ACTIVE

TIVACO

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Financial year 2025 · closed on 31/12/2025

Net result

729,6 k €

-31.2% YoY

Revenue

16,4 M €

+2.7% YoY

Equity

10,5 M €

+7.3% YoY

Workforce

21,4 ETP

-3.2% YoY

What does TIVACO do?

TIVACO is a Public limited company incorporated in 1977. Its main activity is: Wholesale of other intermediate products. Its registered office is in Tournai. It employs on average 21,4 ETP workers (FTE).

Legal situation

● Normal situation

BCE/KBO no. / VAT

BE 0417.635.181

Incorporation

25/10/1977

Legal form

Public limited company

Registered office

Rue du Mont des Carliers(BL) 5
7522 Tournai · WallonieSee on map

Contributed capital

62 500,00 €

Latest accounts

31/12/2025

Average workforce

21,4 ETP

Activities (NACE)

46769Wholesale of other intermediate products· main 46772Wholesale of waste and scrap 46869Wholesale trade, except of motor vehicles and motorcycles 46872Wholesale trade, except of motor vehicles and motorcycles 51570Air transport 43310Plastering+2

Joint committees (2)

14204
200

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		2017		2016		2015		2014		2013		2012		2011		2009		2008		2007		2006
Income statement
Revenue	16,4 M €	+2.7%	16 M €	+7.3%	14,9 M €	-30.9%	21,6 M €	+7.8%	20 M €	+47.9%	13,5 M €	-12.6%	15,5 M €	-0.2%	15,5 M €	+18.0%	13,2 M €	+27.8%	10,3 M €	+14.8%	9 M €	-9.5%	9,9 M €	+11.7%	8,9 M €	+8.3%	8,2 M €		–		–		–		–		–
EBITDA	1,3 M €	-21.6%	1,7 M €	-20.8%	2,1 M €	-31.9%	3,1 M €	-19.0%	3,8 M €	+38.9%	2,8 M €	+41.3%	2 M €	-8.4%	2,1 M €	+1.3%	2,1 M €	+84.6%	1,1 M €	-14.0%	1,3 M €	-26.8%	1,8 M €	+65.0%	1,1 M €	-20.7%	1,4 M €	-50.2%	2,8 M €	+1241%	207,1 k €	-55.3%	463,1 k €	+34.6%	344 k €	+78.5%	192,7 k €
Operating result	986,3 k €	-30.6%	1,4 M €	-28.4%	2 M €	-33.0%	3 M €	-19.5%	3,7 M €	+135%	1,6 M €	+136%	663,3 k €	-38.2%	1,1 M €	-3.5%	1,1 M €	+201%	369,4 k €	-7.2%	398,3 k €	-61.7%	1 M €	+81.8%	571,2 k €	-8.7%	625,9 k €	-49.9%	1,2 M €	+816%	136,5 k €	+50.2%	90,9 k €	-39.3%	149,8 k €	-11.6%	169,4 k €
