ACTIVE

NV SAS INSTITUTE SA

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Financial year 2025 · Closed on 31/12/2025

Net result696,2 k €-26,6 %over 1 year

Revenue47,2 M €-4,2 %over 1 year

Equity8,3 M €+9,0 %over 1 year

Workforce97,4 ETP-7,9 %over 1 year

Identity

Source · BCE/KBO

NV SAS INSTITUTE SA is a Public limited company incorporated in 1988. Its main activity is: Computer programming activities. Its registered office is in Tervuren. It employs on average 97,4 ETP workers (FTE).

Legal situation: Normal situation
BCE/KBO no. / VAT: BE 0434.697.184
Incorporation: 24/06/1988
Legal form: Public limited company
Registered office: Hertenbergstraat 6
3080 Tervuren · FlandreSee on map
Contributed capital: 2 785 040,33 €
Latest accounts: 31/12/2025
Average workforce: 97,4 ETP

Activities (NACE)

62010Computer programming activities· main 62100Computer programming, consultancy and related activities 72220Research and experimental development on social sciences and humanities

Joint committees (1)

Contacts

3 public details availableLog in to view

Signals

ProfitableLow riskGood liquidityPositive cashflowPositive EBITDAHealthy social debtsHigh revenue

Financials

Source · NBB, 20 filings

Trend over 17 financial years

	2025		2024		2023		2022		2021
Income statement
Revenue	47,2 M €	-4.2%	49,3 M €	+3.9%	47,5 M €	+3.9%	45,7 M €	-0.6%	46 M €
EBITDA	1,3 M €	-17.5%	1,6 M €	-24.5%	2,1 M €	+49.5%	1,4 M €	-22.6%	1,8 M €
Operating result	1,4 M €	-0.9%	1,4 M €	-0.0%	1,4 M €	-5.6%	1,5 M €	-3.1%	1,6 M €
Net result	696,2 k €	-26.6%	948,9 k €	+26.3%	751,2 k €	+3.3%	726,9 k €	+53.5%	473,6 k €
Balance sheet
Equity	8,3 M €	+9.0%	7,6 M €	+14.1%	6,7 M €	+12.5%	5,9 M €	+14.0%	5,2 M €
Total assets	56,4 M €	+3.1%	54,7 M €	+9.3%	50,1 M €	+11.0%	45,1 M €	+0.4%	45 M €
Cash	19 M €	+80.8%	10,5 M €	-32.3%	15,5 M €	+3.3%	15 M €	-30.4%	21,6 M €
Debts	19,7 M €	+29.1%	15,3 M €	+59.5%	9,6 M €	+8.6%	8,8 M €	-11.2%	9,9 M €
Other
Workforce	97,4 ETP	-7.9%	105,8 ETP	-5.0%	111,4 ETP	-4.9%	117,1 ETP	-5.5%	123,9 ETP

Valuation

Indicative valuation

As an indication, this company is worth

between 25 M€ and 50 M€

See the valuation

Board of directors

Source · NBB, accounts to 31/12/2025

2 active · 20 ended

Active mandates

CATHERINE ETHERIDGE OTTO

Director · since 30 juin 2025 · until 27 mai 2031

Active

GUNTER COOLS

Director · since 30 juin 2025 · until 27 mai 2031

Active

Ended mandates

GUNTER COOLS

Director · since 01 décembre 2019 · until 27 mai 2025

Ended

GUNTER COOLS

Director · since 01 décembre 2019 · until 30 juin 2025

Ended

DAVID DAVIS

Director · since 28 mai 2019 · until 27 mai 2025

Ended

DAVID DAVIS

Director · since 28 mai 2019 · until 30 juin 2025

Ended

Full financial information

Source · NBB

	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	01/06/2026	25/07/2025	31/05/2024	12/06/2023	13/06/2022	17/06/2021
General meeting	26/05/2026	30/06/2025	28/05/2024	30/05/2023	31/05/2022	01/06/2021
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

