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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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Busy address KBO
19 other companies have their registered office at the same address; threshold 10.
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Not on Peppol Peppol
Not registered in the Peppol network, mandatory for VAT-liable companies since 1 January 2026.
Financials
Financial year 2025
EthiasCo from Liège, company number BE0402370054, closed financial year 2025 with a result of € 10.4 million after tax. For that financial year EthiasCo recorded revenue of € 2,642 and equity of € 242.8 million. Compared with financial year 2024, the result moved from € 10.3 million to € 10.4 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 June 16, 2026.
€ 242.8 million
▲ 3% vs 2024
Assets minus debts, by the books. What is left if everything were sold and paid today.
€ 10.4 million
Profit after tax over the fiscal year.
€ 7.4 million
▲ 88% vs 2024
Cash and bank balances on the last day of the fiscal year.
€ 4.1 million paid out
40 % of the profit went to the shareholders, the rest stayed in the company.
Debts at end 2025
None
No bank loans on the last day of the fiscal year.
€ 5,258
▼ 21% vs 2024
Supplier invoices still open on the last day of the fiscal year. Pays suppliers within 5 days on average.
€ 4,651
▲ 2% vs 2024
Corporate tax and VAT still to pay. No wage debt: nothing outstanding to staff or social security.
| 2023 | 2024 | 2025 | Change 2024 → 2025 | |
|---|---|---|---|---|
| Revenue | € 2,999 | € 2,055 | € 2,642 | ▲ 29% |
| Profit after taxes | € 9,474,777 | € 10,312,137 | € 10,358,194 | |
| Equity | € 230,115,663 | € 236,766,934 | € 242,816,437 | ▲ 3% |
| Total debts | € 3,348,642 | € 3,620,709 | € 4,146,607 | ▲ 15% |
| Cash | € 3,823,923 | € 3,950,332 | € 7,421,424 | ▲ 88% |
| Retained profit | € 130,347,831 | € 137,050,720 | € 143,272,281 | ▲ 5% |
| Dividend | € 3,316,742 | € 3,609,248 | € 4,136,633 | ▲ 15% |
| Balance sheet total | € 233,464,305 | € 240,387,643 | € 246,963,044 | ▲ 3% |
Key figures of EthiasCo, fiscal years 2023 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 EthiasCo?
What happened at EthiasCo in recent years, according to the Belgian Official Gazette, the CBE and the National Bank:
- Karolien Eens stepped down as director. NBB
- Claudia Niessen stepped down as director. NBB
- Dirk De fauw stepped down as director. NBB
- Willy Demeyer stepped down as director. NBB
- Olivier Henin stepped down as director. NBB
- Dirk Boogmans stepped down as director. NBB
- Patrick Dewael stepped down as director. NBB
- Karl Van Borm stepped down as director. NBB
In short
From € 9.5 million profit in 2023 to € 10.4 million profit in 2025.
Paid € 338 in corporate taxes since 2023.
Best year ever: 2025, with € 10.4 million profit.
Paid out € 11.1 million in dividends to the owners in total.
Management
The stake of TRANS&WALL, "I.D.E.A. S.C", Vlaamse Maatschappij voor Watervoorziening, Intercommunale namuroise de Services publics, Association intercommunale Bureau économique de la Province de Namur, VLAAMSE MAATSCHAPPIJ VOOR SOCIAAL WONEN, REGIE SPORTIVE COMMUNALE ANDENNAISE, Woonsprong, LE PORT DE BRUXELLES, Regie communale de Mons-capitale, LIEGE ZONE 2 INTERCOMMUNALE D'INCENDIE DE LIEGE ET ENVIRONS - SERVICE REGIONAL D'INCENDIE, HYGEA, in BW Association Intercommunale comes from that shareholder’s own annual accounts; small companies do not report their shareholders themselves.
EthiasCoThe shares are held by TRANS&WALL (30%), "I.D.E.A. S.C" (1%), Vlaamse Maatschappij voor Watervoorziening (0.5%), Intercommunale namuroise de Services publics (0.1%), Association intercommunale Bureau économique de la Province de Namur (0%) and VLAAMSE MAATSCHAPPIJ VOOR SOCIAAL WONEN (0%). It owns 49% of Green4You, 11.4% of Epico II Wind, 10.6% of Vlaamse EnergieHolding, 5% of Ethias SA and 3.8% of SOCOFE itself.
Directors
According to the 2025 annual accounts
since 2023 · until 2029
Claudia Niessen
Director
since 2023 · until 2029
Dirk De fauw
Director
Also active at: West-Vlaamse Intercommunale, VIVENDO, BREVIA ADVOCATEN, Beurs-, Meeting- en Congrescentrum, Brugge Plus, DE FAUW Dirk, Advocatenkantoor, PORTFINECO
since 2023 · until 2029
Willy Demeyer
Chairman of the board
Also active at: CENTRE HOSPITALIER REGIONAL DE LA CITADELLE, CENTRE LYRIQUE DE LA COMMUNAUTE FRANCAISE - OPERA ROYAL DE WALLONIE
since 2023 · until 2029
Olivier Henin
Director
since 2023 · until 2029
Dirk Boogmans
Administrateur indépendant
Also active at: Stijn, ALDEN BIESEN ZOMEROPERA, Newton Biocapital I, pricaf privée de droit belge, Newton Biocapital II
since 2023 · until 2029
since 2023 · until 2029
Karl Van Borm
Director
since 2023 · until 2029
Georgy Manalis
Director
since 2023 · until 2029
Marie-Dominique Simonet
Director
since 2023 · until 2029
Shareholders
30%
0%
Participations
Establishments
Establishment units
Physical locations of this company
Voie Gisèle Halimi 10
4000 Liège
Rue des Croisiers 24 box .
4000 Liège
Active since 15 December 1924
Who else lives here?
A building full of entrepreneurs or one very busy letterbox? Another 19 companies are registered at this address.
All companies at this address →+14 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
- 0402.370.054
- VAT number
- BE 0402.370.054
- Registered office
- Voie Gisèle Halimi 10, 4000 Liège
- Names & denominations
- EthiasCo
- Enterprise type
- Rechtspersoon
- Legal form
- Private limited company
- Legal situation
- Normale toestand
- Start date
- 15 December 1924
- Peppol
- Not registered
- Activities · NACE
Activiteiten van holdings
Holdings