ACTIVE

MIVAS

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Financial year 2025 · closed on 31/12/2025

Net result

412 k €

+117.4% YoY

Revenue

11,6 M €

-6.6% YoY

Equity

28,1 M €

+2.2% YoY

Workforce

634,6 ETP

-1.0% YoY

What does MIVAS do?

MIVAS is a Non-profit organization incorporated in 1966. Its main activity is: Technical and vocational secondary education. Its registered office is in Lier. It employs on average 634,6 ETP workers (FTE).

Legal situation

● Normal situation

BCE/KBO no. / VAT

BE 0407.597.958

Incorporation

07/04/1966

Legal form

Non-profit organization

Registered office

Plaslaar 41
2500 Lier · FlandreSee on map

Latest accounts

31/12/2025

Average workforce

634,6 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

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✦ Verdict · Analyst summary

Financials

Trend over 16 financial years

	2025		2024		2023		2022		2021		2020		2019		2018		2017		2016		2015		2013		2012		2011		2010		2007
Income statement
Revenue	11,6 M €	-6.6%	12,4 M €	+13.6%	10,9 M €	+4.8%	10,4 M €	+3.1%	10,1 M €	+22.3%	8,3 M €	-16.1%	9,9 M €	+13.3%	8,7 M €	-11.7%	9,9 M €	-9.9%	10,9 M €	+8.9%	10 M €	+4.1%	9,6 M €	-1.4%	9,8 M €	-1.4%	9,9 M €	+14.2%	8,7 M €	+37.0%	6,3 M €
EBITDA	873,7 k €	-19.1%	1,1 M €	+1.1%	1,1 M €	+42.9%	747,8 k €	-66.4%	2,2 M €	-0.3%	2,2 M €	+25.3%	1,8 M €	+122%	804,4 k €	-51.6%	1,7 M €	-28.8%	2,3 M €	-10.7%	2,6 M €	+181%	931,2 k €	+23.8%	751,9 k €	-49.4%	1,5 M €	+71.4%	867,9 k €	+48.8%	583,3 k €
Operating result	-162,9 k €	-605%	32,3 k €	-64.3%	90,4 k €	+131%	-295,7 k €	-128%	1,1 M €	+10.1%	975,6 k €	+112%	460,4 k €	+190%	-513,5 k €	-246%	350,8 k €	-62.2%	928 k €	-30.2%	1,3 M €	+371%	-490,1 k €	-77.4%	-276,2 k €	-153%	518,6 k €	+839%	-70,2 k €	-225%	-21,6 k €
Net result	412 k €	+117%	189,5 k €	-38.6%	308,8 k €	+166%	-464,4 k €	-141%	1,1 M €	+13.8%	996,5 k €	+93.6%	514,9 k €	+186%	-597,3 k €	-208%	551,9 k €	-45.5%	1 M €	-21.4%	1,3 M €	+446%	-371,5 k €	-879%	47,7 k €	-94.2%	821,2 k €	+153%	324,8 k €	-74.0%	1,3 M €
Balance sheet
Equity	28,1 M €	+2.2%	27,5 M €	+0.6%	27,3 M €	+1.0%	27,1 M €	-1.9%	27,6 M €	+4.0%	26,5 M €	+3.5%	25,6 M €	+1.9%	25,2 M €	-2.5%	25,8 M €	+2.0%	25,3 M €	+3.6%	24,4 M €	+7.3%	22,8 M €	+2.1%	22,3 M €	+1.3%	22 M €	+3.7%	21,2 M €	-2.5%	21,8 M €
Total assets	32 M €	+0.4%	31,8 M €	-0.2%	31,9 M €	+2.3%	31,2 M €	+3.1%	30,2 M €	+5.0%	28,8 M €	+0.3%	28,7 M €	+4.0%	27,6 M €	-8.7%	30,2 M €	+5.7%	28,6 M €	+2.2%	28 M €	+0.6%	27,8 M €	+9.9%	25,3 M €	+5.6%	23,9 M €	+4.1%	23 M €	-1.9%	23,4 M €
Cash	7,2 M €	+62.9%	4,4 M €	-20.0%	5,5 M €	-20.2%	6,9 M €	-7.6%	7,5 M €	+19.7%	6,3 M €	+23.8%	5,1 M €	+37.6%	3,7 M €	-14.9%	4,3 M €	+214%	1,4 M €	-8.7%	1,5 M €	+1080%	128 k €	-84.2%	808,1 k €	-59.4%	2 M €	+2996%	64,3 k €	-91.6%	761,5 k €
Debts	3,8 M €	-5.0%	4 M €	-9.8%	4,4 M €	+14.3%	3,9 M €	+62.4%	2,4 M €	+10.2%	2,2 M €	-29.3%	3 M €	+26.8%	2,4 M €	-44.8%	4,3 M €	+37.7%	3,2 M €	-9.3%	3,5 M €	-29.4%	4,9 M €	+69.9%	2,9 M €	+56.0%	1,9 M €	+9.7%	1,7 M €	+1.2%	1,7 M €
Other
Workforce	634,6 ETP	-1.0%	641,0 ETP	+2.1%	628,0 ETP	+1.3%	620,0 ETP	+2.9%	602,3 ETP	-0.4%	604,7 ETP	-0.7%	608,7 ETP	-2.2%	622,1 ETP	-1.6%	632,3 ETP	+3.8%	609,2 ETP	+4.2%	584,7 ETP	+0.4%	582,1 ETP	-1.6%	591,3 ETP	+1.8%	580,7 ETP	+4.8%	554,2 ETP	+24.8%	444,0 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 · 6 active · 50 ended

