ACTIVE

BELFIMAS

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Financial year 2025 · closed on 30/09/2025

Net result

39,1 M €

+12.2% YoY

Equity

315,5 M €

+0.5% YoY

What does BELFIMAS do?

BELFIMAS is a Public limited company incorporated in 1997. Its registered office is in Antwerpen.

Legal situation

● Normal situation

BCE/KBO no. / VAT

BE 0460.831.954

Incorporation

10/06/1997

Legal form

Public limited company

Registered office

Begijnenvest 113
2000 Antwerpen · FlandreSee on map

Contributed capital

158 761 608,91 €

Latest accounts

30/09/2025

Signals

ProfitableSolid equityLow riskPositive cashflow

View the BCE/KBO Public Search record →

Health score

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✦ Verdict · Analyst summary

Financials

Trend over 17 financial years

	2025		2024		2023		2022		2021		2020		2019		2018		2017		2016		2015		2014		2013		2012		2011		2010		2009
Income statement
EBITDA	-10,9 k €	+19.8%	-13,6 k €	-37.7%	-9,9 k €	+5.3%	-10,4 k €	-1.4%	-10,3 k €	-23.0%	-8,4 k €	+8.3%	-9,1 k €	+15.2%	-10,7 k €	-6.8%	-10,1 k €	+13.2%	-11,6 k €	-14.3%	-10,1 k €	-1.0%	-10,1 k €	+22.1%	-12,9 k €	-19.0%	-10,8 k €	-1.3%	-10,7 k €	-17.0%	-9,1 k €	+4.8%	-9,6 k €
Operating result	-10,9 k €	+19.8%	-13,6 k €	-37.7%	-9,9 k €	+5.3%	-10,4 k €	-1.4%	-10,3 k €	-23.0%	-8,4 k €	+8.3%	-9,1 k €	+15.2%	-10,7 k €	-6.8%	-10,1 k €	+13.2%	-11,6 k €	-14.3%	-10,1 k €	-1.0%	-10,1 k €	+22.1%	-12,9 k €	-19.0%	-10,8 k €	-1.3%	-10,7 k €	-17.0%	-9,1 k €	+4.8%	-9,6 k €
Net result	39,1 M €	+12.2%	34,8 M €	+9.4%	31,8 M €	+13.8%	28 M €	-41.5%	47,8 M €	+175297%	-27,3 k €	-100%	23,7 M €	-20.9%	30 M €	+50.9%	19,9 M €	+3.4%	19,2 M €	+5.7%	18,2 M €	+7.1%	17 M €	+0.8%	16,8 M €	+2.1%	16,5 M €	+7.0%	15,4 M €	+8.3%	14,2 M €	+3.4%	13,8 M €
Balance sheet
Equity	315,5 M €	+0.5%	313,8 M €	-0.6%	315,8 M €	+0.5%	314,4 M €	-0.0%	314,4 M €	+0.6%	312,5 M €	-0.0%	312,5 M €	+0.3%	311,7 M €	+3.1%	302,4 M €	-2.0%	308,6 M €	+0.1%	308,3 M €	-0.0%	308,4 M €	-0.0%	308,5 M €	+0.3%	307,5 M €	+0.3%	306,4 M €	+0.3%	305,5 M €	+0.5%	303,9 M €
Total assets	353,4 M €	+1.2%	349,4 M €	+0.9%	346,2 M €	+1.1%	342,4 M €	+1.2%	338,5 M €	+7.6%	314,6 M €	-7.1%	338,4 M €	+0.5%	336,8 M €	+3.2%	326,5 M €	-0.4%	327,8 M €	+0.3%	326,9 M €	+0.4%	325,7 M €	+0.4%	324,3 M €	+0.4%	322,9 M €	+0.6%	320,9 M €	+0.6%	318,9 M €	+0.4%	317,7 M €
Cash	19,5 k €	-73.0%	72,1 k €	-99.8%	31,9 M €	+13.7%	28 M €	+16.4%	24,1 M €	+25590%	93,8 k €	-99.6%	24 M €	+7.5%	22,3 M €	+11.3%	20,1 M €	+3.7%	19,3 M €	+18769%	102,5 k €	+765%	11,9 k €	-50.8%	24,1 k €	-28.1%	33,5 k €	+14.9%	29,2 k €	+56.2%	18,7 k €	+12.4%	16,6 k €
Debts	37,9 M €	+7.0%	35,4 M €	+16.5%	30,4 M €	+8.6%	28 M €	+16.3%	24,1 M €	+1084%	2 M €	-92.2%	25,9 M €	+3.3%	25,1 M €	+4.4%	24 M €	+25.5%	19,1 M €	+3.0%	18,6 M €	+7.4%	17,3 M €	+9.4%	15,8 M €	+2.5%	15,4 M €	+5.9%	14,6 M €	+8.7%	13,4 M €	-2.7%	13,8 M €

