SAGEVAS
ActiveSummary
The computed 12-month bankruptcy probability of SAGEVAS is 6.5% (elevated). The 2025 annual accounts show equity of €18.2m and a net result of -€1.2m. Equity is growing by ~18.2% per year across the filed fiscal years. Its solvency ranks better than 67% of 41 sector peers (fiscal year 2025). The company has been active since 2011 and the Belgian State Gazette contains no insolvency or warning signals.
Checked score
Score 2025
Axes · tick = 2024
Profitability15▼-57
Solvency100▲+17
Growth41▼-23
Track record100
Bankruptcy probability, 12 months
6.5%
Elevated
0%0.5%1.5%4%10%≥ 25%
Credit up to €850,000 at 30 days only on tighter terms
Liquidity ample (current ratio 2.27 against 1.58 in 2024; short-term debt: 23.6% and cash: 9.8% of total assets), and 23.8% of the assets are financed with debt.
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Signals
Seven signals. The signal on the left, the evidence on the right.
−lowers risk+raises risk○neutral
raises risk · Higher-failure-rate sector
In this sector companies fail more often than the Belgian average.
Gazette · bankruptcies per sector, NACE 92
Relative position
BE, all sectors
reference
Gambling and betting activities (NACE 92)
about 50% more bankruptcies
← fewer bankruptcies
more bankruptcies →
lowers risk · Annual accounts: healthy financial profile
The latest annual accounts show a healthy profile in solvency, result and liquidity.
NBB · annual accounts 2025Solvency, return and age of the figures
Solvency
76.2%
Return on assets
-4.9%
Age of the figures
9 mo
lowers risk · Long track record
A company with a long track record statistically fails less often than a young one.
KBO · incorporation dateAge against the risk zone
neutral · 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 · 10 filingsDeviation from the deadline
2025
11 d early
2024
27 d early
2023
27 d early
2022
35 d early
2021
11 d early
2020
1 d early
2019
1 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 16 days before the deadline; the sector median for financial year 2024 is on the deadline day, and 45% of the sector filed late.
Checked, nothing found (2)
neutral · 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 monthsPosition in the running window
26-09-2026 today31-12-2026 close31-07-2027 deadline
History
On 5 January 2011, SAGEVAS was incorporated, with a starting capital of EUR 61,500.12 In 2013 the registered office moved to Bruxelles.3 The capital was increased 2 times in 2014, most recently to EUR 2.2 million.45 Of the 2 current board members, Arnaud Delmarcelle has served longest, since 2023.6 Revenue went from EUR 30 million in 2018 to EUR 22 million in 2025 and headcount from 14.8 to 4 full-time equivalents.7
Go further with this company
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Financials · fiscal year 2025, full schema
In the rankings
#2 company by total assets in Elsene, Arts, sports and recreation sector#2 company by equity in Elsene, Arts, sports and recreation sector
Turnover
€22.2m▼ 31.7%
2024 · €32.6m
EBIT margin
-3.0%▼ 12.1pp
2024 · 9.1%
Net result
-€1.2m
2024 · €1.4m
Working capital
€7.2m▼ 11.1%
2024 · €8.1m
Trend over the years
Click a name to add, emphasise or remove a line.
Every figure with its change against the fiscal year before
favourable
unfavourable
Line20212022202320242025
Turnover€41.7m▲ 43.4%€40.6m▼ 2.6%€36.1m▼ 11.1%€32.6m▼ 9.8%€22.2m▼ 31.7%
Operating result€4.3m▲ 169%€3.7m▼ 13.9%€1.7m▼ 52.7%€3.0m▲ 70.1%-€675,910
Net result€3.6m€4.7m▲ 29.8%€2.1m▼ 54.8%€1.4m▼ 31.9%-€1.2m
EBIT margin10.2%▲ 4.8pp9.0%▼ 1.2pp4.8%▼ 4.2pp9.1%▲ 4.3pp-3.0%▼ 12.1pp
Equity€15.1m▲ 51.0%€19.7m▲ 30.9%€18.0m▼ 8.7%€19.4m▲ 8.0%€18.2m▼ 6.1%
Total assets€34.6m▲ 37.8%€41.7m▲ 20.8%€33.0m▼ 20.9%€33.4m▲ 1.1%€23.9m▼ 28.3%
Debt€19.5m▲ 29.2%€22.0m▲ 12.9%€15.0m▼ 31.8%€13.9m▼ 6.9%€5.7m▼ 59.4%
Working capital-€467,528▲ 32.4%€4.0m€6.3m▲ 56.1%€8.1m▲ 28.3%€7.2m▼ 11.1%
Staff (FTE)12.6▲ 8.6%9.8▼ 22.2%7.8▼ 20.4%4.5▼ 42.3%4▼ 11.1%
Result per fiscal year
Operating resultNet result
The operating result turns negative in 2025: a loss of €675,910 after €3.0m in 2024, the lowest result in the available series.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €23.9m
Fixed assets
€11.1m ▼ 2.4%
Current assets
€12.8m ▼ 41.7%
Equity and liabilities €23.9m
Equity
€18.2m ▼ 6.1%
Provisions
€40,000 =
Debt
€5.7m ▼ 59.4%
Debt's share of the balance-sheet total falls from 41.7% to 23.6%. Equity and debt are lower.
