ACTIVE

MORUBEL

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Financial year 2025 · closed on 31/12/2025

Net result

3,1 M €

-7.8% YoY

Revenue

97,0 M €

+13.8% YoY

Equity

28,4 M €

+12.2% YoY

Workforce

103,9 ETP

+7.6% YoY

What does MORUBEL do?

MORUBEL is a Public limited company incorporated in 1999. Its registered office is in Oostende. It employs on average 103,9 ETP workers (FTE).

Legal situation

● Normal situation

BCE/KBO no. / VAT

BE 0468.144.665

Incorporation

08/12/1999

Legal form

Public limited company

Registered office

Ankerstraat 2
8400 Oostende · FlandreSee on map

Contributed capital

61 988,00 €

Latest accounts

31/12/2025

Average workforce

103,9 ETP

Joint committees (2)

Signals

ProfitableSolid equityLow riskGood liquidityPositive cashflowPositive EBITDAHealthy social debtsHigh revenue

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		2016		2015		2014		2013		2012		2011		2009		2008		2007
Income statement
Revenue	97,0 M €	+13.8%	85,2 M €	+8.8%	78,3 M €	+0.4%	78,0 M €	-5.1%	82,2 M €	+0.1%	82,1 M €	+2.2%	80,3 M €	-1.7%	81,8 M €	+3.8%	78,7 M €	+43.9%	54,7 M €	-20.2%	68,6 M €	+2.3%	67,1 M €	-17.8%	81,6 M €	+0.9%	80,9 M €	+0.6%	80,4 M €	+10.0%	73,1 M €	+36.0%	53,8 M €	-3.3%	55,6 M €	-0.5%	55,9 M €
EBITDA	4,4 M €	-23.2%	5,7 M €	+260%	1,6 M €	-61.3%	4,1 M €	-42.8%	7,2 M €	+86.9%	3,9 M €	+395%	-1,3 M €	+63.9%	-3,6 M €	-275%	2,1 M €	+726%	250,0 k €	-75.4%	1,0 M €	-51.9%	2,1 M €	-66.8%	6,4 M €	+5.5%	6,0 M €	+0.3%	6,0 M €	+18.0%	5,1 M €	-30.9%	7,4 M €	-11.6%	8,3 M €	-15.2%	9,8 M €
Operating result	4,6 M €	-8.9%	5,0 M €	+218%	1,6 M €	-61.8%	4,1 M €	-32.2%	6,1 M €	+81.1%	3,3 M €	+588%	486,8 k €	+113%	-3,7 M €	-319%	1,7 M €	+1106%	140,5 k €	-82.0%	778,5 k €	-71.8%	2,8 M €	-41.0%	4,7 M €	-18.5%	5,7 M €	+5.3%	5,5 M €	+9.3%	5,0 M €	-22.1%	6,4 M €	-11.8%	7,3 M €	-15.8%	8,6 M €
Net result	3,1 M €	-7.8%	3,4 M €	+323%	793,3 k €	-76.6%	3,4 M €	-35.6%	5,3 M €	+115%	2,4 M €	+706%	-402,9 k €	+90.9%	-4,4 M €	-439%	1,3 M €	+630%	-246,0 k €	-233%	185,1 k €	-83.4%	1,1 M €	+104%	-25,4 M €	-725%	4,1 M €	-20.1%	5,1 M €	+15.6%	4,4 M €	-8.9%	4,8 M €	-7.3%	5,2 M €	-14.2%	6,1 M €
Balance sheet
Equity	28,4 M €	+12.2%	25,3 M €	+15.3%	22,0 M €	+3.7%	21,2 M €	+19.0%	17,8 M €	+41.9%	12,5 M €	+24.2%	10,1 M €	-3.8%	10,5 M €	-29.6%	14,9 M €	+9.6%	13,6 M €	-1.8%	13,9 M €	-31.3%	20,2 M €	+5.8%	19,1 M €	-57.2%	44,5 M €	-16.7%	53,4 M €	+10.5%	48,3 M €	+22.8%	39,3 M €	+14.0%	34,5 M €	+17.8%	29,3 M €
Total assets	65,7 M €	+14.9%	57,2 M €	+26.0%	45,4 M €	-19.3%	56,3 M €	+15.7%	48,7 M €	+14.3%	42,6 M €	-11.6%	48,2 M €	-8.9%	52,9 M €	+1.2%	52,3 M €	+41.0%	37,1 M €	-28.5%	51,9 M €	+7.2%	48,4 M €	+8.0%	44,8 M €	-41.7%	76,8 M €	-16.5%	92,0 M €	+4.3%	88,2 M €	+21.2%	72,8 M €	+9.0%	66,8 M €	+3.7%	64,4 M €
Cash	1,3 M €	+26.7%	994,1 k €	+26.2%	787,4 k €	+926%	76,8 k €	-79.4%	372,4 k €	+444%	68,5 k €	-71.1%	237,3 k €	-78.6%	1,1 M €	+107%	535,0 k €	+51.8%	352,4 k €	-51.0%	718,6 k €	-68.8%	2,3 M €	+59.3%	1,4 M €	-90.6%	15,3 M €	-50.1%	30,7 M €	+3.6%	29,6 M €	+115%	13,8 M €	+52.8%	9,0 M €	+175%	3,3 M €
Debts	37,3 M €	+18.2%	31,6 M €	+37.7%	22,9 M €	-34.6%	35,0 M €	+14.1%	30,7 M €	+2.2%	30,0 M €	-21.0%	38,0 M €	-10.0%	42,3 M €	+13.2%	37,3 M €	+60.4%	23,3 M €	-37.5%	37,2 M €	+32.3%	28,1 M €	+10.8%	25,4 M €	-21.4%	32,3 M €	-15.9%	38,4 M €	-0.8%	38,7 M €	+18.8%	32,6 M €	+6.1%	30,7 M €	-8.7%	33,6 M €
Other
Workforce	103,9 ETP	+7.6%	96,6 ETP	+0.2%	96,4 ETP	-1.7%	98,1 ETP	-3.7%	101,9 ETP	+6.0%	96,1 ETP	-4.1%	100,2 ETP	-13.0%	115,2 ETP	+1.3%	113,7 ETP	+10.7%	102,7 ETP	+3.7%	99,0 ETP	-3.7%	102,8 ETP	+0.5%	102,3 ETP	-4.3%	106,9 ETP	-1.9%	109,0 ETP	+7.9%	101,0 ETP	+2.0%	99,0 ETP	+2.2%	96,9 ETP	-0.9%	97,8 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 · 5 active · 31 ended

