ACTIVE

IMAV

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Financial year 2025 · closed on 31/12/2025

Net result

7,2 k €

+8.4% YoY

Gross margin

34,3 k €

+9.5% YoY

Equity

196,3 k €

+1.0% YoY

What does IMAV do?

IMAV is a Public limited company incorporated in 1988. Its main activity is: Management consultancy activities. Its registered office is in Nieuwpoort.

Legal situation

● Normal situation

BCE/KBO no. / VAT

BE 0434.689.662

Incorporation

27/06/1988

Legal form

Public limited company

Registered office

Franslaan 93 box 301
8620 Nieuwpoort · FlandreSee on map

Contributed capital

119 573,38 €

Latest accounts

31/12/2025

Activities (NACE)

70200Management consultancy activities· main 70220Business and other management consultancy activities 74142Specialised design activities

Signals

ProfitableSolid equityLow riskGood liquidityPositive cashflowPositive EBITDA

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✦ Verdict · Analyst summary

Financials

Trend over 20 financial years

	2025		2024		2023		2022		2021		2020		2019		2018		2017		2016		2015		2014		2013		2012		2011		2010		2009		2008		2007		2006
Income statement
Gross margin	34,3 k €	+9.5%	31,4 k €	+3.6%	30,3 k €	+1.9%	29,7 k €	-18.1%	36,3 k €	-15.1%	42,7 k €	+38.6%	30,8 k €	+15.0%	26,8 k €	-22.1%	34,5 k €	-40.0%	57,4 k €	-16.8%	68,9 k €	+405%	13,6 k €	-43.5%	24,1 k €	-25.6%	32,5 k €	-7.2%	35 k €	+1.9%	34,3 k €	+22.4%	28 k €	+1.5%	27,6 k €	-0.3%	27,7 k €	+0.3%	27,6 k €
EBITDA	28,5 k €	+11.5%	25,6 k €	+2.8%	24,9 k €	+0.6%	24,7 k €	-21.0%	31,3 k €	-17.4%	37,9 k €	+44.2%	26,3 k €	+17.6%	22,4 k €	-25.8%	30,2 k €	-43.1%	53 k €	-17.8%	64,6 k €	+592%	9,3 k €	-53.3%	20 k €	-30.2%	28,6 k €	-8.2%	31,2 k €	+0.6%	31 k €	+25.0%	24,8 k €	+1.1%	24,5 k €	-0.8%	24,7 k €	+0.1%	24,7 k €
Operating result	9,2 k €	+41.4%	6,5 k €	-40.2%	10,9 k €	-33.3%	16,4 k €	-26.4%	22,3 k €	-18.1%	27,2 k €	+230%	8,2 k €	+137%	3,5 k €	-56.9%	8,1 k €	-56.2%	18,4 k €	-4.0%	19,2 k €	+119%	8,7 k €	+19.4%	7,3 k €	-55.6%	16,5 k €	-12.8%	18,9 k €	+2.5%	18,4 k €	+41.3%	13,1 k €	+3.2%	12,6 k €	-1.3%	12,8 k €	+0.3%	12,8 k €
Net result	7,2 k €	+8.4%	6,6 k €	-31.5%	9,7 k €	-12.8%	11,1 k €	-25.9%	15 k €	-17.8%	18,2 k €	+300%	4,6 k €	+597%	654,9 €	-70.6%	2,2 k €	-66.8%	6,7 k €	-21.8%	8,6 k €	+116%	4 k €	+257%	1,1 k €	-84.8%	7,3 k €	-14.3%	8,6 k €	+13.6%	7,5 k €	+221%	2,3 k €	-6.1%	2,5 k €	+250%	-1,7 k €	-393%	569,9 €
Balance sheet
Equity	196,3 k €	+1.0%	194,3 k €	+5.1%	184,8 k €	+3.2%	179,1 k €	+4.1%	172 k €	+6.8%	161 k €	+9.7%	146,8 k €	+0.3%	146,3 k €	-2.2%	149,6 k €	+1.5%	147,4 k €	+4.8%	140,7 k €	+6.5%	132,1 k €	+3.1%	128,1 k €	-4.0%	133,4 k €	+5.8%	126 k €	+7.3%	117,5 k €	+6.8%	110 k €	+2.2%	107,6 k €	+2.4%	105,1 k €	-1.6%	106,8 k €
Total assets	244,7 k €	+2.5%	238,6 k €	+4.4%	228,5 k €	+9.6%	208,5 k €	+2.1%	204,1 k €	+3.9%	196,5 k €	+13.4%	173,3 k €	-21.9%	222 k €	+0.1%	221,7 k €	-30.4%	318,4 k €	+5.0%	303,2 k €	-6.1%	322,9 k €	+53.7%	210,1 k €	+0.1%	210 k €	-4.9%	220,8 k €	+2.6%	215,2 k €	-6.9%	231,2 k €	-6.5%	247,1 k €	-2.5%	253,6 k €	-5.2%	267,4 k €
Cash	67,4 k €	+62.5%	41,5 k €	+611%	5,8 k €	-93.4%	88,4 k €	+17.6%	75,1 k €	+36.5%	55 k €	+151%	21,9 k €	-59.0%	53,4 k €	+412%	10,4 k €	-85.9%	74,3 k €	+265%	20,3 k €	-46.6%	38,1 k €	+62.6%	23,4 k €	+338%	5,3 k €	-48.6%	10,4 k €	+337%	2,4 k €	-85.0%	15,9 k €	+78.3%	8,9 k €	+32.4%	6,7 k €	-18.5%	8,3 k €
Debts	44,2 k €	+6.5%	41,5 k €	-3.2%	42,8 k €	+48.6%	28,8 k €	-5.1%	30,4 k €	-13.1%	35 k €	+31.8%	26,5 k €	-65.0%	75,7 k €	+5.1%	72,1 k €	-57.9%	171,1 k €	+8.8%	157,3 k €	-16.3%	187,9 k €	+145%	76,6 k €	+0.5%	76,2 k €	-17.6%	92,5 k €	+0.7%	91,9 k €	-17.7%	111,7 k €	-12.6%	127,8 k €	-3.6%	132,6 k €	-10.0%	147,4 k €

