 days	59 days	-	167 days	183 days	96 days	32 days	16 days	32 days
Supplier credit	-	-	-	-	-	-	-	-	-	-	32 days	114 days	47 days	-	657 days	358 days	237 days	170 days	60 days	39 days

Item	31-12-2022	31-12-2021
Employees at the balance-sheet date	1	1
part-time	1	1
in full-time equivalents	0.5	0.5
Average over the year, in full-time equivalents	0.7	0.5
On a permanent contract	1	1
Joined	13	4
Left	13	4

Item	2025	2024	2023	2022	2021
Tangible fixed assets	-	€29,103	€335,462	€227,816	€194,708
Financial fixed assets	-	-	-	€208	-
Depreciation and write-downs of the year	€130,724	€128,124	€130,136	€110,080	€84,228

FTW

Annual accounts 2025

Money flows

Balance sheet

Change in equityin euro

Change in cashin euro

Position in the sector

Solvency6.9%

Current ratio0.21

Return on assets2.2%

Staff

Staff cost per FTE

Joined and left

Filed annual accounts

Filings

Key figures and ratios

Social balance sheet

Investments

Insights on FTW

Next steps