Financials · financial year 2025, full format, standalone accounts
Annual accounts 2025 filed on 23-06-2026 at the NBB Consolidated accounts 2025 at the NBB all 22 filings
2021 to 2025, 5 financial years 2018 to 2025, 8 financial years
The operating result for 2025 is a loss of €12.7m, smaller than the loss of €16.2m in 2024.
Turnover is what the company sold, the result is what was left of it. A loss stands below the zero line.
Assets, equity and debt per financial year.
Above zero, the company can pay its short-term debts with what it holds in the short term.
The EBIT margin is the share of each euro of turnover left from operations. The return on assets is what the assets earn.
The higher the solvency, the better the company absorbs a setback.
A ratio above 1 means the short-term assets cover the short-term debts.
Average staff per financial year, in full-time equivalents (FTE).
Use the arrow keys on the chart for the figures per year.
The sector band is the middle half of the companies in Architectural and engineering activities; technical testing and analysis (NACE 71). 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 dashed line is the median. There is a sector band for net result, equity, total assets, working capital, solvency, current ratio, return on assets (ROA) and staff (FTE).
Staff
| Item | 31-12-2021 | 31-12-2022 | 31-12-2023 | 31-12-2024 | 31-12-2025 |
|---|---|---|---|---|---|
| Employees at the balance-sheet date | 127 | 120 | 148 | 193 | 191 |
| full-time | 115 | 106 | 129 | 173 | 169 |
| part-time | 12 | 14 | 19 | 20 | 22 |
| in full-time equivalents | 124.8 | 117.4 | 144.7 | 188.3 | 186.5 |
| Average over the year, in full-time equivalents | 121.1 | 119.5 | 131 | 163.8 | 189.8 |
| On a permanent contract | 127 | 120 | 148 | 192 | 190 |
| Joined | 28 | 20 | 42 | 53 | 21 |
| Left | 16 | 27 | 14 | 8 | 23 |
| Agency workers, average number | 1 | 1.7 | 0.2 | - | - |
| Training hours | 8,110 | 5,690 | 10,365 | 17,706 | 9,827 |
Source: social balance sheet in the 2021 to 2025 annual accounts
Investments
| Item | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Tangible fixed assets | €303,847 | €1.4m | €575,176 | €643,507 | €1.3m |
| Intangible fixed assets | €9,350 | €43,023 | €32,760 | - | - |
| Financial fixed assets | €24.1m | €6,477 | €4.1m | €19.2m | €72.6m |
| Depreciation and write-downs of the year | €394,096 | €438,023 | €451,312 | €442,795 | €411,296 |
Source: notes to the 2021 to 2025 annual accounts (statement of fixed assets)
Auditor
| Item | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Fee for the audit | €36,750 | €41,827 | €85,059 | €47,574 | €49,570 |
| Other work by the auditor | - | - | €25,537 | - | - |
| Work by persons linked to the auditor | - | - | - | - | €19,875 |
Source: notes to the 2021 to 2025 annual accounts (relations with the auditor)
Subsidies and aid
Flemish government
2022 to 2025 · 11 entries · €583,330 awarded · €205,764 paid| Year | Entries | Awarded | Paid |
|---|---|---|---|
| 2025 | 5 | €3,255 | €29,535 |
| 2024 | 2 | €483,007 | €139,663 |
| 2023 | 3 | €90,512 | €30,010 |
| 2022 | 1 | €6,556 | €6,556 |
European Union, budget
2022 to 2025 · 6 entries · €319,820 in total| Year | Entries | Awarded |
|---|---|---|
| 2025 | 1 | €205,268 |
| 2022 | 5 | €114,552 |
European research
7 projects · €2.7m EU contributionShow 2 more projects
Public contracts
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.
