SAPIN
0428.979.530 · rovalta.com · 24/09/2026
ACTIVE
SAPIN
Financial year 2025 · closed on 31/12/2025
Net result
1,1 M €
+63.4% YoY
Revenue
29 M €
-15.1% YoY
Equity
3,1 M €
-5.6% YoY
Workforce
7,9 ETP
-10.2% YoY
Overview
What does SAPIN do?
SAPIN is a Public limited company incorporated in 1986. Its registered office is in Aywaille. It employs on average 7,9 ETP workers (FTE).
Legal situation
● Normal situation
BCE/KBO no. / VAT
BE 0428.979.530
Incorporation
15/05/1986
Legal form
Public limited company
Registered office
Rue de Lorcé 41
4920 Aywaille · WallonieSee on map
4920 Aywaille · WallonieSee on map
Contributed capital
902 826,98 €
Latest accounts
31/12/2025
Average workforce
7,9 ETP
Joint committees (4)
- 125
- 12503
- 200
- 218
Signals
ProfitableSolid equityLow riskGood liquidityPositive cashflowPositive EBITDAHealthy social debtsHigh revenue
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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 | 29 M € | -15.1% | 34,1 M € | -2.9% | 35,1 M € | -32.6% | 52,1 M € | +66.8% | 31,2 M € | +12.0% | 27,9 M € | -32.4% | 41,2 M € | -25.2% | 55,1 M € | +12.2% | 49,1 M € | +66.4% | 29,5 M € | -56.2% | 67,4 M € | -25.7% | 90,8 M € | -9.3% | 100,1 M € | +10.7% | 90,4 M € | -10.0% | 100,4 M € | +7.1% | 93,8 M € | +39.3% | 67,3 M € | -28.4% | 94 M € | -6.2% | 100,2 M € | +15.2% | 87 M € |
| EBITDA | 1,5 M € | +68.8% | 900,4 k € | +92.6% | 467,5 k € | -3.5% | 484,3 k € | +763% | 56,1 k € | -93.3% | 835,9 k € | -28.8% | 1,2 M € | -2.3% | 1,2 M € | +90.6% | 630,8 k € | +180% | 225,3 k € | -46.2% | 418,8 k € | -43.2% | 737,9 k € | -5.1% | 777,4 k € | -6.4% | 830,1 k € | +57.9% | 525,8 k € | -6.8% | 564 k € | -9.5% | 623,6 k € | -6.7% | 668,1 k € | -46.8% | 1,3 M € | +26.3% | 994 k € |
| Operating result | 1,5 M € | +73.2% | 892,8 k € | +195% | 302,9 k € | -37.3% | 483,3 k € | +61.3% | 299,7 k € | -8.2% | 326,3 k € | -9.2% | 359,2 k € | -61.4% | 931,8 k € | +78.9% | 520,7 k € | +273% | 139,7 k € | +116% | -886,2 k € | -245% | 610,2 k € | -7.8% | 661,9 k € | -10.0% | 735,1 k € | +84.6% | 398,1 k € | -13.4% | 459,8 k € | -18.9% | 567,3 k € | -5.8% | 602,5 k € | -48.9% | 1,2 M € | +27.4% | 924,9 k € |
| Net result | 1,1 M € | +63.4% | 666,5 k € | +284% | 173,5 k € | -49.7% | 344,7 k € | +38.5% | 248,9 k € | +1.4% | 245,5 k € | -15.6% | 290,9 k € | -57.7% | 687,8 k € | +34.9% | 509,9 k € | +103% | 251,7 k € | +133% | -764,5 k € | -253% | 499,1 k € | -78.0% | 2,3 M € | +257% | 634,2 k € | +74.8% | 362,9 k € | -39.5% | 599,9 k € | +11.2% | 539,5 k € | -39.5% | 891,4 k € | +8.9% | 818,7 k € | +23.1% | 665,2 k € |
| Balance sheet | |||||||||||||||||||||||||||||||||||||||
