ACTIVE

NORTH SEA EXPRESS

Export PDF

Financial year 2025 · closed on 31/12/2025

Net result

-514,1 k €

+62.1% YoY

Revenue

24 M €

+5.1% YoY

Equity

6,9 M €

-7.0% YoY

Workforce

58,9 ETP

-0.3% YoY

What does NORTH SEA EXPRESS do?

NORTH SEA EXPRESS is a Public limited company incorporated in 1966. Its registered office is in Brugge. It employs on average 58,9 ETP workers (FTE).

Legal situation

● Normal situation

BCE/KBO no. / VAT

BE 0401.172.105

Incorporation

19/08/1966

Legal form

Public limited company

Registered office

Koggenstraat 2
8380 Brugge · FlandreSee on map

Contributed capital

558 000,00 €

Latest accounts

31/12/2025

Average workforce

58,9 ETP

Joint committees (3)

140
14003
226

Contacts

3 public details availableLog in to view

Signals

Solid equityLow riskPositive cashflowPositive EBITDAHealthy social debtsHigh revenue

View the BCE/KBO Public Search record →

Health score

Available with a Rovalta subscriptionTry for 7 days

Recommended credit limit

✦ Verdict · Analyst summary

Financials

Trend over 18 financial years

	2025		2024		2023		2022		2021		2018		2017		2016		2015		2014		2013		2012		2011		2010		2009		2008		2007		2006
Income statement
Revenue	24 M €	+5.1%	22,9 M €	-26.1%	30,9 M €	+2.9%	30,1 M €	+19.7%	25,1 M €	+3.3%	24,3 M €	-11.5%	27,5 M €	+16.6%	23,6 M €	+10.5%	21,3 M €	-7.8%	23,1 M €	-4.7%	24,3 M €	+20.0%	20,2 M €	-4.4%	21,1 M €	-7.3%	22,8 M €	+30.1%	17,5 M €	-17.6%	21,3 M €	+43.1%	14,9 M €	+15.6%	12,9 M €
EBITDA	2 M €	+47.2%	1,3 M €	-54.3%	2,9 M €	-22.9%	3,8 M €	-8.0%	4,1 M €	+175%	1,5 M €	-48.7%	2,9 M €	+7.7%	2,7 M €	+14.2%	2,4 M €	-11.0%	2,6 M €	-17.8%	3,2 M €	+11.2%	2,9 M €	+5.4%	2,7 M €	-13.8%	3,2 M €	+120%	1,5 M €	-48.0%	2,8 M €	-19.1%	3,5 M €	+26.7%	2,7 M €
Operating result	-331,3 k €	+66.2%	-979,1 k €	-237%	712,6 k €	-65.5%	2,1 M €	-24.1%	2,7 M €	+207%	-2,5 M €	-608%	500,3 k €	-42.2%	865,8 k €	+147%	350,9 k €	-52.5%	738,2 k €	-42.6%	1,3 M €	+21.5%	1,1 M €	+10.1%	962,7 k €	-16.6%	1,2 M €	+199%	-1,2 M €	-232%	885,8 k €	-61.0%	2,3 M €	+101%	1,1 M €
Net result	-514,1 k €	+62.1%	-1,4 M €	-343%	557,2 k €	-71.1%	1,9 M €	-15.7%	2,3 M €	+155%	-4,1 M €	-1019%	449,6 k €	-28.1%	625,3 k €	+96.1%	318,9 k €	-46.6%	597 k €	-51.5%	1,2 M €	+29.0%	953,4 k €	+25.9%	757,1 k €	-1.6%	769,5 k €	+161%	-1,3 M €	-405%	411,8 k €	-73.3%	1,5 M €	+89.7%	812,6 k €
Balance sheet
Equity	6,9 M €	-7.0%	7,4 M €	-15.5%	8,7 M €	+6.8%	8,2 M €	+5.3%	7,8 M €	-5.3%	8,2 M €	-16.3%	9,8 M €	+4.8%	9,4 M €	+7.2%	8,7 M €	+3.8%	8,4 M €	+7.6%	7,8 M €	+18.7%	6,6 M €	+16.9%	5,6 M €	+15.5%	4,9 M €	+18.8%	4,1 M €	-23.4%	5,4 M €	+8.3%	4,9 M €	+45.3%	3,4 M €
Total assets	16,6 M €	-0.0%	16,6 M €	-10.9%	18,7 M €	-1.7%	19 M €	+8.3%	17,5 M €	-2.4%	18 M €	-4.9%	18,9 M €	+25.6%	15 M €	+12.4%	13,4 M €	+3.7%	12,9 M €	-16.2%	15,4 M €	+24.4%	12,4 M €	+1.2%	12,2 M €	-6.5%	13,1 M €	-16.0%	15,6 M €	-6.7%	16,7 M €	+10.8%	15,1 M €	+10.8%	13,6 M €
Cash	772,6 k €	+1.7%	759,4 k €	-55.5%	1,7 M €	-20.5%	2,1 M €	-31.6%	3,1 M €	+386%	646 k €	-44.5%	1,2 M €	+178%	419,2 k €	-66.5%	1,3 M €	+35.8%	922 k €	+1526%	56,7 k €	-81.4%	304,8 k €	+58.0%	192,9 k €	-86.3%	1,4 M €	+426%	268,4 k €	+61.4%	166,3 k €	-59.9%	414,4 k €	+21.9%	339,9 k €
Debts	9,8 M €	+5.5%	9,3 M €	-6.9%	9,9 M €	-8.1%	10,8 M €	+10.8%	9,8 M €	+14.5%	8,5 M €	-6.2%	9,1 M €	+60.3%	5,7 M €	+24.8%	4,5 M €	+3.7%	4,4 M €	-41.1%	7,4 M €	+28.4%	5,8 M €	-12.2%	6,6 M €	-19.6%	8,2 M €	-28.4%	11,5 M €	+1.1%	11,3 M €	+15.9%	9,8 M €	-3.5%	10,1 M €
Other
Workforce	58,9 ETP	-0.3%	59,1 ETP	-8.5%	64,6 ETP	-7.2%	69,6 ETP	+1.8%	68,4 ETP	-13.4%	79,0 ETP	+30.1%	60,7 ETP	+21.6%	49,9 ETP	+5.5%	47,3 ETP	-9.7%	52,4 ETP	-15.9%	62,3 ETP	-6.7%	66,8 ETP	-18.7%	82,2 ETP	-25.2%	109,9 ETP	-10.2%	122,4 ETP	-10.8%	137,2 ETP	-8.5%	149,9 ETP	-0.7%	151,0 ETP

