ACTIVE

VAPHARAL

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Financial year 2025 · closed on 30/06/2025

Net result

1,3 M €

-88.1% YoY

Gross margin

-11,3 k €

-28.2% YoY

Equity

132,5 M €

+1.0% YoY

Workforce

0,0 ETP

What does VAPHARAL do?

VAPHARAL is a Public limited company incorporated in 2010. Its registered office is in La Hulpe.

Legal situation

● Normal situation

BCE/KBO no. / VAT

BE 0821.961.865

Incorporation

05/01/2010

Legal form

Public limited company

Registered office

Avenue Reine Astrid 92
1310 La Hulpe · WallonieSee on map

Contributed capital

59 470 000,00 €

Latest accounts

30/06/2025

Average workforce

0,0 ETP

Signals

ProfitableSolid equityLow riskGood liquidityPositive cashflow

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Health score

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✦ Verdict · Analyst summary

Financials

Trend over 14 financial years

	2025		2024		2023		2022		2019		2018		2017		2016		2015		2014		2013		2012		2011		2010
Income statement
Gross margin	-11,3 k €	-28.2%	-8,8 k €	+12.6%	-10,1 k €	-49.5%	-6,7 k €		–		-52,8 k €	-322%	-12,5 k €	+13.1%	-14,4 k €	-218%	-4,5 k €	+85.4%	-30,9 k €	-417%	-6 k €	-17.3%	-5,1 k €	+40.1%	-8,5 k €	+86.6%	-63,4 k €
EBITDA	-58,2 k €	-50.0%	-38,8 k €	+6.0%	-41,3 k €	+6.4%	-44,1 k €	-67.1%	-26,4 k €	+50.9%	-53,8 k €	-301%	-13,4 k €	+11.6%	-15,2 k €	-173%	-5,6 k €	+82.5%	-31,8 k €	-358%	-6,9 k €	-14.6%	-6,1 k €	+32.3%	-8,9 k €	+86.0%	-63,7 k €
Operating result	-58,2 k €	-50.0%	-38,8 k €	+6.0%	-41,3 k €	+6.4%	-44,1 k €	-67.1%	-26,4 k €	+50.9%	-53,8 k €	-301%	-13,4 k €	+11.6%	-15,2 k €	-173%	-5,6 k €	+82.5%	-31,8 k €	-358%	-6,9 k €	-14.6%	-6,1 k €	+32.3%	-8,9 k €	+89.4%	-84,8 k €
Net result	1,3 M €	-88.1%	10,8 M €	+482%	1,8 M €	+491%	-473,3 k €	-109%	5,3 M €	-55.0%	11,8 M €	+154%	4,6 M €	+213%	1,5 M €	-21.7%	1,9 M €	+82.5%	1 M €	-70.7%	3,5 M €	-72.9%	13 M €	+965%	1,2 M €	+77.1%	692,1 k €
Balance sheet
Equity	132,5 M €	+1.0%	131,2 M €	+8.9%	120,5 M €	+0.5%	119,8 M €	+16.5%	102,8 M €	+4.1%	98,8 M €	+13.5%	87 M €	-10.6%	97,4 M €	+1.5%	95,9 M €	+2.0%	94 M €	+1.1%	93 M €	+4.0%	89,4 M €	+17.1%	76,4 M €	+1.6%	75,2 M €
Total assets	132,5 M €	+0.1%	132,4 M €	+8.8%	121,7 M €	+0.5%	121,1 M €	+16.3%	104,1 M €	+5.4%	98,8 M €	-4.6%	103,5 M €	+4.7%	98,9 M €	+0.7%	98,2 M €	+3.5%	94,9 M €	-1.0%	95,9 M €	+7.2%	89,4 M €	+17.1%	76,4 M €	+1.6%	75,2 M €
Cash	2,1 M €	+23.2%	1,7 M €	+20.1%	1,4 M €	+106%	693,4 k €	+2697%	24,8 k €	-58.1%	59,1 k €	-98.9%	5,5 M €	+93.8%	2,9 M €	+1104%	237,2 k €	-53.8%	513,9 k €	-21.9%	657,7 k €	+209%	213,1 k €	+1133%	17,3 k €	-6.3%	18,4 k €
Debts	4,4 k €	-99.6%	1,1 M €	-5.8%	1,2 M €	-4.6%	1,3 M €	+1.8%	1,3 M €	+19361%	6,4 k €	-100.0%	16,5 M €	+998%	1,5 M €	-34.7%	2,3 M €	+157%	895,5 k €	-69.0%	2,9 M €	+694111%	416,7 €		–		5,3 k €
Other
Workforce	0,0 ETP		0,0 ETP		0,0 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 30/06/2025 · 3 active · 4 ended

