ACTIVE

ETHERNA IMMUNOTHERAPIES

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Financial year 2025 · closed on 31/12/2025
Net result
-4,3 M €
+35.5% YoY
Revenue
8,8 M €
-21.7% YoY
Equity
-3,9 M €
-1218.3% YoY
Workforce
52,1 ETP
-25.5% YoY

What does ETHERNA IMMUNOTHERAPIES do?

ETHERNA IMMUNOTHERAPIES is a Public limited company incorporated in 2013. Its main activity is: Research and experimental development on natural sciences and engineering. Its registered office is in Niel. It employs on average 52,1 ETP workers (FTE).

Legal situation
● Normal situation
BCE/KBO no. / VAT
BE 0502.703.389
Incorporation
21/01/2013
Legal form
Public limited company
Registered office
Galileilaan 19
2845 Niel · FlandreSee on map
Contributed capital
25 703 318,91 €
Latest accounts
31/12/2025
Average workforce
52,1 ETP
Activities (NACE)
72109Research and experimental development on natural sciences and engineering· main72190Other research and experimental development on natural sciences and engineering21100Manufacture of basic pharmaceutical products21100Manufacture of basic pharmaceutical products21209Manufacture of pharmaceutical preparations21209Manufacture of pharmaceutical preparations+4
Joint committees (2)
  • 200
  • 207
Contacts
2 public details availableLog in to view
Signals
Positive cashflowPositive EBITDAHealthy social debtsHigh revenue
View the BCE/KBO Public Search record →
Health score
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Recommended credit limit
✦ Verdict · Analyst summary
Financials

Trend over 11 financial years

20252024202320222021202020192017201620142013
Income statement
Revenue8,8 M €11,2 M €6,8 M €4,1 M €–––––––
EBITDA2,6 M €2 M €-4,9 M €-2,9 M €-1,6 M €-3,7 M €-1,4 M €-8,3 M €-3,9 M €30,8 k €12,7 k €
Operating result-3,9 M €-6,8 M €-10,8 M €-18,1 M €-17,4 M €-16,8 M €-9,1 M €-8,9 M €-4,2 M €16,3 k €6 k €
Net result-4,3 M €-6,6 M €-10,7 M €-18,5 M €-17,1 M €-16,5 M €-9,2 M €-9 M €-4,3 M €15,9 k €6 k €
Balance sheet
Equity-3,9 M €349,5 k €7 M €17,7 M €-3,8 M €323,8 k €3,8 M €3,8 M €3,8 M €83,4 k €24,6 k €
Total assets12,8 M €15,1 M €16 M €25 M €16,3 M €7,7 M €7,7 M €7,6 M €6,7 M €451,2 k €223 k €
Cash2,4 M €2,5 M €2,3 M €13,9 M €7,6 M €2,3 M €3,3 M €3,1 M €1,4 M €397 k €167,8 k €
Debts8,9 M €4,8 M €5,2 M €4,6 M €16,5 M €5,4 M €1,6 M €3,6 M €2,8 M €196,8 k €66,4 k €
Other
Workforce52,1 ETP69,9 ETP68,6 ETP64,1 ETP61,4 ETP41,9 ETP30,0 ETP18,0 ETP7,1 ETP3,8 ETP1,2 ETP
Estimate

Indicative valuation

As an indication, this company is worth

between 2,5 M€ and 5 M€
See the valuation
Governance

Board of directors

Seen on filing of 31/12/2025 · 7 active · 52 ended

Active mandates

INPHACON

Director · since 25 octobre 2024 · until 25 octobre 2030 · 0508.487.460

Represented by Bernard Sagaert

Active
Antonin Rollet De Fougerolles

Chairman of the board of directors · since 29 mai 2024 · until 21 décembre 2028

Active
21-23 Newell Road LLC

Director · since 25 avril 2023 · until 25 avril 2029

Represented by Philip Chase

Active
BIOTECH FONDS VLAANDEREN

Director · since 09 août 2022 · until 25 avril 2028 · 0454.215.168

Represented by Kenneth Wils

Active
Kenneth Chien Randall

Director · since 09 août 2022 · until 25 avril 2028

Active
Marinus Emmanuel Dekkers

Director · since 09 août 2022 · until 25 avril 2028

Active
John de Koning

Director · since 19 mai 2022 · until 25 avril 2028

Active

Ended mandates

Antonin Rollet De Fougerolles

Director · since 21 décembre 2022 · until 21 décembre 2028

Ended
INPHACON

Director · since 10 août 2022 · until 22 avril 2025 · 0508.487.460

Represented by Sagaert BERNARD

Ended
Chien Kenneth Randall

Director · since 09 août 2022 · until 25 avril 2028

Ended
Kenneth Randall Chien

Director · since 09 août 2022 · until 25 avril 2028

Ended
At this address

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Annual accounts

Full financial information

202520242023202220212020
Type of accountFull modelFull modelFull modelFull modelAbridged modelAbridged model
Start of the financial year01/01/202501/01/202401/01/202301/01/202201/01/202101/01/2020
Closing of the financial year31/12/202531/12/202431/12/202331/12/202231/12/202131/12/2020
Length of the financial year12 months12 months12 months12 months12 months12 months
Filing date29/05/202627/05/202507/05/202409/05/202323/05/202219/05/2021
General meeting28/04/202622/04/202523/04/202425/04/202319/05/202227/04/2021
Currency of the financial yearEUREUREUREUREUREUR
NBB quality labelSatisfying controlsSatisfying controlsSatisfying controlsSatisfying controlsSatisfying controlsSatisfying controls
Ratios

