ZANDERS (0892.765.333): financials and annual accounts

ZANDERS

Antwerp ·KBO/BCE: BE 0892.765.333

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`	14.1m	12.1m	6.4m	3.4m	2.8m	2.5m	2.3m	1.9m	2.0m	1.6m	1.0m	897,365	743,955	616,703	803,391	566,663	313,569	312,015
Formation expenses`20`	-	-	-	-	-	-	-	0	0	0	0	-	-	-	-	-	-	-
Fixed assets`21/28`	111,966	120,598	109,939	107,186	78,607	73,086	65,021	51,233	52,165	3,965	7,231	8,390	7,119	9,206	11,981	12,786	16,224	15,338
Intangible fixed assets`21`	-	-	-	-	-	-	-	0	0	0	0	-	-	-	-	-	-	-
Tangible fixed assets`22/27`	90,631	99,263	109,939	107,186	78,607	73,086	65,021	51,233	52,165	3,965	7,231	8,390	7,119	9,206	11,981	12,786	16,224	15,338
Land and buildings`22`	-	-	-	-	-	-	-	0	0	0	0	-	-	-	-	-	-	-
Plant, machinery and equipment`23`	26,364	31,987	-	-	-	-	-	0	0	0	0	-	-	-	-	-	-	-
Furniture and vehicles`24`	-	-	28,818	34,868	27,853	36,732	36,965	19,476	19,382	3,965	7,231	8,390	7,119	9,206	11,981	12,786	16,224	15,338
Other tangible fixed assets`26`	64,267	67,276	81,121	72,318	50,754	36,354	28,055	31,757	32,783	0	0	-	-	-	-	-	-	-
Assets under construction and advance payments`27`	-	-	-	-	-	-	-	0	0	0	0	-	-	-	-	-	-	-
Financial fixed assets`28`	21,335	21,335	-	-	-	-	-	0	0	0	0	-	-	-	-	-	-	-
Other financial fixed assets`284/8`	21,335	21,335	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Amounts receivable and cash guarantees`285/8`	21,335	21,335	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Current assets`29/58`	14.0m	12.0m	6.3m	3.3m	2.7m	2.5m	2.2m	1.9m	1.9m	1.6m	1.0m	888,975	736,836	607,498	791,410	553,878	297,345	296,678
Trade receivables`290`	-	-	-	-	-	-	-	0	0	0	0	-	-	-	-	-	-	-
Other amounts receivable`291`	-	-	-	-	-	-	-	0	0	0	0	-	-	-	-	-	-	-
Stocks and contracts in progress`3`	648	816,646	-	-	-	-	-	0	0	0	0	-	-	-	-	-	-	-
Stocks`30/36`	-	-	-	-	-	-	-	0	0	0	0	-	-	-	-	-	-	-
Contracts in progress`37`	648	816,646	-	-	-	-	-	0	0	0	0	-	-	-	-	-	-	-
Amounts receivable within one year`40/41`	13.8m	10.7m	6.1m	3.2m	2.5m	2.4m	2.1m	1.8m	1.8m	1.5m	943,894	788,789	591,342	543,201	478,321	468,462	248,029	242,961
Trade receivables`40`	2.9m	7.7m	2.9m	844,457	1.3m	721,687	391,096	589,807	870,283	730,098	417,631	544,876	570,010	525,424	460,013	445,088	223,868	216,981
Other amounts receivable`41`	10.9m	3.0m	3.3m	2.4m	1.3m	1.7m	1.7m	1.2m	957,230	791,767	526,263	243,912	21,332	17,777	18,308	23,374	24,161	25,980
Current investments`50/53`	-	-	-	-	-	-	-	0	0	0	0	-	-	-	-	-	-	-
Cash at bank and in hand`54/58`	163,797	456,881	49,818	65,373	170,284	75,350	131,950	85,787	46,558	50,828	64,470	87,129	137,093	63,216	305,747	85,416	49,316	52,578
Deferred charges and accrued income`490/1`	22,003	20,559	103,443	28,672	11,817	17,460	18,016	18,553	25,208	13,664	1,655	13,057	8,401	1,081	7,342	-	-	1,139
Balance sheet: equity and liabilities
Total equity and liabilities`10/49`	14.1m	12.1m	6.4m	3.4m	2.8m	2.5m	2.3m	1.9m	2.0m	1.6m	1.0m	897,365	743,955	616,703	803,391	566,663	313,569	312,015
Equity`10/15`	5.0m	5.0m	3.6m	3.0m	2.6m	2.3m	1.9m	1.6m	1.5m	1.1m	790,160	567,903	361,509	335,169	276,122	201,131	-209,478	-79,460
Contributions`10/11`	262,400	262,400	262,400	262,400	262,400	262,400	262,400	262,400	262,400	262,400	262,400	262,400	262,400	262,400	262,400	262,400	12,400	12,400
Issued capital`100`	-	-	-	-	-	-	268,600	268,600	268,600	268,600	268,600	268,600	268,600	268,600	268,600	268,600	18,600	18,600
