ACTIVE

Etablissements François Cardona & Deltenre

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Financial year 2025 · Closed on 31/12/2025

Net result-257,7 k €+41,2 %over 1 year

Revenue18,4 M €+59,4 %over 1 year

Equity15,1 M €+152,9 %over 1 year

Workforce171,0 ETP+48,1 %over 1 year

Identity

Source · BCE/KBO

Etablissements François Cardona & Deltenre is a Public limited company incorporated in 1968. Its main activity is: Urban and suburban passenger land transport. Its registered office is in Nivelles. It employs on average 171,0 ETP workers (FTE).

Legal situation: Normal situation
BCE/KBO no. / VAT: BE 0405.621.138
Incorporation: 01/01/1968
Legal form: Public limited company
Registered office: Rue du Travail 3A
1400 Nivelles · WallonieSee on map
Contributed capital: 5 062 000,00 €
Latest accounts: 31/12/2025
Average workforce: 171,0 ETP

Activities (NACE)

49310Urban and suburban passenger land transport· main 49310Urban and suburban passenger land transport 60211Television programming and broadcasting activities 60212Television programming and broadcasting activities 45113Sale of cars and light motor vehicles 45201Maintenance and repair of motor vehicles+4

Joint committees (3)

Signals

Solid equityLow riskGood liquidityPositive cashflowPositive EBITDAHealthy social debtsHigh revenue

Financials

Source · NBB, 20 filings

Trend over 15 financial years

	2025		2024		2023		2022		2021
Income statement
Revenue	18,4 M €	+59.4%	11,5 M €	+7.3%	10,7 M €	+8.5%	9,9 M €	+7.1%	9,2 M €
EBITDA	1,7 M €	+107%	845,8 k €	+77.0%	478 k €	-11.0%	537,2 k €	+0.8%	532,8 k €
Operating result	-370,9 k €	+17.9%	-451,9 k €	+38.9%	-740,1 k €	+6.1%	-788,1 k €	+19.4%	-978,3 k €
Net result	-257,7 k €	+41.2%	-438 k €	+41.9%	-754,3 k €	+4.6%	-790,5 k €	+22.4%	-1 M €
Balance sheet
Equity	15,1 M €	+153%	6 M €	+9985%	59,1 k €	-92.7%	813,4 k €	+191%	-896,1 k €
Total assets	25,3 M €	+129%	11 M €	+67.0%	6,6 M €	-4.9%	7 M €	-7.9%	7,6 M €
Cash	678,4 €	-12.9%	779,3 €	-62.8%	2,1 k €	-20.6%	2,6 k €	+2214%	114,2 €
Debts	10,2 M €	+100%	5,1 M €	-22.4%	6,6 M €	+6.8%	6,1 M €	-27.3%	8,4 M €
Other
Workforce	171,0 ETP	+48.1%	115,5 ETP	+0.9%	114,5 ETP	+8.8%	105,2 ETP	-0.8%	106,1 ETP

Valuation

Indicative valuation

As an indication, this company is worth

between 0 € and 100 k€

See the valuation

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
Pierre DENIS	Managing director01/06/2015 → 07/06/2027Director08/06/2009 → 01/06/2015ended
Philippe DOCX	Director12/03/2024 → 07/06/2027

Ended mandates

Director	Mandates in this company	Period	Other mandatescurrentendedstruck offbankruptcies
Alexandre WAUTHELET	Director05/06/2023 → 01/06/2026
Philippe MORSA	Director07/06/2022 → 02/06/2025
Daniel MAILLARD	Director07/06/2021 → 05/06/2023

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	30/06/2026	26/06/2025	14/06/2024	14/06/2023	16/06/2022	07/07/2021
General meeting	01/06/2026	02/06/2025	03/06/2024	05/06/2023	07/06/2022	07/06/2021
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
Full model	31/12/2025	01/06/2026	30/06/2026	French	PDF
Full model	31/12/2024	02/06/2025	26/06/2025	French	PDF
Full model	31/12/2023	03/06/2024	14/06/2024	French	PDF
Full model	31/12/2022	05/06/2023	14/06/2023	French	PDF
Full model	31/12/2021	07/06/2022	16/06/2022	French	PDF
Full model	31/12/2020	07/06/2021	07/07/2021	French	PDF
Full model	31/12/2019	26/06/2020	26/06/2020	French	PDF
Full model	31/12/2018	21/06/2019	27/06/2019	French	PDF
Full model	31/12/2017	28/06/2018	26/07/2018	French	PDF
Full model	31/12/2016	29/06/2017	30/06/2017	French	PDF
Full model	31/12/2015	20/06/2016	23/06/2016	French	PDF
Full model	31/12/2014	01/06/2015	23/06/2015	French	PDF
Full model	31/12/2013	02/06/2014	20/06/2014	French	PDF
Full model	31/12/2012	03/06/2013	17/06/2013	French	PDF
Full model	31/12/2011	04/06/2012	28/06/2012	French	PDF
Full model	31/12/2010	06/06/2011	24/06/2011	French	PDF
Full model	31/12/2009	07/06/2010	30/06/2010	French	PDF
Full model	31/12/2008	08/06/2009	26/06/2009	French	PDF
Full model	31/12/2007	02/06/2008	01/07/2008	French	PDF
Full model	31/12/2006	04/06/2007	28/06/2007	French	PDF

