ACTIVE

MUTATIS

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Financial year 2025 · closed on 31/12/2025

Net result

1,9 M €

-37.4% YoY

Revenue

477,7 k €

-2.5% YoY

Equity

157,7 M €

+1.2% YoY

Workforce

4,0 ETP

+17.6% YoY

What does MUTATIS do?

MUTATIS is a Public limited company incorporated in 2006. Its main activity is: Activities of holding companies. Its registered office is in Tournai. It employs on average 4,0 ETP workers (FTE).

Legal situation

● Normal situation

BCE/KBO no. / VAT

BE 0881.733.067

Incorporation

06/06/2006

Legal form

Public limited company

Registered office

Rue de la Terre à Briques(MAR) 29E
7522 Tournai · WallonieSee on map

Contributed capital

127 996 000,00 €

Latest accounts

31/12/2025

Average workforce

4,0 ETP

Activities (NACE)

64200Activities of holding companies· main 64210Activities of holding companies 70200Management consultancy activities 70220Business and other management consultancy activities

Joint committees (2)

Signals

ProfitableSolid equityLow riskGood liquidityPositive cashflowHealthy social debts

View the BCE/KBO Public Search record →

Health score

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✦ Verdict · Analyst summary

Financials

Trend over 17 financial years

	2025		2024		2023		2021		2018		2017		2016		2015		2014		2013		2012		2011		2010		2009		2008		2007		2007
Income statement
Revenue	477,7 k €	-2.5%	490,2 k €	-16.8%	589,1 k €	+75.0%	336,6 k €	+13.9%	295,4 k €		–		–		–		–		–		–		–		–		–		–		–		–
EBITDA	-65,5 k €	-39.6%	-46,9 k €	-154%	87,6 k €	+168%	-128,6 k €	-13.2%	-113,6 k €	+69.0%	-366,1 k €	-0.8%	-363,4 k €	-23.0%	-295,4 k €	-6.9%	-276,2 k €	+9.3%	-304,6 k €	-34.2%	-227 k €	+11.1%	-255,4 k €	+12.3%	-291,3 k €	-14.1%	-255,2 k €	-11.3%	-229,2 k €	-1553%	-13,9 k €	-2.6%	-13,5 k €
Operating result	-66,3 k €	-38.4%	-47,9 k €	-156%	85,4 k €	+165%	-131,2 k €	-14.0%	-115,1 k €	+68.7%	-368,2 k €	-0.1%	-367,8 k €	-24.5%	-295,4 k €	-6.1%	-278,3 k €	+9.3%	-306,9 k €	-33.8%	-229,3 k €	+11.0%	-257,7 k €	+12.0%	-292,9 k €	-14.2%	-256,5 k €	-11.3%	-230,5 k €	-1562%	-13,9 k €	+61.1%	-35,7 k €
Net result	1,9 M €	-37.4%	3,1 M €	-6.4%	3,3 M €	+254%	930,7 k €	-32.4%	1,4 M €	-6.6%	1,5 M €	+1046%	128,6 k €	-96.1%	3,3 M €	+131%	1,4 M €	-3.1%	1,5 M €	+117%	684,5 k €	-18.4%	838,6 k €	+250%	239,7 k €	-69.9%	795,2 k €	-65.5%	2,3 M €	+33.8%	1,7 M €	-47.8%	3,3 M €
Balance sheet
Equity	157,7 M €	+1.2%	155,8 M €	+2.0%	152,7 M €	+2.5%	149,1 M €	+1.4%	147,1 M €	+0.9%	145,7 M €	+1.0%	144,2 M €	+50.0%	96,1 M €	+3.6%	92,8 M €	+1.6%	91,4 M €	+1.7%	89,9 M €	+0.8%	89,2 M €	+0.9%	88,4 M €	+0.3%	88,1 M €	+0.9%	87,3 M €	+2.7%	85 M €	+2.1%	83,3 M €
Total assets	197,5 M €	-67.0%	598,3 M €	-3.8%	622 M €	+40.5%	442,6 M €	+71.4%	258,2 M €	-13.5%	298,5 M €	-34.8%	457,5 M €	+66.2%	275,2 M €	-16.2%	328,6 M €	-0.6%	330,7 M €	+11.2%	297,5 M €	+27.8%	232,8 M €	+102%	115,5 M €	+30.7%	88,3 M €	+0.8%	87,6 M €	+2.8%	85,2 M €	+2.1%	83,5 M €
Cash	1,6 M €	+850%	173,4 k €	-1.6%	176,3 k €	-86.7%	1,3 M €	+3797%	33,9 k €	-52.2%	70,9 k €	+33.1%	53,3 k €	-52.4%	112 k €	-63.6%	307,5 k €	-4.8%	323,1 k €	+93.8%	166,7 k €	+61.5%	103,2 k €	+429%	19,5 k €	-72.6%	71,2 k €	+191%	24,5 k €	-96.5%	704,1 k €	-99.2%	83,5 M €
Debts	29,2 M €	-93.1%	423,9 M €	-7.2%	456,8 M €	+55.7%	293,5 M €	+164%	111,1 M €	-27.1%	152,4 M €	-51.3%	313,2 M €	+75.3%	178,6 M €	-23.9%	234,8 M €	-1.5%	238,4 M €	+15.4%	206,7 M €	+44.5%	143 M €	+430%	27 M €	+18619%	144,3 k €	-39.4%	238 k €	+18.2%	201,4 k €	+5.2%	191,4 k €
Other
Workforce	4,0 ETP	+17.6%	3,4 ETP	-10.5%	3,8 ETP	+31.0%	2,9 ETP	-12.1%	3,3 ETP	-2.9%	3,4 ETP	+13.3%	3,0 ETP	+87.5%	1,6 ETP	+100%	0,8 ETP	+100%	0,4 ETP	-60.0%	1,0 ETP	0.0%	1,0 ETP	0.0%	1,0 ETP	0.0%	1,0 ETP		–		–		–

