Manufacture of weapons and ammunition
20 Belgian companies whose main activity falls under NACE code 2530 have filed annual accounts. Their median solvency is 24.6% for financial year 2023.
Sector medians
Computed by IdonisDistribution across the sector's companies for financial year 2023: a quarter of companies sit below the 1st quartile, half below the median, three quarters below the 3rd quartile.
| Indicator | 1st quartile | Median | 3rd quartile | Companies |
|---|---|---|---|---|
| Solvency | 9.2% | 24.6% | 56.5% | 17 |
| Current ratio | 0.78 | 1.21 | 1.61 | 16 |
| ROE | 8.1% | 14.2% | 21.2% | 14 |
| Equity | 13,301 € | 115,089 € | €31.6m | 18 |
| Total assets | 124,926 € | 649,203 € | €110.3m | 17 |
| Net result | 363 € | 29,141 € | €2.99m | 18 |
Medians computed by Idonis from annual accounts filed with the National Bank, all sizes combined. The same panel is the sector benchmark on every company page. Method
Largest companies: Manufacture of weapons and ammunition
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 | John Cockerill Defense 4431 Ans | €824.2m | €118.5m | €265.8m | 217.0 | 2025 |
| 2 | FN Herstal 4040 Herstal | €788.5m | €422.0m | €460.0m | 1,488.8 | 2025 |
| 3 | Thales Belgium 4040 Herstal | €450.1m | €436.9m | €67.6m | 450.5 | 2025 |
| 4 | KNDS Belgium 7181 Seneffe | €173.7m | €34.9m | €4.77m | 246.2 | 2025 |
| 5 | BROWNING International 4040 Herstal | €87.9m | €96.0m | €59.6m | 118.0 | 2025 |
| 6 | Aug. Lebeau-Courally 4000 Liège | €2.45m | — | 507,269 € | 2.9 | 2025 |
| 7 | Daniel DEKAISE 1300 Wavre | €2.31m | — | €1.03m | 7.9 | 2025 |
| 8 | Nagasha Immo 1410 Waterloo | €1.43m | — | 8,757 € | — | 2025 |
| 9 | Unite Liegeoise de Fabricants d'Armes de Chasse 4040 Herstal | 816,611 € | €1.72m | 304,425 € | — | 2025 |
| 10 | Armurerie Collard 3040 Huldenberg | 777,153 € | — | 144,212 € | 0.8 | 2025 |
| 11 | Beets Rigot Distribution 1300 Wavre | 417,159 € | — | 61,678 € | — | 2025 |
| 12 | Calet Benoit 5640 Mettet | 275,817 € | — | 206,618 € | — | 2025 |
| 13 | Armurerie Alexandre Hanssen 6663 Houffalize | 229,882 € | — | 112,619 € | — | 2025 |
| 14 | Hera Sport 7800 Ath | 229,507 € | — | 91,855 € | — | 2025 |
| 15 | Degol 3520 Zonhoven | 140,890 € | — | 84,927 € | — | 2025 |
| 16 | Etablissements Cajot 4102 Seraing | 4,221 € | 2,985 € | 2,510 € | — | 2025 |
| 17 | Artradex 4102 Seraing | 22 € | — | −79,583 € | — | 2025 |
“—”: not published. Small companies (micro and abridged accounts) do not have to publish their revenue.
See all 20 companies, full list →
Where are they based?
Municipalities with the most
- 4040 Herstal4
- 1300 Wavre (Limal)2
- 4102 Seraing (Ougrée)2
- 1410 Waterloo1
- 3040 Huldenberg (Loonbeek, Neerijse, Ottenburg, …)1
- 3520 Zonhoven1
- 4000 Liège (Glain, Rocourt)1
- 4431 Ans (Loncin)1
- 4460 Grâce-Hollogne (Bierset, Grâce-Berleur, Hollogne-Aux-Pierres, …)1
- 5340 Gesves (Faulx-Les-Tombes, Haltinne, Mozet, …)1
- 5640 Mettet (Biesme, Biesmerée, Graux, …)1
- 6110 Montigny-le-Tilleul1
Related sectors
- 2511 Manufacture of metal structures and parts of structures2,496
- 2553 Machining of metals1,395
- 2512 Manufacture of doors and windows of metal559
- 2540 Forging and shaping metal and powder metallurgy471
- 2551 Coating of metals385
- 2599 Manufacture of other fabricated metal products n.e.c.297
- 2521 Manufacture of central heating radiators, steam generators and boilers226
- 2562 Manufacture of locks and hinges106
- 2563 Manufacture of tools84
- 2522 Manufacture of other tanks, reservoirs and containers of metal71
- 2593 Manufacture of wire products, chain and springs37
- 2594 Manufacture of fasteners and screw machine products10
Frequently asked questions
How many Manufacture of weapons and ammunition companies are there in Belgium?
20 Belgian companies whose main activity falls under NACE code 2530 (Manufacture of weapons and ammunition) have filed annual accounts with the National Bank.
What is the median solvency in Manufacture of weapons and ammunition?
For financial year 2023, median solvency (equity over total assets) is 24.6%. The middle half of companies lies between 9.2% and 56.5% (17 companies).
What is the largest company in Manufacture of weapons and ammunition?
By total assets, it is John Cockerill Defense (€824.2m, financial year 2025).
Where are Manufacture of weapons and ammunition companies based?
The municipalities with the most: Herstal (4), Wavre (2), Seraing (2).
Analyse companies in Manufacture of weapons and ammunition
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Open the full file →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 12 Nov 2026.