ACTIVE

Bulinco

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Financial year 2025 · closed on 31/12/2025

Net result

101,3 k €

-22.9% YoY

Gross margin

410,8 k €

+1.9% YoY

Equity

2 M €

+5.4% YoY

What does Bulinco do?

Bulinco is a Public limited company incorporated in 1990. Its main activity is: Rental and operating of own or leased real estate. Its registered office is in Middelkerke.

Legal situation

● Normal situation

BCE/KBO no. / VAT

BE 0442.809.453

Incorporation

05/12/1990

Legal form

Public limited company

Registered office

Snipgatstraat 6
8432 Middelkerke · FlandreSee on map

Contributed capital

1 000 000,00 €

Latest accounts

31/12/2025

Activities (NACE)

68201Rental and operating of own or leased real estate· main 68201Rental and operating of own or leased real estate

Signals

ProfitableSolid equityPositive cashflowPositive EBITDA

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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	410,8 k €	+1.9%	403,2 k €	-22.7%	521,6 k €	+34.3%	388,3 k €	+7.0%	363 k €	+76.4%	205,8 k €	+460%	36,8 k €	-76.0%	152,9 k €	+798%	-21,9 k €	-223%	17,8 k €	-88.1%	150,3 k €	+122%	67,6 k €	-61.4%	175,3 k €	-55.3%	392,2 k €	+391%	80 k €	-4.7%	83,9 k €	-4.6%	87,9 k €	+2.7%	85,6 k €	+17.9%	72,6 k €
EBITDA	375,3 k €	+1.7%	368,9 k €	-23.4%	481,6 k €	+34.7%	357,5 k €	+6.9%	334,5 k €	+81.8%	183,9 k €	+574%	27,3 k €	-81.1%	144,3 k €	+570%	-30,7 k €	-855%	4,1 k €	-97.0%	137,7 k €	+148%	55,5 k €	-66.0%	163,3 k €	-50.9%	332,9 k €	+403%	66,1 k €	-1.4%	67 k €	-15.2%	79,1 k €	+8.0%	73,2 k €	+15.9%	63,2 k €
Operating result	261 k €	+3.2%	252,9 k €	-30.3%	363,1 k €	+50.3%	241,5 k €	+8.6%	222,4 k €	+77.2%	125,5 k €	+1551%	-8,7 k €	-108%	108,4 k €	+255%	-70 k €	-124%	-31,3 k €	-131%	102,1 k €	+420%	19,6 k €	-84.6%	127,2 k €	-56.8%	294,7 k €	+1018%	26,4 k €	-1.2%	26,7 k €	-30.1%	38,2 k €	+21.7%	31,4 k €	+67.4%	18,7 k €
Net result	101,3 k €	-22.9%	131,4 k €	-35.6%	203,9 k €	+43.8%	141,8 k €	-15.1%	167,1 k €	+62.5%	102,8 k €	+1155%	-9,7 k €	-110%	99 k €	+231%	-75,5 k €	-919%	9,2 k €	-86.9%	70,4 k €	+560%	10,7 k €	-86.3%	77,9 k €	-24.3%	102,8 k €	+7763%	1,3 k €	+2.4%	1,3 k €	-91.4%	14,8 k €	+86.9%	7,9 k €	+120%	-39,5 k €
Balance sheet
Equity	2 M €	+5.4%	1,9 M €	+1.0%	1,9 M €	-21.0%	2,4 M €	+6.4%	2,2 M €	+8.1%	2,1 M €	+5.3%	2 M €	-0.5%	2 M €	+5.3%	1,9 M €	-3.9%	1,9 M €	+139%	810,6 k €	+9.5%	740,2 k €	+1.5%	729,5 k €	+12.0%	651,6 k €	+18.7%	548,8 k €	+0.2%	547,5 k €	+0.2%	546,2 k €	+2.8%	531,4 k €	+1.5%	523,5 k €
Total assets	3,6 M €	+2.6%	3,5 M €	-3.5%	3,7 M €	+3.4%	3,6 M €	+2.8%	3,5 M €	+2.6%	3,4 M €	+54.6%	2,2 M €	+1.4%	2,1 M €	-2.2%	2,2 M €	-5.1%	2,3 M €	+84.8%	1,3 M €	+4.6%	1,2 M €	-9.9%	1,3 M €	+4.5%	1,3 M €	+12.0%	1,1 M €	-1.1%	1,2 M €	-2.0%	1,2 M €	-0.4%	1,2 M €	-25.4%	1,6 M €
Cash	35,1 k €	-62.3%	93 k €	-83.1%	550,9 k €	+108%	264,3 k €	-56.0%	600,8 k €	+44.9%	414,7 k €	-12.5%	473,8 k €	-22.8%	614,1 k €	+78.8%	343,4 k €	-21.1%	435,5 k €	+44.2%	302 k €	+306%	74,4 k €	+33.9%	55,5 k €	+33.8%	41,5 k €	-43.5%	73,5 k €	+197%	24,8 k €	-0.0%	24,8 k €	+254%	7 k €	-61.3%	18,1 k €
Debts	1,6 M €	-0.4%	1,6 M €	-8.4%	1,7 M €	+56.1%	1,1 M €	-3.8%	1,2 M €	-6.7%	1,2 M €	+638%	167,3 k €	+32.0%	126,8 k €	-52.4%	266,4 k €	-13.8%	309 k €	-5.2%	326 k €	-10.7%	364,9 k €	-28.0%	506,9 k €	-9.7%	561,5 k €	-1.2%	568,6 k €	-2.8%	585 k €	-2.5%	600,1 k €	-4.4%	627,5 k €	-39.2%	1 M €

