ROEFS
ActiveFinancials · financial year 2025, full format
2025 annual accounts filed 90 days after the deadline Filed on 29 October 2026, deadline 31 July 2026 (7 months after the close on 31 December 2025, Companies Code art. 3:10). Source: NBB, 2026-00571927.
Annual accounts 2025 filed on 29-10-2026 at the NBB all 23 filings
Turnover
€39.2m▲ 4.1%
2024 · €37.6m
EBIT margin
6.9%▲ 0.1pp
2024 · 6.8%
Net result
€2.0m▲ 4.5%
2024 · €1.9m
Working capital
€8.6m▲ 16.1%
2024 · €7.4m
In the rankings
#1 company by staff growth in Belgium, Sewerage sector#2 company by total assets in the province of Antwerp, Sewerage sector#3 company by equity in the province of Antwerp, Sewerage sector
Trend over the years
2021 to 2025, 5 financial years 2018 to 2025, 8 financial years
The operating result for 2025 is 6% higher than in 2024 and the highest since 2021. It is the second rise in a row, after the fall in 2023.
Turnover€39.2m
2025
Operating result€2.7m
2025
Net result€2.0m
2025
Total assets€32.2m
2025
Equity€10.8m
2025
Debt€21.3m
2025
Working capital€8.6m
2025
EBIT margin6.9%
2025
Return on assets (ROA)6.2%
2025
Solvency33.6%
2025
Current ratio1.50
2025
Staff (FTE)95.8
2025
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 Sewerage (NACE 37). 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).
Every figure with its change against the financial year before
favourable
unfavourable
Line20182019202020212022202320242025
Turnover€18.3m€22.4m▲ 22.4%€29.6m▲ 32.5%€37.6m▲ 26.9%€39.2m▲ 4.1%
Operating result€1.0m-€1.3m▲ 38.4%€0.09m▼ 93.3%€1.3m▲ 14×€1.9m▲ 52.0%€0.9m▼ 53.5%€2.6m▲ 186%€2.7m▲ 6.3%
Net result€0.6m-€1.0m▲ 53.3%€0.009mbelow the sector's middle half▼ 99.1%€0.9mwithin the sector's middle half▲ 102×€5.3mabove the sector's middle half▲ 472%€0.7mabove the sector's middle half▼ 87.3%€1.9mabove the sector's middle half▲ 185%€2.0m▲ 4.5%
EBIT margin6.9%8.6%▲ 1.7pp3.0%▼ 5.6pp6.8%▲ 3.8pp6.9%▲ 0.1pp
Equity€2.7m-€3.0m▲ 12.6%€3.0mabove the sector's middle half▲ 0.3%€4.0mwithin the sector's middle half▲ 30.3%€6.2mwithin the sector's middle half▲ 57.2%€6.9mabove the sector's middle half▲ 10.7%€8.8mabove the sector's middle half▲ 27.7%€10.8mabove the sector's middle half▲ 22.7%
Total assets€6.1m-€8.6m▲ 41.0%€7.7mabove the sector's middle half▼ 10.2%€9.6mwithin the sector's middle half▲ 24.1%€13.1mwithin the sector's middle half▲ 36.6%€17.5mabove the sector's middle half▲ 33.6%€26.1mabove the sector's middle half▲ 49.3%€32.2mabove the sector's middle half▲ 23.2%
Debt€3.4m-€5.6m▲ 63.5%€4.7m▼ 16.0%€5.6m▲ 20.0%€6.5m▲ 15.5%€10.4m▲ 60.0%€17.2m▲ 65.7%€21.3m▲ 23.6%
Working capital€1.4m-€1.3m▼ 5.0%€3.6mabove the sector's middle half▲ 176%€3.0mabove the sector's middle half▼ 18.2%€5.6mabove the sector's middle half▲ 88.7%€5.2mabove the sector's middle half▼ 6.8%€7.4mabove the sector's middle half▲ 42.1%€8.6mabove the sector's middle half▲ 16.1%
Solvency44.1%-35.2%▼ 8.9pp39.3%within the sector's middle half▲ 4.1pp41.3%within the sector's middle half▲ 2.0pp47.6%within the sector's middle half▲ 6.2pp39.4%within the sector's middle half▼ 8.1pp33.7%within the sector's middle half▼ 5.7pp33.6%within the sector's middle half▼ 0.1pp
Current ratio1.61-1.36▼ 0.242.26within the sector's middle half▲ 0.901.54within the sector's middle half▼ 0.711.88within the sector's middle half▲ 0.341.51within the sector's middle half▼ 0.371.48within the sector's middle half▼ 0.031.50within the sector's middle half▲ 0.02
