SCANDINAVIAN TOBACCO GROUP BELGIUM MANUFACTURING
0404.220.180 · rovalta.com · 27/09/2026
ACTIVE
SCANDINAVIAN TOBACCO GROUP BELGIUM MANUFACTURING
Financial year 2025 · Closed on 31/12/2025
Net result4,1 M €-11,3 %over 1 year
Revenue160,1 M €-0,8 %over 1 year
Equity131 M €+3,0 %over 1 year
Workforce695,5 ETP-4,3 %over 1 year
Overview
Identity
Source · BCE/KBOSCANDINAVIAN TOBACCO GROUP BELGIUM MANUFACTURING is a Public limited company incorporated in 1960. Its main activity is: Manufacture of tobacco products. Its registered office is in Westerlo. It employs on average 695,5 ETP workers (FTE).
- Legal situation
- Normal situation
- BCE/KBO no. / VAT
- BE 0404.220.180
- Incorporation
- 12/12/1960
- Legal form
- Public limited company
- Registered office
- Bell-Telephonelaan 29
2260 Westerlo · FlandreSee on map - Contributed capital
- 56 689 181,84 €
- Latest accounts
- 31/12/2025
- Average workforce
- 695,5 ETP
Activities (NACE)
Joint committees (3)
- 133
- 200
- 218
Signals
ProfitableSolid equityLow riskGood liquidityPositive cashflowPositive EBITDAHealthy social debtsHigh revenue
Financials
Source · NBB, 23 filingsTrend over 19 financial years
| 2025 | 2024 | 2023 | 2022 | 2021 | |||||
|---|---|---|---|---|---|---|---|---|---|
| Income statement | |||||||||
| Revenue | 160,1 M € | -0.8% | 161,4 M € | +112% | 76,2 M € | +3.4% | 73,6 M € | +57.7% | 46,7 M € |
| EBITDA | 15,5 M € | +9.1% | 14,2 M € | +221% | 4,4 M € | +60.8% | 2,8 M € | -28.8% | 3,9 M € |
| Operating result | 6 M € | -13.3% | 6,9 M € | +231% | 2,1 M € | +27.4% | 1,6 M € | -26.7% | 2,2 M € |
| Net result | 4,1 M € | -11.3% | 4,6 M € | +216% | 1,5 M € | +3.0% | 1,4 M € | +9.6% | 1,3 M € |
| Balance sheet | |||||||||
| Equity | 131 M € | +3.0% | 127,2 M € | +242% | 37,2 M € | +4.0% | 35,7 M € | +5.0% | 34 M € |
| Total assets | 181,5 M € | +19.8% | 151,4 M € | +185% | 53,1 M € | -5.6% | 56,3 M € | +40.4% | 40,1 M € |
| Cash | 254,3 k € | -9.0% | 279,4 k € | -37.1% | 444,3 k € | -55.8% | 1 M € | +299% | 252,1 k € |
| Debts | 48,9 M € | +107% | 23,6 M € | +55.3% | 15,2 M € | -23.3% | 19,9 M € | +299% | 5 M € |
| Other | |||||||||
| Workforce | 695,5 ETP | -4.3% | 726,8 ETP | +145% | 296,8 ETP | +15.8% | 256,2 ETP | +17.3% | 218,4 ETP |
Valuation
Indicative valuation
As an indication, this company is worth
between 100 M€ and 250 M€
See the valuationBoard of directors
Source · NBB, accounts to 31/12/20254 active · 43 ended
Active mandates
| Director | Function | Mandate | Other mandatescurrentendedstruck offbankruptcies |
|---|---|---|---|
Kathrin Eymer | Director | 22/09/2025 → 02/06/2031 | |
Jesper Terndrup madsen | Director | 20/03/2023 → 04/06/2029 | |
Johan Gebruers | Director | 21/11/2022 → 02/06/2028 | |
Hilde Van der Auwera | Director | 02/01/2020 → 02/06/2025 |
Ended mandates
| Director | Function | Mandate | Other mandatescurrentendedstruck offbankruptcies |
|---|---|---|---|
Graham Cunningham | Director | 01/01/2021 → 01/02/2023 | |
Graham Cunningham | Director | 01/01/2021 → 27/04/2026 | |
Graham Cunningham | Director | 01/01/2021 → 01/06/2026 | |
Patrick Westhoven | Director | 01/07/2020 → 21/11/2022 |
Financials
Full financial information
Source · NBB| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | |
|---|---|---|---|---|---|---|
| Type of account | Full model | Full model | Full model | Full model | Full model | Full 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 | 24/06/2025 | 14/06/2024 | 02/05/2023 | 21/06/2022 | 01/06/2021 |
| General meeting | 01/06/2026 | 02/06/2025 | 29/03/2024 | 05/04/2023 | 20/06/2022 | 31/05/2021 |
| 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 |
Financial ratios
Source · NBBLooking for more information about this company?
