Warning lights
Signals from the annual accounts, the CBE and the Official Gazette, each with its threshold and source. No score, no verdict.
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Tight liquidity NBB
Cash and receivables cover 51 % of short-term debt in 2025; threshold 65 %.
Financials
Financial year 2025
SIBELGA from Brussel, company number BE0222869673, closed financial year 2025 with a result of € 55 million after tax. For that financial year SIBELGA recorded revenue of € 396.7 million and equity of € 861.4 million. Compared with financial year 2024, the result moved from € 49.1 million to € 55 million. Profitable, and profit is growing. The buffer is growing. A strong own buffer against the debts. The most recent annual accounts were filed with the National Bank of Belgium on July 9, 2026.
€ 861.4 million
Assets minus debts, by the books. What is left if everything were sold and paid today.
€ 55 million
▲ 12% vs 2024
Profit after tax over the fiscal year.
€ 342,093
▲ 1% vs 2024
Cash and bank balances on the last day of the fiscal year.
€ 55.1 million paid out
100 % of the profit went to the shareholders, mostly to INTERFIN SC (100 % of the shares). That is where the money ends up.
People and assets in 2025
€ 31,297
▲ 3% vs 2024
Payroll staff only. What the director pays themselves is already netted into the gross margin and is not shown separately in the accounts.
€ 47.7 million
▼ 1% vs 2024
Book value of vehicles, furniture and equipment.
Debts at end 2025
€ 387.6 million
▲ 7% vs 2024
€ 7.5 million is repaid this year. At this pace the long-term loan is gone in ≈ 52 years.
€ 63.1 million
▼ 31% vs 2024
Supplier invoices still open on the last day of the fiscal year. Pays suppliers within 86 days on average.
€ 3 million
▼ 22% vs 2024
Taxes, VAT and social contributions still to pay.
| 2022 | 2023 | 2024 | 2025 | Change 2024 → 2025 | |
|---|---|---|---|---|---|
| Revenue | € 365,367,204 | € 379,624,511 | € 415,398,290 | € 396,711,061 | ▼ 4% |
| Profit after taxes | € 42,322,637 | € 52,565,320 | € 49,067,501 | € 55,004,211 | ▲ 12% |
| Equity | € 859,748,779 | € 860,565,491 | € 861,150,642 | € 861,416,055 | |
| Total debts | € 476,607,086 | € 519,185,241 | € 636,119,986 | € 652,255,135 | ▲ 3% |
| Cash | € 10,182,912 | € 6,239,863 | € 337,886 | € 342,093 | ▲ 1% |
| Land & buildings | € 69,687,576 | € 68,943,096 | € 67,202,086 | € 69,116,418 | ▲ 3% |
| Retained profit | € 96,893,634 | € 104,621,229 | € 111,750,715 | € 118,880,200 | ▲ 6% |
| Dividend | € 42,322,637 | € 52,027,706 | € 49,124,845 | € 55,061,555 | ▲ 12% |
| Bank debt | € 126,043,744 | € 215,496,209 | € 362,783,333 | € 387,561,436 | ▲ 7% |
| Balance sheet total | € 1,357,068,451 | € 1,398,099,852 | € 1,511,461,285 | € 1,515,105,470 |
Key figures of SIBELGA, fiscal years 2022 to 2025, from the annual accounts filed with the National Bank of Belgium.Next annual account (fiscal year 2026) expected before 31 July 2027.
What happened to SIBELGA?
What happened at SIBELGA in recent years, according to the Belgian Official Gazette, the CBE and the National Bank:
- Serge Janssen stepped down as director. NBB
- Luca D'Argo stepped down as director. NBB
- Khalid Zian stepped down as director. NBB
- David Cordonnier stepped down as director. NBB
- Olivia P'tito stepped down as director. NBB
- Nicole Bomele stepped down as director. NBB
- Matthieu Degrez stepped down as director. NBB
- Hervé Doyen stepped down as director. NBB
In short
From € 42.3 million profit in 2022 to € 55 million profit in 2025.
Paid € 75.9 million in corporate taxes since 2022.
Best year ever: 2025, with € 55 million profit.
Paid out € 198.5 million in dividends to the owners in total.
Management
The shares are held by INTERFIN SC (100%) and Les 19 communes Bruxelloises (0%). It owns 97.9% of BRUSSELS NETWORK OPERATIONS and 16.7% of ATRIAS itself.
