Annual report 2025
Annual report 2025
Pursuant to the Belgian Royal Decree of 14 November
2007 concerning the obligations of issuers of nancial
instruments listed for trading on a regulated market
(RD of 14 November 2007), Compagnie d’Entreprises
CFE is required to make its annual nancial report
available to its shareholders.
This report includes:
• the combined statutory and consolidated
annual report of the Board of Directors
(prepared in accordance with Articles 3:6 (et
seq.) and 3:32 (et seq.) of the French Companies
and Associations Code (the “CSA”)) (now also
including the sustainability statement);
• the declaration of the persons responsible within
CFE;
• the report signed by the statutory auditor.
This report contains an abridged version of the stat-
utory annual accounts (prepared in accordance with
Article 3:17 of the CSA) and a full version of the consol
-
idated annual accounts.
Pursuant to Article 12, §2, 3° of the RD of 14 November
2007, Trorema SRL, represented by Raymund Trost,
CEO and Chairman of the Executive Committee, and
MSQ SRL, represented by Fabien De Jonge, CFO, certify
that, to their knowledge:
a) the nancial statements, prepared in accord
-
ance with the applicable accounting stand-
ards, give a true and fair view of the assets,
nancial position and results of CFE and of the
companies included in its scope of consolida
-
tion,
b) the directors’ report contains a true and fair
presentation of the business, results and posi
-
tion of CFE and of the companies included
in its scope of consolidation, along with a
description of the main risks and uncertainties
to which they are exposed;
The ofcial ESEF version of the Annual Report, written
in English, is available on the CFE website. In addi
-
tion, the annual report, the full versions of the statu-
tory and consolidated nancial statements, and the
statutory auditor’s report on those nancial state
-
ments are available on the website (www.cfe.be) or
can be obtained free of charge and on request at
this address:
avenue Edmond Van Nieuwenhuyse 30 -
1160 Brussels (Belgium) -
Tel. +32 2 661 18 15 - [email protected].
Annual report 2025
2
Message from the Chairman and CEO
Our ambitions and achievements
Management report
Sustainability statements
Financial statements
Contents
Message from the Chairman and CEO 5
Our ambitions and achievements
Financial key gures 10
Real Estate Development 11
Multitechnics 14
Construction & Renovation 18
Investments 21
People 22
Sustainability 23
IT, digital & innovation 24
Legal 25
Safety 26
Governance
Report of the Board of Directors 28
I. Statutory nancial statements 30
II. Consolidated nancial statements 33
III. Corporate governance statement 50
IV. Remuneration report 64
Sustainability statements
General information 73
Environmental information 94
Social information 119
Governance information 131
Annexes 136
Financial statements
I. Consolidated nancial statements 150
II. Notes to the consolidated nancial statements 159
III. Parent company nancial statements 229
General information 231
Annual report 2025
3
Message from the Chairman and CEO
Our ambitions and achievements
Management report
Sustainability statements
Financial statements
Financial calendar
• 7 May 2026: ordinary shareholders meeting
• 20 May 2026: trading update of 31 March 2026
• 27 August 2026: half-year results 2026
• 25 November 2026: trading update of 30 September 2026
Proposed dividend
It will be proposed to the Ordinary General Meeting of 7 May 2026
to approve the prot appropriation with regard to the nancial year
2025, or a gross amount of € 0.50 per CFE share, corresponding to
€ 0.35 net per share (after deduction of 30% withholding tax).
This dividend shall be payable from 21 May 2026, either by bank
transfer to the holders of registered shares, or by crediting the bank
account of the owners of shares in electronic form. The nancia
l
service is provided by Banque Degroof Petercam (System Paying
Agent).
Investor relations
Additional information is available on our website (www.cfe.be),
such as:
•
the annual and half-yearly reports, as well as the quarterly
trading updates;
• other press releases;
• presentations for analysts and investors;
• on-line subscription to receive investor information (notices of
publications, press releases, etc.).
Profile of the CFE Group
CFE is a multi-disciplinary group developing total solutions to complex societal challenges in the fast-growing
markets of sustainable buildings, smart industries and infrastructure for tomorrow’s energy and mobility. To
achieve this, the Group combines the strengths of its four segments: Real Estate Development, Multitechnics
(including building management, industrial automation and energy and mobility infrastructures), Construction
& Renovation and Sustainable Investments.
CFE aims to play a leading role in these key markets by challenging the status quo and changing anything
that needs to be changed for future generations. The Group has therefore placed innovation, sustaina-
bility and safety at the heart of its business. CFE’s ambition is to bring people, skills, materials and technology
together in a community of “changing for good”. This focus has enabled the Group to assume a pioneering
role in the use of sustainable building materials, large-scale renovation, advanced energy management and
other high value areas for society.
CFE’s strategy is expressed under the acronym “SPARC”, which serves as a compass for the Group’s entities. It
guides the Shift towards innovation and sustainability, the desire to Perform and achieve operational excel-
lence, to Accelarate its growth through an integrated approach, to create value and a Return for all stake-
holders, as well as a genuine Community as agents of change both inside and outside the organisation.
Shareholder information
Annual report 2025
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Message from the Chairman and CEO Our ambitions and achievements Management report Sustainability statements Financial statements
The Chief Executive Ofcer Raymund Trost and
Chairman of the Board Luc Bertrand outline their
thoughts on CFE Group’s 2025 performance and
their expectations for the coming years.
Message from
the Chairman
and CEO
“We made great strides
in our safety culture last
year.”
We always start with safety. In 2025 you
achieved a 50% reduction in severity
rate. Are you happy with the result?
Raymund: Happy is not the right word - every safety
incident is a tragic event and we must learn from
each incident to get better. But yes, we made great
strides in our safety culture last year.
Together we focused on the simple but powerful
principle of Stop – Talk – Act, which encourages us
to intervene immediately when something does
not look right. It is becoming second nature, and
exceeding the 85% target during our management
safety visits demonstrates how seriously we take this
commitment.
Raymund Trost, CEO of the CFE
Group and Luc Bertrand, Chairman
of the Board of Directors
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Management report
Message from the Chairman and CEO
Our ambitions and achievements
Sustainability statements
Financial statements
In 2026, we will even more actively involve our
subcontractors to build a shared understanding of
our Go for Zero ambition.
“CFE has a solid Return on Equity
of 13.5% and a healthy balance
sheet, positioning us as both
an attractive investment and a
trustworthy partner.”
What stands out for you in 2025?
Raymund: At the start of the year, I encouraged
everyone to make 2025 a year of performance -
ring on all cylinders and focusing on excellence in
execution in a tough market environment. And we
delivered. All business segments contributed strongly
to our results, and I am extremely proud of what the
team has achieved together.
Luc: BPI’s resilience is particularly noteworthy. The
real estate crisis has put enormous pressure on the
sector, but they made careful and well-grounded
choices in selecting and developing projects. CFE
has a solid Return on Equity of 13.5% and a healthy
balance sheet, positioning us as both an attractive
investment and a trustworthy partner.
Raymund: I will remember 2025 as the year our
strategy and values truly took root. Teams increasingly
collaborated across the Group to develop joint
projects that combine our different areas of expertise.
It is exciting to see our multidisciplinary business
model at work – building resilience in tough times and
creating real value for our clients.
How do you look back on ZIN in Noord,
the largest building project you have
ever delivered?
Raymund: Constructing the 2025 Best Tall Building
Worldwide is an extraordinary milestone in our
company’s history. The entire building was realized by
CFE teams, and thanks to our proprietary Vmanager
building management software of VMA, it offers now
a smart and comfortable environment for all users.
Luc: ZIN was a major technical challenge, but the
teams delivered to the client’s highest satisfaction.
They have every reason to be proud. We are also very
pleased to have reached a constructive agreement
with the client on the nancial settlement.
Raymund: The size, complexity and unique
sustainability features of ZIN pushed us to rethink
many of our established practices. It helped us
upgrade our project management and strengthen
internal processes, preparing us better for
future projects of similar scale and complexity.
Annual report 2025
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Management report
Message from the Chairman and CEO
Our ambitions and achievements
Sustainability statements
Financial statements
“Kennedy Park is one of
the largest wooden office
developments in the world and
will once again raise market
standards for sustainability
and innovation in mixed-use
projects.”
Next up is Kennedy Park in Luxembourg,
the largest CFE investment ever. What
can we expect?
Luc: Kennedy Park (formerly Kronos) is indeed the
largest real estate development in CFE’s history. It
positions BPI Real Estate in an entirely new league.
Raymund: This investment was possible despite
a challenging real estate context because of our
sound, debt-free balance sheet and the backing of
our majority shareholder Ackermans & van Haaren.
Kennedy Park is one of the largest wooden ofce
developments in the world and will once again raise
market standards for sustainability and innovation
in mixed-use projects. We are implementing a new
form of collaborative upfront design, engineering
and supply chain between BPI Real Estate, CLE, Wood
Shapers and our external partners to ensure maximum
project preparedness and seamless execution. I am
condent this will be another outstanding example of
the synergy between our real estate, construction and
technical expert teams — a key differentiator of our
Group.
I also want to highlight our recent acquisition,
together with Compagnie du Bois Sauvage, of
1a Moniuszki Street in Warsaw. This emblematic
20- storey ofce building sits right in the center of
one of the most dynamic capital cities of Europe and
will over time be reconverted into an exceptional
residential project. Also here, this ofce-to-residential
conversion will set BPI in a new league in terms of
sustainable urban development.
“Improving the net result is
a major achievement, made
possible by our teams’ rigor and
discipline in prioritizing margin
over volume.”
You improved net results while revenue
decreased in the past years. How will
this evolve?
Luc: Improving the net result is a major achievement,
made possible by our teams’ rigor and discipline
in prioritizing margin over volume. It represents a
genuine cultural shift they can be proud of.
Raymund: Several elements contributed to our net
result: stronger ownership of business performance,
standardized tender, project and risk management
processes, and the successful closure of several
challenging projects.
Luc: Revenue did indeed decline, partly because of
a more selective order intake but also because of
lower demand in the residential, ofce, industry and
rail markets. Today, the Group has a strong platform
to grow again and seize opportunities when the
economy rebounds over the coming years. CFE is
ready for the future.
Annual report 2025
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Management report
Message from the Chairman and CEO
Our ambitions and achievements
Sustainability statements
Financial statements
“With our businesses working
together, we offer a complete
lifecycle solution that brings
clients real peace of mind.”
Where do you see the most important
growth opportunities?
Raymund: In our core market of sustainable buildings,
we have carved out a unique position through our
multidisciplinary model. We successfully massify
sustainable materials, renovation, smart energy
technology, and show expertise in very complex
building projects. Today, we are fully leveraging all
this know-how to seize opportunities in the industrial,
healthcare, defense and datacenter sectors. Great
examples are for instance LCL Datacenter, Ineos
Project One and the Oosterweel link.
Second, with our businesses working together,
we offer a complete lifecycle solution that brings
clients real peace of mind: from the conception of a
building to its construction and then its maintenance
for years after. And it is not just for new builds. Our
new business Pulse taps into the emerging market
of asset owners wanting to revalorize their existing
building stock — a trend that will accelerate as
investor condence returns.
Finally, the energy transition represents a major
growth avenue. Both Mobix and VMA have developed
strong capabilities in electrical networks, charging
infrastructure and battery parks. We now combine
them to develop solutions in specic segments that
show high growth potential.
CFE is now debt-free with a positive
cash position. Are you looking at
acquisitions to fuel growth?
Luc: Denitely. Over the past three years, CFE has
built a record cash position and has no debt. I want
to thank the team for their discipline in making this
possible. Our strong nancial situation inspires client
condence in a challenging market and gives us the
exibility to pursue partnerships and acquisitions to
further strengthen our offering.
Raymund: One of our priorities is to renew BPI’s
real estate portfolio with high-quality projects.
We will continue to invest responsibly, carefully
managing risks around permitting complexity, and
remain ambitious about contributing to sustainable,
people-centered urban environments.
Do you feel that sustainability
ambitions are shifting?
Raymund: The transition to net-zero emissions is well
underway and will not slow down, despite geopolitical
turbulence. Yes, regulations must be simplied, and
that is positive — it allows businesses to focus less on
reporting and more on taking action.
Luc: CFE’s sustainability ambitions remain
unchanged. Our business sits at the heart of the
net-zero transition, and we increasingly see capital
owing towards sustainable projects. This represents
a major business opportunity.
Raymund: The key will be making sustainability both
affordable and the default choice. Standards and
legislation have an essential role in ensuring a level
playing eld where sustainable investments are
rewarded. We have chosen to embed sustainability
into every project and to make it an explicit part of
Annual report 2025
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Management report
Message from the Chairman and CEO
Our ambitions and achievements
Sustainability statements
Financial statements
our client dialogue, where its added value is clear
and measurable.
How are you enabling people and AI to
work together at CFE?
Raymund: We remain, above all, a people-driven
business. We rely on the expertise, agility and problem-
-solving ability of our teams — and we are actively
looking to recruit hundreds of new colleagues in the
coming years.
At the same time, we see signicant potential for
AI and other technologies to support people in
performing at their best. Just as we continue to invest
heavily in leadership and workplace culture, we are
also directing resources towards human-centric
AI that improves quality and performance. We
take pride in being a great place to work. Our
CFE Academy offers learning and development
programs, our internal mobility provides interesting
career possibilities within the Group, and the
portfolio of exciting, challenging projects create
an environment where people can grow and
continuously develop their talents. Not forgetting
our Group’s resilience in a challenging market which
gives people the necessary reassurance for their
career. This is what truly sets us apart.
What will CFE look like in 2030, when it
celebrates its 150
th
anniversary?
Luc: Three years ago, when we sought to redene
what CFE stands for, we placed future generations
and our responsibility towards them at the heart of
our purpose. No matter the time horizon — 2030 or
2050 — I believe CFE will remain an organization that
delivers positive impact through its core business.
Raymund: That drive for positive impact and
sustainable growth is a quality we share with
Ackermans & van Haaren. We both have long
legacies - Ackermans & van Haaren celebrates its
150th anniversary already in 2026 – and therefore
a joint focus on long-term value creation for all
stakeholders. The resilience of CFE’s business model
backed by the stability of its shareholders will allow
us to ourish for many generations to come.
Annual report 2025
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Management report
Message from the Chairman and CEO
Our ambitions and achievements
Sustainability statements
Financial statements
REVENUE
1,041.6m
NET RESULT
33.5m
ORDER BOOK
1,632.6m
Financial key gures
Fabien: 2025 was a strong year for CFE. We achieved
a 40% increase in our operating income and deliv
-
ered a return on equity of 13.5%, conrming the
strength and resilience of our multidisciplinary model
in a challenging market.
Revenue amounted to € 1,041.6 million, down
compared to 2024, mainly due to lower activity in
the construction entities in Belgium and Poland, as
well as at MOBIX. Despite this context, EBIT increased
to € 44.9 million, supported by strong performances
in the Construction & Renovation and Real Estate
Development segments. Net income (group share)
reached € 33.5 million.
For the second consecutive year, operating cash
ow reached a new record level of € 113.3 million,
driven by higher EBITDA and a signicant improve
-
ment in working capital requirements. This strong
cash generation enabled us to move from a net
nancial debt position to a net nancial surplus of
€ 43.8 million. Equity amounted to € 264 million.
With a stable order book of € 1.63 billion and a strong
nancial position, we are ideally positioned to invest
in the growth of our activities and in transformative
projects such as Kennedy Park.
Looking ahead to 2026, we remain positioned in
structurally attractive markets such as renova
-
tion and the improvement of energy performance
of existing buildings, the development of infrastruc
-
ture related to the energy transition, and techni-
cally complex construction projects in the industrial,
healthcare, defense and data center sectors. Our
multidisciplinary model, covering the entire project
lifecycle, represents a clear competitive advantage in
this context.
BPI Real Estate will continue to focus on new real
estate developments with low permitting risk and
strong commercial potential. VMA benets from
a signicantly growing order book and a positive
momentum in activities generating recurring reve
-
nues, while the Construction & Renovation enti-
ties will continue to apply a selective order intake
approach, further improve operational perfor
-
mance, and capture opportunities in protable niche
markets where their expertise in complex construc
-
tion projects truly comes into its own.
For 2026, we expect net income close to that of 2025.
Our priority will remain disciplined capital alloca
-
tion, preserving strong margins, and maintaining
rigorous risk management. Thanks to our net positive
cash position and strong cash generation, we have
the exibility to seize new growth opportunities while
continuing to adhere to strict risk management.
“CFE responds to a growing market
demand for solutions that cover the
entire lifecycle of a project — from
development and construction to
multitechnical installations and
maintenance.”
Fabien De Jonge, Chief Financial Ofcer
Annual report 2025
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Message from the Chairman and CEO
Our ambitions and achievements
Management report
Sustainability statements
Financial statements
In 2025, BPI Real Estate continued its successful collaboration with CFE’s other
businesses as well as with long-term external partners to deliver high-quality
projects for more sustainable cities. It managed to stay the course in a market that
remained disrupted.
The rst signs of recovery in the residential segment are visible and an uptake in the
ofce market is expected in 2026, especially for buildings in prime A locations and
with exemplary performance in terms of sustainability and occupant wellbeing. For
BPI, the Kennedy Park project (formerly Kronos) in Kirchberg is advancing well and is
set to be a game-changer in the market of sustainable development.
Project overview
In Belgium, construction started on the emblematic
mixed-use project Brouck’R in the center of Brussels,
together with partner Immobel, of which The National
Lottery acquired the remaining 4,500 m
2
of ofce
space on top of the already obtained 6,800 m
2
in 2024, and sales of the project’s rst residential
component successfully started with more than 50%
sold so far. Together with partner AG Real Estate,
the heavy renovation of the EQ ofce building in
the European Quarter of Brussels was started and
a 23-year long-term use agreement with an indexed
annual fee of € 7.2 million was signed with the
European Commission. The future nursing school
on the Bavière site in Liège was sold off-plan (VEFA)
to the Province of Liège and construction started on
the residential project Uni’Vert in Auderghem. The
Clarisse project in Arlon, allowing the development
of 7,000 m
2
of housing, was sold to a local developer
after obtaining building permits free of any appeals.
The John Martin residential complex in Antwerp,
consisting mainly of 77 apartments and 27 student
housing units, was completed and sold to the
nal investor. Regarding the Move Hub project in
Brussels, the planning and environmental permits
were granted after an initial appeal led by the
municipality of Saint-Gilles, but a new appeal was
led in the meanwhile. The planning permit was
obtained for the Samaya project near the train
station of Ottignies which will include 680 homes and
10,000 m
2
in commercial and public services and is
a co-development with AG Real Estate.
Real Estate
Development
Uni’Vert Brussels
“The real estate sector is
undergoing a profound
transformation. To remain
relevant and successful,
we must encourage
curiosity, boldness, and
experimentation. My goal is
to create an environment
where teams can develop
new skills and embrace
new technologies to create
more value for our clients
and partners.”
Jacques Lefèvre, CEO BPI Real Estate
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Message from the Chairman and CEO
Our ambitions and achievements
Management report
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Financial statements
“I firmly believe that our responsibility is to build
projects that improve people’s lives, support
communities, and respect the planet’s limits. As a
leader, I want to accelerate our transition to even
more sustainable, transparent, and ambitious
models, so that every BPI project leaves a positive
impact for future generations.“
Arnaud Regout, Chief Investment Ofcer
Roots Belval (LU)
In Luxembourg, the nal phase of the “Domaine des
Vignes” residential project in Mertert was delivered
and more than 90% of the 53 apartments have been
sold so far. The Mimosa residential project in Strassen
is under construction, featuring both new housing
and co-living spaces on a reimagined former ofce
building, and will be delivered in 2026. Together
with Unibra Real Estate, construction started of the
Roots mixed-use building in Belval with 42 of 102
apartments already sold. For Kennedy Park, a long-
term lease with international law rm Linklaters was
signed for 5,460 m
2
of ofce space. Two-thirds of the
55,000 m
2
of ofce space has already been pre-let
on a long-term basis, while construction works are
expected to begin in the second quarter of 2026.
In Poland, the Chmielna Duo project in Warsaw
has been nalized, and apartments are being
delivered with 80% already sold. In Poznan, the rst
two residential buildings of the Cavallia project were
delivered with the third one nearing completion and
80% of all apartments sold. BPI Real Estate Poland,
together with long-term JV partner Compagnie
du Bois Sauvage, has successfully completed the
acquisition of a property at 1a Moniuszki Street in
Warsaw, nanced by Millennium Bank. The 20-storey
ofce building, offering 9,860 m
2
of gross leasable
area (GLA), benets from a strategic location in the
heart of Warsaw. Currently, most of the ofce space
is leased and for now the building will continue to
serve its existing function, but the long-term plan is to
transform it for residential use through a sustainable
reconversion strategy. This same partner, Compagnie
du Bois Sauvage, had previously demonstrated its
condence in BPI Real Estate through the PianoForte
project, acquiring a 40% stake. Piano Forte has proven
to be a commercial success, with 30% of units sold
to date and delivery scheduled for the end of 2026.
Finally, regarding the Panoramiqa project, building
permits and the land were secured in 2025, and
the acquisition was completed in January 2026,
paving the way for the next stages of this agship
development.
Jacques: The real estate sector is undergoing
a profound transformation with new emerging
technologies, fast-changing urban settings and
challenging client expectations. At BPI, our goal is to
create an environment where teams can develop
new skills and embrace new technologies to create
more value for our clients and partners.
Arnaud: An important focus for BPI is cultivating
a culture of continuous learning and improvement.
With our client portal we’re making the customer
journey more transparent and personal. We improved
the governance of our sales data, allowing us to
forecast better. We launched a new website to make
information more accessible, and our migration to
Business Central has helped us standardize and
strengthen our operational and nancial processes.
PowerBI now gives our teams access to better
dashboards and insights, which helps them manage
their projects with more precision. We use articial
intelligence tools like Spacemaker to optimize the
early-stage design of our projects—from spatial
performance to energy efciency.
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Message from the Chairman and CEO
Our ambitions and achievements
Management report
Sustainability statements
Financial statements
We’ve also made our customer-centric approach
more structured by gathering and analyzing
feedback and running targeted surveys. This helps
us stay aligned with what future buyers and users
expect from us.
Jacques: What sets BPI apart is our focus on
sustainable spaces that benet everyone.
Sustainability is not a communication exercise –
we integrate ESG criteria systematically into all our
projects and publish the results annually – it is how
we hold ourselves accountable. Our decarbonization
roadmaps, our use of circular-construction methods,
and the adoption of more sustainable materials are all
concrete steps that shape the way we work every day.
Moving forward, I want to keep putting people rst—
our teams, our clients, and our partners. When people
thrive, our projects thrive—and so does our impact.
This focus on community also includes our presence
in partner networks, federations and workgroups.
As newly appointed President for the Brussels-
Capital Region of our UPSI real estate federation,
I look forward to bringing together all stakeholders
to jointly make a positive impact on our cities. These
partnerships give us fresh insights and also ensure
BPI is seen, heard, and connected where it matters.
I’m very proud of our history: 35 years in Belgium,
15 years in Poland, and 25 years in Luxembourg.
Looking ahead, we have recently strengthened our
internal governance with a strategic committee to
help pave the way towards 2030.
Piano Forte Warsaw (PL)
EQ Brussels
Annual report 2025
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Message from the Chairman and CEO
Our ambitions and achievements
Management report
Sustainability statements
Financial statements
2025 was a challenging but positive year for VMA. Despite continued pressure on
new build projects, ination, and a shortage of skilled technical proles — VMA
delivered revenue growth in line with expectations, also supported by the successful
nancial closure for the ZIN in NOORD project. Results were encouraging in Building
Technologies activities, although these were partially offset by the sharp reduction in
the Industrial Automation activities, mostly due to the difcult market conditions in
the European automotive industry.
Looking ahead, 2026 shows strong potential: the market is expected to remain tough,
but opportunities are accelerating in ve core sectors — Defense, Healthcare, Data
Centers, Energy Infrastructure, and Maintenance & Express Jobs. Combined with
VMA’s growing collaboration with MOBIX and the broader CFE Group, the commercial
pipeline for 2026 is positioned for healthy growth.
Project overview
VMA’s Building Technologies teams delivered
advanced technical installations for the ING
headquarters Marnix in Brussels, the healthcare
campus at AZ Diest, the automated warehouse
for Pepsico in Veurne, and the BRUSK museum
in Brughes. VMA continued works on the Full-
Life Technologies radiotherapeutic facility in
Gembloux (together with BPC Group), the LCL
Datacenter in Diegem (together with MBG), the
new Leonidas production facility in Nivelles, the
Institut Roi Albert II for cancer and hematology at
Cliniques Universitaires Saint-Luc in Brussels, the
radiotherapy unit and UPSIE at UZ Gent, the Green
Energy Park datacenter in Zellik, the communication
and power systems for the Brussels Metro, and the
Infrabel service building in Ghent. Works started
on the new Nexans high-voltage cable production
facility in Charleroi (together with BPC), the Brouck’R
mixed-use redevelopment in Brussels (for BPI and
Immobel), the new BIOTECH 5 laboratories and
training center in La Louvière, the Marroniers secure
forensic psychiatric facility in Tournai, and the AXA
Belmont Court mixed-use building.
In Smart Building Management, VMA delivered the
energy-efciency improvements for 18 buildings
under the Beerse and Oud-Turnhout OEPC contract,
which also includes maintenance for the coming
15 years, and started the renovation of the technical
installations in 25 buildings under the Tessenderlo
OEPC contract which will be followed by a 12-year
maintenance contract with the municipality.
Multitechnics | VMA
“I am proud of the
technology-driven
yet people-oriented
organization we are, and
of the consistent quality
we succeed in delivering
to our clients.”
Peter Matton, CEO VMA
Nexans Charleroi
Annual report 2025
14
Message from the Chairman and CEO
Our ambitions and achievements
Management report
Sustainability statements
Financial statements
In Industrial Automation, VMA delivered projects for
Indaver’s Plastic-2-Chemicals facility in Antwerp, the
expansion of the industrial site for Unilin in France,
and continued work on projects for Lutosa, Jaguar
Land Rover (UK), Volvo (BE/SK) and BMW (UK/D).
In Maintenance, VMA continued growing its services
offering with maintenance contracts for, amongst
others, 44 sports infrastructure buildings for Farys,
50 buildings for the Mutualités Chrétiennes in
Wallonia, and 5 cinema buildings for UGC.
Peter: I am proud of the hard work our teams
delivered in growing VMA’s business in 2025. Today,
VMA is a technology-driven yet people-oriented
organization, succeeding in delivering consistent
quality to our clients.
Being part of the CFE Group allows us to be an
essential element in the full building lifecycle offering
where we provide clients A to Z peace - from design
and development to construction and installation,
and to maintenance for many years after. This,
combined with our work for external clients, is setting
us up for considerable growth over the coming years.
In 2026, we will focus on boosting our pipeline
and improving conversion, enhancing our client
experience and continuing to bid selectively to
safeguard protability. Growth will especially be
found in niche markets such as healthcare, defense,
data centers, and energy infrastructure. But we also
see opportunities in our VMA Maintenance teams
who increasingly succeed in concluding multi-
year service contracts, in our fast-response offering
with dedicated Express teams, and in our Panel
Building activity which we aim to expand. In Industrial
Automation we will continue to focus on Food, Fine
Chemicals and Plastic Recycling clients, and diversify
our Automotive units to other sectors.
In terms of sustainability and innovation, we
reafrm our decarbonization ambitions through
concrete, high-impact actions such as the further
electrication of our eet, the rollout of our VPlan
tool which automates the ow of engineering data
to construction sites, as well as the engagement of
our key material suppliers and the development of
AI-driven predictive and preventive maintenance
solutions.
AZ Diest
Automation Jaguar Land Rover
Leonidas Nivelles
Annual report 2025
15
Message from the Chairman and CEO
Our ambitions and achievements
Management report
Sustainability statements
Financial statements
“Our strength comes from having
our own skilled people, training them
ourselves, and being able to redeploy
talent swiftly as opportunities evolve.
In dynamic markets like energy—
where something new emerges every
week—our model allows us to react
quickly and credibly.”
David Vanhelmont, CEO MOBIX
2025 was a challenging year for MOBIX with a lower turnover, mainly because of the
completion of the LuWa project (modernization phase) and the nearing completion
of the Enves project (ETCS II automatic train stop system), and the lower activity
at Infrabel. Rail-related activities (signalling, track laying and catenary works)
are suffering from the lack of new orders from Infrabel, resulting in a machine
eet utilisation rate that remains too low. The installation of electrical cabling
and conduits, on the other hand, is showing strong growth in Wallonia. However,
uncertainty regarding the timing of the launch of Infrabel’s investment programmes
continues to weigh on medium-term visibility.
Looking forward, the orderbook shows a healthy ll rate with continued investments
in airports, energy grids, charging infrastructure and rail projects, also for private
clients. MOBIX’ diversication strategy to opportunities in energy infrastructure aims
to set the company on a renewed growth trajectory over the coming years.
Project overview
MOBIX continued its diversication strategy to
include Energy Infrastructure activities with the
installation of a 50MW/140 MWh Battery Energy
Storage Systems (BESS) for Tesla and B-STOR in La
Louvière, a project done together with VMA. Work
continued for D’Ieteren and TUC Rail in deploying
charging infrastructure, and a rst test project was
delivered for Fastned. Cabling works for ORES and
RESA ramped up and activities on the Brussels Metro
were continued.
In Mobility Infrastructure, following the successful
completion of the Herentals–Olen railway section,
Mobix started the second phase Line 15 with
7 kilometers of track renewal. Under the GEN
framework contract with Infrabel, MOBIX is working
on the Boondaal–Boxtael and Nivelles sections
and the pre-assembly of switches across Belgium.
MOBIX is also working on the overhead lines between
Ghent-Brughes and upgrades of catenary systems
in rail yards.
Multitechnics | MOBIX
Electrical cabling works
Annual report 2025
16
Message from the Chairman and CEO
Our ambitions and achievements
Management report
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Catenary works
David: In 2026, MOBIX will continue to diversify its core
business to include projects in the energy market.
Joining forces with VMA for integrated solutions will
further position us as credible suppliers of complex
energy systems in the net-zero transition.
MOBIX stands out because it operates with its own
people—skilled teams trained internally, giving the
company exibility, consistency, and high quality. We
are able to deploy talent swiftly as opportunities arise.
Clients value this compared to competitors relying
heavily on outsourced labour. This diversifying factor
will prove a strategic advantage for years to come as
the workforce market tightens.
MOBIX will continue to improve operational
excellence, with the digitalization of daily site
reports - streamlining all eld administration such
as measurement sheets, quality reports, and
productivity tracking.
BSTOR Battery Park La Louvière
Annual report 2025
17
Message from the Chairman and CEO
Our ambitions and achievements
Management report
Sustainability statements
Financial statements
CFE’s Construction & Renovation businesses look back on a year shaped by a
challenging macro-economic environment with materials costs remaining high,
competition further intensifying, and margins remaining tight.
CFE’s activity remained strong in Flanders and Luxembourg thanks to multiple major
projects, but was lower in Brussels, Wallonia and Poland. CFE continued its focus
on selective bidding and, despite the challenging macro-economic context, all
businesses in the segment contributed positively to the Group’s result.
Project overview
In Brussels, both the Park Lane II residential project
for Nextensa at the Tour & Taxis site and The Arch
ofce building for Cores Development were delivered.
The major renovation of the future Kanal-Pompidou
museum continued to make steady progress,
despite the technical difculties inherent in a project
of this scale. In the European district, works started
for the European Commission on Realex, their new
conference centre, on EQ, their new Directorate-
General for Migration and Home Affairs, as well as
on Meeûs 29, Newton and Oasis, all major ofce
renovations. Works also started on the residential
project Uni’Vert for BPI Real Estate in Auderghem. In
the Brussels periphery, CFE is building the new LCL
Datacenter, combining the expertise of MBG and
VMA for construction and building technology, and
the Airport Business Center ofce complex for The
House of Development. Work continued on the M3K3
school project and the Erasme Campus student
housing development in Anderlecht, and on the
Prigogine media school on the RTBF and VRT site in
Schaerbeek.
In Flanders, several large-scale projects are currently
underway in the Antwerp region. This includes the
largest civil works project in Belgium, namely the
Oosterweelverbinding (Ring Road link) with Van
Laere as member of the ROCO TM, the INEOS Project
One, the future SD Worx wooden head ofce, the
new DEME Group headquarters, and four mixed-
used buildings in the new Nieuw-Zuid district The
O’Sea residential buildings in Ostend were completed
to the customer’s satisfaction. CFE’s specialized
business for heritage buildings saw a considerable
increase in activity with landmark projects such as
the reconversion of the Wasserijsite in Ghent and the
restauration of Saint John’s Church in Anzegem.
Construction &
Renovation
SD Worx Antwerp
Annual report 2025
18
Message from the Chairman and CEO
Our ambitions and achievements
Management report
Sustainability statements
Financial statements
“What sets us apart in the market is our
identity as a network of regional players
anchored close to clients but supported
by scalable expertise.”
Bruno Lambrecht, CEO Construction & Renovation
In Wallonia, work continued on Full Life
Technologies’ new research facility in Gembloux
and on the greenhouse and waterpark for Pairi
Daiza, which will be delivered in 2026. In Charleroi,
work started on the new Nexans very-high-voltage
cable production facility, together with VMA, and
work continued on the Tirou 1 ofce project. In Mons,
the Shape housing project at the NATO military
headquarters made steady progress. Work started
on a new production unit for pharmaceutical player
UCB in Braine-l’Alleud called UCB-B10. In Liège, work
continued on the Bavière school project and on the
mixed-use development Relais Grand Poste.
In Luxembourg, CLE’s business grew after two years
of market contraction. This trend is set to continue
over the next few quarters thanks to the ramp-up of
construction sites for the new head ofces of PwC
and of the Luxembourg Red Cross, the residential
buildings on the Rout Lëns site in Esch-sur-Alzette,
the mixed-use project Roots, and the administrative
building for CFL.
In Poland, business was down due to less favourable
market conditions in the logistics and ofce sectors.
Residential projects for BPI Real Estate continued at
a steady pace: the Chmielna Duo project in Warsaw
and the rst two residential buildings of the Cavallia
project in Poznan were delivered, and construction
started on the Piano Forte project in Warsaw, with
delivery set for end 2026. Other residential projects
included Osiedle Lumea in Warsaw and Vilda Arte in
Poznań for Bouygues Immobilier Polska / Develia
and Żelazna 54 in Warsaw for Matexi. The third
phase of construction is underway for Marina Royale
– MiraMar in Darłowo for POC Partners, and the
second phase of Neowo for Yareal. The American
School of Warsaw Expansion project was delivered
and construction started on the new attraction park
of 6.7 ha for Momentum Leisure for whom already
3 Majaland parks were built throughout Poland.
Industrial projects for returning clients Konsorcjum
Stali and Saint-Gobain (Hydrogen station) in
southern Poland were completed as well as projects
for new industrial client NiceDream in Gdańsk
and for Volvo-Renault. A rst military project was
implemented for MBDA in Czosnów. In retail projects,
the Kraków Designer Outlet was delivered for KG
Group, with whom another project is underway called
ATUT in Ożarów Mazowiecki.
Croix Rouge LuxembourgPairi Daiza Brugelette
Park Lane II Brussels
Annual report 2025
19
Message from the Chairman and CEO
Our ambitions and achievements
Management report
Sustainability statements
Financial statements
Bruno: Looking ahead to 2026, we do not expect
a dramatic shift. The market is unlikely to change
abruptly, and geopolitical uncertainties could
swing conditions either positively or negatively. To
stay resilient, risk management, sustainability, and
synergies across the group continue to guide us.
Our geographical reach—operating across various
regions and segments—gives us resilience against
localized downturns.
We continue to invest in operational excellence:
sharing best practices and introducing consistent
management and execution standards, because
we strongly believe in structured processes and the
power of standardization. We want to identify what
works best in each entity and replicate it everywhere
- selective bidding, IT tools, and ERP implementation
are examples.
A similar logic applies to sustainability. We are
strengthening our expertise through a dedicated
sustainability competence center, and our structural
engineering and internal study bureaus. Together
with the other CFE companies, these capabilities
create a unique value proposition: we can
cover a building’s entire lifecycle, from design to
maintenance, and integrate sustainability at every
stage. This is a real differentiator. Clients increasingly
value partners who understand not only how to build
efciently but how to reduce lifetime emissions, select
optimal systems for ofces or industrial sites, and
ensure long-term performance.
What sets us apart in the market is our identity as a
network of regional players anchored close to clients
but supported by scalable expertise. Our technical
depth, combined with sustainability know-how,
gives us authority in discussions where clients are
searching for long-term solutions, not short-term
execution.
Newton Brussels Ineos Project One Antwerp
Chmielna Duo Warsaw
Annual report 2025
20
Message from the Chairman and CEO
Our ambitions and achievements
Management report
Sustainability statements
Financial statements
BSTOR Battery park
La Louvière
Fabien: CFE’s Investments segment comprises
shares in Green Offshore (50%), Deep C Holding (50%)
and GreenStor (50%).
Green Offshore’s energy produced by the Rentel
and Seamade offshore wind farms reached 2,6 TWh.
Production in the second half was in line with
expectations but was only able to partially offset the
effect of unfavourable weather conditions in the rst
half of 2025.
Deep C Holding’s industrial land sales in Vietnam
were 81,2 hectares. It is worth highlighting the strong
performance of service activities, of which revenue
and operating prot have been growing steadily
for several years. Deep C Holding’s good operating
performance was partially offset by the impact of
the devaluation of the US dollar on shareholder loans
denominated in USD.
GreenStor started the construction of its third battery
park with a capacity of 270 MWh, located in Aubange
and developed in partnership with SOCOFE (15%) and
SOPAER (10%), which should be operational by the
second half of 2026.
Investments
“Our investment portfolio
continues to generate
stable returns, supported
by high-quality assets.”
Fabien De Jonge, Chief Financial Ofcer
Annual report 2025
21
Message from the Chairman and CEO
Our ambitions and achievements
Management report
Sustainability statements
Financial statements
Valérie: We look back on a year in which the HR
function matured signicantly and moved closer to
the business, with a much stronger focus on data,
listening, and developing our people.
The “How Are You?” campaign (net promotor score)
was deployed for the xxth year in a row and the data
continues to feed our people strategy with concrete
action plans in each of our business units. We
integrated the ABC motivation model, enabling us
to assess autonomy, involvement, and competence
levels more precisely. We also built multiple data
dashboards that give us a clearer view of why
people join us and why they stay. The aim is simple:
understanding better of what drives our people and
adapting our people strategy accordingly with a
focus on talent retention.
One of the most important shifts this year was the
launch of Connect & Grow, a more structured way
of communicating with our people. The request
came directly from employees through the “How
Are You?” campaign: they wanted more regular and
constructive feedback. In response, we built working
groups and spoke with many leaders to understand
how we could help them strengthen performance
on site and better support their teams’ development.
We introduced two structured conversations per
year for every talent, and this will become one of
next year’s biggest projects. At the same time, we
digitized the talent-review process, giving us better
visibility on development paths and involving a
much broader group of leaders—not just executive
committees, as was the case before.
Talent development remained central. Our CFE
Academy got a makeover with new content, evolving
with the changing needs of our organization. The
Academy now also features AI-powered learning
features which help tailor programs to individual
needs. Leading for Good continues in 2026 and
we will add a new layer focusing on impactful
communication—how leaders can set clear
objectives with their teams and give effective,
structured feedback. We will also restart the Future
Leaders program with Vlerick next autumn, with 25
new participants.
Recruitment and attraction remained a major
challenge in a tight labor market. We hired many
people this year and are now preparing a strong
employer branding campaign to strengthen our
visibility. We also work together with our sector
federations to bring people into our industry.
Well-being remains essential. We are looking at
safety in the broader sense, as in both psychological
and physical integrity of everyone in the organization.
Linked to this was the charter we signed and
launched in the organization encouraging that every
individual can be themselves. Another important
aspect to stimulate equal opportunities is the Pay
transparency we are implementing. People want
more clarity about pay and career opportunities, and
we are preparing to communicate this more openly
and consistently.
As we move forward, our ambition remains the
same: support the business by developing people,
reinforcing leadership, and building a culture that is
human-centric. All this supported by an HR function
that is modern, data-driven, and deeply connected
to our strategy.
People
“Our ambition remains
the same: support the
business by developing
people, reinforcing
leadership, and building
a culture that is human-
centric. All this supported
by an HR function that
is modern, data-driven,
and deeply connected to
our strategy.”
Valérie Van Brabant, Chief People
Ofcer
Annual report 2025
22
Message from the Chairman and CEO
Our ambitions and achievements
Management report
Sustainability statements
Financial statements
Isabelle: Europe is shifting toward a more
pragmatic sustainability approach, aiming to
simplify the Green Deal. We were already working
this way—focused on concrete actions rather than
administrative reporting—so this shift conrms our
direction.
We strengthened our role as a catalyst for the
industry by staying active in key associations such
as the Belgian Green Building Alliance and ESG
workgroups at the UPSI and ADEB federations. The
launch of the rst Low-Carbon Barometer was an
important milestone, indicating clear ambition for
the net-zero transition while showing consensus in
the market regarding the need for a clear legislative
framework that levels the playing eld in terms.
2025 was again marked by emblematic projects
where we deployed our sustainability expertise.
Projects such as The Arch, EQ and Kanal demonstrate
our know-how in terms of large-scale renovation
and re-use of existing materials and structures. The
continued transformation of the Tours & Taxis site
highlights our ambition to help cities reinvent and
repurpose spaces, making heritage locations into
modern, mixed-use sustainable urban districts. In
Luxembourg we continue pushing the boundaries of
bio-based materials in buildings such as Roots, Rout
Lëns and the upcoming Kennedy Park project which
will bring sustainable construction to a whole new
level. We will keep strengthening the renovation-rst
approach supported by wood and other low-carbon
materials, while integrating the many new solutions
emerging on the market.
Key to our sustainability strategy is the expertise
exchange within our Group thanks to the
Sustainability Knowledge Center, which features
both experts at the service of our projects as well as
a centralized digital platform accessible to everyone.
The knowledge center collects new best practices,
bring together innovative materials in a “material
library” and features a comparison app for CO
2
emissions and price calculation. The aim is to help
clients from the very start of projects to include
proven sustainability optimizations.
In 2025, we opened our Bazaar platform to almost
100 external partners, allowing them to benet from
the materials exchange platform and facilitating the
re-use of materials and on a larger scale.
We remain on track for our 2030 targets and even
slightly ahead, especially thanks to major progress
in electrifying our eet — the largest source of
emissions. We continue the implementation of the
CO
2
Performance Ladder throughout the Group –
also exploring whether certication at group level is
possible - while continuing to prioritize the underlying
actions rather than the label itself.
Sustainability
“We will keep strength-
ening the renovation-first
approach supported by
wood and other low-
carbon materials, while
integrating the many new
solutions emerging on the
market.”
Isabelle De Bruyne, Chief Sustainability
Ofcer
Kanal - Centre Pompidou Brussels
Annual report 2025
23
Message from the Chairman and CEO
Our ambitions and achievements
Management report
Sustainability statements
Financial statements
IT, digital & innovation
“Looking ahead to 2026,
keeping a close eye on
emerging technology
trends will be crucial for
shaping future strategy.
We are deploying today
the cybersecurity, A.I.
readiness and data
quality as foundations for
what the future brings.”
Hans Van Dromme,
Chief Information Ofcer
Hans: In 2025, the organization made signicant
progress in modernizing its technology landscape. A
major milestone was the network transformation,
where the choice was made for a single specialized
partner for both network management and security.
This resulted in a more standardized and better-
protected environment, which is essential in a sector
where many partners work closely together and the
risk of exposure to threats increases. Additionally,
the team further strengthened cyber resilience by
organizing tabletop exercises with management. In
this way, leadership is actively involved in anticipating
and managing potential security scenarios.
Another signicant milestone was the migration
to Windows 11. All devices were onboarded into
Microsoft Intune, making it possible to centrally
enforce policies and push updates efciently across
the organization. This brought a clear improvement
in endpoint management and consistency. There
was also continued progress on the multiyear ERP
program which will be a gamechanger in terms of
efciency and data quality.
Articial Intelligence took an important leap
forward during 2025. Hundreds of employees
began using AI applications daily to improve their
personal efciency, while more advanced initiatives
were initiated to support businessspecicbusiness
specic processes such as tendering and contract
management. The company also invested heavily
in building strong data foundations. A robust data
platform was set up as the future data lake, and the
rst use cases—such as reporting for HR and central
applications—are already in place. specic processes
Looking ahead to 2026, keeping a close eye on
emerging technology trends will be crucial for
shaping future strategy. We will continue deploying
our A.I. strategy along three pillars: helping
employees work more efciently, being increasingly
embedded in business applications, and supporting
pilots for critical business processes. Our focus on
cybersecurity will remain, maintaining a careful
balance between strong protection and user
convenience.
Annual report 2025
24
Message from the Chairman and CEO
Our ambitions and achievements
Management report
Sustainability statements
Financial statements
Legal & Compliance
Philippine: After relaunching and harmonizing the
Group’s Compliance program and procedures in
2024, the compliance function achieved signicant
progress in 2025 in embedding governance
requirements into daily business operations. This
approach ensures that regulatory obligations were
not only consistently met but seamlessly integrated,
supporting business agility and growth.
Furthermore, legal involvement in risk assessments
and major project decisions was further strengthened,
with the Legal Board maturing as an effective
platform for collaboration, knowledge sharing,
and agile deployment of legal expertise across
the Group. Early engagement of Legal in strategic
initiatives enabled more proactive risk mitigation
and contributed to value creation, making progress
in positioning Legal as a true business partner.
Looking ahead to 2026, Legal & Compliance will
deepen its focus on anticipation by enhancing
proactive and predictive risk management
practices. Leveraging data-driven insights
and working closely together with our internal
stakeholders, the function aims to identify and
mitigate risks before they materialize, supporting
the organization’s ability to navigate an increasingly
complex regulatory and legal landscape.
Ongoing investment in talent, skills, and leadership
development within Legal & Compliance remains
a priority to secure long-term continuity and
excellence. Legal & Compliance will continue to
develop legal acumen among internal stakeholders
through targeted trainings and initiatives that
foster genuine business partnerships within the
Group. By supporting the organization in translating
complexity into clear guidance and anticipating
future challenges, Legal & Compliance will further
strengthen its role as a proactive, forward-looking
enabler of sustainable growth.
“As we look ahead to 2026, prioritizing investment
in our team’s capabilities and the legal expertise
of our internal stakeholders will position Legal as a
valued business partner. By anticipating risks and
integrating proactive risk management into our daily
operations will enable us to continue supporting the
business rather than hindering it.”
Philippine De Wolf, General Counsel
Annual report 2025
25
Message from the Chairman and CEO
Our ambitions and achievements
Management report
Sustainability statements
Financial statements
Safety
Christian: In 2025, the company continued to
strengthen its health and safety culture through
several key initiatives designed to embed prevention
into daily operations. Signicant improvements were
achieved over the past year, thanks to the dedication
and attention of everyone involved, both in terms
of frequency rates and severity rates. The year
recorded a frequency rate of 11.4 and a severity rate
of 0.35, reecting ongoing efforts to reduce incidents
and their impact. Additionally, 86% of planned
management safety visits were completed.
Training saw a major leap forward with the
introduction of a virtual reality streaming studio,
allowing teams to learn through immersive, reallife
scenarios that sharpen attention and reinforce
safety rules. life scenarios that sharpen attention and
reinforce safety rules.
Collective protection was also elevated, with
a structured approach to identifying, deploying
and monitoring protective equipment to ensure
consistent safety levels across all sites. Operational
standards improved thanks to targeted actions on
order and cleanliness, helping reduce accidents and
enhance working conditions.
The Time to Stop campaign further empowered
employees to interrupt activities when facing
danger, fostering open dialogue and shared risk
assessment. Recognizing that many incidents stem
from avoidable behaviors, the company placed
a renewed focus on human factors. This was
supported by powerful video testimonies illustrating
real accidents, encouraging critical reection and
constant vigilance.
Looking ahead to 2026, the company will build on
this momentum with the addition of the gradual
introduction of mandatory use of gloves across
all entities, further reducing hand related risks. The
Time to Stop program will be scaled up, with deeper
analysis of interruption cases to strengthen learning
loops. Finally, the year will mark the creation of the
Workplace Well Being Knowledge Center, which
will become a group wide reference for prevention
and well being, supporting both internal and external
collaborators.
“In 2025, the company continued to strengthen
its health and safety culture through several key
initiatives designed to embed prevention into daily
operations.”
Christian Simenon, Head of Safety
Annual report 2025
26
Message from the Chairman and CEO
Our ambitions and achievements
Management report
Sustainability statements
Financial statements
Next generations
deserve new heroes
who change what
needs to be changed.
Annual report 2025
27
Message from the Chairman and CEO
Our ambitions and achievements
Management report
Sustainability statements
Financial statements
Annual report 2025 - CFE
28
Management
report
Our ambitions and achievements
Management report
Sustainability statements
Financial statements
Message from the Chairman and CEO
Annual report 2025 - CFE
29
TABLE OF CONTENTS
I. Statutorynancialstatements 30
1. Equity and main shareholders 30
2. Notestothestatutorynancialstatements 30
2.1. Financial position at 31/12/2025 30
2.2. Appropriationofprot 31
2.3. Outlook 2026 31
2.4. Main risks and uncertainties 31
2.5. Majoreventsaftertheclosingofthenancialyear 31
2.6. Financial instruments 31
2.7. Notices 31
II. Consolidatednancialstatements 33
1. Commentsontheconsolidatednancialstatements 33
1.1. Financial position at 31/12/2025 33
1.2. Main risks 39
1.3. Majoreventsafterthecloseofthenancialyear 48
1.4. Research and development 48
1.5. Financial instruments 48
1.6. Outlook 2026 48
III. Corporategovernancestatement 50
1. Referencecode 50
2. TheBoardofDirectorsanditsCommittees 50
2.1. Board of Directors 50
2.2. Role of the Chairman of the Board of Directors 54
2.3. Attendance, functioning and competences
of the Board of Directors 54
3. ExecutiveBoardCommittees 55
3.1. The Audit Committee 55
3.2. The Nomination and Remuneration Committee 55
4. TheExecutiveCommittee 56
5. Diversitypolicy 59
6. Conictsofinterest 59
7. Externalandinternalcontrolandriskmanagement 59
7.1. External control 59
7.2. Internal control 59
7.3. Internalcontrolandriskmanagementsystems 60
8. Shareholderbase 63
9. Derogationsfromthe2020Code 63
IV Remunerationreport 64
1. Remunerationpolicy 64
1.1. Governance - Procedure 64
1.2. Remunerationpolicyfornon-executivedirectors 64
1.3. CEORemunerationPolicy 65
1.4. Remunerationpolicyformembersof
the Executive Committee 66
1.5. Mandatesinsubsidiaries 66
1.6. Changessincethelastremunerationpolicy 66
1.7. Shareholder voting 66
2. Remunerationreport 67
2.1. Remuneration of non-executive directors 67
2.2. Compensation of the CEO and
ExecutiveCommitteemembersin2025 67
2.3. Severancepayments 69
2.4. Annual changes in remuneration and
Companyperformance 69
Denitions 71
V SustainabilityStatements 71
1. General information 73
1.1. Basis for preparation 73
1.2. GOV-4 & 5 Notion of risk and due diligence 77
1.3. SBM-1Strategy,businessmodelandvaluechain 78
1.4. SBM-2 Interest and views of stakeholders 82
1.5. SBM-3MaterialIROsandtheirinteractionwiththebusiness
modelandstrategy 86
1.6. IRO-1and2Doublematerialityassessment 90
1.7. Organisationofrolesandresponsibilities
forsustainabledevelopmentissues(GOV-1,2and3) 92
2. Environmentalinformation 94
2.1. EuropeanTaxonomyinformation
(pursuanttoarticle8ofRegulation2020/852) 94
2.2. ESRS E1 : Climate change 103
3. Socialinformation 119
3.1. ESRS S1: Policies related to own workforce 119
3.2. ESRS S2: Workers in the value chain 127
4. Governanceinformation 131
4.1. ESRS2 IRO-1: Description of the processes to
identifyandassessmaterialimpacts,risksand
opportunities 131
4.2. Policiesonresponsiblebusinessculture 131
4.3. Specicobjectivesandmonitoringofthesepolicies 133
5. Annexes 136
5.1. Signicanteventsandchangesincircumstances 136
5.2. Annex1:Glossaryandabbreviations 136
5.3. Annex 2: List of references 139
5.4. Annex 3: List of omitted information 140
5.5. Bijlage 4: Lijst met datapunten afkomstig uit andere
wetgevingen van de EU 141
5.6. Annex 5: Auditor’s report 146
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Dear shareholders,
Itisourprivilegetoreporttoyouonourcompany’sactivitiesduringthepastnancialyearandtosubmittoyouforapprovalthe
statutoryandconsolidatednancialstatementsfortheyearended31December2025.InaccordancewithArticle3:32,section1,last
paragraphoftheCodeofCompaniesandAssociations(“CSA”),thedirectors’reportsonthestatutoryandconsolidatednancial
statementshavebeenintegratedintoonereport.
I. STATUTORY FINANCIAL STATEMENTS
1. Equityandmainshareholders
Attheendofthenancialyear,theCompany’ssharecapitalamountedto€8,135,621.14,dividedinto25,314,482shares,withno
declaredparvalue.Allsharesarefullypaidup.Eachshareconfersonevote.Therearenoshareholderownedshareswithspecial
control or voting rights.
Attheendofthe2025nancialyear,theshareholdersowning5%ormoreofthevotingrightsrelatingtothesharestheyholdare:
Ackermans & van Haaren SA
Begijnenvest,113,B-2000Anvers(Belgium)
15,725,684shares(or62.12%)
VINCI Construction SAS
1973BoulevarddelaDéfense,F-92000Nanterre(France)
3,066,460shares(or12.11%)
2. Notestothestatutorynancialstatements
2.1. Financial position at 31/12/2025
IncomeStatementofCFESA(Belgianstandards)
(in thousands €) 2025 2024
Operating income 17,337 17,854
Operating charges (23,749) (22,009)
Operating result (6,412) (4,155)
Financial income 22,433 21,869
Financial expenses (7,190) (11,063)
Resultfortheperiodbeforetaxes 8,831 6,651
Income taxes on the result 6 (9)
Result for the period 8,837 6,642
FinancialresultsmainlyincludetheproceedsofdividendspaidbyBPIRealEstateBelgiumSA(€8million),CFEContracting
(€7million)andGreenOffshoreNV(€2.250million),partiallycompensatedbycorporatenancialcharges.
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StatementofFinancialPositionofCFESAafterappropriation(Belgianstandards)
(in thousand €) 2025 2024
Assets
Non-current assets 318,002 314,109
Current assets 99,496 104,415
Total assets 417,498 418,524
Liabilities
Netequity 135,566 139,043
Provisions for risks and expenses 4,364 3,988
Liabilitiesatmorethan1year 70,301 105,355
Liabilitiesatupto1year 207,267 170,137
Total equity and liabilities 417,498 418,524
AsofDecember31,2025,non-currentliabilitiesamountto€70.3millionandincludeamountsdrawndownontheconrmedbilateral
creditfacilities(€40million)and€30millioninmedium-termtreasurynotes.
2.2. Appropriationofprot
Protfortheyear2025 8,836,514 euro
Protbroughtforward 7,971,721 euro
Prot to be allocated 17,228,871 euro
Other reserves 1,826,959 euro
Withdrawal from tax-exempt reserves 420,635 euro
Remunerationofthecontribution 12,313,241 euro
Protbroughtforward 3,088,671 euro
2.3. Outlook 2026
Theresultsforthe2026nancialyearwilldependtoalargeextentonthedividendspaidbythemainsubsidiariesofCFE,namely
CFE Contracting, BPI Real Estate Belgium, Deep C Holding and Green Offshore.
2.4. Main risks and uncertainties
WerefertoChapterII.1.2oftheconsolidatednancialstatements.
2.5. Majoreventsaftertheclosingofthenancialyear
NosignicantchangeinthenancialandcommercialsituationofCFEhasoccurredsince31December2025.Wealsorefertothe
sectionII.3oftheconsolidatednancialstatements.
2.6. Financial instruments
TheCompanyusesnancialinstrumentsforriskmanagementpurposes.Specically,thesearenancialinstrumentsintended
exclusivelytomanagetherisksassociatedwithinterestrateuctuations.Thecounterpartiesinthecorrespondingtransactionsare
exclusivelytop-rankingEuropeanbanks.
2.7. Notices
Researchanddevelopment
Thecompanyhasnoresearchanddevelopmentactivities.
Branches
Atyear-end2025,theCompanydisposedofonebranch(BusinessUnit):CFETunisia.Thisbranchhassinceseveralyearno
operationalactivity.
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Additionalcompensationfortheauditor
EYRéviseursd’Entreprisesreceived€168.135inlump-sumfeesforthestatutoryaudit.Inaccordancewitharticle3:65,section3
oftheCSA,atotalof€184,765waspaidtoEYRéviseursd’Entreprisesasfeesforexceptionalservicesorspecialassignments.This
amountisbrokendownasfollows:
• othercerticationassignments(includingsustainabilityassignment):€137,940
• otherassignmentsoutsidethereview:€46,825.
OtherinformationpursuanttotheCSAandtheLawonPublicTakeoverBids
• Article7:96§1oftheCSA:theprovisionsofArticle7:96oftheCSArelatingtoconictsofinterestdidnothavetobeapplied
duringthe2025nancialyear.
• Article7:97,§4/1,para.4oftheCSA:duringthe2025nancialyear,therewerenotransactionsbetweentheCompanyandits
related companies requiring the application of this article.
• Article7:220oftheCSA:on29November2024,theBoardofDirectorsdecidedtorelaunchasharebuybackprogrammefora
maximumof200,000shareswithinthelimitsofthe(renewed)authorisationtobuybackshares,asgrantedbytheCompany’s
ExtraordinaryGeneralMeetingon2May2024.Thisnewbuybackprogrammewaslaunchedon14January2025andwasclosed
earlyon7October2025.Asat31December2025,CFEheld688,000treasuryshares,representing2.7%ofthecapital.
• Article7:202oftheCSA:todate,theCompanynolongerhasspecicauthorisationallowingtheBoardofDirectors,intheevent
ofapublictakeoverbidfortheCompany’ssecurities,toincreasethecapitalinaccordancewiththeconditionssetoutinArticle
7:202 of the CSA.
• Article74,§7oftheLawof1April2007onPublicTakeoverBids:asat31December2025,theCompanyhadnotreceivedany
noticationwithinthemeaningoftheaforementionedArticle74§7.
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II. CONSOLIDATED FINANCIAL STATEMENTS
1. Commentsontheconsolidatednancialstatements
1.1. Financial position at 31/12/2025
A.Keygures
(in million €) 2025 2024 Change
Revenue 1,041.6 1,182.2 -11.9%
EBITDA
% of revenue
63.0
6.0%
49.9
4.2%
+26.3%
Operatingincome(EBIT)
% of revenue
44.9
4.3%
32.0
2.7%
+40.3%
Result for the period - share of the group
% of revenue
33.5
3.2%
24.0
2.0%
+39.6%
Earningspershare(shareofthegroup)(ineuro) 1.36 0.97 +40.2%
(in million €) 2025 2024 Change
Equity-shareofthegroup 264,0 247,8 +6,5%
Netnancialdebt -43,8 41,7 -205,0%
Orderbook 1.632,6 1.646,3 -0,8%
B.Generaloverview
Turnoverin2025amountedto€1,041.6million,downby11.9%comparedwiththepreviousyear.Thefallinactivitywasconcentrated
intheBelgianandPolishconstructionentities,aswellasatMOBIX.Theoveralleconomicenvironmentremainsdifcult.
Operatingcashowreachedarecordhighforthesecondyearrunning:itreached€113.3million,upby€28millioncomparedwith
2024.ThisstrongperformanceisexplainedbythelevelofEBITDA(€63million)andthesignicantimprovementinworkingcapital
requirements.
Operatingincome(EBIT)was€44.9million,upby40.3%comparedwith31December2024.ThecontributionfromtheConstruction&
RenovationandRealEstateDevelopmentsegmentsincreasedsignicantly,partiallyoffsetbythedeclineinMOBIX’sresults.
Netincome(groupshare)was€33.5million.
Equitywas€264millionasat31December2025,anincreaseof6.5%comparedwith31December2024.Returnonequity(ROE)
reached13.5%(10.1%in2024).
CFEwentfromanetnancialdebtof€41.7millionasat31December2024toanetnancialsurplusof€43.8million.This
remarkablechangecanbeexplainedbyarecordlevelofoperatingcashow.
CFESA,thegroup’sparentcompany,anditssubsidiariesBPIRealEstateBelgiumandBPIRealEstateLuxembourghaveacombined
totalof€250millionofconrmedbankcreditlines,ofwhich€43millionwereusedasat31December2025.Allthebanking
covenantshavebeencompliedwith.
Theorderbookstandsat€1.63billion,andtherebyremainsstablecomparedwith31December2024.Thesituationisvariedacross
theGroup’sdifferentdivisions:theorderbookisupatVMAbutdownatConstruction&RenovationinBelgiumandPoland.Theorder
bookofCLEandMOBIXremainsstable.
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C.Segmentanalysis
RealEstateDevelopment
KEY FIGURES
(in million €) 2025 2024 Change
Revenue 76.7 125.7 -39.0%
Operatingincome(EBIT) 14.5 8.5 70.6%
Result for the period - share of the group 12.0 8.0 50.0%
Netnancialdebt 54.6 95.4 -42.8%
Changesincapitalemployed
Breakdownbystageofprojectdevelopment
(in million €) 2025 2024
Unsold units post completion 10 11
Properties under construction 57 48
Properties in development 153 197
Total capital employed 220 256
Breakdownbycountry
(in million €) 2025 2024
Belgium 68 82
GrandDuchyofLuxembourg 101 112
Poland 51 62
Total capital employed 220 256
Capitalemployedamountedto€220millionasof31December2025,down14.1%comparedwith31December2024.Thesalesvalue
oftheprojectsunderdevelopment(onaproratabasis)isestimatedat€1.62billion,i.e.358,000m²ofwhich76,000m²isunder
construction.
Newacquisition
InOctober2025,BPIRealEstatePolandacquired,inpartnership,a20-storeyofcebuilding(10,000m²)locatedintheheartof
Warsaw.Thebuilding,whichiscurrentlyalmostentirelylet,willretainitscurrentfunctionforthetimebeing.Ultimately,theplanisto
transformitintoahigh-endresidentialtoweraspartofasustainableredevelopmentstrategy.
Projectsinthestudyphase
BELGIUM
InthedistrictofBrussels-Southrailwaystation,planningandenvironmentalpermitsfortheMove’Hubmixed-useproject(55,000m²
including38,000m²ofofcespace)havebeenobtainedbutarethesubjectofanactionforannulment.
InOttignies-Louvain-la-Neuve,planningpermission(PP)fortheSamayaprojectwasobtainedinSeptember2025.Itisnaland
binding.ThegrantingofthePPmarksadecisivestepintherealisationofthisambitious88,600m²realestatedevelopment,which
willeventuallyinclude680housingunitsaswellas17,000m²ofretailspace,services,collectivehousing,ofcespaceandcommu
-
nityfacilities,includingaschool.Thisformerindustrialwastelandwillbetransformedintoalively,sustainableneighbourhoodwithin
walking distance of Ottignies station.
LUXEMBOURG
AttheKennedyParksite(Kirchbergplateau),BPIRealEstatesignedalong-termleaseagreementwiththelawrmLinklatersinJune
fornearly5,500m²ofofcespace.Thistransactiondemonstratestheappealofthisprojectforprospectivetenantslookingforboth
exemplarybuildingsintermsofsustainabilityanddecarbonisation,aswellasaprimelocation.Two-thirdsofthe55,000m²ofofce
spacehasalreadybeenpre-letonalong-termbasis,whiledemolitionworkontheoldbuildingshasbegun.
ThespecicamendmenttotheSpecialDevelopmentPlan(MOPO)wasinitiatedbythecollegeofaldermenattheendofOctober
2025andshouldbeexaminedbythemunicipalcouncilbytheendofMarch2026,afterreceivingtheopinionoftheMinistryof
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theInterior.Thespecicamendmentwillenablethedevelopmentofafurther18,000m²onthesite,dividedintothreebuildingsfor
residentialpurposes(housing,co-livingandhotel).
POLAND
InPoznan,BPIRealEstatehasobtainedpermitsfortheconstructionof399and644apartmentsontheCavalliaandPanoramiQa
sitesrespectively.Theworks(inphases)willstartinthersthalfof2026.
InGdansk,abuildingpermitfor141housingunitswasobtainedatthebeginningof2026.
Startofconstructionandmarketingofnewprojects
BELGIUM
AttheBrouck’RsiteinthecentreofBrussels,BPIRealEstateanditspartnerhavebeguntheproject’ssecondredevelopmentphase,
involvingthecommercialisationandconstructionof97apartments.Salesarebrisk,withmorethanhalfoftheunitsalreadysold.The
thirdandnalphaseisscheduledtostartinsummer2026(76apartmentsand130studentrooms).
InAuderghem,commercialisationandconstructionoftheUni’Vertresidentialprojecthasbegun.This10,000m²projectcomprises
75luxuryats.Thesalesrateissatisfactory.TheCouncilofStatehasrejectedtheappealthathadbeenlodgedagainsttheplanning
permit.Itisthereforenalandbinding.
BPIRealEstateanditspartnershavebegunconstructionofaschoolbuildingontheBavièresiteinLiège.InMarch2025,itwassold
off-plantotheProvinceofLiège.
LUXEMBOURG
InBelval,BPIanditspartnerbeganconstructionoftheROOTSprojectinJuly2025.Thisisamixed-useprojectcomprising6,000m²of
ofcespace,102apartments(40%ofwhichhavebeensold)andretailspace.
POLAND
InWarsaw,BPIRealEstatehasbegunconstructiononitsPianoForteresidentialproject(10,000m²,100units).Thesalesrateexceeds
30%.Deliveryofthebuildingisscheduledforlate2026.Inthefourthquarterof2025,BPIRealEstatesold40%oftheprojectto
Compagnie du Bois Sauvage.
Residentialprojectsunderconstructionordeliveredin2025
BELGIUM
BPIRealEstateanditspartnerarecontinuingconstructionoftherstphaseoftheBrouck’Rproject.Thismainlyconsistsoftwoofce
buildingsthatweresoldtotheNationalLotteryoff-plan;therst(6,800m²)attheendof2024andthesecond(4,500m²)inJune
2025.
ThemajorrenovationoftheEQofcebuilding(20,000m²)isprogressingatasteadypace.On23October2025,theEuropean
Commissionsigneda23-yearlong-termleaseagreementcoveringallthebuilding’sofcespace.Theannualfeeis€7.2million,
indexed.ThebuildingisaimingforBREEAMOutstandingandWELLCoreGoldcertications.
InAntwerp,theJohnMartin’sresidentialproject(10,000m²)wasdeliveredinthethirdquarterandsoldinitsentiretytoION
Residential Platform.
LUXEMBOURG
InMertert,BPIRealEstatedeliveredthefourthandnalphaseoftheDomainedesVignesproject(7,000m²)attheendof2025.The
salesrateexceeds90%.
POLAND
BPIRealEstatetookdeliveryof:
• inthesummerof2025,theChmielnaDuoresidentialprojectlocatedincentralWarsaw(17,000m²),90%ofwhichhasbeensold;
• attheendofthenancialyear,therstthreephasesoftheCavalliaprojectinPoznan(25,000m²),whichhasbeensoldata
rateofover85%.Deliveryoftheatsbeganinthefourthquarterof2025.
EQUITY AND NET FINANCIAL DEBT
Equityamountedto€165.2millionasat31December2025.
Netnancialdebtamountedto€54.6millionasat31December2025,asignicantdecreasecomparedwith31December2024
(€95.4million).Thishasfollowedtheevolutionofthecapitalemployed.
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NET INCOME
Themaincontributingfactorstothenetincomein2025are:themargingeneratedontheapartmentssoldanddeliveredinPoland,
andthecapitalgainsonthesaleofi)40%ofthePianoForteproject,ii)thesecondofcebuildingfortheNationalLottery,andiii)the
JohnMartin’sproject.
Multitechnics
KEY FIGURES
(in million €) 2025 2024 Change
Revenue 301.4 304.3 -1.0%
Operatingincome(EBIT) 9.2 10.2 -9.8%
Result for the period - share of the group 6.0 6.3 -4.8%
Netnancialsurplus 41.1 25.5 61.2%
Orderbook 338.1 286.9 17.8%
REVENUE
(in million €) 2025 2024 Change
VMA 223.5 213.2 +4.8%
MOBIX 78.0 91.3 -14.6%
Eliminations intra segment -0.1 -0.1 n.s.
Total Multitechnics 301.4 304.3 -1.0%
VMAgeneratedarevenueof€223.5millionasat31December2025,up4.8%comparedwith2024.VMAisbenetingfrombuoyant
marketssuchasdatacentresandhospitals.TheincreaseinactivityisconcentratedintheBuilding HVAC, Electro and Maintenance
business units.Incontrast,theIndustrialAutomationbusinessunitreportedasharpfallinrevenue,duetomarketconditionsinthe
industrial sector, and in particular in the automotive production in Europe.
MOBIX’srevenuefellby14.6%to€78million.Rail-relatedactivities(signalling,trackandcatenaryinstallation)aresufferingfroma
lackofnewordersforInfrabel.Theutilisationrateofthemachineeetremainstoolow.Theinstallationofelectricalcablingand
conduits,ontheotherhand,isshowingstronggrowthinWallonia(Energy South business unit).
OPERATING INCOME
Operatingincomeasat31December2025was€9.2million,downby€1millioncomparedwith31December2024.Thesituationis
mixed across the two divisions:
• VMAsignicantlyimproveditsoperatingmarginin2025,thankstogoodprojectmanagementandthecollectionofsettlements
andclaimsrelatingtotheZININNO(O)RDproject,forwhichconstructionwascompletedin2024.
• AtMOBIX,theLuWaprojectandthelowlevelofactivitycontinuetoweighnegativelyonresults.
ORDER BOOK
(in million €) 2025 2024 Change
VMA 223.1 171.2 30.3%
MOBIX 115.0 115.7 -0.6%
Total Multitechnics 338.1 286.9 17.8%
Theorderbookcameinat€338.1million,up17.8%comparedwith31December2024.
VMAregisteredordersworth€275millionin2025.ThelargestcontractsweresecuredbytheBuilding Technologies business unit for
industrialcustomersandhospitals,bothinFlandersandWallonia.
MOBIX’sorderbookstandsat€115million,whichisstablecomparedwith31December2024.
NET FINANCIAL SURPLUS
Thenetnancialsurplusamountedto€41.1millionasat31December2025,up€15.6millioncomparedwith31December2024.The
operatingcashowgeneratedin2025explainsthispositivetrend.
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Construction&Renovation
KEY FIGURES
(in million €) 2025 2024 Change
Revenue 683.4 788.5 -13.3%
Operatingincome(EBIT) 19.3 8.3 132.5%
Result for the period - share of the group 16.5 10.6 55.7%
Netnancialsurplus 285.8 255.8 +11.7%
Orderbook 1,286.3 1,343.5 -4.3%
REVENUE
(in million €) 2025 2024 Change
Belgium 496.8 567.7 -12.5%
Luxembourg 83.2 60.2 +38.2%
Poland 103.9 159.1 -34.7%
Others 0.0 2.1 -100.0%
Eliminations intra segment -0.5 -0.6 n.s.
Total Construction & Renovation 683.4 788.5 -13.3%
Revenueamountedto€683.4million,down13.3%comparedwith31December2024.
InBelgium,businesswasbriskintheAntwerpregion,drivenbyworkontheAntwerpringroad(Oosterweelverbinding),the
constructionoffourbuildingsinthenewNieuwZuiddistrict,thenewSDWorxheadquartersandtheINEOSOneproject.Onthe
outskirtsofBrussels,workiswellunderwayontheLCLdatacentreandtheAirportBusinessCentercomplex.
However,revenuewasdowninBrussels:somemajorprojects,suchasParkLaneandTheArch,havebeendeliveredtothe
customer’ssatisfaction,whileseveralnewlarge-scaleprojects(Realex,EQ,Newton,etc.)aregainingmomentum.InWallonia,the
thirdandnalphaseoftheShapeprojectinMonsisnearingcompletion,asisworkonthe4-hectaretropicalgreenhouse(Edenya)
atPairiDaizazoo.Overall,activityinBelgiumisdownby12.5%comparedwith2024.
InLuxembourg,CLE’sactivityisgrowingsignicantlyaftertwoyearsofmarketcontraction.Thistrendissettocontinuein2026
thankstotheramp-upofconstructionsitesforthenewheadquartersofPwCandtheLuxembourgRedCross,aswellasthe
residentialbuildingsontheRoutLënssiteinEsch-sur-Alzette.CLEhasalsobegundemolitionworkontheoldbuildingsofthe
KennedyParkproject.
InPoland,businessisdownduetolessfavourablemarketconditionsinthelogisticsandofcesectors.
OPERATING INCOME
Operatingincomestandsat€19.3million,morethandoublethatof2024.Theoperatingmarginis2.8%.Alloperatingsubsidiaries
in the Construction & Renovation segment posted positive results in 2025. In addition to the positive impact of the transaction with
BemmoconcerningtheZININNO(O)RDprojectandthesaleoftheLTSproductionunitsinMoorslede,thesharpriseinoperating
incomeisalsoexplainedbythesignicantreductioninthenumberofloss-makingprojects.
ORDER BOOK
(in million €) 2025 2024 Change
Belgium 1,072.1 1,102.1 -2.7%
Luxembourg 148.3 150.5 -1.5%
Poland 65.9 90.9 -27.5%
Others 0.0 0.0 n.s.
Total Construction & Renovation 1,286.3 1,343.5 -4.3%
Theorderbookreached€1.3billion,adecreaseof4.3%comparedwith31December2024.
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Thesituationismixedfromcountrytocountry:
• inBelgium,marketconditionsremaindifcult:theorderbookisdown2.7%;
• inLuxembourg,theorderbookremainsataround€150million.Thisdoesnotyetincludeordersfortheconstructionofthe
buildingsfortherstphaseoftheKennedyParkproject;
• inPoland,orderintakewasmodestduetoadropinthenumberofnewtendersinthelogistics,industryand,toalesserextent,
residential sectors.
Amongthecontractswonin2025,themostsignicantare:
• themajorrenovationoftheEQbuilding(22,000m²)forBPIRealEstateanditsco-developmentpartner;
• theconstructionofa25,000m²above-groundmixed-useprojectforMatexi(PermekeprojectinAntwerp);
• extensiverenovationofanofcebuildingforAGRealEstate(NewtonprojectinBrussels);
• constructionoftheRootsmixed-useprojectinBelvalforBPIRealEstateanditspartner;
• theconstructionof12residentialbuildingsinGhent(DeStipproject);
• constructionoftworesidentialbuildingsinAuderghemdevelopedbyBPIRealEstateanditspartner(Uni’Vert);
• thecompletionofthestructuralworkforanofcebuildingforDEMEinZwijndrecht;
• theconstructionofanindustrialbuildingontheUCBsiteinBrainel’Alleud;
• completionoftheMomentumLeisurethemeparkinGliwice,Poland;
• constructionof185socialhousingunitsinAntwerp;
• completionofthestructuralworkonabuildingthatwillhouse72intensivecarebedsfortheUniversityHospitalofLeuven.
NET FINANCIAL SURPLUS
Netnancialsurplusreachedahistoricallyhighlevel:€285.8millionasat31December2025,upby€30millioncomparedwith
31December2024.
Investments&Holding
CHIFFRES CLÉS
(in million €) 2025 2024 Change
Revenueexcludingeliminationsbetweensegments 2.7 2.0 35.0%
Eliminationsbetweensegments -22.7 -38.3 -40.7%
Revenueincludingeliminationsbetweensegments -20.0 -36.3 -44.9%
Operatingincome(EBIT) 1.8 5.1 -64.7%
Result for the period - share of the group -1.0 -1.0 0.0%
OPERATING INCOME
Theoperatingincomeforthesegmentamountedto€1.8millioncomparedwith€5.1millionasat31December2024.Itconsistsof
thecontributionofthethreeinvestmentsdescribedbelow,lesscentralexpensesnotallocatedtothesubsidiaries.
GreenOffshore(shareCFE:50%)
TheRentelandSeaMadewindfarms,inwhichGreenOffshoreholds12.5%and8.75%respectively,benetedfromfavourableweather
conditionsinthelastfourmonthsoftheyear,butthisonlypartiallyoffsettheunfavourableconditionsofthersteightmonths.
Combinedgreenenergyproductionfromthetwoparksreached2.6Twhin2025.
GreenOffshorecontributed€3.2milliontothesegment’sresults(€4.1millionin2024).
DeepCHolding(shareCFE:50%)
InVietnam,salesofindustriallandreached81hectares(80hectaresin2024).InIAIterms
1
, sales rose from 54 hectares to 66
hectares.Serviceactivitiesonceagainperformedverywellin2025,postingasignicantincreaseintheirrevenueandresults.Deep
CHolding’sgoodoperatingperformancewaspartiallyoffsetbytheimpactofthedevaluationoftheUSdollaronshareholderloans
denominated in USD.
DeepCHoldingcontributed€5.2milliontothesegment’sresults(€6.4millionin2024).
GreenStor(shareCFE:50%)
GreenStorhasa38%stakeinBSTOR,acompanythatco-developsbatteryparksinBelgium.Therst10MWparkhasbeen
operational since the end of 2021. Two more are under construction:
• D-STORinLaLouvière(BSTORshare:50%)withacapacityof50MW,whichwillbeoperationalinthesecondquarterof2026;
• ESTORLUXIIinAubange(BSTORshare:75%)withacapacityof100MW,whichwillbeoperationalinthefourthquarterof2026.
GreenStor’snetincomefor2025amountedto€-1.2million(€-0.6millionforCFE’sshare).
1 IAI (Infra Asia Investment) is an umbrella holding company for activities in Vietnam, of which Deep C Holding owns 84%.
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NET FINANCIAL DEBT
Netnancialdebtstandsat€228.5million.Itisstablecomparedto31December2024.
1.2. Main risks
1.2.1. General
TheExecutiveCommitteeisresponsibleforarranginganinternalcontrolandadequateriskmanagement,whichissubmittedtothe
BoardofDirectorsforapproval.TheBoardofDirectorsisresponsibleforassessingtheimplementationofthisframework,takingthe
recommendationsoftheAuditCommitteeintoaccount.Atleastonceayear,theAuditCommitteeevaluatestheinternalcontrol
systemsthattheExecutiveCommitteehassetup,inordertoascertainthatthemainriskshavebeenproperlyidentied,reported
and managed.
ThesubsidiariesofCFEareresponsibleforthemanagementoftheirownoperationalandnancialrisks.Theserisks,whichvary
accordingtothesector,arenotcentrallymanagedbyCFE.Themanagementteamsofthesubsidiariesinquestionreporttotheir
respective Board of Directors on their risk management.
Thischapterdescribes,ingeneralterms,thenancial,economicandESG-relatedrisksfacingtheGroupontheonehand,andthe
operationalrisksassociatedwiththevarioussegmentsinwhichitoperates(eitherdirectlyorindirectly)ontheother.
Inordertoidentifyandeffectivelymanagesustainabledevelopmentrisksinparticular,CFEhascarriedoutadoublemateriality
assessment(DMA)ofESGrisks,i.e.environmental,socialandgovernancerisks.ThisassessmentandthemanagementoftheseESG
risks(inparticularinrelationtothepolicies,objectivesandactionsundertaken)arepresentedindetailandinfulltransparency,as
requiredbytheCSRD,intheSustainabilityStatementdetailedinsection[Page72toPage136].Toensureacomprehensiveunder
-
standingofallthemainrisks,includingESGrisks,thesearealsobrieydescribedinthischapter.
1.2.2. Financial, economic and ESG-related risks at Group level
Interestraterisk
CFEisexposedtotheeffectofinterestrateuctuationsonitsvariableratenancialdebt.Thisriskispartlymitigatedbythe
implementationofinterestrateswaps(“IRS”)andcaps.
Liquidityrisk
TheGroupisexposedtoliquidityriskinparticular:
• obligationstorepayitsexistingdebts;
• futurenancingneeds.
Tolimittheliquidityrisk,CFEandsomeofitssubsidiariesincreasedtheirsourcesofnancing,ofwhichtherearefour:
• conrmedmedium-termbilateralcreditlines;
• projectnance-typeloansthatcertainBusinessUnitssetuptonancesomeoftheirprojects;
• leasingagreementsforseveralsubsidiaryheadquartersandforsomeconstructionequipment;
• treasurynotestocovershortandmedium-termcashrequirements.
On31December2025,theGroup’sconrmedcreditlineswere€250million,ofwhich€43millionwereused.Inaddition,theGroup
has€199.3millioninavailablecash,includingmorethan€75millioninthebankaccountsoftheparentcompany,CFESA.
CFEcompliedwithallofitsnancialcovenants.
Exchangeraterisks
ThemajorityoftheGroup’sactivitiesarelocatedintheEurozone,therebygreatlylimitingtheexchangeraterisk.
ThemainexposuresareinPoland(uctuationofthePolishzloty(“PLN”)againsttheEuro)andatDeepCHolding(foreignexchange
riskagainsttotheUSdollar(“USD”)andVietnamesedong(“VND”)).
TheGrouphasestablishedcurrencyhedges(forwardcontracts)forcertaintransactionsinPLN.
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Counterpartyrisk
TheGroupisexposedtocounterpartyriskoncontractswithprivateandsemi-publiccustomers.
The measures for managing the aforementioned risk are:
• nancialanalysisofcustomerspriortosigningthecontracts;
• regularmonitoringofcreditrisktrendsthroughoutthelifeoftheproject;
• wherenecessary,puttinginplacestart-upadvancesand/orsecurityorparentcompanyguaranteesforcustomerswhose
nancialstrengthisdeemedinsufcient.
Riskrelatedtolegislativeandregulatorychanges
LegalinstabilityinallitsformsrepresentsasignicantriskfortheGroupintermsoflegislation,regulations,taxationandcaselaw,
not to mention European regulations.
TheGrouprespondstothisriskbycontinuouslymonitoringlegislation.
Talentmanagementanddiversity,equityandinclusion(“DEI”)risk
Theshortageofskilledtalentisaconstantchallenge,exacerbatedbyincreasedcompetitionandlabourmobility.Themain
measures for managing these risks are:
• training:
• the attractiveness of the Group, and
• putting in place talent retention strategies.
Ongoingtrainingisessentialtodevelopemployees’skillsandpreparethemforfuturechallenges.Groupentitiesmustinveston
anongoingbasisintrainingprogrammestailoredtothespecicneedsoftheconstructionsector,suchasnewtechnologiesand
sustainablepractices.Furthermore,effectiveretentionstrategies,suchasimprovedworkingconditions,performancerecognition
and career development opportunities, are crucial to retaining talent.
Finally,theabsenceofrobustdiversity,equityandinclusion(“DEI”)policiescanlimittheattractionandretentionofemployees,
undermininginnovationandproductivity.Inaddition,withoutacultureofinclusion,therisksofdiscriminationandharassment
increase,whichcanaffectthewell-beingofemployeesandexposetheGrouptolitigation.Compliancewithnon-discrimination
regulationsisessentialtoavoidlegalpenalties.Finally,aninclusiveculturestrengthensemployeecommitmentandenhancesthe
Group’sreputation,attractingcustomersandpartnerswhoaresensitivetothesevalues.ByeffectivelyintegratingtheDEIprinciples,
Groupentitiescanmitigatetheserisksandbenetfromamoreengagedandproductiveworkforce.
Environmentalrisks
As part of the implementation of the CSRD,CFEisstrengtheningitsenvironmentalriskanalysisbytakingintoaccounttherequire-
mentsoftheEuropeanSustainabilityReportingStandards(“ESRS”).Thisanalysiscoversthemainpotentialimpactsofitsconstruc-
tion,renovationandmultitechnicsactivities,asectorcharacterisedbyahighcarbonfootprintandsignicantconsumptionof
natural resources.
Toidentifyandmanagetheserisks,weneedtoassesstheentirelifecycle(“LCA”)ofabuildingorinfrastructureproject.
High CO
2
emissionscontributetoclimatechange,requiringmeasurestoreducethecarbonfootprintofprojects.
Construction activities expose the Group to transition risks due to stricter European climate regulations, as well as to increasing
physicalrisks(extremeweatherevents).Inresponse,CFEiscontinuingtoreduceitsemissionsinlinewithESRSandtheEuropean
Taxonomy,inparticularthroughinnovationinlow-carbonconstructiontechniquesandtheintegrationofsustainablematerialsinto
its projects.
Dependenceonenergy-intensivematerialsexposesCFEtopricevolatility,supplyrisksandincreasedregulatoryexpectationsin
termsofresourceefciency.TheGroupisrollingoutsolutionsaimedatreducingrawmaterialconsumptionanddevelopingcircular
construction,inparticularthroughtheuseofwoodandbio-basedmaterials,aswellasthroughlogisticalandoperationaloptimisa
-
tion on its construction sites.
Constructionsitescangeneratenuisances(dust,noise,efuents)andrisksofsoilandwaterpollution.Inlinewithitsduediligence
approachandtheexpectationsoftheCSRD,CFEsystematicallystrengthensitson-siteenvironmentalmanagementplansand
implementsappropriatepreventivemeasures,whichareintegratedintoitsenvironmentalgovernanceframeworkdescribedinits
sustainabilitystatement.
TheGroup’sprojectsmayaffectlocalecosystems.CompliancewithregulatoryrequirementsandEuropeanstandardsleadsCFEto
systematicallyintegrateenvironmentalimpactstudiesfromtheearlystagesofprojectsandtofavourdevelopmentsolutionsthat
limitarticialisationandsupportecologicalsitemanagement.
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TherapidevolutionoftheEuropeanframework,particularlywiththeentryintoforceoftheCSRDandthegradualpublicationof
ESRS,reinforcestheneedforrobustgovernanceandincreasedcapacitytocollect,consolidateandverifysustainabilitydata.CFE
isadaptingitsinternalprocessestomeetdualmaterialityrequirementsandensurethequalityofthenon-nancialinformationit
publishes,asdetailedintheGroup’ssustainabilitystatement.
Increasedexpectationsintermsoftransparencyandreductionofindirectemissions(Scope3),particularlyintheconstruction
sector, expose CFE to risks of dependence on suppliers that are not aligned with ESRS standards. In response, the Group is stepping
upitsdialoguewithitspartners,strengtheningESGrequirementsinitsspecicationsandensuringthatenvironmentalcriteriaare
integrated throughout its value chain.
Lastly,wastemanagementisalsocrucial,asconstructionsitesgeneratelargequantitiesofwastethatmustbesortedandrecycled
to minimise their impact on the environment.
Inthisregard,theGroupiscommittedtoreducingpollutionandenvironmentalwastebyaimingfor“ZEROenvironmentalincidents”.
Tothisend,allGroupteamsarecommittedtoexemplarybehaviourandtorigorouslyfollowingQuality,Health,SafetyandEnviron
-
mentpolicies(“QHSE”),whicharebasedontherequirementsdetailedinISO9001,ISO45001andISO14001,aswellasVCAcertication.
1.2.3. Operational risks at Group level
Adistinctionshouldbemadebetweentheriskscommontothefourdivisionsandthosespecictoeachsegment.
Riskscommontoallfoursegments
Risksassociatedwithprojectexecution
ThemaincharacteristicoftheGroup’smainactivitiesisthecommitmentmadewhensubmittingaproposaltoperformataskthat
isbyitsnatureunique,forapricewithpredeterminedtermsandwithinanagreedtimeschedule.
Therisksaremainlyrelatedto:
• “upstreamphase”,i.e.beforethecontractissigned:
• poorassessmentoftheprojectorclient;
• designandcostingerrors;
• errorsinassessingthetermsofthecontract;
• overestimationofavailableinternalresources,and
• poorevaluationofsubcontracting.
• “downstreamphase”,i.e.afterthecontractissigned:
• insufcientorinadequatestaffandsupplies;
• difcultcustomerrelations;
• encounteringtheunexpected;
• pollutionorenvironmentalaccidents;
• changesimposedbytheclientduringthework;
• poorcontractmanagement;
• changesinthecostofmaterialsandsupplies;
• supplychaindisruptionandshortagesofrawmaterialsandlabour;
• failureofpartners(co-contractors,suppliers,subcontractors)orclients;
• organisational,technical,contractual,administrativeandregulatorydifcultiesinperformingthecontractualobjective,
whichmayaffecttheGroup’sdeadlines,costs,cashow,qualityandreputation,and
• disputeoftheinvoiceandthenalaccountbythecustomer.
The measures for managing the aforementioned risks are:
• “upstream”:
• prioranalysis;
• negotiationwiththeclienttoaimforabalancedsharingofrisks;
• considerationbytheEngagementCommitteepriortosubmittingtendersforprojectsexceedingacertainthreshold;
• assessment of the appropriate size of teams involved, and
• incorporationoffeedbackinthedesignphase.
• “downstream”:
• organisingprojectsitepreparation;
• settingupspecicandappropriatemanagementsystems;
• applyingpricerevisionformulaeorupstreamconsiderationoftheimpactofvariationsincostsnotcoveredbythe
formulae;
• transferringrisktosubcontractorsandsuppliers;
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• priorselectionoftechnicalsolutionsandequipment;
• dialoguewiththecustomerandprojectowner;
• draftingcontractualclausesstipulatingreciprocalcommitments;
• providingpaymentguarantees,
• arranging insurance policies.
Risksrelatedtoination
TheinationrateinthethreecountrieswhereCFEoperateshasreturnedtoalevelcomparabletothatprevailingbeforethe2022-
2023crisis,butneverthelessremainsaninherentriskintheconstructionandpropertydevelopmentbusiness.
