ACTIVE

ELICIO

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Financial year 2025 · closed on 31/12/2025

Net result

32,8 M €

-50.2% YoY

Revenue

5,4 M €

+106.0% YoY

Equity

271,1 M €

+3.0% YoY

Workforce

50,0 ETP

+10.6% YoY

What does ELICIO do?

ELICIO is a Public limited company incorporated in 2014. Its main activity is: Production of electricity. Its registered office is in Oostende. It employs on average 50,0 ETP workers (FTE).

Legal situation

● Normal situation

BCE/KBO no. / VAT

BE 0552.775.977

Incorporation

16/05/2014

Legal form

Public limited company

Registered office

John Cordierlaan 9
8400 Oostende · FlandreSee on map

Contributed capital

191 494 474,00 €

Latest accounts

31/12/2025

Average workforce

50,0 ETP

Activities (NACE)

35110Production of electricity· main 35110Production of electricity 71121Engineering activities and related technical consultancy 71121Engineering activities and related technical consultancy 35120Transmission of electricity 35130Distribution of electricity+4

Joint committees (2)

Signals

ProfitableSolid equityLow riskGood liquidityPositive cashflowHealthy 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	5,4 M €	+106%	2,6 M €	+10.4%	2,4 M €	+19.3%	2 M €	-0.4%	2 M €	-25.1%	2,7 M €	+92.5%	1,4 M €	-38.5%	2,3 M €	+42.8%	1,6 M €	+58.8%	1 M €	-38.6%	1,6 M €	+54.1%	1,1 M €
EBITDA	-6,4 M €	-3.2%	-6,2 M €	-6.7%	-5,8 M €	-40.2%	-4,2 M €	+12.2%	-4,7 M €	-25.7%	-3,8 M €	+13.2%	-4,3 M €	-17.0%	-3,7 M €	-18.6%	-3,1 M €	+42.3%	-5,4 M €	-49.1%	-3,6 M €	-48.2%	-2,5 M €
Operating result	-6,8 M €	-4.8%	-6,5 M €	-18.5%	-5,5 M €	-21.8%	-4,5 M €	+26.9%	-6,2 M €	-55.0%	-4 M €	+11.7%	-4,5 M €	+0.1%	-4,5 M €	-58.2%	-2,8 M €	+54.1%	-6,2 M €	+1.3%	-6,3 M €	-79.1%	-3,5 M €
Net result	32,8 M €	-50.2%	65,9 M €	+38.2%	47,7 M €	+44.9%	32,9 M €	+549%	-7,3 M €	-296%	-1,8 M €	-189%	2,1 M €	+45.2%	1,4 M €	-34.7%	2,2 M €	+133%	-6,6 M €	+11.4%	-7,5 M €	-105%	-3,7 M €
Balance sheet
Equity	271,1 M €	+3.0%	263,3 M €	+15.8%	227,3 M €	+36.3%	166,8 M €	+299%	41,8 M €	-14.9%	49,1 M €	-3.6%	50,9 M €	+5836%	858,1 k €	+250%	-571,5 k €	+79.3%	-2,8 M €	+75.2%	-11,1 M €	-208%	-3,6 M €
Total assets	299,9 M €	+1.1%	296,8 M €	+13.6%	261,3 M €	+14.3%	228,6 M €	+3.4%	221 M €	-19.8%	275,5 M €	-13.6%	318,9 M €	+0.0%	318,8 M €	+10.2%	289,4 M €	+11.0%	260,7 M €	+232%	78,5 M €	+36.3%	57,6 M €
Cash	18,3 M €	+28.3%	14,3 M €	+110%	6,8 M €	-79.2%	32,5 M €	-27.4%	44,9 M €	-60.0%	112,2 M €	+247%	32,3 M €	+11.6%	28,9 M €	-8.8%	31,7 M €	-40.7%	53,5 M €	+6352%	829,7 k €	-70.1%	2,8 M €
Debts	27,7 M €	-14.3%	32,3 M €	-1.7%	32,8 M €	-45.1%	59,8 M €	-66.3%	177,6 M €	-21.3%	225,7 M €	-15.6%	267,5 M €	-15.8%	317,6 M €	+9.7%	289,5 M €	+10.3%	262,6 M €	+199%	88 M €	+44.7%	60,8 M €
Other
Workforce	50,0 ETP	+10.6%	45,2 ETP	+5.6%	42,8 ETP	+14.7%	37,3 ETP	+7.5%	34,7 ETP	+5.8%	32,8 ETP	+18.4%	27,7 ETP	+3.4%	26,8 ETP	+3.1%	26,0 ETP	+8.8%	23,9 ETP	+3.5%	23,1 ETP	+80.5%	12,8 ETP

