ACTIVE

Sewan Belgium

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Financial year 2025 · closed on 31/12/2025

Net result

709,8 k €

+86.6% YoY

Revenue

9,7 M €

+12.7% YoY

Equity

1,6 M €

+77.1% YoY

Workforce

12,8 ETP

-5.9% YoY

What does Sewan Belgium do?

Sewan Belgium is a Public limited company incorporated in 1990. Its registered office is in Woluwe-Saint-Lambert. It employs on average 12,8 ETP workers (FTE).

Legal situation

● Normal situation

BCE/KBO no. / VAT

BE 0440.985.457

Incorporation

14/06/1990

Legal form

Public limited company

Registered office

Avenue Ariane 5
1200 Woluwe-Saint-Lambert · BruxellesSee on map

Contributed capital

625 000,00 €

Latest accounts

31/12/2025

Average workforce

12,8 ETP

Joint committees (2)

Signals

ProfitablePositive cashflowPositive EBITDAHealthy social debts

View the BCE/KBO Public Search record →

Health score

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✦ Verdict · Analyst summary

Financials

Trend over 19 financial years

	2025		2024		2023		2022		2021		2020		2019		2018		2017		2016		2015		2014		2013		2012		2011		2010		2009		2008		2007
Income statement
Revenue	9,7 M €	+12.7%	8,6 M €	+13.9%	7,6 M €	+20.0%	6,3 M €		–		5,9 M €		–		5,6 M €	+1.8%	5,5 M €	+4.9%	5,2 M €	+13.3%	4,6 M €	+12.8%	4,1 M €	+10.9%	3,7 M €		–		–		–		–		–		2,3 M €
EBITDA	979,8 k €	+52.6%	642 k €	+879%	-82,4 k €	+83.5%	-498 k €	-311%	236,1 k €	-7.6%	255,6 k €	-46.2%	474,9 k €	+51.2%	314,1 k €	-27.5%	433 k €	-17.7%	526,3 k €	+35.5%	388,3 k €	+119%	177 k €	-57.3%	414,2 k €	+43.4%	288,8 k €	+664%	-51,2 k €	-121%	249,7 k €	+98.5%	125,8 k €	+167%	-188,9 k €	-402%	-37,6 k €
Operating result	957,2 k €	+72.1%	556,1 k €	+1605%	-36,9 k €	+91.6%	-442,4 k €	-659%	79,1 k €	-55.6%	178,1 k €	-39.5%	294,3 k €	+10.0%	267,5 k €	-30.9%	387,1 k €	+1.7%	380,6 k €	+139%	159,3 k €	+53.6%	103,7 k €	-49.2%	204 k €	+698%	25,6 k €	+108%	-313,7 k €	-3152%	-9,6 k €	+87.8%	-78,9 k €	+71.3%	-275,2 k €	-119%	-125,8 k €
Net result	709,8 k €	+86.6%	380,5 k €	+556%	-83,4 k €	+85.1%	-560,4 k €	-2911%	19,9 k €	+1445%	1,3 k €	+112%	-11,1 k €	-107%	165,1 k €	-32.1%	243,1 k €	-1.5%	246,9 k €	-31.1%	358,3 k €	+53.2%	233,9 k €	+24.8%	187,4 k €	+1524%	11,5 k €	+103%	-330,5 k €	-615%	-46,2 k €	+80.2%	-233,2 k €	+18.5%	-286 k €	-631%	-39,1 k €
Balance sheet
Equity	1,6 M €	+77.1%	920,3 k €	+70.5%	539,8 k €	-13.4%	623,3 k €	-47.3%	1,2 M €	+1.7%	1,2 M €	+0.1%	1,2 M €	-0.9%	1,2 M €	+16.4%	1 M €	+31.8%	765,3 k €	+47.6%	518,4 k €	+224%	160 k €	+317%	-73,9 k €	+71.4%	-258 k €	+3.1%	-266,3 k €	-495%	67,5 k €	-42.3%	117 k €	-65.3%	337 k €	+174%	123,1 k €
Total assets	10,4 M €	+261%	2,9 M €	+3.5%	2,8 M €	+6.2%	2,6 M €	-24.6%	3,5 M €	+4.3%	3,3 M €	-1.4%	3,4 M €	+31.7%	2,6 M €	+12.6%	2,3 M €	+16.6%	2 M €	+44.1%	1,4 M €	+28.3%	1,1 M €	+16.9%	903,3 k €	+8.3%	834,3 k €	-31.1%	1,2 M €	-0.8%	1,2 M €	-21.4%	1,6 M €	+18.7%	1,3 M €	+58.5%	824,8 k €
Cash	621,9 k €	-16.9%	748,6 k €	+24.0%	603,9 k €	+4.9%	576 k €	-25.1%	768,6 k €	-2.6%	789,2 k €	-25.3%	1,1 M €	+274%	282,6 k €	-59.5%	697,1 k €	+7.3%	649,8 k €	+150%	260,3 k €	+143%	107,1 k €	-65.0%	305,8 k €	+181%	109 k €	+56.0%	69,9 k €	+90.9%	36,6 k €	+2.1%	35,8 k €	-32.8%	53,3 k €	-60.1%	133,7 k €
Debts	6 M €	+231%	1,8 M €	-16.8%	2,2 M €	+12.3%	1,9 M €	+1.2%	1,9 M €	+3.0%	1,9 M €	-5.8%	2 M €	+76.7%	1,1 M €	+16.8%	953,5 k €	+10.6%	862,1 k €	+47.2%	585,5 k €	+24.4%	470,7 k €	-48.9%	921,8 k €	-7.0%	991,4 k €	-13.4%	1,1 M €	+0.4%	1,1 M €	+1.9%	1,1 M €	+19.5%	935,9 k €	+33.4%	701,7 k €
Other
Workforce	12,8 ETP	-5.9%	13,6 ETP	+22.5%	11,1 ETP	+15.6%	9,6 ETP	+18.5%	8,1 ETP	+2.5%	7,9 ETP	+19.7%	6,6 ETP	-35.9%	10,3 ETP	+8.4%	9,5 ETP	+75.9%	5,4 ETP	-3.6%	5,6 ETP	-17.6%	6,8 ETP	-6.8%	7,3 ETP	-3.9%	7,6 ETP	-8.4%	8,3 ETP	+18.6%	7,0 ETP	-10.3%	7,8 ETP	-3.7%	8,1 ETP	-12.0%	9,2 ETP

