ACTIVE

EMIL FREY Belgique SA

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Financial year 2025 · closed on 31/12/2025

Net result

-1,8 M €

-37.0% YoY

Revenue

6,7 M €

+30.2% YoY

Equity

27,8 M €

+1.7% YoY

Workforce

34,6 ETP

+36.2% YoY

What does EMIL FREY Belgique SA do?

EMIL FREY Belgique SA is a Public limited company incorporated in 2006. Its main activity is: Management consultancy activities. Its registered office is in Awans. It employs on average 34,6 ETP workers (FTE).

Legal situation

● Normal situation

BCE/KBO no. / VAT

BE 0880.777.717

Incorporation

11/04/2006

Legal form

Public limited company

Registered office

Rue de Bruxelles 124
4340 Awans · WallonieSee on map

Contributed capital

39 503 557,00 €

Latest accounts

31/12/2025

Average workforce

34,6 ETP

Activities (NACE)

70200Management consultancy activities· main 70220Business and other management consultancy activities

Joint committees (2)

200
20000

Signals

Positive EBITDAHealthy social debtsHigh revenue

View the BCE/KBO Public Search record →

Health score

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✦ Verdict · Analyst summary

Financials

Trend over 15 financial years

	2025		2024		2023		2022		2021		2017		2016		2015		2014		2013		2012		2011		2010		2009		2008
Income statement
Revenue	6,7 M €	+30.2%	5,1 M €	+20.7%	4,3 M €	+26.7%	3,4 M €	+59.8%	2,1 M €	+585%	306,6 k €		–		–		–		–		–		–		–		–		–
EBITDA	488,2 k €	+305%	-237,7 k €	+85.7%	-1,7 M €	-163%	-633,1 k €	-71.3%	-369,7 k €	+22.4%	-476,6 k €	-73.4%	-274,8 k €	-5853%	-4,6 k €	+65.3%	-13,3 k €	-440%	-2,5 k €	+47.6%	-4,7 k €	+20.3%	-5,9 k €	-0.2%	-5,9 k €	-5.4%	-5,6 k €	+38.7%	-9,1 k €
Operating result	452,1 k €	+278%	-253,7 k €	+84.9%	-1,7 M €	-162%	-640,7 k €	-73.2%	-369,9 k €	+22.5%	-477,5 k €	-73.6%	-275,1 k €	-5859%	-4,6 k €	+65.3%	-13,3 k €	-440%	-2,5 k €	+47.6%	-4,7 k €	+20.3%	-5,9 k €	-0.2%	-5,9 k €	-5.4%	-5,6 k €	+38.7%	-9,1 k €
Net result	-1,8 M €	-37.0%	-1,3 M €	+37.1%	-2,1 M €	-316%	-515,1 k €	-129%	1,8 M €	+399%	-595,1 k €	-57.8%	-377 k €	-728%	-45,5 k €	-221%	-14,2 k €	-9750%	147,1 €	-97.5%	5,9 k €	+18.9%	5 k €	-98.3%	300,1 k €	+763%	-45,3 k €	-200%	-15,1 k €
Balance sheet
Equity	27,8 M €	+1.7%	27,3 M €	-4.7%	28,6 M €	-7.0%	30,8 M €	-1.6%	31,3 M €	+1380%	2,1 M €	-22.0%	2,7 M €	-12.2%	3,1 M €	-1.5%	3,1 M €	+904%	311,9 k €	+0.0%	311,7 k €	+1.9%	305,8 k €	+1.5%	301,3 k €	+24241%	1,2 k €	-97.3%	46,5 k €
Total assets	101,3 M €	+55.7%	65,1 M €	+2.6%	63,4 M €	-20.6%	79,8 M €	+58.2%	50,5 M €	+314%	12,2 M €	+24.4%	9,8 M €	+0.4%	9,8 M €	+52.9%	6,4 M €	+1934%	314 k €	+0.2%	313,4 k €	+1.9%	307,5 k €	+1.5%	302,8 k €	-85.0%	2 M €	-2.4%	2,1 M €
Cash	36 k €	-98.4%	2,2 M €	-49.7%	4,4 M €	-70.3%	14,7 M €	+361%	3,2 M €	+411%	624,2 k €	+2356%	25,4 k €	-31.0%	36,8 k €	-88.5%	321,2 k €	+486%	54,8 k €	+1.4%	54,1 k €	+1.7%	53,2 k €	+1.7%	52,3 k €	-5.3%	55,3 k €	-0.4%	55,5 k €
Debts	73,1 M €	+93.8%	37,7 M €	+9.1%	34,6 M €	-29.5%	49 M €	+156%	19,2 M €	+90.0%	10,1 M €	+42.8%	7,1 M €	+5.7%	6,7 M €	+105%	3,3 M €	+151420%	2,1 k €	+30.1%	1,7 k €	0.0%	1,7 k €	+12.1%	1,5 k €	-99.9%	2 M €	+0.1%	2 M €
Other
Workforce	34,6 ETP	+36.2%	25,4 ETP	-25.7%	34,2 ETP	+26.7%	27,0 ETP	+52.5%	17,7 ETP		–		0,8 ETP		–		–		–		–		–		–		–		–

