ACTIVE

BelTower

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Financial year 2025 · closed on 31/12/2025

Net result

169,5 k €

-79.7% YoY

Gross margin

332,6 k €

-62.2% YoY

Equity

1,1 M €

+17.3% YoY

What does BelTower do?

BelTower is a Public limited company incorporated in 2002. Its main activity is: Computer consultancy activities. Its registered office is in Leuven.

Legal situation

● Normal situation

BCE/KBO no. / VAT

BE 0478.175.356

Incorporation

23/08/2002

Legal form

Public limited company

Registered office

Huttelaan 49
3001 Leuven · FlandreSee on map

Contributed capital

61 500,00 €

Latest accounts

31/12/2025

Activities (NACE)

62020Computer consultancy activities· main 62200Computer programming, consultancy and related activities 72100Research and experimental development on natural sciences and engineering 58290Other software publishing 58290Other software publishing 72210Research and experimental development on social sciences and humanities

Signals

ProfitableSolid equityLow riskGood liquidityPositive cashflowPositive EBITDA

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Health score

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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		2009		2008		2007		2006
Income statement
Gross margin	332,6 k €	-62.2%	880,9 k €	+113%	414,1 k €	-11.1%	465,8 k €	-42.4%	808,6 k €	+218%	254,6 k €	+17.0%	217,6 k €	+17.6%	185,1 k €	+7.3%	172,5 k €	+0.5%	171,7 k €	+55.5%	110,4 k €	+20.2%	91,8 k €	-19.7%	114,3 k €	+63.4%	70 k €	-23.0%	90,8 k €	+43.2%	63,4 k €	+107%	30,6 k €	-29.5%	43,4 k €
EBITDA	326,3 k €	-62.8%	876,6 k €	+130%	381,4 k €	-17.6%	463,1 k €	-42.5%	805,5 k €	+217%	254,1 k €	+19.1%	213,4 k €	+16.5%	183,3 k €	+7.8%	170 k €	+0.1%	169,8 k €	+56.8%	108,3 k €	+22.8%	88,2 k €	-19.5%	109,6 k €	+69.9%	64,5 k €	-26.9%	88,3 k €	+43.8%	61,4 k €	+127%	27 k €	-24.7%	35,8 k €
Operating result	285,9 k €	-65.8%	836 k €	+130%	362,9 k €	-16.9%	436,6 k €	-44.1%	781,5 k €	+234%	233,7 k €	+21.3%	192,7 k €	+7.6%	179 k €	+8.0%	165,7 k €	-0.1%	165,9 k €	+53.8%	107,9 k €	+22.9%	87,8 k €	-17.5%	106,4 k €	+79.1%	59,4 k €	-28.6%	83,2 k €	+48.5%	56 k €	+127%	24,7 k €	-30.7%	35,6 k €
Net result	169,5 k €	-79.7%	837 k €	+250%	239,2 k €	+4.8%	228,2 k €	-66.4%	679,7 k €	+226%	208,7 k €	+23.2%	169,3 k €	+10.4%	153,3 k €	-0.2%	153,6 k €	+0.3%	153,1 k €	+90.3%	80,4 k €	-3.5%	83,3 k €	-30.2%	119,4 k €	+96.8%	60,7 k €	-25.2%	81,1 k €	+46.0%	55,5 k €	+115%	25,9 k €	+44.8%	17,9 k €
Balance sheet
Equity	1,1 M €	+17.3%	977,6 k €	+65.5%	590,6 k €	+40.1%	421,4 k €	-25.8%	568,2 k €	+348%	126,9 k €	-58.2%	303,2 k €	+17.1%	258,8 k €	+26.0%	205,5 k €	+35.3%	151,9 k €	+53.8%	98,8 k €	+0.4%	98,3 k €	+3.5%	95 k €	+25.6%	75,6 k €	-5.4%	80 k €	+8.3%	73,9 k €	+0.7%	73,3 k €	+1.2%	72,4 k €
Total assets	2,4 M €	+5.4%	2,3 M €	+35.0%	1,7 M €	+26.2%	1,4 M €	+6.5%	1,3 M €	+352%	281,5 k €	-51.8%	583,6 k €	+6.8%	546,4 k €	-9.4%	603,3 k €	+15.2%	523,6 k €	+36.1%	384,8 k €	+0.7%	382,2 k €	+27.2%	300,5 k €	+79.6%	167,3 k €	-3.2%	172,8 k €	+14.6%	150,8 k €	-7.4%	162,7 k €	-15.3%	192,2 k €
Cash	58 k €	+129%	25,3 k €	-30.7%	36,5 k €	+1346%	2,5 k €	-99.7%	795,1 k €	+3350%	23 k €	+143%	9,5 k €	+62.3%	5,8 k €	+58.2%	3,7 k €	-33.4%	5,5 k €	-40.7%	9,3 k €	+87.2%	5 k €	-51.3%	10,2 k €	+183%	3,6 k €	+549%	556,9 €	+105%	271,6 €	-99.2%	35,8 k €	-56.5%	82,4 k €
Debts	1,3 M €	-3.4%	1,3 M €	+18.9%	1,1 M €	+19.9%	933,2 k €	+32.7%	703,2 k €	+355%	154,7 k €	-44.8%	280,5 k €	-2.5%	287,6 k €	-27.7%	397,8 k €	+7.0%	371,7 k €	+29.9%	286,1 k €	+0.8%	283,9 k €	+39.5%	203,5 k €	+122%	91,6 k €	-1.3%	92,8 k €	+20.7%	76,9 k €	-14.0%	89,4 k €	-25.4%	119,8 k €
Other
Workforce	–		–		0,0 ETP		–		–		–		–		–		–		–		–		–		–		–		–		–		–		–

