Morrow

Active

Public limited companyfounded 201610 yrs activeFrieda Saeysstraat 1, 9052 Gent, BelgiumKBO/BCE: BE 0656.997.628

Summary

The annual accounts of Morrow for fiscal year 2025 show a net loss of 156% of total assets and of 211% of the equity at the start of that year. The 2025 annual accounts show equity of €1.8m and a net result of -€4.2m. The figures fluctuate too strongly year-on-year for a reliable trend projection. Its solvency ranks better than 75% of 731 sector peers (fiscal year 2025). The company has been active since 2016 and the Belgian State Gazette contains no insolvency or warning signals. The computed 12-month bankruptcy probability is 0.2% (very low).

Risk analysis Watch Report Compare

MorrowActiveChecked score 59/100

Risk analysis Report Compare

Checked score

Score 2025

59 / 100

Fair

A net loss of at least half of total assets or of the equity at the start of the financial year caps the score. Every signal that weighs is under Signals.

Axes · tick = 2024

Profitability0=

Solvency92▲+4

Growth32=

Track record100

Bankruptcy probability, 12 months

0.2% Very low

0%0.5%1.5%4%10%≥ 25%

Credit up to €100,000 at 30 days only on tighter terms

Net loss of at least half of total assets or of the equity at the start of the financial year.

Liquidity ample (current ratio 1.88 against 1.33 in 2024; short-term debt: 32.6% and cash: 36.7% of total assets), and 32.6% 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

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

−lowers risk+raises risk○neutral

Lower-failure-rate sector

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

Gazette · bankruptcies per sector, NACE 71

Relative position

BE, all sectors

reference

Architectural and engineering activities; technical testing and analysis (NACE 71)

about 56% fewer bankruptcies

← fewer bankruptcies more bankruptcies →

Lower-risk legal form

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

KBO · legal form

Persistent losses

Two consecutive loss-making years (2024 and 2025); equity is also lower. May indicate structural pressure on profitability.

NBB · annual accounts 2025

Net result per financial year

1819202122232425

2018 to 2025 · latest year -€4.2m

Latest accounts filed on time

The financial year that closed on 31-12-2025 was due by 31-07-2026 and was filed on 20-07-2026, 11 days ahead of the deadline.

NBB · 9 filings

Deviation from the deadline

2025

11 d early

2024

41 d early

2023

26 d early

2022

11 d early

2021

4 d late

2020

37 d early

2019

23 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 21 days before the deadline; the sector median for financial year 2024 is 8 days before the deadline, and 33% of the sector filed late.

Checked, nothing found (2)

The next deadline is still running

The next financial year closes on 31-12-2026 and is due by 31-07-2027. Nothing is late today.

Companies Code · seven months

Position in the running window

27-09-2026 today31-12-2026 close31-07-2027 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

On 27 June 2016, Morrow was incorporated by three natural persons, with a starting capital of EUR 61,500.¹² The capital was increased 10 times between 2016 and 2025, most recently to EUR 6.8 million.³⁴⁵ In 2019 the company took the name Morrow.⁶ The registered office moved to Zwijnaarde in 2019 and to Gent in 2025.⁷⁸ Of the 10 current board members, PARTICIPATIEMAATSCHAPPIJ VLAANDEREN has served longest, since 2016.⁹ Total assets went from EUR 4.7 million in 2018 to EUR 2.7 million in 2025 and headcount from 5.3 to 17.2 full-time equivalents.¹⁰

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

Financials · fiscal year 2025, full schema

Turnover

Not included in this filing

EBIT margin

Not included in this filing

Net result

-€4.2m▲ 37.6%

2024 · -€6.7m

Working capital

€763,741▲ 154%

2024 · €301,139

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 71, Architectural and engineering activities; technical testing and analysis, 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

Operating result-€2.2m▲ 42.5%-€4.8m▼ 112%-€5.1m▼ 7.9%-€6.7m▼ 30.4%-€4.2m▲ 37.5%

Net result-€2.4m▲ 37.7%-€4.9m▼ 101%-€5.1m▼ 4.5%-€6.7m▼ 30.9%-€4.2m▲ 37.6%

Equity-€1.4m€8.8m€3.7m▼ 58.2%€2.0m▼ 46.2%€1.8m▼ 8.6%

Total assets€4.3m▲ 1.5%€10.0m▲ 131%€4.5m▼ 55.0%€3.1m▼ 29.9%€2.7m▼ 14.9%

Debt€5.8m▲ 76.8%€1.2m▼ 79.3%€815,675▼ 31.6%€1.2m▲ 43.4%€872,387▼ 25.4%

Working capital-€211,971€5.7m€841,444▼ 85.3%€301,139▼ 64.2%€763,741▲ 154%

Solvency-33.4%▼ 56.8pp88.1%▲ 121.5pp81.8%▼ 6.2pp62.8%▼ 19.0pp67.4%▲ 4.6pp

Staff (FTE)17.9▲ 7.2%18.1▲ 1.1%24.4▲ 34.8%20▼ 18.0%17.2▼ 14.0%

above within below the middle half (P25 to P75) of NACE 71, Architectural and engineering activities; technical testing and analysis, each year against the same schema; no band under 30 filings.

