ACTIVE

WITH US

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Financial year 2025 · closed on 31/12/2025

Net result

28,3 k €

-22.8% YoY

Gross margin

110,2 k €

+5.6% YoY

Equity

167,8 k €

+20.3% YoY

What does WITH US do?

WITH US is a Public limited company incorporated in 1994. Its main activity is: Manufacture of bodies (coachwork) for motor vehicles; manufacture of trailers and semi-trailers. Its registered office is in Ganshoren.

Legal situation

● Normal situation

BCE/KBO no. / VAT

BE 0452.959.910

Incorporation

23/06/1994

Legal form

Public limited company

Registered office

Rue Louis Delhove 9-11
1083 Ganshoren · BruxellesSee on map

Contributed capital

61 973,38 €

Latest accounts

31/12/2025

Activities (NACE)

29245Manufacture of bodies (coachwork) for motor vehicles; manufacture of trailers and semi-trailers· main 47251Retail sale of beverages in specialised stores 47251Retail sale of beverages in specialised stores 28295Manufacture of other general-purpose machinery n.e.c.28295Manufacture of other general-purpose machinery n.e.c.

Signals

ProfitableSolid equityLow riskGood liquidityPositive cashflowPositive EBITDA

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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	110,2 k €	+5.6%	104,4 k €	+0.8%	103,6 k €	+9.0%	95 k €	+10.9%	85,7 k €	+60.9%	53,3 k €	+22.5%	43,5 k €	+6666%	-661,8 €	-102%	43,4 k €	+1210%	-3,9 k €	+76.5%	-16,6 k €	-25.3%	-13,3 k €	+93.7%	-211,8 k €	-671%	37,1 k €	+256%	-23,8 k €	-117%	136,6 k €	-27.3%	188 k €	+340%	42,7 k €	-68.5%	135,9 k €	+2083%	6,2 k €
EBITDA	41,3 k €	-7.7%	44,8 k €	-22.9%	58,1 k €	+4.3%	55,7 k €	+19.5%	46,6 k €	+120%	21,2 k €	-22.5%	27,4 k €	+311%	-13 k €	+35.9%	-20,2 k €	+64.6%	-57,2 k €	-209%	52,3 k €	+453%	-14,8 k €	+92.3%	-192 k €	-4894%	4 k €	-66.9%	12,1 k €	-89.9%	120,5 k €	+21.0%	99,6 k €	+97.2%	50,5 k €	-49.4%	99,8 k €	+268%	27,1 k €
