ACTIVE

AS 24 - BELGIUM

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Financial year 2025 · closed on 31/12/2025

Net result

15,0 M €

+10.6% YoY

Revenue

567,5 M €

+1.8% YoY

Equity

71,5 k €

0.0% YoY

Workforce

26,1 ETP

+1.2% YoY

What does AS 24 - BELGIUM do?

AS 24 - BELGIUM is a Public limited company incorporated in 1989. Its main activity is: Wholesale of solid, liquid and gaseous fuels and related products. Its registered office is in Bruxelles. It employs on average 26,1 ETP workers (FTE).

Legal situation

● Normal situation

BCE/KBO no. / VAT

BE 0437.971.826

Incorporation

12/07/1989

Legal form

Public limited company

Registered office

Boulevard Anspach 1 box 2
1000 Bruxelles · BruxellesSee on map

Contributed capital

65 000,00 €

Latest accounts

31/12/2025

Average workforce

26,1 ETP

Activities (NACE)

46710Wholesale of solid, liquid and gaseous fuels and related products· main 46810Wholesale trade, except of motor vehicles and motorcycles 51510Air transport

Joint committees (2)

Signals

ProfitablePositive 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	567,5 M €	+1.8%	557,5 M €	-6.6%	596,7 M €	+5.4%	565,9 M €	+14.8%	492,9 M €	+33.9%	368,1 M €	-7.1%	396,4 M €	+3.1%	384,5 M €	+22.6%	313,6 M €	+22.1%	256,9 M €	+8.6%	236,6 M €	-5.8%	251,2 M €	+13.2%	222,0 M €	-0.7%	223,7 M €	-5.3%	236,2 M €	+17.5%	201,1 M €	+36.9%	146,9 M €	-22.6%	189,7 M €	+31.2%	144,6 M €	+2.0%	141,7 M €
EBITDA	21,8 M €	+9.0%	20,0 M €	+9.9%	18,2 M €	+47.9%	12,3 M €	+69.0%	7,3 M €	+4.2%	7,0 M €	-22.4%	9,0 M €	+23.5%	7,3 M €	+81.3%	4,0 M €	+109%	1,9 M €	+148%	775,7 k €	-77.7%	3,5 M €	-19.6%	4,3 M €	-13.9%	5,0 M €	-26.0%	6,8 M €	-0.8%	6,8 M €	+9.2%	6,3 M €	-16.4%	7,5 M €	+42.3%	5,3 M €	-12.5%	6,0 M €
Operating result	20,4 M €	+6.9%	19,1 M €	+10.6%	17,3 M €	+54.2%	11,2 M €	+76.4%	6,3 M €	+2.2%	6,2 M €	-24.6%	8,2 M €	+23.8%	6,6 M €	+99.9%	3,3 M €	+160%	1,3 M €	+2369%	51,7 k €	-98.2%	2,9 M €	-20.6%	3,6 M €	-18.3%	4,4 M €	-29.3%	6,3 M €	-2.9%	6,5 M €	+11.5%	5,8 M €	-16.8%	7,0 M €	+43.6%	4,9 M €	-12.7%	5,6 M €
Net result	15,0 M €	+10.6%	13,6 M €	+15.8%	11,7 M €	+41.8%	8,3 M €	+78.0%	4,7 M €	+0.1%	4,6 M €	-19.0%	5,7 M €	+23.6%	4,6 M €	+114%	2,2 M €	+152%	859,7 k €	+1909%	-47,5 k €	-103%	1,8 M €	-22.7%	2,4 M €	-18.6%	2,9 M €	-29.4%	4,2 M €	-2.9%	4,3 M €	+12.5%	3,8 M €	-15.0%	4,5 M €	+44.1%	3,1 M €	-14.2%	3,6 M €
Balance sheet
Equity	71,5 k €	0.0%	71,5 k €	0.0%	71,5 k €	0.0%	71,5 k €	0.0%	71,5 k €	0.0%	71,5 k €	0.0%	71,5 k €	0.0%	71,5 k €	0.0%	71,5 k €	0.0%	71,5 k €	+198%	24,0 k €	-98.8%	1,9 M €	-22.1%	2,5 M €	-18.4%	3,0 M €	-28.8%	4,2 M €	-2.9%	4,4 M €	+12.5%	3,9 M €	-14.8%	4,6 M €	+43.1%	3,2 M €	-13.9%	3,7 M €
Total assets	65,2 M €	-5.1%	68,7 M €	+2.9%	66,7 M €	+7.0%	62,4 M €	-3.6%	64,7 M €	+34.9%	47,9 M €	+0.0%	47,9 M €	+14.2%	41,9 M €	-30.3%	60,2 M €	+91.6%	31,4 M €	-11.3%	35,4 M €	-8.1%	38,5 M €	+11.7%	34,5 M €	+4.0%	33,2 M €	-10.2%	37,0 M €	+2.2%	36,2 M €	+89.7%	19,1 M €	-40.3%	31,9 M €	+7.0%	29,9 M €	+9.6%	27,2 M €
Cash	42,5 k €	+64.6%	25,8 k €		–		–		17,6 k €	-99.5%	3,7 M €	-0.9%	3,8 M €	+223%	1,2 M €	+2390%	46,9 k €	-99.2%	6,2 M €	-41.9%	10,6 M €	-31.8%	15,6 M €	+36.6%	11,4 M €	-15.9%	13,6 M €	+408%	2,7 M €	-82.1%	14,9 M €	+351%	3,3 M €	-81.6%	18,0 M €	+23.4%	14,6 M €	+256%	4,1 M €
Debts	64,8 M €	-5.2%	68,3 M €	+3.4%	66,1 M €	+6.9%	61,8 M €	-4.0%	64,4 M €	+34.8%	47,7 M €	-0.0%	47,7 M €	+14.2%	41,8 M €	-30.4%	60,1 M €	+91.9%	31,3 M €	-11.5%	35,4 M €	-3.3%	36,6 M €	+14.2%	32,0 M €	+6.3%	30,1 M €	-7.7%	32,7 M €	+3.0%	31,7 M €	+110%	15,1 M €	-44.2%	27,0 M €	+2.7%	26,3 M €	+14.3%	23,0 M €
Other
Workforce	26,1 ETP	+1.2%	25,8 ETP	+10.3%	23,4 ETP	+7.8%	21,7 ETP	-4.0%	22,6 ETP	+13.6%	19,9 ETP	+25.2%	15,9 ETP	0.0%	15,9 ETP	+10.4%	14,4 ETP	+22.0%	11,8 ETP	+5.4%	11,2 ETP	-4.3%	11,7 ETP	+17.0%	10,0 ETP	+20.5%	8,3 ETP	-5.7%	8,8 ETP	+12.8%	7,8 ETP	-9.3%	8,6 ETP	+19.4%	7,2 ETP	0.0%	7,2 ETP	+10.8%	6,5 ETP

