ACTIVE

Union

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Financial year 2025 · closed on 31/12/2025

Net result

-46,1 k €

-101.3% YoY

Gross margin

270,1 €

-100.0% YoY

Equity

663,7 k €

-6.5% YoY

What does Union do?

Union is a Public limited company incorporated in 1923. Its main activity is: Development of building projects. Its registered office is in Bruxelles.

Legal situation

● Normal situation

BCE/KBO no. / VAT

BE 0402.935.030

Incorporation

28/02/1923

Legal form

Public limited company

Registered office

Avenue Franklin Roosevelt 54
1050 Bruxelles · BruxellesSee on map

Contributed capital

595 000,00 €

Latest accounts

31/12/2025

Activities (NACE)

41101Development of building projects· main 41102Development of building projects 68121Buying and selling of own real estate 68122Buying and selling of own real estate

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
Gross margin	270,1 €	-100.0%	4,9 M €	+83628%	-5,8 k €	+78.8%	-27,6 k €	-212%	24,6 k €	-72.4%	89,3 k €	+325%	-39,6 k €	-1080%	-3,4 k €	+47.2%	-6,4 k €	-102%	354,8 k €	+9114%	-3,9 k €	+11.5%	-4,4 k €	+79.0%	-21,2 k €	+47.1%	-40,1 k €		–		–		–		–		–		–
EBITDA	-4,2 k €	-100%	4,9 M €	+30183%	-16,2 k €	+46.2%	-30 k €	-637%	-4,1 k €	+90.8%	-44,2 k €	-8.6%	-40,7 k €	-804%	-4,5 k €	+39.5%	-7,5 k €	-330%	-1,7 k €	+68.7%	-5,5 k €	+13.9%	-6,4 k €	+72.1%	-23,1 k €	+69.6%	-75,9 k €	+5.5%	-80,3 k €	-156%	142,3 k €	-14.9%	167,3 k €	+190%	-185,6 k €	-1174%	17,3 k €	-91.8%	209,6 k €
Operating result	-41 k €	-101%	4,8 M €	+9373%	-52,1 k €	-46.7%	-35,5 k €	-771%	-4,1 k €	+90.8%	-44,2 k €	-8.6%	-40,7 k €	-804%	-4,5 k €	+39.5%	-7,5 k €	-330%	-1,7 k €	+68.7%	-5,5 k €	+36.4%	-8,7 k €	+67.9%	-27,1 k €	+66.1%	-79,9 k €	+7.3%	-86,2 k €	-158%	149,8 k €	+169%	55,7 k €	+484%	-14,5 k €	+88.3%	-124,4 k €	-495%	31,4 k €
