ACTIVE

RAFFINERIE TIRLEMONTOISE

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Financial year 2026 · closed on 28/02/2026

Net result

-42,5 M €

-2200.2% YoY

Revenue

367,9 M €

-29.7% YoY

Equity

348,9 M €

-52.9% YoY

Workforce

545,3 ETP

-1.8% YoY

What does RAFFINERIE TIRLEMONTOISE do?

RAFFINERIE TIRLEMONTOISE is a Public limited company incorporated in 1988. Its main activity is: Manufacture of sugar. Its registered office is in Tienen. It employs on average 545,3 ETP workers (FTE).

Legal situation

● Normal situation

BCE/KBO no. / VAT

BE 0436.410.522

Incorporation

29/12/1988

Legal form

Public limited company

Registered office

Aandorenstraat 1
3300 Tienen · FlandreSee on map

Contributed capital

93 031 451,02 €

Latest accounts

28/02/2026

Average workforce

545,3 ETP

Activities (NACE)

10810Manufacture of sugar· main 10810Manufacture of sugar 15830Manufacture of leather and related products

Joint committees (2)

220
220000

Signals

Solid equityLow riskGood liquidityHigh revenue

View the BCE/KBO Public Search record →

Health score

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✦ Verdict · Analyst summary

Financials

Trend over 16 financial years

	2026		2025		2024		2023		2022		2021		2020		2019		2018		2017		2016		2015		2014		2013		2012		2011
Income statement
Revenue	367,9 M €	-29.7%	523,2 M €	-3.8%	544,1 M €	+25.8%	432,6 M €	+14.3%	378,4 M €	+14.2%	331,4 M €	+7.3%	308,9 M €	-8.5%	337,6 M €	-21.9%	432,4 M €	+2.6%	421,4 M €	-12.8%	483 M €	-8.8%	529,8 M €	-15.6%	627,5 M €	-12.8%	719,7 M €	+12.8%	637,9 M €	+10.9%	575,2 M €
EBITDA	-23 M €	-350%	9,2 M €	-88.7%	81,7 M €	+47.9%	55,2 M €	+12.4%	49,1 M €	+319%	11,7 M €	+178%	-14,9 M €	-845%	2 M €	-97.0%	67,6 M €	+20.5%	56,1 M €	+11.1%	50,5 M €	-6.8%	54,2 M €	-50.0%	108,4 M €	-17.4%	131,2 M €	+36.4%	96,2 M €	+27.2%	75,6 M €
Operating result	-48,5 M €	-452%	-8,8 M €	-114%	64,4 M €	+57.8%	40,8 M €	+17.5%	34,7 M €	+1604%	-2,3 M €	+91.2%	-26,3 M €	-88.9%	-13,9 M €	-125%	54,8 M €	+19.6%	45,8 M €	+26.4%	36,3 M €	-17.8%	44,1 M €	-53.9%	95,8 M €	-21.5%	122 M €	+39.8%	87,3 M €	+34.0%	65,1 M €
Net result	-42,5 M €	-2200%	2 M €	-96.6%	59,4 M €	+45.9%	40,7 M €	+16.8%	34,9 M €	+1298%	2,5 M €	-96.2%	66 M €	+139%	-168,6 M €	-425%	51,9 M €	+12.3%	46,3 M €	-9.6%	51,2 M €	+54.5%	33,1 M €	-70.5%	112 M €	-43.2%	197,2 M €	+64.8%	119,7 M €	+25.6%	95,3 M €
Balance sheet
Equity	348,9 M €	-52.9%	741,4 M €	-0.1%	741,9 M €	+8.8%	682,1 M €	+0.3%	680,3 M €	-12.5%	777,4 M €	+0.1%	776,8 M €	-3.7%	806,9 M €	-17.3%	976,1 M €	+5.6%	924,7 M €	-3.4%	957,7 M €	-5.0%	1 Md €	-6.5%	1,1 Md €	+11.5%	966,9 M €	+1.6%	951,9 M €	+0.9%	943,8 M €
Total assets	795,4 M €	-10.3%	887 M €	-10.3%	989,3 M €	+7.0%	924,9 M €	+13.5%	814,6 M €	-6.4%	870,3 M €	-6.0%	926,3 M €	-10.7%	1 Md €	-29.1%	1,5 Md €	+1.7%	1,4 Md €	-1.1%	1,5 Md €	-0.5%	1,5 Md €	-34.6%	2,2 Md €	+1.6%	2,2 Md €	-0.2%	2,2 Md €	+6.4%	2,1 Md €
Cash	468,6 k €	+1566%	28,1 k €	-82.7%	162,6 k €	-88.2%	1,4 M €	+15.9%	1,2 M €	+92.0%	618,1 k €	+4.1%	593,7 k €	+53.0%	388 k €	-78.9%	1,8 M €	+30.5%	1,4 M €	-65.1%	4 M €	+202%	1,3 M €	-69.2%	4,3 M €	-79.1%	20,7 M €	+2034%	972,2 k €	+11.4%	872,7 k €
Debts	440,9 M €	+211%	141,7 M €	-41.6%	242,6 M €	+2.1%	237,6 M €	+84.5%	128,8 M €	+44.5%	89,2 M €	-37.6%	143 M €	-35.9%	223,2 M €	-51.8%	463,2 M €	-5.0%	487,5 M €	+4.2%	467,9 M €	+12.4%	416,1 M €	-63.1%	1,1 Md €	-6.3%	1,2 Md €	-1.3%	1,2 Md €	+11.8%	1,1 Md €
Other
Workforce	545,3 ETP	-1.8%	555,3 ETP	-1.4%	563,0 ETP	+1.7%	553,5 ETP	+1.8%	543,8 ETP	-2.7%	558,9 ETP	-2.7%	574,6 ETP	+2.6%	560,2 ETP	+4.5%	535,9 ETP	+2.2%	524,6 ETP	-0.6%	527,8 ETP	-9.0%	580,3 ETP	-0.5%	583,0 ETP	-0.3%	584,5 ETP	-0.1%	584,9 ETP	+2.7%	569,8 ETP

