ACTIVE

BODARWE

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Financial year 2025 · closed on 31/12/2025

Net result

116,9 k €

-72.3% YoY

Revenue

32,9 M €

-4.4% YoY

Equity

5,4 M €

+2.1% YoY

Workforce

186,8 ETP

-0.2% YoY

What does BODARWE do?

BODARWE is a Public limited company incorporated in 1985. Its registered office is in Malmedy. It employs on average 186,8 ETP workers (FTE).

Legal situation

● Normal situation

BCE/KBO no. / VAT

BE 0428.086.239

Incorporation

29/11/1985

Legal form

Public limited company

Registered office

Avenue de Norvège 16
4960 Malmedy · WallonieSee on map

Contributed capital

1 360 000,00 €

Latest accounts

31/12/2025

Average workforce

186,8 ETP

Joint committees (3)

Signals

ProfitablePositive 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	32,9 M €	-4.4%	34,4 M €	+11.9%	30,8 M €	-3.0%	31,7 M €	+27.5%	24,9 M €	+3.6%	24 M €	-13.7%	27,8 M €	+5.3%	26,4 M €	+14.4%	23,1 M €	+11.7%	20,7 M €	+11.1%	18,6 M €	-14.2%	21,7 M €	-19.8%	27 M €	-3.2%	27,9 M €	+2.6%	27,2 M €	+21.4%	22,4 M €	+17.9%	19 M €	-11.3%	21,4 M €	+18.5%	18,1 M €	+23.2%	14,7 M €
EBITDA	2,1 M €	-7.8%	2,3 M €	+7.1%	2,1 M €	-5.2%	2,3 M €	+19.7%	1,9 M €	-0.8%	1,9 M €	-4.4%	2 M €	-11.9%	2,3 M €	+100%	1,1 M €	-34.3%	1,7 M €	+15.2%	1,5 M €	-12.8%	1,7 M €	-28.4%	2,4 M €	+4.7%	2,3 M €	+6.2%	2,1 M €	+48.4%	1,4 M €	+649%	192,6 k €	-77.7%	864,3 k €	-36.3%	1,4 M €	+35.2%	1 M €
Operating result	578,1 k €	-35.4%	895,3 k €	+20.9%	740,3 k €	-5.5%	783,7 k €	+160%	302 k €	+7.8%	280,2 k €	+8.6%	258 k €	-60.0%	644,1 k €	+304%	-315,2 k €	-224%	255,1 k €	+589%	37 k €	-59.6%	91,7 k €	-88.1%	771,1 k €	-23.2%	1 M €	+2.3%	982,1 k €	+957%	92,9 k €	+109%	-1 M €	-1629%	66,2 k €	-92.4%	874,6 k €	+220%	273,3 k €
Net result	116,9 k €	-72.3%	421,6 k €	+39.1%	303,1 k €	-24.8%	403,2 k €	+815%	44,1 k €	-26.1%	59,6 k €	-49.6%	118,2 k €	-71.9%	421,5 k €	+185%	-498,4 k €	-2552%	20,3 k €	+167%	-30,4 k €	-259%	19,2 k €	-95.7%	443,5 k €	-23.0%	576,3 k €	-30.0%	823,3 k €	+2165%	-39,9 k €	+95.5%	-894 k €	-1119%	-73,3 k €	-113%	561,1 k €	+102%	277,4 k €
Balance sheet
Equity	5,4 M €	+2.1%	5,3 M €	+8.6%	4,8 M €	+6.6%	4,5 M €	+9.6%	4,1 M €	+0.9%	4,1 M €	+1.3%	4,1 M €	+4.4%	3,9 M €	+12.2%	3,5 M €	-12.6%	4 M €	+0.5%	3,9 M €	-0.9%	4 M €	+0.4%	4 M €	+12.4%	3,5 M €	+19.2%	3 M €	+38.1%	2,1 M €	-1.4%	2,2 M €	-29.3%	3,1 M €	-2.6%	3,1 M €	+21.3%	2,6 M €
Total assets	23 M €	-5.6%	24,3 M €	+11.1%	21,9 M €	-0.9%	22,1 M €	+7.3%	20,6 M €	+0.8%	20,4 M €	-5.1%	21,5 M €	-9.1%	23,7 M €	+10.3%	21,5 M €	+7.5%	20 M €	+19.0%	16,8 M €	-2.0%	17,1 M €	+0.3%	17,1 M €	+16.0%	14,7 M €	-17.5%	17,9 M €	+39.0%	12,8 M €	-30.4%	18,4 M €	+31.2%	14,1 M €	+10.5%	12,7 M €	-22.3%	16,4 M €
Cash	1,9 M €	-0.6%	2 M €	+12.3%	1,7 M €	-17.1%	2,1 M €	+94.7%	1,1 M €	-19.4%	1,3 M €	-20.1%	1,7 M €	-2.5%	1,7 M €	-31.3%	2,5 M €	+5.7%	2,4 M €	-16.6%	2,8 M €	+30.2%	2,2 M €	+86.9%	1,2 M €	-16.2%	1,4 M €	-40.0%	2,3 M €	+19.1%	1,9 M €	-19.1%	2,4 M €	+153%	949 k €	-39.6%	1,6 M €	+227%	480,4 k €
Debts	17,6 M €	-7.7%	19 M €	+12.5%	16,9 M €	-3.3%	17,5 M €	+6.4%	16,4 M €	+0.7%	16,3 M €	-6.6%	17,5 M €	-11.8%	19,8 M €	+11.4%	17,8 M €	+15.8%	15,4 M €	+26.1%	12,2 M €	-2.5%	12,5 M €	+0.7%	12,4 M €	+17.5%	10,6 M €	-26.0%	14,3 M €	+41.4%	10,1 M €	-35.7%	15,7 M €	+50.4%	10,4 M €	+15.3%	9 M €	-32.0%	13,3 M €
Other
Workforce	186,8 ETP	-0.2%	187,2 ETP	+3.8%	180,3 ETP	+4.6%	172,4 ETP	+0.5%	171,5 ETP	+2.4%	167,4 ETP	-3.7%	173,8 ETP	+0.3%	173,3 ETP	+8.3%	160,0 ETP	+7.3%	149,1 ETP	+7.8%	138,3 ETP	-3.9%	143,9 ETP	-1.2%	145,7 ETP	+0.3%	145,3 ETP	-2.7%	149,3 ETP	-1.3%	151,2 ETP	+6.7%	141,7 ETP	+22.8%	115,4 ETP	+3.7%	111,3 ETP	-2.1%	113,7 ETP

