ACTIVE

ATVARO

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Financial year 2025 · closed on 31/12/2025

Net result

429,4 k €

+28.9% YoY

Gross margin

1 M €

+15.5% YoY

Equity

2,6 M €

+19.6% YoY

Workforce

2,5 ETP

0.0% YoY

What does ATVARO do?

ATVARO is a Private limited company incorporated in 1991. Its main activity is: Manufacture of weapons and ammunition. Its registered office is in Ingelmunster. It employs on average 2,5 ETP workers (FTE).

Legal situation

● Normal situation

BCE/KBO no. / VAT

BE 0445.640.368

Incorporation

05/11/1991

Legal form

Private limited company

Registered office

Bouwke 21
8770 Ingelmunster · FlandreSee on map

Contributed capital

18 600,00 €

Latest accounts

31/12/2025

Average workforce

2,5 ETP

Activities (NACE)

25401Manufacture of weapons and ammunition· main 25501Forging, pressing, stamping and roll-forming of metal; powder metallurgy 28401Manufacture of metal forming machinery and machine tools 30920Manufacture of bicycles and invalid carriages 30920Manufacture of bicycles and invalid carriages 35420Electricity, gas, steam and air conditioning supply+3

Joint committees (3)

111
11100
215

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 18 financial years

	2025		2024		2023		2022		2021		2018		2017		2016		2015		2014		2013		2012		2011		2010		2009		2008		2007		2006
Income statement
Gross margin	1 M €	+15.5%	875 k €	+3.0%	849,4 k €	+33.3%	637,3 k €	-28.8%	895,4 k €	+94.2%	461,1 k €	-15.6%	546,5 k €	+5.7%	517,2 k €	+23.5%	418,9 k €	+18.5%	353,5 k €	+26.7%	279 k €	-3.0%	287,6 k €	-2.6%	295,2 k €	+50.9%	195,7 k €	-6.8%	210 k €	-40.9%	355,1 k €	-23.6%	464,5 k €	+14.5%	405,7 k €
EBITDA	879,6 k €	+28.0%	687,1 k €	-6.2%	732,3 k €	+32.9%	551,1 k €	-31.8%	808,3 k €	+92.3%	420,3 k €	-17.1%	506,8 k €	+4.6%	484,3 k €	+25.6%	385,7 k €	+20.9%	319 k €	+26.2%	252,7 k €	-3.1%	260,8 k €	-3.9%	271,5 k €	+58.2%	171,6 k €	-7.8%	186,1 k €	-38.5%	302,4 k €	-27.7%	418,4 k €	+15.8%	361,3 k €
Operating result	650,1 k €	+29.1%	503,6 k €	-8.3%	549,1 k €	+25.4%	437,9 k €	-34.8%	671,6 k €	+164%	254,6 k €	-25.1%	339,8 k €	+1.6%	334,3 k €	+28.2%	260,8 k €	+24.0%	210,4 k €	+41.9%	148,2 k €	-5.4%	156,7 k €	-14.5%	183,2 k €	+115%	85,2 k €	-2.0%	86,9 k €	-57.2%	202,9 k €	-35.2%	313,2 k €	+7.2%	292,3 k €
Net result	429,4 k €	+28.9%	333,1 k €	-6.1%	354,6 k €	+21.8%	291,1 k €	-46.2%	541,3 k €	+229%	164,4 k €	-18.9%	202,8 k €	-2.2%	207,5 k €	+42.7%	145,4 k €	+12.4%	129,4 k €	+31.8%	98,2 k €	-8.8%	107,7 k €	-11.6%	121,9 k €	+125%	54,2 k €	-8.7%	59,3 k €	-56.2%	135,6 k €	-38.0%	218,7 k €	+5.8%	206,7 k €
Balance sheet
Equity	2,6 M €	+19.6%	2,2 M €	+6.0%	2,1 M €	+1.7%	2 M €	+16.7%	1,7 M €	+64.2%	1,1 M €	-21.5%	1,4 M €	+17.7%	1,1 M €	+22.1%	940,4 k €	+18.3%	795 k €	+19.4%	665,6 k €	-1.8%	678 k €	+18.9%	570,3 k €	+27.2%	448,4 k €	-15.3%	529,3 k €	+12.6%	469,9 k €	+0.1%	469,3 k €	-10.5%	524,3 k €
Total assets	3,9 M €	+6.7%	3,7 M €	+7.4%	3,4 M €	-0.5%	3,4 M €	+4.5%	3,3 M €	+183%	1,2 M €	-24.5%	1,5 M €	+16.4%	1,3 M €	+18.4%	1,1 M €	+8.0%	1 M €	+5.6%	977,1 k €	+10.2%	886,3 k €	+12.9%	785 k €	-13.0%	902,5 k €	+3.0%	876,2 k €	-17.9%	1,1 M €	-12.7%	1,2 M €	-10.6%	1,4 M €
Cash	1,4 M €	+204%	462,7 k €	-45.6%	851 k €	-9.5%	940,5 k €	+37.1%	686,1 k €	+25.6%	546,1 k €	-32.7%	812 k €	+65.1%	491,7 k €	+3.6%	474,6 k €	-9.8%	526,2 k €	+32.8%	396,4 k €	+452%	71,7 k €	+2.8%	69,8 k €	-67.1%	212,2 k €	+15.1%	184,3 k €	-16.1%	219,7 k €	-55.8%	497,5 k €	+39.9%	355,7 k €
Debts	1,2 M €	-12.4%	1,4 M €	+10.2%	1,3 M €	-3.5%	1,3 M €	-9.5%	1,5 M €	+1498%	91,9 k €	-46.9%	173 k €	+12.1%	154,2 k €	-9.9%	171,1 k €	-26.0%	231,3 k €	-24.5%	306,5 k €	+47.2%	208,2 k €	-2.9%	214,4 k €	-52.8%	454,1 k €	+30.9%	346,9 k €	-41.9%	597,4 k €	-20.7%	753,6 k €	-10.7%	844 k €
Other
Workforce	2,5 ETP	0.0%	2,5 ETP	0.0%	2,5 ETP	+19.0%	2,1 ETP	+10.5%	1,9 ETP	+137%	0,8 ETP	-11.1%	0,9 ETP	+28.6%	0,7 ETP	0.0%	0,7 ETP	0.0%	0,7 ETP	+40.0%	0,5 ETP	-50.0%	1,0 ETP	+100%	0,5 ETP	0.0%	0,5 ETP	0.0%	0,5 ETP	-58.3%	1,2 ETP	0.0%	1,2 ETP	0.0%	1,2 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 · 1 active · 7 ended