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Operating income70/76A | - | €32.6m | - | €34.2m | €27.8m | €26.5m | €32.2m | €48.4m | ▲ 50.3% |
| Turnover70 | €61.8m | €31.4m | €30.4m | €33.0m | €27.0m | €25.8m | €31.5m | €47.4m | ▲ 50.6% |
| Other operating income74 | - | €1.2m | - | €0.6m | €0.8m | €0.6m | €0.8m | €1.1m | ▲ 36.9% |
| Non-recurring operating income76A | - | €413 | - | €0.6m | - | - | - | - | - |
| Operating charges60/66A | - | €29.0m | - | €27.4m | €32.0m | €42.9m | €48.4m | €61.1m | ▲ 26.3% |
| Services and other goods61 | - | €17.7m | - | €13.5m | €18.0m | €24.3m | €27.4m | €35.2m | ▲ 28.5% |
| Remuneration, social security and pensions62 | - | €11.0m | - | €13.5m | €13.5m | €18.1m | €20.4m | €25.4m | ▲ 24.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €0.7m | €0.3m | €0.3m | €0.4m | €0.4m | €0.5m | €0.4m | €0.4m | ▼ 7.1% |
| Other operating charges640/8 | - | €0.06m | - | €0.06m | €0.06m | €0.07m | €0.08m | €0.1m | ▲ 28.6% |
| Non-recurring operating charges66A | - | €0.002m | - | - | €0.02m | - | - | - | - |
| Operating profit (loss)9901 | €39.2m | €3.5m | €5.3m | €6.8m | -€4.2m | -€16.5m | -€16.2m | -€12.7m | ▲ 21.4% |
| Financial income75/76B | - | €17.8m | - | €25.9m | €28.5m | €43.7m | €138.2m | €37.5m | ▼ 72.9% |
| Recurring financial income75 | €20.8m | €17.8m | €36.3m | €25.9m | €28.5m | €43.7m | €71.6m | €37.4m | ▼ 47.8% |
| Income from financial fixed assets750 | - | €17.8m | - | €25.8m | €28.5m | €43.3m | €70.1m | €35.4m | ▼ 49.5% |
| Income from current assets751 | - | - | - | €0.002m | €1 | €0.3m | €1.3m | €0.5m | ▼ 59.6% |
| Other financial income752/9 | - | €0.02m | - | €0.07m | €0.02m | €0.2m | €0.2m | €1.5m | ▲ 673% |
| Non-recurring financial income76B | - | - | - | - | - | - | €66.6m | €0.1m | ▼ 99.9% |
| Financial charges65/66B | - | €4.4m | - | €3.2m | €3.3m | €2.9m | €2.5m | €2.8m | ▲ 13.9% |
| Recurring financial charges65 | €4.2m | €4.4m | €4.3m | €3.2m | €3.3m | €2.9m | €2.5m | €2.8m | ▲ 13.9% |
| Debt charges650 | €3.9m | €3.9m | €3.8m | €2.9m | €2.9m | €2.3m | €1.0m | €1.2m | ▲ 12.8% |
| Other financial charges652/9 | - | €0.5m | - | €0.3m | €0.5m | €0.6m | €1.4m | €1.6m | ▲ 14.8% |
| Profit (loss) for the period before taxes9903 | €55.7m | €16.9m | €37.3m | €29.5m | €21.0m | €24.3m | €119.6m | €22.0m | ▼ 81.6% |
| Income taxes67/77 | €12.2m | €2.9m | €2.1m | €4.0m | €1.7m | €0.08m | €0.9m | €0.3m | ▼ 66.8% |
| Taxes670/3 | - | €2.9m | - | €4.0m | €1.7m | €0.08m | €0.9m | €0.3m | ▼ 66.8% |
| Profit (loss) for the period9904 | €43.6m | €14.0m | €35.2m | €25.4m | €19.3m | €24.2m | €118.7m | €21.7m | ▼ 81.7% |
| Profit (loss) for the period to be appropriated9905 | €43.6m | €14.0m | €35.2m | €25.4m | €19.3m | €24.2m | €118.7m | €21.7m | ▼ 81.7% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Assets | |||||||||
| Total assets20/58 | €357.9m | €387.1m | €386.4m | €409.5m | €415.1m | €421.8m | €541.2m | €512.6m | ▼ 5.3% |
| Fixed assets21/28 | €265.5m | €252.2m | €266.6m | €345.7m | €347.1m | €364.2m | €366.6m | €439.5m | ▲ 19.9% |
