ACTIVE

Caroline

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Financial year 2025 · closed on 31/12/2025

Net result

2,7 M €

+8.3% YoY

Revenue

26,9 M €

+9.9% YoY

Equity

7,2 M €

+47.7% YoY

Workforce

36,9 ETP

+1.1% YoY

What does Caroline do?

Caroline is a Public limited company incorporated in 1963. Its main activity is: Manufacture of other outerwear. Its registered office is in Lebbeke. It employs on average 36,9 ETP workers (FTE).

Legal situation

● Normal situation

BCE/KBO no. / VAT

BE 0400.278.715

Incorporation

20/12/1963

Legal form

Public limited company

Registered office

Kouterbaan 44
9280 Lebbeke · FlandreSee on map

Contributed capital

1 603 641,05 €

Latest accounts

31/12/2025

Average workforce

36,9 ETP

Activities (NACE)

14130Manufacture of other outerwear· main 14210Manufacture of articles of fur 18221Reproduction of recorded media 46423Wholesale of clothing and footwear 51421Air transport 14230Manufacture of articles of fur+2

Joint committees (2)

Signals

ProfitableSolid equityLow riskGood liquidityPositive cashflowPositive EBITDAHealthy social debtsHigh revenue

View the BCE/KBO Public Search record →

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✦ Verdict · Analyst summary

Financials

Trend over 17 financial years

	2025		2024		2023		2022		2021		2017		2016		2015		2014		2013		2012		2011		2010		2009		2008		2007		2006
Income statement
Revenue	26,9 M €	+9.9%	24,5 M €	+8.5%	22,5 M €	+6.2%	21,2 M €	+13.0%	18,8 M €	-9.8%	20,8 M €	+4.6%	19,9 M €	+2.8%	19,3 M €	+6.3%	18,2 M €	-0.3%	18,2 M €	+6.2%	17,2 M €	+15.6%	14,9 M €	+8.1%	13,8 M €	+14.1%	12,1 M €	-2.3%	12,3 M €	-7.6%	13,3 M €	-8.6%	14,6 M €
EBITDA	3,9 M €	+39.5%	2,8 M €	+11.8%	2,5 M €	+70.3%	1,5 M €	-52.9%	3,1 M €	+143%	1,3 M €	-36.5%	2 M €	-2.0%	2,1 M €	-2.4%	2,1 M €	-10.6%	2,4 M €	-19.9%	3 M €	+40.5%	2,1 M €	+6.9%	2 M €	+140%	824,6 k €	+102%	407,4 k €	-66.6%	1,2 M €	-21.7%	1,6 M €
Operating result	3,6 M €	+26.7%	2,8 M €	+31.4%	2,2 M €	+95.9%	1,1 M €	-59.4%	2,7 M €	+203%	896,4 k €	-46.1%	1,7 M €	-2.9%	1,7 M €	-3.0%	1,8 M €	-6.1%	1,9 M €	-27.8%	2,6 M €	+48.0%	1,8 M €	+4.9%	1,7 M €	+198%	563,2 k €	+658%	74,3 k €	-92.5%	988,3 k €	-28.6%	1,4 M €
Net result	2,7 M €	+8.3%	2,5 M €	+48.8%	1,7 M €	+131%	723 k €	-61.8%	1,9 M €	+169%	702,3 k €	-60.0%	1,8 M €	+11.3%	1,6 M €	-6.4%	1,7 M €	+20.1%	1,4 M €	+14.4%	1,2 M €	+54.6%	792,5 k €	+18.5%	669 k €	+323%	158,3 k €	+132%	-497,1 k €	-160%	826,3 k €	-46.0%	1,5 M €
Balance sheet
Equity	7,2 M €	+47.7%	4,9 M €	-34.1%	7,4 M €	+22.6%	6,1 M €	+13.5%	5,3 M €	-50.0%	10,7 M €	+1.9%	10,5 M €	-9.8%	11,6 M €	+15.7%	10,1 M €	+0.8%	10 M €	+6.4%	9,4 M €	+15.0%	8,2 M €	-0.1%	8,2 M €	+3.4%	7,9 M €	+189%	2,7 M €	-15.4%	3,2 M €	+34.4%	2,4 M €
Total assets	14,6 M €	+25.8%	11,6 M €	-23.3%	15,1 M €	+27.5%	11,9 M €	-1.8%	12,1 M €	-34.2%	18,4 M €	+4.2%	17,6 M €	+8.3%	16,3 M €	-0.5%	16,4 M €	-7.4%	17,7 M €	-1.6%	17,9 M €	+0.5%	17,9 M €	+1.5%	17,6 M €	+1.4%	17,4 M €	+2.9%	16,9 M €	+2.4%	16,5 M €	-1.3%	16,7 M €
Cash	2,2 M €	+64.4%	1,4 M €	-50.2%	2,7 M €	+80.1%	1,5 M €	-48.0%	2,9 M €	+2009%	138,1 k €	-65.7%	402,1 k €	+102%	199,5 k €	-69.3%	649,6 k €	+96.3%	330,9 k €	-3.4%	342,4 k €	-70.5%	1,2 M €	+141%	480,1 k €	-45.9%	887,3 k €	-31.3%	1,3 M €	+229%	391,9 k €	-35.3%	605,7 k €
Debts	7,4 M €	+9.7%	6,7 M €	-12.8%	7,7 M €	+34.1%	5,7 M €	-14.0%	6,7 M €	-13.0%	7,7 M €	+12.6%	6,8 M €	+55.2%	4,4 M €	-26.6%	6 M €	-18.6%	7,3 M €	-11.5%	8,3 M €	-12.6%	9,5 M €	+2.3%	9,3 M €	-0.3%	9,3 M €	-33.4%	14 M €	+6.8%	13,1 M €	-6.7%	14 M €
Other
Workforce	36,9 ETP	+1.1%	36,5 ETP	-25.8%	49,2 ETP	-7.7%	53,3 ETP	+20.0%	44,4 ETP	+0.5%	44,2 ETP	+4.0%	42,5 ETP	+3.4%	41,1 ETP	+2.8%	40,0 ETP	-3.1%	41,3 ETP	+2.2%	40,4 ETP	-2.2%	41,3 ETP	+2.2%	40,4 ETP	-2.2%	41,3 ETP	-24.5%	54,7 ETP	-12.9%	62,8 ETP	-12.8%	72,0 ETP

