ACTIVE

True North Asset Management

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Financial year 2025 · closed on 30/09/2025

Net result

388,9 k €

+8.9% YoY

Gross margin

746,7 k €

+7.3% YoY

Equity

2,0 M €

+24.7% YoY

What does True North Asset Management do?

True North Asset Management is a Private limited company incorporated in 1996. Its registered office is in Sint-Martens-Latem.

Legal situation

● Normal situation

BCE/KBO no. / VAT

BE 0457.827.330

Incorporation

23/04/1996

Legal form

Private limited company

Registered office

Dorpsstraat 8
9831 Sint-Martens-Latem · FlandreSee on map

Contributed capital

300 000,00 €

Latest accounts

30/09/2025

Signals

ProfitableSolid equityLow riskGood liquidityPositive cashflowPositive EBITDA

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Health score

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✦ Verdict · Analyst summary

Financials

Trend over 19 financial years

	2025		2024		2023		2022		2021		2020		2019		2018		2017		2016		2015		2014		2013		2012		2011		2010		2009		2008		2007
Income statement
Gross margin	746,7 k €	+7.3%	695,9 k €	+9.9%	633,3 k €	+50.0%	422,3 k €	+60.4%	263,3 k €	+62.1%	162,5 k €	-29.5%	230,4 k €	+553%	35,3 k €	-3.0%	36,3 k €	-52.4%	76,4 k €	+380%	15,9 k €	-71.4%	55,5 k €	-52.6%	117,1 k €	+26.3%	92,7 k €	+16.5%	79,6 k €	+17.8%	67,5 k €	-13.0%	77,6 k €	+8.5%	71,5 k €	+9.0%	65,6 k €
EBITDA	732,4 k €	+6.6%	687,3 k €	+9.7%	626,5 k €	+53.4%	408,5 k €	+57.7%	259,0 k €	+62.5%	159,5 k €	-30.3%	228,7 k €	+600%	32,7 k €	-3.0%	33,7 k €	-54.6%	74,1 k €	+445%	13,6 k €	-73.4%	51,1 k €	-55.1%	113,8 k €	+26.4%	90,1 k €	+17.5%	76,6 k €	+19.3%	64,2 k €	-12.5%	73,4 k €	+203%	24,2 k €	-62.5%	64,7 k €
Operating result	645,6 k €	+11.1%	581,0 k €	+30.6%	445,0 k €	+39.2%	319,7 k €	+206%	104,4 k €	-19.3%	129,5 k €	+4.8%	123,5 k €	+839%	13,2 k €	-18.7%	16,2 k €	-71.8%	57,5 k €	+1956%	-3,1 k €	+62.4%	-8,2 k €	-108%	97,1 k €	+118%	44,6 k €	-22.4%	57,4 k €	+29.3%	44,4 k €	+44.1%	30,8 k €	-55.7%	69,6 k €	+7.6%	64,7 k €
Net result	388,9 k €	+8.9%	357,2 k €	+30.5%	273,6 k €	+36.6%	200,3 k €	+347%	44,8 k €	-47.3%	85,0 k €	+14.1%	74,5 k €	+29246%	-255,6 €	-103%	8,4 k €	-80.0%	41,9 k €	+400%	-13,9 k €	+15.2%	-16,5 k €	-129%	55,9 k €	+201%	18,6 k €	-36.6%	29,3 k €	+22.2%	24,0 k €	+35.5%	17,7 k €	-75.7%	72,9 k €	+13.0%	64,5 k €
Balance sheet
Equity	2,0 M €	+24.7%	1,6 M €	+29.3%	1,2 M €	+29.7%	938,7 k €	+113%	441,0 k €	+11.1%	397,0 k €	+26.8%	313,0 k €	+29.9%	240,9 k €	-0.1%	241,2 k €	+3.6%	232,8 k €	+22.0%	190,9 k €	-6.8%	204,8 k €	-7.4%	221,3 k €	+33.8%	165,4 k €	+12.7%	146,8 k €	+24.9%	117,5 k €	+25.6%	93,6 k €	+23.3%	75,9 k €	+2466%	3,0 k €
Total assets	3,4 M €	-6.8%	3,7 M €	+15.0%	3,2 M €	+28.2%	2,5 M €	+5.0%	2,4 M €	+108%	1,1 M €	+0.6%	1,1 M €	+98.3%	572,4 k €	-7.9%	621,6 k €	-1.9%	633,8 k €	-1.4%	643,0 k €	-1.4%	652,0 k €	+13.4%	574,9 k €	-3.8%	597,4 k €	+136%	253,4 k €	-4.9%	266,6 k €	-6.4%	284,7 k €	+238%	84,3 k €	+159%	32,5 k €
Cash	296,9 k €	+113%	139,6 k €	+113%	65,5 k €	-23.4%	85,4 k €	-14.8%	100,3 k €	+6.8%	93,9 k €	-7.2%	101,1 k €	+433%	19,0 k €	-11.5%	21,4 k €	-11.2%	24,1 k €	+799%	2,7 k €	-2.2%	2,7 k €	-67.8%	8,5 k €	-58.3%	20,4 k €	+133%	8,7 k €	+198%	2,9 k €	-24.5%	3,9 k €	-72.1%	13,9 k €	+92.1%	7,3 k €
Debts	1,4 M €	-30.1%	2,0 M €	+7.4%	1,9 M €	+27.3%	1,5 M €	-21.3%	1,9 M €	+165%	717,6 k €	-8.9%	787,5 k €	+143%	323,4 k €	-13.8%	375,4 k €	-5.0%	395,4 k €	-11.3%	445,7 k €	+0.1%	445,2 k €	+28.0%	347,9 k €	-18.3%	425,7 k €	+306%	105,0 k €	-29.4%	148,8 k €	-18.9%	183,4 k €	+2092%	8,4 k €	-71.7%	29,5 k €

