ACTIVE

ANDHERS

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Financial year 2025 · closed on 31/12/2025

Net result

34,7 M €

+10.0% YoY

Revenue

10,1 M €

+26.2% YoY

Equity

417,4 M €

+3.9% YoY

Workforce

8,2 ETP

-2.4% YoY

What does ANDHERS do?

ANDHERS is a Public limited company incorporated in 1992. Its main activity is: Activities of holding companies. Its registered office is in Sint-Niklaas. It employs on average 8,2 ETP workers (FTE).

Legal situation

● Normal situation

BCE/KBO no. / VAT

BE 0448.548.388

Incorporation

04/11/1992

Legal form

Public limited company

Registered office

Industriepark-West 40
9100 Sint-Niklaas · FlandreSee on map

Contributed capital

60 924 602,14 €

Latest accounts

31/12/2025

Average workforce

8,2 ETP

Activities (NACE)

64200Activities of holding companies· main 64210Activities of holding companies 70100Activities of head offices 70100Activities of head offices 74151Specialised design activities

Joint committees (3)

Signals

ProfitableSolid equityLow riskGood liquidityPositive cashflowPositive EBITDAHigh revenue

View the BCE/KBO Public Search record →

Health score

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✦ Verdict · Analyst summary

Financials

Trend over 18 financial years

	2025		2024		2023		2022		2021		2020		2019		2018		2017		2016		2015		2014		2013		2012		2011		2010		2009		2008
Income statement
Revenue	10,1 M €	+26.2%	8 M €	+21.2%	6,6 M €	-65.3%	19 M €	+11.3%	17,1 M €	+24.9%	13,7 M €	+7.3%	12,7 M €	-5.7%	13,5 M €	-9.0%	14,9 M €	+8.4%	13,7 M €	+11.6%	12,3 M €	+26.7%	9,7 M €	-2.0%	9,9 M €	-1.4%	10 M €	+9.2%	9,2 M €	+5.5%	8,7 M €	+2.5%	8,5 M €	+243%	2,5 M €
EBITDA	508,8 k €	+41.0%	360,8 k €	+68.2%	214,5 k €	-88.2%	1,8 M €	+37.6%	1,3 M €	-81.9%	7,3 M €	+413%	-2,3 M €	-213%	-743,5 k €	-155%	-291,8 k €	+51.9%	-607,1 k €	+56.7%	-1,4 M €	+20.6%	-1,8 M €	-434%	529,4 k €	-27.0%	724,9 k €	+1450%	46,8 k €	+112%	-389,8 k €	-161%	636,3 k €	+127%	-2,3 M €