Estimate

Indicative valuation

As an indication, this company is worth

between 100 M€ and 250 M€

See the valuation

Governance

Board of directors

Seen on filing of 31/12/2025 · 6 active · 53 ended

Active mandates

Lucie Herbaut

Director · since 27 juin 2024 · until 09 juin 2028

Active

Hugues DE POMMEREAU

Director · since 05 décembre 2022 · until 09 juin 2028

Active

Hugues Desurmont

Managing director · since 05 décembre 2022 · until 09 juin 2028

Active

Jérôme Mulliez

Director · since 05 décembre 2022 · until 09 juin 2028

Active

Luc-Albéric Mulliez

Director · since 05 décembre 2022 · until 09 juin 2028

Active

Sharon SPOONER

Director · since 05 décembre 2022 · until 09 juin 2028

Active

Ended mandates

Alban Menet

Director · since 05 décembre 2022 · until 27 juin 2024

Ended

Alban Menet

Director · since 05 décembre 2022 · until 09 juin 2028

Ended

Hugues De Pommereau

Chairman of the board of directors · since 05 décembre 2022 · until 09 juin 2028

Ended

Sharon Leclercq

Director · since 05 décembre 2022 · until 09 juin 2028

Ended

At this address

Other companies at this address

Company	CBE no.
NORTH MOORE GROUP BELGIUM● Active	0769.951.455
POUP'S PARTICIPATIONS● Active	0536.174.230
Sab Family Invest● Active	0759.556.223

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	29/05/2026	08/07/2025	09/07/2024	17/07/2023	01/07/2022	15/07/2021
General meeting	29/04/2026	24/06/2025	27/06/2024	09/06/2023	20/06/2022	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
Full model	31/12/2025	29/04/2026	29/05/2026	French	PDF
Full model	31/12/2024	24/06/2025	08/07/2025	French	PDF
Full model	31/12/2023	27/06/2024	09/07/2024	French	PDF
Full model	31/12/2022	09/06/2023	17/07/2023	French	PDF
Full model	31/12/2021	20/06/2022	01/07/2022	French	PDF
Full model	31/12/2020	28/06/2021	15/07/2021	French	PDF
Full model	31/12/2019	11/06/2020	07/07/2020	French	PDF
Full model	31/12/2018	18/06/2019	02/07/2019	French	PDF
Abridged model	31/12/2017	29/06/2018	16/07/2018	French	PDF
Abridged model	31/12/2016	21/06/2017	19/07/2017	French	PDF
Abridged model	31/12/2015	16/06/2016	31/08/2016	French	PDF
Abridged model	31/12/2014	18/06/2015	31/08/2015	French	PDF
Abridged model	31/12/2013	05/06/2014	28/08/2014	French	PDF
Abridged model	31/12/2012	06/06/2013	30/08/2013	French	PDF
Abridged model	31/12/2011	07/06/2012	30/08/2012	French	PDF
Abridged model	31/12/2010	16/06/2011	20/07/2011	French	PDF
Abridged model	31/12/2009	17/06/2010	31/08/2010	French	PDF
Abridged model	31/12/2008	18/06/2009	27/08/2009	French	PDF
Abridged model	31/12/2007	19/06/2008	11/07/2008	French	PDF
Abridged model	30/06/2007	20/12/2007	08/02/2008	French	PDF

