ACTIVE

Morrow

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Financial year 2025 · closed on 31/12/2025
Net result
-4,2 M €
+37.6% YoY
Gross margin
-884,6 k €
+73.6% YoY
Equity
1,8 M €
-8.6% YoY
Workforce
17,2 ETP
-14.0% YoY

What does Morrow do?

Morrow is a Public limited company incorporated in 2016. Its main activity is: Engineering activities and related technical consultancy. Its registered office is in Gent. It employs on average 17,2 ETP workers (FTE).

Legal situation
● Normal situation
BCE/KBO no. / VAT
BE 0656.997.628
Incorporation
27/06/2016
Legal form
Public limited company
Registered office
Frieda Saeysstraat 1
9052 Gent · FlandreSee on map
Contributed capital
6 811 393,84 €
Latest accounts
31/12/2025
Average workforce
17,2 ETP
Activities (NACE)
71121Engineering activities and related technical consultancy· main71121Engineering activities and related technical consultancy
Joint committees (3)
  • 200
  • 2000
  • 20000
Signals
Solid equityGood liquidityHealthy social debts
View the BCE/KBO Public Search record →
Health score
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✦ Verdict · Analyst summary
Financials

Trend over 8 financial years

20252024202320222021201920182017
Income statement
Gross margin-884,6 k €-3,4 M €-1,8 M €-2,2 M €-131 k €-2,6 M €-679,7 k €-209,9 k €
EBITDA-2,5 M €-5,6 M €-4,1 M €-3,7 M €-1,5 M €-3,5 M €-1,2 M €-545,1 k €
Operating result-4,2 M €-6,7 M €-5,1 M €-4,8 M €-2,2 M €-3,7 M €-1,4 M €-701,5 k €
Net result-4,2 M €-6,7 M €-5,1 M €-4,9 M €-2,4 M €-3,7 M €-1,4 M €-704,1 k €
Balance sheet
Equity1,8 M €2 M €3,7 M €8,8 M €-1,4 M €4,9 M €4,1 M €1,1 M €
Total assets2,7 M €3,1 M €4,5 M €10 M €4,3 M €5,8 M €4,7 M €1,4 M €
Cash983 k €378,8 k €822 k €6 M €94,5 k €4,5 M €3,2 M €512,1 k €
Debts872,4 k €916,5 k €815,7 k €1,2 M €5,8 M €720,1 k €173,8 k €171,5 k €
Other
Workforce17,2 ETP20,0 ETP24,4 ETP18,1 ETP17,9 ETP–––
Estimate

Indicative valuation

As an indication, this company is worth

between 1 M€ and 2,5 M€
See the valuation
Governance

Board of directors

Seen on filing of 31/12/2025 · 5 active · 31 ended

Active mandates

imec.xpand

Director · since 26 mars 2026 · until 26 mars 2029 · 0671.931.371

Represented by Vanbekbergen Peter

Active
Jean Pierre Bizet

Director · since 11 juin 2025 · until 11 juin 2028

Active
QBIC Venture Partners

Director · since 23 janvier 2025 · until 23 janvier 2028 · 0846.494.353

Represented by DE PRYCKER MARTIN LOUIS

Active
Tokai Optecs

Director · since 23 janvier 2025 · until 23 janvier 2028 · 0441.107.597

Represented by LEURIDAN KURT PIET

Active
Frederiek Ysebaert

Director · since 01 juillet 2024 · until 09 juin 2027

Active

Ended mandates

CARL ZEISS VENTURE BETEILIGUNGSGESELLSCHAFT MBH

Director · since 10 juin 2022 · until 09 juin 2025 · 0747.567.023

Represented by Marc Antoine SCHÜLER

Ended
CARL ZEISS VENTURE BETEILIGUNGSGESELLSCHAFT MBH

Director · since 10 juin 2022 · until 09 juin 2025

Represented by Marc Antoine SCHÜLER

Ended
imec.xpand

Director · since 27 juillet 2018 · until 09 juin 2021 · 0671.931.371

Represented by Peter-Lambert Vanbekbergen

Ended
imec.xpand

Director · since 27 juillet 2018 · until 09 juin 2025 · 0671.931.371

Represented by Peter-Lambert VANBEKBERGEN

Ended
Annual accounts

Full financial information

202520242023202220212020
Type of accountAbridged modelAbridged modelAbridged modelAbridged modelAbridged modelMicro 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 date20/07/202620/06/202505/07/202420/07/202304/08/202224/06/2021
General meeting24/06/202611/06/202512/06/202421/06/202330/06/202209/06/2021
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

