ACTIVE

SOLMAR

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Financial year 2025 · closed on 31/12/2025

Net result

395,8 k €

+149.3% YoY

Gross margin

849,9 k €

+69.4% YoY

Equity

1,3 M €

+45.0% YoY

What does SOLMAR do?

SOLMAR is a Public limited company incorporated in 1993. Its registered office is in Maasmechelen.

Legal situation

● Normal situation

BCE/KBO no. / VAT

BE 0451.047.327

Incorporation

30/09/1993

Legal form

Public limited company

Registered office

Pauwengraaf(E) 20
3630 Maasmechelen · FlandreSee on map

Contributed capital

74 368,06 €

Latest accounts

31/12/2025

Joint committees (1)

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 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
Gross margin	849,9 k €	+69.4%	501,8 k €	-24.5%	664,8 k €	+5.5%	630,4 k €	+495%	-159,4 k €	+67.1%	-484,1 k €	-187%	554,2 k €	+59.2%	348 k €	-40.3%	582,5 k €	+12.7%	516,8 k €	-1.0%	522,1 k €	-5.0%	549,4 k €	-8.1%	597,6 k €	+7.8%	554,3 k €	-3.1%	571,7 k €	+4.5%	547,2 k €	+23.9%	441,4 k €	+18.6%	372,1 k €	-4.4%	389,1 k €	+7.3%	362,7 k €
EBITDA	588,7 k €	+136%	249,5 k €	-39.2%	410,4 k €	-4.3%	428,7 k €	+259%	-270,1 k €	+56.6%	-622,7 k €	-372%	229,3 k €	+122%	103,5 k €	-58.9%	251,7 k €	+59.0%	158,3 k €	+24.1%	127,5 k €	-26.1%	172,7 k €	-28.3%	241 k €	+14.5%	210,5 k €	+2.7%	204,9 k €	+3.7%	197,7 k €	+117%	91,3 k €	+96.6%	46,4 k €	-16.3%	55,4 k €	-25.7%	74,6 k €
Operating result	534,4 k €	+159%	206,7 k €	-46.0%	383 k €	-3.3%	396,1 k €	+230%	-305,5 k €	+54.5%	-671,9 k €	-509%	164,3 k €	+94.4%	84,5 k €	-58.4%	202,9 k €	+95.5%	103,8 k €	-13.9%	120,6 k €	-8.8%	132,3 k €	-35.9%	206,2 k €	+14.1%	180,7 k €	+1.3%	178,3 k €	+9.3%	163,1 k €	+141%	67,6 k €	+1371%	-5,3 k €	+53.3%	-11,4 k €	-158%	19,7 k €
