ACTIVE

ESTETRA

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Financial year 2025 · closed on 31/12/2025

Net result

-18,1 M €

+76.3% YoY

Revenue

21 M €

-33.2% YoY

Equity

-2 M €

+91.3% YoY

Workforce

40,3 ETP

-7.6% YoY

What does ESTETRA do?

ESTETRA is a Private limited company incorporated in 2009. Its main activity is: Research and experimental development on natural sciences and engineering. Its registered office is in Liège. It employs on average 40,3 ETP workers (FTE).

Legal situation

● Normal situation

BCE/KBO no. / VAT

BE 0818.257.356

Incorporation

03/09/2009

Legal form

Private limited company

Registered office

Rue Saint-Georges 5
4000 Liège · WallonieSee on map

Contributed capital

88 055 289,67 €

Latest accounts

31/12/2025

Average workforce

40,3 ETP

Activities (NACE)

72109Research and experimental development on natural sciences and engineering· main 72190Other research and experimental development on natural sciences and engineering 21100Manufacture of basic pharmaceutical products 21100Manufacture of basic pharmaceutical products 21209Manufacture of pharmaceutical preparations 21209Manufacture of pharmaceutical preparations+2

Joint committees (2)

207
2070

Signals

Positive cashflowPositive EBITDAHealthy social debtsHigh revenue

View the BCE/KBO Public Search record →

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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
Revenue	21 M €	-33.2%	31,5 M €	-52.9%	66,9 M €	+308%	16,4 M €	-72.2%	58,8 M €	+545%	9,1 M €	-78.6%	42,7 M €	+25.5%	34 M €	+54.2%	22,1 M €	+435%	4,1 M €		–		–		–		–		9,6 k €		–
EBITDA	3,4 M €	+114%	-25,3 M €	-159%	43,1 M €	+556%	-9,5 M €	-148%	19,9 M €	+274%	-11,4 M €	-142%	27,4 M €	-16.6%	32,8 M €	+14.5%	28,7 M €	+292%	-14,9 M €	-59.3%	-9,4 M €	-352%	-2,1 M €	-235%	1,5 M €	+44.9%	1,1 M €	+121%	-5 M €	+18.7%	-6,1 M €
Operating result	-14,8 M €	+75.7%	-60,9 M €	-639%	11,3 M €	+126%	-43,4 M €	-21.6%	-35,7 M €	+32.6%	-53 M €	-1184%	-4,1 M €	-123%	17,8 M €	+396%	-6 M €	+59.7%	-14,9 M €	-59.2%	-9,4 M €	-294%	-2,4 M €	-255%	1,5 M €	+44.8%	1,1 M €	+121%	-5 M €	+18.7%	-6,1 M €
Net result	-18,1 M €	+76.3%	-76,3 M €	-4502%	-1,7 M €	+97.8%	-76,4 M €	-114%	-35,7 M €	+31.2%	-51,9 M €	-936%	-5 M €	-127%	18,4 M €	+481%	-4,8 M €	+68.2%	-15,1 M €	-60.4%	-9,4 M €	-272%	-2,5 M €	-280%	1,4 M €	+118%	648,3 k €	+112%	-5,3 M €	+14.8%	-6,2 M €
Balance sheet
Equity	-2 M €	+91.3%	-23,5 M €	-181%	29,2 M €	-6.6%	31,2 M €	+174%	-42 M €	-595%	-6 M €	-110%	61,5 M €	+12.3%	54,8 M €	+47.6%	37,1 M €	+57936%	-64,2 k €	-100%	15,1 M €	+9.5%	13,8 M €	+138%	5,8 M €	+325%	-2,6 M €	+77.1%	-11,2 M €	-89.3%	-5,9 M €
Total assets	66,6 M €	-13.2%	76,8 M €	-6.1%	81,8 M €	-25.5%	109,9 M €	-9.9%	122 M €	+34.1%	90,9 M €	-8.9%	99,8 M €	+66.6%	59,9 M €	+17.6%	50,9 M €	+76.6%	28,8 M €	+48.1%	19,5 M €	+34.1%	14,5 M €	+38.2%	10,5 M €	+98.9%	5,3 M €	+269%	1,4 M €	+427%	271,5 k €
Cash	10,2 M €	+39.4%	7,3 M €	+133%	3,1 M €	+5174%	59,3 k €	-99.3%	8,1 M €	-7.9%	8,8 M €	+30.3%	6,7 M €	+1079%	571,3 k €	-90.8%	6,2 M €	+34389%	18 k €	-87.3%	141,7 k €	-67.4%	434,1 k €	+1249%	32,2 k €	-67.2%	98,2 k €	-86.1%	707,3 k €	+353%	156,3 k €
Debts	64,2 M €	-34.8%	98,4 M €	+87.1%	52,6 M €	-33.1%	78,6 M €	-51.8%	163,2 M €	+72.3%	94,7 M €	+147%	38,3 M €	+644%	5,1 M €	-62.8%	13,8 M €	-44.1%	24,7 M €	+463%	4,4 M €	+485%	751 k €	-84.1%	4,7 M €	-39.8%	7,8 M €	-38.0%	12,7 M €	+104%	6,2 M €
Other
Workforce	40,3 ETP	-7.6%	43,6 ETP	+26.4%	34,5 ETP	+13.5%	30,4 ETP	+4.8%	29,0 ETP	+20.8%	24,0 ETP	+33.3%	18,0 ETP	+100%	9,0 ETP	0.0%	9,0 ETP	+4.7%	8,6 ETP	0.0%	8,6 ETP	+79.2%	4,8 ETP	+20.0%	4,0 ETP	+42.9%	2,8 ETP	+180%	1,0 ETP		–

