ACTIVE

HARMATTAN

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Financial year 2025 · closed on 31/12/2025

Net result

263,3 k €

+2989.4% YoY

Gross margin

481,5 k €

+218.3% YoY

Equity

364,2 k €

+107.1% YoY

Workforce

0,0 ETP

What does HARMATTAN do?

HARMATTAN is a Public limited company incorporated in 1987. Its main activity is: Management consultancy activities. Its registered office is in Uccle.

Legal situation

● Normal situation

BCE/KBO no. / VAT

BE 0432.688.294

Incorporation

26/11/1987

Legal form

Public limited company

Registered office

Avenue du Fort-Jaco 76
1180 Uccle · BruxellesSee on map

Contributed capital

62 500,00 €

Latest accounts

31/12/2025

Average workforce

0,0 ETP

Activities (NACE)

70200Management consultancy activities· main 70220Business and other management consultancy activities

Signals

ProfitableLow riskGood liquidityPositive cashflowPositive EBITDA

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✦ Verdict · Analyst summary

Financials

Trend over 16 financial years

	2025		2024		2023		2022		2021		2018		2017		2016		2015		2014		2013		2012		2011		2010		2009		2008
Income statement
Gross margin	481,5 k €	+218%	151,3 k €	+39.0%	108,8 k €	+29.4%	84,1 k €	-11.2%	94,7 k €	-4.4%	99 k €	+73.0%	57,3 k €	+19.2%	48 k €	-19.2%	59,4 k €	-31.0%	86,1 k €	-6.2%	91,7 k €	+37.3%	66,8 k €	-40.4%	112,1 k €	+1116%	9,2 k €	+399%	-3,1 k €	-1739%	-168 €
EBITDA	465,3 k €	+464%	82,4 k €	-19.3%	102,1 k €	+31.0%	77,9 k €	-11.9%	88,5 k €	-5.1%	93,3 k €	+80.8%	51,6 k €	+21.9%	42,3 k €	-21.8%	54,1 k €	-33.0%	80,7 k €	-8.3%	88 k €	+46.4%	60,1 k €	-43.4%	106,1 k €	+1372%	7,2 k €	+265%	-4,4 k €	-748%	-516 €
Operating result	373,1 k €	+1807%	19,6 k €	-56.6%	45,1 k €	+85.7%	24,3 k €	-30.9%	35,1 k €	-11.7%	39,8 k €	+1758%	-2,4 k €	+78.6%	-11,2 k €	-443%	3,3 k €	-90.9%	35,8 k €	-19.4%	44,5 k €	+171%	16,4 k €	+157%	-28,8 k €	-4785%	-589,3 €	+98.6%	-42,1 k €	-8066%	-516 €
Net result	263,3 k €	+2989%	8,5 k €	-77.9%	38,6 k €	+60.4%	24,1 k €	-23.2%	31,3 k €	-32.2%	46,2 k €	+259%	12,8 k €	+332%	3 k €	-44.0%	5,3 k €	-85.2%	35,9 k €	-11.3%	40,5 k €	+3355%	1,2 k €	+103%	-43,2 k €	-1935%	-2,1 k €	+88.8%	-18,9 k €	-167%	28,4 k €
Balance sheet
Equity	364,2 k €	+107%	175,8 k €	-8.6%	192,3 k €	-9.0%	211,2 k €	-7.0%	227,2 k €	-19.2%	281,1 k €	-33.4%	421,9 k €	-0.5%	424,1 k €	+0.7%	421,1 k €	+1.3%	415,8 k €	-1.0%	419,9 k €	+10.7%	379,4 k €	+0.3%	378,2 k €	-10.3%	421,4 k €	-0.5%	423,5 k €	-4.3%	442,4 k €
Total assets	2 M €	+5.2%	1,9 M €	+100%	972,1 k €	-1.2%	984 k €	-2.2%	1 M €	-20.6%	1,3 M €	-2.5%	1,3 M €	-2.7%	1,3 M €	-3.0%	1,4 M €	-5.7%	1,5 M €	-1.6%	1,5 M €	-3.4%	1,5 M €	-1.4%	1,6 M €	+86.5%	835,9 k €	+8.9%	768 k €	+14.3%	672 k €
Cash	18,9 k €	-49.5%	37,4 k €	+245%	10,9 k €	-6.4%	11,6 k €	-15.1%	13,7 k €	+60.8%	8,5 k €	-21.6%	10,8 k €	+64.9%	6,6 k €	-10.0%	7,3 k €	+55.4%	4,7 k €	+4.5%	4,5 k €	-98.1%	242 k €	-57.2%	565,2 k €	+22.4%	461,6 k €	+109625%	420,7 €	-99.9%	663,5 k €
Debts	1,6 M €	-8.7%	1,7 M €	+141%	706,1 k €	+1.9%	692,8 k €	+0.0%	692,5 k €	-21.2%	879,1 k €	+15.4%	761,9 k €	-3.2%	786,7 k €	-4.3%	822,3 k €	-8.9%	902,3 k €	-1.3%	914 k €	-8.1%	994,4 k €	-1.8%	1 M €	+327%	237,2 k €	+46.3%	162,2 k €	+349%	36,1 k €
Other
Workforce	0,0 ETP		–		0,0 ETP		0,0 ETP		–		–		–		–		–		–		–		–		–		–		–		–

