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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Two loss years in a row NBB
Negative result in 2024 and 2025.
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Tight liquidity NBB
Cash and receivables cover 15 % of short-term debt in 2025; threshold 65 %.
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Figures corrected NBB
Corrected annual account filed for 2024, 2025.
Financials
Financial year 2025
KNDS Belgium from Seneffe, company number BE0466712134, closed financial year 2025 with a result of € -23.7 million after tax. For that financial year KNDS Belgium recorded revenue of € 34.9 million and equity of € 4.8 million. Compared with financial year 2024, the result moved from € -13.3 million to € -23.7 million. The company made a loss. The buffer shrank hard: equity is 83 % below last year. High debts against a small own buffer. The most recent annual accounts were filed with the National Bank of Belgium on July 15, 2026.
€ 4.8 million
▼ 83% vs 2024
Assets minus debts, by the books. What is left if everything were sold and paid today.
€ -23.7 million
▼ 78 % more loss than in 2024
Profit after tax over the fiscal year.
€ 1.5 million
▼ 71% vs 2024
Cash and bank balances on the last day of the fiscal year.
Loss, nothing to pay out
Reserves fell to € -25.4 million.
People and assets in 2025
246.2
▲ 3.3 vs 2024
Average over the fiscal year, from the social balance sheet.
€ 24.3 million
▼ 4% vs 2024
€ 98,900 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.
€ 102,459
▼ 29% vs 2024
Book value of vehicles, furniture and equipment.
Debts at end 2025
None
No bank loans on the last day of the fiscal year.
€ 10.8 million
▼ 42% vs 2024
Supplier invoices still open on the last day of the fiscal year. Pays suppliers within 90 days on average.
€ 7 million
▲ 6% vs 2024
Taxes, VAT and social contributions still to pay.
| 2022 | 2023 | 2024 | 2025 | Change 2024 → 2025 | |
|---|---|---|---|---|---|
| Revenue | € 101,675,083 | € 72,007,368 | € 54,470,923 | € 34,860,686 | ▼ 36% |
| Profit after taxes | € 6,172,922 | € 6,818,942 | € -13,277,565 | € -23,692,732 | ▼ € 10.4 million |
| Equity | € 34,970,683 | € 41,768,947 | € 28,475,547 | € 4,772,986 | ▼ 83% |
| Total debts | € 54,894,978 | € 159,416,392 | € 131,716,124 | € 123,157,504 | ▼ 6% |
| Cash | € 3,224,396 | € 3,236,053 | € 5,197,272 | € 1,484,278 | ▼ 71% |
| Land & buildings | € 2,274,671 | € 2,706,591 | € 2,859,612 | € 3,454,760 | ▲ 21% |
| Retained profit | € 4,785,848 | € 11,604,789 | € -1,672,775 | € -25,365,507 | ▼ € 23.7 million |
| Bank debt | € 0 | € 0 | € 0 | € 0 | |
| Balance sheet total | € 122,916,870 | € 242,375,934 | € 191,856,196 | € 173,684,897 | ▼ 9% |
| Employees (FTE) | 264 | 238 | 242.9 | 246.2 | ▲ 3.3 |
Key figures of KNDS 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 KNDS Belgium?
What happened at KNDS Belgium in recent years, according to the Belgian Official Gazette, the CBE and the National Bank:
- Arnaud le Grelle stepped down as director. NBB
- Dominique Guillet stepped down as director. NBB
- Jean-Michel Girard stepped down as director. NBB
- Corrected annual accounts filed for financial year 2025. Source: NBB ↗
- Cécile Mathonière (nom d'usage Milward) stepped down as director. NBB
- Nicolas Million stepped down as director. NBB
- Arnaud le Grelle became a director. NBB
- Jean-Michel Girard became a director. NBB
In short
From € 6.2 million profit in 2022 to € 23.7 million loss in 2025.
Paid € 6.4 million in corporate taxes since 2022.
Best year ever: 2023, with € 6.8 million profit.
Pays suppliers within 90 days on average.
Management
The shares are held by KNDS France and KNDS Ammo France. It owns 46% of Base de Baronville itself.
Directors
According to the 2025 annual accounts
Cécile Mathonière (nom d'usage Milward)
Director
since 2023 · until 2026
Nicolas Million
Director
since 2020 · until 2026
Arnaud le Grelle
Director
since 2025 · until 2031
Dominique Guillet
Chairman of the board
since 2018 · until 2031
Jean-Michel Girard
Director
since 2025 · until 2031
Shareholders
KNDS France
KNDS Ammo France
Participations
Establishments
Establishment units
Physical locations of this company
Rue Grinfaux 50
7181 Seneffe
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
- 0466.712.134
- VAT number
- BE 0466.712.134
- Registered office
- Rue Grinfaux 50, 7181 Seneffe
- Names & denominations
- KNDS Belgium
- Enterprise type
- Rechtspersoon
- Legal form
- Public limited company
- Legal situation
- Normale toestand
- Start date
- 23 August 1999
- Peppol
- Active · Active since 1 Jan 2001
- Activities · NACE
Vervaardiging van wapens en munitie
Vervaardiging van zware wapens en oorlogswapens
Gespecialiseerde detailhandel in wapens en munitie
Detailhandel in wapens en munitie
Vervaardiging van lichte wapens en sportwapens
Detailhandel in wapens en munitie in gespecialiseerde winkels