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Multipharma

Active
Cooperative companyfounded 2004active for 22 yearsMarie Curiesquare 30, 1070 Anderlecht, BelgiumKBO/BCE: BE 0866.855.346
Summary

Multipharma has been active since 2004 and the Belgian Official Gazette contains no insolvency or warning signals. The 2025 annual accounts show equity of €128.1m and a net result of -€2.9m. Equity is growing by about 4.3% per year across the filed financial years. Its solvency ranks better than 61% of 4,950 sector peers (NACE 47, financial year 2025). The computed 12-month bankruptcy probability is 0.3% (very low).

Financials · financial year 2025, full format

Turnover
€580.8m▲ 5.7%
2024 · €549.7m
EBIT margin
0.0%▼ 0.3pp
2024 · 0.3%
Net result
-€2.9m▼ 249%
2024 · -€819,207
Working capital
€55.9m▲ 43.2%
2024 · €39.0m
Trend over the years

2021 to 2025, 5 financial years 2018 to 2025, 8 financial years

The operating result turns negative in 2025: a loss of €250,377 after €1.5m in 2024, the lowest result in the available series.

What the company sold each financial year and what was left of it. A loss stands below the zero line.

Turnover€580.8m 2025 Operating result-€0.3m 2025 Net result-€2.9m 2025

Use the arrow keys on the chart for the figures per year.

Sector: the middle half of NACE 47, Retail trade: a quarter of companies sit below it, a quarter above. Each year compared with accounts in the same format, and only where there are at least 30. Dashed line: the median. Available for Net result, Equity, Total assets, Working capital, Solvency, Current ratio, Return on assets (ROA), Staff (FTE).

Every figure with its change against the financial year before
favourable unfavourable
Line20182019202020212022202320242025
Turnover€454.0m-€443.8m▼ 2.2%€460.7m▲ 3.8%€472.9m▲ 2.6%€490.0m▲ 3.6%€517.1m▲ 5.5%€549.7m▲ 6.3%€580.8m▲ 5.7%
Operating result€6.3m--€2.2m€3.0m€11.6m▲ 291%€9.6m▼ 17.4%€2.4m▼ 74.5%€1.5m▼ 40.5%-€0.3m
Net result€2.7m--€6.0m€2.9m€7.2m▲ 151%€5.0m▼ 30.1%€0.7mabove the sector's middle half▼ 85.8%-€0.8m-€2.9mbelow the sector's middle half▼ 249%
EBIT margin1.4%--0.5%▼ 1.9pp0.6%▲ 1.1pp2.5%▲ 1.8pp2.0%▼ 0.5pp0.5%▼ 1.5pp0.3%▼ 0.2pp0.0%▼ 0.3pp
Equity€85.0m-€80.0m▼ 5.9%€83.0m▲ 3.7%€90.4m▲ 9.0%€96.0m▲ 6.1%€96.5mabove the sector's middle half▲ 0.6%€95.7m▼ 0.8%€128.1mabove the sector's middle half▲ 33.8%
Total assets€193.2m-€177.8m▼ 8.0%€181.0m▲ 1.8%€187.8m▲ 3.7%€192.8m▲ 2.7%€192.8mabove the sector's middle half=€188.5m▼ 2.2%€274.3mabove the sector's middle half▲ 45.5%
Debt€101.7m-€88.5m▼ 13.0%€92.6m▲ 4.6%€92.0m▼ 0.6%€91.0m▼ 1.1%€91.4m▲ 0.4%€88.3m▼ 3.4%€141.7m▲ 60.5%
Working capital€38.1m-€33.8m▼ 11.3%€36.4m▲ 7.7%€40.8m▲ 11.9%€47.2m▲ 15.9%€47.2mabove the sector's middle half▲ 0.1%€39.0m▼ 17.4%€55.9mabove the sector's middle half▲ 43.2%
Solvency44.0%-45.0%▲ 1.0pp45.9%▲ 0.9pp48.2%▲ 2.3pp49.8%▲ 1.6pp50.1%within the sector's middle half▲ 0.3pp50.8%▲ 0.7pp46.7%within the sector's middle half▼ 4.1pp
Current ratio1.51-1.53▲ 0.021.57▲ 0.041.62▲ 0.041.70▲ 0.081.68within the sector's middle half▼ 0.021.52▼ 0.151.62within the sector's middle half▲ 0.10
Return on assets (ROA)1.4%--3.3%▼ 4.7pp1.6%▲ 4.9pp3.8%▲ 2.2pp2.6%▼ 1.2pp0.4%within the sector's middle half▼ 2.2pp-0.4%▼ 0.8pp-1.0%below the sector's middle half▼ 0.6pp
Staff (FTE)1,624.6-1,603.2▼ 1.3%1,551.4▼ 3.2%1,523.1▼ 1.8%1,531.1▲ 0.5%1,517.1above the sector's middle half▼ 0.9%1,505.8▼ 0.7%1,522.8above the sector's middle half▲ 1.1%
above within below the middle half of NACE 47, Retail trade: a quarter of companies sit below it, a quarter above. Each year compared with accounts in the same format, and only where there are at least 30.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €274.3m
Fixed assets €128.7m ▲ 71.7%
Current assets €145.6m ▲ 28.3%
Equity and liabilities €274.3m
Equity €128.1m ▲ 33.8%
Provisions €4.5m ▲ 0.2%
Debt €141.7m ▲ 60.5%
Debt's share of the balance-sheet total rises from 46.8% to 51.7%. Equity and debt are higher.
Key figures and ratios
2025 value · change against 2024
EBITDA
€10.4m▼
2024 · €12.1m
Cash flow
€7.7m▼
2024 · €9.8m
Quick ratio
0.97▲
2024 · 0.76
Debt to equity
1.11▲
2024 · 0.92
ROE
-2.2%▼
2024 · -0.9%
Interest coverage
5.91▼
2024 · 22.75
Debt ≤ 1 year
€89.7m▲
2024 · €74.5m
Debt > 1 year
€49.7m▲
2024 · €12.7m
Income taxes
€1.6m▼
2024 · €2.0m
Staff costs
€121.0m▲
2024 · €115.6m
Green means a favourable move, even when the figure itself falls: as with debt or debt to equity.

