ACTIVE

REAL

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Financial year 2025 · closed on 31/12/2025

Net result

257,4 k €

-53.3% YoY

Revenue

33,6 M €

-2.8% YoY

Equity

1,9 M €

-5.8% YoY

Workforce

33,2 ETP

+3.8% YoY

What does REAL do?

REAL is a Public limited company incorporated in 1973. Its registered office is in Herve. It employs on average 33,2 ETP workers (FTE).

Legal situation

● Normal situation

BCE/KBO no. / VAT

BE 0413.067.372

Incorporation

01/01/1973

Legal form

Public limited company

Registered office

Rue de Herve 110
4651 Herve · WallonieSee on map

Contributed capital

164 492,25 €

Latest accounts

31/12/2025

Average workforce

33,2 ETP

Joint committees (3)

Signals

ProfitableSolid equityLow riskGood liquidityPositive cashflowPositive EBITDAHealthy social debtsHigh revenue

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✦ Verdict · Analyst summary

Financials

Trend over 19 financial years

	2025		2024		2023		2022		2021		2020		2019		2018		2016		2015		2014		2013		2012		2011		2010		2009		2008		2007		2006
Income statement
Revenue	33,6 M €	-2.8%	34,6 M €	+0.8%	34,3 M €	+9.0%	31,5 M €	+16.1%	27,1 M €	+8.2%	25,1 M €	-11.6%	28,4 M €	+7.5%	26,4 M €	+7.1%	24,6 M €	+4.7%	23,5 M €	+2.4%	23 M €	+0.6%	22,8 M €	+0.2%	22,8 M €	-3.7%	23,7 M €	+2.2%	23,2 M €	-1.3%	23,5 M €	-8.9%	25,8 M €	+10.4%	23,3 M €	+8.4%	21,5 M €
EBITDA	462 k €	-47.4%	878,5 k €	-2.3%	899,4 k €	+14.3%	786,8 k €	+4.5%	752,8 k €	+67.4%	449,6 k €	-31.9%	660,6 k €	+50.1%	440,1 k €	-17.4%	533 k €	+15.8%	460,5 k €	+33.0%	346,3 k €	-11.2%	389,9 k €	+33.0%	293,2 k €	+76.2%	166,4 k €	-17.7%	202,1 k €	-45.6%	371,8 k €	+15.2%	322,8 k €	-4.5%	337,9 k €	+9.9%	307,4 k €
Operating result	341,5 k €	-53.7%	737,8 k €	-2.4%	755,8 k €	+7.7%	702 k €	+10.0%	638 k €	+92.3%	331,7 k €	-42.7%	578,4 k €	+68.9%	342,5 k €	+13.5%	301,6 k €	+10.9%	271,9 k €	+65.7%	164,1 k €	-34.7%	251,4 k €	+383%	52,1 k €	+1518%	-3,7 k €	-106%	59,9 k €	-72.3%	216,2 k €	-1.3%	219 k €	-3.8%	227,5 k €	+8.0%	210,6 k €
Net result	257,4 k €	-53.3%	550,7 k €	+0.1%	550,3 k €	+7.2%	513,2 k €	+9.7%	467,6 k €	+65.5%	282,6 k €	-41.6%	483,8 k €	+102%	239,1 k €	+26.0%	189,7 k €	-34.6%	290,1 k €	-41.7%	497,7 k €	+185%	174,7 k €	+471%	30,6 k €	+1329%	-2,5 k €	-106%	42,7 k €	-69.9%	141,7 k €	+0.1%	141,5 k €	-25.6%	190,3 k €	-2.6%	195,4 k €
Balance sheet
Equity	1,9 M €	-5.8%	2,1 M €	+2.5%	2 M €	+38.7%	1,4 M €	+27.7%	1,1 M €	+17.4%	963,4 k €	+8.1%	890,9 k €	+30.6%	682,1 k €	-50.3%	1,4 M €	+0.3%	1,4 M €	+13.7%	1,2 M €	+8.8%	1,1 M €	+7.3%	1 M €	-1.8%	1 M €	-0.2%	1,1 M €	-0.7%	1,1 M €	+0.2%	1,1 M €	+4.1%	1 M €	+9.8%	924,9 k €
Total assets	5,5 M €	-4.6%	5,8 M €	-1.2%	5,9 M €	+2.7%	5,7 M €	+19.9%	4,8 M €	+18.5%	4 M €	-22.0%	5,2 M €	+12.1%	4,6 M €	-18.3%	5,6 M €	+3.5%	5,5 M €	+15.7%	4,7 M €	-4.0%	4,9 M €	-9.2%	5,4 M €	+4.0%	5,2 M €	+6.0%	4,9 M €	+2.3%	4,8 M €	-1.9%	4,9 M €	-3.1%	5 M €	+19.4%	4,2 M €
Cash	150,9 k €	-61.9%	395,8 k €	+28.7%	307,7 k €	+19.1%	258,2 k €	-41.1%	438,2 k €	+147%	177,2 k €	+29.9%	136,5 k €	+35.7%	100,6 k €	-72.9%	370,7 k €	+10.8%	334,6 k €	+85.6%	180,3 k €	-19.4%	223,7 k €	-42.2%	387,3 k €	+99.7%	193,9 k €	-37.6%	310,6 k €	-4.8%	326,2 k €	+73.5%	188 k €	+22.6%	153,3 k €	-20.7%	193,4 k €
Debts	3,6 M €	-4.0%	3,8 M €	-3.1%	3,9 M €	-9.3%	4,3 M €	+17.4%	3,6 M €	+18.7%	3,1 M €	-28.3%	4,3 M €	+8.8%	3,9 M €	-7.7%	4,3 M €	+4.5%	4,1 M €	+16.7%	3,5 M €	-7.7%	3,8 M €	-13.6%	4,4 M €	+5.5%	4,1 M €	+7.8%	3,9 M €	+3.2%	3,7 M €	-1.2%	3,8 M €	-6.1%	4 M €	+22.1%	3,3 M €
Other
Workforce	33,2 ETP	+3.8%	32,0 ETP	+5.6%	30,3 ETP	+3.8%	29,2 ETP	-1.0%	29,5 ETP	-4.2%	30,8 ETP	+2.0%	30,2 ETP	+0.3%	30,1 ETP	-4.7%	31,6 ETP	+6.8%	29,6 ETP	0.0%	29,6 ETP	-3.6%	30,7 ETP	-13.3%	35,4 ETP	-2.2%	36,2 ETP	+2.0%	35,5 ETP	-11.3%	40,0 ETP	+2.3%	39,1 ETP	+3.2%	37,9 ETP	+9.2%	34,7 ETP

