ACTIVE

BEL MBA

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Financial year 2025 · closed on 30/06/2025

Net result

447,3 k €

-15.1% YoY

Gross margin

333,9 k €

+0.6% YoY

Equity

2,6 M €

-11.6% YoY

What does BEL MBA do?

BEL MBA is a Public limited company incorporated in 1993. Its main activity is: Air transport. Its registered office is in Grez-Doiceau.

Legal situation

● Normal situation

BCE/KBO no. / VAT

BE 0449.496.911

Incorporation

12/02/1993

Legal form

Public limited company

Registered office

Les Gottes 27
1390 Grez-Doiceau · WallonieSee on map

Contributed capital

81 804,86 €

Latest accounts

30/06/2025

Activities (NACE)

51900Air transport· main 70210Public relations and communication activities 73300Advertising and market research 46900Non-specialised wholesale trade 46900Non-specialised wholesale trade 68201Rental and operating of own or leased real estate+5

Joint committees (1)

Signals

ProfitableSolid equityLow riskPositive cashflowPositive EBITDA

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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
Gross margin	333,9 k €	+0.6%	331,8 k €	+11.4%	297,8 k €	+13.0%	263,6 k €	-67.2%	802,9 k €	+111%	380,7 k €	+23.6%	307,9 k €	+28.0%	240,7 k €	-3.0%	248,1 k €	+43.5%	172,8 k €	+321%	41 k €	-43.0%	72 k €	+110%	-748,3 k €	-641%	138,4 k €	-41.4%	236,4 k €	-29.3%	334,3 k €	-53.2%	714,5 k €	+6.3%	672 k €
EBITDA	324,7 k €	-0.1%	325 k €	+11.7%	290,9 k €	+13.4%	256,6 k €	-67.7%	794,8 k €	+225%	244,5 k €	-15.3%	288,6 k €	+22.4%	235,8 k €	-2.2%	241,1 k €	+47.4%	163,6 k €	+344%	36,8 k €	-47.2%	69,7 k €	+13.0%	61,7 k €	+24.4%	49,6 k €	-65.4%	143,4 k €	+8.2%	132,5 k €	-24.9%	176,5 k €	-32.5%	261,6 k €
Operating result	270 k €	-0.2%	270,4 k €	+22.3%	221 k €	+17.8%	187,6 k €	-74.0%	722,4 k €	+346%	161,9 k €	+63.6%	99 k €	+149%	-201,4 k €	-199%	203,7 k €	+72.7%	118 k €	+352%	-46,9 k €	-229%	36,2 k €	+34.2%	27 k €	+48.4%	18,2 k €	-61.4%	47,2 k €	+60.8%	29,3 k €	-52.3%	61,5 k €	+232%	18,5 k €
Net result	447,3 k €	-15.1%	527 k €	+113%	247,6 k €	+79.4%	138,1 k €	-71.8%	488,9 k €	+76.8%	276,6 k €	+137%	116,5 k €	+147%	-249,5 k €	-180%	310,2 k €	+342%	70,2 k €	-80.8%	366,4 k €	+71.2%	214 k €	+333%	-91,7 k €	-245%	63,4 k €	+1673%	3,6 k €	+103%	-137,1 k €	-105%	-67 k €	-5910%	1,2 k €
Balance sheet
Equity	2,6 M €	-11.6%	2,9 M €	+22.0%	2,4 M €	+11.5%	2,2 M €	+6.9%	2 M €	-12.9%	2,3 M €	+13.6%	2 M €	+27.4%	1,6 M €	-13.5%	1,8 M €	+20.2%	1,5 M €	+4.8%	1,5 M €	+33.4%	1,1 M €	+13.0%	971,1 k €	-8.6%	1,1 M €	+6.3%	999,5 k €	+0.4%	996 k €	-12.1%	1,1 M €	-5.6%	1,2 M €
Total assets	5,6 M €	+4.3%	5,3 M €	+7.2%	5 M €	-2.5%	5,1 M €	+32.3%	3,9 M €	-4.9%	4,1 M €	-5.4%	4,3 M €	+9.4%	3,9 M €	+48.1%	2,7 M €	+13.5%	2,3 M €	+0.5%	2,3 M €	+34.6%	1,7 M €	+3.0%	1,7 M €	-44.9%	3 M €	-0.2%	3,1 M €	+11.6%	2,7 M €	-4.1%	2,9 M €	+10.8%	2,6 M €
Cash	626,4 k €	+46.6%	427,3 k €	+237%	126,8 k €	-7.2%	136,6 k €	-67.4%	418,6 k €	-35.5%	649,1 k €	+116%	299,8 k €	-56.6%	690,7 k €	+43.1%	482,6 k €	-8.8%	529,1 k €	-11.6%	598,5 k €	+44.2%	415,1 k €	+30.3%	318,7 k €	-74.2%	1,2 M €	+1429%	80,8 k €	-73.3%	302,5 k €	+75.9%	172 k €	-24.0%	226,4 k €
Debts	2,9 M €	+24.5%	2,3 M €	-6.6%	2,5 M €	-12.9%	2,9 M €	+63.5%	1,8 M €	+6.1%	1,7 M €	-23.3%	2,2 M €	-7.6%	2,3 M €	+189%	807,3 k €	+0.7%	802 k €	-6.9%	861,4 k €	+36.5%	630,8 k €	-10.9%	707,7 k €	-39.0%	1,2 M €	-5.5%	1,2 M €	+35.6%	905,7 k €	-9.7%	1 M €	-6.5%	1,1 M €
Other
Workforce	–		–		–		–		–		–		–		–		–		–		–		–		–		0,6 ETP	-40.0%	1,0 ETP	-28.6%	1,4 ETP	-26.3%	1,9 ETP	+5.6%	1,8 ETP

