Warning lights
Signals from the annual accounts, the CBE and the Official Gazette, each with its threshold and source. No score, no verdict.
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Tight liquidity NBB
Cash and receivables cover 37 % of short-term debt in 2025; threshold 65 %.
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Figures corrected NBB
Corrected annual account filed for 2023.
Financials
Financial year 2025
CARMEUSE from Andenne, company number BE0431473519, closed financial year 2025 with a result of € 4.4 million after tax. For that financial year CARMEUSE recorded revenue of € 147.5 million and equity of € 45.3 million. Compared with financial year 2024, the result moved from € 10.8 million to € 4.4 million. The company is profitable. The buffer is growing. Debts are under control. The most recent annual accounts were filed with the National Bank of Belgium on June 12, 2026.
€ 45.3 million
▲ 11% vs 2024
Assets minus debts, by the books. What is left if everything were sold and paid today.
€ 4.4 million
▼ 59% vs 2024
Profit after tax over the fiscal year.
€ 36,914
▲ 44% vs 2024
Cash and bank balances on the last day of the fiscal year.
Stays in the company
No dividend for 2025. Retained profit grew to € 9.4 million.
People and assets in 2025
243.3
▼ 9.3 vs 2024
Average over the fiscal year, from the social balance sheet.
€ 25.1 million
€ 103,300 per full-time equivalent. Payroll staff only. What the director pays themselves is already netted into the gross margin and is not shown separately in the accounts.
€ 910,260
▲ 11% vs 2024
Of which on lease € 21,874.
Debts at end 2025
€ 51.2 million
▲ 285% vs 2024
Loans from banks and other lenders, long and short.
€ 45 million
▼ 13% vs 2024
Supplier invoices still open on the last day of the fiscal year. Pays suppliers within 145 days on average.
€ 5.1 million
▼ 11% vs 2024
Taxes, VAT and social contributions still to pay.
| 2021 | 2023 | 2024 | 2025 | Change 2024 → 2025 | |
|---|---|---|---|---|---|
| Revenue | € 109,129,585 | € 157,488,478 | € 161,149,008 | € 147,538,858 | ▼ 8% |
| Profit after taxes | € 5,941,516 | € 14,133,535 | € 10,832,633 | € 4,412,286 | ▼ 59% |
| Equity | € 45,159,533 | € 60,099,752 | € 40,932,385 | € 45,344,672 | ▲ 11% |
| Total debts | € 67,358,649 | € 97,078,969 | € 101,040,103 | € 101,712,488 | ▲ 1% |
| Cash | € 63,067 | € 99,799 | € 25,612 | € 36,914 | ▲ 44% |
| Land & buildings | € 23,654,730 | € 26,810,146 | € 28,000,821 | € 34,726,568 | ▲ 24% |
| Retained profit | € 9,189,154 | € 24,186,286 | € 5,018,919 | € 9,431,205 | ▲ 88% |
| Dividend | € 0 | € 0 | € 30,000,000 | € 0 | ▼ 100% |
| Bank debt | € 23,100,000 | € 15,900,000 | € 13,300,000 | € 51,200,000 | ▲ 285% |
| Balance sheet total | € 140,973,760 | € 174,884,516 | € 158,685,610 | € 163,726,561 | ▲ 3% |
| Employees (FTE) | 249.4 | 248.4 | 252.6 | 243.3 | ▼ 9.3 |
Key figures of CARMEUSE, fiscal years 2021 to 2025, from the annual accounts filed with the National Bank of Belgium.Next annual account (fiscal year 2026) expected before 31 July 2027.
What happened to CARMEUSE?
What happened at CARMEUSE in recent years, according to the Belgian Official Gazette, the CBE and the National Bank:
- Timothé Van Den Bossche stepped down as director. NBB
- Yves Marchal stepped down as director. NBB
- New annual accounts for financial year 2025: profit of € 4.4 million (▼ 59% vs 2024). Source: NBB ↗
- Elvira Saitova stepped down as director. NBB
- Timothé Van Den Bossche became a director. NBB
- Sparaxis S.A. stepped down as director. NBB
- Sediam S.R.L. stepped down as director. NBB
- Elvira Saitova became a director. NBB
In short
From € 5.9 million profit in 2021 to € 4.4 million profit in 2025.
Paid € 7.1 million in corporate taxes since 2021.
Best year ever: 2023, with € 14.1 million profit.
Paid out € 30 million in dividends to the owners in total.
Management
The shares are held by Carmeuse Europe SA (100%). It owns 25% of Sambre Bio Energie, 12% of RECYNAM and 0% of Carmeuse Tunisie itself.
Directors
According to the 2025 annual accounts
Timothé Van Den Bossche
Director
since 2025 · until 2028
Director · represented by Eric Poncin
Also active at: C.P. Bourg, A.M.B., Jean Goldschmidt International, Ateliers Pierre Cerfontaine, Floridienne, Fonderies J. Marichal Ketin et Cie, JUNGLING, MEBF +224 more
since 2022 · until 2025
Director · represented by Sébastien Dossogne
Also active at: CARMEUSE RESEARCH AND TECHNOLOGY, Flowell International, Carfin, CARMEUSE COORDINATION CENTER, BALINA, Carmeuse America, Carmeuse America Holding, Carmeuse Technologies +2 more
since 2023 · until 2025
Elvira Saitova
Director
since 2025 · until 2025
Yves Marchal
Director
since 2025 · until 2028
Shareholders
100%
Participations
Establishments
Establishment units
Physical locations of this company
Rue du Château 13A
5300 Andenne
Rue du Château 13 A box 0
5300 Andenne
Active since 29 March 2002
Rue de Boudjesse,Aisemont 1
5070 Fosses-la-Ville
Active since 29 March 2002
Rue de Villenval 320
5300 Andenne
Active since 29 March 2002
Rue du Val-notre-Dame(MOH) 300
4520 Wanze
Active since 29 March 2002
Rue de la Chavée, Fra. 57
5660 Couvin
Active since 29 March 2002
Route de Ramioul(EHN) 1
4480 Engis
Active since 29 March 2002
What is an establishment unit? An establishment unit is a geographically identifiable place where activities of the enterprise are carried out.
Details
- Company number
- 0431.473.519
- VAT number
- BE 0431.473.519
- Registered office
- Rue du Château 13A, 5300 Andenne
- Names & denominations
- CARMEUSE
- Enterprise type
- Rechtspersoon
- Legal form
- Public limited company
- Legal situation
- Normale toestand
- Start date
- 18 June 1987
- Peppol
- Active · Active since 19 Nov 2025
- Activities · NACE
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