ACTIVE

THEMA INVEST

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Financial year 2025 · closed on 31/12/2025

Net result

192,1 k €

+41.5% YoY

Gross margin

-54,3 k €

+80.1% YoY

Equity

151,8 M €

+0.1% YoY

Workforce

1,3 ETP

-27.8% YoY

What does THEMA INVEST do?

THEMA INVEST is a Public limited company incorporated in 2012. Its main activity is: Activities of holding companies. Its registered office is in Jalhay. It employs on average 1,3 ETP workers (FTE).

Legal situation

● Normal situation

BCE/KBO no. / VAT

BE 0849.814.327

Incorporation

23/10/2012

Legal form

Public limited company

Registered office

Tiège(SART) 76 box E
4845 Jalhay · WallonieSee on map

Contributed capital

1 165 000,00 €

Latest accounts

31/12/2025

Average workforce

1,3 ETP

Activities (NACE)

64200Activities of holding companies· main 64210Activities of holding companies 70200Management consultancy activities 70220Business and other management consultancy activities 68100Buying and selling of own real estate 68110Buying and selling of own real estate+2

Joint committees (2)

Signals

ProfitableSolid equityLow riskGood liquidityPositive cashflowHealthy social debts

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Health score

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✦ Verdict · Analyst summary

Financials

Trend over 5 financial years

	2025		2024		2023		2022		2021
Income statement
Gross margin	-54,3 k €	+80.1%	-272,8 k €	-8.3%	-251,9 k €	-212%	224,4 k €	+20.8%	185,8 k €
EBITDA	-160,6 k €	+65.6%	-466,7 k €	-12.7%	-414,1 k €	-505%	102,2 k €	-26.8%	139,6 k €
Operating result	-258,5 k €	+57.1%	-602,2 k €	+11.5%	-680,7 k €	-4479%	15,5 k €	-72.0%	55,5 k €
Net result	192,1 k €	+41.5%	135,8 k €	-99.9%	145,6 M €	+7236%	2 M €	+173%	727,1 k €
Balance sheet
Equity	151,8 M €	+0.1%	151,6 M €	+0.1%	151,5 M €	+2459%	5,9 M €	+6.8%	5,5 M €
Total assets	161,3 M €	+2.1%	157,9 M €	+0.7%	156,9 M €	+1532%	9,6 M €	+5.2%	9,1 M €
Cash	105,9 k €	-34.0%	160,4 k €	-39.2%	263,7 k €	-58.4%	634 k €	+0.8%	628,7 k €
Debts	9,5 M €	+50.7%	6,3 M €	+17.0%	5,4 M €	+46.0%	3,7 M €	+2.7%	3,6 M €
Other
Workforce	1,3 ETP	-27.8%	1,8 ETP	0.0%	1,8 ETP	0.0%	1,8 ETP	+125%	0,8 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 31/12/2025 · 1 active · 5 ended

Active mandates

Stéphane Dauvister

Director · since 21 novembre 2022

Active

Ended mandates

Natacha Grandjean

Director · since 30 mars 2022 · until 21 novembre 2022

Ended

Natacha Grandjean

Director · since 24 octobre 2018 · until 23 octobre 2024

Ended

STEPHANE DAUVISTER

Managing director · since 24 octobre 2018 · until 23 octobre 2024

Ended

NATACHA GRANDJEAN

Director · since 23 octobre 2012 · until 23 octobre 2018

Ended

At this address

Other companies at this address

Company	CBE no.
IMMOFIDES● Active	0547.659.030
PRESS'GOURMANDE● Active	0897.471.318
THEMA INVEST IMMO● Active	0826.097.827

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	07/07/2026	14/08/2025	19/08/2024	13/07/2023	27/06/2022	02/08/2021
General meeting	26/06/2026	18/07/2025	19/07/2024	30/06/2023	24/06/2022	25/06/2021
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

13 filings with the NBB

Model	Closing	General meeting	Filed	Language	Document
Abridged model	31/12/2025	26/06/2026	07/07/2026	French	PDF
Abridged model	31/12/2024	18/07/2025	14/08/2025	French	PDF
Abridged model	31/12/2023	19/07/2024	19/08/2024	French	PDF
Abridged model	31/12/2022	30/06/2023	13/07/2023	French	PDF
Abridged model	31/12/2021	24/06/2022	27/06/2022	French	PDF
Abridged model	31/12/2020	25/06/2021	02/08/2021	French	PDF
Abridged model	31/12/2019	26/06/2020	16/07/2020	French	PDF
Abridged model	31/12/2018	28/06/2019	15/07/2019	French	PDF
Abridged model	31/12/2017	29/06/2018	18/07/2018	French	PDF
Abridged model	31/12/2016	30/06/2017	29/08/2017	French	PDF
Abridged model	31/12/2015	24/06/2016	18/08/2016	French	PDF
Abridged model	31/12/2014	26/06/2015	31/08/2015	French	PDF
Abridged model	31/12/2013	27/06/2014	22/08/2014	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 31/12/2025 · 1 active · 5 ended

Active mandates

Stéphane Dauvister

Director · since 21 novembre 2022

Active

Ended mandates

Natacha Grandjean

Director · since 30 mars 2022 · until 21 novembre 2022

Ended

Natacha Grandjean

Director · since 24 octobre 2018 · until 23 octobre 2024

Ended

STEPHANE DAUVISTER

Managing director · since 24 octobre 2018 · until 23 octobre 2024

Ended

NATACHA GRANDJEAN

Director · since 23 octobre 2012 · until 23 octobre 2018

Ended

Shareholders

Ownership and network

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Belgian Official Gazette

Belgian Official Gazette publications

Mandates07/12/2022
STATUTS (TRADUCTION, COORDINATION, AUTRES MODIFICATIONS, ) - CAPITAL, ACTIONS - DEMISSIONS, NOMINATIONS
PDF
Mandates12/04/2022
STATUTS (TRADUCTION, COORDINATION, AUTRES MODIFICATIONS, ) - OBJET - DEMISSIONS, NOMINATIONS
PDF
Mandates29/01/2019
DEMISSIONS, NOMINATIONS
PDF
Mandates13/01/2017
CAPITAL, ACTIONS - DEMISSIONS, NOMINATIONS - STATUTS (TRADUCTION, COORDINATION, AUTRES MODIFICATIONS, )
PDF
Other11/03/2015
DIVERS
PDF
Capital / shares31/12/2012
CAPITAL, ACTIONS - STATUTS (TRADUCTION, COORDINATION, AUTRES MODIFICATIONS, )
PDF
Other05/11/2012
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 2025192,1 k €↑
2024
Annual accounts 2024135,8 k €↓
2023
Annual accounts 2023145,6 M €↑
2022
Annual accounts 20222 M €↑
21/11/2022
nominationDAUVISTER Stéphane — administrateur unique
21/11/2022
reduction_capital
2021
Annual accounts 2021727,1 k €
23/10/2012
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

THEMA INVEST

Overview

What does THEMA INVEST do?

Trend over 5 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