ACTIVE

FINORA

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Financial year 2025 · closed on 31/12/2025

Net result

99,6 k €

-34.9% YoY

Gross margin

-22,3 k €

-18.6% YoY

Equity

149 M €

+0.1% YoY

What does FINORA do?

FINORA is a Public limited company incorporated in 2009. Its registered office is in Saint-Gilles.

Legal situation

● Normal situation

BCE/KBO no. / VAT

BE 0812.682.925

Incorporation

22/06/2009

Legal form

Public limited company

Registered office

Rue Dejoncker 45
1060 Saint-Gilles · BruxellesSee on map

Contributed capital

1 000 000,00 €

Latest accounts

31/12/2025

Signals

ProfitableSolid equityLow riskGood liquidityPositive cashflow

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✦ Verdict · Analyst summary

Financials

Trend over 15 financial years

	2025		2024		2023		2022		2021		2019		2018		2017		2016		2015		2014		2013		2012		2011		2010
Income statement
Gross margin	-22,3 k €	-18.6%	-18,8 k €	+30.8%	-27,1 k €	-84.2%	-14,7 k €	+44.6%	-26,6 k €	+88.4%	-228,5 k €	-381%	-47,5 k €		–		–		–		–		–		–		–		–
EBITDA	-23,3 k €	-17.1%	-19,9 k €	+29.3%	-28,1 k €	-78.7%	-15,7 k €	+58.3%	-37,7 k €	+83.6%	-229,4 k €	-374%	-48,4 k €	+80.1%	-242,8 k €	-118%	1,4 M €	+3004%	-47,5 k €	+72.2%	-170,8 k €	+72.6%	-624,3 k €	-988%	-57,4 k €	-87.1%	-30,7 k €	+18.6%	-37,7 k €
Operating result	-23,3 k €	-17.1%	-19,9 k €	+29.3%	-28,1 k €	-78.7%	-15,7 k €	+58.3%	-37,7 k €	+83.6%	-229,4 k €	-374%	-48,4 k €	+80.1%	-242,8 k €	-118%	1,4 M €	+3004%	-47,5 k €	+72.2%	-171 k €	+72.6%	-624,5 k €	-985%	-57,5 k €	-87.5%	-30,7 k €	+18.6%	-37,7 k €
Net result	99,6 k €	-34.9%	152,9 k €	+67.4%	91,4 k €	+93.5%	47,2 k €	+105%	23 k €	-100.0%	48,7 M €	+1978%	2,3 M €	+39.9%	1,7 M €	-61.1%	4,3 M €	+96.3%	2,2 M €	-91.3%	25,4 M €	+44.9%	17,5 M €	-61.7%	45,8 M €	+178%	-58,5 M €	-201%	58,2 M €
Balance sheet
Equity	149 M €	+0.1%	148,9 M €	+0.1%	148,8 M €	+0.1%	148,7 M €	+0.0%	148,7 M €	+0.0%	148,6 M €	+48.8%	99,9 M €	+2.4%	97,5 M €	+1.7%	95,9 M €	+4.7%	91,5 M €	+2.5%	89,3 M €	+39.7%	63,9 M €	+37.8%	46,4 M €	+6985%	655,2 k €	-98.9%	59,2 M €
Total assets	149,1 M €	+0.1%	148,9 M €	+0.1%	148,8 M €	+0.1%	148,7 M €	+0.0%	148,7 M €	-8.3%	162,1 M €	+33.5%	121,4 M €	+1.2%	120 M €	+14.3%	105 M €	+4.3%	100,7 M €	+2.2%	98,5 M €	+34.7%	73,2 M €	+57.6%	46,4 M €	+42.5%	32,6 M €	-63.5%	89,4 M €
Cash	469,3 k €	-36.8%	742,6 k €	+353%	164,1 k €	-93.7%	2,6 M €	+13.4%	2,3 M €	+168%	853 k €	-87.7%	6,9 M €	+46.3%	4,7 M €	-22.6%	6,1 M €	+61.0%	3,8 M €	+781%	431 k €	-1.2%	436,1 k €	+2779%	15,1 k €	-78.9%	71,9 k €	-29.3%	101,7 k €
Debts	7,1 k €	+94.4%	3,7 k €	-37.2%	5,8 k €	+213%	1,9 k €	-74.7%	7,4 k €	-99.9%	13,4 M €	-37.5%	21,4 M €	-4.1%	22,4 M €	+143%	9,2 M €	+0.0%	9,2 M €	-0.1%	9,2 M €	-0.1%	9,2 M €	+236579%	3,9 k €	-100.0%	30 M €	-0.1%	30 M €
Other
Workforce	–		–		–		–		–		–		–		–		–		0,3 ETP	-57.1%	0,7 ETP	0.0%	0,7 ETP		–		–		–

