ACTIVE

KORELEC

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Financial year 2025 · closed on 31/12/2025

Net result

707,8 k €

-1.2% YoY

Gross margin

2,6 M €

+7.5% YoY

Equity

3,5 M €

+9.5% YoY

Workforce

16,8 ETP

+9.8% YoY

What does KORELEC do?

KORELEC is a Private limited company incorporated in 1982. Its registered office is in Kuurne. It employs on average 16,8 ETP workers (FTE).

Legal situation

● Normal situation

BCE/KBO no. / VAT

BE 0422.651.269

Incorporation

27/04/1982

Legal form

Private limited company

Registered office

Brugsesteenweg 153
8520 Kuurne · FlandreSee on map

Contributed capital

60 000,00 €

Latest accounts

31/12/2025

Average workforce

16,8 ETP

Joint committees (4)

14901
200
2000
218

Signals

ProfitableSolid equityLow riskGood liquidityPositive cashflowPositive EBITDAHealthy social debts

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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	2,6 M €	+7.5%	2,4 M €	+11.6%	2,2 M €	+2.4%	2,1 M €	+13.7%	1,9 M €	+6.8%	1,8 M €	-1.7%	1,8 M €	+2.7%	1,7 M €	+19.1%	1,5 M €	+13.7%	1,3 M €	+6.3%	1,2 M €	+0.5%	1,2 M €	+3.7%	1,2 M €	+10.1%	1,1 M €	+6.7%	987,1 k €	+16.2%	849,5 k €	+16.4%	729,9 k €	+0.4%	727,2 k €	+7.1%	679,1 k €	+16.3%	583,9 k €
EBITDA	1 M €	+0.6%	1 M €	+21.7%	830,3 k €	-15.0%	977,3 k €	+20.8%	809,2 k €	+1.2%	799,7 k €	-2.3%	818,6 k €	+14.1%	717,2 k €	+37.6%	521,4 k €	+13.4%	459,7 k €	-0.4%	461,7 k €	+9.3%	422,3 k €	+12.7%	374,7 k €	+45.4%	257,7 k €	-15.1%	303,7 k €	+28.3%	236,6 k €	+59.3%	148,5 k €	-11.1%	167,1 k €	-14.9%	196,5 k €	+48.0%	132,7 k €
Operating result	802,3 k €	-1.0%	810,8 k €	+22.0%	664,4 k €	-21.7%	848,3 k €	+25.9%	673,9 k €	-0.6%	677,9 k €	-1.1%	685,6 k €	+18.1%	580,7 k €	+56.9%	370,2 k €	+6.9%	346,2 k €	-4.4%	362,2 k €	+4.4%	346,8 k €	+15.1%	301,3 k €	+55.0%	194,4 k €	-22.0%	249,2 k €	+44.1%	172,9 k €	+100%	86,3 k €	-6.7%	92,4 k €	-23.2%	120,4 k €	+139%	50,5 k €
