MARTIN MATHYS

Active

Public limited companyfounded 198937 yrs activeKolenbergstraat 23, 3545 Halen, BelgiumKBO/BCE: BE 0437.896.404

Summary

MARTIN MATHYS has been active since 1989 and the Belgian State Gazette contains no insolvency or warning signals. The 2025 annual accounts show equity of €17.8m and a net result of €1.4m. Equity remains stable across the filed fiscal years (±1.2% per year). Its solvency ranks better than 54% of 272 sector peers (fiscal year 2025). The computed 12-month bankruptcy probability is 0.1% (very low).

Risk analysis Watch Report Compare

MARTIN MATHYSActiveChecked score 68/100

Risk analysis Report Compare

Checked score

Score 2025

68 / 100

Healthy

Every signal that weighs is under Signals.

Axes · tick = 2024

Profitability63▼-6

Solvency78▼-8

Growth35▼-14

Track record100

Bankruptcy probability, 12 months

0.1% Very low

0%0.5%1.5%4%10%≥ 25%

Credit up to €1,200,000 at 30 days acceptable

Liquidity ample (current ratio 1.97 against 2.38 in 2024; short-term debt: 45.4% and cash: 0% of total assets), and 46.9% of the assets are financed with debt.

Credit check for your own amount and term

Show the recommended maximum : and see how the verdict changes with amount, term and advance.

Signals

Five signals. The signal on the left, the evidence on the right.

−lowers risk○neutral

Lower-failure-rate sector

In this sector companies fail less often than the Belgian average.

Gazette · bankruptcies per sector, NACE 20

Relative position

BE, all sectors

reference

Manufacture of chemicals and chemical products (NACE 20)

about 43% fewer bankruptcies

← fewer bankruptcies more bankruptcies →

Long track record

A company with a long track record statistically fails less often than a young one.

KBO · incorporation date

Age against the risk zone

Annual accounts: healthy financial profile

The latest annual accounts show a healthy profile in solvency, result and liquidity.

NBB · annual accounts 2025

Solvency, return and age of the figures

Solvency

53.1%

Return on assets

4.3%

Age of the figures

16 mo

Lower-risk legal form

Companies with this legal form statistically fail less often than a BV.

KBO · legal form

Latest accounts filed on time

The financial year that closed on 31-05-2025 was due by 31-12-2025 and was filed on 16-10-2025, 76 days ahead of the deadline.

NBB · 10 filings

Deviation from the deadline

2025

76 d early

2024

75 d early

2023

68 d early

2022

80 d early

2021

78 d early

2020

79 d early

2019

77 d early

← before the deadline after the deadline →

tick = median of all Belgian filingsring = median in the sector

This company filed its last 7 accounts on average 76 days before the deadline; the sector median for financial year 2024 is 22 days before the deadline, and 27% of the sector filed late.

Checked, nothing found (2)

The next deadline is still running

The next financial year closes on 31-05-2026 and is due by 31-12-2026. Nothing is late today. Usually files around 16 October (5 of the last 5 filed years within 30 days of that day).

Companies Code · seven months

Position in the running window

31-05-2026 close30-09-2026 today31-12-2026 deadline

No strike-offs in the KBO publications

We found no ex-officio strike-off or cessation. Our series starts in 2021 and has gaps, so this is not a confirmation that there is nothing.

KBO publications · our coverage

History

MARTIN MATHYS was incorporated on 30 June 1989.¹ In 2014 the capital was increased by EUR 7.5 million to EUR 17 million.² The board currently has 3 members; Frank Costermans has served longest, since 2010.³ Revenue grew from EUR 51 million in 2019 to EUR 57 million in 2025 and headcount from 170 to 154 full-time equivalents.⁴

Go further with this company

How much credit can you give this customer, and on what term?Credit check What should you check before you do business with this company?Supplier due diligence Is the workforce growing, and do people stay?Employer check Can you accept this company as a client under the anti-money-laundering law?AML client file Which of your other customers can you e-invoice via Peppol?Peppol check What other support did companies like this one receive, and it did not?Public money

Is this your company? See how customers and banks see it.

Investigating this company? Keep it with today's facts in a case file.

Financials · fiscal year 2025, full schema

In the rankings #1 employer in Halen #2 company by total assets in Halen, Manufacturing sector #2 company by equity in Halen, Manufacturing sector

Turnover

€56.5m▲ 12.1%

2024 · €50.4m

EBIT margin

4.6%▼ 1.9pp

2024 · 6.5%

Net result

€1.4m▼ 31.7%

2024 · €2.1m

Working capital

€14.7m▲ 5.5%

2024 · €14.0m

Trend over the years

Chart Table

Click a name to add, emphasise or remove a line.Band: the middle half (P25 to P75) of NACE 20, Manufacture of chemicals and chemical products, each year against the same schema; no band under 30 filings. Dashed line: the median.

