ACTIVE

inclusion

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Financial year 2025 · closed on 31/12/2025
Net result
-420,5 k €
-1312.5% YoY
Gross margin
915,1 k €
-3.3% YoY
Equity
1,8 M €
-19.3% YoY
Workforce
16,6 ETP
+12.9% YoY

What does inclusion do?

inclusion is a Non-profit organization incorporated in 1989. Its main activity is: Technical and vocational secondary education. Its registered office is in Evere. It employs on average 16,6 ETP workers (FTE).

Legal situation
● Normal situation
BCE/KBO no. / VAT
BE 0441.427.501
Incorporation
29/09/1989
Legal form
Non-profit organization
Registered office
Rue Colonel Bourg 123 box 6
1140 Evere · BruxellesSee on map
Latest accounts
31/12/2025
Average workforce
16,6 ETP
Activities (NACE)
85323Technical and vocational secondary education· main88999Other social work activities without accommodation n.e.c.88999Other social work activities without accommodation n.e.c.
Joint committees (2)
  • 329
  • 32902
Signals
Solid equityLow riskGood liquidityHealthy social debts
View the BCE/KBO Public Search record →
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✦ Verdict · Analyst summary
Financials

Trend over 16 financial years

2025202420232022202120202019201720162014201320122011201020082007
Income statement
Gross margin915,1 k €946,7 k €1 M €793,5 k €1,5 M €806,5 k €–987,1 k €985,2 k €773,8 k €612,1 k €483 k €705,8 k €567,7 k €427,4 k €658,6 k €
EBITDA-405,9 k €16,1 k €173,4 k €-55,1 k €762,3 k €131,4 k €-673,7 k €-112,9 k €-108,7 k €47,9 k €-78,6 k €-63,6 k €62,2 k €-34,3 k €23,6 k €340,8 k €
Operating result-428,7 k €-6,7 k €152,3 k €-75,2 k €740,4 k €124,4 k €-674,9 k €-114,1 k €-114,3 k €39,6 k €-88,4 k €-74,5 k €50,4 k €-46,3 k €19,6 k €337,1 k €
Net result-420,5 k €34,7 k €217,4 k €-212 k €708,7 k €119,5 k €–-120,9 k €-120,4 k €52,5 k €-94,9 k €-63,9 k €66,5 k €-40,5 k €53,1 k €350,5 k €
Balance sheet
Equity1,8 M €2,3 M €2,3 M €2,1 M €2,3 M €1,6 M €946,9 k €833,6 k €954,5 k €1,2 M €1,1 M €1,2 M €1,3 M €1,2 M €1,1 M €1 M €
Total assets2 M €2,5 M €2,5 M €2,4 M €2,6 M €2 M €1,2 M €1,1 M €1,3 M €1,3 M €1,3 M €1,4 M €1,5 M €1,6 M €1,2 M €1,2 M €
Cash434,3 k €855,2 k €910,6 k €812,5 k €818,6 k €1,2 M €951,7 k €874,8 k €1 M €945,7 k €794,4 k €886,8 k €866,5 k €706,1 k €455,8 k €547,5 k €
Debts141,5 k €148,2 k €182,1 k €192,2 k €152,5 k €217,3 k €181 k €219,3 k €229,7 k €118 k €195,6 k €164,4 k €113,6 k €127,8 k €107,4 k €112,9 k €
Other
Workforce16,6 ETP14,7 ETP15,3 ETP15,1 ETP14,9 ETP–15,8 ETP20,2 ETP23,2 ETP15,3 ETP15,1 ETP11,7 ETP14,6 ETP12,2 ETP8,7 ETP6,6 ETP
Estimate

Indicative valuation

As an indication, this company is worth

between 1 M€ and 2,5 M€
See the valuation
Governance

Board of directors

Seen on filing of 31/12/2025 · 8 active · 76 ended

Active mandates

ANNE GOETHALS

Director · since 20 avril 2024 · until 20 avril 2027

Active
JEAN-MARIE ELSEN

Director · since 20 avril 2024 · until 20 avril 2027

Active
Judith YASSE

Director · since 20 avril 2024 · until 20 avril 2027

Active
Muriel BAUMAL

Director · since 20 avril 2024 · until 20 avril 2027

Active
PAUL DETHIER

Director · since 20 avril 2024 · until 20 avril 2027

Active
PAUL VERELST

Director · since 20 avril 2024 · until 20 avril 2027

Active
Robert DORMAL

Director · since 20 avril 2024 · until 20 avril 2027

Active
Sandy FELACO

Director · since 22 avril 2023 · until 22 avril 2026

Active

Ended mandates

ANNE GOETHALS

Director · since 23 juin 2018 · until 30 juin 2021

Ended
Bernard DE SMEDT

Director · since 23 juin 2018 · until 30 juin 2021

Ended
BERNARD DE SMET

Director · since 23 juin 2018 · until 30 juin 2021

Ended
Jean-Marie ELSEN

Chairman of the board of directors · since 23 juin 2018 · until 30 juin 2021

Ended
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Annual accounts

Full financial information

202520242023202220212020
Type of accountAbridged modelAbridged modelAbridged modelAbridged modelAbridged modelAbridged model
Start of the financial year01/01/202501/01/202401/01/202301/01/202201/01/202101/01/2020
Closing of the financial year31/12/202531/12/202431/12/202331/12/202231/12/202131/12/2020
Length of the financial year12 months12 months12 months12 months12 months12 months
Filing date24/08/202618/07/202525/07/202410/07/202309/08/202219/07/2021
General meeting25/04/202614/06/202520/04/202422/04/202323/04/202226/06/2021
Currency of the financial yearEUREUREUREUREUREUR
NBB quality labelSatisfying controlsSatisfying controlsSatisfying controlsSatisfying controlsSatisfying controlsSatisfying controls
Ratios

