ACTIVE

WHITE FUND

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Financial year 2025 · closed on 31/12/2025
Net result
-326,4 k €
+31.6% YoY
Gross margin
-409,3 k €
+43.5% YoY
Equity
25,8 M €
+28.2% YoY
Workforce
0,0 ETP

What does WHITE FUND do?

WHITE FUND is a Public limited company incorporated in 2019. Its registered office is in Liège.

Legal situation
● Normal situation
BCE/KBO no. / VAT
BE 0736.705.496
Incorporation
23/10/2019
Legal form
Public limited company
Registered office
Rue Lambert-Lombard 3
4000 Liège · WallonieSee on map
Contributed capital
30 449 999,98 €
Latest accounts
31/12/2025
Average workforce
0,0 ETP
Contacts
2 public details availableLog in to view
Signals
Solid equityLow riskGood liquidity
View the BCE/KBO Public Search record →
Health score
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✦ Verdict · Analyst summary
Financials

Trend over 6 financial years

202520242023202220212020
Income statement
Gross margin-409,3 k €-724,6 k €––––
EBITDA-410,5 k €-725,7 k €-793,4 k €-792,9 k €-569,3 k €-516,3 k €
Operating result-410,5 k €-725,7 k €-793,4 k €-792,9 k €-569,3 k €-516,3 k €
Net result-326,4 k €-477,4 k €-793,5 k €-806,5 k €-1,7 M €-520,3 k €
Balance sheet
Equity25,8 M €20,1 M €14,1 M €9,9 M €7,2 M €4,5 M €
Total assets26 M €20,4 M €14,5 M €10,5 M €7,6 M €5 M €
Cash6 M €3,8 M €3,1 M €1,9 M €4,8 M €2 M €
Debts216,5 k €326,9 k €393,1 k €587,2 k €351,4 k €516,3 k €
Other
Workforce0,0 ETP0,0 ETP––––
Estimate

Indicative valuation

As an indication, this company is worth

between 25 M€ and 50 M€
See the valuation
Governance

Board of directors

Seen on filing of 31/12/2025 · 5 active · 8 ended

Active mandates

François FONTAINE

Director · since 20 juin 2025 · until 21 juin 2030

Active
INVEST FOR JOBS

Director · since 20 juin 2025 · until 21 juin 2030 · 0644.590.437

Represented by Filip Goossens

Active
Michel BAIJOT

Chairman of the board of directors · since 20 juin 2025 · until 21 juin 2030

Active
NOSHAQ PARTNERS

Director · since 20 juin 2025 · until 21 juin 2030 · 0808.219.836

Represented by Gaëtan SERVAIS

Active
Pierre MERCENIER

Director · since 20 juin 2025 · until 21 juin 2030

Active

Ended mandates

Michel BAIJOT

Chairman of the board of directors · since 13 février 2020 · until 20 juin 2025

Ended
Jozef VANDER SLOTEN

Director · since 10 février 2020 · until 20 juin 2025

Ended
François FONTAINE

Director · since 23 octobre 2019 · until 20 juin 2025

Ended
NKRMNS A. VET

Director · since 23 octobre 2019 · until 10 février 2020 · 0597.691.828

Represented by Guy NEUKERMANS

Ended
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MARTIN FRERES● Active
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Annual accounts

Full financial information

202520242023202220212020
Type of accountAbridged modelAbridged modelFull modelFull modelFull modelFull model
Start of the financial year01/01/202501/01/202401/01/202301/01/202201/01/202123/10/2019
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 months15 months
Filing date07/07/202608/07/202508/07/202407/07/202324/06/202214/07/2021
General meeting19/06/202620/06/202521/06/202416/06/202317/06/202218/06/2021
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

6 filings with the NBB

ModelClosingGeneral meetingFiledLanguageDocument
Abridged model31/12/202519/06/202607/07/2026FrenchPDF
Abridged model31/12/202420/06/202508/07/2025FrenchPDF
Full model31/12/202321/06/202408/07/2024FrenchPDF
Full model31/12/202216/06/202307/07/2023FrenchPDF
Full model31/12/202117/06/202224/06/2022FrenchPDF
Full model31/12/202018/06/202114/07/2021FrenchPDF
Estimate

Indicative valuation

Order of magnitude

As an indication, this company is worth

between 25 M€ and 50 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 · 8 ended

Active mandates

François FONTAINE

Director · since 20 juin 2025 · until 21 juin 2030

Active
INVEST FOR JOBS

Director · since 20 juin 2025 · until 21 juin 2030 · 0644.590.437

Represented by Filip Goossens

Active
Michel BAIJOT

Chairman of the board of directors · since 20 juin 2025 · until 21 juin 2030

Active
NOSHAQ PARTNERS

Director · since 20 juin 2025 · until 21 juin 2030 · 0808.219.836

Represented by Gaëtan SERVAIS

Active
Pierre MERCENIER

Director · since 20 juin 2025 · until 21 juin 2030

Active

Ended mandates

Michel BAIJOT

Chairman of the board of directors · since 13 février 2020 · until 20 juin 2025

Ended
Jozef VANDER SLOTEN

Director · since 10 février 2020 · until 20 juin 2025

Ended
François FONTAINE

Director · since 23 octobre 2019 · until 20 juin 2025

Ended
NKRMNS A. VET

Director · since 23 octobre 2019 · until 10 février 2020 · 0597.691.828

Represented by Guy NEUKERMANS

Ended
Shareholders

Ownership and network

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Belgian Official Gazette

Belgian Official Gazette publications

  • Mandates30/10/2025
    DEMISSIONS, NOMINATIONS
    PDF
  • Mandates16/09/2025
    DEMISSIONS, NOMINATIONS
    PDF
  • Mandates03/06/2024
    DEMISSIONS, NOMINATIONS
    PDF
  • Capital / shares20/08/2021
    CAPITAL, ACTIONS
    PDF
  • Mandates09/07/2021
    DEMISSIONS, NOMINATIONS
    PDF
  • Mandates30/04/2021
    DEMISSIONS, NOMINATIONS
    PDF
  • Mandates01/03/2021
    DEMISSIONS, NOMINATIONS
    PDF
  • Other25/10/2019
    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 2025-326,4 k €↑
  2. 2024
    Annual accounts 2024-477,4 k €↑
  3. 2023
    Annual accounts 2023-793,5 k €↑
  4. 2022
    Annual accounts 2022-806,5 k €↑
  5. 2021
    Annual accounts 2021-1,7 M €↓
  6. 2020
    Annual accounts 2020-520,3 k €
  7. 23/10/2019
    IncorporationPublic limited company