THE BELGIAN
0434.631.165 · rovalta.com · 24/09/2026
ACTIVE
THE BELGIAN
Financial year 2025 · closed on 31/12/2025
Net result
3,6 M €
-36.8% YoY
Revenue
17,7 M €
+10.9% YoY
Equity
14,4 M €
+32.9% YoY
Workforce
59,4 ETP
+8.2% YoY
Overview
What does THE BELGIAN do?
THE BELGIAN is a Public limited company incorporated in 1988. Its registered office is in Meise. It employs on average 59,4 ETP workers (FTE).
Legal situation
● Normal situation
BCE/KBO no. / VAT
BE 0434.631.165
Incorporation
25/06/1988
Legal form
Public limited company
Registered office
Slozenstraat 86
1861 Meise · FlandreSee on map
1861 Meise · FlandreSee on map
Contributed capital
100 000,00 €
Latest accounts
31/12/2025
Average workforce
59,4 ETP
Joint committees (4)
- 149
- 14904
- 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 | 17,7 M € | +10.9% | 16 M € | +7.8% | 14,8 M € | +8.3% | 13,7 M € | +8.7% | 12,6 M € | +0.5% | 12,5 M € | +6.8% | 11,7 M € | +6.6% | 11 M € | +10.1% | 10 M € | +15.4% | 8,7 M € | +21.6% | 7,1 M € | +9.4% | 6,5 M € | +12.0% | 5,8 M € | -16.3% | 7 M € | +12.3% | 6,2 M € | – | – | – | – | – | |||||
| EBITDA | 4,8 M € | +4.1% | 4,6 M € | +22.7% | 3,8 M € | +33.9% | 2,8 M € | +2.4% | 2,7 M € | +9.4% | 2,5 M € | +38.3% | 1,8 M € | -10.5% | 2 M € | +48.5% | 1,4 M € | -3.0% | 1,4 M € | +8.3% | 1,3 M € | +87.4% | 693,2 k € | +29.7% | 534,4 k € | -64.5% | 1,5 M € | -5.0% | 1,6 M € | +26.6% | 1,3 M € | +7.6% | 1,2 M € | +51.3% | 769,6 k € | -46.9% | 1,5 M € | +44.8% | 1 M € |
| Operating result | 4,6 M € | +4.5% | 4,4 M € | +22.0% | 3,6 M € | +37.3% | 2,6 M € | +2.9% | 2,5 M € | +11.6% | 2,3 M € | +38.4% | 1,6 M € | -13.1% | 1,9 M € | +54.2% | 1,2 M € | -3.2% | 1,3 M € | +9.5% | 1,2 M € | +112% | 546,4 k € | +38.2% | 395,4 k € | -69.1% | 1,3 M € | -9.4% | 1,4 M € | +29.5% | 1,1 M € | +6.7% | 1 M € | +62.2% | 630,3 k € | -53.0% | 1,3 M € | +49.8% | 895,7 k € |
| Net result | 3,6 M € | -36.8% | 5,7 M € | +103% | 2,8 M € | +30.0% | 2,2 M € | +10.1% | 2 M € | +8.1% | 1,8 M € | +31.5% | 1,4 M € | +21.2% | 1,1 M € | +39.6% | 819,8 k € | +1.5% | 807,5 k € | +21.1% | 666,8 k € | +95.1% | 341,9 k € | +59.3% | 214,6 k € | -78.3% | 988,8 k € | +7.1% | 922,9 k € | +23.2% | 749 k € | +0.9% | 742,2 k € | +51.6% | 489,6 k € | -47.5% | 933 k € | +59.3% | 585,6 k € |
| Balance sheet | |||||||||||||||||||||||||||||||||||||||