Estimate

Indicative valuation

As an indication, this company is worth

between 2,5 M€ and 5 M€

See the valuation

Governance

Board of directors

Seen on filing of 31/12/2025 · 2 active · 29 ended

Active mandates

Julien Kutter

Managing director · since 27 juin 2025 · until 27 juin 2031

Active

Sewan S. Etr.

Director · since 27 juin 2025 · until 27 juin 2031

Represented by Alexis de Goriainoff

Active

Ended mandates

Julien Kutter

Managing director · since 04 octobre 2019 · until 02 juin 2025

Ended

Julien Kutter

Managing director · since 04 octobre 2019 · until 27 juin 2025

Ended

Sewan S. Etr.

Director · since 04 octobre 2019 · until 02 juin 2025

Represented by Alexis de Goriainoff

Ended

Sewan S. Etr.

Director · since 04 octobre 2019 · until 27 juin 2025

Represented by Alexis de Goriainoff

Ended

At this address

Other companies at this address

Company	CBE no.
Association des Membres d'Intégrale● Active	0655.868.171
BIOMEDICAL DISTRIBUTION BELGIUM● Active	0724.560.504
CENTRE D'ANATOMIE PATHOLOGIQUE et de CYTOLOGIE● Active	0426.715.866
ENTREMONT BENELUX● Active	0424.939.182
PAN AND PRO EUROPE● Active	0839.680.005
RADIOLOGIE BRAEKEVELD MB● Active	0650.546.039
RAINBOWCOM● Active	0550.987.417
SARTORIUS BELGIUM● Active	0456.749.937
SARTORIUS STEDIM BELGIUM● Active	0888.466.946
SPG Dry Cooling Belgium● Active	0862.198.455
STEEL FOR PACKAGING EUROPE● Active	0480.186.424
UPS EUROPE● Active	0458.890.865
WILFRID REIX● Active	0463.912.594

