Ranking · Wallonia · NACE 70
Activities of head offices and management consultancy: the largest companies in Wallonia
As of 14 Nov 2026, 12,300 companies in Activities of head offices and management consultancy (NACE 70) in Wallonia publish total assets in recent accounts (financial years 2023 to 2026). The top 10 account for €4.12bn, out of €20.2bn for all of them; median total assets are 200,379 €. UTM Belgium Finance leads with €792.3m (financial year 2025).
Top 50 · Activities of head offices and management consultancy · Wallonia
Ranked by total assets in the latest filed accounts. This is a size criterion, not an assessment.
| # | Company | Total assets | Revenue | Equity | FTE | Year |
|---|---|---|---|---|---|---|
| 1 | UTM Belgium Finance 6700 Arlon | €792.3m | — | €747.8m | 0.2 | 2025 |
| 2 | Thomas & Piron Holding 6852 Paliseul | €574.6m | €12.0m | €156.6m | 39.1 | 2025 |
| 3 | HQ1 4000 Liège | €481.7m | €112.4m | −€98.8m | 354.7 | 2025 |
| 4 | Gerefis 1331 Rixensart | €443.8m | €2.95m | €439.8m | 1.6 | 2025 |
| 5 | Too' Gezer 7520 Tournai | €347.4m | 332,000 € | −€95.1m | 1.1 | 2025 |
| 6 | Banqup Group 1310 La Hulpe | €328.9m | €12.9m | €252.8m | 21.8 | 2025 |
| 7 | Herstal Group Services 4040 Herstal | €313.2m | €1.41m | €99.8m | 7.4 | 2025 |
| 8 | Groupe Bouvy Immo 5380 Fernelmont | €306.5m | — | €305.4m | — | 2025 |
| 9 | F.C.P. Patrimoine 7730 Estaimpuis | €276.8m | — | €229.5m | 0.3 | 2025 |
| 10 | Singita 7520 Tournai | €257.0m | 0 € | €90.4m | — | 2025 |
| 11 | Nomainvest 4700 Eupen | €232.7m | 260,174 € | €175.8m | 1.9 | 2025 |
| 12 | Alnet.BE 7520 Tournai | €227.8m | — | €47.7m | — | 2025 |
| 13 | PhysIOL Group 4031 Liège | €215.6m | — | €212.9m | — | 2025 |
| 14 | OSG Europe 1300 Wavre | €175.5m | €2.35m | €175.0m | 3.6 | 2025 |
| 15 | Serthi 7501 Tournai | €154.9m | — | €146.5m | 1.0 | 2025 |
| 16 | SmartSec 4000 Liège | €149.1m | €2.29m | €126.7m | — | 2025 |
| 17 | Vitis 7520 Tournai | €144.4m | — | €125.9m | — | 2025 |
| 18 | JSA 4040 Herstal | €138.1m | — | €124.0m | — | 2025 |
| 19 | Stone Service Center 7060 Soignies | €124.2m | €5.58m | €85.2m | 22.6 | 2025 |
| 20 | Reason Maincla 1490 Court-Saint-Étienne | €121.0m | — | €120.2m | — | 2025 |
| 21 | Fasska Holding 1470 Genappe | €113.7m | — | €110.4m | — | 2024 |
| 22 | Newpharma Group 4020 Liège | €109.2m | €60.9m | €86.8m | 100.9 | 2026 |
| 23 | Argayon 1440 Braine-le-Château | €105.3m | €1.91m | €55.8m | 4.8 | 2025 |
| 24 | XLG&Co 5020 Namur | €102.2m | €7.75m | €84.6m | — | 2025 |
| 25 | EMIL FREY Belgique SA 4340 Awans | €101.3m | €6.68m | €27.8m | 34.6 | 2025 |
| 26 | GEN6 7500 Tournai | €97.2m | 127,170 € | €18.3m | — | 2025 |
| 27 | Altya Invest 7543 Tournai | €89.4m | — | €10.4m | 0.3 | 2025 |
| 28 | Zingy Capital 4000 Liège | €87.7m | — | €87.6m | — | 2025 |
| 29 | Leo Invest 4800 Verviers | €85.3m | 90,000 € | 126,636 € | — | 2025 |
| 30 | Perennitas 7940 Brugelette | €84.6m | €1.13m | €73.5m | — | 2026 |
| 31 | Cheniclem 4520 Wanze | €82.7m | — | €59.2m | 6.5 | 2025 |
| 32 | Groupe Autosecurite 4800 Verviers | €81.1m | €7.54m | €15.8m | 53.2 | 2025 |
| 33 | PLGA 7850 Enghien | €80.4m | — | €43.2m | 1.0 | 2025 |
| 34 | Infiso 4650 Herve | €79.6m | €10.1m | €72.5m | — | 2025 |
| 35 | Parenthese 7522 Tournai | €75.3m | — | €74.3m | — | 2025 |
| 36 | G4 Finance 4053 Chaudfontaine | €72.7m | €1.91m | €46.4m | — | 2025 |
| 37 | Noshaq Spin-Offs 4000 Liège | €69.2m | 152,297 € | €18.1m | — | 2025 |
| 38 | SEPTEO Belgique 4000 Liège | €68.1m | — | −€10.2m | — | 2025 |
| 39 | M.G. Finances 1440 Braine-le-Château | €65.7m | €16.0m | €24.7m | 50.3 | 2023 |
