INDAVER
ActiveFinancials · financial year 2025, full format
Annual accounts 2025 filed on 11-05-2026 PDF all 62 filings
Turnover
€330.6m▲ 4.7%
2024 · €315.8m
EBIT margin
7.9%▼ 1.4pp
2024 · 9.2%
Net result
€11.7m▼ 44.7%
2024 · €21.1m
Working capital
€56.2m▲ 74×
2024 · €756,472
In the rankings
#1 employer in East Flanders, Waste collection and treatment sector#1 company by total assets in East Flanders, Waste collection and treatment sector#1 company by equity in East Flanders, Waste collection and treatment sector
Multi-year overview
2018 to 2025, 8 financial yearsTurnover
€330.6m
▲ 4.7%
2025
20182025
Operating result
€26.0m
▼ 10.7%
2025
20182025
Net result
€11.7m
▼ 44.7%
2025
highest quarter of the sector
20182025
EBIT margin
7.9%
▼ 1.4pp
2025
20182025
Equity
€372.8m
▲ 4.1%
2025
highest quarter of the sector
20182025
Total assets
€751.0m
▲ 3.8%
2025
highest quarter of the sector
20182025
Debt
€272.8m
▼ 1.8%
2025
20182025
Working capital
€56.2m
▲ 74×
2025
highest quarter of the sector
20182025
Solvency
49.6%
▲ 0.1pp
2025
middle half of the sector
20182025
Current ratio
1.44
▲ 0.44
2025
middle half of the sector
20182025
Return on assets (ROA)
1.6%
▼ 1.4pp
2025
middle half of the sector
20182025
Staff (FTE)
579.7
▲ 3.4%
2025
highest quarter of the sector
20182025
Every figure per financial year
Every figure with its change against the financial year before
favourable
unfavourable
Line20182019202020212022202320242025
Turnover€184.1m-€189.5m▲ 3.0%€188.9m▼ 0.3%€209.9m▲ 11.1%€248.4m▲ 18.3%€292.1m▲ 17.6%€315.8m▲ 8.1%€330.6m▲ 4.7%
Operating result€16.2m-€7.3m▼ 54.9%€20.2m▲ 178%€11.0m▼ 45.5%-€1.2m€12.6m€29.1m▲ 131%€26.0m▼ 10.7%
Net result€13.5m-€38.1m▲ 182%€43.0mabove the sector's middle half▲ 13.1%€10.0mabove the sector's middle half▼ 76.8%€0.9mabove the sector's middle half▼ 90.8%€16.7mabove the sector's middle half▲ 18×€21.1mabove the sector's middle half▲ 26.8%€11.7mabove the sector's middle half▼ 44.7%
EBIT margin8.8%-3.8%▼ 4.9pp10.7%▲ 6.9pp5.3%▼ 5.5pp-0.5%▼ 5.8pp4.3%▲ 4.8pp9.2%▲ 4.9pp7.9%▼ 1.4pp
Equity€226.0m-€264.2m▲ 16.9%€102.3mabove the sector's middle half▼ 61.3%€83.4mabove the sector's middle half▼ 18.4%€348.3mabove the sector's middle half▲ 317%€351.0mabove the sector's middle half▲ 0.8%€358.1mabove the sector's middle half▲ 2.0%€372.8mabove the sector's middle half▲ 4.1%
Total assets€762.4m-€763.2m▲ 0.1%€379.4mabove the sector's middle half▼ 50.3%€537.3mabove the sector's middle half▲ 41.6%€733.9mabove the sector's middle half▲ 36.6%€687.7mabove the sector's middle half▼ 6.3%€723.3mabove the sector's middle half▲ 5.2%€751.0mabove the sector's middle half▲ 3.8%
Debt€492.4m-€454.9m▼ 7.6%€234.0m▼ 48.5%€405.3m▲ 73.2%€326.4m▼ 19.5%€276.5m▼ 15.3%€277.9m▲ 0.5%€272.8m▼ 1.8%
Working capital-€86.1m--€177.4m▼ 106%€27.8mabove the sector's middle half€52.5mabove the sector's middle half▲ 88.7%€119.9mabove the sector's middle half▲ 128%€5.2mabove the sector's middle half▼ 95.6%€0.8mwithin the sector's middle half▼ 85.6%€56.2mabove the sector's middle half▲ 74×
