ACTIVE

NSX

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Financial year 2025 · closed on 31/12/2025

Net result

31,3 k €

-90.6% YoY

Gross margin

2,5 M €

+4.4% YoY

Equity

1,7 M €

+1.8% YoY

Workforce

22,8 ETP

+23.2% YoY

What does NSX do?

NSX is a Private limited company incorporated in 2011. Its registered office is in Niel. It employs on average 22,8 ETP workers (FTE).

Legal situation

● Normal situation

BCE/KBO no. / VAT

BE 0840.966.838

Incorporation

10/11/2011

Legal form

Private limited company

Registered office

Galileilaan 15
2845 Niel · FlandreSee on map

Contributed capital

18 600,00 €

Latest accounts

31/12/2025

Average workforce

22,8 ETP

Joint committees (2)

200
20000

Signals

ProfitableSolid equityLow riskGood liquidityPositive EBITDAHealthy social debts

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✦ Verdict · Analyst summary

Financials

Trend over 14 financial years

	2025		2024		2023		2022		2021		2020		2019		2018		2017		2016		2015		2014		2013		2012
Income statement
Gross margin	2,5 M €	+4.4%	2,4 M €	+21.5%	2 M €	+22.4%	1,6 M €	+16.1%	1,4 M €	+46.8%	936,4 k €	+17.9%	794,5 k €	-4.5%	832,3 k €	+27.5%	652,9 k €	+38.5%	471,4 k €	+103%	231,8 k €	+162%	88,5 k €	+260%	24,6 k €	-39.8%	40,8 k €
EBITDA	139,1 k €	-68.3%	438,7 k €	+41.4%	310,3 k €	+5.0%	295,6 k €	+85.7%	159,1 k €	-5.3%	168 k €	+209%	54,3 k €	-85.3%	370 k €	-20.6%	465,9 k €	+33.2%	349,8 k €	+59.1%	219,9 k €	+149%	88,4 k €	+261%	24,5 k €	-39.9%	40,7 k €
Operating result	199,6 k €	-52.9%	423,5 k €	+92.2%	220,4 k €	-23.0%	286 k €	+88.6%	151,6 k €	-6.5%	162,2 k €	+233%	48,7 k €	-86.6%	363,8 k €	-20.5%	457,5 k €	+31.5%	347,9 k €	+77.2%	196,3 k €	+189%	67,8 k €	+1683%	3,8 k €	-90.1%	38,3 k €
Net result	31,3 k €	-90.6%	331,4 k €	+98.5%	167 k €	-11.9%	189,6 k €	+104%	93 k €	-34.2%	141,5 k €	+297%	35,6 k €	-85.2%	240,4 k €	-22.1%	308,5 k €	+44.6%	213,3 k €	+67.5%	127,3 k €	+117%	58,8 k €	+2079%	2,7 k €	-89.3%	25,1 k €
Balance sheet
Equity	1,7 M €	+1.8%	1,7 M €	+17.2%	1,5 M €	+6.3%	1,4 M €	+8.7%	1,3 M €	+7.9%	1,2 M €	+13.7%	1 M €	+3.6%	994,7 k €	+31.9%	754,3 k €	+69.2%	445,8 k €	+91.7%	232,5 k €	+121%	105,2 k €	+209%	34 k €	+8.6%	31,3 k €
Total assets	3 M €	+10.1%	2,8 M €	+2.7%	2,7 M €	+18.4%	2,3 M €	+12.2%	2 M €	-3.4%	2,1 M €	+9.1%	1,9 M €	-1.5%	1,9 M €	-6.7%	2,1 M €	+91.3%	1,1 M €	+86.4%	584,1 k €	+201%	194,1 k €	+60.5%	120,9 k €	+21.5%	99,6 k €
Cash	312,7 k €	+13.0%	276,8 k €	-35.3%	427,7 k €	+113%	201,2 k €	+12.3%	179,1 k €	-72.6%	652,9 k €	+179%	234 k €	-80.1%	1,2 M €	-8.3%	1,3 M €	+109%	614 k €	+146%	250 k €	+89.2%	132,1 k €	+74.8%	75,6 k €	-15.0%	88,9 k €
Debts	1,3 M €	+25.3%	1 M €	-6.6%	1,1 M €	+23.1%	886,4 k €	+17.7%	753 k €	+4.9%	717,9 k €	-18.8%	884,6 k €	-6.8%	949,2 k €	-19.6%	1,2 M €	+92.6%	613 k €	+90.8%	321,3 k €	+261%	89 k €	+27.8%	69,6 k €	+24.9%	55,7 k €
Other
Workforce	22,8 ETP	+23.2%	18,5 ETP	+8.8%	17,0 ETP	+15.6%	14,7 ETP	-8.1%	16,0 ETP	+41.6%	11,3 ETP	+5.6%	10,7 ETP	+67.2%	6,4 ETP	+113%	3,0 ETP	+50.0%	2,0 ETP		–		–		–		–

