ACTIVE

LA COURSIVE

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Financial year 2025 · closed on 31/12/2025

Net result

112,6 k €

+97.1% YoY

Gross margin

2,7 M €

+2.6% YoY

Equity

886,7 k €

+14.6% YoY

What does LA COURSIVE do?

LA COURSIVE is a Non-profit organization incorporated in 1968. Its main activity is: Social work activities without accommodation for the elderly and disabled. Its registered office is in Liège.

Legal situation

● Normal situation

BCE/KBO no. / VAT

BE 0409.110.762

Incorporation

04/04/1968

Legal form

Non-profit organization

Registered office

Rue Vieille-Montagne 22
4000 Liège · WallonieSee on map

Latest accounts

31/12/2025

Activities (NACE)

88105Social work activities without accommodation for the elderly and disabled· main 88991Other social work activities without accommodation n.e.c.

Signals

ProfitableSolid equityLow riskGood liquidityPositive cashflowPositive EBITDAHealthy social debts

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✦ Verdict · Analyst summary

Financials

Trend over 18 financial years

	2025		2024		2022		2021		2020		2019		2018		2017		2016		2015		2014		2013		2012		2011		2010		2009		2008		2007
Income statement
Gross margin	2,7 M €	+2.6%	2,6 M €	+11.8%	2,3 M €	+8.4%	2,1 M €	-0.2%	2,1 M €	+2.9%	2,1 M €	+2.8%	2 M €	+0.8%	2 M €	+1.7%	2 M €	+1.1%	2 M €	-0.6%	2 M €	+1.7%	1,9 M €	+4.3%	1,9 M €	+8.2%	1,7 M €	+3.3%	1,7 M €	+3.4%	1,6 M €	+4.8%	1,5 M €	+4.6%	1,5 M €
EBITDA	153,9 k €	+67.1%	92,1 k €	+124%	41,1 k €	-45.1%	74,8 k €	+22.8%	60,9 k €	-39.8%	101,2 k €	+38.2%	73,2 k €	-17.3%	88,6 k €	-9.9%	98,3 k €	-5.5%	104 k €	-8.5%	113,6 k €	+52.4%	74,6 k €	+49.9%	49,7 k €	+4895%	995,8 €	-96.7%	30,3 k €	+136%	12,8 k €	+60.8%	8 k €	-81.6%	43,3 k €
Operating result	112,9 k €	+95.9%	57,6 k €	+360%	12,5 k €	-75.7%	51,6 k €	+19.9%	43,1 k €	-46.3%	80,2 k €	+62.7%	49,3 k €	-4.0%	51,3 k €	-16.5%	61,5 k €	-5.7%	65,2 k €	-19.4%	80,8 k €	+80.3%	44,8 k €	+223%	13,9 k €	+134%	-40,9 k €	-103%	-20,2 k €	+36.6%	-31,8 k €	+3.7%	-33 k €	-416%	10,5 k €
Net result	112,6 k €	+97.1%	57,1 k €	+427%	10,8 k €	-78.3%	49,9 k €	+21.8%	40,9 k €	-47.7%	78,3 k €	+67.3%	46,8 k €	-4.4%	48,9 k €	-19.1%	60,5 k €	-5.1%	63,7 k €	-14.9%	74,9 k €	+94.4%	38,5 k €	+463%	6,8 k €	+114%	-48,9 k €	-77.2%	-27,6 k €	+4.0%	-28,8 k €	-1.1%	-28,4 k €	-330%	12,3 k €
Balance sheet
Equity	886,7 k €	+14.6%	774,1 k €	+11.3%	695,6 k €	+1.6%	684,7 k €	+7.9%	634,9 k €	+6.9%	593,9 k €	+15.2%	515,7 k €	+10.0%	468,9 k €	+11.6%	420 k €	+16.8%	359,5 k €	+21.5%	295,8 k €	+33.9%	220,9 k €	+21.1%	182,4 k €	+3.9%	175,5 k €	-21.8%	224,5 k €	-11.0%	252,1 k €	-10.2%	280,8 k €	-10.3%	312,9 k €
Total assets	1,3 M €	+2.1%	1,2 M €	+11.7%	1,1 M €	+14.4%	971,6 k €	+6.7%	910,3 k €	+5.9%	859,4 k €	+11.5%	770,7 k €	+8.7%	709,3 k €	-6.1%	755,1 k €	+16.7%	646,9 k €	+8.2%	598 k €	+0.8%	593 k €	+4.6%	567 k €	+1.1%	561 k €	-9.6%	620,3 k €	+1.5%	611,3 k €	-0.1%	612,2 k €	+9.9%	556,8 k €
Cash	328,3 k €	+7.8%	304,4 k €	-7.5%	329,2 k €	-18.5%	403,7 k €	+26.6%	318,9 k €	+17.9%	270,6 k €	+64.4%	164,5 k €	-11.0%	185 k €	+7.0%	172,8 k €	+50.6%	114,7 k €	-1.4%	116,3 k €	-23.5%	152,2 k €	+5.6%	144,2 k €	+2.5%	140,7 k €	+36.1%	103,4 k €	+423%	19,8 k €	-65.8%	57,7 k €	+39.6%	41,3 k €
Debts	305 k €	-22.1%	391,5 k €	-4.5%	410,1 k €	+42.9%	286,9 k €	+6.8%	268,7 k €	+2.2%	263 k €	+3.1%	255,1 k €	+7.0%	238,4 k €	-28.5%	333,2 k €	+16.5%	286,1 k €	-4.5%	299,5 k €	-19.3%	371,1 k €	-3.5%	384,7 k €	-0.2%	385,5 k €	-2.6%	395,9 k €	+10.7%	357,5 k €	+8.8%	328,5 k €	+35.9%	241,7 k €
Other
Workforce	–		–		–		–		31,3 ETP	-0.9%	31,6 ETP	0.0%	31,6 ETP	-3.1%	32,6 ETP	+4.2%	31,3 ETP	-0.6%	31,5 ETP	+1.0%	31,2 ETP	-27.4%	43,0 ETP	+506%	7,1 ETP	-75.8%	29,3 ETP	+2.8%	28,5 ETP	+2.5%	27,8 ETP	-1.4%	28,2 ETP	+3.3%	27,3 ETP

