ACTIVE

ECOFORAGE

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Financial year 2025 · closed on 31/12/2025

Net result

402,1 k €

+3.2% YoY

Gross margin

2 M €

+2.1% YoY

Equity

950,6 k €

-0.9% YoY

Workforce

15,7 ETP

-3.1% YoY

What does ECOFORAGE do?

ECOFORAGE is a Public limited company incorporated in 1998. Its main activity is: Test drilling and boring. Its registered office is in Somme-Leuze. It employs on average 15,7 ETP workers (FTE).

Legal situation

● Normal situation

BCE/KBO no. / VAT

BE 0464.304.455

Incorporation

12/10/1998

Legal form

Public limited company

Registered office

Zone d'activités Nord, Bail. 29
5377 Somme-Leuze · WallonieSee on map

Contributed capital

575 000,00 €

Latest accounts

31/12/2025

Average workforce

15,7 ETP

Activities (NACE)

43130Test drilling and boring· main 43130Test drilling and boring 43990Other specialised construction activities n.e.c.43999Other specialised construction activities n.e.c.45120Sale of motor vehicles 45250Maintenance and repair of motor vehicles+3

Signals

ProfitableSolid equityLow riskPositive cashflowPositive EBITDAHealthy social debts

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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		2006
Income statement
Gross margin	2 M €	+2.1%	2 M €	+0.2%	2 M €	+16.5%	1,7 M €	+21.1%	1,4 M €	-12.0%	1,6 M €	+26.2%	1,2 M €	+5.1%	1,2 M €	+16.1%	1 M €	+3.3%	989,9 k €	+5.7%	936,2 k €	-15.2%	1,1 M €	+13.0%	976,7 k €	-30.2%	1,4 M €	+27.2%	1,1 M €	-7.3%	1,2 M €	-4.0%	1,2 M €	+12.0%	1,1 M €	+847%	116,5 k €
EBITDA	978,1 k €	+4.1%	939,6 k €	+1.9%	922,2 k €	+10.1%	838 k €	+40.8%	595,1 k €	-25.4%	797,9 k €	+37.6%	580 k €	+6.1%	546,7 k €	+43.9%	379,8 k €	+8.3%	350,8 k €	+57.3%	223 k €	-44.6%	402,3 k €	+48.9%	270,2 k €	-51.0%	551,5 k €	+56.1%	353,2 k €	-12.3%	402,9 k €	-14.2%	469,4 k €	+24.3%	377,8 k €	+430%	71,3 k €
