HADEP (0409.749.675): financials and annual accounts

HADEP

Forest ·KBO/BCE: BE 0409.749.675

Line	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015	2014	2013	2012	2011	2010	2009	2008
Balance sheet: assets
Total assets`20/58`	1.3m	1.3m	1.2m	1.0m	851,664	685,155	635,096	732,188	812,571	853,946	868,753	910,996	929,621	928,314	935,747	973,551	953,315	1.0m
Fixed assets`21/28`	566,707	543,170	537,028	542,078	244,026	243,801	276,646	306,262	334,767	343,444	380,077	439,620	500,115	541,512	578,872	586,468	485,427	524,075
Intangible fixed assets`21`	-	-	167	842	1,516	-	-	-	-	-	-	-	-	0	0	0	0	518
Tangible fixed assets`22/27`	566,250	542,713	536,404	540,779	242,053	243,295	276,189	306,012	334,517	343,194	379,827	439,370	499,865	541,262	578,622	586,218	485,177	523,307
Land and buildings`22`	460,844	492,273	521,382	527,813	200,264	221,206	253,639	285,189	298,803	309,308	352,391	397,363	442,206	490,207	539,099	391,598	434,834	472,230
Plant, machinery and equipment`23`	11,350	4,737	4,829	4,228	1,511	4,515	10,965	17,191	25,761	23,265	10,989	12,976	18,536	23,415	23,119	24,586	7,963	5,644
Furniture and vehicles`24`	43,027	45,703	10,193	8,738	11,309	3,266	2,446	2,032	3,538	8,963	16,447	26,612	39,123	27,640	16,404	24,255	32,633	41,695
Assets under construction and advance payments`27`	51,029	-	-	-	28,969	14,308	9,139	1,600	6,415	1,658	-	2,419	-	-	0	145,779	9,747	3,738
Financial fixed assets`28`	457	457	457	457	457	506	457	250	250	250	250	250	250	250	250	250	250	250
Current assets`29/58`	763,897	724,056	696,029	503,229	607,638	441,354	358,450	425,926	477,804	510,502	488,676	471,376	429,506	386,802	356,875	387,083	467,888	499,257
Amounts receivable after more than one year`29`	-	-	-	-	3,390	8,325	13,211	18,049	22,838	27,580	32,275	36,923	41,525	46,081	50,593	55,058	64,415	69,415
Trade receivables`290`	-	-	-	-	3,390	8,325	13,211	18,049	22,838	27,580	32,275	36,923	41,525	46,081	50,593	55,058	64,415	69,415
Amounts receivable within one year`40/41`	316,197	325,251	429,876	396,935	289,939	260,452	269,527	254,884	255,488	236,937	217,802	213,437	237,938	238,190	258,349	226,497	328,698	357,630
Trade receivables`40`	36,099	47,011	61,074	81,873	80,489	243,010	250,081	238,351	229,061	217,414	198,061	197,154	220,078	223,769	245,416	216,271	318,633	344,127
Other amounts receivable`41`	280,098	278,240	368,802	315,062	209,450	17,442	19,446	16,533	26,427	19,523	19,741	16,283	17,860	14,421	12,933	10,226	10,065	13,503
Cash at bank and in hand`54/58`	364,226	272,081	225,161	97,160	293,083	139,949	67,428	138,359	198,502	244,356	236,563	213,789	148,792	98,072	40,422	103,082	69,830	68,293
Deferred charges and accrued income`490/1`	83,473	126,724	40,992	9,134	21,226	32,628	8,284	14,634	976	1,629	2,036	7,227	1,251	4,459	7,511	2,446	4,945	3,919
Balance sheet: equity and liabilities
Total equity and liabilities`10/49`	1.3m	1.3m	1.2m	1.0m	851,664	685,155	635,096	732,188	812,571	853,946	868,753	910,996	929,621	928,314	935,747	973,551	953,315	1.0m
Equity`10/15`	838,664	802,322	789,441	716,377	470,071	318,922	360,958	405,427	430,170	448,228	472,499	520,904	558,492	598,519	577,416	600,001	508,262	544,498
Capital`10`	185,000	185,000	185,000	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Reserves`13`	24,606	24,606	24,606	24,606	24,606	-	-	-	-	-	-	-	-	-	-	-	-	-
Profit (loss) carried forward`14`	270,581	219,122	190,942	159,490	171,423	169,798	175,918	184,471	173,297	155,058	68,617	75,759	71,851	70,381	69,382	52,857	32,989	33,489