Estimate

Indicative valuation

As an indication, this company is worth

between 0 € and 100 k€

See the valuation

Governance

Board of directors

Seen on filing of 31/12/2025 · 1 active · 19 ended

Active mandates

Belgica

Director · since 31 août 2021 · until 31 août 2027 · 0412.768.751

Represented by DE BORCHGRAVE d'ALTENA François Michel

Active

Ended mandates

Belgica

Director · since 31 août 2021 · until 31 août 2027 · 0412.768.751

Represented by BORCHGRAVE D'ALTENA FRANÇOIS MICHEL

Ended

Belgica

Director · since 01 juin 2019 · until 01 juin 2025 · 0412.768.751

Represented by François de Borchgrave

Ended

FRAMACA

Director · since 01 juillet 2018 · until 01 juillet 2024 · 0878.270.563

Represented by François de Borchgrave

Ended

FRAMACA

Managing director · since 01 juillet 2018 · until 01 juillet 2024 · 0878.270.563

Represented by François De Borchgrave

Ended

At this address

Other companies at this address

Company	CBE no.
Belgica● Active	0412.768.751
BEOPAR● Active	0789.351.455
CLEGOR● Active	0725.994.520
FRAMACA● Active	0878.270.563
FRANCOIS● Active	0697.991.115
FRANCOLIMMO● Active	0876.075.096
QUALITY BUILDING MANAGEMENT● Active	0444.744.505
SMV CONSULTING● Active	0776.377.013
WAVE IMMO 1● Active	0899.382.416

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	03/08/2026	29/08/2025	30/07/2024	31/07/2023	30/09/2022	12/08/2021
General meeting	26/06/2026	27/06/2025	28/06/2024	30/06/2023	24/06/2022	25/06/2021
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

