ACTIVE

DENARIUS

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Financial year 2025 · closed on 31/12/2025

Net result

218,3 k €

+170.1% YoY

Gross margin

1 M €

+276.5% YoY

Equity

658,1 k €

+49.6% YoY

Workforce

0,6 ETP

0.0% YoY

What does DENARIUS do?

DENARIUS is a Public limited company incorporated in 2012. Its main activity is: Trusts, funds and similar financial entities. Its registered office is in Ixelles. It employs on average 0,6 ETP workers (FTE).

Legal situation

● Normal situation

BCE/KBO no. / VAT

BE 0846.325.790

Incorporation

04/06/2012

Legal form

Public limited company

Registered office

Avenue Louise 475
1050 Ixelles · BruxellesSee on map

Contributed capital

65 000,00 €

Latest accounts

31/12/2025

Average workforce

0,6 ETP

Activities (NACE)

64300Trusts, funds and similar financial entities· main 64310Trusts, funds and similar financial entities 70200Management consultancy activities 70220Business and other management consultancy activities

Joint committees (2)

200
2000

Signals

ProfitableSolid equityLow riskGood liquidityPositive cashflowPositive EBITDAHealthy social debts

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Health score

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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	1 M €	+276%	271,9 k €	+3.8%	262 k €	+13.4%	231,1 k €	+17.4%	196,9 k €	-14.2%	229,5 k €	-4.1%	239,4 k €	+14.6%	208,9 k €	+10.2%	189,6 k €	+27.1%	149,2 k €	+26.5%	117,9 k €	+0.9%	116,8 k €	-1.8%	119 k €	+88.4%	63,2 k €
EBITDA	295,7 k €	+212%	94,6 k €	+2.4%	92,4 k €	+19.2%	77,5 k €	+26.0%	61,5 k €	-7.8%	66,7 k €	-8.8%	73,2 k €	-7.5%	79,1 k €	+26.9%	62,3 k €	+12.6%	55,3 k €	+36.6%	40,5 k €	-0.8%	40,9 k €	-0.4%	41,1 k €	+50.2%	27,3 k €
Operating result	286 k €	+241%	84 k €	+2.8%	81,7 k €	+8.8%	75,1 k €	+24.2%	60,4 k €	-8.0%	65,7 k €	-8.5%	71,8 k €	-7.3%	77,4 k €	+28.0%	60,5 k €	+12.9%	53,6 k €	+37.4%	39 k €	+0.4%	38,9 k €	-0.5%	39 k €	+47.4%	26,5 k €
Net result	218,3 k €	+170%	80,8 k €	+19.3%	67,8 k €	+16.0%	58,4 k €	+23.3%	47,4 k €	-8.2%	51,6 k €	-0.2%	51,8 k €	+4.3%	49,6 k €	+31.9%	37,6 k €	+9.7%	34,3 k €	+36.0%	25,2 k €	-3.7%	26,2 k €	+0.5%	26,1 k €	+58.8%	16,4 k €
Balance sheet
Equity	658,1 k €	+49.6%	439,8 k €	+22.5%	359 k €	+23.3%	291,2 k €	+25.1%	232,8 k €	+25.6%	185,4 k €	+38.6%	133,7 k €	+63.1%	82 k €	-77.6%	365,9 k €	+11.5%	328,2 k €	+11.7%	293,9 k €	+9.4%	268,7 k €	+10.8%	242,5 k €	+12.1%	216,4 k €
Total assets	692,6 k €	+39.3%	497,3 k €	+8.8%	456,9 k €	+21.2%	377 k €	+49.2%	252,6 k €	-7.4%	273 k €	+82.3%	149,7 k €	-68.2%	470,7 k €	+19.9%	392,5 k €	+13.8%	344,9 k €	+11.3%	309,9 k €	+10.6%	280,3 k €	-1.5%	284,5 k €	+9.2%	260,4 k €
Cash	73,4 k €	+200%	24,4 k €	+27.4%	19,2 k €	-91.7%	230,4 k €	+8.5%	212,5 k €	-14.6%	248,8 k €	+122%	112,1 k €	-74.6%	442,3 k €	+256%	124,3 k €	+20.0%	103,5 k €	-20.1%	129,5 k €	+21.6%	106,5 k €	+10.8%	96,1 k €	+71.1%	56,2 k €
Debts	33,8 k €	-40.9%	57,2 k €	-41.4%	97,7 k €	+14.2%	85,6 k €	+335%	19,7 k €	-77.5%	87,3 k €	+446%	16 k €	-95.9%	388,3 k €	+1367%	26,5 k €	+65.7%	16 k €	+2.3%	15,6 k €	+38.7%	11,3 k €	-73.0%	41,8 k €	-4.4%	43,7 k €
Other
Workforce	0,6 ETP	0.0%	0,6 ETP		–		–		0,8 ETP	0.0%	0,8 ETP	0.0%	0,8 ETP	0.0%	0,8 ETP	0.0%	0,8 ETP	+33.3%	0,6 ETP	+20.0%	0,5 ETP	0.0%	0,5 ETP	0.0%	0,5 ETP	+66.7%	0,3 ETP

