ACTIVE

TOWER BEL (SA)

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Financial year 2025 · closed on 31/12/2025

Net result

-1,5 M €

-3.2% YoY

Gross margin

5,3 M €

+0.9% YoY

Equity

-2,3 M €

-174.4% YoY

What does TOWER BEL do?

TOWER BEL is a Public limited company incorporated in 2004. Its main activity is: Rental and operating of own or leased real estate. Its registered office is in Saint-Gilles.

Legal situation

● Normal situation

BCE/KBO no. / VAT

BE 0866.326.794

Incorporation

13/07/2004

Legal form

Public limited company

Registered office

Rue Berckmans 128
1060 Saint-Gilles · BruxellesSee on map

Contributed capital

2 250 000,00 €

Latest accounts

31/12/2025

Activities (NACE)

68203Rental and operating of own or leased real estate· main 68203Rental and operating of own or leased real estate 41102Development of building projects 68122Buying and selling of own real estate

Signals

Positive cashflowPositive EBITDA

View the BCE/KBO Public Search record →

Health score

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✦ Verdict · Analyst summary

Financials

Trend over 18 financial years

	2025		2024		2023		2022		2021		2020		2019		2018		2017		2016		2015		2014		2013		2012		2009		2008		2007		2006
Income statement
Gross margin	5,3 M €	+0.9%	5,2 M €	-1.9%	5,3 M €	+12.4%	4,7 M €	-6.2%	5 M €	+11.4%	4,5 M €	-14.8%	5,3 M €		–		–		4,8 M €	+9.9%	4,3 M €	-5.1%	4,6 M €	+6.8%	4,3 M €	-8.9%	4,7 M €	-4.6%	4,9 M €	-0.0%	4,9 M €	+3.4%	4,8 M €	-4.0%	5 M €
EBITDA	3,5 M €	-0.5%	3,6 M €	-6.9%	3,8 M €	+16.2%	3,3 M €	-13.9%	3,8 M €	+15.1%	3,3 M €	-16.2%	4 M €	-0.6%	4 M €	+32.7%	3 M €	-16.5%	3,6 M €	+9.1%	3,3 M €	-9.5%	3,6 M €	+17.1%	3,1 M €	-16.6%	3,7 M €	-10.7%	4,2 M €	+0.7%	4,1 M €	+2.4%	4 M €	-2.7%	4,2 M €
Operating result	567,5 k €	-20.6%	715 k €	-22.0%	916,7 k €	+85.3%	494,6 k €	-57.7%	1,2 M €	+63.5%	715,4 k €	-51.8%	1,5 M €	-2.2%	1,5 M €	+226%	465,9 k €	-41.3%	793,1 k €	+54.8%	512,4 k €	-34.2%	778,9 k €	+104%	381,1 k €	-71.5%	1,3 M €	-26.3%	1,8 M €	+0.9%	1,8 M €	+5.2%	1,7 M €	-8.6%	1,9 M €
Net result	-1,5 M €	-3.2%	-1,4 M €	-15.9%	-1,2 M €	-417%	385,4 k €	-66.7%	1,2 M €	+60.2%	722,3 k €	-49.4%	1,4 M €	-1.5%	1,5 M €	+397%	-488,6 k €	+61.5%	-1,3 M €	+24.9%	-1,7 M €	-12.3%	-1,5 M €	+22.2%	-1,9 M €	-40.6%	-1,4 M €	-60.5%	-857,6 k €	+14.1%	-998,9 k €	-121%	-452,7 k €	-1.2%	-447,1 k €
Balance sheet
Equity	-2,3 M €	-174%	-838 k €	-24.6%	-672,4 k €	-223%	548,8 k €	-99.1%	62,2 M €	+1.9%	61 M €	+1.2%	60,3 M €	+2.4%	58,9 M €	+2.5%	57,4 M €	+5290%	-1,1 M €	-778%	163,2 k €	-91.2%	1,9 M €	-44.8%	3,4 M €	-36.5%	5,3 M €	-47.3%	10 M €	-7.9%	10,9 M €	-8.4%	11,9 M €	-46.8%	22,4 M €
Total assets	45,4 M €	-5.8%	48,1 M €	-4.5%	50,4 M €	-4.5%	52,8 M €	-18.0%	64,3 M €	+2.0%	63,1 M €	+1.6%	62,1 M €	+2.7%	60,5 M €	+2.9%	58,8 M €	+9.3%	53,8 M €	-4.6%	56,4 M €	-3.7%	58,5 M €	-4.3%	61,2 M €	+1.8%	60,1 M €	-10.0%	66,7 M €	-2.6%	68,5 M €	-3.8%	71,2 M €	+1.2%	70,4 M €
Cash	634,1 k €	+14.3%	554,6 k €	+57.6%	351,8 k €	-62.5%	939,2 k €		–		–		–		–		158,2 k €	-68.3%	499,5 k €	-15.1%	588,1 k €	+133%	252,1 k €	-79.6%	1,2 M €	+51.7%	814,1 k €	-23.2%	1,1 M €	+0.0%	1,1 M €	-34.8%	1,6 M €	+204%	535,2 k €
Debts	46,6 M €	-2.5%	47,8 M €	-4.0%	49,8 M €	-2.3%	51 M €	+4613%	1,1 M €	+18.8%	910,3 k €	+283%	237,9 k €	-42.7%	415 k €	+73.5%	239,2 k €	-99.5%	53,1 M €	-2.0%	54,2 M €	-1.7%	55,1 M €	-1.5%	56 M €	+3.1%	54,3 M €	-1.1%	54,9 M €	-2.5%	56,4 M €	-2.9%	58,1 M €	+23.0%	47,2 M €