19 filings with the NBB

Model	Closing	General meeting	Filed	Language	Document
Abridged model	31/12/2025	26/06/2026	03/08/2026	Dutch	PDF
Abridged model	31/12/2024	27/06/2025	29/08/2025	French	PDF
Abridged model	31/12/2023	28/06/2024	30/07/2024	Dutch	PDF
Abridged model	31/12/2022	30/06/2023	31/07/2023	French	PDF
Abridged model	31/12/2021	24/06/2022	30/09/2022	French	PDF
Abridged model	31/12/2020	25/06/2021	12/08/2021	French	PDF
Abridged model	31/12/2019	26/06/2020	21/09/2020	French	PDF
Abridged model	31/12/2018	28/06/2019	20/08/2019	French	PDF
Abridged model	31/12/2017	29/06/2018	27/07/2018	French	PDF
Abridged model	31/12/2016	30/06/2017	19/07/2017	French	PDF
Abridged model	31/12/2015	24/06/2016	19/07/2016	French	PDF
Abridged model	31/12/2014	26/06/2015	31/08/2015	French	PDF
Abridged model	31/12/2013	27/06/2014	28/08/2014	French	PDF
Abridged model	31/12/2012	28/06/2013	27/09/2013	French	PDF
Abridged model	31/12/2011	29/06/2012	13/08/2012	French	PDF
Abridged model	31/12/2010	24/06/2011	30/06/2011	French	PDF
Abridged model	31/12/2009	25/06/2010	06/07/2010	French	PDF
Abridged model	31/03/2008	28/08/2008	29/09/2008	French	PDF
Abridged model	31/03/2007	30/08/2007	01/10/2007	French	PDF

Estimate

Indicative valuation

Order of magnitude

As an indication, this company is worth

between 0 € and 100 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 · 1 active · 19 ended

Active mandates

Belgica

Director · since 31 août 2021 · until 31 août 2027 · 0412.768.751

Represented by DE BORCHGRAVE d'ALTENA François Michel

Active

Ended mandates

Belgica

Director · since 31 août 2021 · until 31 août 2027 · 0412.768.751

Represented by BORCHGRAVE D'ALTENA FRANÇOIS MICHEL

Ended

Belgica

Director · since 01 juin 2019 · until 01 juin 2025 · 0412.768.751

Represented by François de Borchgrave

Ended

FRAMACA

Director · since 01 juillet 2018 · until 01 juillet 2024 · 0878.270.563

Represented by François de Borchgrave

Ended

FRAMACA

Managing director · since 01 juillet 2018 · until 01 juillet 2024 · 0878.270.563

Represented by François De Borchgrave

Ended

Shareholders

Ownership and network

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Belgian Official Gazette

Belgian Official Gazette publications

Mandates14/09/2021
STATUTS (TRADUCTION, COORDINATION, AUTRES MODIFICATIONS, ) - SIEGE SOCIAL - DEMISSIONS, NOMINATIONS
PDF
Mandates12/02/2020
DEMISSIONS, NOMINATIONS
PDF
Mandates13/09/2018
DEMISSIONS, NOMINATIONS
PDF
Mandates12/02/2015
DEMISSIONS, NOMINATIONS
PDF
Mandates26/11/2012
DEMISSIONS, NOMINATIONS
PDF
Other08/04/2009
OBJET - ASSEMBLEE GENERALE - ANNEE COMPTABLE - STATUTS (TRADUCTION, COORDINATION, AUTRES MODIFICATIONS, )
PDF
Mandates02/01/2009
SIEGE SOCIAL - DEMISSIONS, NOMINATIONS
PDF
Mandates09/01/2007
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 2025263,3 k €↑
2024
Annual accounts 20248,5 k €↓
2023
Annual accounts 202338,6 k €↑
2022
Annual accounts 202224,1 k €↓
2021
Annual accounts 202131,3 k €↓
2018
Annual accounts 201846,2 k €↑
2017
Annual accounts 201712,8 k €↑
2016
Annual accounts 20163 k €↓
2015
Annual accounts 20155,3 k €↓
2014
Annual accounts 201435,9 k €↓
2013
Annual accounts 201340,5 k €↑
2012
Annual accounts 20121,2 k €↑
2011
Annual accounts 2011-43,2 k €↓
2010
Annual accounts 2010-2,1 k €↑
2009
Annual accounts 2009-18,9 k €↓
2008
Annual accounts 200828,4 k €
26/11/1987
IncorporationPublic limited company

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

HARMATTAN

Overview

What does HARMATTAN do?

Trend over 16 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