ACTIVE

Polymorf

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Financial year 2025 · closed on 31/12/2025

Net result

-148,8 k €

-9.6% YoY

Gross margin

11,4 k €

+320.5% YoY

Equity

2,2 M €

-6.4% YoY

Workforce

0,0 ETP

What does Polymorf do?

Polymorf is a Public limited company incorporated in 1968. Its registered office is in Asse.

Legal situation

● Normal situation

BCE/KBO no. / VAT

BE 0403.844.553

Incorporation

12/09/1968

Legal form

Public limited company

Registered office

Hoogstraat 40
1730 Asse · FlandreSee on map

Contributed capital

1 624 501,13 €

Latest accounts

31/12/2025

Average workforce

0,0 ETP

Joint committees (2)

Signals

Solid 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	11,4 k €	+321%	-5,2 k €	+65.2%	-14,8 k €	-411%	-2,9 k €	-100%	1,8 M €	+3996%	43,3 k €	-80.1%	218,2 k €	+492%	36,8 k €	+5.6%	34,9 k €	-66.0%	102,6 k €	-15.3%	121,2 k €	-15.4%	143,3 k €	-14.8%	168,2 k €	-19.1%	207,9 k €	-15.6%	246,5 k €	-11.5%	278,6 k €	+0.8%	276,4 k €	-7.4%	298,6 k €	-20.2%	374,0 k €	+29.4%	289,1 k €
EBITDA	-14,1 k €	+51.7%	-29,2 k €	+21.9%	-37,3 k €	-62.6%	-23,0 k €	-101%	1,7 M €	+13575%	12,8 k €	-93.6%	198,9 k €	+795%	22,2 k €	+20.4%	18,5 k €	-10.3%	20,6 k €	-68.1%	64,5 k €	-2.1%	65,9 k €	-46.0%	121,9 k €	+19.8%	101,8 k €	-27.6%	140,6 k €	-12.9%	161,5 k €	-4.3%	168,8 k €	-7.8%	183,0 k €	+16.6%	157,0 k €	-15.0%	184,6 k €
Operating result	-178,7 k €	-16.6%	-153,2 k €	+4.5%	-160,5 k €	-10.4%	-145,5 k €	-109%	1,6 M €	+668%	-282,8 k €	-319%	129,0 k €	+2840%	4,4 k €	+142%	1,8 k €	-59.9%	4,5 k €	-90.8%	49,3 k €	-2.7%	50,7 k €	-51.1%	103,7 k €	+41.7%	73,1 k €	-12.0%	83,1 k €	-13.8%	96,4 k €	+9.9%	87,7 k €	-5.9%	93,2 k €	+93.0%	48,3 k €	-27.0%	66,1 k €
Net result	-148,8 k €	-9.6%	-135,7 k €	-18.9%	-114,2 k €	-17.0%	-97,6 k €	-108%	1,2 M €	+465%	-322,5 k €	-566%	69,2 k €	+3094%	2,2 k €	+1586%	128,6 €	-94.5%	2,3 k €	-94.7%	44,3 k €	+23.7%	35,8 k €	-48.3%	69,3 k €	+56.6%	44,3 k €	-31.9%	65,0 k €	-9.2%	71,6 k €	+19.6%	59,9 k €	+4.2%	57,4 k €	+763%	6,7 k €	-13.3%	7,7 k €
Balance sheet
Equity	2,2 M €	-6.4%	2,3 M €	-5.5%	2,5 M €	-4.4%	2,6 M €	-3.6%	2,7 M €	+78.4%	1,5 M €	+33.5%	1,1 M €	+340%	255,7 k €	+0.9%	253,5 k €	+0.1%	253,4 k €	+0.9%	251,0 k €	+3.8%	241,7 k €	+12.0%	215,9 k €	+37.9%	156,6 k €	+2.8%	152,3 k €	-14.1%	177,3 k €	+17.6%	150,7 k €	+10.9%	135,9 k €	+9.6%	124,0 k €	+5.7%	117,3 k €
Total assets	2,6 M €	-5.9%	2,7 M €	-5.6%	2,9 M €	-4.6%	3,0 M €	-3.9%	3,1 M €	+26.1%	2,5 M €	+106%	1,2 M €	+288%	311,3 k €	+1.4%	307,0 k €	-3.3%	317,3 k €	+8.5%	292,4 k €	-12.9%	335,6 k €	+1.3%	331,3 k €	-3.2%	342,5 k €	-16.6%	410,5 k €	-5.6%	435,0 k €	-22.1%	558,7 k €	-15.6%	661,8 k €	-12.6%	757,1 k €	-22.7%	979,4 k €
Cash	100,9 k €	-18.9%	124,4 k €	+62.0%	76,8 k €	-43.1%	135,0 k €	-21.4%	171,8 k €	+151%	68,5 k €	-88.5%	595,5 k €	+4681%	12,5 k €	-42.5%	21,7 k €	-27.5%	29,8 k €	+1029%	2,6 k €	-66.0%	7,8 k €	+5.0%	7,4 k €	+2760%	259,3 €	-98.7%	19,3 k €	+71.6%	11,2 k €	+4.1%	10,8 k €	+174%	3,9 k €	-83.9%	24,5 k €	+190%	8,4 k €
Debts	24,7 k €	+123%	11,1 k €	+2.4%	10,8 k €	+10.7%	9,8 k €	-6.0%	10,4 k €	-98.9%	931,9 k €	+4173%	21,8 k €	-60.6%	55,4 k €	+3.5%	53,5 k €	-16.3%	63,9 k €	+54.7%	41,3 k €	-55.9%	93,6 k €	-18.9%	115,4 k €	-37.8%	185,5 k €	-28.1%	258,1 k €	+0.3%	257,3 k €	-35.8%	400,9 k €	-23.7%	525,6 k €	-16.5%	629,4 k €	-26.5%	856,1 k €
Other
Workforce	0,0 ETP		–		–		–		–		–		–		–		–		–		1,4 ETP	-22.2%	1,8 ETP	+80.0%	1,0 ETP	-44.4%	1,8 ETP	-21.7%	2,3 ETP	-8.0%	2,5 ETP	0.0%	2,5 ETP	-16.7%	3,0 ETP	0.0%	3,0 ETP	0.0%	3,0 ETP

