ACTIVE

ORSA FUND

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Financial year 2025 · Closed on 31/12/2025

Net result3,4 M €+799,1 %over 1 year

Revenue2,6 M €+9,4 %over 1 year

Equity17,3 M €+14,4 %over 1 year

Workforce10,5 ETP0,0 %over 1 year

Identity

Source · BCE/KBO

ORSA FUND is a Public limited company incorporated in 1983. Its main activity is: Activities of holding companies. Its registered office is in Marche-en-Famenne. It employs on average 10,5 ETP workers (FTE).

Legal situation: Normal situation
BCE/KBO no. / VAT: BE 0424.971.945
Incorporation: 28/11/1983
Legal form: Public limited company
Registered office: Marche,Rue de la Plaine 11
6900 Marche-en-Famenne · WallonieSee on map
Contributed capital: 14 000 000,00 €
Latest accounts: 31/12/2025
Average workforce: 10,5 ETP

Activities (NACE)

64200Activities of holding companies· main 64210Activities of holding companies 64999Other financial service activities, except insurance and pension funding n.e.c.64999Other financial service activities, except insurance and pension funding n.e.c.65234Reinsurance 65236Reinsurance

Signals

ProfitableLow riskGood liquidityPositive cashflowPositive EBITDAHealthy social debts

Financials

Source · NBB, 21 filings

Trend over 20 financial years

	2025		2024		2023		2022		2021
Income statement
Revenue	2,6 M €	+9.4%	2,3 M €	+62.6%	1,4 M €	+22.7%	1,2 M €	+8.9%	1,1 M €
EBITDA	3 M €	+89666%	-3,4 k €	+99.6%	-785 k €	+35.0%	-1,2 M €	+5.7%	-1,3 M €
Operating result	2,7 M €	+560%	-583,1 k €	+35.8%	-908,2 k €	+26.3%	-1,2 M €	+49.8%	-2,5 M €
Net result	3,4 M €	+799%	-489,4 k €	-261%	304,3 k €	+136%	-845,9 k €	-191%	931,5 k €
Balance sheet
Equity	17,3 M €	+14.4%	15,1 M €	-3.1%	15,6 M €	+2.0%	15,3 M €	-5.2%	16,2 M €
Total assets	58,1 M €	+9.4%	53,1 M €	-8.9%	58,4 M €	+0.8%	57,9 M €	-16.4%	69,2 M €
Cash	3,4 M €	+40.9%	2,4 M €	+108%	1,1 M €	-57.0%	2,7 M €	-79.3%	12,9 M €
Debts	40,8 M €	+7.4%	38 M €	-10.9%	42,7 M €	+0.3%	42,5 M €	-19.8%	53 M €
Other
Workforce	10,5 ETP	0.0%	10,5 ETP	+18.0%	8,9 ETP	+1.1%	8,8 ETP	-6.4%	9,4 ETP

Valuation

Indicative valuation

As an indication, this company is worth

between 10 M€ and 25 M€

See the valuation

Board of directors

Source · NBB, accounts to 31/12/2025

13 active · 15 ended

Active mandates

Director	Mandates in this company	Period	Other mandatescurrentendedstruck offbankruptcies
Emmanuel SCHELLEKENS	Directorsince 13/06/2024
Jacques DEFER	Directorsince 21/12/2023
Olivier MASSON	Directorsince 23/03/2021
Pierre BERNES	Directorsince 24/03/2020
Françoise JOLLY	Chairman of the board of directorssince 23/06/2016Director23/06/2016 → 2023 accountsended
Laurence CALOZET	Vice-chairman of the board of directorssince 25/06/2014Director25/06/2014 → 2015 accountsended
MAGOTTEAUX INTERNATIONAL0405.785.543Represented by sprl SEDIAM	Director27/03/2012 → 22/10/2025Vice-chairman of the board of directors27/03/2012 → 2017 accountsended
Vincent BERGHMANS	Directorsince 22/06/2011
Fabian COLLARD	Directorsince 12/09/2007
Xavier GOEBELS	Directorsince 12/09/2007
Laurent LEVAUX	Directorsince 28/03/2006Mandate2006 accountsendedChairman of the board of directors2019 accountsendedVice-chairman of the board of directors2017 accountsended
Benoit COPPEE	Directorsince 12/05/2004Mandate2006 accountsendedChairman of the board of directors2023 accountsended
HERMAN FRUYTIER FINANCE0478.747.260Represented by Herman FRUYTIER	DirectorMandate2006 accountsendedChairman of the board of directors2007 accountsended

Ended mandates

Director	Mandates in this company	Period	Other mandatescurrentendedstruck offbankruptcies
Christelle THOMAS	Director25/06/2015 → 2015 accounts
SNC CHARLES VAN WYMEERSCH0821.722.929Represented by Charles VAN WYMEERSCH	Chairman of the board of directors25/03/2011 → 2017 accountsDirector25/03/2011 → 23/03/2021

