ACTIVE

Service2cities

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Financial year 2025 · closed on 31/12/2025

Net result

1,2 M €

+42.7% YoY

Gross margin

2,2 M €

+34.1% YoY

Equity

1,9 M €

-63.3% YoY

What does Service2cities do?

Service2cities is a Public limited company incorporated in 1957. Its main activity is: Advertising agencies. Its registered office is in Vilvoorde.

Legal situation

● Normal situation

BCE/KBO no. / VAT

BE 0403.503.568

Incorporation

04/06/1957

Legal form

Public limited company

Registered office

Laurent-Benoit Dewezplein 5
1800 Vilvoorde · FlandreSee on map

Contributed capital

245 500,00 €

Latest accounts

31/12/2025

Activities (NACE)

73110Advertising agencies· main 73110Advertising agencies 74401Other professional, scientific and technical activities

Signals

ProfitableSolid equityLow riskGood liquidityPositive cashflowPositive EBITDA

View the BCE/KBO Public Search record →

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✦ Verdict · Analyst summary

Financials

Trend over 16 financial years

	2025		2024		2023		2022		2021		2020		2019		2016		2015		2014		2013		2012		2011		2010		2009		2008
Income statement
Gross margin	2,2 M €	+34.1%	1,7 M €	-21.7%	2,1 M €	+77.4%	1,2 M €	+101%	593 k €	-60.0%	1,5 M €	-26.4%	2 M €		–		–		–		–		–		–		–		–		–
EBITDA	2 M €	+39.8%	1,4 M €	-24.5%	1,9 M €	+98.2%	943,6 k €	+121%	427,7 k €	-62.1%	1,1 M €	-33.9%	1,7 M €	+9.0%	1,6 M €	+51.6%	1 M €	+2.3%	1 M €	-31.0%	1,5 M €	+115%	678,9 k €	+115%	316,5 k €	+5780%	-5,6 k €	-4.5%	-5,3 k €	+6.2%	-5,7 k €
Operating result	1,5 M €	+57.1%	924,3 k €	-2.6%	949 k €	+150%	379,4 k €	+307%	-182,9 k €	-212%	163,7 k €	-53.4%	351,1 k €	-54.1%	764,4 k €	+380%	159,4 k €	+1378%	10,8 k €	-97.9%	517 k €	+22961%	2,2 k €	+104%	-58,5 k €	-949%	-5,6 k €	-4.5%	-5,3 k €	+6.2%	-5,7 k €
Net result	1,2 M €	+42.7%	811,9 k €	+1.9%	797,2 k €	+172%	293,5 k €	+312%	-138,5 k €	-184%	164,2 k €	-45.3%	300,2 k €	-48.2%	579,1 k €	+364%	124,8 k €	+2658%	4,5 k €	-99.1%	513,6 k €	+8345%	6,1 k €	+175%	-8,1 k €	-128%	29,2 k €	-17.7%	35,5 k €	-59.7%	88,2 k €
Balance sheet
Equity	1,9 M €	-63.3%	5,3 M €	+18.2%	4,5 M €	+21.7%	3,7 M €	+8.7%	3,4 M €	-3.9%	3,5 M €	+4.9%	3,3 M €	+11.4%	3 M €	+23.8%	2,4 M €	+5.4%	2,3 M €	+0.2%	2,3 M €	+28.8%	1,8 M €	+0.3%	1,8 M €	-0.5%	1,8 M €	+1.7%	1,8 M €	+2.1%	1,7 M €
Total assets	5,2 M €	-43.6%	9,3 M €	+15.6%	8 M €	+13.3%	7,1 M €	+15.7%	6,1 M €	-4.7%	6,4 M €	+24.4%	5,2 M €	-17.9%	6,3 M €	+10.0%	5,7 M €	-3.8%	5,9 M €	-21.1%	7,5 M €	+50.2%	5 M €	-43.7%	8,9 M €	+397%	1,8 M €	+1.7%	1,8 M €	+2.0%	1,7 M €
Cash	776,1 k €	+951%	73,8 k €	+5.5%	70 k €	-16.3%	83,7 k €	-42.4%	145,3 k €	-13.2%	167,3 k €	+495%	28,1 k €	-14.7%	32,9 k €	+998%	3 k €	-86.2%	21,7 k €	+10.1%	19,7 k €	-69.8%	65,3 k €	+334%	15 k €	-20.6%	19 k €	+3.7%	18,3 k €	+2688%	656 €
Debts	846,3 k €	-1.6%	859,9 k €	+142%	354,6 k €	-42.1%	612,4 k €	+110%	291,8 k €	-16.3%	348,6 k €	+55.9%	223,6 k €	-90.3%	2,3 M €	-17.4%	2,8 M €	-10.0%	3,1 M €	-35.3%	4,8 M €	+59.7%	3 M €	-56.5%	6,9 M €	+163650%	4,2 k €	+2.9%	4,1 k €	-8.5%	4,5 k €

