ACTIVE

VARES

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Financial year 2025 · closed on 31/12/2025

Net result

2,5 M €

-14.7% YoY

Gross margin

-50,6 k €

+57.3% YoY

Equity

82,9 M €

+2.7% YoY

Workforce

1,0 ETP

0.0% YoY

What does VARES do?

VARES is a Public limited company incorporated in 2004. Its main activity is: Activities of holding companies. Its registered office is in Bruxelles. It employs on average 1,0 ETP workers (FTE).

Legal situation

● Normal situation

BCE/KBO no. / VAT

BE 0867.182.275

Incorporation

10/09/2004

Legal form

Public limited company

Registered office

Rue d'Argent 7 box 9.01
1000 Bruxelles · BruxellesSee on map

Contributed capital

47 875 000,00 €

Latest accounts

31/12/2025

Average workforce

1,0 ETP

Activities (NACE)

64200Activities of holding companies· main 64210Activities of holding companies 74151Specialised design activities

Signals

ProfitableSolid equityLow riskGood liquidityPositive cashflowHealthy social debts

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Health score

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✦ Verdict · Analyst summary

Financials

Trend over 18 financial years

	2025		2024		2023		2022		2021		2018		2017		2016		2015		2014		2013		2012		2011		2010		2009		2008		2007		2006
Income statement
Gross margin	-50,6 k €	+57.3%	-118,5 k €	+58.9%	-288,1 k €	-509%	70,5 k €	+151%	-137,6 k €	-133%	412,9 k €	-9.0%	453,7 k €	+41.9%	319,8 k €	+26.6%	252,5 k €	-45.0%	459,1 k €	+63.4%	280,9 k €	+44.5%	194,4 k €	-23.5%	254 k €	+2.7%	247,3 k €	-8.8%	271 k €	-15.7%	321,4 k €	+351%	71,2 k €	-17.3%	86,1 k €
EBITDA	-212,6 k €	+27.3%	-292,3 k €	+20.9%	-369,7 k €	-647%	67,6 k €	+138%	-176,9 k €	-145%	392,8 k €	+2.6%	382,9 k €	+38.2%	277,2 k €	+17.5%	235,9 k €	-47.5%	449,1 k €	+65.4%	271,5 k €	+44.0%	188,5 k €	-24.1%	248,3 k €	+3.1%	240,8 k €	-6.2%	256,8 k €	-18.9%	316,7 k €	+372%	67,1 k €	-18.7%	82,4 k €
Operating result	-566,1 k €	-5.5%	-536,4 k €	+11.9%	-609,1 k €	-350%	-135,3 k €	+61.2%	-349 k €	-280%	194 k €	+8.5%	178,8 k €	+45.6%	122,9 k €	+50.9%	81,4 k €	-70.1%	272,7 k €	+578%	40,2 k €	-58.4%	96,5 k €	-48.2%	186,3 k €	+3.0%	180,9 k €	-12.4%	206,5 k €	-22.6%	266,8 k €	+1436%	17,4 k €	-47.1%	32,8 k €
Net result	2,5 M €	-14.7%	2,9 M €	-3.5%	3 M €	-52.1%	6,3 M €	+127%	2,8 M €	+42.1%	1,9 M €	-8.2%	2,1 M €	+39.2%	1,5 M €	+797%	-218,3 k €	-117%	1,3 M €	-72.9%	4,6 M €	+187%	1,6 M €	+48.8%	1,1 M €	-8.2%	1,2 M €	+36.7%	859,5 k €	-48.5%	1,7 M €	+5382%	-31,6 k €	-72.2%	-18,3 k €
Balance sheet
Equity	82,9 M €	+2.7%	80,7 M €	+3.1%	78,3 M €	+2.5%	76,4 M €	+4.6%	73,1 M €	+11.9%	65,3 M €	+3.1%	63,3 M €	+3.5%	61,2 M €	+2.5%	59,7 M €	-0.4%	59,9 M €	+2.1%	58,7 M €	-0.7%	59 M €	+2.8%	57,4 M €	+1.9%	56,4 M €	+2.1%	55,2 M €	+1.6%	54,3 M €	+6826%	784,4 k €	-3.9%	816 k €
Total assets	83,3 M €	+2.4%	81,3 M €	+2.0%	79,7 M €	+3.5%	77 M €	+5.3%	73,2 M €	+11.4%	65,6 M €	+3.0%	63,8 M €	+2.8%	62 M €	+0.5%	61,7 M €	-1.6%	62,7 M €	-1.5%	63,7 M €	+7.8%	59,1 M €	+2.7%	57,5 M €	+2.0%	56,4 M €	+2.1%	55,3 M €	-0.0%	55,3 M €	+2985%	1,8 M €	-2.5%	1,8 M €
Cash	501,7 k €	-91.2%	5,7 M €	-32.2%	8,4 M €	+409%	1,7 M €	-53.8%	3,6 M €	+93.8%	1,8 M €	+122%	831,2 k €	+3.5%	803,4 k €	+3775%	20,7 k €	-99.5%	3,8 M €	-47.9%	7,3 M €	+235%	2,2 M €	-23.5%	2,9 M €	+62.0%	1,8 M €	+6478%	26,9 k €	+258%	7,5 k €	-82.1%	41,9 k €	+245%	12,2 k €
Debts	358,1 k €	-39.4%	590,7 k €	-56.4%	1,4 M €	+123%	606,8 k €	+535%	95,6 k €	-54.2%	208,9 k €	+71.0%	122,1 k €	-79.7%	601,7 k €	-69.1%	1,9 M €	-25.8%	2,6 M €	-47.7%	5 M €	+28811%	17,4 k €	-71.6%	61,3 k €	+79.4%	34,2 k €	-46.2%	63,5 k €	-91.7%	763,7 k €	-14.3%	891,1 k €	-5.6%	944,4 k €
Other
Workforce	1,0 ETP	0.0%	1,0 ETP	+100%	0,5 ETP		–		–		–		–		–		–		–		–		–		–		–		0,5 ETP		–		–		–