Why a figure moved sharply

2022 Total assets +131% on 2021. Capital increase of €1,611,119 (Official Gazette 15-06-2022). Capital increase of €2,131,980 (Official Gazette 15-06-2022).

Result per fiscal year

Operating resultNet result

The operating result stays negative: a loss of €4.2m in 2025 against €6.7m in 2024; the loss shrinks.

Balance-sheet composition

2025 in colour, 2024 as the grey bar beneath

Assets €2.7m

38.9%

61.1%

Fixed assets €1.0m ▼ 46.0%

Current assets €1.6m ▲ 34.4%

Equity and liabilities €2.7m

67.4%

32.6%

Equity €1.8m ▼ 8.6%

Debt €872,387 ▼ 25.4%

Debt's share of the balance-sheet total falls from 37.2% to 32.6%. Equity and debt are lower.

Key figures and ratios

2025 value · change against 2024

EBITDA

-€2.5m▲

2024 · -€5.6m

Cash flow

-€2.5m▲

2024 · -€5.6m

Current ratio

1.88▲

2024 · 1.33

Quick ratio

1.44▲

2024 · 0.89

Debt to equity

0.48▼

2024 · 0.59

ROE

-231.4%▲

2024 · -339.1%

ROA

-156.0%▲

2024 · -212.9%

Interest coverage

-123.70▲

2024 · -432.84

Debt ≤ 1 year

€872,387▼

2024 · €916,457

Income taxes

-€25,740▼

2024 · €4,402

Staff costs

€1.7m▼

2024 · €2.1m

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

Peer companies

Historical observation

Of the 371 companies that looked in July 2024 the way this one looks now, 0.8% went bankrupt within 24 months and 92% are still going.

Small
10 to 20 years old
solvency 30% or more
a loss of 10% of the balance sheet or more

0.8% went bankrupt

6.7% stopped otherwise

92% still going

A further 0.8% stopped, but we cannot tell whether within those 24 months.

For this company itself Checked computes a bankruptcy probability of 0.2% 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 497,058 companies of July 2024 its group's bankruptcy share. Expected: 1.5%; actually bankrupt within 24 months: 1.6%.

The companies in ten equal groups, from lowest to highest expected share.
Group	Expected	Actual
1	0.2%	0.2%
2	0.3%	0.4%
3	0.5%	0.5%
4	0.6%	0.7%
5	0.8%	0.9%
6	1.2%	1.3%
7	1.5%	1.6%
8	1.7%	1.7%
9	2.7%	2.8%
10	5.3%	5.7%

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 371 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 · 52 lines

Balance sheet Code20242025

Assets

Total assets20/58€3.1m€2.7m▼

Fixed assets21/28€1.9m€1.0m▼

Intangible fixed assets21€1.2m€591,130▼

Tangible fixed assets22/27€693,330€448,977▼

Plant, machinery and equipment23€678,085€435,164▼

Furniture and vehicles24€6,746€7,199▲

Other tangible fixed assets26€8,498€6,614▼

Financial fixed assets28€5,630€445▼

Current assets29/58€1.2m€1.6m▲

Amounts receivable after more than one year29€130,860€25,740▼

Other amounts receivable291€130,860€25,740▼

Stocks and contracts in progress3€406,464€377,214▼

Stocks30/36€406,464€377,214▼

Amounts receivable within one year40/41€254,416€224,797▼

Trade receivables40€42,075€34,681▼

Other amounts receivable41€212,341€190,116▼

Cash at bank and in hand54/58€378,836€983,039▲

Deferred charges and accrued income490/1€47,021€25,339▼

Equity and liabilities

Total equity and liabilities10/49€3.1m€2.7m▼

Equity10/15€2.0m€1.8m▼

Contributions10/11€25.3m€6.8m▼

Capital10€11.5m€6.8m▼

Issued capital100€11.5m€6.8m▼

Outside capital11€13.8m€0▼

Share premium1100/10€13.8m€0▼

Profit (loss) carried forward14-€23.3m-€5.0m▲

Amounts payable17/49€1.2m€872,387▼

Amounts payable within one year42/48€916,457€872,387▼

Trade debts44€477,909€630,667▲

Suppliers440/4€477,909€630,667▲

Taxes, remuneration and social security45€438,547€241,720▼

Taxes450/3€167,724€0▼

Remuneration and social security454/9€270,823€241,720▼

Accrued charges and deferred income492/3€253,261€0▼

Income statement Code20242025

Non-recurring operating income76A€0€41,606▲

Remuneration, social security and pensions62€2.1m€1.7m▼

Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630€1.1m€1.6m▲

Write-downs on stocks, contracts in progress and trade receivables: additions (reversals)631/4€0-

Other operating charges640/8€165,515€2,117▼

Gross operating margin9900-€3.4m-€884,562▲

Operating profit (loss)9901-€6.7m-€4.2m▲

Financial income75/76B€11,942€269▼

Recurring financial income75€11,942€269▼

Financial charges65/66B€12,903€20,570▲

Recurring financial charges65€12,903€20,570▲

Profit (loss) for the period before taxes9903-€6.7m-€4.2m▲

Income taxes67/77€4,402-€25,740▼

Profit (loss) for the period9904-€6.7m-€4.2m▲

Profit (loss) for the period to be appropriated9905-€6.7m-€4.2m▲

Appropriation of the result

Profit (loss) to be appropriated9906-€23.3m-€5.0m▲

Profit (loss) brought forward from the previous period14P-€16.6m-€832,043▲

Social balance

Average headcount (FTE)908720.017.2▼

The notes to these accounts (16 items: statements of assets and debts, cost breakdowns, rights and commitments) are not shown here.