Operating result	473,8 k €	+52.9%	309,9 k €	+96.7%	157,5 k €	-82.2%	885,4 k €	+54.8%	572 k €	-91.2%	6,5 M €	+308%	-3,1 M €	-112%	-1,5 M €	-82.9%	-802,7 k €	+24.9%	-1,1 M €	+39.4%	-1,8 M €	+20.8%	-2,2 M €	-2915%	79,2 k €	-55.7%	178,9 k €	+138%	-473,4 k €	+40.3%	-792,8 k €	-340%	330,4 k €	+113%	-2,5 M €
Net result	34,7 M €	+10.0%	31,6 M €	-88.1%	266 M €	+885%	27 M €	+47.8%	18,3 M €	+71.0%	10,7 M €	+45.6%	7,3 M €	+355%	-2,9 M €	+57.3%	-6,7 M €	-171%	9,5 M €	-25.0%	12,7 M €	+83.5%	6,9 M €	+37.4%	5 M €	+425%	959,7 k €	-93.8%	15,4 M €	+853%	1,6 M €	-92.0%	20,3 M €	+912%	-2,5 M €
Balance sheet
Equity	417,4 M €	+3.9%	401,7 M €	+3.2%	389,1 M €	+174%	142,1 M €	+6.0%	134,1 M €	-0.5%	134,9 M €	+3.9%	129,8 M €	+1.4%	128 M €	-6.2%	136,5 M €	-8.3%	148,8 M €	+2.7%	144,9 M €	+5.4%	137,5 M €	+1.3%	135,8 M €	-0.1%	135,9 M €	-3.0%	140,2 M €	+7.9%	130 M €	-2.7%	133,5 M €	+13.9%	117,3 M €
Total assets	518,5 M €	+2.7%	505,1 M €	+10.7%	456,5 M €	+132%	196,3 M €	-4.0%	204,4 M €	+16.6%	175,4 M €	+7.4%	163,3 M €	+11.5%	146,4 M €	-5.8%	155,4 M €	-8.6%	170,1 M €	+3.9%	163,7 M €	+6.2%	154,1 M €	+1.3%	152,1 M €	-4.6%	159,5 M €	+7.8%	148 M €	+7.4%	137,8 M €	-1.5%	139,9 M €	+13.7%	123 M €
Cash	6,3 M €	-15.3%	7,4 M €	+12.7%	6,6 M €	-34.3%	10 M €	-78.0%	45,3 M €	+74.1%	26 M €	-11.9%	29,5 M €	+61.4%	18,3 M €	+65.4%	11,1 M €	-49.7%	22 M €	+630%	3 M €	-6.0%	3,2 M €	+113%	1,5 M €	-19.5%	1,9 M €	+437%	347,8 k €	+235%	103,7 k €	-11.9%	117,8 k €	+13.4%	103,9 k €
Debts	100,9 M €	-2.2%	103,2 M €	+53.6%	67,2 M €	+24.4%	54 M €	-22.9%	70,1 M €	+74.1%	40,2 M €	+20.8%	33,3 M €	+83.2%	18,2 M €	-2.6%	18,7 M €	-11.1%	21 M €	+12.0%	18,8 M €	+13.5%	16,5 M €	+1.8%	16,2 M €	-30.8%	23,5 M €	+202%	7,8 M €	-1.3%	7,9 M €	+23.6%	6,4 M €	+11.2%	5,7 M €
Other
Workforce	8,2 ETP	-2.4%	8,4 ETP	-74.5%	33,0 ETP	-30.2%	47,3 ETP	-1.9%	48,2 ETP	+4.6%	46,1 ETP	+1.3%	45,5 ETP	+6.1%	42,9 ETP	-2.3%	43,9 ETP	+17.1%	37,5 ETP	+11.9%	33,5 ETP	+0.3%	33,4 ETP	-4.0%	34,8 ETP	+1.2%	34,4 ETP	+3.3%	33,3 ETP	+7.1%	31,1 ETP	+0.6%	30,9 ETP	+713%	3,8 ETP

