ACTIVE

TENNESSEE

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Financial year 2025 · closed on 31/12/2025

Net result

-969 k €

-44.9% YoY

Gross margin

3,2 M €

-8.0% YoY

Equity

22,4 M €

-4.1% YoY

Workforce

0,0 ETP

What does TENNESSEE do?

TENNESSEE is a Limited partnership incorporated in 2001. Its main activity is: Other business support service activities n.e.c.. Its registered office is in Ixelles.

Legal situation

● Normal situation

BCE/KBO no. / VAT

BE 0473.903.101

Incorporation

24/01/2001

Legal form

Limited partnership

Registered office

Avenue Louise 65 box 11
1050 Ixelles · BruxellesSee on map

Contributed capital

27 723 625,80 €

Latest accounts

31/12/2025

Average workforce

0,0 ETP

Activities (NACE)

82990Other business support service activities n.e.c.· main 82990Other business support service activities n.e.c.

Signals

Solid equityLow riskGood liquidityPositive cashflowPositive EBITDA

View the BCE/KBO Public Search record →

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✦ Verdict · Analyst summary

Financials

Trend over 18 financial years

	2025		2024		2023		2022		2021		2018		2017		2016		2015		2014		2013		2012		2011		2010		2008		2007		2006		2005
Income statement
Gross margin	3,2 M €	-8.0%	3,4 M €	-9.1%	3,8 M €	+1.4%	3,7 M €	-1.7%	3,8 M €	+16.1%	3,3 M €		–		–		–		–		–		–		–		–		–		–		–		-4,7 k €
EBITDA	2,2 M €	-12.9%	2,5 M €	-13.4%	2,9 M €	-1.5%	2,9 M €	-0.6%	2,9 M €	+15.5%	2,5 M €	-33.9%	3,8 M €	+1.0%	3,8 M €	+48.0%	2,6 M €	+5.5%	2,4 M €	+224%	753,6 k €	+111%	356,6 k €	+670%	-62,6 k €	+94.6%	-1,2 M €	-128%	-505,6 k €	-52.6%	-331,3 k €	-55.6%	-212,9 k €	-3919%	-5,3 k €
Operating result	306 k €	-54.1%	666,1 k €	-40.6%	1,1 M €	-8.0%	1,2 M €	-2.7%	1,3 M €	+38.6%	904 k €	-59.2%	2,2 M €	+0.8%	2,2 M €	+127%	970 k €	+13.9%	851,3 k €	+165%	-1,3 M €	-164%	-494,3 k €	+45.6%	-909,4 k €	+22.0%	-1,2 M €	-131%	-505,6 k €	-52.6%	-331,3 k €	+35.7%	-514,9 k €	-9617%	-5,3 k €
Net result	-969 k €	-44.9%	-668,6 k €	-627%	-92 k €	-116%	569,1 k €	-6.4%	607,9 k €	+224%	187,4 k €	-87.5%	1,5 M €	+1.4%	1,5 M €	+19.0%	1,2 M €	+342%	280,5 k €	+121%	-1,4 M €	-139%	-570,4 k €	+51.1%	-1,2 M €	+79.9%	-5,8 M €	-1102%	-481,7 k €	-97.0%	-244,6 k €	+42.4%	-424,5 k €	-7802%	-5,4 k €
Balance sheet
Equity	22,4 M €	-4.1%	23,4 M €	-2.8%	24,1 M €	-0.4%	24,2 M €	-30.1%	34,6 M €	+6.0%	32,6 M €	+0.6%	32,5 M €	-11.0%	36,5 M €	+4.2%	35 M €	+3.7%	33,7 M €	+0.8%	33,5 M €	+118%	15,3 M €	-3.6%	15,9 M €	-6.8%	17,1 M €	-27.6%	23,6 M €	-2.0%	24 M €	-1.0%	24,3 M €	+974445%	-2,5 k €
Total assets	48 M €	-7.1%	51,7 M €	-1.7%	52,6 M €	+0.5%	52,3 M €	-16.4%	62,6 M €	+4.3%	60 M €	-0.3%	60,2 M €	-5.4%	63,6 M €	+1.8%	62,5 M €	+1.4%	61,6 M €	+1.0%	61 M €	+125%	27,1 M €	-1.7%	27,6 M €	-0.3%	27,7 M €	-5.0%	29,2 M €	+11.7%	26,1 M €	+7.4%	24,3 M €	+1602632%	1,5 k €
Cash	3,3 M €	-38.4%	5,3 M €	+14.4%	4,6 M €	+47.8%	3,1 M €	-72.6%	11,4 M €	+113%	5,4 M €	+36.5%	3,9 M €	-42.4%	6,8 M €	+77.5%	3,8 M €	+27.0%	3 M €	+181%	1,1 M €	+193%	368,2 k €	-77.9%	1,7 M €	+184%	586,6 k €	-44.6%	1,1 M €	+510%	173,5 k €	+284%	45,2 k €	+2879%	1,5 k €
Debts	24,5 M €	-10.1%	27,2 M €	-0.8%	27,4 M €	+1.0%	27,1 M €	+1.0%	26,9 M €	-1.0%	27,2 M €	+0.4%	27,1 M €	+1.4%	26,7 M €	-1.7%	27,2 M €	-0.3%	27,2 M €	+0.5%	27,1 M €	+131%	11,7 M €	+0.9%	11,6 M €	+9.8%	10,6 M €	+98.5%	5,3 M €	+161%	2 M €	+28984%	7 k €	+74.7%	4 k €
Other
Workforce	0,0 ETP		0,0 ETP		0,0 ETP		–		–		–		–		–		–		–		–		–		–		–		–		–		–		–

