ACTIVE

MAVARO

Export PDF

Financial year 2025 · closed on 31/12/2025

Net result

31,6 k €

-74.5% YoY

Gross margin

1,7 M €

-8.1% YoY

Equity

972,1 k €

+3.4% YoY

Workforce

17,3 ETP

-10.8% YoY

What does MAVARO do?

MAVARO is a Public limited company incorporated in 2001. Its main activity is: Aluminium production. Its registered office is in Tessenderlo-Ham. It employs on average 17,3 ETP workers (FTE).

Legal situation

● Normal situation

BCE/KBO no. / VAT

BE 0475.085.412

Incorporation

26/06/2001

Legal form

Public limited company

Registered office

Industrieweg (H) 102
3980 Tessenderlo-Ham · FlandreSee on map

Contributed capital

80 000,00 €

Latest accounts

31/12/2025

Average workforce

17,3 ETP

Activities (NACE)

24420Aluminium production· main 24420Aluminium production 25110Manufacture of metal structures and parts of structures 25110Manufacture of metal structures and parts of structures 28110Manufacture of engines and turbines, except aircraft, vehicle and cycle engines 70120Activities of head offices+15

Joint committees (2)

Signals

ProfitableGood liquidityPositive cashflowPositive EBITDAHealthy social debts

View the BCE/KBO Public Search record →

Health score

Available with a Rovalta subscriptionTry for 7 days

Recommended credit limit

✦ Verdict · Analyst summary

Financials

Trend over 19 financial years

	2025		2024		2023		2022		2021		2020		2019		2018		2017		2015		2014		2013		2012		2011		2010		2009		2008		2007		2006
Income statement
Gross margin	1,7 M €	-8.1%	1,8 M €	+15.9%	1,6 M €	-14.5%	1,9 M €	-9.7%	2,1 M €	+98.0%	1 M €	-47.3%	2 M €	+16.4%	1,7 M €	+30.5%	1,3 M €	+68.2%	769,3 k €		–		–		–		–		–		–		–		–		–
EBITDA	231,1 k €	-36.2%	362,3 k €	+368%	77,4 k €	-62.0%	203,9 k €	-37.8%	327,7 k €	+158%	-560,9 k €	-237%	410,2 k €	+10.6%	370,9 k €	+94.8%	190,4 k €	-19.6%	236,9 k €	+194%	-251,5 k €	-454%	-45,4 k €	-200%	45,2 k €	-34.5%	69,1 k €	-48.4%	133,8 k €	-61.2%	344,8 k €	+98.5%	173,7 k €	+11825%	-1,5 k €	+99.0%	-147,8 k €
Operating result	156,9 k €	-38.8%	256,4 k €	+2847%	-9,3 k €	-108%	116 k €	-51.6%	239,5 k €	+137%	-650,6 k €	-302%	321,7 k €	+16.0%	277,3 k €	+117%	127,9 k €	-37.5%	204,8 k €	+174%	-275,7 k €	-347%	-61,7 k €	-357%	24 k €	-65.1%	68,7 k €	-26.4%	93,4 k €	-64.6%	264,2 k €	+1192%	20,5 k €	+127%	-76,3 k €	+61.8%	-199,9 k €
Net result	31,6 k €	-74.5%	124,1 k €	+189%	-138,6 k €	-377%	50 k €	-83.3%	300,3 k €	+159%	-507,2 k €	-191%	558,5 k €	+342%	126,3 k €	+37.6%	91,8 k €	-48.4%	177,9 k €	+161%	-290,5 k €	-337%	-66,5 k €	-728%	10,6 k €	-75.1%	42,5 k €	-25.3%	56,8 k €	-77.4%	251,9 k €	+1273%	18,3 k €	+123%	-80,1 k €	+61.7%	-209 k €
Balance sheet
Equity	972,1 k €	+3.4%	940,5 k €	+15.2%	816,4 k €	-14.5%	955,1 k €	+5.5%	905 k €	+49.7%	604,7 k €	-45.6%	1,1 M €	+101%	553,4 k €	+29.6%	427,1 k €	+53.6%	278,1 k €	+178%	100,2 k €	-74.4%	390,7 k €	-14.6%	457,2 k €	+2.4%	446,6 k €	-36.6%	704,2 k €	+8.8%	647,3 k €	+63.7%	395,4 k €	+277%	-222,9 k €	-56.1%	-142,8 k €
Total assets	4,8 M €	+5.0%	4,6 M €	-9.4%	5,1 M €	+1.9%	5 M €	+6.5%	4,7 M €	-30.3%	6,7 M €	+0.3%	6,7 M €	-1.6%	6,8 M €	+127%	3 M €	+128%	1,3 M €	-3.0%	1,4 M €	-6.0%	1,4 M €	-10.6%	1,6 M €	+39.0%	1,2 M €	+4.8%	1,1 M €	+11.7%	991,8 k €	-18.1%	1,2 M €	+7.1%	1,1 M €	+18.4%	955,3 k €
Cash	343,7 k €	+67.1%	205,7 k €	-70.8%	704,6 k €	+53.8%	458,2 k €	+6.1%	431,9 k €	-23.7%	566,3 k €	+41.3%	400,8 k €	-18.0%	488,5 k €	+131%	211,2 k €	+246%	61,1 k €	+4.4%	58,5 k €	+278%	15,5 k €	-45.0%	28,1 k €	+779%	3,2 k €	-95.9%	79 k €	-8.4%	86,2 k €	+118%	39,6 k €	+65.2%	24 k €	+1084%	2 k €
Debts	3,9 M €	+5.5%	3,7 M €	-14.0%	4,3 M €	+5.7%	4 M €	+6.8%	3,8 M €	-38.2%	6,1 M €	+9.4%	5,6 M €	-10.6%	6,2 M €	+144%	2,6 M €	+158%	994 k €	-20.9%	1,3 M €	+19.3%	1,1 M €	-9.0%	1,2 M €	+61.9%	714,7 k €	+76.8%	404,2 k €	+17.4%	344,4 k €	-57.8%	815,5 k €	-39.7%	1,4 M €	+23.2%	1,1 M €
Other
Workforce	17,3 ETP	-10.8%	19,4 ETP	-11.4%	21,9 ETP	-6.0%	23,3 ETP	-9.0%	25,6 ETP	+6.2%	24,1 ETP	-7.7%	26,1 ETP	+23.1%	21,2 ETP	+14.6%	18,5 ETP	+128%	8,1 ETP	-9.0%	8,9 ETP	+20.3%	7,4 ETP	+10.4%	6,7 ETP	-2.9%	6,9 ETP	+11.3%	6,2 ETP	+1.6%	6,1 ETP	-12.9%	7,0 ETP	+32.1%	5,3 ETP	+29.3%	4,1 ETP

