ACTIVE

EPAM Systems Belgium

Financial year 2025 · Closed on 31/12/2025

Net result34,5 M €+220,1 %over 1 year

Revenue2,9 M €+41,6 %over 1 year

Equity17,7 M €-36,9 %over 1 year

Identity

Source · BCE/KBO

EPAM Systems Belgium is a Private limited company incorporated in 1998. Its main activity is: Activities of holding companies. Its registered office is in Watermael-Boitsfort.

Legal situation: Normal situation
BCE/KBO no. / VAT: BE 0464.812.221
Incorporation: 17/12/1998
Legal form: Private limited company
Registered office: Boulevard du Souverain 25/6
1170 Watermael-Boitsfort · BruxellesSee on map
Contributed capital: 16 964 096,09 €
Latest accounts: 31/12/2025

Activities (NACE)

64200Activities of holding companies· main 64210Activities of holding companies 62020Computer consultancy activities 62200Computer programming, consultancy and related activities 72100Research and experimental development on natural sciences and engineering 73110Advertising agencies+1

Joint committees (1)

Signals

ProfitableSolid equityLow riskGood liquidityPositive cashflowHigh revenue

Financials

Source · NBB, 35 filings

Trend over 17 financial years

	2025		2024		2023		2022		2021
Income statement
Revenue	2,9 M €	+41.6%	2,1 M €	-75.2%	8,4 M €	-51.3%	17,2 M €	+171%	6,3 M €
EBITDA	-290,4 k €	-682%	49,9 k €	+131%	-162,6 k €	-114%	1,2 M €	+1077%	-117,9 k €
Operating result	-306,1 k €	-181%	-108,8 k €	+73.3%	-408 k €	-252%	268,4 k €	+125%	-1,1 M €
Net result	34,5 M €	+220%	-28,7 M €	-506%	-4,7 M €	-3012%	162,8 k €	-84.5%	1,1 M €
Balance sheet
Equity	17,7 M €	-36.9%	28,1 M €	+36.7%	20,5 M €	-18.8%	25,3 M €	+0.6%	25,1 M €
Total assets	53,6 M €	-21.0%	67,8 M €	+1.2%	67 M €	+9.0%	61,5 M €	+35.0%	45,6 M €
Cash	1,2 M €	-65.2%	3,5 M €	+211%	1,1 M €	-14.6%	1,3 M €	+301%	327,7 k €
Debts	35,8 M €	-9.9%	39,7 M €	-14.5%	46,4 M €	+28.2%	36,2 M €	+77.1%	20,5 M €
Other
Workforce	–		3,2 ETP	-54.9%	7,1 ETP	-6.6%	7,6 ETP	-11.6%	8,6 ETP

Valuation

Indicative valuation

As an indication, this company is worth

between 10 M€ and 25 M€

See the valuation

Board of directors

Source · NBB, accounts to 31/12/2025

1 active · 20 ended

Active mandates

Director	Mandates in this company	Period	Other mandatescurrentendedstruck offbankruptcies
Jason Peterson	Directorsince 03/12/2021

Ended mandates

Director	Mandates in this company	Period	Other mandatescurrentendedstruck offbankruptcies
Frédéric Desonnay	Director19/01/2023 → 22/05/2026Managing director19/01/2023 → 22/05/2026Administrator - manager19/01/2023 → 22/05/2026
Tarek Nseir	Director06/01/2022 → 04/10/2024

Other companies at this address

Boulevard du Souverain 25/6 1170 Watermael-Boitsfort

Company	CBE no.
EPAM SYSTEMS.BE● Active	0463.478.965

Full financial information

Source · NBB

	2025	2024	2023	2022	2021	2020
Type of account	Full model	Full model	Full model	Full model	Full model	Consolidated accounts
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	30/06/2026	04/06/2025	04/10/2024	30/06/2023	27/06/2022	18/05/2021
General meeting	22/05/2026	22/05/2025	20/09/2024	30/06/2023	30/05/2022	22/04/2021
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

