MULTITEL

Active Non-profit associationfounded 1999active for 26 yearsRue Pierre et Marie Curie 2, 7000 MonsKBO/BCE: BE 0470.813.848 #4 employer in Hainaut, Research and development sector

MULTITEL

Financial year 2025

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Annual accounts 2025

abbreviated format, filed on 29-06-2026, 32 days before the deadline

€11.3m

▲ 13.0%

-€497,687

▼ €234,527

€862,727

▲ 1.1%

€1.2m

▼ 6.1%

49.5%

▲ 24.1 percentage points

1.49

▲ 0.38

In the rankings #4 employer in Hainaut, Research and development sector #9 company by staff growth in Hainaut, Professional and technical services sector

Money flows

turnover is 23.2% of income in 2025

Balance sheet

balance sheet total €7.3m on 31-12-2025

What the company ownsHow it is paid for

in €m

Position in the sector

Compare with sector

49.5%

Higher than 53% of 271 companies in 2025.

1.49

Higher than 43% of 261 companies in 2025.

-1.8%

Higher than 42% of 265 companies in 2025.

MULTITEL Middle half of the sector 80% of the sector Abbreviated accounts in research and development (NACE 72)

Net result: middle half · Equity: top quarter · Balance sheet total: top quarter · Working capital: top quarter · Staff: top quarter

Staff

Men and women23% women

65.7 men and 19.9 women in full-time equivalents in 2025.

€95,064

Men €96,685, women €89,713 per full-time equivalent. Jobs differ, so this is not a pay gap.

+9 people

people who joined people who left

In 2025, 25 people joined and 16 left. Training hours in 2025: 2,531.