Estimate

Indicative valuation

As an indication, this company is worth

between 100 M€ and 250 M€

See the valuation

Governance

Board of directors

Seen on filing of 31/12/2025 · 4 active · 30 ended

Active mandates

Nicolas Moragues

Managing director · since 01 septembre 2025

Active

Philippe Callejon

Managing director · since 01 octobre 2024 · until 01 septembre 2025

Active

Bruno Leroy

Managing director · since 01 janvier 2022

Active

Neil Vanderlinden

Managing director · since 01 janvier 2022

Active

Ended mandates

Philippe Callejon

Managing director · since 01 octobre 2024

Ended

Anna Whitehouse

Managing director · since 01 janvier 2022

Ended

Bruno Leroy

Director · since 01 janvier 2022

Ended

Bruno Leroy

Managing director · since 15 mai 2019

Ended

At this address

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BROUCKERE TOWER INVEST● Active	0874.491.622
CAISSE AUTONOME TOTALENERGIES (Belgique)● Active	0409.077.803
CERCLE SPORTIF TotalEnergies (Belgique)● Active	0409.196.874
CERTIPOST● Active	0475.396.406
CITYZEN HOLDING● Active	0721.884.985
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COLONEL STONE● Active	0749.467.827

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	08/06/2026	07/10/2025	03/06/2024	11/07/2023	21/06/2022	31/08/2021
General meeting	02/06/2026	30/05/2025	31/05/2024	30/06/2023	25/05/2022	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

