ACTIVE

SUDEL

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Financial year 2025 · closed on 31/12/2025

Net result

2,5 M €

+542.7% YoY

Gross margin

232 k €

-57.6% YoY

Equity

3,8 M €

+156.3% YoY

What does SUDEL do?

SUDEL is a Private limited company incorporated in 1996. Its main activity is: Management consultancy activities. Its registered office is in Liège.

Legal situation

● Normal situation

BCE/KBO no. / VAT

BE 0457.940.760

Incorporation

03/05/1996

Legal form

Private limited company

Registered office

Quai des Vennes 18-20
4020 Liège · WallonieSee on map

Contributed capital

20 000,00 €

Latest accounts

31/12/2025

Activities (NACE)

70200Management consultancy activities· main 70220Business and other management consultancy activities 74142Specialised design activities 73110Advertising agencies 73110Advertising agencies 74401Other professional, scientific and technical activities

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	232 k €	-57.6%	547,4 k €	+147%	221,7 k €	-31.1%	321,9 k €	-3.2%	332,5 k €	+29.9%	255,9 k €	-8.5%	279,6 k €	+31.5%	212,7 k €	-28.3%	296,6 k €	+83.0%	162 k €	+24.8%	129,8 k €	-18.5%	159,2 k €	+72.9%	92,1 k €	-18.4%	112,9 k €	+17.8%	95,8 k €	+9.6%	87,4 k €	-29.4%	123,9 k €	+4.8%	118,2 k €	+18.2%	100,1 k €	+389%	20,5 k €
EBITDA	222 k €	-59.4%	546,1 k €	+148%	220,5 k €	-31.3%	320,9 k €	-3.1%	331,1 k €	+29.7%	255,3 k €	-8.5%	279 k €	+31.7%	211,9 k €	-28.4%	296 k €	+83.3%	161,5 k €	+24.7%	129,5 k €	-18.4%	158,7 k €	+73.4%	91,5 k €	-18.5%	112,2 k €	+18.0%	95,1 k €	+9.6%	86,8 k €	-29.6%	123,3 k €	+4.8%	117,7 k €	+18.3%	99,5 k €	+400%	19,9 k €
Operating result	216,4 k €	-60.0%	541,2 k €	+151%	215,6 k €	-31.8%	316 k €	-3.1%	326,2 k €	+29.9%	251,1 k €	-9.3%	276,8 k €	+32.0%	209,7 k €	-28.7%	294,2 k €	+84.2%	159,7 k €	+24.7%	128,1 k €	-18.9%	158 k €	+73.9%	90,9 k €	-18.6%	111,6 k €	+17.6%	94,9 k €	+9.7%	86,5 k €	-29.7%	123 k €	+4.8%	117,4 k €	+18.3%	99,2 k €	+398%	19,9 k €
Net result	2,5 M €	+543%	386,2 k €	+154%	152,3 k €	-31.2%	221,4 k €	-2.9%	228,1 k €	+28.1%	178,1 k €	-6.1%	189,6 k €	+32.2%	143,4 k €	-20.4%	180,1 k €	+83.3%	98,3 k €	+20.7%	81,4 k €	-19.0%	100,4 k €	+74.8%	57,5 k €	-16.9%	69,1 k €	+23.3%	56 k €	+10.2%	50,9 k €	-32.9%	75,8 k €	+5.3%	71,9 k €	+20.5%	59,7 k €	+514%	9,7 k €
Balance sheet
Equity	3,8 M €	+156%	1,5 M €	+20.6%	1,2 M €	+0.1%	1,2 M €	+7.3%	1,1 M €	+18.5%	956,7 k €	+22.7%	779,4 k €	+31.7%	591,6 k €	+32.0%	448,2 k €	+18.9%	377 k €	+27.9%	294,7 k €	+29.1%	228,4 k €	+59.8%	142,9 k €	-1.4%	145 k €	+68.8%	85,9 k €	+7.6%	79,8 k €	+1.1%	79 k €	+1.0%	78,2 k €	-9.3%	86,3 k €	+225%	26,6 k €
Total assets	4 M €	+154%	1,6 M €	+27.0%	1,3 M €	-1.9%	1,3 M €	+9.1%	1,2 M €	+21.2%	967,8 k €	+22.6%	789,1 k €	+27.6%	618,3 k €	+8.6%	569,5 k €	+43.1%	397,9 k €	+30.0%	306 k €	+16.7%	262,2 k €	+15.4%	227,1 k €	-10.7%	254,3 k €	+16.8%	217,6 k €	-6.3%	232,2 k €	-7.4%	250,8 k €	-12.3%	286 k €	+17.4%	243,7 k €	+242%	71,3 k €
Cash	155,5 k €	-47.8%	297,7 k €	-42.1%	513,9 k €	-30.3%	737,3 k €	-0.1%	738,1 k €	+26.1%	585,5 k €	+37.4%	426,1 k €	+24.2%	343,2 k €	+16.1%	295,5 k €	+201%	98,2 k €	+191%	33,8 k €	-20.4%	42,4 k €	+58.8%	26,7 k €	-39.2%	43,9 k €	+1136%	3,6 k €	-85.3%	24,3 k €	-41.4%	41,4 k €	-38.9%	67,7 k €	+85.8%	36,5 k €	+349%	8,1 k €
Debts	280,3 k €	+124%	125,1 k €	+239%	36,9 k €	-40.8%	62,3 k €	+61.0%	38,7 k €	+249%	11,1 k €	+14.5%	9,7 k €	-63.7%	26,7 k €	-78.0%	121,2 k €	+481%	20,9 k €	+85.6%	11,2 k €	-66.8%	33,9 k €	-59.8%	84,2 k €	-23.0%	109,3 k €	-17.0%	131,7 k €	-13.5%	152,3 k €	-11.3%	171,8 k €	-17.3%	207,7 k €	+32.0%	157,4 k €	+252%	44,8 k €