Estimate

Indicative valuation

As an indication, this company is worth

between 2,5 M€ and 5 M€

See the valuation

Governance

Board of directors

Seen on filing of 31/12/2025 · 3 active · 26 ended

Active mandates

Michel BODARWE

Chairman of the board of directors · since 13 novembre 2023 · until 15 juin 2029

Active

Nathalie KÜPPER

Director · since 13 novembre 2023 · until 15 juin 2029

Active

SB GEST

Director · since 13 novembre 2023 · until 15 septembre 2029 · 0564.841.985

Represented by Stéphane BODARWE

Active

Ended mandates

SB GEST

Director · since 01 février 2021 · until 21 juin 2024 · 0564.841.985

Represented by Stéphane BODARWE

Ended

SB GEST

Director · since 01 janvier 2021 · until 15 septembre 2029 · 0564.841.985

Represented by Stéphane BODARWE

Ended

Michel BODARWE

Chairman of the board of directors · since 15 juin 2018 · until 15 juin 2024

Ended

Michel BODARWE

Chairman of the board of directors · since 15 juin 2018 · until 15 juin 2029

Ended

At this address

Other companies at this address

Company	CBE no.
SM BAGUETTE - BODARWE - AQUAFLUX Verviers Centre● Active	0732.863.803
SM BODARWE - HAAS STAVELOT● Active	0677.614.383
SM BODARWE - NELLES RAEREN● Active	0688.729.494
Société momentanée BAGUETTE-BODARWE Verviers parking piscine● Active	1024.986.924
Société momentanée Bodarwé-Baguette Eupen Schilsweg● Active	1007.988.663
Société momentanée BODARWE BAGUETTE THOMASSEN VERVIERS● Active	0755.922.186
Société momentanée non intégrée BODARWE-THOMASEN SPA - Structure métallique● Active	1006.913.151
Société Simple Momentanée BAU-TEAM OSTBELGIEN GOFIBER● Active	1009.973.601
Société Simple Momentanée BODARWE-BAGUETTE-HAAS Chaudfontaine passerelle Hauster● Active	1032.593.605
Société Simple Momentanée BODARWE-ELOY Armco Circuit● Active	1002.473.818
SOCIETE SIMPLE MOMENTANEE BODARWE-HAAS Barrages● Active	0798.270.507
SOCIETE SIMPLE MOMENTANEE BODARWE-HAAS PASSERELLES EUPEN● Active	0794.975.970
SOCIETE SIMPLE MOMENTANEE BODARWE-HAAS Pont Dardanelles● Active	0798.377.702
Société Simple Momentanée BODARWE-HAAS Pont Hütte● Active	1011.019.320
Société Simple Momentanée BODARWE-HAAS station de pompage Ouffet● Active	1020.841.559
Société Simple Momentanée BODARWE-LEMAIRE-SERBI Resa Stavelot-St.Vith● Active	1011.330.017
SOCIETE SIMPLE MOMENTANEE BODARWE-NELLES MULLENDORF● Active	0794.575.894
Société Simple Momentanée BODARWE-NELLES Verviers-Heusy● Active	1023.513.019
Société simple momentanée Bodarwé-Trageco Collecteur de la Soue● Active	0799.764.505
Société simple momentanée Bodarwé-Trageco Kreutzberg● Active	0798.729.177