22 filings with the NBB

Model	Closing	General meeting	Filed	Language	Document
Full model	31/12/2025	02/06/2026	08/06/2026	French	PDF
Full modelCorrection	31/12/2024	30/05/2025	07/10/2025	French	PDF
Full model	31/12/2024	30/05/2025	02/06/2025	French	PDF
Full model	31/12/2023	31/05/2024	03/06/2024	French	PDF
Full modelCorrection	31/12/2022	30/06/2023	11/07/2023	Dutch	PDF
Full model	31/12/2022	30/06/2023	10/07/2023	Dutch	PDF
Full model	31/12/2021	25/05/2022	21/06/2022	Dutch	PDF
Full model	31/12/2020	28/06/2021	31/08/2021	Dutch	PDF
Full model	31/12/2019	30/06/2020	27/08/2020	Dutch	PDF
Full model	31/12/2018	04/06/2019	27/08/2019	Dutch	PDF
Full model	31/12/2017	04/06/2018	31/07/2018	Dutch	PDF
Full model	31/12/2016	27/06/2017	04/07/2017	Dutch	PDF
Full model	31/12/2015	31/05/2016	15/06/2016	Dutch	PDF
Full model	31/12/2014	12/06/2015	12/06/2015	Dutch	PDF
Full model	31/12/2013	13/06/2014	23/06/2014	Dutch	PDF
Full model	31/12/2012	12/06/2013	04/07/2013	Dutch	PDF
Full model	31/12/2011	06/06/2012	25/06/2012	Dutch	PDF
Full model	31/12/2010	10/05/2011	30/06/2011	Dutch	PDF
Full model	31/12/2009	11/05/2010	30/06/2010	Dutch	PDF
Full model	31/12/2008	02/06/2009	29/06/2009	Dutch	PDF
Full model	31/12/2007	20/06/2008	17/07/2008	Dutch	PDF
Full model	31/12/2006	08/05/2007	31/07/2007	Dutch	PDF

Estimate

Indicative valuation

Order of magnitude

As an indication, this company is worth

between 100 M€ and 250 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 · 4 active · 30 ended

Active mandates

Nicolas Moragues

Managing director · since 01 septembre 2025

Active

Philippe Callejon

Managing director · since 01 octobre 2024 · until 01 septembre 2025

Active

Bruno Leroy

Managing director · since 01 janvier 2022

Active

Neil Vanderlinden

Managing director · since 01 janvier 2022

Active

Ended mandates

Philippe Callejon

Managing director · since 01 octobre 2024

Ended

Anna Whitehouse

Managing director · since 01 janvier 2022

Ended

Bruno Leroy

Director · since 01 janvier 2022

Ended

Bruno Leroy

Managing director · since 15 mai 2019

Ended

Shareholders

Ownership and network

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Belgian Official Gazette

Belgian Official Gazette publications

Mandates24/12/2025
DEMISSIONS, NOMINATIONS
PDF
Mandates10/12/2024
ONTSLAGEN - BENOEMINGEN
PDF
Mandates10/12/2024
DEMISSIONS, NOMINATIONS
PDF
Other14/02/2024
STATUTEN (VERTALING, COÖRDINATIE, OVERIGE WIJZIGINGEN, )
PDF
Other14/02/2024
STATUTS (TRADUCTION, COORDINATION, AUTRES MODIFICATIONS, )
PDF
Registered office24/02/2023
MAATSCHAPPELIJKE ZETEL
PDF
Mandates17/11/2022
DEMISSIONS, NOMINATIONS
PDF
Mandates28/03/2022
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 202515,0 M €↑
01/09/2025
nominationNicolas Moragues — administrateur
2024
Annual accounts 202413,6 M €↑
01/10/2024
nominationPhilippe Callejon — administrateur
01/10/2024
nominationPhilippe Callejon — bestuurder
2023
Annual accounts 202311,7 M €↑
11/05/2023
reconductionBruno Leroy — administrateur
11/05/2023
reconductionBruno Leroy — Bestuurder
2022
Annual accounts 20228,3 M €↑
29/09/2022
nominationE&Y Bedrijfsrevisoren BV — commissaris
29/09/2022
nominationEmilie Van Callemont — vaste vertegenwoordiger
2022
Name changeAS 24 - BELGIUM
2021
Annual accounts 20214,7 M €↑
2021
Name changeAS24 BELGIUM
2020
Annual accounts 20204,6 M €↓
2019
Annual accounts 20195,7 M €↑
2018
Annual accounts 20184,6 M €↑
2017
Annual accounts 20172,2 M €↑
2016
Annual accounts 2016859,7 k €↑
2015
Annual accounts 2015-47,5 k €↓
2014
Annual accounts 20141,8 M €↓
2013
Annual accounts 20132,4 M €↓
2012
Annual accounts 20122,9 M €↓
2011
Annual accounts 20114,2 M €↓
2010
Annual accounts 20104,3 M €↑
2009
Annual accounts 20093,8 M €↓
2008
Annual accounts 20084,5 M €↑
2007
Annual accounts 20073,1 M €↓
2006
Annual accounts 20063,6 M €
12/07/1989
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

AS 24 - BELGIUM

Overview

What does AS 24 - BELGIUM 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