ACTIVE

Skeyes

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Financial year 2025 · closed on 31/12/2025
Net result
18,6 M €
+17.5% YoY
Revenue
352,9 M €
+5.3% YoY
Equity
327,5 M €
+6.1% YoY
Workforce
966,3 ETP
+1.6% YoY

What does Skeyes do?

Skeyes is a Public establishment incorporated in 1946. Its main activity is: Service activities incidental to air transportation. Its registered office is in Bruxelles. It employs on average 966,3 ETP workers (FTE).

Legal situation
● Normal situation
BCE/KBO no. / VAT
BE 0206.048.091
Incorporation
20/11/1946
Legal form
Public establishment
Registered office
Square de Meeûs 35
1000 Bruxelles · BruxellesSee on map
Contributed capital
170 000 000,00 €
Latest accounts
31/12/2025
Average workforce
966,3 ETP
Activities (NACE)
52230Service activities incidental to air transportation· main52230Service activities incidental to air transportation63230Information service activities
Signals
ProfitableSolid equityLow riskGood liquidityPositive cashflowPositive EBITDAHealthy social debtsHigh revenue
View the BCE/KBO Public Search record →
Health score
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Recommended credit limit
✦ Verdict · Analyst summary
Financials

Trend over 10 financial years

2025202420232022202120202019201820172016
Income statement
Revenue352,9 M €335,2 M €309,6 M €306,1 M €271,9 M €234 M €245,2 M €240,4 M €234,8 M €224 M €
EBITDA32,7 M €30,7 M €18,1 M €34,7 M €33,5 M €4,7 M €13,5 M €26,3 M €35,9 M €40,2 M €
Operating result20,5 M €12,4 M €6,8 M €19,3 M €20,9 M €-11,3 M €1,5 M €16,7 M €22,4 M €26,3 M €
Net result18,6 M €15,8 M €9,1 M €18,8 M €20,4 M €-11,9 M €1,5 M €16,7 M €22,5 M €26,4 M €
Balance sheet
Equity327,5 M €308,8 M €290,3 M €281,3 M €237,4 M €218,9 M €230,7 M €229,2 M €212,5 M €188 M €
Total assets546,7 M €537,8 M €559 M €535,5 M €495,4 M €379,5 M €297,3 M €309,4 M €272,5 M €246,4 M €
Cash1,9 M €6,6 M €34,2 M €54,5 M €14,7 M €47,1 M €28,7 M €43 M €38,7 M €78,7 M €
Debts154,7 M €170,7 M €196,7 M €196,9 M €200,8 M €107,3 M €38,6 M €54 M €36,9 M €31,9 M €
Other
Workforce966,3 ETP950,9 ETP934,2 ETP894,5 ETP889,1 ETP883,1 ETP855,0 ETP842,3 ETP795,9 ETP776,2 ETP
Estimate

Indicative valuation

As an indication, this company is worth

between 250 M€ and 500 M€
See the valuation
Governance

Board of directors

Seen on filing of 31/12/2025 · 10 active · 42 ended

Active mandates

Fons BORGINON

Director · since 22 avril 2022 · until 16 janvier 2028

Active
Jean LEBLON

Director · since 17 janvier 2022 · until 16 janvier 2028

Active
Johan DECUYPER

Managing director · since 17 janvier 2022 · until 16 janvier 2028

Active
Julie LUDMER

Director · since 17 janvier 2022 · until 16 janvier 2028

Active
Kurt VAN RAEMDONCK

Director · since 17 janvier 2022 · until 16 janvier 2028

Active
Laurent VRIJDAGHS

Chairman of the board of directors · since 17 janvier 2022 · until 16 janvier 2028

Active
Liesbeth VAN DER AUWERA

Director · since 17 janvier 2022 · until 16 janvier 2028

Active
Luc LAVEYNE

Director · since 17 janvier 2022 · until 16 janvier 2028

Active
Renaud LORAND

Director · since 17 janvier 2022 · until 16 janvier 2028

Active
Sandra STAINIER

Director · since 17 janvier 2022 · until 16 janvier 2028

Active

Ended mandates

Fons 2 BORGINON

Director · since 22 avril 2022 · until 16 janvier 2028

Ended
Elisabeth MATTHYS

Director · since 17 janvier 2022 · until 21 avril 2022

Ended
Renaud 2 LORAND

Director · since 17 janvier 2022 · until 16 janvier 2028

Ended
Philippe ROLAND

Commissaire, nommé par la Cour des Comptes · since 10 septembre 2021 · until 09 septembre 2027

Ended
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Annual accounts

Full financial information

202520242023202220212020
Type of accountFull modelFull modelFull modelFull modelFull modelFull model
Start of the financial year01/01/202501/01/202401/01/202301/01/202201/01/202101/01/2020
Closing of the financial year31/12/202531/12/202431/12/202331/12/202231/12/202131/12/2020
Length of the financial year12 months12 months12 months12 months12 months12 months
Filing date01/06/202626/06/202524/06/202411/07/202311/07/202220/07/2021
General meeting26/05/202624/06/202531/05/202431/05/202304/07/202226/05/2021
Currency of the financial yearEUREUREUREUREUREUR
NBB quality labelSatisfying controlsSatisfying controlsSatisfying controlsSatisfying controlsSatisfying controlsSatisfying controls
Ratios

