ACTIVE

Société d'Exploitation du Pioneering Spirit

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Financial year 2025 · Closed on 31/12/2025

Net result-90,1 M €-182,0 %over 1 year

Revenue103,2 M €-61,7 %over 1 year

Equity1,7 Md €-5,0 %over 1 year

Workforce7,0 ETP-5,4 %over 1 year

Identity

Source · BCE/KBO

Société d'Exploitation du Pioneering Spirit is a Public limited company incorporated in 2007. Its main activity is: Production of electricity. Its registered office is in Essen. It employs on average 7,0 ETP workers (FTE).

Legal situation: Normal situation
BCE/KBO no. / VAT: BE 0888.918.589
Incorporation: 20/04/2007
Legal form: Public limited company
Registered office: Stationsstraat 180
2910 Essen · FlandreSee on map
Contributed capital: 1 338 317 000,00 €
Latest accounts: 31/12/2025
Average workforce: 7,0 ETP

Activities (NACE)

35110Production of electricity· main 50200Sea and coastal freight water transport 50200Sea and coastal freight water transport 33150Repair and maintenance of ships and boats 33150Repair and maintenance of ships and boats

Signals

Solid equityLow riskGood liquidityPositive EBITDAHealthy social debtsHigh revenue

Financials

Source · NBB, 19 filings

Trend over 5 financial years

	2025		2024		2023		2022		2021
Income statement
Revenue	103,2 M €	-61.7%	269,4 M €	+158%	104,3 M €	+36.5%	76,4 M €	+60.2%	47,7 M €
EBITDA	9,8 M €	-94.7%	183,1 M €	+436%	34,2 M €	+747%	4 M €	+123%	-17,6 M €
Operating result	-80,1 M €	-168%	117,3 M €	+672%	-20,5 M €	+72.3%	-74 M €	+7.9%	-80,3 M €
Net result	-90,1 M €	-182%	109,8 M €	+548%	-24,5 M €	+67.1%	-74,6 M €	+7.7%	-80,9 M €
Balance sheet
Equity	1,7 Md €	-5.0%	1,8 Md €	+6.6%	1,7 Md €	-1.4%	1,7 Md €	-4.2%	1,8 Md €
Total assets	1,8 Md €	-2.2%	1,9 Md €	+1.8%	1,8 Md €	+1.9%	1,8 Md €	-4.3%	1,9 Md €
Cash	194,9 k €	+150%	77,9 k €	+373%	16,5 k €	+19.3%	13,8 k €	-9.1%	15,2 k €
Debts	40,7 M €	+68.7%	24,1 M €	-78.8%	113,9 M €	+219%	35,7 M €	-17.2%	43,1 M €
Other
Workforce	7,0 ETP	-5.4%	7,4 ETP	-7.5%	8,0 ETP	-5.9%	8,5 ETP	+2.4%	8,3 ETP

Valuation

Indicative valuation

As an indication, this company is worth

between 250 M€ and 500 M€

See the valuation

Board of directors

Source · NBB, accounts to 31/12/2025

3 active · 5 ended

Active mandates

Director	Mandates in this company	Period	Other mandatescurrentendedstruck offbankruptcies
Eduard Verlinden	Director01/01/2025 → 10/06/2030
Edward Heerema	Chairman of the board of directors25/03/2024 → 09/06/2026Managing director10/06/2014 → 08/06/2026ended
Pieter Heerema	Managing director25/03/2024 → 25/03/2030

Ended mandates

Director	Mandates in this company	Period	Other mandatescurrentendedstruck offbankruptcies
Cornelis Kooger	Director07/06/2023 → 11/06/2029
Edward P Heerema	Managing director17/06/2020 → 25/03/2024
Els Geven	Director01/04/2019 → 21/02/2022

Other companies at this address

Stationsstraat 180 2910 Essen

Company	CBE no.
ALLSEAS AFRICA MARINE CONTRACTORS● Active	0837.965.281
ALLSEAS BELGIUM● Active	0841.868.245
ALLSEAS MARINE SERVICES● Active	0440.764.733
ARGENTUM CEDIT VIRTUTI● Active	0837.348.342
Audacia Marine Contractors● Active	0837.958.452
Audacia Transport Chartering● Active	0638.773.902
CALAMITY JANE MARINE CONTRACTORS● Active	0837.936.181
Calamity Jane Transport Chartering● Active	0638.774.197
Fortitude Marine Contractors● Active	0700.497.772
Lorelay Marine Contractors● Active	0837.936.676
Lorelay Transport Chartering● Active	0638.774.593
Marine Survey Contractors● Active	0837.952.316
Oceanic Marine Contractors● Active	0708.920.441
Offshore Equipment Chartering● Active	0638.774.989
PIONEERING SPIRIT MARINE CONTRACTORS● Active	0837.956.175
SOCIETE DE LOCATION DU FORTITUDE● Active	0837.962.808
Société d'Exploitation d'Audacia S.A.● Active	0837.959.739
Société d'Exploitation d'Equipement Offshore SA● Active	0837.961.026
Société d'exploitation du LORELAY SA● Active	0837.963.895
Société d'exploitation du SOLITAIRE SA● Active	0837.964.687

Full financial information

Source · NBB

	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	16/06/2026	25/06/2025	27/06/2024	04/07/2023	27/06/2022	09/07/2021
General meeting	09/06/2026	12/06/2025	07/06/2024	07/06/2023	14/06/2022	15/06/2021
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