Key figures and ratios
EBITDA
-€60,754▼
2024 · €3.9m
Cash flow
-€562,075▼
2024 · €2.3m
Current ratio
2.27▲
2024 · 1.58
Debt to equity
0.31▼
2024 · 0.72
ROE
-6.5%▼
2024 · 7.4%
ROA
-4.9%▼
2024 · 4.3%
Interest coverage
-1.34▼
2024 · 147.65
Debt ≤ 1 year
€5.7m▼
2024 · €13.9m
Income taxes
€621,875▼
2024 · €1.9m
Staff costs
€258,018▼
2024 · €506,868
Green means a favourable move, even when the figure itself falls: as with debt or debt to equity.
Annual accounts
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Operating income70/76A | €46.0m | €43.6m | €37.1m | €33.0m | €22.7m | ▼ 31.1% |
| Turnover70 | €41.7m | €40.6m | €36.1m | €32.6m | €22.2m | ▼ 31.7% |
| Other operating income74 | €4.3m | €2.6m | €960,663 | €345,787 | €482,111 | ▲ 39.4% |
| Non-recurring operating income76A | - | €436,523 | €49,608 | €56,556 | €1,792 | ▼ 96.8% |
| Operating charges60/66A | €41.7m | €39.9m | €35.4m | €30.0m | €23.4m | ▼ 22.1% |
| Services and other goods61 | €33.9m | €31.7m | €27.1m | €24.2m | €19.5m | ▼ 19.4% |
| Remuneration, social security and pensions62 | €859,261 | €670,292 | €557,260 | €506,868 | €258,018 | ▼ 49.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €466,785 | €703,306 | €928,392 | €913,837 | €615,156 | ▼ 32.7% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals)631/4 | €157,303 | -€61,231 | €106,034 | €169,978 | -€1.7m | ▼ 1,106% |
| Other operating charges640/8 | €5.7m | €5.4m | €5.2m | €4.2m | €4.7m | ▲ 11.7% |
| Non-recurring operating charges66A | €608,444 | €1.6m | €1.5m | - | €13,572 | - |
| Operating profit (loss)9901 | €4.3m | €3.7m | €1.7m | €3.0m | -€675,910 | ▼ 123% |
| Financial income75/76B | €2,353 | €3.0m | €66,939 | €360,100 | €190,934 | ▼ 47.0% |
| Recurring financial income75 | €2,353 | €3.0m | €66,939 | €360,100 | €190,934 | ▼ 47.0% |
| Income from financial fixed assets750 | - | €3.0m | - | - | - | - |
| Income from current assets751 | - | €1,295 | €66,939 | €359,723 | €190,884 | ▼ 46.9% |
| Other financial income752/9 | €2,353 | - | - | €378 | €49 | ▼ 86.9% |
| Financial charges65/66B | €21,918 | €27,674 | €7,976 | €26,194 | €70,381 | ▲ 169% |
| Recurring financial charges65 | €21,918 | €27,674 | €7,976 | €26,194 | €45,381 | ▲ 73.2% |
| Debt charges650 | €1,620 | €216 | - | - | - | - |
| Other financial charges652/9 | €20,298 | €27,457 | €7,976 | €26,194 | €45,381 | ▲ 73.2% |
| Non-recurring financial charges66B | - | - | - | - | €25,000 | - |
| Profit (loss) for the period before taxes9903 | €4.2m | €6.6m | €1.8m | €3.3m | -€555,357 | ▼ 117% |
| Income taxes67/77 | €660,403 | €2.0m | -€309,485 | €1.9m | €621,875 | ▼ 66.5% |
| Taxes670/3 | €660,403 | €2.0m | €499,324 | €1.9m | €621,875 | ▼ 66.5% |
| Tax adjustments and reversals of tax provisions77 | - | - | €808,809 | - | - | - |
| Profit (loss) for the period9904 | €3.6m | €4.7m | €2.1m | €1.4m | -€1.2m | ▼ 182% |
| Profit (loss) for the period to be appropriated9905 | €3.6m | €4.7m | €2.1m | €1.4m | -€1.2m | ▼ 182% |
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Assets | ||||||
| Total assets20/58 | €34.6m | €41.7m | €33.0m | €33.4m | €23.9m | ▼ 28.3% |
| Fixed assets21/28 | €15.6m | €15.7m | €11.7m | €11.4m | €11.1m | ▼ 2.4% |
| Intangible fixed assets21 | €90,144 | €31,223 | €0 | €16,110 | €74,933 | ▲ 365% |
| Tangible fixed assets22/27 | €1.3m | €1.5m | €1.4m | €1.0m | €701,511 | ▼ 30.1% |
| Plant, machinery and equipment23 | €1.0m | €1.4m | €1.2m | €688,092 | €699,960 | ▲ 1.7% |
| Furniture and vehicles24 | €57,333 | €22,477 | €3,594 | €1,608 | €1,551 | ▼ 3.5% |
| Assets under construction and advance payments27 | €240,838 | €132,019 | €183,853 | €313,228 | - | - |
