ACTIVE

GODIVA BELGIUM

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Financial year 2025 · closed on 31/12/2025

Net result

-181,5 M €

-174.9% YoY

Revenue

14,1 M €

-13.9% YoY

Equity

513,2 M €

-26.1% YoY

Workforce

25,0 ETP

-24.0% YoY

What does GODIVA BELGIUM do?

GODIVA BELGIUM is a Private limited company incorporated in 1988. Its main activity is: Manufacture of cocoa, chocolate and sugar confectionery. Its registered office is in Anderlecht. It employs on average 25,0 ETP workers (FTE).

Legal situation

● Normal situation

BCE/KBO no. / VAT

BE 0435.002.438

Incorporation

10/08/1988

Legal form

Private limited company

Registered office

Rue des Vétérinaires 42D
1070 Anderlecht · BruxellesSee on map

Contributed capital

721 335 744,00 €

Latest accounts

31/12/2025

Average workforce

25,0 ETP

Activities (NACE)

10820Manufacture of cocoa, chocolate and sugar confectionery· main 10820Manufacture of cocoa, chocolate and sugar confectionery 15840Manufacture of leather and related products 46360Wholesale of sugar and chocolate and sugar confectionery 46360Wholesale of sugar and chocolate and sugar confectionery 47242Retail sale of bread, cakes, flour confectionery and sugar confectionery in specialised stores+1

Joint committees (2)

Signals

Solid equityLow riskGood liquidityHealthy social debtsHigh revenue

View the BCE/KBO Public Search record →

Health score

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✦ Verdict · Analyst summary

Financials

Trend over 17 financial years

	2025		2024		2023		2022		2021		2020		2018		2017		2016		2015		2014		2013		2012		2011		2010		2009		2008
Income statement
Revenue	14,1 M €	-13.9%	16,3 M €	-19.1%	20,2 M €	+6.9%	18,9 M €	+0.8%	18,7 M €	+7.3%	17,5 M €	-78.6%	81,6 M €	-8.7%	89,3 M €	+3.4%	86,4 M €	+0.6%	85,9 M €	+11.9%	76,7 M €	+2.5%	74,9 M €	-2.7%	77,0 M €	+13.1%	68,1 M €	+14.7%	59,3 M €	+14.0%	52,0 M €	-40.1%	86,9 M €
EBITDA	-4,0 M €	+31.1%	-5,8 M €	+18.6%	-7,1 M €	+15.6%	-8,4 M €	+28.6%	-11,8 M €	+44.9%	-21,3 M €	-283%	11,7 M €	-48.6%	22,7 M €	+19.6%	19,0 M €	+79.4%	10,6 M €	+9.0%	9,7 M €	-17.7%	11,8 M €	-16.8%	14,2 M €	+46.6%	9,7 M €	+185%	3,4 M €	+336%	-1,4 M €	-182%	1,8 M €
Operating result	-5,9 M €	+16.4%	-7,1 M €	+29.9%	-10,1 M €	+23.3%	-13,1 M €	+22.2%	-16,9 M €	+37.4%	-27,0 M €	-393%	9,2 M €	-53.5%	19,8 M €	+35.8%	14,6 M €	+114%	6,8 M €	+6.3%	6,4 M €	-26.2%	8,7 M €	-20.7%	11,0 M €	+99.1%	5,5 M €	+3485%	-162,9 k €	+96.9%	-5,2 M €	-44.9%	-3,6 M €
Net result	-181,5 M €	-175%	-66,0 M €	-635%	-9,0 M €	-30.9%	-6,9 M €	+19.6%	-8,5 M €	+59.2%	-20,9 M €	-217%	17,9 M €	+2.2%	17,5 M €	+31.5%	13,3 M €	+87.5%	7,1 M €	+105%	3,5 M €	-69.3%	11,3 M €	-9.3%	12,5 M €	+86.8%	6,7 M €	+802%	739,0 k €	+114%	-5,1 M €	+52.9%	-10,8 M €
Balance sheet
Equity	513,2 M €	-26.1%	694,7 M €	-8.7%	760,7 M €	-1.2%	769,6 M €	-0.9%	776,5 M €	-1.1%	785,1 M €	+235%	234,0 M €	+9.4%	214,0 M €	+8.9%	196,5 M €	+7.3%	183,1 M €	+4.1%	176,0 M €	+2.0%	172,5 M €	+7.0%	161,2 M €	+8.4%	148,7 M €	+4.7%	142,1 M €	+0.5%	141,3 M €	-3.5%	146,4 M €
Total assets	581,0 M €	-22.6%	751,0 M €	-7.8%	814,3 M €	-0.2%	815,8 M €	+1.5%	804,1 M €	-0.0%	804,3 M €	+5.5%	762,1 M €	+12.1%	680,1 M €	+5.4%	645,1 M €	+21.7%	530,0 M €	-0.0%	530,2 M €	+65.1%	321,1 M €	+11.9%	286,9 M €	+11.9%	256,4 M €	+25.8%	203,7 M €	+5.8%	192,5 M €	-2.6%	197,8 M €
Cash	836,5 k €	-23.8%	1,1 M €	+43.2%	766,7 k €	+47.8%	518,6 k €	-56.9%	1,2 M €	-77.0%	5,2 M €	-0.3%	5,2 M €	+89.5%	2,8 M €	-56.8%	6,4 M €	+107%	3,1 M €	-40.4%	5,2 M €	+118%	2,4 M €	-23.0%	3,1 M €	-21.3%	3,9 M €	+1510%	244,3 k €	+136%	103,5 k €	-90.9%	1,1 M €
Debts	66,9 M €	+19.9%	55,8 M €	+4.9%	53,2 M €	+16.2%	45,8 M €	+69.4%	27,0 M €	+48.1%	18,3 M €	-96.4%	506,0 M €	+10.5%	458,1 M €	+3.4%	442,9 M €	+28.9%	343,5 M €	-2.4%	351,8 M €	+141%	145,7 M €	+19.0%	122,5 M €	+18.0%	103,8 M €	+78.6%	58,1 M €	+14.6%	50,7 M €	+1.3%	50,1 M €
Other
Workforce	25,0 ETP	-24.0%	32,9 ETP	-28.9%	46,3 ETP	-2.1%	47,3 ETP	-6.3%	50,5 ETP	-28.2%	70,3 ETP	-78.8%	331,7 ETP	+1.9%	325,5 ETP	-0.2%	326,1 ETP	-1.0%	329,4 ETP	+6.4%	309,6 ETP	+0.8%	307,0 ETP	+6.2%	289,0 ETP	+2.9%	280,9 ETP	-9.4%	310,0 ETP	-8.1%	337,5 ETP	-2.5%	346,1 ETP

