ACTIVE

NOREL

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Financial year 2025 · closed on 31/12/2025

Net result

13,8 k €

+145.1% YoY

Gross margin

168,3 k €

+13.2% YoY

Equity

233,4 k €

-20.8% YoY

Workforce

3,3 ETP

0.0% YoY

What does NOREL do?

NOREL is a Private limited company incorporated in 1981. Its registered office is in Enghien. It employs on average 3,3 ETP workers (FTE).

Legal situation

● Normal situation

BCE/KBO no. / VAT

BE 0421.149.056

Incorporation

13/01/1981

Legal form

Private limited company

Registered office

Rue Caremberg(P.E.) 66
7850 Enghien · WallonieSee on map

Contributed capital

34 085,36 €

Latest accounts

31/12/2025

Average workforce

3,3 ETP

Joint committees (2)

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 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
Gross margin	168,3 k €	+13.2%	148,6 k €	-23.8%	195 k €	+18.6%	164,4 k €	+92.3%	85,5 k €	-73.9%	327,8 k €	+24.8%	262,6 k €	+5.9%	248,1 k €	-18.9%	305,8 k €	+18.5%	258,1 k €	+0.4%	256,9 k €	+9.7%	234,1 k €	+21.5%	192,7 k €	-37.7%	309,2 k €	+33.6%	231,4 k €	+17.4%	197 k €	+10.0%	179,1 k €	+22.8%	145,8 k €	+1.1%	144,2 k €	+29.8%	111,1 k €
EBITDA	36,1 k €	+63.7%	22 k €	-64.8%	62,6 k €	+56.0%	40,1 k €	+150%	-80,2 k €	-156%	144 k €	+278%	38,1 k €	-12.8%	43,7 k €	-54.0%	95,1 k €	+50.3%	63,3 k €	-33.0%	94,4 k €	+21.8%	77,6 k €	-14.9%	91,2 k €	-43.1%	160,1 k €	+84.3%	86,9 k €	+1.6%	85,5 k €	+23.5%	69,2 k €	-5.3%	73,2 k €	+17.4%	62,3 k €	+263%	17,1 k €
Operating result	18 k €	+85.1%	9,7 k €	-77.9%	44,1 k €	+119%	20,1 k €	+273%	5,4 k €	-95.5%	119,8 k €	+718%	14,7 k €	+906%	1,5 k €	-97.5%	59,1 k €	+210%	19,1 k €	-64.6%	54 k €	+61.3%	33,5 k €	-30.6%	48,2 k €	-32.6%	71,5 k €	+40.4%	51 k €	+16.2%	43,9 k €	+18.9%	36,9 k €	-7.9%	40 k €	+50.2%	26,7 k €	+393%	-9,1 k €