Active mandates

Sardin

Director · since 01 juillet 2025 · until 15 juin 2032 · 1024.727.596

Represented by Ralph Sanders

Active

Brojo Seafood Management & Consultancy BV

Managing director · since 02 novembre 2023 · until 15 juin 2029

Represented by Johannes Brouwer

Active

ACTIA

Managing director · since 31 mars 2023 · until 15 juin 2029 · 0694.831.091

Represented by Alain Bockstaele

Active

Gino Maus

Director · since 31 mars 2023 · until 15 juin 2029

Active

Rognholmen AS

Director · since 31 mars 2023 · until 15 juin 2029

Represented by Pål Angell-Hansen

Active

Ended mandates

DIRK CONSULTING

Managing director · since 05 août 2022 · until 31 mars 2023 · 0829.714.838

Represented by Dirk De Pandelaere

Ended

SHORE

Managing director · since 30 juin 2020 · until 15 juin 2026 · 0553.576.624

Represented by BV Dirk Consulting

Ended

SHORE

Managing director · since 30 juin 2020 · until 30 juin 2026 · 0553.576.624

Represented by BV Dirk Consulting

Ended

ACTIA

Director · since 05 novembre 2018 · until 31 mars 2023 · 0694.831.091

Represented by Alain Bockstaele

Ended

At this address

Other companies at this address

Company	CBE no.
EUROPEAN SHRIMP PROCESSORS● Liquidation	0465.464.693

Annual accounts

Full financial information

	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	06/07/2026	26/06/2025	07/08/2024	29/06/2023	06/07/2022	24/06/2021
General meeting	15/06/2026	16/06/2025	17/06/2024	15/06/2023	15/06/2022	15/06/2021
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

25 filings with the NBB

Model	Closing	General meeting	Filed	Language	Document
Full model	31/12/2025	15/06/2026	06/07/2026	Dutch	PDF
Full model	31/12/2024	16/06/2025	26/06/2025	Dutch	PDF
Full model	31/12/2023	17/06/2024	07/08/2024	Dutch	PDF
Full model	31/12/2022	15/06/2023	29/06/2023	Dutch	PDF
Full model	31/12/2021	15/06/2022	06/07/2022	Dutch	PDF
Full model	31/12/2020	15/06/2021	24/06/2021	Dutch	PDF
Full model	31/12/2019	15/06/2020	07/07/2020	Dutch	PDF
Full model	31/12/2018	28/06/2019	10/07/2019	Dutch	PDF
Full model	31/12/2017	15/06/2018	13/07/2018	Dutch	PDF
Full model	31/12/2016	15/06/2017	11/07/2017	Dutch	PDF
Full model	31/03/2016	15/09/2016	28/09/2016	Dutch	PDF
Full model	31/03/2015	15/09/2015	25/09/2015	Dutch	PDF
Full model	31/03/2014	26/03/2015	30/03/2015	Dutch	PDF
Full model	31/03/2013	28/03/2014	28/03/2014	Dutch	PDF
Full model	31/03/2012	17/09/2012	26/09/2012	Dutch	PDF
Full model	31/03/2011	15/09/2011	07/05/2012	Dutch	PDF
m120-f-p	31/03/2011	15/09/2011	07/05/2012	Dutch	PDF
Full model	31/03/2010	15/09/2010	11/10/2010	Dutch	PDF
m120-f-p	31/03/2010	15/09/2010	12/10/2010	Dutch	PDF
Full model	31/03/2009	15/09/2009	22/09/2009	Dutch	PDF
m120-f-p	31/03/2009	15/09/2009	22/09/2009	Dutch	PDF
Full model	31/03/2008	15/09/2008	26/09/2008	Dutch	PDF
m120-f-p	31/03/2008	15/09/2008	30/09/2008	Dutch	PDF
Full model	31/03/2007	17/09/2007	25/09/2007	Dutch	PDF

