ACTIVE

Participatiemaatschappij Vlaanderen

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Financial year 2025 · closed on 31/12/2025

Net result

17,2 M €

-36.5% YoY

Revenue

16,8 M €

+38.6% YoY

Equity

4,2 Md €

+159.1% YoY

Workforce

131,9 ETP

+4.6% YoY

What does Participatiemaatschappij Vlaanderen do?

Participatiemaatschappij Vlaanderen is a Public limited company incorporated in 1995. Its main activity is: Activities of holding companies. Its registered office is in Bruxelles. It employs on average 131,9 ETP workers (FTE).

Legal situation

● Normal situation

BCE/KBO no. / VAT

BE 0455.777.660

Incorporation

31/07/1995

Legal form

Public limited company

Registered office

Rue du Vieux Marché aux Grains 63
1000 Bruxelles · BruxellesSee on map

Contributed capital

3 613 444 389,29 €

Latest accounts

31/12/2025

Average workforce

131,9 ETP

Activities (NACE)

64200Activities of holding companies· main 64210Activities of holding companies 74151Specialised design activities 70200Management consultancy activities 70220Business and other management consultancy activities

Joint committees (3)

Signals

ProfitableSolid equityLow riskGood liquidityPositive cashflowHealthy social debtsHigh revenue

View the BCE/KBO Public Search record →

Health score

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✦ Verdict · Analyst summary

Financials

Trend over 20 financial years

	2025		2024		2023		2022		2021		2020		2019		2018		2017		2016		2015		2014		2013		2012		2011		2010		2009		2008		2007		2006
Income statement
Revenue	16,8 M €	+38.6%	12,1 M €	+5.4%	11,5 M €	+6.8%	10,7 M €	+8.4%	9,9 M €	+18.0%	8,4 M €	+0.2%	8,4 M €	+37.3%	6,1 M €	-26.7%	8,3 M €	+4.6%	8,0 M €	+21.9%	6,5 M €	-9.0%	7,2 M €	+5.3%	6,8 M €	+3.0%	6,6 M €	+33.9%	4,9 M €	-4.2%	5,2 M €	+23.8%	4,2 M €	+38.6%	3,0 M €	+65.6%	1,8 M €	+41.4%	1,3 M €
EBITDA	-15,7 M €	-4.3%	-15,0 M €	-17.9%	-12,8 M €	-18.2%	-10,8 M €	+6.2%	-11,5 M €	-11.4%	-10,3 M €	-29.3%	-8,0 M €	+8.1%	-8,7 M €	-64.6%	-5,3 M €	+20.7%	-6,7 M €	+2.0%	-6,8 M €	-24.5%	-5,5 M €	-76.2%	-3,1 M €	+0.3%	-3,1 M €	+18.0%	-3,8 M €	-46.2%	-2,6 M €	+24.5%	-3,4 M €	-42.0%	-2,4 M €	+20.9%	-3,1 M €	-39.5%	-2,2 M €
