ETEX
0400.454.404 · rovalta.com · 22/09/2026
ACTIVE
ETEX
Financial year 2025 · closed on 31/12/2025
Net result
29,2 M €
-81.7% YoY
Revenue
58,7 M €
+10.3% YoY
Equity
2,1 Md €
-0.7% YoY
Workforce
100,5 ETP
-2.0% YoY
Overview
What does ETEX do?
ETEX is a Public limited company incorporated in 1947. Its main activity is: Activities of holding companies. Its registered office is in Zaventem. It employs on average 100,5 ETP workers (FTE).
Legal situation
● Normal situation
BCE/KBO no. / VAT
BE 0400.454.404
Incorporation
02/06/1947
Legal form
Public limited company
Registered office
Luchthaven Brussel Nationaal 1 K
1930 Zaventem · FlandreSee on map
1930 Zaventem · FlandreSee on map
Contributed capital
3 276 023,89 €
Latest accounts
31/12/2025
Average workforce
100,5 ETP
Activities (NACE)
Joint committees (4)
- 100
- 10603
- 200
- 218
Signals
ProfitableSolid equityPositive cashflowHealthy social debtsHigh revenue
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Financials
Trend over 18 financial years
| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 | 2013 | 2012 | 2010 | 2009 | 2008 | 2007 | ||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Income statement | |||||||||||||||||||||||||||||||||||
| Revenue | 58,7 M € | +10.3% | 53,2 M € | -11.4% | 60 M € | +4.2% | 57,6 M € | -4.1% | 60 M € | +62.0% | 37,1 M € | +11.7% | 33,2 M € | +35.4% | 24,5 M € | +8.9% | 22,5 M € | +26.2% | 17,8 M € | -2.8% | 18,3 M € | -3.5% | 19 M € | -6.3% | 20,3 M € | +1.8% | 19,9 M € | +112% | 9,4 M € | -3.5% | 9,7 M € | -3.6% | 10,1 M € | +12.6% | 9 M € |
| EBITDA | -2,1 M € | -1.5% | -2,1 M € | -225% | 1,7 M € | +131% | -5,5 M € | -142% | 13,1 M € | +871% | 1,3 M € | -65.8% | 3,9 M € | +159% | -6,7 M € | -264% | -1,8 M € | +87.2% | -14,3 M € | -548% | -2,2 M € | -426% | -419,4 k € | -192% | 457,8 k € | +156% | -814,8 k € | +79.8% | -4 M € | -38.2% | -2,9 M € | +11.8% | -3,3 M € | +40.0% | -5,5 M € |
| Operating result | 1,7 M € | -69.9% | 5,7 M € | +498% | -1,4 M € | +87.3% | -11,2 M € | -339% | 4,7 M € | +419% | 905,2 k € | -74.4% | 3,5 M € | +149% | -7,3 M € | -249% | -2,1 M € | +85.7% | -14,6 M € | -492% | -2,5 M € | -280% | -646,6 k € | -377% | 233 k € | +123% | -1 M € | +75.8% | -4,3 M € | -23.2% | -3,5 M € | +10.0% | -3,9 M € | +36.2% | -6 M € |
| Net result | 29,2 M € | -81.7% | 159,2 M € | +105% | 77,7 M € | -88.3% | 663,2 M € | +46738% | 1,4 M € | -99.7% | 471,4 M € | +15999% | 2,9 M € | -95.4% | 63,6 M € | +3105% | -2,1 M € | -106% | 33,8 M € | +4107% | -844,1 k € | -146% | 1,8 M € | -95.5% | 41,1 M € | -37.8% | 66 M € | -41.0% | 111,9 M € | -22.5% | 144,3 M € | +14.9% | 125,7 M € | -80.1% | 631,5 M € |
| Balance sheet | |||||||||||||||||||||||||||||||||||
