ACTIVE

DENODE

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Financial year 2025 · closed on 31/12/2025

Net result

105,7 k €

+370.0% YoY

Gross margin

370,3 k €

-11.2% YoY

Equity

620,5 k €

+20.5% YoY

Workforce

11,8 ETP

-4.8% YoY

What does DENODE do?

DENODE is a Private limited company incorporated in 1996. Its registered office is in Gerpinnes. It employs on average 11,8 ETP workers (FTE).

Legal situation

● Normal situation

BCE/KBO no. / VAT

BE 0459.024.487

Incorporation

17/10/1996

Legal form

Private limited company

Registered office

Rue Neuve(GER) 182
6280 Gerpinnes · WallonieSee on map

Contributed capital

6 197,33 €

Latest accounts

31/12/2025

Average workforce

11,8 ETP

Joint committees (1)

Signals

ProfitableSolid equityLow riskPositive cashflow

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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	370,3 k €	-11.2%	417,1 k €	-16.7%	500,4 k €	+2.8%	486,8 k €	-13.6%	563,6 k €	+1.2%	556,7 k €	+39.7%	398,6 k €	-1.2%	403,3 k €	-2.7%	414,7 k €	+6.9%	388 k €	+7.6%	360,6 k €	-10.8%	404,3 k €	+5.1%	384,6 k €	-2.3%	393,9 k €	+5.2%	374,2 k €	+27.2%	294,3 k €	-1.9%	299,9 k €	+15.6%	259,3 k €	+6.4%	243,7 k €	+4.8%	232,5 k €
EBITDA	-16,6 k €	-170%	23,9 k €	-82.6%	137,5 k €	+3.1%	133,4 k €	-34.3%	203 k €	-7.4%	219,3 k €	+255%	61,7 k €	-25.7%	83,1 k €	+36.8%	60,7 k €	-31.8%	89 k €	+35.4%	65,7 k €	-30.8%	94,9 k €	+4.7%	90,6 k €	+1.9%	88,9 k €	-11.9%	101 k €	-28.0%	140,2 k €	+1.3%	138,4 k €	+69.3%	81,8 k €	+3.8%	78,8 k €	-31.8%	115,6 k €
Operating result	-60 k €	-76.2%	-34 k €	-136%	93,5 k €	+19.9%	78 k €	-47.0%	147,3 k €	-19.2%	182,3 k €	+463%	32,4 k €	-40.2%	54,1 k €	+87.0%	28,9 k €	-31.8%	42,4 k €	+118%	19,4 k €	-57.2%	45,4 k €	+10.9%	40,9 k €	+30.3%	31,4 k €	-10.4%	35,1 k €	-46.9%	66 k €	-6.6%	70,6 k €	+462%	12,6 k €	+5.7%	11,9 k €	-82.5%	67,8 k €
Net result	105,7 k €	+370%	-39,1 k €	-158%	67,6 k €	+25.2%	54 k €	-51.9%	112,3 k €	-17.3%	135,8 k €	+513%	22,2 k €	-43.5%	39,3 k €	+116%	18,2 k €	-40.3%	30,5 k €	+213%	9,7 k €	-61.4%	25,2 k €	-37.3%	40,2 k €	+147%	16,3 k €	-26.9%	22,3 k €	-43.0%	39,1 k €	-20.2%	49 k €	+258%	13,7 k €	+438%	2,5 k €	-94.2%	44 k €
Balance sheet
Equity	620,5 k €	+20.5%	514,9 k €	-7.1%	554 k €	+10.5%	501,4 k €	+9.6%	457,4 k €	+25.3%	365,1 k €	+22.0%	299,3 k €	+4.2%	287,1 k €	+8.0%	265,9 k €	+7.3%	247,7 k €	+14.0%	217,2 k €	+4.7%	207,5 k €	-17.8%	252,2 k €	+18.5%	212,8 k €	+7.8%	197,3 k €	+12.2%	175,9 k €	-31.5%	256,8 k €	+23.6%	207,8 k €	+7.0%	194,1 k €	+1.3%	191,6 k €
Total assets	1,2 M €	+12.4%	1,1 M €	-0.6%	1,1 M €	+6.6%	1 M €	-1.6%	1 M €	-1.5%	1,1 M €	+27.9%	829 k €	+7.5%	771 k €	+1.2%	762 k €	+12.3%	678,5 k €	-8.3%	739,8 k €	-21.8%	945,8 k €	-0.9%	954 k €	+6.9%	892,6 k €	-9.8%	989,8 k €	+0.3%	987 k €	+1.3%	974,5 k €	+9.0%	893,7 k €	+3.6%	863,1 k €	-0.4%	866,3 k €
Cash	123,5 k €	-31.9%	181,5 k €	+24.4%	145,9 k €	+0.8%	144,7 k €	-8.2%	157,7 k €	-33.6%	237,5 k €	-2.6%	243,8 k €	+8.8%	224 k €	+0.3%	223,4 k €	+50.9%	148 k €	-18.9%	182,6 k €	-52.3%	383 k €	+0.6%	380,8 k €	+14.4%	333 k €	-6.5%	356,2 k €	+1.9%	349,7 k €	-6.5%	374 k €	+47.8%	253,1 k €	-11.4%	285,8 k €	+9.4%	261,2 k €
Debts	604,5 k €	+5.2%	574,7 k €	+6.0%	542,4 k €	+2.9%	527,2 k €	-10.3%	587,6 k €	-15.5%	695,4 k €	+31.3%	529,7 k €	+9.5%	483,9 k €	-2.5%	496,1 k €	+15.2%	430,8 k €	-17.6%	522,6 k €	-29.2%	738,3 k €	+5.2%	701,7 k €	+3.2%	679,7 k €	-14.2%	792,4 k €	-2.3%	811,1 k €	+13.0%	717,7 k €	+4.6%	685,9 k €	+2.5%	668,9 k €	-0.8%	674,7 k €
Other
Workforce	11,8 ETP	-4.8%	12,4 ETP	+0.8%	12,3 ETP	-9.6%	13,6 ETP	+3.8%	13,1 ETP	-2.2%	13,4 ETP	-4.3%	14,0 ETP	0.0%	14,0 ETP	-6.0%	14,9 ETP	+11.2%	13,4 ETP	-0.7%	13,5 ETP	+3.8%	13,0 ETP	-9.7%	14,4 ETP	+8.3%	13,3 ETP	0.0%	13,3 ETP	-11.3%	15,0 ETP	+50.0%	10,0 ETP	-3.8%	10,4 ETP	-8.0%	11,3 ETP	+36.1%	8,3 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 · 2 ended

