REFLEXION (0444.441.726): financials and annual accounts

REFLEXION

Ghent ·KBO/BCE: BE 0444.441.726

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`	1.1m	998,515	859,497	644,219	843,181	641,614	657,964	659,643	760,029	893,596	1.0m	1.1m	1.3m	1.5m	1.4m	1.5m	1.5m	1.5m	1.4m	1.2m
Fixed assets`21/28`	407,545	319,364	219,678	260,984	207,386	275,903	326,961	302,647	397,115	428,547	520,848	555,571	652,603	676,642	550,107	773,070	830,915	712,812	511,657	601,161
Intangible fixed assets`21`	-	-	-	-	-	-	-	-	3,000	32,479	61,957	91,436	120,915	150,394	179,872	209,351	247,868	256,385	27,114	36,152
Tangible fixed assets`22/27`	407,248	319,066	219,381	260,687	207,088	275,606	324,813	300,850	367,317	361,271	423,093	426,338	491,390	495,451	334,938	525,422	551,749	443,629	471,746	552,211
Land and buildings`22`	28,455	50,681	72,908	95,134	117,849	140,793	163,738	182,260	204,762	227,265	249,767	272,269	273,424	225,502	34,837	5,893	6,385	6,876	-	-
Plant, machinery and equipment`23`	105,940	20,977	7,394	9,405	12,934	9,938	10,918	14,395	16,909	17,533	10,952	14,258	17,565	4,625	7,191	48,635	48,922	45,931	11,258	19,891
Furniture and vehicles`24`	272,853	247,408	139,080	156,147	76,306	124,875	149,685	103,248	144,131	114,390	159,723	128,681	180,795	237,241	256,350	366,342	371,588	246,616	306,315	363,488
Other tangible fixed assets`26`	-	-	-	-	-	-	473	946	1,515	2,084	2,652	11,129	19,606	28,083	36,559	104,551	124,855	144,206	154,173	168,832
Financial fixed assets`28`	297	297	297	297	297	297	2,147	1,797	26,797	34,797	35,797	37,797	40,297	30,797	35,297	38,297	31,297	12,798	12,797	12,798
Current assets`29/58`	653,421	679,152	639,819	383,235	635,795	365,711	331,003	356,996	362,915	465,049	525,285	545,545	691,966	815,036	897,976	691,690	643,226	825,738	857,022	646,423
Stocks and contracts in progress`3`	91,893	134,407	115,123	65,159	55,500	50,088	46,822	50,540	55,565	64,082	63,640	56,323	80,560	57,696	62,968	46,635	35,750	69,503	79,617	133,210
Stocks`30/36`	91,893	134,407	115,123	65,159	55,500	50,088	46,822	50,540	55,565	64,082	63,640	56,323	80,560	57,696	62,968	46,635	35,750	69,503	79,617	133,210
Amounts receivable within one year`40/41`	16,432	12,284	101,619	17,688	51,068	74,446	90,496	160,251	180,740	174,791	216,038	198,213	230,534	283,702	258,368	263,697	273,874	232,041	271,714	160,278
Trade receivables`40`	5,694	8,647	27,499	42	20,718	21,559	36,482	91,819	54,638	15,639	10,214	33,133	24,334	34,521	13,613	20,002	37,567	11,318	49,010	58,096
Other amounts receivable`41`	10,738	3,637	74,120	17,647	30,350	52,888	54,013	68,432	126,101	159,152	205,824	165,081	206,200	249,181	244,755	243,695	236,307	220,723	222,704	102,182
Current investments`50/53`	0	381,223	80,000	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Cash at bank and in hand`54/58`	491,183	143,956	321,499	260,880	497,447	234,877	166,502	145,340	98,020	99,346	79,740	71,745	103,914	185,314	271,163	116,394	95,501	134,469	35,239	43,371
Deferred charges and accrued income`490/1`	53,914	7,281	21,577	39,508	31,780	6,300	27,183	865	28,590	126,830	165,867	219,264	276,958	288,323	305,476	264,963	238,101	389,725	470,452	309,564
Balance sheet: equity and liabilities
