ACTIVE

FrieslandCampina Belgium

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Financial year 2025 · closed on 31/12/2025

Net result

19,1 M €

-56.7% YoY

Revenue

1,5 Md €

+8.1% YoY

Equity

115,8 M €

-48.9% YoY

Workforce

1 129,3 ETP

-2.0% YoY

What does FrieslandCampina Belgium do?

FrieslandCampina Belgium is a Public limited company incorporated in 1930. Its main activity is: Operation of dairies and cheese making. Its registered office is in Aalter. It employs on average 1 129,3 ETP workers (FTE).

Legal situation

● Normal situation

BCE/KBO no. / VAT

BE 0402.814.175

Incorporation

23/10/1930

Legal form

Public limited company

Registered office

Venecolaan 17
9880 Aalter · FlandreSee on map

Contributed capital

38 935 103,00 €

Latest accounts

31/12/2025

Average workforce

1 129,3 ETP

Activities (NACE)

10510Operation of dairies and cheese making· main 10510Operation of dairies and cheese making 15510Manufacture of leather and related products

Joint committees (2)

Signals

ProfitableSolid equityPositive cashflowPositive EBITDAHealthy social debtsHigh revenue

View the BCE/KBO Public Search record →

Health score

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✦ Verdict · Analyst summary

Financials

Trend over 18 financial years

	2025		2024		2023		2022		2021		2020		2018		2016		2015		2014		2013		2012		2011		2010		2009		2008		2007		2006
Income statement
Revenue	1,5 Md €	+8.1%	1,4 Md €	+11.9%	1,2 Md €	+3.2%	1,2 Md €	+33.7%	905,2 M €	+14.4%	791,4 M €	-17.0%	953,2 M €	+80.1%	529,3 M €	+4.7%	505,7 M €	-14.2%	589,5 M €	+13.1%	521,1 M €	+4.1%	500,8 M €	+46.9%	341 M €	+7.2%	318,1 M €	-5.0%	334,9 M €	-19.0%	413,3 M €	+3.0%	401,1 M €	+17.1%	342,5 M €
EBITDA	55,9 M €	-13.4%	64,6 M €	+61.4%	40 M €	+2.0%	39,2 M €	+4.8%	37,5 M €	-2.1%	38,3 M €	-17.4%	46,3 M €	+45.3%	31,9 M €	+147%	12,9 M €	-46.3%	24 M €	+74.5%	13,8 M €	+68.0%	8,2 M €	+50.6%	5,4 M €	-64.2%	15,2 M €	-55.6%	34,2 M €	+27.0%	27 M €	+227%	8,2 M €	-43.9%	14,7 M €
Operating result	27,6 M €	-48.0%	53,2 M €	+127%	23,4 M €	-1.3%	23,8 M €	+18.8%	20 M €	+25.8%	15,9 M €	-30.9%	23 M €	+115%	10,7 M €	+242%	-7,5 M €	-219%	6,3 M €	+337%	-2,6 M €	+67.6%	-8,1 M €	-437%	-1,5 M €	-122%	7 M €	-70.8%	23,9 M €	+42.5%	16,8 M €	+774%	-2,5 M €	-183%	3 M €
Net result	19,1 M €	-56.7%	44,2 M €	+197%	14,9 M €	-12.9%	17,1 M €	+27.1%	13,4 M €	+32.1%	10,2 M €	-30.2%	14,6 M €	+59.8%	9,1 M €	+54.3%	5,9 M €	-31.8%	8,7 M €	+218%	-7,4 M €	-86.4%	-3,9 M €	-496%	997,2 k €	-86.5%	7,4 M €	-69.6%	24,3 M €	-29.3%	34,4 M €	+78.7%	19,2 M €	+0.8%	19,1 M €
Balance sheet
Equity	115,8 M €	-48.9%	226,8 M €	+24.2%	182,6 M €	+8.9%	167,7 M €	+11.3%	150,7 M €	+9.8%	137,2 M €	+26.4%	108,6 M €	-34.0%	164,6 M €	+5.9%	155,5 M €	+3.9%	149,6 M €	+6.1%	140,9 M €	-5.0%	148,3 M €	+5.5%	140,6 M €	+0.7%	139,6 M €	-26.2%	189,2 M €	+40.5%	134,7 M €	+34.1%	100,4 M €	+23.5%	81,3 M €
Total assets	378,3 M €	-20.4%	475,3 M €	+10.4%	430,7 M €	+7.9%	399 M €	+19.3%	334,5 M €	+13.8%	294 M €	+9.8%	267,7 M €	-15.6%	317,1 M €	+5.3%	301 M €	-4.5%	315,1 M €	+10.6%	285 M €	-6.7%	305,6 M €	+36.2%	224,4 M €	+8.9%	206 M €	-17.4%	249,3 M €	-77.2%	1,1 Md €	+16.4%	940,5 M €	+40.1%	671,4 M €
Cash	239 €	-99.4%	42,5 k €	+10.1%	38,6 k €		–		–		8 k €	-84.1%	50,3 k €	-49.6%	99,9 k €	-86.4%	736,4 k €	-58.1%	1,8 M €	+17.0%	1,5 M €	+116%	694,3 k €	+686%	88,4 k €	-97.6%	3,7 M €	+34.8%	2,7 M €	-8.8%	3 M €	-42.6%	5,2 M €	+191%	1,8 M €
Debts	248,4 M €	+2.9%	241,4 M €	+6.0%	227,7 M €	-0.3%	228,4 M €	+26.7%	180,3 M €	+17.7%	153,2 M €	+1.0%	151,7 M €	+3.3%	146,9 M €	+9.7%	133,9 M €	-10.0%	148,8 M €	+6.6%	139,6 M €	-8.7%	152,9 M €	+88.0%	81,3 M €	+28.3%	63,4 M €	+28.8%	49,2 M €	-94.8%	946,4 M €	+14.5%	826,2 M €	+43.2%	577,2 M €
Other
Workforce	1 129,3 ETP	-2.0%	1 152,4 ETP	-4.2%	1 202,8 ETP	+1.4%	1 185,8 ETP	+1.4%	1 169,4 ETP	-0.4%	1 174,4 ETP	+1.6%	1 156,0 ETP	+60.2%	721,8 ETP	-8.3%	787,2 ETP	-0.3%	789,6 ETP	-7.0%	848,8 ETP	+1.6%	835,1 ETP	+31.9%	633,2 ETP	+1.2%	625,7 ETP	-2.6%	642,6 ETP	+0.8%	637,7 ETP	-1.2%	645,7 ETP	+4.0%	621,0 ETP

