ACTIVE

SUBCON

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Financial year 2025 · closed on 31/12/2025

Net result

-101,8 k €

-1835.3% YoY

Revenue

3,4 M €

-3.7% YoY

Equity

970,2 k €

-9.5% YoY

Workforce

33,5 ETP

-4.6% YoY

What does SUBCON do?

SUBCON is a Public limited company incorporated in 1990. Its registered office is in Izegem. It employs on average 33,5 ETP workers (FTE).

Legal situation

● Normal situation

BCE/KBO no. / VAT

BE 0441.857.269

Incorporation

21/09/1990

Legal form

Public limited company

Registered office

Stuivenbergstraat 106
8870 Izegem · FlandreSee on map

Contributed capital

62 000,00 €

Latest accounts

31/12/2025

Average workforce

33,5 ETP

Joint committees (1)

Signals

Solid equityGood 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 17 financial years

	2025		2024		2023		2022		2021		2020		2019		2018		2017		2016		2015		2014		2013		2012		2011		2009		2008
Income statement
Revenue	3,4 M €	-3.7%	3,5 M €	+0.3%	3,5 M €	+6.1%	3,3 M €	+12.1%	2,9 M €	-3.1%	3 M €	-13.6%	3,5 M €	+6.1%	3,3 M €	-24.4%	4,4 M €	+23.3%	3,5 M €	+7.4%	3,3 M €	+8.7%	3 M €	-5.8%	3,2 M €	-12.6%	3,7 M €	+14.4%	3,2 M €	+13.6%	2,8 M €	-17.4%	3,4 M €
EBITDA	180,1 k €	-37.8%	289,7 k €	+20.8%	239,7 k €	-20.5%	301,4 k €	+142%	124,5 k €	+39.6%	89,2 k €	-73.9%	342,4 k €	+37.2%	249,6 k €	-27.0%	341,9 k €	+64.8%	207,4 k €	-3.4%	214,7 k €	+256%	60,3 k €	-61.0%	154,7 k €	-52.1%	322,7 k €	-1.8%	328,5 k €	+61.7%	203,1 k €	-61.7%	530,4 k €
Operating result	-75,7 k €	-265%	46 k €	-26.2%	62,4 k €	-49.4%	123,3 k €	+213%	-109,4 k €	+46.9%	-206,2 k €	-1349%	16,5 k €	-23.5%	21,6 k €	-89.1%	197 k €	+8.2%	182 k €	-9.4%	200,8 k €	+347%	44,9 k €	-26.5%	61 k €	-32.8%	90,9 k €	+216%	28,7 k €	+108%	-367 k €	-302%	181,3 k €
Net result	-101,8 k €	-1835%	5,9 k €	-79.7%	28,9 k €	-75.4%	117,5 k €	+203%	-114,2 k €	+45.8%	-210,8 k €	-2121%	10,4 k €	-2.8%	10,7 k €	-94.3%	187,9 k €	+4.2%	180,3 k €	-9.7%	199,7 k €	+380%	41,6 k €	-28.0%	57,8 k €	-40.3%	96,8 k €	+154%	38,1 k €	+111%	-351,1 k €	-254%	228,2 k €
Balance sheet
Equity	970,2 k €	-9.5%	1,1 M €	+0.6%	1,1 M €	+2.8%	1 M €	+12.8%	919,7 k €	-11.0%	1 M €	-16.9%	1,2 M €	+0.8%	1,2 M €	+0.9%	1,2 M €	+18.1%	1 M €	+21.1%	855,3 k €	+30.5%	655,7 k €	+6.8%	614,1 k €	+10.4%	556,3 k €	-64.9%	1,6 M €	-12.9%	1,8 M €	-16.2%	2,2 M €
Total assets	2,2 M €	-15.6%	2,7 M €	-9.5%	2,9 M €	+46.0%	2 M €	+4.3%	1,9 M €	-12.3%	2,2 M €	-11.3%	2,5 M €	+27.5%	1,9 M €	+0.0%	1,9 M €	+13.1%	1,7 M €	+10.6%	1,6 M €	+19.4%	1,3 M €	+11.2%	1,2 M €	-0.9%	1,2 M €	-42.9%	2,1 M €	-9.1%	2,3 M €	-15.8%	2,7 M €
Cash	16 k €	-97.3%	594,2 k €	+252%	169 k €	-80.2%	851,8 k €	+12.8%	755,2 k €	+148%	304,3 k €	-63.8%	839,9 k €	+106%	407,5 k €	-59.7%	1 M €	-9.2%	1,1 M €	+435%	208,1 k €	+568%	31,2 k €	+172%	11,4 k €	-66.6%	34,3 k €	-77.2%	150,5 k €	+81.1%	83,1 k €	+20.9%	68,7 k €
Debts	1,3 M €	-19.7%	1,6 M €	-15.2%	1,9 M €	+92.2%	974,4 k €	-3.2%	1 M €	-13.1%	1,2 M €	-6.2%	1,2 M €	+88.4%	655,8 k €	+1.4%	646,5 k €	+11.9%	577,7 k €	-7.6%	625,1 k €	+11.9%	558,4 k €	+9.2%	511,5 k €	-10.4%	571,2 k €	+24.9%	457,4 k €	+1.3%	451,6 k €	-13.8%	523,9 k €
Other
Workforce	33,5 ETP	-4.6%	35,1 ETP	+5.1%	33,4 ETP	-0.3%	33,5 ETP	-9.7%	37,1 ETP	-8.6%	40,6 ETP	-0.2%	40,7 ETP	+4.6%	38,9 ETP	-8.7%	42,6 ETP	+1.7%	41,9 ETP	+6.1%	39,5 ETP	-6.2%	42,1 ETP	-8.3%	45,9 ETP	+3.6%	44,3 ETP	-0.4%	44,5 ETP	+11.3%	40,0 ETP	-1.7%	40,7 ETP

