ACTIVE

FN HERSTAL

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Financial year 2025 · Closed on 31/12/2025

Net result

65,4 M €

+207,1 %over 1 year

Revenue

422 M €

+17,0 %over 1 year

Equity

460 M €

+12,3 %over 1 year

Workforce

1 488,8 ETP

+4,8 %over 1 year

Identity

Source · BCE/KBO

FN HERSTAL is a Public limited company incorporated in 1990. Its main activity is: Manufacture of steam generators, except central heating hot water boilers. Its registered office is in Herstal. It employs on average 1 488,8 ETP workers (FTE).

Legal situation: Normal situation
BCE/KBO no. / VAT: BE 0441.928.931
Incorporation: 06/12/1990
Legal form: Public limited company
Registered office: Voie de Liège 33
4040 Herstal · WallonieSee on map
Contributed capital: 141 419 341,00 €
Latest accounts: 31/12/2025
Average workforce: 1 488,8 ETP

Activities (NACE)

25300Manufacture of steam generators, except central heating hot water boilers· main 25400Manufacture of weapons and ammunition 29602Manufacture of motor vehicles, trailers and semi-trailers 43990Other specialised construction activities n.e.c.43999Other specialised construction activities n.e.c.45250Maintenance and repair of motor vehicles

Joint committees (2)

Signals

ProfitableSolid equityLow riskGood liquidityPositive cashflowPositive EBITDAHigh revenue

Financials

Source · NBB, 20 filings

Trend over 20 financial years

	2025		2024		2023		2022		2021
Income statement
Revenue	422 M €	+17.0%	360,7 M €	+18.2%	305,2 M €	+11.7%	273,3 M €	+9.3%	250 M €
EBITDA	43,9 M €	+26.8%	34,6 M €	+15.6%	29,9 M €	+2520%	1,1 M €	+108%	-14,3 M €
Operating result	58,3 M €	+176%	21,1 M €	+197%	7,1 M €	+126%	-27,4 M €	-71.4%	-16 M €
Net result	65,4 M €	+207%	21,3 M €	-67.8%	66,1 M €	+328%	-29 M €	-12.8%	-25,7 M €
Balance sheet
Equity	460 M €	+12.3%	409,6 M €	-2.8%	421,3 M €	+17.9%	357,3 M €	-7.5%	386,3 M €
Total assets	788,5 M €	+9.7%	718,5 M €	+0.4%	715,9 M €	+20.5%	593,9 M €	+0.4%	591,5 M €
Cash	69,7 M €	+191%	23,9 M €	+32.1%	18,1 M €	+17.7%	15,4 M €	-76.8%	66,5 M €
Debts	282,9 M €	+22.4%	231,1 M €	+9.3%	211,5 M €	+26.6%	167 M €	+14.7%	145,6 M €
Other
Workforce	1 488,8 ETP	+4.8%	1 421,2 ETP	+3.1%	1 378,7 ETP	-5.2%	1 454,4 ETP	+1.1%	1 438,2 ETP

Valuation

Indicative valuation

As an indication, this company is worth

between 250 M€ and 500 M€

See the valuation

Board of directors

Source · NBB, accounts to 31/12/2025

14 active · 73 ended

Active mandates

Lionel BLANCHARD

Director · since 01 mai 2025 · until 21 décembre 2026

Active

Derrick-philippe GOSSELIN

Director · since 06 juin 2023 · until 05 juin 2029

Active

Emmanuel BOIS D'ENGHIEN

Director · since 06 juin 2023 · until 05 juin 2029

Active

Fabienne BOZET

Director · since 06 juin 2023 · until 05 juin 2029

Active

Marie-Kristine VANBOCKESTAL

Director · since 06 juin 2023 · until 05 juin 2029

Active

Astrid PIERON

Vice-chairman of the board of directors · since 16 février 2023 · until 21 décembre 2026

Active

Yves PRETE

Chairman of the board of directors · since 16 février 2023 · until 21 décembre 2026

