ACTIVE

RHEA SYSTEM

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Financial year 2021 · closed on 31/12/2021

Net result

2,2 M €

+158.4% YoY

Revenue

47,1 M €

+17.7% YoY

Equity

4,7 M €

+54.1% YoY

Workforce

197,5 ETP

+1.2% YoY

What does RHEA SYSTEM do?

RHEA SYSTEM is a Public limited company incorporated in 1992. Its registered office is in Waterloo. It employs on average 197,5 ETP workers (FTE).

Legal situation

● Normal situation

BCE/KBO no. / VAT

BE 0447.709.339

Incorporation

24/06/1992

Legal form

Public limited company

Registered office

Chaussée de Tervuren 60
1410 Waterloo · WallonieSee on map

Contributed capital

524 000,00 €

Latest accounts

31/12/2021

Average workforce

197,5 ETP

Joint committees (2)

Signals

ProfitablePositive cashflowPositive EBITDAHealthy social debtsHigh revenue

View the BCE/KBO Public Search record →

Health score

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✦ Verdict · Analyst summary

Financials

Trend over 10 financial years

	2021		2020		2019		2018		2017		2016		2015		2014		2013		2012
Income statement
Revenue	47,1 M €	+17.7%	40 M €	+8.4%	36,9 M €	-27.6%	51 M €	+34.7%	37,8 M €	+180%	13,5 M €	+11.4%	12,1 M €	+6.2%	11,4 M €	-38.9%	18,7 M €	+22.0%	15,3 M €
EBITDA	2,7 M €	+16.8%	2,3 M €	+172%	858,5 k €	-60.5%	2,2 M €	+41.6%	1,5 M €	+3.9%	1,5 M €	+81.2%	815,5 k €	+166%	306,7 k €	-46.5%	573,6 k €	+84.5%	310,9 k €
Operating result	2,1 M €	+15.5%	1,8 M €	+323%	424,4 k €	-78.0%	1,9 M €	+38.4%	1,4 M €	+2.1%	1,4 M €	+89.3%	720 k €	+215%	228,6 k €	-55.5%	513,8 k €	+110%	244,8 k €
Net result	2,2 M €	+158%	867 k €	+3473%	24,3 k €	-98.3%	1,4 M €	+53.9%	937,3 k €	+15.8%	809,3 k €	+81.1%	446,9 k €	+8554%	5,2 k €	-98.7%	386,2 k €	+382%	80,1 k €
Balance sheet
Equity	4,7 M €	+54.1%	3 M €	+9.7%	2,8 M €	-17.2%	3,3 M €	+33.7%	2,5 M €	+12.2%	2,2 M €	+57.1%	1,4 M €	+46.1%	970,1 k €	+0.5%	964,9 k €	-9.2%	1,1 M €
Total assets	33,1 M €	+4.1%	31,8 M €	+14.1%	27,9 M €	+20.1%	23,2 M €	-35.2%	35,8 M €	+0.4%	35,7 M €	+49.9%	23,8 M €	+97.4%	12,1 M €	+55.2%	7,8 M €	-13.6%	9 M €
Cash	2,9 M €	+11.9%	2,6 M €	+793%	293,1 k €	-78.1%	1,3 M €	-43.6%	2,4 M €	+136%	1 M €	-38.7%	1,6 M €	+1226%	123,7 k €	-85.5%	853,3 k €	+382%	177,1 k €
Debts	28,4 M €	-1.2%	28,8 M €	+14.5%	25,1 M €	+26.4%	19,9 M €	-40.4%	33,3 M €	-0.4%	33,5 M €	+49.4%	22,4 M €	+103%	11 M €	+71.7%	6,4 M €	-15.4%	7,6 M €
Other
Workforce	197,5 ETP	+1.2%	195,1 ETP	+22.9%	158,7 ETP	+5.9%	149,9 ETP	-15.6%	177,7 ETP	+27.1%	139,8 ETP	+14.3%	122,3 ETP	+45.1%	84,3 ETP	-1.4%	85,5 ETP	-10.3%	95,3 ETP

Estimate

Indicative valuation

As an indication, this company is worth

between 10 M€ and 25 M€

See the valuation

Governance

Board of directors

Seen on filing of 31/12/2021 · 4 active · 12 ended

Active mandates

Arne MATTHYSSEN

Director · since 28 mai 2021 · until 30 mai 2025

Active

Emmanuel ADANT

Director · since 28 mai 2021 · until 30 mai 2025

Active

André SINCENNES

Managing director · since 31 mai 2019 · until 30 mai 2025

Active

Michel BOSCO

Director

Active

Ended mandates

Arne MATTHYSSEN

Director · since 13 juin 2016 · until 28 mai 2021

Ended

Emmanuel ADANT

Director · since 30 octobre 2015 · until 28 mai 2021

Ended

Gilles GRENIER

Director · since 30 octobre 2015 · until 28 mai 2021

Ended

Manfred WARHAUT

Director · since 30 octobre 2015 · until 17 mars 2016

Ended

At this address

Other companies at this address

Company	CBE no.
Association des copropriétaires de la résidence sise à Waterloo à l'angle de l'Avenue Bel Air et de la chaussée de Tervuren, 60● Active	0548.812.340
DCR INVEST● Active	0428.703.475
DEBROUX et ASSOCIES W● Active	0817.646.850
I.D.C. MANAGEMENT● Active	0466.558.914
MONDAY● Active	0479.794.662
SEIFERT EN CO● Active	0447.379.836
VERALYN● Active	0424.539.405