Net result	395,8 k €	+149%	158,8 k €	-48.6%	308,9 k €	-2.3%	316,3 k €	+277%	-178,6 k €	+71.9%	-636,7 k €	-481%	167 k €	+174%	60,9 k €	-43.9%	108,4 k €	+23.0%	88,2 k €	-15.6%	104,4 k €	-7.6%	113 k €	-33.4%	169,6 k €	+4.7%	162 k €	+2.3%	158,4 k €	+18.8%	133,3 k €	+62.6%	82 k €	+298%	20,6 k €	-3.5%	21,3 k €	-24.6%	28,3 k €
Balance sheet
Equity	1,3 M €	+45.0%	880,4 k €	+22.0%	721,7 k €	+74.8%	412,8 k €	+328%	96,5 k €	-64.9%	275,1 k €	-69.8%	911,8 k €	+22.4%	744,8 k €	+8.9%	683,9 k €	-11.8%	775,5 k €	+12.8%	687,3 k €	+17.9%	582,9 k €	+2.3%	569,9 k €	+13.9%	500,4 k €	+14.1%	438,4 k €	+15.4%	380 k €	+17.4%	323,6 k €	-11.7%	366,6 k €	+0.0%	366,5 k €	+0.1%	366,2 k €
Total assets	3,6 M €	+22.4%	2,9 M €	+5.3%	2,8 M €	+8.1%	2,6 M €	-9.5%	2,8 M €	+17.9%	2,4 M €	-1.9%	2,5 M €	+13.2%	2,2 M €	-9.7%	2,4 M €	-2.6%	2,5 M €	-4.3%	2,6 M €	-2.6%	2,6 M €	-2.6%	2,7 M €	+14.1%	2,4 M €	+16.4%	2 M €	+2.6%	2 M €	-1.4%	2 M €	+25.7%	1,6 M €	-1.6%	1,6 M €	-6.3%	1,7 M €
Cash	942,7 k €	-17.5%	1,1 M €	+43.0%	799 k €	-18.7%	982,7 k €	-45.2%	1,8 M €	+1.7%	1,8 M €	+44.2%	1,2 M €	-35.0%	1,9 M €	-6.5%	2 M €	+8.5%	1,9 M €	-6.6%	2 M €	-1.9%	2 M €	+4.2%	1,9 M €	+6.6%	1,8 M €	+13.7%	1,6 M €	+133%	689,5 k €	-41.4%	1,2 M €	+1283%	85 k €	-60.9%	217,5 k €	-37.6%	348,5 k €
Debts	2,2 M €	+7.5%	2 M €	+0.9%	2 M €	-4.6%	2,1 M €	-14.7%	2,4 M €	+15.0%	2,1 M €	+71.5%	1,2 M €	+11.7%	1,1 M €	-9.1%	1,2 M €	+1.7%	1,2 M €	-14.2%	1,4 M €	-11.1%	1,6 M €	-0.7%	1,6 M €	+14.2%	1,4 M €	+0.5%	1,4 M €	+0.4%	1,4 M €	+14.9%	1,2 M €	+11.3%	1,1 M €	+4.3%	1 M €	-10.0%	1,1 M €
Other
Workforce	–		–		–		–		5,0 ETP	0.0%	5,0 ETP	-21.9%	6,4 ETP	-17.9%	7,8 ETP	+11.4%	7,0 ETP	-5.4%	7,4 ETP	-2.6%	7,6 ETP	-1.3%	7,7 ETP	+4.1%	7,4 ETP	0.0%	7,4 ETP	-9.8%	8,2 ETP	+5.1%	7,8 ETP	-7.1%	8,4 ETP	+6.3%	7,9 ETP	-1.2%	8,0 ETP	-2.4%	8,2 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 · 2 active · 37 ended

