ACTIVE

PILOT

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Financial year 2025 · closed on 31/12/2025

Net result

1,9 M €

+590.0% YoY

Gross margin

-245,5 k €

-6.6% YoY

Equity

47,1 M €

+3.4% YoY

What does PILOT do?

PILOT is a Public limited company incorporated in 1991. Its main activity is: Management consultancy activities. Its registered office is in Antwerpen.

Legal situation

● Normal situation

BCE/KBO no. / VAT

BE 0444.329.680

Incorporation

11/06/1991

Legal form

Public limited company

Registered office

Eglantierlaan 5A box 102
2020 Antwerpen · FlandreSee on map

Contributed capital

700 000,00 €

Latest accounts

31/12/2025

Activities (NACE)

70200Management consultancy activities· main 70220Business and other management consultancy activities 74142Specialised design activities

Joint committees (1)

Signals

ProfitableSolid equityLow riskGood liquidityPositive cashflow

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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	-245,5 k €	-6.6%	-230,3 k €	-148%	477,6 k €	+296%	-244,2 k €	+2.3%	-250 k €	-182%	-88,5 k €	-87.3%	-47,3 k €	-159%	80,1 k €	+1231%	-7,1 k €	-408%	2,3 k €	-92.1%	29,2 k €	-32.9%	43,5 k €	+412%	8,5 k €	-90.4%	88,7 k €	-86.5%	656,2 k €	+275%	175 k €	-58.1%	417,6 k €	-20.7%	526,8 k €	+524%	-124,3 k €
EBITDA	-272,3 k €	-4.5%	-260,5 k €	-158%	450,4 k €	+269%	-266,3 k €	-1.2%	-263,1 k €	-190%	-90,6 k €	-86.4%	-48,6 k €	-169%	70,1 k €	+696%	-11,8 k €	-4700%	255,5 €	-99.1%	28,3 k €	+356%	-11 k €	+87.6%	-88,9 k €	-1241%	-6,6 k €	-101%	566,1 k €	+483%	97,1 k €	-67.0%	294,7 k €	-34.5%	449,8 k €	+327%	-198,3 k €
Operating result	-391,2 k €	-6.8%	-366,1 k €	-195%	385,2 k €	+216%	-333,3 k €	-1.5%	-328,4 k €	-212%	-105,4 k €	-92.5%	-54,8 k €	-186%	63,9 k €	+509%	-15,6 k €	-479%	-2,7 k €	-111%	25,2 k €	+278%	-14,1 k €	+84.6%	-91,6 k €	-927%	-8,9 k €	-102%	562,8 k €	+507%	92,7 k €	-68.0%	289,8 k €	-34.7%	443,7 k €	+316%	-205,9 k €
Net result	1,9 M €	+590%	268,3 k €	-16.0%	319,3 k €	-27.3%	439,2 k €	-92.4%	5,8 M €	+40587%	14,3 k €	+115%	-92,3 k €	-146%	198,7 k €	+652%	26,4 k €	-85.3%	179,6 k €	-83.3%	1,1 M €	+279%	284,2 k €	-19.3%	352,1 k €	+21.1%	290,9 k €	-66.9%	879,4 k €	+261%	243,4 k €	-57.2%	569 k €	+92.1%	296,1 k €	-76.9%	1,3 M €
Balance sheet
Equity	47,1 M €	+3.4%	45,5 M €	+0.4%	45,3 M €	+0.5%	45,1 M €	+0.5%	44,9 M €	+173%	16,5 M €	+0.1%	16,4 M €	-0.6%	16,5 M €	+1.2%	16,3 M €	+0.2%	16,3 M €	-13.8%	18,9 M €	+4.3%	18,2 M €	+1.6%	17,9 M €	+2.0%	17,5 M €	+1.7%	17,2 M €	+5.4%	16,4 M €	+1.5%	16,1 M €	-4.1%	16,8 M €	+1.8%	16,5 M €
Total assets	48,6 M €	+5.8%	45,9 M €	+0.3%	45,8 M €	-1.7%	46,6 M €	+1.9%	45,7 M €	+169%	17 M €	+2.7%	16,6 M €	-0.8%	16,7 M €	+0.9%	16,5 M €	-14.7%	19,4 M €	+0.4%	19,3 M €	+5.2%	18,4 M €	+2.3%	18 M €	+2.3%	17,6 M €	+1.6%	17,3 M €	+2.5%	16,9 M €	+1.5%	16,6 M €	-4.1%	17,3 M €	+2.0%	17 M €
Cash	2,4 M €	+509%	386,7 k €	-70.0%	1,3 M €	-46.7%	2,4 M €	-77.3%	10,7 M €	+221%	3,3 M €	-52.1%	6,9 M €	-11.6%	7,8 M €	+22.2%	6,4 M €	-19.7%	8 M €	-8.0%	8,7 M €	+973%	808,6 k €	-77.4%	3,6 M €	-14.4%	4,2 M €	+27.4%	3,3 M €	-46.8%	6,2 M €	-15.2%	7,3 M €	+23.3%	5,9 M €	+88.4%	3,1 M €
Debts	1,5 M €	+247%	439,5 k €	-2.4%	450,5 k €	-68.9%	1,4 M €	+74.6%	829,3 k €	+52.3%	544,6 k €	+383%	112,8 k €	-25.6%	151,6 k €	-21.7%	193,7 k €	-93.7%	3,1 M €	+693%	388,3 k €	+82.8%	212,5 k €	+132%	91,4 k €	+141%	38 k €	-18.4%	46,6 k €	-90.9%	511,2 k €	+0.6%	508,3 k €	-6.7%	544,6 k €	+8.0%	504,2 k €
Other
Workforce	–		–		–		–		–		–		–		–		–		–		–		0,8 ETP	-20.0%	1,0 ETP	0.0%	1,0 ETP	0.0%	1,0 ETP	0.0%	1,0 ETP	+25.0%	0,8 ETP	0.0%	0,8 ETP	0.0%	0,8 ETP