Return on assets (ROA)10.4%-11.3%▲ 0.9pp0.1%below the sector's middle half▼ 11.1pp9.6%within the sector's middle half▲ 9.5pp40.3%above the sector's middle half▲ 30.7pp3.8%within the sector's middle half▼ 36.5pp7.3%within the sector's middle half▲ 3.5pp6.2%▼ 1.1pp
Staff (FTE)17-18.3▲ 7.6%17.5▼ 4.4%24.7▲ 41.1%49.7▲ 101%62.7▲ 26.2%100.4above the sector's middle half▲ 60.1%95.8▼ 4.6%
above
within
below
The sector band is the middle half of the companies in Sewerage (NACE 37). 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.
Large changes and their cause
- 2023 Net result -87% on 2022. Merger absorbing CLEANING & COMPANY, Official Gazette 12-09-2022, in the previous financial year. That operation now counts for a full year for the first time. Merger absorbing MDR GROEP, Official Gazette 12-09-2022, in the previous financial year. That operation now counts for a full year for the first time.
- 2022 Net result +472%, Equity +57%, Staff (FTE) +101% on 2021. Merger absorbing CLEANING & COMPANY, Official Gazette 12-09-2022. Merger absorbing MDR GROEP, Official Gazette 12-09-2022.
- 2021 Net result +10,136% on 2020. The accounts now follow the full format, last year the abbreviated format.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €32.2m
Fixed assets
€6.5m ▲ 89.0%
Current assets
€25.7m ▲ 13.2%
Equity and liabilities €32.2m
Equity
€10.8m ▲ 22.7%
Provisions
€105,000 =
Debt
€21.3m ▲ 23.6%
Debt's share of the balance-sheet total rises from 65.9% to 66.1%. Equity and debt are higher.
Key figures and ratios
EBITDA
€3.8m▲
2024 · €3.1m
Cash flow
€3.1m▲
2024 · €2.5m
Quick ratio
1.50▲
2024 · 1.48
Debt to equity
1.97▲
2024 · 1.95
ROE
18.5%▼
2024 · 21.7%
Interest coverage
11.22▼
2024 · 18.62
Debt ≤ 1 year
€17.1m▲
2024 · €15.3m
Debt > 1 year
€3.7m▲
2024 · €1.5m
Income taxes
€688,683▲
2024 · €684,629
Customer credit
116 days▼
2024 · 124 days
Supplier credit
154 days▼
2024 · 195 days
Staff costs
€8.0m▲
2024 · €7.6m
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 | 26 | 65 | 69 | 100 | 104 |
| full-time | 23 | 61 | 58 | 86 | 91 |
| part-time | 3 | 4 | 11 | 14 | 13 |
| in full-time equivalents | 24.8 | 63.9 | 66 | 95.8 | 100.3 |
| Average over the year, in full-time equivalents | 24.7 | 49.7 | 62.7 | 100.4 | 95.8 |
| On a permanent contract | 25 | 65 | 68 | 99 | 103 |
| Joined | 19 | 66 | 54 | 86 | 79 |
| Left | 15 | 27 | 50 | 55 | 75 |
| Agency workers, average number | - | 1.6 | 3.6 | 3 | 3.1 |
Source: social balance sheet in the 2021 to 2025 annual accounts
Securities and guarantees
| Item | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Debts secured on the company's own assets | - | €1.0m | €1.2m | €2.7m | €7.5m |
| Pledge on the business | - | €335,000 | €1.2m | €3.3m | €4.2m |
| Mandates to pledge the business | - | €110,000 | €110,000 | €110,000 | €110,000 |
| Carrying value of the other pledged assets | - | €1.0m | - | - | - |
Source: notes to the 2021 to 2025 annual accounts (statement of debts and off-balance-sheet rights and commitments)
Investments
| Item | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Tangible fixed assets | €371,951 | €443,441 | €698,908 | €1.8m | €4.2m |
| Intangible fixed assets | €4,029 | €943 | €738,541 | €235,256 | - |
| Depreciation and write-downs of the year | €285,998 | €309,847 | €420,666 | €591,093 | €1.1m |
Source: notes to the 2021 to 2025 annual accounts (statement of fixed assets)
Auditor
The auditor is Moore Audit.
