ACTIVE

WORDEN

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Financial year 2025 · closed on 31/12/2025

Net result

41,1 k €

-7.0% YoY

Gross margin

-7,1 k €

-29.8% YoY

Equity

24,7 M €

+0.2% YoY

What does WORDEN do?

WORDEN is a Public limited company incorporated in 1936. Its main activity is: Management consultancy activities. Its registered office is in Watermael-Boitsfort.

Legal situation

● Normal situation

BCE/KBO no. / VAT

BE 0402.916.620

Incorporation

30/12/1936

Legal form

Public limited company

Registered office

Drève des Tumuli 21
1170 Watermael-Boitsfort · BruxellesSee on map

Contributed capital

100 000,00 €

Latest accounts

31/12/2025

Activities (NACE)

70200Management consultancy activities· main 70220Business and other management consultancy activities 74142Specialised design activities 71340Architectural and engineering activities; technical testing and analysis 77399Rental and leasing of other machinery, equipment and tangible goods n.e.c.77399Rental and leasing of other machinery, equipment and tangible goods n.e.c.

Joint committees (3)

Signals

ProfitableSolid equityLow riskGood liquidityPositive cashflow

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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
Gross margin	-7,1 k €	-29.8%	-5,5 k €	+25.2%	-7,3 k €	+77.0%	-31,9 k €	-3.2%	-30,9 k €	-24.0%	-24,9 k €	+92.1%	-317 k €	-139%	811,5 k €	+924%	-98,5 k €	-109%	1,1 M €	+92.1%	568,7 k €	-5.4%	601,4 k €	+242%	176,1 k €	+0.4%	175,4 k €	+1.1%	173,4 k €	-94.2%	3 M €	+1318%	209 k €	-14.1%	243,3 k €	+112%	114,7 k €	+5.9%	108,3 k €
EBITDA	-8,1 k €	-38.2%	-5,9 k €	+33.2%	-8,8 k €	+79.5%	-42,9 k €	-32.8%	-32,3 k €	-24.7%	-25,9 k €	+96.0%	-655,4 k €	-190%	725 k €	+493%	-184,7 k €	-118%	1 M €	+80.7%	554,3 k €	-7.6%	600,1 k €	+246%	173,3 k €	+0.9%	171,7 k €	-12.9%	197,2 k €	-93.2%	2,9 M €	+2458%	113 k €	-31.9%	165,8 k €	+239%	49 k €	-1.5%	49,7 k €
