ACTIVE

Borgerstein

Export PDF

Financial year 2025 · closed on 31/12/2025

Net result

539,2 k €

-21.4% YoY

Revenue

14,7 M €

+1.3% YoY

Equity

38,5 M €

+0.8% YoY

Workforce

548,1 ETP

+1.1% YoY

What does Borgerstein do?

Borgerstein is a Non-profit organization incorporated in 1973. Its main activity is: General secondary education. Its registered office is in Sint-Katelijne-Waver. It employs on average 548,1 ETP workers (FTE).

Legal situation

● Normal situation

BCE/KBO no. / VAT

BE 0413.895.535

Incorporation

28/12/1973

Legal form

Non-profit organization

Registered office

Kapelweg 7
2860 Sint-Katelijne-Waver · FlandreSee on map

Latest accounts

31/12/2025

Average workforce

548,1 ETP

Activities (NACE)

85314General secondary education· main 87202Residential care activities for mental retardation, mental health and substance abuse 87202Residential care activities for mental retardation, mental health and substance abuse 88993Other social work activities without accommodation n.e.c.88995Other social work activities without accommodation n.e.c.46170Agents involved in the sale of food, beverages and tobacco+3

Joint committees (3)

Signals

ProfitableSolid equityLow riskGood liquidityPositive cashflowPositive EBITDAHealthy social debtsHigh revenue

View the BCE/KBO Public Search record →

Health score

Available with a Rovalta subscriptionTry for 7 days

Recommended credit limit

✦ 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	14,7 M €	+1.3%	14,5 M €	+37.8%	10,5 M €	+13.5%	9,3 M €	+10.4%	8,4 M €	+5.4%	8 M €	-2.4%	8,2 M €	-0.3%	8,2 M €	+1.8%	8 M €	+3.8%	7,8 M €	+2.1%	7,6 M €	+0.7%	7,5 M €	+2.1%	7,4 M €	+4.5%	7,1 M €	+3.1%	6,9 M €	+4.0%	6,6 M €	+3.5%	6,4 M €	+4.1%	6,1 M €
EBITDA	3,8 M €	+4.6%	3,6 M €	+17.0%	3,1 M €	-64.1%	8,6 M €	+535%	1,3 M €	-31.6%	2 M €	+36.1%	1,4 M €	+31.6%	1,1 M €	-43.3%	1,9 M €	+35.9%	1,4 M €	+51.4%	941,9 k €	+58.1%	595,6 k €	-54.7%	1,3 M €	+24.0%	1,1 M €	+1.9%	1 M €	-0.8%	1,1 M €	-17.6%	1,3 M €	+267%	347,5 k €
Operating result	719,1 k €	+14.5%	628 k €	+1046%	54,8 k €	-99.0%	5,6 M €	+941%	-664,3 k €	-171%	930,3 k €	+153%	368 k €	+2676%	-14,3 k €	-101%	987 k €	+129%	430,7 k €	+520%	-102,6 k €	+76.6%	-438 k €	-255%	283,2 k €	+795%	31,6 k €	-86.6%	236,6 k €	-37.7%	379,8 k €	-34.7%	581,3 k €	+318%	-266,2 k €
Net result	539,2 k €	-21.4%	686,2 k €	+149%	275,9 k €	-93.8%	4,4 M €	+698%	-739,8 k €	-142%	1,8 M €	+7.2%	1,7 M €	+1157%	132 k €	-93.6%	2,1 M €	+568%	310,9 k €	+72.9%	179,8 k €	-7.4%	194,1 k €	+244%	56,5 k €	-94.5%	1 M €	+65.5%	625,9 k €	-34.9%	961,1 k €	-27.7%	1,3 M €	+200%	443,2 k €
Balance sheet
Equity	38,5 M €	+0.8%	38,2 M €	+1.3%	37,7 M €	+1.2%	37,2 M €	+12.6%	33,1 M €	-2.4%	33,9 M €	+4.4%	32,4 M €	+4.4%	31,1 M €	-0.4%	31,2 M €	+5.9%	29,5 M €	-0.1%	29,5 M €	-0.5%	29,7 M €	-0.5%	29,8 M €	+0.5%	29,6 M €	+2.5%	28,9 M €	+1.6%	28,5 M €	+29.6%	22 M €	+11.5%	19,7 M €
Total assets	66,9 M €	-1.8%	68,1 M €	-2.4%	69,8 M €	-4.8%	73,3 M €	+1.0%	72,5 M €	+15.5%	62,8 M €	+36.0%	46,2 M €	+3.1%	44,8 M €	-2.7%	46 M €	+12.8%	40,8 M €	-41.5%	69,8 M €	-0.6%	70,2 M €	+2.0%	68,8 M €	+1.6%	67,8 M €	+1.9%	66,5 M €	+4.0%	64 M €	+27.4%	50,2 M €	+8.9%	46,1 M €
Cash	4,6 M €	+48.4%	3,1 M €	+81.6%	1,7 M €	-29.9%	2,4 M €	-27.0%	3,3 M €	-39.4%	5,4 M €	-18.8%	6,7 M €	+10.9%	6,1 M €	-24.6%	8 M €	+25.4%	6,4 M €	+28.4%	5 M €	-9.0%	5,5 M €	+15.4%	4,7 M €	+46.7%	3,2 M €	+112%	1,5 M €	-65.7%	4,4 M €	-15.9%	5,3 M €	+26.1%	4,2 M €
Debts	28,2 M €	-5.1%	29,7 M €	-7.0%	31,9 M €	-10.9%	35,9 M €	-8.4%	39,2 M €	+36.9%	28,6 M €	+114%	13,4 M €	+0.2%	13,3 M €	-7.0%	14,3 M €	+32.9%	10,8 M €	-72.8%	39,7 M €	-0.7%	39,9 M €	+3.2%	38,7 M €	+2.5%	37,8 M €	+1.5%	37,2 M €	+5.5%	35,3 M €	+25.7%	28,1 M €	+6.8%	26,3 M €
Other
Workforce	548,1 ETP	+1.1%	542,2 ETP	0.0%	542,2 ETP	-1.0%	547,5 ETP	+1.2%	540,8 ETP	-0.6%	544,3 ETP	-1.0%	549,6 ETP	-0.9%	554,5 ETP	+0.9%	549,4 ETP	+2.1%	537,9 ETP	+0.7%	534,1 ETP	+1.0%	528,6 ETP	+3.2%	512,4 ETP	-3.5%	531,1 ETP	+5.6%	503,1 ETP	+1.3%	496,6 ETP	+0.6%	493,7 ETP	+0.7%	490,2 ETP

