ACTIVE

EthiasCo

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Financial year 2025 · Closed on 31/12/2025

Net result10,4 M €+0,4 %over 1 year
Revenue2,6 k €+28,6 %over 1 year
Equity242,8 M €+2,6 %over 1 year

Identity

Source · BCE/KBO

EthiasCo is a Private limited company incorporated in 1924. Its main activity is: Activities of holding companies. Its registered office is in Liège.

Legal situation
Normal situation
BCE/KBO no. / VAT
BE 0402.370.054
Incorporation
15/12/1924
Legal form
Private limited company
Registered office
Voie Gisèle Halimi 10
4000 Liège · WallonieSee on map
Contributed capital
99 544 156,00 €
Latest accounts
31/12/2025
Signals
ProfitableSolid equityLow riskGood liquidityPositive cashflow

Financials

Source · NBB, 20 filings

Trend over 3 financial years

202520242023
Income statement
Revenue2,6 k €2,1 k €3 k €
EBITDA-419,2 k €-773,9 k €-673,1 k €
Operating result-419,2 k €-773,9 k €-673,1 k €
Net result10,4 M €10,3 M €9,5 M €
Balance sheet
Equity242,8 M €236,8 M €230,1 M €
Total assets247 M €240,4 M €233,5 M €
Cash7,4 M €4 M €3,8 M €
Debts4,1 M €3,6 M €3,3 M €

Valuation

Indicative valuation

As an indication, this company is worth

between 100 M€ and 250 M€
See the valuation

Board of directors

Source · NBB, accounts to 31/12/2025

10 active

Active mandates

DirectorMandates in this companyPeriodOther mandatescurrentendedstruck offbankruptcies
Claudia Niessen
Director08/06/2023 → 13/06/2029
Dirk Boogmans
Administrateur indépendant08/06/2023 → 13/06/2029
Dirk De fauw
Director08/06/2023 → 13/06/2029
Georgy Manalis
Director08/06/2023 → 13/06/2029
Karl Van Borm
Director27/12/2017 → 13/06/2029
Karolien Eens
Director08/06/2023 → 13/06/2029
Marie-Dominique Simonet
Director20/05/2019 → 13/06/2029
Olivier Henin
Director08/06/2023 → 13/06/2029Chairman of the board of directors27/12/2017 → 08/06/2023ended
Patrick Dewael
Director09/06/2022 → 13/06/2029
Willy Demeyer
Chairman of the board of directors08/06/2023 → 13/06/2029Director27/12/2017 → 08/06/2023ended

Other companies at this address

Voie Gisèle Halimi 10 4000 Liège
CompanyCBE no.
Amicale du Personnel d'(Ethias S.A. Vriendenkring van het Personeel van Ethias N.V.● Active
1007.271.457
ANKARET INVEST● Active
0438.840.866
ARIANE REAL ESTATE● Active
0898.866.435
ETHIAS● Active
0404.484.654
Ethias Group● Active
1012.346.240
ETHIAS PATRIMOINE● Active
0894.377.612
Ethias Pension Fund● Active
0644.695.949
Ethias Solution● Active
0825.876.113
Ethias Sustainable Investment Fund● Active
0865.127.063
ETHIAS VENTURES● Active
0793.497.216
IMMO HOFVELD● Active
0889.535.233
JAN DOCKX● Active
0458.920.757
KOALA● Active
0873.412.150
LOTHIAN DEVELOPMENTS IV● Active
0463.648.518
REAL GOED INVEST● Active
0872.354.157
SAGITTA● Active
0812.356.489
UP 38● Active
0833.845.751
VERAN REAL ESTATE CY● Active
0894.106.012
VIMINALIS III● Active
0841.657.320

Full financial information

Source · NBB
202520242023202220212020
Type of accountFull modelFull modelFull modelFull modelFull modelFull model
Start of the financial year01/01/202501/01/202401/01/202301/01/202201/01/202101/01/2020
Closing of the financial year31/12/202531/12/202431/12/202331/12/202231/12/202131/12/2020
Length of the financial year12 months12 months12 months12 months12 months12 months
Filing date16/06/202617/06/202514/06/202413/06/202313/06/202206/07/2021
General meeting11/06/202612/06/202513/06/202408/06/202309/06/202230/06/2021
Currency of the financial yearEUREUREUREUREUREUR
NBB quality labelSatisfying controlsSatisfying controlsSatisfying controlsSatisfying controlsSatisfying controlsSatisfying controls

