ACTIVE

BEL - SET

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Financial year 2025 · closed on 31/12/2025

Net result

-3,9 k €

-109.4% YoY

Gross margin

12,4 k €

-56.1% YoY

Equity

133,2 k €

-2.8% YoY

What does BEL - SET do?

BEL - SET is a Private limited company incorporated in 1989. Its main activity is: Management consultancy activities. Its registered office is in Incourt.

Legal situation

● Normal situation

BCE/KBO no. / VAT

BE 0437.619.161

Incorporation

01/06/1989

Legal form

Private limited company

Registered office

Rue d' Alliebroux 1
1315 Incourt · WallonieSee on map

Contributed capital

6 197,33 €

Latest accounts

31/12/2025

Activities (NACE)

70200Management consultancy activities· main 70220Business and other management consultancy activities

Signals

Solid equityPositive cashflowPositive EBITDA

View the BCE/KBO Public Search record →

Health score

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Recommended credit limit

✦ 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	12,4 k €	-56.1%	28,2 k €	+31.1%	21,5 k €	-19.6%	26,8 k €	+73.0%	15,5 k €	-24.2%	20,4 k €	-33.1%	30,5 k €	+5559%	538,7 €	-98.7%	40,1 k €	-3.0%	41,4 k €	-10.8%	46,4 k €	+108%	22,3 k €	+15.1%	19,3 k €	-66.6%	58 k €	+38.3%	41,9 k €	+13.7%	36,9 k €	-2.3%	37,7 k €	-21.7%	48,2 k €	-16.0%	57,4 k €	+12.6%	51 k €
EBITDA	12 k €	-57.0%	27,8 k €	+32.7%	20,9 k €	-16.4%	25,1 k €	+71.5%	14,6 k €	-28.4%	20,4 k €	-33.1%	30,5 k €	+15847%	191,2 €	-99.5%	39,8 k €	-3.1%	41 k €	-10.8%	46 k €	+110%	21,9 k €	+15.5%	19 k €	-67.0%	57,5 k €	+39.6%	41,2 k €	+14.2%	36,1 k €	-0.8%	36,4 k €	-23.0%	47,2 k €	-16.4%	56,5 k €	+12.0%	50,4 k €
Operating result	-2 k €	-114%	14,1 k €	+970%	-1,6 k €	-113%	12,5 k €	+33.5%	9,4 k €	-50.3%	18,9 k €	-36.3%	29,6 k €	+7650%	-392,2 €	-101%	38,8 k €	-3.9%	40,4 k €	-11.0%	45,3 k €	+116%	21 k €	+14.4%	18,4 k €	-67.7%	56,9 k €	+42.1%	40,1 k €	+51.0%	26,5 k €	-1.6%	27 k €	-28.7%	37,8 k €	-18.6%	46,5 k €	+15.3%	40,3 k €
Net result	-3,9 k €	-109%	41,2 k €	+978%	-4,7 k €	-199%	4,8 k €	+24.4%	3,8 k €	-74.7%	15,1 k €	-21.6%	19,3 k €	+741%	-3 k €	-112%	25 k €	-8.9%	27,5 k €	-6.8%	29,5 k €	+15.5%	25,5 k €	+17.6%	21,7 k €	-38.5%	35,3 k €	+37.6%	25,7 k €	+64.8%	15,6 k €	+4.6%	14,9 k €	-28.8%	20,9 k €	-18.4%	25,7 k €	+6.4%	24,1 k €
Balance sheet
Equity	133,2 k €	-2.8%	137,1 k €	+43.0%	95,9 k €	-4.7%	100,6 k €	+5.0%	95,8 k €	+4.2%	92 k €	+19.7%	76,9 k €	+33.5%	57,6 k €	-5.0%	60,6 k €	+70.4%	35,5 k €	+341%	8,1 k €	-96.7%	244,4 k €	+11.7%	218,8 k €	+11.0%	197,1 k €	+21.8%	161,8 k €	+18.9%	136,1 k €	+12.9%	120,5 k €	+14.1%	105,6 k €	+24.7%	84,7 k €	+43.5%	59 k €
Total assets	155,4 k €	-12.1%	176,8 k €	+13.3%	156,1 k €	-12.4%	178,1 k €	+6.7%	166,9 k €	-2.5%	171,1 k €	-9.9%	189,9 k €	+6.8%	177,9 k €	-3.6%	184,6 k €	+5.0%	175,7 k €	+7.4%	163,6 k €	-54.6%	360,2 k €	+7.8%	334,2 k €	+12.7%	296,4 k €	+12.8%	262,8 k €	+6.9%	246 k €	+4.4%	235,5 k €	+0.5%	234,4 k €	+2.9%	227,6 k €	+6.0%	214,7 k €
Cash	–		–		–		769,5 €		–		–		–		–		–		–		–		–		–		–		–		–		–		–		–		174,2 €
Debts	22,2 k €	-44.2%	39,7 k €	-34.0%	60,2 k €	-22.3%	77,5 k €	+9.1%	71 k €	-10.2%	79,1 k €	-30.0%	113 k €	-6.0%	120,3 k €	-3.0%	124 k €	-11.5%	140,1 k €	-9.9%	155,5 k €	+34.3%	115,9 k €	+0.5%	115,3 k €	+16.2%	99,3 k €	+0.1%	99,2 k €	-8.7%	108,6 k €	-5.0%	114,4 k €	-10.7%	128,1 k €	-9.4%	141,3 k €	-8.0%	153,5 k €