Line	2021	2022	2023	2024	2025	Change
Non-recurring operating income76A	€1,113	€0	€5,959	€0	€41,606	-
Remuneration, social security and pensions62	€1.3m	€1.5m	€2.3m	€2.1m	€1.7m	▼ 19.8%
Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630	€788,752	€1.0m	€1.1m	€1.1m	€1.6m	▲ 48.2%
Write-downs on stocks, contracts in progress and trade receivables: additions (reversals)631/4	€0	€7,495	-€5,684	€0	-	-
Other operating charges640/8	€1,054	€990	€1,092	€165,515	€2,117	▼ 98.7%
Gross operating margin9900	-€130,957	-€2.2m	-€1.8m	-€3.4m	-€884,562	▲ 73.6%
Operating profit (loss)9901	-€2.2m	-€4.8m	-€5.1m	-€6.7m	-€4.2m	▲ 37.5%
Financial income75/76B	€3,125	€16,468	€32,891	€11,942	€269	▼ 97.7%
Recurring financial income75	€3,125	€16,468	€32,891	€11,942	€269	▼ 97.7%
Financial charges65/66B	€197,427	€160,414	€16,124	€12,903	€20,570	▲ 59.4%
Recurring financial charges65	€197,427	€160,414	€16,124	€12,903	€20,570	▲ 59.4%
Profit (loss) for the period before taxes9903	-€2.4m	-€4.9m	-€5.1m	-€6.7m	-€4.2m	▲ 37.2%
Income taxes67/77	-	€907	€3,461	€4,402	-€25,740	▼ 685%
Profit (loss) for the period9904	-€2.4m	-€4.9m	-€5.1m	-€6.7m	-€4.2m	▲ 37.6%
Profit (loss) for the period to be appropriated9905	-€2.4m	-€4.9m	-€5.1m	-€6.7m	-€4.2m	▲ 37.6%

Line	2021	2022	2023	2024	2025	Change
Assets
Total assets20/58	€4.3m	€10.0m	€4.5m	€3.1m	€2.7m	▼ 14.9%
Fixed assets21/28	€3.5m	€3.1m	€2.8m	€1.9m	€1.0m	▼ 46.0%
Intangible fixed assets21	€2.6m	€2.1m	€1.8m	€1.2m	€591,130	▼ 51.8%
Tangible fixed assets22/27	€881,147	€946,563	€1.0m	€693,330	€448,977	▼ 35.2%
Plant, machinery and equipment23	€860,308	€752,259	€1.0m	€678,085	€435,164	▼ 35.8%
Furniture and vehicles24	€2,359	€10,389	€7,423	€6,746	€7,199	▲ 6.7%
Other tangible fixed assets26	€18,480	€11,319	€14,542	€8,498	€6,614	▼ 22.2%
Assets under construction and advance payments27	€0	€172,596	€0	-	-	-
Financial fixed assets28	-	€5,335	€5,630	€5,630	€445	▼ 92.1%
Current assets29/58	€789,354	€6.9m	€1.7m	€1.2m	€1.6m	▲ 34.4%
Amounts receivable after more than one year29	-	-	-	€130,860	€25,740	▼ 80.3%
Other amounts receivable291	-	-	-	€130,860	€25,740	▼ 80.3%
Stocks and contracts in progress3	€241,173	€613,122	€398,042	€406,464	€377,214	▼ 7.2%
Stocks30/36	€241,173	€613,122	€398,042	€406,464	€377,214	▼ 7.2%
Amounts receivable within one year40/41	€442,503	€249,391	€411,126	€254,416	€224,797	▼ 11.6%
Trade receivables40	€169,897	€106,157	€43,533	€42,075	€34,681	▼ 17.6%
Other amounts receivable41	€272,606	€143,233	€367,593	€212,341	€190,116	▼ 10.5%
Cash at bank and in hand54/58	€94,535	€6.0m	€822,002	€378,836	€983,039	▲ 159%
Deferred charges and accrued income490/1	€11,143	€14,671	€25,950	€47,021	€25,339	▼ 46.1%
Equity and liabilities
Total equity and liabilities10/49	€4.3m	€10.0m	€4.5m	€3.1m	€2.7m	▼ 14.9%
Equity10/15	-€1.4m	€8.8m	€3.7m	€2.0m	€1.8m	▼ 8.6%
Contributions10/11	€5.2m	€20.3m	€20.3m	€25.3m	€6.8m	▼ 73.1%
Capital10	€5.2m	€8.9m	€8.9m	€11.5m	€6.8m	▼ 40.7%
Issued capital100	€5.2m	€8.9m	€8.9m	€11.5m	€6.8m	▼ 40.7%
Outside capital11	-	€11.4m	€11.4m	€13.8m	€0	▼ 100%
Share premium1100/10	-	€11.4m	€11.4m	€13.8m	€0	▼ 100%
Profit (loss) carried forward14	-€6.6m	-€11.5m	-€16.6m	-€23.3m	-€5.0m	▲ 78.5%
Amounts payable17/49	€5.8m	€1.2m	€815,675	€1.2m	€872,387	▼ 25.4%
Amounts payable after more than one year17	€4.8m	€0	-	-	-	-
Financial debts170/4	€4.8m	€0	-	-	-	-
Amounts payable within one year42/48	€1.0m	€1.2m	€815,675	€916,457	€872,387	▼ 4.8%
Trade debts44	€845,490	€932,345	€531,499	€477,909	€630,667	▲ 32.0%
Suppliers440/4	€845,490	€932,345	€531,499	€477,909	€630,667	▲ 32.0%
Taxes, remuneration and social security45	€155,835	€246,473	€284,177	€438,547	€241,720	▼ 44.9%
Taxes450/3	€487	€1,032	€3,462	€167,724	€0	▼ 100%
Remuneration and social security454/9	€155,348	€245,441	€280,715	€270,823	€241,720	▼ 10.7%
Accrued charges and deferred income492/3	€4,711	€12,997	€0	€253,261	€0	▼ 100%

