UPPER SHELF (0702.824.782): financials and annual accounts

UPPER SHELF

Kapellen ·KBO/BCE: BE 0702.824.782

Line	2025	2024	2023	2022	2021	2020	2019	2018
Balance sheet: assets
Total assets`20/58`	341,336	357,322	290,048	354,042	313,155	231,198	254,167	136,277
Fixed assets`21/28`	153,757	138,762	100,734	116,546	72,970	95,748	93,949	66,183
Intangible fixed assets`21`	7,122	10,465	13,809	-	-	-	-	-
Tangible fixed assets`22/27`	126,636	108,296	66,925	96,546	52,970	75,748	93,949	66,183
Plant, machinery and equipment`23`	74,712	42,160	56,420	83,352	41,296	58,937	82,512	66,183
Furniture and vehicles`24`	46,837	61,787	5,255	7,043	4,624	8,860	11,437	-
Other tangible fixed assets`26`	5,086	4,350	5,250	6,150	7,050	7,950	-	-
Financial fixed assets`28`	20,000	20,000	20,000	20,000	20,000	20,000	-	-
Current assets`29/58`	187,579	218,561	189,315	237,496	240,185	135,450	160,217	70,094
Stocks and contracts in progress`3`	36,566	18,342	21,217	45,285	15,065	15,026	395	1,959
Stocks`30/36`	36,566	18,342	21,217	18,593	10,131	15,026	395	1,959
Contracts in progress`37`	-	-	-	26,693	4,934	-	-	-
Amounts receivable within one year`40/41`	132,733	151,363	131,870	165,161	196,356	85,890	51,737	25,408
Trade receivables`40`	109,868	120,045	106,355	160,423	171,059	69,558	33,500	4,743
Other amounts receivable`41`	22,865	31,319	25,516	4,738	25,297	16,332	18,237	20,665
Cash at bank and in hand`54/58`	15,794	45,807	34,202	23,453	28,764	34,533	106,349	42,477
Deferred charges and accrued income`490/1`	2,486	3,048	2,025	3,597	-	-	1,736	250
Balance sheet: equity and liabilities
Total equity and liabilities`10/49`	341,336	357,322	290,048	354,042	313,155	231,198	254,167	136,277
Equity`10/15`	95,718	94,026	76,765	92,431	85,209	94,686	66,011	35,721
Contributions`10/11`	20,000	20,000	20,000	20,000	20,000	20,000	20,000	20,000
Issued capital`100`	-	-	-	-	-	-	20,000	20,000
Reserves`13`	74,900	73,250	56,000	71,800	65,000	74,500	46,000	15,671
Non-distributable reserves`130/1`	-	-	-	-	2,000	2,000	-	-
Legal reserve`130`	-	-	-	-	-	-	2,000	1,171
Reserves not available under the articles`1311`	-	-	-	-	2,000	2,000	-	-
Distributable reserves`133`	74,900	73,250	56,000	71,800	63,000	72,500	44,000	14,500
Profit (loss) carried forward`14`	818	776	765	631	209	186	11	50
Amounts payable`17/49`	245,618	263,296	213,283	261,611	227,946	136,512	188,155	100,556
Amounts payable after more than one year`17`	80,656	89,083	84,285	97,917	76,704	77,995	81,432	-
Financial debts`170/4`	80,656	89,083	84,285	97,917	76,704	77,995	81,432	-
Amounts payable within one year`42/48`	164,962	174,212	128,999	163,694	151,243	58,517	90,937	100,556
Current portion of amounts payable after more than one year`42`	44,084	48,741	34,284	39,533	29,361	23,124	19,022	-
Financial debts`43`	4,210	3,376	1,383	5,016	-	-	-	-
Other loans`439`	4,210	3,376	1,383	5,016	-	-	-	-
Trade debts`44`	69,557	60,761	31,153	77,543	56,564	19,151	31,845	73,038
Suppliers`440/4`	69,557	60,761	31,153	77,543	56,564	19,151	31,845	73,038
Advances received on contracts in progress`46`	-	-	-	-	39,280	-	8,800	25,000
Taxes, remuneration and social security`45`	27,332	23,605	21,117	21,243	24,895	11,090	13,668	2,517
Taxes`450/3`	4,563	3,426	3,573	11,622	6,909	6,278	10,377	2,517
Remuneration and social security`454/9`	22,769	20,179	17,544	9,621	17,986	4,813	3,292	-
Other amounts payable`47/48`	19,779	37,729	41,062	20,360	1,142	5,151	17,602	-
Accrued charges and deferred income`492/3`	-	-	-	-	-	-	15,786	-
Income statement
Non-recurring operating income`76A`	8,000	4,545	-	-	-	-	-	-
Gross operating margin`9900`	375,396	308,605	288,891	227,133	199,248	110,267	81,112	25,220
Remuneration, social security and pensions`62`	334,278	221,603	221,552	140,753	142,797	49,793	5,884	-
Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets`630`	33,794	31,351	32,528	28,025	22,778	27,573	36,817	6,967
Write-downs on stocks, contracts in progress and trade receivables: additions (reversals)`631/4`	-	-	-	-	893	-	-	-
Other operating charges`640/8`	1,032	1,048	742	695	1,002	704	927	-
Operating profit (loss)`9901`	6,292	54,603	34,069	57,660	31,779	32,197	37,483	18,254
Financial income`75/76B`	1,192	1,120	1,218	2,466	3,309	897	1,006	-
Recurring financial income`75`	1,192	1,120	1,218	2,466	3,309	897	1,006	-
Financial charges`65/66B`	5,568	4,717	3,509	3,144	2,615	1,619	747	15
Recurring financial charges`65`	5,568	4,717	3,509	3,144	2,615	1,619	747	15
Profit (loss) for the period before taxes`9903`	1,916	51,007	31,778	56,982	32,472	31,475	37,742	18,239
Income taxes`67/77`	224	13,190	8,244	10,560	6,655	2,801	8,902	2,517
Profit (loss) for the period`9904`	1,692	37,817	23,534	46,422	25,817	28,674	28,840	15,721
Profit (loss) for the period to be appropriated`9905`	1,692	37,817	23,534	46,422	25,817	28,674	28,840	15,721
Appropriation of the result
Profit (loss) to be appropriated`9906`	2,468	38,582	24,165	46,631	26,003	28,686	29,011	15,721
Profit (loss) brought forward from the previous period`14P`	776	765	631	209	186	-	-	-
Transfer from equity`791/2`	-	-	15,800	19,200	35,294	-	-	-
Transfer to equity`691/2`	1,650	17,250	-	26,000	25,794	28,500	29,000	15,671
To the legal reserve`6920`	-	-	-	-	-	-	-	1,171
To other reserves`6921`	1,650	17,250	-	26,000	25,794	28,500	29,000	14,500
Profit to be distributed`694/7`	-	20,556	39,200	39,200	35,294	-	-	-
Return on contributions (dividend)`694`	-	20,556	39,200	39,200	35,294	-	-	-
Social balance sheet
Average staff (FTE)`9087`	4.8	3.6	3.9	3.1	3.5	1.6	0.3	-
Hours worked`1013`	8,583	6,105	6,925	4,732	6,279	2,672	326	-
Document	PDF	PDF	PDF	PDF	PDF	PDF	PDF	PDF

