SELECT PROJECTS

Active Public limited companyfounded 2005active for 20 yearsTranscontinentaalweg 13, 2030 AntwerpKBO/BCE: BE 0877.938.189 subsidiary of SELECT GROUP

Part of the group SEPARCO 22 companies in 3 countries

See the group

SELECT PROJECTS

Financial year 2025

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Annual accounts 2025

full format, filed on 29-06-2026, 32 days before the deadline

€31.3m

▲ 9.9%

€2.1m

▼ 11.8%

€2.1m

▼ 11.5%

€1.4m

▼ 18.9%

24.6%

▲ 1.1 percentage points

1.32

▲ 0.02

Amounts without an identifiable currency are taken as euros.

Money flows

of every €100 of turnover, €4.23 remains as profit in 2025

Balance sheet

balance sheet total €13.5m on 31-12-2025

What the company ownsHow it is paid for

in €m

Position in the sector

Compare with sector

24.6%

Higher than 41% of 315 companies in 2025.

1.32

Higher than 46% of 313 companies in 2025.

9.8%

Higher than 72% of 315 companies in 2025.

SELECT PROJECTS Middle half of the sector 80% of the sector Full accounts in employment activities (NACE 78)

Net result: top quarter · Equity: top quarter · Balance sheet total: top quarter · Working capital: top quarter · Staff: middle half

Staff

Men and women44% women

94.2 men and 74.2 women in full-time equivalents in 2025.

€71,360

Men €71,768, women €70,841 per full-time equivalent. Jobs differ, so this is not a pay gap.

+5 people

people who joined people who left

In 2025, 50 people joined and 45 left. Training hours in 2025: 2,644.