Estimate

Indicative valuation

As an indication, this company is worth

between 1 M€ and 2,5 M€

See the valuation

Governance

Board of directors

Seen on filing of 30/06/2025 · 3 active · 15 ended

Active mandates

Benjamin MEUNIER

Director · since 26 novembre 2021 · until 26 novembre 2027

Active

Jean-Jacques MEUNIER

Managing director · since 26 novembre 2021 · until 26 novembre 2027

Active

Vincent MEUNIER

Director · since 26 novembre 2021 · until 26 novembre 2027

Active

Ended mandates

Benjamain Meunier

Director · since 26 novembre 2021 · until 26 novembre 2027

Ended

Jean-Jacques Meunier

Director · since 26 novembre 2021 · until 26 novembre 2027

Ended

Benjamain Meunier

Director · since 27 novembre 2015 · until 26 novembre 2021

Ended

Benjamin MEUNIER

Director · since 27 novembre 2015 · until 26 novembre 2021

Ended

At this address

Other companies at this address

Company	CBE no.
Meunier● Active	0750.679.535

Annual accounts

Full financial information

	2025	2024	2023	2022	2021	2020
Type of account	Abridged model	Abridged model	Abridged model	Abridged model	Abridged model	Micro model
Start of the financial year	01/07/2024	01/07/2023	01/07/2022	01/07/2021	01/07/2020	01/07/2019
Closing of the financial year	30/06/2025	30/06/2024	30/06/2023	30/06/2022	30/06/2021	30/06/2020
Length of the financial year	12 months	12 months	12 months	12 months	12 months	12 months
Filing date	06/11/2025	28/11/2024	02/01/2024	02/01/2023	08/12/2021	29/12/2020
General meeting	30/10/2025	19/11/2024	30/11/2023	16/12/2022	26/11/2021	27/11/2020
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

