ACTIVE

HQ1

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Financial year 2025 · closed on 31/12/2025

Net result

-81,7 M €

-346.4% YoY

Revenue

112,4 M €

+1.5% YoY

Equity

-98,8 M €

-1359.8% YoY

Workforce

354,7 ETP

-6.1% YoY

What does HQ1 do?

HQ1 is a Public limited company incorporated in 2019. Its main activity is: Activities of head offices. Its registered office is in Liège. It employs on average 354,7 ETP workers (FTE).

Legal situation

● Normal situation

BCE/KBO no. / VAT

BE 0738.871.467

Incorporation

09/12/2019

Legal form

Public limited company

Registered office

Rue des Guillemins 129
4000 Liège · WallonieSee on map

Contributed capital

250 000,00 €

Latest accounts

31/12/2025

Average workforce

354,7 ETP

Activities (NACE)

70100Activities of head offices· main 70100Activities of head offices 82100Office administrative and support activities 82110Combined office administrative service activities 64200Activities of holding companies 64210Activities of holding companies+2

Joint committees (1)

Contacts

2 public details availableLog in to view

Signals

Good liquidityPositive EBITDAHealthy social debtsHigh revenue

View the BCE/KBO Public Search record →

Health score

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✦ Verdict · Analyst summary

Financials

Trend over 5 financial years

	2025		2024		2022		2021		2020
Income statement
Revenue	112,4 M €	+1.5%	110,7 M €	+137%	46,6 M €	+32.1%	35,3 M €	+45.6%	24,3 M €
EBITDA	62,5 M €	+29.5%	48,3 M €	+1416%	3,2 M €	+68.7%	1,9 M €	+302%	469,2 k €
Operating result	60,5 M €	+30.4%	46,4 M €	+2154%	2,1 M €	+64.9%	1,2 M €	+391%	254 k €
Net result	-81,7 M €	-346%	-18,3 M €	-2540%	749,5 k €	+175%	272,6 k €	+258%	-172,3 k €
Balance sheet
Equity	-98,8 M €	-1360%	7,8 M €	+613%	1,1 M €	+214%	350,3 k €	+351%	77,7 k €
Total assets	481,7 M €	+11.8%	430,7 M €	+2864%	14,5 M €	+2.9%	14,1 M €	+67.7%	8,4 M €
Cash	34,3 k €	-30.9%	49,6 k €	+447%	9,1 k €	+131%	3,9 k €	+84.5%	2,1 k €
Debts	580,5 M €	+37.3%	422,8 M €	+3050%	13,4 M €	-2.6%	13,8 M €	+65.1%	8,3 M €
Other
Workforce	354,7 ETP	-6.1%	377,9 ETP	-0.9%	381,3 ETP	+10.9%	343,9 ETP	+26.9%	270,9 ETP

Estimate

Indicative valuation

As an indication, this company is worth

between 250 M€ and 500 M€

See the valuation

Governance

Board of directors

Seen on filing of 31/12/2025 · 4 active · 10 ended

Active mandates

EMMANUEL MEWISSEN

Président du Conseil de Surveillance · since 07 juillet 2022 · until 05 juin 2028

Active

JEAN-CHRISTOPHE CHOFFRAY

Director · since 07 juillet 2022 · until 05 juin 2028

Active

Nicolas LEONARD

Managing director · since 07 juillet 2022 · until 05 juin 2028

Active

Sylvain BONIVER

Managing director · since 07 juillet 2022 · until 05 juin 2028

Active

Ended mandates

EMMANUEL MEWISSEN

Chairman of the board of directors · since 07 juillet 2022 · until 07 juillet 2028

Ended

JEAN-CHRISTOPHE CHOFFRAY

Director · since 07 juillet 2022 · until 07 juillet 2022

Ended

Nicolas LEONARD

Managing director · since 07 juillet 2022 · until 07 juillet 2028

Ended

Sylvain BONIVER

Managing director · since 07 juillet 2022 · until 07 juillet 2028

Ended

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Annual accounts

Full financial information

	2025	2024	2023	2022	2021	2020
Type of account	Full model	Full model	Full model	Full model	Full model	Full model
Start of the financial year	01/01/2025	01/01/2024	01/01/2023	01/01/2022	01/01/2021	09/12/2019
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	13 months
Filing date	15/06/2026	26/06/2025	01/07/2024	07/07/2023	26/08/2022	31/08/2021
General meeting	08/06/2026	10/06/2025	28/06/2024	12/06/2023	30/06/2022	30/06/2021
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

