NORMAL SITUATION

TIVANO

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Financial year 2025 · closed on 31/03/2025

Net result

275,8 k €

+47.2% YoY

Revenue

1,7 M €

-18.0% YoY

Equity

9,6 M €

+0.3% YoY

Company — Normal situation.

What does TIVANO do?

TIVANO is a company registered in Belgium.

Legal situation

● Normal situation

BCE/KBO no. / VAT

BE 0829.424.234

Legal form

Public limited company

Contributed capital

9 415 000,00 €

Latest accounts

31/03/2025

Signals

ProfitableSolid equityGood liquidityPositive cashflowPositive EBITDAHigh revenue

View the BCE/KBO Public Search record →

Health score

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✦ Verdict · Analyst summary

Financials

Trend over 14 financial years

	2025		2024		2023		2021		2020		2019		2018		2017		2016		2015		2014		2013		2012		2011
Income statement
Revenue	1,7 M €	-18.0%	2,1 M €	-20.5%	2,7 M €	+43.1%	1,9 M €	-22.4%	2,4 M €	-2.6%	2,5 M €	+7.9%	2,3 M €	+2.4%	2,2 M €	-5.9%	2,4 M €	-15.3%	2,8 M €	+10.2%	2,5 M €	+3.0%	2,5 M €	-1.6%	2,5 M €	+334%	578,4 k €
EBITDA	1,6 M €	+3.2%	1,6 M €	-20.6%	2 M €	+58.9%	1,2 M €	-28.7%	1,7 M €	-4.0%	1,8 M €	+6.5%	1,7 M €	+2.6%	1,6 M €	-7.9%	1,8 M €	-19.5%	2,2 M €	+14.1%	2 M €	-3.5%	2 M €	+2.9%	2 M €	+274%	525,5 k €
Operating result	303,1 k €	+18.5%	255,7 k €	-23.4%	334,1 k €	+600%	-66,8 k €	-113%	499,1 k €	-12.6%	571,2 k €	+24.0%	460,7 k €	+10.3%	417,7 k €	-12.4%	476,7 k €	-46.8%	895,3 k €	+44.2%	621 k €	-10.5%	693,5 k €	+4.4%	664,2 k €	+113%	311,3 k €
Net result	275,8 k €	+47.2%	187,3 k €	-0.5%	188,3 k €	+184%	-225,3 k €	-173%	306,7 k €	-8.9%	336,8 k €	+79.9%	187,2 k €	+93.4%	96,8 k €	-14.5%	113,3 k €	-77.1%	495,6 k €	+146%	201,8 k €	+294%	51,2 k €	+131%	-163,4 k €	-152%	314,5 k €
Balance sheet
Equity	9,6 M €	+0.3%	9,5 M €	+0.3%	9,5 M €	+2.0%	9,3 M €	-2.4%	9,6 M €	+0.1%	9,5 M €	+0.4%	9,5 M €	-4.2%	9,9 M €	-3.0%	10,2 M €	+1.1%	10,1 M €	+3.0%	9,8 M €	+2.1%	9,6 M €	+214%	3,1 M €	+259%	854,5 k €
Total assets	10,6 M €	-4.8%	11,1 M €	-6.7%	11,9 M €	-4.1%	12,4 M €	-7.2%	13,4 M €	-6.7%	14,4 M €	-6.3%	15,3 M €	-5.3%	16,2 M €	-5.1%	17,1 M €	-4.4%	17,9 M €	-1.2%	18,1 M €	+1.5%	17,8 M €	-6.2%	19 M €	+1.4%	18,7 M €
Cash	4 k €	-19.4%	5 k €	+92.9%	2,6 k €	-5.8%	2,7 k €	-38.2%	4,4 k €	+467%	777 €	-45.6%	1,4 k €	-23.3%	1,9 k €	+231%	562,1 €	-34.4%	857,3 €	-19.1%	1,1 k €	-99.8%	682 k €	+11.9%	609,3 k €	+3.7%	587,6 k €
Debts	402,5 k €	-60.8%	1 M €	-46.5%	1,9 M €	-29.3%	2,7 M €	-23.0%	3,5 M €	-22.6%	4,6 M €	-19.1%	5,6 M €	-7.7%	6,1 M €	-8.8%	6,7 M €	-12.2%	7,6 M €	-6.5%	8,2 M €	+0.3%	8,1 M €	-48.8%	15,9 M €	-11.1%	17,9 M €