Peer companies

Historical observation

Of the 151 companies that looked in July 2024 the way this one looks now, 1.3% went bankrupt within 24 months and 94% are still going.

  • Large
  • 20 years or older
  • solvency 30% or more
  • a small loss
1.3% went bankrupt
4.0% stopped otherwise
94% still going

A further 0.7% stopped, but we cannot tell whether within those 24 months.

For this company itself Checked computes a bankruptcy probability of 0.3% over twelve months; the group does not contradict it.

How reliable is this rule?

Tested on the year before, without using that year itself: the groups of July 2023 gave each of the 497,472 companies of July 2024 its group's bankruptcy share. Expected: 1.6%; actually bankrupt within 24 months: 1.7%.

The companies in ten equal groups, from lowest to highest expected share.
Group Expected Actual
1 0.2% 0.2%
2 0.3% 0.5%
3 0.5% 0.6%
4 0.7% 0.8%
5 0.9% 1.0%
6 1.3% 1.5%
7 1.6% 1.8%
8 1.8% 1.8%
9 3.0% 3.1%
10 5.6% 6.2%

The rule ranks well: a company that went bankrupt got a higher share than one that kept going in 74% of comparisons. The level follows the economy: in a year with more bankruptcies, the actual share is higher than the year before.

An observation about 151 comparable companies, not a prediction for this company. The sector does not count: the register keeps no sector for companies that stopped, so it would make the outcome look better than it was.

