ACTIVE

WATERS

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Financial year 2025 · closed on 31/12/2025

Net result

1,9 M €

-9.5% YoY

Revenue

54,9 M €

+10.2% YoY

Equity

10,5 M €

+21.8% YoY

Workforce

64,6 ETP

-0.9% YoY

What does WATERS do?

WATERS is a Public limited company incorporated in 1994. Its registered office is in Antwerpen. It employs on average 64,6 ETP workers (FTE).

Legal situation

● Normal situation

BCE/KBO no. / VAT

BE 0453.145.693

Incorporation

20/07/1994

Legal form

Public limited company

Registered office

Berchemstadionstraat 72
2600 Antwerpen · FlandreSee on map

Contributed capital

61 973,00 €

Latest accounts

31/12/2025

Average workforce

64,6 ETP

Joint committees (2)

Signals

ProfitableSolid equityLow riskGood liquidityPositive cashflowPositive EBITDAHealthy social debtsHigh revenue

View the BCE/KBO Public Search record →

Health score

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✦ Verdict · Analyst summary

Financials

Trend over 16 financial years

	2025		2024		2023		2021		2017		2016		2015		2014		2013		2012		2011		2010		2009		2008		2007		2006
Income statement
Revenue	54,9 M €	+10.2%	49,8 M €	-6.7%	53,4 M €	+32.7%	40,2 M €	+23.1%	32,7 M €	+7.2%	30,5 M €	+15.3%	26,5 M €	-1.9%	27 M €	+5.7%	25,5 M €	-13.7%	29,6 M €	+20.0%	24,7 M €	+17.8%	20,9 M €	+10.6%	18,9 M €	+5.0%	18 M €	+6.6%	16,9 M €	-1.3%	17,1 M €
EBITDA	3,3 M €	+2.5%	3,2 M €	-39.2%	5,3 M €	+136%	2,2 M €	+10.8%	2 M €	-12.0%	2,3 M €	+161%	876,1 k €	+11.3%	787,1 k €	-5.3%	831,3 k €	+62.3%	512,1 k €	-50.1%	1 M €	+41.5%	725,8 k €	-49.1%	1,4 M €	-23.4%	1,9 M €	-4.2%	1,9 M €	-30.6%	2,8 M €
Operating result	2,5 M €	-4.9%	2,7 M €	-41.5%	4,6 M €	+94.8%	2,3 M €	+16.1%	2 M €	-4.5%	2,1 M €	+142%	875 k €	+35.7%	644,6 k €	-7.7%	698,2 k €	+30.4%	535,4 k €	-34.9%	821,9 k €	+53.2%	536,5 k €	-45.6%	985,4 k €	-32.2%	1,5 M €	-8.3%	1,6 M €	-37.3%	2,5 M €
Net result	1,9 M €	-9.5%	2,1 M €	-35.5%	3,2 M €	+89.4%	1,7 M €	+27.3%	1,3 M €	+10.2%	1,2 M €	+207%	391,9 k €	-2.2%	400,6 k €	-3.4%	414,8 k €	+19.0%	348,5 k €	-35.8%	543,2 k €	+83.7%	295,7 k €	-59.3%	727,1 k €	-34.4%	1,1 M €	+13.1%	979,5 k €	-39.3%	1,6 M €
Balance sheet
Equity	10,5 M €	+21.8%	8,6 M €	+31.7%	6,5 M €	+44.8%	4,5 M €	-68.7%	14,4 M €	+10.2%	13,1 M €	+10.2%	11,9 M €	+3.4%	11,5 M €	+3.6%	11,1 M €	+3.9%	10,7 M €	+3.4%	10,3 M €	+5.6%	9,8 M €	+3.1%	9,5 M €	+8.3%	8,7 M €	+14.5%	7,6 M €	+14.7%	6,7 M €
Total assets	29,9 M €	+6.0%	28,2 M €	+35.3%	20,9 M €	+0.7%	20,7 M €	-22.8%	26,8 M €	+31.4%	20,4 M €	+12.2%	18,2 M €	+10.2%	16,5 M €	+10.2%	15 M €	-20.2%	18,8 M €	+23.3%	15,2 M €	-24.6%	20,2 M €	+45.6%	13,9 M €	+9.9%	12,6 M €	+4.5%	12,1 M €	+6.3%	11,4 M €
Cash	–		–		–		–		10,2 M €	+85.1%	5,5 M €	+34.7%	4,1 M €	+160%	1,6 M €	-63.9%	4,4 M €	-10.9%	4,9 M €	+136%	2,1 M €	+76.4%	1,2 M €	-50.6%	2,4 M €	-30.5%	3,4 M €	+137%	1,4 M €	-45.7%	2,7 M €
Debts	14,5 M €	+16.9%	12,4 M €	+48.2%	8,3 M €	-27.5%	11,5 M €	+20.3%	9,6 M €	+95.0%	4,9 M €	+26.2%	3,9 M €	+27.2%	3,1 M €	+54.9%	2 M €	-70.1%	6,6 M €	+84.6%	3,6 M €	-59.3%	8,8 M €	+203%	2,9 M €	+12.6%	2,6 M €	-17.7%	3,1 M €	-13.3%	3,6 M €
Other
Workforce	64,6 ETP	-0.9%	65,2 ETP	-5.1%	68,7 ETP	+4.9%	65,5 ETP	+0.8%	65,0 ETP	+1.9%	63,8 ETP	+6.3%	60,0 ETP	+9.5%	54,8 ETP	+3.6%	52,9 ETP	-0.6%	53,2 ETP	-0.9%	53,7 ETP	-0.6%	54,0 ETP	+5.3%	51,3 ETP	-1.0%	51,8 ETP	+0.2%	51,7 ETP	+5.7%	48,9 ETP

