ACTIVE

ETHIAS VENTURES

Financial year 2025 · closed on 31/12/2025
Net result
-429,8 k €
-8.2% YoY
Gross margin
-527 k €
-6.1% YoY
Equity
16,9 M €
+289.2% YoY

What does ETHIAS VENTURES do?

ETHIAS VENTURES is a Public limited company incorporated in 2022. Its registered office is in Liège.

Legal situation
Normal situation
BCE/KBO no. / VAT
BE 0793.497.216
Incorporation
10/11/2022
Legal form
Public limited company
Registered office
Voie Gisèle Halimi 10
4000 Liège · WallonieSee on map
Contributed capital
18 000 000,00 €
Latest accounts
31/12/2025
Signals
Solid equityLow riskGood liquidity
Health score
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Recommended credit limit
✦ Verdict · Analyst summary
Financials

Trend over 3 financial years

202520242023
Income statement
Gross margin-527 k €-496,9 k €-345 k €
EBITDA-527,4 k €-497,3 k €-345,7 k €
Operating result-527,4 k €-497,3 k €-345,7 k €
Net result-429,8 k €-397,1 k €-256,4 k €
Balance sheet
Equity16,9 M €4,3 M €4,7 M €
Total assets17 M €4,4 M €4,8 M €
Cash4,6 M €678,3 k €3,5 M €
Debts78,8 k €39,5 k €32,4 k €
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 · 7 active · 7 ended

Active mandates

Stéphanie Leblan

Director · since 27 mai 2025 · until 26 mai 2031

Active
Simon Francois

Director · since 07 janvier 2025 · until 21 mars 2028

Active
Declerck Ventures sarl

Managing director · since 20 novembre 2024 · until 21 mars 2028

Represented by Marius Declerck

Active
Ariane Berckmoes

Director · since 12 novembre 2024 · until 21 mars 2028

Active
Joris Laenen

Chairman of the board of directors · since 04 septembre 2024 · until 21 mars 2028

Active
Nicolas Dumazy

Director · since 04 septembre 2024 · until 21 mars 2028

Active
Wilfried Neven

Director · since 10 novembre 2022 · until 21 mars 2028

Active

Ended mandates

Benoit Laurent Yerna

Director · since 10 novembre 2022 · until 21 mars 2028

Ended
Izabella Molnar

Director · since 10 novembre 2022 · until 21 mars 2028

Ended
Joris Laenen

Director · since 10 novembre 2022 · until 04 septembre 2024

Ended
Joris Laenen

Director · since 10 novembre 2022 · until 21 mars 2028

Ended
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Annual accounts

Full financial information

202520242023
Type of accountAbridged modelAbridged modelAbridged model
Start of the financial year01/01/202501/01/202409/11/2022
Closing of the financial year31/12/202531/12/202431/12/2023
Length of the financial year12 months12 months14 months
Filing date30/03/202611/03/202505/04/2024
General meeting17/03/202611/03/202519/03/2024
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 model31/12/202517/03/202630/03/2026FrenchPDF
Abridged model31/12/202411/03/202511/03/2025FrenchPDF
Abridged model31/12/202319/03/202405/04/2024FrenchPDF
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 · 7 active · 7 ended

Active mandates

Stéphanie Leblan

Director · since 27 mai 2025 · until 26 mai 2031

Active
Simon Francois

Director · since 07 janvier 2025 · until 21 mars 2028

Active
Declerck Ventures sarl

Managing director · since 20 novembre 2024 · until 21 mars 2028

Represented by Marius Declerck

Active
Ariane Berckmoes

Director · since 12 novembre 2024 · until 21 mars 2028

Active
Joris Laenen

Chairman of the board of directors · since 04 septembre 2024 · until 21 mars 2028

Active
Nicolas Dumazy

Director · since 04 septembre 2024 · until 21 mars 2028

Active
Wilfried Neven

Director · since 10 novembre 2022 · until 21 mars 2028

Active

Ended mandates

Benoit Laurent Yerna

Director · since 10 novembre 2022 · until 21 mars 2028

Ended
Izabella Molnar

Director · since 10 novembre 2022 · until 21 mars 2028

Ended
Joris Laenen

Director · since 10 novembre 2022 · until 04 septembre 2024

Ended
Joris Laenen

Director · since 10 novembre 2022 · until 21 mars 2028

Ended
Shareholders

Ownership and network

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Try for 7 days
Belgian Official Gazette

Belgian Official Gazette publications

  • Capital / shares12/05/2026
    CAPITAL, ACTIONS
    PDF
  • Mandates25/03/2026
    DEMISSIONS, NOMINATIONS
    PDF
  • Mandates08/07/2025
    DEMISSIONS, NOMINATIONS
    PDF
  • Mandates29/04/2025
    SIEGE SOCIAL - DEMISSIONS, NOMINATIONS
    PDF
  • Mandates31/12/2024
    DEMISSIONS, NOMINATIONS
    PDF
  • Mandates14/05/2024
    DEMISSIONS, NOMINATIONS
    PDF
  • Mandates07/12/2023
    DEMISSIONS, NOMINATIONS
    PDF
  • Other16/11/2022
    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 2025-429,8 k €
  2. 2024
    Annual accounts 2024-397,1 k €
  3. 2023
    Annual accounts 2023-256,4 k €
  4. 10/11/2022
    IncorporationPublic limited company