Estimate

Indicative valuation

As an indication, this company is worth

between 2,5 M€ and 5 M€

See the valuation

Governance

Board of directors

Seen on filing of 31/12/2025 · 2 active · 29 ended

Active mandates

FRANCE FRAIS SAS

Managing director · since 25 mars 2024

Represented by FORTIN Guillaume

Active

REJU

Personne déléguée à la gestion journalière · since 25 mars 2024 · 0675.863.930

Represented by René Freddy ALDENHOFF

Active

Ended mandates

FRANCE FRAIS SAS S. Etr.

Managing director · since 25 mars 2024

Represented by Guillaume FORTIN

Ended

UNILOG

Director · since 01 juin 2019 · until 09 mai 2025 · 0680.781.533

Represented by XAVIER ALDENHOFF

Ended

PAX

Director · since 10 mai 2019 · until 09 mai 2025 · 0413.754.587

Represented by René Victor ALDENHOFF

Ended

REJU

Managing director · since 30 mai 2017 · until 12 mai 2023 · 0675.863.930

Represented by René Freddy ALDENHOFF

Ended

At this address

Other companies at this address

Company	CBE no.
ALBATIM● Active	0687.487.993

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	24/07/2026	29/08/2025	01/07/2024	31/08/2023	23/05/2022	25/05/2021
General meeting	29/05/2026	09/05/2025	10/05/2024	12/05/2023	13/05/2022	14/05/2021
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