| Equity | 14,4 M € | +32.9% | 10,9 M € | +22.2% | 8,9 M € | +8.0% | 8,2 M € | +5.4% | 7,8 M € | +10.2% | 7,1 M € | +16.6% | 6,1 M € | +21.4% | 5 M € | -11.6% | 5,7 M € | +16.9% | 4,8 M € | +18.5% | 4,1 M € | +18.3% | 3,5 M € | +9.7% | 3,2 M € | -4.4% | 3,3 M € | +40.6% | 2,3 M € | +17.5% | 2 M € | +60.2% | 1,2 M € | +21.9% | 1 M € | +17.7% | 867,7 k € | +16.4% | 745,5 k € |
| Total assets | 17,7 M € | +7.4% | 16,5 M € | +20.3% | 13,7 M € | +14.2% | 12 M € | +14.2% | 10,5 M € | +15.1% | 9,1 M € | +19.5% | 7,7 M € | +18.2% | 6,5 M € | -7.8% | 7 M € | +17.1% | 6 M € | +11.7% | 5,4 M € | +10.5% | 4,9 M € | +10.0% | 4,4 M € | -3.2% | 4,6 M € | +23.6% | 3,7 M € | -2.6% | 3,8 M € | +45.0% | 2,6 M € | -2.2% | 2,7 M € | +2.8% | 2,6 M € | -5.7% | 2,8 M € |
| Cash | 781,1 k € | -91.9% | 9,7 M € | +660% | 1,3 M € | +512% | 208 k € | -50.6% | 421,3 k € | +243% | 122,8 k € | -76.0% | 511 k € | -45.0% | 928,6 k € | -15.2% | 1,1 M € | -33.2% | 1,6 M € | +15.1% | 1,4 M € | +98.5% | 717,7 k € | -55.5% | 1,6 M € | +39.3% | 1,2 M € | +399% | 232 k € | -52.9% | 492,7 k € | +64.4% | 299,7 k € | -51.5% | 618,2 k € | +770% | 71,1 k € | -60.8% | 181,5 k € |
| Debts | 3,2 M € | -43.1% | 5,6 M € | +20.3% | 4,7 M € | +24.7% | 3,8 M € | +38.2% | 2,7 M € | +32.5% | 2,1 M € | +31.7% | 1,6 M € | +16.0% | 1,3 M € | +41.9% | 947,4 k € | -14.3% | 1,1 M € | -6.7% | 1,2 M € | +8.1% | 1,1 M € | +3.5% | 1,1 M € | -15.2% | 1,2 M € | +20.0% | 1 M € | -28.4% | 1,5 M € | +8.7% | 1,3 M € | -17.5% | 1,6 M € | +1.2% | 1,6 M € | -4.1% | 1,7 M € |
| Other | |||||||||||||||||||||||||||||||||||||||
| Workforce | 59,4 ETP | +8.2% | 54,9 ETP | +5.8% | 51,9 ETP | -2.4% | 53,2 ETP | -0.6% | 53,5 ETP | +8.1% | 49,5 ETP | -3.1% | 51,1 ETP | +17.5% | 43,5 ETP | -0.2% | 43,6 ETP | +9.0% | 40,0 ETP | +3.9% | 38,5 ETP | +2.7% | 37,5 ETP | +1.1% | 37,1 ETP | +6.3% | 34,9 ETP | +14.4% | 30,5 ETP | +23.5% | 24,7 ETP | +8.3% | 22,8 ETP | +7.0% | 21,3 ETP | +4.9% | 20,3 ETP | -2.9% | 20,9 ETP |
Estimate
Indicative valuation
As an indication, this company is worth
between 50 M€ and 100 M€
See the valuationGovernance
Board of directors
Seen on filing of 31/12/2025 · 5 active · 42 ended
Active mandates
At this address
Other companies at this address
| Company | CBE no. |
|---|---|
IP Security Distribution● Active | 0563.699.662 |
Financials
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 | 09/06/2026 | 03/06/2025 | 30/05/2024 | 26/06/2023 | 09/06/2022 | 02/07/2021 |
| General meeting | 27/05/2026 | 28/05/2025 | 22/05/2024 | 24/05/2023 | 31/05/2022 | 21/06/2021 |
| 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
Looking for more information about this company?