Active mandates

Kurt Keirsmakers

Chairman of the board of directors · since 29 mai 2024 · until 06 mai 2028

Active

Claudia De Moor

Director · since 06 mai 2024 · until 06 mai 2028

Active

Els Dubois

Director · since 06 mai 2024 · until 06 mai 2028

Active

Kurt Vereycken

Director · since 06 mai 2024 · until 06 mai 2028

Active

Veerle Van Damme

Director · since 06 mai 2024 · until 06 mai 2028

Active

Annemie Cornille

Director · since 27 avril 2022 · until 27 avril 2026

Active

Ended mandates

Dominic Van Oosterwyck

Director · since 06 mai 2024 · until 15 juillet 2024

Ended

Bart Iliaens

Director · since 27 avril 2022 · until 10 mai 2023

Ended

Bart Iliaens

Director · since 27 avril 2022 · until 27 avril 2026

Ended

Carl Van den Eynde

Director · since 27 avril 2022 · until 30 novembre 2022

Ended

At this address

Other companies at this address

Company	CBE no.
Duwijckpark● Active	0880.707.144
PARTNERS IN MAATWERK● Active	0657.969.410

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	24/06/2026	18/06/2025	03/06/2024	30/05/2023	23/05/2022	22/06/2021
General meeting	27/05/2026	07/05/2025	06/05/2024	10/05/2023	27/04/2022	16/06/2021
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
Full model	31/12/2025	27/05/2026	24/06/2026	Dutch	PDF
Full model	31/12/2024	07/05/2025	18/06/2025	Dutch	PDF
Full model	31/12/2023	06/05/2024	03/06/2024	Dutch	PDF
Full model	31/12/2022	10/05/2023	30/05/2023	Dutch	PDF
Full model	31/12/2021	27/04/2022	23/05/2022	Dutch	PDF
Full model	31/12/2020	16/06/2021	22/06/2021	Dutch	PDF
Full model	31/12/2019	25/06/2020	02/07/2020	Dutch	PDF
Full model	31/12/2018	28/03/2019	02/04/2019	Dutch	PDF
Full model	31/12/2017	29/03/2018	05/04/2018	Dutch	PDF
Full model	31/12/2016	23/03/2017	05/04/2017	Dutch	PDF
Full model	31/12/2015	24/03/2016	11/04/2016	Dutch	PDF
Full model	31/12/2014	25/03/2015	30/03/2015	Dutch	PDF
Full model	31/12/2013	26/03/2014	01/07/2014	Dutch	PDF
Full model	31/12/2012	27/03/2013	26/04/2013	Dutch	PDF
Full model	31/12/2011	28/03/2012	22/05/2012	Dutch	PDF
Full model	31/12/2010	30/03/2011	02/05/2011	Dutch	PDF
Full model	31/12/2009	31/03/2010	11/05/2010	Dutch	PDF
Full model	31/12/2008	25/03/2009	04/05/2009	Dutch	PDF
Full model	31/12/2007	26/03/2008	29/09/2008	Dutch	PDF
Full model	31/12/2006	21/03/2007	10/04/2007	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 · 6 active · 50 ended

Active mandates

Kurt Keirsmakers

Chairman of the board of directors · since 29 mai 2024 · until 06 mai 2028

Active

Claudia De Moor

Director · since 06 mai 2024 · until 06 mai 2028

Active

Els Dubois

Director · since 06 mai 2024 · until 06 mai 2028

Active

Kurt Vereycken

Director · since 06 mai 2024 · until 06 mai 2028

Active

Veerle Van Damme

Director · since 06 mai 2024 · until 06 mai 2028

Active

Annemie Cornille

Director · since 27 avril 2022 · until 27 avril 2026

Active

Ended mandates

Dominic Van Oosterwyck

Director · since 06 mai 2024 · until 15 juillet 2024

Ended

Bart Iliaens

Director · since 27 avril 2022 · until 10 mai 2023

Ended

Bart Iliaens

Director · since 27 avril 2022 · until 27 avril 2026

Ended

Carl Van den Eynde

Director · since 27 avril 2022 · until 30 novembre 2022

Ended

Shareholders

Ownership and network

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Belgian Official Gazette

Belgian Official Gazette publications

Mandates19/08/2025
ONTSLAGEN - BENOEMINGEN
PDF
Mandates05/02/2025
ONTSLAGEN - BENOEMINGEN
PDF
Mandates05/08/2024
ONTSLAGEN - BENOEMINGEN
PDF
Mandates01/02/2024
ONTSLAGEN - BENOEMINGEN
PDF
Mandates17/07/2023
ONTSLAGEN - BENOEMINGEN
PDF
Mandates31/03/2023
ONTSLAGEN - BENOEMINGEN
PDF
Mandates07/02/2023
ONTSLAGEN - BENOEMINGEN
PDF
Mandates17/06/2022
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 2025412 k €↑
2024
Annual accounts 2024189,5 k €↓
2023
Annual accounts 2023308,8 k €↑
2022
Annual accounts 2022-464,4 k €↓
2021
Annual accounts 20211,1 M €↑
2020
Annual accounts 2020996,5 k €↑
2019
Annual accounts 2019514,9 k €↑
2018
Annual accounts 2018-597,3 k €↓
2017
Annual accounts 2017551,9 k €↓
2016
Annual accounts 20161 M €↓
2015
Annual accounts 20151,3 M €↑
2015
Name changeMIVAS
2013
Annual accounts 2013-371,5 k €↓
2012
Annual accounts 201247,7 k €↓
2011
Annual accounts 2011821,2 k €↑
2010
Annual accounts 2010324,8 k €↓
2007
Annual accounts 20071,3 M €
2007
Name changeMinder-Validen Arbeiden Samen
07/04/1966
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

MIVAS

Overview

What does MIVAS 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