ACTIVE

Scabal

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Financial year 2025 · closed on 31/12/2025

Net result

-548,7 k €

-181.0% YoY

Revenue

24,4 M €

-4.9% YoY

Equity

27,8 M €

-1.9% YoY

Workforce

58,2 ETP

-3.2% YoY

What does Scabal do?

Scabal is a Public limited company incorporated in 1946. Its registered office is in Bruxelles. It employs on average 58,2 ETP workers (FTE).

Legal situation

● Normal situation

BCE/KBO no. / VAT

BE 0400.522.797

Incorporation

18/06/1946

Legal form

Public limited company

Registered office

Rue du Chantier 5
1000 Bruxelles · BruxellesSee on map

Contributed capital

125 000,00 €

Latest accounts

31/12/2025

Average workforce

58,2 ETP

Joint committees (3)

Contacts

2 public details availableLog in to view

Signals

Solid equityLow riskGood liquidityPositive cashflowPositive EBITDAHealthy social debtsHigh revenue

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Health score

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✦ Verdict · Analyst summary

Financials

Trend over 18 financial years

	2025		2024		2023		2021		2020		2019		2017		2016		2015		2014		2013		2012		2011		2010		2009		2008		2007		2006
Income statement
Revenue	24,4 M €	-4.9%	25,6 M €	-6.5%	27,4 M €	+49.0%	18,4 M €	+17.9%	15,6 M €	-36.2%	24,4 M €	-4.2%	25,5 M €	+1.5%	25,1 M €	-8.0%	27,3 M €	+5.5%	25,9 M €	-2.2%	26,5 M €	-2.3%	27,1 M €	+8.8%	24,9 M €	+12.0%	22,2 M €	+6.7%	20,8 M €	-20.9%	26,3 M €	-3.7%	27,3 M €	+10.2%	24,8 M €
EBITDA	363,1 k €	-63.6%	998,6 k €	-54.6%	2,2 M €	+467%	387,8 k €	+1716%	21,4 k €	-98.9%	1,9 M €	-11.5%	2,2 M €	+97.7%	1,1 M €	-51.8%	2,3 M €	+3338%	-71,3 k €	+32.9%	-106,2 k €	-164%	165,8 k €	-50.7%	336,1 k €	+7370%	4,5 k €	+102%	-189,7 k €	-111%	1,7 M €	+71.3%	1 M €	+202%	334 k €
Operating result	-272,9 k €	-130%	925,1 k €	+10.3%	838,6 k €	-71.0%	2,9 M €	+525%	-681,4 k €	-146%	1,5 M €	-4.8%	1,6 M €	+192%	532,6 k €	-65.3%	1,5 M €	+231%	-1,2 M €	-556%	-178,9 k €	+69.2%	-580 k €	-160%	-223,2 k €	+29.0%	-314,4 k €	+50.1%	-630,2 k €	-164%	982,6 k €	+146%	399,6 k €	+170%	-566,9 k €
Net result	-548,7 k €	-181%	677,2 k €	-15.4%	800,1 k €	+161%	-1,3 M €	-132%	-569,1 k €	+95.5%	-12,7 M €	-891%	1,6 M €	+2098%	-80,6 k €	-105%	1,7 M €	+52.4%	1,1 M €	+24472%	4,7 k €	+101%	-564 k €	-108%	-271,8 k €	+71.1%	-941,4 k €	-745%	145,8 k €	+141%	-357,7 k €	-113%	2,7 M €	+277%	729,2 k €
Balance sheet
Equity	27,8 M €	-1.9%	28,3 M €	+2.5%	27,6 M €	+3.6%	26,7 M €	-4.7%	28 M €	-2.0%	28,6 M €	-30.9%	41,3 M €	+4.1%	39,7 M €	-0.2%	39,8 M €	+4.6%	38,1 M €	-2.9%	39,2 M €	-0.0%	39,2 M €	-1.4%	39,8 M €	+5.3%	37,8 M €	-2.4%	38,7 M €	+0.4%	38,6 M €	-0.8%	38,9 M €	+7.6%	36,2 M €
Total assets	44,4 M €	-4.6%	46,5 M €	+8.2%	42,9 M €	+1.0%	42,5 M €	+1.5%	41,9 M €	+4.4%	40,1 M €	-22.7%	51,9 M €	+4.6%	49,6 M €	-1.2%	50,2 M €	+3.3%	48,6 M €	-2.5%	49,8 M €	+10.5%	45,1 M €	+3.1%	43,7 M €	+6.8%	41 M €	-1.2%	41,5 M €	+0.2%	41,4 M €	-11.0%	46,5 M €	+8.5%	42,9 M €
Cash	1,4 M €	-53.1%	2,9 M €	+645%	391 k €	-89.7%	3,8 M €	+22.8%	3,1 M €	+150%	1,2 M €	-70.2%	4,1 M €	-15.0%	4,9 M €	+7.3%	4,6 M €	+35.4%	3,4 M €	+24.9%	2,7 M €	+32.0%	2 M €	-42.9%	3,6 M €	+11.0%	3,2 M €	+196%	1,1 M €	-14.9%	1,3 M €	-58.7%	3,1 M €	+85.2%	1,7 M €
Debts	16,6 M €	-8.7%	18,2 M €	+20.1%	15,1 M €	-4.4%	15,8 M €	+50.7%	10,5 M €	+87.6%	5,6 M €	-3.2%	5,8 M €	-3.1%	6 M €	-17.4%	7,2 M €	-10.0%	8 M €	-11.5%	9,1 M €	+85.8%	4,9 M €	+24.6%	3,9 M €	+23.7%	3,2 M €	+15.9%	2,7 M €	-2.2%	2,8 M €	-62.7%	7,5 M €	+13.4%	6,6 M €
Other
Workforce	58,2 ETP	-3.2%	60,1 ETP	+1.0%	59,5 ETP	-8.3%	64,9 ETP	-9.4%	71,6 ETP	-13.1%	82,4 ETP	-1.9%	84,0 ETP	-6.9%	90,2 ETP	-1.4%	91,5 ETP	-3.0%	94,3 ETP	-15.4%	111,5 ETP	-0.9%	112,5 ETP	+2.7%	109,5 ETP	-7.2%	118,0 ETP	-3.7%	122,5 ETP	-6.7%	131,3 ETP	+0.8%	130,3 ETP	+24.3%	104,8 ETP