Net result	13,8 k €	+145%	5,6 k €	-82.4%	32 k €	+141%	13,3 k €	+4344%	299 €	-99.7%	90,6 k €	+956%	8,6 k €	+232%	-6,5 k €	-120%	32 k €	+650%	4,3 k €	-84.1%	26,9 k €	+112%	12,7 k €	-49.5%	25,1 k €	-4.4%	26,3 k €	+14.5%	23 k €	+7.7%	21,3 k €	+46.8%	14,5 k €	+36.9%	10,6 k €	+52.9%	6,9 k €	+136%	-19,3 k €
Balance sheet
Equity	233,4 k €	-20.8%	294,5 k €	+2.0%	288,9 k €	+12.5%	256,9 k €	+5.5%	243,6 k €	+0.1%	243,3 k €	+59.4%	152,7 k €	+6.0%	144,1 k €	-4.3%	150,6 k €	+22.9%	122,6 k €	+0.2%	122,3 k €	+23.0%	99,4 k €	+9.6%	90,7 k €	+38.4%	65,5 k €	+2.0%	64,2 k €	-1.6%	65,3 k €	+36.2%	47,9 k €	+28.2%	37,4 k €	+39.7%	26,8 k €	+35.0%	19,8 k €
Total assets	355,1 k €	-13.7%	411,7 k €	-22.1%	528,3 k €	+32.1%	399,8 k €	-11.6%	452,5 k €	-20.1%	566,6 k €	+7.5%	527,2 k €	-10.8%	591,1 k €	+0.4%	588,8 k €	-6.2%	627,6 k €	-4.6%	657,9 k €	+14.6%	574,1 k €	-4.2%	599,2 k €	-4.6%	627,9 k €	+31.4%	477,9 k €	+1.2%	472,2 k €	-1.7%	480,4 k €	+14.9%	418 k €	-2.8%	430 k €	+9.6%	392,4 k €
Cash	49,1 k €	-64.7%	139,2 k €	+59.7%	87,1 k €	-5.1%	91,8 k €	-26.6%	125,1 k €	-9.6%	138,4 k €	+18.7%	116,6 k €	+117%	53,6 k €	-42.6%	93,4 k €	+53.2%	61 k €	-27.5%	84,2 k €	+44.8%	58,1 k €	+20.4%	48,3 k €	+5.6%	45,7 k €	+26.3%	36,2 k €	-52.7%	76,5 k €	-39.4%	126,3 k €	+63.0%	77,5 k €	+191%	26,7 k €	-48.4%	51,6 k €
Debts	121,7 k €	+4.4%	116,5 k €	-51.2%	238,8 k €	+67.1%	142,9 k €	-31.6%	208,8 k €	-1.3%	211,7 k €	-19.5%	263 k €	-16.1%	313,4 k €	+3.5%	302,7 k €	-16.6%	362,9 k €	-8.5%	396,7 k €	+18.0%	336,1 k €	-8.3%	366,7 k €	-12.5%	419,3 k €	+39.6%	300,3 k €	-0.1%	300,6 k €	-10.2%	334,6 k €	+15.7%	289,1 k €	-9.1%	318 k €	+8.4%	293,3 k €
Other
Workforce	3,3 ETP	0.0%	3,3 ETP	+3.1%	3,2 ETP	0.0%	3,2 ETP	-22.0%	4,1 ETP	-16.3%	4,9 ETP	+2.1%	4,8 ETP	-2.0%	4,9 ETP	-27.9%	6,8 ETP	+21.4%	5,6 ETP	+27.3%	4,4 ETP	+10.0%	4,0 ETP	-4.8%	4,2 ETP	-6.7%	4,5 ETP	+28.6%	3,5 ETP	+25.0%	2,8 ETP	+7.7%	2,6 ETP	+62.5%	1,6 ETP	-30.4%	2,3 ETP	+9.5%	2,1 ETP

