ACTIVE

S.F.A.R.

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Financial year 2025 · closed on 31/12/2025

Net result

1,8 M €

+1336.4% YoY

Gross margin

2,7 k €

-61.0% YoY

Equity

4,4 M €

+41.9% YoY

What does S.F.A.R. do?

S.F.A.R. is a Public limited company incorporated in 1997. Its main activity is: Management consultancy activities. Its registered office is in Bruxelles.

Legal situation

● Normal situation

BCE/KBO no. / VAT

BE 0462.090.776

Incorporation

11/12/1997

Legal form

Public limited company

Registered office

Rue aux Laines 70
1000 Bruxelles · BruxellesSee on map

Contributed capital

100 000,00 €

Latest accounts

31/12/2025

Activities (NACE)

70200Management consultancy activities· main 70220Business and other management consultancy activities 74142Specialised design activities

Signals

ProfitableGood liquidityPositive cashflow

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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		2009		2008		2007		2006
Income statement
Gross margin	2,7 k €	-61.0%	6,9 k €	+269%	1,9 k €	+113%	-14,2 k €	-102%	795,2 k €	+1739%	-48,5 k €	-118%	270,1 k €		–		–		–		–		–		–		–		–		–		–		–		–
EBITDA	-40,7 k €	-38.1%	-29,4 k €	-142%	-12,2 k €	+84.7%	-79,6 k €	-110%	794,3 k €	+693%	-134 k €	-150%	269,2 k €	+668%	-47,4 k €	-119%	251,7 k €	+622%	34,9 k €	+114%	-241,9 k €	-176%	319,7 k €	+214%	101,8 k €	+2579%	3,8 k €	-82.6%	21,8 k €	-11.1%	24,6 k €	+196%	-25,7 k €	-40.5%	-18,3 k €	+44.3%	-32,8 k €
Operating result	-40,7 k €	-38.1%	-29,4 k €	-167%	-11 k €	+87.0%	-85,2 k €	-110%	832,5 k €	+589%	-170,3 k €	-183%	204,1 k €	+237%	-149 k €	-211%	134 k €	+214%	-117,1 k €	+69.8%	-387,8 k €	-335%	165 k €	+364%	-62,6 k €	+70.7%	-213,2 k €	-0.5%	-212,2 k €	-81.9%	-116,6 k €	+16.2%	-139,2 k €	-145%	-56,7 k €	-66.3%	-34,1 k €
Net result	1,8 M €	+1336%	126,7 k €	+2.3%	123,8 k €	+3210%	3,7 k €	-99.8%	1,6 M €	+882%	165,9 k €	-42.0%	286,1 k €	+9.9%	260,2 k €	-20.5%	327,1 k €	+102%	162,1 k €	+760%	18,9 k €	+2.9%	18,3 k €	-87.9%	151,5 k €	+276%	-86 k €	+53.9%	-186,5 k €	-66.6%	-111,9 k €	+23.4%	-146,1 k €	-181%	-51,9 k €	+23.0%	-67,4 k €
Balance sheet
Equity	4,4 M €	+41.9%	3,1 M €	+4.3%	3 M €	+4.3%	2,8 M €	+0.1%	2,8 M €	+134%	1,2 M €	+15.8%	1,1 M €	+37.4%	765,1 k €	+51.5%	504,9 k €	+184%	177,8 k €	+1032%	15,7 k €	+599%	-3,1 k €	+85.3%	-21,5 k €	+87.6%	-172,9 k €	-99.0%	-86,9 k €	-131%	280,1 k €	-28.6%	392 k €	-27.1%	538,1 k €	+1314%	38,1 k €
Total assets	31,4 M €	+2.1%	30,7 M €	-10.4%	34,3 M €	+4.4%	32,8 M €	-5.3%	34,7 M €	-45.7%	63,8 M €	+29.2%	49,4 M €	+0.4%	49,2 M €	+16.1%	42,4 M €	+2.7%	41,2 M €	+19.7%	34,4 M €	+13.0%	30,5 M €	-7.2%	32,8 M €	+64.6%	20 M €	+118%	9,1 M €	+141%	3,8 M €	+121%	1,7 M €	+148%	691,3 k €	+122%	311 k €
Cash	28 k €	+37.3%	20,4 k €	-73.1%	75,8 k €	-96.0%	1,9 M €	+166%	707,5 k €	+212%	226,5 k €	-20.5%	285,1 k €	+496%	47,8 k €	-64.1%	133,2 k €	-44.4%	239,6 k €	-1.3%	242,8 k €	-95.6%	5,6 M €	+478%	960,7 k €	+10173%	9,4 k €	-88.8%	83,7 k €	+81.5%	46,1 k €	-81.4%	248,2 k €	+354%	54,7 k €	-82.3%	308,7 k €
Debts	26,5 M €	-2.3%	27,2 M €	-11.2%	30,6 M €	+3.8%	29,5 M €	-5.7%	31,2 M €	-49.9%	62,3 M €	+29.7%	48 M €	-0.3%	48,2 M €	+15.8%	41,6 M €	+2.0%	40,8 M €	+19.5%	34,1 M €	+13.1%	30,2 M €	-7.3%	32,6 M €	+62.3%	20,1 M €	+118%	9,2 M €	+163%	3,5 M €	+166%	1,3 M €	+763%	153,2 k €	-43.9%	272,9 k €
Other
Workforce	–		–		–		–		–		–		–		–		–		–		–		–		–		–		1,0 ETP	0.0%	1,0 ETP	0.0%	1,0 ETP	0.0%	1,0 ETP		–