Every figure with its change against the fiscal year before

favourable unfavourable

Line20212022202320242025

Turnover€59.1m▲ 20.0%€54.6m▼ 7.6%€51.1m▼ 6.3%€50.4m▼ 1.3%€56.5m▲ 12.1%

Operating result€5.8m▲ 111%€2.9m▼ 49.9%€2.8m▼ 2.7%€3.3m▲ 16.8%€2.6m▼ 20.2%

Net result€3.7m▲ 157%€1.7m▼ 54.8%€1.7m▼ 1.9%€2.1m▲ 27.4%€1.4m▼ 31.7%

EBIT margin9.7%▲ 4.2pp5.3%▼ 4.5pp5.5%▲ 0.2pp6.5%▲ 1.0pp4.6%▼ 1.9pp

Equity€20.9m▼ 1.2%€22.6m▲ 8.1%€24.2m▲ 7.4%€16.3m▼ 32.6%€17.8m▲ 8.8%

Total assets€35.1m▲ 17.5%€32.3m▼ 8.2%€32.0m▼ 0.7%€27.0m▼ 15.9%€33.5m▲ 24.1%

Debt€14.1m▲ 60.7%€9.7m▼ 31.2%€7.8m▼ 19.5%€10.6m▲ 35.6%€15.7m▲ 48.5%

Working capital€18.8m▼ 1.2%€20.4m▲ 8.5%€21.8m▲ 7.0%€14.0m▼ 36.0%€14.7m▲ 5.5%

Solvency59.4%▼ 11.2pp69.9%▲ 10.5pp75.6%▲ 5.7pp60.6%▼ 15.0pp53.1%▼ 7.5pp

Current ratio2.38▼ 0.883.22▲ 0.843.96▲ 0.742.38▼ 1.581.97▼ 0.41

Return on assets (ROA)10.7%▲ 5.8pp5.2%▼ 5.4pp5.2%▼ 0.1pp7.8%▲ 2.7pp4.3%▼ 3.5pp

Staff (FTE)164.8▲ 2.0%180▲ 9.2%174.8▼ 2.9%162.9▼ 6.8%153.8▼ 5.6%

above within below the middle half (P25 to P75) of NACE 20, Manufacture of chemicals and chemical products, each year against the same schema; no band under 30 filings.

Result per fiscal year

Operating resultNet result

The operating result falls in 2025; 2025 is 20% below 2024 and is the lowest result in the available series.

Balance-sheet composition

2025 in colour, 2024 as the grey bar beneath

Assets €33.5m

11%

89.4%

Fixed assets €3.6m ▲ 22.0%

Current assets €29.9m ▲ 24.4%

Equity and liabilities €33.5m

53.1%

46.9%

Equity €17.8m ▲ 8.8%

Provisions €0 ▼ 100%

Debt €15.7m ▲ 48.5%

Debt's share of the balance-sheet total rises from 39.2% to 46.9%. Equity and debt are higher.

Key figures and ratios

2025 value · change against 2024

EBITDA

€3.0m▼

2024 · €3.7m

Cash flow

€1.9m▼

2024 · €2.5m

Quick ratio

0.84▼

2024 · 1.11

Debt to equity

0.88▲

2024 · 0.65

ROE

8.1%▼

2024 · 13.0%

Interest coverage

61.77▲

2024 · 6.23

Debt ≤ 1 year

€15.2m▲

2024 · €10.1m

Income taxes

€597,094▼

2024 · €803,679

Staff costs

€12.9m▲

2024 · €12.7m

Green means a favourable move, even when the figure itself falls: as with debt or debt to equity.

Peer companies

Historical observation

Of the 1,860 companies that looked in July 2024 the way this one looks now, 0.1% went bankrupt within 24 months and 98% are still going.

Medium-sized
20 years or older
solvency 30% or more
a profit under 5% of the balance sheet

0.1% went bankrupt

2.0% stopped otherwise

98% still going

For this company itself Checked computes a bankruptcy probability of 0.1% over twelve months; the group does not contradict it.

How reliable is this rule?

Tested on the year before, without using that year itself: the groups of July 2023 gave each of the 497,340 companies of July 2024 its group's bankruptcy share. Expected: 1.6%; actually bankrupt within 24 months: 1.7%.

The companies in ten equal groups, from lowest to highest expected share.
Group	Expected	Actual
1	0.2%	0.2%
2	0.3%	0.5%
3	0.5%	0.6%
4	0.7%	0.8%
5	0.9%	1.0%
6	1.3%	1.5%
7	1.6%	1.8%
8	1.8%	1.8%
9	3.0%	3.1%
10	5.6%	6.2%

The rule ranks well: a company that went bankrupt got a higher share than one that kept going in 74% of comparisons. The level follows the economy: in a year with more bankruptcies, the actual share is higher than the year before.

An observation about 1,860 comparable companies, not a prediction for this company. The sector does not count: the register keeps no sector for companies that stopped, so it would make the outcome look better than it was.

