ACTIVE

Source

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Financial year 2025 · closed on 31/12/2025

Net result

11,2 k €

-85.5% YoY

Gross margin

2,1 M €

+6.6% YoY

Equity

1,9 M €

+2.0% YoY

Workforce

31,3 ETP

-5.4% YoY

What does Source do?

Source is a Non-profit organization incorporated in 1959. Its main activity is: General secondary education. Its registered office is in Bruxelles. It employs on average 31,3 ETP workers (FTE).

Legal situation

● Normal situation

BCE/KBO no. / VAT

BE 0410.699.483

Incorporation

17/01/1959

Legal form

Non-profit organization

Registered office

Rue de la Senne 78
1000 Bruxelles · BruxellesSee on map

Latest accounts

31/12/2025

Average workforce

31,3 ETP

Activities (NACE)

85316General secondary education· main 87902Other residential care activities 87992Other residential care activities

Joint committees (1)

31902

Signals

ProfitableSolid equityLow riskGood liquidityPositive cashflowPositive EBITDAHealthy social debts

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Health score

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✦ Verdict · Analyst summary

Financials

Trend over 16 financial years

	2025		2024		2023		2022		2021		2020		2019		2018		2017		2016		2015		2014		2013		2012		2011		2009
Income statement
Gross margin	2,1 M €	+6.6%	2,0 M €	+7.2%	1,9 M €	-5.4%	2,0 M €	+15.8%	1,7 M €	+11.9%	1,5 M €	+0.4%	1,5 M €	+8.1%	1,4 M €	+4.9%	1,3 M €	-2.6%	1,4 M €	+0.7%	1,4 M €	+3.0%	1,3 M €	+4.3%	1,3 M €	+3.3%	1,2 M €	+15.8%	1,1 M €	+6.6%	1,0 M €
EBITDA	136,7 k €	+83.0%	74,7 k €	-6.8%	80,1 k €	-39.5%	132,5 k €	+91.3%	69,3 k €	-19.9%	86,5 k €	+565%	13,0 k €	+54.1%	8,4 k €	-45.6%	15,5 k €	-12.3%	17,7 k €	-62.4%	47,1 k €	+53.5%	30,7 k €	-76.0%	127,7 k €	-15.2%	150,6 k €	+169%	55,9 k €	+232%	-42,4 k €
Operating result	-20,6 k €	+75.0%	-82,4 k €	-49.2%	-55,3 k €	-1259%	-4,1 k €	-177%	5,3 k €	+192%	-5,8 k €	+82.2%	-32,3 k €	+38.1%	-52,1 k €	-142%	-21,5 k €	+48.0%	-41,4 k €	-34.1%	-30,9 k €	-2.1%	-30,2 k €	-137%	80,9 k €	-25.2%	108,1 k €	+559%	16,4 k €	+121%	-77,9 k €
Net result	11,2 k €	-85.5%	77,2 k €	+152%	30,6 k €	-32.2%	45,1 k €	+104%	22,1 k €	+4.1%	21,3 k €	+294%	-10,9 k €	+69.1%	-35,4 k €	-263%	-9,7 k €	+15.8%	-11,6 k €	-141%	27,9 k €	+216%	8,9 k €	-93.1%	129,2 k €	-9.6%	142,9 k €	+135%	60,9 k €	+204%	-58,5 k €
Balance sheet
Equity	1,9 M €	+2.0%	1,9 M €	+8.1%	1,7 M €	-0.4%	1,8 M €	+40.5%	1,2 M €	+1.6%	1,2 M €	+6.3%	1,2 M €	-1.9%	1,2 M €	+21.3%	971,2 k €	+2.4%	948,2 k €	+0.7%	941,5 k €	+42.0%	662,9 k €	+2.9%	644,4 k €	+21.6%	530,1 k €	+31.9%	402,0 k €	+17.3%	342,6 k €
Total assets	3,2 M €	+1.6%	3,1 M €	+5.6%	3,0 M €	-2.6%	3,1 M €	+17.9%	2,6 M €	+36.9%	1,9 M €	+0.2%	1,9 M €	+0.2%	1,9 M €	+12.0%	1,7 M €	-3.4%	1,7 M €	+1.8%	1,7 M €	+67.7%	1,0 M €	+4.7%	974,1 k €	+14.5%	850,6 k €	+19.1%	713,9 k €	+0.4%	711,5 k €
Cash	196,4 k €	-38.0%	316,9 k €	+105%	154,3 k €	-71.9%	549,5 k €	-38.3%	890,4 k €	+190%	307,5 k €	+9.6%	280,5 k €	+4.7%	268,0 k €	+210%	86,4 k €	-84.8%	569,3 k €	-3.0%	586,9 k €	+10.2%	532,4 k €	+7.4%	495,7 k €	+9.8%	451,5 k €	+40.0%	322,6 k €	+167%	120,9 k €
Debts	844,7 k €	-4.2%	881,6 k €	-2.8%	906,6 k €	-14.4%	1,1 M €	+37.4%	771,3 k €	+21.0%	637,6 k €	-7.2%	687,3 k €	-0.4%	690,3 k €	-0.4%	692,8 k €	-8.1%	754,1 k €	+0.2%	752,9 k €	+120%	341,9 k €	+8.6%	314,7 k €	+4.7%	300,5 k €	+3.6%	290,0 k €	+1.8%	284,8 k €
Other
Workforce	31,3 ETP	-5.4%	33,1 ETP	0.0%	33,1 ETP	-0.6%	33,3 ETP	+4.4%	31,9 ETP	+7.8%	29,6 ETP	-3.6%	30,7 ETP	+1.3%	30,3 ETP	+7.1%	28,3 ETP	0.0%	28,3 ETP	+8.8%	26,0 ETP	-3.7%	27,0 ETP	+10.2%	24,5 ETP	-5.8%	26,0 ETP	0.0%	26,0 ETP	+13.0%	23,0 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 31/12/2025 · 7 active · 33 ended

