Warning lights
Signals from the annual accounts, the CBE and the Official Gazette, each with its threshold and source. No score, no verdict.
-
Shrinking team NBB
FTE fell two years in a row, from 34.6 to 10.3.
-
Figures corrected NBB
Corrected annual account filed for 2024.
Financials
Financial year 2025
Michelin Research & Development Belgium from Asse, company number BE0456514365, closed financial year 2025 with a result of € 175,693 after tax. For that financial year Michelin Research & Development Belgium recorded revenue of € 1.4 million and equity of € 137,500. Compared with financial year 2024, the result moved from € 758,147 to € 175,693. The company is profitable. The buffer shrank hard: equity is 87 % below last year. High debts against a small own buffer. The most recent annual accounts were filed with the National Bank of Belgium on June 3, 2026.
€ 137,500
▼ 87% vs 2024
Assets minus debts, by the books. What is left if everything were sold and paid today.
€ 175,693
▼ 77% vs 2024
Profit after tax over the fiscal year.
€ 52,011
▼ 93% vs 2024
Cash and bank balances on the last day of the fiscal year.
€ 1.1 million paid out
More than the year’s profit went to the shareholders; reserves fell.
People and assets in 2025
10.3
▼ 20 vs 2024
Average over the fiscal year, from the social balance sheet.
€ 895,021
▼ 78% vs 2024
€ 86,900 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
None
No bank loans on the last day of the fiscal year.
€ 99,296
▼ 87% vs 2024
Supplier invoices still open on the last day of the fiscal year. Pays suppliers within 85 days on average.
€ 7,784
▼ 99% vs 2024
Taxes, VAT and social contributions still to pay.
| 2022 | 2023 | 2024 | 2025 | Change 2024 → 2025 | |
|---|---|---|---|---|---|
| Revenue | € 6,273,104 | € 6,720,282 | € 6,217,041 | € 1,437,884 | ▼ 77% |
| Profit after taxes | € 186,365 | € 644,167 | € 758,147 | € 175,693 | ▼ 77% |
| Equity | € 1,636,990 | € 2,281,157 | € 1,039,303 | € 137,500 | ▼ 87% |
| Total debts | € 3,535,064 | € 3,717,478 | € 2,459,311 | € 1,184,576 | ▼ 52% |
| Cash | € 107,830 | € 326,559 | € 787,112 | € 52,011 | ▼ 93% |
| Land & buildings | - | € 31,213 | € 23,715 | - | |
| Retained profit | € 1,511,990 | € 2,156,157 | € 914,303 | € 12,500 | ▼ 99% |
| Dividend | € 0 | € 0 | € 2,000,000 | € 1,077,496 | ▼ 46% |
| Bank debt | € 2,490,356 | € 2,000,000 | € 1,000,000 | € 0 | ▼ 100% |
| Balance sheet total | € 5,172,054 | € 5,998,635 | € 10,872,966 | € 1,472,076 | ▼ 86% |
| Employees (FTE) | 36.2 | 34.6 | 30.3 | 10.3 | ▼ 20 |
Key figures of Michelin Research & Development Belgium, 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 Michelin Research & Development Belgium?
What happened at Michelin Research & Development Belgium in recent years, according to the Belgian Official Gazette, the CBE and the National Bank:
- Leslie Helsen stepped down as director. NBB
- Isaline Baudez stepped down as director. NBB
- Jean-Charles CAMBIER stepped down as director. NBB
- New annual accounts for financial year 2025: profit of € 175,693 (▼ 77% vs 2024). Source: NBB ↗
- Isaline Baudez became a director. NBB
- Thomas Helin stepped down as director. NBB
- Thomas Helin became a director. NBB
- Jean-Charles CAMBIER became a director. NBB
In short
From € 186,365 profit in 2022 to € 175,693 profit in 2025.
Paid € 502,560 in corporate taxes since 2022.
Best year ever: 2024, with € 758,147 profit.
Paid out € 3.1 million in dividends to the owners in total.
Management
Directors
According to the 2025 annual accounts
Thomas Helin
Director
since 2023 · until 2025
since 2022 · until 2028
Isaline Baudez
Director
since 2025 · until 2028
since 2022 · until 2028
Establishments
Establishment units
Physical locations of this company
Brusselsesteenweg 494 box 1
1731 Asse
Who else lives here?
A building full of entrepreneurs or one very busy letterbox? Another 2 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
- 0456.514.365
- VAT number
- BE 0456.514.365
- Registered office
- Brusselsesteenweg 494 bus 1, 1731 Asse
- Names & denominations
- Michelin Research & Development Belgium · Michelin R&D Belgium
- Enterprise type
- Rechtspersoon
- Legal form
- Public limited company
- Legal situation
- Normale toestand
- Start date
- 16 November 1995
- Peppol
- Active · Active since 21 Oct 2026
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