ACTIVE

GuardSquare

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Financial year 2025 · closed on 31/12/2025

Net result

3,2 M €

-29.2% YoY

Revenue

29,1 M €

+14.8% YoY

Equity

5,1 M €

+163.3% YoY

Workforce

103,9 ETP

-4.2% YoY

What does GuardSquare do?

GuardSquare is a Public limited company incorporated in 2014. Its main activity is: Computer programming activities. Its registered office is in Leuven. It employs on average 103,9 ETP workers (FTE).

Legal situation

● Normal situation

BCE/KBO no. / VAT

BE 0550.675.829

Incorporation

16/04/2014

Legal form

Public limited company

Registered office

Tervuursevest 362 box 1
3000 Leuven · FlandreSee on map

Contributed capital

459 213,32 €

Latest accounts

31/12/2025

Average workforce

103,9 ETP

Activities (NACE)

62010Computer programming activities· main 62020Computer consultancy activities 62100Computer programming, consultancy and related activities 62200Computer programming, consultancy and related activities

Joint committees (1)

Signals

ProfitableLow riskGood liquidityPositive cashflowPositive EBITDAHealthy social debtsHigh revenue

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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	29,1 M €	+14.8%	25,4 M €	+18.1%	21,5 M €	+26.0%	17,1 M €	+29.4%	13,2 M €	+27.8%	10,3 M €	+29.4%	8 M €		–		3,9 M €	+110%	1,9 M €	+226%	570,2 k €		–
EBITDA	4 M €	-13.8%	4,6 M €	+288%	1,2 M €	+196%	399,7 k €	-74.4%	1,6 M €	+34.3%	1,2 M €	-9.1%	1,3 M €	-19.2%	1,6 M €	+9.6%	1,4 M €	+576%	213,7 k €	+240%	-152,6 k €	-1523%	-9,4 k €
Operating result	3,5 M €	-17.5%	4,2 M €	+419%	809,2 k €	+283%	211,2 k €	-83.1%	1,3 M €	+21.1%	1 M €	-13.3%	1,2 M €	-19.9%	1,5 M €	+8.6%	1,4 M €	+730%	165,1 k €	+200%	-165,7 k €	-1595%	-9,8 k €
Net result	3,2 M €	-29.2%	4,5 M €	+671%	579,7 k €	+53.5%	377,7 k €	-77.2%	1,7 M €	+348%	370,1 k €	-70.3%	1,2 M €	-25.7%	1,7 M €	+66.6%	1 M €	+624%	139,1 k €	+190%	-154,2 k €	-1323%	-10,8 k €
Balance sheet
Equity	5,1 M €	+163%	1,9 M €	-2.2%	2 M €	-20.8%	2,5 M €	+17.8%	2,1 M €	+154%	837,8 k €	-59.0%	2 M €	-34.5%	3,1 M €	+188%	1,1 M €	+120%	492,7 k €	+39.4%	353,6 k €	-30.4%	507,8 k €
Total assets	38,5 M €	+22.6%	31,4 M €	+15.1%	27,2 M €	+21.4%	22,4 M €	+15.5%	19,4 M €	+42.8%	13,6 M €	+21.6%	11,2 M €	+9.5%	10,2 M €	+103%	5 M €	+47.9%	3,4 M €	+152%	1,4 M €	+99.4%	677,8 k €
Cash	3,4 M €	-54.3%	7,4 M €	+12.2%	6,6 M €	-20.8%	8,3 M €	+74.7%	4,8 M €	-35.0%	7,3 M €	+186%	2,6 M €	-21.0%	3,3 M €	+96.7%	1,7 M €	+57.7%	1 M €	+47.8%	709,7 k €	+13.8%	623,8 k €
Debts	6,9 M €	+22.2%	5,7 M €	-7.3%	6,1 M €	+20.5%	5,1 M €	-14.6%	6 M €	+48.3%	4 M €	+120%	1,8 M €	+18.5%	1,5 M €	+122%	692,1 k €	+7.3%	644,9 k €	+431%	121,3 k €	+805%	13,4 k €
Other
Workforce	103,9 ETP	-4.2%	108,5 ETP	+9.6%	99,0 ETP	+27.6%	77,6 ETP	+16.0%	66,9 ETP	+34.3%	49,8 ETP	+40.7%	35,4 ETP	+43.9%	24,6 ETP	+48.2%	16,6 ETP	+69.4%	9,8 ETP	+172%	3,6 ETP		–