Estimate

Indicative valuation

As an indication, this company is worth

between 25 M€ and 50 M€

See the valuation

Governance

Board of directors

Seen on filing of 31/12/2025 · 2 active · 56 ended

Active mandates

Scott Rudland

Director · since 20 janvier 2023 · until 08 juin 2028

Active

Stacy Boyle

Director · since 27 octobre 2022 · until 08 juin 2028

Active

Ended mandates

James Hallam

Director · since 02 mars 2018 · until 20 janvier 2023

Ended

James Hallam

Administrator - manager · since 02 mars 2018 · until 30 juin 2023

Ended

James HALLAM

Director · since 02 mars 2018 · until 14 juin 2024

Ended

Jeremiah O'Mahony

Director · since 02 mars 2018 · until 14 juin 2024

Ended

At this address

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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	22/06/2026	30/06/2025	30/08/2024	12/07/2023	21/09/2022	20/10/2021
General meeting	11/06/2026	12/06/2025	13/06/2024	26/06/2023	09/06/2022	18/08/2021
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
Full model	31/12/2025	11/06/2026	22/06/2026	Dutch	PDF
Full model	31/12/2024	12/06/2025	30/06/2025	Dutch	PDF
Full model	31/12/2023	13/06/2024	30/08/2024	Dutch	PDF
Full model	31/12/2022	26/06/2023	12/07/2023	Dutch	PDF
Full model	31/12/2021	09/06/2022	21/09/2022	Dutch	PDF
Full model	31/12/2020	18/08/2021	20/10/2021	Dutch	PDF
Full model	31/12/2019	30/06/2020	28/07/2020	Dutch	PDF
Full model	31/12/2018	20/06/2019	08/07/2019	Dutch	PDF
Full model	31/12/2017	15/07/2018	24/09/2018	Dutch	PDF
Full model	31/12/2016	30/06/2017	12/09/2017	Dutch	PDF
Full model	31/12/2015	09/06/2016	21/06/2016	Dutch	PDF
Full model	31/12/2014	01/07/2015	08/07/2015	Dutch	PDF
Full model	31/12/2013	05/12/2014	18/12/2014	Dutch	PDF
Full model	31/12/2012	20/10/2014	27/10/2014	Dutch	PDF
Full model	31/12/2011	28/06/2013	28/06/2013	Dutch	PDF
Full model	31/12/2010	06/07/2012	12/07/2012	Dutch	PDF
Full model	31/12/2009	10/11/2010	11/11/2010	Dutch	PDF
Full model	31/12/2008	11/06/2009	11/06/2009	Dutch	PDF
Full model	31/12/2007	12/06/2008	13/06/2008	Dutch	PDF
Full model	31/12/2006	01/08/2007	01/08/2007	Dutch	PDF

Estimate

Indicative valuation

Order of magnitude

As an indication, this company is worth

between 25 M€ and 50 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 · 56 ended

Active mandates

Scott Rudland

Director · since 20 janvier 2023 · until 08 juin 2028

Active

Stacy Boyle

Director · since 27 octobre 2022 · until 08 juin 2028

Active

Ended mandates

James Hallam

Director · since 02 mars 2018 · until 20 janvier 2023

Ended

James Hallam

Administrator - manager · since 02 mars 2018 · until 30 juin 2023

Ended

James HALLAM

Director · since 02 mars 2018 · until 14 juin 2024

Ended

Jeremiah O'Mahony

Director · since 02 mars 2018 · until 14 juin 2024

Ended

Shareholders

Ownership and network

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Belgian Official Gazette

Belgian Official Gazette publications

Other15/01/2026
DIVERSEN
PDF
Mandates03/12/2025
ONTSLAGEN - BENOEMINGEN
PDF
Mandates02/10/2023
ONTSLAGEN - BENOEMINGEN
PDF
Mandates22/06/2023
DEMISSIONS, NOMINATIONS
PDF
Mandates01/03/2023
ONTSLAGEN - BENOEMINGEN
PDF
Mandates28/12/2022
ONTSLAGEN - BENOEMINGEN
PDF
Mandates25/11/2022
ONTSLAGEN - BENOEMINGEN
PDF
Mandates27/09/2022
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 20251,9 M €↓
2024
Annual accounts 20242,1 M €↓
2023
Annual accounts 20233,2 M €↑
2021
Annual accounts 20211,7 M €↑
2017
Annual accounts 20171,3 M €↑
2016
Annual accounts 20161,2 M €↑
2015
Annual accounts 2015391,9 k €↓
2014
Annual accounts 2014400,6 k €↓
2013
Annual accounts 2013414,8 k €↑
2012
Annual accounts 2012348,5 k €↓
2011
Annual accounts 2011543,2 k €↑
2010
Annual accounts 2010295,7 k €↓
2009
Annual accounts 2009727,1 k €↓
2008
Annual accounts 20081,1 M €↑
2007
Annual accounts 2007979,5 k €↓
2006
Annual accounts 20061,6 M €
20/07/1994
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

WATERS

Overview

What does WATERS do?

Trend over 16 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