ACTIVE

ITHAKA

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Financial year 2025 · closed on 31/12/2025

Net result

-29,7 k €

-125.5% YoY

Gross margin

1,7 M €

+5.2% YoY

Equity

1 M €

-3.9% YoY

Workforce

20,8 ETP

+3.0% YoY

What does ITHAKA do?

ITHAKA is a Non-profit organization incorporated in 1992. Its main activity is: Technical and vocational secondary education. Its registered office is in Oostende. It employs on average 20,8 ETP workers (FTE).

Legal situation

● Normal situation

BCE/KBO no. / VAT

BE 0448.387.646

Incorporation

13/07/1992

Legal form

Non-profit organization

Registered office

Kaaistraat 35
8400 Oostende · FlandreSee on map

Latest accounts

31/12/2025

Average workforce

20,8 ETP

Activities (NACE)

85322Technical and vocational secondary education· main 88106Social work activities without accommodation for the elderly and disabled 88992Other social work activities without accommodation n.e.c.47251Retail sale of beverages in specialised stores 47251Retail sale of beverages in specialised stores 47252Retail sale of beverages in specialised stores+5

Signals

Solid equityLow riskGood liquidityPositive cashflowPositive EBITDAHealthy social debts

View the BCE/KBO Public Search record →

Health score

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✦ Verdict · Analyst summary

Financials

Trend over 18 financial years

	2025		2024		2023		2022		2021		2020		2019		2018		2017		2016		2015		2014		2013		2012		2011		2010		2009		2008
Income statement
Gross margin	1,7 M €	+5.2%	1,6 M €	+16.1%	1,4 M €	+20.0%	1,1 M €	+8.6%	1,1 M €	+15.4%	915,3 k €	+15.5%	792,7 k €	+40.9%	562,8 k €	+9.2%	515,3 k €	+10.7%	465,5 k €	-0.4%	467,2 k €	+14.1%	409,4 k €	-17.4%	495,9 k €	+9.2%	454 k €	+17.1%	387,7 k €	-3.4%	401,3 k €	+18.4%	339 k €	+22.4%	277 k €
EBITDA	42 k €	-78.0%	190,9 k €	+52.2%	125,4 k €	+91.5%	65,5 k €	-53.1%	139,7 k €	-5.3%	147,5 k €	+2.7%	143,6 k €	+427%	27,2 k €	+5.7%	25,8 k €	-12.0%	29,3 k €	-54.3%	64 k €	+14.4%	56 k €	+18.5%	47,2 k €	+27.4%	37,1 k €	+238%	11 k €	-24.5%	14,5 k €	-29.2%	20,5 k €	+1203%	1,6 k €