• inserting a price revision clauses in contracts, and
• concludinglump-sumcontractswithcertainsubcontractorsand/orsuppliers.
Economicrisks
TheGroup’sfoursegmentsarebynaturesubjecttostrongcyclicaluctuations.Nevertheless,thisobservationmustbequaliedfor
eachsegment,sincethekeyfactorscanvarybetweenthem.
Thus,theconstructionandreal-estatedevelopmentactivitiesrelatedtotheofcepropertymarketmoveinlinewiththetraditional
economiccycle,(with,inparticular,adependenceonstateandregionalinvestmentprogrammesforconstructionactivitiesinthe
publicsector),whiletheresidentialbusinessdependsmoredirectlyongeneraleconomicconditions,consumercondenceand
interest rates.
ThemeasurestakenbytheGrouptomanagetheserisksare:
• diversicationoftheGroup’sactivities;
• monitoringofupstreamordersthroughthe“selective bidding” procedure, and
• monitoringchangesintheorderbookandprojectperformance.
Legalrisks
Segmentactivitiesarebasedoncontractsthataresubjecttoacomplexregulatoryenvironmentasconcernstheplaceswhere
servicesareperformedandtheeldsofactivityinvolved.Disputesmayariseduringtheperformanceofcontracts,resultingin
particular from assessment differences of new elements during performance, a change in the customer’s governance, new case
law, even or a misinterpretation of contractual clauses.
InformationonthemaindisputesandarbitrationsinwhichtheGroupisinvolvedisprovidedinnote29(Disputes)oftheAnnexto
theConsolidatedFinancialStatements.Thesedisputesarereviewedattheyear-enddateand,ifnecessary,provisionsaremadeto
cover the estimated risks.
Riskmanagementmeasuresmainlyinvolvetheinclusionofcontractualclausesthatenable,inparticular:
• passingontothecustomeranyadditionalcostsand/ortimeresultingfromchangesmadeatthecustomer’srequestafterthe
contracthasbeensigned
• stoppingtheworkincaseofnon-payment;
• excludingconsequentialdamages;
• excludingorlimitingliabilityforexistingpollution;
• limitingcontractualresponsibilityfortheentireprojecttoareasonableshareofthecontractamount;
• cappingpenaltiesfordelayandperformanceatanacceptablepercentageofthecontractamount;
• providingforanadjustmentofthecontractualprovisions(price,deadline)intheeventoflegislative,scalorregulatory
changes;
• insertingaforcemajeureclause(politicalrisk,unilateraldecisionofthecustomerorgranter,economicdisruption,bad
weather)orearlyterminationoftheproject,and
• ensuring that insurance cover is activated.
Legislativeandregulatorycompliance
Giventhediversityoftheiractivitiesandgeographicallocations,theGroup’sdifferentBusinessUnitsareexposedtoaspecic
legislativeandregulatoryenvironmentwhichvarydependingonthelocationwheretheservicesareprovidedandtheprofessions
concerned.
Inparticular,thesemustcomplywiththerulesrelatingto:
• theproceduresforawardingandperformingpublicorprivatelawcontracts;
• constructionlaw,particularlythetechnicalrulesgoverningtheprovisionofservices,suppliesandworks,and
• environmentallaw,economiclaw,labourlaw,sociallawandcompetitionlaw.
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TheGroup’sabilitytoadapttonewregulationsandhowitmonitorsstandardsenablesittosignicantlycontrollegislativeand
regulatoryrisks.
ITsecurityrisks
In2025,theGroupcontinuedtostrengthenitscybersecuritystanceinacontextwherethreats—cyberattacks,phishing,identity
theft,datalossandhumanerror—continuetogrow.Theyearwasmarkedbysignicanttechnicalmodernisation,morestructured
governanceandasignicantimprovementintheGroup’ssecuritystance.
TheinitiativesundertakentoincreasetheGroup’sresiliencewhilesupportingtheoperationalcontinuityofitsactivitiescanbe
summarised as follows:
• Modernisation and securing of infrastructure. The Group has carried out several major technical transformations to improve the
securityandstandardisationofitsenvironments:
– Consolidation of network and cloud infrastructure management with a single partner, with enhanced governance,
particularlyintermsofsecurity.
– Finalisationofthemodernisationandharmonisationofnetworkandsecuritysolutionsthroughtheadoptionofa
next-generationarchitectureincorporatingenhancedsegmentationandunied,authenticatedaccessforallequipment
and users.
– ImplementationofanewCloudAzurefoundationandgradualmigrationoftheenvironmentsofseveralentities,ultimately
enabling(in2026)consolidatedhostingmanagedunderasingle,enhancedsecuritygovernancestructure.
– Unicationoftheemailsecurityecosystemintoamoreefcientcentralisedsolution,operated24/7byaspecialistpartner.
Improvement of phishing reporting methods for users.
– EnrolmentofallWindowsworkstationsinamodernmanagementenvironmentwithunicationofmanagementpolicies
and adoption of automated patching.
– Extensionofthepersonalpasswordmanagertoallemployees(scheduledforcompletionin2026).
• Strengtheningofgovernanceandsecuritypractices.In2025,therewasalsoastrengtheningofgovernanceandincreased
structuringofsecurityprocesses:
– Organisationofcybercrisismanagementexercisesforentitymanagement,tobecompletedin2026.
– FinalisationofpoliciesrelatingtotheuseofAIandthenewAcceptableUsePolicyrelatingtoITuse.
– EnhancementoftheinternalsecuritydashboardtoenableeachentitytoverifyitscompliancewithGroupguidelines,with
asignicantimprovementindataquality.
– Systematicapplicationofananalysisprocessforallnewapplicationproposals,ensuringtheircompliancewith
architectureandsecurityguidelines.
– Strengtheningofcontrolsduringannualcybersecuritycomplianceaudits.
• Optimisationofcontrolsandsecuritystance.Severalinitiativeshaveimprovedenvironmentprotectionandthreatdetection:
– Targetedintrusiontestsfollowedbycorrectiveactions.
– Signicantprogressinimplementingthemitigationplanresultingfromthe2024intrusiontests,particularlyintermsof
cleaning up technical and administrative accounts and anti-tampering measures.
– ImplementationofPrivilegedIdentityManagement(PIM),withtemporaryassignment(afterapproval)ofelevated
privileges.
– MigrationtoamoreefcientO365backupandEntrasolution.
– Strengtheningofthesecuritymonitoringinfrastructure,offeringbetterdataintegrationandmoreefcientreporting.
– Signicantprogressinauthenticationandauthorisationthroughgreaterimplementationofcentralisedauthentication
andbettermanagementofaccessandpermissionsbyrole.
– PeriodicassessmentofITpartnersviaamaturityquestionnairefocusingonsecurityandbusinesscontinuity.
OperationalrisksspecictotheConstruction&RenovationandMultitechnicssegments
Risksrelatedtocustomersolvency
TheConstruction&RenovationandMultitechnicssegmentsareexposedtotheriskofcustomerinsolvency..Themeasuresfor
managing these risks are:
• checkingthecreditworthinessofcustomerswhensubmittingtenders;
• regularlymonitoringtheoutstandingamountsowedbycustomersandadapting,ifnecessary,thepositionoftheBusinessUnit
concerned vis-à-vis the customer, and
• forcustomersshowingamaterialcreditrisk,requiringdownpaymentsand/orrstdemandbankguaranteesbeforework
starts.
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Risksrelatedtothemanagementandworkforce
Thechallengeofattractingandretainingtalentisessentialinagroupwheretheconstructionbusinessisevolvingveryquicklyand
wherespecialisationandjob-specicexpertisegivesacompetitiveadvantageinrespondingtocallsfortender.
TheConstruction&RenovationactivitiesandtheMultitechnicssegmentareexperiencingachronicshortageofqualied
supervisorystaffandworkers.Thesuccessofprojects,inthestudy,preparationandexecutionphases,dependsbothonemployees’
qualicationsandskillsandontheiravailabilityinthelabourmarket.
ThemeasurestakenbytheGrouptomanagetheserisksare:
• increasingtheskillsoftheGroup’semployeesthroughahumancapitaldevelopmentcycle;
• settingupatrainingprogrammeforeachemployee;
• developingprogrammestopromoteinternalmobility,and
• setting up local partnerships with economic, social, institutional and academic stakeholders.
Contractualrisksrelatedtopublic-privatepartnerships
Thelegalandcontractualrisksareevengreaterinapublic-privatepartnershipcontract(intheformof,forexample,Design,
Build,FinanceandMaintain(“DBFM”)contracts,concessioncontracts,ESCOenergyperformancecontractsetc.),whichmayvary
indu-rationfromafewyearstoseveraldecades.Therisksareassessedbeforebidsubmissionduringthestudyphase,whichis
generallymuchlongerthanforaconventionalconstructioncontract.Themainrisksconnectedwiththeoperationofassetsgiven
inconcessionrelatetomaintainingtheviabilityoftheassetinviewofthemaintenance,energyandrepairobjectivesdenedinthe
concession contract.
Foranybuildingorinfrastructurethatisoperatedunderapublic-privatepartnershipcontract,theequipmentrenewalcostandthe
worksmaintenancecostmustbeprovidedforonthebasisofaforecastmajormaintenanceplan.
Themeasurestomanagetheseriskscanbesummarisedasfollows:
• discussionbytheEngagementCommitteepriortotendering;
• settinguptheoperationinaspecialpurposevehiclewithnancingthatisforthemostpartprovidedthroughdebtwithout
recourseorwithlimitedrecourseagainsttheshareholders;
• involvementofthelendersintheearlystagesoftheprojects,and
• seeking advice from external consultants.
Legalrisksrelatedtosocialandlabourlaw
ThesocialrisksfacedbyboththeConstruction&RenovationandMultitechnicssegmentsarebasedonthecross-border
subcontractingchainmainlyintheconstructionsector.
ThemainrisksidentiedforconstructionsitesinBelgiumarethequalicationofrst-tiersubcontracts,occupationandtheabsence
of a checkin@work statement.
Failuretocomplywithsociallegislationmayconstitutealegalandreputationalrisk.
The following risk management measures are therefore in place:
• puttinginplacesub-contractingpolicies;
• implementingtrainingapplicabletoallBusinessUnits;
• carryingoutsocialauditsofsubcontractorsonsitewithparticularattentiontocompliancewithsocialobligations,and
• half-yearlyanalysisofsocialrisksandestablishingactionplans.
SomeBusinessUnitshavebeensummonedseveraltimesinrecentyearstoappearbeforetheCourtsandTribunalsforcasesin
thesematters,butthesedisputeshavesofarresultedinfavourabledecisionsbeforetheBrusselsCourtofAppeal,whicharenownal.
Thelatestcaseonsocialcriminalmatters,broughtbytheLabourAuditorateagainstatemporarypartnershipbetweenBPCGroup
andapartnerforthe‘JardinsdelaChasse’constructionproject,wasthesubjectofafavourablejudgmentintherstinstanceon
17December2024,buttheLabourAuditorateappealedthisdecisioninearly2025.ThecasewillbeheardinMarch2026.
Risksrelatedtopersonalsafety
TheoftencomplexprojectsandoperationscarriedoutbytheGroup’soperatingBusinessUnitsaresubjecttohazardsthatcan
jeopardisethehealth,safetyandqualityoflifeatworkofemployeesandsubcontractors.
Intheeventofanaccidentornear-accident,theactivityoftheBusinessUnitconcernedmaybeseriouslyaffectedandthe
resumptionofthatactivityisconditionalontheimplementationofappropriatecorrectivemeasures.
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Toreducepersonalsafetyrisks,theGrouphasstrengtheneditscommitmenttosafetywiththelaunchin2023ofanew“GOFOR
ZERO”safetypolicy’.Oneoftheaimsofthispolicyistoensurethatallworkers,employees,partners,subcontractors,visitorsand
customersgohomeinjury-freeafterwork,whatevertheoperationalandcommercialchallenges.
TheGroupisaimingfor“ZEROworkplaceaccidents”.Toachievethis,eachemployeeappliesthevaluesofsharedvigilanceby
ensuringtheirownsafetyaswellasthatofthepeopleworkingalongsidethem.EachemployeealsohastheopportunitytosaySTOP
iftheyfeelthattheworkbeingcarriedoutcouldputthematrisk.
In addition, CFE is implementing the following risk management measures:
• theintroductionofsafetyvisitstoconstructionsitesbyGroupandBusinessUnitmanagersfromtheConstruction&Renovation
segment,withtheaimofpromotingsafetyandwell-beingintheworkplaceandfosteringacultureofsafety,visibleexemplary
behaviour,riskidenticationandimprovedcommunicationbetweenworkersinalldepartments;
• raisingawarenessoftidinessandcleanliness;
• prioranalysisoftherisksinvolvedasfarupstreamoftheprojectsaspossibleandthelatestatthestartofoperations;
• providingappropriatepersonalprotectiveequipment;
• putting in place collective protective equipment suited to prevention procedures and operating methods resulting from risk
assessments(markings,railings,stairs,etc.)
• conductinginternalandexternalauditstoassessproceduresrelatingtoprojectswithanimpactonwell-beingatwork;
• settinguppartnershipswithexternalorganisations;
• organisinginnovativetrainingandawareness-raisingevents,suchasvirtualrealitytraining,tomeettheGroup’sneedsasbest
aspossible;
• includingclausesincontractsdedicatedtothesafetyofsubcontractors,and
• complyingwithhealth-relatedandenvironmentalmeasuresputinplacebythelocalauthorities.
OperationalrisksspecictotheRealEstateDevelopmentsegment
Risksrelatingtotheeconomicenvironment
ProjectsarecurrentlysituatedexclusivelyinBelgium,LuxembourgandPoland.
Achangeintheprincipalmacroeconomicindicators,thegeopoliticalenvironmentandtheeconomiccyclemoregenerallymay
impactthecondenceofhouseholds,investorsandprivateandpublicentities,andmaybringabout(i)afallindemandfor
housingandretailproperties,aswellasothercategoriesofrealestate,(ii)lowersalepricesandlowerreturnsonwhichthosesale
pricesmaybecalculated,and(iii)ahigherriskofdefaultbyserviceproviders,buildingcontractorsandotherstakeholders.
Variationsininterestratesmayaffecttheabilityofhouseholdsandinvestorstoacquireresidentialpropertiesand,consequently,
diminish the demand for such class of assets.
Ontheofcemarket,variationsinlong-terminterestratesmayalsoaffectthereturnonwhichthepriceofofcepropertiesis
calculated.Suchvariationsmayalsohaveasignicantimpactonthesegment’sabilitytosellofceproperties.
However, certain factors can help mitigate these risks:
• duetotheshortageofwell-locatedland,supplyanddemandareinprincipleunderincreasingpressure;
• sectoraldiversicationofcustomers;
• thevalueofrealestateisprimarilydeterminedbythecommercialvalueofthelocationoftheproperty,and
• investmentsareconcentratedinsub-regionswithhighpurchasingpower.
Risksassociatedwiththeremovalofthereduced6%VATrateonthesaleofhousing(off-plan)
followingdemolition-reconstructionworkinBelgium
The2024annualreportindicatedthattherewasariskthatthereducedVATrateof6%applicabletothe(off-plan)saleofhousing
afterdemolitionandreconstructionworkwouldbeabolishedasof30June2025.Thisrisknolongerexists.
UndertheProgrammeLawof18July2025,thefederalgovernmenthaspermanentlyextendedandbroadenedthescopeofthe
favourable6%VATrateforthe(off-plan)saleofhousingfollowingdemolitionandreconstructionwork.
ThisreformhasapositiveimpactontheactivitiesofBPIRealEstateBelgium,asthisreducedratestimulatestheproperty
development sector and sales.
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Risksrelatedtorealestateacquisitions
Beforeacquiringlandfordevelopment,theBusinessUnitsintheRealEstateDevelopmentsegmentstudythenancial,technicaland
townplanningfeasibilityoftherealestateproject.Thosefeasibilitystudiesarecarriedoutbyexternalexpertsorconsultantsandare
basedonassumptionsconcerningeconomic,marketandotherconditions(includingestimatesofpotentialsaleprices).Despitethese
BusinessUnits’diligentapproach,itispossiblethattheyfailtotakeaccountof-ordonotknow-alltherelevantfactorsneededto
make an informed decision.
Toreducethisrisk,thefollowingmeasureshavebeentaken:
• systematicpriorreviewofallpropertyacquisitionsbytheCFE’sInvestmentCommittee,and
• inserting suspensive conditions in land purchase contracts.
Risksrelatedtorealestatedevelopment
Allprojectsaredependentonplanning,buildingandenvironmentalpermitsbeinggranted.Consequently,anyprojectmaybe
affectedby(i)inabilitytoobtain,maintainorrenewthenecessarypermitsor(ii)anydelayintheobtaining,maintainingorrenewing
ofthosepermits,aswellas(iii)theBusinessUnitsbeingunabletocomplywiththeconditionsofthosepermits.Infact,thenumberof
appealslodgedagainstpermitsfornewprojectsisontheincrease,especiallyintheBrusselsregion.
Furthermore,changesmadebythecompetentauthoritiestothelegalframeworkandtheadministrativeproceduressurrounding
thelingfor,deliveryorvalidityofsuchpermitsmayhaveanegativeimpactonthenancialresultofaproject.
The following management measures are therefore in place:
• ensuringthatmanagersandstaffhavethenecessaryknowledgeconcerningplanningandpermitlaw;
• usingtheservicesofexternalconsultantsspecialisinginplanninglawintheregionconcerned;
• priorreviewofplanningpermitwhendevelopingbuildings,
• insurance policies to cover the risk of withdrawal or cancellation of permits, and
• ongoingassessmentofandcompliancewithchangestoplanningpermitsandauthorisations,andanticipationofpossible
changes.
Furthermore,projectdeliverymaybedelayedorcompromisedbyvariousfactors,suchasweatherconditions,buildingsite
accidents,naturaldisasters,industrialdisputes,shortageofequipmentorbuildingmaterials,accidentsorotherunforeseen
difculties.TheBusinessUnitsintheRealEstateDevelopmentsegmentcanalsoincuradditionalprojectconstructionand
development costs and penalties that exceed the initial estimates and lead times.
To mitigate these risks, the following measures are in place:
• transferringconstructionriskstosubcontractors;
• almostsystematicassigningofprojectconstructiontoCFEsubsidiaries,and
• arranging appropriate insurance policies.
Liquidityandnancingrisks
Thedevelopmentofprojectsinvolvessubstantialinvestmentsthatareprimarilynancedbyequityandexternalnancingsources.
Itispossible,althoughnotlikely,thatBPIBelgium,BPILuxembourgorBPIPolandareunabletorenewtheexistingnanceagreements
orattractnewnancingoncommerciallyfavourableterms.
To mitigate these risks, the following managements measures are in place:
• diversifyingfundingsources;
• increasingconrmedcreditlines;
• usingacommercialpaperandmediumtermtreasurynotesprogramme,and
• severalnewprojectnancearrangementsinbothBelgium,LuxembourgandPolandwereputinplaceonsimilartermstothose
prevailingbeforethehealthcrisis.
Asat31December2025,BPIBelgiumanditssubsidiaryBPILuxembourgtogetherhad€60millioninconrmedbilateralcreditlines,
ofwhich€3millionhadbeendrawndownbyBPILuxembourg.
Risksrelatedtospecial-purposevehicles
Tocarryoutsomeoftheirrealestateprojects,BPIBelgium,BPILuxembourgand/orBPIPolandbelongtospecialpurposevehicles
(“SPVs”)whichproviderealguaranteesinsupportoftheircreditfacilities.Therisk,intheeventofthefailureofthistypeofcompany
andexerciseoftheguarantees,isthattheproceedsfromsuchexercisearenotsufcienttocoversomeoralloftheamountofshare
-
holders’equityorequivalentusedascollateralforsettingupthecreditfacility.
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The Business Units concerned therefore take measures and steps to mitigate risk, such as:
• sharingriskwithpartners;
• nancingthroughnon-recourseorlimited-recoursedebtagainstshareholders;
• payingspecialattentiontothepreparationphaseandstakeholderrelations,and
• monitoring marketing and sales momentum.
Risksrelatedtotheabilitytosellprojects
Theactivity,nancialposition,resultsandprospectsofBusinessUnits’operatinginRealEstateDevelopmentarealmostentirely
dependent on the sale of its projects.
Investmentsinrealestateprojectsforwhichnoplanningpermissionhasbeenobtainedyetarerelativelyilliquid,particularlyfor
ofcebuildingsvaluedatover€100million.TheBusinessUnitsconcernedmaybeunabletondasuitablebuyerforthistypeof
assetifitneedscash.Moreover,marketconditionsmayforcethemselltheirprojectsatlowerpricesthanplanned.
Thesegment’sinabilitytogeneratepositivecashowfromprojectsalescanadverselyaffectitscapacitytorepayitsdebts.
Tomitigatethisrisk,thefollowingmeasuresandfactorscomeintoplay:
• carryingoutcarefulmarketresearchbeforeanyinvestmentandduringdevelopment;
• inserting suspensive conditions in land purchase contracts.
• limitingunsecuredtransactions,withaminimumpre-commercialisationthresholdrequired;
• elasticityofdemandintheresidentialmarket,and
• adoptingaconservativeandprudentnancingstrategy,characterisedbydiversicationofnancingsourcesandabroad
groupofbankingpartners.
Risksrelatedtoportfolioconcentration
Thevastmajorityofprojectsinthissegmentareresidential.Consequently,anyslowdownorregulatorychangesoranymarket
changesaffectingtheresidentialmarketmayhaveaconsiderablenegativeimpactonthesegment’sresultsandoperations.
In2025,thepropertymarketremainedturbulent,althoughmarketconditionsfortheresidentialsegmentshowedtherstsignsof
recoverywithoutreturningtopre-crisislevels.
The Group therefore takes the following risk management measures:
• diversifyingtheportfolioandprojects,inBelgium,PolandandLuxembourg,and
• maximisinganticipationofanylegislativechangelikelytoimpactprojectsbyprovidingforanadjustmentofthecontractual
provisions(price,deadline)intheeventoflegislative,scalorregulatorychange.
Risksrelatedtostakeholders
The Real Estate Development segment maintains contractual relations with several parties, such as partners, investors, tenants,
entrepreneurs,nancialinstitutionsandarchitects.Thosestakeholdersmayexperiencedisruptionsintheiroperationsorbe
confrontedwithnancialdifcultiesthatmaycauseadelayortotalinabilitytomeettheircontractualobligations.
The Business Units of the Real Estate Development segment are therefore ensuring that the following measures are implemented:
• strengtheningcontrolsforawardingandmonitoringworks;
• includingguaranteesincontractualagreements,withapreferenceforrstdemandbankguarantees;
• prior screening and ongoing monitoring of stakeholder creditworthiness, and
• arranging appropriate insurance policies.
RisksspecictotheInvestments&Holdingsegment
DEEP C HOLDING (PORT CONCESSIONS IN VIETNAM)
Geopoliticalrisk
ThepoliticalsituationinVietnamhasbeenstableformanyyears.However,evenifhighlyunlikely,politicalriskcanneverbe
completelyruledout.
Therefore,otherthanmonitoringtheevolutionofthecountry’spoliticalsituation,nootherspecicmeasurestomanagethisriskare
currentlyinplace.
Message from the Chairman and CEO
Our ambitions and achievements
Management report
Sustainability statements Financial statements
Annual report 2025 - CFE
48
Liquidityandnancingrisks
Projectdevelopmentrequiressignicantinvestment.
DeepCHoldingmaybeexposedtoliquidityrisk,inparticular:
• obligationstorepayexistingdebt,and
• itsfuturenancialcommitments.
DeepCHoldinghasthereforeputinplacecorporatenancingwithitssubsidiaryInfraAsiaInvestmentHK,aswellaslocalnancing
inVietnamtonancebothxedassetssuchasleasedofcespaceandwarehousesorsimilarinfrastructure,aswellastheworking
capital requirements of the various industrial zones.
GREEN OFFSHORE (MINORITY STAKES IN BELGIAN OFFSHORE WIND FARMS RENTEL AND SEAMADE)
Giventhat(i)thetwowindfarmsRentelandSeaMadearebuilt,nancedandfullyoperationaland(ii)aminimumpricefortheelec
-
tricityproducedisguaranteedbyagreencerticatemechanism,thesignicantresidualrisksare:
• maintenancebudgetoverruns,and
• theproductionofgreenelectricity,whichdependsonweatherconditionsandtheavailabilityofwindturbines.
GREENSTOR (PARTICIPATION IN A VEHICLE FOR THE DEVELOPMENT, FINANCING AND OPERATION OF BSTOR BATTERY ENERGY
STORAGE SYSTEMS)
Thedevelopmentofbatteryenergystoragesystems(BESS)involvesseveralrisksthatcouldaffecttheprotabilityandcontinuityof
projects.Theserisksincludechangesintheregulatoryframeworkandelectricitymarketmechanisms,whichmayimpactexpected
revenues,aswellasenergypricevolatility.Technicalrisksalsoexist,particularlyintermsofperformance,batterydegradation,re
safetyandequipmentavailability.Inaddition,projectsmaybeexposedtorisksofdelaysinobtainingpermits,gridconnection
constraintsanddependenciesonkeysuppliers.Finally,accesstonancingandchangesininvestmentandoperatingcostsare
additional risk factors.
1.3. Majoreventsafterthecloseofthenancialyear
NosignicantchangeintheGroup’snancialandcommercialsituationhasoccurredsince31December2025.
1.4. Research and development
In2025,thedirectionstakenpreviouslyclearlycontinuedtobesuccessfullypursued.TheGroupcontinuedtofocusonarticial
intelligencetoolsthatfacilitatedailytasks.Atthesametime,theprojecttoforecastAI-generatedrevenueforconstructionsiteswas
continuedandextendedtoresearchintocontractanalysisandriskmanagementtools.Conclusivetestshavealreadybeencarried
outintheseareas,inwhichadvanceddiscoveryanddevelopmentphaseshavebeenlaunched.AstheERPsystemisrolledout
acrosstheGroup’svariousentities,accesstodataisimprovingandshouldsoonenableoptimisationofforecasts,schedulesand
budgets.
Atthesametime,aninnovativeapproachhasbeenadoptedinvarioussectorsofactivity.Thishasresultedinafocusonareasand
projectsinspecicsegments,suchasconstructionandrenovation,multitechnics,propertydevelopmentandMobix.Thankstothis
approach,ourteamsexchangebestpracticesininnovationandshareinformationbetweenthedifferentsegmentsthroughthe
InnovationCoreTeam.ThisfocuswillenabletheGrouptointroduceandintegratemoresignicantandvaluableinnovations.This
approachcanalsobeseenasacombinationofshort-andlong-termapproachestoinnovativeprojects.
LEANmanagementandkittingprojects,whichaimtooptimisesiteorganisationandtheprefabricationofstructures,facadesand
installations,aswellasworkqualityandmethodology,remainakeyfocus,particularlyintheconstructionandrenovationsegment.
Inthelongterm,theGroupshallcloselymonitortrendsintheconstructionmarket,butalsofurtheraeld,takinganinterestinvarious
cutting-edgesolutions,suchasrobotisationandautomationonconstructionsites,advancedtechnologiesforenergysavingand
energyrecovery,andnewbuildingmaterials.
Allthisisalsomadepossiblebycollaborationandallianceswithstart-ups,establishedbusinesspartners,andindependent
organisations such as universities and research institutes.
1.5. Financial instruments
TheGroupusesnancialderivativesprimarilytoreducetherisksassociatedwithunfavourableuctuationsininterestratesand
exchangerates.TheGroupdoesnotholdorissuenancialinstrumentsfortradingpurposes.
Message from the Chairman and CEO
Our ambitions and achievements
Management report
Sustainability statements Financial statements
Annual report 2025 - CFE
49
1.6. Outlook 2026
The medium and long-term outlook for CFE is positive, thanks to its position in growth markets such as renovation and improving the
energyperformanceofexistingbuildings,thedevelopmentofinfrastructuresrelatedtotheenergytransition,aswellastechnically
complexconstructionprojectsintheindustrialsector,hospitals,defense,anddatacenters.Bycombiningitsvariousactivities,CFE
respondstotheincreasingmarketdemandfortotalsolutionsthatcovertheentirelifecycleofaproject–fromdevelopmentto
construction, including multitechnics installations and maintenance.
In 2026, BPI Real Estate will continue to focus on new real estate developments with low permitting risk and strong commercial
potential.Thecompanyhashelditsgroundwellinarealestatemarket–bothresidentialandofcebuildings–thatremains
challengingintheshortterm,butwheretherstsignsofrecoveryarevisible.TheKennedyParkproject(formerlyKronos)in
LuxembourgisexpectedtobeagamechangerforbothBPIRealEstateandCFE,duetoboththescaleandthesustainable
ambitionsoftheproject.
VMAhassignicantlyexpandeditsorderbookanddemonstratesconsiderablegrowthpotential,particularlyinitsactivitiesrelated
tobuildingtechnologiesandmaintenance,whichprovideasourceofdiversied,recurringincome.Inaddition,thecombinedexper
-
tisewithMOBIXinenergyinfrastructuresconstitutesagrowthpillarforthecomingyears.VMAexpectstoachieveanincreasein
revenue and in its results in 2026.
TheentitiesinConstruction&Renovationexpectaslightincreaseintheirturnoverin2026.Thefocuswillbeonthecarefulselection
ofnewordersandthecontinuousimprovementofoperationalperformance,aswellascapitalizingonopportunitiesinprotable
nichemarketswheretheirexpertiseincomplexconstructionprojectstrulycomesintoitsown.
Overall, CFE expects its net income in 2026 close to that of 2025. The group will seek to make optimal use of its strong cash position
to seize new growth opportunities, whilst continuing to adhere to strict risk management.
Message from the Chairman and CEO
Our ambitions and achievements
Management report
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Annual report 2025 - CFE
50
III. CORPORATE GOVERNANCE STATEMENT
1. Reference code
Withregardtocorporategovernance,thisstatementcontainstheinformationrequiredbytheCodeofCompaniesand
Associations(“CSA”),aswellasbytheBelgianCorporateGovernanceCode2020(“Code 2020”).
CFEhasadoptedthe2020Codeasitscodeofreferenceandappliesitsrecommendationsinaccordancewiththe“complyor
explain” principle.
TheCompany’sCorporateGovernanceChartercanbeconsultedontheCompany’swebsitewww.cfe.be.www.cfe.be.Anupdated
versionoftheDealingCodeandtheCompany’sremunerationpolicy(bothofwhichareannexestotheCompany’sCorporate
GovernanceCharter)wereapprovedbytheBoardofDirectorson17March2025andbytheGeneralMeetingon30April2025,
respectively.
ThisCorporateGovernanceStatementdescribesthecompositionoftheCFE’sBoardofDirectorsanditsCommittees,andhowthey
operate.ItcommentsonthepracticalapplicationofCFE’sgovernancerulesduringthescalyearending31December2025.Italso
speciestheprovisionsoftheCode2020theCompanydoesnotcomplywithandexplainsthesederogations.Italsoincludesthe
remunerationpolicyandtheremunerationreport.Lastly,itreectsthemainfeaturesoftheCompany’sinternalcontrolandrisk
managementsystems.
2. The Board of Directors and its Committees
2.1. Board of Directors
TheCompanyhasoptedforasingle-tierstructure.Consequently,theBoardofDirectorsisresponsibleforthegeneralconductof
theCompany’sbusinessandisaccountableforitsmanagementinaccordancewitharticles7:93and7:94oftheCSA.
TheBoardofDirectorsdeterminesthedirectionoftheCompany’sactivities,itsstrategyandkeypolicies.Itexaminesandapproves
relatedsignicantoperations,ensuresthattheyareproperlyexecutedanddenesanymeasuresneededtocarryoutitspolicies.It
decidesonthelevelofrisktheCompanyispreparedtotake.
In particular, the Board of Directors:
• approvesthegeneralinternalcontrolandriskmanagementsystemandchecksthatthissystemiscorrectlyimplemented;
• takesallmeasuresneededtoensuretheintegrityofthenancialstatements;
• supervisestheactivitiesoftheauditor;
• reviews the performance of the CEO and the Executive Committee, and
• ensuresthatthespecialcommitteeswithintheBoardofDirectorsfunctionproperlyandefciently.
Message from the Chairman and CEO
Our ambitions and achievements
Management report
Sustainability statements Financial statements
Annual report 2025 - CFE
51
2.1.1. MembersoftheBoardofDirectorsasof31December2025
LUC BERTRAND
Capacity Non-executivedirector-Chairman(sinceFebruary2016)
Committees ChairoftheNominationandRemunerationCommitteesinceMay2021
Nationality and year of birth Belgian,born1951
First appointment as Director December2013
Current term of ofce expires 2029 AGM
Training and experience LucBertrandobtainedacommercialengineeringdegreefromKU
Leu-ven in 1971. He started his career at Bankers Trust, where he worked
as Vice-President and Regional Sales Manager, Northern Europe. He
was appointed director of Ackermans & van Haaren in 1985 and was
chair-man of the Executive Committee until 2016.
He is Chairman of the Board of Directors of Ackermans & van Haaren,
DEME,SIPEFandJMFinnandadirectorofDelenPrivateBank,BankVan
Breda(until4May2023),T.P.F.andVerdantBioscience.
Luc Bertrand has extensive expertise in corporate governance. Having
servedonanumberofauditandriskcommittees,heiswellversedinrisk
managementandinternalcontrolsystems.
HewasalsoafoundingmemberofGuberna,aBelgianinstitutethat
promotessoundgovernance,andformanyyearswasChairmanofits
Board and then Chairman of its Board of Trustees. He is also Chairman
oftheInstitutdeDuveandMiddelheimPromotors,andamemberof
severalotherboardsofnon-protassociationsandpublicinstitutions
suchastheMayervandenBerghMuseumandEuropalia.
PIET DEJONGHE
Capacity Non-executive director
Committees MemberoftheAuditCommitteeuntil30April2025
Nationality and year of birth Belgian,born1966
First appointment as Director December2013
Current term of ofce expires 2029 AGM
Training and experience PietDejonghereceived,afteradegreeinlaw(KULeuven,1989),apost-
graduatedegreeinmanagement(KULeuven,1990)andanMBAfrom
INSEAD(1993).Heisco-CEOofAckermans&vanHaaren.Beforejoining
themin1995,hewasalawyerwithA§OShearmanandaconsultantwith
BCG.AsamemberoftheinvestmentteamofAckermans&VanHaaren,
PietDejongheparticipatesincontinuoustrainingtoidentifyESGrisksand
opportunitiesandstaysupdatedonESGregulations.PietDejongheis
alsoamemberofAckermans&VanHaaren’sESGsteeringcommittee,
where he monitors and advises on Ackermans & Van Haaren’s ESG
strategic priorities and progress.
KOEN JANSSEN
Capacity Non-executive director
Committees /
Nationality and year of birth Belgian,born1970
First appointment as Director December2013
Current term of ofce expires 2029 AGM
Training and experience KoenJanssenreceived,afteradegreeincivilengineeringand
electromechanics(KULeuven,1993),anMBAfromIEFSI(France,1994).He
workedforRecticel,INGInvestmentBankingandINGPrivateEquitybefore
joiningAckermans&vanHaarenin2001.HeisamemberoftheExecutive
Committee.KoenJanssenhasexpertisein,amongotherthings,
offshoreenergysolutions,marineinfrastructure,environmentalprojects,
energystoragefacilitiesandbiogasinstallations.Asamemberofthe
Ackermans&VanHaareninvestmentteam,KoenJanssenparticipates
incontinuoustrainingcoursestoidentifyESGrisksandopportunitiesand
staysupdatedonESGregulations.
Message from the Chairman and CEO
Our ambitions and achievements
Management report
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52
AN HERREMANS
Capacity Non-executive director
Committees MemberoftheAuditCommitteesince30April2025
Nationality and year of birth Belgian,born1982
First appointment as Director June2022
Current term of ofce expires 2026 AGM
Training and experience An Herremans received a Master’s degree in Business Engineering from
the KU Leuven and a Master’s degree in Finance from the Vlerick Business
School.ShehasworkedasStrategyOfceManageratBarcoandas
SeniorConsultantatRolandBergerStrategyConsultants.Sheiscurrently
amemberoftheExecutiveCommitteeatAckermans&vanHaaren.As
amemberoftheAckermans&VanHaareninvestmentteam,An
HerremanstakespartincontinuoustrainingtoidentifyESGrisksand
opportunitiesandstaysupdatedonESGregulations.
WARAKU BV, represented by HELENE BOSTOEN
Capacity Independent Director
Committees MemberoftheAuditCommitteesinceMay2021
Nationality and year of birth Belgian,born1977
First appointment as Director May2021
Current term of ofce expires 2029 AGM
Training and experience HélèneBostoenisamanagementengineer(SolvayBusinessSchool,
ULB,Brussels)andholdsanMBAfromINSEAD.Shebeganhercareerat
MerrillLynchinNewYork.In2005,shefoundedItzaFood,nowMexma
Food, which produces tortillas. In 2007, she took over the management
ofafamilygroup,Fenixco,activeinresidentialrealestatedevelopment
in Belgium, Poland and France. She is an independent director of
HomeInvestBelgiumandAbattoirNVandisco-chairoftheUPSI-BVS
professional federation’s developers’ commission.
LIEVE CRETEN BV, represented by LIEVE CRETEN
Capacity Independent Director
Committees ChairoftheAuditCommitteesinceJuly2022
MemberoftheNominationandRemunerationCommitteesinceJuly
2022
Nationality and year of birth Belgian,born1965
First appointment as Director May2022
Current term of ofce expires 2026 AGM
Training and experience LieveCretenisamanagementengineer(KULeuven,1989)andalsoholds
aMaster’sdegreeintaxation(1989).ShewasapartneratDeloittefor
overtwentyyears,whereshedevelopedtheM&Apracticeandledthe
FinancialAdvisorypracticeasaManagingPartnerfrom2008to2019.She
wasamemberoftheExecutiveCommitteeofDeloitteBelgiumuntil2019.
Inaddition,shewasamemberofDeloitteFinancialAdvisory’sglobal
executiveteamfrom2015to2021.LieveCreteniscurrentlyactiveasan
independent director in several companies and also as an independent
consultant.
Message from the Chairman and CEO
Our ambitions and achievements
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53
B Global Management SRL, represented by STÉPHANE BURTON
Capacity Independent Director
Committees MemberoftheNominationandRemunerationCommitteesinceJune
2022
Nationality and year of birth Belgian,born1973
First appointment as Director June2022
Current term of ofce expires 2026 AGM
Training and experience StéphaneBurtonreceivedaMasterinLawattheCatholicUniversityof
Leuven(1996),aMasterinSocial,Economic&TaxLawatUniversiteit
Gent(1997)andaGlobalExecutiveMBAfromINSEAD(2013).Hebeganhis
careerasacorporatelawyer,beforejoiningtheTAT/SabenaTechnics
groupin2007.Heheldanumberofdifferentpositions,becoming
directoroftheBelgiansubsidiariesin2008andamemberoftheGroup
ManagementBoardin2009.In2014,heledamanagementbuy-outof
theBelgiansubsidiaries
In2014,heledamanagementbuy-outoftheBelgiansubsidiariesofthe
group and has since continued – as CEO - to develop the ORIZIO group,
whichwascreatedbythemergerofSabenaAerospaceandSabca,now
Orizio Group.
He is also Director of Liege Airport and an independent director of SECO,
CharleroiAirportandSopartec/UCLouvain-TechnologyTransferOfce.
Fernando Sistac Management et Conseil SAS, represented by FERNANDO SISTAC
Capacity Non-executive director
Committees /
Nationality and year of birth French,born1959
First appointment as Director May2023
Current term of ofce expires 2027 AGM
Training and experience FernandoSistacisacivilandgeotechnicalengineer(PolytechLille,1982).
HejoinedtheVinciGroupin2000asCEOofCBC(SogeaGroup).From
2012 to 2018, he joined the Executive Committee of Vinci Construction
FranceasDeputyCEOandChiefOperatingOfcer,headingupthe
buildingandpublicworkssubsidiariesintheÎle-de-Franceregion.From
2019 to 2022, he joined the Executive Committee of Entrepose Group as
ChiefOperatingOfcer,whereheservedasManagingDirectorofVinci
Environnement.Currently,drawingonhistechnicalandmanagerial
expertiseintheconstructionindustry,headvisesmanagersfacingthe
challenges of market transformation.
Inviewoftheexpiryofseveraldirectorships(includingtwoasindependentdirectors),itwillbeproposed,ontherecommendation
oftheNominationandRemunerationCommittee,attheOrdinaryGeneralMeetingof7May2026,torenewforaperiodoffouryears
theappointmentofAnHerremansasdirector,andtheappointmentsofLieveCretenBV,representedbyLieveCreten,andBGlobal
ManagementSRL,representedbyStéphaneBurtonasanindependentdirector.
2.1.2. CompositionanddiversityoftheBoardofDirectors
ThecompositionofCFE’sBoardofDirectorsreectsthecompany’scontrollingshareholders.CFEiscontrolledbyAckermans&van
HaarenSA,aBelgiancompanywhosesharesarelistedonEuronextBrussels,andbyVINCIConstructionSAS.Asat31December
2024,CFE’sBoardofDirectorsconsistedofeightdirectors,includingvenon-executivedirectorsandthreeindependentdirectors
(representing37.5%).OftheeightmembersofCFE’sBoardofDirectors,fourarerepresentativesnominatedbythereference
shareholder,Ackermans&vanHaarenSA,andoneisarepresentativenominatedbyVINCIConstructionSAS.
Thissituationofcontrolalsojustiesthepresenceon31December2025ofrepresentativesputforwardbytheleadingshareholder,
Ackermans&vanHaarenNV,attheAuditCommittee(onememberoutofthree)andontheNominationandRemuneration
Committee(onememberoutofthree).
ThecompositionoftheBoardofDirectorsisalsobasedonabalancebetweenexperience,competenceandindependence,with
respectfordiversity,inparticulartheequalitybetweenmenandwomen.TheBoardofDirectorsincludesasufcientnumberof
independentdirectorstoensurethattheinterestsofalltheCompany’sshareholdersarerespected,andone-thirdofitsmembers
are women, thus meeting the requirements of article 7:86 of the CSA.
Thebalanceofattendeesisre-evaluatedeachyearbytheNominationandRemunerationCommittee.
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Our ambitions and achievements
Management report
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54
2.2. Role of the Chairman of the Board of Directors
ThedutiesoftheChairmanoftheBoardofDirectorsaredetailedintheCompany’sCorporateGovernanceCharter.
TheChairmanmaintainscloselinkswiththeChairmanoftheExecutiveCommitteeandensures,inclosecollaborationwiththe
latter,thattheBoardofDirectors,initscomposition,deliberations,decision-makingandimplementationofdecisions,operates
inaccordancewiththeprovisionsoftheCharter,anddrawsup,againinclosecollaborationwiththeChairmanoftheExecutive
Committee, the agenda for Board meetings.
Generallyspeaking,theChairmanoftheBoardalsoensureseffectivecommunicationwithalldirectors,creatingaclimateoftrust
thatallowsopendiscussionandconstructivecriticism,andwiththeCompany’sshareholdersandotherstakeholders.
The Chairman is also in charge of the various evaluation procedures for the Board and its Committees.
2.3. Attendance, functioning and competences of the Board of Directors
TheBoardofDirectorsisorganisedsoastoensurethatdecisionsaretakencollectivelyintheinterestsoftheCompanyandina
waythatallowsworktobecarriedoutefciently.
TheBoardofDirectorsmeetsatleastvetimesayear,attimessetatthebeginningoftheyear,andwhenevertheCompany’s
interests so require.
The Board of Directors met on six occasions in 2025.
TheattendancerateforBoardmeetingsin2025isshownbelow:
Name Capacity Attendance rate
Luc Bertrand Non-executive director, Chairman 6/6
Piet Dejonghe Non-executive director 6/6
KoenJanssen Non-executive director 6/6
An Herremans Non-executive director 6/6
WarakuBV,representedbyHélèneBostoen Independent Director 6/6
LieveCretenBV,representedbyLieveCreten Independent Director 6/6
BGlobalManagementSRL,representedbyStéphaneBurton Independent Director 6/6
FernandoSistacManagement&ConseilSAS,representedbyFernandoSistac Non-executive director 6/6
InadditiontodeningcorporatestrategyandcultureandsupervisingtheworkoftheCommittees,theBoardofDirectorsapproves
thestatutoryandconsolidatednancialstatementsandthemanagementreport,decidesontheappropriationofprotsandthe
publicationofnancialandnon-nancialinformation.
SpecicdecisionstakenbytheBoardofDirectorsin2025mainlyconcerned:
• approvalthenancialstatementsfor2024aswellasthenancialstatementsforthersthalfof2025;
• examinationofthe2025budgetupdates;
• examinationofthe2025budget;
• changesinsafetyinstructions;
• reviewofthestrategicplansoftheGroup’smainBusinessDivisions(BPC,VMAAutomotive,VManager–BMS,VMAEsco,Pulseet
WoodShapers);
• reviewofmattersthatwerepresentedatEngagementCommitteemeetings;
• examinationofthenancialsituationofCFE,changesinitsdebtlevelsanditsworkingcapitalrequirement;
• reviewandupdateoftheESGstrategyanddoublematerialitymatrixaspartoftheCSRD(asshowninmoredetailinthe
SustainabilityStatement;
• reviewoftheGroup’sinnovationstrategy;
• review of the Group’s Selective Bidding procedure;
• approvalofthenewDealingCode;
• examination of changes in the value of real-estate projects, and
• approvaloftheacquisitionandsaleofseveralrealestateprojectsworthmorethan€10million.
Duringthe2025nancialyear,theDirectorswerenotfacedwithanysituationsofconictofinterest.Consequently,articles7:96and7:97
oftheCSAarenotapplicablein2025.
Message from the Chairman and CEO
Our ambitions and achievements
Management report
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Annual report 2025 - CFE
55
PeriodicreviewproceduresareorganisedbytheBoardofDirectorsinaccordancewithArticleII.6oftheCharter.Thesearehelduponthe
initiativeandunderthedirectionoftheChairman.Asannouncedduringthepreviousnancialyear,anevaluationoftheoperationofthe
CFEBoardofDirectorsanditsinteractionwiththeExecutiveCommitteewascarriedoutbyanindependentbody(Guberna)attheendof
2024andtheconclusionsofthisassessmentweresharedattherstboardmeetingof2025.
3. Executive Board Committees
CFEhastwoCommitteeswithintheBoardofDirectors,namelytheAuditandRiskManagementCommittee(“Audit Committee”)(in
accordancewitharticle7:99oftheCSA)andtheNominationandRemunerationCommittee(inaccordancewitharticle7:100oftheCSA).
3.1. The Audit Committee
Generallyspeaking,theAuditCommitteemonitorsthepreparationandvericationoftheCompany’saccountingandnancial
information,aswellastheeffectivenessofthesystemsofinternalcontrol,supervisionandriskmanagement.
Asat31December2025,theAuditCommitteecomprisedthreemembers,twoofwhomareindependentwithinthemeaningofarticle
7:87oftheCSAandthe2020Code.TheseareLieveCretenBVrepresentedbyLieveCretenandWarakuBV,representedbyHélène
Bostoen.Theothermembers,PietDejongheuntil30April2025andAnHerremansafterthisdate,representtheleadingshareholder.
Asawhole,theAuditCommitteehastherequisiteskillsinaccounting,auditingandIFRS,thanksinparticulartoitsmembers’studies
andexperienceinnancialandrealestatecompanies.
The Audit Committee met four times in 2025, examining in particular:
• the2025annualnancialstatementsand2025half-yearlynancialstatements;
• thequarterlynancialstatementsendofMarchandendofSeptember2025;
• thedraft2026budgetbeforeitwaspresentedtotheBoardofDirectors;
• thereportsoftheinternalauditor;
• changesintheresultsofthemainprojects;
• the Group’s main insurance policies
• signicantdisputesinvolvingtheGroup;
• changesintheGroup’scashpositionandtheworkingcapitalrequirement;
• ITsecuritywithintheGroup;
• monitoringtheGroup’sbankguarantees;
• implementationoftheERPwithintheentitiesoftheConstruction&Renovationsegment;
• non-nancialindicators,thedoublematerialitymatrixandtheintroductionofCSRDreports;
• theGroup’soff-balancesheetcommitments,inparticularthebankguarantees,and
• the audit plan and the auditor’s reports.
In2025,theAuditCommitteepaidparticularattentiontothegroup’sinternalcontrolsandmonitoredstepstakenbyCFEtoimprove
them. It also paid particular attention to some of the more loss-making sites, such as the LuWa and Nieuw Zuid Block 21/24 projects.
ThetermofofceofAuditCommitteememberscoincideswiththeirtermofofceasDirectors.
Members of the Audit Committee Current mandate Participation rates
LieveCretenBV,representedbyLieveCreten(Chair) 2022-2026 4/4
WarakuBV,representedbyHélèneBostoen 2025-2029 4/4
Piet Dejonghe* 2021-2025 1/1
An Herremans 2025-2026 3/3
*Piet Dejonghe was a member of the Company’s Audit Committee until 30 April 2025.
Unless the Audit Committee decides otherwise, the Chairman of the Executive Committee, the CFO and the Head of Internal Audit
attendAuditCommitteemeetings.Onceeverythreeyears,theBoardofDirectorsassessesthesize,compositionandfunctioningof
theAuditCommittee,asdescribedingreaterdetailinarticleII.6oftheCharter.
3.2. The Nomination and Remuneration Committee
Generallyspeaking,theNominationandRemunerationCommitteeensuresfairremunerationwithintheGroup,takinginto
considerationregulatorystandards,targetsset,andtherisksandtherulesofconductsetoutintheCharter.TheNominationand
RemunerationCommitteealsoensuresthatthebestpeopleareselectedtooverseeandmanagetheCompany.
Message from the Chairman and CEO
Our ambitions and achievements
Management report
Sustainability statements Financial statements
Annual report 2025 - CFE
56
Asat31December2025,TheNominationandRemunerationCommitteecomprisedthreemembers,twoofwhomareindependent
withinthemeaningofarticle7:87oftheCSAandthe2020Code.TheseareLieveCretenBVrepresentedbyLieveCreten
andB-GlobalManagementSRLrepresentedbyStéphaneBurton.LucBertrandisChairmanoftheBoardofDirectorsanda
representative of the leading shareholder.
As a whole, the Nomination and Remuneration Committee has the requisite expertise in the area of remuneration.
The Nomination and Remuneration Committee met three times in 2025 and examined, in particular:
• thexedandvariableremunerationoftheCEO;
• thexedandvariableremunerationofthemembersoftheExecutiveCommitteeandthedirectors;
• theremunerationreportandpolicy;
• theremunerationofthedirectors;and
• monitoring talent development and succession planning.
ThetermofofceoftheNominationandRemunerationCommitteememberscoincideswiththeirtermofofceasdirectors.
Members of the Nomination and Remuneration Committee Current mandate Participation rates
LucBertrand,(Chairman) 2025-2029 3/3
LieveCretenBV,representedbyLieveCreten 2022-2026 3/3
BGlobalManagementSRL,representedbyStéphaneBurton 2022-2026 3/3
Brabant,isalwaysinvitedtoattendtheNominationandRemunerationCommitteemeeting.
AsfortheAuditCommittee,everythreeyearstheBoardofDirectorsassessesthesize,compositionandfunctioningofthe
NominationandRemunerationCommittee,asdescribedingreaterdetailinarticleII.6oftheCharter.
4. The Executive Committee
On29June2022,theCompany’sBoardofDirectorssetupanExecutiveCommitteecomprisingatleastvemembersof
management,anddelegatedday-to-daymanagementoftheCompanyexclusivelytotheChairmanoftheExecutiveCommittee,
known as the CEO.
ThemembersoftheExecutiveCommittee(includingitspermanentguests)areconsideredasothermanagerswithinthemeaning
oftheCSAandaspersonsdischargingmanagerialresponsibilitieswithinthemeaningoftheEuropeanMarketAbuseRegulation.
UnderthechairmanshipoftheCEO,theExecutiveCommitteeisessentiallyresponsibleforexaminingthegeneralmanagementof
theCompanyandtheCFEGroup,andmoreparticularlyfor:
I. makingrecommendationstotheBoardofDirectorsconcerningthestrategyoftheCompanyandGroup;
II. executingthisstrategy;
III. ensuringtheday-to-dayandoperationalmanagementoftheCompanyandtheGroupandreportingtotheBoardof
Directors;
IV. providingtheBoardofDirectorsinduetimewithalltheinformationitneedstofullitsresponsibilities,and
V. ensuringcompliancewithitsobligationstotheBoardofDirectorsandreportingtotheBoard.
TheCEO,assistedbytheExecutiveCommittee,andwithinthelimitsofday-to-daymanagementandthepowersconferredon
himbytheBoardofDirectors,alsoconferreddelegationsofauthorityandestablishedalistofCompany’sauthorisedagentsand
denedtheirsigningpowersinSeptember2024.
ExecutiveCommitteemembersareappointedanddismissedbytheBoardofDirectors.Inprinciple,theyareappointedforan
indeniteperiod.TheBoardofDirectorsensuresthattheExecutiveCommitteeismadeupofpeopleofintegrity,withawiderangeof
professionalskills,andwiththeknowledge,experienceandcomplementaryskillsrequiredtocarryouttheirdutiesproperly.
On31December2025,theExecutiveCommitteewascomposedof:
Message from the Chairman and CEO
Our ambitions and achievements
Management report
Sustainability statements Financial statements
Annual report 2025 - CFE
57
TROREMA SRL, represented by Raymund Trost
Capacity Chair of the Executive Committee
ChiefExecutiveOfcerofCFE(“CEO”)
Nationality and year of birth Belgian,born1964
Training and experience RaymundTrostholdsaMaster’sdegreeinEconomicsandInternationalFinanceaswellas
aMaster’sdegreeinEuropeanAffairs&Econometrics(UniversityofLeuven-1987)andhas
undergoneleadershiptraining(HarvardUniversity-2014).
HestartedhiscareerattheMinistryofFinance(ResearchAnalyst,1987--1998).Hethenworked
atBNPParibasFortis(FinancialAnalyst,1989--1991).In1991,hejoinedtheEuropeanCommission
asDeputyAdministrator(Audit&Finance).In1992,hejoinedOwensCorning(European
BusinessPlanningManager)andformanyyearsheldthepositionsofFinancialDirector,
GeneralManagerandManagingDirector(1996--2007).Heendedhistimewiththecompany
asCEOof3B-TheFibreglassCompany(DivestedbusinessbyOwensCorning,2007-2008).He
thenjoinedSaertexasManagingDirectorofStrategy&BusinessDevelopment(2008-2010).
In2011,hejoinedTycoElectronics(VPTelecomNetworks,2010-2011).HethenservedasCEOof
theJorisIdeGroup(2011-2015).
In 2015, he joined the CFE Group as Chairman of the Executive Committee, CFE Contracting. Via
hismanagementcompany,heiscurrentlyCEOandChairmanofCFE’sExecutiveCommittee.
MSQ SRL, represented by Fabien De Jonge
Capacity MemberoftheExecutiveCommittee
ChiefFinancialOfcerdeCFE(“CFO”)
Nationality and year of birth Belgian,born1972
Training and experience FabienDeJongeholdsaMaster’sdegreeinManagement(LeuvenSchoolofManagement-
1995).HestartedhiscareeratArthurAndersen(Auditor,1995-2000).
HethenworkedatBankDegroofPetercam(InternalAuditor,2000-2001).
In 2002, he joined the CFE Group where he started as Project Finance Manager. In 2004, he
combinedthisfunctionwiththatofHeadofFinanceatBPI.Since2014,hehasbeentheChief
FinancialOfcerofCFEthroughhismanagementcompany.
Focus2LER SRL, represented by Valérie Van Brabant
Capacity MemberoftheExecutiveCommittee
PeopleOfcerofCFE
Nationality and year of birth Belgian,born1979
Training and experience hasundergonetraininginHRManagement(VlerickBusinessSchool-2016-2017)aswell
astraininginGeneralManagement(INSEAD-2022).Shestartedhercareeratrecruitment
agencyRobertHalfandthenRobertWalters(SeniorConsultant,2004-2007).
In 2007, she joined the CFE group where she started as Recruitment and Development
Consultant(2007-2013).
ShedevelopedhercareerwithinthegroupasHRManagerofLouisStevens&Co,Mobix
Remacom,MobixEngema,MobixEngetecandBPI(2014-2019).In2019,shewasappointed
ChiefHumanResourcesOfcerofCFE,CFEContractingandBPI,andmemberoftheExecutive
CommitteeofCFEContracting(2019-2022).SheiscurrentlyChiefPeopleOfcerofCFEthrough
hermanagementcompany.
ARTIST VALLEY SA, represented by Jacques Lefèvre
Capacity MemberoftheExecutiveCommittee
CEO of BPI Real Estate Development
Nationality and year of birth Belgian,born1962
Training and experience JacquesLefèvreholdsadegreeinCommercialEngineering(ICHEC-1988).
In 2004, he joined the CFE group where he is Managing Director of BPI Real Estate Belgium, via
hismanagementcompany.In2007,hewasappointedmemberoftheBoardofDirectorsof
the UPSI-BVS. In 2010, he was appointed Director of BPI Real Estate Poland and in 2014 of BPI Real
EstateLuxembourg.
Since2018,hehaschairedtheBoardofBPIRealEstatePoland.Since2019,hehasbeena
DirectorofWoodShapersandWoodShapersLuxembourg.Hehasalsobeenappointed
memberoftheBoardofDirectorsCFEPolska.
Message from the Chairman and CEO
Our ambitions and achievements
Management report
Sustainability statements Financial statements
Annual report 2025 - CFE
58
Bruno Lambrecht and LAMCY SRL, represented by Bruno Lambrecht (as of 25 November 2025)
Capacity MemberoftheExecutiveCommittee
CEO of Construction & Renovation Belgium and Poland
Nationality and year of birth Belgian,born1971
Training and experience BrunoLambrechtholdsadegreeinCivilEngineering(KULeuven,1996)andadegreein
IndustrialEngineering(VIVES,1993).
HestartedhiscareeratDecloedtEngineeringofce(Coordinatingmonitoringthedesignof
asteelstructureforapowerplantinGermany,1996-1997).HethenworkedatIBSEngineering
Ofceasadesignandsupervisionmanagerforseveralprojects(1997-1998).
In 1998, he joined the CFE Group as site engineer of CFE Nederland. He then worked as Project
ManageratCFEPolska(2000-2004).In2004,hewasProjectManageratCFEBrabant.In2005,
hejoinedCFEPolskaagainasAreaManager(2005-2009),andGeneralManagersince2009.
HejoinedCFE’sExecutiveCommitteeinSeptember2020.SinceOctober2024,hehasalso
taken on the role of CEO of the Construction & Renovation Belgium segment and the role of
CEO of BPC Group SA.
COEDO SRL, represented by Arnaud Regout
Capacity MemberoftheExecutiveCommittee
ChiefInvestmentOfcer&NewdevelopmentRealEstate
Nationality and year of birth Belgian,born1978
Training and experience ArnaudRegoutholdsanMBAinCorporateFinance(SolvayBrusselsSchool-2004).
HestartedhiscareeratCushman&Wakeeld(ValuationAnalyst,2003)andthenworkedat
Ernst&Young(SeniorAuditor,2004-2007).From2007to2008,heworkedonseveraltaxand
nancialprojectswithintheBesixgroup.
In 2008, he joined the CFE Group where he was Administrative and Financial Director of BPI
LuxembourgandoftheactivitiesinMoroccoandTunisia(2008-2012).In2012,hewasappointed
DeputyDirectorofBPILuxembourg.HewasthenappointedDirectorofBPILuxembourgwhere
hewasresponsibleforthedevelopmentofrealestateactivities(2014-2015).Since2015,hehas
beenChiefInvestmentOfcerofBPIandManagingDirectorofBPILuxembourg.
CONSULTON VoF, represented by Peter Matton
Capacity MemberoftheExecutiveCommittee
CEO of VMA
Nationality and year of birth Belgian,born1965
Training and experience Afterstudyingindustrialengineering,PeterMattonbeganhiscareerinacommercialroleat
ABBIndustry.HeranhisownHVACdistributioncompanyfrom1995to1998,afterwhichhe
joined ABB’s Building Division as Sales Director.
PeterMattonhasheldvariousmanagementpositionsinbothprivateandpubliccompanies,
including Managing Director of Equans Belux, COO of the ADB Safegate Group, Divisional
Managing Director of Rotork PLC and Chairman of IMI Norgren Europe. In these roles, he was
responsibleforthebalancesheet,nance,humanresources,sales,supplychain,QHSE,R&D
andoperations,amongotherthings.Atthebeginningof2024,PeterMattonjoinedtheCFE
group as CEO of VMA, one of the companies in the group’s multi-technical segment. He is a
memberofCFE’sExecutiveCommittee.
The following are invited to attend all meetings of the Executive Committee as permanent guests:
• ALCINSRL,havingasitspermanentrepresentativePhilippineDeWolfinhercapacityasGeneralCounsel;
• IsabelleDeBruyneinhercapacityasChiefSustainabilityOfcer;
• HexpeditionSRL,havingasitspermanentrepresentativeHansVanDrommeinhiscapacityasChiefInformationOfcer,and
• GARFUNKELSRL,havingasitsrepresentativeRaphaeldeVisser,inhiscapacityasChiefCommunicationOfcer.
Since 2023, the Executive Committee has also included various committees, including the Selection Committee and the
Engagement Committee.
TheroleoftheSelectionCommitteeistoreviewandapprovecertainbusinessopportunities(prospects)thataBusinessUnit
maywishtopursueintheordinarycourseofbusiness,wherethepursuitofsuchaProspectmayhaveasignicantimpactonthe
Group’snances,humanand/ornancialresourcesand/orriskexposure.
TheSelectionCommitteeismadeupoftheGroupCEO,theGroupCFOandtheExecutiveCommitteememberrepresentingthe
businesssegmenttowhichtherelevantBusinessUnitbelongs.
TheEngagementCommittee.hasbeensetuptoexaminecertainmajorbindingofferswhich,ifaccepted,couldhaveasignicant
impactontheGroup’snances,humanand/ornancialresourcesand/orriskexposure.ThisCommitteehasitselfbeensubdivided
intothreesub-committeesaccordingtothebusinesssegmentconcerned,namelytheConstruction&RenovationEngagement
Committee, the Multitechnics Engagement Committee. and the Real Estate Development Investment Committee.
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TheEngagementCommitteeismadeupofpermanentmembers,namelytheGroupCEO,theGroupCFO,theGeneralCounsel
(exceptfortheRealEstateInvestmentCommittee,wheretheyarereplacedbytheHeadofLegalofBPIRealEstateSA)andtwoCFE
directors(representingthereferenceshareholder),andad hoc members,whoarefor:
• theConstruction&RenovationEngagementCommittee.:ExecutiveCommitteemembersrepresentingtheConstruction&
Renovationsegmentandaseniorconsultantactingastechnicalexpertontheprojectunderconsideration;
• theMultitechnicsEngagementCommittee:ExecutiveCommitteemembersrepresentingtheMultitechnicssegmentand
aseniorconsultantactingastechnicalexpertontheprojectunderconsideration;
• theRealEstateInvestmentCommittee:ExecutiveCommitteemembersrepresentingtheRealEstateInvestmentsegment
and a senior consultant acting as technical expert on the project under consideration.
OtherpeoplemaybeinvitedtotheseCommitteesonacase-by-casebasis,dependingontheirparticularexpertise.
In2025,theExecutiveCommitteemettwenty-threetimes.
TheBoardofDirectors,assistedbytheNominationandRemunerationCommitteeandtheCEO,assessesthefunctioningof
theExecutiveCommittee,andinparticularthecontributionofeachExecutiveCommitteemembertotheGroup’sbusiness
developmentandresults.TheChairmanoftheExecutiveCommittee(inthiscasetheCEO)doesnottakepartinassessingtheir
own performance.
5. Diversitypolicy
TheCompanyconsidersthatadiversiedteamimprovesthedecision-makingprocessandultimatelyimprovestheoverall
performance.DiversityandinclusionareaglobalpriorityforCFE,astheyareimportantfactorsforthesuccessoftheCompanyand
itspeople.TheCompanybelievesthatitsgreateststrengthliesinthediversityofitsteamandthatitsemployeesdeservetofeelat
easebybeingtheirgenuineselvesatworkeachday,irrespectiveofgender,ethnicorigin,sexualorientationorothercharacteristics.
TheCompanykeepsstrivingtoimproveallaspectsofdiversitywithinitsseniormanagementteambydevelopingadiversepoolof
talents,payingattentiontoskills,training,experienceandcareers.
TheprocedureforselectingandappointingthemembersoftheBoardofDirectorsandExecutiveCommitteeisdescribedinthe
Company’sGovernanceCharter.Itscompositionisbasedonabalancebetweenexperience,competenceandindependence,with
respectfordiversity,inparticulartheequalitybetweenmenandwomen.
Atpresent,threeoftheeightmembersoftheBoardofDirectorsarewomen.Bytheircomplementarity,thedirectors’areasof
expertise cover all the Group’s activities and their associated risks and opportunities.
6. Conictsofinterest
Withregardtoconictsofinterest,theCompanyissubjecttoarticles7:96and7:97oftheCSA.Directorshaveadutytoavoidany
actionthatwouldbeinconictwiththeinterestsoftheCompanyanditsshareholders.TheymustimmediatelyinformtheChairman
oftheBoardofDirectorsofanypotentialconictofinterest.
ExecutiveCommitteemembersarealsosubjecttospecicrulesonpreventingconictsofinterest,whicharedescribedingreater
detail in chapter IV.7 of the Charter.
WithintheframeworkofcompulsorytrainingconcerningthenewCodeofConductandBusinessIntegrityPolicies,allCFEgroup
employeeswereremindedthattheyarealsorequiredtoavoidanyconictofinterestandtoidentifyandreportsuchsituations,
whereappropriate,throughtheGroup’swhistleblowingtool.TheGroup’sBusinessIntegrityPoliciesalsosetoutingreaterdetail
whichsituationsaresuspectedofconstitutingconictsofinterest.
7. External and internal control and risk management
7.1. External control
TheStatutoryAuditor’smandateisexercisedbyEYRéviseursd’EntrepriseSRL,representedbyMarnixVanDooren.EYRéviseurs
d’Entreprise’sappointmentwasrenewedbytheAnnualGeneralMeetingof2May2024,forathree-yeartermexpiringattheclose
oftheAnnualGeneralMeetingof2027.TheamountoftheStatutoryAuditor’sfeesispublished,inaccordancewitharticle3:65ofthe
CSA,inthenotestotheconsolidatednancialstatementsandinthestatutorynancialstatements.
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7.2. Internal control
TheBoardofDirectorsoverseestheimplementationoftheinternalcontrolandriskmanagementreferenceframework.Generally
speaking,theAuditCommitteeassiststheBoardofDirectorsinfulllingitsmonitoringresponsibilitieswithregardtotheGroup’s
internalandexternalcontrolsinthebroadestsense,includingrisks.
TheAuditCommittee’sresponsibilitiesincludethefollowing:
• toensurethatthenancialreportingoftheCompanygivesatrue,sincereandclearpictureoftheCompany’sandGroup’s
situationandoutlook;
• toensurethecorrectandconsistentapplicationoftheGroup’saccountingstandardsandvaluationrules,andmakeany
necessaryrecommendationsforanymodication;
• toreviewthequalityandeffectivenessoftheGroup’sinternalcontrolandriskmanagementsystem,toensurethatthemain
risksareproperlyidentied,managedandreported(inparticular,examiningthedoublematerialitymatrix,asshowninmore
detailintheSustainabilityStatement);
• toassesstheeffectivenessofinternalaudits;
• toreviewandmonitortheindependenceoftheStatutoryAuditor,inparticularwithregardtotheappropriatenessofproviding
additional-totheCompany,and
• tomakerecommendationstotheCompany’sBoardofDirectorsconcerningtheappointmentoftheStatutoryAuditor.
In addition, since 2014, the CFE Group has also hired an internal auditor whose task is to provide assurance on the degree of control
overitsoperationswithintheGroup,offeradviceonhowtoimprovethem,andhelpcreateaddedvalue.TheyhelptheGroup
achieveitsobjectivesbysystematicallyandmethodicallyassessingitsriskmanagement,controlandgovernanceprocesses,and
making proposals to enhance their effectiveness.
Reporting to general management, the internal auditor maintains a close relationship with the Executive Committee and the Audit
Committee,providingthemwithassuranceontheeffectivenessofriskmanagementandinternalcontrolsystems.
The internal auditor updates the risk maps drawn up for the Group’s main segments: Construction & Renovation, Multitechnics and
Real Estate Development.
Thesemapsarereviewedeverytwoyears.Itinvolves:
• listingthemainsourcesofidentiableinternalandexternalrisksthatpreventtheattainmentofthesegment’sgoalsandmay
havenancial,humanorreputationconsequences;
• assessing,onaqualitativescale,thecriticalityoftherisksbasedontheirpotentialimpact,probabilityofoccurrence,andthe
degree of control for the various events constituting those risks, and
• deningappropriatewaystoaddressthoserisks.
BasedontheriskmappingpreparedbythemainBusinessUnits,riskmatricesspecictoeachlineofbusinessallowauniform
presentationandassessmentofeventsthatareliabletoaffecttheprojectsexaminedbythecompetentbodiesoftheBusiness
Units.
Fiveauditswerecarriedoutduringthe2025nancialyear.Theydidnotrevealanydysfunctionsthatarelikelytohaveamaterial
impactonthebusinessandnancialstatementsoftheGroup.Thoseauditsconcerned:
• the Selective Biddingprocess;
• thefunctioningoftheEngagementCommitteeandtheInvestmentCommittee;
• theriskofsubcontractorsgoingbankrupt;
• thepaymentprocessatVanLaere;and
• banksigningpowers.
7.3. Internalcontrolandriskmanagementsystems
7.3.1. Systemandorganisationofinternalcontrol
CFE’sExecutiveCommitteeisresponsibleforestablishingcommonguidelinesfortheGroup.
Thesedirectivesaremainlyrelatedto:
• safety,qualityandenvironment;
• integrity;
• acceptanceofnewbusiness;
• projectmanagementandmonitoring;
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• acquisitions of shares in partnerships companies (tijdelijke maatschappen/sociétés simples) in the capital of companies
• procurementandsubcontracting;
• investment;
• accountingandnancialmanagement;
• humanresourcemanagement;
• legal affairs, tax and insurance management
• internal and external communication, and
• informationtechnologysecurity.
TherespectivemanagementsoftheBusinessUnitsareresponsibleforimplementingtheseguidelinesandstructuringthe
organisationtoensurethattheseproceduresareproperlyapplied.
AGroup-wideexercisetorewriteandrecodifytheseguidelineswaslaunchedin2023,underthedirectionoftheGroup’sGeneral
Counsel.Thisexerciseledtothepublicationin2024ofanewCodeofConductandtheBusinessIntegrityPolicies,aswellasaseries
ofotherpoliciessuchasthewhistleblowerpolicy,thehumanrightspolicy,thecrisiscommunicationplan,thequality,health,safety
andenvironment(“QSHE”)charter,etc.In2025,theGroup’sinsurancemanagementprocedure,variousICTandarticialintelligence
policies,andvariousnancialmanagementpolicies,suchastheGroup’scredit,guaranteeandcashmanagementpolicy,were
updatedandpublished.Othersarecurrentlybeingrewritten,suchasthetaxmanagementandbudgetcontrolpolicies,etc.,and
this exercise will continue in 2026.
Awarenesscampaignsandmandatorytrainingremainanessentialpartoftheinternalcontrolsystem.
CFEmaintainsdirectandregularcontroloveritsBusinessUnits,inparticularby:
• thepresenceofCFE’sdirectorsand/ormembersoftheExecutiveCommitteeontheboardsofdirectorsofitssubsidiaries
andtheSelectionCommittee,theEngagementCommitteeandtheInvestmentCommittee;
• thequarterlybudgetreview(see7.3.5.2);
• selecting,monitoring(duediligence)andtakingthedecisiontoacquirestakesinthird-partycompaniesandmonitoring
restructuringoperationswithinsubsidiaries;
• centralisingofinsurancepolicies(subscriptionandprojectbased)coveringalloftheGroup’sinsurablerisks;
• poolingtheGroup’scash;
• ad hocassignmentsbytheinternalauditor(see7.2)aimedat:
• monitoringtheeffectiveimplementationbyeachGroupBusinessUnitoftheinternalcontrolproceduresestablishedin
accordancewiththeguidelinesdenedatGrouplevel,and
• centralisingtheresultsofinternalcontrolscarriedoutbysubsidiariestogainasoundknowledgeandunderstanding
ofthenature,intensityandlocationoftheriskstowhichtheGroupasawholeisexposed.
TheAuditCommitteeassessesatleastannuallytheinternalcontrolproceduresthattheExecutiveCommitteehasdevelopedto
ensurethatthemainriskshavebeenproperlyidentied,reportedandmanaged.
AtthequarterlymeetingsoftheAuditCommittee,thequarterlynancialguresandndingsofinternalauditreportsarepresented
tothemembersoftheAuditCommitteeandtothestatutoryauditor.
TheBoardofDirectorsisresponsibleforassessingtheimplementationofcontrolprocedureswithintheGroup,takingthe
recommendations of the Audit Committee into account.
7.3.2. Internalcontrolobjectives
Internalcontrolobjectivesaremultiple,suchascompliancewithlawsandregulations,applicationofinstructionssetbyCFE’s
generalmanagement,safeguardingofassetsandthereliabilityofnancialinformation.
7.3.3. Scope of internal control and risk management
Thescopeofriskmanagementandinternalcontrolcoversallfullyconsolidatedsubsidiaries.
TheBoardsofDirectorsofthejointly-heldcompanies,namelyGreenStor,Deep-CHolding,GreenOffshoreandtheRealEstate
DevelopmentSPVs,areresponsiblefortheirinternalcontrol.However,throughitsrepresentativesontheboardsofthesecompanies,
CFE ensures that it promotes its own good practices.
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7.3.4. Risksidentied
Foridenticationofthemainrisks,pleaserefertosectionII.1.2ofthisManagementReport.
7.3.5. Internal control activities and procedures
Someoftheinternalcontrolactivitiesandproceduressetoutinsection7.2anddescribedinmoredetailbelowarecommontothe
entireGroup,whileothersarespecictooneormoresegments.
7.3.5.1. ActivitiesandprocedurescommontothewholeGroup
Financial reporting
CFEgivesclearnancialreportinginstructionstothesubsidiarieswithdeadlinesandrulesforpreparationandvaluation.Anexternal
auditofthehalf-yearlyandannualnancialstatementsalsotakesintoaccountelementsofinternalcontrolandriskmanagement
atentitylevel.
Theadequacyofthoseproceduresisveriedandauditedatregularintervalsandimprovedifnecessary.Anappropriateallocation
ofresponsibilitiesandcoordinationbetweenthedepartmentsinvolvedguaranteeanefcientandtimelycommunicationof
periodicalnancialinformationtothemarket.
InformationsecurityismonitoredbyaperiodicalITaudit,aproactiveapproachinvolvingtheimplementationofupdates,backup
facilitiesandtimelytestingoftheITinfrastructure.Businesscontinuityanddisasterrecoveryplanshavealsobeenputinplace.
CFEkeepstrackofthestandardsintheareaofnancialreporting.Changesinthelegalframeworkandtheirimpactonnancial
reportingareregularlymonitoredbytheFinancedepartment.
SignicantchangesintheinternalcontrolenvironmentortheIFRSaccountingstandardsappliedbythegrouparesubmittedtothe
Audit Committee for review and to CFE’s Board of Directors for approval.
Quarterly budget review
Budgetreviewmeetingsareheldquarterly.ThesemeetingsareattendedbytheCEO,theCFOandtheDirectorofFinance&
Controlling of CFE, the CEO of the Business Unit concerned, the managing director or general manager of the Business Unit
concerned, its COO and CFO.
The topics discussed include:
• budgets(andtheirquarterlyupdates);
• thevolumeofbusinessforthecurrentnancialyearandthedetailoftheorderbook;
• thelatestnancialstatementsthatwerecommunicated(balancesheetandincomestatement);
• theprojectedresultofthesubsidiary,withdetailsofprotmarginsperproject;
• analysisoftheentity’sbalancesheet;
• theanalysisofcurrentrisksincludingapresentationoflegaldisputes;
• thestatusofguaranteesgranted;
• investment or divestment requirements, and
• the cash position and projected changes in the next 12 months.
7.3.5.2. Segment-specicbusinessauthorisationprocedures
Inadditiontothespecicproceduresdescribedabove,whicharecommontotheentireGroup,authorisationproceduresspecic
to the Construction & Renovation and Multitechnics segments on the one hand, and to Real Estate Development on the other, have
beenputinplaceforbusinessacquisitions.
Authorisation procedures specic to the Construction & Renovation and Multitechnics segments
• TheSelectionCommittee(seesection4foritscomposition)
TenderstudiesforDesign&Buildprojects(includingDB(R)FM,DBF,DBM)thatrepresentapotentialdesignornancingriskfora
BusinessUnitmustbeapprovedinadvancebytheSelectionCommittee.IftheSelectionCommitteedecidestorespondtothe
submissionrequest,itallocatesasubmissionstudybudgetandsetsatimetable.Projectprogressandthebudgetaryfollow-up
ofthestudyispresentedtotheSelectionCommitteeinaccordancewiththeschedule.
• TheEngagementCommittee.(seesection4foritscomposition)
Projectswithahighriskproleandorvaluedatmorethan€50millionfortheConstruction&Renovationsegment,or€10
millionforMultitechnicsprojects,mustbeapprovedbytheEngagementCommitteebeforebidsubmission.Inparticular,the
Committeereviewsthetechnical,commercial,contractualandnancialrisksoftheprojectsthataresubmittedtoitsscrutiny.
Forprojectsvaluedatmorethan€150millionfortheConstruction&Renovationsegmentor€50millionfortheMultitechnics
segment, the prior approval of the Board of Directors of CFE is also required.
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Authorisation procedures specic to the Real Estate Development segment
• The Investment Committee
TheInvestmentCommittee,whosemembershipisdetailedinsection4,isresponsibleforanalysingandapprovingallreal
estateinvestmentsmadebyBusinessUnitsactiveinpropertydevelopment,namelyBPIBelgium,BPILuxembourgandBPI
Poland.Forthosevaluedatmorethan€10million,theagreementofBoardofDirectorsofthelegalentitiesconcernedandof
CFE’s Board of Directors is also required.
TheInvestmentCommitteeisnotempoweredtorepresenttheCompanyanddoesnotexcludethecompetenceoftheBoard
ofDirectors.TheBoardofDirectorsofCFEmayatanytimedeliberateonanyinvestmentordivestmentprojectwhateverthe
amount and decide, where appropriate, instead of the Investment Committee.
8. Shareholderbase
TheCompany’smajorityshareholderisAckermans&vanHaaren,whichowns15,725,684shares(i.e.62.12%)oftheCompany.
Ackermans&vanHaareniscontrolledbyScaldisInvest,whichowns33%.Belmasholds92.25%ofthecapitalofScaldisInvest.
UltimatecontroloverScaldisInvestisexercisedbyStichtingAdministratiekantoor‘HetTorentje’.
Stichting Administratiekantoor
“Het Torentje”
The ultimate controlling shareholder
Control
BELFIMAS NV
92.25%
SCALDIS INVEST
33%
ACKERMANS & VAN HAAREN
Listed on the Euronext Brussels stock exchange
62.12%
COMPAGNIE D’ENTREPRISES CFE
Listed on the Euronext Brussels stock exchange
ThelatesttransparencydeclarationmadebyVinciConstructionSASon1July2022,pursuanttothelawof2May2007onthe
disclosure of major shareholdings in issuers whose shares are admitted to trading on a regulated market, shows that it holds
3,066,460sharesintheCompany,representing12.11%ofthecapital.
Finally,accordingtoajointstatementissuedon7March2014,theconcertedactionbetweenAckermans&vanHaarenNV,VINCIS.A.
andVINCIConstructionS.A.S.cametoanendfollowingtheclosureofthemandatorytakeoverbidlaunchedbyAvHonCFE.
9. Derogations from the 2020 Code
Deviationsfromthe2020Coderelateexclusivelytotheremunerationofnon-executivedirectors,andinparticulartoprinciple7.6of
the2020Code.Thevalidreasonsforthisderogationaresetoutintheremunerationpolicyinsection1.2below.
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IV REMUNERATION REPORT
1. Remunerationpolicy
Thecurrentremunerationpolicyhasbeenestablishedwithintheframeworkofarticle7:89/1oftheCompaniesandAssociations
Code(“CSA”)andtheBelgianCorporateGovernanceCode2020(“Code 2020”).ItwasadoptedbytheCompany’sBoardof
DirectorsuponrecommendationoftheNominationandRemunerationCommitteeandwasapprovedbytheCompany’sGeneral
Meeting of 30 April 2025.
Theremunerationpolicyappliestothefollowingindividuals:
• thedirectors;
• theCEO;
• otherCompanyexecutiveswho,asmembersoftheExecutiveCommittee,participateinCFE’sgeneralmanagement,withinthe
meaning of article 3:1 of the CSA.
Theremunerationpolicyisdesignedtosupportthecompany’sperformancecultureandlong-termvaluecreation.Itaimstoattract
andretainthemanagersanddirectorswithawiderangeofskillsneededindifferentareastogrowthecompany’sbusiness.
Thefollowingisonlyasummaryofthecompany’sremunerationpolicy.Thiscanbeconsultedinitsentiretyonthecompany’s
website.Intheeventofadiscrepancybetweentheremunerationpolicyandthepresentationinthischapter,theremuneration
policytakesprecedence.
1.1. Governance - Procedure
TheremunerationpolicyisestablishedbytheBoardofDirectorsontherecommendationoftheNominationandRemuneration
Committee.ItisthensubmittedtotheOrdinaryGeneralMeetingforapproval.Anysignicantchangeintheremunerationpolicyis
alsosubjecttoapprovalbytheGeneralMeeting.
Annually,theNominationandRemunerationCommitteereceivesaproposalfromtheCEOonhowtodeterminetheperformance
criteriaachievedandthelevelofremunerationforexecutive.ThememberoftheExecutiveCommitteeresponsibleforhuman
resourcesmanagementwithinthecompanymakestheproposalfortheCEO.Theseproposalsrefertotheapplicationofthe
remunerationpolicyand,ifanexceptionismade,shallsetoutthereasonsfortheproposedexception.
The role of the Nomination and Remuneration Committee is to advise and assist the Board of Directors, and as such, it:
• reviewstheremunerationproposalfromtheCEO;
• makes recommendations to the Board of Directors concerning the individual remuneration of the directors, the CEO and the
membersoftheExecutiveCommittee;
• evaluatestheperformanceoftheCEOand,ifdeemedappropriate,alsoevaluatestheperformanceoftheothermembersof
theExecutiveCommittee,incollaborationwiththeCEO;
• assessestheExecutiveCommittee’sachievementofthecompany’sstrategicobjectivesonthebasisofperformance
indicatorsandtheobjectivesoftheremunerationpolicy,and
• oversees preparation of the remuneration report included in the annual report.
Theindividualremunerationofthenon-executivedirectorsisapprovedbythegeneralmeetingand,whereapplicable,the
individualremunerationoftheCEOisapprovedbythecompany’sBoardofDirectors.Ineachcase,thisremunerationisdetermined
onthebasisoftheremunerationpolicy,ontheadviceoftheNominationandRemunerationCommittee.
Ingeneral,therulesoftheCSAconcerningconictsofinterestarefollowedwheneverapplicable.
1.2. Remunerationpolicyfornon-executivedirectors
Asat31December2025,theCompanyhadonlynon-executivedirectors.Thefollowingdescriptionthereforerelatestothe
remunerationoftheCompany’snon-executivedirectors.
Remunerationcomprisesaxedannualsumof€20,000andattendancefeesof€2,500perBoardmeeting.
TheChairmanoftheBoardofDirectorsreceivesaxedannualfeeof€100,000anddoesnotreceiveanyattendancefees.
Inaddition,theChairmanoftheAuditCommitteereceivesanattendancefeeof€2,500permeeting,andtheothermembers
€2,000permeeting.AsfortheNominationandRemunerationCommittee,allmembers(includingtheChairman)receivean
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attendancefeeof€1,500permeeting.
Additionaldirectors’feesmayalsobeallocatedtodirectorsentrustedwithspecictasksbytheBoardofDirectors.
AllthesecompensationpackageswereapprovedbytheCompany’sExtraordinaryGeneralMeetingof29June2022,onthe
recommendationoftheNominationandRemunerationCommittee.TheyarereviewedeverytwoyearsbytheNominationand
Remuneration Committee.
Non-executivedirectorsarealsoreimbursedforexpensesincurredduringtheexecutionoftheirduties,accordingtoconditions
setbytheBoardofDirectors.Thiscoversthereimbursementofanyexceptionaltravelandaccommodationexpensesincurredby
non-executivedirectors(e.g.Exceptionaltripsabroad,etc.)
Non-executivedirectorsdonotreceivevariableremuneration,suchasbonusesorstockoptions.Theyalsodonotreceivebenetsin
kindorbenetsfrompensionplans.
Directorsareinvitedbutnotobligedtoholdsharesinthecompany.Thisdeviationfromprinciple7.6oftheCode2020isjustied
bythefactthattheCompany’spoliciesadequatelypromotealong-termperspective.Inaddition,severaldirectors,inthecontext
oftheirfunctionsatAckermans&vanHaaren(“AvH”),arealreadyexposedtochangesinthevalueoftheCompany,takinginto
accountthenumberofsharestheyholdinAvH,thevalueofwhichpartlydependsonthevalueofthecompany.
TherearenoservicecontractsbetweentheCompanyandthenon-executivedirectors,allofwhomareself-employedorwork
throughtheirmanagementcompany.InaccordancewiththeCompany’sarticlesofassociation,theymaybedismissedadnutum,
without cause or compensation.
1.3. CEORemunerationPolicy
1.3.1. Remuneration Structure
TheCEO’sremunerationincludesonlythefollowing:
(i) axedannualremunerationbasedonthemarketmedianforasimilarposition;
(ii) avariableShort-TermIncentive(“STI”)determinedonthebasisofperformancecriteriatobeachievedinagivennancialyear,
representingatotalgrossannualpotentialrelativetobasicremunerationof75%andbasedonthefollowingperformance
criteria:nancialcriteriaoftheCFEGroup(50%),non-nancialcriteriaoftheCFEgroup(25%)andtheCEO’sindividual
performance(25%);
(iii) avariableLong-TermIncentive(“LTI”*)grantedonthebasisofperformancecriteriaassessedoverseveralnancialyearsor
intheformofstockoptionsinaccordancewiththelawof26March1999(“SOP plan”).Thisrepresentsatotalgrossannual
potentialrelativetobasicremunerationof100%.
Theplanisbasedonnancialperformanceoverveyears,thecriterionidentiedbeingReturnonEquity(“ROE”),asdetailedin
section1.6below.
1.3.2. Contractual terms of the CEO
TherelationshipbetweenthecompanyanditsCEOisoneofprovidingspecialistservices.Theagreementbetweenthe
companyandthecompanyprovidingtheCEOservicescontainstheusualfeeprovisions(xedandvariableSTIandvariable
LTIcompensationorSOPPlan)inlinewiththeprovisionsoftheremunerationpolicyaswellastheusualnon-competitionand
condentialityprovisions.Whereappropriate,theagreementswillbeadaptedtoreectchangesintheremunerationpolicy.
Thisserviceagreementdoesnotprovideforanybenetofanykindtoanyindividual.
TheagreementsbetweenthecompanyandtheCEOalsoincludeprovisionsonthecriteriaforawardingvariableremuneration
andprovidingforarightofrecoveryinfavourofthecompanyofallorpartofthevariableremunerationawardedonthebasisof
incorrectnancialdata,irrespectiveofwhethertheremunerationhasalreadybeenpaid.
Theagreementsarevalidforanindeniteperiod.BoththeCEOandtheCompanymayunilaterallyterminatetheircontractwithsix
months’ notice.
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1.4. RemunerationpolicyformembersoftheExecutiveCommittee
1.4.1. Remuneration structuren
TheExecutiveCommittee’sremunerationincludesonlythefollowing:
(i) xedannualremunerationbasedonthemarketmedianforasimilarposition;
(ii) avariableShort-TermIncentive(“STI”)grantedonthebasisofperformancecriteriatobeachievedduringagivennancial
year,representingatotalgrossannualpotentialrelativetobasicremunerationof50%andbasedonthefollowing
performancecriteria:CFEgroupnancialcriteriaforExecutiveCommitteememberswithcross-functionalorentity
responsibilitiesforExecutiveCommitteemembersresponsibleforoneormoreCFEgroupsubsidiaries(50%),CFEgroup
non-nancialcriteria(25%)andindividualperformance(25%);
(iii) avariablegrantedonthebasisofperformancecriteriaassessedoverseveralnancialyears(“LTI”*)payableincash,anda
portionintheformofstockoptionsinaccordancewiththelawof26March1999(“SOP Plan”),whichrepresentsatotalgross
annualpotentialrelativetobasicremunerationof50%to75%.
Theplanisbasedonnancialperformanceover4years,thecriterionidentiedbeingReturnonEquity,asdetailedinsection1.6
below.
1.4.2. ContractualconditionsofthemembersoftheExecutiveCommittee
ThearrangementsbetweentheCompanyandmembersoftheExecutiveCommitteemaytaketheformofaemploymentcontract
oraservicecontractwithanindependentserviceprovideroraspecialistcompany.
Theseagreementscontaintheusualprovisionsonremuneration(xedandvariableremuneration),non-competitionand
condentiality,aswellasprovisionsonthecriteriaforawardingvariableremuneration,andprovidingforarightofrecoveryin
favourofthecompanyofvariableremunerationawardedonthebasisofincorrectnancialdata,irrespectiveofwhetherornotthe
remunerationhasalreadybeenpaid.
Theagreementsarevalidforanindeniteperiod.
