ACTIVE

Belcofeed

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Financial year 2025 · closed on 31/12/2025

Net result

627,1 k €

-4.1% YoY

Revenue

49,4 M €

-9.7% YoY

Equity

11,2 M €

+6.0% YoY

Workforce

15,7 ETP

-0.6% YoY

What does Belcofeed do?

Belcofeed is a Public limited company incorporated in 1988. Its main activity is: Manufacture of prepared feeds for farm animals. Its registered office is in Antwerpen. It employs on average 15,7 ETP workers (FTE).

Legal situation

● Normal situation

BCE/KBO no. / VAT

BE 0435.268.791

Incorporation

15/09/1988

Legal form

Public limited company

Registered office

Jordaenskaai 24
2000 Antwerpen · FlandreSee on map

Contributed capital

375 000,00 €

Latest accounts

31/12/2025

Average workforce

15,7 ETP

Activities (NACE)

10910Manufacture of prepared feeds for farm animals· main 10910Manufacture of prepared feeds for farm animals 01410Raising of dairy cattle 15710Manufacture of leather and related products 46216Wholesale of grain, unmanufactured tobacco, seeds and animal feeds 46216Wholesale of grain, unmanufactured tobacco, seeds and animal feeds+9

Joint committees (3)

Signals

ProfitableSolid equityLow riskGood liquidityPositive cashflowPositive EBITDAHealthy social debtsHigh revenue

View the BCE/KBO Public Search record →

Health score

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✦ Verdict · Analyst summary

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	49,4 M €	-9.7%	54,7 M €	-1.3%	55,5 M €	-11.1%	62,4 M €	+10.4%	56,5 M €	+3.4%	54,7 M €	+19.9%	45,6 M €	-1.3%	46,2 M €	-1.4%	46,8 M €	+1.9%	46 M €	-3.1%	47,4 M €	+18.8%	39,9 M €	-4.2%	41,7 M €	+70.1%	24,5 M €	+11.4%	22 M €	+34.9%	16,3 M €	+28.1%	12,7 M €	+6.3%	12 M €		–		–
EBITDA	1,7 M €	-18.0%	2,1 M €	+50.9%	1,4 M €	+8.8%	1,3 M €	-12.4%	1,5 M €	-25.2%	2 M €	+25.5%	1,6 M €	-20.8%	2 M €	+27.0%	1,6 M €	-1.1%	1,6 M €	+35.2%	1,2 M €	-14.3%	1,4 M €	-2.0%	1,4 M €	+54.5%	901,6 k €	-14.6%	1,1 M €	+41.4%	746,5 k €	+28.1%	582,8 k €	+0.7%	578,7 k €	+10.1%	525,4 k €	+11.7%	470,5 k €