Financial ratios

Source · NBB

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Annual accounts filings

Source · NBB, 19 filings

Model	Closing	General meeting	Filed	Language	Document
Full model	31/12/2025	09/06/2026	16/06/2026	Dutch	PDF
Full model	31/12/2024	12/06/2025	25/06/2025	Dutch	PDF
Full model	31/12/2023	07/06/2024	27/06/2024	Dutch	PDF
Full model	31/12/2022	07/06/2023	04/07/2023	Dutch	PDF
Full model	31/12/2021	14/06/2022	27/06/2022	Dutch	PDF
Full model	31/12/2020	15/06/2021	09/07/2021	Dutch	PDF
Full model	31/12/2019	17/06/2020	09/07/2020	Dutch	PDF
Full model	31/12/2018	21/06/2019	04/07/2019	Dutch	PDF
Full model	31/12/2017	06/06/2018	28/06/2018	Dutch	PDF
Full model	31/12/2016	21/06/2017	05/07/2017	Dutch	PDF
Full model	31/10/2015	22/04/2016	20/05/2016	Dutch	PDF
Full model	31/12/2013	10/06/2014	08/07/2014	Dutch	PDF
Full model	31/12/2012	05/06/2013	05/07/2013	Dutch	PDF
Full model	31/12/2011	31/08/2012	31/08/2012	Dutch	PDF
Full model	31/12/2010	31/08/2011	30/09/2011	Dutch	PDF
Full model	31/12/2009	30/06/2010	14/09/2010	Dutch	PDF
Full modelCorrection	31/12/2008	30/06/2009	26/10/2009	Dutch	PDF
Full modelCorrection	31/12/2008	30/06/2009	19/10/2009	Dutch	PDF
Full model	31/12/2008	30/06/2009	28/08/2009	Dutch	PDF

Indicative valuation

Order of magnitude

As an indication, this company is worth

between 250 M€ and 500 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.

Board of directors

Source · NBB, accounts to 31/12/2025

3 active · 5 ended

Active mandates

Director	Mandates in this company	Period	Other mandatescurrentendedstruck offbankruptcies
Eduard Verlinden	Director01/01/2025 → 10/06/2030
Edward Heerema	Chairman of the board of directors25/03/2024 → 09/06/2026Managing director10/06/2014 → 08/06/2026ended
Pieter Heerema	Managing director25/03/2024 → 25/03/2030

Ended mandates

Director	Mandates in this company	Period	Other mandatescurrentendedstruck offbankruptcies
Cornelis Kooger	Director07/06/2023 → 11/06/2029
Edward P Heerema	Managing director17/06/2020 → 25/03/2024
Els Geven	Director01/04/2019 → 21/02/2022

Ownership and network

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Belgian Official Gazette publications

Source · Belgian Official Gazette

Other06/07/2026
—
PDF
Capital / shares01/04/2025
STATUTEN (VERTALING, COÖRDINATIE, OVERIGE WIJZIGINGEN, ) - KAPITAAL - AANDELEN
PDF
Mandates27/01/2025
ONTSLAGEN - BENOEMINGEN
PDF
Mandates29/03/2024
STATUTEN (VERTALING, COÖRDINATIE, OVERIGE WIJZIGINGEN, ) - DOEL - KAPITAAL - AANDELEN - ONTSLAGEN - BENOEMINGEN
PDF
Mandates20/10/2023
ONTSLAGEN - BENOEMINGEN
PDF
Mandates23/05/2022
ONTSLAGEN - BENOEMINGEN
PDF
Mandates14/09/2020
ONTSLAGEN - BENOEMINGEN
PDF
Other06/04/2020
STATUTEN (VERTALING, COÖRDINATIE, OVERIGE WIJZIGINGEN, )
PDF

Similar companies

A company's peers, by sector and size, are included in the Business plan.

See the Business plan

Timeline

Source · CBE, NBB annual accounts

Year

Identity

Incorporation

Name

Registered office

Annual accounts

Filings5 filings

Mandates

Eduard Verlinden

Edward Heerema

Pieter Heerema

Cornelis Kooger

Edward P Heerema

Els Geven

Ronald Van Gelderen

Robert Lokman

200720082009201020112012201320142015201620172018201920202021202220232024202520262027202820292030

Société d'Exploitation du Pioneering Spirit

Stationsstraat 180, 2910 Essen

Director

Chairman of the board of directorsManaging director

Managing director

DirectorManaging director

Managing director

Director

CurrentPlanned, not yet servedEndedAccounts filedToday

Registered offices

Source · NBB annual accounts, CBE

Registered address	Period	Source
Stationsstraat 180, 2910 EssenCurrent	accounts 2021 → 2025	Accounts 2025 · 2026-00163740

Company names

Source · NBB annual accounts, CBE

Name	Period	Source
Société d'Exploitation du Pioneering SpiritCurrent	accounts 2021 → 2025	Accounts 2025 · 2026-00163740

Events

2025
Annual accounts 2025-90,1 M €↓
01/01/2025
nominationEduard VERLINDEN · C-bestuurder
2024
Annual accounts 2024109,8 M €↑
25/03/2024
autre
2023
Annual accounts 2023-24,5 M €↑
07/06/2023
reconductionCornelis KOOGER · bestuurder
07/06/2023
reconductionRonald VAN DEN ECKER · commissaris
2022
Annual accounts 2022-74,6 M €↑
2021
Annual accounts 2021-80,9 M €
20/04/2007
IncorporationPublic limited company

Société d'Exploitation du Pioneering Spirit

Overview

Identity

Financials

Valuation

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

Timeline

Registered offices

Company names

Events