AllExecutiveCommitteemembersperformtheirdutiesunderadirectservicecontractorthroughacompany.Insuchacase,
theExecutiveCommitteememberhasnootherbenets.BoththememberoftheExecutiveCommitteeandtheCompanymay
unilaterallyterminatethecontractwithsixmonths’notice.ForcertainmembersoftheExecutiveCommittee,thisperiodmaybe
extended to a maximum of 12 months, depending on the length of the contract concerned at the time the unilateral agreement is
terminatedbythecompany.
1.5. Mandatesinsubsidiaries
Non-executivedirectors,theCEOoranymemberoftheExecutiveCommitteemayserveasanexecutiveornon-executivedirector
oftheCompany’ssubsidiaries.
AstheCompany’ssubsidiariesarenotlisted,theremunerationoftheirmemberswhoarenotdirectors,CEOsormembersofthe
executivecommitteeofthecompanydoesnotfallwithinthescopeoftherulesoftheCompaniesCSAremunerationpolicyand
remuneration report.
Nevertheless,theCompanyseestoitthatasoundandadequateremunerationpolicyisappliedwithinitsvariousentities.To
emphasisethecreationofshortandlong-termvalue,theCompanyensuresthatwithinitssubsidiaries,remunerationbasedon
individualperformanceandtheperformanceofthecompanyisinplace.Inaddition,itshouldbenotedthatthecontractsof
executivemanagersinsubsidiariesprovidefortherecoveryofvariableremunerationthatmayhavebeengrantedonthebasisof
incorrectnancialinformation.
Unlessotherwiseagreedbetweentheparties,terminationoftherelationshipbetweenthecompanyandthedirectorwillresultin
terminationofthemandatesheldinthecompany’ssubsidiaries.
1.6. Changessincethelastremunerationpolicy
Nochangeshavebeenmadetothecurrentlyapplicableremunerationpolicy.However,thispolicywasupdatedin2025and
approvedbytheGeneralMeetingon30April2025,withnofurtheramendmentssincethatdate.
1.7. Shareholder voting
TheAnnualGeneralMeetingof2025unanimouslyapprovedtheremunerationreportpresented.Theremunerationpolicywas
revisedin2025andapprovedbytheAnnualGeneralMeetingon30April2025,withnofurtheramendmentssincethen.
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2. REMUNERATION REPORT
Theremunerationofthenon-executivedirectors,theCEOandthemembersoftheexecutivecommitteefor2025isdetailedinthis
report.
2.1. Remuneration of non-executive directors
Atotalof€459.000waspaidtonon-executivedirectorsin2025,distributedasshowninthetablebelow.Nootherremuneration
orbenets,loansorguaranteeshavebeengrantedtothembythecompany.Nonon-executivedirectorreceivedvariable
remuneration in accordance with the remuneration policies in force.
2025
(in thousands €)
Fixed
remuneration
Attendance
fees
Audit
Committee
Remuneration
Committee
Additional
benets
1
Total
remuneration
Luc Bertrand 100 0 0 4,5 0 104,5
KoenJanssen 20 15 0 0 0 35
Fernando Sistac Management and Conseil SAS,
representedbyFernandoSistac
2
20 15 0 0 35 70
WarakuBV,representedbyHélèneBostoen 20 15 8 0 0 43
LieveCretenBV,representedbyLieveCreten 20 15 10 4,5 0 49,5
BGlobalManagementSRL,representedby
Stéphane Burton
20 15 0 4,5 39,5 79
An Herremans 20 15 0 0 0 35
Piet Dejonghe 20 15 8 0 0 43
Total 240 105 26 13,5 74,5 459
2.2. CompensationoftheCEOandExecutiveCommitteemembersin2025
2.2.1. Total remuneration of the CEO and the Executive Committee
Thetotalremunerationbrokendownbycomponent,paidbythecompanyorbyCFE,isasfollowsforthepersonsconcerned:
(in thousands €) Fixed remuneration Variablecompensation
Total
Proportionofxedand
variablecompensation
Fixed,basic
management
remuneration
Total
Short Term
Long Term
Total
TroremaSRL,rep.RaymundTrost(Ex.2024) 604 604 361 0 361 966 63/37
Executive Committee 2.480 2.480 1.127 0 1.127 3.606 69/31
2.2.2. Explanationofperformanceduringtheyear2025
Fortheyear2025,theBoardofDirectorshasdecidedtograntshort-termvariablecompensation(STI)toExecutiveCommittee
membersbasedontheachievementofperformancecriteriaasfollows:
For the CEO:
• Financialcriteria(50%ofSTI):CFEgroupnetincomereached100%andworkingcapital/revenuereached100%:
• Non-nancialcriteria(25%ofSTI):
– Safetycriteria(severityrate,frequencyrateandsafetysitevisitsbymembersoftheExecutiveCommittee):reached100%;
– Cybersecurityaudit:notreached;
– eNPS(“Employee Net Pomotor Score”)fortheCFEgroup:notreached;
• Individualperformance(25%):reached85%.
1 This component includes travel/accommodation expenses and remuneration for exceptional assignments determined by the board.
2 Since 26 March 2024 following co-option, previously Fernando Sistac as an individual.
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FortheothermembersoftheExecutiveCommittee:
• Financialcriteria(50%ofSTI):
– TheCFEgroup’snetincomeformembersoftheExecutiveCommitteewhoperformcross-departmentalfunctionsreached
100%,andworkingcapitalreached100%;
– NetincomeformembersoftheExecutiveCommitteeresponsibleforoneormoresubsidiariesoftheCFEgroup:reached
from0%to100%;
• Non-nancialcriteria(25%ofSTI):
– Safetycriteria(severityrate,frequencyrateandsafetysitevisitsbymembersoftheExecutiveCommittee):reached75%
to100%;
– Cybersecurityaudit:reached0%to100%;
– eNPS(“EmployeeNetPromotorScore”)ofentities:reached0%to100%;
• Individualperformance(25%):reached69%to80%.
Duringthe2025nancialyear,nomemberoftheExecutiveCommittee(includingtheCEO)receivedanylong-termvariable
remuneration (LTI)paidincashorintheformofstockoptions.
2.2.3. Share-basedremunerationoftheCEOandtheExecutiveCommittee
Asareminder,in2022,CFEsetupastockoptionplan(“SOP”)involvingsharesintheCompany(“Plan 2022”).Onlytwomembersof
theExecutiveCommitteebenetedfromthisplan,namelyValérieVanBrabantandBrunoLambrecht;theothermembersofthe
ExecutiveCommitteealreadybeingshareholdersoftheCompanyorhavingbenetedfromthepossibilityofbeingsoatthetime
the options were granted under this 2022 Plan.
Inaccordancewiththeprovisionsofthe2022Plan,eachoptiongivestherighttosubscribetooneshareintheCompany.The
exercisepriceis€10.31,i.e.theaverageoftheCompany’ssharepriceoverthelast30dayspriortotheofferdate,andtheoption
exerciseperiodis7yearsfromtheofferdate.Stockoptionsarevestedattheendofthethirdyearfollowingtheyearinwhichthey
aregranted,andcanthereforeonlybeexercisedafterthecalendaryearfollowingtheyearinwhichtheyaregranted,inthiscase
from1January2026to16October2029.Iftheoptionshavenotbeenexercisedbytheendoftheexerciseperiod,theyautomatically
becomenullandvoid.Intheeventofthebeneciary’sdeath,theoptionsacceptedandvestedmay,atthechoiceofthe
beneciary,eitherbeexercisedimmediately,orbeexerciseduptotheinitialtermandinaccordancewiththetermsoftheplan.“In
theeventofretirement,theoptionsacceptedandvestedmay,atthechoiceofthebeneciary,eitherbeexercisedwithin12months
of the start of retirement, or exercised up to the initial term and in accordance with the terms of the plan.” In the event of termination
oftheemploymentrelationshipforanyreasonotherthanthedeathorretirementofthebeneciary,stockoptionsaccepted,
whethervestedornot,butnotyetexercisedwillbecancelledimmediately.
On29November2024,theBoardofDirectorsapprovedanewLTIplan,payableinparticularintheformofaSOP,andtherebyset
upanewCompanystockoptionplan(“Plan 2024”),ontermsverysimilartothetermsofthe2022Plan,subjecttotheexerciseprice,
whichwassetat€5.94,thisbeingtheaverageoftheCompany’ssharepriceonthelast30dayspriortotheofferdate,andthe
termoftheoptionsis4years.
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Main provisions of the Stock Option Plan InformationrelatingtothenancialyearcoveredbytheReport
Identicationoftheplan
Proposal date
1
Acquisition date
End of the retention period
Exercise period
Exercise price
Opening
balance
Duringthenancialyearcoveredbythe
report
Closing
balance
Number
of options
at the
beginning
of the
year
2
A)Number
of options
granted during
theyear
B)Valueof
underlying
shares on the
proposal date
3
A)Numberof
options accepted
B)Valueof
underlyingshares
on acquisition
date
C)Valueofthe
exercise price |
D)Gainon
acquisition date
4
Stock options
notyetexer-
cised
5
Valérie
Van
Brabant
Plan 2022 17/10/22 01/12/22 31/12/25 01/01/26
16/10/29
10.31€ 60.000 A) A)60,000
B)564,000
C)618,600
D)/
0
Bruno
Lambrecht
Plan 2022 17/10/22 15/12/22 31/12/25 01/01/26
16/10/29
10.31€ 140.000 A) A)140,000
B)1,261,400
C)1,443,400
D)/
0
Raymund
Trost
Plan 2024 27/12/24 27/12/24 31/12/27 01/01/28
26/12/29
5.94€ 142.000 A) A)142,000
B)830,700
C)843,480
D)/
0
FabienDe
Jonge
Plan 2024 27/12/24 27/12/24 31/12/27 01/01/28
26/12/29
5.94€ 76.000 A) A)76,000
B)438,520
C)451,440
D)/
0
Bruno
Lambrecht
Plan 2024 27/12/24 27/12/24 31/12/27 01/01/28
26/12/29
5.94€ 72.000 A) A)72,000
B)421,200
C)427,680
D)/
0
Valérie
Van
Brabant
Plan 2024 27/12/24 27/12/24 31/12/27 01/01/28
26/12/29
5.94€ 29.000 A) A)29,000
B)167,330
C)172,260
D)/
0
Jacques
Lefèvre
Plan 2024 27/12/24 27/12/24 31/12/27 01/01/28
26/12/29
5.94€ 76.000 A) A)76,000
B)444,600
C)451,440
D)/
0
Arnaud
Regout
Plan 2024 27/12/24 27/12/24 31/12/27 01/01/28
26/12/29
5.94€ 42.000 A) A)42,000
B)242,340
C)249,480
D)/
0
Peter
Matton
Plan 2024 27/12/24 27/12/24 31/12/27 01/01/28
26/12/29
5.94€ 51.000 A) A)51,000
B)294,270
C)302,940
D)/
0
2.3. Severancepayments
In2025,noseverancepaymentsweregranted.
2.4. AnnualchangesinremunerationandCompanyperformance
Thetablebelowgivesanoverviewoftheannualchangeintheremunerationofeachnon-executivedirectorandemployees
(averageonafull-timeequivalentbasis).ItalsoprovidesanoverviewofannualchangesintheCompany’sperformance.
1 This refers to the date of allocation or offer of share options.
2 Thenumberofoptionsnotyetnallygrantedatthestartofthenancialyearcoveredbythereport.
3 The number of options proposed during the year as well as the market value of the underlying shares on the date of the proposal.
4 Thenumberofoptionsnallygrantedduringthenancialyearcoveredbythereportaswellasthemarketvalueoftheunderlyingsharesonthedateofacquisition,
thevalueoftheunderlyingsharesattheexercisepriceandthecorrespondingcapitalgainatthedateofacquisitionoftheoptions(i.e.thedifferencebetweenthese
two amounts)
5 Thenumberofoptionsnotyetnallygrantedattheendoftheyear.
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2021 2022 2023 2024 2025
ChangesintheremunerationoftheCEOandtheExecutiveCommittee
(%comparedtothepreviousyear)
Luc Bertrand 0% +1.46% 0% 0% 0%
KoenJanssen 0% +17.19% -7% 0% 0%
WarakuBV,representedbyHélèneBostoen / *+75.3% -7% -6.5% 12%
LieveCretenBV,representedbyLieveCreten / **N/A *63% +5.3% 0%
FernandoSistacManagementandConseilSAS,representedby
Fernando Sistac
1
/ / **N/A +50.9% 100%
2
BGlobalManagementSRL,representedbyStéphaneBurton / **N/A *84% 0% 100%
3
An Herremans / **N/A *100% 0% 0%
Piet Dejonghe 0% **N/A **N/A -4.7% 5%
TroremaSRL,representedbyRaymundTrost,CEO / **N/A ***-0.8% +15.9% +4.2%
Executive Committee / **N/A ***-0.9% +0.3% -2.2%
Changeinaveragecompensationforemployeesonafull-timeequivalentbasis
2021 2022 2023 2024 2025
CFESAemployee(average) 80,180.10€ 80,118.92€ 89,087.33€ 90,353.76€ 94,597.53€
EmployeeoftheBelgiansubsidiariesoftheCFEgroup
(average)
****58,763.00€ ****59,674.00€ 61,856.92€
Ratiobetweenthehighestremuneration(inthiscase,that
oftheCEOofCFESA)andthelowestamongemployeesof
theBelgiansubsidiariesofCFESA:
*****18.57 *****18.10 17.48
CompanyPerformance
(in thousands €) 2021 2022 2023 2024 2025
Criterion1:NetconsolidatedincomeoftheCFEGroupbefore
tax
51,937 47,360 31,031 36,803 43,770
Criterion2:ReturnonequityoftheCFEGroup 41.5% 22.0% 10.15% 10.15% 13.52%
Criterion3:ReturnonCapitalEmployedforBPI(RealEstate
Developmentsegment)
15.7% 9.2% 6.72% 3.3% 5.7%
Criterion 4: pre-tax income for the Multitechnics segment 18,337 10,520 -5,502 9,573 8,283
Criterion5:ProtbeforetaxfortheConstruction&Renovation
Segment
6,850 12,762 2,607 16,233 22,465
* Theextentofthechangeisexplainedbytheterminationorentryoffunction(s)duringthenancialyearorthepreviousone.
** Changenotapplicableduetotheabsenceofdatafortheyearinquestionbecausethepersonsconcernedtookuptheirfunctionsduringthenancialyearor
changed their status.
*** Ratio pro rata to previous year.
**** Theaveragecompensationofemployeeshasbeencalculatedonthebasisofthegrossannualxedcompensationofwhite-collarandblue-collarworkersforthe
Group’s Belgian subsidiaries.
*****TheratiobetweenthelowestandhighestremunerationhasbeencalculatedonthebasisofthelowestannualxedremunerationfortheBelgiansubsidiariesand
thexedfeeforthehighestremuneration(inthiscasethatofCFE’sCEO).
ThevariableremunerationofCFE’sCEOismentionedinsection2.2.1.above.
1 Since 26 March 2024 following co-option, previously Fernando Sistac as an individual
2 Fraisdedéplacement/logementetrémunérationdesprestationspourmissionexceptionnellexéeparleconseil.
3 Idem note 2.
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DEFINITIONS
Working capital requirement Inventories+tradeandotheroperatingreceivables+contractsassets+othercurrentnon-
operatingassets–tradeandotheroperatingpayables–currenttaxliabilities–contracts
liabilities–othercurrentnon-operatingliabilities.
Capital employed Equityofrealestatedevelopmentsegment+netnancialdebtofrealestatedevelopment
segment.
Net nancial debt (NFD) Non-currentbonds+non-currentnancialliabilities+currentbonds+currentnancial
liabilities-cashandcashequivalents.
Net nancial surplus Cashandcashequivalents–non-currentbonds–non-currentnancialliabilities–current
bonds–currentnancialliabilities.
Income from operating activities Revenue+otheroperatingincome+purchases+remunerationsandsocialsecuritypayments
+ other operating expenses + depreciation and amortisation.
Operating Income (EBIT) Incomefromoperatingactivities+shareofprot(loss)ofinvestmentsaccountedforusing
equitymethod.
EBITDA Income from operating activities + depreciation and amortisation.
Return on equity (ROE) Netincome,shareofthegroup/equity,shareofthegroup(opening).
Order book Revenuetobegeneratedbytheprojectsforwhichthecontracthasbeensignedandhas
comeintoeffect(afternoticetoproceedhasbeengivenorconditionsprecedenthavebeen
fullled)andforwhichprojectnancingisinplace.
Gross development value TheestimatedmarketvaluetoathirdpartypurchaserofallprojectsforwhichBPIhas
purchasedanassetorhasmadeanirrevocablecommitmenttopurchaseanasset.
Average interest rate on gross nancial debt Thecontractualinterestrate(weightedaverage)ofnancialdebtinforceduringthenancial
yearaftertakinghedginginstrumentsintoaccount.Financialdebtincludesdrawdownson
creditfacilities,bankloansandleases).
Gross dividend yield TheamountofthedividendproposedtotheAnnualGeneralMeetingdividedbythemarket
capitalisationatthebalancesheetdate.
Unsold units post completion Projectsforwhichconstructionhasbeencompletedduringthequartersprecedingthebalance
sheet date.
Projects under construction Projects under construction.
Projects in development ProjectssecuredbyBPIRealEstatei)forwhichpermitapplicationsarebeingpreparedorhave
beenledorii)forwhichbuildingpermitshavebeenobtainedbutconstructionhasnotyet
started.
Operating cash ow Cashowsfrom(usedin)operatingactivities.
V SUSTAINABILITY STATEMENTS
PursuanttoArticle3:32,§2oftheCompaniesandAssociationsCode,theannualreportmustincludeaSustainabilityStatement.This
statement is contained in the next section of this annual report, of which it forms an integral part.
OnbehalfoftheBoardofDirectors,17March2025.
Luc Bertrand
Chairman of the Board of Directors
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Sustainability
statements
2025
Our ambitions and achievements
Management report
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Financial statements
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Contentsofthesustainabilitystatement
TheSustainabilityStatementcontainsCFE’sconsolidatedsustainabilityinformationinaccordancewitharticle3:32§2ofthe
BelgianCodeofCompaniesandAssociations,relatingtothenancialyearending31December2025.
InitsSustainabilityStatements,CFEcomplieswiththeEuropeanDirectiveonthedisclosureofcorporatesustainabilityinformation
(CSRD)andtheEuropeanSustainabilityReportingStandards(ESRS).InJuly2025,anEU‘QuickFix’DelegatedActallowed
companiesalreadysubjecttotheCSRDtomaintaintheir2024reportingapproachforthe2025and2026nancialyears.This
measureensurescontinuitywhiletheregulatoryframeworkevolves.First-wavecompanies,suchasCFE,mustnevertheless
prepare CSRD-compliant reports for 2025 and 2026, in accordance with Belgian national regulations. As a pioneer, CSRD reporting
hasthereforeinvolvedasubstantialeffortfortheGroupoverthisperiod.
AsdiscussionswithintheEuropeaninstitutionsonthe‘Omnibus’proposals,aimedatsimplifyingandcalibratingsustainability
reportingrequirements,continue,CFEwilladaptitsapproachassoonasmoreclarityisobtained.
PreparingfortheimplementationoftheCSRDandcollecting,verifyingandconsolidatingalltheprescribeddata,whichisoften
newandverydetailed,requiresthecontributionofvariousrolesandteamswithintheorganisation.Theobjectives,projections
andcertaindatapointsareforward-lookingandarethereforesubjecttoexternalvariablesanduncertainties.Datalimitations
(e.g.useofdataestimation/extrapolationmethodsandtechniques,relianceonthirdpartydata)mayalsoaffecttheaccuracy
oftheinformationdisclosed.Buildingonitspreviousnon-nancialreporting,CFEhasdevotedsignicantresourcestopreparing
sustainabilitystatements,includingforitssubsidiaries,andhasmadeconsiderableeffortstoalignthemwiththespiritofthenew
legislation and standards.
TheSustainabilityStatementaddressessustainabilityissuesdeemedmaterialforCFE,itssubsidiariesanditsstakeholders.Other
issues,althoughpotentiallyrelevant,areexcludedfromtheSustainabilityStatementbecauseoftheirlesserimportance.
Althoughtaggingisnotmandatory,CFEhasdecidedtoindicatereferencestodatapointsassetoutintheEFRAGguidance.A
tableofreferencespresentinthetextcanbefoundinAppendix2,andalistofomittedreferencescanbefoundinAppendix3.
1. GENERAL INFORMATION
1.1. Basis for preparation
CFEcarriesoutongoingduediligenceproceduresandregularlychallengesitsDoubleMaterialityAssessment(DMA)process,
including strong engagement with relevant stakeholders. Due diligence is an ongoing practice that responds to developments
andmayleadtochangesinourGroup’sstrategy,businessmodel,activities,businessrelationships,operationalpractices,sourcing
andsalesenvironments.ForourDMA,weusethresholdsandjudgementsthatmayevolveovertimeinlinewithnewperspectives,
industrydiscussionsanddevelopments.
TheSustainabilityStatementsaimtomeettheCSRDrequirementsasofthedateofthisreportandarebasedonCFE’s
understandingatthistime.SincethepublicationoftheCSRDinDecember2022,variousdelegatedactshavebeenissued,the
interpretationoftheCSRDrequirementscontinuestoevolve,andtheunderlyingESRSareunderreview.Regulatorychanges
arisingfromtheOmnibusproposalsmayrequirefurtheradjustmentstoCFE’sreportingapproachandpractices.Thesewillalso
beinuencedbyothersustainability-relatedlegislationcurrentlyunderdevelopment.
1.1.1. Scope
TheSustainabilityStatementsfortheyearended31December2025includeinformationfromCFESAanditssubsidiaries,in
accordancewithitsnancialconsolidationasdetailedintheNotetotheconsolidatednancialstatementsonpage137.
ESRS2BP-15a,ESRS2BP-15bi
ThequantitativedatapublishedinthissustainabilitystatementrelatestoCFESA(hereinafter‘thecompany’or‘CFE’)anditsfully
consolidatedsubsidiaries
1
groupedhereafterbycommercialname:MBG,BPCgroup,Woodshapers,Benelmat,LTS
2
, Van LAERE, CLE,
ArthurVandendorpe,CFEPolska,CFEBau,BPIBelgium,BPILuxembourg,BPIPolska,VMA
3
and MOBIX
4
.(Seethediagrambelow).These
subsidiarieswillnotpublishtheirownsustainabilitystatements.
ThesubsidiariesintheInvestmentandHoldingssegment(GreenSTOR,DeepCHoldingandGreenOffshore)arenotincludedinthe
scopeofthissustainabilitystatement.AsCFEdoesnothaveexclusiveoperationalcontrolofthesesubsidiaries,itisconsideredtobe
outside the scope of the CSRD.
1 The complete list of consolidated subsidiaries is available on page 207
2 LTS is the commercial name of the Business Unit made up of the subsidiaries Terryn, Korlam and Lamcol
3 VMA is the commercial name of the Business Division made up of the subsidiaries VMA, VMA Sud, VMA Maintenance and VMA Polska
4 MOBIXisthecommercialnameoftheBusinessDivisioncomprisingthesubsidiariesMOBIXandMOBIXEngetec
Our ambitions and achievements
Management report
Sustainability statements
Financial statements
Message from the Chairman and CEO
Annual report 2025 - CFE
74
Table1:CFEGroupstructure
Construction & Renovation Real Estate Multitechnics Investments and Holding
Development
Multitechnique Investissements
et Holding
Promotion
immobilières
Construction & Rénovation
CFE Bau
Green Stor
Deep C Holding
ESRS2BP-15bii
1.1.2. ESRS reporting standards
Sustainabilitystatementsfollowthestructure,formatandqualitativeandquantitativecharacteristicsprescribedbytheESRS(see
Section8andAppendixFofESRS1“GeneralRequirements”)todiscloseinformationaboutmaterialimpacts,risksandopportunities
inaccordancewiththedoublematerialityassessment(“DMA”)performed.
Withregardstothecross-cuttingESRS,CFEappliestheprinciplesofESRS1“Generalrequirements”andESRS2“Generalinformation”
initssustainabilitystatement.Thesecross-cuttingthemesareincludedinthesections“1.1Basisforpreparation”,“1.2GOV4&5Notion
ofriskandduediligence“,“1.3SBM-1Strategy,businessmodelandvaluechain”,“1.4SBM-2Interestsandviewsofstakeholders”,“1.5
SBM-3MaterialIRO’sandtheirinteractionwiththebusinessmodelandstrategy”,“1.6IRO-1and2DoubleMaterialityAssessment”and
“1.7Organisationofrolesandresponsibilitiesforsustainabledevelopmentissues”.
FollowingthecompletionoftheDMA,threesub-topicswereselectedasmaterialforCFE.Thesearethesub-topic“Climatechange
mitigation”(ESRSE1)andthesub-topics“Healthandsafety”forourownworkforceandforworkersinthevaluechain(ESRSS1and
ESRSS2).CFEwillthereforepublishinformationonthesethreesub-topicsinthesustainabilitystatement.
Thesub-themesrelatingtocorporateculture,whistleblowerprotectionandtheghtagainstcorruptionandfraud(groupedunder
theheading‘Businessconductandlegalcompliance’)werenotselectedasmaterialfollowingtheDoubleMaterialityAssessment
(DMA).ThisconclusionisdetailedinChapter1.5.1.
However,giventhatthissub-themeistraditionallydocumentedandgenerallyraisesexpectationsandquestionsfromexternal
stakeholders,CFEhaschosentovoluntarilypublishinformationonthissubject,drawingontherelevantprovisionsofESRSG1–
Business Conduct.
InlinewiththeESRS1requirement,CFEhasincludedtheinformationprescribedundertheEUTaxonomyRegulation(Article8of
Regulation(EU)2020/852andaccompanyingdelegatedacts),inthe“EnvironmentalInformation”ofsustainabilitystatements.
1.1.3. Time horizon
ThetimehorizonintheEuropeanSustainabilityReportingStandards(ESRS)oftheCorporateSustainabilityReportingDirective
(CSRD)isessentialforassessingsustainabilityimpacts,risksandopportunities.
Indeed,ESGthemescanbecomesignicantoverdifferenttimehorizons.Itisthereforeimportanttodeneshort-,medium-and
long-termhorizonsbeforebeginningtoassessimpacts,risksandopportunities.
SinceatypicalCFEbusinesscycleisdenedasveyears,wewillusethisasareferencetodenethemedium-termtimehorizon.
Onthisbasis,weconsiderfourdifferenttimehorizons:
• Current;
• ShortTermlessthanoneyear;
• MediumTerm1-5years;
• LongTermmorethan5years.
ThesetimehorizondenitionsareinlinewithESRSrequirements.
ESRS2BP-29a,ESRS2BP-29b
Our ambitions and achievements
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Sustainability statements
Financial statements
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75
1.1.4. Estimates and assessments
Whenpublishingforward-lookinginformationinaccordancewithESRS,managementmustpreparesuchinformationbasedon
currentexpectations,estimatesandprojections,aswellasmanagement’sbeliefsandassumptionsregardingeventsthatmay
occurinthefuture.Actualresultswilllikelydiffer.Theymaybeinuencedbyeventsbeyondourcontrol,suchasregulatorychanges,
marketconditions,supplychainchallengesandtechnologicaladvances.
CFEanditssubsidiarieshaveusedestimatesandextrapolationsforcertainreportingdatapoints.Forexample,theScope3GHG
emissionsarecurrentlybasedmainlyonexpendituredata.Alltheassumptionsmadearedetailedintherelevantchapters(see
table2below).
CFEanditssubsidiariesregularlyreassesstheseestimatesandjudgementsbasedonexperience,thedevelopmentofESGreporting
andtheavailabilityofmoregranulardatawhenconsideredrelevanttothecompany.
Table 2: List of data with uncertainties or imprecisions
Datapoint Reference Chapter
concerned
Description of the uncertainty or imprecision Action plan to limit uncertainty or imprecision
Evaluating the
IROs
ESRS2
SBM-3 48a
1.5 TheevaluationoftheIROshasbeencarriedout
usingthejudgementofCFEanditssubsidiariesin
making estimates and assumptions. The inclusion
ofstakeholderswasbasedonindirectsources.
Theseestimatesandjudgementswillbe
reassessedregularlyonthebasisofavailable
information.Inthemediumterm,asurveywillbe
carriedouttoobtaininformationdirectlyfrom
stakeholders.
EUtaxonomy
- OPEX
EU
taxonomy -
OPEX
2.1.3 CFE will adopt a conservative approach and use
thematerialityexemptionforthenumerator.
Thiscautiousapproachwillbemaintainedinthe
future.
GHG emis-
sions for
scope3(to-
tal)
ESRSE1-651
2.2.5 TheScope3guresdisclosedshouldbe
consideredasinitialestimates,mainlybased
onexpendituredata(93%)andonly7%on
databasedontheoreticalfutureconsumption
estimates. Certain non-material categories have
beendeliberatelyomitted.
Moregranularactivitydatawillbeprogressively
implementedoverthecomingyearsto
reducethepercentageofestimatesbasedon
expenditure. As far as data for estimating future
consumptionisconcerned,thereiscurrentlyno
room for improvement.
GHG
emissions
for scope 3
(category1)
ESRSE1-651
2.2.5 Currentvaluesareallestimatesbasedonex-
penditure data.
Moregranulardatawillgraduallybecollected
to reduce the degree of estimation, starting
bycollectinggenericdataandthengradually
integratingspecicinformationfrommanufacturers
whenitbecomesavailableandreliable.
GHG
emissions
for scope 3
(category2)
ESRSE1-651
2.2.5 asforcategory1 asforcategory1
GHG emis-
sions for
scope3(cat-
egory4)
ESRSE1-651
2.2.5 asforcategory1 asforcategory1
GHG emis-
sions for
scope3(cat-
egory11)
ESRSE1-651
2.2.5 Thisdataisbasedonestimatesoftheoretical
future consumption.
Atthisstage,thereisnopossibilityofimproving
thequalityofthisdata.
GHG emis-
sions for
scope3(cat-
egory12)
ESRSE1-651
2.2.5 asforcategory1 asforcategory1
Numberof
lost-time
accidents
sufferedby
ESRSS2-5
subcon-
tractors 40
3.2.7 Giventhelengthandcomplexityofthevalue
chain,thisdataislimitedtosubcontractors
workingontheGroup'sprojects.Thisdatamaybe
incomplete,asitonlyrecordsaccidentsforwhich
sitemanagementteamshavebeeninformed.
Aformalsystemoffeedbackfromsubcontractors
willbeintroducedintheshortterm.
ESRS2BP-210a,b,c&d,ESRS2BP-211a,11bi&11bii
1.1.5. Incorporationbyreference
ThespecicESRSdisclosurerequirementslinkedtoESRS2“GeneralInformation”arecloselyrelatedtothedisclosurerequirements
alreadyinplaceforCFE,whichcanbefoundinwholeorinpartinothermorerelevantsectionsoftheannualreport.Table3below
showswhereinformationfortheyearended31December2025,relatedtospecicdisclosurerequirementsoutsidesustainability
statements,isincorporatedbyreferenceinthe“ManagementReport”,inparticularthe“PrincipalRisks”chapter,the“Corporate
Our ambitions and achievements
Management report
Sustainability statements
Financial statements
Message from the Chairman and CEO
Annual report 2025 - CFE
76
GovernanceStatement”andthe“RemunerationReport”.
Withregardtoriskmanagement,CFEhasincludedESGrisksinitsriskchapter.FurtherdetailsonESGrisksandhowtheyare
managedcanbefoundinthe‘ManagementReport’-II.Consolidatednancialstatements-1.2.Mainrisks’.
Informationonthenancialimpactofsustainabilityissuesisincludedinthenancialstatementsinaccordancewiththe
requirementsoftheIFRSandtheCSRDdirective.Themaineffectsofclimateandsocialissuesonthenancialstatementsare
detailedinsection“2.2AdditionalinformationontheGroup’senvironmentalimpact”.
ESRS2BP-216
Table3:ListofESRS2sectionsfoundinanothersectionoftheannualreport
ESRS 2 section Disclosure requirement Section of the annual report where information can be found
GOV-1 Information on administrative, management and
supervisorybodies(role,composition,expertise,etc.)
Corporate governance statement
GOV-2 Informationprovidedtothecompany'sadministrative,
managementandsupervisorybodiesandsustainable
developmentissuesdealtwithbythem
Corporate governance statement
GOV-3 Integratingsustainabledevelopmentperformanceinto
incentive programmes
Remuneration report
GOV-5 Risk management and internal controls External and internal control and risk management
1.1.6. Phase-in provisions
CFEusesthephase-inprovisionsoutlinedinESRS1“GeneralRequirements”(section10.4.-Transitionalprovision)andAppendixC
(ListofPhased-inDisclosureRequirements).Thefollowingrequirementsarethereforeomittedfromthesustainabilitystatementfor
theyearending31December2025.
ESRS2BP-217
Table4:Reportingrequirementsaspartofatransitionalapplication
Reference Disclosure requirement Transitional provisions
ESRS E1-9 Anticipatednancialim-
pactofmaterialphysical
and transitional risks and
potential climate-related
opportunities.
In 2024, CFE drew up guidelines for assessing climate risks and opportunities. From the next reporting
year,qualitativedisclosureswillbeincluded,withmonetaryimpactsdisclosedfromthereportingyear
ending31December2027.
ESRS S1-7 Characteristics of
non-employeeworkers
in the undertaking's own
workforce
Inprinciple,thegroup'spoliciesandproceduresalsoapplytonon-employeeswithintheCFEwork-
force.Reportingsystemswillbefurtherdevelopedandenhancedtoprovidegreatergranularity.
ESRS S1-13 Characteristics of
non-employeeworkers
in the undertaking's own
workforce
Inprinciple,thegroup'spoliciesandproceduresalsoapplytonon-employeeswithintheCFEwork-
force.Reportingsystemswillbefurtherdevelopedandenhancedtoprovidegreatergranularity.
1.1.7. Changes in reporting method and prior period adjustments
Withregardtogreenhousegas(GHG)emissions,Scope3datapublishedinaccordancewithESRSE1-6hasbeenrevised.In
particular,emissionspreviouslyreportedunderCategory1‘Purchasedgoodsandservices’,andcorrespondingtoCategory4
‘UpstreamTransportationandDistribution’andCategory12‘End-of-lifetreatmentofgoodsandservices’havebeenreclassiedto
theirappropriatescope.Thisreclassicationappliestothe2025nancialyearandaimstoimproveaccuracyandcompliancewith
theESRSE1-6methodology.
Theserevisionsapplytothenancialyearended31December2025.Norestatementofcomparativeinformationforthe2024
nancialyearwasdeemednecessary.
FollowingthediscontinuationoftheLTSBusinessUnit’sactivitiesinOctober2025,datarelatingtoGHGemissions(Scopes1,2and
3),energyconsumptionandsafetyindicatorswasnolongerrecordedforthefourthquarterof2025.Astheimpactismarginal,no
restatementofcomparativeinformationforthe2024nancialyearwasdeemednecessary.
WithregardtotheEuropeanTaxonomy,CFEhasadoptedthesimpliedpublicationformatintroducedbyDelegatedRegulation(EU)
[XYZ]/2025,amendingDelegatedRegulations(EU)2021/2178(‘DisclosuresDelegatedAct’),2021/2139(‘ClimateDelegatedAct’)and
2023/2486(‘EnvironmentDelegatedAct’).
Lastly,CFEhasvoluntarilypublishedinformationontopicsdeemedrelevantunderESRSG1–ConductofBusiness.
Nomaterialerrorsoromissionsrequiringadjustmentwerefoundintheinformationpublishedforthepreviousnancialyear.
Our ambitions and achievements
Management report
Sustainability statements
Financial statements
Message from the Chairman and CEO
Annual report 2025 - CFE
77
Nevertheless,inaccordancewithESRSprinciplesandCSRDrequirements,CFEiscommittedtocontinuouslyimprovingthequality,
clarityandaccuracyofitsreporting.
ESRS2BP-213a,b&c;ESRS2BP-214a,b&c
1.1.8. Informationderivedfromotherlegislationorgenerallyacceptedpositionsonsustainability
reporting
CFE uses the GHG protocol for calculating and reporting greenhouse gas emissions.
ESRS2BP-215
1.1.9. External review
SustainabilitystatementsarecoveredbytheESGreview(limitedassurance)carriedoutbyCFE’sauditor,EY.Pleaserefertothe
auditor’s limited assurance report in section 5.6 Appendix 5. Auditor’s report
Pleasenotethatthecomparativegurespresentedinthetablesandthetrendsincludedinthesestatementshavenotbeen
subjectedtolimitedassuranceproceduresinaccordancewiththerequirementsoftheCSRD/ESRS.
1.2. GOV-4 & 5 Notion of risk and due diligence
Asstipulatedinthe“ManagementReport”insection1.2“Mainrisks”,theExecutiveCommitteeputsinplaceinternalcontrolsand
riskmanagement,subjecttoapprovalbytheBoardofDirectors.Thisisresponsibleforimplementingthisframeworktakingthe
recommendationsoftheAuditCommitteeintoaccount.Atleastonceayear,theAuditCommitteeevaluatestheinternalcontrol
systemstoascertainthatthemainriskshavebeenproperlyidentied,reportedandmanaged.
CFE’ssubsidiariesmanagetheirownoperationalandnancialrisks,whichvaryfromsectortosector.Theserisksarenotcentralised
atCFElevel.ThemanagementteamsofthesubsidiariesreportonriskmanagementtotheirrespectiveBoardofDirectors.
Ontheotherhand,allidentiedrisksandtheimplementationofinternalcontrolsaredescribedindetailinthe“Management
Report”.Inparticular,itdescribesingeneraltermsthenancial,economicandESGrisksfacingtheGroupandtheoperationalrisks
associatedwiththevarioussegmentsinwhichitoperates(eitherdirectlyorindirectly).
ESRS2GOV-5;ESRS2IRO-153d,e,f
Toidentifyandeffectivelymanagesustainabledevelopmentrisksinparticular,CFEhascarriedoutadoublematerialityassessment
(DMA)ofESGrisks.Thisanalysisisrepeatedinthefollowingchapters.
Duediligenceisanessentialstepintheriskmanagementprocess,asitenablesriskstobeidentiedandassessedindepth,
facilitating proactive and effective management.
Table 5 : Mapping information relating to the due diligence process
Our ambitions and achievements
Management report
Sustainability statements
Financial statements
Message from the Chairman and CEO
Annual report 2025 - CFE
78
Mapping information relating
to the due diligence process
Paragraphs of the sustainability statement concerned ESRS
concerned
Integrating due diligence into
governance,strategyandthe
businessmodel
1.7Organisationofrolesandresponsibilitiesforsustainabledevelopmentissues(GOV-1,2and
3)
ESRS 2 GOV-1
ESRS 2 GOV-2
ESRS 2 GOV-3
1.3SBM-1Strategy,businessmodelandvaluechain ESRS 2 SBM-1
1.5SBM-3MaterialIROsandtheirinteractionwiththebusinessmodelandstrategy ESRS 2 SBM-3
2.2.1SBM3-MaterialIROsandhowtheyinteractwiththebusinessmodelandstrategy ESRS E1 SBM-3
3.1.2SBM3-IRO'smaterialsandhowtheyinteractwiththebusinessmodelandstrategy ESRS S1 SBM-3
3.2.2SBM3-IRO'smaterialsandhowtheyinteractwiththebusinessmodelandstrategy ESRS S2 SBM-3
Engaging with external
stakeholders;
1.4 SBM-2 Interests and views of stakeholders ESRS 2 SBM-2
1.6IRO-1and2Doublematerialityassessment ESRS 2 IRO1
1.7Organisationofrolesandresponsibilitiesforsustainabledevelopmentissues(GOV-1,2and
3)
ESRS 2 GOV-2
2.2.3 E1-2 "Climate change mitigation" policies ESRS E1-2
3.1.3 Policies related to own workforce ESRS S1-1
3.1.4 S1-2 Engagement process with own workers and their representatives ESRS S1-2
3.2.1 SBM2 Interest and views of stakeholders ESRS 2 SBM-2
Identifyingandassessing
negative impacts on people
and the environment
1.5SBM-3MaterialIRO’sandtheirinteractionwiththebusinessmodelandstrategy ESRS 2 SBM-3
1.6IRO-1and2Doublematerialityassessment ESRS 2 IRO1 &2
2.2.1SBM3-MaterialIROsandtheirinteractionwiththebusinessmodelandstrategy ESRS E1 SBM-3
2.2.2E1.IRO-1:Descriptionofthetoidentifyandassessimpacts,risksandopportunities ESRS E1 IRO-1
3.1.2SBM3-MaterialIROsandtheirinteractionwiththebusinessmodelandstrategy ESRS S1 SBM-3
3.2.2SBM3-MaterialIROsandtheirinteractionwiththebusinessmodelandstrategy ESRS S2 SBM-3
Takingmeasurestoremedy
negative impacts on people
and the environment
2.2.4E1-1,E1-3andE1-4:Transitionplans,decarbonisationlevers,targetsandresourcesinrela-
tion to climate change policies
ESRS E1-3
3.1.6 S1-4 Taking action on material impact on own workforce and approaches to managing
material risks
ESRS S1-4
3.2.6 Taking action on material impacts on value chain workers,etc. ESRS S2-4
Monitoring the effectiveness of
these efforts
2.2.4E1-1,E1-3andE1-4:transitionplans,decarbonisationlevers,targetsandresourcesinrela-
tion to climate change policies
ESRS E1-4
3.1.7S1-5Objectives ESRS S1-5
3.1.8 S1-6 Characteristics of the undertaking’s workforce ESRS S1-6
3.1.11S1-14Healthandsafetymetrics ESRS S1-14
3.2.7 S2-5 Targets related to managing material negative impacts,etc. ESRS S2-5
ESRS2GOV-4
1.3. SBM-1Strategy,businessmodelandvaluechain
1.3.1. Strategyandbusinessmodel
CFEisamulti-disciplinarygroupdevelopingglobalsolutionstocomplexsocietalchallengesinthefast-growingmarketsof
sustainablebuildings,intelligentindustriesandtomorrow’senergyandmobilityinfrastructures.Toachievethis,theGroupcombines
thestrengthsofitsfoursegments:RealEstateDevelopment,Multitechnics(includingbuildingmanagement,industrialautomation
andenergyandmobilityinfrastructures),Construction&RenovationandInvestmentsandHoldings.
Our ambitions and achievements
Management report
Sustainability statements
Financial statements
Message from the Chairman and CEO
Annual report 2025 - CFE
79
1.RealEstatedevelopment:
BPIRealEstate,acompanyintherealestatedevelopment
segment,isactiveinBelgium,LuxembourgandPoland.BPI
RealEstatefocusesondevelopmentsincityandtowncentres
with high growth potential, a positive environmental impact,
realopportunitiesforsoftmobilityandwhichensuresocial
well-being.BPIRealEstatetherebyfocusesonmixedprojects
combininghousing,ofces,commercialspaceandservices.All
theseambitionsareachievablethankstothemultipletalents
that make up the BPI Real Estate teams and their focus on
innovationandsustainableapproaches.
2.Multitechnics:
CFE’sMultitechnicsactivitiesaredividedintotwobusiness
divisions:VMAandMobix.
VMA:VMA’sactivitiesaredividedintotwoBusinessUnits(BUs):
buildingtechnologiesandindustrialautomation.Thebuilding
technologiesdivisionincludescommercialelectricityand
HVAC(heating,ventilationandairconditioning).Theindustrial
automationdivisioncoversbothrobotisationandautomation,
or production operations management.
MOBIX:TheRail&UtilitiesactivitiesarecarriedoutbytheMOBIX
cluster. MOBIX consists of two BUs, Rail and Utilities. The Rail BU
includesrailengineeringworks(trackandcatenaryinstallation)
andsignalling.TheUtilitiesBUincludesenergytransportand
publiclightinginBelgium.
3.Construction&Renovation:
The Construction & Renovation segment is active in Belgium,
Luxembourg,PolandandGermany,andspecialisesinthe
constructionandrenovationofofcebuildings,residential
buildings,hotels,schools,universities,parkinglots,industrial
buildings,andmore.
4.InvestmentsandHoldings
IncollaborationwithAckermans&vanHaaren,theCFEgroup
investsinsustainableinitiativesthroughitsstakesinDEEP
C Holding, Greenstor and Green Offshore. DEEP C Holding is
developing projects to create ports and related industrial zones
inVietnam.AsforGreenstor,itisdevelopingbatteryfarmsto
acceleratetheenergytransition.GreenOffshorehasinterests
in developing and operating Belgian offshore wind farms. As
CFEdoesnothaveexclusiveoperationalcontrolofthisbusiness
segment,itisconsideredtobeoutsidethescopeoftheCSRD.
ESRS2SBM-140ai,ii;ESRS2SBM-142
Sustainable
buildings
Green Energy
and mobility
Smart
Industry
Our ambitions and achievements
Management report
Sustainability statements
Financial statements
Message from the Chairman and CEO
Annual report 2025 - CFE
80
CFEaimstoplayaleadingroleinthesekeymarketsbyrejectingthestatusquoandchanginganythingthatcouldhaveanegative
impactonfuturegenerations.TheGrouphasthereforeplacedinnovation,sustainabilityandsafetyattheheartofitsbusiness.CFE’s
ambitionistobringpeople,skills,materialsandtechnologytogetherinacommunityof“changingforgood”.Thisfocushasenabled
theGrouptoassumeapioneeringroleintheuseofsustainablebuildingmaterials,large-scalerenovation,advancedenergy
managementandotherhighvalueareasforsociety.
Thisstrategyfullyaddressesthematerialissuesidentiedinthedoublematerialityexercise.Theprioritymaterialissuesconcern,
ontheonehand,thereductionofgreenhousegasemissions(climatechangemitigation)and,ontheotherhand,thehealthand
safetyoftheGroup’semployeesandworkersinthevaluechaininvolvedinourprojects.
TheCFEGroup’sstrategicambitiontopositionitselfasaleaderintheconstructionofsustainablebuildings,thedevelopmentof
responsibleindustrialisationprojectsandtheconstructionofmobilityandenergyinfrastructureprovidesasetofconcretelevers
forcontributingtoclimatechangemitigation.Throughtheseactivities,theGrouphasadirectandpositiveimpactbyintegrating
technical,operationalandorganisationalsolutionsthatpromoteemissionsreductionandenergyefciency.
Furthermore,byexplicitlyplacingsafetyattheheartofitsstrategy,CFEconrmsitscommitmenttorecognisingandvaluing
thecentralroleofpeopleintheimplementationofitsprojects.Thisapproachreectsastrongandstructuredsenseofsocial
responsibility,inlinewiththeCSRD’sexpectationsintermsofprotectingthehealth,safetyandwell-beingofworkers.
ESRS2SBM-140f,g
CFE’sstrategyisexpressedundertheacronym“SPARC”,whichservesasacompassfortheGroup’sentities.ItguidestheShift
towardsinnovationandsustainabilityaswellasthedesiretoPerformandachieveoperationalexcellence,toAccelerateitsgrowth
throughanintegratedapproach,tocreatevalueandaReturnforallstakeholdersandtoestablishagenuineCommunityasagents
ofchangebothinsideandoutsidetheorganisation
CFEhas2,681workers,2,145ofwhicharebasedinBelgium,223inLuxembourgand313inPoland.Thisinformationisconsistentwith
the data relating to own personnel included in Chapter 3.1.8..
ESRS2SBM-140aiii
SeveralmethodshavebeenputinplacetocapturetheinterestsofthosewithinCFE’svaluechainandthevariousstakeholders.This
isdescribedindetailinchapter1.4.ThisinformationwasusedintheDMAprocess.AllstagesoftheDMA(engagementwithstake
-
holders,identicationofpotentiallymaterialissues,identicationofIROs,assessmentofthedoublematerialityofpotentiallymate-
rialissues)havebeenprogressivelyvalidatedbythevariousmanagementandcontrolbodies,atExecutiveCommittees,Audit
Committees and Boards of Directors.
ESRS2SBM-245d
TheresultsoftheDMAhaveconrmedtheGroup’sstrategy.Infact,thestrategicfocalpointsformulatedbythegrouparewellinline
withthematerialthemeshighlightedbytheDMAanalysis.
ESRS2SBM-142a,b
1.3.2. Valuechainanalysis
CFEisamulti-disciplinarygroupactiveinthreemarkets:sustainablebuildings,intelligentindustryandenergyandmobilityinfra-
structure.
TheGroup’svarioussubsidiariesareactiveatdifferentlevelsintheimplementationoftheseprojects.
Tomapthegroup’sownactivities,wehavearbitrarilychosentoplaceprojectexecutionandthegeneralcontractingbusiness(MBG,
VanLaere,BPCGroup,CLE,CFEPolska,AVDDandMOBIX)atthecentreofthevaluechain.
Wewillthereforeconsiderupstreamthesubcontractingandsupplyofbuildingmaterials.Anddownstreamwehavethedevelopers
andnallytheinvestorsandend-users.
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Lorem ipsum
DOWNSTREAM
TIER 2+
FINAL USER
UPSTREAM
TIER 2+
SUPPLIERS
UPSTREAM
TIER 1+
SUB-
CONTRACTORS
OWN SECTOR
TIER 0
GENERAL
CONTRACTOR
REAL ESTATE
DOWNSTREAM
TIER 1+
DEVELOPMENT
Figure 1: Visualisation of the value chain
Inthisspeciccase,theactivitiesofVMA,BenelmatandLTScanbeconsideredasupstreamtier+1andtherealestatedevelopment
activities of BPI Real Estate and Wood shapers as downstream tier +1 in the same value chain.
ESRS2SBM-142c
Thisanalysisiscomplementedbyinputfromotherconsultedorganisationsinthevaluechain,aswellasbyabenchmarking
exercise.FortheDMA,some109differentstakeholdersarebelisted.
Thesewerelistedandcategorisedintodifferentstakeholdergroupsfollowinganinternalanalysis:
• directstakeholdersandassociates;
• selectionofcompanieswiththehighestexpenditure;
• partnersinjointventures;
• customers(downstream)and(sub)contractors(upstream);
• selection of companies operating in the same geographical area as CFE.
Theseincludemarketplayers(othergeneralcontractors,realestatedevelopers,etc.),nancialpartners(nancialinstitutions,
insurancecompanies,etc.)andsuppliersofthemainresourcesusedinourprojects(concrete,steel,etc.).
ThismappingexercisegivesusabetteroverviewofourvaluechainandthevariousresourcesandstakeholderswithwhichCFE
interacts.Naturally,thisvaluechainmappingexerciseisnotexhaustive.
ESRS2SBM-142
ThisclusteringofthecompaniesanalysedhasenabledustoidentifymoreclearlythemainstakeholdersconcernedbytheDMA
assessment.
ESRS2BP-15c
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1.4. SBM-2 Interest and views of stakeholders
1.4.1. Identicationofkeystakeholders
Bygroupingdifferentstakeholdersinourvaluechain,wecanidentifygroupsofstakeholderswhocouldbe“keystakeholderswho
areconcernedorimpacted”.Thisprocessisillustratedinthegurebelow.
Consultants
End clients
Financial
institutions
Suppliers
General
contractors
Sub-
contractors
Project
developers
Architects &
engineers
Direct control
Indirect control
Indirect control
Media
Environmental
groups and ngo’s
Academic
researchers
Sector
alliances
Neighbourhood
Authorities
Figure 2: Visualisation of key stakeholders concerned or impacted
ESRS2SBM-245ai
ThestakeholdersaffectedbyCFEcanbedividedintotwocategories:thoseunderdirectcontrolandthoseunderindirectcontrol.
Directcontrolisestablishedbycontractualagreements,nanciallinksoradeliberatechoicetocollaborate.Thisdistinctionis
important,asCFEcanmakedecisionsthatdirectlyinuencethesestakeholders.
Conversely,CFEhasnodecision-makingpoweroverindirectly-controlledstakeholders.Yettheiropinionsareimportant,andit’s
absolutelyessentialtotakeintoaccountthepositiveandnegativeimpactwehaveonthem.Nevertheless,weneedtoapproach
their opinions and comments with caution, recognising that their perspective is often focused on their own concerns rather than
considering the wider impact.
CFEhasthereforechosennottoengagedirectlywiththiscategoryofstakeholdersaspartoftheDMAforthenancialyear2025.
Theirviewsandopinionswillonlybecollectedindirectly,viaspecicstudiesorpublications.Giventhecontinuousanddynamic
natureoftheDMAprocess,thevariousstakeholderswillbeinvolvedasandwhenrequired.
Aspecicconsultationwithexternalstakeholdershadbeenplannedforthecurrentnancialyearinordertogathertheir
expectationsregardingpotentialchangestothestrategyandbusinessmodelinlightofthematerialimpacts,risksand
opportunitiesidentied.However,CFEdecidedtopostponethisexerciseduetothelackofclaritysurroundingchangestoreporting
requirements and the expected adjustments to the CSRD framework from 2025 onwards.
Inthiscontextofregulatoryuncertainty,theGroupdeemeditpreferabletopostponetheconsultationinordertoengageina
structureddialoguebasedonstabilisedrequirements,therebyensuringtherelevanceandqualityofexchangeswithstakeholders.
ESRS2SBM-245a,53biii
Fortheotherstakeholdersconcerned,vedifferenttypesofengagementwereusedtoidentifyimpacts,risksandopportunities
(IROs).Thisisexplainedinthenextsection.
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Theimportanceofinvolvingawiderangeofstakeholdersinthematerialityanalysisisrecognisedinordertoobtainacompleteand
balancedrepresentationofimpacts,risksandopportunities.
ESRS2SBM-245b
ESRS2SBM-245aiv
ESRS2SBM-245av
1.4.2. Stakeholder engagement strategies
Tounderstandhowrelevantstakeholdersmaybeaffected,andtoidentifyandassessCFE’sIROs,vedifferentstakeholder
engagement processes were used for this exercise:
1. Participationintherstdoublematerialityassessment:CFE’sESGstrategybegantotakeshapeviaanin-depthanalysis
ofstakeholdersandthesurroundingmarketin2019.Thisassessmentwascarriedoutbothonthebasisofinternalexpertise
andwiththehelpofanexternalconsultant.ThisassessmentservedasthebasisfordrawinguptheGroup’ssustainable
developmentstrategyanddeningitspriorities.Thematrixwassubsequentlyrevisedandrevalidatedeverytwoyears.This
reviewisbasedonongoingexchangeswithstakeholders.
2. Quantitativeresearchmethod:Thismethodusesthetoolandmethodologyasprescribedbyanexternalconsultant(PwC).
Usingthistool,CFEcarriedoutacomprehensivereviewofthepublishedmaterialitymatrices,ESGstrategiesandotherofcial
reportsof40strategicallyselectedstakeholders.Stakeholderselectioncriteriaincludednancialexpenditure/turnover,
geographicaldistributionandgoodrepresentationofthevariousgroupswithinthevaluechainasdenedinparagraph1.4.1.
Thevariouspublicationsofsome40stakeholderswereanalysedindetailandlinkedtotheESRSlistofsectoralsub-themes.
3. Roundtableswithinindustryalliances:CFEisalsopresentinindustryassociationssuchasUPSI/BVSandADEB/VBA,placingit
inacentralpositionforidentifying,monitoringandgettinginvolvedinESG-relatedissues.It’sworthnotingthatsomeofthese
bodiesaremulti-sectoral(i.e.notjustgeneralbusinessandrealestatedevelopment),whichstrengthensthedialoguewith
stakeholders.
4. Externalandinternalinterviews:Afourthmethodofengagingwithourkeystakeholdersistoconductexternalandinternal
interviewswiththoseidentiedasexperts,whohavesufcientexpertisebasedontheiroperationalorbusinessroletorepresent
someofthekeystakeholdersconcerned.Theseexternalandinternalinterviewsalsoservedasaninterimcheckonthe
provisionalresults.Inaddition,theinternalexpertsformedanextendedteamwhichalsoparticipatedinidentifyingIROsand
reectingonvaluationinthedoublematerialityexercise.
5. Ongoingstakeholderengagementprocess:CFE’sstrategyisbasedoncollaborationwithallprojectstakeholders,convinced
thatsuccessliesinthecommitmentoftheentireprojectvaluechain.Thiscollectiveapproach,rootedinsustainabilityand
impact,extendsfromdesigntomaintenance.Trust,transparencyandmutualunderstandingarethecornerstonesofour
strongpartnerships,aimedatachievinglastingsolutions.That’swhyCFEtakesthetimetomaintainanongoingdialoguewith
itsstakeholderstobetterunderstandtheirinterestsanditsimpact.Thisdialoguecantakeplaceatthestartofprojects(public
inquiries,neighbourhoodcommitteemeetings,monitoringofcomplaintsandincidents,etc.),duringprojects(sitevisitsand
meetings,meetingswithlocalresidents,etc.)orattheend(feedback,satisfactionsurveys,etc.).
ESRS2SBM-245a
Thefollowingtableprovidesanoverviewofstakeholderengagementmethodsrepresentingthemainstakeholdersinvolved.
Itshouldalsobenotedthatsomeofthestakeholdercategoriesidentiedintheprevioussectionarenotconsidered“key”.
Stakeholdersmarkedwithanasterisk(*)canbeconsideredassimpleusersofoursustainabilitystatement.Inthetablebelow,
directly-controlledstakeholdersareshowninboldandindirectly-controlledstakeholdersarenot.
Nevertheless,DMAanalysisisadynamicprocess,whichmeansthatconsultationwiththevariousstakeholdersmayevolveovertime.
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Table 6 : List of key stakeholders and engagement strategies
Stakeholders concerned Engagement strategies
Researchers and universities* Notconsideredakeystakeholder:nomaterialinuencecouldbeidentied,butservesasasource
of information in our ESG approach
Architects&designofces Quantitativeresearchmethod
Authorities* Quantitativeresearchmethod
Consultants Not considered a key stakeholder: no material inuence could be identied, but serves as a
source of information in our ESG approach
End-users* • Quantitativeresearchmethod
• Continuous dialogue with stakeholders
Environmental groups and NGOs Not considered a key stakeholder: limited inuence, dialogue on CSRD not yet mature enough.
Financialinstitutions* • Internal and external interviews
• Quantitativeresearchmethod
• Panel discussions with sector alliances
Generalcontractors • FormerCFEmaterialitymatrix
• Panel discussions with sector alliances
• Internal and external interviews
Media* Not considered a key stakeholder: limited inuence, dialogue on CSRD not yet mature enough.
Neighbourhood Not considered a key stakeholder: limited inuence, dialogue on CSRD not yet mature enough.
Realestatedevelopers • FormerCFEmaterialitymatrixandinternalexperts
• Panel discussions with sector alliances
• Internal and external interviews
Sectoralliances Panel de discussions avec les alliances sectorielles
Subcontractors • FormerCFEmaterialitymatrix
• Quantitativeresearchmethod
• Internal and external interviews
Suppliers • Quantitativeresearchmethod
• Internal and external interviews
ESRS2SBM-245a
ESRS2SBM-245aii
ESRS2SBM-245aiii
CFEplanstosupplementthisanalysiswithamoredetailedsurveyofkeystakeholdersnextyear.Thisworkisinpreparationwiththe
varioussectoralalliancestoensurethatthesectorisalignedonthemostrelevantwayofquestioningstakeholders.
ESRS2SBM-245cii
CFE’smanagementwasdirectlyinvolvedintheprocessofidentifyingIROsandassessingtheirmateriality.Atthesametime,CFE’s
managementandvariousgoverningbodieswerekeptinformedoftheresultsofthestakeholderanalysisofESGaspectsatspecic
meetings(ExecutiveCommittee,AuditCommitteeandBoardofDirectors).
ESRS2SBM-245d
1.4.3. Results of stakeholder engagement
Theanalysisofthematerialitymatrixreviewedin2023,thedataanalysiscarriedoutduringthequantitativestudy(benchmarking)
andthesectorroundtableshavehelpedidentifyinitialseriesofrelevantthemes.Theresultsareshowninthetablebelow.
Inthequantitativestudy,adistinctionwasmadebetweenthemesofhighimportance(shownhereinbold)andthoseofmedium
importance(assessedbytakingintoaccountthenumberoftimesthetopicwasconsideredmaterialintheanalysisofthe40data
sets).Bydefault,thethemesidentiedwiththeothertwomethodsareconsideredtobeofgreatimportanceandarethereforebold
inthetablebelow.
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Table7:IdentifyingESRStopicsandsub-topicsduringstakeholderengagement
ESRS themes and sub-
themes
Themes and sub-themes identied
Previous double
materiality exercise
Analyse quantitative UPSI/BVS ADEB/VBA
Management of relationships
with suppliers, including
paymentpractices
Partnerships
Climate change mitigation Action for the climate Climatechange
mitigation
Climatechange
mitigation
Climatechange
mitigation
Climate change adaptation Climate change
adaptation
Climatechange
mitigation
Incomingowofresources Responsible consumption
and production
Incomingowof
resources
Resources inow Resourcesinow
Outowofresources Outowofresources
relatedtoproductsand
service
Waste management Waste management
Healthandsafety Health and safety Workingconditions:
Health&safety
Health and safety
Work-lifebalance
Training and talent
development
Quality of training Training and talent
development
Energy Clean, affordable energy Energy Energy
Corporate culture Decent work and
economic growth
Corporate culture
Corruptionandbribery
Lossofbiodiversity Lossofbiodiversity
Diversity Diversity
Genderequality Genderequality
Duringthisidenticationstage,aninitiallistofpotentialIROswasalsodrawnupforeachrelevanttheme.
Externalinterviewswithexpertsfocusedonthemethodologyusedtocapturetheviewsofthevariousstakeholders.Theseinterviews
enabledCFEnotonlytovalidateitsmethodology,butalsotoensuretherelevanceoftheresultscollected.Infact,theseinterviews
enabledustogathertheopinionsofourintervieweesontherelevantthemesandtheassociatedIROs.
Thisexerciseconrmedtheimportanceofthefollowingthemes:climatechange,thecirculareconomy,healthandsafety,governance
and talent management.
Ongoing dialogue with CFE’s stakeholders highlights ESG-related concerns, principles and processes. Recent consultations have not
alteredpreviousanalyses.Thisprovesthatthein-houseexpertsweinterviewedareawareofthepotentiallymaterialthemesaswellas
theexistingandemergingIROsinoursector.Thismeansthatourinternalknowledgeisrepresentativeofthekeyexternalstakeholders
involved in this exercise.
ESRS2SBM-245av
1.4.4. Drawingupashort-listofpotentiallymaterialthemes
Acrucialstepistoestablishthenallistofrelevantmaterialthemes,andthenidentifyalltheimpacts,risksandopportunitiesfor
CFE.Thisrststageinidentifyingrelevantthemesdrawsonthelessonslearnedfromstakeholderengagementmethodsdescribed
inthepreviouschapter.Theyhaveenabledustodrawupaninitialshort-listofpotentialmaterialthemes:
1. Climate change adaptation
2. Climate change mitigation
3. Energy
4. Directimpactdriversofbiodiversityloss-Changinglanduses
5. Resourceinows,includingresourceuse
6. Waste
7. Workingconditions-Work-lifebalance
8. Workingconditions-Healthandsafety(valuechainworkers)
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9. Equaltreatmentandopportunitiesforall-Traininganddevelopingskills)
10. Workingconditions-Healthandsafety(employees)
11. Corporate culture
12. Corruptionandbribery
1.4.5. Validatingtheshort-listofpotentiallymaterialthemes
CFEhascarriedoutseveraliterationsandconsistencycheckstovalidatethislist.Toachievethis,CFEusedinformationfromrating
agencies and carried out several review iterations with internal experts, including the various administrative, management and
controlbodies.Finally,theentire,extensivelistofAR16itemswasreviewedtoensurethatnothemehadbeenforgottenoroverlooked.
During these iterations several themes were added, in particular the following ones:
13. Water usage
14. Resourceoutowsrelatedtoproductsandservices
15. Genderequality
16. Diversity
17. Communities’ economic, social and cultural rights - Land-related impacts
18. Protectionofwhistle-blowers
19. Managementofrelationshipswithsuppliers,includingpaymentpractices
Wecanseethatnothemehasbeenremoved,butthatonthecontrary,thenalshort-listcontainsallthepotentiallymaterial
themeslisted.Theshort-listofpotentiallymaterialsubjectsthereforecomprises19themes.Thefollowingstepswillconsistin:
• identifyingpotentialIROslinkedtothesethemes(anexercisealreadybegunduringthepreviousphaseofdialoguewith
stakeholders);
• scoringtheseIROs;
• clustering IROs into ESG topics – it is these ESG themes that are shown in the DMA graphic.
1.5. SBM-3MaterialIROsandtheirinteractionwiththebusinessmodelandstrategy
Asakeyelementinidentifyingmaterialsustainabilityissues,CFEhascarriedoutaDMA.Materialityhasbeenappliedsince2019,
whenCFEbeganreportingundertheNFRDregulations,buttheconcepthasevolvedundercurrentCSRDlegislation.
Asof2019,allESGthemeshavebeencategorisedinamaterialitymatrixtakingintoaccountthedegreeofimportanceforthe
differentstakeholdersandtheimpactonthebusinessandnancialperformance.Allthehighmaterialitythemes(prioritythemes),
i.e.havingbothahighimpactonCFE’sbusinessandperformanceandwhichareimportantforthestakeholders,havetherefore
beencloselymonitored.
Aregularreviewofthismatrixwasthencarriedoutandsystematicallyvalidatedbytheadministrative,managementandcontrol
bodies.
ThismethodologyanticipatedtosomeextentthephilosophyofaDMAundertheCSRD.
In2024,CFEtookanewDMAapproachusingtheconceptof“nancialmateriality”(outside-in)and“impactmateriality”(inside-out)
basedonESRS2andEFRAGIG1’simplementationguidance“Materialityassessment”.Themethodologyforidentifyingpotentially
materialthemeshasbeenpresentedinchapter1.4-SBM-2Interestandviewofstakeholders.Themethodologyusedtodetermine
theIROsrelatingtothesethemesandtoassessthemwillbepresentedinchapter1.6IRO-1and2Doublematerialityassessment.
In2025,CFEconductedacriticalreviewofitsmaterialityanalysiscarriedoutin2024.Thisprocesstookplaceintwostages:
1. Sectorbenchmarkingwithpeerstoidentifyemergingpracticesandtrends;
2. Trigger-basedanalysistoverifythatnochangesortrends,whetherinternal(strategy,scope,businessmodel,etc.)orexternal
(regulatorydevelopments,technologicaladvances,socio-economicchanges,marketdynamics,etc.),justiedareassessment
ofthethemesandsub-themesidentiedinthe2024DMA.
Peerbenchmarkinganalysis,aswellasareviewofCSRDreportspublishedin2024,highlightsatendencytoconsiderthetopicof
‘BusinessEthics’(ESRSG1)asmaterial.Asaresult,CFEhasconductedanin-depthreassessmentofthissub-topic.Themethodology
andassumptionsusedforscoringtheimpactonthebusinesswereconrmed.Sectortrendsledtoanupwardrevisionofthescore
onthematerialityimpactaxis.
However,evenafterthisrevision,thesub-theme‘BusinessEthics’remainsimmaterialforCFE.Giventheinterestshownbystake
-
holdersinthistopic,CFEhaschosentopublishinformationonavoluntarybasis,drawingontherelevantprovisionsofESRSG1.
There are therefore no material changes to report.
ESRS2SBM-348g
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Thematerialitymatrixrevisedin2025wasapprovedbytheBoardofDirectorson5December2025.
CFEisconvincedthattheresultspresentedgiveatrueandfairviewofitskeysustainabilityissues,includingimpacts,risksand
opportunities.Thematerialityreviewcarriedoutin2025didnothighlightanyneedtochangethemethodologyappliedin2024for
theinventory,selectionorassessmentofimpacts,risksandopportunities(IRO).
ESRS2IRO-153hg
The following sections provide more details on the results of the DMA and the process applied.
1.5.1. Resultsofthedoublematerialityassessmentexercise
Thetablebelowsummarisesourassessmentoftheimportanceofsustainabilityissues,indicatingwhethertheyhaveanimpact
ornancialmateriality(orboth).Asfarasthenancialperspectiveisconcerned,itspecieswhethertheimportanceislinkedtoa
riskoranopportunity.Onlymaterialsub-themesarerepresented.TheanalysisoftheIROswascarriedoutindetailwiththevarious
stakeholders.
OnthebasisoftheDMA,threetopicswereselectedasmaterial:“Climatechangemitigation”,“Safetyandhealthofownworkforce”
and“Safetyandhealthofsubcontractors”.
CFEpresentsitsanalysisofIROsinchapter1.5.2“Impact,risksandopportunitiesformaterialthemes”.Theotherchaptersof
theSustainabilityStatementdetailpolicies,objectives,keyperformanceindicatorsandprogressforeachmaterialthemein
accordancewiththeCSRDformat,followingthesequenceincludedintheESRSunder“2.environmentalinformation”,and“3.
socialinformation“.
ESRS2SBM-348a
Consequently,thissustainabilitystatementincludes,inadditiontoinformationrelatingtoESRS2,informationrelatingtoESRSE1,S1
andS2(providedthatthedatapointsarerelevantorapplicable).Thelistofdatapointscoveredandtheirpreciselocationinthe
reportcanbefoundinChapter5.2Appendix2:Listofreferences.Forgreatertransparency,thelistofdatapointsnotcoveredis
explicitlyprovidedinChapter5.3,Appendix3:Listofomittedinformation.Thislistalsoincludesthereasonsfortheomission.
Finally,inaccordancewithESRS2,thetablelistingtheESRSdatapointsthatoriginatefromotherEUtextscanbefoundinAppendix5.4.
ESRS2IRO-256
Table 8: DMA results
Material for CFE Denition Corresponding ESRS Impact
materiality
Financial materiality
Risk Opportunity
Climate change
mitigation
The process of reducing CFE’s
GHG emissions
(scope1,eet,fuelandgas;
scope2,electricity;scope3,
buildingmaterials,energy
demandsofpropertyprojects).
Climatechange(ESRSE1)-
Climate change mitigation
yes yes yes
Healthandsafety Healthandsafetyindicators,
policies and practices for all
CFEemployees
Ownworkforce(ESRSS1)-
Working conditions - Health
andsafety
yes no no
Healthandsafetyindicators,
policies and practices for all
subcontractors.
Valuechainworkers(ESRS
S2)-Workingconditions-
Healthandsafety
yes no no
Therstmaterialthemeisthereforethemitigationoftheeffectsofclimatechange.Indeed,theconstructionsectorhasasignicant
impactongreenhousegas(GHG)emissions.Fromanancialpointofview,thereisasignicantriskofincreasingcostslinked
topossibletaxesortheneedtousematerialsortechniquesthatcouldprovemorecostly.Ontheotherhand,themovetowards
newmarketssuchasenergyrenovationandtheconstructionofbuildingsinlinewiththeEuropeantaxonomyrepresentreal
opportunities for the sector.
Therisksandopportunitiesenvisaged,however,donotrequireanimmediateandradicaladaptationoftheGroup’sbusinessmodel.
Indeed,thecurrentmodelisalreadyinlinewiththestrategy,whichfocusesondesigninganddevelopingsustainablebuildings,
intelligentindustryandinfrastructureforgreenenergyandmobility.Rather,it’satransitiontoincreasedactivityofthiskindinthe
future,andboththeteamsandthecompanyarereadyforit.Furtherdetailscanbefoundinsection2.2.1.
ThehealthandsafetyoftheGroup’sworkersandsubcontractorsworkingonthesitesarethetwootherkeyissues.Inparticular,
thereisahighprobabilityofnegativeimpact,asthesectorisknowntobehighlyaccident-prone.Strictlyspeaking,thereisno
materialnancialriskoropportunityforthesethemes.Thereisthereforenoneedtoplananyradicalchangestothebusiness
model,butrathertocontinuewiththespecicactionsputinplacetoreducetheriskofaccidentsonsiteasmuchaspossiblefor
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everyoneinvolvedintheproject.Furtherdetailscanbefoundinsection3.1.2and3.2.2.
ThedoublematerialityexercisealsoshowsthattwotopicsarefairlyclosetothematerialitythresholdsdenedbyCFE(seedetailsof
thedenitionofthesethresholdsinchapter1.6.2).Thesetopicsconcern“talentmanagementandretention”and“managementand
useofincomingresources”.Thesethemesinparticulararethereforecloselymonitoredinternally,astheycouldbecomematerialin
a future reassessment of the internal and external context. Preventive actions are therefore taken.
Asfarastalentisconcerned,theemphasisisontrainingandcommunication.CFEhasalsodevelopedaCFEAcademy,digitising
trainingcoursesandfacilitatingaccesstothematthemostconvenienttimesforemployees.Themonitoringofemployee
appraisalsanddevelopmenthasalsobeendigitised.
Intermsofresources,particularattentionispaidtokeyprojectresources,aswellastodevelopmentsinthecirculareconomy
marketandtheuseofbiobasedmaterials.Thesesubjectsaremonitoredonaregularbasis.
Asexplainedabove,thedoublematerialityexercisecarriedoutin2024alsoshowsthatthethemesofcorporateculture,
whistleblowerprotectionandcorruptionandbribery(combinedina“businessconductandcompliancewiththelaw”theme)
arenotmaterial,whichmightseemsurprisingatrstglance.Acriticalanalysisandvericationofassumptionsandmateriality
thresholdswascarriedoutspecicallyforthesethemesin2024andconrmedin2025.
Itisalsoimportanttounderlinethedifferencesinactivity,geographicalpresenceandstructurethatdistinguishCFEfromitspeers
thatcouldbetakenasareferenceforcomparison.
Thesamequestioncouldbeaskedofclimatechangeadaptation.ThisismainlyduetothenatureofCFE’sactivities.Intermsof
opportunities,CFEdoesnotspecialiseincivilengineeringorinthecreationofspecicengineeringstructurestoprotectagainstthe
effectsofclimatechange,suchasdykes,stormwaterbasins,etc.WithregardtoprojectstraditionallycarriedoutbyCFE(housing,
ofces,etc.),currentregulationsalreadytakeconsiderableaccountofthemainrisksinourregions.NordoesCFEhavemany
buildingsorrealestateinitsportfoliothatcouldbeatrisk.Furthermore,basedontheDMA,thefollowingthemes(fromtheshort-
listofpotentiallymaterialtopicsaslistedinsections1.4.4and1.4.5)werealsonotconsideredmaterial:energy,biodiversity,waste
management, water use, resource use related to products and services, DE&I, economic, social, and cultural rights of communities
(land-relatedimpacts),andsupplierrelationshipmanagement.
1.5.2. Impact, risks and opportunities for material themes
Table9:IROsformaterialtopics(asdisclosedinthetable)
Topic Sub-topic Sub-sub-
topic
IRO type IRO description Time horizon Main affected
tier in the value
chain
Climate change Climate change
mitigation
Negative Impact Carbonemissionsdue
toembodiedcarbon
(buildingmaterials)
andoperationalcarbon
(energyconsumptionof
buildbuildings)
Short term Own sector tier 0
Downstream
tier 1+
Climate change Climate change
mitigation
Risk CO
2
quotas or taxes
which will increase
expenses/lower margin
Mid term Own sector tier 0
Downstream
tier 1+
Lowerlevelofactivity
or mitigation to more
expensive solutions
Own sector tier 0
Downstream
tier 1+
Climate change Climate change
mitigation
Opportunity Design and construction
ofEUTalignedbuildings,
which differentiate from
competitors
Actual Downstream
tier 1+
High CO
2
PL level score
to have commercial
advantage in tenderings
Own sector tier 0
Renovation market for
energetic renovation
has a huge potential to
decrease operational
carbonemissions
Own sector tier 0
Downstream
tier 1+
Upstream tier 1+
Own workforce Working conditions Health and
safety
Negative Impact Accidents,evendeadly
accidentsarepossible
on-site
Actual Own sector tier 0
Workers in the
value chain
Working conditions Health and
safety
Negative Impact Accidents,evendeadly
accidentsarepossible
on-site
Actual Upstream tier 1+
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Thetableaboveshowsthematerialimpacts,risksandopportunitiesrelatedtosustainabledevelopmentthathavebeenidentied
aspartoftheDMAprocess.Theyalsoindicatewhichlinkinthevaluechaintheseimpacts,risksoropportunitiesaremainly
associatedwith.Inaddition,itspecieswhethertheimpactsarepositiveornegative,actualorpotential,aswellasthemaintime
horizonconsidered.Allrisksandopportunitieshaveanticipatednancialeffectsbasedonavailableknowledgeandjudgements.
Further information on how the effects of impacts, risks and opportunities are addressed is included in the thematic sections
entitled“2.Environmentalinformation”and“3.Socialinformation”.
ESRS2SBM-348a;b;48cI,ii,iii,iv;d;f;g;h
CFE’sbusinessmodeldemonstratesstrongresiliencetothematerialimpacts,risksandopportunitiesidentied.Thisresilienceis
basedonthediversicationoftheGroup’sactivities(buildings,infrastructure,multi-technicalservices,industrialisation),which
enablesittocushionmarketuctuationsandensureoperationalcontinuity.
Thestrategygraduallyincorporatesclimatemitigationandadaptationprinciples,theriseofindustrialisation(prefabrication,
modularity)anddigitisation,strengtheningoperationalexibilityandtheabilitytorespondtoregulatoryandtechnological
changes.
Theprioritygiventosafety,throughthedeploymentofharmonisedQHSEstandardsindirectcollaborationwitheldteams,reduces
theriskofinterruptionsandcontributestotherobustnessofoperations.Similarly,theworkcarriedoutwiththevaluechain—
enhancedrequirements,assessmentandsupportforsuppliers—supportsthereliabilityofsuppliesandcompliance.
Finally,thetotalcostofownership(TCO)approachpromotessustainableandgradualinvestmentdecisions,limitingtheGroup’s
exposuretosuddeninvestmentshocks.Thankstothissetoflevers,CFEhasabusinessmodelcapableofabsorbingrisksand
capturingopportunitiesforsustainabletransitionintheshortandmediumterm.
Atthisstage,theanalysisdoesnothighlightanysignicantmaterialimpactsontheGroup’scurrentCapEx,OpEXorturnover,either
intheshortormediumterm,directlyrelatedtothematerialimpacts,risksandopportunitiesidentiedinthedoublemateriality
assessment.
ThenatureofCFE’sbusinessmodel—focusedonthedeliveryofconstruction,infrastructureandmultitechnicssolutionsprojects
—requiresgradualadaptationtoregulatory,technologicalandsectoralchangesrelatedtothesustainabletransition.TheGroup’s
strategicresponsesarethereforereectedininvestmentsintegratedintoexistingoperationalcycles,basedonatotalcostof
ownership(TCO)approachratherthanlarge-scaleone-offinvestmentprogrammes.
Thenecessaryinvestments(e.g.,gradualmodernisationofequipment,energyoptimisation,processdigitisation,low-carbon
constructioninnovations)arepartofcurrentinvestmentplansandthereforedonot,atthisstage,generateanysignicantmaterial
impactrequiringspecicdisclosure.
Furthermore,thereisnoindicationthatspecicprovisionsneedtobemadeinrelationtothematerialimpacts,risksoropportunities
identied.ExistingcommitmentscanbecoveredwithinthenormalframeworkoftheGroup’sriskmanagement.
Inconclusion,CFE’sbusinessmodelandstrategyarealreadyalignedwiththematerialissuesidentiedbytheDMA.Thisalignment
isreectedinsustainableconstruction,responsibleindustrialisation,digitisationandenhancedHSEstandards.Ratherthana
disruptivetransformation,theobjectiveistobereadytoseizetheopportunitiespresentedbythetransition(low-carbonbuildings/
infrastructure,multitechnicssolutions,valuechainpartnerships),whilereducingrisksandstrengtheningcompetitivenessinthe
short and medium term.
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1.6. IRO-1and2Doublematerialityassessment
1.6.1. Descriptionoftheprocedureappliedtoassessdoublemateriality
Thegurebelowillustratesthedoublemateriality assessment process.
Figure 3 : Visualisation of the DMA assessment process
Therst4stepshavealreadybeendescribedindetailinpreviouschapters(SBM1andSBM2).
Theseincludevaluechainmapping(chap1.3.2),identicationofthemainstakeholdersinvolved(chap1.4.1),stakeholder
engagement(chap1.4.2and1.4.3),andnallyashort-listofESGthemesrelevanttoCFEandwhichwouldbesourcesofimpact,
riskandopportunity(chap1.4.4and1.4.5).Oncethesethemeshadbeenidentied,duringengagementwithstakeholders,potential
IROswerealreadyidentiedfortheselectedthemes.Afterseveraliterations,aninternalexercisewiththehelpofmanagement
andexpertsenabledustoidentifythemainIROs.
ESRS2IRO-153b,c,d,g
Duringstakeholderengagement,potentialIROshadalreadybeenidentiedfortheselectedtopics.Aninternalexercise,involving
managementandexperts,madeitpossible—afterseveraliterations—toidentifythemainIROs.
1.6.2. DescriptionofthemethodologyusedtoevaluatetheIROs
CFEdevelopeditsmethodologybyreferringtoESRS2‘GeneralInformation’andEFRAG’sIG1implementationguideon‘Materiality
Analysis’.Thefollowingsectionsdiscusstheconceptsofpre-mitigation,thedenitionandconsolidationofimpactmaterialityand
nancialmaterialityidentiedthroughouttheGroup’sbusinesscycles,aswellasthelevelofcoverageachievedthroughthedouble
materialityanalysis(DMA).
Intheidenticationandevaluationofmaterialimpacts,risksandopportunities,CFEreliesonitsduediligenceandriskmanagement
frameworkdescribedinsection1.2oftheSustainabilityStatement(roleoftheBoard,AuditCommitteeandinternalcontrolof
subsidiaries),whichisanongoingpracticethatfeedsintotheDMA.Forthe2025nancialyear,certainmethodologicallimitations
remain:useofinternaljudgementsandestimates,variabledataavailabilityandindirectconsiderationofstakeholders;these
elementsaredocumentedandregularlyreassessedasthegranularityofESGdataimproves.
ESRS2IRO-153b
Pre-mitigation
CFEevaluatespotentialIROsidentiedthroughoutthebusinesscycleonthebasisofpriormitigation.Thismeansthatthe
assessmentiscarriedoutbeforeanymitigationmeasures–goingbeyondwhatisexpectedofatypicalcompanyinthesector
onthebasisofmanagement“bestpractice”–areapplied.
Connectionsanddependencies
Inthedoublematerialityassessment(DMA),CFEexplicitlytookintoaccountthedependenciesandconnectionsbetweenthemes
throughout the IRO assessment process.
Inparticular,theanalysisrecognisesthedirectlinkbetweenenvironmentalissuessuchasenergy,waste,resourceselectionand
climatechangemitigation(E1):choicesregardingenergyefciency,wastemanagementandmaterialsinuencetheemission
trajectoriesandlow-carbonperformanceofprojects(andviceversa).
Theseinterdependencieshavebeenconsistentlyintegratedintotheprioritisationofissueswithoutgeneratingcontradictoryactions
Evaluation (scoring)
of IROs
Value chain
mapping
Identification of key
stakeholders concerned
Engagement with
stakeholders
Identification of potentially
material themes
Identification of
IROs
Validation by
successive iterations
Clustering of hardware
IROs if necessary
Final double
materiality matrix
Our ambitions and achievements
Management report
Sustainability statements
Financial statements
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orstrategicchoices:onthecontrary,theyreinforcethealignmentofthebusinessmodelwithsustainableconstruction,circularity
andthegradualdecarbonisationofoperations.
ESRS2IRO-153ci,ciii
Impactmateriality
Asustainabilityissueismaterialfromthepointofviewofimpactwhentheactualorpotentialimpact,positiveornegative,ofCFEon
peopleortheenvironmentissignicantintheshort,mediumorlongterm.InaccordancewiththeESRS,threeparameters-“scale”,
“scope”and“irremediablecharacter”(fornegativeimpactsonly)-wereusedtoassessthe“severity”ofimpacts.
Becausethethemescanbediverse,touchingontheenvironmentaswellaspeople,biodiversity,etc.,itisimpossibletohavea
singledenitionofscaleorscope.CFEhasthereforepreparedadenitionofthelevels(from1to5)consideredbytypeofimpact.
Theevaluationwascarriedoutbybusinesssector(RealEstateDevelopment,C&RandMultitechnics).ForrealestateandC&Ractivities,
theevaluationhasbeensplitintoconstructionandrenovationprojects.FortheMultitechnicsactivitiesaseparateanalysiswascarried
outforVMAandMOBIX.Thisdivisionhasbeenmadetotakeaccountofsubstantialdifferencesintheimpactoftheactivities.
WeightingfortheCFEgrouptoobtainanalscorebypotentialmaterialthemewascarriedoutintwophases.Firstly,basedonthe
percentage of new or renovation projects in our portfolio.
Thevariousbusinesssectorswerethenweightedtoobtainanalnumber.Topreventpotentiallysignicantissuesin(nancially)
smallerbusinesssectorsfrombeingoverlookedbytakingaweightedaveragebasedonnancialparameters,aweightedaverage
istakenforimpactmaterialitybasedonESGallocationkeysspecictothethemebeingevaluated.Thesenon-nancialguresgive
abetterrepresentationoftheCFEgroup’simpact.Forexample,forworker-relatedthemes(healthandsafety,talentmanagement,
etc.)theweightingwillbebasedonthenumberofemployeesperbusinesssector.
Atopicmustscoreatleast3.5outof5tobeconsideredmaterial.Withascoreof3orabove,athemeisconsideredtobeoneto
watch,asashort-ormedium-termre-evaluationcouldleadtoitbeingrequaliedasamaterialtheme.Thisthresholdwasdened
duringworkshopswithexpertsfromthevariousAvHGroupsubsidiaries.Workshopduringwhichananalysisofthemarketandbest
practiceswascarriedout.ThisthresholdwasthendiscussedandvalidatedbytheExecutiveCommitteeandtheBoardofDirectors.
Financialmateriality
Asustainabilitytopicisimportantfromanancialpointofviewifittriggersorcouldtriggersignicantnancialconsequencesfor
CFE in the short, medium or long term.
Withregardtonancialmateriality,CFEconsiderstheimpactonnetincomeusingarolling5-yearhistoricalaverage,including
occasionalcapitalgains.Forone-offrisksandopportunities,theeffectonequityinthemostrecentyearistakenintoaccount.
Aswiththematerialityofimpact,theevaluationwascarriedoutforallfourbusinesssectors.Forrealestate,theevaluationwasalso
dividedbetweennew-buildandrenovationprojects.Thisdivisionhasbeenmadebecausewecansuggestsubstantialdifferences
betweentheimpactoftheactivities.Thenancialimpactisweightedbyaprobabilityfactor.
Duringtheevaluation,wereducedthenancialimpactoverseveralyearstoanannualimpact.Thishasbeendonetotakeaccount
of the fact that the evaluation was made for different time horizons.
Forthedenitionofnancialimportance,calculationsweremadeonthebasisofatypicalCFEbusinesscycle:theprevious3years
andthenext2yearsofCFE’snetincome.Inthemeantime,theprotfortheyear2024isknown,butitdoesnotmateriallyimpact
mydenitionofnancialimportance.Basedonitsexperienceandsoundmanagement,anancialimpactgreaterthan10%was
consideredasmaterialbytheBoardofDirectors.ThiscorrespondstoathresholdofEUR3,178,380.Inlinewiththeimpactmateriality,
thisthresholdcorrespondstoavalueof3.5onascaleof0to5(0correspondingtoEUR0.00).
Linktonon-ESGrisks
ESGriskmanagementisfullyintegratedintotheoverallriskmanagementandduediligenceframeworkdescribedinsection1.2of
theSustainabilityStatement,wherebythegovernancebodies(BoardofDirectors,AuditCommitteeandinternalcontrolsystems)
overseetheidentication,assessmentandmonitoringofallriskstotheGroup,includingESGrisks.
Inthisintegratedapproach,ESGrisksaretreatedinthesamewayasotheroperational,strategicornancialrisks,andaretherefore
notmanagedinparallelorinsilos.Theuseofriskmonetisationinnancialmaterialityanalysisallowsthesameassessmentlanguage
tobeappliedtoallrisks,ensuringthatESGrisksareneitherunderestimatednorconsideredsecondarytotheGroup’sotherriskcate
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gories.Thisapproachenhancesconsistencybetweendoublematerialityanalysis,riskmanagementandstrategicdecision-making,
andensuresthatallriskslikelytoaffecttheGroup’sperformance,complianceandresiliencearetreatedequallyandrigorously.
ESRS2IRO-153e,,f
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Therewasnochangeinmethodologyin2025.However,acriticalreviewofthescoringwascarriedoutasdescribedearlierin
Chapter 1.5.
ESRS2IRO-153h
1.7. Organisationofrolesandresponsibilitiesforsustainabledevelopmentissues
(GOV-1,2and3)
Board of Directors
Audit Committee Executive Committee
SustainabilityBoardandseniorexecutivemanagement
ChiefSustainabilityOfcer
Business Units
SustainabilityisanintegralpartofCFE’sstrategicandoperationalmanagement.TheGrouphasestablishedarobustgovernance
structurethatensuresconsistent,transparentandeffectivemanagementofallESG-relatedissues,includingtheidentication,
assessmentandmonitoringofIROs(forinformation,materialimpacts,risksandopportunities).
RoleandsupervisionoftheBoardofDirectors
TheBoardofDirectorshasultimateresponsibilityfortheGroup’ssustainabledevelopmentandoverseesallmaterialESGissues.This
supervision includes, in particular:
• approvingtheGroup’sESGstrategy,policies,objectivesandlong-termvision;
• validatingthedoublematerialityanalysis(DMA),includingthemethodology,assumptionsusedandidenticationofmaterial
themesandIROs;
• approvingtheannualupdateofthematerialitymatrix,whichwasreapprovedon5December2025;
• monitoringprogresstowardsESGobjectivesviatheKPIspresentedandinternalreports;
• supervisingtheobjectivesdenedbytheExecutiveCommittee,includingverifyingtheiralignmentwithmaterialthemesand
assessingtheGroup’srisks;
• monitoringthehealthandsafetyofitsownstaffandsubcontractorsonconstructionsites,inparticularbymonitoringand
analysingaccidentfrequencyandseverityratesontheGroup’sconstructionsitesatthebeginningofeachBoardmeeting.