6 filings with the NBB

Model	Closing	General meeting	Filed	Language	Document
Full model	31/12/2025	08/06/2026	15/06/2026	French	PDF
Full model	31/12/2024	10/06/2025	26/06/2025	French	PDF
Full model	31/12/2023	28/06/2024	01/07/2024	French	PDF
Full model	31/12/2022	12/06/2023	07/07/2023	French	PDF
Full model	31/12/2021	30/06/2022	26/08/2022	French	PDF
Full model	31/12/2020	30/06/2021	31/08/2021	French	PDF

Estimate

Indicative valuation

Order of magnitude

As an indication, this company is worth

between 250 M€ and 500 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 · 4 active · 10 ended

Active mandates

EMMANUEL MEWISSEN

Président du Conseil de Surveillance · since 07 juillet 2022 · until 05 juin 2028

Active

JEAN-CHRISTOPHE CHOFFRAY

Director · since 07 juillet 2022 · until 05 juin 2028

Active

Nicolas LEONARD

Managing director · since 07 juillet 2022 · until 05 juin 2028

Active

Sylvain BONIVER

Managing director · since 07 juillet 2022 · until 05 juin 2028

Active

Ended mandates

EMMANUEL MEWISSEN

Chairman of the board of directors · since 07 juillet 2022 · until 07 juillet 2028

Ended

JEAN-CHRISTOPHE CHOFFRAY

Director · since 07 juillet 2022 · until 07 juillet 2022

Ended

Nicolas LEONARD

Managing director · since 07 juillet 2022 · until 07 juillet 2028

Ended

Sylvain BONIVER

Managing director · since 07 juillet 2022 · until 07 juillet 2028

Ended

Shareholders

Ownership and network

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Belgian Official Gazette

Belgian Official Gazette publications

Mandates10/07/2026
DEMISSIONS, NOMINATIONS
PDF
Mandates13/05/2026
DEMISSIONS, NOMINATIONS
PDF
Mandates13/05/2026
DEMISSIONS, NOMINATIONS
PDF
Mandates19/05/2025
DEMISSIONS, NOMINATIONS
PDF
Mandates14/03/2025
DEMISSIONS, NOMINATIONS
PDF
Mandates25/09/2024
DEMISSIONS, NOMINATIONS
PDF
Other21/05/2024
OBJET
PDF
Mandates02/04/2024
DEMISSIONS, NOMINATIONS
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

02/04/2026
nominationMarlène BERTRAND — mandataire spécial
05/01/2026
nominationJulie OOMS — mandataire spécial
2025
Annual accounts 2025-81,7 M €↓
17/03/2025
nominationSteven SCHEERS — membre du conseil de direction (Chief People & Culture Officer)
20/01/2025
nominationYannik Bellefroid — membre du conseil de direction (Chief Public Affairs Officer)
2024
Annual accounts 2024-18,3 M €↓
17/07/2024
nominationCatheline DUVIVIER — mandataire spécial (ressources humaines)
17/07/2024
nominationAnne LAMBERT — mandataire spécial (ressources humaines)
17/07/2024
nominationJulien PETITNIOT — mandataire spécial (ressources humaines)
17/07/2024
nominationDorian VERFAILLE — mandataire spécial (ressources humaines)
13/11/2023
nominationMarc Verstraete — membre du conseil de direction (Chief Financial Officer)
12/10/2023
reconductionBDO BEDRIJFSREVISOREN-BDO REVISEURS D'ENTREPRISES — commissaire
15/03/2023
nominationDidier Perez — membre du conseil de direction (Chief People Officer)
01/01/2023
nominationJuan Pablo Covacevich — membre du conseil de direction (Chief Marketing Officer)
2022
Annual accounts 2022749,5 k €↑
14/10/2022
nominationBenoît Aguila — membre du conseil de direction (Chief Financial Officer)
01/09/2022
nominationThibaut Collard — membre du conseil de direction (Chief Compliance Officer)
07/07/2022
nominationSonia AREZKI — mandataire spécial aux fins d'accomplir, au nom et pour le compte de la société les pouvoirs spéciaux limitativement énumérés (ressources humaines)
07/07/2022
nominationSylvain Boniver — administrateur
07/07/2022
nominationNicolas Léonard — administrateur
07/07/2022
nominationEmmanuel Mewissen — administrateur
07/07/2022
nominationJean-Christophe Choffray — administrateur
2021
Annual accounts 2021272,6 k €↑
2020
Annual accounts 2020-172,3 k €
09/12/2019
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

HQ1

Overview

What does HQ1 do?

Trend over 5 financial years

Indicative valuation

Board of directors

Other companies at this address

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