| Equity | 2,1 Md € | -0.7% | 2,1 Md € | +3.7% | 2 Md € | -0.4% | 2 Md € | +41.4% | 1,4 Md € | -4.6% | 1,5 Md € | +35.5% | 1,1 Md € | -1.9% | 1,1 Md € | +1.4% | 1,1 Md € | -4.4% | 1,2 Md € | -0.5% | 1,2 Md € | -3.1% | 1,2 Md € | -2.6% | 1,2 Md € | +0.9% | 1,2 Md € | +4.1% | 1,2 Md € | +8.1% | 1,1 Md € | +12.9% | 956,5 M € | +12.3% | 851,5 M € |
| Total assets | 3,3 Md € | -1.5% | 3,4 Md € | +8.7% | 3,1 Md € | +2.0% | 3 Md € | +46.1% | 2,1 Md € | +19.0% | 1,8 Md € | +2.1% | 1,7 Md € | +15.5% | 1,5 Md € | +1.5% | 1,5 Md € | -4.1% | 1,5 Md € | +23.1% | 1,2 Md € | +0.2% | 1,2 Md € | -2.2% | 1,3 Md € | -1.4% | 1,3 Md € | +6.5% | 1,2 Md € | -6.2% | 1,3 Md € | +10.6% | 1,2 Md € | +30.9% | 889,2 M € |
| Cash | 112,1 k € | -32.3% | 165,5 k € | +203% | 54,6 k € | -27.3% | 75,2 k € | +982% | 7 k € | -95.5% | 155,7 k € | +2192% | 6,8 k € | -90.4% | 70,9 k € | +344% | 16 k € | -86.7% | 119,9 k € | +5.3% | 113,8 k € | -0.8% | 114,7 k € | -19.6% | 142,7 k € | +69.2% | 84,4 k € | -76.4% | 356,8 k € | +107% | 172,3 k € | -30.2% | 247 k € | -63.0% | 668,4 k € |
| Debts | 1,3 Md € | -2.4% | 1,3 Md € | +19.1% | 1,1 Md € | +6.4% | 1 Md € | +55.9% | 650,2 M € | +150% | 259,8 M € | -57.5% | 611,6 M € | +70.2% | 359,4 M € | +2.0% | 352,1 M € | -3.9% | 366,3 M € | +371% | 77,8 M € | +100% | 38,8 M € | +9.5% | 35,4 M € | +0.8% | 35,2 M € | -6.4% | 37,6 M € | -81.7% | 205,6 M € | -0.4% | 206,5 M € | +462% | 36,7 M € |
| Other | |||||||||||||||||||||||||||||||||||
| Workforce | 100,5 ETP | -2.0% | 102,6 ETP | +9.6% | 93,6 ETP | +12.1% | 83,5 ETP | +17.3% | 71,2 ETP | +12.1% | 63,5 ETP | -0.5% | 63,8 ETP | +34.3% | 47,5 ETP | +15.3% | 41,2 ETP | +9.3% | 37,7 ETP | -1.8% | 38,4 ETP | -21.3% | 48,8 ETP | +4.9% | 46,5 ETP | -9.0% | 51,1 ETP | +37.0% | 37,3 ETP | +40.2% | 26,6 ETP | +3.5% | 25,7 ETP | +136% | 10,9 ETP |
Estimate
Indicative valuation
As an indication, this company is worth
more than 1.000 M€
See the valuationGovernance
Board of directors
Seen on filing of 31/12/2025 · 11 active · 87 ended
Active mandates
Active
Ines Kolmsee
ActiveActive
Yves Kerstens
ActiveActive
Active
Active
Active
Active
Active
Active
Ended mandates
At this address
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Financials
Annual accounts
Full financial information
| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | |
|---|---|---|---|---|---|---|
| Type of account | Full model | Full model | Full model | Full model | Full model | Consolidated accounts |
| 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 | 08/06/2026 | 19/06/2025 | 11/06/2024 | 06/06/2023 | 23/06/2022 | 25/06/2021 |
| General meeting | 27/05/2026 | 28/05/2025 | 22/05/2024 | 24/05/2023 | 25/05/2022 | 26/05/2021 |
| 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
Looking for more information about this company?