Estimate

Indicative valuation

As an indication, this company is worth

between 250 k€ and 500 k€

See the valuation

Governance

Board of directors

Seen on filing of 31/12/2025 · 3 active · 17 ended

Active mandates

BOUTECH

Managing director · 0432.969.101

Represented by Bart Boucherie

Active

Leonel Boucherie

Managing director · until 27 juin 2025

Active

MASEKA

Managing director · 0743.785.904

Represented by Lisa Boucherie

Active

Ended mandates

MASEKA

Managing director · since 26 juin 2023 · 0743.785.904

Represented by Lisa Boucherie

Ended

MASEKA

Director · since 01 mars 2020 · 0743.785.904

Represented by Lisa Boucherie

Ended

Leonel Boucherie

Director · since 01 janvier 2019

Ended

Leonel Boucherie

Managing director · since 01 janvier 2019

Ended

At this address

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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	10/06/2026	15/07/2025	20/06/2024	08/06/2023	09/06/2022	14/07/2021
General meeting	05/06/2026	27/06/2025	07/06/2024	02/06/2023	03/06/2022	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

19 filings with the NBB

Model	Closing	General meeting	Filed	Language	Document
Full model	31/12/2025	05/06/2026	10/06/2026	Dutch	PDF
Full model	31/12/2024	27/06/2025	15/07/2025	Dutch	PDF
Full model	31/12/2023	07/06/2024	20/06/2024	Dutch	PDF
Full model	31/12/2022	02/06/2023	08/06/2023	Dutch	PDF
Full model	31/12/2021	03/06/2022	09/06/2022	Dutch	PDF
Full model	31/12/2020	30/06/2021	14/07/2021	Dutch	PDF
Full model	31/12/2019	05/06/2020	24/06/2020	Dutch	PDF
Full model	31/12/2018	07/06/2019	20/06/2019	Dutch	PDF
Full model	31/12/2017	01/03/2018	28/03/2018	Dutch	PDF
Full model	30/09/2016	24/02/2017	16/03/2017	Dutch	PDF
Full model	30/09/2015	22/01/2016	18/02/2016	Dutch	PDF
Full model	30/09/2014	23/01/2015	12/02/2015	Dutch	PDF
Full model	30/09/2013	07/03/2014	25/03/2014	Dutch	PDF
Full model	30/09/2012	01/03/2013	18/03/2013	Dutch	PDF
Full model	30/09/2011	02/03/2012	19/03/2012	Dutch	PDF
Full model	30/09/2010	04/03/2011	30/03/2011	Dutch	PDF
Full model	30/09/2009	05/03/2010	19/03/2010	Dutch	PDF
Full model	30/09/2008	06/03/2009	11/03/2009	Dutch	PDF
Full model	30/09/2007	07/03/2008	14/03/2008	Dutch	PDF

Estimate

Indicative valuation

Order of magnitude

As an indication, this company is worth

between 250 k€ and 500 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 · 3 active · 17 ended

Active mandates

BOUTECH

Managing director · 0432.969.101

Represented by Bart Boucherie

Active

Leonel Boucherie

Managing director · until 27 juin 2025

Active

MASEKA

Managing director · 0743.785.904

Represented by Lisa Boucherie

Active

Ended mandates

MASEKA

Managing director · since 26 juin 2023 · 0743.785.904

Represented by Lisa Boucherie

Ended

MASEKA

Director · since 01 mars 2020 · 0743.785.904

Represented by Lisa Boucherie

Ended

Leonel Boucherie

Director · since 01 janvier 2019

Ended

Leonel Boucherie

Managing director · since 01 janvier 2019

Ended

Shareholders

Ownership and network

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Belgian Official Gazette

Belgian Official Gazette publications

Mandates08/09/2025
ONTSLAGEN - BENOEMINGEN
PDF
Mandates10/07/2023
STATUTEN (VERTALING, COÖRDINATIE, OVERIGE WIJZIGINGEN, ) - DOEL - ONTSLAGEN - BENOEMINGEN
PDF
Mandates06/04/2020
ONTSLAGEN - BENOEMINGEN
PDF
Mandates18/01/2019
ONTSLAGEN - BENOEMINGEN
PDF
Mandates13/06/2018
ONTSLAGEN - BENOEMINGEN
PDF
Other12/07/2017
STATUTEN (VERTALING, COÖRDINATIE, OVERIGE WIJZIGINGEN, )
PDF
Mandates17/07/2012
ONTSLAGEN - BENOEMINGEN
PDF
Restructuring27/04/2010
RUBRIEK HERSTRUCTURERING (FUSIE, SPLITSING, OVERDRACHT VERMOGEN, ENZ...)
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 2025-101,8 k €↓
2024
Annual accounts 20245,9 k €↓
2023
Annual accounts 202328,9 k €↓
2022
Annual accounts 2022117,5 k €↑
2021
Annual accounts 2021-114,2 k €↑
2020
Annual accounts 2020-210,8 k €↓
2019
Annual accounts 201910,4 k €↓
2018
Annual accounts 201810,7 k €↓
2017
Annual accounts 2017187,9 k €↑
2016
Annual accounts 2016180,3 k €↓
2015
Annual accounts 2015199,7 k €↑
2014
Annual accounts 201441,6 k €↓
2013
Annual accounts 201357,8 k €↓
2012
Annual accounts 201296,8 k €↑
2011
Annual accounts 201138,1 k €↑
2009
Annual accounts 2009-351,1 k €↓
2008
Annual accounts 2008228,2 k €
21/09/1990
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

SUBCON

Overview

What does SUBCON 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