ACTIVE

HESBAYEFROST

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Financial year 2025 · closed on 30/06/2025

Net result

4,1 M €

-69.9% YoY

Revenue

134,4 M €

-6.5% YoY

Equity

32,9 M €

+14.2% YoY

Workforce

342,1 ETP

+1.1% YoY

What does HESBAYEFROST do?

HESBAYEFROST is a Public limited company incorporated in 1985. Its registered office is in Geer. It employs on average 342,1 ETP workers (FTE).

Legal situation

● Normal situation

BCE/KBO no. / VAT

BE 0427.405.457

Incorporation

29/05/1985

Legal form

Public limited company

Registered office

Rue Emile Lejeune(GR) 20
4250 Geer · WallonieSee on map

Contributed capital

2 210 000,00 €

Latest accounts

30/06/2025

Average workforce

342,1 ETP

Joint committees (2)

Signals

ProfitableSolid equityLow riskPositive cashflowPositive EBITDAHigh revenue

View the BCE/KBO Public Search record →

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✦ Verdict · Analyst summary

Financials

Trend over 18 financial years

	2025		2024		2023		2022		2021		2020		2019		2018		2017		2016		2015		2013		2011		2010		2009		2008		2007		2006
Income statement
Revenue	134,4 M €	-6.5%	143,8 M €	+10.6%	130 M €	+25.1%	103,9 M €	-3.3%	107,4 M €	-7.1%	115,7 M €	+4.6%	110,6 M €	+1.8%	108,6 M €	+4.2%	104,2 M €	+13.9%	91,5 M €	-30.9%	132,5 M €	+22.6%	108,1 M €	+10.8%	97,5 M €	+10.8%	88 M €	+2.5%	85,9 M €	+2.9%	83,4 M €	+1.3%	82,4 M €	+15.0%	71,6 M €
EBITDA	12,1 M €	-48.7%	23,6 M €	+11.3%	21,2 M €	+191%	7,3 M €	-8.1%	7,9 M €	+6.3%	7,5 M €	-4.2%	7,8 M €	-2.4%	8 M €	-10.0%	8,9 M €	-1.6%	9 M €	-23.6%	11,8 M €	+28.7%	9,2 M €	-4.8%	9,6 M €	+3.3%	9,3 M €	+13.0%	8,2 M €	-15.8%	9,8 M €	-15.3%	11,6 M €	+13.9%	10,2 M €
Operating result	7,6 M €	-62.6%	20,2 M €	+20.1%	16,8 M €	+504%	2,8 M €	+25.1%	2,2 M €	+111%	1,1 M €	+145%	429,7 k €	-26.3%	582,9 k €	-85.3%	4 M €	-21.1%	5 M €	-31.6%	7,4 M €	+11.7%	6,6 M €	+12.2%	5,9 M €	+3.1%	5,7 M €	+67.9%	3,4 M €	-26.0%	4,6 M €	-35.1%	7,1 M €	+27.1%	5,6 M €
Net result	4,1 M €	-69.9%	13,6 M €	+20.5%	11,3 M €	+553%	1,7 M €	+46.6%	1,2 M €	+359%	256,7 k €	+23051%	-1,1 k €	-101%	121,3 k €	-95.1%	2,5 M €	-54.5%	5,4 M €	+49.2%	3,6 M €	-20.0%	4,5 M €	+8.5%	4,2 M €	+9.4%	3,8 M €	+75.5%	2,2 M €	+15.9%	1,9 M €	-53.8%	4,1 M €	+24.9%	3,2 M €
Balance sheet
Equity	32,9 M €	+14.2%	28,9 M €	+24.1%	23,2 M €	+45.7%	16 M €	+12.2%	14,2 M €	+9.0%	13 M €	-17.4%	15,8 M €	-16.1%	18,8 M €	-23.9%	24,7 M €	+10.8%	22,3 M €	-13.5%	25,8 M €	+6.7%	24,2 M €	+28.1%	18,9 M €	+12.9%	16,7 M €	+12.1%	14,9 M €	+1.1%	14,8 M €	+14.5%	12,9 M €	+12.1%	11,5 M €
Total assets	103,6 M €	+22.4%	84,6 M €	+9.8%	77,1 M €	+2.1%	75,5 M €	-0.2%	75,6 M €	+0.4%	75,3 M €	+1.3%	74,3 M €	+11.3%	66,7 M €	-12.0%	75,9 M €	+9.0%	69,6 M €	-3.8%	72,3 M €	-11.8%	82 M €	+10.1%	74,4 M €	+11.9%	66,5 M €	-0.9%	67,2 M €	-10.9%	75,4 M €	+11.0%	67,9 M €	+10.7%	61,4 M €
Cash	63,2 k €	+112%	29,8 k €	-40.7%	50,3 k €	+657%	6,6 k €	-71.6%	23,4 k €	-62.7%	62,7 k €	-30.6%	90,3 k €	+4.3%	86,6 k €	-95.1%	1,8 M €	+207%	581 k €	+34.7%	431,2 k €	-57.2%	1 M €	+205%	330,4 k €	-27.4%	455,2 k €	-29.6%	646,8 k €	-54.7%	1,4 M €	+434%	267,7 k €	+15.7%	231,3 k €
Debts	68,6 M €	+24.3%	55,2 M €	+4.3%	52,9 M €	-10.9%	59,4 M €	-3.1%	61,3 M €	-1.5%	62,2 M €	+6.7%	58,3 M €	+22.6%	47,5 M €	-6.3%	50,7 M €	+8.0%	46,9 M €	+1.9%	46 M €	-20.0%	57,5 M €	+3.9%	55,4 M €	+12.1%	49,4 M €	-4.4%	51,6 M €	-14.0%	60,1 M €	+10.1%	54,5 M €	+10.1%	49,5 M €
Other
Workforce	342,1 ETP	+1.1%	338,3 ETP	+3.2%	327,9 ETP	-2.6%	336,8 ETP	-0.7%	339,2 ETP	-2.8%	349,0 ETP	+2.7%	339,8 ETP	+3.7%	327,6 ETP	+15.8%	283,0 ETP	+6.6%	265,6 ETP	-3.7%	275,9 ETP	-0.3%	276,8 ETP	+4.0%	266,1 ETP	+5.7%	251,8 ETP	+0.1%	251,6 ETP	-3.0%	259,3 ETP	+6.5%	243,5 ETP	+8.4%	224,6 ETP

