ACTIVE

Mavane

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Financial year 2025 · closed on 31/12/2025

Net result

74,5 k €

-70.8% YoY

Revenue

13,6 M €

-9.2% YoY

Equity

1,7 M €

+4.6% YoY

Workforce

3,8 ETP

+2.7% YoY

What does Mavane do?

Mavane is a Public limited company incorporated in 1962. Its main activity is: Manufacture of paper and paperboard. Its registered office is in Waterloo. It employs on average 3,8 ETP workers (FTE).

Legal situation

● Normal situation

BCE/KBO no. / VAT

BE 0402.681.147

Incorporation

05/09/1962

Legal form

Public limited company

Registered office

Avenue du Cor de Chasse 1
1410 Waterloo · WallonieSee on map

Contributed capital

600 000,00 €

Latest accounts

31/12/2025

Average workforce

3,8 ETP

Activities (NACE)

17120Manufacture of paper and paperboard· main 17120Manufacture of paper and paperboard 21121Manufacture of basic pharmaceutical products 46492Wholesale of other household goods 46492Wholesale of other household goods 51475Air transport+3

Joint committees (1)

Signals

ProfitablePositive cashflowPositive EBITDAHealthy social debtsHigh revenue

View the BCE/KBO Public Search record →

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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	13,6 M €	-9.2%	15 M €	+10.4%	13,6 M €	-20.6%	17,1 M €	+19.1%	14,4 M €	+14.9%	12,5 M €	-0.5%	12,6 M €	+0.3%	12,5 M €	+10.7%	11,3 M €	+13.2%	10 M €	-0.5%	10,1 M €	+1.1%	9,9 M €	+3.2%	9,6 M €	-3.6%	10 M €	+1.4%	9,9 M €	-12.1%	11,2 M €	+23.7%	9,1 M €	-23.5%	11,9 M €	+10.0%	10,8 M €	-8.9%	11,8 M €
EBITDA	697,5 k €	-4.2%	728,1 k €	-22.1%	934,1 k €	-17.8%	1,1 M €	+100%	568,1 k €	-2.1%	580,4 k €	+62.2%	357,9 k €	-10.7%	400,7 k €	+15.9%	345,7 k €	+5.1%	328,9 k €	-27.7%	454,8 k €	+216%	143,9 k €	-40.1%	240,2 k €	-24.1%	316,5 k €	+45.5%	217,5 k €	-38.9%	356 k €	+63.8%	217,3 k €	-52.0%	453,2 k €	+23.0%	368,3 k €	-11.7%	417,2 k €