Operating result	33,9 k €	-22.1%	43,6 k €	-17.4%	52,7 k €	+20.0%	43,9 k €	+0.3%	43,8 k €	+251%	12,5 k €	-30.9%	18,1 k €	+182%	-22,1 k €	+25.1%	-29,5 k €	+58.6%	-71,1 k €	-243%	49,9 k €	+390%	-17,2 k €	+91.1%	-194,6 k €	-2650%	-7,1 k €	-2613%	-260,8 €	-100%	108,3 k €	+23.6%	87,6 k €	+124%	39,1 k €	-58.3%	93,8 k €	+346%	21 k €
Net result	28,3 k €	-22.8%	36,7 k €	-21.2%	46,6 k €	+25.2%	37,2 k €	-5.1%	39,2 k €	+429%	7,4 k €	-48.0%	14,2 k €	+161%	-23,4 k €	+24.8%	-31,1 k €	+57.8%	-73,8 k €	-252%	48,6 k €	+353%	-19,3 k €	+90.3%	-198 k €	-2294%	-8,3 k €	-2931%	-272,8 €	-100%	75,8 k €	+19.8%	63,2 k €	+104%	30,9 k €	-52.1%	64,6 k €	+337%	14,8 k €
Balance sheet
Equity	167,8 k €	+20.3%	139,5 k €	+35.7%	102,8 k €	+83.0%	56,2 k €	+196%	18,9 k €	+193%	-20,3 k €	+26.8%	-27,7 k €	+34.0%	-41,9 k €	-126%	-18,5 k €	-247%	12,6 k €	-85.4%	86,3 k €	+129%	37,7 k €	-33.8%	56,9 k €	-78.3%	262,9 k €	-5.8%	279,2 k €	-2.9%	287,5 k €	+30.8%	219,7 k €	+33.6%	164,5 k €	+16.2%	141,5 k €	+66.6%	84,9 k €
Total assets	366,5 k €	+22.6%	299 k €	+5.3%	283,9 k €	+25.9%	225,4 k €	-11.5%	254,7 k €	-15.6%	301,8 k €	+100%	150,7 k €	-6.8%	161,6 k €	-35.0%	248,5 k €	+4.1%	238,8 k €	-22.9%	309,6 k €	+27.3%	243,1 k €	-33.9%	367,9 k €	-60.0%	920,4 k €	+33.5%	689,5 k €	-27.1%	946,2 k €	-58.9%	2,3 M €	+339%	524,1 k €	+73.9%	301,4 k €	-29.4%	427,2 k €
Cash	88,7 k €	+14.9%	77,2 k €	+4.5%	73,9 k €	-22.6%	95,5 k €	+41.7%	67,4 k €	+14.6%	58,9 k €	+52.1%	38,7 k €	-3.3%	40 k €	+76.7%	22,6 k €	-44.2%	40,6 k €	-27.2%	55,7 k €	+99.4%	28 k €	-66.6%	83,7 k €	-45.4%	153,3 k €	-20.1%	191,9 k €	+152%	76 k €	+30.0%	58,5 k €	-63.4%	159,8 k €	+422%	30,6 k €	+18.2%	25,9 k €
Debts	198,7 k €	+24.6%	159,5 k €	-11.9%	181,1 k €	+7.0%	169,2 k €	-28.2%	235,8 k €	-26.8%	322,1 k €	+80.6%	178,3 k €	-12.4%	203,6 k €	-23.8%	267 k €	+18.1%	226,2 k €	+1.3%	223,2 k €	+67.5%	133,3 k €	-44.2%	238,8 k €	-30.6%	343,8 k €	-1.1%	347,8 k €	-37.7%	558 k €	-71.7%	2 M €	+540%	307,5 k €	+224%	95 k €	-69.4%	310,8 k €
Other
Workforce	–		–		–		–		–		–		–		–		–		–		–		–		–		–		–		0,8 ETP	0.0%	0,8 ETP		–		–		–