TheBoardofDirectorsensuresthattheESGstrategyissufcientlyintegratedintooverallriskmanagementandthatitisconsistent
withtheGroup’snancialandoperationalobjectives.
Role of the Audit Committee
TheAuditCommitteeisresponsibleforcloselymonitoring:
• themethodandqualityofIROanalysis;
• progressinthereportingprocessinaccordancewiththeCSRDandESRS;
• themonitoringofsustainabilityrisks,integratedintotheoverallinternalcontrolandriskmanagementframework,asdescribed
insection1.2oftheSustainabilityStatement;
• thereliabilityofreportedKPIsandtheeffectivenessofinternalcontrolsystems.
The Audit Committee also makes recommendations to the Board of Directors regarding the implementation of the internal control
and risk management framework.
RoleoftheExecutiveCommittee
The Executive Committee:
• denesoperationalsustainabilityobjectives,takingintoaccountmaterialissuesandESGriskassessments;
• translatesstrategicsustainabilityprioritiesintooperationalplansfortheentireGroup;
• integratesESGobjectivesintothemanagementcycle,includingvariableremunerationparameters,asexplainedinthe
RemunerationReport,section2.4Remunerationcomponents;
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• ensuresconsistentimplementationoftheDMA’sconclusionsatGrouplevel;
• workscloselywiththeChiefSustainabilityOfcer.
TheChiefSustainabilityOfcerisapermanentmemberoftheExecutiveCommitteeandensuresthatsustainabilityaspectsare
structurallyintegratedintoallstrategicdecisions.
Aspartofmonitoringthehealthandsafetyofstaffandsubcontractors(selectedasmaterialbasedontheDMAanalysis,as
mentionedinsection1.5.1‘Resultsofthedoublematerialityanalysis’):
• everyExecutiveCommitteemeetingbeginswithananalysisandreviewofaccidentfrequencyandseverityrateson
constructionsitesbytheHeadofSafety;
• allmembersoftheExecutiveCommitteecarryoutatleast10safetyvisitseachyear;
• thevariableremunerationofExecutiveCommitteememberstakessafetycriteriaintoaccount(severityrate,frequencyrate
andnumberofsafetyvisitscarriedout).
SustainabilityBoardandseniorexecutivemanagement
TheSustainabilityBoard,chairedbytheChiefSustainabilityOfcer,bringstogetherthesustainabilitymanagersfromtheBusiness
Units. It:
• assessestherelevanceandproportionalityoftheBusinessUnits’actionplans;
• monitorsprogressagainstSMARTobjectives;
• ensuresconsistencyinthemethodologyforidentifyingandassessingIROs;
• sharesbestpracticesandadvisestheExecutiveCommitteeonoperationalimplementation.
EveryBusinessUnitsustainabilitymanagerisrepresentedonthelocalmanagementcommitteebyamemberofthatcommittee,
who thus acts as an ‘ESG sponsor’.
Integrationintoriskmanagementandduediligence
CFE’sESGgovernanceisfullyintegratedintotheGroup’soverallriskmanagementandduediligenceframework(seesection1.2
GOV-4&5Riskandduediligence).Inpracticalterms,thismeansthat:
• ESGrisksarenotmanagedseparatelyorinsilos,butaccordingtothesamemethodologyasotherstrategic,nancialand
operationalrisks;
• themonetisationofrisksinthenancialmaterialityanalysisprovidesauniformbasisforassessmentacrossallriskcategories;
• DMAisanongoingprocessinformedbytheGroup’sbroaderriskmanagementpractices.
Skillsandexpertisedevelopment
CFEensuresthatselectedmembersoftheBoardofDirectorsandpartofseniormanagementhavethenecessaryskillsto
adequatelyoverseestrategy,risksandsustainabilityobjectives.
Intermsoftraininganddevelopment,theChiefSustainabilityOfcerprovidesinputtotheBoardofDirectors,theAuditCommittee
andtheExecutiveCommitteeasnecessary.
SpecicdetailsregardingtheESGskillsofCFE’sBoardofDirectorsarepresentedinthe‘CorporateGovernanceStatement,2Board
of Directors – 2.1 Composition’.
Inaddition,theSustainabilityBoardregularlyattendstargetedESGtrainingcoursesandsessionstocontinuouslystrengthentheir
expertiseandunderstandingofthelatestdevelopmentsinsustainability,legislationandbestpractices.
Strategyandactionplans
Everythreeyears,eachBusinessUnitcarriesoutastrategicexercisebasedontheGroup’sstrategyandmaterialsustainability
issues.SpecicactionplansforeachBUaredrawnupannuallyandassessedbytheSustainabilityBoard.Atprojectlevel,sustain
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ableactionsareimplementedbylocalteams,supportedbythe‘Greenbook’,aninternalpracticalguidethatencouragesinnovation
and knowledge sharing.
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2. ENVIRONMENTAL INFORMATION
2.1. EuropeanTaxonomyinformation(pursuanttoarticle8ofRegulation2020/852)
Althoughclimatechangemitigationhasbeenidentiedasapotentialnancialrisk,CFEanditsBUsalsohavethepotentialtohave
apositiveimpactinthisarea,ashighlightedbyCFE’salignmentwiththeEUTaxonomy.
Comparedwith2025and2024,turnoverincreasedslightlyfrom21.5%to22.6%.Aboveall,thisreectsaverycleartrendforprojects
developedbyBPIRealEstate(84.6%alignmentin2025vs.77.31%in2024).Withregardstoprojectsdevelopedbyexternalclients,the
trendisfairlystable.Althoughweareawareoftheregulationsinforceandtheimportanceoftaxonomy,progressremainsslow.
Alignedcapitalexpenditureremainsmodest,reaching14.11%in2025.ThisisinlinewithCFE’sbusinessmodel,whichisnotfocused
on making major investments.
14.1%22.6%
22.6 % of CFE’s turnover is
aligned with the European
taxonomy
14.11% of CFE’s capital expenditure
(CAPEX) is aligned with the European
taxonomy
aligned
eligible but not aligned
non eligible
(2024 – 13.97%)(2024 – 21.47%)
Figure4:Visualisationofaligned2025turnoverandCAPEXgures
ESRSE1:Climatechange
Reducing greenhouse gas emissions
andcombatingclimatechange
areimportantobjectivesforthe
internationalcommunity.The
constructionandbusinesssector
isamajorplayerinthistransition.
SBM: CFEhasthereforedeneda
plan to reduce its direct emissions
by-40%anditsindirectemissions
(scope3)by-20%by2030.
Mobility,on-siteenergyreduction,
sustainablematerialselection,and
low-carbondesignarethemain
levers of this plan.
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2.1.1. DescriptionoftheEuropeanTaxonomy
TheTaxonomyRegulation
1
createsaframeworkfordeterminingtheextenttowhicheconomicactivitiescanbeconsidered
environmentallysustainableintheEuropeanUnion,therebyimprovingtransparency.
Thesixenvironmentalobjectivessetbythetaxonomyregulationareasfollows:climatechangemitigation,climatechange
adaptation,sustainableuseandprotectionofwaterandmarineresources,transitiontoacirculareconomy,pollutionprevention
andcontrol,andprotectionandrestorationofbiodiversityandecosystems.
Aneconomicactivityisconsideredsustainableifitcontributessubstantiallytooneoftheseobjectiveswithoutharmingtheothers
(DNSHprinciple)andrespectsminimumsocialguarantees.Theseguaranteesensurerespectforsocialstandardsandhuman
rights at corporate level.
TheEuropeanCommissionestablishestechnicalscreeningcriteria(TSC)foreligibleactivities,graduallyaddingtothem.Ifthese
criteriaandtheminimumguaranteesaremet,theactivityissaidtobealignedwiththeTaxonomyandconsideredsustainable.If
thetechnicalscreeningcriteriaaremet,andtheminimumguaranteesarerespected,theactivitiesare“aligned”withtheTaxonomy.
Theyarethenconsideredenvironmentallysustainable.
2.1.2. Scopeandmethodology
CFEhasassessedhowandtowhatextentitsactivitiesareassociatedwitheconomicactivitiesconsideredsustainableaccording
totheEUtaxonomy.Despitesomeuncertaintiesregardingthepracticalapplicationofthetaxonomyregulationanditsdelegated
acts,CFEhasdoneitsbesttocollectreliabledataontheeligibilityandalignmentofactivitiesandtoanalysethedifferenttechnical
screeningcriteria.Theresultsareshowninthetablesonthefollowingpages.
AswiththisSustainabilityStatementasawhole,theanalysiscoversentitiesinthefollowingsegments:ConstructionandRenovation,
RealEstateDevelopmentandMultitechnics.TheactivitiesintheInvestmentsandHoldingssegment(GreenSTOR,DeepCHolding
andGreenOffshore)arenotincludedinthescopeofconsolidation,asCFEdoesnotexerciseexclusiveoperationalcontrolover
these.Itisimportanttonotethatforrealestateprojects,onlyfullyconsolidatedprojects(fully-ownedbyBPIRealEstate)weretaken
intoaccount(eligibilityandalignment).
Astructurefordouble-checkingandaligningnancialreportingbetweenunitsandtheconsolidationhasbeenputinplaceto
maintainconsistencyintheinterpretationoftaxonomyregulationsandtheconsistencyofnancialstatements.Thisalsoavoidsthe
riskofdoublecountingandinaccuraciesduetointer-companytransactionsbetweenCFEanditssubsidiaries.
2.1.3. Eligibilitycalculation
Startingfromturnoverintheconsolidatednancialstatements,anoverviewwasmadeoftheGroup’sdifferententitieswithregard
to the nature of their activities and their NACE codes. The list of NACE codes is a European framework that divides all economic
activitiesintodifferentcodes.Tosupplementthiscalculation,acompleteanalysiswasalsocarriedoutbasedonthedifferent
activitiesofCFEsubsidiaries.Thisensuresthatnopotentiallyeligibleactivityhasbeenoverlooked.
Due to the different segments in which the CFE Group is active, there are different activities to take into account. Three different
objectivescouldthereforebeappliedtotheGroup’sactivities:“climatechangemitigation”,“adaptationtoclimatechange”and
“transitiontoacirculareconomy”.However,giventheGroup’sactivities,itisnoteligibleforthe“climatechangeadaptation”
objective.CFEdoesnotspecialiseincivilengineeringorintheconstructionofspecicengineeringstructurestoprotectagainst
theeffectsofclimatechange.TheprojectscarriedoutbytheCFEgrouparethereforenotconsideredas“facilitators”forclimate
changeadaptationaccordingtotheEuropeantaxonomy.CFE’sprojectsfocusonconstruction,renovation,realestateand
multitechnics.Althoughtheyincorporateelementsofsustainability,theyarenotspecicallydesignedtofacilitatetheadaptationof
othereconomicactivitiestotheimpactsofclimatechange.Thisanalysismaybereviewedinthefuturetotakeaccountofpossible
changes in the Group’s activities.
BelowisanoverviewoftheenvironmentalobjectivesforwhicheligibilitycanbeappliedaccordingtoCFE’sdifferentactivities.
1 SupervisedbyRegulation(EU)2020/852oftheEuropeanParliamentandoftheCouncilof18June2020ontheestablishmentofaframeworktofacilitatesustainable
investmentandamendingRegulation(EU)2019/2088(hereinafter“theTaxonomyRegulation”or“theRegulation”).
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Table10:Overviewoftheenvironmentalobjectivesforwhicheligibilitycanbeappliedaccordingtothedifferentactivities
CFE Group
segments
European Taxonomy activity Climate
change
mitigation
Climate
change
adaptation
Sustainable
water usage
Transition
to a
circular
economy
Pollution
prevention
Biodiversity
Construction
& Renovation -
Real Estate
Constructionofnewbuildings(CCM
7.1.–CE3.1.)
x x
Renovationofexistingbuildings(CCM
7.2.–CE3.2.)
x x
Multitechnics
(VMABusiness
Division)
Installation, maintenance and repair
of electric vehicle charging stations
inbuildings(andparkingspacesat-
tachedtobuildings)
(CCM7.4.)
x
Installation, maintenance and repair of
energyefciencyequipment
(CCM7.3.)
x
Installation, maintenance and repair of
instruments and devices for measuring,
regulatingandcontrollingtheenergy
performanceofbuildings(CCM7.5.)
x
Installation, maintenance and repair of
renewableenergytechnologies(CCM
7.6.)
x
Multitechnics
(MOBIXBusiness
Division)
Infrastructure for rail transport
(CCM6.14.)
x
Thecalculationofeligiblecapitalexpenditurefollowsthesamemethodology,makingthecalculationsimilartothatforturnover.
Activities7.1and7.2areeligibleforbothclimatechangemitigationandthetransitiontoacirculareconomy.
Toavoiddoublecountingandtakingintoaccountthealignmentpotentialasexplainedinthefollowingchapter,theKPIsareonly
includedinthedifferenttablesunderthecategoryofclimatechangemitigation.
Operatingexpenses(OPEX),asdenedundertheEUtaxonomy,includearestrictivelistofoperatingexpenses.Giventhatresearchand
developmentarenotexplicitlyincludedinthenancialstatements,andthatmajorexpenditureonmaintenanceandrefurbishmentis
recordedasanassetonthebalancesheetandthereforealreadyincludedinCAPEX,CFEappliestheOPEXexemptionrule.
2.1.4. Alignmentcalculation-Substantialcontributioncriteria(SCC)
IntheRealEstateDevelopmentandConstruction&Renovationsegments,theGroup’sactivitiesareprojectbased.Itwilltherefore
benecessarytoanalyseonaproject-by-projectbasisifthetechnicalselectioncriteriahavebeenmetinordertocarryoutthe
alignment calculation.
Forthesesegments,theenvironmentalobjectiveof“climatechangemitigation”isthemostrelevant.
Indeed,concerningtheenvironmentalobjective“transitiontoacirculareconomy”,thecurrentregulatoryframeworkdoesnotallow
certainrecyclingandreusethresholdstobereached.Themarketlackssufcientavailabilityofthesematerials,makingthecriteria
forasubstantialcontributiontothisobjectivealmostimpossibletoachieve,evenforveryambitiousprojects.
ForCFE’sconstruction(CCM7.1)andrenovation(CCM7.2)activities,thecriteriaforsubstantialcontributionsthereforefocusonthe
project’senergyperformance.Inotherwords:
• Primaryenergyconsumption,distinguishingbetweennewbuildings(atleast10%lessthantherequirementsfornear-zero
energybuildings)andrenovations(compliancewiththerequirementsformajorrenovations);
• Buildinglifecycleassessment;
• Complianceandexecutionofanairtightnesstest;
• Complianceandexecutionofaqualitycontrolfollow-uporthermalintegritytest.
Toprovecompliancewiththesecriteria,aseriesofdocumentsmustbesupplied.TheseincludetheEPBdeclaration,anair-tightness
test,proofofthequalityoftheworkcarriedout,andalife-cycleanalysis.Pleasenotethatformajorrenovationprojects,onlytheEPB
calculationwillberequested.
ForVMA,anactivity-basedmethodologyisappliedtodetermineeligibilityandalignmentwiththeEuropeanTaxonomy.
RevenueisrstsplitbetweenBuildingTechnologies(eligible)andIndustrialAutomation(non-eligible).
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ForactivitiesrelatedtoBuildingTechnologies,allocationcoefcientsareestablishedbasedonadetailedcontractualanalysis
ofrepresentativemajorprojectsoverseveralyears.Theseallocationsatprojectlevelreecttheshareofthescopeofwork
correspondingtoEuropeanTaxonomyactivitiesandareregularlyreviewedtoensuretheirconsistencyandrepresentativeness.
Basedonthisanalysis,thefollowingrevisedaveragecoefcientsareapplied:
• activity7.3:Installation,maintenanceandrepairofenergyefciencyequipment(renovation):1.68%(eligible)
• activity7.4:Chargingforelectricvehicles:0.41%(aligned)
• activity7.5:Energyperformancecontrolsystems:6.00%(aligned)
• activity7.6:Renewableenergytechnologies:5.39%(aligned)
IntragroupeliminationsareappliedatconsolidatedleveltoavoiddoublecountingwithintheMultitechnicsdivision.
ThemainactivityrelatedtotaxonomyforMobixisinfrastructureforrailtransportation.Thisincludesworkontracks,catenariesand
signalling.Mostofthecriteriacanbedemonstratedinthesupportingdocumentsofclientstudiesandpermits.Becausethese
arenotalwaysavailabletoMobix,thenecessaryevidenceforsomecriteriacouldnotbegatheredtodemonstratealignment.The
alignmentforMOBIXistherefore0%insteadofthepotential70%.Wehavethereforeoptedforacautiousapproach.
2.1.5. Alignment calculation – ‘Do No Signicant Harm’(DNSH)criteria
Dependingontheactivitiesaligned,thefollowingDNSHcriteriaapply:
• Climatechangeadaptation:Projectsmustincludeanassessmentofphysicalclimaterisksandimplementmeasuresto
reducethem.Thisincludestakingintoaccountthefutureimpactsofclimatechangeandadaptinginfrastructureaccordingly.
• Pollution:Activitiesmustusebuildingmaterialsandcomponentsthatemitlessthan0.06mgformaldehydeperm³andless
than0.001mgcategory1Aand1Bcarcinogenicvolatileorganiccompounds(VOCs)perm³.Thesematerialsmustalsomeetthe
criteriaofAppendixCoftheTaxonomy.
• Water:Activitiesmustensuresustainableuseandprotectionofwaterresources.Inparticular,thisinvolvesefcientwater
management,reducingconsumptionandpreventingpollutionofwaterresources.Itisalsonecessarytocomplywithspecic
technicalcriteriaforsanitaryequipmentinstalledinbuildings(inparticular,compliancewithAnnexE).
• Circularity:Projectsmustpromotethecirculareconomybyusingrecycledandrecyclablematerials,minimisingwasteand
encouragingthereuseofresources.Thisincludesdesignfordurabilityandeaseofdisassembly.
• Biodiversity:Projectsmustavoidharmingecosystemsandnaturalhabitats.Thisincludesimplementingmeasurestoprotect
andrestorebiodiversity,avoidingnegativeimpactsonspeciesandtheirhabitats.
Foreacheligibleandpotentiallyalignedactivity(orproject),compliancewithDNSHcriteriawasassessedanddocumented.
ItisimportanttonotethatmostoftheGroup’sprojectsarespreadoverseveralyears,includingtheturnoverlinkedtothem.
However,tocalculatethetaxonomy,weneedtotakeintoaccounttheturnovergeneratedbytheseprojectsinthecurrentyear.
Ontheotherhand,manycriteriacanonlybefullyveriedwhenprojectsarefullycompleted.Apotentialalignmentistherefore
assessedonthebasisofinformationknownatyear-end,assumingthattherestoftheprojectwillproceedunderthesame
conditions,withnochangesorincidentspreventingnalalignment.
Estimatesaremadefromthebeginningtocalculatethealignment.Thevaluesofthevariouscriteriaareindicatedinthe
specicationstoinstructthegeneralcontractorinrelationtotheclient.Theseestimatedvaluesarethencheckedwhenthebuilding
ishandedoverandtestsarecarriedoutontheconstructedbuildings,andacorrectioncanbeappliedifnecessary.Thissystematic
vericationprocesswillcontinuetobedevelopedandautomatedtoimprovetheowofdocumentationbetweenthevarious
stakeholders.Changesincompliancewiththesevariouscriteriaarethereforeassessedeveryyear,andthenalalignmentofthese
projectscanonlybevalidatedifallcriteriaaremet.
AspartoftheassessmentoftheeligibilityandalignmentofouractivitieswiththeEuropeanTaxonomy,gatheringthenecessary
evidenceremainsacomplexexercise.Indeed,certainessentialsupportingdocuments–particularlythoseconrmingnal
compliancewithtechnicalcriteria–onlybecomeavailableattheendoftheprojectandareoftenthepropertyoftheproject
owner.ThestructuredinformationexchangeprocessrequiredforTaxonomyreportingisnotyetwidespreadacrossthesector.
Atthisstage,thiscreatessituationswherethenecessarydocumentationisnotsystematicallyavailableattherighttime.
Despitethesechallenges,theGrouphasmadeeveryreasonableefforttogathertheevidenceavailablefromstakeholders
andtorigorouslydocumentthealignmentofprojects.Aparticularefforthasalsobeenmadetoconrm,asfaraspossible,the
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Annual report 2025 - CFE
98
completenessofthelesforprojectsnalisedin2024and2025,inordertoensureanaccuraterepresentationofthelevelof
alignment. We anticipate that the gradual dissemination of reporting requirements and the collective maturation of the European
Taxonomywillfacilitatetheexchangeofinformationandenhancethereliabilityofthedatareportedinthecomingyears.
2.1.6. Minimum safeguards
The CFE Group complies with the requirements of the minimum guaranteesoftheEUTaxonomy(i.e.Article18ofRegulation
(EU)2020/852oftheEuropeanParliamentandoftheCouncilof18June2020ontheestablishmentofaframeworktofacilitate
sustainableinvestmentandamendingRegulation(EU)2019/2088).
Article 18 provides as follows:
“The minimum safeguards referred to in point (c) of Article 3 shall be procedures implemented by an undertaking that is carrying
out an economic activity to ensure the alignment with the OECD Guidelines for Multinational Enterprises and the UN Guiding
Principles on Business and Human Rights, including the principles and rights set out in the eight fundamental conventions identied
in the Declaration of the International Labour Organisation on Fundamental Principles and Rights at Work and the International Bill
of Human Rights.”
Adetailedassessmentofthedocumentsandproceduresrelatingtothesethemeswascarriedoutattheendof2024toconrm
compliance with these minimum requirements. No changes were reported in 2025 This internal assessment follows an assessment
carriedoutbyanexternalexpert(Greensh)in2022.
Amongthedocumentsanalysedarethefollowing:the“CodeofConduct”,the“BusinessIntegrityPolicies”manualandthe“Human
RightsPolicy”.Thecontentsandavailabilityofthesedocumentsaredescribedinsection4.2.Asfarasproceduresareconcerned,
weparticularlynote:allmandatorytrainingcourses,awarenessandcommunicationcampaigns,theon-siteadministrative
controlprocedure,theon-sitereceptionprocedureandthespecicon-sitesafetytrainingprocedure(toolboxmeeting),allISO
certications,theengagementprocedurewithallprojectstakeholdersandtheinternalauditprocedure.Theselistsarebyno
means exhaustive.
2.1.7. Results2025-Financialyear2025
2.1.7.1 Turnover:seetable11
Thetables11and12belowwerecalculatedusingtheGreenomytool.
Forconstructionactivities(CCM7.1.;CE3.1.)andrenovation(CCM7.2.andCE3.2.),totalturnoveristhesumoftheturnoverguresfor
thevariousprojects.Thistakesintoaccountdouble-countingeliminationsinaccordancewithnancialconsolidationrules.
ForeligibleandalignedturnoverintheMultitechnicssegment,theanalysisisbasedontheactivityofaBU.
MOBIXconsistsintheRailsBUs(whichisfullyeligibleforactivityCCM6.14)andtheUtilitiesBU’s(whichisnoteligibleforanyactivity
accordingtotheTaxonomy).
VMAconsistsoftheBuildingTechnologydivisions(whicharepartiallyeligibleforactivitiesCCM7.3.;7.4.;7.5.and7.6.)andindustrial
automation(noteligibleforanyTaxonomyactivity).
2.1.7.2 Capitalexpenditure(CAPEX):seetable12
Capitalexpenditurefollowsthesamemethodologyastheturnovercalculation,whichservesasthebasisforallocatingCAPEX
differencestothevariouseligibleandalignedprojectsandactivities.ThereisnoparticularplanconcerningCAPEX.
2.1.7.3 Operatingexpenses(OPEX):seetable13
TheamountshowninthetableisconsideredinsignicantbecauseCFEusestheOPEXexemptionruleinthecontextoftaxonomy
disclosure.Asaresult,eligibilityandalignmentare0%.Indeed,operatingexpendituresfallingwithintheregulatoryscope(mainte
-
nance,repairs,inspections,andotherenvironmentalperformance-relatedexpenses)representanon-signicantshareofthecost
base.Inaccordancewiththeprovisionsofthedelegatedregulation,theestablishmentofanOPEXTaxonomyindicatoristherefore
notrequiredandwouldnotprovidemateriallyrelevantinformation.
Table14summarizesthe3KPIs(Turnover,Capex&Opex).
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Reported KPI Turnover
Financial year (N) 2025
Environmental objective of Taxonomy aligned activities
EconomicActivities(1) Code(2)
«TaxonomyeligibleKPI
(ProportionofTaxonomy
eligibleTurnover)(3)»
«TaxonomyalignedKPI
(monetaryvalueof
Turnover)(4)»
«TaxonomyalignedKPI
(ProportionofTaxonomy
alignedTurnover)(5)»
ClimateChangeMitigation(6)
ClimateChangeAdaptation(7)
Water(8)
Circular
Economy(9)
Pollution(10)
Biodiversity(11)
«Enabling
activity
(12)»
« Transitional
activity(13)»
« Proportion of
Taxonomy
aligned in
Taxonomy
eligible(14)»
% eur % % % % % % % (Ewhere
appli-
cable)
(Twhere
applicable)
%
Installation, maintenance and repair
ofrenewableenergytechnologies
CCM 7.6. 1,00% 10.419.385 1,00% 1,00% 0,00% 0,00% 0,00% 0,00% 0,00% E 100%
Renovationofexistingbuildings CCM 7.2./
CE 3.2.
4,10% 39.766.779 3,82% 3,82% 0,00% 0,00% 0,00% 0,00% 0,00% T 93%
Infrastructure for rail transport CCM 6.14. 4,73% 0 0,00% 0,00% 0,00% 0,00% 0,00% 0,00% 0,00% 0%
Installation, maintenance and repair
of instruments and devices for mea-
suring, regulation and controlling
energyperformanceofbuildings
CCM 7.5. 1,11% 11.588.268 1,11% 1,11% 0,00% 0,00% 0,00% 0,00% 0,00% E 100%
Installation, maintenance and re-
pair of charging stations for electric
vehiclesinbuildings(andparking
spacesattachedtobuildings)
CCM 7.4. 0,08% 787.155 0,08% 0,08% 0,00% 0,00% 0,00% 0,00% 0,00% E 100%
Constructionofnewbuildings CCM 7.1./
CE 3.1.
49,72% 172.555.570 16,57% 16,57% 0,00% 0,00% 0,00% 0,00% 0,00% 33%
Installation, maintenance and repair
ofenergyefciencyequipment
CCM 7.3. 0,31% 0 0,00% 0,00% 0,00% 0,00% 0,00% 0,00% 0,00% 0%
Sum of alignment per objective 22,57% 0,00% 0,00% 0,00% 0,00% 0,00%
Total KPI 61,06% 235.117.157 22,57% 22,57% 0,00% 0,00% 0,00% 0,00% 0,00% 2% 4% 37%
Turnover:*Pleaserefertothedenominator“Revenue”inthenancialstatementsundernote4:“Segmentinformation–elementsoftheconsolidatedincomestatement”.
Table 11: Turnover eligibility and alignment
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Table12:CAPEXeligibilityandalignment
Reported KPI Capex
Financial year (N) 2025
Environmental objective of Taxonomy aligned activities
EconomicActivities(1) Code(2)
«TaxonomyeligibleKPI
(ProportionofTaxonomy
eligibleTurnover)(3)»
«TaxonomyalignedKPI
(monetaryvalueof
Turnover)(4)»
«TaxonomyalignedKPI
(ProportionofTaxonomy
alignedTurnover)(5)»
ClimateChangeMitigation(6)
ClimateChangeAdaptation(7)
Water(8)
Circular
Economy(9)
Pollution(10)
Biodiversity(11)
«Enabling
activity
(12)»
«Transitional
activity(13)»
« Proportion of
Taxonomy
aligned in
Taxonomy
eligible(14)»
% eur % % % % % % % (Ewhere
appli-
cable)
(Twhere
applicable)
%
Installation, maintenance and repair
ofrenewableenergytechnologies
CCM 7.6. 1,41% 314.782 1,41% 1,41% 0,00% 0,00% 0,00% 0,00% 0,00% E 100%
Renovationofexistingbuildings CCM 7.2./
CE 3.2..
2,32% 479.724 2,15% 2,15% 0,00% 0,00% 0,00% 0,00% 0,00% T 93%
Infrastructure for rail transport CCM
6.14..
13,88% 0 0,00% 0,00% 0,00% 0,00% 0,00% 0,00% 0,00% 0%
Installation, maintenance and repair
of instruments and devices for mea-
suring, regulation and controlling
energyperformanceofbuildings
CCM 7.5.. 1,57% 350.095 1,57% 1,57% 0,00% 0,00% 0,00% 0,00% 0,00% E 100%
Installation, maintenance and re-
pair of charging stations for electric
vehiclesinbuildings(andparking
spacesattachedtobuildings)
CCM 7.4.. 0,11% 23.781 0,11% 0,11% 0,00% 0,00% 0,00% 0,00% 0,00% E 100%
Constructionofnewbuildings CCM 7.1./
CE 3.1.
28,67% 1.974.639 8,87% 8,87% 0,00% 0,00% 0,00% 0,00% 0,00% 31%
Installation, maintenance and repair
ofenergyefciencyequipment
CCM 7.3. 0,44% 0 0,00% 0,00% 0,00% 0,00% 0,00% 0,00% 0,00% 0%
Sum of alignment per objective 14,11% 0,00% 0,00% 0,00% 0,00% 0,00%
Total KPI 48,40% 3.143.021 14,11% 14,11% 0,00% 0,00% 0,00% 0,00% 0,00% 3% 2% 29%
CAPEX:*Pleaserefertothedenominator“CAPEX”inthenancialstatementsundernote12:“Intangibleassets(excludinggoodwill)–Additions”andnote14:“Property,plantandequipment–Additions”.
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Reported KPI Opex
Financial year (N) 2025
Environmental objective of Taxonomy aligned activities
EconomicActivities(1) Code(2)
«TaxonomyeligibleKPI
(ProportionofTaxonomy
eligibleTurnover)(3)»
«TaxonomyalignedKPI
(monetaryvalueof
Turnover)(4)»
«TaxonomyalignedKPI
(ProportionofTaxonomy
alignedTurnover)(5)»
ClimateChangeMitigation(6)
ClimateChangeAdaptation(7)
Water(8)
Circular
Economy(9)
Pollution(10)
Biodiversity(11)
«Enabling
activity
(12)»
« Transitional
activity(13)»
« Proportion of
Taxonomy
aligned in
Taxonomy
eligible(14)»
% eur % % % % % % % (Ewhere
appli-
cable)
(Twhere
applicable)
%
Installation, maintenance and repair
ofrenewableenergytechnologies
CCM 7.6. 0,00% 0 0,00% 1,41% 0,00% 0,00% 0,00% 0,00% 0,00% E 0%
Renovationofexistingbuildings CCM 7.2./
CE 3.2.
0,00% 0 0,00% 2,15% 0,00% 0,00% 0,00% 0,00% 0,00% T 0%
Infrastructure for rail transport CCM 6.14. 0,00% 0 0,00% 0,00% 0,00% 0,00% 0,00% 0,00% 0,00% 0%
Installation, maintenance and repair
of instruments and devices for mea-
suring, regulation and controlling
energyperformanceofbuildings
CCM 7.5. 0,00% 0 0,00% 1,57% 0,00% 0,00% 0,00% 0,00% 0,00% E 0%
Installation, maintenance and re-
pair of charging stations for electric
vehiclesinbuildings(andparking
spacesattachedtobuildings)
CCM 7.4. 0,00% 0 0,00% 0,11% 0,00% 0,00% 0,00% 0,00% 0,00% E 0%
Constructionofnewbuildings CCM 7.1./
CE 3.1.
0,00% 0 0,00% 8,87% 0,00% 0,00% 0,00% 0,00% 0,00% 0%
Installation, maintenance and repair
ofenergyefciencyequipment
CCM 7.3. 0,00% 0 0,00% 0,00% 0,00% 0,00% 0,00% 0,00% 0,00% 0%
Sum of alignment per objective 0,00% 0,00% 0,00% 0,00% 0,00% 0,00%
Total KPI 0,00% 0 0,00% 0,00% 0,00% 0,00% 0,00% 0,00% 0,00% 0% 0% 0%
Table13:OPEXeligibilityandalignment
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Financial year (N) 2025
Breakdown by environmental objectives of Taxonomy aligned
activities
KPI(1) Total(2)
ProportionofTaxonomyeligible
activities(3)
Taxonomyalignedactivities(4)
ProportionofTaxonomyaligned
activities(5)
ClimateChangeMitigation(6)
ClimateChangeAdaptation(7)
Water(8)
Circular
Economy(9)
Pollution(10)
Biodiversity(11)
Proportionofenabling
activities(12)
Proportion of transitional
activities(13)
Not assessed activities
considerednonmaterial(14)
Taxonomyalignedactivitiesin
previousnancial
year(N-1)(15)
ProportionofTaxonomyaligned
activitiesinpreviousnancial
year(N-1)(16)
eur % eur % % % % % % % % % % eur %
Turnover 1.041.593.379 61,06% 235.117.157 22,57% 22,57% 0,00% 0,00% 0,00% 0,00% 0,00% 2,19% 3,82% 0,00% 253.780.757 21,47%
Capex 22.268.046 48,40% 3.143.021 14,11% 14,11% 0,00% 0,00% 0,00% 0,00% 0,00% 3,09% 2,15% 0,00% 3.787.806 13,96%
Opex 3.440.122 0,00% - 0,00% 0,00% 0,00% 0,00% 0,00% 0,00% 0,00% 0,00% 0,00% 0,00% - 0,00%
Table 14: Total
Our ambitions and achievements
Management report
Sustainability statements
Financial statements
Message from the Chairman and CEO
Annual report 2025 - CFE
103
2.1.8. Statement concerning activities involving the use of nuclear or fossil fuels
In2025,CFEdidnotcarryoutanyactivitiesrelatedtotheuseofnuclearenergyorfossilfuels2025.
Table 15 : Nuclear and fossil fuel activities
Row Nuclear energy related activities YES / NO
1 Theundertakingcarriesout,fundsorhasexposurestoresearch,development,demonstrationanddeploymentofinnovative
electricitygenerationfacilitiesthatproduceenergyfromnuclearprocesseswithminimalwastefromthefuelcycle.
NO
2 The undertaking carries out, funds or has exposures to construction and safe operation of new nuclear installations to
produceelectricityorprocessheat,includingforthepurposesofdistrictheatingorindustrialprocessessuchashydrogen
production,aswellastheirsafetyupgrades,usingbestavailabletechnologies.
NO
3 Theundertakingcarriesout,fundsorhasexposurestosafeoperationofexistingnuclearinstallationsthatproduceelectricity
orprocessheat,includingforthepurposesofdistrictheatingorindustrialprocessessuchashydrogenproductionfrom
nuclearenergy,aswellastheirsafetyupgrades.
NO
Fossil gas related activities
4 Theundertakingcarriesout,fundsorhasexposurestoconstructionoroperationofelectricitygenerationfacilitiesthat
produceelectricityusingfossilgaseousfuels.
NO
5 Theundertakingcarriesout,fundsorhasexposurestoconstruction,refurbishment,andoperationofcombinedheat/cooland
power generation facilities using fossil gaseous fuels.
NO
6 Theundertakingcarriesout,fundsorhasexposurestoconstruction,refurbishmentandoperationofheatgenerationfacilities
that produce heat/cool using fossil gaseous fuels.
NO
2.2. ESRS E1 : Climate change
ReducingGHGemissionsandcombatingclimatechangeareimportantobjectivesfortheinternationalcommunity.TheParis
Agreement’s1.5°Ctargetstatesthatglobalemissionsmustbesubstantiallyreducedby2030andbecomezeroby2050.InEurope,
thisambitionissupportedbytheEuropeanGreenDeal.
ReducingGHGemissions,bothinintensityandinabsoluteterms,hasbeenandremainsapriorityforCFE.CFEiscommittedto
implementing action plans to reduce these GHGs.
Since2020,specicactionplanshavebeenputinplacetolimittheGroup’sdirectandindirectemissions(scope1and2).This
appliesinparticulartomobilitymanagementandenergymanagementatsitesandheadquarters.
Since2020,CFEhasbeenscreeningitsindirectemissions(scope3)toidentifythemainsourcesofemissionsandprioritiseaction
planstotargetthesemainsources.AmoredetailedGHGProtocolanalysisofindirectemissionswascarriedoutin2024,conrming
the actions taken since 2020.
Implementingactionplanstoachieveourenvironmentalambitionsisacollectiveresponsibility.Everyplayer,fromtheworkerson
constructionsitestosustainabilityofcers,projectdevelopers,designandmethodsdepartmentsandQHSEteams,playsacrucial
role.Nevertheless,managementhasamajorresponsibilitytoensurethatactionplansareimplementedintheirBusinessUnits.
TounderlinetheimportanceoftheseESGobjectives,theachievementofenvironmentaltargetsisintegratedintotheirvariable
remuneration,includingshort-andlong-termbonuses.FurtherdetailsareavailableintheRemunerationreport.
ESRSE1GOV-313
2.2.1. SBM3:Materialimpacts,risksandopportunitiesandtheirinteractionwithstrategyandbusiness
model
Theconstructionsectorhasasignicantimpactongreenhousegas(GHG)emissions.Constructionactivitiesconsumelarge
quantitiesofenergy,mainlyfromfossilfuels,toproducematerialssuchascement,steelandglass.Thesematerialsareresponsible
forsignicantCO
2
emissions during their manufacture. Construction sites also generate direct emissions through the use of
machineryandvehicles.Thebuildingsthemselves,onceconstructed,continuetocontributetoGHGemissionsthroughtheirenergy
consumptionforheating,coolingandlighting.Finally,constructionanddemolitionwastemanagementaddsanotherlayerof
emissions,increasingthesector’soverallcarbonfootprint.
TheESRSthemeof“climatechangemitigation”ismaterialforCFEanditsvarioussubsidiaries,asGHGemissionscanhavea
signicantimpactonthegroup’sfutureresults,mainlyduetothenancialimpactoffuturecarbontaxes.Businessmodelsstillneed
toevolve,butfacethefollowingchallenges:availabilityandscaling-upofnewtechnologies,supplychainsunabletosupportthis
scaling-up,andcustomers’willingnessandabilitytoaccepttheseadditionalcosts.
ClimatechangemitigationisthereforeapriorityissuefortheCFEgroup.
ESRSE1SBM-318
CFE’sactivities,whichincludetheconstructionofresidentialandnon-residentialbuildings,donotmakeasubstantialanddirect
contributiontoclimatechangeadaptation.Thesetypesofprojectsfocusprimarilyoncreatinginfrastructuretomeetsociety’s
needsintermsofwork,housingandeducation.Whilethesebuildingsmayincorporateelementsofsustainability,suchasenergy
Our ambitions and achievements
Management report
Sustainability statements
Financial statements
Message from the Chairman and CEO
Annual report 2025 - CFE
104
efciencyandtheuseofeco-friendlymaterials,theyarenotspecicallydesignedtosubstantiallymitigatetheimpactsofclimate
changeonthecommunity,suchasextremeweathereventsorrisingsealevels.Consequently,althoughtheseprojectsareessential
forurbanandsocialdevelopment,theirdirectcontributiontoclimatechangeadaptationremainslimited.AsCFEdoesnotactually
holdanyrealestateinitsportfolio,thereisnorealnancialriskassociatedwithclimatechangeadaptation.Theabsenceofthese
assetsmeansthatCFEisnotdirectlyexposedtothepotentialcostsassociatedwithupgradingorprotectinginfrastructureagainst
climate impacts.
ESRSE1SBM-319c
Although climate change mitigation is a material issue for CFE, involving the reduction of Scope 1 and 2 emissions as well as its
energyconsumption,thethemeofenergytransitionisnotconsideredamaterialsubject.ThisisbecauseScope3emissions,
includingembodiedandoperationalcarbon,aresignicantlyhigherthandirectemissions.Inotherwords,indirectemissionslinked
tothematerialsusedandbuildingoperationsaccountforamuchlargershareofCFE’stotalcarbonfootprint,sotheleverageeffect
ofthisenergytransitionismuchlessrelevantthanmanagingScope3emissions.Forthisreason,CFEwillnotreportonESRSE1-5.
In2025,aclimateresilienceanalysiswasconductedtoassesstheCFEGroup’sabilitytoremainviableandcompetitiveintheface
oftheimpactsofclimatechange.Itwasbasedonrecognisedscenarios(IPCC,NGFS)totesttherobustnessofthebusinessmodel
in two contrasting contexts: a strong transitionscenario(<1.5°C)andaweaktransitionscenario(2–3°C).Withinthisframework,
physicalrisks(oods,heatwaves,storms,waterstress)andtransitionrisks(regulation,marketdevelopments,technologies,
nancing)wereidentiedandmappedbybusinesssegment.Theirmaterialitywasassessedandastress testwasusedtoquantify
the potential impacts on margins, deadlines and costs.
Thestudyalsoanalysedthecapacityofthebusinessmodelandstrategytoabsorbtheseshocks,examiningtransitionplans
(GHGreductiontargets,actions,governance)andexistingadaptationmeasures.ThisanalysisdemonstratesthatCFEcanlimitits
vulnerabilitiesandseizeopportunitiesinanuncertainclimatecontext,inlinewithCSRD/ESRS requirements.
Inthiscontext,theassessmentofimpacts,risksandopportunitieslinkedtoclimatechangehasbeencarriedouttakingintoaccount
theGroup’sdifferentbusinesslines,aseachsegmentmaypresentspecicIROs.Aconsolidationexercisewasthencarriedoutas
describedinchapter1.4oftheDMA.ThescopeoftheresilienceanalysisisidenticaltothatspeciedfortheentireDMAanalysis.
Thisanalysiswasconductedtakingintoaccountdifferenttimehorizons(current,shortterm,mediumtermandlongterm).In
accordance with ESRS, our assessment of impacts, risks and opportunities is structured around short, medium- and long-term time
horizons.GiventhatatypicaleconomiccyclewithinCFEisveyears,weusethisasareferencetodenethemediumterm.On
thisbasis,weconsiderfourtimehorizons:(i)Current,(ii)Shortterm:<1year,(iii)Mediumterm:1–5years,(iv)Longterm:>5years.
Fortheclimateresilienceanalysis(ESRSE1),CFEapplieslongertimeframesinordertocapturethesystemicdynamicsassociated
withclimatechange.Thisexerciseisbasedonscenarioscoveringmulti-decadaltimehorizons,consistentwiththefactthatmajor
climateimpactsmaterialiseoverthelongterm,ashighlightedbyresearchonclimaterisksandtheneedforextendedstrategic
planning.Wewillthereforeusethewell-knownmilestonesof2030(transitionmilestone),2040(intermediatemilestone)and2050
(carbonneutralitymilestone)todenethesetimehorizons.
Although climate change is material for CFE, it does not constitute a risk requiring immediate and radical adaptation of the
group’sbusinessmodel.Indeed,thecurrentmodelisalreadyinlinewiththestrategy,whichfocusesondesigninganddeveloping
sustainablebuildings,intelligentindustryandinfrastructureforgreenenergyandmobility.Rather,it’satransitiontoincreased
activityofthiskindinthefuture,andboththeteamsandthecompanyarereadyforit.Furthermore,theinitiativesimplemented
todecarboniseouractivitiesandouractiveroleindrivingtheentiresectorthroughthetransitionareessentialleversforreducing
transition risks.
ESRSE1SBM-319c,ESRSE1SBM-3AR8b
2.2.2. E1.IRO-1:Descriptionoftheprocessestoidentifyandassessmaterialclimate-relatedimpacts,
risks and opportunities
CFE has assessed the list of ESRS themes in its DMA, including ESRS E1 climate change, ESRS E2 pollution, ESRS E3 water and marine
resources,ESRSE4biodiversityandecosystems,andESRSE5resourceuseandcirculareconomy.OnthebasisoftheDMAcarriedout,
onlyESRSE1climatechangeisidentiedasariskwithahighmaterialityofimpactandnancialimpact.Theprocessofidentifying
impacts,risksandopportunitiesisdescribedinmoredetailinsection1.4.3relatingtoDMAinSustainabilityStatements.Asstipulatedin
theESRS,theDMAexerciseandresilienceanalysiscovertheentirevaluechainandareassessedoverdifferenttimehorizons.
ESRSE1.IRO-120a,b,c,AR9etAR12a
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Annual report 2025 - CFE
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Inordertoassesstheresilienceoftheeconomicmodel,climateanalysisisbasedondifferenttimehorizons,inlinewith
recommendedpracticesforclimatescenarios.Thesehorizonscovertheshortterm(1year),themediumterm(1–5years)and
thelongterm,beyond5years,includingstandardforward-lookingmilestonessuchas2030,2040and2050.Thisstructureis
alignedwiththeapproachesusedininternationalclimatescenarios,whichrequiremulti-decadaltimehorizonstofullycapture
theevolutionofphysicalandtransitionrisks.Thesetimehorizonsmakeitpossibletoassessthesensitivityofdifferentbusiness
segmentstomoreorlessambitiousmitigationtrajectoriesandprovidethetimeframewithinwhichthescenariospresentedbelow
shouldbeinterpreted.
ESRSE1.IRO-120a,b,c,AR9etAR12a
Forourresilienceanalysis,werelyoninternationallyrecognisedclimatescenarios,suchasthosedevelopedbytheIntergovernmental
PanelonClimateChange(IPCC)andtheNetworkforGreeningtheFinancialSystem(NGFS).Thesescenariosaimtoexploreplausible
trajectoriesforclimatechangeandtransitionpolicies,nottopredictthefuture,buttotesttherobustnessofstrategiesincontrasting
contexts.
Strongtransitionscenario(alignedwiththeParisAgreement,<1.5°C)
Thisscenariorepresentsatrajectorywhereambitiousandrapidmeasuresareimplementedtolimitglobalwarmingto1.5°Cabove
pre-industriallevels.ItisbasedontheassumptionsoftheIPCCRCP1.9orRCP2.6scenariosandtheNGFS’s‘NetZero2050’scenario.
Itinvolvesaccelerateddecarbonisation,strictclimatepoliciesandaprofoundtransformationofenergyandindustrialsystems.An
assessmentofthe2030(shortterm),2040(midterm)and2050(longterm)milestonesisnecessarytogaugethecapacitytoadapt
toarapidandorderlytransitionoverthenextdecade,thefollowingdecadeandthentowardsnetzero.
Lowtransitionscenario(warmingbetween2°Cand3°C)
Thisscenarioreectsinsufcientordelayedclimateaction,leadingtoglobalwarmingofbetween2°Cand3°Cbytheendofthe
century.ItisbasedonassumptionssimilartotheIPCCRCP4.5orRCP6.0scenariosandtheNGFS’s‘CurrentPolicies’or‘Delayed
Transition’trajectories.Thissituationischaracterisedbyapartialtransitiontolow-carbontechnologies,continueddependenceon
fossilfuelsandasignicantincreaseinphysicalrisksassociatedwithextremeweatherevents.Theassessmentofthe2030(short
term),2040(midterm)and2050(longterm)milestones,withanextensionbeyond2050,isnecessarytocapturethegradual
increaseinphysicalhazardsandlateregulatoryconstraints.
Thesescenariosformthemethodologicalbasisforassessingtheresilienceofeconomicmodelsinaccordancewiththe
requirementsoftheCSRDandtheESRSE1standard,integratingbothphysicalandtransitionrisks.
CFEisexposedtoarangeofphysicalclimaterisksthatdirectlyaffectitsconstruction,renovation,infrastructureandmultitechnics
activities.Themostsignicanthazardsareextremerainfallandooding,thefrequencyandseverityofwhichareincreasingsharply,
causingdelays,costoverrunsanddamagetoconstructionsites.Heatwavesandextremetemperaturesareanothermajorrisk:
theyreduceproductivity,degradecertainmaterialsandputpressureontechnicalsystemsandworkingconditions.Stormsand
highwindsalsorepresentacriticalrisk,astheycandamageequipment,temporarystructuresoroverheadlines,particularlyin
linear activities. Added to this are landslides linked to soil saturation, freeze/thaw episodes that weaken infrastructure, and droughts
thataffectsoilstabilityandwateravailabilityforconstructionsites.Finally,inthelongerterm,risingsealevelsandcoastalrisksare
anemergingissueforcertainareasofactivity.Overall,thesephysicalhazardsarethemaindriversofclimateriskforCFE.AsCFE
doesnothaveanasset-focusedbusinessmodel,theserisksrelateexclusivelytoprojects.
Beyondphysicalhazards,CFEisalsoexposedtotransitionriskslinkedtochangesinclimatepolicy,technologyandmarkets.The
rstdriverisstricterregulations:Europeanrequirementsintermsofenergyefciency,decarbonisation,sustainabletaxonomy
and compliance with reinforced climate policies, which are transforming market access conditions and increasing the level of
requirementsinpublicandprivatetenders.Thesecondriskrelatestotheavailabilityandcostoflow-carbontechnologies–
innovativematerials,high-performancetechnicalsystems,cleanenergysolutions–accesstowhichdeterminescompetitiveness
in scenarios of rapid transition. In addition, the growing expectations of investors, insurers and customers in terms of climate
performancearecreatingincreasedpressureonbusinessmodels,transparencyandtheabilitytodemonstrateacredibletransition
strategy.Finally,theassociatednancialrisks—potentialincreaseininsurancecosts,additionalCAPEXforcompliance,depreciation
ofnon-alignedassets—amplifytheimportanceofanticipatingthetransitionandsecuringaccesstogreennancinginacontext
ofrapidmarkettransformation.Theclimateresilienceanalysiscoversfourkeysegments:Construction&Renovation,RealEstate,
Multitech–Rail&Energy(Mobix) and Multitech–VMA.Eachsegmenthasspecicexposurestophysicalandtransitionrisks,as
well as strategic opportunities in the context of climate change.
Construction&Renovation(≈60%ofturnover)
Thissegment,whichfocusesonlarge-scaleprojectsforpublicandprivateclients,ishighlyexposedtoclimatehazards(heavy
rain,ooding,heatwaves,frost,storms).Theseeventsleadtodelays,costoverruns,HSEshutdownsandriskstothequalityofthe
materials.Transitionrisksincludestricterregulations(energyefciency,circularity),growingdemandforlow-carbonprojects,and
theavailabilityofinnovativematerials.
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Opportunities:differentiationthroughresilientdesign,expertiseinlow-carbonsolutions,andthe‘DesignforAdaptation’offering.
Scenarios:
• Strongtransition(<1.5°C):strictregulationsandtechnologicalacceleration,butopportunitiesforproactiveplayers
• 2030(shortterm):rstwaveoflow-carbonrequirementsandopportunitiesforproactiveplayers
• 2040(midterm):technologicalaccelerationandcompetitiveadvantage
• 2050(longterm):standardisationofresiliencerequirements
• Lowtransition(2–3°C):intensicationofphysicalrisksandlatebutabruptregulatorypressures
• 2040(midterm):intensicationofhazardsandriseininsurancecosts.
• 2050(longterm):preponderanceofphysicalrisksandlatebutabruptstandards
RealEstate(≈10%ofturnover)
Risksareconcentratedinthedevelopmentphase(acquisition,permits,design,construction).Weatherconditionsaffectdeadlines
andcosts,whileregulatoryandmarketrequirements(taxonomy,BREEAM,HQEandDGNBcertications)arebecomingessential
criteria.
Opportunities: commercialvaluethroughenergyperformance,easieraccesstogreennancing,differentiationthrough
low-carbonandcirculardesign.
Scenarios:
• Strongtransition:strongdemandforresilient,low-carbonbuildings,privilegedaccesstosustainablenancing.
• 2030(shortterm):strengtheningofcerticationlabelsandtaxonomyasagatewaytosustainablenancingandclear
differentiation
• 2040(midterm):strongdemandforresilientbuildings
• 2050(longterm):propertyvaluedependentonadaptation
• Low
• transition:increasedphysicalrisks,slowerbutuncertainregulatorychange.
• 2040(midterm):increasedphysicalrisksandunstableregulatorytrajectory
• 2050(longterm):propertyvaluedependentonadaptationandsharpdepreciationofnon-compliantpropertieswitha
need for CAPEX to upgrade
Multitechics–Rail&Energy(MOBIX)
Linearactivities(railways,cables,pylons)arehighlydependentonweatherconditionsandlogisticalconstraints.Physicalrisks
includeooding,landslides,stormsandheatwaves,impactingplanningandsafety.Transitionrisksrelatetolow-carbonstandards,
ESGclausesintendersandtheavailabilityoflow-footprintequipment.
Opportunities:improvedESGscoresforpublicprocurement,productivitygainsthroughweatherplanningandBIMtools,
differentiation through operational resilience.
Scenarios:
• Strongtransition:rapidadoptionoflow-carbonstandardsandinnovativetechnologies.
• 2030(shortterm):riseofESGclausesandproductivitygainsthroughdigitaltools
• 2040(midterm):rapidadoptionoflow-carbonstandards
• Lowtransition:intensicationofclimatehazardsandriseininsurancecosts.
• 2040(midterm):markedincreaseinhazardsandinsurancecosts
• 2050(longterm):servicecontinuitybecomesacompetitiveadvantageastheadaptationdecitincreasestheriskof
penalties
Multitechnics–VMA(≈20%ofturnover)
Activitiesrelatedtoelectricalsystems,HVACandBMS,sensitivetoheatwavesandregulatoryconstraints(energyefciency,F-gas
restrictions,EPBD).Physicalrisksincludeoverloadingofcoolingsystems,oodingaffectingequipment,andstormsdisrupting
operations.Transitionrisksrelatetotheavailabilityoflow-carbontechnologies,BMScybersecurityandenergyvolatility.
Opportunities: differentiationthroughclimate-readyandcyber-securesolutions,energyperformance-basedcontracts,
accesstogreennancingthroughTaxonomyalignment.
Scenarios:
• Strongtransition:strongdemandforresilientandexiblesystems,acceleratedadoptionoflow-carbontechnologies.
• 2030(shortterm):increasedEPBDrequirementsanddemandforhigh-performancesolutions
• 2040(midterm):strongdemandforresilientandexiblelow-carbonsystems
• 2050(longterm):widespreaduseofenergyperformancecontracts,subsidiesforresilientandsecurelow-carbon
solutions
• Lowtransition:physicalrisksdominate,opportunitieslimitedtomitigation.
• 2040(midterm):physicalrisksdominate,opportunitiesfocusedonmitigationandperformancemaintenance
Strategicconclusion:
Allsegmentsareexposedtoincreasingphysicalrisksandregulatoryandmarketpressuresthatareintensifyingacrossalltime
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horizons—intheshortterm(2030),increasinglyinthemediumterm(2040)andstructurallyinthelongterm(2050andbeyond).
Valuecreationthereforedependsonimmediateaction:integratingadaptationanddecarbonisationintooperationalmodels,
strengtheningprojectresilienceandcapitalisingonopportunitiesrelatedtoTaxonomyandgreennancing.Delayingthese
measuresincreasescosts,reducescompetitivenessandincreasesthecompany’svulnerabilityaswemovefromonetimehorizon
to the next.
Themaindriversofclimateresiliencearetheintensicationofphysicalhazards,regulatorychanges,theavailabilityoflow-carbon
technologies,theassociatednancialimpacts,andtheabilityofthebusinessmodeltoadaptandcapturetransitionopportunities.
BasedonourIRO-1process,whichdescribeshowwecontinuouslyidentifyandassessclimateimpacts,risksandopportunities
(doublematerialityanalysis,climatescenarios,andshort/medium/long-termassessment),theGroup’sstrategyandbusiness
model integrate these risks and demonstrate adequate resilience to contrasting climate trajectories. In accordance with ESRS E1, this
assessmentisbasedonrecognisedscenariosandananalysisoftherobustnessofourstrategyandplans(mitigation,adaptation,
energy)atrelevanttimepoints.
Asofthedateofthisreportandbasedonthe2025results,noGroupactivityhasbeenidentiedasincompatiblewithourclimate
resiliencetrajectory,nordoesitrequireanysignicantadditionaleffortsspecicallyidentiedbeyondtheactionsalreadyintegrated
intoourpolicies,plansandresources,andourobjectives.ThisconclusionwillbereviewedannuallyaspartoftheIRO-1processand
ESRSE1requirements,particularlyintheeventofchangesinexposuretophysicalandtransitionrisksornewinformationaffecting
theresilienceanalysisandanticipatednancialeffects.
Atthisstage,nocriticalriskshavebeenidentied,norhasanyneedformaterialinvestmentbeenidentiedintheshortor
medium term.
ESRSE1.IRO-111a,b,c,d,21,AR12,15
2.2.3. E1-2 Climate change mitigation policies
CFEhasdraftedapolicyentitled“ClimateChangePolicy”.Itdoesnotcoverclimatechangeadaptation,asthisthemehasnotbeen
deemed material.
ESRSE1-224,25
ThispolicyappliestoalltheGroup’sactivitiesandisaddressedtoallGroupemployees.ItwasdraftedbytheGroup’sCSO(who
isalsoresponsibleforitsimplementation)andapprovedbytheExecutiveCommitteeandBoardofDirectors.Itisavailableto
employeesviatheGroupintranet.
Withthispolicy,CFEundertakesnotonlytomonitoritsGHGemissions,butalsotoimplementtheactionsnecessarytoachieveits
ambitionsintermsofreducingtheseemissions.
Toensurethequalityandcompletenessofthedatamonitored,thispolicyisaccompaniedbyaspecicmanualondatadenition
andcollectionmethods.DataiscollectedbytheBusinessUnitsandconsolidatedbythecentralteamsinaccordancewithGHG
protocol methods.
ThispolicyalsoaddressestherolesandresponsibilitiesofthevariousBusinessUnitsindrawinguplocalactionplans.Itisalsobased
onstandardsandcerticationsspecictothevariousbusinesses(ISO,CO
2
performancescale,etc.).
CFEreviseditsdecarbonisationobjectivesin2024andnowaimstoreduceitsdirectemissions(scope1and2)by40%by2030
comparedwith2020emissions.Indirectemissions(scope3)needtobereducedby20%by2030,comparedwiththevalues
measuredin2024.Theseobjectivesareanintegralpartofthepolicy
ESRSE1-224
Thepathtodecarbonisationisacomplexone,astheconstructionsectorhasalong,fragmentedandinterdependentvaluechain.
Ratherthansettingboldambitionswithoutconcreteactions,CFEbelievesinannualprogressbasedonoperationalexcellence,
availabletechnologiesandinnovationefforts.ThegrowthinturnoverandCAPEXinlinewiththeEU’staxonomyisfurtherproofofthis
commitment.
Thereisclearlystillaneedtoimprovedatacollection,establishcomparablebaselinesforthesectorasawhole,andverifythe
feasibilityandavailabilityoftechnologiesthatcanactasleversfordecarbonisation.Asaresult,the2050transitionplanisstillunder
development.Thistakesintoaccounttheevolutionofcurrenttechnologicallimitations,insufcientsectorinnovation,andtheoverall
lackofvisibilityonthecommitmentsoftherestofthesector.Furthermore,thecalculationofScope3emissionsonlybeganin2024
andstillhavetheirlimitations,asalreadyhighlightedabove.
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Ontheotherhand,aGHGreductionplanfor2030hasbeenputinplace,demonstratingourdecarbonisationefforts.Thisplanis
basedontheSBTiframework.Althoughnotyetformallyvalidated,CFEwilladheretotheSBTiframeworkassoonaspossible.
ESRSE1-116a
2.2.4. E1-1,E1-3etE1-4:Transitionplans,decarbonisationlevers,targetsandresourcesinrelationto
climate change policies
Toremainintouchwiththeeldandmarketwhileguaranteeingaglobalandintegratedstrategicapproachdespiteitsdecentralised
businessmodel,CFEhasputinplaceclearESGgovernance.
Theoverallstrategy,long-termvisionandtargetsettingistheresponsibilityofCFE’sExecutiveCommittee.Inparticular,thismeans
thattheGroup’soverallGHGemissionreductiontargetsfor2030and2050andtherelatedtransitionplans(inlinewiththeCSRD)
aretheresponsibilityoftheExecutiveCommittee.
Ontheotherhand,eachBusinessUnitdevelopsitsownspecicreductionactionplans,takingintoaccountitsownbusinessand
operatingmodel.TherelevanceoftheseplansandthepossibilityofcarryingoutcollectiveactionsareassessedatSustainabilityBoards.
Localsustainabilityofcersmonitortheobjectivesandeffectivenessofspecicreductionpoliciesandplansonamonthlybasis.
Thecentralsustainabilitydepartment,underthesupervisionoftheChiefSustainabilityOfcer,consolidatesandcriticallyanalyses
progressonaquarterlybasis.
AsclimatechangeandthenegativeimpactofGHGemissionshavebeenidentiedasmaterialissuesatGrouplevel,theseaspects
areincludedintheannualESGreviewatBoardlevel.ChangesinindicatorsandtargetsarealsopresentedannuallytotheAudit
Committee and the Board of Directors.
ESRSE1-1,16h&i
In2025,allScope1and2GHGemissionsaresupportedbyaGHGreductionplanfor2030.For2050,nocommitmenthasbeenmade
forthereasonsexplainedinsection2.2.3.Consequently,noScope1and2GHGemissionsarecurrentlycoveredbyatransitionplan
forthishorizonstrictlyspeaking.Thisplaniscurrentlyunderdevelopment.
AllScope1and2GHGemissionshavereductiontargetssetfor2030(short-term).ThesetargetsarealignedwithSBTiandtherefore
compatiblewiththeParisagreementstolimitglobalwarmingto1.5°Cintermsofreductionambition,althoughtheyhavenotyet
beenformallyvalidatedbySBTi.In2025,allScope1and2greenhousegas(GHG)emissionsarecoveredbyareductionplanaimed
atachievinga40%reductionby2030.
ForScope3GHGemissions,themostsignicantemissioncategoriesweremappedin2024.Emissionsrepresentinglessthan
1%ofthetotalareconsiderednon-materialandwillnotbereported.Aconsultantcarriedoutanaudittoverifythatnomaterial
aspectofthescope3emissionscalculationhadbeenoverlooked,andthatthecalculationmethodologywasindeedcorrect.The
datacollectedin2025isconsideredareferencevalueforsettingthebasisforreductioneffortsin2030.Scope3emissionscome
mainlyfromtheemissionscategorypurchasesofgoodsandservices,andarebasedonexpendituredataforthematerialswith
thehighestemissionsforthebusinesssector(concrete,steel,specialtechniques,façadeelements).Thiscalculationmethodwill
besubjecttosubsequentadjustmentstoimproveaccuracy.Whererelevanttothecompany,moregranulardatawillbecollected
basedonactivitydata,torenecalculationsandprovidebetterinformationonactionstobetaken.Thiswillbeanongoingprocess
foryearstocome.
Scope3GHGemissionshavereductiontargetssetfor2030.Althoughthesetargetsarecompatiblewiththereductionambitionsof
theParisagreements,theyarenotformallyvalidatedbytheSBTi.
ESRSE1-4,34e&16a
ThesetargetsweresetbasedonaninternalanalysisofpossibleleversforactionwithineachBUtoensurethatambitionand
realism were aligned. The targets have not changed since 2024.
Thedenitionofthesetargetsandtheanalysisofthevariousreductionleversarenotbasedonaspecicclimatescenario.
ESRSE1-4,34e&16a
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Table 16 : Percentage of GHG emissions covered by a reduction target and/or plan
Datapoints 2024
Reference
GHG emissions for scope 1 and 2
PercentageofScope1and2GHGemissionssupportedbyaGHGreductionplanfor2030 100%
ESRSE1-1
Percentageofscope1and2GHGemissionscoveredbyatransitionplaninlinewiththeESRS 0%
ESRSE1-17
Percentageofscope1and2GHGemissionscoveredbyareductiontargetfor2030 100%
ESRSE1-4
Percentageofscope1and2GHGemissionscoveredbyareductiontargetinlinewiththeParisagreements 100%
ESRSE1-116a
GHG emissions for scope 3
Percentageofscope3GHGemissionscoveredbyareductionplanfor2030 100%
ESRSE1-1
Percentageofscope3GHGemissionscoveredbyatransitionplaninlinewiththeESRS 0%
ESRSE1-17
Percentageofscope3GHGemissionscoveredbyareductiontargetfor2030 100%
ESRSE1-4
Percentageofscope3GHGemissionscoveredbyareductiontargetinlinewiththeParisagreements 0%
ESRSE1-116a
2.2.4.1 Reductionplan,objectivesandprogress
Directandindirectemissions:Scope1and2
Asof2021,CFEiscommittedtoreducingitsGHGemissionsintensityby40%by2030comparedwith2020’svalues.In2024,CFE
revieweditsobjectivesbycommittingtoreduceitsabsoluteGHGemissionsby40%by2030comparedwith2020’svalues.Thistarget
iscompatiblewiththeParisAgreementsandisinlinewiththeSBTi(buthasnotbeenofciallyvalidatedbytheSBTi).
ESRSE1-433
Scope1and2emissionsmainlyconcernproductionactivities,i.e.Construction&RenovationandMultitechnics.Itisthereforein
theseactivitiesthatactionsaimedatlimitingGHGemissionsaremainlydeployed.Ontheotherhand,effortsrelatingtotheeet
(companycars)concernalltheGroup’sactivities.
ESRSE1-434b
Lever1-Mobilityandlogistics
Therstleveractivatedconcernsmobility.Asfarascompanycarsareconcerned,amobilityplanthatbenetsworkershasbeen
rolledoutacrosstheGrouptoencouragetheadoptionofalternativemodesoftransportsuchascyclingorpublictransport.Electric
carsarewidelyencouraged.Tofacilitateadoption,chargingstationsareinstalledatmostoftheGroup’sworksites.Thellrateof
thevansaswellastheirroutesarebeingoptimised,andtestsarebeingcarriedoutwithhybridandelectricvans.Finally,trucks
andotherheavyconstructionequipmentaregraduallybeingreplacedbylesspollutingvehicles.Mobility-relatedactionsalone
representapotential28%reductionintotalGHGscope1and2emissionsby2030.
Lever2-Siteenergyconsumption
AsecondtoolforlimitingGHGproductionistoreduceenergyconsumptionforsiteinstallations.Onsite,wemonitorenergy
consumptionandcannowoptimiseconsumptionbytrackingdownabnormalover-consumptioninparticular.Understanding
ofthisconsumptionissupportedbyimprovementsintheinsulationofthebuildingsitecontainers,aswellasvariouscorrective
measures.Solarpanelsarealsoinstalledonmanyconstructionsites.Thepositioningofthesiteinstallationsthereforealsotakesinto
accounttheoptimisationofsunlightforthesitecabins.Ingeneral,theuseofgreenelectricityisrecommendedonconstructionsites
wheneverpossible.Thereductionpotentialoftheseactionsisoftheorderof15%by2030.
Particularattentionispaidtogeneratorsusedforsitestart-uporasoccasionalback-upforwinterheatingneeds.Thesegenerators
consumelargeamountsofenergy.Pilotstudiesarebeingcarriedoutwithbatteriesorhydrogengenerators.Thereductionpotential
hasnotyetbeenassessed,ascurrenttechnologiesarenotyetefcient.
Lever3-Ofceenergyconsumption
ForexistingheadofceswhereCFEownsthepremises,energyauditshavebeencarriedoutaswellasrenovationstokeepenergy
consumptiontoaminimum.Solarpanelsandenergymanagementsystemshavealsobeeninstalled.Finally,BPC,BPIRealEstate,
CLE,VanLaere,VMAandCFE’sheadofcehavemovedintonewbuildingsdesignedandbuiltbythegroup’sentities,allofwhich
areverylow-energybuildings.CFE’snewWoodHubheadquartersisparticularlyexemplaryintermsofenergyconsumption.The
buildingisheatedandcooledbygeothermalenergyandheatpumps,andisequippedwith300solarpanels.ThismakesWood
Hubalmostenergyindependent,withprimaryenergyconsumptionofnomorethan8.59kWhperm².Comparedwiththecurrent
averageof180kWh/m²/yearforofcebuildings,WoodHubstandsoutasanexceptionalNZEB(NearlyZeroEnergyBuilding),
designedforthefuture.Thereductionpotentialoftheseactionsisfairlylimited(lessthan1%),astotalenergyconsumptioninofces
isverylowcomparedwithconstructionsites.Nevertheless,theseactionsarenecessarytobeconsistentwithotheractionsandto
establisharealcorporateculturearoundthechallengesofclimatechange.
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Although we have taken advantage of most of the levers for reducing GHG emissions from scopes 1 and 2, CFE continues to seek
furtheroptimisationofitsenergyconsumption.Thecompanyregularlytestsnewpilotprojectsonitsworksites,andcloselymonitors
technologicaladvancesandinnovationsinthiseld.Particularattentionispaidtoconstructionsitegenerators,forwhichcurrent
technologyunfortunatelydoesnotyetmeetmarketexpectations.
ESRSE1-329a,ESRSE1-3AR21,ESRSE1-114,16b,j,ESRSE1-434f,16b
Toensurethatthesevariousmeasuresarefollowedup,andthatworksiteschoosethesolutionsbestsuitedtotheirsituation,CFE
hascompiledallsolutionsthatbringgoodresultsinahandbookcalledthe‘Greenbook’.
By2025,CFEhasalreadyachievedanabsolutereductionof38.1%intotalscope1and2comparedwiththe2020referencevalues.
Theexpectedresultsfor2025weretoachievea20%reductionon2020values.Theseexcellentresultsaredueinparticulartothe
rapidadoptionofon-siteenergyoptimisationmethodsandaneffectiveeetgreeningpolicy.
ESRSE1-329b
Table 17 : Scope 1 and 2 GHG emissions by source
Scope 1 and 2 results of
actions taken
Unit 2020
Reference
2024
N-1
2025
N
Improvement
on N-1
Improvement on
reference year
Scope 1 tCO2eq 15,812.17 11,235.58 9,711.44 -14% -39%
Fleet tCO2eq 11,713.19 8,329.56 7,556.68 -9% -35%
Fuel tCO2eq 3,319.34 1,966.17 1,560.01 -21% -53%
Gas tCO2eq 779.64 899.72 580.21 -36% -26%
Refrigerants tCO2eq 0.00 40.13 14.54 -64%
Scope 2 tCO2eq 1,872.00 1,412.11 1,954.99 -37% 4%
Electricity tCO2eq 1,872.00 1,742.15 933.54 -46% -50%
Electricityfortheeet tCO2eq 0.00 212.84 301.67 42%
Total scope 1 and 2 tCO2eq 17,684.17 13,190.57 10,946.65 -17% -38%
ESRSE1-329b,ESRSE1-434a,b
Indirectemissions:Scope3
In2024,CFEcarriedoutacompleteanalysisofitsindirectemissionsaccordingtotheGHGProtocol.Thisanalysishighlightedthe
materialcategories(i.e.higherthan1%oftotalemissions)ofScope3GHGemissions,whichare“purchasesofgoodsandservices”,
whichaccountsfor92%ofemissions,“useofproductssold”,whichaccountsfor7%ofemissions,andtoalesserextent“goodsand
equipment”,whichaccountsfor1%ofemissions.
Inthe“purchasesofgoodsandservices”category,thisanalysisshowsthatasmallcategoryofmaterialsisresponsibleforthe
majorityoftheseemissions.Theseincludeconcrete,steel,façadeelementsand,toalesserextent,technicalbuildinginstallations
suchasHVAC,piping,cabling,etc.Takingintoaccountthisanalysis,aswellascurrenttechnologies,informationandconstruction
methods,CFEhasdeneditsobjectivesfor2030.CFEhascarriedoutanin-depthstudyofthestatedobjectivesofitsvaluechain,
in particular those of suppliers of materials with a high impact on GHG emissions. Based on this information, CFE has set itself the
targetofreducingitsScope3emissionsby20%by2030,basedon2024values.Adetailedreductionplanhasyettobedrawnup,
requiringamoregranularanalysisofthedata.The20%reductiontargetappliestotheentireCFEgroup.
A25.5%reductionwasachievedin2025comparedwith2024.Althoughveryencouraging,theseresultsshouldbeviewedwith
caution,astheyareduemoretoimproveddataqualityandgreateraccuracyinthecoefcientsusedthantoadirecteffectof
theactionsimplemented.ItshouldalsobenotedthatScope3emissionsdependheavilyonthelevelofactivity,thetypeofactivity
(renovationornewconstruction)andthephasesofprojectexecution.Amoreconcreteandtargetedanalysisoftheresultscan
onlybecarriedoutafterayearortwoofadditionalmeasurementstogainanoverviewofanactivitycycle.
ESRSE1-3AR21,ESRSE1-433,ESRSE1-434b
Lever1-Sustainablesuppliersandmaterials
The main lever for reducing scope 3 GHGs is therefore the commitment of suppliers who themselves have targets and reduction
plans in line with the Paris agreements.
Alongside this lever, CFE also wants to take a pro-active approach.
Asadeveloper,BPIRealEstateiscommittedtodevelopingsustainableprojectsandlimitingboththelevelofembodiedcarbonand
thecarboncontentofitsbuildings.BPIRealEstateusesLifeCycleAssessment(LCA)inaccordancewithEN19578andreliesonthe
taxonomy’scriteriawhereverpossible.
Our ambitions and achievements
Management report
Sustainability statements
Financial statements
Message from the Chairman and CEO
Annual report 2025 - CFE
111
AsMultitechnicscontractorsandcompanies,CFEactivelyproposessustainableandinnovativealternativesatthetenderstageor
evenduringprojectexecution.Thesemaybereusedmaterialalternatives,bio-sourcedmaterials,orothers.
Acentralisedcentreofexpertisesupportseldteamsindevelopingthesesustainablevariantsandsolutions,andalsocentralises
bestpracticesinadatabaseavailabletoallGroupemployees.
CFE is also involved in innovative pilot projects, such as the Buildwise project to optimise site logistics through the use of
consolidation centres with Buildwise.
Lever2-Stimulatingchangeinthesector
CFEparticipatesin,and/orchairs,numeroussector-specicworkinggroupsaimedatimplementinglarge-scalesustainableand
innovativesolutions.Inparticular,thisconcernsthecirculareconomy,theadoptionofthe“CO
2
performance ladder”, the revision of
publicspecications,etc.CFEisalsoparticularlyactiveintheBelgianAllianceforSustainableConstruction(BA4SC),whichbrings
togetherrepresentativesofthevariousprofessionalassociationsintheconstructionsectoraroundthethemesofsustainabilityand
climate change in particular.
Lever3-Opportunitiesinthebusinessmodel
CFEhasalsolaunchedthreenewBusinessUnitsaimedatbringinganew,moresustainableapproachtoconstructionprojects.
TheyareWoodshapers,VmanagerandPulse.
WoodShapers,asubsidiaryoftheCFEgroup,specialisesinsustainableconstructionusingmainlywoodandotherbio-sourced
materials.Withitsfocusonreducingcarbonfootprintsandusingrecyclablematerials,WoodShaperscontributestogreener
construction.Furthermore,thespacescreatedbythecompanyaredesignedtoenhancethewell-beingofoccupantsthrough
healthymaterialsandsaferworkingenvironments.
VMAoffersESCOservicesthatprovideguaranteedenergyperformancetoclientswhosodesire.In2020,VMAlaunchedVmanager,
apieceofsoftwareandanApptargetingenergysavings,energyowmanagementand,ingeneral,constructiontechnology
management.Thisinnovativetoolfacilitatesintelligentandsustainablemanagementofnewandrenovatedbuildingsby
combiningVMA’stechnicalexpertise,intensivemonitoringandtoolstosuperviseandcontroltheiractualenergyperformance.
ThedevelopmentofVmanagercombinedwiththeknow-howofVMAmakesitpossibletoofferaglobalsolutionforenergy
management.
Finally,Pulsespecialisesinpropertyredevelopment,offeringanintegratedsolutiontoimproveenergyefciency,reducecarbon
emissionsandincreaseoccupantcomfort.Thecompanyoffersservicesrangingfromenergyandenvironmentalauditsto
completebuildingrenovationandtheinstallationofinnovativetechnologies.Pulseaimstoincreasethevalueofitsclients’real
estate assets while meeting environmental requirements and guaranteeing an optimal return on investment.
ESRSE1-329a,ESRSE1-114,16b,j
Our ambitions and achievements
Management report
Sustainability statements
Financial statements
Message from the Chairman and CEO
Annual report 2025 - CFE
112
SummarytableofGHGreductiontargets
2020 20252024 2030
17.683,79
13.190,57
10.946,65
-38% -40%
Scope 1-2 market based
2024 2025 2030
482.306,42
-25.5% -20%
Scope 3
tCO2eq tCO2eq
10.610,27
359.432,70
385.845,14
Table 18: GHG reduction targets
Specic CO
2
reduction
targets
Reference
year
Reference
value
target year
for the
objective
value 2025 reduction in 2024
compared with the
reference year
expected reduction
in target year since
reference year
tCO
2
eq tCO
2
eq % tCO
2
eq % tCO
2
eq
Scope1-2marketbased 2020 17,683.79 2030 10,946,65 -38% -6,737,52 -40% -7,073.52
Scope 3 2024 482,306.42 2030 359,432.70 -25,5% -122,873,72 -20% -96,461.28
ESRSE1-434a,b
Noteonreferenceselection
2020and2024havebeenchosenasthereferenceyearsforscopes1&2andscope3respectively,astheycorrespondtothetime
whenspecicactionplanshavebeenputinplacetoreduceGHGemissions.Therearenoparticularfactorstohighlightoverthese
yearsthatwouldmeantheycannotbeconsideredrepresentative.
ESRSE1-4AR25a,b
2.2.4.2 Financialresourcessupportingtheclimatechangemitigationtransitionplan
Seealsotheinformationfoundinthenancialreportonpage142:‘AdditionalinformationregardingtheGroup’senvironmental
impact.’
Directandindirectemissions:Scope1and2
Lever1:Mobilityandlogistics
Theeetofcarsandequipmentisregularlybeingreplacedbyelectricvehicles,forexample.CFEhasnotidentiedanyassets
whoseeconomiclifetimeshouldbereduced.Thesearemainlyleasingcontractsvaluedunderproperty,plantandequipment.The
otheractionsconcernraisingawarenessorswitchingtoalternativemeansoftransport,whichareincludedintheGroup’smobility
plan.Thisplantakesintoaccountallaspectsofmobility(TCO,taxes,etc.)anddoesnotinvolveanyparticularcostsorinvestments.
Levers2and3:Energyconsumptiononsiteandintheofces
Tolimitthis,on-siteconsumptionismonitoreddailytopreventenergywastage,solarpanelsarebeinginstalledonthesite
barracksandmoreefcientgeneratorsarebeingused.Therearenomajorcostsassociatedwiththeseactions,asthereduction
inconsumptiongenerallyoffsetstheinvestmentinequipment.Theseamountsaremarginal.Atthesametime,aswitchtogreen
energyhasalreadybeeninplacesince2020.
TherelocationofCFEanditssubsidiariesBPC,BPI,CLE,VMAandVanLaeretonewbuildingsthatconsumeverylittleenergy(notably
WoodHub),aswellastherenovationofothergroupheadquarters,hasalsosignicantlyreducedthegroup’senergyconsumption.
CFEhasnotidentiedanyassetswhoseeconomiclifetimeshouldbereduced.
NoteonCAPEXalignedwithEuropeantaxonomy
Capexplaysanessentialroleinthedevelopmentofsustainableactivities.Theserelatetoequipmentandmachinery,CFE’sowneet
and,toalesserextent,CFE’sofcesandproductionsites.In2025,atotalofEUR22,27millionwasinvestedinthesecategories,14,1%of
whichwasdirectlylinkedtosustainableprojects,inaccordancewiththeEUtaxonomy.
Our ambitions and achievements
Management report
Sustainability statements
Financial statements
Message from the Chairman and CEO
Annual report 2025 - CFE
113
Indirectemissions:Scope3
Atthisstage,itistooearlytodrawconclusionsontheresourcessupportingthetransitionplanforScope3emissions.It’sacomplex
subjectbecauseitconcernstheentirevaluechain.
Arststeptowardsgainingamoregranularunderstandingistoadaptthemethodusedtocalculatecategory1emissions.Firstly,
CFE will use the CO
2
conversioncoefcientsprovidedbyaunique,certieddatabasepublishedbyBuildwise,whichliststhemain
construction materials used in Belgium.
Secondly,unlikein2024,whenallemissionsrelatedtothelifecycleofmaterialswereincludedincategory1alone,from2025onwards
CFEwillseparatetheseemissionsintotheappropriatecategories(categories1,4and12)inordertoclearlydistinguishbetweenthe
production,transportandendoflifeofthematerialsusedinourprojects.Thisnergranularitywillalsomakeiteasiertolinkspecic
objectivestotheactionsundertaken.
The initial sectoral trends are as follows:
TheCFEgroup’sactivitieswillbedevelopedtoreducecostsintermsofCO
2
emissions,particularlyintermsofthechoiceofmaterials
and transporting materials and waste in the Construction & Renovation and Multitechnics segments. It is also expected that the
proportionofrenovationandenergy-efciencyrenovationworkwillincreaseastheregulatoryframeworkevolves.
Thenancialimpactofthechoiceofmaterialsorthedevelopmentofnewapproachestotransportisestimatedattheproject
submissionstageandthenincorporatedintothecommercialoffersubmittedtothecustomer.Thisstudyiscarriedoutonaproject-
by-projectbasis,somarginsarere-evaluatedatthestartofeachneworder.Ontheotherhand,aresidualriskisthecostofthe
inefcienciesinherentinlearningnewproductiontechniquesornewapproachestologistics.Thisisbecauseitisnotalwayspossible
toanticipate(bothatcontractuallevelandwhenpreparingforprojectimplementation)andquantifywithsufcientaccuracy.
Therealestatebusinesssystematicallyincludessolutionsforreducingtheenergyconsumptionofbuildingsduringthedeveloment
ofnewprojects.Inaddition,renovationprojectsforexistingbuildingsarebecomingincreasinglycommon.Oncethelandhasbeen
acquiredtodevelopaproject,afeasibilitystudyiscarriedout.Thecostpriceoftheprojectisestimatedandincorporatedintothe
commercial offer made to customers.
Specicframework
Toensurethattheseactionsareimplemented,CFEhasstrengtheneditsmanagementteamwithlocalSustainabilityOfcers
workinginthevariousBusinessUnits,aswellasateamworkingattheholdingcompanytoconsolidateinformationandsupport
localteams.Thecostofthisspecicframeworkisincludedin“operatingcosts”aspresentedintheFinancialReportonpage183.
Asthesecostsarenotmaterial,CFEdoesnotconsideritnecessarytodetailthemfurtherinthenancialreport.
ESRSE1-329ci,ESRSE1-116c
Theresourceslinkedtothetransitionplanwillbereassessedingreaterdetaillatertoanalysethecostslinkedtothescope3
reductionplan,oncethishasbeennalised.Thisanalysis,initiallyplannedfor2025,hasbeenpostponedinordertoalignitwith
othersectoralinitiativesonthesubject.
Similarly,ananalysiswillbemadetotakeaccountofthe2050targetsandthecorrespondingreductionplanonceithasbeen
nalised.
Nosignicantcapitalinvestmentisplannedforeconomicactivitiesrelatedtothermalcoal,nuclearpowerorfossilfuel.
ESRSE1-116f;ESRSE1-329cii,16c&ciii,16c
2.2.4.3 RisksofblockingGHGemissions
Capitalexpenditure(CAPEX)hasbeenassessedandtheblockingriskhasnotbeenconsideredsignicant.
ESRSE1-116d
2.2.4.4 EUbenchmarksalignedwithParisagreements
NeitherCFEnoranyofitssubsidiariesareexcludedfromtheEUbenchmarksalignedwiththeParisagreements.
ESRSE1-116g
2.2.5. E1-6: Gross Scopes 1, 2, 3 and Total GHG emissions
2.2.5.1 Total GHG footprint
GrossgreenhousegasemissionsarecalculatedinaccordancewiththeGHGprotocol.Thismeansthattheyarenot
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limitedtocarbondioxide(CO
2
)alone,butalsoincludeothergreenhousegasessuchasmethane(CH
4
),nitrousoxide(N
2
O),
hydrouorocarbons(HFCs),peruorocarbons(PFCs),sulphurhexauoride(SF
6
)andnitrogentriuoride(NF
3
).
ESRSE1-6AR39b
FortheCFEgroup,thelimitsofGHGreportingundernancial(accounting)andoperationalcontrolarethesame.Thisisduetothe
factthatallBusinessUnitsarefullyintegratedintotheconsolidatednancialstatements.Projectsunderjointcontrol(jointventures
orjointoperations)areaccountedforaccordingtoCFE’sshare(pro-rata)intheproject.Thisintegratedapproachensuresthat
greenhousegas(GHG)emissionsreportingisconsistentwithnancialreporting.
ESRSE1-650
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Table19:GHGemissionsbyscope
Datapoints Unit 2020
reference year
2023 2024 2025 Reference
GHG emissions for scope 1
Total gross Scope 1 GHG emissions tCO2eq 15,812.17 13,974,48 11,235.58 9,711.,44
ESRSE1-648a
Percentage of scope 1 GHG emissions from regulated
emissions trading schemes
% 0% 0% 0% 0%
ESRSE1-648b
GHG emissions for scope 2
Totalgrossscope2lease-basedGHGemissions tCO2eq NC* NC 3,520.07 2,497.51
ESRSE1-649a,52a
Totalgrossscope2market-basedGHGemissions tCO2eq 1,872.00 1,412.11 1,954.99 1,235.21
ESRSE1-649b,52b
Signicant GHG emissions for scope 3
Total gross indirect scope 3 GHG emissions tCO2eq NC NC 482,306.42 359,432.70
ESRSE1-651
Category1.Purchasedgoodsandservices tCO2eq NC NC 386,729.71 281,375.76
Category2.Capitalgoods tCO2eq NC NC 4,968.62 3,659.96
Category3.Fuelandenergy-relatedactivities tCO2eq NC NC NC Non material
Category4.Upstreamtransportationanddistribution tCO2eq NC NC 25,395.28 18,477.03
Category5.Wastegeneratedinoperations tCO2eq NC NC NC Non material
Category6.Businesstravel tCO2eq NC NC NC Non material
Category7.Employeecommuting tCO2eq NC NC NC Non material
Category8.Upstreamleasedassets tCO2eq NC NC NC Notapplicable
Category9.Downstreamtransportationanddistri-
bution
tCO2eq NC NC NC Notapplicable
Category10.Processingofsoldproducts tCO2eq NC NC NC Notapplicable
Category11.Useofsoldproducts tCO2eq NC NC 32,133.75 31,852.23
Category12.End-of-lifetreatmentofsoldproducts tCO2eq NC NC 33,079.26 24,067.72
Category13.Downstreamleasedassets tCO2eq NC NC NC Notapplicable
Category14.Franchises tCO2eq NC NC NC Notapplicable
Category15.Investments tCO2eq NC NC NC Non material
TotalGHGemissionsforscope1-2-3locationbased tCO2eq NC NC 497,062.07 371,642.04
ESRSE1-644,52a
TotalGHGemissionsforscope1-2-3marketbased tCO2eq NC NC 495,496.99 370,379.73
ESRSE1-644,52b
GHG emissions outside scope 1-2-3
Directbiogeniccarbonemissions(Scope1-2-3) NC NC NC Notapplicable
ESRSE1-6AR43c,
45e, 46j
*NC means not considered
ESRSE1-644,46d;ESRSE1-648a,b,49a,b,52a,b,51,AR43c,AR45e,AR46j
Table20:DésagrégationdesémissionsdeGESparsegmentd’activité
Disaggregation of 2024 GHG
emissions by business segment
Unit Construction and
Renovation segment
Real Estate
Development
segment
Multitechnics
segment
Investment and
Holdings segment
Total gross GHG emissions for
scope1and2marketbased
tCO2eq 4,515.90 64.64 6,197.34 -
TotalsignicantgrossScope3GHG
emissions
tCO2eq 254,743.03 12,718.00 91,971.97 Non-material
TotalGHGemissionsforscope
1-2-3marketbased
tCO2eq 259,258.93 12,782.64 98,169.31 Non-material
ESRSE1-6AR41
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Scope1–directemissions
Direct emissions are reported according to the GHG protocol and are calculated for all Group activities. The Holdings and
Investmentsegment,ofwhichCFEdoesnotexerciseexclusivecontrol,onlytakesintoaccountemissionslinkedtotheheadofce.
Emissionscomemainlyfromtheeet(cars,vansandtrucks)andenergy(gasandfueloil)usedonconstructionsitesandatthe
Group’s various headquarters.
Theeetaloneaccountsfor78%oftheseemissions.
TheemissionfactorsusedtocalculateScope1directemissionsaretakenfromthedatabasewww.CO
2
emissiefactoren.be. This
databaseisregularlyupdated,andthefactorstakenintoaccountrelatetotheyear2025.
ESRSE1-6AR39b
Theaccuracylevelis100%basedonprimarydata.
ESRS2BP-210c
Scope2–indirectemissions
Scope 2 emissions, as reported according to the GHG protocol, are calculated for all group activities, with the exception of the
InvestmentsandHoldingssegment,forwhichCFEdoesnothaveoperationalmanagement.TheyincludeindirectGHGemissions
mainlyarisingfromtheproductionofelectricitypurchasedandconsumedbyCFEanditssubsidiaries.Scope2emissionsbasedon
locationarecalculatedbymultiplyingpurchasedelectricityvolumesbytheemissionfactorsspecictoeachcountry.Tocalculate
Scope2greenhousegasemissionsusingthemarket-basedapproach,CFEreliesongreenelectricitycontractsasthecontractual
instrumentsfortheelectricitypurchased.Intotal,CFE’scommitmentisreectedinthefactthat78%ofthekWhpurchasedand
consumedusesgreenelectricity.Thispercentageofgreenelectricitycorrespondsfullytocombinedcontractualinstruments.