Estimate

Indicative valuation

As an indication, this company is worth

between 0 € and 100 k€

See the valuation

Governance

Board of directors

Seen on filing of 31/12/2025 · 4 active · 39 ended

Active mandates

Frédéric Van Der Planken

Director · since 20 décembre 2022 · until 20 juin 2028

Active

HLSC

Director · since 20 décembre 2022 · until 20 juin 2028 · 0728.603.523

Represented by Henk Cardon

Active

Real Value Management

Director · since 20 décembre 2022 · until 20 juin 2028 · 0546.653.297

Represented by Rikkert Leeman

Active

Tobias Schwagten

Director · since 20 décembre 2022 · until 20 juin 2028

Active

Ended mandates

Frédéric VAN DER PLANKEN

Director · since 20 décembre 2022 · until 20 décembre 2028

Ended

HLSC

Director · since 20 décembre 2022 · until 20 décembre 2028 · 0728.603.523

Represented by Henk CARDON

Ended

Real Value Management

Director · since 20 décembre 2022 · until 20 décembre 2028 · 0546.653.297

Represented by Rikkert LEEMAN

Ended

Tobias SCHWAGTEN

Director · since 20 décembre 2022 · until 20 décembre 2028

Ended

At this address

Other companies at this address

Company	CBE no.
MONTOYER 34 FREEHOLD● Active	0835.965.596
MONTOYER 34 LEASEHOLD● Active	0835.942.337
NAUTEA● Active	0460.925.687

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	22/06/2026	20/06/2025	20/06/2024	15/05/2023	13/05/2022	25/06/2021
General meeting	19/06/2026	20/06/2025	20/06/2024	15/05/2023	29/04/2022	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

21 filings with the NBB

Model	Closing	General meeting	Filed	Language	Document
Abridged model	31/12/2025	19/06/2026	22/06/2026	Dutch	PDF
Abridged model	31/12/2024	20/06/2025	20/06/2025	Dutch	PDF
Abridged model	31/12/2023	20/06/2024	20/06/2024	Dutch	PDF
Abridged model	31/12/2022	15/05/2023	15/05/2023	French	PDF
Abridged model	31/12/2021	29/04/2022	13/05/2022	French	PDF
Abridged model	31/12/2020	21/06/2021	25/06/2021	French	PDF
Abridged model	31/12/2019	22/06/2020	24/06/2020	French	PDF
Full model	31/12/2018	20/06/2019	27/06/2019	French	PDF
Full model	31/12/2017	20/06/2018	04/07/2018	French	PDF
Abridged model	31/12/2016	20/06/2017	17/08/2017	French	PDF
Abridged model	31/12/2015	20/06/2016	20/06/2016	French	PDF
Abridged model	31/12/2014	20/04/2015	03/06/2015	French	PDF
Abridged model	31/12/2013	20/06/2014	31/07/2014	French	PDF
Abridged model	31/12/2012	20/06/2013	31/07/2013	French	PDF
Abridged model	31/12/2011	21/06/2012	20/07/2012	French	PDF
Abridged model	31/12/2010	30/06/2011	05/07/2011	French	PDF
Abridged model	31/12/2009	30/06/2010	31/08/2010	French	PDF
Abridged model	31/12/2008	22/06/2009	15/07/2009	French	PDF
Abridged model	31/12/2007	20/06/2008	29/08/2008	French	PDF
Abridged model	31/12/2006	07/08/2007	20/08/2007	French	PDF
Abridged model	31/12/2005	20/06/2006	23/01/2007	French	PDF