Estimate

Indicative valuation

As an indication, this company is worth

between 25 M€ and 50 M€

See the valuation

Governance

Board of directors

Seen on filing of 31/12/2025 · 4 active · 14 ended

Active mandates

Bart Lizen

Bestuurder · since 18 mars 2022 · until 18 mars 2028

Active

Rhea Lizen

Bestuurder · since 18 mars 2022 · until 18 mars 2028

Active

Koenraad Lizen

Bestuurder · since 28 mai 2010 · until 18 mars 2028

Active

Werner Lizen

Bestuurder · since 28 mai 2010 · until 26 mai 2028

Active

Ended mandates

Bart Lizen

Bestuurder · since 18 mars 2022 · until 26 mai 2028

Ended

Bart LIZEN

Director · since 18 mars 2022 · until 01 juin 2028

Ended

Rhea Lizen

Bestuurder · since 18 mars 2022 · until 26 mai 2028

Ended

Rhea LIZEN

Director · since 18 mars 2022 · until 01 juin 2028

Ended

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Annual accounts

Full financial information

	2025	2024	2023	2022	2021	2020
Type of account	Abridged model	Abridged model	Abridged model	Abridged model	Abridged model	Abridged 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	10/07/2026	23/07/2025	28/08/2024	30/06/2023	20/10/2022	20/07/2021
General meeting	29/05/2026	30/05/2025	31/05/2024	26/05/2023	27/05/2022	28/05/2021
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

