ACTIVE

The Spice Factory

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Financial year 2025 · Closed on 31/12/2025

Net result6,8 M €+40,5 %over 1 year
Revenue70,4 M €+10,0 %over 1 year
Equity8,4 M €+416,6 %over 1 year
Workforce75,9 ETP+12,3 %over 1 year

Identity

Source · BCE/KBO

The Spice Factory is a Public limited company incorporated in 1979. Its main activity is: Manufacture of condiments and seasonings. Its registered office is in Braine-l'Alleud. It employs on average 75,9 ETP workers (FTE).

Legal situation
Normal situation
BCE/KBO no. / VAT
BE 0419.907.357
Incorporation
11/12/1979
Legal form
Public limited company
Registered office
Avenue de l'Industrie 20
1420 Braine-l'Alleud · WallonieSee on map
Contributed capital
80 600,00 €
Latest accounts
31/12/2025
Average workforce
75,9 ETP
Joint committees (2)
  • 118
  • 220
Signals
ProfitableLow riskGood liquidityPositive cashflowPositive EBITDAHealthy social debtsHigh revenue

Financials

Source · NBB, 21 filings

Trend over 20 financial years

20252024202320222021
Income statement
Revenue70,4 M €64 M €55,5 M €46,5 M €44,2 M €
EBITDA7 M €6,4 M €3,7 M €2 M €4,4 M €
Operating result6,7 M €6,1 M €3,4 M €1,5 M €4,1 M €
Net result6,8 M €4,8 M €1,5 M €685,4 k €2,8 M €
Balance sheet
Equity8,4 M €1,6 M €11,8 M €10,3 M €9,6 M €
Total assets47,4 M €42,9 M €35 M €32 M €25,3 M €
Cash1 M €1,2 M €452 k €1,6 M €664,8 k €
Debts39 M €41,3 M €23,2 M €21,7 M €15,6 M €
Other
Workforce75,9 ETP67,6 ETP66,8 ETP49,8 ETP51,3 ETP

Valuation

Indicative valuation

As an indication, this company is worth

between 25 M€ and 50 M€
See the valuation

Board of directors

Source · NBB, accounts to 31/12/2025

2 active · 41 ended

Active mandates

TSF Holding

Director · since 18 mars 2025 · until 30 mai 2031 · 1020.542.443

Represented by David DE PEUTER

Active
Infinite Management

Managing director · since 18 mai 2020 · 0680.875.266

Represented by Jorgen DE PELSMAEKER

Active

Ended mandates

ELFENBANK

Managing director · since 18 mai 2020 · until 15 mai 2023 · 0542.994.320

Represented by Davy DE MUYER

Ended
ELFENBANK

Managing director · since 18 mai 2020 · until 18 mai 2023 · 0542.994.320

Represented by Davy DE MUYER

Ended
ELFENBANK

Managing director · since 18 mai 2020 · until 18 mars 2025 · 0542.994.320

Represented by Davy DE MUYER

Ended
ELFENBANK

Managing director · since 18 mai 2020 · until 18 mai 2023 · 0542.994.320

Represented by Davy de MUYER

Ended

Other companies at this address

Avenue de l'Industrie 20 1420 Braine-l'Alleud
CompanyCBE no.
The Spice Factory Group● Active
0784.991.702
TSF Holding● Active
1020.542.443
TSF Poolco● Active
1022.069.402

Full financial information

Source · NBB
202520242023202220212020
Type of accountFull modelFull modelFull modelFull modelFull modelFull model
Start of the financial year01/01/202501/01/202401/01/202301/01/202201/01/202101/01/2020
Closing of the financial year31/12/202531/12/202431/12/202331/12/202231/12/202131/12/2020
Length of the financial year12 months12 months12 months12 months12 months12 months
Filing date23/07/202602/12/202513/08/202410/07/202308/07/202202/08/2021
General meeting30/06/202627/08/202531/05/202415/05/202316/05/202217/05/2021
Currency of the financial yearEUREUREUREUREUREUR
NBB quality labelSatisfying controlsSatisfying controlsSatisfying controlsSatisfying controlsSatisfying controlsSatisfying controls

