ACTIVE

Participatiemaatschappij Vlaanderen

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Financial year 2025 · Closed on 31/12/2025

Net result17,2 M €-36,5 %over 1 year
Revenue16,8 M €+38,6 %over 1 year
Equity4,2 Md €+159,1 %over 1 year
Workforce131,9 ETP+4,6 %over 1 year

Identity

Source · BCE/KBO

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
Joint committees (3)
  • 100
  • 200
  • 218
Signals
ProfitableSolid equityLow riskGood liquidityPositive cashflowHealthy social debtsHigh revenue

Financials

Source · NBB, 30 filings

Trend over 20 financial years

20252024202320222021
Income statement
Revenue16,8 M €12,1 M €11,5 M €10,7 M €9,9 M €
EBITDA-15,7 M €-15 M €-12,8 M €-10,8 M €-11,5 M €
Operating result-16,6 M €-16 M €-13,6 M €-11,7 M €-12,4 M €
Net result17,2 M €27,2 M €32,3 M €36,2 M €69,9 M €
Balance sheet
Equity4,2 Md €1,6 Md €1,6 Md €1,6 Md €1,5 Md €
Total assets4,2 Md €1,6 Md €1,6 Md €1,6 Md €1,6 Md €
Cash16,6 M €33,5 M €16,2 M €209,4 M €293,8 M €
Debts52,8 M €12,4 M €11,1 M €14,5 M €90,7 M €
Other
Workforce131,9 ETP126,1 ETP116,9 ETP109,2 ETP106,1 ETP

Valuation

Indicative valuation

As an indication, this company is worth

more than 1.000 M€
See the valuation

Board of directors

Source · NBB, accounts to 31/12/2025

9 active · 21 ended

Active mandates

DirectorMandates in this companyPeriodOther mandatescurrentendedstruck offbankruptcies
Hilde Famaey
Director15/02/2026 → 20/05/2031
Jan Hollez
Director15/02/2026 → 20/05/2031
Peter Verhaeghe
Director15/05/2018 → 20/05/2031
Sophie Manigart
Director30/06/2022 → 20/05/2031
Koen Kennis
Chairman of the board of directors21/05/2013 → 20/05/2031Director20/10/2010 → 21/05/2019ended
Kristien Smedts
Director20/05/2025 → 20/05/2031
RAF SUYS
Director08/05/2007 → 20/05/2031
Simon Gheysen
Director20/05/2025 → 20/05/2031
Thijs Verbeurgt
Director20/05/2025 → 20/05/2031

Ended mandates

DirectorMandates in this companyPeriodOther mandatescurrentendedstruck offbankruptcies
Karine Moykens
Director20/05/2025 → 15/02/2026
Lucien Gijsens
Director30/06/2022 → 15/02/2026
Carine Smolders
Director21/05/2019 → 20/05/2025

Other companies at this address

Rue du Vieux Marché aux Grains 63 1000 Bruxelles
CompanyCBE no.
ARKimedes-Fonds● Liquidation
0874.381.358
ARKIMEDES MANAGEMENT● Active
0863.557.445
Aurora Pyxis● Active
1030.884.326
Avante Biocapital Advisers● Active
1015.606.925
AWT Gent● Active
0695.459.118
Belgian Growth Fund I● Active
0725.901.280
Belgian Growth Fund II● Active
1017.591.960
BGF II Management● Active
1016.285.133
BGF Management● Active
0725.850.010
BIOTECH FONDS VLAANDEREN● Active
0454.215.168
CASUAL CYCLING CLUB● Active
1008.954.903
Circeaulair I● Active
0802.470.607
EPICO Co-Investment Platform● Active
0671.568.414
EPICo II● Active
0786.413.840
EPICo II Water● Active
0802.109.727
EPICo II Wind● Active
0787.696.121
European Projects Investment Company● Active
0671.531.097
Fietsersbond● Active
0455.348.880
Flanders Future Techfund● Active
0729.794.445
GIGARANT● Active
0811.389.162

