ACTIVE

VERHULST-DYNAMIC

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Financial year 2025 · closed on 31/12/2025

Net result

194,9 k €

+82.1% YoY

Gross margin

3,4 M €

+9.9% YoY

Equity

1,8 M €

+12.2% YoY

Workforce

38,9 ETP

+4.9% YoY

What does VERHULST-DYNAMIC do?

VERHULST-DYNAMIC is a Private limited company incorporated in 1989. Its main activity is: Joinery installation. Its registered office is in Ieper. It employs on average 38,9 ETP workers (FTE).

Legal situation

● Normal situation

BCE/KBO no. / VAT

BE 0438.309.247

Incorporation

19/09/1989

Legal form

Private limited company

Registered office

Porreyestraat 13
8908 Ieper · FlandreSee on map

Contributed capital

60 000,00 €

Latest accounts

31/12/2025

Average workforce

38,9 ETP

Activities (NACE)

43320Joinery installation· main 43320Joinery installation 45421Sale, maintenance and repair of motorcycles and related parts and accessories 43341Painting and glazing 43341Painting and glazing 43350Building completion and finishing+7

Joint committees (3)

Signals

ProfitableSolid equityLow riskGood liquidityPositive cashflowPositive EBITDAHealthy social debts

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Health score

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✦ Verdict · Analyst summary

Financials

Trend over 17 financial years

	2025		2024		2023		2022		2021		2020		2019		2018		2017		2016		2015		2014		2013		2012		2011		2010		2009
Income statement
Gross margin	3,4 M €	+9.9%	3,1 M €	+9.7%	2,9 M €	+37.7%	2,1 M €	+78.1%	1,2 M €	+25.4%	929,2 k €	-19.2%	1,1 M €	-8.6%	1,3 M €	+28.2%	981,2 k €	-3.6%	1 M €	+18.9%	856,5 k €	+54.8%	553,2 k €	-33.8%	835,7 k €	+48.2%	563,9 k €	-1.3%	571,6 k €	-4.6%	599 k €	-3.0%	617,4 k €
EBITDA	796,8 k €	+19.4%	667,2 k €	+16.7%	571,6 k €	-37.9%	921,1 k €	+77.8%	518 k €	-3.7%	537,7 k €	-27.7%	744,1 k €	-12.8%	853,7 k €	+37.7%	620 k €	-8.7%	679,2 k €	+32.5%	512,4 k €	+67.8%	305,4 k €	-34.1%	463,7 k €	+73.8%	266,8 k €	-14.4%	311,6 k €	+3.6%	300,7 k €	-19.8%	375 k €