Estimate

Indicative valuation

As an indication, this company is worth

between 50 M€ and 100 M€

See the valuation

Governance

Board of directors

Seen on filing of 31/12/2025 · 5 active · 25 ended

Active mandates

Claire Juliard

Director · since 11 juin 2022

Active

Clément Juliard

Director · since 11 juin 2022

Active

Martine Reijnaers

Managing director · since 11 juin 2022

Active

Philippe Juliard

Director · since 11 juin 2022

Active

Thibault Juliard

Director · since 11 juin 2022

Active

Ended mandates

Marc De Wever

Director · since 11 juin 2022

Ended

Claire Juliard

Director · since 08 mai 2019 · until 11 mai 2022

Ended

Clément Juliard

Director · since 08 mai 2019 · until 11 mai 2022

Ended

Martine Reijnaers

Managing director · since 12 mai 2016 · until 11 mai 2022

Ended

At this address

Other companies at this address

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The Suksrikarn● Active	0848.943.703

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	01/06/2026	20/10/2025	24/06/2024	21/06/2023	12/08/2022	23/08/2021
General meeting	12/05/2026	06/10/2025	08/06/2024	10/06/2023	11/06/2022	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

21 filings with the NBB

Model	Closing	General meeting	Filed	Language	Document
Abridged model	31/12/2025	12/05/2026	01/06/2026	Dutch	PDF
Abridged modelCorrection	31/12/2024	06/10/2025	20/10/2025	Dutch	PDF
Abridged model	31/12/2024	14/06/2025	23/06/2025	Dutch	PDF
Abridged model	31/12/2023	08/06/2024	24/06/2024	Dutch	PDF
Abridged model	31/12/2022	10/06/2023	21/06/2023	Dutch	PDF
Abridged model	31/12/2021	11/06/2022	12/08/2022	Dutch	PDF
Abridged model	31/12/2020	25/06/2021	23/08/2021	Dutch	PDF
Abridged model	31/12/2019	19/06/2020	24/06/2020	Dutch	PDF
Abridged model	31/12/2018	08/05/2019	30/08/2019	Dutch	PDF
Abridged model	31/12/2017	09/05/2018	18/06/2018	Dutch	PDF
Abridged model	31/12/2016	10/05/2017	15/06/2017	Dutch	PDF
Abridged model	31/12/2015	11/05/2016	19/07/2016	Dutch	PDF
Abridged model	31/12/2014	13/05/2015	23/06/2015	Dutch	PDF
Abridged model	31/12/2013	14/05/2014	20/06/2014	Dutch	PDF
Abridged model	31/12/2012	08/05/2013	24/05/2013	Dutch	PDF
Abridged model	31/12/2011	09/05/2012	02/07/2012	Dutch	PDF
Abridged model	31/12/2010	11/05/2011	16/08/2011	Dutch	PDF
Abridged model	31/12/2009	12/05/2010	01/07/2010	Dutch	PDF
Abridged model	31/12/2008	13/05/2009	30/06/2009	Dutch	PDF
Abridged model	31/12/2007	14/05/2008	25/06/2008	Dutch	PDF
Abridged model	31/12/2006	09/05/2007	27/08/2007	Dutch	PDF

Estimate