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 30/09/2025 · 1 active · 19 ended

Active mandates

Bernard Hendrikx

Director · since 26 janvier 2007 · until 31 décembre 9999

Active

Ended mandates

Bernard HENDRIKX

Managing director · since 25 janvier 2013 · until 25 janvier 2019

Ended

Bernard HENDRIKX

Managing director · since 25 janvier 2013 · until 31 janvier 2019

Ended

Joan HENDRIKX

Director · since 25 janvier 2013 · until 25 janvier 2019

Ended

Joan HENDRIKX

Director · since 25 janvier 2013 · until 31 janvier 2019

Ended

At this address

Other companies at this address

Company	CBE no.
Apogée● Active	1024.759.369

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	01/10/2024	01/10/2023	01/10/2022	01/10/2021	01/10/2020	01/10/2019
Closing of the financial year	30/09/2025	30/09/2024	30/09/2023	30/09/2022	30/09/2021	30/09/2020
Length of the financial year	12 months	12 months	12 months	12 months	12 months	12 months
Filing date	27/04/2026	29/04/2025	29/04/2024	28/04/2023	16/05/2022	20/04/2021
General meeting	31/03/2026	31/03/2025	30/03/2024	31/03/2023	16/04/2022	24/03/2021
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	30/09/2025	31/03/2026	27/04/2026	Dutch	PDF
Micro model	30/09/2024	31/03/2025	29/04/2025	Dutch	PDF
Micro model	30/09/2023	30/03/2024	29/04/2024	Dutch	PDF
Micro model	30/09/2022	31/03/2023	28/04/2023	Dutch	PDF
Micro model	30/09/2021	16/04/2022	16/05/2022	Dutch	PDF
Micro model	30/09/2020	24/03/2021	20/04/2021	Dutch	PDF
Abridged model	30/09/2019	13/02/2020	12/03/2020	Dutch	PDF
Abridged model	30/09/2018	25/01/2019	15/02/2019	Dutch	PDF
Abridged model	30/09/2017	26/01/2018	23/02/2018	Dutch	PDF
Abridged model	30/09/2016	27/01/2017	31/01/2017	Dutch	PDF
Abridged model	30/09/2015	29/01/2016	11/02/2016	Dutch	PDF
Abridged model	30/09/2014	30/01/2015	27/02/2015	Dutch	PDF
Abridged model	31/08/2013	24/01/2014	21/02/2014	Dutch	PDF
Abridged model	31/08/2012	25/01/2013	25/01/2013	Dutch	PDF
Abridged model	31/08/2011	27/01/2012	20/02/2012	Dutch	PDF
Abridged model	31/08/2010	28/01/2011	11/02/2011	Dutch	PDF
Abridged model	31/08/2009	29/01/2010	12/02/2010	Dutch	PDF
Abridged model	31/08/2008	30/01/2009	20/02/2009	Dutch	PDF
Abridged model	31/08/2007	25/01/2008	11/02/2008	Dutch	PDF
Abridged model	31/08/2006	26/01/2007	31/01/2007	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 30/09/2025 · 1 active · 19 ended