Estimate

Indicative valuation

As an indication, this company is worth

between 5 M€ and 10 M€

See the valuation

Governance

Board of directors

Seen on filing of 31/12/2025 · 2 active · 13 ended

Active mandates

MAES EN PARTNERS

Managing director · 0454.147.466

Represented by Emmanuel Maes

Active

Tania Carolus

Managing director

Active

Ended mandates

MAES EN PARTNERS

Managing director · since 09 mai 2016 · until 09 mai 2022 · 0454.147.466

Represented by Emmanuel Maes

Ended

Tania Carolus

Managing director · since 09 mai 2016 · until 09 mai 2022

Ended

MAES EN PARTNERS

Managing director · since 01 juillet 2010 · until 09 mai 2016 · 0454.147.466

Represented by Emmanuel Maes

Ended

Tania Carolus

Managing director · since 01 juillet 2010 · until 09 mai 2016

Ended

At this address

Other companies at this address

Company	CBE no.
Leonardo Sport Horses● Active	0728.503.454
MAES EN PARTNERS● Active	0454.147.466

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	22/07/2026	29/07/2025	29/08/2024	10/07/2023	31/08/2022	31/08/2021
General meeting	30/06/2026	23/07/2025	31/07/2024	16/06/2023	31/08/2022	30/07/2021
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

