ACTIVE

CHOCO

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Financial year 2025 · closed on 31/12/2025

Net result

134,4 k €

+1.5% YoY

Gross margin

307,2 k €

-4.4% YoY

Equity

459,9 k €

+11.6% YoY

Workforce

1,2 ETP

-29.4% YoY

What does CHOCO do?

CHOCO is a Cooperative society incorporated in 2001. Its main activity is: Advertising agencies. Its registered office is in Antwerpen. It employs on average 1,2 ETP workers (FTE).

Legal situation

● Normal situation

BCE/KBO no. / VAT

BE 0475.754.316

Incorporation

02/10/2001

Legal form

Cooperative society

Registered office

Van Baurscheitlaan 16-18
2100 Antwerpen · FlandreSee on map

Contributed capital

96 112,02 €

Latest accounts

31/12/2025

Average workforce

1,2 ETP

Activities (NACE)

73110Advertising agencies· main 73110Advertising agencies 74401Other professional, scientific and technical activities 70200Management consultancy activities 70220Business and other management consultancy activities

Joint committees (3)

200
20000
218

Signals

ProfitableSolid equityLow riskGood liquidityPositive cashflowPositive EBITDAHealthy social debts

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Health score

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✦ Verdict · Analyst summary

Financials

Trend over 17 financial years

	2025		2024		2023		2022		2018		2017		2016		2015		2014		2013		2012		2011		2010		2009		2008		2007		2006
Income statement
Gross margin	307,2 k €	-4.4%	321,2 k €	-4.2%	335,2 k €	-27.7%	463,5 k €	-53.5%	996 k €	+24.2%	801,8 k €	+7.2%	748,2 k €	+23.6%	605,1 k €	-21.9%	774,6 k €	+14.6%	675,8 k €	-12.4%	771,1 k €	-12.3%	879,6 k €	+0.7%	873,5 k €	+26.3%	691,7 k €	-12.1%	786,6 k €	+47.1%	534,9 k €	+14.5%	467,2 k €
EBITDA	233,3 k €	+5.1%	221,9 k €	+119%	101,2 k €	-43.7%	179,5 k €	-65.1%	514,6 k €	+58.4%	325 k €	+10.4%	294,4 k €	+118%	134,9 k €	-61.2%	347,2 k €	+68.2%	206,5 k €	+16.8%	176,7 k €	-3.0%	182,1 k €	+20.5%	151,2 k €	+174%	55,1 k €	-70.0%	183,8 k €	+41.6%	129,8 k €	-20.5%	163,3 k €
