ACTIVE

DEMOCO

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Financial year 2025 · closed on 31/12/2025

Net result

2,7 M €

-14.8% YoY

Revenue

188,3 M €

-14.0% YoY

Equity

15,6 M €

+21.1% YoY

Workforce

241,8 ETP

-10.0% YoY

What does DEMOCO do?

DEMOCO is a Public limited company incorporated in 1990. Its registered office is in Hasselt. It employs on average 241,8 ETP workers (FTE).

Legal situation

● Normal situation

BCE/KBO no. / VAT

BE 0440.712.867

Incorporation

07/06/1990

Legal form

Public limited company

Registered office

Herkenrodesingel 4B
3500 Hasselt · FlandreSee on map

Contributed capital

5 000 000,00 €

Latest accounts

31/12/2025

Average workforce

241,8 ETP

Joint committees (3)

Signals

ProfitableGood liquidityPositive 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	188,3 M €	-14.0%	219 M €	-2.6%	224,9 M €	+6.6%	210,9 M €	-14.2%	245,8 M €	+10.0%	223,3 M €	+18.3%	188,7 M €	-16.7%	226,7 M €	+20.7%	187,8 M €	+0.7%	186,5 M €	-18.3%	228,3 M €	+80.4%	126,6 M €	+8.5%	116,7 M €	+14.3%	102 M €	+10.8%	92,1 M €	+31.8%	69,9 M €	-21.4%	88,9 M €	+10.2%	80,6 M €	+19.7%	67,4 M €	+50.7%	44,7 M €
EBITDA	4,6 M €	-28.0%	6,5 M €	+224%	-5,2 M €	+17.0%	-6,3 M €	-674%	1,1 M €	-39.3%	1,8 M €	-50.4%	3,6 M €	-53.1%	7,7 M €	+138%	3,3 M €	-64.3%	9,1 M €	-14.7%	10,7 M €	+38.5%	7,7 M €	+107%	3,7 M €	+50.5%	2,5 M €	-36.2%	3,9 M €	+22.1%	3,2 M €	-9.0%	3,5 M €	-2.6%	3,6 M €	+35.4%	2,6 M €	+115%	1,2 M €
Operating result	1,9 M €	-53.5%	4,1 M €	+228%	-3,2 M €	+74.8%	-12,7 M €	-2298%	578,5 k €	+90.2%	304,1 k €	-86.7%	2,3 M €	-62.1%	6 M €	+218%	1,9 M €	-75.9%	7,8 M €	-16.2%	9,3 M €	+52.9%	6,1 M €	+115%	2,8 M €	+50.9%	1,9 M €	-43.5%	3,3 M €	+23.9%	2,7 M €	-7.8%	2,9 M €	-4.6%	3,1 M €	+42.3%	2,1 M €	+195%	726,1 k €
Net result	2,7 M €	-14.8%	3,2 M €	+159%	-5,4 M €	+57.8%	-12,9 M €	-11323%	114,7 k €	+494%	19,3 k €	-98.9%	1,8 M €	-49.9%	3,7 M €	+106%	1,8 M €	-67.3%	5,4 M €	-8.6%	5,9 M €	+45.6%	4,1 M €	+122%	1,8 M €	+39.9%	1,3 M €	-55.0%	2,9 M €	+58.6%	1,8 M €	-33.7%	2,8 M €	-23.7%	3,6 M €	+111%	1,7 M €	+95.2%	882,8 k €
Balance sheet
Equity	15,6 M €	+21.1%	12,9 M €	+33.0%	9,7 M €	-36.0%	15,1 M €	-46.0%	28 M €	+0.4%	27,9 M €	-5.7%	29,5 M €	+1.5%	29,1 M €	+8.0%	26,9 M €	+4.3%	25,8 M €	+14.0%	22,7 M €	+33.2%	17 M €	+29.7%	13,1 M €	+10.1%	11,9 M €	+2.9%	11,6 M €	+6.9%	10,8 M €	+2.9%	10,5 M €	+6.1%	9,9 M €	+10.9%	8,9 M €	+6.5%	8,4 M €
Total assets	67,2 M €	-5.0%	70,8 M €	-13.0%	81,3 M €	+20.1%	67,7 M €	-24.5%	89,6 M €	+3.0%	87,1 M €	+21.4%	71,7 M €	-8.2%	78,1 M €	-1.1%	79 M €	+27.0%	62,2 M €	-17.4%	75,3 M €	+30.0%	57,9 M €	+35.6%	42,7 M €	+29.0%	33,1 M €	+11.1%	29,8 M €	+24.4%	24 M €	-1.4%	24,3 M €	+3.6%	23,5 M €	+21.7%	19,3 M €	-18.5%	23,7 M €
Cash	2,4 M €	+138%	1 M €	+7.3%	947,1 k €	-77.5%	4,2 M €	-67.4%	13 M €	-32.6%	19,2 M €	+219%	6 M €	-30.6%	8,7 M €	-40.1%	14,5 M €	+33.1%	10,9 M €	-44.7%	19,7 M €	+89.7%	10,4 M €	+172%	3,8 M €	-28.3%	5,3 M €	+23.7%	4,3 M €	-6.6%	4,6 M €	+52.3%	3 M €	+332%	700,4 k €	-45.0%	1,3 M €	+66.3%	766,2 k €
Debts	47,2 M €	-15.8%	56 M €	-21.0%	71 M €	+48.4%	47,8 M €	-22.2%	61,4 M €	+5.8%	58,1 M €	+39.1%	41,8 M €	-12.0%	47,4 M €	-7.2%	51,1 M €	+42.0%	36 M €	-31.0%	52,2 M €	+29.2%	40,4 M €	+40.0%	28,8 M €	+42.0%	20,3 M €	+16.1%	17,5 M €	+38.5%	12,6 M €	-0.6%	12,7 M €	+3.1%	12,3 M €	+29.0%	9,6 M €	-34.3%	14,6 M €
Other
Workforce	241,8 ETP	-10.0%	268,6 ETP	-7.9%	291,5 ETP	-2.4%	298,8 ETP	-2.7%	307,0 ETP	+2.3%	300,0 ETP	+0.4%	298,7 ETP	-3.0%	308,0 ETP	-7.2%	331,9 ETP	-2.3%	339,6 ETP	+3.8%	327,3 ETP	+4.5%	313,3 ETP	+1.4%	309,0 ETP	+2.6%	301,2 ETP	+0.2%	300,5 ETP	-3.5%	311,5 ETP	-2.5%	319,6 ETP	+1.6%	314,6 ETP	+6.5%	295,4 ETP	-3.1%	304,9 ETP