Total equity and liabilities`10/49`	1.1m	998,515	859,497	644,219	843,181	641,614	657,964	659,643	760,029	893,596	1.0m	1.1m	1.3m	1.5m	1.4m	1.5m	1.5m	1.5m	1.4m	1.2m
Equity`10/15`	996,985	922,115	818,905	616,602	494,680	-292,670	-181,194	-100,564	-28,588	121,414	323,861	509,881	703,091	896,747	442,162	75,556	87,582	75,439	74,244	109,064
Contributions`10/11`	208,000	208,000	208,000	208,000	208,000	1.2m	590,000	590,000	590,000	590,000	590,000	590,000	590,000	590,000	430,000	62,000	62,000	62,000	62,000	62,000
Capital`10`	208,000	208,000	208,000	208,000	208,000	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Issued capital`100`	208,000	208,000	208,000	208,000	208,000	590,000	590,000	590,000	590,000	590,000	590,000	590,000	590,000	590,000	430,000	62,000	62,000	62,000	62,000	62,000
Contributions outside capital`11`	-	-	-	-	-	590,000	590,000	590,000	590,000	590,000	590,000	590,000	590,000	590,000	-	-	-	-	-	-
Share premium`1100/10`	-	-	-	-	-	590,000	590,000	590,000	590,000	590,000	590,000	590,000	590,000	590,000	-	-	-	-	-	-
Reserves`13`	105,167	101,424	101,424	101,424	101,424	101,424	101,424	101,424	101,424	101,424	101,424	101,424	101,424	101,424	101,424	101,424	101,424	100,814	100,814	100,814
Non-distributable reserves`130/1`	11,301	7,558	7,558	7,558	7,558	7,558	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Legal reserve`130`	11,301	7,558	7,558	7,558	7,558	7,558	7,558	7,558	7,558	7,558	7,558	7,558	7,558	7,558	7,558	7,558	7,558	6,948	6,948	6,948
Distributable reserves`133`	93,866	93,866	93,866	93,866	93,866	93,866	93,866	93,866	93,866	93,866	93,866	93,866	93,866	93,866	93,866	93,866	93,866	93,866	93,866	93,866
Profit (loss) carried forward`14`	683,817	612,691	509,481	307,178	185,256	-1.6m	-1.5m	-1.4m	-1.3m	-1.2m	-957,562	-771,542	-578,333	-384,677	-89,262	-87,868	-75,842	-87,375	-88,570	-53,750
Amounts payable`17/49`	63,981	76,400	40,592	27,617	348,501	934,284	839,157	760,208	788,617	772,182	722,272	591,234	641,478	594,931	1.0m	1.4m	1.4m	1.5m	1.3m	1.1m
Amounts payable after more than one year`17`	-	-	-	-	-	-	-	-	-	-	-	-	-	-	439,685	748,405	779,461	780,169	664,171	568,111
Financial debts`170/4`	-	-	-	-	-	-	-	-	-	-	-	-	-	-	439,685	748,405	779,461	780,169	664,171	568,111
Amounts payable within one year`42/48`	63,981	76,387	40,592	27,617	348,501	934,284	839,157	760,208	788,617	772,182	722,272	591,234	641,478	594,931	333,486	408,299	382,098	410,109	413,765	393,245
Current portion of amounts payable after more than one year`42`	-	-	-	-	-	-	-	-	-	125,000	150,000	200,000	250,000	200,000	200,000	252,406	197,632	197,632	300,000	300,000
Financial debts`43`	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	13,851	22,079	26,775	-	-
Credit institutions`430/8`	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	13,851	22,079	26,775	-	-
Trade debts`44`	23,127	9,871	7,168	3,357	7,818	5,417	16,071	9,477	18,924	18,342	35,949	18,070	23,745	28,306	35,898	26,958	30,064	42,950	32,024	35,469
Suppliers`440/4`	23,127	9,871	7,168	3,357	7,818	5,417	16,071	9,477	18,924	18,342	35,949	18,070	23,745	28,306	35,898	26,958	30,064	42,950	32,024	35,469
Taxes, remuneration and social security`45`	40,855	66,516	33,424	23,904	15,334	20,864	55,748	31,408	70,288	72,878	74,648	55,180	83,781	90,314	84,278	62,281	78,990	89,878	67,575	57,462
