ACTIVE

BURGO ARDENNES

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Financial year 2025 · closed on 31/12/2025

Net result

11,5 M €

-24.0% YoY

Revenue

379,1 M €

-0.1% YoY

Equity

87,1 M €

-0.3% YoY

Workforce

591,5 ETP

-0.7% YoY

What does BURGO ARDENNES do?

BURGO ARDENNES is a Public limited company incorporated in 1994. Its main activity is: Manufacture of pulp. Its registered office is in Virton. It employs on average 591,5 ETP workers (FTE).

Legal situation

● Normal situation

BCE/KBO no. / VAT

BE 0451.821.842

Incorporation

10/02/1994

Legal form

Public limited company

Registered office

Rue de la Papeterie,St-Mard 1
6762 Virton · WallonieSee on map

Contributed capital

75 000 000,00 €

Latest accounts

31/12/2025

Average workforce

591,5 ETP

Activities (NACE)

17110Manufacture of pulp· main 17110Manufacture of pulp 17120Manufacture of paper and paperboard 17120Manufacture of paper and paperboard 21121Manufacture of basic pharmaceutical products 17120Manufacture of paper and paperboard+4

Joint committees (2)

Signals

ProfitableSolid equityLow riskPositive cashflowPositive EBITDAHealthy social debtsHigh revenue

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Health score

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✦ Verdict · Analyst summary

Financials

Trend over 17 financial years

	2025		2024		2023		2022		2021		2020		2019		2018		2016		2015		2014		2013		2012		2011		2010		2009		2008
Income statement
Revenue	379,1 M €	-0.1%	379,3 M €	-7.8%	411,3 M €	-2.9%	423,7 M €	+31.4%	322,4 M €	+22.9%	262,4 M €	-10.9%	294,4 M €	-1.8%	299,8 M €	+4.4%	287 M €	-7.6%	310,4 M €	-0.3%	311,3 M €	+0.1%	310,9 M €	-1.7%	316,2 M €	+4.9%	301,4 M €	+1.4%	297,3 M €	-1.7%	302,5 M €	-8.5%	330,6 M €
EBITDA	27,3 M €	-32.1%	40,2 M €	+14.9%	35 M €	-1.6%	35,6 M €	+28.2%	27,7 M €	+36.3%	20,4 M €	+15.8%	17,6 M €	-30.1%	25,2 M €	+55.3%	16,2 M €	-33.8%	24,5 M €	+56.3%	15,7 M €	+0.7%	15,6 M €	-4.0%	16,2 M €	+26.3%	12,8 M €	-57.6%	30,3 M €	-9.2%	33,3 M €	-3.9%	34,7 M €
