ACTIVE

STUDYBEL

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Financial year 2025 · closed on 31/12/2025

Net result

-418,7 k €

-1313.2% YoY

Revenue

4,4 M €

-28.1% YoY

Equity

131,2 k €

-76.1% YoY

Workforce

27,7 ETP

+1.5% YoY

What does STUDYBEL do?

STUDYBEL is a Public limited company incorporated in 1982. Its main activity is: Engineering activities and related technical consultancy. Its registered office is in Evere. It employs on average 27,7 ETP workers (FTE).

Legal situation

● Normal situation

BCE/KBO no. / VAT

BE 0422.415.501

Incorporation

04/02/1982

Legal form

Public limited company

Registered office

Rue de Genève 175
1140 Evere · BruxellesSee on map

Contributed capital

62 000,00 €

Latest accounts

31/12/2025

Average workforce

27,7 ETP

Activities (NACE)

71121Engineering activities and related technical consultancy· main 71121Engineering activities and related technical consultancy 74203Photographic activities

Joint committees (2)

Signals

Healthy social debtsHigh revenue

View the BCE/KBO Public Search record →

Health score

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✦ Verdict · Analyst summary

Financials

Trend over 19 financial years

	2025		2024		2023		2022		2021		2020		2019		2018		2017		2016		2015		2013		2012		2011		2010		2009		2008		2007		2006
Income statement
Revenue	4,4 M €	-28.1%	6,1 M €	+58.6%	3,9 M €	+57.4%	2,5 M €	+28.4%	1,9 M €	-0.9%	1,9 M €	-17.1%	2,3 M €	+8.1%	2,1 M €	+7.9%	2 M €	-8.4%	2,2 M €	+26.7%	1,7 M €	-38.5%	2,8 M €	+12.2%	2,5 M €	+7.7%	2,3 M €	+8.1%	2,1 M €	+11.5%	1,9 M €	+7.3%	1,8 M €	+8.6%	1,6 M €	+20.2%	1,4 M €
EBITDA	-962,3 k €	-656%	173 k €	+83.2%	94,4 k €	+31.3%	71,9 k €	-7.3%	77,6 k €	+47.7%	52,5 k €	-22.7%	68 k €	-38.7%	110,9 k €	+39.2%	79,7 k €	+3.7%	76,9 k €	+28.1%	60 k €	+22.5%	49 k €	-55.4%	109,9 k €	-24.0%	144,6 k €	+28.7%	112,4 k €	-16.4%	134,4 k €	+109%	64,3 k €	-50.3%	129,5 k €	+218%	40,8 k €
Operating result	-976,6 k €	-970%	112,3 k €	+62.6%	69,1 k €	+27.9%	54 k €	+10.7%	48,8 k €	+34.4%	36,3 k €	-23.5%	47,5 k €	-46.8%	89,2 k €	+72.1%	51,8 k €	+1.2%	51,2 k €	+31.8%	38,8 k €	+20.4%	32,3 k €	-53.6%	69,5 k €	-45.0%	126,4 k €	+31.3%	96,3 k €	-10.3%	107,3 k €	+101%	53,4 k €	-51.9%	111,2 k €	+624%	15,4 k €
Net result	-418,7 k €	-1313%	34,5 k €	+312%	8,4 k €	-44.8%	15,2 k €	+3.4%	14,7 k €	+65.5%	8,9 k €	-10.0%	9,9 k €	-70.4%	33,3 k €	+1204%	2,6 k €	-76.5%	10,9 k €	+188%	3,8 k €	+853%	395 €	-98.5%	27,2 k €	-56.5%	62,5 k €	+47.5%	42,4 k €	-14.1%	49,4 k €	+133%	21,2 k €	-64.5%	59,8 k €	+4532%	1,3 k €
Balance sheet
Equity	131,2 k €	-76.1%	549,9 k €	+6.7%	515,4 k €	+1.7%	507 k €	+3.1%	491,8 k €	+3.1%	477,1 k €	+1.9%	468,3 k €	+2.1%	458,4 k €	+7.8%	425,1 k €	+0.6%	422,6 k €	+2.6%	411,7 k €	+1.3%	406,5 k €	+0.1%	406,1 k €	+7.2%	378,9 k €	+19.8%	316,3 k €	+15.5%	273,9 k €	+22.0%	224,5 k €	+10.4%	203,3 k €	+17.2%	173,5 k €
Total assets	1,9 M €	+0.8%	1,9 M €	+18.1%	1,6 M €	+57.3%	1 M €	+15.1%	901,5 k €	+1.1%	891,9 k €	-21.1%	1,1 M €	+9.0%	1 M €	-9.6%	1,1 M €	+7.0%	1,1 M €	+17.4%	913,3 k €	-12.0%	1 M €	+2.5%	1 M €	-10.4%	1,1 M €	+21.8%	928,3 k €	+22.6%	757,2 k €	-2.6%	777,6 k €	+10.9%	701,2 k €	+29.8%	540,4 k €
Cash	510,6 k €	+95.0%	261,9 k €	-23.8%	343,8 k €	+1.3%	339,5 k €	-18.8%	417,9 k €	+8.6%	384,9 k €	+18.0%	326,1 k €	+27.1%	256,7 k €	+32.9%	193,1 k €	+138%	81,1 k €	+3.6%	78,3 k €	+863%	8,1 k €	-93.0%	116,5 k €	+39.8%	83,4 k €	-40.6%	140,3 k €	+10.6%	126,9 k €	+171%	46,7 k €	+13.8%	41,1 k €	+37.8%	29,8 k €
Debts	1,7 M €	+33.6%	1,3 M €	+20.7%	1,1 M €	+118%	496,7 k €	+32.7%	374,3 k €	-4.2%	390,6 k €	-39.1%	641,4 k €	+15.2%	556,9 k €	-20.5%	700,8 k €	+11.4%	628,9 k €	+28.4%	489,8 k €	-20.5%	615,7 k €	+5.3%	584,9 k €	-19.6%	727,6 k €	+24.0%	586,8 k €	+27.2%	461,3 k €	-9.5%	509,9 k €	+2.4%	497,8 k €	+35.8%	366,7 k €
Other
Workforce	27,7 ETP	+1.5%	27,3 ETP	+11.0%	24,6 ETP	+16.6%	21,1 ETP	+11.6%	18,9 ETP	-1.0%	19,1 ETP	-9.0%	21,0 ETP	+4.0%	20,2 ETP	-7.3%	21,8 ETP	+8.5%	20,1 ETP	-0.5%	20,2 ETP	-9.8%	22,4 ETP	+5.7%	21,2 ETP	+1.9%	20,8 ETP	+2.0%	20,4 ETP	-1.9%	20,8 ETP	+1.0%	20,6 ETP	+7.9%	19,1 ETP	+2.7%	18,6 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 · 4 active · 11 ended

