ACTIVE

NETWORK RESEARCH BELGIUM

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Financial year 2025 · Closed on 31/12/2025

Net result23,4 M €+5,7 %over 1 year
Revenue356,7 M €+4,1 %over 1 year
Equity206,2 M €+4,2 %over 1 year
Workforce915,0 ETP-0,4 %over 1 year

Identity

Source · BCE/KBO

NETWORK RESEARCH BELGIUM is a Public limited company incorporated in 1986. Its main activity is: Other information technology and computer service activities. Its registered office is in Herstal. It employs on average 915,0 ETP workers (FTE).

Legal situation
Normal situation
BCE/KBO no. / VAT
BE 0430.502.430
Incorporation
15/12/1986
Legal form
Public limited company
Registered office
Parc Ind. des Hauts Sarts, 2e av 65
4040 Herstal · Wallonie
Contributed capital
66 843 176,00 €
Latest accounts
31/12/2025
Average workforce
915,0 ETP
Joint committees (1)
  • 200
Signals
ProfitableSolid equityLow riskGood liquidityPositive cashflowPositive EBITDAHealthy social debtsHigh revenue

Financials

Source · NBB, 52 filings

Trend over 9 financial years

20252024202220212020
Income statement
Revenue356,7 M €342,7 M €328,1 M €321,9 M €272,1 M €
EBITDA21,6 M €29,2 M €20,6 M €50,7 M €32,1 M €
Operating result21,2 M €23,3 M €19,6 M €42,3 M €23,7 M €
Net result23,4 M €22,2 M €19,4 M €41,2 M €22,5 M €
Balance sheet
Equity206,2 M €197,9 M €131,8 M €128,7 M €107,3 M €
Total assets306,6 M €305,9 M €229,9 M €237,7 M €212,9 M €
Cash16,4 M €17,7 M €10,4 M €27,4 M €3,2 M €
Debts88,2 M €93,1 M €92,8 M €93,6 M €90,2 M €
Other
Workforce915,0 ETP918,5 ETP847,1 ETP827,5 ETP740,9 ETP

Valuation

Indicative valuation

As an indication, this company is worth

between 250 M€ and 500 M€
See the valuation

Board of directors

Source · NBB, accounts to 31/12/2022

16 active · 32 ended

Last known composition, from the accounts closed on 31/12/2022, more than two years before the latest accounts. The mandates shown may have expired.