10 filings with the NBB

ModelClosingGeneral meetingFiledLanguageDocument
Abridged model31/12/202524/06/202620/07/2026DutchPDF
Abridged model31/12/202411/06/202520/06/2025DutchPDF
Abridged model31/12/202312/06/202405/07/2024DutchPDF
Abridged model31/12/202221/06/202320/07/2023DutchPDF
Abridged model31/12/202130/06/202204/08/2022DutchPDF
Micro model31/12/202009/06/202124/06/2021DutchPDF
Micro model31/12/201910/06/202008/07/2020DutchPDF
Micro modelCorrection31/12/201820/06/201903/09/2019DutchPDF
Micro model31/12/201820/06/201924/06/2019DutchPDF
Micro model31/12/201702/07/201829/08/2018DutchPDF
Estimate

Indicative valuation

Order of magnitude

As an indication, this company is worth

between 1 M€ and 2,5 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 · 5 active · 31 ended

Active mandates

imec.xpand

Director · since 26 mars 2026 · until 26 mars 2029 · 0671.931.371

Represented by Vanbekbergen Peter

Active
Jean Pierre Bizet

Director · since 11 juin 2025 · until 11 juin 2028

Active
QBIC Venture Partners

Director · since 23 janvier 2025 · until 23 janvier 2028 · 0846.494.353

Represented by DE PRYCKER MARTIN LOUIS

Active
Tokai Optecs

Director · since 23 janvier 2025 · until 23 janvier 2028 · 0441.107.597

Represented by LEURIDAN KURT PIET

Active
Frederiek Ysebaert

Director · since 01 juillet 2024 · until 09 juin 2027

Active

Ended mandates

CARL ZEISS VENTURE BETEILIGUNGSGESELLSCHAFT MBH

Director · since 10 juin 2022 · until 09 juin 2025 · 0747.567.023

Represented by Marc Antoine SCHÜLER

Ended
CARL ZEISS VENTURE BETEILIGUNGSGESELLSCHAFT MBH

Director · since 10 juin 2022 · until 09 juin 2025

Represented by Marc Antoine SCHÜLER

Ended
imec.xpand

Director · since 27 juillet 2018 · until 09 juin 2021 · 0671.931.371

Represented by Peter-Lambert Vanbekbergen

Ended
imec.xpand

Director · since 27 juillet 2018 · until 09 juin 2025 · 0671.931.371

Represented by Peter-Lambert VANBEKBERGEN

Ended
Shareholders

Ownership and network

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Belgian Official Gazette

Belgian Official Gazette publications

  • Mandates17/04/2026
    STATUTEN (VERTALING, COÖRDINATIE, OVERIGE WIJZIGINGEN, …) - KAPITAAL - AANDELEN - ONTSLAGEN - BENOEMINGEN
    PDF
  • Capital / shares04/09/2025
    STATUTEN (VERTALING, COÖRDINATIE, OVERIGE WIJZIGINGEN, …) - KAPITAAL - AANDELEN
    PDF
  • Mandates01/08/2025
    MAATSCHAPPELIJKE ZETEL - ONTSLAGEN - BENOEMINGEN
    PDF
  • Mandates10/02/2025
    STATUTEN (VERTALING, COÖRDINATIE, OVERIGE WIJZIGINGEN, …) - KAPITAAL - AANDELEN - ONTSLAGEN - BENOEMINGEN
    PDF
  • Mandates12/09/2024
    ONTSLAGEN - BENOEMINGEN
    PDF
  • Capital / shares06/09/2024
    STATUTEN (VERTALING, COÖRDINATIE, OVERIGE WIJZIGINGEN, …) - KAPITAAL - AANDELEN
    PDF
  • Mandates23/08/2024
    STATUTEN (VERTALING, COÖRDINATIE, OVERIGE WIJZIGINGEN, …) - KAPITAAL - AANDELEN - ONTSLAGEN - BENOEMINGEN
    PDF
  • Capital / shares27/05/2024
    STATUTEN (VERTALING, COÖRDINATIE, OVERIGE WIJZIGINGEN, …) - KAPITAAL - AANDELEN
    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 2025-4,2 M €↑
  2. 2024
    Annual accounts 2024-6,7 M €↓
  3. 2023
    Annual accounts 2023-5,1 M €↓
  4. 2022
    Annual accounts 2022-4,9 M €↓
  5. 2021
    Annual accounts 2021-2,4 M €↑
  6. 2019
    Annual accounts 2019-3,7 M €↓
  7. 2019
    Name changeMorrow
  8. 2018
    Annual accounts 2018-1,4 M €↓
  9. 2017
    Annual accounts 2017-704,1 k €
  10. 2017
    Name changeSIHTO
  11. 27/06/2016
    IncorporationPublic limited company