Operating result	-26,2 k €	-122%	121,3 k €	+58.7%	76,4 k €	+288%	19,7 k €	-81.0%	103,7 k €	-7.6%	112,3 k €	+3.7%	108,3 k €	+18711%	575,6 €	+324%	-257,5 €	-110%	2,5 k €	-92.9%	35,8 k €	+16.2%	30,8 k €	+62.6%	18,9 k €	+288%	4,9 k €	+121%	-23,3 k €	-39.3%	-16,7 k €	-61.3%	-10,4 k €	+58.0%	-24,7 k €
Net result	-29,7 k €	-126%	116,4 k €	+66.8%	69,8 k €	+374%	14,7 k €	-85.2%	99,2 k €	-8.5%	108,4 k €	+7.7%	100,6 k €	+208%	32,6 k €	-38.6%	53,2 k €	+1295%	3,8 k €	-89.1%	35,1 k €	-38.4%	57 k €	+142%	23,5 k €	+29.2%	18,2 k €	+1781%	-1,1 k €	-147%	2,3 k €	+123%	-10 k €	-65.9%	-6 k €
Balance sheet
Equity	1 M €	-3.9%	1,1 M €	+27.9%	837,8 k €	+7.8%	777,3 k €	+0.7%	771,8 k €	+13.2%	681,9 k €	+17.0%	582,7 k €	+18.6%	491,4 k €	+5.0%	468 k €	+10.3%	424,1 k €	-1.3%	429,6 k €	+5.9%	405,5 k €	+12.8%	359,6 k €	+2.2%	352 k €	+0.7%	349,7 k €	-3.3%	361,8 k €	-3.7%	375,7 k €	-2.3%	384,5 k €
Total assets	1,6 M €	-4.0%	1,6 M €	+13.8%	1,4 M €	+17.3%	1,2 M €	+14.3%	1,1 M €	+7.3%	990,8 k €	+13.8%	870,9 k €	+33.8%	651,1 k €	+2.0%	638,4 k €	+2.4%	623,4 k €	+1.8%	612,5 k €	+13.5%	539,8 k €	-9.1%	593,9 k €	-13.1%	683,2 k €	-4.1%	712,7 k €	+14.7%	621,1 k €	+10.4%	562,6 k €	-2.6%	577,5 k €
Cash	706,3 k €	-7.0%	759,7 k €	+31.7%	576,8 k €	+46.8%	393 k €	-20.9%	496,9 k €	+44.2%	344,5 k €	+15.5%	298,3 k €	+9.2%	273,2 k €	+15.6%	236,4 k €	+60.2%	147,6 k €	-31.7%	215,9 k €	+49.8%	144,1 k €	+62.1%	88,9 k €	-27.4%	122,5 k €	+4298%	2,8 k €	-92.7%	38,2 k €	+178%	13,7 k €	+129%	6 k €
Debts	526,7 k €	-3.1%	543,5 k €	-6.0%	578,2 k €	+34.3%	430,6 k €	+48.1%	290,7 k €	-5.2%	306,7 k €	+6.4%	288,2 k €	+81.5%	158,8 k €	-6.3%	169,5 k €	-0.8%	170,9 k €	+7.4%	159,1 k €	+39.1%	114,3 k €	-50.8%	232,3 k €	-18.5%	285,2 k €	+116%	131,9 k €	-20.8%	166,6 k €	+5.0%	158,7 k €	+7.0%	148,3 k €
Other
Workforce	20,8 ETP	+3.0%	20,2 ETP	+9.2%	18,5 ETP	+6.3%	17,4 ETP	+6.7%	16,3 ETP	+20.7%	13,5 ETP	+6.3%	12,7 ETP	+24.5%	10,2 ETP	+9.7%	9,3 ETP	+12.0%	8,3 ETP	+6.4%	7,8 ETP	+2.6%	7,6 ETP	-3.8%	7,9 ETP	-19.4%	9,8 ETP	+15.3%	8,5 ETP	-1.2%	8,6 ETP	+3.6%	8,3 ETP	+23.9%	6,7 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 · 11 active · 47 ended