Active mandates

Tom Rabaey

Manager · since 14 février 2007

Active

Ended mandates

Tom Rabaey

Manager · since 14 décembre 2005

Ended

Jacques Vanbesien

Manager · since 05 novembre 1991

Ended

Jacques Vanbesien

Manager

Ended

Jacques VANBESIEN

Director

Ended

At this address

Other companies at this address

Company	CBE no.
ATVARO INVEST● Active	0737.654.811

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	31/08/2026	29/08/2025	22/08/2024	28/07/2023	30/08/2022	26/08/2021
General meeting	31/07/2026	20/08/2025	31/07/2024	30/06/2023	13/06/2022	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

20 filings with the NBB

Model	Closing	General meeting	Filed	Language	Document
Abridged model	31/12/2025	31/07/2026	31/08/2026	Dutch	PDF
Abridged model	31/12/2024	20/08/2025	29/08/2025	Dutch	PDF
Abridged model	31/12/2023	31/07/2024	22/08/2024	Dutch	PDF
Abridged model	31/12/2022	30/06/2023	28/07/2023	Dutch	PDF
Abridged model	31/12/2021	13/06/2022	30/08/2022	Dutch	PDF
Abridged model	31/12/2020	30/06/2021	26/08/2021	Dutch	PDF
Abridged model	31/12/2019	08/06/2020	06/07/2020	Dutch	PDF
Abridged model	31/12/2018	29/06/2019	26/07/2019	Dutch	PDF
Abridged model	31/12/2017	11/06/2018	20/06/2018	Dutch	PDF
Abridged model	31/12/2016	12/06/2017	26/06/2017	Dutch	PDF
Abridged model	31/12/2015	13/06/2016	20/07/2016	Dutch	PDF
Abridged model	31/12/2014	08/06/2015	20/07/2015	Dutch	PDF
Abridged model	31/12/2013	09/06/2014	07/07/2014	Dutch	PDF
Abridged model	31/12/2012	01/07/2013	26/07/2013	Dutch	PDF
Abridged model	31/12/2011	30/06/2012	31/07/2012	Dutch	PDF
Abridged model	31/12/2010	25/08/2011	25/08/2011	Dutch	PDF
Abridged model	31/12/2009	30/08/2010	31/08/2010	Dutch	PDF
Abridged model	31/12/2008	09/12/2009	09/12/2009	Dutch	PDF
Abridged model	31/12/2007	23/12/2008	23/12/2008	Dutch	PDF
Abridged model	31/12/2006	24/09/2007	24/09/2007	Dutch	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 · 1 active · 7 ended

Active mandates

Tom Rabaey

Manager · since 14 février 2007

Active

Ended mandates

Tom Rabaey

Manager · since 14 décembre 2005

Ended

Jacques Vanbesien

Manager · since 05 novembre 1991

Ended

Jacques Vanbesien

Manager

Ended

Jacques VANBESIEN

Director

Ended

Shareholders

Ownership and network

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Try for 7 days

Belgian Official Gazette

Belgian Official Gazette publications

Mandates13/06/2023
STATUTEN (VERTALING, COÖRDINATIE, OVERIGE WIJZIGINGEN, ) - WIJZIGING RECHTSVORM - ONTSLAGEN - BENOEMINGEN
PDF
Registered office22/04/2021
MAATSCHAPPELIJKE ZETEL
PDF
Capital / shares18/07/2018
KAPITAAL - AANDELEN
PDF
Capital / shares07/01/2014
KAPITAAL - AANDELEN
PDF
Capital / shares27/02/2007
KAPITAAL - AANDELEN - ALGEMENE VERGADERING - STATUTEN (VERTALING, COÖRDINATIE, OVERIGE WIJZIGINGEN, )
PDF
Mandates08/01/2003
ONTSLAGEN - BENOEMINGEN
PDF
Registered office11/09/2002
MAATSCHAPPELIJKE ZETEL
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 2025429,4 k €↑
2024
Annual accounts 2024333,1 k €↓
2023
Annual accounts 2023354,6 k €↑
2022
Annual accounts 2022291,1 k €↓
2021
Annual accounts 2021541,3 k €↑
2018
Annual accounts 2018164,4 k €↓
2017
Annual accounts 2017202,8 k €↓
2016
Annual accounts 2016207,5 k €↑
2015
Annual accounts 2015145,4 k €↑
2014
Annual accounts 2014129,4 k €↑
2013
Annual accounts 201398,2 k €↓
2012
Annual accounts 2012107,7 k €↓
2011
Annual accounts 2011121,9 k €↑
2010
Annual accounts 201054,2 k €↓
2009
Annual accounts 200959,3 k €↓
2008
Annual accounts 2008135,6 k €↓
2007
Annual accounts 2007218,7 k €↑
2006
Annual accounts 2006206,7 k €
05/11/1991
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

ATVARO

Overview

What does ATVARO do?

Trend over 18 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