ACTIVE

HORECA LOGISTICS SERVICES SUD

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Financial year 2025 · closed on 31/12/2025

Net result

342,7 k €

+24.0% YoY

Revenue

17,1 M €

-1.8% YoY

Equity

7,1 M €

+5.1% YoY

Workforce

36,7 ETP

-9.8% YoY

What does HORECA LOGISTICS SERVICES SUD do?

HORECA LOGISTICS SERVICES SUD is a Public limited company incorporated in 1991. Its main activity is: Wholesale of beverages. Its registered office is in Liège. It employs on average 36,7 ETP workers (FTE).

Legal situation

● Normal situation

BCE/KBO no. / VAT

BE 0445.028.674

Incorporation

03/09/1991

Legal form

Public limited company

Registered office

Avenue de l'Indépendance 33
4020 Liège · WallonieSee on map

Contributed capital

120 000,00 €

Latest accounts

31/12/2025

Average workforce

36,7 ETP

Activities (NACE)

46349Wholesale of beverages· main 46349Wholesale of beverages 51340Air transport 68201Rental and operating of own or leased real estate 68201Rental and operating of own or leased real estate

Joint committees (3)

Signals

ProfitableSolid equityLow riskGood liquidityPositive cashflowPositive EBITDAHealthy social debtsHigh revenue

View the BCE/KBO Public Search record →

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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	17,1 M €	-1.8%	17,4 M €	-0.2%	17,4 M €	+5.1%	16,6 M €	+53.4%	10,8 M €	+6.4%	10,2 M €	-42.8%	17,8 M €	+6.9%	16,6 M €	+13.3%	14,7 M €	+2.1%	14,4 M €	-4.1%	15 M €	-4.5%	15,7 M €	-0.1%	15,7 M €	-6.5%	16,8 M €	-0.6%	16,9 M €	-1.1%	17,1 M €	-2.1%	17,5 M €	+2.4%	17 M €	+9.1%	15,6 M €	+78.1%	8,8 M €
EBITDA	619,5 k €	-20.3%	777,5 k €	-15.6%	921,7 k €	+5.8%	870,8 k €	+779%	99,1 k €	-74.0%	381,5 k €	-61.7%	996,4 k €	+15.5%	862,8 k €	+10.3%	782,1 k €	+20.4%	649,6 k €	+21.4%	535,2 k €	-58.2%	1,3 M €	+46.9%	871 k €	-23.4%	1,1 M €	-2.8%	1,2 M €	-18.6%	1,4 M €	+0.6%	1,4 M €	+38.3%	1 M €	+95.3%	528,9 k €	+590%	76,7 k €
Operating result	274,4 k €	+11.4%	246,4 k €	-48.5%	478,6 k €	-18.5%	587 k €	+425%	-180,8 k €	-285%	97,9 k €	-84.8%	646,2 k €	+44.6%	446,9 k €	-20.6%	563,2 k €	+127%	248 k €	-7.6%	268,2 k €	-63.9%	744,1 k €	+3.9%	716,1 k €	-17.2%	865,2 k €	+3.1%	839 k €	-11.7%	950,2 k €	-16.0%	1,1 M €	+38.7%	815,4 k €	+218%	256,1 k €	+827%	-35,2 k €
Net result	342,7 k €	+24.0%	276,4 k €	-40.3%	462,9 k €	-12.5%	528,9 k €	+1204%	40,6 k €	+199%	13,6 k €	-97.5%	548,6 k €	+22.6%	447,3 k €	-12.8%	513,1 k €	+97.7%	259,5 k €	-10.5%	289,8 k €	-55.3%	648,6 k €	+5.2%	616,4 k €	-21.5%	785 k €	+18.2%	663,8 k €	-6.0%	706,2 k €	-3.8%	734 k €	+38.0%	531,9 k €	+216%	168,5 k €	+327%	39,5 k €
Balance sheet
Equity	7,1 M €	+5.1%	6,7 M €	+4.3%	6,5 M €	+7.7%	6 M €	+9.7%	5,5 M €	+0.7%	5,4 M €	+0.3%	5,4 M €	+10.1%	4,9 M €	+7.1%	4,6 M €	+10.6%	4,2 M €	+3.5%	4 M €	+5.0%	3,8 M €	+12.0%	3,4 M €	+14.5%	3 M €	+16.5%	2,6 M €	+22.4%	2,1 M €	+34.6%	1,6 M €	+89.7%	818,7 k €	+185%	286,8 k €	+142%	118,3 k €
Total assets	9,9 M €	-0.4%	9,9 M €	-0.5%	10 M €	-0.9%	10,1 M €	+29.0%	7,8 M €	+8.1%	7,2 M €	-25.3%	9,7 M €	+14.7%	8,4 M €	+6.3%	7,9 M €	+9.5%	7,2 M €	-4.1%	7,5 M €	+3.0%	7,3 M €	+9.0%	6,7 M €	+2.0%	6,6 M €	+6.9%	6,2 M €	+0.5%	6,1 M €	+5.5%	5,8 M €	+8.1%	5,4 M €	+8.1%	5 M €	+45.2%	3,4 M €
Cash	2,7 M €	+76.2%	1,5 M €	-27.0%	2,1 M €	-19.0%	2,6 M €	+134%	1,1 M €	+173%	404,4 k €	-74.9%	1,6 M €	+57.4%	1 M €	-14.9%	1,2 M €	+11.0%	1,1 M €	-18.5%	1,3 M €	-38.2%	2,2 M €	+33.1%	1,6 M €	+27.3%	1,3 M €	+25.0%	1 M €	+19.9%	848,6 k €	+44.2%	588,4 k €	+172%	216,6 k €	-41.0%	367,3 k €	+62.6%	226 k €
Debts	2,8 M €	-12.0%	3,2 M €	-9.3%	3,5 M €	-13.5%	4,1 M €	+74.1%	2,3 M €	+30.6%	1,8 M €	-57.7%	4,2 M €	+21.5%	3,5 M €	+5.1%	3,3 M €	+7.7%	3,1 M €	-11.2%	3,5 M €	-0.5%	3,5 M €	+6.0%	3,3 M €	-9.0%	3,6 M €	+7.0%	3,4 M €	-6.8%	3,6 M €	-0.8%	3,6 M €	-3.2%	3,8 M €	+1.6%	3,7 M €	+12.6%	3,3 M €
Other
Workforce	36,7 ETP	-9.8%	40,7 ETP	+1.0%	40,3 ETP	+0.7%	40,0 ETP	-1.0%	40,4 ETP	-9.2%	44,5 ETP	-7.5%	48,1 ETP	+0.8%	47,7 ETP	+2.1%	46,7 ETP	+1.7%	45,9 ETP	+4.1%	44,1 ETP	0.0%	44,1 ETP	-2.9%	45,4 ETP	-3.4%	47,0 ETP	-0.6%	47,3 ETP	+1.3%	46,7 ETP	+1.1%	46,2 ETP	-2.3%	47,3 ETP	+2.2%	46,3 ETP	+74.7%	26,5 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 31/12/2025 · 2 active · 36 ended

