ACTIVE

TANNERIE MASURE

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Financial year 2025 · closed on 31/12/2025

Net result

4 M €

-6.7% YoY

Revenue

16,4 M €

-4.6% YoY

Equity

13,4 M €

-4.2% YoY

Workforce

84,0 ETP

-6.1% YoY

What does TANNERIE MASURE do?

TANNERIE MASURE is a Public limited company incorporated in 1968. Its main activity is: Tanning and dressing of leather; dressing and dyeing of fur. Its registered office is in Estaimpuis. It employs on average 84,0 ETP workers (FTE).

Legal situation

● Normal situation

BCE/KBO no. / VAT

BE 0401.249.606

Incorporation

01/01/1968

Legal form

Public limited company

Registered office

Rue des Tanneurs(ET) 140
7730 Estaimpuis · WallonieSee on map

Contributed capital

1 240 000,00 €

Latest accounts

31/12/2025

Average workforce

84,0 ETP

Activities (NACE)

15110Tanning and dressing of leather; dressing and dyeing of fur· main 15110Tanning and dressing of leather; dressing and dyeing of fur 19100Manufacture of coke oven products

Joint committees (5)

128
12801
200
215
218

Signals

ProfitableSolid equityLow riskGood liquidityPositive cashflowPositive EBITDAHealthy social debtsHigh revenue

View the BCE/KBO Public Search record →

Health score

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✦ Verdict · Analyst summary

Financials

Trend over 20 financial years

	2025		2024		2023		2022		2021		2020		2019		2018		2017		2016		2015		2014		2013		2012		2011		2010		2009		2008		2007		2006
Income statement
Revenue	16,4 M €	-4.6%	17,2 M €	+11.8%	15,3 M €	-3.5%	15,9 M €	-3.3%	16,4 M €	+13.0%	14,6 M €	-38.2%	23,5 M €	+6.4%	22,1 M €	+0.8%	21,9 M €	-7.2%	23,7 M €	+18.4%	20 M €	-15.1%	23,5 M €	-13.0%	27 M €	+7.3%	25,2 M €	-2.4%	25,8 M €	+0.6%	25,7 M €	+23.0%	20,9 M €	-5.1%	22 M €	+1.1%	21,7 M €	-1.6%	22,1 M €
EBITDA	5,3 M €	-7.3%	5,7 M €	+80.9%	3,2 M €	-12.7%	3,6 M €	-27.7%	5 M €	+5.6%	4,7 M €	-27.2%	6,5 M €	+94.9%	3,3 M €	+13.3%	3 M €	-1.6%	3 M €	+343%	678,5 k €	+39.0%	488 k €	+115%	227 k €	-56.9%	526,1 k €	-5.3%	555,5 k €	+64.9%	336,9 k €	-54.8%	744,8 k €	+4.8%	710,6 k €	-14.4%	830,3 k €	+59.5%	520,5 k €
