ACTIVE

APUMAS

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Financial year 2025 · closed on 31/12/2025

Net result

112,7 k €

-64.4% YoY

Gross margin

1,3 M €

-17.5% YoY

Equity

754,9 k €

-8.7% YoY

Workforce

14,7 ETP

-7.5% YoY

What does APUMAS do?

APUMAS is a Private limited company incorporated in 2004. Its registered office is in Liège. It employs on average 14,7 ETP workers (FTE).

Legal situation

● Normal situation

BCE/KBO no. / VAT

BE 0864.617.022

Incorporation

08/04/2004

Legal form

Private limited company

Registered office

Chemin Dupireux 19-21
4000 Liège · WallonieSee on map

Contributed capital

109 000,00 €

Latest accounts

31/12/2025

Average workforce

14,7 ETP

Joint committees (4)

100
14904
200
218

Signals

ProfitableSolid equityLow riskGood liquidityPositive cashflowPositive EBITDAHealthy social debts

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✦ Verdict · Analyst summary

Financials

Trend over 20 financial years

	2025		2024		2023		2022		2021		2020		2019		2018		2017		2016		2015		2014		2013		2012		2011		2010		2009		2008		2007		2006
Income statement
Gross margin	1,3 M €	-17.5%	1,5 M €	+30.0%	1,2 M €	+26.0%	926,3 k €	+24.5%	744,2 k €	+57.4%	472,9 k €	-14.7%	554,1 k €	+16.7%	475 k €	+31.2%	362 k €	+23.2%	293,8 k €	-4.5%	307,8 k €	+31.5%	234 k €	-41.1%	396,9 k €	+63.2%	243,1 k €	+1.8%	238,8 k €	-3.7%	247,9 k €	+38.4%	179,2 k €	+5.7%	169,5 k €	+35.1%	125,4 k €	+75.2%	71,6 k €
EBITDA	263,7 k €	-52.7%	557,4 k €	+57.0%	355 k €	+5.7%	336 k €	+56.3%	215 k €	+94.1%	110,8 k €	+2.7%	107,9 k €	+182%	38,3 k €	-16.4%	45,8 k €	+33.8%	34,3 k €	-37.0%	54,4 k €	+76.1%	30,9 k €	-75.8%	127,4 k €	+218%	40 k €	-54.2%	87,4 k €	-7.0%	94 k €	+353%	20,8 k €	-62.7%	55,6 k €	+12.1%	49,6 k €	+45.5%	34,1 k €
Operating result	191,6 k €	-59.8%	476 k €	+70.1%	279,8 k €	-4.4%	292,8 k €	+106%	141,8 k €	+81.3%	78,2 k €	+172%	28,8 k €	+4.8%	27,5 k €	-23.3%	35,8 k €	+31.8%	27,2 k €	-41.9%	46,7 k €	+214%	14,9 k €	-87.7%	121,2 k €	+172%	44,6 k €	-53.7%	96,1 k €	+58.3%	60,8 k €	+357%	13,3 k €	-67.2%	40,5 k €	-17.0%	48,8 k €	+178%	17,5 k €