Filed annual accounts

as filed with the National Bank, click a year to choose it

Line	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015	2014	2013	2012	2011	2010	2009	2008
Balance sheet: assets
`20/58`	13.5m	11.9m	10.3m	9.2m	8.4m	7.1m	5.7m	4.5m	3.3m	1.4m	1.9m	1.1m	744,613	671,090	75,486	23,055	43,496	19,877
`20`	-	-	-	-	-	0	0	0	-	76	258	441	624	806	-	-	178	356
`21/28`	117,324	93,766	104,314	66,867	50,523	51,386	95,270	33,395	38,547	35,046	36,997	18,169	72,276	126,383	-	-	25,241	356
`21`	39,602	31,812	42,558	17,633	14,016	13,670	10,929	17,902	16,519	12,847	16,725	17,728	71,652	125,576	-	7,371	25,063	-
`22/27`	70,322	54,554	54,356	49,234	36,507	37,716	49,657	15,492	22,028	22,199	20,013	-	-	-	-	-	-	-
`22`	-	-	-	-	-	0	0	0	-	-	-	-	-	-	-	-	-	-
`23`	34,456	9,185	12,396	8,041	10,254	7,237	9,108	8,139	10,454	6,406	-	-	-	-	-	-	-	-
`24`	-	-	3,508	17,040	26,254	30,479	40,548	7,353	11,573	15,793	20,013	-	-	-	-	-	-	-
`26`	35,865	45,369	38,452	24,153	-	0	0	0	-	-	-	-	-	-	-	-	-	-
`27`	-	-	-	-	-	0	0	0	-	-	-	-	-	-	-	-	-	-
`28`	7,400	7,400	7,400	-	-	-	34,685	-	-	-	-	-	-	-	-	-	-	-
`280`	-	-	-	-	-	0	0	0	-	-	-	-	-	-	-	-	-	-
`281`	-	-	-	-	-	0	0	0	-	-	-	-	-	-	-	-	-	-
`282/3`	-	-	-	-	-	0	0	0	-	-	-	-	-	-	-	-	-	-
`282`	-	-	-	-	-	0	0	0	-	-	-	-	-	-	-	-	-	-
`283`	-	-	-	-	-	0	0	0	-	-	-	-	-	-	-	-	-	-
`284/8`	7,400	7,400	7,400	-	-	-	34,685	-	-	-	-	-	-	-	-	-	-	-
`284`	-	-	-	-	-	0	0	0	-	-	-	-	-	-	-	-	-	-
`285/8`	7,400	7,400	7,400	-	-	0	34,685	0	-	-	-	-	-	-	-	-	-	-
`29/58`	13.4m	11.8m	10.2m	9.1m	8.3m	7.0m	5.6m	4.5m	3.2m	1.4m	1.8m	1.0m	672,337	544,707	75,486	15,684	18,255	19,521
`290`	-	-	-	-	-	0	0	0	-	-	-	-	-	-	-	-	-	-
`291`	-	-	-	-	-	0	0	0	-	-	-	-	-	-	-	-	-	-
`30/31`	-	-	-	-	-	0	0	0	-	-	-	-	-	-	-	-	-	-
`32`	-	-	-	-	-	0	0	0	-	-	-	-	-	-	-	-	-	-
`33`	-	-	-	-	-	0	0	0	-	-	-	-	-	-	-	-	-	-
`34`	-	-	-	-	-	0	0	0	-	-	-	-	-	-	-	-	-	-
`35`	-	-	-	-	-	0	0	0	-	-	-	-	-	-	-	-	-	-
`36`	-	-	-	-	-	0	0	0	-	-	-	-	-	-	-	-	-	-
`37`	-	-	-	-	-	0	0	0	-	-	-	-	-	-	-	-	-	-
`40/41`	13.3m	11.7m	10.0m	8.9m	8.0m	6.4m	5.4m	3.6m	3.2m	1.4m	1.8m	1.0m	667,360	540,068	67,767	9,907	18,232	18,496
`40`	4.5m	3.0m	3.1m	3.2m	3.5m	3.5m	3.1m	3.2m	3.1m	1.3m	1.8m	1.0m	618,335	540,068	67,767	7,000	13,673	12,836
`41`	8.9m	8.7m	6.9m	5.7m	4.5m	2.9m	2.3m	421,697	100,000	112,663	224	-	49,025	-	-	2,907	4,559	5,660
`50`	-	-	-	-	-	0	0	0	-	-	-	-	-	-	-	-	-	-
`51/53`	-	-	-	-	-	0	0	0	-	-	-	-	-	-	-	-	-	-
`54/58`	14,770	39,368	31,330	139,884	228,679	637,144	45,780	897,244	49,697	7,889	16,886	18	2,352	4,640	6,283	5,777	22	-
`490/1`	97,323	106,166	116,549	63,140	28,697	19,228	177,748	27,413	2,808	6,251	4,257	595	2,625	-	1,436	-	-	1,025
Balance sheet: equity and liabilities
`10/49`	13.5m	11.9m	10.3m	9.2m	8.4m	7.1m	5.7m	4.5m	3.3m	1.4m	1.9m	1.1m	744,613	671,090	75,486	23,055	43,496	19,877
`10/15`	3.3m	2.8m	2.3m	1.7m	2.1m	1.8m	658,115	657,887	656,411	6,203	-160,756	-225,005	-161,683	-109,385	11,437	3,255	-1,119	2,406
