ACTIVE

Polygon Belgium

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Financial year 2025 · closed on 31/12/2025

Net result

-146,1 k €

-134.3% YoY

Revenue

8 M €

+11.0% YoY

Equity

2,6 M €

-5.3% YoY

Workforce

57,1 ETP

+8.3% YoY

What does Polygon Belgium do?

Polygon Belgium is a Public limited company incorporated in 1990. Its main activity is: Manufacture of non-domestic cooling and ventilation equipment. Its registered office is in Antwerpen. It employs on average 57,1 ETP workers (FTE).

Legal situation

● Normal situation

BCE/KBO no. / VAT

BE 0440.188.077

Incorporation

10/04/1990

Legal form

Public limited company

Registered office

Moerelei 127
2610 Antwerpen · FlandreSee on map

Contributed capital

547 000,00 €

Latest accounts

31/12/2025

Average workforce

57,1 ETP

Activities (NACE)

28250Manufacture of non-domestic cooling and ventilation equipment· main 28250Manufacture of non-domestic cooling and ventilation equipment 29230Manufacture of bodies (coachwork) for motor vehicles; manufacture of trailers and semi-trailers 46643Wholesale of machinery for the textile industry and of sewing and knitting machines 46693Wholesale of other machinery and equipment 51871Air transport

Joint committees (4)

14901
200
20000
218

Signals

Positive cashflowPositive EBITDAHealthy social debtsHigh revenue

View the BCE/KBO Public Search record →

Health score

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✦ Verdict · Analyst summary

Financials

Trend over 13 financial years

	2025		2024		2023		2022		2021		2019		2018		2017		2016		2015		2014		2013		2012
Income statement
Revenue	8 M €	+11.0%	7,2 M €	-2.8%	7,4 M €	+22.8%	6 M €	+1.7%	5,9 M €	+2.7%	5,8 M €	+6.5%	5,4 M €	+6.8%	5,1 M €	+6.2%	4,8 M €	+14.9%	4,2 M €	-6.4%	4,4 M €	-7.5%	4,8 M €	+16.1%	4,1 M €
EBITDA	864 k €	-19.0%	1,1 M €	-23.0%	1,4 M €	+89.0%	733,3 k €	+0.1%	732,7 k €	-40.2%	1,2 M €	+4.7%	1,2 M €	+9.6%	1,1 M €	+8.0%	988,9 k €	+38.8%	712,2 k €	+203%	235,1 k €	+10.0%	213,7 k €	-73.7%	813,8 k €
Operating result	472,2 k €	-36.0%	738,1 k €	-32.4%	1,1 M €	+142%	450,9 k €	-7.8%	488,9 k €	-50.0%	977,4 k €	+0.9%	968,2 k €	+4.6%	925,5 k €	+4.5%	885,4 k €	+39.1%	636,5 k €	+150%	254,9 k €	+313%	61,8 k €	-90.1%	623,9 k €
Net result	-146,1 k €	-134%	425,4 k €	-65.7%	1,2 M €	+402%	246,8 k €	-16.8%	296,8 k €	-54.6%	654,2 k €	+1.1%	646,8 k €	+10.6%	584,8 k €	+17.7%	496,7 k €	+5.8%	469,6 k €	+317%	112,6 k €	+357%	-43,9 k €	-108%	520,6 k €
Balance sheet
Equity	2,6 M €	-5.3%	2,8 M €	+18.2%	2,3 M €	+113%	1,1 M €	-33.6%	1,6 M €	-40.4%	2,8 M €	+31.0%	2,1 M €	+44.3%	1,5 M €	+66.7%	876,4 k €	+131%	379,7 k €	+522%	-89,9 k €	+55.6%	-202,6 k €	-27.7%	-158,7 k €
Total assets	13,2 M €	+85.8%	7,1 M €	+26.5%	5,6 M €	-1.0%	5,7 M €	+19.5%	4,8 M €	+26.9%	3,8 M €	+29.7%	2,9 M €	+32.4%	2,2 M €	+39.4%	1,6 M €	+42.1%	1,1 M €	-17.8%	1,3 M €	-12.9%	1,5 M €	-5.0%	1,6 M €
Cash	207 k €	-50.8%	420,9 k €	+93.9%	217,1 k €	-22.8%	281,1 k €	+17.0%	240,3 k €	-89.6%	2,3 M €	+45.2%	1,6 M €	+73.3%	918,7 k €	+77.1%	518,7 k €	+246%	150 k €	-13.1%	172,7 k €	-22.0%	221,5 k €	-1.4%	224,7 k €
Debts	10,6 M €	+147%	4,3 M €	+33.3%	3,2 M €	-29.0%	4,5 M €	+47.8%	3,1 M €	+227%	933,1 k €	+26.7%	736,4 k €	+19.8%	614,8 k €	+8.3%	567,9 k €	-17.6%	689,3 k €	-49.6%	1,4 M €	-21.5%	1,7 M €	-2.2%	1,8 M €
Other
Workforce	57,1 ETP	+8.3%	52,7 ETP	+4.6%	50,4 ETP	0.0%	50,4 ETP	+5.9%	47,6 ETP	+5.5%	45,1 ETP	+7.9%	41,8 ETP	+13.6%	36,8 ETP	+0.3%	36,7 ETP	+2.8%	35,7 ETP	-4.8%	37,5 ETP	+9.6%	34,2 ETP	+22.6%	27,9 ETP