Estimate

Indicative valuation

As an indication, this company is worth

between 100 k€ and 250 k€

See the valuation

Governance

Board of directors

Seen on filing of 31/12/2025 · 1 active · 3 ended

Active mandates

MDLA

Director · since 31 mars 2025 · 1020.709.224

Represented by Andy Derycke

Active

Ended mandates

Eric VOSSEN

Director · until 31 mars 2025

Ended

Eric VOSSEN

Director

Ended

Eric VOSSEN

Manager

Ended

At this address

Other companies at this address

Company	CBE no.
Ambiance Sticker● Active	1037.599.991
MDLA● Active	1020.709.224
MTLB Healthcare Consulting● Active	0735.507.547

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	14/09/2026	30/05/2025	29/07/2024	28/06/2023	27/05/2022	12/07/2021
General meeting	28/05/2026	27/03/2025	30/05/2024	25/05/2023	26/05/2022	27/05/2021
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	28/05/2026	14/09/2026	French	PDF
Abridged model	31/12/2024	27/03/2025	30/05/2025	French	PDF
Abridged model	31/12/2023	30/05/2024	29/07/2024	French	PDF
Abridged model	31/12/2022	25/05/2023	28/06/2023	French	PDF
Abridged model	31/12/2021	26/05/2022	27/05/2022	French	PDF
Abridged model	31/12/2020	27/05/2021	12/07/2021	French	PDF
Abridged model	31/12/2019	28/05/2020	05/10/2020	French	PDF
Abridged model	31/12/2018	30/05/2019	30/08/2019	French	PDF
Abridged model	31/12/2017	31/05/2018	24/08/2018	French	PDF
Abridged model	31/12/2016	25/05/2017	25/08/2017	French	PDF
Abridged model	31/12/2015	26/05/2016	11/08/2016	French	PDF
Abridged model	31/12/2014	28/05/2015	24/08/2015	French	PDF
Abridged model	31/12/2013	29/05/2014	01/07/2014	French	PDF
Abridged model	31/12/2012	23/05/2013	26/08/2013	French	PDF
Abridged model	31/12/2011	31/05/2012	31/08/2012	French	PDF
Abridged model	31/12/2010	26/05/2011	25/08/2011	French	PDF
Abridged model	31/12/2009	27/05/2010	27/07/2010	French	PDF
Abridged model	31/12/2008	28/05/2009	28/08/2009	French	PDF
Abridged model	31/12/2007	29/05/2008	20/08/2008	French	PDF
Abridged model	31/12/2006	31/05/2007	22/08/2007	French	PDF

Estimate

Indicative valuation

Order of magnitude

As an indication, this company is worth

between 100 k€ and 250 k€

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 · 1 active · 3 ended

Active mandates

MDLA

Director · since 31 mars 2025 · 1020.709.224

Represented by Andy Derycke

Active

Ended mandates

Eric VOSSEN

Director · until 31 mars 2025

Ended

Eric VOSSEN

Director

Ended

Eric VOSSEN

Manager

Ended

Shareholders

Ownership and network

Looking for more information about this company?

Try for 7 days

Belgian Official Gazette

Belgian Official Gazette publications

Mandates11/04/2025
SIEGE SOCIAL - DEMISSIONS, NOMINATIONS
PDF
Mandates05/09/2022
STATUTS (TRADUCTION, COORDINATION, AUTRES MODIFICATIONS, ) - MODIFICATION FORME JURIDIQUE - OBJET - DEMISSIONS, NOMINATIONS
PDF
Registered office02/07/2019
SIEGE SOCIAL
PDF
Capital / shares10/01/2014
OBJET - CAPITAL, ACTIONS - STATUTS (TRADUCTION, COORDINATION, AUTRES MODIFICATIONS, )
PDF
Registered office26/06/2012
SIEGE SOCIAL
PDF
Registered office25/01/2008
SIEGE SOCIAL
PDF
Registered office08/12/2003
SIEGE SOCIAL
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 202513,8 k €↑
2024
Annual accounts 20245,6 k €↓
2023
Annual accounts 202332 k €↑
2022
Annual accounts 202213,3 k €↑
2021
Annual accounts 2021299 €↓
2020
Annual accounts 202090,6 k €↑
2019
Annual accounts 20198,6 k €↑
2018
Annual accounts 2018-6,5 k €↓
2017
Annual accounts 201732 k €↑
2016
Annual accounts 20164,3 k €↓
2015
Annual accounts 201526,9 k €↑
2014
Annual accounts 201412,7 k €↓
2013
Annual accounts 201325,1 k €↓
2012
Annual accounts 201226,3 k €↑
2011
Annual accounts 201123 k €↑
2010
Annual accounts 201021,3 k €↑
2009
Annual accounts 200914,5 k €↑
2008
Annual accounts 200810,6 k €↑
2007
Annual accounts 20076,9 k €↑
2006
Annual accounts 2006-19,3 k €
13/01/1981
IncorporationPrivate 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

NOREL

Overview

What does NOREL 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