Estimate

Indicative valuation

As an indication, this company is worth

between 100 M€ and 250 M€

See the valuation

Governance

Board of directors

Seen on filing of 30/06/2025 · 6 active · 36 ended

Active mandates

CD - X

Director · since 01 février 2025 · until 31 janvier 2028 · 0479.834.749

Represented by Carl Dewulf

Active

CIBUS Consult

Director · since 01 février 2025 · until 31 janvier 2028 · 0612.970.021

Represented by Michaël Van Dyck

Active

SASTRACO

Director · since 01 février 2025 · until 31 janvier 2028 · 0817.731.873

Represented by Sabine SAGAERT

Active

VASTICOM

Director · since 01 février 2025 · until 31 janvier 2028 · 0551.837.750

Represented by JAN VANDER STICHELE

Active

Spinola

Director · since 13 septembre 2023 · until 01 janvier 2026 · 0755.845.576

Represented by Michel Delbaere

Active

VIMICON

Director · since 13 septembre 2023 · until 25 novembre 2028 · 0697.701.303

Represented by TIJL GOENS

Active

Ended mandates

Eveline Maertens

Director · since 28 février 2024 · until 25 novembre 2025

Ended

GABRIELLE KALKWIJK

Director · since 13 septembre 2023 · until 25 novembre 2025

Ended

JP Foodconsult

Director · since 13 septembre 2023 · until 25 novembre 2025 · 0826.031.907

Represented by Johan POLFLIET

Ended

MICHEL DELBAERE

Director · since 13 septembre 2023 · until 25 novembre 2025

Ended

At this address

Other companies at this address

Company	CBE no.
APLIGEER● Active	0468.573.445
HESBAYE ENERGIE● Active	0773.531.646
HESBAYE IMMO● Active	0849.190.260
RÉSERVES NATURELLES DU HAUT-GEER● Active	0540.968.109

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	01/07/2024	01/07/2023	01/07/2022	01/07/2021	01/07/2020	01/07/2019
Closing of the financial year	30/06/2025	30/06/2024	30/06/2023	30/06/2022	30/06/2021	30/06/2020
Length of the financial year	12 months	12 months	12 months	12 months	12 months	12 months
Filing date	18/12/2025	23/12/2024	12/12/2023	13/12/2022	13/12/2021	15/12/2020
General meeting	25/11/2025	26/11/2024	28/11/2023	29/11/2022	30/11/2021	24/11/2020
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	30/06/2025	25/11/2025	18/12/2025	French	PDF
Full model	30/06/2024	26/11/2024	23/12/2024	French	PDF
Full model	30/06/2023	28/11/2023	12/12/2023	French	PDF
Full model	30/06/2022	29/11/2022	13/12/2022	French	PDF
Full model	30/06/2021	30/11/2021	13/12/2021	French	PDF
Full model	30/06/2020	24/11/2020	15/12/2020	French	PDF
Full model	30/06/2019	26/11/2019	12/12/2019	French	PDF
Full model	30/06/2018	27/11/2018	21/12/2018	French	PDF
Full model	30/06/2017	28/11/2017	11/12/2017	French	PDF
Full model	30/06/2016	01/12/2016	19/12/2016	French	PDF
Full modelCorrection	30/06/2015	03/12/2015	28/09/2016	French	PDF
Full model	30/06/2015	03/12/2015	22/12/2015	French	PDF
Full model	31/12/2013	16/05/2014	12/06/2014	French	PDF
Full model	31/12/2012	17/05/2013	10/06/2013	French	PDF
Full model	31/12/2011	18/05/2012	21/06/2012	French	PDF
Full model	31/12/2010	20/05/2011	23/06/2011	French	PDF
Full model	31/12/2009	21/05/2010	16/06/2010	French	PDF
Full model	31/12/2008	15/05/2009	12/06/2009	French	PDF
Full model	31/12/2007	16/05/2008	12/06/2008	French	PDF
Full model	31/12/2006	18/05/2007	13/06/2007	French	PDF