Net result	729,6 k €	-31.2%	1,1 M €	-27.3%	1,5 M €	-34.1%	2,2 M €	-18.9%	2,7 M €	+103%	1,3 M €	+162%	513 k €	-41.8%	882 k €	+12.1%	786,9 k €	+149%	315,7 k €	-10.4%	352,4 k €	-55.4%	790 k €	+7.4%	735,6 k €	+85.4%	396,8 k €	-53.6%	854,3 k €	+1301%	61 k €	+124%	27,3 k €	-75.8%	112,4 k €	-3.5%	116,5 k €
Balance sheet
Equity	10,5 M €	+7.3%	9,8 M €	+12.0%	8,8 M €	+19.6%	7,3 M €	+24.6%	5,9 M €	+85.7%	3,2 M €	-47.5%	6 M €	+7.1%	5,6 M €	+25.0%	4,5 M €	+14.2%	4 M €	+2.1%	3,9 M €	+13.2%	3,4 M €	+21.3%	2,8 M €	+46.8%	1,9 M €	+23.6%	1,6 M €	+203%	512,4 k €	+12.9%	453,8 k €	+5.8%	428,9 k €	+34.5%	318,9 k €
Total assets	12,8 M €	+10.6%	11,6 M €	+10.4%	10,5 M €	+5.7%	9,9 M €	+10.1%	9 M €	-8.5%	9,8 M €	+8.0%	9,1 M €	-0.2%	9,1 M €	+11.8%	8,1 M €	+15.4%	7,1 M €	+4.9%	6,7 M €	-0.0%	6,7 M €	+21.2%	5,6 M €	+19.4%	4,7 M €	+13.8%	4,1 M €	+117%	1,9 M €	-0.1%	1,9 M €	+41.8%	1,3 M €	+120%	605,1 k €
Cash	5,5 M €	+15.2%	4,7 M €	+46.6%	3,2 M €	-7.3%	3,5 M €	+26.8%	2,7 M €	-27.8%	3,8 M €	+199%	1,3 M €	-36.3%	2 M €	+43.8%	1,4 M €	+177%	502,1 k €	-6.5%	536,8 k €	+21.8%	440,6 k €	+43.6%	306,7 k €	+13.9%	269,3 k €	+33.3%	202 k €	-12.2%	230,1 k €	+53.3%	150 k €	-4.0%	156,3 k €	+312%	38 k €
Debts	2,2 M €	+29.1%	1,7 M €	+2.5%	1,7 M €	-34.2%	2,6 M €	-17.5%	3,1 M €	-53.4%	6,6 M €	+118%	3 M €	-12.1%	3,5 M €	-4.5%	3,6 M €	+24.7%	2,9 M €	+1.9%	2,9 M €	-13.7%	3,3 M €	+21.4%	2,7 M €	+4.3%	2,6 M €	+13.7%	2,3 M €	+68.5%	1,4 M €	-4.3%	1,4 M €	+59.0%	896,5 k €	+217%	282,7 k €
Other
Workforce	21,4 ETP	-3.2%	22,1 ETP	+2.3%	21,6 ETP	+6.4%	20,3 ETP	+8.0%	18,8 ETP	0.0%	18,8 ETP	-4.1%	19,6 ETP	-1.0%	19,8 ETP	+20.7%	16,4 ETP	+20.6%	13,6 ETP	+7.1%	12,7 ETP	+7.6%	11,8 ETP	+7.3%	11,0 ETP	+4.8%	10,5 ETP	+36.4%	7,7 ETP	+79.1%	4,3 ETP	+330%	1,0 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 · 3 active · 17 ended