Active mandates

BEVERAGES MANAGEMENT CONSULTANTS

Managing director · since 27 avril 2023 · until 13 juin 2029 · 0424.993.622

Represented by MICHEL HAELTERMAN

Active

SADIMAT

Director · since 27 avril 2023 · until 13 juin 2029 · 0402.034.217

Represented by PAUL HAELTERMAN

Active

Ended mandates

BEVERAGES MANAGEMENT CONSULTANTS

Managing director · since 27 avril 2023 · until 13 juin 2028 · 0424.993.622

Represented by MICHEL HAELTERMAN

Ended

SADIMAT

Director · since 27 avril 2023 · until 11 juin 2025 · 0402.034.217

Represented by PAUL HAELTERMAN

Ended

SADIMAT

Director · since 27 avril 2023 · until 13 juin 2028 · 0402.034.217

Represented by PAUL HAELTERMAN

Ended

BEVERAGES CONSULTANT SERVICES

Director · since 14 juin 2019 · until 27 avril 2023 · 0417.338.738

Represented by PAUL HAELTERMAN

Ended

At this address

Other companies at this address

Company	CBE no.
Brasserie DEGUELLE● Active	0464.629.010
COMA● Active	0420.889.829

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	29/06/2026	16/06/2025	13/06/2024	15/06/2023	22/06/2022	06/07/2021
General meeting	24/06/2026	11/06/2025	12/06/2024	14/06/2023	21/06/2022	21/06/2021
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

