MISERE (0443.774.109): financials and annual accounts

MISERE

Antwerp ·KBO/BCE: BE 0443.774.109

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`	94,740	118,129	102,389	143,889	365,324	122,259	78,484	97,013	84,344	100,653	111,394	99,584	118,825	60,978	29,033	50,672	59,758	120,768	86,333	85,363
Fixed assets`21/28`	45,021	54,569	55,273	53,854	42,940	57,374	58,166	83,261	34,487	51,336	54,202	56,205	68,291	27,777	3,529	13,725	20,237	35,356	15,006	19,665
Tangible fixed assets`22/27`	44,292	53,841	54,545	53,125	42,211	56,646	57,438	82,533	33,759	50,608	53,474	55,477	67,563	27,049	2,801	12,997	19,509	34,628	14,278	19,057
Land and buildings`22`	-	-	-	-	-	-	1,077	2,154	3,231	4,308	5,385	6,462	7,539	8,616	2,220	-	-	-	-	-
Plant, machinery and equipment`23`	26,904	40,536	39,134	44,533	15,811	13,899	10,341	16,508	20,787	28,917	16,906	16,115	13,405	12,595	581	1,209	1,934	4,279	4,616	7,099
Furniture and vehicles`24`	7,408	5,864	7,094	8,592	26,400	42,747	46,020	63,871	9,741	17,383	31,183	32,900	46,619	5,838	-	11,788	17,575	30,349	9,662	11,958
Other tangible fixed assets`26`	9,980	7,441	8,317	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Financial fixed assets`28`	728	728	728	728	728	728	728	728	728	728	728	728	728	728	728	728	728	728	728	608
Current assets`29/58`	49,719	63,560	47,116	90,035	322,384	64,885	20,318	13,752	49,857	49,317	57,192	43,379	50,534	33,201	25,504	36,947	39,521	85,412	71,327	65,698
Stocks and contracts in progress`3`	16,971	10,647	10,647	10,647	4,729	8,554	12,209	5,319	1,254	4,522	1,657	2,272	2,149	1,749	3,603	17,175	17,501	13,125	28,490	29,613
Stocks`30/36`	16,971	10,647	10,647	10,647	4,729	8,554	12,209	5,319	1,254	4,522	1,657	2,272	2,149	1,749	3,603	17,175	-	13,125	28,490	29,613
Contracts in progress`37`	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	17,501	-	-	-
Amounts receivable within one year`40/41`	14,479	3,602	10,572	14,000	23,323	24,419	6,068	1,770	38,211	38,925	47,308	34,862	12,244	5,921	18,015	15,181	19,625	58,058	38,788	33,964
Trade receivables`40`	10,188	187	10,572	14,000	1,330	13,845	6,068	-	-	-	1,306	961	6,038	-	2,762	-	-	11,441	14,851	1,417
Other amounts receivable`41`	4,291	3,415	-	-	21,993	10,574	-	1,770	38,211	38,925	46,002	33,901	6,206	5,921	15,253	15,181	19,625	46,617	23,937	32,547
Cash at bank and in hand`54/58`	18,269	49,311	25,897	65,389	119,713	31,912	2,041	6,663	10,392	5,870	8,227	6,245	36,141	25,531	3,886	4,591	2,395	5,075	4,049	2,121
Deferred charges and accrued income`490/1`	-	-	-	-	174,618	-	-	-	-	-	-	-	-	-	-	-	-	9,154	-	-
Balance sheet: equity and liabilities
Total equity and liabilities`10/49`	94,740	118,129	102,389	143,889	365,324	122,259	78,484	97,013	84,344	100,653	111,394	99,584	118,825	60,978	29,033	50,672	59,758	120,768	86,333	85,363
Equity`10/15`	79,036	66,109	46,456	53,312	150,850	40,682	54,890	56,732	62,050	64,249	59,349	62,946	77,260	37,597	23,975	42,578	56,656	73,064	86,257	80,864
Contributions`10/11`	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	18,592	18,592	18,592	18,592	18,592	18,592
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	18,592
Reserves`13`	60,444	47,517	27,864	34,720	85,186	85,185	85,185	85,185	85,185	84,491	84,491	84,491	84,491	54,931	54,931	54,931	54,931	54,931	54,931	54,931
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	1,859	1,859
Reserves not available under the articles`1311`	-	-	-	1,859	1,859	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Tax-exempt reserves`132`	694	694	694	694	694	694	694	694	694	-	-	-	-	-	-	-	-	-	-	-
Distributable reserves`133`	59,749	46,823	27,170	32,167	82,632	82,632	82,632	82,632	82,632	82,632	82,632	82,632	82,632	53,072	53,072	53,072	53,072	53,072	53,072	53,072