Annual accounts
Filed annual accounts As filed with the NBB · 2025 against 2024 · 99 lines
Balance sheet Code20242025
Assets
Total assets20/58€188.5m€274.3m▲
Fixed assets21/28€75.0m€128.7m▲
Intangible fixed assets21€17.1m€19.6m▲
Tangible fixed assets22/27€50.6m€50.8m▲
Land and buildings22€34.1m€36.1m▲
Plant, machinery and equipment23€4.2m€4.0m▼
Furniture and vehicles24€2.6m€2.3m▼
Leasing and similar rights25€8.2m€6.9m▼
Assets under construction and advance payments27€1.5m€1.5m▲
Financial fixed assets28€7.3m€58.3m▲
Affiliated companies280/1€7.2m€58.1m▲
Participating interests280€7.2m€41.6m▲
Amounts receivable281-€16.5m
Other financial fixed assets284/8€0.1m€0.2m▲
Shares284-€0.05m
Amounts receivable and cash guarantees285/8€0.1m€0.1m▲
Current assets29/58€113.5m€145.6m▲
Stocks and contracts in progress3€56.9m€58.8m▲
Stocks30/36€56.9m€58.8m▲
Raw materials and consumables30/31€0.4m€0.6m▲
Goods purchased for resale34€56.2m€58.0m▲
Property held for sale35€0.2m€0.2m=
Amounts receivable within one year40/41€43.0m€58.3m▲
Trade receivables40€40.8m€55.8m▲
Other amounts receivable41€2.2m€2.6m▲
Current investments50/53€0.006m€0.006m=
Other investments51/53€0.006m€0.006m=
Cash at bank and in hand54/58€13.3m€27.9m▲
Deferred charges and accrued income490/1€0.3m€0.5m▲
Equity and liabilities
Total equity and liabilities10/49€188.5m€274.3m▲
Equity10/15€95.7m€128.1m▲
Contributions10/11€69.0m€104.3m▲
Reserves13€19.5m€18.3m▼
Non-distributable reserves130/1€0.2m€0.2m=
Reserves not available under the articles1311€0.1m€0.1m=
Other1319€0.04m€0.04m=
Tax-exempt reserves132€16.0m€14.8m▼
Distributable reserves133€3.3m€3.3m=
Profit (loss) carried forward14€7.2m€5.5m▼
Provisions and deferred taxes16€4.5m€4.5m▲
Provisions for liabilities and charges160/5€0.1m€0.5m▲
Other liabilities and charges164/5€0.1m€0.5m▲
Deferred taxes168€4.3m€3.9m▼
Amounts payable17/49€88.3m€141.7m▲
Amounts payable after more than one year17€12.7m€49.7m▲
Financial debts170/4€12.3m€49.3m▲
Leasing and similar obligations172€8.8m€7.2m▼
Credit institutions173€3.6m€3.1m▼
Other loans174-€39.0m
Other amounts payable178/9€0.4m€0.4m=
Amounts payable within one year42/48€74.5m€89.7m▲
Current portion of amounts payable after more than one year42€7.2m€2.2m▼
Trade debts44€39.0m€49.6m▲
Suppliers440/4€39.0m€49.6m▲
Taxes, remuneration and social security45€27.5m€30.1m▲
Taxes450/3€4.9m€6.5m▲
Remuneration and social security454/9€22.6m€23.6m▲
Other amounts payable47/48€0.8m€7.7m▲
Accrued charges and deferred income492/3€1.0m€2.3m▲
Income statement Code20242025
Operating income70/76A€557.5m€589.5m▲
Turnover70€549.7m€580.8m▲
Other operating income74€7.4m€8.5m▲
Non-recurring operating income76A€0.4m€0.2m▼
Operating charges60/66A€556.0m€589.8m▲
Goods for resale, raw materials and consumables60€386.4m€412.5m▲
Purchases600/8€386.5m€414.4m▲
Change in stocks: decrease (increase)609-€0.1m-€1.9m▼
Services and other goods61€40.7m€43.4m▲
Remuneration, social security and pensions62€115.6m€121.0m▲
Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630€10.6m€10.6m▲
Write-downs on stocks, contracts in progress and trade receivables: additions (reversals)631/4-€0.8m€0.04m▲
Provisions for liabilities and charges: additions (uses and reversals)635/8€0.005m€0.4m▲
Other operating charges640/8€2.4m€1.3m▼
Non-recurring operating charges66A€1.2m€0.5m▼
Operating profit (loss)9901€1.5m-€0.3m▼
Financial income75/76B€0.09m€0.6m▲
Recurring financial income75€0.09m€0.6m▲
Income from financial fixed assets750-€0.4m
Income from current assets751€0.007m€0.08m▲
Other financial income752/9€0.08m€0.07m▼
Financial charges65/66B€0.8m€2.0m▲
Recurring financial charges65€0.8m€2.0m▲
Debt charges650€0.5m€1.8m▲
Other financial charges652/9€0.2m€0.2m▼
Profit (loss) for the period before taxes9903€0.8m-€1.7m▼
Transfer from deferred taxes780€0.6m€0.4m▼
Transfer to deferred taxes680€0.2m€0.03m▼
Income taxes67/77€2.0m€1.6m▼
Taxes670/3€2.0m€1.7m▼
Tax adjustments and reversals of tax provisions77€0.04m€0.1m▲
Profit (loss) for the period9904-€0.8m-€2.9m▼
Transfer from tax-exempt reserves789€4.6m€1.3m▼
Transfer to tax-exempt reserves689€0.7m€0.1m▼
Profit (loss) for the period to be appropriated9905€3.0m-€1.7m▼
Appropriation of the result
Profit (loss) to be appropriated9906€9.8m€5.5m▼
Profit (loss) brought forward from the previous period14P€6.7m€7.2m▲
Transfer to equity691/2€2.6m-
To other reserves6921€2.6m-
Social balance sheet
Average headcount (FTE)90871,505.81,522.8▲

The notes to these accounts (118 items: statements of assets and debts, cost breakdowns, rights and commitments) are not shown here.

