guillement“Wallonia Entreprendre is to businesses what Forem is to job seekers!”
The sudden and virulent attack of the new Walloon majority towards WE and its boss, Olivier Vanderijst, would have been launched during the consultations led by Maxime Prévot, president of the Engagés, and his counterpart from the MR, Georges-Louis Bouchez, during the negotiations of the new Regional Policy Declaration (DPR). “Wallonia Entreprendre is to businesses what Forem is to job seekers!”would have been communicated to Olivier Vanderijst. In the mouths of Messrs. Prévot and Bouchez, it is anything but a compliment… Yet renowned for the seriousness with which he directs the financial arm of the Walloon Region, the boss of WE would have remained speechless.
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The real reason for this charge, several political and economic sources close to the matter tell us, is to be found not in the financial losses linked to the Air Belgium, Mithra or Hamon case, but in the fate reserved for Philippe Buelen, first vice-president of Sogepa and former chief of staff of Maxime Prévot, as part of the merger of the three Walloon public financing tools (SRIW, Sowalfin and Sogepa). A merger which gave birth, on January 1, 2023, to Wallonie Entreprendre. Mr. Buelen would not have supported the decision of the PS-MR-Ecolo government not to appoint him to the WE management committee. Relegated to an “extended” management committee, the person concerned had decided to lodge an appeal with the Council of State (the matter is still being examined, according to our information).
Incomprehension
The fact remains that, behind the Walloon political and economic scenes, the charge against Olivier Vanderijst – who did not wish to answer our questions – arouses quite a bit of incomprehension. Our interlocutors, however, avoid expressing themselves openly. “We should see things more clearly the day after the municipal and provincial elections.”we are told. On the one hand, the WE board of directors, chaired by Pierre Rion (fervent liberal, this successful entrepreneur and investor was appointed under the previous legislature), will be reshuffled in the light of the results of the regional elections. On the other hand, the new Walloon government could take advantage of this to restore order to the two management committees of WE, which would make it possible to reintegrate Philippe Buelen into the “real” management committee to the detriment of a PS director.
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The incomprehension in question is mainly due to the financial results achieved by WE under the leadership of Olivier Vanderijst and the success of the merger. In an interview given in February to The FreePierre Rion himself was very positive. “Today, Wallonie Entreprendre is a real success. We managed to get 1 + 1 + 1 = 4″. Financially, the year 2023 also has a very good year and, halfway through the 2024 financial year, everything indicates that it should be the same this year.
Dividends and “issues”
As of June 30, WE had already invested 267 million euros, in capital and loans, compared to an amount of 416 million for the entire financial year 2023. Among the investments, we find strategic or growth companies like John Cockerill Hydrogen, Sonaca, Aerospacelab, Sparki… In terms of results (dividends, capital gains, interest received on loans), the trajectory also appears positive. “Except for a big hiccup, explained Olivier Vanderijst to Trends-Tendanceswe should be around the same profits as last year, i.e. 142 million euros”. If there have indeed been reductions in value, the source of these profits is to be found in dividends (linked to WE’s participations in Sonaca, FN, Prayon, Ethias, Safran Aero Boosters, etc.) and capital gains garnered during recent “exits” (partial or total sale of holdings).
guillement“WE, which manages 5 billion euros in assets, has achieved many other profitable exits. We can cite Ogeda or, more recently, CluePoints.”
On the subject of capital gains, accuse WE’s critics, the financial arm of the Walloon Region would have especially hit the jackpot by investing in Odoo, the computer software company founded by Fabien Pinckaers. “To assert this is to know nothing about the matter, supports one of our interlocutors. On the one hand, SRIW invested in Odoo at a time when the company was very far from being what it has become today. On the other hand, WE, which manages 5 billion euros in assets, has achieved many other profitable exits. We can cite Ogeda or, more recently, CluePoints”. In 2023, if we add up dividends and capital gains, WE would have brought 240 million euros into the Region’s coffers in 2023 and we should be quite close to this amount this year.
Will Pierre-Yves Jeholet (MR), new Walloon Minister of the Economy with supervision over Wallonie Entreprendre, be satisfied with these results or will he demand more from WE? Asked by us, he did not wish to speak at this stage.