Investment grants`15`	358,477	373,594	388,893	347,281	89,042	124,518	160,434	196,350	232,267	268,564	379,276	420,539	462,035	503,532	483,428	522,538	450,667	486,403
Provisions and deferred taxes`16`	-	12,516	61,450	61,450	61,450	64,450	64,450	64,450	88,000	85,000	85,000	68,433	58,433	53,433	43,433	43,433	43,433	43,433
Provisions for liabilities and charges`160/5`	-	12,516	61,450	61,450	61,450	64,450	64,450	64,450	88,000	85,000	85,000	68,433	58,433	53,433	43,433	43,433	43,433	43,433
Other liabilities and charges`164/5`	-	12,516	61,450	61,450	61,450	64,450	-	-	-	-	-	-	-	-	-	-	-	-
Amounts payable`17/49`	491,939	452,388	382,166	267,480	320,143	301,783	209,688	262,311	294,401	320,718	311,254	321,659	312,696	276,362	314,898	330,117	401,620	435,401
Amounts payable after more than one year`17`	18,478	24,473	-	-	-	-	-	-	-	811	3,986	13,742	26,710	26,676	41,630	53,854	59,294	61,288
Financial debts`170/4`	18,478	24,473	-	-	-	-	-	-	-	811	3,986	7,058	10,030	-	-	2,228	4,336	6,330
Amounts payable within one year`42/48`	458,597	411,039	342,219	267,390	320,143	295,584	205,491	257,035	291,009	315,331	305,566	306,167	283,133	247,201	269,927	273,864	341,566	373,249
Current portion of amounts payable after more than one year`42`	5,995	5,739	-	23,636	23,636	30,747	7,111	11,216	46,678	57,464	69,416	66,899	54,811	21,506	22,765	21,406	130,721	1,886
Financial debts`43`	-	-	-	-	-	-	-	-	-	-	-	-	-	-	20,000	25,221	-	25,442
Credit institutions`430/8`	-	-	-	-	-	-	-	-	-	-	-	-	-	-	20,000	25,221	-	25,442
Trade debts`44`	82,685	46,422	27,822	19,712	25,058	23,598	10,773	9,883	16,352	18,288	16,411	14,662	13,671	17,153	11,443	21,857	18,175	148,433
Suppliers`440/4`	82,685	46,422	27,822	19,712	25,058	13,742	824	1,090	7,793	4,910	4,106	7,495	7,931	7,869	5,390	14,799	10,423	8,530
Bills of exchange payable`441`	-	-	-	-	-	9,856	9,949	8,793	8,559	13,378	12,305	7,167	5,740	9,284	6,053	7,058	7,752	139,903
Taxes, remuneration and social security`45`	331,790	274,682	275,435	213,151	258,474	241,239	187,607	235,936	227,979	239,579	219,739	224,606	214,651	208,542	215,719	205,380	192,670	197,488
Taxes`450/3`	58,747	49,606	46,280	29,140	49,660	37,888	18,351	32,984	29,661	33,871	28,236	31,169	31,093	37,458	30,467	26,931	26,974	27,473
Remuneration and social security`454/9`	273,043	225,076	229,155	184,011	208,814	203,351	169,256	202,952	198,318	205,708	191,503	193,437	183,558	171,084	185,252	178,449	165,696	170,015
Other amounts payable`47/48`	38,127	84,196	38,962	10,891	12,975	-	-	-	-	-	-	-	-	-	-	-	-	-
Accrued charges and deferred income`492/3`	14,864	16,876	39,947	90	-	6,199	4,197	5,276	3,392	4,576	1,702	1,750	2,853	2,485	3,341	2,399	760	864
Income statement
Operating income`70/76A`	-	-	-	-	-	-	1.8m	1.8m	1.7m	1.7m	1.6m	1.6m	1.6m	1.5m	1.5m	1.3m	1.4m	1.3m
Turnover`70`	390,203	373,693	-	-	-	-	1.7m	1.7m	1.6m	1.6m	1.5m	1.6m	1.6m	1.5m	1.4m	1.3m	1.3m	1.3m
Membership fees, donations, legacies and grants`73`	1.8m	1.8m	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Non-recurring operating income`76A`	20,607	43,526	48,711	3,126	1,106	-	-	-	8,421	79,866	-	2,307	4,851	9,557	0	12,199	-	-
Gross operating margin`9900`	2.0m	1.9m	1.8m	1.7m	1.7m	1.7m	1.6m	1.6m	1.4m	1.4m	1.4m	1.5m	1.5m	1.3m	1.3m	1.2m	1.2m	1.2m
Goods, raw materials, services and sundry goods`60/61`	406,080	408,812	-	-	-	-	176,113	185,814	173,275	166,497	163,937	172,037	174,177	174,606	160,765	160,766	161,150	156,591
Remuneration, social security and pensions`62`	1.9m	1.9m	1.8m	1.7m	1.6m	1.6m	1.6m	1.5m	1.5m	1.4m	1.4m	1.4m	1.4m	1.3m	1.2m	1.1m	1.2m	1.1m
Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets`630`	46,288	39,674	39,071	37,531	28,411	53,110	66,949	65,393	67,939	68,686	70,159	72,054	71,123	68,103	66,151	59,203	60,795	63,922
Write-downs on stocks, contracts in progress and trade receivables: additions (reversals)`631/4`	-12,516	12,516	-	-	-	-	-	-	-	-	-	-	-	-	-	-	1,208	-
Other operating charges`640/8`	3,754	4,243	4,192	3,573	3,367	982	497	435	308	573	216	143	220	178	175	5	3	129
Non-recurring operating charges`66A`	29	38,422	-	2,584	4,986	32,912	12,852	-	3,000	-	5,728	11,992	41,939	969	-	-	4,180	122
Operating profit (loss)`9901`	52,742	21,620	31,443	-11,256	2,991	-6,062	4,257	11,053	-81,172	-73,683	-1,600	12,954	39,904	-8,059	16,505	7,954	3,615	7,119
Financial income`75/76B`	548	7,779	649	72	197	190	267	443	376	509	620	1,161	1,143	1,288	1,057	1,054	1,104	821
Recurring financial income`75`	548	1,779	649	72	197	190	267	443	376	509	620	1,161	1,143	1,288	1,057	1,054	1,104	821
Non-recurring financial income`76B`	-	6,000	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Financial charges`65/66B`	1,831	1,131	640	749	1,563	248	225	323	313	333	433	523	490	818	1,037	1,339	1,039	3,391
Recurring financial charges`65`	1,831	1,131	640	749	1,563	248	225	323	313	333	433	523	490	818	1,037	1,339	1,039	3,391
Profit (loss) for the period before taxes`9903`	51,459	28,268	31,452	-11,933	1,625	-6,120	4,299	11,173	-81,109	-73,507	-1,413	13,592	40,557	-7,589	16,525	7,669	3,680	4,549
Profit (loss) for the period`9904`	51,459	28,268	31,452	-11,933	1,625	-6,120	-8,553	11,173	18,239	86,441	-7,142	3,908	1,470	999	16,525	19,868	-500	4,427
Profit (loss) for the period to be appropriated`9905`	51,459	28,268	31,452	-11,933	1,625	-6,120	-8,553	11,173	18,239	86,441	-7,142	3,908	1,470	-	-	-	-	-
Appropriation of the result
Profit (loss) to be appropriated`9906`	270,581	219,122	190,942	159,490	171,423	169,798	175,918	184,471	173,297	155,058	68,617	75,759	71,851	-	-	-	-	-
Profit (loss) brought forward from the previous period`14P`	219,122	190,854	159,490	171,423	169,798	-	-	-	-	-	-	-	-	-	-	-	-	-
Social balance sheet
Average staff (FTE)`9087`	27.4	27.4	27.4	28.1	27.7	27.3	27.9	26.3	26.1	25.9	25.6	24.5	23.7	24.7	22.7	23.1	23.1	22.2
Hours worked`1013`	37,221	35,699	35,470	34,556	34,689	36,064	36,346	36,218	35,848	36,162	36,294	35,324	34,575	35,480	35,225	34,356	34,660	34,589
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Financial year	Type	Filed	Reference	Document
31-12-2025	full format	16-06-2026	2026-00164030	PDF
31-12-2024	full format	17-06-2025	2025-00148227	PDF
31-12-2023	full format	19-07-2024	2024-00266617	PDF
31-12-2022	full format	05-07-2023	2023-00202068	PDF
31-12-2021	full format	11-07-2022	2022-20173742	PDF
31-12-2020	full format	24-06-2021	2021-23900023	PDF
31-12-2019	full format	03-07-2020	2020-25700267	PDF
31-12-2018	full format	30-07-2019	2019-42400513	PDF
31-12-2017	full format	28-06-2018	2018-24400425	PDF
31-12-2016	full format	27-06-2017	2017-24100155	PDF
31-12-2015	full format	07-06-2016	2016-15900191	PDF
31-12-2014	full format	29-07-2015	2015-38700282	PDF
31-12-2013	full format	08-07-2014	2014-28200285	PDF
31-12-2012	full format	11-07-2013	2013-29500220	PDF
31-12-2011	full format	05-07-2012	2012-26300555	PDF
31-12-2010	full format	07-07-2011	2011-27100084	PDF
31-12-2009	full format	01-07-2010	2010-24800083	PDF
31-12-2008	full format	11-06-2009	2009-21500354	PDF
31-12-2007	full format	29-04-2008	2008-12100148	PDF
31-12-2006	full format	05-06-2007	2007-18200318	PDF

