Solvus (0457.455.463): financials and annual accounts

Solvus

Antwerp ·KBO/BCE: BE 0457.455.463

Line	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015	2014	2013	2012	2011	2010	2009	2008
Balance sheet: assets
Total assets`20/58`	56.7m	54.9m	43.7m	46.9m	32.4m	20.0m	19.5m	19.7m	16.4m	9.0m	7.2m	6.0m	4.3m	4.0m	4.1m	2.1m	1.2m	1.0m
Fixed assets`21/28`	58,492	106,218	170,420	233,790	280,259	294,468	395,751	512,108	517,359	463,422	270,855	-	-	-	-	-	-	-
Intangible fixed assets`21`	6,397	10,595	14,793	18,991	-	-	6,868	27,377	47,885	68,393	88,902	-	-	-	-	-	-	-
Tangible fixed assets`22/27`	45,187	88,715	148,719	207,891	277,859	94,468	188,883	264,731	324,474	275,029	61,953	-	-	-	-	-	-	-
Plant, machinery and equipment`23`	-	-	-	303	801	1,722	3,451	5,180	4,118	5,349	-	-	-	-	-	-	-	-
Furniture and vehicles`24`	3,332	4,285	11,189	20,046	28,904	31,830	55,173	66,193	77,295	76,414	27,508	-	-	-	-	-	-	-
Other tangible fixed assets`26`	41,855	84,431	137,530	187,541	248,154	60,915	130,259	193,358	243,062	193,265	34,445	-	-	-	-	-	-	-
Financial fixed assets`28`	6,908	6,908	6,908	6,908	2,400	200,000	200,000	220,000	145,000	120,000	120,000	-	-	-	-	-	-	-
Other financial fixed assets`284/8`	6,908	6,908	6,908	6,908	2,400	200,000	200,000	220,000	145,000	120,000	120,000	-	-	-	-	-	-	-
Shares`284`	-	-	-	-	-	200,000	200,000	220,000	-	-	-	-	-	-	-	-	-	-
Amounts receivable and cash guarantees`285/8`	6,908	6,908	6,908	6,908	2,400	-	-	-	145,000	120,000	120,000	-	-	-	-	-	-	-
Current assets`29/58`	56.6m	54.8m	43.5m	46.7m	32.2m	19.7m	19.1m	19.2m	15.9m	8.5m	6.9m	6.0m	4.3m	4.0m	4.1m	2.1m	1.2m	1.0m
Amounts receivable within one year`40/41`	55.6m	53.3m	41.8m	45.7m	31.4m	19.5m	18.8m	18.7m	15.5m	8.3m	6.7m	5.9m	4.2m	4.0m	4.1m	2.1m	1.2m	429,070
Trade receivables`40`	48.9m	53.3m	41.8m	37.1m	31.3m	18.8m	17.0m	17.9m	13.8m	8.1m	6.0m	4.3m	861,065	1.8m	2.4m	1.3m	393,103	427,868
Other amounts receivable`41`	6.7m	-	4,659	8.7m	63,469	660,910	1.8m	773,251	1.8m	173,109	682,266	1.5m	3.4m	2.2m	1.7m	709,542	814,421	1,203
Cash at bank and in hand`54/58`	751	1,887	1,989	1,183	1,385	888	929	-	27,555	-	-	55,823	6,304	-	-	-	-	580,788
Deferred charges and accrued income`490/1`	1.0m	1.5m	1.7m	916,467	793,645	255,468	362,721	499,464	357,333	221,969	178,459	36,133	24,635	2,755	1,910	1,537	960	17,123
Balance sheet: equity and liabilities
Total equity and liabilities`10/49`	56.7m	54.9m	43.7m	46.9m	32.4m	20.0m	19.5m	19.7m	16.4m	9.0m	7.2m	6.0m	4.3m	4.0m	4.1m	2.1m	1.2m	1.0m
Equity`10/15`	2.2m	1.8m	1.3m	686,279	363,519	525,429	408,879	1.1m	1.5m	1.6m	1.6m	2.0m	2.1m	1.8m	1.5m	1.2m	782,902	568,398
Contributions`10/11`	662,405	662,405	662,405	662,405	662,405	162,405	162,405	162,405	162,405	162,405	162,405	162,405	162,405	162,405	162,405	162,405	162,405	162,405
Capital`10`	662,405	662,405	662,405	662,405	662,405	-	-	-	-	-	-	-	-	-	-	-	-	-
Issued capital`100`	662,405	662,405	662,405	662,405	662,405	162,405	162,405	162,405	162,405	162,405	162,405	162,405	162,405	162,405	162,405	162,405	162,405	162,405