Net result	-46,1 k €	-101%	3,6 M €	+6675%	-55,2 k €	-53.0%	-36,1 k €	-617%	-5 k €	+88.7%	-44,4 k €	-8.6%	-40,9 k €	-771%	-4,7 k €	+40.4%	-7,9 k €	-170%	11,3 k €	+103%	-401,4 k €	-2127%	-18 k €	+80.9%	-94,5 k €	+12.3%	-107,8 k €	-217%	92,4 k €	-41.0%	156,5 k €	+126%	69,2 k €	+171%	25,5 k €	-87.7%	207,2 k €	+347%	46,4 k €
Balance sheet
Equity	663,7 k €	-6.5%	709,8 k €	+152%	282 k €	-16.4%	337,2 k €	-9.7%	373,2 k €	-1.3%	378,3 k €	-10.5%	422,7 k €	-8.8%	463,6 k €	-1.0%	468,3 k €	-1.7%	476,2 k €	+2.4%	464,9 k €	-46.3%	866,3 k €	-2.0%	884,3 k €	-52.2%	1,8 M €	-5.5%	2 M €	+5.0%	1,9 M €	-1.1%	1,9 M €	-4.1%	2 M €	-5.7%	2,1 M €	+3.0%	2 M €
Total assets	5,4 M €	-34.8%	8,2 M €	-49.7%	16,3 M €	+8.8%	15 M €	+2.4%	14,7 M €	+0.7%	14,6 M €	+2.7%	14,2 M €	-5.0%	14,9 M €	-7.5%	16,2 M €	-6.9%	17,4 M €	+136%	7,4 M €	+19.2%	6,2 M €	+7.9%	5,7 M €	+190%	2 M €	-7.0%	2,1 M €	-14.7%	2,5 M €	+2.7%	2,4 M €	-8.4%	2,6 M €	-7.3%	2,9 M €	+3.7%	2,8 M €
Cash	4,3 k €	+1073%	363,6 €	-82.1%	2 k €	-11.3%	2,3 k €	+299%	574,1 €	+2412%	22,9 €	-70.1%	76,5 €	-40.1%	127,8 €	+14.9%	111,2 €	-59.2%	272,5 €	-94.5%	5 k €	-96.9%	159,9 k €		–		9,5 k €	+81.7%	5,3 k €	-93.2%	76,9 k €	+48.4%	51,8 k €	-39.5%	85,7 k €	+20.6%	71,1 k €	-28.6%	99,5 k €
Debts	4,7 M €	-37.5%	7,5 M €	-53.2%	16,1 M €	+10.1%	14,6 M €	+2.7%	14,2 M €	+0.8%	14,1 M €	+3.1%	13,7 M €	-4.9%	14,4 M €	-7.7%	15,6 M €	-7.1%	16,8 M €	+147%	6,8 M €	+30.3%	5,2 M €	+9.9%	4,7 M €	+13557%	34,8 k €	-53.6%	74,9 k €	-83.5%	453,3 k €	+1.2%	447,7 k €	-12.8%	513,5 k €	-15.1%	604,6 k €	+0.2%	603,3 k €
Other
Workforce	–		–		0,0 ETP		–		–		–		–		–		–		–		–		–		–		–		–		18,3 ETP	-21.1%	23,2 ETP	-7.9%	25,2 ETP	-3.4%	26,1 ETP	-12.7%	29,9 ETP

