ACTIVE

Nitro Software Belgium

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Financial year 2025 · closed on 31/12/2025

Net result

3,2 M €

-19.7% YoY

Gross margin

5,9 M €

-16.6% YoY

Equity

10,6 M €

+43.5% YoY

Workforce

24,1 ETP

-14.2% YoY

What does Nitro Software Belgium do?

Nitro Software Belgium is a Public limited company incorporated in 1999. Its main activity is: Computer programming activities. Its registered office is in Antwerpen. It employs on average 24,1 ETP workers (FTE).

Legal situation

● Normal situation

BCE/KBO no. / VAT

BE 0467.046.486

Incorporation

12/10/1999

Legal form

Public limited company

Registered office

Wapenstraat 14 box 301
2000 Antwerpen · FlandreSee on map

Contributed capital

9 697 265,23 €

Latest accounts

31/12/2025

Average workforce

24,1 ETP

Activities (NACE)

62010Computer programming activities· main 62020Computer consultancy activities 62100Computer programming, consultancy and related activities 62200Computer programming, consultancy and related activities

Joint committees (2)

Contacts

2 public details availableLog in to view

Signals

ProfitableSolid equityLow riskGood liquidityPositive cashflowPositive EBITDAHealthy social debts

View the BCE/KBO Public Search record →

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		2011		2010		2009		2008		2007		2006
Income statement
Gross margin	5,9 M €	-16.6%	7,1 M €	+87.1%	3,8 M €	+828%	410,3 k €	-35.8%	638,8 k €	+147%	258,4 k €	+443%	-75,4 k €	-608%	14,8 k €	+101%	-1,2 M €	-110%	-592,5 k €	+0.3%	-594,3 k €		–		–		–		–		–		-4,1 k €	-0.4%	-4,1 k €	-257%	2,6 k €
EBITDA	3 M €	-24.5%	4 M €	+532%	-916,6 k €	+73.3%	-3,4 M €	-65.2%	-2,1 M €	+4.3%	-2,2 M €	+15.8%	-2,6 M €	+2.8%	-2,7 M €	+33.6%	-4 M €	-70.5%	-2,3 M €	-1.6%	-2,3 M €	-79.4%	-1,3 M €	-136%	-544,5 k €	-338%	228,4 k €	+22.1%	187 k €	+135%	79,7 k €	+1588%	-5,4 k €	+5.4%	-5,7 k €	-682%	973 €