Estimate

Indicative valuation

As an indication, this company is worth

between 25 M€ and 50 M€

See the valuation

Governance

Board of directors

Seen on filing of 31/12/2025 · 6 active · 42 ended

Active mandates

ArNaSa

Director · since 11 février 2025 · until 28 mai 2031 · 0743.508.364

Represented by Jochen Willen

Active

Rafine

Director · since 10 juillet 2024 · until 29 mai 2030 · 1002.554.980

Represented by Raf Frans Liza Houben

Active

MaLiBe

Director · since 21 février 2022 · until 31 décembre 2025 · 0770.425.567

Represented by Johannes Van den Broeck

Active

SARKRI

Director · since 21 février 2022 · until 31 mai 2028 · 0476.540.016

Represented by Ronny Houben

Active

TDEVELOPMENT

Director · since 21 février 2022 · until 31 mai 2028 · 0774.835.802

Represented by Thibaud Demot

Active

DEMOCO GROUP

Chairman of the board of directors · since 27 mai 2020 · until 12 juin 2026 · 0479.223.847

Represented by Philip Demot

Active

Ended mandates

FBConstruct

Director · since 22 juin 2022 · until 31 mai 2028 · 0835.210.778

Represented by Frederik Bijnens

Ended

MaLiBe

Director · since 21 février 2022 · until 31 mai 2028 · 0770.425.567

Represented by Johannes Van den Broeck

Ended

MaLiBe

Director · since 21 février 2022 · until 31 mai 2028 · 0770.425.567

Represented by Johannes VAN DEN BROECK

Ended

TDEVELOPMENT

Director · since 21 février 2022 · until 31 mai 2028 · 0774.835.802

Represented by Thibaud DEMOT

Ended

At this address

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HERK&RED● Active	0432.874.079
NETESTAD IMMO● Active	0794.720.109
SION NETEZICHT● Active	0844.696.586
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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	22/06/2026	04/06/2025	11/07/2024	03/08/2023	08/07/2022	25/06/2021
General meeting	12/06/2026	30/05/2025	10/07/2024	03/08/2023	22/06/2022	26/05/2021
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
Full model	31/12/2025	12/06/2026	22/06/2026	Dutch	PDF
Full model	31/12/2024	30/05/2025	04/06/2025	Dutch	PDF
Full model	31/12/2023	10/07/2024	11/07/2024	Dutch	PDF
Full model	31/12/2022	03/08/2023	03/08/2023	Dutch	PDF
Full model	31/12/2021	22/06/2022	08/07/2022	Dutch	PDF
Full model	31/12/2020	26/05/2021	25/06/2021	Dutch	PDF
Full model	31/12/2019	27/05/2020	26/06/2020	Dutch	PDF
Full model	31/12/2018	29/05/2019	26/06/2019	Dutch	PDF
Full model	31/12/2017	30/05/2018	27/06/2018	Dutch	PDF
Full model	31/12/2016	31/05/2017	26/06/2017	Dutch	PDF
Full model	31/12/2015	25/05/2016	10/06/2016	Dutch	PDF
Full model	31/12/2014	27/05/2015	19/06/2015	Dutch	PDF
Full model	31/12/2013	28/05/2014	06/06/2014	Dutch	PDF
Full model	31/12/2012	29/05/2013	20/06/2013	Dutch	PDF
Full model	31/12/2011	30/05/2012	19/06/2012	Dutch	PDF
Full model	31/12/2010	25/05/2011	15/06/2011	Dutch	PDF
Full model	31/12/2009	26/05/2010	07/06/2010	Dutch	PDF
Full model	31/12/2008	27/05/2009	12/06/2009	Dutch	PDF
Full model	31/12/2007	28/05/2008	20/06/2008	Dutch	PDF
Full model	31/12/2006	30/05/2007	22/06/2007	Dutch	PDF

