ACTIVE

ARTICLE XXIII

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Financial year 2025 · closed on 31/12/2025

Net result

17,3 k €

+121.5% YoY

Revenue

338,8 k €

+26.0% YoY

Equity

72,8 k €

+31.2% YoY

Workforce

30,9 ETP

+2.3% YoY

What does ARTICLE XXIII do?

ARTICLE XXIII is a Non-profit organization incorporated in 2002. Its main activity is: Camping grounds, recreational vehicle parks and trailer parks. Its registered office is in Liège. It employs on average 30,9 ETP workers (FTE).

Legal situation

● Normal situation

BCE/KBO no. / VAT

BE 0479.622.537

Incorporation

13/12/2002

Legal form

Non-profit organization

Registered office

Chaussée des Prés 44
4020 Liège · WallonieSee on map

Latest accounts

31/12/2025

Average workforce

30,9 ETP

Activities (NACE)

55301Camping grounds, recreational vehicle parks and trailer parks· main 56101Restaurants and mobile food service activities 56111Restaurants and mobile food service activities 85323Technical and vocational secondary education 88999Other social work activities without accommodation n.e.c.88999Other social work activities without accommodation n.e.c.+9

Joint committees (1)

32902

Signals

ProfitablePositive cashflowPositive EBITDAHealthy social debts

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✦ Verdict · Analyst summary

Financials

Trend over 19 financial years

	2025		2024		2023		2022		2021		2020		2019		2018		2017		2016		2015		2014		2013		2012		2011		2010		2009		2008		2007
Income statement
Revenue	338,8 k €	+26.0%	268,9 k €	+26.5%	212,6 k €	+9.4%	194,2 k €	+81.3%	107,1 k €	-34.1%	162,7 k €	-40.3%	272,5 k €	-29.2%	384,8 k €	+52.6%	252,1 k €	+1.7%	248 k €	-2.8%	255,1 k €	-2.9%	262,6 k €	-2.5%	269,3 k €	+15.9%	232,3 k €	-13.2%	267,5 k €	-13.3%	308,6 k €	+18.9%	259,4 k €	+45.8%	178 k €	-31.5%	260 k €
EBITDA	53,2 k €	+199%	-53,9 k €	-157%	94,1 k €	+519%	-22,5 k €	-149%	45,5 k €	+39.2%	32,7 k €	-61.4%	84,7 k €	+99.3%	42,5 k €	-46.4%	79,4 k €	+19.4%	66,5 k €	+253%	18,8 k €	-50.2%	37,8 k €	-63.2%	102,7 k €	+76.5%	58,2 k €	+27.2%	45,8 k €	+67.0%	27,4 k €	-51.6%	56,6 k €	+221%	-46,8 k €	-252%	30,7 k €
