ACTIVE

MICHIELSEN

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Financial year 2025 · closed on 31/12/2025

Net result

92,2 k €

-44.8% YoY

Gross margin

1 M €

-7.8% YoY

Equity

173,9 k €

+112.8% YoY

Workforce

9,3 ETP

-54.2% YoY

What does MICHIELSEN do?

MICHIELSEN is a Public limited company incorporated in 1988. Its registered office is in Antwerpen. It employs on average 9,3 ETP workers (FTE).

Legal situation

● Normal situation

BCE/KBO no. / VAT

BE 0434.805.468

Incorporation

19/07/1988

Legal form

Public limited company

Registered office

Anselmostraat 43
2018 Antwerpen · FlandreSee on map

Contributed capital

62 000,03 €

Latest accounts

31/12/2025

Average workforce

9,3 ETP

Joint committees (3)

119
11903
201

Signals

ProfitablePositive cashflowPositive EBITDAHealthy social debts

View the BCE/KBO Public Search record →

Health score

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✦ Verdict · Analyst summary

Financials

Trend over 18 financial years

	2025		2024		2023		2022		2021		2018		2017		2016		2015		2014		2013		2012		2011		2010		2009		2008		2007		2006
Income statement
Gross margin	1 M €	-7.8%	1,1 M €	+21.2%	931,8 k €	+3.9%	897 k €	-6.0%	954,2 k €	+55.4%	614,1 k €	+6.2%	578,1 k €	+17.4%	492,6 k €	-2.6%	505,8 k €	-2.6%	519,1 k €	+10.1%	471,3 k €	+13.5%	415,1 k €	+7.5%	386 k €	-5.4%	408,2 k €	+0.1%	407,7 k €	-3.3%	421,6 k €	+2.5%	411,2 k €	-5.7%	435,9 k €
EBITDA	228,2 k €	-29.4%	323,4 k €	+282%	84,8 k €	-57.3%	198,4 k €	+1.5%	195,5 k €	+35.8%	144 k €	-6.9%	154,7 k €	+112%	73,1 k €	-0.3%	73,3 k €	+4.3%	70,2 k €	+53.0%	45,9 k €	+118%	21 k €	-60.8%	53,6 k €	-38.8%	87,7 k €	+57.9%	55,5 k €	-8.1%	60,4 k €	+2.5%	58,9 k €	-13.4%	68 k €
Operating result	144,8 k €	-34.7%	221,8 k €	+1502%	-15,8 k €	-116%	97,1 k €	+7.9%	90 k €	+298%	22,6 k €	-8.0%	24,6 k €	+124%	-103,1 k €	-886%	13,1 k €	-1.1%	13,3 k €	+83.7%	7,2 k €	+129%	-24,8 k €	-284%	13,5 k €	-73.9%	51,6 k €	+172%	19 k €	-12.4%	21,6 k €	-9.9%	24 k €	-15.4%	28,4 k €