Financial ratios

Source · NBB

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Annual accounts filings

Source · NBB, 20 filings
ModelClosingGeneral meetingFiledLanguageDocument
Full model31/12/202511/06/202616/06/2026FrenchPDF
Full model31/12/202412/06/202517/06/2025FrenchPDF
Full model31/12/202313/06/202414/06/2024FrenchPDF
Full model31/12/202208/06/202313/06/2023FrenchPDF
Full model31/12/202109/06/202213/06/2022FrenchPDF
Full model31/12/202030/06/202106/07/2021FrenchPDF
Full model31/12/201911/06/202006/07/2020FrenchPDF
Full model31/12/201813/06/201925/06/2019FrenchPDF
Full model31/12/201705/06/201805/07/2018FrenchPDF
m910-p31/12/201619/06/201718/07/2017FrenchPDF
m910-p31/12/201517/06/201608/09/2016FrenchPDF
m910-p31/12/201419/06/201528/07/2015FrenchPDF
m910-p31/12/201323/06/201423/07/2014FrenchPDF
m910-p31/12/201224/06/201326/06/2013FrenchPDF
m910-p31/12/201118/06/201218/07/2012FrenchPDF
m910-p31/12/201020/06/201109/08/2011FrenchPDF
m910-p31/12/200921/06/201029/07/2010FrenchPDF
m910-p31/12/200822/06/200904/08/2009FrenchPDF
m910-p31/12/200723/06/200820/08/2008FrenchPDF
m910-p31/12/200625/06/200729/06/2007FrenchPDF

Indicative valuation

Order of magnitude

As an indication, this company is worth

between 100 M€ and 250 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.

Board of directors

Source · NBB, accounts to 31/12/2025

10 active

Active mandates

DirectorMandates in this companyPeriodOther mandatescurrentendedstruck offbankruptcies
Claudia Niessen
Director08/06/2023 → 13/06/2029
Dirk Boogmans
Administrateur indépendant08/06/2023 → 13/06/2029
Dirk De fauw
Director08/06/2023 → 13/06/2029
Georgy Manalis
Director08/06/2023 → 13/06/2029
Karl Van Borm
Director27/12/2017 → 13/06/2029
Karolien Eens
Director08/06/2023 → 13/06/2029
Marie-Dominique Simonet
Director20/05/2019 → 13/06/2029
Olivier Henin
Director08/06/2023 → 13/06/2029Chairman of the board of directors27/12/2017 → 08/06/2023ended
Patrick Dewael
Director09/06/2022 → 13/06/2029
Willy Demeyer
Chairman of the board of directors08/06/2023 → 13/06/2029Director27/12/2017 → 08/06/2023ended

Ownership and network

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Try for free

Belgian Official Gazette publications

Source · Belgian Official Gazette
  • Mandates19/01/2026
    KAPITAAL - AANDELEN - ONTSLAGEN - BENOEMINGEN
    PDF
  • Mandates19/01/2026
    CAPITAL, ACTIONS - DEMISSIONS, NOMINATIONS
    PDF
  • Mandates29/12/2025
    CAPITAL, ACTIONS - DEMISSIONS, NOMINATIONS - STATUTS (TRADUCTION, COORDINATION, AUTRES MODIFICATIONS, …)
    PDF
  • Mandates29/12/2025
    KAPITAAL - AANDELEN - ONTSLAGEN - BENOEMINGEN - STATUTEN (VERTALING, COÖRDINATIE, OVERIGE WIJZIGINGEN, …)
    PDF
  • Registered office17/03/2025
    MAATSCHAPPELIJKE ZETEL
    PDF
  • Registered office17/03/2025
    SIEGE SOCIAL
    PDF
  • Mandates06/12/2024
    CAPITAL, ACTIONS - DEMISSIONS, NOMINATIONS - STATUTS (TRADUCTION, COORDINATION, AUTRES MODIFICATIONS, …)
    PDF
  • Capital / shares06/12/2024
    KAPITAAL - AANDELEN - STATUTEN (VERTALING, COÖRDINATIE, OVERIGE WIJZIGINGEN, …)
    PDF