Net result	707,8 k €	-1.2%	716,1 k €	+18.2%	605,7 k €	+1.3%	598 k €	+8.4%	551,6 k €	+0.8%	547 k €	+2.8%	532 k €	+18.9%	447,2 k €	+62.0%	276,1 k €	+3.3%	267,3 k €	-6.8%	286,9 k €	+6.7%	268,8 k €	+31.2%	204,8 k €	+58.9%	128,9 k €	-14.5%	150,7 k €	+14.3%	131,8 k €	+75.7%	75 k €	+5.0%	71,4 k €	-21.1%	90,5 k €	+141%	37,6 k €
Balance sheet
Equity	3,5 M €	+9.5%	3,2 M €	+19.0%	2,7 M €	+8.2%	2,5 M €	+20.0%	2,1 M €	-5.8%	2,2 M €	+19.8%	1,8 M €	+23.5%	1,5 M €	-5.8%	1,6 M €	+13.3%	1,4 M €	+14.5%	1,2 M €	+19.1%	1 M €	+21.1%	850,1 k €	+31.7%	645,3 k €	+25.0%	516,4 k €	+3.1%	500,7 k €	+9.1%	458,9 k €	+3.4%	443,9 k €	+1.9%	435,5 k €	+11.7%	390 k €
Total assets	4 M €	+8.8%	3,7 M €	+0.3%	3,7 M €	+26.9%	2,9 M €	+5.7%	2,8 M €	-13.6%	3,2 M €	+17.5%	2,7 M €	+13.2%	2,4 M €	-3.0%	2,5 M €	+23.3%	2 M €	-1.8%	2 M €	+26.7%	1,6 M €	+7.4%	1,5 M €	+18.7%	1,3 M €	-0.4%	1,3 M €	-5.9%	1,4 M €	+7.8%	1,3 M €	+2.6%	1,2 M €	+0.2%	1,2 M €	+6.5%	1,1 M €
Cash	1,5 M €	+29.5%	1,2 M €	+10.9%	1,1 M €	+18.2%	904,4 k €	+9.5%	825,6 k €	-47.3%	1,6 M €	+47.9%	1,1 M €	+62.9%	649,7 k €	+0.7%	645,3 k €	+15.5%	558,7 k €	-18.4%	684,9 k €	-9.8%	759,6 k €	+33.8%	567,8 k €	+53.1%	370,9 k €	+2.5%	361,8 k €	+2.2%	354 k €	+41.0%	251,1 k €	+78.6%	140,6 k €	+5.7%	133 k €	+6.2%	125,2 k €
Debts	497,9 k €	+4.4%	476,8 k €	-51.5%	983,2 k €	+141%	407,5 k €	-38.5%	662,6 k €	-31.5%	967,4 k €	+12.8%	858 k €	-4.2%	895,7 k €	+1.4%	883,5 k €	+46.5%	602,9 k €	-26.2%	817,1 k €	+40.0%	583,5 k €	-10.5%	652,1 k €	+6.6%	611,6 k €	-17.9%	744,9 k €	-11.1%	837,8 k €	+7.9%	776,5 k €	+2.1%	760,5 k €	-1.0%	768,2 k €	+4.7%	733,6 k €
Other
Workforce	16,8 ETP	+9.8%	15,3 ETP	-2.5%	15,7 ETP	+1.9%	15,4 ETP	+12.4%	13,7 ETP	0.0%	13,7 ETP	-3.5%	14,2 ETP	-2.7%	14,6 ETP	+10.6%	13,2 ETP	+23.4%	10,7 ETP	+1.9%	10,5 ETP	-2.8%	10,8 ETP	-2.7%	11,1 ETP	+2.8%	10,8 ETP	+8.0%	10,0 ETP	0.0%	10,0 ETP	0.0%	10,0 ETP	+2.0%	9,8 ETP	+7.7%	9,1 ETP	+1.1%	9,0 ETP