Taxes`450/3`	20,799	16,281	10,614	2,108	924	3,447	10,407	8,370	10,759	10,334	12,651	12,688	12,847	14,216	11,849	13,976	17,824	17,764	12,357	8,584
Remuneration and social security`454/9`	20,055	50,235	22,810	21,795	14,410	17,417	45,341	23,037	59,529	62,544	61,997	42,491	70,934	76,098	72,429	48,305	61,165	72,114	55,218	48,878
Other amounts payable`47/48`	-	-	0	356	325,349	908,002	767,339	719,323	699,405	555,961	461,674	317,985	283,951	276,311	13,310	52,802	53,333	52,874	14,166	314
Accrued charges and deferred income`492/3`	0	13	-	-	-	-	-	-	-	-	-	-	-	-	232,750	232,500	225,000	272,833	216,499	177,164
Income statement
Non-recurring operating income`76A`	0	2,427	23,877	35,065	4,941	8,756	5,951	18,969	15,086	15,875	227	42,623	1,750	14,499	123,896	29,341	-	-	-	7,909
Gross operating margin`9900`	476,358	464,640	523,020	386,915	393,517	213,384	304,330	355,811	408,102	329,957	356,668	387,293	493,689	430,587	623,891	761,529	715,791	801,648	491,033	470,909
Remuneration, social security and pensions`62`	270,569	272,240	229,785	186,868	113,582	146,844	252,924	258,135	366,002	358,699	359,467	399,056	424,028	430,530	404,015	394,693	333,736	359,093	262,619	233,876
Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets`630`	122,372	85,246	82,009	66,594	81,395	77,387	75,888	63,459	125,729	117,096	156,580	178,695	197,688	253,920	239,577	296,083	291,699	297,165	222,252	248,172
Write-downs on stocks, contracts in progress and trade receivables: additions (reversals)`631/4`	-	-	-	-	-	12,466	-600	-	-	767	-	-26,069	-22,500	14,302	21,548	-	-	22,219	-	-
Other operating charges`640/8`	10,097	9,715	9,718	9,199	6,076	5,873	9,661	70,171	37,015	12,064	12,057	50,118	33,611	13,594	32,143	12,654	47,980	90,642	13,112	16,717
Non-recurring operating charges`66A`	1,400	-	0	2,849	133	52,000	25,785	18,259	10,976	28,367	-	7,058	43,974	14,767	26,742	66,263	-	-	1,772	9,855
Operating profit (loss)`9901`	71,920	97,439	201,508	121,405	192,331	-81,185	-59,329	-54,212	-131,621	-187,036	-171,437	-214,508	-139,138	-281,758	-73,392	58,100	42,376	32,529	-6,950	-27,856
Financial income`75/76B`	3,352	6,000	989	693	302	479	4,013	1,158	980	1,845	1,618	3,237	4,642	5,500	2,605	2,268	5,480	4,549	10,249	3,674
Recurring financial income`75`	3,352	6,000	989	693	302	479	4,013	1,158	980	1,845	1,618	3,237	4,642	5,500	2,605	2,268	5,480	4,549	10,249	3,674
Financial charges`65/66B`	402	228	194	177	6,571	30,770	25,314	18,344	18,079	17,126	16,152	17,077	16,825	18,889	27,761	35,472	35,719	35,887	35,979	28,497
Recurring financial charges`65`	402	228	194	177	6,571	30,770	25,314	18,344	18,079	17,126	16,152	17,077	16,825	18,889	27,761	35,472	35,719	35,887	35,979	28,497
Profit (loss) for the period before taxes`9903`	74,870	103,210	202,303	121,922	186,063	-111,476	-80,629	-71,398	-148,720	-202,317	-185,744	-192,782	-193,545	-295,415	-1,394	-12,027	12,137	1,191	-34,452	-54,625
Income taxes`67/77`	-	-	-	-	-	-	-	578	1,282	130	276	428	111	-	-	-	-7	-4	368	-146
Profit (loss) for the period`9904`	74,870	103,210	202,303	121,922	186,063	-111,476	-80,629	-71,977	-150,002	-202,447	-186,020	-193,210	-193,656	-295,415	-1,394	-12,027	12,143	1,195	-34,820	-54,479
