ACTIVE

CORDEEL BELGIUM

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Financial year 2025 · Closed on 31/12/2025

Net result-22,2 M €-295,8 %over 1 year

Revenue324,9 M €+82,9 %over 1 year

Equity61,2 M €+39,1 %over 1 year

Workforce349,4 ETP+113,8 %over 1 year

Identity

Source · BCE/KBO

CORDEEL BELGIUM is a Public limited company incorporated in 1985. Its main activity is: Construction of buildings. Its registered office is in Bilzen-Hoeselt. It employs on average 349,4 ETP workers (FTE).

Legal situation: Normal situation
BCE/KBO no. / VAT: BE 0427.302.321
Incorporation: 28/05/1985
Legal form: Public limited company
Registered office: Industrielaan 18
3730 Bilzen-Hoeselt · FlandreSee on map
Contributed capital: 13 785 000,00 €
Latest accounts: 31/12/2025
Average workforce: 349,4 ETP

Activities (NACE)

41003Construction of buildings· main 41203Construction of residential and non-residential buildings 45211Maintenance and repair of motor vehicles 45213Maintenance and repair of motor vehicles 41001Construction of buildings 41002Construction of buildings+2

Joint committees (3)

Signals

Healthy social debtsHigh revenue

Financials

Source · NBB, 23 filings

Trend over 20 financial years

	2025		2024		2023		2022		2021
Income statement
Revenue	324,9 M €	+82.9%	177,7 M €	-19.7%	221,3 M €	-10.6%	247,6 M €	+23.2%	201 M €
EBITDA	-13 M €	-237%	9,5 M €	+47.1%	6,4 M €	-74.2%	25 M €	+26.4%	19,8 M €
Operating result	-15,1 M €	-252%	9,9 M €	+163%	3,8 M €	-84.0%	23,6 M €	+28.8%	18,3 M €
Net result	-22,2 M €	-296%	11,4 M €	+94.8%	5,8 M €	-70.8%	20 M €	+9.5%	18,3 M €
Balance sheet
Equity	61,2 M €	+39.1%	44 M €	+34.8%	32,6 M €	-37.0%	51,8 M €	-8.8%	56,8 M €
Total assets	269,2 M €	+143%	110,6 M €	-1.6%	112,5 M €	-12.1%	128 M €	+8.8%	117,7 M €
Cash	10 M €	+75.2%	5,7 M €	+1.9%	5,6 M €	+38.7%	4,1 M €	-21.1%	5,1 M €
Debts	205,4 M €	+218%	64,6 M €	-17.7%	78,6 M €	+3.2%	76,1 M €	+25.7%	60,5 M €
Other
Workforce	349,4 ETP	+114%	163,4 ETP	-7.2%	176,1 ETP	-17.3%	212,9 ETP	+0.5%	211,9 ETP

Valuation

Indicative valuation

As an indication, this company is worth

between 50 M€ and 100 M€

See the valuation

Board of directors

Source · NBB, accounts to 31/12/2025

4 active · 5 ended

Active mandates

Director	Mandates in this company	Period	Other mandatescurrentendedstruck offbankruptcies
Virtalis1027.624.235Represented by Thomas De Loof	Director31/12/2025 → 31/12/2031
Mastorus1018.512.569Represented by Matias Raymaekers	Director11/02/2025 → 30/06/2031
DHK PROJECTS0676.531.151Represented by Kevin De Hainaut	Director26/09/2023 → 30/06/2029
Erik De Bruyn	Director01/07/2013 → 30/06/2025

Ended mandates

Director	Mandates in this company	Period	Other mandatescurrentendedstruck offbankruptcies
Dirk Cordeel	Director28/06/2019 → 2023 accounts
Filip Cordeel	Director28/06/2019 → 2023 accounts

Other companies at this address

Industrielaan 18 3730 Bilzen-Hoeselt

Company	CBE no.
AMBIORIX REAL ESTATE BOUW & PROMOTIE● Active	0659.890.010
AMBIORIX REAL ESTATE (LandCo)● Active	0659.889.515
CLEG● Active	0826.105.745
CLEZ● Active	0826.104.161
CORDEEL MAINTENANCE● Active	0822.224.953
CORFIUS IMMO● Active	0661.775.471
DUNGELHOEFF PRIVATE● Active	0845.724.588
IMMO MOTCHES● Active	0454.707.591
JBCOR RE● Active	0675.937.174
JBCOR RE BOUW EN PROMOTIE● Active	0675.938.560
Land Aalst● Active	0846.242.549
Mijnpark woon en promotie● Active	0681.375.807
MOLCOR● Active	0723.941.187
Parking Alexianenweg● Active	0787.398.389
THV Cordeel - Haex Neeroeteren● Active	0647.738.977
THV Cordeel - Jaspers - Eyers● Active	0687.856.692
THV Dijledelta● Active	0564.840.797
THV Kapertoren● Active	0695.460.997
THV MECHELEN ZUIDPOORT II● Active	0501.994.301
THV VLAAMSE SCHOLEN VAN MORGEN● Active	0543.981.641