Profit (loss) carried forward`14`	-	-	-	-	47,072	-63,095	-48,887	-47,045	-41,727	-38,834	-43,734	-40,137	-25,823	-35,926	-49,548	-30,945	-16,867	-459	12,734	7,341
Amounts payable`17/49`	15,704	52,019	55,933	90,577	214,474	81,577	23,594	40,281	22,294	36,404	52,045	36,638	41,565	23,381	5,058	8,094	3,102	47,704	76	4,499
Amounts payable after more than one year`17`	-	-	-	12,057	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Financial debts`170/4`	-	-	-	12,057	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Amounts payable within one year`42/48`	15,704	52,019	55,933	78,519	214,474	67,692	23,594	40,281	22,294	36,404	52,045	36,638	41,565	23,381	5,058	8,094	3,102	5,879	76	4,499
Current portion of amounts payable after more than one year`42`	-	1,779	6,861	11,943	16,840	21,750	-	-	16,311	23,688	30,787	30,571	39,405	298	-	-	-	-	-	-
Trade debts`44`	-	46,818	10,101	34,338	20,004	6,831	8,039	19,417	5,983	8,716	20,583	6,067	2,160	302	5,058	8,094	3,102	5,879	76	1,528
Suppliers`440/4`	-	46,818	10,101	34,338	20,004	6,831	8,039	19,417	5,983	8,716	20,583	6,067	2,160	302	5,058	8,094	3,102	5,879	76	1,528
Taxes, remuneration and social security`45`	15,704	2,934	22,759	8,737	2,232	15,848	7,761	-	-	4,000	675	-	-	3,542	-	-	-	-	-	2,971
Taxes`450/3`	9,799	-	7,528	2,409	-	-	3,761	-	-	4,000	675	-	-	-	-	-	-	-	-	2,971
Remuneration and social security`454/9`	5,905	2,934	15,231	6,328	2,232	15,848	4,000	-	-	-	-	-	-	3,542	-	-	-	-	-	-
Other amounts payable`47/48`	-	488	16,212	23,500	175,398	23,263	7,794	20,864	-	-	-	-	-	19,239	-	-	-	-	-	-
Accrued charges and deferred income`492/3`	-	-	-	-	-	13,885	-	-	-	-	-	-	-	-	-	-	-	41,825	-	-
Income statement
Turnover`70`	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	209,430	222,851	201,823	227,981	211,209
Non-recurring operating income`76A`	-	-	-	-	-	-	-	-	-	-	-	-	4,000	-	-	-	-	30,155	-	-
Gross operating margin`9900`	121,795	135,825	173,124	181,230	210,106	110,007	171,968	95,080	64,812	56,772	80,706	43,470	58,535	51,322	18,976	8,510	24,650	13,826	32,732	44,392
Goods, raw materials, services and sundry goods`60/61`	-	-	-	-	343,146	-	-	-	-	-	-	-	-	-	-	200,920	198,201	187,998	195,249	166,817
Remuneration, social security and pensions`62`	76,591	92,405	158,419	185,320	112,637	92,058	142,660	98,468	35,334	24,607	55,312	30,360	30,447	23,204	16,766	5,060	7,003	12,198	16,279	23,232
Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets`630`	19,783	18,889	15,939	9,669	27,728	25,220	25,096	27,214	23,296	22,420	19,698	20,586	19,886	8,031	5,546	10,812	15,118	15,118	7,724	8,661
Other operating charges`640/8`	5,734	567	6,364	5,958	3,443	2,416	4,839	6,932	2,881	6,202	5,837	3,161	4,326	3,617	4,278	2,718	3,284	6,224	3,702	4,706
Non-recurring operating charges`66A`	-	-	-	480	-	-	-	-	-	-	-	-	-	-	10,095	-	-	15,000	-	-
Operating profit (loss)`9901`	19,687	23,964	-7,598	-20,197	66,298	-9,687	-627	-37,534	3,301	3,543	-141	-10,637	3,876	16,470	-7,614	-10,080	-755	-19,714	5,027	7,793
Financial income`75/76B`	30	25	4,406	424	361	574	219	33,220	2,797	3,429	-	1	1	47	309	12	12	-	11	483
Recurring financial income`75`	30	25	4,406	424	361	574	219	220	2,797	3,429	-	1	1	47	309	12	12	-	11	483
Non-recurring financial income`76B`	-	-	-	-	-	-	-	33,000	-	-	-	-	-	-	-	-	-	-	-	-
Financial charges`65/66B`	4,439	4,336	3,664	517	1,491	5,095	1,434	874	4,700	2,021	3,252	317	274	395	1,064	1,510	2,642	269	280	3,039
Recurring financial charges`65`	4,439	4,336	3,664	517	1,491	5,095	1,434	874	4,700	2,021	3,252	317	274	395	1,064	1,510	2,642	269	280	3,039
