THALES BELGIUM (SA) — Herstal (4040)

Identity

Source · BCE/KBO

THALES BELGIUM is a Public limited company incorporated in 1988. Its main activity is: Manufacture of steam generators, except central heating hot water boilers. Its registered office is in Herstal. It employs on average 450,5 ETP workers (FTE).

Legal situation: Normal situation
BCE/KBO no. / VAT: BE 0434.342.145
Incorporation: 02/06/1988
Legal form: Public limited company
Registered office: Rue En Bois 63
4040 Herstal · WallonieSee on map
Contributed capital: 31 948 196,40 €
Latest accounts: 31/12/2025
Average workforce: 450,5 ETP

Activities (NACE)

25300Manufacture of steam generators, except central heating hot water boilers· main 25400Manufacture of weapons and ammunition 29601Manufacture of motor vehicles, trailers and semi-trailers 29602Manufacture of motor vehicles, trailers and semi-trailers 46900Non-specialised wholesale trade 46900Non-specialised wholesale trade+1

Joint committees (2)

111
209

Signals

ProfitableLow riskGood liquidityPositive cashflowPositive EBITDAHealthy social debtsHigh revenue

Financials

Source · NBB, 20 filings

Trend over 20 financial years

	2025		2024		2023		2022		2021
Income statement
Revenue	436,9 M €	+88.5%	231,7 M €	+50.4%	154 M €	+27.3%	121 M €	+18.6%	102,1 M €
EBITDA	132,2 M €	+201%	43,8 M €	+15.8%	37,9 M €	+84.2%	20,6 M €	+9.0%	18,8 M €
Operating result	81,6 M €	+203%	26,9 M €	+48.5%	18,1 M €	+89.9%	9,6 M €	+0.7%	9,5 M €
Net result	66,6 M €	+184%	23,4 M €	+92.0%	12,2 M €	+54.5%	7,9 M €	+4.8%	7,5 M €
Balance sheet
Equity	67,6 M €	+10.7%	61,1 M €	+30.8%	46,7 M €	+8.6%	43 M €	+4.0%	41,3 M €
Total assets	450,1 M €	+21.1%	371,8 M €	+48.2%	250,8 M €	+70.3%	147,3 M €	+5.7%	139,3 M €
Cash	148,3 M €	+44.6%	102,6 M €	+13325%	763,9 k €	-63.7%	2,1 M €	-32.5%	3,1 M €
Debts	312,6 M €	+13.6%	275,2 M €	+66.3%	165,5 M €	+64.0%	100,9 M €	+7.3%	94 M €
Other
Workforce	450,5 ETP	+23.1%	366,0 ETP	+19.2%	307,1 ETP	+9.1%	281,6 ETP	+4.8%	268,8 ETP

Valuation

Indicative valuation

As an indication, this company is worth

between 500 M€ and 1.000 M€

See the valuation

Board of directors

Source · NBB, accounts to 31/12/2025

6 active · 19 ended

Active mandates

Director	Mandates in this company	Period	Other mandatescurrentendedstruck offbankruptcies
Didier BOULET	Director04/11/2016 → 30/06/2031
Alain QUEVRIN	Managing director24/09/2012 → 30/06/2030Director24/09/2012 → 2014 accountsended
Cédric LEURQUIN	Director07/02/2024 → 30/06/2030
Marc DARMON	Chairman of the board of directors07/02/2024 → 30/06/2030
Patricia VIVIANI-MAYER	Director30/11/2015 → 30/06/2028Chairman of the board of directors30/11/2015 → 2019 accountsended
Guillaume RICHARD	Director01/01/2021 → 30/06/2027

Ended mandates

Director	Mandates in this company	Period	Other mandatescurrentendedstruck offbankruptcies
Cécile DABURON	Director30/06/2020 → 2020 accounts
Dirk GEERAERTS	Director30/06/2020 → 2023 accounts
Hervé DAMANN	Chairman of the board of directors30/06/2020 → 07/02/2024
Hervé DAMMANN	Chairman of the board of directors30/06/2020 → 2022 accounts

Other companies at this address

Rue En Bois 63 4040 Herstal

Company	CBE no.
AMICALE DES FORGES DE ZEEBRUGGE● Active	0874.346.617

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	09/06/2026	26/06/2025	29/06/2024	09/06/2023	27/06/2022	25/06/2021
General meeting	28/05/2026	26/05/2025	27/05/2024	30/05/2023	30/05/2022	03/06/2021
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, 20 filings

Model	Closing	General meeting	Filed	Language	Document
Full model	31/12/2025	28/05/2026	09/06/2026	French	PDF
Full model	31/12/2024	26/05/2025	26/06/2025	French	PDF
Full model	31/12/2023	27/05/2024	29/06/2024	French	PDF
Full model	31/12/2022	30/05/2023	09/06/2023	French	PDF
Full model	31/12/2021	30/05/2022	27/06/2022	French	PDF
Full model	31/12/2020	03/06/2021	25/06/2021	French	PDF
Full model	31/12/2019	30/06/2020	09/07/2020	French	PDF
Full model	31/12/2018	27/05/2019	29/07/2019	French	PDF
Full model	31/12/2017	29/08/2018	11/09/2018	French	PDF
Full model	31/12/2016	29/05/2017	30/06/2017	French	PDF
Full model	31/12/2015	30/05/2016	14/07/2016	French	PDF
Full model	31/12/2014	25/05/2015	08/07/2015	French	PDF
Full model	31/12/2013	26/05/2014	10/07/2014	French	PDF
Full model	31/12/2012	27/05/2013	10/07/2013	French	PDF
Full model	31/12/2011	29/05/2012	15/06/2012	French	PDF
Full model	31/12/2010	30/05/2011	30/06/2011	French	PDF
Full model	31/12/2009	25/05/2010	29/06/2010	French	PDF
Full model	31/12/2008	25/05/2009	29/06/2009	French	PDF
Full model	31/12/2007	26/05/2008	27/06/2008	French	PDF
Full model	31/12/2006	29/05/2007	28/06/2007	French	PDF