Profit (loss) for the period to be appropriated`9905`	74,870	103,210	202,303	121,922	186,063	-111,476	-80,629	-71,977	-150,002	-202,447	-186,020	-193,210	-193,656	-295,415	-1,394	-12,027	12,143	1,195	-34,820	-54,479
Appropriation of the result
Profit (loss) to be appropriated`9906`	687,560	612,691	509,481	307,178	-1.4m	-1.6m	-1.5m	-1.4m	-1.3m	-1.2m	-957,562	-771,542	-578,333	-384,677	-89,262	-87,868	-75,232	-87,375	-88,570	-53,750
Profit (loss) brought forward from the previous period`14P`	612,691	509,481	307,178	185,256	-1.6m	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Transfer from equity`791/2`	-	-	-	0	1.6m	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Transfer to equity`691/2`	3,743	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	610	-	-	-
To the legal reserve`6920`	3,743	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	610	-	-	-
Social balance sheet
Average staff (FTE)`9087`	6	5.5	11.7	7.8	9.6	10.3	7.6	8.7	9.9	8.8	8.6	9.3	10.5	10.5	10	10	8.9	11.3	9.1	7.3
Hours worked`1013`	10,585	10,147	9,263	7,927	4,922	6,473	10,249	11,164	15,066	15,022	14,816	16,078	17,251	17,927	17,572	17,308	15,183	17,360	14,210	12,984
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Financial year	Type	Filed	Reference	Document
31-12-2025	full format	28-07-2026	2026-00340150	PDF
31-12-2024	abbreviated format	29-08-2025	2025-00433541	PDF
31-12-2023	micro format	20-06-2024	2024-00148986	PDF
31-12-2022	micro format	04-07-2023	2023-00211915	PDF
31-12-2021	abbreviated format	20-06-2022	2022-20079239	PDF
31-12-2020	abbreviated format	09-07-2021	2021-33900040	PDF
31-12-2019	abbreviated format	09-07-2020	2020-28000293	PDF
31-12-2018	abbreviated format	25-07-2019	2019-39900378	PDF
31-12-2017	abbreviated format	05-07-2018	2018-30600232	PDF
31-12-2016	abbreviated format	31-08-2017	2017-57700231	PDF
31-12-2015	abbreviated format	25-08-2016	2016-49800541	PDF
31-12-2014	abbreviated format	10-08-2015	2015-40900483	PDF
31-12-2013	abbreviated format	12-06-2014	2014-17200290	PDF
31-12-2012	abbreviated format	23-07-2013	2013-34300045	PDF
31-12-2011	abbreviated format	05-07-2012	2012-26600093	PDF
31-12-2010	abbreviated format	25-08-2011	2011-44300435	PDF
31-12-2009	abbreviated format	17-08-2010	2010-42100580	PDF
31-12-2008	abbreviated format	24-07-2009	2009-48400109	PDF
31-12-2007	abbreviated format	26-08-2008	2008-65900149	PDF
31-12-2006	abbreviated format	19-07-2007	2007-43800107	PDF
31-12-2005	abbreviated format	29-08-2006	2006-71004374	PDF
31-12-2004	abbreviated format	22-09-2005	2005-70004096	PDF
31-12-2003	abbreviated format	30-07-2004	2004-56700901	PDF
31-12-2002	abbreviated format	24-07-2003	2003-49803448	PDF
31-12-2001	abbreviated format	25-07-2002	2002-42200507	PDF
31-12-2000	abbreviated format	25-07-2001	2001-42703630	PDF
31-12-1999	abbreviated format	14-11-2000	2000-71204562	PDF
31-12-1998	abbreviated format	28-10-1999	1999-55705326	PDF
31-12-1996	abbreviated format	24-09-1997	1997-45200508	PDF
31-12-1995	abbreviated format	24-09-1996	1996-44801020	PDF
31-12-1994	abbreviated format	14-09-1995	1995-49500049	PDF
31-12-1993	abbreviated format	23-08-1994	1994-36804130	PDF
31-12-1992	abbreviated format	18-08-1993	1993-32203673	PDF