Active mandates

Patrick BOCCARD

Director · since 01 janvier 2024 · until 31 décembre 2029

Active

Bruno BOCCARD

Chairman of the board of directors · since 15 décembre 2022 · until 15 décembre 2028

Active

Cédric BOITTE

Director · since 15 décembre 2022 · until 15 décembre 2028

Active

Philippe LAZARE

Director · since 15 décembre 2022 · until 15 décembre 2028

Active

Ended mandates

Amaury LE COCQ DE PLETINCX

Director · since 15 décembre 2022 · until 15 décembre 2028

Ended

Bruno BOCCARD

Director · since 15 décembre 2022 · until 15 décembre 2028

Ended

Bruno BOCCARD

Director · since 08 juin 2021 · until 08 juin 2027

Ended

Patrick BOCCARD

Chairman of the board of directors · since 08 juin 2021 · until 08 juin 2027

Ended

At this address

Other companies at this address

Company	CBE no.
Adéquat Belgium● Active	0637.738.970
Maison'Net● Active	0874.760.351
NOVABEE● Active	0656.775.023
SHELTER PROD● Active	0597.853.560

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	15/06/2026	04/07/2025	12/06/2024	22/06/2023	20/07/2022	13/07/2021
General meeting	09/06/2026	10/06/2025	11/06/2024	13/06/2023	14/06/2022	08/06/2021
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

