ACTIVE

BWAT (SRL)

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Financial year 2025 · closed on 31/12/2025

Net result

117,6 k €

-36.7% YoY

Gross margin

202,1 k €

-28.6% YoY

Equity

833,7 k €

-23.8% YoY

What does BWAT do?

BWAT is a Private limited company incorporated in 1999. Its main activity is: Specialised design activities. Its registered office is in Jodoigne.

Legal situation

● Normal situation

BCE/KBO no. / VAT

BE 0466.760.535

Incorporation

27/08/1999

Legal form

Private limited company

Registered office

Rue du Village(Lat.) 16A
1370 Jodoigne · WallonieSee on map

Contributed capital

25 000,00 €

Latest accounts

31/12/2025

Activities (NACE)

74131Specialised design activities· main 74909Other professional, scientific and technical activities n.e.c.74999Other professional, scientific and technical activities n.e.c.70210Public relations and communication activities 73200Market research and public opinion polling 73200Market research and public opinion polling+3

Signals

ProfitableSolid equityLow riskGood liquidityPositive cashflowPositive EBITDA

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✦ Verdict · Analyst summary

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	202,1 k €	-28.6%	283 k €	+13.3%	249,7 k €	-0.8%	251,7 k €	+14.4%	220,1 k €	+3.0%	213,7 k €	-3.5%	221,5 k €	-1.3%	224,3 k €	-18.2%	274,1 k €	+53.8%	178,2 k €	+3.0%	172,9 k €	-33.4%	259,6 k €	+67.3%	155,2 k €	+2.9%	150,8 k €	+21.9%	123,7 k €	+57.4%	78,6 k €	-5.7%	83,4 k €	+19.4%	69,8 k €	-26.7%	95,3 k €	+114%	44,5 k €
EBITDA	199,5 k €	-29.1%	281,2 k €	+13.0%	248,8 k €	-0.6%	250,2 k €	+14.4%	218,7 k €	+2.8%	212,8 k €	-3.3%	220 k €	-1.1%	222,5 k €	-18.5%	272,9 k €	+54.5%	176,7 k €	+3.1%	171,4 k €	-33.5%	257,6 k €	+69.5%	152 k €	+4.0%	146,2 k €	+20.2%	121,6 k €	+58.9%	76,5 k €	-6.2%	81,6 k €	+20.3%	67,9 k €	-26.2%	91,9 k €	+122%	41,5 k €
Operating result	177,4 k €	-31.5%	258,9 k €	+12.9%	229,3 k €	-4.5%	240 k €	+11.2%	215,9 k €	+2.3%	211,1 k €	-3.0%	217,7 k €	-1.0%	219,8 k €	-16.7%	263,8 k €	+57.4%	167,6 k €	+3.8%	161,4 k €	-35.0%	248,5 k €	+72.1%	144,4 k €	+1.2%	142,7 k €	+25.8%	113,4 k €	+67.1%	67,9 k €	-7.6%	73,4 k €	+22.6%	59,9 k €	-29.3%	84,7 k €	+114%	39,6 k €
Net result	117,6 k €	-36.7%	185,7 k €	+25.2%	148,4 k €	-12.1%	168,9 k €	+4.8%	161,2 k €	+4.9%	153,6 k €	+4.9%	146,4 k €	-5.3%	154,6 k €	-10.9%	173,4 k €	+47.1%	117,9 k €	+15.2%	102,3 k €	-36.1%	160,2 k €	+73.1%	92,5 k €	+1.6%	91,1 k €	+26.5%	72 k €	+67.9%	42,9 k €	-4.0%	44,7 k €	+24.4%	35,9 k €	-30.7%	51,8 k €	+130%	22,5 k €
Balance sheet
Equity	833,7 k €	-23.8%	1,1 M €	+20.4%	908,6 k €	+10.1%	825,2 k €	+25.7%	656,3 k €	+32.6%	495 k €	+45.0%	341,4 k €	+75.0%	195,1 k €	+382%	40,5 k €	+9.3%	37 k €	+0.8%	36,8 k €	+1.0%	36,4 k €	+0.6%	36,2 k €	+7.6%	33,7 k €	+3.2%	32,6 k €	+6.5%	30,6 k €	+10.4%	27,7 k €	-1.2%	28 k €	+1.8%	27,5 k €	-0.6%	27,7 k €
Total assets	1,2 M €	+6.1%	1,1 M €	+9.2%	1 M €	+11.5%	932,9 k €	+30.1%	717,1 k €	+13.5%	631,9 k €	+56.7%	403,1 k €	+24.1%	324,8 k €	-19.7%	404,7 k €	+80.0%	224,8 k €	-4.8%	236,3 k €	-23.4%	308,7 k €	+46.3%	211 k €	+8.9%	193,6 k €	+40.9%	137,5 k €	+39.3%	98,7 k €	+17.2%	84,2 k €	-21.3%	107 k €	-18.4%	131,2 k €	+145%	53,6 k €
Cash	528,4 k €	-49.2%	1 M €	+12.6%	924,3 k €	+17.4%	787,6 k €	+26.6%	622,3 k €	+7.6%	578,4 k €	+14184%	4 k €	-93.1%	58,9 k €	+270%	15,9 k €	+270%	4,3 k €	-86.4%	31,6 k €	-31.1%	45,8 k €	+7.5%	42,6 k €	+201%	14,2 k €	+13.4%	12,5 k €	-70.1%	41,8 k €	+9.2%	38,3 k €	+1077%	3,3 k €	+254%	919,5 €	-93.5%	14,1 k €
Debts	372,2 k €	+793%	41,7 k €	-68.3%	131,6 k €	+22.1%	107,7 k €	+77.2%	60,8 k €	-36.5%	95,8 k €	+223%	29,7 k €	-64.4%	83,3 k €	-63.5%	228,1 k €	+47.1%	155,1 k €	-0.3%	155,6 k €	-38.7%	253,8 k €	+64.6%	154,2 k €	+21.0%	127,4 k €	+24.0%	102,8 k €	+69.9%	60,5 k €	+8.6%	55,7 k €	-28.9%	78,3 k €	-16.2%	93,5 k €	+262%	25,9 k €

