ACTIVE

PLUS-VALUES

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Financial year 2025 · closed on 31/12/2025

Net result

-24,8 k €

-3360.2% YoY

Gross margin

3,7 k €

-97.6% YoY

Equity

1,2 M €

-2.0% YoY

What does PLUS-VALUES do?

PLUS-VALUES is a Public limited company incorporated in 2005. Its main activity is: Activities of holding companies. Its registered office is in Beernem.

Legal situation

● Normal situation

BCE/KBO no. / VAT

BE 0873.770.555

Incorporation

12/05/2005

Legal form

Public limited company

Registered office

Beverhoutsveldstraat 64
8730 Beernem · FlandreSee on map

Contributed capital

375 000,00 €

Latest accounts

31/12/2025

Activities (NACE)

64200Activities of holding companies· main 64210Activities of holding companies 74151Specialised design activities 74879Other professional, scientific and technical activities 82990Other business support service activities n.e.c.82990Other business support service activities n.e.c.

Joint committees (2)

Signals

Solid equityPositive EBITDA

View the BCE/KBO Public Search record →

Health score

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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	3,7 k €	-97.6%	151,1 k €	-13.9%	175,5 k €	+0.7%	174,3 k €	+4.1%	167,4 k €	+35.8%	123,3 k €	-42.4%	214,0 k €	+0.9%	212,1 k €	+0.3%	211,4 k €	+35.8%	155,7 k €	+11.4%	139,7 k €	+3.2%	135,3 k €	+3.9%	130,3 k €	+6.0%	123,0 k €	+17.0%	105,1 k €	-17.4%	127,3 k €	+75.6%	72,5 k €	-38.5%	117,9 k €	+11.1%	106,2 k €	+160%	40,8 k €
EBITDA	2,9 k €	-93.6%	44,8 k €	-37.1%	71,1 k €	+18.8%	59,9 k €	-30.7%	86,4 k €	+57.9%	54,7 k €	-50.7%	111,1 k €	+20.0%	92,6 k €	+0.7%	91,9 k €	+133%	39,5 k €	+76.1%	22,4 k €	+86.5%	12,0 k €	+72.7%	7,0 k €	+899%	-871,0 €	+90.5%	-9,2 k €	-154%	17,0 k €	+167%	-25,3 k €	-227%	19,9 k €	-59.9%	49,6 k €	+41.7%	35,0 k €
