ACTIVE

VARODEM

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Financial year 2025 · closed on 31/12/2025

Net result

581,4 k €

+233.4% YoY

Revenue

8,4 M €

-1.1% YoY

Equity

4,1 M €

+13.2% YoY

Workforce

52,6 ETP

-1.5% YoY

What does VARODEM do?

VARODEM is a Public limited company incorporated in 1965. Its registered office is in Saint-Léger (Lux.). It employs on average 52,6 ETP workers (FTE).

Legal situation

● Normal situation

BCE/KBO no. / VAT

BE 0404.386.763

Incorporation

16/10/1965

Legal form

Public limited company

Registered office

Rue d'Arlon 45
6747 Saint-Léger (Lux.) · WallonieSee on map

Contributed capital

108 128,00 €

Latest accounts

31/12/2025

Average workforce

52,6 ETP

Joint committees (2)

Signals

ProfitableSolid equityLow riskGood liquidityPositive cashflowPositive EBITDAHealthy social debtsHigh revenue

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Health score

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✦ Verdict · Analyst summary

Financials

Trend over 18 financial years

	2025		2024		2023		2022		2021		2018		2017		2016		2015		2014		2013		2012		2011		2010		2009		2008		2007		2006
Income statement
Revenue	8,4 M €	-1.1%	8,5 M €	+11.7%	7,6 M €	+2.4%	7,4 M €	+7.4%	6,9 M €	+15.7%	6 M €	-8.2%	6,5 M €	+6.6%	6,1 M €		–		–		–		–		–		–		–		–		–		–
EBITDA	1 M €	+151%	405,2 k €	+141%	167,8 k €	+100%	83,8 k €	-79.8%	415,2 k €	+287%	107,2 k €	-84.0%	671,6 k €	-26.6%	914,9 k €	+3.7%	881,9 k €	-4.7%	925,2 k €	+74.1%	531,4 k €	+41.4%	375,7 k €	+96.1%	191,6 k €	-64.7%	542,3 k €	+24.4%	436,1 k €	+27.8%	341,3 k €	-28.3%	476 k €	+13.3%	420,2 k €
Operating result	935,5 k €	+187%	325,7 k €	+263%	89,7 k €	+747%	10,6 k €	-97.1%	362,4 k €	+591%	52,5 k €	-91.8%	637,8 k €	-7.1%	686,2 k €	-18.9%	845,8 k €	-4.5%	885,6 k €	+79.8%	492,5 k €	+57.2%	313,2 k €	+143%	128,9 k €	-73.1%	479,2 k €	+26.6%	378,5 k €	+35.8%	278,7 k €	-30.9%	403,5 k €	+31.8%	306,3 k €
Net result	581,4 k €	+233%	174,4 k €	+1534%	-12,2 k €	+82.2%	-68,3 k €	-132%	215,9 k €	+1127%	17,6 k €	-95.8%	420,3 k €	-11.3%	473,7 k €	-16.1%	564,5 k €	-5.7%	598,9 k €	+90.2%	314,9 k €	+53.5%	205,1 k €	+137%	86,6 k €	-72.1%	310,1 k €	+11.2%	278,8 k €	+67.3%	166,7 k €	-37.5%	266,6 k €	+34.9%	197,6 k €
Balance sheet
Equity	4,1 M €	+13.2%	3,6 M €	+2.1%	3,6 M €	-0.3%	3,6 M €	-4.5%	3,8 M €	+21.6%	3,1 M €	-13.6%	3,6 M €	+9.8%	3,3 M €	+13.0%	2,9 M €	+2.2%	2,8 M €	+21.5%	2,3 M €	+10.2%	2,1 M €	+5.3%	2 M €	-0.7%	2 M €	+11.7%	1,8 M €	+11.0%	1,6 M €	+4.3%	1,6 M €	+12.0%	1,4 M €
Total assets	5 M €	+7.8%	4,6 M €	+10.1%	4,2 M €	-1.3%	4,2 M €	-3.4%	4,4 M €	+17.2%	3,8 M €	-14.6%	4,4 M €	+12.5%	3,9 M €	+12.3%	3,5 M €	-1.3%	3,5 M €	+18.1%	3 M €	+11.0%	2,7 M €	+10.8%	2,4 M €	-0.3%	2,4 M €	+11.8%	2,2 M €	+6.3%	2 M €	+5.4%	1,9 M €	+10.4%	1,8 M €
Cash	773,7 k €	+24.1%	623,6 k €	-53.7%	1,3 M €	+3.3%	1,3 M €	-42.5%	2,3 M €	+82.2%	1,2 M €	-6.1%	1,3 M €	-14.8%	1,6 M €	+93.3%	805,2 k €	-17.4%	975,1 k €	+28.3%	760 k €	+58.1%	480,7 k €	+80.0%	267,1 k €	-41.0%	452,3 k €	-35.4%	700,3 k €	-2.1%	715,1 k €	+11.4%	641,8 k €	+4.2%	615,9 k €
Debts	849,7 k €	-12.3%	969,3 k €	+56.5%	619,6 k €	-6.7%	664,3 k €	+3.1%	644,4 k €	-3.2%	665,3 k €	-19.0%	821,8 k €	+25.6%	654,3 k €	+8.9%	600,6 k €	-1.5%	609,9 k €	+5.5%	578,1 k €	+10.0%	525,5 k €	+23.2%	426,5 k €	+2.7%	415,4 k €	+18.8%	349,5 k €	-12.3%	398,5 k €	+31.7%	302,5 k €	+9.9%	275,2 k €
Other
Workforce	52,6 ETP	-1.5%	53,4 ETP	-1.8%	54,4 ETP	+9.0%	49,9 ETP	+2.7%	48,6 ETP	-0.6%	48,9 ETP	+3.2%	47,4 ETP	+2.2%	46,4 ETP	+8.7%	42,7 ETP	-3.2%	44,1 ETP	-0.2%	44,2 ETP	+0.2%	44,1 ETP	+1.8%	43,3 ETP	-2.9%	44,6 ETP	-3.9%	46,4 ETP	-7.2%	50,0 ETP	+0.6%	49,7 ETP	-2.7%	51,1 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 · 2 active · 15 ended