Operating result	-16,6 M €	-3.8%	-16,0 M €	-17.5%	-13,6 M €	-16.4%	-11,7 M €	+5.7%	-12,4 M €	-15.1%	-10,8 M €	-16.6%	-9,2 M €	+0.3%	-9,2 M €	-45.9%	-6,3 M €	+18.2%	-7,7 M €	+9.6%	-8,6 M €	+8.1%	-9,3 M €	-181%	-3,3 M €	-1.0%	-3,3 M €	+17.5%	-4,0 M €	-42.8%	-2,8 M €	+23.2%	-3,6 M €	-37.9%	-2,6 M €	+21.3%	-3,3 M €	-39.2%	-2,4 M €
Net result	17,2 M €	-36.5%	27,2 M €	-15.9%	32,3 M €	-10.7%	36,2 M €	-48.2%	69,9 M €	+65.5%	42,2 M €	-5.7%	44,8 M €	+1945%	-2,4 M €	-108%	29,9 M €	-29.1%	42,2 M €	+471%	7,4 M €	+245%	-5,1 M €	+25.5%	-6,9 M €	-305%	3,3 M €	+136%	-9,4 M €	-77.3%	-5,3 M €	-247%	-1,5 M €	+84.3%	-9,7 M €	-655%	1,8 M €	-39.9%	2,9 M €
Balance sheet
Equity	4,2 Md €	+159%	1,6 Md €	+1.5%	1,6 Md €	+1.8%	1,6 Md €	+2.1%	1,5 Md €	+10.2%	1,4 Md €	+50.8%	919,0 M €	+5.1%	874,3 M €	-4.5%	915,3 M €	+4.3%	877,5 M €	+11.0%	790,2 M €	+15.5%	684,0 M €	+8.3%	631,6 M €	+4.3%	605,4 M €	+0.6%	602,1 M €	+34.6%	447,4 M €	+13.7%	393,3 M €	+15.7%	339,8 M €	+1.3%	335,4 M €	-0.3%	336,4 M €
Total assets	4,2 Md €	+161%	1,6 Md €	+1.6%	1,6 Md €	+1.1%	1,6 Md €	-2.5%	1,6 Md €	+8.6%	1,5 Md €	+48.7%	1,0 Md €	+6.4%	944,2 M €	+0.0%	943,8 M €	+5.9%	890,8 M €	+11.6%	798,0 M €	+14.7%	695,9 M €	+8.1%	643,9 M €	+3.3%	623,2 M €	+0.7%	618,5 M €	+32.9%	465,6 M €	+13.0%	412,2 M €	+15.4%	357,2 M €	+0.5%	355,3 M €	+3.9%	342,0 M €
Cash	16,6 M €	-50.6%	33,5 M €	+107%	16,2 M €	-92.3%	209,4 M €	-28.7%	293,8 M €	+1372%	20,0 M €	-63.3%	54,4 M €	+2.4%	53,1 M €	-26.6%	72,4 M €	-37.9%	116,6 M €	+129%	51,0 M €	-29.6%	72,5 M €	+120%	33,0 M €	-41.7%	56,6 M €	+52.1%	37,2 M €	+104%	18,2 M €	-70.8%	62,3 M €	+7130%	862,2 k €	-69.8%	2,9 M €	+620%	397,2 k €
Debts	52,8 M €	+326%	12,4 M €	+11.9%	11,1 M €	-23.8%	14,5 M €	-84.0%	90,7 M €	-10.5%	101,3 M €	+20.4%	84,2 M €	+23.5%	68,2 M €	+160%	26,3 M €	+124%	11,7 M €	+54.5%	7,6 M €	-32.4%	11,2 M €	-6.8%	12,0 M €	-31.5%	17,5 M €	+9.3%	16,1 M €	-9.8%	17,8 M €	-3.5%	18,4 M €	+10.0%	16,8 M €	-13.3%	19,4 M €	+271%	5,2 M €
Other
Workforce	131,9 ETP	+4.6%	126,1 ETP	+7.9%	116,9 ETP	+7.1%	109,2 ETP	+2.9%	106,1 ETP	+16.1%	91,4 ETP	+9.6%	83,4 ETP	+8.3%	77,0 ETP	+14.8%	67,1 ETP	+3.7%	64,7 ETP	-4.6%	67,8 ETP	-3.1%	70,0 ETP	+16.7%	60,0 ETP	+6.6%	56,3 ETP	+9.7%	51,3 ETP	+8.9%	47,1 ETP	+4.4%	45,1 ETP	+25.6%	35,9 ETP	-0.6%	36,1 ETP	+56.3%	23,1 ETP