Operating result	379,2 k €	+61.0%	235,5 k €	-37.9%	379,5 k €	-51.5%	782,9 k €	+78.5%	438,6 k €	-1.4%	444,7 k €	-20.4%	558,5 k €	-13.3%	644 k €	+49.8%	429,8 k €	-11.5%	485,8 k €	+21.8%	399 k €	+88.3%	211,9 k €	-29.3%	299,8 k €	+102%	148,7 k €	+7.6%	138,1 k €	-8.2%	150,4 k €	-42.2%	260,3 k €
Net result	194,9 k €	+82.1%	107 k €	-63.4%	292,3 k €	-46.8%	549,5 k €	+72.3%	319 k €	+16.0%	274,9 k €	-30.7%	396,8 k €	-22.4%	511,4 k €	+44.4%	354,2 k €	-8.6%	387,4 k €	+20.3%	322 k €	+97.7%	162,9 k €	-35.4%	252,2 k €	+126%	111,3 k €	+23.0%	90,6 k €	-26.1%	122,5 k €	-43.3%	216,2 k €
Balance sheet
Equity	1,8 M €	+12.2%	1,6 M €	+7.2%	1,5 M €	+24.3%	1,2 M €	+84.1%	653,7 k €	+1.4%	644,8 k €	+0.8%	639,8 k €	-0.5%	643,1 k €	+1.5%	633,7 k €	+2.3%	619,5 k €	+1.2%	612,1 k €	-27.1%	840 k €	+11.0%	757,1 k €	+13.9%	664,9 k €	-20.3%	833,8 k €	+12.2%	743,2 k €	+3.1%	720,7 k €
Total assets	5 M €	+6.1%	4,7 M €	+7.6%	4,4 M €	+53.2%	2,9 M €	+4.2%	2,7 M €	+81.8%	1,5 M €	-2.0%	1,5 M €	-6.5%	1,6 M €	+10.9%	1,5 M €	-2.5%	1,5 M €	+13.4%	1,3 M €	+5.6%	1,3 M €	-6.5%	1,4 M €	+0.8%	1,3 M €	-0.1%	1,3 M €	+3.1%	1,3 M €	+2.7%	1,3 M €
Cash	456 k €	-15.3%	538,2 k €	+31.1%	410,6 k €	-5.8%	436,1 k €	-19.7%	542,8 k €	-22.4%	699,1 k €	-19.0%	862,8 k €	+17.5%	734,5 k €	+33.7%	549,3 k €	+0.3%	547,5 k €	-1.2%	554,2 k €	-24.8%	737,3 k €	+6.2%	694,5 k €	+21.1%	573,5 k €	+63.4%	351 k €	-14.1%	408,8 k €	+70.7%	239,5 k €
Debts	3,2 M €	+2.3%	3,1 M €	+8.0%	2,9 M €	+75.6%	1,6 M €	-21.8%	2,1 M €	+141%	864 k €	-3.6%	896,2 k €	-10.6%	1 M €	+17.9%	849,8 k €	-5.7%	901,5 k €	+23.5%	729,8 k €	+69.5%	430,6 k €	-28.4%	601,1 k €	-11.8%	681,2 k €	+32.1%	515,7 k €	-8.8%	565,7 k €	+2.3%	553,2 k €
Other
Workforce	38,9 ETP	+4.9%	37,1 ETP	+19.7%	31,0 ETP	+115%	14,4 ETP	+51.6%	9,5 ETP	+50.8%	6,3 ETP	-1.6%	6,4 ETP	-5.9%	6,8 ETP	+9.7%	6,2 ETP	0.0%	6,2 ETP	+3.3%	6,0 ETP	+25.0%	4,8 ETP	-21.3%	6,1 ETP	+3.4%	5,9 ETP	+5.4%	5,6 ETP	-5.1%	5,9 ETP	+25.5%	4,7 ETP