Estimate

Indicative valuation

As an indication, this company is worth

between 2,5 M€ and 5 M€

See the valuation

Governance

Board of directors

Seen on filing of 31/12/2025 · 1 active · 15 ended

Active mandates

Frank Bulcke

Managing director

Active

Ended mandates

Thibault Bulcke

Mandate · since 01 septembre 2019

Ended

Frank BULCKE

Chairman of the board of directors · since 23 février 2016

Ended

Anne Marie Dewachter

Managing director · since 25 février 2011 · until 26 février 2016

Ended

Frank Bulcke

Managing director · since 25 février 2011 · until 26 février 2016

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	01/10/2022	01/10/2021	01/10/2020	01/10/2019
Closing of the financial year	31/12/2025	31/12/2024	31/12/2023	30/09/2022	30/09/2021	30/09/2020
Length of the financial year	12 months	12 months	15 months	12 months	12 months	12 months
Filing date	03/07/2026	15/07/2025	09/07/2024	26/04/2023	21/03/2022	02/04/2021
General meeting	26/06/2026	27/06/2025	28/06/2024	22/03/2023	25/02/2022	15/03/2021
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	31/12/2025	26/06/2026	03/07/2026	Dutch	PDF
Micro model	31/12/2024	27/06/2025	15/07/2025	Dutch	PDF
Micro model	31/12/2023	28/06/2024	09/07/2024	Dutch	PDF
Micro model	30/09/2022	22/03/2023	26/04/2023	Dutch	PDF
Micro model	30/09/2021	25/02/2022	21/03/2022	Dutch	PDF
Micro model	30/09/2020	15/03/2021	02/04/2021	Dutch	PDF
Micro model	30/09/2019	28/02/2020	27/03/2020	Dutch	PDF
Micro model	30/09/2018	22/02/2019	12/03/2019	Dutch	PDF
Micro model	30/09/2017	23/02/2018	20/03/2018	Dutch	PDF
Abridged model	30/09/2016	24/02/2017	28/02/2017	Dutch	PDF
Abridged model	30/09/2015	26/02/2016	04/03/2016	Dutch	PDF
Abridged model	30/09/2014	27/02/2015	02/03/2015	Dutch	PDF
Abridged model	30/09/2013	28/02/2014	13/03/2014	Dutch	PDF
Abridged model	30/09/2012	25/03/2013	24/04/2013	Dutch	PDF
Abridged model	30/09/2011	24/02/2012	28/03/2012	Dutch	PDF
Abridged model	30/09/2010	22/03/2011	31/03/2011	Dutch	PDF
Abridged model	30/09/2009	27/03/2010	29/03/2010	Dutch	PDF
Abridged model	30/09/2008	29/03/2009	30/03/2009	Dutch	PDF
Abridged model	30/09/2007	20/03/2008	31/03/2008	Dutch	PDF
Abridged model	30/09/2006	25/02/2007	29/03/2007	Dutch	PDF

Estimate

Indicative valuation

Order of magnitude

As an indication, this company is worth

between 2,5 M€ and 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 · 1 active · 15 ended

Active mandates

Frank Bulcke

Managing director

Active

Ended mandates

Thibault Bulcke

Mandate · since 01 septembre 2019

Ended

Frank BULCKE

Chairman of the board of directors · since 23 février 2016

Ended

Anne Marie Dewachter

Managing director · since 25 février 2011 · until 26 février 2016

Ended

Frank Bulcke

Managing director · since 25 février 2011 · until 26 février 2016

Ended

Shareholders

Ownership and network

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Belgian Official Gazette

Belgian Official Gazette publications

Mandates04/10/2023
STATUTEN (VERTALING, COÖRDINATIE, OVERIGE WIJZIGINGEN, ) - MAATSCHAPPELIJKE ZETEL - DIVERSEN - KAPITAAL - AANDELEN - ONTSLAGEN - BENOEMINGEN - ALGEMENE VERGADERING - BOEKJAAR
PDF
Mandates17/10/2019
ONTSLAGEN - BENOEMINGEN
PDF
Capital / shares11/10/2016
KAPITAAL - AANDELEN
PDF
Mandates04/05/2016
ONTSLAGEN - BENOEMINGEN
PDF
Registered office22/06/2015
MAATSCHAPPELIJKE ZETEL
PDF
Mandates13/05/2011
ONTSLAGEN - BENOEMINGEN
PDF
Mandates21/05/2008
ONTSLAGEN - BENOEMINGEN
PDF
Mandates17/02/2006
BENAMING - DOEL - KAPITAAL - AANDELEN - ALGEMENE VERGADERING - STATUTEN (VERTALING, COÖRDINATIE, OVERIGE WIJZIGINGEN, ) - 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 2025101,3 k €↓
2024
Annual accounts 2024131,4 k €↓
2023
Annual accounts 2023203,9 k €↑
2022
Annual accounts 2022141,8 k €↓
2021
Annual accounts 2021167,1 k €↑
2020
Annual accounts 2020102,8 k €↑
2019
Annual accounts 2019-9,7 k €↓
2018
Annual accounts 201899 k €↑
2017
Annual accounts 2017-75,5 k €↓
2016
Annual accounts 20169,2 k €↓
2015
Annual accounts 201570,4 k €↑
2014
Annual accounts 201410,7 k €↓
2013
Annual accounts 201377,9 k €↓
2012
Annual accounts 2012102,8 k €↑
2011
Annual accounts 20111,3 k €↑
2010
Annual accounts 20101,3 k €↓
2009
Annual accounts 200914,8 k €↑
2008
Annual accounts 20087,9 k €↑
2007
Annual accounts 2007-39,5 k €
05/12/1990
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

Bulinco

Overview

What does Bulinco 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