Indicative valuation

Order of magnitude

As an indication, this company is worth

between 50 M€ and 100 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 · 5 active · 25 ended

Active mandates

Claire Juliard

Director · since 11 juin 2022

Active

Clément Juliard

Director · since 11 juin 2022

Active

Martine Reijnaers

Managing director · since 11 juin 2022

Active

Philippe Juliard

Director · since 11 juin 2022

Active

Thibault Juliard

Director · since 11 juin 2022

Active

Ended mandates

Marc De Wever

Director · since 11 juin 2022

Ended

Claire Juliard

Director · since 08 mai 2019 · until 11 mai 2022

Ended

Clément Juliard

Director · since 08 mai 2019 · until 11 mai 2022

Ended

Martine Reijnaers

Managing director · since 12 mai 2016 · until 11 mai 2022

Ended

Shareholders

Ownership and network

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Try for 7 days

Belgian Official Gazette

Belgian Official Gazette publications

Mandates18/09/2026
Herbenoeming bestuurders - Volmacht
PDF
Mandates22/08/2025
ONTSLAGEN - BENOEMINGEN
PDF
Mandates05/08/2022
ONTSLAGEN - BENOEMINGEN
PDF
Other31/03/2022
STATUTEN (VERTALING, COÖRDINATIE, OVERIGE WIJZIGINGEN, )
PDF
Mandates03/09/2020
ONTSLAGEN - BENOEMINGEN
PDF
Mandates20/08/2019
ONTSLAGEN - BENOEMINGEN
PDF
Mandates18/01/2017
ONTSLAGEN - BENOEMINGEN
PDF
Mandates18/11/2016
MAATSCHAPPELIJKE ZETEL - ONTSLAGEN - BENOEMINGEN
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 20252,5 M €↓
2024
Annual accounts 20242,9 M €↓
2023
Annual accounts 20233 M €↓
2022
Annual accounts 20226,3 M €↑
11/06/2022
reconductionMartine Reijnaers — bestuurder
11/06/2022
reconductionClaire Juliard — bestuurder
11/06/2022
reconductionClément Juliard — bestuurder
11/06/2022
reconductionPhilippe Juliard — bestuurder
11/06/2022
reconductionThibault Juliard — bestuurder
11/06/2022
reconductionMarc De Wever — bestuurder
2021
Annual accounts 20212,8 M €↑
2018
Annual accounts 20181,9 M €↓
2017
Annual accounts 20172,1 M €↑
2016
Annual accounts 20161,5 M €↑
2015
Annual accounts 2015-218,3 k €↓
2014
Annual accounts 20141,3 M €↓
2013
Annual accounts 20134,6 M €↑
2012
Annual accounts 20121,6 M €↑
2011
Annual accounts 20111,1 M €↓
2010
Annual accounts 20101,2 M €↑
2009
Annual accounts 2009859,5 k €↓
2008
Annual accounts 20081,7 M €↑
2007
Annual accounts 2007-31,6 k €↓
2006
Annual accounts 2006-18,3 k €
10/09/2004
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

VARES

Overview

What does VARES 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