ACTIVE

B.E. Fin

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Financial year 2025 · closed on 31/12/2025

Net result

319 k €

+330.9% YoY

Gross margin

2,9 M €

+63.8% YoY

Equity

26,9 M €

+133.4% YoY

Workforce

16,4 ETP

-12.8% YoY

What does B.E. Fin do?

B.E. Fin is a Public limited company incorporated in 1979. Its main activity is: Activities of holding companies. Its registered office is in Liège. It employs on average 16,4 ETP workers (FTE).

Legal situation

● Normal situation

BCE/KBO no. / VAT

BE 0419.202.029

Incorporation

29/01/1979

Legal form

Public limited company

Registered office

Avenue Maurice-Destenay 13
4000 Liège · WallonieSee on map

Contributed capital

26 189 511,30 €

Latest accounts

31/12/2025

Average workforce

16,4 ETP

Activities (NACE)

64200Activities of holding companies· main 64210Activities of holding companies 74151Specialised design activities 74855Other professional, scientific and technical activities 82100Office administrative and support activities 82110Combined office administrative service activities

Joint committees (1)

Signals

ProfitableSolid equityLow riskGood liquidityPositive cashflowPositive EBITDAHealthy social debts

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		2015		2014		2013		2012		2011		2010		2009		2008
Income statement
Gross margin	2,9 M €	+63.8%	1,8 M €	-2.0%	1,8 M €	+93.3%	944,2 k €	+10.7%	853,1 k €	+1.9%	837,3 k €	+14.1%	733,9 k €	+422%	140,5 k €	+807%	-19,9 k €		–		–		–		–		–		–		–		–		–
EBITDA	930,1 k €	+3901%	23,2 k €	+101%	11,6 k €	+345%	2,6 k €	-10.2%	2,9 k €	+265%	793 €	-41.6%	1,4 k €	+105%	-27,9 k €	+20.0%	-34,9 k €	-263%	21,4 k €	+108%	-277,2 k €	-15.3%	-240,4 k €	-78.3%	-134,8 k €	+53.4%	-289,1 k €	+54.9%	-641 k €	-57.7%	-406,5 k €	+37.3%	-648,7 k €	-265%	393,1 k €
Operating result	928,6 k €	+4466%	20,3 k €	+116%	9,4 k €	+398%	1,9 k €	-34.6%	2,9 k €	+265%	793 €	-41.6%	1,4 k €	+105%	-28 k €	+20.7%	-35,3 k €	-271%	20,7 k €	+107%	-277,4 k €	-15.4%	-240,5 k €	-77.0%	-135,9 k €	+53.5%	-292,5 k €	+54.6%	-644,9 k €	-57.3%	-409,9 k €	+37.1%	-651,7 k €	-266%	391,8 k €
Net result	319 k €	+331%	74 k €	+2927%	2,4 k €	-54.2%	5,3 k €		–		–		–		2,4 M €	+2781%	-90,5 k €	-141%	222,7 k €	+499%	37,2 k €	+110%	-359,8 k €	+85.3%	-2,4 M €	-398%	823,1 k €	+115%	-5,4 M €	-145%	-2,2 M €	-1960%	-107,5 k €	-139%	277 k €
Balance sheet
Equity	26,9 M €	+133%	11,5 M €	+767%	1,3 M €	+0.2%	1,3 M €	+0.4%	1,3 M €	0.0%	1,3 M €	0.0%	1,3 M €	0.0%	1,3 M €	-86.4%	9,7 M €	-0.9%	9,8 M €	+2.3%	9,6 M €	+0.4%	9,6 M €	-3.6%	9,9 M €	-19.8%	12,4 M €	+7.1%	11,5 M €	-31.9%	17 M €	-11.5%	19,2 M €	-0.6%	19,3 M €
Total assets	31,4 M €	+106%	15,3 M €	+283%	4 M €	+4.7%	3,8 M €	+46.4%	2,6 M €	+27.4%	2 M €	+30.5%	1,6 M €	-48.6%	3 M €	-69.3%	9,9 M €	-1.0%	10 M €	+0.0%	10 M €	+1.2%	9,9 M €	-3.3%	10,2 M €	-20.8%	12,9 M €	-10.3%	14,4 M €	-35.1%	22,2 M €	-9.2%	24,5 M €	+8.5%	22,6 M €
Cash	11,4 M €	+36.5%	8,3 M €	+206%	2,7 M €	+72.7%	1,6 M €	+104%	770,8 k €	-47.9%	1,5 M €	+70.8%	866,1 k €	-69.6%	2,8 M €	-46.6%	5,3 M €	-10.9%	6 M €	+8258%	71,8 k €	+2687%	2,6 k €	-100.0%	6,4 M €	-7.9%	7 M €	+433%	1,3 M €	-1.8%	1,3 M €	-5.8%	1,4 M €	+100%	705,4 k €
Debts	4 M €	+19.4%	3,4 M €	+26.6%	2,7 M €	+7.1%	2,5 M €	+94.5%	1,3 M €	+77.3%	718,9 k €	+197%	242 k €	-59.1%	591,7 k €	+206%	193,1 k €	+226%	59,2 k €	-76.2%	248,4 k €	+46.1%	170 k €	+10.3%	154,1 k €	-61.6%	401,4 k €	-85.1%	2,7 M €	-44.9%	4,9 M €	-1.2%	5 M €	+51.2%	3,3 M €
Other
Workforce	16,4 ETP	-12.8%	18,8 ETP	+20.5%	15,6 ETP	+38.1%	11,3 ETP	+2.7%	11,0 ETP	+1.9%	10,8 ETP	+22.7%	8,8 ETP	+363%	1,9 ETP	-5.0%	2,0 ETP	-25.9%	2,7 ETP	+28.6%	2,1 ETP	+200%	0,7 ETP		–		0,1 ETP	-96.7%	3,0 ETP	0.0%	3,0 ETP	0.0%	3,0 ETP	+15.4%	2,6 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 · 8 active · 69 ended