Net result	92,2 k €	-44.8%	167,2 k €	+441%	-49,1 k €	-172%	67,8 k €	+4.3%	65 k €	+11407%	565,1 €	-85.9%	4 k €	+103%	-126,3 k €	-3679%	3,5 k €	-38.5%	5,7 k €	+126%	-22,1 k €	+43.0%	-38,8 k €	-1527%	2,7 k €	-90.5%	28,5 k €	+417%	5,5 k €	-36.9%	8,7 k €	-13.1%	10,1 k €	+146%	4,1 k €
Balance sheet
Equity	173,9 k €	+113%	81,7 k €	+196%	-85,4 k €	-135%	-36,4 k €	+65.1%	-104,2 k €	-73.8%	-59,9 k €	+0.9%	-60,5 k €	+6.2%	-64,5 k €	-204%	61,8 k €	+6.1%	58,2 k €	+10.9%	52,5 k €	-29.6%	74,6 k €	-34.2%	113,4 k €	+2.5%	110,7 k €	+34.7%	82,1 k €	+7.2%	76,6 k €	+12.9%	67,9 k €	+18.0%	57,5 k €
Total assets	996,6 k €	-2.7%	1 M €	-1.2%	1 M €	-10.8%	1,2 M €	-1.4%	1,2 M €	-6.5%	1,3 M €	+10.2%	1,1 M €	-6.8%	1,2 M €	-5.0%	1,3 M €	+195%	437,9 k €	+8.9%	401,9 k €	-18.5%	493,4 k €	+0.8%	489,6 k €	-8.0%	531,9 k €	+0.6%	528,8 k €	-2.0%	539,6 k €	+4.2%	517,7 k €	-0.4%	519,9 k €
Cash	240,7 k €	+12.1%	214,7 k €	+68.1%	127,7 k €	-19.4%	158,5 k €	+60.9%	98,5 k €	-47.9%	189,1 k €	+92.8%	98,1 k €	+5.2%	93,2 k €	-54.6%	205,3 k €	+24.0%	165,5 k €	+51.6%	109,2 k €	-24.3%	144,2 k €	-3.1%	148,8 k €	-5.6%	157,7 k €	+48.4%	106,3 k €	-13.6%	123 k €	+12.9%	109 k €	+10.3%	98,8 k €
Debts	822,6 k €	-12.8%	943 k €	-16.0%	1,1 M €	-6.3%	1,2 M €	-6.6%	1,3 M €	-2.9%	1,3 M €	+10.4%	1,2 M €	-7.3%	1,3 M €	+5.0%	1,2 M €	+225%	378,1 k €	+8.7%	348 k €	-15.8%	413,5 k €	+17.8%	351,1 k €	-4.2%	366,6 k €	-10.3%	408,6 k €	-4.2%	426,4 k €	-0.2%	427,1 k €	-7.2%	460,4 k €
Other
Workforce	9,3 ETP	-54.2%	20,3 ETP	+19.4%	17,0 ETP	+24.1%	13,7 ETP	-22.2%	17,6 ETP	+21.4%	14,5 ETP	+8.2%	13,4 ETP	0.0%	13,4 ETP	-1.5%	13,6 ETP	-11.7%	15,4 ETP	+1.3%	15,2 ETP	+10.1%	13,8 ETP	+7.0%	12,9 ETP	+11.2%	11,6 ETP	-6.5%	12,4 ETP	-6.1%	13,2 ETP	+4.8%	12,6 ETP	-3.1%	13,0 ETP

