ACTIVE

ELSTER

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Financial year 2025 · closed on 31/12/2025

Net result

471,2 k €

+268.9% YoY

Revenue

6,8 M €

+0.7% YoY

Equity

12,4 M €

+3.9% YoY

Workforce

12,7 ETP

+2.4% YoY

What does ELSTER do?

ELSTER is a Public limited company incorporated in 1970. Its registered office is in Essen. It employs on average 12,7 ETP workers (FTE).

Legal situation

● Normal situation

BCE/KBO no. / VAT

BE 0406.973.693

Incorporation

09/02/1970

Legal form

Public limited company

Registered office

Rijkmakerlaan 9
2910 Essen · FlandreSee on map

Contributed capital

2 087 918,28 €

Latest accounts

31/12/2025

Average workforce

12,7 ETP

Joint committees (4)

Signals

ProfitableSolid equityLow riskGood liquidityPositive cashflowPositive EBITDAHealthy social debtsHigh revenue

View the BCE/KBO Public Search record →

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		2014		2013		2012		2011		2010		2008		2007		2006
Income statement
Revenue	6,8 M €	+0.7%	6,8 M €	+21.5%	5,6 M €	-17.8%	6,8 M €	-15.5%	8 M €	-6.6%	8,6 M €	-29.1%	12,1 M €	-11.6%	13,7 M €	-19.2%	16,9 M €	-56.7%	39,1 M €	-56.5%	90 M €	-19.1%	111,2 M €	+17.6%	94,6 M €	+16.3%	81,3 M €	+5.6%	77 M €	+128%	33,8 M €	-6.9%	36,3 M €	+17.6%	30,9 M €
EBITDA	255,3 k €	+2.2%	249,7 k €	+70.9%	146,1 k €	-37.2%	232,5 k €	-76.7%	997,5 k €	+251%	-662,7 k €	+74.6%	-2,6 M €	-2707%	99,9 k €	-81.4%	536,1 k €	-71.1%	1,9 M €	-53.4%	4 M €	-41.7%	6,8 M €	+81.8%	3,8 M €	-53.6%	8,1 M €	+18.1%	6,9 M €	+63.2%	4,2 M €	+60.7%	2,6 M €	+1333%	182,3 k €
Operating result	204,9 k €	+0.7%	203,4 k €	+36.4%	149,2 k €	-58.2%	356,9 k €	-67.8%	1,1 M €	+309%	-528,7 k €	+82.4%	-3 M €	-1696%	188,6 k €	-40.3%	315,7 k €	-86.7%	2,4 M €	+19.1%	2 M €	-72.2%	7,2 M €	+259%	-4,5 M €	-167%	6,8 M €	+6.5%	6,4 M €	+268%	1,7 M €	+15.4%	1,5 M €	+204%	-1,4 M €
Net result	471,2 k €	+269%	-279 k €	-164%	433,9 k €	-14.9%	509,6 k €	-50.9%	1 M €	+297%	-525,5 k €	+83.2%	-3,1 M €	-2626%	123,7 k €	-74.7%	489,1 k €	-63.8%	1,3 M €	+113%	-10,6 M €	-139%	-4,4 M €	-19.9%	-3,7 M €	-170%	5,3 M €	+6.7%	5 M €	+1077%	422,6 k €	+8.8%	388,5 k €	+120%	-2 M €
Balance sheet
Equity	12,4 M €	+3.9%	12 M €	-2.3%	12,2 M €	+3.7%	11,8 M €	+4.5%	11,3 M €	+10.1%	10,3 M €	-4.9%	10,8 M €	-22.5%	13,9 M €	+0.9%	13,8 M €	+3.7%	13,3 M €	+543%	2,1 M €	-83.7%	12,7 M €	-26.0%	17,1 M €	-17.8%	20,8 M €	+34.3%	15,5 M €	+516%	2,5 M €	+20.2%	2,1 M €	+22.8%	1,7 M €
Total assets	15,8 M €	+8.7%	14,5 M €	+6.1%	13,7 M €	-2.1%	14 M €	+1.3%	13,8 M €	+7.7%	12,8 M €	-15.1%	15,1 M €	-42.8%	26,4 M €	-2.8%	27,1 M €	+16.7%	23,2 M €	-53.8%	50,3 M €	-56.4%	115,5 M €	-27.0%	158,3 M €	-4.5%	165,7 M €	+8.7%	152,5 M €	+181%	54,3 M €	+13.5%	47,8 M €	+9.8%	43,6 M €
Cash	192,4 k €	+5.2%	182,9 k €	+4.7%	174,6 k €	+29.4%	134,9 k €	+8.2%	124,7 k €	+8.3%	115,1 k €	+21.0%	95,1 k €	+102%	47 k €	+1127%	3,8 k €	-96.1%	98,3 k €	+420%	18,9 k €	-99.0%	1,9 M €	+247%	561,4 k €	+48.1%	378,9 k €	+537%	59,4 k €	+40.6%	42,3 k €	-95.8%	997,3 k €	-18.4%	1,2 M €
Debts	3,1 M €	+36.2%	2,2 M €	+90.9%	1,2 M €	-40.1%	2 M €	-10.7%	2,2 M €	+0.1%	2,2 M €	-13.0%	2,5 M €	-76.3%	10,6 M €	-5.9%	11,3 M €	+48.6%	7,6 M €	-79.9%	37,8 M €	-62.1%	100 M €	-27.8%	138,4 M €	-3.6%	143,6 M €	+5.9%	135,6 M €	+169%	50,3 M €	+17.2%	43 M €	+7.9%	39,8 M €
Other
Workforce	12,7 ETP	+2.4%	12,4 ETP	-3.1%	12,8 ETP	-7.2%	13,8 ETP	+4.5%	13,2 ETP	-23.3%	17,2 ETP	-54.6%	37,9 ETP	-23.7%	49,7 ETP	-13.9%	57,7 ETP	-21.1%	73,1 ETP	-50.3%	147,0 ETP	-22.7%	190,2 ETP	-0.8%	191,8 ETP	+1.3%	189,3 ETP	+1.8%	185,9 ETP	+62.8%	114,2 ETP	+6.0%	107,7 ETP	+0.6%	107,1 ETP