| Financial fixed assets28 | €14.1m | €14.1m | €10.3m | €10.3m | €10.3m | ▼ 0.3% |
| Affiliated companies280/1 | €14.0m | €14.0m | €10.1m | €10.1m | €10.1m | ▼ 0.2% |
| Participating interests280 | €14.0m | €14.0m | €10.1m | €10.1m | €10.1m | ▼ 0.2% |
| Other financial fixed assets284/8 | €174,536 | €185,086 | €190,673 | €203,988 | €199,460 | ▼ 2.2% |
| Amounts receivable and cash guarantees285/8 | €174,536 | €185,086 | €190,673 | €203,988 | €199,460 | ▼ 2.2% |
| Current assets29/58 | €19.0m | €26.0m | €21.3m | €22.0m | €12.8m | ▼ 41.7% |
| Amounts receivable after more than one year29 | - | €37,500 | €11.0m | €13.5m | €270,000 | ▼ 98.0% |
| Other amounts receivable291 | - | €37,500 | €11.0m | €13.5m | €270,000 | ▼ 98.0% |
| Amounts receivable within one year40/41 | €12.7m | €20.8m | €5.6m | €3.6m | €9.8m | ▲ 175% |
| Trade receivables40 | €1.4m | €1.7m | €1.9m | €829,755 | €709,028 | ▼ 14.5% |
| Other amounts receivable41 | €11.3m | €19.1m | €3.7m | €2.7m | €9.1m | ▲ 232% |
| Cash at bank and in hand54/58 | €4.1m | €4.6m | €4.2m | €4.5m | €2.3m | ▼ 48.5% |
| Deferred charges and accrued income490/1 | €2.3m | €626,705 | €487,083 | €436,425 | €429,874 | ▼ 1.5% |
| Equity and liabilities | ||||||
| Total equity and liabilities10/49 | €34.6m | €41.7m | €33.0m | €33.4m | €23.9m | ▼ 28.3% |
| Equity10/15 | €15.1m | €19.7m | €18.0m | €19.4m | €18.2m | ▼ 6.1% |
| Contributions10/11 | €2.2m | €2.2m | €2.2m | €2.2m | €2.2m | = |
| Capital10 | €2.2m | €2.2m | €2.2m | €2.2m | €2.2m | = |
| Issued capital100 | €2.2m | €2.2m | €2.2m | €2.2m | €2.2m | = |
| Revaluation surpluses12 | €11.4m | €11.4m | €7.6m | €7.6m | €7.6m | = |
| Reserves13 | €216,150 | €216,150 | €216,150 | €216,150 | €216,150 | = |
| Non-distributable reserves130/1 | €216,150 | €216,150 | €216,150 | €216,150 | €216,150 | = |
| Legal reserve130 | €216,150 | €216,150 | €216,150 | €216,150 | €216,150 | = |
| Profit (loss) carried forward14 | €1.2m | €5.9m | €8.0m | €9.4m | €8.2m | ▼ 12.5% |
| Provisions and deferred taxes16 | €40,000 | €60,000 | €60,000 | €40,000 | €40,000 | = |
| Provisions for liabilities and charges160/5 | €40,000 | €60,000 | €60,000 | €40,000 | €40,000 | = |
| Other liabilities and charges164/5 | €40,000 | €60,000 | €60,000 | €40,000 | €40,000 | = |
| Amounts payable17/49 | €19.5m | €22.0m | €15.0m | €13.9m | €5.7m | ▼ 59.4% |
| Amounts payable within one year42/48 | €19.5m | €22.0m | €15.0m | €13.9m | €5.7m | ▼ 59.5% |
| Trade debts44 | €1.2m | €1.6m | €2.0m | €1.5m | €1.6m | ▲ 4.2% |
| Suppliers440/4 | €1.2m | €1.6m | €2.0m | €1.5m | €1.6m | ▲ 4.2% |
| Taxes, remuneration and social security45 | €1.6m | €3.5m | €1.4m | €872,461 | €889,442 | ▲ 1.9% |
| Taxes450/3 | €1.4m | €3.5m | €1.4m | €780,359 | €838,026 | ▲ 7.4% |
| Remuneration and social security454/9 | €174,100 | €72,209 | €51,683 | €92,102 | €51,416 | ▼ 44.2% |
| Other amounts payable47/48 | €16.7m | €16.8m | €11.5m | €11.5m | €3.2m | ▼ 72.5% |
| Accrued charges and deferred income492/3 | - | - | - | - | €2,911 | - |
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €3.6m | €4.7m | €2.1m | €1.4m | -€1.2m | ▼ 182% |
| + Depreciation and write-downs630 | €466,785 | €703,306 | €928,392 | €913,837 | €615,156 | ▼ 32.7% |
| Operating cash flow (approximation) | €4.1m | €5.4m | €3.0m | €2.3m | -€562,075 | ▼ 124% |
| Investment in fixed assets (approximation) | - | -€866,521 | €3.1m | -€539,628 | -€343,033 | ▲ 36.4% |
| Change in cash | - | €537,933 | -€404,803 | €350,177 | -€2.2m | ▼ 728% |
Simplified and derived: a Belgian filing has no cash-flow statement, so these rows come from the income statement and the balance-sheet moves.
