ACTIVE

ARTELCO

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Financial year 2025 · closed on 30/12/2025

Net result

2,7 M €

-5.3% YoY

Gross margin

2,3 M €

+7.7% YoY

Equity

2,8 M €

-0.1% YoY

Workforce

0,0 ETP

What does ARTELCO do?

ARTELCO is a Private limited company incorporated in 2009. Its main activity is: Production of electricity. Its registered office is in Kortrijk.

Legal situation

● Normal situation

BCE/KBO no. / VAT

BE 0810.655.229

Incorporation

24/03/2009

Legal form

Private limited company

Registered office

Beneluxpark(Kor) 26 box .0002
8500 Kortrijk · FlandreSee on map

Contributed capital

1 602 600,00 €

Latest accounts

30/12/2025

Average workforce

0,0 ETP

Activities (NACE)

35110Production of electricity· main 35110Production of electricity 35140Trade of electricity 35150Electric power generation, transmission and distribution 47529Retail sale of hardware, paints and glass in specialised stores 47529Retail sale of hardware, paints and glass in specialised stores

Signals

ProfitableSolid equityLow riskGood liquidityPositive cashflowPositive EBITDA

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Health score

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✦ Verdict · Analyst summary

Financials

Trend over 16 financial years

	2025		2024		2023		2022		2021		2020		2019		2018		2017		2016		2015		2014		2013		2012		2011		2010
Income statement
Gross margin	2,3 M €	+7.7%	2,1 M €	-4.6%	2,2 M €	-23.6%	2,9 M €	+30.4%	2,2 M €	-2.9%	2,3 M €	+4.1%	2,2 M €	-10.2%	2,5 M €	+9.6%	2,3 M €	-1.7%	2,3 M €	-1.6%	2,3 M €	+4.6%	2,2 M €	+4.5%	2,1 M €	-4.9%	2,2 M €	+2.9%	2,2 M €	+18.1%	1,8 M €
EBITDA	2,1 M €	-0.4%	2,1 M €	-2.2%	2,2 M €	-25.6%	2,9 M €	+30.4%	2,2 M €	-2.9%	2,3 M €	+4.1%	2,2 M €	-10.2%	2,5 M €	+9.6%	2,3 M €	-1.7%	2,3 M €	-1.6%	2,3 M €	+4.6%	2,2 M €	+4.5%	2,1 M €	-4.9%	2,2 M €	+2.9%	2,2 M €	+18.1%	1,8 M €
Operating result	1,3 M €	-1.2%	1,3 M €	-9.5%	1,5 M €	-25.5%	2 M €	+38.5%	1,4 M €	-4.5%	1,5 M €	+6.5%	1,4 M €	-15.3%	1,7 M €	+15.5%	1,4 M €	+1.1%	1,4 M €	+4.4%	1,4 M €	+18.2%	1,2 M €	+22.9%	938,9 k €	+2.4%	917,1 k €	+28.0%	716,5 k €	+105%	349,2 k €
Net result	2,7 M €	-5.3%	2,8 M €	-4.1%	2,9 M €	+4.6%	2,8 M €	+27.8%	2,2 M €	-22.1%	2,8 M €	+54.6%	1,8 M €	+65.5%	1,1 M €	-29.9%	1,6 M €	+63.3%	957,4 k €	-20.4%	1,2 M €	+29.6%	928,5 k €	+47.7%	628,6 k €	+7.9%	582,5 k €	+74.1%	334,6 k €	+407%	-109 k €
Balance sheet
Equity	2,8 M €	-0.1%	2,8 M €	+0.6%	2,8 M €	+6.6%	2,6 M €	+19.5%	2,2 M €	-4.1%	2,3 M €	-4.0%	2,4 M €	-4.8%	2,5 M €	-18.4%	3,1 M €	-1.0%	3,1 M €	-38.5%	5 M €	-0.8%	5,1 M €	+18.8%	4,3 M €	+105%	2,1 M €	+26.7%	1,6 M €	+12.0%	1,5 M €
Total assets	6 M €	-12.5%	6,8 M €	-2.2%	7 M €	-7.8%	7,6 M €	-18.2%	9,3 M €	-21.3%	11,8 M €	-1.4%	12 M €	-2.5%	12,3 M €	-14.3%	14,3 M €	-3.0%	14,8 M €	-19.2%	18,3 M €	-1.6%	18,6 M €	-8.4%	20,3 M €	+2.0%	19,9 M €	+17.6%	16,9 M €	-0.9%	17,1 M €
Cash	1,4 M €	-16.0%	1,7 M €	+26.6%	1,3 M €	-38.3%	2,1 M €	+6.4%	2 M €	-11.8%	2,3 M €	+159%	870 k €	-53.0%	1,8 M €	-25.3%	2,5 M €	+76.3%	1,4 M €	-43.9%	2,5 M €	+16.9%	2,1 M €	+14.8%	1,9 M €	+45.1%	1,3 M €	+467%	226,5 k €	+11.7%	202,8 k €
Debts	3 M €	-23.9%	3,9 M €	-7.5%	4,2 M €	-13.2%	4,8 M €	-31.7%	7,1 M €	-25.4%	9,5 M €	-0.8%	9,6 M €	-1.9%	9,8 M €	-13.2%	11,2 M €	-3.5%	11,7 M €	-11.9%	13,2 M €	-2.0%	13,5 M €	-15.7%	16 M €	-10.0%	17,8 M €	+16.5%	15,3 M €	-1.9%	15,6 M €
Other
Workforce	0,0 ETP		0,0 ETP		0,0 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 30/12/2025 · 2 active · 10 ended

