Warning lights
Signals from the annual accounts, the CBE and the Official Gazette, each with its threshold and source. No score, no verdict.
-
Negative equity NBB
More debt than assets in 3 of the last 4 fiscal years.
-
Two loss years in a row NBB
Negative result in 2025 and 2026.
-
Tight liquidity NBB
Cash and receivables cover 47 % of short-term debt in 2026; threshold 65 %.
Financials
Financial year 2026
DELVAUX CREATEUR from Etterbeek, company number BE0400613859, closed financial year 2026 with a result of € -43.4 million after tax. For that financial year DELVAUX CREATEUR recorded revenue of € 40.7 million and equity of € -30 million. Compared with financial year 2025, the result moved from € -33 million to € -43.4 million. The company made a loss. More debts than assets. High debts against a small own buffer. The most recent annual accounts were filed with the National Bank of Belgium on October 15, 2026.
€ -30 million
▼ € 17 million vs 2025
Assets minus debts, by the books. What is left if everything were sold and paid today.
€ -43.4 million
▼ 32 % more loss than in 2025
Profit after tax over the fiscal year.
€ 37.7 million
▼ 49% vs 2025
Cash and bank balances on the last day of the fiscal year.
Loss, nothing to pay out
Reserves fell to € -108.7 million.
People and assets in 2026
67.9
▼ 1 vs 2025
Average over the fiscal year, from the social balance sheet.
€ 8.8 million
▲ 14% vs 2025
€ 130,100 per full-time equivalent. Payroll staff only. What the director pays themselves is already netted into the gross margin and is not shown separately in the accounts.
€ 2.6 million
▼ 7% vs 2025
Of which on lease € 60,720.
Debts at end 2026
None
No bank loans on the last day of the fiscal year.
€ 39.8 million
▲ 4% vs 2025
Supplier invoices still open on the last day of the fiscal year. Pays suppliers within 197 days on average.
€ 1.7 million
▲ 27% vs 2025
Taxes, VAT and social contributions still to pay.
| 2023 | 2024 | 2025 | 2026 | Change 2025 → 2026 | |
|---|---|---|---|---|---|
| Revenue | € 72,232,628 | € 90,038,978 | € 98,922,673 | € 40,688,645 | ▼ 59% |
| Profit after taxes | € 5,060,339 | € -17,878,409 | € -32,975,172 | € -43,418,787 | ▼ € 10.4 million |
| Equity | € -12,202,492 | € 19,919,100 | € -13,056,072 | € -30,019,859 | ▼ € 17 million |
| Total debts | € 97,903,614 | € 76,663,519 | € 126,449,502 | € 103,331,743 | ▼ 18% |
| Cash | € 29,142,604 | € 5,941,853 | € 74,102,980 | € 37,650,932 | ▼ 49% |
| Retained profit | € -14,452,492 | € -32,330,900 | € -65,306,072 | € -108,724,859 | ▼ € 43.4 million |
| Bank debt | € 2,880,328 | € 1,385,790 | € 724,525 | € 0 | ▼ 100% |
| Balance sheet total | € 85,983,132 | € 96,764,677 | € 113,575,488 | € 73,420,425 | ▼ 35% |
| Employees (FTE) | 51.1 | 59.5 | 68.9 | 67.9 | ▼ 1 |
Key figures of DELVAUX CREATEUR, fiscal years 2023 to 2026, from the annual accounts filed with the National Bank of Belgium.Next annual account (fiscal year 2027) expected before 31 October 2027.
What happened to DELVAUX CREATEUR?
What happened at DELVAUX CREATEUR in recent years, according to the Belgian Official Gazette, the CBE and the National Bank:
- Jean-Marc Loubier stepped down as director. NBB
- Axel Meyer stepped down as director. NBB
- Karine Willame stepped down as director. NBB
- New annual accounts for financial year 2026: loss of € 43.4 million. Source: NBB ↗
- Capital increase of € 26.5 million, published in the Gazette. Source: Staatsblad ↗
- Karine Willame became a director. NBB
- Grégoire Bedoret stepped down as director. NBB
- Axel Meyer became a director. NBB
In short
From € 5.1 million profit in 2023 to € 43.4 million loss in 2026.