Financial year	Type	Filed	Reference	Document
31-12-2025	micro format	18-06-2026	2026-00178491	PDF
31-12-2024	micro format	16-06-2025	2025-00145725	PDF
31-12-2023	micro format	21-06-2024	2024-00155825	PDF
31-12-2022	micro format	31-08-2023	2023-00411096	PDF
31-12-2021	micro format	28-07-2022	2022-20250163	PDF
31-12-2020	micro format	27-09-2021	2021-68500244	PDF
31-12-2019	micro format	25-08-2020	2020-44700017	PDF
31-12-2018	micro format	29-08-2019	2019-57000208	PDF

Year	Entries	Awarded	Paid
2025	1	€113	€113
2023	1	€1,386	€1,386
2022	1	€319	€319

Line	2025	2024	2023	2022	2021	2020	2019	2018
EBITDA	40,086	85,954	66,598	85,685	54,556	59,770	74,300	25,220
Cash flow	35,486	69,168	56,063	74,447	48,595	56,247	65,657	22,688
Investment in fixed assets (approximation)	48,790	69,379	16,717	71,600	0	29,371	64,583	73,150
Change in cash	-30,013	11,605	10,749	-5,311	-5,770	-71,816	63,873	-
Working capital	22,617	44,348	60,316	73,802	88,942	76,933	69,280	-30,462
Solvency	28.0%	26.3%	26.5%	26.1%	27.2%	41.0%	26.0%	26.2%
Current ratio	1.14	1.25	1.47	1.45	1.59	2.31	1.76	0.70
Quick ratio	0.92	1.15	1.30	1.17	1.49	2.06	1.76	0.68
Debt to equity	2.57	2.80	2.78	2.83	2.68	1.44	2.85	2.82
ROE	1.8%	40.2%	30.7%	50.2%	30.3%	30.3%	43.7%	44.0%
ROA	0.5%	10.6%	8.1%	13.1%	8.2%	12.4%	11.3%	11.5%
Interest coverage	7.20	18.22	18.98	27.26	20.86	-	-	-

Item	31-12-2025	31-12-2024	31-12-2023	31-12-2022	31-12-2021
Employees at the balance-sheet date	5	5	4	4	3
full-time	4	5	4	4	2
part-time	1	-	-	-	1
in full-time equivalents	4.8	5	4	4	2.8
Average over the year, in full-time equivalents	4.8	3.6	3.9	3.1	3.5
On a permanent contract	5	5	3	3	3
Joined	2	3	2	3	2
Left	2	2	1	2	1
Training hours	-	-	16	-	-

UPPER SHELF

Annual accounts 2025

Balance sheet

Change in equityin euro

Change in cashin euro

Position in the sector

Solvency28.0%

Current ratio1.14

Return on assets0.5%

Staff

Staff cost per FTE€69,641

Joined and left+0

Filed annual accounts

Filings

Subsidies and aid

Flemish government 2022 to 2025, 3 entries, €1,818 awarded, €1,818 paid

Key figures and ratios

Social balance sheet

Investments

Insights on UPPER SHELF

Next steps

Item	2025	2024	2023	2022	2021
Tangible fixed assets	€48,790	€69,379	-	€71,600	-
Intangible fixed assets	-	-	€16,717	-	-
Depreciation and write-downs of the year	€33,794	€31,351	€32,528	€28,025	€22,778