Estimate

Indicative valuation

As an indication, this company is worth

between 10 M€ and 25 M€

See the valuation

Governance

Board of directors

Seen on filing of 31/12/2025 · 1 active · 14 ended

Active mandates

Deka Real Estate International GMBH

Director

Represented by Matthias Roth

Active

Ended mandates

La société de droit allemand Deka Immobilien Beteiligungsgesellschaft mbH

Mandate · since 05 juin 2009

Represented by Axel Portz

Ended

Société de droit allemand Deka Real Estate International GmbH

Manager · since 05 juin 2009

Represented by Axel Portz

Ended

WestInvest Erste Beteiligungs- und Verwaltungs-Gesellschaft mbh

Manager · since 28 février 2006

Represented by Volker son représentant permanent, monsieur Clauberg

Ended

WestInvest Erste Beteiligungs- und Verwaltungs-Gesellschaft mbH

Manager · since 28 février 2006

Represented by Volker son représentant permanent, monsieur Clauberg

Ended

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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	25/06/2026	17/06/2025	05/06/2024	21/06/2023	18/07/2022	18/06/2021
General meeting	28/05/2026	30/05/2025	31/05/2024	26/05/2023	31/05/2022	28/05/2021
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	28/05/2026	25/06/2026	French	PDF
Abridged model	31/12/2024	30/05/2025	17/06/2025	French	PDF
Abridged model	31/12/2023	31/05/2024	05/06/2024	French	PDF
Abridged model	31/12/2022	26/05/2023	21/06/2023	French	PDF
Abridged model	31/12/2021	31/05/2022	18/07/2022	French	PDF
Abridged model	31/12/2020	28/05/2021	18/06/2021	French	PDF
Abridged model	31/12/2019	29/05/2020	16/06/2020	French	PDF
Abridged model	31/12/2018	14/06/2019	28/06/2019	French	PDF
Full model	31/12/2017	25/05/2018	05/06/2018	French	PDF
Full model	31/12/2016	20/06/2017	03/07/2017	French	PDF
Full model	31/12/2015	29/06/2016	04/07/2016	French	PDF
Full model	31/12/2014	29/06/2015	02/07/2015	French	PDF
Full model	31/12/2013	30/05/2014	24/06/2014	French	PDF
Full model	31/12/2012	31/05/2013	24/06/2013	French	PDF
Full model	31/12/2011	11/06/2012	10/07/2012	French	PDF
Full model	31/12/2010	22/06/2011	23/01/2012	French	PDF
Full model	31/12/2009	08/06/2010	21/06/2010	French	PDF
Full model	31/12/2008	24/06/2009	25/06/2009	French	PDF
Full model	31/12/2007	27/06/2008	12/08/2008	French	PDF
Full model	31/12/2006	15/06/2007	24/07/2007	French	PDF
Abridged model	31/12/2005	15/05/2007	24/05/2007	French	PDF