Active mandates

Patrick Roels

Chairman of the board of directors · since 12 juin 2024

Active

Wim Vermeire

Vice-chairman of the board of directors · since 12 juin 2024

Active

Annick Goes

Director · since 15 juin 2022

Active

Armand Timmers

Director · since 15 juin 2022

Active

Dirk Sabbe

Director · since 15 juin 2022

Active

Ann Decorte

Director

Active

Bart Sabbe

Director

Active

Erik Billiet

Director

Active

Johan Lowyck

Director · until 11 juin 2026

Active

Luc Dewilde

Director

Active

Wilfried Moutton

Director · until 11 juin 2026

Active

Ended mandates

Patrick Roels

Director · since 12 juin 2024

Ended

Wim Vermeire

Director · since 12 juin 2024

Ended

Koen Lenoir

Director · since 14 juin 2017

Ended

Annick Velter

Director · since 06 avril 2016

Ended

At this address

Other companies at this address

Company	CBE no.
DE BEZAAN● Active	0840.962.284

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	18/06/2026	19/06/2025	24/06/2024	15/06/2023	16/06/2022	28/06/2021
General meeting	10/06/2026	11/06/2025	12/06/2024	14/06/2023	15/06/2022	16/06/2021
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
Abridged model	31/12/2025	10/06/2026	18/06/2026	Dutch	PDF
Abridged model	31/12/2024	11/06/2025	19/06/2025	Dutch	PDF
Abridged model	31/12/2023	12/06/2024	24/06/2024	Dutch	PDF
Abridged model	31/12/2022	14/06/2023	15/06/2023	Dutch	PDF
Abridged model	31/12/2021	15/06/2022	16/06/2022	Dutch	PDF
Abridged model	31/12/2020	16/06/2021	28/06/2021	Dutch	PDF
Abridged model	31/12/2019	02/09/2020	03/09/2020	Dutch	PDF
Abridged model	31/12/2018	05/06/2019	26/06/2019	Dutch	PDF
Abridged model	31/12/2017	06/06/2018	15/06/2018	Dutch	PDF
Abridged model	31/12/2016	14/06/2017	07/07/2017	Dutch	PDF
Abridged model	31/12/2015	08/06/2016	21/06/2016	Dutch	PDF
Abridged model	31/12/2014	03/06/2015	12/06/2015	Dutch	PDF
Abridged model	31/12/2013	04/06/2014	16/06/2014	Dutch	PDF
Abridged model	31/12/2012	05/06/2013	27/06/2013	Dutch	PDF
Abridged model	31/12/2011	06/06/2012	14/06/2012	Dutch	PDF
Abridged model	31/12/2010	08/06/2011	29/06/2011	Dutch	PDF
Abridged model	31/12/2009	09/06/2010	24/06/2010	Dutch	PDF
Abridged model	31/12/2008	03/06/2009	05/06/2009	Dutch	PDF
Abridged model	31/12/2007	11/06/2008	02/07/2008	Dutch	PDF
Abridged model	31/12/2006	23/05/2007	04/06/2007	Dutch	PDF

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 · 11 active · 47 ended

Active mandates

Patrick Roels

Chairman of the board of directors · since 12 juin 2024

Active

Wim Vermeire

Vice-chairman of the board of directors · since 12 juin 2024

Active

Annick Goes

Director · since 15 juin 2022

Active

Armand Timmers

Director · since 15 juin 2022

Active

Dirk Sabbe

Director · since 15 juin 2022

Active

Ann Decorte

Director

Active

Bart Sabbe

Director

Active

Erik Billiet

Director

Active

Johan Lowyck

Director · until 11 juin 2026

Active

Luc Dewilde

Director

Active

Wilfried Moutton

Director · until 11 juin 2026

Active

Ended mandates

Patrick Roels

Director · since 12 juin 2024

Ended

Wim Vermeire

Director · since 12 juin 2024

Ended

Koen Lenoir

Director · since 14 juin 2017

Ended

Annick Velter

Director · since 06 avril 2016

Ended

Shareholders

Ownership and network

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Try for 7 days

Belgian Official Gazette

Belgian Official Gazette publications

Mandates10/07/2025
ONTSLAGEN - BENOEMINGEN
PDF
Mandates08/07/2024
ONTSLAGEN - BENOEMINGEN
PDF
Mandates14/12/2023
ONTSLAGEN - BENOEMINGEN - STATUTEN (VERTALING, COÖRDINATIE, OVERIGE WIJZIGINGEN, )
PDF
Mandates16/08/2022
ONTSLAGEN - BENOEMINGEN
PDF
Mandates20/09/2021
ONTSLAGEN - BENOEMINGEN
PDF
Mandates18/07/2017
ONTSLAGEN - BENOEMINGEN
PDF
Mandates05/07/2016
ONTSLAGEN - BENOEMINGEN
PDF
Mandates06/01/2016
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 2025-29,7 k €↓
2024
Annual accounts 2024116,4 k €↑
2023
Annual accounts 202369,8 k €↑
2022
Annual accounts 202214,7 k €↓
2021
Annual accounts 202199,2 k €↓
2020
Annual accounts 2020108,4 k €↑
2019
Annual accounts 2019100,6 k €↑
2018
Annual accounts 201832,6 k €↓
2017
Annual accounts 201753,2 k €↑
2016
Annual accounts 20163,8 k €↓
2015
Annual accounts 201535,1 k €↓
2014
Annual accounts 201457 k €↑
2013
Annual accounts 201323,5 k €↑
2012
Annual accounts 201218,2 k €↑
2011
Annual accounts 2011-1,1 k €↓
2010
Annual accounts 20102,3 k €↑
2009
Annual accounts 2009-10 k €↓
2008
Annual accounts 2008-6 k €
13/07/1992
IncorporationNon-profit organization

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

ITHAKA

Overview

What does ITHAKA do?

Trend over 18 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