Try for 7 daysFilings
Annual accounts filings
20 filings with the NBB
| Model | Closing | General meeting | Filed | Language | Document |
|---|---|---|---|---|---|
| Full model | 31/12/2025 | 27/05/2026 | 09/06/2026 | Dutch | |
| Full model | 31/12/2024 | 28/05/2025 | 03/06/2025 | Dutch | |
| Full model | 31/12/2023 | 22/05/2024 | 30/05/2024 | Dutch | |
| Full model | 31/12/2022 | 24/05/2023 | 26/06/2023 | Dutch | |
| Full model | 31/12/2021 | 31/05/2022 | 09/06/2022 | Dutch | |
| Full model | 31/12/2020 | 21/06/2021 | 02/07/2021 | Dutch | |
| Full model | 31/12/2019 | 16/06/2020 | 18/06/2020 | Dutch | |
| Abridged model | 31/12/2018 | 31/05/2019 | 03/06/2019 | Dutch | |
| Abridged model | 31/12/2017 | 29/03/2018 | 04/04/2018 | Dutch | |
| Abridged model | 31/12/2016 | 31/05/2017 | 07/06/2017 | Dutch | |
| Abridged model | 31/12/2015 | 31/05/2016 | 30/06/2016 | Dutch | |
| Abridged model | 31/12/2014 | 31/05/2015 | 30/06/2015 | Dutch | |
| Abridged model | 31/12/2013 | 31/05/2014 | 20/06/2014 | Dutch | |
| Abridged model | 31/12/2012 | 31/05/2013 | 03/07/2013 | Dutch | |
| Abridged model | 31/12/2011 | 31/05/2012 | 25/06/2012 | Dutch | |
| Abridged model | 31/12/2010 | 31/05/2011 | 30/06/2011 | Dutch | |
| Abridged model | 31/12/2009 | 31/05/2010 | 30/06/2010 | Dutch | |
| Abridged model | 31/12/2008 | 31/05/2009 | 30/06/2009 | Dutch | |
| Abridged model | 31/12/2007 | 31/05/2008 | 01/07/2008 | Dutch | |
| Abridged model | 31/12/2006 | 31/05/2007 | 31/05/2007 | Dutch |
Valuation
Estimate
Indicative valuation
Order of magnitude
As an indication, this company is worth
between 50 M€ and 100 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 · 5 active · 42 ended
Active mandates
Shareholders
Ownership and network
Looking for more information about this company?
Try for 7 daysPublications
Belgian Official Gazette
Belgian Official Gazette publications
- Mandates13/03/2026ONTSLAGEN - BENOEMINGEN
- Mandates30/12/2025ONTSLAGEN - BENOEMINGEN
- Mandates08/08/2025ONTSLAGEN - BENOEMINGEN
- Mandates14/08/2024ONTSLAGEN - BENOEMINGEN
- Mandates31/10/2023ONTSLAGEN - BENOEMINGEN
- Other03/01/2023DIVERSEN
- Mandates15/12/2022ONTSLAGEN - BENOEMINGEN
- Mandates23/06/2022ONTSLAGEN - BENOEMINGEN
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 20253,6 M €↓
- 2024Annual accounts 20245,7 M €↑
- 2023Annual accounts 20232,8 M €↑
- 2022Annual accounts 20222,2 M €↑
- 2021Annual accounts 20212 M €↑
- 2020Annual accounts 20201,8 M €↑
- 2019Annual accounts 20191,4 M €↑
- 2018Annual accounts 20181,1 M €↑
- 2017Annual accounts 2017819,8 k €↑
- 2016Annual accounts 2016807,5 k €↑
- 2015Annual accounts 2015666,8 k €↑
- 2014Annual accounts 2014341,9 k €↑
- 2013Annual accounts 2013214,6 k €↓
- 2012Annual accounts 2012988,8 k €↑
- 2011Annual accounts 2011922,9 k €↑
- 2010Annual accounts 2010749 k €↑
- 2009Annual accounts 2009742,2 k €↑
- 2008Annual accounts 2008489,6 k €↓
- 2007Annual accounts 2007933 k €↑
- 2006Annual accounts 2006585,6 k €
- 25/06/1988IncorporationPublic limited company