ACTIVE

OYSTERSHELL

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Financial year 2025 · closed on 31/12/2025

Net result

5,8 M €

-11.2% YoY

Revenue

39,8 M €

+1.1% YoY

Equity

15,1 M €

+62.2% YoY

Workforce

37,6 ETP

+5.6% YoY

What does OYSTERSHELL do?

OYSTERSHELL is a Public limited company incorporated in 1979. Its main activity is: Research and experimental development on natural sciences and engineering. Its registered office is in Merelbeke-Melle. It employs on average 37,6 ETP workers (FTE).

Legal situation

● Normal situation

BCE/KBO no. / VAT

BE 0419.652.979

Incorporation

23/08/1979

Legal form

Public limited company

Registered office

Nijverheidsweg 10
9820 Merelbeke-Melle · FlandreSee on map

Contributed capital

862 546,00 €

Latest accounts

31/12/2025

Average workforce

37,6 ETP

Activities (NACE)

72109Research and experimental development on natural sciences and engineering· main 72190Other research and experimental development on natural sciences and engineering

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 20 financial years

	2025		2024		2023		2022		2021		2020		2019		2018		2017		2016		2015		2014		2013		2012		2011		2010		2009		2008		2007		2006
Income statement
Revenue	39,8 M €	+1.1%	39,4 M €	+3.5%	38 M €	+20.7%	31,5 M €	+33.7%	23,6 M €	-17.6%	28,6 M €	+5.0%	27,2 M €	-7.2%	29,3 M €	+18.2%	24,8 M €	+5.1%	23,6 M €	+13.7%	20,8 M €	+77.8%	11,7 M €		–		–		–		–		–		–		–		–
EBITDA	9,1 M €	+12.1%	8,1 M €	+16.3%	7 M €	-0.0%	7 M €	+127%	3,1 M €	+12.0%	2,7 M €	+27.1%	2,2 M €	-64.4%	6,1 M €	+156%	2,4 M €	-52.5%	5 M €	+66.9%	3 M €	+52.7%	2 M €	+49.7%	1,3 M €	+184%	461,3 k €	-47.4%	876,4 k €	+109%	420,3 k €	+1067%	36 k €	+110%	-366,4 k €	-211%	-117,8 k €	-140%	-49,1 k €
Operating result	7,1 M €	+7.9%	6,6 M €	+11.1%	5,9 M €	-1.5%	6 M €	+178%	2,2 M €	+23.9%	1,7 M €	+30.8%	1,3 M €	-74.7%	5,3 M €	+177%	1,9 M €	-54.6%	4,2 M €	+73.1%	2,4 M €	+37.3%	1,8 M €	+44.2%	1,2 M €	+282%	320,5 k €	-56.4%	735,3 k €	+112%	346,3 k €	+209%	112,1 k €	+120%	-559,4 k €	-235%	-167,1 k €	-73.5%	-96,3 k €
Net result	5,8 M €	-11.2%	6,5 M €	+22.4%	5,3 M €	-9.1%	5,8 M €	+169%	2,2 M €	+36.3%	1,6 M €	+41.9%	1,1 M €	-78.0%	5,1 M €	+175%	1,9 M €	-55.4%	4,2 M €	+86.1%	2,2 M €	+26.5%	1,8 M €	+44.8%	1,2 M €	+273%	326,7 k €	-56.0%	742,4 k €	+175%	270,4 k €	+179%	96,9 k €	+213%	-86,1 k €	+43.4%	-152 k €	-74.6%	-87 k €
Balance sheet
Equity	15,1 M €	+62.2%	9,3 M €	+234%	2,8 M €	-57.0%	6,5 M €	+5.7%	6,1 M €	+55.1%	3,9 M €	+19.1%	3,3 M €	+0.2%	3,3 M €	+176%	1,2 M €	-89.5%	11,5 M €	+56.8%	7,3 M €	+44.0%	5,1 M €	+25.0%	4,1 M €	+59.7%	2,5 M €	+14.7%	2,2 M €	+50.3%	1,5 M €	+22.4%	1,2 M €	+8.7%	1,1 M €	-7.2%	1,2 M €	-11.3%	1,3 M €
Total assets	32,7 M €	+4.5%	31,3 M €	+4.5%	30 M €	+33.6%	22,5 M €	+23.6%	18,2 M €	-7.5%	19,6 M €	-3.7%	20,4 M €	+2.0%	20 M €	+37.4%	14,6 M €	-2.8%	15 M €	+24.0%	12,1 M €	+40.5%	8,6 M €	+52.8%	5,6 M €	+60.4%	3,5 M €	+9.9%	3,2 M €	+10.7%	2,9 M €	+49.7%	1,9 M €	+15.8%	1,7 M €	-33.7%	2,5 M €	-1.2%	2,5 M €
Cash	8,4 M €	-1.0%	8,5 M €	+164%	3,2 M €	+3.5%	3,1 M €	-22.4%	4 M €	-11.0%	4,5 M €	-34.5%	6,8 M €	+57.3%	4,3 M €	+127%	1,9 M €	-76.3%	8,1 M €	+169%	3 M €	+28.3%	2,3 M €	+6.1%	2,2 M €	+77.9%	1,2 M €	+126%	549,4 k €	+39.2%	394,8 k €	-33.4%	592,6 k €	+811%	65 k €	-22.8%	84,2 k €	+41.2%	59,7 k €
Debts	17,7 M €	-19.3%	21,9 M €	-19.5%	27,2 M €	+70.7%	15,9 M €	+33.0%	12 M €	-23.4%	15,6 M €	-5.0%	16,4 M €	+1.6%	16,2 M €	+28.1%	12,6 M €	+266%	3,5 M €	-27.5%	4,8 M €	+35.5%	3,5 M €	+125%	1,6 M €	+62.3%	960,4 k €	-1.1%	971,6 k €	-30.2%	1,4 M €	+93.6%	718,6 k €	+36.5%	526,5 k €	-16.1%	627,5 k €	+24.3%	504,9 k €
Other
Workforce	37,6 ETP	+5.6%	35,6 ETP	+8.9%	32,7 ETP	-0.9%	33,0 ETP	-1.2%	33,4 ETP	+18.4%	28,2 ETP	+4.8%	26,9 ETP	+14.0%	23,6 ETP	+29.0%	18,3 ETP	+20.4%	15,2 ETP	+5.6%	14,4 ETP	+10.8%	13,0 ETP	+36.8%	9,5 ETP	+9.2%	8,7 ETP	+19.2%	7,3 ETP	+21.7%	6,0 ETP	0.0%	6,0 ETP	+11.1%	5,4 ETP	+17.4%	4,6 ETP	-13.2%	5,3 ETP