Reserves`13`	66,241	66,241	49,641	16,641	16,241	16,241	16,241	16,241	16,241	16,241	16,241	16,242	16,241	16,241	16,241	16,241	16,241	16,241
Non-distributable reserves`130/1`	66,241	66,241	49,641	16,641	16,241	16,241	-	-	-	-	-	-	-	-	-	-	-	-
Legal reserve`130`	66,241	66,241	49,641	16,641	16,241	16,241	16,241	16,241	16,241	16,241	16,241	16,242	16,241	16,241	16,241	16,241	16,241	16,241
Profit (loss) carried forward`14`	1.5m	1.1m	624,366	7,234	-315,126	346,784	230,234	950,148	1.4m	1.4m	1.4m	1.8m	1.9m	1.6m	1.4m	1.0m	604,257	389,752
Provisions and deferred taxes`16`	-	-	5,438	17,000	-	20,000	43,187	-	-	-	-	-	-	-	-	-	-	-
Provisions for liabilities and charges`160/5`	-	-	5,438	17,000	-	20,000	43,187	-	-	-	-	-	-	-	-	-	-	-
Environmental obligations`163`	-	-	-	17,000	-	20,000	43,187	-	-	-	-	-	-	-	-	-	-	-
Other liabilities and charges`164/5`	-	-	5,438	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Amounts payable`17/49`	54.5m	53.1m	42.3m	46.2m	32.1m	19.5m	19.1m	18.6m	14.9m	7.3m	5.5m	4.0m	2.2m	2.2m	2.5m	850,026	425,581	458,583
Amounts payable within one year`42/48`	53.9m	52.6m	41.7m	45.2m	31.2m	19.0m	18.8m	18.3m	14.5m	5.6m	4.9m	3.7m	2.1m	2.1m	2.5m	825,054	418,628	456,465
Trade debts`44`	51.4m	48.7m	29.4m	42.6m	27.7m	17.5m	17.7m	16.9m	11.9m	3.6m	3.3m	2.0m	849,850	849,294	1.1m	73,097	54,131	34,766
Suppliers`440/4`	51.4m	48.7m	29.4m	42.6m	27.7m	17.5m	17.7m	16.9m	11.9m	3.6m	3.3m	2.0m	849,850	849,294	1.1m	73,097	54,131	34,766
Taxes, remuneration and social security`45`	2.5m	2.6m	2.5m	2.6m	2.3m	1.5m	1.1m	1.4m	2.7m	1.9m	1.6m	1.6m	1.3m	1.3m	1.4m	751,957	364,497	421,700
Taxes`450/3`	674,359	688,617	712,506	807,070	637,908	244,191	5,816	216,364	922,226	405,680	388,530	471,256	388,253	395,239	543,037	355,738	237,368	204,054
Remuneration and social security`454/9`	1.9m	1.9m	1.8m	1.8m	1.7m	1.2m	1.1m	1.2m	1.8m	1.5m	1.2m	1.1m	902,961	905,051	878,646	396,219	127,129	217,646
Other amounts payable`47/48`	-	1.3m	9.8m	-	1.2m	-	-	-	-	-	-	55,823	7,237	-	-	-	-	-
Accrued charges and deferred income`492/3`	601,769	505,266	601,362	954,036	898,096	429,405	271,411	299,564	357,373	1.8m	674,868	323,091	29,020	19,412	1,505	24,972	6,953	2,118
Income statement
Operating income`70/76A`	331.2m	327.4m	263.3m	227.9m	176.5m	120.7m	114.6m	80.1m	54.2m	36.6m	30.0m	18.3m	9.5m	9.2m	8.3m	3.0m	1.8m	2.1m
Turnover`70`	329.7m	325.1m	260.8m	225.5m	174.6m	119.0m	113.6m	76.8m	45.4m	26.0m	23.3m	16.5m	9.4m	9.1m	8.1m	3.0m	1.8m	2.0m
Other operating income`74`	1.5m	2.3m	2.4m	2.4m	1.9m	-	-	-	-	-	-	-	-	-	-	-	-	-
Non-recurring operating income`76A`	-	5,438	17,000	-	20,000	59,187	-	-	-	-	-	-	-	-	-	-	-	-
Operating charges`60/66A`	330.2m	326.3m	262.2m	227.3m	176.5m	120.4m	115.2m	80.4m	54.0m	36.5m	30.3m	18.3m	9.0m	8.8m	7.8m	2.4m	1.5m	1.7m
Services and other goods`61`	317.9m	313.6m	249.9m	214.4m	165.3m	110.9m	104.6m	68.8m	40.9m	22.9m	19.7m	8.5m	1.8m	1.9m	1.9m	349,836	197,191	161,229