Try for freeAnnual accounts filings
Source · NBB, 23 filings| Model | Closing | General meeting | Filed | Language | Document |
|---|---|---|---|---|---|
| Full model | 31/12/2025 | 01/06/2026 | 03/06/2026 | Dutch | |
| Full model | 31/12/2024 | 02/06/2025 | 24/06/2025 | Dutch | |
| Full model | 31/12/2023 | 29/03/2024 | 14/06/2024 | Dutch | |
| Full model | 31/12/2022 | 05/04/2023 | 02/05/2023 | Dutch | |
| Full model | 31/12/2021 | 20/06/2022 | 21/06/2022 | Dutch | |
| Full model | 31/12/2020 | 31/05/2021 | 01/06/2021 | Dutch | |
| Full model | 31/12/2019 | 06/04/2020 | 15/06/2020 | Dutch | |
| Full model | 31/12/2018 | 24/06/2019 | 25/06/2019 | Dutch | |
| Full modelCorrection | 31/12/2017 | 18/06/2018 | 26/02/2019 | Dutch | |
| Full model | 31/12/2017 | 18/06/2018 | 20/06/2018 | Dutch | |
| Full modelCorrection | 31/12/2016 | 19/06/2017 | 28/03/2019 | Dutch | |
| Full modelCorrection | 31/12/2016 | 06/06/2017 | 27/02/2019 | Dutch | |
| Full model | 31/12/2016 | 19/06/2017 | 22/06/2017 | Dutch | |
| Full model | 31/12/2015 | 27/06/2016 | 28/06/2016 | Dutch | |
| Full model | 31/12/2014 | 26/05/2015 | 16/06/2015 | Dutch | |
| Full model | 31/12/2013 | 23/06/2014 | 23/06/2014 | Dutch | |
| Full model | 31/12/2012 | 24/06/2013 | 03/07/2013 | Dutch | |
| Full model | 31/12/2011 | 25/06/2012 | 29/06/2012 | Dutch | |
| Full model | 31/12/2010 | 21/06/2011 | 30/06/2011 | Dutch | |
| Full model | 31/12/2009 | 22/06/2010 | 24/06/2010 | Dutch | |
| Full model | 31/12/2008 | 23/06/2009 | 24/07/2009 | Dutch | |
| Full model | 31/12/2007 | 26/06/2008 | 02/07/2008 | Dutch | |
| Full model | 31/12/2006 | 28/06/2007 | 10/07/2007 | Dutch |
Valuation
Indicative valuation
Order of magnitude
As an indication, this company is worth
between 100 M€ and 250 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.
Disclaimer
Indicative estimate based on public sector multiples and the filed annual accounts. It is neither a certified valuation nor financial or investment advice.
Directors & structure
Board of directors
Source · NBB, accounts to 31/12/20254 active · 43 ended
Active mandates
| Director | Function | Mandate | Other mandatescurrentendedstruck offbankruptcies |
|---|---|---|---|
Kathrin Eymer | Director | 22/09/2025 → 02/06/2031 | |
Jesper Terndrup madsen | Director | 20/03/2023 → 04/06/2029 | |
Johan Gebruers | Director | 21/11/2022 → 02/06/2028 | |
Hilde Van der Auwera | Director | 02/01/2020 → 02/06/2025 |
Ended mandates
| Director | Function | Mandate | Other mandatescurrentendedstruck offbankruptcies |
|---|---|---|---|
Graham Cunningham | Director | 01/01/2021 → 01/02/2023 | |
Graham Cunningham | Director | 01/01/2021 → 27/04/2026 | |
Graham Cunningham | Director | 01/01/2021 → 01/06/2026 | |
Patrick Westhoven | Director | 01/07/2020 → 21/11/2022 |
Ownership and network
Looking for more information about this company?