20 filings with the NBB

Model	Closing	General meeting	Filed	Language	Document
Abridged model	30/06/2025	30/10/2025	06/11/2025	French	PDF
Abridged model	30/06/2024	19/11/2024	28/11/2024	French	PDF
Abridged model	30/06/2023	30/11/2023	02/01/2024	French	PDF
Abridged model	30/06/2022	16/12/2022	02/01/2023	French	PDF
Abridged model	30/06/2021	26/11/2021	08/12/2021	French	PDF
Micro model	30/06/2020	27/11/2020	29/12/2020	French	PDF
Micro model	30/06/2019	19/11/2019	17/01/2020	French	PDF
Micro model	30/06/2018	30/11/2018	21/12/2018	French	PDF
Abridged model	30/06/2017	24/11/2017	28/12/2017	French	PDF
Abridged model	30/06/2016	25/11/2016	19/12/2016	French	PDF
Abridged model	30/06/2015	27/11/2015	02/12/2015	French	PDF
Abridged model	30/06/2014	28/11/2014	15/12/2014	French	PDF
Abridged model	30/06/2013	29/11/2013	10/02/2014	French	PDF
Abridged model	30/06/2012	29/01/2013	12/02/2013	French	PDF
Abridged model	30/06/2011	31/12/2011	30/01/2012	French	PDF
Abridged model	30/06/2010	31/12/2010	31/01/2011	French	PDF
Abridged model	30/06/2009	30/12/2009	29/01/2010	French	PDF
Abridged model	30/06/2008	29/12/2008	29/01/2009	French	PDF
Abridged model	30/06/2007	30/11/2007	06/12/2007	French	PDF
Abridged model	30/06/2006	01/03/2007	12/03/2007	French	PDF

Estimate

Indicative valuation

Order of magnitude

As an indication, this company is worth

between 1 M€ and 2,5 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 30/06/2025 · 3 active · 15 ended

Active mandates

Benjamin MEUNIER

Director · since 26 novembre 2021 · until 26 novembre 2027

Active

Jean-Jacques MEUNIER

Managing director · since 26 novembre 2021 · until 26 novembre 2027

Active

Vincent MEUNIER

Director · since 26 novembre 2021 · until 26 novembre 2027

Active

Ended mandates

Benjamain Meunier

Director · since 26 novembre 2021 · until 26 novembre 2027

Ended

Jean-Jacques Meunier

Director · since 26 novembre 2021 · until 26 novembre 2027

Ended

Benjamain Meunier

Director · since 27 novembre 2015 · until 26 novembre 2021

Ended

Benjamin MEUNIER

Director · since 27 novembre 2015 · until 26 novembre 2021

Ended

Shareholders

Ownership and network

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Try for 7 days

Belgian Official Gazette

Belgian Official Gazette publications

Mandates20/01/2022
DEMISSIONS, NOMINATIONS
PDF
Capital / shares20/07/2020
CAPITAL, ACTIONS
PDF
Registered office07/12/2018
SIEGE SOCIAL
PDF
Mandates18/12/2015
DEMISSIONS, NOMINATIONS
PDF
Other25/02/2015
OBJET - STATUTS (TRADUCTION, COORDINATION, AUTRES MODIFICATIONS, )
PDF
Mandates22/07/2014
DEMISSIONS, NOMINATIONS
PDF
Capital / shares14/07/2014
CAPITAL, ACTIONS - STATUTS (TRADUCTION, COORDINATION, AUTRES MODIFICATIONS, )
PDF
Other14/06/2011
STATUTS (TRADUCTION, COORDINATION, AUTRES MODIFICATIONS, )
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 2025447,3 k €↓
2024
Annual accounts 2024527 k €↑
2023
Annual accounts 2023247,6 k €↑
2022
Annual accounts 2022138,1 k €↓
2021
Annual accounts 2021488,9 k €↑
2020
Annual accounts 2020276,6 k €↑
2019
Annual accounts 2019116,5 k €↑
2018
Annual accounts 2018-249,5 k €↓
2017
Annual accounts 2017310,2 k €↑
2016
Annual accounts 201670,2 k €↓
2015
Annual accounts 2015366,4 k €↑
2014
Annual accounts 2014214 k €↑
2013
Annual accounts 2013-91,7 k €↓
2012
Annual accounts 201263,4 k €↑
2011
Annual accounts 20113,6 k €↑
2010
Annual accounts 2010-137,1 k €↓
2009
Annual accounts 2009-67 k €↓
2008
Annual accounts 20081,2 k €
12/02/1993
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

BEL MBA

Overview

What does BEL MBA 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