Directors
According to the 2025 annual accounts
Serge Janssen
Director
Also active at: VIVAQUA, Interfin, LOJEGA, Brulocalis, INTERCOMMUNALE D'INHUMATION
since 2025 · until 2031
Luca D'Argo
Vice-chairman of the board
since 2025 · until 2031
since 2025 · until 2031
since 2025 · until 2026
David Cordonnier
Chairman of the board
Also active at: Interfin, Conseil de l'Enseignement des Communes et des Provinces, BRUSSELS NETWORK OPERATIONS
since 2025 · until 2031
Olivia P'tito
Director
Also active at: INTERFIN, Gewestelijke School voor Openbaar Bestuur - Ecole régionale d'Administration publique, PUBLI-T, BRUSSELS NETWORK OPERATIONS
since 2025 · until 2031
since 2025 · until 2031
Matthieu Degrez
Director
Also active at: INTERFIN, Le Foyer Schaerbeekois - De schaarbeekse haard, AGENCE SCHAERBEEKOISE IMMOBILIERE SOCIALE, VIA
since 2025 · until 2031
Hervé Doyen
Director
Also active at: INTERFIN, LOJEGA, Centre scolaire Notre-Dame de la Sagesse, BRUSSELS NETWORK OPERATIONS
since 2025 · until 2031
Tanguy Verheyen
Director
since 2025 · until 2031
EY Réviseurs d'Entreprises SRL - représenté par Carlo-Sébastien D'Addario
Registered auditor
Also active at: SERVICE D'AIDE A DOMICILE, Centre Medico Social du Tournaisis, SERVICE D'ACCUEILLANTES D'ENFANTS CONVENTIONNEES, A.VOGEL, BMC Software Belgium, JSA, Dynaco Europe, AVENUE DES ARTS 35 +30 more
since 2025 · until 2028
Loes Salomez
Director
since 2025 · until 2031
since 2024 · until 2031
Valérie Lowagie
Director
since 2025 · until 2031
Malika Mhadi
Director
since 2025 · until 2031
Solange Pitroipa
Director
since 2025 · until 2031
Blanche De Pierpont
Director
Also active at: Gewestelijke Ontwikkelingsmaatschappij voor het BrusselsHoofdstedelijk Gewest, INTERFIN, EN BORD DE SOIGNES, Parc Sportif des Trois Tilleuls - Sportwarande der Drie Linden, Société anonyme WAUTERS NV, ANTHUS, Teluji Consulting
since 2025 · until 2031
since 2025 · until 2031
Floriane Bonnier
Director
Also active at: INTERFIN, Jeunesse à Bruxelles, MABRU, FINANCIERE REYERS, BRUSSELS NETWORK OPERATIONS
since 2025 · until 2031
Michaël LORIAUX
Director
Also active at: Interfin, L'Habitation Moderne-De Moderne Woning, PUBLIGAS, BRUSSELS NETWORK OPERATIONS
since 2019 · until 2031
since 2020 · until 2031
Audrey Henry
Director
Also active at: INTERFIN, Conseil de l'Enseignement des Communes et des Provinces, NextGrid Holding
since 2025 · until 2026
since 2025 · until 2031
since 2019 · until 2031
Thibaud WYNGAARD
Director
Also active at: Interfin, ELIA ASSET, PUBLI-T, Elia Group, Elia Transmission Belgium, BRUSSELS NETWORK OPERATIONS
since 2025 · until 2031
since 2025 · until 2031
Shareholders
Participations
16.7%
Establishments
Establishment units
Physical locations of this company
Werkhuizenkaai 16
1000 Brussel
Who else lives here?
A building full of entrepreneurs or one very busy letterbox? Another 3 companies are registered at this address.
All companies at this address →What is an establishment unit? An establishment unit is a geographically identifiable place where activities of the enterprise are carried out.
Website
Technologies
Certifications & Partners
Hosting & Email
Email provider
Self-hosted
Hosting
COMBELL-AS, BE
Website info
Features
Security
Details
- Company number
- 0222.869.673
- VAT number
- BE 0222.869.673
- Registered office
- Werkhuizenkaai 16, 1000 Brussel
- Names & denominations
- SIBELGA
- Enterprise type
- Rechtspersoon
- Legal form
- Coöperatieve vennootschap van publiek recht
- Legal situation
- Normale toestand
- Start date
- 29 June 1982
- Peppol
- Active · Active since 1 Jan 2001
- Contact
- sibelga.be
- Activities · NACE
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