20 filings with the NBB

Model	Closing	General meeting	Filed	Language	Document
Full model	31/12/2025	24/06/2026	29/06/2026	French	PDF
Full model	31/12/2024	11/06/2025	16/06/2025	French	PDF
Full model	31/12/2023	12/06/2024	13/06/2024	French	PDF
Full model	31/12/2022	14/06/2023	15/06/2023	French	PDF
Full model	31/12/2021	21/06/2022	22/06/2022	French	PDF
Full model	31/12/2020	21/06/2021	06/07/2021	French	PDF
Full model	31/12/2019	10/06/2020	15/06/2020	French	PDF
Full model	31/12/2018	12/06/2019	26/06/2019	French	PDF
Full model	31/12/2017	13/06/2018	21/06/2018	French	PDF
Full model	31/12/2016	14/06/2017	19/06/2017	French	PDF
Full model	31/12/2015	08/06/2016	15/06/2016	French	PDF
Full model	31/12/2014	10/06/2015	16/06/2015	French	PDF
Full model	31/12/2013	11/06/2014	16/06/2014	French	PDF
Full model	31/12/2012	12/06/2013	14/06/2013	French	PDF
Full model	31/12/2011	13/06/2012	19/06/2012	French	PDF
Full model	31/12/2010	08/06/2011	21/06/2011	French	PDF
Full model	31/12/2009	09/06/2010	14/06/2010	French	PDF
Full model	31/12/2008	10/06/2009	16/06/2009	French	PDF
Full model	31/12/2007	11/06/2008	23/06/2008	French	PDF
Abridged model	31/12/2006	13/06/2007	21/06/2007	French	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 31/12/2025 · 2 active · 36 ended

Active mandates

BEVERAGES MANAGEMENT CONSULTANTS

Managing director · since 27 avril 2023 · until 13 juin 2029 · 0424.993.622

Represented by MICHEL HAELTERMAN

Active

SADIMAT

Director · since 27 avril 2023 · until 13 juin 2029 · 0402.034.217

Represented by PAUL HAELTERMAN

Active

Ended mandates

BEVERAGES MANAGEMENT CONSULTANTS

Managing director · since 27 avril 2023 · until 13 juin 2028 · 0424.993.622

Represented by MICHEL HAELTERMAN

Ended

SADIMAT

Director · since 27 avril 2023 · until 11 juin 2025 · 0402.034.217

Represented by PAUL HAELTERMAN

Ended

SADIMAT

Director · since 27 avril 2023 · until 13 juin 2028 · 0402.034.217

Represented by PAUL HAELTERMAN

Ended

BEVERAGES CONSULTANT SERVICES

Director · since 14 juin 2019 · until 27 avril 2023 · 0417.338.738

Represented by PAUL HAELTERMAN

Ended

Shareholders

Ownership and network

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Belgian Official Gazette

Belgian Official Gazette publications

Mandates26/08/2025
DEMISSIONS, NOMINATIONS
PDF
Mandates02/06/2023
DEMISSIONS, NOMINATIONS - STATUTS (TRADUCTION, COORDINATION, AUTRES MODIFICATIONS, )
PDF
Mandates22/08/2022
DEMISSIONS, NOMINATIONS
PDF
Mandates14/07/2020
DEMISSIONS, NOMINATIONS
PDF
Mandates04/09/2019
DEMISSIONS, NOMINATIONS
PDF
Mandates17/08/2017
DEMISSIONS, NOMINATIONS
PDF
Mandates07/09/2016
DEMISSIONS, NOMINATIONS
PDF
Mandates08/07/2015
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 2025342,7 k €↑
2024
Annual accounts 2024276,4 k €↓
2023
Annual accounts 2023462,9 k €↓
2022
Annual accounts 2022528,9 k €↑
2021
Annual accounts 202140,6 k €↑
2020
Annual accounts 202013,6 k €↓
2019
Annual accounts 2019548,6 k €↑
2018
Annual accounts 2018447,3 k €↓
2017
Annual accounts 2017513,1 k €↑
2016
Annual accounts 2016259,5 k €↓
2015
Annual accounts 2015289,8 k €↓
2014
Annual accounts 2014648,6 k €↑
2013
Annual accounts 2013616,4 k €↓
2012
Annual accounts 2012785 k €↑
2011
Annual accounts 2011663,8 k €↓
2010
Annual accounts 2010706,2 k €↓
2009
Annual accounts 2009734 k €↑
2008
Annual accounts 2008531,9 k €↑
2007
Annual accounts 2007168,5 k €↑
2006
Annual accounts 200639,5 k €
03/09/1991
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

HORECA LOGISTICS SERVICES SUD

Overview

What does HORECA LOGISTICS SERVICES SUD 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