Estimate

Indicative valuation

As an indication, this company is worth

more than 1.000 M€

See the valuation

Governance

Board of directors

Seen on filing of 31/12/2025 · 11 active · 62 ended

Active mandates

Hilde Famaey

Director · since 15 février 2026 · until 20 mai 2031

Active

Jan Hollez

Director · since 15 février 2026 · until 20 mai 2031

Active

Peter Verhaeghe

Director · since 15 février 2026 · until 20 mai 2031

Active

Sophie Manigart

Director · since 15 février 2026 · until 20 mai 2031

Active

Karine Moykens

Director · since 20 mai 2025 · until 15 février 2026

Active

Koen Kennis

Chairman of the board of directors · since 20 mai 2025 · until 20 mai 2031

Active

Kristien Smedts

Director · since 20 mai 2025 · until 20 mai 2031

Active

Lucien Gijsens

Director · since 20 mai 2025 · until 15 février 2026

Active

RAF SUYS

Director · since 20 mai 2025 · until 20 mai 2031

Active

Simon Gheysen

Director · since 20 mai 2025 · until 20 mai 2031

Active

Thijs Verbeurgt

Director · since 20 mai 2025 · until 20 mai 2031

Active

Ended mandates

Lucien Gijsens

Director · since 30 juin 2022 · until 20 mai 2025

Ended

Peter Verhaeghe

Director · since 30 juin 2022 · until 20 mai 2025

Ended

Sophie Manigart

Director · since 30 juin 2022 · until 20 mai 2025

Ended

Carine Smolders

Director · since 21 mai 2019 · until 20 mai 2025

Ended

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Annual accounts

Full financial information

	2025	2024	2023	2022	2021	2020
Type of account	Full model	Full model	Full model	Full model	Full model	Full 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	22/05/2026	23/05/2025	27/05/2024	17/05/2023	23/05/2022	28/05/2021
General meeting	19/05/2026	20/05/2025	21/05/2024	16/05/2023	17/05/2022	18/05/2021
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

30 filings with the NBB

Model	Closing	General meeting	Filed	Language	Document
Full model	31/12/2025	19/05/2026	22/05/2026	Dutch	PDF
m120-f-p	31/12/2025	19/05/2026	22/05/2026	Dutch	PDF
Full model	31/12/2024	20/05/2025	23/05/2025	Dutch	PDF
m120-f-p	31/12/2024	20/05/2025	26/05/2025	Dutch	PDF
Full model	31/12/2023	21/05/2024	27/05/2024	Dutch	PDF
m120-f-pCorrection	31/12/2023	21/05/2024	05/06/2024	Dutch	PDF
m120-f-p	31/12/2023	21/05/2024	27/05/2024	Dutch	PDF
Full model	31/12/2022	16/05/2023	17/05/2023	Dutch	PDF
m120-f-p	31/12/2022	16/05/2023	17/05/2023	Dutch	PDF
Full model	31/12/2021	17/05/2022	23/05/2022	Dutch	PDF
m120-f-p	31/12/2021	17/05/2022	17/05/2022	Dutch	PDF
Full model	31/12/2020	18/05/2021	28/05/2021	Dutch	PDF
m120-f-p	31/12/2020	18/05/2021	27/05/2021	Dutch	PDF
Full model	31/12/2019	19/05/2020	28/05/2020	Dutch	PDF
m120-f-p	31/12/2019	19/05/2020	28/05/2020	Dutch	PDF
Full model	31/12/2018	21/05/2019	28/05/2019	Dutch	PDF
m120-f-p	31/12/2018	21/05/2019	04/06/2019	Dutch	PDF
Full modelCorrection	31/12/2017	15/05/2018	20/06/2018	Dutch	PDF
Full model	31/12/2017	15/05/2018	23/05/2018	Dutch	PDF
Full model	31/12/2016	16/05/2017	07/06/2017	Dutch	PDF
Full model	31/12/2015	17/05/2016	10/06/2016	Dutch	PDF
Full model	31/12/2014	19/05/2015	08/06/2015	Dutch	PDF
Full model	31/12/2013	20/05/2014	18/06/2014	Dutch	PDF
Full model	31/12/2012	21/05/2013	20/06/2013	Dutch	PDF

View all 30 filings

Estimate

Indicative valuation

Order of magnitude

As an indication, this company is worth

more than 1.000 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 · 62 ended

Active mandates

Hilde Famaey

Director · since 15 février 2026 · until 20 mai 2031

Active

Jan Hollez

Director · since 15 février 2026 · until 20 mai 2031

Active

Peter Verhaeghe

Director · since 15 février 2026 · until 20 mai 2031

Active

Sophie Manigart

Director · since 15 février 2026 · until 20 mai 2031

Active

Karine Moykens

Director · since 20 mai 2025 · until 15 février 2026

Active

Koen Kennis

Chairman of the board of directors · since 20 mai 2025 · until 20 mai 2031

Active

Kristien Smedts

Director · since 20 mai 2025 · until 20 mai 2031

Active

Lucien Gijsens

Director · since 20 mai 2025 · until 15 février 2026

Active

RAF SUYS

Director · since 20 mai 2025 · until 20 mai 2031

Active

Simon Gheysen

Director · since 20 mai 2025 · until 20 mai 2031

Active

Thijs Verbeurgt

Director · since 20 mai 2025 · until 20 mai 2031

Active

Ended mandates

Lucien Gijsens

Director · since 30 juin 2022 · until 20 mai 2025

Ended

Peter Verhaeghe

Director · since 30 juin 2022 · until 20 mai 2025

Ended

Sophie Manigart

Director · since 30 juin 2022 · until 20 mai 2025

Ended

Carine Smolders

Director · since 21 mai 2019 · until 20 mai 2025

Ended

Shareholders

Ownership and network

Looking for more information about this company?

