ACTIVE

ENECO SOLAR BELGIUM

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Financial year 2025 · closed on 31/03/2025

Net result

1,7 M €

+39.2% YoY

Revenue

14,1 M €

-3.4% YoY

Equity

30,9 M €

-9.4% YoY

Workforce

30,2 ETP

+1.3% YoY

What does ENECO SOLAR BELGIUM do?

ENECO SOLAR BELGIUM is a Public limited company incorporated in 2009. Its main activity is: Production of electricity. Its registered office is in Gent. It employs on average 30,2 ETP workers (FTE).

Legal situation

● Normal situation

BCE/KBO no. / VAT

BE 0819.431.848

Incorporation

08/10/2009

Legal form

Public limited company

Registered office

Poortakkerstraat 25
9051 Gent · FlandreSee on map

Contributed capital

25 180 150,00 €

Latest accounts

31/03/2025

Average workforce

30,2 ETP

Activities (NACE)

35110Production of electricity· main 35110Production of electricity 46643Wholesale of machinery for the textile industry and of sewing and knitting machines 46693Wholesale of other machinery and equipment 28120Manufacture of fluid power equipment 28120Manufacture of fluid power equipment+4

Joint committees (3)

14901
200
218

Signals

ProfitableSolid equityLow riskPositive cashflowPositive EBITDAHealthy social debtsHigh revenue

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✦ Verdict · Analyst summary

Financials

Trend over 13 financial years

	2025		2024		2023		2021		2020		2019		2018		2016		2015		2014		2013		2012		2011
Income statement
Revenue	14,1 M €	-3.4%	14,6 M €	-23.1%	19 M €	+26.9%	15 M €	-1.1%	15,1 M €	+19.2%	12,7 M €	+9.4%	11,6 M €	+144%	4,8 M €	+23.4%	3,9 M €	-8.6%	4,2 M €	-19.4%	5,2 M €	-47.4%	9,9 M €	-67.0%	30,2 M €
EBITDA	6,3 M €	+4.2%	6,1 M €	-40.1%	10,1 M €	+18.1%	8,6 M €	-8.0%	9,3 M €	+21.8%	7,6 M €	+16.4%	6,6 M €	+352%	1,5 M €	+47.7%	982,6 k €	-2.4%	1 M €	+9738%	10,2 k €	+102%	-623,7 k €	+90.3%	-6,5 M €
Operating result	2 M €	+34.4%	1,5 M €	-59.9%	3,8 M €	+2.5%	3,7 M €	-11.4%	4,2 M €	+14.5%	3,6 M €	+12.5%	3,2 M €	+3027%	103,5 k €	+139%	-262,7 k €	-171%	-96,9 k €	+85.4%	-664,6 k €	+25.7%	-894,3 k €	+91.2%	-10,1 M €
Net result	1,7 M €	+39.2%	1,2 M €	-56.2%	2,7 M €	+57.9%	1,7 M €	-10.4%	1,9 M €	+21.4%	1,6 M €	+8.5%	1,5 M €	+1197%	-133,4 k €	+83.3%	-798,7 k €	-636%	-108,5 k €	+84.8%	-713,5 k €	+33.8%	-1,1 M €	+56.7%	-2,5 M €
Balance sheet
Equity	30,9 M €	-9.4%	34,1 M €	+3.9%	32,8 M €	+9.0%	30,1 M €	+6.1%	28,4 M €	+7.3%	26,4 M €	+6.4%	24,9 M €	+47.7%	16,8 M €	+87.8%	9 M €	-8.2%	9,8 M €	-1.1%	9,9 M €	+153%	3,9 M €	+225%	-3,1 M €
Total assets	51,6 M €	-0.1%	51,7 M €	+8.0%	47,8 M €	-8.6%	52,3 M €	-3.3%	54,1 M €	+5.0%	51,5 M €	+6.4%	48,4 M €	+102%	24 M €	+11.9%	21,4 M €	-8.0%	23,3 M €	+4.0%	22,4 M €	+99.8%	11,2 M €	-6.0%	11,9 M €
Cash	312,2 €	-67.4%	957 €	-98.3%	57,9 k €	-95.3%	1,2 M €	-64.1%	3,4 M €	+166%	1,3 M €	-74.2%	5 M €	+376%	1,1 M €	+8.3%	975,9 k €	-4.4%	1 M €	-7.1%	1,1 M €	+311%	267,3 k €	-81.9%	1,5 M €
Debts	17,6 M €	+22.9%	14,3 M €	+10.9%	12,9 M €	-37.2%	20,6 M €	-14.7%	24,1 M €	+3.0%	23,4 M €	+6.0%	22,1 M €	+263%	6,1 M €	-46.2%	11,3 M €	-8.5%	12,4 M €	+10.7%	11,2 M €	+118%	5,1 M €	-54.7%	11,3 M €
Other
Workforce	30,2 ETP	+1.3%	29,8 ETP	+17.8%	25,3 ETP	+9.5%	23,1 ETP	+7.9%	21,4 ETP	+1.4%	21,1 ETP	+1.4%	20,8 ETP	+42.5%	14,6 ETP	-3.3%	15,1 ETP	+6.3%	14,2 ETP	+21.4%	11,7 ETP	+17.0%	10,0 ETP	-66.3%	29,7 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 31/03/2025 · 2 active · 16 ended