Active mandates

Bernard Hendrikx

Director · since 26 janvier 2007 · until 31 décembre 9999

Active

Ended mandates

Bernard HENDRIKX

Managing director · since 25 janvier 2013 · until 25 janvier 2019

Ended

Bernard HENDRIKX

Managing director · since 25 janvier 2013 · until 31 janvier 2019

Ended

Joan HENDRIKX

Director · since 25 janvier 2013 · until 25 janvier 2019

Ended

Joan HENDRIKX

Director · since 25 janvier 2013 · until 31 janvier 2019

Ended

Shareholders

Ownership and network

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Belgian Official Gazette

Belgian Official Gazette publications

Mandates23/01/2025
STATUTEN (VERTALING, COÖRDINATIE, OVERIGE WIJZIGINGEN, ) - WIJZIGING RECHTSVORM - ONTSLAGEN - BENOEMINGEN - ALGEMENE VERGADERING
PDF
Restructuring03/05/2022
MAATSCHAPPELIJKE ZETEL - DOEL - KAPITAAL - AANDELEN - ONTSLAGEN - BENOEMINGEN - RUBRIEK HERSTRUCTURERING (FUSIE, SPLITSING, OVERDRACHT VERMOGEN, ENZ...)
PDF
Restructuring15/02/2022
RUBRIEK HERSTRUCTURERING (FUSIE, SPLITSING, OVERDRACHT VERMOGEN, ENZ...)
PDF
Registered office27/05/2019
MAATSCHAPPELIJKE ZETEL
PDF
Mandates11/03/2019
ONTSLAGEN - BENOEMINGEN
PDF
Other04/05/2018
BENAMING - DOEL
PDF
Mandates22/02/2013
ONTSLAGEN - BENOEMINGEN
PDF
Capital / shares05/12/2011
DOEL - KAPITAAL - AANDELEN
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 2025388,9 k €↑
2024
Annual accounts 2024357,2 k €↑
2023
Annual accounts 2023273,6 k €↑
2022
Annual accounts 2022200,3 k €↑
2021
Annual accounts 202144,8 k €↓
2020
Annual accounts 202085,0 k €↑
2019
Annual accounts 201974,5 k €↑
2018
Annual accounts 2018-255,6 €↓
2017
Annual accounts 20178,4 k €↓
2016
Annual accounts 201641,9 k €↑
2015
Annual accounts 2015-13,9 k €↑
2014
Annual accounts 2014-16,5 k €↓
2013
Annual accounts 201355,9 k €↑
2012
Annual accounts 201218,6 k €↓
2011
Annual accounts 201129,3 k €↑
2010
Annual accounts 201024,0 k €↑
2009
Annual accounts 200917,7 k €↓
2008
Annual accounts 200872,9 k €↑
2007
Annual accounts 200764,5 k €
23/04/1996
IncorporationPrivate 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

True North Asset Management

Overview

What does True North Asset Management do?

Trend over 19 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