Active mandates

Gilbert JANSSEN

Director · since 01 juin 2023 · until 15 juin 2029

Active

Peter LIBEERT

Director · since 01 juin 2023 · until 15 juin 2029

Active

Molenhof Ter Droogte

Managing director · since 01 décembre 2020 · until 19 juin 2026 · 0758.833.275

Represented by Thibaut Debode

Active

Ended mandates

Gilbert JANSSEN

Director · since 01 juin 2023 · until 19 juin 2026

Ended

Peter LIBEERT

Director · since 01 juin 2023 · until 19 juin 2026

Ended

Molenhof Ter Droogte

Managing director · since 01 décembre 2020 · until 19 juin 2026 · 0758.833.275

Represented by Thibaut Debode

Ended

Raf Bemelmans

Director · since 01 décembre 2020 · until 19 juin 2026

Ended

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	22/06/2026	25/06/2025	26/07/2024	19/06/2023	19/08/2022	16/07/2021
General meeting	19/06/2026	20/06/2025	21/06/2024	16/06/2023	15/06/2022	18/06/2021
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

19 filings with the NBB

Model	Closing	General meeting	Filed	Language	Document
Full model	31/12/2025	19/06/2026	22/06/2026	French	PDF
Full model	31/12/2024	20/06/2025	25/06/2025	French	PDF
Full model	31/12/2023	21/06/2024	26/07/2024	French	PDF
Full model	31/12/2022	16/06/2023	19/06/2023	French	PDF
Full model	31/12/2021	15/06/2022	19/08/2022	French	PDF
Full model	31/12/2020	18/06/2021	16/07/2021	French	PDF
Full model	31/12/2019	26/08/2020	08/09/2020	French	PDF
Full model	31/12/2018	26/08/2019	28/08/2019	French	PDF
Full model	31/12/2017	20/07/2018	20/07/2018	French	PDF
Full model	31/12/2016	20/07/2017	24/08/2017	French	PDF
Full model	31/12/2015	17/06/2016	30/06/2016	French	PDF
Full model	31/12/2014	30/06/2015	24/08/2015	French	PDF
Full model	30/11/2013	31/05/2014	17/06/2014	French	PDF
Full model	30/11/2012	25/05/2013	28/05/2013	French	PDF
Abridged model	30/11/2011	16/06/2012	28/06/2012	Dutch	PDF
Abridged model	31/12/2009	26/06/2010	26/07/2010	Dutch	PDF
Abridged model	31/12/2008	27/06/2009	27/07/2009	Dutch	PDF
Abridged model	31/12/2007	27/06/2008	11/08/2008	Dutch	PDF
Abridged model	31/12/2006	30/06/2007	25/07/2007	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 · 3 active · 17 ended

Active mandates

Gilbert JANSSEN

Director · since 01 juin 2023 · until 15 juin 2029

Active

Peter LIBEERT

Director · since 01 juin 2023 · until 15 juin 2029

Active

Molenhof Ter Droogte

Managing director · since 01 décembre 2020 · until 19 juin 2026 · 0758.833.275

Represented by Thibaut Debode

Active

Ended mandates

Gilbert JANSSEN

Director · since 01 juin 2023 · until 19 juin 2026

Ended

Peter LIBEERT

Director · since 01 juin 2023 · until 19 juin 2026

Ended

Molenhof Ter Droogte

Managing director · since 01 décembre 2020 · until 19 juin 2026 · 0758.833.275

Represented by Thibaut Debode

Ended

Raf Bemelmans

Director · since 01 décembre 2020 · until 19 juin 2026

Ended

Shareholders

Ownership and network

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Belgian Official Gazette

Belgian Official Gazette publications

Other06/07/2026
—
PDF
Mandates12/07/2023
DEMISSIONS, NOMINATIONS
PDF
Mandates30/12/2022
DEMISSIONS, NOMINATIONS
PDF
Mandates30/09/2022
DEMISSIONS, NOMINATIONS
PDF
Mandates21/01/2021
DEMISSIONS, NOMINATIONS
PDF
Mandates31/12/2020
DEMISSIONS, NOMINATIONS - STATUTS (TRADUCTION, COORDINATION, AUTRES MODIFICATIONS, )
PDF
Mandates19/09/2019
DEMISSIONS, NOMINATIONS
PDF
Mandates22/03/2018
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 2025729,6 k €↓
2024
Annual accounts 20241,1 M €↓
2023
Annual accounts 20231,5 M €↓
2022
Annual accounts 20222,2 M €↓
2021
Annual accounts 20212,7 M €↑
2020
Annual accounts 20201,3 M €↑
2019
Annual accounts 2019513 k €↓
2018
Annual accounts 2018882 k €↑
2017
Annual accounts 2017786,9 k €↑
2016
Annual accounts 2016315,7 k €↓
2015
Annual accounts 2015352,4 k €↓
2014
Annual accounts 2014790 k €↑
2013
Annual accounts 2013735,6 k €↑
2012
Annual accounts 2012396,8 k €↓
2011
Annual accounts 2011854,3 k €↑
2009
Annual accounts 200961 k €↑
2008
Annual accounts 200827,3 k €↓
2007
Annual accounts 2007112,4 k €↓
2006
Annual accounts 2006116,5 k €
25/10/1977
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

TIVACO

Overview

What does TIVACO do?

Trend over 19 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