ACTIVE

Eqwal

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Financial year 2025 · closed on 30/09/2025

Net result

1,2 M €

-49.6% YoY

Revenue

38,9 M €

+13.0% YoY

Equity

7,6 M €

-21.6% YoY

Workforce

187,8 ETP

+18.8% YoY

What does Eqwal do?

Eqwal is a Public limited company incorporated in 1984. Its registered office is in Gent. It employs on average 187,8 ETP workers (FTE).

Legal situation

● Normal situation

BCE/KBO no. / VAT

BE 0426.419.720

Incorporation

26/10/1984

Legal form

Public limited company

Registered office

Herman Teirlinckstraat 15
9041 Gent · FlandreSee on map

Contributed capital

808 686,00 €

Latest accounts

30/09/2025

Average workforce

187,8 ETP

Joint committees (7)

100
12802
12806
200
201
218
340

Signals

ProfitableSolid equityLow riskPositive cashflowPositive EBITDAHealthy social debtsHigh revenue

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	38,9 M €	+13.0%	34,5 M €	+32.4%	26,1 M €	+19.0%	21,9 M €	+48.1%	14,8 M €	-17.5%	17,9 M €	-6.9%	19,2 M €	+3.6%	18,6 M €	+5.2%	17,7 M €	+4.9%	16,8 M €	+20.6%	14 M €	+1.2%	13,8 M €	+1.8%	13,5 M €	-0.1%	13,5 M €	+18.0%	11,5 M €	+5.2%	10,9 M €	+3.4%	10,5 M €	-2.4%	10,8 M €	+8.1%	10 M €	+16.6%	8,6 M €
EBITDA	3,6 M €	-21.6%	4,6 M €	+4.9%	4,3 M €	+0.4%	4,3 M €	+81.6%	2,4 M €	-21.0%	3 M €	+68.9%	1,8 M €	-8.0%	1,9 M €	+54.5%	1,3 M €	+61.1%	780,2 k €	+6.3%	734,3 k €	+42.8%	514,2 k €	+4.1%	493,9 k €	-11.5%	558 k €	+3.0%	541,6 k €	-4.4%	566,4 k €	-14.2%	660,3 k €	+21.2%	544,9 k €	+0.6%	541,6 k €	-4.3%	565,8 k €
Operating result	1,7 M €	-47.7%	3,2 M €	-2.8%	3,3 M €	+0.1%	3,3 M €	+175%	1,2 M €	-41.8%	2,1 M €	+119%	938 k €	-18.6%	1,2 M €	+99.3%	578 k €	+60.2%	360,8 k €	-25.6%	485,1 k €	+146%	197,4 k €	+38.6%	142,5 k €	+15.6%	123,3 k €	-27.4%	169,9 k €	-26.0%	229,6 k €	-42.2%	397,1 k €	+47.1%	270 k €	+10.7%	243,8 k €	-31.2%	354,3 k €
Net result	1,2 M €	-49.6%	2,4 M €	-2.7%	2,5 M €	-1.2%	2,5 M €	+214%	790,3 k €	-41.9%	1,4 M €	+179%	487,6 k €	-33.8%	736,1 k €	+194%	250,5 k €	+43.5%	174,6 k €	-39.7%	289,4 k €	+48.7%	194,6 k €	+95.4%	99,6 k €	+126%	44,1 k €	-42.1%	76,1 k €	-30.7%	109,9 k €	-46.6%	205,6 k €	+22.1%	168,4 k €	+64.3%	102,5 k €	-35.5%	158,8 k €
Balance sheet
Equity	7,6 M €	-21.6%	9,7 M €	+41.8%	6,9 M €	+0.0%	6,9 M €	+27.6%	5,4 M €	-11.7%	6,1 M €	+28.8%	4,7 M €	+11.5%	4,2 M €	+21.0%	3,5 M €	+35.1%	2,6 M €	+17.2%	2,2 M €	+15.1%	1,9 M €	+11.3%	1,7 M €	+6.1%	1,6 M €	+7.2%	1,5 M €	+5.3%	1,4 M €	+7.4%	1,3 M €	-4.3%	1,4 M €	+13.6%	1,2 M €	+9.1%	1,1 M €
Total assets	21,6 M €	-11.0%	24,3 M €	+42.5%	17,1 M €	+25.8%	13,6 M €	+10.4%	12,3 M €	-23.9%	16,2 M €	-2.8%	16,6 M €	+6.0%	15,7 M €	+16.0%	13,5 M €	+37.7%	9,8 M €	+18.1%	8,3 M €	+8.7%	7,6 M €	+16.9%	6,5 M €	-8.8%	7,2 M €	+12.9%	6,4 M €	+18.1%	5,4 M €	-2.7%	5,5 M €	+14.1%	4,9 M €	+5.6%	4,6 M €	+1.9%	4,5 M €
Cash	10,7 k €	-93.3%	158,5 k €	-89.6%	1,5 M €	-4.5%	1,6 M €	+92.9%	830,5 k €	-34.3%	1,3 M €	+66.2%	760,6 k €	+107%	367,6 k €	-27.5%	507,3 k €	-25.1%	677,5 k €	+5.8%	640,2 k €	-18.4%	784,2 k €	+83.0%	428,4 k €	+68.0%	255,1 k €	+83.7%	138,9 k €	-42.0%	239,2 k €	-47.4%	454,6 k €	+187%	158,6 k €	+8.5%	146,3 k €	-66.2%	433,3 k €
Debts	13,9 M €	-4.9%	14,6 M €	+44.3%	10,1 M €	+51.4%	6,7 M €	-2.4%	6,8 M €	-31.7%	10 M €	-15.2%	11,8 M €	+3.9%	11,4 M €	+13.7%	10 M €	+41.3%	7,1 M €	+18.8%	6 M €	+6.4%	5,6 M €	+17.3%	4,8 M €	-13.4%	5,5 M €	+14.0%	4,8 M €	+24.7%	3,9 M €	-6.1%	4,1 M €	+22.0%	3,4 M €	+2.5%	3,3 M €	-2.2%	3,4 M €
Other
Workforce	187,8 ETP	+18.8%	158,1 ETP	+42.2%	111,2 ETP	+11.0%	100,2 ETP	+8.7%	92,2 ETP	-6.1%	98,2 ETP	-1.2%	99,4 ETP	+0.5%	98,9 ETP	+12.1%	88,2 ETP	+89.3%	46,6 ETP	+40.4%	33,2 ETP	+4.1%	31,9 ETP	-0.3%	32,0 ETP	+10.7%	28,9 ETP	+3.6%	27,9 ETP	+11.2%	25,1 ETP	-19.3%	31,1 ETP	-7.4%	33,6 ETP	+2.8%	32,7 ETP	+12.0%	29,2 ETP

