ACTIVE

Systèmes Photovoltaïques Wallons

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Financial year 2025 · Closed on 31/12/2025

Net result1,1 M €+256,3 %over 1 year
Gross margin1,9 M €+32,0 %over 1 year
Equity2,3 M €+85,2 %over 1 year

Identity

Source · BCE/KBO

Systèmes Photovoltaïques Wallons is a Public limited company incorporated in 2013. Its main activity is: Management consultancy activities. Its registered office is in Liège.

Legal situation
Normal situation
BCE/KBO no. / VAT
BE 0504.853.524
Incorporation
14/02/2013
Legal form
Public limited company
Registered office
Rue Natalis 2
4020 Liège · WallonieSee on map
Contributed capital
800 000,00 €
Latest accounts
31/12/2025
Signals
ProfitableSolid equityLow riskGood liquidityPositive cashflowPositive EBITDA

Financials

Source · NBB, 13 filings

Trend over 13 financial years

20252024202320222021
Income statement
Gross margin1,9 M €1,5 M €1 M €1,4 M €1,4 M €
EBITDA1,9 M €1,5 M €1 M €1,4 M €1,4 M €
Operating result1,1 M €367 k €-91,6 k €126,5 k €281,5 k €
Net result1,1 M €303,2 k €-163,3 k €47,7 k €197,6 k €
Balance sheet
Equity2,3 M €1,3 M €964,2 k €1,1 M €1,1 M €
Total assets3,4 M €3,2 M €4,1 M €5,8 M €6,6 M €
Cash0 €0 €2,3 k €79,3 k €29,8 k €
Debts1 M €2 M €2,9 M €4,6 M €5,5 M €

Valuation

Indicative valuation

As an indication, this company is worth

between 5 M€ and 10 M€
See the valuation

Board of directors

Source · NBB, accounts to 31/12/2025

2 active · 14 ended

Active mandates

FLORENT MINGUET

Director · since 01 janvier 2022 · until 01 janvier 2028

Active
HORIZON CONSTRUCT

Director · since 01 janvier 2022 · until 01 janvier 2028 · 0865.493.881

Represented by LAURENT MINGUET

Active

Ended mandates

HORIZON CONSTRUCT

Managing director · since 01 janvier 2022 · until 01 janvier 2028 · 0865.493.881

Represented by LAURENT MINGUET

Ended
FLORENT MINGUET

Director · since 21 mars 2018 · until 03 juin 2022

Ended
FLORENT MINGUET

Director · since 21 mars 2018 · until 12 novembre 2026

Ended
MIMOB

Director · since 01 janvier 2017 · until 03 juin 2022 · 0825.749.023

Represented by LAURENT MINGUET

Ended

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Rue Natalis 2 4020 Liège
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Full financial information

Source · NBB
202520242023202220212020
Type of accountAbridged modelAbridged modelAbridged modelAbridged 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 date31/08/202629/08/202530/08/202431/08/202331/08/202217/08/2021
General meeting05/06/202606/06/202507/06/202402/06/202303/06/202204/06/2021
Currency of the financial yearEUREUREUREUREUREUR
NBB quality labelSatisfying controlsSatisfying controlsSatisfying controlsSatisfying controlsSatisfying controlsSatisfying controls

Financial ratios

Source · NBB

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Annual accounts filings

Source · NBB, 13 filings
ModelClosingGeneral meetingFiledLanguageDocument
Abridged model31/12/202505/06/202631/08/2026FrenchPDF
Abridged model31/12/202406/06/202529/08/2025FrenchPDF
Abridged model31/12/202307/06/202430/08/2024FrenchPDF
Abridged model31/12/202202/06/202331/08/2023FrenchPDF
Abridged model31/12/202103/06/202231/08/2022FrenchPDF
Abridged model31/12/202004/06/202117/08/2021FrenchPDF
Abridged model31/12/201905/06/202006/10/2020FrenchPDF
Abridged model31/12/201807/06/201929/08/2019FrenchPDF
Abridged model31/12/201701/06/201827/07/2018FrenchPDF
Abridged model31/12/201602/06/201717/08/2017FrenchPDF
Abridged model31/12/201503/06/201629/07/2016FrenchPDF
Abridged model31/12/201405/06/201527/07/2015FrenchPDF
Abridged model31/12/201306/06/201406/08/2014FrenchPDF

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.

Board of directors

Source · NBB, accounts to 31/12/2025

2 active · 14 ended

Active mandates

FLORENT MINGUET

Director · since 01 janvier 2022 · until 01 janvier 2028

Active
HORIZON CONSTRUCT

Director · since 01 janvier 2022 · until 01 janvier 2028 · 0865.493.881

Represented by LAURENT MINGUET

Active

Ended mandates

HORIZON CONSTRUCT

Managing director · since 01 janvier 2022 · until 01 janvier 2028 · 0865.493.881

Represented by LAURENT MINGUET

Ended
FLORENT MINGUET

Director · since 21 mars 2018 · until 03 juin 2022

Ended
FLORENT MINGUET

Director · since 21 mars 2018 · until 12 novembre 2026

Ended
MIMOB

Director · since 01 janvier 2017 · until 03 juin 2022 · 0825.749.023

Represented by LAURENT MINGUET

Ended

Ownership and network

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Belgian Official Gazette publications

Source · Belgian Official Gazette
  • Mandates07/09/2023
    DEMISSIONS, NOMINATIONS
    PDF
  • Mandates03/03/2022
    DEMISSIONS, NOMINATIONS
    PDF
  • Mandates30/04/2021
    DEMISSIONS, NOMINATIONS
    PDF
  • Mandates27/04/2018
    DEMISSIONS, NOMINATIONS
    PDF
  • Mandates02/03/2017
    DEMISSIONS, NOMINATIONS
    PDF
  • Capital / shares07/04/2015
    CAPITAL, ACTIONS
    PDF
  • Capital / shares09/05/2014
    CAPITAL, ACTIONS - DIVERS
    PDF
  • Capital / shares20/09/2013
    CAPITAL, ACTIONS
    PDF

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 20251,1 M €↑
  2. 2024
    Annual accounts 2024303,2 k €↑
  3. 2024
    Name changeSPWA
  4. 2023
    Annual accounts 2023-163,3 k €↓
  5. 2022
    Annual accounts 202247,7 k €↓
  6. 2021
    Annual accounts 2021197,6 k €↑
  7. 2021
    Name changeSYSTEMES PHOTOVOLTAIQUES WALLONS
  8. 2020
    Annual accounts 2020187 k €↓
  9. 2019
    Annual accounts 2019329,9 k €↑
  10. 2018
    Annual accounts 201842,3 k €↓
  11. 2017
    Annual accounts 201779,5 k €↑
  12. 2016
    Annual accounts 20161,5 k €↑
  13. 2015
    Annual accounts 2015-211,2 k €↓
  14. 2014
    Annual accounts 2014-150,9 k €↑
  15. 2013
    Annual accounts 2013-195,7 k €
  16. 14/02/2013
    IncorporationPublic limited company