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 23 % of short-term debt in 2025; threshold 65 %.
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Busy address KBO
13 other companies have their registered office at the same address; threshold 10.
Financials
Financial year 2025
DUVEL MOORTGAT from Puurs-Sint-Amands, company number BE0400764903, closed financial year 2025 with a result of € 49.2 million after tax. For that financial year DUVEL MOORTGAT recorded revenue of € 300.3 million and equity of € 296.2 million. Compared with financial year 2024, the result moved from € 38.8 million to € 49.2 million. Profitable, and profit is growing. The company holds a healthy buffer. A strong own buffer against the debts. The most recent annual accounts were filed with the National Bank of Belgium on July 30, 2026.
€ 296.2 million
▼ 7% vs 2024
Assets minus debts, by the books. What is left if everything were sold and paid today.
€ 49.2 million
▲ 27% vs 2024
Profit after tax over the fiscal year.
€ 3.8 million
▼ 76% vs 2024
Cash and bank balances on the last day of the fiscal year.
€ 70 million paid out
More than the year’s profit went to the shareholders; reserves fell.
People and assets in 2025
387.2
▼ 16.6 vs 2024
Average over the fiscal year, from the social balance sheet.
€ 35.6 million
▼ 1% vs 2024
€ 91,800 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.
€ 366,612
▲ 1% vs 2024
Book value of vehicles, furniture and equipment.
Debts at end 2025
€ 259.6 million
▼ 17% vs 2024
€ 80 million is repaid this year. At this pace the long-term loan is gone in ≈ 3 years.
€ 55.3 million
▼ 6% vs 2024
Supplier invoices still open on the last day of the fiscal year. Pays suppliers within 100 days on average.
€ 7.1 million
▲ 15% vs 2024
Taxes, VAT and social contributions still to pay.
| 2022 | 2023 | 2024 | 2025 | Change 2024 → 2025 | |
|---|---|---|---|---|---|
| Revenue | € 359,256,442 | € 366,040,827 | € 357,586,953 | € 300,282,135 | ▼ 16% |
| Profit after taxes | € 52,674,744 | € 60,934,358 | € 38,759,007 | € 49,176,219 | ▲ 27% |
| Equity | € 252,379,806 | € 278,314,164 | € 317,073,171 | € 296,249,391 | ▼ 7% |
| Total debts | € 416,132,667 | € 495,780,239 | € 470,909,128 | € 446,430,207 | ▼ 5% |
| Cash | € 4,150,393 | € 3,101,332 | € 15,540,524 | € 3,759,340 | ▼ 76% |
| Land & buildings | € 16,195,725 | € 21,931,087 | € 22,100,195 | € 22,155,531 | |
| Retained profit | € 214,021,361 | € 239,955,719 | € 278,714,726 | € 257,890,946 | ▼ 7% |
| Dividend | € 35,000,000 | € 35,000,000 | € 0 | € 70,000,000 | |
| Bank debt | € 199,431,965 | € 319,606,286 | € 313,644,232 | € 259,589,856 | ▼ 17% |
| Balance sheet total | € 672,495,760 | € 778,019,134 | € 791,862,923 | € 746,571,872 | ▼ 6% |
| Employees (FTE) | 409.3 | 419.1 | 403.8 | 387.2 | ▼ 16.6 |
Key figures of DUVEL MOORTGAT, 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 DUVEL MOORTGAT?
What happened at DUVEL MOORTGAT in recent years, according to the Belgian Official Gazette, the CBE and the National Bank:
- Bemo BV stepped down as director. NBB
- Lema BV stepped down as director. NBB
- LP Invest BV stepped down as director. NBB
- Hop!nvest BV stepped down as director. NBB
- New annual accounts for financial year 2025: profit of € 49.2 million (▲ 27% vs 2024). Source: NBB ↗
- Derey CommV stepped down as director. NBB
- Axel Miller stepped down as director. NBB
- A2 BV stepped down as director. NBB
In short
From € 52.7 million profit in 2022 to € 49.2 million profit in 2025.
Paid € 19.9 million in corporate taxes since 2022.
Best year ever: 2023, with € 60.9 million profit.
Paid out € 140 million in dividends to the owners in total.
Management
The stake of PBM HOLDING, Hop!nvest comes from that shareholder’s own annual accounts; small companies do not report their shareholders themselves.
DUVEL MOORTGATThe shares are held by PBM HOLDING (86.2%) and Hop!nvest (13.8%). It owns 100% of Duvel Moortgat France SAS, 100% of Craft Beer Co, 100% of Duhco S.A., 100% of Antwerp City Brewery nv, 100% of Duvel Moortgat España SL and 100% of Boulevard Brewing Co itself.
