ACTIVE

ELMARO

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Financial year 2025 · closed on 31/12/2025

Net result

46,8 k €

-24.0% YoY

Gross margin

517,9 k €

-15.6% YoY

Equity

458,7 k €

+11.4% YoY

Workforce

4,9 ETP

-7.5% YoY

What does ELMARO do?

ELMARO is a Public limited company incorporated in 1984. Its registered office is in Stabroek. It employs on average 4,9 ETP workers (FTE).

Legal situation

● Normal situation

BCE/KBO no. / VAT

BE 0425.635.307

Incorporation

10/04/1984

Legal form

Public limited company

Registered office

Hoogeind 18
2940 Stabroek · FlandreSee on map

Contributed capital

62 000,00 €

Latest accounts

31/12/2025

Average workforce

4,9 ETP

Joint committees (4)

111
11101
209
20900

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	517,9 k €	-15.6%	613,3 k €	+5.2%	583 k €	-5.6%	617,3 k €	+34.0%	460,9 k €	+19.1%	386,9 k €	-23.4%	504,9 k €	-14.7%	592,1 k €	+21.8%	486,2 k €	-9.9%	539,8 k €	+16.4%	463,8 k €	+2.5%	452,6 k €	+17.6%	384,9 k €	+28.1%	300,6 k €	+5.9%	283,8 k €	-21.2%	360,1 k €	+8.9%	330,9 k €	-3.8%	343,7 k €	+20.1%	286,2 k €	+62.7%	175,9 k €
EBITDA	93,6 k €	-29.7%	133,1 k €	-2.6%	136,7 k €	-40.1%	228,1 k €	+174%	83,2 k €	+378%	17,4 k €	-82.5%	99,4 k €	-42.8%	173,8 k €	+8680%	-2 k €	-102%	109,3 k €	+16.7%	93,7 k €	-1.1%	94,7 k €	-1.8%	96,4 k €	+68.1%	57,4 k €	-32.2%	84,6 k €	-23.2%	110,1 k €	-13.8%	127,8 k €	-10.7%	143,1 k €	+7.5%	133,1 k €	+252%	37,9 k €
Operating result	67,7 k €	-25.9%	91,3 k €	-7.0%	98,2 k €	-48.8%	191,5 k €	+1348%	13,2 k €	+126%	-50,7 k €	-206%	48 k €	-69.9%	159,7 k €	+1088%	-16,2 k €	-123%	70 k €	+7.4%	65,2 k €	-6.9%	70 k €	+64.0%	42,7 k €	-5.6%	45,2 k €	-2.4%	46,3 k €	-38.8%	75,7 k €	-19.5%	94,1 k €	-3.1%	97 k €	+76.5%	55 k €	+472%	-14,8 k €
