ACTIVE

Belgian Growth Fund I

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Financial year 2025 · Closed on 31/12/2025

Net result9 M €+8 265,3 %over 1 year
Equity160,9 M €-5,5 %over 1 year

Identity

Source · BCE/KBO

Belgian Growth Fund I is a Limited partnership incorporated in 2019. Its registered office is in Bruxelles.

Legal situation
Normal situation
BCE/KBO no. / VAT
BE 0725.901.280
Incorporation
30/04/2019
Legal form
Limited partnership
Registered office
Rue du Vieux Marché aux Grains 63
1000 Bruxelles · BruxellesSee on map
Contributed capital
152 173 258,28 €
Latest accounts
31/12/2025
Signals
ProfitableSolid equityLow riskPositive cashflow

Financials

Source · NBB, 7 filings

Trend over 7 financial years

20252024202320222021
Income statement
EBITDA-1,6 M €-1,6 M €-1,6 M €-1,6 M €-1,6 M €
Operating result-1,6 M €-1,6 M €-1,6 M €-1,6 M €-1,6 M €
Net result9 M €107,7 k €2,7 M €766,6 k €-554,5 k €
Balance sheet
Equity160,9 M €170,4 M €127,2 M €77,7 M €43 M €
Total assets160,9 M €170,4 M €127,2 M €77,7 M €48,9 M €
Cash1,7 M €14,5 M €17,5 M €8,3 M €4,2 M €
Debts–8,4 k €–11,7 k €5,9 M €

Valuation

Indicative valuation

As an indication, this company is worth

between 100 M€ and 250 M€
See the valuation

Board of directors

Source · NBB, accounts to 31/12/2025

1 active

Active mandates

BGF Management

Manager · since 30 avril 2019 · 0725.850.010

Represented by Pierre Demaerel

Active

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Rue du Vieux Marché aux Grains 63 1000 Bruxelles
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0874.381.358
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AWT Gent● Active
0695.459.118
Belgian Growth Fund II● Active
1017.591.960
BGF II Management● Active
1016.285.133
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CASUAL CYCLING CLUB● Active
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EPICo II● Active
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Full financial information

Source · NBB
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 date22/06/202624/06/202526/06/202416/06/202322/06/202207/07/2021
General meeting18/06/202619/06/202520/06/202415/06/202316/06/202217/06/2021
Currency of the financial yearEUREUREUREUREUREUR
NBB quality labelSatisfying controlsSatisfying controlsSatisfying controlsSatisfying controlsSatisfying controlsSatisfying controls

Financial ratios

Source · NBB

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Annual accounts filings

Source · NBB, 7 filings
ModelClosingGeneral meetingFiledLanguageDocument
Full model31/12/202518/06/202622/06/2026DutchPDF
Full model31/12/202419/06/202524/06/2025DutchPDF
Full model31/12/202320/06/202426/06/2024DutchPDF
Full model31/12/202215/06/202316/06/2023DutchPDF
Full model31/12/202116/06/202222/06/2022DutchPDF
Full model31/12/202017/06/202107/07/2021DutchPDF
Full model31/12/201916/06/202008/07/2020DutchPDF

Indicative valuation

Order of magnitude

As an indication, this company is worth

between 100 M€ and 250 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

1 active

Active mandates

BGF Management

Manager · since 30 avril 2019 · 0725.850.010

Represented by Pierre Demaerel

Active

Ownership and network

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Belgian Official Gazette publications

Source · Belgian Official Gazette
  • Capital / shares15/09/2026
    Kapitaalvermindering en dividenduitkering - Kapitaalverhoging -
    PDF
  • Capital / shares24/07/2026
    KAPITAAL - AANDELEN
    PDF
  • Capital / shares04/11/2025
    KAPITAAL - AANDELEN
    PDF
  • Capital / shares29/10/2025
    KAPITAAL - AANDELEN - STATUTEN (VERTALING, COÖRDINATIE, OVERIGE WIJZIGINGEN, …)
    PDF
  • Mandates25/07/2025
    ONTSLAGEN - BENOEMINGEN
    PDF
  • Capital / shares05/03/2025
    KAPITAAL - AANDELEN - WIJZIGING RECHTSVORM
    PDF
  • Mandates20/09/2024
    KAPITAAL - AANDELEN - ONTSLAGEN - BENOEMINGEN
    PDF
  • Mandates08/04/2024
    ONTSLAGEN - BENOEMINGEN
    PDF

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 20259 M €↑
  2. 11/09/2025
    reduction_capital
  3. 19/06/2025
    reduction_capital
  4. 19/06/2025
    nominationBDO Bedrijfsrevisoren — commissaris
  5. 2024
    Annual accounts 2024107,7 k €↓
  6. 19/12/2024
    reduction_capital
  7. 19/12/2024
    augmentation_capital
  8. 28/05/2024
    reduction_capital
  9. 28/05/2024
    augmentation_capital
  10. 2023
    Annual accounts 20232,7 M €↑
  11. 14/12/2023
    nominationFilip Lacquet — bijzondere volmachtdrager Categorie A
  12. 14/12/2023
    nominationKoen Heindryckx — bijzondere volmachtdrager Categorie A
  13. 14/12/2023
    nominationWouter Winner — bijzondere volmachtdrager Categorie A
  14. 14/12/2023
    nominationGeert Diericx — bijzondere volmachtdrager Categorie B
  15. 14/12/2023
    nominationJoachim Exter — bijzondere volmachtdrager Categorie B
  16. 14/12/2023
    nominationTom Leemans — bijzondere volmachtdrager Categorie B
  17. 14/12/2023
    nominationHayal Karahisarii — bijzondere volmachtdrager Categorie B
  18. 14/12/2023
    nominationGeert Ost — bijzondere volmachtdrager Categorie C
  19. 01/07/2023
    nominationKurt Marichal — vertegenwoordiger van de commissaris
  20. 22/03/2023
    augmentation_capital
  21. 2022
    Annual accounts 2022766,6 k €↑
  22. 16/06/2022
    reconductionMazars Bedrijfsrevisoren — commissaris
  23. 16/06/2022
    reduction_capital
  24. 2021
    Annual accounts 2021-554,5 k €↑
  25. 2020
    Annual accounts 2020-2,2 M €↓
  26. 2019
    Annual accounts 2019-1,1 M €
  27. 30/04/2019
    IncorporationLimited partnership