MANGROVE (0451.358.024): financials and annual accounts

MANGROVE

Antwerp ·KBO/BCE: BE 0451.358.024

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`	532,438	528,200	420,065	409,202	389,047	384,162	365,123	370,033	403,714	422,653	446,423	476,718	464,498	470,854	494,017	472,734	466,135	464,424	443,092	468,736
Formation expenses`20`	-	-	-	-	-	-	-	-	-	-	0	0	0	-	-	-	-	-	-	-
Fixed assets`21/28`	351,707	253,970	274,824	296,649	315,263	334,241	347,183	358,168	388,035	410,848	426,168	423,805	428,331	448,742	458,676	440,833	445,339	428,292	426,455	421,072
Intangible fixed assets`21`	-	-	-	-	-	-	-	-	-	-	0	0	0	-	-	-	-	-	-	-
Tangible fixed assets`22/27`	351,620	253,883	274,737	296,562	315,176	334,155	347,096	358,082	387,948	410,762	426,081	423,718	428,245	448,655	458,589	440,747	445,253	428,205	426,368	420,810
Land and buildings`22`	148,583	131,338	143,564	155,789	168,015	180,629	187,796	185,476	196,558	205,697	216,390	227,083	222,533	227,054	430,826	406,562	405,696	417,602	415,523	398,598
Plant, machinery and equipment`23`	1,652	617	1,043	2,823	4,404	3,428	1,030	1,031	995	1,142	1,090	1,028	2,136	739	2,771	2,917	3,973	8,340	8,937	17,989
Furniture and vehicles`24`	88,692	1,892	2,752	3,230	695	692	1,524	7,485	18,964	25,148	22,485	2,148	3,739	14,648	24,992	31,268	35,583	2,263	1,907	4,223
Other tangible fixed assets`26`	112,694	120,036	127,378	134,720	142,063	149,405	156,747	164,090	171,432	178,774	186,116	193,459	199,836	206,214	-	-	-	-	-	-
Assets under construction and advance payments`27`	-	-	-	-	-	-	-	-	-	-	0	0	0	-	-	-	-	-	-	-
Financial fixed assets`28`	87	87	87	87	87	87	87	87	87	87	87	87	87	87	87	87	87	87	87	262
Current assets`29/58`	180,731	274,230	145,242	112,553	73,784	49,920	17,940	11,865	15,679	11,804	20,255	52,914	36,166	22,113	35,341	31,900	20,796	36,133	16,637	47,664
Amounts receivable after more than one year`29`	-	-	-	-	-	-	-	-	-	-	-	-	0	-	-	-	-	-	-	-
Trade receivables`290`	-	-	-	-	-	-	-	-	-	-	0	0	0	-	-	-	-	-	-	-
Other amounts receivable`291`	-	-	-	-	-	-	-	-	-	-	0	0	0	-	-	-	-	-	-	-
Stocks and contracts in progress`3`	-	-	-	-	-	-	-	-	-	-	0	0	0	-	-	-	-	-	-	-
Stocks`30/36`	-	-	-	-	-	-	-	-	-	-	0	0	0	-	-	-	-	-	-	-
Contracts in progress`37`	-	-	-	-	-	-	-	-	-	-	0	0	0	-	-	-	-	-	-	-
Amounts receivable within one year`40/41`	180,033	273,329	136,050	108,301	69,205	49,450	17,473	11,663	11,289	407	7,965	22,481	20,414	10,657	20,757	27,659	15,350	12,416	11,923	16,240
Trade receivables`40`	25,888	123,541	11,500	21,098	19,191	18,656	460	910	9,870	407	7,949	20,965	19,784	10,025	8,202	27,652	15,341	12,405	9,305	16,121
Other amounts receivable`41`	154,145	149,788	124,550	87,203	50,014	30,794	17,013	10,753	1,419	-	16	1,516	631	632	12,556	7	9	12	2,619	119
Current investments`50/53`	-	-	-	-	-	-	-	-	-	-	26	1,926	10,000	-	-	-	-	-	-	-
Cash at bank and in hand`54/58`	100	99	99	1,599	4,200	100	100	100	4,390	11,398	12,264	28,049	2,900	8,893	12,015	2,258	4,516	22,122	1,368	29,052
