ACTIVE

SAPEC

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Financial year 2025 · closed on 31/12/2025
Net result
1,7 M €
+43.8% YoY
Equity
65,4 M €
+1.3% YoY

What does SAPEC do?

SAPEC is a Public limited company incorporated in 1968. Its main activity is: Agents involved in the sale of fuels, ores, metals and industrial chemicals. Its registered office is in Bruxelles.

Legal situation
● Normal situation
BCE/KBO no. / VAT
BE 0403.085.280
Incorporation
01/01/1968
Legal form
Public limited company
Registered office
Avenue Louise 240 box 14
1050 Bruxelles · BruxellesSee on map
Contributed capital
43 726 825,05 €
Latest accounts
31/12/2025
Activities (NACE)
46120Agents involved in the sale of fuels, ores, metals and industrial chemicals· main46120Agents involved in the sale of fuels, ores, metals and industrial chemicals51120Passenger air transport
Joint committees (1)
  • 200
Signals
ProfitableSolid equityLow riskGood liquidityPositive cashflow
View the BCE/KBO Public Search record →
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✦ Verdict · Analyst summary
Financials

Trend over 19 financial years

2025202420232022202120202019201820182015201420132012201120102009200820072006
Income statement
Revenue–––––––––1,5 M €1,2 M €1,5 M €1,5 M €1,2 M €1 M €813,6 k €478,8 k €6,4 M €468,1 k €
EBITDA-65,7 k €140,5 k €-343 k €898,9 k €-1,2 M €-1,4 M €-160,4 k €-193,4 k €798,1 k €1 M €-2,8 M €-316,7 k €-404,1 k €-349,5 k €-669,9 k €-468,9 k €-524,1 k €-468,4 k €-458,4 k €
Operating result-65,7 k €140,5 k €-308,3 k €864,2 k €-768,3 k €-1,4 M €-191,2 k €-216,5 k €735,2 k €991 k €-2,8 M €-335,4 k €-434,7 k €-378,1 k €-696,4 k €-545,4 k €-598,4 k €-543,4 k €-481,1 k €
Net result1,7 M €1,2 M €692,1 k €2,1 M €-450,9 k €-175,7 k €114,2 k €-53 k €454,6 k €2,2 M €3,7 M €-27 M €4 M €3,7 M €449,4 k €514,7 k €1 M €3,6 M €3,3 M €
Balance sheet
Equity65,4 M €64,6 M €64,7 M €64,5 M €62,9 M €64,3 M €65,5 M €65,4 M €65,8 M €95,3 M €93,2 M €90,4 M €75,6 M €72,4 M €68,8 M €68,5 M €68,1 M €68,1 M €68,3 M €
Total assets66,4 M €66,1 M €65,4 M €65,8 M €65,9 M €69,2 M €68,7 M €68,5 M €72,1 M €123,1 M €126,7 M €112,4 M €95,7 M €97,2 M €95,3 M €211,1 M €215,3 M €156,2 M €117,5 M €
Cash3,1 M €3,4 M €1,9 M €2,5 M €3,1 M €4,1 M €4,7 M €4,8 M €1,2 M €729,8 k €845,1 k €6,4 M €3,5 M €861,4 k €828,5 k €922,9 k €930,5 k €695,4 k €732,1 k €
Debts875,4 k €1,3 M €508 k €1,1 M €2,8 M €4,2 M €3 M €2,9 M €6 M €27,5 M €33,1 M €21,6 M €19,8 M €24,5 M €26 M €141,5 M €145,4 M €86,6 M €46,7 M €
Other
Workforce––––––––0,9 ETP8,0 ETP8,0 ETP6,5 ETP5,9 ETP5,1 ETP5,3 ETP5,1 ETP4,6 ETP4,7 ETP4,9 ETP
Estimate

Indicative valuation

As an indication, this company is worth

between 50 M€ and 100 M€
See the valuation
Governance

Board of directors

Seen on filing of 31/12/2025 · 3 active · 55 ended

Active mandates

Antoine VELGE

Chairman of the board of directors · since 25 juin 2025 · until 17 juin 2031

Active
Antonio Manuel RODRIGUES MARQUES

Director · since 25 juin 2025 · until 17 juin 2031

Active
Patricia VELGE

Director · since 16 juin 2020 · until 25 juin 2026

Active

Ended mandates

Patricia VELGE

Director · since 16 juin 2020 · until 16 juin 2026

Ended
Antoine VELGE

Chairman of the board of directors · since 18 juin 2019 · until 17 juin 2025

Ended
Antoine VELGE

Chairman of the board of directors · since 18 juin 2019 · until 25 juin 2025

Ended
Antonio Manuel RODRIGUES MARQUES

Director · since 18 juin 2019 · until 17 juin 2025

Ended
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Annual accounts

Full financial information

202520242023202220212020
Type of accountFull modelFull modelFull modelFull modelFull modelFull model
Start of the financial year01/01/202501/01/202401/01/202301/01/202201/01/202101/01/2020
Closing of the financial year31/12/202531/12/202431/12/202331/12/202231/12/202131/12/2020
Length of the financial year12 months12 months12 months12 months12 months12 months
Filing date09/07/202602/07/202502/07/202413/07/202305/07/202229/06/2021
General meeting25/06/202625/06/202528/06/202430/06/202321/06/202215/06/2021
Currency of the financial yearEUREUREUREUREUREUR
NBB quality labelSatisfying controlsSatisfying controlsSatisfying controlsSatisfying controlsSatisfying controlsSatisfying controls
Ratios