Operating result	18,6 k €	+123%	-79,9 k €	-360%	30,7 k €	+169%	-44,7 k €	-285%	24,1 k €	+227%	7,4 k €	-86.6%	55,2 k €	+99.4%	27,7 k €	+17.2%	23,6 k €	-44.1%	42,3 k €	+390%	8,6 k €	-67.0%	26,2 k €	-72.2%	94,3 k €	+286%	24,5 k €	-36.7%	38,6 k €	+471%	-10,4 k €	-124%	44,2 k €	+153%	-83,2 k €	-599%	16,7 k €
Net result	17,3 k €	+121%	-80,4 k €	-371%	29,7 k €	+165%	-45,9 k €	-298%	23,2 k €	+293%	5,9 k €	-85.6%	40,9 k €	+102%	20,2 k €	-10.6%	22,6 k €	-37.5%	36,1 k €	+260%	10 k €	-74.3%	39,1 k €	-56.9%	90,8 k €	+193%	31 k €	+30.0%	23,9 k €	+469%	-6,5 k €	-130%	21,6 k €	+117%	-129,9 k €	-582%	26,9 k €
Balance sheet
Equity	72,8 k €	+31.2%	55,5 k €	-59.2%	135,9 k €	+25.8%	108 k €	-30.6%	155,7 k €	+16.5%	133,6 k €	+0.9%	132,4 k €	+37.6%	96,3 k €	+19.2%	80,8 k €	+105%	39,4 k €	+1103%	3,3 k €	+148%	-6,8 k €	+85.3%	-45,9 k €	+66.4%	-136,7 k €	+18.5%	-167,8 k €	+12.5%	-191,6 k €	-3.5%	-185,2 k €	+10.4%	-206,8 k €	-169%	-76,8 k €
Total assets	996,9 k €	+0.5%	991,6 k €	+21.0%	819,7 k €	-9.0%	900,4 k €	+31.0%	687,2 k €	-4.1%	716,8 k €	-1.9%	730,6 k €	+26.5%	577,3 k €	+10.9%	520,8 k €	+19.5%	436 k €	+25.5%	347,5 k €	-3.4%	359,8 k €	-4.7%	377,4 k €	+6.7%	353,8 k €	+2.3%	346 k €	-26.8%	472,7 k €	-29.9%	674,7 k €	+1.6%	664,2 k €	-10.3%	740,1 k €
Cash	69,5 k €	+13.6%	61,1 k €	-34.6%	93,4 k €	+48.0%	63,1 k €	+6.0%	59,6 k €	-46.9%	112,3 k €	-58.0%	267,2 k €	+158%	103,7 k €	-7.8%	112,5 k €	+4276%	2,6 k €	-83.1%	15,2 k €	-78.9%	72,2 k €	+28.2%	56,3 k €	+156%	22 k €	+872%	2,3 k €	-19.5%	2,8 k €	+14.4%	2,5 k €	-79.2%	11,8 k €	-61.4%	30,7 k €
Debts	924,2 k €	-1.3%	936,1 k €	+36.9%	683,8 k €	-13.7%	792,4 k €	+49.1%	531,5 k €	-8.9%	583,2 k €	-2.5%	598,1 k €	+24.3%	481,1 k €	+9.8%	438,1 k €	+10.5%	396,4 k €	+16.1%	341,5 k €	-6.8%	366,5 k €	-12.2%	417,3 k €	-6.7%	447 k €	-6.7%	479,1 k €	-14.4%	559,6 k €	-30.6%	806,6 k €	-1.9%	822,1 k €	+5.2%	781,6 k €
Other
Workforce	30,9 ETP	+2.3%	30,2 ETP	+14.4%	26,4 ETP	-5.7%	28,0 ETP	+2.2%	27,4 ETP	+9.6%	25,0 ETP	+12.6%	22,2 ETP	-0.9%	22,4 ETP	+18.5%	18,9 ETP	+3.3%	18,3 ETP	-0.5%	18,4 ETP	+1.1%	18,2 ETP	+2.8%	17,7 ETP	+1.7%	17,4 ETP	0.0%	17,4 ETP	-7.9%	18,9 ETP	+3.8%	18,2 ETP	+12.3%	16,2 ETP	-7.4%	17,5 ETP