Estimate

Indicative valuation

Order of magnitude

As an indication, this company is worth

between 0 € and 100 k€

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 · 4 active · 39 ended

Active mandates

Frédéric Van Der Planken

Director · since 20 décembre 2022 · until 20 juin 2028

Active

HLSC

Director · since 20 décembre 2022 · until 20 juin 2028 · 0728.603.523

Represented by Henk Cardon

Active

Real Value Management

Director · since 20 décembre 2022 · until 20 juin 2028 · 0546.653.297

Represented by Rikkert Leeman

Active

Tobias Schwagten

Director · since 20 décembre 2022 · until 20 juin 2028

Active

Ended mandates

Frédéric VAN DER PLANKEN

Director · since 20 décembre 2022 · until 20 décembre 2028

Ended

HLSC

Director · since 20 décembre 2022 · until 20 décembre 2028 · 0728.603.523

Represented by Henk CARDON

Ended

Real Value Management

Director · since 20 décembre 2022 · until 20 décembre 2028 · 0546.653.297

Represented by Rikkert LEEMAN

Ended

Tobias SCHWAGTEN

Director · since 20 décembre 2022 · until 20 décembre 2028

Ended

Shareholders

Ownership and network

Looking for more information about this company?

Try for 7 days

Belgian Official Gazette

Belgian Official Gazette publications

Capital / shares01/07/2024
KAPITAAL - AANDELEN
PDF
Mandates18/06/2024
ONTSLAGEN - BENOEMINGEN
PDF
Mandates28/04/2023
OBJET - CAPITAL, ACTIONS - DEMISSIONS, NOMINATIONS - STATUTS (TRADUCTION, COORDINATION, AUTRES MODIFICATIONS, )
PDF
Mandates04/01/2023
SIEGE SOCIAL - DEMISSIONS, NOMINATIONS
PDF
Capital / shares30/12/2022
CAPITAL, ACTIONS
PDF
Mandates21/06/2022
DEMISSIONS, NOMINATIONS
PDF
Capital / shares04/04/2022
CAPITAL, ACTIONS
PDF
Mandates05/07/2021
DEMISSIONS, NOMINATIONS
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 2025-1,5 M €↓
2024
Annual accounts 2024-1,4 M €↓
04/03/2024
augmentation_capital
2023
Annual accounts 2023-1,2 M €↓
2022
Annual accounts 2022385,4 k €↓
20/12/2022
nominationReal Value Management BV — administrateur
20/12/2022
nominationHLSC BV — administrateur
20/12/2022
nominationFrédéric Van der Planken — administrateur
20/12/2022
nominationTobias Schwagten — administrateur
20/12/2022
reduction_capital
20/12/2022
reduction_capital
29/04/2022
reconductionSRL Marc Van Begin — administrateur
29/04/2022
reconductionSRL Amaury de Crombrugghe — administrateur
29/04/2022
reconductionSRL Amand Benoît D'Hondt — administrateur
01/01/2022
demissionAmaury de Crombrugghe — bestuurder
01/01/2022
demissionAmand Benoît d'Hondt — bestuurder
01/01/2022
demissionMarc Van Begin — bestuurder
2021
Annual accounts 20211,2 M €↑
2020
Annual accounts 2020722,3 k €↓
2019
Annual accounts 20191,4 M €↓
2018
Annual accounts 20181,5 M €↑
2017
Annual accounts 2017-488,6 k €↑
2016
Annual accounts 2016-1,3 M €↑
2015
Annual accounts 2015-1,7 M €↓
2014
Annual accounts 2014-1,5 M €↑
2013
Annual accounts 2013-1,9 M €↓
2012
Annual accounts 2012-1,4 M €↓
2009
Annual accounts 2009-857,6 k €↑
2008
Annual accounts 2008-998,9 k €↓
2007
Annual accounts 2007-452,7 k €↓
2006
Annual accounts 2006-447,1 k €
13/07/2004
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

TOWER BEL (SA)

Overview

What does TOWER BEL do?

Trend over 18 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