Financial ratios

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Filings

Annual accounts filings

32 filings with the NBB

ModelClosingGeneral meetingFiledLanguageDocument
Full model31/12/202525/06/202609/07/2026FrenchPDF
Full model31/12/202425/06/202502/07/2025FrenchPDF
Full model31/12/202328/06/202402/07/2024FrenchPDF
Full model31/12/202230/06/202313/07/2023FrenchPDF
Full model31/12/202121/06/202205/07/2022FrenchPDF
Full model31/12/202015/06/202129/06/2021FrenchPDF
Full model31/12/201916/06/202001/07/2020FrenchPDF
Full model31/12/201818/06/201911/07/2019FrenchPDF
Full model31/03/201819/06/201809/07/2018FrenchPDF
Consolidated accounts31/03/201819/06/201810/07/2018FrenchPDF
Full model31/03/201720/06/201718/07/2017FrenchPDF
Consolidated accounts31/03/201720/06/201718/07/2017FrenchPDF
Full model31/12/201521/06/201615/07/2016FrenchPDF
Consolidated accounts31/12/201501/01/999915/07/2016FrenchPDF
Full model31/12/201416/06/201514/07/2015FrenchPDF
Consolidated accounts31/12/201416/06/201515/07/2015FrenchPDF
Full model31/12/201317/06/201408/07/2014FrenchPDF
Consolidated accounts31/12/201317/06/201408/07/2014FrenchPDF
Full model31/12/201218/06/201303/07/2013FrenchPDF
Consolidated accounts31/12/201218/06/201303/07/2013FrenchPDF
Full model31/12/201119/06/201227/06/2012FrenchPDF
Consolidated accounts31/12/201119/06/201226/07/2012FrenchPDF
Full model31/12/201021/06/201104/07/2011FrenchPDF
Consolidated accounts31/12/201021/06/201104/07/2011FrenchPDF

View all 32 filings

Estimate

Indicative valuation

Order of magnitude

As an indication, this company is worth

between 50 M€ and 100 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 · 55 ended

Active mandates

Antoine VELGE

Chairman of the board of directors · since 25 juin 2025 · until 17 juin 2031

Active
Antonio Manuel RODRIGUES MARQUES

Director · since 25 juin 2025 · until 17 juin 2031

Active
Patricia VELGE

Director · since 16 juin 2020 · until 25 juin 2026

Active

Ended mandates

Patricia VELGE

Director · since 16 juin 2020 · until 16 juin 2026

Ended
Antoine VELGE

Chairman of the board of directors · since 18 juin 2019 · until 17 juin 2025

Ended
Antoine VELGE

Chairman of the board of directors · since 18 juin 2019 · until 25 juin 2025

Ended
Antonio Manuel RODRIGUES MARQUES

Director · since 18 juin 2019 · until 17 juin 2025

Ended
Shareholders

Ownership and network

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Belgian Official Gazette

Belgian Official Gazette publications

  • Mandates18/08/2025
    DEMISSIONS, NOMINATIONS
    PDF
  • Other16/12/2024
    STATUTS (TRADUCTION, COORDINATION, AUTRES MODIFICATIONS, …)
    PDF
  • Mandates22/07/2022
    DEMISSIONS, NOMINATIONS
    PDF
  • Registered office28/01/2022
    SIEGE SOCIAL
    PDF
  • Mandates25/08/2020
    DEMISSIONS, NOMINATIONS
    PDF
  • Mandates15/07/2019
    DEMISSIONS, NOMINATIONS
    PDF
  • Capital / shares19/12/2018
    CAPITAL, ACTIONS - ANNEE COMPTABLE - STATUTS (TRADUCTION, COORDINATION, AUTRES MODIFICATIONS, …)
    PDF
  • Mandates07/08/2018
    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

Timeline

  1. 2025
    Annual accounts 20251,7 M €↑
  2. 25/06/2025
    reconductionAntoine VELGE — administrateur
  3. 25/06/2025
    reconductionAntonio RODRIGUES MARQUES — administrateur
  4. 25/06/2025
    reconductionSRL FORVIS MAZARS REVISEURS D'ENTREPRISES — commissaire
  5. 2024
    Annual accounts 20241,2 M €↑
  6. 2023
    Annual accounts 2023692,1 k €↓
  7. 2022
    Annual accounts 20222,1 M €↑
  8. 21/06/2022
    reconductionSRL MAZARS REVISEURS D'ENTREPRISES — commissaire
  9. 2021
    Annual accounts 2021-450,9 k €↓
  10. 2020
    Annual accounts 2020-175,7 k €↓
  11. 2019
    Annual accounts 2019114,2 k €↑
  12. 2018
    Annual accounts 2018-53 k €↓
  13. 2018
    Annual accounts 2018454,6 k €↓
  14. 2015
    Annual accounts 20152,2 M €↓
  15. 2014
    Annual accounts 20143,7 M €↑
  16. 2013
    Annual accounts 2013-27 M €↓
  17. 2012
    Annual accounts 20124 M €↑
  18. 2011
    Annual accounts 20113,7 M €↑
  19. 2010
    Annual accounts 2010449,4 k €↓
  20. 2009
    Annual accounts 2009514,7 k €↓
  21. 2008
    Annual accounts 20081 M €↓
  22. 2007
    Annual accounts 20073,6 M €↑
  23. 2006
    Annual accounts 20063,3 M €
  24. 01/01/1968
    IncorporationPublic limited company