ACTIVE

S.A. CORMAN

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Financial year 2025 · closed on 31/12/2025

Net result

-7,3 M €

-1627.7% YoY

Revenue

523,5 M €

-0.9% YoY

Equity

39,4 M €

-20.6% YoY

Workforce

397,2 ETP

-1.4% YoY

What does S.A. CORMAN do?

S.A. CORMAN is a Public limited company incorporated in 1965. Its main activity is: Operation of dairies and cheese making. Its registered office is in Limbourg. It employs on average 397,2 ETP workers (FTE).

Legal situation

● Normal situation

BCE/KBO no. / VAT

BE 0402.791.015

Incorporation

13/11/1965

Legal form

Public limited company

Registered office

Rue de la Gileppe 4
4834 Limbourg · WallonieSee on map

Contributed capital

54 221 049,01 €

Latest accounts

31/12/2025

Average workforce

397,2 ETP

Activities (NACE)

10510Operation of dairies and cheese making· main 10510Operation of dairies and cheese making 15510Manufacture of leather and related products 10820Manufacture of cocoa, chocolate and sugar confectionery

Joint committees (4)

118
11812
220
22000

Signals

Good liquidityHealthy 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	523,5 M €	-0.9%	528,4 M €	+16.6%	453,2 M €	+1.1%	448,1 M €	+30.3%	343,8 M €	-10.6%	384,6 M €	-13.9%	446,9 M €	-7.7%	484,2 M €	+2.1%	474 M €	+37.6%	344,6 M €	+4.3%	330,5 M €	-11.0%	371,5 M €	+13.3%	327,8 M €	+21.1%	270,8 M €	-16.9%	325,9 M €	+10.8%	294 M €	+7.1%	274,6 M €	-11.8%	311,4 M €	-9.1%	342,7 M €	+21.6%	281,7 M €
EBITDA	-3,8 M €	-181%	4,7 M €	+985%	436,3 k €	+112%	-3,6 M €	+71.6%	-12,7 M €	-174%	17,1 M €	+70.8%	10 M €	-3.7%	10,4 M €	-36.9%	16,4 M €	-27.4%	22,6 M €	+26.7%	17,9 M €	+20.1%	14,9 M €	+27.2%	11,7 M €	+119%	5,3 M €	-33.4%	8 M €	+22.1%	6,6 M €	-13.9%	7,6 M €	+164%	2,9 M €	-65.9%	8,5 M €	-26.9%	11,6 M €
Operating result	-9,7 M €	-10483%	93,6 k €	+101%	-6,6 M €	+14.5%	-7,7 M €	+52.9%	-16,4 M €	-249%	11 M €	+125%	4,9 M €	-30.8%	7,1 M €	-37.2%	11,3 M €	-39.0%	18,5 M €	+36.0%	13,6 M €	+22.4%	11,1 M €	+52.9%	7,3 M €	+151%	2,9 M €	-24.3%	3,8 M €	+221%	1,2 M €	-11.9%	1,4 M €	+142%	-3,2 M €	-150%	6,5 M €	+6.4%	6,1 M €
Net result	-7,3 M €	-1628%	477,6 k €	+107%	-6,7 M €	-6.7%	-6,3 M €	+52.8%	-13,4 M €	-283%	7,3 M €	+37.2%	5,3 M €	+24.6%	4,3 M €	-54.2%	9,4 M €	-22.7%	12,1 M €	-15.4%	14,3 M €	-0.7%	14,4 M €	+75.7%	8,2 M €	+142%	3,4 M €	+13.3%	3 M €	+50.2%	2 M €	+208%	-1,9 M €	+61.1%	-4,8 M €	-193%	5,1 M €	+755%	599,5 k €
Balance sheet
Equity	39,4 M €	-20.6%	49,6 M €	-4.7%	52 M €	+22.7%	42,4 M €	-13.0%	48,7 M €	-21.5%	62 M €	-0.0%	62,1 M €	-0.1%	62,1 M €	-0.1%	62,1 M €	-0.0%	62,1 M €	-0.1%	62,2 M €	-26.7%	84,9 M €	+20.5%	70,5 M €	+13.2%	62,3 M €	+5.8%	58,9 M €	+5.3%	55,9 M €	+3.7%	53,9 M €	-3.3%	55,8 M €	-7.9%	60,5 M €	+9.2%	55,4 M €
Total assets	140,7 M €	-9.3%	155,1 M €	-9.0%	170,4 M €	+4.6%	163 M €	+39.3%	117 M €	-16.1%	139,5 M €	+2.0%	136,7 M €	-6.6%	146,4 M €	+2.6%	142,8 M €	+4.9%	136,1 M €	-11.6%	154 M €	+10.9%	138,9 M €	+19.8%	115,9 M €	+17.3%	98,8 M €	-12.7%	113,2 M €	+7.0%	105,8 M €	-0.7%	106,6 M €	-1.9%	108,7 M €	-16.5%	130,1 M €	+17.4%	110,8 M €
Cash	42,9 k €	-94.0%	721,1 k €	-85.5%	5 M €	+172%	1,8 M €	+395%	368,1 k €	-81.8%	2 M €	+54.5%	1,3 M €	+8.6%	1,2 M €	-71.7%	4,3 M €	-79.5%	20,7 M €	+51.3%	13,7 M €	+193%	4,7 M €	+103%	2,3 M €	+221%	717,4 k €	-52.2%	1,5 M €	+40.5%	1,1 M €	-35.5%	1,7 M €	+222%	515,4 k €	-75.1%	2,1 M €	-12.3%	2,4 M €
Debts	97,8 M €	-3.2%	101 M €	-10.8%	113,2 M €	-3.6%	117,4 M €	+86.2%	63,1 M €	-14.2%	73,5 M €	+3.6%	70,9 M €	-11.5%	80,1 M €	+4.2%	76,9 M €	+9.7%	70,1 M €	-20.3%	87,9 M €	+77.2%	49,6 M €	+17.9%	42,1 M €	+24.7%	33,8 M €	-32.9%	50,3 M €	+15.5%	43,6 M €	-5.0%	45,9 M €	-5.1%	48,3 M €	-26.5%	65,8 M €	+26.1%	52,2 M €
Other
Workforce	397,2 ETP	-1.4%	402,9 ETP	+0.1%	402,4 ETP	-3.5%	417,2 ETP	-2.4%	427,6 ETP	+1.1%	423,0 ETP	+3.3%	409,6 ETP	+0.4%	407,8 ETP	-0.3%	409,0 ETP	+2.7%	398,3 ETP	+4.3%	382,0 ETP	-2.6%	392,0 ETP	-1.7%	398,6 ETP	-2.0%	406,6 ETP	-1.5%	413,0 ETP	-4.5%	432,3 ETP	-4.2%	451,3 ETP	-2.3%	462,1 ETP	+1.8%	453,8 ETP	+1.9%	445,5 ETP

