ACTIVE

Varel Security Sud

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Financial year 2025 · closed on 30/09/2025

Net result

100,4 k €

-15.2% YoY

Gross margin

3,4 M €

+107.8% YoY

Equity

3,4 M €

+47.4% YoY

Workforce

29,5 ETP

+100.7% YoY

What does Varel Security Sud do?

Varel Security Sud is a Private limited company incorporated in 2006. Its main activity is: Electrical installation. Its registered office is in Flémalle. It employs on average 29,5 ETP workers (FTE).

Legal situation

● Normal situation

BCE/KBO no. / VAT

BE 0879.142.672

Incorporation

06/02/2006

Legal form

Private limited company

Registered office

Rue des Semailles 18
4400 Flémalle · WallonieSee on map

Contributed capital

367 585,00 €

Latest accounts

30/09/2025

Average workforce

29,5 ETP

Activities (NACE)

43211Electrical installation· main 43211Electrical installation 45310Wholesale trade of motor vehicle parts and accessories

Joint committees (3)

14901
200
218

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 19 financial years

	2025		2024		2023		2022		2021		2020		2019		2018		2017		2016		2015		2014		2013		2012		2011		2010		2009		2008		2007
Income statement
Gross margin	3,4 M €	+108%	1,6 M €	+10.0%	1,5 M €	-44.0%	2,6 M €	+107%	1,3 M €	+8.7%	1,2 M €	-15.4%	1,4 M €	-19.9%	1,7 M €	+65.3%	1 M €	+37.9%	756,5 k €	+14.3%	661,8 k €	+68.2%	393,4 k €	-28.7%	552,1 k €	+280%	145,2 k €	-12.1%	165,1 k €	-28.6%	231,2 k €	+11.2%	207,9 k €	-22.6%	268,5 k €	+48.9%	180,3 k €
EBITDA	552,9 k €	+75.0%	315,9 k €	-15.8%	375 k €	-76.9%	1,6 M €	+178%	586 k €	+24.9%	469,1 k €	-23.1%	609,9 k €	-46.9%	1,1 M €	+125%	511,1 k €	+16.4%	439,1 k €	+23.6%	355,1 k €	+206%	116,2 k €	-68.2%	364,8 k €	+1854%	-20,8 k €	-420%	6,5 k €	-93.0%	93,2 k €	+36.5%	68,3 k €	-59.0%	166,7 k €	+42.8%	116,8 k €
Operating result	250,4 k €	+24.9%	200,5 k €	-23.0%	260,4 k €	-83.0%	1,5 M €	+225%	472,4 k €	+26.0%	374,9 k €	-23.6%	490,6 k €	-50.4%	988,6 k €	+155%	387,4 k €	+15.3%	336 k €	+21.2%	277,2 k €	+221%	86,2 k €	-74.5%	338 k €	+1143%	-32,4 k €	-263%	-8,9 k €	-111%	78 k €	+46.2%	53,3 k €	-65.9%	156,4 k €	+50.9%	103,6 k €