| Equity | 3,1 M € | -5.6% | 3,2 M € | -51.4% | 6,7 M € | +2.7% | 6,5 M € | +5.6% | 6,2 M € | +4.2% | 5,9 M € | +4.3% | 5,7 M € | +5.4% | 5,4 M € | +14.7% | 4,7 M € | +12.2% | 4,2 M € | +6.4% | 3,9 M € | -16.3% | 4,7 M € | +11.9% | 4,2 M € | +1.0% | 4,1 M € | -14.4% | 4,8 M € | +8.1% | 4,5 M € | -3.4% | 4,6 M € | +13.1% | 4,1 M € | -7.0% | 4,4 M € | +22.8% | 3,6 M € |
| Total assets | 9,5 M € | +1.6% | 9,4 M € | -35.9% | 14,6 M € | -2.6% | 15 M € | +26.8% | 11,8 M € | +29.7% | 9,1 M € | -2.4% | 9,4 M € | -16.3% | 11,2 M € | +7.9% | 10,4 M € | +50.2% | 6,9 M € | +9.4% | 6,3 M € | -56.0% | 14,3 M € | +2.9% | 13,9 M € | +16.5% | 12 M € | +3.4% | 11,6 M € | -12.5% | 13,2 M € | +32.2% | 10 M € | -2.8% | 10,3 M € | -15.9% | 12,2 M € | -20.8% | 15,5 M € |
| Cash | 2,2 M € | -2.7% | 2,3 M € | -9.0% | 2,5 M € | +34.3% | 1,9 M € | -38.6% | 3 M € | -20.4% | 3,8 M € | +49.1% | 2,5 M € | +946% | 243,2 k € | -84.7% | 1,6 M € | +463% | 282,3 k € | -50.6% | 571,9 k € | +17444% | 3,3 k € | -62.7% | 8,7 k € | -77.5% | 38,8 k € | -76.2% | 163,3 k € | +87.3% | 87,2 k € | +188% | 30,3 k € | +119% | 13,8 k € | -84.0% | 86,4 k € | +16.4% | 74,2 k € |
| Debts | 6,4 M € | +9.3% | 5,9 M € | -20.4% | 7,4 M € | -8.8% | 8,1 M € | +47.4% | 5,5 M € | +70.7% | 3,2 M € | -12.9% | 3,7 M € | -35.4% | 5,7 M € | +10.4% | 5,2 M € | +119% | 2,4 M € | +16.0% | 2 M € | -78.4% | 9,4 M € | -1.8% | 9,6 M € | +24.6% | 7,7 M € | +16.2% | 6,6 M € | -23.3% | 8,6 M € | +62.2% | 5,3 M € | -12.5% | 6,1 M € | -21.7% | 7,8 M € | -33.9% | 11,8 M € |
| Other | |||||||||||||||||||||||||||||||||||||||
| Workforce | 7,9 ETP | -10.2% | 8,8 ETP | -34.3% | 13,4 ETP | -3.6% | 13,9 ETP | 0.0% | 13,9 ETP | +10.3% | 12,6 ETP | -14.3% | 14,7 ETP | -2.0% | 15,0 ETP | +18.1% | 12,7 ETP | +8.5% | 11,7 ETP | -0.8% | 11,8 ETP | -6.3% | 12,6 ETP | +2.4% | 12,3 ETP | +7.0% | 11,5 ETP | -7.3% | 12,4 ETP | +2.5% | 12,1 ETP | +0.8% | 12,0 ETP | +0.8% | 11,9 ETP | -2.5% | 12,2 ETP | +1.7% | 12,0 ETP |
Estimate
Indicative valuation
As an indication, this company is worth
between 5 M€ and 10 M€
See the valuationGovernance
Board of directors
Seen on filing of 31/12/2025 · 4 active · 35 ended
Active mandates
Ended mandates
Victor Kamm
EndedJan Sander Van Tuijl
EndedStephen Blyth
EndedFabrice Mergeai
EndedFinancials
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 | 01/10/2023 | 01/10/2022 | 01/10/2021 | 01/10/2020 | 01/10/2019 |
| Closing of the financial year | 31/12/2025 | 31/12/2024 | 30/09/2023 | 30/09/2022 | 30/09/2021 | 30/09/2020 |
| Length of the financial year | 12 months | 15 months | 12 months | 12 months | 12 months | 12 months |
| Filing date | 22/06/2026 | 26/06/2025 | 05/02/2024 | 13/03/2023 | 09/03/2022 | 17/02/2021 |
| General meeting | 19/06/2026 | 20/06/2025 | 01/02/2024 | 01/02/2023 | 01/02/2022 | 01/02/2021 |
| 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
Looking for more information about this company?