Estimate

Indicative valuation

As an indication, this company is worth

between 100 M€ and 250 M€

See the valuation

Governance

Board of directors

Seen on filing of 31/12/2025 · 10 active · 82 ended

Active mandates

SNOFLA

Chairman of the board of directors · since 20 juin 2024 · until 26 mai 2026 · 0457.764.180

Represented by Jozef DE BACKER

Active

Alio Consilio

Director · since 27 mai 2024 · until 26 mai 2026 · 0697.559.860

Represented by Michel Vermaerke

Active

2B-ENERGY

Director · until 26 mai 2026 · 0808.341.184

Represented by Ronnie BELMANS

Active

cp.eu

Director · until 26 mai 2026 · 0479.758.040

Represented by Geert Pauwels

Active

DIHRCONSULT

Director · until 26 mai 2026 · 0728.939.063

Represented by Steven VAN HOOREBEKE

Active

P.O. Management

Director · until 26 mai 2026 · 0869.932.127

Represented by Koen VERHAERT

Active

REN(R)EW

Director · until 26 mai 2026 · 0874.610.594

Represented by Joëlle BRAGARD-DE NAEYER

Active

S.P.& J.

Director · until 26 mai 2026 · 0436.275.217

Represented by Jan CALMEYN

Active

SNOFLA

Managing director · until 26 mai 2026 · 0457.764.180

Represented by Jozef DE BACKER

Active

Ventures@RV

Director · until 26 mai 2026 · 0758.558.608

Represented by Ruben Verhoeven

Active

Ended mandates

FINMORE

Director · since 27 mai 2024 · until 26 mai 2026 · 0898.974.224

Represented by Christine Verhaert

Ended

INDUCAP Comm V vertegenwoordigd door de heer Philippe Lambrecht

Director · since 22 mars 2012 · until 26 mai 2014 · 0897.575.246

Ended

INDUCAP Comm. V., vertegenwoordigd door de heer Philippe Lambrecht

Director · since 22 mars 2012 · until 26 mai 2014 · 0897.575.246

Ended

INDUCAP Comm.V., vertegenwoordigd door de heer Philippe Lambrecht

Director · since 22 mars 2012 · until 26 mai 2014 · 0897.575.246

Ended

At this address

Other companies at this address

Company	CBE no.
Niko● Active	0405.045.670
Niko Belgium● Active	0448.615.694

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	08/06/2026	11/06/2025	13/06/2024	06/06/2023	30/05/2022	23/02/2022
General meeting	26/05/2026	26/05/2025	27/05/2024	30/05/2023	23/05/2022	25/05/2021
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

41 filings with the NBB

Model	Closing	General meeting	Filed	Language	Document
Full model	31/12/2025	26/05/2026	08/06/2026	Dutch	PDF
m120-f-p	31/12/2025	26/05/2026	08/06/2026	Dutch	PDF
Full model	31/12/2024	26/05/2025	11/06/2025	Dutch	PDF
m120-f-p	31/12/2024	26/05/2025	11/06/2025	Dutch	PDF
Full model	31/12/2023	27/05/2024	13/06/2024	Dutch	PDF
m120-f-p	31/12/2023	27/05/2024	13/06/2024	Dutch	PDF
Full model	31/12/2022	30/05/2023	06/06/2023	Dutch	PDF
m120-f-p	31/12/2022	—	06/06/2023	Dutch	PDF
Full model	31/12/2021	23/05/2022	30/05/2022	Dutch	PDF
m120-f-p	31/12/2021	23/05/2022	30/05/2022	Dutch	PDF
Full modelCorrection	31/12/2020	25/05/2021	23/02/2022	Dutch	PDF
Full model	31/12/2020	25/05/2021	16/06/2021	Dutch	PDF
m120-f-p	31/12/2020	25/05/2021	16/06/2021	Dutch	PDF
Full model	31/12/2019	25/05/2020	17/06/2020	Dutch	PDF
m120-f-p	31/12/2019	25/05/2020	17/06/2020	Dutch	PDF
Full model	31/12/2018	27/05/2019	20/06/2019	Dutch	PDF
m120-f-p	31/12/2018	01/01/9999	21/06/2019	Dutch	PDF
Full model	31/12/2017	28/05/2018	21/06/2018	Dutch	PDF
m120-f-p	31/12/2017	28/05/2018	21/06/2018	Dutch	PDF
Full model	31/12/2016	29/05/2017	15/06/2017	Dutch	PDF
m120-f-p	31/12/2016	29/05/2017	21/06/2017	Dutch	PDF
Full model	31/12/2015	23/05/2016	25/05/2016	Dutch	PDF
m120-f-p	31/12/2015	23/05/2016	25/05/2016	Dutch	PDF
Full model	31/12/2014	26/05/2015	05/06/2015	Dutch	PDF

View all 41 filings

Estimate

Indicative valuation

Order of magnitude

As an indication, this company is worth

between 100 M€ and 250 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 · 10 active · 82 ended

Active mandates

SNOFLA

Chairman of the board of directors · since 20 juin 2024 · until 26 mai 2026 · 0457.764.180

Represented by Jozef DE BACKER

Active

Alio Consilio

Director · since 27 mai 2024 · until 26 mai 2026 · 0697.559.860

Represented by Michel Vermaerke

Active

2B-ENERGY

Director · until 26 mai 2026 · 0808.341.184

Represented by Ronnie BELMANS

Active

cp.eu

Director · until 26 mai 2026 · 0479.758.040

Represented by Geert Pauwels

Active

DIHRCONSULT

Director · until 26 mai 2026 · 0728.939.063

Represented by Steven VAN HOOREBEKE

Active

P.O. Management

Director · until 26 mai 2026 · 0869.932.127

Represented by Koen VERHAERT

Active

REN(R)EW

Director · until 26 mai 2026 · 0874.610.594

Represented by Joëlle BRAGARD-DE NAEYER

Active

S.P.& J.