Deferred charges and accrued income`490/1`	598	802	9,092	2,653	379	370	367	102	-	-	0	458	2,852	2,562	2,569	1,984	930	1,595	3,345	2,372
Balance sheet: equity and liabilities
Total equity and liabilities`10/49`	532,438	528,200	420,065	409,202	389,047	384,162	365,123	370,033	403,714	422,653	446,423	476,718	464,498	470,854	494,017	472,734	466,135	464,424	443,092	468,736
Equity`10/15`	343,564	333,635	319,660	313,998	300,080	276,471	262,629	256,703	266,147	263,115	251,089	222,884	179,114	159,791	147,504	151,943	139,372	124,714	131,196	134,734
Contributions`10/11`	6,200	6,200	6,200	6,200	6,200	6,200	6,200	6,200	6,200	6,200	6,200	6,200	6,200	6,200	6,200	6,200	6,200	6,200	6,200	6,200
Issued capital`100`	-	-	-	-	-	-	18,592	18,592	18,592	18,592	18,592	18,592	18,592	18,592	18,592	18,592	18,592	18,592	18,592	18,592
Uncalled capital`101`	-	-	-	-	-	-	12,392	12,392	12,392	12,392	12,392	12,392	12,392	12,392	12,392	12,392	12,392	12,392	12,392	12,392
Contributions outside capital`11`	-	-	-	-	-	-	-	-	-	-	0	0	0	-	-	-	-	-	-	-
Share premium`1100/10`	-	-	-	-	-	-	-	-	-	-	0	0	0	-	-	-	-	-	-	-
Revaluation surpluses`12`	-	-	-	-	-	-	-	-	-	-	0	0	0	-	-	-	-	-	-	-
Reserves`13`	242,974	233,045	219,070	213,408	199,490	175,881	162,039	156,113	159,891	156,859	144,833	93,528	97,305	101,082	104,860	108,637	113,583	119,730	123,474	127,082
Non-distributable reserves`130/1`	-	-	1,859	1,859	1,859	1,859	-	-	-	-	-	-	0	-	-	-	-	-	-	-
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	1,859
Reserves not available under the articles`1311`	-	-	1,859	1,859	1,859	1,859	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Own shares acquired`1312`	-	-	-	-	-	-	-	-	-	-	0	0	0	-	-	-	-	-	-	-
Other`1319`	-	-	-	-	-	-	-	-	-	-	0	0	0	-	-	-	-	-	-	-
Tax-exempt reserves`132`	50,117	53,894	57,671	61,449	65,226	69,004	72,781	76,559	80,336	84,113	87,891	91,668	95,446	99,223	103,001	106,778	111,724	117,871	121,615	125,223
Distributable reserves`133`	192,857	179,151	159,540	150,100	132,404	105,018	87,399	77,695	77,695	70,886	55,083	0	0	-	-	-	-	-	-	-
Profit (loss) carried forward`14`	94,390	94,390	94,390	94,390	94,390	94,390	94,390	94,390	100,056	100,056	100,056	123,157	75,609	52,509	36,444	37,106	19,589	-1,217	1,522	1,452
Investment grants`15`	-	-	-	-	-	-	-	-	-	-	0	0	0	-	-	-	-	-	-	-
Advance to shareholders on the distribution of net assets`19`	-	-	-	-	-	-	-	-	-	-	-	-	0	-	-	-	-	-	-	-
Provisions and deferred taxes`16`	26,355	28,250	30,144	32,038	33,933	35,827	37,721	39,615	41,510	43,404	45,299	47,193	49,087	50,981	52,876	54,770	57,250	60,283	62,211	64,068
Provisions for liabilities and charges`160/5`	-	-	-	-	-	-	-	-	-	-	0	0	0	-	-	-	-	-	-	-
Deferred taxes`168`	26,355	28,250	30,144	32,038	33,933	35,827	37,721	39,615	41,510	43,404	45,299	47,193	49,087	50,981	52,876	54,770	57,250	60,283	62,211	64,068
