ACTIVE

HENREC

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Financial year 2025 · closed on 31/12/2025

Net result

697,5 k €

+243.1% YoY

Gross margin

1,4 M €

+163.4% YoY

Equity

2,5 M €

+39.1% YoY

What does HENREC do?

HENREC is a Public limited company incorporated in 1989. Its registered office is in Ittre.

Legal situation

● Normal situation

BCE/KBO no. / VAT

BE 0436.969.954

Incorporation

09/03/1989

Legal form

Public limited company

Registered office

Rue de Baudémont 47
1460 Ittre · WallonieSee on map

Contributed capital

1 575 000,00 €

Latest accounts

31/12/2025

Signals

ProfitableSolid equityLow riskGood liquidityPositive cashflowPositive EBITDA

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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
Gross margin	1,4 M €	+163%	536,4 k €	-0.1%	536,8 k €	+6.8%	502,8 k €	+80.5%	278,6 k €	-13.0%	320,3 k €	+82.5%	175,6 k €	+0.2%	175,3 k €	-5.9%	186,2 k €	+6.6%	174,6 k €	-45.2%	318,6 k €	+77.4%	179,6 k €	-0.7%	180,8 k €	-0.1%	181 k €	+7.5%	168,4 k €	-3.3%	174,1 k €	+2.1%	170,5 k €	+6.4%	160,3 k €	+17.7%	136,2 k €	-9.7%	150,8 k €
EBITDA	1,1 M €	+152%	447,8 k €	-0.5%	450,2 k €	+1.8%	442,3 k €	+204%	-424 k €	-249%	283,7 k €	+73.9%	163,2 k €	+1.5%	160,8 k €	+4.7%	153,6 k €	+12.9%	136 k €	-50.4%	274,2 k €	+101%	136,2 k €	-1.4%	138,2 k €	-0.1%	138,3 k €	+8.6%	127,4 k €	-5.6%	135 k €	+2.6%	131,5 k €	+7.1%	122,8 k €	+4.7%	117,2 k €	+2.1%	114,8 k €
Operating result	953,8 k €	+294%	242 k €	+0.2%	241,5 k €	+10.5%	218,6 k €	+138%	-569,1 k €	-394%	193,4 k €	+175%	70,4 k €	+2.8%	68,5 k €	+12.2%	61,1 k €	+29.7%	47,1 k €	-74.3%	183,3 k €	+875%	18,8 k €	+23.9%	15,2 k €	-49.0%	29,7 k €	+59.8%	18,6 k €	-35.7%	29 k €	+127%	12,7 k €	+218%	4 k €	+349%	-1,6 k €	+3.9%	-1,7 k €
Net result	697,5 k €	+243%	203,3 k €	-3.9%	211,7 k €	+22.0%	173,5 k €	+130%	-581,4 k €	-477%	154,1 k €	+215%	48,9 k €	-8.1%	53,3 k €	+48.4%	35,9 k €	-74.7%	141,7 k €	-26.0%	191,4 k €	+1103%	-19,1 k €	-121%	89,1 k €	+874%	-11,5 k €	+52.9%	-24,4 k €	+10.0%	-27,2 k €	+36.5%	-42,8 k €	-34.1%	-31,9 k €	-31.2%	-24,3 k €	+56.8%	-56,3 k €
Balance sheet
Equity	2,5 M €	+39.1%	1,8 M €	+12.9%	1,6 M €	+15.5%	1,4 M €	+14.5%	1,2 M €	-32.7%	1,8 M €	+9.5%	1,6 M €	+3.1%	1,6 M €	+3.5%	1,5 M €	+2.4%	1,5 M €	+10.5%	1,3 M €	+16.6%	1,2 M €	-1.6%	1,2 M €	+8.2%	1,1 M €	-1.1%	1,1 M €	-2.2%	1,1 M €	-2.4%	1,1 M €	-3.6%	1,2 M €	-2.6%	1,2 M €	-2.0%	1,2 M €
Total assets	6,2 M €	+13.1%	5,5 M €	-1.3%	5,6 M €	-2.0%	5,7 M €	-2.3%	5,8 M €	+197%	2 M €	-16.7%	2,3 M €	+2.3%	2,3 M €	+1.9%	2,2 M €	+1.1%	2,2 M €	+6.9%	2,1 M €	-2.3%	2,1 M €	-2.4%	2,2 M €	+1.7%	2,1 M €	-2.0%	2,2 M €	-16.5%	2,6 M €	-1.1%	2,7 M €	-1.6%	2,7 M €	-1.6%	2,7 M €	-1.9%	2,8 M €
Cash	677,3 k €	+281%	177,7 k €	-24.2%	234,4 k €	-4.7%	245,9 k €	+53.7%	160 k €	-88.0%	1,3 M €	+23.4%	1,1 M €	+14.8%	939,2 k €	+13.1%	830,3 k €	+12.1%	740,6 k €	+42.9%	518,4 k €	+66.6%	311,1 k €	+15.3%	269,9 k €	+23.6%	218,3 k €	+12.6%	193,9 k €	-65.5%	562,3 k €	+7.9%	520,9 k €	+17.3%	444,1 k €	+21.3%	366,2 k €	+7.9%	339,5 k €
Debts	3,4 M €	-5.6%	3,6 M €	-8.4%	3,9 M €	-7.4%	4,3 M €	-6.9%	4,6 M €	+3241%	136,9 k €	-81.0%	718,9 k €	+0.6%	714,8 k €	-1.7%	726,8 k €	-1.6%	738,5 k €	+0.1%	737,7 k €	-24.7%	979 k €	-3.3%	1 M €	-5.0%	1,1 M €	-2.5%	1,1 M €	-27.5%	1,5 M €	-0.0%	1,5 M €	-0.0%	1,5 M €	-0.7%	1,5 M €	+7.9%	1,4 M €