Solvency29.6%-34.6%▲ 5.0pp27.0%within the sector's middle half▼ 7.6pp15.5%below the sector's middle half▼ 11.4pp47.5%within the sector's middle half▲ 31.9pp51.0%within the sector's middle half▲ 3.6pp49.5%within the sector's middle half▼ 1.5pp49.6%within the sector's middle half▲ 0.1pp
Current ratio0.70-0.31▼ 0.391.37within the sector's middle half▲ 1.061.35within the sector's middle half▼ 0.022.56above the sector's middle half▲ 1.211.04within the sector's middle half▼ 1.521.00within the sector's middle half▼ 0.041.44within the sector's middle half▲ 0.44
Return on assets (ROA)1.8%-5.0%▲ 3.2pp11.3%above the sector's middle half▲ 6.4pp1.9%within the sector's middle half▼ 9.5pp0.1%below the sector's middle half▼ 1.7pp2.4%within the sector's middle half▲ 2.3pp2.9%within the sector's middle half▲ 0.5pp1.6%within the sector's middle half▼ 1.4pp
Staff (FTE)481.7-504.6▲ 4.8%492above the sector's middle half▼ 2.5%467.4above the sector's middle half▼ 5.0%479.5above the sector's middle half▲ 2.6%521.8above the sector's middle half▲ 8.8%560.4above the sector's middle half▲ 7.4%579.7above the sector's middle half▲ 3.4%
above
within
below
The sector band is the middle half of the companies in Waste collection, recovery and disposal activities (NACE 38). A quarter of them sit below it, a quarter above. Each year counts only accounts in the same format, and only where there are at least 30.
The operating result for 2025 is 11% lower than in 2024.
Large changes and their cause
- 2023 Net result +1,711% on 2022. Partial demerger to Indaver Plastics2Chemicals, Official Gazette 17-08-2022, in the previous financial year. That operation now counts for a full year for the first time.
- 2022 Net result -91%, Equity +317% on 2021. Partial demerger to Indaver Plastics2Chemicals, Official Gazette 17-08-2022.
- 2021 Net result -77% on 2020. Merger absorbing Indaver Participaties, Official Gazette 30-07-2020, in the previous financial year. That operation now counts for a full year for the first time. Partial demerger to INDAVER HOLDING NV, effective 01-07-2020, in the previous financial year. That operation now counts for a full year for the first time.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €751.0m
Fixed assets
€567.2m ▲ 0.7%
Current assets
€183.9m ▲ 15.0%
Equity and liabilities €751.0m
Equity
€372.8m ▲ 4.1%
Provisions
€105.5m ▲ 20.8%
Debt
€272.8m ▼ 1.8%
Debt's share of the balance-sheet total falls from 38.4% to 36.3%. Equity is higher and debt is lower.
Key figures and ratios
EBITDA
€46.6m▼
2024 · €47.6m
Cash flow
€32.3m▼
2024 · €39.7m
Quick ratio
1.37▲
2024 · 0.93
Debt to equity
0.73▼
2024 · 0.78
ROE
3.1%▼
2024 · 5.9%
Interest coverage
16.21▲
2024 · 9.55
Debt ≤ 1 year
€127.7m▼
2024 · €159.1m
Debt > 1 year
€55.0m▲
2024 · €20.0m
Income taxes
€9.4m▼
2024 · €12.6m
Customer credit
99 days▼
2024 · 105 days
Supplier credit
82 days▼
2024 · 86 days
Staff costs
€67.6m▲
2024 · €61.7m
Green means a favourable move, even when the figure itself falls, as with debt or debt to equity.