Estimate

Indicative valuation

As an indication, this company is worth

between 0 € and 100 k€

See the valuation

Governance

Board of directors

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

Active mandates

Frédéric Vuarin

Managing director · since 28 juin 2024 · until 28 juin 2030

Active

Hervé Miralles

Director · since 28 juin 2024 · until 28 juin 2030

Active

Ended mandates

Frederic Vuarin

Managing director · since 28 mars 2018 · until 21 juin 2024

Ended

Frédéric Vuarin

Managing director · since 28 mars 2018 · until 28 juin 2024

Ended

Frédéric VUARIN

Managing director · since 28 mars 2018 · until 15 juin 2024

Ended

Hervé Miralles

Director · since 28 mars 2018 · until 21 juin 2024

Ended

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Annual accounts

Full financial information

	2025	2024	2023	2022	2021	2020
Type of account	Full model	Full model	Full model	Full model	Full model	Full 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	17/07/2026	24/07/2025	22/07/2024	28/08/2023	29/08/2022	19/07/2021
General meeting	30/06/2026	27/06/2025	28/06/2024	30/06/2023	30/06/2022	17/06/2021
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

24 filings with the NBB

Model	Closing	General meeting	Filed	Language	Document
Full model	31/12/2025	30/06/2026	17/07/2026	French	PDF
Full model	31/12/2024	27/06/2025	24/07/2025	French	PDF
Full model	31/12/2023	28/06/2024	22/07/2024	French	PDF
Consolidated accounts	31/12/2023	28/06/2024	22/01/2025	French	PDF
Full model	31/12/2022	30/06/2023	28/08/2023	French	PDF
Full model	31/12/2021	30/06/2022	29/08/2022	French	PDF
Consolidated accounts	31/12/2021	30/06/2022	17/10/2022	French	PDF
Full model	31/12/2020	17/06/2021	19/07/2021	French	PDF
Consolidated accounts	31/12/2020	01/01/9999	16/07/2021	French	PDF
Full model	31/12/2019	30/10/2020	29/01/2021	French	PDF
Consolidated accounts	31/12/2019	01/01/9999	16/07/2021	French	PDF
Full model	31/12/2018	30/10/2020	21/12/2020	French	PDF
Consolidated accounts	31/12/2018	17/06/2021	16/07/2021	French	PDF
Full model	31/12/2017	15/06/2018	14/06/2019	French	PDF
Full model	31/12/2016	16/06/2017	24/11/2017	French	PDF
Full model	31/12/2015	17/06/2016	31/08/2016	French	PDF
Abridged model	31/12/2014	19/06/2015	31/08/2015	French	PDF
Abridged model	30/06/2013	20/09/2013	27/12/2013	French	PDF
Abridged model	30/06/2012	21/09/2012	18/10/2012	French	PDF
Abridged model	30/06/2011	16/09/2011	13/12/2011	French	PDF
Abridged model	30/06/2010	17/09/2010	18/01/2011	French	PDF
Abridged model	30/06/2009	25/09/2009	22/02/2010	French	PDF
Abridged model	30/06/2008	19/09/2008	26/02/2009	French	PDF
Abridged model	30/06/2007	21/09/2007	27/12/2007	French	PDF