Annual accounts

OverviewIncome statement Balance sheet Cash flow

Filed annual accounts As filed with the NBB · 2025 against 2024 · 75 lines

Balance sheet Code20242025

Assets

Total assets20/58€27.0m€33.5m▲

Fixed assets21/28€2.9m€3.6m▲

Tangible fixed assets22/27€2.9m€3.6m▲

Land and buildings22€1.3m€1.5m▲

Plant, machinery and equipment23€1.6m€2.0m▲

Furniture and vehicles24€85,634€52,204▼

Current assets29/58€24.0m€29.9m▲

Stocks and contracts in progress3€12.8m€17.2m▲

Stocks30/36€12.8m€17.2m▲

Raw materials and consumables30/31€4.9m€8.6m▲

Finished goods33€6.5m€7.1m▲

Goods purchased for resale34€1.4m€1.5m▲

Amounts receivable within one year40/41€10.0m€11.7m▲

Trade receivables40€9.7m€11.2m▲

Other amounts receivable41€271,264€503,352▲

Cash at bank and in hand54/58€20,789€13,909▼

Deferred charges and accrued income490/1€1.2m€1.0m▼

Equity and liabilities

Total equity and liabilities10/49€27.0m€33.5m▲

Equity10/15€16.3m€17.8m▲

Contributions10/11€9.4m€9.4m=

Capital10€9.4m€9.4m=

Issued capital100€9.4m€9.4m=

Reserves13€7.0m€8.4m▲

Non-distributable reserves130/1€936,200€936,200=

Legal reserve130€936,200€936,200=

Distributable reserves133€6.0m€7.5m▲

Provisions and deferred taxes16€63,745-

Provisions for liabilities and charges160/5€63,745-

Other liabilities and charges164/5€63,745-

Amounts payable17/49€10.6m€15.7m▲

Amounts payable within one year42/48€10.1m€15.2m▲

Trade debts44€6.6m€12.5m▲

Suppliers440/4€6.6m€12.5m▲

Taxes, remuneration and social security45€2.7m€2.5m▼

Taxes450/3€168,840€116,954▼

Remuneration and social security454/9€2.6m€2.4m▼

Other amounts payable47/48€764,899€163,166▼

Accrued charges and deferred income492/3€476,297€506,112▲

Income statement Code20242025

Operating income70/76A€52.9m€60.6m▲

Turnover70€50.4m€56.5m▲

Change in stocks of work in progress, finished goods and contracts in progress71-€904,785€654,809▲

Other operating income74€3.4m€3.4m▼

Operating charges60/66A€49.7m€57.9m▲

Goods for resale, raw materials and consumables60€22.1m€27.7m▲

Purchases600/8€21.1m€31.5m▲

Change in stocks: decrease (increase)609€1.1m-€3.9m▼

Services and other goods61€14.4m€16.9m▲

Remuneration, social security and pensions62€12.7m€12.9m▲

Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630€434,410€422,728▼

Write-downs on stocks, contracts in progress and trade receivables: additions (reversals)631/4-€133,106€68,125▲

Provisions for liabilities and charges: additions (uses and reversals)635/8€31,237-€63,745▼

Other operating charges640/8€105,256€109,694▲

Non-recurring operating charges66A€4,836€4,644▼

Operating profit (loss)9901€3.3m€2.6m▼

Financial income75/76B€234,318€41,757▼

Recurring financial income75€234,318€41,757▼

Income from current assets751€213,910€4,793▼

Other financial income752/9€20,408€36,964▲

Financial charges65/66B€596,905€619,400▲

Recurring financial charges65€596,905€619,400▲

Debt charges650-€49,238

Other financial charges652/9€596,905€570,161▼

Profit (loss) for the period before taxes9903€2.9m€2.0m▼

Income taxes67/77€803,679€597,094▼

Taxes670/3€803,679€597,094▼

Profit (loss) for the period9904€2.1m€1.4m▼

Profit (loss) for the period to be appropriated9905€2.1m€1.4m▼

Appropriation of the result

Profit (loss) to be appropriated9906€2.1m€1.4m▼

Transfer from equity791/2€10.0m-

From reserves792€10.0m-

Transfer to equity691/2€2.1m€1.4m▼

To other reserves6921€2.1m€1.4m▼

Profit to be distributed694/7€10.0m-

Return on contributions (dividend)694€10.0m-

Social balance

Average headcount (FTE)9087162.9153.8▼

The notes to these accounts (53 items: statements of assets and debts, cost breakdowns, rights and commitments) are not shown here.