Estimate

Indicative valuation

As an indication, this company is worth

between 250 M€ and 500 M€

See the valuation

Governance

Board of directors

Seen on filing of 31/12/2025 · 6 active · 59 ended

Active mandates

Christophe Guilmin

Director · since 01 janvier 2026 · until 11 mai 2029

Active

Joris Verheijen

Director · since 01 janvier 2026 · until 11 mai 2029

Active

ORTEGAL

Director · since 01 janvier 2026 · until 11 mai 2029 · 0736.989.370

Represented by Hamelryckx Edith

Active

David DE WIT

Director · since 01 septembre 2024 · until 01 avril 2026

Active

Dustin Woodward

Director · since 01 avril 2024 · until 01 avril 2026

Active

Klaas Dewilde

Director · since 01 avril 2024 · until 01 janvier 2026

Active

Ended mandates

David DE WIT

Director · since 01 septembre 2024 · until 12 mai 2028

Ended

Clement NOUWENS

Director · since 01 avril 2024 · until 01 janvier 2025

Ended

Clement NOUWENS

Director · since 01 avril 2024 · until 14 mai 2027

Ended

Dustin WOODWARD

Director · since 01 avril 2024 · until 14 mai 2027

Ended

At this address

Other companies at this address

Company	CBE no.
A-ware Dairy Products Belgium● Active	0763.907.761
FrieslandCampina Belgium Cheese● Active	0419.250.133
YOKO CHEESE● Active	0832.679.870

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	12/05/2026	02/06/2025	16/05/2024	30/05/2023	30/05/2022	15/06/2021
General meeting	08/05/2026	30/05/2025	10/05/2024	12/05/2023	13/05/2022	14/05/2021
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

28 filings with the NBB

Model	Closing	General meeting	Filed	Language	Document
Full model	31/12/2025	08/05/2026	12/05/2026	Dutch	PDF
Full model	31/12/2024	30/05/2025	02/06/2025	Dutch	PDF
Consolidated accounts	31/12/2024	14/02/2025	03/06/2025	Dutch	PDF
Full model	31/12/2023	10/05/2024	16/05/2024	Dutch	PDF
Consolidated accounts	31/12/2023	05/03/2024	16/05/2024	Dutch	PDF
Full model	31/12/2022	12/05/2023	30/05/2023	Dutch	PDF
Consolidated accounts	31/12/2022	07/03/2023	30/05/2023	Dutch	PDF
Full model	31/12/2021	13/05/2022	30/05/2022	Dutch	PDF
Consolidated accounts	31/12/2021	18/02/2022	30/05/2022	Dutch	PDF
Full model	31/12/2020	14/05/2021	15/06/2021	Dutch	PDF
Consolidated accounts	31/12/2020	19/02/2021	15/06/2021	Dutch	PDF
Full model	31/12/2019	08/05/2020	16/06/2020	Dutch	PDF
Consolidated accounts	31/12/2019	14/02/2020	16/06/2020	Dutch	PDF
Full model	31/12/2018	10/05/2019	14/05/2019	Dutch	PDF
Consolidated accounts	31/12/2018	15/02/2019	14/05/2019	Dutch	PDF
Full model	31/12/2017	11/05/2018	31/05/2018	Dutch	PDF
Consolidated accounts	31/12/2017	16/02/2018	31/05/2018	Dutch	PDF
Full model	31/12/2016	12/05/2017	08/06/2017	Dutch	PDF
Full model	31/12/2015	13/05/2016	31/05/2016	Dutch	PDF
Full model	31/12/2014	08/05/2015	21/05/2015	Dutch	PDF
Full model	31/12/2013	09/05/2014	05/06/2014	Dutch	PDF
Full model	31/12/2012	10/05/2013	31/05/2013	Dutch	PDF
Full model	31/12/2011	11/05/2012	31/05/2012	Dutch	PDF
Full model	31/12/2010	13/05/2011	31/05/2011	Dutch	PDF