Try for 7 daysFilings
Annual accounts filings
39 filings with the NBB
| Model | Closing | General meeting | Filed | Language | Document |
|---|---|---|---|---|---|
| Full model | 31/12/2025 | 27/05/2026 | 08/06/2026 | Dutch | |
| Full model | 31/12/2024 | 28/05/2025 | 19/06/2025 | Dutch | |
| Consolidated accounts | 31/12/2024 | 28/05/2025 | 18/06/2025 | Dutch | |
| Full model | 31/12/2023 | 22/05/2024 | 11/06/2024 | Dutch | |
| Consolidated accounts | 31/12/2023 | 22/05/2024 | 10/06/2024 | Dutch | |
| Full model | 31/12/2022 | 24/05/2023 | 06/06/2023 | Dutch | |
| Consolidated accounts | 31/12/2022 | 24/05/2023 | 19/06/2023 | Dutch | |
| Full model | 31/12/2021 | 25/05/2022 | 23/06/2022 | Dutch | |
| Consolidated accounts | 31/12/2021 | 25/05/2022 | 23/06/2022 | Dutch | |
| Full model | 31/12/2020 | 26/05/2021 | 21/06/2021 | Dutch | |
| Consolidated accounts | 31/12/2020 | 26/05/2021 | 25/06/2021 | Dutch | |
| Full model | 31/12/2019 | 27/05/2020 | 16/06/2020 | Dutch | |
| Consolidated accounts | 31/12/2019 | 27/05/2020 | 22/06/2020 | Dutch | |
| Full model | 31/12/2018 | 22/05/2019 | 18/06/2019 | Dutch | |
| Consolidated accounts | 31/12/2018 | 22/05/2019 | 26/06/2019 | Dutch | |
| Full model | 31/12/2017 | 23/05/2018 | 30/05/2018 | French | |
| Consolidated accounts | 31/12/2017 | 23/05/2018 | 26/06/2018 | French | |
| Full model | 31/12/2016 | 24/05/2017 | 12/06/2017 | Dutch | |
| Consolidated accounts | 31/12/2016 | 24/05/2017 | 21/06/2017 | French | |
| Full model | 31/12/2015 | 25/05/2016 | 14/06/2016 | French | |
| Consolidated accounts | 31/12/2015 | 25/05/2016 | 10/06/2016 | French | |
| Full model | 31/12/2014 | 27/05/2015 | 19/06/2015 | French | |
| Consolidated accounts | 31/12/2014 | 27/05/2015 | 04/06/2015 | French | |
| Full model | 31/12/2013 | 28/05/2014 | 20/06/2014 | French |
Valuation
Estimate
Indicative valuation
Order of magnitude
As an indication, this company is worth
more than 1.000 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.
Disclaimer
Indicative estimate based on public sector multiples and the filed annual accounts. It is neither a certified valuation nor financial or investment advice.
Directors & structure
Governance
Board of directors
Seen on filing of 31/12/2025 · 11 active · 87 ended
Active mandates
Active
Ines Kolmsee
ActiveActive
Yves Kerstens
ActiveActive
Active
Active
Active
Active
Active
Active
Ended mandates
Shareholders
Ownership and network
Looking for more information about this company?
Try for 7 daysPublications
Belgian Official Gazette
Belgian Official Gazette publications
- Mandates10/06/2026ONTSLAGEN - BENOEMINGEN
- Mandates09/06/2026ONTSLAGEN - BENOEMINGEN
- Mandates30/10/2025ONTSLAGEN - BENOEMINGEN
- Restructuring20/08/2025KAPITAAL - AANDELEN - RUBRIEK HERSTRUCTURERING (FUSIE, SPLITSING, OVERDRACHT VERMOGEN, ENZ...)
- Mandates17/06/2025ONTSLAGEN - BENOEMINGEN
- Restructuring06/06/2025RUBRIEK HERSTRUCTURERING (FUSIE, SPLITSING, OVERDRACHT VERMOGEN, ENZ...)
- Mandates03/02/2025ONTSLAGEN - BENOEMINGEN
- Mandates02/08/2024ONTSLAGEN - BENOEMINGEN - DIVERSEN
Source: Belgian Official Gazette
Similar companies
Competition
Similar companies
A company's peers, by sector and size, are included in the Business plan.
