ACTIVE

Fero Group

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Financial year 2025 · closed on 31/12/2025

Net result

-909,2 k €

-29.1% YoY

Revenue

35,9 M €

-10.9% YoY

Equity

9,4 M €

-8.9% YoY

Workforce

178,8 ETP

+2.8% YoY

What does Fero Group do?

Fero Group is a Public limited company incorporated in 2005. Its main activity is: Construction of roads and motorways. Its registered office is in Willebroek. It employs on average 178,8 ETP workers (FTE).

Legal situation

● Normal situation

BCE/KBO no. / VAT

BE 0875.843.187

Incorporation

02/09/2005

Legal form

Public limited company

Registered office

Jozef De Blockstraat 81
2830 Willebroek · FlandreSee on map

Contributed capital

619 600,00 €

Latest accounts

31/12/2025

Average workforce

178,8 ETP

Activities (NACE)

42110Construction of roads and motorways· main 42110Construction of roads and motorways 45230Maintenance and repair of motor vehicles 46500Wholesale of information and communication equipment 46520Wholesale of electronic and telecommunications equipment and parts 42110Construction of roads and motorways+5

Joint committees (8)

111
11101
124
12400
200
2000
20000
218

Signals

Good liquidityPositive cashflowPositive EBITDAHealthy social debtsHigh revenue

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Health score

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✦ Verdict · Analyst summary

Financials

Trend over 18 financial years

	2025		2024		2023		2022		2021		2019		2018		2017		2016		2015		2014		2013		2012		2011		2010		2009		2008		2007
Income statement
Revenue	35,9 M €	-10.9%	40,3 M €		–		–		–		–		–		–		–		–		–		–		2,5 M €		–		–		–		667,9 k €	+59.9%	417,7 k €
EBITDA	9,6 M €	-15.0%	11,3 M €	+11.8%	10,1 M €	+4794%	207,1 k €	-50.6%	419,1 k €	+165%	158,1 k €	-88.9%	1,4 M €	+62.6%	877,3 k €	+149%	352,3 k €	-52.7%	744,1 k €	+9.1%	682,2 k €	+9.8%	621,3 k €	+9.9%	565,4 k €	+67.5%	337,5 k €	+119%	153,9 k €	+52.6%	100,9 k €	+45.9%	69,1 k €	+16.7%	59,2 k €
Operating result	3,8 M €	-27.9%	5,3 M €	+57.3%	3,4 M €	+2012%	160,4 k €	-59.4%	395,1 k €	+204%	129,9 k €	-90.8%	1,4 M €	+64.9%	854,1 k €	+187%	297,5 k €	-8.7%	325,7 k €	+17.4%	277,5 k €	+19.5%	232,3 k €	-14.6%	272 k €	+106%	132 k €	+113%	62,1 k €	+20.5%	51,5 k €	+85.9%	27,7 k €	+0.0%	27,7 k €
Net result	-909,2 k €	-29.1%	-704,1 k €	+62.7%	-1,9 M €	-2112%	93,8 k €	-63.0%	253,8 k €	+459%	45,4 k €	-95.2%	953,3 k €	+78.2%	535 k €	+306%	131,7 k €	-23.8%	172,7 k €	+22.8%	140,7 k €	+38.2%	101,8 k €	-22.8%	131,8 k €	+203%	43,5 k €	+272%	11,7 k €	+199%	3,9 k €	+57.8%	2,5 k €	-67.8%	7,7 k €
Balance sheet
Equity	9,4 M €	-8.9%	10,3 M €	-6.4%	11 M €	+670%	1,4 M €	+7.0%	1,3 M €	+14.6%	1,2 M €	+4.1%	1,1 M €	+171%	412,5 k €	+9.3%	377,5 k €	+0.4%	375,9 k €	-6.8%	403,1 k €	+12.5%	358,4 k €	+39.7%	256,6 k €	+106%	124,8 k €	+53.6%	81,2 k €	+16.8%	69,5 k €	+137%	29,4 k €	+9.2%	26,9 k €
Total assets	68,9 M €	-10.3%	76,8 M €	-12.0%	87,3 M €	+2811%	3 M €	-7.6%	3,2 M €	-22.1%	4,2 M €	+2.5%	4,1 M €	+33.1%	3,1 M €	+42.2%	2,1 M €	-8.5%	2,3 M €	+6.2%	2,2 M €	+13.6%	1,9 M €	+13.0%	1,7 M €	+33.6%	1,3 M €	+37.2%	939,4 k €	+115%	437,8 k €	+56.7%	279,5 k €	+9.0%	256,3 k €
Cash	5,1 M €	+159%	2 M €	+32.5%	1,5 M €	+147%	598,2 k €	+46.6%	407,9 k €	+51.0%	270,1 k €	-60.3%	680,4 k €	-14.0%	790,8 k €	+227%	242,1 k €	-7.9%	262,8 k €	+381%	54,7 k €	+5.8%	51,7 k €	+83.6%	28,2 k €	-56.4%	64,7 k €	+715%	7,9 k €	+523%	1,3 k €	-82.2%	7,2 k €	+125%	3,2 k €
Debts	59,5 M €	-10.5%	66,6 M €	-12.8%	76,3 M €	+4750%	1,6 M €	-17.8%	1,9 M €	-36.3%	3 M €	+1.9%	2,9 M €	+11.7%	2,6 M €	+49.3%	1,8 M €	-10.2%	2 M €	+9.1%	1,8 M €	+13.8%	1,6 M €	+8.4%	1,5 M €	+25.8%	1,2 M €	+35.6%	858,2 k €	+133%	368,3 k €	+47.9%	249 k €	+8.8%	228,8 k €
Other
Workforce	178,8 ETP	+2.8%	174,0 ETP	+4.5%	166,5 ETP	+260%	46,2 ETP	-9.6%	51,1 ETP	+18.6%	43,1 ETP	+3.4%	41,7 ETP	+18.1%	35,3 ETP	+12.8%	31,3 ETP	+14.2%	27,4 ETP	+17.1%	23,4 ETP	+14.1%	20,5 ETP	+15.8%	17,7 ETP	+35.1%	13,1 ETP	+21.3%	10,8 ETP	+5.9%	10,2 ETP	+36.0%	7,5 ETP	+47.1%	5,1 ETP