Estimate

Indicative valuation

As an indication, this company is worth

between 250 k€ and 500 k€

See the valuation

Governance

Board of directors

Seen on filing of 31/12/2025 · 2 active · 15 ended

Active mandates

Karine STEPANYAN

Director · since 05 juin 2023 · until 01 juin 2029

Active

Marc LAEVENS

Managing director · since 05 juin 2023 · until 01 juin 2029

Active

Ended mandates

Karine STEPANYAN

Director · since 01 janvier 2018 · until 02 juin 2023

Ended

Marc LAEVENS

Managing director · since 01 janvier 2018 · until 02 juin 2023

Ended

Ilya MACKELBERT

Director · since 05 juin 2012 · until 05 juin 2018

Ended

Llya MACKELBERT

Director · since 05 juin 2012 · until 05 juin 2018

Ended

Annual accounts

Full financial information

	2025	2024	2023	2022	2021	2020
Type of account	Micro model	Micro model	Micro model	Micro model	Micro model	Micro 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	23/07/2026	04/07/2025	03/07/2024	04/07/2023	22/08/2022	30/08/2021
General meeting	05/06/2026	05/06/2025	05/06/2024	05/06/2023	07/06/2022	05/06/2021
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
Micro model	31/12/2025	05/06/2026	23/07/2026	French	PDF
Micro model	31/12/2024	05/06/2025	04/07/2025	French	PDF
Micro model	31/12/2023	05/06/2024	03/07/2024	French	PDF
Micro model	31/12/2022	05/06/2023	04/07/2023	French	PDF
Micro model	31/12/2021	07/06/2022	22/08/2022	French	PDF
Micro model	31/12/2020	05/06/2021	30/08/2021	French	PDF
Micro model	31/12/2019	05/06/2020	24/07/2020	French	PDF
Micro model	31/12/2018	05/06/2019	31/07/2019	French	PDF
Micro model	31/12/2017	05/06/2018	27/06/2018	French	PDF
Micro model	31/12/2016	06/06/2017	06/06/2017	French	PDF
Abridged model	31/12/2015	06/06/2016	25/08/2016	French	PDF
Abridged model	31/12/2014	05/06/2015	25/08/2016	French	PDF
Abridged model	31/12/2013	05/06/2014	27/08/2014	French	PDF
Abridged model	31/12/2012	05/06/2013	30/08/2013	French	PDF
Abridged model	31/12/2011	05/06/2012	30/07/2012	French	PDF
Abridged model	31/12/2010	05/06/2011	08/11/2011	French	PDF
Abridged model	31/12/2009	05/06/2010	02/07/2010	French	PDF
Abridged model	31/12/2008	05/06/2009	22/06/2009	French	PDF
Abridged model	31/12/2007	05/06/2008	01/07/2008	French	PDF
Abridged model	31/12/2006	05/06/2007	02/07/2007	French	PDF

Estimate

Indicative valuation

Order of magnitude

As an indication, this company is worth

between 250 k€ and 500 k€

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 · 15 ended

Active mandates

Karine STEPANYAN

Director · since 05 juin 2023 · until 01 juin 2029

Active

Marc LAEVENS

Managing director · since 05 juin 2023 · until 01 juin 2029

Active

Ended mandates

Karine STEPANYAN

Director · since 01 janvier 2018 · until 02 juin 2023

Ended

Marc LAEVENS

Managing director · since 01 janvier 2018 · until 02 juin 2023

Ended

Ilya MACKELBERT

Director · since 05 juin 2012 · until 05 juin 2018

Ended

Llya MACKELBERT

Director · since 05 juin 2012 · until 05 juin 2018

Ended

Shareholders

Ownership and network

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Belgian Official Gazette

Belgian Official Gazette publications

Registered office08/01/2026
SIEGE SOCIAL
PDF
Mandates22/03/2024
DEMISSIONS, NOMINATIONS
PDF
Mandates14/05/2018
DEMISSIONS, NOMINATIONS
PDF
Registered office23/08/2017
SIEGE SOCIAL
PDF
Mandates04/04/2014
DEMISSIONS, NOMINATIONS
PDF
Mandates04/04/2014
DEMISSIONS, NOMINATIONS
PDF
Registered office06/01/2011
SIEGE SOCIAL
PDF
Mandates27/10/2006
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 202528,3 k €↓
2024
Annual accounts 202436,7 k €↓
2023
Annual accounts 202346,6 k €↑
2022
Annual accounts 202237,2 k €↓
2021
Annual accounts 202139,2 k €↑
2020
Annual accounts 20207,4 k €↓
2019
Annual accounts 201914,2 k €↑
2018
Annual accounts 2018-23,4 k €↑
2017
Annual accounts 2017-31,1 k €↑
2016
Annual accounts 2016-73,8 k €↓
2015
Annual accounts 201548,6 k €↑
2014
Annual accounts 2014-19,3 k €↑
2013
Annual accounts 2013-198 k €↓
2012
Annual accounts 2012-8,3 k €↓
2011
Annual accounts 2011-272,8 €↓
2010
Annual accounts 201075,8 k €↑
2009
Annual accounts 200963,2 k €↑
2008
Annual accounts 200830,9 k €↓
2007
Annual accounts 200764,6 k €↑
2006
Annual accounts 200614,8 k €
23/06/1994
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

WITH US

Overview

What does WITH US 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