Estimate

Indicative valuation

As an indication, this company is worth

between 2,5 M€ and 5 M€

See the valuation

Governance

Board of directors

Seen on filing of 31/12/2025 · 3 active · 2 ended

Active mandates

Herwig Mannaert

Director

Active

Jan Verelst

Director

Active

Paul Adriaenssens

Managing director

Active

Ended mandates

Paul Adriaenssens

Director

Ended

Paul Adriaenssens

Manager

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	Abridged 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	29/06/2026	16/06/2025	24/06/2024	30/06/2023	01/07/2022	02/07/2021
General meeting	05/06/2026	06/06/2025	07/06/2024	02/06/2023	03/06/2022	04/06/2021
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

14 filings with the NBB

Model	Closing	General meeting	Filed	Language	Document
Abridged model	31/12/2025	05/06/2026	29/06/2026	Dutch	PDF
Abridged model	31/12/2024	06/06/2025	16/06/2025	Dutch	PDF
Abridged model	31/12/2023	07/06/2024	24/06/2024	Dutch	PDF
Abridged model	31/12/2022	02/06/2023	30/06/2023	Dutch	PDF
Abridged model	31/12/2021	03/06/2022	01/07/2022	Dutch	PDF
Abridged model	31/12/2020	04/06/2021	02/07/2021	Dutch	PDF
Abridged model	31/12/2019	05/06/2020	24/07/2020	Dutch	PDF
Abridged model	31/12/2018	07/06/2019	20/08/2019	Dutch	PDF
Abridged model	31/12/2017	01/06/2018	23/07/2018	Dutch	PDF
Abridged model	31/12/2016	02/06/2017	18/07/2017	Dutch	PDF
Abridged model	31/12/2015	03/06/2016	20/07/2016	Dutch	PDF
Abridged model	31/12/2014	05/06/2015	23/07/2015	Dutch	PDF
Abridged model	31/12/2013	06/06/2014	22/07/2014	Dutch	PDF
Abridged model	31/12/2012	07/06/2013	11/07/2013	Dutch	PDF

Estimate

Indicative valuation

Order of magnitude

As an indication, this company is worth

between 2,5 M€ and 5 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 · 3 active · 2 ended

Active mandates

Herwig Mannaert

Director

Active

Jan Verelst

Director

Active

Paul Adriaenssens

Managing director

Active

Ended mandates

Paul Adriaenssens

Director

Ended

Paul Adriaenssens

Manager

Ended

Shareholders

Ownership and network

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Try for 7 days

Belgian Official Gazette

Belgian Official Gazette publications

Mandates04/07/2024
STATUTEN (VERTALING, COÖRDINATIE, OVERIGE WIJZIGINGEN, ) - WIJZIGING RECHTSVORM - DOEL - ONTSLAGEN - BENOEMINGEN
PDF
Registered office27/10/2015
MAATSCHAPPELIJKE ZETEL
PDF
Other16/11/2011
RUBRIEK OPRICHTING (NIEUWE RECHTSPERSOON, OPENING BIJKANTOOR, ENZ...)
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 202531,3 k €↓
2024
Annual accounts 2024331,4 k €↑
2023
Annual accounts 2023167 k €↓
2022
Annual accounts 2022189,6 k €↑
2021
Annual accounts 202193 k €↓
2020
Annual accounts 2020141,5 k €↑
2019
Annual accounts 201935,6 k €↓
2018
Annual accounts 2018240,4 k €↓
2017
Annual accounts 2017308,5 k €↑
2016
Annual accounts 2016213,3 k €↑
2015
Annual accounts 2015127,3 k €↑
2014
Annual accounts 201458,8 k €↑
2013
Annual accounts 20132,7 k €↓
2012
Annual accounts 201225,1 k €
10/11/2011
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

NSX

Overview

What does NSX 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