Line	2021	2022	2023	2024	2025	Change
Operating income70/76A	-	€61.8m	€53.8m	€52.9m	€60.6m	▲ 14.4%
Turnover70	€59.1m	€54.6m	€51.1m	€50.4m	€56.5m	▲ 12.1%
Change in stocks of work in progress, finished goods and contracts in progress71	-	€3.6m	-€777,647	-€904,785	€654,809	▲ 172%
Other operating income74	-	€3.6m	€3.5m	€3.4m	€3.4m	▼ 1.4%
Operating charges60/66A	-	€58.9m	€51.0m	€49.7m	€57.9m	▲ 16.7%
Goods for resale, raw materials and consumables60	-	€31.1m	€23.2m	€22.1m	€27.7m	▲ 24.9%
Purchases600/8	-	€33.4m	€21.2m	€21.1m	€31.5m	▲ 49.8%
Change in stocks: decrease (increase)609	-	-€2.2m	€2.0m	€1.1m	-€3.9m	▼ 457%
Services and other goods61	-	€15.5m	€14.4m	€14.4m	€16.9m	▲ 17.5%
Remuneration, social security and pensions62	-	€11.9m	€12.3m	€12.7m	€12.9m	▲ 1.2%
Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630	€439,217	€465,818	€437,109	€434,410	€422,728	▼ 2.7%
Write-downs on stocks, contracts in progress and trade receivables: additions (reversals)631/4	-	-€53,163	€556,140	-€133,106	€68,125	▲ 151%
Provisions for liabilities and charges: additions (uses and reversals)635/8	-	-€180,314	-€12,591	€31,237	-€63,745	▼ 304%
Other operating charges640/8	-	€96,917	€112,580	€105,256	€109,694	▲ 4.2%
Non-recurring operating charges66A	-	-	-	€4,836	€4,644	▼ 4.0%
Operating profit (loss)9901	€5.8m	€2.9m	€2.8m	€3.3m	€2.6m	▼ 20.2%
Financial income75/76B	-	€95,689	€142,370	€234,318	€41,757	▼ 82.2%
Recurring financial income75	€204,116	€95,689	€142,370	€234,318	€41,757	▼ 82.2%
Income from current assets751	-	€26,700	€29,625	€213,910	€4,793	▼ 97.8%
Other financial income752/9	-	€68,989	€112,746	€20,408	€36,964	▲ 81.1%
Financial charges65/66B	-	€724,801	€588,560	€596,905	€619,400	▲ 3.8%
Recurring financial charges65	€725,863	€724,801	€588,560	€596,905	€619,400	▲ 3.8%
Debt charges650	-	-	€1,704	-	€49,238	-
Other financial charges652/9	-	€724,801	€586,856	€596,905	€570,161	▼ 4.5%
Profit (loss) for the period before taxes9903	€5.2m	€2.3m	€2.4m	€2.9m	€2.0m	▼ 30.1%
Income taxes67/77	€1.5m	€566,672	€703,671	€803,679	€597,094	▼ 25.7%
Taxes670/3	-	€566,768	€706,582	€803,679	€597,094	▼ 25.7%
Tax adjustments and reversals of tax provisions77	-	€96	€2,911	-	-	-
Profit (loss) for the period9904	€3.7m	€1.7m	€1.7m	€2.1m	€1.4m	▼ 31.7%
Profit (loss) for the period to be appropriated9905	€3.7m	€1.7m	€1.7m	€2.1m	€1.4m	▼ 31.7%

Line	2021	2022	2023	2024	2025	Change
Assets
Total assets20/58	€35.1m	€32.3m	€32.0m	€27.0m	€33.5m	▲ 24.1%
Fixed assets21/28	€2.7m	€2.7m	€2.8m	€2.9m	€3.6m	▲ 22.0%
Tangible fixed assets22/27	€2.7m	€2.7m	€2.8m	€2.9m	€3.6m	▲ 22.0%
Land and buildings22	-	€1.3m	€1.3m	€1.3m	€1.5m	▲ 17.7%
Plant, machinery and equipment23	-	€1.3m	€1.5m	€1.6m	€2.0m	▲ 28.9%
Furniture and vehicles24	-	€99,012	€94,154	€85,634	€52,204	▼ 39.0%
Current assets29/58	€32.4m	€29.6m	€29.2m	€24.0m	€29.9m	▲ 24.4%
Amounts receivable after more than one year29	-	€6,839	-	-	-	-
Trade receivables290	-	€6,839	-	-	-	-
Stocks and contracts in progress3	€12.4m	€18.1m	€14.7m	€12.8m	€17.2m	▲ 34.5%
Stocks30/36	-	€18.1m	€14.7m	€12.8m	€17.2m	▲ 34.5%
Raw materials and consumables30/31	-	€7.9m	€5.8m	€4.9m	€8.6m	▲ 74.8%
Finished goods33	-	€8.2m	€7.3m	€6.5m	€7.1m	▲ 9.6%
Goods purchased for resale34	-	€2.0m	€1.5m	€1.4m	€1.5m	▲ 9.4%
Amounts receivable within one year40/41	€19.1m	€10.4m	€13.3m	€10.0m	€11.7m	▲ 16.5%
Trade receivables40	-	€9.1m	€9.3m	€9.7m	€11.2m	▲ 14.6%
Other amounts receivable41	-	€1.2m	€4.0m	€271,264	€503,352	▲ 85.6%
Cash at bank and in hand54/58	€4,845	€11,081	€19,574	€20,789	€13,909	▼ 33.1%
Deferred charges and accrued income490/1	-	€1.1m	€1.2m	€1.2m	€1.0m	▼ 16.9%
Equity and liabilities
Total equity and liabilities10/49	€35.1m	€32.3m	€32.0m	€27.0m	€33.5m	▲ 24.1%
Equity10/15	€20.9m	€22.6m	€24.2m	€16.3m	€17.8m	▲ 8.8%
Contributions10/11	€9.4m	€9.4m	€9.4m	€9.4m	€9.4m	=
Capital10	-	€9.4m	€9.4m	€9.4m	€9.4m	=
Issued capital100	-	€9.4m	€9.4m	€9.4m	€9.4m	=
Reserves13	€11.5m	€13.2m	€14.9m	€7.0m	€8.4m	▲ 20.7%
Non-distributable reserves130/1	-	€936,200	€936,200	€936,200	€936,200	=
Legal reserve130	-	€936,200	€936,200	€936,200	€936,200	=
Distributable reserves133	-	€12.3m	€13.9m	€6.0m	€7.5m	▲ 23.9%
Provisions and deferred taxes16	€225,413	€45,099	€32,508	€63,745	-	-
Provisions for liabilities and charges160/5	-	€45,099	€32,508	€63,745	-	-
Pensions and similar obligations160	-	€347	-	-	-	-
Other liabilities and charges164/5	-	€44,752	€32,508	€63,745	-	-
Amounts payable17/49	€14.1m	€9.7m	€7.8m	€10.6m	€15.7m	▲ 48.5%
Amounts payable within one year42/48	€13.6m	€9.2m	€7.4m	€10.1m	€15.2m	▲ 50.5%
Trade debts44	€10.6m	€7.0m	€5.1m	€6.6m	€12.5m	▲ 89.8%
Suppliers440/4	-	€7.0m	€5.1m	€6.6m	€12.5m	▲ 89.8%
Taxes, remuneration and social security45	-	€2.1m	€2.3m	€2.7m	€2.5m	▼ 7.7%
Taxes450/3	-	€227,362	€266,237	€168,840	€116,954	▼ 30.7%
Remuneration and social security454/9	-	€1.9m	€2.0m	€2.6m	€2.4m	▼ 6.2%
Other amounts payable47/48	-	-	-	€764,899	€163,166	▼ 78.7%
Accrued charges and deferred income492/3	-	€499,520	€419,602	€476,297	€506,112	▲ 6.3%