Amounts payable`17/49`	162,518	166,314	70,261	63,166	55,035	71,864	64,772	73,715	96,057	116,134	150,035	206,641	236,296	260,082	293,637	266,020	269,513	279,428	249,685	269,934
Amounts payable after more than one year`17`	69,023	84,789	-	-	-	-	13,268	30,825	37,219	59,733	73,329	84,851	104,418	123,165	147,521	149,748	168,028	185,494	202,184	218,108
Financial debts`170/4`	69,023	84,789	-	-	-	-	13,268	30,825	37,219	59,733	73,329	84,851	104,418	123,165	147,521	149,748	168,028	185,494	202,184	218,108
Trade debts`175`	-	-	-	-	-	-	-	-	-	-	0	0	0	-	-	-	-	-	-	-
Advances received on contracts in progress`176`	-	-	-	-	-	-	-	-	-	-	0	0	0	-	-	-	-	-	-	-
Other amounts payable`178/9`	-	-	-	-	-	-	-	-	-	-	0	0	0	-	-	-	-	-	-	-
Amounts payable within one year`42/48`	93,495	81,525	70,261	63,166	55,035	71,486	51,504	42,890	58,838	54,050	74,356	121,640	130,613	136,748	145,319	116,272	101,485	93,934	47,500	51,826
Current portion of amounts payable after more than one year`42`	15,766	15,211	-	-	-	13,268	17,557	22,367	22,514	26,296	21,113	19,567	19,036	24,356	23,828	18,279	17,466	18,057	15,924	18,022
Financial debts`43`	4,966	6,098	10,530	12,742	6,943	17,537	11,562	9,291	14,339	-	-	-	0	-	-	-	-	-	-	-
Credit institutions`430/8`	4,966	6,098	10,530	12,742	6,943	17,537	11,562	9,291	14,339	-	0	0	0	-	-	-	-	-	-	-
Other loans`439`	-	-	-	-	-	-	-	-	-	-	0	0	0	-	-	-	-	-	-	-
Trade debts`44`	37,315	29,715	29,575	21,850	13,927	10,962	16,296	8,550	11,899	9,075	758	12,348	19,288	24,527	15,270	11,825	13,155	30,472	9,507	26,857
Suppliers`440/4`	37,315	29,715	29,575	21,850	13,927	10,962	16,296	8,550	11,899	9,075	758	12,348	19,288	24,527	15,270	11,825	13,155	30,472	1,605	26,857
Bills of exchange payable`441`	-	-	-	-	-	-	-	-	-	-	0	0	0	-	-	-	-	-	7,902	-
Advances received on contracts in progress`46`	19,360	19,360	19,360	19,360	19,360	19,360	-	-	-	-	0	0	0	-	-	-	-	-	-	-
Taxes, remuneration and social security`45`	14,421	9,574	9,229	7,250	13,239	8,859	4,590	2,681	3,972	10,035	33,988	28,604	20,642	11,156	11,836	11,535	7,104	6,099	2,481	5,845
Taxes`450/3`	14,421	9,574	8,375	7,250	13,239	8,859	4,590	2,681	3,972	10,035	33,988	28,604	20,642	11,156	11,836	11,535	7,104	6,099	2,481	5,845
Remuneration and social security`454/9`	-	-	854	-	-	-	-	-	-	-	0	0	0	-	-	-	-	-	-	-
Other amounts payable`47/48`	1,667	1,567	1,567	1,964	1,567	1,500	1,500	-	6,114	8,645	18,497	61,121	71,648	76,709	94,384	74,633	63,760	39,306	19,589	1,102
Accrued charges and deferred income`492/3`	-	-	-	-	-	378	-	-	-	2,350	2,350	149	1,265	168	797	-	-	-	-	-
Income statement
Turnover`70`	-	-	-	-	-	-	-	-	-	-	0	0	0	-	-	-	-	-	-	-
Non-recurring operating income`76A`	587	11,328	-	10,261	1,000	180	-	5,015	-	871	420	0	0	-	794	-	2,400	-	-	194,451
Gross operating margin`9900`	55,996	51,332	35,250	45,176	61,459	47,400	37,920	29,670	40,661	44,556	84,756	89,715	55,833	46,579	28,916	52,068	47,919	26,173	26,219	10,540
Goods, raw materials, services and sundry goods`60/61`	-	-	-	-	-	-	-	-	-	-	0	0	0	-	-	-	-	-	-	-