| Item | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Fee for the audit | - | €9,500 | €10,050 | €10,600 | €11,000 |
| Other work by the auditor | - | - | - | €17,013 | €23,405 |
Source: notes to the 2021 to 2025 annual accounts (relations with the auditor)
Subsidies and aid
Flemish government
2022 to 2025 · 7 entries · €36,449 awarded · €35,476 paid| Year | Entries | Awarded | Paid |
|---|---|---|---|
| 2025 | 3 | €634 | €25,135 |
| 2024 | 1 | €7,047 | €7,012 |
| 2023 | 2 | €26,773 | €2,068 |
| 2022 | 1 | €1,995 | €1,261 |
Public contracts
36 awards · 2022 to 2026
Raamovereenkomst voor ruimings- en freeswerken van rioleringen en aanverwante infrastructuur
Raamovereenkomst voor het aanvaarden en/of verwerken van slib afkomstig uit het werkingsgebied van Farys: I-25-024 - 1
Raamovereenkomst voor het aanvaarden en/of verwerken van slib afkomstig uit het werkingsgebied van Farys: I-25-024 - 1
Marché de curage et d'entretien des réseaux d'assainissement - Marché cadre 2026 - 2029: GIR P44331 - 2
Raamcontract camera-inspecties al dan niet in combinatie met voorafgaande ruiming: Perceel 1: Regio West/Centrum-West_inspectie met ruiming
Show 31 more contracts
Raamcontract camera-inspecties al dan niet in combinatie met voorafgaande ruiming: Perceel 2: Regio centrum-Oost_inspectie met ruiming
Raamcontract camera-inspecties al dan niet in combinatie met voorafgaande ruiming: Perceel 4: Regio West/Centrum-West_inspectie zonder ruiming
Raamcontract ruimingswerken (deel 2): Perceel 8 (regio 3): Team Hoogstraten
Raamcontract ruimingswerken (deel 2): Perceel 9 (regio 3): Team Turnhout
Raamcontract ruimingswerken (deel 2): Perceel 12 (regio3): Team Grimbergen
Multilaterale raamovereenkomst voor het verwerken van zandslib afkomstig van ruimingswerken aan collectoren, bekkens en grachten - Deel 2: Perceel 2: bagger en ruimingsspecie afkomstig van het ruimen van grachten- Eural-code 17 05 06
Multilaterale raamovereenkomst voor het verwerken van zandslib afkomstig van ruimingswerken aan collectoren, bekkens en grachten: Perceel 1: zandslib hoofdzakelijk afkomstig van ruimingswerken aan rioleringen, pompstations en bekkens - Eural-code: 20 03 06 & 19 08 02
Multilaterale raamovereenkomst voor het verwerken van zandslib afkomstig van ruimingswerken aan collectoren, bekkens en grachten: Perceel 2: bagger en ruimingsspecie afkomstig van het ruimen van grachten- Eural-code 17 05 06
Collecteur principal (rive gauche de la Meuse) - tranche 2b - Curage de la zone en aval des siphons, quai de Wallonie
Accord-cadre pour le curage des ouvrages d’épuration et de démergement: Secteurs OuVeA, Plaine Cockerill et Basse Meuse
Accord-cadre pour le curage des ouvrages d’épuration et de démergement: Secteurs Plateau de Herve et Ardennes
Accord-cadre pour le curage des ouvrages d’épuration et de démergement: Secteurs Condroz et Hesbaye
Raamovereenkomst voor het reinigen, ontstoppen, inspecteren en ruimen van rioleringen, leidingen en putten: Regio - NOORD - Periodiek onderhoud (postcodes 2040, 2610, 2030, 2100, 2170, 2180)
Raamovereenkomst voor het reinigen, ontstoppen, inspecteren en ruimen van rioleringen, leidingen en putten: Regio - CENTRUM - Periodiek onderhoud (postcodes 2000, 2018)
