ACTIVE

PUSHPAM

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Financial year 2025 · closed on 31/12/2025

Net result

-408,6 k €

-146.3% YoY

Revenue

22,6 M €

+4.6% YoY

Equity

2,7 M €

-13.1% YoY

Workforce

1,8 ETP

+12.5% YoY

What does PUSHPAM do?

PUSHPAM is a Private limited company incorporated in 2013. Its main activity is: Wholesale of other intermediate products. Its registered office is in Antwerpen. It employs on average 1,8 ETP workers (FTE).

Legal situation

● Normal situation

BCE/KBO no. / VAT

BE 0542.592.561

Incorporation

27/11/2013

Legal form

Private limited company

Registered office

Hoveniersstraat 53 box 51
2018 Antwerpen · FlandreSee on map

Contributed capital

18 600,00 €

Latest accounts

31/12/2025

Average workforce

1,8 ETP

Activities (NACE)

46761Wholesale of other intermediate products· main 46861Wholesale trade, except of motor vehicles and motorcycles 46180Agents specialised in the sale of other particular products 46180Agents specialised in the sale of other particular products

Joint committees (2)

Signals

Solid equityGood liquidityHealthy social debtsHigh revenue

View the BCE/KBO Public Search record →

Health score

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✦ Verdict · Analyst summary

Financials

Trend over 12 financial years

	2025		2024		2023		2022		2021		2020		2019		2018		2017		2016		2015		2014
Income statement
Revenue	22,6 M €	+4.6%	21,6 M €	-15.0%	25,4 M €	-9.7%	28,1 M €	+161%	10,8 M €	+108%	5,2 M €	-57.3%	12,2 M €		–		–		–		–		–
EBITDA	-411,6 k €	-143%	966,6 k €	-15.2%	1,1 M €	+11.3%	1 M €	+93.1%	530,2 k €	+3407%	-16 k €	-108%	211,1 k €	-14.1%	245,7 k €	+46.4%	167,8 k €	-14.2%	195,5 k €	+241%	57,3 k €	+138%	24,1 k €
Operating result	-340,4 k €	-136%	943,6 k €	-15.5%	1,1 M €	+10.5%	1 M €	+96.1%	515,8 k €	+514%	-124,7 k €	-165%	190,7 k €	-14.9%	224,2 k €	+52.2%	147,3 k €	-20.3%	184,7 k €	+245%	53,5 k €	+144%	21,9 k €
Net result	-408,6 k €	-146%	881,8 k €	-12.6%	1 M €	+10.7%	911 k €	+94.4%	468,6 k €	+382%	-166,1 k €	-227%	130,9 k €	-7.2%	141,1 k €	+100%	70,4 k €	-37.5%	112,7 k €	+466%	19,9 k €	+82.6%	10,9 k €
Balance sheet
Equity	2,7 M €	-13.1%	3,1 M €	+39.6%	2,2 M €	+82.8%	1,2 M €	+50.9%	807,1 k €	+138%	338,5 k €	-32.9%	504,6 k €	+35.0%	373,6 k €	+60.7%	232,6 k €	+43.4%	162,2 k €	+228%	49,4 k €	+67.5%	29,5 k €
Total assets	8,1 M €	-17.5%	9,8 M €	+40.0%	7 M €	-43.0%	12,2 M €	+87.3%	6,5 M €	+130%	2,8 M €	-54.7%	6,3 M €	-9.7%	6,9 M €	-2.8%	7,1 M €	+108%	3,4 M €	-47.4%	6,5 M €	+61.0%	4,1 M €
Cash	188,1 k €	-65.8%	549,8 k €	-7.0%	591,3 k €	-39.4%	975,8 k €	+520%	157,4 k €	-6.5%	168,4 k €	-65.8%	491,6 k €	+302%	122,3 k €	-27.0%	167,5 k €	+39.2%	120,3 k €	-53.7%	260,2 k €	+464%	46,1 k €
Debts	5,4 M €	-19.5%	6,7 M €	+40.2%	4,8 M €	-56.8%	11 M €	+92.4%	5,7 M €	+129%	2,5 M €	-56.7%	5,8 M €	-12.2%	6,6 M €	-5.0%	6,9 M €	+111%	3,3 M €	-49.5%	6,5 M €	+61.0%	4 M €
Other
Workforce	1,8 ETP	+12.5%	1,6 ETP	+14.3%	1,4 ETP	-12.5%	1,6 ETP	+77.8%	0,9 ETP	-50.0%	1,8 ETP	0.0%	1,8 ETP	+125%	0,8 ETP	0.0%	0,8 ETP	0.0%	0,8 ETP	+33.3%	0,6 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 · 2 active · 6 ended

