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 41 % of short-term debt in 2025; threshold 65 %.
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Figures corrected NBB
Corrected annual account filed for 2023.
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Busy address KBO
40 other companies have their registered office at the same address; threshold 10.
Financials
Financial year 2025
Alco Energy from Watermaal-Bosvoorde, company number BE0656997925, closed financial year 2025 with a result of € 20.4 million after tax. For that financial year Alco Energy recorded revenue of € 3.2 million and equity of € 290.4 million. Compared with financial year 2024, the result moved from € 39.2 million to € 20.4 million. The company is profitable. 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 May 20, 2026.
€ 290.4 million
▲ 8% vs 2024
Assets minus debts, by the books. What is left if everything were sold and paid today.
€ 20.4 million
▼ 48% vs 2024
Profit after tax over the fiscal year.
€ 45.9 million
▲ € 45.3 million vs 2024
Cash and bank balances on the last day of the fiscal year.
Stays in the company
No dividend for 2025. Retained profit grew to € 115.4 million.
People and assets in 2025
4.7
▼ 0.2 vs 2024
Average over the fiscal year, from the social balance sheet.
€ 973,437
▼ 1% vs 2024
€ 207,100 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.
€ 108,923
▼ 23% vs 2024
Book value of vehicles, furniture and equipment.
Debts at end 2025
€ 137.5 million
▼ 8% vs 2024
€ 25 million is repaid this year. At this pace the long-term loan is gone in ≈ 6 years.
€ 1.1 million
▼ 30% vs 2024
Supplier invoices still open on the last day of the fiscal year. Pays suppliers within 158 days on average.
€ 1.1 million
▲ 156% vs 2024
Taxes, VAT and social contributions still to pay.
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| 2022 | 2023 | 2024 | 2025 | Change 2024 → 2025 | |
|---|---|---|---|---|---|
| Revenue | - | € 1,033,000 | € 1,942,519 | € 3,173,518 | ▲ 63% |
| Profit after taxes | € 99,961,434 | € 31,288,711 | € 39,182,227 | € 20,369,770 | ▼ 48% |
| Equity | € 66,654,935 | € 82,921,895 | € 270,085,504 | € 290,448,182 | ▲ 8% |
| Total debts | € 8,399 | € 569,199 | € 152,396,076 | € 232,259,623 | ▲ 52% |
| Cash | € 20,596,633 | € 544,449 | € 633,505 | € 45,943,380 | ▲ € 45.3 million |
| Retained profit | € 51,654,935 | € 67,921,895 | € 95,085,504 | € 115,448,182 | ▲ 21% |
| Dividend | € 50,000,000 | € 15,000,000 | € 12,000,000 | € 0 | ▼ 100% |
| Bank debt | € 0 | € 0 | € 150,000,000 | € 137,500,000 | ▼ 8% |
| Balance sheet total | € 66,663,334 | € 83,491,094 | € 422,481,580 | € 522,707,806 | ▲ 24% |
| Employees (FTE) | - | 4.9 | 4.9 | 4.7 | ▼ 0.2 |
Key figures of Alco Energy, 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 Alco Energy?
What happened at Alco Energy in recent years, according to the Belgian Official Gazette, the CBE and the National Bank:
- Thomas Viatour stepped down as director. NBB
- Xavier Van Den Avenne stepped down as director. NBB
- Thomas Vanden Avenne stepped down as director. NBB
- Bernard Meeus stepped down as director. NBB
- Karel Vandermeersch stepped down as director. NBB
- Maria Giovanna Gulino stepped down as director. NBB
- Yvon André stepped down as director. NBB
- Olvaro SRL stepped down as director. NBB
In short
From € 100 million profit in 2022 to € 20.4 million profit in 2025.
Paid € 734,014 in corporate taxes since 2022.
Best year ever: 2022, with € 100 million profit.
Paid out € 77 million in dividends to the owners in total.
A new publication or filing at Alco Energy? 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 ALCOGROUP, GROEP VANDEN AVENNE COMMODITIES, VANDEMA comes from that shareholder’s own annual accounts; small companies do not report their shareholders themselves.
Alco EnergyThe shares are held by ALCOGROUP (60%), GROEP VANDEN AVENNE COMMODITIES (20%) and VANDEMA (20%). It owns 100% of ALCO ENERGY Rotterdam B.V., 100% of ALCOBIOFUEL and 100% of ALCO ENERGY CANADA Corp itself.
Directors
According to the 2025 annual accounts
Thomas Viatour
Director
Also active at: Alcotra Holding, ALCODIS, ALCOGROUP HOLDING, ALCO AFRICA HOLDING, Alcotra Europe, ALCOGROUP
since 2022 · until 2028
Xavier Van Den Avenne
Director
Also active at: VANDEN AVENNE COMMODITIES, Euro-Silo, Trading Flanders Company, Adviesbureau voor Bedrijfsbeheer, VANDEMA, XIMA, ALCO AFRICA HOLDING, Carbon Green Logistics +3 more
since 2022 · until 2028
since 2024 · until 2028
Bernard Meeus
Director
Also active at: Alcotra Holding, BASH MANAGEMENT, ALCOGROUP HOLDING, ALCOINVEST, ALCO AFRICA HOLDING, Melimpus, ALCOGROUP
since 2024 · until 2028
Karel Vandermeersch
Director
since 2022 · until 2028
since 2024 · until 2028
since 2024 · until 2028
Managing director · represented by Olivier Van Rompaey
since 2023 · until 2028
Bruno Carels
Director
Also active at: VANDEN AVENNE COMMODITIES, Euro-Silo, ALCO AFRICA HOLDING, ALEM114
since 2024 · until 2028
since 2022 · until 2028
Shareholders
Participations
Establishments
Establishment units
Physical locations of this company
Vorstlaan 100
1170 Watermaal-Bosvoorde
Who else lives here?
A building full of entrepreneurs or one very busy letterbox? Another 40 companies are registered at this address.
All companies at this address →Alcotra Holding same network
SHEARSON LEHMAN GLOBAL ASSET MANAGEMENT
ALCODIS same network
€ 905.3 million revenue · 2025
MOREAU ET ASSOCIES
€ 27,360 gross margin · 2025
COFACE BELGIUM SERVICES
€ 5 million revenue · 2025
+35 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
- 0656.997.925
- VAT number
- BE 0656.997.925
- Registered office
- Vorstlaan 100, 1170 Watermaal-Bosvoorde
- Names & denominations
- Alco Energy
- Enterprise type
- Rechtspersoon
- Legal form
- Public limited company
- Legal situation
- Normale toestand
- Start date
- 27 June 2016
- Peppol
- Active · Active since 16 Oct 2025
- Activities · NACE
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