Active mandates

Bruno VANDEZANDE

Director · since 04 juillet 2025 · until 04 juin 2030

Active

Damien WATHELET

Director · since 04 juillet 2025 · until 04 juin 2030

Active

Déborah DEPAUW

Director · since 04 juillet 2025 · until 04 juin 2030

Active

Emilie DE DECKER

Director · since 04 juillet 2025 · until 04 juin 2030

Active

Jean-François CORBISIER

Director · since 04 juillet 2025 · until 04 juin 2030

Active

Vincent MOYSE

Chairman of the board of directors · since 04 juillet 2025 · until 04 juin 2030

Active

Véronique GRAFF

Vice-chairman of the board of directors · since 05 octobre 2023 · until 04 juin 2030

Active

Valérie MAES

Director · since 13 mars 2023 · until 04 juin 2030

Active

Ended mandates

Emilie JENNES

Director · since 05 octobre 2023 · until 05 octobre 2028

Ended

Jean-Paul BASTIN

Director · since 05 octobre 2023 · until 14 mars 2025

Ended

Jean-Paul BASTIN

Director · since 05 octobre 2023 · until 05 octobre 2028

Ended

Philippe GILSON

Director · since 05 octobre 2023 · until 05 octobre 2028

Ended

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Annual accounts

Full financial information

	2025	2024	2023	2022	2021	2020
Type of account	Abridged model	Abridged model	Abridged model	Abridged model	Abridged model	Abridged 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	25/06/2026	01/07/2025	04/07/2024	22/06/2023	14/06/2022	23/06/2021
General meeting	02/06/2026	03/06/2025	04/06/2024	04/05/2023	05/05/2022	06/05/2021
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
Abridged model	31/12/2025	02/06/2026	25/06/2026	French	PDF
Abridged model	31/12/2024	03/06/2025	01/07/2025	French	PDF
Abridged model	31/12/2023	04/06/2024	04/07/2024	French	PDF
Abridged model	31/12/2022	04/05/2023	22/06/2023	French	PDF
Abridged model	31/12/2021	05/05/2022	14/06/2022	French	PDF
Abridged model	31/12/2020	06/05/2021	23/06/2021	French	PDF
Abridged model	31/12/2019	07/05/2020	26/05/2020	French	PDF
Abridged model	31/12/2018	02/05/2019	27/05/2019	French	PDF
Abridged model	31/12/2017	26/03/2018	26/04/2018	French	PDF
Full model	31/12/2016	04/05/2017	18/05/2017	French	PDF
Full model	31/12/2015	06/05/2016	26/05/2016	French	PDF
Full model	31/12/2014	07/05/2015	19/05/2015	French	PDF
Full model	31/12/2013	20/05/2014	05/06/2014	French	PDF
Full model	31/12/2012	02/05/2013	22/05/2013	French	PDF
Full model	31/12/2011	03/05/2012	09/05/2012	French	PDF
Full model	31/12/2010	05/05/2011	06/07/2011	French	PDF
Full model	31/12/2009	06/05/2010	21/05/2010	French	PDF
Full model	31/12/2008	22/05/2009	12/06/2009	French	PDF
Full model	31/12/2007	02/05/2008	19/05/2008	French	PDF
Full model	31/12/2006	03/05/2007	09/05/2007	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 · 8 active · 69 ended