Estimate

Indicative valuation

As an indication, this company is worth

between 1 M€ and 2,5 M€

See the valuation

Governance

Board of directors

Seen on filing of 31/12/2025 · 3 active · 35 ended

Active mandates

Elster-Instromet

Director · since 20 août 2024 · until 19 août 2030

Represented by van Kaam Michiel Antonius Maria

Active

Verhamme Ignace

Director · since 01 juillet 2023 · until 30 juin 2028

Active

Xavier Wanty

Managing director · since 01 janvier 2022 · until 30 juin 2027

Active

Ended mandates

Xavier Wanty

Director · since 01 janvier 2022 · until 30 juin 2027

Ended

Elster Instromet

Director · since 22 juin 2021 · until 30 juin 2027

Represented by van den Heuvel Dimitry

Ended

Clifford Ronan

Director · since 01 janvier 2021 · until 30 juin 2023

Ended

Clifford Ronan

Director · since 01 janvier 2021 · until 30 juin 2026

Ended

At this address

Other companies at this address

Company	CBE no.
ELSTER-INSTROMET INVEST● Active	0468.331.440

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	27/08/2026	11/08/2025	27/08/2024	25/08/2023	22/08/2022	13/07/2021
General meeting	30/06/2026	30/06/2025	19/08/2024	30/06/2023	30/06/2022	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

