HORPI Systems
0465.640.382 · rovalta.com · 23/09/2026
ACTIVE
HORPI Systems (SA)
Financial year 2025 · closed on 31/12/2025
Net result
4,4 k €
+290.9% YoY
Gross margin
64,7 k €
+6.7% YoY
Equity
534 k €
+0.8% YoY
Overview
What does HORPI Systems do?
HORPI Systems is a Public limited company incorporated in 1999. Its main activity is: Research and experimental development on natural sciences and engineering. Its registered office is in Visé.
Legal situation
● Normal situation
BCE/KBO no. / VAT
BE 0465.640.382
Incorporation
15/03/1999
Legal form
Public limited company
Registered office
Rue de Maestricht(VIS) 100
4600 Visé · WallonieSee on map
4600 Visé · WallonieSee on map
Contributed capital
685 000,00 €
Latest accounts
31/12/2025
Activities (NACE)
Joint committees (3)
- 144
- 200
- 218
Signals
ProfitableSolid equityPositive cashflowPositive EBITDAHealthy social debts
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Financials
Trend over 20 financial years
| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 | 2013 | 2012 | 2011 | 2010 | 2009 | 2008 | 2007 | 2006 | ||||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Income statement | |||||||||||||||||||||||||||||||||||||||
| Gross margin | 64,7 k € | +6.7% | 60,6 k € | -4.1% | 63,2 k € | +21.7% | 52 k € | -33.5% | 78,1 k € | +47.6% | 52,9 k € | +9.1% | 48,5 k € | +6.0% | 45,7 k € | +13.5% | 40,3 k € | -21.5% | 51,3 k € | -10.7% | 57,4 k € | -6.2% | 61,2 k € | +94.5% | 31,5 k € | -77.0% | 137 k € | -20.3% | 171,8 k € | +29.5% | 132,6 k € | -42.3% | 230 k € | +43.0% | 160,8 k € | -34.7% | 246,3 k € | +0.8% | 244,4 k € |
| EBITDA | 25,5 k € | +11.3% | 22,9 k € | -18.8% | 28,3 k € | +38.1% | 20,5 k € | -49.8% | 40,8 k € | +73.0% | 23,6 k € | +79.4% | 13,2 k € | -13.0% | 15,1 k € | +21.8% | 12,4 k € | -46.9% | 23,4 k € | -22.6% | 30,2 k € | -20.9% | 38,2 k € | +465% | -10,5 k € | -119% | 55,8 k € | -41.7% | 95,7 k € | +83.1% | 52,2 k € | -26.3% | 70,9 k € | +292% | -36,9 k € | -1148% | -3 k € | +38.2% | -4,8 k € |
| Operating result | 5,7 k € | +75.8% | 3,2 k € | -48.9% | 6,3 k € | -12.0% | 7,2 k € | -51.1% | 14,6 k € | +518% | -3,5 k € | -167% | 5,2 k € | -38.5% | 8,5 k € | -10.1% | 9,5 k € | -43.8% | 16,9 k € | -28.5% | 23,6 k € | +11.6% | 21,2 k € | +166% | -32,1 k € | -226% | 25,5 k € | -62.4% | 67,8 k € | +185% | 23,8 k € | +1214% | -2,1 k € | +98.4% | -133,2 k € | -30.8% | -101,9 k € | +5.3% | -107,7 k € |
| Net result | 4,4 k € | +291% | 1,1 k € | -67.8% | 3,5 k € | -36.5% | 5,5 k € | -60.0% | 13,7 k € | +1067% | 1,2 k € | +113% | -8,9 k € | -318% | 4,1 k € | -13.0% | 4,7 k € | -58.8% | 11,4 k € | -82.5% | 65,2 k € | +381% | 13,5 k € | +125% | -53,7 k € | -3491% | 1,6 k € | -95.4% | 34,8 k € | +1569% | 2,1 k € | -98.9% | 198,3 k € | +6356% | 3,1 k € | +102% | -155 k € | -2.9% | -150,7 k € |
| Balance sheet | |||||||||||||||||||||||||||||||||||||||
