ACTIVE

MORVAN

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Financial year 2025 · closed on 30/09/2025

Net result

364,3 k €

-6.6% YoY

Gross margin

697,4 k €

-6.4% YoY

Equity

2,5 M €

+7.7% YoY

Workforce

4,5 ETP

-21.1% YoY

What does MORVAN do?

MORVAN is a Private limited company incorporated in 1990. Its registered office is in Ieper. It employs on average 4,5 ETP workers (FTE).

Legal situation

● Normal situation

BCE/KBO no. / VAT

BE 0441.982.082

Incorporation

13/09/1990

Legal form

Private limited company

Registered office

Paddevijverstraat 56
8900 Ieper · FlandreSee on map

Contributed capital

18 600,00 €

Latest accounts

30/09/2025

Average workforce

4,5 ETP

Joint committees (4)

149
14901
201
218

Signals

ProfitableSolid equityLow riskGood liquidityPositive cashflowPositive EBITDAHealthy social debts

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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
Gross margin	697,4 k €	-6.4%	744,8 k €	-13.1%	857 k €	-3.0%	883,9 k €	+3.1%	857,7 k €	+18.2%	725,4 k €	+24.2%	583,9 k €	+13.2%	515,8 k €	+46.9%	351,2 k €	-17.7%	426,7 k €	-8.0%	463,9 k €	+5.7%	438,8 k €	+8.3%	405 k €	+1.3%	399,7 k €	+18.5%	337,3 k €	-3.4%	349,1 k €	+0.1%	348,8 k €	+29.5%	269,3 k €	+60.9%	167,4 k €
EBITDA	500,9 k €	-5.4%	529,4 k €	-16.5%	634 k €	+3.2%	614,3 k €	+2.2%	601,3 k €	+20.1%	500,7 k €	+48.0%	338,4 k €	-2.5%	347,3 k €	+72.1%	201,8 k €	-25.8%	271,7 k €	-18.7%	334,2 k €	+4.8%	318,9 k €	+5.1%	303,5 k €	+6.7%	284,5 k €	+19.9%	237,3 k €	+6.5%	222,8 k €	-2.4%	228,2 k €	+11.0%	205,6 k €	+111%	97,5 k €
Operating result	481,2 k €	-2.6%	494,2 k €	-17.6%	600 k €	+5.8%	567,2 k €	+0.8%	562,5 k €	+21.6%	462,6 k €	+60.3%	288,6 k €	+22.4%	235,8 k €	+46.8%	160,6 k €	-28.7%	225,4 k €	-12.6%	258 k €	+7.8%	239,2 k €	+11.5%	214,6 k €	+9.6%	195,8 k €	+9.7%	178,5 k €	+6.9%	167 k €	-7.9%	181,4 k €	+7.1%	169,3 k €	+248%	48,7 k €