Filed annual accounts

as filed with the National Bank, click a year to choose it

Line	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015	2014	2013	2012	2011	2010	2009	2008
Balance sheet: assets
`20/58`	7.3m	16.5m	17.5m	17.9m	17.6m	13.3m	11.7m	11.6m	12.5m	12.6m	12.9m	15.3m	13.0m	12.6m	8.5m	8.2m	8.2m	7.5m
`21/28`	3.3m	4.1m	4.3m	5.0m	3.7m	3.6m	3.9m	4.5m	4.8m	5.3m	5.1m	4.0m	2.8m	3.1m	2.7m	2.9m	3.3m	3.7m
`21`	4,691	8,237	12,606	17,127	15,211	36,112	165,948	293,857	399,322	432,596	-	-	-	-	-	-	-	-
`22/27`	3.1m	3.8m	4.0m	4.6m	3.5m	3.4m	3.5m	4.0m	4.3m	4.8m	5.1m	4.0m	2.8m	3.0m	2.6m	2.8m	3.3m	3.7m
`22`	2.2m	2.7m	3.3m	3.9m	2.6m	2.8m	3.1m	3.4m	3.7m	4.0m	1.8m	2.0m	2.2m	2.3m	2.5m	2.7m	2.8m	3.0m
`23`	95,195	186,369	153,920	187,538	189,971	79,147	121,075	186,048	190,267	340,095	300,398	103,811	112,797	141,562	27,817	22,472	329,267	602,885
`24`	786,086	916,419	519,660	446,192	448,970	495,747	292,797	385,157	375,741	463,586	490,156	362,065	503,165	530,322	90,221	120,972	109,172	62,218
`26`	-	0	23,115	9,453	0	-	-	-	-	-	-	-	-	-	-	-	-	-
`27`	-	-	-	-	255,405	-	-	-	-	0	2.4m	1.5m	-	-	-	-	-	-
`28`	202,277	253,449	320,745	361,551	205,690	174,350	174,350	205,702	155,600	118,965	61,586	61,586	209	75,209	75,209	75,209	75,526	75,526
`280/1`	148,691	199,863	266,950	332,755	148,691	173,691	173,691	173,691	154,941	61,377	61,377	61,377	-	75,000	75,000	75,000	75,000	75,000
`280`	148,691	148,691	148,691	148,691	148,691	173,691	173,691	173,691	154,941	61,377	61,377	61,377	-	75,000	75,000	75,000	75,000	75,000
`281`	0	51,172	118,259	184,064	-	-	-	-	-	-	-	-	-	-	-	-	-	-
`284/8`	53,586	53,586	53,795	28,795	56,999	659	659	32,011	659	57,588	209	209	209	209	209	209	526	526
`284`	25,000	25,000	25,000	25,000	25,000	-	-	-	-	-	-	-	-	-	-	-	-	-
`285/8`	28,586	28,586	28,795	3,795	31,999	659	659	32,011	659	57,588	209	209	209	209	209	209	526	526
`29/58`	4.0m	12.5m	13.1m	12.9m	14.0m	9.7m	7.8m	7.1m	7.7m	7.3m	7.8m	11.3m	10.2m	9.5m	5.8m	5.4m	4.8m	3.8m
`29`	-	-	-	-	248,613	311,928	374,034	-	-	-	-	26,400	-	-	-	-	-	-
`291`	-	-	-	-	248,613	311,928	374,034	-	-	-	-	26,400	-	-	-	-	-	-
`3`	0	0	-	235,284	393,316	224,053	199,720	-	-	-	-	-	-	-	-	-	-	-
`30/36`	-	-	-	235,284	393,316	224,053	199,720	-	-	-	-	-	-	-	-	-	-	-
`34`	-	-	-	235,284	393,316	224,053	199,720	-	-	-	-	-	-	-	-	-	-	-
`40/41`	2.9m	8.9m	7.4m	6.9m	7.2m	6.0m	6.1m	6.1m	7.6m	6.5m	6.9m	8.9m	7.2m	5.7m	1.9m	4.0m	3.9m	3.0m
`40`	2.9m	8.7m	7.1m	6.4m	6.9m	5.9m	5.7m	5.9m	7.3m	6.2m	6.4m	8.6m	7.0m	5.6m	1.8m	2.3m	1.4m	1.4m
`41`	55,923	204,640	221,523	500,838	286,369	101,471	387,774	197,392	224,142	234,317	471,548	250,759	181,088	42,680	119,229	1.7m	2.5m	1.6m
`50/53`	-	-	-	-	-	-	-	-	-	-	-	20,725	-	-	-	-	-	-
`54/58`	1.1m	3.5m	5.7m	5.8m	6.1m	3.1m	1.1m	1.0m	113,681	719,323	813,136	2.4m	2.9m	3.7m	3.8m	1.3m	936,603	818,018
`490/1`	49,665	68,577	69,451	47,422	21,079	48,827	53,499	32,618	28,628	87,845	73,356	54,166	100,482	132,802	65,309	103,764	7,558	8,693
Balance sheet: equity and liabilities
`10/49`	7.3m	16.5m	17.5m	17.9m	17.6m	13.3m	11.7m	11.6m	12.5m	12.6m	12.9m	15.3m	13.0m	12.6m	8.5m	8.2m	8.2m	7.5m
`10/15`	3.6m	4.2m	4.5m	5.0m	4.2m	4.1m	3.8m	4.1m	4.4m	4.6m	4.9m	3.6m	2.7m	2.9m	3.0m	3.1m	3.5m	3.9m
`14`	1.9m	2.0m	1.8m	1.7m	1.7m	1.6m	1.1m	1.1m	1.1m	1.1m	1.1m	1.1m	1.1m	1.0m	1.0m	1.0m	1.0m	1.0m
`15`	1.7m	2.2m	2.7m	3.2m	2.4m	2.5m	2.8m	3.0m	3.3m	3.6m	3.8m	2.6m	1.7m	1.8m	1.9m	2.1m	2.5m	2.9m
