ACTIVE

ETHIAS VENTURES

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Financial year 2025 · Closed on 31/12/2025

Net result-429,8 k €-8,2 %over 1 year

Gross margin-527 k €-6,1 %over 1 year

Equity16,9 M €+289,2 %over 1 year

Identity

Source · BCE/KBO

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

Financials

Source · NBB, 3 filings

Trend over 3 financial years

	2025		2024		2023
Income statement
Gross margin	-527 k €	-6.1%	-496,9 k €	-44.0%	-345 k €
EBITDA	-527,4 k €	-6.1%	-497,3 k €	-43.8%	-345,7 k €
Operating result	-527,4 k €	-6.1%	-497,3 k €	-43.8%	-345,7 k €
Net result	-429,8 k €	-8.2%	-397,1 k €	-54.9%	-256,4 k €
Balance sheet
Equity	16,9 M €	+289%	4,3 M €	-8.4%	4,7 M €
Total assets	17 M €	+287%	4,4 M €	-8.2%	4,8 M €
Cash	4,6 M €	+575%	678,3 k €	-80.9%	3,5 M €
Debts	78,8 k €	+99.6%	39,5 k €	+22.0%	32,4 k €

Valuation

Indicative valuation

As an indication, this company is worth

between 10 M€ and 25 M€

See the valuation

Board of directors

Source · NBB, accounts to 31/12/2025

7 active · 3 ended

Active mandates

Director	Mandates in this company	Period	Other mandatescurrentendedstruck offbankruptcies
Stéphanie Leblan	Director27/05/2025 → 26/05/2031
Simon Francois	Director07/01/2025 → 21/03/2028
Declerck Ventures sarlRepresented by Marius Declerck	Managing director20/11/2024 → 21/03/2028
Ariane Berckmoes	Director12/11/2024 → 21/03/2028
Joris Laenen	Chairman of the board of directors04/09/2024 → 21/03/2028Director10/11/2022 → 2024 accountsended
Nicolas Dumazy	Director04/09/2024 → 21/03/2028Chairman of the board of directors10/11/2022 → 2024 accountsended
Wilfried Neven	Director10/11/2022 → 21/03/2028

Ended mandates

Director	Mandates in this company	Period	Other mandatescurrentendedstruck offbankruptcies
Benoit Laurent Yerna	Director10/11/2022 → 2023 accounts
Izabella Molnar	Director10/11/2022 → 2023 accounts
Patrice Fleurquin	Managing director10/11/2022 → 2023 accounts

Other companies at this address

Voie Gisèle Halimi 10 4000 Liège

Company	CBE no.
Amicale du Personnel d'(Ethias S.A. Vriendenkring van het Personeel van Ethias N.V.● Active	1007.271.457
ANKARET INVEST● Active	0438.840.866
ARIANE REAL ESTATE● Active	0898.866.435
ETHIAS● Active	0404.484.654
EthiasCo● Active	0402.370.054
Ethias Group● Active	1012.346.240
ETHIAS PATRIMOINE● Active	0894.377.612
Ethias Pension Fund● Active	0644.695.949
Ethias Solution● Active	0825.876.113
Ethias Sustainable Investment Fund● Active	0865.127.063
IMMO HOFVELD● Active	0889.535.233
JAN DOCKX● Active	0458.920.757
KOALA● Active	0873.412.150
LOTHIAN DEVELOPMENTS IV● Active	0463.648.518
REAL GOED INVEST● Active	0872.354.157
SAGITTA● Active	0812.356.489
UP 38● Active	0833.845.751
VERAN REAL ESTATE CY● Active	0894.106.012
VIMINALIS III● Active	0841.657.320

Full financial information

Source · NBB

	2025	2024	2023
Type of account	Abridged model	Abridged model	Abridged model
Start of the financial year	01/01/2025	01/01/2024	09/11/2022
Closing of the financial year	31/12/2025	31/12/2024	31/12/2023
Length of the financial year	12 months	12 months	14 months
Filing date	30/03/2026	11/03/2025	05/04/2024
General meeting	17/03/2026	11/03/2025	19/03/2024
Currency of the financial year	EUR	EUR	EUR
NBB quality label	Satisfying controls	Satisfying controls	Satisfying controls

Financial ratios

Source · NBB

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Annual accounts filings

Source · NBB, 3 filings

Model	Closing	General meeting	Filed	Language	Document
Abridged model	31/12/2025	17/03/2026	30/03/2026	French	PDF
Abridged model	31/12/2024	11/03/2025	11/03/2025	French	PDF
Abridged model	31/12/2023	19/03/2024	05/04/2024	French	PDF

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.

Board of directors

Source · NBB, accounts to 31/12/2025

7 active · 3 ended

Active mandates

Director	Mandates in this company	Period	Other mandatescurrentendedstruck offbankruptcies
Stéphanie Leblan	Director27/05/2025 → 26/05/2031
Simon Francois	Director07/01/2025 → 21/03/2028
Declerck Ventures sarlRepresented by Marius Declerck	Managing director20/11/2024 → 21/03/2028
Ariane Berckmoes	Director12/11/2024 → 21/03/2028
Joris Laenen	Chairman of the board of directors04/09/2024 → 21/03/2028Director10/11/2022 → 2024 accountsended
Nicolas Dumazy	Director04/09/2024 → 21/03/2028Chairman of the board of directors10/11/2022 → 2024 accountsended
Wilfried Neven	Director10/11/2022 → 21/03/2028

Ended mandates

Director	Mandates in this company	Period	Other mandatescurrentendedstruck offbankruptcies
Benoit Laurent Yerna	Director10/11/2022 → 2023 accounts
Izabella Molnar	Director10/11/2022 → 2023 accounts
Patrice Fleurquin	Managing director10/11/2022 → 2023 accounts

Ownership and network

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Belgian Official Gazette publications

Source · Belgian Official Gazette

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

Similar companies

A company's peers, by sector and size, are included in the Business plan.

See the Business plan

Timeline

Source · CBE, NBB annual accounts

Year

Identity

Incorporation

Name

Registered office

Annual accounts

Filings3 filings

Mandates

Stéphanie Leblan

Simon Francois

Declerck Ventures sarl

Ariane Berckmoes

Nicolas Dumazy

Joris Laenen

Wilfried Neven

Benoit Laurent Yerna

Izabella Molnar

Patrice Fleurquin

2022202320242025202620272028202920302031

ETHIAS VENTURES

Voie Gisèle Halimi 10, 4000 LiègeRue des Croisiers 24, 4000 Liège

Director

Managing director

Director

DirectorChairman of the board of directors

Chairman of the board of directorsDirector

Director

CurrentPlanned, not yet servedEndedAccounts filedToday

Registered offices

Source · NBB annual accounts, CBE

Registered address	Period	Source
Voie Gisèle Halimi 10, 4000 LiègeCurrent	accounts 2025	Accounts 2025 · 2026-00069120
Rue des Croisiers 24, 4000 Liège	accounts 2023 → 2024	Accounts 2024 · 2025-00048326

Company names

Source · NBB annual accounts, CBE

Name	Period	Source
ETHIAS VENTURESCurrent	accounts 2023 → 2025	Accounts 2025 · 2026-00069120

Events

2025
Annual accounts 2025-429,8 k €↓
2024
Annual accounts 2024-397,1 k €↓
2023
Annual accounts 2023-256,4 k €
10/11/2022
IncorporationPublic limited company

ETHIAS VENTURES

Overview

Identity

Financials

Valuation

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

Timeline

Registered offices

Company names

Events