Estimate

Indicative valuation

As an indication, this company is worth

between 5 M€ and 10 M€

See the valuation

Governance

Board of directors

Seen on filing of 31/12/2025 · 2 active · 11 ended

Active mandates

Ramudden Global

Director · since 20 juin 2024 · until 20 juin 2030 · 0732.834.505

Represented by Freek Haerens

Active

Friso Haerens

Director · since 28 décembre 2022 · until 20 juin 2030

Active

Ended mandates

Flake Services

Director · since 28 décembre 2022 · 0440.284.780

Represented by Freek HAERENS

Ended

Friso Haerens

Director · since 28 décembre 2022

Ended

Dirk Schönauer

Director · since 10 septembre 2019 · until 08 avril 2022

Ended

Dirk Schönauer

Director · since 10 septembre 2019

Ended

At this address

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Annual accounts

Full financial information

	2025	2024	2023	2022	2021	2020
Type of account	Full model	Full 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	01/07/2026	31/07/2025	30/07/2024	27/07/2023	28/07/2022	28/07/2021
General meeting	18/06/2026	30/07/2025	30/06/2024	14/07/2023	15/07/2022	30/06/2021
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
Full model	31/12/2025	18/06/2026	01/07/2026	Dutch	PDF
Full model	31/12/2024	30/07/2025	31/07/2025	Dutch	PDF
Abridged model	31/12/2023	30/06/2024	30/07/2024	Dutch	PDF
Abridged model	31/12/2022	14/07/2023	27/07/2023	Dutch	PDF
Abridged model	31/12/2021	15/07/2022	28/07/2022	Dutch	PDF
Abridged model	31/12/2020	30/06/2021	28/07/2021	Dutch	PDF
Abridged model	31/12/2019	30/06/2020	13/07/2020	Dutch	PDF
Abridged model	31/12/2018	27/05/2019	19/06/2019	Dutch	PDF
Abridged model	31/12/2017	29/06/2018	27/07/2018	Dutch	PDF
Abridged model	31/12/2016	17/05/2017	16/06/2017	Dutch	PDF
Abridged model	30/09/2015	11/03/2016	22/03/2016	Dutch	PDF
Abridged model	30/09/2014	13/03/2015	18/03/2015	Dutch	PDF
Abridged model	30/09/2013	14/03/2014	10/04/2014	Dutch	PDF
Abridged model	30/09/2012	08/03/2013	29/03/2013	Dutch	PDF
Abridged model	30/09/2011	09/03/2012	06/04/2012	Dutch	PDF
Abridged model	30/09/2010	25/03/2011	27/04/2011	Dutch	PDF
Abridged model	30/09/2009	12/03/2010	09/04/2010	Dutch	PDF
Abridged model	30/09/2008	13/03/2009	12/05/2009	Dutch	PDF
Abridged model	30/09/2007	14/03/2008	25/03/2008	Dutch	PDF
Abridged model	30/09/2006	09/03/2007	27/04/2007	Dutch	PDF

Estimate

Indicative valuation

Order of magnitude

As an indication, this company is worth

between 5 M€ and 10 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 · 11 ended

