W.ALTER
0455.653.441 · rovalta.com · 22/09/2026
ACTIVE
W.ALTER
Financial year 2025 · closed on 31/12/2025
Net result
521,7 k €
+620.4% YoY
Gross margin
1,7 M €
+99.2% YoY
Equity
21 M €
+2.5% YoY
Workforce
7,1 ETP
-4.1% YoY
Overview
What does W.ALTER do?
W.ALTER is a Public limited company incorporated in 1995. Its main activity is: Activities of holding companies. Its registered office is in Liège. It employs on average 7,1 ETP workers (FTE).
Legal situation
● Normal situation
BCE/KBO no. / VAT
BE 0455.653.441
Incorporation
06/07/1995
Legal form
Public limited company
Registered office
Avenue Maurice-Destenay 13
4000 Liège · WallonieSee on map
4000 Liège · WallonieSee on map
Contributed capital
20 179 724,60 €
Latest accounts
31/12/2025
Average workforce
7,1 ETP
Activities (NACE)
Joint committees (2)
- 10204
- 200
Signals
ProfitableSolid equityLow riskGood liquidityPositive cashflowPositive EBITDAHealthy social debts
Available with a Rovalta subscriptionTry for 7 days
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 | 1,7 M € | +99.2% | 873,9 k € | -23.0% | 1,1 M € | +13.7% | 997,6 k € | +15.4% | 864,5 k € | +50.6% | 573,9 k € | +39.1% | 412,5 k € | +7.3% | 384,4 k € | -6.8% | 412,5 k € | – | – | – | – | – | – | – | – | – | |||||||||
| EBITDA | 370,6 k € | +181% | -454,9 k € | -89.4% | -240,2 k € | -2.2% | -234,9 k € | -72.0% | -136,6 k € | -45.3% | -94 k € | +39.5% | -155,3 k € | -12.3% | -138,3 k € | -84.5% | -74,9 k € | +24.8% | -99,6 k € | +26.6% | -135,7 k € | +41.8% | -233,3 k € | +5.9% | -248 k € | -1.3% | -244,8 k € | -12.4% | -217,9 k € | -57.3% | -138,5 k € | -3.9% | -133,3 k € | -67.3% | -79,7 k € |
| Operating result | 369,2 k € | +181% | -457,3 k € | -87.5% | -243,9 k € | -2.1% | -238,9 k € | -70.7% | -139,9 k € | -44.8% | -96,6 k € | +38.3% | -156,7 k € | -12.4% | -139,5 k € | -83.2% | -76,1 k € | +24.5% | -100,9 k € | +26.3% | -136,8 k € | +41.4% | -233,4 k € | +6.2% | -248,9 k € | -1.4% | -245,6 k € | -12.2% | -218,9 k € | -57.4% | -139 k € | -3.6% | -134,2 k € | -65.9% | -80,9 k € |
| Net result | 521,7 k € | +620% | 72,4 k € | +95.4% | 37,1 k € | +74.0% | 21,3 k € | -48.0% | 41 k € | +103% | 20,1 k € | +174% | -27 k € | -58.4% | -17,1 k € | -131% | 54,2 k € | +55.0% | 35 k € | +376% | -12,7 k € | +78.8% | -59,7 k € | +47.4% | -113,5 k € | -1604% | 7,5 k € | +14.6% | 6,6 k € | +366% | -2,5 k € | -107% | 33 k € | -62.5% | 88 k € |
| Balance sheet | |||||||||||||||||||||||||||||||||||
| Equity | 21 M € | +2.5% | 20,5 M € | +98.8% | 10,3 M € | +0.4% | 10,3 M € | +0.2% | 10,2 M € | +0.4% | 10,2 M € | +292% | 2,6 M € | -1.0% | 2,6 M € | -0.6% | 2,6 M € | +2.1% | 2,6 M € | +1.4% | 2,6 M € | -0.5% | 2,6 M € | -2.3% | 2,6 M € | -4.1% | 2,7 M € | +0.3% | 2,7 M € | +0.2% | 2,7 M € | -0.1% | 2,7 M € | +1.2% | 2,7 M € |
| Total assets | 27,6 M € | -3.1% | 28,5 M € | +72.1% | 16,6 M € | +10.3% | 15 M € | +2.3% | 14,7 M € | -11.5% | 16,6 M € | +55.2% | 10,7 M € | +4.7% | 10,2 M € | -3.4% | 10,6 M € | -5.8% | 11,2 M € | -3.7% | 11,7 M € | -0.9% | 11,8 M € | -8.3% | 12,8 M € | -6.4% | 13,7 M € | -22.0% | 17,6 M € | -7.2% | 18,9 M € | +5.9% | 17,9 M € | +0.8% | 17,7 M € |