Estimate

Indicative valuation

As an indication, this company is worth

between 25 M€ and 50 M€

See the valuation

Governance

Board of directors

Seen on filing of 31/12/2025 · 13 active · 50 ended

Active mandates

Annemie WITTEMANS

Director · since 21 mai 2025

Active

Geert MILH

Managing director · since 17 mai 2023

Active

Gunter NAETS

Director · since 16 mai 2018

Active

Linda CAMBRE

Director · since 16 mai 2018

Active

Nora NYS

Director · since 16 mai 2018

Active

Diederik VANSTAPPEN

Chairman of the board of directors

Active

Elke DE SCHUTTER

Director

Active

Fatima EL JAOUHARI

Director

Active

Jan GYSEN

Vice-chairman of the board of directors

Active

Koen VAN DER DOOD

Director

Active

Michel JENNE

Director

Active

Nils VANSTAPPEN

Director

Active

Walter BUIJS

Director · until 21 janvier 2026

Active

Ended mandates

Kaat Van Loock

Director · since 18 mai 2022

Ended

Kaat VAN LOOCK

Director · since 18 mai 2022 · until 15 mai 2024

Ended

Chris DE WEERDT

Director · since 16 mai 2018 · until 17 mai 2023

Ended

Chris DE WEERDT

Director · since 16 mai 2018

Ended

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	21/05/2026	22/05/2025	22/05/2024	01/06/2023	31/05/2022	21/05/2021
General meeting	20/05/2026	21/05/2025	15/05/2024	17/05/2023	18/05/2022	19/05/2021
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

Looking for more information about this company?

Try for 7 days

Filings

Annual accounts filings

18 filings with the NBB

Model	Closing	General meeting	Filed	Language	Document
Full model	31/12/2025	20/05/2026	21/05/2026	Dutch	PDF
Full model	31/12/2024	21/05/2025	22/05/2025	Dutch	PDF
Full model	31/12/2023	15/05/2024	22/05/2024	Dutch	PDF
Full model	31/12/2022	17/05/2023	01/06/2023	Dutch	PDF
Full model	31/12/2021	18/05/2022	31/05/2022	Dutch	PDF
Full model	31/12/2020	19/05/2021	21/05/2021	Dutch	PDF
Full model	31/12/2019	27/05/2020	08/06/2020	Dutch	PDF
Full model	31/12/2018	15/05/2019	16/05/2019	Dutch	PDF
Full model	31/12/2017	16/05/2018	17/05/2018	Dutch	PDF
Full model	31/12/2016	17/05/2017	18/05/2017	Dutch	PDF
Full model	31/12/2015	15/06/2016	22/06/2016	Dutch	PDF
Full model	31/12/2014	20/05/2015	22/05/2015	Dutch	PDF
Full model	31/12/2013	21/05/2014	22/05/2014	Dutch	PDF
Full model	31/12/2012	22/05/2013	27/05/2013	Dutch	PDF
Full model	31/12/2011	16/05/2012	01/06/2012	Dutch	PDF
Full model	31/12/2010	18/05/2011	23/05/2011	Dutch	PDF
Full model	31/12/2009	19/05/2010	21/05/2010	Dutch	PDF
Full model	31/12/2008	20/05/2009	26/05/2009	Dutch	PDF

