ACTIVE

Swave

Financial year 2025 · closed on 31/12/2025
Net result
-12,0 M €
-43.1% YoY
Gross margin
1,3 M €
+103.0% YoY
Equity
20,8 M €
-22.4% YoY
Workforce
19,9 ETP
+54.3% YoY

What does Swave do?

Swave is a Private limited company incorporated in 2022. Its main activity is: Research and experimental development on natural sciences and engineering. Its registered office is in Leuven. It employs on average 19,9 ETP workers (FTE).

Legal situation
Normal situation
BCE/KBO no. / VAT
BE 0781.441.007
Incorporation
01/02/2022
Legal form
Private limited company
Registered office
Gaston Geenslaan 10
3001 Leuven · FlandreSee on map
Contributed capital
46 405 959,54 €
Latest accounts
31/12/2025
Average workforce
19,9 ETP
Joint committees (1)
  • 20000
Signals
Solid equityLow riskGood liquidityHealthy social debts
Health score
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Recommended credit limit
✦ Verdict · Analyst summary
Financials

Trend over 3 financial years

202520242023
Income statement
Gross margin1,3 M €623,6 k €194,0 k €
EBITDA-1,4 M €-1,1 M €-431,4 k €
Operating result-12,4 M €-8,7 M €-5,5 M €
Net result-12,0 M €-8,4 M €-5,2 M €
Balance sheet
Equity20,8 M €26,8 M €5,5 M €
Total assets29,9 M €34,1 M €6,9 M €
Cash18,7 M €24,0 M €983,7 k €
Debts5,0 M €4,4 M €1,4 M €
Other
Workforce19,9 ETP12,9 ETP3,5 ETP
Estimate

Indicative valuation

As an indication, this company is worth

between 10 M€ and 25 M€
See the valuation
Governance

Board of directors

Seen on filing of 31/12/2025 · 9 active · 5 ended

Active mandates

Théodore Marescaux

Director · since 02 juin 2026

Active
IAG CAPITAL FUND III, LP

Director · since 19 juin 2025 · 1016.992.837

Represented by Joel Whitley

Active
QBIC VENTURE PARTNERS III

Director · since 18 décembre 2024 · 0782.427.932

Represented by Cédric Van Nevel

Active
Relaunch for the Future

Director · since 18 décembre 2024 · 0769.411.720

Represented by Alan Vandenberghe

Active
Tom Vanhoutte

Director · since 08 juillet 2024

Active
Michael Edward Noonen

Director · since 06 juin 2023

Active
Participatiemaatschappij Vlaanderen

Director · since 14 juin 2022 · 0455.777.660

Represented by Keppens Johan

Active
Pieter Vorenkamp

Director · since 14 juin 2022

Active
LightSail

Director · since 01 février 2022 · until 02 juin 2026 · 0770.510.491

Represented by Théodore Marescaux

Active

Ended mandates

John Lemoncheck

Director · since 06 juin 2023

Ended
Michael Noonen

Director · since 06 juin 2023

Ended
Peter Vanbekbergen

Director · since 14 juin 2022

Ended
LightSail

Director · since 01 février 2022 · 0770.510.491

Represented by Théodore Marescaux

Ended
At this address

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Annual accounts

Full financial information

202520242023
Type of accountAbridged modelAbridged modelAbridged model
Start of the financial year01/01/202501/01/202401/02/2022
Closing of the financial year31/12/202531/12/202431/12/2023
Length of the financial year12 months12 months23 months
Filing date26/06/202609/07/202514/06/2024
General meeting02/06/202603/06/202504/06/2024
Currency of the financial yearEUREUREUR
NBB quality labelSatisfying controlsSatisfying controlsSatisfying controls
Ratios

Financial ratios

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Filings

Annual accounts filings

3 filings with the NBB

ModelClosingGeneral meetingFiledLanguageDocument
Abridged model31/12/202502/06/202626/06/2026DutchPDF
Abridged model31/12/202403/06/202509/07/2025DutchPDF
Abridged model31/12/202304/06/202414/06/2024DutchPDF
Estimate

Indicative valuation

Order of magnitude

As an indication, this company is worth

between 10 M€ and 25 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 · 9 active · 5 ended

Active mandates

Théodore Marescaux

Director · since 02 juin 2026

Active
IAG CAPITAL FUND III, LP

Director · since 19 juin 2025 · 1016.992.837

Represented by Joel Whitley

Active
QBIC VENTURE PARTNERS III

Director · since 18 décembre 2024 · 0782.427.932

Represented by Cédric Van Nevel

Active
Relaunch for the Future

Director · since 18 décembre 2024 · 0769.411.720

Represented by Alan Vandenberghe

Active
Tom Vanhoutte

Director · since 08 juillet 2024

Active
Michael Edward Noonen

Director · since 06 juin 2023

Active
Participatiemaatschappij Vlaanderen

Director · since 14 juin 2022 · 0455.777.660

Represented by Keppens Johan

Active
Pieter Vorenkamp

Director · since 14 juin 2022

Active
LightSail

Director · since 01 février 2022 · until 02 juin 2026 · 0770.510.491

Represented by Théodore Marescaux

Active

Ended mandates

John Lemoncheck

Director · since 06 juin 2023

Ended
Michael Noonen

Director · since 06 juin 2023

Ended
Peter Vanbekbergen

Director · since 14 juin 2022

Ended
LightSail

Director · since 01 février 2022 · 0770.510.491

Represented by Théodore Marescaux

Ended
Shareholders

Ownership and network

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Try for 7 days
Belgian Official Gazette

Belgian Official Gazette publications

  • Mandates06/07/2026
    ONTSLAGEN, BENOEMINGEN
    PDF
  • Mandates02/07/2026
    DIVERSEN - ONTSLAGEN - BENOEMINGEN
    PDF
  • Registered office05/02/2026
    MAATSCHAPPELIJKE ZETEL
    PDF
  • Mandates30/06/2025
    STATUTEN (VERTALING, COÖRDINATIE, OVERIGE WIJZIGINGEN, …) - KAPITAAL - AANDELEN - ONTSLAGEN - BENOEMINGEN
    PDF
  • Other04/04/2025
    DIVERSEN
    PDF
  • Mandates02/01/2025
    STATUTEN (VERTALING, COÖRDINATIE, OVERIGE WIJZIGINGEN, …) - KAPITAAL - AANDELEN - ONTSLAGEN - BENOEMINGEN
    PDF
  • Mandates29/08/2024
    ONTSLAGEN - BENOEMINGEN
    PDF
  • Mandates19/06/2023
    STATUTEN (VERTALING, COÖRDINATIE, OVERIGE WIJZIGINGEN, …) - KAPITAAL - AANDELEN - ONTSLAGEN - BENOEMINGEN
    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 2025-12,0 M €
  2. 2024
    Annual accounts 2024-8,4 M €
  3. 2023
    Annual accounts 2023-5,2 M €
  4. 01/02/2022
    IncorporationPrivate limited company