Remuneration, social security and pensions`62`	-	1,979	854	-	-	-	-	-	-	-	0	0	0	-	-	-	-	-	-	-
Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets`630`	34,528	21,629	22,145	22,604	22,484	21,829	26,430	25,583	30,288	28,811	26,155	20,786	28,239	13,153	24,348	25,785	22,123	23,010	26,446	41,049
Write-downs on stocks, contracts in progress and trade receivables: additions (reversals)`631/4`	-	-	-	-	-	-	-	-	-	-	0	0	0	-	-	-	-	-	-	-
Provisions for liabilities and charges: additions (uses and reversals)`635/8`	-	-	-	-	-	-	-	-	-	-	0	0	0	-	-	-	-	-	-	-
Other operating charges`640/8`	2,518	6,771	1,823	1,575	1,784	1,439	1,370	1,698	1,518	2,002	2,599	1,333	3,599	921	3,386	1,400	3,138	1,867	1,401	1,855
Operating charges capitalised as restructuring costs`649`	-	-	-	-	-	-	-	-	-	-	0	0	0	-	-	-	-	-	-	-
Non-recurring operating charges`66A`	-	-	-	-	643	-	-	-	-	1,200	0	0	7	-	-	-	-	205	-	-
Operating profit (loss)`9901`	18,950	20,952	10,429	20,997	36,548	24,132	10,120	2,389	8,855	12,543	56,002	67,596	23,995	32,505	1,183	24,883	22,658	1,295	-1,629	-32,364
Financial income`75/76B`	16	1	1	-	-	2	964	9	0	3	0	2,211	8,166	33	16	47	59	12	82	932
Recurring financial income`75`	16	1	1	-	-	2	-	9	0	3	0	2,211	8,166	33	16	47	59	12	82	932
Non-recurring financial income`76B`	-	-	-	-	-	-	964	-	-	-	-	-	-	-	-	-	-	-	-	-
Financial charges`65/66B`	4,805	1,833	2,883	2,297	1,634	3,662	3,193	4,791	4,678	4,603	7,629	5,115	5,737	6,767	8,326	8,024	9,527	9,512	10,444	11,443
Recurring financial charges`65`	4,805	1,833	2,883	2,297	1,634	3,662	3,193	4,791	4,678	4,603	7,629	5,115	5,737	6,767	8,326	8,024	9,527	9,512	10,444	11,443
Profit (loss) for the period before taxes`9903`	14,161	19,120	7,546	18,700	34,914	20,472	7,891	-2,392	4,177	7,942	48,793	64,692	26,417	25,772	-6,334	16,906	15,590	-8,410	-11,991	151,576
Transfer from deferred taxes`780`	1,894	1,894	1,894	1,894	1,894	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Income taxes`67/77`	6,127	7,039	3,778	6,676	13,199	8,525	3,859	8,946	3,040	-2,189	22,482	22,816	8,989	15,379	-	6,815	2,512	-	12	2,500
Profit (loss) for the period`9904`	9,929	13,975	5,662	13,918	23,609	13,842	5,926	-9,444	3,032	12,026	28,205	43,770	19,323	12,287	-4,439	12,571	15,559	-6,482	-10,146	85,008
Transfer from tax-exempt reserves`789`	3,777	3,777	3,777	3,777	3,777	3,777	3,777	3,777	3,777	3,777	3,777	3,777	3,777	3,777	3,777	4,946	4,946	3,744	3,607	3,048
Transfer to tax-exempt reserves`689`	-	-	-	-	-	-	-	-	-	-	0	0	0	-	-	-	-	-	-	128,271
Profit (loss) for the period to be appropriated`9905`	13,706	17,753	9,440	17,696	27,387	17,619	9,703	-5,666	6,809	15,803	31,982	47,548	23,100	16,065	-662	17,518	20,504	-2,738	-6,538	-40,215
Appropriation of the result
Profit (loss) to be appropriated`9906`	108,096	112,143	103,830	112,086	121,777	112,009	104,094	94,390	106,866	115,860	155,139	123,157	75,609	52,509	36,444	37,106	19,589	-1,217	1,522	1,452