Revenue breakdown
By activity 2025
- Verwerking eigen installaties €245,615,62474.3%
- Verwerking derden €84,977,11025.7%
Total €330,592,734
Source: 2025 accounts, page 32, filing 2026-00110332
By geographic market 2019
- Omzet België €154,431,52681.5%
- Omzet buitenland EU €35,004,35818.5%
- Omzet buitenland niet EU €110,2610.1%
Total €189,546,145
Source: 2019 accounts, page 33, filing 2020-11600471
All years (2014 to 2025)
By activity
| By activity | 2014 | 2015 | 2016 | 2017 | 2018 | 2019 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Verwerking eigen installaties | - | - | - | - | €140,928,384 | €148,302,435 | €163,543,580 | €197,375,714 | €233,243,143 | €241,263,773 | €245,615,624 |
| Verwerking derden | - | - | - | - | €43,128,312 | €41,243,710 | €46,380,343 | €51,017,751 | €58,831,774 | €74,490,291 | €84,977,110 |
| verwerking op eigen installaties | €135,484,000 | €137,263,000 | €130,079,000 | €140,965,000 | - | - | - | - | - | - | - |
| verwerking bij derden | €39,354,858 | €43,288,263 | €46,187,357 | €45,125,000 | - | - | - | - | - | - | - |
| Total | €174,838,858 | €180,551,263 | €176,266,357 | €186,090,000 | €184,056,696 | €189,546,145 | €209,923,923 | €248,393,464 | €292,074,917 | €315,754,064 | €330,592,734 |
By geographic market
| By geographic market | 2014 | 2015 | 2016 | 2017 | 2018 | 2019 |
|---|---|---|---|---|---|---|
| Omzet België | - | - | - | - | €154,288,067 | €154,431,526 |
| Omzet buitenland EU | €29,537,429 | €29,523,617 | €25,598,428 | €33,558,682 | €29,478,724 | €35,004,358 |
| Omzet buitenland niet EU | €319,226 | €95,916 | €181,834 | €1,669,776 | €289,905 | €110,261 |
| omzet binnenland | €144,982,203 | €150,931,731 | €150,486,094 | €150,861,365 | - | - |
| Total | €174,838,858 | €180,551,264 | €176,266,357 | €186,089,823 | €184,056,696 | €189,546,145 |
Staff
| Item | 31-12-2021 | 31-12-2022 | 31-12-2023 | 31-12-2024 | 31-12-2025 |
|---|---|---|---|---|---|
| Employees at the balance-sheet date | 497 | 519 | 561 | 596 | 620 |
| full-time | 393 | 421 | 459 | 484 | 502 |
| part-time | 104 | 98 | 102 | 112 | 118 |
| in full-time equivalents | 475 | 497.3 | 535.9 | 569.2 | 590.6 |
| Average over the year, in full-time equivalents | 467.4 | 479.5 | 521.8 | 560.4 | 579.7 |
| On a permanent contract | 497 | 519 | 561 | 596 | 620 |
| Joined | 42 | 80 | 96 | 77 | 69 |
| Left | 35 | 58 | 54 | 42 | 45 |
| Agency workers, average number | 16.3 | 11.4 | 9.5 | 5.5 | 3.4 |
| Training hours | 29,250 | 31,538 | 35,666 | 30,342 | 32,998 |
Source: social balance sheet in the 2021 to 2025 annual accounts
Overdue debts
| Item | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Overdue social security (RSZ) debts | €985,275 | - | €470,820 | €458,360 | €618,525 |
Source: notes to the 2021 to 2025 annual accounts (statement of debts)
Securities and guarantees
| Item | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Guarantees given for others' debts | €123.5m | €124.2m | €29.5m | €53.5m | €49.0m |
Source: notes to the 2021 to 2025 annual accounts (statement of debts and off-balance-sheet rights and commitments)
Investments
| Item | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Tangible fixed assets | €12.1m | €19.1m | €27.0m | €28.2m | €31.7m |
| Intangible fixed assets | €2.0m | €1.0m | €205,267 | €654,742 | €316,240 |
| Financial fixed assets | €5.5m | €358.0m | €5.1m | €3.6m | €2.1m |
| Depreciation and write-downs of the year | €17.6m | €16.8m | €17.5m | €18.6m | €20.6m |
Source: notes to the 2021 to 2025 annual accounts (statement of fixed assets)
Auditor
The auditor is Ernst et Young Reviseurs d'Entreprises.
