ACTIVE

Kunnig Operations

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Financial year 2025 · closed on 31/12/2025

Net result

345,5 k €

+48.9% YoY

Revenue

4,3 M €

+6.3% YoY

Equity

9,9 M €

+2.9% YoY

Workforce

241,1 ETP

-0.6% YoY

What does Kunnig Operations do?

Kunnig Operations is a Non-profit organization incorporated in 1968. Its main activity is: Technical and vocational secondary education. Its registered office is in Antwerpen. It employs on average 241,1 ETP workers (FTE).

Legal situation

● Normal situation

BCE/KBO no. / VAT

BE 0404.745.465

Incorporation

01/01/1968

Legal form

Non-profit organization

Registered office

Kielsbroek 2
2020 Antwerpen · FlandreSee on map

Latest accounts

31/12/2025

Average workforce

241,1 ETP

Activities (NACE)

85322Technical and vocational secondary education· main 88993Other social work activities without accommodation n.e.c.88995Other social work activities without accommodation n.e.c.

Joint committees (1)

32701

Signals

ProfitableSolid equityLow riskGood liquidityPositive cashflowPositive EBITDAHealthy social debtsHigh revenue

View the BCE/KBO Public Search record →

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✦ Verdict · Analyst summary

Financials

Trend over 19 financial years

	2025		2024		2023		2022		2021		2020		2019		2018		2017		2016		2015		2014		2013		2012		2011		2010		2009		2008		2007
Income statement
Revenue	4,3 M €	+6.3%	4,1 M €	-7.3%	4,4 M €	-2.5%	4,5 M €	+34.9%	3,4 M €	+6.7%	3,1 M €	-25.5%	4,2 M €	+5.5%	4 M €	+2.6%	3,9 M €	-8.6%	4,3 M €	+3.4%	4,1 M €	+29.1%	3,2 M €	+40.0%	2,3 M €	+1.6%	2,2 M €	+27.5%	1,8 M €	+14.3%	1,5 M €	+35.4%	1,1 M €	-20.2%	1,4 M €	+6.8%	1,3 M €
EBITDA	714,7 k €	+14.3%	625,4 k €	+4.9%	596,1 k €	-21.1%	755,8 k €	+16.9%	646,4 k €	+11.9%	577,7 k €	-9.7%	640,1 k €	-16.1%	762,9 k €	+675%	98,5 k €	+270%	-57,9 k €	-110%	578,5 k €	+21.5%	476,3 k €	+8.4%	439,5 k €	+22.2%	359,7 k €	-0.6%	361,9 k €	+31.7%	274,8 k €	+647%	36,8 k €	-85.1%	247,6 k €	-0.6%	249 k €
Operating result	347,1 k €	+49.2%	232,7 k €	-18.8%	286,5 k €	-37.2%	456,3 k €	+35.0%	338 k €	+39.3%	242,6 k €	-9.0%	266,7 k €	-31.0%	386,4 k €	+229%	-298,5 k €	+35.0%	-459,1 k €	-358%	178,1 k €	+26.1%	141,2 k €	+31.3%	107,5 k €	+214%	34,3 k €	-56.6%	79 k €	+281%	20,7 k €	+109%	-218,4 k €	-1564%	14,9 k €	+461%	2,7 k €
Net result	345,5 k €	+48.9%	232,1 k €	-57.1%	540,8 k €	+26.0%	429,2 k €	+28.7%	333,6 k €	+39.4%	239,4 k €	-32.1%	352,6 k €	-47.0%	665,2 k €	+663%	87,1 k €	+117%	-499,6 k €	-565%	107,3 k €	-28.1%	149,3 k €	-1.1%	151 k €	+73.7%	86,9 k €	+60.7%	54,1 k €	+355%	11,9 k €	+108%	-151,2 k €	-50.2%	-100,6 k €	-1487%	7,3 k €
Balance sheet
Equity	9,9 M €	+2.9%	9,6 M €	+1.8%	9,5 M €	+49.0%	6,4 M €	+6.1%	6 M €	+4.7%	5,7 M €	+3.1%	5,6 M €	+6.0%	5,2 M €	+15.8%	4,5 M €	+0.8%	4,5 M €	-11.0%	5 M €	+1.1%	5 M €	+2.0%	4,9 M €	+2.1%	4,8 M €	+0.7%	4,8 M €	+0.0%	4,8 M €	-0.8%	4,8 M €	-4.1%	5 M €	-3.0%	5,2 M €
Total assets	11,8 M €	+1.1%	11,7 M €	-0.1%	11,7 M €	+18.4%	9,9 M €	+5.1%	9,4 M €	+6.5%	8,8 M €	+2.5%	8,6 M €	+9.5%	7,9 M €	+8.7%	7,2 M €	+9.3%	6,6 M €	-10.1%	7,4 M €	+8.4%	6,8 M €	+2.2%	6,6 M €	-0.4%	6,7 M €	+0.3%	6,7 M €	-5.7%	7,1 M €	-5.5%	7,5 M €	+3.4%	7,2 M €	-3.1%	7,4 M €
Cash	581,1 k €	-38.2%	940,4 k €	-77.4%	4,2 M €	+67.6%	2,5 M €	+2.4%	2,4 M €	-39.5%	4 M €	+20.2%	3,3 M €	+45.4%	2,3 M €	+64.4%	1,4 M €	+54.2%	904,8 k €	-22.4%	1,2 M €	+117%	537,3 k €	-17.0%	647 k €	+5.8%	611,8 k €	+179%	219,4 k €	+173%	80,4 k €	-83.6%	489,4 k €	+3.6%	472,2 k €	+40.9%	335,1 k €
Debts	1,4 M €	+13.3%	1,2 M €	-22.5%	1,6 M €	-46.0%	2,9 M €	+8.5%	2,7 M €	+12.7%	2,4 M €	+4.0%	2,3 M €	+17.5%	2 M €	-2.1%	2 M €	+40.7%	1,4 M €	-11.3%	1,6 M €	+42.8%	1,1 M €	-5.1%	1,2 M €	-2.5%	1,2 M €	+8.6%	1,1 M €	-19.7%	1,4 M €	-23.0%	1,8 M €	+17.3%	1,6 M €	+1.3%	1,5 M €
Other
Workforce	241,1 ETP	-0.6%	242,6 ETP	-9.1%	266,9 ETP	-3.0%	275,2 ETP	+5.6%	260,7 ETP	+0.4%	259,6 ETP	-5.6%	274,9 ETP	+5.9%	259,5 ETP	+3.0%	252,0 ETP	+0.1%	251,7 ETP	-1.1%	254,6 ETP	+24.6%	204,3 ETP	+7.2%	190,5 ETP	+0.2%	190,2 ETP	+5.0%	181,2 ETP	+6.0%	171,0 ETP	+3.0%	166,0 ETP	+0.1%	165,8 ETP	-0.2%	166,2 ETP