Try for freePublications
Belgian Official Gazette publications
Source · Belgian Official Gazette- Mandates30/03/2026ONTSLAGEN - BENOEMINGEN
- Mandates05/11/2025ONTSLAGEN - BENOEMINGEN
- Mandates17/01/2025ONTSLAGEN - BENOEMINGEN
- Restructuring25/04/2024BENAMING - KAPITAAL - AANDELEN - STATUTEN (VERTALING, COÖRDINATIE, OVERIGE WIJZIGINGEN, ) - RUBRIEK HERSTRUCTURERING (FUSIE, SPLITSING, OVERDRACHT VERMOGEN, ENZ...)
- Restructuring22/02/2024RUBRIEK HERSTRUCTURERING (FUSIE, SPLITSING, OVERDRACHT VERMOGEN, ENZ...)
- Other29/01/2024STATUTEN (VERTALING, COÖRDINATIE, OVERIGE WIJZIGINGEN, ) - ALGEMENE VERGADERING
- Mandates23/05/2023ONTSLAGEN - BENOEMINGEN
- Mandates05/01/2023ONTSLAGEN - BENOEMINGEN
Similar companies
Similar companies
A company's peers, by sector and size, are included in the Business plan.
See the Business planTimeline
Timeline
- 2025Annual accounts 20254,1 M €↓
- 22/09/2025nominationKathrin Eymer · bestuurder
- 02/06/2025reconductionHilde van der Auwera · bestuurder
- 02/06/2025reconductionPwC Bedrijfsrevisoren BV · commissaris
- 2024Annual accounts 20244,6 M €↑
- 2024Name changeSCANDINAVIAN TOBACCO GROUP BELGIUM MANUFACTURING
- 01/04/2024augmentation_capitalST Cigar Group Holding B.V.
- 2023Annual accounts 20231,5 M €↑
- 20/03/2023nominationJesper Terndrup Madsen · bestuurder
- 2022Annual accounts 20221,4 M €↑
- 21/11/2022nominationJohan Gebruers · bestuurder
- 08/08/2022reconductionCVBA PricewaterhouseCoopers Bedrijfsrevisoren · commissaris
- 2021Annual accounts 20211,3 M €↓
- 2020Annual accounts 20201,8 M €↑
- 2019Annual accounts 2019386,3 k €↓
- 2018Annual accounts 20182,8 M €↑
- 2017Annual accounts 20172,6 M €↑
- 2016Annual accounts 20162,5 M €↓
- 2015Annual accounts 20153,1 M €↓
- 2014Annual accounts 20143,3 M €↓
- 2013Annual accounts 20133,5 M €↑
- 2012Annual accounts 20123,4 M €↓
- 2011Annual accounts 20114,3 M €↑
- 2010Annual accounts 20103,3 M €↑
- 2009Annual accounts 20092,6 M €↓
- 2008Annual accounts 20084,5 M €↑
- 2006Annual accounts 20062,5 M €
- 12/12/1960IncorporationPublic limited company
Company names
Source · NBB annual accounts, CBE| Name | Period | Source |
|---|---|---|
| SCANDINAVIAN TOBACCO GROUP BELGIUM MANUFACTURINGCurrent | accounts 2024 → 2025 · CBE, tracked since 27/09/2026 | Accounts 2025 · 2026-00140848 |
| Agio Cigars Belgium | accounts 2021 → 2023 | Accounts 2023 · 2024-00141576 |
Annual accounts date a value by the financial year it appears in. The CBE dates a change to the day, but its history has only been kept since 27/09/2026.