Uncalled capital`101`	-	-	-	-	-	-	6,200	6,200	6,200	6,200	6,200	6,200	6,200	6,200	6,200	6,200	6,200	6,200
Contributions outside capital`11`	-	-	-	-	-	-	-	0	0	0	0	-	-	-	-	-	-	-
Share premium`1100/10`	-	-	-	-	-	-	-	0	0	0	0	-	-	-	-	-	-	-
Revaluation surpluses`12`	-	-	-	-	-	-	-	0	0	0	0	-	-	-	-	-	-	-
Reserves`13`	26,860	26,860	26,860	26,860	26,860	26,860	26,860	26,860	26,860	26,860	26,860	18,339	8,019	6,702	3,750	-	-	-
Non-distributable reserves`130/1`	-	-	0	26,860	26,860	26,860	-	-	-	-	-	-	-	-	-	-	-	-
Legal reserve`130`	-	-	-	-	-	-	26,860	26,860	26,860	26,860	26,860	18,339	8,019	6,702	3,750	-	-	-
Reserves not available under the articles`1311`	-	-	0	26,860	26,860	26,860	-	-	-	-	-	-	-	-	-	-	-	-
Own shares acquired`1312`	-	-	-	-	-	-	-	0	0	0	0	-	-	-	-	-	-	-
Other`1319`	-	-	-	-	-	-	-	0	0	0	0	-	-	-	-	-	-	-
Tax-exempt reserves`132`	-	-	-	-	-	-	-	0	0	0	0	-	-	-	-	-	-	-
Distributable reserves`133`	26,860	26,860	26,860	-	-	-	-	0	0	0	0	-	-	-	-	-	-	-
Profit (loss) carried forward`14`	4.8m	4.7m	3.3m	2.7m	2.3m	2.0m	1.6m	1.3m	1.2m	837,154	500,900	287,165	91,090	66,067	9,973	-61,269	-221,878	-91,860
Investment grants`15`	-	-	-	-	-	-	-	0	0	0	0	-	-	-	-	-	-	-
Provisions for liabilities and charges`160/5`	-	-	-	-	-	-	-	0	0	0	0	-	-	-	-	-	-	-
Pensions and similar obligations`160`	-	-	-	-	-	-	-	0	0	0	-	-	-	-	-	-	-	-
Taxes`161`	-	-	-	-	-	-	-	0	0	0	-	-	-	-	-	-	-	-
Major repairs and maintenance`162`	-	-	-	-	-	-	-	0	0	0	-	-	-	-	-	-	-	-
Environmental obligations`163`	-	-	-	-	-	-	-	0	0	0	-	-	-	-	-	-	-	-
Other liabilities and charges`164/5`	-	-	-	-	-	-	-	0	0	0	-	-	-	-	-	-	-	-
Deferred taxes`168`	-	-	-	-	-	-	-	0	0	0	0	-	-	-	-	-	-	-
Amounts payable`17/49`	9.1m	7.0m	2.8m	411,392	218,504	264,614	392,554	329,144	484,135	463,908	227,090	329,461	382,446	281,535	527,269	365,532	523,047	391,476
Trade debts`175`	-	-	-	-	-	-	-	0	0	0	0	-	-	-	-	-	-	-
Advances received on contracts in progress`176`	-	-	-	-	-	-	-	0	0	0	0	-	-	-	-	-	-	-
Other amounts payable`178/9`	-	-	-	-	-	-	-	0	0	0	0	-	-	-	-	-	-	-
Amounts payable within one year`42/48`	9.0m	6.0m	2.6m	411,392	182,324	264,614	376,223	321,286	469,886	450,969	227,090	329,461	382,446	281,535	527,269	365,532	523,047	391,476
Current portion of amounts payable after more than one year`42`	-	-	-	-	-	-	-	0	0	0	0	-	-	-	-	-	-	-
Credit institutions`430/8`	-	-	-	-	-	-	-	0	0	0	0	-	-	-	-	-	-	-
Other loans`439`	-	-	-	-	-	-	-	0	0	0	0	-	-	-	-	-	-	-
Trade debts`44`	5.9m	5.2m	2.1m	188,882	21,389	114,606	107,044	133,541	116,437	106,389	114,893	102,819	107,330	78,078	211,809	37,039	45,267	53,606
Suppliers`440/4`	5.9m	5.2m	2.1m	188,882	21,389	114,606	107,044	133,541	116,437	106,389	114,893	102,819	107,330	78,078	211,809	37,039	45,267	53,606
Bills of exchange payable`441`	-	-	-	-	-	-	-	0	0	0	0	-	-	-	-	-	-	-
Advances received on contracts in progress`46`	986,995	-	-	-	-	-	-	0	0	0	0	-	-	-	-	-	-	-
Taxes, remuneration and social security`45`	376,839	799,710	577,868	222,510	160,936	145,282	217,183	149,926	315,505	312,810	61,275	213,419	58,258	81,153	143,857	25,247	33,225	12,587
Taxes`450/3`	117,165	533,650	386,004	61,297	18,760	0	59,757	1,212	169,105	233,131	3,309	90,309	-	5,675	53,000	-	-	-
Remuneration and social security`454/9`	259,674	266,060	191,863	161,213	142,175	145,282	157,426	148,714	146,400	79,679	57,966	123,110	58,258	75,478	90,857	25,247	33,225	12,587
Other amounts payable`47/48`	1.8m	-	-	-	-	4,726	51,996	37,819	37,944	31,771	50,922	13,224	216,858	122,304	171,603	303,246	444,555	325,283