Governance

Board of directors

Seen on filing of 31/03/2025 · 2 active · 13 ended

Active mandates

REALFI

Managing director · since 01 avril 2011 · until 21 août 2028 · 0888.068.355

Represented by Miguel de Schaetzen

Active

ENECO WIND BELGIUM

Director · since 14 septembre 2010 · until 21 août 2028 · 0475.012.760

Represented by Erwin Leeuwis

Active

Ended mandates

REALFI

Managing director · since 01 avril 2011 · until 17 avril 2017 · 0888.068.355

Represented by Miguel de Schaetzen

Ended

REALFI

Managing director · since 01 avril 2011 · until 18 avril 2017 · 0888.068.355

Represented by Miguel de Schaetzen

Ended

REALFI

Managing director · since 01 avril 2011 · until 17 avril 2017 · 0888.068.355

Represented by Miguel de Schaetzen

Ended

REALFI

Managing director · since 01 avril 2011 · until 18 avril 2022 · 0888.068.355

Represented by Miguel de Schaetzen

Ended

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	01/10/2025	12/09/2024	20/10/2023	10/05/2022	31/05/2021	11/05/2020
General meeting	01/09/2025	19/08/2024	21/08/2023	19/04/2022	17/05/2021	20/04/2020
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

14 filings with the NBB

Model	Closing	General meeting	Filed	Language	Document
Full model	31/03/2025	01/09/2025	01/10/2025	French	PDF
Full model	31/03/2024	19/08/2024	12/09/2024	French	PDF
Full model	31/03/2023	21/08/2023	20/10/2023	French	PDF
Full model	31/12/2021	19/04/2022	10/05/2022	French	PDF
Full model	31/12/2020	17/05/2021	31/05/2021	French	PDF
Full model	31/12/2019	20/04/2020	11/05/2020	French	PDF
Full model	31/12/2018	15/04/2019	06/05/2019	French	PDF
Full model	31/12/2017	16/04/2018	20/04/2018	French	PDF
Full model	31/12/2016	18/04/2017	16/05/2017	French	PDF
Full model	31/12/2015	18/04/2016	26/04/2016	French	PDF
Full model	31/12/2014	20/04/2015	24/08/2015	French	PDF
Full model	31/12/2013	14/03/2014	22/05/2014	French	PDF
Full model	31/12/2012	15/04/2013	24/07/2013	French	PDF
Full model	31/12/2011	16/04/2012	29/05/2012	French	PDF

Estimate

Indicative valuation

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 · 13 ended

Active mandates

REALFI

Managing director · since 01 avril 2011 · until 21 août 2028 · 0888.068.355

Represented by Miguel de Schaetzen

Active

ENECO WIND BELGIUM

Director · since 14 septembre 2010 · until 21 août 2028 · 0475.012.760

Represented by Erwin Leeuwis

Active

Ended mandates

REALFI

Managing director · since 01 avril 2011 · until 17 avril 2017 · 0888.068.355

Represented by Miguel de Schaetzen

Ended

REALFI

Managing director · since 01 avril 2011 · until 18 avril 2017 · 0888.068.355

Represented by Miguel de Schaetzen

Ended

REALFI

Managing director · since 01 avril 2011 · until 17 avril 2017 · 0888.068.355

Represented by Miguel de Schaetzen

Ended

REALFI

Managing director · since 01 avril 2011 · until 18 avril 2022 · 0888.068.355

Represented by Miguel de Schaetzen

Ended

Shareholders

Ownership and network

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Belgian Official Gazette

Belgian Official Gazette publications

Dissolution22/07/2025
RUBRIQUE FIN (CESSATION, ANNULATION CESSATION, NULLITE, CONC, REORGANISATION JUDICIAIRE, ETC...) - RUBRIQUE RESTRUCTURATION (FUSION, SCISSION, TRANSFERT PATRIMOINE, ETC...)
PDF
Restructuring14/04/2025
RUBRIQUE RESTRUCTURATION (FUSION, SCISSION, TRANSFERT PATRIMOINE, ETC...)
PDF
Mandates27/11/2023
DEMISSIONS, NOMINATIONS
PDF
Mandates07/09/2023
DEMISSIONS, NOMINATIONS
PDF
Mandates14/07/2022
DEMISSIONS, NOMINATIONS
PDF
Other17/03/2022
STATUTS (TRADUCTION, COORDINATION, AUTRES MODIFICATIONS, ) - DIVERS - ASSEMBLEE GENERALE - ANNEE COMPTABLE
PDF
Mandates08/07/2020
DEMISSIONS, NOMINATIONS
PDF
Other29/04/2020
STATUTS (TRADUCTION, COORDINATION, AUTRES MODIFICATIONS, ) - DIVERS
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 2025275,8 k €↑
2024
Annual accounts 2024187,3 k €↓
2023
Annual accounts 2023188,3 k €↑
2021
Annual accounts 2021-225,3 k €↓
2020
Annual accounts 2020306,7 k €↓
2019
Annual accounts 2019336,8 k €↑
2018
Annual accounts 2018187,2 k €↑
2017
Annual accounts 201796,8 k €↓
2016
Annual accounts 2016113,3 k €↓
2015
Annual accounts 2015495,6 k €↑
2014
Annual accounts 2014201,8 k €↑
2013
Annual accounts 201351,2 k €↑
2012
Annual accounts 2012-163,4 k €↓
2011
Annual accounts 2011314,5 k €

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

TIVANO

Overview

What does TIVANO do?

Trend over 14 financial years

Board of directors

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