ACTIVE

ETMA AG

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Financial year 2025 · Closed on 31/12/2025

Net result140,4 k €+102,1 %over 1 year

Gross margin-35,9 k €-17,2 %over 1 year

Equity2,6 M €+0,7 %over 1 year

Workforce0,0 ETP

Identity

Source · BCE/KBO

ETMA AG is a Public limited company incorporated in 1989. Its main activity is: Activities of holding companies. Its registered office is in Eupen.

Legal situation: Normal situation
BCE/KBO no. / VAT: BE 0437.102.190
Incorporation: 25/03/1989
Legal form: Public limited company
Registered office: Rosenweg 8
4700 Eupen · WallonieSee on map
Contributed capital: 1 107 360,00 €
Latest accounts: 31/12/2025
Average workforce: 0,0 ETP

Activities (NACE)

64200Activities of holding companies· main 64210Activities of holding companies 70100Activities of head offices 70100Activities of head offices

Signals

ProfitableSolid equityLow riskGood liquidityPositive cashflow

Financials

Source · NBB, 20 filings

Trend over 20 financial years

	2025		2024		2023		2022		2021
Income statement
Gross margin	-35,9 k €	-17.2%	-30,6 k €	-11.1%	-27,5 k €	-38.0%	-20 k €	-97.2%	-10,1 k €
EBITDA	-39 k €	-17.1%	-33,4 k €	-9.7%	-30,4 k €	-33.8%	-22,7 k €	-78.6%	-12,7 k €
Operating result	-43,8 k €	-12.6%	-38,9 k €	-5.4%	-36,9 k €	-25.2%	-29,4 k €	-51.5%	-19,4 k €
Net result	140,4 k €	+102%	69,5 k €	-27.5%	95,8 k €	-24.0%	126,1 k €	-7.5%	136,3 k €
Balance sheet
Equity	2,6 M €	+0.7%	2,6 M €	-2.0%	2,7 M €	-0.3%	2,7 M €	+0.8%	2,6 M €
Total assets	2,8 M €	+3.0%	2,7 M €	-1.2%	2,8 M €	-0.3%	2,8 M €	+1.3%	2,7 M €
Cash	15,4 k €	-71.2%	53,6 k €	-75.5%	219 k €	-8.0%	238,2 k €	+27.2%	187,2 k €
Debts	202,9 k €	+47.1%	137,9 k €	+16.3%	118,6 k €	+0.3%	118,2 k €	+14.2%	103,5 k €
Other
Workforce	0,0 ETP		–		–		–		–

Valuation

Indicative valuation

As an indication, this company is worth

between 2,5 M€ and 5 M€

See the valuation

Board of directors

Source · NBB, accounts to 31/12/2025

4 active

Active mandates

Director	Mandates in this company	Period	Other mandatescurrentendedstruck offbankruptcies
Anne Thönnes	Director01/06/2004 → 30/05/2031
Erich Thönnes	Managing director31/05/2019 → 30/05/2031Administrator - manager31/05/2001 → 2018 accountsended
Paul Thönnes	Director01/06/2004 → 30/05/2031
Peter Thönnes	Director31/05/2001 → 30/05/2031

Full financial information

Source · NBB

	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	31/08/2026	19/08/2025	03/07/2024	29/06/2023	16/08/2022	02/06/2021
General meeting	19/08/2026	08/05/2025	31/05/2024	27/06/2023	31/05/2022	31/05/2021
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

Financial ratios

Source · NBB

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Annual accounts filings

Source · NBB, 20 filings

Model	Closing	General meeting	Filed	Language	Document
Abridged model	31/12/2025	19/08/2026	31/08/2026	German	PDF
Abridged model	31/12/2024	08/05/2025	19/08/2025	German	PDF
Abridged model	31/12/2023	31/05/2024	03/07/2024	German	PDF
Abridged model	31/12/2022	27/06/2023	29/06/2023	German	PDF
Abridged model	31/12/2021	31/05/2022	16/08/2022	German	PDF
Abridged model	31/12/2020	31/05/2021	02/06/2021	German	PDF
Abridged model	31/12/2019	30/05/2020	16/06/2020	German	PDF
Abridged model	31/12/2018	31/05/2019	20/06/2019	German	PDF
Abridged model	31/12/2017	31/05/2018	21/06/2018	German	PDF
Abridged model	31/12/2016	31/05/2017	22/06/2017	German	PDF
Abridged model	31/12/2015	31/05/2016	03/06/2016	German	PDF
Abridged model	31/12/2014	29/05/2015	11/06/2015	German	PDF
Abridged model	31/12/2013	30/05/2014	12/06/2014	German	PDF
Abridged model	31/12/2012	31/05/2013	13/06/2013	German	PDF
Abridged model	31/12/2011	31/05/2012	21/06/2012	German	PDF
Abridged model	31/12/2010	31/05/2011	09/06/2011	German	PDF
Abridged model	31/12/2009	31/05/2010	03/06/2010	German	PDF
Abridged model	31/12/2008	29/05/2009	04/06/2009	German	PDF
Abridged model	31/12/2007	30/05/2008	05/06/2008	German	PDF
Abridged model	31/12/2006	31/05/2007	07/06/2007	German	PDF