Active mandates

Ramudden Global

Director · since 20 juin 2024 · until 20 juin 2030 · 0732.834.505

Represented by Freek Haerens

Active

Friso Haerens

Director · since 28 décembre 2022 · until 20 juin 2030

Active

Ended mandates

Flake Services

Director · since 28 décembre 2022 · 0440.284.780

Represented by Freek HAERENS

Ended

Friso Haerens

Director · since 28 décembre 2022

Ended

Dirk Schönauer

Director · since 10 septembre 2019 · until 08 avril 2022

Ended

Dirk Schönauer

Director · since 10 septembre 2019

Ended

Shareholders

Ownership and network

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Belgian Official Gazette

Belgian Official Gazette publications

Mandates14/04/2025
ONTSLAGEN - BENOEMINGEN
PDF
Mandates11/12/2023
ONTSLAGEN - BENOEMINGEN
PDF
Mandates18/07/2023
ONTSLAGEN - BENOEMINGEN
PDF
Registered office23/02/2023
MAATSCHAPPELIJKE ZETEL
PDF
Restructuring15/02/2023
BENAMING - KAPITAAL - AANDELEN - STATUTEN (VERTALING, COÖRDINATIE, OVERIGE WIJZIGINGEN, ) - WIJZIGING RECHTSVORM - RUBRIEK HERSTRUCTURERING (FUSIE, SPLITSING, OVERDRACHT VERMOGEN, ENZ...)
PDF
Restructuring30/11/2022
RUBRIEK HERSTRUCTURERING (FUSIE, SPLITSING, OVERDRACHT VERMOGEN, ENZ...)
PDF
Mandates03/11/2022
ONTSLAGEN - BENOEMINGEN - WIJZIGING RECHTSVORM
PDF
Restructuring25/04/2022
ONTSLAGEN - BENOEMINGEN - RUBRIEK HERSTRUCTURERING (FUSIE, SPLITSING, OVERDRACHT VERMOGEN, ENZ...)
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 2025-909,2 k €↓
2024
Annual accounts 2024-704,1 k €↑
20/06/2024
nominationRamudden Global NV — bestuurder
20/06/2024
reconductionHaerens Friso — bestuurder
2023
Annual accounts 2023-1,9 M €↓
10/10/2023
nominationPwC Bedrijfsrevisoren BV — commissaris
30/06/2023
nominationFriso Haerens — bijzondere gevolmachtigde
30/06/2023
nominationFreek Haerens — bijzondere gevolmachtigde
30/06/2023
nominationFilip Stroeckx — bijzondere gevolmachtigde
30/06/2023
nominationKim Duerinck — bijzondere gevolmachtigde
30/06/2023
nominationManuel De Puysselaer — bijzondere gevolmachtigde
30/06/2023
nominationCorry Jacobs — bijzondere gevolmachtigde
2022
Annual accounts 202293,8 k €↓
30/09/2022
nominationFriso Haerens — bijzondere gevolmachtigde
30/09/2022
nominationFreek Haerens — bijzondere gevolmachtigde
30/09/2022
nominationFilip Stroeckx — bijzondere gevolmachtigde
30/09/2022
nominationYves Thans — bijzondere gevolmachtigde
30/09/2022
nominationManuel De Puysselaer — bijzondere gevolmachtigde
30/09/2022
nominationChristophe Van Obergen — bijzondere gevolmachtigde
30/09/2022
nominationNadia Zekri — bijzondere gevolmachtigde
30/09/2022
nominationSteven Van de Walle — bijzondere gevolmachtigde
08/04/2022
nominationFilip Stroeckx — bijzonder gevolmachtigde
07/04/2022
reconductionFriso Haerens — bestuurder
07/04/2022
reconductionFreek Haerens — bestuurder
2022
Name changeFero Group
2021
Annual accounts 2021253,8 k €↑
30/06/2021
reconductionRia Verheyen — commissaris
2021
Name changeADMIBO
2019
Annual accounts 201945,4 k €↓
2018
Annual accounts 2018953,3 k €↑
2017
Annual accounts 2017535 k €↑
2016
Annual accounts 2016131,7 k €↓
2015
Annual accounts 2015172,7 k €↑
2014
Annual accounts 2014140,7 k €↑
2013
Annual accounts 2013101,8 k €↓
2012
Annual accounts 2012131,8 k €↑
2011
Annual accounts 201143,5 k €↑
2010
Annual accounts 201011,7 k €↑
2009
Annual accounts 20093,9 k €↑
2008
Annual accounts 20082,5 k €↓
2007
Annual accounts 20077,7 k €
02/09/2005
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

Fero Group

Overview

What does Fero Group 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