Estimate

Indicative valuation

As an indication, this company is worth

between 1 M€ and 2,5 M€

See the valuation

Governance

Board of directors

Seen on filing of 31/12/2016 · 1 active

Active mandates

Bernadette SCHIFFLERS-MULLER

Mandate

Active

Annual accounts

Full financial information

	2025	2024	2022	2021	2020	2019
Type of account	Micro model	Micro model	Micro model	Abridged model	Abridged model	Abridged model
Start of the financial year	01/01/2025	01/01/2024	01/01/2022	01/01/2021	01/01/2020	01/01/2019
Closing of the financial year	31/12/2025	31/12/2024	31/12/2022	31/12/2021	31/12/2020	31/12/2019
Length of the financial year	12 months	12 months	12 months	12 months	12 months	12 months
Filing date	31/08/2026	16/01/2026	13/12/2023	31/08/2022	08/06/2021	26/08/2020
General meeting	23/04/2026	28/04/2025	25/04/2023	25/04/2022	07/06/2021	09/07/2020
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

19 filings with the NBB

Model	Closing	General meeting	Filed	Language	Document
Micro model	31/12/2025	23/04/2026	31/08/2026	French	PDF
Micro model	31/12/2024	28/04/2025	16/01/2026	French	PDF
Micro model	31/12/2022	25/04/2023	13/12/2023	French	PDF
Abridged model	31/12/2021	25/04/2022	31/08/2022	French	PDF
Abridged model	31/12/2020	07/06/2021	08/06/2021	French	PDF
Abridged model	31/12/2019	09/07/2020	26/08/2020	French	PDF
Abridged model	31/12/2018	25/03/2019	02/04/2019	French	PDF
Abridged model	31/12/2017	19/03/2018	26/03/2018	French	PDF
Abridged model	31/12/2016	08/05/2017	06/06/2017	French	PDF
Abridged model	31/12/2015	21/03/2016	07/04/2016	French	PDF
Abridged model	31/12/2014	23/03/2015	31/03/2015	French	PDF
Abridged model	31/12/2013	31/03/2014	22/04/2014	French	PDF
Abridged model	31/12/2012	18/03/2013	06/05/2013	French	PDF
Abridged model	31/12/2011	19/03/2012	31/05/2012	French	PDF
Abridged model	31/12/2010	21/03/2011	23/03/2011	French	PDF
Abridged model	31/12/2009	29/03/2010	18/05/2010	French	PDF
Abridged model	31/12/2008	30/03/2009	13/07/2009	French	PDF
Abridged model	31/12/2007	17/03/2008	28/04/2008	French	PDF
Abridged model	31/12/2006	26/03/2007	12/12/2007	French	PDF

Estimate

Indicative valuation

Order of magnitude

As an indication, this company is worth

between 1 M€ and 2,5 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 31/12/2016 · 1 active

Active mandates

Bernadette SCHIFFLERS-MULLER

Mandate

Active

Shareholders

Ownership and network

Looking for more information about this company?

Try for 7 days

Belgian Official Gazette

Belgian Official Gazette publications

Mandates16/07/2026
DEMISSIONS, NOMINATIONS
PDF
Mandates26/08/2025
DEMISSIONS, NOMINATIONS
PDF
Mandates30/01/2024
DEMISSIONS, NOMINATIONS - STATUTS (TRADUCTION, COORDINATION, AUTRES MODIFICATIONS, )
PDF
Mandates31/01/2023
DEMISSIONS, NOMINATIONS
PDF
Mandates10/04/2020
DEMISSIONS, NOMINATIONS
PDF
Mandates25/04/2017
DEMISSIONS, NOMINATIONS
PDF
Mandates02/04/2014
DEMISSIONS, NOMINATIONS
PDF
Mandates17/06/2011
DEMISSIONS, NOMINATIONS
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 2025112,6 k €↑
2024
Annual accounts 202457,1 k €↑
2022
Annual accounts 202210,8 k €↓
2021
Annual accounts 202149,9 k €↑
2020
Annual accounts 202040,9 k €↓
2019
Annual accounts 201978,3 k €↑
2018
Annual accounts 201846,8 k €↓
2017
Annual accounts 201748,9 k €↓
2016
Annual accounts 201660,5 k €↓
2015
Annual accounts 201563,7 k €↓
2014
Annual accounts 201474,9 k €↑
2013
Annual accounts 201338,5 k €↑
2012
Annual accounts 20126,8 k €↑
2011
Annual accounts 2011-48,9 k €↓
2010
Annual accounts 2010-27,6 k €↑
2009
Annual accounts 2009-28,8 k €↓
2008
Annual accounts 2008-28,4 k €↓
2007
Annual accounts 200712,3 k €
04/04/1968
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

LA COURSIVE

Overview

What does LA COURSIVE do?

Trend over 18 financial years

Indicative valuation

Board of directors

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