Active mandates

Stavan Shah

Director · since 15 juin 2014

Active

Shailesh Dinkerrai Shah

Director · since 27 novembre 2013

Active

Ended mandates

Stavan Shah

Manager · since 15 juin 2014

Ended

Shailesh Dinkerrai Shah

Director · since 29 novembre 2013

Ended

SHAILESH DINKERRAI SHAH

Manager · since 29 novembre 2013

Ended

Shailesh Dinkerrai Shah

Manager · since 27 novembre 2013

Ended

At this address

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DHRUV STAR● Active	0478.124.678
DIAMEX MANUFACTURING● Active	0404.947.680
DIAMSTONES● Active	0440.710.095
DIARAYS● Active	0675.994.285
DIASTAR● Active	0421.691.761
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D.N. GEMS● Active	0863.551.210

Annual accounts

Full financial information

	2025	2024	2023	2022	2021	2020
Type of account	Full model	Full model	Full model	Full model	Full model	Full 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	28/08/2026	29/08/2025	30/08/2024	14/07/2023	31/08/2022	30/07/2021
General meeting	28/08/2026	29/08/2025	29/08/2024	30/06/2023	30/08/2022	28/07/2021
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

12 filings with the NBB

Model	Closing	General meeting	Filed	Language	Document
Full model	31/12/2025	28/08/2026	28/08/2026	Dutch	PDF
Full model	31/12/2024	29/08/2025	29/08/2025	Dutch	PDF
Full model	31/12/2023	29/08/2024	30/08/2024	Dutch	PDF
Full model	31/12/2022	30/06/2023	14/07/2023	Dutch	PDF
Full model	31/12/2021	30/08/2022	31/08/2022	Dutch	PDF
Full model	31/12/2020	28/07/2021	30/07/2021	Dutch	PDF
Full model	31/12/2019	26/10/2020	29/10/2020	Dutch	PDF
Abridged model	31/12/2018	18/06/2019	19/06/2019	Dutch	PDF
Abridged model	31/12/2017	18/06/2018	20/06/2018	Dutch	PDF
Abridged model	31/12/2016	19/06/2017	20/06/2017	Dutch	PDF
Abridged model	31/12/2015	18/06/2016	29/06/2016	Dutch	PDF
Abridged model	31/12/2014	18/06/2015	01/07/2015	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 · 2 active · 6 ended

Active mandates

Stavan Shah

Director · since 15 juin 2014

Active

Shailesh Dinkerrai Shah

Director · since 27 novembre 2013

Active

Ended mandates

Stavan Shah

Manager · since 15 juin 2014

Ended

Shailesh Dinkerrai Shah

Director · since 29 novembre 2013

Ended

SHAILESH DINKERRAI SHAH

Manager · since 29 novembre 2013

Ended

Shailesh Dinkerrai Shah

Manager · since 27 novembre 2013

Ended

Shareholders

Ownership and network

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Belgian Official Gazette

Belgian Official Gazette publications

Mandates03/10/2025
ONTSLAGEN - BENOEMINGEN
PDF
Mandates26/09/2023
WIJZIGING RECHTSVORM - ONTSLAGEN - BENOEMINGEN
PDF
Mandates19/10/2022
ONTSLAGEN - BENOEMINGEN
PDF
Mandates20/10/2020
ONTSLAGEN - BENOEMINGEN
PDF
Mandates13/06/2014
ONTSLAGEN - BENOEMINGEN
PDF
Registered office24/03/2014
MAATSCHAPPELIJKE ZETEL
PDF
Other11/12/2013
RUBRIEK OPRICHTING (NIEUWE RECHTSPERSOON, OPENING BIJKANTOOR, ENZ...)
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 2025-408,6 k €↓
2024
Annual accounts 2024881,8 k €↓
2023
Annual accounts 20231 M €↑
2022
Annual accounts 2022911 k €↑
2021
Annual accounts 2021468,6 k €↑
2020
Annual accounts 2020-166,1 k €↓
2019
Annual accounts 2019130,9 k €↓
2018
Annual accounts 2018141,1 k €↑
2017
Annual accounts 201770,4 k €↓
2016
Annual accounts 2016112,7 k €↑
2015
Annual accounts 201519,9 k €↑
2014
Annual accounts 201410,9 k €
27/11/2013
IncorporationPrivate 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

PUSHPAM

Overview

What does PUSHPAM do?

Trend over 12 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