Estimate

Indicative valuation

As an indication, this company is worth

between 0 € and 100 k€

See the valuation

Governance

Board of directors

Seen on filing of 31/12/2025 · 1 active · 2 ended

Active mandates

Bruno de Thier

Director · since 06 mai 2024

Active

Ended mandates

Bruno de Thier

Director · since 13 juin 1989

Ended

Bruno de Thier

Mandate

Ended

At this address

Other companies at this address

Company	CBE no.
BEL-JAC-GCI● Active	0667.734.043

Annual accounts

Full financial information

	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	24/07/2026	25/06/2025	31/07/2024	13/07/2023	29/08/2022	31/08/2021
General meeting	20/05/2026	21/05/2025	15/05/2024	17/05/2023	18/05/2022	19/05/2021
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
Abridged model	31/12/2025	20/05/2026	24/07/2026	French	PDF
Abridged model	31/12/2024	21/05/2025	25/06/2025	French	PDF
Abridged model	31/12/2023	15/05/2024	31/07/2024	French	PDF
Abridged model	31/12/2022	17/05/2023	13/07/2023	French	PDF
Abridged model	31/12/2021	18/05/2022	29/08/2022	French	PDF
Abridged model	31/12/2020	19/05/2021	31/08/2021	French	PDF
Abridged model	31/12/2019	20/05/2020	27/08/2020	French	PDF
Abridged model	31/12/2018	15/05/2019	23/08/2019	French	PDF
Abridged model	31/12/2017	16/05/2018	31/08/2018	French	PDF
Abridged model	31/12/2016	17/05/2017	29/08/2017	French	PDF
Abridged model	31/12/2015	18/05/2016	29/08/2016	French	PDF
Abridged model	31/12/2014	20/05/2015	20/08/2015	French	PDF
Abridged model	31/12/2013	21/05/2014	22/08/2014	French	PDF
Abridged model	31/12/2012	02/03/2013	29/08/2013	French	PDF
Abridged model	31/12/2011	16/05/2012	31/08/2012	French	PDF
Abridged model	31/12/2010	18/05/2011	30/08/2011	French	PDF
Abridged model	31/12/2009	19/05/2010	23/08/2010	French	PDF
Abridged model	31/12/2008	20/05/2009	21/08/2009	French	PDF
Abridged model	31/12/2007	21/05/2008	27/08/2008	French	PDF
Abridged model	31/12/2006	16/05/2007	29/08/2007	French	PDF

Estimate

Indicative valuation

Order of magnitude

As an indication, this company is worth

between 0 € and 100 k€

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 · 1 active · 2 ended

Active mandates

Bruno de Thier

Director · since 06 mai 2024

Active

Ended mandates

Bruno de Thier

Director · since 13 juin 1989

Ended

Bruno de Thier

Mandate

Ended

Shareholders

Ownership and network

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Belgian Official Gazette

Belgian Official Gazette publications

Mandates05/06/2024
STATUTS (TRADUCTION, COORDINATION, AUTRES MODIFICATIONS, ) - MODIFICATION FORME JURIDIQUE - 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 2025-3,9 k €↓
2024
Annual accounts 202441,2 k €↑
2023
Annual accounts 2023-4,7 k €↓
2022
Annual accounts 20224,8 k €↑
2021
Annual accounts 20213,8 k €↓
2020
Annual accounts 202015,1 k €↓
2019
Annual accounts 201919,3 k €↑
2018
Annual accounts 2018-3 k €↓
2017
Annual accounts 201725 k €↓
2016
Annual accounts 201627,5 k €↓
2015
Annual accounts 201529,5 k €↑
2014
Annual accounts 201425,5 k €↑
2013
Annual accounts 201321,7 k €↓
2012
Annual accounts 201235,3 k €↑
2011
Annual accounts 201125,7 k €↑
2010
Annual accounts 201015,6 k €↑
2009
Annual accounts 200914,9 k €↓
2008
Annual accounts 200820,9 k €↓
2007
Annual accounts 200725,7 k €↑
2006
Annual accounts 200624,1 k €
01/06/1989
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

BEL - SET

Overview

What does BEL - SET 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