View all 28 filings

Estimate

Indicative valuation

Order of magnitude

As an indication, this company is worth

between 250 M€ and 500 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 · 6 active · 59 ended

Active mandates

Christophe Guilmin

Director · since 01 janvier 2026 · until 11 mai 2029

Active

Joris Verheijen

Director · since 01 janvier 2026 · until 11 mai 2029

Active

ORTEGAL

Director · since 01 janvier 2026 · until 11 mai 2029 · 0736.989.370

Represented by Hamelryckx Edith

Active

David DE WIT

Director · since 01 septembre 2024 · until 01 avril 2026

Active

Dustin Woodward

Director · since 01 avril 2024 · until 01 avril 2026

Active

Klaas Dewilde

Director · since 01 avril 2024 · until 01 janvier 2026

Active

Ended mandates

David DE WIT

Director · since 01 septembre 2024 · until 12 mai 2028

Ended

Clement NOUWENS

Director · since 01 avril 2024 · until 01 janvier 2025

Ended

Clement NOUWENS

Director · since 01 avril 2024 · until 14 mai 2027

Ended

Dustin WOODWARD

Director · since 01 avril 2024 · until 14 mai 2027

Ended

Shareholders

Ownership and network

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Belgian Official Gazette

Belgian Official Gazette publications

Other06/07/2026
—
PDF
Mandates22/01/2026
ONTSLAGEN - BENOEMINGEN
PDF
Mandates29/07/2025
ONTSLAGEN - BENOEMINGEN
PDF
Mandates08/01/2025
ONTSLAGEN - BENOEMINGEN
PDF
Mandates18/09/2024
ONTSLAGEN - BENOEMINGEN
PDF
Mandates02/08/2024
ONTSLAGEN - BENOEMINGEN
PDF
Mandates10/05/2024
ONTSLAGEN - BENOEMINGEN
PDF
Mandates10/05/2024
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

01/01/2026
nominationORTEGAL BV — bestuurder
01/01/2026
nominationChristophe GUILMIN — bestuurder
01/01/2026
nominationJoris VERHEIJEN — bestuurder
2025
Annual accounts 202519,1 M €↓
30/05/2025
nominationPeter D'hondt — commissaris
2024
Annual accounts 202444,2 M €↑
01/09/2024
nominationDavid DE WIT — bestuurder
01/04/2024
nominationDustin WOODWARD — bestuurder
01/04/2024
nominationClement NOUWENS — bestuurder
01/04/2024
nominationKlaas DEWILDE — bestuurder
2023
Annual accounts 202314,9 M €↓
01/11/2023
nominationPéter Erik SZAUTNER — bestuurder
01/03/2023
nominationStéphane de Schryver — bestuurder
2022
Annual accounts 202217,1 M €↑
13/05/2022
reconductionPwC Bedrijfsrevisoren BV — commissaris
2021
Annual accounts 202113,4 M €↑
2020
Annual accounts 202010,2 M €↓
2018
Annual accounts 201814,6 M €↑
2016
Annual accounts 20169,1 M €↑
2015
Annual accounts 20155,9 M €↓
2014
Annual accounts 20148,7 M €↑
2013
Annual accounts 2013-7,4 M €↓
2012
Annual accounts 2012-3,9 M €↓
2011
Annual accounts 2011997,2 k €↓
2010
Annual accounts 20107,4 M €↓
2009
Annual accounts 200924,3 M €↓
2008
Annual accounts 200834,4 M €↑
2007
Annual accounts 200719,2 M €↑
2006
Annual accounts 200619,1 M €
23/10/1930
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

FrieslandCampina Belgium

Overview

What does FrieslandCampina Belgium 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