Line20182019202020212022202320242025Change
Operating income70/76A---€483.6m€500.0m€525.2m€557.5m€589.5m▲ 5.7%
Turnover70€454.0m€443.8m€460.7m€472.9m€490.0m€517.1m€549.7m€580.8m▲ 5.7%
Other operating income74---€6.4m€6.7m€7.4m€7.4m€8.5m▲ 14.8%
Non-recurring operating income76A---€4.3m€3.3m€0.7m€0.4m€0.2m▼ 62.4%
Operating charges60/66A---€472.0m€490.5m€522.8m€556.0m€589.8m▲ 6.1%
Goods for resale, raw materials and consumables60---€326.1m€338.0m€363.3m€386.4m€412.5m▲ 6.7%
Purchases600/8---€325.3m€339.9m€364.3m€386.5m€414.4m▲ 7.2%
Change in stocks: decrease (increase)609---€0.7m-€1.9m-€0.9m-€0.1m-€1.9m▼ 1,896%
Services and other goods61---€34.3m€34.9m€38.1m€40.7m€43.4m▲ 6.8%
Remuneration, social security and pensions62---€99.8m€105.4m€108.9m€115.6m€121.0m▲ 4.7%
Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630€6.5m€10.1m€10.4m€10.6m€11.3m€10.9m€10.6m€10.6m▲ 0.1%
Write-downs on stocks, contracts in progress and trade receivables: additions (reversals)631/4----€0.3m-€0.4m€0.07m-€0.8m€0.04m▲ 105%
Provisions for liabilities and charges: additions (uses and reversals)635/8----€0.4m€0.01m-€0.2m€0.005m€0.4m▲ 8,722%
Other operating charges640/8---€1.3m€1.1m€1.3m€2.4m€1.3m▼ 45.5%
Non-recurring operating charges66A---€0.5m€0.2m€0.4m€1.2m€0.5m▼ 58.3%
Operating profit (loss)9901€6.3m-€2.2m€3.0m€11.6m€9.6m€2.4m€1.5m-€0.3m▼ 117%
Financial income75/76B---€0.06m€0.08m€0.1m€0.09m€0.6m▲ 508%
Recurring financial income75€0.1m€0.1m€0.1m€0.06m€0.08m€0.1m€0.09m€0.6m▲ 508%
Income from financial fixed assets750-----€0.001m-€0.4m-
Income from current assets751---€26€4€0.04m€0.007m€0.08m▲ 1,127%
Other financial income752/9---€0.06m€0.08m€0.08m€0.08m€0.07m▼ 21.5%
Financial charges65/66B---€0.9m€0.8m€0.8m€0.8m€2.0m▲ 152%
Recurring financial charges65€0.6m€0.7m€0.8m€0.9m€0.8m€0.8m€0.8m€2.0m▲ 152%
Debt charges650€0.4m€0.6m€0.6m€0.7m€0.6m€0.5m€0.5m€1.8m▲ 231%
Other financial charges652/9---€0.2m€0.2m€0.2m€0.2m€0.2m▼ 14.0%
Non-recurring financial charges66B---€0.03m€139----
Profit (loss) for the period before taxes9903€5.9m-€2.4m€2.3m€10.7m€8.8m€1.8m€0.8m-€1.7m▼ 317%
Transfer from deferred taxes780---€0.3m€0.08m€0.9m€0.6m€0.4m▼ 34.7%
Transfer to deferred taxes680---€0.5m€0.5m€0.2m€0.2m€0.03m▼ 86.7%
Income taxes67/77€3.2m€3.6m-€0.8m€3.3m€3.4m€1.9m€2.0m€1.6m▼ 20.0%
Taxes670/3---€3.3m€3.4m€1.9m€2.0m€1.7m▼ 14.9%
Tax adjustments and reversals of tax provisions77----€51€0.008m€0.04m€0.1m▲ 266%
Profit (loss) for the period9904€2.7m-€6.0m€2.9m€7.2m€5.0m€0.7m-€0.8m-€2.9m▼ 249%
Transfer from tax-exempt reserves789---€0.9m€0.2m€2.8m€4.6m€1.3m▼ 72.4%
Transfer to tax-exempt reserves689---€3.1m€3.5m€1.5m€0.7m€0.1m▼ 86.7%