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 31/12/2025 · 3 active · 30 ended

Active mandates

BRUSTART BY FINANCE&INVEST.BRUSSELS

Director · since 12 mars 2025 · until 10 avril 2030 · 0448.925.797

Represented by Guillaume LAMY

Active

finance&invest.brussels

Managing director · since 12 mars 2025 · until 10 avril 2030 · 0426.936.986

Represented by Denis TIMMERMANS

Active

IMMO - PRO

Director · since 12 mars 2025 · until 10 avril 2030 · 0874.710.069

Represented by Alexandre SMEETS

Active

Ended mandates

BRUSTART BY FINANCE&INVEST.BRUSSELS

Director · since 08 avril 2020 · until 12 mars 2025 · 0448.925.797

Represented by Guillaume LAMY

Ended

BRUSTART BY FINANCE&INVEST.BRUSSELS

Director · since 08 avril 2020 · until 12 mars 2025 · 0448.925.797

Represented by Franc BOGOVIC

Ended

finance&invest.brussels

Managing director · since 08 avril 2020 · until 12 mars 2025 · 0426.936.986

Represented by Franc BOGOVIC

Ended

finance&invest.brussels

Managing director · since 08 avril 2020 · until 09 avril 2025 · 0426.936.986

Represented by Franc BOGOVIC

Ended

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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	12/06/2026	30/06/2025	03/06/2024	08/08/2023	29/04/2022	23/04/2021
General meeting	11/03/2026	12/03/2025	13/03/2024	08/03/2023	13/04/2022	14/04/2021
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	11/03/2026	12/06/2026	French	PDF
Abridged model	31/12/2024	12/03/2025	30/06/2025	French	PDF
Abridged model	31/12/2023	13/03/2024	03/06/2024	French	PDF
Abridged model	31/12/2022	08/03/2023	08/08/2023	French	PDF
Abridged model	31/12/2021	13/04/2022	29/04/2022	French	PDF
Abridged model	31/12/2020	14/04/2021	23/04/2021	French	PDF
Abridged model	31/12/2019	08/04/2020	28/04/2020	French	PDF
Full model	31/12/2018	27/06/2019	27/06/2019	French	PDF
Full model	31/12/2017	16/04/2018	08/05/2018	French	PDF
Full model	31/12/2016	11/07/2017	20/07/2017	French	PDF
Full model	31/12/2015	09/03/2016	05/04/2016	French	PDF
Full model	31/12/2014	30/03/2015	02/04/2015	French	PDF
Full model	31/12/2013	09/04/2014	08/05/2014	French	PDF
Full model	31/12/2012	28/03/2013	30/04/2013	French	PDF
Full model	31/12/2011	25/04/2012	18/06/2012	French	PDF
Full model	31/12/2010	28/04/2011	05/05/2011	French	PDF
Full model	31/12/2009	14/04/2010	07/06/2010	French	PDF
Full model	31/12/2008	03/04/2009	06/05/2009	French	PDF
Full model	31/12/2007	15/05/2008	10/07/2008	French	PDF
Full model	31/12/2006	21/05/2007	05/02/2008	French	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 31/12/2025 · 3 active · 30 ended