Line	2021	2022	2023	2024	2025	Change
Profit (loss) for the period9904	-€2.4m	-€4.9m	-€5.1m	-€6.7m	-€4.2m	▲ 37.6%
+ Depreciation and write-downs630	€788,752	€1.0m	€1.1m	€1.1m	€1.6m	▲ 48.2%
Operating cash flow (approximation)	-€1.6m	-€3.9m	-€4.0m	-€5.6m	-€2.5m	▲ 54.6%
Investment in fixed assets (approximation)	-	-€561,708	-€823,968	-€203,389	-€750,027	▼ 269%
Change in cash	-	€5.9m	-€5.2m	-€443,166	€604,203	▲ 236%

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 29Financial 3Gazette 17Filings 9

Next filing, fiscal year 2026, expected by 31-07-2027

2026

20-07

NBB filing Annual accounts filed

fiscal year 2025 · full schema

2025

04-09

State Gazette act Capital & shares · Statutes amendment

Capital increase · Capital · Preemption waiver5 facts ▸

General meeting, 28-07-2025
Capital increase, €2.002.500
Capital, €6.811.393,84
Statutes amendment
Preemption waiver, Opheffing van het voorkeurrecht

01-08

State Gazette act Reappointment: Jean Pierre Bizet (director)

Registered-office move · Power of attorney7 facts ▸

Board meeting
General meeting, 11-06-2025
Registered-office move, Frieda Saeysstraat 1, 9052 Gent
Director reappointment, Jean Pierre Bizet (director)
Power of attorney, Nauta Dutilh
Power of attorney, Nauta Dutilh
Power of attorney, Bestuurders van de Vennootschap

20-06

NBB filing Annual accounts filed

fiscal year 2024 · abbreviated schema

10-02

State Gazette act Resignations: IMEC.XPAND COMMV, CARL ZEISS VENTURE Beteiligungsgesellschaft mbH and PARTICIPATIEMAATSCHAPPIJ VLAANDEREN NV

Appointments: QBIC VENTURE PARTNERS BV (director) and TOKAI OPTECS NV (director) · Permanent representatives: DE PRYCKER Martin Louis and LEURIDAN Kurt Piet · Reappointment: BDO BEDRIJFSREVISOREN BV (statutory auditor)22 facts ▸

General meeting, 23-01-2025
Capital, €11.492.809,28
Capital increase, €2.002.500
Capital increase, €13.815.878,13
Capital decrease, €22.502.293,57
Share issue, Inschrijvingsrechten 2025 (ESOP), 1792200
Director resignation, IMEC.XPAND COMMV (director)
Director resignation, CARL ZEISS VENTURE Beteiligungsgesellschaft mbH (director)
Director resignation, PARTICIPATIEMAATSCHAPPIJ VLAANDEREN NV (director)
Director discharge, IMEC.XPAND COMMV
Director discharge, CARL ZEISS VENTURE Beteiligungsgesellschaft mbH
Director discharge, PARTICIPATIEMAATSCHAPPIJ VLAANDEREN NV
+10 further facts in this act

2024

31-12

Financial Weakest financial yearnet -€6.7m

Net result drops to -€6.7m, the lowest in the series; recovery starts the following year.

12-09

State Gazette act Resignation: Soup Tech Holding B.V (director and chair of the board)

2 facts ▸

Board meeting, 18-07-2023
Director resignation, Soup Tech Holding B.V (director and chair of the board)

06-09

State Gazette act Capital & shares · Statutes amendment

Capital increase · Share issue · Capital7 facts ▸

Capital increase, €0,2
Share issue, Reguliere Gewone Aandelen, 641518
Capital, €11.492.809,28
Statutes amendment
Power of attorney, comparant
Share payment, op een bijzondere rekening, 100%
Share structure, 16465564

23-08

State Gazette act Appointment: Frederiek Ysebaert (day-to-day manager)

Resignation: Chestnut Ventures (director) · Permanent representatives: Paul Marchal, Peter Vanbekbergen and Bert Gyselinx · Capital increase11 facts ▸