Estimate

Indicative valuation

Order of magnitude

As an indication, this company is worth

between 100 M€ and 250 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 30/06/2025 · 6 active · 36 ended

Active mandates

CD - X

Director · since 01 février 2025 · until 31 janvier 2028 · 0479.834.749

Represented by Carl Dewulf

Active

CIBUS Consult

Director · since 01 février 2025 · until 31 janvier 2028 · 0612.970.021

Represented by Michaël Van Dyck

Active

SASTRACO

Director · since 01 février 2025 · until 31 janvier 2028 · 0817.731.873

Represented by Sabine SAGAERT

Active

VASTICOM

Director · since 01 février 2025 · until 31 janvier 2028 · 0551.837.750

Represented by JAN VANDER STICHELE

Active

Spinola

Director · since 13 septembre 2023 · until 01 janvier 2026 · 0755.845.576

Represented by Michel Delbaere

Active

VIMICON

Director · since 13 septembre 2023 · until 25 novembre 2028 · 0697.701.303

Represented by TIJL GOENS

Active

Ended mandates

Eveline Maertens

Director · since 28 février 2024 · until 25 novembre 2025

Ended

GABRIELLE KALKWIJK

Director · since 13 septembre 2023 · until 25 novembre 2025

Ended

JP Foodconsult

Director · since 13 septembre 2023 · until 25 novembre 2025 · 0826.031.907

Represented by Johan POLFLIET

Ended

MICHEL DELBAERE

Director · since 13 septembre 2023 · until 25 novembre 2025

Ended

Shareholders

Ownership and network

Looking for more information about this company?

Try for 7 days

Belgian Official Gazette

Belgian Official Gazette publications

Mandates09/09/2025
DEMISSIONS, NOMINATIONS
PDF
Mandates14/04/2025
DEMISSIONS, NOMINATIONS
PDF
Mandates28/06/2024
DEMISSIONS, NOMINATIONS
PDF
Mandates20/09/2023
DEMISSIONS, NOMINATIONS
PDF
Other17/04/2023
DIVERS
PDF
Mandates08/12/2020
DEMISSIONS, NOMINATIONS
PDF
Mandates13/05/2020
DEMISSIONS, NOMINATIONS
PDF
Mandates09/07/2019
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

01/01/2026
nominationJELUHE BV — administrateur type B
2025
Annual accounts 20254,1 M €↓
27/02/2025
nominationPierre Etienne — Directeur Général délégué à la gestion journalière
01/02/2025
nominationSASTRACO BV — administrateur type A
01/02/2025
nominationMichael Van Dyck — administrateur type B
01/02/2025
nominationVASTICOM BV — co-administrateur
01/02/2025
nominationCD-X BV — co-administrateur
2024
Annual accounts 202413,6 M €↑
17/07/2023
reconductionMichel Delbaere — administrateur
17/07/2023
reconductionVimicon bv — administrateur
17/07/2023
reconductionJP Food Consult — administrateur
17/07/2023
reconductionGabrielle Kalkwijk — administrateur
2023
Annual accounts 202311,3 M €↑
2022
Annual accounts 20221,7 M €↑
2021
Annual accounts 20211,2 M €↑
2020
Annual accounts 2020256,7 k €↑
2019
Annual accounts 2019-1,1 k €↓
2018
Annual accounts 2018121,3 k €↓
2017
Annual accounts 20172,5 M €↓
2016
Annual accounts 20165,4 M €↑
2015
Annual accounts 20153,6 M €↓
2013
Annual accounts 20134,5 M €↑
2011
Annual accounts 20114,2 M €↑
2010
Annual accounts 20103,8 M €↑
2009
Annual accounts 20092,2 M €↑
2008
Annual accounts 20081,9 M €↓
2007
Annual accounts 20074,1 M €↑
2006
Annual accounts 20063,2 M €
29/05/1985
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

HESBAYEFROST

Overview

What does HESBAYEFROST do?

Trend over 18 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