Active mandates

Eneco Solar BV

Director · since 12 juin 2020 · until 12 juin 2026

Represented by Erwin LEEUWIS

Active

Paul Minjauw

Director · since 12 juin 2020 · until 28 septembre 2026

Active

Ended mandates

Eneco BV

Director · since 12 juin 2020 · until 12 juin 2026

Represented by Cornelis De Haan

Ended

Paul Minjauw

Director · since 12 juin 2020 · until 12 juin 2026

Ended

Deloitte Bedrijfsrevisoren/Réviseurs d’Entreprises

Registered auditor · since 10 juin 2016 · until 14 juin 2019 · 0429.053.863

Represented by Gert Vanhees

Ended

Eneco BV

Director · since 10 juin 2016 · until 10 juin 2022

Represented by Cornelis De Haan

Ended

At this address

Other companies at this address

Company	CBE no.
CORDEEL-ENECO-SOLAR● Active	0818.652.086
Ecorus Invest III● Active	0654.849.176
ENECO SOLAR ENERGY● Active	0823.092.411
ENECO SOLAR INVEST 2● Active	0450.324.577
SMART ENERGY INVEST● Active	0664.847.007
SMART HOLDING● Active	0760.455.650
SOLAERCO ANTWERPEN● Active	0839.343.077
SOLAR PANELS BRUSSELS● Active	0560.859.443
Sunergy● Active	0884.964.058

Annual accounts

Full financial information

	2025	2024	2023	2021	2020	2019
Type of account	Full model	Full model	Full model	Full model	Full model	Full model
Start of the financial year	01/04/2024	01/04/2023	01/01/2022	01/01/2021	01/01/2020	01/01/2019
Closing of the financial year	31/03/2025	31/03/2024	31/03/2023	31/12/2021	31/12/2020	31/12/2019
Length of the financial year	12 months	12 months	15 months	12 months	12 months	12 months
Filing date	20/10/2025	30/04/2025	23/10/2023	14/07/2022	12/07/2021	17/07/2020
General meeting	17/10/2025	30/04/2025	19/10/2023	17/06/2022	11/06/2021	12/06/2020
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
Full model	31/03/2025	17/10/2025	20/10/2025	Dutch	PDF
Full model	31/03/2024	30/04/2025	30/04/2025	Dutch	PDF
Full model	31/03/2023	19/10/2023	23/10/2023	Dutch	PDF
Full model	31/12/2021	17/06/2022	14/07/2022	Dutch	PDF
Full model	31/12/2020	11/06/2021	12/07/2021	Dutch	PDF
Full model	31/12/2019	12/06/2020	17/07/2020	Dutch	PDF
Full model	31/12/2018	14/06/2019	08/07/2019	Dutch	PDF
Full model	31/12/2017	08/06/2018	13/07/2018	Dutch	PDF
Full model	31/12/2016	09/06/2017	11/07/2017	Dutch	PDF
Full model	31/12/2015	10/06/2016	24/06/2016	Dutch	PDF
Full model	31/12/2014	12/06/2015	25/06/2015	Dutch	PDF
Full modelCorrection	31/12/2013	13/06/2014	01/10/2014	Dutch	PDF
Full model	31/12/2013	13/06/2014	10/07/2014	Dutch	PDF
Full model	31/12/2012	28/06/2013	12/07/2013	Dutch	PDF
Full model	31/12/2011	22/06/2012	06/07/2012	Dutch	PDF
Full model	31/12/2010	26/09/2011	08/11/2011	Dutch	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 31/03/2025 · 2 active · 16 ended