Estimate

Indicative valuation

As an indication, this company is worth

between 25 M€ and 50 M€

See the valuation

Governance

Board of directors

Seen on filing of 30/09/2024 · 1 active · 22 ended

Active mandates

FINICOMA

Managing director · since 30 mars 2020 · until 30 mars 2026 · 0668.547.457

Represented by Jean-Pierre Mahé

Active

Ended mandates

FINICOMA

Managing director · since 30 mars 2020 · until 06 juin 2026 · 0668.547.457

Represented by Filip Hoornaert

Ended

Hoornaert Nicolas

Director · since 10 novembre 2017 · until 10 novembre 2023

Ended

Romani Management

Managing director · since 10 novembre 2017 · until 10 novembre 2023 · 0894.953.276

Represented by BE 0668.547.457 Finicoma GCV

Ended

Romani Management

Managing director · since 06 octobre 2014 · until 26 juin 2015 · 0894.953.276

Represented by Filip Hoornaert

Ended

At this address

Other companies at this address

Company	CBE no.
Eqwal Care● Active	0707.608.763
Eqwal Roeselare● Active	0450.255.093
Eqwal Stomacare● Active	0849.873.517
FINICOMA● Active	0668.547.457
Nixa-Phone● Liquidation	0827.622.410

Annual accounts

Full financial information

	2025	2024	2023	2022	2021	2020
Type of account	Full model	Full model	Full model	Full model	Full model	Full model
Start of the financial year	01/10/2024	01/10/2023	01/10/2022	01/10/2021	01/01/2021	01/01/2020
Closing of the financial year	30/09/2025	30/09/2024	30/09/2023	30/09/2022	30/09/2021	31/12/2020
Length of the financial year	12 months	12 months	12 months	12 months	9 months	12 months
Filing date	20/04/2026	17/04/2025	30/04/2024	03/05/2023	31/03/2022	23/06/2021
General meeting	20/03/2026	31/03/2025	26/04/2024	31/03/2023	07/03/2022	05/06/2021
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
Full model	30/09/2025	20/03/2026	20/04/2026	Dutch	PDF
Full model	30/09/2024	31/03/2025	17/04/2025	Dutch	PDF
Full model	30/09/2023	26/04/2024	30/04/2024	Dutch	PDF
Full model	30/09/2022	31/03/2023	03/05/2023	Dutch	PDF
Full model	30/09/2021	07/03/2022	31/03/2022	Dutch	PDF
Full model	31/12/2020	05/06/2021	23/06/2021	Dutch	PDF
Full model	31/12/2019	27/07/2020	30/07/2020	Dutch	PDF
Full model	31/12/2018	28/06/2019	23/07/2019	Dutch	PDF
Full model	31/12/2017	29/06/2018	13/07/2018	Dutch	PDF
Full model	31/12/2016	30/06/2017	06/10/2017	Dutch	PDF
Full model	31/12/2015	30/06/2016	29/07/2016	Dutch	PDF
Full model	31/12/2014	26/06/2015	24/07/2015	Dutch	PDF
Full model	31/12/2013	27/06/2014	24/07/2014	Dutch	PDF
Full model	31/12/2012	29/06/2013	19/07/2013	Dutch	PDF
Full model	31/12/2011	30/06/2012	24/07/2012	Dutch	PDF
Full model	31/12/2010	30/06/2011	11/07/2011	Dutch	PDF
Full model	31/12/2009	30/06/2010	26/07/2010	Dutch	PDF
