ACTIVE

Ethias Solution

Export PDF
Financial year 2025 · closed on 31/12/2025
Net result
531,4 k €
-34.0% YoY
Revenue
4,1 M €
-3.0% YoY
Equity
4,5 M €
+5.0% YoY

What does Ethias Solution do?

Ethias Solution is a Public limited company incorporated in 2010. Its main activity is: Other business support service activities n.e.c.. Its registered office is in Liège.

Legal situation
● Normal situation
BCE/KBO no. / VAT
BE 0825.876.113
Incorporation
12/05/2010
Legal form
Public limited company
Registered office
Voie Gisèle Halimi 10
4000 Liège · WallonieSee on map
Contributed capital
3 750 000,00 €
Latest accounts
31/12/2025
Activities (NACE)
82990Other business support service activities n.e.c.· main82990Other business support service activities n.e.c.66290Other activities auxiliary to insurance and pension funding66290Other activities auxiliary to insurance and pension funding
Signals
ProfitableSolid equityLow riskGood liquidityPositive cashflowPositive EBITDAHigh revenue
View the BCE/KBO Public Search record →
Health score
Available with a Rovalta subscriptionTry for 7 days
Recommended credit limit
✦ Verdict · Analyst summary
Financials

Trend over 4 financial years

2025202420232022
Income statement
Revenue4,1 M €4,3 M €2,8 M €1,4 M €
EBITDA602,0 k €1,0 M €551,7 k €63,7 k €
Operating result638,6 k €933,9 k €527,2 k €69,4 k €
Net result531,4 k €805,6 k €470,9 k €50,7 k €
Balance sheet
Equity4,5 M €4,3 M €3,9 M €3,6 M €
Total assets6,6 M €8,0 M €7,3 M €6,5 M €
Cash3,0 M €4,5 M €5,2 M €5,0 M €
Debts2,1 M €3,7 M €3,4 M €2,9 M €
Estimate

Indicative valuation

As an indication, this company is worth

between 5 M€ and 10 M€
See the valuation
Governance

Board of directors

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

Active mandates

Luc KRANZEN

Mandate

Active
Maryline SERAFIN

Mandate

Active
Nicolas DUMAZY

Mandate

Active
Wilfried NEVEN

Mandate

Active
At this address

Other companies at this address

CompanyCBE no.
Amicale du Personnel d'(Ethias S.A. Vriendenkring van het Personeel van Ethias N.V.● Active
1007.271.457
ANKARET INVEST● Active
0438.840.866
ARIANE REAL ESTATE● Active
0898.866.435
ETHIAS● Active
0404.484.654
EthiasCo● Active
0402.370.054
Ethias Group● Active
1012.346.240
ETHIAS PATRIMOINE● Active
0894.377.612
Ethias Pension Fund● Active
0644.695.949
Ethias Sustainable Investment Fund● Active
0865.127.063
ETHIAS VENTURES● Active
0793.497.216
IMMO HOFVELD● Active
0889.535.233
JAN DOCKX● Active
0458.920.757
KOALA● Active
0873.412.150
LOTHIAN DEVELOPMENTS IV● Active
0463.648.518
REAL GOED INVEST● Active
0872.354.157
SAGITTA● Active
0812.356.489
UP 38● Active
0833.845.751
VERAN REAL ESTATE CY● Active
0894.106.012
VIMINALIS III● Active
0841.657.320
Annual accounts

Full financial information

202520242023202220212020
Type of accountFull modelFull modelFull modelFull modelFull modelFull model
Start of the financial year01/01/202501/01/202401/01/202301/01/202201/01/202101/01/2020
Closing of the financial year31/12/202531/12/202431/12/202331/12/202231/12/202131/12/2020
Length of the financial year12 months12 months12 months12 months12 months12 months
Filing date18/05/202615/05/202530/05/202408/06/202331/05/202230/04/2021
General meeting04/05/202605/05/202506/05/202408/05/202302/05/202231/03/2021
Currency of the financial yearEUREUREUREUREUREUR
NBB quality labelSatisfying controlsSatisfying controlsSatisfying controlsSatisfying controlsSatisfying controlsSatisfying controls
Ratios

Financial ratios

Looking for more information about this company?

Try for 7 days
Filings

Annual accounts filings

15 filings with the NBB

ModelClosingGeneral meetingFiledLanguageDocument
Full model31/12/202504/05/202618/05/2026FrenchPDF
Full model31/12/202405/05/202515/05/2025FrenchPDF
Full model31/12/202306/05/202430/05/2024FrenchPDF
Full model31/12/202208/05/202308/06/2023FrenchPDF
Full model31/12/202102/05/202231/05/2022FrenchPDF
Full model31/12/202031/03/202130/04/2021FrenchPDF
Full model31/12/201904/05/202027/05/2020FrenchPDF
Full model31/12/201806/05/201928/05/2019FrenchPDF
Full model31/12/201707/05/201815/05/2018FrenchPDF
Full model31/12/201608/05/201712/05/2017FrenchPDF
Full model31/12/201502/05/201613/06/2016FrenchPDF
Full model31/12/201404/05/201502/06/2015FrenchPDF
Full model31/12/201305/05/201405/06/2014FrenchPDF
Full model31/12/201206/05/201318/06/2013FrenchPDF
Full model31/12/201107/05/201227/06/2012FrenchPDF
Estimate

Indicative valuation

Order of magnitude

As an indication, this company is worth

between 5 M€ and 10 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

Active mandates

Luc KRANZEN

Mandate

Active
Maryline SERAFIN

Mandate

Active
Nicolas DUMAZY

Mandate

Active
Wilfried NEVEN

Mandate

Active
Shareholders

Ownership and network

Looking for more information about this company?

Try for 7 days
Belgian Official Gazette

Belgian Official Gazette publications

  • Mandates02/06/2026
    DEMISSIONS, NOMINATIONS
    PDF
  • Mandates17/12/2025
    STATUTS (TRADUCTION, COORDINATION, AUTRES MODIFICATIONS, …) - DENOMINATION
    PDF
  • Mandates06/10/2025
    DEMISSIONS, NOMINATIONS
    PDF
  • Registered office08/04/2025
    SIEGE SOCIAL
    PDF
  • Mandates11/07/2023
    DEMISSIONS, NOMINATIONS
    PDF
  • Mandates31/08/2022
    DEMISSIONS, NOMINATIONS
    PDF
  • Mandates03/02/2022
    DEMISSIONS, NOMINATIONS
    PDF
  • Mandates30/07/2021
    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

Timeline

  1. 2025
    Annual accounts 2025531,4 k €↓
  2. 2025
    Name changeEthias Solution
  3. 2024
    Annual accounts 2024805,6 k €↑
  4. 2023
    Annual accounts 2023470,9 k €↑
  5. 2022
    Annual accounts 202250,7 k €
  6. 2022
    Name changeEthias Services
  7. 12/05/2010
    IncorporationPublic limited company