ACTIVE

BELFORM EUROPE

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Financial year 2025 · Closed on 31/12/2025

Net result-998,3 k €-154,1 %over 1 year

Gross margin-353,9 k €-205,1 %over 1 year

Equity-667,1 k €-301,4 %over 1 year

Workforce12,0 ETP+9,1 %over 1 year

Identity

Source · BCE/KBO

BELFORM EUROPE is a Public limited company incorporated in 1968. Its main activity is: Manufacture of furniture. Its registered office is in Hasselt. It employs on average 12,0 ETP workers (FTE).

Legal situation: Normal situation
BCE/KBO no. / VAT: BE 0405.523.643
Incorporation: 01/01/1968
Legal form: Public limited company
Registered office: Ekkelgaarden 6A
3500 Hasselt · FlandreSee on map
Contributed capital: 550 000,00 €
Latest accounts: 31/12/2025
Average workforce: 12,0 ETP

Activities (NACE)

31004Manufacture of furniture· main 31091Manufacture of other furniture 36111Water collection, treatment and supply 36141Water collection, treatment and supply

Joint committees (5)

126
1260
12624
200
218

Signals

Healthy social debts

Financials

Source · NBB, 20 filings

Trend over 20 financial years

	2025		2024		2023		2022		2021
Income statement
Gross margin	-353,9 k €	-205%	336,8 k €	-18.7%	414,3 k €	-55.9%	940,3 k €	+14.5%	821,4 k €
EBITDA	-1 M €	-311%	-247,9 k €	-740%	38,8 k €	-93.3%	581,8 k €	+81.6%	320,5 k €
Operating result	-1,2 M €	-265%	-321,9 k €	-2710%	12,3 k €	-97.8%	558,6 k €	+85.7%	300,8 k €
Net result	-998,3 k €	-154%	-392,9 k €	-1418%	-25,9 k €	-107%	350,4 k €	+73.3%	202,2 k €
Balance sheet
Equity	-667,1 k €	-301%	331,3 k €	-54.3%	724,1 k €	-61.8%	1,9 M €	+22.7%	1,5 M €
Total assets	1,4 M €	-15.2%	1,7 M €	+37.6%	1,2 M €	-43.0%	2,1 M €	-13.4%	2,5 M €
Cash	90,4 k €	+36.6%	66,2 k €	-47.9%	126,9 k €	-82.3%	718,5 k €	-35.3%	1,1 M €
Debts	1,9 M €	+44.1%	1,3 M €	+181%	471,1 k €	+119%	215 k €	-76.4%	909,2 k €
Other
Workforce	12,0 ETP	+9.1%	11,0 ETP	+27.9%	8,6 ETP	-6.5%	9,2 ETP	-20.7%	11,6 ETP

Board of directors

Source · NBB, accounts to 31/12/2025

2 active · 7 ended

Active mandates

Director	Mandates in this company	Period	Other mandatescurrentendedstruck offbankruptcies
ADCOR0798.174.101Represented by Adrien CORTHOUTS	Managing director13/09/2023 → 16/03/2029
SITAL INVEST0803.173.460Represented by Philippe CORTHOUTS	Director13/09/2023 → 16/03/2029

Ended mandates

Director	Mandates in this company	Period	Other mandatescurrentendedstruck offbankruptcies
Alexander VANRAES	Managing director06/06/2019 → 2023 accounts
Martine MAHEUX	Director06/06/2019 → 2023 accounts

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	27/08/2026	09/09/2025	29/05/2024	29/06/2023	07/06/2022	16/07/2021
General meeting	29/06/2026	27/06/2025	30/04/2024	06/06/2023	07/06/2022	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	29/06/2026	27/08/2026	Dutch	PDF
Abridged model	31/12/2024	27/06/2025	09/09/2025	Dutch	PDF
Abridged model	31/12/2023	30/04/2024	29/05/2024	Dutch	PDF
Abridged model	31/12/2022	06/06/2023	29/06/2023	Dutch	PDF
Abridged model	31/12/2021	07/06/2022	07/06/2022	Dutch	PDF
Abridged model	31/12/2020	30/06/2021	16/07/2021	Dutch	PDF
Abridged model	31/12/2019	23/06/2020	13/07/2020	Dutch	PDF
Abridged model	31/12/2018	04/06/2019	21/06/2019	Dutch	PDF
Abridged model	31/12/2017	30/06/2018	11/07/2018	Dutch	PDF
Abridged model	31/12/2016	30/06/2017	18/07/2017	Dutch	PDF
Abridged model	31/12/2015	07/06/2016	04/07/2016	Dutch	PDF
Abridged model	31/12/2014	02/06/2015	03/06/2015	Dutch	PDF
Abridged model	31/12/2013	03/06/2014	01/07/2014	Dutch	PDF
Abridged model	31/12/2012	04/06/2013	03/07/2013	Dutch	PDF
Full model	31/12/2011	05/06/2012	02/07/2012	Dutch	PDF
Full model	31/12/2010	30/06/2011	19/07/2011	Dutch	PDF
Abridged model	31/12/2009	01/06/2010	03/06/2010	Dutch	PDF
Abridged model	31/12/2008	02/06/2009	05/06/2009	Dutch	PDF
Abridged model	31/12/2007	03/06/2008	04/06/2008	Dutch	PDF
Abridged model	31/12/2006	30/06/2007	28/08/2007	Dutch	PDF