Line	2021	2022	2023	2024	2025	Change
Profit (loss) for the period9904	€3.7m	€1.7m	€1.7m	€2.1m	€1.4m	▼ 31.7%
+ Depreciation and write-downs630	€439,217	€465,818	€437,109	€434,410	€422,728	▼ 2.7%
Operating cash flow (approximation)	€4.2m	€2.2m	€2.1m	€2.5m	€1.9m	▼ 26.8%
Investment in fixed assets (approximation)	-	-€454,623	-€579,900	-€495,907	-€1.1m	▼ 115%
Change in cash	-	€6,235	€8,493	€1,215	-€6,879	▼ 666%

Simplified and derived: a Belgian filing has no cash-flow statement, so these rows come from the income statement and the balance-sheet moves.

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Timeline · acts, filings and financial milestones

All 36Financial 2Gazette 24Filings 10

Next filing, fiscal year 2026, expected by 31-12-2026

2026

06-07

State Gazette act Appointment: Hilde Maria Eleonora De Backer (director)

6 facts ▸

General meeting, 27-05-2026
Director appointment, Hilde Maria Eleonora De Backer (director)
Other statement, elected domicile, artikel 2:54 van het WVV
Board composition, Costermans Frank (managing director)
Board composition, Thomas Lowdon (director)
Board composition, Hilde Maria Eleonora De Backer (director)

06-01

State Gazette act Resignation: Andrew White (director)

Appointment: Thomas James Lowdon (director) · Mandate compensation6 facts ▸

General meeting, 20-11-2025
Director resignation, Andrew White (director)
Director appointment, Thomas James Lowdon (director)
Mandate compensation, Thomas James Lowdon
Board composition, Frank Costermans (managing director)
Board composition, Thomas James Lowdon (director)

2025

16-10

NBB filing Annual accounts filed

fiscal year 2025 · full schema

31-05

Financial Weakest financial yearnet €1.4m ▼31.7%

Net result drops to €1.4m, the lowest in the series.

2024

12-11

State Gazette act Reappointment: Deloitte bedrijfsrevisoren (statutory auditor)

2 facts ▸

General meeting, 14-10-2024
Auditor reappointment, Deloitte bedrijfsrevisoren

17-10

NBB filing Annual accounts filed

fiscal year 2024 · full schema

13-05

State Gazette act Reappointment: Frank Costermans (gedelegeerd bestuurder)

2 facts ▸

Board meeting
Director reappointment, Frank Costermans (gedelegeerd bestuurder)

2023

14-11

State Gazette act Reappointments: Frank Costermans (director) and Andrew White (director)

Mandate compensation5 facts ▸

General meeting, 09-10-2023
Director reappointment, Frank Costermans (director)
Director reappointment, Andrew White (director)
Mandate compensation, Frank Costermans
Mandate compensation, Andrew White

24-10

NBB filing Annual accounts filed

fiscal year 2023 · full schema

03-02

State Gazette act Statutes amendment

Capital · Share type4 facts ▸

General meeting, 31-01-2023
Statutes amendment
Capital, €9.362.000
Share type, Alle aandelen zijn op naam, al dan niet voorzien van een volgnummer.

2022

12-10

NBB filing Annual accounts filed

fiscal year 2022 · full schema

2021

03-11

State Gazette act Reappointment: Deloitte Bedrijfsrevisoren (statutory auditor)

Permanent representative: Tom Windelen3 facts ▸

General meeting, 11-10-2021
Auditor reappointment, Deloitte Bedrijfsrevisoren (statutory auditor)
Permanent representative, Tom Windelen

Show earlier events

14-10

NBB filing Annual accounts filed

fiscal year 2021 · full schema

21-06

State Gazette act Capital & shares · Miscellaneous

Board meeting1 fact ▸

Board meeting, 21-05-2021

07-06

State Gazette act Permanent representative: Tom Windelen

2 facts ▸

Board meeting, 19-05-2021
Permanent representative, Tom Windelen

31-05

Financial Highest result since 2019net €3.7m ▲157%

Operating result €5.8m, net result €3.7m, both a record.

