ACTIVE

Société anomyme des autobus régionaux

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Financial year 2025 · Closed on 31/12/2025

Net result406,2 k €+51,4 %over 1 year

Revenue10,2 M €+3,2 %over 1 year

Equity3,9 M €+4,8 %over 1 year

Workforce92,0 ETP-0,3 %over 1 year

Identity

Source · BCE/KBO

Société anomyme des autobus régionaux is a Public limited company incorporated in 1949. Its main activity is: Urban and suburban passenger land transport. Its registered office is in Kelmis. It employs on average 92,0 ETP workers (FTE).

Legal situation: Normal situation
BCE/KBO no. / VAT: BE 0405.685.969
Incorporation: 17/05/1949
Legal form: Public limited company
Registered office: Route de Liège 268
4720 Kelmis · Wallonie
Contributed capital: 225 000,00 €
Latest accounts: 31/12/2025
Average workforce: 92,0 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+7

Joint committees (4)

Signals

ProfitableSolid 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	10,2 M €	+3.2%	9,9 M €	+3.4%	9,6 M €	+15.8%	8,3 M €	+3.8%	8 M €
EBITDA	1,1 M €	+41.5%	780,2 k €	-6.3%	832,5 k €	-2.7%	855,2 k €	-32.9%	1,3 M €
Operating result	384,8 k €	+715%	-62,5 k €	-356%	24,4 k €	+52.7%	16 k €	-93.0%	228 k €
Net result	406,2 k €	+51.4%	268,4 k €	-24.8%	357 k €	+547%	55,2 k €	-64.1%	153,6 k €
Balance sheet
Equity	3,9 M €	+4.8%	3,7 M €	-56.1%	8,5 M €	-28.8%	11,9 M €	+0.0%	11,9 M €
Total assets	7,4 M €	-37.8%	11,9 M €	-24.3%	15,7 M €	-0.2%	15,7 M €	-3.8%	16,4 M €
Cash	31 k €	+49.5%	20,7 k €	-61.0%	53 k €	+5.2%	50,4 k €	-92.3%	651,7 k €
Debts	3,5 M €	-57.3%	8,1 M €	+13.1%	7,2 M €	+90.3%	3,8 M €	-13.6%	4,4 M €
Other
Workforce	92,0 ETP	-0.3%	92,3 ETP	-4.6%	96,8 ETP	+6.4%	91,0 ETP	+0.4%	90,6 ETP

Valuation

Indicative valuation

As an indication, this company is worth

between 2,5 M€ and 5 M€

See the valuation

Board of directors

Source · NBB, accounts to 31/12/2025

2 active · 9 ended

Active mandates

Director	Mandates in this company	Period	Other mandatescurrentendedstruck offbankruptcies
Pierre DENIS	Director12/06/2010 → 05/06/2028
Philippe DOCX	Director12/03/2024 → 07/06/2027

Ended mandates

Director	Mandates in this company	Period	Other mandatescurrentendedstruck offbankruptcies
Marc MENNICKEN	Director24/02/2020 → 01/06/2026
VEDEX Management0630.610.064Represented by Philippe DETRIXHE	Director10/06/2023 → 01/06/2026
De Prycker Consult0694.837.625Represented by Stefan De Prycker	Director08/06/2019 → 31/05/2022

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	23/06/2026	26/06/2025	10/06/2024	14/06/2023	14/06/2022	08/07/2021
General meeting	01/06/2026	02/06/2025	03/06/2024	10/06/2023	11/06/2022	12/06/2021
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	23/06/2026	French	PDF
Full model	31/12/2024	02/06/2025	26/06/2025	French	PDF
Full model	31/12/2023	03/06/2024	10/06/2024	French	PDF
Full model	31/12/2022	10/06/2023	14/06/2023	French	PDF
Full model	31/12/2021	11/06/2022	14/06/2022	French	PDF
Full model	31/12/2020	12/06/2021	08/07/2021	French	PDF
Full model	31/12/2019	13/06/2020	25/06/2020	French	PDF
Full model	31/12/2018	08/06/2019	27/06/2019	French	PDF
Full model	31/12/2017	09/06/2018	26/06/2018	French	PDF
Full model	31/12/2016	10/06/2017	30/06/2017	French	PDF
Full model	31/12/2015	11/06/2016	21/06/2016	French	PDF
Full model	31/12/2014	13/06/2015	25/06/2015	French	PDF
Full model	31/12/2013	14/06/2014	20/06/2014	French	PDF
Full model	31/12/2012	08/06/2013	17/06/2013	French	PDF
Full model	31/12/2011	09/06/2012	28/06/2012	French	PDF
Full model	31/12/2010	11/06/2011	24/06/2011	French	PDF
Full model	31/12/2009	12/06/2010	29/06/2010	French	PDF
Full model	31/12/2008	13/06/2009	26/06/2009	French	PDF
Full model	31/12/2007	14/06/2008	09/07/2008	French	PDF
Full model	31/12/2006	09/06/2007	29/06/2007	French	PDF

Indicative valuation

Order of magnitude

As an indication, this company is worth

between 2,5 M€ and 5 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.