Profit (loss) brought forward from the previous period`14P`	94,390	94,390	94,390	94,390	94,390	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Transfer from equity`791/2`	-	-	-	-	-	-	-	-	-	-	0	0	0	-	-	-	-	-	-	-
Transfer to equity`691/2`	13,706	17,753	9,440	17,696	27,387	17,619	9,703	-	6,809	15,803	55,083	-	0	-	-	-	-	-	-	-
Addition to contributions`691`	-	-	-	-	-	-	-	-	-	-	0	0	0	-	-	-	-	-	-	-
To the legal reserve`6920`	-	-	-	-	-	-	-	-	-	-	0	0	0	-	-	-	-	-	-	-
To other reserves`6921`	13,706	17,753	9,440	17,696	27,387	17,619	9,703	-	6,809	15,803	55,083	0	0	-	-	-	-	-	-	-
Profit to be distributed`694/7`	-	-	-	-	-	-	-	-	-	-	-	-	0	-	-	-	-	-	-	-
Return on contributions (dividend)`694`	-	-	-	-	-	-	-	-	-	-	0	0	0	-	-	-	-	-	-	-
Directors or managers`695`	-	-	-	-	-	-	-	-	-	-	0	0	0	-	-	-	-	-	-	-
Social balance sheet
Average staff (FTE)`9087`	-	0.3	0.1	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Hours worked`1013`	-	93	45	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
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Financial year	Type	Filed	Reference	Document
31-12-2025	micro format	23-10-2026	2026-00567783	PDF
31-12-2024	micro format	30-09-2025	2025-00522262	PDF
31-12-2023	micro format	23-09-2024	2024-00469082	PDF
30-12-2022	micro format	28-07-2023	2023-00286882	PDF
30-12-2021	micro format	12-07-2022	2022-20175898	PDF
30-12-2020	micro format	25-06-2021	2021-25200085	PDF
30-12-2019	micro format	29-06-2020	2020-22100245	PDF
30-12-2018	micro format	28-06-2019	2019-25700051	PDF
31-12-2017	micro format	27-06-2018	2018-24300183	PDF
30-12-2016	abbreviated format	10-07-2017	2017-29500098	PDF
30-12-2015	abbreviated format	28-06-2016	2016-23700245	PDF
30-12-2014	abbreviated format	30-06-2015	2015-24400170	PDF
30-12-2013	abbreviated format	28-07-2014	2014-36300052	PDF
30-12-2012	abbreviated format	01-07-2013	2013-24700451	PDF
30-12-2011	abbreviated format	02-07-2012	2012-25100514	PDF
30-12-2010	abbreviated format	09-06-2011	2011-16200582	PDF
30-12-2009	abbreviated format	05-07-2010	2010-26800593	PDF
30-12-2008	abbreviated format	29-06-2009	2009-33200116	PDF
30-12-2007	abbreviated format	25-07-2008	2008-47100060	PDF
31-12-2006	abbreviated format	30-08-2007	2007-70200210	PDF
30-12-2005	abbreviated format	03-07-2006	2006-39800571	PDF
30-12-2004	abbreviated format	21-06-2005	2005-30000317	PDF
30-12-2003	abbreviated format	12-08-2004	2004-60000001	PDF
30-12-2002	abbreviated format	02-07-2003	2003-37400109	PDF
30-12-2001	abbreviated format	04-07-2002	2002-33301586	PDF
30-12-2000	abbreviated format	02-08-2001	2001-47203944	PDF
30-12-1999	abbreviated format	31-07-2000	2000-47805141	PDF
30-12-1998	abbreviated format	30-07-1999	1999-38203838	PDF
30-12-1997	abbreviated format	03-09-1998	1998-44500445	PDF
30-12-1996	abbreviated format	31-07-1997	1997-35004475	PDF
30-12-1995	abbreviated format	05-09-1996	1996-42601126	PDF
30-12-1994	abbreviated format	27-07-1995	1995-42505179	PDF