Profit (loss) for the period before taxes`9903`	15,278	19,653	-6,857	-20,290	65,168	-14,208	-1,842	-5,188	1,398	4,951	-3,393	-10,953	7,603	16,122	-18,464	-11,578	-3,385	-4,828	4,758	5,237
Income taxes`67/77`	2,352	-	-	9,494	-	-	-	130	3,597	51	204	3,361	-2,500	2,500	139	2,500	13,023	8,365	-635	14,112
Profit (loss) for the period`9904`	12,927	19,653	-6,857	-29,784	65,168	-14,208	-1,842	-5,318	-2,199	4,900	-3,597	-14,314	10,103	13,622	-18,603	-14,078	-16,408	-13,193	5,393	-8,875
Transfer to tax-exempt reserves`689`	-	-	-	-	-	-	-	-	694	-	-	-	-	-	-	-	-	-	-	-
Profit (loss) for the period to be appropriated`9905`	12,927	19,653	-6,857	-29,784	65,168	-14,208	-1,842	-5,318	-2,893	4,900	-3,597	-14,314	10,103	13,622	-18,603	-14,078	-16,408	-13,193	5,393	-8,875
Appropriation of the result
Profit (loss) to be appropriated`9906`	12,927	19,653	-6,857	17,289	47,072	-63,095	-48,887	-47,045	-41,727	-38,834	-43,734	-40,137	-25,823	-35,926	-49,548	-30,945	-16,867	-459	12,734	7,341
Profit (loss) brought forward from the previous period`14P`	-	-	-	47,072	-18,095	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Transfer from equity`791/2`	-	-	6,857	50,466	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Transfer to equity`691/2`	12,927	19,653	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
To other reserves`6921`	12,927	19,653	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Profit to be distributed`694/7`	-	-	-	67,754	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Return on contributions (dividend)`694`	-	-	-	67,754	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Social balance sheet
Average staff (FTE)`9087`	1.9	2	2.8	18.5	-	6	6	4	2	1	2.5	2	2	1	0.8	0.2	0.2	1	1	1.5
Hours worked`1013`	2,990	3,173	4,851	10,206	-	4,685	7,215	5,229	1,975	1,376	2,895	1,606	1,639	1,251	906	295	360	1,377	1,848	2,755
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Financial year	Type	Filed	Reference	Document
31-12-2025	micro format	01-06-2026	2026-00129094	PDF
31-12-2024	micro format	02-06-2025	2025-00112589	PDF
31-12-2023	micro format	03-06-2024	2024-00105559	PDF
31-12-2022	micro format	28-08-2023	2023-00403487	PDF
31-12-2021	micro format	30-08-2022	2022-20386611	PDF
31-12-2020	micro format	30-08-2021	2021-62000585	PDF
31-12-2019	micro format	22-08-2020	2020-44000038	PDF
31-12-2018	micro format	29-08-2019	2019-56900362	PDF
31-12-2017	micro format	31-08-2018	2018-57500116	PDF
31-12-2016	micro format	31-08-2017	2017-52500292	PDF
31-12-2015	abbreviated format	27-08-2016	2016-50100572	PDF
31-12-2014	abbreviated format	19-08-2015	2015-42800231	PDF
31-12-2013	abbreviated format	13-08-2014	2014-41500022	PDF
31-12-2012	abbreviated format	20-08-2013	2013-48300290	PDF
31-12-2011	abbreviated format	17-08-2012	2012-42200100	PDF
31-12-2010	abbreviated format	30-08-2011	2011-50200508	PDF
31-12-2009	abbreviated format	17-08-2010	2010-41200502	PDF
31-12-2008	abbreviated format	30-07-2009	2009-53200226	PDF
31-12-2007	abbreviated format	12-08-2008	2008-55200245	PDF
31-12-2006	abbreviated format	09-07-2007	2007-36200212	PDF
31-12-2004	abbreviated format	07-10-2005	2005-81605217	PDF
31-12-2001	abbreviated format	23-07-2002	2002-40804498	PDF
31-12-2000	abbreviated format	04-07-2001	2001-33405051	PDF
31-12-1999	abbreviated format	30-08-2000	2000-53702405	PDF
31-12-1998	abbreviated format	25-06-1999	1999-23704830	PDF
31-12-1997	abbreviated format	01-07-1998	1998-27400636	PDF
31-12-1994	abbreviated format	30-11-1995	1995-58503867	PDF
31-12-1993	abbreviated format	24-02-1995	1995-02804716	PDF
31-12-1992	abbreviated format	10-08-1993	1993-31500684	PDF
31-12-1991	abbreviated format	10-12-1992	1992-40105082	PDF