| Item | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Fee for the audit | €62,977 | €68,233 | €71,000 | €75,735 | €77,250 |
| Other work by the auditor | €14,127 | €25,806 | €21,500 | €20,200 | €20,610 |
Source: notes to the 2021 to 2025 annual accounts (relations with the auditor)
Subsidies and aid
Flemish government
2022 to 2025 · 19 entries · €3.9m awarded · €3.3m paid| Year | Entries | Awarded | Paid |
|---|---|---|---|
| 2025 | 5 | €0.6m | €1.3m |
| 2024 | 6 | €0.02m | €1.9m |
| 2023 | 5 | €0.3m | €0.1m |
| 2022 | 3 | €3.0m | €0.02m |
Schemes
European research
1 projectProgrammes
Projects
UPscaling deep conversion routes for hard-to-reCYCLE biogenic waste
Public contracts
10 awards · 2020 to 2026
Afvoer en verwerking van bodemassen, ketelassen en rookgasresidu: Perceel 2 - ketelassen
Vervoer en verwerking met energierecuperatie van restafval van huishoudelijke oorsprong en gelijkaardig bedrijfsafval, afkomstig van selectieve inzameling, af te voeren vanaf de overslag van Verko
Verwerking asbesthoudend materiaal afkomstig van recyclageparken en bronophaling binnen het werkingsgebied van IOK Afvalbeheer
Raamovereenkomst voor het verbranden van roostergoed: Perceel 1: Team Brugge, Team Oostende, Team Wulpen, Team Ieper, Team Roeselare, Team Harelbeke
Raamovereenkomst voor het verbranden van roostergoed: Perceel 2: Team Liedekerke - Sint-Niklaas - Team Antwerpen - Team Antwerpen-Noord, Team Dendermonde - Team Deurne - Team Hoogstraten
Show 5 more contracts
Raamovereenkomst voor het verbranden van roostergoed: Perceel 3: Team Turnhout, Team Morkhoven, Team Mol, Team Lommel, Team Leuven, Team Hasselt, Team Genk
Raamovereenkomst voor de milieutechnische verantwoorde afvoer en verwerking van reststoffen: ISVAG - 2024/101 - 1
Gestion complète des REFIOMS - Accord-cadre - Phase 2: IPALLE/THU/GB/2024/REFIOMS/PCAN Phase 2 - 1
VERWERVING EN VERWERKING VAN HOUT INGEZAMELD OP DE ILvA RECYCLAGEPARKEN: Verwerving en verwerking van hout ingezameld op de ILvA-recyclageparken
CO overflow van GFT 2020
Source: TED (Tenders Electronic Daily), Publications Office of the European Union. The values are as the buyer published them. For a framework agreement, the value is a ceiling.
Annual accounts
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Operating income70/76A | - | - | €227.1m | €249.8m | €295.7m | €347.6m | €391.5m | €411.4m | ▲ 5.1% |
| Turnover70 | €184.1m | €189.5m | €188.9m | €209.9m | €248.4m | €292.1m | €315.8m | €330.6m | ▲ 4.7% |
| Change in stocks of work in progress, finished goods and contracts in progress71 | - | - | -€0.1m | €0.3m | €0.1m | €0.2m | €2.6m | -€0.4m | - |
| Own construction capitalised72 | - | - | €0.4m | €0.08m | €0.2m | €0.3m | €0.6m | €0.8m | ▲ 35.8% |
| Other operating income74 | - | - | €37.9m | €39.3m | €46.7m | €54.7m | €72.0m | €79.8m | ▲ 10.9% |
| Non-recurring operating income76A | - | - | €0.04m | €0.1m | €0.3m | €0.4m | €0.6m | €0.5m | ▼ 12.8% |
| Operating charges60/66A | - | - | €206.9m | €238.7m | €297.0m | €335.0m | €362.5m | €385.4m | ▲ 6.3% |