Estimate

Indicative valuation

As an indication, this company is worth

between 5 M€ and 10 M€

See the valuation

Governance

Board of directors

Seen on filing of 31/12/2025 · 1 active · 7 ended

Active mandates

PIETER WILLEQUET

Director · since 01 juin 2012 · 0845.280.665

Represented by Willequet PIETER

Active

Ended mandates

PIETER WILLEQUET

Director · since 01 juin 2012 · 0845.280.665

Represented by Pieter Willequet

Ended

ANNIE MEERSSEMAN

Manager

Ended

GILBERT MEYFROIDT

Manager

Ended

HUGO HUYSENTRUIT

Manager

Ended

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	27/07/2026	10/07/2025	29/07/2024	13/07/2023	31/08/2022	28/09/2021
General meeting	27/06/2026	28/06/2025	29/06/2024	24/06/2023	25/06/2022	26/06/2021
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
Abridged model	31/12/2025	27/06/2026	27/07/2026	Dutch	PDF
Abridged model	31/12/2024	28/06/2025	10/07/2025	Dutch	PDF
Abridged model	31/12/2023	29/06/2024	29/07/2024	Dutch	PDF
Abridged model	31/12/2022	24/06/2023	13/07/2023	Dutch	PDF
Abridged model	31/12/2021	25/06/2022	31/08/2022	Dutch	PDF
Abridged model	31/12/2020	26/06/2021	28/09/2021	Dutch	PDF
Abridged model	31/12/2019	08/09/2020	07/10/2020	Dutch	PDF
Abridged model	31/12/2018	29/06/2019	23/08/2019	Dutch	PDF
Abridged model	31/12/2017	23/06/2018	20/08/2018	Dutch	PDF
Abridged model	31/12/2016	24/06/2017	22/08/2017	Dutch	PDF
Abridged model	31/12/2015	25/06/2016	25/08/2016	Dutch	PDF
Abridged model	31/12/2014	27/06/2015	30/06/2015	Dutch	PDF
Abridged model	31/12/2013	28/06/2014	30/08/2014	Dutch	PDF
Abridged model	31/12/2012	29/06/2013	01/07/2013	Dutch	PDF
Abridged model	31/12/2011	31/05/2012	14/06/2012	Dutch	PDF
Abridged model	31/12/2010	25/06/2011	11/07/2011	Dutch	PDF
Abridged model	31/12/2009	26/06/2010	30/06/2010	Dutch	PDF
Abridged model	31/12/2008	27/06/2009	29/06/2009	Dutch	PDF
Abridged model	31/12/2007	28/06/2008	30/06/2008	Dutch	PDF
Abridged model	31/12/2006	30/06/2007	13/07/2007	Dutch	PDF

Estimate

Indicative valuation

Order of magnitude

As an indication, this company is worth

between 5 M€ and 10 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 · 1 active · 7 ended

Active mandates

PIETER WILLEQUET

Director · since 01 juin 2012 · 0845.280.665

Represented by Willequet PIETER

Active

Ended mandates

PIETER WILLEQUET

Director · since 01 juin 2012 · 0845.280.665

Represented by Pieter Willequet

Ended

ANNIE MEERSSEMAN

Manager

Ended

GILBERT MEYFROIDT

Manager

Ended

HUGO HUYSENTRUIT

Manager

Ended

Shareholders

Ownership and network

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Belgian Official Gazette

Belgian Official Gazette publications

Mandates18/12/2023
STATUTEN (VERTALING, COÖRDINATIE, OVERIGE WIJZIGINGEN, ) - WIJZIGING RECHTSVORM - ONTSLAGEN - BENOEMINGEN
PDF
Mandates26/06/2012
ONTSLAGEN - BENOEMINGEN
PDF
Mandates25/06/2012
ONTSLAGEN - BENOEMINGEN - STATUTEN (VERTALING, COÖRDINATIE, OVERIGE WIJZIGINGEN, )
PDF
Mandates06/10/2011
MAATSCHAPPELIJKE ZETEL - ONTSLAGEN - BENOEMINGEN
PDF
Mandates23/12/2004
ONTSLAGEN - BENOEMINGEN
PDF
Other21/01/2004
DIVERSEN - STATUTEN (VERTALING, COÖRDINATIE, OVERIGE WIJZIGINGEN, )
PDF
Restructuring13/01/2004
RUBRIEK HERSTRUCTURERING (FUSIE, SPLITSING, OVERDRACHT VERMOGEN, ENZ...)
PDF
Restructuring14/11/2003
DIVERSEN - RUBRIEK HERSTRUCTURERING (FUSIE, SPLITSING, OVERDRACHT VERMOGEN, ENZ...)
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 2025707,8 k €↓
2024
Annual accounts 2024716,1 k €↑
2023
Annual accounts 2023605,7 k €↑
2022
Annual accounts 2022598 k €↑
2021
Annual accounts 2021551,6 k €↑
2020
Annual accounts 2020547 k €↑
2019
Annual accounts 2019532 k €↑
2018
Annual accounts 2018447,2 k €↑
2017
Annual accounts 2017276,1 k €↑
2016
Annual accounts 2016267,3 k €↓
2015
Annual accounts 2015286,9 k €↑
2014
Annual accounts 2014268,8 k €↑
2013
Annual accounts 2013204,8 k €↑
2012
Annual accounts 2012128,9 k €↓
2011
Annual accounts 2011150,7 k €↑
2010
Annual accounts 2010131,8 k €↑
2009
Annual accounts 200975 k €↑
2008
Annual accounts 200871,4 k €↓
2007
Annual accounts 200790,5 k €↑
2006
Annual accounts 200637,6 k €
27/04/1982
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

KORELEC

Overview

What does KORELEC do?

Trend over 20 financial years

Indicative valuation

Board of directors

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