ACTIVE

CORTEX HOLDING

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Financial year 2025 · closed on 31/12/2025
Net result
4,6 M €
-62.7% YoY
Equity
20,4 M €
+28.8% YoY

What does CORTEX HOLDING do?

CORTEX HOLDING is a Public limited company incorporated in 2014. Its main activity is: Gambling and betting activities. Its registered office is in Liège.

Legal situation
● Normal situation
BCE/KBO no. / VAT
BE 0555.947.679
Incorporation
14/07/2014
Legal form
Public limited company
Registered office
Rue des Guillemins 129
4000 Liège · WallonieSee on map
Contributed capital
6 710 870,00 €
Latest accounts
31/12/2025
Activities (NACE)
92000Gambling and betting activities· main
Contacts
2 public details availableLog in to view
Signals
ProfitableSolid equityLow riskPositive cashflow
View the BCE/KBO Public Search record →
Health score
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Recommended credit limit
✦ Verdict · Analyst summary
Financials

Trend over 10 financial years

2025202420222021202020192018201720162015
Income statement
Gross margin–––––-10,6 k €-12,6 k €-7,1 k €-3,4 k €-566 €
EBITDA-351,9 k €-7 k €-251,8 k €-118,3 k €-67,7 k €-11,4 k €-13,9 k €-7,7 k €-3,8 k €-1,1 k €
Operating result-351,9 k €-7 k €-251,8 k €-118,3 k €-67,7 k €-11,4 k €-13,9 k €-7,7 k €-7,1 k €-3,5 k €
Net result4,6 M €12,2 M €-267 k €-127,2 k €-135,9 k €-103,5 k €-21,7 k €-36,9 k €-28,9 k €-6,6 k €
Balance sheet
Equity20,4 M €15,8 M €6 M €6 M €6,2 M €1,8 M €1,9 M €1,9 M €2 M €193,4 k €
Total assets24,3 M €15,8 M €14,5 M €12,1 M €6,6 M €6,6 M €6,6 M €6,2 M €5 M €2,5 M €
Cash137,7 k €417,4 k €127,6 k €12,9 k €97,8 k €21,9 k €21,6 k €93,6 k €40,4 k €628,9 k €
Debts3,9 M €342,6 €8,5 M €6,1 M €440 k €4,8 M €4,7 M €4,2 M €3 M €2,3 M €
Estimate

Indicative valuation

As an indication, this company is worth

between 10 M€ and 25 M€
See the valuation
Governance

Board of directors

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

Active mandates

EMMANUEL MEWISSEN

Chairman of the board of directors · since 07 juillet 2022 · until 13 juillet 2026

Active
Nicolas LEONARD

Managing director · since 11 juillet 2014 · until 13 juillet 2026

Active
Sylvain BONIVER

Managing director · since 11 juillet 2014 · until 13 juillet 2026

Active

Ended mandates

Emmanuel MEWISSEN

Chairman of the board of directors · since 11 juillet 2014 · until 10 juillet 2020

Ended
Emmanuel MEWISSEN

Managing director · since 11 juillet 2014 · until 10 juillet 2026

Ended
EMMANUEL MEWISSEN

Chairman of the board of directors · since 11 juillet 2014 · until 10 juillet 2026

Ended
Gérard EL ALLAF

Director · since 11 juillet 2014 · until 10 juillet 2020

Ended
At this address

Other companies at this address

CompanyCBE no.
ALLIN1● Active
1009.334.983
ARDENT BETTING● Active
0459.573.924
ARDENT CASINO INTERNATIONAL● Active
0700.809.954
BIGB GAMING● Active
0779.530.008
CIRCUS BELGIUM● Active
0451.000.609
CIRCUS SERVICES● Active
0864.036.507
EURO 78● Active
0423.111.426
Fondation Privée FOUNDATION1● Active
0788.196.759
FOUNDATION ALLIN1● Active
1009.343.594
GAMBLING MANAGEMENT● Active
0859.984.677
GAMBLING REAL ESTATE● Active
0700.808.271
GAMES SERVICES● Active
0423.669.076
GAMING ARDENT● Active
0667.768.487
HQ1● Active
0738.871.467
IP Trade● Active
0473.113.837
LUCKY BET● Active
0843.750.342
Meuse Bidco● Active
0778.683.336
Meuse Finco● Active
0778.734.311
Meuse Midco● Active
0778.513.684
NAMUR CASINO RESORT● Active
0654.871.150
Annual accounts