21 filings with the NBB

Model	Closing	General meeting	Filed	Language	Document
Abridged model	31/12/2025	29/05/2026	10/07/2026	Dutch	PDF
Abridged model	31/12/2024	30/05/2025	23/07/2025	Dutch	PDF
Abridged model	31/12/2023	31/05/2024	28/08/2024	Dutch	PDF
Abridged model	31/12/2022	26/05/2023	30/06/2023	Dutch	PDF
Abridged modelCorrection	31/12/2021	27/05/2022	20/10/2022	Dutch	PDF
Abridged model	31/12/2021	27/05/2022	29/08/2022	Dutch	PDF
Abridged model	31/12/2020	28/05/2021	20/07/2021	Dutch	PDF
Abridged model	31/12/2019	29/05/2020	20/07/2020	Dutch	PDF
Abridged model	31/12/2018	31/05/2019	24/06/2019	Dutch	PDF
Abridged model	31/12/2017	25/05/2018	16/07/2018	Dutch	PDF
Abridged model	31/12/2016	26/05/2017	31/07/2017	Dutch	PDF
Abridged model	31/12/2015	27/05/2016	15/07/2016	Dutch	PDF
Abridged model	31/12/2014	29/05/2015	09/06/2015	Dutch	PDF
Abridged model	31/12/2013	30/05/2014	11/07/2014	Dutch	PDF
Abridged model	31/12/2012	31/05/2013	25/06/2013	Dutch	PDF
Abridged model	31/12/2011	25/05/2012	13/07/2012	Dutch	PDF
Abridged model	31/12/2010	27/05/2011	28/06/2011	Dutch	PDF
Abridged model	31/12/2009	28/05/2010	22/06/2010	Dutch	PDF
Abridged model	31/12/2008	29/05/2009	30/06/2009	Dutch	PDF
Abridged model	31/12/2007	23/05/2008	30/06/2008	Dutch	PDF
Abridged model	31/12/2006	25/05/2007	17/07/2007	Dutch	PDF

Estimate

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.

Governance

Board of directors

Seen on filing of 31/12/2025 · 4 active · 14 ended

Active mandates

Bart Lizen

Bestuurder · since 18 mars 2022 · until 18 mars 2028

Active

Rhea Lizen

Bestuurder · since 18 mars 2022 · until 18 mars 2028

Active

Koenraad Lizen

Bestuurder · since 28 mai 2010 · until 18 mars 2028

Active

Werner Lizen

Bestuurder · since 28 mai 2010 · until 26 mai 2028

Active

Ended mandates

Bart Lizen

Bestuurder · since 18 mars 2022 · until 26 mai 2028

Ended

Bart LIZEN

Director · since 18 mars 2022 · until 01 juin 2028

Ended

Rhea Lizen

Bestuurder · since 18 mars 2022 · until 26 mai 2028

Ended

Rhea LIZEN

Director · since 18 mars 2022 · until 01 juin 2028

Ended

Shareholders

Ownership and network

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Belgian Official Gazette

Belgian Official Gazette publications

Registered office28/05/2024
MAATSCHAPPELIJKE ZETEL
PDF
Mandates07/11/2022
ONTSLAGEN - BENOEMINGEN
PDF
Mandates24/03/2022
STATUTEN (VERTALING, COÖRDINATIE, OVERIGE WIJZIGINGEN, ) - ONTSLAGEN - BENOEMINGEN
PDF
Restructuring05/08/2021
KAPITAAL - AANDELEN - STATUTEN (VERTALING, COÖRDINATIE, OVERIGE WIJZIGINGEN, ) - RUBRIEK HERSTRUCTURERING (FUSIE, SPLITSING, OVERDRACHT VERMOGEN, ENZ...)
PDF
Restructuring04/06/2021
RUBRIEK HERSTRUCTURERING (FUSIE, SPLITSING, OVERDRACHT VERMOGEN, ENZ...) - DIVERSEN
PDF
Registered office09/01/2018
MAATSCHAPPELIJKE ZETEL
PDF
Mandates14/07/2016
ONTSLAGEN - BENOEMINGEN
PDF
Capital / shares20/10/2015
KAPITAAL - AANDELEN
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 20251,9 M €↑
2024
Annual accounts 2024268,3 k €↓
2023
Annual accounts 2023319,3 k €↓
2022
Annual accounts 2022439,2 k €↓
2021
Annual accounts 20215,8 M €↑
2020
Annual accounts 202014,3 k €↑
2019
Annual accounts 2019-92,3 k €↓
2018
Annual accounts 2018198,7 k €↑
2017
Annual accounts 201726,4 k €↓
2016
Annual accounts 2016179,6 k €↓
2015
Annual accounts 20151,1 M €↑
2014
Annual accounts 2014284,2 k €↓
2013
Annual accounts 2013352,1 k €↑
2012
Annual accounts 2012290,9 k €↓
2011
Annual accounts 2011879,4 k €↑
2010
Annual accounts 2010243,4 k €↓
2009
Annual accounts 2009569 k €↑
2008
Annual accounts 2008296,1 k €↓
2007
Annual accounts 20071,3 M €
11/06/1991
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

PILOT

Overview

What does PILOT do?

Trend over 19 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