ACTIVE

NINTH WAVE

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Financial year 2025 · closed on 31/12/2025

Net result

6,8 k €

+82.5% YoY

Gross margin

-9,5 k €

+25.7% YoY

Equity

738 k €

+0.9% YoY

What does NINTH WAVE do?

NINTH WAVE is a Private limited company incorporated in 2000. Its registered office is in Bruxelles.

Legal situation

● Normal situation

BCE/KBO no. / VAT

BE 0472.678.822

Incorporation

05/09/2000

Legal form

Private limited company

Registered office

Avenue Louise 480
1050 Bruxelles · BruxellesSee on map

Contributed capital

100 000,00 €

Latest accounts

31/12/2025

Joint committees (1)

Signals

ProfitableSolid equityLow riskGood liquidityPositive cashflow

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Health score

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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	-9,5 k €	+25.7%	-12,8 k €	+20.9%	-16,2 k €	+29.4%	-22,9 k €	-43.5%	-16 k €	-115%	107,5 k €	+475%	-28,7 k €	+29.1%	-40,4 k €	-127%	147,5 k €	-73.4%	554 k €	+34.3%	412,7 k €	+219%	129,3 k €	-37.0%	205,2 k €	-11.8%	232,6 k €	+45.7%	159,6 k €	+38.3%	115,4 k €	-27.9%	160 k €	-39.7%	265,4 k €	+44.6%	183,6 k €	+1337%	-14,8 k €
EBITDA	-9,9 k €	+22.5%	-12,8 k €	+20.9%	-16,2 k €	+29.4%	-22,9 k €	-36.1%	-16,8 k €	-116%	106,6 k €	+461%	-29,6 k €	+28.4%	-41,3 k €	-129%	144,9 k €	-73.4%	544,2 k €	+34.4%	404,9 k €	+227%	123,8 k €	-38.0%	199,6 k €	-12.1%	227 k €	+53.7%	147,7 k €	+34.6%	109,8 k €	-15.8%	130,4 k €	-37.6%	209,1 k €	+77.4%	117,8 k €	+441%	-34,5 k €
Operating result	-9,9 k €	+22.5%	-12,8 k €	+20.9%	-16,2 k €	+29.4%	-22,9 k €	-28.8%	-17,8 k €	-117%	105,7 k €	+446%	-30,5 k €	+27.8%	-42,3 k €	-129%	143,9 k €	-73.5%	543,2 k €	+52.8%	355,5 k €	+379%	74,3 k €	-50.7%	150,5 k €	-14.7%	176,4 k €	+82.3%	96,7 k €	+79.7%	53,8 k €	-27.4%	74,1 k €	-52.5%	156,1 k €	+138%	65,4 k €	+124%	-278,2 k €
Net result	6,8 k €	+82.5%	3,7 k €	+1272%	270,8 €	+103%	-9,8 k €	-24.1%	-7,9 k €	-108%	94 k €	+814%	-13,2 k €	+59.3%	-32,4 k €	-174%	43,8 k €	-85.2%	296,1 k €	+69.7%	174,5 k €	+2493%	6,7 k €	-86.5%	49,8 k €	-21.5%	63,5 k €	+547%	9,8 k €	+137%	-26,6 k €	-214%	-8,5 k €	-123%	37,1 k €	+667%	-6,5 k €	-113%	51,4 k €
Balance sheet
Equity	738 k €	+0.9%	731,2 k €	+0.5%	727,5 k €	+0.0%	727,2 k €	-1.3%	737 k €	-1.1%	744,8 k €	+14.4%	650,8 k €	-2.0%	664 k €	-4.7%	696,4 k €	+6.7%	652,6 k €	+83.1%	356,5 k €	+95.9%	182 k €	+3.8%	175,3 k €	+39.7%	125,5 k €	+102%	62 k €	+18.8%	52,2 k €	-33.8%	78,8 k €	-9.7%	87,3 k €	+73.8%	50,2 k €	-11.5%	56,8 k €
Total assets	789,6 k €	+0.8%	783,1 k €	+0.4%	780,2 k €	-0.2%	782 k €	-21.7%	998,8 k €	-8.6%	1,1 M €	+45.3%	751,7 k €	-4.9%	790,1 k €	-12.9%	907,3 k €	-14.0%	1,1 M €	-38.8%	1,7 M €	-4.1%	1,8 M €	+0.6%	1,8 M €	+1.7%	1,8 M €	-2.6%	1,8 M €	-1.8%	1,8 M €	-1.9%	1,9 M €	-5.0%	2 M €	-0.1%	2 M €	-13.4%	2,3 M €
Cash	42 k €	-20.4%	52,7 k €	+292%	13,5 k €	-64.1%	37,5 k €	-77.5%	167 k €	-6.0%	177,6 k €	+468%	31,3 k €	-92.8%	435,2 k €	-0.2%	436,1 k €	+1.8%	428,4 k €	+260%	119 k €	+125%	52,9 k €	+6.5%	49,7 k €	+2035%	2,3 k €	+184%	818 €	-87.0%	6,3 k €	-77.8%	28,3 k €	+268%	7,7 k €	-45.9%	14,2 k €	-75.9%	59 k €
Debts	51,6 k €	-0.5%	51,9 k €	-1.6%	52,7 k €	-3.8%	54,8 k €	-79.1%	261,8 k €	-24.7%	347,7 k €	+245%	100,9 k €	-20.0%	126,2 k €	-40.2%	210,9 k €	-47.6%	402,2 k €	-70.6%	1,4 M €	-8.3%	1,5 M €	-3.2%	1,5 M €	-5.5%	1,6 M €	-5.7%	1,7 M €	-2.3%	1,8 M €	-0.3%	1,8 M €	-4.4%	1,9 M €	-3.4%	1,9 M €	-13.5%	2,2 M €
Other
Workforce	–		–		–		–		–		–		–		–		–		–		–		–		–		–		–		–		0,3 ETP	-70.0%	1,0 ETP	0.0%	1,0 ETP	0.0%	1,0 ETP