Line	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015	2014	2013	2012	2011	2010	2009	2008
EBITDA	99,030	61,294	70,514	26,275	31,402	47,048	71,206	76,446	-13,233	-4,997	68,559	85,008	111,027	60,044	82,656	67,157	64,410	71,041
Cash flow	97,747	67,942	70,523	25,598	30,036	46,990	58,396	76,566	86,178	155,127	63,017	75,962	72,593	69,102	82,676	79,071	60,295	68,349
Investment in fixed assets	69,825	42,535	34,022	335,583	28,685	20,265	37,583	36,888	59,262	32,053	13,035	11,559	31,726	30,743	58,555	160,244	22,147	10,537
Change in cash	92,145	46,920	128,001	-195,923	153,134	72,521	-70,931	-60,143	-45,854	7,793	22,774	64,997	50,720	57,650	-62,660	33,252	1,537	-
Working capital	305,299	313,017	353,810	235,839	287,495	145,770	152,959	168,891	186,795	195,171	183,110	165,209	146,373	139,601	86,948	113,219	126,322	126,008
EBIT margin	13.5%	5.8%	-	-	-	-	0.2%	0.7%	-5.0%	-4.6%	-0.1%	0.8%	2.5%	-0.5%	1.1%	0.6%	0.3%	0.6%
Solvency	63.0%	63.3%	64.0%	68.5%	55.2%	46.5%	56.8%	55.4%	52.9%	52.5%	54.4%	57.2%	60.1%	64.5%	61.7%	61.6%	53.3%	53.2%
Current ratio	1.67	1.76	2.03	1.88	1.90	1.49	1.74	1.66	1.64	1.62	1.60	1.54	1.52	1.56	1.32	1.41	1.37	1.34
Debt to equity	0.59	0.56	0.48	0.37	0.68	0.95	0.58	0.65	0.68	0.72	0.66	0.62	0.56	0.46	0.55	0.55	0.79	0.80
ROE	6.1%	3.5%	4.0%	-1.7%	0.3%	-1.9%	-2.4%	2.8%	4.2%	19.3%	-1.5%	0.8%	0.3%	0.2%	2.9%	3.3%	-0.1%	0.8%
ROA	3.9%	2.2%	2.6%	-1.1%	0.2%	-0.9%	-1.3%	1.5%	2.2%	10.1%	-0.8%	0.4%	0.2%	0.1%	1.8%	2.0%	-0.1%	0.4%
Interest coverage	54.09	54.19	over 100	35.08	20.09	-	-	-	-	-	-	-	-	-	-	-	-	-
Customer credit	34 days	46 days	-	-	-	-	53 days	51 days	52 days	50 days	47 days	46 days	51 days	55 days	62 days	60 days	86 days	97 days
Supplier credit	74 days	41 days	-	-	-	-	22 days	19 days	34 days	40 days	37 days	31 days	29 days	36 days	26 days	50 days	41 days	346 days

Item	31-12-2025	31-12-2024	31-12-2023	31-12-2022	31-12-2021
Employees at the balance-sheet date	34	34	31	35	34
full-time	11	11	13	14	14
part-time	23	23	18	21	20
in full-time equivalents	27.5	26.7	26.5	28.1	20.7
Average over the year, in full-time equivalents	27.4	27.4	27.4	28.3	29.2
On a permanent contract	24	28	25	27	27
Joined	14	22	18	17	6
Left	13	20	24	17	6
Training hours	732	764	694	587	1,155

Item	2025	2024	2023	2022	2021
Tangible fixed assets	€69,825	€42,535	€34,022	€335,583	€26,661
Intangible fixed assets	-	-	-	-	€2,024
Depreciation and write-downs of the year	€46,288	€39,674	€39,071	€37,531	€28,411

HADEP

Annual accounts 2025

Money flows

Balance sheet

Change in equityin euro

Change in cashin euro

Position in the sector

Solvency63.0%

Current ratio1.67

Return on assets3.9%

Staff

Staff cost per FTE€70,173

Joined and left+1

Filed annual accounts

Filings

Key figures and ratios

Social balance sheet

Investments

Insights on HADEP

Next steps