| 40 | Cedalix 7011 Mons | €64.3m | — | €41.4m | 4.0 | 2025 |
| 41 | Lavaux Invest 4550 Nandrin | €63.1m | — | €35.0m | — | 2025 |
| 42 | LTM Gestion 5575 Gedinne | €62.1m | — | 158,389 € | — | 2025 |
| 43 | PL Groupe 5030 Gembloux | €61.9m | — | €47.1m | — | 2025 |
| 44 | Prova 5100 Namur | €61.8m | €12.5m | €49.0m | 48.1 | 2025 |
| 45 | L.B.P. 1490 Court-Saint-Étienne | €61.7m | — | €60.1m | — | 2025 |
| 46 | Singita BIS 7520 Tournai | €60.8m | — | €60.3m | — | 2025 |
| 47 | Carmeuse Coordination Center 1348 Ottignies-Louvain-la-Neuve | €58.6m | €83.1m | €3.75m | 38.8 | 2025 |
| 48 | Industrial Consulting Automation Research Engineering 7000 Mons | €58.2m | €49.2m | €18.1m | 332.5 | 2024 |
| 49 | Fcube 5380 Fernelmont | €58.0m | €1.27m | €50.0m | 6.8 | 2025 |
| 50 | Luna Belgium 4141 Sprimont | €58.0m | — | €5.80m | — | 2025 |
Ranking based on each company's own annual accounts (statutory, not consolidated): a subsidiary and its parent appear separately, and the ranking differs from lists based on consolidated group accounts.
“—”: not published. Small companies (micro and abridged accounts) do not have to publish their revenue.
Activities of head offices and management consultancy across Belgium → All sectors · Wallonia →
Other sectors · Wallonia
- 01 Crop and animal production, hunting and related service activities2,551
- 02 Forestry and logging541
- 03 Fishing and aquaculture31
- 08 Other mining and quarrying121
- 09 Mining support service activities17
- 10 Manufacture of food products1,478
- 11 Manufacture of beverages275
- 13 Manufacture of textiles155
- 14 Manufacture of wearing apparel101
- 15 Manufacture of leather and related products of other materials18
- 16 Manufacture of wood and of products of wood and cork, except furniture; manufacture of articles of straw and plaiting materials442
- 17 Manufacture of paper and paper products57
- 18 Printing and reproduction of recorded media532
- 20 Manufacture of chemicals and chemical products239
- 21 Manufacture of basic pharmaceutical products and pharmaceutical preparations179
- 22 Manufacture of rubber and plastic products196
- 23 Manufacture of other non-metallic mineral products441
- 24 Manufacture of basic metals140
- 25 Manufacture of fabricated metal products, except machinery and equipment1,528
- 26 Manufacture of computer, electronic and optical products210
- 27 Manufacture of electrical equipment185
- 28 Manufacture of machinery and equipment n.e.c.379
- 29 Manufacture of motor vehicles, trailers and semi-trailers114
- 30 Manufacture of other transport equipment56
- 31 Manufacture of furniture278
- 32 Other manufacturing409
- 33 Repair, maintenance and installation of machinery and equipment654
- 35 Electricity, gas, steam and air conditioning supply276
- 36 Water collection, treatment and supply19
- 37 Sewerage67
- 38 Waste collection, recovery and disposal activities297
- 39 Remediation activities and other waste management service activities29
- 41 Construction of residential and non-residential buildings4,193
- 42 Civil engineering477
- 43 Specialised construction activities12,039
- 46 Wholesale trade8,104
- 47 Retail trade12,950
- 49 Land transport and transport via pipelines1,819
- 50 Water transport41
- 51 Air transport53
- 52 Warehousing, storage and support activities for transportation567
- 53 Postal and courier activities126
- 55 Accommodation1,322
- 56 Food and beverage service activities6,704
- 58 Publishing activities410
- 59 Motion picture, video and television programme production, sound recording and music publishing activities595