General meeting, 31-07-2024
Capital increase, €2.500.000
Capital, €11.492.809,08
Director appointment, Frederiek Ysebaert (day-to-day manager)
Director resignation, Chestnut Ventures (director)
Permanent representative, Paul Marchal
Permanent representative, Peter Vanbekbergen
Permanent representative, Bert Gyselinx
Director appointment, Frederiek Ysebaert (director)
Mandate compensation, Frederiek Ysebaert
Pre emptive rights lifted, Opheffing van het voorkeurrecht

05-07

NBB filing Annual accounts filed

fiscal year 2023 · abbreviated schema

27-05

State Gazette act Capital & shares · Statutes amendment

Capital increase · Share issue · Capital8 facts ▸

Capital increase, €0,2
Share issue, Reguliere Gewone Aandelen, 641518
Capital, €10.240.590,41
Statutes amendment
Power of attorney, BIZET Jean Pierre Philippe
Share structure, 615000, 641518
Share payment, bijzondere rekening op naam van de Vennootschap bij BNP Paribas Fortis NV, 100,00%
Anti dilution exercise, 20, 8

10-05

State Gazette act Capital & shares · Statutes amendment

Capital increase · Capital · Share issue18 facts ▸

General meeting, 26-04-2024
Capital increase, €1.311.907,86
Capital, €10.240.590,21
Share issue, Inschrijvingsrechten 2024, 1139750
Share issue, Soort A2 Anti-Dilutie Inschrijvingsrechten, 40
Share issue, Soort B2 Anti-Dilutie Inschrijvingsrechten, 25
Share cancellation, Inschrijvingsrechten 2018, 348869
Share cancellation, Inschrijvingsrechten 2022, 489541
Statutes amendment
Power of attorney, Elke bestuurder van Morrow
Share class creation, Bevoorrechte Soort B2 Aandelen, wijziging van de rechten van de bestaande soorten aandelen
Conditional capital increase, Reguliere Gewone Aandelen, uitoefening van de Inschrijvingsrechten 2024
+6 further facts in this act

Show earlier events

2023

20-07

NBB filing Annual accounts filed

fiscal year 2022 · abbreviated schema

2022

31-12

Financial Liquidity times 7current ratio 5.84

Current ratio from 0.79 to 5.84.

31-12

Financial Equity above €5mEq €8.8m

Equity rises from -€1.4m to €8.8m.

04-08

NBB filing Annual accounts filed

fiscal year 2021 · abbreviated schema · 4 days late

02-08

State Gazette act Permanent representatives: Thomas Beke and Paul Marchal

Appointment: Chestnut Ventures BV (day-to-day manager) · Reappointment: Chestnut Ventures BV (day-to-day manager)5 facts ▸

Board meeting, 08-06-2022
Permanent representative, Thomas Beke
Director appointment, Chestnut Ventures BV (day-to-day manager)
Director reappointment, Chestnut Ventures BV (day-to-day manager)
Permanent representative, Paul Marchal

15-06

State Gazette act Resignations: Luna Ventures, Tokai Optecs and QBIC Venture Partners

Appointments: Jean Pierre Philippe BIZET, IMEC.XPAND and 4 others · Permanent representatives: Peter Lambert VANBEKBERGEN, Thomas BEKE and 3 others · Capital34 facts ▸

General meeting, 10-06-2022
Capital, €5.185.584
Capital increase, €1.611.118,72
Capital, €6.796.702,72
Capital increase, €2.131.979,63
Capital, €8.928.682,35
Share issue, Inschrijvingsrechten 2022, 750000
Share issue, Soort B1 Anti-Dilutie Inschrijvingsrechten, 55
Share issue, Lening Inschrijvingsrechten, 59701
Director resignation, Luna Ventures (director)
Director resignation, Tokai Optecs (director)
Director resignation, QBIC Venture Partners (director)
+22 further facts in this act

2021

24-06

NBB filing Annual accounts filed

fiscal year 2020 · micro schema

2020

14-07

State Gazette act Resignations: Diane Lejeune (permanent representative) and Kurt Leuridan (permanent representative)

Permanent representatives: Jeroen Van den Bossche and Kurt Leuridan · Reserve release · Statutes amendment14 facts ▸

General meeting, 03-07-2020
Reserve release, 5575916.0, aanzuivering van geleden verliezen
Statutes amendment
Capital, €5.185.584
Director resignation, Diane Lejeune (permanent representative)
Director resignation, Kurt Leuridan (permanent representative)
Permanent representative, Jeroen Van den Bossche
Permanent representative, Kurt Leuridan
Share classes, 6815000, 615000
Liquidation preference, EUR, 1.0
Dividend preference, oorspronkelijke inschrijvingsprijs, 5%
Board composition, Onafhankelijke Bestuurder, 8
+2 further facts in this act

08-07

NBB filing Annual accounts filed

fiscal year 2019 · micro schema

2019

20-11

State Gazette act Capital & shares · Statutes amendment

Capital increase · Bank account · Name change10 facts ▸

General meeting, 13-11-2019
Capital increase, €1.712.042
Bank account, BE57 0018 7383 9835
Name change, Morrow
Statutes amendment
Statutes amendment
Capital, €5.185.584
Share classes, 1700000, 4500000
Share value equalization, gelijkschakeling van de fractiewaarde van alle 6.815.000 aandelen
Premium booking, EUR 2.787.958,00, Uitgiftepremies