| Intangible fixed assets21 | €0.1m | €0.02m | €0.07m | €0.06m | €0.08m | €0.08m | €0.04m | €0.007m | ▼ 83.2% |
| Tangible fixed assets22/27 | €0.4m | €1.3m | €2.0m | €1.9m | €2.9m | €3.0m | €3.3m | €4.2m | ▲ 28.1% |
| Plant, machinery and equipment23 | - | €0.3m | - | €0.2m | €0.09m | €0.03m | €0.08m | €0.2m | ▲ 103% |
| Furniture and vehicles24 | - | €0.1m | - | €0.5m | €0.4m | €0.3m | €0.3m | €0.4m | ▲ 73.0% |
| Other tangible fixed assets26 | - | €0.5m | - | €1.2m | €1.1m | €0.9m | €0.8m | €0.6m | ▼ 19.0% |
| Assets under construction and advance payments27 | - | €0.4m | - | €0.03m | €1.4m | €1.7m | €2.2m | €3.0m | ▲ 36.7% |
| Financial fixed assets28 | €264.9m | €250.9m | €264.6m | €343.8m | €344.1m | €361.0m | €363.2m | €435.3m | ▲ 19.8% |
| Affiliated companies280/1 | - | €250.9m | - | €299.2m | €301.1m | €320.0m | €346.7m | €420.0m | ▲ 21.1% |
| Participating interests280 | - | €154.6m | - | €134.7m | €124.7m | €121.0m | €140.2m | €212.6m | ▲ 51.6% |
| Amounts receivable281 | - | €96.2m | - | €164.6m | €176.4m | €199.0m | €206.5m | €207.4m | ▲ 0.4% |
| Companies linked by participating interests282/3 | - | €0.02m | - | €44.5m | €43.0m | €41.1m | €16.5m | €15.3m | ▼ 7.1% |
| Participating interests282 | - | €0.02m | - | €28.2m | €27.5m | €26.3m | €2.1m | €2.4m | ▲ 14.1% |
| Amounts receivable283 | - | - | - | €16.4m | €15.5m | €14.8m | €14.4m | €12.9m | ▼ 10.2% |
| Current assets29/58 | €92.4m | €134.9m | €119.8m | €63.8m | €68.1m | €57.7m | €174.7m | €73.0m | ▼ 58.2% |
| Amounts receivable within one year40/41 | €7.9m | €6.6m | €9.9m | €36.9m | €37.6m | €12.6m | €151.9m | €19.2m | ▼ 87.3% |
| Trade receivables40 | - | €5.4m | - | €8.2m | €9.5m | €5.0m | €8.2m | €10.5m | ▲ 28.5% |
| Other amounts receivable41 | - | €1.2m | - | €28.7m | €28.0m | €7.5m | €143.7m | €8.7m | ▼ 93.9% |
| Current investments50/53 | - | - | - | - | - | €20.5m | - | €30.0m | - |
| Other investments51/53 | - | - | - | - | - | €20.5m | - | €30.0m | - |
| Cash at bank and in hand54/58 | €83.6m | €120.0m | €103.3m | €20.2m | €25.9m | €12.4m | €12.3m | €14.9m | ▲ 21.3% |
| Deferred charges and accrued income490/1 | - | €8.3m | - | €6.7m | €4.6m | €12.2m | €10.5m | €8.9m | ▼ 14.9% |
| Equity and liabilities | |||||||||
| Total equity and liabilities10/49 | €357.9m | €387.1m | €386.4m | €409.5m | €415.1m | €421.8m | €541.2m | €512.6m | ▼ 5.3% |
| Equity10/15 | €326.3m | €309.8m | €344.3m | €354.0m | €372.6m | €396.1m | €514.4m | €484.8m | ▼ 5.7% |
| Contributions10/11 | €223.3m | €223.3m | €223.3m | €223.3m | €223.3m | €223.3m | €223.3m | €223.3m | = |
| Capital10 | - | €223.3m | - | €223.3m | €223.3m | €223.3m | €223.3m | €223.3m | = |
| Issued capital100 | - | €223.3m | - | €223.3m | €223.3m | €223.3m | €223.3m | €223.3m | = |
| Reserves13 | €13.1m | €13.8m | €15.6m | €16.8m | €17.8m | €19.0m | €25.0m | €26.0m | ▲ 4.3% |
| Non-distributable reserves130/1 | - | - | - | €8.9m | €9.8m | €11.1m | €17.0m | €18.1m | ▲ 6.4% |
| Legal reserve130 | - | €5.9m | - | €8.9m | €9.8m | €11.1m | €17.0m | €18.1m | ▲ 6.4% |
| Distributable reserves133 | - | €8.0m | - | €8.0m | €8.0m | €8.0m | €8.0m | €8.0m | = |