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 · 4 active · 17 ended

Active mandates

Magnus Warholm

Director · since 15 avril 2026 · until 05 juin 2029

Active

Robin Petersen

Director · since 15 avril 2026 · until 05 juin 2029

Active

Nina Junehed

Director · since 01 juillet 2025 · until 15 avril 2026

Active

Carla Slaets

Managing director · since 01 avril 2024 · until 01 avril 2030

Active

Ended mandates

Nina Junehed

Director · since 07 janvier 2025 · until 04 juin 2030

Ended

Axel Granitz

Managing director · since 04 janvier 2024 · until 07 janvier 2025

Ended

Axel Granitz

Managing director · since 04 janvier 2024 · until 04 janvier 2030

Ended

Carla Slaets

Managing director · since 04 janvier 2024 · until 04 janvier 2030

Ended

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	29/06/2026	02/09/2025	19/07/2024	08/07/2023	28/06/2022	08/06/2021
General meeting	02/06/2026	25/08/2025	04/06/2024	06/06/2023	07/06/2022	01/06/2021
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

24 filings with the NBB

Model	Closing	General meeting	Filed	Language	Document
Full model	31/12/2025	02/06/2026	29/06/2026	Dutch	PDF
Full model	31/12/2024	25/08/2025	02/09/2025	Dutch	PDF
Full model	31/12/2023	04/06/2024	19/07/2024	Dutch	PDF
Full model	31/12/2022	06/06/2023	08/07/2023	Dutch	PDF
Full model	31/12/2021	07/06/2022	28/06/2022	Dutch	PDF
Full model	31/12/2020	01/06/2021	08/06/2021	Dutch	PDF
Full model	31/12/2019	02/06/2020	05/06/2020	Dutch	PDF
Full model	31/12/2018	29/03/2019	29/04/2019	Dutch	PDF
Full model	31/12/2017	09/04/2018	30/04/2018	Dutch	PDF
Full model	31/12/2016	12/05/2017	07/06/2017	Dutch	PDF
Full model	31/12/2015	13/05/2016	20/05/2016	Dutch	PDF
Full model	31/12/2014	23/06/2015	29/06/2015	Dutch	PDF
Full model	31/12/2013	27/03/2014	03/04/2014	Dutch	PDF
Full model	31/12/2012	05/04/2013	25/04/2013	Dutch	PDF
Full model	31/12/2011	29/06/2012	25/07/2012	Dutch	PDF
Full modelCorrection	31/12/2010	27/02/2012	12/04/2012	Dutch	PDF
Full model	31/12/2010	27/02/2012	05/04/2012	Dutch	PDF
Full model	31/12/2009	17/12/2010	26/08/2011	Dutch	PDF
Full model	31/12/2008	06/12/2010	26/08/2011	Dutch	PDF
Full model	31/12/2007	31/10/2008	31/07/2009	Dutch	PDF
Full model	31/12/2006	30/10/2007	27/12/2007	Dutch	PDF
Full model	31/12/2005	03/10/2006	18/01/2007	Dutch	PDF
Full model	31/12/2004	28/09/2005	15/01/2007	Dutch	PDF
Full model	31/12/2003	05/10/2004	15/01/2007	Dutch	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 · 4 active · 17 ended

Active mandates

Magnus Warholm

Director · since 15 avril 2026 · until 05 juin 2029

Active

Robin Petersen

Director · since 15 avril 2026 · until 05 juin 2029

Active

Nina Junehed

Director · since 01 juillet 2025 · until 15 avril 2026

Active

Carla Slaets

Managing director · since 01 avril 2024 · until 01 avril 2030

Active

Ended mandates

Nina Junehed

Director · since 07 janvier 2025 · until 04 juin 2030

Ended

Axel Granitz

Managing director · since 04 janvier 2024 · until 07 janvier 2025

Ended

Axel Granitz

Managing director · since 04 janvier 2024 · until 04 janvier 2030

Ended

Carla Slaets

Managing director · since 04 janvier 2024 · until 04 janvier 2030

Ended

Shareholders

Ownership and network

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Belgian Official Gazette

Belgian Official Gazette publications

Mandates27/07/2026
ONTSLAGEN - BENOEMINGEN
PDF
Mandates01/04/2026
ONTSLAGEN - BENOEMINGEN
PDF
Restructuring07/01/2026
DOEL - KAPITAAL - AANDELEN - STATUTEN (VERTALING, COÖRDINATIE, OVERIGE WIJZIGINGEN, ) - RUBRIEK HERSTRUCTURERING (FUSIE, SPLITSING, OVERDRACHT VERMOGEN, ENZ...)
PDF
Restructuring13/11/2025
RUBRIEK HERSTRUCTURERING (FUSIE, SPLITSING, OVERDRACHT VERMOGEN, ENZ...)
PDF
Other18/09/2025
STATUTEN (VERTALING, COÖRDINATIE, OVERIGE WIJZIGINGEN, ) - DOEL
PDF
Mandates31/03/2025
ONTSLAGEN - BENOEMINGEN
PDF
Other08/01/2024
STATUTEN (VERTALING, COÖRDINATIE, OVERIGE WIJZIGINGEN, )
PDF
Mandates02/03/2023
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 2025-146,1 k €↓
2024
Annual accounts 2024425,4 k €↓
2023
Annual accounts 20231,2 M €↑
2022
Annual accounts 2022246,8 k €↓
2021
Annual accounts 2021296,8 k €↓
2019
Annual accounts 2019654,2 k €↑
2018
Annual accounts 2018646,8 k €↑
2017
Annual accounts 2017584,8 k €↑
2016
Annual accounts 2016496,7 k €↑
2015
Annual accounts 2015469,6 k €↑
2014
Annual accounts 2014112,6 k €↑
2013
Annual accounts 2013-43,9 k €↓
2012
Annual accounts 2012520,6 k €
10/04/1990
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

Polygon Belgium

Overview

What does Polygon Belgium do?

Trend over 13 financial years

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