Estimate

Indicative valuation

As an indication, this company is worth

between 500 k€ and 1 M€

See the valuation

Governance

Board of directors

Seen on filing of 31/12/2025 · 1 active · 3 ended

Active mandates

Alexandre LIPPENS

Director

Active

Ended mandates

Alexandre Lippens

Manager · since 02 décembre 2002

Ended

Alexandre Lippens

Manager

Ended

Alexandre LIPPENS

Mandate

Ended

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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	31/08/2026	21/08/2025	30/08/2024	31/08/2023	29/09/2022	31/08/2021
General meeting	05/06/2026	06/06/2025	07/06/2024	02/06/2023	25/06/2022	26/06/2021
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

22 filings with the NBB

Model	Closing	General meeting	Filed	Language	Document
Micro model	31/12/2025	05/06/2026	31/08/2026	French	PDF
Micro model	31/12/2024	06/06/2025	21/08/2025	French	PDF
Micro model	31/12/2023	07/06/2024	30/08/2024	French	PDF
Abridged model	31/12/2022	02/06/2023	31/08/2023	French	PDF
Abridged model	31/12/2021	25/06/2022	29/09/2022	French	PDF
Abridged model	31/12/2020	26/06/2021	31/08/2021	French	PDF
Abridged model	31/12/2019	26/06/2020	29/07/2020	French	PDF
Abridged model	31/12/2018	31/07/2019	28/08/2019	French	PDF
Abridged modelCorrection	31/12/2017	01/06/2018	27/09/2018	French	PDF
Abridged model	31/12/2017	01/06/2018	30/07/2018	French	PDF
Abridged modelCorrection	31/12/2016	26/03/2018	29/05/2018	French	PDF
Abridged model	31/12/2016	21/08/2017	26/09/2017	French	PDF
Abridged model	31/12/2015	03/06/2016	31/08/2016	French	PDF
Abridged model	31/12/2014	26/06/2015	28/08/2015	French	PDF
Abridged model	31/12/2013	27/06/2014	15/08/2014	French	PDF
Abridged model	31/12/2012	28/06/2013	20/08/2013	French	PDF
Abridged model	31/12/2011	22/06/2012	30/08/2012	French	PDF
Abridged model	31/12/2010	24/06/2011	31/08/2011	French	PDF
Abridged model	31/12/2009	04/06/2010	18/08/2010	French	PDF
Abridged model	31/12/2008	05/06/2009	21/08/2009	French	PDF
Abridged model	31/12/2007	06/06/2008	20/08/2008	French	PDF
Abridged model	31/12/2006	01/06/2007	07/08/2007	French	PDF

Estimate

Indicative valuation

Order of magnitude

As an indication, this company is worth

between 500 k€ and 1 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 · 1 active · 3 ended

Active mandates

Alexandre LIPPENS

Director

Active

Ended mandates

Alexandre Lippens

Manager · since 02 décembre 2002

Ended

Alexandre Lippens

Manager

Ended

Alexandre LIPPENS

Mandate

Ended

Shareholders

Ownership and network

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Belgian Official Gazette

Belgian Official Gazette publications

Registered office29/10/2025
SIEGE SOCIAL
PDF
Mandates22/02/2021
MODIFICATION FORME JURIDIQUE - DEMISSIONS, NOMINATIONS
PDF
Registered office19/03/2014
SIEGE SOCIAL
PDF
Registered office10/04/2007
SIEGE SOCIAL - ASSEMBLEE GENERALE - CAPITAL, ACTIONS - STATUTS (TRADUCTION, COORDINATION, AUTRES MODIFICATIONS, )
PDF
Mandates28/03/2003
DEMISSIONS, NOMINATIONS
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 20256,8 k €↑
2024
Annual accounts 20243,7 k €↑
2023
Annual accounts 2023270,8 €↑
2022
Annual accounts 2022-9,8 k €↓
2021
Annual accounts 2021-7,9 k €↓
2020
Annual accounts 202094 k €↑
2019
Annual accounts 2019-13,2 k €↑
2018
Annual accounts 2018-32,4 k €↓
2017
Annual accounts 201743,8 k €↓
2016
Annual accounts 2016296,1 k €↑
2015
Annual accounts 2015174,5 k €↑
2014
Annual accounts 20146,7 k €↓
2013
Annual accounts 201349,8 k €↓
2012
Annual accounts 201263,5 k €↑
2011
Annual accounts 20119,8 k €↑
2010
Annual accounts 2010-26,6 k €↓
2009
Annual accounts 2009-8,5 k €↓
2008
Annual accounts 200837,1 k €↑
2007
Annual accounts 2007-6,5 k €↓
2006
Annual accounts 200651,4 k €
05/09/2000
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

NINTH WAVE

Overview

What does NINTH WAVE do?

Trend over 20 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