Indicative valuation

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 · 7 ended

Active mandates

Director	Mandates in this company	Period	Other mandatescurrentendedstruck offbankruptcies
ADCOR0798.174.101Represented by Adrien CORTHOUTS	Managing director13/09/2023 → 16/03/2029
SITAL INVEST0803.173.460Represented by Philippe CORTHOUTS	Director13/09/2023 → 16/03/2029

Ended mandates

Director	Mandates in this company	Period	Other mandatescurrentendedstruck offbankruptcies
Alexander VANRAES	Managing director06/06/2019 → 2023 accounts
Martine MAHEUX	Director06/06/2019 → 2023 accounts

Ownership and network

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Belgian Official Gazette publications

Source · Belgian Official Gazette

Registered office14/07/2026
MAATSCHAPPELIJKE ZETEL
PDF
Mandates10/07/2024
ONTSLAGEN - BENOEMINGEN
PDF
Other14/02/2024
STATUTEN (VERTALING, COÖRDINATIE, OVERIGE WIJZIGINGEN, ) - BENAMING - ALGEMENE VERGADERING
PDF
Mandates23/07/2019
ONTSLAGEN - BENOEMINGEN
PDF
Mandates26/06/2015
Herbenoeming bestuurders, gedelegeerd bestuurder en voorzitter van de
PDF
Registered office19/02/2014
Wijziging adres maatschappelijke zetel en bedrijfsinrichting
PDF
Mandates31/07/2009
Herbenoeming bestuurders, gedelegeerd bestuurder en voorzitter van de
PDF
Other15/06/2009
Akteneming wijziging vaste vertegenwoordiger
PDF

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Timeline

Source · CBE, NBB annual accounts

Year

Identity

Incorporation

Name

Registered office

Annual accounts

Filings20 filings

Mandates

ADCOR

SITAL INVEST

Martine MAHEUX

Alexander VANRAES

Martine MAHIEUX

ERVEDE

Sarah DILIS

Alexander (2009) VANRAES

Sarah (2009) DILIS

19681969197019711972197319741975197619771978197919801981198219831984198519861987198819891990199119921993199419951996199719981999200020012002200320042005200620072008200920102011201220132014201520162017201820192020202120222023202420252026202720282029

BELFORM EUROPEZETELFABRIEK VARAM

Industrielaan 105, 8930 Menen

Managing director

Director

Managing director

Director

CurrentPlanned, not yet servedEndedAccounts filedToday

Registered offices

Source · NBB annual accounts, CBE

Registered address	Period	Source
Ekkelgaarden 6A, 3500 HasseltCurrent		CBE
Industrielaan 105, 8930 Menen	accounts 2021 → 2025	Accounts 2025 · 2026-00448147

Company names

Source · NBB annual accounts, CBE

Name	Period	Source
BELFORM EUROPECurrent	accounts 2023 → 2025	Accounts 2025 · 2026-00448147
ZETELFABRIEK VARAM	accounts 2021 → 2022	Accounts 2022 · 2023-00171995

Events

2025
Annual accounts 2025-998,3 k €↓
2024
Annual accounts 2024-392,9 k €↓
2023
Annual accounts 2023-25,9 k €↓
2023
Name changeBELFORM EUROPE
2022
Annual accounts 2022350,4 k €↑
2021
Annual accounts 2021202,2 k €↓
2020
Annual accounts 2020984,4 k €↑
2019
Annual accounts 201989,9 k €↑
2018
Annual accounts 2018-110,8 k €↑
2017
Annual accounts 2017-283,6 k €↓
2016
Annual accounts 2016-248,5 k €↓
2015
Annual accounts 201542,9 k €↑
2014
Annual accounts 2014-254,6 k €↓
2013
Annual accounts 2013-222,6 k €↓
2012
Annual accounts 201276,5 k €↑
2011
Annual accounts 201122,1 k €↓
2010
Annual accounts 201022,2 k €↓
2009
Annual accounts 2009196,2 k €↑
2008
Annual accounts 20089,3 k €↑
2007
Annual accounts 2007-50,5 k €↓
2006
Annual accounts 2006209,9 k €
01/01/1968
IncorporationPublic limited company

BELFORM EUROPE

Overview

Identity

Financials

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