Active mandates

BRUSTART BY FINANCE&INVEST.BRUSSELS

Director · since 12 mars 2025 · until 10 avril 2030 · 0448.925.797

Represented by Guillaume LAMY

Active

finance&invest.brussels

Managing director · since 12 mars 2025 · until 10 avril 2030 · 0426.936.986

Represented by Denis TIMMERMANS

Active

IMMO - PRO

Director · since 12 mars 2025 · until 10 avril 2030 · 0874.710.069

Represented by Alexandre SMEETS

Active

Ended mandates

BRUSTART BY FINANCE&INVEST.BRUSSELS

Director · since 08 avril 2020 · until 12 mars 2025 · 0448.925.797

Represented by Guillaume LAMY

Ended

BRUSTART BY FINANCE&INVEST.BRUSSELS

Director · since 08 avril 2020 · until 12 mars 2025 · 0448.925.797

Represented by Franc BOGOVIC

Ended

finance&invest.brussels

Managing director · since 08 avril 2020 · until 12 mars 2025 · 0426.936.986

Represented by Franc BOGOVIC

Ended

finance&invest.brussels

Managing director · since 08 avril 2020 · until 09 avril 2025 · 0426.936.986

Represented by Franc BOGOVIC

Ended

Shareholders

Ownership and network

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Try for 7 days

Belgian Official Gazette

Belgian Official Gazette publications

Capital / shares22/12/2025
STATUTS (TRADUCTION, COORDINATION, AUTRES MODIFICATIONS, ) - CAPITAL, ACTIONS
PDF
Mandates03/10/2025
DEMISSIONS, NOMINATIONS
PDF
Other20/02/2024
STATUTS (TRADUCTION, COORDINATION, AUTRES MODIFICATIONS, )
PDF
Mandates30/06/2022
SIEGE SOCIAL - DEMISSIONS, NOMINATIONS
PDF
Mandates10/03/2021
DEMISSIONS, NOMINATIONS
PDF
Mandates09/10/2020
DEMISSIONS, NOMINATIONS
PDF
Mandates10/09/2018
DEMISSIONS, NOMINATIONS
PDF
Mandates13/04/2018
DEMISSIONS, NOMINATIONS
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 20251,8 M €↑
11/12/2025
reduction_capital
01/09/2025
nominationDenis Timmermans — représentant permanent de finance&invest.brussels, administrateur délégué de SFAR
2024
Annual accounts 2024126,7 k €↑
2023
Annual accounts 2023123,8 k €↑
2022
Annual accounts 20223,7 k €↓
15/03/2022
nominationFranc Bogocic — représentant permanent de finance&invest.brussels
15/03/2022
nominationGuillaume Lamy — représentant permanent de Brustart
2022
Name changeSFAR
2021
Annual accounts 20211,6 M €↑
2020
Annual accounts 2020165,9 k €↓
2019
Annual accounts 2019286,1 k €↑
2018
Annual accounts 2018260,2 k €↓
2017
Annual accounts 2017327,1 k €↑
2016
Annual accounts 2016162,1 k €↑
2015
Annual accounts 201518,9 k €↑
2014
Annual accounts 201418,3 k €↓
2013
Annual accounts 2013151,5 k €↑
2012
Annual accounts 2012-86 k €↑
2011
Annual accounts 2011-186,5 k €↓
2009
Annual accounts 2009-111,9 k €↑
2008
Annual accounts 2008-146,1 k €↓
2007
Annual accounts 2007-51,9 k €↑
2006
Annual accounts 2006-67,4 k €
2006
Name changeS.F.A.R.
11/12/1997
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

S.F.A.R.

Overview

What does S.F.A.R. 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

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