24-06

NBB filing Annual accounts filed

fiscal year 2018 · micro schema

06-02

State Gazette act Registered office

Registered-office move1 fact ▸

Registered-office move, Technologiepark-Zwijnaarde 122, 9052 Zwijnaarde

2018

29-08

NBB filing Annual accounts filed

fiscal year 2017 · micro schema · 29 days late

27-08

State Gazette act Resignations: VALKUR (director) and Peter Vanbekbergen (director)

Appointments: Jean Pierre Philippe Bizet, Tokai Optecs and 3 others · Permanent representatives: VALKUR SPRL, Kurt Piet Maria Georges Felix Leuridan and 7 others · Capital increase37 facts ▸

General meeting, 27-07-2018
Capital increase, €1.712.042
Bank account, BE83 0018 4207 0315
Capital, €3.473.542
Statutes amendment
Share issue, anti-dilutie warrants, 45
Share issue, aandelenoptie warrants, 1285000
Director resignation, VALKUR (director)
Director resignation, Peter Vanbekbergen (director)
Director appointment, Jean Pierre Philippe Bizet (director)
Director appointment, Tokai Optecs (director)
Permanent representative, VALKUR SPRL
+25 further facts in this act

2016

04-08

State Gazette act Appointments: VALKUR BVBA, Peter Lambert Vanbekbergen and 2 others

Permanent representatives: Kurt Piet Maria Georges Felix Leuridan, Martin Louis Florence De Prycker and 3 others · Capital increase · Bank account23 facts ▸

General meeting, 05-07-2016
Capital increase, €350.000
Capital increase, €1.350.000
Bank account, BE72 0017 8849 7316
Capital, €1.761.500
Statutes amendment
Director appointment, VALKUR BVBA (director)
Permanent representative, Kurt Piet Maria Georges Felix Leuridan
Director appointment, Peter Lambert Vanbekbergen (director)
Director appointment, QBIC Venture Partners BVBA (director)
Permanent representative, Martin Louis Florence De Prycker
Director appointment, ParticipatieMaatschappij Vlaanderen (director)
+11 further facts in this act

18-07

State Gazette act Capital & shares

Share issue · Capital increase3 facts ▸

General meeting, 28-06-2016
Share issue, 152250, Oprichterswarrants
Capital increase

29-06

State Gazette act Incorporation

Appointments: Luna Ventures BVBA (director) and Chestnut Ventures BVBA (director) · Permanent representatives: DE SMET Jelle and MARCHAL Paul Wilfried Cecile · Founder12 facts ▸

Incorporation, 24-06-2016
Founder, MARCHAL Paul Wilfried Cecile
Founder, DE SMET Jelle
Founding capital, €61.500
Bank account, BNP Paribas Fortis, BE24 0017 8767 5038
Director appointment, Luna Ventures BVBA (director)
Director appointment, Chestnut Ventures BVBA (director)
Permanent representative, DE SMET Jelle
Permanent representative, MARCHAL Paul Wilfried Cecile
Mandate compensation, Luna Ventures BVBA
Mandate compensation, Chestnut Ventures BVBA
Assumption of liabilities, Alle verbintenissen, alsook alle daaruit voortvloeiende verplichtingen, en alle handelingen gesteld door de oprichters in naam en voor rekening van de vennootsc…

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

17 of 18 acts read

About the unread acts

Of the 18 Belgian State Gazette acts we know for this company, 17 have been read. The other one has not been read yet: what they contain is neither established nor disproved here.

Have them read with priority Sign in to place this company at the front of the reading queue.

Directors · office · real estate

Directors

8 directors, 3 in day-to-day management, last change in 2025

Board 8

PARTICIPATIEMAATSCHAPPIJ VLAANDEREN

Soort a investeerder bestuurder · since 05-07-2016 · Legal entity · perm. rep.: Diane Denise Claire Marie Lejeune

Current

Jean Pierre Philippe Bizet

Soort a investeerder bestuurder · since 27-07-2018

Current

IMEC.XPAND

Soort a investeerder bestuurder · since 10-06-2022 · Legal entity · perm. rep.: Peter Lambert VANBEKBERGEN

Current

Frederiek Ysebaert

Director · since 31-07-2024

Current

QBIC Venture Partners

Director · since 23-01-2025 · Private limited company (pre-2019) · perm. rep.: DE PRYCKER Martin Louis

Current

TOKAI OPTECS NV

Director · since 23-01-2025 · Legal entity · perm. rep.: LEURIDAN Kurt Piet

Current

Jean Pierre Bizet

Director · since 11-06-2025

Current

Soup-Tech Holding B.V.

Independent director · Legal entity · perm. rep.: Arie Jan OVERWATER

Current

7 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.