Estimate

Indicative valuation

As an indication, this company is worth

between 250 M€ and 500 M€

See the valuation

Governance

Board of directors

Seen on filing of 30/09/2025 · 3 active · 20 ended

Active mandates

Philippe de Patoul

Director · since 20 novembre 2023 · until 20 novembre 2026

Active

Frederic van Haaren

Director · since 21 novembre 2022 · until 20 novembre 2025

Active

Luc Bertrand

Director · since 21 novembre 2022 · until 20 novembre 2025

Active

Ended mandates

Philippe de Patoul

Director · since 20 novembre 2020 · until 20 novembre 2023

Ended

Luc Bertrand

Director · since 21 novembre 2019 · until 21 novembre 2022

Ended

Frederic van Haaren

Director · since 20 novembre 2019 · until 21 novembre 2022

Ended

Philippe de Patoul

Director · since 20 novembre 2017 · until 20 novembre 2020

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	01/10/2024	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	03/12/2025	04/12/2024	28/11/2023	06/12/2022	15/12/2021	01/10/2021
General meeting	20/11/2025	20/11/2024	20/11/2023	21/11/2022	22/11/2021	20/11/2020
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

19 filings with the NBB

Model	Closing	General meeting	Filed	Language	Document
Full model	30/09/2025	20/11/2025	03/12/2025	Dutch	PDF
Full model	30/09/2024	20/11/2024	04/12/2024	Dutch	PDF
Full model	30/09/2023	20/11/2023	28/11/2023	Dutch	PDF
Full model	30/09/2022	21/11/2022	06/12/2022	Dutch	PDF
Full model	30/09/2021	22/11/2021	15/12/2021	Dutch	PDF
Full model	30/09/2020	20/11/2020	01/10/2021	Dutch	PDF
Full model	30/09/2019	20/11/2019	25/11/2019	Dutch	PDF
Full model	30/09/2018	20/11/2018	10/12/2018	Dutch	PDF
Full model	30/09/2017	20/11/2017	22/11/2017	Dutch	PDF
Full model	30/09/2016	21/11/2016	22/11/2016	Dutch	PDF
Full model	30/09/2015	20/11/2015	02/12/2015	Dutch	PDF
Full model	30/09/2014	20/11/2014	12/12/2014	Dutch	PDF
Full model	30/09/2013	20/11/2013	11/12/2013	Dutch	PDF
Full model	30/09/2012	20/11/2012	11/12/2012	Dutch	PDF
Full model	30/09/2011	21/11/2011	15/12/2011	Dutch	PDF
Full model	30/09/2010	22/11/2010	15/12/2010	Dutch	PDF
Full model	30/09/2009	20/11/2009	25/11/2009	Dutch	PDF
Full model	30/09/2008	20/11/2008	25/11/2008	Dutch	PDF
Full model	30/09/2007	20/11/2007	28/11/2007	Dutch	PDF

Estimate

Indicative valuation

Order of magnitude

As an indication, this company is worth

between 250 M€ and 500 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 · 3 active · 20 ended

Active mandates

Philippe de Patoul

Director · since 20 novembre 2023 · until 20 novembre 2026

Active

Frederic van Haaren

Director · since 21 novembre 2022 · until 20 novembre 2025

Active

Luc Bertrand

Director · since 21 novembre 2022 · until 20 novembre 2025

Active

Ended mandates

Philippe de Patoul

Director · since 20 novembre 2020 · until 20 novembre 2023

Ended

Luc Bertrand

Director · since 21 novembre 2019 · until 21 novembre 2022

Ended

Frederic van Haaren

Director · since 20 novembre 2019 · until 21 novembre 2022

Ended

Philippe de Patoul

Director · since 20 novembre 2017 · until 20 novembre 2020

Ended

Shareholders

Ownership and network

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Try for 7 days

Belgian Official Gazette

Belgian Official Gazette publications

Mandates16/12/2025
ONTSLAGEN - BENOEMINGEN
PDF
Mandates22/12/2023
ONTSLAGEN - BENOEMINGEN
PDF
Capital / shares05/12/2023
STATUTEN (VERTALING, COÖRDINATIE, OVERIGE WIJZIGINGEN, ) - KAPITAAL - AANDELEN
PDF
Mandates16/12/2022
ONTSLAGEN - BENOEMINGEN
PDF
Mandates05/11/2021
ONTSLAGEN - BENOEMINGEN
PDF
Mandates12/06/2020
ONTSLAGEN - BENOEMINGEN
PDF
Mandates09/01/2018
ONTSLAGEN - BENOEMINGEN
PDF
Capital / shares04/10/2017
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

20/11/2025
reconductionLuc Bertrand — bestuurder
20/11/2025
reconductionFrederic van Haaren — bestuurder
2025
Annual accounts 202539,1 M €↑
2024
Annual accounts 202434,8 M €↑
20/11/2023
reconductionPhilippe de Patoul — bestuurder
20/11/2023
reconductionErnst & Young Bedrijfsrevisoren BV — commissaris
2023
Annual accounts 202331,8 M €↑
21/11/2022
reconductionLuc Bertrand — bestuurder
21/11/2022
reconductionFrederic van Haaren — bestuurder
2022
Annual accounts 202228 M €↓
2021
Annual accounts 202147,8 M €↑
2020
Annual accounts 2020-27,3 k €↓
2019
Annual accounts 201923,7 M €↓
2018
Annual accounts 201830 M €↑
2017
Annual accounts 201719,9 M €↑
2016
Annual accounts 201619,2 M €↑
2015
Annual accounts 201518,2 M €↑
2014
Annual accounts 201417 M €↑
2013
Annual accounts 201316,8 M €↑
2012
Annual accounts 201216,5 M €↑
2011
Annual accounts 201115,4 M €↑
2010
Annual accounts 201014,2 M €↑
2009
Annual accounts 200913,8 M €
10/06/1997
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

BELFIMAS

Overview

What does BELFIMAS do?

Trend over 17 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