Full financial information

Source · NBB
202520242023202220212020
Type of accountFull modelFull modelFull modelFull modelFull modelFull model
Start of the financial year01/01/202501/01/202401/01/202301/01/202201/01/202101/01/2020
Closing of the financial year31/12/202531/12/202431/12/202331/12/202231/12/202131/12/2020
Length of the financial year12 months12 months12 months12 months12 months12 months
Filing date22/05/202623/05/202527/05/202417/05/202323/05/202228/05/2021
General meeting19/05/202620/05/202521/05/202416/05/202317/05/202218/05/2021
Currency of the financial yearEUREUREUREUREUREUR
NBB quality labelSatisfying controlsSatisfying controlsSatisfying controlsSatisfying controlsSatisfying controlsSatisfying controls

Financial ratios

Source · NBB

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Annual accounts filings

Source · NBB, 30 filings
ModelClosingGeneral meetingFiledLanguageDocument
Full model31/12/202519/05/202622/05/2026DutchPDF
Consolidated accounts31/12/202519/05/202622/05/2026DutchPDF
Full model31/12/202420/05/202523/05/2025DutchPDF
Consolidated accounts31/12/202420/05/202526/05/2025DutchPDF
Full model31/12/202321/05/202427/05/2024DutchPDF
Consolidated accountsCorrection31/12/202321/05/202405/06/2024DutchPDF
Consolidated accounts31/12/202321/05/202427/05/2024DutchPDF
Full model31/12/202216/05/202317/05/2023DutchPDF
Consolidated accounts31/12/202216/05/202317/05/2023DutchPDF
Full model31/12/202117/05/202223/05/2022DutchPDF
Consolidated accounts31/12/202117/05/202217/05/2022DutchPDF
Full model31/12/202018/05/202128/05/2021DutchPDF
Consolidated accounts31/12/202018/05/202127/05/2021DutchPDF
Full model31/12/201919/05/202028/05/2020DutchPDF
Consolidated accounts31/12/201919/05/202028/05/2020DutchPDF
Full model31/12/201821/05/201928/05/2019DutchPDF
Consolidated accounts31/12/201821/05/201904/06/2019DutchPDF
Full modelCorrection31/12/201715/05/201820/06/2018DutchPDF
Full model31/12/201715/05/201823/05/2018DutchPDF
Full model31/12/201616/05/201707/06/2017DutchPDF
Full model31/12/201517/05/201610/06/2016DutchPDF
Full model31/12/201419/05/201508/06/2015DutchPDF
Full model31/12/201320/05/201418/06/2014DutchPDF
Full model31/12/201221/05/201320/06/2013DutchPDF
Full model31/12/201115/05/201213/06/2012DutchPDF
Full model31/12/201017/05/201114/06/2011DutchPDF
Full model31/12/200918/05/201011/06/2010DutchPDF
Full model31/12/200812/05/200911/06/2009DutchPDF
Full model31/12/200713/05/200811/06/2008DutchPDF
Full model31/12/200608/05/200704/06/2007DutchPDF

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.

Board of directors

Source · NBB, accounts to 31/12/2025

9 active · 21 ended

Active mandates

DirectorMandates in this companyPeriodOther mandatescurrentendedstruck offbankruptcies
Hilde Famaey
Director15/02/2026 → 20/05/2031
Jan Hollez
Director15/02/2026 → 20/05/2031
Peter Verhaeghe
Director15/05/2018 → 20/05/2031
Sophie Manigart
Director30/06/2022 → 20/05/2031
Koen Kennis
Chairman of the board of directors21/05/2013 → 20/05/2031Director20/10/2010 → 21/05/2019ended
Kristien Smedts
Director20/05/2025 → 20/05/2031
RAF SUYS
Director08/05/2007 → 20/05/2031
Simon Gheysen
Director20/05/2025 → 20/05/2031
Thijs Verbeurgt
Director20/05/2025 → 20/05/2031

Ended mandates

DirectorMandates in this companyPeriodOther mandatescurrentendedstruck offbankruptcies
Karine Moykens
Director20/05/2025 → 15/02/2026
Lucien Gijsens
Director30/06/2022 → 15/02/2026
Carine Smolders
Director21/05/2019 → 20/05/2025

Ownership and network

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Belgian Official Gazette publications

Source · Belgian Official Gazette
  • 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

Similar companies

A company's peers, by sector and size, are included in the Business plan.

