ACTIVE

MAAAT

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Financial year 2025 · closed on 31/12/2025

Net result

1,8 M €

+2047.3% YoY

Revenue

3,6 M €

-12.2% YoY

Equity

11,3 M €

+18.7% YoY

Workforce

186,8 ETP

+1.2% YoY

What does MAAAT do?

MAAAT is a Non-profit organization incorporated in 1968. Its main activity is: Technical and vocational secondary education. Its registered office is in Aalst. It employs on average 186,8 ETP workers (FTE).

Legal situation

● Normal situation

BCE/KBO no. / VAT

BE 0407.766.422

Incorporation

18/04/1968

Legal form

Non-profit organization

Registered office

Wijngaardveld 7
9300 Aalst · FlandreSee on map

Latest accounts

31/12/2025

Average workforce

186,8 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 (2)

327
32701

Signals

ProfitableSolid equityLow riskGood liquidityPositive cashflowPositive EBITDAHealthy social debtsHigh revenue

View the BCE/KBO Public Search record →

Health score

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✦ Verdict · Analyst summary

Financials

Trend over 18 financial years

	2025		2024		2023		2022		2021		2020		2019		2018		2017		2016		2015		2014		2013		2012		2011		2010		2009		2008
Income statement
Revenue	3,6 M €	-12.2%	4,2 M €	+7.9%	3,8 M €	-0.5%	3,9 M €	+23.0%	3,1 M €	+55.7%	2 M €	+2.3%	2 M €	+4.0%	1,9 M €	-7.0%	2 M €	+4.4%	2 M €	+0.7%	1,9 M €	+14.5%	1,7 M €	+2.8%	1,6 M €	+9.9%	1,5 M €	+3.1%	1,5 M €	-8.8%	1,6 M €	+14.4%	1,4 M €	-16.1%	1,7 M €
EBITDA	2,3 M €	+241%	669,9 k €	-4.2%	699,6 k €	+22.9%	569,2 k €	+15.1%	494,4 k €	+808%	-69,8 k €	+78.7%	-327,9 k €	-213%	291 k €	-60.5%	736,3 k €	+4.4%	705,3 k €	+14.5%	615,9 k €	+47.4%	417,8 k €	+7.5%	388,6 k €	+24.3%	312,6 k €	-15.7%	371 k €	-7.2%	399,7 k €	+19.1%	335,6 k €	-31.8%	491,8 k €
Operating result	1,8 M €	+2521%	67,8 k €	-9.8%	75,2 k €	-29.4%	106,4 k €	+46.6%	72,6 k €	+116%	-440,8 k €	+33.1%	-659 k €	-923%	80,1 k €	-84.6%	520,1 k €	+7.4%	484,2 k €	+22.1%	396,5 k €	+103%	195,5 k €	+10.8%	176,5 k €	+53.3%	115,2 k €	-31.5%	168,2 k €	+4.5%	161 k €	+19.2%	135 k €	-52.9%	286,6 k €
Net result	1,8 M €	+2047%	83,1 k €	-70.1%	278,5 k €	+231%	84,2 k €	-70.6%	286,2 k €	+157%	-502,3 k €	+21.5%	-640,2 k €	-1110%	63,4 k €	-88.4%	548,1 k €	+8.1%	507 k €	+17.7%	430,7 k €	+86.0%	231,6 k €	-3.6%	240,2 k €	+38.1%	173,9 k €	-69.5%	570,6 k €	+195%	193,2 k €	-9.2%	212,7 k €	-54.7%	469,7 k €
Balance sheet
Equity	11,3 M €	+18.7%	9,5 M €	+0.5%	9,5 M €	+2.8%	9,2 M €	+1.3%	9,1 M €	+2.8%	8,8 M €	-5.1%	9,3 M €	-6.3%	9,9 M €	+0.8%	9,9 M €	+5.8%	9,3 M €	+5.4%	8,8 M €	+4.8%	8,4 M €	+2.5%	8,2 M €	+2.6%	8 M €	+1.8%	7,9 M €	+8.6%	7,2 M €	+2.4%	7,1 M €	+6.2%	6,7 M €
Total assets	15,7 M €	+17.5%	13,4 M €	-2.5%	13,7 M €	-1.6%	13,9 M €	+27.8%	10,9 M €	+11.6%	9,8 M €	-6.1%	10,4 M €	-4.2%	10,9 M €	-0.2%	10,9 M €	+5.7%	10,3 M €	+7.7%	9,5 M €	+3.1%	9,3 M €	+2.7%	9 M €	+2.0%	8,8 M €	+0.9%	8,8 M €	+8.4%	8,1 M €	+1.9%	7,9 M €	+5.6%	7,5 M €
Cash	1,9 M €	+2.8%	1,8 M €	-36.5%	2,9 M €	+12.9%	2,5 M €	+4.9%	2,4 M €	+38.1%	1,7 M €	-67.1%	5,3 M €	-26.8%	7,2 M €	+2.1%	7,1 M €	+11.4%	6,4 M €	+27.1%	5 M €	+4.0%	4,8 M €	+4.4%	4,6 M €	+1.3%	4,6 M €	+71.5%	2,7 M €	+30.8%	2 M €	+52.5%	1,3 M €	+1400%	88,7 k €
Debts	4 M €	+6.8%	3,8 M €	-6.9%	4 M €	-10.0%	4,5 M €	+173%	1,6 M €	+135%	702,5 k €	-23.6%	919,3 k €	+17.2%	784,3 k €	+2.9%	762,4 k €	-1.9%	777,3 k €	+52.3%	510,4 k €	-22.4%	658,1 k €	+6.4%	618,7 k €	-6.2%	659,7 k €	-8.0%	717,1 k €	+7.3%	668,1 k €	+5.1%	636 k €	-4.3%	664,8 k €
Other
Workforce	186,8 ETP	+1.2%	184,5 ETP	+1.3%	182,2 ETP	+5.8%	172,2 ETP	+0.1%	172,0 ETP	+6.1%	162,1 ETP	+4.2%	155,5 ETP	+11.6%	139,3 ETP	+1.5%	137,3 ETP	-2.4%	140,7 ETP	-0.8%	141,9 ETP	+4.3%	136,0 ETP	+4.4%	130,3 ETP	+0.6%	129,5 ETP	-2.8%	133,2 ETP	-4.3%	139,2 ETP	+2.1%	136,3 ETP	-5.0%	143,5 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 · 59 ended