| Goods for resale, raw materials and consumables60 | - | - | €82.8m | €103.6m | €134.3m | €161.2m | €133.0m | €133.6m | ▲ 0.4% |
| Purchases600/8 | - | - | - | €104.1m | €135.2m | €163.2m | €134.3m | €132.6m | ▼ 1.2% |
| Change in stocks: decrease (increase)609 | - | - | -€1.1m | -€0.5m | -€0.8m | -€2.0m | -€1.2m | €1.0m | - |
| Services and other goods61 | - | - | €59.1m | €57.4m | €68.7m | €73.9m | €106.2m | €128.6m | ▲ 21.1% |
| Remuneration, social security and pensions62 | - | - | €42.3m | €45.1m | €49.9m | €57.0m | €61.7m | €67.6m | ▲ 9.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €12.3m | €15.6m | €14.2m | €17.6m | €16.8m | €17.5m | €18.6m | €20.6m | ▲ 11.2% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals)631/4 | - | - | €0.1m | €0.2m | €0.6m | €0.3m | €1.1m | €1.9m | ▲ 73.7% |
| Provisions for liabilities and charges: additions (uses and reversals)635/8 | - | - | -€0.5m | €5.5m | €10.7m | €1.1m | €27.1m | €18.2m | ▼ 32.8% |
| Other operating charges640/8 | - | - | €8.8m | €9.3m | €15.7m | €23.9m | €14.7m | €14.8m | ▲ 0.7% |
| Non-recurring operating charges66A | - | - | €0.2m | €0.09m | €0.2m | €0.1m | €0.1m | €0.02m | ▼ 82.9% |
| Operating profit (loss)9901 | €16.2m | €7.3m | €20.2m | €11.0m | -€1.2m | €12.6m | €29.1m | €26.0m | ▼ 10.7% |
| Financial income75/76B | - | - | - | €5.7m | €8.6m | €11.7m | €9.8m | €10.7m | ▲ 9.2% |
| Recurring financial income75 | €9.9m | €43.0m | €34.8m | €5.7m | €8.6m | €11.4m | €9.8m | €10.6m | ▲ 7.8% |
| Income from financial fixed assets750 | - | - | €30.7m | €1.6m | €4.3m | €7.2m | €6.5m | €5.5m | ▼ 15.0% |
| Income from current assets751 | - | - | €3.1m | €3.5m | €2.6m | €4.1m | €3.3m | €2.9m | ▼ 12.2% |
| Other financial income752/9 | - | - | €1.0m | €0.6m | €1.8m | €0.05m | €0.08m | €2.2m | ▲ 28× |
| Non-recurring financial income76B | - | - | €0.3m | €0.002m | - | €0.3m | - | €0.1m | - |
| Financial charges65/66B | - | - | €3.1m | €4.1m | €5.7m | €5.7m | €5.1m | €15.6m | ▲ 203% |
| Recurring financial charges65 | €8.2m | €8.8m | €3.1m | €4.1m | €5.7m | €5.6m | €5.1m | €10.8m | ▲ 109% |
| Debt charges650 | €8.0m | €8.0m | €2.0m | €3.3m | €4.1m | €5.5m | €5.0m | €2.9m | ▼ 42.4% |
| Other financial charges652/9 | - | - | €1.2m | €0.8m | €1.7m | €0.09m | €0.2m | €7.9m | ▲ 51× |
| Non-recurring financial charges66B | - | - | - | - | - | €0.1m | - | €4.8m | - |
| Profit (loss) for the period before taxes9903 | €18.3m | €41.6m | €52.2m | €12.6m | €1.6m | €18.6m | €33.7m | €21.1m | ▼ 37.5% |
| Transfer from deferred taxes780 | - | - | €0.004m | €0.004m | €0.003m | - | - | - | - |
| Income taxes67/77 | €4.8m | €3.6m | €9.1m | €2.6m | €0.7m | €1.9m | €12.6m | €9.4m | ▼ 25.5% |
| Taxes670/3 | - | - | €9.1m | €3.9m | €0.7m | €1.9m | €12.8m | €9.5m | ▼ 26.0% |
| Tax adjustments and reversals of tax provisions77 | - | - | - | €1.3m | - | - | €0.2m | €0.08m | ▼ 58.4% |
| Profit (loss) for the period9904 | €13.5m | €38.1m | €43.0m | €10.0m | €0.9m | €16.7m | €21.1m | €11.7m | ▼ 44.7% |