Operating result	2,9 k €	-91.8%	35,2 k €	-42.9%	61,5 k €	+22.4%	50,3 k €	-36.2%	78,8 k €	+74.4%	45,2 k €	-55.5%	101,5 k €	+22.3%	83,0 k €	+0.8%	82,4 k €	+175%	30,0 k €	+106%	14,6 k €	+250%	4,2 k €	+559%	-905,0 €	+89.6%	-8,7 k €	+49.0%	-17,1 k €	-270%	10,1 k €	+131%	-32,3 k €	-501%	8,0 k €	-78.7%	37,7 k €	+52.5%	24,7 k €
Net result	-24,8 k €	-3360%	762,2 €	-97.2%	27,7 k €	+37.1%	20,2 k €	-55.9%	45,8 k €	+71.4%	26,7 k €	-67.8%	82,8 k €	-10.6%	92,6 k €	-54.5%	203,5 k €	+52341%	388,0 €	+103%	-15,1 k €	+41.5%	-25,7 k €	+18.3%	-31,5 k €	-16.3%	-27,1 k €	+26.1%	-36,6 k €	-46.8%	-25,0 k €	+67.5%	-76,8 k €	-125%	-34,2 k €	-175%	-12,4 k €	-11.4%	-11,1 k €
Balance sheet
Equity	1,2 M €	-2.0%	1,2 M €	+0.1%	1,2 M €	+2.3%	1,2 M €	+1.7%	1,2 M €	+4.0%	1,2 M €	+2.4%	1,1 M €	+7.9%	1,0 M €	+9.8%	949,4 k €	+27.3%	746,0 k €	+0.1%	745,6 k €	-2.0%	760,6 k €	-3.3%	786,4 k €	-3.9%	817,8 k €	-3.2%	844,9 k €	-4.2%	881,6 k €	-2.8%	906,5 k €	-7.8%	983,3 k €	-3.4%	1,0 M €	-1.2%	1,0 M €
Total assets	1,9 M €	-2.3%	1,9 M €	+0.5%	1,9 M €	-0.5%	1,9 M €	+3.2%	1,9 M €	+7.3%	1,8 M €	+1.2%	1,7 M €	+5.1%	1,7 M €	+0.1%	1,6 M €	+2.9%	1,6 M €	+2.1%	1,6 M €	+0.3%	1,6 M €	-0.5%	1,6 M €	+1.4%	1,6 M €	-0.7%	1,6 M €	+1.5%	1,5 M €	-0.1%	1,5 M €	-2.2%	1,6 M €	+0.4%	1,6 M €	+2.7%	1,5 M €
Cash	767,4 €	+92.0%	399,7 €	-62.3%	1,1 k €	+4.7%	1,0 k €	-44.8%	1,8 k €	+27.7%	1,4 k €	-54.4%	3,2 k €	-10.3%	3,5 k €	+73.9%	2,0 k €	-74.4%	7,9 k €	+1074%	671,0 €		–		915,0 €	-81.1%	4,9 k €	+117%	2,2 k €	+1012%	201,0 €	-95.0%	4,0 k €	-36.8%	6,4 k €	-37.5%	10,2 k €	-23.0%	13,3 k €
Debts	387,7 k €	-10.8%	434,6 k €	-4.5%	455,1 k €	-10.7%	509,5 k €	+4.5%	487,4 k €	+15.4%	422,3 k €	-5.3%	446,2 k €	-3.4%	462,0 k €	-19.1%	571,4 k €	-23.9%	751,1 k €	+0.8%	745,2 k €	-0.9%	751,9 k €	-1.2%	760,8 k €	+3.7%	734,0 k €	+2.2%	718,3 k €	+9.2%	658,1 k €	+3.6%	635,2 k €	+7.2%	592,7 k €	+7.2%	553,0 k €	+10.7%	499,6 k €
Other
Workforce	–		0,9 ETP	-10.0%	1,0 ETP	0.0%	1,0 ETP	0.0%	1,0 ETP	0.0%	1,0 ETP	0.0%	1,0 ETP	0.0%	1,0 ETP	0.0%	1,0 ETP	0.0%	1,0 ETP	0.0%	1,0 ETP	0.0%	1,0 ETP	0.0%	1,0 ETP	0.0%	1,0 ETP	0.0%	1,0 ETP	0.0%	1,0 ETP	0.0%	1,0 ETP	0.0%	1,0 ETP	+25.0%	0,8 ETP	+700%	0,1 ETP