Estimate

Indicative valuation

As an indication, this company is worth

between 100 M€ and 250 M€

See the valuation

Governance

Board of directors

Seen on filing of 31/12/2025 · 3 active · 26 ended

Active mandates

Christophe Thibaut de Maisières

Director · since 25 février 2025 · until 04 juin 2029

Active

Alexis GURDJIAN

Director · since 05 juin 2023 · until 04 juin 2029

Active

Pierre MILCHIOR

Chairman of the board of directors · since 05 juin 2023 · until 04 juin 2029

Active

Ended mandates

Pierre MILCHIOR

Director · since 05 juin 2023 · until 04 juin 2029

Ended

Alexis GURDJIAN

Director · since 30 novembre 2020 · until 05 juin 2023

Ended

Nicole PEETERS

Director · since 30 novembre 2020 · until 05 juin 2023

Ended

Pierre MILCHIOR

Director · since 30 novembre 2020 · until 05 juin 2023

Ended

At this address

Other companies at this address

Company	CBE no.
MORDKA● Active	0550.416.107
VINTAGE SERVICES● Active	0808.371.670

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	01/01/2025	01/01/2024	01/01/2023	01/01/2022	01/01/2021	01/01/2020
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	12 months
Filing date	03/06/2026	24/06/2025	05/06/2024	07/06/2023	20/07/2022	27/07/2021
General meeting	02/06/2026	02/06/2025	03/06/2024	05/06/2023	13/06/2022	05/07/2021
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	31/12/2025	02/06/2026	03/06/2026	French	PDF
Abridged model	31/12/2024	02/06/2025	24/06/2025	French	PDF
Abridged model	31/12/2023	03/06/2024	05/06/2024	French	PDF
Abridged model	31/12/2022	05/06/2023	07/06/2023	French	PDF
Abridged model	31/12/2021	13/06/2022	20/07/2022	French	PDF
Abridged model	31/12/2020	05/07/2021	27/07/2021	French	PDF
Abridged model	31/12/2019	30/11/2020	01/12/2020	French	PDF
Abridged model	31/12/2018	30/09/2019	10/10/2019	French	PDF
Full model	31/12/2017	29/08/2018	31/08/2018	French	PDF
Full model	31/12/2016	25/07/2017	16/08/2017	French	PDF
Full model	31/12/2015	24/08/2016	30/08/2016	French	PDF
Full model	31/12/2014	10/08/2015	26/08/2015	French	PDF
Full model	31/12/2013	30/06/2014	25/08/2014	French	PDF
Full model	31/12/2012	07/06/2013	21/08/2013	French	PDF
Full model	31/12/2011	29/06/2012	20/07/2012	French	PDF
Full model	31/12/2010	10/10/2011	09/11/2011	French	PDF

Estimate

Indicative valuation

Order of magnitude

As an indication, this company is worth

between 100 M€ and 250 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 · 3 active · 26 ended

Active mandates

Christophe Thibaut de Maisières

Director · since 25 février 2025 · until 04 juin 2029

Active

Alexis GURDJIAN

Director · since 05 juin 2023 · until 04 juin 2029

Active

Pierre MILCHIOR

Chairman of the board of directors · since 05 juin 2023 · until 04 juin 2029

Active

Ended mandates

Pierre MILCHIOR

Director · since 05 juin 2023 · until 04 juin 2029

Ended

Alexis GURDJIAN

Director · since 30 novembre 2020 · until 05 juin 2023

Ended

Nicole PEETERS

Director · since 30 novembre 2020 · until 05 juin 2023

Ended

Pierre MILCHIOR

Director · since 30 novembre 2020 · until 05 juin 2023

Ended

Shareholders

Ownership and network

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Belgian Official Gazette

Belgian Official Gazette publications

Registered office25/02/2026
SIEGE SOCIAL
PDF
Mandates02/04/2025
DEMISSIONS, NOMINATIONS
PDF
Mandates23/12/2024
DEMISSIONS, NOMINATIONS
PDF
Other26/02/2024
STATUTS (TRADUCTION, COORDINATION, AUTRES MODIFICATIONS, ) - DIVERS
PDF
Mandates04/07/2023
DEMISSIONS, NOMINATIONS
PDF
Mandates03/09/2021
DEMISSIONS, NOMINATIONS
PDF
Mandates24/09/2019
DEMISSIONS, NOMINATIONS
PDF
Mandates27/09/2017
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

2025
Annual accounts 202599,6 k €↓
25/02/2025
nominationChristophe Thibaut de Maisières — administrateur
2024
Annual accounts 2024152,9 k €↑
01/01/2024
nominationPierre Milchior — Président du Conseil d'administration
2023
Annual accounts 202391,4 k €↑
05/06/2023
reconductionGURDJIAN Alexis — administrateur
05/06/2023
reconductionMILCHIOR Pierre — administrateur
2022
Annual accounts 202247,2 k €↑
2021
Annual accounts 202123 k €↓
2019
Annual accounts 201948,7 M €↑
2018
Annual accounts 20182,3 M €↑
2017
Annual accounts 20171,7 M €↓
2016
Annual accounts 20164,3 M €↑
2015
Annual accounts 20152,2 M €↓
2014
Annual accounts 201425,4 M €↑
2013
Annual accounts 201317,5 M €↓
2012
Annual accounts 201245,8 M €↑
2011
Annual accounts 2011-58,5 M €↓
2010
Annual accounts 201058,2 M €
22/06/2009
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

FINORA

Overview

What does FINORA do?

Trend over 15 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