Estimate

Indicative valuation

As an indication, this company is worth

between 10 M€ and 25 M€

See the valuation

Governance

Board of directors

Seen on filing of 31/12/2025 · 3 active · 35 ended

Active mandates

Bart Verkinderen

Director · since 24 juin 2022 · until 24 juin 2028

Active

Cut The Mustard

Director · since 24 juin 2022 · until 24 juin 2028 · 0668.606.647

Represented by Nicolas Blondeau

Active

Jan De Moor

Managing director · since 24 juin 2022 · until 24 juin 2028

Active

Ended mandates

Cut The Mustard

Director · since 10 décembre 2019 · until 20 juin 2022 · 0668.606.647

Represented by Nicolas Blondeau

Ended

Cut The Mustard

Director · since 10 décembre 2019 · until 24 juin 2022 · 0668.606.647

Represented by Nicolas Blondeau

Ended

Bart Verkinderen

Director · since 20 juin 2016 · until 24 mai 2022

Ended

Bart Verkinderen

Director · since 20 juin 2016 · until 24 juin 2022

Ended

At this address

Other companies at this address

Company	CBE no.
Bauer Media Outdoor Belgium● Active	0412.432.122

Annual accounts

Full financial information

	2025	2024	2023	2022	2021	2020
Type of account	Abridged model	Abridged model	Abridged model	Abridged model	Abridged model	Abridged model
Start of the financial year	01/01/2025	01/01/2024	01/01/2023	01/01/2022	01/01/2021	01/01/2020
Closing of the financial year	31/12/2025	31/12/2024	31/12/2023	31/12/2022	31/12/2021	31/12/2020
Length of the financial year	12 months	12 months	12 months	12 months	12 months	12 months
Filing date	25/06/2026	26/06/2025	02/07/2024	27/06/2023	14/07/2022	15/07/2021
General meeting	24/06/2026	24/06/2025	24/06/2024	23/06/2023	24/06/2022	28/06/2021
Currency of the financial year	EUR	EUR	EUR	EUR	EUR	EUR
NBB quality label	Satisfying controls	Satisfying controls	Satisfying controls	Satisfying controls	Satisfying controls	Satisfying controls

Ratios

Financial ratios

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Filings

Annual accounts filings

20 filings with the NBB

Model	Closing	General meeting	Filed	Language	Document
Abridged model	31/12/2025	24/06/2026	25/06/2026	Dutch	PDF
Abridged model	31/12/2024	24/06/2025	26/06/2025	Dutch	PDF
Abridged model	31/12/2023	24/06/2024	02/07/2024	Dutch	PDF
Abridged model	31/12/2022	23/06/2023	27/06/2023	Dutch	PDF
Abridged model	31/12/2021	24/06/2022	14/07/2022	Dutch	PDF
Abridged model	31/12/2020	28/06/2021	15/07/2021	Dutch	PDF
Abridged model	31/12/2019	22/06/2020	16/07/2020	Dutch	PDF
Abridged model	31/12/2018	24/06/2019	15/07/2019	Dutch	PDF
Full model	31/12/2017	22/06/2018	30/07/2018	Dutch	PDF
Full model	31/12/2016	19/06/2017	21/08/2017	Dutch	PDF
Full model	31/12/2015	20/06/2016	08/07/2016	Dutch	PDF
Full model	31/12/2014	15/06/2015	09/07/2015	French	PDF
Full model	31/12/2013	16/06/2014	10/07/2014	French	PDF
Full model	31/12/2012	17/06/2013	12/07/2013	French	PDF
Full model	31/12/2011	18/06/2012	25/06/2012	French	PDF
Full model	31/12/2010	20/06/2011	31/08/2011	French	PDF
Full model	31/12/2009	21/06/2010	02/08/2010	French	PDF
Full model	31/12/2008	22/06/2009	30/07/2009	French	PDF
Full model	31/12/2007	23/06/2008	11/07/2008	French	PDF
Full model	31/12/2006	25/06/2007	28/06/2007	French	PDF

Estimate

Indicative valuation

Order of magnitude

As an indication, this company is worth

between 10 M€ and 25 M€

The detail comes with the Business plan: low and high bounds, the valuation bridge for each financial year, transaction multiples by sector and size, group valuation and exports.