2020

13-10

NBB filing Annual accounts filed

fiscal year 2020 · full schema

2019

15-10

NBB filing Annual accounts filed

fiscal year 2019 · full schema

17-06

State Gazette act Resignation: Colin Carter (director)

Statutes amendment3 facts ▸

General meeting, 28-05-2019
Director resignation, Colin Carter (director)
Statutes amendment

09-01

State Gazette act Appointment: Andrew White (director)

Mandate compensation · Board size change4 facts ▸

General meeting, 17-12-2018
Director appointment, Andrew White (director)
Mandate compensation, Andrew White
Board size change, 2 naar 3

2018

06-11

State Gazette act Reappointment: Deloitte Bedrijfsrevisoren (statutory auditor)

Permanent representative: Didier Boon3 facts ▸

General meeting, 08-10-2018
Auditor reappointment, Deloitte Bedrijfsrevisoren
Permanent representative, Didier Boon

15-10

NBB filing Annual accounts filed

fiscal year 2018 · full schema

2017

23-10

State Gazette act Resignations: Ronald A. Rice (director) and Edward W. Moore (director)

Appointment: Frank Costermans (director) · Mandate compensation · Mandate term7 facts ▸

General meeting, 09-10-2017
Director resignation, Ronald A. Rice (director)
Director resignation, Edward W. Moore (director)
Director appointment, Frank Costermans (director)
Director appointment, Frank Costermans (afgevaardigd bestuurder)
Mandate compensation, Frank Costermans
Mandate term, einde na de gewone algemene vergadering van aandeelhouders te houden in 2023

09-10

NBB filing Annual accounts filed

fiscal year 2017 · full schema

2016

09-11

State Gazette act Reappointment: F. Costermans (directeur belast met het dagelijks bestuur)

Ratification3 facts ▸

Board meeting, 18-08-2016
Director reappointment, F. Costermans (directeur belast met het dagelijks bestuur)
Ratification, 14-06-2016

17-10

NBB filing Annual accounts filed

fiscal year 2016 · full schema

11-03

State Gazette act Appointment: Deloitte Bedrijfsrevisoren/ Reviseurs d'Entreprises BV ovve CVBA (statutory auditor)

Permanent representative: Didier Boon3 facts ▸

General meeting, 28-01-2016
Auditor appointment, Deloitte Bedrijfsrevisoren/ Reviseurs d'Entreprises BV ovve CVBA (statutory auditor)
Permanent representative, Didier Boon

2014

01-09

State Gazette act Reappointments: Edward W. Moore, Ronald A. Rice and Colin S. Carter

Approval5 facts ▸

General meeting, 05-08-2014
Director reappointment, Edward W. Moore (director)
Director reappointment, Ronald A. Rice (director)
Director reappointment, Colin S. Carter (director)
Approval, 05-08-2014

24-06

State Gazette act Capital & shares · Statutes amendment

Capital decrease · Share cancellation · Capital6 facts ▸

General meeting, 03-06-2014
Capital decrease, €7.500.000
Share cancellation, 120002
Capital, €9.362.000
Statutes amendment
Power of attorney, Tiny Dedeurwaerder

04-06

State Gazette act Capital & shares · Statutes amendment

Capital increase · Capital · Power of attorney5 facts ▸

General meeting, 28-04-2014
Capital increase, €7.500.000
Capital, €16.862.000
Statutes amendment
Power of attorney, Tiny Dedeurwaerder

2013

04-02

State Gazette act Resignation: Frank Sullivan (director)

2 facts ▸

General meeting, 17-12-2012
Director resignation, Frank Sullivan (director)

04-01

State Gazette act Appointment: Ernst & Young (statutory auditor)

Permanent representative: Stefan Olivier · Mandate term4 facts ▸

General meeting, 08-10-2012
Auditor appointment, Ernst & Young (statutory auditor)
Permanent representative, Stefan Olivier
Mandate term, 3 boekjaren

2011

06-04

State Gazette act Appointment: Colin Stephen Carter (director)

2 facts ▸

General meeting, 31-01-2011
Director appointment, Colin Stephen Carter (director)

2010

28-12

State Gazette act Reappointment: Frank Costermans (director)

2 facts ▸

Board meeting, 14-06-2010
Director reappointment, Frank Costermans (director (executive))

02-07

State Gazette act Resignation: Kelly Tompkins (director)

Appointment: Edward Winslow Moore (director)3 facts ▸

General meeting, 28-04-2010
Director resignation, Kelly Tompkins (director)
Director appointment, Edward Winslow Moore (director)

2006

22-12

State Gazette act Resignation: Constantin Bedrijfsrevisoren (statutory auditor)

Appointment: Ernst & Young (statutory auditor) · Permanent representative: Stefan Olivier · Mandate term6 facts ▸

General meeting, 23-10-2006
Director resignation, Constantin Bedrijfsrevisoren (statutory auditor)
Director appointment, Ernst & Young (statutory auditor)
Permanent representative, Stefan Olivier
Mandate term, 3 boekjaren
Mandate end condition, algemene vergadering die de jaarrekening per 31 mei 2009 zal goedkeuren

Financial milestoneState Gazette actNBB filingFinancial milestones sit on the fiscal year-end date, not the filing date.