Net result	100,4 k €	-15.2%	118,4 k €	-32.8%	176,2 k €	-84.1%	1,1 M €	+225%	341,2 k €	+35.1%	252,5 k €	-24.1%	332,6 k €	-46.1%	617,4 k €	+169%	229,2 k €	+11.6%	205,4 k €	+22.3%	167,9 k €	+243%	49 k €	-77.4%	216,4 k €	+621%	-41,6 k €	-200%	-13,8 k €	-131%	44,9 k €	+23.5%	36,3 k €	-64.2%	101,5 k €	+46.6%	69,2 k €
Balance sheet
Equity	3,4 M €	+47.4%	2,3 M €	+0.7%	2,3 M €	+3.3%	2,3 M €	+36.8%	1,6 M €	+8.1%	1,5 M €	+8.6%	1,4 M €	+18.8%	1,2 M €	+61.6%	729,9 k €	+34.9%	541,1 k €	+28.3%	421,7 k €	+36.6%	308,7 k €	+18.8%	259,8 k €	+498%	43,4 k €	-76.5%	185 k €	-7.0%	198,8 k €	+29.2%	153,9 k €	-18.2%	188,2 k €	+117%	86,7 k €
Total assets	5,4 M €	+81.3%	3 M €	-1.7%	3 M €	-16.2%	3,6 M €	+38.0%	2,6 M €	+14.4%	2,3 M €	+2.9%	2,2 M €	-26.3%	3 M €	+81.0%	1,7 M €	+20.2%	1,4 M €	+39.1%	992,5 k €	+83.6%	540,7 k €	-7.2%	582,9 k €	+170%	215,7 k €	-29.8%	307,1 k €	+15.8%	265,3 k €	-6.9%	285,1 k €	-7.0%	306,6 k €	+8.7%	282 k €
Cash	1,2 M €	+99.4%	603,8 k €	-54.6%	1,3 M €	-36.4%	2,1 M €	+40.6%	1,5 M €	+47.9%	1 M €	-14.1%	1,2 M €	-33.4%	1,8 M €	+381%	364,8 k €	+3.2%	353,7 k €	+130%	153,7 k €	-38.9%	251,5 k €	+60.7%	156,5 k €	+275%	41,7 k €	-26.1%	56,5 k €	-64.9%	160,8 k €	+15.9%	138,7 k €	+648%	18,5 k €	-39.9%	30,8 k €
Debts	1,8 M €	+195%	620,8 k €	-8.6%	679,5 k €	-49.1%	1,3 M €	+41.6%	943,6 k €	+28.4%	735,1 k €	-9.4%	811 k €	-55.5%	1,8 M €	+96.2%	928,8 k €	+10.7%	839,3 k €	+47.0%	570,8 k €	+146%	231,9 k €	-28.2%	323,1 k €	+87.5%	172,3 k €	+41.1%	122,1 k €	+88.0%	65 k €	-50.5%	131,1 k €	+11.3%	117,8 k €	-39.7%	195,3 k €
Other
Workforce	29,5 ETP	+101%	14,7 ETP	+14.0%	12,9 ETP	-1.5%	13,1 ETP	+27.2%	10,3 ETP	-1.9%	10,5 ETP	-2.8%	10,8 ETP	+6.9%	10,1 ETP	+13.5%	8,9 ETP	+50.8%	5,9 ETP	+22.9%	4,8 ETP	-2.0%	4,9 ETP	+48.5%	3,3 ETP	0.0%	3,3 ETP	+10.0%	3,0 ETP	0.0%	3,0 ETP	0.0%	3,0 ETP	+42.9%	2,1 ETP	+40.0%	1,5 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 30/09/2024 · 2 active · 3 ended