`10/11`	61,500	61,500	61,500	61,500	61,500	61,500	6,200	6,200	6,200	6,200	6,200	6,200	6,200	6,200	6,200	-	6,200	6,200
`10`	61,500	61,500	61,500	61,500	61,500	-	-	-	-	-	-	-	-	-	-	6,200	-	-
`100`	61,500	61,500	61,500	61,500	61,500	61,500	18,600	18,600	18,600	18,600	18,600	18,600	18,600	18,600	18,600	18,600	18,600	18,600
`101`	-	-	-	-	-	0	12,400	12,400	12,400	12,400	12,400	12,400	12,400	12,400	12,400	12,400	12,400	12,400
`11`	-	-	-	-	-	0	0	0	-	-	-	-	-	-	-	-	-	-
`1100/10`	-	-	-	-	-	0	0	0	-	-	-	-	-	-	-	-	-	-
`1109/19`	-	-	-	-	-	0	-	-	-	-	-	-	-	-	-	-	-	-
`12`	-	-	-	-	-	0	0	0	-	-	-	-	-	-	-	-	-	-
`13`	415,015	595,550	469,250	667,950	541,650	415,350	326,860	326,860	326,860	620	620	620	620	620	620	276	276	276
`130/1`	6,150	6,150	6,150	6,150	6,150	6,150	-	-	-	-	-	-	-	-	-	-	-	-
`130`	6,150	6,150	6,150	6,150	6,150	6,150	1,860	1,860	1,860	620	620	620	620	620	620	276	276	276
`1311`	-	-	-	-	-	0	-	-	-	-	-	-	-	-	-	-	-	-
`1312`	-	-	-	-	-	-	0	0	-	-	-	-	-	-	-	-	-	-
`1313`	-	-	-	-	-	0	-	-	-	-	-	-	-	-	-	-	-	-
`1319`	-	-	-	-	-	0	0	0	-	-	-	-	-	-	-	-	-	-
`132`	372,585	492,570	463,100	336,800	210,500	409,200	325,000	325,000	325,000	-	-	-	-	-	-	-	-	-
`133`	36,280	96,830	-	325,000	325,000	0	0	0	-	-	-	-	-	-	-	-	-	-
`14`	2.9m	2.1m	1.7m	998,900	1.5m	1.3m	325,055	324,827	323,351	-617	-167,576	-231,825	-168,503	-116,205	4,617	-3,221	-7,594	-4,070
`15`	-	-	-	-	-	0	0	0	-	-	-	-	-	-	-	-	-	-
`19`	-	-	-	-	-	0	0	0	-	-	-	-	-	-	-	-	-	-
`16`	-	-	27,500	93,500	159,500	-	-	-	-	-	-	-	-	-	-	-	-	-
`160/5`	-	-	27,500	93,500	159,500	-	-	-	-	-	-	-	-	-	-	-	-	-
`160`	-	-	-	-	-	0	0	0	-	-	-	-	-	-	-	-	-	-
`161`	-	-	-	-	-	0	0	0	-	-	-	-	-	-	-	-	-	-
`162`	-	-	-	-	-	0	0	0	-	-	-	-	-	-	-	-	-	-
`163`	-	-	-	-	-	0	0	0	-	-	-	-	-	-	-	-	-	-
`164/5`	-	-	27,500	93,500	159,500	0	0	0	-	-	-	-	-	-	-	-	-	-
`168`	-	-	-	-	-	0	0	0	-	-	-	-	-	-	-	-	-	-
`17/49`	10.2m	9.1m	8.0m	7.4m	6.1m	5.3m	5.1m	3.9m	2.6m	1.4m	2.0m	1.3m	906,296	780,475	64,050	19,800	44,614	17,471
`17`	-	-	-	-	-	270,155	-	-	-	-	-	-	-	-	-	-	-	-
`170`	-	-	-	-	-	0	0	0	-	-	-	-	-	-	-	-	-	-
`171`	-	-	-	-	-	0	0	0	-	-	-	-	-	-	-	-	-	-
`172`	-	-	-	-	-	0	0	0	-	-	-	-	-	-	-	-	-	-
`173`	-	-	-	-	-	0	0	0	-	-	-	-	-	-	-	-	-	-
`174`	-	-	-	-	-	0	0	0	-	-	-	-	-	-	-	-	-	-
`1750`	-	-	-	-	-	0	0	0	-	-	-	-	-	-	-	-	-	-
`1751`	-	-	-	-	-	0	0	0	-	-	-	-	-	-	-	-	-	-
`176`	-	-	-	-	-	0	0	0	-	-	-	-	-	-	-	-	-	-
`178/9`	-	-	-	-	-	270,155	0	0	-	-	-	-	-	-	-	-	-	-
`42/48`	10.2m	9.1m	8.0m	7.4m	6.1m	5.0m	5.1m	3.9m	2.6m	1.4m	2.0m	1.3m	906,296	780,475	64,050	19,800	44,614	17,030
`42`	-	-	-	-	-	0	0	0	-	-	-	-	-	-	-	-	-	-
`43`	1.1m	1.1m	351,301	422,822	325,185	410,288	766,891	923,500	356,237	-	563,484	390,794	182,748	114,367	-	-	-	63
`430/8`	1.1m	1.1m	351,301	422,822	325,185	410,288	766,891	923,500	356,237	-	563,484	390,794	182,748	114,367	-	-	-	63
`439`	-	-	-	-	-	0	0	0	-	-	-	-	-	-	-	-	-	-