Estimate

Indicative valuation

As an indication, this company is worth

between 100 M€ and 250 M€

See the valuation

Governance

Board of directors

Seen on filing of 31/12/2025 · 3 active · 37 ended

Active mandates

Lady Log

Director · since 09 août 2023 · until 10 juin 2027 · 0695.991.529

Represented by Soetkin Borryn

Active

CEWE CONSULT

Director · since 20 décembre 2022 · until 10 juin 2027 · 0743.510.740

Represented by Wim Cosyns

Active

PEPPERSTREET CAPITAL

Director · since 13 juin 2017 · until 14 juin 2029 · 0478.706.876

Represented by Bart Rossel

Active

Ended mandates

MMVD

Director · since 16 mars 2021 · until 08 mai 2023 · 0664.648.057

Represented by Mike Van Ganse

Ended

MMVD

Director · since 16 mars 2021 · until 10 juin 2027 · 0664.648.057

Represented by Mike Van Ganse

Ended

JAN CASSIMAN

Director · since 13 juin 2017 · until 31 décembre 2019 · 0881.991.108

Represented by Jan Cassiman

Ended

JAN CASSIMAN

Director · since 13 juin 2017 · until 08 juin 2023 · 0881.991.108

Represented by Jan Cassiman

Ended

At this address

Other companies at this address

Company	CBE no.
Innovation HoldCo I● Active	0676.403.269

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	09/07/2026	17/07/2025	20/06/2024	05/07/2023	20/07/2022	01/07/2021
General meeting	11/06/2026	12/06/2025	13/06/2024	08/06/2023	29/06/2022	10/06/2021
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

