ACTIVE

INVULNERABLE

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Financial year 2025 · closed on 31/03/2025

Net result

26,4 k €

-8.5% YoY

Gross margin

350,2 k €

+44.3% YoY

Equity

327,1 k €

+8.8% YoY

What does INVULNERABLE do?

INVULNERABLE is a Public limited company incorporated in 1989. Its main activity is: Manufacture of metal structures and parts of structures. Its registered office is in Colfontaine.

Legal situation

● Normal situation

BCE/KBO no. / VAT

BE 0438.196.015

Incorporation

31/08/1989

Legal form

Public limited company

Registered office

Avenue Fénélon 198
7340 Colfontaine · WallonieSee on map

Contributed capital

100 000,00 €

Latest accounts

31/03/2025

Activities (NACE)

25110Manufacture of metal structures and parts of structures· main 25110Manufacture of metal structures and parts of structures 25120Manufacture of doors and windows of metal 25120Manufacture of doors and windows of metal 28110Manufacture of engines and turbines, except aircraft, vehicle and cycle engines 28120Manufacture of fluid power equipment

Joint committees (2)

Signals

ProfitableSolid equityLow riskGood liquidityPositive cashflowPositive EBITDAHealthy social debts

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✦ Verdict · Analyst summary

Financials

Trend over 15 financial years

	2025		2024		2023		2022		2021		2020		2018		2017		2016		2015		2014		2013		2012		2011		2010
Income statement
Gross margin	350,2 k €	+44.3%	242,6 k €	+7.1%	226,7 k €	-8.2%	247 k €	+9.6%	225,3 k €	-20.5%	283,6 k €	+30.9%	216,7 k €	+16.3%	186,2 k €	+20.3%	154,8 k €	-6.2%	165,1 k €	+40.4%	117,6 k €	-38.8%	192,1 k €	+48.9%	129 k €	+14.1%	113 k €	+6.4%	106,2 k €
EBITDA	68,6 k €	-2.5%	70,4 k €	+40.3%	50,2 k €	-19.7%	62,5 k €	-22.5%	80,7 k €	+6.1%	76 k €	+9.5%	69,5 k €	+2.1%	68,1 k €	+16.5%	58,4 k €	-18.3%	71,5 k €	+211%	23 k €	-68.3%	72,5 k €	+325%	17,1 k €	-29.4%	24,2 k €	-23.8%	31,7 k €
Operating result	39,7 k €	-17.7%	48,2 k €	+45.4%	33,2 k €	-37.0%	52,7 k €	-29.8%	75 k €	+2.5%	73,1 k €	+21.9%	60 k €	+13.2%	53 k €	+30.5%	40,6 k €	-18.4%	49,8 k €	+704%	6,2 k €	-90.3%	63,8 k €	+482%	11 k €	-25.2%	14,7 k €	+8.5%	13,5 k €
Net result	26,4 k €	-8.5%	28,9 k €	+26.2%	22,9 k €	-28.0%	31,8 k €	-35.5%	49,3 k €	+11.4%	44,3 k €	+8.7%	40,7 k €	+29.0%	31,5 k €	+13.9%	27,7 k €	-0.6%	27,9 k €	+296%	7 k €	-85.2%	47,7 k €	+350%	10,6 k €	-16.7%	12,7 k €	+4.9%	12,1 k €
Balance sheet
Equity	327,1 k €	+8.8%	300,6 k €	+10.6%	271,8 k €	+9.2%	248,9 k €	+14.6%	217,1 k €	+29.4%	167,8 k €	-35.2%	259 k €	-26.8%	353,9 k €	+9.8%	322,3 k €	+9.4%	294,6 k €	+10.4%	266,8 k €	+2.7%	259,7 k €	+22.5%	212,1 k €	+5.3%	201,5 k €	+6.7%	188,8 k €
Total assets	537,6 k €	+7.1%	501,9 k €	+6.1%	473,2 k €	+2.4%	461,9 k €	-18.2%	565 k €	-8.4%	616,5 k €	+37.4%	448,6 k €	+19.8%	374,4 k €	-1.8%	381 k €	-2.0%	388,8 k €	+37.8%	282,1 k €	-3.4%	292,1 k €	+9.2%	267,4 k €	+4.6%	255,6 k €	+7.7%	237,3 k €
Cash	146,4 k €	-33.5%	220,4 k €	-2.3%	225,5 k €	+45.0%	155,5 k €	-57.8%	368 k €	-27.6%	508,3 k €	+53.9%	330,3 k €	+75.6%	188,1 k €	-28.7%	263,7 k €	+13.1%	233,2 k €	+105%	113,6 k €	+22.8%	92,5 k €	+11.2%	83,1 k €	+765%	9,6 k €	-74.0%	37 k €
Debts	202,5 k €	+4.4%	193,9 k €	-0.5%	194,9 k €	-6.0%	207,3 k €	-39.5%	342,4 k €	-23.1%	445,4 k €	+135%	189,6 k €	+828%	20,4 k €	-65.2%	58,6 k €	-37.7%	94,1 k €	+515%	15,3 k €	-41.3%	26,1 k €	-48.6%	50,8 k €	+0.6%	50,5 k €	+4.1%	48,5 k €
Other
Workforce	–		–		–		–		–		–		–		–		–		2,5 ETP	-10.7%	2,8 ETP	-30.0%	4,0 ETP	+33.3%	3,0 ETP	+20.0%	2,5 ETP	-3.8%	2,6 ETP