Net result	364,3 k €	-6.6%	389,9 k €	-7.9%	423,5 k €	+3.0%	411,3 k €	+2.6%	401 k €	+23.3%	325,2 k €	+73.2%	187,7 k €	+18.4%	158,6 k €	+46.1%	108,6 k €	-9.4%	119,8 k €	-30.6%	172,7 k €	-1.5%	175,3 k €	+12.2%	156,2 k €	+7.3%	145,5 k €	+11.6%	130,4 k €	+3.7%	125,7 k €	-3.9%	130,8 k €	+4.5%	125,2 k €	+189%	43,4 k €
Balance sheet
Equity	2,5 M €	+7.7%	2,3 M €	+12.2%	2 M €	+18.2%	1,7 M €	-2.2%	1,8 M €	+14.5%	1,5 M €	+24.6%	1,2 M €	-25.0%	1,7 M €	+10.6%	1,5 M €	+7.8%	1,4 M €	+9.5%	1,3 M €	+15.8%	1,1 M €	+10.9%	984,6 k €	+18.9%	828,4 k €	+19.6%	692,9 k €	+23.2%	562,5 k €	+28.1%	439,2 k €	+41.3%	310,8 k €	+67.5%	185,5 k €
Total assets	2,7 M €	+4.5%	2,6 M €	+8.4%	2,4 M €	+13.2%	2,1 M €	-6.2%	2,2 M €	+6.0%	2,1 M €	+3.2%	2,1 M €	-4.0%	2,1 M €	+11.3%	1,9 M €	+3.9%	1,8 M €	+2.0%	1,8 M €	+18.7%	1,5 M €	+7.9%	1,4 M €	+6.0%	1,3 M €	+13.7%	1,2 M €	+6.9%	1,1 M €	+20.3%	913,2 k €	+7.3%	850,7 k €	+49.1%	570,4 k €
Cash	363 k €	-37.6%	582,1 k €	+22.3%	476,1 k €	-42.0%	821,1 k €	+62.1%	506,6 k €	-34.9%	778,4 k €	+94.6%	399,9 k €	-3.0%	412,3 k €	+85.5%	222,2 k €	+38.6%	160,4 k €	-37.6%	257 k €	+38.4%	185,7 k €	-26.3%	251,8 k €	+23.6%	203,8 k €	+45.0%	140,5 k €	+10.9%	126,7 k €	+26.0%	100,5 k €	-13.4%	116,1 k €	-4.2%	121,2 k €
Debts	208,7 k €	-22.5%	269,2 k €	-16.2%	321,3 k €	-10.2%	357,7 k €	-22.1%	459 k €	-17.9%	559,1 k €	-30.1%	799,5 k €	+69.1%	472,8 k €	+14.3%	413,7 k €	-8.0%	449,5 k €	-15.6%	532,6 k €	+26.8%	420,1 k €	-1.5%	426,4 k €	-14.5%	498,6 k €	+4.7%	476,2 k €	-11.1%	535,7 k €	+15.0%	466 k €	-10.1%	518,4 k €	+50.5%	344,4 k €
Other
Workforce	4,5 ETP	-21.1%	5,7 ETP	-12.3%	6,5 ETP	0.0%	6,5 ETP	0.0%	6,5 ETP	+10.2%	5,9 ETP	-7.8%	6,4 ETP	+39.1%	4,6 ETP	+2.2%	4,5 ETP	+4.7%	4,3 ETP	+10.3%	3,9 ETP	+18.2%	3,3 ETP	-2.9%	3,4 ETP	+25.9%	2,7 ETP	+3.8%	2,6 ETP	-16.1%	3,1 ETP	-18.4%	3,8 ETP	+100%	1,9 ETP	+58.3%	1,2 ETP