Estimate

Indicative valuation

Order of magnitude

As an indication, this company is worth

between 0 € and 100 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 · 2 active · 12 ended

Active mandates

Frédéric Vuarin

Managing director · since 28 juin 2024 · until 28 juin 2030

Active

Hervé Miralles

Director · since 28 juin 2024 · until 28 juin 2030

Active

Ended mandates

Frederic Vuarin

Managing director · since 28 mars 2018 · until 21 juin 2024

Ended

Frédéric Vuarin

Managing director · since 28 mars 2018 · until 28 juin 2024

Ended

Frédéric VUARIN

Managing director · since 28 mars 2018 · until 15 juin 2024

Ended

Hervé Miralles

Director · since 28 mars 2018 · until 21 juin 2024

Ended

Shareholders

Ownership and network

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Try for 7 days

Belgian Official Gazette

Belgian Official Gazette publications

Capital / shares09/04/2026
STATUTS (TRADUCTION, COORDINATION, AUTRES MODIFICATIONS, ) - CAPITAL, ACTIONS
PDF
Restructuring26/08/2025
CAPITAL, ACTIONS - RUBRIQUE RESTRUCTURATION (FUSION, SCISSION, TRANSFERT PATRIMOINE, ETC...)
PDF
Restructuring14/05/2025
RUBRIQUE RESTRUCTURATION (FUSION, SCISSION, TRANSFERT PATRIMOINE, ETC...)
PDF
Mandates30/01/2025
DEMISSIONS, NOMINATIONS
PDF
Mandates19/02/2024
DEMISSIONS, NOMINATIONS
PDF
Capital / shares30/12/2021
STATUTS (TRADUCTION, COORDINATION, AUTRES MODIFICATIONS, ) - CAPITAL, ACTIONS
PDF
Mandates12/11/2020
DEMISSIONS, NOMINATIONS
PDF
Capital / shares11/09/2019
STATUTS (TRADUCTION, COORDINATION, AUTRES MODIFICATIONS, ) - CAPITAL, ACTIONS
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

31/03/2026
augmentation_capital
2025
Annual accounts 2025-1,8 M €↓
30/06/2025
augmentation_capitalEMIL Frey Holding AG
01/01/2025
augmentation_capitalEmil Frey Holding AG
2024
Annual accounts 2024-1,3 M €↑
28/06/2024
reconductionFrédéric Vuarin — administrateur
28/06/2024
reconductionHervé Miralles — administrateur
28/06/2024
nominationGrégory Gonzalez Rodriguez — représentant permanent du commissaire
2023
Annual accounts 2023-2,1 M €↓
01/01/2023
nominationGrégory GONZALEZ RODRIGUEZ — représentant permanent du commissaire
2022
Annual accounts 2022-515,1 k €↓
2021
Annual accounts 20211,8 M €↑
2017
Annual accounts 2017-595,1 k €↓
2017
Name changeEMIL FREY Belgique
2016
Annual accounts 2016-377 k €↓
2015
Annual accounts 2015-45,5 k €↓
2014
Annual accounts 2014-14,2 k €↓
2014
Name changePGA BELGIQUE
2013
Annual accounts 2013147,1 €↓
2012
Annual accounts 20125,9 k €↑
2011
Annual accounts 20115 k €↓
2010
Annual accounts 2010300,1 k €↑
2009
Annual accounts 2009-45,3 k €↓
2008
Annual accounts 2008-15,1 k €
2008
Name changeHV DEVELOPPEMENT BELGIQUE
11/04/2006
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

EMIL FREY Belgique SA

Overview

What does EMIL FREY Belgique SA do?

Trend over 15 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