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
Turnover
€47.4m▲ 50.6%
2024 · €31.5m
EBIT margin
-26.8%▲ 24.5pp
2024 · -51.4%
Net result
€21.7m▼ 81.7%
2024 · €118.7m
Working capital
€47.1m▼ 71.4%
2024 · €165.0m
In the rankings
#1 company by staff growth in Flemish Brabant, Architecture and engineering sector#2 company by equity in Flemish Brabant, Architecture and engineering sector#3 company by total assets in Flemish Brabant, Architecture and engineering sector
Multi-year overview
2018 to 2025, 8 financial yearsTurnover
€47.4m
▲ 50.6%
2025
20182025
Operating result
-€12.7m
▲ 21.4%
2025
20182025
Net result
€21.7m
▼ 81.7%
2025
highest quarter of the sector
20182025
EBIT margin
-26.8%
▲ 24.5pp
2025
20182025
Equity
€484.8m
▼ 5.7%
2025
highest quarter of the sector
20182025
Total assets
€512.6m
▼ 5.3%
2025
highest quarter of the sector
20182025
Debt
€27.5m
▲ 3.1%
2025
20182025
Working capital
€47.1m
▼ 71.4%
2025
highest quarter of the sector
20182025
Solvency
94.6%
▼ 0.4pp
2025
highest quarter of the sector
20182025
Current ratio
2.82
▼ 15.27
2025
middle half of the sector
20182025
Return on assets (ROA)
4.2%
▼ 17.7pp
2025
middle half of the sector
20182025
Staff (FTE)
189.8
▲ 15.9%
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€61.8m-€31.4m▼ 49.2%€30.4m▼ 3.2%€33.0m▲ 8.4%€27.0m▼ 17.9%€25.8m▼ 4.5%€31.5m▲ 21.7%€47.4m▲ 50.6%
Operating result€39.2m-€3.5m▼ 91.0%€5.3m▲ 49.6%€6.8m▲ 29.1%-€4.2m-€16.5m▼ 293%-€16.2m▲ 1.9%-€12.7m▲ 21.4%
Net result€43.6m-€14.0m▼ 67.8%€35.2mabove the sector's middle half▲ 150%€25.4mabove the sector's middle half▼ 27.6%€19.3mabove the sector's middle half▼ 24.2%€24.2mabove the sector's middle half▲ 25.7%€118.7mabove the sector's middle half▲ 390%€21.7mabove the sector's middle half▼ 81.7%
EBIT margin63.5%-11.3%▼ 52.2pp17.4%▲ 6.1pp20.7%▲ 3.3pp-15.5%▼ 36.2pp-63.7%▼ 48.2pp-51.4%▲ 12.4pp-26.8%▲ 24.5pp
Equity€326.3m-€309.8m▼ 5.1%€344.3mabove the sector's middle half▲ 11.1%€354.0mabove the sector's middle half▲ 2.8%€372.6mabove the sector's middle half▲ 5.3%€396.1mabove the sector's middle half▲ 6.3%€514.4mabove the sector's middle half▲ 29.9%€484.8mabove the sector's middle half▼ 5.7%
Total assets€357.9m-€387.1m▲ 8.2%€386.4mabove the sector's middle half▼ 0.2%€409.5mabove the sector's middle half▲ 6.0%€415.1mabove the sector's middle half▲ 1.4%€421.8mabove the sector's middle half▲ 1.6%€541.2mabove the sector's middle half▲ 28.3%€512.6mabove the sector's middle half▼ 5.3%
Debt€31.6m-€77.3m▲ 145%€42.1m▼ 45.5%€55.5m▲ 31.8%€42.5m▼ 23.4%€25.7m▼ 39.5%€26.7m▲ 3.8%€27.5m▲ 3.1%
Working capital€87.5m-€99.4m▲ 13.6%€111.9mabove the sector's middle half▲ 12.7%€42.8mabove the sector's middle half▼ 61.7%€60.2mabove the sector's middle half▲ 40.6%€49.0mabove the sector's middle half▼ 18.7%€165.0mabove the sector's middle half▲ 237%€47.1mabove the sector's middle half▼ 71.4%
Solvency91.2%-80.0%▼ 11.1pp89.1%above the sector's middle half▲ 9.1pp86.5%above the sector's middle half▼ 2.7pp89.8%above the sector's middle half▲ 3.3pp93.9%above the sector's middle half▲ 4.1pp95.0%above the sector's middle half▲ 1.1pp94.6%above the sector's middle half▼ 0.4pp
Current ratio18.77-3.80▼ 14.9815.28above the sector's middle half▲ 11.493.05above the sector's middle half▼ 12.248.67above the sector's middle half▲ 5.636.64above the sector's middle half▼ 2.0318.09above the sector's middle half▲ 11.442.82within the sector's middle half▼ 15.27
Return on assets (ROA)12.2%-3.6%▼ 8.5pp9.1%within the sector's middle half▲ 5.5pp6.2%within the sector's middle half▼ 2.9pp4.6%within the sector's middle half▼ 1.6pp5.7%within the sector's middle half▲ 1.1pp21.9%above the sector's middle half▲ 16.2pp4.2%within the sector's middle half▼ 17.7pp
Staff (FTE)72.6-97.2▲ 33.9%107.4above the sector's middle half▲ 10.5%124.8above the sector's middle half▲ 16.2%119.5above the sector's middle half▼ 4.2%131above the sector's middle half▲ 9.6%163.8above the sector's middle half▲ 25.0%189.8above the sector's middle half▲ 15.9%
above
within
below
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 operating result for 2025 is a loss of €12.7m, smaller than the loss of €16.2m in 2024.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €512.6m
Fixed assets
€439.5m ▲ 19.9%
Current assets
€73.0m ▼ 58.2%
Equity and liabilities €512.6m
Equity
€484.8m ▼ 5.7%
Provisions
€213,277 =
Debt
€27.5m ▲ 3.1%
Debt's share of the balance-sheet total rises from 4.9% to 5.4%. Equity is lower and debt is higher.
Key figures and ratios
ROE
4.5%▼
2024 · 23.1%
Debt ≤ 1 year
€25.9m▲
2024 · €9.7m
Income taxes
€286,781▼
2024 · €862,521
Staff costs
€25.4m▲
2024 · €20.4m
Green means a favourable move, even when the figure itself falls, as with debt or debt to equity.
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 |
Projects
ACTION GRANT
ULTFARMS - CIRCULAR LOW TROPHIC OFFSHORE AQUACULTURE IN WIND FARMS AND RESTORATION OF MARINE SPACE
European research
7 projects · €2.7m EU contributionProgrammes
Projects
Demonstration of a 1-MW wave energy converter integrated in an offshore wind turbine farm
European Scalable Complementary Offshore Renewable Energy Sources
Comprehensive Offshore Management Platform for Assessing SuStainability
circUlar Low Trophic oFfshore Aquaculture in wind farms and Restoration of Marine Space
Multi-Use offshore platforms demoNstrators for boostIng cost-effecTive and Eco-friendly proDuction in sustainable marine activities
Show 2 more projects
NEXT generation of over 25MW offshore wind Turbine rotor design
Towards Game-changer Service Operation Vessels for Offshore Windfarms
Public contracts
1 award · 2018
MOG (Modular Offshore Grid) — Coordination de opérations maritimes: Coordination de opérations maritimes — MOG
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 | - | €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 |