Other companies at this address

Marche,Rue de la Plaine 11 6900 Marche-en-Famenne

Company	CBE no.
Agence Prévention et Sécurité● Active	0427.472.961
A.P.S. Technology● Active	0837.913.021
FINANCIERE DU SUD - EST● Active	0439.493.340
INVESTSUD INNOVATION● Active	1010.817.994
ORSA ADMIN● Active	0890.073.384
ORSA IMMO● Active	0428.036.749
ORSA NEXT● Active	0882.099.588
ORSA PARTS● Active	0661.779.332
ORSA TECH● Active	0882.104.835
U.T. INVESTSUD● Active	0671.656.704

Full financial information

Source · NBB

	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	08/04/2026	31/03/2025	10/04/2024	26/04/2023	28/03/2022	30/03/2021
General meeting	24/03/2026	25/03/2025	26/03/2024	28/03/2023	22/03/2022	23/03/2021
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

Financial ratios

Source · NBB

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Annual accounts filings

Source · NBB, 21 filings

Model	Closing	General meeting	Filed	Language	Document
Abridged model	31/12/2025	24/03/2026	08/04/2026	French	PDF
Abridged model	31/12/2024	25/03/2025	31/03/2025	French	PDF
Abridged model	31/12/2023	26/03/2024	10/04/2024	French	PDF
Abridged model	31/12/2022	28/03/2023	26/04/2023	French	PDF
Abridged model	31/12/2021	22/03/2022	28/03/2022	French	PDF
Abridged model	31/12/2020	23/03/2021	30/03/2021	French	PDF
Abridged model	31/12/2019	24/03/2020	15/04/2020	French	PDF
Abridged model	31/12/2018	26/03/2019	17/04/2019	French	PDF
Abridged model	31/12/2017	27/03/2018	28/03/2018	French	PDF
Abridged model	31/12/2016	28/03/2017	07/04/2017	French	PDF
Abridged model	31/12/2015	22/03/2016	04/04/2016	French	PDF
Abridged model	31/12/2014	25/06/2015	26/06/2015	French	PDF
Abridged model	31/12/2013	25/03/2014	02/04/2014	French	PDF
Abridged model	31/12/2012	26/03/2013	19/04/2013	French	PDF
Abridged model	31/12/2011	27/03/2012	18/04/2012	French	PDF
Abridged modelCorrection	31/12/2010	22/03/2011	12/01/2012	French	PDF
Abridged model	31/12/2010	22/03/2011	06/04/2011	French	PDF
Abridged model	31/12/2009	23/03/2010	30/03/2010	French	PDF
Abridged model	31/12/2008	24/03/2009	06/04/2009	French	PDF
Abridged model	31/12/2007	25/03/2008	15/04/2008	French	PDF
Abridged model	31/12/2006	27/03/2007	03/05/2007	French	PDF

Indicative valuation

Order of magnitude

As an indication, this company is worth

between 10 M€ and 25 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

13 active · 15 ended

Active mandates

Director	Mandates in this company	Period	Other mandatescurrentendedstruck offbankruptcies
Emmanuel SCHELLEKENS	Directorsince 13/06/2024
Jacques DEFER	Directorsince 21/12/2023
Olivier MASSON	Directorsince 23/03/2021
Pierre BERNES	Directorsince 24/03/2020
Françoise JOLLY	Chairman of the board of directorssince 23/06/2016Director23/06/2016 → 2023 accountsended
Laurence CALOZET	Vice-chairman of the board of directorssince 25/06/2014Director25/06/2014 → 2015 accountsended
MAGOTTEAUX INTERNATIONAL0405.785.543Represented by sprl SEDIAM	Director27/03/2012 → 22/10/2025Vice-chairman of the board of directors27/03/2012 → 2017 accountsended
Vincent BERGHMANS	Directorsince 22/06/2011
Fabian COLLARD	Directorsince 12/09/2007
Xavier GOEBELS	Directorsince 12/09/2007
Laurent LEVAUX	Directorsince 28/03/2006Mandate2006 accountsendedChairman of the board of directors2019 accountsendedVice-chairman of the board of directors2017 accountsended
Benoit COPPEE	Directorsince 12/05/2004Mandate2006 accountsendedChairman of the board of directors2023 accountsended
HERMAN FRUYTIER FINANCE0478.747.260Represented by Herman FRUYTIER	DirectorMandate2006 accountsendedChairman of the board of directors2007 accountsended

Ended mandates

Director	Mandates in this company	Period	Other mandatescurrentendedstruck offbankruptcies
Christelle THOMAS	Director25/06/2015 → 2015 accounts
SNC CHARLES VAN WYMEERSCH0821.722.929Represented by Charles VAN WYMEERSCH	Chairman of the board of directors25/03/2011 → 2017 accountsDirector25/03/2011 → 23/03/2021

Ownership and network

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Belgian Official Gazette publications

