ACTIVE

PINEUR CURAGE

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Financial year 2025 · closed on 30/09/2025

Net result

75 k €

+58.5% YoY

Revenue

1,6 M €

-3.0% YoY

Equity

791,9 k €

+10.5% YoY

Workforce

9,8 ETP

-1.0% YoY

What does PINEUR CURAGE do?

PINEUR CURAGE is a Private limited company incorporated in 2005. Its main activity is: Construction of water projects. Its registered office is in Hannut. It employs on average 9,8 ETP workers (FTE).

Legal situation

● Normal situation

BCE/KBO no. / VAT

BE 0874.641.674

Incorporation

23/06/2005

Legal form

Private limited company

Registered office

Ruelle Massa 9
4280 Hannut · WallonieSee on map

Contributed capital

18 600,00 €

Latest accounts

30/09/2025

Average workforce

9,8 ETP

Activities (NACE)

42911Construction of water projects· main 42911Construction of water projects 43120Site preparation 43120Site preparation 45112Sale of cars and light motor vehicles 45241Maintenance and repair of motor vehicles

Joint committees (3)

Signals

ProfitableSolid equityLow riskGood liquidityPositive cashflowPositive EBITDAHealthy 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		2020		2018		2017		2016		2015		2014		2013		2012		2011		2010		2009		2008		2007
Income statement
Revenue	1,6 M €	-3.0%	1,7 M €	-16.7%	2 M €	+28.1%	1,6 M €	+3.0%	1,5 M €	-57.0%	3,6 M €	+87.8%	1,9 M €	+59.7%	1,2 M €	-10.5%	1,3 M €	+0.4%	1,3 M €	+0.5%	1,3 M €	-20.5%	1,6 M €	+24.4%	1,3 M €		–		–		–		–		–
EBITDA	390,6 k €	+55.4%	251,3 k €	-43.1%	442 k €	+29.2%	342 k €	-24.4%	452,2 k €	-36.0%	706,4 k €	+140%	293,8 k €	+58.2%	185,7 k €	-30.4%	266,7 k €	+18.1%	225,9 k €	+11.2%	203,2 k €	-7.7%	220,1 k €	-28.7%	308,6 k €	+2384%	-13,5 k €	-106%	225 k €	-18.4%	275,8 k €	-30.5%	396,9 k €	+43.8%	276,1 k €
Operating result	137,5 k €	+52.1%	90,4 k €	-58.7%	218,9 k €	+27.6%	171,6 k €	-47.8%	329 k €	-41.6%	563,8 k €	+202%	186,7 k €	+205%	61,1 k €	-58.9%	148,8 k €	+34.7%	110,5 k €	+12.9%	97,9 k €	-44.1%	175,1 k €	+7.7%	162,6 k €	+221%	-134,3 k €	-835%	18,3 k €	-47.5%	34,8 k €	-78.3%	160,2 k €	+11.7%	143,4 k €