Raamovereenkomst voor het reinigen, ontstoppen, inspecteren en ruimen van rioleringen, leidingen en putten: Regio- ZUID - Periodiek onderhoud (postcodes 2020, 2610, 2660)
Raamovereenkomst voor het reinigen, ontstoppen, inspecteren en ruimen van rioleringen, leidingen en putten: Interventies op afroep (volledig patrimonium van Woonhaven)
Accord-cadre pour le curage de réseaux d'égouttage de l'AIDE et des communes: zone géographique de Huy-Waremme-Hannut
Accord-cadre pour le curage de réseaux d'égouttage de l'AIDE et des communes: zone géographique de Liège amont/aval Aywaille
2024-013 Raamovereenkomst voor preventief onderhoud van putten en het uitvoeren van ontstoppingen van leidingen, inclusief wachtdienst: 2024-013 - 1 - Zone Noord
Raamcontract voor het ruimen van septische-, vet- en (regen)waterputten: Ruimen van septische putten op de buitencampussen
Raamcontract voor het ruimen van septische-, vet- en (regen)waterputten: Ruimen van septische putten op de stadscampus
Raamcontract voor het ruimen van septische-, vet- en (regen)waterputten: Ruimen, reinigen, onderzoek en andere van putten campus overschrijdend
Raamovereenkomst voor het uitvoeren van camera-onderzoek van rioolinfrastructuur (incl. aanverwante activiteiten): DOM-ALL-21-A04-Z bis - 1
Reinigen en inspecteren van bestaande riolering: Stationaire inspectie riolering Zenne-Dender
Reinigen en inspecteren van bestaande riolering: Stationaire inspectie riolering Hageland-Dijle
Raamovereenkomst voor ledigen van septische putten en vetputten en voor het ledigen van vetafscheiders en KWS-afscheiders: GAC_2023_02750 - 1
Oproep tot aanvraag tot deelneming - Raamcontract Ruimingswerken: Perceel 16 (regio 4): Team Genk
Oproep tot aanvraag tot deelneming - Raamcontract Ruimingswerken: Perceel 17 (regio 4): Team Sint-Truiden
Raamovereenkomst voor het ruimen van rioleringen: Regio Gent
Raamovereenkomst voor het ruimen van rioleringen: Regio Centrum
Raamovereenkomst voor het ruimen van rioleringen: Regio Asse
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.
Comparable companies
These companies have the same main activity as ROEFS: sewerage (NACE 37000). They are comparable in size and age: total assets between €13m and €114m, founded between 1968 and 2008.
| Company | Founded | Total assets | Equity | Turnover | Net result | FTE | Financial year |
|---|---|---|---|---|---|---|---|
| ROEFS Antwerpen | 2002 | €32.2m | €10.8m | €39.2m | €2.0m | 95.8 | 2025 |
| TREVI Gent | 1992 | €25.6m | €9.9m | €36.2m | €1.5m | 129 | 2025 |
| DE BREE SOLUTIONS Maldegem | 1983 | €50.7m | €28.9m | €21.4m | -€1.5m | 82.4 | 2025 |
| ELOY WATER Sprimont | 2008 | €13.3m | €7.6m | €47.8m | -€0.5m | 50.6 | 2025 |
| Ekopak Deinze | 1997 | €114.5m | €30.3m | €17.7m | -€18.2m | 121.5 | 2025 |
| TPF UTILITIES Vorst | 1968 | €20.1m | €8.2m | €32.3m | €1.2m | 118.6 | 2025 |
| T.W.Z. Evergem | 1990 | €108.6m | €82.4m | €22.3m | €8.7m | 54.8 | 2025 |
They were chosen from the 200 other active companies with that main activity and annual accounts from the past two years. All companies with this main activity
Companies with the same profile, two years later
Historical observationIn July 2024, 1,579 companies had the same profile as ROEFS has now. Two years later, 0.1% had gone bankrupt and 96.7% were still going.