Year	Entries	Awarded	Paid
2025	1	€128	€0
2024	1	€280	€277
2022	1	€238	€238

Line	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015	2014	2013	2012	2011	2010	2009	2008	2007	2006
EBITDA	53,479	42,581	32,574	43,601	59,032	45,961	36,550	27,972	39,143	41,354	82,157	88,382	52,234	45,658	25,531	50,668	44,781	24,306	24,818	8,685
Cash flow	44,457	35,604	27,807	36,522	46,093	35,670	32,356	16,140	33,320	40,837	54,360	64,556	47,562	25,440	19,908	38,356	37,682	16,528	16,301	126,057
Investment in fixed assets	132,266	775	320	4,336	4,149	8,888	15,444	1,032	7,475	14,691	28,518	16,258	7,829	3,219	42,190	21,279	39,171	24,847	32,004	417,663
Change in cash	0	0	-1,500	-2,601	4,100	0	0	-4,290	-7,007	-866	-15,785	25,148	-5,993	-3,122	9,757	-2,258	-17,606	20,754	-27,684	-
Working capital	87,236	192,705	74,980	49,387	18,749	-21,566	-33,564	-31,025	-43,159	-42,246	-54,101	-68,727	-94,447	-114,635	-109,978	-84,372	-80,689	-57,801	-30,864	-4,162
Solvency	64.5%	63.2%	76.1%	76.7%	77.1%	72.0%	71.9%	69.4%	65.9%	62.3%	56.2%	46.8%	38.6%	33.9%	29.9%	32.1%	29.9%	26.9%	29.6%	28.7%
Current ratio	1.93	3.36	2.07	1.78	1.34	0.70	0.35	0.28	0.27	0.22	0.27	0.44	0.28	0.16	0.24	0.27	0.20	0.38	0.35	0.92
Debt to equity	0.47	0.50	0.22	0.20	0.18	0.26	0.25	0.29	0.36	0.44	0.60	0.93	1.32	1.63	1.99	1.75	1.93	2.24	1.90	2.00
ROE	2.9%	4.2%	1.8%	4.4%	7.9%	5.0%	2.3%	-3.7%	1.1%	4.6%	11.2%	19.6%	10.8%	7.7%	-3.0%	8.3%	11.2%	-5.2%	-7.7%	63.1%
ROA	1.9%	2.6%	1.3%	3.4%	6.1%	3.6%	1.6%	-2.6%	0.8%	2.8%	6.3%	9.2%	4.2%	2.6%	-0.9%	2.7%	3.3%	-1.4%	-2.3%	18.1%
Interest coverage	11.13	23.23	11.30	18.98	36.13	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-

Item	31-12-2024	31-12-2023
Average over the year, in full-time equivalents	0.1	0.1
Joined	1	1
Left	1	1

MANGROVE

Annual accounts 2025

Balance sheet

Change in equityin euro

Change in cashin euro

Position in the sector

Solvency64.5%

Current ratio1.93

Return on assets1.9%

Staff

Staff cost per FTE

Joined and left

Filed annual accounts

Filings

Subsidies and aid

Flemish government 2022 to 2025, 3 entries, €646 awarded, €515 paid

Key figures and ratios

Social balance sheet

Investments

Insights on MANGROVE

Next steps

Item	2025	2024	2023	30-12-2022	30-12-2021
Tangible fixed assets	€132,266	€775	€320	€4,336	€4,149
Depreciation and write-downs of the year	€34,528	€21,629	€22,145	€22,604	€22,484