Financial ratios

Source · NBB

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Annual accounts filings

Source · NBB, 35 filings

Model	Closing	General meeting	Filed	Language	Document
Full model	31/12/2025	22/05/2026	30/06/2026	French	PDF
Full model	31/12/2024	22/05/2025	04/06/2025	French	PDF
Full model	31/12/2023	20/09/2024	04/10/2024	French	PDF
Full model	31/12/2022	30/06/2023	30/06/2023	French	PDF
Full model	31/12/2021	30/05/2022	27/06/2022	French	PDF
Full model	31/12/2020	22/04/2021	07/05/2021	French	PDF
Consolidated accounts	31/12/2020	22/04/2021	18/05/2021	French	PDF
Full model	31/12/2019	22/04/2020	06/05/2020	French	PDF
Consolidated accounts	31/12/2019	22/04/2020	06/05/2020	French	PDF
Full model	31/12/2018	23/04/2019	26/04/2019	French	PDF
Consolidated accounts	31/12/2018	23/04/2019	24/04/2019	French	PDF
Full model	31/12/2017	23/04/2018	03/05/2018	French	PDF
Consolidated accounts	31/12/2017	23/04/2018	02/05/2018	French	PDF
Full model	31/12/2016	24/04/2017	02/05/2017	French	PDF
Consolidated accounts	31/12/2016	24/04/2017	09/05/2017	French	PDF
Full model	31/12/2015	22/04/2016	26/04/2016	French	PDF
Consolidated accounts	31/12/2015	22/04/2016	26/04/2016	French	PDF
Full model	31/12/2014	22/04/2015	30/04/2015	French	PDF
Consolidated accounts	31/12/2014	22/04/2015	06/05/2015	French	PDF
Full model	31/12/2013	22/04/2014	28/04/2014	French	PDF
Consolidated accounts	31/12/2013	22/04/2014	28/04/2014	French	PDF
Full model	31/12/2012	22/04/2013	24/04/2013	French	PDF
Consolidated accounts	31/12/2012	22/04/2013	24/04/2013	French	PDF
Full model	31/12/2011	23/04/2012	07/05/2012	French	PDF
Consolidated accounts	31/12/2011	23/04/2012	07/05/2012	French	PDF
Full model	31/12/2010	22/04/2011	16/05/2011	French	PDF
Consolidated accounts	31/12/2010	22/04/2011	27/04/2011	French	PDF
Full model	31/12/2009	22/04/2010	02/06/2010	French	PDF
Consolidated accounts	31/12/2009	22/04/2010	03/06/2010	French	PDF
Full model	31/12/2008	22/04/2009	12/06/2009	French	PDF
Consolidated accounts	31/12/2008	22/04/2009	10/06/2009	French	PDF
Full model	31/12/2007	22/04/2008	27/06/2008	French	PDF
Consolidated accounts	31/12/2007	22/04/2008	27/06/2008	French	PDF
Full model	31/12/2006	11/04/2007	08/06/2007	French	PDF
Consolidated accounts	31/12/2006	11/04/2007	08/06/2007	French	PDF

Indicative valuation

Order of magnitude

As an indication, this company is worth

between 10 M€ and 25 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

1 active · 20 ended

Active mandates

Director	Mandates in this company	Period	Other mandatescurrentendedstruck offbankruptcies
Jason Peterson	Directorsince 03/12/2021

Ended mandates

Director	Mandates in this company	Period	Other mandatescurrentendedstruck offbankruptcies
Frédéric Desonnay	Director19/01/2023 → 22/05/2026Managing director19/01/2023 → 22/05/2026Administrator - manager19/01/2023 → 22/05/2026
Tarek Nseir	Director06/01/2022 → 04/10/2024

Ownership and network

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Belgian Official Gazette publications

Source · Belgian Official Gazette

Other22/09/2026
DIVERS
PDF
Other08/01/2026
DIVERS
PDF
Other13/06/2025
DIVERS
PDF
Other05/12/2024
DIVERS
PDF
Mandates07/11/2024
DIVERS - DEMISSIONS, NOMINATIONS
PDF
Other17/06/2024
DIVERS
PDF
Other03/07/2023
DIVERS
PDF
Mandates26/04/2023
STATUTS (TRADUCTION, COORDINATION, AUTRES MODIFICATIONS, ) - DENOMINATION - SIEGE SOCIAL
PDF

Similar companies

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

Filings17 filings

Mandates

Jason Peterson

Frédéric Desonnay

Tarek Nseir

Anatoly Roytman

KADRAGROUPE

Pierre Gatz

Cécile Coune

Karim Chouikri

Clife Consulting Ltd

Valentin COGELS

François Gillet

Pierre-Michel Cattoir

and 9 more mandates

19981999200020012002200320042005200620072008200920102011201220132014201520162017201820192020202120222023202420252026

EPAM Systems BelgiumEMAKINA GROUP

Boulevard du Souverain 25/6, 1170 Watermael-Boitsfort

Director

DirectorManaging directorAdministrator - manager

Director

Managing directorDirector

Director

CurrentPlanned, not yet servedEndedAccounts filedToday

Registered offices

Source · NBB annual accounts, CBE

Registered address	Period	Source
Boulevard du Souverain 25/6, 1170 Watermael-BoitsfortCurrent	accounts 2022 → 2025	Accounts 2025 · 2026-00238385
Rue Middelbourg 64A, 1170 Watermael-Boitsfort	accounts 2021	Accounts 2021 · 2022-20103323

Company names

Source · NBB annual accounts, CBE

Name	Period	Source
EPAM Systems BelgiumCurrent	accounts 2022 → 2025	Accounts 2025 · 2026-00238385
EMAKINA GROUP	accounts 2009 → 2021	Accounts 2021 · 2022-20103323

Events

2025
Annual accounts 202534,5 M €↑
2024
Annual accounts 2024-28,7 M €↓
2023
Annual accounts 2023-4,7 M €↓
19/01/2023
nominationFrédéric Desonnay · administrateur
2022
Annual accounts 2022162,8 k €↓
2022
Name changeEPAM Systems Belgium
2021
Annual accounts 20211,1 M €↑
2020
Annual accounts 2020219,1 k €↓
2019
Annual accounts 2019758,2 k €↓
2018
Annual accounts 20181,4 M €↓
2017
Annual accounts 20171,8 M €↓
2016
Annual accounts 20162,3 M €↑
2015
Annual accounts 20151,3 M €↓
2014
Annual accounts 20141,4 M €↑
2013
Annual accounts 2013347,8 k €↓
2012
Annual accounts 2012761 k €↑
2011
Annual accounts 2011333 k €↑
2010
Annual accounts 2010227,3 k €↓
2009
Annual accounts 2009382,6 k €
17/12/1998
IncorporationPrivate limited company

EPAM Systems Belgium

Overview

Identity

Financials

Valuation

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

Timeline

Registered offices

Company names

Events