`44`	5.2m	4.1m	3.7m	3.1m	2.4m	2.0m	1.9m	714,758	701,385	436,001	308,511	186,326	166,504	102,441	34,664	-	3,314	-
`440/4`	5.2m	4.1m	3.7m	3.1m	2.4m	2.0m	1.9m	714,758	701,385	436,001	308,511	186,326	166,504	102,441	34,664	-	3,314	-
`441`	-	-	-	-	-	0	0	0	-	-	-	-	-	-	-	-	-	-
`46`	-	-	-	-	-	0	0	0	-	-	-	-	-	-	-	-	-	-
`45`	2.9m	2.6m	2.7m	2.6m	2.5m	2.5m	1.8m	1.6m	1.6m	889,359	572,712	451,268	388,968	334,992	8,086	-	-	6,967
`450/3`	772,810	616,528	808,995	711,597	791,131	731,894	314,665	453,296	635,932	293,760	169,966	121,368	74,328	95,896	4,035	-	-	6,121
`454/9`	2.1m	2.0m	1.9m	1.9m	1.7m	1.8m	1.5m	1.1m	927,233	595,599	402,746	329,900	314,640	239,096	4,051	-	-	846
`47/48`	890,081	1.3m	1.2m	1.3m	873,744	41,597	554,603	675,000	-	88,974	585,056	247,066	168,076	228,676	21,300	19,800	41,300	10,000
`492/3`	35,586	589	17,339	-	-	11,532	17,852	0	9,090	-	-	-	-	-	-	-	-	441
Income statement
`70/76A`	31.9m	29.2m	25.9m	21.6m	18.5m	18.0m	16.7m	15.0m	10.8m	-	5.6m	4.2m	3.8m	2.2m	97,348	-	11,605	254,205
`70`	31.3m	28.5m	25.1m	21.0m	17.8m	17.1m	16.5m	14.8m	10.7m	7.6m	5.5m	4.1m	3.7m	2.2m	97,054	25,000	11,300	252,173
`71`	-	-	-	-	-	0	0	0	-	-	-	-	-	-	-	-	-	-
`72`	-	-	-	-	-	0	0	0	-	-	-	-	-	-	-	-	-	-
`74`	642,873	595,541	737,849	575,744	739,427	-	-	-	-	-	-	-	-	-	-	-	-	-
`76A`	-	90,673	27,643	59	-	272,869	0	0	-	-	-	-	-	-	-	-	-	-
`9900`	-	-	-	-	-	-	-	-	-	4.4m	-	-	-	-	-	-	-	-
`60/66A`	29.9m	26.8m	23.6m	20.1m	16.9m	16.3m	15.9m	13.7m	9.8m	-	5.4m	4.2m	3.8m	2.3m	88,428	-	14,590	252,723
`60/61`	-	-	-	-	-	-	-	-	-	3.3m	-	-	-	-	-	-	-	-
`600/8`	-	-	-	-	-	0	0	0	-	-	-	-	-	-	-	-	-	-
`609`	-	-	-	-	-	0	0	0	-	-	-	-	-	-	-	-	-	-
`61`	17.8m	15.4m	12.5m	9.9m	7.8m	7.0m	7.9m	6.3m	4.1m	-	2.5m	1.8m	1.6m	904,621	44,445	1,095	3,047	66,549
`62`	12.0m	11.4m	11.1m	10.2m	8.9m	9.2m	8.0m	7.4m	5.6m	4.0m	2.9m	2.4m	2.2m	1.4m	34,040	15	-	185,500
`630`	35,445	32,492	34,032	25,888	18,201	22,536	21,038	14,070	12,147	8,755	21,694	54,107	54,107	36,303	7,371	17,869	10,498	178
`631/4`	-	-	-	-	-	-5,937	0	0	27,825	-	-	-	-	-	-	-	-	-
`635/8`	-	-27,500	-66,000	-66,000	159,500	0	0	0	-	-	-	-	-	-	-	-	-	-
`640/8`	3,081	1,937	2,824	5,446	4,246	10,856	16,603	4,620	3,931	2,366	3,095	1,689	1,086	1,354	2,571	653	1,046	496
`649`	-	-	-	-	-	0	0	0	-	-	-	-	-	-	-	-	-	-
`66A`	607	-	-	-	-	41,715	0	0	-	-	-	-	-	-	-	-	-	-
`9901`	2.1m	2.3m	2.3m	1.5m	1.6m	1.8m	821,585	1.3m	978,911	384,467	174,991	-28,449	-26,391	-106,123	8,920	5,368	-2,985	1,482
`75/76B`	206,452	378,263	314,941	110,653	41,042	31,146	41,123	17,060	5,185	606	3	194	3,779	1,855	-	-	15	147
`75`	206,452	378,263	314,941	110,653	41,042	31,146	41,123	17,060	5,185	606	3	194	3,779	1,855	-	-	15	147
`750`	-	-	-	-	-	0	11	0	-	-	-	-	-	-	-	-	15	-
`751`	198,741	375,996	312,912	110,653	41,042	31,146	40,952	17,060	5,185	-	3	-	480	-	-	-	-	147
`752/9`	7,711	2,267	2,028	-	-	0	161	0	-	-	-	194	3,299	1,855	-	-	-	-
`76B`	-	-	-	-	-	0	0	0	-	-	-	-	-	-	-	-	-	-