Full financial information

202520242023202220212020
Type of accountFull modelFull modelFull modelFull modelFull modelFull 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 date15/06/202626/06/202501/07/202420/03/202426/08/202231/08/2021
General meeting04/06/202605/06/202528/06/202401/06/202330/06/202230/06/2021
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

15 filings with the NBB

ModelClosingGeneral meetingFiledLanguageDocument
Full model31/12/202504/06/202615/06/2026FrenchPDF
Full model31/12/202405/06/202526/06/2025FrenchPDF
Full model31/12/202328/06/202401/07/2024FrenchPDF
Full modelCorrection31/12/202201/06/202320/03/2024FrenchPDF
Full modelCorrection31/12/202201/06/202326/01/2024FrenchPDF
Full model31/12/202201/06/202319/07/2023FrenchPDF
Full model31/12/202130/06/202226/08/2022FrenchPDF
m120-f-p31/12/202130/06/202226/08/2022FrenchPDF
Full model31/12/202030/06/202131/08/2021FrenchPDF
m120-f-p31/12/202001/01/999931/08/2021FrenchPDF
Abridged model31/12/201903/07/202006/10/2020FrenchPDF
Abridged model31/12/201806/06/201931/08/2019FrenchPDF
Micro model30/06/201718/09/201713/03/2018FrenchPDF
Abridged model30/06/201619/09/201631/10/2016FrenchPDF
Abridged model30/06/201516/12/201529/01/2016FrenchPDF
Estimate

Indicative valuation

Order of magnitude

As an indication, this company is worth

between 10 M€ and 25 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 · 12 ended

Active mandates

EMMANUEL MEWISSEN

Chairman of the board of directors · since 07 juillet 2022 · until 13 juillet 2026

Active
Nicolas LEONARD

Managing director · since 11 juillet 2014 · until 13 juillet 2026

Active
Sylvain BONIVER

Managing director · since 11 juillet 2014 · until 13 juillet 2026

Active

Ended mandates

Emmanuel MEWISSEN

Chairman of the board of directors · since 11 juillet 2014 · until 10 juillet 2020

Ended
Emmanuel MEWISSEN

Managing director · since 11 juillet 2014 · until 10 juillet 2026

Ended
EMMANUEL MEWISSEN

Chairman of the board of directors · since 11 juillet 2014 · until 10 juillet 2026

Ended
Gérard EL ALLAF

Director · since 11 juillet 2014 · until 10 juillet 2020

Ended
Shareholders

Ownership and network

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Belgian Official Gazette

Belgian Official Gazette publications

  • Mandates31/08/2026
    Nomination d'un administrateur
    PDF
  • Other17/08/2026
    Renouvellement du mandat des délégués à la gestion journalière et du
    PDF
  • Other11/05/2026
    DIVERS
    PDF
  • Restructuring02/04/2026
    RUBRIQUE RESTRUCTURATION (FUSION, SCISSION, TRANSFERT PATRIMOINE, ETC...)
    PDF
  • Mandates05/01/2024
    DEMISSIONS, NOMINATIONS
    PDF
  • Mandates22/08/2022
    DEMISSIONS, NOMINATIONS
    PDF
  • Capital / shares19/07/2022
    CAPITAL, ACTIONS
    PDF
  • Registered office27/07/2021
    SIEGE SOCIAL
    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 20254,6 M €↓
  2. 2024
    Annual accounts 202412,2 M €↑
  3. 2022
    Annual accounts 2022-267 k €↓
  4. 2021
    Annual accounts 2021-127,2 k €↑
  5. 2020
    Annual accounts 2020-135,9 k €↓
  6. 2019
    Annual accounts 2019-103,5 k €↓
  7. 2018
    Annual accounts 2018-21,7 k €↑
  8. 2017
    Annual accounts 2017-36,9 k €↓
  9. 2016
    Annual accounts 2016-28,9 k €↓
  10. 2015
    Annual accounts 2015-6,6 k €
  11. 14/07/2014
    IncorporationPublic limited company