Profit (loss) for the period to be appropriated9905€2.7m-€5.8m€1.5m€4.9m€1.8m€2.1m€3.0m-€1.7m▼ 156%
Line20182019202020212022202320242025Change
Assets
Total assets20/58€193.2m€177.8m€181.0m€187.8m€192.8m€192.8m€188.5m€274.3m▲ 45.5%
Fixed assets21/28€80.6m€80.1m€81.0m€81.0m€78.1m€75.8m€75.0m€128.7m▲ 71.7%
Intangible fixed assets21€5.3m€9.5m€15.0m€14.4m€18.9m€18.8m€17.1m€19.6m▲ 14.8%
Tangible fixed assets22/27€68.5m€67.9m€60.6m€58.6m€56.7m€53.9m€50.6m€50.8m▲ 0.5%
Land and buildings22---€37.2m€36.5m€35.7m€34.1m€36.1m▲ 5.8%
Plant, machinery and equipment23---€3.8m€3.7m€3.9m€4.2m€4.0m▼ 4.4%
Furniture and vehicles24---€3.3m€3.4m€3.0m€2.6m€2.3m▼ 9.2%
Leasing and similar rights25---€13.0m€11.3m€9.7m€8.2m€6.9m▼ 16.8%
Assets under construction and advance payments27---€1.3m€1.8m€1.6m€1.5m€1.5m▲ 4.0%
Financial fixed assets28€6.8m€2.7m€5.5m€7.9m€2.6m€3.0m€7.3m€58.3m▲ 696%
Affiliated companies280/1---€7.8m€2.4m€2.9m€7.2m€58.1m▲ 708%
Participating interests280---€7.8m€2.4m€2.9m€7.2m€41.6m▲ 478%
Amounts receivable281-------€16.5m-
Other financial fixed assets284/8---€0.2m€0.1m€0.1m€0.1m€0.2m▲ 36.5%
Shares284-------€0.05m-
Amounts receivable and cash guarantees285/8---€0.2m€0.1m€0.1m€0.1m€0.1m▲ 0.3%
Current assets29/58€112.6m€97.7m€100.0m€106.8m€114.7m€117.0m€113.5m€145.6m▲ 28.3%
Stocks and contracts in progress3€57.2m€54.2m€54.3m€53.8m€56.1m€57.0m€56.9m€58.8m▲ 3.4%
Stocks30/36---€53.8m€56.1m€57.0m€56.9m€58.8m▲ 3.4%
Raw materials and consumables30/31---€0.4m€0.4m€0.4m€0.4m€0.6m▲ 25.3%
Goods purchased for resale34---€52.7m€55.0m€56.3m€56.2m€58.0m▲ 3.2%
Property held for sale35---€0.7m€0.7m€0.3m€0.2m€0.2m=
Amounts receivable within one year40/41€39.1m€34.9m€33.6m€33.9m€34.5m€38.4m€43.0m€58.3m▲ 35.6%
Trade receivables40---€32.8m€34.3m€37.6m€40.8m€55.8m▲ 36.5%
Other amounts receivable41---€1.0m€0.3m€0.8m€2.2m€2.6m▲ 19.7%
Current investments50/53€0.1m€0.1m€0.006m€0.006m€0.006m€3.0m€0.006m€0.006m=
Other investments51/53---€0.006m€0.006m€3.0m€0.006m€0.006m=
Cash at bank and in hand54/58€14.8m€7.4m€11.4m€17.8m€23.8m€18.3m€13.3m€27.9m▲ 110%
Deferred charges and accrued income490/1---€1.3m€0.3m€0.3m€0.3m€0.5m▲ 55.2%
Equity and liabilities
Total equity and liabilities10/49€193.2m€177.8m€181.0m€187.8m€192.8m€192.8m€188.5m€274.3m▲ 45.5%
Equity10/15€85.0m€80.0m€83.0m€90.4m€96.0m€96.5m€95.7m€128.1m▲ 33.8%
Contributions10/11€68.7m€68.9m-€69.2m€69.2m€69.0m€69.0m€104.3m▲ 51.0%
Reserves13€13.8m€14.3m€16.0m€18.4m€22.1m€20.8m€19.5m€18.3m▼ 6.0%
Non-distributable reserves130/1---€0.1m€0.3m€0.3m€0.2m€0.2m=
Reserves not available under the articles1311---€0.1m€0.1m€0.1m€0.1m€0.1m=