Financial ratios

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Filings

Annual accounts filings

21 filings with the NBB

ModelClosingGeneral meetingFiledLanguageDocument
Abridged model31/12/202525/04/202624/08/2026FrenchPDF
Abridged model31/12/202414/06/202518/07/2025FrenchPDF
Abridged model31/12/202320/04/202425/07/2024FrenchPDF
Abridged model31/12/202222/04/202310/07/2023FrenchPDF
Abridged model31/12/202123/04/202209/08/2022FrenchPDF
Abridged model31/12/202026/06/202119/07/2021FrenchPDF
Abridged model31/12/201929/08/202030/10/2020FrenchPDF
Abridged model31/12/201804/10/201927/02/2020FrenchPDF
Abridged model31/12/201723/06/201802/07/2018FrenchPDF
Abridged model31/12/201619/05/201725/09/2017FrenchPDF
Abridged model31/12/201527/05/201626/08/2016FrenchPDF
Abridged model31/12/201424/04/201515/06/2015FrenchPDF
Abridged model31/12/201321/06/201416/07/2014FrenchPDF
Abridged model31/12/201227/04/201330/05/2013FrenchPDF
Abridged model31/12/201121/04/201227/06/2012FrenchPDF
Abridged modelCorrection31/12/201002/04/201120/05/2011FrenchPDF
Abridged model31/12/201002/04/201126/04/2011FrenchPDF
Abridged model31/12/200927/03/201026/04/2010FrenchPDF
Abridged model31/12/200825/04/200922/07/2009FrenchPDF
Abridged model31/12/200719/04/200824/06/2008FrenchPDF
Abridged model31/12/200621/04/200725/10/2007FrenchPDF
Estimate

Indicative valuation

Order of magnitude

As an indication, this company is worth

between 1 M€ and 2,5 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 · 8 active · 76 ended

Active mandates

ANNE GOETHALS

Director · since 20 avril 2024 · until 20 avril 2027

Active
JEAN-MARIE ELSEN

Director · since 20 avril 2024 · until 20 avril 2027

Active
Judith YASSE

Director · since 20 avril 2024 · until 20 avril 2027

Active
Muriel BAUMAL

Director · since 20 avril 2024 · until 20 avril 2027

Active
PAUL DETHIER

Director · since 20 avril 2024 · until 20 avril 2027

Active
PAUL VERELST

Director · since 20 avril 2024 · until 20 avril 2027

Active
Robert DORMAL

Director · since 20 avril 2024 · until 20 avril 2027

Active
Sandy FELACO

Director · since 22 avril 2023 · until 22 avril 2026

Active

Ended mandates

ANNE GOETHALS

Director · since 23 juin 2018 · until 30 juin 2021

Ended
Bernard DE SMEDT

Director · since 23 juin 2018 · until 30 juin 2021

Ended
BERNARD DE SMET

Director · since 23 juin 2018 · until 30 juin 2021

Ended
Jean-Marie ELSEN

Chairman of the board of directors · since 23 juin 2018 · until 30 juin 2021

Ended
Shareholders

Ownership and network

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Belgian Official Gazette

Belgian Official Gazette publications

  • Mandates13/02/2026
    DEMISSIONS, NOMINATIONS - DIVERS
    PDF
  • Mandates06/09/2024
    DEMISSIONS, NOMINATIONS
    PDF
  • Mandates20/07/2023
    DEMISSIONS, NOMINATIONS
    PDF
  • Mandates05/07/2022
    DEMISSIONS, NOMINATIONS
    PDF
  • Mandates19/08/2021
    SIEGE SOCIAL - DEMISSIONS, NOMINATIONS - STATUTS (TRADUCTION, COORDINATION, AUTRES MODIFICATIONS, …)
    PDF
  • Mandates11/07/2018
    DEMISSIONS, NOMINATIONS
    PDF
  • Mandates29/06/2017
    Démission d'administrateur - Démission gestion journalière - Nomination
    PDF
  • Other27/06/2016
    Modification de la composition du Conseil d'administration
    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

Timeline

  1. 2025
    Annual accounts 2025-420,5 k €↓
  2. 2024
    Annual accounts 202434,7 k €↓
  3. 2023
    Annual accounts 2023217,4 k €↑
  4. 2022
    Annual accounts 2022-212 k €↓
  5. 2021
    Annual accounts 2021708,7 k €↑
  6. 2020
    Annual accounts 2020119,5 k €↑
  7. 2019
    Annual accounts 2019
  8. 2017
    Annual accounts 2017-120,9 k €↓
  9. 2016
    Annual accounts 2016-120,4 k €↓
  10. 2014
    Annual accounts 201452,5 k €↑
  11. 2014
    Name changeInclusion
  12. 2013
    Annual accounts 2013-94,9 k €↓
  13. 2012
    Annual accounts 2012-63,9 k €↓
  14. 2011
    Annual accounts 201166,5 k €↑
  15. 2010
    Annual accounts 2010-40,5 k €↓
  16. 2008
    Annual accounts 200853,1 k €↓
  17. 2007
    Annual accounts 2007350,5 k €
  18. 2007
    Name changeAssociation francophone d'Aide aux Handicapés mentaux AFRAHM
  19. 29/09/1989
    IncorporationNon-profit organization