Net result	46,8 k €	-24.0%	61,7 k €	-45.0%	112,1 k €	+137%	47,3 k €	+490%	8 k €	+115%	-54,1 k €	-648%	9,9 k €	-92.0%	123,2 k €	+578%	-25,8 k €	-183%	31 k €	+6.5%	29,1 k €	-22.2%	37,4 k €	+107%	18,1 k €	-14.7%	21,2 k €	-7.4%	22,8 k €	-36.4%	35,9 k €	-33.2%	53,7 k €	-0.4%	54 k €	+67.4%	32,3 k €	+256%	-20,7 k €
Balance sheet
Equity	458,7 k €	+11.4%	411,8 k €	+17.6%	350,2 k €	+47.1%	238 k €	+24.8%	190,7 k €	+4.4%	182,7 k €	-22.8%	236,8 k €	-8.5%	258,8 k €	+90.8%	135,6 k €	-16.0%	161,4 k €	+23.8%	130,4 k €	+0.1%	130,3 k €	+6.1%	122,8 k €	+17.2%	104,8 k €	+1.1%	103,6 k €	+28.3%	80,8 k €	-30.9%	116,9 k €	+3.3%	113,1 k €	+1.8%	111,2 k €	+40.9%	78,9 k €
Total assets	710,2 k €	+14.9%	618,2 k €	-0.3%	619,7 k €	-0.2%	620,8 k €	-1.2%	628 k €	+8.3%	579,9 k €	+11.8%	518,7 k €	-9.3%	571,6 k €	+15.5%	495 k €	+19.1%	415,7 k €	+26.4%	328,9 k €	-22.4%	424,1 k €	+4.4%	406,2 k €	+8.0%	376 k €	+9.6%	343 k €	+2.5%	334,6 k €	-8.6%	366 k €	+4.9%	349 k €	-0.6%	351,1 k €	+19.9%	292,9 k €
Cash	173,5 k €	-23.5%	226,7 k €	+14.4%	198,2 k €		–		–		9,5 k €	+783%	1,1 k €	-80.6%	5,5 k €	+19.0%	4,7 k €	-89.6%	44,6 k €	+97.3%	22,6 k €	+1973%	1,1 k €	-37.4%	1,7 k €	+37.4%	1,3 k €	-83.1%	7,5 k €	+817%	820 €	-80.4%	4,2 k €	-85.3%	28,4 k €	+894%	2,9 k €	-67.3%	8,7 k €
Debts	251,6 k €	+24.3%	202,3 k €	-23.1%	263 k €	-31.3%	382,6 k €	-12.1%	435,1 k €	+9.5%	397,3 k €	+40.9%	281,9 k €	-9.9%	312,8 k €	-13.0%	359,4 k €	+41.3%	254,3 k €	+28.1%	198,5 k €	-32.4%	293,8 k €	+3.7%	283,4 k €	+4.5%	271,2 k €	+13.3%	239,3 k €	-5.7%	253,8 k €	+1.9%	249,1 k €	+5.6%	235,9 k €	+1.0%	233,5 k €	+12.5%	207,6 k €
Other
Workforce	4,9 ETP	-7.5%	5,3 ETP	-8.6%	5,8 ETP	+7.4%	5,4 ETP	+5.9%	5,1 ETP	-1.9%	5,2 ETP	-16.1%	6,2 ETP	0.0%	6,2 ETP	-11.4%	7,0 ETP	+11.1%	6,3 ETP	+12.5%	5,6 ETP	0.0%	5,6 ETP	+27.3%	4,4 ETP	+10.0%	4,0 ETP	+25.0%	3,2 ETP	-30.4%	4,6 ETP	+31.4%	3,5 ETP	-7.9%	3,8 ETP	+22.6%	3,1 ETP	+3.3%	3,0 ETP