- Medium-sized
- 20 years or older
- solvency 30% or more
- a profit of 5% of the balance sheet or more
0.1%
went bankrupt
3.2%
stopped otherwise
96.7%
was still going
That fits the bankruptcy probability of ROEFS itself: 0.4% within 12 months.
Test of the method
The method was tested on the 497,445 companies of July 2024. Each company was given the bankruptcy share of the same profile a year earlier, in July 2023. The expectation was that 1.6% would go bankrupt within 24 months. In fact 1.7% went bankrupt.
| 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% | 0.9% |
| 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% |
A company that went bankrupt had a higher expected share than one that kept going in 74.5% of comparisons. The level depends on the economy. In a year with more bankruptcies than the year before, the actual share is higher than the expected one.
This is an observation about 1,579 companies, not a prediction for ROEFS. The sector does not count, because the KBO no longer lists a sector for a company that has stopped. By sector, mostly the survivors would count, which would paint too rosy a picture.
Annual accounts
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Operating income70/76A | - | - | - | €18.4m | €22.4m | €29.7m | €37.7m | €39.3m | ▲ 4.3% |
| Turnover70 | - | - | - | €18.3m | €22.4m | €29.6m | €37.6m | €39.2m | ▲ 4.1% |
| Other operating income74 | - | - | - | €0.07m | €0.003m | €0.03m | €0.04m | €0.05m | ▲ 21.4% |
| Non-recurring operating income76A | - | - | - | €0.001m | €0.02m | €0.003m | €0.002m | €0.07m | ▲ 35× |
| Operating charges60/66A | - | - | - | €17.1m | €20.5m | €28.8m | €35.1m | €36.6m | ▲ 4.2% |
| Goods for resale, raw materials and consumables60 | - | - | - | €12.9m | €13.4m | €19.1m | €21.8m | €22.3m | ▲ 2.1% |
| Purchases600/8 | - | - | - | €12.9m | €13.4m | €19.1m | €21.8m | €22.3m | ▲ 2.1% |
| Change in stocks: decrease (increase)609 | - | - | - | - | - | - | - | -€0.003m | - |
| Services and other goods61 | - | - | - | €2.1m | €3.2m | €4.7m | €5.0m | €5.2m | ▲ 3.7% |
| Remuneration, social security and pensions62 | - | - | - | €1.6m | €3.1m | €4.6m | €7.6m | €8.0m | ▲ 4.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €0.5m | €0.8m | €0.3m | €0.3m | €0.3m | €0.4m | €0.6m | €1.1m | ▲ 82.4% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals)631/4 | - | - | - | €0.1m | -€0.002m | €0.006m | €0.1m | €0 | ▼ 100% |
| Provisions for liabilities and charges: additions (uses and reversals)635/8 | - | - | - | - | €0.4m | -€0.2m | -€0.1m | €0 | - |
| Other operating charges640/8 | - | - | - | €0.04m | €0.09m | €0.1m | €0.1m | €0.09m | ▼ 11.4% |
| Non-recurring operating charges66A | - | - | - | €0.01m | €0.003m | - | - | - | - |
| Gross operating margin9900 | €2.5m | €3.4m | €2.1m | - | - | - | - | - | - |
