ACTIVE

Commerce 123

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Financial year 2025 · closed on 31/12/2025
Net result
-112,2 k €
-875.3% YoY
Revenue
719,5 k €
-2.0% YoY
Equity
3,7 M €
-2.9% YoY

What does Commerce 123 do?

Commerce 123 is a Public limited company incorporated in 2006. Its main activity is: Other business support service activities n.e.c.. Its registered office is in Watermael-Boitsfort.

Legal situation
● Normal situation
BCE/KBO no. / VAT
BE 0885.073.332
Incorporation
17/11/2006
Legal form
Public limited company
Registered office
Boulevard du Souverain 25 box 9
1170 Watermael-Boitsfort · BruxellesSee on map
Contributed capital
8 730 000,00 €
Latest accounts
31/12/2025
Activities (NACE)
82990Other business support service activities n.e.c.· main82990Other business support service activities n.e.c.
Signals
Solid equityPositive cashflowPositive EBITDA
View the BCE/KBO Public Search record →
Health score
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✦ Verdict · Analyst summary
Financials

Trend over 19 financial years

2025202420232022202120202019201820172016201520142013201220112010200920082007
Income statement
Revenue719,5 k €734,1 k €694,6 k €635,6 k €613,7 k €594,3 k €412,3 k €828,1 k €603,6 k €692,6 k €128,5 k €118,9 k €11,4 k €18,3 k €17,8 k €896,9 k €479,5 k €––
EBITDA372 k €472,7 k €466,2 k €456,6 k €507,6 k €323,4 k €3,9 k €63,8 k €-192,6 k €24,4 k €-142 k €-64,2 k €-287,5 k €-125,4 k €-137,8 k €619,8 k €481,3 k €-4,1 k €-8,3 k €
Operating result12,5 k €119 k €121,9 k €113,4 k €164,4 k €-19 k €-336,8 k €-249,5 k €-486,1 k €-261,1 k €-454,3 k €-363,5 k €-591 k €-427 k €-439,4 k €318,3 k €318,6 k €-4,1 k €-8,3 k €
Net result-112,2 k €-11,5 k €-20,1 k €-35,5 k €1,4 k €-187,6 k €-505,5 k €-438,2 k €-643,7 k €-420,9 k €-402,9 k €-530,1 k €-757,1 k €-659,5 k €-663,5 k €163,3 k €202,9 k €-5,1 k €-3,4 k €
Balance sheet
Equity3,7 M €3,8 M €3,8 M €3,8 M €3,9 M €3,9 M €4,1 M €4,6 M €5 M €5,7 M €6,1 M €6,5 M €7 M €6,7 M €5 M €5,7 M €5,5 M €291,5 k €296,6 k €
Total assets11,2 M €9,7 M €10 M €10,2 M €10,6 M €11 M €11,1 M €11,6 M €11,9 M €12,4 M €12,7 M €12,1 M €12,6 M €12,2 M €12,9 M €13,2 M €13,7 M €8,8 M €5,1 M €
Cash39,8 k €184,4 k €216,3 k €186,6 k €180,7 k €134,7 k €72,6 k €332,7 k €749,2 k €1,2 M €1,5 M €459,6 k €799,9 k €97,5 k €361,3 k €486,1 k €517,4 k €9,2 k €25,3 k €
Debts7,3 M €5,7 M €6 M €6,2 M €6,5 M €6,9 M €6,9 M €7 M €6,7 M €6,7 M €6,6 M €5,6 M €5,6 M €5,5 M €7,9 M €7,5 M €8 M €8,5 M €4,8 M €
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 · 5 active · 58 ended

Active mandates

ERLINDE EEMAN MANAGEMENT

Director · since 15 mai 2025 · until 21 mai 2027 · 1012.365.343

Represented by Erlinde Eeman

Active
ML Business Partner

Director · since 15 mai 2025 · until 21 mai 2027 · 0754.846.575

Represented by Marc Limneos

Active
MHCT

Director · since 15 mai 2024 · until 20 mars 2026

Represented by Jean-Nicolas Montrieux

Active
THALES MANAGEMENT

Director · since 15 mai 2024 · until 21 mai 2027 · 0639.952.649

Represented by Renaud BLAVIER

Active
Thibault RELECOM

Managing director · since 15 mai 2024 · until 21 mai 2027

Active

Ended mandates

MHCT

Director · since 15 mai 2024 · until 21 mai 2027

Represented by Jean-Nicolas Montrieux

Ended
Christophe Boving

Director · since 15 novembre 2021 · until 01 février 2023 · 0699.702.867

Represented by Christophe Boving

Ended
Christophe Boving

Director · since 15 novembre 2021 · until 17 mai 2024 · 0699.702.867

Represented by Christophe Boving

Ended
Thibault RELECOM

Managing director · since 17 avril 2021 · until 17 mai 2024

Ended
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Annual accounts

Full financial information

202520242023202220212020
Type of accountFull modelFull modelFull modelFull modelFull modelFull model
Start of the financial year01/01/202501/01/202401/01/202301/01/202201/01/202101/01/2020
Closing of the financial year31/12/202531/12/202431/12/202331/12/202231/12/202131/12/2020
Length of the financial year12 months12 months12 months12 months12 months12 months
Filing date29/06/202630/06/202514/06/202429/06/202308/07/202210/06/2021
General meeting15/05/202616/05/202517/05/202419/05/202320/05/202221/05/2021
Currency of the financial yearEUREUREUREUREUREUR
NBB quality labelSatisfying controlsSatisfying controlsSatisfying controlsSatisfying controlsSatisfying controlsSatisfying controls
Ratios