Estimate

Indicative valuation

As an indication, this company is worth

between 5 M€ and 10 M€

See the valuation

Governance

Board of directors

Seen on filing of 31/12/2025 · 1 active · 27 ended

Active mandates

NSE HOLDING

Director · since 07 mai 2020 · until 27 juin 2026 · 0717.595.112

Represented by Dirk Callant

Active

Ended mandates

NSE HOLDING

Director · since 07 mai 2020 · until 06 mai 2026 · 0717.595.112

Represented by Dirk CALLANT

Ended

NSE HOLDING

Director · since 07 mai 2020 · 0717.595.112

Represented by Dirk CALLANT

Ended

NSE HOLDING

Director · since 07 mai 2020 · 0717.595.112

Represented by CALLANT DIRK

Ended

NSE HOLDING

Director · since 30 avril 2019 · 0717.595.112

Represented by CALLANT DIRK

Ended

At this address

Other companies at this address

Company	CBE no.
NSE GROEP● Active	0681.480.230
NSE HOLDING● Active	0717.595.112
NSE-WORKSHOP● Active	0402.769.833
STAR● Active	0719.625.479

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	20/07/2026	29/09/2025	10/07/2024	19/07/2023	28/09/2022	29/07/2021
General meeting	27/06/2026	20/08/2025	29/06/2024	17/07/2023	08/07/2022	26/06/2021
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

Looking for more information about this company?