Estimate

Indicative valuation

Order of magnitude

As an indication, this company is worth

between 25 M€ and 50 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 · 6 active · 42 ended

Active mandates

ArNaSa

Director · since 11 février 2025 · until 28 mai 2031 · 0743.508.364

Represented by Jochen Willen

Active

Rafine

Director · since 10 juillet 2024 · until 29 mai 2030 · 1002.554.980

Represented by Raf Frans Liza Houben

Active

MaLiBe

Director · since 21 février 2022 · until 31 décembre 2025 · 0770.425.567

Represented by Johannes Van den Broeck

Active

SARKRI

Director · since 21 février 2022 · until 31 mai 2028 · 0476.540.016

Represented by Ronny Houben

Active

TDEVELOPMENT

Director · since 21 février 2022 · until 31 mai 2028 · 0774.835.802

Represented by Thibaud Demot

Active

DEMOCO GROUP

Chairman of the board of directors · since 27 mai 2020 · until 12 juin 2026 · 0479.223.847

Represented by Philip Demot

Active

Ended mandates

FBConstruct

Director · since 22 juin 2022 · until 31 mai 2028 · 0835.210.778

Represented by Frederik Bijnens

Ended

MaLiBe

Director · since 21 février 2022 · until 31 mai 2028 · 0770.425.567

Represented by Johannes Van den Broeck

Ended

MaLiBe

Director · since 21 février 2022 · until 31 mai 2028 · 0770.425.567

Represented by Johannes VAN DEN BROECK

Ended

TDEVELOPMENT

Director · since 21 février 2022 · until 31 mai 2028 · 0774.835.802

Represented by Thibaud DEMOT

Ended

Shareholders

Ownership and network

Looking for more information about this company?

Try for 7 days

Belgian Official Gazette

Belgian Official Gazette publications

Mandates27/08/2026
Herbenoeming bestuurder
PDF
Mandates04/03/2026
ONTSLAGEN - BENOEMINGEN
PDF
Mandates17/10/2025
ONTSLAGEN - BENOEMINGEN
PDF
Mandates14/03/2025
ONTSLAGEN - BENOEMINGEN
PDF
Mandates09/09/2024
ONTSLAGEN - BENOEMINGEN
PDF
Mandates26/06/2024
ONTSLAGEN - BENOEMINGEN
PDF
Other13/03/2024
STATUTEN (VERTALING, COÖRDINATIE, OVERIGE WIJZIGINGEN, )
PDF
Mandates23/11/2023
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 20252,7 M €↓
24/06/2025
nominationBDO Bedrijfsrevisoren — commissaris
11/02/2025
nominationArNaSa BV — bestuurder
2024
Annual accounts 20243,2 M €↑
10/07/2024
nominationRaf Houben — bestuurder
2023
Annual accounts 2023-5,4 M €↑
04/08/2023
nominationSarah Houben — vaste vertegenwoordiger van een bestuurder
2022
Annual accounts 2022-12,9 M €↓
12/12/2022
cession
22/06/2022
reconductionFB Construct BV — bestuurder
22/06/2022
reconductionBDO Bedrijfsrevisoren BV — commissaris
22/06/2022
nominationFB Construct BV — gedelegeerd bestuurder
2021
Annual accounts 2021114,7 k €↑
2020
Annual accounts 202019,3 k €↓
2019
Annual accounts 20191,8 M €↓
2018
Annual accounts 20183,7 M €↑
2017
Annual accounts 20171,8 M €↓
2016
Annual accounts 20165,4 M €↓
2015
Annual accounts 20155,9 M €↑
2014
Annual accounts 20144,1 M €↑
2013
Annual accounts 20131,8 M €↑
2012
Annual accounts 20121,3 M €↓
2011
Annual accounts 20112,9 M €↑
2010
Annual accounts 20101,8 M €↓
2009
Annual accounts 20092,8 M €↓
2008
Annual accounts 20083,6 M €↑
2007
Annual accounts 20071,7 M €↑
2006
Annual accounts 2006882,8 k €
07/06/1990
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

DEMOCO

Overview

What does DEMOCO 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