ACTIVE

"SEPARATION" AG

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Financial year 2025 · closed on 31/12/2025

Net result

-40,2 k €

-582.1% YoY

Gross margin

445,3 k €

-11.1% YoY

Equity

741,5 k €

-44.5% YoY

Workforce

7,5 ETP

-9.6% YoY

What does "SEPARATION" AG do?

"SEPARATION" AG is a Public limited company incorporated in 2018. Its registered office is in Raeren. It employs on average 7,5 ETP workers (FTE).

Legal situation

● Normal situation

BCE/KBO no. / VAT

BE 0699.788.385

Incorporation

25/06/2018

Legal form

Public limited company

Registered office

Gewerbestrasse 16
4731 Raeren · WallonieSee on map

Contributed capital

68 000,00 €

Latest accounts

31/12/2025

Average workforce

7,5 ETP

Joint committees (2)

Signals

Solid equityLow riskGood liquidityPositive cashflowPositive EBITDAHealthy social debts

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Health score

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✦ Verdict · Analyst summary

Financials

Trend over 7 financial years

	2025		2024		2023		2022		2021		2020		2019
Income statement
Gross margin	445,3 k €	-11.1%	500,8 k €	-33.5%	753,3 k €	+94.1%	388,1 k €	-22.3%	499,3 k €	+88.6%	264,7 k €	-67.2%	805,9 k €
EBITDA	5,8 k €	-86.3%	42,5 k €	-86.9%	325,4 k €	+290%	-171,5 k €	-2257%	-7,3 k €	+96.0%	-180,8 k €	-565%	38,8 k €
Operating result	-64,9 k €	-66.6%	-38,9 k €	-118%	222 k €	+179%	-281,2 k €	-135%	-119,7 k €	+60.4%	-302,7 k €	-205%	-99,3 k €
Net result	-40,2 k €	-582%	-5,9 k €	-102%	236,6 k €	+188%	-270 k €	-123%	-121,2 k €	+60.7%	-308,1 k €	-426%	94,6 k €
Balance sheet
Equity	741,5 k €	-44.5%	1,3 M €	-0.7%	1,3 M €	+20.9%	1,1 M €	-19.8%	1,4 M €	+3.0%	1,3 M €	-18.8%	1,7 M €
Total assets	795,6 k €	-43.5%	1,4 M €	-1.5%	1,4 M €	+16.4%	1,2 M €	-18.3%	1,5 M €	+1.1%	1,5 M €	-23.2%	1,9 M €
Cash	197,5 k €	+32.1%	149,5 k €	-18.5%	183,5 k €	+64.3%	111,7 k €	-31.4%	162,8 k €	-65.1%	465,8 k €	-9.2%	513,1 k €
Debts	54,1 k €	-25.2%	72,4 k €	-13.3%	83,5 k €	-27.4%	115 k €	-1.3%	116,4 k €	-16.7%	139,7 k €	-49.6%	277,3 k €
Other
Workforce	7,5 ETP	-9.6%	8,3 ETP	+5.1%	7,9 ETP	-26.2%	10,7 ETP	-1.8%	10,9 ETP	+2.8%	10,6 ETP	-39.8%	17,6 ETP

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 · 6 ended

Active mandates

Jürgen GREIWING

Director · since 01 octobre 2020 · until 15 mai 2031

Active

Matthias GEHRIGK

Mit dertäglichen Geschäftsführung beauftragte Person · since 01 octobre 2020

Active

Matthias Wolfgang GEISS

Director · since 01 octobre 2020 · until 15 mai 2031

Active

Ended mandates

Jürgen GREIWING

Director · since 01 octobre 2020 · until 15 mai 2026

Ended

Matthias Wolfgang GEISS

Director · since 01 octobre 2020 · until 15 mai 2026

Ended

Georg WILMS

Managing director · since 25 juin 2018 · until 30 septembre 2020

Ended

Georg WILMS

Managing director · since 25 juin 2018 · until 25 juin 2024

Ended

Annual accounts

Full financial information

	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	02/06/2026	11/04/2025	26/04/2024	26/06/2023	17/06/2022	04/06/2021
General meeting	22/05/2026	07/04/2025	22/04/2024	12/06/2023	20/05/2022	21/05/2021
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

8 filings with the NBB

Model	Closing	General meeting	Filed	Language	Document
Abridged model	31/12/2025	22/05/2026	02/06/2026	German	PDF
Abridged model	31/12/2024	07/04/2025	11/04/2025	German	PDF
Abridged model	31/12/2023	22/04/2024	26/04/2024	German	PDF
Abridged model	31/12/2022	12/06/2023	26/06/2023	German	PDF
Abridged model	31/12/2021	20/05/2022	17/06/2022	German	PDF
Abridged model	31/12/2020	21/05/2021	04/06/2021	German	PDF
Abridged model	31/12/2019	15/05/2020	05/06/2020	German	PDF
Abridged model	31/12/2018	17/05/2019	30/08/2019	German	PDF

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 · 6 ended

Active mandates

Jürgen GREIWING

Director · since 01 octobre 2020 · until 15 mai 2031

Active

Matthias GEHRIGK

Mit dertäglichen Geschäftsführung beauftragte Person · since 01 octobre 2020

Active

Matthias Wolfgang GEISS

Director · since 01 octobre 2020 · until 15 mai 2031

Active

Ended mandates

Jürgen GREIWING

Director · since 01 octobre 2020 · until 15 mai 2026

Ended

Matthias Wolfgang GEISS

Director · since 01 octobre 2020 · until 15 mai 2026

Ended

Georg WILMS

Managing director · since 25 juin 2018 · until 30 septembre 2020

Ended

Georg WILMS

Managing director · since 25 juin 2018 · until 25 juin 2024

Ended

Shareholders

Ownership and network

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Belgian Official Gazette

Belgian Official Gazette publications

Other03/09/2026
Verlängerung Mandate
PDF
Restructuring14/07/2021
KAPITAL - AKTIEN - ENTLASSUNG - ERNENNUNG - RUBRIK UMBAU (VERSCHMELZUNG, SPALTUNG, UEBERTRAGUNG VERMOEGEN, USW)
PDF
Restructuring05/05/2021
RUBRIK UMBAU (VERSCHMELZUNG, SPALTUNG, UEBERTRAGUNG VERMOEGEN, USW) - VERSCHIEDENES
PDF
Mandates20/10/2020
ENTLASSUNG - ERNENNUNG
PDF
Other19/07/2018
RUBRIK GRUENDUNG (NEUE RECHTSPERSON, EROEFFNUNG FILIALE, USW)
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 2025-40,2 k €↓
2024
Annual accounts 2024-5,9 k €↓
2023
Annual accounts 2023236,6 k €↑
2022
Annual accounts 2022-270 k €↓
2021
Annual accounts 2021-121,2 k €↑
2020
Annual accounts 2020-308,1 k €↓
2019
Annual accounts 201994,6 k €
25/06/2018
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

"SEPARATION" AG

Overview

What does "SEPARATION" AG do?

Trend over 7 financial years

Indicative valuation

Board of directors

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