Try for 7 days

Filings

Annual accounts filings

21 filings with the NBB

Model	Closing	General meeting	Filed	Language	Document
Full model	31/12/2025	27/06/2026	20/07/2026	Dutch	PDF
Full model	31/12/2024	20/08/2025	29/09/2025	Dutch	PDF
Full model	31/12/2023	29/06/2024	10/07/2024	Dutch	PDF
Full model	31/12/2022	17/07/2023	19/07/2023	Dutch	PDF
Full modelCorrection	31/12/2021	08/07/2022	28/09/2022	Dutch	PDF
Full model	31/12/2021	08/07/2022	25/07/2022	Dutch	PDF
Full model	31/12/2020	26/06/2021	29/07/2021	Dutch	PDF
Full model	31/12/2019	27/06/2020	27/07/2020	Dutch	PDF
Full model	31/12/2018	30/06/2019	03/07/2019	Dutch	PDF
Full model	31/12/2017	30/06/2018	30/07/2018	Dutch	PDF
Full model	31/12/2016	31/05/2017	30/06/2017	Dutch	PDF
Full model	31/12/2015	31/05/2016	29/06/2016	Dutch	PDF
Full model	31/12/2014	29/05/2015	12/06/2015	Dutch	PDF
Full model	31/12/2013	16/06/2014	25/08/2014	Dutch	PDF
Full model	31/12/2012	08/04/2013	27/05/2013	Dutch	PDF
Full model	31/12/2011	09/04/2012	04/06/2012	Dutch	PDF
Full model	31/12/2010	11/04/2011	09/05/2011	Dutch	PDF
Full model	31/12/2009	12/04/2010	29/06/2010	Dutch	PDF
Full model	31/12/2008	13/04/2009	26/06/2009	Dutch	PDF
Full model	31/12/2007	13/06/2008	14/06/2008	Dutch	PDF
Full model	31/12/2006	15/05/2007	13/06/2007	Dutch	PDF

Estimate

Indicative valuation

Order of magnitude

As an indication, this company is worth

between 5 M€ and 10 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 · 1 active · 27 ended

Active mandates

NSE HOLDING

Director · since 07 mai 2020 · until 27 juin 2026 · 0717.595.112

Represented by Dirk Callant

Active

Ended mandates

NSE HOLDING

Director · since 07 mai 2020 · until 06 mai 2026 · 0717.595.112

Represented by Dirk CALLANT

Ended

NSE HOLDING

Director · since 07 mai 2020 · 0717.595.112

Represented by Dirk CALLANT

Ended

NSE HOLDING

Director · since 07 mai 2020 · 0717.595.112

Represented by CALLANT DIRK

Ended

NSE HOLDING

Director · since 30 avril 2019 · 0717.595.112

Represented by CALLANT DIRK

Ended

Shareholders

Ownership and network

Looking for more information about this company?

Try for 7 days

Belgian Official Gazette

Belgian Official Gazette publications

Mandates21/08/2024
ONTSLAGEN - BENOEMINGEN
PDF
Mandates20/08/2021
ONTSLAGEN - BENOEMINGEN
PDF
Mandates15/05/2020
STATUTEN (VERTALING, COÖRDINATIE, OVERIGE WIJZIGINGEN, ) - ONTSLAGEN - BENOEMINGEN - ALGEMENE VERGADERING
PDF
Mandates29/05/2019
ONTSLAGEN - BENOEMINGEN
PDF
Mandates17/05/2019
ONTSLAGEN - BENOEMINGEN
PDF
Restructuring12/05/2017
RUBRIEK HERSTRUCTURERING (FUSIE, SPLITSING, OVERDRACHT VERMOGEN, ENZ...)
PDF
Mandates03/07/2015
ONTSLAGEN - BENOEMINGEN
PDF
Mandates13/08/2012
ONTSLAGEN - BENOEMINGEN
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 2025-514,1 k €↑
2024
Annual accounts 2024-1,4 M €↓
2023
Annual accounts 2023557,2 k €↓
2022
Annual accounts 20221,9 M €↓
2021
Annual accounts 20212,3 M €↑
2018
Annual accounts 2018-4,1 M €↓
2017
Annual accounts 2017449,6 k €↓
2016
Annual accounts 2016625,3 k €↑
2015
Annual accounts 2015318,9 k €↓
2014
Annual accounts 2014597 k €↓
2013
Annual accounts 20131,2 M €↑
2012
Annual accounts 2012953,4 k €↑
2011
Annual accounts 2011757,1 k €↓
2010
Annual accounts 2010769,5 k €↑
2009
Annual accounts 2009-1,3 M €↓
2008
Annual accounts 2008411,8 k €↓
2007
Annual accounts 20071,5 M €↑
2006
Annual accounts 2006812,6 k €
19/08/1966
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

NORTH SEA EXPRESS

Overview

What does NORTH SEA EXPRESS do?

Trend over 18 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