ACTIVE

INITIATIVES

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Financial year 2025 · closed on 31/12/2025

Net result

6,3 k €

+549.7% YoY

Gross margin

676,4 k €

-3.8% YoY

Equity

241,7 k €

+5.2% YoY

Workforce

7,6 ETP

-2.6% YoY

What does INITIATIVES do?

INITIATIVES is a Non-profit organization incorporated in 1984. Its main activity is: Technical and vocational secondary education. Its registered office is in Libramont-Chevigny. It employs on average 7,6 ETP workers (FTE).

Legal situation

● Normal situation

BCE/KBO no. / VAT

BE 0431.725.521

Incorporation

02/04/1984

Legal form

Non-profit organization

Registered office

Libramont,Avenue de Houffalize 55
6800 Libramont-Chevigny · WallonieSee on map

Latest accounts

31/12/2025

Average workforce

7,6 ETP

Activities (NACE)

85323Technical and vocational secondary education· main 88999Other social work activities without accommodation n.e.c.88999Other social work activities without accommodation n.e.c.

Joint committees (1)

31902

Signals

ProfitableSolid equityLow riskGood liquidityPositive cashflowPositive EBITDAHealthy social debts

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✦ Verdict · Analyst summary

Financials

Trend over 19 financial years

	2025		2024		2023		2022		2021		2020		2019		2018		2017		2016		2015		2014		2013		2012		2011		2010		2009		2008		2007
Income statement
Gross margin	676,4 k €	-3.8%	703,2 k €	-0.1%	703,6 k €	+3.3%	681,3 k €	+8.1%	630,3 k €	+2.3%	616,2 k €	+2.4%	601,6 k €	+9.1%	551,1 k €	+10.9%	497 k €	+10.8%	448,6 k €	-2.7%	461,1 k €	+3.0%	447,8 k €	+2.4%	437,4 k €	+3.9%	420,9 k €	+0.0%	420,8 k €	+10.6%	380,4 k €	+5.5%	360,5 k €	-0.1%	360,7 k €	+8.8%	331,6 k €
EBITDA	25,6 k €	+56.0%	16,4 k €	+0.4%	16,4 k €	-21.8%	20,9 k €	-48.3%	40,5 k €	+3.2%	39,2 k €	+16.0%	33,8 k €	+23.8%	27,3 k €	-11.8%	31 k €	+814%	3,4 k €	-75.4%	13,8 k €	+303%	3,4 k €	-47.0%	6,4 k €	-46.1%	12 k €	+147%	4,8 k €	-7.2%	5,2 k €	+54.2%	3,4 k €	+2.4%	3,3 k €	-28.8%	4,6 k €