See the Business planTimeline
Timeline
- 02/04/2026nominationBernard Delvaux — uitvoerend bestuurder en CEO
- 02/04/2026nominationPatrick Balemans — Chief Sustainability en CSR Officer (lid van het uitvoerend comité)
- 02/04/2026nominationChristophe David — Chief Manufacturing Officer (lid van het uitvoerend comité)
- 02/04/2026nominationEfren del Pino Iglesias — Hoofd van Etex Insulation divisie (lid van het uitvoerend comité)
- 02/04/2026nominationMelchior de Vogüé — Chief Financial Officer (lid van het uitvoerend comité)
- 02/04/2026nominationJochen Friedrichs — Hoofd van Etex Building Performance divisie (lid van het uitvoerend comité)
- 02/04/2026nominationOlivier Lambrecht — Chief People Officer (lid van het uitvoerend comité)
- 02/04/2026nominationVirginie Lietaer — Chief Legal Officer en Secretary General (lid van het uitvoerend comité)
- 02/04/2026nominationCarla Sinanian — Chief Strategy Officer (lid van het uitvoerend comité)
- 02/04/2026nominationTanguy Vanderborght — Hoofd van Etex Industry divisie (lid van het uitvoerend comité)
- 02/04/2026nominationHans Van Der Steen — Hoofd van Etex Fibre Cement divisie (lid van het uitvoerend comité)
- 2025Annual accounts 202529,2 M €↓
- 27/08/2025nominationBernard Delvaux — uitvoerend bestuurder en CEO
- 27/08/2025nominationMelchior de Vogüé — Chief Financial Officer (lid van het uitvoerend comité)
- 27/08/2025nominationChristophe David — Chief Manufacturing Officer (lid van het uitvoerend comité)
- 27/08/2025nominationHans Van Der Steen — Hoofd van Etex Fibre Cement divisie (lid van het uitvoerend comité)
- 27/08/2025nominationLouise Cail — Chief Human Resources Officer (lid van het uitvoerend comité)
- 27/08/2025nominationCarla Sinanian — Chief Strategy Officer (lid van het uitvoerend comité)
- 27/08/2025nominationVirginie Lietaer — Chief Legal Officer en Secretary General (lid van het uitvoerend comité)
- 27/08/2025nominationPatrick Balemans — Chief Sustainability en CSR Officer (lid van het uitvoerend comité)
- 27/08/2025nominationTanguy Vanderborght — Hoofd van Etex Industry divisie (lid van het uitvoerend comité)
- 27/08/2025nominationJochen Friedrichs — Hoofd van Etex Building Performance divisie (lid van het uitvoerend comité)
- 27/08/2025nominationEfrén del Pino Iglesias — Hoofd van Etex Insulation divisie (lid van het uitvoerend comité)
- 29/05/2025nominationSofie Van Grieken — commissaris
- 28/05/2025reconductionBernard Delvaux — bestuurder
- 28/05/2025reconductionInes Kolmsee — onafhankelijk bestuurder
- 28/05/2025nominationIngeborg Boets — onafhankelijk bestuurder
- 28/05/2025nominationYves Kerstens — onafhankelijk bestuurder
- 2024Annual accounts 2024159,2 M €↑
- 20/12/2024nominationBernard Delvaux — uitvoerend bestuurder en CEO
- 22/05/2024reconductionJohan Van Biesbroeck — onafhankelijk bestuurder
- 22/05/2024reconductionPascal Emsens — bestuurder
- 22/05/2024reconductionCaroline Thijssen — bestuurder
- 22/05/2024reconductionThierry Vanlancker — bestuurder
- 22/05/2024nominationFabrice Le Garrec — bestuurder
- 22/05/2024nominationGabriel de l'Escaille — bestuurder
- 22/05/2024nominationPeter Van den Eynde — commissaris
- 01/05/2024nominationBernard Delvaux — uitvoerend bestuurder en CEO
- 01/05/2024nominationMelchior de Vogüé — Chief Financial Officer (lid van het uitvoerend comité)
- 01/05/2024nominationDidier Staquet — Chief Performance Officer (lid van het uitvoerend comité)
- 01/05/2024nominationChristophe David — Chief Manufacturing Officer (lid van het uitvoerend comité)
- 01/05/2024nominationHans Van Der Steen — Hoofd van Etex Exteriors divisie (lid van het uitvoerend comité)
- 01/05/2024nominationLouise Cail — Chief Human Resources Officer (lid van het uitvoerend comité)
- 01/05/2024nominationCarla Sinanian — Chief Strategy Officer (lid van het uitvoerend comité)
- 01/05/2024nominationVirginie Lietaer — Chief Legal Officer en Secretary General (lid van het uitvoerend comité)
- 01/05/2024nominationPatrick Balemans — Hoofd van Etex New Ways divisie (lid van het uitvoerend comité)