Estimate

Indicative valuation

As an indication, this company is worth

between 500 k€ and 1 M€

See the valuation

Governance

Board of directors

Seen on filing of 31/12/2025 · 2 active · 3 ended

Active mandates

Dirk HESSE

Managing director

Active

Hesse PERDITA

Director

Active

Ended mandates

Dirk Hesse

Managing director · since 30 juin 2004 · until 30 juin 2010

Ended

Perdita Hesse

Director · since 30 juin 2004 · until 30 juin 2010

Ended

Dirk HESSE

Director

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	23/07/2026	11/07/2025	09/07/2024	24/07/2023	30/08/2022	01/10/2021
General meeting	29/05/2026	30/05/2025	31/05/2024	26/05/2023	27/05/2022	28/05/2021
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

21 filings with the NBB

Model	Closing	General meeting	Filed	Language	Document
Abridged model	31/12/2025	29/05/2026	23/07/2026	Dutch	PDF
Abridged model	31/12/2024	30/05/2025	11/07/2025	Dutch	PDF
Abridged model	31/12/2023	31/05/2024	09/07/2024	Dutch	PDF
Abridged model	31/12/2022	26/05/2023	24/07/2023	Dutch	PDF
Abridged model	31/12/2021	27/05/2022	30/08/2022	Dutch	PDF
Abridged model	31/12/2020	28/05/2021	01/10/2021	Dutch	PDF
Abridged modelCorrection	31/12/2019	22/08/2022	17/09/2022	Dutch	PDF
Abridged model	31/12/2019	09/09/2020	18/12/2020	Dutch	PDF
Abridged model	31/12/2018	30/05/2019	31/08/2019	Dutch	PDF
Abridged model	31/12/2017	31/05/2018	30/11/2018	Dutch	PDF
Abridged model	31/12/2016	31/05/2017	31/08/2017	Dutch	PDF
Abridged model	31/12/2015	21/06/2016	20/07/2016	Dutch	PDF
Abridged model	31/12/2014	29/05/2015	08/12/2015	Dutch	PDF
Abridged model	31/12/2013	30/05/2014	31/08/2014	Dutch	PDF
Abridged model	31/12/2012	31/05/2013	31/08/2013	Dutch	PDF
Abridged model	31/12/2011	31/05/2012	21/08/2012	Dutch	PDF
Abridged model	31/12/2010	31/05/2011	31/08/2011	Dutch	PDF
Abridged model	31/12/2009	31/05/2010	30/08/2010	Dutch	PDF
Abridged model	31/12/2008	29/05/2009	29/05/2009	Dutch	PDF
Abridged model	31/12/2007	30/06/2008	31/08/2008	Dutch	PDF
Abridged model	31/12/2006	30/06/2007	31/07/2007	Dutch	PDF

Estimate

Indicative valuation

Order of magnitude

As an indication, this company is worth

between 500 k€ and 1 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 · 2 active · 3 ended

Active mandates

Dirk HESSE

Managing director

Active

Hesse PERDITA

Director

Active

Ended mandates

Dirk Hesse

Managing director · since 30 juin 2004 · until 30 juin 2010

Ended

Perdita Hesse

Director · since 30 juin 2004 · until 30 juin 2010

Ended

Dirk HESSE

Director

Ended

Shareholders

Ownership and network

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Belgian Official Gazette

Belgian Official Gazette publications

Registered office06/01/2026
MAATSCHAPPELIJKE ZETEL
PDF
Mandates12/02/2024
ONTSLAGEN - BENOEMINGEN
PDF
Capital / shares18/01/2012
KAPITAAL - AANDELEN - STATUTEN (VERTALING, COÖRDINATIE, OVERIGE WIJZIGINGEN, )
PDF
Mandates05/10/2010
ONTSLAGEN - BENOEMINGEN
PDF
Registered office13/07/2009
MAATSCHAPPELIJKE ZETEL
PDF
Capital / shares22/11/2004
KAPITAAL - AANDELEN - ALGEMENE VERGADERING - STATUTEN (VERTALING, COÖRDINATIE, OVERIGE WIJZIGINGEN, )
PDF
Mandates25/06/2004
ONTSLAGEN - BENOEMINGEN
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 202546,8 k €↓
2024
Annual accounts 202461,7 k €↓
2023
Annual accounts 2023112,1 k €↑
2022
Annual accounts 202247,3 k €↑
2021
Annual accounts 20218 k €↑
2020
Annual accounts 2020-54,1 k €↓
2019
Annual accounts 20199,9 k €↓
2018
Annual accounts 2018123,2 k €↑
2017
Annual accounts 2017-25,8 k €↓
2016
Annual accounts 201631 k €↑
2015
Annual accounts 201529,1 k €↓
2014
Annual accounts 201437,4 k €↑
2013
Annual accounts 201318,1 k €↓
2012
Annual accounts 201221,2 k €↓
2011
Annual accounts 201122,8 k €↓
2010
Annual accounts 201035,9 k €↓
2009
Annual accounts 200953,7 k €↓
2008
Annual accounts 200854 k €↑
2007
Annual accounts 200732,3 k €↑
2006
Annual accounts 2006-20,7 k €
10/04/1984
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

ELMARO

Overview

What does ELMARO 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