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 · 8 active · 31 ended

Active mandates

Joris De Smedt

Director · since 25 juin 2024

Active

Jens TIMMERMANS

Director · since 26 mars 2024

Active

Johan DE MUYNCK

Director · since 26 mars 2024 · until 19 janvier 2026

Active

Lucas MARAIN

Director · since 26 mars 2024

Active

Marc NUYTEMANS

Director · since 26 mars 2024

Active

Marco LAENENS

Director · since 26 mars 2024

Active

Frederik JACOBS

Director · since 23 septembre 2011

Active

Guido MUELENAER

Director · since 23 septembre 2011

Active

Ended mandates

Jan VAN ROIE

Persoon belast met dagelijks bestuur · since 26 mars 2024

Ended

Johan De Muynck

Chairman of the board of directors · since 26 mars 2024

Ended

Johan DE MUYNCK

Director · since 26 mars 2024

Ended

Frederik Jacobs

Director · since 23 juin 2009 · until 23 juin 2015

Ended

At this address

Other companies at this address

Company	CBE no.
Kunnig● Active	0627.884.760
Sense Operations● Active	0466.843.281

Annual accounts

Full financial information

	2025	2024	2023	2022	2021	2020
Type of account	Full model	Full model	Full model	Full model	Full model	Full 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	08/06/2026	31/07/2025	26/08/2024	25/07/2023	08/08/2022	02/08/2021
General meeting	26/05/2026	24/06/2025	25/06/2024	19/06/2023	17/06/2022	15/06/2021
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