Line	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015	2014	2013	2012	2011	2010	2009	2008	2007	2006
EBITDA	194,292	182,685	283,517	187,999	273,726	-3,798	16,560	9,247	-5,892	-69,940	-14,857	-35,813	58,550	-27,838	166,185	354,183	334,075	329,694	215,302	220,316
Cash flow	197,242	188,456	284,312	188,515	267,458	-34,089	-4,741	-8,517	-24,273	-85,351	-29,440	-14,515	4,033	-41,494	238,183	284,056	303,842	298,360	187,432	193,693
Investment in fixed assets	210,554	184,931	46,446	129,890	12,878	28,179	100,202	65,556	102,296	25,795	123,857	84,163	173,649	391,320	81,984	238,238	409,802	498,318	137,000	200,869
Change in cash	347,227	-177,543	60,619	-236,567	262,570	68,375	21,162	47,320	-1,326	19,606	7,995	-32,169	-81,400	-85,849	154,769	20,893	-38,968	99,230	-8,132	-
Working capital	589,439	602,764	599,227	355,618	287,295	-568,573	-508,154	-403,212	-425,702	-307,133	-196,987	-45,690	50,489	220,105	564,490	283,391	261,128	415,629	443,257	253,178
Solvency	94.0%	92.3%	95.3%	95.7%	58.7%	-45.6%	-27.5%	-15.2%	-3.8%	13.6%	31.0%	46.3%	52.3%	60.1%	30.5%	5.2%	5.9%	4.9%	5.4%	8.7%
Current ratio	10.21	8.89	15.76	13.88	1.82	0.39	0.39	0.47	0.46	0.60	0.73	0.92	1.08	1.37	2.69	1.69	1.68	2.01	2.07	1.64
Quick ratio	8.78	7.13	12.93	11.52	1.67	0.34	0.34	0.40	0.39	0.52	0.64	0.83	0.95	1.27	2.50	1.58	1.59	1.84	1.88	1.31
Debt to equity	0.06	0.08	0.05	0.04	0.70	-	-	-	-	6.36	2.23	1.16	0.91	0.66	2.28	18.39	15.83	19.39	17.43	10.44
ROE	7.5%	11.2%	24.7%	19.8%	37.6%	-	-	-	-	-166.7%	-57.4%	-37.9%	-27.5%	-32.9%	-0.3%	-15.9%	13.9%	1.6%	-46.9%	-50.0%
ROA	7.1%	10.3%	23.5%	18.9%	22.1%	-17.4%	-12.3%	-10.9%	-19.7%	-22.7%	-17.8%	-17.5%	-14.4%	-19.8%	-0.1%	-0.8%	0.8%	0.1%	-2.5%	-4.4%
Interest coverage	over 100	over 100	over 100	over 100	41.66	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-

Item	31-12-2025	31-12-2024	31-12-2023	31-12-2022	31-12-2021
Employees at the balance-sheet date	6	8	15	12	14
full-time	4	4	4	3	5
part-time	2	4	11	9	9
in full-time equivalents	5.2	5.6	12.9	9.1	11.2
Average over the year, in full-time equivalents	6	5.5	11.7	7.8	9.6
On a permanent contract	3	2	4	2	4
Joined	26	14	5	11	-
Left	0	11	2	7	-

Item	2025	2024	2023	2022	2021
Tangible fixed assets	€210,554	€184,931	€46,446	€129,890	€12,878
Depreciation and write-downs of the year	€122,372	€85,246	€82,009	€66,594	€81,395

REFLEXION

Annual accounts 2025

Balance sheet

Change in equityin euro

Change in cashin euro

Position in the sector

Solvency94.0%

Current ratio10.21

Return on assets7.1%

Staff

Staff cost per FTE€45,095

Joined and left+26

Filed annual accounts

Filings

Key figures and ratios

Social balance sheet

Investments

Insights on REFLEXION

Next steps