Paid € 411,321 in corporate taxes since 2023.
Best year ever: 2023, with € 5.1 million profit.
Pays suppliers within 197 days on average.
Management
The shares are held by Delvaux Design Coordination et Finance SA (100%) and Maroquinerie Delvaux Belgium SA (0%). It owns 66.5% of MAROQUINERIE DE BOURG ARGENTAL, 37.5% of IMMODEL, 0.1% of MAROQUINERIE DELVAUX BELGIUM, 0.1% of Delvaux Retail and 0% of DELVAUX DESIGN COORDINATION & FINANCES itself.
Directors
According to the 2026 annual accounts
Jean-Marc Loubier
Director
Also active at: MAROQUINERIE DELVAUX BELGIUM, DELVAUX - LA COMPAGNIE DES LINGES, IMMODEL, DLX Holdings
since 2023 · until 2029
Axel Meyer
Director
since 2025 · until 2029
Karine Willame
Director
Also active at: MAROQUINERIE DELVAUX BELGIUM, Delvaux Design Coordination et Finance, DELVAUX RETAIL, IMMODEL, DLX Holdings
since 2026 · until 2029
Thomas Loest
Director
Also active at: MAROQUINERIE DELVAUX BELGIUM, Delvaux Design Coordination et Finance, DELVAUX - LA COMPAGNIE DES LINGES, IMMODEL, DLX Holdings
since 2023 · until 2025
Grégoire Bedoret
Director
Also active at: MAROQUINERIE DELVAUX BELGIUM, DELVAUX - LA COMPAGNIE DES LINGES, IMMODEL
since 2023 · until 2026
Shareholders
Participations
Establishments
Establishment units
Physical locations of this company
Louis Schmidtlaan 7
1040 Etterbeek
Koninginnegalerij 31
1000 Brussel
Active since 1 January 1961
Waterloolaan 27
1000 Brussel
Active since 1 January 1961
Komedieplaats 17
2000 Antwerpen
Active since 15 December 1981
Chaussée de Bruxelles 167
1410 Waterloo
Active since 17 November 1976
Breidelstraat 2
8000 Brugge
Active since 1 March 1999
Kustlaan 146
8300 Knokke-Heist
Active since 9 January 1998
Who else lives here?
A building full of entrepreneurs or one very busy letterbox? Another 9 companies are registered at this address.
All companies at this address →MAROQUINERIE DELVAUX BELGIUM same network
€ 2.3 million revenue · 2026
Delvaux Design Coordination et Finance same network
DELVAUX RETAIL same network
Beroepskamer van de Fabrikanten van Marokijnwerk, Zadelmakerij en Reisartikelen
ANCIEN COMPTOIR DE TEXTILE ET D'AMEUBLEMENT
+4 more
What is an establishment unit? An establishment unit is a geographically identifiable place where activities of the enterprise are carried out.
Shareholders according to the Official Gazette deeds
Who contributed at incorporation and at capital increases, with the deed as source. Later share transfers are not published in the Gazette.
Capital increase
Source: Deed ↗- DELVAUX DESIGN COORDINATION ET FINANCE(actionnaire majoritaire) 33.6%
Details
- Company number
- 0400.613.859
- VAT number
- BE 0400.613.859
- Registered office
- Louis Schmidtlaan 7, 1040 Etterbeek
- Names & denominations
- DELVAUX CREATEUR
- Enterprise type
- Rechtspersoon
- Legal form
- Public limited company
- Legal situation
- Normale toestand
- Start date
- 1 January 1961
- Peppol
- Active · Active since 19 Dec 2025
- Activities · NACE
Detailhandel in lederwaren en reisartikelen
Groothandel in lederwaren en reisartikelen