Operating result	556,8 k €	+1.9%	546,3 k €	+4.9%	521 k €	+13.5%	459,1 k €	+157%	178,6 k €	-60.4%	451 k €	+95.9%	230,2 k €	+20.0%	191,9 k €	+769%	22,1 k €	-67.7%	68,4 k €	+643%	-12,6 k €	-108%	155,3 k €	+4662%	-3,4 k €	-102%	195,5 k €	+488%	-50,4 k €	-767%	7,6 k €	-94.5%	136,1 k €	+69.9%	80,1 k €	+91.4%	41,9 k €
Net result	402,1 k €	+3.2%	389,6 k €	+1.9%	382,4 k €	+4.7%	365,1 k €	+198%	122,7 k €	-64.0%	341 k €	+131%	147,7 k €	-4.7%	155 k €	+153%	61,3 k €	+48.5%	41,3 k €	+203%	-40,1 k €	-136%	112,7 k €	+349%	-45,2 k €	-131%	144,1 k €	+229%	-112 k €	-79.7%	-62,3 k €	-206%	58,6 k €	+1825%	3 k €	-92.2%	39 k €
Balance sheet
Equity	950,6 k €	-0.9%	959,7 k €	-0.7%	966 k €	+1.7%	949,9 k €	+11.6%	851,5 k €	-2.2%	871 k €	+16.5%	747,8 k €	+1.6%	736 k €	+11.4%	660,9 k €	+10.2%	599,6 k €	+7.2%	559,4 k €	-6.7%	599,5 k €	+14.8%	522,3 k €	-8.0%	567,4 k €	+33.7%	424,4 k €	-21.0%	537,5 k €	-10.8%	602,5 k €	+5.0%	573,8 k €	+310%	140 k €
Total assets	3,1 M €	+4.2%	2,9 M €	-6.8%	3,1 M €	-1.4%	3,2 M €	+17.5%	2,7 M €	-13.8%	3,1 M €	+9.2%	2,9 M €	-0.0%	2,9 M €	-4.0%	3 M €	+31.7%	2,3 M €	+63.7%	1,4 M €	-14.0%	1,6 M €	+8.7%	1,5 M €	-20.4%	1,9 M €	-7.0%	2 M €	-9.2%	2,2 M €	-15.9%	2,6 M €	+7.7%	2,4 M €	+859%	255,1 k €
Cash	313,2 k €	+3.1%	303,9 k €	+242%	88,8 k €	-48.8%	173,5 k €	-15.5%	205,4 k €	-55.3%	459,2 k €	+46.3%	313,8 k €	+31.8%	238,2 k €	+296%	60,1 k €	-37.2%	95,7 k €	-6.8%	102,6 k €	-36.7%	162,1 k €	-18.4%	198,6 k €	+188%	68,9 k €	+31.0%	52,6 k €	-53.8%	113,9 k €	+156%	44,6 k €	-62.1%	117,5 k €	+70.3%	69 k €
Debts	2,1 M €	+7.2%	2 M €	-9.3%	2,2 M €	-3.0%	2,2 M €	+20.5%	1,8 M €	-17.9%	2,2 M €	+6.4%	2,1 M €	-0.6%	2,1 M €	-8.5%	2,3 M €	+38.6%	1,7 M €	+102%	830 k €	-18.0%	1 M €	+5.4%	960,3 k €	-25.6%	1,3 M €	-18.2%	1,6 M €	-5.5%	1,7 M €	-17.4%	2 M €	+9.2%	1,9 M €	+1509%	115,1 k €
Other
Workforce	15,7 ETP	-3.1%	16,2 ETP	-5.8%	17,2 ETP	+16.2%	14,8 ETP	+0.7%	14,7 ETP	+2.8%	14,3 ETP	+16.3%	12,3 ETP	+4.2%	11,8 ETP	+11.3%	10,6 ETP		–		13,9 ETP	+0.7%	13,8 ETP	+7.8%	12,8 ETP	-24.7%	17,0 ETP	+6.3%	16,0 ETP	0.0%	16,0 ETP	0.0%	16,0 ETP	-5.9%	17,0 ETP	+1600%	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 · 2 active · 7 ended