Try for 7 days

Belgian Official Gazette

Belgian Official Gazette publications

Mandates22/06/2026
KAPITAAL - AANDELEN - ONTSLAGEN - BENOEMINGEN
PDF
Capital / shares19/05/2026
KAPITAAL - AANDELEN - STATUTEN (VERTALING, COÖRDINATIE, OVERIGE WIJZIGINGEN, )
PDF
Mandates25/02/2026
ONTSLAGEN - BENOEMINGEN
PDF
Mandates09/02/2026
ONTSLAGEN - BENOEMINGEN
PDF
Capital / shares29/12/2025
KAPITAAL - AANDELEN - STATUTEN (VERTALING, COÖRDINATIE, OVERIGE WIJZIGINGEN, )
PDF
Mandates11/07/2025
KAPITAAL - AANDELEN - ONTSLAGEN - BENOEMINGEN
PDF
Mandates28/05/2025
ONTSLAGEN - BENOEMINGEN
PDF
Mandates21/11/2024
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

06/05/2026
nominationMichel Casselman — lid van het Executive Committee
06/05/2026
nominationFilip Lacquet — lid van het Executive Committee
06/05/2026
nominationWerner Decrem — lid van het Executive Committee
06/05/2026
nominationGeert Diericx — lid van het Executive Committee
06/05/2026
nominationElke Van de Walle — lid van het Executive Committee
06/05/2026
nominationRoald Borré — lid van het Executive Committee
17/03/2026
reduction_capital
15/02/2026
reconductionSophie Manigart — bestuurder
15/02/2026
reconductionPeter Verhaeghe — bestuurder
15/02/2026
nominationHilde Famaey — onafhankelijk bestuurder
15/02/2026
nominationJan Hollez — onafhankelijk bestuurder
2025
Annual accounts 202517,2 M €↓
05/12/2025
augmentation_capital
20/05/2025
reconductionSophie Manigart — bestuurder
20/05/2025
reconductionLucien Gijsens — bestuurder
20/05/2025
reconductionPeter Verhaeghe — bestuurder
20/05/2025
reconductionKarine Moykens — bestuurder
20/05/2025
reconductionKoen Kennis — voorzitter Raad van Bestuur
20/05/2025
reconductionRaf Suys — bestuurder
20/05/2025
nominationKristien Smedts — bestuurder
20/05/2025
nominationThijs Verbeurgt — bestuurder
20/05/2025
nominationSimon Gheysen — bestuurder
20/05/2025
reconductionBert Kegels — commissaris
16/05/2025
nominationKoen Lebegge — regeringsafgevaardigde
2024
Annual accounts 202427,2 M €↓
23/10/2024
nominationKoen Kennis — voorzitter van de Raad van Bestuur
23/10/2024
nominationMichel Casselman — lid van het Executive Committee
23/10/2024
nominationFilip Lacquet — lid van het Executive Committee
23/10/2024
nominationWerner Decrem — lid van het Executive Committee
23/10/2024
nominationGeert Diericx — lid van het Executive Committee
23/10/2024
nominationElke Van de Walle — lid van het Executive Committee
23/10/2024
nominationRoald Borré — lid van het Executive Committee
23/10/2024
nominationTine Vandenbussche — lid van het Executive Committee
31/01/2024
nominationKoen Kennis — bijzondere volmachtdrager Categorie A
31/01/2024
nominationMichel Casselman — bijzondere volmachtdrager Categorie A
31/01/2024
nominationGeert Diericx — bijzondere volmachtdrager Categorie A, B, E
31/01/2024
nominationElke Van de Walle — bijzondere volmachtdrager Categorie A, B, D
31/01/2024
nominationFilip Lacquet — bijzondere volmachtdrager Categorie B
31/01/2024
nominationWerner Decrem — bijzondere volmachtdrager Categorie B
31/01/2024
nominationRoald Borré — bijzondere volmachtdrager Categorie B
31/01/2024
nominationTine Vandenbussche — bijzondere volmachtdrager Categorie B
31/01/2024
