ACTIVE

FIRST WAVE

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Financial year 2025 · closed on 31/12/2025
Net result
1,3 M €
+243.1% YoY
Revenue
8,6 M €
-1.2% YoY
Equity
3,9 M €
+6.5% YoY
Workforce
56,2 ETP
-2.8% YoY

What does FIRST WAVE do?

FIRST WAVE is a Public limited company incorporated in 2014. Its registered office is in Etterbeek. It employs on average 56,2 ETP workers (FTE).

Legal situation
● Normal situation
BCE/KBO no. / VAT
BE 0552.596.627
Incorporation
08/05/2014
Legal form
Public limited company
Registered office
Avenue d'Auderghem 346 box 2
1040 Etterbeek · BruxellesSee on map
Contributed capital
62 000,00 €
Latest accounts
31/12/2025
Average workforce
56,2 ETP
Joint committees (4)
  • 200
  • 2000
  • 20000
  • 218
Signals
ProfitableSolid equityLow riskGood liquidityPositive cashflowPositive EBITDAHealthy social debtsHigh revenue
View the BCE/KBO Public Search record →
Health score
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✦ Verdict · Analyst summary
Financials

Trend over 11 financial years

20252024202320222021202020192018201720162015
Income statement
Revenue8,6 M €8,7 M €7,3 M €6,1 M €5,3 M €4,8 M €5 M €5,2 M €4,3 M €3,1 M €1,7 M €
EBITDA1 M €1,3 M €747,4 k €819 k €562,9 k €682,9 k €685,1 k €856,3 k €568,1 k €515,2 k €147,8 k €
Operating result1,8 M €512,7 k €701,9 k €787,3 k €534,7 k €658 k €672 k €846,7 k €559,9 k €509,6 k €143,9 k €
Net result1,3 M €378,5 k €244,3 k €543,7 k €354,2 k €439,5 k €420,5 k €519,2 k €312,1 k €292,4 k €73,5 k €
Balance sheet
Equity3,9 M €3,6 M €3,3 M €3 M €2,5 M €2,1 M €1,7 M €1,3 M €739,9 k €427,9 k €135,5 k €
Total assets7,3 M €6,6 M €5,2 M €4,2 M €3,5 M €3,1 M €2,5 M €2,3 M €1,6 M €1 M €492,9 k €
Cash1 M €404,2 k €74,6 k €53,2 k €39 k €22,7 k €25,2 k €87 k €62,8 k €38 k €79,8 k €
Debts3,4 M €2,1 M €1,8 M €990,9 k €984 k €982,2 k €838 k €995,1 k €836,6 k €589,2 k €357,5 k €
Other
Workforce56,2 ETP57,8 ETP51,3 ETP47,4 ETP44,4 ETP39,0 ETP38,8 ETP40,4 ETP36,0 ETP24,5 ETP7,6 ETP
Estimate

Indicative valuation

As an indication, this company is worth

between 5 M€ and 10 M€
See the valuation
Governance

Board of directors

Seen on filing of 31/12/2025 · 3 active · 4 ended

Active mandates

Carmen Rousseeuw

Director · since 28 novembre 2023

Active
Iwona De Pourbaix

Director · since 28 novembre 2023

Active
Waldo Vervoort

Director · since 28 novembre 2023

Active

Ended mandates

De Cronos Groep

Director · since 13 juin 2019 · until 11 juin 2025 · 0467.132.994

Represented by Dirk Deroost

Ended
De Cronos Groep

Director · since 08 mai 2014 · until 12 juin 2019 · 0467.132.994

Represented by Dirk Deroost

Ended
Dirk Deroost

Director · since 08 mai 2014 · until 12 juin 2019

Ended
Josephus De Wit

Director · since 08 mai 2014 · until 12 juin 2019

Ended
At this address

Other companies at this address

CompanyCBE no.
Association des copropriétaires de la Résidence la Chasse à Etterbeek , avenue d'Auderghem 346● Active
0540.680.572
CITY - BULL● Liquidation
0438.012.507
Verode Group● Active
1002.462.237
Annual accounts