Operating result	219,1 k €	+9.3%	200,6 k €	+136%	85,1 k €	-37.8%	136,6 k €	-70.3%	459,5 k €	+72.3%	266,7 k €	+29.5%	205,9 k €	+417%	39,8 k €	-84.2%	251,3 k €	+86.3%	134,9 k €	+26.0%	107,1 k €	-26.1%	144,9 k €	+19.1%	121,7 k €	+413%	23,7 k €	-84.4%	151,8 k €	+60.5%	94,6 k €	-25.1%	126,3 k €
Net result	134,4 k €	+1.5%	132,4 k €	+156%	51,6 k €	-32.0%	76 k €	-74.3%	295,5 k €	+88.0%	157,1 k €	+40.6%	111,8 k €	+1108%	9,3 k €	-93.8%	148,1 k €	+115%	68,9 k €	+29.0%	53,4 k €	-32.4%	79 k €	+24.4%	63,5 k €	+511%	10,4 k €	-90.1%	105,1 k €	+72.7%	60,9 k €	-30.7%	87,8 k €
Balance sheet
Equity	459,9 k €	+11.6%	412,1 k €	+10.1%	374,4 k €	-16.7%	449,6 k €	-37.4%	718,6 k €	+76.6%	406,9 k €	+13.1%	359,7 k €	+9.5%	328,5 k €	-25.7%	442 k €	+12.8%	391,8 k €	+7.0%	366,3 k €	+3.6%	353,7 k €	+7.9%	327,9 k €	+10.2%	297,6 k €	-31.9%	437,2 k €	+1.4%	431,1 k €	+3.8%	415,2 k €
Total assets	966,1 k €	+17.9%	819,4 k €	+1.6%	806,5 k €	-30.1%	1,2 M €	-19.6%	1,4 M €	+12.8%	1,3 M €	-7.4%	1,4 M €	+0.1%	1,4 M €	-18.4%	1,7 M €	-23.8%	2,2 M €	+11.7%	2 M €	-5.1%	2,1 M €	+31.0%	1,6 M €	-7.9%	1,7 M €	+80.7%	954,2 k €	-24.3%	1,3 M €	-8.1%	1,4 M €
Cash	342 k €	+20.7%	283,5 k €	+130%	123,2 k €	-46.3%	229,3 k €	-70.8%	784,2 k €	+110%	373,9 k €	-24.3%	493,8 k €	+52.6%	323,5 k €	-50.9%	658,7 k €	+19.7%	550,4 k €	-15.5%	651,5 k €	-40.6%	1,1 M €	+74.0%	630,6 k €	-32.4%	933,3 k €	+339%	212,5 k €	-69.4%	693,8 k €	+34.5%	516 k €
Debts	278,6 k €	+20.2%	231,8 k €	-6.9%	249,1 k €	-53.5%	536,1 k €	-3.3%	554,2 k €	-21.2%	703,6 k €	-17.4%	852,1 k €	-3.4%	881,8 k €	-18.1%	1,1 M €	-34.8%	1,7 M €	+14.2%	1,4 M €	-7.6%	1,6 M €	+53.1%	1 M €	-20.5%	1,3 M €	+225%	395,2 k €	-50.2%	792,8 k €	-13.2%	913,1 k €
Other
Workforce	1,2 ETP	-29.4%	1,7 ETP	-48.5%	3,3 ETP	-37.7%	5,3 ETP	-32.9%	7,9 ETP	-11.2%	8,9 ETP	+21.9%	7,3 ETP	+7.4%	6,8 ETP	+6.2%	6,4 ETP	-7.2%	6,9 ETP	-25.8%	9,3 ETP	-21.8%	11,9 ETP	+2.6%	11,6 ETP	+3.6%	11,2 ETP	+17.9%	9,5 ETP	0.0%	9,5 ETP	+10.5%	8,6 ETP