Financial ratios

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Filings

Annual accounts filings

15 filings with the NBB

ModelClosingGeneral meetingFiledLanguageDocument
Full model31/12/202528/04/202629/05/2026DutchPDF
Full model31/12/202422/04/202527/05/2025DutchPDF
Full model31/12/202323/04/202407/05/2024DutchPDF
Full model31/12/202225/04/202309/05/2023DutchPDF
Abridged model31/12/202119/05/202223/05/2022DutchPDF
Abridged model31/12/202027/04/202119/05/2021DutchPDF
Abridged model31/12/201911/06/202015/07/2020DutchPDF
Abridged model31/12/201829/04/201922/05/2019DutchPDF
Abridged modelCorrection31/12/201724/04/201819/09/2018DutchPDF
Abridged model31/12/201724/04/201823/05/2018DutchPDF
Abridged modelCorrection31/12/201625/04/201713/06/2018DutchPDF
Abridged model31/12/201625/04/201718/05/2017DutchPDF
Abridged model31/12/201524/05/201616/06/2016DutchPDF
Abridged model31/12/201428/04/201520/05/2015DutchPDF
Abridged model31/12/201302/06/201405/06/2014DutchPDF
Estimate

Indicative valuation

Order of magnitude

As an indication, this company is worth

between 2,5 M€ and 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 · 7 active · 52 ended

Active mandates

INPHACON

Director · since 25 octobre 2024 · until 25 octobre 2030 · 0508.487.460

Represented by Bernard Sagaert

Active
Antonin Rollet De Fougerolles

Chairman of the board of directors · since 29 mai 2024 · until 21 décembre 2028

Active
21-23 Newell Road LLC

Director · since 25 avril 2023 · until 25 avril 2029

Represented by Philip Chase

Active
BIOTECH FONDS VLAANDEREN

Director · since 09 août 2022 · until 25 avril 2028 · 0454.215.168

Represented by Kenneth Wils

Active
Kenneth Chien Randall

Director · since 09 août 2022 · until 25 avril 2028

Active
Marinus Emmanuel Dekkers

Director · since 09 août 2022 · until 25 avril 2028

Active
John de Koning

Director · since 19 mai 2022 · until 25 avril 2028

Active

Ended mandates

Antonin Rollet De Fougerolles

Director · since 21 décembre 2022 · until 21 décembre 2028

Ended
INPHACON

Director · since 10 août 2022 · until 22 avril 2025 · 0508.487.460

Represented by Sagaert BERNARD

Ended
Chien Kenneth Randall

Director · since 09 août 2022 · until 25 avril 2028

Ended
Kenneth Randall Chien

Director · since 09 août 2022 · until 25 avril 2028

Ended
Shareholders

Ownership and network

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Belgian Official Gazette

Belgian Official Gazette publications

  • Other03/07/2026
    —
    PDF
  • Capital / shares18/03/2025
    STATUTEN (VERTALING, COÖRDINATIE, OVERIGE WIJZIGINGEN, …) - KAPITAAL - AANDELEN
    PDF
  • Mandates05/11/2024
    ONTSLAGEN - BENOEMINGEN
    PDF
  • Other25/06/2024
    STATUTEN (VERTALING, COÖRDINATIE, OVERIGE WIJZIGINGEN, …) - DIVERSEN
    PDF
  • Mandates10/06/2024
    ONTSLAGEN - BENOEMINGEN
    PDF
  • Mandates16/06/2023
    ONTSLAGEN - BENOEMINGEN
    PDF
  • Mandates06/04/2023
    ONTSLAGEN - BENOEMINGEN
    PDF
  • Mandates05/10/2022
    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

Timeline

  1. 2025
    Annual accounts 2025-4,3 M €↑
  2. 2024
    Annual accounts 2024-6,6 M €↑
  3. 2023
    Annual accounts 2023-10,7 M €↑
  4. 2022
    Annual accounts 2022-18,5 M €↓
  5. 2021
    Annual accounts 2021-17,1 M €↓
  6. 2020
    Annual accounts 2020-16,5 M €↓
  7. 2019
    Annual accounts 2019-9,2 M €↓
  8. 2017
    Annual accounts 2017-9 M €↓
  9. 2016
    Annual accounts 2016-4,3 M €↓
  10. 2014
    Annual accounts 201415,9 k €↑
  11. 2013
    Annual accounts 20136 k €
  12. 21/01/2013
    IncorporationPublic limited company