ACTIVE

PIEWAL

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Financial year 2025 · Closed on 31/12/2025

Net result-50,4 k €+58,1 %over 1 year

Gross margin7 k €-98,4 %over 1 year

Equity170,2 k €-22,8 %over 1 year

Workforce0,3 ETP-97,1 %over 1 year

Identity

Source · BCE/KBO

PIEWAL is a Public limited company incorporated in 1963. Its main activity is: Rental and operating of own or leased real estate. Its registered office is in Chaudfontaine. It employs on average 0,3 ETP workers (FTE).

Legal situation: Normal situation
BCE/KBO no. / VAT: BE 0403.930.566
Incorporation: 18/04/1963
Legal form: Public limited company
Registered office: Source de la Lèche 43
4053 Chaudfontaine · WallonieSee on map
Contributed capital: 75 000,00 €
Latest accounts: 31/12/2025
Average workforce: 0,3 ETP

Activities (NACE)

68201Rental and operating of own or leased real estate· main

Joint committees (3)

Signals

Solid equityHealthy social debts

Financials

Source · NBB, 20 filings

Trend over 20 financial years

	2025		2024		2023		2022		2021
Income statement
Gross margin	7 k €	-98.4%	427,4 k €	-45.3%	780,8 k €	-6.3%	833,1 k €	-0.4%	836,1 k €
EBITDA	-15,4 k €	+70.3%	-51,9 k €	-236%	38 k €	-52.5%	80,1 k €	-18.0%	97,6 k €
Operating result	-36,8 k €	+49.8%	-73,4 k €	-1996%	3,9 k €	-91.4%	45,3 k €	-30.1%	64,7 k €
Net result	-50,4 k €	+58.1%	-120,3 k €	-337%	-27,6 k €	-252%	18,2 k €	-46.8%	34,2 k €
Balance sheet
Equity	170,2 k €	-22.8%	220,5 k €	-35.3%	340,8 k €	-7.5%	368,4 k €	+5.2%	350,2 k €
Total assets	519,2 k €	-6.5%	555,4 k €	-56.9%	1,3 M €	+8.8%	1,2 M €	-7.0%	1,3 M €
Cash	10,2 k €	-39.0%	16,7 k €	-4.0%	17,4 k €	-33.2%	26 k €	+192%	8,9 k €
Debts	346,6 k €	+4.6%	331,5 k €	-64.4%	931,2 k €	+14.6%	812,6 k €	-11.3%	916 k €
Other
Workforce	0,3 ETP	-97.1%	10,2 ETP	-38.6%	16,6 ETP	-3.5%	17,2 ETP	-14.9%	20,2 ETP

Valuation

Indicative valuation

As an indication, this company is worth

between 100 k€ and 250 k€

See the valuation

Board of directors

Source · NBB, accounts to 31/12/2025

2 active · 3 ended

Active mandates

Director	Mandates in this company	Period	Other mandatescurrentendedstruck offbankruptcies
Eric WALHIN	Managing director27/05/2011 → 29/06/2029
Joëlle PIERSON	Director12/10/2006 → 29/06/2029

Ended mandates

Director	Mandates in this company	Period	Other mandatescurrentendedstruck offbankruptcies
Joëlle PIRSON	Director27/05/2017 → 2017 accounts
Martine WALHIN	Directoruntil 12/10/2006
Stéphane WALHIN	Directoruntil 12/10/2006

Full financial information

Source · NBB

	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	15/10/2026	29/08/2025	26/07/2024	21/08/2023	31/08/2022	26/07/2021
General meeting	31/08/2026	30/06/2025	24/06/2024	29/06/2023	26/05/2022	30/06/2021
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

Financial ratios

Source · NBB

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Annual accounts filings

Source · NBB, 20 filings

Model	Closing	General meeting	Filed	Language	Document
Abridged model	31/12/2025	31/08/2026	15/10/2026	French	PDF
Abridged model	31/12/2024	30/06/2025	29/08/2025	French	PDF
Abridged model	31/12/2023	24/06/2024	26/07/2024	French	PDF
Abridged model	31/12/2022	29/06/2023	21/08/2023	French	PDF
Abridged model	31/12/2021	26/05/2022	31/08/2022	French	PDF
Abridged model	31/12/2020	30/06/2021	26/07/2021	French	PDF
Abridged model	31/12/2019	27/08/2020	30/09/2020	French	PDF
Abridged model	31/12/2018	23/05/2019	12/09/2019	French	PDF
Abridged model	31/12/2017	29/06/2018	29/08/2018	French	PDF
Abridged model	31/12/2016	25/05/2017	25/08/2017	French	PDF
Abridged model	31/12/2015	26/05/2016	29/08/2016	French	PDF
Abridged model	31/12/2014	22/05/2015	24/08/2015	French	PDF
Abridged model	31/12/2013	23/05/2014	12/08/2014	French	PDF
Abridged model	31/12/2012	24/05/2013	13/08/2013	French	PDF
Abridged model	31/12/2011	25/05/2012	16/08/2012	French	PDF
Abridged model	31/12/2010	27/05/2011	26/08/2011	French	PDF
Abridged model	31/12/2009	28/05/2010	23/08/2010	French	PDF
Abridged model	31/12/2008	22/05/2009	06/08/2009	French	PDF
Abridged model	31/12/2007	23/05/2008	02/07/2008	French	PDF
Abridged model	31/12/2006	22/06/2007	20/07/2007	French	PDF