Estimate

Indicative valuation

As an indication, this company is worth

between 1 M€ and 2,5 M€

See the valuation

Governance

Board of directors

Seen on filing of 31/12/2025 · 1 active · 14 ended

Active mandates

Dieter Smeulders

Director · since 08 mars 2022 · until 07 mars 2028

Active

Ended mandates

Sieger SMEULDERS

Director · since 27 novembre 2019 · until 08 mars 2022

Ended

Dieter Smeulders

Managing director · since 28 septembre 2017 · until 27 septembre 2023

Ended

Filip Van Bellinghen

Director · since 28 septembre 2017 · until 27 septembre 2023

Ended

DIETER MANAGEMENT

Managing director · since 28 septembre 2011 · until 27 septembre 2017 · 0462.141.454

Represented by DIETER SMEULDERS

Ended

At this address

Other companies at this address

Company	CBE no.
Aurellia● Active	0727.440.216

Annual accounts

Full financial information

	2025	2024	2023	2022	2021	2020
Type of account	Abridged model	Abridged model	Abridged model	Abridged model	Abridged model	Abridged 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	30/06/2026	06/06/2025	29/07/2024	27/09/2023	19/08/2022	06/09/2021
General meeting	30/06/2026	06/06/2025	25/06/2024	26/06/2023	25/06/2022	25/06/2021
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
Abridged model	31/12/2025	30/06/2026	30/06/2026	Dutch	PDF
Abridged model	31/12/2024	06/06/2025	06/06/2025	Dutch	PDF
Abridged model	31/12/2023	25/06/2024	29/07/2024	Dutch	PDF
Abridged model	31/12/2022	26/06/2023	27/09/2023	Dutch	PDF
Abridged model	31/12/2021	25/06/2022	19/08/2022	Dutch	PDF
Abridged model	31/12/2020	25/06/2021	06/09/2021	Dutch	PDF
Abridged model	31/12/2019	25/06/2020	03/08/2020	Dutch	PDF
Abridged model	31/12/2018	25/06/2019	27/06/2019	Dutch	PDF
Abridged model	31/12/2017	25/06/2018	26/06/2018	Dutch	PDF
Abridged model	31/12/2016	26/06/2017	27/06/2017	Dutch	PDF
Abridged model	31/12/2015	25/06/2016	27/06/2016	Dutch	PDF
Abridged model	31/12/2014	25/06/2015	29/06/2015	Dutch	PDF
Abridged model	31/12/2013	25/06/2014	26/06/2014	Dutch	PDF
Abridged model	31/12/2012	25/06/2013	23/08/2013	Dutch	PDF
Abridged model	31/12/2011	25/06/2012	28/06/2012	Dutch	PDF
Abridged model	31/12/2010	25/06/2011	29/06/2011	Dutch	PDF
Abridged model	31/12/2009	25/06/2010	30/06/2010	Dutch	PDF
Abridged model	31/12/2008	25/06/2009	30/06/2009	Dutch	PDF
Abridged model	31/12/2007	25/06/2008	02/07/2008	Dutch	PDF
Abridged model	31/12/2006	14/07/2007	17/07/2007	Dutch	PDF

Estimate

Indicative valuation

Order of magnitude

As an indication, this company is worth

between 1 M€ and 2,5 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 · 1 active · 14 ended

Active mandates

Dieter Smeulders

Director · since 08 mars 2022 · until 07 mars 2028

Active

Ended mandates

Sieger SMEULDERS

Director · since 27 novembre 2019 · until 08 mars 2022

Ended

Dieter Smeulders

Managing director · since 28 septembre 2017 · until 27 septembre 2023

Ended

Filip Van Bellinghen

Director · since 28 septembre 2017 · until 27 septembre 2023

Ended

DIETER MANAGEMENT

Managing director · since 28 septembre 2011 · until 27 septembre 2017 · 0462.141.454

Represented by DIETER SMEULDERS

Ended

Shareholders

Ownership and network

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Try for 7 days

Belgian Official Gazette

Belgian Official Gazette publications

Mandates23/03/2022
STATUTEN (VERTALING, COÖRDINATIE, OVERIGE WIJZIGINGEN, ) - BENAMING - ONTSLAGEN - BENOEMINGEN - ALGEMENE VERGADERING
PDF
Mandates02/01/2020
ONTSLAGEN - BENOEMINGEN
PDF
Mandates13/10/2017
ONTSLAGEN - BENOEMINGEN
PDF
Mandates08/01/2015
ONTSLAGEN - BENOEMINGEN
PDF
Capital / shares15/10/2012
KAPITAAL - AANDELEN
PDF
Mandates11/01/2012
ONTSLAGEN - BENOEMINGEN
PDF
Mandates06/01/2006
ONTSLAGEN - BENOEMINGEN
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 202592,2 k €↓
2024
Annual accounts 2024167,2 k €↑
2023
Annual accounts 2023-49,1 k €↓
2022
Annual accounts 202267,8 k €↑
2021
Annual accounts 202165 k €↑
2018
Annual accounts 2018565,1 €↓
2017
Annual accounts 20174 k €↑
2016
Annual accounts 2016-126,3 k €↓
2015
Annual accounts 20153,5 k €↓
2014
Annual accounts 20145,7 k €↑
2013
Annual accounts 2013-22,1 k €↑
2012
Annual accounts 2012-38,8 k €↓
2011
Annual accounts 20112,7 k €↓
2010
Annual accounts 201028,5 k €↑
2009
Annual accounts 20095,5 k €↓
2008
Annual accounts 20088,7 k €↓
2007
Annual accounts 200710,1 k €↑
2006
Annual accounts 20064,1 k €
19/07/1988
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

MICHIELSEN

Overview

What does MICHIELSEN do?

Trend over 18 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