- 60 Programming, broadcasting, news agency and other content distribution activities69
- 61 Telecommunication130
- 62 Computer programming, consultancy and related activities5,398
- 63 Computing infrastructure, data processing, hosting and other information service activities468
- 64 Financial service activities, except insurance and pension funding3,810
- 65 Insurance, reinsurance and pension funding, except compulsory social security111
- 66 Activities auxiliary to financial services and insurance activities2,334
- 68 Real estate activities12,723
- 69 Legal and accounting activities5,344
- 71 Architectural and engineering activities; technical testing and analysis3,981
- 72 Scientific research and development396
- 73 Activities of advertising, market research and public relations2,471
- 74 Other professional, scientific and technical activities1,209
- 75 Veterinary activities727
- 77 Rental and leasing activities793
- 78 Employment activities299
- 79 Travel agency, tour operator and other reservation service and related activities262
- 80 Investigation and security activities133
- 81 Services to buildings and landscape activities1,907
- 82 Office administrative, office support and other business support activities2,358
- 84 Public administration and defence; compulsory social security39
- 85 Education1,500
- 86 Human health activities14,912
- 87 Residential care activities736
- 88 Social work activities without accommodation561
- 90 Arts creation and performing arts activities659
- 91 Libraries, archives, museums and other cultural activities86
- 92 Gambling and betting activities46
- 93 Sports activities and amusement and recreation activities1,303
- 94 Activities of membership organisations326
- 95 Repair and maintenance of computers, personal and household goods, and motor vehicles and motorcycles1,290
- 96 Personal service activities1,967
Municipalities with the most companies in the sector · Wallonia
- 1380 Lasne (Couture-Saint-Germain, Lasne-Chapelle-Saint-Lambert, Maransart, …)466
- 1410 Waterloo451
- 4000 Liège (Glain, Rocourt)374
- 1300 Wavre (Limal)278
- 1420 Braine-l'Alleud221
- 1390 Grez-Doiceau (Archennes, Biez, Bossut-Gottechain, …)209
- 1325 Chaumont-Gistoux (Bonlez, Corroy-Le-Grand, Dion-Valmont, …)196
- 1330 Rixensart172
- 1400 Nivelles (Monstreux)158
- 1310 La Hulpe136
- 5100 Namur (Dave, Jambes, Naninne, …)136
- 4020 Liège (Bressoux, Jupille-Sur-Meuse, Wandre)125
Frequently asked questions
Which is the largest company in Activities of head offices and management consultancy in Wallonia?
By total assets, it is UTM Belgium Finance (€792.3m, financial year 2025).
How many companies in Activities of head offices and management consultancy in Wallonia are ranked?
12,300 out of 12,445 active companies in the sector with their registered office in the area: those whose latest accounts are less than 3 years old.
Why does this ranking differ from other lists?
It uses each company's annual accounts as filed with the National Bank, not consolidated group accounts. A holding, a subsidiary or a purchasing entity can therefore appear separately. Only companies whose latest accounts are less than 3 years old are ranked.
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Active companies (legal entities) that have filed at least one set of annual accounts, based on the Crossroads Bank for Enterprises and the National Bank of Belgium. The sector is the main activity in the register; the municipality is that of the registered office. Data updated on 14 Nov 2026.