| Operating profit (loss)9901 | €1.0m | €1.3m | €0.09m | €1.3m | €1.9m | €0.9m | €2.6m | €2.7m | ▲ 6.3% |
| Financial income75/76B | - | - | - | €0.008m | €3.9m | €0.1m | €0.2m | €0.3m | ▲ 43.9% |
| Recurring financial income75 | €0.007m | €0.02m | €0.003m | €0.007m | €0.008m | €0.1m | €0.2m | €0.3m | ▲ 43.9% |
| Income from current assets751 | - | - | - | €0.003m | €0.004m | €0.05m | €0.2m | €0.3m | ▲ 73.1% |
| Other financial income752/9 | - | - | - | €0.004m | €0.004m | €0.05m | €0.04m | €0.001m | ▼ 98.6% |
| Non-recurring financial income76B | - | - | - | €0.001m | €3.9m | - | - | - | - |
| Financial charges65/66B | - | - | - | €0.02m | €0.03m | €0.05m | €0.2m | €0.3m | ▲ 94.7% |
| Recurring financial charges65 | €0.04m | €0.06m | €0.06m | €0.02m | €0.03m | €0.05m | €0.2m | €0.3m | ▲ 94.7% |
| Debt charges650 | - | - | - | €0.02m | €0.03m | €0.05m | €0.2m | €0.3m | ▲ 100% |
| Other financial charges652/9 | - | - | - | €0.002m | €426 | €0.004m | €0.006m | €0.003m | ▼ 55.1% |
| Profit (loss) for the period before taxes9903 | €0.9m | €1.3m | €0.03m | €1.2m | €5.8m | €0.9m | €2.6m | €2.7m | ▲ 3.5% |
| Income taxes67/77 | €0.3m | €0.3m | €0.02m | €0.3m | €0.5m | €0.3m | €0.7m | €0.7m | ▲ 0.6% |
| Taxes670/3 | - | - | - | €0.3m | €0.5m | €0.3m | €0.7m | €0.7m | ▲ 2.0% |
| Tax adjustments and reversals of tax provisions77 | - | - | - | - | €115 | - | €0.001m | €0.01m | ▲ 729% |
| Profit (loss) for the period9904 | €0.6m | €1.0m | €0.009m | €0.9m | €5.3m | €0.7m | €1.9m | €2.0m | ▲ 4.5% |
| Transfer from tax-exempt reserves789 | - | - | - | €0.3m | - | - | - | - | - |
| Profit (loss) for the period to be appropriated9905 | €0.6m | €1.0m | €0.009m | €1.2m | €5.3m | €0.7m | €1.9m | €2.0m | ▲ 4.5% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Assets | |||||||||
| Total assets20/58 | €6.1m | €8.6m | €7.7m | €9.6m | €13.1m | €17.5m | €26.1m | €32.2m | ▲ 23.2% |
| Fixed assets21/28 | €2.4m | €3.7m | €1.2m | €1.2m | €1.2m | €2.2m | €3.4m | €6.5m | ▲ 89.0% |
| Intangible fixed assets21 | - | - | €0.01m | €0.01m | €0.01m | €0.6m | €0.7m | €0.5m | ▼ 28.5% |
| Tangible fixed assets22/27 | €2.4m | €3.5m | €1.0m | €0.9m | €0.7m | €1.1m | €2.5m | €5.8m | ▲ 133% |
| Plant, machinery and equipment23 | - | - | - | €0.6m | €0.5m | €0.6m | €0.5m | €0.6m | ▲ 38.8% |
| Furniture and vehicles24 | - | - | - | €0.01m | €0.06m | €0.07m | €0.2m | €0.4m | ▲ 77.0% |
| Leasing and similar rights25 | - | - | - | €0.02m | - | - | €1.3m | €4.0m | ▲ 204% |
| Other tangible fixed assets26 | - | - | - | €0.3m | €0.2m | €0.2m | €0.2m | €0.5m | ▲ 117% |
| Assets under construction and advance payments27 | - | - | - | - | - | €0.3m | €0.3m | €0.3m | = |
| Financial fixed assets28 | €0.06m | €0.1m | €0.2m | €0.3m | €0.4m | €0.4m | €0.3m | €0.3m | ▼ 6.2% |
