ACTIVE

MARCHANDISE

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Financial year 2025 · Closed on 31/12/2025

Net result89,8 k €-79,0 %over 1 year

Revenue26,9 M €+5,0 %over 1 year

Equity4,4 M €+1,3 %over 1 year

Workforce63,2 ETP+13,5 %over 1 year

Identity

Source · BCE/KBO

MARCHANDISE is a Public limited company incorporated in 1998. Its main activity is: Air transport. Its registered office is in Engis. It employs on average 63,2 ETP workers (FTE).

Legal situation: Normal situation
BCE/KBO no. / VAT: BE 0464.499.544
Incorporation: 02/11/1998
Legal form: Public limited company
Registered office: Rue des Tuiliers 10
4480 Engis · WallonieSee on map
Contributed capital: 470 000,00 €
Latest accounts: 31/12/2025
Average workforce: 63,2 ETP

Activities (NACE)

51880Air transport· main 71320Architectural and engineering activities; technical testing and analysis 77320Rental and leasing of construction and civil engineering machinery and equipment 77320Rental and leasing of construction and civil engineering machinery and equipment 33120Repair of machinery 46610Wholesale of agricultural machinery, equipment and supplies+4

Joint committees (6)

140
14003
149
14904
201
218

Signals

ProfitablePositive cashflowPositive EBITDAHealthy social debtsHigh revenue

Financials

Source · NBB, 20 filings

Trend over 20 financial years

	2025		2024		2023		2022		2021
Income statement
Revenue	26,9 M €	+5.0%	25,6 M €	+10.1%	23,2 M €	-10.2%	25,9 M €	+18.7%	21,8 M €
EBITDA	2,7 M €	-10.0%	3 M €	+18.3%	2,6 M €	-23.0%	3,3 M €	+31.6%	2,5 M €
Operating result	754,8 k €	-31.1%	1,1 M €	+6.4%	1 M €	-46.7%	1,9 M €	+101%	957,8 k €
Net result	89,8 k €	-79.0%	428,1 k €	-17.7%	520,3 k €	-58.5%	1,3 M €	+141%	519,5 k €
Balance sheet
Equity	4,4 M €	+1.3%	4,3 M €	+9.7%	4 M €	+9.5%	3,6 M €	+37.3%	2,6 M €
Total assets	21,9 M €	+2.2%	21,4 M €	+2.8%	20,9 M €	+18.4%	17,6 M €	+6.6%	16,5 M €
Cash	691,5 k €	-6.2%	737,1 k €	-47.0%	1,4 M €	-17.4%	1,7 M €	+22.3%	1,4 M €
Debts	16,7 M €	+2.0%	16,4 M €	+1.7%	16,1 M €	+22.5%	13,2 M €	+0.6%	13,1 M €
Other
Workforce	63,2 ETP	+13.5%	55,7 ETP	+7.5%	51,8 ETP	+4.0%	49,8 ETP	+4.0%	47,9 ETP

Valuation

Indicative valuation

As an indication, this company is worth

between 2,5 M€ and 5 M€

See the valuation

Board of directors

Source · NBB, accounts to 31/12/2025

5 active · 3 ended

Active mandates

Director	Mandates in this company	Period	Other mandatescurrentendedstruck offbankruptcies
Gilles MARCHANDISE	Director10/03/2023 → 30/05/2025
Michaël MARCHANDISE	Director10/03/2023 → 30/05/2025
Ivan MARCHANDISE	Managing director05/03/2008 → 30/05/2025Manager2007 accountsended
Louis BOTSON	Director05/03/2008 → 30/05/2025
ORSA FUND0424.971.945Represented by Stéphane DANTINNE	Director30/05/2014 → 30/05/2025

Ended mandates

Director	Mandates in this company	Period	Other mandatescurrentendedstruck offbankruptcies
Louis BOSTON	Director31/05/2013 → 2017 accounts
ANDRE LABASSE	Director05/03/2008 → 2008 accounts

Full financial information

Source · NBB

	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	01/01/2025	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	03/06/2026	19/06/2025	02/04/2024	03/04/2023	21/03/2022	23/03/2021
General meeting	20/05/2026	29/04/2025	15/03/2024	10/03/2023	16/03/2022	22/03/2021
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