Active mandates

Varel Security Group

Director · since 12 juillet 2024 · 0644.642.697

Represented by BEN FORTAN

Active

David BODSON

Director · since 06 février 2006 · until 12 juillet 2024

Active

Ended mandates

David Bodson

Manager · since 06 février 2006

Ended

David BODSON

Director · since 06 février 2006

Ended

DAVID BODSON

Manager · since 01 octobre 2005

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	01/10/2019
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	12 months
Filing date	30/04/2026	21/03/2025	07/05/2024	29/04/2023	02/05/2022	19/05/2021
General meeting	16/02/2026	15/02/2025	26/04/2024	28/04/2023	08/03/2022	30/04/2021
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	30/09/2025	16/02/2026	30/04/2026	French	PDF
Abridged model	30/09/2024	15/02/2025	21/03/2025	French	PDF
Abridged model	30/09/2023	26/04/2024	07/05/2024	French	PDF
Abridged model	30/09/2022	28/04/2023	29/04/2023	French	PDF
Abridged model	30/09/2021	08/03/2022	02/05/2022	French	PDF
Abridged model	30/09/2020	30/04/2021	19/05/2021	French	PDF
Abridged model	30/09/2019	07/03/2020	10/12/2020	French	PDF
Abridged model	30/09/2018	08/03/2019	29/03/2019	French	PDF
Abridged model	30/09/2017	15/02/2018	03/04/2018	French	PDF
Abridged model	30/09/2016	08/03/2017	24/04/2017	French	PDF
Abridged model	30/09/2015	15/02/2016	12/04/2016	French	PDF
Abridged model	30/09/2014	15/02/2015	27/03/2015	French	PDF
Abridged model	30/09/2013	15/02/2014	25/02/2014	French	PDF
Abridged model	30/09/2012	15/02/2013	30/04/2013	French	PDF
Abridged model	30/09/2011	15/05/2012	16/05/2012	French	PDF
Abridged model	30/09/2010	25/04/2011	30/05/2011	French	PDF
Abridged modelCorrection	30/09/2009	28/06/2010	30/06/2010	French	PDF
Abridged model	30/09/2009	15/02/2010	17/05/2010	French	PDF
Abridged model	30/09/2008	16/02/2009	28/04/2009	French	PDF
Abridged model	30/09/2007	15/02/2008	25/03/2008	French	PDF
Abridged model	30/09/2006	15/02/2007	30/03/2007	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 30/09/2024 · 2 active · 3 ended

Active mandates

Varel Security Group

Director · since 12 juillet 2024 · 0644.642.697

Represented by BEN FORTAN

Active

David BODSON

Director · since 06 février 2006 · until 12 juillet 2024

Active

Ended mandates

David Bodson

Manager · since 06 février 2006

Ended

David BODSON

Director · since 06 février 2006

Ended

DAVID BODSON

Manager · since 01 octobre 2005

Ended

Shareholders

Ownership and network

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Belgian Official Gazette

Belgian Official Gazette publications

Mandates13/07/2026
STATUTS (TRADUCTION, COORDINATION, AUTRES MODIFICATIONS, ) - DENOMINATION - DEMISSIONS, NOMINATIONS
PDF
Mandates13/07/2026
STATUTEN (VERTALING, COÖRDINATIE, OVERIGE WIJZIGINGEN, ) - BENAMING - ONTSLAGEN - BENOEMINGEN
PDF
Mandates18/11/2025
DEMISSIONS, NOMINATIONS
PDF
Restructuring04/03/2025
RUBRIQUE RESTRUCTURATION (FUSION, SCISSION, TRANSFERT PATRIMOINE, ETC...)
PDF
Restructuring17/12/2024
RUBRIQUE RESTRUCTURATION (FUSION, SCISSION, TRANSFERT PATRIMOINE, ETC...)
PDF
Restructuring03/12/2024
RUBRIQUE RESTRUCTURATION (FUSION, SCISSION, TRANSFERT PATRIMOINE, ETC...)
PDF
Restructuring26/09/2024
RUBRIQUE RESTRUCTURATION (FUSION, SCISSION, TRANSFERT PATRIMOINE, ETC...) - DIVERS
PDF
Mandates29/08/2024
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 2025100,4 k €↓
2024
Annual accounts 2024118,4 k €↓
2024
Name changeDBS - BUYSE
2023
Annual accounts 2023176,2 k €↓
2022
Annual accounts 20221,1 M €↑
2021
Annual accounts 2021341,2 k €↑
2020
Annual accounts 2020252,5 k €↓
2019
Annual accounts 2019332,6 k €↓
2018
Annual accounts 2018617,4 k €↑
2017
Annual accounts 2017229,2 k €↑
2016
Annual accounts 2016205,4 k €↑
2015
Annual accounts 2015167,9 k €↑
2014
Annual accounts 201449 k €↓
2013
Annual accounts 2013216,4 k €↑
2012
Annual accounts 2012-41,6 k €↓
2011
Annual accounts 2011-13,8 k €↓
2010
Annual accounts 201044,9 k €↑
2009
Annual accounts 200936,3 k €↓
2008
Annual accounts 2008101,5 k €↑
2007
Annual accounts 200769,2 k €
2007
Name changeDBS CONSULTING
06/02/2006
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

Varel Security Sud

Overview

What does Varel Security Sud do?

Trend over 19 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