Active

Julien COMPERE

Director · since 01 octobre 2021 · until 21 décembre 2026

Active

Julien COMPERE

Managing director · since 01 octobre 2021 · until 21 décembre 2026

Active

Astrid PIERON

Director · since 05 février 2021 · until 21 décembre 2026

Active

Joyce WIECZOREK

Director · since 05 février 2021 · until 21 décembre 2026

Active

Laurent BURTON

Director · since 05 février 2021 · until 01 mai 2025

Active

Olivier VANDERIJST

Director · since 05 février 2021 · until 21 décembre 2026

Active

Yves PRETE

Director · since 05 février 2021 · until 21 décembre 2026

Active

Ended mandates

Jean-Sébastien BELLE

Chairman of the board of directors · since 05 février 2021 · until 16 février 2023

Ended

Jean-Sébastien BELLE

Chairman of the board of directors · since 05 février 2021 · until 21 décembre 2026

Ended

Jean-Sébastien BELLE

Director · since 05 février 2021 · until 16 février 2023

Ended

Jean-Sébastien BELLE

Director · since 05 février 2021 · until 21 décembre 2026

Ended

Other companies at this address

Voie de Liège 33 4040 Herstal

Company	CBE no.
BROWNING● Active	0465.800.136
FN Browning Group● Active	0444.340.370
FN BROWNING GROUP PILLAR 2● Active	1011.666.547
FONDATION ARS MECHANICA● Active	0899.807.236
FONDS DE PREPENSION HERSTAL asbl● Active	0889.487.921
HERSTAL GROUP SERVICES● Active	0428.043.380
Logistic Support For Land Systems● Active	1024.310.201

Full financial information

Source · NBB

	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	23/06/2026	03/07/2025	17/06/2024	04/07/2023	14/06/2022	08/06/2021
General meeting	02/06/2026	03/06/2025	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

Financial ratios

Source · NBB

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Annual accounts filings

Source · NBB, 20 filings

Model	Closing	General meeting	Filed	Language	Document
Full model	31/12/2025	02/06/2026	23/06/2026	French	PDF
Full model	31/12/2024	03/06/2025	03/07/2025	French	PDF
Full model	31/12/2023	04/06/2024	17/06/2024	French	PDF
Full model	31/12/2022	06/06/2023	04/07/2023	French	PDF
Full model	31/12/2021	07/06/2022	14/06/2022	French	PDF
Full model	31/12/2020	01/06/2021	08/06/2021	French	PDF
Full model	31/12/2019	09/06/2020	01/07/2020	French	PDF
Full model	31/12/2018	04/06/2019	27/06/2019	French	PDF
Full model	31/12/2017	05/06/2018	25/06/2018	French	PDF
Full model	31/12/2016	06/06/2017	22/06/2017	French	PDF
Full model	31/12/2015	07/06/2016	29/06/2016	French	PDF
Full model	31/12/2014	02/06/2015	16/06/2015	French	PDF
Full model	31/12/2013	03/06/2014	26/06/2014	French	PDF
Full model	31/12/2012	04/06/2013	19/06/2013	French	PDF
Full model	31/12/2011	05/06/2012	21/06/2012	French	PDF
Full model	31/12/2010	07/06/2011	29/06/2011	French	PDF
Full model	31/12/2009	01/06/2010	17/06/2010	French	PDF
Full model	31/12/2008	02/06/2009	23/06/2009	French	PDF
Full model	31/12/2007	03/06/2008	17/06/2008	French	PDF
Full model	31/12/2006	05/06/2007	06/06/2007	French	PDF

Indicative valuation

Order of magnitude

As an indication, this company is worth

between 250 M€ and 500 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.

Board of directors

Source · NBB, accounts to 31/12/2025

14 active · 73 ended

Active mandates

Lionel BLANCHARD

Director · since 01 mai 2025 · until 21 décembre 2026

Active

Derrick-philippe GOSSELIN

Director · since 06 juin 2023 · until 05 juin 2029

Active

Emmanuel BOIS D'ENGHIEN

Director · since 06 juin 2023 · until 05 juin 2029

Active

Fabienne BOZET

Director · since 06 juin 2023 · until 05 juin 2029

Active

Marie-Kristine VANBOCKESTAL

Director · since 06 juin 2023 · until 05 juin 2029

Active

Astrid PIERON

Vice-chairman of the board of directors · since 16 février 2023 · until 21 décembre 2026