20 filings with the NBB

Model	Closing	General meeting	Filed	Language	Document
Full model	31/12/2025	29/05/2026	24/07/2026	French	PDF
Full model	31/12/2024	09/05/2025	29/08/2025	French	PDF
Full model	31/12/2023	10/05/2024	01/07/2024	French	PDF
Full model	31/12/2022	12/05/2023	31/08/2023	French	PDF
Full model	31/12/2021	13/05/2022	23/05/2022	French	PDF
Full model	31/12/2020	14/05/2021	25/05/2021	French	PDF
Full model	31/12/2019	08/05/2020	19/05/2020	French	PDF
Full model	31/12/2018	10/05/2019	03/06/2019	French	PDF
Full model	31/12/2017	11/05/2018	14/05/2018	French	PDF
Full model	31/12/2016	30/05/2017	02/06/2017	French	PDF
Full model	31/12/2015	13/05/2016	19/05/2016	French	PDF
Full model	31/12/2014	22/05/2015	27/05/2015	French	PDF
Full model	31/12/2013	05/06/2014	13/06/2014	French	PDF
Full model	31/12/2012	07/06/2013	10/06/2013	French	PDF
Full model	31/12/2011	30/05/2012	04/06/2012	French	PDF
Full model	31/12/2010	26/05/2011	20/07/2011	French	PDF
Full model	31/12/2009	07/05/2010	08/06/2010	French	PDF
Full model	31/12/2008	08/05/2009	23/09/2009	French	PDF
Full model	31/12/2007	09/05/2008	06/06/2008	French	PDF
Full model	31/12/2006	11/05/2007	08/06/2007	French	PDF

Estimate

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.

Governance

Board of directors

Seen on filing of 31/12/2025 · 2 active · 29 ended

Active mandates

FRANCE FRAIS SAS

Managing director · since 25 mars 2024

Represented by FORTIN Guillaume

Active

REJU

Personne déléguée à la gestion journalière · since 25 mars 2024 · 0675.863.930

Represented by René Freddy ALDENHOFF

Active

Ended mandates

FRANCE FRAIS SAS S. Etr.

Managing director · since 25 mars 2024

Represented by Guillaume FORTIN

Ended

UNILOG

Director · since 01 juin 2019 · until 09 mai 2025 · 0680.781.533

Represented by XAVIER ALDENHOFF

Ended

PAX

Director · since 10 mai 2019 · until 09 mai 2025 · 0413.754.587

Represented by René Victor ALDENHOFF

Ended

REJU

Managing director · since 30 mai 2017 · until 12 mai 2023 · 0675.863.930

Represented by René Freddy ALDENHOFF

Ended

Shareholders

Ownership and network

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Belgian Official Gazette

Belgian Official Gazette publications

Mandates22/04/2024
DEMISSIONS, NOMINATIONS
PDF
Mandates31/10/2023
DENOMINATION - DEMISSIONS, NOMINATIONS
PDF
Mandates26/09/2023
DEMISSIONS, NOMINATIONS
PDF
Mandates07/07/2020
DEMISSIONS, NOMINATIONS
PDF
Mandates03/01/2020
DEMISSIONS, NOMINATIONS
PDF
Mandates16/07/2019
DEMISSIONS, NOMINATIONS
PDF
Restructuring22/01/2018
RUBRIQUE RESTRUCTURATION (FUSION, SCISSION, TRANSFERT PATRIMOINE, ETC...)
PDF
Restructuring27/11/2017
RUBRIQUE RESTRUCTURATION (FUSION, SCISSION, TRANSFERT PATRIMOINE, ETC...)
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 2025257,4 k €↓
2024
Annual accounts 2024550,7 k €↑
2023
Annual accounts 2023550,3 k €↑
2022
Annual accounts 2022513,2 k €↑
2021
Annual accounts 2021467,6 k €↑
2020
Annual accounts 2020282,6 k €↓
2019
Annual accounts 2019483,8 k €↑
2018
Annual accounts 2018239,1 k €↑
2016
Annual accounts 2016189,7 k €↓
2015
Annual accounts 2015290,1 k €↓
2014
Annual accounts 2014497,7 k €↑
2013
Annual accounts 2013174,7 k €↑
2012
Annual accounts 201230,6 k €↑
2011
Annual accounts 2011-2,5 k €↓
2010
Annual accounts 201042,7 k €↓
2009
Annual accounts 2009141,7 k €↑
2008
Annual accounts 2008141,5 k €↓
2007
Annual accounts 2007190,3 k €↓
2006
Annual accounts 2006195,4 k €
01/01/1973
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

REAL

Overview

What does REAL do?

Trend over 19 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