Director · until 26 mai 2026 · 0436.275.217

Represented by Jan CALMEYN

Active

SNOFLA

Managing director · until 26 mai 2026 · 0457.764.180

Represented by Jozef DE BACKER

Active

Ventures@RV

Director · until 26 mai 2026 · 0758.558.608

Represented by Ruben Verhoeven

Active

Ended mandates

FINMORE

Director · since 27 mai 2024 · until 26 mai 2026 · 0898.974.224

Represented by Christine Verhaert

Ended

INDUCAP Comm V vertegenwoordigd door de heer Philippe Lambrecht

Director · since 22 mars 2012 · until 26 mai 2014 · 0897.575.246

Ended

INDUCAP Comm. V., vertegenwoordigd door de heer Philippe Lambrecht

Director · since 22 mars 2012 · until 26 mai 2014 · 0897.575.246

Ended

INDUCAP Comm.V., vertegenwoordigd door de heer Philippe Lambrecht

Director · since 22 mars 2012 · until 26 mai 2014 · 0897.575.246

Ended

Shareholders

Ownership and network

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Belgian Official Gazette

Belgian Official Gazette publications

Other03/07/2026
—
PDF
Mandates11/05/2026
ONTSLAGEN - BENOEMINGEN
PDF
Mandates16/06/2025
ONTSLAGEN - BENOEMINGEN
PDF
Mandates22/08/2024
ONTSLAGEN - BENOEMINGEN
PDF
Other23/01/2024
DIVERSEN
PDF
Other12/01/2024
STATUTEN (VERTALING, COÖRDINATIE, OVERIGE WIJZIGINGEN, ) - BENAMING
PDF
Mandates09/11/2023
ONTSLAGEN - BENOEMINGEN
PDF
Mandates19/10/2023
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 202534,7 M €↑
26/05/2025
nominationRuben Verhoeven — bestuurder
26/05/2025
nominationGeert Pauwels — bestuurder
2024
Annual accounts 202431,6 M €↓
20/06/2024
nominationSnofla nv — voorzitter van de raad van bestuur
27/05/2024
nominationAlio Consilio BV — bestuurder
27/05/2024
nominationFinmore BV — bestuurder
2024
Name changeAndhers NV
2023
Annual accounts 2023266 M €↑
30/05/2023
reconductionSnofla NV — bestuurder
30/05/2023
reconductionVHC3S NV — bestuurder
30/05/2023
reconductionRen(jew BV — bestuurder
30/05/2023
reconductionSP&J NV — bestuurder
30/05/2023
reconductionP.O. Management BV — bestuurder
30/05/2023
reconduction2B-Energy BV — bestuurder
30/05/2023
reconductionDIHRConsult BV — bestuurder
30/05/2023
reconductionEY : Bedrijfs-revisoren BV — commissaris voor verificatie van de geconsolideerde jaarrekening
30/05/2023
apport
2023
Name changeAndhers NV (voorheen Niko Group NV)
2022
Annual accounts 202227 M €↑
2021
Annual accounts 202118,3 M €↑
2020
Annual accounts 202010,7 M €↑
2019
Annual accounts 20197,3 M €↑
2018
Annual accounts 2018-2,9 M €↑
2017
Annual accounts 2017-6,7 M €↓
2016
Annual accounts 20169,5 M €↓
2015
Annual accounts 201512,7 M €↑
2014
Annual accounts 20146,9 M €↑
2013
Annual accounts 20135 M €↑
2012
Annual accounts 2012959,7 k €↓
2011
Annual accounts 201115,4 M €↑
2010
Annual accounts 20101,6 M €↓
2009
Annual accounts 200920,3 M €↑
2009
Name changeNiko Group NV
2008
Annual accounts 2008-2,5 M €
04/11/1992
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

ANDHERS

Overview

What does ANDHERS 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