Timeline · acts, filings and financial milestones
Next filing, fiscal year 2026, expected by
2026
24-08
State Gazette act
Reappointment: SRL RSM Interaudit (statutory auditor)Power of attorney3 facts ▸
State Gazette act
Reappointment: SRL RSM Interaudit (statutory auditor)
Power of attorney3 facts ▸
- General meeting, 30-06-2025
- Auditor reappointment, SRL RSM Interaudit (statutory auditor)
- Power of attorney, Arnaud Delmarcelle
20-07
NBB filing
Annual accounts filed
fiscal year 2025 · full schema
2025
31-12
Financial
Weakest financial yearnet -€1.2m
Net result drops to -€1.2m, the lowest in the series.
29-12
State Gazette act
Appointment: OPEN2MARKET SRL (director)Permanent representative: Timothy Mastelinck · Resignation: Alexis Murphy (director) · Director discharge7 facts ▸
State Gazette act
Appointment: OPEN2MARKET SRL (director)
Permanent representative: Timothy Mastelinck · Resignation: Alexis Murphy (director) · Director discharge7 facts ▸
- General meeting, 11-12-2025
- Director appointment, OPEN2MARKET SRL (director)
- Permanent representative, Timothy Mastelinck
- Director resignation, Alexis Murphy (director)
- Director resignation, Alexis Murphy (managing director)
- Director discharge, Alexis Murphy
- Governance confirmation, Confirmation de la décision de confier l'administration de la Société à un administrateur unique
15-12
State Gazette act
Resignation: Finadel SRL (director)Permanent representative: Arnaud Delmarcelle · Appointment: Alexis Murphy (sole director) · Director discharge5 facts ▸
State Gazette act
Resignation: Finadel SRL (director)
Permanent representative: Arnaud Delmarcelle · Appointment: Alexis Murphy (sole director) · Director discharge5 facts ▸
- General meeting, 08-12-2025
- Director resignation, Finadel SRL (director)
- Permanent representative, Arnaud Delmarcelle
- Director discharge, Finadel SRL
- Director appointment, Alexis Murphy (sole director)
04-07
NBB filing
Annual accounts filed
fiscal year 2024 · full schema
2024
28-10
State Gazette act
Registered officeRegistered-office move2 facts ▸
State Gazette act
Registered office
Registered-office move2 facts ▸
- Board meeting, 02-10-2024
- Registered-office move, Avenue Louise 209A à 1050 Bruxelles
04-07
NBB filing
Annual accounts filed
fiscal year 2023 · full schema
07-05
State Gazette act
Appointment: Finadel (director)Mandate confirmation · Ratification4 facts ▸
State Gazette act
Appointment: Finadel (director)
Mandate confirmation · Ratification4 facts ▸
- General meeting, 21-03-2024
- Director appointment, Finadel (director)
- Mandate confirmation, Directorship mandate en date du 1er décembre 2023
- Ratification, toutes les décisions et actions de Mr. Arnaud Delmarcelle comme étant celles de la société Finadel depuis le 1er décembre 2023
28-02
State Gazette act
Resignations: Peter Thurston (director) and Pontus Lindwall (director)Appointment: Arnaud Delmarcelle (director)4 facts ▸
State Gazette act
Resignations: Peter Thurston (director) and Pontus Lindwall (director)
Appointment: Arnaud Delmarcelle (director)4 facts ▸
- General meeting, 01-12-2023
- Director resignation, Peter Thurston (director)
- Director resignation, Pontus Lindwall (director)
- Director appointment, Arnaud Delmarcelle (director)
2023
25-07
State Gazette act
Resignations: IPM Group, Axemédia and 4 othersAppointments: Peter Thurston, Pontus Lindwall and Alexis Murphy · Director discharge · Mandate compensation32 facts ▸
State Gazette act
Resignations: IPM Group, Axemédia and 4 others
Appointments: Peter Thurston, Pontus Lindwall and Alexis Murphy · Director discharge · Mandate compensation32 facts ▸
- General meeting, 05-07-2023
- Board meeting, 05-07-2023
- Director resignation, IPM Group (director)
- Director resignation, Axemédia (director)
- Director resignation, Maja (director)
- Director resignation, IPM Press Print (director)
- Director resignation, BF Capital Malta Limited (director)
- Director resignation, Alexis Murphy (director)
- Director discharge, IPM Group
- Director discharge, Axemédia
- Director discharge, Maja
- Director discharge, IPM Press Print
- +20 further facts in this act
13-07
State Gazette act
Statutes amendmentCapital · Power of attorney7 facts ▸
State Gazette act
Statutes amendment
Capital · Power of attorney7 facts ▸
- General meeting, 05-07-2023
- Statutes amendment
- Statutes amendment
- Capital, €2.161.500
- Power of attorney
- Power of attorney
- Statutes amendment
Show earlier events
26-06
NBB filing
Annual accounts filed
fiscal year 2022 · full schema
30-01
State Gazette act
Reappointments: IPM Group, MAJA and 3 othersPermanent representatives: François le Hodey, Patrice le Hodey and 4 others12 facts ▸
State Gazette act
Reappointments: IPM Group, MAJA and 3 others
Permanent representatives: François le Hodey, Patrice le Hodey and 4 others12 facts ▸
- General meeting, 24-06-2022
- Director reappointment, IPM Group (director)
- Permanent representative, François le Hodey
- Director reappointment, MAJA (director)
- Permanent representative, Patrice le Hodey
- Director reappointment, Axemedia (director)
- Permanent representative, Philippe le Hodey
- Director reappointment, IPM Press Print (director)
- Permanent representative, Denis Pierrard
- Auditor reappointment, RSM InterAudit (statutory auditor)
- Permanent representative, Marie Delacoix
- Permanent representative, Bernard de Grand Ry
2022
31-12
Financial
Highest result since 2018net €4.7m ▲29.8%
Net result €4.7m, the highest in the series.