Operating result	3 M €	-24.7%	3,9 M €	+512%	-957,9 k €	+72.8%	-3,5 M €	-66.3%	-2,1 M €	+3.1%	-2,2 M €	+1.7%	-2,2 M €	+17.8%	-2,7 M €	+38.4%	-4,4 M €	-59.5%	-2,7 M €	+31.2%	-4 M €	-68.8%	-2,4 M €	-49.1%	-1,6 M €	-224%	-490,3 k €	-96.4%	-249,6 k €	-4452%	5,7 k €	+162%	-9,2 k €	+3.6%	-9,6 k €	-1743%	582 €
Net result	3,2 M €	-19.7%	4 M €	+672%	-696,9 k €	+80.9%	-3,6 M €	-83.5%	-2 M €	+2.4%	-2 M €	+8.8%	-2,2 M €	+18.0%	-2,7 M €	+38.8%	-4,4 M €	-52.1%	-2,9 M €	+27.1%	-4 M €	-64.8%	-2,4 M €	-42.5%	-1,7 M €	-230%	-517,7 k €	-90.0%	-272,4 k €	-28754%	950,6 €	+111%	-8,8 k €	+1.5%	-9 k €	-34567%	26 €
Balance sheet
Equity	10,6 M €	+43.5%	7,4 M €	+118%	3,4 M €	-17.1%	4,1 M €	-13.6%	4,7 M €	+45.5%	3,2 M €	+42.5%	2,3 M €	+102%	1,1 M €	+33.5%	844,8 k €	-52.6%	1,8 M €	+193%	-1,9 M €	-1398%	148,1 k €	-91.8%	1,8 M €	+11.0%	1,6 M €	+42.2%	1,1 M €	-19.3%	1,4 M €	+23945%	5,9 k €	-60.0%	14,7 k €	-37.9%	23,7 k €
Total assets	22,5 M €	+33.5%	16,9 M €	+80.3%	9,3 M €	-21.3%	11,9 M €	+31.0%	9,1 M €	+40.7%	6,4 M €	+17.9%	5,5 M €	+38.8%	3,9 M €	+22.6%	3,2 M €	-3.9%	3,3 M €	+67.6%	2 M €	+3.6%	1,9 M €	-36.6%	3 M €	-2.2%	3,1 M €	+25.3%	2,5 M €	+52.1%	1,6 M €	+24404%	6,6 k €	-56.5%	15,3 k €	-38.4%	24,8 k €
Cash	436,5 k €	-39.8%	725,3 k €	+138%	304,8 k €	-92.7%	4,2 M €	+61.2%	2,6 M €	+95.8%	1,3 M €	+10.0%	1,2 M €	+77.0%	676,8 k €	+7.5%	629,8 k €	-69.8%	2,1 M €	+551%	320,2 k €	+413%	62,4 k €	-84.0%	390,8 k €	+1475%	24,8 k €	+10.1%	22,5 k €	+99.4%	11,3 k €	+35332%	31,9 €	-98.8%	2,6 k €	-9.6%	2,9 k €
Debts	7,1 M €	+24.5%	5,7 M €	+198%	1,9 M €	-51.3%	4 M €	+169%	1,5 M €	+1.1%	1,5 M €	+0.3%	1,4 M €	+5.7%	1,4 M €	+12.0%	1,2 M €	-15.6%	1,4 M €	-58.1%	3,5 M €	+127%	1,5 M €	+30.7%	1,2 M €	-20.8%	1,5 M €	+12.1%	1,3 M €	+520%	211,3 k €	+79113%	266,8 €	+220%	83,5 €	-87.0%	640 €
Other
Workforce	24,1 ETP	-14.2%	28,1 ETP	-8.2%	30,6 ETP	-18.2%	37,4 ETP	+9.7%	34,1 ETP	+9.6%	31,1 ETP	0.0%	31,1 ETP	-1.6%	31,6 ETP	+14.9%	27,5 ETP	+29.1%	21,3 ETP	+18.3%	18,0 ETP	0.0%	18,0 ETP	+3.4%	17,4 ETP	+16.0%	15,0 ETP	+22.0%	12,3 ETP	+8.8%	11,3 ETP		–		–		–

