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
ETHIQUABLE Benelux from Namur, company number BE0817122060, closed financial year 2025 with a result of € 139,865 after tax. For that financial year ETHIQUABLE Benelux recorded a gross margin of € 909,804 and equity of € 940,630. Compared with financial year 2024, the result moved from € 36,836 to € 139,865. Profitable, and profit is growing. The buffer is growing. Debts are under control. The most recent annual accounts were filed with the National Bank of Belgium on May 5, 2026.
€ 940,630
▲ 3% vs 2024
Assets minus debts, by the books. What is left if everything were sold and paid today.
€ 139,865
▲ 280% vs 2024
Profit after tax over the fiscal year.
€ 47,088
▼ 59% 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 € 165,252.
People and assets in 2025
8.9
▲ 0.8 vs 2024
Average over the fiscal year, from the social balance sheet.
€ 538,960
▲ 8% vs 2024
€ 60,600 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.
€ 71,155
▲ 24% vs 2024
Book value of vehicles, furniture and equipment.
Debts at end 2025
€ 2.2 million
▲ 11% vs 2024
€ 104,533 is repaid this year. At this pace the long-term loan is gone in ≈ 12 years.
€ 663,176
▼ 1% vs 2024
Supplier invoices still open on the last day of the fiscal year.
€ 81,533
▲ 17% vs 2024
Taxes, VAT and social contributions still to pay.
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| 2022 | 2023 | 2024 | 2025 | Change 2024 → 2025 | |
|---|---|---|---|---|---|
| Gross margin | € 509,582 | € 611,712 | € 752,029 | € 909,804 | ▲ 21% |
| Profit after taxes | € -155,806 | € -96,955 | € 36,836 | € 139,865 | ▲ 280% |
| Equity | € 1,040,515 | € 934,048 | € 916,593 | € 940,630 | ▲ 3% |
| Total debts | € 2,554,749 | € 2,674,338 | € 2,713,620 | € 2,938,064 | ▲ 8% |
| Cash | € 109,112 | € 77,584 | € 115,634 | € 47,088 | ▼ 59% |
| Land & buildings | € 1,427,610 | € 1,406,271 | € 1,354,997 | € 1,334,998 | ▼ 1% |
| Retained profit | € 128,404 | € 31,449 | € 57,972 | € 165,252 | ▲ 185% |
| Bank debt | € 2,113,037 | € 1,836,498 | € 1,943,117 | € 2,153,060 | ▲ 11% |
| Balance sheet total | € 3,595,264 | € 3,608,386 | € 3,630,213 | € 3,878,694 | ▲ 7% |
| Employees (FTE) | 9.3 | 8.1 | 8.1 | 8.9 | ▲ 0.8 |
Key figures of ETHIQUABLE Benelux, 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 ETHIQUABLE Benelux?
What happened at ETHIQUABLE Benelux in recent years, according to the Belgian Official Gazette, the CBE and the National Bank:
- Patrice Scheepmans stepped down as director. NBB
- Vincent De Grelle stepped down as director. NBB
- Christine Englebert stepped down as director. NBB
- Mathieu Demare stepped down as director. NBB
- Ethiquable SCOP stepped down as director. NBB
- Stéphan Vincent stepped down as director. NBB
- Sandrine Baert stepped down as director. NBB
- Fanny Jolly stepped down as director. NBB
In short
From € 155,806 loss in 2022 to € 139,865 profit in 2025.
Paid € 16,273 in corporate taxes since 2022.
Best year ever: 2025, with € 139,865 profit.
On average € 102,200 of value added per employee in 2025.
A new publication or filing at ETHIQUABLE Benelux? 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 W.ALTER., Change-Credal Social Innovation Fund comes from that shareholder’s own annual accounts; small companies do not report their shareholders themselves.
ETHIQUABLE BeneluxThe shares are held by W.ALTER. (17.3%) and Change-Credal Social Innovation Fund (10.3%).
Directors
According to the 2025 annual accounts
Patrice Scheepmans
Director
since 2023 · until 2027
since 2023 · until 2027
Christine Englebert
Director
since 2023 · until 2027
Mathieu Demare
Director
since 2023 · until 2027
Ethiquable SCOP
Director · represented by Stéphane Comar
since 2023 · until 2027
Stéphan Vincent
Director
since 2023 · until 2027
Sandrine Baert
Chairman of the board
since 2023 · until 2027
Fanny Jolly
Director
since 2023 · until 2027
Dominique Evrard
Director
since 2023 · until 2027
Shareholders
17.3%
Participations
No participations in other companies reported.
Establishments
Establishment units
Physical locations of this company
Rue de l'Economie(RH) 4 box 6
5020 Namur
Rue de l'Economie(RH) 4 box Bte 6
5020 Namur
Active since 10 August 2009
Who else lives here?
A building full of entrepreneurs or one very busy letterbox? Another 6 companies are registered at this address.
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€ 58,098 gross margin · 2024
+1 more
What is an establishment unit? An establishment unit is a geographically identifiable place where activities of the enterprise are carried out.
Website
Technologies
Hosting & Email
Email provider
Microsoft 365
Hosting
VERIXI, BE
Website info
Features
Security
Details
- Company number
- 0817.122.060
- VAT number
- BE 0817.122.060
- Registered office
- Rue de l'Economie(RH) 4 bus 6, 5020 Namur
- Names & denominations
- ETHIQUABLE Benelux · ETHIQUABLE benelux ou ETHIQUABLE
- Enterprise type
- Rechtspersoon
- Legal form
- Cooperative company
- Legal situation
- Normale toestand
- Start date
- 15 July 2009
- Peppol
- Active · Active since 9 Dec 2025
- Contact
- ethiquable.be
- Activities · NACE
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