Operating result	-8,1 k €	-38.2%	-5,9 k €	+33.2%	-8,8 k €	+79.6%	-43,1 k €	-30.8%	-32,9 k €	-24.1%	-26,5 k €	+96.0%	-656 k €	-191%	724,5 k €	+489%	-186,2 k €	-119%	999,1 k €	+80.6%	553,3 k €	-7.8%	599,9 k €	+246%	173,3 k €	+0.9%	171,7 k €	-12.9%	197,2 k €	-93.2%	2,9 M €	+3817%	-77,7 k €	-257%	-21,7 k €	+84.1%	-136,5 k €	-1.7%	-134,2 k €
Net result	41,1 k €	-7.0%	44,2 k €	-80.7%	228,5 k €	+170%	-325,5 k €	-26.2%	-258 k €	-101%	23,4 M €	+2033%	-1,2 M €	-268%	721,2 k €	+296%	182,3 k €	-81.8%	1 M €	+62.0%	619,6 k €	-10.2%	689,9 k €	+148%	277,7 k €	+10.6%	251,2 k €	-3.1%	259,3 k €	-91.0%	2,9 M €	+3057%	-97,6 k €	-51.5%	-64,5 k €	+63.3%	-175,6 k €	-6.8%	-164,4 k €
Balance sheet
Equity	24,7 M €	+0.2%	24,6 M €	+0.2%	24,6 M €	+0.9%	24,4 M €	-1.3%	24,7 M €	-1.0%	25 M €	+1510%	1,5 M €	-43.9%	2,8 M €	+35.4%	2 M €	+9.8%	1,9 M €	-65.3%	5,3 M €	+13.1%	4,7 M €	+17.1%	4 M €	+7.4%	3,8 M €	+7.2%	3,5 M €	+8.0%	3,2 M €	+797%	362,2 k €	-21.2%	459,8 k €	-12.3%	524,3 k €	-25.1%	699,9 k €
Total assets	37,8 M €	+0.2%	37,7 M €	+0.2%	37,6 M €	+0.4%	37,5 M €	-0.7%	37,7 M €	+25.9%	30 M €	-67.4%	92 M €	+3154%	2,8 M €	+26.2%	2,2 M €	+13.1%	2 M €	-63.0%	5,4 M €	+12.1%	4,8 M €	+17.0%	4,1 M €	+7.2%	3,8 M €	+6.9%	3,6 M €	+5.0%	3,4 M €	+162%	1,3 M €	-17.9%	1,6 M €	-11.5%	1,8 M €	-7.6%	1,9 M €
Cash	4,5 k €	-53.3%	9,5 k €	-73.9%	36,5 k €	-98.7%	2,9 M €	-73.2%	10,9 M €	+62.7%	6,7 M €	+374%	1,4 M €	-39.1%	2,3 M €	+40.1%	1,7 M €	+1142%	132,9 k €	-95.7%	3,1 M €	+68.3%	1,8 M €	+35220%	5,2 k €	-48.1%	10 k €	-68.1%	31,5 k €	-36.8%	49,7 k €	-53.8%	107,7 k €	+235%	32,1 k €	-59.0%	78,5 k €	+56.4%	50,2 k €
Debts	13,1 M €	+0.2%	13,1 M €	+0.4%	13,1 M €	+0.7%	13 M €	-0.3%	13 M €	+159%	5 M €	-94.5%	90,5 M €	+132408%	68,3 k €	-66.3%	202,4 k €	+62.8%	124,3 k €	+886%	12,6 k €	-76.9%	54,6 k €	+7.0%	51 k €	-0.9%	51,5 k €	-2.2%	52,6 k €	-45.8%	97,1 k €	-88.9%	871,4 k €	-15.7%	1 M €	-9.5%	1,1 M €	+4.5%	1,1 M €
Other
Workforce	–		–		–		–		–		–		0,2 ETP	-80.0%	1,0 ETP		–		–		1,0 ETP	-50.0%	2,0 ETP	0.0%	2,0 ETP	0.0%	2,0 ETP	0.0%	2,0 ETP	0.0%	2,0 ETP	0.0%	2,0 ETP	0.0%	2,0 ETP	-9.1%	2,2 ETP	-26.7%	3,0 ETP