`16`	27,000	-	-	-	-	-	-	42,824	264,646	264,646	264,646	264,646	264,646	264,646	229,646	480,424	480,424	827,206
`160/5`	27,000	-	-	-	-	-	-	42,824	264,646	264,646	264,646	264,646	264,646	264,646	229,646	480,424	480,424	827,206
`163`	27,000	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
`164/5`	-	-	-	-	-	-	-	42,824	264,646	264,646	264,646	264,646	264,646	264,646	229,646	480,424	480,424	827,206
`17/49`	3.7m	12.3m	13.0m	12.9m	13.5m	9.3m	7.9m	7.5m	7.9m	7.7m	7.7m	11.4m	10.0m	9.5m	5.3m	4.6m	4.2m	2.8m
`17`	854,303	1.0m	890,947	1.0m	871,313	499,666	623,667	421,819	536,267	654,121	673,908	433,021	581,354	664,072	510,263	607,802	672,043	680,285
`170/4`	854,303	1.0m	890,947	1.0m	871,313	499,666	623,667	421,819	536,267	654,121	673,908	433,021	581,354	664,072	510,263	607,802	672,043	680,285
`173`	854,303	1.0m	890,947	1.0m	871,313	499,666	623,667	407,121	459,570	515,423	473,211	170,323	256,656	277,375	61,565	97,104	99,345	45,588
`174`	-	-	-	-	-	-	-	14,698	76,698	138,698	200,698	262,698	324,698	386,698	448,698	510,698	572,698	634,698
`42/48`	2.7m	11.3m	12.0m	11.9m	12.6m	8.7m	7.2m	7.1m	7.4m	7.1m	7.1m	10.9m	9.3m	8.8m	4.7m	4.0m	3.4m	2.1m
`42`	300,206	341,321	209,110	235,739	192,312	281,693	377,463	374,623	410,747	439,358	410,573	159,437	180,165	164,113	97,538	110,885	103,081	83,204
`43`	129,897	130,254	130,238	1.1m	1.3m	1.0m	1.2m	2.6m	2.4m	2.6m	3.3m	1.9m	1.0m	1.0m	1.0m	1.5m	1.5m	1.0m
`430/8`	129,897	130,254	130,238	1.1m	1.3m	1.0m	1.2m	2.6m	2.4m	2.6m	3.3m	1.9m	1.0m	1.0m	1.0m	1.5m	1.5m	-
`439`	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	1.0m
`44`	553,106	431,143	345,963	621,144	504,174	72,176	578,478	161,179	181,361	720,310	345,613	76,860	45,233	252,694	280,497	772,284	27,752	163,134
`440/4`	553,106	431,143	345,963	621,144	504,174	72,176	578,478	161,179	181,361	720,310	345,613	76,860	45,233	252,694	280,497	772,284	27,752	163,134
`46`	300,208	9.3m	10.4m	9.1m	9.2m	6.3m	4.2m	3.3m	3.7m	2.5m	2.3m	7.4m	6.3m	5.5m	-	136,338	280,328	320,043
`45`	1.2m	989,852	942,649	850,163	716,565	693,997	494,758	668,188	716,893	752,116	675,183	657,872	600,427	556,600	544,703	583,339	616,829	469,740
`450/3`	109,496	72,416	82,511	44,964	43,736	124,984	31,099	107,126	71,953	40,576	36,721	32,552	31,571	106,050	103,675	105,228	168,574	75,938
`454/9`	1.1m	917,436	860,138	805,199	672,830	569,012	463,659	561,062	644,940	711,540	638,463	625,321	568,857	450,550	441,029	478,111	448,255	393,803
`47/48`	230,455	104,193	-	2,508	666,061	-	-	-	-	-	-	-	-	-	-	-	-	-
`492/3`	93,731	7,901	21,978	25,320	25,913	25,092	-	-	476	1,884	6,882	51,634	29,571	31,712	31,127	28,340	53,501	21,086
Income statement
`70/76A`	11.3m	10.0m	9.7m	8.4m	7.5m	6.4m	6.1m	6.0m	7.4m	8.2m	9.7m	7.0m	6.7m	6.1m	6.0m	5.6m	4.5m	5.1m
`70`	2.8m	3.7m	3.8m	3.7m	3.0m	2.4m	2.3m	2.6m	3.1m	3.1m	3.2m	1.9m	2.2m	1.9m	1.9m	1.5m	1.3m	1.3m
`72`	-	-	-	-	-	-	-	-	-	538,146	-	-	-	-	-	-	-	-
`74`	8.5m	6.2m	5.9m	4.7m	4.4m	-	-	-	-	-	-	-	-	-	-	-	-	-
`76A`	42,366	91,565	18,236	29,675	9,382	27,312	14	1,091	-	-	12,056	13,222	4,281	60,000	69,098	-	48	-
`60/66A`	11.8m	10.2m	10.1m	8.6m	7.5m	6.1m	6.3m	6.2m	7.6m	8.4m	9.7m	7.1m	6.8m	6.3m	6.1m	6.0m	4.8m	5.4m
`60`	661,349	82,132	390,843	439,492	259,882	177,316	134,615	216,840	276,859	331,886	418,452	61,225	455,756	1,890	309,456	-	-	15,249
`600/8`	661,349	82,132	155,559	281,461	429,144	201,650	334,335	216,840	276,859	331,886	418,452	61,225	455,756	1,890	309,456	-	-	15,249