27-09
State Gazette act
Reappointment: RSM InterAudit SRL (statutory auditor)Permanent representatives: Marie Delacroix and Bernard de Grand Ry · Mandate compensation5 facts ▸
State Gazette act
Reappointment: RSM InterAudit SRL (statutory auditor)
Permanent representatives: Marie Delacroix and Bernard de Grand Ry · Mandate compensation5 facts ▸
- General meeting, 24-06-2022
- Auditor reappointment, RSM InterAudit SRL
- Permanent representative, Marie Delacroix
- Permanent representative, Bernard de Grand Ry
- Mandate compensation, RSM InterAudit SRL
20-07
NBB filing
Annual accounts filed
fiscal year 2021 · full schema
2021
31-12
Financial
Back to profitnet €3.6m
Net result €3.6m after one loss-making year.
31-12
Financial
Equity above €10mEq €15.1m ▲51%
Equity rises from €10.0m to €15.1m.
30-07
NBB filing
Annual accounts filed
fiscal year 2020 · full schema
2020
30-07
NBB filing
Annual accounts filed
fiscal year 2019 · full schema
2019
24-09
State Gazette act
Reappointment: SCRL RSM InterAudit (statutory auditor)2 facts ▸
State Gazette act
Reappointment: SCRL RSM InterAudit (statutory auditor)
2 facts ▸
- General meeting, 05-07-2019
- Auditor reappointment, SCRL RSM InterAudit
24-07
NBB filing
Annual accounts filed
fiscal year 2018 · full schema
2018
21-08
State Gazette act
Appointment: BF CAPITAL MALTA LIMITED (director)Permanent representative: Jacques D. ELALOUF · Share issue · Capital7 facts ▸
State Gazette act
Appointment: BF CAPITAL MALTA LIMITED (director)
Permanent representative: Jacques D. ELALOUF · Share issue · Capital7 facts ▸
- General meeting, 13/07/2018
- Share issue, parts bénéficiaires, 1123980
- Capital, €2.161.500
- Director appointment, BF CAPITAL MALTA LIMITED (director)
- Permanent representative, Jacques D. ELALOUF
- Mandate compensation, BF CAPITAL MALTA LIMITED
- Statutes amendment
26-07
NBB filing
Annual accounts filed
fiscal year 2017 · full schema
2017
13-07
NBB filing
Annual accounts filed
fiscal year 2016 · full schema
13-06
State Gazette act
Appointments: IPM Group (managing director) and Alexis MURPHY (managing director)Permanent representative: François le HODEY · Mandate compensation6 facts ▸
State Gazette act
Appointments: IPM Group (managing director) and Alexis MURPHY (managing director)
Permanent representative: François le HODEY · Mandate compensation6 facts ▸
- Board meeting, 03-04-2017
- Director appointment, IPM Group (managing director)
- Permanent representative, François le HODEY
- Director appointment, Alexis MURPHY (managing director)
- Mandate compensation, IPM Group
- Mandate compensation, Alexis MURPHY
13-06
State Gazette act
Appointment: Alexis Murphy (director)2 facts ▸
State Gazette act
Appointment: Alexis Murphy (director)
2 facts ▸
- General meeting, 30-03-2017
- Director appointment, Alexis Murphy (director)
2016
16-08
State Gazette act
Reappointments: RSM InterAudit, IPM Group and 3 othersPermanent representatives: Bernard de Grand Ry, Marie Delacroix and 4 others12 facts ▸
State Gazette act
Reappointments: RSM InterAudit, IPM Group and 3 others
Permanent representatives: Bernard de Grand Ry, Marie Delacroix and 4 others12 facts ▸
- General meeting, 06-06-2016
- Auditor reappointment, RSM InterAudit
- Permanent representative, Bernard de Grand Ry
- Permanent representative, Marie Delacroix
- Director reappointment, IPM Group (director)
- Permanent representative, François le Hodey
- Director reappointment, MAJA (director)
- Permanent representative, Patrice le Hodey
- Director reappointment, AXEMEDIA (director)
- Permanent representative, Philippe le Hodey
- Director reappointment, IPM Press Print (director)
- Permanent representative, Denis Pierrard
2014
31-12
State Gazette act
Capital & sharesCapital increase · Bank account · Capital4 facts ▸
State Gazette act
Capital & shares
Capital increase · Bank account · Capital4 facts ▸
