ACTIVE

FINAP

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Financial year 2025 · closed on 31/12/2025

Net result

34,9 k €

-24.8% YoY

Gross margin

208,2 k €

-3.0% YoY

Equity

7,5 M €

+0.5% YoY

What does FINAP do?

FINAP is a Public limited company incorporated in 1989. Its main activity is: Activities of holding companies. Its registered office is in Liedekerke.

Legal situation

● Normal situation

BCE/KBO no. / VAT

BE 0438.735.354

Incorporation

18/10/1989

Legal form

Public limited company

Registered office

Affligemsestraat 502
1770 Liedekerke · FlandreSee on map

Contributed capital

4 326 483,85 €

Latest accounts

31/12/2025

Activities (NACE)

64200Activities of holding companies· main 64210Activities of holding companies 70200Management consultancy activities 70220Business and other management consultancy activities 74151Specialised design activities

Signals

ProfitableSolid equityLow riskGood liquidityPositive cashflowPositive EBITDAHealthy social debts

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Health score

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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	208,2 k €	-3.0%	214,7 k €	+1.6%	211,3 k €	+61.2%	131,1 k €	-30.6%	188,8 k €	-15.5%	223,4 k €	-28.8%	313,6 k €	-27.2%	430,6 k €	-27.6%	594,9 k €	+7.3%	554,7 k €	+43.9%	385,4 k €	-19.4%	477,9 k €	+4.0%	459,6 k €	-7.2%	495,4 k €	-13.7%	574 k €	+3.0%	557,4 k €	-15.7%	661 k €	+43.6%	460,4 k €	+34.7%	341,8 k €	+141%	142 k €
EBITDA	51,8 k €	-11.2%	58,3 k €	+5.7%	55,2 k €	-0.1%	55,3 k €	-19.6%	68,8 k €	+16.7%	58,9 k €	-20.7%	74,3 k €	-10.8%	83,3 k €	-24.8%	110,8 k €	+6.0%	104,6 k €	+7.6%	97,2 k €	-32.3%	143,7 k €	+12.8%	127,4 k €	-17.1%	153,7 k €	+3.5%	148,6 k €	-0.7%	149,6 k €	-30.2%	214,4 k €	+44.0%	148,8 k €	-14.5%	174,1 k €	+24.3%	140 k €
