Warning lights
Signals from the annual accounts, the CBE and the Official Gazette, each with its threshold and source. No score, no verdict.
-
Two loss years in a row NBB
Negative result in 2024 and 2025.
Financials
Financial year 2025
Swave from Leuven, company number BE0781441007, closed financial year 2025 with a result of € -12 million after tax. For that financial year Swave recorded a gross margin of € 1.3 million and equity of € 20.8 million. Compared with financial year 2024, the result moved from € -8.4 million to € -12 million. The company made a loss. The company holds a healthy buffer. A strong own buffer against the debts. The most recent annual accounts were filed with the National Bank of Belgium on June 26, 2026.
€ 20.8 million
▼ 22% vs 2024
Assets minus debts, by the books. What is left if everything were sold and paid today.
€ -12 million
▼ 43 % more loss than in 2024
Profit after tax over the fiscal year.
€ 18.7 million
▼ 22% vs 2024
Cash and bank balances on the last day of the fiscal year.
Loss, nothing to pay out
Reserves fell to € -25.6 million.
People and assets in 2025
19.9
▲ 7 vs 2024
Average over the fiscal year, from the social balance sheet.
€ 2.6 million
▲ 50% vs 2024
€ 132,500 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.
€ 485,025
▲ 57% 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.
€ 4.7 million
▲ 9% vs 2024
Supplier invoices still open on the last day of the fiscal year.
€ 236,909
▲ 53% vs 2024
Wages, holiday pay and social contributions still to pay. No outstanding taxes.
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| 2023 | 2024 | 2025 | Change 2024 → 2025 | |
|---|---|---|---|---|
| Gross margin | € 193,986 | € 623,579 | € 1,265,823 | ▲ 103% |
| Profit after taxes | € -5,205,751 | € -8,387,568 | € -12,003,401 | ▼ € 3.6 million |
| Equity | € 5,470,753 | € 26,812,653 | € 20,809,240 | ▼ 22% |
| Total debts | € 1,427,685 | € 7,321,115 | € 9,092,504 | ▲ 24% |
| Cash | € 983,689 | € 23,958,684 | € 18,723,476 | ▼ 22% |
| Retained profit | € -5,205,751 | € -13,593,319 | € -25,596,720 | ▼ € 12 million |
| Balance sheet total | € 6,898,437 | € 34,133,768 | € 29,901,744 | ▼ 12% |
| Employees (FTE) | 3.5 | 12.9 | 19.9 | ▲ 7 |
Key figures of Swave, fiscal years 2023 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 Swave?
What happened at Swave in recent years, according to the Belgian Official Gazette, the CBE and the National Bank:
- New annual accounts for financial year 2025: loss of € 12 million. Source: NBB ↗
- Théodore Marescaux became a director. NBB
- LightSail BV stepped down as director. NBB
- IAG CAPITAL FUND III, LP became a director. NBB
- QBIC VENTURE PARTNERS III NV became a director. NBB
- Relaunch for the Future NV became a director. NBB
- Tom Vanhoutte became a director. NBB
- Michael Edward Noonen became a director. NBB
In short
From € 5.2 million loss in 2023 to € 12 million loss in 2025.
On average € 63,600 of value added per employee in 2025.
A new publication or filing at Swave? 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 Elodes, imec.xpand II, Flanders Future Techfund, Interuniversitair Micro-Electronica Centrum, QBIC III FUND comes from that shareholder’s own annual accounts; small companies do not report their shareholders themselves.
SwaveBehind Swave are Michael Edward Noonen, Théodore Marescaux, Pieter Vorenkamp, Participatiemaatschappij Vlaanderen NV, IAG CAPITAL FUND III, LP and QBIC VENTURE PARTNERS III NV. The shares are held by Elodes (100%), imec.xpand II (17.9%), Flanders Future Techfund (16.7%), Interuniversitair Micro-Electronica Centrum (12.2%) and QBIC III FUND (9.7%). It owns 100% of Swave Photonics Inc itself.
Directors
According to the 2025 annual accounts
Michael Edward Noonen
Director
since 2023
Théodore Marescaux
Director
since 2026
Pieter Vorenkamp
Director
since 2022
Participatiemaatschappij Vlaanderen NV
Director · represented by Keppens Johan
Also active at: VLAAMSE INSTELLING VOOR TECHNOLOGISCH ONDERZOEK, Arts Gebroeders immobilière, BEDRIJVENCENTRUM VILVOORDE, BIOTECH FONDS VLAANDEREN, MAISON DE LA RADIO FLAGEY, HERTECANT FLANGES, Site-Ontwikkeling Vlaanderen, SUSTAINABLE ENERGY VENTURES +136 more
since 2022
Director · represented by Joel Whitley
since 2025
Director · represented by Cédric Van Nevel
Also active at: RheaVita, VoxelSensors, AnimAb, AmphiStar, weave.ly, QBIC III FUND, THERAtRAME, Obulytix +2 more
since 2024
since 2024
Director · represented by Alan Vandenberghe
Also active at: TWIKIT, Xeryon, JuuNoo, VoxelSensors, Miles Ahead Capital, TangentWorks
since 2024
Director · represented by Théodore Marescaux
since 2022 · until 2026
Shareholders
100%
17.9%
16.7%
9.7%
Participations
Swave Photonics Inc
100%
Establishments
Establishment units
Physical locations of this company
Gaston Geenslaan 10
3001 Leuven
Who else lives here?
A building full of entrepreneurs or one very busy letterbox? Another 4 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.
Website
Technologies
Certifications & Partners
Hosting & Email
Email provider
Google Workspace
Hosting
CLOUDFLARENET - Cloudflare, Inc., US
DNS
Cloudflare DNS
Domain
Domain
swave.io
Registered
2017-10-14
Registrar
Gandi SAS
Expires
2026-10-14
Website info
Features
Security
Network
Details
- Company number
- 0781.441.007
- VAT number
- BE 0781.441.007
- Registered office
- Gaston Geenslaan 10, 3001 Leuven
- Names & denominations
- Swave
- Enterprise type
- Rechtspersoon
- Legal form
- Private limited company
- Legal situation
- Normale toestand
- Start date
- 1 February 2022
- Peppol
- Active · Active since 3 Dec 2025
- Contact
- swave.io
- Activities · NACE
Overig speur- en ontwikkelingswerk op natuurwetenschappelijk gebied
Overige activiteiten van vrije beroepen en andere wetenschappelijke en technische activiteiten, neg
Overig speur- en ontwikkelingswerk op natuurwetenschappelijk gebied
Overige gespecialiseerde wetenschappelijke en technische activiteiten