Indicative valuation

Order of magnitude

As an indication, this company is worth

between 0 € and 100 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 · 7 ended

Active mandates

Director	Mandates in this company	Period	Other mandatescurrentendedstruck offbankruptcies
Pierre DENIS	Managing director01/06/2015 → 07/06/2027Director08/06/2009 → 01/06/2015ended
Philippe DOCX	Director12/03/2024 → 07/06/2027

Ended mandates

Director	Mandates in this company	Period	Other mandatescurrentendedstruck offbankruptcies
Alexandre WAUTHELET	Director05/06/2023 → 01/06/2026
Philippe MORSA	Director07/06/2022 → 02/06/2025
Daniel MAILLARD	Director07/06/2021 → 05/06/2023

Ownership and network

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Belgian Official Gazette publications

Source · Belgian Official Gazette

Mandates25/09/2026
DEMISSIONS, NOMINATIONS
PDF
Restructuring25/09/2025
CAPITAL, ACTIONS - RUBRIQUE RESTRUCTURATION (FUSION, SCISSION, TRANSFERT PATRIMOINE, ETC...)
PDF
Other19/06/2025
DIVERS
PDF
Restructuring29/08/2024
CAPITAL, ACTIONS - DEMISSIONS, NOMINATIONS - ASSEMBLEE GENERALE - STATUTS (TRADUCTION, COORDINATION, AUTRES MODIFICATIONS, ) - RUBRIQUE RESTRUCTURATION (FUSION, SCISSION, TRANSFERT PATRIMOINE, ETC...)
PDF
Mandates25/07/2024
DEMISSIONS, NOMINATIONS
PDF
Restructuring12/06/2024
RUBRIQUE RESTRUCTURATION (FUSION, SCISSION, TRANSFERT PATRIMOINE, ETC...) - DIVERS
PDF
Mandates26/04/2024
DEMISSIONS, NOMINATIONS
PDF
Mandates27/06/2023
DEMISSIONS, NOMINATIONS
PDF

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

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Timeline

Source · CBE, NBB annual accounts

Year

Identity

Incorporation

Name

Registered office

Annual accounts

Filings15 filings

Mandates

Pierre DENIS

Philippe DOCX

Alexandre WAUTHELET

Philippe MORSA

Daniel MAILLARD

De Prycker Consult

Eurobus Holding

Walter DE REYS

DB DEVELOPPEMENT

196819691970197119721973197419751976197719781979198019811982198319841985198619871988198919901991199219931994199519961997199819992000200120022003200420052006200720082009201020112012201320142015201620172018201920202021202220232024202520262027

ETS FRANCOIS CARDONA & DELTENREEtablissements François Cardona et Deltenre

rue du Travail 3 bte A, 1400 Nivelles

Managing directorDirector

Director

Managing director

Director

CurrentPlanned, not yet servedEndedAccounts filedToday

Registered offices

Source · NBB annual accounts, CBE

Registered address	Period	Source
Rue du Travail 3A, 1400 NivellesCurrent		CBE
rue du Travail 3 bte A, 1400 Nivelles	accounts 2021 → 2025	Accounts 2025 · 2026-00234656

Company names

Source · NBB annual accounts, CBE

Name	Period	Source
Etablissements François Cardona & DeltenreCurrent		CBE
ETS FRANCOIS CARDONA & DELTENRE	accounts 2021 → 2025	Accounts 2025 · 2026-00234656
Etablissements François Cardona et Deltenre	accounts 2006 → 2020	Accounts 2020 · 2021-33100072

Events

2025
Annual accounts 2025-257,7 k €↑
2024
Annual accounts 2024-438 k €↑
2023
Annual accounts 2023-754,3 k €↑
2022
Annual accounts 2022-790,5 k €↑
2021
Annual accounts 2021-1 M €↑
2021
Name changeETS FRANCOIS CARDONA & DELTENRE
2020
Annual accounts 2020-1 M €↓
2015
Annual accounts 2015180,5 k €↑
2014
Annual accounts 2014-31,7 k €↓
2012
Annual accounts 2012201,4 k €↑
2011
Annual accounts 201151,7 k €↑
2010
Annual accounts 2010-110,2 k €↓
2009
Annual accounts 200976,7 k €↓
2008
Annual accounts 2008131,6 k €↑
2007
Annual accounts 200730,1 k €↑
2006
Annual accounts 2006-5,5 k €
01/01/1968
IncorporationPublic limited company

Etablissements François Cardona & Deltenre

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