Active mandates

Morena Vetrugno

Director

Active

Pascal Palumbo

Director

Active

Ended mandates

Antonio Vetrugno

Director · since 25 mai 2017 · until 25 mai 2023

Ended

AVEPE

Managing director · since 25 mai 2017 · until 25 mai 2023 · 0451.046.634

Represented by Antonio Vetrugno

Ended

Huguette Penders

Director · since 25 mai 2017 · until 25 mai 2023

Ended

Morena Vetrugno

Director · since 25 mai 2017 · until 25 mai 2023

Ended

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	02/07/2026	30/06/2025	14/06/2024	09/06/2023	30/06/2022	31/08/2021
General meeting	27/05/2026	28/05/2025	29/05/2024	30/05/2023	31/05/2022	26/05/2021
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

20 filings with the NBB

Model	Closing	General meeting	Filed	Language	Document
Abridged model	31/12/2025	27/05/2026	02/07/2026	Dutch	PDF
Abridged model	31/12/2024	28/05/2025	30/06/2025	Dutch	PDF
Abridged model	31/12/2023	29/05/2024	14/06/2024	Dutch	PDF
Abridged model	31/12/2022	30/05/2023	09/06/2023	Dutch	PDF
Abridged model	31/12/2021	31/05/2022	30/06/2022	Dutch	PDF
Abridged model	31/12/2020	26/05/2021	31/08/2021	Dutch	PDF
Abridged model	31/12/2019	05/08/2020	30/10/2020	Dutch	PDF
Abridged model	31/12/2018	29/05/2019	31/08/2019	Dutch	PDF
Abridged model	31/12/2017	30/05/2018	31/08/2018	Dutch	PDF
Abridged model	31/12/2016	31/05/2017	30/08/2017	Dutch	PDF
Abridged model	31/12/2015	25/05/2016	30/08/2016	Dutch	PDF
Abridged model	31/12/2014	27/05/2015	28/08/2015	Dutch	PDF
Abridged model	31/12/2013	28/05/2014	30/09/2014	Dutch	PDF
Abridged model	31/12/2012	29/05/2013	29/08/2013	Dutch	PDF
Abridged model	31/12/2011	30/05/2012	29/06/2012	Dutch	PDF
Abridged model	31/12/2010	25/05/2011	30/06/2011	Dutch	PDF
Abridged model	31/12/2009	26/05/2010	05/07/2010	Dutch	PDF
Abridged model	31/12/2008	27/05/2009	12/06/2009	Dutch	PDF
Abridged model	31/12/2007	30/06/2008	22/08/2008	Dutch	PDF
Abridged model	31/12/2006	30/07/2007	01/08/2007	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 · 2 active · 37 ended

Active mandates

Morena Vetrugno

Director

Active

Pascal Palumbo

Director

Active

Ended mandates

Antonio Vetrugno

Director · since 25 mai 2017 · until 25 mai 2023

Ended

AVEPE

Managing director · since 25 mai 2017 · until 25 mai 2023 · 0451.046.634

Represented by Antonio Vetrugno

Ended

Huguette Penders

Director · since 25 mai 2017 · until 25 mai 2023

Ended

Morena Vetrugno

Director · since 25 mai 2017 · until 25 mai 2023

Ended

Shareholders

Ownership and network

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Belgian Official Gazette

Belgian Official Gazette publications

Other17/12/2024
STATUTEN (VERTALING, COÖRDINATIE, OVERIGE WIJZIGINGEN, )
PDF
Mandates31/08/2022
ONTSLAGEN - BENOEMINGEN
PDF
Mandates21/06/2022
ONTSLAGEN - BENOEMINGEN
PDF
Mandates08/01/2020
ONTSLAGEN - BENOEMINGEN
PDF
Mandates02/10/2018
ONTSLAGEN - BENOEMINGEN
PDF
Mandates31/01/2012
ONTSLAGEN - BENOEMINGEN
PDF
Mandates26/01/2006
ONTSLAGEN - BENOEMINGEN
PDF
Mandates29/12/2003
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 2025395,8 k €↑
2024
Annual accounts 2024158,8 k €↓
2023
Annual accounts 2023308,9 k €↓
2023
Name changeSolmarfiscaal AJ2023
2022
Annual accounts 2022316,3 k €↑
2021
Annual accounts 2021-178,6 k €↑
2020
Annual accounts 2020-636,7 k €↓
2019
Annual accounts 2019167 k €↑
2018
Annual accounts 201860,9 k €↓
2017
Annual accounts 2017108,4 k €↑
2016
Annual accounts 201688,2 k €↓
2015
Annual accounts 2015104,4 k €↓
2014
Annual accounts 2014113 k €↓
2013
Annual accounts 2013169,6 k €↑
2012
Annual accounts 2012162 k €↑
2011
Annual accounts 2011158,4 k €↑
2010
Annual accounts 2010133,3 k €↑
2009
Annual accounts 200982 k €↑
2008
Annual accounts 200820,6 k €↓
2007
Annual accounts 200721,3 k €↓
2006
Annual accounts 200628,3 k €
2006
Name changeSolmar
30/09/1993
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

SOLMAR

Overview

What does SOLMAR do?

Trend over 20 financial years

Indicative valuation

Board of directors

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