Operating result	943,4 k €	-27.1%	1,3 M €	+58.1%	818,2 k €	+17.3%	697,3 k €	-31.0%	1 M €	-33.1%	1,5 M €	+21.9%	1,2 M €	-22.0%	1,6 M €	+37.2%	1,2 M €	-3.1%	1,2 M €	+41.8%	842,6 k €	-21.7%	1,1 M €	-2.8%	1,1 M €	+58.0%	700,2 k €	-21.1%	887,2 k €	+45.6%	609,5 k €	+38.1%	441,4 k €	+39.4%	316,6 k €	+21.2%	261,2 k €	+33.8%	195,2 k €
Net result	627,1 k €	-4.1%	653,7 k €	+87.9%	347,9 k €	+123%	156,3 k €	-78.3%	721,1 k €	-33.7%	1,1 M €	+41.2%	770,1 k €	-27.6%	1,1 M €	+46.6%	725,7 k €	-4.6%	760,9 k €	+46.3%	520 k €	-25.1%	693,9 k €	-0.1%	694,5 k €	+59.4%	435,6 k €	-21.6%	555,7 k €	+59.2%	349,1 k €	+22.2%	285,6 k €	+101%	142,4 k €	-5.2%	150,2 k €	+104%	73,7 k €
Balance sheet
Equity	11,2 M €	+6.0%	10,5 M €	+6.6%	9,9 M €	+3.6%	9,5 M €	+1.7%	9,4 M €	+8.3%	8,7 M €	+14.4%	7,6 M €	+11.3%	6,8 M €	+18.5%	5,7 M €	+14.5%	5 M €	+17.9%	4,3 M €	+13.9%	3,7 M €	+22.8%	3 M €	+29.6%	2,3 M €	+22.8%	1,9 M €	+41.1%	1,4 M €	+34.8%	1 M €	+39.8%	717,3 k €	+24.8%	574,9 k €	+35.4%	424,7 k €
Total assets	25,8 M €	+14.7%	22,5 M €	-12.3%	25,7 M €	+13.9%	22,5 M €	+4.5%	21,6 M €	+6.4%	20,3 M €	+8.0%	18,8 M €	+15.8%	16,2 M €	-0.0%	16,2 M €	+20.3%	13,5 M €	-13.4%	15,6 M €	+36.3%	11,4 M €	+3.6%	11 M €	+13.2%	9,8 M €	+76.5%	5,5 M €	+3.2%	5,4 M €	+10.0%	4,9 M €	-11.7%	5,5 M €	+17.3%	4,7 M €	+2.8%	4,6 M €
Cash	31,6 k €	+595%	4,5 k €	-80.3%	23,1 k €	+373%	4,9 k €	-75.9%	20,3 k €	-20.2%	25,4 k €	-56.7%	58,7 k €	-63.6%	161,4 k €	+382%	33,5 k €	-5.3%	35,4 k €	+307%	8,7 k €	-1.9%	8,9 k €	-85.0%	59,2 k €	+3934%	1,5 k €	+131%	635,2 €	+302%	157,9 €	-46.0%	292,5 €	+70.9%	171,2 €	-89.7%	1,7 k €	-5.8%	1,8 k €
Debts	14,5 M €	+21.4%	12 M €	-24.1%	15,8 M €	+21.4%	13 M €	+6.6%	12,2 M €	+5.1%	11,6 M €	+3.5%	11,2 M €	+19.0%	9,4 M €	-10.2%	10,5 M €	+23.7%	8,5 M €	-25.0%	11,3 M €	+46.7%	7,7 M €	-3.7%	8 M €	+7.9%	7,4 M €	+105%	3,6 M €	-9.3%	4 M €	+5.4%	3,8 M €	-20.0%	4,7 M €	+15.4%	4,1 M €	+5.6%	3,9 M €
Other
Workforce	15,7 ETP	-0.6%	15,8 ETP	-6.5%	16,9 ETP	-10.1%	18,8 ETP	+10.6%	17,0 ETP	+14.1%	14,9 ETP	-4.5%	15,6 ETP	-9.8%	17,3 ETP	+4.2%	16,6 ETP	+12.9%	14,7 ETP	+12.2%	13,1 ETP	+0.8%	13,0 ETP	+21.5%	10,7 ETP	+78.3%	6,0 ETP	+3.4%	5,8 ETP	+23.4%	4,7 ETP	-32.9%	7,0 ETP	-4.1%	7,3 ETP	0.0%	7,3 ETP	+15.9%	6,3 ETP