Net result	112,7 k €	-64.4%	317 k €	+80.4%	175,7 k €	-6.0%	187 k €	+115%	86,8 k €	+104%	42,6 k €	+991%	3,9 k €	-79.0%	18,5 k €	-25.3%	24,8 k €	+29.9%	19,1 k €	+198%	6,4 k €	-14.8%	7,5 k €	-90.2%	76,8 k €	+81.5%	42,3 k €	+634%	5,8 k €	+137%	2,4 k €	-44.6%	4,4 k €	-83.4%	26,4 k €	-18.3%	32,3 k €	+223%	10 k €
Balance sheet
Equity	754,9 k €	-8.7%	827,2 k €	+35.6%	610,2 k €	+18.6%	514,5 k €	+20.3%	427,5 k €	+25.5%	340,7 k €	+21.6%	280,1 k €	+1.4%	276,2 k €	+7.2%	257,7 k €	+10.7%	232,8 k €	+9.0%	213,7 k €	+3.1%	207,3 k €	+3.8%	199,8 k €	+30.2%	153,4 k €	+38.1%	111,1 k €	+5.5%	105,3 k €	+2.4%	102,9 k €	+4.5%	98,5 k €	+36.6%	72,1 k €	+81.2%	39,8 k €
Total assets	2 M €	-18.9%	2,5 M €	+23.7%	2 M €	-7.9%	2,2 M €	+13.8%	1,9 M €	+18.1%	1,6 M €	-15.7%	1,9 M €	+60.5%	1,2 M €	+35.7%	877,3 k €	+21.4%	722,6 k €	+13.9%	634,4 k €	+19.4%	531,4 k €	-31.6%	777,1 k €	+36.2%	570,6 k €	+41.3%	403,8 k €	-38.5%	656,3 k €	+14.9%	571,2 k €	+9.7%	520,9 k €	+31.6%	395,9 k €	+85.8%	213,1 k €
Cash	135,4 k €	+46.4%	92,5 k €	+221%	28,8 k €	-72.7%	105,7 k €	+178%	37,9 k €	-46.9%	71,5 k €	+907%	7,1 k €	-75.1%	28,5 k €	+336%	6,5 k €	+30.2%	5 k €	-82.1%	28 k €	-43.2%	49,3 k €	+105%	24 k €	+322%	5,7 k €	-5.0%	6 k €		–		102 k €	-9.6%	112,8 k €	+1646%	6,5 k €	-79.9%	32,2 k €
Debts	1,2 M €	-24.7%	1,6 M €	+16.3%	1,4 M €	-15.3%	1,6 M €	+13.2%	1,4 M €	+21.3%	1,2 M €	-25.2%	1,6 M €	+84.2%	857,4 k €	+54.9%	553,6 k €	+33.8%	413,6 k €	+3.4%	400,1 k €	+33.6%	299,4 k €	-47.7%	572,6 k €	+42.0%	403,3 k €	+44.3%	279,5 k €	-48.6%	543,7 k €	+16.1%	468,3 k €	+12.8%	415,1 k €	+52.5%	272,2 k €	+59.1%	171,1 k €
Other
Workforce	14,7 ETP	-7.5%	15,9 ETP	+14.4%	13,9 ETP	+24.1%	11,2 ETP	-3.4%	11,6 ETP		–		–		–		–		–		7,2 ETP	+10.8%	6,5 ETP	-22.6%	8,4 ETP	+23.5%	6,8 ETP	+58.1%	4,3 ETP	+7.5%	4,0 ETP	-13.0%	4,6 ETP	+35.3%	3,4 ETP	+47.8%	2,3 ETP	+91.7%	1,2 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 · 2 active · 6 ended

