ACTIVE

Minard

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Financial year 2025 · closed on 31/12/2025
Net result
4,8 k €
-74.3% YoY
Gross margin
645,2 k €
+4.1% YoY
Equity
385,8 k €
+1.3% YoY
Workforce
16,6 ETP
+11.4% YoY

What does Minard do?

Minard is a Non-profit organization incorporated in 1993. Its main activity is: Operation of arts facilities. Its registered office is in Gent. It employs on average 16,6 ETP workers (FTE).

Legal situation
● Normal situation
BCE/KBO no. / VAT
BE 0451.772.550
Incorporation
17/12/1993
Legal form
Non-profit organization
Registered office
Korianderstraat 13
9000 Gent · FlandreSee on map
Latest accounts
31/12/2025
Average workforce
16,6 ETP
Activities (NACE)
90041Operation of arts facilities· main90311Creative, arts and entertainment activities92321Gambling and betting activities56301Beverage serving activities56301Beverage serving activities
Joint committees (3)
  • 3020
  • 304
  • 3040
Signals
ProfitableSolid 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 5 financial years

20252024201120102009
Income statement
Gross margin645,2 k €619,6 k €538,2 k €347 k €314,9 k €
EBITDA50,4 k €51,9 k €25,9 k €-17,5 k €-5,3 k €
Operating result1,9 k €14 k €-8,5 k €-39,1 k €-29,2 k €
Net result4,8 k €18,7 k €3,2 k €-13,9 k €-8,5 k €
Balance sheet
Equity385,8 k €381 k €174,3 k €171 k €184,9 k €
Total assets648 k €696,3 k €468,5 k €683,9 k €719,8 k €
Cash489,6 k €538,7 k €307,8 k €459,9 k €445,4 k €
Debts104,9 k €158 k €61,9 k €27,6 k €59,6 k €
Other
Workforce16,6 ETP14,9 ETP8,4 ETP7,9 ETP10,1 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 · 5 active · 5 ended

Active mandates

Franky Devos

Chairman of the board of directors · since 17 décembre 2025

Active
Leen Van Welden

Secretaris · since 17 décembre 2025

Active
Daan Vander Steene

Chairman of the board of directors · since 21 décembre 2022 · until 17 décembre 2025

Active
Ilse Delmeire

Penningmeester · since 21 décembre 2022

Active
F. Devos

Director · since 13 janvier 2021 · until 17 décembre 2025

Active

Ended mandates

Daan Vander Steene

Chairman of the board of directors · since 21 décembre 2022

Ended
Franky Devos

Director · since 13 janvier 2021

Ended
Carl Gydé

Director

Ended
Kurt Melens

Director

Ended
Annual accounts

Full financial information

20252024201120102009
Type of accountAbridged modelAbridged modelAbridged modelAbridged modelAbridged model
Start of the financial year01/01/202501/01/202401/07/201001/07/200901/07/2008
Closing of the financial year31/12/202531/12/202431/12/201130/06/201030/06/2009
Length of the financial year12 months12 months18 months12 months12 months
Filing date22/06/202626/06/202520/06/201214/06/201108/01/2010
General meeting10/06/202618/06/202530/05/201206/04/201103/12/2009
Currency of the financial yearEUREUREUREUREUR
NBB quality labelSatisfying controlsSatisfying controlsSatisfying controlsSatisfying controlsSatisfying controls
Ratios

Financial ratios

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Filings

Annual accounts filings

5 filings with the NBB

ModelClosingGeneral meetingFiledLanguageDocument
Abridged model31/12/202510/06/202622/06/2026DutchPDF
Abridged model31/12/202418/06/202526/06/2025DutchPDF
Abridged model31/12/201130/05/201220/06/2012DutchPDF
Abridged model30/06/201006/04/201114/06/2011DutchPDF
Abridged model30/06/200903/12/200908/01/2010DutchPDF
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 · 5 active · 5 ended

Active mandates

Franky Devos

Chairman of the board of directors · since 17 décembre 2025

Active
Leen Van Welden

Secretaris · since 17 décembre 2025

Active
Daan Vander Steene

Chairman of the board of directors · since 21 décembre 2022 · until 17 décembre 2025

Active
Ilse Delmeire

Penningmeester · since 21 décembre 2022

Active
F. Devos

Director · since 13 janvier 2021 · until 17 décembre 2025

Active

Ended mandates

Daan Vander Steene

Chairman of the board of directors · since 21 décembre 2022

Ended
Franky Devos

Director · since 13 janvier 2021

Ended
Carl Gydé

Director

Ended
Kurt Melens

Director

Ended
Shareholders

Ownership and network

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Belgian Official Gazette

Belgian Official Gazette publications

  • Mandates22/05/2026
    ONTSLAGEN - BENOEMINGEN
    PDF
  • Mandates24/05/2024
    ONTSLAGEN - BENOEMINGEN
    PDF
  • Mandates27/07/2023
    ONTSLAGEN - BENOEMINGEN
    PDF
  • Mandates09/03/2021
    ONTSLAGEN - BENOEMINGEN - STATUTEN (VERTALING, COÖRDINATIE, OVERIGE WIJZIGINGEN, …)
    PDF
  • Mandates07/02/2013
    ONTSLAGEN - BENOEMINGEN
    PDF
  • Other05/01/2012
    BOEKJAAR
    PDF
  • Mandates28/04/2008
    ONTSLAGEN - BENOEMINGEN - STATUTEN (VERTALING, COÖRDINATIE, OVERIGE WIJZIGINGEN, …)
    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 20254,8 k €↓
  2. 2024
    Annual accounts 202418,7 k €↑
  3. 2011
    Annual accounts 20113,2 k €↑
  4. 2010
    Annual accounts 2010-13,9 k €↓
  5. 2009
    Annual accounts 2009-8,5 k €
  6. 17/12/1993
    IncorporationNon-profit organization