24 of 24 acts read

Directors · office · real estate

Directors

3 directors, 1 in day-to-day management, no change since 2026

Board 3

Frank Costermans

Director · since 09-10-2017

Current

Thomas James Lowdon

Director · since 28-11-2025

Current

Hilde Maria Eleonora De Backer

Director · since 27-05-2026

Current

3 not recently confirmed

Still in office according to the acts, but no act of the last six years confirms the mandate. It has often ended since, in an act we have not read.

Edward Winslow Moore

Director · since 01-05-2010

Not recently confirmed

Colin Stephen Carter

Director · since 31-01-2011

Not recently confirmed

Colin S. Carter

Director

Not recently confirmed

Day-to-day management 1

Frank Costermans

Gedelegeerd bestuurder · since 09-10-2017

Current

1 not recently confirmed

Still in office according to the acts, but no act of the last six years confirms the mandate. It has often ended since, in an act we have not read.

F. Costermans

Directeur belast met het dagelijks bestuur · since 14-06-2016

Not recently confirmed

Statutory auditor 1

Deloitte Bedrijfsrevisoren

Auditor · since 01-06-2015

Current

Other functions 1

Frank Costermans

Director (executive) · since 14-06-2010

Not recently confirmed

Derived from published Gazette acts. The CBE keeps the official list of function holders; we do not read it, so the two can differ. See the function holders in the CBE →

Location & real-estate footprint

Registered office, Halen · 1 establishment unit since 1989

seat establishment The establishment unit on the map

Ground area

2.6 ha

Building footprint

1.4 ha

Volume, LiDAR

85,506 m³

Parcel 71063B0887/00A002, Flanders · tallest building 10.5 m, ±2 floors. Linked by address, not a title deed.

2 companies at this address See who is registered here

1 establishment unit

Kolenbergstraat 23, 3545 Halen

NACE 2430003

since 19892.044.393.576

1 parcel

Flanders 1 (100%)

Parcel (capakey)	Region	Area	Buildings	Height / fl.
71063B0887/00A002	Flanders	2.6 ha	1 · 1.4 ha	10.4 m · 2 fl.

Linked by address, not proof of ownership

Good to know

1 of 1 parcel with an exact address match; the rest are indicative.

Linked through address data, this is not proof of ownership.

Mandate history

16 people since 2006, 8 in office

All 16 In office 8 Ended 8

Board
Day-to-day management
Statutory auditor
Other function
not recently confirmed
began earlier

Mandates per person, with start and end dates
Name	Functions and periods
Frank Costermans	Director (executive), already before 14-06-2010 not ended, last confirmed 28-12-2010 Director, from 09-10-2017 to date Afgevaardigd bestuurder, from 09-10-2017 to date
Thomas James Lowdon	Director, from 28-11-2025 to date
Hilde Maria Eleonora De Backer	Director, from 27-05-2026 to date
Deloitte Bedrijfsrevisoren	Auditor, from 01-06-2015 to date
Edward Winslow Moore	Director, from 01-05-2010 not ended, last confirmed 02-07-2010
Colin Stephen Carter	Director, from 31-01-2011 not ended, last confirmed 06-04-2011
Colin S. Carter	Director, already before 01-09-2014 not ended, last confirmed 01-09-2014
F. Costermans	Directeur belast met het dagelijks bestuur, already before 14-06-2016 not ended, last confirmed 09-11-2016
Andrew White	Director, from 03-12-2018 to 28-11-2025
Colin Carter	Director, until 31-05-2019
Edward W. Moore	Director, already before 01-09-2014 to 09-10-2017
Ronald A. Rice	Director, already before 01-09-2014 to 09-10-2017
Ernst & Young	Statutory auditor, from 01-06-2006 to 01-06-2015
Frank Sullivan	Director, until 17-12-2012
Kelly Tompkins	Director, until 30-04-2010
CONSTANTIN Bedrijfsrevisoren	Statutory auditor, until 01-06-2006

Show all 16 people Show the first 12See the board, name and seat on a given date →

Articles of association

Who signs

“Mevrouw Hilde Maria Eleonora De Backer kiest voor de uitoefening van haar mandaat woonplaats op de zetel van de Vennootschap overeenkomstig artikel 2:54 van het WVV. Voor zover als nodig en voor alle duidelijkheid, verklaart en erkent de ondergetekende dat de raad van bestuur van de Vennootschap…”