Remuneration, social security and pensions`62`	12.1m	12.5m	12.1m	12.7m	10.6m	9.3m	10.4m	11.5m	13.0m	13.4m	10.5m	9.7m	7.2m	6.9m	5.8m	2.0m	1.3m	1.5m
Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets`630`	60,654	64,918	67,308	71,785	82,983	82,107	97,410	96,181	87,592	42,429	15,218	-	-	-	-	-	-	-
Write-downs on stocks, contracts in progress and trade receivables: additions (reversals)`631/4`	-1,800	-5,101	-	-	6,901	-	-	-	-600	600	-	-	-	-	-	-	-	-
Other operating charges`640/8`	97,207	103,067	77,603	90,536	70,643	64,027	82,700	87,618	76,542	85,268	62,238	53,537	8,471	3,172	5,589	3,608	2,583	2,385
Non-recurring operating charges`66A`	-	-	5,438	17,183	450,000	39,329	43,187	-	-	-	-	-	-	-	-	-	-	-
Operating profit (loss)`9901`	964,106	1.1m	1.1m	600,189	-49,357	302,830	-594,639	-342,009	174,609	150,433	-295,632	-30,003	488,303	472,654	506,684	636,770	332,598	370,860
Financial income`75/76B`	109,680	78,276	46,654	9,196	3,600	1	1,964	0	0	17	5,747	11,781	17,135	23,781	13,350	1,253	2,502	16,498
Recurring financial income`75`	109,680	78,276	46,654	9,196	3,600	1	1,964	0	0	17	5,747	11,781	17,135	23,781	13,350	1,253	2,502	16,498
Income from current assets`751`	109,680	77,968	44,995	9,193	-	-	-	-	-	16	5,728	11,779	16,931	21,168	13,225	1,151	2,502	16,497
Other financial income`752/9`	0	309	1,659	3	3,600	1	1,964	0	0	0	19	2	204	2,614	125	102	0	0
Financial charges`65/66B`	171,786	148,651	97,850	98,852	285,906	65,928	64,827	70,335	68,593	71,764	68,657	81,634	34,258	2,558	4,322	3,913	2,677	2,025
Recurring financial charges`65`	171,786	148,651	97,850	98,852	85,906	65,928	64,827	70,335	68,593	71,764	68,657	81,634	34,258	2,558	4,322	3,913	2,677	2,025
Debt charges`650`	154,559	132,866	84,118	81,721	70,219	57,789	59,370	66,202	66,461	70,231	53,124	34,232	6,477	1,748	3,636	2,194	1,536	1,344
Other financial charges`652/9`	17,228	15,785	13,731	17,131	15,687	8,138	5,457	4,132	2,132	1,533	15,533	47,402	27,781	810	686	1,719	1,141	681
Non-recurring financial charges`66B`	-	-	-	-	200,000	-	-	-	-	-	-	-	-	-	-	-	-	-
Profit (loss) for the period before taxes`9903`	902,000	1.1m	1.1m	510,533	-331,662	236,903	-657,501	-412,344	106,015	78,686	-358,542	-99,856	471,180	493,878	515,713	634,110	332,423	385,332
Income taxes`67/77`	490,277	605,139	404,957	187,772	330,248	120,353	62,413	-2,052	187,155	78,111	7,812	12,539	198,768	217,065	175,295	208,255	117,919	121,637
Taxes`670/3`	538,377	605,139	416,715	194,599	330,248	120,353	62,413	11,550	240,893	78,111	7,812	12,539	198,768	217,065	175,295	221,553	129,558	121,637
Tax adjustments and reversals of tax provisions`77`	48,101	-	11,758	6,827	-	-	-	13,601	53,738	-	-	-	-	-	-	13,298	11,640	-
Profit (loss) for the period`9904`	411,724	453,411	650,132	322,760	-661,910	116,550	-719,914	-410,292	-81,139	576	-366,354	-112,396	272,412	276,813	340,417	425,855	214,504	263,695