Financial ratios

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Filings

Annual accounts filings

19 filings with the NBB

ModelClosingGeneral meetingFiledLanguageDocument
Full model31/12/202515/05/202629/06/2026FrenchPDF
Full model31/12/202416/05/202530/06/2025FrenchPDF
Full model31/12/202317/05/202414/06/2024FrenchPDF
Full model31/12/202219/05/202329/06/2023FrenchPDF
Full model31/12/202120/05/202208/07/2022FrenchPDF
Full model31/12/202021/05/202110/06/2021FrenchPDF
Full model31/12/201915/05/202018/06/2020FrenchPDF
Full model31/12/201802/05/201907/06/2019DutchPDF
Full model31/12/201703/05/201822/05/2018DutchPDF
Full model31/12/201615/06/201715/06/2017DutchPDF
Full model31/12/201506/05/201624/05/2016DutchPDF
Full model31/12/201407/05/201513/05/2015DutchPDF
Full model31/12/201302/05/201423/06/2014DutchPDF
Full model31/12/201202/05/201327/05/2013DutchPDF
Full model31/12/201103/05/201212/06/2012DutchPDF
Full model31/12/201005/05/201130/05/2011DutchPDF
Full model31/12/200906/05/201025/05/2010DutchPDF
Abridged model31/12/200829/05/200927/07/2009DutchPDF
Abridged model31/12/200730/05/200801/08/2008DutchPDF
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 · 5 active · 58 ended

Active mandates

ERLINDE EEMAN MANAGEMENT

Director · since 15 mai 2025 · until 21 mai 2027 · 1012.365.343

Represented by Erlinde Eeman

Active
ML Business Partner

Director · since 15 mai 2025 · until 21 mai 2027 · 0754.846.575

Represented by Marc Limneos

Active
MHCT

Director · since 15 mai 2024 · until 20 mars 2026

Represented by Jean-Nicolas Montrieux

Active
THALES MANAGEMENT

Director · since 15 mai 2024 · until 21 mai 2027 · 0639.952.649

Represented by Renaud BLAVIER

Active
Thibault RELECOM

Managing director · since 15 mai 2024 · until 21 mai 2027

Active

Ended mandates

MHCT

Director · since 15 mai 2024 · until 21 mai 2027

Represented by Jean-Nicolas Montrieux

Ended
Christophe Boving

Director · since 15 novembre 2021 · until 01 février 2023 · 0699.702.867

Represented by Christophe Boving

Ended
Christophe Boving

Director · since 15 novembre 2021 · until 17 mai 2024 · 0699.702.867

Represented by Christophe Boving

Ended
Thibault RELECOM

Managing director · since 17 avril 2021 · until 17 mai 2024

Ended
Shareholders

Ownership and network

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Belgian Official Gazette

Belgian Official Gazette publications

  • Mandates22/07/2026
    DEMISSIONS, NOMINATIONS
    PDF
  • Mandates18/09/2025
    DEMISSIONS, NOMINATIONS
    PDF
  • Mandates05/08/2024
    DEMISSIONS, NOMINATIONS
    PDF
  • Registered office29/08/2023
    SIEGE SOCIAL
    PDF
  • Mandates22/03/2023
    DEMISSIONS, NOMINATIONS
    PDF
  • Mandates11/08/2022
    DEMISSIONS, NOMINATIONS
    PDF
  • Mandates09/02/2022
    DEMISSIONS, NOMINATIONS
    PDF
  • Mandates23/09/2021
    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

Timeline

  1. 2025
    Annual accounts 2025-112,2 k €↓
  2. 2024
    Annual accounts 2024-11,5 k €↑
  3. 2023
    Annual accounts 2023-20,1 k €↑
  4. 2022
    Annual accounts 2022-35,5 k €↓
  5. 2021
    Annual accounts 20211,4 k €↑
  6. 2020
    Annual accounts 2020-187,6 k €↑
  7. 2019
    Annual accounts 2019-505,5 k €↓
  8. 2018
    Annual accounts 2018-438,2 k €↑
  9. 2017
    Annual accounts 2017-643,7 k €↓
  10. 2016
    Annual accounts 2016-420,9 k €↓
  11. 2015
    Annual accounts 2015-402,9 k €↑
  12. 2014
    Annual accounts 2014-530,1 k €↑
  13. 2013
    Annual accounts 2013-757,1 k €↓
  14. 2012
    Annual accounts 2012-659,5 k €↑
  15. 2011
    Annual accounts 2011-663,5 k €↓
  16. 2010
    Annual accounts 2010163,3 k €↓
  17. 2009
    Annual accounts 2009202,9 k €↑
  18. 2008
    Annual accounts 2008-5,1 k €↓
  19. 2008
    Name changeIMMO Commerce 123
  20. 2007
    Annual accounts 2007-3,4 k €
  21. 2007
    Name changeCOMMERCE 123
  22. 17/11/2006
    IncorporationPublic limited company