Estimate

Indicative valuation

As an indication, this company is worth

between 1 M€ and 2,5 M€

See the valuation

Governance

Board of directors

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

Active mandates

Krist Pauwels

Director

Active

Steven Pauwels

Managing director

Active

Veerle MILLER

Managing director

Active

Ended mandates

Krist Pauwels

Director · since 03 mai 2007 · until 21 avril 2014

Ended

Kristiaan Dieltiens

Chairman of the board of directors · since 03 mai 2007 · until 21 avril 2014

Ended

Steven Pauwels

Managing director · since 03 mai 2007 · until 21 avril 2014

Ended

Veerle Miller

Director · since 03 mai 2007 · until 21 avril 2014

Ended

At this address

Other companies at this address

Company	CBE no.
Cacao● Active	0804.839.088
VRAMDOR● Active	0802.727.458

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	27/05/2026	15/06/2025	20/03/2024	13/06/2023	28/03/2022	27/05/2021
General meeting	04/05/2026	26/05/2025	08/03/2024	20/04/2023	10/03/2022	15/04/2021
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	04/05/2026	27/05/2026	Dutch	PDF
Abridged model	31/12/2024	26/05/2025	15/06/2025	Dutch	PDF
Abridged model	31/12/2023	08/03/2024	20/03/2024	Dutch	PDF
Abridged model	31/12/2022	20/04/2023	13/06/2023	Dutch	PDF
Abridged model	31/12/2021	10/03/2022	28/03/2022	Dutch	PDF
Abridged model	31/12/2020	15/04/2021	27/05/2021	Dutch	PDF
Abridged modelCorrection	31/12/2019	30/06/2020	13/08/2020	Dutch	PDF
Abridged model	31/12/2019	22/04/2020	06/05/2020	Dutch	PDF
Abridged model	31/12/2018	02/05/2019	16/05/2019	Dutch	PDF
Abridged model	31/12/2017	03/05/2018	01/06/2018	Dutch	PDF
Abridged model	31/12/2016	04/05/2017	17/05/2017	Dutch	PDF
Abridged model	31/12/2015	20/04/2016	30/06/2016	Dutch	PDF
Abridged model	31/12/2014	21/05/2015	20/07/2015	Dutch	PDF
Abridged model	31/12/2013	27/05/2014	08/07/2014	Dutch	PDF
Abridged model	31/12/2012	18/04/2013	18/05/2013	Dutch	PDF
Abridged model	31/12/2011	08/05/2012	07/06/2012	Dutch	PDF
Abridged model	31/12/2010	04/05/2011	20/05/2011	Dutch	PDF
Abridged model	31/12/2009	26/05/2010	15/07/2010	Dutch	PDF
Abridged model	31/12/2008	03/06/2009	10/06/2009	Dutch	PDF
Abridged model	31/12/2007	04/06/2008	10/06/2008	Dutch	PDF
Abridged model	31/12/2006	03/05/2007	31/05/2007	Dutch	PDF

Estimate

Indicative valuation

Order of magnitude

As an indication, this company is worth

between 1 M€ and 2,5 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 · 3 active · 12 ended

Active mandates

Krist Pauwels

Director

Active

Steven Pauwels

Managing director

Active

Veerle MILLER

Managing director

Active

Ended mandates

Krist Pauwels

Director · since 03 mai 2007 · until 21 avril 2014

Ended

Kristiaan Dieltiens

Chairman of the board of directors · since 03 mai 2007 · until 21 avril 2014

Ended

Steven Pauwels

Managing director · since 03 mai 2007 · until 21 avril 2014

Ended

Veerle Miller

Director · since 03 mai 2007 · until 21 avril 2014

Ended

Shareholders

Ownership and network

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Belgian Official Gazette

Belgian Official Gazette publications

Restructuring22/11/2023
KAPITAAL - AANDELEN - STATUTEN (VERTALING, COÖRDINATIE, OVERIGE WIJZIGINGEN, ) - WIJZIGING RECHTSVORM - RUBRIEK HERSTRUCTURERING (FUSIE, SPLITSING, OVERDRACHT VERMOGEN, ENZ...)
PDF
Restructuring29/06/2023
RUBRIEK HERSTRUCTURERING (FUSIE, SPLITSING, OVERDRACHT VERMOGEN, ENZ...)
PDF
Mandates07/01/2016
ONTSLAGEN - BENOEMINGEN
PDF
Mandates08/09/2014
ONTSLAGEN - BENOEMINGEN
PDF
Registered office05/03/2012
MAATSCHAPPELIJKE ZETEL
PDF
Other09/12/2011
DIVERSEN
PDF
Other13/07/2010
STATUTEN (VERTALING, COÖRDINATIE, OVERIGE WIJZIGINGEN, )
PDF
Mandates01/06/2007
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 2025134,4 k €↑
2024
Annual accounts 2024132,4 k €↑
2023
Annual accounts 202351,6 k €↓
2022
Annual accounts 202276 k €↓
2018
Annual accounts 2018295,5 k €↑
2017
Annual accounts 2017157,1 k €↑
2016
Annual accounts 2016111,8 k €↑
2015
Annual accounts 20159,3 k €↓
2014
Annual accounts 2014148,1 k €↑
2013
Annual accounts 201368,9 k €↑
2012
Annual accounts 201253,4 k €↓
2011
Annual accounts 201179 k €↑
2010
Annual accounts 201063,5 k €↑
2009
Annual accounts 200910,4 k €↓
2008
Annual accounts 2008105,1 k €↑
2007
Annual accounts 200760,9 k €↓
2006
Annual accounts 200687,8 k €
02/10/2001
IncorporationCooperative society

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

CHOCO

Overview

What does CHOCO do?

Trend over 17 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