- 01/05/2024nominationTanguy Vanderborght — Hoofd van Etex Industry divisie (lid van het uitvoerend comité)
- 01/05/2024nominationJochen Friedrichs — Hoofd van Etex Building Performance divisie (lid van het uitvoerend comité)
- 01/05/2024nominationEfrén del Pino Iglesias — Hoofd van Etex Insulation divisie (lid van het uitvoerend comité)
- 2023Annual accounts 202377,7 M €↓
- 25/10/2023nominationBernard Delvaux — uitvoerend bestuurder en CEO
- 25/10/2023nominationMelchior de Vogüé — Chief Financial Officer
- 25/10/2023nominationDidier Staquet — Chief Performance Officer
- 25/10/2023nominationChristophe David — Chief Manufacturing Officer
- 25/10/2023nominationMichael Fenton — Hoofd van Etex Exteriors divisie
- 25/10/2023nominationLouise Cail — Chief Human Resources Officer
- 25/10/2023nominationCarla Sinanian — Chief Strategy Officer
- 25/10/2023nominationVirginie Lietaer — Chief Legal Officer en Secretary General
- 25/10/2023nominationPatrick Balemans — Hoofd van Etex New Ways divisie
- 25/10/2023nominationTanguy Vanderborght — Hoofd van Etex industry divisie
- 25/10/2023nominationJochen Friedrichs — Hoofd van Etex Building Performance divisie
- 25/10/2023nominationEfren del Pino Iglesias — Hoofd van Etex Insulation divisie
- 24/05/2023reconductionMuriel De Lathouwer — onafhankelijk bestuurder
- 24/05/2023reconductionHans Van Bylen — onafhankelijk bestuurder
- 24/05/2023nominationThierry Vanlancker — bestuurder
- 30/03/2023nominationBernard Delvaux — uitvoerend bestuurder en CEO
- 30/03/2023nominationMelchior de Vogüé — Chief Financial Officer (lid van het uitvoerend comité)
- 30/03/2023nominationDidier Staquet — Chief Performance Officer (lid van het uitvoerend comité)
- 30/03/2023nominationChristophe David — Chief Manufacturing Officer (lid van het uitvoerend comité)
- 30/03/2023nominationMichael Fenlon — Hoofd van Etex Exteriors divisie (lid van het uitvoerend comité)
- 30/03/2023nominationLouise Cail — Chief Human Resources Officer (lid van het uitvoerend comité)
- 30/03/2023nominationCarla Sinanian — Chief Strategy Officer (lid van het uitvoerend comité)
- 30/03/2023nominationVirginie Lietaer — Chief Legal Officer en Secretary General (lid van het uitvoerend comité)
- 30/03/2023nominationPatrick Balemans — Hoofd van Etex New Ways divisie (lid van het uitvoerend comité)
- 30/03/2023nominationTanguy Vanderborght — Hoofd van Etex Industry divisie (lid van het uitvoerend comité)
- 30/03/2023nominationJochen Friedrichs — Hoofd van Etex Building Performance and Insulation divisies (lid van het uitvoerend comité)
- 2022Annual accounts 2022663,2 M €↑
- 31/08/2022nominationBernard Delvaux — bestuurder en CEO
- 29/06/2022nominationBCCONSEIL SRL — bestuurder
- 29/06/2022nominationBernard Delvaux — bestuurder en CEO
- 29/06/2022nominationMelchior de Vogüé — Chief Financial Officer
- 29/06/2022nominationDidier Staquet — Chief Performance Officer
- 29/06/2022nominationChristophe David — Chief Manufacturing Officer
- 29/06/2022nominationMichael Fenton — Hoofd van Etex Exteriors divisie
- 29/06/2022nominationNeil Ash — Hoofd van Etex Building Performance divisie
- 29/06/2022nominationLouise Cail — Chief Human Resources Officer
- 29/06/2022nominationCarla Sinanian — Chief Strategy Officer
- 29/06/2022nominationVirginie Lietaer — Chief Legal Officer en Secretary General
- 29/06/2022nominationPatrick Balemans — Hoofd van Etex New Ways divisie
- 25/05/2022reconductionBernadette Spinoy — onafhankelijk bestuurder
- 25/05/2022nominationBCCONSEIL SRE — bestuurder
- 25/05/2022nominationInes Kolmsee — onafhankelijk bestuurder
- 2021Annual accounts 20211,4 M €↓
- 2020Annual accounts 2020471,4 M €↑
- 2019Annual accounts 20192,9 M €↓
- 2018Annual accounts 201863,6 M €↑
- 2017Annual accounts 2017-2,1 M €↓
- 2016Annual accounts 201633,8 M €↑
- 2015Annual accounts 2015-844,1 k €↓
- 2014Annual accounts 20141,8 M €↓
- 2013Annual accounts 201341,1 M €↓
- 2012Annual accounts 201266 M €↓
- 2010Annual accounts 2010111,9 M €↓
- 2009Annual accounts 2009144,3 M €↑
- 2008Annual accounts 2008125,7 M €↓
- 2007Annual accounts 2007631,5 M €
- 02/06/1947IncorporationPublic limited company