ACTIVE

AVROY 44

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Financial year 2025 · closed on 31/12/2025

Net result

36,5 k €

-78.5% YoY

Gross margin

305,1 k €

+35.2% YoY

Equity

12,1 M €

+0.3% YoY

What does AVROY 44 do?

AVROY 44 is a Non-profit organization incorporated in 1946. Its main activity is: Rental and operating of own or leased real estate. Its registered office is in Liège.

Legal situation

● Normal situation

BCE/KBO no. / VAT

BE 0405.842.852

Incorporation

04/12/1946

Legal form

Non-profit organization

Registered office

Boulevard d'Avroy 44
4000 Liège · WallonieSee on map

Latest accounts

31/12/2025

Activities (NACE)

68203Rental and operating of own or leased real estate· main 68203Rental and operating of own or leased real estate 94110Activities of business and employers membership organisations 94110Activities of business and employers membership organisations

Joint committees (1)

Signals

ProfitableSolid equityLow riskGood liquidityPositive cashflow

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Health score

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✦ Verdict · Analyst summary

Financials

Trend over 18 financial years

	2025		2024		2023		2022		2021		2020		2019		2018		2017		2016		2015		2014		2013		2012		2011		2010		2009		2008
Income statement
Gross margin	305,1 k €	+35.2%	225,7 k €	-16.2%	269,3 k €	-49.5%	532,9 k €	+92.3%	277,1 k €		–		–		–		–		–		–		–		–		–		–		–		–		–
EBITDA	-2,4 k €	+97.9%	-113,6 k €	-322%	-26,9 k €	+65.4%	-77,8 k €	-682%	-9,9 k €	-108%	118,3 k €	-82.7%	683,8 k €	+23.1%	555,5 k €	+197%	187,1 k €	-66.9%	564,6 k €	+91.7%	294,6 k €	+59.7%	184,5 k €	+244%	-128 k €	+53.7%	-276,3 k €	-620%	53,2 k €	+113%	-394,5 k €	-79.0%	-220,4 k €	-1254%	19,1 k €
Operating result	-167,7 k €	+45.6%	-308,3 k €	-39.2%	-221,5 k €	+39.2%	-364,1 k €	-45.8%	-249,8 k €	-134%	-106,8 k €	-137%	291,1 k €	+87.6%	155,2 k €	+168%	-227,1 k €	-219%	190,6 k €	+308%	-91,7 k €	+42.7%	-160,1 k €	+66.0%	-471,2 k €	+24.5%	-624,2 k €	-138%	-261,7 k €	+60.7%	-666,7 k €	-25.3%	-532 k €	-88.0%	-283 k €
Net result	36,5 k €	-78.5%	169,7 k €	+119%	77,4 k €	+105%	-1,6 M €	-762%	-190,1 k €	-5.7%	-179,7 k €	-118%	1 M €	+917%	-125,4 k €	+60.3%	-315,4 k €	-221%	261,6 k €	+420%	50,3 k €	+690%	6,4 k €	+103%	-228,7 k €	-491%	58,5 k €	+234%	-43,8 k €	-205%	41,7 k €	-92.3%	541,4 k €	+367%	115,9 k €
Balance sheet
Equity	12,1 M €	+0.3%	12,1 M €	+1.4%	11,9 M €	+0.7%	11,8 M €	-12.2%	13,5 M €	-1.6%	13,7 M €	-1.3%	13,9 M €	+8.0%	12,8 M €	-1.0%	13 M €	-2.4%	13,3 M €	+2.0%	13 M €	+0.4%	13 M €	+0.0%	13 M €	-1.7%	13,2 M €	+0.4%	13,1 M €	-0.4%	13,2 M €	+0.3%	13,2 M €	+4.2%	12,6 M €
Total assets	13,5 M €	+1.0%	13,3 M €	+1.4%	13,2 M €	-0.6%	13,2 M €	-10.7%	14,8 M €	-0.2%	14,9 M €	-43.6%	26,4 M €	+6.1%	24,9 M €	+9.7%	22,7 M €	-10.5%	25,3 M €	+0.3%	25,2 M €	-0.3%	25,3 M €	-10.6%	28,3 M €	-22.5%	36,5 M €	-4.5%	38,2 M €	+4.5%	36,6 M €	+1.0%	36,2 M €	+0.8%	35,9 M €
Cash	236,5 k €	+299%	59,3 k €	-52.4%	124,5 k €	-61.3%	321,9 k €	-34.4%	490,9 k €	-80.8%	2,6 M €	-80.5%	13,2 M €	+10.3%	11,9 M €	+27.4%	9,4 M €	-17.6%	11,4 M €	-0.4%	11,4 M €	-2.5%	11,7 M €	-21.4%	14,9 M €	-38.0%	24 M €	-7.5%	26 M €	+5.5%	24,6 M €	-0.2%	24,6 M €	+79.8%	13,7 M €
Debts	84,9 k €	-47.0%	160,2 k €	+396%	32,3 k €	-60.0%	80,8 k €	-62.1%	213,2 k €	+164%	80,9 k €	-99.3%	10,9 M €	+5.0%	10,4 M €	+31.2%	7,9 M €	-25.1%	10,6 M €	-1.0%	10,7 M €	-1.3%	10,9 M €	-21.1%	13,8 M €	-36.3%	21,6 M €	-8.2%	23,5 M €	+8.0%	21,8 M €	+1.1%	21,5 M €	-1.2%	21,8 M €
Other
Workforce	–		–		–		–		–		–		106,0 ETP	+3.9%	102,0 ETP	-0.8%	102,8 ETP	-0.2%	103,0 ETP	-1.3%	104,4 ETP	-3.7%	108,4 ETP	-1.0%	109,5 ETP	+0.5%	109,0 ETP	+21.1%	90,0 ETP	+36.8%	65,8 ETP	+3.8%	63,4 ETP	+9.1%	58,1 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 · 7 active · 16 ended