Estimate

Indicative valuation

As an indication, this company is worth

between 1 M€ and 2,5 M€

See the valuation

Governance

Board of directors

Seen on filing of 31/12/2025 · 2 active · 21 ended

Active mandates

FIVICAL

Managing director · since 01 septembre 2025 · until 10 mai 2030 · 0892.014.275

Represented by Heuninckx Bart

Active

Victor Van Langenhove

Director · since 01 septembre 2025 · until 10 mai 2030

Active

Ended mandates

FIVICAL

Managing director · since 30 septembre 2019 · 0892.014.275

Represented by Bart HEUNINCKX

Ended

FIVICAL

Managing director · since 30 septembre 2019 · until 14 mai 2025 · 0892.014.275

Represented by Heuninckx BART

Ended

FIVICAL

Managing director · since 30 septembre 2019 · until 14 mai 2025 · 0892.014.275

Represented by Bart Heuninckx

Ended

FIVICAL

Managing director · since 10 mai 2014 · until 10 mai 2020 · 0892.014.275

Represented by Bart Heuninck

Ended

At this address

Other companies at this address

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BML & Partners● Active	0448.237.592
FIVICAL● Active	0892.014.275
GRASSI● Active	0442.713.740
Groep FVL● Active	0783.625.683
Parnord B.V.● Active	1030.369.137
PRAEMONEO● Active	0473.435.323
SAFIR BOUW● Active	0715.969.866
SIRION● Active	0470.493.847

Annual accounts

Full financial information

	2025	2024	2023	2022	2021	2020
Type of account	Abridged model	Abridged model	Abridged model	Micro model	Micro model	Micro 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	03/06/2026	27/05/2025	07/06/2024	09/06/2023	09/06/2022	08/06/2021
General meeting	08/05/2026	09/05/2025	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