Chestnut Ventures BVBA

Director · since 24-06-2016 · Legal entity · perm. rep.: MARCHAL Paul Wilfried Cecile

Not recently confirmed

Luna Ventures BVBA

Director · since 24-06-2016 · Legal entity · perm. rep.: DE SMET Jelle

Not recently confirmed

Peter Lambert VANBEKBERGEN

Director · since 05-07-2016

Not recently confirmed

QBIC Venture Partners BVBA

Director · since 05-07-2016 · Legal entity · perm. rep.: Martin Louis Florence De Prycker

Not recently confirmed

VALKUR BVBA

Director · since 05-07-2016 · Legal entity · perm. rep.: Kurt Piet Maria Georges Felix Leuridan

Not recently confirmed

imec.xpand

Director · since 27-07-2018 · Limited partnership · perm. rep.: Peter Lambert Vanbekbergen

Not recently confirmed

Tokai Optecs

Director · since 27-07-2018 · Public limited company

Not recently confirmed

Day-to-day management 3

Chestnut Ventures BV

Day-to-day manager · since 15-07-2016 · Legal entity · perm. rep.: Paul Marchal

Current

Chestnut Ventures

Director · since 10-06-2022 · Legal entity · perm. rep.: Paul Wilfried MARCHAL

Current

Frederiek Ysebaert

Day-to-day manager · since 01-07-2024

Current

Permanent representatives 6

Diane Denise Claire Marie Lejeune

Permanent representative · since 05-07-2016 · for PARTICIPATIEMAATSCHAPPIJ VLAANDEREN

Current

Paul Wilfried MARCHAL

Permanent representative · since 10-06-2022 · for Chestnut Ventures

Current

Peter Lambert VANBEKBERGEN

Permanent representative · since 10-06-2022 · for IMEC.XPAND

Current

DE PRYCKER Martin Louis

Permanent representative · since 23-01-2025 · for QBIC Venture Partners

Current

LEURIDAN Kurt Piet

Permanent representative · since 23-01-2025 · for TOKAI OPTECS NV

Current

Arie Jan OVERWATER

Permanent representative · for Soup-Tech Holding B.V.

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.

DE SMET Jelle

Permanent representative · since 24-06-2016 · for Luna Ventures BVBA

Not recently confirmed

Statutory auditor 1

BDO BEDRIJFSREVISOREN-BDO REVISEURS D'ENTREPRISES

Auditor · since 27-07-2018

Current

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 →

Not every act has been read: a resignation may be missing here

1 of this company's 18 Belgian State Gazette acts has not been read yet. Appointments and resignations recorded in them are missing above: a director who resigned there may therefore still show here as sitting. The acts are in the Timeline.

Location & real-estate footprint

Registered office, Gent · 1 establishment unit since 2016

seat establishment The establishment unit on the map

Ground area

4,783 m²

Building footprint

1,373 m²

Volume, LiDAR

48 m³

Parcel 44082B0663/00B000, Flanders · tallest building 1.9 m. Linked by address, not a title deed.

5 companies at this address See who is registered here

1 establishment unit

MORROW

Frieda Saeysstraat 1, 9052 GentManufacture of computer, electronic and optical products

since 20162.262.220.637

1 parcel

Flanders 1 (100%)

Parcel (capakey)	Region	Area	Buildings	Height / fl.
44082B0663/00B000	Flanders	4,783 m²	1 · 1,373 m²	1.9 m

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

29 people since 2016, 18 in office

All 29 In office 18 Ended 11

Board
Day-to-day management
Permanent representative
Statutory auditor
not recently confirmed
began earlier

Mandates per person, with start and end dates
Name	Functions and periods
PARTICIPATIEMAATSCHAPPIJ VLAANDEREN	Director, from 05-07-2016 to date
Jean Pierre Philippe Bizet	Director, from 27-07-2018 to date
IMEC.XPAND	Soort a investeerder bestuurder, from 10-06-2022 to date
Soup-Tech Holding B.V.	Independent director, from 10-06-2022 to 18-07-2023 Independent director, from 10-06-2022 to date
Frederiek Ysebaert	Day-to-day manager, from 01-07-2024 to date Director, from 31-07-2024 to date
QBIC Venture Partners	Director, from 23-01-2025 to date
TOKAI OPTECS NV	Director, from 23-01-2025 to date
Jean Pierre Bizet	Director, already before 11-06-2025 to date
Chestnut Ventures BV	Day-to-day manager, from 15-07-2016 to date
Chestnut Ventures	Director, from 10-06-2022 to date
BDO BEDRIJFSREVISOREN-BDO REVISEURS D'ENTREPRISES	Auditor, from 27-07-2018 to date
Chestnut Ventures BVBA	Director, from 24-06-2016 not ended, last confirmed 29-06-2016
Luna Ventures BVBA	Director, from 24-06-2016 not ended, last confirmed 29-06-2016
Peter Lambert VANBEKBERGEN	Director, from 05-07-2016 not ended, last confirmed 04-08-2016
QBIC Venture Partners BVBA	Director, from 05-07-2016 not ended, last confirmed 04-08-2016
VALKUR BVBA	Director, from 05-07-2016 not ended, last confirmed 04-08-2016
imec.xpand	Director, from 27-07-2018 not ended, last confirmed 27-08-2018
Tokai Optecs	Director, from 27-07-2018 not ended, last confirmed 27-08-2018
CARL ZEISS VENTURE BETEILIGUNGSGESELLSCHAFT MBH	Soort b1 investeerder bestuurder, from 10-06-2022 to 23-01-2025
imec.xpand CommV.	Director, until 23-01-2025
Participatiemaatschappij Vlaanderen NV	Director, until 23-01-2025
CHESTNUT VENTURES	Director, until 15-07-2024
Luna Ventures	Director, until 10-06-2022
QBIC Venture Partners	Director, until 10-06-2022
Tokai Optecs	Director, until 10-06-2022
Kurt Leuridan	Permanent representative, until 03-07-2020
Diane Lejeune	Permanent representative, until 02-06-2020
Peter Vanbekbergen	Director, until 27-07-2018
VALKUR	Director, until 27-07-2018