Financial ratios

Source · NBB

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Annual accounts filings

Source · NBB, 20 filings

Model	Closing	General meeting	Filed	Language	Document
Full model	31/12/2025	20/05/2026	03/06/2026	French	PDF
Full model	31/12/2024	29/04/2025	19/06/2025	French	PDF
Full model	31/12/2023	15/03/2024	02/04/2024	French	PDF
Full model	31/12/2022	10/03/2023	03/04/2023	French	PDF
Full model	31/12/2021	16/03/2022	21/03/2022	French	PDF
Full model	31/12/2020	22/03/2021	23/03/2021	French	PDF
Full model	31/12/2019	29/05/2020	05/06/2020	French	PDF
Full model	31/12/2018	29/05/2019	11/06/2019	French	PDF
Full model	31/12/2017	25/05/2018	21/06/2018	French	PDF
Full model	31/12/2016	26/05/2017	09/06/2017	French	PDF
Full model	31/12/2015	27/05/2016	10/06/2016	French	PDF
Full model	31/12/2014	29/05/2015	01/06/2015	French	PDF
Full model	31/12/2013	30/05/2014	22/07/2014	French	PDF
Full model	31/12/2012	31/05/2013	03/06/2013	French	PDF
Full model	31/12/2011	25/05/2012	03/07/2012	French	PDF
Full model	31/12/2010	31/05/2011	15/06/2011	French	PDF
Full model	31/12/2009	28/05/2010	11/06/2010	French	PDF
Full model	31/12/2008	29/05/2009	16/06/2009	French	PDF
Abridged model	31/12/2007	30/05/2008	12/06/2008	French	PDF
Abridged model	31/12/2006	25/05/2007	06/07/2007	French	PDF

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.

Board of directors

Source · NBB, accounts to 31/12/2025

5 active · 3 ended

Active mandates

Director	Mandates in this company	Period	Other mandatescurrentendedstruck offbankruptcies
Gilles MARCHANDISE	Director10/03/2023 → 30/05/2025
Michaël MARCHANDISE	Director10/03/2023 → 30/05/2025
Ivan MARCHANDISE	Managing director05/03/2008 → 30/05/2025Manager2007 accountsended
Louis BOTSON	Director05/03/2008 → 30/05/2025
ORSA FUND0424.971.945Represented by Stéphane DANTINNE	Director30/05/2014 → 30/05/2025

Ended mandates

Director	Mandates in this company	Period	Other mandatescurrentendedstruck offbankruptcies
Louis BOSTON	Director31/05/2013 → 2017 accounts
ANDRE LABASSE	Director05/03/2008 → 2008 accounts

Ownership and network

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Belgian Official Gazette publications

Source · Belgian Official Gazette

Mandates27/02/2026
DEMISSIONS, NOMINATIONS
PDF
Mandates21/05/2025
DEMISSIONS, NOMINATIONS
PDF
Mandates19/04/2023
DEMISSIONS, NOMINATIONS
PDF
Mandates19/04/2023
DEMISSIONS, NOMINATIONS
PDF
Mandates10/12/2020
DEMISSIONS, NOMINATIONS
PDF
Capital / shares21/08/2020
CAPITAL, ACTIONS - STATUTS (TRADUCTION, COORDINATION, AUTRES MODIFICATIONS, )
PDF
Mandates05/07/2019
DEMISSIONS, NOMINATIONS
PDF
Other15/03/2019
OBJET - DIVERS
PDF

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A company's peers, by sector and size, are included in the Business plan.

See the Business plan

Timeline

Source · CBE, NBB annual accounts

Year

Identity

Incorporation

Name

Registered office

Annual accounts

Filings20 filings

Mandates

Michaël MARCHANDISE

Gilles MARCHANDISE

ORSA FUND

Ivan MARCHANDISE

Louis BOTSON

Louis BOSTON

André LABASSE

Louis BODSON

19981999200020012002200320042005200620072008200920102011201220132014201520162017201820192020202120222023202420252026

MARCHANDISE

Rue des Tuiliers 10, 4480 Engis

Director

Managing director

Director

CurrentPlanned, not yet servedEndedAccounts filedToday

Registered offices

Source · NBB annual accounts, CBE

Registered address	Period	Source
Rue des Tuiliers 10, 4480 EngisCurrent	accounts 2022 → 2025	Accounts 2025 · 2026-00134823

Company names

Source · NBB annual accounts, CBE

Name	Period	Source
MARCHANDISECurrent	accounts 2022 → 2025	Accounts 2025 · 2026-00134823

Events

2025
Annual accounts 202589,8 k €↓
2024
Annual accounts 2024428,1 k €↓
2023
Annual accounts 2023520,3 k €↓
2022
Annual accounts 20221,3 M €↑
2021
Annual accounts 2021519,5 k €↑
2020
Annual accounts 2020272,5 k €↑
2019
Annual accounts 2019-193,7 k €↓
2018
Annual accounts 2018117,7 k €↓
2017
Annual accounts 2017488,6 k €↑
2016
Annual accounts 20162,7 k €↑
2015
Annual accounts 2015-48,4 k €↓
2014
Annual accounts 201442,5 k €↓
2013
Annual accounts 2013257 k €↑
2012
Annual accounts 2012231,5 k €↑
2011
Annual accounts 2011211 k €↑
2010
Annual accounts 2010-45,5 k €↑
2009
Annual accounts 2009-59,9 k €↓
2008
Annual accounts 2008106,8 k €↑
2007
Annual accounts 200724,8 k €↑
2006
Annual accounts 20065,2 k €
02/11/1998
IncorporationPublic limited company

MARCHANDISE

Overview

Identity

Financials

Valuation

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

Timeline

Registered offices

Company names

Events