Try for 7 daysFilings
Annual accounts filings
22 filings with the NBB
| Model | Closing | General meeting | Filed | Language | Document |
|---|---|---|---|---|---|
| Full model | 31/12/2025 | 19/06/2026 | 22/06/2026 | French | |
| Full model | 31/12/2024 | 20/06/2025 | 26/06/2025 | French | |
| Full model | 30/09/2023 | 01/02/2024 | 05/02/2024 | French | |
| Full model | 30/09/2022 | 01/02/2023 | 13/03/2023 | French | |
| Full model | 30/09/2021 | 01/02/2022 | 09/03/2022 | French | |
| Full model | 30/09/2020 | 01/02/2021 | 17/02/2021 | French | |
| Full model | 30/09/2019 | 03/02/2020 | 24/02/2020 | French | |
| Full model | 30/09/2018 | 01/02/2019 | 07/03/2019 | French | |
| Full model | 30/09/2017 | 01/02/2018 | 26/03/2018 | French | |
| Full model | 30/09/2016 | 01/02/2017 | 17/02/2017 | French | |
| Full model | 31/12/2015 | 27/05/2016 | 15/06/2016 | French | |
| Full model | 31/12/2014 | 29/05/2015 | 25/06/2015 | French | |
| Full model | 31/12/2013 | 30/05/2014 | 02/06/2014 | French | |
| Full model | 31/12/2012 | 31/05/2013 | 19/06/2013 | French | |
| Full modelCorrection | 31/12/2011 | 24/08/2012 | 28/08/2012 | French | |
| Full model | 31/12/2011 | 31/05/2012 | 12/06/2012 | French | |
| Full model | 31/12/2010 | 31/05/2011 | 30/06/2011 | French | |
| Full model | 31/12/2009 | 31/05/2010 | 21/06/2010 | French | |
| Full model | 31/12/2008 | 29/05/2009 | 29/06/2009 | French | |
| Full modelCorrection | 31/12/2007 | 30/05/2008 | 23/07/2008 | French | |
| Full model | 31/12/2007 | 30/05/2008 | 30/06/2008 | French | |
| Full model | 31/12/2006 | 31/05/2007 | 16/08/2007 | French |
Valuation
Estimate
Indicative valuation
Order of magnitude
As an indication, this company is worth
between 5 M€ and 10 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.
Disclaimer
Indicative estimate based on public sector multiples and the filed annual accounts. It is neither a certified valuation nor financial or investment advice.
Directors & structure
Governance
Board of directors
Seen on filing of 31/12/2025 · 4 active · 35 ended
Active mandates
Ended mandates
Victor Kamm
EndedJan Sander Van Tuijl
EndedStephen Blyth
EndedFabrice Mergeai
EndedShareholders
Ownership and network
Looking for more information about this company?
Try for 7 daysPublications
Belgian Official Gazette
Belgian Official Gazette publications
- Mandates23/01/2025DEMISSIONS, NOMINATIONS
- Mandates05/09/2024STATUTS (TRADUCTION, COORDINATION, AUTRES MODIFICATIONS, ) - CAPITAL, ACTIONS - DEMISSIONS, NOMINATIONS - ASSEMBLEE GENERALE - ANNEE COMPTABLE
- Mandates19/04/2023DEMISSIONS, NOMINATIONS
- Mandates21/09/2022DEMISSIONS, NOMINATIONS
- Mandates29/07/2022DEMISSIONS, NOMINATIONS
- Mandates11/04/2022SIEGE SOCIAL - DEMISSIONS, NOMINATIONS
- Mandates21/12/2020DEMISSIONS, NOMINATIONS
- Mandates19/12/2017DEMISSIONS, NOMINATIONS
Source: Belgian Official Gazette
Similar companies
Competition
Similar companies
A company's peers, by sector and size, are included in the Business plan.
See the Business planTimeline
Timeline
- 2025Annual accounts 20251,1 M €↑
- 2024Annual accounts 2024666,5 k €↑
- 2023Annual accounts 2023173,5 k €↓
- 2022Annual accounts 2022344,7 k €↑
- 2021Annual accounts 2021248,9 k €↑
- 2020Annual accounts 2020245,5 k €↓
- 2019Annual accounts 2019290,9 k €↓
- 2018Annual accounts 2018687,8 k €↑
- 2017Annual accounts 2017509,9 k €↑
- 2016Annual accounts 2016251,7 k €↑
- 2015Annual accounts 2015-764,5 k €↓
- 2014Annual accounts 2014499,1 k €↓
- 2013Annual accounts 20132,3 M €↑
- 2012Annual accounts 2012634,2 k €↑
- 2011Annual accounts 2011362,9 k €↓
- 2010Annual accounts 2010599,9 k €↑
- 2009Annual accounts 2009539,5 k €↓
- 2008Annual accounts 2008891,4 k €↑
- 2007Annual accounts 2007818,7 k €↑
- 2006Annual accounts 2006665,2 k €
- 15/05/1986IncorporationPublic limited company