`65/66B`	337,356	354,039	272,596	121,531	79,733	85,730	71,432	65,128	58,887	53,249	45,745	32,909	26,802	13,299	487	-	563	153
`65`	337,356	354,039	272,596	121,531	79,733	85,730	71,432	65,128	58,887	53,249	45,745	32,909	26,802	13,299	487	995	563	153
`650`	336,427	352,912	271,704	120,335	79,355	84,457	69,679	64,190	58,181	-	45,502	32,686	26,605	13,137	448	859	447	134
`651`	-	-	-	-	-	0	0	0	-	-	-	-	-	-	-	-	-	-
`652/9`	929	1,126	892	1,196	379	1,273	1,753	938	707	-	243	223	196	162	39	136	116	19
`66B`	-	-	-	-	-	0	0	0	-	-	-	-	-	-	-	-	-	-
`9903`	1.9m	2.4m	2.3m	1.5m	1.6m	1.7m	791,276	1.2m	925,209	331,823	129,248	-61,165	-49,414	-117,568	8,433	4,373	-3,533	1,476
`67/77`	608,817	720,098	738,807	533,325	517,053	560,088	374,048	573,043	275,000	164,864	65,000	2,157	2,885	3,253	251	-	-8	3,201
`670/3`	608,817	720,098	738,807	533,325	517,053	560,088	374,048	577,211	275,000	-	65,000	2,157	2,885	3,253	251	-	292	3,201
`77`	-	-	-	-	-	0	0	4,169	-	-	-	-	-	-	-	-	301	-
`9904`	1.3m	1.6m	1.6m	957,276	1.1m	1.1m	417,227	676,476	650,209	166,959	64,248	-63,322	-52,298	-120,821	8,182	4,373	-3,525	-1,725
`789`	189,450	96,830	-	-	325,000	0	0	0	-	-	-	-	-	-	-	-	-	-
`689`	69,465	126,300	126,300	126,300	126,300	84,200	0	0	325,000	-	-	-	-	-	-	-	-	-
`9905`	1.4m	1.6m	1.5m	830,976	1.3m	1.1m	417,227	676,476	325,209	166,959	64,248	-63,322	-52,298	-120,821	8,182	4,373	-3,525	-1,725
Appropriation of the result
`9906`	3.6m	3.3m	2.5m	2.3m	2.6m	1.4m	742,055	999,827	324,591	-617	-167,576	-231,825	-168,503	-116,205	4,961	-3,221	-7,594	-4,070
`14P`	2.1m	1.7m	998,900	1.5m	1.3m	-	-	-	-	-	-	-	-	-	-	-7,594	-	-
`791/2`	250,000	-	325,000	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
`791`	-	-	-	-	-	0	0	0	-	-	-	-	-	-	-	-	-	-
`792`	250,000	-	325,000	-	-	0	0	0	-	-	-	-	-	-	-	-	-	-
`691/2`	189,450	96,830	-	-	325,000	47,190	-	-	1,240	-	-	-	-	-	344	-	-	-
`691`	-	-	-	-	-	42,900	0	0	-	-	-	-	-	-	-	-	-	-
`6920`	-	-	-	-	-	4,290	0	0	1,240	-	-	-	-	-	344	-	-	-
`6921`	189,450	96,830	-	-	325,000	0	0	0	-	-	-	-	-	-	-	-	-	-
`694/7`	800,000	1.1m	1.1m	1.3m	830,000	-	417,000	675,000	-	-	-	-	-	-	-	-	-	-
`694`	800,000	1.1m	1.1m	1.3m	830,000	0	417,000	675,000	-	-	-	-	-	-	-	-	-	-
`695`	-	-	-	-	-	0	0	0	-	-	-	-	-	-	-	-	-	-
`696`	-	-	-	-	-	0	0	0	-	-	-	-	-	-	-	-	-	-
Social balance sheet
`9087`	168.4	170.6	166.6	165.9	144.8	150.1	133.8	119.2	90.1	62.9	46.4	38.8	36.1	21.1	0.8	-	-	4.1
Men (FTE)`1003`	94.2	92.1	92.5	92.1	79	89.6	75.3	60.4	55.6	-	34.3	29.8	26.5	15.3	-	-	-	-
Women (FTE)`1003`	74.2	78.5	74.1	73.8	65.8	60.5	58.5	58.8	34.5	-	12.1	9	9.6	5.8	-	-	-	-
Agency workers`1501`	-	0.1	0.2	-	-	0	0	0	-	-	-	-	-	-	-	-	-	-
Hours worked`1013`	268,794	275,624	274,263	270,743	242,005	244,022	222,508	197,986	150,832	106,261	77,479	62,532	60,448	35,557	1,368	-	-	7,203
Document	PDF	PDF	PDF	PDF	PDF	PDF	PDF	PDF	PDF	PDF	PDF	PDF	PDF	PDF	PDF	PDF	PDF	PDF