- General meeting, 26-11-2014
- Capital increase, €1.500.000
- Bank account, BE57 3631 4135 7635
- Capital, €2.161.500
07-01
State Gazette act
Capital & shares · Statutes amendmentCapital increase · Share issue · Bank account8 facts ▸
State Gazette act
Capital & shares · Statutes amendment
Capital increase · Share issue · Bank account8 facts ▸
- General meeting, 12-12-2013
- Capital increase, €600.000
- Share issue, 600000, 1.00
- Bank account, ING Belgique, 363-1284189-46
- Capital, €661.500
- Statutes amendment
- Power of attorney
- Preemptive rights renunciation, Renonciation irrévocable et totale au droit de préférence (art. 592 Code des sociétés) au profit exclusif de SA IPM Group NV; renonciation des actionnaires actu…
2013
21-10
State Gazette act
Registered office · PurposePurpose change · Registered-office move · Power of attorney5 facts ▸
State Gazette act
Registered office · Purpose
Purpose change · Registered-office move · Power of attorney5 facts ▸
- General meeting, 26/09/2013
- Purpose change, Son objet inclut donc la gestion et l'exploitation directe ou indirecte de points de vente, tels que notamment agences de parís, salles de jeux de hasard et lib…
- Registered-office move, Etterbeek / 1040 Bruxelles, rue des Francs, 79
- Power of attorney, SAGEVAS
- Power of attorney, SAGEVAS
25-09
State Gazette act
Appointment: RSM InterAudit (statutory auditor)2 facts ▸
State Gazette act
Appointment: RSM InterAudit (statutory auditor)
2 facts ▸
- General meeting, 14-06-2013
- Auditor appointment, RSM InterAudit
2012
24-09
State Gazette act
Permanent representative: Lionel LAMMENSResignation: Cédric VAN KAN (permanent representative)3 facts ▸
State Gazette act
Permanent representative: Lionel LAMMENS
Resignation: Cédric VAN KAN (permanent representative)3 facts ▸
- General meeting, 04-06-2012
- Permanent representative, Lionel LAMMENS
- Director resignation, Cédric VAN KAN (permanent representative)
2011
13-01
State Gazette act
IncorporationAppointments: SOCIETE ANONYME D'INFORMATIONS ET DE PRODUCTIONS MULTIMEDIA, SOCIETE D'IMPRIMERIE COMMUNE and 2 others · Permanent representatives: François le Hodey, Denis PIERRARD and 2 others · Founding capital17 facts ▸
State Gazette act
Incorporation
Appointments: SOCIETE ANONYME D'INFORMATIONS ET DE PRODUCTIONS MULTIMEDIA, SOCIETE D'IMPRIMERIE COMMUNE and 2 others · Permanent representatives: François le Hodey, Denis PIERRARD and 2 others · Founding capital17 facts ▸
- Incorporation, 24-12-2010
- Founding capital, €61.500
- Director appointment, SOCIETE ANONYME D'INFORMATIONS ET DE PRODUCTIONS MULTIMEDIA (director)
- Permanent representative, François le Hodey
- Director appointment, SOCIETE D'IMPRIMERIE COMMUNE (director)
- Permanent representative, Denis PIERRARD
- Director appointment, Axemédia (director)
- Permanent representative, Cédric van KAN
- Director appointment, MAJA (director)
- Permanent representative, Patrice le Hodey
- Mandate compensation, SOCIETE ANONYME D'INFORMATIONS ET DE PRODUCTIONS MULTIMEDIA
- Mandate compensation, SOCIETE D'IMPRIMERIE COMMUNE
- +5 further facts in this act
Financial milestoneState Gazette actNBB filingFinancial milestones sit on the fiscal year-end date, not the filing date.
21 of 22 acts read
About the unread acts
Of the 22 Belgian State Gazette acts we know for this company, 21 have been read. The other one has not been read yet: what they contain is neither established nor disproved here.
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Directors · office · real estate
Directors
3 directors, last change in 2025
Board 3
Arnaud Delmarcelle
CurrentDirector · since 01-12-2023
OPEN2MARKET
CurrentDirector · since 31-12-2025 · Private limited company · perm. rep.: Timothy Mastelinck
OPEN2MARKET SRL
CurrentDirector · since 29-12-2025 · Legal entity · from a recent act
6 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.