| Transfer from tax-exempt reserves789 | - | - | €0.009m | €0.08m | €12.0m | €2.9m | €0.05m | €6.8m | ▲ 145× |
| Transfer to tax-exempt reserves689 | - | - | €8.3m | €8.2m | €2.0m | €2.1m | €3.4m | - | - |
| Profit (loss) for the period to be appropriated9905 | €13.5m | €37.3m | €34.8m | €1.9m | €10.9m | €17.4m | €17.7m | €18.5m | ▲ 4.4% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Assets | |||||||||
| Total assets20/58 | €762.4m | €763.2m | €379.4m | €537.3m | €733.9m | €687.7m | €723.3m | €751.0m | ▲ 3.8% |
| Fixed assets21/28 | €557.6m | €682.4m | €276.7m | €333.4m | €537.1m | €551.2m | €563.4m | €567.2m | ▲ 0.7% |
| Intangible fixed assets21 | €3.0m | €2.9m | €3.9m | €5.7m | €5.2m | €4.3m | €4.6m | €3.7m | ▼ 21.3% |
| Tangible fixed assets22/27 | €121.7m | €127.8m | €130.0m | €119.6m | €123.0m | €133.2m | €142.9m | €155.0m | ▲ 8.5% |
| Land and buildings22 | - | - | €42.0m | €35.1m | €33.6m | €32.6m | €34.8m | €46.0m | ▲ 32.0% |
| Plant, machinery and equipment23 | - | - | €72.4m | €75.4m | €71.0m | €75.4m | €87.5m | €87.0m | ▼ 0.7% |
| Furniture and vehicles24 | - | - | €4.9m | €4.3m | €4.7m | €5.1m | €4.2m | €3.2m | ▼ 22.2% |
| Assets under construction and advance payments27 | - | - | €10.7m | €4.8m | €13.7m | €20.2m | €16.4m | €18.9m | ▲ 15.2% |
| Financial fixed assets28 | €432.9m | €551.7m | €142.9m | €208.1m | €409.0m | €413.7m | €415.8m | €408.5m | ▼ 1.8% |
| Affiliated companies280/1 | - | - | €138.6m | €204.0m | €174.6m | €179.6m | €179.7m | €180.9m | ▲ 0.7% |
| Participating interests280 | - | - | €19.5m | €24.9m | €152.6m | €157.6m | €157.7m | €157.7m | = |
| Amounts receivable281 | - | - | €119.1m | €179.1m | €22.0m | €22.0m | €22.0m | €23.2m | ▲ 5.5% |
| Companies linked by participating interests282/3 | - | - | €4.1m | €3.9m | €3.9m | €3.9m | €6.0m | €7.8m | ▲ 31.5% |
| Participating interests282 | - | - | €3.6m | €3.4m | €3.4m | €3.4m | €5.5m | €7.4m | ▲ 35.4% |
| Amounts receivable283 | - | - | €0.5m | €0.5m | €0.5m | €0.5m | €0.5m | €0.4m | ▼ 11.2% |
| Other financial fixed assets284/8 | - | - | €0.2m | €0.3m | €230.6m | €230.2m | €230.2m | €219.8m | ▼ 4.5% |
| Shares284 | - | - | €0.1m | €0.2m | €230.5m | €230.2m | €230.1m | €219.7m | ▼ 4.5% |
| Amounts receivable and cash guarantees285/8 | - | - | €0.08m | €0.08m | €0.08m | €0.08m | €0.08m | €0.08m | ▲ 3.8% |
| Current assets29/58 | €204.8m | €80.7m | €102.7m | €203.9m | €196.8m | €136.4m | €159.9m | €183.9m | ▲ 15.0% |
| Amounts receivable after more than one year29 | - | - | €0.003m | €0.003m | €0.003m | €0.003m | €0.003m | €0.003m | = |
| Other amounts receivable291 | - | - | €0.003m | €0.003m | €0.003m | €0.003m | €0.003m | €0.003m | = |
| Stocks and contracts in progress3 | €4.3m | €4.5m | €5.4m | €6.0m | €6.4m | €8.6m | €11.5m | €9.4m | ▼ 17.8% |
| Stocks30/36 | - | - | €5.4m | €6.0m | €6.4m | €8.6m | €9.0m | €9.4m | ▲ 5.0% |
| Raw materials and consumables30/31 | - | - | €5.3m | €5.6m | €5.8m | €7.8m | €8.1m | €8.9m | ▲ 10.2% |