Other1319---€0.001m€0.1m€0.1m€0.04m€0.04m=
Tax-exempt reserves132---€17.5m€21.1m€19.7m€16.0m€14.8m▼ 7.3%
Distributable reserves133---€0.8m€0.8m€0.8m€3.3m€3.3m=
Profit (loss) carried forward14€2.5m-€3.2m-€2.1m€2.9m€4.7m€6.7m€7.2m€5.5m▼ 23.5%
Provisions and deferred taxes16€6.5m€9.3m€5.4m€5.3m€5.8m€4.9m€4.5m€4.5m▲ 0.2%
Provisions for liabilities and charges160/5---€0.3m€0.3m€0.1m€0.1m€0.5m▲ 269%
Pensions and similar obligations160---€0.05m€0.008m----
Other liabilities and charges164/5---€0.3m€0.3m€0.1m€0.1m€0.5m▲ 269%
Deferred taxes168---€5.0m€5.5m€4.7m€4.3m€3.9m▼ 9.0%
Amounts payable17/49€101.7m€88.5m€92.6m€92.0m€91.0m€91.4m€88.3m€141.7m▲ 60.5%
Amounts payable after more than one year17€25.6m€23.3m€27.1m€24.6m€22.2m€20.3m€12.7m€49.7m▲ 290%
Financial debts170/4---€18.6m€16.6m€14.5m€12.3m€49.3m▲ 299%
Leasing and similar obligations172---€13.4m€11.8m€10.3m€8.8m€7.2m▼ 17.9%
Credit institutions173---€5.2m€4.8m€4.2m€3.6m€3.1m▼ 13.4%
Other loans174-------€39.0m-
Other amounts payable178/9---€6.0m€5.6m€5.8m€0.4m€0.4m=
Amounts payable within one year42/48€74.5m€63.9m€63.5m€66.0m€67.5m€69.8m€74.5m€89.7m▲ 20.5%
Current portion of amounts payable after more than one year42---€2.2m€2.2m€2.1m€7.2m€2.2m▼ 68.9%
Trade debts44€42.6m€35.7m€34.3m€36.1m€35.7m€39.8m€39.0m€49.6m▲ 27.2%
Suppliers440/4---€36.1m€35.7m€39.8m€39.0m€49.6m▲ 27.2%
Taxes, remuneration and social security45---€25.5m€28.0m€26.5m€27.5m€30.1m▲ 9.5%
Taxes450/3---€2.7m€3.4m€3.3m€4.9m€6.5m▲ 33.4%
Remuneration and social security454/9---€22.8m€24.6m€23.2m€22.6m€23.6m▲ 4.4%
Other amounts payable47/48---€2.3m€1.6m€1.4m€0.8m€7.7m▲ 867%
Accrued charges and deferred income492/3---€1.4m€1.3m€1.3m€1.0m€2.3m▲ 119%
Line20182019202020212022202320242025Change
Profit (loss) for the period9904€2.7m-€6.0m€2.9m€7.2m€5.0m€0.7m-€0.8m-€2.9m▼ 249%
+ Depreciation and write-downs630€6.5m€10.1m€10.4m€10.6m€11.3m€10.9m€10.6m€10.6m▲ 0.1%
Operating cash flow (approximation)€9.2m€4.2m€13.3m€17.8m€16.3m€11.6m€9.8m€7.7m▼ 20.8%
Investment in fixed assets (approximation)--€9.6m-€11.4m-€10.5m-€8.4m-€8.5m-€9.8m-€64.3m▼ 556%
Change in cash--€7.3m€3.9m€6.5m€5.9m-€5.4m-€5.1m€14.7m▲ 390%

Simplified and derived: a Belgian filing has no cash-flow statement, so these rows come from the income statement and the balance-sheet moves.

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Subsidies and aid

Flemish government

2022 to 2025 · 4 entries · €19,493 awarded · €19,493 paid
Year Entries AwardedPaid
2025 1 €5,623€5,623
2024 1 €1,278€1,278
2023 1 €4,622€4,622
2022 1 €7,970€7,970
Schemes
4 entries · €19,493 · €19,493 paid · Departement Werk en Sociale Economie