`609`	-	0	235,284	158,031	-169,262	-24,333	-199,720	-	-	-	-	-	-	-	-	-	-	-
`61`	1.5m	2.1m	2.1m	2.1m	1.6m	849,036	1.3m	994,584	1.1m	1.3m	2.0m	1.3m	1.3m	1.3m	1.3m	1.3m	1.0m	1.0m
`62`	8.1m	6.8m	5.7m	5.0m	4.8m	4.1m	4.0m	4.3m	5.4m	5.9m	5.3m	5.0m	4.4m	4.3m	4.1m	3.7m	3.5m	4.0m
`630`	1.4m	1.1m	1.8m	791,467	683,621	800,762	817,259	790,153	765,564	850,205	1.9m	623,362	604,807	539,772	618,246	962,702	592,312	790,555
`631/4`	-15,000	9,071	-100,804	52,523	-	39,690	7,260	7,260	-	-2,946	-	2,946	-	-	-	-	-	-
`640/8`	154,128	163,431	172,179	106,983	110,390	129,506	110,087	102,638	102,850	86,201	72,804	64,044	69,161	68,587	53,725	56,397	51,652	49,937
`66A`	1,504	21,356	19,903	5,093	-	3	153	1,501	75	-	12,575	483	5	4	105,374	2,502	83	-
`9901`	-497,687	-263,160	-372,178	-165,953	63	273,552	-219,783	-191,850	-181,741	-210,375	-62,974	-93,283	-90,050	-158,732	-41,357	-360,043	-309,171	-300,177
`75/76B`	457,351	551,164	528,452	304,326	261,666	261,467	261,562	261,948	272,850	292,818	141,436	145,442	156,108	160,048	152,427	436,565	431,263	442,194
`75`	457,351	551,164	528,452	304,326	261,666	261,467	261,562	261,948	272,850	292,818	141,436	145,442	156,108	160,048	152,427	436,565	431,263	442,194
`751`	2,034	31,871	9,766	-	-	-	0	481	11,382	0	287	5,961	16,871	20,779	13,191	6,712	1,361	12,357
`752/9`	455,317	519,293	518,686	304,326	261,666	261,467	261,562	261,467	261,467	292,818	141,150	139,480	139,237	139,269	139,237	429,853	429,902	429,837
`65/66B`	80,698	76,090	77,454	115,831	79,785	51,572	41,545	64,351	88,668	80,342	75,855	54,431	58,037	58,549	64,439	67,861	95,502	70,886
`65`	80,698	76,090	77,454	115,831	79,785	51,572	41,545	64,351	88,668	80,342	75,855	54,431	58,037	58,549	64,439	67,861	95,502	70,886
`650`	39,122	35,618	22,657	26,977	23,623	23,510	30,416	50,884	79,608	71,986	62,723	50,815	55,033	54,418	59,496	63,917	90,316	68,380
`652/9`	41,576	40,472	54,798	88,854	56,162	28,062	11,129	13,467	9,060	8,356	13,132	3,615	3,005	4,131	4,943	3,944	5,186	2,505
`9903`	-121,035	211,914	78,820	22,542	181,944	483,448	234	5,748	2,441	2,101	2,607	-2,272	8,021	-57,232	46,631	8,661	26,590	71,131
`67/77`	11,185	19,787	11,775	8,461	8,101	7,757	-	-	-	-	-	-	-	-	-	-	-	-
`670/3`	11,185	19,787	11,775	8,461	8,101	7,757	-	-	-	-	-	-	-	-	-	-	-	-
`77`	-	0	0	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
`9904`	-132,219	192,127	67,045	14,081	173,843	475,691	95	5,337	2,366	2,101	2,088	10,466	12,297	2,764	10,355	6,158	26,555	71,131
`9905`	-132,219	192,127	67,045	14,081	173,843	475,691	95	5,337	2,366	2,101	2,088	10,466	12,297	-	-	-	-	-
Appropriation of the result
`9906`	1.9m	2.0m	1.8m	1.7m	1.7m	1.6m	1.1m	1.1m	1.1m	1.1m	1.1m	1.1m	1.1m	-	-	-	-	-
`14P`	2.0m	1.8m	1.7m	1.7m	1.6m	-	-	-	-	-	-	-	-	-	-	-	-	-
Social balance sheet
`9087`	85.6	78.3	64.8	60.1	61.4	55	55.7	59.2	68.6	73.4	70.1	71.8	63.5	62.7	61.2	58.4	56	65.5
Men (FTE)`1003`	65.7	58.6	48.9	47.4	47.1	40.6	40.9	44.1	53.9	58.6	56.6	57.7	52.2	51.1	-	-	-	-
Women (FTE)`1003`	19.9	19.7	15.9	12.7	14.3	14.4	14.8	15.1	14.7	14.8	13.5	14.1	11.3	11.6	-	-	-	-
Agency workers`1501`	0	0.5	0.2	2.7	1.8	-	-	-	0.4	-	-	-	0.1	0.1	-	1	-	1
Hours worked`1013`	129,593	117,194	92,067	84,011	84,735	73,154	77,358	86,296	102,412	113,224	106,969	105,924	93,323	93,141	90,686	87,874	83,055	102,182
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The accounts for 2 older financial years (2006-2007) were filed as documents without figures as data, scans for example.