Axemedia
Not recently confirmedDirector · since 24-12-2010 · Legal entity · perm. rep.: Cédric van KAN
SOCIETE D'IMPRIMERIE COMMUNE
Not recently confirmedDirector · since 24-12-2010 · Legal entity · perm. rep.: Denis PIERRARD
BF CAPITAL MALTA LIMITED
Not recently confirmedDirector · since 13-07-2018 · Legal entity · perm. rep.: Jacques D. ELALOUF
IPM Group
Not recently confirmedDirector · Legal entity · perm. rep.: François le Hodey
IPM Press Print
Not recently confirmedDirector · Legal entity · perm. rep.: Denis Pierrard
MAJA
Not recently confirmedDirector · Legal entity · perm. rep.: Patrice le Hodey
Day-to-day management 1
IPM Group
Not recently confirmedManaging director · since 03-04-2017 · Legal entity · perm. rep.: François le Hodey
Permanent representatives 1
Timothy Mastelinck
CurrentPermanent representative · since 31-12-2025 · for OPEN2MARKET
5 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.
Cédric van KAN
Not recently confirmedPermanent representative · since 24-12-2010 · for Axemedia
Jacques D. ELALOUF
Not recently confirmedPermanent representative · since 13-07-2018 · for BF CAPITAL MALTA LIMITED
Denis Pierrard
Not recently confirmedPermanent representative · for IPM Press Print
François le Hodey
Not recently confirmedPermanent representative · for IPM Group
Patrice le Hodey
Not recently confirmedPermanent representative · for MAJA
Statutory auditor 1
RSM INTERAUDIT
CurrentStatutory auditor · since 14-06-2013 · perm. rep.: Marie Delacroix
"From a recent act": read from a Gazette act not yet processed into our list of directors.
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 22 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, Elsene · 30 establishment units since 2010
Ground area
8.0 ha
Building footprint
5.6 ha
Volume, LiDAR
548,244 m³
29 parcels, Brussels, Flanders, Wallonia · tallest building 33.5 m, ±10 floors. Linked by address, not a title deed.
275
companies at this address
See who is registered here
30 establishment units
betFIRST
since 20102.195.743.072
betFIRST
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BetFirst Seraing - Plainevaux
since 20132.220.711.466
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SAGEVAS LILLE
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SAGEVAS COMBATTANS
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Wedkantoor Oostende
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Wedkantoor ATOM
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Agence Best Rasul
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Agence Herstal
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Agence Gondal - Ch. de Liège
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29 parcels
Flanders
5
(17.2%)
Wallonia
20
(69%)
Brussels
4
(13.8%)
| Parcel (capakey) | Region | Area | Buildings | Height / fl. |
|---|---|---|---|---|
| 21307F0076/00D000 | Brussels | 5.0 ha | 1 · 5.0 ha | 17.9 m · 4 fl. |
| 31523F0615/00F000 | Flanders | 1.1 ha | 1 · 1,881 m² | 11.3 m · 2 fl. |
| 44072D0538/00B002 | Flanders | 5,332 m² | 1 · 280 m² | 10.6 m · 2 fl. |
| 35020B0018/00B000indicative | Flanders | 4,150 m² | 1 · 19 m² | - |
| 62112A0029/00E000 | Wallonia | 1,724 m² | 1 · 585 m² | 33.5 m · 10 fl. |
| 92097C0764/00S002 | Wallonia | 979 m² | 1 · 136 m² | - |
| 62003A0770/00S002 | Wallonia | 808 m² | 1 · 236 m² | 12.0 m · 3 fl. |
| 41010B1108/00A002 | Flanders | 803 m² | 1 · 199 m² | 17.8 m · 5 fl. |
| 62087B0163/00S003 | Wallonia | 601 m² | 1 · 116 m² | 9.7 m · 3 fl. |
| 21807G0120/00H005 | Brussels | 480 m² | 1 · 417 m² | 29.8 m · 8 fl. |
| 52006A0007/00B002 | Wallonia | 368 m² | 1 · 98 m² | 10.7 m · 3 fl. |
| 62046A1200/00G006 | Wallonia | 344 m² | 1 · 53 m² | 8.8 m · 2 fl. |
| 62354C0124/00A153 | Wallonia | 305 m² | 1 · 76 m² | 10.5 m · 3 fl. |
| 62054B0015/00N005 | Wallonia | 294 m² | 1 · 136 m² | 7.0 m · 2 fl. |
| 51007C0502/00V002 | Wallonia | 291 m² | 1 · 70 m² | - |
| 21903B0287/00Z005 | Brussels | 274 m² | 1 · 102 m² | 14.0 m · 4 fl. |
| 23582E0663/00D003 | Flanders | 272 m² | 1 · 67 m² | 13.5 m · 4 fl. |
| 62802D0163/00G000 | Wallonia | 233 m² | 1 · 122 m² | 17.9 m · 5 fl. |
| 62315G0264/00M009 | Wallonia | 227 m² | 1 · 85 m² | 5.2 m · 1 fl. |
| 53059B0321/00D004 | Wallonia | 220 m² | 1 · 171 m² | 5.1 m · 2 fl. |
| 62046A1200/00Y002 | Wallonia | 174 m² | 1 · 75 m² | 8.1 m · 2 fl. |
| 57038B0054/00G002 | Wallonia | 159 m² | 1 · 298 m² | 8.7 m · 2 fl. |
| 21815D0154/00W004 | Brussels | 153 m² | 1 · 116 m² | 14.9 m · 2 fl. |
| 57042A0288/00P000 | Wallonia | 136 m² | 1 · 89 m² | 10.2 m · 3 fl. |
| 63079A1451/00G021 | Wallonia | 125 m² | 1 · 103 m² | 10.1 m · 3 fl. |
| 51004C0242/00A002 | Wallonia | 121 m² | 1 · 85 m² | - |
| 55372C0021/00D020 | Wallonia | 89 m² | 1 · 90 m² | 11.3 m · 3 fl. |
| 62353D0246/00V059 | Wallonia | 87 m² | 1 · 49 m² | 15.5 m · 5 fl. |
| 62078A0455/00G028 | Wallonia | 74 m² | 1 · 38 m² | 11.0 m · 3 fl. |
Linked by address, not proof of ownership
Good to know
28 of 29 parcels with an exact address match; the rest are indicative.