Estimate

Indicative valuation

Order of magnitude

As an indication, this company is worth

between 100 M€ and 250 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 · 6 active · 53 ended

Active mandates

Lucie Herbaut

Director · since 27 juin 2024 · until 09 juin 2028

Active

Hugues DE POMMEREAU

Director · since 05 décembre 2022 · until 09 juin 2028

Active

Hugues Desurmont

Managing director · since 05 décembre 2022 · until 09 juin 2028

Active

Jérôme Mulliez

Director · since 05 décembre 2022 · until 09 juin 2028

Active

Luc-Albéric Mulliez

Director · since 05 décembre 2022 · until 09 juin 2028

Active

Sharon SPOONER

Director · since 05 décembre 2022 · until 09 juin 2028

Active

Ended mandates

Alban Menet

Director · since 05 décembre 2022 · until 27 juin 2024

Ended

Alban Menet

Director · since 05 décembre 2022 · until 09 juin 2028

Ended

Hugues De Pommereau

Chairman of the board of directors · since 05 décembre 2022 · until 09 juin 2028

Ended

Sharon Leclercq

Director · since 05 décembre 2022 · until 09 juin 2028

Ended

Shareholders

Ownership and network

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Try for 7 days

Belgian Official Gazette

Belgian Official Gazette publications

Mandates28/05/2026
DEMISSIONS, NOMINATIONS
PDF
Mandates11/10/2024
DEMISSIONS, NOMINATIONS
PDF
Mandates30/03/2023
DEMISSIONS, NOMINATIONS
PDF
Restructuring28/12/2022
DEMISSIONS, NOMINATIONS - STATUTS (TRADUCTION, COORDINATION, AUTRES MODIFICATIONS, ) - RUBRIQUE RESTRUCTURATION (FUSION, SCISSION, TRANSFERT PATRIMOINE, ETC...)
PDF
Restructuring03/11/2022
RUBRIQUE RESTRUCTURATION (FUSION, SCISSION, TRANSFERT PATRIMOINE, ETC...)
PDF
Mandates10/10/2022
DEMISSIONS, NOMINATIONS
PDF
Mandates26/08/2021
DEMISSIONS, NOMINATIONS
PDF
Mandates17/02/2021
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 20251,9 M €↓
2024
Annual accounts 20243,1 M €↓
27/06/2024
nominationLucie HERBAUT — Administrateur
27/06/2024
reconductionKPMG Réviseurs d'Entreprises BV/SRL — commissaire
2023
Annual accounts 20233,3 M €↑
2021
Annual accounts 2021930,7 k €↓
2018
Annual accounts 20181,4 M €↓
2017
Annual accounts 20171,5 M €↑
2016
Annual accounts 2016128,6 k €↓
2015
Annual accounts 20153,3 M €↑
2014
Annual accounts 20141,4 M €↓
2013
Annual accounts 20131,5 M €↑
2012
Annual accounts 2012684,5 k €↓
2011
Annual accounts 2011838,6 k €↑
2010
Annual accounts 2010239,7 k €↓
2009
Annual accounts 2009795,2 k €↓
2008
Annual accounts 20082,3 M €↑
2007
Annual accounts 20071,7 M €↓
2007
Annual accounts 20073,3 M €
06/06/2006
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

MUTATIS

Overview

What does MUTATIS do?

Trend over 17 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