Percentageofcontractualinstrumentsusedforthesaleandpurchaseofenergygroupedwithattributesconcerningenergy
generation in relation to Scope 2 GHG emissions.
78%
PercentageofcontractualinstrumentsusedforthesaleandpurchaseofenergyattributeclaimsnotgroupedinrelationtoScope2
GHG emissions.
0%
ESRSE1-645d
TheemissionfactorsusedtocalculateemissionsfromelectricityusedinBelgiumcomefromthewww.CO
2
emissiefactoren.be
databaseandfromwww.aib-net.org.TheemissionfactorsusedtocalculateemissionsfromtheenergymixinPoland,Luxembourg
andGermanycomefromthewww.aib-net.orgdatabase.Finally,theemissionfactorsusedtocalculateemissionsfromlocation-
basedelectricityinPoland,LuxembourgandGermanycomefromlocaldatabases(Legilux,KobizeandUBA).
Theaccuracylevelisestimatedat100%basedonprimarydata.
ESRSE1-6AR39b
Theaccuracylevelisestimatedat100%basedonprimarydata.
ESRS2BP-210c
Scope3–indirectemissions
Scope3emissionsarereportedaccordingtotheGHGprotocol,withtheScope3inventorydividedinto15categories.
CFEplanstograduallyimprovetheaccuracyofthevaluesreportedforScope3.2025isconsideredareferenceyearfordetermining
abasevalueonwhichCFEcansetitsdecarbonisationtargets.In2025,CFEwillonlyreportonthosecategoriesofscope3thatare
material,i.e.whosevalueisgreaterthan1%ofthetotalvalueofscope3.
Thecalculationmethodusedin2024impliedthatthecategories‘Upstreamtransportationanddistribution’and‘end-of-life
treatmentofsoldproducts’werealreadyincludedinthe‘Purchasedgoodsandservices’category.Thiswasduetothefactthat
almostalltheemissionfactorsusedincategory1concernfullEPDsintegratingtheendoftheproductioncycleandtransportationof
products.Thismethodologyisappliedtoavoiddoublecounting.Thismethodologywasadaptedin2025inordertobefullyaligned
with the GHG Protocol.
ESRSE1-6AR46i,46h
Thefollowingrelevantcategorieshavebeenidentiedatthisstageasmaterialinlinewiththemethodsusedtoestimateemissions:
• Category1:Purchasedgoodsandservices:Thiscategorymainlyconcernsemissionslinkedtothemanufactureanduseof
materialsinprojectscarriedoutbytheGroup.In2024,thereferenceyear,thecalculationmethodusedwasasfollows.CFE
haslistedthetypesofmaterialswhich,accordingtorecentstudiesinthesector,accountforthelargestshareofemissions
linkedtotheirproduction(around80%).CFEtheninventoriedalltheexpenseslinkedtothesematerialsandservices.Finally,the
selectedexpenditureismultipliedbythecorrespondinggenericemissionfactors.Theseemissionfactorsaretakenfromalist
ofemissionfactorspublishedbyBuildwise.
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• Category2:Capitalgoods:ThestartingpointforthiscategoryistheCFEbalancesheet.Capitalgoodsareclassiedunder
‘property,plantandequipment’.Thissectioncanbedividedintothefollowingcategories:•Land-Buildings-Equipment-
Vehicles.EachofthesecategoriesisassociatedwithaCAPEXvalue,whichismultipliedbyacorrespondinggenericemission
factor. These emission factors are taken from generic EPDs.
• Category11:Useofsoldproducts:Thisconcernsenergyconsumptionforthenext50yearsinbuildingsdevelopedbyBPIReal
Estate,andinbuildingsforwhichanESCO-typecontracthasbeensignedwithVmanager.Thebasisforcalculatingscope3is
directlylinkedtotheprovisionalEPBofthebuildingsunderconstruction.
Non-materialcategories:3.Fuelandenergy-relatedactivities,5.Wastegeneratedinoperations,6.Businesstravel,7.Employee
commuting, 15. Investments.
CategoriesthatdonotapplytoCFEactivities:8.Upstreamleasedassets,9.Downstreamtransportationanddistribution,10.
Processing of sold products, 13. Downstream leased assets and 14. Franchises.
Categories4and12havebeenpostponeduntil2025inordertoprovidemoredetailedinformationontheselectionofconstruction
materials and to align with potential action plans.
CFEcalculatesemissionsforScope3categories1,4and12basedonthelifecycleassessment(LCA)ofthemostemission-intensive
purchasedmaterials.Foreachmaterial,LCAdata(basedonBuildwisedatasets)makeitpossibletoidentifytheshareofemissions
relatedtoproduction(A1–A3),upstreamtransport(A4)andend-of-life(C1–C4).Thesepercentagesareusedascoefcientsto
allocatethetotalcarbonfootprintofthematerialacrossScope3.1,3.4and3.12categories.
ThecarbonintensityderivedfromtheLCA(expressedinkgCO
2
epertonne)isthenrelatedtotheaveragepurchasepriceofthe
materialinordertoobtainanemissionfactorpereurospent.Thisfactorisappliedtotheactualexpendituresforeachmaterialin
2025.Thismethodologymakesitpossibletoestimateemissionsassociatedwithpurchases,upstreamtransportandend-of-life,
whileaccuratelyreectingtherealcarbonimpactofourprocurement.
Toensureconsistencyandenablecomparisonwiththepreviousperiod,thisnewmethodologyhasalsobeenappliedto2024data.
Thismeansthatthesameallocationkeyasin2025hasbeenappliedto2024values,whilethetotalemissionsfor2024remain
unchanged.ThisallocationkeyisbasedonBuildwisecoefcients.
ESRSE1-6,AR46i
TheScope3guresdisclosedshouldbeconsideredasinitialestimates,mainlybasedonexpendituredataorprovisionalEPB.This
resultsin0%primarydata.Theseestimatesaresubjecttosubsequentadjustments.Moregranularactivitydatawillbeimplemented
overthecomingyears.
ESRS2BP-210c,E1-6,AR46g
Theconversionfactorsusedforcategories1,2,4and12comeeitherfromgenericEPDs,orfromdatabasespublishedbyBuildwise.
Forcategory11,theconversionfactorsusedarethesameasthoseusedtocalculatelocationbasedonscopes1and2.
ESRSE1-6AR39b
Scope3emissionswerecalculatedandreportedforthersttimein2024.Therearenootherchangestoreportotherthanthose
alreadyexplainedabove(changetotheEPDdatabaseandinclusionofcategories4and12).Therearenomaterialchangesin
scopeormethodologytoreportforScope1and2emissions.Scope1,2and3emissionsarepresentedforthersttimein2024,
distinguishingbetween“market-based”and“location-based”values.Inthepast,onlymarket-basedvalueswerereported.
Therearenoeventstoreportthatcouldhavehadasignicantimpactonthevaluesreported.
ESRSE1-647,42c
2.2.5.2 GHGintensitybasedonnetrevenues
CarbonintensityiscalculatedbydividingthequantityofCO
2
producedbytheconsolidatedturnoverofthepastyearforallCFEand
subsidiaryactivities.
ESRSE1-653,55&AR55
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Table 21: GHG emissions intensity
Datapoints 2024 2025 Reference
Intensity of Scope 1 and 2 GHG emissions by net income
Location-based(tCO2eq/M€) 12.48 11.72
Marketbased(tCO2eq/M€) 11.16 10.51
Intensity of Scope 1, 2 and 3 GHG emissions by net income
Location-based(tCO2eq/€M) 420.47 356.8
ESRSE1-653
Marketbased(tCO2eq/€M) 419.14 355.59
ESRSE1-653
Thetablebelowshowsareconciliationwithnetincomeontheincomestatement.
ESRSE1-6AR55
Table 22: Net income used for intensity calculations
Revenue reconciliation 2024 Reference
NetincomeusedtocalculateGHGintensity(€) 1,041,593
Otherrevenue(€) -
Totalnetincome(asstatedinthenancialdeclaration)(€) 1,041,593
ESRSE1-6AR55
2.2.6. E1-7:GHGremovalsandGHGmitigationprojectsnancedthroughcarboncredits
CFEhasnodisposalorstorageofGHGsresultingfromprojectsdevelopedaspartofitsownactivitiesortowhichithascontributed
in their upstream and downstream value chain. In addition, there are no GHG emission reductions or removals taken into account in
theGHGemissionsdisclosedfromclimatechangemitigationprojectsoutsidetheirvaluechain,whichtheyhavenancedorintend
tonancethroughthepurchaseofcarboncredits.
ESRSE1-7
2.2.7. E1-8:Internalcarbonpricing
CFEdoesnothaveinternal,structuredcarbonpricingsystemstosupportdecision-makingorincentivisetheimplementationof
climate-relatedpoliciesandobjectives.
ESRSE1-8
2.2.8. E1-9:Anticipatednancialeffectsfrommaterialphysicalandtransitionrisksandpotential
climate-related opportunities
In 2025, CFE conducted an assessment of the climate resilience of the group’s activities. This assessment covers the entire CFE
group and its activities.
TransitionrisksaremoresignicantforCFEthanphysicalrisks,astheyhaveasystemicandlong-termimpactonthecompany’s
abilitytoremaincompetitiveandcomplywithevolvingregulations.Tighterregulations(EPBD,EuropeanTaxonomy,phase-out
ofuorinatedgases),marketdemandforlow-carbonprojectsandtheavailabilityoftechnologiesaffectalloperatingunitsand
inuencethesuccessoftenders,pricingandaccesstonancing.
Conversely,physicalriskssuchasoodsorheatwavesarelocalisedandshort-term,andCFEmitigatesthemthroughproject
diversity,shortexecutioncyclesandupstreamfeasibilitystudies—particularlyinrealestate,wherephysicalrisksareassessedas
earlyasthepreliminaryprojectanalysisstage.Stresstestsconrmthis:transitionrisksarematerialforCFE,whileadaptationrisks
remainbelowcriticalthresholds.
TheCFEreductionplanaddressesthemainrisksidentiedintheclimateanalysis—suchasregulatorytightening,demandfor
low-carbonsolutionsandtechnologicalavailability—throughcleargovernance,ambitiousGHGemissionreductiontargets
(–40%forscopes1&2by2030;–20%forscope3by2030)andoperationalleverssuchaseetelectrication,energyoptimisation
onconstructionsitesandtheprocurementofsustainablematerials.Italsoreliesoninnovationandsectorinuence(WoodShapers,
Vmanager,Pulse)toseizeopportunitiesandreducesystemicrisks.
However,althoughthemitigationactionsaresolid,theplanonlypartiallycoversthephysicalrisks(oods,heatwaves,storms,
waterstress)identiedintheanalysis.Adaptationmeasureshavenotyetbeencodiedintomandatorystandards,andresilience
indicatorsarelacking.Similarly,Scope3actionsdonotyethavedetailedrulesforprocurementorembeddedcarbonfootprint
thresholds.
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However,theserisksaregreatlylimitedbythenatureofCFE’sbusinessmodel:
• Theduration,diversityandmultiplicityofprojectsexecutedeachyearspreadexposureandreduceconcentrationrisk.
• Changesinmaterialcostsarecloselymonitoredandintegratedonaproject-by-projectbasis,takingintoaccountination
risks during execution.
• Specicriskanalysesarecarriedoutinadvanceforeachproject,particularlyforphysicalrisksandplanningconstraints,
ensuring that appropriate mitigation measures are taken.
• Forrealestate,physicalrisksaresystematicallyassessedduringthepreliminaryfeasibilitystudy,allowingforadjustmentstobe
incorporatedatthedesignstage(e.g.drainagesystems,elevationstrategies).
Inconclusion,CFE’sbusinessmodelisbasedprimarilyoncarryingoutprojectsforclients,ratherthanonowningandoperating
xedassetsatrisk(operatingassetsexposedonapermanentbasis).Assuch,noportfolioofassetsheldhasbeenidentiedas
beingsubjecttomaterialimpairmentrelatedtoclimatehazardsortransitionrisksoverthehorizonsconsidered(short/medium/
longterm).Consequently,nosignicantanticipatednancialimpacthasbeenidentiedunderESRSE1-9forownedassets
(revaluation/depreciation),asCFEdoesnotoperateanasset-heavymodel.
Thisconclusiondoesnotexcludetheexistenceofone-offeffectsrelatedtotheexecutionofprojects(e.g.constructionsitexed
assets,temporaryequipment,dedicatedinventories,ongoingcontractsand,whereapplicable,leasedassets)whichmayincur
additionalcostsordelaysintheeventofphysicalhazardsorregulatoryconstraints.Theseeffects,monitoredviatheIRO-1/ESRS
E1processes,arenon-materialasatthedateofthisreportandareabsorbedintoprojectmanagement(planning,contractual
clauses,insurance,technicaladaptation).
CFEcarriesoutaverylimitednumberofactivitiesforINEOS,whichoperateintheoilandgassector.
Tableau 23: Net revenues from customers operating in coal-, oil-, or gas-related industries
Value in Euros (€) Value as a percentage of total
revenues (%)
Net revenues from customers operating in coal-related industries - -
Net revenues from customers operating in oil-related Industries - -
Net revenues from customers operating in gas-related Industries 29.85 2.87%
Total revenues - group share 1,041.59 100%
ESRSE1-967e
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3. SOCIAL INFORMATION
3.1. ESRS S1: Policies related to own workforce
PeopleareattheheartoftheCFEGroup’sstrategy.CFEcontributestocreatingsignicantdirectemployment(2,681workers),as
wellasindirectlythroughitsvarioussubcontractorsandsuppliers.Since2020,CFEhasrunanemployerbrandingcampaign
highlightingthe“Framily”(family&friends)thatcharacterisesit.Themodestsizeofthesubsidiariesandthesoundnessofthe
Group,aswellasthenumeroussynergiesarewhatmakeCFEstrongandunique.
CFEwantstopayfullattentiontosafeandhealthyworkplaces.Theseverityandfrequencyofaccidentsatworkaregivenpriority
attentionbyeachBoardofDirectors.CFEperformsbetterinthisareathanthesectoraverageinBelgium,accordingtoofcial
Fedrisinformationavailableatwww.fedris.be.ThisdoesnotpreventCFEfromimprovingitsscoreeveryyear.Apolicyofawareness
raising,trainingandpreventionareimportanttoolsinthisrespect.Theintegrationofsafetyintomethodsandsitepreparationalso
contributestothis.Regularsitevisitsarecarriedouttocheckcompliancewithprocedures.Totakeintoaccountthespecicityand
levelofriskoftheCFEteams’variousactivities,specicobjectiveshavebeensetforeachsegment.CFEhaschosentousethe
severityrate(LTIGR)asanindicatortomonitortheeffectofsafetyactions.
3.1.1. SBM2 Interests and views of stakeholders
Theinterests,opinionsandrightsofCFEstaff,includingrespectforhumanrights,aretakenintoaccountinthecompany’sstrategy
andbusinessmodel.PeopleareattheheartofCFE’sstrategy,butitsworkersarealsothedrivingforcebehinditsdevelopment.
ThevaluesthatdriveCFEworkersarereectedintheacronymH.E.R.O.(Happener,Engaged,ReliableandOne).
CFEworkersare“Happeners”.Solution-oriented,theydaretothinkthattheycanmakeadifferenceandchangetheworld.Theyare
also“committed”andpassionatepeoplewhoactivelystrivetosatisfytheircustomersandcolleaguesalike.Trustandrespectfor
ourprinciplesareessentialvaluesforCFE.Wesaywhatwedoanddowhatwesay.CFEworkersare“Reliable”.Finally,webelievein
thestrengthofourgroupandactasateam.Wearesimplystrongertogether,whenweactas“One”team.
EachmeetingofthemanagementcommitteesofthevariousBusinessUnitsandofeachExecutiveCommitteebeginswithan
updateonhealthandsafety.
ThesafetyandhealthdashboardandKPIsarepermanentlyaccessibletoallBUmanagementcommitteesandtheExecutive
Committee.Groupstrategy,includinghealthandsafetystrategy,ispresentedatleastonceayeartotheAuditCommitteeandthe
ESRS S1 et S2: thesafetyandhealth
of its workers and of the entire value
chainisapriorityfortheCFEGroup.
S1-1Policiesrelatedtoownworkforce:CFE aims
forzeroaccidentsbyemphasizingprevention
andteamtraining,aswellasbymakingeach
employeeresponsiblefortheirroleinensuring
collectivesafety.
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BoardofDirectors.HealthandsafetyarepartoftheCommunitypillaroftheCFEgroup’sSPARCstrategy(Shift,Perform,Accelerate,
ReturnandCommunity).
ESRS2SBM-2
3.1.2. SBM3Materialimpacts,risksandopportunitiesandtheirinteractionwithstrategyandbusiness
model
TheDMAexercise(chap1.5.1)hasdemonstratedthathealthandsafetyarematerialsub-themesforCFEanditssubcontractors.In
particular,thereisasignicantriskofnegativeimpact,asaccidentscanoccuronsite,leadingtoseriousincapacity,permanent
after-effects and even death.
TheheartofCFE’sbusinesshappensontheconstructionsites.TheworkiscarriedoutbyCFE’sownworkersorbysubcontractors.At
present,there’snowayofcarryingouttheseprojectswithoutmanpower.Everyeffortmustthereforebemadetolimittheserisks.
CFEappliesthesameapproachtosafetyonallitsprojects,regardlessofthetypeofprojectorthecountryinwhichitiscarriedout.
Thesupervisionandtrainingofworkersonallprojectsisalsoofthesamestandard,irrespectiveofthecountry.
Nevertheless,thepersonnelwhoaremostatriskonsitearetheworkerswhospend100%oftheirtimeonsite.Specialattentionis
thereforepaidtotheirtrainingandsupervision.Sincetherisksareidentical,CFEappliesthesamerigoroussafetystandardstoall
those working on site.
Nevertheless,safetyremainstheresponsibilityofeveryworker.Eachoneisresponsiblefordoingeverythinginhisorherpowerto
worksafely,nottoputanotheremployeeatrisk,andtoreportanysituationpresentingapotentialrisk.
Eachprojectmaypresentspecichealthandsafetyrisks.Aspecicriskanalysisisthereforecarriedoutbeforethestartofeach
project.Aspeciconboardingbrochureisproducedforeachsite.Amongotherthings,itsetsouttherulestobefollowedonsite,as
wellasanyspecialpointsofattention.Everyworkerandsubcontractorreceivesthisbrochureandspecictrainingwhentheyrst
arriveonsite.Acheckismadetoensurethatthisonboardingisunderstoodbeforetheworkerisallowedtostartworkonthesite.
Monthlytrainingsessions,knownastoolboxmeetings,tailoredtospecicprojectsandprojectphases,arealsoorganised.
Havingagoodsafetycultureintheconstructionsectoroffersmanyopportunitiesforattractingnewemployees,especiallyina
contextofstrongcompetitionfortalent.Firstandforemost,awell-establishedsafetycultureimprovesacompany’simage.Potential
candidatesareoftenattractedbyemployerswhoemphasisethesafetyandwell-beingoftheirworkers.Thisshowsthatthe
companycaresaboutitsworkersandiswillingtoinvestintheirprotection.
Secondly,acultureofsafetyreducesthenumberofaccidentsandincidentsonconstructionsites,resultinginasafer,more
pleasantworkingenvironment.Currentandpotentialworkersaremorelikelytostayandjoinacompanywheretheyfeelsafe.
Additionally,agoodsafetyculturecanincreaseworkersatisfactionandmotivation.Whenworkersfeelprotectedandvalued,they
aremorecommittedandproductive.Itcanalsoreducestaffturnover,whichisaconsiderableadvantageinasectorwheretalent
retention is crucial.
Finally,promotingacultureofsafetycanalsoenhanceacompany’sreputationintheindustry,attractingqualitytalentwhoare
lookingforresponsibleandreliableemployers.
Transitionplansaimedatreducingnegativeenvironmentalimpactsandmakingoperationsmoreenvironmentally-friendlyand
climate-neutral have no known material impact on workers in the short to medium term. Nevertheless, in the longer term, we
canassumethatgreaterindustrialisationofprojects,includingmoreprefabrication,shouldhaveapositiveimpactonsafety.
Prefabricationintheconstructionindustryoffersanumberofsignicantadvantagesintermsofworkerhealthandsafety.By
prefabricatingcomponentsinacontrolledenvironment,suchasafactory,wereducethenumberofworkersandcomplexon-site
operations,therebyreducingtherisksassociatedwithworkingatheightanddangeroushandling.Prefabricatedelementsarrive
readyforassembly,reducingtheneedforarduous,repetitivephysicaltasksonthesite,andhelpingtoreducemusculoskeletal
disordersamongworkers.Inaddition,prefabricationmakesitpossibletobettermanageworkingconditionsinthefactory,where
safetystandardscanbemorestrictlyenforced,includingbettermanagementofpersonalprotectiveequipmentandsafety
procedures.Finally,prefabricationminimisesconstructionwasteandon-sitenuisancessuchasnoiseanddust,improvingthe
overall working environment.
CFE’sactivitiestakeplacemainlyinBelgium,LuxembourgandPoland.CFEcompliesnotonlywithnationalregulations,butalsowith
Europeanregulationsonhumanrightsandlabourrightsinparticular.Asaresult,noparticularriskshavebeenidentiedwithregard
tochildorforcedlabour.
ESRSS1-SBM-3
3.1.3. S1-1 Policies related to own workforce
Inits“CodeofConduct”,CFE’srstruleistoprotectitsteamsandpartners.CFEiscommittedtozeroaccidents,tosettinganexample
andtoprovidingtheresources,supportandtrainingneededtoensurethesafetyandwell-beingofitsworkersandpartners.
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ThiscodeisavailableonthegroupintranetandontheCFEwebsite.
Respectforhumanrightsisalsocoveredindetailinthiscode,aswellasinaspecicpolicy(HumanRightsPolicy)whichisavailable
ontheCFEwebsite.
ThesevariouscodesandpoliciesrespecttheInternationalBillofHumanRights(UnitedNations),theDeclarationonFundamental
PrinciplesandRightsatWork(InternationalLabourOrganization)andtheOECDGuidelinesforMultinationalEnterprises.
FurtherinformationonthisCodecanalsobefoundinchapter4.2.
ESRSS1-120a,b,c,ESRSS1-121
HealthandsafetybeingamaterialriskforCFE,aspecicpolicyhasbeendrawnup.Thispolicyisregularlyreviewedinconsultation
withtheSafetyBoard(aGroup-widebodyheadedbytheGroupHeadofSafetyandmadeupofQHSEmanagersfromeachBU)
toensurethatitisalignedascloselyaspossiblewiththerealitiesofthebusiness.Itwaslastrevisedin2024andapprovedbythe
ExecutiveCommitteeandtheBoardofDirectors.TherevisionofthisQHSEpolicyhasmadeitpossibletosimplifythetextandmake
itcomprehensibletoallworkers.Theobjectiveofthispolicyhasnotchanged,however,asitisstillaimedatzeroaccidents.
ThispolicyappliestoallworkersoftheCFEgroup(directors,managers,employeesandsiteworkers)aswellasitssubcontractors
andpartners.Everyoneisresponsiblefortheirownsafetyandthatoftheircolleagues.
Thispolicy,whichaimsforzeroworkplaceaccidentsandzeroenvironmentalincidents,species,amongotherthings:
• compliancewithISO9001,14001and45001standards;
• compliancewithallapplicableQHSElaws,regulationsandindustrystandards;
• relyingonspecictraining;
• theidenticationandassessmentofallpotentialQHSErisks,andtheimplementationofcontrolmeasurestomitigate
theserisks;
• reportingandinvestigatingallincidents,accidentsandnear-misses;
• communicationofQHSEpolicies,proceduresandperformance;
• theExecutiveCommittee’scommitmenttoimplementingthispolicy.
Thispolicyisavailableontheintranetandpostedinsiteofces.Itisalsopartoftheonboardingofworkersandsubcontractors
startingworkoneachsite,andintheonboardingofallnewemployees.Aspeciccommunicationcampaign(“Goforzero”)also
coversthevariousaspectsofthispolicy.
ESRSS1-117,18,19,ESRSS1-123
Risksrelatingtochildlabourandforcedlabourhavebeenassessedasnon-materialgiventhegeographicalscopeoftheGroup’s
activities.Nevertheless,thevariouspoliciesimplementedbyCFEremindusoftheobligationforallouremployeesandbusiness
partnerstoscrupulouslyrespecttherulesandlawsinforceonthissubject.ThesetopicsarecoveredinparticularintheCodeof
ConductandtheHumanRightspolicy.
ESRSS1-122
Eachemployeeisequallyresponsibleforthesafetyofthesites,forhisorherownsafetyandforthatofthirdparties.Nevertheless,
theGroup’sworkersbenetfromtrainingspecictotheiractivities.Noothergroupsorindividualshavebeenidentiedasbeing
morevulnerableintermsofhealthandsafetyinouroperations.
ESRSS1-124a,b,c,d
3.1.4. S1-2 Engagement processes with own workforce and their representatives
Healthandsafetyaretheresponsibilityofallworkers.Nevertheless,CFEhasputinplaceasolidstructuretosuperviseworkers,help
setupsuitableworkproceduresandimplementsolutionstokeeptheriskofaccidentstoaminimum.
Furthermore,CFEfavoursadualapproachtointeractingwithitsemployeesandtheirrepresentatives.Thisstrategyencompasses
bothdirectcommunicationwithstaffmembersand,wherenecessary,indirectrepresentationviaemployeerepresentatives.
TheGroupactivelyseekstoincorporatetheviewsofitsemployeesintodecision-makingandalleffortstomanagebothactualand
potentialimpacts.Thispracticeensuresthatpoliciesandinitiativestakeintoaccounttheinterestsofthecompanywhilemeeting
theexpectationsofemployees,therebyhelpingtocreateapositiveandcaringworkenvironment.
CFEinteractsdirectlywithitsemployeesthrough:
• employeecommitmentsurveys,whichassessemployeesentiment,well-beingandimpressionsofGrouppolicies.
• employeeperformanceanddevelopmentreviews;
• internal communication channels, including open communication through town hall meetings, team meetings and digital
platforms(e.g.,intranetorfeedbackforms).
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CFEconsultswithemployeerepresentativesthrough:
• social dialogue: regular consultations with works councils and trade unions ensure that the views of the workforce are
representedindecisionsaffectingworkingconditions,healthandsafety,andorganisationalchanges.
• employeeconsultationbodies:staffrepresentativesworkwithmanagementoncommitteesdealingwithsafetyandwell-being
atwork;
• collectiveagreementsaretheresultofnegotiationsbetweenthevariousentitiesoftheGroupandstaffrepresentatives.
3.1.4.1 Supervisorystructure
AHeadofSafetyensuresthatthesafetycultureisstandardisedacrossalltheGroup’sBUs.EachBUhasatleastoneprevention
advisor.Thenumberofadvisorsdependsonthenumberofjobs,thetypeofworkandtheirgeographicallocation.
Thesepreventionconsultantsmeetmonthlyaspartofa“SafetyBoard”.TheaimofthesemeetingsistodeneQHSEbestpractices,
workmethodsandthemostsuitableequipment.
PreventionadvisorsareresponsibleformonitoringtheseworkingmethodsintheirBU.TheyregularlyvisittheirBU’sworksitesto
ensurecompliancewithsafetyrulesandtoadviseteams.Theyarealsoinvolvedinthesitepreparationphase,helpingteamsto
selectthebestworkmethodsandcarryoutproject-specicriskanalysis.Finally,theywritetheonboardingbrochureforthesite.
3.1.4.2 Onboarding and training
Onboardingworkersisanidealtimetopresenttherisksspecictotheproject,andtomakesuretheyunderstandthem.Allourown
workersandsubcontractorsmustattendthisonboardingsessionbeforeenteringthesiteforthersttime.
Aspecicmonthlytrainingsessioncalledatoolboxmeetingisorganisedonallsites.Thistrainingisanopportunitytopresentarisk
specictotheprojectandthephaseofworkinprogress,ortoreiterategeneralsafetyrules.
EachCFEgroupworkermustalsotakeandpassaspecicVCAtrainingcourse,whichisvalidfor10years.
Finally,a“safetyday”isorganisedeveryyear.It’satrainingdayforallsiteoperatives,withaspecialfocusonsafetyandwell-being.
Attendanceandperformanceinthesetrainingcoursesaremonitoredandformpartofeachemployee’sperformancereviewle.
3.1.4.3 Managementinvolvement
Theentiremanagementteam(includingtheextendedExecutiveCommittee)iscommittedtovisitinganongoingprojectatleast
onceamonth.Theaimistoraisemanagementawarenessofsafetyrisksandshowteamsthatsafetyisapriorityformanagement.
Infact,everymeetingofthemanagementandExecutiveCommitteesstartswithasafetyupdateandanassessmentofthe
evolutionofspecicKPIs.
3.1.4.4 Continuous dialogue
DialoguewithGroupemployeesonthesubjectofsafetyisongoing.Everyworkerisinvitedtosharehisorhercommentsonsafety
issuesassoonasariskorshortcomingisidentied.Nevertheless,twospecictypesofsurveyhavebeencarriedoutin2023and
2024tohearemployees’viewsinamoretargetedway.
Therstsurvey,calledNOSAQ,isdesignedtoaskworkersabouttheirsafetycultureandtheirperceptionofsafetywithinthe
Group.Analysisoftheresponsesreceivedledtothedevelopmentofanawarenesscampaigncalled“GOforzero”.Theaimof
thiscampaignistoremindpeoplethateveryaccident,howeverminor,isonetoomany.Atthesametime,thesafetycharterwas
reviewedandapprovedbytheentiremanagementteam.
eNPSsurveysarealsocarriedoutonaregularbasis.Inadditiontothepositiveresultsofthissurvey,identifyingthepointsof
improvementputforwardbyemployeesallowedforarapidresponsetotheseexpectations.
TheparticipationrateinthevarioussurveysismonitoredbyBUtoensurethatitishighenoughtoberepresentative(specic
thresholdsaredenedbybusinessline).
ThevariousBUmanagementcommitteesarealsoinregulardialoguewiththeiremployeesviamonthlyWorksCouncilsand
WorkplacePreventionandProtectionCommittees(CPPT).
EachBUmustalsodrawupastrategicplanthatincludestheissueofsafety.TheseplansarevalidatedbytheGroup’svarious
governingbodies.SpecicsafetyKPIsarealsopresentedtotheAuditCommitteeatleastonceayear.
Finally,todrawinspirationfrombestpracticesinthesector,CFEisrepresentedontheADEB-VBASafetyBoard,whichmeetsquarterly.
ESRSS1-120b,ESRSS1-225,26,27
Safetyrisksprimarilyconcernworkersandoperationalteams,whoaremostexposedinthecourseofouractivities.Prevention,
trainingandawareness-raisingmeasuresarethereforeprimarilydesignedforthispopulationandadaptedtotheoperational
realityofconstructionsites.
Atthisstage,theanalysisdoesnothighlightanyspecicsubgroup(age,gender,origin,languageorothercharacteristic)witha
signicantlydifferentlevelofriskwithinthispopulation.Thereisthereforenoneedtodifferentiatecommunicationorprevention
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measuresonthebasisofthesecriteria.
However,particularattentionispaidtoensuringthatsafetyinstructionsareunderstood,especiallywhenlinguisticadaptations
arenecessary.Inaddition,anawarenesscampaignpromotingrespectfordifferences(gender,language,culture,etc.)hasbeen
launchedtostrengthenaninclusiveworkingenvironmentandensurethateveryemployeecanworkinarespectfulandsafe
atmosphere.
ESRSS1-228
3.1.5. S1-3 Processes to remediate negative impacts and channels for own workers to raise concerns
CFEencouragesopendialogueandtransparencyregardingethicalconcernsandpotentialviolationsofthe“CodeofConduct”,
includingallhealthandsafetyconcerns.
Workersareencouragedtoreportanysuspectedviolations,startingwiththeusualreportingchannelsincluding,butnotlimitedto,
reportingtotheirteamleader,manager,anyotherresponsibleperson,theHRDepartmentandtheGroupComplianceDepartment.
Reportscanbemadeinanylanguageandarecondentialandanonymous.Allreportswillbepromptlyandthoroughlyinvestigated,
andappropriatecorrectiveactionwillbetakenasnecessary.Asanalternative,workersmayalsoreportethicalconcernsorviolations
ofthisCodeofConductthroughCFE’sWhistleblowingTool.Asimpliedprocedure(infographic)hasbeencommunicatedtoall
workers.UseoftheCFEalerttoolisalsopartofthetrainingcycle.
ESRSS1-331,32
TheGroup’svarioussubsidiariesalsohaveadigitaltoolforencodingsafetyremarksandsuggestions.Theseremarksand
suggestions are then included in a listing until the remark is removed or corrected. All workers have access to this tool. During site
visitsbymanagementorpreventionadvisors,theircommentsarealsoincorporatedintothisdigitaltool.
ESRSS1-332
Otherprojectstakeholdersarealsoinvitedtocommentonsafetyissues.Thesecommentswillbeincludedinthesitelistanddealt
with.A24-hourhotlineisalsoavailabletoexternalprojectstakeholders.
ESRSS1-332e
AtthemonthlymeetingsoftheCPPTandtheCE,moregeneralcommentsconcerninghealthandsafetyarediscussedandrecorded.
TheNOSAQsurveycarriedoutprovedthecommitmentandcondenceofCFEworkersintheirapproachtohealthandsafety.The
verypositiveresultsoftheeNPSsurveyspointinthesamedirection.Finally,regular,mandatorysafetytrainingensuresthathealth
andsafetymessagesareheardandunderstoodbyallworkers.
ESRSS1-333
3.1.6. S1-4 Taking action on material impacts on own workforce, and approaches to managing
material risks
3.1.6.1 Preparationandsupervision
Safetyisarealandpresentriskonallconstructionprojects.Asaresponsiblecompany,CFEalreadyhaslong-standingexpertisein
monitoringsafetyonitsprojects.AllBUsbenetfromtheexperienceofseasonedpreventionconsultants,whoprovidesupportfor
projectsinprogressaswellasthoseinthepipeline.Theyalsomonitorprojectsandensurethatanycommentsarefollowedup.
Allprojectscurrentlyunderwayhavethematerialandpersonnelresourcesneededtoensuresafeworkingareas.Aproject-specic
riskanalysisalsoenablesustodenethebestexecutionmethodsfortheprojectinquestion.Inaccordancewithcurrentlegislation,
eachprojectisinsuredduringtheconstructionperiodandtheten-yearwarrantyperiod.
3.1.6.2 Proactiveapproachandsafetyculture
CFEdoesn’twanttosettleforminimumsafetystandards.Asurveyonsafetyperceptionandsafetyculture(NOSAQ)identiedareas
forimprovement.Followingthissurvey,acommunicationcampaignandspecictrainingcourseswerelaunchedtoreinforcethe
Group’ssafetycultureandencourageaproactiveapproach.
3.1.6.3 Usingdataforcontinuousimprovement
CFEmonitorstheimpactofitsactionsviaitssafetydashboard,whichincludesthenumberofincidentsandaccidents(withor
withoutdisability),aswellasproactiveactionssuchasmanagementvisitsandtoolboxmeetings.AnewNOSAQsurveywillbe
carriedoutafterthespecicactionplanhasbeeninplaceforoneyear,tomeasureitseffects.Atargetforimprovingthefrequency
ratehasbeensetfor2030.
Secondly,CFEinsistsonsharingexperienceandbestpractices,aswellasanalysingallincidents,inordertodriveallBUstothetop.
ESRSS1-436,37,38,39,42
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3.1.6.4 Takingcoactivityintoaccount
Onitsconstructionprojects,CFEhasnumerousco-activitieswithsubcontractorsorthirdparties.Itisthereforeessentialthatthe
samevigilanceandrespectfortherulesbeappliedinthesamewaytoourownworkforceastootherprojectparticipants.Forthis
reason,thenumberofaccidentsinvolvingsubcontractorsisalsomonitored.Thispointiscoveredinmoredetailinthenextchapter.
3.1.6.5 Financialimpactofactionstaken
Theactionsundertakenconsistmainlyofmanagement(localpreventionadvisersintheBusinessUnitsandheadofsafety),training
andcommunication,andspecicresourcestoensureday-to-daysafetyonsite.ThesearethereforeonlyOPEX-typeexpenses.
Anevaluationofcostsisalwayscarriedoutduringtheprojectsubmissionphaseandisthenincorporatedintothecommercialoffer
submittedtothecustomer.
Allsafety-relatedcosts(directandindirect)areincludedin“operatingcosts”aspresentedintheFinancialReportonpage162.To
date,thegranularityofnancialinformationisnotyetsufcienttoprovidereliablequantitativevalues.Ananalysiswascarriedout
in2025ineachBUtoensurealignmentbetweentheamountofthemainsecurity-relatedexpensesandtheestimateofthesecosts
asdenedabove.
ESRSS1-443
3.1.7. S1-5Objectives
Initshealthandsafetypolicy,CFEiscommittedtozeroaccidents.ItscommunicationcampaigniscalledGOFORZERO.This
objectiveappliesnotonlytoallCFEworkers,butalsotoanyoneelseworkingonoursites.
Nevertheless,withthisambitioninmind,CFEhasdecidedtosetambitiousbutrealistictargetsfor2030.CFEhasthereforesetitself
thetargetofachievingamaximumseverityrateof0.52by2030.Thisobjectivehasbeendenedwiththeaimofhalvingaverage
sectorvalues(source:Fedris).Internalannualtargetswerethereforesetusingalinearregressionstartingfromthereferencevalue,
the2021frequencyrate,whichwas0.69.
Theseverityratetarget(=numberofcalendardaysofabsencex1,000dividedbythenumberofhoursworked)concernsonly
accidents involving the CFE group’s own workforce.
Theambitionwassetonthebasisofsectorresultsfor2021(sourceFedris.be),withtheaimofbeingatleasttwiceasgoodasthe
sector(andthereforehavingaseverityrateequivalenttohalfthesectorseverityrate).
ESRSS1-546
TheambitionlevelandquantitativetargetfortheseverityrateweredecidedbytheExecutiveCommitteeaftervalidationofthis
proposalbytheSafetyBoard.Therewerenochangesmadein2025withregardtotheseobjectives.
ESRSS1-547
SafetydashboardsconstantlyshowwhetherornottheannualtargetssetforeachBUarebeingmet.
Inadditiontotheseexternalobjectives,internaltargetsarealsomonitored.Proactiveobjectivesarefavoured,suchastracking
incidentsandnear-misses,thenumberoftoolboxmeetingsheld,andthenumberofvisitsmadebymanagement.AllBU
managementcommitteeshavepermanentaccesstothesedashboards.
ESRSS1-547
3.1.8. S1-6 Characteristics of the undertaking’s workforce
Thetableinthissectiongivesanoverviewoftheworkforceattheendofthereferenceperiod,31December2025.Thetableonly
includesworkersconsideredasownemployeesandnotyetnon-salariedemployeesincludedinownstaff(inaccordancewiththe
phasing-inprovision).
ThegurespublishedonlyincludeCFEanditsBUs,anddonotincludedatafromtheInvestmentsandHoldingssegment,whichare
outside the scope of reporting.
ESRSS1-649,ESRSS1-650dii
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Annual report 2025 - CFE
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Table 24: Number of employees by type of contract
Number of employees by type of contract Open-ended
contract
Fixed-term
contract
Zero-hours
contract
Total
2022 2,937 137 0 3,074
2023 2,822 168 0 2,990
2024 2,712 142 0 2,854
2025 2,580 101 0 2,681
Amongthe142workersonxed-termcontracts,7areonwork-studycontracts.
Table 25: Number of employees by type
Number of women
and men
Total #Women %Women #Men %Men
2022
3,074 487 15.80% 2,587 84.20%
2023
2,990 487 16.30% 2,503 83.70%
2024
2,854 476 16.70% 2,378 83.30%
2025 2,681 457 17.05% 2,224 82.95%
ESRSS1-650a,b
Table 26: Number of employees by country
Number of employees by country Belgium Luxembourg Poland Total
2024 2,282 213 359 2,854
2025 2,145 223 313 2,681
CFEhasatotalof2,681workers.Ofthese,2,145arebasedinBelgium,223inLuxembourgand313inPoland.
ESRSS1-650a,b
FiguresaregivenbyheadcountandnotbyFTE.Informationonworkersandtheircontractscomesfromthesocialsecretariats.
ThisdataisconsolidatedinasingleHRmanagementdashboard.InBelgium,thevariousGroupentitieshaveasinglesocial
secretariatforall2,145employees,whichguaranteesthereliabilityandrobustnessofthedata.However,thisdataisnotvalidated
byanexternalbody.InLuxembourgandPoland,thereisalsoasocialsecretariatforeachcountry.
ESRSS1-650f
Non-employeesarecurrentlynotincluded.Althoughthesedataarenotmaterial,theywillgraduallybeintegratedintothereporting
toprovideacompleteandcomprehensiveview.Nevertheless,reportingsystemswillbefurtherdevelopedandenhancedinthe
futuretoprovidegreatergranularity.Nevertheless,reportingsystemswillbefurtherdevelopedandimprovedinthefutureto
achievegreatergranularity.
ESRSS1-650di
AttheendofDecember2025,theGroup’sstaffturnover(byheadcount)fortheyearwas16.23%.Thiscorrespondsto435leavers.
Employeeturnover,orturnoverrate,istheratiobetweentheaveragenumberofarrivalsanddeparturesinthecompanyoverthe
yearandthetotalnumberofemployeesatthebeginningoftheyear.
Intra-grouptransfers,deathsandretirementsorearlyretirementsarenottakenintoaccountinthiscalculation.
ESRSS1-650c
Alltheabove-mentionedHRindicatorshaveremainedrelativelystableoverthepast3years.
ESRSS1-650e
3.1.9. S1-11 Social protection
InaccordancewithcurrentEuropeanandlocallegislation,allCFEgroupworkersbenetfromsocialprotectionintheeventofillness
oraccidentonsiteoronthewaytoorfromwork.
ESRSS1-11
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3.1.10. S1-13 Training and skills development
Trainingandskillsdevelopmentareofferedthroughtrainingplans,coaching,careerplans,andsoon.Theseplansfocusonboth
non-technicalandtechnicalskills,tofacilitatethemaintenanceofskilledemployment.
Attheendof2022,CFElaunchedits“CFEacademy”.Itisanonlinetrainingplatformthatallowseachemployeetondcustomised
trainingcourses,bothintermsofcontentandformat.Thedigitalapproach(whilekeepingtheoptionofattendingface-to-face
training)allowsforgreaterexibilityforemployeestotrainwhenitsuitsthembest.
Specichealthandsafetytrainingsessionsareorganised,forexample,whenemployeesarehired,whentheyarriveonsite,at
monthlytoolboxmeetingsandduringdedicated“safetydays”.
ThenumberoftraininghourswithinCFEanditsBUsismonitoredthroughtheCFEAcademyprogram.Thisdataismeasuredasa
totalandbygender.Atthisstage,CFEisnotpublishingthisdataexternally.
PhaseinrequirementsforESRSS1-1383a,84,85
Anewprogrammetodigitisetheperformanceappraisalprocesswillmakeitpossibletomeasurethepercentageofworkerswho
havetakenpartintheappraisal.Itwillbedeployedin2025.Thisdatawillthereforenotbepublisheduntilthenextreport2025.
PhaseinrequirementsforESRSS1-1383a,84,85
3.1.11. S1-14Healthandsafetymetrics
Sincesafetyisamajorconcern,CFEhasdevelopedQHSEdashboardstokeepclosetrackofthetrendintheguresandtotakethe
necessaryremedialactionassoonaspossible.
Theseverityrate(oneofthetraditionalsecurityindicators)waschosentobeoneoftheKPI’sgoverningoursustainabilitylinked
loanswiththebanks.
Thedashboards,whichcontainthemaininformationforeachsubsidiary,areupdatedatleastonceamonthtokeeptrackofthe
safetydata.Theyincludetraditionalsafetyinformation(frequencyandseverityratesetc.)butalsoindicatorsofproactivesafety
actions(toolboxmeetings,managementinvolvement,takingintoaccountincidentsandfeedback,etc.).
Thisdatacovers100%oftheGroup’sownworkers.Thisdoesnotincludeself-employedworkers,temporarystafforsubcontractors.
ThemonitoringofthisdatafollowstherulesprescribedbyISO9001andtheBelgianlegaldenitionsforsafetyindicators:
• Severityrate=numberofcalendardaysofabsencex1,000dividedbythenumberofworkinghours.
• Alost-timeaccidentisanaccidentintheworkplaceresultinginatleastoneday’sincapacity,notincludingthedayofthe
accident.
• Anaccidentwithoutincapacityisanaccidentthatdoesnotresultinincapacityforworkbeyondthedayoftheaccident.
• Arstaidaccidentisanaccidentrequiringonlyrstaidonthespot.Thesearenotincludedinthisreport.
• Recordableincidentsarethesumoflost-timeaccidentsandaccidentswithoutincapacity(excludingrst-aid).
• Thefrequencyrateiscalculatedasfollows:numberoflost-timeaccidentsx1,000,000dividedbythenumberofhoursworked.
• Theseverityrateiscalculatedasfollows:Severityrate=numberofcalendardaysofabsencex1,000dividedbythenumberof
hours worked.
• Therecordableincidentrateiscalculatedasfollows:numberofrecordableincidentsx1,000,000dividedbynumberofhours
worked.
ESRSS1-1487
Table 27: Data on accidents involving our own workforce
2022 2023 2024 2025
%ofworkersincludedinthehealthandsafetyriskmanagement 100 100 100 100
Numberofwork-relatedfatalities(ownworkforce) 0 0 0 0
Numberofwork-relatedfatalities(subcontractororthirdparty) 1 1 0 0
Numberofrecordableaccidents(excludingrstaid) 145 139 115 114
Numberoflost-timeaccidents 93 77 64 44
Frequencyrate 21.96 18.47 15.34 11.4
Severityrate 0,72 0,68 0,56 0,35
Recordableaccidentrate NC NC 27.55 29.55
Numberofcasesofillnessdirectlylinkedtowork 0 0 0 0
Numberofdayslostduetoanaccidentatwork 3,050 2,847 2,321 1,333
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ThenumberofaccidentsreportedandthenumberofdayslostcorrespondtodatarecordedandvalidatedbyinsurersforBelgium
andLuxembourg.InPoland,ontheotherhand,accidentsandtheirconsequencesarerecordedinnationalrecords.Thisinformation
isthereforerobust,completeandreliable.
ESRSS1-1488
Regardingtheseverityrate,animprovementof38%isobservedcomparedto2024.The2025resultsexceedthetargetsetfor2030
(frequencyrate=0.52).However,itremainsessentialtosustaintheseexcellentresultsovertime,andthe2030targetismaintained.
Thesafetyofsubcontractorsisalsotakenintoaccountinaspecicdashboard(seechapter3.2.7).
3.1.11.1 Incidents,complaintsandseverehumanrightsimpacts
Nooffencesorcomplaintsofdiscriminationorfailuretorespecthumanrightswererecordedin2025.Noneshavebeenreappliedeither.
ESRSS1-17
3.2. ESRS S2: Workers in the value chain
Thisanalysisfocusesspecicallyonsubcontractorsratherthantheentirevaluechainofaconstructionproject.Themainreason
isthatthevaluechaininthissectorisoftenverylongandfragmented,involvingmanydifferentplayerswithvaryingroles.
Furthermore,thereisnotalwaysdirectcontactwiththelowerlinksinthischain,whichmakesitdifculttoassessallthepotential
risksandimpactsinacomprehensiveandaccurateway.Byfocusingonsubcontractors,whoarekeypartnersanddirectlyinvolved
insiteoperations,itispossibletoimplementmoretargetedandeffectivesafetymeasures,ensuringbettermanagementof
materialrisksandasignicantimprovementinworkingconditions.
3.2.1. SBM2 Interests and views of stakeholders
CollaborationanddialoguewithsubcontractorsareessentialelementsofCFE’sgroupstrategy.Weconsiderthemasimportant
asourownworkforce.Byfosteringopen,ongoingcommunication,weensurethatsubcontractorsarefullyintegratedintoour
processesandshareoursafetyandqualityobjectives.Thiscollaborativeapproachstrengthensrelationshipsbasedontrust,
improvescoordinationonconstructionsitesandensuresthateveryoneworkstogetherharmoniouslyandefciently.Byvaluingthe
contributionsofsubcontractorsandtreatingthemaskeypartners,wecreateasafer,moreproductiveworkingenvironmentforall.
ESRS2SBM-2
3.2.2. SBM3Materialimpacts,risksandopportunitiesandtheirinteractionwithstrategyandbusiness
model
TheDMAexercise(chap1.5.1)hasdemonstratedthathealthandsafetyarematerialsub-themesforCFEanditssubcontractors.In
particular,thereisasignicantriskofnegativeimpact,asaccidentscanoccuronsite,leadingtoseriousincapacity,permanent
after-effects and even death.
TheheartofCFE’sbusinesshappensontheconstructionsites.TheworkiscarriedoutbyCFE’sownworkersorbysubcontractors.At
present,there’snowayofcarryingouttheseprojectswithoutmanpower.Everyeffortmustthereforebemadetolimittheserisks.
CFEconsidersthatitisjustasimportanttoghttolimitsafetyrisksonsiteforitsownworkforceasforsubcontractors,sinceevery
humanbeingdeservestobetreatedequallyinthefaceofdanger.Theanalysiscarriedoutinchapter3.1.2thereforealsocoversthe
entire value chain.
ESRSS2-SBM-311a,c
3.2.3. S2-1 Policies related to value chain workers
CFEhasadoptedaseriesofpoliciesthatapplybothtoitsownworkforceandtothevariouspartiesinvolvedonsite.Theseinclude
theHumanRightsPolicyandtheQHSEPolicy.Thesedocumentsaredescribedindetailinchapter3.1.3.
ACodeofConductforcommercialpartnershasalsobeendrawnup.ItincludesanobligationtocomplywiththeinternalCodeof
Conduct,andinparticulartorespectthesafetyrulessetoutintheQHSEpolicy.
TheobligationtocomplywithlocalandEuropeanlawsandregulations,aswellaswiththeaforementionedpolicies,areanintegral
partofthecontractualclausesforsub-contractors.
ESRSS2-16,17,18,19
3.2.4. S2-2Processesforengagingwithvaluechainworkersaboutimpacts
Ongoingdialoguewiththevariouspartiesinvolvedonourworksitesisapriority,andthisprimarilyconcernssafety.
Theonboardingofallsubcontractorsisformalisedbymeansofashorttrainingsessionintroducingthesite,thecontactpersons
andthespecicrulesrelatingtotheproject.Itisvitaltoensurethateveryonecanidentifythevariousstakeholdersinvolved,and
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knowswhotocontactintheeventofanyproblems.Thesitemanagerwillensurethatallthisinformationisunderstoodbyproviding
training in a language that the workers understand. Each team should have a manager who speaks one of the project’s national
languages, to ensure that he or she can communicate with the site management teams at all times.
Formalmeetingsareheldatleastonceaweekwithsubcontractorsworkingonthesite.Toensurethatthesemeetingsrunsmoothly,
teamleadersfromthevarioussubcontractorsrepresenttheircompanies.Thesemeetingsarefollowedbyaclearreportsettingout
theactionstobetakenbythevariouspartiesinvolved,anupdateonthescheduleandanoverviewofthephasestocome.ALEAN
andcollaborativeapproachisadoptedonallprojects.Engagementwiththevaluechainonworksitesonsafetyissues,usingaLEAN
approach,isessentialtoensureasafeandefcientworkingenvironment.
Secondly,valuechainmappingenablesustoanalyseeachstageoftheconstructionprocess,fromdesigntodelivery,anddetect
criticalpointswheresafetyincidentsmayoccur.
Acultureofsafetymustbeestablished,withvisibleleadershipwheremanagerssettheexamplebyrespectingandvaluingsafety
practices and open communication.
Finally,themonitoringandevaluationofsafetyperformance,throughkeyindicatorsandregularsitevisits,ensurescompliancewith
standardsandidentiesareasforimprovement.
ByintegratingtheseLEANprinciplesintoworksitesafetymanagement,itispossibletocreateasafer,moreefcientandmore
collaborativeworkingenvironment.Thekeyliesinthecommitmentofallplayersinthevaluechainandinacultureofcontinuous
improvement.
Penaltiesareforeseenandcommunicatedforanyworkerwhodoesnotrespectthesafetyrulesinforceonprojects.
ESRSS2-2
3.2.5. S2-3 Processes to remediate negative impacts and channels for value chain workers to raise
concerns
Toremedynegativeimpactsonsites,itisessentialtoputinplaceastructuredprocessandeffectivecommunicationchannels.This
processbeginswiththeidenticationandassessmentofpotentialimpacts.Thisincludescarryingoutriskanalysestoidentifypotential
hazardsandassesstheirseverityandprobability.Atthestartofsiteactivities,eachsubcontractorisrequiredtosharethisspecicrisk
analysiswiththesitemanagementteam,inordertoanalysetheresourcestobeimplementedandresponsibilitiestogether.
Oncetheimpactshavebeenidentied,preventiveand/orcorrectivemeasuresmustbeimplemented.Thiscanincludemodifying
workprocedures,improvingsafetyequipment,ortrainingworkerstobettermanageidentiedrisks.Itiscrucialtodocumentthese
measuresandensurethattheyareclearlycommunicatedtoallteammembers.
Toenableworkersinthevaluechaintovoicetheirconcerns,severalcommunicationchannelsneedtobeestablished:
Onboardingnewworkers:Thisonboardingprovidesinformationandtrainingfornewworkersonaproject.Inparticular,the
organisational chart of site management and their contact details are provided to facilitate future exchanges. When new workers
arehired,theyreceivespecictrainingcoveringbasicinstructions.Acomprehensiontestisthencarriedout.Passingthistestisone
oftheconditionsforobtainingthebadgethatgrantsaccesstothesite.Forcertainsitespresentingveryspecicrisks(chemical
industry,militarysites,etc.),specictrainingmayalsoberequired.Theentireprocessismonitoredbythesitemanagementteam.
Regular meetings:Weeklysafetymeetingsareorganisedonprojectswhereworkerscandiscusssafetyissuesandpropose
solutions.
Directcommunicationlines:Subcontractorsareencouragedtocommunicateanyconcernsorcommentsdirectlywithsiteteams
asamatterofpriority.
Mobileapplications:Onmostworksites,amobileappenablesworkerstoreportincidentsorconcernsquicklyandeasily.
Securityrepresentatives:Thesite’sQHSEmanager,alongwiththeentiresitemanagementteam,makesregularvisitstothesite,
enablingdirectinteractionwithallthoseinvolved.
It’salsoimportanttocreateasafetyculturewhereworkersfeelcomfortablereportingproblemswithoutfearofreprisal.Thisis
encouragedbyvisibleandcommittedleadershipthatvaluesandrespectsworkers’contributionstosafety.If,foranyreason,a
whistleblowerisuncomfortableorreluctanttoreportmisconductthroughtheusualreportingchannels,CFE’sinternalwhistleblowing
toolprovidesanotherchannelthroughwhichtheycanreportmisconductcondentiallyoranonymously.
Finally,itisessentialtomonitorandevaluatetheeffectivenessofthemeasuresputinplace,bytrackingsafetyindicators.
ESRSS2-327,28
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3.2.6. S2-4 Taking action on material impacts on value chain workers, and approaches to managing
material risks and pursuing material opportunities related to value chain workers, and
effectiveness of those actions
Eachprojectisuniqueandrequiresaspecicriskanalysis.Thisexercisemustbecarriedoutbothbytheprojectmanagementteam
andbysubcontractors.Thisanalysismustbecarriedoutbeforeworkbegins,toenableadialoguewiththeproject’smanagement
teamsandtovalidatethemostsuitableworkingmethodsforlimitingriskstogether.Schedulingwillalsobedenedinsuchawayas
tokeepco-activitiesbetweenworkerstoaminimum.
Weeklysitemeetingsallowustoseewhetherornotweneedtoadaptorcorrectthechosenworkmethods.
Everyoneinvolvedinaprojectisjointlyresponsiblefortheirownsafetyandthatofothers.Ontheotherhand,subcontracting
agreementsspecifyindetailtherolesandresponsibilitiesofallpartiesinvolved.Amongotherthings,itdeneswhoisresponsiblefor
thebreakdownandmaintenanceofcollectiveprotectionequipment.Eachsubcontractorisresponsibleforhisorherownpersonal
protectiveequipment.Ontheotherhand,thesitemanagementteamwillensurethateachemployeeusestheequipmentcorrectly.
Thesitemanagementteamwillensurethataresponsible,collaborativeandrespectfulsitecultureisinplace.Thisworking
atmospherefacilitatescommunicationandagenuinesafetyculture.
RegularchecksarecarriedoutonsitebytheBU’sQHSEmanagerandbymanagementteams.Thesevisitsenableustoidentify
safetyshortcomingsandcorrectthemasquicklyaspossible.Thesevisitsarealwaysaccompaniedbyavisitreporttoensurethat
everyremarkhasbeenaddressed.Controlalsoinvolvesregularmonitoringandcommunicationofsafetyindicators.Aspecic
monthlydashboardalsoincludesthenumberofincidentsandaccidentsinvolvingsubcontractors.
Themanagementteamwillalsoensurethatsubcontractingteamsreceivethenecessarytraining.
Intheeventoffailuretocomplywiththeestablishedrules,penaltiesareapplied.Intheeventofseriousmisconduct,theperson
responsiblewillbeaskedtoleavethesitewithimmediateeffectandwillnotbeallowedtoreturn.CFEalsomonitorsthecompany’s
trackrecordintermsofsafetycomplianceandsafetyculture,andtakesthisintoaccountwhenselectingsubcontractors.
CFEisnotawareofanyserioushumanrightsproblemsorincidentslinkedtotheupstreamordownstreamvaluechain(otherthan
thesiteaccidentslistedinthefollowingchapter).
Alltheseactionsdonotrepresentanyparticularcost.Infact,mostoftheseactionsarealreadytakenforownworkersandare
thereforealreadyaccountedforinchapter3.1.6.
ESRSS2-4
3.2.7. S2-5 Targets related to managing material negative impacts, advancing positive impacts, and
managing material risks and opportunities
Atthisstage,noquantiableannualtargethasbeenset.Nevertheless,theoverallobjectiveisthesameasforownworkforce,i.e.to
aim for zero accidents.
ESRSS2-541
Tothisend,thenumberofwork-related,lost-timeaccidentsismonitoredforallsubcontractorsworkingonourprojects.This
informationformspartofthesafetydashboardpresentedtotheExecutiveCommitteeonamonthlybasis.
Table 28: Subcontractor accident data
2022 2023 2024 2025
Numberofwork-relatedfatalities(subcontractororthirdparty)
1 1 0 0
Numberofaccidentwithincapacityofsubcontractors
29 30 35
21
ESRSS2-540
Thisdatashouldbetreatedwithgreatcaution,astheyaresuppliedbythesubcontractorsthemselves,andtheirqualityor
completenesscannotbeguaranteed.Itisnotpossibletomeasurethefrequencyorseverityrateforsubcontractors,asthese
calculationswouldrequireknowingthenumberofdaysofincapacityandthenumberofhoursworkedbyeachsubcontractor,but
thisdataisnotcommunicatedtothegeneralcontractor.PleasenotethatthisdataislimitedtoTier1(subcontractors).Giventhe
extentandcomplexityofthevaluechain,itiscurrentlynotphysicallypossibletoextenddatacollectiontothelowerlevelsofthe
chain(suppliers,manufacturers,etc.).Nevertheless,CFEiscontinuingtodevelopmorerobustprocessesforcollectingvaluechain
information.
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Atthisstage,CFEdoesnothavesufcientlycomprehensiveandconsistentdatatosetspecicquantitativetargetsforthesafetyof
workers in the value chain. In accordance with the principles of ESRS S2-5, the Group is therefore focusing on monitoring the most
reliableindicatorsavailabletodate,namely:
• thenumberoffatalities,
• thenumberofaccidentsresultinginincapacitatinginjuries,whenreporteddirectlybypartnersorsubcontractors.
Theseindicatorswereselectedbecause,atthisstage,theyaretheonlyonesforwhichCFEhassufcientlyrobustdatatoenable
regularmonitoring.Theirdenitionisalignedwiththatusedforitsownworkforce,whichfacilitatesinternalcomparisonanda
consistentinterpretationofsafetyperformanceatGrouplevel.Furthermore,giventhesensitivityandcondentialityofinformation
relatingtoaccidentsinvolvingpersonnelnotdirectlyemployedbyCFE,andintheabsenceofasystematiccontractualobligationto
transmitdetaileddata,itisnotpossibletoobtainindependentexternalvalidationoftheseguresatthisstage.Nevertheless,CFEis
workingtograduallystrengthenrequirements,reportingmechanismsanddataqualitywithinitsvaluechaininordertoimprovethis
reportinginthecomingyears.
Atthisstage,subcontractorsarenotinvolvedindeningthetarget.Thisismainlyduetothesizeandcomplexityofthevalue
chaininvolvedinCFEprojects.Theglobalambitionforcontinuousimprovementintermsofsafetyisaconcernfortheentirevalue
chain.CFEanditsvariousBUsactivelyparticipateintheADEB-VBASafetyBoard,whereexamplesofbestpracticesaresharedand
sector-specicprojectsinitiated.
ESRSS2-542
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4. GOVERNANCE INFORMATION
4.1. ESRS2IRO-1:Descriptionoftheprocessestoidentifyandassessmaterialimpacts,
risks and opportunities
Asstatedinsection1.5.1,thedoublematerialityassessmentshowsthatthetopicsrelatedtocorporateculture,whistleblowerprotec-
tion,andcorruptionandbribery(combinedunderthetheme“businessconductandrespectforthelaw”)arenotmaterial,asthey
fallbelowthedenedmaterialitythresholds.Thesameappliestothethemeofpartnership,whichcoverssuchtopicsassupplier
relationsandpaymentpractices,etc.
Nevertheless,CFEiscommittedtorespectingtheserulesofbusinessconductaswellasallstakeholders.TheGroup’sSPARCstrategy
callsonusto“Perform”byaimingforexcellenceinourprocessesandriskmanagement(the“P”),andtoplacepeopleandthe
communityattheheartofallouractivities(the“C”).Consequently,compliancewiththehigheststandardsofprobityandbusiness
integrity,aswellasrespectforhumanrights,areanintegralpartoftheGroup’sstrategy.
4.2. Policiesonresponsiblebusinessculture
AllethicalstandardsandguidelinesgoverningtheconductofallindividualsassociatedwiththeGrouparesetoutinthe“Codeof
Conduct”andfurtherdetailedinthe“BusinessIntegrityPolicies”manualaswellasinthe“WhistleblowingPolicy”.
Thescopeofthesepoliciesisglobalandwithoutexception:allGroupemployees,regardlessoftheirstatus,functionorhierarchical
level,aresubjecttothem.Inparticular,thesepoliciesapplyworldwidetoallpermanentandtemporaryworkersandemployees
(includinginterns),aswellastoallfreelancers,consultants,ofcers,directorsandrepresentativesofCFESAandallitsfully
consolidatedsubsidiaries(actinginanemployeeorself-employedcapacity).
ThesedocumentsareaccessibletoallemployeesviatheGroup’sintranet.The“CodeofConduct”isalsoavailableontheCFEGroup
website(https://www.cfe.be/fr/documents-de-la-societe).
Extensiontothevaluechain
CFEalsoextendstheserequirementstoitsentirevaluechain,bothupstreamanddownstream.Therulesandmeasuresrelatingto
businessintegrityapplicabletobusinesspartnersaresetoutinthe“BusinessIntegrityPoliciesforBusinessPartners”manual.
Although not material, CFE considers
itimportanttobetransparentabout
businessconducttopics.
Information, training, and the
implementation of clear and
robustpolicieshelpreducethe
risk of non-compliance.
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Thesepoliciesapplytoallbusinesspartners,includingbutnotlimitedtosuppliers,subcontractors,contractingparties,agents,
intermediaries,consortiumpartners,clientsandotherbusinessrelationships,withoutgeographicallimitation.Inparticular,thecode
ofconductapplicabletobusinesspartnerscorrespondsinallmaterialrespectstothatapplicableinternally.
ESRSG1-215a,ESRSG1-215b
Theobligationtocomplywiththeserulesandmeasuresisanintegralpartofthecontractswesignwithourvariousbusinesspart-
ners.Thisobligationappliesequallytoresponsiblebusinessculture,socialandenvironmentalissues.Noexemptionsorexclusions
are provided for with regard to the scope of these policies.
Whistleblowingmechanism
CFEhasimplementedaformalwhistleblowingmechanism,asdescribedinitsWhistleblowingPolicy,toenabletheidenticationand
handlingofillegalconductorbehaviorthatiscontrarytoethicsortheGroup’spolicies.
TheWhistleblowingPolicyspeciesthatemployeesareencouragedtoreportanybreachorsuspectedviolation,intherstinstance,
throughtheusualinternalchannels.Wherethesechannelsarenotappropriateorcannotbeused,anonlinereportingtool,acces
-
sible24/7,isavailableasanalternativechannel,allowingwrittenreportstobesubmittedateitherlocalorGrouplevel.Thispolicy
providesforstrictproceduralsafeguards,includingthecondentialityofthewhistleblower’sidentity,thepossibilitytoreportanon
-
ymously,andanexplicitprohibitionofanyformofretaliationagainstthewhistleblower,relatedthirdparties,oranyonewhohas
assistedthewhistleblower,therebyensuringthatreportscanbemadeinasecureandreliableenvironment.
Externalstakeholders(suchasclients,suppliers,serviceproviders,subcontractors,consultants,businesspartners,orotherthird
parties)maydirectlyusethewhistleblowingtooltoreportanyactualorsuspectedmisconductorviolationrelatedtotheGroup’s
activities,inaccordancewiththeproceduresdenedinthewhistleblowingpolicy.
Governanceandpolicyapproval
Allthesedocumentshavebeenvalidatedandareimplementedbythevariousadministrative,managementandsupervisory
bodies.AtExecutiveCommitteelevel,responsibilityforbusinesscultureissuesisassumedbytheGroup’sGeneralCounsel,whois
apermanentguest.TheexpertiseofthevariousmembersoftheadministrativeandsupervisorybodiesisoutlinedinChapter1.7
relatingtotheorganisationofrolesandresponsibilitiesforsustainabledevelopmentissues(GOV-1,2and3).
ESRSG1.GOV-1_5a,ESRSG1.GOV-1_5b
ContentoftheBusinessIntegrityPolicies
The“BusinessIntegrityPolicies”manualincludesthefollowingpolicies:
• Giftsandentertainmentpolicy
• Policyonpoliticalinvolvement
• Antitrustpolicy
• Internationalsanctionspolicy
• Conictofinterestpolicy
• Policyagainstbriberyandcorruption
TheCodeofConduct,whilenotexhaustive,dealswithasetofgeneralprinciplesandethicalguidelinesthatcanbeappliedat
differentlevelsoftheGroupandwithinthevariousBusinessUnits.Theseinclude(amongothers):
• Protecting teams and partners
– diversity,equalopportunityandnon-discrimination
– healthandsafety
– respect and harassment-free workplace
– dataprivacy
• Ethicalbusinessconduct(thisreferstotherulessetoutinthespecic“BusinessIntegrityPolicies”manualdescribedabove)
• Financialintegrity
• Themesrelatingtotheenvironment,sustainabilityandrespectforhumanrightsandcommunities
ThesevariouspoliciesrespecttheInternationalBillofHumanRights(UnitedNations),theDeclarationonFundamentalPrinciplesand
RightsatWork(InternationalLabourOrganization)andtheOECDGuidelinesforMultinationalEnterprises.
Respectforthehumanrights
RespectforthehumanrightsofeveryindividualisessentialtoCFEandliesattheheartofourfundamentalvalues.Werespectand
protecthumanrightsandtakecarenottoexploitanyone,whereverweworkintheworld.Everyonewedobusinesswithisheldtothe
samestandards.Wewillnevertolerateslavery,childlabour,forcedorcompulsorylabour,ortrafckinginhumanbeings.Werespect
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thefundamentalrightsandfreedomsenshrinedintheUnitedNationsUniversalDeclarationofHumanRights.Ourhumanrightspolicy
isalignedwithourCodeandisoverseenbyCFE’slegalandhumanresourcesdepartments.Inparticular,aspartofitshumanrights
policy(https://www.cfe.be/fr/documents-de-la-societe),CFEiscommittedtorespectingtheeightfundamentalILOconventions.
Specicpoliciesrelatingtohumanrights,safety,diversity,anddataprotection,aswellastheprocedureintheeventofapersonal
databreachanddataleaks,havebeenimplementedandarecommunicatedtoallemployees.Thesedocumentsareavailableon
theCFEGroupwebsite(https://www.cfe.be/fr/documents-de-la-societe)aswellasontheGroup’sintranet.
ESRSG1.-17
Responsiblerelationshipswithsuppliers
CFEensuresthatitrespectsitspartners,whichalsoinvolvesstrictcompliancewithpaymentdeadlines.CertainsuppliersandSMEs
constituteasignicantandsometimesvulnerablepartofitssupplychain.Thismonitoringisbasedonrigorousadministrative
procedures,digitalinvoiceprocessingandregularmonitoringofpaymentdeadlinesbythenanceteams.Legalorcontractual
deadlinesarestrictlyenforced,andcorrectivemeasuresaretakenassoonasanyriskofdelayisidentied.
TheGroupalsoensurestransparentcommunicationwithitssuppliers,particularlySMEs,inordertoquicklyresolveany
administrativebottlenecks.ThisapproachhelpstosupporttheirnancialstabilitywhilestrengtheningthequalityofCFE’s
commercial relationships.
ESRSG1.-214
4.3. Specicobjectivesandmonitoringofthesepolicies
The“codeofconduct”andthevarious“BusinessIntegrityPolicies”werecompletelyrevisedin2024toensurealignmentwiththe
Group’sactivitiesandrisks.Thewhistleblowingpolicywasupdatedin2025.Thesedocumentsareavailableontheintranet.
CFEbelievesthatcommunicationandtrainingplayakeyroleinembeddingitsCodeofConductattheheartofitscorporateculture
and fostering a climate of openness and trust. In order to ensure optimal understanding of the Group’s expectations and consistent
applicationofitsintegrityprinciples,CFEhasimplementedatargetedapproachthattakesintoaccountdifferentprofessional
proles.Principlesrelatingtothepreventionofcorruptionandsimilarpractices,includingtheghtagainstcorruptionandbribery,
areincorporatedintotheGroup’s“CodeofConduct”andthe“BusinessIntegrityPolicies”manual.Atthisstage,CFEhasnotassessed
the full alignment of these policies with the United Nations Convention Against Corruption.
Preventionmeasures:training,communication,andawareness-raising
TheGroupconsidersthatcommunication,training,andawareness-raisingplayakeyroleinembeddingtheprinciplesofthe“Code
ofConduct”sustainablywithinthecorporateculture.Inordertotakeintoaccountdifferentprofessionalprolesandlevelsofrisk
exposure,adifferentiatedapproachhasbeenimplemented.
TheGroupconsidersthatallemployees(whitecollars)areexposedtoahigherlevelofnon-compliancerisks,includingcorruption
andsimilarpractices,giventheirpotentialinvolvementindecision-making,contractual,commercial,nancial,oradministrative
processes.Forthisreason,amandatory“ethicsandcompliance”traininghasbeenrequiredforallemployeesandstaffsince2024.
Thistrainingisdeliveredthroughane-learningmodulecoveringalltopicsofthe“CodeofConduct”,includingprofessionalintegrity,
corruptionprevention,conictsofinterest,dataprotection,respectforhumanrights,faircompetition,internationalsanctions,and
nancialintegrity.ThemoduleisavailableinseverallanguagesadaptedtothecountriesandregionswhereCFEoperates.The
trainingsarehostedwithintheCFEAcademy.Allrelevantnewemployeesarerequiredtocompletethesetrainingsaspartoftheir
onboarding.Inaddition,thetrainingsmustberepeatedonaregularbasistoensureanadequatelevelofawarenessacrossthe
Group.Participationiscentrallymonitored,andtheresultsareregularlyreportedtomanagement.
Thewhistleblowingpolicyisalsosubjecttospecictraining,integratedintotheCFEAcademy’se-learningprogram.Thistraining
ismandatoryfortherelevantemployees,mustbecompletedbyallnewjoinersaspartoftheironboarding,andisrepeatedona
regularbasis.Itaimstoensureanadequateunderstandingofreportingmechanisms,applicableprocedures,aswellassafeguards
regardingcondentialityandprotectionagainstretaliation.Inaddition,employeesresponsibleforreceiving,assessing,and
handlingreportsreceiveadhoctrainingwherenecessarytoensurethepropermanagementofreports,incompliancewithinternal
procedures,condentialityrequirements,andthesensitivityoftheinformationhandled.
Participationiscentrallymonitored,andtheresultsareregularlyreportedtomanagement.CFEaimsforahighcompletionrate
(i.e.95%)toensureproperunderstandingofthetopicsacrossallrelevantfunctions.Employeesrepresent65%oftheGroup’stotal
workforce.100%ofemployeesareincludedinthetrainingcycle.
Workers,whoareconsideredtopresentalowerlevelofriskgiventhenatureoftheiroperationaltasks,arenotsubjecttomandatory
e-learning.However,theyarefullyincludedintheawarenessprogramme.CFEorganisesspeciccommunicationcampaignsfor
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them,tailoredtotheirrealityintheeld,theirworkinglanguagesandtheirmethodsofreceivinginformation.Thesecampaignsare
relayedviavisualaids,teammeetingsandinternalcommunicationtoolsaccessibleonsite.
Thankstothisdifferentiatedapproach,CFEensuresthateveryemployee—whetherwhite-collarorblue-collar—receivesan
adequate level of information commensurate with their role, while guaranteeing the consistent dissemination of the values of
integrity,responsibilityandtransparencythroughouttheGroup.
ESRSG1-19,ESRSG1-110g,h,ESRSG1-320,21a,21b,21c
Tabel29:%ofemployeestrained
% of employees trained Target 2025
Ethicsandcompliancetrainingcycle 95% 85,26%
In2025,85.26%ofemployeescompletedtheirethicsandcompliancetrainingcycleviathee-learningplatform(againstatarget
of95%).FortheABAC(Anti-BriberyandAnti-Corruption)module,includedinthe“ethicsandcompliance”trainingcycle,the
completionrateis82.37%.Thesegureswerecollectedfromthee-learningplatformon20/01/26.Thesedataresultfrominternal
reportingthathasnotbeenveriedbyanexternalbody.
ESRSG1-424b
Alongsidethistrainingcycle,specictrainingcoursesandcommunicationcampaignsoncybersecurity,safetyanddiversityare
alsoorganisedannually.
TheBusinessIntegrityPoliciesarecommunicatedandmadeaccessibletoemployeesviatheintranet,internaldocumentplatforms
(SharePoint),trainingsessions,andemploymentorservicecontracts.
Aspartofstrengtheningitsapproachtobusinessintegritywithinthesupplychain,CFEhasinitiatedthedevelopmentofa
procurementpolicy.Thispolicyaimstofurtherstructuretheidenticationandmanagementofrisksrelatedtorelationshipswith
suppliersandbusinesspartners,includingrisksofcorruptionandsimilarpractices,aswellassocialandenvironmentalrisksthat
mayaffecttheGroup’sactivities.Itwillnotablydenetheprinciplesandrequirementsapplicabletotheselection,evaluation,and
monitoringofsuppliers,inlinewithexistingbusinessintegritypolicies.
ESRSG1-3_18b,c
Detectionmeasures:vigilance,reporting,andinvestigations
EmployeesareexpectedtobevigilantabouttheriskstowhichtheGroupcouldbeexposedinthecourseofitsactivities.
Anybehaviourperceived(orsuspected)tobeunethicalorillegalmustbedisclosedorreportedwithoutdelayinordertoenable
analysisand,whereappropriate,theimplementationofsuitablemeasures..
CFEencouragesopendialogueandtransparencyregardingethicalconcernsandpotentialviolationsofthe“CodeofConduct”,the
“WhistleblowingPolicy”,andthevarious“BusinessIntegrityPolicies”,includingmattersrelatedtocorruptionandbribery.Employees
areencouragedtoreportanysuspectedviolations,startingwiththeusualreportingchannelsincluding,butnotlimitedto,reporting
totheirteamleader,manager,anyotherresponsibleperson,theHRDepartmentandtheGroupComplianceDepartment.Reports
canbemadeinanylanguageandaretreatedcondentially.Allreportswillbepromptlyandthoroughlyinvestigated,and
appropriatecorrectiveactionwillbetakenasnecessary.
ESRSG1-1_10a,ESRSG1-1_10c,e,ESRSG1-3_18a
EmployeesmayalsoreportethicalconcernsorviolationsofthisCodeofConductoranyotherGrouppolicythroughCFE’s
whistleblowingtool.Asimpliedprocedure(infographic)hasbeencommunicatedtoallemployees.UseoftheCFEalerttoolisalso
partofthetrainingcycle.Thetoolisconguredtoensurethatreportsarehandledbyindividualswhoareindependentfromthe
reportedsituation,therebyensuringtheimpartialityandindependenceofinvestigations.
Internalcontrols,audit,andoversightbygovernancebodies
EachentityoftheGroupisregularlysubjecttoriskanalysesandproceduralreviewsbytheinternalauditfunction.Internalauditis
anindependentfunctionwhosemainmissionistosupportmanagementandassistitinachievingbetterriskcontrol.Theinternal
auditfunctionreportsfunctionallytoCFE’sAuditCommitteebysubmittingtheannualauditplanandpresentingthemainndings
oftheauditsperformed,aswellasthefollow-upofactionplans.Wherenecessary,additionalassignmentsmaybecarriedoutat
the request of CFE’s Audit Committee or Executive Committee.
ESRSG1-3_18b,c.
Message from the Chairman and CEO
Our ambitions and achievements
Management report
Sustainability statements Financial statements
Annual report 2025 - CFE
136
TheGroup’sGeneralCounselreportsannuallytotheAuditCommitteeonstatisticsandsubstantiatedreportssubmittedthroughthe
whistleblowingtool,therebycontributingtooversightbytherelevantbodiesandtothecontinuousimprovementofthesystem.
TheCFEGrouprecordednoconvictionsornesduringthe2025nancialyearforviolationsofanti-briberyandanti-corruption
(ABAC)laws.
However,itshouldbenotesthattheBelgianjudicialauthoritiesarecurrentlyconductinganinvestigationintoallegedcriminalacts
relatingtotheconstructionoftheGrandHotelinN’Djamena,Chad.Asareminder,thiscontract,whichdatesbackto2011,resultedin
alossofmorethanEUR50millionforCFE,duetothenon-paymentofpartofitsreceivables.TheworkwascarriedoutbyCFETchad,
aGroupsubsidiaryuntilitssalein2021.
Aspartofthisinvestigation,asearchwascarriedoutatCFE’sheadofceon4September2024.Inaddition,severalmembersof
managementandtheBoardofDirectors,aswellasformeremployeesoftheCFEgroup,wereinterviewed.However,atthedate
ofthisreport,CFEhasnotyethadaccesstotheinvestigationleandnochargeshavebeenbroughtagainstCFEoritscurrent
managers and/or directors.
CFEiscooperatingfullywiththecurrentinvestigation.
Inthecurrentcircumstancesandinlightoftheabove,CFEisunabletoreliablyestimatethenancialconsequencesofthisongoing
procedure.Consequently,noprovisionhasbeenrecognisedasat31December2025,inaccordancewiththeprovisionsofIAS37.
ESRSG1-4_24a
Atthisstage,inviewoftherisksidentied,nospecicactionotherthancommunicationandtraininghasbeenimplemented.
ESRSG1-4
Message from the Chairman and CEO
Our ambitions and achievements
Management report
Sustainability statements Financial statements
Annual report 2025 - CFE
5. ANNEXES
5.1. Signicanteventsandchangesincircumstances
Duringtheperiodunderreview,nosignicanteventsorchangesincircumstancesoccurredthatcouldhaveanimpacton
greenhousegasemissionswithinthevaluechain.Theemissionsdatapresentedinthisreportthereforereectstableoperating
conditions,withnoadjustmentsrequiredduetochangesoccurringbetweenthereportingdatesofvaluechainentitiesandthe
company’snancialstatementclosingdate.
5.2. Annex1:Glossaryandabbreviations
• ADEB/VBA(AssociationdesEntrepreneursBelgesdeGrandsTravaux,BelgianAssociationofMajorWorksContractors): An
organisation that represents and defends the interests of the major construction companies in Belgium.
• BA4SC:Oragnisationpromotingsustainableandinnovativepracticesintheconstructionsector
• BACA(BelgianAllianceforClimateAction): a platform for Belgian organisations that want to reduce their GHG emissions,
showclimateambitionanduseSBTi(ScienceBasedTargetsinitiative)todenetheirgoals.
• BD(BusinessDivision):IntermediatestructuregroupingtogetherBusinessUnits(BU’s)underthesamemanagementwithina
BusinessSegment(BS).
• BREEAM(BuildingResearchEstablishmentEnvironmentalAssessmentMethod):internationalsustainabilitybenchmarkand
standardfortheoptimalrealisation(newconstruction)orrenovation(buildingsinuse)andexploitationofbuildingswitha
minimalenvironmentalimpact,basedonscienticallysubstantiatedsustainabilitymetricsandindicesencompassingarange
ofenvironmentalissues,suchasenergyandwateruseassessment,theimpactonhealthandwell-being,pollution,transport,
materials,waste,ecologyandmanagementprocesses.
• BS(Businesssegment): Reporting structure grouping together BD’s and BU’s active in the same sector.
• BU(Businessunit):Anyorganisationwithresources,staffandcapitalwhoseactivityisconcentratedonasingleintegrated
corebusinessinagiventerritory.
• Circularity: This means reusing raw materials, components and products after their useful life in order to preserve their value.
• CO
2
PL (CO
2
PrestatieLadder): The CO
2
PL(CO
2
PerformanceLadder)isasustainabilitymanagementtoolthathelpscompanies
and governments reduce their CO
2
emissionsandcosts.Itoperatesasacerticationandmanagementscheme,encouraging
organisationstoadoptmoresustainablepracticesandreducetheircarbonfootprintacrosstheiroperationsandsupplychain.
• Corporategovernance:Corporategovernancereferstothesystemofrules,practicesandprocessesbywhichacompanyis
managed and monitored.
• CPPT(CommitteeforPreventionandProtectionatWork):ItisaconsultativebodywithinBelgiancompanieswithatleast50
employees.Itsmaintaskistoactivelycontributetoimprovingthewell-beingofemployeesintheperformanceoftheirwork.
Thisincludesaspectssuchashealth,safety,ergonomics,hygieneatwork,psychosocialaspectsandmakingtheworkplace
attractive.
• CSRD(CorporateSustainabilityReportingDirective): EU legislation on ESG disclosure to come into force from 2024. This
directive modernises and strengthens the rules governing the environmental and social information on which companies
mustreport.Thenewruleswillprovideinvestorsandotherstakeholderswiththeinformationtheyneedtoassesstheimpact
ofcompaniesonpeopleandtheenvironment,aswellastoevaluatethenancialrisksandopportunitiesarisingfromclimate
changeandothersustainabilityissues.
• DMA(DoubleMaterialityAssessment):assessesboththeimpactofthecompany’sactivitiesontheenvironmentandsociety
(fromtheinsideout,impactmateriality)andtheimpactofenvironmentalandsocialissuesonthecompany’snancial
performance(fromtheoutsidein,nancialmateriality).
• DEI(Diversity,Equity&Inclusion): This concerns the involvement of different points of view and the avoidance of
discrimination,bypromotingdiversityinvariousareas,suchasgender,religiousbeliefsandorigins,aswellasthe
implementationofapolicyofinclusion.
• DNSH(DoNoSignicantHarm):Theconceptof“DoNoSignicantHarm”(DNSH)isusedintheEUTaxonomyasoneofthe
conditionsforclassifyinganactivityas“green”.Thismeansthataneconomicactivitymustnotonlymakeasubstantial
contributiontooneormoreenvironmentalobjectives,butmustalsonotcausesignicantharmtoanyoftheseobjectives.
• eNPS(employeeNetPromoterScore):Thisisanindicatorusedtomeasurethelikelihoodofyouremployeesrecommendingyour
organisationasaplacetowork.TocalculatetheeNPS,employeesareaskedthefollowingquestion:“Onascaleof0to10,how
likelyareyoutorecommendourcompanyasagoodplacetowork?”Theresponsesarethenclassiedintothreecategories:
• Detractors(scoresfrom0to6):employeeswhoarenotverysatisedandwouldnotrecommendthecompany.
• Passive(scoresof7to8):employeeswhoaresatisedbutnotenthusiastic,andwhowouldnotactivelyrecommendthe
company.
• Promoters(scoresof9to10):verysatisedemployeeswhowouldactivelyrecommendthecompany.
TheeNPSiscalculatedbysubtractingthepercentageofdetractorsfromthepercentageofpromoters,givingascorebetween
-100 and 100.
• EPB(EnergyPerformanceofBuildings):Thisreferstotheefciencywithwhichbuildingsuseenergy.
Our ambitions and achievements
Management report
Sustainability statements
Financial statements
Message from the Chairman and CEO
Annual report 2025 - CFE
138
• EPD(EnvironmentalProductDeclaration): Standardised document providing detailed information on the environmental
impactofaproductthroughoutitslifecycle.
• ESG(Environment,SocialandGovernance):Thisisasetofcriteriausedtoassessacompany’ssustainabilityandethical
impact
• ESG(Policy):Statementsettingoutthecompany’sapproachtoenvironmental,socialandgovernanceissues,aswellasthe
plan for achieving this, and the indicators used to measure progress.
• ESRS(EuropeanSustainabilityReportingStandards):CompaniessubjecttotheCSRDwillhavetoreportinaccordance
withtheEuropeanSustainabilityReportingStandards(ESRS).StandardsareadaptedtoEUpolicies,whiledrawingonand
contributingtointernationalstandardisationinitiatives.
• EU Taxonomy:regulationsthatdeterminewhichinvestmentscanbeclassiedas‘green’andwhichcontributetothe
realisationoftheEUGreenDeal.Theclassicationisbasedontechnicalscreeningcriteria(TSC)andminimumcriteriato
avoidsignicantharm(DNSH).
• Frequencyrate:Thefrequencyratemeasuresthenumberofaccidentsatworkresultinginatleastoneday’sabsencefrom
workpermillionhoursworked.Itisusedtoassessthedegreetowhichemployeesareexposedtooccupationalrisks.
• GHG-scope1:alldirectemissionsfromsourcesownedorcontrolledbythecompany(e.g.eet,fuelandnaturalgas
combustion).
• GHG-scope2:allindirectemissionsfromtheproductionofelectricitypurchasedbythecompany.Scope2emissionsoccur
physicallyatthefacilitywheretheelectricityisgenerated.
• GHG-scope2locationbased:Thismethodcalculatesemissionsusingtheaverageemissionfactoroftheelectricitynetwork
wheretheenergyisconsumed.Itreectstheaverageemissionsintensityoflocalelectricitynetworks
• GHG-scope2marketbased:Thismethodcalculatesemissionsbasedontheelectricitythatorganisationshavechosento
purchase,oftenspeciedincontractsorinstrumentssuchasrenewableenergycerticates(RECs).Ittakesintoaccountthe
company’sspecicenergysupplychoices.
• GHG–scope3:indirectemissionsfromacompany’sactivities,suchasemissionsfromtheproductionofsourcedproducts
(upstream)orfromproducts,servicesorprojectssoldbythecompany(downstream).
• GHGprotocol(GreenhouseGasProtocol):Astandardisedglobalframeworkformeasuringandmanaginggreenhousegas
(GHG)emissionsfromprivateandpublicsectoroperations,valuechainsandmitigationactions.Itprovidesthemostwidely
used standards for GHG emissions accounting, helping companies, countries and cities to track their progress towards climate
goals.
• Human Rights:RightsasdenedintheUniversalDeclarationofHumanRights.
• ILO(InternationalLabourOrganization):ThisisaspecialisedagencyoftheUnitedNations.Itsmandateistopromotesocial
andeconomicjusticebyestablishinginternationallabourstandards
• IRO(Impact,RisksandOpportunities);
• Impacts:Theeffectsthatthecompany’sactivitieshaveontheenvironmentandsociety.
• Risks:Thepotentialthreatsfacingthecompany,suchasclimateornancialrisks.
• Opportunities: Potential opportunities for development and innovation
• JV(JointVenture):Thisisacommercialpartnershipinwhichtwoormorecompaniesjoinforcestocarryoutajointproject.
• KPI(KeyPerformanceIndicator):Thisisameasureusedtoevaluatetheefciencyofacompany,aprojectoraspecic
process.
• Limitedassurance:Limitedassuranceisaformofauditinwhichtheauditorsprovideamoderateopiniononacompany’s
nancialornon-nancialstatements.Thismeansthattheyhavenotobtainedenoughevidencetocompletelyguaranteethe
veracityoftheinformation,buttheyhavecarriedoutbasicchecks.
• NACEcode:ThisisaclassicationsystemforeconomicactivitiesusedinEurope
• NFRD(Non-FinancialReportingDirective):TheNFRDisaEuropeandirectivethatrequireslargecompaniestopublishnon-
nancialinformation,suchastheirenvironmental,socialandgovernance(ESG)impact.Itaimstoimprovethetransparency
andaccountabilityofcompanies.
• NOSACQ(NordicOccupationalSafetyClimateQuestionnaire):NOSACQ-50isaquestionnaireusedtoassessthesafety
climateatwork.Itmeasuresco-workers’perceptionsofsecuritypolicies,proceduresandpracticesintheirorganisation.
• nZEB(nearlyZeroEnergyBuildings):Anear-zeroenergybuilding(nZEB)isabuildingwithaveryhighenergyperformance.
• OECD:(OrganisationforEconomicCo-operationandDevelopment): An intergovernmental organisation founded in 1961 to
promotepoliciesthatimprovetheeconomicandsocialwell-beingofpeoplethroughouttheworld.