20 filings with the NBB

Model	Closing	General meeting	Filed	Language	Document
Abridged model	31/12/2025	08/05/2026	03/06/2026	Dutch	PDF
Abridged model	31/12/2024	09/05/2025	27/05/2025	Dutch	PDF
Abridged model	31/12/2023	10/05/2024	07/06/2024	Dutch	PDF
Micro model	31/12/2022	12/05/2023	09/06/2023	Dutch	PDF
Micro model	31/12/2021	13/05/2022	09/06/2022	Dutch	PDF
Micro model	31/12/2020	14/05/2021	08/06/2021	Dutch	PDF
Micro model	31/12/2019	15/05/2020	12/06/2020	Dutch	PDF
Micro model	31/12/2018	10/05/2019	14/05/2019	Dutch	PDF
Micro model	31/12/2017	11/05/2018	29/05/2018	Dutch	PDF
Abridged model	31/12/2016	12/05/2017	20/06/2017	Dutch	PDF
Abridged model	31/12/2015	13/05/2016	06/06/2016	Dutch	PDF
Abridged model	31/12/2014	08/05/2015	26/05/2015	Dutch	PDF
Abridged model	31/12/2013	09/05/2014	03/06/2014	Dutch	PDF
Abridged model	31/12/2012	10/05/2013	31/05/2013	Dutch	PDF
Abridged model	31/12/2011	11/05/2012	11/06/2012	Dutch	PDF
Abridged model	31/12/2010	13/05/2011	10/06/2011	Dutch	PDF
Abridged model	31/12/2009	14/05/2010	07/06/2010	Dutch	PDF
Abridged model	31/12/2008	08/05/2009	05/06/2009	Dutch	PDF
Abridged model	31/12/2007	09/05/2008	06/06/2008	Dutch	PDF
Abridged model	31/12/2006	11/05/2007	29/05/2007	Dutch	PDF

Estimate

Indicative valuation

Order of magnitude

As an indication, this company is worth

between 1 M€ and 2,5 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 · 21 ended

Active mandates

FIVICAL

Managing director · since 01 septembre 2025 · until 10 mai 2030 · 0892.014.275

Represented by Heuninckx Bart

Active

Victor Van Langenhove

Director · since 01 septembre 2025 · until 10 mai 2030

Active

Ended mandates

FIVICAL

Managing director · since 30 septembre 2019 · 0892.014.275

Represented by Bart HEUNINCKX

Ended

FIVICAL

Managing director · since 30 septembre 2019 · until 14 mai 2025 · 0892.014.275

Represented by Heuninckx BART

Ended

FIVICAL

Managing director · since 30 septembre 2019 · until 14 mai 2025 · 0892.014.275

Represented by Bart Heuninckx

Ended

FIVICAL

Managing director · since 10 mai 2014 · until 10 mai 2020 · 0892.014.275

Represented by Bart Heuninck

Ended

Shareholders

Ownership and network

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Belgian Official Gazette

Belgian Official Gazette publications

Mandates04/12/2025
MAATSCHAPPELIJKE ZETEL - ONTSLAGEN - BENOEMINGEN
PDF
Other16/10/2024
DIVERSEN
PDF
Capital / shares26/03/2020
KAPITAAL - AANDELEN
PDF
Mandates31/10/2019
KAPITAAL - AANDELEN - ONTSLAGEN - BENOEMINGEN - STATUTEN (VERTALING, COÖRDINATIE, OVERIGE WIJZIGINGEN, )
PDF
Registered office09/03/2016
MAATSCHAPPELIJKE ZETEL
PDF
Mandates10/02/2016
ONTSLAGEN - BENOEMINGEN
PDF
Mandates20/06/2014
ONTSLAGEN - BENOEMINGEN
PDF
Registered office03/10/2013
MAATSCHAPPELIJKE ZETEL
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 2025-148,8 k €↓
2024
Annual accounts 2024-135,7 k €↓
2023
Annual accounts 2023-114,2 k €↓
2022
Annual accounts 2022-97,6 k €↓
2021
Annual accounts 20211,2 M €↑
2020
Annual accounts 2020-322,5 k €↓
2019
Annual accounts 201969,2 k €↑
2018
Annual accounts 20182,2 k €↑
2017
Annual accounts 2017128,6 €↓
2016
Annual accounts 20162,3 k €↓
2015
Annual accounts 201544,3 k €↑
2014
Annual accounts 201435,8 k €↓
2013
Annual accounts 201369,3 k €↑
2012
Annual accounts 201244,3 k €↓
2011
Annual accounts 201165,0 k €↓
2010
Annual accounts 201071,6 k €↑
2009
Annual accounts 200959,9 k €↑
2008
Annual accounts 200857,4 k €↑
2007
Annual accounts 20076,7 k €↓
2006
Annual accounts 20067,7 k €
12/09/1968
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

Polymorf

Overview

What does Polymorf 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