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	01/01/2022	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	14/07/2025	08/07/2024	12/07/2023	03/02/2023	22/07/2021
General meeting	26/06/2026	27/06/2025	28/06/2024	30/06/2023	31/01/2023	30/06/2021
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
Abridged model	31/12/2025	26/06/2026	29/06/2026	French	PDF
Abridged model	31/12/2024	27/06/2025	14/07/2025	French	PDF
Abridged model	31/12/2023	28/06/2024	08/07/2024	French	PDF
Abridged model	31/12/2022	30/06/2023	12/07/2023	French	PDF
Abridged modelCorrection	31/12/2021	31/01/2023	03/02/2023	French	PDF
Abridged model	31/12/2021	30/06/2022	26/07/2022	French	PDF
Abridged model	31/12/2020	30/06/2021	22/07/2021	French	PDF
Abridged model	31/12/2019	14/08/2020	08/09/2020	French	PDF
Abridged model	31/12/2018	26/09/2019	31/10/2019	French	PDF
Abridged model	31/12/2017	04/06/2018	28/08/2018	French	PDF
Abridged model	31/12/2016	06/06/2017	31/08/2017	French	PDF
Abridged model	31/12/2015	06/06/2016	27/10/2016	French	PDF
Abridged model	31/12/2014	30/06/2015	08/10/2015	French	PDF
Abridged model	31/12/2013	30/10/2014	30/10/2014	French	PDF
Abridged model	31/12/2012	27/09/2013	17/03/2014	French	PDF
Abridged model	31/12/2011	27/09/2012	15/11/2012	French	PDF
Abridged model	31/12/2010	22/06/2011	12/07/2011	French	PDF
Abridged model	31/12/2009	07/06/2010	29/07/2010	French	PDF
Abridged model	31/12/2008	03/06/2009	28/07/2009	Dutch	PDF
Abridged modelCorrection	31/12/2007	02/06/2008	01/07/2008	French	PDF
Abridged model	31/12/2007	02/06/2008	23/06/2008	French	PDF
Abridged model	31/12/2006	28/03/2007	29/03/2007	French	PDF

Estimate

Indicative valuation

Order of magnitude

As an indication, this company is worth

between 2,5 M€ and 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 · 2 active · 29 ended

Active mandates

Julien Kutter

Managing director · since 27 juin 2025 · until 27 juin 2031

Active

Sewan S. Etr.

Director · since 27 juin 2025 · until 27 juin 2031

Represented by Alexis de Goriainoff

Active

Ended mandates

Julien Kutter

Managing director · since 04 octobre 2019 · until 02 juin 2025

Ended

Julien Kutter

Managing director · since 04 octobre 2019 · until 27 juin 2025

Ended

Sewan S. Etr.

Director · since 04 octobre 2019 · until 02 juin 2025

Represented by Alexis de Goriainoff

Ended

Sewan S. Etr.

Director · since 04 octobre 2019 · until 27 juin 2025

Represented by Alexis de Goriainoff

Ended

Shareholders

Ownership and network

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Belgian Official Gazette

Belgian Official Gazette publications

Mandates15/09/2026
Renouvellement du mandat du commissaire et procuration
PDF
Capital / shares25/08/2026
Autorisation pour rachat d'actions propres et procuration
PDF
Mandates12/03/2026
DEMISSIONS, NOMINATIONS
PDF
Mandates19/01/2024
DEMISSIONS, NOMINATIONS
PDF
Registered office07/09/2023
SIEGE SOCIAL
PDF
Restructuring17/05/2022
RUBRIQUE RESTRUCTURATION (FUSION, SCISSION, TRANSFERT PATRIMOINE, ETC...) - DIVERS
PDF
Other18/01/2022
STATUTS (TRADUCTION, COORDINATION, AUTRES MODIFICATIONS, )
PDF
Mandates23/12/2020
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 2025709,8 k €↑
2024
Annual accounts 2024380,5 k €↑
2023
Annual accounts 2023-83,4 k €↑
2022
Annual accounts 2022-560,4 k €↓
2021
Annual accounts 202119,9 k €↑
2020
Annual accounts 20201,3 k €↑
2020
Name changeSewan Belgium
2019
Annual accounts 2019-11,1 k €↓
2018
Annual accounts 2018165,1 k €↓
2017
Annual accounts 2017243,1 k €↓
2016
Annual accounts 2016246,9 k €↓
2015
Annual accounts 2015358,3 k €↑
2014
Annual accounts 2014233,9 k €↑
2013
Annual accounts 2013187,4 k €↑
2012
Annual accounts 201211,5 k €↑
2011
Annual accounts 2011-330,5 k €↓
2010
Annual accounts 2010-46,2 k €↑
2009
Annual accounts 2009-233,2 k €↑
2008
Annual accounts 2008-286 k €↓
2007
Annual accounts 2007-39,1 k €
2007
Name change3 STARS NET
14/06/1990
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

Sewan Belgium

Overview

What does Sewan Belgium do?

Trend over 19 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