Net result	75 k €	+58.5%	47,3 k €	-68.1%	148,1 k €	+21.9%	121,5 k €	-48.7%	236,8 k €	-35.2%	365,6 k €	+190%	126,1 k €	+276%	33,5 k €	-63.1%	90,8 k €	+44.2%	63 k €	+128%	27,6 k €	-70.6%	93,8 k €	-38.9%	153,5 k €	+212%	-137,3 k €	-1402%	10,5 k €	-49.6%	20,9 k €	-81.2%	111,2 k €	+36.2%	81,7 k €
Balance sheet
Equity	791,9 k €	+10.5%	717 k €	+7.1%	669,7 k €	+28.4%	521,5 k €	+30.4%	400 k €	-60.5%	1 M €	+56.5%	647,6 k €	+24.2%	521,5 k €	+6.9%	487,9 k €	+22.9%	397,1 k €	+18.9%	334,1 k €	+9.0%	306,5 k €	+44.1%	212,7 k €	+244%	61,8 k €	-71.3%	215,3 k €	+0.8%	213,6 k €	+29.5%	165 k €	+36.6%	120,8 k €
Total assets	1,6 M €	-21.1%	2,1 M €	+17.3%	1,8 M €	+8.1%	1,6 M €	-25.8%	2,2 M €	-12.0%	2,5 M €	+56.3%	1,6 M €	+31.2%	1,2 M €	+3.4%	1,2 M €	+2.1%	1,2 M €	+8.0%	1,1 M €	-14.8%	1,3 M €	+42.6%	877,7 k €	-2.5%	899,8 k €	-29.7%	1,3 M €	+3.8%	1,2 M €	-3.4%	1,3 M €	+29.1%	988,4 k €
Cash	392,7 k €	+34.6%	291,8 k €	+116%	135,4 k €	-33.5%	203,6 k €	-68.7%	649,9 k €	-41.4%	1,1 M €	+85.8%	596,6 k €	+13.4%	525,9 k €	+61.6%	325,5 k €	+33.3%	244,1 k €	+27.1%	192,1 k €	-3.7%	199,4 k €	+15.3%	173 k €	+72.3%	100,4 k €	+201%	33,4 k €	-48.2%	64,4 k €	-49.6%	127,8 k €	+108%	61,4 k €
Debts	837,2 k €	-36.7%	1,3 M €	+29.1%	1 M €	-7.0%	1,1 M €	-38.6%	1,8 M €	+24.5%	1,4 M €	+52.1%	948,3 k €	+36.4%	695,2 k €	+2.8%	676,3 k €	-8.7%	740,6 k €	+1.5%	729,6 k €	-21.9%	934,3 k €	+42.3%	656,7 k €	-21.6%	838 k €	-21.0%	1,1 M €	+4.3%	1 M €	-8.3%	1,1 M €	+28.3%	865,1 k €
Other
Workforce	9,8 ETP	-1.0%	9,9 ETP	-5.7%	10,5 ETP	+1.9%	10,3 ETP	+10.8%	9,3 ETP	-4.1%	9,7 ETP	+1.0%	9,6 ETP	+7.9%	8,9 ETP	+9.9%	8,1 ETP	+1.2%	8,0 ETP	-9.1%	8,8 ETP	-1.1%	8,9 ETP	+4.7%	8,5 ETP	+6.3%	8,0 ETP	-4.8%	8,4 ETP	-3.4%	8,7 ETP	-1.1%	8,8 ETP	+4.8%	8,4 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 30/09/2025 · 2 active · 9 ended