Estimate

Indicative valuation

As an indication, this company is worth

between 100 k€ and 250 k€

See the valuation

Governance

Board of directors

Seen on filing of 31/12/2025 · 3 active · 29 ended

Active mandates

Charles DELVAUX

Director · since 22 juillet 2021

Active

Geneviève Mohamed

Director · since 22 juillet 2021

Active

Serge SMAL

Chairman of the board of directors · since 22 juillet 2021

Active

Ended mandates

Olivier Flohimont

Director · since 22 juillet 2021

Ended

Séverine Potier

Director · since 22 juillet 2021

Ended

Charles DELVAUX

Director · since 07 juin 2018

Ended

CPAS de Liège

Director · since 07 juin 2018

Represented by Anne FIEVET

Ended

At this address

Other companies at this address

Company	CBE no.
UNITE TVA 23 REVERS● Active	0786.680.985

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	30/06/2026	07/07/2025	18/06/2024	26/09/2023	05/09/2022	30/08/2021
General meeting	12/06/2026	06/06/2025	12/06/2024	16/06/2023	03/06/2022	22/07/2021
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	12/06/2026	30/06/2026	French	PDF
Abridged model	31/12/2024	06/06/2025	07/07/2025	French	PDF
Abridged model	31/12/2023	12/06/2024	18/06/2024	French	PDF
Abridged model	31/12/2022	16/06/2023	26/09/2023	French	PDF
Abridged model	31/12/2021	03/06/2022	05/09/2022	French	PDF
Abridged model	31/12/2020	22/07/2021	30/08/2021	French	PDF
Abridged model	31/12/2019	04/09/2020	21/09/2020	French	PDF
Abridged model	31/12/2018	20/06/2019	03/07/2019	French	PDF
Abridged model	31/12/2017	07/06/2018	27/06/2018	French	PDF
Abridged model	31/12/2016	02/06/2017	14/06/2017	French	PDF
Abridged model	31/12/2015	17/06/2016	21/06/2016	French	PDF
Abridged model	31/12/2014	12/06/2015	19/08/2015	French	PDF
Abridged model	31/12/2013	13/06/2014	29/07/2014	French	PDF
Abridged model	31/12/2012	14/06/2013	22/08/2013	French	PDF
Abridged model	31/12/2011	15/06/2012	27/07/2012	French	PDF
Abridged model	31/12/2010	29/06/2011	17/08/2011	French	PDF
Abridged model	31/12/2009	09/06/2010	15/09/2010	French	PDF
Abridged model	31/12/2008	12/05/2009	13/04/2010	French	PDF
Abridged model	31/12/2007	26/11/2008	19/01/2010	French	PDF
Abridged model	31/12/2006	15/06/2007	03/08/2007	French	PDF

Estimate

Indicative valuation

Order of magnitude

As an indication, this company is worth

between 100 k€ and 250 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 · 29 ended

Active mandates

Charles DELVAUX

Director · since 22 juillet 2021

Active

Geneviève Mohamed

Director · since 22 juillet 2021

Active

Serge SMAL

Chairman of the board of directors · since 22 juillet 2021

Active

Ended mandates

Olivier Flohimont

Director · since 22 juillet 2021

Ended

Séverine Potier

Director · since 22 juillet 2021

Ended

Charles DELVAUX

Director · since 07 juin 2018

Ended

CPAS de Liège

Director · since 07 juin 2018

Represented by Anne FIEVET

Ended

Shareholders

Ownership and network

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Belgian Official Gazette

Belgian Official Gazette publications

Mandates30/12/2025
DEMISSIONS, NOMINATIONS
PDF
Mandates04/09/2025
DEMISSIONS, NOMINATIONS
PDF
Mandates23/07/2025
DEMISSIONS, NOMINATIONS - DIVERS
PDF
Mandates11/09/2023
DEMISSIONS, NOMINATIONS
PDF
Other23/08/2021
DIVERS
PDF
Mandates16/06/2021
DEMISSIONS, NOMINATIONS
PDF
Mandates01/08/2019
DEMISSIONS, NOMINATIONS - COMPTES ANNUELS
PDF
Mandates26/07/2018
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 202517,3 k €↑
2024
Annual accounts 2024-80,4 k €↓
2023
Annual accounts 202329,7 k €↑
2022
Annual accounts 2022-45,9 k €↓
2021
Annual accounts 202123,2 k €↑
2020
Annual accounts 20205,9 k €↓
2019
Annual accounts 201940,9 k €↑
2018
Annual accounts 201820,2 k €↓
2017
Annual accounts 201722,6 k €↓
2016
Annual accounts 201636,1 k €↑
2015
Annual accounts 201510 k €↓
2014
Annual accounts 201439,1 k €↓
2013
Annual accounts 201390,8 k €↑
2012
Annual accounts 201231 k €↑
2011
Annual accounts 201123,9 k €↑
2010
Annual accounts 2010-6,5 k €↓
2009
Annual accounts 200921,6 k €↑
2008
Annual accounts 2008-129,9 k €↓
2007
Annual accounts 200726,9 k €
13/12/2002
IncorporationNon-profit organization

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

ARTICLE XXIII

Overview

What does ARTICLE XXIII 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