The notes to these accounts have 107 items, including the statement of assets and debts, the cost breakdown and rights and commitments. You find them in the accounts filed with the NBB.

Source: Annual accounts 2025 at the NBB, filed on 29-06-2026.

Download as CSV

Filings

each dot is a set of accounts, on the day it reached the National Bank

Financial year	Type	Filed	Reference	Document
31-12-2025	abbreviated format	29-06-2026	2026-00227389	PDF
31-12-2024	abbreviated format	15-07-2025	2025-00282165	PDF
31-12-2023	abbreviated format	18-07-2024	2024-00261514	PDF
31-12-2022	abbreviated format	30-06-2023	2023-00189031	PDF
31-12-2021	abbreviated format	30-06-2022	2022-20123191	PDF
31-12-2020	abbreviated format	28-07-2021	2021-42200558	PDF
31-12-2019	abbreviated format	24-07-2020	2020-33700093	PDF
31-12-2018	abbreviated format	26-07-2019	2019-38700004	PDF
31-12-2017	abbreviated format	29-06-2018	2018-27300457	PDF
31-12-2016	abbreviated format	20-07-2017	2017-35100245	PDF
31-12-2015	abbreviated format	09-08-2016	2016-41100057	PDF
31-12-2014	abbreviated format	30-07-2015	2015-36800207	PDF
31-12-2013	abbreviated format	04-07-2014	2014-26800017	PDF
31-12-2012	abbreviated format	04-07-2013	2013-26400507	PDF
31-12-2011	abbreviated format	27-07-2012	2012-34600490	PDF
31-12-2010	abbreviated format	29-06-2011	2011-23200595	PDF
31-12-2009	abbreviated format	24-08-2010	2010-45300380	PDF
31-12-2008	abbreviated format	28-07-2009	2009-49800370	PDF
31-12-2007	abbreviated format	10-07-2008	2008-38200247	PDF
31-12-2006	abbreviated format	22-08-2007	2007-57800343	PDF