Estimate

Indicative valuation

As an indication, this company is worth

between 2,5 M€ and 5 M€

See the valuation

Governance

Board of directors

Seen on filing of 31/12/2025 · 3 active · 28 ended

Active mandates

Eric MESTDAGH

Director

Active

John MESTDAGH

Managing director

Active

Patrick MESTDAGH

Director

Active

Ended mandates

Marc MESTDAGH

Director · since 14 juin 2021 · until 01 octobre 2021

Ended

Eric MESTDAGH

Director · since 02 mai 2015 · until 02 mai 2021

Ended

Francoise LECART

Director · since 02 mai 2015 · until 02 mai 2021

Ended

Henri MESTDAGH

Managing director · since 02 mai 2015 · until 02 mai 2021

Ended

At this address

Other companies at this address

Company	CBE no.
JMHC● Active	0686.854.723

Annual accounts

Full financial information

	2025	2024	2023	2022	2021	2020
Type of account	Micro model	Micro model	Micro model	Micro model	Micro model	Micro 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	11/06/2026	10/07/2025	22/07/2024	27/06/2023	17/06/2022	07/06/2021
General meeting	02/05/2026	02/05/2025	03/05/2024	05/05/2023	06/05/2022	07/05/2021
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
Micro model	31/12/2025	02/05/2026	11/06/2026	French	PDF
Micro model	31/12/2024	02/05/2025	10/07/2025	French	PDF
Micro model	31/12/2023	03/05/2024	22/07/2024	French	PDF
Micro model	31/12/2022	05/05/2023	27/06/2023	French	PDF
Micro model	31/12/2021	06/05/2022	17/06/2022	French	PDF
Micro model	31/12/2020	07/05/2021	07/06/2021	French	PDF
Micro model	31/12/2019	02/05/2020	08/10/2020	French	PDF
Micro model	31/12/2018	03/05/2019	24/07/2019	French	PDF
Micro model	31/12/2017	04/05/2018	20/08/2018	French	PDF
Micro model	31/12/2016	05/05/2017	26/06/2017	French	PDF
Abridged model	31/12/2015	06/05/2016	22/07/2016	French	PDF
Abridged model	31/12/2014	02/05/2015	02/07/2015	French	PDF
Abridged model	31/12/2013	02/05/2014	14/07/2014	French	PDF
Abridged model	31/12/2012	03/05/2013	24/06/2013	French	PDF
Abridged model	31/12/2011	04/05/2012	26/06/2012	French	PDF
Abridged model	31/12/2010	06/05/2011	17/06/2011	French	PDF
Abridged model	31/12/2009	07/05/2010	01/06/2010	French	PDF
Abridged model	31/12/2008	02/05/2009	12/05/2009	French	PDF
Abridged model	31/12/2007	02/05/2008	09/06/2008	French	PDF
Abridged model	31/12/2006	04/05/2007	06/06/2007	French	PDF

Estimate

Indicative valuation

Order of magnitude

As an indication, this company is worth

between 2,5 M€ and 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 · 3 active · 28 ended

Active mandates

Eric MESTDAGH

Director

Active

John MESTDAGH

Managing director

Active

Patrick MESTDAGH

Director

Active

Ended mandates

Marc MESTDAGH

Director · since 14 juin 2021 · until 01 octobre 2021

Ended

Eric MESTDAGH

Director · since 02 mai 2015 · until 02 mai 2021

Ended

Francoise LECART

Director · since 02 mai 2015 · until 02 mai 2021

Ended

Henri MESTDAGH

Managing director · since 02 mai 2015 · until 02 mai 2021

Ended

Shareholders

Ownership and network

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Belgian Official Gazette

Belgian Official Gazette publications

Other25/01/2024
STATUTS (TRADUCTION, COORDINATION, AUTRES MODIFICATIONS, )
PDF
Registered office03/11/2022
SIEGE SOCIAL
PDF
Mandates22/06/2021
DEMISSIONS, NOMINATIONS
PDF
Mandates11/03/2020
DEMISSIONS, NOMINATIONS
PDF
Registered office11/03/2020
SIEGE SOCIAL
PDF
Mandates27/07/2015
DEMISSIONS, NOMINATIONS
PDF
Mandates22/05/2009
DEMISSIONS, NOMINATIONS
PDF
Capital / shares05/01/2005
CAPITAL, ACTIONS - ASSEMBLEE GENERALE - STATUTS (TRADUCTION, COORDINATION, AUTRES MODIFICATIONS, )
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 2025697,5 k €↑
2024
Annual accounts 2024203,3 k €↓
2023
Annual accounts 2023211,7 k €↑
2022
Annual accounts 2022173,5 k €↑
2021
Annual accounts 2021-581,4 k €↓
2020
Annual accounts 2020154,1 k €↑
2019
Annual accounts 201948,9 k €↓
2018
Annual accounts 201853,3 k €↑
2017
Annual accounts 201735,9 k €↓
2016
Annual accounts 2016141,7 k €↓
2015
Annual accounts 2015191,4 k €↑
2014
Annual accounts 2014-19,1 k €↓
2013
Annual accounts 201389,1 k €↑
2012
Annual accounts 2012-11,5 k €↑
2011
Annual accounts 2011-24,4 k €↑
2010
Annual accounts 2010-27,2 k €↑
2009
Annual accounts 2009-42,8 k €↓
2008
Annual accounts 2008-31,9 k €↓
2007
Annual accounts 2007-24,3 k €↑
2006
Annual accounts 2006-56,3 k €
09/03/1989
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

HENREC

Overview

What does HENREC 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