Full model	31/12/2008	30/06/2009	27/07/2009	Dutch	PDF
Full model	31/12/2007	30/06/2008	22/07/2008	Dutch	PDF
Full model	31/12/2006	20/06/2007	20/07/2007	Dutch	PDF

Estimate

Indicative valuation

Order of magnitude

As an indication, this company is worth

between 25 M€ and 50 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 30/09/2024 · 1 active · 22 ended

Active mandates

FINICOMA

Managing director · since 30 mars 2020 · until 30 mars 2026 · 0668.547.457

Represented by Jean-Pierre Mahé

Active

Ended mandates

FINICOMA

Managing director · since 30 mars 2020 · until 06 juin 2026 · 0668.547.457

Represented by Filip Hoornaert

Ended

Hoornaert Nicolas

Director · since 10 novembre 2017 · until 10 novembre 2023

Ended

Romani Management

Managing director · since 10 novembre 2017 · until 10 novembre 2023 · 0894.953.276

Represented by BE 0668.547.457 Finicoma GCV

Ended

Romani Management

Managing director · since 06 octobre 2014 · until 26 juin 2015 · 0894.953.276

Represented by Filip Hoornaert

Ended

Shareholders

Ownership and network

Looking for more information about this company?

Try for 7 days

Belgian Official Gazette

Belgian Official Gazette publications

Restructuring09/02/2026
KAPITAAL - AANDELEN - RUBRIEK HERSTRUCTURERING (FUSIE, SPLITSING, OVERDRACHT VERMOGEN, ENZ...)
PDF
Restructuring09/02/2026
KAPITAAL - AANDELEN - RUBRIEK HERSTRUCTURERING (FUSIE, SPLITSING, OVERDRACHT VERMOGEN, ENZ...)
PDF
Other04/12/2025
STATUTEN (VERTALING, COÖRDINATIE, OVERIGE WIJZIGINGEN, ) - BENAMING
PDF
Other20/11/2025
DIVERSEN
PDF
Other20/11/2025
DIVERSEN
PDF
Other20/11/2025
DIVERSEN
PDF
Mandates30/05/2025
ONTSLAGEN - BENOEMINGEN
PDF
Capital / shares28/04/2025
KAPITAAL - AANDELEN
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 20251,2 M €↓
2025
Name changeEqwal
2024
Annual accounts 20242,4 M €↓
2023
Annual accounts 20232,5 M €↓
2022
Annual accounts 20222,5 M €↑
2021
Annual accounts 2021790,3 k €↓
2020
Annual accounts 20201,4 M €↑
2019
Annual accounts 2019487,6 k €↓
2018
Annual accounts 2018736,1 k €↑
2017
Annual accounts 2017250,5 k €↑
2016
Annual accounts 2016174,6 k €↓
2015
Annual accounts 2015289,4 k €↑
2014
Annual accounts 2014194,6 k €↑
2014
Name changeAQTOR !
2013
Annual accounts 201399,6 k €↑
2012
Annual accounts 201244,1 k €↓
2011
Annual accounts 201176,1 k €↓
2010
Annual accounts 2010109,9 k €↓
2009
Annual accounts 2009205,6 k €↑
2008
Annual accounts 2008168,4 k €↑
2007
Annual accounts 2007102,5 k €↓
2006
Annual accounts 2006158,8 k €
2006
Name changeTECHNISCHE ORTHOPEDIE BELGIE
26/10/1984
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

Eqwal

Overview

What does Eqwal 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