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.

Board of directors

Source · NBB, accounts to 31/12/2025

4 active

Active mandates

Director	Mandates in this company	Period	Other mandatescurrentendedstruck offbankruptcies
Anne Thönnes	Director01/06/2004 → 30/05/2031
Erich Thönnes	Managing director31/05/2019 → 30/05/2031Administrator - manager31/05/2001 → 2018 accountsended
Paul Thönnes	Director01/06/2004 → 30/05/2031
Peter Thönnes	Director31/05/2001 → 30/05/2031

Ownership and network

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Belgian Official Gazette publications

Source · Belgian Official Gazette

Mandates12/05/2025
ENTLASSUNG - ERNENNUNG
PDF
Capital / shares07/04/2025
KAPITAL - AKTIEN
PDF
Mandates06/02/2024
ENTLASSUNG - ERNENNUNG
PDF
Mandates16/08/2022
ENTLASSUNG - ERNENNUNG
PDF
Mandates10/07/2019
ENTLASSUNG - ERNENNUNG
PDF
Mandates13/06/2013
ENTLASSUNG - ERNENNUNG
PDF
Capital / shares04/05/2012
KAPITAL - AKTIEN
PDF
Other25/01/2012
SATZUNGEN (UEBERSETZUNG, KOORDINATION, ANDERE AENDERUNGEN, )
PDF

Similar companies

A company's peers, by sector and size, are included in the Business plan.

See the Business plan

Timeline

Source · CBE, NBB annual accounts

Year

Identity

Incorporation

Name

Registered office

Annual accounts

Filings20 filings

Mandates

Paul Thönnes

Erich Thönnes

Peter Thönnes

Anne Thönnes

1989199019911992199319941995199619971998199920002001200220032004200520062007200820092010201120122013201420152016201720182019202020212022202320242025202620272028202920302031

Etma

Rosenweg 8, 4700 Eupen

Director

Managing directorAdministrator - manager

Director

CurrentPlanned, not yet servedEndedAccounts filedToday

Registered offices

Source · NBB annual accounts, CBE

Registered address	Period	Source
Rosenweg 8, 4700 EupenCurrent	accounts 2021 → 2025	Accounts 2025 · 2026-00475732

Company names

Source · NBB annual accounts, CBE

Name	Period	Source
ETMA AGCurrent		CBE
Etma	accounts 2021 → 2025	Accounts 2025 · 2026-00475732

Events

2025
Annual accounts 2025140,4 k €↑
2024
Annual accounts 202469,5 k €↓
2023
Annual accounts 202395,8 k €↓
2022
Annual accounts 2022126,1 k €↓
2021
Annual accounts 2021136,3 k €↑
2020
Annual accounts 2020133 k €↑
2019
Annual accounts 2019111,8 k €↑
2018
Annual accounts 201882,8 k €↓
2017
Annual accounts 2017168,8 k €↑
2016
Annual accounts 2016162,2 k €↑
2015
Annual accounts 2015155,9 k €↓
2014
Annual accounts 2014176,4 k €↓
2013
Annual accounts 2013357,5 k €↑
2012
Annual accounts 2012287,1 k €↑
2011
Annual accounts 201138,9 k €↓
2010
Annual accounts 201053,8 k €↓
2009
Annual accounts 200954,6 k €↑
2008
Annual accounts 2008-40,4 k €↓
2007
Annual accounts 200737,7 k €↑
2006
Annual accounts 200625,7 k €
25/03/1989
IncorporationPublic limited company

ETMA AG

Overview

Identity

Financials

Valuation

Indicative valuation

Board of directors

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

Timeline

Registered offices

Company names

Events