View all 25 filings

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 · 5 active · 31 ended

Active mandates

Sardin

Director · since 01 juillet 2025 · until 15 juin 2032 · 1024.727.596

Represented by Ralph Sanders

Active

Brojo Seafood Management & Consultancy BV

Managing director · since 02 novembre 2023 · until 15 juin 2029

Represented by Johannes Brouwer

Active

ACTIA

Managing director · since 31 mars 2023 · until 15 juin 2029 · 0694.831.091

Represented by Alain Bockstaele

Active

Gino Maus

Director · since 31 mars 2023 · until 15 juin 2029

Active

Rognholmen AS

Director · since 31 mars 2023 · until 15 juin 2029

Represented by Pål Angell-Hansen

Active

Ended mandates

DIRK CONSULTING

Managing director · since 05 août 2022 · until 31 mars 2023 · 0829.714.838

Represented by Dirk De Pandelaere

Ended

SHORE

Managing director · since 30 juin 2020 · until 15 juin 2026 · 0553.576.624

Represented by BV Dirk Consulting

Ended

SHORE

Managing director · since 30 juin 2020 · until 30 juin 2026 · 0553.576.624

Represented by BV Dirk Consulting

Ended

ACTIA

Director · since 05 novembre 2018 · until 31 mars 2023 · 0694.831.091

Represented by Alain Bockstaele

Ended

Shareholders

Ownership and network

Looking for more information about this company?

Try for 7 days

Belgian Official Gazette

Belgian Official Gazette publications

Mandates22/07/2025
ONTSLAGEN - BENOEMINGEN
PDF
Mandates26/05/2025
ONTSLAGEN - BENOEMINGEN
PDF
Mandates15/01/2024
ONTSLAGEN - BENOEMINGEN
PDF
Other08/11/2023
DOEL - STATUTEN (VERTALING, COÖRDINATIE, OVERIGE WIJZIGINGEN, )
PDF
Mandates21/04/2023
ONTSLAGEN - BENOEMINGEN
PDF
Mandates11/01/2023
ONTSLAGEN - BENOEMINGEN
PDF
Mandates30/08/2022
ONTSLAGEN - BENOEMINGEN
PDF
Mandates10/05/2021
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 20253,1 M €↓
01/07/2025
nominationSardin BV — bestuurder
2024
Annual accounts 20243,4 M €↑
17/06/2024
nominationPwC Bedrijfsrevisoren BV — commissaris
17/06/2024
nominationLien Winne — vaste vertegenwoordiger
2023
Annual accounts 2023793,3 k €↓
02/11/2023
nominationBrojo Seafood Management & Consultancy B.V. — bestuurder
02/11/2023
nominationBrojo Seafood Management & Consultancy B.V. — gedelegeerd bestuurder
31/03/2023
nominationGino Maus — bestuurder
31/03/2023
nominationRognholmen AS — bestuurder
31/03/2023
reconductionActia BV — bestuurder
31/03/2023
nominationActia BV — gedelegeerd bestuurder
2022
Annual accounts 20223,4 M €↓
05/08/2022
demissionDirk Consulting BV — bestuurder
05/08/2022
nominationDirk Consulting BV — bestuurder
2021
Annual accounts 20215,3 M €↑
2020
Annual accounts 20202,4 M €↑
2019
Annual accounts 2019-402,9 k €↑
2018
Annual accounts 2018-4,4 M €↓
2017
Annual accounts 20171,3 M €↑
2016
Annual accounts 2016-246,0 k €↓
2016
Annual accounts 2016185,1 k €↓
2015
Annual accounts 20151,1 M €↑
2014
Annual accounts 2014-25,4 M €↓
2013
Annual accounts 20134,1 M €↓
2012
Annual accounts 20125,1 M €↑
2011
Annual accounts 20114,4 M €↓
2009
Annual accounts 20094,8 M €↓
2008
Annual accounts 20085,2 M €↓
2007
Annual accounts 20076,1 M €
08/12/1999
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

MORUBEL

Overview

What does MORUBEL 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