nominationJoeri Covers — bijzondere volmachtdrager Categorie C
31/01/2024
nominationTim Moonens — bijzondere volmachtdrager Categorie C
31/01/2024
nominationWouter Winnen — bijzondere volmachtdrager Categorie C
31/01/2024
nominationEmmanuel Damman — bijzondere volmachtdrager Categorie C
31/01/2024
nominationErwin Vrijens — bijzondere volmachtdrager Categorie C
31/01/2024
nominationKenneth Wils — bijzondere volmachtdrager Categorie C
31/01/2024
nominationMarie Delbeke — bijzondere volmachtdrager Categorie C
31/01/2024
nominationTom Mortier — bijzondere volmachtdrager Categorie C
31/01/2024
nominationGeert Jacobs — bijzondere volmachtdrager Categorie C
31/01/2024
nominationAnthony Van Aerdebrugge — bijzondere volmachtdrager Categorie C
31/01/2024
nominationFrank Kindt — bijzondere volmachtdrager Categorie C
31/01/2024
nominationKarolien Phlips — bijzondere volmachtdrager Categorie D
31/01/2024
nominationAmber De Brabander — bijzondere volmachtdrager Categorie D
31/01/2024
nominationTimon Terrens — bijzondere volmachtdrager Categorie D
31/01/2024
nominationJan Marien — bijzondere volmachtdrager Categorie D
31/01/2024
nominationEvelyne van Wijk — bijzondere volmachtdrager Categorie D
31/01/2024
nominationCaroline Daskalides — bijzondere volmachtdrager Categorie D
31/01/2024
nominationGodfried Ampe — bijzondere volmachtdrager Categorie D
31/01/2024
nominationRuth Van Walle — bijzondere volmachtdrager Categorie D
31/01/2024
nominationSimon Ceulemans — bijzondere volmachtdrager Categorie D
31/01/2024
nominationTom Leemans — bijzondere volmachtdrager Categorie E
31/01/2024
nominationHayal Karahisarli — bijzondere volmachtdrager Categorie E
31/01/2024
nominationGeert Ost — bijzondere volmachtdrager Categorie F
31/01/2024
nominationSmitha Van den Acker — bijzondere volmachtdrager Categorie F
31/01/2024
nominationVeerle Gysemberg — bijzondere volmachtdrager Categorie G
2023
Annual accounts 202332,3 M €↓
2022
Annual accounts 202236,2 M €↓
28/11/2022
reduction_capital
30/06/2022
nominationSophie Manigart — bestuurder
30/06/2022
reconductionPeter Verhaeghe — bestuurder
30/06/2022
reconductionLucien Gijsens — bestuurder
17/05/2022
reconductionLucien Gijsens — onafhankelijke bestuurder
17/05/2022
reconductionPeter Verhaeghe — onafhankelijke bestuurder
17/05/2022
reconductionRosette S'Jegers — onafhankelijke bestuurder
17/05/2022
nominationBDO Bedrijfsrevisoren — BDO Réviseurs d'Entreprises — commissaris
2021
Annual accounts 202169,9 M €↑
2020
Annual accounts 202042,2 M €↓
2019
Annual accounts 201944,8 M €↑
2018
Annual accounts 2018-2,4 M €↓
2017
Annual accounts 201729,9 M €↓
2016
Annual accounts 201642,2 M €↑
2015
Annual accounts 20157,4 M €↑
2014
Annual accounts 2014-5,1 M €↑
2013
Annual accounts 2013-6,9 M €↓
2012
Annual accounts 20123,3 M €↑
2011
Annual accounts 2011-9,4 M €↓
2010
Annual accounts 2010-5,3 M €↓
2009
Annual accounts 2009-1,5 M €↑
2008
Annual accounts 2008-9,7 M €↓
2007
Annual accounts 20071,8 M €↓
2006
Annual accounts 20062,9 M €
31/07/1995
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

Participatiemaatschappij Vlaanderen

Overview

What does Participatiemaatschappij Vlaanderen do?

Trend over 20 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