Estimate

Indicative valuation

As an indication, this company is worth

between 5 M€ and 10 M€

See the valuation

Governance

Board of directors

Seen on filing of 31/12/2025 · 3 active · 29 ended

Active mandates

Patrick August Bouwen

Managing director · since 15 juin 2020 · until 24 juin 2030

Active

Kim Heungens

Managing director · since 31 octobre 2013 · until 24 juin 2030

Active

Cyrielle Yvonne Bouwen

Director · since 31 janvier 2013 · until 24 juin 2030

Active

Ended mandates

Patrick August Bouwen

Director · since 15 juin 2020 · until 24 juin 2030

Ended

Cyrielle Bouwen

Director · since 05 juin 2018 · until 24 avril 2024

Ended

Kim Heungens

Managing director · since 05 juin 2018 · until 24 avril 2024

Ended

Patrick Bouwen

Director · since 06 novembre 2014 · until 15 avril 2020

Ended

At this address

Other companies at this address

Company	CBE no.
FALCON● Active	0455.549.612
The Lidija Topić Bouwen Foundation● Active	1008.578.779

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	19/06/2026	25/07/2025	01/07/2024	10/08/2023	13/10/2022	20/07/2021
General meeting	10/06/2026	30/06/2025	03/06/2024	26/04/2023	27/04/2022	28/06/2021
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
Abridged model	31/12/2025	10/06/2026	19/06/2026	Dutch	PDF
Abridged model	31/12/2024	30/06/2025	25/07/2025	Dutch	PDF
Abridged model	31/12/2023	03/06/2024	01/07/2024	Dutch	PDF
Abridged model	31/12/2022	26/04/2023	10/08/2023	Dutch	PDF
Abridged model	31/12/2021	27/04/2022	13/10/2022	Dutch	PDF
Abridged model	31/12/2020	28/06/2021	20/07/2021	Dutch	PDF
Abridged model	31/12/2019	15/06/2020	30/06/2020	Dutch	PDF
Abridged model	31/12/2018	18/06/2019	18/07/2019	Dutch	PDF
Abridged model	31/12/2017	05/06/2018	28/06/2018	Dutch	PDF
Abridged model	31/12/2016	27/06/2017	12/07/2017	Dutch	PDF
Abridged model	31/12/2015	28/06/2016	14/07/2016	Dutch	PDF
Abridged model	31/12/2014	13/05/2015	12/06/2015	Dutch	PDF
Abridged model	31/12/2013	23/04/2014	27/05/2014	Dutch	PDF
Abridged model	31/12/2012	31/01/2013	26/06/2013	Dutch	PDF
Full model	31/12/2011	25/04/2012	19/06/2012	French	PDF
Full model	31/12/2010	27/04/2011	26/07/2011	French	PDF
Full model	31/12/2009	09/06/2010	22/06/2010	French	PDF
Full model	31/12/2008	22/04/2009	06/05/2009	French	PDF
Full model	31/12/2007	23/04/2008	07/05/2008	French	PDF
Full model	31/12/2006	25/04/2007	10/05/2007	French	PDF

Estimate

Indicative valuation

Order of magnitude

As an indication, this company is worth

between 5 M€ and 10 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 · 3 active · 29 ended

Active mandates

Patrick August Bouwen

Managing director · since 15 juin 2020 · until 24 juin 2030

Active

Kim Heungens

Managing director · since 31 octobre 2013 · until 24 juin 2030

Active

Cyrielle Yvonne Bouwen

Director · since 31 janvier 2013 · until 24 juin 2030

Active

Ended mandates

Patrick August Bouwen

Director · since 15 juin 2020 · until 24 juin 2030

Ended

Cyrielle Bouwen

Director · since 05 juin 2018 · until 24 avril 2024

Ended

Kim Heungens

Managing director · since 05 juin 2018 · until 24 avril 2024

Ended

Patrick Bouwen

Director · since 06 novembre 2014 · until 15 avril 2020

Ended

Shareholders

Ownership and network

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Belgian Official Gazette

Belgian Official Gazette publications

Mandates04/10/2024
ONTSLAGEN - BENOEMINGEN
PDF
Mandates03/08/2020
ONTSLAGEN - BENOEMINGEN
PDF
Mandates17/07/2018
DEMISSIONS, NOMINATIONS
PDF
Mandates02/01/2015
DEMISSIONS, NOMINATIONS
PDF
Mandates25/04/2013
SIEGE SOCIAL - DEMISSIONS, NOMINATIONS
PDF
Mandates09/08/2011
DENOMINATION - OBJET
PDF
Mandates01/08/2011
SIEGE SOCIAL - DEMISSIONS, NOMINATIONS
PDF
Mandates08/04/2010
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 2025-46,1 k €↓
2024
Annual accounts 20243,6 M €↑
2023
Annual accounts 2023-55,2 k €↓
2022
Annual accounts 2022-36,1 k €↓
2021
Annual accounts 2021-5 k €↑
2020
Annual accounts 2020-44,4 k €↓
2019
Annual accounts 2019-40,9 k €↓
2018
Annual accounts 2018-4,7 k €↑
2017
Annual accounts 2017-7,9 k €↓
2016
Annual accounts 201611,3 k €↑
2015
Annual accounts 2015-401,4 k €↓
2014
Annual accounts 2014-18 k €↑
2013
Annual accounts 2013-94,5 k €↑
2012
Annual accounts 2012-107,8 k €↓
2011
Annual accounts 201192,4 k €↓
2010
Annual accounts 2010156,5 k €↑
2009
Annual accounts 200969,2 k €↑
2008
Annual accounts 200825,5 k €↓
2007
Annual accounts 2007207,2 k €↑
2006
Annual accounts 200646,4 k €
28/02/1923
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

Union

Overview

What does Union 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