Subsidies and aid

European Union 2021 to 2025, 14 entries, €4.0m in total

Horizon Europe

€2.3m

Digital Europe Programme

€1.7m

Connecting Europe Facility (CEF) - Transport

€16,004

Year	Entries	Awarded
2025	1	€0.06m
2023	5	€1.4m
2022	4	€2.3m
2021	4	€0.3m

European research 26 projects, 3 as coordinator, €11.3m EU contribution

Seventh Framework Programme

€4.5m

Horizon 2020

€3.7m

Horizon Europe

€3.1m

Projects

Video/Audio Networked surveillance system enhAncement through Human-cEntered adaptIve MonitoringSeventh Framework Programme, coordinator, 01-02-2010 to 30-09-2013, €893,330, VANAHEIM
Development of photonic multi-sensing systems based on molecular-gates biorecognition and plasmonic sensorsHorizon Europe, participant, 01-12-2022 to 31-05-2026, €757,344, PHOTONGATE
ULTRA-FAST CHEMICAL ANALYSIS IMAGING WITH RAMANHorizon Europe, participant, 01-01-2024 to 31-12-2027, €719,569, uCAIR
Advancing photonic sensor systems for a smarter and safer food and poultry futureHorizon Europe, participant, 01-09-2026 to 28-02-2030, €707,500, Sensor4Food
Electrical Steel Structuring, Insulating and Assembling by means of the Laser technologiesHorizon 2020, participant, 01-11-2017 to 31-07-2022, €704,455, ESSIAL
Multi-modal, configurable optical lab-on-chip platform for low-cost multipurpose diagnostics & monitoringHorizon Europe, participant, 01-01-2024 to 31-12-2027, €616,250, MultiLab
Multibeam Femtosecond Laser System for High Throughput Micro-drilling of HLFC StructuresHorizon 2020, participant, 01-01-2019 to 31-03-2023, €610,000, MULTIPOINT
LASER FOR MASS PRODUCTION OF FUNCTIONALISED METALLIC SURFACESHorizon 2020, participant, 01-10-2017 to 31-03-2021, €595,625, LASER4SURF
Components for Highly Advanced time-Resolved fluorescence MIcroscopy based on Nonlinear Glass fibresSeventh Framework Programme, coordinator, 01-09-2011 to 28-02-2015, €527,029, Charming
Label Free Nanoscopy Using Infra RedSeventh Framework Programme, participant, 01-04-2012 to 30-09-2015, €494,750, LANIR
Ultra-compact, low-cost plasmo-photonic bimodal multiplexing sensor platforms as part of a holistic solution for food quality monitoringHorizon 2020, participant, 01-01-2021 to 31-12-2024, €481,875, GRACED
Polymer Photonic multiparametric biochemical SENSor for Point of care diagnosticsSeventh Framework Programme, coordinator, 01-01-2010 to 31-12-2012, €478,400, P3SENS
Advanced Tools to assEss and mitigate the criticality of ICT compoNents and their dependencies over Critical InfrAstructuresHorizon 2020, participant, 01-05-2016 to 31-05-2019, €446,875, ATENA
Advanced Lasers for Photovoltaic INdustrial processing EnhancementSeventh Framework Programme, participant, 01-09-2009 to 31-08-2012, €444,078, ALPINE
Innovative Mid-infrared high Power source for resonant ablation of Organic based photovoltaic devicesSeventh Framework Programme, participant, 01-09-2010 to 28-02-2014, €425,125, IMPROV
Innovation driven Collaborative European Inland Waterways Transport NetworkHorizon 2020, participant, 01-05-2020 to 31-10-2023, €398,750, IW-NET
EnviGuard – Development of a biosensor technology for environmental monitoring and disease prevention in aquaculture ensuring food safetySeventh Framework Programme, participant, 01-12-2013 to 30-11-2018, €381,425, ENVIGUARD
Belgian AI Factory AntennaHorizon Europe, participant, 01-04-2026 to 31-03-2029, €335,000, BE-AIFA
Solutions for voice interaction towards natural crew assistantHorizon 2020, participant, 01-03-2018 to 29-02-2020, €310,000, VOICI
Laser equipment ASsessment for High impAct innovation in the manufactuRing European industrySeventh Framework Programme, participant, 01-09-2013 to 30-11-2018, €249,300, LASHARE
Cybersecurity on SCADA: risk prediction, analysis and reaction tools for Critical InfrastructuresSeventh Framework Programme, participant, 01-01-2012 to 31-12-2014, €184,143, CockpitCI
Open Architecture for Accessible Services Integration and StandardisationSeventh Framework Programme, participant, 01-01-2008 to 31-12-2011, €172,249, OASIS
Tool for sistemic risk analysis and secure mediation of data exchanged across linked CI information infrastructuresSeventh Framework Programme, participant, 01-09-2008 to 28-02-2011, €162,000, MICIE
Virtualisation of the testing environmentHorizon 2020, participant, 01-11-2016 to 31-12-2018, €128,375, VITE
Coordination action for enhancing the breakthrough of intelligent textile systems (e-textiles and wearable Microsystems)Seventh Framework Programme, participant, 01-05-2008 to 31-07-2011, €42,800, SYSTEX
Network for EXchange and PRototype Evaluation of photonicS componentS and Optical systemsSeventh Framework Programme, participant, 01-06-2010 to 28-02-2014, €25,466, Nexpresso
TEF-HEALTH - TESTING AND EXPERIMENTATION FACILITY FOR HEALTH AI AND ROBOTICSDigital Europe Programme, 01-01-2023 to 31-12-2027, €1.4m
BE-QCI - BELGIAN-QCIDigital Europe Programme, 01-01-2023 to 30-06-2025, €115,026
WALHUB - WALHUB, TO BOOST THE DIGITAL TRANSFORMATION OF MANUFACTURING COMPANIES AND THE ADOPTION OF KEY TECHNOLOGIES - I.E. AI, HPC, CYBERSECURITY AND IOT - IN THEIR INDUSTRIAL AND SUPPLY CHAIN PROCESSESDigital Europe Programme, 01-11-2022 to 31-10-2025, €108,754
EDIH WALLONIA : POWERING THE FUTURE OF BUSINESS WITH ARTIFICIAL INTELLIGENCE AND KEY TECHNOLOGIESDigital Europe Programme, 01-03-2026 to 28-02-2029, €61,796, EDIH 2 WallonIA
CONCORDAConnecting Europe Facility, Transport, 01-10-2017 to 30-06-2021, €16,004