Active mandates

FABIAN DEBROUX

Director · since 07 octobre 1996

Active

MARJORIE NOTTE

Director · since 07 octobre 1996

Active

Ended mandates

FABIAN DEBROUX

Manager · since 07 octobre 1996

Ended

MARJORIE NOTTE

Manager · since 07 octobre 1996

Ended

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	26/06/2026	29/07/2025	12/07/2024	09/08/2023	04/08/2022	05/08/2021
General meeting	07/03/2026	14/06/2025	08/06/2024	10/06/2023	11/06/2022	12/06/2021
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
Abridged model	31/12/2025	07/03/2026	26/06/2026	French	PDF
Abridged model	31/12/2024	14/06/2025	29/07/2025	French	PDF
Abridged model	31/12/2023	08/06/2024	12/07/2024	French	PDF
Abridged model	31/12/2022	10/06/2023	09/08/2023	French	PDF
Abridged model	31/12/2021	11/06/2022	04/08/2022	French	PDF
Abridged model	31/12/2020	12/06/2021	05/08/2021	French	PDF
Abridged model	31/12/2019	13/06/2020	21/08/2020	French	PDF
Abridged model	31/12/2018	15/06/2019	05/08/2019	French	PDF
Abridged model	31/12/2017	16/06/2018	06/08/2018	French	PDF
Abridged model	31/12/2016	17/06/2017	07/08/2017	French	PDF
Abridged model	31/12/2015	18/06/2016	04/08/2016	French	PDF
Abridged model	31/12/2014	20/06/2015	06/08/2015	French	PDF
Abridged model	31/12/2013	21/06/2014	04/08/2014	French	PDF
Abridged model	31/12/2012	15/06/2013	12/08/2013	French	PDF
Abridged model	31/12/2011	16/06/2012	24/08/2012	French	PDF
Abridged model	31/12/2010	18/06/2011	12/08/2011	French	PDF
Abridged model	31/12/2009	19/06/2010	26/07/2010	French	PDF
Abridged model	31/12/2008	20/06/2009	06/08/2009	French	PDF
Abridged model	31/12/2007	21/06/2008	25/07/2008	French	PDF
Abridged model	31/12/2006	16/06/2007	13/08/2007	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 · 2 ended

Active mandates

FABIAN DEBROUX

Director · since 07 octobre 1996

Active

MARJORIE NOTTE

Director · since 07 octobre 1996

Active

Ended mandates

FABIAN DEBROUX

Manager · since 07 octobre 1996

Ended

MARJORIE NOTTE

Manager · since 07 octobre 1996

Ended

Shareholders

Ownership and network

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Belgian Official Gazette

Belgian Official Gazette publications

Mandates29/12/2023
STATUTS (TRADUCTION, COORDINATION, AUTRES MODIFICATIONS, ) - MODIFICATION FORME JURIDIQUE - DEMISSIONS, NOMINATIONS
PDF
Registered office27/02/2017
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 2025105,7 k €↑
2024
Annual accounts 2024-39,1 k €↓
2023
Annual accounts 202367,6 k €↑
2022
Annual accounts 202254 k €↓
2021
Annual accounts 2021112,3 k €↓
2020
Annual accounts 2020135,8 k €↑
2019
Annual accounts 201922,2 k €↓
2018
Annual accounts 201839,3 k €↑
2017
Annual accounts 201718,2 k €↓
2016
Annual accounts 201630,5 k €↑
2015
Annual accounts 20159,7 k €↓
2014
Annual accounts 201425,2 k €↓
2013
Annual accounts 201340,2 k €↑
2012
Annual accounts 201216,3 k €↓
2011
Annual accounts 201122,3 k €↓
2010
Annual accounts 201039,1 k €↓
2009
Annual accounts 200949 k €↑
2008
Annual accounts 200813,7 k €↑
2007
Annual accounts 20072,5 k €↓
2006
Annual accounts 200644 k €
17/10/1996
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

DENODE

Overview

What does DENODE 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