Similar companies

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

See the Business plan

Timeline

Source · CBE, NBB annual accounts
Year
Identity
Incorporation1924
Name
Registered office
Annual accounts
Filings3 filings
Mandates
Dirk De fauw
Willy Demeyer
Claudia Niessen
Karolien Eens
Patrick Dewael
Karl Van Borm
Marie-Dominique Simonet
Georgy Manalis
Olivier Henin
Dirk Boogmans
1966196719681969197019711972197319741975197619771978197919801981198219831984198519861987198819891990199119921993199419951996199719981999200020012002200320042005200620072008200920102011201220132014201520162017201820192020202120222023202420252026202720282029
EthiasCo
Voie Gisèle Halimi 10, 4000 Liège
Director
Chairman of the board of directorsDirector
Director
Director
Director
Director
Director
Director
DirectorChairman of the board of directors
Administrateur indépendant
CurrentPlanned, not yet servedEndedAccounts filedToday

Registered offices

Source · NBB annual accounts, CBE
Registered addressPeriodSource
Voie Gisèle Halimi 10, 4000 LiègeCurrent
accounts 2024 → 2025
Accounts 2025 · 2026-00185129
Rue des Croisiers 24, 4000 Liège
accounts 2023
Accounts 2023 · 2024-00138886

Company names

Source · NBB annual accounts, CBE
NamePeriodSource
EthiasCoCurrent
accounts 2023 → 2025
Accounts 2025 · 2026-00185129

Events

  1. 2025
    Annual accounts 202510,4 M €↑
  2. 27/11/2025
    cession
  3. 16/06/2025
    reduction_capital
  4. 2024
    Annual accounts 202410,3 M €↑
  5. 01/09/2024
    nominationJ. Laenen · directeur-generaal
  6. 01/09/2024
    nominationJ. Laenen · directeur général
  7. 14/06/2024
    reduction_capital
  8. 2023
    Annual accounts 20239,5 M €
  9. 08/06/2023
    nominationMarie-Dominique Simonet · administrateur
  10. 08/06/2023
    nominationOlivier Henin · administrateur
  11. 08/06/2023
    nominationWilly Demeyer · administrateur
  12. 08/06/2023
    nominationPatrick Dewael · administrateur
  13. 08/06/2023
    nominationKarl Van Borm · administrateur
  14. 08/06/2023
    nominationGeorgy Manalis · administrateur
  15. 08/06/2023
    nominationClaudia Niessen · administrateur
  16. 08/06/2023
    nominationKarolien Eens · administrateur
  17. 08/06/2023
    nominationDirk Boogmans · administrateur indépendant
  18. 08/06/2023
    nominationDirk De fauw · administrateur
  19. 08/06/2023
    reconductionTom Meuleman · représentant de la société de révision (commissaire)
  20. 08/06/2023
    nominationMarie-Dominique Simonet · bestuurder
  21. 08/06/2023
    nominationOlivier Henin · bestuurder
  22. 08/06/2023
    nominationWilly Demeyer · bestuurder
  23. 08/06/2023
    nominationPatrick Dewael · bestuurder
  24. 08/06/2023
    nominationKarl Van Borm · bestuurder
  25. 08/06/2023
    nominationGeorgy Manalis · bestuurder
  26. 08/06/2023
    nominationClaudia Niessen · bestuurder
  27. 08/06/2023
    nominationKarolien Eens · bestuurder
  28. 08/06/2023
    nominationDirk Boogmans · onafhankelijk bestuurder
  29. 08/06/2023
    nominationDirk De fauw · bestuurder
  30. 08/06/2023
    reconductionTom Meuleman · vertegenwoordiger van PwC (commissaris)
  31. 30/05/2023
    cession
  32. 30/05/2023
    reduction_capital
  33. 15/12/1924
    IncorporationPrivate limited company