Estimate

Indicative valuation

As an indication, this company is worth

between 500 k€ and 1 M€

See the valuation

Governance

Board of directors

Seen on filing of 31/03/2025 · 2 active · 13 ended

Active mandates

Annick BODARWE

Managing director · since 20 décembre 2022

Active

Annick BODARWE

Director

Active

Ended mandates

Alain Bodarwé

Director · since 12 avril 2017 · until 20 décembre 2022

Ended

Alain Bodarwé

Director · since 12 avril 2017

Ended

ALL DOOR SYSTEMS & SERVICES

Managing director · since 12 avril 2017 · until 01 juillet 2019 · 0479.891.167

Ended

ALL DOOR SYSTEMS & SERVICES

Managing director · since 12 avril 2017 · 0479.891.167

Ended

At this address

Other companies at this address

Company	CBE no.
C.B. BAT● Bankrupt	0765.628.324

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	01/04/2024	01/04/2023	01/04/2022	01/04/2021	01/04/2020	01/01/2019
Closing of the financial year	31/03/2025	31/03/2024	31/03/2023	31/03/2022	31/03/2021	31/03/2020
Length of the financial year	12 months	12 months	12 months	12 months	12 months	15 months
Filing date	31/10/2025	29/10/2024	09/11/2023	31/10/2022	25/11/2021	06/11/2020
General meeting	30/09/2025	30/09/2024	30/09/2023	30/09/2022	30/09/2021	30/09/2020
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

19 filings with the NBB

Model	Closing	General meeting	Filed	Language	Document
Micro model	31/03/2025	30/09/2025	31/10/2025	French	PDF
Micro model	31/03/2024	30/09/2024	29/10/2024	French	PDF
Micro model	31/03/2023	30/09/2023	09/11/2023	French	PDF
Micro model	31/03/2022	30/09/2022	31/10/2022	French	PDF
Micro model	31/03/2021	30/09/2021	25/11/2021	French	PDF
Micro model	31/03/2020	30/09/2020	06/11/2020	French	PDF
Micro model	31/12/2018	10/04/2019	10/05/2019	French	PDF
Micro model	31/12/2017	11/04/2018	29/05/2018	French	PDF
Micro model	31/12/2016	12/04/2017	22/05/2017	French	PDF
Abridged model	31/12/2015	13/04/2016	09/05/2016	French	PDF
Abridged model	31/12/2014	08/04/2015	11/05/2015	French	PDF
Abridged model	31/12/2013	09/04/2014	14/05/2014	French	PDF
Abridged model	31/12/2012	10/04/2013	06/05/2013	French	PDF
Abridged model	31/12/2011	11/04/2012	13/06/2012	French	PDF
Abridged model	31/12/2010	24/06/2011	15/07/2011	French	PDF
Abridged model	31/12/2009	14/04/2010	10/05/2010	French	PDF
Abridged model	31/12/2008	08/04/2009	06/05/2009	French	PDF
Abridged model	31/12/2007	09/04/2008	08/05/2008	French	PDF
Abridged model	31/12/2006	11/04/2007	07/05/2007	French	PDF

Estimate

Indicative valuation

Order of magnitude

As an indication, this company is worth

between 500 k€ and 1 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 31/03/2025 · 2 active · 13 ended

Active mandates

Annick BODARWE

Managing director · since 20 décembre 2022

Active

Annick BODARWE

Director

Active

Ended mandates

Alain Bodarwé

Director · since 12 avril 2017 · until 20 décembre 2022

Ended

Alain Bodarwé

Director · since 12 avril 2017

Ended

ALL DOOR SYSTEMS & SERVICES

Managing director · since 12 avril 2017 · until 01 juillet 2019 · 0479.891.167

Ended

ALL DOOR SYSTEMS & SERVICES

Managing director · since 12 avril 2017 · 0479.891.167

Ended

Shareholders

Ownership and network

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Belgian Official Gazette

Belgian Official Gazette publications

Mandates14/03/2023
DEMISSIONS, NOMINATIONS
PDF
Mandates18/07/2019
DENOMINATION - CAPITAL, ACTIONS - DEMISSIONS, NOMINATIONS - ASSEMBLEE GENERALE - ANNEE COMPTABLE
PDF
Mandates12/06/2017
DEMISSIONS, NOMINATIONS
PDF
Mandates28/02/2011
DEMISSIONS, NOMINATIONS
PDF
Mandates28/06/2010
DEMISSIONS, NOMINATIONS
PDF
Mandates12/10/2009
DEMISSIONS, NOMINATIONS
PDF
Mandates30/05/2008
DEMISSIONS, NOMINATIONS
PDF
Mandates06/09/2007
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 202526,4 k €↓
2024
Annual accounts 202428,9 k €↑
2023
Annual accounts 202322,9 k €↓
2022
Annual accounts 202231,8 k €↓
2021
Annual accounts 202149,3 k €↑
2020
Annual accounts 202044,3 k €↑
2018
Annual accounts 201840,7 k €↑
2017
Annual accounts 201731,5 k €↑
2016
Annual accounts 201627,7 k €↓
2015
Annual accounts 201527,9 k €↑
2014
Annual accounts 20147 k €↓
2013
Annual accounts 201347,7 k €↑
2012
Annual accounts 201210,6 k €↓
2011
Annual accounts 201112,7 k €↑
2010
Annual accounts 201012,1 k €
31/08/1989
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

INVULNERABLE

Overview

What does INVULNERABLE do?

Trend over 15 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