Estimate

Indicative valuation

As an indication, this company is worth

between 1 M€ and 2,5 M€

See the valuation

Governance

Board of directors

Seen on filing of 31/12/2025 · 1 active · 22 ended

Active mandates

VERHULST GROUP

Director · 1022.526.191

Represented by Lorenzo Verhulst

Active

Ended mandates

ENERCON

Director · since 07 janvier 2021 · 0567.629.647

Represented by Paul Junior Thiers

Ended

ENERCON

Administrator - manager · since 07 janvier 2021 · 0567.629.647

Represented by Paul Junior Thiers

Ended

ENERCON

Director · since 07 janvier 2021 · 0567.629.647

Represented by Paul Junior THIERS

Ended

Johan Verhulst

Administrator - manager · since 14 juillet 2020

Ended

At this address

Other companies at this address

Company	CBE no.
ALUPRO● Active	0667.920.323
LOPACO● Active	0749.775.950
VERHULST GROUP● Active	1022.526.191
VHD● Active	0845.969.167

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	01/10/2021	01/10/2020	01/10/2019
Closing of the financial year	31/12/2025	31/12/2024	31/12/2023	31/12/2022	30/09/2021	30/09/2020
Length of the financial year	12 months	12 months	12 months	15 months	12 months	12 months
Filing date	29/06/2026	29/06/2025	01/07/2024	30/06/2023	29/04/2022	03/05/2021
General meeting	26/06/2026	27/06/2025	28/06/2024	30/06/2023	01/03/2022	01/03/2021
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	26/06/2026	29/06/2026	Dutch	PDF
Abridged model	31/12/2024	27/06/2025	29/06/2025	Dutch	PDF
Abridged model	31/12/2023	28/06/2024	01/07/2024	Dutch	PDF
Abridged model	31/12/2022	30/06/2023	30/06/2023	Dutch	PDF
Abridged model	30/09/2021	01/03/2022	29/04/2022	Dutch	PDF
Abridged model	30/09/2020	01/03/2021	03/05/2021	Dutch	PDF
Abridged model	30/09/2019	01/03/2020	30/03/2020	Dutch	PDF
Abridged model	30/09/2018	01/03/2019	23/04/2019	Dutch	PDF
Abridged model	30/09/2017	01/03/2018	30/03/2018	Dutch	PDF
Abridged model	30/09/2016	01/03/2017	14/03/2017	Dutch	PDF
Abridged model	30/09/2015	01/03/2016	01/03/2016	Dutch	PDF
Abridged model	30/09/2014	02/03/2015	09/03/2015	Dutch	PDF
Abridged model	30/09/2013	01/03/2014	17/03/2014	Dutch	PDF
Abridged model	30/06/2012	01/12/2012	18/12/2012	Dutch	PDF
Abridged model	30/06/2011	01/12/2011	09/02/2012	Dutch	PDF
Abridged model	30/06/2010	01/12/2010	11/01/2011	Dutch	PDF
Abridged model	30/06/2009	01/12/2009	03/12/2009	Dutch	PDF
Abridged model	30/06/2008	01/12/2008	15/01/2009	Dutch	PDF
Abridged model	30/06/2007	01/12/2007	23/01/2008	Dutch	PDF
Abridged model	30/06/2006	01/12/2006	15/01/2007	Dutch	PDF

Estimate

Indicative valuation

Order of magnitude

As an indication, this company is worth

between 1 M€ and 2,5 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 · 1 active · 22 ended

Active mandates

VERHULST GROUP

Director · 1022.526.191

Represented by Lorenzo Verhulst

Active

Ended mandates

ENERCON

Director · since 07 janvier 2021 · 0567.629.647

Represented by Paul Junior Thiers

Ended

ENERCON

Administrator - manager · since 07 janvier 2021 · 0567.629.647

Represented by Paul Junior Thiers

Ended

ENERCON

Director · since 07 janvier 2021 · 0567.629.647

Represented by Paul Junior THIERS

Ended

Johan Verhulst

Administrator - manager · since 14 juillet 2020

Ended

Shareholders

Ownership and network

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Belgian Official Gazette

Belgian Official Gazette publications

Mandates24/10/2025
ONTSLAGEN - BENOEMINGEN
PDF
Mandates30/05/2025
ONTSLAGEN - BENOEMINGEN
PDF
Other05/10/2022
STATUTEN (VERTALING, COÖRDINATIE, OVERIGE WIJZIGINGEN, ) - WIJZIGING RECHTSVORM - ALGEMENE VERGADERING - BOEKJAAR
PDF
Mandates02/04/2021
ONTSLAGEN - BENOEMINGEN
PDF
Mandates06/08/2020
ONTSLAGEN - BENOEMINGEN
PDF
Mandates18/01/2016
ONTSLAGEN - BENOEMINGEN
PDF
Mandates18/01/2016
BENAMING - ONTSLAGEN - BENOEMINGEN
PDF
Other12/07/2013
ALGEMENE VERGADERING - BOEKJAAR
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 2025194,9 k €↑
2024
Annual accounts 2024107 k €↓
2023
Annual accounts 2023292,3 k €↓
2022
Annual accounts 2022549,5 k €↑
2021
Annual accounts 2021319 k €↑
2020
Annual accounts 2020274,9 k €↓
2019
Annual accounts 2019396,8 k €↓
2018
Annual accounts 2018511,4 k €↑
2017
Annual accounts 2017354,2 k €↓
2016
Annual accounts 2016387,4 k €↑
2015
Annual accounts 2015322 k €↑
2015
Name changeVerhulst-Dynamic
2014
Annual accounts 2014162,9 k €↓
2013
Annual accounts 2013252,2 k €↑
2012
Annual accounts 2012111,3 k €↑
2011
Annual accounts 201190,6 k €↓
2010
Annual accounts 2010122,5 k €↓
2009
Annual accounts 2009216,2 k €
2009
Name changeVERHULST-DEJONCKHEERE
19/09/1989
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

VERHULST-DYNAMIC

Overview

What does VERHULST-DYNAMIC do?

Trend over 17 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