Active mandates

ALAIN DE LONGUEVILLE

Director · since 28 mai 2023 · until 28 mai 2029

Active

CLAIRE MEYER

Director · since 28 mai 2023 · until 28 mai 2029

Active

ERIC VAN HUFFEL D'HEYNSBROECK

Chairman of the board of directors · since 28 mai 2023 · until 28 mai 2029

Active

GUY VAN DER BRUGGEN

Director · since 28 mai 2023 · until 28 mai 2029

Active

JEAN-FRANCOIS TAYMANS

Director · since 28 mai 2023 · until 28 mai 2029

Active

MURAT KARAKAOGLU

Personne déléguée à la gestion journalière · since 28 mai 2023 · until 28 mai 2029

Active

THIERRY MERTENS

Director · since 28 mai 2023 · until 28 mai 2029

Active

Ended mandates

ERIC VAN NUFFEL D'HEYNSBROECK

Chairman of the board of directors · since 28 mai 2023 · until 28 mai 2029

Ended

GUY VAN DER BRUGGEN

Director · since 28 mai 2023 · until 29 mai 2029

Ended

ALAIN DE LONGUEVILLE

Director

Ended

Anne Desmarets

Mandate

Ended

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	09/06/2026	05/06/2025	16/05/2024	03/07/2023	24/06/2022	16/06/2021
General meeting	20/05/2026	22/05/2025	24/04/2024	26/05/2023	26/04/2022	04/05/2021
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
Abridged model	31/12/2025	20/05/2026	09/06/2026	French	PDF
Abridged model	31/12/2024	22/05/2025	05/06/2025	French	PDF
Abridged model	31/12/2023	24/04/2024	16/05/2024	French	PDF
Abridged model	31/12/2022	26/05/2023	03/07/2023	French	PDF
Abridged model	31/12/2021	26/04/2022	24/06/2022	French	PDF
Abridged model	31/12/2020	04/05/2021	16/06/2021	French	PDF
Abridged model	31/12/2019	16/06/2020	22/06/2020	French	PDF
Abridged model	31/12/2018	30/04/2019	24/05/2019	French	PDF
Abridged model	31/12/2017	26/04/2018	09/08/2018	French	PDF
Abridged model	31/12/2016	04/05/2017	12/12/2017	French	PDF
Abridged model	31/12/2015	24/03/2016	26/08/2016	French	PDF
Abridged model	31/12/2014	30/03/2015	24/08/2015	French	PDF
Abridged model	31/12/2013	02/04/2014	06/02/2015	French	PDF
Abridged model	31/12/2012	29/04/2013	31/07/2013	French	PDF
Abridged model	31/12/2011	01/03/2012	24/10/2012	French	PDF
Abridged model	31/12/2010	27/04/2011	20/09/2011	French	PDF
Abridged model	31/12/2009	29/04/2010	25/06/2010	French	PDF
Abridged model	31/12/2008	23/04/2009	25/06/2009	French	PDF
Abridged model	31/12/2007	17/04/2008	29/05/2008	French	PDF
Abridged model	31/12/2006	29/03/2007	28/11/2007	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 31/12/2025 · 7 active · 33 ended

