ACTIVE

ORSA FUND

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Financial year 2025 · closed on 31/12/2025

Net result

3,4 M €

+799.1% YoY

Revenue

2,6 M €

+9.4% YoY

Equity

17,3 M €

+14.4% YoY

Workforce

10,5 ETP

0.0% YoY

What does ORSA FUND do?

ORSA FUND is a Public limited company incorporated in 1983. 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

Signals

ProfitableLow 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
Revenue	2,6 M €	+9.4%	2,3 M €	+62.6%	1,4 M €	+22.7%	1,2 M €	+8.9%	1,1 M €	-38.7%	1,8 M €	+10.7%	1,6 M €	+60.5%	993,3 k €	-64.8%	2,8 M €	+223%	872,5 k €	-4.2%	910,8 k €	+11.4%	817,4 k €	+8.3%	754,9 k €	+14.5%	659,1 k €	+18.0%	558,7 k €	+13.3%	493 k €	+6.3%	463,9 k €	+24.1%	373,7 k €	-17.1%	450,6 k €	+168%	167,9 k €
EBITDA	3 M €	+89666%	-3,4 k €	+99.6%	-785 k €	+35.0%	-1,2 M €	+5.7%	-1,3 M €	-109%	-613,5 k €	+21.3%	-779,8 k €	+50.8%	-1,6 M €	-283%	864,2 k €	+225%	-691,6 k €	+56.5%	-1,6 M €	+55.5%	-3,6 M €	-225%	-1,1 M €	-15.5%	-952,6 k €	-0.6%	-947 k €	+10.2%	-1,1 M €	-5.8%	-996,3 k €	+4.7%	-1 M €	+6.6%	-1,1 M €	-6.9%	-1 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 €	-173%	-898,2 k €	+11.5%	-1 M €	+48.2%	-2 M €	-562%	424,2 k €	+147%	-908,6 k €	+49.4%	-1,8 M €	+52.2%	-3,8 M €	-199%	-1,3 M €	-13.4%	-1,1 M €	-3.2%	-1,1 M €	+1.3%	-1,1 M €	+9.8%	-1,2 M €	-14.3%	-1,1 M €	+12.5%	-1,2 M €	-33.0%	-905,7 k €
Net result	3,4 M €	+799%	-489,4 k €	-261%	304,3 k €	+136%	-845,9 k €	-191%	931,5 k €	+667%	121,4 k €	-86.2%	878,1 k €	+18.6%	740,4 k €	-37.9%	1,2 M €	+2407%	-51,7 k €	-108%	683,3 k €	+42.4%	479,7 k €	-66.8%	1,4 M €	+44942%	3,2 k €	-96.4%	89,3 k €	-87.8%	729,8 k €	+1693%	40,7 k €	-90.6%	433,3 k €	-54.6%	953,6 k €	-25.1%	1,3 M €
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 €	+0.1%	16,1 M €	-0.5%	16,2 M €	+0.7%	16,1 M €	+0.0%	16,1 M €	+1.3%	15,9 M €	-1.6%	16,2 M €	-1.9%	16,5 M €	+3.0%	16 M €	+2.9%	15,5 M €	+0.0%	15,5 M €	-1.0%	15,7 M €	+1.5%	15,5 M €	-2.9%	15,9 M €	-0.4%	16 M €	+2.9%	15,5 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 €	+0.9%	68,6 M €	-1.1%	69,4 M €	+0.5%	69 M €	-3.6%	71,7 M €	-0.1%	71,7 M €	-2.2%	73,3 M €	+55.2%	47,3 M €	-5.8%	50,2 M €	-3.8%	52,2 M €	+1.5%	51,4 M €	+6.7%	48,2 M €	-7.5%	52,1 M €	+5.6%	49,3 M €	+5.2%	46,9 M €	-5.2%	49,5 M €
Cash	3,4 M €	+40.9%	2,4 M €	+108%	1,1 M €	-57.0%	2,7 M €	-79.3%	12,9 M €	+479%	2,2 M €	-58.2%	5,3 M €	-32.6%	7,9 M €	+4.5%	7,6 M €	+196%	2,6 M €	-91.1%	28,7 M €	+395%	5,8 M €	+67.6%	3,5 M €	+9.5%	3,2 M €	+71.0%	1,8 M €	-60.8%	4,7 M €	-48.9%	9,2 M €	+64.1%	5,6 M €	-2.2%	5,7 M €	+3.9%	5,5 M €
Debts	40,8 M €	+7.4%	38 M €	-10.9%	42,7 M €	+0.3%	42,5 M €	-19.8%	53 M €	+1.2%	52,4 M €	-1.0%	52,9 M €	+0.3%	52,7 M €	-0.4%	52,9 M €	-0.4%	53,1 M €	-2.7%	54,6 M €	+95.0%	28 M €	-17.0%	33,8 M €	-6.7%	36,2 M €	+2.2%	35,4 M €	+10.6%	32 M €	-11.5%	36,2 M €	+9.8%	32,9 M €	+8.3%	30,4 M €	-9.1%	33,5 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	-8.7%	10,3 ETP	+2.0%	10,1 ETP	0.0%	10,1 ETP	+11.0%	9,1 ETP	+21.3%	7,5 ETP	-8.5%	8,2 ETP	+1.2%	8,1 ETP	0.0%	8,1 ETP	+14.1%	7,1 ETP	-1.4%	7,2 ETP	-1.4%	7,3 ETP	0.0%	7,3 ETP	0.0%	7,3 ETP	-9.9%	8,1 ETP	+9.5%	7,4 ETP