| Finished goods33 | - | - | €0.1m | €0.4m | €0.6m | €0.8m | €0.9m | €0.5m | ▼ 42.6% |
| Contracts in progress37 | - | - | - | - | - | - | €2.5m | - | - |
| Amounts receivable within one year40/41 | €183.7m | €59.0m | €89.0m | €191.1m | €188.2m | €124.3m | €144.3m | €163.7m | ▲ 13.5% |
| Trade receivables40 | - | - | €56.1m | €61.0m | €76.5m | €70.7m | €90.7m | €89.7m | ▼ 1.2% |
| Other amounts receivable41 | - | - | €33.0m | €130.1m | €111.6m | €53.6m | €53.5m | €74.1m | ▲ 38.4% |
| Current investments50/53 | - | - | - | - | - | - | - | €6.3m | - |
| Other investments51/53 | - | - | - | - | - | - | - | €6.3m | - |
| Cash at bank and in hand54/58 | €12.3m | €8.0m | €4.2m | €3.2m | €0.1m | €0.8m | €0.9m | €1.2m | ▲ 32.2% |
| Deferred charges and accrued income490/1 | - | - | €4.0m | €3.5m | €2.1m | €2.8m | €3.2m | €3.2m | ▼ 1.7% |
| Equity and liabilities | |||||||||
| Total equity and liabilities10/49 | €762.4m | €763.2m | €379.4m | €537.3m | €733.9m | €687.7m | €723.3m | €751.0m | ▲ 3.8% |
| Equity10/15 | €226.0m | €264.2m | €102.3m | €83.4m | €348.3m | €351.0m | €358.1m | €372.8m | ▲ 4.1% |
| Contributions10/11 | €87.4m | €117.4m | €38.5m | €38.5m | €302.5m | €302.5m | €302.5m | €316.5m | ▲ 4.6% |
| Capital10 | - | - | €38.5m | €38.5m | €302.5m | €302.5m | €302.5m | €316.5m | ▲ 4.6% |
| Issued capital100 | - | - | €38.5m | €38.5m | €302.5m | €302.5m | €302.5m | €316.5m | ▲ 4.6% |
| Reserves13 | €108.7m | €109.5m | €44.4m | €43.1m | €45.8m | €48.4m | €52.7m | €53.3m | ▲ 1.1% |
| Non-distributable reserves130/1 | - | - | €3.9m | €3.9m | €4.4m | €5.3m | €6.2m | €6.7m | ▲ 9.5% |
| Legal reserve130 | - | - | €3.9m | €3.9m | €4.4m | €5.3m | €6.2m | €6.7m | ▲ 9.5% |
| Tax-exempt reserves132 | - | - | €31.1m | €39.2m | €29.1m | €28.4m | €31.8m | €24.9m | ▼ 21.5% |
| Distributable reserves133 | - | - | €9.5m | €0.07m | €12.3m | €14.8m | €14.8m | €21.6m | ▲ 45.9% |
| Profit (loss) carried forward14 | €29.9m | €37.3m | €19.4m | €1.8m | - | €0.05m | €2.8m | €3.0m | ▲ 3.7% |
| Provisions and deferred taxes16 | €43.9m | €44.1m | €43.1m | €48.5m | €59.2m | €60.2m | €87.3m | €105.5m | ▲ 20.8% |
| Provisions for liabilities and charges160/5 | - | - | €43.0m | €48.5m | €59.2m | €60.2m | €87.3m | €105.5m | ▲ 20.8% |
| Pensions and similar obligations160 | - | - | €1.9m | €2.0m | €1.3m | €1.0m | €1.3m | €1.2m | ▼ 5.2% |
| Major repairs and maintenance162 | - | - | €22.1m | €24.7m | €25.5m | €25.4m | €27.2m | €28.0m | ▲ 3.2% |
| Environmental obligations163 | - | - | €2.2m | €2.2m | €2.2m | €2.2m | €2.2m | €11.7m | ▲ 442% |
| Other liabilities and charges164/5 | - | - | €16.9m | €19.7m | €30.3m | €31.7m | €56.7m | €64.6m | ▲ 13.9% |
| Deferred taxes168 | - | - | €0.008m | €0.003m | - | - | - | - | - |
| Amounts payable17/49 | €492.4m | €454.9m | €234.0m | €405.3m | €326.4m | €276.5m | €277.9m | €272.8m | ▼ 1.8% |
| Amounts payable after more than one year17 | €80.1m | €80.1m | €50.0m | €150.0m | €150.0m | €50.0m | €20.0m | €55.0m | ▲ 175% |