Operating result	47,1 k €	-12.2%	53,6 k €	+6.2%	50,5 k €	+4.5%	48,3 k €	-21.8%	61,8 k €	+56.9%	39,4 k €	-28.1%	54,8 k €	-14.1%	63,8 k €	-31.8%	93,6 k €	+7.2%	87,3 k €	-5.7%	92,5 k €	-31.2%	134,5 k €	+19.5%	112,6 k €	-12.1%	128 k €	+4.2%	122,8 k €	-0.8%	123,9 k €	-35.8%	193,1 k €	+44.9%	133,2 k €	-21.3%	169,4 k €	+25.2%	135,3 k €
Net result	34,9 k €	-24.8%	46,5 k €	+35.6%	34,3 k €	+5.1%	32,6 k €	-24.4%	43,1 k €	+73.4%	24,8 k €	-14.6%	29,1 k €	-24.1%	38,3 k €	-30.3%	54,9 k €	+9.2%	50,3 k €	-97.5%	2 M €	+2448%	78,1 k €	+16.8%	66,9 k €	-16.0%	79,6 k €	+9.7%	72,6 k €	+2.0%	71,1 k €	-25.2%	95,1 k €	+6.3%	89,4 k €	-13.1%	102,9 k €	+28.7%	79,9 k €
Balance sheet
Equity	7,5 M €	+0.5%	7,4 M €	+0.6%	7,4 M €	+0.5%	7,3 M €	+0.4%	7,3 M €	+0.6%	7,3 M €	+0.3%	7,2 M €	+0.4%	7,2 M €	+0.5%	7,2 M €	+0.8%	7,1 M €	-18.6%	8,8 M €	+29.4%	6,8 M €	+1.2%	6,7 M €	+383%	1,4 M €	+6.1%	1,3 M €	+5.9%	1,2 M €	+6.1%	1,2 M €	+8.9%	1,1 M €	+9.2%	975,7 k €	+11.8%	872,9 k €
Total assets	7,6 M €	+0.9%	7,6 M €	+0.2%	7,5 M €	+2.1%	7,4 M €	+0.4%	7,4 M €	+0.3%	7,3 M €	-0.3%	7,4 M €	-0.7%	7,4 M €	-0.4%	7,4 M €	+0.1%	7,4 M €	-17.9%	9 M €	-0.0%	9 M €	+0.6%	9 M €	+134%	3,8 M €	+3.7%	3,7 M €	+1.0%	3,7 M €	-6.1%	3,9 M €	-0.7%	3,9 M €	+5.0%	3,7 M €	+148%	1,5 M €
Cash	8 k €	-98.1%	424,7 k €	+212%	136,2 k €	+2644%	5 k €	-90.0%	49,7 k €	+5732%	852,8 €		–		73,8 k €	+162%	28,2 k €	-50.8%	57,3 k €	+106%	27,9 k €	-76.6%	119 k €	+17.8%	101 k €	-26.2%	136,8 k €	+546%	21,2 k €	+1869%	1,1 k €	-98.6%	75,1 k €	+8767%	847,4 €	-96.9%	27,6 k €		–
Debts	161,4 k €	+24.4%	129,8 k €	-20.2%	162,6 k €	+302%	40,5 k €	-4.9%	42,6 k €	-33.6%	64,1 k €	-42.3%	111 k €	-41.6%	189,9 k €	-25.7%	255,7 k €	-15.9%	304 k €	+5.1%	289,2 k €	-87.3%	2,3 M €	-1.1%	2,3 M €	-6.3%	2,5 M €	+2.4%	2,4 M €	-1.5%	2,4 M €	-11.3%	2,7 M €	-4.3%	2,9 M €	+3.6%	2,8 M €	+334%	637,7 k €
Other
Workforce	–		–		1,6 ETP		–		–		–		–		–		5,8 ETP	0.0%	5,8 ETP	+48.7%	3,9 ETP	-15.2%	4,6 ETP	-9.8%	5,1 ETP	-5.6%	5,4 ETP	-15.6%	6,4 ETP	+3.2%	6,2 ETP	+6.9%	5,8 ETP	+26.1%	4,6 ETP	+64.3%	2,8 ETP		–