| Equity | 534 k € | +0.8% | 529,6 k € | +0.2% | 528,5 k € | +0.7% | 525 k € | +1.1% | 519,5 k € | +2.7% | 505,8 k € | +0.2% | 504,6 k € | -1.7% | 513,5 k € | +0.8% | 509,5 k € | +0.9% | 504,8 k € | +2.3% | 493,4 k € | +15.2% | 428,2 k € | +3.3% | 414,7 k € | -11.5% | 468,4 k € | +37.0% | 341,9 k € | +11.3% | 307 k € | +25.3% | 244,9 k € | +250% | 70 k € | +130% | -233,1 k € | -199% | -78,1 k € |
| Total assets | 572,7 k € | -4.7% | 601,1 k € | -1.4% | 609,8 k € | -1.2% | 617,4 k € | -1.1% | 624,5 k € | -10.8% | 700,2 k € | -3.3% | 724 k € | -2.2% | 740,1 k € | +1.8% | 726,9 k € | -4.3% | 759,2 k € | -5.7% | 805,3 k € | +0.5% | 801,5 k € | +2.4% | 782,4 k € | -5.7% | 829,9 k € | +16.0% | 715,2 k € | +6.9% | 668,8 k € | -11.7% | 757,7 k € | +15.4% | 656,5 k € | +13.2% | 580,2 k € | -3.3% | 600 k € |
| Cash | 954,6 € | +51.9% | 628,5 € | +70.6% | 368,3 € | -78.6% | 1,7 k € | -70.0% | 5,7 k € | +823% | 620,2 € | -84.2% | 3,9 k € | -17.2% | 4,7 k € | +34.6% | 3,5 k € | -21.4% | 4,5 k € | -6.9% | 4,8 k € | -87.8% | 39,5 k € | +694% | 5 k € | +54.0% | 3,2 k € | +817% | 352,8 € | -90.0% | 3,5 k € | +315% | 851,6 € | -2.8% | 876 € | +195% | 297 € | -75.8% | 1,2 k € |
| Debts | 38,6 k € | -46.0% | 71,5 k € | -12.0% | 81,3 k € | -12.0% | 92,3 k € | -12.0% | 104,9 k € | -46.0% | 194,4 k € | -11.0% | 218,3 k € | -3.1% | 225,4 k € | +4.9% | 214,7 k € | -15.6% | 254,4 k € | -18.4% | 311,9 k € | -16.1% | 371,5 k € | +1.5% | 366 k € | +2.0% | 358,9 k € | -2.6% | 368,4 k € | +2.8% | 358,3 k € | -29.1% | 505,3 k € | -11.9% | 573,5 k € | -27.3% | 788,6 k € | +19.3% | 660,8 k € |
| Other | |||||||||||||||||||||||||||||||||||||||
| Workforce | – | – | – | 0,5 ETP | 0.0% | 0,5 ETP | 0.0% | 0,5 ETP | 0.0% | 0,5 ETP | -16.7% | 0,6 ETP | 0.0% | 0,6 ETP | +20.0% | 0,5 ETP | -16.7% | 0,6 ETP | 0.0% | 0,6 ETP | +20.0% | 0,5 ETP | -66.7% | 1,5 ETP | 0.0% | 1,5 ETP | -16.7% | 1,8 ETP | -60.9% | 4,6 ETP | -16.4% | 5,5 ETP | -6.8% | 5,9 ETP | +1.7% | 5,8 ETP | |||
Estimate
Indicative valuation
As an indication, this company is worth
between 100 k€ and 250 k€
See the valuationGovernance
Board of directors
Seen on filing of 31/12/2025 · 7 active · 35 ended
At this address
Other companies at this address
| Company | CBE no. |
|---|---|
| 0443.080.261 | |
HORPI Development● Active | 0822.000.566 |
| 0410.093.135 |
Financials
Annual accounts
Full financial information
| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | |
|---|---|---|---|---|---|---|
| Type of account | Micro model | Micro model | Micro 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 | 26/08/2026 | 30/08/2025 | 21/08/2024 | 28/08/2023 | 22/08/2022 | 26/08/2021 |
| General meeting | 18/08/2026 | 14/08/2025 | 14/08/2024 | 25/08/2023 | 03/06/2022 | 25/08/2021 |
| 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
Looking for more information about this company?