Estimate

Indicative valuation

As an indication, this company is worth

between 500 M€ and 1.000 M€

See the valuation

Governance

Board of directors

Seen on filing of 31/12/2025 · 4 active · 29 ended

Active mandates

Yahya Ulker

Director · since 07 juin 2025

Active

Sridhar Ramamurthy

Director · since 28 avril 2025

Active

Ali Ulker

Director · since 26 juillet 2013 · until 07 juin 2025

Active

Murat Ulker

Director · since 18 mars 2008

Active

Ended mandates

Ahmed Salman Amin

Director · since 31 mai 2023 · until 28 avril 2025

Ended

Ahmed Salman Amin

Director · since 31 mai 2023

Ended

Ahmed Salman Amin

Director · since 01 mai 2023

Ended

Hafize Nurtaç Afridi

Director · since 02 octobre 2020 · until 03 août 2023

Ended

At this address

Other companies at this address

Company	CBE no.
TAMAWA● Active	0895.415.908

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	27/07/2026	27/06/2025	10/07/2024	25/07/2023	21/10/2022	29/12/2021
General meeting	30/06/2026	06/06/2025	17/06/2024	30/06/2023	17/10/2022	29/12/2021
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

28 filings with the NBB

Model	Closing	General meeting	Filed	Language	Document
Full model	31/12/2025	30/06/2026	27/07/2026	French	PDF
Full model	31/12/2024	06/06/2025	27/06/2025	French	PDF
Full model	31/12/2023	17/06/2024	10/07/2024	French	PDF
Full model	31/12/2022	30/06/2023	25/07/2023	French	PDF
Full model	31/12/2021	17/10/2022	21/10/2022	French	PDF
Full model	31/12/2020	29/12/2021	29/12/2021	French	PDF
Full model	31/12/2019	30/11/2020	01/12/2020	French	PDF
Full model	31/12/2018	28/06/2019	06/08/2019	French	PDF
Full model	31/12/2017	31/07/2018	02/08/2018	French	PDF
Full model	31/12/2016	30/06/2017	30/06/2017	French	PDF
m120-f-p	31/12/2016	15/12/2017	19/01/2018	French	PDF
Full model	31/12/2015	03/06/2016	30/06/2016	French	PDF
m120-f-p	31/12/2015	26/10/2016	22/11/2016	French	PDF
Full model	31/12/2014	05/06/2015	17/06/2015	French	PDF
m120-f-p	31/12/2014	30/10/2015	02/11/2015	French	PDF
Full model	31/12/2013	06/06/2014	24/06/2014	French	PDF
m120-f-p	31/12/2013	19/08/2014	28/08/2014	French	PDF
Full model	31/12/2012	07/06/2013	24/06/2013	French	PDF
m120-f-p	31/12/2012	26/07/2013	29/07/2013	French	PDF
Full model	31/12/2011	01/06/2012	19/06/2012	French	PDF
m120-f-p	31/12/2011	05/07/2012	12/07/2012	French	PDF
Full model	31/12/2010	29/06/2011	18/07/2011	French	PDF
m120-f-p	31/12/2010	04/07/2011	18/07/2011	French	PDF
Full model	31/12/2009	29/06/2010	20/07/2010	French	PDF
m120-f-p	31/12/2009	24/09/2010	29/09/2010	French	PDF
Full model	31/12/2008	05/06/2009	03/07/2009	French	PDF
Full model	29/07/2007	16/01/2008	22/01/2008	French	PDF
Full model	30/07/2006	17/01/2007	06/02/2007	French	PDF