Active mandates

ALAIN DE LONGUEVILLE

Director · since 28 mai 2023 · until 28 mai 2029

Active

CLAIRE MEYER

Director · since 28 mai 2023 · until 28 mai 2029

Active

ERIC VAN HUFFEL D'HEYNSBROECK

Chairman of the board of directors · since 28 mai 2023 · until 28 mai 2029

Active

GUY VAN DER BRUGGEN

Director · since 28 mai 2023 · until 28 mai 2029

Active

JEAN-FRANCOIS TAYMANS

Director · since 28 mai 2023 · until 28 mai 2029

Active

MURAT KARAKAOGLU

Personne déléguée à la gestion journalière · since 28 mai 2023 · until 28 mai 2029

Active

THIERRY MERTENS

Director · since 28 mai 2023 · until 28 mai 2029

Active

Ended mandates

ERIC VAN NUFFEL D'HEYNSBROECK

Chairman of the board of directors · since 28 mai 2023 · until 28 mai 2029

Ended

GUY VAN DER BRUGGEN

Director · since 28 mai 2023 · until 29 mai 2029

Ended

ALAIN DE LONGUEVILLE

Director

Ended

Anne Desmarets

Mandate

Ended

Shareholders

Ownership and network

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Belgian Official Gazette

Belgian Official Gazette publications

Other18/01/2024
DOEL - STATUTEN (VERTALING, COÖRDINATIE, OVERIGE WIJZIGINGEN, )
PDF
Other18/01/2024
OBJET - STATUTS (TRADUCTION, COORDINATION, AUTRES MODIFICATIONS, )
PDF
Mandates24/11/2023
ONTSLAGEN - BENOEMINGEN - STATUTEN (VERTALING, COÖRDINATIE, OVERIGE WIJZIGINGEN, )
PDF
Mandates24/11/2023
DEMISSIONS, NOMINATIONS - STATUTS (TRADUCTION, COORDINATION, AUTRES MODIFICATIONS, )
PDF
Mandates06/12/2022
DEMISSIONS, NOMINATIONS
PDF
Mandates26/02/2021
DEMISSIONS, NOMINATIONS
PDF
Mandates27/11/2020
DEMISSIONS, NOMINATIONS
PDF
Mandates30/10/2015
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 202511,2 k €↓
2024
Annual accounts 202477,2 k €↑
2023
Annual accounts 202330,6 k €↓
2022
Annual accounts 202245,1 k €↑
2021
Annual accounts 202122,1 k €↑
2020
Annual accounts 202021,3 k €↑
2019
Annual accounts 2019-10,9 k €↑
2018
Annual accounts 2018-35,4 k €↓
2017
Annual accounts 2017-9,7 k €↑
2016
Annual accounts 2016-11,6 k €↓
2015
Annual accounts 201527,9 k €↑
2014
Annual accounts 20148,9 k €↓
2013
Annual accounts 2013129,2 k €↓
2012
Annual accounts 2012142,9 k €↑
2011
Annual accounts 201160,9 k €↑
2009
Annual accounts 2009-58,5 k €
17/01/1959
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

Source

Overview

What does Source do?

Trend over 16 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

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Timeline