• Reporting:Relatestonancialandnon-nancialreporting,withafocusonthematerialthemesidentiedintheDMA.
• Riskmanagement: Structured risk management-
• SBM(SustainableBusinessModel):Astrategicapproachthatintegratesenvironmental,socialandgovernance(ESG)criteria
intothecompany’sactivitiesanddecisions.Theaimistocreatelong-termvaluewhileminimisingnegativeimpactsonthe
environmentandsociety.
• SBTi(ScienceBasedTargetsinitiative):aninitiativethatdenesbestpracticesintheareaofGHGemissionsreductionsand
targets in line with the goals of the Paris Agreement.
• SDGs(SustainableDevelopmentGoals):TheUnitedNationsSustainableDevelopmentGoalsareacalltoactiontopromote
prosperitywhileprotectingtheplanetfromclimatechange.Theyencompassstrategiesthatsupporteconomicgrowthand
meet social needs.
Message from the Chairman and CEO
Our ambitions and achievements
Management report
Sustainability statements Financial statements
Annual report 2025 - CFE
139
• Severityrate:Theseverityratemeasurestheseriousnessofaccidentsatworkintermsofthenumberofworkingdayslostto
temporaryincapacityperthousandhoursworked.
• Sustainalytics:Acompanythatresearchesandassessesthesustainabilityoflistedcompanies,basedontheirenvironmental,
socialandgovernance(ESG)performance.
• TSC(TechnicalScreeningCriteria):TechnicalselectioncriteriadenedforeacheconomicactivityintheEUTaxonomyand
usedtodeterminewhetheraparticularactivitycanbeclassiedas“green”.
• UPSI/VBS(Unionprofessionnelledusecteurimmobilier,professionalunionoftherealestatesector): A Belgian organisation
that represents the interests of real estate professionals.
• Valuechain:Allactivitiesandprocessesbywhichacompanycreatesvalueforitscustomers.Thisincludesallstages,fromthe
sourcingofrawmaterialstothedeliveryofthenalproductorservicetothecustomer.
• ValueChain-upstream:Thisreferstothestagesandactivitiesthattakeplacebeforeanalproductorserviceisproduced.
Thisincludesalloperationsrelatingtothesupplyofrawmaterials,inboundlogisticsandthepreparationprocessesrequiredto
start production.
• ValueChain-downstream:Thisreferstothestagesandactivitiesthattakeplaceaftertheproductionofanalproductor
service.
• WorksCouncil:Aworkscouncilisastaffrepresentationbodywithinacompany.Itresultsfromthemergerofstaffdelegates,
theworkscouncil,theCHSCT(Health,SafetyandWorkingConditionsCommittee)andtradeuniondelegates
Message from the Chairman and CEO
Our ambitions and achievements
Management report
Sustainability statements Financial statements
5.3. Annex 2: List of references
ESRS2BP-15a,ESRS2BP-15bi 74
ESRS2BP-15bii 75
ESRS2BP-29a,ESRS2BP-29b 75
ESRS2BP-210a,b,c&d,
ESRS2BP-211a,11bi&11bii 76
ESRS 2 BP-2 16 76
ESRS 2 BP-2 17 77
ESRS2BP-213a,b&c;
ESRS2BP-214a,b&c 77
ESRS 2 BP-2 15 77
ESRS2GOV-5;
ESRS 2 IRO-1 53 d,e,f 78
ESRS 2 GOV-4 79
ESRS2SBM-140ai,ii;
ESRS 2 SBM-1 42 79
ESRS 2 SBM-1 40 a iii 79
ESRS 2 SBM-2 45 d 80
ESRS2SBM-142a,b 80
ESRS 2 SBM-1 42 c 80
ESRS 2 SBM-1 42 80
ESRS 2 BP-1 5c 80
ESRS 2 SBM-2 45 a i 81
ESRS 2 SBM-2 45 a 81
ESRS2SBM-245b 81
ESRS 2 SBM-2 45 a iv 81
ESRS 2 SBM-2 45 a v 81
ESRS 2 SBM-2 45 a 82
ESRS 2 SBM-2 45 a 82
ESRS 2 SBM-2 45 a ii 83
ESRS 2 SBM-2 45 a iii 83
ESRS 2 SBM-2 45 c ii 83
ESRS 2 SBM-2 45 d 83
ESRS 2 SBM-2 45 a v 84
ESRS 2 SBM-3 48 a 85
ESRS2SBM-348a;b;48cI,ii,iii,iv;d;f;g;h 87
ESRS 2 SBM-3 48 e 87
ESRS2IRO-153b,c,d,g 87
ESRS 2 IRO-1 53 a 88
ESRS 2 GOV-2 89
ESRS 2 GOV-1 & 3 89
ESRS E1 GOV-3 13 97
ESRS E1 SBM-3 18 97
ESRS E1 SBM-3 19c 98
ESRSE1SBM-319a,b,ESRSE1SBM-3AR7b 98
ESRSE1SBM-319c,ESRSE1SBM-3AR8b 98
ESRSE1.IRO-120a,b,c,AR9etAR12a 98
Phase in requirements for
ESRSE1.IRO-1,AR11a,b,c&d,21,
AR12a,b,c&d,21etAR15 98
ESRS E1-2 24, 25 98
ESRS E1-2 24 99
ESRS E1-1 16a 99
ESRS E1-1, 16 h & i 99
ESRS E1-4, 34 e & 16 a 99
ESRS E1-4, 34 e & 16 a,g 100
ESRS E1-4 33 100
ESRSE1-434b 100
ESRS E1-3 29a, ESRS E1-3 AR21,
ESRSE1-114,16b,j,ESRSE1-434f,16b 101
ESRSE1-329b 101
ESRSE1-329b,ESRSE1-434a,b 101
ESRS E1-3 AR21, ESRS E1-4 33,
ESRSE1-434b 101
ESRSE1-329b 101
ESRSE1-329a,ESRSE1-114,16b,j 102
ESRSE1-434a,b 102
ESRSE1-4AR25a,b 102
ESRS E1-3 29 ci, ESRS E1-1 16c 103
ESRSE1-116f;E
SRS E1-3 29 c ii,16 c & c iii,16 c 103
ESRS E1-1 16 d 103
ESRS E1-1 16 g 104
ESRSE1-6AR39b 104
ESRS E1-6 50 104
ESRSE1-644,46d;ESRSE1-648a,b,49a,b, 52
a,b,51,AR43c,AR45e,AR46j 105
ESRS E1-6 AR 41 105
ESRSE1-6AR39b 105
ESRS 2 BP-2 10 c 105
ESRS E1-6 45d 105
ESRSE1-6AR39b 105
ESRS 2 BP-2 10 c 106
ESRS E1-6 AR 46 i, 46 h 106
ESRS E1-6, AR 46 i 106
ESRS 2 BP-2 10 c, E1-6, AR 46 g 106
ESRSE1-6AR39b 106
ESRS E1-6 47, 42c 106
ESRS E1-6 53, 55 & AR55 107
ESRS E1-6 53 107
ESRS E1-6 53 107
ESRS E1-6 AR 55 107
ESRS E1-6 AR55 107
ESRS E1-7 107
ESRS E1-8 107
ESRSE1-966a,b,c,d,ESRS
E1-9AR70ci,ESRSE1-9AR69a,b 107
Phase in requirements for ESRS
E1-9 67, 68,69 & AR 72,73 108
ESRS E1-9 67e 108
ESRS 2 SBM-2 108
ESRS S1-SBM-3 109
ESRSS1-120a,b,c,ESRSS1-121 109
ESRS S1-1 17,18,19, ESRS S1-1 23 110
ESRS S1-1 22 110
ESRSS1-124a,b,c,d 110
ESRSS1-120b,ESRSS1-225,26,27 111
ESRS S1-3 31, 32 111
ESRS S1-3 32 111
ESRS S1-3 32 e 111
ESRS S1-3 33 111
ESRS S1-4 36, 37, 38, 39, 42 112
ESRS S1-4 43 112
ESRS S1-5 46 112
ESRS S1-5 47 112
ESRS S1-5 47 112
ESRS S1-6 49,ESRS S1-6 50 dii 112
ESRSS1-650a,b 113
ESRS S1-6 51 113
ESRS S1-6 50 di 113
ESRS S1-6 50 c 113
ESRS S1-6 50 e 113
ESRS S1-11 113
PhaseinrequirementsforESRSS1-1383b 113
Phase in requirements for
ESRS S1-13 83 a, 84, 85 113
ESRS S1-14 87 114
ESRS S1-14 88 114
ESRS S1-17 114
ESRS 2 SBM-2 115
ESRS S2-SBM-3 11 a,c 115
ESRS S2-16, 17, 18, 19 115
ESRS S2-2 115
ESRS S2-3 27, 28 116
ESRS S2-4 117
ESRS S2-5 41 117
ESRS S2-5 40 117
ESRS S2-5 42 117
ESRSG1-215a,ESRSG1-215b 117
ESRSG1.GOV-1_5a,ESRSG1.GOV-1_5b 118
ESRS G1-1 9, ESRS G1-1 10g,
ESRSG1-320,21a,21b,21c 118
ESRS G1-1_10a, ESRS G1-1_10c,
ESRS G1-3_18a 119
ESRS G1-4_01, ESRS G1-4_02 119
Our ambitions and achievements
Management report
Sustainability statements
Financial statements
Message from the Chairman and CEO
Annual report 2025 - CFE
141
5.4. Annex 3: List of omitted information
Reference Justication for omission Reference Justication for omission
ESRS 2 BP-1 5d Notapplicable ESRS S1 3 34 Niet-materieel gegeven
ESRS 2 BP-1 5e Notapplicable ESRS S1 440b Niet-materieel gegeven
ESRS 2 BP-2 AR2 Voluntaryreporting ESRS S1 4 41 Niet-materieel gegeven
ESRS 2 GOV-2 AR6 Voluntaryreporting ESRS S1 4 AR 33, 35, 36, 40,
41 et 48
Voluntaryreporting
ESRS 2 SBM-1 40 a iv Notapplicable ESRS S1 4 AR 43 Niet-materieel gegeven
ESRS 2 SBM-2 45 c i Notapplicable ESRS S1 5 AR 49 Voluntaryreporting
ESRS 2 SBM-2 45 c iii Notapplicable ESRS S1 6 52 Voluntaryreporting
ESRS 2 IRO-1 53 h Notapplicable ESRS S1 7 Non-materialsub-theme
ESRS 2 IRO-2 57 Notapplicable ESRS S1 8 Non-materialsub-theme
ESRS 2 IRO-2 58 Voluntaryreporting ESRS S1 9 Non-materialsub-theme
ESRS S1 10 Non-materialsub-theme
ESRS E1 1-17 Notapplicable ESRS S1 12 Non-materialsub-theme
ESRS E1 IRO-1 AR 11 Transitional implementation ESRS S1 13 Transitional implementation
ESRS E1 IRO-1 21 Transitional implementation ESRS S1 14 89 et 90 Voluntaryreporting
ESRS E1 IRO-1AR12b,c,d Transitional implementation ESRS S1 14 AR 81 et 94 Voluntaryreporting
ESRS E1 IRO-1 AR15 Transitional implementation ESRS S1 15 Non-materialsub-theme
ESRS E1 3 AR19d Voluntaryreporting ESRS S1 16 Non-materialsub-theme
ESRS E1 4 AR 30 c Voluntaryreporting ESRS S1 17 Non-materialsub-theme
ESRS E1 5AR38b Voluntaryreporting ESRS S2 SBM311aiv,b,d,e Non-material data
ESRS E1 7 Notapplicable SBM3 12,13 Non-material data
ESRS E1 8 Notapplicable 1 AR 15,12,16 Voluntaryreporting
ESRS E1 9 90 a - 100 a Notapplicable 2 24 Notapplicable
ESRS E1 9AR71b Voluntaryreporting 3 29 Notapplicable
ESRS E1 967(exepte) Transitional implementation 3 AR 23,24,25 Voluntaryreporting
ESRS E1 9 AR72 Transitional implementation 4 AR 30,3,36,37,44 Voluntaryreporting
ESRS E1 9 AR73 Transitional implementation 5 AR 45 Voluntaryreporting
ESRS E1 9 AR 74 Voluntaryreporting
ESRS E1 9 AR 76 Voluntaryreporting ESRS S3 Non-material theme
ESRS E1 9 68 Transitional implementation
ESRS E1 9 69 Transitional implementation ESRS S4 Non-material theme
ESRS E2 Non-material theme ESRS G1 110b,d,e,f,h Non-material theme
1 11 Voluntaryreporting
ESRS E3 Non-material theme 2 Non-material theme
318b,c Non-material theme
ESRS E4 Non-material theme 3 19 Non-material theme
3 AR 7 Voluntaryreporting
ESRS E5 Non-material theme 4 25 Voluntaryreporting
5 Non-material theme
ESRS S1 1 AR10, 14 et 17 Voluntaryreporting 6 Non-material theme
ESRS S1 2 29 Notapplicable
ESRS S1 2 AR 25 et 26 Voluntaryreporting
ESRS S1 3 AR 29 et 30 Voluntaryreporting
Message from the Chairman and CEO
Our ambitions and achievements
Management report
Sustainability statements Financial statements
Annual report 2025 - CFE
142
5.5. Annex 4: List of data points derived from other EU legislation
Disclosure Requirement and related
datapoint
SFDR (1) Pillar 3 (2) Benchmark Regula-
tion (3)
EU Climate Law (4) Localisation in the
sustainability state-
ments or in another
chapter of the annual
report
reference reference reference reference
ESRS 2 GOV-1 Board’s gender diversi-
typaragraph21(d)
Indicatornumber
13ofTable#1of
Annex 1
Commission Del-
egated Regulation
(EU)2020/1816(5),
Annex II
Corporate govern-
ance statement
chap 2
ESRS2GOV-1Percentageofboard
memberswhoareindependentpar-
agraph21(e)
Delegated Regula-
tion(EU)2020/1816,
Annex II
Corporate govern-
ance statement
chap 2
ESRS 2 GOV-4 Statement on due
diligence paragraph 30
Indicatornumber
10Table#3of
Annex 1
Sustainabilitystate-
ments chap 1.2
ESRS 2 SBM-1 Involvement in activities
related to fossil fuel activities para-
graph40(d)i
Indicators num-
ber4Table#1of
Annex 1
Article 449a Reg-
ulation(EU)No
575/2013;Commis-
sion Implementing
Regulation(EU)
2022/2453(6)Ta-
ble1:Qualitative
information on Envi-
ronmental risk and
Table2:Qualitative
information on So-
cial risk
Delegated Regula-
tion(EU)2020/1816,
Annex II
Sustainabilitystate-
ments chap 2.2.8
ESRS 2 SBM-1 Involvement in activities
related to chemical production par-
agraph40(d)ii
Indicator num-
ber9Table#2of
Annex 1
Delegated Regula-
tion(EU)2020/1816,
Annex II
Sustainabilitystate-
ments chap 2.2.8
ESRS 2 SBM-1 Involvement in activi-
ties related to controversial weap-
onsparagraph40(d)iii
Indicator num-
ber14Table#1of
Annex 1
Delegated Reg-
ulation(EU)
2020/1818(7),Arti-
cle12(1)Delegated
Regulation(EU)
2020/1816, Annex II
Sustainabilitystate-
ments chap 2.2.8
ESRS 2 SBM-1 Involvement in activities
related to cultivation and production
oftobaccoparagraph40(d)iv
Delegated Regula-
tion(EU)2020/1818,
Article12(1)Delegat-
edRegulation(EU)
2020/1816, Annex II
Sustainabilitystate-
ments chap 2.2.8
ESRS E1-1 Transition plan to reach cli-
mateneutralityby2050paragraph14
Regulation(EU)
2021/1119,Article2(1)
Sustainabilitystate-
ments chap 2.2.4
ESRS E1-1 Undertakings excluded from
Paris-aligned Benchmarks para-
graph16(g)
Article 449a Regula-
tion(EU)No575/2013;
Commission Imple-
menting Regulation
(EU)2022/2453
Template 1: Bank-
ingbook-Climate
Change transition
risk:Creditqualityof
exposuresbysector,
emissions and resid-
ualmaturity
Delegated Regula-
tion(EU)2020/1818,
Article12.1(d)to(g),
and Article 12.2
Sustainabilitystate-
ments chap 2.2.4
ESRS E1-4 GHG emission reduction
targets paragraph 34
Indicator num-
ber4Table#2of
Annex 1
Article 449a Regula-
tion(EU)No575/2013;
Commission Imple-
menting Regulation
(EU)2022/2453Tem-
plate3:Bankingbook
– Climate change
transition risk: align-
ment metrics
Delegated Regula-
tion(EU)2020/1818,
Article 6
Sustainabilitystate-
ments chap 2.2.4
ESRSE1-5Energyconsumptionfrom
fossilsourcesdisaggregatedby
sources(onlyhighclimateimpact
sectors)paragraph38
Indicatornumber
5Table#1andIn-
dicatorn.5Table
#2ofAnnex1
Not material
ESRSE1-5Energyconsumptionand
mix paragraph 37
Indicatornumber
5Table#1ofAn-
nex 1
Not material
Message from the Chairman and CEO
Our ambitions and achievements
Management report
Sustainability statements Financial statements
Annual report 2025 - CFE
143
Disclosure Requirement and related
datapoint
SFDR (1) Pillar 3 (2) Benchmark Regula-
tion (3)
EU Climate Law (4) Localisation in the
sustainability state-
ments or in another
chapter of the annual
report
ESRSE1-5Energyintensityassociated
with activities in high climate impact
sectors paragraphs 40 to 43
Indicatornumber
6Table#1ofAn-
nex 1
Not material
ESRS E1-6 Gross Scope 1, 2, 3 and Total
GHG emissions paragraph 44
Indicatorsnumber
1and2Table#1of
Annex 1
Article449a;Regula-
tion(EU)No575/2013;
Commission Imple-
menting Regulation
(EU)2022/2453Tem-
plate1:Bankingbook
– Climate change
transition risk: Credit
qualityofexposures
bysector,emissions
and residual ma-
turity
Delegated Regula-
tion(EU)2020/1818,
Article5(1),6and
8(1)
Sustainabilitystate-
ments chap 2.2.5
ESRS E1-6 Gross GHG emissions inten-
sityparagraphs53to55
Indicators num-
ber3Table#1of
Annex 1
Article 449a Regula-
tion(EU)No575/2013;
Commission Imple-
menting Regulation
(EU)2022/2453Tem-
plate3:Bankingbook
– Climate change
transition risk: align-
ment metrics
Delegated Regula-
tion(EU)2020/1818,
Article8(1)
Sustainabilitystate-
ments chap 2.2.5
ESRSE1-7GHGremovalsandcarbon
credits paragraph 56
Regulation(EU)
2021/1119,Article2(1)
Sustainabilitystate-
ments chap 2.2.6
ESRSE1-9Exposureofthebenchmark
portfoliotoclimate-relatedphysical
risks paragraph 66
Delegated Regula-
tion(EU)2020/1818,
Annex II Delegated
Regulation(EU)
2020/1816, Annex II
Phased in
ESRS E1-9 Disaggregation of mone-
taryamountsbyacuteandchronic
physicalriskparagraph66(a)ESRS
E1-9Locationofsignicantassets
atmaterialphysicalriskparagraph
66(c).
Article 449a Regula-
tion(EU)No575/2013;
Commission Imple-
menting Regulation
(EU)2022/2453par-
agraphs46and47;
Template 5: Banking
book-Climate
changephysicalrisk:
Exposuressubjectto
physicalrisk.
Phased in
ESRSE1-9Breakdownofthecarrying
valueofitsrealestateassetsby
energy-efciencyclassesparagraph
67(c).
Article 449a Regula-
tion(EU)No575/2013;
Commission Imple-
menting Regulation
(EU)2022/2453
paragraph34;Tem-
plate2:Bankingbook
-Climate change
transition risk: Loans
collateralisedby
immovableproperty
-Energyefciencyof
the collateral
Phased in
ESRS E1-9 Degree of exposure of the
portfolio to climate- related opportu-
nities paragraph 69
Delegated Regula-
tion(EU)2020/1818,
Annex II
Phased in
ESRS E2-4 Amount of each pollutant
listed in Annex II of the E- PRTR Reg-
ulation(EuropeanPollutantRelease
andTransferRegister)emittedtoair,
water and soil, paragraph 28
Indicator num-
ber8Table#1of
Annex 1 Indicator
number2Table
#2ofAnnex1
Indicatornumber1
Table#2ofAnnex
1 Indicator num-
ber3Table#2of
Annex 1
Not material
ESRS E3-1 Water and marine resourc-
es paragraph 9
Indicator num-
ber7Table#2of
Annex 1
Not material
Message from the Chairman and CEO
Our ambitions and achievements
Management report
Sustainability statements Financial statements
Annual report 2025 - CFE
144
Disclosure Requirement and related
datapoint
SFDR (1) Pillar 3 (2) Benchmark Regula-
tion (3)
EU Climate Law (4) Localisation in the
sustainability state-
ments or in another
chapter of the annual
report
ESRSE3-1Dedicatedpolicypara-
graph 13
Indicatornumber
8Table2ofAn-
nex 1
Not material
ESRSE3-1Sustainableoceansand
seas paragraph 14
Indicatornumber
12Table#2of
Annex 1
Not material
ESRSE3-4Totalwaterrecycledand
reusedparagraph28(c)
Indicatornumber
6.2Table#2of
Annex 1
Not material
ESRS E3-4 Total water consumption in
m3 per net revenue on own opera-
tions paragraph 29
Indicatornumber
6.1Table#2of
Annex 1
Not material
ESRS2-SBM3-E4paragraph16(a)i Indicatornumber
7Table#1ofAn-
nex 1
Not material
ESRS2-SBM3-E4paragraph16(b) Indicatornumber
10Table#2of
Annex 1
Not material
ESRS2-SBM3-E4paragraph16(c) Indicatornumber
14Table#2of
Annex 1
Not material
ESRSE4-2Sustainableland/agricul-
ture practices or policies paragraph
24(b)
Indicator num-
ber11Table#2of
Annex 1
Not material
ESRSE4-2Sustainableoceans/seas
practices or policies paragraph 24
(c)
Indicatornumber
12Table#2of
Annex 1
Not material
ESRS E4-2 Policies to address de-
forestationparagraph24(d)
Indicatornumber
15Table#2of
Annex 1
Not material
ESRSE5-5Non-recycledwastepara-
graph37(d)
Indicatornumber
13Table#2of
Annex 1
Not material
ESRS E5-5 Hazardous waste and radi-
oactive waste paragraph 39
Indicatornumber
9Table#1ofAn-
nex 1
Not material
ESRS 2- SBM3 - S1 Risk of incidents of
forcedlabourparagraph14(f)
Indicatornumber
13Table#3of
Annex I
Sustainabilitystate-
ments chapter
ESRS 2- SBM3 - S1 Risk of incidents of
childlabourparagraph14(g)
Indicatornumber
12Table#3of
Annex I
Not material
ESRSS1-1Humanrightspolicycom-
mitments paragraph 20
Indicatornumber
9Table#3and
Indicatornumber
11Table#1ofAn-
nex I
Sustainabilitystate-
ments chapter 3.1.3
ESRS S1-1 Due diligence policies on
issuesaddressedbythefundamen-
talInternationalLaborOrganisation
Conventions 1 to 8, paragraph 21
Delegated Regula-
tion(EU)2020/1816,
Annex II
Sustainabilitystate-
ments chapter 3.1.3
ESRS S1-1 processes and measures
forpreventingtrafckinginhuman
beingsparagraph22
Indicator num-
ber11Table#3of
Annex I
Sustainabilitystate-
ments chapter 3.1.3
ESRS S1-1 workplace accident pre-
ventionpolicyormanagementsys-
tem paragraph 23
Indicatornumber
1Table#3ofAn-
nex I
Sustainabilitystate-
ments chapter 3.1.3
ESRS S1-3 grievance/complaints han-
dlingmechanismsparagraph32(c)
Indicator num-
ber5Table#3of
Annex I
Sustainabilitystate-
ments chapter 3.1.5
ESRSS1-14Numberoffatalitiesand
numberandrateofwork-related
accidentsparagraph88(b)and(c)
Indicator num-
ber2Table#3of
Annex I
Delegated Regula-
tion(EU)2020/1816,
Annex II
Sustainabilitystate-
ments chapter 3.1.11
Message from the Chairman and CEO
Our ambitions and achievements
Management report
Sustainability statements Financial statements
Annual report 2025 - CFE
145
Disclosure Requirement and related
datapoint
SFDR (1) Pillar 3 (2) Benchmark Regula-
tion (3)
EU Climate Law (4) Localisation in the
sustainability state-
ments or in another
chapter of the annual
report
ESRSS1-14Numberofdayslost
to injuries, accidents, fatalities or
illnessparagraph88(e)
Indicator num-
ber3Table#3of
Annex I
Sustainabilitystate-
ments chapter 3.1.11
ESRSS1-16Unadjustedgenderpay
gapparagraph97(a)
Indicator num-
ber12Table#1of
Annex I
Delegated Regula-
tion(EU)2020/1816,
Annex II
Not material
ESRSS1-16ExcessiveCEOpayra-
tioparagraph97(b)
Indicator num-
ber8Table#3of
Annex I
Not material
ESRS S1-17 Incidents of discrimina-
tionparagraph103(a)
Indicator num-
ber7Table#3of
Annex I
Not material
ESRS S1-17 Non-respect of UNGPs
on Business and Human Rights and
OECDGuidelinesparagraph104(a)
Indicatornumber
10Table#1andIn-
dicatorn.14Table
#3ofAnnexI
Delegated Regula-
tion(EU)2020/1816,
Annex II Delegated
Regulation(EU)
2020/1818Art12(1)
Not material
ESRS2-SBM3–S2Signicantriskof
childlabourorforcedlabourinthe
valuechainparagraph11(b)
Indicatorsnumber
12andn.13Table
#3ofAnnexI
Not material
ESRSS2-1Humanrightspolicycom-
mitments paragraph 17
Indicatornumber
9Table#3and
Indicatorn.11Table
#1ofAnnex1
Sustainabilitystate-
ments chapter 3.2.3
ESRS S2-1 Policies related to value
chain workers paragraph 18
Indicatornumber
11andn.4Table
#3ofAnnex1
Sustainabilitystate-
ments chapter 3.2.3
ESRS S2-1 Non- respect of UNGPs on
Business and Human Rights princi-
ples and OECD guidelines paragraph
19
Indicator num-
ber10Table#1of
Annex 1
Delegated Regula-
tion(EU)2020/1816,
Annex II Delegated
Regulation(EU)
2020/1818,Art12(1)
Sustainabilitystate-
ments chapter 3.2.3
ESRS S2-1 Due diligence policies on
issuesaddressedbythefundamen-
talInternationalLaborOrganisation
Conventions 1 to 8, paragraph 19
Delegated Regula-
tion(EU)2020/1816,
Annex II
Sustainabilitystate-
ments chapter 3.2.3
ESRS S2-4 Human rights issues and
incidents connected to its upstream
and downstream value chain para-
graph 36
Indicatornumber
14Table#3of
Annex 1
Sustainabilitystate-
ments chapter 3.2.6
ESRSS3-1Humanrightspolicycom-
mitments paragraph 16
Indicatornumber
9Table#3ofAn-
nex 1 and Indicator
number11Table#1
of Annex 1
Not material
ESRS S3-1 non-respect of UNGPs on
Business and Human Rights, ILO prin-
ciples or OECD guidelines paragraph
17
Indicatornumber
10Table#1Annex1
Delegated Regula-
tion(EU)2020/1816,
Annex II Delegated
Regulation(EU)
2020/1818,Art12(1)
Not material
ESRS S3-4 Human rights issues and
incidents paragraph 36
Indicatornumber
14Table#3of
Annex 1
Not material
ESRS S4-1 Policies related to consum-
ers and end-users paragraph 16
Indicatornumber
9Table#3and
Indicatornumber
11Table#1ofAn-
nex 1
Not material
ESRS S4-1 Non-respect of UNGPs on
Business and Human Rights and
OECD guidelines paragraph 17
Indicator num-
ber10Table#1of
Annex 1
Delegated Regula-
tion(EU)2020/1816,
Annex II Delegated
Regulation(EU)
2020/1818,Art12(1)
Not material
ESRS S4-4 Human rights issues and
incidents paragraph 35
Indicatornumber
14Table#3of
Annex 1
Not material
Message from the Chairman and CEO
Our ambitions and achievements
Management report
Sustainability statements Financial statements
Annual report 2025 - CFE
146
Disclosure Requirement and related
datapoint
SFDR (1) Pillar 3 (2) Benchmark Regula-
tion (3)
EU Climate Law (4) Localisation in the
sustainability state-
ments or in another
chapter of the annual
report
ESRS G1-1 United Nations Convention
againstCorruptionparagraph10(b)
Indicatornumber
15Table#3of
Annex 1
Sustainabilitystate-
ments chapter 4.2
ESRSG1-1Protectionofwhistle-blow-
ersparagraph10(d)
Indicator num-
ber6Table#3of
Annex 1
Sustainabilitystate-
ments chapter 4.2
ESRS G1-4 Fines for violation of
anti-corruptionandanti-bribery
lawsparagraph24(a)
Indicatornumber
17Table#3of
Annex 1
Delegated Regula-
tion(EU)2020/1816,
AnnexII)
Sustainabilitystate-
ments chapter 4.3
ESRS G1-4 Standards of anti- cor-
ruptionandanti-briberyparagraph
24(b)
Indicatornumber
16Table#3of
Annex 1
Sustainabilitystate-
ments chapter 4.3
1Regulation(EU)2019/2088ofthe
European Parliament and of the
Councilof27November2019onsus-
tainability‐relateddisclosuresinthe
nancialservicessector(Sustainable
FinanceDisclosuresRegulation)(OJL
317,9.12.2019,p.1).
2Regulation(EU)No575/2013of
the European Parliament and of the
Councilof26June2013onprudential
requirements for credit institutions
andinvestmentrmsandamending
Regulation(EU)No648/2012(Capital
RequirementsRegulation“CRR”)(OJL
176,27.6.2013,p.1).
3Regulation(EU)No575/2013of
the European Parliament and of the
Councilof26June2013onprudential
requirements for credit institutions
andinvestmentrmsandamending
Regulation(EU)No648/2012(Capital
RequirementsRegulation“CRR”)(OJL
176,27.6.2013,p.1).
4Regulation(EU)2021/1119ofthe
European Parliament and of the
Councilof30June2021establishing
the framework for achieving climate
neutralityandamendingRegulations
(EC)No401/2009and(EU)2018/1999
(‘EuropeanClimateLaw’)(OJL243,
9.7.2021,p.1).
5 Commission Delegated Regulation
(EU)2020/1816of17July2020supple-
mentingRegulation(EU)2016/1011of
the European Parliament and of the
Council as regards the explanation
inthebenchmarkstatementofhow
environmental, social and govern-
ancefactorsarereectedineach
benchmarkprovidedandpublished
(OJL406,3.12.2020,p.1).
6 Commission Implementing Regula-
tion(EU)2022/2453of30November
2022 amending the implementing
technical standards laid down in Im-
plementingRegulation(EU)2021/637
as regards the disclosure of environ-
mental, social and governance risks
(OJL324,19.12.2022,p.1.).
7 Commission Delegated Regulation
(EU)2020/1818of17July2020supple-
mentingRegulation(EU)2016/1011of
the European Parliament and of the
Council as regards minimum stand-
ards for EU Climate Transition Bench-
marks and EU Paris- aligned Bench-
marks(OJL406,3.12.2020,p.17).
Message from the Chairman and CEO
Our ambitions and achievements
Management report
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147
5.6. Annex 5: Auditor’s report
StatutoryAuditor’slimitedassurancereport
ontheconsolidatedSustainabilitystatements
ofCompagnied’EntreprisesCFESA/
AannemingsmaatschappijCFENV
At the attention of the general meeting of the shareholders
As part of the limited assurance engagement on the
consolidatedsustainabilitystatementsofCompagnie
d’EntreprisesCFESA/AannemingsmaatschappijCFENV(the
“Company”orthe“Group”),weareprovidingyouwithourreport
on this engagement.
WewereappointedbytheGeneralMeetingof2May2024
, in accordance with the proposal of the Board of Directors
following recommendation of the Audit Committee of
Compagnie d’Entreprises CFE SA/ Aannemingsmaatschappij
CFENV,tocarryoutalimitedassuranceengagementonthe
Group’sconsolidatedsustainabilityinformation,includedin
thesustainabilitystatementsoftheannualreportasof31
December2025andfortheyearthenended(the“sustainability
statements”).
Our mandate expires on the date of the general meeting
deliberatingontheannualnancialstatementsclosedas
at31December2026.Wehavecarriedoutourassurance
engagementonthesustainabilitystatementsoftheCompany
for2consecutivenancialyears.
Limitedassuranceconclusion
We have conducted a limited assurance engagement on the
sustainabilitystatementsofCompagnied’EntreprisesCFESA/
Aannemingsmaatschappij CFE NV.
Based on the procedures we have performed and the evidence
wehaveobtained,nothinghascometoourattentionthat
causesustobelievethatthesustainabilitystatements,inall
material respects:
• are not prepared in accordance with the requirements
referred to in Article 3:32/2 of the Belgian Code of Compa
-
nies and Associations, including compliance with appli-
cableEuropeansustainabilityinformationstandards(the
EuropeanSustainabilityReportingStandards(“ESRSs”))
• arenotcompliantwiththeprocesscarriedoutbythe
Group(“theProcess”)toidentifytheinformationincludedin
thesustainabilitystatementsinaccordancewiththeESRS’s
assetoutinsection1.6.“IRO-1and2Doublemateriality
assessment”ofthesustainabilitystatements”;and
• are not compliant with the requirements of Article 8 of
EURegulation2020/852(the“TaxonomyRegulation”)as
disclosedinsection2.1“EuropeanTaxonomyinforma
-
tion(pursuanttoarticle8ofRegulation2020/852)”ofthe
sustainabilitystatements.
Basisforconclusion
We conducted our limited assurance engagement in
accordance with International Standard on Assurance
Engagements(ISAE)3000(Revised),Assuranceengagements
otherthanauditsorreviewsofhistoricalnancialinformation
(“ISAE3000(Revised)”),applicableinBelgiumandissuedbythe
International Auditing and Assurance Standards Board.
Ourresponsibilitiesunderthisstandardarefurtherdescribed
inthesection“StatutoryAuditor’sresponsibilitiesinrelation
tothelimitedassuranceengagementonthesustainability
information”.
We have complied with all ethical requirements relevant to the
assuranceofsustainabilityengagementinBelgium,including
those relating to independence.
ThermappliesInternationalStandardonQualityManagement
1(“ISQM1”),whichrequiresthermtodesign,implementand
operateasystemofqualitymanagementincludingpoliciesor
procedures regarding compliance with ethical requirements,
professionalstandardsandapplicablelegalandregulatory
requirements.
WehaveobtainedfromtheCompany’sBoardofDirectorsand
itsappointeestheexplanationsandinformationnecessaryfor
our limited assurance engagement.
Webelievethattheevidencewehaveobtainedissufcientand
appropriatetoprovideabasisforourconclusion.
ResponsibilitiesoftheBoardofDirectorsinrelationtothe
preparation of sustainability information
TheBoardofDirectorsoftheCompanyisresponsiblefor
designingandimplementingaprocesstoidentifythe
informationreportedinthesustainabilitystatementsin
accordance with the ESRS and for disclosing this Process in
section1.6.“IRO-1and2Doublematerialityassessment”ofthe
sustainabilitystatements.Thisresponsibilityincludes:
• understandingthecontextinwhichtheCompany’sactivi
-
tiesandbusinessrelationshipstakeplaceanddeveloping
an understanding of its affected stakeholders.
• theidenticationoftheactualandpotentialimpacts(both
negativeandpositive)relatedtosustainabilitymatters,as
well as risks and opportunities that affect, or could reason
-
ablybeexpectedtoaffect,theentity’snancialposition,
nancialperformance,cashows,accesstonanceor
costofcapitalovertheshort-,medium-,orlong-term;
• theassessmentofthematerialityoftheidentiedimpacts,
risksandopportunitiesrelatedtosustainabilitymattersby
selectingandapplyingappropriatethresholds;and
• makingassumptionsthatarereasonableinthecircum
-
stances.
TheBoardofDirectorsoftheCompanyisfurtherresponsiblefor
thepreparationofthesustainabilitystatements,whichcontains
thesustainabilityinformationasdeterminedintheProcess:
• in accordance with the requirements referred to in Article
3:32/2 of the Belgian Code of Companies and Associations,
includingcompliancewithapplicableESRS’s;
• incompliancewiththerequirementprovidedbyArticle8
ofEURegulation2020/852(the“TaxonomyRegulation”)
asdescribedinsection2.1“EuropeanTaxonomyinforma
-
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Management report
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148
tion(pursuanttoarticle8ofRegulation2020/852)”ofthe
sustainabilitystatements.
Thisresponsibilityincludes:
• designing, implementing and maintaining such internal
controlthattheBoardofDirectorsdeterminesisnecessary
toenablethepreparationofthesustainabilitystatements
that are free from material misstatements, whether due to
fraudorerror;and
• theselectionandapplicationofappropriatesustainability
reporting methods and making assumptions and estimates
thatarereasonableinthecircumstances.
TheBoardofDirectorsisresponsibleforoverseeingtheGroup’s
sustainabilityreportingprocess.
Inherent limitations in preparing the sustainability
statements
In reporting forward-looking information in accordance with
ESRS,theBoardofDirectorsoftheCompanyisrequiredto
preparetheforward-lookinginformationonthebasisof
disclosedassumptionsabouteventsthatmayoccurinthe
futureandpossiblefutureactionsbytheCompany.Actual
outcomesarelikelytobedifferentsinceanticipatedevents
frequentlydonotoccurasexpected.Actualresultsarelikely
todifferfromprojectionsbecausethefutureeventswillnot
generallyoccurasexpected,andsuchdifferencescouldbe
material.
Statutory Auditor’s responsibilities in relation to the limited
assuranceengagementonthesustainabilityinformation
Ourresponsibilityistoplanandperformtheassurance
engagementtoobtainlimitedassuranceaboutwhetherthe
sustainabilitystatementsarefreefrommaterialmisstatements,
whether due to fraud or error, and to issue a limited assurance
report that includes our conclusion. Misstatements can arise
fromfraudorerrorandareconsideredmaterialif,individually
orintheaggregate,theycouldreasonablybeexpected
toinuencedecisionsofuserstakenonthebasisofthe
sustainabilitystatementsasawhole.
As part of a limited assurance engagement in accordance
withISAE3000(Revised),asapplicableinBelgium,weexercise
professional judgement and maintain professional skepticism
throughout the engagement. The work performed in an
engagementwithaviewtoobtaininglimitedassuranceisless
extensive than in the case of an engagement with a view to
obtainingreasonableassurance.Theproceduresperformed
in a limited assurance engagement for which we refer to the
section‘Summaryoftheworkperformed’whichdifferinnature
andtimingarelessextensivecomparedtoareasonable
assurance engagement. We therefore do not express a
reasonableauditopinionintheframeworkofthisengagement.
Astheforward-lookinginformationincludedinthesustainability
statements,andtheassumptionsonwhichitisbased,relateto
thefuture,theymaybeaffectedbyeventsthatmayoccurand/
orbyactionstakenbytheCompany.Actualresultsarelikelyto
differ from the assumptions made, as the events assumed will
notnecessarilyoccurasexpected,andsuchdifferencescould
bematerial.Accordingly,ourconclusiondoesnotguarantee
that the actual results reported will correspond to those
containedintheforward-lookingsustainabilityinformation.
Ourresponsibilitiesinrespectofthesustainabilitystatements,in
relation to the Process, include:
• understandingtheProcessbutnotforthepurposeof
providing a conclusion on the effectiveness of the Process,
includingtheoutcomeoftheProcess;and
• designing and performing procedures to evaluate whether
theProcessisconsistentwiththeCompany’sdescriptionof
itsProcess,asdisclosedinsection1.6.“IRO-1and2Double
materialityassessment”ofthesustainabilitystatements.
Ourotherresponsibilitiesinrespectofthesustainability
statements include:
• understanding the Group’s control environment and the
processesandinformationsystemsrelevanttotheprepa
-
rationofsustainabilityinformation,butwithoutevaluating
thedesignofspeciccontrolactivities,obtainingsubstan
-
tive information on their implementation or testing the
effectivenessoftheinternalcontrolmeasuresinplace;
• identifyingareaswherematerialmisstatementsofsustain
-
abilityinformationarelikelytooccur,whetherduetofraud
orerror;and
• designing and performing procedures responsive to where
materialmisstatementsarelikelytoariseinthesustain
-
abilitystatements.Theriskofnotdetectingamaterial
misstatement resulting from fraud is higher than for one
resultingfromerror,asfraudmayinvolvecollusion,forgery,
intentional omissions, misrepresentations, or the override of
internal control.
Summaryoftheworkperformed
A limited assurance engagement involves performing
procedurestoobtainevidenceaboutthesustainability
statements. The procedures in a limited assurance engagement
varyinnatureandtimingfrom,andarelessinextentthanfor
areasonableassuranceengagement.Consequently,thelevel
ofassuranceobtainedinalimitedassuranceengagementis
substantiallylowerthantheassurancethatwouldhavebeen
obtainedhadareasonableassuranceengagementbeen
performed.
The nature, timing and extent of procedures selected depend
onprofessionaljudgement,includingtheidenticationof
disclosureswherematerialmisstatementsarelikelytoarisein
thesustainabilitystatements,whetherduetofraudorerror.
In conducting our limited assurance engagement, with respect
to the Process, we:
• ObtainedanunderstandingoftheProcessthrough:
– requesting information to understand the sources of
theinformationusedbymanagement(e.g.stake
-
holderengagement,businessplansandstrategy
documents),and
– assessingtheCompany’sinternaldocumentationof
itsProcess;and
• Evaluatedwhethertheevidenceobtainedfromour
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procedureswithrespecttotheProcessimplementedby
theCompanywasconsistentwiththedescriptionofthe
Processsetoutinsection1.6.“IRO-1and2Doublemateriality
assessment”ofthesustainabilitystatements.
In conducting our limited assurance engagement, with respect
tothesustainabilitystatements,we:
• ObtainedanunderstandingoftheCompany’sreporting
processesrelevanttothepreparationofitssustainability
statementsby:
– interviewing management and relevant staff respon
-
sibleforconsolidatingandimplementinginternal
controlmeasuresrelatedtosustainabilityinformation;
– whendeemedappropriate,obtainingsupporting
documentationfortherelevantreportingprocesses;
• EvaluatedwhethertheinformationidentiedbytheProcess
isincludedinthesustainabilitystatements;
• Evaluated the compliance of the structure and the prepa
-
rationofsustainabilityinformationwithESRSstandards;
• Performedinquiresofrelevantpersonnelandanalytical
proceduresonselectedinformationinthesustainability
statements;
• Performedsubstantiveassuranceprocedures,basedona
sample,onselectedinformationinthesustainabilitystate
-
ments;
• Foranumberoflocationscontributingtothequantitative
informationincludedinthesustainabilityinformation,we
carried out limited detailed testing of the data collection
and calculation processes, as well as validation procedures
related to the quantitative information in question, either on
siteorthroughremoteconnection,basedonprofessional
judgementandonasamplebasis;
• Evaluated assurance information on the methods for
developingestimatesandforward-lookinginformation;
evaluatedasdescribedinthesection‘Responsibilitiesof
thestatutoryauditorinrelationtothelimitedassurance
engagementonthesustainabilityinformation;
• ObtainedanunderstandingoftheCompany’sprocess
toidentifytaxonomy-eligibleandtaxonomy-aligned
economic activities and the corresponding disclosures in
thesustainabilitystatements;
• Onasamplebasis,reconciledtheeconomicactivitieswith
supportingdocumentationthatsubstantiatesthesubstan
-
tialcontribution,thedonotsignicantharmcontribution,
andtheminimumsafeguardrequirements;
• Reconciling inputs to revenue, capital expenditure, and
operatingexpenses,withunderlyingnancialinformationof
theCompany;
Statementregardingindependence
Ourauditrmandournetworkhavenotperformedany
engagementsthatareincompatiblewiththelimitedassurance
engagement,andourauditrmhasremainedindependentof
thecompanyduringourtermofofce.
Diegem, 30 March 2026
EY Réviseurs d’Entreprises SRL/EY Bedrijfsrevisoren BV
StatutoryAuditor
representedby
Marnix Van Dooren*
Partner
*ActingonbehalfofanSRL/BV
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Financial
statements
Our ambitions and achievements
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Financial statements
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151
DEFINITIONS ................................................................................................. 152
CONSOLIDATED FINANCIAL STATEMENTS ................................................ 153
CONSOLIDATED STATEMENT OF INCOME ............................ 153
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME .. 153
CONSOLIDATED STATEMENT OF FINANCIAL POSITION .......... 154
CONSOLIDATED STATEMENT OF CASH FLOWS ..................... 155
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY ........... 158
SHARE CAPITAL AND RESERVES .......................................... 158
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS ...................... 159
INTRODUCTION ................................................................. 159
MAIN TRANSACTIONS IN 2025 AND 2024 WITH AN IMPACT
ON THE SCOPE OF THE CFE GROUP
..................................... 159
1. GENERAL POLICIES ................................................................................. 161
2. SIGNIFICANT ACCOUNTING POLICIES ................................................ 162
3. CONSOLIDATION METHODS ................................................................ 174
4. SEGMENT REPORTING .......................................................................... 175
5. ACQUISITIONS AND DISPOSALS OF SUBSIDIARIES ........................... 180
6. OTHER OPERATING INCOME AND EXPENSES ..................................... 180
7. PERSONNEL EXPENSES ......................................................................... 180
8. FINANCIAL RESULT ................................................................................ 181
9. NON-CONTROLLING INTERESTS .......................................................... 181
10. EARNINGS PER SHARE ........................................................................... 181
11. INCOME TAX ......................................................................................... 182
12. INTANGIBLE ASSETS OTHER THAN GOODWILL .................................. 184
13. GOODWILL ............................................................................................. 185
14. PROPERTY, PLANT AND EQUIPMENT ................................................... 186
15. INVESTMENTS ACCOUNTED FOR USING EQUITY METHOD ............... 188
16. OTHER NON-CURRENT FINANCIAL ASSETS ....................................... 194
17. CONSTRUCTION CONTRACTS ............................................................ 196
18. INVENTORIES ......................................................................................... 197
19. CASH AND CASH EQUIVALENTS ......................................................... 197
20. CAPITAL GRANTS ................................................................................. 197
21. INFORMATION RELATED TO STOCK OPTION PLANS ON OWN SHARES
................................................................................................................ 198
22. EMPLOYEE BENEFITS ............................................................................. 199
23. PROVISIONS OTHER THAN THOSE RELATING TO NON-CURRENT
EMPLOYEE BENEFIT OBLIGATIONS ..................................................... 203
24. CONTINGENT ASSETS AND LIABILITIES ............................................. 203
25. NET FINANCIAL DEBT ........................................................................... 204
26. FINANCIAL RISK MANAGEMENT ......................................................... 206
27. OTHER COMMITMENTS GIVEN ............................................................ 212
28. OTHER COMMITMENTS RECEIVED ...................................................... 212
29. LITIGATION ............................................................................................ 213
30. RELATED PARTIES .................................................................................. 213
31. AUDIT FEES ............................................................................................ 214
32. SUBSEQUENT EVENTS ........................................................................... 214
33. COMPANIES OWNED BY THE GROUP .................................................. 214
ALTERNATIVE PERFORMANCE MEASURES RECONCILIATION ................. 220
STATEMENT ON THE TRUE AND FAIR NATURE OF THE FINANCIAL
STATEMENTS AND THE TRUE AND FAIR NATURE OF THE
PRESENTATION IN THE MANAGEMENT REPORT ................................ 222
GENERAL INFORMATION ABOUT THE COMPANY .................................... 223
PARENT COMPANY FINANCIAL STATEMENTS ......................................... 229
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DEFINITIONS
Working capital requirement
Inventories + trade and other operating receivables + contracts assets + other current
non-operating assets – trade and other operating payables – current tax liabilities –
contracts liabilities – other current non-operating liabilities.
Capital employed
Equity of Real Estate Development segment + net financial debt of Real Estate
Development segment.
Net financial debt (NFD)
Non-current and current financial liabilities – cash and cash equivalents.
Cash and cash equivalents – non-current and current financial liabilities.
Revenue + other operating income + Raw materials, consumables, services and
subcontracted work + remunerations and social security payments + other operating
expenses + depreciation and amortisation.
Income from operating activities + share of profit (loss) of investments accounted for
using equity method.
Income from operating activities + depreciation and amortisation.
Return on equity (ROE) Net income, share of the group / equity, share of the group (opening).
Average interest rate on gross
financial debt
The contractual interest rate (weighted average) of financial debt in force during the
financial year after taking hedging instruments into account. Financial debt includes
drawdowns on credit facilities, bank loans and leases).
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CONSOLIDATED FINANCIAL STATEMENTS
CONSOLIDATED STATEMENT OF INCOME
For the period ended December 31
(in € thousands)
Notes 2025 2024
Revenue
4
1,041,593
1,182,169
Other operating income 6 55,861 38,730
Raw materials, consumables, services and subcontracted work
(706,843)
(842,639)
Personnel expenses 7
(242,829)
(240,232)
Other operating expenses
6
(84,778)
(88,159)
Depreciation and amortisation
(22,434)
(21,832)
Income from operating activities
40,570
28,037
Share of profit (loss) of investments accounted for using equity method
15
4,282
3,968
Operating income
44,852 32,005
Interest income
8
12,141
12,944
Interest expenses 8 (11,021) (15,386)
Other financial result 8 (2,202) 7,240
Financial result
(1,082) 4,798
Result before tax
43,770 36,803
Income tax expenses 11 (10,247) (12,840)
Result for the period
33,523 23,963
Non-controlling interests 9 19 0
Result for the period - share of the group 33,542 23,963
Earnings per share (share of the group) (EUR) (diluted and basic)
10
1.36
0.97
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
For the period ended December 31
(in € thousands)
Notes 2025 2024
Result for the period - share of the group
33,542
23,963
Result for the period 33,523 23,963
Changes in fair value related to financial derivatives 778 (2,070)
Exchange differences on translation
(7,946)
(561)
Deferred taxes 0 0
Other elements of the comprehensive income to be reclassified to profit or
loss in subsequent periods
(7,168) (2,631)
Re-measurement on defined benefit and contribution plans
22
1,050
(31)
Deferred taxes 11 (124) 48
Other elements of the comprehensive income not to be reclassified to profit
or loss in subsequent periods
926 17
Total other elements of the comprehensive income recognized
directly in equity
(6,242) (2,614)
Comprehensive income :
27,281
21,349
- Share of the group
27,282
21,351
- Attributable to non-controlling interests
(1) (2)
Comprehensive income (share of the group) per share
(EUR) (diluted and basic)
1.11 0.86
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CONSOLIDATED STATEMENT OF FINANCIAL POSITION
For the period ended December 31
(in € thousands)
Notes 2025 2024
Intangible assets 12 5,470 5,981
Goodwill
13
23,959
23,929
Property, plant and equipment 14 92,902 96,023
Investments accounted for using equity method 15 176,902 176,382
Other non-current financial assets 16 125,567 120,248
Non-current financial derivatives 26 59 126
Other non-current assets
14,857 13,961
Deferred tax assets 11 7,743 9,017
Non-current assets
447,459 445,667
Inventories 18 88,937 141,375
Trade and other operating receivables
272,832 265,481
Contract assets 17 47,146 62,696
Other current non-operating assets
7,215 7,329
Current financial derivatives 26
0
77
Current financial assets
4,871
5,612
Cash and cash equivalents
19
199,324
173,510
Current assets
620,325
656,080
Total assets
1,067,784
1,101,747
Share capital
8,136
8,136
Share premium
116,662
116,662
Retained earnings
160,033
136,412
Treasury shares 21 (5,376) (4,250)
Defined benefit and contribution pension plans 22 (11,093) (12,019)
Reserves related to financial derivatives
4,314 3,536
Exchange differences on translation
(8,673) (709)
Equity – share of the group
264,003 247,768
Non-controlling interests
6 7
Equity
264,009 247,775
Employee benefit obligations 22 5,410 8,163
Non-current provisions 23 20,531 19,445
Other non-current liabilities
29,105 25,535
Non-current financial liabilities 25 137,055 184,830
Non-current financial derivatives 26 511 652
Deferred tax liabilities 11
3,150
5,247
Non-current liabilities
195,762
243,872
Current provisions
23
21,367
16,644
Trade and other operating payables
260,316
289,176
Contract liabilities
17
229,686
208,844
Current tax liabilities
4,908
6,342
Current financial liabilities
25
18,498
30,375
Current financial derivatives
26
110
0
Other current non-operating liabilities
73,128 58,719
Current liabilities
608,013
610,100
Total equity and liabilities 1,067,784 1,101,747
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CONSOLIDATED STATEMENT OF CASH FLOWS
For the period ended December 31
(in € thousands)
Notes 2025 2024
Income from operating activities 40,570 28,037
Depreciation and amortisation of (in)tangible assets and investment
property
12 - 14 22,434 21,832
(Decrease)/increase of provisions
3,835 582
Impairments on assets and other non-cash items
(7,976) (2,008)
Loss/(profit) on disposal of tangible and financial fixed assets
(5,293)
(1,198)
Dividends received from investments accounted for using equity method 15 10,072 17,447
Cash flows from (used in) operating activities before changes in working
capital
63,642 64,692
Decrease/(increase) in trade receivables and other current and non-
current receivables
6,082 59,136
Capital decrease/(increase) of investments accounted for using equity
method in the real estate development segment
(15,095) (4,506)
Repayment/(New borrowings given) to investments accounted for using
equity method in the real estate development segment
14,746 1,517
Decrease/(increase) in inventories
30,642 15,408
Increase/(decrease) in trade payables and other current and non-current
payables
23,210 (38,086)
Income tax (paid)/received
(9,902) (12,856)
Cash flows from (used in) operating activities
113,325 85,305
Investments
(11,581) (16,571)
Purchases of intangible assets and of property, plant and equipment
(7,630) (10,846)
Increase of the investment percentage net of cash acquired/sold 15 0 0
Capital increase of investments accounted for using equity method 15 (1,610) (671)
New borrowings given to investments accounted for using equity method (2,341) (5,054)
Divestments 8,241 8,123
Proceeds from sales of intangible assets and property, plant and
equipment
7,566 2,345
Decrease of the investment percentage net of cash acquired/sold 5 0 550
Capital decrease of investments accounted for using equity method 15 463 3,444
Repayment of borrowings given to investments accounted for using equity
method
16 212 1,784
Cash flows from (used in) investing activities
(3,340) (8,448)
Interest paid
(11,021) (15,386)
Interest received
12,141 13,088
Other financial expenses and income received/(paid)
(1,727) 1,806
Receipts from new borrowings 25 0 44,599
Repayment of borrowings 25 (72,936) (92,235)
Buy back of own shares 21 (1,406) 0
Dividends received/(paid)
(9,921) (9,921)
Cash flows from (used in) financing activities (84,870) (58,049)
Net increase/(decrease) in cash position
25,115
18,808
Cash and cash equivalents, opening balance 19 173,510 154,092
Effects of exchange rate changes on cash and cash equivalents
699 610
Cash and cash equivalents, closing balance 19 199,324 173,510
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Acquisitions and disposals of subsidiaries net of cash acquired do not include entities that are not a business combination (Real
Estate segment). They are not considered as investment operations and are directly reflected in cash flows from operating activities.
Comments on the consolidated statement of income 2025 :
- Turnover was down -11.9% on the previous year, particularly within the Belgian and Polish construction entities as well as at
Mobix.
Turnover in the real estate development segment is not representative of the segment's activity, given that a significant
proportion of BPI's operations are carried out in companies accounted for by the equity method.
- Other operating income concerns re-invoicing to temporary companies, gains on the disposal of shares, and gains on the
disposal of fixed assets. The increase compared with the previous financial year is mainly explained by; (i) the gain and the
remeasurement recognised upon the sale of 40% of the stake in BPI Piano Forte (real estate project in Poland, EUR 9.7 million),
(ii) the gain recognised following the sale of the shares of Joma 2060 (Martin project in Antwerp), (iii) the receipt of an
earn-out relating to a sale completed in the past, and (iv) gains realised on the sale of certain LTS assets.
- Raw materials, consumables, services and sub-contracted work decreased by -16.1% In connection with the decrease in
revenue but also a consequence of improved operational performance. Personnel expenses increased by 1.1%, mainly as a
result of wage inflation, partially offset by a reduction in the average headcount due to the decline in activity.
- The financial result evolved from a net financial income of EUR +4.8 million to a financial expense of EUR –1.1 million. This
change is mainly explained by :
o The sharp decrease in the effects of foreign exchange differences. As a reminder, these were positively influenced
by the recycling of translation differences recognised in profit or loss upon the repayment of intercompany loans
in foreign currencies (considered as long-term financing).
Partially offset by :
o The decrease in net interest expense, mainly due to a reduction in the average outstanding balance of gross
financial debt during the year.
Comments on the consolidated statement of financial position as at December 31, 2025 :
- Intangible fixed assets include mainly the investments made in the implementation of an ERP system by the Construction
& Renovation segment.
- Goodwill mainly relates to the VMA and MOBIX segments, and is stable compared with 2024.
- Tangible fixed assets show a slight decrease and consist primarily of the carrying amounts of the head offices of several
Belgian subsidiaries of the Group, as well as the equipment and vehicle fleet.
- Equity-accounted investments and other financial assets mainly include the shareholdings and shareholder loans with
Deep C Holding, Green Offshore, Greenstor and the jointly controlled real estate development project companies.
- The line item “Investments accounted for using the equity method” remains stable.
o Regarding changes in the scope of consolidation, following the sale of 40% of the shares of BPI Piano Forte, this
investment is accounted for using the equity method at the end of 2025 (compared with full consolidation at the
end of 2024). The impact of this change in consolidation method is largely offset by the sale of the shares of Joma
2060 NV.
o In addition, dividend distributions by Green Offshore and by certain jointly controlled real estate development
companies, as well as the negative translation differences resulting from the devaluation of the US dollar at Deep
C Holding, were offset by the 2025 annual result and the (net) capital increases in the real estate development
segment.
- Inventories consist mainly of property projects developed by BPI Real Estate and its fully consolidated subsidiaries. The
reduction in inventories is largely due to the delivery in 2024 of three large-scale residential projects in Poland (Cysta,
Panoramiqa and Bernardovo) as well as by the change in the consolidation method of BPI Piano Forte as explained above.
- Trade and other receivables remain generally stable across all segments.
- The Group’s cash position amounts to EUR 199.3 million (compared to EUR 173.5 million as of 31 December 2024), including
EUR 76.4 million available at CFE SA. The cash-position balance is broken down into temporary companies and foreign
entities not included in the cash pooling.
- Equity (group share) increased from EUR 247.8 million as at 31 December 2024 to EUR 264 million as at 31 December 2025.
The variation is explained by three main elements: result for the year (EUR 33.5 million), the dividend paid (-EUR 9.9 million)
and currency translation differences (-EUR 8.0 million, mainly at Deep C Holding).
- Financial debt amount to EUR 155.6 million, down by EUR -59.6 million, mainly due the high EBITDA level and the improvement
in working capital requirements across all segments.
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- Trade payables and other operating liabilities decreased by -EUR 28.9 million.
Comments on the consolidated statement of cashflows 2025 :
- The income from operating activities increased significantly and reached to EUR 40.6 million.
- The depreciation and amortization of (in)tangible fixed assets and investment properties remain close to last year’s level,
as there were no major investments or disposals.
- The non-cash items, other than depreciation and amortization, mainly include:
o A net addition of EUR 3.8 million of provisions to cover risks ;
o Impairment losses and other non-cash items amounting to (EUR 8.0 million), of which:
§ A net reversal of impairment losses on trade receivables, notably due to the positive development of a
credit risk in Luxembourg;
§ A revaluation gain on the remaining 60% interest in the company BPI Piano Forte as a result of the change
in control, as required under IFRS standards.
- Losses/(gains) on the disposal of property, plant and equipment and financial assets (EUR 5.3 million), mainly include
realised gains on the disposal of certain LTS assets.
- The significant improvement of operating cash flows (+EUR 28 million) is mainly due to:
o An improved EBITDA of EUR +63.0 million (compared with EUR +49.9 million in 2024), supported by
o Improved working capital requirements.
In fact, the working capital decreased by EUR -50 million as a result of a reduction in real estate development
inventories (+EUR 30.6 million), an increase in trade payables and other current and non-current liabilities (+EUR
23.2 million), mainly attributable to the Construction & Renovation and Multitechnics segments, and to a lesser
extent, a decrease in trade receivables and other current and non-current receivables (+EUR 6.1 million), also
mainly attributable to these two segments.
- The net capital increase of equity-accounted investments within the Real Estate Development segment amounts to EUR 15.1
million, of which EUR 10 million relate to the Roots Office company in Belval, Luxembourg (EUR 4.5 million in 2024).
- Repayments/(grants) of loans to equity-accounted investments within the Real Estate Development segment amount to
EUR 14.7 million (EUR 1.5 million in 2024); these mainly include the repayment of the loan granted in connection with the Roots
projects (EUR 8.9 million), the partial repayment of the loan granted to BPI Piano Forte (EUR 3.5 million) and new advances
granted in connection with the Gedania project (-EUR 4.7 million).
- The investment cash outflows amount to EUR -3.3 million, including:
o Purchases of (in)tangible fixed assets, including the acquisition of equipment and materials for the Construction
& Renovation and Multitechnics segments;
o The net capital increase in equity-accounted investments (excluding the Real Estate Development segment)
limited to EUR 1.6 million and relating exclusively to Green Stor NV;
o The granting of loans to equity-accounted investments (excluding the Real Estate Development segment), mainly
relating to Green Stor NV (EUR 2.1 million);
o Disposals of (in)tangible fixed assets amounting to EUR 7.6 million, including the sale of certain assets at LTS;
o The capital reduction of equity-accounted investments, relates exclusively to Hofkouter NV, a company within the
Construction & Renovation segment;
o Partial repayments of loans granted to equity-accounted investments (excluding the Real Estate Development
segment).
- The financing cash flows amount to EUR -84.8 million, mainly relating to net repayments of borrowings (EUR -72.9 million)
and the dividend distribution for the fiscal year 2024 (EUR -9.9 million).
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CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
(in € thousands)
Share capital
Share premium
Retained earnings
Treasury shares
Defined benefit and
contribution pension
plans
Reserves related to
financial derivatives
Exchange differences
on translation
Equity – share
of the group
Non-controlling
interests
Equity
December 2024
8,136
116,662
136,412
(4,250)
(12,019)
3,536
(709)
247,768
7
247,775
Comprehensive income for
the period
0
0 33,542
0 926
778 (7,964)
27,282
(1) 27,281
Dividends paid to shareholders 0
0
(9,921)
0 0
0 0
(9,921)
0
(9,921)
Movements related to treasury
shares and share-based
payments
0
0 0
(1,126) 0
0 0
(1,126)
0
(1,126)
Change in consolidation scope
and other movements
0
0 0
0 0
0 0
0
0
0
December 2025
8,136
116,662
160,033
(5,376)
(11,093)
4,314
(8,673)
264,003
6
264,009
Changes in the fair value of defined benefit or contribution pension plans and of derivative instruments are explained in notes 22
“Employee benefits” and 15 “Investments accounted for using equity method” respectively while the movements related to treasury
shares are explained in note 21 "Information on the stock option plans".
(in € thousands)
Share capital
Share premium
Retained earnings
Treasury shares
Defined benefit and
contribution pension
plans
Reserves related to
financial derivatives
Exchange differences
on translation
Equity – share
of the group
Non-controlling
interests
Equity
December 2023
8,136
116,662
122,962
(4,410)
(12,035)
5,606
(151)
236,770
(377)
236,393
Comprehensive income for
the period
0 0
23,963
0
16 (2,070) (558) 21,351
(2) 21,349
Dividends paid to
shareholders
0
0
(9,921)
0
0
0 0
(9,921)
0
(9,921)
Movements related to
treasury shares and share-
based payments
0
0
0
160
0
0 0
160
0
160
Change in consolidation
scope and other movements
0
0
(592)
0
0
0 0
(592) 386 (206)
December 2024 8,136 116,662
136,412
(4,250)
(12,019) 3,536 (709)
247,768 7
247,775
SHARE CAPITAL AND RESERVES
The share capital on 31 December 2025 consists of 25,314,482 ordinary shares. These shares have no nominal value. The owners of
ordinary shares are entitled to receive dividends and have one voting per share at the general meeting of shareholders.
A gross dividend corresponding to € 0.50 per share was proposed by the Board of Directors and will be submitted for approval to the
shareholders at the general meeting of May 7, 2026. The dividend is estimated at of € 12,313 thousand based on
the outstanding number of shares (excluding own shares) as per December 31st, 2025. The appropriation of the result has not
been included in the financial statements as per 31 December 2025.
In respect of the 2024 financial year, a dividend of € 9,921 thousand was distributed in May 2025, corresponding to € 0.40 gross per
share
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159
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
INTRODUCTION
Compagnie d’Entreprises CFE SA (hereinafter referred to as the "Company" or "CFE") is a public limited company incorporated
under Belgian law and headquartered in Belgium. The consolidated financial statements for the year ended 31 December 2025
include the financial statements of the company, its subsidiaries and its interests in companies accounted for using equity
method (the "CFE group"). CFE is 62.12% controlled by Ackermans & van Haaren (XBRU BE0003764785) whose ultimate controlling
shareholder is Stichting Administratiekantoor “Het Torentje”. CFE and Ackermans & van Haaren are companies listed on Euronext
Brussels.
The Board of Directors authorised the publication of the CFE group's consolidated financial statements on 16 March 2026.
The consolidated financial statements should be read in conjunction with the management report of the Board of Directors.
MAIN TRANSACTIONS IN 2025 AND 2024 WITH AN IMPACT ON THE SCOPE OF THE CFE
GROUP
TRANSACTIONS IN 2025
1. Real Estate Development segment
During the year 2025, the changes in scope within the real estate development segment of the CFE group are the following:
- The BPI Wieslawa Sp. z o.o. company is renamed Gedania Sp. z o.o. . This company remains consolidated using the equity
method.
- The BPI Project 10 Sp. z o.o. company is renamed Moniuszki Sp. z o.o. . Moreover, BPI Real Estate Poland Sp. z o.o., a fully owned
subsidiary of the CFE Group and consolidated using the global integration method, sold 70% of its shares in Moniuszki Sp. z
o.o., reducing its stake from 100% to 30%. This company, which was previously consolidated using the global integration
method, is now consolidated using the equity method.
- The BPI Real Estate Poland Sp. z o.o., a fully-owned subsidiary of the CFE Group and consolidated using the global integration
method, sold 40% of its shares in BPI Piano Sp. z o.o., reducing its stake from 100% to 60%. This company, which was previously
consolidated using the global integration method, is now consolidated using the equity method.
- The BPI Real Estate Poland Sp. z o.o. company dissolved its stake (90%) in the BPI Obrezna Sp. z o.o. company. This company
was consolidated using the global integration method.
- The BPI Real Estate Poland Sp. z o.o. company dissolved its stake (100%) in the BPI Wolare Sp. z o.o. company. This company
was consolidated using the global integration method.
- The BPI Real Estate Belgium S.A. company sold its stake (70%) in the Joma 2060 N.V. company. This company was
consolidated using the equity method.
- The BPI Real Estate Luxembourg S.A.R.L company dissolved its stake (50%) in the Roots Real Estate S.A.R.L. company. This
company was integrated using the equity method.
2. Multitechnics segment
During the year 2025, no scope changes affected the Group CFE’s Multitechnics segment.
3. Construction & Renovation segment
During the year 2025, the change in the consolidation scope in the Construction & Renovation segment of the CFE Group is as
follows:
- The Korlam N.V. company is renamed Laminated Timber Solutions N.V. (or ‘LTS’). . This company remains consolidated using
the global integration method.
4. Investments & Holding segment
During the year 2025, no scope changes affected the Group CFE’s Investments & Holding segment.
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TRANSACTIONS IN 2024
1. Real Estate Development segment
During the year 2024, the changes in scope within the real estate development segment of the CFE group are the following:
- The BPI Project 2 Sp. z o.o. company, a 100% owned subsidiary of the CFE Group and consolidated using the global integration
method is renamed BPI Piano Forte Sp. z o.o. . This company remains consolidated using the global integration method.
- The BPI Project 8 Sp. z o.o. company, a 100% owned subsidiary of the CFE Group and consolidated using the global integration
method is renamed BPI Wieslawa Sp. z o.o. . Moreover, BPI Real Estate Poland Sp. z o.o. sold 50% of its shares in BPI Wieslawa
Sp. z o.o., reducing its stake from 100% to 50%. This company which was previously consolidated using the global integration
method, is now consolidated using the equity method.
- The BPI Project 9 Sp. z o.o. company has been renamed BPI Panowamiq Sp. z o.o. . This company remains consolidated using
the global integration method.
- The BPI Real Estate Poland Sp. z o.o. company acquired a 100% stake in the newly created BPI Project 10. This company has
been consolidated using the global integration method.
- The BPI Real Estate Poland Sp. z o.o. company acquired a 100% stake in the newly created BPI Project 11. This company has
been consolidated using the global integration method.
- The Mimosas Real Estate S.A.R.L. company, a fully-owned subsidiary of the CFE Group and consolidated using the global
integration method, acquired a 100% stake in the newly created Mimosa Coliving S.A.R.L.. This company has been
consolidated using the global integration method.
- The BPI Real Estate Poland Sp. z o.o. company sold its stake (80%) in the BPI Jaracza Sp. z o.o. company. This company was
consolidated using the global integration method.
- The BPI Real Estate Poland Sp. z o.o. company sold its stake (100%) in the BPI Vilda Park Sp. z o.o. company. This company
was consolidated using the global integration method.
- The BPI Real Estate Poland Sp. z o.o. company sold its stake (100%) in the BPI Barska Sp. z o.o. company. This company was
consolidated using the global integration method.
- The BPI Real Estate Luxembourg SA company sold its stake (50%) in the Immo Marial S.A.R.L. company. This company was
integrated using the equity method.
- The Project Van Wellen SA company sold its stake (33%) in the La Réserve Promotions Dévelopment S.A.R.L. company. This
company was integrated using the equity method.
2. Multitechnics segment
During the year 2024, the changes in the consolidation scope in the Multitechnics segment of the CFE Group are as follows:
- The VMA Sustainability Fund I NV company, a 100% owned subsidiary of the CFE Group and consolidated using the global
integration method has been renamed Pulse . This company has been transferred in the Investments & Holding segment.
- The VMA Sud SA company, a 100% owned subsidiary of the CFE Group, has transferred, with retroactive effect as of 1 January
2024, some of its activities to VMA SA, itself a 100% owned subsidiary of the Group CFE. These companies remain consolidated
using the global integration method.
3. Constuction & Renovation segment
During the year 2024, the changes in the consolidation scope in the Construction & Renovation segment of the CFE Group are as
follows:
- The Wood Shapers SA company, a 100% owned subsidiary of the CFE Group and consolidated using the global integration
method, sold its stake (50%) in the Wood Gardens SA company. This company was integrated using the equity method.
4. Investments & Holding segment
During the year 2024, the changes in the consolidation scope in the Investments & Holding segment of the CFE Group are as
follows :
- The CFE Group sold its stake (25%) in the PPP Betrieb Schulen Eupen SA company. This company was integrated using the
equity method.
- The CFE Group sold its stake (19%) in the PPP Schulen Eupen SA company. This company was integrated using the equity
method.
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1. GENERAL POLICIES
IFRS AS ENDORSED BY THE EUROPEAN UNION
The accounting principles applied at 31 December 2025 are the same as those used for the consolidated financial statements at
31 December 2024, with the exception for the standards and/or amendments to standards described below as endorsed in the
European Union, mandatorily applicable as of 1 January 2025.
STANDARDS AND INTERPRETATIONS APPLICABLE FOR THE ANNUAL PERIOD BEGINNING
ON OR AFTER
1 JANUARY 2025
- Amendments to IAS 21 The Effects of Changes in Foreign Exchange Rates: Lack of Exchangeability
The application of these standards and interpretations had no material impact on the consolidated financial statements of
CFE.
STANDARDS AND INTERPRETATIONS PUBLISHED, BUT NOT YET APPLICABLE FOR THE
ANNUAL PERIOD BEGINNING ON
1 JANUARY 2025
The Group has decided not to early adopt the following standards and interpretations whose application is not mandatory per
31 December 2025.
- IFRS 18 Presentation and Disclosure in Financial Statements (applicable for annual periods beginning on or after 1 January
2027)
- IFRS 19 Subsidiaries without Public Accountability – Disclosures (applicable for annual periods beginning on or after 1
January 2027, but not yet endorsed in the EU)
- Amendments to IFRS 9 and IFRS 7 Classification and Measurement of Financial Instruments (applicable for annual periods
beginning on or after 1 January 2026)
- Annual Improvements – Volume 11 (applicable for annual periods beginning on or after 1 January 2026)
- Amendments to IFRS 9 and IFRS 7 Contracts Referencing Nature-dependent Electricity (applicable for annual periods
beginning on or after 1 January 2026)
- Amendments to IAS 21 The Effects of Changes in Foreign Exchange Rates: Translation to a Hyperinflationary Presentation
Currency (applicable for annual periods beginning on or after 1 January 2027, but not yet endorsed in the EU)
IFRS 18 PRESENTATION AND DISCLOSURE IN FINANCIAL STATEMENTS
The International Accounting Standards Board has issued IFRS 18 “Presentation and Disclosure in Financial Statements”, which will
replace IAS 1 “Presentation of Financial Statements”.
This standard aims to improve the comparability of financial statements by introducing, in particular, a more standardised
structure for the income statement, including new categories of income and expenses (operating, investing and financing), as
well as new mandatory subtotals. It also introduces disclosure requirements for management-defined performance measures
(Management Performance Measures) and strengthens certain principles relating to the aggregation and disaggregation of
information.
The standard applies to financial periods beginning on or after 1 January 2027 and must be applied retrospectively. The Group
has not early adopted this standard and is currently assessing the potential impacts of its application on the presentation of its
consolidated financial statements.
At this stage, the expected effects relate to:
- The result of equity-accounted investments: currently presented within operating result, will be reclassified into investing
result.
- Gains and losses on disposals of investments: currently presented within operating profit under other operating income,
they will be reclassified into investing result.
- Interest income: currently presented within financial profit, it will be reclassified into investing result.
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2. SIGNIFICANT ACCOUNTING POLICIES
A. A
DDITIONAL INFORMATION ON THE IMPACT OF THE MACROECONOMIC
ENVIRONMENT ON THE CONSOLIDATED FINANCIAL STATEMENTS
The Belgian real estate market is showing the first signs of recovery in 2025 after several challenging years. In Luxembourg, the
off-plan property market (SPFC – sale of property under future completion) remains under pressure. In Poland, the demand for
logistics centres and office development projects is particularly low.
On the other hand, the Group’s overall result is subject to significant volatility due to fluctuations in the EUR/USD exchange rate.
B. ADDITIONAL INFORMATION ON THE ENVIRONMENTAL IMPACT OF THE GROUP
When assessing climate-related issues, the following points should be taken into account:
- The CFE Group has set itself clear objectives to limit its direct negative impact on the climate by focusing on its direct
CO
2
emissions (scope 1 and 2).
CFE's first objective is to reduce CO
2
emissions (scope 1 and 2) linked to the transport of employees and materials by 40% before
2030 (compared with 2020).
The fleet of cars and equipment is regularly being replaced with electric vehicles, for example. CFE has not identified any
assets whose economic lifetime should be reduced. These are mainly leasing contracts valued under property, plant and
equipment (note 14 - rights of use). The other actions concern raising awareness or switching to alternative means of transport,
which are included in the Group's mobility plan. This plan takes into account all aspects of mobility (TCO, taxes, etc.) and does
not involve any particular costs or investments.
Reducing energy consumption is a challenge for both construction sites and head offices. Here too, the aim is to reduce
C0
2
emissions by 40% by 2030. To limit this, on-site consumption is monitored daily to prevent energy wastage, solar panels are
being installed on the site barracks and more efficient generators are being used. There are no major costs associated with these
actions, as the reduction in consumption roughly offsets the investment in equipment. These amounts are marginal. At the same
time, a switch to green energy has already been in place since 2020.
The relocation of CFE and its subsidiaries BPC, BPI, CLE, VMA and Van Laere to new buildings that consume very little
energy (notably Wood Hub), as well as the renovation of other group headquarters, has also significantly reduced the group's
energy consumption. CFE has not identified any assets whose economic lifetime should be reduced.
At the same time, the CFE group's activities will be developed to reduce costs in terms of CO2 emissions, particularly in
terms of the choice of materials and transporting materials and waste in the Construction & Renovation and Multi-
technical segments. It is also expected that the proportion of renovation and energy-efficiency renovation work will
increase as the regulatory framework evolves.
In 2025, CFE set the objective of reducing its CO₂ emissions (scope 3) by 20% before 2030 (compared with 2024).
The financial impact of the choice of materials or the development of new approaches to transport is estimated at the
project submission stage and then incorporated into the commercial offer submitted to the customer. This study is carried out
on a project-by-project basis, so margins are re-evaluated at the start of each new order. On the other hand, a residual risk is
the cost of the inefficiencies inherent in learning new production techniques or new approaches to logistics. This is because it is
not always possible to anticipate (both at contractual level and when preparing for project implementation) and quantify with
sufficient accuracy.
The real estate development business systematically includes solutions for reducing the energy consumption of
buildings during the development of new projects. In addition, renovation projects for existing buildings are becoming
increasingly common. Once the land has been acquired to develop a project, a feasibility study is carried out. The cost price of
the project is estimated and incorporated into the commercial offer made to customers.
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The assets related to these activities are therefore the Mobix fleet of vehicles and equipment, as well as the head office
buildings of the CFE group entities. Given the factors described above, at the end of 2025 the CFE group does not anticipate
replacing assets used in the operation of its business through an investment plan or allocating provisions for the
decommissioning of assets.
For the purposes of impairment testing, the cash flows generated by these three segments were estimated on the basis
of a three-year plan. The aforementioned factors have been taken into account to estimate sales and margin trends based on
information currently available.
C. ACCOUNTING POLICIES AND METHODS
(A) STATEMENT OF COMPLIANCE
The consolidated financial statements have been prepared in accordance with the International Financial Reporting Standards
(IFRS) approved by the European Union.
(B) BASIS OF PRESENTATION
The financial statements are stated in thousands of euros, rounded to the nearest thousand.
The financial statements are prepared on the basis of historical cost, with the exception of equity instruments or derivative
financial instruments, which are measured at fair value.
The Accounting policies are applied consistently.
The financial statements are presented before the appropriation of parent company’s result, as proposed to the General Meeting
of Shareholders.
(C) MAIN JUDGEMENTS AND ASSUMPTIONS
The preparation of financial statements according to the IFRS standards requires the use of estimates, as well as the formulation
of judgments and assumptions that affect the amounts shown in those financial statements, particularly with regard to the
following items:
- the measurement of provisions and post-employment obligations (we refer to the disclosure 22 Employee benefits) ;
- the measurement of income or losses on construction contracts using the percentage of completion method. We refer
to the disclosure 17 Construction contracts. Income from construction contracts is calculated on the basis of the
percentage of completion of the project multiplied by the estimated income on completion. This includes identified
additional costs as well as any penalties for delay or compensation provided for contractually in accordance with Group
rules. Salary and equipment expenses not allocated to projects are excluded from the percentage-of-completion
calculation;
- the evaluation of revenues from real estate development projects. Sales are determined based on the sold shares of
the projects; the estimated margin on the entire project is applied. The profitability of projects is re-estimated at least
three times a year in order to integrate market developments based on internal knowledge and available external data
(i.e. the market price for each type of property depending on its characteristics). Revenues (and costs) are therefore
revised to reflect changes in the scope of the project (volume, project design, etc.), price changes and other project
events;
- the assessment of the value of real estate development assets (refer to notes "15. Investments accounted for using the
equity method", "16. Other non-current financial assets", and "18. Inventories").
o Projects under construction and/or built but not sold. Regular review of project profitability analyses ensures
that future cash flows from projects will cover investments made in real estate development projects, whether
wholly owned by CFE or in partnerships. If the analysis reveals a risk of impairment on a project, BPI requests a
valuation of the project from an external expert.
o Projects under review. BPI ensures that the net book value of the project is lower than its resale value (without
taking into account the potential issuance of planning permission).
- estimates used in impairment tests (we refer to the disclosure 13 Goodwill) ;
- the valuation of financial instruments at fair value (we refer to the disclosure 26 Financial risk management) ;
- the assessment of control. In this respect, the CFE group takes into account the statutes, in particular concerning
decision-making affecting the daily management of the subsidiary as well as specific clauses (right of veto, etc.);
- the qualification of the nature of the transaction as a business combination or an acquisition of assets when a company
is acquired.
These estimates assume the operation is a going concern and are made on the basis of the information available at the time
they were established. Estimates may be revised if the circumstances on which they were based alter or if new information
becomes available. Actual results may be different from these estimates.
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(D) CONSOLIDATION PRINCIPLES
The consolidated financial statements include the financial statements of the CFE group and the financial statements of its
subsidiaries and the entities over which it has control. The CFE group controls an entity if :
- it has power over the entity ;
- it is exposed to, or entitled to, variable returns from the controlled entity ;
- it has the ability to exert power over the entity in order to influence the returns obtained.
If the CFE group does not have the majority of voting rights in an entity, it is presumed to have enough rights to exert power over
the entity if it has the ability to manage the core businesses of the entity on its own. The CFE group takes into account all facts
and circumstances when it assess whether the voting rights held are sufficient to give the power to manage the entity, including
the following:
- the voting rights held by the CFE group compared to the voting rights held by the other partners and how there are
spread among them ;
- the potential voting rights held by the CFE group and by other stakeholders or other parties ;
- the rights arising from other agreements ;
- other facts and circumstances, if any, that prove that the CFE group has the ability (or otherwise) to manage the entity’s
core businesses when decisions have to be taken, including voting trends at previous shareholder meetings.
The CFE group consolidates the subsidiary from the date on which it obtains control, and ceases to consolidate it when the group
no longer controls the entity. In particular, the income and expenses of a subsidiary acquired or sold during the financial year are
included in the consolidated statement of income and in other elements of the consolidated statement of comprehensive
income from the date the CFE group acquires control of the subsidiary until the date on which it ceases to control it.
If necessary, adjustments are made to the statutory accounts of subsidiaries in order to align their accounting policies with those
of the group. All assets and liabilities, equity, revenue, expenses and cash flows relating to transactions between Group entities
are fully eliminated in the consolidated financial statements.
Changes to the group’s interest in a subsidiary that do not result in a loss of control are recognized as equity transactions. The
carrying amounts of the group’s interests and non-controlling interests are adjusted to reflect changes in their relative interests
in the subsidiary. Any difference between the amount by which the non-controlling interests are adjusted and the fair value of
the consideration paid or received is recognized directly in equity.
When the CFE group grants an option to sell to the non-controlling interests of a subsidiary (i.e. where the non-controlling interests
have a "put"), the related financial liability is initially deducted from non-controlling interests in equity.
Associated companies are entities in which the CFE group has a significant influence. Significant influence is the power to
participate in the financial and operating policy decisions of a company without having control or joint control over those policies.
A joint venture is an arrangement whereby the parties having joint control over the entity have rights to the entity’s net assets. A
joint control is the sharing of the control over an entity among different parties based on legal agreements and where all decisions
related to core businesses require the agreement of all parties.
Assets, liabilities, revenue and expenses from associates and joint ventures are accounted for using equity method in the
consolidated financial statements unless the interest in the associate is, partly or fully, classified as held-for-sale. In that case, it
is accounted for in accordance with IFRS 5. Under the equity method, an investment in an associate or joint venture is first
recorded at cost in the consolidated financial statements and then adjusted to record the share of the group in the net result
and in the comprehensive income of the associate or joint venture. If the group’s share in the losses of an associate or joint
venture is greater than its participation, the CFE group ceases to recognize its share in the future losses. If applicable, the share
of losses is first deducted from the financial assets related to the associated company. In the absence of financial assets or when
the losses exceed the financial assets, a provision is made. Additional losses are recognized only to the extent that the CFE group
has entered into a legal or implicit obligation, or has made payments on behalf of the associate or joint venture.
A participation in an associate or a joint venture is recognized under the equity method from the date when the entity becomes
an associate or a joint venture. When acquiring the participation in an associate or a joint venture, any surplus of the cost of the
participation over the share of the net fair value of the identifiable assets and liabilities of the entity is recognized as goodwill,
which is included in the carrying amount of the participation. Any surplus of the group’s share of the net fair value of the
identifiable assets and liabilities over the cost of the participation, after revaluation, is immediately recognized in the consolidated
statement of income of the financial year in which the participation was acquired.
A joint operation (joint venture) is a partnership in which the parties who exercise joint control over the company have rights to
the assets and obligations with respect to the entity’s liabilities. Joint control is the contractually agreed sharing of control over
an entity, which only exists if decisions with regard to the relevant activities require the unanimous consent of the parties sharing
control. When an entity of the CFE group entity starts its activities in the context of a joint operation, the CFE group, as a co-
participant, recognizes the following items in respect to its interests in the joint operation:
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- its assets, including its share of any assets held jointly ;
- its liabilities, including its share of any liabilities incurred jointly ;
- its revenue from the sale of its share of the output arising from the joint operation ;
- its share of the revenue from the sale of its share of the output by the joint operation ;
- its expenses, including its share of any expenses incurred jointly.
(E) FOREIGN CURRENCIES
(1) Transactions IN FOREIGN CURRENCIES
Transactions in currencies other than the euro are recognized at the exchange rate on the transaction date. Monetary assets and
liabilities denominated in foreign currencies are converted at the closing rate. Gains and losses resulting from these transactions,
as well as the conversion of monetary assets and liabilities denominated in foreign currencies, are recognized in the consolidated
statement of income.
Non-monetary assets and liabilities denominated in foreign currencies are converted at the foreign exchange rate on the
transaction date.
(2) FINANCIAL STATEMENTS OF FOREIGN ENTITIES
The assets and liabilities of the companies of the CFE group whose functional currencies are other than the euro are converted
into euros at the exchange rate on the balance sheet date. The income, expenses and cashflows of foreign entities are converted
into euros at an average exchange rate for the book year.
The components of shareholders’ equity are converted at historical rates.
The translation differences arising from this conversion are recognized in the other elements of the comprehensive income, and
are accumulated in a separate equity reserve, i.e., ‘exchange differences on translation’. These differences are recognized in the
consolidated statement of income of the financial year during which the entity is sold or liquidated.
(3) EXCHANGE RATES
Currencies Closing rate 2025 Average rate 2025 Closing rate 2024 Average rate 2024 Polish Zloty 4,22 4,24 4,27 4,31 U.S. Dollar 1,18 1,13 1,04 1,08 Tunisian Dinar 3,43 3,39 3,31 3,37 Romanian Leu 5,10 5,04 4,97 4,97 British Pound 0,87 0,86 0,83 0,85 Vietnamese Dong 30.836,00 29.417,81 26.531,00 27.117,91 Units of foreign currency per euro
(F) INTANGIBLE ASSETS
(1) RESEARCH AND DEVELOPMENT COSTS
All intangible assets are recognized only if future economic benefits are probable and when their cost can be measured reliably.
These criteria apply both initial recognition as subsequent expenditures.
All intangible assets are recognized in the balance sheet at their historical cost, less accumulated amortization and impairment
losses.
Historical costs includes the purchase price of licenses and the costs incurred during the software implementation phase.
Implementation costs include fees paid to suppliers or consultants working on the project, as well as the direct labor costs of
employees whose primary activity is the implementation of the tool.
(2) SUBSEQUENT EXPENDITURES
Subsequent expenditures on intangible assets are recognized as assets only if they are expected to generate future economic
benefits beyond the originally assessed performance level. All other expenditures are recognized when incurred.
(3) depreciation
Intangible fixed assets are amortised on a straight-line basis over their estimated useful life. Across the CFE group, these are
essentially made up of software licences with an estimated useful life ranging from 3 to 5 years.
(G) TANGIBLE ASSETS
(1) RECOGNITION AND MEASUREMENT
All tangible assets are capitalized only if it is probable that future economic benefit will flow to the entity and its cost can be
measured reliably. These criteria are applicable at initial recognition and in relation to subsequent expenditures.
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All tangible assets are included in the consolidated statement of financial position at their historical acquisition cost less
accumulated depreciation and impairment losses.
The historical cost includes the original purchase price, borrowing costs incurred during the construction period, and related
direct costs (e.g. non recoverable taxes and transport costs). The cost of assets produced by the company includes the cost of
materials, direct labor costs and an appropriate proportion of overheads.
(2) Subsequent expenditures
Subsequent expenditures are only recorded as an asset only if it allows the asset to generate future economic benefits beyond
the performance level that was defined at the outset. Repairs and maintenance costs, which do not increase the future economic
benefits of the asset to which they relate, are recognized as costs when incurred.
(3) Depreciation
Tangible assets are depreciated on a straight-line basis over a period corresponding to their estimated useful life. Depreciation
is calculated from the date on which the asset is available for use. The estimated useful lives are as follows:
trucks : 5 years other vehicles : 3 to 5 years other equipments : 5 years IT hardware : 3 years office equipment : 5 years office furniture : 10 years renovation of buildings/new buildings : 20 to 33 years cranes : 8 to 12 years with/without residual value of 1% excavators : 7 years without residual value tracklayers : 10 years with residual value of 5% containers and site installations : 5 years various site equipments : 5 years
Land is not depreciated as it is deemed to have an indefinite life.
(H) LEASES
The CFE group acts mainly as a lessee under lease contracts. Leases are recognized in the consolidated statement of financial
position as rights of use and lease obligations at the present value of the future lease payments at a pre-determined discount
rate.