| Other financial fixed assets284/8 | - | - | - | €0.3m | €0.4m | €0.4m | €0.3m | €0.3m | ▼ 6.2% |
| Amounts receivable and cash guarantees285/8 | - | - | - | €0.3m | €0.4m | €0.4m | €0.3m | €0.3m | ▼ 6.2% |
| Current assets29/58 | €3.7m | €4.9m | €6.5m | €8.4m | €11.9m | €15.3m | €22.7m | €25.7m | ▲ 13.2% |
| Stocks and contracts in progress3 | - | - | - | - | - | - | - | €0.003m | - |
| Stocks30/36 | - | - | - | - | - | - | - | €0.003m | - |
| Goods purchased for resale34 | - | - | - | - | - | - | - | €0.003m | - |
| Amounts receivable within one year40/41 | €2.9m | €3.9m | €5.7m | €7.7m | €11.0m | €14.5m | €21.7m | €24.3m | ▲ 11.9% |
| Trade receivables40 | - | - | - | €6.9m | €10.3m | €10.2m | €12.8m | €12.4m | ▼ 2.8% |
| Other amounts receivable41 | - | - | - | €0.8m | €0.7m | €4.2m | €8.9m | €11.9m | ▲ 33.1% |
| Cash at bank and in hand54/58 | €0.4m | €0.6m | €0.6m | €0.6m | €0.9m | €0.8m | €0.8m | €1.2m | ▲ 45.2% |
| Deferred charges and accrued income490/1 | - | - | - | €0.09m | €0.04m | €0.06m | €0.1m | €0.1m | ▲ 10.3% |
| Equity and liabilities | |||||||||
| Total equity and liabilities10/49 | €6.1m | €8.6m | €7.7m | €9.6m | €13.1m | €17.5m | €26.1m | €32.2m | ▲ 23.2% |
| Equity10/15 | €2.7m | €3.0m | €3.0m | €4.0m | €6.2m | €6.9m | €8.8m | €10.8m | ▲ 22.7% |
| Contributions10/11 | €0.06m | €0.06m | €0.06m | €0.06m | €0.06m | €0.06m | €0.06m | €0.06m | = |
| Capital10 | - | - | - | €0.06m | €0.06m | €0.06m | €0.06m | €0.06m | = |
| Issued capital100 | - | - | - | €0.06m | €0.06m | €0.06m | €0.06m | €0.06m | = |
| Reserves13 | €2.6m | €3.0m | €3.0m | €2.7m | €6.2m | €6.8m | €8.7m | €10.7m | ▲ 22.8% |
| Non-distributable reserves130/1 | - | - | - | €0.006m | €0.008m | €0.008m | €0.008m | €0.008m | = |
| Legal reserve130 | - | - | - | €0.006m | €0.006m | €0.006m | €0.006m | €0.006m | = |
| Reserves not available under the articles1311 | - | - | - | - | €0.002m | €0.002m | €0.002m | €0.002m | = |
| Distributable reserves133 | - | - | - | €2.7m | €6.2m | €6.8m | €8.7m | €10.7m | ▲ 22.8% |
| Profit (loss) carried forward14 | - | - | - | €1.2m | - | - | - | - | - |
| Provisions and deferred taxes16 | - | - | - | - | €0.4m | €0.2m | €0.1m | €0.1m | = |
| Provisions for liabilities and charges160/5 | - | - | - | - | €0.4m | €0.2m | €0.1m | €0.1m | = |
| Environmental obligations163 | - | - | - | - | €0.3m | €0.2m | - | - | - |
| Other liabilities and charges164/5 | - | - | - | - | €0.03m | - | €0.1m | €0.1m | = |
| Amounts payable17/49 | €3.4m | €5.6m | €4.7m | €5.6m | €6.5m | €10.4m | €17.2m | €21.3m | ▲ 23.6% |
| Amounts payable after more than one year17 | €1.0m | €1.9m | €1.8m | €0.1m | €0.1m | €0.3m | €1.5m | €3.7m | ▲ 143% |
| Financial debts170/4 | - | - | - | €0.1m | €0.1m | €0.3m | €1.5m | €3.7m | ▲ 143% |