Operating result	19,9 M €	-14.5%	23,3 M €	+16.4%	20 M €	+7.1%	18,7 M €	+36.1%	13,7 M €	+85.3%	7,4 M €	+20.6%	6,2 M €	-55.5%	13,8 M €	+149%	5,6 M €	-60.1%	13,9 M €	+131%	6 M €	-6.0%	6,4 M €	-16.4%	7,7 M €	+12.9%	6,8 M €	-68.2%	21,3 M €	-6.9%	22,9 M €	-2.5%	23,5 M €
Net result	11,5 M €	-24.0%	15,1 M €	+30.4%	11,6 M €	+3.1%	11,3 M €	+32.3%	8,5 M €	+226%	2,6 M €	+57.7%	1,7 M €	-80.2%	8,3 M €	+352%	1,8 M €	-78.2%	8,5 M €	+138%	3,6 M €	+33.7%	2,7 M €	-61.6%	6,9 M €	+15.0%	6 M €	-57.7%	14,3 M €	+224%	4,4 M €	-72.2%	15,9 M €
Balance sheet
Equity	87,1 M €	-0.3%	87,3 M €	-0.2%	87,5 M €	+2.7%	85,1 M €	+0.3%	84,9 M €	+0.6%	84,4 M €	+0.1%	84,3 M €	+0.1%	84,3 M €	+0.4%	83,9 M €	-8.8%	92 M €	+5.5%	87,2 M €	+1.2%	86,2 M €	-4.6%	90,4 M €	+1.2%	89,3 M €	-8.4%	97,5 M €	+10.2%	88,4 M €	-10.9%	99,2 M €
Total assets	219,8 M €	-6.2%	234,4 M €	-4.3%	245 M €	-0.8%	247 M €	+10.7%	223,1 M €	-6.0%	237,5 M €	+12.3%	211,5 M €	+1.8%	207,7 M €	+8.8%	190,9 M €	-3.6%	198 M €	+5.1%	188,4 M €	-6.9%	202,4 M €	+1.5%	199,4 M €	+1.7%	196 M €	+3.4%	189,6 M €	+4.1%	182,1 M €	-19.1%	225 M €
Cash	10,1 M €	-6.5%	10,8 M €	-21.9%	13,9 M €	-19.4%	17,2 M €	+32.5%	13 M €	+76.3%	7,4 M €	-23.4%	9,6 M €	+53.2%	6,3 M €	+546%	974 k €	+297%	245,4 k €	-73.1%	912,2 k €	+243%	266,3 k €	-67.9%	829,3 k €	-72.5%	3 M €	-16.2%	3,6 M €	+145%	1,5 M €	-28.1%	2,1 M €
Debts	119,7 M €	-6.8%	128,5 M €	-10.2%	143 M €	-3.2%	147,7 M €	+16.9%	126,3 M €	-10.4%	141,1 M €	+22.8%	114,9 M €	+3.5%	111 M €	+12.7%	98,5 M €	+1.4%	97,1 M €	+2.9%	94,4 M €	-14.0%	109,7 M €	+7.3%	102,2 M €	+1.3%	100,9 M €	+17.9%	85,5 M €	+1.4%	84,4 M €	-27.2%	115,9 M €
Other
Workforce	591,5 ETP	-0.7%	595,9 ETP	+0.7%	591,6 ETP	-0.4%	593,9 ETP	+3.8%	572,1 ETP	-1.5%	581,1 ETP	+1.4%	572,9 ETP	+0.5%	569,8 ETP	-1.7%	579,9 ETP	-0.8%	584,5 ETP	-1.4%	592,8 ETP	-2.2%	606,3 ETP	-1.4%	614,6 ETP	-0.6%	618,2 ETP	+0.8%	613,4 ETP	-2.8%	630,9 ETP	-1.5%	640,2 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 · 7 active · 49 ended