Operating result	6,4 k €	+163%	2,4 k €	+8.1%	2,2 k €	-59.1%	5,5 k €	-69.5%	18 k €	+7.5%	16,8 k €	+47.7%	11,3 k €	+127%	5 k €	-58.5%	12 k €	+1308%	852,9 €	-92.2%	10,9 k €	+1003%	989,2 €	-74.0%	3,8 k €	-49.9%	7,6 k €	+6813%	109,9 €	-77.4%	487 €	+122%	-2,2 k €	+13.4%	-2,5 k €	-1.5%	-2,5 k €
Net result	6,3 k €	+550%	975,4 €		0 €	-100%	3,1 k €	-79.8%	15,4 k €	+8.5%	14,1 k €	+66.8%	8,5 k €	+361%	1,8 k €	-81.6%	10 k €	+309%	2,4 k €	-82.0%	13,6 k €	+294%	3,5 k €	-54.6%	7,6 k €	-29.5%	10,8 k €	+5865%	-187,4 €	-105%	4,2 k €	+85.2%	2,2 k €	-32.7%	3,3 k €	+29.3%	2,6 k €
Balance sheet
Equity	241,7 k €	+5.2%	229,8 k €	+0.4%	228,8 k €	0.0%	228,8 k €	+0.7%	227,3 k €	+6.4%	213,6 k €	+6.2%	201 k €	+1.1%	198,8 k €	+6.9%	185,9 k €	+5.7%	175,9 k €	+0.5%	175,1 k €	+7.5%	162,9 k €	+1.2%	161 k €	+3.9%	155 k €	+13.8%	136,3 k €	-0.1%	136,4 k €	+5.6%	129,2 k €	+0.6%	128,4 k €	+5.2%	122 k €
Total assets	684 k €	+11.2%	615 k €	+7.1%	574 k €	-3.0%	592 k €	+6.4%	556,2 k €	+21.6%	457,4 k €	-1.0%	462,1 k €	-2.3%	473,2 k €	+9.8%	430,8 k €	+58.4%	272 k €	+2.7%	264,8 k €	+4.3%	253,9 k €	-7.3%	273,8 k €	+4.3%	262,5 k €	+18.3%	221,8 k €	-2.9%	228,5 k €	-14.8%	268,2 k €	+10.9%	241,9 k €	-6.7%	259,2 k €
Cash	271,2 k €	+353%	59,9 k €	-72.5%	217,8 k €	-2.3%	223 k €	+913%	22 k €	-55.2%	49,1 k €	+5.0%	46,8 k €	+14.7%	40,8 k €	+242%	11,9 k €	-58.0%	28,4 k €	+135%	12,1 k €	+39.1%	8,7 k €	-52.8%	18,4 k €	+1.3%	18,2 k €	-13.9%	21,2 k €	+84552%	25 €	-99.9%	25,3 k €	+181%	9 k €	+17.6%	7,6 k €
Debts	284,9 k €	-10.2%	317,3 k €	-8.1%	345,2 k €	+16.3%	296,7 k €	+18.1%	251,2 k €	+3.0%	243,8 k €	+4.0%	234,3 k €	-5.7%	248,6 k €	+1.5%	244,8 k €	+179%	87,6 k €	-2.3%	89,7 k €	-1.3%	90,9 k €	+11.1%	81,8 k €	-23.9%	107,5 k €	+32.4%	81,2 k €	+21.0%	67,1 k €	-37.6%	107,5 k €	-4.0%	112 k €	+98.8%	56,4 k €
Other
Workforce	7,6 ETP	-2.6%	7,8 ETP	+1.3%	7,7 ETP	-14.4%	9,0 ETP	0.0%	9,0 ETP	+15.4%	7,8 ETP	+11.4%	7,0 ETP	0.0%	7,0 ETP	-33.3%	10,5 ETP	0.0%	10,5 ETP	+5.0%	10,0 ETP	0.0%	10,0 ETP	0.0%	10,0 ETP	0.0%	10,0 ETP	0.0%	10,0 ETP	0.0%	10,0 ETP	+11.1%	9,0 ETP	0.0%	9,0 ETP	0.0%	9,0 ETP