20 filings with the NBB

Model	Closing	General meeting	Filed	Language	Document
Full model	31/12/2025	11/06/2026	09/07/2026	Dutch	PDF
Full model	31/12/2024	12/06/2025	17/07/2025	Dutch	PDF
Full model	31/12/2023	13/06/2024	20/06/2024	Dutch	PDF
Full model	31/12/2022	08/06/2023	05/07/2023	Dutch	PDF
Full model	31/12/2021	29/06/2022	20/07/2022	Dutch	PDF
Full model	31/12/2020	10/06/2021	01/07/2021	Dutch	PDF
Full model	31/12/2019	10/06/2020	01/07/2020	Dutch	PDF
Full model	31/12/2018	13/06/2019	03/07/2019	Dutch	PDF
Full model	31/12/2017	14/06/2018	30/06/2018	Dutch	PDF
Full model	31/12/2016	08/05/2017	06/06/2017	Dutch	PDF
Full model	31/12/2015	09/05/2016	27/05/2016	Dutch	PDF
Full model	31/12/2014	11/05/2015	29/05/2015	Dutch	PDF
Abridged model	31/12/2013	12/05/2014	11/06/2014	Dutch	PDF
Abridged model	31/12/2012	13/05/2013	07/06/2013	Dutch	PDF
Abridged model	31/12/2011	14/05/2012	08/06/2012	Dutch	PDF
Abridged model	31/12/2010	11/05/2011	10/06/2011	Dutch	PDF
Abridged model	31/12/2009	10/05/2010	28/05/2010	Dutch	PDF
Abridged model	31/12/2008	11/05/2009	09/06/2009	Dutch	PDF
Abridged model	31/12/2007	13/05/2008	25/06/2008	Dutch	PDF
Abridged model	31/12/2006	14/05/2007	13/06/2007	Dutch	PDF

Estimate

Indicative valuation

Order of magnitude

As an indication, this company is worth

between 100 M€ and 250 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 · 37 ended

Active mandates

Lady Log

Director · since 09 août 2023 · until 10 juin 2027 · 0695.991.529

Represented by Soetkin Borryn

Active

CEWE CONSULT

Director · since 20 décembre 2022 · until 10 juin 2027 · 0743.510.740

Represented by Wim Cosyns

Active

PEPPERSTREET CAPITAL

Director · since 13 juin 2017 · until 14 juin 2029 · 0478.706.876

Represented by Bart Rossel

Active

Ended mandates

MMVD

Director · since 16 mars 2021 · until 08 mai 2023 · 0664.648.057

Represented by Mike Van Ganse

Ended

MMVD

Director · since 16 mars 2021 · until 10 juin 2027 · 0664.648.057

Represented by Mike Van Ganse

Ended

JAN CASSIMAN

Director · since 13 juin 2017 · until 31 décembre 2019 · 0881.991.108

Represented by Jan Cassiman

Ended

JAN CASSIMAN

Director · since 13 juin 2017 · until 08 juin 2023 · 0881.991.108

Represented by Jan Cassiman

Ended

Shareholders

Ownership and network

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Belgian Official Gazette

Belgian Official Gazette publications

Other08/01/2024
STATUTEN (VERTALING, COÖRDINATIE, OVERIGE WIJZIGINGEN, )
PDF
Mandates13/09/2023
ONTSLAGEN - BENOEMINGEN
PDF
Mandates10/07/2023
ONTSLAGEN - BENOEMINGEN
PDF
Mandates27/02/2023
ONTSLAGEN - BENOEMINGEN
PDF
Mandates14/11/2022
ONTSLAGEN - BENOEMINGEN
PDF
Mandates06/09/2021
ONTSLAGEN - BENOEMINGEN
PDF
Mandates16/04/2021
ONTSLAGEN - BENOEMINGEN
PDF
Mandates07/10/2020
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

2025
Annual accounts 20255,8 M €↓
2024
Annual accounts 20246,5 M €↑
2023
Annual accounts 20235,3 M €↓
2022
Annual accounts 20225,8 M €↑
2021
Annual accounts 20212,2 M €↑
2020
Annual accounts 20201,6 M €↑
2019
Annual accounts 20191,1 M €↓
2018
Annual accounts 20185,1 M €↑
2017
Annual accounts 20171,9 M €↓
2016
Annual accounts 20164,2 M €↑
2015
Annual accounts 20152,2 M €↑
2014
Annual accounts 20141,8 M €↑
2013
Annual accounts 20131,2 M €↑
2012
Annual accounts 2012326,7 k €↓
2011
Annual accounts 2011742,4 k €↑
2010
Annual accounts 2010270,4 k €↑
2009
Annual accounts 200996,9 k €↑
2008
Annual accounts 2008-86,1 k €↑
2007
Annual accounts 2007-152 k €↓
2006
Annual accounts 2006-87 k €
23/08/1979
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

OYSTERSHELL

Overview

What does OYSTERSHELL do?

Trend over 20 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