Operating result	593,6 k €	-7.3%	640,4 k €	-21.5%	815,4 k €	+65.6%	492,4 k €	+28.1%	384,3 k €	+11.9%	343,3 k €	+86.6%	183,9 k €	+22.1%	150,6 k €	-10.6%	168,4 k €	-30.0%	240,4 k €	-32.8%	357,6 k €	+205%	117,3 k €	-54.8%	259,8 k €	+71.5%	151,5 k €	+54.2%	98,2 k €	-56.9%	228 k €	+352%	50,4 k €	-87.2%	392,2 k €	+284%	102,2 k €	-61.1%	262,8 k €
Net result	74,5 k €	-70.8%	255 k €	+31.0%	194,6 k €	+147%	78,9 k €	-48.5%	153,1 k €	+37.8%	111,1 k €	+367%	23,8 k €	+91.8%	12,4 k €	+117%	5,7 k €	-91.4%	66,9 k €	-47.1%	126,6 k €	+126%	56 k €	+53.6%	36,5 k €	-71.5%	128,1 k €	+2991%	4,1 k €	-94.5%	74,7 k €	+259%	20,8 k €	+104%	10,2 k €	-42.8%	17,8 k €	-8.2%	19,4 k €
Balance sheet
Equity	1,7 M €	+4.6%	1,6 M €	+18.9%	1,3 M €	+16.9%	1,2 M €	+7.3%	1,1 M €	+1.7%	1,1 M €	+2.0%	1 M €	+2.4%	1 M €	+1.2%	998,9 k €	+0.6%	993,1 k €	+7.2%	926,2 k €	+0.7%	919,6 k €	+6.5%	863,6 k €	-45.2%	1,6 M €	+8.8%	1,4 M €	+0.3%	1,4 M €	+0.3%	1,4 M €	+1.5%	1,4 M €	+0.7%	1,4 M €	+0.2%	1,4 M €
Total assets	9,4 M €	+0.9%	9,3 M €	+2.5%	9,1 M €	+8.0%	8,4 M €	-4.9%	8,8 M €	+16.8%	7,5 M €	-3.2%	7,8 M €	+19.6%	6,5 M €	-9.5%	7,2 M €	+21.7%	5,9 M €	-8.1%	6,4 M €	-6.6%	6,9 M €	-18.9%	8,5 M €	+13.9%	7,5 M €	-9.9%	8,3 M €	+8.4%	7,7 M €	-8.3%	8,4 M €	-18.8%	10,3 M €	+27.1%	8,1 M €	-0.9%	8,2 M €
Cash	1,2 M €	+110%	564,3 k €	+8.8%	518,7 k €	-3.7%	538,8 k €	-31.7%	788,5 k €	-22.4%	1 M €	+465%	179,8 k €	-14.7%	210,8 k €	-54.7%	465,5 k €	+54.8%	300,8 k €	+219%	94,2 k €	-78.7%	442,4 k €	-72.7%	1,6 M €	+73.7%	932,6 k €	+903%	92,9 k €	+1066%	8 k €	-94.4%	142,5 k €	-70.8%	488,5 k €	+4932%	9,7 k €	-90.1%	98,4 k €
Debts	7,5 M €	+0.3%	7,5 M €	-0.8%	7,6 M €	+7.4%	7 M €	-7.9%	7,7 M €	+18.3%	6,5 M €	-4.2%	6,8 M €	+23.6%	5,5 M €	-11.9%	6,2 M €	+26.8%	4,9 M €	-7.4%	5,3 M €	-10.6%	5,9 M €	-22.6%	7,6 M €	+29.8%	5,9 M €	-13.3%	6,8 M €	+9.7%	6,2 M €	-10.2%	6,9 M €	-21.6%	8,8 M €	+31.7%	6,7 M €	-0.5%	6,7 M €
Other
Workforce	3,8 ETP	+2.7%	3,7 ETP	+15.6%	3,2 ETP	-5.9%	3,4 ETP	+13.3%	3,0 ETP	-6.3%	3,2 ETP	+23.1%	2,6 ETP	+30.0%	2,0 ETP	0.0%	2,0 ETP	-50.0%	4,0 ETP	-7.0%	4,3 ETP	0.0%	4,3 ETP	+7.5%	4,0 ETP	-14.9%	4,7 ETP	-20.3%	5,9 ETP	0.0%	5,9 ETP	-1.7%	6,0 ETP	+5.3%	5,7 ETP	-14.9%	6,7 ETP	+17.5%	5,7 ETP