Estimate

Indicative valuation

As an indication, this company is worth

between 1 M€ and 2,5 M€

See the valuation

Governance

Board of directors

Seen on filing of 31/12/2025 · 2 active · 5 ended

Active mandates

Cédric Rainotte

Administrateur Statutaire

Active

Sandrine Moerenhout

Administrateur Statutaire

Active

Ended mandates

Sandrine MOERENHOUT

Director · since 22 juin 2022

Ended

CEDRIC RAINOTTE

Director · since 24 août 1999

Ended

CEDRIC RAINOTTE

Manager · since 24 août 1999

Ended

Cédric RAINOTTE

Manager

Ended

Annual accounts

Full financial information

	2025	2024	2023	2022	2021	2020
Type of account	Micro model	Micro model	Micro model	Micro model	Micro model	Micro 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	15/07/2026	22/07/2025	28/06/2024	31/08/2023	30/08/2022	13/09/2021
General meeting	15/06/2026	15/06/2025	15/06/2024	31/08/2023	15/06/2022	30/06/2021
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

21 filings with the NBB

Model	Closing	General meeting	Filed	Language	Document
Micro model	31/12/2025	15/06/2026	15/07/2026	French	PDF
Micro model	31/12/2024	15/06/2025	22/07/2025	French	PDF
Micro model	31/12/2023	15/06/2024	28/06/2024	French	PDF
Micro model	31/12/2022	31/08/2023	31/08/2023	French	PDF
Micro model	31/12/2021	15/06/2022	30/08/2022	French	PDF
Micro modelCorrection	31/12/2020	30/06/2021	13/09/2021	French	PDF
Micro model	31/12/2020	30/06/2021	31/08/2021	French	PDF
Micro model	31/12/2019	15/06/2020	16/06/2020	French	PDF
Micro model	31/12/2018	15/06/2019	24/06/2019	French	PDF
Micro model	31/12/2017	15/06/2018	20/07/2018	French	PDF
Micro model	31/12/2016	15/06/2017	16/06/2017	French	PDF
Abridged model	31/12/2015	15/06/2016	17/06/2016	French	PDF
Abridged model	31/12/2014	15/06/2015	24/06/2015	French	PDF
Abridged model	31/12/2013	16/06/2014	11/08/2014	French	PDF
Abridged model	31/12/2012	15/06/2013	08/07/2013	French	PDF
Abridged model	31/12/2011	15/06/2012	22/06/2012	French	PDF
Abridged model	31/12/2010	15/06/2011	24/06/2011	French	PDF
Abridged model	31/12/2009	15/06/2010	22/06/2010	French	PDF
Abridged model	31/12/2008	15/06/2009	06/07/2009	French	PDF
Abridged model	31/12/2007	16/06/2008	17/06/2008	French	PDF
Abridged model	31/12/2006	15/06/2007	18/06/2007	French	PDF

Estimate

Indicative valuation

Order of magnitude

As an indication, this company is worth

between 1 M€ and 2,5 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 · 5 ended

Active mandates

Cédric Rainotte

Administrateur Statutaire

Active

Sandrine Moerenhout

Administrateur Statutaire

Active

Ended mandates

Sandrine MOERENHOUT

Director · since 22 juin 2022

Ended

CEDRIC RAINOTTE

Director · since 24 août 1999

Ended

CEDRIC RAINOTTE

Manager · since 24 août 1999

Ended

Cédric RAINOTTE

Manager

Ended

Shareholders

Ownership and network

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Belgian Official Gazette

Belgian Official Gazette publications

Mandates28/07/2022
DEMISSIONS, NOMINATIONS
PDF
Mandates29/12/2021
STATUTS (TRADUCTION, COORDINATION, AUTRES MODIFICATIONS, ) - MODIFICATION FORME JURIDIQUE - DENOMINATION - DEMISSIONS, NOMINATIONS - ASSEMBLEE GENERALE
PDF
Registered office29/05/2006
SIEGE SOCIAL
PDF
Registered office31/10/2002
SIEGE SOCIAL
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 2025117,6 k €↓
2025
Name changeBWAT
2024
Annual accounts 2024185,7 k €↑
2023
Annual accounts 2023148,4 k €↓
2022
Annual accounts 2022168,9 k €↑
2021
Annual accounts 2021161,2 k €↑
2020
Annual accounts 2020153,6 k €↑
2019
Annual accounts 2019146,4 k €↓
2018
Annual accounts 2018154,6 k €↓
2017
Annual accounts 2017173,4 k €↑
2016
Annual accounts 2016117,9 k €↑
2015
Annual accounts 2015102,3 k €↓
2014
Annual accounts 2014160,2 k €↑
2013
Annual accounts 201392,5 k €↑
2012
Annual accounts 201291,1 k €↑
2011
Annual accounts 201172 k €↑
2010
Annual accounts 201042,9 k €↓
2009
Annual accounts 200944,7 k €↑
2008
Annual accounts 200835,9 k €↓
2007
Annual accounts 200751,8 k €↑
2006
Annual accounts 200622,5 k €
2006
Name changeB.W.A.T.
27/08/1999
IncorporationPrivate 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

BWAT (SRL)

Overview

What does BWAT do?

Trend over 20 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