Financial ratios

Source · NBB

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Annual accounts filings

Source · NBB, 21 filings
ModelClosingGeneral meetingFiledLanguageDocument
Full model31/12/202530/06/202623/07/2026FrenchPDF
Full modelCorrection31/12/202427/08/202502/12/2025FrenchPDF
Full model31/12/202430/05/202516/07/2025FrenchPDF
Full model31/12/202331/05/202413/08/2024FrenchPDF
Full model31/12/202215/05/202310/07/2023FrenchPDF
Full model31/12/202116/05/202208/07/2022FrenchPDF
Full model31/12/202017/05/202102/08/2021FrenchPDF
Full model31/12/201918/05/202030/06/2020FrenchPDF
Full model31/12/201820/05/201903/07/2019FrenchPDF
Full model31/12/201729/06/201831/07/2018FrenchPDF
Full model31/12/201615/05/201730/08/2017FrenchPDF
Full model31/12/201523/05/201611/07/2016FrenchPDF
Full model31/12/201418/05/201529/06/2015FrenchPDF
Full model31/12/201328/03/201407/07/2014FrenchPDF
Full model31/12/201221/05/201310/07/2013FrenchPDF
Full model31/12/201121/05/201210/07/2012FrenchPDF
Full model31/12/201016/05/201122/06/2011FrenchPDF
Full model31/12/200907/06/201028/06/2010FrenchPDF
Full model31/12/200830/06/200923/07/2009FrenchPDF
Full model31/12/200728/05/200804/07/2008FrenchPDF
Full model31/12/200611/06/200706/07/2007FrenchPDF

Indicative valuation

Order of magnitude

As an indication, this company is worth

between 25 M€ and 50 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.

Board of directors

Source · NBB, accounts to 31/12/2025

2 active · 41 ended

Active mandates

TSF Holding

Director · since 18 mars 2025 · until 30 mai 2031 · 1020.542.443

Represented by David DE PEUTER

Active
Infinite Management

Managing director · since 18 mai 2020 · 0680.875.266

Represented by Jorgen DE PELSMAEKER

Active

Ended mandates

ELFENBANK

Managing director · since 18 mai 2020 · until 15 mai 2023 · 0542.994.320

Represented by Davy DE MUYER

Ended
ELFENBANK

Managing director · since 18 mai 2020 · until 18 mai 2023 · 0542.994.320

Represented by Davy DE MUYER

Ended
ELFENBANK

Managing director · since 18 mai 2020 · until 18 mars 2025 · 0542.994.320

Represented by Davy DE MUYER

Ended
ELFENBANK

Managing director · since 18 mai 2020 · until 18 mai 2023 · 0542.994.320

Represented by Davy de MUYER

Ended

Ownership and network

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Belgian Official Gazette publications

Source · Belgian Official Gazette
  • Mandates13/01/2026
    DEMISSIONS, NOMINATIONS
    PDF
  • Mandates16/05/2025
    DEMISSIONS, NOMINATIONS
    PDF
  • Mandates28/03/2025
    STATUTS (TRADUCTION, COORDINATION, AUTRES MODIFICATIONS, …) - DEMISSIONS, NOMINATIONS
    PDF
  • Mandates27/06/2024
    DEMISSIONS, NOMINATIONS
    PDF
  • Mandates26/05/2023
    DEMISSIONS, NOMINATIONS
    PDF
  • Mandates02/02/2023
    STATUTS (TRADUCTION, COORDINATION, AUTRES MODIFICATIONS, …) - DENOMINATION
    PDF
  • Mandates08/12/2020
    DEMISSIONS, NOMINATIONS
    PDF
  • Mandates14/02/2020
    DEMISSIONS, NOMINATIONS
    PDF

Similar companies

A company's peers, by sector and size, are included in the Business plan.

See the Business plan

Timeline

  1. 2025
    Annual accounts 20256,8 M €↑
  2. 2024
    Annual accounts 20244,8 M €↑
  3. 2023
    Annual accounts 20231,5 M €↑
  4. 2022
    Annual accounts 2022685,4 k €↓
  5. 2022
    Name changeThe Spice Factory
  6. 2021
    Annual accounts 20212,8 M €↑
  7. 2021
    Name changeISFI
  8. 2020
    Annual accounts 20202,6 M €↑
  9. 2019
    Annual accounts 20192,1 M €↑
  10. 2018
    Annual accounts 201812 k €↑
  11. 2017
    Annual accounts 2017-703,2 k €↑
  12. 2016
    Annual accounts 2016-788,9 k €↓
  13. 2015
    Annual accounts 2015249,8 k €↓
  14. 2014
    Annual accounts 2014666,1 k €↓
  15. 2013
    Annual accounts 20131,8 M €↑
  16. 2012
    Annual accounts 20121,2 M €↓
  17. 2011
    Annual accounts 20112,1 M €↓
  18. 2010
    Annual accounts 20102,6 M €↑
  19. 2009
    Annual accounts 20091,3 M €↑
  20. 2008
    Annual accounts 2008678 k €↓
  21. 2007
    Annual accounts 20071,1 M €↑
  22. 2006
    Annual accounts 2006812,5 k €
  23. 11/12/1979
    IncorporationPublic limited company