Estimate

Indicative valuation

As an indication, this company is worth

between 5 M€ and 10 M€

See the valuation

Governance

Board of directors

Seen on filing of 31/12/2025 · 1 active · 4 ended

Active mandates

André GARNIER

Mandate

Active

Ended mandates

André GARNIER

Manager · since 01 janvier 2018 · until 31 décembre 2018

Ended

André GARNIER

Manager · since 01 mai 2005

Ended

André GARNIER

Director

Ended

André GARNIER

Manager

Ended

At this address

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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	24/08/2026	06/08/2025	16/04/2024	17/02/2023	08/02/2022	28/06/2021
General meeting	30/06/2026	13/05/2025	08/04/2024	16/02/2023	06/02/2022	18/06/2021
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	30/06/2026	24/08/2026	French	PDF
Micro model	31/12/2024	13/05/2025	06/08/2025	French	PDF
Micro model	31/12/2023	08/04/2024	16/04/2024	French	PDF
Micro model	31/12/2022	16/02/2023	17/02/2023	French	PDF
Micro model	31/12/2021	06/02/2022	08/02/2022	French	PDF
Micro model	31/12/2020	18/06/2021	28/06/2021	French	PDF
Micro model	31/12/2019	29/05/2020	03/07/2020	French	PDF
Micro model	31/12/2018	30/06/2019	28/08/2019	French	PDF
Micro model	31/12/2017	30/06/2018	27/08/2018	French	PDF
Micro model	31/12/2016	30/06/2017	23/08/2017	French	PDF
Abridged model	31/12/2015	30/06/2016	25/08/2016	French	PDF
Abridged model	31/12/2014	30/06/2015	21/08/2015	French	PDF
Abridged model	31/12/2013	30/06/2014	22/08/2014	French	PDF
Abridged model	31/12/2012	29/03/2013	08/08/2013	French	PDF
Abridged model	31/12/2011	30/06/2012	23/08/2012	French	PDF
Abridged model	31/12/2010	30/06/2011	12/08/2011	French	PDF
Abridged model	31/12/2009	01/06/2010	28/07/2010	French	PDF
Abridged model	31/12/2008	30/06/2009	24/07/2009	French	PDF
Abridged model	31/12/2007	30/06/2008	29/07/2008	French	PDF
Abridged model	31/12/2006	30/06/2007	25/07/2007	French	PDF

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.

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 · 1 active · 4 ended

Active mandates

André GARNIER

Mandate

Active

Ended mandates

André GARNIER

Manager · since 01 janvier 2018 · until 31 décembre 2018

Ended

André GARNIER

Manager · since 01 mai 2005

Ended

André GARNIER

Director

Ended

André GARNIER

Manager

Ended

Shareholders

Ownership and network

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Try for 7 days

Belgian Official Gazette

Belgian Official Gazette publications

Mandates10/10/2023
STATUTS (TRADUCTION, COORDINATION, AUTRES MODIFICATIONS, ) - MODIFICATION FORME JURIDIQUE - OBJET - DEMISSIONS, NOMINATIONS
PDF
Capital / shares26/01/2018
CAPITAL, ACTIONS
PDF
Registered office02/01/2015
SIEGE SOCIAL
PDF
Capital / shares22/01/2014
CAPITAL, ACTIONS - STATUTS (TRADUCTION, COORDINATION, AUTRES MODIFICATIONS, )
PDF
Mandates16/01/2007
OBJET - STATUTS (TRADUCTION, COORDINATION, AUTRES MODIFICATIONS, ) - DEMISSIONS, NOMINATIONS - ASSEMBLEE GENERALE - CAPITAL, ACTIONS
PDF
Mandates16/06/2005
SIEGE SOCIAL - DEMISSIONS, NOMINATIONS
PDF
Registered office29/03/2004
SIEGE SOCIAL
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 20252,5 M €↑
2024
Annual accounts 2024386,2 k €↑
2023
Annual accounts 2023152,3 k €↓
2022
Annual accounts 2022221,4 k €↓
2021
Annual accounts 2021228,1 k €↑
2020
Annual accounts 2020178,1 k €↓
2019
Annual accounts 2019189,6 k €↑
2018
Annual accounts 2018143,4 k €↓
2017
Annual accounts 2017180,1 k €↑
2016
Annual accounts 201698,3 k €↑
2015
Annual accounts 201581,4 k €↓
2014
Annual accounts 2014100,4 k €↑
2013
Annual accounts 201357,5 k €↓
2012
Annual accounts 201269,1 k €↑
2011
Annual accounts 201156 k €↑
2010
Annual accounts 201050,9 k €↓
2009
Annual accounts 200975,8 k €↑
2008
Annual accounts 200871,9 k €↑
2007
Annual accounts 200759,7 k €↑
2006
Annual accounts 20069,7 k €
03/05/1996
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

SUDEL

Overview

What does SUDEL do?

Trend over 20 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