Estimate

Indicative valuation

As an indication, this company is worth

between 2,5 M€ and 5 M€

See the valuation

Governance

Board of directors

Seen on filing of 31/12/2020 · 4 active · 9 ended

Active mandates

Etienne VAN DE KERCKHOVE

Director · since 19 avril 2015 · until 19 avril 2024

Active

Gregor THISSEN

Managing director · since 19 avril 2012 · until 19 avril 2024

Active

Hannelore NAUDIETH

Director · since 19 avril 2012 · until 19 avril 2024

Active

Michael DAY

Director · since 19 avril 2012 · until 19 avril 2024

Active

Ended mandates

Etienne Van de Kerckhove

Director · since 19 avril 2015 · until 19 avril 2018

Ended

Etienne Van De Kerckhove

Director · since 26 octobre 2013 · until 26 octobre 2014

Ended

Gregor Thissen

Director · since 19 avril 2012 · until 19 avril 2018

Ended

Hannelore Naudieth

Director · since 19 avril 2012 · until 19 avril 2018

Ended

Annual accounts

Full financial information

	2025	2024	2023	2022	2021	2020
Type of account	Full model	Full model	Full model	m120-f-p	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	28/05/2026	27/06/2025	17/06/2024	07/06/2023	30/06/2022	09/07/2021
General meeting	18/05/2026	30/05/2025	20/05/2024	15/05/2023	03/06/2022	30/06/2021
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