Indicative valuation

Order of magnitude

As an indication, this company is worth

between 500 M€ and 1.000 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

6 active · 19 ended

Active mandates

Director	Mandates in this company	Period	Other mandatescurrentendedstruck offbankruptcies
Didier BOULET	Director04/11/2016 → 30/06/2031
Alain QUEVRIN	Managing director24/09/2012 → 30/06/2030Director24/09/2012 → 2014 accountsended
Cédric LEURQUIN	Director07/02/2024 → 30/06/2030
Marc DARMON	Chairman of the board of directors07/02/2024 → 30/06/2030
Patricia VIVIANI-MAYER	Director30/11/2015 → 30/06/2028Chairman of the board of directors30/11/2015 → 2019 accountsended
Guillaume RICHARD	Director01/01/2021 → 30/06/2027

Ended mandates

Director	Mandates in this company	Period	Other mandatescurrentendedstruck offbankruptcies
Cécile DABURON	Director30/06/2020 → 2020 accounts
Dirk GEERAERTS	Director30/06/2020 → 2023 accounts
Hervé DAMANN	Chairman of the board of directors30/06/2020 → 07/02/2024
Hervé DAMMANN	Chairman of the board of directors30/06/2020 → 2022 accounts

Ownership and network

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Belgian Official Gazette publications

Source · Belgian Official Gazette

Other21/10/2026
Délégations de pouvoirs - Actualisation du récapitulatif des fonctions et
PDF
Mandates22/05/2026
DEMISSIONS, NOMINATIONS
PDF
Mandates14/05/2025
DEMISSIONS, NOMINATIONS
PDF
Mandates28/02/2025
DEMISSIONS, NOMINATIONS
PDF
Mandates22/11/2024
DEMISSIONS, NOMINATIONS
PDF
Mandates25/04/2024
DEMISSIONS, NOMINATIONS
PDF
Mandates24/08/2023
DEMISSIONS, NOMINATIONS
PDF
Other08/06/2023
STATUTS (TRADUCTION, COORDINATION, AUTRES MODIFICATIONS, )
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

Didier BOULET

Alain QUEVRIN

Marc DARMON

Cédric LEURQUIN

Patricia VIVIANI-MAYER

Guillaume RICHARD

Hervé DAMANN

Hervé DAMMANN

Dirk GEERAERTS

Cécile DABURON

Patrice GILARDONI

Patricia VIVIANI

Show the 13 other mandates

19881989199019911992199319941995199619971998199920002001200220032004200520062007200820092010201120122013201420152016201720182019202020212022202320242025202620272028202920302031

THALES BELGIUM

Rue En Bois 63, 4040 Herstal

Director

Managing directorDirector

Chairman of the board of directors

Director

DirectorChairman of the board of directors

Director

Chairman of the board of directors

Director

CurrentPlanned, not yet servedEndedAccounts filedToday

Registered offices

Source · NBB annual accounts, CBE

Registered address	Period	Source
Rue En Bois 63, 4040 HerstalCurrent	accounts 2021 → 2025	Accounts 2025 · 2026-00153482

Company names

Source · NBB annual accounts, CBE

Name	Period	Source
THALES BELGIUMCurrent	accounts 2021 → 2025	Accounts 2025 · 2026-00153482

Events

2025
Annual accounts 202566,6 M €↑
26/05/2025
reconductionDidier BOULET · administrateur
26/05/2025
nominationPwC Reviseurs d'Entreprises · commissaire
2024
Annual accounts 202423,4 M €↑
27/05/2024
reconductionAlain Quevrin · administrateur
27/05/2024
reconductionMartine Vermeersch · commissaire-réviseur
06/05/2024
nominationMarc Darmon · Président du Conseil
2023
Annual accounts 202312,2 M €↑
2022
Annual accounts 20227,9 M €↑
2021
Annual accounts 20217,5 M €↑
2020
Annual accounts 20202,8 M €↑
2019
Annual accounts 20192,8 M €↑
2018
Annual accounts 2018-3,5 M €↓
2017
Annual accounts 2017-3,1 M €↓
2016
Annual accounts 20161,2 M €↓
2015
Annual accounts 20153,1 M €↑
2014
Annual accounts 20141,5 M €↓
2013
Annual accounts 20132 M €↑
2012
Annual accounts 20121,8 M €↑
2011
Annual accounts 20111,5 M €↑
2010
Annual accounts 20101,2 M €↑
2009
Annual accounts 2009-741,8 k €↓
2008
Annual accounts 2008876,9 k €↓
2007
Annual accounts 20071,1 M €↓
2006
Annual accounts 20061,1 M €
02/06/1988
IncorporationPublic limited company

THALES 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