Estimate

Indicative valuation

As an indication, this company is worth

between 25 M€ and 50 M€

See the valuation

Governance

Board of directors

Seen on filing of 31/12/2025 · 2 active · 24 ended

Active mandates

IMMO44

Managing director · since 15 juin 2021 · until 15 juin 2027 · 0701.752.636

Represented by Anne-Christine Bouckaert

Active

MATHO

Managing director · since 15 juin 2021 · until 25 juin 2027 · 0450.841.548

Represented by Bart Saelen

Active

Ended mandates

FASHION44

Chairman of the board of directors · since 30 juin 2023 · until 19 juin 2029 · 0700.986.930

Represented by Anne-Christine Bouckaert

Ended

FASHION44

Managing director · since 30 juin 2023 · until 19 juin 2029 · 0700.986.930

Represented by Anne-Christine Bouckaert

Ended

MATHO

Managing director · since 30 juin 2023 · until 19 juin 2029 · 0450.841.548

Represented by Bart Saelen

Ended

FASHION44

Managing director · since 15 juin 2021 · until 15 juin 2027 · 0700.986.930

Represented by Anne-Christine Bouckaert

Ended

At this address

Other companies at this address

Company	CBE no.
CETEX NOORD● Active	0433.143.897
Cetex Sud● Active	0560.708.993
FASHION44● Active	0700.986.930
FourC● Active	1012.618.236
IMMO44● Active	0701.752.636
IMMOCEL● Active	0463.132.339

Annual accounts

Full financial information

	2025	2024	2023	2022	2021	2020
Type of account	Full model	Full model	Full model	Full model	Full model	Full model
Start of the financial year	01/01/2025	01/01/2024	01/01/2023	01/01/2022	01/01/2021	01/01/2020
Closing of the financial year	31/12/2025	31/12/2024	31/12/2023	31/12/2022	31/12/2021	31/12/2020
Length of the financial year	12 months	12 months	12 months	12 months	12 months	12 months
Filing date	10/08/2026	10/07/2025	04/07/2024	12/07/2023	18/07/2022	08/07/2021
General meeting	16/06/2026	17/06/2025	18/06/2024	20/06/2023	21/06/2022	15/06/2021
Currency of the financial year	EUR	EUR	EUR	EUR	EUR	EUR
NBB quality label	Satisfying controls	Satisfying controls	Satisfying controls	Satisfying controls	Satisfying controls	Satisfying controls