Estimate

Indicative valuation

As an indication, this company is worth

between 0 € and 100 k€

See the valuation

Governance

Board of directors

Seen on filing of 31/12/2025 · 3 active · 24 ended

Active mandates

Danny Lenaerts

Managing director · since 28 juin 2021 · until 21 mai 2027

Active

Frederick Duchateau

Director · since 28 juin 2021 · until 21 mai 2027

Active

MAFICON

Director · since 28 juin 2021 · until 21 mai 2027 · 0463.774.222

Represented by Kris Lenaerts

Active

Ended mandates

Danny Lenaerts

Managing director · since 28 juin 2021 · until 28 juin 2027

Ended

Frederick Duchateau

Director · since 28 juin 2021 · until 28 juin 2027

Ended

GRANISOL

Director · since 28 juin 2021 · until 28 juin 2027 · 0445.643.734

Represented by Marc Van Edom

Ended

MAFICON

Director · since 28 juin 2021 · until 28 juin 2027 · 0463.774.222

Represented by Kris Lenaerts

Ended

At this address

Other companies at this address

Company	CBE no.
BTW EENHEID " MAFMA "● Active	0681.397.284
ISAP● Active	0433.666.214
ISAPP● Active	1004.053.829

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	31/07/2026	29/08/2025	30/08/2024	27/07/2023	17/03/2022	02/12/2021
General meeting	30/06/2026	27/08/2025	28/06/2024	30/06/2023	14/03/2022	30/09/2021
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

Looking for more information about this company?