Profit (loss) for the period to be appropriated`9905`	411,724	453,411	650,132	322,760	-661,910	116,550	-719,914	-410,292	-81,139	576	-366,354	-112,396	272,412	276,813	340,417	425,855	214,504	263,695
Appropriation of the result
Profit (loss) to be appropriated`9906`	1.5m	1.1m	657,366	7,634	-315,126	346,784	230,234	950,148	1.4m	1.4m	1.4m	1.8m	1.9m	1.6m	1.4m	1.0m	604,257	389,752
Profit (loss) brought forward from the previous period`14P`	1.1m	624,366	7,234	-315,126	346,784	-	-	-	-	-	-	-	-	-	-	-	-	-
Transfer to equity`691/2`	-	16,600	33,000	400	-	-	-	-	-	-	-	-	-	-	-	-	-	-
To the legal reserve`6920`	-	16,600	33,000	400	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Social balance sheet
Average staff (FTE)`9087`	176.7	198.1	206.6	241.9	207.2	183.8	198.3	229.2	253	250.1	211.8	206.3	182.1	177.7	151.9	57.1	32.7	39.9
Men (FTE)`1003`	59.8	71.5	68.9	86.8	83.7	88.5	91.7	98.9	100	103.8	82.7	81.8	93.3	89.4	-	-	-	-
Women (FTE)`1003`	116.9	126.6	137.7	155.1	123.5	95.3	106.6	130.3	153	146.3	129.1	124.5	88.8	88.3	-	-	-	-
Agency workers`1501`	5.1	4.7	30	23.7	11.9	3.2	2.9	9.8	8.6	44.4	39.6	22.7	10.5	10.9	19.8	6.3	3.1	2.2
Hours worked`1013`	288,179	312,593	322,494	377,540	323,396	280,781	321,040	373,008	415,964	415,643	340,312	338,799	303,270	294,022	255,738	93,992	54,373	65,829
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Financial year	Type	Filed	Reference	Document
31-12-2025	full format	16-06-2026	2026-00185365	PDF
31-12-2024	full format	17-06-2025	2025-00149933	PDF
31-12-2023	full format	20-06-2024	2024-00150751	PDF
31-12-2022	full format	13-06-2023	2023-00126179	PDF
31-12-2021	full format	20-06-2022	2022-20083479	PDF
31-12-2020	full format	25-06-2021	2021-25200459	PDF
31-12-2019	full format	25-06-2020	2020-21700011	PDF
31-12-2018	full format	24-06-2019	2019-22400441	PDF
31-12-2017	full format	04-07-2018	2018-30600089	PDF
31-12-2016	full format	18-08-2017	2017-45800256	PDF
31-12-2015	full format	29-06-2016	2016-24600490	PDF
31-12-2014	full format	22-06-2015	2015-20500059	PDF
31-12-2013	full format	16-06-2014	2014-18300057	PDF
31-12-2012	full format	25-06-2013	2013-22700371	PDF
31-12-2011	full format	25-07-2012	2012-34300298	PDF
31-12-2010	full format	17-06-2011	2011-18700212	PDF
31-12-2009	full format	31-05-2010	2010-15000571	PDF
31-12-2008	full format	09-06-2009	2009-21900058	PDF
31-12-2007	full format	01-07-2008	2008-31700184	PDF
31-12-2006	full format	20-07-2007	2007-43000137	PDF
31-12-2005	full format	20-06-2006	2006-26500005	PDF
31-12-2004	full format	29-06-2005	2005-34800166	PDF
31-12-2003	abbreviated format	30-07-2004	2004-55702157	PDF
31-12-2002	abbreviated format	09-07-2003	2003-38600003	PDF
31-12-2001	abbreviated format	10-09-2002	2002-53900251	PDF
31-12-2000	abbreviated format	24-07-2001	2001-40700023	PDF
31-12-1999	abbreviated format	15-11-2000	2000-70900132	PDF
31-12-1998	abbreviated format	18-08-1999	1999-40902648	PDF
31-12-1997	abbreviated format	15-04-1998	1998-06804944	PDF
31-12-1996	abbreviated format	20-06-1997	1997-18202340	PDF

