ACTIVE

TRACE

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Financial year 2025 · closed on 30/09/2025

Net result

38,2 k €

+13.5% YoY

Gross margin

123,2 k €

+3.8% YoY

Equity

-247,6 k €

+13.4% YoY

What does TRACE do?

TRACE is a Public limited company incorporated in 1989. Its main activity is: Market research and public opinion polling. Its registered office is in Waterloo.

Legal situation

● Normal situation

BCE/KBO no. / VAT

BE 0436.990.839

Incorporation

15/01/1989

Legal form

Public limited company

Registered office

Drève des Chataigniers 22
1410 Waterloo · WallonieSee on map

Contributed capital

62 000,00 €

Latest accounts

30/09/2025

Activities (NACE)

73200Market research and public opinion polling· main 73200Market research and public opinion polling 74131Specialised design activities

Signals

ProfitablePositive cashflowPositive EBITDA

View the BCE/KBO Public Search record →

Health score

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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	123,2 k €	+3.8%	118,7 k €	+16.1%	102,3 k €	+3.1%	99,2 k €	+48.3%	66,9 k €	+20.3%	55,6 k €	+936%	5,4 k €	-73.5%	20,3 k €	-43.0%	35,5 k €	+16.7%	30,5 k €	-6.0%	32,4 k €	+715%	4 k €	-76.5%	16,9 k €	+141%	7 k €	-62.0%	18,5 k €	+232%	5,6 k €	-70.2%	18,7 k €	+62.7%	11,5 k €	-51.4%	23,6 k €
EBITDA	110,5 k €	+3.5%	106,8 k €	+18.8%	89,9 k €	+3.4%	86,9 k €	+52.5%	57 k €	+115%	-392,4 k €	-9537%	4,2 k €	-77.7%	18,6 k €	-45.3%	34 k €	+20.9%	28,1 k €	-8.6%	30,8 k €	+1410%	2 k €	-84.9%	13,5 k €	+157%	5,3 k €	-67.0%	16 k €	+162%	-25,6 k €	-273%	14,8 k €	+49.9%	9,9 k €	-55.1%	22 k €
Operating result	54,4 k €	+11.7%	48,6 k €	+70.8%	28,5 k €	+18.7%	24 k €	+246%	-16,4 k €	+96.4%	-459,1 k €	-16401%	-2,8 k €	-124%	11,5 k €	-43.0%	20,1 k €	+32.2%	15,2 k €	-32.5%	22,6 k €	+466%	-6,2 k €	-204%	5,9 k €	+46.3%	4 k €	-72.0%	14,4 k €	+153%	-27,1 k €	-823%	3,7 k €	+159%	-6,3 k €	-207%	5,9 k €
Net result	38,2 k €	+13.5%	33,7 k €	+58.5%	21,2 k €	+4.2%	20,4 k €	+187%	-23,5 k €	+94.9%	-460,6 k €	-15878%	-2,9 k €	-145%	6,4 k €	-32.3%	9,5 k €	+7.3%	8,8 k €	-36.9%	14 k €	+288%	-7,4 k €	-1175%	-581,7 €	+87.5%	-4,7 k €	-141%	11,2 k €	+153%	-21 k €	-210%	19,2 k €	+407%	-6,2 k €	-201%	6,2 k €
Balance sheet
Equity	-247,6 k €	+13.4%	-285,8 k €	+10.5%	-319,4 k €	+6.2%	-340,7 k €	+5.6%	-361,1 k €	-7.0%	-337,6 k €	-374%	123 k €	-87.8%	1 M €	+0.6%	1 M €	+0.9%	996,5 k €	+0.9%	987,7 k €	+1.4%	973,8 k €	-9.8%	1,1 M €	-0.1%	1,1 M €	-0.4%	1,1 M €	+1.0%	1,1 M €	-1.9%	1,1 M €	+1.8%	1,1 M €	-0.6%	1,1 M €
Total assets	616,7 k €	-2.1%	630,2 k €	-2.8%	648,6 k €	-4.6%	680,3 k €	-3.0%	701,1 k €	-8.0%	762,2 k €	-29.5%	1,1 M €	-1.1%	1,1 M €	-0.5%	1,1 M €	-0.8%	1,1 M €	+0.7%	1,1 M €	-6.5%	1,2 M €	-3.3%	1,2 M €	-1.6%	1,2 M €	-7.9%	1,3 M €	+0.2%	1,3 M €	-4.1%	1,4 M €	-4.0%	1,5 M €	-4.1%	1,5 M €
Cash	60,6 k €	-19.3%	75,1 k €	-16.3%	89,8 k €	+45.6%	61,7 k €	+192%	21,1 k €	+9.7%	19,2 k €	+1697%	1,1 k €	-78.4%	5 k €	-29.8%	7,1 k €	-16.0%	8,4 k €	-16.2%	10 k €	-87.1%	77,9 k €	-13.1%	89,6 k €	-34.8%	137,4 k €	-48.0%	264 k €	+0.2%	263,4 k €	+0.3%	262,6 k €	-9.4%	290 k €	-3.4%	300 k €
Debts	863 k €	-5.4%	912,5 k €	-5.6%	966,2 k €	-5.2%	1 M €	-3.9%	1,1 M €	-3.5%	1,1 M €	+14.7%	958,3 k €	+1078%	81,4 k €	-13.0%	93,5 k €	-16.3%	111,7 k €	-1.3%	113,1 k €	-44.6%	204 k €	+47.2%	138,6 k €	-12.3%	158 k €	-39.0%	259,2 k €	-3.2%	267,8 k €	-12.1%	304,6 k €	-20.3%	381,9 k €	-12.8%	438,1 k €

