ACTIVE

Ncardia Holding

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Financial year 2025 · Closed on 31/12/2025

Net result-5,7 M €-423,1 %over 1 year

Gross margin-1,5 M €+31,7 %over 1 year

Equity98,8 M €-5,4 %over 1 year

Workforce0,0 ETP

Identity

Source · BCE/KBO

Ncardia Holding is a Public limited company incorporated in 2014. Its main activity is: Research and experimental development on natural sciences and engineering. Its registered office is in Mont-Saint-Guibert.

Legal situation: Normal situation
BCE/KBO no. / VAT: BE 0565.979.162
Incorporation: 28/10/2014
Legal form: Public limited company
Registered office: Rue Edouard Belin 2
1435 Mont-Saint-Guibert · WallonieSee on map
Contributed capital: 118 076 067,63 €
Latest accounts: 31/12/2025
Average workforce: 0,0 ETP

Activities (NACE)

72101Research and experimental development on natural sciences and engineering· main 72110Research and experimental development on biotechnology 70200Management consultancy activities 70220Business and other management consultancy activities 71209Technical testing and analysis 71209Technical testing and analysis+6

Contacts

2 public details availableLog in to view

Signals

Solid equityLow riskGood liquidity

Financials

Source · NBB, 13 filings

Trend over 11 financial years

	2025		2024		2023		2022		2021
Income statement
Gross margin	-1,5 M €	+31.7%	-2,2 M €	-282%	-563,6 k €	-86.9%	-301,6 k €	+87.4%	-2,4 M €
EBITDA	-1,5 M €	+29.3%	-2,2 M €	-282%	-563,6 k €	-84.6%	-305,3 k €	+87.3%	-2,4 M €
Operating result	-1,5 M €	+29.3%	-2,2 M €	-282%	-563,6 k €	-84.6%	-305,3 k €	+87.3%	-2,4 M €
Net result	-5,7 M €	-423%	1,8 M €	+3.7%	1,7 M €	+733%	-267,6 k €	+98.0%	-13,7 M €
Balance sheet
Equity	98,8 M €	-5.4%	104,5 M €	+44.1%	72,5 M €	+33.5%	54,3 M €	+121%	24,6 M €
Total assets	108,4 M €	+0.5%	107,9 M €	+41.9%	76 M €	+31.3%	57,9 M €	+124%	25,8 M €
Cash	665,5 k €	-93.7%	10,5 M €	-20.2%	13,2 M €	-60.2%	33,2 M €	+63.2%	20,3 M €
Debts	9,6 M €	+187%	3,4 M €	-2.4%	3,4 M €	-3.5%	3,6 M €	+193%	1,2 M €
Other
Workforce	0,0 ETP		–		–		–		–

Valuation

Indicative valuation

As an indication, this company is worth

between 50 M€ and 100 M€

See the valuation

Board of directors

Source · NBB, accounts to 31/12/2025

5 active · 44 ended

Active mandates

Jason Conner

Director · since 05 mars 2026 · until 09 novembre 2027

Active

Tim Van Biesen

Director · since 20 mars 2024 · until 03 juin 2030

Active

BioPharma Management and Consulting

Director · since 10 novembre 2021 · until 09 novembre 2027 · 0664.691.906

Represented by Denis Bedoret

Active

Geoffrey Glass

Director · since 10 novembre 2021 · until 09 novembre 2027

Active

Nicholas 0'Leary

Director · since 01 octobre 2021 · until 09 novembre 2027

Active

Ended mandates

Gustavo Mahler

Director · since 20 mars 2024

Ended

Tim Van Besien

Director · since 20 mars 2024

Ended

Jason Conner

Director · since 10 novembre 2021 · until 09 novembre 2027

Ended

Nicholas O'Leary

Director · since 10 novembre 2021 · until 09 novembre 2027

Ended

Other companies at this address

Rue Edouard Belin 2 1435 Mont-Saint-Guibert

Company	CBE no.
Cellistic● Active	0740.785.238
CELYNTRA THERAPEUTICS● Active	0737.829.015

Full financial information

Source · NBB

	2025	2024	2023	2022	2021	2020
Type of account	Abridged model	Abridged model	Abridged model	Abridged model	Abridged model	Abridged 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	10/06/2026	10/06/2026	10/06/2026	30/06/2023	23/09/2022	30/09/2021
General meeting	04/06/2026	22/10/2025	06/06/2024	20/06/2023	02/06/2022	23/09/2021
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