The CFE Group uses an incremental borrowing rate that differs depending on the nature of the asset underlying the contract. The
discount rate is revised to the remaining rents in either of the following situations to revalue the rental liability:
- to each lease where a substantial change in the term of the lease has occurred but has not resulted in the
recognition of a separate lease ;
- to new contracts booked after the date on which this rate was revised.
Accrued rights of use are depreciated on a straight-line basis over their useful life, or over the term of the lease if the lease does
not provide for transfer of ownership at the end of the lease term, while the corresponding obligations are recognized as financial
debts.
The lease payments associated for lease contracts of up to 12 months’ duration and lease contracts of low-value underlying
assets are expensed over the period in which the asset is used.
All minimum lease payments are recorded partly as financing cost and partly as depreciation of the outstanding obligation,
which results in a constant periodic interest on the remaining balance of the obligation. Financial expenses are charged directly
in the consolidated statement of income.
Where a lease contract is terminated before the lease term has expired, any compensation paid to the lessor is expensed in the
period in which the lease contract is terminated.
(I) FINANCIAL ASSETS
Each category of investments is recognized at its fair value upon the initial recognition of the asset. The measurement method
will evolve according to the categories stated below :
(1) INVESTMENTS IN DEBT SECURITIES AND OTHER INVESTMENTS
Investments in debt securities are presented as financial assets and are measured at their amortized cost, determined on the
basis of the “effective interest rate method” if the two conditions below are met:
- the “Solely payments of principal and interests” criterion as defined by IFRS 9;
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- the assets are held for collection.
The effective interest rate method is used to calculate the amortized cost of a financial asset or liability and to allocate financial
income or financial expense during the period under review. The effective interest rate is the rate that exactly discounts estimated
future cash payments or receipts over the future expected life of the financial instrument or, where appropriate, over a shorter
period, in order to obtain the net book value of the financial asset or liability. Profit or loss and the amounts written down are
recognized in the consolidated statement of income. Impairment losses are recognized in the consolidated statement of income.
(2)
C
ash and cash equivalents
We refer to paragraph (L).
(3)
TR
ADE RECEIVABL
ES
W
e refer to paragraph (K).
(4) FINANCIAL ASSETS DESIGNATED AT FAIR VALUE THROUGH PROFIT AND LOSS
Derivative instruments are recognized at fair value through the consolidated statement of income, unless there is documentation
of hedge accounting (we refer to paragraph W).
(J) INVENTORIES
Raw materials are measured at weighted average cost or net realizable value if the latter is lower.
The cost of land, buildings under construction, and buildings intended for sale are valued at their individualized cost or net
realizable value if the latter is lower. This includes the cost of land, construction costs, development costs, and project monitoring
costs.
The net realizable value corresponds to the estimated selling price in the normal course of business after deducting estimated
completion costs and costs necessary to complete the sale.
(K) TRADE RECEIVABLES
Current trade receivables are measured at amortized cost, which is generally identical to their nominal value less any impairment
losses. The measurement of financial assets is made on the basis of the estimated loss model, which requires taking the
discounted value of the estimated losses into account if the debtor proves to be in default. The estimated losses are calculated
on the basis of the weighted average of the losses to be incurred according to several occurrence scenarios. This analysis is
carried out on a case-by-case basis for project.
(L) CASH AND CASH EQUIVALENTS
Cash and cash equivalents include cash and term deposits with an original maturity date of less than three months.
(M) IMPAIRMENT OF NON-FINANCIAL ASSETS
The carrying amounts of non-current assets (with the exception of financial assets that fall within the scope of IFRS 9, deferred
taxes and non-current assets held for sale) are reviewed at each closing date to determine whether there is any indication that
an asset has lost value. If any such indication exists, the asset’s recoverable amount is estimated. For intangible assets with an
indefinite useful life and goodwill, the recoverable amount is estimated at each closing date. An impairment loss is recognized
whenever the carrying amount of an asset or its cash-generating unit exceeds its recoverable amount. Impairment losses are
recognized in the consolidated statement of income.
(1) ESTIMATES OF RECOVERABLE AMOUNTS
The recoverable amount of non-financial assets is the greater of the fair value less costs for selling the asset and its value in use.
Value in use is the present value of estimated future cash flows.
In order to determine the value in use, estimated future cash flows are discounted using a pre-tax interest rate that reflects both
current market interest rates and risks specific to the asset.
For assets that do not generate cash flows themselves, the recoverable amount is determined for the cash-generating unit to
which the assets belong.
(2) REVERSAL OF IMPAIRMENT
With the exception of goodwill for which impairment losses are never reversed, impairments on non-financial assets are only
reversed if there has been a change in the estimates used to determine the recoverable amount.
An asset impairment can only be reversed to the extent that the asset’s carrying amount, which has increased after the reversal
of an impairment loss, does not exceed the net carrying amount of the amortization that would have been determined, if no
amortization would have been recognized for this asset.
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(N) PURCHASE OF TREASURY SHARES
When CFE shares are bought back by the company or a company of the CFE group, the amount paid, including costs directly
attributable to the acquisition, is recognized as a deduction from equity. The proceeds from the sale of shares are directly
included in the total equity, with no impact on consolidated statement of income.
if treasury shares are reissued, any difference between the carrying amount and the consideration is recognized as share
premium.
(O) PROVISIONS
Provisions are made if the company has a legal or an implicit obligation as a result of events that have occurred in the past, if it
is probable that an outflow of resources generating economic benefits will be required to settle the obligation, and if the amount
of the obligation can be reliably estimated.
The amount recorded as provision corresponds to the best estimate of the necessary expenditure to settle the current obligation
at the balance sheet date. This estimate is obtained by using a pre-tax interest rate that reflects both the current market
assessments and the specific debt risks.
Provisions for restructuring are made if the company has approved a detailed and formal restructuring plan, if the restructuring
has either started or has been announced publicly, and if the employees affected have been notified of the plan main features.
Provisions are not set aside for costs that relate to the company's normal activities.
Current provisions are provisions directly linked to each business line’s own operating cycle, whatever the expected time of
settlement of the obligation.
Provisions for after-sales service cover the obligations of the entities of the CFE group within the framework of the statutory
guarantees relating to completed projects. They are estimated statistically on the basis of expenses incurred in previous years
or individually on the basis of specifically identified problems. Provisions for after-sales services are provided from the start of the
work.
Provisions for litigation with regard to activities mainly relate to disputes with customers, subcontractors, co-contractors or
suppliers. Other provisions for current risks mainly consist of provisions for delay penalties and other risks related to operations.
Non-current provisions correspond to provisions not directly linked to the operating cycle and whose maturity generally exceeds
one year.
(P) EMPLOYEE BENEFITS
(1) POST-EMPLOYMENT BENEFITS
Post-employment benefits include pension plans and life insurance.
The company operates a number of defined-benefit and defined-contribution pension plans throughout the world.
In Belgium, some pension schemes based on defined contribution plans are subject to a minimum guaranteed return by the
employer and are therefore qualified as defined benefit plans.
The assets of these plans are generally held by separate institutions and are generally financed through contributions from the
subsidiaries concerned and from employees. These contributions are determined on the basis of recommendations from
independent actuaries.
Post-employment benefits are either funded or non-funded.
a) Defined contributions plans
Contributions to these pension plans are recognized as an expense in the consolidated statement of income when incurred.
b) Defined benefits plans
For these pension plans, costs are estimated separately for each plan using the projected unit credit method. The projected unit
credit method considers each period of service as giving rise to an additional unit of benefit entitlement and measures each unit
separately.
Under this method, the cost of providing pensions is charged to the consolidated statement of income so as to spread the cost
evenly over the remaining careers of employees covered by the plan, in accordance with the advice of actuaries who carry out
a full assessment of these plans every year. The amounts charged to the consolidated statement of income consist of current
service cost, interest cost, the expected return on plan assets and past service cost.
The pension obligations recognized on the consolidated statement of financial position are measured as the present value of the
estimated future cash outflows, discounted at a rate corresponding to the yield on high-quality corporate bonds with a maturity
similar to that of the pension obligations, less any unrecognized past service costs and the fair value of plan assets.
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Actuarial gains and losses are calculated separately for each defined-benefit plan. Actuarial gains and losses comprise the
effects of differences between actuarial assumptions and actual figures, and the effects of changes in actuarial assumptions.
Actuarial gains and losses on commitments or assets related to post-employment benefits and resulting from adjustments
based on experience and/or changes in actuarial assumptions are recognized in other elements of the consolidated statement
of comprehensive income in the period in which they arise, and are the object of a separate reserve in equity. These differences
and the changes in the recognized asset limit are presented in the consolidated statement of comprehensive income.
Interest expenses resulting from the accretion effect relating to pension obligations and similar liabilities, and financial income
resulting from the expected return on plan assets, are recognized in the consolidated statement of income under financial items.
The introduction of or changes to a new post-employment benefit plan or other long-term plans may increase the present value
of the obligation with respect to defined-benefit plans for services rendered in previous periods, i.e. the past service cost. The
past service cost related to post-employment benefit plans is recognized in income on a straight-line basis over the average
period until the related benefits are received by employees. Benefits received after the adoption of or changes to a post-
employment benefit plan, and past service costs relating to other long-term benefits, are immediately taken to income.
Actuarial calculations related to post-employment obligations and other long-term benefits are carried out by independent
actuaries.
Bonuses granted to company employees and senior executives are based on targets relating to key financial and non-financial
indicators. The estimated amount of bonuses is recognized as an expense in the year to which they relate.
(Q) FINANCIAL LIABILITIES
(1) LIABILITIES AT AMORTIZED COST
Interest-bearing borrowings are recognized at their fair amount less attributable transaction costs. Any difference between this
net amount (after transaction costs) and repayment value is recognized in the consolidated statement of income over the life
of the loan, using the effective interest-rate method. See paragraph I (1) for the definition of this method.
(2) FINANCIAL LIABILITIES DESIGNATED AT FAIR VALUE THROUGH PROFIT AND LOSS
Derivative instruments are recognized at fair value through the consolidated statement of income, unless there is documentation
of hedge accounting (we refer to paragraph W).
(R) TRADE AND OTHER PAYABLES
Trade and other current payables are recognized at amortized cost.
(S) INCOME TAXES
Income tax for the financial year comprises current and deferred tax. Income tax is recognized in the consolidated statement of
income, except to the extent that it relates to items recognized directly in equity or in the other elements of the consolidated
statement of comprehensive income. In this case, deferred tax is also recognized in these elements.
Current tax is the expected tax payable on the taxable income for the past year, as well as any adjustment to taxes paid or
payable with regard to previous years. It is calculated using the valid tax rates at the balance sheet date.
Deferred tax is calculated using the liability method for all temporary differences arising between the tax bases of assets and
liabilities and their carrying amounts. The applicable tax rates at the closing date are used to calculate deferred tax assets and
liabilities.
Under this method, the company is required to make a provision for deferred taxes for the difference between the fair value of
the net assets acquired and their tax base, in the event of a business combination.
The following temporary differences are not taken into account: non-deductible goodwill, the initial recognition of assets or
liabilities that do not affect accounting profit or taxable profit, and differences relating to participations in subsidiaries to the
extent that they will probably not reverse in the foreseeable future.
A deferred tax asset is only recognized to the extent that it is probable that future taxable profit will be available to offset the tax
advantage. A deferred tax asset is reduced to the extent that it is no longer likely that the related tax benefit will be realized.
(T) REVENUE FROM CONSTRUCTION AND SERVICE CONTRACTS
If the profit and loss that result from a construction contract can be estimated reliably, contract revenue and expenses, including
borrowing costs incurred if the contract exceeds the accounting period, are recognized in the consolidated statement of income
over time, in proportion to the contract's percentage of completion at the closing date. The percentage of completion is
calculated as the proportion between the contract costs at the closing date and the total estimated contract costs. Most of the
income is gradually recognized if one of the following criteria is met:
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- the customer simultaneously receives and consumes the benefits generated by the service provided by the
company as it is implemented;
- the service provided by the company creates or enhances an asset over which the customer obtains control
progressively as it is being created or enhanced;
- the service provided by the company creates an asset without possible alternative use by the company, and the
latter has an enforceable right to payment for the service completed to date.
(1) CONTRACT COSTS
Contract costs are recognized as an expense in the consolidated statement of income for the financial year in which the provided
services relate to, and the incurred costs that relate to future contract activities are capitalized if the entity is expecting to recover
them. A correction will be made for the cost of equipment that has been purchased but not yet manufactured, or that is being
manufactured, at the reporting date. In the event that the forecast at the completion of the construction work shows a deficit, the
expected loss on completion is immediately recognized as an expense.
(2) CONTRACT REVENUE
Revenue from a construction contract includes the revenue initially defined in the contract, as well as any modifications to the
work specified in the contract, claims and performance bonuses to the extent that it is highly probable that there will be no
significant reversal in the cumulative recognized revenue when the uncertainty associated with the variable components is
subsequently resolved. If the outcome of a construction contract cannot be reliably estimated, contract revenue is recognized to
the extent that the contract costs incurred are likely to be recovered.
The transaction price is determined as the amount that reflects the consideration to which the entity expects to be entitled in
exchange for providing the promised goods and services to the customer.
A modification to the contract may lead to an increase or decrease in the transaction price. It relates to an instruction from the
customer with regard to the scope of the work defined by the contract. In applying this principle, performance bonuses and
claims are generally considered to be included in the transaction price only if an agreement has been made with the customer.
The most common variable components, such as the price of the materials and remuneration of site personnel should only be
included in the transaction price if it is highly probable that there will be no subsequent significant downward adjustment to the
revenue recognized.
Performance bonuses constitute a part of the contract revenue if the contract's percentage of completion indicates that the
specified performance level will actually be reached or exceeded, and the amount of the performance bonus can be reliably
determined.
(3) CONTRACT BALANCES
A contract asset is the entity's right to a consideration in exchange for the transfer of the goods or services to a customer. If the
entity provides goods or services to a customer before the customer has paid for the consideration, or before the consideration
is due, a contract asset is recognized for the contingent consideration acquired.
A contract liability is the entity's obligation to transfer goods or services to a customer, for which the group has received a
consideration prior to the transfer of goods or services to that customer. A contract liability is recognized when the consideration
is received in advance, or when the payment is due (whichever is earlier). Contract liabilities are recognized as revenue when the
entity has completed the contract.
Work in progress reflects the net position of assets and liabilities on contracts.
A provision for onerous contracts is made if the expected economic benefits from a contract are lower than the unavoidable
costs of meeting the contractual obligations. Unavoidable contract costs reflect the least net cost of exiting from the contract,
which is the lower of the cost of fulfilling it and any compensation or penalties arising from the failure to fulfil it. The cost of fulfilling
a contract includes the costs directly related to the contract ('full direct costs'), these being:
- the incremental costs of fulfilling the contract ; and
- an allocation of other costs directly related to fulfilling the contract.
(4) COSTS TO fulfil or obtain a contract
CFE has assessed that the cost of obtaining contract (e.g. commissions paid), as well as the related costs of fulfilling that are not
covered by a specific IFRS standard, which should normally be capitalized as defined in IFRS 15 if they meet certain specific criteria,
have no significant impact on the recognition of revenue and margins of projects. As such, these costs of winning or implementing
a contract are not recognized separately in accordance with IFRS 15, but are included in the recognition of the project and
therefore recognized when they are incurred.
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(5) SPECIFIC CONSIDERATIONS RELATING TO REVENUE BY SEGMENT
1. Revenue from construction and multitechnics contracts
CFE is responsible for the overall management of a project in which various goods and services are included, such as demolition,
earthworks, soil remediation, foundation work, procurement of materials, construction of the shell and facades, installation of
technical facilities (electricity, HVAC, etc.), and the finishing works.
Revenue recognition must reflect, according to IFRS 15:
• On one hand, the pace of fulfillment of performance obligations corresponding to the transfer of control of a good or service to
the customer;
• On the other hand, the amount to which the seller expects to be entitled as compensation for the activities performed.
The performance obligations aimed at transferring goods and services are not treated separately in the context of the contract,
as the entity provides a significant service of integrating goods and services (the inputs) into the building (the combined output)
for which the customer has concluded a contract. This is why the goods and services are not treated separately. The entity
recognises all the goods and services under the contract as one and the same performance obligation.
Revenue from construction contracts are recognized according to the percentage of completion using the cost-based method,
i.e., according to the share of the contract costs incurred for its completion to date relative to the total estimated costs.
Ownership is progressively transferred to the buyer during the construction period, so revenue is recognized over time when the
entity's performance does not create an asset with an alternative use for the entity and the entity has an enforceable right to
payment for performance completed to date, which satisfies the third criterion defined by IFRS 15.35.
To the extent that the contract explicitly identifies each unit individually, and the customer can benefit from each unit individually,
the construction of each unit should be considered as a separate performance obligation, and revenue are recognized
separately for each performance obligation.
The transfer of control of a good or service can occur at a specific point in time corresponding to the completion of the work. This
is particularly the case for a limited number of contracts, mainly in the multitechnics segment, where installation and execution
work covers a very short period. For such contracts, revenue is recognized at the precise moment when the work is completed.
2. Real estate developments
CFE is responsible for the overall management of real estate projects in which several building blocks under construction (or to
be constructed) are sold to the customers. Taking into account the local regulator that governs the transfer of ownership to the
end customer, the performance obligation is satisfied progressively or at a specific point in time. Revenue is recognized when the
material risks and rewards of ownership have been substantially transferred to the buyer, and no uncertainty remains regarding
the recovery of the amounts due, the associated costs or the possible return of goods.
In so-called mixed projects, and in particular real estate developments including residential, office and/or retail units, they will be
subdivided in one or more performance obligations, depending on whether the different units that are developed are separate
or not within the meaning of the IFRS 15 standard. Moreover, depending on the contractual framework, the development of the
project and the monitoring of its construction will be considered as either a single performance obligation or as two separate
obligations.
The income is recognized when each performance obligation, taken individually, is satisfied, i.e.:
- if the local regulator makes the ownership of the construction gradually transferable throughout the execution of
the construction work, and if the group is contractually restricted from redirecting the properties to other customers,
and has an enforceable right to payment for the work carried out, the revenue from the construction of these
residential properties will therefore be gradually recognized according to the cost-based method, i.e. based on the
share of contract costs incurred for its realisation to date relative to the estimated total costs, and according to the
degree of ownership transferred at the closing date. This concerns projects developed in Belgium and Luxembourg ;
- if the legislator provides that the transfer of risks and benefits, as well as the right to enforceable payment, is only
established when the residential unit is fully built and delivered, revenue is only recognized at a specific point in
time, i.e. upon the signing of the notarial deed or the transfer protocol between CFE and the end customer. This
applies only to projects developed in Poland.
If the development of a project and the monitoring of its construction are considered as two separate obligations, the income
relating to the development of the project will generally be recognized at a specific time when it is sold, and the income relating
to the monitoring of the construction will be recognized as a percentage of completion, as previously explained.
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(U) OTHER INCOME
(1) RENTAL INCOME AND FEES
Rental income and costs are recognized on a straight-line basis over the term of the lease.
(V) CHARGES
(1) FINANCIAL EXPENSES
Financial expenses comprise interest payable on borrowings, foreign exchange losses, and losses on hedging instruments that
are recognized in the consolidated statement of income.
All interest and other costs incurred in connection with borrowings, except those that were eligible for capitalisation, are
recognized in the consolidated statement of income as financial expenses. Interest costs relating to lease contracts are
recognized in the consolidated statement of income using the effective interest rate method.
(2) COSTS FOR RESEARCH AND DEVELOPMENT, ADVERTISING AND PROMOTIONAL COSTS AND COSTS RELATING TO THE DEVELOPMENT
OF it SYSTEMS
Research, advertising and promotional costs are recognized in the consolidated statement of income of the financial year in
which they were incurred. Development costs and development costs for IT systems are recognized as an expense when they
are incurred if they do not meet the criteria for intangible assets.
(W) HEDGE ACCOUNTING
The company uses derivative financial instruments primarily to reduce exposure to adverse fluctuations in interest rates, foreign
exchange rates, commodity prices and other market risks. The company’s policy prohibits the use of such instruments for
speculation purposes.
The company does not hold or issue financial instruments for trading purposes. Derivatives that do not qualify as hedging
instruments under the IFRS 9 standard, however, are presented as instruments held for trading.
Derivative financial instruments are measured at fair value both at initial recognition and subsequently. Recognition of any
resulting unrealized gain or loss depends on the nature of the derivative and the effectiveness of the hedge.
The fair value of interest rate swaps is the estimated value that the company would receive or pay when exercising the swap at
the closing date, taking current interest rate curves and the solvency of the counterparty of the swap into account.
The fair value of a forward exchange contract is the quoted value on the stock exchange on closing date, i.e. the present value of
the quoted forward price.
Hedge accounting is applicable if the conditions of the IFRS 9 standard are met :
- the hedging relationship must be clearly designated and documented on the date the hedging instrument is put in
place ;
- the economic link between the hedged item and the hedging instrument must be documented, as well as the potential
sources of inefficiency ;
- the retrospective ineffectiveness must be measured at each closing ;
- the hedging relationship consists only of eligible hedging instruments and eligible hedged items ;
- the hedge ratio of the hedging relationship is consistent with that resulting from the quantity of the hedged item that
is actually hedged by the entity, and the quantity of the hedging instrument that the entity actually uses to hedge that
quantity of the hedged item.
Changes in the fair value from one period to another are recognized differently depending on the accounting qualification of the
instrument.
(1) CASH-flow hedges
Where a derivative financial instrument hedges variations in the cash flow of a recognized liability, a firm commitment or an
expected transaction of the company, the effective part of any profit or loss resulting from the derivative financial instrument is
recognized directly in other elements of the consolidated statement of comprehensive income and is the object of a reserve that
is separate from equity.
If the firm commitment or the expected future transaction leads to the recognition of a non-financial asset or liability, the
cumulative profits or losses are extracted from the ‘equity’ heading and are included in the initial assessment of the value of the
asset or liability.
Otherwise, the cumulative profits or losses are extracted from the ‘equity’ heading and recognized in the consolidated statement
of income at the same time as the hedged transaction.
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The non-effective portion of the profit or loss on the financial instrument is recognized in the consolidated statement of income.
Profits or losses arising from the temporary value of the financial derivative instrument are recognized in the consolidated
statement of income.
If a hedging instrument or a hedging relationship has expired, but the hedged transaction has yet to take place, the cumulative
unrealized profit or loss at that time remains under the ‘equity’ heading and is recognized according to the principle explained
above at the time the transaction takes place.
If the hedged transaction is not expected to take place, the cumulative unrealised profit or loss recognized under ‘equity’ is
immediately recognized in the consolidated statement of income.
(2) FAIR VALUE HEDGES
For any derivative financial instrument hedging variations in the fair value of a recognized receivable or debt, any profit or loss
resulting from the remeasurement of the hedging instrument is recognized in the consolidated statement of income. The value
of the hedged item is also measured at the fair value attributable to the hedged risk. The related loss or profit is recognized in the
consolidated statement of income.
The fair value of the hedged items, in respect of the hedged risk, is their carrying amount on the closing date converted into euros
at the exchange rate in effect on the closing date.
(3) HEDGE OF AN INVESTMENT IN A FOREIGN COUNTRY
If a foreign currency debt hedges a net investment in a foreign entity, conversion differences arising from the conversion of the
debt into euros are recognized directly as “exchange differences on translation” under the other elements of the consolidated
statement of comprehensive income.
If a derivative financial instrument hedges a net investment relating to foreign operations, the effective portion of the profit or
loss on the hedging instrument is recognized directly in “exchange differences on translation” under the other elements of the
comprehensive income statement, and the ineffective portion is recognized in the consolidated statement of income.
(4) INSTRUMENTS RELATED TO CONSTRUCTION CONTRACTS
If a derivative financial instrument hedges exposure to variations in the cash flow of a recognized obligation, a firm commitment
or a planned transaction of the company in the context of a construction contract (mainly forward purchases of raw materials,
or forward purchases or sales of foreign currencies), this instrument will not be the object of cash flow hedging documentation
as described in point (1) above. Any profit or loss resulting from the derivative financial instrument is recognized in the
consolidated statement of income as a financial income or financial expense.
Any profit or loss realized on the derivative financial instrument is considered to be a cost under the construction contract (see
section (U) above). This element is, however, not considered for determining the percentage of completion of the construction
contract.
(X) SEGMENT REPORTING
A segment is a distinguishable component of the CFE group that generates revenue and incurs expenses and whose operating
income and losses are regularly reviewed by management in order to take decisions or determine its performance. The CFE
group’s continuing operations consist of four operating segments : real estate development, multitechnics, construction &
renovation and investments & holding.
(Y) CASH FLOWS WITH RESPECT TO COMPANIES CONSOLIDATED USING THE EQUITY METHOD
Cash flows related to the financing of companies consolidated using the equity method (capital decrease/increase and new
borrowings given/repayments of borrowings given) are, in principle, included in cash flows from investing activities.
However, regarding the Real Estate Development segment, these cash flows are presented in cash flows from operating activities.
Indeed, the development of real estate projects is carried out either through consolidated subsidiaries or through joint ventures.
All these projects are managed by the same management team of CFE's real estate segment. Cash flows related to projects
under development held by consolidated subsidiaries are by definition allocated to the "working capital variations" items, i.e., in
operating cash flows.
To ensure consistency for the reader of the financial statements, CFE has historically opted to also include in these same "working
capital variations" items, the cash flows related to the financing of real estate projects held through joint ventures. This reasoning
is based on the fact that projects held in joint ventures and projects held by consolidated subsidiaries are similar from an
economic point of view and both relate to the main revenue-generating activities of the CFE group and are therefore both
operational in nature. Thus, CFE has decided to group the cash flows of all its real estate projects in operating activities, regardless
of the underlying legal structure. By choosing to present cash flows in operating activities, CFE based its decision on the principle
of IAS 7 paragraph 11, namely that an entity presents its cash flows related to operating, investing, and financing activities in the
most appropriate manner for its business.
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3. CONSOLIDATION METHODS
S
COPE OF CONSOLIDATION
Companies in which the group, directly or indirectly, holds the majority of voting rights enabling control to be exercised, are fully
consolidated.
Companies over which the group exercises joint control with other shareholders are consolidated using the equity method. This
applies in particular to Deep C, Green Offshore, GreenStor and certain subsidiaries of BPI.
The change in the scope of consolidation of the CFE group between December 2025 and December 2024 is summarised as
follows: Number of entities 2025 2024 Global integration 59 63 Equity method 87 87 Total 146 150
INTRA-GROUP OPERATIONS
Reciprocal operations and transactions relating to assets and liabilities and income and expenses between integrated
companies are eliminated in the consolidated financial statements. This elimination is carried out :
- in full if the operation is carried out between two subsidiaries consolidated using the global integration method; and
- up to the holding percentage of the company accounted for using the equity method for the internal result realised between
a fully consolidated company and a company accounted for using the equity method.
TRANSLATION OF THE FINANCIAL STATEMENTS OF FOREIGN COMPANIES &
ESTABLISHMENTS
In most cases, the operating currency of companies and establishments corresponds to the currency of the country concerned.
The financial statements of foreign companies whose operating currency is different from that used in preparing the group’s
consolidated financial statements are translated at the closing rate for the items of the consolidated statement of financial
position and at the average rate for the period for the items of the consolidated statement of income. Any resulting conversion
differences are recognised as exchange differences resulting from the translation in the consolidated reserves. Goodwill relating
to foreign companies is considered to be part of the assets and liabilities acquired and, as such, is converted at the exchange
rate applicable on the closing date.
FOREIGN CURRENCY TRANSLATIONS
Transactions in foreign currency are converted into euros at the exchange rate on the transaction date. Financial assets and
monetary liabilities denominated in foreign currencies are converted into euros at the exchange rate applicable at the closing
date of the period. The resulting exchange profits and losses are recognised in the ‘foreign exchange income’ heading, and are
presented under ‘other financial income and expenses’ in the consolidated statement of income.
Foreign exchange profits and losses on loans denominated in foreign currencies or on foreign exchange derivatives used to
hedge participations in foreign subsidiaries are recorded under the heading ‘exchange differences on translation’ resulting from
the conversion in ‘other elements’ of the consolidated statement of comprehensive income, and are the object of a separate
reserve in equity. When the loans are repaid, the translation differences recorded in equity are recycled into the income
statement.
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4. SEGMENT REPORTING
O
PERATING SEGMENTS
Segment reporting is presented in line with the group's operating segments. Segment results and assets and liabilities include
items that can be directly attributed to a segment.
The CFE Group can be divided into four operating segments:
Real Estate Development
The Real Estate Development segment develops real estate projects in Belgium, Grand Duchy of Luxembourg and Poland.
Multitechnics
The Multitechnics segment serves the energy market through project and maintenance contracts of varying durations and
includes the activities of the VMA and MOBIX divisions:
- VMA specializes in developing technical building installations, automated management (smart buildings) and long-term
maintenance as well as in automating production lines in the automotive, chemical and food industries;
-
MOBIX is a key player in Belgium for carrying out railway works (laying tracks, catenaries and signalling) and the installation
of cables and pipelines as well as the installation public lighting.
Synergies are expected between these activities, which share similar economic characteristics.
Construction & Renovation
The Construction & Renovation segment brings together all CFE subsidiaries active in Belgium, Poland and the Grand Duchy of
Luxembourg, specialising in the construction and renovation of office buildings, residential buildings (which largely follow
property development activities), hospitals, hotels, schools, car parks and industrial facilities.
These activities share similar economic characteristics.
Investments & Holding
Besides the holding activities, this segment includes participations in Deep C Holding, Green-Offshore, GreenStor and in a Design
Build Finance and Maintenance contract in Belgium.
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CONSOLIDATED STATEMENT OF INCOME
For the period ended December 31, Eliminations Real estate Multi- Construction Investments Consolidated 2025 between development technics & Renovation & Holding total (in € thousands) segments Revenue 76,749 301,400 683,402 2,732 (22,690) 1,041,593 EBITDA 19,626 20,320 28,615 (5,345) (212) 63,004 % Revenue 25.57% 6.74% 4.19% 6.05% Depreciation and amortisation (1,391) (11,095) (9,279) (669) 0 (22,434) Income from operating activities 18,235 9,225 19,336 (6,014) (212) 40,570 Share of profit (loss) of investments (3,710) 8 (12) 7,996 0 4,282 accounted for using equity method Operating income (EBIT) 14,525 9,233 19,324 1,982 (212) 44,852 % Revenue 18.93% 3.06% 2.83% 4.31% Financial result 610 (950) 3,141 (3,883) 0 (1,082) Income tax expenses (3,112) (2,321) (5,966) 1,099 53 (10,247) Result for the period - share of the 12,042 5,962 16,499 (802) (159) 33,542 group % Revenue 15.69% 1.98% 2.41% 3.22%
For the period ended December 31, Eliminations Real estate Multi- Construction Investments Consolidated 2024 between development technics & Renovation & Holding total (in € thousands) segments Revenue 125,699 304,309 788,462 1,978 (38,279) 1,182,169 EBITDA 17,932 20,160 17,443 (5,277) (389) 49,869 % Revenue 14.27% 6.62% 2.21% 4.22% Depreciation and amortisation (1,283) (9,959) (9,950) (640) 0 (21,832) Income from operating activities 16,649 10,201 7,493 (5,917) (389) 28,037 Share of profit (loss) of investments (8,188) (22) 788 11,390 0 3,968 accounted for using equity method Operating income (EBIT) 8,461 10,179 8,281 5,473 (389) 32,005 % Revenue 6.73% 3.34% 1.05% 2.71% Financial result 3,913 (606) 7,952 (6,461) 0 4,798 Income tax expenses (4,351) (3,258) (5,656) 328 97 (12,840) Result for the period - share of the 8,023 6,315 10,577 (660) (292) 23,963 group % Revenue 6.38% 2.08% 1.34% 2.03%
During the 2025 financial year, real estate development projects in Poland were recognized as revenue upon completion,
amounting to €29,388 thousand (2024: €79,919 thousand).
BREAKDOWN OF REVENUE
Breakdown by geographical area
Year ended 31 December 2025 2024 (in € thousands) Belgium 800,321 856,938 Poland 130,527 225,731 Luxembourg 100,824 67,591 Others 9,921 31,909 Consolidated total 1,041,593 1,182,169
The breakdown of revenue by country is based on the countries in which services are provided.
In 2025, no customer accounted for more than 10% of group revenue.
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Breakdown by business area
For the period ended December 31 2025 2024 (in € thousands) Real estate development 76,749 125,699 VMA 223,557 213,151 MOBIX 77,975 91,253 Eliminations between segments (132) (95) Multitechnics 301,400 304,309 Construction & Renovation 683,402 788,462 Investments & Holding & Eliminations between segments (19,958) (36,301) Consolidated total 1,041,593 1,182,169
The CFE group's revenue from construction & renovation segment includes revenue generated for the benefit of the real estate
development segment.
The elimination of the revenue common to the construction & renovation segment and the real estate development segment, is
carried out at the level of eliminations between segments.
As the construction and the sales of the real estate development segment do not take place simultaneously, internally generated
revenue is accounted for under capital employed by real estate segment and derecognised at the time of sale.
CONSOLIDATED STATEMENT OF FINANCIAL POSITION
Eliminations For the period ended December 31, 2025 Real estate Multi- Construction Investments Consolidated between (in € thousands) development technics & Renovation & Holding total segments ASSETS Goodwill 0 23,048 911 0 (0) 23,959 Property, plant and equipment 4,648 47,994 36,011 4,273 (24) 92,902 Non-current loans to consolidated group 0 0 0 40,000 (40,000) 0 companies Other non-current financial assets 93,392 0 0 32,175 0 125,567 Investments accounted for using equity method 98,299 168 243 78,192 (0) 176,902 Other non-current assets 9,932 1,675 15,831 136,380 (135,689) 28,129 Inventories 77,516 6,505 5,717 24 (825) 88,937 Cash and cash equivalents 11,050 5,037 106,805 76,432 (0) 199,324 Internal cash position - Cash pooling - assets 1,520 67,982 215,034 12,916 (297,452) 0 Other current assets 13,814 119,484 190,530 18,330 (10,094) 332,064 Total assets 310,171 271,893 571,082 398,722 (484,084) 1,067,784 LIABILITIES Equity 165,184 100,772 120,936 13,655 (136,538) 264,009 Non-current borrowings to consolidated group 40,000 0 0 0 (40,000) 0 companies Non-current financial liabilities 21,491 25,226 17,435 72,903 (0) 137,055 Other non-current liabilities 34,321 1,549 18,708 4,129 0 58,707 Current financial liabilities 5,652 6,417 5,992 437 0 18,498 Internal cash position - Cash pooling - liabilities 0 295 12,620 284,537 (297,452) (0) Other current liabilities 43,523 137,634 395,391 23,061 (10,094) 589,515 Total liabilities 144,987 171,121 450,146 385,067 (347,546) 803,775 Total equity and liabilities 310,171 271,893 571,082 398,722 (484,084) 1,067,784
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Eliminations For the period ended December 31, 2024 Real estate Multi- Construction Investments Consolidated between (in € thousands) development technics & Renovation & Holding total segments ASSETS Goodwill 0 23,017 912 0 0 23,929 Property, plant and equipment 5,134 47,768 39,433 3,711 (23) 96,023 Non-current loans to consolidated group 0 0 0 40,000 (40,000) 0 companies Other non-current financial assets 90,202 0 0 30,046 0 120,248 Investments accounted for using equity method 95,928 159 1,050 79,245 0 176,382 Other non-current assets 10,368 1,707 16,296 162,463 (161,749) 29,085 Inventories 126,541 6,624 9,011 25 (826) 141,375 Cash and cash equivalents 7,230 2,533 80,300 83,447 (0) 173,510 Internal cash position - Cash pooling - assets 9,774 59,768 218,449 22,537 (310,528) 0 Other current assets 13,261 123,678 202,703 17,639 (16,086) 341,195 Total assets 358,438 265,254 568,154 439,113 (529,212) 1,101,747 LIABILITIES Equity 160,328 98,892 113,982 37,176 (162,603) 247,775 Non-current borrowings to consolidated group 40,000 0 0 0 (40,000) 0 companies Non-current financial liabilities 31,690 26,158 19,477 107,505 0 184,830 Other non-current liabilities 32,401 2,050 20,011 4,580 (0) 59,042 Current financial liabilities 18,490 6,086 5,462 337 (0) 30,375 Internal cash position - Cash pooling - liabilities 22,222 4,555 17,982 265,769 (310,528) 0 Other current liabilities 53,307 127,513 391,240 23,746 (16,081) 579,725 Total liabilities 198,110 166,362 454,172 401,937 (366,609) 853,972 Total equity and liabilities 358,438 265,254 568,154 439,113 (529,212) 1,101,747
CONSOLIDATED STATEMENT OF CASH FLOWS
For the period ended December 31, 2025 Real estate Multi- Construction Investments Consolidated (in € thousands) development technics & Renovation & Holding total Cash flows from (used in) operating activities 21,943 19,153 25,656 (3,110) 63,642 before changes in working capital Cash flows from (used in) operating activities 48,942 30,951 38,534 (5,102) 113,325 Cash flows from (used in) investing activities (209) (3,478) 4,347 (4,000) (3,340) Cash flows from (used in) financing activities (45,005) (24,953) (16,882) 1,970 (84,870) Net increase/(decrease) in cash position 3,728 2,520 25,999 (7,132) 25,115
For the period ended December 31, 2024 Real estate Multi- Construction Investments Consolidated (in € thousands) development technics & Renovation & Holding total Cash flows from (used in) operating activities 25,399 19,937 17,052 2,304 64,692 before changes in working capital Cash flows from (used in) operating activities 12,672 23,487 37,375 11,771 85,305 Cash flows from (used in) investing activities (322) (3,860) (851) (3,415) (8,448) Cash flows from (used in) financing activities (9,586) (20,303) (34,781) 6,621 (58,049) Net increase/(decrease) in cash position 2,764 (676) 1,743 14,977 18,808
The cash flow from (used in the context of) financing activities includes the amounts of cash pooling compared to other
segments. A positive amount corresponds to a use of liquidity in the cash pooling. This item also includes cash-flows related to
external financing, especially and primarily in real estate development and investments & holding segments.
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OTHER INFORMATION
Year ended 31 December 2025 (in € thousands) Real estate Multi- Construction Investments & Consolidated development technics & Renovation Holding (*) total Raw materials, consumables, services and (52,985) (145,755) (525,045) 16,942 (706,843) subcontracted work Depreciation and amortisation (1,391) (11,095) (9,279) (669) (22,434) Investments 675 11,644 8,734 1,217 22,270
(*) For the "Raw materials, consumables, services, and subcontracted work" category, the "Investments & Holding" segment also includes inter-
segment eliminations.
Year ended 31 December 2024 (in € thousands) Real estate Multi- Construction Investments & Consolidated development technics & Renovation Holding (*) total Raw materials, consumables, services and (75,044) (148,957) (640,436) 21,798 (842,639) subcontracted work Depreciation and amortisation (1,283) (9,959) (9,950) (640) (21,832) Investments 1,017 12,544 13,259 312 27,132
(*) For the "Raw materials, consumables, services, and subcontracted work" category, the "Investments & Holding" segment also includes inter-
segment eliminations.
The investments include the acquisitions of intangible assets and property, plant and equipment and the discounted rents
related to the right-of-use of assets under the scope of IFRS 16 Leases.
GEOGRAPHICAL INFORMATION
The operations of the group in the construction & renovation, multitechnics and real estate development segments are mainly
based in Belgium, Luxembourg and Poland.
The property, plant and equipment are mainly based in Belgium.
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5. ACQUISITIONS AND DISPOSALS OF SUBSIDIARIES
A
CQUISITIONS AND DISPOSALS FOR THE PERIOD ENDED 31 DECEMBER 2025
No acquisition or disposal operation, within the meaning of IFRS 3 “Business Combinations”, with a significant impact was carried
out during the 2025 financial year.
During the first half of 2024, the companies PPP Betrieb Schulen Eupen SA and PPP Schulen Eupen SA were liquidated. This
transaction has an immaterial impact on the income statement. In the cash flow statement, the effect of the transaction (+€550
thousand) is presented under the line item “Decrease of the investment percentage net of cash acquired/sold.”
Acquisitions and disposals in the real estate development segment are not considered as business combinations; therefore the
consideration paid is allocated to the land and buildings accounted for in inventories. The main acquisitions and disposals that
have occurred in the real estate development segment are described in the introduction of this report.
6. OTHER OPERATING INCOME AND EXPENSES
Other operating income, which amounted to €55,861 thousand (2024 : €38,730 thousand) as at 31 December 2025, are mainly
related to :
- other compensation and miscellaneous rebilling amounting
to €37,977 thousand (2024 : €35,446 thousand) ;
- capital gains on disposals of financial shares amounting to €12,333 thousand, (2024: €1,979 thousand) mainly consisting of
the disposal of 40% of the shares of BPI Piano Forte Sp. z.o.o. and the disposal of the shares of Joma 2060;
- capital gains on disposals of intangible and tangible assets amounting to €5,551 thousand (2024 : €1,305 thousand)
including the disposal of certain LTS assets.
Other operating expenses are made up of the following elements :
Year ended 31 December 2025 2024 (in € thousands) Miscellaneous services and goods (79,623) (84,838) Impairment of assets - Inventories (1,047) (215) - Trade and other operating receivables 2,902 392 Net additions to provisions (excluding provisions for retirement benefit obligations) (5,536) (1,837) Other operating expenses (1,473) (1,661) Consolidated total (84,777) (88,159)
Miscellaneous services and goods and other operating expenses mainly include overheads, various taxes, sales commissions
and miscellaneous fees.
7. PERSONNEL EXPENSES
Year ended 31 December 2025 2024 (in € thousands) Remuneration (148,586) (145,524) Mandatory social security contributions (45,673) (45,135) Other wage costs (45,360) (44,488) Service cost related to defined-benefit pension plans (3,210) (5,084) Consolidated total (242,829) (240,231)
The average full-time equivalent number of staff in 2025 was 2,606 (2024 : 2,775), which represents 2,854 people as at 31
December 2024 (2023: 2,990) and 2,680 as at 31 December 2025 (2024 : 2,854).
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8. FINANCIAL RESULT
Year ended 31 December 2025 2024 (in € thousands) Interest income 12,141 12,944 Interest expenses (11,021) (15,386) Other financial expenses and income (2,202) 7,240 Realized / unrealized translation gains/(losses)(382) 5,360 Defined benefit plan financial cost (105) (189) Impairment of financial assets 0 0 Other (1,715) 2,069 Financial result (1,082) 4,798
The financial result amounts to (€1,082) thousand as of December 31, 2025, compared to €4,798 thousand as of December 31,
2024. This decrease is mainly explained by:
o The sharp decrease in the impact of foreign exchange translation differences; as a reminder, these had been
positively influenced, among other things, by the recycling of translation differences recognised in profit or loss
upon the repayment of intercompany loans denominated in foreign currencies (considered as quasi-equity
financing).
Partially offset by,
o The decrease in net interest expense, largely due to a reduction in the average outstanding balance of gross
financial debt during the year.
Interest income amounts to €12,141 thousand and mainly consists of interest on loans granted to SPVs in the Real Estate
Development and Investments & Holding segments, which are consolidated under the equity method, as well as interest income
from term deposits.
Interest expenses amount to €11,021 thousand and primarily consist of interest charges related to corporate financing of CFE SA
and BPI Real Estate Belgium SA, project financing in the Real Estate Development segment consolidated using the full integration
method, as well as interest expenses on lease liabilities.
9. NON-CONTROLLING INTERESTS
As of December 31, 2025, the share of non-controlling interests in the result for the period is €19 thousand, which represents a loss
attributable to non-controlling interests (2024 : €0).
10. EARNINGS PER SHARE
Basic earnings per share are the same as diluted earnings per share due to the absence of any potentially dilutive ordinary
shares in circulation. It is calculated as follows :
For the period ended December 31 2025 2024 (in € thousands) Result for the period - share of the group (in € thousands) 33,542 23,963 Comprehensive income - share of the group (in € thousands) 27,282 21,351 Number of ordinary shares at balance sheet date 25,314,482 25,314,482 Weighted average number of ordinary shares outstanding during the period 24,684,386 24,801,925 Earnings per share, based on the weighted average number of ordinary shares outstanding during the period (basic) : Earnings per share (share of the group) (€) 1.36 0.97 Comprehensive income per share (share of the group) (€) 1.11 0.86
During 2025, the stock option plans had no dilutive effect.
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11. INCOME TAX
R
ECOGNIZED IN COMPREHENSIVE INCOME
Year ended 31 December 2025 2024 (in € thousands) Current taxes Tax expense for the period 9,140 11,014 Additions to / (release from) provisions in previous periods 460 132 Total current tax expenses 9,600 11,146 Deferred taxes Additions to and releases from deferred taxes relating to losses from previous periods 0 0 Additions to and releases from temporary differences 647 1,694 Total deferred tax expenses/income 647 1,694 Income tax for the period 10,247 12,840 Tax (income)/expense recognized in other elements of the comprehensive income 124 (48) Total tax expense recognized in comprehensive income 10,371 12,792
RECONCILIATION OF THE EFFECTIVE TAX RATE
Year ended 31 December 2025 2024 (in € thousands) Pre-tax income for the period 43,770 36,805 of which share in the profit/(loss) from investments accounted for using equity 4,282 3,968 method Pre-tax income for the period, excluding investments accounted for using equity 39,488 32,837 method Income taxes at 25% 9,872 8,209 Tax impact of non-deductible expenses 2,465 2,610 Tax impact of non-taxable revenue (1,160) (1,830) Tax credit 0 0 Effect of different tax rates applicable to subsidiaries operating in other jurisdictions (1,096) (719) Tax impact of using previously unrecognized losses (2,789) (3,708) Tax impact of adjustments to current and deferred tax relating for previous periods 332 4,203 Tax impact of deferred tax assets on unrecognized losses for the period 2,623 4,074 Tax expense 10,247 12,840 Effective tax rate for the period 25.95% 39.10%
The income tax expenses amounted to €10,247 thousand as at 31 December 2025, compared to €12,840 thousand at the end of
2024. The effective tax rate amounted to 25.95% compared to 39.10% in 2024.
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RECOGNIZED DEFERRED TAX ASSETS AND LIABILITIES
Year ended 31 December ASSETS LIABILITIES (in € thousands)2025 2024 2025 2024 Property, plant and equipment and intangible assets 200 210 (8,572) (13,687) Leases 7,621 12,484 0 0 Employee benefits 1,163 1,662 0 0 Provisions 2,664 2,383 0 0 Fair value of derivative instruments 0 0 0 0 Working capital 2,406 3,247 (203) (92) Other items 5,518 3,292 (6,204) (5,729) Tax losses 42,740 42,567 0 0 Gross deferred tax assets/(liabilities) 62,312 65,845 (14,979) (19,508) Unrecognized deferred tax assets (42,740) (42,567) 0 0 Tax netting (11,829) (14,261) 11,829 14,261 Net deferred tax assets/(liabilities) 7,743 9,017 (3,150) (5,247)
Tax loss carried forward and other temporary differences for which no deferred tax assets are recognized amounted to €171,477
thousand as at 31 December 2025. As tax losses are mainly recognized by Belgian companies, these do not have an expiration
date. The "tax netting" item reflects the netting of deferred tax assets and liabilities per entity.
PILLAR II
The Pillar Two legislation is effective starting from the financial year beginning 1 January 2024.
Pillar Two legislation has been enacted or substantively enacted in certain jurisdictions in which CFE operates (ao. Belgium).
Ackermans en van Haaren NV (AvH NV) is the Ultimate Parent Entity (‘UPE’) for Pillar Two purposes of the CFE Group’s constituent
entities. These constituent entities are therefore in scope of the Pillar Two consequences applicable to the AvH Group.
As a consequence of the fact that CFE is part of the AvH Group, the outcome of Pillar Two impact can only be assessed at the
level of the AvH Group.
Based on an assessment made by the AVH Group, the AvH Group has identified potential exposure to Pillar Two top-up-taxes in
certain jurisdictions. Based on the current legislation, the AvH group is, in principle, obliged to pay, in Belgium or any other relevant
jurisdiction, an additional tax on the profits of constituent entities taxed at an effective rate lower than 15%.
For the 2025 financial year, the total impact of these additional taxes on the consolidated net result of the AvH group amounts to
0.4 million euros. This assessment was made based on the most recent financial information of the constituent entities of the AvH
group; these being the 'Country-by-Country Reporting' and the consolidated financial statements.
The main jurisdictions exposed to the Top-Up Taxes Pillar II are Mexico, the United Arab Emirates, and Denmark. Since the CFE
group is not active in these jurisdictions, no obligation related to these additional taxes has been recognized in the consolidated
financial statements closed on December 31, 2025.
As of December 31, 2025, The CFE group has applied the temporary exception from the accounting requirements for deferred
taxes in IAS12. Accordingly, the CFE group neither recognises nor discloses information about deferred tax assets and liabilities
related to Pillar Two income taxes.
TAX LOSSES FOR WHICH NO DEFERRED TAX ASSETS ARE RECOGNIZED
Deferred tax assets are not recognized in cases where it is not probable that a future taxable profit will be sufficient to enable
subsidiaries to recover their tax losses in a foreseeable future.
DEFERRED TAX INCOME (EXPENSE) RECOGNIZED IN COMPREHENSIVE INCOME
Year ended 31 December 2025 2024 (in € thousands) Deferred taxes on the effective portion of changes in the fair value of cash flow hedge 0 0 Deferred taxes on the revaluation of defined benefit liabilities (124) 48 Total (124) 48
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12. INTANGIBLE ASSETS OTHER THAN GOODWILL
Year ended 31 December 2025 Licenses Development costs Total (in € thousands) Acquisition costs Balance at the end of the previous period 8,512 4,459 12,971 Effects of changes in foreign exchange rates 18 0 18 Acquisitions 202 0 202 Disposals (578) 0 (578) Transfers between asset items (378) 0 (378) Balance at the end of the period 7,776 4,459 12,235 Depreciation and amortisation Balance at the end of the previous period (6,957) (33) (6,990) Effects of changes in foreign exchange rates (14) 0 (14) Depreciation and amortisation (715) 0 (715) Disposals 570 0 570 Transfers between asset items 384 0 384 Balance at the end of the period (6,732) (33) (6,765) Net carrying amount As at January 1, 2025 1,555 4,426 5,981 As at December 31, 2025 1,044 4,426 5,470
As of December 31, 2025, acquisitions of intangible assets amounted to €202 thousand (2024 : €3,047 thousand).
Depreciation and amortisation of intangible assets amounted to €(715) thousand as at 31 December 2025 (2024 : €(955)
thousand).
Intangible assets meeting the definition of IAS 38 Intangible Assets are only recognized to the extent that future economic benefits
are probable.
Year ended 31 December 2024 Licenses Development costs Total (in € thousands) Acquisition costs Balance at the end of the previous period 7,751 2,221 9,972 Effects of changes in foreign exchange rates 19 0 19 Acquisitions 428 2,619 3,047 Disposals (127) (380) (507) Transfers between asset items 441 (1) 440 Balance at the end of the period 8,512 4,459 12,971 Depreciation and amortisation Balance at the end of the previous period (5,676) (415) (6,091) Effects of changes in foreign exchange rates (14) 0 (14) Depreciation and amortisation (955) 0 (955) Disposals 117 380 497 Transfers between asset items (429) 2 (427) Balance at the end of the period (6,957) (33) (6,990) Net carrying amount As at January 1, 2024 2,075 1,806 3,881 As at December 31, 2024 1,555 4,426 5,981
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13. GOODWILL
Year ended 31 December 2025 2024 (in € thousands) Acquisition costs Balance at the end of the previous period 29,951 29,916 Changes in consolidation scope 0 0 Transfers between asset items 0 0 Other changes 30 35 Balance at the end of the period 29,981 29,951 Depreciation Balance at the end of the previous period (6,022) (6,022) Depreciation during the period 0 0 Transfers between asset items 0 0 Changes in consolidation scope 0 0 Balance at the end of the period (6,022) (6,022) Net carrying amount at December 31 23,959 23,929
In accordance with IAS 36 Impairment of assets, this goodwill was tested for impairment at 31 December 2025.
The following assumptions were used in the impairment tests :
Impairment Net goodwill Parameters of the model applied to cash flow Gross goodwill losses Business value projections value recognized in the period Growth rate Year ended 31 December 2025 2024 (terminal Discount rate Sensitivity rate (in € thousands) value) VMA 15,021 14,991 0.50% 10.20% 5% 18,911 0 MOBIX 8,026 8,026 0.50% 10.20% 5% 10,159 0 BPC Group 911 911 0.50% 10.20% 5% 911 0 Total 23,959 23,929 29,981 0
Cash-flows figures used in the impairment tests were taken from the three-year plans presented to the CFE Board of Directors. A
growth rate of 0.5% was used in determining the terminal value. The discount rate used is 10.2% (10.2% as at 31 December 2024)
and corresponds to the long term weighted average cost of capital applicable to the CFE group.
A sensitivity analysis was carried out by varying cash flows and discount rate figures by 5%. Since the value in use of the entities
is still higher than their carrying amount including goodwill, there was no indication of impairment.
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14. PROPERTY, PLANT AND EQUIPMENT
Year ended 31 December 2025 Land and Fixtures and Furniture, fittings Under Total (in € thousands) buildings equipment and vehicles construction Acquisition costs Balance at the end of the previous period 83,818 81,863 74,779 41 240,501 Effects of changes in foreign exchange rates 32 13 39 0 84 Changes in consolidation scope (6) 0 (2) 0 (8) Acquisitions 6,108 5,003 10,946 10 22,067 Transfers between asset items 1,547 (1,592) (172) 0 (217) Disposals (5,802) (11,513) (11,449) (4) (28,768) Balance at the end of the period 85,697 73,774 74,141 47 233,659 Depreciation and amortisation Balance at the end of the previous period (29,583) (67,844) (47,048) (3) (144,478) Effects of changes in foreign exchange rates (12) (10) (22) 1 (44) Changes in consolidation scope 0 0 2 0 2 Depreciation and amortisation (5,396) (3,892) (12,431) 0 (21,719) Transfers between asset items (1,547) 1,555 201 0 209 Disposals 4,128 10,792 10,352 0 25,272 Balance at the end of the period (32,410) (59,399) (48,946) (2) (140,757) Net carrying amount As at January 1, 2025 54,235 14,019 27,731 38 As at December 31, 2025 53,287 14,375 25,195 45 92,902 96,023
Property, plant and equipment mainly include the net book values of the headquarters of several Belgian subsidiaries of the
group, the fleet of equipments and vehicles.
As of December 31, 2025, acquisitions of property, plant and equipment amounted to €22,067 thousand. These mainly include the
acquisition of equipment at Mobix and the group's vehicle fleet. (December 2024: €24,085 thousand)
Depreciation and amortisation of property, plant and equipment amounted to €(21,719) thousand (2024 : €(20,878) thousand).
Year ended 31 December 2024 Land and Fixtures and Furniture, fittings Under Total (in € thousands) buildings equipment and vehicles construction Acquisition costs Balance at the end of the previous period 80,050 85,662 69,003 1,891 236,606 Effects of changes in foreign exchange rates 29 15 43 0 87 Changes in consolidation scope (7) 0 (4) 0 (11) Acquisitions 4,277 4,104 15,704 0 24,085 Transfers between asset items 2,246 59 (325) (1,840) 140 Disposals (2,777) (7,977) (9,642) (10) (20,406) Balance at the end of the period 83,818 81,863 74,779 41 240,501 Depreciation and amortisation Balance at the end of the previous period (26,410) (70,876) (44,233) 0 (141,519) Effects of changes in foreign exchange rates (14) (11) (22) 0 (47) Changes in consolidation scope 0 0 0 0 0 Depreciation and amortisation (4,623) (4,229) (12,025) (1) (20,878) Transfers between asset items (778) (17) 510 (1) (286) Disposals 2,242 7,289 8,722 (1) 18,252 Balance at the end of the period (29,583) (67,844) (47,048) (3) (144,478) Net carrying amount As at January 1, 2024 53,640 14,786 24,770 1,891 95,087 As at December 31, 2024 54,235 14,019 27,7313896,023
The net book value of property, plant and equipment recognized as right of use amounted to €49,101 thousand as at 31 December
2025 compared to €49,939 thousand as at 31 December 2024. These assets mainly include the group’s vehicle fleet, the
headquarters, as well as the equipments of certain subsidiaries.
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Changes in property, plant and equipment recognized under the right of use are presented in the table on next page.
The CFE Group has a limited number of leases with renewal options and exercises significant judgement in determining whether
that is reasonable certain that these extension and termination options will be exercised. As of December 31, 2025, the Group has
no leases with renewal options that are reasonably certain not to be exercised or termination options that are reasonably certain
to be exercised.
Year ended 31 December 2025 Land and Fixtures and Furniture, fittings Total (in € thousands) buildings equipment and vehicles Acquisition costs Balance at the end of the previous period 33,546 6,847 41,124 81,517 Effects of changes in foreign exchange rates 30 0 26 56 Changes in consolidation scope 0 0 0 0 Acquisitions 4,590 935 9,079 14,604 Transfers between asset items (39) (1,537) (2) (1,578) Disposals (1,100) (549) (6,177) (7,826) Balance at the end of the period 37,027 5,696 44,050 86,773 Depreciation and amortisation Balance at the end of the previous period (8,644) (4,430) (18,504) (31,578) Effects of changes in foreign exchange rates (12) 0 (11) (23) Changes in consolidation scope 0 0 0 0 Depreciation and amortisation (3,939) (336) (9,907) (14,182) Transfers between asset items 0 1,538 28 1,566 Disposals 335 549 5,661 6,545 Balance at the end of the period (12,260) (2,679) (22,733) (37,672) Net carrying amount As at January 1, 2025 24,902 2,417 22,620 49,939 As at December 31, 2025 24,767 3,017 21,317 49,101
Year ended 31 December 2024 Land and Fixtures and Furniture, fittings Total (in € thousands) buildings equipment and vehicles Acquisition costs Balance at the end of the previous period 32,359 7,133 34,764 74,256 Effects of changes in foreign exchange rates 27 0 26 53 Changes in consolidation scope 0 0 0 0 Acquisitions 2,223 1,017 13,349 16,589 Transfers between asset items (176) (334) 237 (273) Disposals (887) (969) (7,252) (9,108) Balance at the end of the period 33,546 6,847 41,124 81,517 Depreciation and amortisation Balance at the end of the previous period (6,325) (4,522) (15,581) (26,428) Effects of changes in foreign exchange rates (13) 0 (10) (23) Changes in consolidation scope 0 0 0 0 Depreciation and amortisation (3,318) (771) (9,444) (13,533) Transfers between asset items 176 160 (13) 323 Disposals 836 703 6,544 8,083 Balance at the end of the period (8,644) (4,430) (18,504) (31,578) Net carrying amount As at January 1, 2024 26,034 2,611 19,183 47,828 As at December 31, 2024 24,902 2,417 22,620 49,939
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15. INVESTMENTS ACCOUNTED FOR USING EQUITY METHOD
C
HANGES OVER THE PERIOD
The interests in investments accounted for using equity method are detailed as follows:
Year ended 31 December 2025 2024 (in € thousands) Balance at the end of the previous period 176,382 185,365 Transfers between asset items 1,047 3,581 Share of profit (loss) of investments accounted for using equity method 4,282 3,968 Capital increase/(decrease) 16,242 1,732 Dividends (10,072) (17,447) Changes in consolidation scope (2,608) (76) Other changes (8,371) (741) Balance at the end of the period 176,902 176,382
All entities in which the CFE Group has a significant influence are accounted for using equity method, mainly the stakes in Deep
C Holding and Green Offshore under the investments & holding segment, and in project companies held in joint control in the
real estate development segment, mainly JFK Real Estate. As of December 31, 2025, the contributions of Deep C Holding, Green
Offshore and JFK Real Estate to investments accounted for using equity method amounted to €64,901 thousand (including the
minority interests), €21,465 thousand and €60,956 thousand, respectively. The CFE Group has no stakes accounted for using
equity method that are listed on a public market.
As of December 31, 2025, the CFE Group’s share of profit (loss) of investments accounted for using equity method amount to
€4,282 thousand (compared to €3,968 thousand in 2024) and is mainly due to the activities of the real estate development
segment and the investments in port concessions through Deep C Holding (€5,249 thousand as at 31 December 2025, as CFE’s
share) as well as in the concessionary companies of offshore wind farms such as Rentel and SeaMade through Green Offshore
(€3,215 thousand as at 31 December 2025, as CFE’s share).
Dividends distributed by equity accounted investments amounted to €10,072 thousand and derives from Green Offshore (€2,250
thousand) and certain project companies in the real estate development segment (mainly Gravity : €1,180 thousand and
Brouck’R: €3,628 thousand).
Capital increases in investments accounted for using the equity method amounted to €16,242 thousand and relate to GreenStor
(€ 1,610 thousand) and real estate development activities (€15,095 thousand) offset by a capital decrease of the entity Hofkouter
NV in the Construction & Renovation segment (€463 thousand).
In 2025, changes in the scope of consolidation were related to the disposal of the entire stake in Joma 2060, and the change in
the consolidation method of Polish entities Moniuszki and BPI Piano Forte from fully integrated to consolidated according to the
equity method as a consequence of the sale of 70% and 40% of the shares respectively.
The item 'Transfers from one asset category to another' mainly concerns the reclassification of equity-accounted investments,
whose value is negative, to the items 'Other non-current financial assets' and 'Non-current provisions' (refer to notes 16 and 23,
respectively).
When the group's share of losses in an associate or joint venture exceeds its investment in them, the CFE group ceases to
recognize its share of future losses. Losses beyond this amount are not recognized, except for the amount of the CFE group's
commitments to these equity-accounted investments. If applicable, the share of losses is first deducted from the financial assets
related to the associate. In the absence of financial assets or when the losses exceed the financial assets, a provision is made
among non-current provisions, as the group considers it has an obligation to support these companies and their projects.
The other changes are mainly due to the change in the market value of the interest rate hedging instruments in the Rentel and
SeaMade offshore wind farm concession companies as well as the change in the exchange rate differences when integrating
investments having activities in foreign currency (mainly Deep C Holding).
CREDIT RISK
The amount of loans granted to real estate development companies consolidated using the equity method, which are
subordinated to other debts (mainly bank loans granted for project financing), amounts to €29,238 thousand as of December 31,
2025 (December 31, 2024: €47,007 thousand).
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Credit risk is first assessed at the value level of the company consolidated using the equity method. Additionally, an evaluation
concerning potential impairments of the loans is also carried out. We consider that it is not necessary to record impairments of
the loans as long as there are no indicators of impairment at the level of the equity-accounted company.
FINANCIAL INFORMATION RELATING TO INVESTMENTS ACCOUNTED FOR USING EQUITY
METHOD
The list of the most significant investments accounted for using the equity method is set out in note 33, based on their percentage
of interests in the CFE group, the segment in which they operate and the geographical area of their head office.
The condensed financial statements by segment presented below are based on the accounts prepared on the basis of the IFRS
accounting methods for investments accounted for using the equity method, or, failing this, on the basis of their statutory
accounts. Intercompany transactions are not eliminated. The reconciliation with the contribution to the consolidated accounts
is presented after the financial indicators.
FISCAL YEAR 2025
December 2025
(in € thousands)
Real estate development
Multitechnics and
Construction &
Renovation
Investments & Holding
Total
100%
% Share
100%
% Share
100%
% Share
100%
% Share
Income Statement
Revenue
182,772
86,820
7,565
1,891
72,038
31,714
262,375
120,425
Depreciation (181) (61) (11) (3) (2,358) (1,179) (2,550) (1,243)
Interest income and
expenses
(26,605) (12,516) 82 23 (4,779) (2,587) (31,302) (15,080)
Result for the period -
share of the group
(7,208) (3,710) (4) (4) 16,760 7,996 9,548 4,282
Financial position
Non-current assets
450,113
242,952
34
9
362,407
104,424
812,554
347,385
Current assets 557,326 282,454 5,830 1,525 328,885 120,387
892,041
404,366
Equity (*)
141,858
98,299
1,374
411
200,309
93,919
343,541
192,629
Non-current liabilities
460,299
241,775
380
95
302,000
74,082
762,679
315,952
Current liabilities
405,282
185,332
4,110
1,028
188,983
56,810
598,375
243,170
Cash and cash equivalents
24,863
10,380
8,425
2,169
84,098
36,969
117,386
49,518
Non-current financial
liabilities
142,005 64,964 0 0 272,193 65,063 414,198 130,027
Current financial liabilities 7,453 4,219 0 0 73,264 18,898 80,717 23,117
Net Financial Debt 124,595 58,803 (8,425) (2,169) 261,359 46,992 377,529 103,626
(*) including non-controlling interests (€15,730 thousand in CFE share)
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The information in the segment Real estate development is described hereunder:
December 2025 (in € thousands) JFK-RE Others Total Real estate development 100% % Share 100% % Share 100% % Share Income Statement Revenue 0 0 182,772 86,820 182,772 86,820 Depreciation 0 0 (181) (61) (181) (61) Interest income and (1,941) (1,115) (24,664) (11,401) (26,605) (12,516) expenses Result for the period (2,422) (1,391) (4,786) (2,319) (7,208) (3,710) - share of the group Financial positionNon-current assets 327,558 188,182 122,555 54,770 450,113 242,952 Current assets 18,931 10,876 538,395 271,578 557,326 282,454 Equity 106,103 60,956 35,755 37,343 141,858 98,299 Non-current 240,000 137,880 220,299 103,895 460,299 241,775 liabilities Current liabilities 386 222 404,896 185,110 405,282 185,332 Cash and cash 48 28 24,815 10,352 24,863 10,380 equivalents Non-current 0 0 142,005 64,964 142,005 64,964 financial liabilities Current financial 0 0 7,453 4,219 7,453 4,219 liabilities Net Financial Debt(48) (28) 124,643 58,831 124,595 58,803
In the real estate development, non-current assets and current assets mainly relate to JFK Real Estate: €346,489 thousand (100%),
Cavallia Sp. Z.o.o : €85,016 thousand (100%), The Roots Office SàRL : €50,614 thousand (100%), BPI Chmielna Sp. z o.o. : €30,166
thousand (100%), Moniuszki: € 34,079 thousand, BPI Piano Forte: € 31,872 thousand, Debrouckère Land SA : €24,761 thousand (100%),
Debrouckère Development SA : €56,500 thousand (100%), Bavière Développement SA : €22,075 thousand (100%), MG Immo SRL :
€34,033 thousand (100%), Arlon 53 SA : €37,399 thousand (100%), Goodways SA : €24,534 thousand (100%).
The information in the segment Investments and Holding is described hereunder:
December 2025 Total Investments & Deep C Holding Green Offshore Others (in € thousands) Holding 100% % Share 100% % Share 100% % Share 100% % Share Income Statement Revenue 60,709 30,355 0 0 11,329 1,359 72,038 31,714 Depreciation (2,495) (1,248) 137 69 0 0 (2,358) (1,179) Interest income and (5,395) (2,698) 89 45 527 66 (4,779) (2,587) expenses Result for the period - 10,499 5,249 6,429 3,215 (168) (468) 16,760 7,996 share of the group Financial position Non-current assets 97,103 48,551 41,542 20,771 223,762 35,102 362,407 104,424 Current assets 179,387 89,693 8,639 4,320 140,859 26,374 328,885 120,387 Equity (*) 129,803 64,901 42,930 21,465 27,576 7,553 200,309 93,919 Non-current liabilities 80,871 40,435 2,107 1,054 219,022 32,593 302,000 74,082 Current liabilities 65,816 32,908 5,144 2,572 118,023 21,330 188,983 56,810 Cash and cash equivalents 60,725 30,363 5,653 2,826 17,720 3,780 84,098 36,969 Non-current financial 78,639 39,320 1,054 527 192,500 25,216 272,193 65,063 liabilities Current financial liabilities 17,221 8,611 360 180 55,683 10,107 73,264 18,898 Net Financial Debt 35,135 17,568 (4,239) (2,119) 230,462 31,544 261,359 46,992 (*) including non-controlling interests (€15,730 thousand in CFE share)
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As of December 31, 2025, the contributions of Deep C Holding and Green Offshore in the consolidated statement of comprehensive
income post-tax amounted to -€4,097 thousand and €3,739 thousand, respectively.
For the period ended December 31 2025 2024 (in € thousands) DEEP C Green Offshore Deep C Green Offshore Share of profit (loss) of investments accounted for using equity 5249 3,215 6,367 4,054 method Changes in fair value related to financial derivatives (47) 524 (49) (1,438) Exchange differences on translation (9,299) 0 671 0 Deferred taxes 0 0 12 360 Comprehensive income (4,097) 3,739 7,001 2,975
Condensed financial information by segments includes information from joint ventures and associated companies. These
concern mainly Hofkouter NV, included in the Construction & Renovation segment, Luwa SA, included in the Investments & Holding
segment and Mall of Europe and Europea Housing included in the Real Estate segment.
The information of the associated entities is described hereunder:
December 2025Hofkouter Luwa Others TOTAL (in € thousands) 100% % Share 100% % Share 100% % Share 100% % Share Income Statement Revenue 0 0 11,329 1,359 0 0 11,329 1,359 Depreciation 0 0 0 0 0 0 0 0 Interest income and 29 10 520 62 (1,235) (267) (686) (195) expenses Result for the period - (27) (10) 1,011 121 (1,406) (273) (422) (162) share of the group Financial position Non-current assets 0 0 184,251 22,110 0 0 184,251 22,110 Current assets 525 184 52,116 6,254 19,397 1,156 72,038 7,594 Equity 524 184 16,106 1,933 (14,639) (1,463) 1,992 654 Non-current liabilities 0 0 178,897 21,468 0 0 178,897 21,468 Current liabilities 1 0 41,363 4,963 34,036 2,619 75,400 7,582 Cash and cash 523 183 13,140 1,577 1,797 30 15,460 1,790 equivalents Non-current financial 0 0 166,034 19,924 0 0 166,034 19,924 liabilities Current financial 0 0 12,863 1,544 0 0 12,863 1,544 liabilities Net Financial Debt ((552233))((118833))116655,,7755771199,,889911((11,,779977))((3300))163,437 19,678
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Comparative information - Fiscal Year 2024
Multitechnics and December 2024 Investments Real estate development Construction & Total (in € thousands) & Holding Renovation 100% % Share 100% % Share 100% % Share 100% % Share Income Statement Revenue (**) 64,141 27,856 11,936 2,984 56,491 22,834 132,568 53,674 Depreciation (20) (10) (12) (3) (2,576) (1,288) (2,608) (1,301) Interest income and (26,832) (12,667) 32 8 (1,351) (653) (28,151) (13,312) expenses Result for the period - share (15,765) (8,188) 2,314 766 24,781 11,390 11,330 3,968 of the group Financial positionNon-current assets 57,189 30,373 43 11 376,958 106,638 434,190 137,022 Current assets 885,269 468,416 15,675 4,217 339,474 129,225 1,240,418 601,858 Equity (*) 136,897 95,928 3,650 1,209 202,421 96,229 342,968 193,366 Non-current liabilities 430,293 232,346 393 98 296,726 73,298 727,413 305,742 Current liabilities 375,268 170,516 11,674 2,921 217,284 66,336 604,226 239,773 Cash and cash equivalents 26,010 11,726 9,873 2,745 75,166 32,907 111,048 47,378 Non-current financial 121,789 60,495 0 0 289,688 70,913 411,477 131,409 liabilities Current financial liabilities 17,329 9,157 11,652 2,913 69,543 17,746 98,524 29,816 Net Financial Debt 113,108 57,925 1,778 167 284,066 55,753 398,952 113,845
(*) including non-controlling interests (€16,984 thousand in CFE share)
(**) Restated figures
The information in the segment Real estate development is described hereunder:
December 2024(in € thousands) JFK-RE Others Total Real estate development 100% % Share 100% % Share 100% % Share Income Statement Revenue (*) 0 0 64,141 27,856 64,141 27,856 Depreciation 0 0 (20) (10) (20) (10) Interest income and expenses (1,580) (908) (25,252) (11,760) (26,832) (12,667) Result for the period - share of the (2,557) (1,469) (13,208) (6,719) (15,765) (8,188) group Financial positionNon-current assets (11,864) (6,816) 69,053 37,189 57,189 30,373 Current assets 360,860 207,314 524,408 261,102 885,269 468,416 Equity 108,525 62,348 28,372 33,581 136,897 95,928 Non-current liabilities 240,000 137,880 190,293 94,466 430,293 232,346 Current liabilities 472 271 374,796 170,245 375,268 170,516 Cash and cash equivalents 101 58 25,909 11,668 26,010 11,726 Non-current financial liabilities 0 0 121,789 60,495 121,789 60,495 Current financial liabilities 0 0 17,329 9,157 17,329 9,157 Net Financial Debt (101) (58) 113,210 57,983 113,108 57,925 (*) Restated figures
In the real estate development, non-current assets and current assets mainly relate to JFK Real Estate: €348,997 thousand (100%),
Cavallia Sp. Z.o.o : €61,970 thousand (100%), The Roots Office SàRL : €31,648 thousand (100%), BPI Chmielna Sp. z o.o. : €62,547
thousand (100%), Debrouckère Land SA : €26,908 thousand (100%), Debrouckère Development SA : €21,600 thousand (100%), Joma
2060 SA : 20,582 thousand (100%, Bavière Développement SA : €21,218 thousand (100%), Erasmus Gardens SA: €29,365 thousand,
MG Immo SRL : €24,176 thousand (100%), Arlon 53 SA : €22,383 thousand (100%), Goodways SA : €23,454 thousand (100%).
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The information in the segment Investments and Holding is described hereunder:
December 2024 Total Investments & Deep C Holding Green Offshore Others (in € thousands) Holding 100% % Share 100% % Share 100% % Share 100% % Share Income Statement Revenue 42,238 21,119 0 0 14,253 1,715 56,491 22,834 Depreciation (2,713) (1,357) 137 69 0 0 (2,576) (1,288) Interest income and (1,281) (640) 253 126 (323) (139) (1,351) (653) expenses Result for the period - share 12,734 6,367 8,108 4,054 3,939 969 24,781 11,390 of the group Financial positionNon-current assets 107,739 53,869 38,485 19,243 230,734 33,526 376,958 106,638 Current assets 201,172 102,355 8,903 4,452 129,398 22,418 339,474 129,225 Equity (*) 140,502 70,251 39,952 19,976 21,967 6,002 202,421 96,229 Non-current liabilities 91,718 45,859 2,242 1,121 202,766 26,318 296,726 73,298 Current liabilities 76,692 40,115 5,194 2,597 135,399 23,624 217,284 66,336 Cash and cash equivalents 54,068 27,034 4,420 2,210 16,678 3,663 75,166 32,907 Non-current financial 89,581 44,791 1,121 561 198,986 25,562 289,688 70,913 liabilities Current financial liabilities 16,421 8,211 315 157 52,807 9,378 69,543 17,746 Net Financial Debt 51,935 25,967 (2,984) (1,492) 235,115 31,278 284,066 55,753 (*) including non-controlling interests (€16,984 thousand in CFE share)
Condensed financial information by segments includes information from joint ventures and associated companies. These
concern mainly Hofkouter NV, included in the Construction & Renovation segment and Luwa SA, included in the Investments &
Holding segment.
The information of the associated entities is described hereunder:
December 2024 Hofkouter Luwa Others TOTAL (in € thousands) 100% % Share 100% % Share 100% % Share 100% % Share Income Statement Revenue 0 0 14,216 1,706 0 0 14,216 1,706 Depreciation 0 0 0 0 0 0 0 0 Interest income and 0 0 (60) (7) (597) (9) (657) (16) expenses Result for the period 2,759 966 0 0 (677) (14) 2,082 952 - share of the group Financial positionNon-current assets 0 0 196,370 23,564 0 0 196,370 23,564 Current assets 2,844 996 49,666 5,960 19,362 1,152 71,872 8,107 Equity 2,823 988 12,794 1,535 (13,234) (1,189) 2,383 1,334 Non-current liabilities 0 0 177,937 21,352 0 0 177,937 21,352 Current liabilities 22 8 55,305 6,637 32,596 2,341 87,922 8,985 Cash and cash 2,772 970 12,087 1,450 1,812 28 16,671 2,448 equivalents Non-current financial 0 0 177,937 21,352 0 0 177,937 21,352 liabilities Current financial 0 0 14,787 1,774 0 0 14,787 1,774 liabilities Net Financial Debt (2,772) (970) 180,637 21,676 (1,812) (28) 176,053 20,679
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The reconciliation between the share of the CFE group in the net assets of these companies and the carrying amount of the
investments accounted for using equity method is as follows :
Multitechnics December 2025 Real estate Investments and Construction & Total (in € thousands, CFE's % share)development & Holding Renovation Net assets of partners before reconciliation items 68,836 411 83,444 152,691 Exclusion of non-controlling interests 0 0 (15,730) (15,730) Reconciliation items (0) 0 10,478 10,478 Negative investments accounted for using equity method 29,463 0 0 29,463 CFE Group's carrying amount of the investment 98,299 411 78,192 176,902
Multitechnics December 2024 Real estate Investments and Construction & Total (in € thousands, CFE's % share) development & Holding Renovation Net assets of partners before reconciliation items 67,511 1,209 88,266 156,986 Exclusion of non-controlling interests 0 0 (16,984) (16,984) Reconciliation items 0 0 7,963 7,963 Negative investments accounted for using equity method 28,417 0 0 28,417 CFE Group's carrying amount of the investment 95,928 1,209 79,245 176,382
The reconciliation items mainly concern the cancellation of negative equity of investments for which CFE has no financial support
commitments.
16. OTHER NON-CURRENT FINANCIAL ASSETS
As of December 31, 2025, other non-current financial assets amounted to €125,568 thousand, an increase compared to December
2024 (€120,248 thousand), and only include loans granted to investments accounted for using the equity method.
In 2025, the increase in the account balance of these non-current financial receivables is mainly due to :
- The scope movements which relate to
o the loan of € 17,455 thousand granted by BPI Real Estate Poland Sp. z o.o. for the project BPI Piano Forte in
Warsaw, in respect of which BPI sold 40% of its shares held in order to reduce its stake from 100% to 60% and
thereby change its consolidation method to the equity method;
o the loan of € 524 thousand granted by BPI Real Estate Poland Sp. z o.o. for the project Moniuszki in Warsaw, in
respect of which BPI sold 70% of its shares held in order to reduce its stake from 100% to 30% and thereby change
its consolidation method to the equity method;
- the granting and reimbursement of loans which mainly relate to
o loans granted to project companies in the real estate development segment, which mainly concern Gedania
(€6,058 thousand), Moniuszki (€3,011 thousand), Cavallia (€3,215 thousand) and Brouck’R (€4,115 thousand) ;
o the granting of additional loans to Green Stor (€2,118 thousand);
offset by
o the partial repayment of the loans granted to Roots (€8,930 thousand), Brouck’R (€3,641 thousand), Chmielna
(€2,104 thousand), Cavallia (€5,661 thousand) and BPI Piano Forte (€3,538 thousand).
In 2024, the increase in the account balance of these non-current financial receivables is mainly due to :
- The scope movements which relate to
o the loan of € 3,762 thousand granted by BPI Real Estate Poland Sp. z o.o. for the Wieslawa project in Warsaw, in
respect of which BPI sold 50% of its shares held at the end of the financial year in order to reduce its stake from
100% to 50% and thereby change its consolidation method to the equity method;
- the granting and reimbursement of loans which mainly relate to
o the granting of loans to project companies in the real estate development segment, which mainly concern
Cavallia (€2,824 thousand), Brouck’R (€2,185 thousand), Move’hub (€1,392 thousand), Arlon 53 (€1,478
thousand), and Roots (€2,317 thousand) ;
o the granting of additional loans to Green Stor (€2,339 thousand);
offset by
o the partial repayment of the loans granted to Emely (€2,876 thousand), Chmielna (€7,709 thousand), Green
Offshore (€848 thousand) and LuWa (€936 thousand).
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Year ended 31 December 2025 2024 (in € thousands) Balance at the end of the previous period 120,248 118,553 Changes in consolidation scope 17,979 3,762 Increases 23,541 24,375 Repayments (35,417) (25,123) Transfers between asset items (1,231) (1,829) Impairment / reversals of impairment 0 66 Effects of changes in foreign exchange rates 448 444 Balance at the end of the period 125,568 120,248
The "Increases" and "Repayments" lines include:
- the grants and repayments related to the financing of SPVs in the Real Estate Development segment, which are included
in the “Repayment/(New borrowings given) to investments accounted for using equity method in the real estate
development segment " line of the consolidated cash flow statement.
- the financing grants related to other segments (mainly the Investment and Holding segment) included in the "
New
borrowings given to investments accounted for using equity method" line of the consolidated cash flow statement, and
- the financing repayments related to other segments (mainly the Investment and Holding segment) included in the
“Repayment of borrowings given to investments accounted for using equity method" line of the consolidated cash flow
statement.
The amount of loans granted to real estate development companies consolidated using the equity method that are
subordinated to other liabilities (mainly bank loans granted to finance projects) totalled € 29,238 thousand at 31 December 2025
(31 December 2024 : € 47,007 thousand).
If the project developed by the real estate development company is financed by a bank loan, it should be noted that there is no
recourse on the repayment of the loan principal. However, two clauses are generally included in credit agreements that can be
considered as conditional recourse:
- Cost overrun clause: this represents the difference between the budgeted project costs as estimated at the time the
credit was granted and the costs actually incurred. The risk of CFE having to make additional injections under the "cost
overrun" clause is limited by the application of fixed-sum prices in construction contracts and by the safety margin
calculated at the time of the project's initial feasibility analysis (contingencies).
- Cashflow deficiency clause. Under this clause, shareholders undertake to finance the SPV's operating costs and the
interest and commissions on the bank loan to the extent that these are not covered by drawings on the loan.
BPI believes that this potential recourse is not quantifiable. Accordingly, the carrying amount of BPI's receivables from real estate
development companies accounted for using the equity method represents an estimate of BPI's maximum exposure to the
financial obligations of these companies.
Regarding credit risk; regular review of project profitability analyses ensures that future cash flows from projects will cover
investments and loans made in these real estate companies.
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17. CONSTRUCTION CONTRACTS
The Group carries out a diversity of projects, all with different aspects regarding e.g. nature and scope, type of clients, type of
contract and payment conditions and geographical location. Most of the turnover is paid by milestone payments according to
the execution of the work or according to a financial planning. Some contracts also includes prepayment before the start of the
works.
Contract assets and contract liabilities in compliance with IFRS 15 Revenue from contracts with customers relate to the work in
progress of construction projects executed by the Group and services rendered. Work in progress shows the balance of revenue
recognized on those contracts less progress billings, advance payments and potential provisions for losses. The net amount due
by or to customers is determined on a contract-by-contract basis as the difference between these items.
As described in paragraphs (K) and (T) of the section relating to significant accounting policies, the costs and revenues of
construction contracts are recognized in expenses and revenue respectively based on the percentage of completion of the
contract activity at the closing date. The percentage of completion is calculated based on the "cost to cost" method. An expected
loss on a construction contract is recognized as an expense immediately.
Contract asset are the entity's right to receive consideration in exchange for the transfer of goods or services it has provided to
a customer, when this right depends on something other than the passage of time (e.g., the entity's future performance). If the
entity provides goods or services to a customer before the customer pays the consideration or before the consideration is due,
a contract asset is recognized for the conditional consideration earned.
Contract liabilities represent the excess of progress billing over costs incurred and recognized profits and losses. These include
provisions for termination losses amounting to €22,955 thousand (December 31, 2024: €19,908 thousand), advances received
amounting to €2,938 thousand (December 31, 2024: €7,485 thousand), as well as deferred income and accrued expenses related
to ongoing projects, as recorded under the "Contract liabilities" item, amounting to €203,793 thousand (December 31, 2024:
€181,451 thousand). Advances are amounts received by the Group before the corresponding work has been performed.
(in € thousands) 31 December 2024 Business related changes Other changes 31 December 2025 Contract assets 62,696 (15,399) (150) 47,146 Contract liabilities (208,844) (26,937) 6,095 (229,686) Construction contracts in progress - net (146,148) (42,336) 5,945 (182,540) (in € thousands) 31 December 2023 Business related changes Other changes 31 December 2024 Contract assets 68,411 (5,908) 193 62,696 Contract liabilities (201,618) (6,553) (673) (208,844) Construction contracts in progress - net (133,207) (12,461) (480) (146,148)
‘Business-related changes’ relate to the progress of projects, changes in contract price estimates, and amendments to
contracts.
The increase in net contract as at 31 December 2025 is primarily attributable to the multitechnics and construction & renovation
segments.
Due to the high number of individual projects (with all different aspects regarding nature, type of clients, contract and payment
conditions) a more detailed description of changes in contract assets and contract liabilities compared to prior year is not
deemed relevant.
In 2025, the item “Other changes” relates mainly to the change in the consolidation method of the company BPI Piano Forte from
fully integrated to investments accounted under the equity method ((€6,288) thousand) and the exchange rate differences
(€716 thousand).
The remaining performance obligations, i.e. the revenue to be generated in the next few years for the projects in progress at 31
December 2025 amount to €1,543 million (2024 : €1,641 million), of which €718 million should be executed in 2026 (as of December
31, 2024, €733 million were to be executed in 2025).
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18. INVENTORIES
As of December 31, 2025, inventories amounted to €88,936 thousand (2024 : €141,374 thousand) and are mainly derived from real
estate projects developed by BPI Real Estate Belgium SA and its fully consolidated subsidiaries. The inventories are detailed as
follows :
Year ended 31 December Business related Allowances/reversals Other 2024 2025 (in € thousands) changes of impairment losses changes Raw materials and auxiliary products 10,794 (2,027) 0 (370) 8,397 Impairments on inventories of raw materials and auxiliary (69) 0 (342) 378 (33) products Finished products and properties held for sale 132,546 (28,615) 0 (20,757) 83,174 Impairments on inventories of finished products and properties (1,897) 0 (705) 0 (2,602) held for sale Inventories 141,374 (30,642) (1,047) (20,749) 88,936
Year ended 31 December Business related Allowances/reversals Other 2023 2024 (in € thousands) changes of impairment losses changes Raw materials and auxiliary products 11,115 (330) 0 9 10,794 Impairments on inventories of raw materials and auxiliary (31) 0 (38) 0 (69) products Finished products and properties held for sale 152,614 (15,078) 0 (4,990) 132,546 Impairments on inventories of finished products and properties (1,854) 0 (178) 135 (1,897) held for sale Inventories 161,844 (15,408) (216) (4,846) 141,374
In 2025, “Other changes” (€(20,749) thousand) include exchange-rate variations (€939 thousand) as well as the impact of the
change in consolidation method for BPI Piano Forte (€ (21,688) thousand), from full consolidation to investments accounted for
using equity method following the sale of 40% of the shares.
Business related changes (€(30,642) thousand) are mainly explained by : the delivery of the Bernardowo project located in the
Gdansk region, Panoramiqa project in Poznan (1st phase), Herrenberg in Mertert and Czysta project in Wroclaw.
The breakdown of inventories by stage of project development in the Real Estate Development segment is as follows:
Year ended 31 December 2025 2024 (in € thousands) Unsold units post completion 20,536 41,830 Properties under construction 7,840 38,557 Properties in development 49,140 46,153 Inventories Real Estate Development segment 77,516 126,541
19. CASH AND CASH EQUIVALENTS
Year ended 31 December 2025 2024 (in € thousands) Short-term bank deposits 70,730 38,247 Cash in hand and at bank 128,594 135,263 Cash and cash equivalents 199,324 173,510
The cash position includes €76.4 million available at CFE SA. The cash-position balance is broken down into temporary
companies and foreign entities not included in the cash pooling.
Short-term bank deposits consist of money placed with financial institutions with a duration of a few days to a few months. These
deposits are subject to a floating rate interest, which is usually linked to Euribor or Ester rates with a floor at 0%.
20. CAPITAL GRANTS
The CFE group did not receive any capital grant in 2025.
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21. INFORMATION RELATED TO STOCK OPTION PLANS ON OWN
SHARES
S
TOCK OPTION PLANS
In the second half of 2022, the Board of Directors approved a stock option plan to involve the members of the Executive Committee
in the long-term growth of the Group. The plan provides that each option is for one CFE share and is granted free of charge.
Options have a term of seven years. Options are cancelled if the contractual relationship is terminated before the vesting date.
During 2022, 200,000 options were granted to two beneficiaries, members of the Executive Committee, who accepted them in full.
In December 2024, the Board of Directors, on the recommendation of the Nominations and Remuneration Committee, approved
a second stock option plan to involve the members of the Executive Committee in the long-term development of the Group. The
plan provides that the options each relate to one CFE share and are granted free of charge. The options have a lifespan of 5
years. The options are cancelled if the contractual relationship is terminated before the vesting date.
During 2024, 488,000 options were granted to seven beneficiaries, members of the Executive Committee, who accepted them in
full.
During the financial year At year-end Number of Options Options Expired Number of Strike price Year granted exercisable Exercise period granted exercised options options (in euros) options 2022 200,000 0 0 200,000 0 10.31 01/01/2026 – 10/16/2029 2023 0 0 0 200,000 0 10.31 01/01/2026 – 10/16/2029 2024 488,000 0 0 688,000 0 7.21 01/01/2026 – 12/26/2029 2025 0 0 0 688,000 0 7,21 01/01/2026 – 12/26/2029
For the outstanding stock options at the end of the period, the weighted average remaining contractual life is as follows :
Number of years December 2022 6,8 December 2023 5,7 December 2024 4,9 December 2025 3,9
The value of the options, calculated on the basis of their value when granted, is determined by an independent expert on the
basis of the following assumptions :
Value according to the Black Number of Quoted Expected & Scholes method Year granted options Dividend yield Volatility Interest rate market price duration exercised (€/share) Total value (k€) 2022 10.46 0 4.31% 33.10% 2.66% 7.0 2.406 481 2024 5.77 0 10.25% 35.79% 2.24% 5.0 0.739 361
The total value of the options granted in 2022 and 2024 amounts respectively to €481 thousand and €361 thousand as of
December 31, 2025. The fair value is recognized in the consolidated statement of income on a straight-line basis over the vesting
period (3 years for options issued in 2022 and 3 years for options issued in 2024). Consequently, during the period ending 31
December 2025, an expense of €280 thousand was recognized in this respect, the impact of which is presented on the line
“Movements related to treasury shares and share-based payments” in the consolidation statements of changes in equity.