21 filings with the NBB

Model	Closing	General meeting	Filed	Language	Document
Full model	31/12/2025	26/05/2026	08/06/2026	Dutch	PDF
Full model	31/12/2024	24/06/2025	31/07/2025	Dutch	PDF
Full model	31/12/2023	25/06/2024	26/08/2024	Dutch	PDF
Full model	31/12/2022	19/06/2023	25/07/2023	Dutch	PDF
Full model	31/12/2021	17/06/2022	08/08/2022	Dutch	PDF
Full model	31/12/2020	15/06/2021	02/08/2021	Dutch	PDF
Full model	31/12/2019	10/06/2020	15/06/2020	Dutch	PDF
Full model	31/12/2018	04/06/2019	05/06/2019	Dutch	PDF
Full model	31/12/2017	05/06/2018	05/06/2018	Dutch	PDF
Full model	31/12/2016	07/06/2017	08/06/2017	Dutch	PDF
Full model	31/12/2015	07/06/2016	13/06/2016	Dutch	PDF
Full model	31/12/2014	26/05/2015	27/05/2015	Dutch	PDF
Full modelCorrection	31/12/2013	03/06/2014	04/12/2014	Dutch	PDF
Full model	31/12/2013	03/06/2014	06/06/2014	Dutch	PDF
Full model	31/12/2012	21/06/2013	27/06/2013	Dutch	PDF
Full model	31/12/2011	15/06/2012	06/09/2012	Dutch	PDF
Full model	31/12/2010	22/04/2011	02/02/2012	Dutch	PDF
Full model	31/12/2009	07/06/2010	16/06/2010	Dutch	PDF
Full model	31/12/2008	23/06/2009	26/06/2009	Dutch	PDF
Full model	31/12/2007	17/06/2008	25/08/2008	Dutch	PDF
Full model	31/12/2006	27/06/2007	23/07/2007	Dutch	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 · 8 active · 31 ended

Active mandates

Joris De Smedt

Director · since 25 juin 2024

Active

Jens TIMMERMANS

Director · since 26 mars 2024

Active

Johan DE MUYNCK

Director · since 26 mars 2024 · until 19 janvier 2026

Active

Lucas MARAIN

Director · since 26 mars 2024

Active

Marc NUYTEMANS

Director · since 26 mars 2024

Active

Marco LAENENS

Director · since 26 mars 2024

Active

Frederik JACOBS

Director · since 23 septembre 2011

Active

Guido MUELENAER

Director · since 23 septembre 2011

Active

Ended mandates

Jan VAN ROIE

Persoon belast met dagelijks bestuur · since 26 mars 2024

Ended

Johan De Muynck

Chairman of the board of directors · since 26 mars 2024

Ended

Johan DE MUYNCK

Director · since 26 mars 2024

Ended

Frederik Jacobs

Director · since 23 juin 2009 · until 23 juin 2015

Ended

Shareholders

Ownership and network

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Belgian Official Gazette

Belgian Official Gazette publications

Other06/07/2026
—
PDF
Mandates06/03/2026
ONTSLAGEN - BENOEMINGEN
PDF
Mandates23/10/2024
ONTSLAGEN - BENOEMINGEN
PDF
Mandates03/06/2024
BENAMING - ONTSLAGEN - BENOEMINGEN - STATUTEN (VERTALING, COÖRDINATIE, OVERIGE WIJZIGINGEN, )
PDF
Restructuring21/03/2024
STATUTEN (VERTALING, COÖRDINATIE, OVERIGE WIJZIGINGEN, ) - RUBRIEK HERSTRUCTURERING (FUSIE, SPLITSING, OVERDRACHT VERMOGEN, ENZ...) - DIVERSEN
PDF
Mandates11/07/2023
ONTSLAGEN - BENOEMINGEN
PDF
Mandates31/01/2022
ONTSLAGEN - BENOEMINGEN
PDF
Mandates04/06/2020
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 2025345,5 k €↑
2024
Annual accounts 2024232,1 k €↓
2023
Annual accounts 2023540,8 k €↑
2023
Name changeKunnig Operations
2022
Annual accounts 2022429,2 k €↑
2021
Annual accounts 2021333,6 k €↑
2021
Name changeKUNNIG VZW
2020
Annual accounts 2020239,4 k €↓
2019
Annual accounts 2019352,6 k €↓
2018
Annual accounts 2018665,2 k €↑
2017
Annual accounts 201787,1 k €↑
2016
Annual accounts 2016-499,6 k €↓
2015
Annual accounts 2015107,3 k €↓
2014
Annual accounts 2014149,3 k €↓
2013
Annual accounts 2013151 k €↑
2012
Annual accounts 201286,9 k €↑
2011
Annual accounts 201154,1 k €↑
2010
Annual accounts 201011,9 k €↑
2009
Annual accounts 2009-151,2 k €↓
2008
Annual accounts 2008-100,6 k €↓
2007
Annual accounts 20077,3 k €
01/01/1968
IncorporationNon-profit organization

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

Kunnig Operations

Overview

What does Kunnig Operations do?

Trend over 19 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