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 30/09/2025 · 2 active · 9 ended

Active mandates

Dominique Vanderhofstadt

Director · since 25 mars 2025 · until 25 mars 2031

Active

Francis Rose

Director · since 25 mars 2025 · until 25 mars 2031

Active

Ended mandates

Dominique VANDERHOFSTADT

Director · since 18 juin 2019 · until 25 mars 2025

Ended

Françis ROSE

Managing director · since 18 juin 2019 · until 25 mars 2025

Ended

Dominique VANDERHOFSTAD

Director · since 30 mars 2016 · until 29 mars 2022

Ended

Francis ROSE

Managing director · since 30 mars 2016 · until 29 mars 2022

Ended

Annual accounts

Full financial information

	2025	2024	2023	2022	2021	2020
Type of account	Micro model	Micro model	Micro model	Abridged model	Abridged model	Abridged model
Start of the financial year	01/10/2024	01/10/2023	01/10/2022	01/10/2021	01/10/2020	01/10/2019
Closing of the financial year	30/09/2025	30/09/2024	30/09/2023	30/09/2022	30/09/2021	30/09/2020
Length of the financial year	12 months	12 months	12 months	12 months	12 months	12 months
Filing date	10/04/2026	31/03/2025	23/04/2024	13/04/2023	07/04/2022	06/04/2021
General meeting	31/03/2026	25/03/2025	26/03/2024	28/03/2023	29/03/2022	30/03/2021
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	30/09/2025	31/03/2026	10/04/2026	French	PDF
Micro model	30/09/2024	25/03/2025	31/03/2025	French	PDF
Micro model	30/09/2023	26/03/2024	23/04/2024	French	PDF
Abridged model	30/09/2022	28/03/2023	13/04/2023	French	PDF
Abridged model	30/09/2021	29/03/2022	07/04/2022	French	PDF
Abridged model	30/09/2020	30/03/2021	06/04/2021	French	PDF
Abridged model	30/09/2019	31/03/2020	30/04/2020	French	PDF
Abridged model	30/09/2018	26/03/2019	26/03/2019	French	PDF
Abridged model	30/09/2017	27/03/2018	03/05/2018	French	PDF
Abridged model	30/09/2016	28/03/2017	03/04/2017	French	PDF
Abridged model	30/09/2015	29/03/2016	03/05/2016	French	PDF
Abridged model	30/09/2014	31/03/2015	29/04/2015	French	PDF
Abridged model	30/09/2013	25/03/2014	25/03/2014	French	PDF
Abridged model	30/09/2012	26/03/2013	02/05/2013	French	PDF
Abridged model	30/09/2011	27/03/2012	09/05/2012	French	PDF
Abridged model	30/09/2010	30/03/2011	29/04/2011	French	PDF
Abridged model	30/09/2009	30/03/2010	11/05/2010	French	PDF
Abridged model	30/09/2008	31/03/2009	14/04/2009	French	PDF
Abridged model	30/09/2007	25/03/2008	17/04/2008	French	PDF
Abridged model	30/09/2006	30/03/2007	30/03/2007	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 30/09/2025 · 2 active · 9 ended

Active mandates

Dominique Vanderhofstadt

Director · since 25 mars 2025 · until 25 mars 2031

Active

Francis Rose

Director · since 25 mars 2025 · until 25 mars 2031

Active

Ended mandates

Dominique VANDERHOFSTADT

Director · since 18 juin 2019 · until 25 mars 2025

Ended

Françis ROSE

Managing director · since 18 juin 2019 · until 25 mars 2025

Ended

Dominique VANDERHOFSTAD

Director · since 30 mars 2016 · until 29 mars 2022

Ended

Francis ROSE

Managing director · since 30 mars 2016 · until 29 mars 2022

Ended

Shareholders

Ownership and network

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Belgian Official Gazette

Belgian Official Gazette publications

Mandates19/09/2025
DEMISSIONS, NOMINATIONS
PDF
Restructuring22/06/2020
RUBRIQUE RESTRUCTURATION (FUSION, SCISSION, TRANSFERT PATRIMOINE, ETC...)
PDF
Restructuring05/03/2020
RUBRIQUE RESTRUCTURATION (FUSION, SCISSION, TRANSFERT PATRIMOINE, ETC...)
PDF
Capital / shares22/07/2019
CAPITAL, ACTIONS - STATUTS (TRADUCTION, COORDINATION, AUTRES MODIFICATIONS, )
PDF
Mandates24/12/2018
DEMISSIONS, NOMINATIONS
PDF
Capital / shares05/11/2014
CAPITAL, ACTIONS
PDF
Mandates15/06/2011
DEMISSIONS, NOMINATIONS
PDF
Mandates01/06/2007
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 202538,2 k €↑
2024
Annual accounts 202433,7 k €↑
2023
Annual accounts 202321,2 k €↑
2022
Annual accounts 202220,4 k €↑
2021
Annual accounts 2021-23,5 k €↑
2020
Annual accounts 2020-460,6 k €↓
2019
Annual accounts 2019-2,9 k €↓
2018
Annual accounts 20186,4 k €↓
2017
Annual accounts 20179,5 k €↑
2016
Annual accounts 20168,8 k €↓
2015
Annual accounts 201514 k €↑
2014
Annual accounts 2014-7,4 k €↓
2013
Annual accounts 2013-581,7 €↑
2012
Annual accounts 2012-4,7 k €↓
2011
Annual accounts 201111,2 k €↑
2010
Annual accounts 2010-21 k €↓
2009
Annual accounts 200919,2 k €↑
2008
Annual accounts 2008-6,2 k €↓
2007
Annual accounts 20076,2 k €
15/01/1989
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

TRACE

Overview

What does TRACE 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