| Cash | 8,3 M € | -36.1% | 12,9 M € | +1151% | 1 M € | +236% | 307,7 k € | -88.0% | 2,6 M € | -53.8% | 5,6 M € | +224% | 1,7 M € | +134% | 732,7 k € | +231% | 221,5 k € | -51.1% | 453,3 k € | -2.8% | 466,5 k € | -66.6% | 1,4 M € | -44.3% | 2,5 M € | +57.5% | 1,6 M € | +61.1% | 988,8 k € | +22.7% | 805,8 k € | +77.1% | 454,9 k € | +272% | 122,1 k € |
| Debts | 6,6 M € | -17.6% | 8,1 M € | +28.8% | 6,3 M € | +33.1% | 4,7 M € | +12.1% | 4,2 M € | -31.8% | 6,2 M € | -18.9% | 7,6 M € | +0.9% | 7,5 M € | -4.6% | 7,9 M € | -7.9% | 8,6 M € | -5.1% | 9 M € | -0.9% | 9,1 M € | -9.9% | 10,1 M € | -6.9% | 10,8 M € | -26.3% | 14,7 M € | -8.5% | 16,1 M € | +7.2% | 15 M € | +0.6% | 14,9 M € |
| Other | |||||||||||||||||||||||||||||||||||
| Workforce | 7,1 ETP | -4.1% | 7,4 ETP | -5.1% | 7,8 ETP | -4.9% | 8,2 ETP | +12.3% | 7,3 ETP | +55.3% | 4,7 ETP | +11.9% | 4,2 ETP | +5.0% | 4,0 ETP | +2.6% | 3,9 ETP | +25.8% | 3,1 ETP | +10.7% | 2,8 ETP | +7.7% | 2,6 ETP | -7.1% | 2,8 ETP | 0.0% | 2,8 ETP | 0.0% | 2,8 ETP | +7.7% | 2,6 ETP | 0.0% | 2,6 ETP | -7.1% | 2,8 ETP |
Estimate
Indicative valuation
As an indication, this company is worth
between 5 M€ and 10 M€
See the valuationGovernance
Board of directors
Seen on filing of 31/12/2025 · 13 active · 94 ended
Active mandates
Anne-Sophie TANDEL
ActiveManon MAQUET
ActiveRomain THREIS
ActiveSascha PALOTAI
ActiveStéphane EMMANUELIDIS
ActiveFrançoise PISSART
ActiveGianni INFANTI
ActiveGilles DOUTRELEPONT
ActiveJodie LEGRAND
ActivePhilippe GILSON
ActiveSepanta SEHATI
ActiveLaurent WENRIC
ActiveVirginie XHAUFLAIR
ActiveEnded mandates
Françoise PISSART
EndedGianni INFANTI
EndedGilles D'OUTRELEPONT
EndedJodie LEGRAND
EndedAt this address
Other companies at this address
| Company | CBE no. |
|---|---|
AMERIGO● Active | 0771.407.148 |
ARCEO● Active | 0865.732.522 |
ARCEO ENGINEERING● Liquidation | 0894.304.267 |
ARJEMO● Active | 0887.233.957 |
B.E. Fin● Active | 0419.202.029 |
BELWING● Active | 0674.535.327 |
CENTRE D'AFFAIRES LIEGE AVROY● Active | 0842.182.209 |
Durobor Real Estate● Active | 0843.107.667 |
| 0798.422.341 | |
ESPACE FINANCEMENT● Active | 0553.753.006 |
ESTOR-LUX● Active | 0749.614.317 |
Estor-Lux II● Active | 0791.483.574 |
ESTOR-LUX III● Active | 1026.435.588 |
FNX Ventures● Active | 1006.450.422 |
FONDS DE PARTICIPATION WALLONIE● Active | 0554.780.018 |
GEPART● Active | 0871.229.947 |
GREEN4POWER● Active | 0666.984.074 |
Green for Power - Beta● Active | 1018.955.306 |
Green for Power - Hélios● Active | 1000.086.727 |
Green for Power Holdco● Active | 1017.348.767 |
Financials
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 | 25/06/2026 | 06/06/2025 | 02/07/2024 | 13/06/2023 | 07/06/2022 | 14/06/2021 |
| General meeting | 16/06/2026 | 20/05/2025 | 21/05/2024 | 16/05/2023 | 17/05/2022 | 18/05/2021 |
| 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
Looking for more information about this company?