Accrued charges and deferred income`492/3`	41,757	1.0m	122,848	0	36,180	0	16,331	7,858	14,249	12,938	0	-	-	-	-	-	-	-
Income statement
Operating income`70/76A`	15.6m	16.6m	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Turnover`70`	16.2m	16.2m	-	-	-	-	-	-	0	0	0	-	-	-	-	-	-	-
Change in stocks of work in progress, finished goods and contracts in progress`71`	-815,998	337,314	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Other operating income`74`	224,669	24,189	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Non-recurring operating income`76A`	-	-	-	-	-	-	-	0	0	0	0	-	-	14,308	-	-	-	-
Gross operating margin`9900`	-	-	3.0m	2.2m	1.8m	1.5m	1.3m	1.1m	1.3m	1.0m	739,756	886,383	628,493	647,035	827,281	648,388	363,366	82,287
Operating charges`60/66A`	14.7m	14.8m	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Goods, raw materials, services and sundry goods`60/61`	-	-	-	-	-	-	-	-	0	0	0	-	-	-	-	-	-	-
Goods for resale, raw materials and consumables`60`	11.6m	12.6m	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Purchases`600/8`	11.6m	12.6m	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Services and other goods`61`	1.3m	690,216	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Remuneration, social security and pensions`62`	1.8m	1.5m	2.2m	1.6m	1.3m	912,572	908,874	831,773	754,200	526,886	416,851	550,715	550,540	576,178	649,980	488,143	475,625	163,678
Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets`630`	21,812	23,708	23,084	21,784	22,037	20,065	13,608	9,745	6,008	4,122	4,389	4,619	5,436	6,500	5,187	4,490	3,934	2,117
Write-downs on stocks, contracts in progress and trade receivables: additions (reversals)`631/4`	-	-	-	-	-	-	-	0	0	0	0	-	-	-	-	-	-	-
Provisions for liabilities and charges: additions (uses and reversals)`635/8`	-	-	-	-	-	-	-	0	0	0	0	-	-	-	-	-	-	-
Other operating charges`640/8`	-	-	0	219	-	0	204	0	0	138	0	5,203	-	1,738	-	-	-	-
Operating charges capitalised as restructuring costs`649`	-	-	-	-	-	-	-	0	0	0	0	-	-	-	-	-	-	-
Non-recurring operating charges`66A`	-	-	-	-	-	-	-	0	0	0	0	-	-	-	-	-	-	-
Operating profit (loss)`9901`	925,923	1.8m	749,846	571,147	401,651	524,111	403,460	217,378	501,566	490,049	318,516	325,846	72,516	62,618	172,114	155,755	-116,192	-83,508
Financial income`75/76B`	166,689	156,202	110,097	33,157	40,819	34,643	23,839	33,419	25,790	40,429	27,361	10,200	656	26,900	179	20,589	-	-
Recurring financial income`75`	166,689	156,202	110,097	33,157	40,819	34,643	23,839	33,419	25,790	40,429	27,361	10,200	656	26,900	179	20,589	-	-
Income from current assets`751`	166,470	113,717	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Other financial income`752/9`	220	42,485	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Non-recurring financial income`76B`	-	-	-	-	-	-	-	0	0	0	-	-	-	-	-	-	-	-
Financial charges`65/66B`	123,599	8,988	19,364	38,498	14,718	10,450	12,574	12,988	11,840	7,039	6,651	10,058	18,348	8,720	42,564	15,736	13,825	8,352
Recurring financial charges`65`	123,599	8,988	19,364	38,498	14,718	10,450	12,574	12,988	11,840	7,039	6,651	10,058	18,348	8,720	42,564	15,736	13,825	8,352
Debt charges`650`	29,129	2,505	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Other financial charges`652/9`	94,470	6,483	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Non-recurring financial charges`66B`	-	-	-	-	-	-	-	0	0	0	-	-	-	-	-	-	-	-