Estimate

Indicative valuation

As an indication, this company is worth

between 500 k€ and 1 M€

See the valuation

Governance

Board of directors

Seen on filing of 31/12/2025 · 3 active · 19 ended

Active mandates

Frederik Balcaen

Director · since 15 octobre 2021 · until 19 mai 2027

Active

Gracy Ramont

Director · since 15 octobre 2021 · until 19 mai 2027

Active

Paul Balcaen

Managing director · since 15 octobre 2021 · until 19 mai 2027

Active

Ended mandates

Frederik Balcaen

Director · since 27 mai 2017 · until 26 mai 2023

Ended

Paul BALCAEN

Managing director · since 27 mai 2017 · until 26 mai 2023

Ended

P.F.B.

Director · since 26 mai 2017 · 0466.848.825

Ended

Frederik Balcaen

Director · since 17 mai 2017 · until 17 mai 2023

Ended

At this address

Other companies at this address

Company	CBE no.
Gracy Ramont en Partners● Active	0462.819.167
P.F.B.● Active	0466.848.825
SOGNO● Active	0890.648.951

Annual accounts

Full financial information

	2025	2024	2023	2022	2021	2020
Type of account	Micro model	Micro model	Abridged 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	31/08/2026	26/09/2025	19/07/2024	31/08/2023	31/08/2022	29/10/2021
General meeting	28/08/2026	31/08/2025	20/06/2024	31/07/2023	18/08/2022	15/10/2021
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	28/08/2026	31/08/2026	Dutch	PDF
Micro model	31/12/2024	31/08/2025	26/09/2025	Dutch	PDF
Abridged model	31/12/2023	20/06/2024	19/07/2024	Dutch	PDF
Micro model	31/12/2022	31/07/2023	31/08/2023	Dutch	PDF
Micro model	31/12/2021	18/08/2022	31/08/2022	Dutch	PDF
Micro model	31/12/2020	15/10/2021	29/10/2021	Dutch	PDF
Micro model	31/12/2019	20/09/2020	25/09/2020	Dutch	PDF
Micro model	31/12/2018	20/05/2019	29/08/2019	Dutch	PDF
Abridged model	31/12/2017	16/05/2018	30/05/2018	Dutch	PDF
Abridged model	31/12/2016	26/05/2017	27/07/2017	Dutch	PDF
Abridged model	31/12/2015	27/05/2016	27/07/2016	Dutch	PDF
Abridged model	31/12/2014	20/05/2015	31/07/2015	Dutch	PDF
Abridged model	31/12/2013	14/05/2014	31/07/2014	Dutch	PDF
Abridged model	31/12/2012	15/05/2013	29/08/2013	Dutch	PDF
Abridged model	31/12/2011	16/06/2012	30/08/2012	Dutch	PDF
Abridged model	31/12/2010	18/05/2011	31/08/2011	Dutch	PDF
Abridged model	31/12/2009	19/05/2010	06/07/2010	Dutch	PDF
Abridged model	31/12/2008	20/05/2009	30/07/2009	Dutch	PDF
Abridged model	31/12/2007	21/05/2008	30/05/2008	Dutch	PDF
Abridged model	31/12/2006	30/05/2007	22/06/2007	Dutch	PDF

Estimate

Indicative valuation

Order of magnitude

As an indication, this company is worth

between 500 k€ and 1 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.

Governance

Board of directors

Seen on filing of 31/12/2025 · 3 active · 19 ended

Active mandates

Frederik Balcaen

Director · since 15 octobre 2021 · until 19 mai 2027

Active

Gracy Ramont

Director · since 15 octobre 2021 · until 19 mai 2027

Active

Paul Balcaen

Managing director · since 15 octobre 2021 · until 19 mai 2027

Active

Ended mandates

Frederik Balcaen

Director · since 27 mai 2017 · until 26 mai 2023

Ended

Paul BALCAEN

Managing director · since 27 mai 2017 · until 26 mai 2023

Ended

P.F.B.

Director · since 26 mai 2017 · 0466.848.825

Ended

Frederik Balcaen

Director · since 17 mai 2017 · until 17 mai 2023

Ended

Shareholders

Ownership and network

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Belgian Official Gazette

Belgian Official Gazette publications

Mandates02/03/2022
ONTSLAGEN - BENOEMINGEN
PDF
Mandates29/01/2018
ONTSLAGEN - BENOEMINGEN
PDF
Restructuring23/08/2016
RUBRIEK HERSTRUCTURERING (FUSIE, SPLITSING, OVERDRACHT VERMOGEN, ENZ...)
PDF
Restructuring15/06/2016
RUBRIEK HERSTRUCTURERING (FUSIE, SPLITSING, OVERDRACHT VERMOGEN, ENZ...) - DIVERSEN
PDF
Capital / shares05/02/2014
KAPITAAL - AANDELEN - STATUTEN (VERTALING, COÖRDINATIE, OVERIGE WIJZIGINGEN, )
PDF
Mandates06/01/2012
ONTSLAGEN - BENOEMINGEN
PDF
Mandates09/08/2005
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 202534,9 k €↓
2024
Annual accounts 202446,5 k €↑
2023
Annual accounts 202334,3 k €↑
2022
Annual accounts 202232,6 k €↓
2021
Annual accounts 202143,1 k €↑
2020
Annual accounts 202024,8 k €↓
2019
Annual accounts 201929,1 k €↓
2018
Annual accounts 201838,3 k €↓
2017
Annual accounts 201754,9 k €↑
2016
Annual accounts 201650,3 k €↓
2015
Annual accounts 20152 M €↑
2014
Annual accounts 201478,1 k €↑
2013
Annual accounts 201366,9 k €↓
2012
Annual accounts 201279,6 k €↑
2011
Annual accounts 201172,6 k €↑
2010
Annual accounts 201071,1 k €↓
2009
Annual accounts 200995,1 k €↑
2008
Annual accounts 200889,4 k €↓
2007
Annual accounts 2007102,9 k €↑
2006
Annual accounts 200679,9 k €
18/10/1989
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

FINAP

Overview

What does FINAP do?

Trend over 20 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