Directors
According to the 2025 annual accounts
Director · represented by Bernard Moortgat
Also active at: Brouwerij De Valk, Gildenhuis Wilrijk, Brouwerij De Koninck, La Vallée des Fées, PARALLEL, Moortgat Real Estate, MoHa, KEBOLA
since 2023 · until 2029
Managing director · represented by Michel Moortgat
Also active at: LOTUS BAKERIES, Brouwerij De Valk, Gildenhuis Wilrijk, ANTWERP CITY BREWERY, Brouwerij De Koninck, La Vallée des Fées, Moortgat Financial Services, BRASSERIE D'ACHOUFFE +6 more
since 2023 · until 2029
Chairman of the board · represented by Michel Van Hemele
Also active at: ESSENSYS, TALENTUS, i-HR, ESSENSYS PARTNERS
since 2024 · until 2026
Director · represented by Philippe Moortgat
Also active at: ANTWERP CITY BREWERY, La Vallée des Fées, Moortgat Financial Services, 83 rue des Combattants, BELLEROSE BELGIUM, PARALLEL, Moortgat Consumer Services, INPUT FOR YOU +2 more
since 2023 · until 2029
Director · represented by Veerle Baert
Also active at: Moortgat Real Estate, Flanders Fashion Design International
since 2023 · until 2029
Axel Miller
Director
since 2024 · until 2026
Director · represented by Alain Beyens
Also active at: SOCIETE DE SERVICES, DE PARTICIPATIONS, DE DIRECTION ET D'ELABORATION
since 2024 · until 2026
Shareholders
86.2%
13.8%
Participations
Duvel Moortgat France SAS
100%
Craft Beer Co
100%
Duhco S.A.
100%
Duvel Moortgat España SL
100%
Boulevard Brewing Co
100%
Duvel Moortgat Hong Kong Ltd
100%
ALP Boissons
100%
Duhco Nederland BV
100%
Duvel Moortgat UK Ltd.
100%
Mad Brewing Company
100%
Birrificio Del Ducato srl
100%
Brewery Ommegang Ltd
100%
99.9%
99.9%
99.9%
Duvel Moortgat USA
99%
Brasserie du Mont-Blanc
90%
Rodinny Pivovar Bernard as
50%
LFB Développement
50%
25%
25%
SCI Pizay
0.5%
DAHU Immobilier
MoVe Brewpub (Chaba)
Boussmontpellier
Proeflokaal De Molen B.V.
Carnangers
Brouwerij 't IJ BV
Sladovna Bernard as
SCI Greko du Palais
SCI Grekobouss
De L'Etoile
Fousseret
MoVe Brand Ltd
Sarl Stannancy
Ipack B.V.
Vicomterouen
Les Tripiers
Volparis
Dorvesmarseille
LFB Maulille
Mongedijon
DPack
Tianjin Vedett Brewery Co., Limited
Crissnantes
MoVe Brew Ltd
LFB Urssainte
Next Leap Holdings Co., Limited
De Eeuwige Jeugd Licentie
Brouwerij De Eeuwige Jeugd bv
Duvel Moortgat Nederland BV
Pizaylyon
Firestone Walker Inc
Palais
Courbesac
DRC S.A.
Alsabordeaux
Duvel Moortgat Shanghai Ltd
De Drie Wijzen uit Oost Holding B.V.
Establishments
Establishment units
Physical locations of this company
Breendonk-Dorp 58
2870 Puurs-Sint-Amands
Aalststraat 200
9700 Oudenaarde
Active since 24 June 2008
Brabantstraat 20
2870 Puurs-Sint-Amands
Active since 22 November 2012
Who else lives here?
A building full of entrepreneurs or one very busy letterbox? Another 13 companies are registered at this address.
All companies at this address →Gildenhuis Wilrijk same network
€ 57,000 revenue · 2025
La Vallée des Fées same network
€ 57,987 revenue · 2025
Moortgat Financial Services same network
PARALLEL same network
€ 249,892 revenue · 2025
Moortgat Consumer Services same network
€ 2.5 million revenue · 2025
+8 more
What is an establishment unit? An establishment unit is a geographically identifiable place where activities of the enterprise are carried out.
Details
- Company number
- 0400.764.903
- VAT number
- BE 0400.764.903
- Registered office
- Breendonk-Dorp 58, 2870 Puurs-Sint-Amands
- Names & denominations
- DUVEL MOORTGAT
- Enterprise type
- Rechtspersoon
- Legal form
- Public limited company
- Legal situation
- Normale toestand
- Start date
- 12 March 1931
- Peppol
- Active · Active since 1 Dec 2025
- Activities · NACE
Vervaardiging van bier
Groothandel in dranken, algemeen assortiment
Vervaardiging van frisdranken en water in flessen
Groothandel in dranken
Productie van mineraalwater en frisdranken