24 filings with the NBB

Model	Closing	General meeting	Filed	Language	Document
Full model	31/12/2025	18/05/2026	28/05/2026	French	PDF
m120-f-p	31/12/2025	18/05/2026	28/05/2026	French	PDF
Full model	31/12/2024	30/05/2025	27/06/2025	French	PDF
m120-f-p	31/12/2024	30/05/2025	23/06/2025	French	PDF
Full model	31/12/2023	20/05/2024	17/06/2024	French	PDF
m120-f-p	31/12/2023	20/05/2024	17/06/2024	French	PDF
Full model	31/12/2022	15/05/2023	06/06/2023	French	PDF
m120-f-p	31/12/2022	15/05/2023	07/06/2023	French	PDF
Full model	31/12/2021	03/06/2022	30/06/2022	French	PDF
Full model	31/12/2020	30/06/2021	09/07/2021	French	PDF
Full model	31/12/2019	07/08/2020	03/09/2020	French	PDF
Full model	31/12/2018	28/05/2019	24/06/2019	French	PDF
Full model	31/12/2017	21/05/2018	08/06/2018	French	PDF
Full model	31/12/2016	15/05/2017	24/05/2017	French	PDF
Full model	31/12/2015	17/05/2016	27/05/2016	French	PDF
Full model	31/12/2014	25/06/2015	27/08/2015	French	PDF
Full model	31/12/2013	19/05/2014	13/11/2014	French	PDF
Full model	31/12/2012	21/05/2013	24/10/2013	French	PDF
Full model	31/12/2011	21/05/2012	22/10/2012	French	PDF
Full model	31/12/2010	16/05/2011	29/11/2011	French	PDF
Full model	31/12/2009	17/05/2010	07/07/2010	French	PDF
Full model	31/12/2008	18/05/2009	13/08/2009	French	PDF
Full model	31/12/2007	19/05/2008	01/08/2008	French	PDF
Full model	31/12/2006	21/05/2007	31/08/2007	French	PDF

Estimate

Indicative valuation

Order of magnitude

As an indication, this company is worth

between 2,5 M€ and 5 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 31/12/2020 · 4 active · 9 ended

Active mandates

Etienne VAN DE KERCKHOVE

Director · since 19 avril 2015 · until 19 avril 2024

Active

Gregor THISSEN

Managing director · since 19 avril 2012 · until 19 avril 2024

Active

Hannelore NAUDIETH

Director · since 19 avril 2012 · until 19 avril 2024

Active

Michael DAY

Director · since 19 avril 2012 · until 19 avril 2024

Active

Ended mandates

Etienne Van de Kerckhove

Director · since 19 avril 2015 · until 19 avril 2018

Ended

Etienne Van De Kerckhove

Director · since 26 octobre 2013 · until 26 octobre 2014

Ended

Gregor Thissen

Director · since 19 avril 2012 · until 19 avril 2018

Ended

Hannelore Naudieth

Director · since 19 avril 2012 · until 19 avril 2018

Ended

Shareholders

Ownership and network

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Belgian Official Gazette

Belgian Official Gazette publications

Mandates15/06/2026
DEMISSIONS, NOMINATIONS
PDF
Mandates23/08/2024
DEMISSIONS, NOMINATIONS
PDF
Other07/01/2022
STATUTS (TRADUCTION, COORDINATION, AUTRES MODIFICATIONS, ) - ASSEMBLEE GENERALE
PDF
Mandates29/08/2019
DEMISSIONS, NOMINATIONS
PDF
Mandates14/07/2017
DEMISSIONS, NOMINATIONS
PDF
Mandates14/10/2015
DEMISSIONS, NOMINATIONS
PDF
Mandates05/05/2014
SIEGE SOCIAL - DEMISSIONS, NOMINATIONS
PDF
Mandates08/11/2013
DEMISSIONS, NOMINATIONS
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 2025-548,7 k €↓
2024
Annual accounts 2024677,2 k €↓
21/05/2024
reconductionGregor Thissen — administrateur-délégué
21/05/2024
nominationLeap Management SPRL — administrateur
2023
Annual accounts 2023800,1 k €↑
03/06/2022
reconductionBMS — commissaire reviseur
2021
Annual accounts 2021-1,3 M €↓
2020
Annual accounts 2020-569,1 k €↑
2019
Annual accounts 2019-12,7 M €↓
2017
Annual accounts 20171,6 M €↑
2016
Annual accounts 2016-80,6 k €↓
2015
Annual accounts 20151,7 M €↑
2014
Annual accounts 20141,1 M €↑
2013
Annual accounts 20134,7 k €↑
2012
Annual accounts 2012-564 k €↓
2011
Annual accounts 2011-271,8 k €↑
2010
Annual accounts 2010-941,4 k €↓
2009
Annual accounts 2009145,8 k €↑
2008
Annual accounts 2008-357,7 k €↓
2007
Annual accounts 20072,7 M €↑
2006
Annual accounts 2006729,2 k €
18/06/1946
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

Scabal

Overview

What does Scabal do?

Trend over 18 financial years

Indicative valuation

Board of directors

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