Estimate

Indicative valuation

As an indication, this company is worth

between 50 M€ and 100 M€

See the valuation

Governance

Board of directors

Seen on filing of 28/02/2026 · 2 active · 43 ended

Active mandates

Jan INGELS

Director · since 01 janvier 2026 · until 30 juin 2031

Active

Guy PATERNOSTER

Director · since 25 février 2020 · until 31 décembre 2025

Active

Ended mandates

Guy PATERNOSTER

Director · since 25 février 2020 · until 24 juin 2025

Ended

Guy PATERNOSTER

Director · since 25 février 2020 · until 30 juin 2025

Ended

Thomas KOLBL

Director · since 24 juin 2019 · until 25 février 2020

Ended

Dr. Hans-Jorg GEBHARD

Director · since 25 juin 2018 · until 25 février 2020

Ended

At this address

Other companies at this address

Company	CBE no.
Elite Portion Pack Belgium● Active	0647.840.531
R.T. HOLDING● Liquidation	0400.978.895
SPORT- EN ONTSPANNINGSKRING VAN HET PERSONEEL DER TIENSE SUIKERRAFFINADERIJ● Active	0416.029.139
Tiense Depositokas - Caisse tirlemontoise de Dépôts● Liquidation	0400.978.796
Voorzorgsfonds van het Personeel der Tiense Suikerraffinaderijfabriek van Tienen● Active	0410.770.650

Annual accounts

Full financial information

	2026	2025	2024	2023	2022	2021
Type of account	Full model	Full model	Full model	Full model	Full model	Full model
Start of the financial year	01/03/2025	01/03/2024	01/03/2023	01/03/2022	01/03/2021	01/03/2020
Closing of the financial year	28/02/2026	28/02/2025	29/02/2024	28/02/2023	28/02/2022	28/02/2021
Length of the financial year	12 months	12 months	12 months	12 months	12 months	12 months
Filing date	13/07/2026	10/07/2025	12/07/2024	11/07/2023	07/07/2022	02/07/2021
General meeting	29/06/2026	30/06/2025	24/06/2024	26/06/2023	27/06/2022	28/06/2021
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