Financial ratios

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Filings

Annual accounts filings

76 filings with the NBB

ModelClosingGeneral meetingFiledLanguageDocument
Full model31/12/202526/05/202601/06/2026DutchPDF
Full model31/12/202526/05/202601/06/2026FrenchPDF
m120-f-p31/12/202526/05/202601/06/2026DutchPDF
m120-f-p31/12/202526/05/202601/06/2026FrenchPDF
Full model31/12/202424/06/202526/06/2025DutchPDF
Full model31/12/202424/06/202526/06/2025FrenchPDF
m120-f-p31/12/202424/06/202526/06/2025DutchPDF
m120-f-p31/12/202424/06/202526/06/2025FrenchPDF
Full model31/12/202331/05/202424/06/2024FrenchPDF
Full model31/12/202331/05/202424/06/2024DutchPDF
m120-f-p31/12/202331/05/202424/06/2024FrenchPDF
m120-f-p31/12/202331/05/202424/06/2024DutchPDF
Full model31/12/202231/05/202311/07/2023FrenchPDF
Full model31/12/202231/05/202311/07/2023DutchPDF
m120-f-p31/12/202231/05/202317/07/2023FrenchPDF
m120-f-p31/12/202231/05/202317/07/2023DutchPDF
Full model31/12/202104/07/202211/07/2022FrenchPDF
Full model31/12/202104/07/202211/07/2022DutchPDF
m120-f-p31/12/202104/07/202225/07/2022DutchPDF
m120-f-p31/12/202104/07/202225/07/2022FrenchPDF
Full model31/12/202026/05/202120/07/2021DutchPDF
Full model31/12/202026/05/202120/07/2021FrenchPDF
m120-f-p31/12/202026/05/202120/07/2021FrenchPDF
m120-f-p31/12/202026/05/202120/07/2021DutchPDF

View all 76 filings

Estimate

Indicative valuation

Order of magnitude

As an indication, this company is worth

between 250 M€ and 500 M€

The detail comes with the Business plan: low and high bounds, the valuation bridge for each financial year, transaction multiples by sector and size, group valuation and exports.

Discover the Business plan
Disclaimer

Indicative estimate based on public sector multiples and the filed annual accounts. It is neither a certified valuation nor financial or investment advice.

Governance

Board of directors

Seen on filing of 31/12/2025 · 10 active · 42 ended

Active mandates

Fons BORGINON

Director · since 22 avril 2022 · until 16 janvier 2028

Active
Jean LEBLON

Director · since 17 janvier 2022 · until 16 janvier 2028

Active
Johan DECUYPER

Managing director · since 17 janvier 2022 · until 16 janvier 2028

Active
Julie LUDMER

Director · since 17 janvier 2022 · until 16 janvier 2028

Active
Kurt VAN RAEMDONCK

Director · since 17 janvier 2022 · until 16 janvier 2028

Active
Laurent VRIJDAGHS

Chairman of the board of directors · since 17 janvier 2022 · until 16 janvier 2028

Active
Liesbeth VAN DER AUWERA

Director · since 17 janvier 2022 · until 16 janvier 2028

Active
Luc LAVEYNE

Director · since 17 janvier 2022 · until 16 janvier 2028

Active
Renaud LORAND

Director · since 17 janvier 2022 · until 16 janvier 2028

Active
Sandra STAINIER

Director · since 17 janvier 2022 · until 16 janvier 2028

Active

Ended mandates

Fons 2 BORGINON

Director · since 22 avril 2022 · until 16 janvier 2028

Ended
Elisabeth MATTHYS

Director · since 17 janvier 2022 · until 21 avril 2022

Ended
Renaud 2 LORAND

Director · since 17 janvier 2022 · until 16 janvier 2028

Ended
Philippe ROLAND

Commissaire, nommé par la Cour des Comptes · since 10 septembre 2021 · until 09 septembre 2027

Ended
Shareholders

Ownership and network

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Competition

Similar companies

A company's peers, by sector and size, are included in the Business plan.

See the Business plan

Timeline

  1. 2025
    Annual accounts 202518,6 M €↑
  2. 2024
    Annual accounts 202415,8 M €↑
  3. 2023
    Annual accounts 20239,1 M €↓
  4. 2022
    Annual accounts 202218,8 M €↓
  5. 2021
    Annual accounts 202120,4 M €↑
  6. 2020
    Annual accounts 2020-11,9 M €↓
  7. 2019
    Annual accounts 20191,5 M €↓
  8. 2018
    Annual accounts 201816,7 M €↓
  9. 2017
    Annual accounts 201722,5 M €↓
  10. 2016
    Annual accounts 201626,4 M €
  11. 20/11/1946
    IncorporationPublic establishment