Estimate

Indicative valuation

As an indication, this company is worth

between 1 M€ and 2,5 M€

See the valuation

Governance

Board of directors

Seen on filing of 31/12/2025 · 3 active · 21 ended

Active mandates

APRICUM

Director · since 20 mai 2025 · until 27 mars 2031 · 0765.464.117

Represented by Jeff Eeckhout

Active

Judith TOURNAY

Director · since 17 mars 2025 · until 27 mars 2031

Active

Maximilien DE LIMBURG STIRUM

Director · since 17 mars 2025 · until 27 mars 2031

Active

Ended mandates

John Rasse

Director · since 28 mars 2018 · until 10 janvier 2023

Ended

John Rasse

Director · since 28 mars 2018 · until 07 mars 2024

Ended

John Rasse

Director · since 28 mars 2018 · until 27 mars 2025

Ended

Judith Tournay

Director · since 28 mars 2018 · until 07 mars 2024

Ended

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Annual accounts

Full financial information

	2025	2024	2023	2022	2021	2020
Type of account	Abridged model	Abridged model	Micro model	Micro 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	21/04/2026	03/04/2025	25/03/2024	11/04/2023	20/05/2022	21/04/2021
General meeting	26/03/2026	17/03/2025	11/03/2024	30/03/2023	31/03/2022	25/03/2021
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	26/03/2026	21/04/2026	French	PDF
Abridged model	31/12/2024	17/03/2025	03/04/2025	French	PDF
Micro model	31/12/2023	11/03/2024	25/03/2024	French	PDF
Micro model	31/12/2022	30/03/2023	11/04/2023	French	PDF
Abridged model	31/12/2021	31/03/2022	20/05/2022	French	PDF
Abridged model	31/12/2020	25/03/2021	21/04/2021	French	PDF
Abridged model	31/12/2019	05/03/2020	17/03/2020	French	PDF
Abridged model	31/12/2018	28/03/2019	18/04/2019	French	PDF
Abridged model	31/12/2017	28/03/2018	11/04/2018	French	PDF
Abridged model	31/12/2016	02/03/2017	18/04/2017	French	PDF
Abridged model	31/12/2015	03/03/2016	13/04/2016	French	PDF
Abridged model	31/12/2014	12/03/2015	02/04/2015	French	PDF
Abridged model	31/12/2013	13/03/2014	02/05/2014	French	PDF
Abridged model	31/12/2012	07/03/2013	17/04/2013	French	PDF

Estimate

Indicative valuation

Order of magnitude

As an indication, this company is worth

between 1 M€ and 2,5 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 · 21 ended

Active mandates

APRICUM

Director · since 20 mai 2025 · until 27 mars 2031 · 0765.464.117

Represented by Jeff Eeckhout

Active

Judith TOURNAY

Director · since 17 mars 2025 · until 27 mars 2031

Active

Maximilien DE LIMBURG STIRUM

Director · since 17 mars 2025 · until 27 mars 2031

Active

Ended mandates

John Rasse

Director · since 28 mars 2018 · until 10 janvier 2023

Ended

John Rasse

Director · since 28 mars 2018 · until 07 mars 2024

Ended

John Rasse

Director · since 28 mars 2018 · until 27 mars 2025

Ended

Judith Tournay

Director · since 28 mars 2018 · until 07 mars 2024

Ended

Shareholders

Ownership and network

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Try for 7 days

Belgian Official Gazette

Belgian Official Gazette publications

Mandates11/06/2025
DEMISSIONS, NOMINATIONS
PDF
Mandates16/04/2025
DEMISSIONS, NOMINATIONS
PDF
Other16/04/2024
STATUTS (TRADUCTION, COORDINATION, AUTRES MODIFICATIONS, )
PDF
Mandates10/03/2023
DEMISSIONS, NOMINATIONS
PDF
Registered office27/01/2023
SIEGE SOCIAL
PDF
Capital / shares24/10/2018
CAPITAL, ACTIONS
PDF
Mandates26/09/2018
DEMISSIONS, NOMINATIONS
PDF
Registered office18/10/2016
SIEGE SOCIAL
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 2025218,3 k €↑
2024
Annual accounts 202480,8 k €↑
2023
Annual accounts 202367,8 k €↑
2022
Annual accounts 202258,4 k €↑
2021
Annual accounts 202147,4 k €↓
2020
Annual accounts 202051,6 k €↓
2019
Annual accounts 201951,8 k €↑
2018
Annual accounts 201849,6 k €↑
2017
Annual accounts 201737,6 k €↑
2016
Annual accounts 201634,3 k €↑
2015
Annual accounts 201525,2 k €↓
2014
Annual accounts 201426,2 k €↑
2013
Annual accounts 201326,1 k €↑
2012
Annual accounts 201216,4 k €
04/06/2012
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

DENARIUS

Overview

What does DENARIUS 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