40 filings with the NBB

Model	Closing	General meeting	Filed	Language	Document
Full model	28/02/2026	29/06/2026	13/07/2026	French	PDF
Full model	28/02/2026	29/06/2026	06/07/2026	Dutch	PDF
Full model	28/02/2025	30/06/2025	10/07/2025	Dutch	PDF
Full model	28/02/2025	30/06/2025	10/07/2025	French	PDF
Full model	29/02/2024	24/06/2024	12/07/2024	French	PDF
Full model	29/02/2024	24/06/2024	12/07/2024	Dutch	PDF
Full model	28/02/2023	26/06/2023	11/07/2023	French	PDF
Full model	28/02/2023	26/06/2023	05/07/2023	Dutch	PDF
Full model	28/02/2022	27/06/2022	07/07/2022	Dutch	PDF
Full model	28/02/2022	27/06/2022	07/07/2022	French	PDF
Full model	28/02/2021	28/06/2021	02/07/2021	Dutch	PDF
Full model	28/02/2021	28/06/2021	01/07/2021	French	PDF
Full model	29/02/2020	29/06/2020	22/07/2020	French	PDF
Full model	29/02/2020	29/06/2020	22/07/2020	Dutch	PDF
Full model	28/02/2019	24/06/2019	11/07/2019	French	PDF
Full model	28/02/2019	24/06/2019	11/07/2019	Dutch	PDF
Full model	28/02/2018	25/06/2018	10/07/2018	French	PDF
Full model	28/02/2018	25/06/2018	29/06/2018	Dutch	PDF
Full model	28/02/2017	26/06/2017	12/07/2017	Dutch	PDF
Full model	28/02/2017	26/06/2017	11/07/2017	French	PDF
Full model	29/02/2016	27/06/2016	11/07/2016	Dutch	PDF
Full model	29/02/2016	27/06/2016	11/07/2016	French	PDF
Full model	28/02/2015	29/06/2015	07/07/2015	Dutch	PDF
Full model	28/02/2015	29/06/2015	07/07/2015	French	PDF

View all 40 filings

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.

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 28/02/2026 · 2 active · 43 ended

Active mandates

Jan INGELS

Director · since 01 janvier 2026 · until 30 juin 2031

Active

Guy PATERNOSTER

Director · since 25 février 2020 · until 31 décembre 2025

Active

Ended mandates

Guy PATERNOSTER

Director · since 25 février 2020 · until 24 juin 2025

Ended

Guy PATERNOSTER

Director · since 25 février 2020 · until 30 juin 2025

Ended

Thomas KOLBL

Director · since 24 juin 2019 · until 25 février 2020

Ended

Dr. Hans-Jorg GEBHARD

Director · since 25 juin 2018 · until 25 février 2020

Ended

Shareholders

Ownership and network

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Belgian Official Gazette

Belgian Official Gazette publications

Mandates02/06/2026
ONTSLAGEN - BENOEMINGEN
PDF
Capital / shares16/04/2026
KAPITAAL - AANDELEN
PDF
Mandates30/01/2026
ONTSLAGEN - BENOEMINGEN
PDF
Mandates01/08/2023
ONTSLAGEN - BENOEMINGEN
PDF
Mandates23/11/2020
ONTSLAGEN - BENOEMINGEN
PDF
Mandates22/07/2020
ONTSLAGEN - BENOEMINGEN
PDF
Mandates02/04/2020
MAATSCHAPPELIJKE ZETEL - ONTSLAGEN - BENOEMINGEN
PDF
Mandates17/07/2019
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

2026
Annual accounts 2026-42,5 M €↓
27/02/2026
reduction_capital
16/01/2026
nominationJan Ingels — Enige Bestuurder en CEO
2026
Name changeTiense Suikerraffinaderij - Raffinerie Tirlemontoise
01/01/2026
nominationJan Ingels — enige bestuurder
2025
Annual accounts 20252 M €↓
2024
Annual accounts 202459,4 M €↑
26/06/2023
nominationKPMG Bedrijfsrevisoren — commissaris op Groepsniveau
2023
Annual accounts 202340,7 M €↑
2022
Annual accounts 202234,9 M €↑
2021
Annual accounts 20212,5 M €↓
2020
Annual accounts 202066 M €↑
2019
Annual accounts 2019-168,6 M €↓
2018
Annual accounts 201851,9 M €↑
2017
Annual accounts 201746,3 M €↓
2016
Annual accounts 201651,2 M €↑
2015
Annual accounts 201533,1 M €↓
2014
Annual accounts 2014112 M €↓
2013
Annual accounts 2013197,2 M €↑
2012
Annual accounts 2012119,7 M €↑
2011
Annual accounts 201195,3 M €
2011
Name changeRAFFINERIE TIRLEMONTOISE - TIENSE SUIKERRAFFINADERIJ
29/12/1988
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

RAFFINERIE TIRLEMONTOISE

Overview

What does RAFFINERIE TIRLEMONTOISE do?

Trend over 16 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