Source · Belgian Official Gazette

Mandates31/08/2026
Modification des statuts - changement de dénomination
PDF
Mandates10/11/2025
DEMISSIONS, NOMINATIONS
PDF
Mandates24/04/2025
DEMISSIONS, NOMINATIONS
PDF
Mandates12/11/2024
DEMISSIONS, NOMINATIONS
PDF
Mandates13/05/2024
DEMISSIONS, NOMINATIONS
PDF
Mandates18/03/2024
DEMISSIONS, NOMINATIONS
PDF
Other11/01/2024
STATUTS (TRADUCTION, COORDINATION, AUTRES MODIFICATIONS, ) - DIVERS
PDF
Mandates17/10/2023
DEMISSIONS, NOMINATIONS
PDF

Similar companies

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

See the Business plan

Timeline

Source · CBE, NBB annual accounts

Year

Identity

Incorporation

Name

Registered office

Annual accounts

Filings20 filings

Mandates

Emmanuel SCHELLEKENS

Jacques DEFER

Olivier MASSON

Pierre BERNES

Françoise JOLLY

Laurence CALOZET

MAGOTTEAUX INTERNATIONAL

Vincent BERGHMANS

Xavier GOEBELS

Fabian COLLARD

Laurent LEVAUX

Benoit COPPEE

Show the 16 other mandates

19831984198519861987198819891990199119921993199419951996199719981999200020012002200320042005200620072008200920102011201220132014201520162017201820192020202120222023202420252026

INVESTSUD

Marche,Rue de la Plaine 11, 6900 Marche-en-Famenne

Director

Chairman of the board of directorsDirector

Vice-chairman of the board of directorsDirector

DirectorVice-chairman of the board of directors

Director

CurrentPlanned, not yet servedEndedAccounts filedToday

Registered offices

Source · NBB annual accounts, CBE

Registered address	Period	Source
Marche,Rue de la Plaine 11, 6900 Marche-en-FamenneCurrent	accounts 2022 → 2025	Accounts 2025 · 2026-00078660

Company names

Source · NBB annual accounts, CBE

Name	Period	Source
ORSA FUNDCurrent		CBE
INVESTSUD	accounts 2022 → 2025	Accounts 2025 · 2026-00078660

Events

2025
Annual accounts 20253,4 M €↑
25/03/2025
nominationSRL 2C&B · Commissaire
25/03/2025
nominationSRL RSM Interaudit · Commissaire
2024
Annual accounts 2024-489,4 k €↓
13/06/2024
nominationEmmanuel SCHELLKENS · administrateur
13/06/2024
nominationEmmanuel Schellekens · administrateur
2023
Annual accounts 2023304,3 k €↑
21/12/2023
nominationFabian COLLARD · administrateur de catégorie B
21/12/2023
nominationJacques DEFER · administrateur de catégorie B
21/12/2023
nominationXavier GOEBELS · administrateur de catégorie B
21/09/2023
nominationPhilippe DEGIVE · Directeur Général
21/09/2023
nominationStéphane DANTINNE · Directeur
23/03/2023
nominationLaurence Calozet · administrateur
23/03/2023
nominationFrançoise Jolly-de Vaucleroy · administrateur
23/03/2023
nominationVincent Berghmans · administrateur
23/03/2023
nominationPierre Bernes · administrateur
23/03/2023
nominationBenoit Coppée · administrateur
23/03/2023
nominationOlivier Masson · administrateur
23/03/2023
nominationLaurent Levaux · administrateur
23/03/2023
nominationFabrice Heughebaert · administrateur (représentant Magotteaux International SA via Caleo SRL)
23/03/2023
nominationMarc Simonis · administrateur (représentant FSE SA)
23/03/2023
nominationChristophe Fruytier · administrateur (représentant H. Fruytier Finance SCA)
2022
Annual accounts 2022-845,9 k €↓
10/11/2022
nominationStéphane DANTINNE · directeur
22/09/2022
nominationFabrice Heughebaert · représentant de la SRL Caleo
22/09/2022
nominationChristophe Fruytier · représentant permanent de l'administrateur SCA HF Finances
22/03/2022
nominationVictor COLLIN · Commissaire
22/03/2022
nominationThierry LEJUSTE · Commissaire
2021
Annual accounts 2021931,5 k €↑
2020
Annual accounts 2020121,4 k €↓
2019
Annual accounts 2019878,1 k €↑
2018
Annual accounts 2018740,4 k €↓
2017
Annual accounts 20171,2 M €↑
2016
Annual accounts 2016-51,7 k €↓
2015
Annual accounts 2015683,3 k €↑
2014
Annual accounts 2014479,7 k €↓
2013
Annual accounts 20131,4 M €↑
2012
Annual accounts 20123,2 k €↓
2011
Annual accounts 201189,3 k €↓
2010
Annual accounts 2010729,8 k €↑
2009
Annual accounts 200940,7 k €↓
2008
Annual accounts 2008433,3 k €↓
2007
Annual accounts 2007953,6 k €↓
2006
Annual accounts 20061,3 M €
28/11/1983
IncorporationPublic limited company

ORSA FUND

Overview

Identity

Financials

Valuation

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

Timeline

Registered offices

Company names

Events