Estimate

Indicative valuation

As an indication, this company is worth

between 250 M€ and 500 M€

See the valuation

Governance

Board of directors

Seen on filing of 31/12/2025 · 9 active · 29 ended

Active mandates

Martin Jadin

Director · since 23 octobre 2025 · until 15 mai 2031

Active

Julie Fernandez

Director · since 17 septembre 2025 · until 15 mai 2031

Active

Bertrand Demonceau

Director · since 15 mai 2025 · until 31 mars 2026

Active

Grégory Demal

Director · since 15 mai 2025 · until 15 mai 2031

Active

Jean-Marie Breban

Director · since 15 mai 2025 · until 15 mai 2031

Active

Jean-Pierre Hansen

Director · since 15 mai 2025 · until 15 mai 2031

Active

Laurent Levaux

Director · since 15 mai 2025 · until 15 mai 2031

Active

Muriel Gerkens

Director · since 15 mai 2025 · until 15 mai 2031

Active

Luc Gillard

Director · since 09 novembre 2022 · until 12 août 2025

Active

Ended mandates

Jean-Marie Breban

Director · since 27 mai 2023 · until 15 mai 2025

Ended

Bertrand Demonceau

Director · since 09 novembre 2022 · until 15 mai 2025

Ended

Grégory Demal

Director · since 09 novembre 2022 · until 15 mai 2025

Ended

Luc Gillard

Director · since 09 novembre 2022 · until 15 mai 2025

Ended

At this address

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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	16/06/2026	15/06/2025	01/06/2024	13/06/2023	17/06/2022	16/06/2021
General meeting	21/05/2026	15/05/2025	16/05/2024	18/05/2023	19/05/2022	20/05/2021
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	21/05/2026	16/06/2026	Dutch	PDF
Full model	31/12/2024	15/05/2025	15/06/2025	Dutch	PDF
Full model	31/12/2023	16/05/2024	01/06/2024	Dutch	PDF
Full model	31/12/2022	18/05/2023	13/06/2023	Dutch	PDF
Full model	31/12/2021	19/05/2022	17/06/2022	Dutch	PDF
Full model	31/12/2020	20/05/2021	16/06/2021	Dutch	PDF
Full model	31/12/2019	31/07/2020	31/07/2020	Dutch	PDF
Full model	31/12/2018	16/05/2019	19/07/2019	Dutch	PDF
Full model	31/12/2017	29/06/2018	31/07/2018	Dutch	PDF
Full model	31/12/2016	30/06/2017	19/07/2017	Dutch	PDF
Full model	31/12/2015	27/05/2016	27/06/2016	Dutch	PDF
Full model	31/12/2014	30/04/2015	30/07/2015	Dutch	PDF

Estimate

Indicative valuation

Order of magnitude

As an indication, this company is worth

between 250 M€ and 500 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 · 9 active · 29 ended

Active mandates

Martin Jadin

Director · since 23 octobre 2025 · until 15 mai 2031

Active

Julie Fernandez

Director · since 17 septembre 2025 · until 15 mai 2031

Active

Bertrand Demonceau

Director · since 15 mai 2025 · until 31 mars 2026

Active

Grégory Demal

Director · since 15 mai 2025 · until 15 mai 2031

Active

Jean-Marie Breban

Director · since 15 mai 2025 · until 15 mai 2031

Active

Jean-Pierre Hansen

Director · since 15 mai 2025 · until 15 mai 2031

Active

Laurent Levaux

Director · since 15 mai 2025 · until 15 mai 2031

Active

Muriel Gerkens

Director · since 15 mai 2025 · until 15 mai 2031

Active

Luc Gillard

Director · since 09 novembre 2022 · until 12 août 2025

Active

Ended mandates

Jean-Marie Breban

Director · since 27 mai 2023 · until 15 mai 2025

Ended

Bertrand Demonceau

Director · since 09 novembre 2022 · until 15 mai 2025

Ended

Grégory Demal

Director · since 09 novembre 2022 · until 15 mai 2025

Ended

Luc Gillard

Director · since 09 novembre 2022 · until 15 mai 2025

Ended

Shareholders

Ownership and network

Looking for more information about this company?

Try for 7 days

Belgian Official Gazette

Belgian Official Gazette publications

Mandates15/06/2026
ONTSLAGEN - BENOEMINGEN
PDF
Mandates10/11/2025
ONTSLAGEN - BENOEMINGEN
PDF
Mandates24/10/2025
ONTSLAGEN - BENOEMINGEN
PDF
Mandates19/06/2025
ONTSLAGEN - BENOEMINGEN
PDF
Mandates13/05/2025
ONTSLAGEN - BENOEMINGEN
PDF
Mandates03/04/2025
ONTSLAGEN - BENOEMINGEN
PDF
Mandates02/10/2024
ONTSLAGEN - BENOEMINGEN
PDF
Mandates27/07/2023
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 202532,8 M €↓
15/05/2025
reconductionLaurent Levaux — bestuurder
15/05/2025
reconductionJean-Pierre Hansen — bestuurder
15/05/2025
reconductionGrégory Demal — bestuurder
15/05/2025
reconductionJean-Marie Bréban — bestuurder
15/05/2025
reconductionBertrand Demonceau — bestuurder
15/05/2025
reconductionLuc Gillard — bestuurder
15/05/2025
reconductionMuriel Gerkens — bestuurder
01/04/2025
nominationPeter Goderis — CEO
2024
Annual accounts 202465,9 M €↑
12/10/2024
nominationVanessa Vanleene — persoon belast met dagelijks bestuur
2023
Annual accounts 202347,7 M €↑
27/05/2023
nominationJean-Marie Breban — bestuurder
18/05/2023
nominationBrecht Deketele — vaste vertegenwoordiger van de commissaris
27/02/2023
augmentation_capital
2022
Annual accounts 202232,9 M €↑
09/11/2022
nominationGrégory Demal — bestuurder
09/11/2022
nominationLuc Gillard — bestuurder
09/11/2022
nominationMuriel Gerkens — bestuurder
09/11/2022
nominationBertrand Demonceau — bestuurder
2021
Annual accounts 2021-7,3 M €↓
2020
Annual accounts 2020-1,8 M €↓
2019
Annual accounts 20192,1 M €↑
2018
Annual accounts 20181,4 M €↓
2017
Annual accounts 20172,2 M €↑
2016
Annual accounts 2016-6,6 M €↑
2015
Annual accounts 2015-7,5 M €↓
2014
Annual accounts 2014-3,7 M €
16/05/2014
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

ELICIO

Overview

What does ELICIO 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