Active mandates

Benoit Aerts

Director · since 28 juillet 2021

Active

Jean-Christophe Rihoux

Managing director · since 16 décembre 2019

Active

Ended mandates

Canalfin Infra Group

Director · since 28 juillet 2021 · 0841.690.378

Ended

Jean-Christophe Rihoux

Director · since 16 décembre 2019

Ended

CANALFIN SA

Director · since 26 septembre 2013 · 0842.251.295

Represented by BENOIT AERTS

Ended

CANALFIN SA

Manager · since 26 septembre 2013 · 0842.251.295

Represented by Benoît AERTS

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	Abridged model
Start of the financial year	01/10/2024	01/10/2023	01/10/2022	01/10/2021	01/10/2020	01/01/2019
Closing of the financial year	30/09/2025	30/09/2024	30/09/2023	30/09/2022	30/09/2021	30/09/2020
Length of the financial year	12 months	12 months	12 months	12 months	12 months	21 months
Filing date	09/04/2026	17/04/2025	16/04/2024	21/04/2023	21/04/2022	30/03/2021
General meeting	27/03/2026	28/03/2025	29/03/2024	31/03/2023	25/03/2022	26/03/2021
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

19 filings with the NBB

Model	Closing	General meeting	Filed	Language	Document
Abridged model	30/09/2025	27/03/2026	09/04/2026	French	PDF
Abridged model	30/09/2024	28/03/2025	17/04/2025	French	PDF
Abridged model	30/09/2023	29/03/2024	16/04/2024	French	PDF
Abridged model	30/09/2022	31/03/2023	21/04/2023	French	PDF
Abridged model	30/09/2021	25/03/2022	21/04/2022	French	PDF
Abridged model	30/09/2020	26/03/2021	30/03/2021	French	PDF
Abridged model	31/12/2018	08/05/2019	06/06/2019	French	PDF
Abridged model	31/12/2017	26/06/2018	29/06/2018	French	PDF
Full model	31/12/2016	24/05/2017	23/06/2017	French	PDF
Full model	31/12/2015	11/05/2016	08/06/2016	French	PDF
Full model	31/12/2014	13/05/2015	29/06/2015	French	PDF
Full model	31/12/2013	14/05/2014	04/06/2014	French	PDF
Full model	30/09/2012	24/01/2013	27/02/2013	French	PDF
Abridged model	30/09/2011	26/01/2012	28/02/2012	French	PDF
Abridged model	30/09/2010	27/01/2011	18/02/2011	French	PDF
Abridged model	30/09/2009	28/01/2010	04/02/2010	French	PDF
Abridged model	30/09/2008	29/01/2009	23/03/2009	French	PDF
Abridged model	30/09/2007	17/01/2008	13/02/2008	French	PDF
Abridged model	30/09/2006	18/01/2007	29/01/2007	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 30/09/2025 · 2 active · 9 ended

Active mandates

Benoit Aerts

Director · since 28 juillet 2021

Active

Jean-Christophe Rihoux

Managing director · since 16 décembre 2019

Active

Ended mandates

Canalfin Infra Group

Director · since 28 juillet 2021 · 0841.690.378

Ended

Jean-Christophe Rihoux

Director · since 16 décembre 2019

Ended

CANALFIN SA

Director · since 26 septembre 2013 · 0842.251.295

Represented by BENOIT AERTS

Ended

CANALFIN SA

Manager · since 26 septembre 2013 · 0842.251.295

Represented by Benoît AERTS

Ended

Shareholders

Ownership and network

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Belgian Official Gazette

Belgian Official Gazette publications

Mandates29/04/2025
DEMISSIONS, NOMINATIONS
PDF
Mandates18/05/2022
DEMISSIONS, NOMINATIONS
PDF
Mandates12/10/2021
DEMISSIONS, NOMINATIONS
PDF
Registered office01/09/2020
SIEGE SOCIAL
PDF
Other05/02/2020
STATUTS (TRADUCTION, COORDINATION, AUTRES MODIFICATIONS, ) - MODIFICATION FORME JURIDIQUE
PDF
Mandates12/09/2016
DEMISSIONS, NOMINATIONS
PDF
Mandates03/01/2014
DEMISSIONS, NOMINATIONS
PDF
Other07/11/2013
ANNEE COMPTABLE - STATUTS (TRADUCTION, COORDINATION, AUTRES MODIFICATIONS, )
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 202575 k €↑
2024
Annual accounts 202447,3 k €↓
2023
Annual accounts 2023148,1 k €↑
2022
Annual accounts 2022121,5 k €↓
2021
Annual accounts 2021236,8 k €↓
2020
Annual accounts 2020365,6 k €↑
2018
Annual accounts 2018126,1 k €↑
2017
Annual accounts 201733,5 k €↓
2016
Annual accounts 201690,8 k €↑
2015
Annual accounts 201563 k €↑
2014
Annual accounts 201427,6 k €↓
2013
Annual accounts 201393,8 k €↓
2012
Annual accounts 2012153,5 k €↑
2011
Annual accounts 2011-137,3 k €↓
2010
Annual accounts 201010,5 k €↓
2009
Annual accounts 200920,9 k €↓
2008
Annual accounts 2008111,2 k €↑
2007
Annual accounts 200781,7 k €
23/06/2005
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

PINEUR CURAGE

Overview

What does PINEUR CURAGE do?

Trend over 18 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