Active mandates

Jürgen GOLD

Managing director · since 07 juin 2025 · until 07 juin 2031

Active

Bernd MANGOLD

Director · since 31 décembre 2024 · until 01 juin 2030

Active

Ended mandates

Jürgen GOLD

Chairman of the board of directors · since 12 novembre 2019 · until 12 novembre 2025

Ended

Jürgen GOLD

Managing director · since 12 novembre 2019 · until 12 novembre 2025

Ended

Uwe SCHETTLER

Director · since 12 novembre 2019 · until 31 décembre 2024

Ended

Uwe SCHETTLER

Director · since 12 novembre 2019 · until 12 novembre 2025

Ended

Annual accounts

Full financial information

	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	08/06/2026	10/06/2025	04/06/2024	05/06/2023	08/06/2022	02/07/2021
General meeting	06/06/2026	07/06/2025	01/06/2024	03/06/2023	04/06/2022	05/06/2021
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
Full model	31/12/2025	06/06/2026	08/06/2026	French	PDF
Full model	31/12/2024	07/06/2025	10/06/2025	French	PDF
Full model	31/12/2023	01/06/2024	04/06/2024	French	PDF
Full model	31/12/2022	03/06/2023	05/06/2023	French	PDF
Full model	31/12/2021	04/06/2022	08/06/2022	French	PDF
Full model	31/12/2020	05/06/2021	02/07/2021	French	PDF
Full model	31/12/2019	06/06/2020	04/08/2020	French	PDF
Full model	30/11/2018	20/04/2019	13/05/2019	French	PDF
Full model	30/11/2017	21/04/2018	31/05/2018	French	PDF
Full model	30/11/2016	15/04/2017	27/07/2017	French	PDF
Abridged model	30/11/2015	16/04/2016	31/05/2016	French	PDF
Abridged model	30/11/2014	18/04/2015	23/04/2015	French	PDF
Abridged model	30/11/2013	19/04/2014	16/05/2014	French	PDF
Abridged model	30/11/2012	20/04/2013	21/05/2013	French	PDF
Abridged model	30/11/2011	21/04/2012	27/04/2012	French	PDF
Abridged model	30/11/2010	16/04/2011	13/05/2011	French	PDF
Abridged model	30/11/2009	17/04/2010	03/05/2010	French	PDF
Abridged model	30/11/2008	18/04/2009	08/05/2009	French	PDF
Abridged model	30/11/2007	19/04/2008	06/05/2008	French	PDF
Abridged model	30/11/2006	21/04/2007	07/05/2007	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 · 2 active · 15 ended

Active mandates

Jürgen GOLD

Managing director · since 07 juin 2025 · until 07 juin 2031

Active

Bernd MANGOLD

Director · since 31 décembre 2024 · until 01 juin 2030

Active

Ended mandates

Jürgen GOLD

Chairman of the board of directors · since 12 novembre 2019 · until 12 novembre 2025

Ended

Jürgen GOLD

Managing director · since 12 novembre 2019 · until 12 novembre 2025

Ended

Uwe SCHETTLER

Director · since 12 novembre 2019 · until 31 décembre 2024

Ended

Uwe SCHETTLER

Director · since 12 novembre 2019 · until 12 novembre 2025

Ended

Shareholders

Ownership and network

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Belgian Official Gazette

Belgian Official Gazette publications

Mandates06/03/2026
DEMISSIONS, NOMINATIONS
PDF
Mandates12/03/2025
DEMISSIONS, NOMINATIONS
PDF
Mandates18/11/2019
DEMISSIONS, NOMINATIONS - ASSEMBLEE GENERALE - ANNEE COMPTABLE
PDF
Mandates13/09/2017
DEMISSIONS, NOMINATIONS
PDF
Mandates05/06/2014
DEMISSIONS, NOMINATIONS
PDF
Mandates07/07/2008
DEMISSIONS, NOMINATIONS
PDF
Capital / shares13/12/2004
ASSEMBLEE GENERALE - CAPITAL, ACTIONS - STATUTS (TRADUCTION, COORDINATION, AUTRES MODIFICATIONS, )
PDF
Capital / shares07/01/2003
ASSEMBLEE GENERALE - CAPITAL, ACTIONS - STATUTS (TRADUCTION, COORDINATION, AUTRES MODIFICATIONS, )
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 2025581,4 k €↑
2024
Annual accounts 2024174,4 k €↑
2023
Annual accounts 2023-12,2 k €↑
2022
Annual accounts 2022-68,3 k €↓
2021
Annual accounts 2021215,9 k €↑
2018
Annual accounts 201817,6 k €↓
2017
Annual accounts 2017420,3 k €↓
2016
Annual accounts 2016473,7 k €↓
2015
Annual accounts 2015564,5 k €↓
2014
Annual accounts 2014598,9 k €↑
2013
Annual accounts 2013314,9 k €↑
2012
Annual accounts 2012205,1 k €↑
2011
Annual accounts 201186,6 k €↓
2010
Annual accounts 2010310,1 k €↑
2009
Annual accounts 2009278,8 k €↑
2008
Annual accounts 2008166,7 k €↓
2007
Annual accounts 2007266,6 k €↑
2006
Annual accounts 2006197,6 k €
16/10/1965
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

VARODEM

Overview

What does VARODEM do?

Trend over 18 financial years

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