Active

Yves PRETE

Chairman of the board of directors · since 16 février 2023 · until 21 décembre 2026

Active

Julien COMPERE

Director · since 01 octobre 2021 · until 21 décembre 2026

Active

Julien COMPERE

Managing director · since 01 octobre 2021 · until 21 décembre 2026

Active

Astrid PIERON

Director · since 05 février 2021 · until 21 décembre 2026

Active

Joyce WIECZOREK

Director · since 05 février 2021 · until 21 décembre 2026

Active

Laurent BURTON

Director · since 05 février 2021 · until 01 mai 2025

Active

Olivier VANDERIJST

Director · since 05 février 2021 · until 21 décembre 2026

Active

Yves PRETE

Director · since 05 février 2021 · until 21 décembre 2026

Active

Ended mandates

Jean-Sébastien BELLE

Chairman of the board of directors · since 05 février 2021 · until 16 février 2023

Ended

Jean-Sébastien BELLE

Chairman of the board of directors · since 05 février 2021 · until 21 décembre 2026

Ended

Jean-Sébastien BELLE

Director · since 05 février 2021 · until 16 février 2023

Ended

Jean-Sébastien BELLE

Director · since 05 février 2021 · until 21 décembre 2026

Ended

Ownership and network

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Belgian Official Gazette publications

Source · Belgian Official Gazette

Mandates28/05/2026
DEMISSIONS, NOMINATIONS
PDF
Mandates04/09/2025
DEMISSIONS, NOMINATIONS
PDF
Mandates18/07/2024
DEMISSIONS, NOMINATIONS
PDF
Mandates10/06/2024
DEMISSIONS, NOMINATIONS
PDF
Other21/12/2023
STATUTS (TRADUCTION, COORDINATION, AUTRES MODIFICATIONS, ) - OBJET
PDF
Mandates17/08/2023
ONTSLAGEN - BENOEMINGEN
PDF
Mandates17/08/2023
DEMISSIONS, NOMINATIONS
PDF
Mandates26/06/2023
ONTSLAGEN - BENOEMINGEN
PDF

Similar companies

A company's peers, by sector and size, are included in the Business plan.

See the Business plan

Timeline

2025
Annual accounts 202565,4 M €↑
03/06/2025
nominationLionel BLANCHARD — administrateur
2024
Annual accounts 202421,3 M €↓
04/06/2024
nominationPatrick MORTROUX — Commissaire
2023
Annual accounts 202366,1 M €↑
06/06/2023
nominationFabienne Bozet — bestuurder
06/06/2023
nominationEmmanuel Boisdenghien — bestuurder
06/06/2023
nominationDerrick-Philippe Gosselin — bestuurder
06/06/2023
nominationMarie-Christine Vanbockestal — bestuurder
06/06/2023
nominationFabienne Bozet — administrateur
06/06/2023
nominationEmmanuel Boisdenghien — administrateur
06/06/2023
nominationDerrick-Philippe Gosselin — administrateur
06/06/2023
nominationMarie-Christine Vanbockestal — administrateur
2022
Annual accounts 2022-29 M €↓
2021
Annual accounts 2021-25,7 M €↓
2020
Annual accounts 202010,3 M €↓
2019
Annual accounts 201918,6 M €↓
2018
Annual accounts 201850,4 M €↑
2017
Annual accounts 201731,3 M €↑
2016
Annual accounts 201630,3 M €↑
2015
Annual accounts 201521,3 M €↓
2014
Annual accounts 201422,4 M €↑
2013
Annual accounts 201316,3 M €↑
2012
Annual accounts 201213,6 M €↑
2011
Annual accounts 201112,1 M €↓
2010
Annual accounts 201024,5 M €↓
2009
Annual accounts 200929,2 M €↑
2008
Annual accounts 200822,2 M €↑
2007
Annual accounts 200717 M €↑
2006
Annual accounts 20068,9 M €
06/12/1990
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

FN HERSTAL

Overview

Identity

Financials

Valuation

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

Timeline