Active mandates

Dirk Ockerman

Director · since 10 juin 2025 · until 10 juin 2031

Active

Geert Verdoodt

Director · since 27 mai 2021 · until 27 mai 2027

Active

Isabelle Van den Nest

Director · since 27 mai 2021 · until 27 mai 2027

Active

Jozef Buekens

Director · since 27 mai 2021 · until 27 mai 2027

Active

Philippe Kiekens

Chairman of the board of directors · since 27 mai 2021 · until 27 mai 2027

Active

Marc Van den Eede

Director · since 30 avril 2021 · until 27 mai 2027

Active

Elke Van Neck

Director · since 25 avril 2021 · until 27 mai 2027

Active

Luc Van der Biest

Director · since 25 avril 2021 · until 27 mai 2027

Active

Ended mandates

Bank- en verzekeringsagent REGIO AALST

Director · since 27 mai 2021 · until 18 octobre 2023 · 0464.206.861

Represented by Jan Buydens

Ended

BESCHERMCOMITE DE HORIZON

Director · since 27 mai 2021 · until 18 octobre 2023 · 0409.068.992

Represented by Vera Van Schoors

Ended

L&M CONSULT

Director · since 27 mai 2021 · until 27 mai 2027 · 0878.066.566

Represented by Marc Van Den Eede

Ended

LEVENSVREUGDE

Director · since 27 mai 2021 · until 27 mai 2027 · 0407.656.356

Represented by Elke Van Neck

Ended

At this address

Other companies at this address

Company	CBE no.
Bedrijvenvereniging Aalst● Active	1028.897.113

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	12/06/2026	11/06/2025	10/06/2024	23/06/2023	02/06/2022	28/05/2021
General meeting	09/06/2026	10/06/2025	06/06/2024	06/06/2023	01/06/2022	27/05/2021
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	09/06/2026	12/06/2026	Dutch	PDF
Full model	31/12/2024	10/06/2025	11/06/2025	Dutch	PDF
Full model	31/12/2023	06/06/2024	10/06/2024	Dutch	PDF
Full model	31/12/2022	06/06/2023	23/06/2023	Dutch	PDF
Full model	31/12/2021	01/06/2022	02/06/2022	Dutch	PDF
Full model	31/12/2020	27/05/2021	28/05/2021	Dutch	PDF
Full model	31/12/2019	28/05/2020	09/06/2020	Dutch	PDF
Full model	31/12/2018	25/04/2019	03/05/2019	Dutch	PDF
Full model	31/12/2017	26/04/2018	27/04/2018	Dutch	PDF
Full model	31/12/2016	26/04/2017	27/04/2017	Dutch	PDF
Full model	31/12/2015	20/04/2016	10/05/2016	Dutch	PDF
Full model	31/12/2014	30/04/2015	19/05/2015	Dutch	PDF
Full model	31/12/2013	30/04/2014	05/05/2014	Dutch	PDF
Full model	31/12/2012	24/04/2013	25/04/2013	Dutch	PDF
Full model	31/12/2011	26/04/2012	26/04/2012	Dutch	PDF
Full model	31/12/2010	28/04/2011	26/05/2011	Dutch	PDF
Full model	31/12/2009	29/04/2010	30/04/2010	Dutch	PDF
Full model	31/12/2008	30/04/2009	29/05/2009	Dutch	PDF
Full model	31/12/2007	30/04/2008	14/05/2008	Dutch	PDF