Estimate

Indicative valuation

Order of magnitude

As an indication, this company is worth

between 10 M€ and 25 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 · 14 ended

Active mandates

Deka Real Estate International GMBH

Director

Represented by Matthias Roth

Active

Ended mandates

La société de droit allemand Deka Immobilien Beteiligungsgesellschaft mbH

Mandate · since 05 juin 2009

Represented by Axel Portz

Ended

Société de droit allemand Deka Real Estate International GmbH

Manager · since 05 juin 2009

Represented by Axel Portz

Ended

WestInvest Erste Beteiligungs- und Verwaltungs-Gesellschaft mbh

Manager · since 28 février 2006

Represented by Volker son représentant permanent, monsieur Clauberg

Ended

WestInvest Erste Beteiligungs- und Verwaltungs-Gesellschaft mbH

Manager · since 28 février 2006

Represented by Volker son représentant permanent, monsieur Clauberg

Ended

Shareholders

Ownership and network

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Belgian Official Gazette

Belgian Official Gazette publications

Registered office05/06/2026
SIEGE SOCIAL
PDF
Mandates13/02/2026
DEMISSIONS, NOMINATIONS
PDF
Mandates25/09/2024
ONTSLAGEN - BENOEMINGEN
PDF
Mandates18/04/2023
DEMISSIONS, NOMINATIONS
PDF
Mandates27/12/2022
DEMISSIONS, NOMINATIONS
PDF
Mandates03/03/2022
DEMISSIONS, NOMINATIONS
PDF
Mandates25/11/2021
STATUTS (TRADUCTION, COORDINATION, AUTRES MODIFICATIONS, ) - MODIFICATION FORME JURIDIQUE - OBJET - DEMISSIONS, NOMINATIONS
PDF
Other01/04/2019
STATUTS (TRADUCTION, COORDINATION, AUTRES MODIFICATIONS, )
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 2025-969 k €↓
17/10/2025
nominationAnne-Kristin Bloemen — mandataire spécial
2024
Annual accounts 2024-668,6 k €↓
31/05/2024
reconductionBE AUDIT SRL — commissaire
2023
Annual accounts 2023-92 k €↓
01/03/2023
nominationKnut Peter Hans MÜLLER — mandataire spécial
01/03/2023
nominationJacques-André SCHULTE — mandataire spécial
01/03/2023
nominationCorsül TASCI — mandataire spécial
01/03/2023
nominationBirgit KLEINSCHMIDT — mandataire spécial
01/03/2023
nominationJulia WAGNER — mandataire spécial
01/03/2023
nominationJoachim SCHNABEL — mandataire spécial
01/03/2023
nominationEkkehard MALUN — mandataire spécial
2022
Annual accounts 2022569,1 k €↓
30/06/2022
nominationSRL BE AUDIT — commissaire
2021
Annual accounts 2021607,9 k €↑
2018
Annual accounts 2018187,4 k €↓
2017
Annual accounts 20171,5 M €↑
2016
Annual accounts 20161,5 M €↑
2015
Annual accounts 20151,2 M €↑
2014
Annual accounts 2014280,5 k €↑
2013
Annual accounts 2013-1,4 M €↓
2012
Annual accounts 2012-570,4 k €↑
2011
Annual accounts 2011-1,2 M €↑
2010
Annual accounts 2010-5,8 M €↓
2008
Annual accounts 2008-481,7 k €↓
2007
Annual accounts 2007-244,6 k €↑
2006
Annual accounts 2006-424,5 k €↓
2005
Annual accounts 2005-5,4 k €
24/01/2001
IncorporationLimited partnership

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

TENNESSEE

Overview

What does TENNESSEE do?

Trend over 18 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