Estimate

Indicative valuation

As an indication, this company is worth

between 250 k€ and 500 k€

See the valuation

Governance

Board of directors

Seen on filing of 31/12/2025 · 4 active · 23 ended

Active mandates

Caroline LEROY

Director · since 13 juin 2025 · until 13 juin 2030

Active

Sylvie GRAFF

Director · since 13 juin 2025 · until 13 juin 2030

Active

Michel LEFEBVRE

Director · since 31 janvier 2022 · until 31 janvier 2027

Active

Elodie PONCELET

Director · since 17 juin 2020 · until 17 juin 2030

Active

Ended mandates

Denis LOISEAU

Chairman of the board of directors · since 21 juin 2016

Ended

Michel LEFEVRE

Director · since 21 juin 2016

Ended

Elodie PONCELET

Director · since 25 juin 2015

Ended

Elodie PONCELET

Director · since 02 juin 2015

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	11/06/2026	17/06/2025	24/06/2024	22/06/2023	27/09/2022	18/10/2021
General meeting	29/05/2026	13/06/2025	30/05/2024	26/05/2023	10/06/2022	28/05/2021
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	29/05/2026	11/06/2026	French	PDF
Abridged model	31/12/2024	13/06/2025	17/06/2025	French	PDF
Abridged model	31/12/2023	30/05/2024	24/06/2024	French	PDF
Abridged model	31/12/2022	26/05/2023	22/06/2023	French	PDF
Abridged model	31/12/2021	10/06/2022	27/09/2022	French	PDF
Abridged model	31/12/2020	28/05/2021	18/10/2021	French	PDF
Abridged model	31/12/2019	17/06/2020	07/08/2020	French	PDF
Abridged model	31/12/2018	13/06/2019	06/09/2019	French	PDF
Abridged model	31/12/2017	05/06/2018	28/09/2018	French	PDF
Abridged model	31/12/2016	06/06/2017	22/12/2017	French	PDF
Abridged model	31/12/2015	01/06/2016	29/11/2016	French	PDF
Abridged model	31/12/2014	02/06/2015	10/12/2015	French	PDF
Abridged model	31/12/2013	15/05/2014	03/12/2014	French	PDF
Abridged model	31/12/2012	21/06/2013	27/08/2014	French	PDF
Abridged model	31/12/2011	21/06/2012	20/08/2014	French	PDF
Abridged model	31/12/2010	21/06/2011	01/12/2011	French	PDF
Abridged model	31/12/2009	26/04/2010	27/12/2010	French	PDF
Abridged model	31/12/2008	16/06/2009	01/12/2009	French	PDF
Abridged model	31/12/2007	26/06/2008	30/07/2008	French	PDF
Abridged model	31/12/2006	05/06/2007	19/09/2007	French	PDF

Estimate

Indicative valuation

Order of magnitude

As an indication, this company is worth

between 250 k€ and 500 k€

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 · 4 active · 23 ended

Active mandates

Caroline LEROY

Director · since 13 juin 2025 · until 13 juin 2030

Active

Sylvie GRAFF

Director · since 13 juin 2025 · until 13 juin 2030

Active

Michel LEFEBVRE

Director · since 31 janvier 2022 · until 31 janvier 2027

Active

Elodie PONCELET

Director · since 17 juin 2020 · until 17 juin 2030

Active

Ended mandates

Denis LOISEAU

Chairman of the board of directors · since 21 juin 2016

Ended

Michel LEFEVRE

Director · since 21 juin 2016

Ended

Elodie PONCELET

Director · since 25 juin 2015

Ended

Elodie PONCELET

Director · since 02 juin 2015

Ended

Shareholders

Ownership and network

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Belgian Official Gazette

Belgian Official Gazette publications

Mandates21/08/2026
Démission d'un membre
PDF
Mandates15/10/2025
DEMISSIONS, NOMINATIONS
PDF
Mandates18/03/2024
DEMISSIONS, NOMINATIONS
PDF
Mandates28/07/2020
DEMISSIONS, NOMINATIONS - STATUTS (TRADUCTION, COORDINATION, AUTRES MODIFICATIONS, )
PDF
Mandates18/07/2019
DEMISSIONS, NOMINATIONS - STATUTS (TRADUCTION, COORDINATION, AUTRES MODIFICATIONS, )
PDF
Mandates15/02/2017
nomination d'administrateurs - changement de siège social - répartition des
PDF
Mandates25/06/2015
démission de membres et administrateurs-nomination d'administrateurs-
PDF
Mandates24/08/2011
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 20256,3 k €↑
2024
Annual accounts 2024975,4 €↑
2023
Annual accounts 20230 €↓
2022
Annual accounts 20223,1 k €↓
2021
Annual accounts 202115,4 k €↑
2020
Annual accounts 202014,1 k €↑
2019
Annual accounts 20198,5 k €↑
2018
Annual accounts 20181,8 k €↓
2017
Annual accounts 201710 k €↑
2016
Annual accounts 20162,4 k €↓
2015
Annual accounts 201513,6 k €↑
2014
Annual accounts 20143,5 k €↓
2013
Annual accounts 20137,6 k €↓
2012
Annual accounts 201210,8 k €↑
2011
Annual accounts 2011-187,4 €↓
2010
Annual accounts 20104,2 k €↑
2009
Annual accounts 20092,2 k €↓
2008
Annual accounts 20083,3 k €↑
2007
Annual accounts 20072,6 k €
02/04/1984
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

INITIATIVES

Overview

What does INITIATIVES do?

Trend over 19 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