Operating result	5,1 M €	-5.7%	5,4 M €	+78.6%	3 M €	+15.2%	2,6 M €	-40.0%	4,4 M €	+13.1%	3,9 M €	-31.6%	5,6 M €	+159%	2,2 M €	+63.5%	1,3 M €	-3.7%	1,4 M €	+502%	230,2 k €	+167%	86,2 k €	+154%	-160,5 k €	-184%	191,5 k €	-6.4%	204,6 k €	+37887%	-541,4 €	-100%	456,1 k €	+77.0%	257,7 k €	-17.7%	313 k €	+1088%	26,4 k €
Net result	4 M €	-6.7%	4,3 M €	+72.3%	2,5 M €	+22.7%	2 M €	-39.4%	3,4 M €	+14.9%	2,9 M €	-28.4%	4,1 M €	+173%	1,5 M €	+15.7%	1,3 M €	-77.7%	5,8 M €	+1851%	297,8 k €	+54.1%	193,3 k €	-11.7%	219 k €	+9008%	2,4 k €	-61.9%	6,3 k €	+117%	-36,9 k €	-115%	244,8 k €	+786%	27,6 k €	-61.2%	71,2 k €	+293%	-36,9 k €
Balance sheet
Equity	13,4 M €	-4.2%	14 M €	+16.8%	12 M €	+4.2%	11,5 M €	-9.0%	12,6 M €	+4.2%	12,1 M €	-8.5%	13,3 M €	+43.8%	9,2 M €	-11.3%	10,4 M €	+1.8%	10,2 M €	+99.7%	5,1 M €	-5.6%	5,4 M €	+3.6%	5,2 M €	+4.5%	5 M €	-0.0%	5 M €	+0.0%	5 M €	-0.8%	5 M €	+1.8%	5 M €	+0.5%	4,9 M €	+1.3%	4,9 M €
Total assets	17,5 M €	-1.8%	17,8 M €	+14.7%	15,5 M €	+6.3%	14,6 M €	-9.5%	16,1 M €	+4.6%	15,4 M €	-10.3%	17,2 M €	+20.4%	14,3 M €	-9.1%	15,7 M €	-4.2%	16,4 M €	+68.4%	9,7 M €	-6.1%	10,4 M €	-14.2%	12,1 M €	+4.2%	11,6 M €	-0.4%	11,6 M €	+4.8%	11,1 M €	+7.6%	10,3 M €	-0.9%	10,4 M €	+4.5%	10 M €	+0.0%	10 M €
Cash	4,2 M €	+12.7%	3,7 M €	+50.9%	2,5 M €	-8.1%	2,7 M €	-72.7%	9,8 M €	+169%	3,6 M €	-60.4%	9,2 M €	+84.5%	5 M €	+4.8%	4,7 M €	+68.0%	2,8 M €	+63.2%	1,7 M €	+136%	730,8 k €	+118%	334,7 k €	+23.4%	271,2 k €	+7.9%	251,3 k €	-25.3%	336,4 k €	-56.4%	771,3 k €	+220%	240,7 k €	-31.6%	352 k €	-24.8%	467,9 k €
Debts	2,9 M €	+5.8%	2,7 M €	+7.7%	2,5 M €	+28.8%	2 M €	-17.1%	2,4 M €	+18.9%	2 M €	-26.9%	2,7 M €	-35.4%	4,2 M €	+8.4%	3,9 M €	-7.2%	4,2 M €	+69.4%	2,5 M €	-29.4%	3,5 M €	-43.9%	6,2 M €	-2.5%	6,4 M €	+0.0%	6,4 M €	+10.2%	5,8 M €	+19.3%	4,8 M €	-7.0%	5,2 M €	+8.2%	4,8 M €	+1.4%	4,7 M €
Other
Workforce	84,0 ETP	-6.1%	89,5 ETP	-9.5%	98,9 ETP	-5.6%	104,8 ETP	-2.2%	107,2 ETP	-1.8%	109,2 ETP	-3.4%	113,0 ETP	-1.3%	114,5 ETP	-1.6%	116,4 ETP	+0.2%	116,2 ETP	-2.5%	119,2 ETP	-7.7%	129,1 ETP	+0.2%	128,8 ETP	-2.8%	132,5 ETP	-3.2%	136,9 ETP	+3.9%	131,7 ETP	+7.2%	122,8 ETP	-1.2%	124,3 ETP	+0.6%	123,5 ETP	-0.4%	124,0 ETP

