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 59 % of short-term debt in 2025; threshold 65 %.
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Busy address KBO
35 other companies have their registered office at the same address; threshold 10.
Financials
Financial year 2025
NOSHAQ from Liège, company number BE0426624509, closed financial year 2025 with a result of € 28.5 million after tax. For that financial year NOSHAQ recorded revenue of € 9 million and equity of € 212.1 million. Compared with financial year 2024, the result moved from € -25.2 million to € 28.5 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 December 17, 2025.
€ 212.1 million
▲ 11% vs 2024
Assets minus debts, by the books. What is left if everything were sold and paid today.
€ 28.5 million
▲ still € 25.2 million loss in 2024
Profit after tax over the fiscal year.
€ 6 million
▼ 9% vs 2024
Cash and bank balances on the last day of the fiscal year.
€ 7.7 million paid out
27 % of the profit went to the shareholders, the rest stayed in the company.
People and assets in 2025
61
▲ 7.1 vs 2024
Average over the fiscal year, from the social balance sheet.
€ 9.3 million
▲ 4% vs 2024
€ 151,800 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.
€ 779,430
▼ 14% vs 2024
Book value of vehicles, furniture and equipment.
Debts at end 2025
€ 157.7 million
▲ 23% vs 2024
€ 15.6 million is repaid this year. At this pace the long-term loan is gone in ≈ 5 years.
€ 2.5 million
▼ 10% vs 2024
Supplier invoices still open on the last day of the fiscal year. Pays suppliers within 114 days on average.
€ 2.2 million
▲ 4% vs 2024
Taxes, VAT and social contributions still to pay.
| 2022 | 2023 | 2024 | 2025 | Change 2024 → 2025 | |
|---|---|---|---|---|---|
| Revenue | € 7,621,936 | € 7,789,687 | € 8,547,369 | € 8,991,739 | ▲ 5% |
| Profit after taxes | € 12,936,573 | € 14,238,106 | € -25,169,448 | € 28,515,167 | ▲ € 53.7 million |
| Equity | € 144,921,040 | € 176,620,771 | € 191,261,385 | € 212,065,364 | ▲ 11% |
| Total debts | € 256,037,466 | € 324,732,485 | € 324,180,979 | € 370,700,383 | ▲ 14% |
| Cash | € 5,744,252 | € 11,510,969 | € 6,644,359 | € 6,037,876 | ▼ 9% |
| Retained profit | € 28,446,392 | € 38,651,585 | € 13,482,137 | € 34,286,116 | ▲ 154% |
| Dividend | € 2,535,618 | € 4,032,912 | € 0 | € 7,711,188 | |
| Bank debt | € 62,500,000 | € 128,600,000 | € 128,600,125 | € 157,725,000 | ▲ 23% |
| Balance sheet total | € 400,958,506 | € 501,353,256 | € 515,442,364 | € 582,765,747 | ▲ 13% |
| Employees (FTE) | 50.1 | 52 | 53.9 | 61 | ▲ 7.1 |
Key figures of NOSHAQ, fiscal years 2022 to 2025, from the annual accounts filed with the National Bank of Belgium.Next annual account (fiscal year 2026) expected before 30 January 2027.
What happened to NOSHAQ?
What happened at NOSHAQ in recent years, according to the Belgian Official Gazette, the CBE and the National Bank:
- Jérôme HARDY stepped down as director. NBB
- Deborah Geradon stepped down as director. NBB
- Eric DEWINGAERDEN stepped down as director. NBB
- Joana WITHOFS stepped down as director. NBB
- Valérie SARETTO stepped down as director. NBB
- Henri LEMAITRE stepped down as director. NBB
- NETHYS SA stepped down as director. NBB
- Pascal Carlens stepped down as director. NBB
In short
From € 12.9 million profit in 2022 to € 28.5 million profit in 2025.
Paid € 160,220 in corporate taxes since 2022.
Best year ever: 2025, with € 28.5 million profit.
Paid out € 14.3 million in dividends to the owners in total.
Management
The stake of Wallonie Entreprendre, NETHYS, NEB PARTICIPATIONS, ENTWICKLUNGS- UND BETEILIGUNGSGESELLSCHAFT OSTBELGIENS comes from that shareholder’s own annual accounts; small companies do not report their shareholders themselves.