Estimate

Indicative valuation

As an indication, this company is worth

between 5 M€ and 10 M€

See the valuation

Governance

Board of directors

Seen on filing of 31/12/2025 · 2 active · 33 ended

Active mandates

GROUP DE CEUSTER

Director · since 12 juin 2023 · until 11 juin 2029 · 0450.326.854

Represented by Tom De Ceuster

Active

VABRO

Managing director · since 12 juin 2023 · until 11 juin 2029 · 0474.821.334

Represented by Jan Van Aelten

Active

Ended mandates

GROUP DE CEUSTER

Director · since 12 juin 2023 · until 11 juin 2029 · 0450.326.854

Represented by Tom De Ceuster

Ended

GROUP DE CEUSTER

Director · since 12 juin 2023 · until 11 juin 2029 · 0450.326.854

Represented by Tom De Ceuster

Ended

VABRO

Managing director · since 12 juin 2023 · until 11 juin 2029 · 0474.821.334

Represented by Jan Jozef Van Aelten

Ended

VABRO

Managing director · since 12 juin 2023 · until 11 juin 2029 · 0474.821.334

Represented by Jan Van Aelten

Ended

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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	13/07/2026	13/06/2025	08/07/2024	18/07/2023	01/09/2022	30/06/2021
General meeting	29/06/2026	09/06/2025	27/06/2024	12/06/2023	13/06/2022	14/06/2021
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
Full model	31/12/2025	29/06/2026	13/07/2026	Dutch	PDF
Full model	31/12/2024	09/06/2025	13/06/2025	Dutch	PDF
Full model	31/12/2023	27/06/2024	08/07/2024	Dutch	PDF
Full model	31/12/2022	12/06/2023	18/07/2023	Dutch	PDF
Full model	31/12/2021	13/06/2022	01/09/2022	Dutch	PDF
Full model	31/12/2020	14/06/2021	30/06/2021	Dutch	PDF
Full model	31/12/2019	08/06/2020	30/06/2020	Dutch	PDF
Full model	31/12/2018	10/06/2019	19/06/2019	Dutch	PDF
Full model	31/12/2017	25/06/2018	03/07/2018	Dutch	PDF
Full model	31/12/2016	12/06/2017	30/06/2017	Dutch	PDF
Full model	31/12/2015	13/06/2016	23/06/2016	Dutch	PDF
Full model	31/12/2014	08/06/2015	02/07/2015	Dutch	PDF
Full model	31/12/2013	10/06/2014	16/06/2014	Dutch	PDF
Full model	31/12/2012	10/06/2013	28/06/2013	Dutch	PDF
Full model	31/12/2011	11/06/2012	02/07/2012	Dutch	PDF
Full model	31/12/2010	21/06/2011	20/07/2011	Dutch	PDF
Full model	31/12/2009	28/06/2010	31/07/2010	Dutch	PDF
Full model	31/12/2008	08/06/2009	13/08/2009	Dutch	PDF
Abridged model	31/12/2007	09/06/2008	08/07/2008	Dutch	PDF
Abridged model	31/12/2006	11/06/2007	27/06/2007	Dutch	PDF

Estimate

Indicative valuation

Order of magnitude

As an indication, this company is worth

between 5 M€ and 10 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 · 2 active · 33 ended

Active mandates

GROUP DE CEUSTER

Director · since 12 juin 2023 · until 11 juin 2029 · 0450.326.854

Represented by Tom De Ceuster

Active

VABRO

Managing director · since 12 juin 2023 · until 11 juin 2029 · 0474.821.334

Represented by Jan Van Aelten

Active

Ended mandates

GROUP DE CEUSTER

Director · since 12 juin 2023 · until 11 juin 2029 · 0450.326.854

Represented by Tom De Ceuster

Ended

GROUP DE CEUSTER

Director · since 12 juin 2023 · until 11 juin 2029 · 0450.326.854

Represented by Tom De Ceuster

Ended

VABRO

Managing director · since 12 juin 2023 · until 11 juin 2029 · 0474.821.334

Represented by Jan Jozef Van Aelten

Ended

VABRO

Managing director · since 12 juin 2023 · until 11 juin 2029 · 0474.821.334

Represented by Jan Van Aelten

Ended

Shareholders

Ownership and network

Looking for more information about this company?

Try for 7 days

Belgian Official Gazette

Belgian Official Gazette publications

Mandates21/02/2024
STATUTEN (VERTALING, COÖRDINATIE, OVERIGE WIJZIGINGEN, ) - ONTSLAGEN - BENOEMINGEN
PDF
Registered office10/02/2021
MAATSCHAPPELIJKE ZETEL
PDF
Mandates19/01/2021
ONTSLAGEN - BENOEMINGEN
PDF
Mandates06/07/2020
ONTSLAGEN - BENOEMINGEN
PDF
Mandates17/08/2017
ONTSLAGEN - BENOEMINGEN
PDF
Mandates22/09/2014
ONTSLAGEN - BENOEMINGEN
PDF
Mandates20/02/2012
ONTSLAGEN - BENOEMINGEN
PDF
Mandates19/10/2011
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 2025627,1 k €↓
2024
Annual accounts 2024653,7 k €↑
2023
Annual accounts 2023347,9 k €↑
2022
Annual accounts 2022156,3 k €↓
2021
Annual accounts 2021721,1 k €↓
2020
Annual accounts 20201,1 M €↑
2019
Annual accounts 2019770,1 k €↓
2018
Annual accounts 20181,1 M €↑
2017
Annual accounts 2017725,7 k €↓
2016
Annual accounts 2016760,9 k €↑
2015
Annual accounts 2015520 k €↓
2014
Annual accounts 2014693,9 k €↓
2013
Annual accounts 2013694,5 k €↑
2012
Annual accounts 2012435,6 k €↓
2011
Annual accounts 2011555,7 k €↑
2010
Annual accounts 2010349,1 k €↑
2009
Annual accounts 2009285,6 k €↑
2008
Annual accounts 2008142,4 k €↓
2007
Annual accounts 2007150,2 k €↑
2006
Annual accounts 200673,7 k €
15/09/1988
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

Belcofeed

Overview

What does Belcofeed do?

Trend over 20 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