ACTIVE

Culobel

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Financial year 2025 · closed on 31/12/2025

Net result

336,2 k €

+443.6% YoY

Revenue

19,2 M €

-4.2% YoY

Equity

11,5 M €

-5.5% YoY

Workforce

63,2 ETP

-7.5% YoY

What does Culobel do?

Culobel is a Public limited company incorporated in 1942. Its main activity is: Manufacture of weapons and ammunition. Its registered office is in Aalst. It employs on average 63,2 ETP workers (FTE).

Legal situation

● Normal situation

BCE/KBO no. / VAT

BE 0405.714.970

Incorporation

19/11/1942

Legal form

Public limited company

Registered office

Hekkestraat 16
9308 Aalst · FlandreSee on map

Contributed capital

62 000,00 €

Latest accounts

31/12/2025

Average workforce

63,2 ETP

Activities (NACE)

25402Manufacture of weapons and ammunition· main 25502Forging, pressing, stamping and roll-forming of metal; powder metallurgy 25999Manufacture of other fabricated metal products n.e.c.25999Manufacture of other fabricated metal products n.e.c.28402Manufacture of metal forming machinery and machine tools 28755Manufacture of machinery and equipment n.e.c.+3

Joint committees (2)

Contacts

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Signals

ProfitableSolid equityLow riskGood liquidityPositive cashflowPositive EBITDAHealthy social debtsHigh revenue