Annual accounts

Full financial information

	2024	2023	2022	2021	2020	2019
Type of account	Full model	Full model	Consolidated accounts	Full model	Consolidated accounts	Consolidated accounts
Start of the financial year	01/01/2024	01/01/2023	01/01/2022	01/01/2021	01/01/2020	01/01/2019
Closing of the financial year	31/12/2024	31/12/2023	31/12/2022	31/12/2021	31/12/2020	31/12/2019
Length of the financial year	12 months	12 months	12 months	12 months	12 months	12 months
Filing date	03/11/2025	24/07/2024	28/07/2023	12/07/2022	31/08/2021	08/10/2020
General meeting	31/10/2025	30/06/2024	28/07/2023	17/06/2022	23/08/2021	08/10/2020
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

25 filings with the NBB

Model	Closing	General meeting	Filed	Language	Document
Full model	31/12/2024	31/10/2025	03/11/2025	French	PDF
Full model	31/12/2023	30/06/2024	24/07/2024	French	PDF
Full model	31/12/2022	22/06/2023	29/06/2023	French	PDF
Consolidated accounts	31/12/2022	28/07/2023	28/07/2023	French	PDF
Full model	31/12/2021	17/06/2022	12/07/2022	French	PDF
Consolidated accounts	31/12/2021	12/08/2022	25/08/2022	French	PDF
Full model	31/12/2020	28/05/2021	17/06/2021	French	PDF
Consolidated accounts	31/12/2020	23/08/2021	31/08/2021	French	PDF
Full model	31/12/2019	30/06/2020	14/07/2020	French	PDF
Consolidated accounts	31/12/2019	08/10/2020	08/10/2020	French	PDF
Full model	31/12/2018	30/06/2019	12/07/2019	French	PDF
Consolidated accounts	31/12/2018	06/11/2019	14/11/2019	French	PDF
Full model	31/12/2017	30/06/2018	18/07/2018	French	PDF
Full model	31/12/2016	30/06/2017	12/07/2017	French	PDF
Full model	31/12/2015	20/06/2016	05/07/2016	French	PDF
Full model	31/12/2014	29/06/2015	22/07/2015	French	PDF
Full model	31/12/2013	24/10/2014	04/11/2014	French	PDF
Full model	31/12/2012	27/06/2013	08/07/2013	French	PDF
Full model	31/12/2011	06/07/2012	31/08/2012	French	PDF
Full model	31/12/2010	29/08/2011	24/11/2011	French	PDF
Full model	31/12/2009	30/06/2010	29/07/2010	French	PDF
Full modelCorrection	31/12/2008	29/05/2009	14/09/2009	French	PDF
Full model	31/12/2008	29/05/2009	24/06/2009	French	PDF
Full model	31/12/2007	24/07/2008	07/08/2008	French	PDF

View all 25 filings

Estimate

Indicative valuation

Order of magnitude

As an indication, this company is worth

between 10 M€ and 25 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 31/12/2021 · 4 active · 12 ended

Active mandates

Arne MATTHYSSEN

Director · since 28 mai 2021 · until 30 mai 2025

Active

Emmanuel ADANT

Director · since 28 mai 2021 · until 30 mai 2025

Active

André SINCENNES

Managing director · since 31 mai 2019 · until 30 mai 2025

Active

Michel BOSCO

Director

Active

Ended mandates

Arne MATTHYSSEN

Director · since 13 juin 2016 · until 28 mai 2021

Ended

Emmanuel ADANT

Director · since 30 octobre 2015 · until 28 mai 2021

Ended

Gilles GRENIER

Director · since 30 octobre 2015 · until 28 mai 2021

Ended

Manfred WARHAUT

Director · since 30 octobre 2015 · until 17 mars 2016

Ended

Shareholders

Ownership and network

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Try for 7 days

Belgian Official Gazette

Belgian Official Gazette publications

Registered office02/01/2026
SIEGE SOCIAL
PDF
Mandates13/05/2025
STATUTS (TRADUCTION, COORDINATION, AUTRES MODIFICATIONS, ) - DEMISSIONS, NOMINATIONS
PDF
Mandates25/03/2025
DEMISSIONS, NOMINATIONS
PDF
Capital / shares30/01/2025
CAPITAL, ACTIONS
PDF
Restructuring22/05/2024
CAPITAL, ACTIONS - DEMISSIONS, NOMINATIONS - STATUTS (TRADUCTION, COORDINATION, AUTRES MODIFICATIONS, ) - RUBRIQUE RESTRUCTURATION (FUSION, SCISSION, TRANSFERT PATRIMOINE, ETC...)
PDF
Mandates17/04/2024
SIEGE SOCIAL - DEMISSIONS, NOMINATIONS
PDF
Restructuring21/02/2024
RUBRIQUE RESTRUCTURATION (FUSION, SCISSION, TRANSFERT PATRIMOINE, ETC...)
PDF
Mandates13/10/2022
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

2021
Annual accounts 20212,2 M €↑
2020
Annual accounts 2020867 k €↑
2019
Annual accounts 201924,3 k €↓
2018
Annual accounts 20181,4 M €↑
2017
Annual accounts 2017937,3 k €↑
2016
Annual accounts 2016809,3 k €↑
2015
Annual accounts 2015446,9 k €↑
2014
Annual accounts 20145,2 k €↓
2013
Annual accounts 2013386,2 k €↑
2012
Annual accounts 201280,1 k €
24/06/1992
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

RHEA SYSTEM

Overview

What does RHEA SYSTEM do?

Trend over 10 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