The accounts for 2 older financial years (2006-2007) were filed as documents without figures as data, scans for example.

The notes to these accounts have 48 items, including the statement of assets and debts, the cost breakdown and rights and commitments. You find them in the accounts filed with the NBB.

Source: Annual accounts 2025 at the NBB, filed on 29-06-2026.

Download as CSV

Filings

each dot is a set of accounts, on the day it reached the National Bank

Financial year	Type	Filed	Reference	Document
31-12-2025	full format	29-06-2026	2026-00236948	PDF
31-12-2024	full format	02-07-2025	2025-00224017	PDF
31-12-2023	full format	03-07-2024	2024-00222330	PDF
31-12-2022	full format	07-07-2023	2023-00219925	PDF
31-12-2021	full format	06-07-2022	2022-20173423	PDF
31-12-2020	full format	12-07-2021	2021-34500262	PDF
31-12-2019	full format	07-07-2020	2020-27800182	PDF
31-12-2018	full format	10-07-2019	2019-31800405	PDF
31-12-2017	full format	22-06-2018	2018-21900573	PDF
31-12-2016	abbreviated format	13-07-2017	2017-31700023	PDF
31-12-2015	full format	14-07-2016	2016-32100325	PDF
31-12-2014	full format	07-07-2015	2015-28500375	PDF
31-12-2013	full format	14-07-2014	2014-30300016	PDF
31-12-2012	full format	01-07-2013	2013-24900105	PDF
31-12-2011	full format	28-06-2012	2012-23000340	PDF
31-12-2010	full format	29-06-2011	2011-25300553	PDF
31-12-2009	full format	29-06-2010	2010-24100044	PDF
31-12-2008	full format	30-06-2009	2009-33300283	PDF
31-12-2007	abbreviated format	26-06-2008	2008-27500387	PDF
31-12-2006	abbreviated format	29-06-2007	2007-30500148	PDF

Subsidies and aid

Flemish government 2022 to 2025, 4 entries, €29,650 awarded, €29,650 paid

Vlaams opleidingsverlof (VOV)

€29,650

Year	Entries	Awarded	Paid
2025	1	€852	€852
2024	1	€7,008	€7,008
2023	1	€14,037	€14,037
2022	1	€7,753	€7,753