Key figures and ratios

per financial year, computed from the annual accounts

2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015	2014	2013	2012	2011	2010	2009	2008
862,727	853,304	1.5m	625,514	683,684	1.1m	597,475	598,303	583,823	639,830	1.9m	530,079	514,757	381,040	576,889	602,658	283,141	490,378
1.2m	1.3m	1.9m	805,548	857,465	1.3m	817,354	795,490	767,929	852,306	1.9m	633,828	617,104	542,536	628,601	968,860	618,866	861,686
634,368	944,995	1.3m	1.9m	688,690	557,135	260,942	425,678	310,274	1.0m	3.1m	1.9m	384,835	925,134	428,059	503,224	199,500	1.3m
-2.4m	-2.2m	-60,163	-341,263	3.0m	2.0m	76,069	892,038	-605,641	-93,813	-1.5m	-498,833	-864,432	-125,418	2.6m	314,313	118,585	-
1.3m	1.2m	1.1m	1.1m	1.4m	953,236	584,914	86,081	344,020	203,301	739,712	377,431	820,496	732,888	1.1m	1.3m	1.4m	1.7m
-18.1%	-7.1%	-9.8%	-4.5%	0.0%	11.4%	-9.6%	-7.3%	-5.8%	-6.8%	-1.9%	-5.0%	-4.1%	-8.3%	-2.1%	-23.8%	-23.7%	-22.9%
49.5%	25.4%	25.9%	27.8%	23.6%	30.5%	32.9%	35.3%	34.8%	36.7%	38.0%	23.8%	21.1%	22.6%	35.3%	37.8%	43.3%	52.4%
1.49	1.11	1.09	1.09	1.11	1.11	1.08	1.01	1.05	1.03	1.10	1.03	1.09	1.08	1.23	1.34	1.41	1.85
1.49	1.11	1.09	1.07	1.08	1.08	1.05	1.01	1.05	1.03	1.10	1.03	1.09	1.08	1.23	1.34	1.41	1.85
1.01	2.94	2.87	2.60	3.23	2.28	2.04	1.82	1.81	1.67	1.57	3.14	3.65	3.33	1.76	1.49	1.17	0.70
-3.7%	4.6%	1.5%	0.3%	4.2%	11.7%	0.0%	0.1%	0.1%	0.0%	0.0%	0.3%	0.5%	0.1%	0.3%	0.2%	0.7%	1.8%
-1.8%	1.2%	0.4%	0.1%	1.0%	3.6%	0.0%	0.0%	0.0%	0.0%	0.0%	0.1%	0.1%	0.0%	0.1%	0.1%	0.3%	0.9%
22.05	23.96	64.55	23.19	28.94	45.70	19.64	11.76	7.33	8.89	29.90	10.43	9.35	7.00	9.70	9.43	3.13	7.17
378 days	861 days	683 days	629 days	827 days	896 days	908 days	817 days	857 days	738 days	724 days	1671 days	1174 days	1076 days	329 days	554 days	394 days	378 days
95 days	72 days	51 days	88 days	98 days	26 days	150 days	49 days	48 days	165 days	52 days	21 days	9 days	71 days	65 days	220 days	10 days	59 days

A Belgian filing has no cash-flow statement. Cash flow is therefore an approximation, derived from the income statement. Investment is the acquisitions in the notes and, without them, the balance-sheet move.

Social balance sheet

Item	31-12-2025	31-12-2024	31-12-2023	31-12-2022	31-12-2021
Employees at the balance-sheet date	94	85	76	67	69
full-time	76	70	60	55	58
part-time	18	15	16	12	11
in full-time equivalents	84.8	77.3	67.9	61.1	62.9
	85.6	78.3	64.8	60.1	61.4
On a permanent contract	73	70	62	54	57
Joined	25	34	18	11	14
Left	16	24	9	13	7
Agency workers, average number	0	0.5	0.2	2.7	1.8
Training hours	2,531	379	-	400	227

Source: social balance sheet in the 2021 to 2025 annual accounts

Securities and guarantees

on own assets and for others

Item	2025	2024	2023	2022	2021
Debts secured on the company's own assets	€1.2m	€1.5m	€1.2m	€1.3m	€1.1m
Mortgages, amount registered	€230,000	€230,000	€230,000	€230,000	€2.9m
	€2.7m	€2.7m	€2.7m	€2.7m	-
Carrying value of the mortgaged assets	€2.2m	€2.3m	€2.0m	€2.3m	€2.6m

Source: notes to the 2021 to 2025 annual accounts (statement of debts and off-balance-sheet rights and commitments)

Investments

fixed assets acquired

Item	2025	2024	2023	2022	2021
Tangible fixed assets	€634,368	€938,333	€1.3m	€1.9m	€687,877
Intangible fixed assets	€0	€6,663	€4,829	€16,351	€813
	€1.4m	€1.1m	€1.8m	€791,467	€683,621

Source: notes to the 2021 to 2025 annual accounts (statement of fixed assets)

Auditor

fees

Item	2025	2024	2023	2022	2021
Fee for the audit	€9,250	€9,250	€8,450	€8,450	€8,450
Other work by the auditor	€3,450	€2,500	€5,000	€2,500	€2,000

Source: notes to the 2021 to 2025 annual accounts (relations with the auditor)

Public contracts awarded

20 awards to 10 suppliers · 2019 to 2025

Most awards: Electrical machinery and apparatus (7), Financial and insurance services (5), Petroleum products, fuel and electricity (3), Transport equipment (3).