Active mandates

Didier HANIN

Mandate

Active

Jean-Louis Braibant

Mandate

Active

Jeannine SPINEUX

Mandate

Active

Marc BOERBOOM

Mandate

Active

Marc VILET

Mandate

Active

Marcel RULOT

Mandate

Active

Rodolphe GAMBINI

Mandate

Active

Ended mandates

BOERBOOM Marc

Mandate

Ended

CATALDO Daniel

Mandate

Ended

Christian VOISIN

Mandate

Ended

Daniel CATALDO

Mandate

Ended

Annual accounts

Full financial information

	2025	2024	2023	2022	2021	2020
Type of account	Micro model	Abridged model	Micro model	Micro model	Abridged 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	22/07/2026	01/08/2025	26/07/2024	19/07/2023	31/08/2022	09/09/2021
General meeting	22/06/2026	23/06/2025	24/06/2024	26/06/2023	24/06/2022	31/05/2021
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

22 filings with the NBB

Model	Closing	General meeting	Filed	Language	Document
Micro model	31/12/2025	22/06/2026	22/07/2026	French	PDF
Abridged model	31/12/2024	23/06/2025	01/08/2025	French	PDF
Micro model	31/12/2023	24/06/2024	26/07/2024	French	PDF
Micro model	31/12/2022	26/06/2023	19/07/2023	French	PDF
Abridged model	31/12/2021	24/06/2022	31/08/2022	French	PDF
Full model	31/12/2020	31/05/2021	09/09/2021	French	PDF
Full model	31/12/2019	31/08/2020	07/09/2020	French	PDF
Full model	31/12/2018	24/06/2019	25/06/2019	French	PDF
Full model	31/12/2017	25/06/2018	28/06/2018	French	PDF
Full model	31/12/2016	26/06/2017	30/06/2017	French	PDF
Full model	31/12/2015	06/06/2016	09/06/2016	French	PDF
Full model	31/12/2014	22/06/2015	23/06/2015	French	PDF
Full model	31/12/2013	30/06/2014	15/07/2014	French	PDF
Full modelCorrection	31/12/2012	26/06/2013	06/02/2014	French	PDF
Full model	31/12/2012	26/06/2013	16/07/2013	French	PDF
Full model	31/12/2011	28/06/2012	19/07/2012	French	PDF
Full modelCorrection	31/12/2010	20/06/2011	19/08/2011	French	PDF
Full model	31/12/2010	20/06/2011	28/07/2011	French	PDF
Full model	31/12/2009	28/06/2010	23/07/2010	French	PDF
Full model	31/12/2008	29/06/2009	06/07/2009	French	PDF
Full model	31/12/2007	23/06/2008	11/07/2008	French	PDF
Abridged model	31/12/2006	25/06/2007	29/06/2007	French	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 · 7 active · 16 ended

Active mandates

Didier HANIN

Mandate

Active

Jean-Louis Braibant

Mandate

Active

Jeannine SPINEUX

Mandate

Active

Marc BOERBOOM

Mandate

Active

Marc VILET

Mandate

Active

Marcel RULOT

Mandate

Active

Rodolphe GAMBINI

Mandate

Active

Ended mandates

BOERBOOM Marc

Mandate

Ended

CATALDO Daniel

Mandate

Ended

Christian VOISIN

Mandate

Ended

Daniel CATALDO

Mandate

Ended

Shareholders

Ownership and network

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Belgian Official Gazette

Belgian Official Gazette publications

Mandates17/10/2023
DEMISSIONS, NOMINATIONS
PDF
Mandates26/10/2020
DEMISSIONS, NOMINATIONS - STATUTS (TRADUCTION, COORDINATION, AUTRES MODIFICATIONS, )
PDF
Other20/01/2020
OBJET - STATUTS (TRADUCTION, COORDINATION, AUTRES MODIFICATIONS, )
PDF
Mandates04/12/2019
DEMISSIONS, NOMINATIONS
PDF
Restructuring24/10/2019
RUBRIQUE RESTRUCTURATION (FUSION, SCISSION, TRANSFERT PATRIMOINE, ETC...)
PDF
Mandates30/04/2019
DEMISSIONS, NOMINATIONS
PDF
Mandates08/01/2019
DEMISSIONS, NOMINATIONS
PDF
Mandates18/06/2018
DEMISSIONS, NOMINATIONS
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 202536,5 k €↓
2024
Annual accounts 2024169,7 k €↑
2023
Annual accounts 202377,4 k €↑
2022
Annual accounts 2022-1,6 M €↓
2021
Annual accounts 2021-190,1 k €↓
2020
Annual accounts 2020-179,7 k €↓
2019
Annual accounts 20191 M €↑
2018
Annual accounts 2018-125,4 k €↑
2017
Annual accounts 2017-315,4 k €↓
2016
Annual accounts 2016261,6 k €↑
2015
Annual accounts 201550,3 k €↑
2014
Annual accounts 20146,4 k €↑
2013
Annual accounts 2013-228,7 k €↓
2012
Annual accounts 201258,5 k €↑
2011
Annual accounts 2011-43,8 k €↓
2010
Annual accounts 201041,7 k €↓
2009
Annual accounts 2009541,4 k €↑
2008
Annual accounts 2008115,9 k €
04/12/1946
IncorporationNon-profit organization

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

AVROY 44

Overview

What does AVROY 44 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