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	01/01/2025	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	25/06/2026	27/06/2025	04/07/2024	26/06/2023	07/07/2022	13/07/2021
General meeting	19/06/2026	20/06/2025	21/06/2024	16/06/2023	17/06/2022	18/06/2021
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	31/12/2025	19/06/2026	25/06/2026	French	PDF
Full model	31/12/2024	20/06/2025	27/06/2025	French	PDF
Full model	31/12/2023	21/06/2024	04/07/2024	French	PDF
Full model	31/12/2022	16/06/2023	26/06/2023	French	PDF
Full model	31/12/2021	17/06/2022	07/07/2022	French	PDF
Full model	31/12/2020	18/06/2021	13/07/2021	French	PDF
Full model	31/12/2019	19/06/2020	02/07/2020	French	PDF
Full model	31/12/2018	21/06/2019	24/06/2019	French	PDF
Full model	31/12/2017	15/06/2018	18/06/2018	French	PDF
Full model	31/12/2016	16/06/2017	22/06/2017	French	PDF
Full model	31/12/2015	17/06/2016	20/06/2016	French	PDF
Full model	31/12/2014	19/06/2015	24/06/2015	French	PDF
Full model	31/12/2013	20/06/2014	24/06/2014	French	PDF
Full model	31/12/2012	21/06/2013	26/06/2013	French	PDF
Full model	31/12/2011	15/06/2012	18/06/2012	French	PDF
Full model	31/12/2010	17/06/2011	24/06/2011	French	PDF
Full model	31/12/2009	18/06/2010	21/06/2010	French	PDF
Full model	31/12/2008	19/06/2009	26/06/2009	French	PDF
Full model	31/12/2007	19/06/2008	24/06/2008	French	PDF
Full model	31/12/2006	15/06/2007	27/06/2007	French	PDF

Estimate

Indicative valuation

Order of magnitude

As an indication, this company is worth

between 2,5 M€ and 5 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 · 3 active · 26 ended

Active mandates

Michel BODARWE

Chairman of the board of directors · since 13 novembre 2023 · until 15 juin 2029

Active

Nathalie KÜPPER

Director · since 13 novembre 2023 · until 15 juin 2029

Active

SB GEST

Director · since 13 novembre 2023 · until 15 septembre 2029 · 0564.841.985

Represented by Stéphane BODARWE

Active

Ended mandates

SB GEST

Director · since 01 février 2021 · until 21 juin 2024 · 0564.841.985

Represented by Stéphane BODARWE

Ended

SB GEST

Director · since 01 janvier 2021 · until 15 septembre 2029 · 0564.841.985

Represented by Stéphane BODARWE

Ended

Michel BODARWE

Chairman of the board of directors · since 15 juin 2018 · until 15 juin 2024

Ended

Michel BODARWE

Chairman of the board of directors · since 15 juin 2018 · until 15 juin 2029

Ended

Shareholders

Ownership and network

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Try for 7 days

Belgian Official Gazette

Belgian Official Gazette publications

Mandates05/04/2024
DEMISSIONS, NOMINATIONS
PDF
Mandates28/12/2023
DEMISSIONS, NOMINATIONS - STATUTS (TRADUCTION, COORDINATION, AUTRES MODIFICATIONS, )
PDF
Mandates29/04/2021
DEMISSIONS, NOMINATIONS
PDF
Mandates19/10/2020
DEMISSIONS, NOMINATIONS
PDF
Mandates21/08/2018
DEMISSIONS, NOMINATIONS
PDF
Mandates01/12/2017
DEMISSIONS, NOMINATIONS
PDF
Registered office13/02/2015
SIEGE SOCIAL
PDF
Mandates25/07/2014
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

2025
Annual accounts 2025116,9 k €↓
2024
Annual accounts 2024421,6 k €↑
2023
Annual accounts 2023303,1 k €↓
2022
Annual accounts 2022403,2 k €↑
2021
Annual accounts 202144,1 k €↓
2020
Annual accounts 202059,6 k €↓
2019
Annual accounts 2019118,2 k €↓
2018
Annual accounts 2018421,5 k €↑
2017
Annual accounts 2017-498,4 k €↓
2016
Annual accounts 201620,3 k €↑
2015
Annual accounts 2015-30,4 k €↓
2014
Annual accounts 201419,2 k €↓
2013
Annual accounts 2013443,5 k €↓
2012
Annual accounts 2012576,3 k €↓
2011
Annual accounts 2011823,3 k €↑
2010
Annual accounts 2010-39,9 k €↑
2009
Annual accounts 2009-894 k €↓
2008
Annual accounts 2008-73,3 k €↓
2007
Annual accounts 2007561,1 k €↑
2006
Annual accounts 2006277,4 k €
29/11/1985
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

BODARWE

Overview

What does BODARWE 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