NOSHAQThe shares are held by Wallonie Entreprendre (39.6%), NETHYS (22.4%), NEB PARTICIPATIONS (20.9%) and ENTWICKLUNGS- UND BETEILIGUNGSGESELLSCHAFT OSTBELGIENS (0.8%). It owns 100% of RISE PARTNERS, 100% of NOSHAQ SPIN-OFFS, 100% of NOSHAQ ENERGY, 100% of NOSHAQ IMMO, 96.9% of NOSHAQ VENTURE and 70% of NOSHAQ PARTNERS itself.
Directors
According to the 2025 annual accounts
Jérôme HARDY
Director
Also active at: NOSHAQ IMMO, NOSHAQ VENTURE, NOSHAQ SPIN-OFFS, NOSHAQ EUROPE 3, NOSHAQ ENERGY, PISINOE, NOSHAQ EUROPE 4
since 2024 · until 2028
Deborah Geradon
Director
Also active at: PUBLILEC, CENTRE HOSPITALIER REGIONAL DE LA CITADELLE, Centre culturel communal de Seraing, NOSHAQ IMMO, NOSHAQ VENTURE, COOPERATIVE D'ETUDES, DE GESTION ET DE PARTICIPATION, NOSHAQ SPIN-OFFS, SOCOFE +7 more
since 2025 · until 2028
Eric DEWINGAERDEN
Director
Also active at: NOSHAQ IMMO, NOSHAQ VENTURE, NOSHAQ SPIN-OFFS, NOSHAQ EUROPE 3, NOSHAQ ENERGY, NOSHAQ EUROPE 4
since 2023 · until 2028
since 2023 · until 2028
Valérie SARETTO
Vice-chairman of the board
Also active at: Qu4tre Liège Média, NOSHAQ IMMO, COLLECTIONS ET PATRIMOINES, NOSHAQ VENTURE, Agence locale pour l'Emploi de Liège, NOSHAQ SPIN-OFFS, NOSHAQ EUROPE 3, NOSHAQ ENERGY +4 more
since 2024 · until 2028
Henri LEMAITRE
Director
Also active at: AKT For Wallonia, NOSHAQ IMMO, NOSHAQ VENTURE, LEM INTERIM, HL NEXT, NOSHAQ SPIN-OFFS, NOSHAQ EUROPE 3, FORMALIA +3 more
since 2023 · until 2028
Director · represented by DEMAL GRÉGORY
Also active at: NOSHAQ IMMO, NOSHAQ VENTURE, NOSHAQ SPIN-OFFS, Luminus, NOSHAQ EUROPE 3, VOO S.A., NOSHAQ ENERGY, VOO Holding +1 more
since 2023 · until 2028
Joyce WIECZOREK
Director
Also active at: NOSHAQ VENTURE, NOSHAQ SPIN-OFFS, JWi², Wallonie Entreprendre, NOSHAQ ENERGY, NOSHAQ EUROPE 4
since 2023 · until 2025
Pascal Carlens
Director
Also active at: NOSHAQ IMMO, NOSHAQ VENTURE, NOSHAQ SPIN-OFFS, NOSHAQ EUROPE 3, AMERIGO, NOSHAQ ENERGY, NOSHAQ EUROPE 4
since 2023 · until 2028
since 2024 · until 2025
Matthieu DE WINTER
Director
Also active at: NOSHAQ IMMO, NOSHAQ VENTURE, NOSHAQ SPIN-OFFS, NOSHAQ EUROPE 3, NOSHAQ ENERGY
since 2023 · until 2025
Nicolas DUMAZY
Director
Also active at: SOCIETE LIEGEOISE DE MICRO - INFORMATIQUE, NOSHAQ IMMO, NOSHAQ VENTURE, NOSHAQ SPIN-OFFS, IMA BENELUX, Computerland Benelux, NOSHAQ EUROPE 3, ETHIAS VENTURES +4 more
since 2023 · until 2028
Sylvie Rouche
Director
Also active at: NOSHAQ IMMO, NOSHAQ VENTURE, NOSHAQ SPIN-OFFS, NOSHAQ EUROPE 3, NOSHAQ ENERGY, NOSHAQ EUROPE 4
since 2025 · until 2028
Christophe Leclercq
Director