Estimate

Indicative valuation

As an indication, this company is worth

between 25 M€ and 50 M€

See the valuation

Governance

Board of directors

Seen on filing of 31/12/2025 · 4 active · 34 ended

Active mandates

Gábor Szücs

Director · since 01 juin 2025 · until 14 mai 2030

Active

Graham Keith Dixon

Managing director · since 25 avril 2025 · until 14 mai 2030

Active

Istvan Greiner

Director · since 11 juin 2024 · until 14 mai 2030

Active

Peter Turek

Director · since 11 juin 2024 · until 14 mai 2030

Active

Ended mandates

Istvan Hamecz

Director · since 11 juin 2024 · until 14 mai 2030

Ended

Alexander Zyngier

Director · since 05 mars 2024 · until 11 juin 2024

Ended

C2M4E

Director · since 05 mars 2024 · until 11 juin 2024 · 0760.362.016

Represented by Jacques Platieau

Ended

CMM&C

Director · since 05 mars 2024 · until 11 juin 2024 · 0670.914.455

Represented by Christophe Maréchal

Ended

At this address

Other companies at this address

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Mithra Pharmaceuticals● Bankrupt	0466.526.646
MITHRA PHARMACEUTICALS CDMO● Bankrupt	0534.912.933
MITHRA Recherche et Développement● Bankrupt	0534.909.666
NOVALON● Bankrupt	0877.126.557
UTERON PHARMA PARTICIPATIONS I● Active	0736.403.907

Annual accounts

Full financial information

	2025	2024	2023	2022	2021	2020
Type of account	Full model	Full model	Full model	Full model	Full model	Full 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	24/06/2026	17/12/2025	20/12/2024	11/07/2023	27/07/2022	26/07/2021
General meeting	05/05/2026	21/11/2025	29/11/2024	30/06/2023	30/06/2022	25/06/2021
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

19 filings with the NBB

Model	Closing	General meeting	Filed	Language	Document
Full model	31/12/2025	05/05/2026	24/06/2026	French	PDF
Full model	31/12/2024	21/11/2025	17/12/2025	French	PDF
Full model	31/12/2023	29/11/2024	20/12/2024	French	PDF
Full model	31/12/2022	30/06/2023	11/07/2023	French	PDF
Full model	31/12/2021	30/06/2022	27/07/2022	French	PDF
Full model	31/12/2020	25/06/2021	26/07/2021	French	PDF
Full model	31/12/2019	30/06/2020	13/07/2020	French	PDF
Full modelCorrection	31/12/2018	24/06/2019	05/09/2019	French	PDF
Full model	31/12/2018	24/06/2019	28/06/2019	French	PDF
Full model	31/12/2017	18/06/2018	04/07/2018	French	PDF
Full model	31/12/2016	19/06/2017	22/06/2017	French	PDF
Full model	31/12/2015	28/06/2016	31/08/2016	French	PDF
Full modelCorrection	31/12/2014	19/05/2015	12/05/2016	French	PDF
Full model	31/12/2014	19/05/2015	04/08/2015	French	PDF
Full model	31/12/2013	16/06/2014	28/08/2014	French	PDF
Abridged model	31/12/2012	17/06/2013	28/06/2013	French	PDF
Abridged modelCorrection	31/12/2011	23/11/2012	27/11/2012	French	PDF
Abridged model	31/12/2011	18/06/2012	31/07/2012	French	PDF
Abridged model	31/12/2010	20/06/2011	25/07/2011	French	PDF