Active mandates

ALAIN PALMANS

Director · since 28 avril 2022 · until 27 avril 2028

Active
BRUNO VAN LIERDE

Director · since 28 avril 2022 · until 27 avril 2028

Active
C. DESSEILLE

Director · since 28 avril 2022 · until 27 avril 2028 · 0479.825.841

Represented by Claude Desseille

Active
CARINE HOUGARDY

Director · since 28 avril 2022 · until 27 avril 2028

Active
EZ FINEANTS

Director · since 28 avril 2022 · until 27 avril 2028 · 0890.886.206

Represented by Koenraad Dom

Active
HERBERT CARRACILLO

Director · since 28 avril 2022 · until 27 avril 2028

Active
Jala

Director · since 28 avril 2022 · until 27 avril 2028 · 0822.772.311

Represented by Dirk Wauters

Active
Maryline SERAFIN

Director · since 28 avril 2022 · until 27 avril 2028

Active
MYRIAM VAN VARENBERGH

Director · since 28 avril 2022 · until 27 avril 2028

Active
Pascal Laffineur

Director · since 28 avril 2022 · until 31 décembre 2022 · 0891.028.241

Represented by PASCAL LAFFINEUR

Active
PHILIPPE BOURY

Director · since 28 avril 2022 · until 27 avril 2028

Active
PHILIPPE LALLEMAND

Chairman of the board of directors · since 28 avril 2022 · until 27 avril 2028

Active
Renaud WITMEUR

Director · since 28 avril 2022 · until 27 avril 2028

Active
SPARAXIS

Director · since 28 avril 2022 · until 27 avril 2028 · 0452.116.307

Represented by ERIC BAUCHE

Active
A. VANDEN CAMP

Director · since 28 mars 2022 · until 27 avril 2028 · 0780.553.654

Represented by André Vanden Camp

Active
ANDRE VANDEN CAMP

Director · since 27 avril 2017 · until 28 mars 2022

Active

Ended mandates

A. VANDEN CAMP

Director · since 28 mars 2022 · until 28 avril 2022 · 0780.553.654

Represented by André Vanden Camp

Ended
Maryline SERAFIN

Director · since 20 décembre 2021 · until 28 avril 2022

Ended
Renaud WITMEUR

Director · since 29 juin 2021 · until 28 avril 2022

Ended
Cécile FLANDRE

Director · since 31 mars 2020 · until 20 décembre 2021

Ended

Other companies at this address

Parc Ind. des Hauts Sarts, 2e av 65 4040 Herstal
CompanyCBE no.
BelgiumDC● Active
0660.908.411
IPEX Liège● Active
0667.681.781
NeWIN● Active
0810.473.996
PHENIX DATA CENTER● Active
0861.518.564
unité T.V.A. ETHIAS● Active
0890.147.917
Wallonie Data Center● Active
0880.236.693

Full financial information

Source · NBB
202520242023202220212020
Type of accountConsolidated accountsConsolidated accountsConsolidated accountsFull modelFull modelFull model
Start of the financial year01/01/202501/01/202401/01/202301/01/202201/01/202101/01/2020
Closing of the financial year31/12/202531/12/202431/12/202331/12/202231/12/202131/12/2020
Length of the financial year12 months12 months12 months12 months12 months12 months
Filing date20/05/202619/05/202521/05/202402/05/202310/05/202227/04/2021
General meeting23/04/202624/04/202525/04/202427/04/202328/04/202222/04/2021
Currency of the financial yearEUREUREUREUREUREUR
NBB quality labelSatisfying controlsSatisfying controlsSatisfying controlsSatisfying controlsSatisfying controlsSatisfying controls

Financial ratios

Source · NBB

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Annual accounts filings

Source · NBB, 52 filings
ModelClosingGeneral meetingFiledLanguageDocument
Full model31/12/202523/04/202624/04/2026FrenchPDF
Consolidated accounts31/12/202523/04/202620/05/2026DutchPDF
Consolidated accounts31/12/202523/04/202620/05/2026FrenchPDF
Full model31/12/202424/04/202528/04/2025FrenchPDF
Consolidated accounts31/12/202424/04/202519/05/2025DutchPDF
Consolidated accounts31/12/202424/04/202519/05/2025FrenchPDF
Full model31/12/202325/04/202429/04/2024FrenchPDF
Consolidated accounts31/12/202325/04/202421/05/2024DutchPDF
Consolidated accounts31/12/202325/04/202421/05/2024FrenchPDF
Full model31/12/202227/04/202302/05/2023FrenchPDF
Consolidated accounts31/12/202227/04/202302/05/2023FrenchPDF
Consolidated accounts31/12/202227/04/202302/05/2023DutchPDF
Full modelCorrection31/12/202128/04/202225/08/2022FrenchPDF
Full model31/12/202128/04/202210/05/2022FrenchPDF
Consolidated accounts31/12/202128/04/202205/05/2022DutchPDF
Consolidated accounts31/12/202128/04/202205/05/2022FrenchPDF
Full model31/12/202022/04/202127/04/2021FrenchPDF
Consolidated accounts31/12/202022/04/202127/04/2021FrenchPDF
Consolidated accounts31/12/202022/04/202127/04/2021DutchPDF
Full model31/12/201915/07/202016/07/2020FrenchPDF
Consolidated accounts31/12/201915/07/202016/07/2020DutchPDF
Consolidated accounts31/12/201915/07/202016/07/2020FrenchPDF
Full model31/12/201825/04/201906/05/2019FrenchPDF
Consolidated accounts31/12/201825/04/201906/05/2019FrenchPDF

View all 52 filings

Indicative valuation

Order of magnitude

As an indication, this company is worth

between 250 M€ and 500 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 31/12/2022

16 active · 32 ended

Last known composition, from the accounts closed on 31/12/2022, more than two years before the latest accounts. The mandates shown may have expired.