Estimate

Indicative valuation

As an indication, this company is worth

between 25 M€ and 50 M€

See the valuation

Governance

Board of directors

Seen on filing of 31/12/2025 · 3 active · 24 ended

Active mandates

Tim Dehaes

Director · since 03 septembre 2025

Active

Jürgen Ingels

Director · since 30 décembre 2019 · until 03 septembre 2025

Active

Differentia

Director · since 28 décembre 2018 · 0651.807.732

Represented by Roel Caers

Active

Ended mandates

Jürgen Ingels

Director · since 30 décembre 2019 · until 30 avril 2026

Ended

Jürgen Ingels

Director · since 30 décembre 2019 · until 01 mai 2026

Ended

Heidi Rakels

Director · since 07 janvier 2019 · until 05 décembre 2019

Ended

Heidi Rakels

Director · since 07 janvier 2019 · until 30 avril 2026

Ended

At this address

Other companies at this address

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Circle Partnership● Active	1026.642.654
GS ACQUICO● Active	0716.875.233

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	12/06/2026	17/06/2025	06/06/2024	20/07/2023	14/06/2022	02/06/2021
General meeting	25/05/2026	09/05/2025	24/05/2024	30/06/2023	06/05/2022	07/05/2021
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	25/05/2026	12/06/2026	Dutch	PDF
Full model	31/12/2024	09/05/2025	17/06/2025	Dutch	PDF
Full model	31/12/2023	24/05/2024	06/06/2024	Dutch	PDF
Full model	31/12/2022	30/06/2023	20/07/2023	Dutch	PDF
Full model	31/12/2021	06/05/2022	14/06/2022	Dutch	PDF
Full model	31/12/2020	07/05/2021	02/06/2021	Dutch	PDF
Full model	31/12/2019	30/04/2020	08/06/2020	Dutch	PDF
Abridged model	31/12/2018	03/06/2019	28/06/2019	Dutch	PDF
Abridged model	31/12/2017	04/05/2018	31/05/2018	Dutch	PDF
Abridged model	31/12/2016	05/05/2017	19/05/2017	Dutch	PDF
Abridged model	31/12/2015	06/05/2016	31/05/2016	Dutch	PDF
Abridged model	31/12/2014	30/04/2015	15/05/2015	Dutch	PDF

Estimate

Indicative valuation

Order of magnitude

As an indication, this company is worth

between 25 M€ and 50 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 · 3 active · 24 ended

Active mandates

Tim Dehaes

Director · since 03 septembre 2025

Active

Jürgen Ingels

Director · since 30 décembre 2019 · until 03 septembre 2025

Active

Differentia

Director · since 28 décembre 2018 · 0651.807.732

Represented by Roel Caers

Active

Ended mandates

Jürgen Ingels

Director · since 30 décembre 2019 · until 30 avril 2026

Ended

Jürgen Ingels

Director · since 30 décembre 2019 · until 01 mai 2026

Ended

Heidi Rakels

Director · since 07 janvier 2019 · until 05 décembre 2019

Ended

Heidi Rakels

Director · since 07 janvier 2019 · until 30 avril 2026

Ended

Shareholders

Ownership and network

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Belgian Official Gazette

Belgian Official Gazette publications

Mandates17/11/2025
ONTSLAGEN - BENOEMINGEN
PDF
Mandates21/05/2024
ONTSLAGEN - BENOEMINGEN
PDF
Mandates08/12/2020
ONTSLAGEN - BENOEMINGEN
PDF
Other27/10/2020
STATUTEN (VERTALING, COÖRDINATIE, OVERIGE WIJZIGINGEN, )
PDF
Mandates01/04/2020
ONTSLAGEN - BENOEMINGEN
PDF
Mandates16/01/2020
ONTSLAGEN - BENOEMINGEN
PDF
Mandates19/12/2019
ONTSLAGEN - BENOEMINGEN
PDF
Mandates04/07/2019
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

2025
Annual accounts 20253,2 M €↓
2024
Annual accounts 20244,5 M €↑
2023
Annual accounts 2023579,7 k €↑
2022
Annual accounts 2022377,7 k €↓
2021
Annual accounts 20211,7 M €↑
2020
Annual accounts 2020370,1 k €↓
2019
Annual accounts 20191,2 M €↓
2018
Annual accounts 20181,7 M €↑
2017
Annual accounts 20171 M €↑
2016
Annual accounts 2016139,1 k €↑
2015
Annual accounts 2015-154,2 k €↓
2014
Annual accounts 2014-10,8 k €
16/04/2014
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

GuardSquare

Overview

What does GuardSquare 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