Indicative valuation

Order of magnitude

As an indication, this company is worth

between 100 k€ and 250 k€

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.

Board of directors

Source · NBB, accounts to 31/12/2025

2 active · 3 ended

Active mandates

Director	Mandates in this company	Period	Other mandatescurrentendedstruck offbankruptcies
Eric WALHIN	Managing director27/05/2011 → 29/06/2029
Joëlle PIERSON	Director12/10/2006 → 29/06/2029

Ended mandates

Director	Mandates in this company	Period	Other mandatescurrentendedstruck offbankruptcies
Joëlle PIRSON	Director27/05/2017 → 2017 accounts
Martine WALHIN	Directoruntil 12/10/2006
Stéphane WALHIN	Directoruntil 12/10/2006

Ownership and network

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Belgian Official Gazette publications

Source · Belgian Official Gazette

Mandates30/08/2024
STATUTS (TRADUCTION, COORDINATION, AUTRES MODIFICATIONS, ) - DENOMINATION
PDF
Other24/11/2023
STATUTS (TRADUCTION, COORDINATION, AUTRES MODIFICATIONS, ) - ASSEMBLEE GENERALE
PDF
Mandates07/09/2023
DEMISSIONS, NOMINATIONS
PDF
Mandates13/10/2017
NOMINATIONS - pouvoirs de signature
PDF
Mandates25/09/2017
NOMINATIONS - Renouvellement Ì
PDF
Mandates13/09/2011
DEMISSIONS, NOMINATIONS
PDF
Other27/10/2006
Modification des statuts
PDF
Mandates07/10/2005
Renouvellement des mandats d'administrateurs
PDF

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A company's peers, by sector and size, are included in the Business plan.

See the Business plan

Timeline

Source · CBE, NBB annual accounts

Year

Identity

Incorporation1963

Name

Registered office

Annual accounts

Filings20 filings

Mandates

Eric WALHIN

Joëlle PIERSON

Joëlle PIRSON

Stéphane WALHIN

Martine WALHIN

1966196719681969197019711972197319741975197619771978197919801981198219831984198519861987198819891990199119921993199419951996199719981999200020012002200320042005200620072008200920102011201220132014201520162017201820192020202120222023202420252026202720282029

PIEWALEntreprises de peintures Walhin

Source de la Lèche 43, 4053 Embourg

Managing director

Director

CurrentPlanned, not yet servedEndedAccounts filedToday

Registered offices

Source · NBB annual accounts, CBE

Registered address	Period	Source
Source de la Lèche 43, 4053 EmbourgCurrent	accounts 2021 → 2025	Accounts 2025 · 2026-00561678

Company names

Source · NBB annual accounts, CBE

Name	Period	Source
PIEWALCurrent	accounts 2024 → 2025	Accounts 2025 · 2026-00561678
Entreprises de peintures Walhin	accounts 2021 → 2023	Accounts 2023 · 2024-00297850

Events

2025
Annual accounts 2025-50,4 k €↑
2024
Annual accounts 2024-120,3 k €↓
2024
Name changePIEWAL
2023
Annual accounts 2023-27,6 k €↓
2022
Annual accounts 202218,2 k €↓
2021
Annual accounts 202134,2 k €↑
2020
Annual accounts 2020-180,9 k €↓
2019
Annual accounts 20193,3 k €↓
2018
Annual accounts 20189,1 k €↑
2017
Annual accounts 2017-71 k €↓
2016
Annual accounts 2016-31,4 k €↑
2015
Annual accounts 2015-35,3 k €↑
2014
Annual accounts 2014-64 k €↓
2013
Annual accounts 201356,4 k €↓
2012
Annual accounts 201269,7 k €↑
2011
Annual accounts 2011-169,7 k €↓
2010
Annual accounts 20106,5 k €↓
2009
Annual accounts 200919,7 k €↓
2008
Annual accounts 200819,7 k €↑
2007
Annual accounts 2007-95,8 k €↓
2006
Annual accounts 200656,2 k €
18/04/1963
IncorporationPublic limited company

PIEWAL

Overview

Identity

Financials

Valuation

Indicative valuation

Board of directors

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

Timeline

Registered offices

Company names

Events