Active mandates

Antoine Cornet de Ways-Ruart

Director · since 17 décembre 2020 · until 15 septembre 2026

Active

Céline Cornet de Ways-Ruart

Director · since 17 décembre 2020 · until 15 septembre 2026

Active

Maxime Cornet de Ways-Ruart

Director · since 17 décembre 2020 · until 15 septembre 2026

Active

Ended mandates

Celarvath SPRL

Manager · since 17 janvier 2011 · 0821.207.938

Represented by Céline Cornet de Ways-Ruart

Ended

CELARVATH SPRL

Manager · since 17 janvier 2011 · 0821.207.938

Represented by Céline Cornet de Ways-Ruart

Ended

CELARVATH

Manager · since 05 janvier 2010 · 0821.207.938

Represented by Céline Comtesse Cornet de Ways-Ruart

Ended

Celarvath SRL

Director · since 05 janvier 2010 · 0821.207.938

Represented by Céline Cornet de Ways-Ruart

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	Full model
Start of the financial year	01/07/2024	01/07/2023	01/07/2022	01/07/2021	01/07/2020	01/07/2019
Closing of the financial year	30/06/2025	30/06/2024	30/06/2023	30/06/2022	30/06/2021	30/06/2020
Length of the financial year	12 months	12 months	12 months	12 months	12 months	12 months
Filing date	19/01/2026	11/12/2024	18/10/2023	29/12/2022	17/01/2022	28/12/2020
General meeting	23/12/2025	26/11/2024	21/09/2023	15/09/2022	16/09/2021	17/09/2020
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
Abridged model	30/06/2025	23/12/2025	19/01/2026	French	PDF
Abridged model	30/06/2024	26/11/2024	11/12/2024	French	PDF
Abridged model	30/06/2023	21/09/2023	18/10/2023	French	PDF
Abridged model	30/06/2022	15/09/2022	29/12/2022	French	PDF
Abridged model	30/06/2021	16/09/2021	17/01/2022	French	PDF
Full model	30/06/2020	17/09/2020	28/12/2020	French	PDF
Full model	30/06/2019	19/09/2019	31/10/2019	French	PDF
Abridged model	30/06/2018	23/10/2018	31/10/2018	French	PDF
Abridged model	30/06/2017	16/10/2017	31/10/2017	French	PDF
Abridged model	30/06/2016	15/09/2016	09/11/2016	French	PDF
Abridged model	30/06/2015	01/09/2015	20/11/2015	French	PDF
Abridged model	30/06/2014	18/09/2014	06/11/2014	French	PDF
Abridged model	30/06/2013	19/09/2013	17/01/2014	French	PDF
Abridged model	30/06/2012	20/09/2012	07/12/2012	French	PDF
Abridged model	30/06/2011	15/09/2011	10/11/2011	French	PDF
Abridged model	30/06/2010	16/09/2010	16/12/2010	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 30/06/2025 · 3 active · 4 ended

Active mandates

Antoine Cornet de Ways-Ruart

Director · since 17 décembre 2020 · until 15 septembre 2026

Active

Céline Cornet de Ways-Ruart

Director · since 17 décembre 2020 · until 15 septembre 2026

Active

Maxime Cornet de Ways-Ruart

Director · since 17 décembre 2020 · until 15 septembre 2026

Active

Ended mandates

Celarvath SPRL

Manager · since 17 janvier 2011 · 0821.207.938

Represented by Céline Cornet de Ways-Ruart

Ended

CELARVATH SPRL

Manager · since 17 janvier 2011 · 0821.207.938

Represented by Céline Cornet de Ways-Ruart

Ended

CELARVATH

Manager · since 05 janvier 2010 · 0821.207.938

Represented by Céline Comtesse Cornet de Ways-Ruart

Ended

Celarvath SRL

Director · since 05 janvier 2010 · 0821.207.938

Represented by Céline Cornet de Ways-Ruart

Ended

Shareholders

Ownership and network

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Try for 7 days

Belgian Official Gazette

Belgian Official Gazette publications

Mandates24/12/2020
STATUTS (TRADUCTION, COORDINATION, AUTRES MODIFICATIONS, ) - MODIFICATION FORME JURIDIQUE - DIVERS - DEMISSIONS, NOMINATIONS
PDF
Capital / shares30/06/2017
CAPITAL, ACTIONS
PDF
Registered office10/06/2015
SIEGE SOCIAL
PDF
Mandates27/01/2011
DEMISSIONS, NOMINATIONS - DIVERS
PDF
Other14/01/2010
RUBRIQUE CONSTITUTION (NOUVELLE PERSONNE MORALE, OUVERTURE SUCCURSALE, ETC...)
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 20251,3 M €↓
2024
Annual accounts 202410,8 M €↑
2023
Annual accounts 20231,8 M €↑
2022
Annual accounts 2022-473,3 k €↓
2019
Annual accounts 20195,3 M €↓
2018
Annual accounts 201811,8 M €↑
2017
Annual accounts 20174,6 M €↑
2016
Annual accounts 20161,5 M €↓
2015
Annual accounts 20151,9 M €↑
2014
Annual accounts 20141 M €↓
2013
Annual accounts 20133,5 M €↓
2012
Annual accounts 201213 M €↑
2011
Annual accounts 20111,2 M €↑
2010
Annual accounts 2010692,1 k €
05/01/2010
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

VAPHARAL

Overview

What does VAPHARAL do?

Trend over 14 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