Multitel6 awards in 4 notices

last awarded 09-11-2021Transport equipment€51,5603 tendersTED 582050-2021

Show 5 more awards

awarded 09-11-2021Transport equipment€52,2393 tendersTED 582050-2021

awarded 09-11-2021Transport equipment€79,4133 tendersTED 582050-2021

awarded 09-11-2021Electrical machinery and apparatus€1.7m2 tendersTED 582168-2021

awarded 16-06-2021Petroleum products, fuel and electricity€390,0003 tendersTED 336541-2021

awarded 24-09-2019Electrical machinery and apparatus€3,9651 tenderTED 591424-2019

Accelonix bv3 awards in 1 notice

Netherlands

EQUIPEMENTS DE MISE EN ŒUVRE DE TESTS CEM

last awarded 21-03-2025Electrical machinery and apparatus€8,4231 tenderTED 343180-2025

Show 2 more awards

EQUIPEMENTS DE MISE EN ŒUVRE DE TESTS CEM

awarded 21-03-2025Electrical machinery and apparatus€40,3401 tenderTED 343180-2025

EQUIPEMENTS DE MISE EN ŒUVRE DE TESTS CEM

awarded 21-03-2025Electrical machinery and apparatus€47,6251 tenderTED 343180-2025

Axa Belgium SA3 awards in 1 notice

last awarded 27-12-2021Financial and insurance services€132,8192 tendersTED 266208-2022

Show 2 more awards

awarded 27-12-2021Financial and insurance services€9,9721 tenderTED 266208-2022

awarded 27-12-2021Financial and insurance services€149,3492 tendersTED 266208-2022

ELECTRABEL2 awards

Founded in 1905 · 4,261 FTE (2025) · group ENGIE

FOURNITURE DE GAZ ET D’ÉLECTRICITÉ

last awarded 21-03-2025Petroleum products, fuel and electricity1 tenderTED 267018-2025

Show 1 more award

awarded 27-10-2020Petroleum products, fuel and electricity€170,9101 tenderTED 523842-2020

C.N. Rood1 award

Founded in 1962 · 20 FTE (2025)

EQUIPEMENTS DE MISE EN ŒUVRE DE TESTS CEM

awarded 21-03-2025Electrical machinery and apparatus€31,0641 tenderTED 343180-2025

PLUXEE BELGIUM1 award

Founded in 1968 · 255 FTE (2025) · group BELLON

Emission de titres-repas électroniques, de chèques cadeaux, d’écochèques et de chèques Sport & Culture octroyés par Multitel et Euro-Multitel à son personnel

awarded 16-09-2024Financial and insurance services2 tendersTED 564007-2024

Bax Innovation consulting sl1 award

Spain

awarded 24-07-2024Research and development services€348,0001 tenderTED 559042-2024

Risetronics SRL1 award

awarded 24-07-2024Electrical machinery and apparatus€4802 tendersTED 559005-2024

Bechtle1 award

Founded in 2011 · 104 FTE (2025)

Marché informatique

awarded 12-06-2024Office and computing machinery€998,6881 tenderTED 559842-2024

Ethias SA1 award

awarded 27-12-2021Financial and insurance services€802 tendersTED 266208-2022

Source: TED (Tenders Electronic Daily), Publications Office of the European Union. TED publishes contracts above the European thresholds, since October 2016. The values are as the buyer published them. For a framework agreement, the value is a ceiling.

Insights on MULTITEL

The operating result for 2025 is a loss of €497,687, larger than the loss of €263,160 in 2024. It is the lowest result since 2008.

Debt's share of the balance-sheet total falls from 74.6% to 50.2%. Equity and debt are lower.

Next steps

Work out how much credit to give this customer and on what payment terms.Credit check Compare this company with its sector.Sector benchmark See what changed in the latest annual accounts.What changed

Annual accounts 2025

Money flows

Balance sheet

Change in equityin €m

Change in cashin €m

Position in the sector

Solvency49.5%

Current ratio1.49

Return on assets-1.8%

Staff

Men and women23% women

Staff cost per FTE€95,064

Joined and left+9 people

Filed annual accounts

Filings

Subsidies and aid

European Union 2021 to 2025, 14 entries, €4.0m in total

European research 26 projects, 3 as coordinator, €11.3m EU contribution

Projects

Key figures and ratios

Social balance sheet

Securities and guarantees

Investments

Auditor

Public contracts awarded

Insights on MULTITEL

Next steps

in €m

in €m

49.5%

1.49

-1.8%

€95,064

+9 people