Active mandates

V & V INVEST

Director · since 17 mars 2015 · 0869.592.528

Represented by Verhelst Johan

Active

DENNEDUIN

Director · since 24 mars 2009 · 0451.225.687

Represented by Dedeyne Siska

Active

Ended mandates

DENNEDUIN

Director · since 08 avril 2021 · 0451.225.687

Represented by Siska Dedeyne

Ended

V & V INVEST

Director · since 08 avril 2021 · 0869.592.528

Represented by Johan Verhelst

Ended

DENNEDUIN

Director · since 17 mars 2015 · until 16 mars 2021 · 0451.225.687

Represented by Siska Dedeyne

Ended

V & V INVEST

Director · since 17 mars 2015 · 0869.592.528

Represented by Verhelst JOHAN

Ended

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Annual accounts

Full financial information

	2025	2024	2023	2022	2021	2020
Type of account	Abridged model	Abridged model	Abridged model	Abridged model	Abridged model	Abridged model
Start of the financial year	31/12/2024	31/12/2023	31/12/2022	31/12/2021	31/12/2020	31/12/2019
Closing of the financial year	30/12/2025	30/12/2024	30/12/2023	30/12/2022	30/12/2021	30/12/2020
Length of the financial year	13 months	13 months	13 months	13 months	13 months	13 months
Filing date	16/07/2026	24/07/2025	18/07/2024	16/08/2023	17/06/2022	20/07/2021
General meeting	24/04/2026	25/04/2025	26/04/2024	30/06/2023	01/04/2022	20/06/2021
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

16 filings with the NBB

Model	Closing	General meeting	Filed	Language	Document
Abridged model	30/12/2025	24/04/2026	16/07/2026	Dutch	PDF
Abridged model	30/12/2024	25/04/2025	24/07/2025	Dutch	PDF
Abridged model	30/12/2023	26/04/2024	18/07/2024	Dutch	PDF
Abridged model	30/12/2022	30/06/2023	16/08/2023	Dutch	PDF
Abridged model	30/12/2021	01/04/2022	17/06/2022	Dutch	PDF
Abridged model	30/12/2020	20/06/2021	20/07/2021	Dutch	PDF
Abridged model	30/12/2019	30/06/2020	17/07/2020	Dutch	PDF
Abridged model	30/12/2018	28/06/2019	19/07/2019	Dutch	PDF
Abridged model	30/12/2017	17/05/2018	16/07/2018	Dutch	PDF
Abridged model	30/12/2016	30/08/2017	30/08/2017	Dutch	PDF
Abridged model	30/12/2015	07/06/2016	30/06/2016	Dutch	PDF
Abridged model	30/12/2014	17/03/2015	22/07/2015	Dutch	PDF
Abridged model	30/12/2013	03/06/2014	24/06/2014	Dutch	PDF
Abridged model	30/12/2012	04/06/2013	19/07/2013	Dutch	PDF
Abridged model	30/12/2011	05/06/2012	31/07/2012	Dutch	PDF
Abridged model	30/12/2010	07/06/2011	28/06/2011	Dutch	PDF

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 30/12/2025 · 2 active · 10 ended

Active mandates

V & V INVEST

Director · since 17 mars 2015 · 0869.592.528

Represented by Verhelst Johan

Active

DENNEDUIN

Director · since 24 mars 2009 · 0451.225.687

Represented by Dedeyne Siska

Active

Ended mandates

DENNEDUIN

Director · since 08 avril 2021 · 0451.225.687

Represented by Siska Dedeyne

Ended

V & V INVEST

Director · since 08 avril 2021 · 0869.592.528

Represented by Johan Verhelst

Ended

DENNEDUIN

Director · since 17 mars 2015 · until 16 mars 2021 · 0451.225.687

Represented by Siska Dedeyne

Ended

V & V INVEST

Director · since 17 mars 2015 · 0869.592.528

Represented by Verhelst JOHAN

Ended

Shareholders

Ownership and network

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Belgian Official Gazette

Belgian Official Gazette publications

Registered office03/01/2022
MAATSCHAPPELIJKE ZETEL
PDF
Mandates04/05/2021
KAPITAAL - AANDELEN - ONTSLAGEN - BENOEMINGEN - STATUTEN (VERTALING, COÖRDINATIE, OVERIGE WIJZIGINGEN, ) - WIJZIGING RECHTSVORM
PDF
Other22/08/2017
STATUTEN (VERTALING, COÖRDINATIE, OVERIGE WIJZIGINGEN, )
PDF
Mandates29/05/2015
ONTSLAGEN - BENOEMINGEN
PDF
Capital / shares15/01/2014
KAPITAAL - AANDELEN
PDF
Other24/01/2011
STATUTENWIJZIGING
PDF
Other01/04/2009
RUBRIEK OPRICHTING (NIEUWE RECHTSPERSOON, OPENING BIJKANTOOR, ENZ...)
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

2025
Annual accounts 20252,7 M €↓
2024
Annual accounts 20242,8 M €↓
2023
Annual accounts 20232,9 M €↑
2022
Annual accounts 20222,8 M €↑
2021
Annual accounts 20212,2 M €↓
2020
Annual accounts 20202,8 M €↑
2019
Annual accounts 20191,8 M €↑
2018
Annual accounts 20181,1 M €↓
2017
Annual accounts 20171,6 M €↑
2016
Annual accounts 2016957,4 k €↓
2015
Annual accounts 20151,2 M €↑
2014
Annual accounts 2014928,5 k €↑
2013
Annual accounts 2013628,6 k €↑
2012
Annual accounts 2012582,5 k €↑
2011
Annual accounts 2011334,6 k €↑
2010
Annual accounts 2010-109 k €
24/03/2009
IncorporationPrivate 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

ARTELCO

Overview

What does ARTELCO do?

Trend over 16 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