| Profit (loss) carried forward14 | €89.9m | €72.6m | €105.4m | €113.8m | €131.5m | €153.7m | €265.4m | €234.8m | ▼ 11.5% |
| Investment grants15 | - | - | - | €0.006m | €0.05m | €0.06m | €0.6m | €0.6m | = |
| Provisions and deferred taxes16 | - | - | - | €0.002m | €0.02m | €0.02m | €0.2m | €0.2m | = |
| Deferred taxes168 | - | - | - | €0.002m | €0.02m | €0.02m | €0.2m | €0.2m | = |
| Amounts payable17/49 | €31.6m | €77.3m | €42.1m | €55.5m | €42.5m | €25.7m | €26.7m | €27.5m | ▲ 3.1% |
| Amounts payable after more than one year17 | €25.5m | €40.5m | €32.9m | €32.9m | €32.9m | €15.0m | €14.9m | - | - |
| Financial debts170/4 | - | €40.5m | - | €32.9m | €32.9m | €15.0m | €14.9m | - | - |
| Subordinated loans170 | - | €40.5m | - | €17.9m | €17.9m | - | - | - | - |
| Other loans174 | - | - | - | €15.0m | €15.0m | €15.0m | €14.9m | - | - |
| Amounts payable within one year42/48 | €4.9m | €35.5m | €7.8m | €20.9m | €7.8m | €8.7m | €9.7m | €25.9m | ▲ 168% |
| Current portion of amounts payable after more than one year42 | - | - | - | - | - | - | - | €14.9m | - |
| Trade debts44 | €1.1m | €2.0m | €2.6m | €2.0m | €3.7m | €4.1m | €3.9m | €4.4m | ▲ 14.0% |
| Suppliers440/4 | - | €2.0m | - | €2.0m | €3.7m | €4.1m | €3.9m | €4.4m | ▲ 14.0% |
| Taxes, remuneration and social security45 | - | €2.9m | - | €3.3m | €3.4m | €3.7m | €4.7m | €5.4m | ▲ 15.0% |
| Taxes450/3 | - | €1.0m | - | €1.2m | €1.5m | €0.6m | €1.1m | €1.5m | ▲ 33.5% |
| Remuneration and social security454/9 | - | €1.9m | - | €2.1m | €1.9m | €3.2m | €3.6m | €4.0m | ▲ 9.4% |
| Other amounts payable47/48 | - | €30.6m | - | €15.7m | €0.7m | €0.8m | €1.0m | €1.2m | ▲ 15.0% |
| Accrued charges and deferred income492/3 | - | €1.2m | - | €1.6m | €1.7m | €2.0m | €2.1m | €1.6m | ▼ 24.5% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €43.6m | €14.0m | €35.2m | €25.4m | €19.3m | €24.2m | €118.7m | €21.7m | ▼ 81.7% |
| + Depreciation and write-downs630 | €0.7m | €0.3m | €0.3m | €0.4m | €0.4m | €0.5m | €0.4m | €0.4m | ▼ 7.1% |
| Operating cash flow (approximation) | €44.3m | €14.4m | €35.5m | €25.8m | €19.7m | €24.7m | €119.2m | €22.1m | ▼ 81.5% |
| Investment in fixed assets (approximation) | - | €13.0m | -€14.7m | -€79.5m | -€1.8m | -€17.5m | -€2.9m | -€73.4m | ▼ 2,471% |
| Change in cash | - | €36.5m | -€16.7m | -€83.2m | €5.7m | -€13.4m | -€0.2m | €2.6m | - |
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 22 filings with the National Bank
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-12-2025 | full format | 23-06-2026 | 2026-00228293 | |
| 31-12-2025 | consolidated | 23-06-2026 | 2026-00229091 | |
| 31-12-2024 | full format | 10-06-2025 | 2025-00146586 | |
| 31-12-2024 | consolidated | 10-06-2025 | 2025-00147590 | |
| 31-12-2023 | consolidated | 06-08-2024 | 2024-00340807 | |
| 31-12-2023 | full format | 19-07-2024 | 2024-00274423 | |
| 31-12-2022 | full format | 04-07-2023 | 2023-00222003 | |
| 31-12-2022 | consolidated | 04-07-2023 | 2023-00220340 | |
| 31-12-2021 | full format | 14-06-2022 | 2022-20060728 | |
| 31-12-2021 | consolidated | 14-06-2022 | 2022-20063658 |