Estimate

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.

Governance

Board of directors

Seen on filing of 31/12/2025 · 4 active · 29 ended

Active mandates

Yahya Ulker

Director · since 07 juin 2025

Active

Sridhar Ramamurthy

Director · since 28 avril 2025

Active

Ali Ulker

Director · since 26 juillet 2013 · until 07 juin 2025

Active

Murat Ulker

Director · since 18 mars 2008

Active

Ended mandates

Ahmed Salman Amin

Director · since 31 mai 2023 · until 28 avril 2025

Ended

Ahmed Salman Amin

Director · since 31 mai 2023

Ended

Ahmed Salman Amin

Director · since 01 mai 2023

Ended

Hafize Nurtaç Afridi

Director · since 02 octobre 2020 · until 03 août 2023

Ended

Shareholders

Ownership and network

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Belgian Official Gazette

Belgian Official Gazette publications

Mandates19/02/2026
DEMISSIONS, NOMINATIONS
PDF
Mandates01/10/2025
DEMISSIONS, NOMINATIONS
PDF
Mandates14/05/2025
DEMISSIONS, NOMINATIONS
PDF
Mandates13/05/2025
DEMISSIONS, NOMINATIONS
PDF
Mandates17/12/2024
DEMISSIONS, NOMINATIONS
PDF
Mandates13/02/2024
DEMISSIONS, NOMINATIONS
PDF
Mandates31/10/2023
DEMISSIONS, NOMINATIONS
PDF
Mandates07/09/2023
DEMISSIONS, NOMINATIONS
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 2025-181,5 M €↓
18/11/2025
nominationJean-Louis Coiquaud — mandataire
07/06/2025
nominationYahya Ulker — administrateur
06/06/2025
reconductionPwC Bedrijfsrevisoren BV/PwC Réviseurs d'Entreprises SRL — commissaire
28/04/2025
nominationSridhar Ramamurthy — administrateur
15/01/2025
nominationDemirhan Tung — mandataire
2024
Annual accounts 2024-66,0 M €↓
30/09/2024
nominationSylvain Rousseau — représentant permanent du commissaire
15/01/2024
nominationDemirhan Tung — mandataire
2023
Annual accounts 2023-9,0 M €↓
31/05/2023
nominationAhmed Salman Amin — administrateur
20/05/2023
nominationHudson Carvalho Silveira — mandataire
2022
Annual accounts 2022-6,9 M €↑
17/10/2022
nominationPricewaterhouseCoopers Belgium BV — commissaire
2021
Annual accounts 2021-8,5 M €↑
2020
Annual accounts 2020-20,9 M €↓
2018
Annual accounts 201817,9 M €↑
2017
Annual accounts 201717,5 M €↑
2016
Annual accounts 201613,3 M €↑
2015
Annual accounts 20157,1 M €↑
2014
Annual accounts 20143,5 M €↓
2013
Annual accounts 201311,3 M €↓
2012
Annual accounts 201212,5 M €↑
2011
Annual accounts 20116,7 M €↑
2010
Annual accounts 2010739,0 k €↑
2009
Annual accounts 2009-5,1 M €↑
2008
Annual accounts 2008-10,8 M €
10/08/1988
IncorporationPrivate 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

GODIVA BELGIUM

Overview

What does GODIVA BELGIUM do?

Trend over 17 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