TREASURY SHARES
CFE acquired 175,443 of its own shares during the 2025 financial year. This share buy-back programme was conducted by an
independent intermediary in accordance with the applicable regulations.
At the end of the financial year 2025, the number of own shares held was 688,000 , at an average price of €8.68 per share.
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During the financial year Year Balance at start of year Year-end balance Purchases Sales 2022 0 1,241,650 849,492 392,158 2023 392,158 120,399 0 512,557 2024 512,557 0 0 512,557 2025 512,557 175,443 0 688,000
22. EMPLOYEE BENEFITS
The CFE group contributes to pension and early retirement plans in several of the countries in which it operates. These benefits
are recognised in accordance with IAS 19 and are regarded as "post-employment" and "long-term benefit plans".
As of December 31, 2025, the CFE group's net liability relating to obligations for ‘post-employment’ benefits for pensions and early-
retirement amounted to €5,410 thousand (2024 : €8,096 thousand) and corresponds to the item "Employee benefit obligations"
in the consolidated statement of financial position. This item also includes provisions for other employee benefits for an amount
of € 67 thousand as at 31 December 2024.
MAIN CHARACTERISTICS OF THE CFE GROUP’S POST-EMPLOYMENT BENEFIT PLANS
Post-employment benefit plans are classified either as defined-contribution or defined-benefit plans.
Defined-contribution plans
Defined-contribution pension plans are those under which the company makes certain contributions to an entity or separate
fund in accordance with the plan arrangements. Where contributions have been made, the company has no additional
obligation.
Defined-benefit plans
All plans that are not defined-contribution plans are presumed to be defined-benefit plans. These plans are either funded
externally through pension funds or insurance companies ("funded plans") or funded within the CFE group ("unfunded plans").
For the main plans, an actuarial valuation is carried out every year by independent actuaries.
Post-employment benefit plans in which the CFE group takes part confer benefits to staff on retirement and death. All plans are
funded externally through an insurance company unrelated to the CFE group. Obligations under defined-benefit plans for are
exclusively in Belgium.
Belgian post-employment benefit plans are invested in "Class 21" type plans, which implies that the insurer guarantees a
minimum interest rate on the contributions paid.
All plans comply with local regulations and minimum funding requirements.
Most of the CFE group's post-employment benefit plans are defined-benefit.
MAIN CHARACTERISTICS OF DEFINED-BENEFIT PLANS
Belgian retirement plans « Class 21 » type
A number of staff members are covered by a "Class 21" type insurance-funded defined-contribution plan.
Belgian law requires the employer to guarantee for insured defined-contribution plans a minimum return of 3.25% on employer
contributions and a minimum return of 3.75% on employee contributions paid prior to January 1, 2016, and a minimum return
equal to a proportion (currently 85%) of the average of the last 24 months of the 10-year OLO rates. The rate is a minimum of
1.75% and a maximum of 3.75%. The minimum guaranteed return is 1.75% for contributions made between January 1
st
2016 and
December 31
st
2024, and 2.5% for contributions made as from January 1
st
2025. This rate is subject to change in the future. As a
result of the modification of this law at the end of 2015, these pension schemes have been accounted for as defined-benefit
plans.
Construction workers are covered by the defined-contribution pension plan funded by the "fbz-fse Constructiv" multi-employer
pension fund. This pension plan is also governed by Belgian law, requiring a minimum return as mentioned above.
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Risk relating to defined-benefit plans
Defined-benefit plans generally expose the employer to actuarial risks such as changes in interest rates, wages and inflation. The
potential impact of these risks is illustrated by a sensitivity analysis, details of which are set out below.
The risk arising from benefits being spread over time is limited, since most plans involve a lump-sum payment. However, there is
an option to pay annuities. If this option is used, the payment of annuities is handled through an insurance policy that converts
the lump sum into an annuity. The risk of death in service is entirely covered through insurance. The insolvency risk of insurance
companies is taken into account in the calculation of the fair value of plan assets.
Governance of defined-benefit plans
The administration and governance of insured plans are handled by the insurance company. CFE ensures that insurance
companies comply with all retirement laws.
Defined-benefit plan assets
Plan assets invested with an insurance company are not subject to the fluctuations of an active market as they are "Class 21"
insurance policies (with interest rate guarantees). These are mainly debt instruments such as government and corporate bonds
and real estate investments. Plan assets do not include the CFE group's own financial instruments or any building used by the
CFE group.
The fair value of the insurance policies corresponds to the discounted value of contributions paid, taking into account the return
contractually agreed with the insurance company (Belgium).
INFORMATION RELATING TO DEFINED-BENEFIT AND EARLY RETIREMENT PLANS
Year ended 31 December 2025 2024 (in € thousands) Provisions taken for defined-benefit and early retirement plan obligations (5,410) (8,096) Accrued rights, partly or fully funded (57,903) (59,407) Fair value of plan assets 52,493 51,312 Provisions taken for obligations in the consolidated statement of financial position (5,410) (8,096) Liabilities (5,410) (8,096) Assets 0 0
CHANGES IN PROVISIONS TAKEN FOR DEFINED-BENEFIT AND EARLY RETIREMENT PLAN
OBLIGATIONS
Year ended 31 December 2025 2024 (in € thousands) As at January 1 (8,096) (9,198) Expenses recognized in profit or loss (3,314) (3,550) Expenses recognized in other elements of the comprehensive income 1,050 (31) Contributions to plan assets 4,672 4,428 Other movements 278 255 Transfers to liabilities associated with assets held for sale 0 0 As at December 31 (5,410) (8,096)
The gain recognized in other comprehensive income is mainly due to the upward revision of the discount rate from 3.35% at the
end of December 2024 to 3.90% at the end of December 2025.
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EXPENSES RECOGNIZED IN INCOME IN RESPECT OF DEFINED-BENEFIT AND EARLY
RETIREMENT PLANS
Year ended 31 December 2025 2024 (in € thousands) Expenses recognized in profit or loss (3,314) (3,550) Service cost (3,210) (3,360) Discounting effects (1,943) (1,827) Return on plan assets (-) 1,753 1,612 Unrecognized past service cost 86 25
EXPENSES RECOGNIZED IN THE OTHER ELEMENTS OF THE COMPREHENSIVE INCOME IN
RESPECT OF DEFINED
-BENEFIT AND EARLY RETIREMENT PLANS
Year ended 31 December 2025 2024 (in € thousands) Expenses recognized in other elements of the comprehensive income 1,050 (31) Actuarial gains and losses 3,289 810 Return on plan assets (excluding amounts recognized in profit or loss) (2,239) (841) Effect of changes in foreign exchange rates 0 0
CHANGES IN PROVISIONS TAKEN FOR DEFINED-BENEFIT AND EARLY RETIREMENT PLAN
OBLIGATIONS
Year ended 31 December 2025 2024 (in € thousands) As at January 1 (59,407) (59,270) Service cost (3,210) (3,360) Discounting effects (1,943) (1,827) Contributions to plan assets (559) (571) Benefits paid to beneficiaries 3,216 4,300 Revaluation of liabilities (assets) 3,374 834 Actuarial gains and losses resulting from changes to demographic assumptions 0 0 Actuarial gains and losses resulting from changes to financial assumptions 3,216 1,571 Actuarial gains and losses resulting from experience adjustments 158 (737) Unrecognized past service cost 0 0 Other movements 626 487 As at December 31 (57,903) (59,407)
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CHANGES IN DEFINED-BENEFIT AND EARLY RETIREMENT PLAN ASSETS
Year ended 31 December 2025 2024 (in € thousands) As at January 1 51,312 50,072 Return on plan assets (excluding amounts recognized in profit or loss) (2,239) (841) Return on plan assets 1,754 1,614 Contributions to plan assets 5,509 5,254 Benefits paid to beneficiaries (3,216) (4,300) Other movements (627) (487) As at December 31 52,493 51,312
MAIN ACTUARIAL ASSUMPTIONS AT THE END OF THE PERIOD (EXPRESSED AS
WEIGHTED AVERAGES
)
2025 2024 Discount rate at December 31 3.90% 3.35% Expected rate of salary increases 3.10% 3.10% Inflation rate 2.10% 2.10% Mortality tables MR-5/FR-5 MR-5/FR-5
Taking into account the macroeconomic environment in 2025 which has led to a slight decrease in long term interest rates, the
rates prevailing on the financial markets have led the CFE group to apply a discount rate of 3.90% (compared to 3.35% at 31
December 2024) in determining its commitments to be provisioned in the consolidated statement of financial position for
defined-benefit and early retirement plans as at 31 December 2025 (duration of 10.5 years).
OTHER CHARACTERISTICS OF DEFINED-BENEFIT PLANS
2025 2024 Duration (in years) 10.50 10.50 Average real return on plan assets -0.94% 1.54% Contributions expected to be made to the plans in the next financial year 4,002 4,136 (in € thousands)
SENSITIVITY ANALYSIS (IMPACT ON THE AMOUNT OF OBLIGATIONS)
2025 2024 Discount rate 25bp increase -2.5% -2.5% 25bp decrease 2.6% 2.6% Salary growth rate 25bp increase 1.7% 1.8% 25bp decrease -1.6% -1.7% Inflation rate 25bp increase 1.1% 1.2% 25bp decrease -1.1% 0.4%
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23. PROVISIONS OTHER THAN THOSE RELATING TO NON-
CURRENT EMPLOYEE BENEFIT OBLIGATIONS
As of December 31, 2025, these provisions amounted to €41,898 thousand, which represents an increase of €5,809 thousand
compared to year-end 2024 (€36,089 thousand).
Provisions for negative After-sales (in € thousands) investments accounted Other risks Total service for using equity method Balance at the end of the previous period 15,442 2,522 18,125 36,089 Effects of changes in foreign exchange rates 27 0 55 82 Transfers between items 0 (184) 374 190 Additions to provisions 2,330 0 8,316 10,646 Used provisions (1,876) 0 (3,233) (5,109) Balance at the end of the period 15,923 2,338 23,637 41,898 of which current: 1,593 0 19,774 21,367 non-current: 14,330 2,338 3,863 20,531
The provision for after-sales service increased by €481 thousand and amounted to €15,923 thousand as at 31 December 2025.
The change in 2025 was mainly the result of additions to and/or use of provisions recognized in relation to 10-year warranties.
When the CFE group’s share in the losses from investment accounted for using equity method exceeds the carrying amount of
the investment, the CFE Group ceases to recognize its share of future losses. Losses beyond this amount are not recognized,
except for the amount of the CFE Group's commitments to these investments accounted for using the equity method. If
applicable, the share of losses is first deducted from financial assets towards the associate. In the absence of financial assets or
when losses exceed financial assets, a provision is made among non-current provisions, as the Group considers it has an
obligation to support these companies and their projects.
Provisions for other risks increased by €5,512 thousand and amounted to €23,637 thousand as at 31 December 2025.
Provisions for other current risks (€19,774 thousand) mainly include provisions for current litigation (€10,864 thousand) as well as
provisions for other current liabilities (€7,497 thousand). As regards other current liabilities, we cannot provide more information
on the assumptions made, or on the time of the probable cash outflow, given that negotiations with the customers are in still in
progress.
Provisions for other non-current risks include the provisions for risks not directly related to construction site operations in progress.
24. CONTINGENT ASSETS AND LIABILITIES
Based on available information at the date on which the financial statements were approved by the Board of Directors, CFE is not
aware of any significant contingent assets or liabilities, with the exception of contingent assets or liabilities related to construction
contracts (for example, the group's claims against customers or claims by subcontractors), which can be described as normal
in the construction & renovation and multitechnics sectors and are handled by applying the percentage of completion method
when the revenue is recognized.
Belgian judicial authorities are currently conducting an investigation into alleged criminal acts relating to the construction of the
Grand Hôtel de N'Djamena in Chad. As a reminder, this contract, which dates back to 2011, resulted in a loss of more than €50
million for CFE due to the non-payment by the client despite the delivery of the hotel. The work was carried out by CFE Chad, a
subsidiary of the Group until its sale in 2021. As part of this investigation, a search was conducted at CFE's headquarters on
September 4, 2024. In addition, several members of management and the board of directors, as well as former employees of the
CFE Group, were interviewed. As of the date of this report, CFE has not yet had access to the investigation file, and no charges
have been filed against CFE or its current officers and/or directors. CFE is cooperating fully with the ongoing investigation. Under
the current circumstances and in light of the above, CFE is unable to reliably estimate the financial consequences of the ongoing
proceedings. Therefore, no provision has been recorded as of December 31, 2025, in accordance with the requirements of IAS 37.
CFE also sees to it that the companies of the group take the necessary organisational measures to ensure that the current laws
and regulations are observed, including the rules on compliance.
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25. NET FINANCIAL DEBT
B
REAKDOWN OF THE NET FINANCIAL DEBT AS DEFINED BY THE GROUP
2025 2024 (in € thousands) Non-current Current Total Non-current Current Total Bank loans and other financial debts 61,403 3,104 64,507 72,306 14,040 86,346 Bonds 0 0 0 0 0 0 Drawings on credit facilities 40,000 2,990 42,990 75,000 2,985 77,985 Lease debts 35,652 12,405 48,057 37,523 11,356 48,879 Total long-term financial debt 137,055 18,498 155,553 184,829 28,381 213,210 Short-term financial debts 0 0 0 0 1,995 1,995 Cash equivalents 0 (70,730) (70,730) 0 (38,247) (38,247) Cash 0 (128,594) (128,594) 0 (135,264) (135,264) Net short-term financial debt/(cash) 0 (199,324) (199,324) 0 (171,516) (171,516) Total net financial debt 137,055 (180,826) (43,771) 184,829 (143,135) 41,694 Derivative instruments used as interest-rate 158 110 268 526 (77) 449 hedges
Bank loans and other financial debts (€64,507 thousand) mainly concern the medium-term bank loans of the real estate
development segment and allocated to the financing of certain projects, treasury notes issued by CFE SA as well as the financing
of the headquarters of Van Laere NV and VMA NV.
As of December 31, 2025, the lease debts amounted to €48,057 thousand and relate to contracts that meet the criteria of the
scope of application of IFRS 16 Leases.
DEBT MATURITY SCHEDULE
Between 5 Year ended 31 December 2025 Between 1 Between 2 Between 3 More than Less than 1 year and 10 Total (in € thousands) and 2 years and 3 years and 5 years 10 years years Bank loans and other financial debts 3,524 34,414 6,729 17,665 6,787 2,562 71,682 Drawings on credit facilities 3,201 40,350 0 0 0 0 43,551 Lease debts 14,165 11,985 8,290 7,927 11,573 0 53,940 Total long-term financial debt 20,891 86,749 15,019 25,593 18,361 2,562 169,173 Short-term financial debts 0 0 0 0 0 0 0 Cash equivalents (70,730) 0 0 0 0 0 (70,730) Cash (128,594) 0 0 0 0 0 (128,594) Net short-term financial debt/(cash) (199,324) 0 0 0 0 0 (199,324) Total net financial debt (178,433) 86,749 15,019 25,593 18,361 2,562 (30,151)
Between 5 Year ended 31 December 2024 Between 1 Between 2 Between 3 More than Less than 1 year and 10 Total (in € thousands) and 2 years and 3 years and 5 years 10 years years Bank loans and other financial debts 19,104 11,400 37,871 18,484 6,210 3,769 96,838 Drawings on credit facilities 3,192 10,115 65,697 0 0 0 79,004 Lease debts 13,337 11,194 8,926 11,634 11,603 0 56,694 Total long-term financial debt 35,632 32,709 112,494 30,118 17,813 3,769 232,536 Short-term financial debts 1,995 0 0 0 0 0 1,995 Cash equivalents (38,247) 0 0 0 0 0 (38,247) Cash (135,264) 0 0 0 0 0 (135,264) Net short-term financial debt/(cash) (171,516) 0 0 0 0 0 (171,516) Total net financial debt (135,884) 32,709 112,494 30,118 17,813 3,769 61,020
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CASH FLOWS RELATING TO FINANCIAL LIABILITIES
Non-cash movements Year ended 31 December 2025 Total Other (in € thousands) 2024 Cash flow Transfers non-cash 2025 changes movements Non-current financial liabilities Other non-current financial debts 184,830 (51,408) (1,561) 5,195 3,634 137,055 Current financial liabilities Bonds 0 0 0 0 0 0 Other current financial debts 30,375 (21,528) 1,561 8,089 9,650 18,498 Total 215,205 (72,936) 0 13,284 13,284 155,553
Non-cash movementsYear ended 31 December 2024 Total (in € thousands) Other 2023 Cash flow Transfers non-cash 2024 changes movements Non-current financial liabilitiesOther non-current financial debts 190,965 (7,706) (6,856) 8,425 1,570 184,829 Current financial liabilitiesBonds 0 0 0 0 0 0 Other current financial debts 56,394 (39,930) 6,856 7,055 13,912 30,376 Total247,359 (47,636) 0 15,480 15,482 215,205
As of December 31, 2025, the CFE Group’s financial debts amounted to €155,553 thousand, a decrease of €59,652 thousand
compared to December 31, 2024 mainly driven by the high level of EBITDA and by the evolution of the working capital.
Cashflows mainly include the decrease of the drawings on corporate credit facilities (€(35,000) thousand), the reimbursement
of BPI Real Estate Belgium SA treasury notes (€(10,250) thousand), reimbursement of loans obtained to finance the projects
Herrenberg and Bernadovo in the Real Estate division (respectively €5,037 thousand and €5,048 thousand), and the principal
repayments on leasing liabilities (€(15,293) thousand).
In 2025, interests paid on leases amounted to €(2.0) million (2024: €(1.8) million).
CREDIT FACILITIES AND BANK TERM LOANS
As of December 31, 2025, CFE SA held confirmed long-term bank credit facilities of €190 million (2024: €190 million), of which €40
million was drawn as at 31 December 2025 (2024: €75 million). For some of them, sustainability and safety criteria for which (non-
)compliance has an effect on the margin applied by the bank have been included. CFE SA also has the facility of issuing treasury
notes up to an amount of €50 million. This source of financing was used to an amount of €30 million as at 31 December 2025
(2024: €30 million). To limit the interest rate risk, interest rate hedging contracts have been put in place for a notional amount of
€60 million (2024: €80 million); the fair value of these derivatives amounts to €(158) thousand (2024: €(175) thousand).
As of December 31, 2025, BPI Real Estate Belgium SA and its subsidiary BPI Real Estate Luxembourg SA together have confirmed
long-term bank credit facilities of €60 million (2024: €60 million), of which € 3 million was drawn at 31 December 2025 (2024: €3
million). BPI Real Estate Belgium SA also has the facility of issuing treasury notes up to an amount of €40 million. This source of
funding is not used as of December 31, 2025 (2024: 10.25 million). To limit the interest rate risk, interest rate hedging contracts
have been put in place for a notional amount of €32,4 million (2024: €32.4 million); the fair value of these derivatives amounts to
€(110) thousand (2024: (272) thousand).
FINANCIAL COVENANTS
Bilateral credit facilities are subject to specific covenants that take into account factors such as financial debt and the ratio of
debt to equity or non-current assets, as well as generated cash flows.
The covenants applicable to the IFRS consolidated financial statements of CFE group, the statutory financial statements of CFE
SA and the IFRS stand-alone financial statements of BPI Real Estate Belgium have been fully met at the end of December 2025
and are detailed below.
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Ratio name Formula Requirement December 2025 CFE SA, consolidated financial statements IFRS Net financial debt / (Equity - intangible assets - Solvency ratio <1.65 -0.19 goodwill) Non-current financial debt / Property, plant and Long-term net financial debt <1 0.75 equipment Coverage of financial debt by cash flow Operating cash flow + net current financial debt >0 >0 228,4 M€ CFE SA, statutory financial statements, Belgian accounting standards Equity Equity >125 M€ 135,6 M€ BPI Real Estate Belgium SA, consolidated financial statements IFRS – Stand Alone Minimum equity Group equity + Subordinated Debts >70 M€ 205,2 M€ Solvency ratio Net financial debt / (Equity + subordinated debts) <1.65 0.27
26. FINANCIAL RISK MANAGEMENT
C
APITAL MANAGEMENT
At year-end 2025, the capital structure of the CFE group is made up of a net financial debt €-43,771 thousand (we refer to note
25) and of a net equity position of €264,009 thousand. Moreover, CFE SA also has confirmed bank credit facilities (we refer to note
25), whereas CFE SA and BPI SA have the option of issuing treasury notes. The CFE Group’s equity includes share capital, share
premium, retained earnings, treasury shares and non-controlling interests. The CFE group does not own any convertible bonds.
The entire equity is used to finance the operations described in the corporate purposes of CFE and its subsidiaries.
INTEREST RATE RISK
The interest rate risk management is assured within the group at the level of the operating segments.
Construction and renovation activities are characterized by a cash surplus. Cash management is mainly centralized through the
cash pooling.
On the other hand, CFE SA and BPI Real Estate Belgium SA also uses derivative instruments (IRS & CAP) to hedge the interest rate
risk relating to drawings on its confirmed credit facilities.
The tables hereunder present the outstanding amounts and the related effective average rate by source of financing.
Effective average interest rate before considering derivatives products - 31/12/2025 Fixed rate Floating rate Total Type of debts Amounts Quota Rate Amounts Quota Rate Amounts Quota Rate Bank loans and other 44,430 48.04% 3.88% 20,072 31.83% 4.99% 64,502 41.47% 4.66% financial debts Leases 48,057 51.96% 3.51% 0 0.00% 0.00% 48,057 30.89% 3.51% Drawings on credit facilities 0 0.00% 0.00% 42,994 68.17% 3.63% 42,994 27.64% 3.63% Total 92,487 100% 3.68% 63,066 100% 3.91% 155,553 100% 3.87%
Effective average interest rate before considering derivatives products - 31/12/2024 Fixed rate Floating rate Total Type of debts Amounts Quota Rate Amounts Quota Rate Amounts Quota Rate Bank loans and other 53,824 52.41% 2.97% 32,522 29.43% 7.38% 86,346 40.50% 5.91% financial debts Leases 48,879 47.59% 3.71% 0 0.00% 0.00% 48,879 22.93% 3.71% Drawings on credit facilities 0 0.00% 0.00% 77,985 70.57% 4.44% 77,985 36.58% 4.44% Total 102,703 100% 3.21% 110,507 100% 5.03% 213,210 100% 4.79%
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Effective average interest rate after considering derivatives products - 31/12/2025 Fixed rate Floating rate Floating rate capped + inflation Total Type of debts Amounts Quota Rate Amounts Quota Rate Amounts Quota Rate Amounts Quota Rate Bank loans and other 44,430 37.82% 3.88% 20,072 52.73% 4.99% 0 0.00% 0.00% 64,502 41.47% 4.66% financial debts Leases 48,057 40.90% 3.51% 0 0.00% 0.00% 0 0.00% 0.00% 48,057 30.89% 3.51% Drawings on credit facilities 25,000 21.28% 4.17% 17,994 47.27% 3.61% 0 0.00% 0.00% 42,994 27.64% 3.99% Total 117,487 100% 4.05% 38,066 100% 4.23% 0 0.00% 0.00% 155,553 100% 4.12%
Effective average interest rate after considering derivatives products - 31/12/2024 Fixed rate Floating rate Floating rate capped + inflation Total Type of debts Amounts Quota Rate Amounts Quota Rate Amounts Quota Rate Amounts Quota Rate Bank loans and other financial debts 53,824 31.17% 2.97% 32,522 80.29% 7.38% 0 0.00% 0.00% 86,346 40.50% 5.91% Leases 48,879 28.30% 3.53% 0 0.00% 0.00% 0 0.00% 0.00% 48,879 22.93% 3.53% Drawings on credit facilities 70,000 40.53% 2.95% 7,985 19.71% 5.09% 0 0.00% 0.00% 77,985 36.58% 3.65% Total 172,703 100% 2.99% 40,507 100% 6.09% 0 0.00% 0.00% 213,210 100% 4.22%
SENSITIVITY TO THE INTEREST RATE RISK
The CFE group is subject to the risk of interest rate fluctuations on its result for the period, taking into account :
- cash flows relating to financial instruments at floating rate after hedging ;
- financial instruments at fixed rate, recognised at fair value in the consolidated statement of financial position through profit
and loss ;
On the other hand, the variation in the value of derivatives qualified as cash flow hedges does not directly impact the
consolidated statement of comprehensive income, and is recognized in ‘other elements of the comprehensive income’. In the
event that the value of the derivatives has to be restated, the impact is recognized in the consolidated statement of income.
In the analysis below, it is assumed that the figures for the financial debt and the derivative instruments as at 31 December 2025
remain constant over the year.
The consequence of a variation of 50 basis points in the interest rate at the closing date would be an increase or decrease in the
equity and result for the period, as indicated by the figures below. For the purposes of this analysis, it is assumed that the other
parameters remain constant.
31/12/2025 Result for the period Equity (in € thousands) Impact of the Impact of the sensitivity Impact of the Impact of the sensitivity calculation calculation sensitivity calculation sensitivity calculation +50bp -50bp +50bp -50bp Non-current debts (+ portion due in the year) 316 (316) with variable rates after accounting hedge Net short-term financial debt (*) 0 0 Derivatives not qualified as hedge Derivatives qualified as highly potential or 420 (575) certain cash flow
31/12/2025 Result for the period Equity (in € thousands) Impact of the Impact of the sensitivity Impact of the Impact of the sensitivity calculation calculation sensitivity calculation sensitivity calculation +50bp -50bp +50bp -50bp Non-current debts (+ portion due in the year) 554 (554) with variable rates after accounting hedge Net short-term financial debt (*) 10 (10) Derivatives not qualified as hedge Derivatives qualified as highly potential or 875 (950) certain cash flow (*) excluding cash at bank and in hand.
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DESCRIPTION OF CASH FLOW HEDGE OPERATIONS
At the closing date, the instruments qualified as cash flow hedges relate to CFE SA and have the following characteristics:
12/31/2025 (in € thousands) Between 1 Between 2 Fair value Fair value < 1 year > 5 years Notional and 2 years and 5 years asset liability Swap of interest rate receive floating rate and 0 0 0 0 0 0 0 pay fixed rate Interest rate options (cap, collar) 0 0 0 0 0 0 0 Interest rate derivatives - highly probable projected 0 0 0 0 0 0 0 cash flow hedges Swap of interest rate receive floating rate and 32,416 40,000 0 0 72,416 59 (328) pay fixed rate Interest rate options (cap, collar) 0 20,000 0 0 20,000 2 0 Interest rate derivatives - certain cashflow hedge 32,416 60,000 0 0 92,416 61 (328) 12/31/2024 (in € thousands) Between 1 Between 2 Fair value Fair value < 1 year > 5 years Notional and 2 years and 5 years asset liability Swap of interest rate receive floating rate and 0 0 0 0 0 0 0 pay fixed rate Interest rate options (cap, collar) 0 0 0 0 0 0 0 Interest rate derivatives - highly probable projected 0 0 0 0 0 0 0 cash flow hedges Swap of interest rate receive floating rate and 0 32,416 50,000 0 82,416 150 (618) pay fixed rate Interest rate options (cap, collar) 10,000 0 10,000 0 20,000 53 (34) Interest rate derivatives - certain cashflow hedge 10,000 32,416 60,000 0 102,416 203 (652)
EXCHANGE RATE RISKS
Distribution of the long term financial debts by currency
The breakdown of outstanding long-term debts (without considering lease debts which are mainly in euros) by currency is as
follows :
(in € thousands) 2025 2024 Euro 107,496 159,293 Polish zloty 0 5,038 Other currencies 0 0 Total long-term debts 107,496 164,331
As of December 31, 2025, the outstanding long-term financial debts (excluding lease debts) amounted to €107,496 thousand
compared to €164,331 thousand as of December 31, 2024.
The following table discloses the fair value and the notional amount of exchange rate instruments issued (forward
sales/purchase agreements) (+ : asset / - : liability) :
The CFE group, is exposed to exchange rate fluctuation risk on its result for the period.
The following analysis is performed supposing that the amount of financial assets/liabilities and derivatives as at 31 December is
constant over the year.
31/12/2025 PLN - Zlotys (in € thousands) Notional Fair value Forward purchases 0 0 Forward sales 6,200 (293) 31/12/2024 PLN - Zlotys (in € thousands) Notional Fair value Forward purchases 0 0 Forward sales 0 0
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A variation of 5% of exchange rate (appreciation of the EUR) at closing date would have as a consequence an increase or a
decrease of the equity and the result for the period for the amounts disclosed here below. For the purposes of this analysis, it is
assumed that the other parameters remain constant.
31/12/2025 (in € thousands) Result for the period Impact of sensitivity calculation - Impact of sensitivity calculation - depreciation of 5% of the EUR appreciation of 5% of the EUR Non-current debts (+ portion due within the year) (31) 31 with variable rates after accounting hedge Net short term financial debt (544) 544 Working capital (4) 4 31/12/2024 (in € thousands) Result for the period Impact of sensitivity calculation - Impact of sensitivity calculation - depreciation of 5% of the EUR appreciation of 5% of the EUR Non-current debts (+ portion due within the year) (271) 271 with variable rates after accounting hedge Net short term financial debt (386) 386 Working capital (783) 783
RISK RELATED TO RAW MATERIALS
Raw materials and consumables incorporated into the works constitute an essential element of the cost price.
Although some contracts include price revision clauses or revision formulas, the risk of price fluctuation of raw materials remains
significant.
CREDIT AND COUNTERPARTY RISK
The CFE group is exposed to credit risk in the event of insolvency of its clients. It is exposed to the counterparty risk in the context
of cash deposits, subscription of negotiable debt securities, financial receivables and derivative products.
The CFE group set up procedures in order to avoid and limit the concentration of credit risk.
Financial instruments
The CFE group has defined a system of investment limits to manage the counterparty risk. This system determines maximum
amounts eligible for investment by counterparty defined according to their credit ratings published by Standard & Poor’s and
Moody’s. These limits are regularly monitored and updated.
Customers
With regard to the risk on trade receivables, the group has set up procedures to limit this risk. It should be noted that a significant
part of the consolidated revenue is realized with public or semi-public customers. In addition, the CFE group considers that the
concentration of the counterparty risk for customers is limited due to the large number of customers.
In order to reduce the current risk, the CFE group regularly monitors its outstanding trade receivables and adapts its position
towards them.
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The analysis of credit risk exposure at year-end 2025 and 2024 is as follows :
Situation as of December 31, 2025Closing Not due < 3 months < 1 year > 1 year(in € thousands) Trade and other operating receivables 295,279 204,766 28,913 17,788 43,812 Total gross carrying amount 295,279 204,766 28,913 17,788 43,812 Expected credit losses - Trade and other (22,445) (71) (176) (140) (22,058)operating receivables Total expected credit losses (22,445) (71)(176)(140)(22,058) Total net carrying amount 272,834 204,695 28,737 17,648 21,754 Situation as 31 December 2024 Clôture Not due < 3 months < 1 year > 1 year(milliers d'euros) Trade and other operating receivables 292,102 216,613 28,458 12,031 35,000 Total gross carrying amount 292,102 216,613 28,458 12,031 35,000 Expected credit losses - Trade and other (26,621) (0) 0 0 (26,621) operating receivables Total expected credit losses (26,621) (0) 0 0 (26,621) Total net carrying amount 265,481 216,613 28,458 12,031 8,379
T
he following table discloses the changes in expected credit losses on trade and other operations receivables :
(in € thousands) 2025 2024 Cumulated expected credit losses - opening balance (26,621) (24,991) Change in consolidation scope 0 2 Expected credit losses (reversal/recognized) during the period 2,902 392 Translation differences and transfers between asset items 1,274 (2,024) Cumulated expected credit losses - closing balance (22,445) (26,621)
As of December 31, 2025, expected credit losses reversed and recognised during the year amounted to €2,902 thousand (2024:
392, it mainly concerned the positive evolution of a risk in Luxemburg).
The item ‘Translation differences and transfers between assets items’ related mainly to the derecognition of expected credit
losses and the related trade receivables..
LIQUIDITY RISK
CFE SA and BPI Real Estate Belgium SA have bilateral credit facilities that allow them to significantly reduce the liquidity risk.
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CARRYING AMOUNTS AND FAIR VALUE BY ACCOUNTING POLICY December 31, 2025 FAMMFVV / FAMMFVV / (in € thousands) FLFVPL (3) - FLFVPL (3) - Assets/ Total of net Fair value Derivatives not Derivatives liabilities Fair value of carrying measurement designated as designated as measured at the class amount by level hedging hedging amortised cost instruments instruments Non-current financial assets 0 59 125,567 125,626 125,626 Financial loans and receivables (1) 0 0 125,567 125,567 Level 2 125,567 Derivatives 0 59 0 59 Level 2 59 Current financial assets 0 0 472,156 472,156 472,156 Trade and other operating receivables 0 0 272,832 272,832 Level 2 272,832 Derivatives 0 0 0 0 Level 2 0 Cash Equivalents (2) 0 0 70,730 70,730 Level 1 70,730 Cash at bank and in hand (2) 0 0 128,594 128,594 Level 1 128,594 Total assets 0 59 597,723 597,782 597,782 Non-current financial liabilities 0 511 137,055 137,566 150,129 Financial debts 0 0 137,055 137,055 Level 2 149,618 Derivatives 0 511 0 511 Level 2 511 Current financial liabilities 0 110 278,814 278,924 283,038 Trade and other operating payables 0 0 260,316 260,316 Level 2 260,316 Financial debts 0 0 18,498 18,498 Level 2 22,612 Derivatives 0 110 0 110 Level 2 110 Total liabilities 0 621 415,869 416,490 433,167 December 31, 2024 FAMMFVV / FAMMFVV / (in € thousands) FLFVPL (3) - FLFVPL (3) - Assets/ Total of net Fair value Derivatives not Derivatives liabilities Fair value of carrying measurement designated as designated as measured at the class amount by level hedging hedging amortised cost instruments instruments Non-current financial assets 0 126 120,248 120,374 120,374 Financial loans and receivables (1) 0 0 120,248 120,248 Niveau 2 120,248 Derivatives 0 126 0 126 Niveau 2 126 Current financial assets 0 77 438,991 439,068 439,068 Trade and other operating receivables 0 0 265,481 265,481 Niveau 2 265,481 Derivatives 0 77 0 77 Niveau 2 77 Cash Equivalents (2) 0 0 38,247 38,247 Niveau 1 38,247 Cash at bank and in hand (2) 0 0 135,263 135,263 Niveau 1 135,263 Total assets 0 203 559,239 559,442 559,442 Non-current financial liabilities 0 652 184,830 185,482 201,200 Financial debts 0 0 184,830 184,830 Niveau 2 200,548 Derivatives 0 652 0 652 Niveau 2 652 Current financial liabilities 0 0 319,551 319,551 323,922 Trade and other operating payables 0 0 289,176 289,176 Niveau 2 289,176 Financial debts 0 0 30,375 30,375 Niveau 2 34,746 Derivatives 0 0 0 0 Niveau 2 0 Total liabilities 0 652 504,381 505,033 525,122
(1) Included in item “Other non-current financial assets”
(2) Included in item “Cash and cash equivalents”
(3) FAMMFV : Financial assets mandatorily measured at fair value through profit and loss
FLFVPL : Financial liabilities measured at fair value through profit and loss
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The fair value of financial instruments can be classified according to three levels (1 to 3) based on the degree to which the inputs
to the fair value measurements are observable :
- Fair value measurements of level 1 are based on quoted prices (unadjusted) in active markets for identical assets or
liabilities ;
- Fair value measurements of level 2 are based on inputs, other than quoted prices included within level 1, that are observable
for the asset or liability, either directly (through prices) or indirectly (through input derived from prices) ;
- Fair value measurements of level 3 are based on valuation techniques comprising inputs which are unobservable for the
asset or liability.
The fair value of financial instruments has been determined using the following methods :
- For short-term financial instruments, such as trade receivables and payables, the fair value is considered not to be
significantly different from the carrying amount measured at amortized cost ;
- For floating rate liabilities, the fair value is considered not to be significantly different from the carrying amount measured
at amortized cost ;
- For derivative financial instruments (foreign currency, interest rate or forecasted cash flows), the fair value is determined
using valuation models discounting future cash flows based on future interest rate curves, foreign currency curves or other
forward prices ;
- For the other derivative instruments, the fair value is determined by discounting future estimated cash flows ;
- For fixed rate liabilities, the fair value is considered not to be significantly different from the carrying amount measured at
amortized cost due to the fact that fixed and variables rates are not significantly different.
27. OTHER COMMITMENTS GIVEN
Other commitments given by the CFE group for the financial year ended 31 December 2025, other than real security interests,
amounted to €333,870 thousand (2024 : €364,022 thousand) and break down as follows :
Year ended 31 December 12025 2024 (in € thousands) Performance guarantees and performance bonds (a) 252,079 285,042 Bid bonds (b) 2,563 1,243 Retentions (c) 0 0 Other commitments given (d) 79,228 77,737 Total other commitments given 333,870 364,022
(a) Guarantees given in relation to the performance of works contracts. If the construction entity fails to perform, the bank (or
insurance company) undertakes to compensate the customer to the extent of the guarantee.
(b) Guarantees provided as part of tenders relating to works contracts.
(c) Security provided by a bank to a client to replace the use of retention money.
(d) Letters of credit – completion guarantee, Breyne Act – mortgage mandates and mortgages
The caption “other commitments given” relates mainly to the completion guarantees (Breyne Act) and mortgages linked to the
financing of projects in the Real Estate division (mainly Pourpelt, Herrenberg and Prince Henri).
28. OTHER COMMITMENTS RECEIVED
Other commitments received by the CFE group as of 31 December 2025 amounted to €54,710 thousand (2024 : €53,264 thousand)
and break down as follows :
Year ended 31 December 2025 2024 (in € thousands) Performance guarantees and performance bonds 47,066 47,338 Other commitments received 7,644 5,926 Total other commitments received 54,710 53,264
1
The revision of the allocation of the types of bank guarantees led to the reclassification of the 2024 data in order to improve their economic
representativeness.
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29. LITIGATION
The CFE group is exposed to a number of claims that may be regarded as normal in the construction and multitechnics sectors.
In most cases, the CFE group seeks to conclude a transaction agreement with the counterparty, which substantially reduces
the number of lawsuits.
The CFE group tries to recover outstanding receivables from its customers. However, it is not possible to estimate these potential
assets.
30. RELATED PARTIES
Ackermans & van Haaren (AvH) owns 15,725,684 CFE shares as at 31 December 2025, being the main shareholder of the CFE
group with a stake of 62.12%.
CFE SA entered into a service contract with Ackermans & van Haaren. The remuneration due by CFE SA under this contract
amounted to €388 thousand for the financial year ended 31 December 2025 (2024 : €373 thousand).
As of December 31, 2025, the CFE Group has joint control with Ackermans & van Haaren over Deep C Holding NV, Green Offshore
NV, GreenStor NV and Hofkouter NV.
As of December 31, 2025, the day-to-day management of CFE has been carried out by Trorema SRL represented by Raymund
Trost, CEO and Chairman of the Executive Committee. The other six members of the Executive Committee are MSQ SRL
represented by Fabien De Jonge, Artist Valley SA represented by Jacques Lefevre, COEDO SRL represented by Arnaud Regout,
Focus2LER SRL represented by Valérie Van Brabant, CONSULTON SNC represented by Peter Matton and Lamcy SRL represented
by Bruno Lambrecht.
The only transactions between CFE and the members of the Executive Committee are :
- invoicing for their services through their management company;
- transactions under the long-term incentive plans (we refer to note 21 "Information on stock option plans")
The amount of remuneration and other benefits granted directly or indirectly to the management of CFE, mentioned above, is
as follows (amounts expressed globally and in € thousands) :
Year ended 31 December 2025 2024 (in € thousands) Fixed remuneration 3,084 3,350 Short-term variable remuneration 1,468 1,263 Other benefits 0 0 Total 4,572 4,613
Transactions with related parties mainly concerned transactions with companies in which CFE has a significant influence or a
joint control. Such transactions are carried out on a market price basis. There were no significant changes in the nature of
transactions with associated parties during the financial year 2025 compared to financial year 2024.
Commercial and financing transactions between the CFE group and investments accounted for using equity method are
summarized as follows : Year ended 31 December 2025 2024 (in € thousands) Assets with related parties 172,065 169,313 Non-current financial assets 152,693 146,142 Trade and other operating receivables 10,165 15,223 Other current assets 9,207 7,948 Liabilities with related parties 11,571 8,962 Other non-current liabilities 3,727 8,901 Trade and other operation payables 7,844 61
The increase in non-current financial assets includes changes in financial assets in the Real Estate Development segment
(notably BPI Piano Forte: +€ 14 million and Moniuszki: +€3.5 million, mainly offset by The Roots Office: -€4.9 million, The Roots
Real Estate: –€4 million and Tervueren Square: -€2.2 million).
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The decrease in trade and other operating receivables relates to the Construction & Renovation segment and mainly concerns
the Polish projects Chmielna: -€3.5 million and Cavallia: -€4 million, offset by an increase in receivables for the Piano Forte
project: +€1.6 million.
The decrease in other non-current liabilities mainly concerns the Real Estate Development segment (De Brouckere Office: -€6
million).
The increase in Trade and other payables includes changes in in the Real Estate Development segment (BPI Chmielna: +€7.8
million).
Year ended 31 December 2025 2024 (in € thousands) Expenses and income with related parties 46,302 77,588 Revenue and other operating income 38,213 68,902 Purchases and other operating expenses (330) (264) Financial expenses and income 8,419 8,951
The increase in Revenue and other operating income towards the entities consolidated under the equity method is manly linked
to the projects Erasmus Gardens, Tervueren Square, Chmielna and Cavallia which are jointly developed.
31. AUDIT FEES
The remuneration of the auditor for the whole group, including CFE SA, for the financial year 2025 breaks down as follows :
(in € thousands) Ernst & Young Amount % Audit Audit fees 872 79.9% Other attestation missions 156 14.3% Other missions outside the audit 57 5.2% Subtotal audit 1,085 99.5% Non-audit Tax consulting missions 6 0.5% Subtotal non-audit 6 0.5% Total audit and non-audit fees 1,091 100%
32. SUBSEQUENT EVENTS
No significant changes have occurred in the financial and commercial situation of the CFE group since 31 December 2025.
33. COMPANIES OWNED BY THE GROUP
M
AIN ENTITIES ACCOUNTED FOR USING GLOBAL INTEGRATION IN 2025
GROUP NAME HEAD OFFICE OPERATING SEGMENT INTEREST (%) EUROPE Belgium BPI PURE NV Brussels Real estate development 100% BPI REAL ESTATE BELGIUM NV Brussels Real estate development 100% BPI SAMAYA NV Brussels Real estate development 100% BPI SERENITY VALLEY NV Brussels Real estate development 100% BPI PARK WEST NV Brussels Real estate development 100% PROJECTONTWIKKELING VAN WELLEN NV Brussels Real estate development 100% WOLIMMO NV Brussels Real estate development 100% ZEN FACTORY NV Brussels Real estate development 100% BRANTEGEM NV Aalst Multitechnics 100% MOBIX NV Mechelen Multitechnics 100% MOBIX ENGETEC NV Manage Multitechnics 100% VMA NV Sint-Martens-Latem Multitechnics 100% VMA SUD NV Jumet Multitechnics 100%
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VMA BE.MAINTENANCE NV Brussels Multitechnics 100% ARTHUR VANDENDORPE NV Zedelgem Construction & Renovation 100% BATIMENTS ET PONTS CONSTRUCTION (BPC) NV Brussels Construction & Renovation 100% BPC GROUP NV Brussels Construction & Renovation 100% BENELMAT NV Gembloux Construction & Renovation 100% DESIGN & ENGINEERING NV Brussels Construction & Renovation 100% GROEP TERRYN NV Moorslede Construction & Renovation 100% GROEP TERRYN CONSTRUCT NV Moorslede Construction & Renovation 100% LTS NV Moorslede Construction & Renovation 100% LAMCOL NV Marche-en-Famenne Construction & Renovation 100% MBG NV Wilrijk Construction & Renovation 100% TERRYN TIMBER PRODUCTS NV Moorslede Construction & Renovation 100% VAN LAERE NV Zwijndrecht Construction & Renovation 100% WEFIMA NV Zwijndrecht Construction & Renovation 100% WOOD SHAPERS NV Brussels Construction & Renovation 100% CFE CONTRACTING NV Brussels Investments & Holding 100% HDP CHARLEROI NV Brussels Investments & Holding 100% PULSE NV Brussels Investments & Holding 100% Grand Duchy of Luxembourg BPI REAL ESTATE LUXEMBOURG S.À R.L. Leudelange Real estate development 100% CENTRAL PARC S.À R.L. Luxembourg Real estate development 100% HERRENBERG S.À R.L. Leudelange Real estate development 100% IMMO KIRCHBERG S.À R.L. Leudelange Real estate development 100% JFK DEVELOPPEMENT 1 S.À R.L. Leudelange Real estate development 100% JFK DEVELOPPEMENT 2 S.À R.L. Leudelange Real estate development 100% MIMOSAS REAL ESTATE S.À R.L. Leudelange Real estate development 100% MIMOSAS COLIVING S.À R.L. Leudelange Real estate development 100% POURPELT NV Leudelange Real estate development 100% PRINCE HENRI S.À R.L. Leudelange Real estate development 100% COMPAGNIE LUXEMBOURGEOISE D’ENTREPRISES CLE NV Leudelange Construction & Renovation 100% IMMO-BECHEL CLE S.À R.L. Leudelange Construction & Renovation 100% WOOD SHAPERS LUXEMBOURG NV Leudelange Construction & Renovation 100% SOCIETE FINANCIERE D’ENTREPRISES SFE NV Leudelange Investments & Holding 100% Poland BPI BERNADOWO SP. Z O.O. Warsaw Real estate development 100% BPI WAGROWSKA SP. Z O.O. Warsaw Real estate development 100% BPI PANOWAMIQ SP. Z O.O. Warsaw Real estate development 100% BPI PROJECT 11 SP. Z O.O. Warsaw Real estate development 100% BPI CZYSTA SP. Z O.O. Warsaw Real estate development 100% BPI REAL ESTATE POLAND SP. Z O.O. Warsaw Real estate development 100% BPI WROCLAW SP. Z O.O. Warsaw Real estate development 100% VMA POLSKA SP. Z O.O. Kobierzyce Multitechnics 100% CFE POLSKA SP. Z O.O. Warsaw Construction & Renovation 100% Other European countries CFE BAU GMBH Berlin, Germany Construction & Renovation 100% VMA MIDLANDS LTD Yorkshire, UK Multitechnics 100% CFE CONTRACTING AND ENGINEERING SRL Bucharest, Romania Investments & Holding 100% AMERICA United States VMA US INC South Carolina Multitechnics 100%
MAIN ENTITIES OF THE JOINT VENTURES CONSOLIDATED USING THE EQUITY METHOD
IN
2025
GROUP NAME HEAD OFFICE OPERATING SEGMENT INTEREST % EUROPE Belgium ARLON 53 NV Brussels Real estate development 50% BAVIERE DEVELOPPEMENT NV Liège Real estate development 30% BATAVES 1521 NV Brussels Real estate development 50% DEBROUCKERE DEVELOPMENT NV Brussels Real estate development 50% DEBROUCKERE LAND NV Brussels Real estate development 50% DEBROUCKERE LEISURE NV Brussels Real estate development 50% DEBROUCKERE OFFICE NV Brussels Real estate development 50% ERASMUS GARDENS NV Brussels Real estate development 50%
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ESPACE ROLIN NV Brussels Real estate development 33.33% FONCIERE DE BAVIERE NV Liège Real estate development 30% FONCIERE DE BAVIERE A NV Liège Real estate development 30% FONCIERE DE BAVIERE C NV Liège Real estate development 30% GOODWAYS NV Antwerp Real estate development 50% IMMOANGE NV Brussels Real estate development 50% IMMO PA 33 1 NV Brussels Real estate development 50% IMMO PA 44 1 NV Brussels Real estate development 50% IMMO PA 44 2 NV Brussels Real estate development 50% KEYWEST DEVELOPMENT NV Brussels Real estate development 50% LES JARDINS DE OISQUERCQ NV Brussels Real estate development 50% LES 2 PRINCES DEVELOPMENT NV Brussels Real estate development 50% LIFE SHAPERS NV Brussels Real estate development 70% MG IMMO SRL Brussels Real estate development 50% PRE DE LA PERCHE CONSTRUCTION NV Brussels Real estate development 50% PROMOTION LEOPOLD NV Brussels Real estate development 30.44% SAMAYA DEVELOPMENT NV Brussels Real estate development 50% TERVUREN SQUARE NV Brussels Real estate development 37.5% TULIP ANTWERP NV Brussels Real estate development 70% VICTOR BARA NV Brussels Real estate development 50% VICTOR SPAAK NV Brussels Real estate development 50% VICTOR ESTATE NV Brussels Real estate development 50% VICTOR PROPERTIES NV Brussels Real estate development 50% VAN MAERLANT RESIDENTIAL NV Brussels Real estate development 40% LUWA MAINTENANCE SA Wierde Multitechnics 25% LIGHTHOUSE PARKING NV Gent Construction & Renovation 33.33% BPG CONGRES NV Brussels Investments & Holding 49% BPG HOTEL NV Brussels Investments & Holding 49% GREEN OFFSHORE NV and its subsidiaries Antwerp Investments & Holding 50% GREENSTOR NV and its subsidiaries Antwerp Investments & Holding 50% DEEP C HOLDING NV and its subsidiaries Antwerp Investments & Holding 50% Grand Duchy of Luxembourg BAYSIDE FINANCE SRL Luxembourg Real estate development 40% BEDFORD FINANCE SRL Luxembourg Real estate development 40% CHATEAU DE BEGGEN S.À R.L. Luxembourg Real estate development 50% EMELY S.À R.L. Leudelange Real estate development 50% GRAVITY SA Luxembourg Real estate development 50% JFK REAL ESTATE S.À R.L. Luxembourg Real estate development 57.45% M1 NV Luxembourg Real estate development 33.33% M7 S.À R.L. Leudelange Real estate development 33.33% THE ROOTS OFFICE S.À R.L. Luxembourg Real estate development 50% Poland CAVALLIA SP. Z O.O. Warsaw Real estate development 50% BPI CHMIELNA SP. Z O.O. Warsaw Real estate development 50% BPI PIANO SP. Z.O.O. Warsaw Promotion immobilière 60% GEDANIA SP. Z.O.O. Warsaw Promotion immobilière 50% MONIUSZKI SP. Z O.O. Warsaw Promotion immobilière 30% AFRICA Tunisia BIZERTE CAP 3000 SA and its subsidiary Tunisa Investments & Holding 20%
ASSOCIATED ENTITIES CONSOLIDATED USING THE EQUITY METHOD IN 2025 GROUP NAME HEAD OFFICE OPERATING SEGMENT INTEREST % EUROPE Belgium EUROPEA HOUSING NV Brussels Real estate development 33% MALL OF EUROPE NV Brussels Real estate development 1.5% HOFKOUTER NV Zwijndrecht Construction & Renovation 35% LUWA NV Wierde Investments & Holding 12%
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MAIN ENTITIES ACCOUNTED FOR USING GLOBAL INTEGRATION IN 2024
GROUP NAME HEAD OFFICE OPERATING SEGMENT INTEREST (%) EUROPE Belgium BPI PURE SA Brussels Real estate development 100% BPI REAL ESTATE BELGIUM SA Brussels Real estate development 100% BPI SAMAYA SA Brussels Real estate development 100% BPI SERENITY VALLEY SA Brussels Real estate development 100% BPI PARK WEST SA Brussels Real estate development 100% PROJECTONTWIKKELING VAN WELLEN NV Brussels Real estate development 100% WOLIMMO SA Brussels Real estate development 100% ZEN FACTORY SA Brussels Real estate development 100% BRANTEGEM NV Aalst Multitechnics 100% MOBIX NV Mechelen Multitechnics 100% MOBIX ENGETEC SA Manage Multitechnics 100% VMA NV Sint-Martens-Latem Multitechnics 100% VMA Sud SA Jumet Multitechnics 100% VMA BE.MAINTENANCE SA Brussels Multitechnics 100% ARTHUR VANDENDORPE NV Zedelgem Construction & Renovation 100% BATIMENTS ET PONTS CONSTRUCTION (BPC) SA Brussels Construction & Renovation 100% BPC GROUP SA Brussels Construction & Renovation 100% BENELMAT SA Gembloux Construction & Renovation 100% DESIGN & ENGINEERING SA Brussels Construction & Renovation 100% GROEP TERRYN NV Moorslede Construction & Renovation 100% GROEP TERRYN CONSTRUCT NV Moorslede Construction & Renovation 100% KORLAM NV Moorslede Construction & Renovation 100% LAMCOL SA Marche-en-Famenne Construction & Renovation 100% MBG NV Wilrijk Construction & Renovation 100% TERRYN TIMBER PRODUCTS NV Moorslede Construction & Renovation 100% VAN LAERE NV Zwijndrecht Construction & Renovation 100% WEFIMA NV Zwijndrecht Construction & Renovation 100% WOOD SHAPERS SA Brussels Construction & Renovation 100% CFE CONTRACTING SA Brussels Investments & Holding 100% HDP CHARLEROI SA Brussels Investments & Holding 100% PULSE SA Brussels Investments & Holding 100% Grand Duchy of Luxembourg BPI REAL ESTATE LUXEMBOURG S.À R.L. Leudelange Real estate development 100% CENTRAL PARC S.À R.L. Luxembourg Real estate development 100% HERRENBERG S.À R.L. Leudelange Real estate development 100% IMMO KIRCHBERG S.À R.L. Leudelange Real estate development 100% JFK DEVELOPPEMENT 1 S.À R.L. Leudelange Real estate development 100% JFK DEVELOPPEMENT 2 S.À R.L. Leudelange Real estate development 100% MIMOSAS REAL ESTATE S.À R.L. Leudelange Real estate development 100% MIMOSAS COLIVING S.À R.L. Leudelange Real estate development 100% POURPELT SA Leudelange Real estate development 100% PRINCE HENRI S.À R.L. Leudelange Real estate development 100% COMPAGNIE LUXEMBOURGEOISE D’ENTREPRISES CLE SA Leudelange Construction & Renovation 100% IMMO-BECHEL CLE S.À R.L. Leudelange Construction & Renovation 100% WOOD SHAPERS LUXEMBOURG SA Leudelange Construction & Renovation 100% SOCIETE FINANCIERE D’ENTREPRISES SFE SA Leudelange Investments & Holding 100% Poland BPI BERNADOWO SP. Z O.O. Warsaw Real estate development 100% BPI PIANO SP. Z O.O. Warsaw Real estate development 100% BPI OBRZEZNA SP. Z O.O. Warsaw Real estate development 90% BPI WAGROWSKA SP. Z O.O. Warsaw Real estate development 100% BPI PANOWAMIQ SP. Z O.O. Warsaw Real estate development 100% BPI PROJECT 10 SP. Z O.O. Warsaw Real estate development 100% BPI PROJECT 11 SP. Z O.O. Warsaw Real estate development 100% BPI CZYSTA SP. Z O.O. Warsaw Real estate development 100% BPI REAL ESTATE POLAND SP. Z O.O. Warsaw Real estate development 100% BPI WOLARE SP. Z O.O. Warsaw Real estate development 100% BPI WROCLAW SP. Z O.O. Warsaw Real estate development 100% VMA POLSKA SP. Z O.O. Kobierzyce Multitechnics 100% CFE POLSKA SP. Z O.O. Warsaw Construction & Renovation 100%
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Other European countries CFE BAU GMBH Berlin, Germany Construction & Renovation 100% VMA MIDLANDS LTD Yorkshire, UK Multitechnics 100% CFE CONTRACTING AND ENGINEERING SRL Bucharest, Romania Investments & Holding 100% AFRICA Tunisia COMPAGNIE TUNISIENNE D'ENTREPRISES SA Tunis Construction & Renovation 100% CONSTRUCTION MANAGEMENT TUNISIE SA Tunis Investments & Holding 100% AMERICA United States VMA US INC South Carolina Multitechnics 100%
MAIN ENTITIES OF THE JOINT VENTURES CONSOLIDATED USING THE EQUITY METHOD
IN
2024 GROUP NAME HEAD OFFICE OPERATING SEGMENT INTEREST % EUROPE Belgium ARLON 53 SA Brussels Real estate development 50% BAVIERE DEVELOPPEMENT SA Liège Real estate development 30% BATAVES 1521 SA Brussels Real estate development 50% DEBROUCKERE DEVELOPMENT SA Brussels Real estate development 50% DEBROUCKERE LAND SA Brussels Real estate development 50% DEBROUCKERE LEISURE SA Brussels Real estate development 50% DEBROUCKERE OFFICE SA Brussels Real estate development 50% ERASMUS GARDENS SA Brussels Real estate development 50% ESPACE ROLIN SA Brussels Real estate development 33.33% FONCIERE DE BAVIERE SA Liège Real estate development 30% FONCIERE DE BAVIERE A SA Liège Real estate development 30% FONCIERE DE BAVIERE C SA Liège Real estate development 30% GOODWAYS SA Antwerp Real estate development 50% IMMOANGE SA Brussels Real estate development 50% IMMO PA 33 1 SA Brussels Real estate development 50% IMMO PA 44 1 SA Brussels Real estate development 50% IMMO PA 44 2 SA Brussels Real estate development 50% JOMA 2060 NV Brussels Real estate development 70% KEYWEST DEVELOPMENT SA Brussels Real estate development 50% LES JARDINS DE OISQUERCQ SA Brussels Real estate development 50% LES 2 PRINCES DEVELOPMENT SA Brussels Real estate development 50% LIFE SHAPERS NV Brussels Real estate development 70% MG IMMO SRL Brussels Real estate development 50% PRE DE LA PERCHE CONSTRUCTION SA Brussels Real estate development 50% PROMOTION LEOPOLD SA Brussels Real estate development 30.44% SAMAYA DEVELOPMENT SA Brussels Real estate development 50% TERVUREN SQUARE SA Brussels Real estate development 37.5% TULIP ANTWERP NV Brussels Real estate development 70% VICTOR BARA SA Brussels Real estate development 50% VICTOR SPAAK SA Brussels Real estate development 50% VICTOR ESTATE SA Brussels Real estate development 50% VICTOR PROPERTIES SA Brussels Real estate development 50% VAN MAERLANT RESIDENTIAL SA Brussels Real estate development 40% LUWA MAINTENANCE SA Wierde Multitechnics 25% LIGHTHOUSE PARKING NV Gent Construction & Renovation 33.33% BPG CONGRES SA Brussels Investments & Holding 49% BPG HOTEL SA Brussels Investments & Holding 49% GREEN OFFSHORE NV and its subsidiaries Antwerp Investments & Holding 50% GREENSTOR NV and its subsidiaries Antwerp Investments & Holding 50% DEEP C HOLDING NV and its subsidiaries Antwerp Investments & Holding 50% Grand Duchy of Luxembourg BAYSIDE FINANCE SRL Luxembourg Real estate development 40% BEDFORD FINANCE SRL Luxembourg Real estate development 40% CHATEAU DE BEGGEN S.À R.L. Luxembourg Real estate development 50% EMELY S.À R.L. Leudelange Real estate development 50% GRAVITY SA Luxembourg Real estate development 50% JFK REAL ESTATE S.À R.L. Luxembourg Real estate development 57.45%
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M1 SA Luxembourg Real estate development 33.33% M7 S.À R.L. Leudelange Real estate development 33.33% THE ROOTS REAL ESTATE S.À R.L. Luxembourg Real estate development 50% THE ROOTS OFFICE S.À R.L. Luxembourg Real estate development 50% Poland CAVALLIA SP. Z O.O. Warsaw Real estate development 50% BPI CHMIELNA SP. Z O.O. Warsaw Real estate development 50% BPI WIESLAWA SP. Z O.O. Warsaw Real estate development 50% AFRICA Tunisia BIZERTE CAP 3000 SA and its subsidiary Tunis Investments & Holding 20%
ASSOCIATED ENTITIES CONSOLIDATED USING THE EQUITY METHOD IN 2024
GROUP NAME HEAD OFFICE OPERATING SEGMENT INTEREST % EUROPE Belgium EUROPEA HOUSING SA Brussels Real estate development 33% MALL OF EUROPE SA Brussels Real estate development 1.5% HOFKOUTER NV Zwijndrecht Construction & Renovation 35% LUWA SA Wierde Investments & Holding 12%
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ALTERNATIVE PERFORMANCE MEASURES RECONCILIATION
As shown below, the CFE group uses alternative performance measures to assess the group’s financial performance. The
definitions of those performance measures are presented in the ‘Definition’ section of this report.
The net financial debt, EBITDA, return on equity and debt ratio, have been computed using the consolidated statement of income
and the consolidated statement of financial position :
Net financial debt Eliminations Multi- Construction Investments Consolidated Year ended 31 December 2025 Real Estate between technics & Renovation & Holding total (in € thousands) segments Non-current borrowings from consolidated companies of 40,000 0 0 0 (40,000) 0 the group (*) + Non-current financial liabilities 21,491 25,226 17,435 72,903 0 137,055 + Current financial liabilities 5,652 6,417 5,992 437 0 18,498 + Internal cash position - Cash pooling - liabilities (*) 0 295 12,620 284,537 (297,452) 0 Financial liabilities 67,143 31,938 36,047 357,877 (337,452) 155,553 - Non-current loans to consolidated companies of the 0 0 0 (40,000) 40,000 0 group (*) - Cash and cash equivalents (11,050) (5,037) (106,805) (76,432) 0 (199,324) - Internal cash position - Cash pooling - assets (*) (1,520) (67,982) (215,034) (12,916) 297,452 0 Cash and cash equivalents (12,570) (73,019) (321,839) (129,348) 337,452 (199,324) Net financial debt 54,573 (41,081) (285,792) 228,529 0 (43,771)
Net financial debt Eliminations Real Multi- Construction Investments Consolidated Year ended 31 December 2024 between Estate technics & Renovation & Holding total (in € thousands) segments Non-current borrowings from consolidated companies of 40,000 0 0 0 (40,000) 0 the group (*) + Non-current financial liabilities 31,690 26,158 19,477 107,505 0 184,830 + Current financial liabilities 18,490 6,086 5,462 337 0 30,375 + Internal cash position - Cash pooling - liabilities (*) 22,222 4,555 17,982 265,769 (310,528) 0 Financial liabilities 112,402 36,799 42,921 373,611 (350,528) 215,205 - Non-current loans to consolidated companies of the 0 0 0 (40,000) 40,000 0 group (*) - Cash and cash equivalents (7,230) (2,533) (80,300) (83,447) 0 (173,510) - Internal cash position - Cash pooling - assets (*) (9,774) (59,768) (218,449) (22,537) 310,528 0 Cash and cash equivalents (17,004) (62,301) (298,749) (145,984) 350,528 (173,510) Net financial debt 95,398 (25,502) (255,828) 227,627 0 41,695
(*) These account balances relate to the cash positions with regard to group entities belonging to other group operating segments (mainly CFE
SA and CFE Contracting SA).
Working capital requirement Year ended 31 December 2025 2024 (in € thousands) Inventories 88,937 141,375 + Trade and other operating receivables 272,832 265,481 + Contracts assets 47,146 62,696 + Other current non-operating assets 7,215 7,329 - Trade and other operating receivables (260,316) (289,176) - Current tax liabilities (4,908) (6,342) - Contracts liabilities (229,686) (208,844) - Other current non-operating liabilities (73,128) (58,719) Working capital requirement (151,908) (86,200)
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EBITDA Year ended 31 December 2025 2024 (in € thousands) Income from operating activities 40,570 28,037 Depreciation and amortisation of intangible assets and property, plant and 22,43421,832equipment Consolidated EBITDA 63,004 49,869 Return on equity (ROE) 2025 2024 Equity - share of the group, at opening 247,775 236,770 Net result - share of the group 33,542 23,963 Return on equity (ROE) 13.5% 10.1% Capital employed Year ended 31 December 2025 2024 (in € thousands) Net financial debt (43,771) 41,695 Equity - share of the group 264,009 247,775 Capital employed 220,238 289,470 Debt ratio 2025 2024 Net financial debt (43,771) 41,695 Capital employed 220,238 289,470 Debt ratio -19.9% 14.4%
The capital employed from the real estate development segment has been computed using the consolidated statement of
financial position per segment :
Capital employed - Real Estate Development Year ended 31 December 2025 2024 (in € thousands) Equity - real estate development segment 165,184 160,328 Net financial debt - real estate development segment 54,573 95,398 Capital employed 219,757 255,726 Return on equity (ROE) - Real Estate Development 2025 2024 Equity, at opening - Real Estate Development 160,328 159,141 Net result from continuing operations - share of the group - Real Estate Development 12,042 8,023 Return on equity (ROE) - Real Estate Development 7.5% 5.0%
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STATEMENT ON THE TRUE AND FAIR NATURE OF THE FINANCIAL
STATEMENTS AND THE TRUE AND FAIR NATURE OF THE
PRESENTATION IN THE MANAGEMENT REPORT
Article 12, paragraph 2, 3° of the Royal Decree of 14.11.2007 on the obligations of issuers of financial instruments admitted to trading
on a regulated market)
We certify, in the name and on behalf of Compagnie d’Entreprises CFE SA and on that company's responsibility, that, to our
knowledge,
1. the financial statements, prepared in accordance with the applicable accounting standards, give a true and fair view of the
assets, financial position and results of Compagnie d’Entreprises CFE SA and of the companies included in its scope of
consolidation;
2. the management report contains a true and fair presentation of the business, results and position of Compagnie
d’Entreprises CFE SA and of the companies included in its scope of consolidation, along with a description of the main risks
and uncertainties to which they are exposed.
SIGNATURES
Name : Fabien De Jonge Raymund Trost
*Acting on behalf of a BV/SRL *Acting on behalf of a BV/SRL
Role : Chief Financial Officer Chief Executive Officer and Chairman of the Executive Committee
Date : 16 March 2026
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GENERAL INFORMATION ABOUT THE COMPANY
Company name :
Compagnie d’Entreprises CFE
Head office : Avenue Edmond Van Nieuwenhuyse 30
1160 Brussels (Belgium)
Telephone :
+ 32 2 661 12 11
Legal form :
Public limited company (société anonyme (SA))
Legislation
Incorporated under Belgian law
Date of incorporation :
21 June 1880
Duration :
Indefinite
Accounting period :
From 1 January to 31 December
Trade Register entry :
RPM Brussels 0400 464 795 – VAT 400.464.795
Place where legal documentation can be consulted :
Head office
CORPORATE PURPOSE (ARTICLE 2 OF THE ARTICLES OF ASSOCIATION)
“ The purpose of the company is to study and execute any work or construction within each and every of its specialist areas, in
particular electricity and the environment, in Belgium or abroad, singly or jointly with other natural or legal persons, for its own
account or on behalf of third parties belonging to the public or private sector.
It may also perform services related to these activities, directly or indirectly operate them or license them out or carry out any
purchase, sale, rent or lease operation whatsoever in respect of such undertakings.
It may directly or indirectly acquire, hold or sell equity interests in any company or undertaking existing now or in the future by
way of acquisition, merger, spin-off or any other means.
It may carry out any commercial, industrial, administrative or financial operations or operations involving movable or
immovable property that are directly or indirectly related to its purpose, even partially, or that could facilitate or develop that
purpose, either for itself or for its subsidiaries.
The general meeting may change the corporate purpose subject to the conditions specified in Article five hundred and fifty-
nine of the Belgian Companies Code. ”
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Besloten vennootschap
Société à responsabilité limitée
RPR Brussel
- RPM Bruxelles - BTW-TVA BE0446.334.711-IBAN N° BE71 2100 9059 0069
*handelend in naam van een vennootschap:/agissant au nom d'une société
A member firm of Ernst & Young Global Limited
Kouterveldstraat 7b bus 001
B - 1831 Diegem
Tel: +32 (0) 2 774 91 11
ey.com
Independent auditor’s report to the general meeting of Compagnie d'Entreprises CFE
SA/ Aannemingsmaatschappij CFE NV for the year ended 31 December 2025
In the context of the statutory audit of the Consolidated Financial Statements) of Compagnie d'Entreprises CFE
SA/Aannemingsmaatschappij CFE NV (the “Company”) and its subsidiaries (together the “Group”)
, we report to you
as statutory auditor
. This report includes our opinion on the consolidated statement of financial position as at 31
December 2025, the consolidated statement of income and consolidated statement of comprehensive income, the
consolidated statement of changes in equity and the consolidated statement of cashflows for the year ended 31
December 2025 and the disclosures including material accounting policy information (all elements together the
“Consolidated Financial Statements”) as well as our report on other legal and regulatory requirements. These two
reports are considered one report and are inseparable
.
We have been appointed as statutory auditor by the shareholders’ meeting of 2 May 2024, in accordance with the
proposition by the Board of Directors following recommendation of the Audit Committee. Our mandate expires at
the shareholders’ meeting that will deliberate on the Consolidated Financial Statements for the year ending 31
December 2026. We performed the audit of the Consolidated Financial Statements of the Group during 5
consecutive years.
Report on the audit of the Consolidated Financial Statements
Unqualified opinion
We have audited the Consolidated Financial
Statements of Compagnie d'Entreprises CFE
SA/Aannemingsmaatschappij CFE NV, that comprise of
the consolidated statement of financial position on 31
December 2025, the consolidated statement of income
and consolidated statement of comprehensive income,
the consolidated statement of changes in equity and
the consolidated statement of cashflows of the year
and the disclosures including, material accounting
policy information, which show a consolidated balance
sheet total of € 1.067.784.000 and of which the
consolidated income statement shows a profit for the
year of € 33.523.000.
In our opinion, the Consolidated Financial Statements
give a true and fair view of the consolidated net equity
and financial position as at 31 December 2025, and of
its consolidated results for the year then ended,
prepared in accordance with the International Financial
Reporting Standards as adopted by the European Union
(“IFRS”) and with applicable legal and regulatory
requirements in Belgium.
Basis for the unqualified opinion
We conducted our audit in accordance with
International Standards on Auditing (“ISA’s”) applicable
in Belgium. In addition, we have applied the ISA's
approved by the International Auditing and Assurance
Standards Board (“IAASB”) that apply at the current
year-end date and have not yet been approved at
national level. Our responsibilities under those
standards are further described in the “Our
responsibilities for the audit of the Consolidated
Financial Statements” section of our report.
We have complied with all ethical requirements that
are relevant to our audit of the Consolidated Financial
Statements in Belgium, including those with respect to
independence.
We have obtained from the Board of Directors and the
officials of the Company the explanations and
information necessary for the performance of our audit
and we believe that the audit evidence we have
obtained is sufficient and appropriate to provide a basis
for our opinion.
Key audit matters
Key audit matters are those matters that, in our
professional judgment, were of most significance in our
audit of the Consolidated Financial Statements of the
current reporting period.
These matters were addressed in the context of our
audit of the Consolidated Financial Statements as a
whole and in forming our opinion thereon, and
consequently we do not provide a separate opinion on
these matters.
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Audit report dated 30 March 2026 on the Consolidated Financial Statements
of Compagnie d'Entreprises CFE SA/Aannemingsmaatschappij CFE NV as of and
for the year ended 31 December 2025 (continued)
Revenue recognition and contract accounting
(segments Construction & Renovation and
Multitechnics)
Description of the key audit matter
For the majority of its contracts (hereafter the
“contracts” or the “projects”), the Group recognizes
revenue and profit on the stage of completion based on
the proportion of contract costs incurred for the work
performed to the balance sheet date, relative to the
estimated total costs of the contract at completion. The
recognition of revenue and profit therefore relies on
estimates in respect of the forecasted total costs on
each contract. Cost contingencies may also be included
in these estimates to take into account specific
uncertain risks, or disputed claims against the Group.
The revenue of contracts may also include variations
and claims, which are recognized on a contract-by-
contract basis when the additional revenue can be
measured reliably.
Revenue recognition and contract accounting often
involves a high degree of judgment due to the
complexity of projects, uncertainty about costs to
complete and uncertainty about the outcome of
discussions with clients on variation orders and claims.
This is a key audit matter because there is a high degree
of risk and related management judgement in
estimating the amount of revenue and associated profit
or loss to be recognized, and changes to these
estimates could give rise to important variances.
Summary of the procedures performed
• We obtained an understanding of the process
related to the contract follow-up, the revenue and
margin recognition and when applicable the
provisions for losses at completion, and we
considered the design and implementation of the
related key internal controls, including
management review controls.
• Based on quantitative and qualitative criteria, we
selected a sample of contracts to challenge the
most significant and complex project estimates and
judgments. As part of this testing, we gained an
understanding of the current status and history of
the projects, and discussed the judgments inherent
to these projects with senior executive and
financial management. We analyzed differences
with prior project estimates and assessed
consistency with the developments of the project
during the year.
• We determined the proper calculation of the
percentage of completion and the related revenue
and margin recognized for a sample of projects.
• We compared the financial performance of
projects against budget and historical trends.
• We completed site visits for certain projects,
observed the stage of completion of these projects,
and discussed with site personnel the status and
complexities of the project that could impact its’
total forecasted cost.
• We analyzed correspondence with customers
around variation orders and claims and considered
whether this information is consistent with the
estimates made by management.
• We inspected selected contracts for key clauses.
We identified relevant contractual clauses
impacting the (un)bundling of contracts, delay
penalties, bonuses or success fees, and we
assessed whether these key clauses have been
appropriately reflected in the amounts recognized
in the Consolidated Financial Statements.
• We assessed the adequacy of the information
disclosed in notes 2 and 17 to the Consolidated
Financial Statements.
Revenue recognition and recoverability of inventories
(Real Estate Development segment)
Description of the key audit matter
The valuation of the land positions and the incurred
constructions costs for real estate development
projects (including those held by investments
accounted for under the equity method) are based on
the historical cost or lower net realizable value. The
assessment of the net realizable value involves
assumptions relating to future market developments,
permit decisions of governmental bodies, discount
rates and future changes in costs and selling prices.
These estimates are sensitive to scenarios and
assumptions used and involve as such significant
management judgement. Risk exists that potential
impairments of inventories are not appropriately
accounted for in the Consolidated Financial Statements.
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Audit report dated 30 March 2026 on the Consolidated Financial Statements
of Compagnie d'Entreprises CFE SA/Aannemingsmaatschappij CFE NV as of and
for the year ended 31 December 2025 (continued)
Revenues and results of residential real estate
development projects in Belgium and Luxemburg
(including those held by investments accounted for
under the equity method) are recognized to the extent
that components (housing units) have been sold and
based on the percentage of completion of the
development. The recognition of revenue and profit
therefore relies on estimates in relation to the forecast
total costs on each project. This often involves a certain
degree of judgment due to the complexity of projects
and uncertainty about costs to complete. This is a key
audit matter because there is a high degree of risk
associated with estimating the amount of revenue and
related profit to be recognized for the period, and
changes to these estimates could give rise to important
variances.
Summary of the procedures performed
• We obtained an understanding of the process
related to the follow-up of real estate development
projects, and the process of revenue and margin
recognition. We considered the design and
implementation of the related key internal
controls, including management review controls.
• We have discussed with management and budget
controllers the percentage of completion of the
development and the related project risks (status
of obtaining permit, evolution of the construction,
sales rhythm of housing units, remaining
inventories).
• We have selected a sample of projects under
development and verified the costs incurred to
date for land purchases and work in progress. We
also recalculated the percentage of completion at
balance sheet date, agreed sales values to
contracts, and verified the accuracy of the revenue
recognition formula.
• We evaluated the financial performance of specific
projects against budget and historical trends,
specifically in view of assessing the reasonableness
of the costs to complete.
• For a sample of projects with realized sales, we
analyzed the actual sales prices to identify risks of
overvaluation of the net book value of their
remaining inventories.
• We analyzed management’s calculation methods to
determine net realizable values, and assessed the
reasonableness and coherence of the valuation
models and assumptions used by management.
• We verified that the net book value of inventories
is stated at the lower of estimated net realizable
value or historical cost.
• We assessed the adequacy of the information
disclosed in notes 2 and 18 to the Consolidated
Financial Statements.
Responsibilities of the Board of Directors for the
preparation of the Consolidated Financial
Statements
The Board of Directors is responsible for the
preparation of the Consolidated Financial Statements
that give a true and fair view in accordance with the
IFRS Accounting Standards and with applicable legal
and regulatory requirements in Belgium and for such
internal controls relevant to the preparation of the
Consolidated Financial Statements that are free from
material misstatement, whether due to fraud or error.
As part of the preparation of Consolidated Financial
Statements, the Board of Directors is responsible for
assessing the Company’s ability to continue as a going
concern, and provide, if applicable, information on
matters impacting going concern, The Board of
Directors should prepare the financial statements using
the going concern basis of accounting, unless the Board
of Directors either intends to liquidate the Company or
to cease business operations, or has no realistic
alternative but to do so.
Our responsibilities for the audit of the
Consolidated Financial Statements
Our objectives are to obtain reasonable assurance
whether the Consolidated Financial Statements are free
from material misstatement, whether due to fraud or
error, and to express an opinion on these Consolidated
Financial Statements based on our audit. Reasonable
assurance is a high level of assurance, but not a
guarantee that an audit conducted in accordance with
the ISA’s will always detect a material misstatement
when it exists. Misstatements can arise from fraud or
error and considered material if, individually or in the
aggregate, they could reasonably be expected to
influence the economic decisions of users taken on the
basis of these Consolidated Financial Statements.
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Audit report dated 30 March 2026 on the Consolidated Financial Statements
of Compagnie d'Entreprises CFE SA/Aannemingsmaatschappij CFE NV as of and
for the year ended 31 December 2025 (continued)
In performing our audit, we comply with the legal,
regulatory and normative framework that applies to
the audit of the Consolidated Financial Statements in
Belgium. However, a statutory audit does not provide
assurance about the future viability of the Company
and the Group, nor about the efficiency or
effectiveness with which the board of directors has
taken or will undertake the Company's and the Group’s
business operations. Our responsibilities with regards
to the going concern assumption used by the board of
directors are described below.
As part of an audit in accordance with ISA’s, we
exercise professional judgment and we maintain
professional skepticism throughout the audit. We also
perform the following tasks:
• identification and assessment of the risks of
material misstatement of the Consolidated
Financial Statements, whether due to fraud or
error, the planning and execution of audit
procedures to respond to these risks and obtain
audit evidence which is sufficient and appropriate
to provide a basis for our opinion. The risk of not
detecting material misstatements resulting from
fraud is higher than when such misstatements
result from errors, since fraud may involve
collusion, forgery, intentional omissions,
misrepresentations, or the override of internal
control;
• obtaining insight in the system of internal controls
that are relevant for the audit and with the
objective to design audit procedures that are
appropriate in the circumstances, but not for the
purpose of expressing an opinion on the
effectiveness of the Group’s internal control;
• evaluating the selected and applied accounting
policies, and evaluating the reasonability of the
accounting estimates and related disclosures made
by the Board of Directors as well as the underlying
information given by the Board of Directors;
• conclude on the appropriateness of the Board of
Directors’ use of the going-concern basis of
accounting, and based on the audit evidence
obtained, whether or not a material uncertainty
exists related to events or conditions that may cast
significant doubt on the Company’s or Group’s
ability to continue as a going concern. If we
conclude that a material uncertainty exists, we are
required to draw attention in our auditor’s report
to the related disclosures in the Consolidated
Financial Statements or, if such disclosures are
inadequate, to modify our opinion. Our conclusions
are based on audit evidence obtained up to the
date of the auditor’s report. However, future
events or conditions may cause the Company to
cease to continue as a going-concern;
• evaluating the overall presentation, structure and
content of the Consolidated Financial Statements,
and evaluating whether the Consolidated Financial
Statements reflect a true and fair view of the
underlying transactions and events.
We communicate with the Audit Committee within the
Board of Directors regarding, among other matters, the
planned scope and timing of the audit and significant
audit findings, including any significant deficiencies in
internal control that we identify during our audit.
Because we are ultimately responsible for the opinion,
we are also responsible for directing, supervising and
performing the audits of the subsidiaries. In this respect
we have determined the nature and extent of the audit
procedures to be carried out for group entities.
We provide the Audit Committee within the Board of
Directors with a statement that we have complied with
relevant ethical requirements regarding independence,
and to communicate with them all relationships and
other matters that may reasonably be thought to bear
on our independence, and where applicable, related
safeguards.
From the matters communicated with the Audit
Committee within the Board of Directors, we determine
those matters that were of most significance in the
audit of the Consolidated Financial Statements of the
current period and are therefore the key audit matters.
We describe these matters in our report, unless the law
or regulations prohibit this.
Report on other legal and regulatory requirements
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Annual report 2025 - CFE
228
Responsibilities of the Board of Directors
The Board of Directors is responsible for the preparation
and the content of the Board of Directors’ report on the
Consolidated Financial Statements and other information
included in the annual report.
Responsibilities of the auditor
In the context of our mandate and in accordance with the
additional standard to the ISA’s applicable in Belgium, it is
our responsibility to verify, in all material respects, the
Board of Directors’ report on the Consolidated Financial
Statements and the other information included in the
annual report, as well as to report on these matters.
Aspects relating to Board of Directors’ report
The Board of Directors’ report on the Consolidated Financial
Statements contains the consolidated sustainability
information that is subject to our separate limited assurance
report. This section does not cover the assurance on the
consolidated sustainability information included in the
Board of Directors’ report.
In our opinion, after carrying out specific procedures on the
Board of Directors’ report, the Board of Directors’ report is
consistent with the Consolidated Financial Statements and
has been prepared in accordance with article 3:32 of the
Code of companies and associations.
In the context of our audit of the Consolidated Financial
Statements, we are also responsible to consider whether,
based on the information that we became aware of during
the performance of our audit, the Board of Directors’ report
and other information included in the annual report, being:
• Key financial figures
contain any material inconsistencies or contains information
that is inaccurate or otherwise misleading. In light of the
work performed, there are no material inconsistencies to be
reported.
Independence matters
Our audit firm and our network have not performed any
services that are not compatible with the audit of the
Consolidated Financial Statements and have remained
independent of the Group during the course of our
mandate.
The fees related to additional services which are compatible
with the audit of the Consolidated Financial Statements as
referred to in article 3:65 of the Code of companies and
associations were duly itemized and valued in the notes to
the Consolidated Financial Statements.
European single electronic format (“ESEF”)
In accordance with the standard on the audit of the
conformity of the financial statements with the European
single electronic format (hereinafter "ESEF"), we have
carried out the audit of the compliance of the ESEF format
with the regulatory technical standards set by the European
Delegated Regulation No 2019/815 of 17 December 2018
(hereinafter: "Delegated Regulation").
The Supervisory Board is responsible for the preparation, in
accordance with the ESEF requirements, of the consolidated
financial statements in the form of an electronic file in ESEF
format (hereinafter 'the digital consolidated financial
statements') included in the annual financial report available
on the portal of the FSMA (https://www.fsma.be/en/data-
portal).
It is our responsibility to obtain sufficient and appropriate
supporting evidence to conclude that the format and
markup language of the digital consolidated financial
statements comply in all material respects with the ESEF
requirements under the Delegated Regulation.
Based on the work performed by us, we conclude that the
format and tagging of information in the digital consolidated
financial statements of the Compagnie d'Entreprises CFE SA/
Aannemingsmaatschappij CFE NV per 31 December 2025
included in the annual financial report available on the
portal of the FSMA (https://www.fsma.be/en/data-portal)
are, in all material respects, in accordance with the ESEF
requirements under the Delegated Regulation.
Other communications.
• This report is consistent with our supplementary
declaration to the Audit Committee as specified in
article 11 of the regulation (EU) nr. 537/2014.
Diegem, 30 March 2026
EY Bedrijfsrevisoren BV
Statutory auditor
Represented by
Marnix Van Dooren *
Partner
*Acting on behalf of a BV/SRL
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229
PARENT COMPANY FINANCIAL STATEMENTS
P
ARENT COMPANY STATEMENTS OF FINANCIAL POSITION AND COMPREHENSIVE
INCOME
(BEGAAP)
Year ended 31 December
(in € thousands)
2025 2024
Start-up costs
0
0
Non-current assets
318,002
314,109
Intangible assets 55 82
Property, plant and equipment 1,464 1,427
Financial assets
316,483
312,600
- Related parties 316,478 312,595
- Other 5 5
Current assets
99,496
104,415
Receivables at more than 1 year 0 0
Inventories and work in progress 0 0
Receivables at up to 1 year 10,408 10,520
- Trade receivables
5,686
6,590
- Other receivables 4,722 3,930
Cash investments 21,557 5,065
Cash equivalents 60,847 82,870
Prepaid expenses 6,684 5,960
Total assets 417,498 418,524
Equity
135,567
139,043
Share capital 8,136 8,136
Share premium 116,662 116,662
Revaluation surplus
0
0
Reserves 7,680 6,274
Retained earnings/(losses) 3,089 7,972
Provisions and deferred taxes
4,364
3,988
Liabilities
277,567
275,492
Non-current liabilities 70,301 105,355
Current liabilities 203,584 166,257
- Current portion of amounts payable after more than one year falling due within one
year
53 53
- Financial debt 0 0
- Trade payables 5,332 4,947
- Tax liabilities, social liabilities and down payments on orders 1,005 894
- Other payables 197,194 160,363
Prepaid income 3,682 3,880
Total equity and liabilities
417,498
418,524
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Year ended 31 December
(in € thousands)
2025 2024
RESULT
Sales of goods and services
17,337
17,854
Costs of goods sold and services provided (23,749) (22,009)
- Merchandise (734) (76)
- Services and other goods
(16,804)
(16,022)
- Remuneration and social security payments (5,542) (5,500)
- Depreciation, amortisation, impairment and provisions (529) (181)
- Other (140) (230)
Operating income (6,412) (4,155)
Financial income 22,433 21,869
Financial expenses (7,190) (11,063)
Result before tax
8,831
6,651
Tax (current and adjustments) 6 (9)
Result for the period
8,837
6,642
APPOPRIATION OF INCOME
Result for the period 9,257 6,642
Retained earnings from previous period 7,972 11,251
Dividend (12,313) (9,921)
Legal reserve
0
0
Other reserves (1,826) 0
Retained earnings carried forward 3,089 7,972
ANALYSIS OF STATEMENTS OF FINANCIAL POSITION AND COMPREHENSIVE INCOME
As of December 31, 2025, non-current liabilities amount to € 70 million and include amounts drawn down on the confirmed
bilateral credit facilities (€40 million) and €30 million in medium-term treasury notes.
Financial results mainly include the proceeds of dividends paid by BPI Real Estate Belgium SA (€8 million), CFE Contracting NV (€
7 million) en Green Offshore NV (€ 2,25 million) compensated by interests expenses on the financial debts.
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GENERAL INFORMATION ABOUT THE COMPANY
Registered ofce:
Avenue Edmond Van Nieuwenhuyse 30, 1160 Brussels
RLP Brussels n° 0400.464.795
Email address: [email protected]
Website: https://www.cfe.be
Date of incorporation, latest amendments to the articles of association
The Company was incorporated by notarial deed of 21 June 1880, published in the Annexes to the Moniteur Belge of 27 June 1880
under number 911, of which the articles of association have been amended several times, most recently by notarial deed of 2 May
2024, published in extracts in the Annexes to the Moniteur Belge of 6 June 2024 under number 24085750.
Duration of the Company
Unlimited
Company form - Applicable law
Public Limited Company incorporated under Belgian law
Purpose of the Company
The purpose of the company is to study and provide any work or construction within each and every of its specialist areas, in par-
ticular electricity and the environment, in Belgium and abroad, singly or jointly with other natural or legal persons, for its own ac-
count or on behalf of third parties belonging to the public or private sector. It may also perform services related to these activities,
directly or indirectly operate them or license them out or carry out any purchase, sale, rent or lease operation whatsoever in respect
of such undertakings.
It may directly or indirectly acquire, hold or sell equity interests in any company or undertaking existing now or in the future by way
of acquisition, merger, spin-off or any other means.
It may carry out any commercial, industrial, administrative or nancial operations or operations involving movable or immovable
property that are directly or indirectly related to its purpose, even partially, or that could facilitate or develop that purpose, either for
itself or for its subsidiaries.
The company’s share capital
Issued capital
At the end of the nancial year, the Company’s share capital amounted to € 8,135,621.14, divided into 25,314,482 shares, with no de
-
clared par value. All shares are fully paid up.
Authorised capital
In virtue of the decision of the extraordinary general meeting of shareholders of 2 May 2024, the Board of Directors is authorised, in
the ve-year period of the publication of the amendment to the articles of association of 6 June 2022,, to increase the Company’s
capital – in one or more operations – by up to a maximum amount of € 3,000,000 (excluding the premium on resignation)..
The capital increases decided upon by virtue of this authorisation may be carried out in accordance with the terms and condi
-
tions to be determined by the Board of Directors, and in particular by contributions in cash or in kind, by capitalisation of available
or unavailable reserves or of share premiums, with or without the creation of new shares, whether preference shares or not, with or
without voting rights, issued below, above or at par value, within the limits permitted by law.
Type of shares
The Company’s shares are fully paid up and are registered or in electronic form. Any holder of shares may at any time, at their own
expense, request the conversion of their fully paid-up shares into another form, within the limits of the law, suspend ownership, usu
-
fruct or bare.
Place where the Company’s documents may be consulted
The statutory and consolidated nancial statements of the Company are led with the National Bank of Belgium. The coordinated
version of the Company’s articles of association can be consulted at the ofce of the Commercial Court of Brussels, Brussels divi
-
sion. The annual nancial report is sent to the registered shareholders and any person who so requests. The coordinated version of
the articles of association and the annual nancial report are also available on the website (www.cfe.be).
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