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
Signals
Solid equityLow riskGood liquidityPositive EBITDAHealthy social debtsHigh revenue

Financials

Source · NBB, 19 filings

Trend over 5 financial years

20252024202320222021
Income statement
Revenue103,2 M €269,4 M €104,3 M €76,4 M €47,7 M €
EBITDA9,8 M €183,1 M €34,2 M €4 M €-17,6 M €
Operating result-80,1 M €117,3 M €-20,5 M €-74 M €-80,3 M €
Net result-90,1 M €109,8 M €-24,5 M €-74,6 M €-80,9 M €
Balance sheet
Equity1,7 Md €1,8 Md €1,7 Md €1,7 Md €1,8 Md €
Total assets1,8 Md €1,9 Md €1,8 Md €1,8 Md €1,9 Md €
Cash194,9 k €77,9 k €16,5 k €13,8 k €15,2 k €
Debts40,7 M €24,1 M €113,9 M €35,7 M €43,1 M €
Other
Workforce7,0 ETP7,4 ETP8,0 ETP8,5 ETP8,3 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 · 23 ended

Active mandates

Eduard Verlinden

Director · since 01 janvier 2025 · until 10 juin 2030

Active
Edward Heerema

Chairman of the board of directors · since 25 mars 2024 · until 09 juin 2026

Active
Pieter Heerema

Managing director · since 25 mars 2024 · until 25 mars 2030

Active

Ended mandates

Edward Heerema

Chairman of the board of directors · since 25 mars 2024 · until 08 juin 2026

Ended
Cornelis Kooger

Director · since 07 juin 2023 · until 01 janvier 2025

Ended
Cornelis Kooger

Director · since 07 juin 2023 · until 11 juin 2029

Ended
Edward Heerema

Managing director · since 17 juin 2020 · until 08 juin 2026

Ended

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Stationsstraat 180 2910 Essen
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ALLSEAS MARINE SERVICES● Active
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CALAMITY JANE MARINE CONTRACTORS● Active
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Lorelay Marine Contractors● Active
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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
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Société d'exploitation du SOLITAIRE SA● Active
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Full financial information

Source · NBB
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 date16/06/202625/06/202527/06/202404/07/202327/06/202209/07/2021
General meeting09/06/202612/06/202507/06/202407/06/202314/06/202215/06/2021
Currency of the financial yearEUREUREUREUREUREUR
NBB quality labelSatisfying controlsSatisfying controlsSatisfying controlsSatisfying controlsSatisfying controlsSatisfying controls

Financial ratios

Source · NBB

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Annual accounts filings

Source · NBB, 19 filings
ModelClosingGeneral meetingFiledLanguageDocument
Full model31/12/202509/06/202616/06/2026DutchPDF
Full model31/12/202412/06/202525/06/2025DutchPDF
Full model31/12/202307/06/202427/06/2024DutchPDF
Full model31/12/202207/06/202304/07/2023DutchPDF
Full model31/12/202114/06/202227/06/2022DutchPDF
Full model31/12/202015/06/202109/07/2021DutchPDF
Full model31/12/201917/06/202009/07/2020DutchPDF
Full model31/12/201821/06/201904/07/2019DutchPDF
Full model31/12/201706/06/201828/06/2018DutchPDF
Full model31/12/201621/06/201705/07/2017DutchPDF
Full model31/10/201522/04/201620/05/2016DutchPDF
Full model31/12/201310/06/201408/07/2014DutchPDF
Full model31/12/201205/06/201305/07/2013DutchPDF
Full model31/12/201131/08/201231/08/2012DutchPDF
Full model31/12/201031/08/201130/09/2011DutchPDF
Full model31/12/200930/06/201014/09/2010DutchPDF
Full modelCorrection31/12/200830/06/200926/10/2009DutchPDF
Full modelCorrection31/12/200830/06/200919/10/2009DutchPDF
Full model31/12/200830/06/200928/08/2009DutchPDF

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 · 23 ended

Active mandates

Eduard Verlinden

Director · since 01 janvier 2025 · until 10 juin 2030

Active
Edward Heerema

Chairman of the board of directors · since 25 mars 2024 · until 09 juin 2026

Active
Pieter Heerema

Managing director · since 25 mars 2024 · until 25 mars 2030

Active

Ended mandates

Edward Heerema

Chairman of the board of directors · since 25 mars 2024 · until 08 juin 2026

Ended
Cornelis Kooger

Director · since 07 juin 2023 · until 01 janvier 2025

Ended
Cornelis Kooger

Director · since 07 juin 2023 · until 11 juin 2029

Ended
Edward Heerema

Managing director · since 17 juin 2020 · until 08 juin 2026

Ended

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

  1. 2025
    Annual accounts 2025-90,1 M €↓
  2. 01/01/2025
    nominationEduard VERLINDEN — C-bestuurder
  3. 2024
    Annual accounts 2024109,8 M €↑
  4. 25/03/2024
    autre
  5. 2023
    Annual accounts 2023-24,5 M €↑
  6. 07/06/2023
    reconductionCornelis KOOGER — bestuurder
  7. 07/06/2023
    reconductionRonald VAN DEN ECKER — commissaris
  8. 2022
    Annual accounts 2022-74,6 M €↑
  9. 2021
    Annual accounts 2021-80,9 M €
  10. 20/04/2007
    IncorporationPublic limited company