Discover the Business plan

Disclaimer

Indicative estimate based on public sector multiples and the filed annual accounts. It is neither a certified valuation nor financial or investment advice.

Governance

Board of directors

Seen on filing of 31/12/2025 · 3 active · 35 ended

Active mandates

Bart Verkinderen

Director · since 24 juin 2022 · until 24 juin 2028

Active

Cut The Mustard

Director · since 24 juin 2022 · until 24 juin 2028 · 0668.606.647

Represented by Nicolas Blondeau

Active

Jan De Moor

Managing director · since 24 juin 2022 · until 24 juin 2028

Active

Ended mandates

Cut The Mustard

Director · since 10 décembre 2019 · until 20 juin 2022 · 0668.606.647

Represented by Nicolas Blondeau

Ended

Cut The Mustard

Director · since 10 décembre 2019 · until 24 juin 2022 · 0668.606.647

Represented by Nicolas Blondeau

Ended

Bart Verkinderen

Director · since 20 juin 2016 · until 24 mai 2022

Ended

Bart Verkinderen

Director · since 20 juin 2016 · until 24 juin 2022

Ended

Shareholders

Ownership and network

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Try for 7 days

Belgian Official Gazette

Belgian Official Gazette publications

Mandates31/10/2025
ONTSLAGEN - BENOEMINGEN
PDF
Other30/10/2025
STATUTEN (VERTALING, COÖRDINATIE, OVERIGE WIJZIGINGEN, )
PDF
Mandates31/01/2024
STATUTEN (VERTALING, COÖRDINATIE, OVERIGE WIJZIGINGEN, ) - ONTSLAGEN - BENOEMINGEN
PDF
Mandates11/04/2022
ONTSLAGEN - BENOEMINGEN
PDF
Mandates09/10/2020
ONTSLAGEN - BENOEMINGEN
PDF
Mandates12/08/2020
ONTSLAGEN - BENOEMINGEN
PDF
Mandates08/01/2020
ONTSLAGEN - BENOEMINGEN
PDF
Mandates09/08/2019
ONTSLAGEN - BENOEMINGEN
PDF

Source: Belgian Official Gazette

Competition

Similar companies

A company's peers, by sector and size, are included in the Business plan.

See the Business plan

2025
Annual accounts 20251,2 M €↑
2024
Annual accounts 2024811,9 k €↑
2023
Annual accounts 2023797,2 k €↑
2022
Annual accounts 2022293,5 k €↑
2021
Annual accounts 2021-138,5 k €↓
2020
Annual accounts 2020164,2 k €↓
2019
Annual accounts 2019300,2 k €↓
2016
Annual accounts 2016579,1 k €↑
2015
Annual accounts 2015124,8 k €↑
2014
Annual accounts 20144,5 k €↓
2013
Annual accounts 2013513,6 k €↑
2012
Annual accounts 20126,1 k €↑
2011
Annual accounts 2011-8,1 k €↓
2010
Annual accounts 201029,2 k €↓
2010
Name changeService2Cities
2009
Annual accounts 200935,5 k €↓
2008
Annual accounts 200888,2 k €
2008
Name changeL' Efficience publicitaire
04/06/1957
IncorporationPublic limited company

10/15	1 240 000	1 180 000	1 050 000
70	8 630 000	8 120 000	7 940 000
9904	412 000	388 000	301 000
17/49	2 970 000	3 140 000	3 380 000
9087	24,3	23,1	21,8

Service2cities

Overview

What does Service2cities do?

Trend over 16 financial years

Indicative valuation

Board of directors

Other companies at this address

Financials

Full financial information

Financial ratios

Annual accounts filings

Valuation

Indicative valuation

Directors & structure

Board of directors

Ownership and network

Publications

Belgian Official Gazette publications

Similar companies

Similar companies

Timeline