Year	Entries	Awarded	Paid
2025	1	€2,130	€2,130
2024	1	€4,707	€4,707
2023	1	€4,090	€4,090

Line	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015	2014	2013	2012	2011	2010	2009	2008
EBITDA	1.0m	1.2m	1.2m	671,973	33,626	384,937	-497,229	-245,828	262,201	192,862	-280,414	-	-	-	-	-	-	-
Cash flow	472,378	518,328	717,441	394,545	-578,927	198,657	-622,504	-314,111	6,453	43,004	-351,136	-	-	-	-	-	-	-
Investment in fixed assets (approximation)	12,928	716	3,939	20,990	266,374	-19,176	1,053	235,930	116,529	234,996	166,073	-	-	-	-	-	-	-
Change in cash	-1,136	-101	805	-201	497	-41	-	-	-	-	-	49,519	-	-	-	-	-	-
Working capital	2.7m	2.2m	1.8m	1.4m	981,357	680,366	327,726	916,249	1.4m	2.9m	2.0m	2.3m	2.1m	1.8m	1.6m	1.2m	789,855	570,516
EBIT margin	0.3%	0.3%	0.4%	0.3%	0.0%	0.3%	-0.5%	-0.4%	0.4%	0.6%	-1.3%	-0.2%	5.2%	5.2%	6.2%	21.4%	18.3%	18.4%
Solvency	3.9%	3.3%	3.1%	1.5%	1.1%	2.6%	2.1%	5.7%	9.4%	18.1%	22.6%	33.2%	49.1%	45.7%	38.0%	58.7%	64.8%	55.3%
Current ratio	1.05	1.04	1.04	1.03	1.03	1.04	1.02	1.05	1.09	1.52	1.42	1.63	1.99	1.86	1.61	2.50	2.89	2.25
Debt to equity	24.76	29.68	31.67	67.31	88.24	37.05	46.61	16.44	9.68	4.53	3.42	2.01	1.04	1.19	1.63	0.70	0.54	0.81
ROE	18.7%	25.3%	48.6%	47.0%	-182.1%	22.2%	-176.1%	-36.3%	-5.3%	0.0%	-22.6%	-5.7%	13.0%	15.2%	22.0%	35.2%	27.4%	46.4%
ROA	0.7%	0.8%	1.5%	0.7%	-2.0%	0.6%	-3.7%	-2.1%	-0.5%	0.0%	-5.1%	-1.9%	6.4%	6.9%	8.3%	20.7%	17.7%	25.7%
Interest coverage	6.63	8.99	13.95	8.22	0.48	6.66	-8.38	-3.71	3.95	2.75	-5.28	-	-	-	-	-	-	-
Customer credit	54 days	60 days	58 days	60 days	65 days	58 days	55 days	85 days	110 days	114 days	94 days	96 days	34 days	71 days	108 days	165 days	79 days	78 days
Supplier credit	59 days	57 days	43 days	73 days	61 days	58 days	62 days	90 days	106 days	58 days	61 days	86 days	171 days	164 days	210 days	76 days	100 days	79 days

Item	31-12-2025	31-12-2024	31-12-2023	31-12-2022	31-12-2021
Employees at the balance-sheet date	183	196	217	236	251
full-time	149	165	187	197	222
part-time	34	31	30	39	29
in full-time equivalents	175	189.1	209.3	227.5	243.9
Average over the year, in full-time equivalents	176.7	198.1	206.6	241.9	207.2
On a permanent contract	183	196	217	236	251
Joined	87	97	88	117	140
Left	100	118	107	132	91
Agency workers, average number	5.1	4.7	30	23.7	11.9
Training hours	8,961	18,212	7,101	3,232	1,295

Solvus

Annual accounts 2025

Money flows

Balance sheet

Change in equityin €m

Change in cashin euro

Position in the sector

Solvency3.9%

Current ratio1.05

Return on assets0.7%

Staff

Men and women66% women

Staff cost per FTE€68,646

Joined and left-13

Filed annual accounts

Filings

Subsidies and aid

Flemish government 2023 to 2025, 3 entries, €10,927 awarded, €10,927 paid

Key figures and ratios

Social balance sheet

Investments

Auditor

Public contracts

Insights on Solvus

Next steps

Item	2025	2024	2023	2022	2021
Tangible fixed assets	€12,928	€716	€3,939	-	€266,374
Intangible fixed assets	-	-	-	€20,990	-
Depreciation and write-downs of the year	€60,654	€64,918	€67,308	€71,785	€82,983