| Leasing and similar obligations172 | - | - | - | - | - | - | €1.1m | €3.4m | ▲ 203% |
| Credit institutions173 | - | - | - | €0.1m | €0.1m | €0.3m | €0.4m | €0.3m | ▼ 27.3% |
| Amounts payable within one year42/48 | €2.3m | €3.6m | €2.9m | €5.4m | €6.3m | €10.1m | €15.3m | €17.1m | ▲ 11.7% |
| Current portion of amounts payable after more than one year42 | - | - | - | €0.09m | €0.05m | €0.08m | €0.3m | €0.7m | ▲ 143% |
| Financial debts43 | - | - | - | €0.4m | €0.9m | €0.9m | €2.2m | €3.1m | ▲ 37.8% |
| Credit institutions430/8 | - | - | - | - | €0.9m | €0.9m | €2.2m | €3.1m | ▲ 37.8% |
| Other loans439 | - | - | - | €0.4m | - | - | - | €0 | - |
| Trade debts44 | €1.8m | €2.0m | €1.8m | €4.5m | €4.2m | €8.1m | €11.7m | €9.4m | ▼ 19.5% |
| Suppliers440/4 | - | - | - | €4.5m | €4.2m | €8.1m | €11.7m | €9.4m | ▼ 19.5% |
| Advances received on contracts in progress46 | - | - | - | - | - | - | - | €0.1m | - |
| Taxes, remuneration and social security45 | - | - | - | €0.2m | €0.8m | €0.8m | €1.1m | €1.1m | ▼ 0.6% |
| Taxes450/3 | - | - | - | €0.005m | €0.3m | €0.2m | €0.2m | €0.1m | ▼ 27.3% |
| Remuneration and social security454/9 | - | - | - | €0.2m | €0.4m | €0.6m | €0.9m | €0.9m | ▲ 5.2% |
| Other amounts payable47/48 | - | - | - | €0.3m | €0.4m | €0.3m | €0.004m | €2.7m | ▲ 756× |
| Accrued charges and deferred income492/3 | - | - | - | €0.06m | €0.02m | €0.006m | €0.4m | €0.5m | ▲ 18.6% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €0.6m | €1.0m | €0.009m | €0.9m | €5.3m | €0.7m | €1.9m | €2.0m | ▲ 4.5% |
| + Depreciation and write-downs630 | €0.5m | €0.8m | €0.3m | €0.3m | €0.3m | €0.4m | €0.6m | €1.1m | ▲ 82.4% |
| Operating cash flow (approximation) | €1.2m | €1.7m | €0.3m | €1.2m | €5.6m | €1.1m | €2.5m | €3.1m | ▲ 22.9% |
| Investment in fixed assets (approximation) | - | -€2.0m | €2.1m | -€0.2m | -€0.3m | -€1.4m | -€1.9m | -€4.1m | ▼ 121% |
| Change in cash | - | €0.2m | -€0.02m | €0.06m | €0.2m | -€0.05m | €0.02m | €0.4m | ▲ 18× |
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 23 filings with the National Bank
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-12-2025 | full format | 29-10-2026 | 2026-00571927 | NBB |
| 31-12-2024 | full format | 10-10-2025 | 2025-00540193 | |
| 31-12-2023 | full format | 30-07-2024 | 2024-00315758 | |
| 31-12-2022 | full format | 28-07-2023 | 2023-00284621 | |
| 31-12-2021 | full format | 31-08-2022 | 2022-20370288 | |
| 31-12-2020 | abbreviated format | 06-07-2021 | 2021-32400229 | |
| 31-12-2019 | abbreviated format | 01-07-2020 | 2020-24600522 | |
| 31-12-2018 | abbreviated format | 30-08-2019 | 2019-59100531 | |
| 31-12-2017 | abbreviated format | 30-08-2018 | 2018-56400214 | |
| 31-12-2016 | abbreviated format | 31-08-2017 | 2017-58500525 |