Full financial information

202520242023202220212020
Type of accountFull 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 date05/05/202630/09/202522/07/202409/08/202301/08/202206/08/2021
General meeting29/04/202626/09/202512/07/202414/06/202308/06/202209/06/2021
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

11 filings with the NBB

ModelClosingGeneral meetingFiledLanguageDocument
Full model31/12/202529/04/202605/05/2026DutchPDF
Abridged model31/12/202426/09/202530/09/2025DutchPDF
Abridged model31/12/202312/07/202422/07/2024DutchPDF
Abridged model31/12/202214/06/202309/08/2023DutchPDF
Abridged model31/12/202108/06/202201/08/2022DutchPDF
Abridged model31/12/202009/06/202106/08/2021DutchPDF
Abridged model31/12/201910/06/202009/07/2020DutchPDF
Abridged model31/12/201812/06/201920/06/2019DutchPDF
Abridged model31/12/201713/06/201824/07/2018DutchPDF
Full model31/12/201614/06/201703/08/2017DutchPDF
Full model31/12/201508/06/201608/07/2016DutchPDF
Estimate

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.

Governance

Board of directors

Seen on filing of 31/12/2025 · 3 active · 4 ended

Active mandates

Carmen Rousseeuw

Director · since 28 novembre 2023

Active
Iwona De Pourbaix

Director · since 28 novembre 2023

Active
Waldo Vervoort

Director · since 28 novembre 2023

Active

Ended mandates

De Cronos Groep

Director · since 13 juin 2019 · until 11 juin 2025 · 0467.132.994

Represented by Dirk Deroost

Ended
De Cronos Groep

Director · since 08 mai 2014 · until 12 juin 2019 · 0467.132.994

Represented by Dirk Deroost

Ended
Dirk Deroost

Director · since 08 mai 2014 · until 12 juin 2019

Ended
Josephus De Wit

Director · since 08 mai 2014 · until 12 juin 2019

Ended
Shareholders

Ownership and network

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Belgian Official Gazette

Belgian Official Gazette publications

  • Registered office02/06/2025
    STATUTEN (VERTALING, COÖRDINATIE, OVERIGE WIJZIGINGEN, …) - MAATSCHAPPELIJKE ZETEL - DIVERSEN
    PDF
  • Mandates23/02/2024
    ONTSLAGEN - BENOEMINGEN
    PDF
  • Mandates15/09/2023
    ONTSLAGEN - BENOEMINGEN
    PDF
  • Mandates03/12/2020
    ONTSLAGEN - BENOEMINGEN
    PDF
  • Mandates06/01/2020
    STATUTEN (VERTALING, COÖRDINATIE, OVERIGE WIJZIGINGEN, …) - ONTSLAGEN - BENOEMINGEN
    PDF
  • Mandates02/12/2019
    ONTSLAGEN - BENOEMINGEN
    PDF
  • Mandates12/09/2018
    ONTSLAGEN - BENOEMINGEN
    PDF
  • Mandates20/02/2018
    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 20251,3 M €↑
  2. 2024
    Annual accounts 2024378,5 k €↑
  3. 2023
    Annual accounts 2023244,3 k €↓
  4. 2022
    Annual accounts 2022543,7 k €↑
  5. 2021
    Annual accounts 2021354,2 k €↓
  6. 2020
    Annual accounts 2020439,5 k €↑
  7. 2019
    Annual accounts 2019420,5 k €↓
  8. 2018
    Annual accounts 2018519,2 k €↑
  9. 2017
    Annual accounts 2017312,1 k €↑
  10. 2016
    Annual accounts 2016292,4 k €↑
  11. 2015
    Annual accounts 201573,5 k €
  12. 08/05/2014
    IncorporationPublic limited company