Estimate

Indicative valuation

As an indication, this company is worth

between 10 M€ and 25 M€

See the valuation

Governance

Board of directors

Seen on filing of 31/12/2025 · 2 active · 19 ended

Active mandates

Airy de Murga

Mandate

Active

Valérie Tremerie

Mandate

Active

Ended mandates

Airy de Murga

Director · since 21 mai 2019 · until 20 mai 2025

Ended

Alegria de Murga

Director · since 21 mai 2019 · until 20 mai 2025

Ended

Guy-Alaric de Murga

Managing director · since 21 mai 2019 · until 20 mai 2025

Ended

Guy-Alaric DE MURGA

Administrator - manager · since 21 mai 2019 · until 20 mai 2025

Ended

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Annual accounts

Full financial information

	2025	2024	2023	2022	2021	2020
Type of account	Abridged model	Abridged model	Abridged model	Abridged model	Abridged model	Abridged 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	30/08/2026	23/09/2025	14/08/2025	25/02/2025	31/08/2022	10/09/2021
General meeting	19/05/2026	20/05/2025	21/05/2024	15/05/2023	17/05/2022	18/05/2021
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

20 filings with the NBB

Model	Closing	General meeting	Filed	Language	Document
Abridged model	31/12/2025	19/05/2026	30/08/2026	French	PDF
Abridged model	31/12/2024	20/05/2025	23/09/2025	French	PDF
Abridged model	31/12/2023	21/05/2024	14/08/2025	French	PDF
Abridged model	31/12/2022	15/05/2023	25/02/2025	French	PDF
Abridged model	31/12/2021	17/05/2022	31/08/2022	French	PDF
Abridged model	31/12/2020	18/05/2021	10/09/2021	French	PDF
Abridged model	31/12/2019	30/10/2020	30/12/2020	French	PDF
Abridged model	31/12/2018	21/05/2019	27/09/2019	French	PDF
Abridged model	31/12/2017	15/05/2018	22/08/2018	French	PDF
Abridged model	31/12/2016	16/05/2017	23/08/2017	French	PDF
Abridged model	31/12/2015	17/05/2016	02/08/2016	French	PDF
Abridged model	31/12/2014	19/05/2015	31/08/2015	French	PDF
Abridged model	31/12/2013	20/05/2014	29/08/2014	French	PDF
Abridged model	31/12/2012	21/05/2013	18/07/2013	French	PDF
Abridged model	31/12/2011	15/05/2012	27/08/2012	French	PDF
Abridged model	31/12/2010	17/05/2011	25/08/2011	French	PDF
Abridged model	31/12/2009	18/05/2010	14/06/2010	French	PDF
Abridged model	31/12/2008	19/05/2009	30/06/2009	French	PDF
Abridged model	31/12/2007	20/05/2008	01/07/2008	French	PDF
Abridged model	31/12/2006	15/05/2007	13/07/2007	French	PDF

Estimate

Indicative valuation

Order of magnitude

As an indication, this company is worth

between 10 M€ and 25 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 · 2 active · 19 ended

Active mandates

Airy de Murga

Mandate

Active

Valérie Tremerie

Mandate

Active

Ended mandates

Airy de Murga

Director · since 21 mai 2019 · until 20 mai 2025

Ended

Alegria de Murga

Director · since 21 mai 2019 · until 20 mai 2025

Ended

Guy-Alaric de Murga

Managing director · since 21 mai 2019 · until 20 mai 2025

Ended

Guy-Alaric DE MURGA

Administrator - manager · since 21 mai 2019 · until 20 mai 2025

Ended

Shareholders

Ownership and network

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Belgian Official Gazette

Belgian Official Gazette publications

Mandates16/12/2022
SIEGE SOCIAL - DEMISSIONS, NOMINATIONS
PDF
Other04/02/2022
STATUTS (TRADUCTION, COORDINATION, AUTRES MODIFICATIONS, )
PDF
Mandates08/11/2021
DEMISSIONS, NOMINATIONS
PDF
Mandates28/07/2017
DEMISSIONS, NOMINATIONS
PDF
Capital / shares24/05/2016
CAPITAL, ACTIONS
PDF
Registered office26/08/2015
SIEGE SOCIAL
PDF
Mandates27/02/2014
DEMISSIONS, NOMINATIONS
PDF
Mandates07/11/2012
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 202541,1 k €↓
2024
Annual accounts 202444,2 k €↓
2023
Annual accounts 2023228,5 k €↑
2022
Annual accounts 2022-325,5 k €↓
08/06/2022
nominationValérie Tremerie — administrateur
2021
Annual accounts 2021-258 k €↓
2020
Annual accounts 202023,4 M €↑
2019
Annual accounts 2019-1,2 M €↓
2018
Annual accounts 2018721,2 k €↑
2017
Annual accounts 2017182,3 k €↓
2016
Annual accounts 20161 M €↑
2015
Annual accounts 2015619,6 k €↓
2014
Annual accounts 2014689,9 k €↑
2013
Annual accounts 2013277,7 k €↑
2012
Annual accounts 2012251,2 k €↓
2011
Annual accounts 2011259,3 k €↓
2010
Annual accounts 20102,9 M €↑
2009
Annual accounts 2009-97,6 k €↓
2008
Annual accounts 2008-64,5 k €↑
2007
Annual accounts 2007-175,6 k €↓
2006
Annual accounts 2006-164,4 k €
30/12/1936
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

WORDEN

Overview

What does WORDEN 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