Active mandates

Alberto Sorge

Mandate

Active

Dominique Poncelet

Mandate

Active

Francesco Capurro

Mandate

Active

Giorgio Marchi

Mandate

Active

Girolamo Marchi

Mandate

Active

Ignazio Capuano

Mandate

Active

Matteo D'Alberto

Mandate

Active

Ended mandates

Alberto SORGE

Director · since 03 mai 2023 · until 20 avril 2026

Ended

Dominique PONCELET

Director · since 03 mai 2023 · until 20 avril 2026

Ended

Francesco CAPURRO

Director · since 03 mai 2023 · until 20 avril 2026

Ended

Giorgio MARCHI

Director · since 03 mai 2023 · until 20 avril 2026

Ended

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	30/06/2026	26/11/2025	07/06/2024	24/07/2023	13/07/2022	31/05/2021
General meeting	04/05/2026	17/04/2025	03/05/2024	20/04/2023	21/04/2022	15/04/2021
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

23 filings with the NBB

Model	Closing	General meeting	Filed	Language	Document
Full model	31/12/2025	04/05/2026	30/06/2026	French	PDF
Full modelCorrection	31/12/2024	17/04/2025	26/11/2025	French	PDF
Full modelCorrection	31/12/2024	17/04/2025	03/09/2025	French	PDF
Full model	31/12/2024	17/04/2025	27/05/2025	French	PDF
Full model	31/12/2023	03/05/2024	07/06/2024	French	PDF
Full model	31/12/2022	20/04/2023	24/07/2023	French	PDF
Full model	31/12/2021	21/04/2022	13/07/2022	French	PDF
Full model	31/12/2020	15/04/2021	31/05/2021	French	PDF
Full model	31/12/2019	16/04/2020	14/07/2020	French	PDF
Full model	31/12/2018	18/04/2019	24/06/2019	French	PDF
Full model	31/12/2017	19/04/2018	14/06/2018	French	PDF
Full model	31/12/2016	20/04/2017	26/06/2017	French	PDF
Full modelCorrection	31/12/2015	21/04/2016	02/06/2017	French	PDF
Full model	31/12/2015	21/04/2016	29/06/2016	French	PDF
Full model	31/12/2014	22/05/2015	17/06/2015	French	PDF
Full model	31/12/2013	17/04/2014	26/06/2014	French	PDF
Full model	31/12/2012	18/04/2013	01/07/2013	French	PDF
Full model	31/12/2011	19/04/2012	03/05/2012	French	PDF
Full model	31/12/2010	21/04/2011	01/06/2011	French	PDF
Full model	31/12/2009	15/04/2010	25/05/2010	French	PDF
Full model	31/12/2008	16/04/2009	12/05/2009	French	PDF
Full model	31/12/2007	17/04/2008	20/05/2008	French	PDF
Full model	31/12/2006	19/04/2007	29/05/2007	French	PDF

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 · 7 active · 49 ended

Active mandates

Alberto Sorge

Mandate

Active

Dominique Poncelet

Mandate

Active

Francesco Capurro

Mandate

Active

Giorgio Marchi

Mandate

Active

Girolamo Marchi

Mandate

Active

Ignazio Capuano

Mandate

Active

Matteo D'Alberto

Mandate

Active

Ended mandates

Alberto SORGE

Director · since 03 mai 2023 · until 20 avril 2026

Ended

Dominique PONCELET

Director · since 03 mai 2023 · until 20 avril 2026

Ended

Francesco CAPURRO

Director · since 03 mai 2023 · until 20 avril 2026

Ended

Giorgio MARCHI

Director · since 03 mai 2023 · until 20 avril 2026

Ended

Shareholders

Ownership and network

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Try for 7 days

Belgian Official Gazette

Belgian Official Gazette publications

Mandates21/10/2024
DEMISSIONS, NOMINATIONS
PDF
Mandates02/04/2024
DEMISSIONS, NOMINATIONS
PDF
Other20/12/2023
STATUTS (TRADUCTION, COORDINATION, AUTRES MODIFICATIONS, )
PDF
Mandates26/10/2023
DEMISSIONS, NOMINATIONS
PDF
Mandates07/02/2023
DEMISSIONS, NOMINATIONS
PDF
Mandates09/11/2021
DEMISSIONS, NOMINATIONS
PDF
Mandates07/07/2021
DEMISSIONS, NOMINATIONS
PDF
Mandates25/11/2020
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

2025
Annual accounts 202511,5 M €↓
2024
Annual accounts 202415,1 M €↑
2023
Annual accounts 202311,6 M €↑
03/05/2023
reconductionMarie-Laure Moreau — commissaire
03/05/2023
nominationMatteo Guglielmo D'Alberto — administrateur
03/05/2023
nominationDominique Poncelet — administrateur
03/05/2023
nominationGirolamo Marchi — représentation de la société
03/05/2023
nominationIgnazio Capuano — Administrateur Délégué
03/05/2023
nominationGiorgio Marchi — administrateur
03/05/2023
nominationAlberto Sorge — administrateur
03/05/2023
nominationMatteo Guglielmo D’Alberto — administrateur
03/05/2023
nominationFrancesco Capurro — administrateur
01/01/2023
nominationDominique PONCELET — Directeur Général
2022
Annual accounts 202211,3 M €↑
2021
Annual accounts 20218,5 M €↑
2020
Annual accounts 20202,6 M €↑
2019
Annual accounts 20191,7 M €↓
2018
Annual accounts 20188,3 M €↑
2016
Annual accounts 20161,8 M €↓
2015
Annual accounts 20158,5 M €↑
2014
Annual accounts 20143,6 M €↑
2013
Annual accounts 20132,7 M €↓
2012
Annual accounts 20126,9 M €↑
2011
Annual accounts 20116 M €↓
2010
Annual accounts 201014,3 M €↑
2009
Annual accounts 20094,4 M €↓
2008
Annual accounts 200815,9 M €
10/02/1994
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

BURGO ARDENNES

Overview

What does BURGO ARDENNES do?

Trend over 17 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