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✦ Verdict · Analyst summary

Financials

Trend over 20 financial years

	2025		2024		2023		2022		2021		2020		2019		2018		2017		2016		2015		2014		2013		2012		2011		2010		2009		2008		2007		2006
Income statement
Revenue	19,2 M €	-4.2%	20 M €	-32.4%	29,6 M €	-0.2%	29,7 M €	+27.3%	23,3 M €	+17.8%	19,8 M €	-8.4%	21,6 M €	+15.5%	18,7 M €	+20.7%	15,5 M €	+0.4%	15,4 M €	-0.7%	15,5 M €	+0.7%	15,4 M €	-3.8%	16,1 M €	+5.0%	15,3 M €	-6.4%	16,3 M €	+17.6%	13,9 M €	+26.9%	11 M €	-37.7%	17,6 M €	-19.3%	21,8 M €	+39.2%	15,7 M €
EBITDA	1,3 M €	+58.6%	828,1 k €	-65.4%	2,4 M €	-17.5%	2,9 M €	-18.1%	3,5 M €	+33.9%	2,6 M €	-8.9%	2,9 M €	+94.4%	1,5 M €	+6.0%	1,4 M €	+43.4%	982,6 k €	+77.9%	552,2 k €	-21.1%	699,7 k €	-31.2%	1 M €	+50.7%	675,2 k €	-42.3%	1,2 M €	-40.4%	2 M €	+110%	933,9 k €	-48.4%	1,8 M €	-21.0%	2,3 M €	+37.0%	1,7 M €
Operating result	380,1 k €	+303%	-187,1 k €	-113%	1,4 M €	-29.7%	2 M €	-28.3%	2,8 M €	+48.3%	1,9 M €	-17.2%	2,3 M €	+132%	991,5 k €	+8.0%	917,6 k €	+41.7%	647,6 k €	+221%	201,6 k €	-45.6%	370,8 k €	-41.9%	637,8 k €	+146%	259,1 k €	-66.1%	765 k €	-51.2%	1,6 M €	+154%	616 k €	-59.5%	1,5 M €	-24.2%	2 M €	+43.6%	1,4 M €
Net result	336,2 k €	+444%	-97,9 k €	-109%	1,1 M €	-29.6%	1,6 M €	-28.7%	2,2 M €	+50.5%	1,4 M €	-12.0%	1,6 M €	+116%	762,1 k €	-29.1%	1,1 M €	+175%	390,4 k €	+215%	-340 k €	-110%	3,6 M €	+84.1%	1,9 M €	+737%	231,2 k €	-70.8%	793,1 k €	-32.8%	1,2 M €	+140%	491,1 k €	-60.9%	1,3 M €	-19.1%	1,6 M €	+37.1%	1,1 M €
Balance sheet
Equity	11,5 M €	-5.5%	12,1 M €	-0.8%	12,2 M €	+1.0%	12,1 M €	+14.7%	10,6 M €	+12.5%	9,4 M €	+11.2%	8,4 M €	+15.7%	7,3 M €	+3.7%	7 M €	+18.0%	6 M €	-9.3%	6,6 M €	-4.9%	6,9 M €	+29.2%	5,4 M €	+56.6%	3,4 M €	-27.1%	4,7 M €	+20.4%	3,9 M €	+25.4%	3,1 M €	-25.2%	4,2 M €	-2.2%	4,2 M €	+39.1%	3,1 M €
Total assets	17,9 M €	+1.4%	17,6 M €	-5.5%	18,6 M €	+3.5%	18 M €	+11.4%	16,2 M €	+14.8%	14,1 M €	+7.7%	13,1 M €	+6.8%	12,2 M €	+20.4%	10,2 M €	+3.8%	9,8 M €	-1.1%	9,9 M €	-10.7%	11,1 M €	+13.7%	9,8 M €	+3.6%	9,4 M €	+6.3%	8,9 M €	+5.7%	8,4 M €	+7.5%	7,8 M €	-9.6%	8,6 M €	+13.8%	7,6 M €	+5.3%	7,2 M €
Cash	1,4 M €	-3.7%	1,4 M €	-36.3%	2,2 M €	+110%	1,1 M €	-58.2%	2,5 M €	-25.1%	3,4 M €	+423%	643 k €	-4.3%	671,7 k €	+16.1%	578,8 k €	+13.3%	510,6 k €	+191%	175,3 k €	+54.5%	113,5 k €	-47.1%	214,4 k €	-58.1%	511,7 k €	+1387%	34,4 k €	-91.3%	393,4 k €	+188%	136,8 k €	+80.6%	75,7 k €	+15.0%	65,9 k €	+38.9%	47,4 k €
Debts	6,4 M €	+16.7%	5,5 M €	-14.4%	6,4 M €	+8.7%	5,9 M €	+5.4%	5,6 M €	+21.1%	4,6 M €	+2.6%	4,5 M €	-6.6%	4,8 M €	+56.4%	3,1 M €	-18.2%	3,7 M €	+18.5%	3,2 M €	-22.3%	4,1 M €	-5.4%	4,3 M €	-27.2%	5,9 M €	+44.6%	4,1 M €	-7.3%	4,4 M €	-5.1%	4,6 M €	+5.1%	4,4 M €	+35.0%	3,3 M €	-18.5%	4 M €
Other
Workforce	63,2 ETP	-7.5%	68,3 ETP	-9.9%	75,8 ETP	+1.7%	74,5 ETP	+3.9%	71,7 ETP	-5.3%	75,7 ETP	+8.5%	69,8 ETP	+12.4%	62,1 ETP	+6.5%	58,3 ETP	+1.0%	57,7 ETP	-0.9%	58,2 ETP	-7.6%	63,0 ETP	-3.4%	65,2 ETP	-7.1%	70,2 ETP	-1.4%	71,2 ETP	+6.3%	67,0 ETP	-9.2%	73,8 ETP	-9.4%	81,5 ETP	-17.9%	99,3 ETP	+40.5%	70,7 ETP

Estimate

Indicative valuation

As an indication, this company is worth

between 10 M€ and 25 M€

See the valuation

Governance

Board of directors

Seen on filing of 31/12/2025 · 2 active · 15 ended

Active mandates

Arthur Gaston Fortanier

Director · since 03 avril 2024 · until 20 mars 2030

Active

Mark D'Haese

Managing director · since 03 avril 2024 · until 20 mars 2030

Active

Ended mandates

Arthur Gaston Fortanier

Director · since 20 mars 2020 · until 20 mars 2026

Ended

Mark D'Haese

Managing director · since 20 mars 2020 · until 20 mars 2026

Ended

Arthur Gaston Fortanier

Director · since 01 janvier 2017 · until 20 mars 2022

Ended

E.R. Knip

Director · since 01 juin 2015 · until 01 janvier 2017

Ended

At this address

Other companies at this address

Company	CBE no.
ALHILUJA● Active	0769.402.515
CULOBEL ASSEMBLY● Active	0899.017.180
Verleysen● Active	0655.969.824
VERLEYSEN - RINGOIR● Active	0888.084.686

