ACTIVE

Cerba Research

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Financial year 2025 · Closed on 31/12/2025

Net result-57,5 M €-135,7 %over 1 year
Revenue47,6 M €-25,0 %over 1 year
Equity-8 M €-116,1 %over 1 year
Workforce129,3 ETP-18,6 %over 1 year

Identity

Source · BCE/KBO

Cerba Research is a Public limited company incorporated in 1983. Its registered office is in Gent. It employs on average 129,3 ETP workers (FTE).

Legal situation
Normal situation
BCE/KBO no. / VAT
BE 0425.663.615
Incorporation
21/12/1983
Legal form
Public limited company
Registered office
Industriepark-Zwijnaarde 3
9052 Gent · FlandreSee on map
Contributed capital
94 796 000,04 €
Latest accounts
31/12/2025
Average workforce
129,3 ETP
Joint committees (2)
  • 30502
  • 330
Signals
Healthy social debtsHigh revenue

Financials

Source · NBB, 22 filings

Trend over 20 financial years

20252024202320222021
Income statement
Revenue47,6 M €63,5 M €76,4 M €71,9 M €54,3 M €
EBITDA-22,9 M €-30,2 M €-18,5 M €-7,1 M €2,4 M €
Operating result-27 M €-36,7 M €-22,7 M €-11,3 M €-669,3 k €
Net result-57,5 M €-24,4 M €-17,2 M €-5,7 M €-4,2 M €
Balance sheet
Equity-8 M €49,5 M €73,9 M €91,1 M €46,8 M €
Total assets138,3 M €179,2 M €207,4 M €196,3 M €167,8 M €
Cash2,1 M €767,6 k €27,9 M €11,2 M €4,2 M €
Debts146,3 M €126 M €133,4 M €105 M €120,8 M €
Other
Workforce129,3 ETP158,9 ETP177,1 ETP148,2 ETP117,5 ETP

Board of directors

Source · NBB, accounts to 31/12/2025

6 active · 41 ended

Active mandates

Julien Samson

Director · since 12 septembre 2025 · until 18 avril 2028

Active
Nathalie Lomon

Director · since 12 septembre 2025 · until 18 avril 2028

Active
Paul Navarre

Chairman of the board of directors · since 12 mai 2025 · until 12 septembre 2025

Active
Maria Fotiu

Managing director · since 14 mars 2025 · until 18 avril 2028

Active
David Christiaan Peters

Director · since 01 avril 2024 · until 13 février 2026

Active
Emmanuel Ligner

Managing director · since 01 avril 2024 · until 13 mars 2025

Active

Ended mandates

David Christiaan Peters

Director · since 01 avril 2024 · until 17 avril 2029

Ended
Emmanuel Ligner

Managing director · since 01 avril 2024 · until 17 avril 2029

Ended
Nuala Murphy

Managing director · since 01 décembre 2023 · until 01 avril 2024

Ended
Paul Navarre

Chairman of the board of directors · since 01 décembre 2023 · until 12 septembre 2025

Ended

Full financial information

Source · NBB
202520242023202220212020
Type of accountFull modelFull modelFull modelFull modelFull modelFull model
Start of the financial year01/01/202501/01/202401/01/202301/01/202201/01/202101/01/2020
Closing of the financial year31/12/202531/12/202431/12/202331/12/202231/12/202131/12/2020
Length of the financial year12 months12 months12 months12 months12 months12 months
Filing date29/06/202630/01/202614/03/202507/12/202306/07/202229/07/2021
General meeting26/06/202630/01/202628/02/202530/06/202330/06/202230/06/2021
Currency of the financial yearEUREUREUREUREUREUR
NBB quality labelSatisfying controlsSatisfying controlsSatisfying controlsSatisfying controlsSatisfying controlsSatisfying controls

Financial ratios

Source · NBB

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Annual accounts filings

Source · NBB, 22 filings
ModelClosingGeneral meetingFiledLanguageDocument
Full model31/12/202526/06/202629/06/2026DutchPDF
Full model31/12/202430/01/202630/01/2026DutchPDF
Full model31/12/202328/02/202514/03/2025DutchPDF
Full modelCorrection31/12/202230/06/202307/12/2023DutchPDF
Full model31/12/202230/06/202314/07/2023DutchPDF
Full model31/12/202130/06/202206/07/2022DutchPDF
Full model31/12/202030/06/202129/07/2021DutchPDF
Full model31/12/201918/09/202029/09/2020DutchPDF
Full model31/12/201828/06/201925/07/2019DutchPDF
Full model31/12/201729/06/201825/07/2018DutchPDF
Full model31/12/201629/06/201713/07/2017DutchPDF
Full model31/12/201529/06/201620/07/2016DutchPDF
Full model31/12/201430/06/201523/07/2015DutchPDF
Full model31/12/201329/08/201429/08/2014DutchPDF
Full model31/12/201207/06/201322/07/2013DutchPDF
Full model31/12/201101/06/201228/06/2012DutchPDF
Full model31/12/201023/03/201129/06/2011DutchPDF
Full model31/12/200920/04/201022/06/2010DutchPDF
Full modelCorrection31/12/200821/04/200922/06/2010DutchPDF
Full model31/12/200821/04/200920/05/2009DutchPDF
Full model31/12/200731/05/200826/06/2008DutchPDF
Full model31/12/200631/05/200711/06/2007DutchPDF