Ratios

Financial ratios

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Filings

Annual accounts filings

21 filings with the NBB

Model	Closing	General meeting	Filed	Language	Document
Full model	31/12/2025	16/06/2026	10/08/2026	Dutch	PDF
Full model	31/12/2024	17/06/2025	10/07/2025	Dutch	PDF
Full model	31/12/2023	18/06/2024	04/07/2024	Dutch	PDF
Full model	31/12/2022	20/06/2023	12/07/2023	Dutch	PDF
Full model	31/12/2021	21/06/2022	18/07/2022	Dutch	PDF
Full model	31/12/2020	15/06/2021	08/07/2021	Dutch	PDF
Full model	31/12/2019	08/09/2020	13/10/2020	Dutch	PDF
Full model	31/12/2018	18/06/2019	17/07/2019	Dutch	PDF
Full model	31/12/2017	06/06/2018	21/06/2018	Dutch	PDF
Full model	31/12/2016	07/06/2017	30/06/2017	Dutch	PDF
Full model	31/12/2015	01/06/2016	22/06/2016	Dutch	PDF
Full model	31/12/2014	03/06/2015	15/06/2015	Dutch	PDF
Full model	31/12/2013	22/05/2014	19/06/2014	Dutch	PDF
Full model	31/12/2012	20/06/2013	30/07/2013	Dutch	PDF
Full model	31/12/2011	22/05/2012	06/06/2012	Dutch	PDF
Full modelCorrection	31/12/2010	10/06/2011	18/07/2011	Dutch	PDF
Full model	31/12/2010	10/06/2011	07/07/2011	Dutch	PDF
Full model	31/12/2009	08/06/2010	30/07/2010	Dutch	PDF
Full model	31/12/2008	16/06/2009	16/07/2009	Dutch	PDF
Full model	31/12/2007	26/06/2008	10/07/2008	Dutch	PDF
Full model	31/12/2006	20/06/2007	03/07/2007	Dutch	PDF

Estimate

Indicative valuation

Order of magnitude

As an indication, this company is worth

between 25 M€ and 50 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 · 2 active · 24 ended

Active mandates

IMMO44

Managing director · since 15 juin 2021 · until 15 juin 2027 · 0701.752.636

Represented by Anne-Christine Bouckaert

Active

MATHO

Managing director · since 15 juin 2021 · until 25 juin 2027 · 0450.841.548

Represented by Bart Saelen

Active

Ended mandates

FASHION44

Chairman of the board of directors · since 30 juin 2023 · until 19 juin 2029 · 0700.986.930

Represented by Anne-Christine Bouckaert

Ended

FASHION44

Managing director · since 30 juin 2023 · until 19 juin 2029 · 0700.986.930

Represented by Anne-Christine Bouckaert

Ended

MATHO

Managing director · since 30 juin 2023 · until 19 juin 2029 · 0450.841.548

Represented by Bart Saelen

Ended

FASHION44

Managing director · since 15 juin 2021 · until 15 juin 2027 · 0700.986.930

Represented by Anne-Christine Bouckaert

Ended

Shareholders

Ownership and network

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Belgian Official Gazette

Belgian Official Gazette publications

Mandates10/12/2025
ONTSLAGEN - BENOEMINGEN
PDF
Mandates30/01/2024
ONTSLAGEN - BENOEMINGEN
PDF
Mandates05/07/2023
STATUTEN (VERTALING, COÖRDINATIE, OVERIGE WIJZIGINGEN, ) - DOEL - ONTSLAGEN - BENOEMINGEN
PDF
Mandates23/11/2021
ONTSLAGEN - BENOEMINGEN
PDF
Mandates21/02/2019
ONTSLAGEN - BENOEMINGEN
PDF
Mandates16/01/2019
ONTSLAGEN - BENOEMINGEN
PDF
Restructuring05/09/2018
RUBRIEK HERSTRUCTURERING (FUSIE, SPLITSING, OVERDRACHT VERMOGEN, ENZ...)
PDF
Restructuring27/06/2018
RUBRIEK HERSTRUCTURERING (FUSIE, SPLITSING, OVERDRACHT VERMOGEN, ENZ...)
PDF

Source: Belgian Official Gazette

Competition

Similar companies

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

See the Business plan

2025
Annual accounts 20252,7 M €↑
2024
Annual accounts 20242,5 M €↑
2023
Annual accounts 20231,7 M €↑
2022
Annual accounts 2022723 k €↓
2021
Annual accounts 20211,9 M €↑
2017
Annual accounts 2017702,3 k €↓
2016
Annual accounts 20161,8 M €↑
2015
Annual accounts 20151,6 M €↓
2014
Annual accounts 20141,7 M €↑
2013
Annual accounts 20131,4 M €↑
2012
Annual accounts 20121,2 M €↑
2011
Annual accounts 2011792,5 k €↑
2010
Annual accounts 2010669 k €↑
2009
Annual accounts 2009158,3 k €↑
2008
Annual accounts 2008-497,1 k €↓
2007
Annual accounts 2007826,3 k €↓
2006
Annual accounts 20061,5 M €
20/12/1963
IncorporationPublic limited company

10/15	1 240 000	1 180 000	1 050 000
70	8 630 000	8 120 000	7 940 000
9904	412 000	388 000	301 000
17/49	2 970 000	3 140 000	3 380 000
9087	24,3	23,1	21,8

Caroline

Overview

What does Caroline do?

Trend over 17 financial years

Indicative valuation

Board of directors

Other companies at this address

Financials

Full financial information

Financial ratios

Annual accounts filings

Valuation

Indicative valuation

Directors & structure

Board of directors

Ownership and network

Publications

Belgian Official Gazette publications

Similar companies

Similar companies

Timeline