Estimate

Indicative valuation

As an indication, this company is worth

between 50 M€ and 100 M€

See the valuation

Governance

Board of directors

Seen on filing of 31/12/2025 · 3 active · 39 ended

Active mandates

ERIC DEGACHE

Director · until 03 juin 2030

Active

FINANCIERE SATURNE SAS

Managing director · until 05 juin 2028

Represented by OLIVIER LESAGE

Active

ROBIN LESAGE

Director · until 05 juin 2028

Active

Ended mandates

FINANCIERE SATURNE SAS

Managing director · since 07 juin 2022 · until 05 juin 2028

Represented by OLIVIER LESAGE

Ended

ROBIN LESAGE

Director · since 07 juin 2022 · until 05 juin 2028

Ended

Eric DEGACHE

Director · since 09 novembre 2018 · until 03 juin 2024

Ended

Albert CAPPELLE

Managing director · since 21 mars 2016 · until 09 novembre 2018

Ended

At this address

Other companies at this address

Company	CBE no.
Union de la Tannerie et de la Mégisserie Belges● Active	0407.961.709

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	09/06/2026	05/06/2025	13/06/2024	08/06/2023	16/06/2022	15/07/2021
General meeting	01/06/2026	02/06/2025	03/06/2024	05/06/2023	07/06/2022	07/06/2021
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	01/06/2026	09/06/2026	French	PDF
Full model	31/12/2024	02/06/2025	05/06/2025	French	PDF
Full model	31/12/2023	03/06/2024	13/06/2024	French	PDF
Full model	31/12/2022	05/06/2023	08/06/2023	French	PDF
Full model	31/12/2021	07/06/2022	16/06/2022	French	PDF
Full model	31/12/2020	07/06/2021	15/07/2021	French	PDF
Full model	31/12/2019	06/07/2020	20/10/2020	French	PDF
Full model	31/12/2018	03/06/2019	10/07/2019	French	PDF
Full model	31/12/2017	04/06/2018	04/07/2018	French	PDF
Full model	31/12/2016	06/06/2017	10/07/2017	French	PDF
Full modelCorrection	31/12/2015	14/09/2016	30/09/2016	French	PDF
Full model	31/12/2015	01/06/2016	11/07/2016	French	PDF
Full model	31/12/2014	01/06/2015	02/07/2015	French	PDF
Full model	31/12/2013	02/06/2014	02/07/2014	French	PDF
Full model	31/12/2012	03/06/2013	18/06/2013	French	PDF
Full model	31/12/2011	04/06/2012	15/06/2012	French	PDF
Full model	31/12/2010	06/06/2011	07/07/2011	French	PDF
Full model	31/12/2009	07/06/2010	14/07/2010	French	PDF
Full model	31/12/2008	02/06/2009	10/06/2009	French	PDF
Full model	31/12/2007	02/06/2008	23/06/2008	French	PDF
Full model	31/12/2006	04/06/2007	25/06/2007	French	PDF

Estimate

Indicative valuation

Order of magnitude

As an indication, this company is worth

between 50 M€ and 100 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 · 3 active · 39 ended

Active mandates

ERIC DEGACHE

Director · until 03 juin 2030

Active

FINANCIERE SATURNE SAS

Managing director · until 05 juin 2028

Represented by OLIVIER LESAGE

Active

ROBIN LESAGE

Director · until 05 juin 2028

Active

Ended mandates

FINANCIERE SATURNE SAS

Managing director · since 07 juin 2022 · until 05 juin 2028

Represented by OLIVIER LESAGE

Ended

ROBIN LESAGE

Director · since 07 juin 2022 · until 05 juin 2028

Ended

Eric DEGACHE

Director · since 09 novembre 2018 · until 03 juin 2024

Ended

Albert CAPPELLE

Managing director · since 21 mars 2016 · until 09 novembre 2018

Ended

Shareholders

Ownership and network

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Belgian Official Gazette

Belgian Official Gazette publications

Mandates08/07/2025
DEMISSIONS, NOMINATIONS
PDF
Mandates11/10/2024
DEMISSIONS, NOMINATIONS
PDF
Mandates31/01/2024
STATUTS (TRADUCTION, COORDINATION, AUTRES MODIFICATIONS, ) - DENOMINATION - DEMISSIONS, NOMINATIONS - ASSEMBLEE GENERALE
PDF
Mandates29/06/2022
DEMISSIONS, NOMINATIONS
PDF
Mandates25/07/2019
DEMISSIONS, NOMINATIONS
PDF
Mandates27/12/2018
DEMISSIONS, NOMINATIONS
PDF
Mandates20/09/2018
DEMISSIONS, NOMINATIONS
PDF
Mandates27/07/2016
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 20254 M €↓
2024
Annual accounts 20244,3 M €↑
2023
Annual accounts 20232,5 M €↑
2023
Name changeTANNERIE MASURE
2022
Annual accounts 20222 M €↓
2021
Annual accounts 20213,4 M €↑
2021
Name changeMASURE-DHALLUIN FILS SA
2020
Annual accounts 20202,9 M €↓
2019
Annual accounts 20194,1 M €↑
2018
Annual accounts 20181,5 M €↑
2017
Annual accounts 20171,3 M €↓
2016
Annual accounts 20165,8 M €↑
2015
Annual accounts 2015297,8 k €↑
2014
Annual accounts 2014193,3 k €↓
2013
Annual accounts 2013219 k €↑
2012
Annual accounts 20122,4 k €↓
2011
Annual accounts 20116,3 k €↑
2010
Annual accounts 2010-36,9 k €↓
2009
Annual accounts 2009244,8 k €↑
2008
Annual accounts 200827,6 k €↓
2007
Annual accounts 200771,2 k €↑
2006
Annual accounts 2006-36,9 k €
01/01/1968
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

TANNERIE MASURE

Overview

What does TANNERIE MASURE do?

Trend over 20 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