Full financial information

Source · NBB

	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	01/01/2025	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	30/07/2026	01/07/2025	25/10/2024	24/08/2023	09/01/2023	12/07/2021
General meeting	30/06/2026	30/06/2025	30/08/2024	30/06/2023	30/06/2022	30/06/2021
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

Financial ratios

Source · NBB

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Annual accounts filings

Source · NBB, 23 filings

Model	Closing	General meeting	Filed	Language	Document
Full model	31/12/2025	30/06/2026	30/07/2026	Dutch	PDF
Full model	31/12/2024	30/06/2025	01/07/2025	Dutch	PDF
Full modelCorrection	31/12/2023	30/08/2024	25/10/2024	Dutch	PDF
Full model	31/12/2023	30/08/2024	13/09/2024	Dutch	PDF
Full model	31/12/2022	30/06/2023	24/08/2023	Dutch	PDF
Full modelCorrection	31/12/2021	30/06/2022	09/01/2023	Dutch	PDF
Full model	31/12/2021	30/06/2022	08/07/2022	Dutch	PDF
Full model	31/12/2020	30/06/2021	12/07/2021	Dutch	PDF
Full model	31/12/2019	30/06/2020	10/07/2020	Dutch	PDF
Full model	31/12/2018	28/06/2019	10/07/2019	Dutch	PDF
Full model	31/12/2017	30/06/2018	06/07/2018	Dutch	PDF
Full model	31/12/2016	30/06/2017	07/07/2017	Dutch	PDF
Full model	31/12/2015	30/06/2016	05/07/2016	Dutch	PDF
Full model	31/12/2014	30/06/2015	03/07/2015	Dutch	PDF
Full modelCorrection	31/12/2013	30/06/2014	30/06/2015	Dutch	PDF
Full model	31/12/2013	30/06/2014	04/07/2014	Dutch	PDF
Full model	31/12/2012	01/07/2013	09/07/2013	Dutch	PDF
Full model	31/12/2011	30/06/2012	06/07/2012	Dutch	PDF
Full model	31/12/2010	01/08/2011	16/08/2011	Dutch	PDF
Full model	31/12/2009	30/06/2010	07/07/2010	Dutch	PDF
Full model	31/12/2008	30/06/2009	10/07/2009	Dutch	PDF
Full model	31/12/2007	21/08/2008	08/09/2008	Dutch	PDF
Full model	31/12/2006	14/08/2007	30/11/2007	Dutch	PDF

Indicative valuation

Order of magnitude

As an indication, this company is worth

between 50 M€ and 100 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

4 active · 5 ended

Active mandates

Director	Mandates in this company	Period	Other mandatescurrentendedstruck offbankruptcies
Virtalis1027.624.235Represented by Thomas De Loof	Director31/12/2025 → 31/12/2031
Mastorus1018.512.569Represented by Matias Raymaekers	Director11/02/2025 → 30/06/2031
DHK PROJECTS0676.531.151Represented by Kevin De Hainaut	Director26/09/2023 → 30/06/2029
Erik De Bruyn	Director01/07/2013 → 30/06/2025

Ended mandates

Director	Mandates in this company	Period	Other mandatescurrentendedstruck offbankruptcies
Dirk Cordeel	Director28/06/2019 → 2023 accounts
Filip Cordeel	Director28/06/2019 → 2023 accounts

Ownership and network

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Belgian Official Gazette publications

Source · Belgian Official Gazette

Other07/09/2026
RvB dd 12.08.2026 - bevoegdheidsdelegatie
PDF
Capital / shares11/08/2026
KAPITAAL, AANDELEN
PDF
Mandates22/05/2026
ONTSLAGEN - BENOEMINGEN
PDF
Mandates21/01/2026
ONTSLAGEN - BENOEMINGEN
PDF
Restructuring15/01/2026
BENAMING - KAPITAAL - AANDELEN - ONTSLAGEN - BENOEMINGEN - RUBRIEK HERSTRUCTURERING (FUSIE, SPLITSING, OVERDRACHT VERMOGEN, ENZ...)
PDF
Mandates12/12/2025
ONTSLAGEN - BENOEMINGEN
PDF
Restructuring20/11/2025
RUBRIEK HERSTRUCTURERING (FUSIE, SPLITSING, OVERDRACHT VERMOGEN, ENZ...)
PDF
Mandates20/08/2025
ONTSLAGEN - BENOEMINGEN
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