Try for 7 daysFilings
Annual accounts filings
20 filings with the NBB
| Model | Closing | General meeting | Filed | Language | Document |
|---|---|---|---|---|---|
| Abridged model | 31/12/2025 | 16/06/2026 | 25/06/2026 | French | |
| Abridged model | 31/12/2024 | 20/05/2025 | 06/06/2025 | French | |
| Abridged model | 31/12/2023 | 21/05/2024 | 02/07/2024 | French | |
| Abridged model | 31/12/2022 | 16/05/2023 | 13/06/2023 | French | |
| Abridged model | 31/12/2021 | 17/05/2022 | 07/06/2022 | French | |
| Abridged model | 31/12/2020 | 18/05/2021 | 14/06/2021 | French | |
| Abridged model | 31/12/2019 | 19/05/2020 | 29/05/2020 | French | |
| Abridged model | 31/12/2018 | 21/05/2019 | 12/06/2019 | French | |
| Abridged model | 31/12/2017 | 15/05/2018 | 29/05/2018 | French | |
| Full model | 31/12/2016 | 16/05/2017 | 02/06/2017 | French | |
| Full model | 31/12/2015 | 17/05/2016 | 31/05/2016 | French | |
| Full model | 31/12/2014 | 19/05/2015 | 26/05/2015 | French | |
| Full model | 31/12/2013 | 20/05/2014 | 05/06/2014 | French | |
| Full model | 31/12/2012 | 21/05/2013 | 22/05/2013 | French | |
| Full model | 31/12/2011 | 15/05/2012 | 29/05/2012 | French | |
| Full model | 31/12/2010 | 17/05/2011 | 19/05/2011 | French | |
| Full model | 31/12/2009 | 18/05/2010 | 25/05/2010 | French | |
| Full model | 31/12/2008 | 19/05/2009 | 09/06/2009 | French | |
| Full model | 31/12/2007 | 20/05/2008 | 27/05/2008 | French | |
| Full model | 31/12/2006 | 15/05/2007 | 24/05/2007 | French |
Valuation
Estimate
Indicative valuation
Order of magnitude
As an indication, this company is worth
between 5 M€ and 10 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.
Disclaimer
Indicative estimate based on public sector multiples and the filed annual accounts. It is neither a certified valuation nor financial or investment advice.
Directors & structure
Governance
Board of directors
Seen on filing of 31/12/2025 · 13 active · 94 ended
Active mandates
Anne-Sophie TANDEL
ActiveManon MAQUET
ActiveRomain THREIS
ActiveSascha PALOTAI
ActiveStéphane EMMANUELIDIS
ActiveFrançoise PISSART
ActiveGianni INFANTI
ActiveGilles DOUTRELEPONT
ActiveJodie LEGRAND
ActivePhilippe GILSON
ActiveSepanta SEHATI
ActiveLaurent WENRIC
ActiveVirginie XHAUFLAIR
ActiveEnded mandates
Françoise PISSART
EndedGianni INFANTI
EndedGilles D'OUTRELEPONT
EndedJodie LEGRAND
EndedShareholders
Ownership and network
Looking for more information about this company?
Try for 7 daysPublications
Belgian Official Gazette
Belgian Official Gazette publications
- Mandates17/07/2026DEMISSIONS, NOMINATIONS
- Mandates19/06/2026DEMISSIONS, NOMINATIONS
- Mandates04/12/2025DEMISSIONS, NOMINATIONS
- Other29/08/2025DIVERS
- Mandates14/04/2025DEMISSIONS, NOMINATIONS
- Mandates14/03/2025CAPITAL, ACTIONS - DEMISSIONS, NOMINATIONS - STATUTS (TRADUCTION, COORDINATION, AUTRES MODIFICATIONS, )
- Mandates01/08/2023DEMISSIONS, NOMINATIONS
- Mandates02/12/2022DEMISSIONS, NOMINATIONS
Source: Belgian Official Gazette
Similar companies
Competition
Similar companies
A company's peers, by sector and size, are included in the Business plan.
See the Business planTimeline
Timeline
- 2025Annual accounts 2025521,7 k €↑
- 2024Annual accounts 202472,4 k €↑
- 2023Annual accounts 202337,1 k €↑
- 2022Annual accounts 202221,3 k €↓
- 2021Annual accounts 202141 k €↑
- 2020Annual accounts 202020,1 k €↑
- 2020Name changeW.ALTER
- 2019Annual accounts 2019-27 k €↓
- 2018Annual accounts 2018-17,1 k €↓
- 2017Annual accounts 201754,2 k €↑
- 2016Annual accounts 201635 k €↑
- 2015Annual accounts 2015-12,7 k €↑
- 2014Annual accounts 2014-59,7 k €↑
- 2013Annual accounts 2013-113,5 k €↓
- 2012Annual accounts 20127,5 k €↑
- 2011Annual accounts 20116,6 k €↑
- 2010Annual accounts 2010-2,5 k €↓
- 2009Annual accounts 200933 k €↓
- 2008Annual accounts 200888 k €
- 2008Name changeSOCIETE WALLONNE D'ECONOMIE SOCIALE MARCHANDE
- 06/07/1995IncorporationPublic limited company