Active mandates

Eneco Solar BV

Director · since 12 juin 2020 · until 12 juin 2026

Represented by Erwin LEEUWIS

Active

Paul Minjauw

Director · since 12 juin 2020 · until 28 septembre 2026

Active

Ended mandates

Eneco BV

Director · since 12 juin 2020 · until 12 juin 2026

Represented by Cornelis De Haan

Ended

Paul Minjauw

Director · since 12 juin 2020 · until 12 juin 2026

Ended

Deloitte Bedrijfsrevisoren/Réviseurs d’Entreprises

Registered auditor · since 10 juin 2016 · until 14 juin 2019 · 0429.053.863

Represented by Gert Vanhees

Ended

Eneco BV

Director · since 10 juin 2016 · until 10 juin 2022

Represented by Cornelis De Haan

Ended

Shareholders

Ownership and network

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Try for 7 days

Belgian Official Gazette

Belgian Official Gazette publications

Other11/09/2026
DIVERSEN
PDF
Mandates31/08/2026
herbenoeming commissaris
PDF
Mandates20/03/2026
ONTSLAGEN - BENOEMINGEN
PDF
Mandates26/04/2024
ONTSLAGEN - BENOEMINGEN
PDF
Mandates24/03/2023
ONTSLAGEN - BENOEMINGEN
PDF
Other28/12/2022
STATUTEN (VERTALING, COÖRDINATIE, OVERIGE WIJZIGINGEN, ) - ALGEMENE VERGADERING - BOEKJAAR
PDF
Mandates25/11/2022
ONTSLAGEN - BENOEMINGEN
PDF
Mandates14/12/2020
ONTSLAGEN - BENOEMINGEN
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

15/09/2025
nominationIwein Goigne — bijzonder gevolmachtigde
2025
Annual accounts 20251,7 M €↑
2024
Annual accounts 20241,2 M €↓
01/11/2023
nominationErwin Leeuwis — vaste vertegenwoordiger
2023
Annual accounts 20232,7 M €↑
15/09/2022
nominationIwein Goigne — bijzonder gevolmachtigde
17/06/2022
reconductionDELOITTE Bedrijfsrevisoren CVBA — bedrijfsrevisor
17/06/2022
nominationGert Vanhees — bedrijfsrevisor
2021
Annual accounts 20211,7 M €↓
2020
Annual accounts 20201,9 M €↑
12/06/2020
reconductionPaul Minjauw — bestuurder
2019
Annual accounts 20191,6 M €↑
2018
Annual accounts 20181,5 M €↑
2016
Annual accounts 2016-133,4 k €↑
2015
Annual accounts 2015-798,7 k €↓
2014
Annual accounts 2014-108,5 k €↑
2013
Annual accounts 2013-713,5 k €↑
2012
Annual accounts 2012-1,1 M €↑
2011
Annual accounts 2011-2,5 M €
08/10/2009
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

ENECO SOLAR BELGIUM

Overview

What does ENECO SOLAR BELGIUM do?

Trend over 13 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