Indicative valuation

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

6 active · 41 ended

Active mandates

Julien Samson

Director · since 12 septembre 2025 · until 18 avril 2028

Active
Nathalie Lomon

Director · since 12 septembre 2025 · until 18 avril 2028

Active
Paul Navarre

Chairman of the board of directors · since 12 mai 2025 · until 12 septembre 2025

Active
Maria Fotiu

Managing director · since 14 mars 2025 · until 18 avril 2028

Active
David Christiaan Peters

Director · since 01 avril 2024 · until 13 février 2026

Active
Emmanuel Ligner

Managing director · since 01 avril 2024 · until 13 mars 2025

Active

Ended mandates

David Christiaan Peters

Director · since 01 avril 2024 · until 17 avril 2029

Ended
Emmanuel Ligner

Managing director · since 01 avril 2024 · until 17 avril 2029

Ended
Nuala Murphy

Managing director · since 01 décembre 2023 · until 01 avril 2024

Ended
Paul Navarre

Chairman of the board of directors · since 01 décembre 2023 · until 12 septembre 2025

Ended

Ownership and network

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Belgian Official Gazette publications

Source · Belgian Official Gazette
  • Mandates02/06/2026
    ONTSLAGEN - BENOEMINGEN
    PDF
  • Mandates31/10/2025
    ONTSLAGEN - BENOEMINGEN
    PDF
  • Mandates27/06/2024
    ONTSLAGEN - BENOEMINGEN
    PDF
  • Other27/06/2024
    DIVERSEN
    PDF
  • Mandates27/06/2024
    ONTSLAGEN - BENOEMINGEN
    PDF
  • Mandates17/08/2023
    ONTSLAGEN - BENOEMINGEN
    PDF
  • Capital / shares20/12/2022
    STATUTEN (VERTALING, COÖRDINATIE, OVERIGE WIJZIGINGEN, …) - KAPITAAL - AANDELEN
    PDF
  • Mandates21/10/2022
    ONTSLAGEN - BENOEMINGEN
    PDF

Similar companies

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

See the Business plan

Timeline

  1. 09/03/2026
    nominationElie Janssens — vaste vertegenwoordiger (commissaris)
  2. 2025
    Annual accounts 2025-57,5 M €↓
  3. 12/09/2025
    nominationJulien Samson — bestuurder
  4. 12/09/2025
    nominationNathalie Lomon — bestuurder
  5. 12/05/2025
    nominationPaul Navarre — Voorzitter van de Raad van Bestuur
  6. 14/03/2025
    nominationMaria Fotiu — bestuurder
  7. 2024
    Annual accounts 2024-24,4 M €↓
  8. 01/04/2024
    nominationEmmanuel Ligner — bestuurder
  9. 01/04/2024
    nominationDavid Christiaan Peters — bestuurder
  10. 2023
    Annual accounts 2023-17,2 M €↓
  11. 01/12/2023
    nominationNuala Murphy — bestuurder
  12. 01/12/2023
    nominationPaul Navarre — bestuurder
  13. 28/06/2023
    nominationJérôme Thill — voorzitter van de Raad van Bestuur
  14. 28/04/2023
    nominationPhilippe Buhl — bestuurder
  15. 2022
    Annual accounts 2022-5,7 M €↓
  16. 12/12/2022
    augmentation_capitalCerba HealthCare International
  17. 06/12/2022
    nominationDidier Delanoye — commissaris
  18. 01/07/2022
    reconductionMario PAPILLON — gedelegeerd bestuurder
  19. 01/07/2022
    reconductionCatherine RONDOT-COURBOILLET — Voorzitter van de Raad van Bestuur
  20. 30/06/2022
    reconductionMario PAPILLON — bestuurder
  21. 30/06/2022
    reconductionJérôme THILL — bestuurder
  22. 30/06/2022
    reconductionCatherine RONDOT-COURBOILLET — bestuurder
  23. 30/06/2022
    reconductionPwC Bedrijfsrevisoren bv — commissaris
  24. 2021
    Annual accounts 2021-4,2 M €↓
  25. 01/09/2021
    nominationDidier DELANOYE — bedrijfsrevisor
  26. 2020
    Annual accounts 20206,1 M €↑
  27. 2019
    Annual accounts 2019-5,3 M €↑
  28. 2018
    Annual accounts 2018-6,5 M €↑
  29. 2017
    Annual accounts 2017-7,9 M €↓
  30. 2016
    Annual accounts 2016-5,6 M €↑
  31. 2015
    Annual accounts 2015-7,4 M €↓
  32. 2014
    Annual accounts 2014-947,4 k €↓
  33. 2013
    Annual accounts 20131,6 M €↑
  34. 2012
    Annual accounts 2012-7,7 M €↓
  35. 2011
    Annual accounts 2011-1,9 M €↑
  36. 2010
    Annual accounts 2010-32,2 M €↓
  37. 2009
    Annual accounts 20092,7 M €↑
  38. 2008
    Annual accounts 2008-2,2 M €↓
  39. 2007
    Annual accounts 200737,8 M €↑
  40. 2006
    Annual accounts 20063 M €
  41. 21/12/1983
    IncorporationPublic limited company