Active mandates

ALFAFIN

Mandate · 0722.865.378

Represented by Alexandre Grandjean

Active

FLS INVEST

Mandate · 1008.745.758

Represented by Florent Spote

Active

Ended mandates

Alexandre Grandjean

Managing director

Ended

Alexandre GRANDJEAN

Manager

Ended

ALFAFIN

Managing director · 0722.865.378

Represented by Alexandre Grandjean

Ended

ALFAFIN

Managing director · 0722.865.378

Represented by ALEXANDRE GRANDJEAN

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	22/06/2026	24/06/2025	24/06/2024	21/08/2023	31/08/2022	01/09/2021
General meeting	11/06/2026	06/06/2025	02/05/2024	02/06/2023	10/06/2022	02/07/2021
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	11/06/2026	22/06/2026	French	PDF
Abridged model	31/12/2024	06/06/2025	24/06/2025	French	PDF
Abridged model	31/12/2023	02/05/2024	24/06/2024	French	PDF
Abridged model	31/12/2022	02/06/2023	21/08/2023	French	PDF
Abridged model	31/12/2021	10/06/2022	31/08/2022	French	PDF
Abridged model	31/12/2020	02/07/2021	01/09/2021	French	PDF
Abridged model	31/12/2019	03/07/2020	26/08/2020	French	PDF
Abridged model	31/12/2018	12/07/2019	29/08/2019	French	PDF
Abridged model	31/12/2017	22/06/2018	30/08/2018	French	PDF
Micro model	31/12/2016	06/06/2017	09/08/2017	French	PDF
Abridged model	31/12/2015	02/06/2016	21/06/2016	French	PDF
Abridged model	31/12/2014	22/05/2015	29/06/2015	French	PDF
Abridged model	31/12/2013	15/05/2014	07/07/2014	French	PDF
Abridged model	31/12/2012	10/06/2013	03/07/2013	French	PDF
Abridged model	31/12/2011	07/06/2012	08/08/2012	French	PDF
Abridged model	31/12/2010	26/05/2011	28/06/2011	French	PDF
Abridged model	31/12/2009	31/05/2010	24/08/2010	French	PDF
Abridged model	31/12/2008	18/05/2009	13/08/2009	French	PDF
Abridged model	31/12/2007	16/05/2008	16/06/2008	French	PDF
Abridged model	31/12/2006	12/05/2007	16/05/2007	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 · 2 active · 7 ended

Active mandates

ALFAFIN

Mandate · 0722.865.378

Represented by Alexandre Grandjean

Active

FLS INVEST

Mandate · 1008.745.758

Represented by Florent Spote

Active

Ended mandates

Alexandre Grandjean

Managing director

Ended

Alexandre GRANDJEAN

Manager

Ended

ALFAFIN

Managing director · 0722.865.378

Represented by Alexandre Grandjean

Ended

ALFAFIN

Managing director · 0722.865.378

Represented by ALEXANDRE GRANDJEAN

Ended

Shareholders

Ownership and network

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Belgian Official Gazette

Belgian Official Gazette publications

Mandates20/06/2024
STATUTS (TRADUCTION, COORDINATION, AUTRES MODIFICATIONS, ) - SIEGE SOCIAL - DEMISSIONS, NOMINATIONS - ASSEMBLEE GENERALE
PDF
Mandates22/05/2024
DEMISSIONS, NOMINATIONS
PDF
Mandates24/09/2019
DEMISSIONS, NOMINATIONS
PDF
Other10/01/2017
OBJET - DIVERS
PDF
Mandates26/11/2013
DEMISSIONS, NOMINATIONS
PDF
Capital / shares27/08/2007
CAPITAL, ACTIONS - ASSEMBLEE GENERALE - STATUTS (TRADUCTION, COORDINATION, AUTRES MODIFICATIONS, )
PDF
Capital / shares13/07/2007
CAPITAL, ACTIONS
PDF
Capital / shares13/07/2007
MODIFICATION FORME JURIDIQUE - ASSEMBLEE GENERALE - CAPITAL, ACTIONS - STATUTS (TRADUCTION, COORDINATION, AUTRES MODIFICATIONS, )
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 2025402,1 k €↑
2024
Annual accounts 2024389,6 k €↑
2023
Annual accounts 2023382,4 k €↑
2022
Annual accounts 2022365,1 k €↑
2021
Annual accounts 2021122,7 k €↓
2020
Annual accounts 2020341 k €↑
2019
Annual accounts 2019147,7 k €↓
2018
Annual accounts 2018155 k €↑
2017
Annual accounts 201761,3 k €↑
2016
Annual accounts 201641,3 k €↑
2015
Annual accounts 2015-40,1 k €↓
2014
Annual accounts 2014112,7 k €↑
2013
Annual accounts 2013-45,2 k €↓
2012
Annual accounts 2012144,1 k €↑
2011
Annual accounts 2011-112 k €↓
2010
Annual accounts 2010-62,3 k €↓
2009
Annual accounts 200958,6 k €↑
2008
Annual accounts 20083 k €↓
2008
Name changeMoors-Ecoforage
2006
Annual accounts 200639 k €
2006
Name changeECOFORAGE
12/10/1998
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

ECOFORAGE

Overview

What does ECOFORAGE do?

Trend over 19 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