Also active at: NOSHAQ IMMO, NOSHAQ VENTURE, NOSHAQ SPIN-OFFS, LEANSQUARE, NOSHAQ EUROPE 3, NOSHAQ ENERGY, NOSHAQ EUROPE 4
since 2023 · until 2028
Jean-Christophe PETERKENNE
Director
Also active at: NOSHAQ IMMO, NOSHAQ VENTURE, NOSHAQ SPIN-OFFS, NOSHAQ EUROPE 3, NOSHAQ ENERGY, NOSHAQ EUROPE 4
since 2024 · until 2028
Jean-Michel JAVAUX
Chairman of the board
Also active at: CENTRE HOSPITALIER REGIONAL DE HUY, NOSHAQ IMMO, NOSHAQ VENTURE, PUBLIGAS, Union des Villes et Communes de Wallonie, NOSHAQ SPIN-OFFS, IMMOBILIERE DU STANDARD DE LIEGE, NOSHAQ EUROPE 3 +5 more
since 2023 · until 2028
Christine DEFRAIGNE
Director
Also active at: NOSHAQ IMMO, NOSHAQ VENTURE, NOSHAQ SPIN-OFFS, NOSHAQ EUROPE 3, NOSHAQ ENERGY, NOSHAQ EUROPE 4
since 2024 · until 2028
Shareholders
Participations
100%
100%
100%
100%
96.9%
70%
60%
60%
60%
50%
50%
42.7%
42%
41.7%
38.8%
37%
35.6%
34.8%
34.6%
33.8%
33.3%
33.3%
33.3%
32.8%
32.2%
32.1%
31.8%
31.7%
31.1%
30%
30%
29.4%
28.7%
27.7%
26.3%
25.5%
25%
25%
25%
24.4%
24.4%
24.2%
23.3%
22.6%
21.6%
20.8%
20.7%
20%
20%
19.9%
19.7%
19.7%
19.2%
18.8%
18.4%
18.3%
BLOOMLIFE
17.3%
17.2%
16.7%
16.6%
16.1%
WIZATA
15.9%
15.7%
15.7%
15.1%
15%
14.8%
14.7%
14.4%
14.3%
EWATTCH
13.8%
13.8%
13.5%
13.3%
13.2%
12.7%
12.1%
11.9%
11.8%
11.7%
11.6%
11.4%
11.4%
10.9%
10.5%
10.3%
10.3%
10.2%
10%
10%
10%
10%
Establishments
Establishment units
Physical locations of this company
Rue Lambert-Lombard 3
4000 Liège
Place Saint Etienne 1
4000 Liège
Active since 1 February 2026
Who else lives here?
A building full of entrepreneurs or one very busy letterbox? Another 35 companies are registered at this address.
All companies at this address →CAUTION MUTUELLE DES METIERS ET NEGOCES
SOGECOM
€ -151,456 gross margin · 2025
NOSHAQ IMMO same network
€ 2.6 million revenue · 2025
NOSHAQ VENTURE same network
€ 89,352 revenue · 2025
Société d'Investissement du Bassin liégeois same network
€ 35,850 revenue · 2025
+30 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
- 0426.624.509
- VAT number
- BE 0426.624.509
- Registered office
- Rue Lambert-Lombard 3, 4000 Liège
- Names & denominations
- NOSHAQ
- Enterprise type
- Rechtspersoon
- Legal form
- Public limited company
- Legal situation
- Normale toestand
- Start date
- 9 January 1985
- Peppol
- Active · Active since 10 Oct 2025
- Activities · NACE
Overige financiële dienstverlening, neg
Overige financiële instellingen, n.e.g.
Activiteiten van adviesbureaus op het gebied van bedrijfsvoering en overig managementadvies
Overige adviesbureaus op het gebied van bedrijfsbeheer; adviesbureaus op het gebied van bedrijfsvoering
Activiteiten van holdings
Overige zakelijke dienstverlening, neg
Vermogensbeheer
Holdings