Profit (loss) for the period before taxes`9903`	969,013	1.9m	840,578	565,805	427,752	548,305	414,725	237,809	515,515	523,438	339,225	325,989	54,825	95,107	129,730	160,609	-130,017	-91,860
Income taxes`67/77`	249,318	535,693	205,623	155,601	120,000	149,868	138,786	104,192	174,621	187,185	116,968	119,595	28,484	36,061	54,739	-	-	-
Taxes`670/3`	249,318	535,693	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Profit (loss) for the period`9904`	719,695	1.4m	634,955	410,204	307,752	398,437	275,938	133,616	340,895	336,254	222,257	206,394	26,341	59,046	74,991	160,609	-130,017	-91,860
Transfer from tax-exempt reserves`789`	-	-	-	-	-	-	-	0	0	0	0	-	-	-	-	-	-	-
Transfer to tax-exempt reserves`689`	-	-	-	-	-	-	-	0	0	0	0	-	-	-	-	-	-	-
Profit (loss) for the period to be appropriated`9905`	719,695	1.4m	634,955	410,204	307,752	398,437	275,938	133,616	340,895	336,254	222,257	206,394	26,341	59,046	74,991	160,609	-130,017	-91,860
Appropriation of the result
Profit (loss) to be appropriated`9906`	4.8m	4.7m	3.3m	2.7m	2.3m	2.0m	1.6m	1.3m	1.2m	837,154	509,422	297,484	92,407	69,019	13,722	-61,269	-221,878	-91,860
Profit (loss) brought forward from the previous period`14P`	4.0m	3.3m	2.7m	2.3m	2.0m	-	-	-	-	-	-	-	-	-	-	-	-	-
Transfer from equity`791/2`	-	-	-	-	-	-	-	0	0	0	0	-	-	-	-	-	-	-
Transfer to equity`691/2`	-	-	-	-	-	-	-	-	-	-	8,521	10,320	1,317	2,952	3,750	-	-	-
Addition to contributions`691`	-	-	-	-	-	-	-	0	0	0	0	-	-	-	-	-	-	-
To the legal reserve`6920`	-	-	-	-	-	-	-	0	0	0	8,521	10,320	1,317	2,952	3,750	-	-	-
To other reserves`6921`	-	-	-	-	-	-	-	0	0	0	0	-	-	-	-	-	-	-
Return on contributions (dividend)`694`	-	-	-	-	-	-	-	0	0	0	0	-	-	-	-	-	-	-
Directors or managers`695`	-	-	-	-	-	-	-	0	0	0	0	-	-	-	-	-	-	-
Employees`696`	-	-	-	-	-	-	-	0	0	0	-	-	-	-	-	-	-	-
Social balance sheet
Average staff (FTE)`9087`	18.7	16.4	12.8	10.3	9.9	9.8	8.9	7.9	7.4	5.3	3.8	5.1	5.5	6.4	6.6	5.3	6.8	3.1
Men (FTE)`1003`	12.8	11.5	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Women (FTE)`1003`	5.9	4.9	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Hours worked`1013`	29,028	24,636	18,788	15,960	15,152	16,036	15,260	13,968	12,660	9,248	6,624	9,123	9,804	10,644	11,964	9,170	12,028	3,260
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Financial year	Type	Filed	Reference	Document
31-12-2025	full format	30-06-2026	2026-00249418	PDF
31-12-2024	full format	17-12-2025	2025-00584164	PDF
31-12-2023	abbreviated format	29-07-2024	2024-00327041	PDF
31-12-2022	abbreviated format	31-08-2023	2023-00406238	PDF
31-12-2021	abbreviated format	29-07-2022	2022-20264178	PDF
31-12-2020	abbreviated format	15-07-2021	2021-35300407	PDF
31-12-2019	abbreviated format	05-06-2020	2020-14600488	PDF
31-12-2018	abbreviated format	26-06-2019	2019-22300551	PDF
31-12-2017	abbreviated format	02-07-2018	2018-25600143	PDF
31-12-2016	abbreviated format	09-06-2017	2017-15700129	PDF
31-12-2015	abbreviated format	06-06-2016	2016-15100202	PDF
31-12-2014	abbreviated format	17-06-2015	2015-17700311	PDF
31-12-2013	abbreviated format	23-09-2014	2014-59300125	PDF
31-12-2012	abbreviated format	05-07-2013	2013-26500361	PDF
31-12-2011	abbreviated format	08-06-2012	2012-15400004	PDF
31-12-2010	abbreviated format	28-06-2011	2011-20900049	PDF
31-12-2009	abbreviated format	08-06-2010	2010-15300545	PDF
31-12-2008	abbreviated format	31-08-2009	2009-67500062	PDF