Show all 29 people Show the first 12See the board, name and seat on a given date →

Articles of association

Purpose

Het onderzoek, de ontwikkeling, de productie, de marketing, de verkoop en het verlenen van licenties met betrekking tot digitale brillen, glazen en lens technologieën; het…

Full purpose

Het onderzoek, de ontwikkeling, de productie, de marketing, de verkoop en het verlenen van licenties met betrekking tot digitale brillen, glazen en lens technologieën; het onderhouden en leveren van diensten inzake de ontwikkeling van digitale brillen, glazen en lens technologieën; het uitwerken en realiseren van projecten die gebruik maken van digitale brillen, glazen en lens technologieën; het creëren van patenten in hoogtechnologische domeinen en het uitbaten van de patent portfolio; het adviseren van bedrijven in het gebruik van nieuwe technologieën; alsook het aanleggen, uitbouwen en beheren van onroerend en roerend vermogen, het aangaan van leningen en kredieten, en het verrichten van alle handelingen in verband met het voorwerp.

according to the deed of 04-09-2025

Structure & network

Owners and holdings

3 owners

Owners 3

imec.xpand

Sourceaccounts imec.xpand 2025

12.72%
QBIC Arkiv Fund

Sourceaccounts QBIC Arkiv Fund 2025

5.21%
QBIC Feeder Fund

Sourceaccounts QBIC Feeder Fund 2025

4.76%

Holdings 0

No holding stated in the accounts, acts or LEI register we read.

According to the annual accounts 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

1 connected company

Depth

The connected companies are in the list below.

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

Linked via shared directors

ET OPTICS

Shared corporate director

→

Capital and shareholders

Shareholders according to the acts

At incorporation act of 29-06-2016 ↗

MARCHAL Paul Wilfried Cecile founder
DE SMET Jelle 307,500 shares (50%)
MARCHAL Paul 307,500 shares (50%)

The Belgian State Gazette names shareholders only when an act mentions them; the share register itself is not published.

Capital over the years

04-09-2025 Capital increase of 2,002,500 EUR · to 6,811,393.84 EUR · 6,905,170 new shares
10-02-2025 Capital increase of 2,002,500 EUR · to 13,495,309.28 EUR · 6,905,170 new shares · in cash
10-02-2025 Capital increase of 13,815,878.13 EUR · to 27,311,187.41 EUR · from reserves
10-02-2025 Capital reduction of 22,502,293.57 EUR · to 4,808,893.84 EUR · “aanzuivering van geleden verliezen”
06-09-2024 Capital increase of 0.20 EUR · to 11,492,809.28 EUR · 641,518 new shares
23-08-2024 Capital increase of 2,500,000 EUR · to 11,492,809.08 EUR · 1,724,136 new shares
27-05-2024 Capital increase of 0.20 EUR · to 10,240,590.41 EUR · 641,518 new shares
10-05-2024 Capital increase of 1,311,907.86 EUR · to 10,240,590.21 EUR · 1,724,136 new shares

Show 8 older capital entries

15-06-2022 Capital increase of 1,611,118.72 EUR · to 6,796,702.72 EUR · 2,117,365 new shares
15-06-2022 Capital increase of 2,131,979.63 EUR · to 8,928,682.35 EUR · 2,801,891 new shares
14-07-2020 Capital stated in the act · 5,185,584 EUR · 6,815,000 shares
20-11-2019 Capital increase of 1,712,042 EUR · to 5,185,584 EUR · 2,250,000 new shares
27-08-2018 Capital increase of 1,712,042 EUR · to 3,473,542 EUR · 2,250,000 new shares
04-08-2016 Capital increase of 350,000 EUR · to 411,500 EUR · 350,000 new shares · in kind
04-08-2016 Capital increase of 1,350,000 EUR · to 1,761,500 EUR · 1,350,000 new shares · in cash
29-06-2016 Incorporation · 61,500 EUR · 615,000 shares

Public money · subsidies and aid

Flemish government

2024 to 2025 · 2 entries · 7,488 EUR awarded · 7,488 EUR paid

Year	Entries	awarded	paid
2025	1	0 EUR	7,488 EUR
2024	1	7,488 EUR	0 EUR

Schemes

Subsidie voor opleiding en advies voor kmo's en zelfstandigen (kmo-portefeuille)

2 entries · 7,488 EUR · 7,488 EUR paid · Fonds voor Innoveren en Ondernemen

European research

1 project · 253,261 EUR EU contribution

Programmes

Horizon Europe

1 entry · 253,261 EUR

Projects

Vision optics with Integrated VCSELs and Autofocal Lenses

Horizon Europe · participant · 01-06-2024 to 31-05-2027 · 253,261 EUR · VIVA

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Of 11,577 companies in sector 71121 we hold annual accounts for 6,563. 2,515 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

Founded27-06-2016

Fiscal year end31-12

Activities, NACEBEL 2025

71121Engineering and related technical consultancy, excluding land surveyors

E-invoicing

Reachable via Peppol

Peppol ID 0208:0656997628

Also 9925:BE0656997628

Registered 08-12-2025

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