Active mandates

ALAIN PALMANS

Director · since 28 avril 2022 · until 27 avril 2028

Active
BRUNO VAN LIERDE

Director · since 28 avril 2022 · until 27 avril 2028

Active
C. DESSEILLE

Director · since 28 avril 2022 · until 27 avril 2028 · 0479.825.841

Represented by Claude Desseille

Active
CARINE HOUGARDY

Director · since 28 avril 2022 · until 27 avril 2028

Active
EZ FINEANTS

Director · since 28 avril 2022 · until 27 avril 2028 · 0890.886.206

Represented by Koenraad Dom

Active
HERBERT CARRACILLO

Director · since 28 avril 2022 · until 27 avril 2028

Active
Jala

Director · since 28 avril 2022 · until 27 avril 2028 · 0822.772.311

Represented by Dirk Wauters

Active
Maryline SERAFIN

Director · since 28 avril 2022 · until 27 avril 2028

Active
MYRIAM VAN VARENBERGH

Director · since 28 avril 2022 · until 27 avril 2028

Active
Pascal Laffineur

Director · since 28 avril 2022 · until 31 décembre 2022 · 0891.028.241

Represented by PASCAL LAFFINEUR

Active
PHILIPPE BOURY

Director · since 28 avril 2022 · until 27 avril 2028

Active
PHILIPPE LALLEMAND

Chairman of the board of directors · since 28 avril 2022 · until 27 avril 2028

Active
Renaud WITMEUR

Director · since 28 avril 2022 · until 27 avril 2028

Active
SPARAXIS

Director · since 28 avril 2022 · until 27 avril 2028 · 0452.116.307

Represented by ERIC BAUCHE

Active
A. VANDEN CAMP

Director · since 28 mars 2022 · until 27 avril 2028 · 0780.553.654

Represented by André Vanden Camp

Active
ANDRE VANDEN CAMP

Director · since 27 avril 2017 · until 28 mars 2022

Active

Ended mandates

A. VANDEN CAMP

Director · since 28 mars 2022 · until 28 avril 2022 · 0780.553.654

Represented by André Vanden Camp

Ended
Maryline SERAFIN

Director · since 20 décembre 2021 · until 28 avril 2022

Ended
Renaud WITMEUR

Director · since 29 juin 2021 · until 28 avril 2022

Ended
Cécile FLANDRE

Director · since 31 mars 2020 · until 20 décembre 2021

Ended

Ownership and network

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Belgian Official Gazette publications

Source · Belgian Official Gazette
  • Mandates01/09/2026
    Nomination
    PDF
  • Mandates15/05/2026
    STATUTS (TRADUCTION, COORDINATION, AUTRES MODIFICATIONS, …) - DENOMINATION
    PDF
  • Mandates09/02/2026
    DEMISSIONS, NOMINATIONS
    PDF
  • Restructuring18/12/2025
    RUBRIQUE RESTRUCTURATION (FUSION, SCISSION, TRANSFERT PATRIMOINE, ETC...)
    PDF
  • Restructuring09/10/2025
    RUBRIQUE RESTRUCTURATION (FUSION, SCISSION, TRANSFERT PATRIMOINE, ETC...) - DIVERS
    PDF
  • Mandates07/07/2025
    DEMISSIONS, NOMINATIONS
    PDF
  • Mandates29/04/2025
    DEMISSIONS, NOMINATIONS
    PDF
  • Mandates27/02/2025
    DEMISSIONS, NOMINATIONS
    PDF

Similar companies

A company's peers, by sector and size, are included in the Business plan.