Estimate

Indicative valuation

As an indication, this company is worth

between 10 M€ and 25 M€

See the valuation

Governance

Board of directors

Seen on filing of 31/12/2025 · 13 active · 57 ended

Active mandates

Emmanuel SCHELLEKENS

Director · since 13 juin 2024

Active

Jacques DEFER

Director · since 21 décembre 2023

Active

Olivier MASSON

Director · since 23 mars 2021

Active

Pierre BERNES

Director · since 24 mars 2020

Active

Françoise JOLLY

Chairman of the board of directors · since 23 juin 2016

Active

Laurence CALOZET

Vice-chairman of the board of directors · since 25 juin 2014

Active

MAGOTTEAUX INTERNATIONAL

Director · since 27 mars 2012 · until 22 octobre 2025 · 0405.785.543

Represented by HEUGHEBAERT Fabrice CALEO SRL

Active

Vincent BERGHMANS

Director · since 22 juin 2011

Active

Fabian COLLARD

Director · since 12 septembre 2007

Active

Xavier GOEBELS

Director · since 12 septembre 2007

Active

Laurent LEVAUX

Director · since 28 mars 2006

Active

Benoit COPPEE

Director · since 12 mai 2004

Active

HERMAN FRUYTIER FINANCE

Director · 0478.747.260

Represented by Herman FRUYTIER

Active

Ended mandates

Françoise JOLLY

Director · since 23 juin 2016

Ended

Christelle THOMAS

Director · since 25 juin 2015

Ended

Laurence CALOZET

Director · since 25 juin 2014

Ended

MAGOTTEAUX INTERNATIONAL

Vice-chairman of the board of directors · since 27 mars 2012 · 0405.785.543

Represented by sprl SEDIAM

Ended

At this address

Other companies at this address

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

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	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

Ratios

Financial ratios

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Filings

Annual accounts filings

21 filings with the NBB

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

Estimate

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.

Governance

Board of directors

Seen on filing of 31/12/2025 · 13 active · 57 ended

Active mandates

Emmanuel SCHELLEKENS

Director · since 13 juin 2024

Active

Jacques DEFER

Director · since 21 décembre 2023

Active

Olivier MASSON

Director · since 23 mars 2021

Active

Pierre BERNES

Director · since 24 mars 2020

Active

Françoise JOLLY

Chairman of the board of directors · since 23 juin 2016

Active

Laurence CALOZET

Vice-chairman of the board of directors · since 25 juin 2014

Active

MAGOTTEAUX INTERNATIONAL

Director · since 27 mars 2012 · until 22 octobre 2025 · 0405.785.543

Represented by HEUGHEBAERT Fabrice CALEO SRL

Active

Vincent BERGHMANS

Director · since 22 juin 2011

Active

Fabian COLLARD

Director · since 12 septembre 2007

Active

Xavier GOEBELS

Director · since 12 septembre 2007

Active

Laurent LEVAUX

Director · since 28 mars 2006

Active

Benoit COPPEE

Director · since 12 mai 2004

Active

HERMAN FRUYTIER FINANCE

Director · 0478.747.260

Represented by Herman FRUYTIER

Active

Ended mandates

Françoise JOLLY

Director · since 23 juin 2016

Ended

Christelle THOMAS

Director · since 25 juin 2015

Ended

Laurence CALOZET

Director · since 25 juin 2014

Ended

MAGOTTEAUX INTERNATIONAL

Vice-chairman of the board of directors · since 27 mars 2012 · 0405.785.543

Represented by sprl SEDIAM

Ended

Shareholders

Ownership and network

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Try for 7 days

Belgian Official Gazette

Belgian Official Gazette publications

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

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 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

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

ORSA FUND

Overview

What does ORSA FUND 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