Try for 7 days

Filings

Annual accounts filings

20 filings with the NBB

Model	Closing	General meeting	Filed	Language	Document
Abridged model	31/12/2025	30/06/2026	31/07/2026	Dutch	PDF
Abridged model	31/12/2024	27/08/2025	29/08/2025	Dutch	PDF
Abridged model	31/12/2023	28/06/2024	30/08/2024	Dutch	PDF
Abridged model	31/12/2022	30/06/2023	27/07/2023	Dutch	PDF
Abridged model	31/12/2021	14/03/2022	17/03/2022	Dutch	PDF
Abridged model	31/12/2020	30/09/2021	02/12/2021	Dutch	PDF
Abridged model	31/12/2019	30/06/2020	27/07/2020	Dutch	PDF
Abridged model	31/12/2018	17/05/2019	26/06/2019	Dutch	PDF
Abridged model	31/12/2017	18/05/2018	30/08/2018	Dutch	PDF
Abridged model	31/12/2016	19/05/2017	28/08/2017	Dutch	PDF
Abridged model	31/12/2015	20/05/2016	14/06/2016	Dutch	PDF
Full model	31/12/2014	15/05/2015	03/07/2015	Dutch	PDF
Full model	31/12/2013	16/05/2014	27/06/2014	Dutch	PDF
Full model	31/12/2012	17/05/2013	17/06/2013	Dutch	PDF
Full model	31/12/2011	18/05/2012	18/06/2012	Dutch	PDF
Full model	31/12/2010	20/05/2011	20/06/2011	Dutch	PDF
Full model	31/12/2009	21/05/2010	21/06/2010	Dutch	PDF
Full model	31/12/2008	15/05/2009	23/06/2009	Dutch	PDF
Full model	31/12/2007	16/05/2008	13/06/2008	Dutch	PDF
Full model	31/12/2006	18/05/2007	18/06/2007	Dutch	PDF

Estimate

Indicative valuation

Order of magnitude

As an indication, this company is worth

between 0 € and 100 k€

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 · 3 active · 24 ended

Active mandates

Danny Lenaerts

Managing director · since 28 juin 2021 · until 21 mai 2027

Active

Frederick Duchateau

Director · since 28 juin 2021 · until 21 mai 2027

Active

MAFICON

Director · since 28 juin 2021 · until 21 mai 2027 · 0463.774.222

Represented by Kris Lenaerts

Active

Ended mandates

Danny Lenaerts

Managing director · since 28 juin 2021 · until 28 juin 2027

Ended

Frederick Duchateau

Director · since 28 juin 2021 · until 28 juin 2027

Ended

GRANISOL

Director · since 28 juin 2021 · until 28 juin 2027 · 0445.643.734

Represented by Marc Van Edom

Ended

MAFICON

Director · since 28 juin 2021 · until 28 juin 2027 · 0463.774.222

Represented by Kris Lenaerts

Ended

Shareholders

Ownership and network

Looking for more information about this company?

Try for 7 days

Belgian Official Gazette

Belgian Official Gazette publications

Mandates09/08/2022
ONTSLAGEN - BENOEMINGEN
PDF
Mandates12/07/2021
ONTSLAGEN - BENOEMINGEN
PDF
Mandates03/05/2018
ONTSLAGEN - BENOEMINGEN
PDF
Mandates28/11/2017
ONTSLAGEN - BENOEMINGEN
PDF
Mandates01/09/2016
MAATSCHAPPELIJKE ZETEL - ONTSLAGEN - BENOEMINGEN
PDF
Mandates18/08/2015
ONTSLAGEN - BENOEMINGEN
PDF
Mandates29/12/2014
ONTSLAGEN - BENOEMINGEN
PDF
Mandates28/06/2013
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 202531,6 k €↓
2024
Annual accounts 2024124,1 k €↑
2023
Annual accounts 2023-138,6 k €↓
2022
Annual accounts 202250 k €↓
2021
Annual accounts 2021300,3 k €↑
2020
Annual accounts 2020-507,2 k €↓
2019
Annual accounts 2019558,5 k €↑
2018
Annual accounts 2018126,3 k €↑
2017
Annual accounts 201791,8 k €↓
2015
Annual accounts 2015177,9 k €↑
2014
Annual accounts 2014-290,5 k €↓
2013
Annual accounts 2013-66,5 k €↓
2012
Annual accounts 201210,6 k €↓
2011
Annual accounts 201142,5 k €↓
2010
Annual accounts 201056,8 k €↓
2009
Annual accounts 2009251,9 k €↑
2008
Annual accounts 200818,3 k €↑
2007
Annual accounts 2007-80,1 k €↑
2006
Annual accounts 2006-209 k €
26/06/2001
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

MAVARO

Overview

What does MAVARO 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