Estimate

Indicative valuation

As an indication, this company is worth

between 100 k€ and 250 k€

See the valuation

Governance

Board of directors

Seen on filing of 31/12/2025 · 3 active · 18 ended

Active mandates

Koen Thenaers

Managing director · since 27 décembre 2023 · until 26 décembre 2029

Active

Paul Willems

Managing director · since 27 décembre 2023 · until 26 décembre 2029

Active

Wendy Vandenbussche

Director · since 27 décembre 2023 · until 26 décembre 2029

Active

Ended mandates

Koen Thenaers

Director · since 27 décembre 2023 · until 26 décembre 2029

Ended

Paul Willems

Director · since 27 décembre 2023 · until 26 décembre 2029

Ended

Wendy Vandenbussche

Director · since 29 juin 2021 · until 17 juin 2023

Ended

Wendy Vandenbussche

Director · since 24 mai 2021 · until 28 juin 2021

Ended

At this address

Other companies at this address

Company	CBE no.
Axepharma● Active	0739.549.477

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	28/08/2026	24/07/2025	28/08/2024	30/08/2023	28/07/2022	26/08/2021
General meeting	19/06/2026	20/06/2025	21/06/2024	16/06/2023	14/04/2022	28/06/2021
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	19/06/2026	28/08/2026	Dutch	PDF
Abridged model	31/12/2024	20/06/2025	24/07/2025	Dutch	PDF
Abridged model	31/12/2023	21/06/2024	28/08/2024	Dutch	PDF
Abridged model	31/12/2022	16/06/2023	30/08/2023	Dutch	PDF
Abridged model	31/12/2021	14/04/2022	28/07/2022	Dutch	PDF
Abridged model	31/12/2020	28/06/2021	26/08/2021	Dutch	PDF
Abridged model	31/12/2019	19/06/2020	23/09/2020	Dutch	PDF
Abridged model	31/12/2018	21/06/2019	30/08/2019	Dutch	PDF
Abridged model	31/12/2017	21/06/2018	30/08/2018	Dutch	PDF
Abridged model	31/12/2016	15/06/2017	29/08/2017	Dutch	PDF
Abridged model	31/12/2015	30/06/2016	20/07/2016	Dutch	PDF
Abridged model	31/12/2014	18/06/2015	28/08/2015	Dutch	PDF
Abridged model	31/12/2013	19/06/2014	28/08/2014	Dutch	PDF
Abridged model	31/12/2012	14/06/2013	29/08/2013	Dutch	PDF
Abridged model	31/12/2011	15/06/2012	29/08/2012	Dutch	PDF
Abridged model	31/12/2010	17/06/2011	31/08/2011	Dutch	PDF
Abridged model	31/12/2009	18/06/2010	31/08/2010	Dutch	PDF
Abridged model	31/12/2008	19/06/2009	28/08/2009	Dutch	PDF
Abridged model	31/12/2007	20/06/2008	29/08/2008	Dutch	PDF
Abridged model	31/12/2006	15/06/2007	29/08/2007	Dutch	PDF

Estimate

Indicative valuation

Order of magnitude

As an indication, this company is worth

between 100 k€ and 250 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 · 3 active · 18 ended

Active mandates

Koen Thenaers

Managing director · since 27 décembre 2023 · until 26 décembre 2029

Active

Paul Willems

Managing director · since 27 décembre 2023 · until 26 décembre 2029

Active

Wendy Vandenbussche

Director · since 27 décembre 2023 · until 26 décembre 2029

Active

Ended mandates

Koen Thenaers

Director · since 27 décembre 2023 · until 26 décembre 2029

Ended

Paul Willems

Director · since 27 décembre 2023 · until 26 décembre 2029

Ended

Wendy Vandenbussche

Director · since 29 juin 2021 · until 17 juin 2023

Ended

Wendy Vandenbussche

Director · since 24 mai 2021 · until 28 juin 2021

Ended

Shareholders

Ownership and network

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Belgian Official Gazette

Belgian Official Gazette publications

Other10/01/2024
STATUTEN (VERTALING, COÖRDINATIE, OVERIGE WIJZIGINGEN, )
PDF
Mandates23/08/2023
ONTSLAGEN - BENOEMINGEN
PDF
Mandates12/10/2021
ONTSLAGEN - BENOEMINGEN
PDF
Mandates10/06/2021
ONTSLAGEN - BENOEMINGEN
PDF
Mandates25/03/2021
ONTSLAGEN - BENOEMINGEN
PDF
Registered office08/03/2021
MAATSCHAPPELIJKE ZETEL
PDF
Mandates20/02/2018
ONTSLAGEN - BENOEMINGEN
PDF
Mandates20/02/2018
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 2025-24,8 k €↓
2024
Annual accounts 2024762,2 €↓
2023
Annual accounts 202327,7 k €↑
2022
Annual accounts 202220,2 k €↓
2021
Annual accounts 202145,8 k €↑
2020
Annual accounts 202026,7 k €↓
2019
Annual accounts 201982,8 k €↓
2018
Annual accounts 201892,6 k €↓
2017
Annual accounts 2017203,5 k €↑
2016
Annual accounts 2016388,0 €↑
2015
Annual accounts 2015-15,1 k €↑
2014
Annual accounts 2014-25,7 k €↑
2013
Annual accounts 2013-31,5 k €↓
2012
Annual accounts 2012-27,1 k €↑
2011
Annual accounts 2011-36,6 k €↓
2010
Annual accounts 2010-25,0 k €↑
2009
Annual accounts 2009-76,8 k €↓
2008
Annual accounts 2008-34,2 k €↓
2007
Annual accounts 2007-12,4 k €↓
2006
Annual accounts 2006-11,1 k €
12/05/2005
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

PLUS-VALUES

Overview

What does PLUS-VALUES do?

Trend over 20 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