Estimate

Indicative valuation

As an indication, this company is worth

between 100 k€ and 250 k€

See the valuation

Governance

Board of directors

Seen on filing of 31/12/2025 · 2 active · 6 ended

Active mandates

Daniel Masschelein

Director · since 26 octobre 2023

Active

Lieve Vandecandelaere

Managing director · since 27 juin 1988

Active

Ended mandates

Daniel Masschelein

Director · since 06 juin 2015

Ended

Johan Masschelein

Director · since 27 décembre 2013

Ended

Bart Masschelein

Director · since 22 janvier 2000 · until 26 octobre 2023

Ended

Bart Masschelein

Director · since 22 janvier 2000

Ended

Annual accounts

Full financial information

	2025	2024	2023	2022	2021	2020
Type of account	Micro model	Micro model	Micro model	Micro model	Micro model	Micro 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	10/07/2026	02/07/2025	17/07/2024	06/07/2023	04/07/2022	20/07/2021
General meeting	06/06/2026	07/06/2025	01/06/2024	03/06/2023	04/06/2022	05/06/2021
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

20 filings with the NBB

Model	Closing	General meeting	Filed	Language	Document
Micro model	31/12/2025	06/06/2026	10/07/2026	Dutch	PDF
Micro model	31/12/2024	07/06/2025	02/07/2025	Dutch	PDF
Micro model	31/12/2023	01/06/2024	17/07/2024	Dutch	PDF
Micro model	31/12/2022	03/06/2023	06/07/2023	Dutch	PDF
Micro model	31/12/2021	04/06/2022	04/07/2022	Dutch	PDF
Micro model	31/12/2020	05/06/2021	20/07/2021	Dutch	PDF
Micro model	31/12/2019	06/06/2020	16/07/2020	Dutch	PDF
Micro model	31/12/2018	01/06/2019	27/06/2019	Dutch	PDF
Micro model	31/12/2017	02/06/2018	26/06/2018	Dutch	PDF
Abridged model	31/12/2016	03/06/2017	21/06/2017	Dutch	PDF
Abridged model	31/12/2015	04/06/2016	27/07/2016	Dutch	PDF
Abridged model	31/12/2014	06/06/2015	28/07/2015	Dutch	PDF
Abridged model	31/12/2013	07/06/2014	11/08/2014	Dutch	PDF
Abridged model	31/12/2012	01/06/2013	23/08/2013	Dutch	PDF
Abridged model	31/12/2011	02/06/2012	22/08/2012	Dutch	PDF
Abridged model	31/12/2010	04/06/2011	25/08/2011	Dutch	PDF
Abridged model	31/12/2009	05/06/2010	20/08/2010	Dutch	PDF
Abridged model	31/12/2008	06/06/2009	07/08/2009	Dutch	PDF
Abridged model	31/12/2007	07/06/2008	08/08/2008	Dutch	PDF
Abridged model	31/12/2006	02/06/2007	13/07/2007	Dutch	PDF

Estimate

Indicative valuation

Order of magnitude

As an indication, this company is worth

between 100 k€ and 250 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 · 2 active · 6 ended

Active mandates

Daniel Masschelein

Director · since 26 octobre 2023

Active

Lieve Vandecandelaere

Managing director · since 27 juin 1988

Active

Ended mandates

Daniel Masschelein

Director · since 06 juin 2015

Ended

Johan Masschelein

Director · since 27 décembre 2013

Ended

Bart Masschelein

Director · since 22 janvier 2000 · until 26 octobre 2023

Ended

Bart Masschelein

Director · since 22 janvier 2000

Ended

Shareholders

Ownership and network

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Belgian Official Gazette

Belgian Official Gazette publications

Mandates03/11/2023
STATUTEN (VERTALING, COÖRDINATIE, OVERIGE WIJZIGINGEN, ) - MAATSCHAPPELIJKE ZETEL - 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

2025
Annual accounts 20257,2 k €↑
2024
Annual accounts 20246,6 k €↓
2023
Annual accounts 20239,7 k €↓
2022
Annual accounts 202211,1 k €↓
2021
Annual accounts 202115 k €↓
2020
Annual accounts 202018,2 k €↑
2019
Annual accounts 20194,6 k €↑
2018
Annual accounts 2018654,9 €↓
2017
Annual accounts 20172,2 k €↓
2016
Annual accounts 20166,7 k €↓
2015
Annual accounts 20158,6 k €↑
2014
Annual accounts 20144 k €↑
2013
Annual accounts 20131,1 k €↓
2012
Annual accounts 20127,3 k €↓
2011
Annual accounts 20118,6 k €↑
2010
Annual accounts 20107,5 k €↑
2009
Annual accounts 20092,3 k €↓
2008
Annual accounts 20082,5 k €↑
2007
Annual accounts 2007-1,7 k €↓
2006
Annual accounts 2006569,9 €
27/06/1988
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

IMAV

Overview

What does IMAV do?

Trend over 20 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