Estimate

Indicative valuation

As an indication, this company is worth

between 5 M€ and 10 M€

See the valuation

Governance

Board of directors

Seen on filing of 30/09/2025 · 2 active · 2 ended

Active mandates

Anja Vanhoorneweder

Director

Active

Kristof Mortier

Director

Active

Ended mandates

Anja Vanhoorneweder

Manager

Ended

KRISTOF MORTIER

Manager

Ended

At this address

Other companies at this address

Company	CBE no.
Beaver● Active	0769.668.373
MOVETHERM● Active	0433.561.690

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	01/10/2024	01/10/2023	01/10/2022	01/10/2021	01/10/2020	01/10/2019
Closing of the financial year	30/09/2025	30/09/2024	30/09/2023	30/09/2022	30/09/2021	30/09/2020
Length of the financial year	12 months	12 months	12 months	12 months	12 months	12 months
Filing date	23/03/2026	18/03/2025	26/03/2024	28/03/2023	30/03/2022	23/03/2021
General meeting	19/03/2026	13/03/2025	15/03/2024	17/03/2023	18/03/2022	19/03/2021
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
Abridged model	30/09/2025	19/03/2026	23/03/2026	Dutch	PDF
Abridged model	30/09/2024	13/03/2025	18/03/2025	Dutch	PDF
Abridged model	30/09/2023	15/03/2024	26/03/2024	Dutch	PDF
Abridged model	30/09/2022	17/03/2023	28/03/2023	Dutch	PDF
Abridged model	30/09/2021	18/03/2022	30/03/2022	Dutch	PDF
Abridged model	30/09/2020	19/03/2021	23/03/2021	Dutch	PDF
Abridged model	30/09/2019	20/03/2020	27/04/2020	Dutch	PDF
Abridged model	30/09/2018	15/03/2019	29/04/2019	Dutch	PDF
Abridged model	30/09/2017	16/03/2018	28/03/2018	Dutch	PDF
Abridged model	30/09/2016	17/03/2017	29/03/2017	Dutch	PDF
Abridged model	30/09/2015	18/03/2016	20/04/2016	Dutch	PDF
Abridged model	30/09/2014	20/03/2015	26/03/2015	Dutch	PDF
Abridged model	30/09/2013	21/03/2014	24/03/2014	Dutch	PDF
Abridged model	30/09/2012	15/03/2013	09/04/2013	Dutch	PDF
Abridged model	30/09/2011	16/03/2012	16/03/2012	Dutch	PDF
Abridged model	30/09/2010	18/03/2011	27/04/2011	Dutch	PDF
Abridged model	30/09/2009	19/03/2010	22/03/2010	Dutch	PDF
Abridged model	30/09/2008	20/03/2009	20/03/2009	Dutch	PDF
Abridged model	30/09/2007	21/03/2008	04/04/2008	Dutch	PDF
Abridged model	30/09/2006	16/03/2007	29/03/2007	Dutch	PDF

Estimate

Indicative valuation

Order of magnitude

As an indication, this company is worth

between 5 M€ and 10 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 30/09/2025 · 2 active · 2 ended

Active mandates

Anja Vanhoorneweder

Director

Active

Kristof Mortier

Director

Active

Ended mandates

Anja Vanhoorneweder

Manager

Ended

KRISTOF MORTIER

Manager

Ended

Shareholders

Ownership and network

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Try for 7 days

Belgian Official Gazette

Belgian Official Gazette publications

Mandates29/04/2021
WIJZIGING RECHTSVORM - ONTSLAGEN - BENOEMINGEN
PDF
Capital / shares29/10/2018
KAPITAAL - AANDELEN
PDF
Capital / shares08/10/2014
KAPITAAL - AANDELEN - STATUTEN (VERTALING, COÖRDINATIE, OVERIGE WIJZIGINGEN, )
PDF
Other14/04/2009
DOEL - STATUTEN (VERTALING, COÖRDINATIE, OVERIGE WIJZIGINGEN, )
PDF
Capital / shares10/01/2005
ALGEMENE VERGADERING - KAPITAAL - AANDELEN - STATUTEN (VERTALING, COÖRDINATIE, OVERIGE WIJZIGINGEN, )
PDF
Mandates02/10/2003
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 2025364,3 k €↓
2024
Annual accounts 2024389,9 k €↓
2023
Annual accounts 2023423,5 k €↑
2022
Annual accounts 2022411,3 k €↑
2021
Annual accounts 2021401 k €↑
2020
Annual accounts 2020325,2 k €↑
2019
Annual accounts 2019187,7 k €↑
2018
Annual accounts 2018158,6 k €↑
2017
Annual accounts 2017108,6 k €↓
2016
Annual accounts 2016119,8 k €↓
2015
Annual accounts 2015172,7 k €↓
2014
Annual accounts 2014175,3 k €↑
2013
Annual accounts 2013156,2 k €↑
2012
Annual accounts 2012145,5 k €↑
2011
Annual accounts 2011130,4 k €↑
2010
Annual accounts 2010125,7 k €↓
2009
Annual accounts 2009130,8 k €↑
2008
Annual accounts 2008125,2 k €↑
2007
Annual accounts 200743,4 k €
13/09/1990
IncorporationPrivate 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

MORVAN

Overview

What does MORVAN 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