Line	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015	2014	2013	2012	2011	2010	2009	2008
EBITDA	947,734	1.8m	772,930	592,932	423,687	544,176	417,068	227,123	507,574	494,171	322,905	330,465	77,952	69,119	177,302	160,245	-112,259	-81,391
Cash flow	741,506	1.4m	658,039	431,988	329,789	418,502	289,546	143,361	346,903	340,376	226,646	211,013	31,777	65,547	80,179	165,099	-126,084	-89,743
Investment in fixed assets	13,180	13,032	25,837	50,364	27,557	28,130	27,395	8,813	54,208	856	3,230	5,889	3,350	3,725	4,383	1,052	4,820	17,455
Change in cash	-293,084	407,063	-15,556	-104,910	94,934	-56,600	46,163	39,228	-4,269	-13,642	-22,659	-49,964	73,876	-242,531	220,332	36,100	-3,262	-
Working capital	5.0m	5.9m	3.6m	2.9m	2.5m	2.2m	1.8m	1.6m	1.4m	1.1m	782,929	559,514	354,390	325,963	264,141	188,345	-225,702	-94,798
EBIT margin	5.7%	11.0%	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Solvency	35.7%	41.6%	56.7%	87.9%	92.2%	89.6%	82.7%	82.9%	75.2%	70.8%	77.7%	63.3%	48.6%	54.3%	34.4%	35.5%	-66.8%	-25.5%
Current ratio	1.55	1.98	2.38	8.02	14.93	9.32	5.86	5.85	4.04	3.52	4.45	2.70	1.93	2.16	1.50	1.52	0.57	0.76
Quick ratio	1.55	1.84	2.38	8.02	14.93	9.32	5.86	5.85	4.04	3.52	4.45	2.70	1.93	2.16	1.50	1.52	0.57	0.76
Debt to equity	1.80	1.40	0.76	0.14	0.08	0.12	0.21	0.21	0.33	0.41	0.29	0.58	1.06	0.84	1.91	1.82	-	-
ROE	14.3%	27.8%	17.5%	13.7%	11.9%	17.5%	14.7%	8.3%	23.2%	29.9%	28.1%	36.3%	7.3%	17.6%	27.2%	79.9%	-	-
ROA	5.1%	11.5%	9.9%	12.0%	11.0%	15.7%	12.2%	6.9%	17.5%	21.1%	21.8%	23.0%	3.5%	9.6%	9.3%	28.3%	-41.5%	-29.4%
Interest coverage	32.54	over 100	39.91	15.40	28.79	-	-	-	-	-	-	-	-	-	-	-	-	-
Customer credit	66 days	174 days	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Supplier credit	167 days	144 days	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-

Item	31-12-2025	31-12-2024	31-12-2023	31-12-2022	31-12-2021
Employees at the balance-sheet date	19	19	15	11	11
full-time	17	18	14	9	9
part-time	2	1	1	2	2
in full-time equivalents	18.5	18.6	14.6	10.4	10.4
Average over the year, in full-time equivalents	18.7	16.4	12.8	10.3	9.9
On a permanent contract	19	19	15	11	11
Joined	2	5	4	2	2
Left	2	1	0	2	1
Training hours	-	-	8	-	-

Item	2025	2024	2023	2022	2021
Tangible fixed assets	€13,180	€13,032	€25,837	€50,364	€27,557
Depreciation and write-downs of the year	€21,812	€23,708	€23,084	€21,784	€22,037

ZANDERS

Annual accounts 2025

Money flows

Balance sheet

Change in equityin €m

Change in cashin €m

Position in the sector

Solvency35.7%

Current ratio1.55

Return on assets5.1%

Staff

Men and women32% women

Staff cost per FTE€96,633

Joined and left+0

Filed annual accounts

Filings

Key figures and ratios

Social balance sheet

Investments

Auditor

Insights on ZANDERS

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