Estimate

Indicative valuation

As an indication, this company is worth

between 0 € and 100 k€

See the valuation

Governance

Board of directors

Seen on filing of 31/12/2025 · 3 active · 9 ended

Active mandates

Liliane Bozinovski

Director · since 22 juin 2021 · until 22 juin 2027

Active

Philippe Maon

Director · since 22 juin 2021 · until 31 décembre 2025

Active

Pierre-Yves Maon

Managing director · since 22 juin 2021 · until 22 juin 2027

Active

Ended mandates

Philippe Maon

Director · since 22 juin 2021 · until 22 juin 2027

Ended

Philippe Maon

Director · since 01 janvier 2017 · until 22 juin 2021

Ended

Liliane Bozinovski

Director · since 22 juin 2015 · until 22 juin 2021

Ended

Pierre-Yves Maon

Managing director · since 22 juin 2015 · until 22 juin 2021

Ended

At this address

Other companies at this address

Company	CBE no.
CONTIPACK● Active	0405.699.332

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	13/07/2026	23/07/2025	12/07/2024	26/07/2023	26/07/2022	26/07/2021
General meeting	24/06/2026	27/06/2025	28/06/2024	30/06/2023	20/06/2022	21/06/2021
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

20 filings with the NBB

Model	Closing	General meeting	Filed	Language	Document
Full model	31/12/2025	24/06/2026	13/07/2026	French	PDF
Full model	31/12/2024	27/06/2025	23/07/2025	French	PDF
Full model	31/12/2023	28/06/2024	12/07/2024	French	PDF
Full model	31/12/2022	30/06/2023	26/07/2023	French	PDF
Full model	31/12/2021	20/06/2022	26/07/2022	French	PDF
Full model	31/12/2020	21/06/2021	26/07/2021	French	PDF
Full model	31/12/2019	20/08/2020	22/09/2020	French	PDF
Full model	31/12/2018	25/06/2019	26/07/2019	French	PDF
Full model	31/12/2017	26/06/2018	09/08/2018	French	PDF
Full model	31/12/2016	29/06/2017	18/07/2017	French	PDF
Full model	31/12/2015	23/06/2016	02/08/2016	French	PDF
Full model	31/12/2014	26/06/2015	05/08/2015	French	PDF
Full model	31/12/2013	24/06/2014	30/07/2014	French	PDF
Full model	31/12/2012	24/06/2013	01/08/2013	French	PDF
Full model	31/12/2011	25/06/2012	10/08/2012	French	PDF
Full model	31/12/2010	21/06/2011	28/06/2011	French	PDF
Full model	31/12/2009	09/06/2010	19/08/2010	French	PDF
Full model	31/12/2008	23/06/2009	31/08/2009	French	PDF
Full model	31/12/2007	25/06/2008	21/08/2008	French	PDF
Full model	31/12/2006	25/06/2007	22/08/2007	French	PDF

Estimate

Indicative valuation

Order of magnitude

As an indication, this company is worth

between 0 € and 100 k€

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 · 9 ended

Active mandates

Liliane Bozinovski

Director · since 22 juin 2021 · until 22 juin 2027

Active

Philippe Maon

Director · since 22 juin 2021 · until 31 décembre 2025

Active

Pierre-Yves Maon

Managing director · since 22 juin 2021 · until 22 juin 2027

Active

Ended mandates

Philippe Maon

Director · since 22 juin 2021 · until 22 juin 2027

Ended

Philippe Maon

Director · since 01 janvier 2017 · until 22 juin 2021

Ended

Liliane Bozinovski

Director · since 22 juin 2015 · until 22 juin 2021

Ended

Pierre-Yves Maon

Managing director · since 22 juin 2015 · until 22 juin 2021

Ended

Shareholders

Ownership and network

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Belgian Official Gazette

Belgian Official Gazette publications

Mandates24/03/2026
DEMISSIONS, NOMINATIONS
PDF
Mandates28/10/2024
DEMISSIONS, NOMINATIONS
PDF
Mandates05/11/2021
DEMISSIONS, NOMINATIONS
PDF
Restructuring28/04/2021
DEMISSIONS, NOMINATIONS - RUBRIQUE RESTRUCTURATION (FUSION, SCISSION, TRANSFERT PATRIMOINE, ETC...)
PDF
Restructuring18/03/2021
RUBRIQUE RESTRUCTURATION (FUSION, SCISSION, TRANSFERT PATRIMOINE, ETC...)
PDF
Restructuring30/12/2020
RUBRIQUE RESTRUCTURATION (FUSION, SCISSION, TRANSFERT PATRIMOINE, ETC...)
PDF
Mandates24/12/2018
DEMISSIONS, NOMINATIONS
PDF
Mandates03/02/2017
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 202574,5 k €↓
2024
Annual accounts 2024255 k €↑
2023
Annual accounts 2023194,6 k €↑
2022
Annual accounts 202278,9 k €↓
2021
Annual accounts 2021153,1 k €↑
2020
Annual accounts 2020111,1 k €↑
2019
Annual accounts 201923,8 k €↑
2018
Annual accounts 201812,4 k €↑
2017
Annual accounts 20175,7 k €↓
2016
Annual accounts 201666,9 k €↓
2015
Annual accounts 2015126,6 k €↑
2014
Annual accounts 201456 k €↑
2013
Annual accounts 201336,5 k €↓
2012
Annual accounts 2012128,1 k €↑
2011
Annual accounts 20114,1 k €↓
2010
Annual accounts 201074,7 k €↑
2009
Annual accounts 200920,8 k €↑
2008
Annual accounts 200810,2 k €↓
2007
Annual accounts 200717,8 k €↓
2006
Annual accounts 200619,4 k €
05/09/1962
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

Mavane

Overview

What does Mavane 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