20 filings with the NBB

Model	Closing	General meeting	Filed	Language	Document
Abridged model	31/12/2025	30/06/2026	22/07/2026	Dutch	PDF
Abridged model	31/12/2024	23/07/2025	29/07/2025	Dutch	PDF
Abridged model	31/12/2023	31/07/2024	29/08/2024	Dutch	PDF
Abridged model	31/12/2022	16/06/2023	10/07/2023	Dutch	PDF
Abridged model	31/12/2021	31/08/2022	31/08/2022	Dutch	PDF
Abridged model	31/12/2020	30/07/2021	31/08/2021	Dutch	PDF
Abridged model	31/12/2019	05/06/2020	18/06/2020	Dutch	PDF
Abridged model	31/12/2018	23/07/2019	30/07/2019	Dutch	PDF
Abridged model	31/12/2017	08/08/2018	29/08/2018	Dutch	PDF
Abridged model	31/12/2016	31/07/2017	31/08/2017	Dutch	PDF
Abridged model	31/12/2015	30/06/2016	29/07/2016	Dutch	PDF
Abridged model	31/12/2014	14/07/2015	28/07/2015	Dutch	PDF
Abridged model	31/12/2013	30/06/2014	24/07/2014	Dutch	PDF
Abridged model	31/12/2012	28/06/2013	27/08/2013	Dutch	PDF
Abridged model	31/12/2011	29/06/2012	27/07/2012	Dutch	PDF
Abridged model	31/12/2010	30/06/2011	29/07/2011	Dutch	PDF
Abridged model	31/12/2009	30/06/2010	28/07/2010	Dutch	PDF
Abridged model	31/12/2008	30/06/2009	13/08/2009	Dutch	PDF
Abridged model	31/12/2007	30/06/2008	26/08/2008	Dutch	PDF
Abridged model	31/12/2006	29/06/2007	28/08/2007	Dutch	PDF

Estimate

Indicative valuation

Order of magnitude

As an indication, this company is worth

between 5 M€ and 10 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 · 2 active · 13 ended

Active mandates

MAES EN PARTNERS

Managing director · 0454.147.466

Represented by Emmanuel Maes

Active

Tania Carolus

Managing director

Active

Ended mandates

MAES EN PARTNERS

Managing director · since 09 mai 2016 · until 09 mai 2022 · 0454.147.466

Represented by Emmanuel Maes

Ended

Tania Carolus

Managing director · since 09 mai 2016 · until 09 mai 2022

Ended

MAES EN PARTNERS

Managing director · since 01 juillet 2010 · until 09 mai 2016 · 0454.147.466

Represented by Emmanuel Maes

Ended

Tania Carolus

Managing director · since 01 juillet 2010 · until 09 mai 2016

Ended

Shareholders

Ownership and network

Looking for more information about this company?

Try for 7 days

Belgian Official Gazette

Belgian Official Gazette publications

Other24/10/2025
STATUTEN (VERTALING, COÖRDINATIE, OVERIGE WIJZIGINGEN, ) - DOEL
PDF
Mandates01/09/2017
ONTSLAGEN - BENOEMINGEN
PDF
Registered office30/03/2015
MAATSCHAPPELIJKE ZETEL
PDF
Mandates16/11/2010
ONTSLAGEN - BENOEMINGEN
PDF
Mandates16/11/2007
MAATSCHAPPELIJKE ZETEL - ONTSLAGEN - BENOEMINGEN
PDF
Mandates20/01/2005
MAATSCHAPPELIJKE ZETEL - ONTSLAGEN - BENOEMINGEN
PDF
Capital / shares12/06/2003
BENAMING - ALGEMENE VERGADERING - KAPITAAL - AANDELEN - STATUTEN (VERTALING, COÖRDINATIE, OVERIGE WIJZIGINGEN, )
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 2025169,5 k €↓
2024
Annual accounts 2024837 k €↑
2023
Annual accounts 2023239,2 k €↑
2022
Annual accounts 2022228,2 k €↓
2021
Annual accounts 2021679,7 k €↑
2018
Annual accounts 2018208,7 k €↑
2017
Annual accounts 2017169,3 k €↑
2016
Annual accounts 2016153,3 k €↓
2015
Annual accounts 2015153,6 k €↑
2014
Annual accounts 2014153,1 k €↑
2013
Annual accounts 201380,4 k €↓
2012
Annual accounts 201283,3 k €↓
2011
Annual accounts 2011119,4 k €↑
2010
Annual accounts 201060,7 k €↓
2009
Annual accounts 200981,1 k €↑
2008
Annual accounts 200855,5 k €↑
2007
Annual accounts 200725,9 k €↑
2006
Annual accounts 200617,9 k €
23/08/2002
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

BelTower

Overview

What does BelTower 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