Warning lights
Signals from the annual accounts, the CBE and the Official Gazette, each with its threshold and source. No score, no verdict.
-
Tight liquidity NBB
Cash and receivables cover 38 % of short-term debt in 2025; threshold 65 %.
Financials
Financial year 2025
nWave Studios from Vorst, company number BE0441838364, closed financial year 2025 with a result of € -1,083 after tax. For that financial year nWave Studios recorded revenue of € 1.6 million and equity of € 2.9 million. Compared with financial year 2024, the result moved from € 13,368 to € -1,083. The company made a loss. The company holds a healthy buffer. Debts are under control. The most recent annual accounts were filed with the National Bank of Belgium on September 10, 2026.
€ 2.9 million
Assets minus debts, by the books. What is left if everything were sold and paid today.
€ -1,083
▼ still € 13,368 profit in 2024
Profit after tax over the fiscal year.
€ 420,897
▲ 71% vs 2024
Cash and bank balances on the last day of the fiscal year.
Loss, nothing to pay out
Reserves fell to € 2.2 million.
People and assets in 2025
5.2
▲ 1.4 vs 2024
Average over the fiscal year, from the social balance sheet.
€ 554,777
▲ 45% vs 2024
€ 106,700 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.
Debts at end 2025
€ 1.2 million
▼ 13% vs 2024
Loans from banks and other lenders, long and short.
€ 108,557
▼ 98% vs 2024
Supplier invoices still open on the last day of the fiscal year. Pays suppliers within 52 days on average.
€ 251,381
▲ € 214,608 vs 2024
Taxes, VAT and social contributions still to pay.
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| 2021 | 2022 | 2024 | 2025 | Change 2024 → 2025 | |
|---|---|---|---|---|---|
| Revenue | € 1,623,491 | € 1,069,200 | € 1,312,944 | € 1,562,168 | ▲ 19% |
| Profit after taxes | € 367,428 | € 121,853 | € 13,368 | € -1,083 | ▼ € 14,451 |
| Equity | € 2,757,847 | € 2,879,700 | € 2,888,016 | € 2,886,933 | |
| Total debts | € 11,923,980 | € 12,924,194 | € 23,928,453 | € 10,573,226 | ▼ 56% |
| Cash | € 595,256 | € 599,781 | € 245,705 | € 420,897 | ▲ 71% |
| Retained profit | € 2,119,919 | € 2,241,772 | € 2,250,088 | € 2,249,005 | |
| Bank debt | € 6,545,625 | € 7,616,196 | € 1,384,512 | € 1,201,514 | ▼ 13% |
| Balance sheet total | € 14,681,826 | € 15,803,894 | € 26,816,469 | € 13,460,158 | ▼ 50% |
| Employees (FTE) | 4 | 4.1 | 3.8 | 5.2 | ▲ 1.4 |
Key figures of nWave Studios, fiscal years 2021 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 nWave Studios?
What happened at nWave Studios in recent years, according to the Belgian Official Gazette, the CBE and the National Bank:
- JEROME DE BETHUNE stepped down as director. NBB
- MATTHIEU GONDINET stepped down as director. NBB
- OLIVIER SULPICE stepped down as director. NBB
- MATTHIEU ZELLER stepped down as director. NBB
- PATRICK VANDENBOSCH stepped down as director. NBB
- WALLIMAGE stepped down as director. NBB
- New annual accounts for financial year 2025: loss of € 1,083 (▼ € 14,451 vs 2024). filed late Source: NBB ↗
- JEROME DE BETHUNE became a director. NBB
In short
From € 367,428 profit in 2021 to € 1,083 loss in 2025.
Paid € 373,243 in corporate taxes since 2021.
Best year ever: 2021, with € 367,428 profit.
Pays suppliers within 52 days on average.
A new publication or filing at nWave Studios? We notify you, reason included.
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De Lijn 8 June 2026 New annual account 2025
filed on 8 June 2026
What was left
€ 20 k ▼ 91%
Money in the bank
€ 178 k ▼ 98%
Open the dossier →
NMBS 8 June 2026 New annual account 2025 What was left ▼ 80%
bpost 18 May 2026 New annual account 2025 What was left from loss to profit
Management
The stake of Belga-Films, WALLIMAGE comes from that shareholder’s own annual accounts; small companies do not report their shareholders themselves.
nWave StudiosThe shares are held by Belga-Films (37%) and WALLIMAGE (13%). It owns 100% of nWave Pictures, 100% of NWAVE DIGITAL and 100% of MAGIC IMAGE itself.
Directors
According to the 2025 annual accounts
JEROME DE BETHUNE
Director
since 2025 · until 2029
MATTHIEU GONDINET
Director
Also active at: nWave Digital, MAGIC IMAGE, MOVIDA WALLONIE, NWAVE PICTURES
since 2022 · until 2029
OLIVIER SULPICE
Director
since 2025 · until 2029
MATTHIEU ZELLER
Managing director
since 2025 · until 2029
since 2025 · until 2029
Director · represented by Virginie Nouvelle
Also active at: Belga-Films, The Pack, N-ZONE, CYANVIEW, Belgian Heroes, Lucky Way Game, SUPERBE, LA NICHE +9 more
since 2022 · until 2029
Shareholders
37%
13%
Participations
Establishments
Establishment units
Physical locations of this company
Bondgenotenstraat 282
1190 Vorst
Who else lives here?
A building full of entrepreneurs or one very busy letterbox? Another 1 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.
Details
- Company number
- 0441.838.364
- VAT number
- BE 0441.838.364
- Registered office
- Bondgenotenstraat 282, 1190 Vorst
- Names & denominations
- nWave Studios
- Enterprise type
- Rechtspersoon
- Legal form
- Public limited company
- Legal situation
- Normale toestand
- Start date
- 21 October 1990
- Peppol
- Active · Active since 27 Mar 2026
- Activities · NACE
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