Estimate

Indicative valuation

As an indication, this company is worth

between 25 M€ and 50 M€

See the valuation

Governance

Board of directors

Seen on filing of 31/12/2025 · 4 active · 39 ended

Active mandates

BERTRAND SALCZER

Chairman of the board of directors · since 04 avril 2025 · until 03 avril 2026

Active

Boris BOURDIN

Director · since 04 avril 2025 · until 03 avril 2026

Active

Pierre RAGNET

Director · since 04 avril 2025 · until 03 avril 2026

Active

Robert BRZUSCZAK

Director · since 04 avril 2025 · until 03 avril 2026

Active

Ended mandates

BERTRAND SALCZER

Chairman of the board of directors · since 05 avril 2024 · until 04 avril 2025

Ended

Pierre RAGNET

Director · since 05 avril 2024 · until 04 avril 2025

Ended

Robert BRZUSCZAK

Director · since 05 avril 2024 · until 04 avril 2025

Ended

ANTOINE AUTRAN

Director · since 01 avril 2022 · until 04 avril 2025

Ended

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	28/05/2025	13/09/2024	29/08/2023	29/04/2022	09/07/2021
General meeting	03/04/2026	04/04/2025	05/04/2024	07/04/2023	01/04/2022	02/04/2021
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

25 filings with the NBB

Model	Closing	General meeting	Filed	Language	Document
Full model	31/12/2025	03/04/2026	20/07/2026	French	PDF
Full model	31/12/2024	04/04/2025	28/05/2025	French	PDF
Full model	31/12/2023	05/04/2024	13/09/2024	French	PDF
Full model	31/12/2022	07/04/2023	29/08/2023	French	PDF
Full model	31/12/2021	01/04/2022	29/04/2022	French	PDF
Full model	31/12/2020	02/04/2021	09/07/2021	French	PDF
Full model	31/12/2019	03/04/2020	18/05/2020	French	PDF
Full model	31/12/2018	03/05/2019	06/06/2019	French	PDF
Full model	31/12/2017	06/04/2018	15/05/2018	French	PDF
Full model	31/12/2016	07/04/2017	27/04/2017	French	PDF
Full model	31/12/2015	01/04/2016	25/05/2016	French	PDF
Full model	31/12/2014	03/04/2015	13/08/2015	French	PDF
Consolidated accounts	31/12/2014	22/04/2015	24/09/2015	French	PDF
Full model	31/12/2013	04/04/2014	11/06/2014	French	PDF
Consolidated accounts	31/12/2013	24/04/2014	09/07/2014	French	PDF
Full model	31/12/2012	05/04/2013	27/06/2013	French	PDF
Consolidated accounts	31/12/2012	26/04/2013	04/07/2013	French	PDF
Full modelCorrection	31/12/2011	06/04/2012	09/07/2012	French	PDF
Full model	31/12/2011	06/04/2012	25/06/2012	French	PDF
Consolidated accounts	31/12/2011	26/04/2012	20/12/2012	French	PDF
Full model	31/12/2010	01/04/2011	18/05/2011	French	PDF
Full model	31/12/2009	02/04/2010	17/06/2010	French	PDF
Full model	31/12/2008	03/04/2009	24/06/2009	French	PDF
Full model	31/12/2007	04/04/2008	06/06/2008	French	PDF