Financial ratios

Source · NBB

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Annual accounts filings

Source · NBB, 13 filings

Model	Closing	General meeting	Filed	Language	Document
Abridged model	31/12/2025	04/06/2026	10/06/2026	French	PDF
Abridged modelCorrection	31/12/2024	22/10/2025	10/06/2026	French	PDF
Abridged model	31/12/2024	22/10/2025	31/10/2025	French	PDF
Abridged modelCorrection	31/12/2023	06/06/2024	10/06/2026	French	PDF
Abridged model	31/12/2023	06/06/2024	24/07/2024	French	PDF
Abridged model	31/12/2022	20/06/2023	30/06/2023	French	PDF
Abridged model	31/12/2021	02/06/2022	23/09/2022	French	PDF
Abridged model	31/12/2020	23/09/2021	30/09/2021	French	PDF
Abridged model	31/12/2019	04/06/2020	23/06/2020	French	PDF
Abridged model	31/12/2018	06/06/2019	28/06/2019	French	PDF
Abridged model	31/12/2017	07/06/2018	31/07/2018	French	PDF
Abridged model	31/12/2016	01/06/2017	27/07/2017	French	PDF
Abridged model	31/12/2015	02/06/2016	29/07/2016	French	PDF

Indicative valuation

Order of magnitude

As an indication, this company is worth

between 50 M€ and 100 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.

Board of directors

Source · NBB, accounts to 31/12/2025

5 active · 44 ended

Active mandates

Jason Conner

Director · since 05 mars 2026 · until 09 novembre 2027

Active

Tim Van Biesen

Director · since 20 mars 2024 · until 03 juin 2030

Active

BioPharma Management and Consulting

Director · since 10 novembre 2021 · until 09 novembre 2027 · 0664.691.906

Represented by Denis Bedoret

Active

Geoffrey Glass

Director · since 10 novembre 2021 · until 09 novembre 2027

Active

Nicholas 0'Leary

Director · since 01 octobre 2021 · until 09 novembre 2027

Active

Ended mandates

Gustavo Mahler

Director · since 20 mars 2024

Ended

Tim Van Besien

Director · since 20 mars 2024

Ended

Jason Conner

Director · since 10 novembre 2021 · until 09 novembre 2027

Ended

Nicholas O'Leary

Director · since 10 novembre 2021 · until 09 novembre 2027

Ended

Ownership and network

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Belgian Official Gazette publications

Source · Belgian Official Gazette

Capital / shares15/05/2026
CAPITAL, ACTIONS
PDF
Mandates15/05/2026
DEMISSIONS, NOMINATIONS
PDF
Mandates07/05/2026
DEMISSIONS, NOMINATIONS
PDF
Other11/02/2026
STATUTS (TRADUCTION, COORDINATION, AUTRES MODIFICATIONS, )
PDF
Other11/12/2025
DIVERS
PDF
Mandates15/10/2025
DEMISSIONS, NOMINATIONS
PDF
Capital / shares19/09/2024
STATUTS (TRADUCTION, COORDINATION, AUTRES MODIFICATIONS, ) - CAPITAL, ACTIONS
PDF
Capital / shares24/06/2024
STATUTS (TRADUCTION, COORDINATION, AUTRES MODIFICATIONS, ) - CAPITAL, ACTIONS
PDF

Similar companies

A company's peers, by sector and size, are included in the Business plan.

See the Business plan

Timeline

30/04/2026
augmentation_capital
05/03/2026
nominationJason Conner — administrateur délégué (CEO)
2025
Annual accounts 2025-5,7 M €↓
22/10/2025
reconductionPwC Reviseurs d'Entreprises SRL — commissaire
2024
Annual accounts 20241,8 M €↑
17/10/2024
nominationGustavo Mahler — administrateur délégué (CEO)
05/09/2024
augmentation_capital
17/06/2024
augmentation_capital
18/04/2024
augmentation_capitalKINICITI UK HOLDCO LIMITED
2023
Annual accounts 20231,7 M €↑
2022
Annual accounts 2022-267,6 k €↑
02/06/2022
nominationRomain Seffer — commissaire
01/01/2022
nominationGert Claes — commissaire
2021
Annual accounts 2021-13,7 M €↓
2020
Annual accounts 202026,8 k €↑
2019
Annual accounts 2019-3,1 M €↑
2018
Annual accounts 2018-21,4 M €↓
2017
Annual accounts 2017-328,3 k €↓
2016
Annual accounts 201697,2 k €↑
2015
Annual accounts 2015-518,2 k €
28/10/2014
IncorporationPublic limited company

Ncardia Holding

Overview

Identity

Financials

Valuation

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

Timeline