Key figures

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Consolidated balance sheet (€)*
31/12/2018 31/12/2017 31/12/2016
Fixed assets 20,593,604 17,471,191 15,290,742
Current assets 28,970,708 30,541,335 29,528,681
Total assets 49,564,312 48,012,526 44,819,424
Equity 10,542,268 10,729,513 10,735,919
Third party interests 343,303 287,513 1,012,558
Provisions 230,590 198,361 114,125
Long-term liabilities 3,677,227 3,766,343 3,822,243
Current liabilities 34,770,924 33,030,796 29,134,579
Net income before amortisation of goodwill/return on equity 24,80% 22,60% 28,83%
2018
Fixed assets 20,593,604
Current assets 28,970,708
Total assets 49,564,312
Equity 10,542,268
Third party interests 343,303
Provisions 230,590
Long-term liabilities 3,677,227
Current liabilities 34,770,924
Net income before amortisation of goodwill/return on equity 24,80%
2017
Fixed assets 17,471,191
Current assets 30,541,335
Total assets 48,012,526
Equity 10,729,513
Third party interests 287,513
Provisions 198,361
Long-term liabilities 3,766,343
Current liabilities 33,030,796
Net income before amortisation of goodwill/return on equity 22,60%
2016
Fixed assets 15,290,742
Current assets 29,528,681
Total assets 44,819,424
Equity 10,735,919
Third party interests 1,012,558
Provisions 114,125
Long-term liabilities 3,822,243
Current liabilities 29,134,579
Net income before amortisation of goodwill/return on equity 28,83%

* Prepared in accordance with Belgian GAAP

Consolidated income statement (€)*
31/12/2018 31/12/2017 31/12/2016
Operating income 92,389,601 80,304,612 77,339,180
Operating costs (before depreciation) -86,282,146 -74,577,795 -71,938,696
Operating profit (before depreciation) 6,107,455 5,726,817 5,400,484
Depreciation -1,637,892 -1,581,827 -1,408,302
Operating profit 4,469,563 4,144,990 3,992,182
Financial result -533,278 -378,316 -98,864
Profit on ordinary activities before amortisation of goodwill 3,936,285 3,766,674 3,893,318
Amortisation of goodwill** -2,553,237 -2,390,944 -1,944,636
Current profit 1,383,048 1,375,730 1,948,683
Exceptional income -289,815 -136,583 63,351
Gross profit 1,093,232 1,239,147 2,012,033
Deferred tax 970 970 5,465
Taxes on income -1,037,475 -1,207,911 -867,078
Net income before amortisation of goodwill 2,609,964 2,423,150 3,095,055
Net income 56,727 32,206 1,150,420
Minority interests 137,169 143,388 431,757
Group share -80,442 -111,182 718,663
2018
Operating income 92,389,601
Operating costs (before depreciation) -86,282,146
Operating profit (before depreciation) 6,107,455
Depreciation -1,637,892
Operating profit 4,469,563
Financial result -533,278
Profit on ordinary activities before amortisation of goodwill 3,936,285
Amortisation of goodwill** -2,553,237
Current profit 1,383,048
Exceptional income -289,815
Gross profit 1,093,232
Deferred tax 970
Taxes on income -1,037,475
Net income before amortisation of goodwill 2,609,964
Net income 56,727
Minority interests 137,169
Group share -80,442
2017
Operating income 80,304,612
Operating costs (before depreciation) -74,577,795
Operating profit (before depreciation) 5,726,817
Depreciation -1,581,827
Operating profit 4,144,990
Financial result -378,316
Profit on ordinary activities before amortisation of goodwill 3,766,674
Amortisation of goodwill** -2,390,944
Current profit 1,375,730
Exceptional income -136,583
Gross profit 1,239,147
Deferred tax 970
Taxes on income -1,207,911
Net income before amortisation of goodwill 2,423,150
Net income 32,206
Minority interests 143,388
Group share -111,182
2016
Operating income 77,339,180
Operating costs (before depreciation) -71,938,696
Operating profit (before depreciation) 5,400,484
Depreciation -1,408,302
Operating profit 3,992,182
Financial result -98,864
Profit on ordinary activities before amortisation of goodwill 3,893,318
Amortisation of goodwill** -1,944,636
Current profit 1,948,683
Exceptional income 63,351
Gross profit 2,012,033
Deferred tax 5,465
Taxes on income -867,078
Net income before amortisation of goodwill 3,095,055
Net income 1,150,420
Minority interests 431,757
Group share 718,663

* Prepared in accordance with Belgian GAAP.
** Contrary to the IFRS international accounting standards, Belgian accounting standards require depreciation on goodwill that significantly affects the consolidated net income of the company.

Per share data
31/12/2018 31/12/2017 31/12/2016
Share price (€) 13.00 14.10 14.00
Market capitalisation (€) 50,613,589 54,896,277 54,506,942
Current earnings/share (€) 0.3552 0.3534 0.5005
Group share/share (€) -0.0207 -0.0286 0.1846
Net earnings/share (€) 0.0146 0.0083 0.2955
Number of shares 3,893,353 3,893,353 3,893,353
Net income before depreciation for goodwill consolidation/share** 0.6704 0.6224 0.7950
2018
Share price (€) 13.00
Market capitalisation (€) 50,613,589
Current earnings/share (€) 0.3552
Group share/share (€) -0.0207
Net earnings/share (€) 0.0146
Number of shares 3,893,353
Net income before depreciation for goodwill consolidation/share** 0.6704
2017
Share price (€) 14.10
Market capitalisation (€) 54,896,277
Current earnings/share (€) 0.3534
Group share/share (€) -0.0286
Net earnings/share (€) 0.0083
Number of shares 3,893,353
Net income before depreciation for goodwill consolidation/share** 0.6224
2016
Share price (€) 14.00
Market capitalisation (€) 54,506,942
Current earnings/share (€) 0.5005
Group share/share (€) 0.1846
Net earnings/share (€) 0.2955
Number of shares 3,893,353
Net income before depreciation for goodwill consolidation/share** 0.7950

** Contrary to the IFRS international accounting standards, Belgian accounting standards require depreciation on goodwill that significantly affects the consolidated net income of the company.