Estimate

Indicative valuation

Order of magnitude

As an indication, this company is worth

between 25 M€ and 50 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 · 13 active · 50 ended

Active mandates

Annemie WITTEMANS

Director · since 21 mai 2025

Active

Geert MILH

Managing director · since 17 mai 2023

Active

Gunter NAETS

Director · since 16 mai 2018

Active

Linda CAMBRE

Director · since 16 mai 2018

Active

Nora NYS

Director · since 16 mai 2018

Active

Diederik VANSTAPPEN

Chairman of the board of directors

Active

Elke DE SCHUTTER

Director

Active

Fatima EL JAOUHARI

Director

Active

Jan GYSEN

Vice-chairman of the board of directors

Active

Koen VAN DER DOOD

Director

Active

Michel JENNE

Director

Active

Nils VANSTAPPEN

Director

Active

Walter BUIJS

Director · until 21 janvier 2026

Active

Ended mandates

Kaat Van Loock

Director · since 18 mai 2022

Ended

Kaat VAN LOOCK

Director · since 18 mai 2022 · until 15 mai 2024

Ended

Chris DE WEERDT

Director · since 16 mai 2018 · until 17 mai 2023

Ended

Chris DE WEERDT

Director · since 16 mai 2018

Ended

Shareholders

Ownership and network

Looking for more information about this company?

Try for 7 days

Belgian Official Gazette

Belgian Official Gazette publications

Mandates15/06/2026
ONTSLAGEN - BENOEMINGEN
PDF
Mandates06/02/2026
ONTSLAGEN - BENOEMINGEN
PDF
Mandates16/06/2025
ONTSLAGEN - BENOEMINGEN
PDF
Mandates10/06/2024
ONTSLAGEN - BENOEMINGEN
PDF
Mandates03/08/2023
ONTSLAGEN - BENOEMINGEN
PDF
Mandates14/06/2023
ONTSLAGEN - BENOEMINGEN
PDF
Mandates10/02/2023
ONTSLAGEN - BENOEMINGEN
PDF
Mandates16/06/2022
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

20/05/2026
nominationChristian Caluwaerts — commissaris
2025
Annual accounts 2025539,2 k €↓
21/05/2025
nominationAnnemie Wittemans — lid van het Bestuur
2024
Annual accounts 2024686,2 k €↑
2023
Annual accounts 2023275,9 k €↓
21/06/2023
nominationDirk Vanstappen — voorzitter
21/06/2023
nominationJan Gysen — ondervoorzitter
21/06/2023
nominationGeert Milh — gedelegeerd bestuurder
17/05/2023
reconductionWalter Buijs — bestuurder
17/05/2023
reconductionTheo De Jonckheere — bestuurder
17/05/2023
reconductionElke De Schutter — bestuurder
17/05/2023
reconductionJan Gysen — bestuurder
17/05/2023
reconductionKoen Van der dood — bestuurder
17/05/2023
reconductionDirk Vanstappen — bestuurder
17/05/2023
nominationGeert Milh — bestuurder, belast met het dagelijks bestuur
17/05/2023
nominationChristian Caluwaerts — commissaris
2022
Annual accounts 20224,4 M €↑
18/05/2022
nominationKaat Van Loock — bestuurder
2021
Annual accounts 2021-739,8 k €↓
2020
Annual accounts 20201,8 M €↑
2019
Annual accounts 20191,7 M €↑
2018
Annual accounts 2018132 k €↓
2017
Annual accounts 20172,1 M €↑
2016
Annual accounts 2016310,9 k €↑
2015
Annual accounts 2015179,8 k €↓
2014
Annual accounts 2014194,1 k €↑
2013
Annual accounts 201356,5 k €↓
2012
Annual accounts 20121 M €↑
2011
Annual accounts 2011625,9 k €↓
2010
Annual accounts 2010961,1 k €↓
2009
Annual accounts 20091,3 M €↑
2008
Annual accounts 2008443,2 k €
28/12/1973
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

Borgerstein

Overview

What does Borgerstein 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