Line	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015	2014	2013	2012	2011	2010	2009	2008	2007	2006
EBITDA	39,469	42,854	8,341	-10,528	94,026	15,533	24,469	-10,320	26,597	25,963	19,557	9,949	23,762	24,501	-2,068	732	14,363	-4,596	12,751	16,454
Cash flow	32,709	38,543	9,083	-20,115	92,896	11,012	23,254	21,896	21,097	27,320	16,101	6,272	29,989	21,653	-13,057	-3,266	-1,290	1,925	13,117	-214
Investment in fixed assets (approximation)	10,234	18,185	17,359	35,063	13,294	24,428	1	75,988	6,447	19,554	17,695	8,500	60,400	32,279	-4,650	4,300	-1	35,468	3,065	6,982
Change in cash	-31,043	23,414	-39,491	-54,325	87,801	29,871	-4,622	-3,729	4,522	-2,357	1,982	-29,896	10,610	21,645	-705	2,196	-2,680	1,026	1,928	-
Working capital	34,015	11,540	-8,818	11,516	107,910	-2,807	-3,276	-26,529	27,563	12,913	5,147	6,741	8,969	9,820	20,446	28,853	36,419	79,533	71,251	61,199
EBIT margin	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-4.8%	-0.3%	-9.8%	2.2%	3.7%
Solvency	83.4%	56.0%	45.4%	37.1%	41.3%	33.3%	69.9%	58.5%	73.6%	63.8%	53.3%	63.2%	65.0%	61.7%	82.6%	84.0%	94.8%	60.5%	99.9%	94.7%
Current ratio	3.17	1.22	0.84	1.15	1.50	0.96	0.86	0.34	2.24	1.35	1.10	1.18	1.22	1.42	5.04	4.56	12.74	14.53	-	14.60
Quick ratio	2.09	1.02	0.65	1.01	1.48	0.83	0.34	0.21	2.18	1.23	1.07	1.12	1.16	1.35	4.33	2.44	7.10	12.30	-	8.02
Debt to equity	0.20	0.79	1.20	1.70	1.42	2.01	0.43	0.71	0.36	0.57	0.88	0.58	0.54	0.62	0.21	0.19	0.05	0.65	0.00	0.06
ROE	16.4%	29.7%	-14.8%	-55.9%	43.2%	-34.9%	-3.4%	-9.4%	-3.5%	7.6%	-6.1%	-22.7%	13.1%	36.2%	-77.6%	-33.1%	-29.0%	-18.1%	6.3%	-11.0%
ROA	13.6%	16.6%	-6.7%	-20.7%	17.8%	-11.6%	-2.3%	-5.5%	-2.6%	4.9%	-3.2%	-14.4%	8.5%	22.3%	-64.1%	-27.8%	-27.5%	-10.9%	6.2%	-10.4%
Interest coverage	8.89	9.88	2.28	-20.35	63.07	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Customer credit	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	26 days	32 days	21 days	24 days	2 days
Supplier credit	-	-	-	-	21 days	-	-	-	-	-	-	-	-	-	-	15 days	6 days	11 days	0 days	3 days

Item	31-12-2025	31-12-2024	31-12-2023	31-12-2022
Employees at the balance-sheet date	2	2	3	21
full-time	2	1	1	1
part-time	-	1	2	20
in full-time equivalents	2	1.6	2.2	6.1
Average over the year, in full-time equivalents	1.9	1.9	2.3	5.9
On a permanent contract	2	2	3	5
Joined	2	1	2	48
Left	2	2	20	46

Item	2025	2024	2023	2022	2021
Tangible fixed assets	€10,234	€18,185	€17,359	€35,063	€13,294
Depreciation and write-downs of the year	€19,783	€18,889	€15,939	€9,669	€27,728

MISERE

Annual accounts 2025

Money flows

Balance sheet

Change in equityin euro

Change in cashin euro

Position in the sector

Solvency83.4%

Current ratio3.17

Return on assets13.6%

Staff

Staff cost per FTE€40,311

Joined and left+0

Filed annual accounts

Filings

Key figures and ratios

Social balance sheet

Investments

Insights on MISERE

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