Ratios

Financial ratios

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Filings

Annual accounts filings

21 filings with the NBB

Model	Closing	General meeting	Filed	Language	Document
Full model	31/12/2025	30/06/2026	27/08/2026	Dutch	PDF
Full model	31/12/2024	30/06/2025	11/08/2025	Dutch	PDF
Full model	31/12/2023	19/08/2024	27/08/2024	Dutch	PDF
Full model	31/12/2022	30/06/2023	25/08/2023	Dutch	PDF
Full model	31/12/2021	30/06/2022	22/08/2022	Dutch	PDF
Full model	31/12/2020	30/06/2021	13/07/2021	Dutch	PDF
Full modelCorrection	31/12/2019	31/07/2020	17/12/2020	Dutch	PDF
Full model	31/12/2019	31/07/2020	26/08/2020	Dutch	PDF
Full model	31/12/2018	30/08/2019	30/09/2019	Dutch	PDF
Full model	31/12/2017	28/12/2018	28/01/2019	Dutch	PDF
Full model	31/12/2016	09/06/2017	10/08/2017	Dutch	PDF
Full model	31/12/2015	10/10/2016	24/10/2016	Dutch	PDF
Full model	31/12/2014	22/06/2015	01/07/2015	Dutch	PDF
Full model	31/12/2013	23/06/2014	10/07/2014	Dutch	PDF
Full model	31/12/2012	31/05/2013	19/06/2013	Dutch	PDF
Full model	31/12/2011	31/05/2012	05/06/2012	Dutch	PDF
Full model	31/12/2010	21/06/2011	01/07/2011	Dutch	PDF
Full model	31/12/2009	31/05/2010	24/06/2010	Dutch	PDF
Full model	31/12/2008	02/06/2009	12/06/2009	Dutch	PDF
Full model	31/12/2007	02/06/2008	20/08/2008	Dutch	PDF
Full model	31/12/2006	31/05/2007	24/08/2007	Dutch	PDF

Estimate

Indicative valuation

Order of magnitude

As an indication, this company is worth

between 1 M€ and 2,5 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.

Governance

Board of directors

Seen on filing of 31/12/2025 · 3 active · 35 ended

Active mandates

Elster-Instromet

Director · since 20 août 2024 · until 19 août 2030

Represented by van Kaam Michiel Antonius Maria

Active

Verhamme Ignace

Director · since 01 juillet 2023 · until 30 juin 2028

Active

Xavier Wanty

Managing director · since 01 janvier 2022 · until 30 juin 2027

Active

Ended mandates

Xavier Wanty

Director · since 01 janvier 2022 · until 30 juin 2027

Ended

Elster Instromet

Director · since 22 juin 2021 · until 30 juin 2027

Represented by van den Heuvel Dimitry

Ended

Clifford Ronan

Director · since 01 janvier 2021 · until 30 juin 2023

Ended

Clifford Ronan

Director · since 01 janvier 2021 · until 30 juin 2026

Ended

Shareholders

Ownership and network

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Belgian Official Gazette

Belgian Official Gazette publications

Mandates22/06/2026
ONTSLAGEN - BENOEMINGEN
PDF
Mandates29/08/2025
ONTSLAGEN - BENOEMINGEN
PDF
Mandates08/10/2024
ONTSLAGEN - BENOEMINGEN
PDF
Mandates01/08/2023
ONTSLAGEN - BENOEMINGEN
PDF
Mandates13/05/2022
ONTSLAGEN - BENOEMINGEN
PDF
Mandates01/02/2022
ONTSLAGEN - BENOEMINGEN
PDF
Mandates16/07/2021
ONTSLAGEN - BENOEMINGEN
PDF
Mandates24/12/2020
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

30/03/2026
nominationRoland Kouw — vaste vertegenwoordiging
2025
Annual accounts 2025471,2 k €↑
05/06/2025
nominationMichiel van Kaam — vaste vertegenwoordiging
2024
Annual accounts 2024-279 k €↓
27/08/2024
reconductionDeloitte Bedrijfsrevisoren — commissaris
2023
Annual accounts 2023433,9 k €↓
01/07/2023
nominationIgnace Verhamme — bestuurder
2022
Annual accounts 2022509,6 k €↓
2021
Annual accounts 20211 M €↑
01/01/2021
nominationCarl Laschet — vaste vertegenwoordiger van de commissaris
2020
Annual accounts 2020-525,5 k €↑
2019
Annual accounts 2019-3,1 M €↓
2018
Annual accounts 2018123,7 k €↓
2017
Annual accounts 2017489,1 k €↓
2016
Annual accounts 20161,3 M €↑
2014
Annual accounts 2014-10,6 M €↓
2013
Annual accounts 2013-4,4 M €↓
2012
Annual accounts 2012-3,7 M €↓
2011
Annual accounts 20115,3 M €↑
2010
Annual accounts 20105 M €↑
2008
Annual accounts 2008422,6 k €↑
2007
Annual accounts 2007388,5 k €↑
2006
Annual accounts 2006-2 M €
09/02/1970
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

ELSTER

Overview

What does ELSTER do?

Trend over 18 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