Board of directors

Source · NBB, accounts to 31/12/2025

2 active · 9 ended

Active mandates

Director	Mandates in this company	Period	Other mandatescurrentendedstruck offbankruptcies
Pierre DENIS	Director12/06/2010 → 05/06/2028
Philippe DOCX	Director12/03/2024 → 07/06/2027

Ended mandates

Director	Mandates in this company	Period	Other mandatescurrentendedstruck offbankruptcies
Marc MENNICKEN	Director24/02/2020 → 01/06/2026
VEDEX Management0630.610.064Represented by Philippe DETRIXHE	Director10/06/2023 → 01/06/2026
De Prycker Consult0694.837.625Represented by Stefan De Prycker	Director08/06/2019 → 31/05/2022

Ownership and network

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Belgian Official Gazette publications

Source · Belgian Official Gazette

Mandates18/08/2026
Nominations et démissions statutaires et renouvellement du mandat du
PDF
Mandates19/12/2025
DEMISSIONS, NOMINATIONS
PDF
Mandates04/04/2024
DEMISSIONS, NOMINATIONS
PDF
Other26/02/2024
ASSEMBLEE GENERALE - STATUTS (TRADUCTION, COORDINATION, AUTRES MODIFICATIONS, )
PDF
Mandates26/06/2023
DEMISSIONS, NOMINATIONS
PDF
Mandates29/09/2022
DEMISSIONS, NOMINATIONS
PDF
Mandates25/09/2020
DEMISSIONS, NOMINATIONS
PDF
Mandates25/03/2020
DEMISSIONS, NOMINATIONS
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

Incorporation1949

Name

Registered office

Annual accounts

Filings15 filings

Mandates

Pierre DENIS

Philippe DOCX

VEDEX Management

Marc MENNICKEN

De Prycker Consult

Philippe MORSA

Eurobus Holding

SOCIETE ANONYME DE GESTION FINANCIERE IMMOBILIERE ET MOBILIERE

Paul PAULY

Pascal PAULY

Franck GARçON

196619671968196919701971197219731974197519761977197819791980198119821983198419851986198719881989199019911992199319941995199619971998199920002001200220032004200520062007200820092010201120122013201420152016201720182019202020212022202320242025202620272028

S.A.D.A.R.Société anomyme des autobus régionaux

ROUTE DE LIEGE 268-270, 4720 La Calamine

Director

Managing director

Director

CurrentPlanned, not yet servedEndedAccounts filedToday

Registered offices

Source · NBB annual accounts, CBE

Registered address	Period	Source
Route de Liège 268, 4720 La CalamineCurrent		CBE
ROUTE DE LIEGE 268-270, 4720 La Calamine	accounts 2021 → 2025	Accounts 2025 · 2026-00194773

Company names

Source · NBB annual accounts, CBE

Name	Period	Source
Société anomyme des autobus régionauxCurrent		CBE
S.A.D.A.R.	accounts 2021 → 2025	Accounts 2025 · 2026-00194773
Société anomyme des autobus régionaux	accounts 2006 → 2020	Accounts 2020 · 2021-33100601

Events

2025
Annual accounts 2025406,2 k €↑
2024
Annual accounts 2024268,4 k €↓
2023
Annual accounts 2023357 k €↑
2022
Annual accounts 202255,2 k €↓
2021
Annual accounts 2021153,6 k €↑
2021
Name changeS.A.D.A.R.
2020
Annual accounts 202062,1 k €↓
2015
Annual accounts 2015443,6 k €↑
2014
Annual accounts 2014198,7 k €↑
2012
Annual accounts 2012160 k €↓
2011
Annual accounts 2011251,8 k €↓
2010
Annual accounts 20101,6 M €↑
2009
Annual accounts 2009767,2 k €↑
2008
Annual accounts 2008656,8 k €↓
2007
Annual accounts 2007879 k €↑
2006
Annual accounts 2006724,2 k €
17/05/1949
IncorporationPublic limited company

Société anomyme des autobus régionaux

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