Try for 7 daysFilings
Annual accounts filings
20 filings with the NBB
| Model | Closing | General meeting | Filed | Language | Document |
|---|---|---|---|---|---|
| Micro model | 31/12/2025 | 18/08/2026 | 26/08/2026 | French | |
| Micro model | 31/12/2024 | 14/08/2025 | 30/08/2025 | French | |
| Micro model | 31/12/2023 | 14/08/2024 | 21/08/2024 | French | |
| Abridged model | 31/12/2022 | 25/08/2023 | 28/08/2023 | French | |
| Abridged model | 31/12/2021 | 03/06/2022 | 22/08/2022 | French | |
| Abridged model | 31/12/2020 | 25/08/2021 | 26/08/2021 | French | |
| Abridged model | 31/12/2019 | 12/08/2020 | 31/08/2020 | French | |
| Abridged model | 31/12/2018 | 05/07/2019 | 27/08/2019 | French | |
| Abridged model | 31/12/2017 | 08/06/2018 | 25/07/2018 | French | |
| Abridged model | 31/12/2016 | 30/06/2017 | 29/08/2017 | French | |
| Abridged model | 31/12/2015 | 10/06/2016 | 23/06/2016 | French | |
| Abridged model | 31/12/2014 | 30/06/2015 | 29/09/2015 | French | |
| Abridged model | 31/12/2013 | 30/06/2014 | 31/08/2014 | French | |
| Abridged model | 31/12/2012 | 30/07/2013 | 31/08/2013 | French | |
| Abridged model | 31/12/2011 | 19/07/2012 | 28/09/2012 | French | |
| Abridged model | 31/12/2010 | 21/06/2011 | 02/08/2011 | French | |
| Abridged model | 31/12/2009 | 21/06/2010 | 30/08/2010 | French | |
| Abridged model | 31/12/2008 | 16/07/2009 | 27/07/2009 | French | |
| Abridged model | 31/12/2007 | 30/06/2008 | 28/08/2008 | French | |
| Abridged model | 31/12/2006 | 20/07/2007 | 02/08/2007 | French |
Valuation
Estimate
Indicative valuation
Order of magnitude
As an indication, this company is worth
between 100 k€ and 250 k€
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.
Disclaimer
Indicative estimate based on public sector multiples and the filed annual accounts. It is neither a certified valuation nor financial or investment advice.
Directors & structure
Governance
Board of directors
Seen on filing of 31/12/2025 · 7 active · 35 ended
Shareholders
Ownership and network
Looking for more information about this company?
Try for 7 daysPublications
Belgian Official Gazette
Belgian Official Gazette publications
- Mandates07/11/2025DEMISSIONS, NOMINATIONS
- Mandates12/01/2024STATUTS (TRADUCTION, COORDINATION, AUTRES MODIFICATIONS, ) - DEMISSIONS, NOMINATIONS
- Mandates09/02/2023DEMISSIONS, NOMINATIONS
- Mandates01/10/2021DEMISSIONS, NOMINATIONS
- Mandates06/10/2020DEMISSIONS, NOMINATIONS
- Mandates25/08/2020DEMISSIONS, NOMINATIONS
- Mandates08/02/2016DEMISSIONS, NOMINATIONS
- Mandates10/10/2014DEMISSIONS, NOMINATIONS
Source: Belgian Official Gazette
Similar companies
Competition
Similar companies
A company's peers, by sector and size, are included in the Business plan.
See the Business planTimeline
Timeline
- 2025Annual accounts 20254,4 k €↑
- 2024Annual accounts 20241,1 k €↓
- 2023Annual accounts 20233,5 k €↓
- 2022Annual accounts 20225,5 k €↓
- 2021Annual accounts 202113,7 k €↑
- 2020Annual accounts 20201,2 k €↑
- 2019Annual accounts 2019-8,9 k €↓
- 2018Annual accounts 20184,1 k €↓
- 2017Annual accounts 20174,7 k €↓
- 2016Annual accounts 201611,4 k €↓
- 2015Annual accounts 201565,2 k €↑
- 2014Annual accounts 201413,5 k €↑
- 2013Annual accounts 2013-53,7 k €↓
- 2012Annual accounts 20121,6 k €↓
- 2011Annual accounts 201134,8 k €↑
- 2010Annual accounts 20102,1 k €↓
- 2009Annual accounts 2009198,3 k €↑
- 2008Annual accounts 20083,1 k €↑
- 2007Annual accounts 2007-155 k €↓
- 2006Annual accounts 2006-150,7 k €
- 15/03/1999IncorporationPublic limited company