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	16/04/2026	15/04/2025	14/05/2024	24/04/2023	21/04/2022	22/04/2021
General meeting	20/03/2026	20/03/2025	20/03/2024	20/03/2023	21/03/2022	20/03/2021
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	20/03/2026	16/04/2026	Dutch	PDF
Full model	31/12/2024	20/03/2025	15/04/2025	Dutch	PDF
Full model	31/12/2023	20/03/2024	14/05/2024	Dutch	PDF
Full model	31/12/2022	20/03/2023	24/04/2023	Dutch	PDF
Full model	31/12/2021	21/03/2022	21/04/2022	Dutch	PDF
Full model	31/12/2020	20/03/2021	22/04/2021	Dutch	PDF
Full model	31/12/2019	20/03/2020	27/03/2020	Dutch	PDF
Full model	31/12/2018	20/03/2019	03/05/2019	Dutch	PDF
Full model	31/12/2017	20/03/2018	29/03/2018	Dutch	PDF
Full model	31/12/2016	20/03/2017	25/04/2017	Dutch	PDF
Full model	31/12/2015	20/03/2016	01/04/2016	Dutch	PDF
Full model	31/12/2014	20/03/2015	04/05/2015	Dutch	PDF
Full model	31/12/2013	20/03/2014	11/06/2014	Dutch	PDF
Full model	31/12/2012	20/03/2013	19/06/2013	Dutch	PDF
Full model	31/12/2011	20/03/2012	20/06/2012	Dutch	PDF
Full model	31/12/2010	20/03/2011	09/05/2011	Dutch	PDF
Full model	31/12/2009	20/03/2010	25/05/2010	Dutch	PDF
Full model	31/12/2008	20/03/2009	04/06/2009	Dutch	PDF
Full model	31/12/2007	20/03/2008	06/05/2008	Dutch	PDF
Full model	31/12/2006	20/03/2007	21/05/2007	Dutch	PDF

Estimate

Indicative valuation

Order of magnitude

As an indication, this company is worth

between 10 M€ and 25 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

Arthur Gaston Fortanier

Director · since 03 avril 2024 · until 20 mars 2030

Active

Mark D'Haese

Managing director · since 03 avril 2024 · until 20 mars 2030

Active

Ended mandates

Arthur Gaston Fortanier

Director · since 20 mars 2020 · until 20 mars 2026

Ended

Mark D'Haese

Managing director · since 20 mars 2020 · until 20 mars 2026

Ended

Arthur Gaston Fortanier

Director · since 01 janvier 2017 · until 20 mars 2022

Ended

E.R. Knip

Director · since 01 juin 2015 · until 01 janvier 2017

Ended

Shareholders

Ownership and network

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Belgian Official Gazette

Belgian Official Gazette publications

Mandates11/05/2026
ONTSLAGEN - BENOEMINGEN
PDF
Capital / shares30/12/2025
KAPITAAL - AANDELEN
PDF
Mandates17/04/2024
STATUTEN (VERTALING, COÖRDINATIE, OVERIGE WIJZIGINGEN, ) - ONTSLAGEN - BENOEMINGEN
PDF
Mandates30/06/2023
ONTSLAGEN - BENOEMINGEN
PDF
Mandates14/04/2020
ONTSLAGEN - BENOEMINGEN
PDF
Mandates06/12/2017
ONTSLAGEN - BENOEMINGEN
PDF
Mandates09/03/2017
ONTSLAGEN - BENOEMINGEN
PDF
Mandates31/08/2015
ONTSLAGEN - BENOEMINGEN
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 2025336,2 k €↑
2024
Annual accounts 2024-97,9 k €↓
2023
Annual accounts 20231,1 M €↓
2022
Annual accounts 20221,6 M €↓
2021
Annual accounts 20212,2 M €↑
2020
Annual accounts 20201,4 M €↓
2019
Annual accounts 20191,6 M €↑
2018
Annual accounts 2018762,1 k €↓
2017
Annual accounts 20171,1 M €↑
2016
Annual accounts 2016390,4 k €↑
2015
Annual accounts 2015-340 k €↓
2014
Annual accounts 20143,6 M €↑
2013
Annual accounts 20131,9 M €↑
2012
Annual accounts 2012231,2 k €↓
2011
Annual accounts 2011793,1 k €↓
2010
Annual accounts 20101,2 M €↑
2009
Annual accounts 2009491,1 k €↓
2008
Annual accounts 20081,3 M €↓
2007
Annual accounts 20071,6 M €↑
2006
Annual accounts 20061,1 M €
19/11/1942
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

Culobel

Overview

What does Culobel do?

Trend over 20 financial years

Indicative valuation

Board of directors

Other companies at this address

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