Active mandates

Bruno VANDEZANDE

Director · since 04 juillet 2025 · until 04 juin 2030

Active

Damien WATHELET

Director · since 04 juillet 2025 · until 04 juin 2030

Active

Déborah DEPAUW

Director · since 04 juillet 2025 · until 04 juin 2030

Active

Emilie DE DECKER

Director · since 04 juillet 2025 · until 04 juin 2030

Active

Jean-François CORBISIER

Director · since 04 juillet 2025 · until 04 juin 2030

Active

Vincent MOYSE

Chairman of the board of directors · since 04 juillet 2025 · until 04 juin 2030

Active

Véronique GRAFF

Vice-chairman of the board of directors · since 05 octobre 2023 · until 04 juin 2030

Active

Valérie MAES

Director · since 13 mars 2023 · until 04 juin 2030

Active

Ended mandates

Emilie JENNES

Director · since 05 octobre 2023 · until 05 octobre 2028

Ended

Jean-Paul BASTIN

Director · since 05 octobre 2023 · until 14 mars 2025

Ended

Jean-Paul BASTIN

Director · since 05 octobre 2023 · until 05 octobre 2028

Ended

Philippe GILSON

Director · since 05 octobre 2023 · until 05 octobre 2028

Ended

Shareholders

Ownership and network

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Belgian Official Gazette

Belgian Official Gazette publications

Mandates12/05/2026
CAPITAL, ACTIONS - DEMISSIONS, NOMINATIONS
PDF
Mandates13/11/2025
DEMISSIONS, NOMINATIONS
PDF
Mandates22/07/2025
DEMISSIONS, NOMINATIONS
PDF
Mandates22/01/2025
DEMISSIONS, NOMINATIONS
PDF
Mandates05/11/2024
DEMISSIONS, NOMINATIONS
PDF
Mandates02/10/2024
DEMISSIONS, NOMINATIONS
PDF
Capital / shares25/09/2024
CAPITAL, ACTIONS - STATUTS (TRADUCTION, COORDINATION, AUTRES MODIFICATIONS, )
PDF
Mandates06/11/2023
OBJET - DEMISSIONS, NOMINATIONS - STATUTS (TRADUCTION, COORDINATION, AUTRES MODIFICATIONS, )
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 2025319 k €↑
2024
Annual accounts 202474 k €↑
2023
Annual accounts 20232,4 k €↓
2022
Annual accounts 20225,3 k €↓
2021
Annual accounts 2021
2020
Annual accounts 2020
2019
Annual accounts 2019
2018
Annual accounts 20182,4 M €↑
2017
Annual accounts 2017-90,5 k €↓
2016
Annual accounts 2016222,7 k €↑
2015
Annual accounts 201537,2 k €↑
2014
Annual accounts 2014-359,8 k €↑
2013
Annual accounts 2013-2,4 M €↓
2012
Annual accounts 2012823,1 k €↑
2011
Annual accounts 2011-5,4 M €↓
2010
Annual accounts 2010-2,2 M €↓
2009
Annual accounts 2009-107,5 k €↓
2008
Annual accounts 2008277 k €
29/01/1979
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

B.E. Fin

Overview

What does B.E. Fin 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