See the Business plan

Timeline

  1. 13/01/2026
    nominationLaurence Mathieu — Chief Executive Officer (CEO)
  2. 13/01/2026
    nominationA. Spirlet — Chief Business Officer (CBO)
  3. 13/01/2026
    nominationN. Dumazy — Chief Finance Officer (CFO)
  4. 13/01/2026
    nominationJ. Balistreri — Chief People & Organization Officer (CPOO)
  5. 13/01/2026
    nominationCorinne Neuforge — General Secretary (GS)
  6. 01/01/2026
    apport
  7. 2025
    Annual accounts 202523,4 M €↑
  8. 31/03/2025
    nominationLaurence Mathieu — Chief Executive Officer (CEO)
  9. 31/03/2025
    nominationOlivier Lallemand — Chief Business Officer Ethias (CBO Ethias)
  10. 31/03/2025
    nominationPeter Billiau — Chief Operations Officer - Infrastructure (COO-Infrastructure)
  11. 31/03/2025
    nominationTom Tomczak — Chief Commercial Officer (CCO)
  12. 31/03/2025
    nominationPascal Goffinon — Chief Financial Officer ad interim (CFO ad interim)
  13. 2024
    Annual accounts 202422,2 M €↑
  14. 25/11/2024
    nominationTom Tomczak — Chief Commercial Officer (CCO) - membre du Comité exécutif
  15. 25/11/2024
    nominationLaurence Mathieu — Chief Executive Officer (CEO)
  16. 25/11/2024
    nominationPascal Goffinon — Chief Financial Officer ad interim (CFO ad interim)
  17. 25/11/2024
    nominationOlivier Lallemand — Chief Operations Officer - Applications (COO - Applications)
  18. 25/11/2024
    nominationPeter Billiau — Chief Operations Officer - Infrastructure (COO- Infrastructure)
  19. 25/11/2024
    nominationLaurent Peeters — Chief Human Resources Officer (CHRO)
  20. 01/07/2024
    nominationPascal Goffinon — CFO solo ad interim
  21. 01/07/2024
    nominationLaurence Mathieu — Chief Executive Officer (CEO)
  22. 01/07/2024
    nominationOlivier Lallemand — Chief Operations Officer - Applications (COO - Applications)
  23. 01/07/2024
    nominationPeter Billiau — Chief Operations Officer - Infrastructure (COO- infrastructure)
  24. 01/07/2024
    nominationLaurent Peeters — Chief Human Resources Officer (CHRO)
  25. 25/03/2024
    nominationLaurence Mathieu — Chief Executive Officer (CEO)
  26. 25/03/2024
    nominationFlorence Vanderthommen — Chief Financial Officer (CFO)
  27. 25/03/2024
    nominationOlivier Lallemand — Chief Operations Officer - Applications (COO - Applications)
  28. 25/03/2024
    nominationPeter Billiau — Chief Operations Officer - Infrastructure (COO- Infrastructure)
  29. 25/03/2024
    nominationLaurent Peeters — Chief Human Resources Officer (CHRO)
  30. 01/02/2024
    nominationSRL Steer&LeadWise — administrateur
  31. 01/02/2024
    nominationLaurence Mathieu — administrateur
  32. 01/02/2024
    nominationPeter Billiau — Chief Operations Officer - Infrastructure - membre du Comité exécutif
  33. 01/02/2024
    nominationFlorence Vanderthommen — Chief Financial Officer (CFO)
  34. 01/02/2024
    nominationJean-Michel Demoulin — Chief Commercial Officer (CCO)
  35. 01/02/2024
    nominationOlivier Lallemand — Chief Operations Officer - Applications (COO-Applications)
  36. 01/02/2024
    nominationLaurent Peeters — Chief Human Resources Officer (CHRO)
  37. 01/01/2024
    nominationA. Vanden Camp — CEO groupe
  38. 01/01/2024
    nominationF. Vanderthommen — CFO groupe
  39. 01/01/2024
    nominationLaurence Mathieu — Chief Executive Officer (CEO)
  40. 01/01/2024
    nominationFlorence Vanderthommen — Chief Financial Officer (CFO)
  41. 01/01/2024
    nominationJean-Michel Demoulin — Chief Commercial Officer (CCO)
  42. 01/01/2024
