ACTIVE

BELMA TECHNOLOGIES

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Financial year 2025 · closed on 31/12/2025
Net result
4,9 k €
+8.1% YoY
Gross margin
42,7 k €
-12.8% YoY
Equity
275,5 k €
+1.8% YoY

What does BELMA TECHNOLOGIES do?

BELMA TECHNOLOGIES is a Public limited company incorporated in 2015. Its main activity is: Research and experimental development on natural sciences and engineering. Its registered office is in Liège.

Legal situation
● Normal situation
BCE/KBO no. / VAT
BE 0640.973.129
Incorporation
15/10/2015
Legal form
Public limited company
Registered office
Avenue de l'Hôpital 11
4000 Liège · WallonieSee on map
Contributed capital
230 575,00 €
Latest accounts
31/12/2025
Activities (NACE)
72101Research and experimental development on natural sciences and engineering· main72110Research and experimental development on biotechnology72109Research and experimental development on natural sciences and engineering72190Other research and experimental development on natural sciences and engineering74909Other professional, scientific and technical activities n.e.c.74999Other professional, scientific and technical activities n.e.c.+2
Signals
ProfitableSolid equityLow riskGood liquidityPositive cashflowPositive EBITDA
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Health score
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✦ Verdict · Analyst summary
Financials

Trend over 10 financial years

2025202420232022202120202019201820172016
Income statement
Gross margin42,7 k €49 k €75,9 k €69,7 k €47,8 k €-15,7 k €197 k €72,8 k €30,8 k €-55,2 k €
EBITDA42,1 k €48,4 k €75,1 k €68,8 k €47 k €-16,1 k €3,6 k €36,4 k €-39,8 k €-109,9 k €
Operating result3 k €3,1 k €35,2 k €43 k €32,6 k €-32,1 k €-13,3 k €-85,4 k €-134,4 k €-178,6 k €
Net result4,9 k €4,6 k €36,1 k €42,6 k €30,6 k €-28,9 k €2,1 k €8,6 k €-82,1 k €-150,4 k €
Balance sheet
Equity275,5 k €270,6 k €266,1 k €230 k €187,3 k €156,7 k €188,5 k €375 k €301,5 k €317,9 k €
Total assets281 k €281,4 k €283,3 k €259,1 k €216,4 k €157,4 k €189,6 k €396 k €468,6 k €444,5 k €
Cash175,6 k €136,8 k €101,2 k €81,4 k €83,4 k €42,3 k €68,6 k €40,7 k €121,4 k €235,1 k €
Debts5,1 k €10,6 k €17 k €29,1 k €29,1 k €712,9 €1,1 k €21 k €167,1 k €126,6 k €
Estimate

Indicative valuation

As an indication, this company is worth

between 500 k€ and 1 M€
See the valuation
Governance

Board of directors

Seen on filing of 31/12/2025 · 3 active · 9 ended

Active mandates

DIDIER LEBALLUE

Director · since 02 avril 2021 · until 01 avril 2027

Active
JEAN MICHEL FOIDART

Director · since 02 avril 2021 · until 01 avril 2027

Active
MARIA-LUZ ALVAREZ GONZALEZ

Managing director · since 02 avril 2021 · until 01 avril 2027

Active

Ended mandates

JEAN-MICHEL FOIDART

Director · since 02 avril 2021 · until 01 avril 2027

Ended
MARIA-LUZ ALVAREZ GONZALEZ

Managing director · since 20 février 2019 · until 20 février 2025

Ended
ESTELLE LHOEST

Director · since 15 février 2017 · until 03 mai 2021

Ended
FRANCIS FRANKENNE

Managing director · since 15 février 2017 · until 03 mai 2021

Ended
At this address

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Annual accounts

Full financial information

202520242023202220212020
Type of accountAbridged 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 date01/06/202623/05/202503/07/202409/06/202305/07/202201/06/2021
General meeting22/05/202612/05/202512/06/202409/05/202315/06/202202/04/2021
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

10 filings with the NBB

ModelClosingGeneral meetingFiledLanguageDocument
Abridged model31/12/202522/05/202601/06/2026FrenchPDF
Abridged model31/12/202412/05/202523/05/2025FrenchPDF
Abridged model31/12/202312/06/202403/07/2024FrenchPDF
Abridged model31/12/202209/05/202309/06/2023FrenchPDF
Abridged model31/12/202115/06/202205/07/2022FrenchPDF
Abridged model31/12/202002/04/202101/06/2021FrenchPDF
Abridged model31/12/201920/05/202029/05/2020FrenchPDF
Micro model31/12/201816/05/201904/07/2019FrenchPDF
Micro model31/12/201703/05/201820/08/2018FrenchPDF
Abridged model31/12/201624/05/201722/08/2017FrenchPDF
Estimate

Indicative valuation

Order of magnitude

As an indication, this company is worth

between 500 k€ and 1 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 · 9 ended

Active mandates

DIDIER LEBALLUE

Director · since 02 avril 2021 · until 01 avril 2027

Active
JEAN MICHEL FOIDART

Director · since 02 avril 2021 · until 01 avril 2027

Active
MARIA-LUZ ALVAREZ GONZALEZ

Managing director · since 02 avril 2021 · until 01 avril 2027

Active

Ended mandates

JEAN-MICHEL FOIDART

Director · since 02 avril 2021 · until 01 avril 2027

Ended
MARIA-LUZ ALVAREZ GONZALEZ

Managing director · since 20 février 2019 · until 20 février 2025

Ended
ESTELLE LHOEST

Director · since 15 février 2017 · until 03 mai 2021

Ended
FRANCIS FRANKENNE

Managing director · since 15 février 2017 · until 03 mai 2021

Ended
Shareholders

Ownership and network

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Belgian Official Gazette

Belgian Official Gazette publications

  • Capital / shares20/03/2026
    CAPITAL, ACTIONS, STATUTS (TRADUCTION, COORDINATION,
    PDF
  • Capital / shares31/03/2023
    STATUTS (TRADUCTION, COORDINATION, AUTRES MODIFICATIONS, …) - CAPITAL, ACTIONS
    PDF
  • Mandates03/06/2021
    DEMISSIONS, NOMINATIONS
    PDF
  • Mandates05/04/2019
    DEMISSIONS, NOMINATIONS
    PDF
  • Mandates12/03/2018
    DEMISSIONS, NOMINATIONS
    PDF
  • Mandates28/02/2017
    DEMISSIONS, NOMINATIONS
    PDF
  • Mandates16/11/2015
    CAPITAL, ACTIONS - DEMISSIONS, NOMINATIONS
    PDF
  • Other19/10/2015
    RUBRIQUE CONSTITUTION (NOUVELLE PERSONNE MORALE, OUVERTURE SUCCURSALE, ETC...)
    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 20254,9 k €↑
  2. 2024
    Annual accounts 20244,6 k €↓
  3. 2023
    Annual accounts 202336,1 k €↓
  4. 2022
    Annual accounts 202242,6 k €↑
  5. 2021
    Annual accounts 202130,6 k €↑
  6. 2020
    Annual accounts 2020-28,9 k €↓
  7. 2019
    Annual accounts 20192,1 k €↓
  8. 2018
    Annual accounts 20188,6 k €↑
  9. 2017
    Annual accounts 2017-82,1 k €↑
  10. 2016
    Annual accounts 2016-150,4 k €
  11. 15/10/2015
    IncorporationPublic limited company