Financial ratios

Source · NBB

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Annual accounts filings

Source · NBB, 20 filings

Model	Closing	General meeting	Filed	Language	Document
Full model	31/12/2025	26/05/2026	01/06/2026	Dutch	PDF
Full model	31/12/2024	30/06/2025	25/07/2025	Dutch	PDF
Full model	31/12/2023	28/05/2024	31/05/2024	Dutch	PDF
Full model	31/12/2022	30/05/2023	12/06/2023	Dutch	PDF
Full model	31/12/2021	31/05/2022	13/06/2022	Dutch	PDF
Full model	31/12/2020	01/06/2021	17/06/2021	Dutch	PDF
Full model	31/12/2019	26/05/2020	18/06/2020	Dutch	PDF
Full model	31/12/2018	28/05/2019	12/06/2019	Dutch	PDF
Full model	31/12/2017	29/05/2018	27/06/2018	Dutch	PDF
Full model	31/12/2016	30/05/2017	30/06/2017	Dutch	PDF
Full model	31/12/2015	30/06/2016	30/06/2016	Dutch	PDF
Full model	31/12/2014	26/05/2015	26/06/2015	Dutch	PDF
Full model	31/12/2013	27/05/2014	20/06/2014	Dutch	PDF
Full model	31/12/2012	28/05/2013	10/06/2013	Dutch	PDF
Full model	31/12/2011	25/09/2012	15/10/2012	Dutch	PDF
Full model	31/12/2010	13/12/2011	26/12/2011	Dutch	PDF
Full model	31/12/2009	11/06/2010	25/06/2010	Dutch	PDF
Full model	31/12/2008	26/06/2009	30/06/2009	Dutch	PDF
Full model	31/12/2007	27/05/2008	29/08/2008	Dutch	PDF
Full model	31/12/2006	29/05/2007	29/06/2007	Dutch	PDF

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.

Board of directors

Source · NBB, accounts to 31/12/2025

2 active · 20 ended

Active mandates

CATHERINE ETHERIDGE OTTO

Director · since 30 juin 2025 · until 27 mai 2031

Active

GUNTER COOLS

Director · since 30 juin 2025 · until 27 mai 2031

Active

Ended mandates

GUNTER COOLS

Director · since 01 décembre 2019 · until 27 mai 2025

Ended

GUNTER COOLS

Director · since 01 décembre 2019 · until 30 juin 2025

Ended

DAVID DAVIS

Director · since 28 mai 2019 · until 27 mai 2025

Ended

DAVID DAVIS

Director · since 28 mai 2019 · until 30 juin 2025

Ended

Ownership and network

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Belgian Official Gazette publications

Source · Belgian Official Gazette

Mandates09/04/2026
ONTSLAGEN - BENOEMINGEN
PDF
Mandates12/12/2025
ONTSLAGEN - BENOEMINGEN
PDF
Mandates28/06/2022
ONTSLAGEN - BENOEMINGEN
PDF
Other03/08/2021
STATUTEN (VERTALING, COÖRDINATIE, OVERIGE WIJZIGINGEN, )
PDF
Mandates27/12/2019
ONTSLAGEN - BENOEMINGEN
PDF
Mandates26/11/2019
ONTSLAGEN - BENOEMINGEN
PDF
Mandates18/06/2019
ONTSLAGEN - BENOEMINGEN
PDF
Mandates20/12/2016
ONTSLAGEN - BENOEMINGEN
PDF

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A company's peers, by sector and size, are included in the Business plan.

See the Business plan

Timeline

2025
Annual accounts 2025696,2 k €↓
30/06/2025
reconductionGunter Cools — bestuurder
30/06/2025
reconductionCatherine Otto — bestuurder
28/05/2025
nominationCatherine Etheridge Otto — bestuurder
15/05/2025
nominationWerner Deumens — bijzondere gevolmachtigde
15/05/2025
nominationRobert Jan Slotema — bijzondere gevolmachtigde
15/05/2025
nominationBrenda Petronella Maria Schrijvers — gevolmachtigde
15/05/2025
nominationDanita Lucia van Charldorp — gevolmachtigde
2024
Annual accounts 2024948,9 k €↑
2023
Annual accounts 2023751,2 k €↑
2022
Annual accounts 2022726,9 k €↑
31/05/2022
reconductionBert Kegels — commissaris
2021
Annual accounts 2021473,6 k €↓
2020
Annual accounts 2020525,5 k €↑
2019
Annual accounts 2019524,9 k €↑
2018
Annual accounts 2018290,3 k €↓
2017
Annual accounts 2017345,9 k €↑
2016
Annual accounts 2016269,9 k €↓
2015
Annual accounts 20152 M €↑
2012
Annual accounts 2012-568,1 k €↓
2011
Annual accounts 2011-39,8 k €↓
2010
Annual accounts 2010125,5 k €↓
2009
Annual accounts 20091,4 M €↑
2008
Annual accounts 20081 M €↓
2006
Annual accounts 20061,7 M €
24/06/1988
IncorporationPublic limited company

NV SAS INSTITUTE SA

Overview

Identity

Financials

Valuation

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

Timeline