Key figures and ratios

per financial year, computed from the annual accounts

2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015	2014	2013	2012	2011	2010	2009	2008
2.1m	2.4m	2.3m	1.5m	1.7m	1.8m	842,623	1.3m	991,058	393,222	196,685	25,658	27,716	-69,821	16,292	23,237	7,513	1,660
1.4m	1.7m	1.6m	983,164	1.1m	1.2m	438,265	690,546	662,356	175,714	85,943	-9,215	1,808	-84,518	15,553	22,242	6,973	-1,547
59,003	24,140	64,079	42,232	17,338	13,337	48,229	8,917	15,572	6,880	40,522	0	0	161,772	0	-1	35,383	-
-24,598	8,039	-108,554	-88,795	-408,465	591,364	-851,464	847,547	41,808	-8,997	16,868	-2,334	-2,288	-1,643	506	5,755	-	-
3.2m	2.7m	2.2m	1.8m	2.2m	2.0m	580,697	624,493	626,954	-28,919	-197,753	-243,174	-233,959	-235,767	11,437	-4,116	-26,360	2,491
6.6%	8.2%	9.2%	7.2%	9.3%	10.2%	5.0%	8.8%	9.2%	5.0%	3.2%	-0.7%	-0.7%	-4.8%	9.2%	21.5%	-26.4%	0.6%
24.6%	23.5%	22.1%	18.8%	24.8%	25.6%	11.5%	14.5%	20.0%	0.4%	-8.6%	-21.4%	-21.7%	-16.3%	15.2%	14.1%	-2.6%	12.1%
1.32	1.30	1.28	1.24	1.36	1.41	1.11	1.16	1.24	0.98	0.90	0.81	0.74	0.70	1.18	0.79	0.41	1.15
3.07	3.26	3.52	4.28	2.96	2.91	7.73	5.90	4.01	-	-	-	-	-	5.60	6.08	-	7.26
39.7%	58.5%	71.1%	55.4%	52.7%	63.0%	63.4%	102.8%	99.1%	-	-	-	-	-	71.5%	134.3%	-	-71.7%
9.8%	13.8%	15.7%	10.4%	13.1%	16.1%	7.3%	14.9%	19.8%	11.8%	3.4%	-6.0%	-7.0%	-18.0%	10.8%	19.0%	-8.1%	-8.7%
6.23	6.71	8.61	12.69	20.98	21.04	12.09	20.43	17.03	-	4.32	0.78	1.04	-5.31	36.37	27.05	16.81	12.39
52 days	38 days	45 days	56 days	73 days	74 days	68 days	78 days	106 days	60 days	119 days	91 days	60 days	89 days	255 days	102 days	442 days	19 days
108 days	96 days	108 days	114 days	114 days	107 days	89 days	42 days	62 days	48 days	46 days	39 days	39 days	41 days	285 days	-	397 days	-

A Belgian filing has no cash-flow statement. Cash flow is therefore an approximation, derived from the income statement. Investment is the acquisitions in the notes and, without them, the balance-sheet move.

Social balance sheet

Item	31-12-2025	31-12-2024	31-12-2023	31-12-2022	31-12-2021
Employees at the balance-sheet date	180	175	170	172	152
full-time	158	153	150	154	137
part-time	22	22	20	18	15
in full-time equivalents	175.2	170.5	165.8	167.9	148.3
	168.4	170.6	166.6	165.9	144.8
On a permanent contract	180	175	170	171	151
Joined	50	37	39	83	71
Left	45	32	41	63	56
Agency workers, average number	-	0.1	0.2	-	-
Training hours	2,644	1,727	1,672	1,660	792

Source: social balance sheet in the 2021 to 2025 annual accounts

Investments

fixed assets acquired

Item	2025	2024	2023	2022	2021
Tangible fixed assets	€39,445	€24,140	€30,295	€32,492	€11,038
Intangible fixed assets	€19,558	-	€33,784	€9,740	€6,300
	€35,445	€32,492	€34,032	€25,888	€18,201

Source: notes to the 2021 to 2025 annual accounts (statement of fixed assets)

Auditor

fees

The auditor is Finvision Bedrijfsrevisoren.

Item	2025	2024	2023	2022	2021
Fee for the audit	€10,500	€9,941	€9,559	€9,104	€8,670

Source: notes to the 2021 to 2025 annual accounts (relations with the auditor)

Public contracts

1 award · 2024

Emarket 655 - Senior Developer Java: 0000745086 - MMI_Q - 1

buyer: Infrabel nvIT servicesawarded 29-02-2024€783,00030 tendersTED 177585-2024

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.

Insights on SELECT PROJECTS

The operating result for 2025 is 12% lower than in 2024 and the lowest since 2022.

Debt's share of the balance-sheet total falls from 76.5% to 75.4%. Equity and debt are higher.

Next steps

Work out how much credit to give this customer and on what payment terms.Credit check Compare this company with its sector.Sector benchmark See what changed in the latest annual accounts.What changed

Annual accounts 2025

Money flows

Balance sheet

Change in equityin €m

Change in cashin €m

Position in the sector

Solvency24.6%

Current ratio1.32

Return on assets9.8%

Staff

Men and women44% women

Staff cost per FTE€71,360

Joined and left+5 people

Filed annual accounts

Filings

Subsidies and aid

Flemish government 2022 to 2025, 4 entries, €29,650 awarded, €29,650 paid

Key figures and ratios

Social balance sheet

Investments

Auditor

Public contracts

Insights on SELECT PROJECTS

Next steps

in €m

in €m

24.6%

1.32

9.8%

€71,360

+5 people