Linked through address data, this is not proof of ownership.
Mandate history
19 people since 2010, 10 in office
- Board
- Day-to-day management
- Permanent representative
- Statutory auditor
- not recently confirmed
- began earlier
| Name | Functions and periods |
|---|---|
| Arnaud Delmarcelle |
|
| OPEN2MARKET SRLfrom an act |
|
| OPEN2MARKET |
|
| RSM INTERAUDIT |
|
| Axemedia |
|
| SOCIETE D'IMPRIMERIE COMMUNE |
|
| IPM Group |
|
| IPM Press Print |
|
| MAJA |
|
| BF CAPITAL MALTA LIMITED |
|
| Alexis Murphy |
|
| FINADEL |
|
| Peter Thurston |
|
| Pontus Lindwall |
|
| Axemédia |
|
| IPM Group |
|
| IPM Petite Ile |
|
| MAJA |
|
| Cédric van Kan |
|
Articles of association
Purpose
L'organisation d'événements, d'animations, de foires, de sponsoring, de jeux, de Jeux de hasard, de paris ou de concours par tous types de moyens en Belgique ou à l'étranger.…
Full purpose
L'organisation d'événements, d'animations, de foires, de sponsoring, de jeux, de Jeux de hasard, de paris ou de concours par tous types de moyens en Belgique ou à l'étranger. L'édition, la publication, la diffusion et l'exploitation de tout type de contenu rédactionnel, de divertissement et publicitaire sur tous types de médias imprimés, audiovisuels, mobiles et digitaux. La gestion et l'exploitation directe ou indirecte de points de vente, tels que notamment agences de paris, salles de Jeux de hasard et librairies. Toutes opérations généralement quelconques, commerciales, industrielles, financières, mobilières ou immobilières, ayant un rapport direct ou indirect avec son objet ou de nature à en favoriser la réalisation et le développement.
Structure & network
Connections & network
8 connected companiesThis 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
AUDIOPRESSE
via Arnaud Delmarcelle · Director
former→
COPIEPRESSE
via Arnaud Delmarcelle · Director
former→
LICENSE2PUBLISH
via Arnaud Delmarcelle · Director
former→
VLAAMSE NIEUWSMEDIA EN MAGAZINES
via Arnaud Delmarcelle · Director
former→
Show 4 more companies with a shared director
Association for the Defence of Newsagents
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B en M
Shared corporate director
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LES NEWS 24
Shared corporate director
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YAGO
Shared corporate director
→
Ownership & control
1 parent companyControl over this companyparent company per the LEI register1
Betsson AB
Stockholm, Sweden · indirect
controls
SAGEVASBE 0832.457.166
Capital and shareholders
Shareholders according to the acts
After the capital increase
act of 31-12-2014 ↗
- IPM Group (BE 0403.508.716)
The Belgian State Gazette names shareholders only when an act mentions them; the share register itself is not published.
Capital over the years
- 13-07-2023 Capital stated in the act · 2,161,500 EUR · 2,165,000 shares
- 21-08-2018 Capital stated in the act · 2,161,500 EUR · 2,161,500 shares
- 31-12-2014 Capital increase of 1,500,000 EUR · to 2,161,500 EUR · 1,500,000 new shares
- 07-01-2014 Capital increase of 600,000 EUR · to 661,500 EUR · 600,000 new shares
- 13-01-2011 Incorporation · 61,500 EUR · 61,500 shares
Recognitions · licences · registrations
Legal Entity Identifier
254900UWJIHT0Z0JMJ20
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Of 506 companies in sector 92000 we hold annual accounts for 302. 54 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
Founded05-01-2011
Fiscal year end31-12
Activities, NACEBEL 2025
92000Gambling and betting activities
Contact
Website
www.betfirst.beBrussel
Scores and ratios are computed by Checked and are not a credit decision.