Full model	31/12/2006	26/04/2007	23/05/2007	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 · 59 ended

Active mandates

Dirk Ockerman

Director · since 10 juin 2025 · until 10 juin 2031

Active

Geert Verdoodt

Director · since 27 mai 2021 · until 27 mai 2027

Active

Isabelle Van den Nest

Director · since 27 mai 2021 · until 27 mai 2027

Active

Jozef Buekens

Director · since 27 mai 2021 · until 27 mai 2027

Active

Philippe Kiekens

Chairman of the board of directors · since 27 mai 2021 · until 27 mai 2027

Active

Marc Van den Eede

Director · since 30 avril 2021 · until 27 mai 2027

Active

Elke Van Neck

Director · since 25 avril 2021 · until 27 mai 2027

Active

Luc Van der Biest

Director · since 25 avril 2021 · until 27 mai 2027

Active

Ended mandates

Bank- en verzekeringsagent REGIO AALST

Director · since 27 mai 2021 · until 18 octobre 2023 · 0464.206.861

Represented by Jan Buydens

Ended

BESCHERMCOMITE DE HORIZON

Director · since 27 mai 2021 · until 18 octobre 2023 · 0409.068.992

Represented by Vera Van Schoors

Ended

L&M CONSULT

Director · since 27 mai 2021 · until 27 mai 2027 · 0878.066.566

Represented by Marc Van Den Eede

Ended

LEVENSVREUGDE

Director · since 27 mai 2021 · until 27 mai 2027 · 0407.656.356

Represented by Elke Van Neck

Ended

Shareholders

Ownership and network

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Try for 7 days

Belgian Official Gazette

Belgian Official Gazette publications

Mandates07/08/2026
ONTSLAGEN - BENOEMINGEN
PDF
Mandates15/07/2026
ONTSLAGEN - BENOEMINGEN
PDF
Mandates04/08/2025
ONTSLAGEN - BENOEMINGEN
PDF
Mandates24/01/2025
ONTSLAGEN - BENOEMINGEN
PDF
Mandates02/01/2025
ONTSLAGEN - BENOEMINGEN
PDF
Mandates24/11/2023
ONTSLAGEN - BENOEMINGEN
PDF
Mandates24/11/2023
ONTSLAGEN - BENOEMINGEN
PDF
Mandates02/07/2021
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 20251,8 M €↑
2024
Annual accounts 202483,1 k €↓
2023
Annual accounts 2023278,5 k €↑
2022
Annual accounts 202284,2 k €↓
2021
Annual accounts 2021286,2 k €↑
2020
Annual accounts 2020-502,3 k €↑
2019
Annual accounts 2019-640,2 k €↓
2018
Annual accounts 201863,4 k €↓
2017
Annual accounts 2017548,1 k €↑
2016
Annual accounts 2016507 k €↑
2015
Annual accounts 2015430,7 k €↑
2014
Annual accounts 2014231,6 k €↓
2013
Annual accounts 2013240,2 k €↑
2012
Annual accounts 2012173,9 k €↓
2011
Annual accounts 2011570,6 k €↑
2010
Annual accounts 2010193,2 k €↓
2009
Annual accounts 2009212,7 k €↓
2008
Annual accounts 2008469,7 k €
18/04/1968
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

MAAAT

Overview

What does MAAAT do?

Trend over 18 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