    nominationOlivier Lallemand — Chief Operations Officer - Applications (COO - Applications)
  43. 01/01/2024
    nominationLaurent Peeters — Chief Human Resources Officer (CHRO)
  44. 01/01/2024
    apport
  45. 02/10/2023
    nominationFlorence Vanderthommen — Chief Financial Officer (CFO)
  46. 02/10/2023
    nominationJean-Michel Demoulin — Chief Commercial Officer (CCO)
  47. 02/10/2023
    nominationOlivier Lallemand — Chief Operations Officer - Applications (COO - Applications)
  48. 02/10/2023
    nominationLaurent Peeters — Chief Human Resources Officer (CHRO)
  49. 26/06/2023
    nominationFlorence Vanderthommen — Chief Financial Officer (CFO)
  50. 26/06/2023
    nominationOlivier Lallemand — Chief Operations Officer - Applications (COO-Applications)
  51. 26/06/2023
    nominationMickaël Boeckx — Chief Operations Officer - Infrastructure (COO - Infrastructure)
  52. 22/05/2023
    nominationAndré Vanden Camp — administrateur délégué
  53. 09/05/2023
    nominationHenri Thonnart — Chief Executive Officer (CEO-président du CD)
  54. 09/05/2023
    nominationAnne Gemine — Chief Human Resources Officer (CHRO)
  55. 09/05/2023
    nominationMelchior Wathelet — Chief Commercial Officer (CCO)
  56. 09/05/2023
    nominationMickaël Boeckx — Chief Operations Officer - Infrastructure (COO - Infrastructure)
  57. 09/05/2023
    nominationOlivier Lallemand — Chief Operations Officer - Applications (COO - Applications)
  58. 09/05/2023
    nominationFlorence Vanderthommen — Chief financial Officer (CFO)
  59. 27/04/2023
    nominationMélanie Adorante — commissaire
  60. 27/04/2023
    nominationTom Meuleman — commissaire
  61. 09/02/2023
    nominationMickaël Boeckx — COO-Infrastructure-membre du CD
  62. 01/01/2023
    nominationSRL A. Vanden Camp — administrateur délégué
  63. 01/01/2023
    nominationHenri Thonnart — Chief Executive Officer
  64. 01/01/2023
    nominationMelchior Wathelet — Chief Commercial Officer
  65. 01/01/2023
    nominationOlivier Lallemand — Chief Operations Officier-Applications - membre du comité de direction
  66. 2022
    Annual accounts 202219,4 M €↓
  67. 28/04/2022
    nominationPhilippe Lallemand — administrateur
  68. 28/04/2022
    nominationMyriam Van Varenbergh — administrateur
  69. 28/04/2022
    nominationMaryline Serafin — administrateur
  70. 28/04/2022
    nominationBruno Van Lierde — administrateur
  71. 28/04/2022
    nominationC. DESSEILLE SCA — administrateur
  72. 28/04/2022
    nominationA. VANDEN CAMP SRL — administrateur
  73. 28/04/2022
    nominationEZ Fineants SRL — administrateur
  74. 28/04/2022
    nominationJALA SRL — administrateur
  75. 28/04/2022
    nominationCarine Hougardy — administrateur
  76. 28/04/2022
    nominationRenaud Witmeur — administrateur
  77. 28/04/2022
    nominationSparaxis SA — administrateur
  78. 28/04/2022
    nominationPhilippe Boury — administrateur
  79. 28/04/2022
    nominationAlain Palmans — administrateur
  80. 28/04/2022
    nominationHerbert Carracillo — administrateur
  81. 28/04/2022
    nominationPascal Laffineur SRL — administrateur
  82. 28/03/2022
    nominationSRL A. VANDEN CAMP — administrateur
  83. 11/01/2022
    cession
  84. 2021
    Annual accounts 202141,2 M €↑
  85. 2020
    Annual accounts 202022,5 M €↑
  86. 2019
    Annual accounts 201913,9 M €↑
  87. 2018
    Annual accounts 20187,6 M €↑
  88. 2017
    Annual accounts 20176,7 M €↓
  89. 2012
    Annual accounts 201210,1 M €
  90. 15/12/1986
    IncorporationPublic limited company