Active mandates

Bart PIETERS

Director · since 27 mai 2025

Active

Emmanuel DEPAS

Director · since 01 octobre 2012 · until 27 mai 2025

Active

Ended mandates

Emmanuel DEPAS

Director · since 01 octobre 2012

Ended

Emmanuel DEPAS

Manager · since 01 octobre 2012

Ended

Valérie Gustin

Manager · since 23 décembre 2011

Ended

Valérie GUSTIN

Director · since 23 décembre 2011

Ended

Annual accounts

Full financial information

	2025	2024	2023	2022	2021	2020
Type of account	Abridged model	Abridged model	Abridged model	Abridged model	Abridged model	Micro 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	27/05/2026	06/06/2025	11/07/2024	05/07/2023	26/08/2022	05/08/2021
General meeting	22/05/2026	05/06/2025	21/06/2024	28/04/2023	20/06/2022	21/06/2021
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

20 filings with the NBB

Model	Closing	General meeting	Filed	Language	Document
Abridged model	31/12/2025	22/05/2026	27/05/2026	French	PDF
Abridged model	31/12/2024	05/06/2025	06/06/2025	French	PDF
Abridged model	31/12/2023	21/06/2024	11/07/2024	French	PDF
Abridged model	31/12/2022	28/04/2023	05/07/2023	French	PDF
Abridged model	31/12/2021	20/06/2022	26/08/2022	French	PDF
Micro model	31/12/2020	21/06/2021	05/08/2021	French	PDF
Micro model	31/12/2019	07/09/2020	10/09/2020	French	PDF
Micro model	31/12/2018	07/06/2019	12/06/2019	French	PDF
Micro model	31/12/2017	21/08/2018	29/08/2018	French	PDF
Micro model	31/12/2016	21/09/2017	22/09/2017	French	PDF
Abridged model	31/12/2015	18/08/2016	31/08/2016	French	PDF
Abridged model	31/12/2014	24/07/2015	31/08/2015	French	PDF
Abridged model	31/12/2013	14/08/2014	15/09/2014	French	PDF
Abridged model	31/12/2012	17/06/2013	24/07/2013	French	PDF
Abridged model	31/12/2011	27/04/2012	24/07/2012	French	PDF
Abridged model	31/12/2010	07/07/2011	09/07/2011	French	PDF
Abridged model	31/12/2009	14/05/2010	28/07/2010	French	PDF
Abridged model	31/12/2008	24/04/2009	12/05/2009	French	PDF
Abridged model	31/12/2007	25/04/2008	19/05/2008	French	PDF
Abridged model	31/12/2006	14/05/2007	09/07/2007	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 · 2 active · 6 ended

Active mandates

Bart PIETERS

Director · since 27 mai 2025

Active

Emmanuel DEPAS

Director · since 01 octobre 2012 · until 27 mai 2025

Active

Ended mandates

Emmanuel DEPAS

Director · since 01 octobre 2012

Ended

Emmanuel DEPAS

Manager · since 01 octobre 2012

Ended

Valérie Gustin

Manager · since 23 décembre 2011

Ended

Valérie GUSTIN

Director · since 23 décembre 2011

Ended

Shareholders

Ownership and network

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Belgian Official Gazette

Belgian Official Gazette publications

Mandates23/09/2025
SIEGE SOCIAL - DEMISSIONS, NOMINATIONS
PDF
Mandates22/08/2023
STATUTS (TRADUCTION, COORDINATION, AUTRES MODIFICATIONS, ) - MODIFICATION FORME JURIDIQUE - SIEGE SOCIAL - DEMISSIONS, NOMINATIONS - ASSEMBLEE GENERALE
PDF
Capital / shares12/11/2013
CAPITAL, ACTIONS
PDF
Mandates26/10/2012
DEMISSIONS, NOMINATIONS
PDF
Mandates09/01/2012
DEMISSIONS, NOMINATIONS
PDF
Other21/04/2004
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 2025112,7 k €↓
2024
Annual accounts 2024317 k €↑
2023
Annual accounts 2023175,7 k €↓
2022
Annual accounts 2022187 k €↑
2021
Annual accounts 202186,8 k €↑
2020
Annual accounts 202042,6 k €↑
2019
Annual accounts 20193,9 k €↓
2018
Annual accounts 201818,5 k €↓
2017
Annual accounts 201724,8 k €↑
2016
Annual accounts 201619,1 k €↑
2015
Annual accounts 20156,4 k €↓
2014
Annual accounts 20147,5 k €↓
2013
Annual accounts 201376,8 k €↑
2012
Annual accounts 201242,3 k €↑
2011
Annual accounts 20115,8 k €↑
2010
Annual accounts 20102,4 k €↓
2009
Annual accounts 20094,4 k €↓
2008
Annual accounts 200826,4 k €↓
2007
Annual accounts 200732,3 k €↑
2006
Annual accounts 200610 k €
08/04/2004
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

APUMAS

Overview

What does APUMAS do?

Trend over 20 financial years

Indicative valuation

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