Estimate

Indicative valuation

As an indication, this company is worth

between 25 M€ and 50 M€

See the valuation

Governance

Board of directors

Seen on filing of 31/12/2025 · 2 active · 54 ended

Active mandates

Cormac Whelan

Managing director · since 23 août 2024 · until 11 juin 2030

Active

David Andreasson

Managing director · since 23 août 2024 · until 11 juin 2030

Active

Ended mandates

Tine Venstermans

Director · since 28 mars 2023 · until 21 mai 2024

Ended

Tine Venstermans

Director · since 28 mars 2023 · until 12 juin 2029

Ended

Yana Agababian

Director · since 28 mars 2023 · until 23 août 2024

Ended

Yana Kiziryan

Director · since 28 mars 2023 · until 12 juin 2029

Ended

At this address

Other companies at this address

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ILA studio● Active	0807.588.346

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	31/08/2026	27/02/2026	11/10/2024	26/07/2023	21/06/2022	09/06/2021
General meeting	31/08/2026	30/06/2025	30/08/2024	20/07/2023	14/06/2022	08/06/2021
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
Abridged model	31/12/2025	31/08/2026	31/08/2026	Dutch	PDF
Abridged model	31/12/2024	30/06/2025	27/02/2026	Dutch	PDF
Abridged model	31/12/2023	30/08/2024	11/10/2024	Dutch	PDF
Abridged model	31/12/2022	20/07/2023	26/07/2023	Dutch	PDF
Abridged model	31/12/2021	14/06/2022	21/06/2022	Dutch	PDF
Abridged model	31/12/2020	08/06/2021	09/06/2021	Dutch	PDF
Abridged model	31/12/2019	09/06/2020	25/06/2020	Dutch	PDF
Abridged model	31/12/2018	11/06/2019	28/06/2019	Dutch	PDF
Abridged model	31/12/2017	25/05/2018	18/07/2018	Dutch	PDF
Abridged model	31/12/2016	07/06/2017	27/07/2017	Dutch	PDF
Abridged model	31/12/2015	31/05/2016	27/06/2016	Dutch	PDF
Full model	31/12/2014	11/05/2015	18/06/2015	Dutch	PDF
Full model	31/12/2013	28/02/2014	08/05/2014	Dutch	PDF
Full model	31/12/2012	24/05/2013	12/06/2013	Dutch	PDF
Full modelCorrection	31/12/2011	28/06/2012	20/09/2012	Dutch	PDF
Full model	31/12/2011	28/06/2012	20/07/2012	Dutch	PDF
Full model	31/12/2010	10/05/2011	18/06/2011	Dutch	PDF
Full model	31/12/2009	10/05/2010	25/08/2010	Dutch	PDF
Abridged model	31/12/2008	16/02/2009	02/03/2009	Dutch	PDF
Abridged model	31/12/2007	12/06/2008	11/07/2008	Dutch	PDF
Abridged model	31/12/2006	12/06/2007	27/06/2007	Dutch	PDF

Estimate

Indicative valuation

Order of magnitude

As an indication, this company is worth

between 25 M€ and 50 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 · 54 ended

Active mandates

Cormac Whelan

Managing director · since 23 août 2024 · until 11 juin 2030

Active

David Andreasson

Managing director · since 23 août 2024 · until 11 juin 2030

Active

Ended mandates

Tine Venstermans

Director · since 28 mars 2023 · until 21 mai 2024

Ended

Tine Venstermans

Director · since 28 mars 2023 · until 12 juin 2029

Ended

Yana Agababian

Director · since 28 mars 2023 · until 23 août 2024

Ended

Yana Kiziryan

Director · since 28 mars 2023 · until 12 juin 2029

Ended

Shareholders

Ownership and network

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Belgian Official Gazette

Belgian Official Gazette publications

Mandates03/11/2025
ONTSLAGEN - BENOEMINGEN
PDF
Mandates07/10/2024
ONTSLAGEN - BENOEMINGEN
PDF
Other27/11/2023
BENAMING
PDF
Mandates01/06/2023
ONTSLAGEN - BENOEMINGEN
PDF
Capital / shares08/09/2022
STATUTEN (VERTALING, COÖRDINATIE, OVERIGE WIJZIGINGEN, ) - KAPITAAL - AANDELEN
PDF
Mandates08/09/2022
ONTSLAGEN - BENOEMINGEN
PDF
Mandates12/07/2022
ONTSLAGEN - BENOEMINGEN
PDF
Mandates19/01/2022
KAPITAAL - AANDELEN - ONTSLAGEN - BENOEMINGEN
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 20253,2 M €↓
2024
Annual accounts 20244 M €↑
2023
Annual accounts 2023-696,9 k €↑
2023
Name changeNitro Software Belgium
2022
Annual accounts 2022-3,6 M €↓
2021
Annual accounts 2021-2 M €↑
2021
Name changeConnective
2020
Annual accounts 2020-2 M €↑
2019
Annual accounts 2019-2,2 M €↑
2018
Annual accounts 2018-2,7 M €↑
2017
Annual accounts 2017-4,4 M €↓
2016
Annual accounts 2016-2,9 M €↑
2015
Annual accounts 2015-4 M €↓
2014
Annual accounts 2014-2,4 M €↓
2013
Annual accounts 2013-1,7 M €↓
2011
Annual accounts 2011-517,7 k €↓
2010
Annual accounts 2010-272,4 k €↓
2009
Annual accounts 2009950,6 €↑
2008
Annual accounts 2008-8,8 k €↑
2007
Annual accounts 2007-9 k €↓
2006
Annual accounts 200626 €
12/10/1999
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

Nitro Software Belgium

Overview

What does Nitro Software Belgium do?

Trend over 19 financial years

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