View all 25 filings

Estimate

Indicative valuation

Order of magnitude

As an indication, this company is worth

between 25 M€ and 50 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 · 4 active · 39 ended

Active mandates

BERTRAND SALCZER

Chairman of the board of directors · since 04 avril 2025 · until 03 avril 2026

Active

Boris BOURDIN

Director · since 04 avril 2025 · until 03 avril 2026

Active

Pierre RAGNET

Director · since 04 avril 2025 · until 03 avril 2026

Active

Robert BRZUSCZAK

Director · since 04 avril 2025 · until 03 avril 2026

Active

Ended mandates

BERTRAND SALCZER

Chairman of the board of directors · since 05 avril 2024 · until 04 avril 2025

Ended

Pierre RAGNET

Director · since 05 avril 2024 · until 04 avril 2025

Ended

Robert BRZUSCZAK

Director · since 05 avril 2024 · until 04 avril 2025

Ended

ANTOINE AUTRAN

Director · since 01 avril 2022 · until 04 avril 2025

Ended

Shareholders

Ownership and network

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Belgian Official Gazette

Belgian Official Gazette publications

Mandates21/05/2026
DEMISSIONS, NOMINATIONS
PDF
Mandates06/05/2026
DEMISSIONS, NOMINATIONS
PDF
Mandates20/08/2025
DEMISSIONS, NOMINATIONS
PDF
Mandates23/07/2024
DEMISSIONS, NOMINATIONS
PDF
Mandates07/06/2024
DEMISSIONS, NOMINATIONS
PDF
Other25/01/2024
STATUTS (TRADUCTION, COORDINATION, AUTRES MODIFICATIONS, )
PDF
Mandates24/11/2022
DEMISSIONS, NOMINATIONS
PDF
Mandates13/10/2022
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

03/04/2026
reconductionBertrand SALCZER — administrateur-délégué et Président du Conseil d'administration
03/04/2026
reconductionRobert BRZUSCZAK — administrateur
03/04/2026
reconductionBoris BOURDIN — administrateur
03/04/2026
reconductionPierre RAGNET — administrateur
2025
Annual accounts 2025-7,3 M €↓
04/04/2025
reconductionBertrand SALCZER — administrateur délégué et Président du Conseil d'administration
04/04/2025
reconductionRobert BRZUSCZAK — administrateur
04/04/2025
reconductionPierre RAGNET — administrateur
04/04/2025
nominationBoris BOURDIN — administrateur
2024
Annual accounts 2024477,6 k €↑
02/05/2024
nominationGuillaume MAZARGUIL — Directeur Général
05/04/2024
reconductionCarl LASCHET — Commissaire-Reviseur
05/04/2024
reconductionBertrand SALCZER — administrateur délégué et Président du Conseil d'administration
05/04/2024
reconductionRobert BRZUSCZAK — administrateur
05/04/2024
nominationPierre RAGNET — administrateur
2023
Annual accounts 2023-6,7 M €↓
2022
Annual accounts 2022-6,3 M €↑
20/01/2022
nominationBertrand SALCZER — administrateur
2021
Annual accounts 2021-13,4 M €↓
2020
Annual accounts 20207,3 M €↑
2019
Annual accounts 20195,3 M €↑
2018
Annual accounts 20184,3 M €↓
2017
Annual accounts 20179,4 M €↓
2016
Annual accounts 201612,1 M €↓
2015
Annual accounts 201514,3 M €↓
2014
Annual accounts 201414,4 M €↑
2013
Annual accounts 20138,2 M €↑
2012
Annual accounts 20123,4 M €↑
2011
Annual accounts 20113 M €↑
2010
Annual accounts 20102 M €↑
2009
Annual accounts 2009-1,9 M €↑
2008
Annual accounts 2008-4,8 M €↓
2007
Annual accounts 20075,1 M €↑
2006
Annual accounts 2006599,5 k €
13/11/1965
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

S.A. CORMAN

Overview

What does S.A. CORMAN do?

Trend over 20 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