Estimate

Indicative valuation

Order of magnitude

As an indication, this company is worth

between 25 M€ and 50 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 · 4 active · 34 ended

Active mandates

Gábor Szücs

Director · since 01 juin 2025 · until 14 mai 2030

Active

Graham Keith Dixon

Managing director · since 25 avril 2025 · until 14 mai 2030

Active

Istvan Greiner

Director · since 11 juin 2024 · until 14 mai 2030

Active

Peter Turek

Director · since 11 juin 2024 · until 14 mai 2030

Active

Ended mandates

Istvan Hamecz

Director · since 11 juin 2024 · until 14 mai 2030

Ended

Alexander Zyngier

Director · since 05 mars 2024 · until 11 juin 2024

Ended

C2M4E

Director · since 05 mars 2024 · until 11 juin 2024 · 0760.362.016

Represented by Jacques Platieau

Ended

CMM&C

Director · since 05 mars 2024 · until 11 juin 2024 · 0670.914.455

Represented by Christophe Maréchal

Ended

Shareholders

Ownership and network

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Try for 7 days

Belgian Official Gazette

Belgian Official Gazette publications

Other02/01/2026
DIVERS
PDF
Mandates16/09/2025
DEMISSIONS, NOMINATIONS
PDF
Mandates03/06/2025
DEMISSIONS, NOMINATIONS
PDF
Mandates24/04/2025
DEMISSIONS, NOMINATIONS
PDF
Mandates05/07/2024
CAPITAL, ACTIONS - DEMISSIONS, NOMINATIONS
PDF
Mandates15/04/2024
DEMISSIONS, NOMINATIONS
PDF
Mandates25/03/2024
DEMISSIONS, NOMINATIONS
PDF
Capital / shares14/03/2024
DIVERS - CAPITAL, ACTIONS
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 2025-18,1 M €↑
01/06/2025
nominationGábor Szücs — administrateur
25/04/2025
nominationGraham Keith Dixon — administrateur
2024
Annual accounts 2024-76,3 M €↓
12/12/2024
nominationFlorent Desmet — représentant permanent (commissaire)
11/06/2024
nominationIstván Hamecz — administrateur
11/06/2024
nominationDr. István Greiner — administrateur
11/06/2024
nominationPéter Turek — administrateur
11/06/2024
nominationGraham Keith Dixon — délégué à la gestion journalière
05/03/2024
nominationXavier Paoli — co-délégué à la gestion journalière
05/03/2024
nominationCMM&C SRL — administrateur
05/03/2024
nominationAlexandre Zyngier — administrateur
05/03/2024
nominationC2M4E SRL — administrateur
04/03/2024
apportMithra Pharmaceuticals SA
2023
Annual accounts 2023-1,7 M €↑
01/11/2023
nominationBronzet Management Srl — administrateur
11/04/2023
nominationDavid Horn Solomon — administrateur
2022
Annual accounts 2022-76,4 M €↓
30/12/2022
apport
30/12/2022
reduction_capital
2021
Annual accounts 2021-35,7 M €↑
2020
Annual accounts 2020-51,9 M €↓
2019
Annual accounts 2019-5 M €↓
2018
Annual accounts 201818,4 M €↑
2017
Annual accounts 2017-4,8 M €↑
2016
Annual accounts 2016-15,1 M €↓
2015
Annual accounts 2015-9,4 M €↓
2014
Annual accounts 2014-2,5 M €↓
2013
Annual accounts 20131,4 M €↑
2012
Annual accounts 2012648,3 k €↑
2011
Annual accounts 2011-5,3 M €↑
2010
Annual accounts 2010-6,2 M €
03/09/2009
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

ESTETRA

Overview

What does ESTETRA 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