Virtalis

Mastorus

DHK PROJECTS

Erik De Bruyn

Filip Cordeel

Paul Ivens

Dirk Cordeel

Luc Verhulst

John Van Den Bosch

19851986198719881989199019911992199319941995199619971998199920002001200220032004200520062007200820092010201120122013201420152016201720182019202020212022202320242025202620272028202920302031

CORDEEL BELGIUMCORDEEL ZETEL HOESELT

Industrielaan 18, 3730 Bilzen-Hoeselt

Director

DirectorManaging director

Director

CurrentPlanned, not yet servedEndedAccounts filedToday

Registered offices

Source · NBB annual accounts, CBE

Registered address	Period	Source
Industrielaan 18, 3730 Bilzen-HoeseltCurrent	accounts 2021 → 2025	Accounts 2025 · 2026-00370942

Company names

Source · NBB annual accounts, CBE

Name	Period	Source
CORDEEL BELGIUMCurrent	accounts 2025	Accounts 2025 · 2026-00370942
CORDEEL ZETEL HOESELT	accounts 2006 → 2024	Accounts 2024 · 2025-00211678

Events

31/12/2025
nominationVirtalis BV · bestuurder
31/12/2025
augmentation_capital
2025
Annual accounts 2025-22,2 M €↓
2025
Name changeCORDEEL BELGIUM
07/06/2025
nominationFrank Huybrechts · commissaris
01/04/2025
nominationDE HAINAUT Kevin · bijzondere gevolmachtigde (Categorie 1)
01/04/2025
nominationRAYMAEKERS Matias · bijzondere gevolmachtigde (Categorie 1)
01/04/2025
nominationGuy Thyssen · bijzondere gevolmachtigde (Categorie 1)
01/04/2025
nominationBenny Palmans · bijzondere gevolmachtigde (Categorie 2)
01/04/2025
nominationTheo Huls · bijzondere gevolmachtigde (Categorie 2)
01/04/2025
nominationKristien Olaerts · bijzondere gevolmachtigde (Categorie 2)
01/04/2025
nominationKurt Geris · bijzondere gevolmachtigde (Categorie 2)
01/04/2025
nominationHEYRMAN Gerry · bijzondere gevolmachtigde (Categorie 3)
01/04/2025
nominationMaaike Pots · bijzondere gevolmachtigde (Categorie 4)
01/04/2025
nominationArianne Vervliet · bijzondere gevolmachtigde voor publicatie
11/02/2025
nominationMastorus BV · bestuurder
2024
Annual accounts 202411,4 M €↑
31/07/2024
autre
2023
Annual accounts 20235,8 M €↓
18/10/2023
reconductionBart Roose · commissaris
26/09/2023
nominationDHK Projects BV · bestuurder
06/09/2023
nominationFilip Cordeel · bijzondere gevolmachtigde (Categorie 1)
06/09/2023
nominationGuy Thyssen · bijzondere gevolmachtigde (Categorie 1)
06/09/2023
nominationBenny Palmans · bijzondere gevolmachtigde (Categorie 2)
06/09/2023
nominationTheo Huls · bijzondere gevolmachtigde (Categorie 2)
06/09/2023
nominationKristien Olaerts · bijzondere gevolmachtigde (Categorie 2)
06/09/2023
nominationKurt Geris · bijzondere gevolmachtigde (Categorie 2)
06/09/2023
nominationHilde Vangilbergen · bijzondere gevolmachtigde (Categorie 3 via Tsundoku Ventures BV)
06/09/2023
nominationMaaike Pots · bijzondere gevolmachtigde (Categorie 4)
06/09/2023
nominationArianne Vervliet · bijzondere gevolmachtigde voor publicatie
2022
Annual accounts 202220 M €↑
2021
Annual accounts 202118,3 M €↑
2020
Annual accounts 20206,2 M €↑
2019
Annual accounts 20195,2 M €↑
2018
Annual accounts 20181,9 M €↓
2017
Annual accounts 20174,6 M €↑
2016
Annual accounts 20162,2 M €↑
2015
Annual accounts 20151,5 M €↓
2014
Annual accounts 20142,2 M €↓
2013
Annual accounts 20132,2 M €↑
2012
Annual accounts 20122 M €↑
2011
Annual accounts 20112 M €↑
2010
Annual accounts 2010349,5 k €↓
2009
Annual accounts 2009493,1 k €↓
2008
Annual accounts 20081,7 M €↑
2007
Annual accounts 2007-169 k €↓
2006
Annual accounts 2006612,3 k €
28/05/1985
IncorporationPublic limited company

CORDEEL BELGIUM

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