21 filings with the NBB

Model	Closing	General meeting	Filed	Language	Document
Full model	31/12/2025	09/06/2026	15/06/2026	French	PDF
Full model	31/12/2024	10/06/2025	04/07/2025	French	PDF
Full model	31/12/2023	11/06/2024	12/06/2024	French	PDF
Full model	31/12/2022	13/06/2023	22/06/2023	French	PDF
Full model	31/12/2021	14/06/2022	20/07/2022	French	PDF
Full model	31/12/2020	08/06/2021	13/07/2021	French	PDF
Full model	31/12/2019	09/06/2020	31/07/2020	French	PDF
Full model	31/12/2018	11/06/2019	27/06/2019	French	PDF
Full model	31/12/2017	12/06/2018	21/06/2018	French	PDF
Full model	31/12/2016	30/06/2017	12/07/2017	French	PDF
Full model	31/12/2015	14/06/2016	18/07/2016	French	PDF
Full model	31/12/2014	09/06/2015	24/07/2015	French	PDF
Full model	31/12/2013	10/06/2014	24/07/2014	French	PDF
Full model	31/12/2012	11/06/2013	05/07/2013	French	PDF
Full model	31/12/2011	12/06/2012	19/07/2012	French	PDF
Full model	31/12/2010	14/06/2011	26/08/2011	French	PDF
Full model	31/12/2009	08/07/2010	23/07/2010	French	PDF
Full model	31/12/2008	09/06/2009	17/07/2009	French	PDF
Full model	31/12/2007	10/06/2008	30/07/2008	French	PDF
Full modelCorrection	31/12/2006	12/06/2007	09/08/2007	French	PDF
Full model	31/12/2006	12/06/2007	10/07/2007	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 · 4 active · 11 ended

Active mandates

Patrick BOCCARD

Director · since 01 janvier 2024 · until 31 décembre 2029

Active

Bruno BOCCARD

Chairman of the board of directors · since 15 décembre 2022 · until 15 décembre 2028

Active

Cédric BOITTE

Director · since 15 décembre 2022 · until 15 décembre 2028

Active

Philippe LAZARE

Director · since 15 décembre 2022 · until 15 décembre 2028

Active

Ended mandates

Amaury LE COCQ DE PLETINCX

Director · since 15 décembre 2022 · until 15 décembre 2028

Ended

Bruno BOCCARD

Director · since 15 décembre 2022 · until 15 décembre 2028

Ended

Bruno BOCCARD

Director · since 08 juin 2021 · until 08 juin 2027

Ended

Patrick BOCCARD

Chairman of the board of directors · since 08 juin 2021 · until 08 juin 2027

Ended

Shareholders

Ownership and network

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Belgian Official Gazette

Belgian Official Gazette publications

Other10/07/2026
—
PDF
Mandates12/08/2024
DEMISSIONS, NOMINATIONS
PDF
Mandates23/07/2024
DEMISSIONS, NOMINATIONS
PDF
Mandates10/01/2023
DEMISSIONS, NOMINATIONS
PDF
Mandates23/11/2021
DEMISSIONS, NOMINATIONS
PDF
Mandates01/10/2018
DEMISSIONS, NOMINATIONS
PDF
Registered office10/11/2015
SIEGE SOCIAL
PDF
Mandates08/10/2015
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 2025-418,7 k €↓
2024
Annual accounts 202434,5 k €↑
2023
Annual accounts 20238,4 k €↓
2022
Annual accounts 202215,2 k €↑
2021
Annual accounts 202114,7 k €↑
2020
Annual accounts 20208,9 k €↓
2019
Annual accounts 20199,9 k €↓
2018
Annual accounts 201833,3 k €↑
2017
Annual accounts 20172,6 k €↓
2016
Annual accounts 201610,9 k €↑
2015
Annual accounts 20153,8 k €↑
2013
Annual accounts 2013395 €↓
2012
Annual accounts 201227,2 k €↓
2011
Annual accounts 201162,5 k €↑
2010
Annual accounts 201042,4 k €↓
2009
Annual accounts 200949,4 k €↑
2008
Annual accounts 200821,2 k €↓
2007
Annual accounts 200759,8 k €↑
2006
Annual accounts 20061,3 k €
04/02/1982
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

STUDYBEL

Overview

What does STUDYBEL do?

Trend over 19 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