Full text

Mevrouw Hilde Maria Eleonora De Backer kiest voor de uitoefening van haar mandaat woonplaats op de zetel van de Vennootschap overeenkomstig artikel 2:54 van het WVV. Voor zover als nodig en voor alle duidelijkheid, verklaart en erkent de ondergetekende dat de raad van bestuur van de Vennootschap voortaan als volgt is samengesteld: (A)Costermans Frank (gedelegeerd bestuurder); (B)Thomas Lowdon (bestuurder); en (C)Hilde Maria Eleonora De Backer (bestuurder). Overeenkomstig artikel 11 van de statuten van de Vennootschap, wordt de Vennootschap geldig vertegenwoordigd hetzij door twee bestuurders samen optredend, hetzij door het afzonderlijk optreden van een gedelegeerd-bestuurder, aangewezen door de raad van bestuur. Binnen het kader van het dagelijks bestuur, is de Vennootschap tevens geldig vertegenwoordigd door (een) gevolmachtigde(n) tot dit bestuur. De vennootschap is bovendien, binnen het kader van hun mandaat, geldig verbonden door bijzondere gevolmachtigden. 2.2Tweede besluit: volmacht voor publicatiedoeleinden De ondergetekende besluit een volmacht te verlenen aan elk van Carl Meyntjens, Yannick Sternotte, Guillaume Nelis of enige andere advocaat van Simmons & Simmons LLP met kantoren te Louizalaan 143/6, 1050 Brussel, elk alleen handelend en met recht van indeplaatsstelling, om alle formaliteiten te voldoen met betrekking tot het hierboven genoemde besluiten waaronder bepaalde verplichtingen tot publicatie in de Bijlagen bij het Belgisch Staatsblad zoals vervat in, onder meer, artikel 2:14 van het WVV alsook het

according to the deed of 06-07-2026

Financial year

“BOEKJAAR. Het boekjaar begint op één juni en eindigt op eenendertig mei van het daaropvolgend jaar.”

according to the deed of 03-02-2023

Purpose

De fabricatie van en de handel in vernis, verf, alsook alle gelijkaardige of bijkomstige producten. Zij kan ook functies van bestuurder of vereffenaar van andere vennootschappen…

Full purpose

De fabricatie van en de handel in vernis, verf, alsook alle gelijkaardige of bijkomstige producten. Zij kan ook functies van bestuurder of vereffenaar van andere vennootschappen, waarvan zij aandeelhouder is uitoefenen. De vennootschap mag alle hoegenaamde handels- industriële, financiële, roerende of onroerende verrichtingen doen, die rechtstreeks of onrechtstreeks in verband staan met haar voorwerp. Zij mag, op elke wijze belangen nemen in alle zaken, ondernemingen of vennootschappen met een gelijkaardig, analoog, gelijksoortig of samenhangend voorwerp aan het hare of die van aard zijn de ontwikkeling van haar onderneming te bevorderen, haar grondstoffen te verschaffen of de afzet van haar producten te vergemakkelijken.

according to the deed of 03-02-2023

Structure & network

Owners and holdings

1 owner

Chain of control

RPM INTERNATIONAL INC.US ultimately, LEI
RPM EUROPE HOLDCO B.V.NL 100%
MARTIN MATHYS

Highest known parent: RPM INTERNATIONAL INC. (United States). The sources do not say who stands above it.

Owners 1

RPM EUROPE HOLDCO B.V.NLparent

Sourceown accounts 31-05-2025 LEI register

100%

Holdings 0

The accounts to 31-05-2025 list no holdings, and no other source names one.

According to the annual accounts to 31-05-2025 of MARTIN MATHYS and those of the other companies, the acts in the Belgian Gazette and the LEI register. The register of ultimate beneficial owners (UBO) is not public: who ultimately stands behind a natural person or a foreign parent is not stated here. A company that does not fill in these statements, or need not, is missing.

Connections & network

3 current directors

Depth

The network starts from this company’s directors. Other companies they run appear here as nodes.

This company Company Director Shareholding +N: links not shown yet Click a node to look further, drag to arrange, scroll to zoom.

Capital and shareholders

Capital over the years

03-02-2023 Capital stated in the act · 9,362,000 EUR · 120,002 shares
24-06-2014 Capital reduction of 7,500,000 EUR · to 9,362,000 EUR
04-06-2014 Capital increase of 7,500,000 EUR · to 16,862,000 EUR · 120,002 new shares

Public money · subsidies and aid

Flemish government

2022 to 2025 · 6 entries · 31,660 EUR awarded · 31,660 EUR paid

Year	Entries	awarded	paid
2025	1	4,982 EUR	4,982 EUR
2024	1	7,216 EUR	7,216 EUR
2023	2	8,056 EUR	8,056 EUR
2022	2	11,406 EUR	11,406 EUR

Schemes

Vlaams opleidingsverlof (VOV)

4 entries · 21,939 EUR · 21,939 EUR paid · Departement Werk en Sociale Economie

Vlaamse ondersteuningspremie (VOP) voor werkgevers (uitdovend stelsel)

1 entry · 6,205 EUR · 6,205 EUR paid · Departement Werk en Sociale Economie

Werkbaarheidscheque (stopgezet)

1 entry · 3,516 EUR · 3,516 EUR paid · Departement Werk en Sociale Economie

Recognitions · licences · registrations

Legal Entity Identifier

549300HTIHMM368IZI73

no longer live in the LEI register

Similar companies · same sector, comparable size

Of 692 companies in sector 20300 we hold annual accounts for 446. 83 are within a factor 10 of this equity. The 5 above are the closest to it. See the whole sector

Identification & contact

Identification

Legal formPublic limited company

Founded30-06-1989

Fiscal year end31-05

Activities, NACEBEL 2025

20300Manufacture of chemicals and chemical products

E-invoicing

Reachable via Peppol

Peppol ID 0208:0437896404

Also 9925:BE0437896404

Registered 23-12-2025

If you follow this company, Checked tells you the day it leaves the Peppol register.

Scores and ratios are computed by Checked and are not a credit decision.