| Financial debts170/4 | - | - | €50.0m | €150.0m | €150.0m | €50.0m | €20.0m | €55.0m | ▲ 175% |
| Subordinated loans170 | - | - | €50.0m | €50.0m | €50.0m | €50.0m | - | - | - |
| Credit institutions173 | - | - | - | €100.0m | €100.0m | - | - | - | - |
| Other loans174 | - | - | - | - | - | - | €20.0m | €55.0m | ▲ 175% |
| Amounts payable within one year42/48 | €290.9m | €258.2m | €74.8m | €151.3m | €76.9m | €131.2m | €159.1m | €127.7m | ▼ 19.8% |
| Current portion of amounts payable after more than one year42 | - | - | - | - | - | - | €50.0m | - | - |
| Financial debts43 | - | - | €4.1m | €78.1m | - | - | - | - | - |
| Credit institutions430/8 | - | - | - | €75.0m | - | - | - | - | - |
| Other loans439 | - | - | €4.1m | €3.1m | - | - | - | - | - |
| Trade debts44 | €36.1m | €52.8m | €46.3m | €48.9m | €57.0m | €53.3m | €56.5m | €59.2m | ▲ 4.9% |
| Suppliers440/4 | - | - | €46.3m | €48.9m | €57.0m | €53.3m | €56.5m | €59.2m | ▲ 4.9% |
| Advances received on contracts in progress46 | - | - | - | €0.2m | - | - | €6.1m | €11.4m | ▲ 87.9% |
| Taxes, remuneration and social security45 | - | - | €11.5m | €11.1m | €11.6m | €23.5m | €30.1m | €40.9m | ▲ 36.0% |
| Taxes450/3 | - | - | €4.4m | €3.0m | €2.3m | €14.1m | €20.4m | €29.8m | ▲ 46.1% |
| Remuneration and social security454/9 | - | - | €7.1m | €8.1m | €9.3m | €9.4m | €9.7m | €11.1m | ▲ 14.6% |
| Other amounts payable47/48 | - | - | €12.9m | €13.0m | €8.3m | €54.4m | €16.5m | €16.2m | ▼ 1.9% |
| Accrued charges and deferred income492/3 | - | - | €109.2m | €104.0m | €99.5m | €95.3m | €98.7m | €90.1m | ▼ 8.7% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €13.5m | €38.1m | €43.0m | €10.0m | €0.9m | €16.7m | €21.1m | €11.7m | ▼ 44.7% |
| + Depreciation and write-downs630 | €12.3m | €15.6m | €14.2m | €17.6m | €16.8m | €17.5m | €18.6m | €20.6m | ▲ 11.2% |
| Operating cash flow (approximation) | €25.8m | €53.6m | €57.2m | €27.6m | €17.7m | €34.2m | €39.7m | €32.3m | ▼ 18.5% |
| Investment in fixed assets (approximation) | - | -€140.4m | €391.5m | -€74.3m | -€220.5m | -€31.6m | -€30.7m | -€24.5m | ▲ 20.3% |
| Change in cash | - | -€4.3m | -€3.8m | -€1.0m | -€3.1m | €0.7m | €0.1m | €0.3m | ▲ 175% |
A Belgian filing has no cash-flow statement. These rows are therefore an approximation, derived from the income statement and the balance-sheet moves.
Latest 10 of 62 filings with the National Bank
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-12-2025 | full format | 11-05-2026 | 2026-00110332 | |
| 31-12-2024 | full format | 24-04-2025 | 2025-00076083 | |
| 31-12-2023 | full format | 30-04-2024 | 2024-00082969 | |
| 31-12-2022 | full format | 25-01-2024 | 2024-00023008 | |
| 31-12-2021 | full format | 12-05-2022 | 2022-20030205 | |
| 31-12-2020 | full format | 04-05-2021 | 2021-13500276 | |
| 31-12-2019 | full format | 05-05-2020 | 2020-11600471 | |
| 31-12-2018 | full format | 06-05-2019 | 2019-12600362 | |
| 31-12-2017 | full format | 04-06-2018 | 2018-16000060 | |
| 31-12-2016 | full format | 07-06-2017 | 2017-16100367 |