See the Business plan

Timeline

Source · CBE, NBB annual accounts
Year
Identity
Incorporation
Name
Registered office
Annual accounts
Filings20 filings
Mandates
Sophie Manigart
Jan Hollez
Peter Verhaeghe
Hilde Famaey
Simon Gheysen
Kristien Smedts
Koen Kennis
Thijs Verbeurgt
RAF SUYS
Karine Moykens
Lucien Gijsens
Carine Smolders
and 18 more mandates
1995199619971998199920002001200220032004200520062007200820092010201120122013201420152016201720182019202020212022202320242025202620272028202920302031
Participatiemaatschappij Vlaanderen
Rue du Vieux Marché aux Grains 63, 1000 Brussels
Director
Director
Director
Director
Director
Director
Chairman of the board of directorsDirector
Director
Director
Director
Director
Director
CurrentPlanned, not yet servedEndedAccounts filedToday

Registered offices

Source · NBB annual accounts, CBE
Registered addressPeriodSource
Rue du Vieux Marché aux Grains 63, 1000 BrusselsCurrent
accounts 2021 → 2025
Accounts 2025 · 2026-00118337

Company names

Source · NBB annual accounts, CBE
NamePeriodSource
Participatiemaatschappij VlaanderenCurrent
accounts 2020 → 2025
Accounts 2025 · 2026-00118337

Events

  1. 06/05/2026
    nominationMichel Casselman · lid van het Executive Committee
  2. 06/05/2026
    nominationFilip Lacquet · lid van het Executive Committee
  3. 06/05/2026
    nominationWerner Decrem · lid van het Executive Committee
  4. 06/05/2026
    nominationGeert Diericx · lid van het Executive Committee
  5. 06/05/2026
    nominationElke Van de Walle · lid van het Executive Committee
  6. 06/05/2026
    nominationRoald Borré · lid van het Executive Committee
  7. 17/03/2026
    reduction_capital
  8. 15/02/2026
    reconductionSophie Manigart · bestuurder
  9. 15/02/2026
    reconductionPeter Verhaeghe · bestuurder
  10. 15/02/2026
    nominationHilde Famaey · onafhankelijk bestuurder
  11. 15/02/2026
    nominationJan Hollez · onafhankelijk bestuurder
  12. 2025
    Annual accounts 202517,2 M €↓
  13. 05/12/2025
    augmentation_capital
  14. 20/05/2025
    reconductionSophie Manigart · bestuurder
  15. 20/05/2025
    reconductionLucien Gijsens · bestuurder
  16. 20/05/2025
    reconductionPeter Verhaeghe · bestuurder
  17. 20/05/2025
    reconductionKarine Moykens · bestuurder
  18. 20/05/2025
    reconductionKoen Kennis · voorzitter Raad van Bestuur
  19. 20/05/2025
    reconductionRaf Suys · bestuurder
  20. 20/05/2025
    nominationKristien Smedts · bestuurder
  21. 20/05/2025
    nominationThijs Verbeurgt · bestuurder
  22. 20/05/2025
    nominationSimon Gheysen · bestuurder
  23. 20/05/2025
    reconductionBert Kegels · commissaris
  24. 16/05/2025
    nominationKoen Lebegge · regeringsafgevaardigde
  25. 2024
    Annual accounts 202427,2 M €↓
  26. 23/10/2024
    nominationKoen Kennis · voorzitter van de Raad van Bestuur
  27. 23/10/2024
    nominationMichel Casselman · lid van het Executive Committee
  28. 23/10/2024
    nominationFilip Lacquet · lid van het Executive Committee
  29. 23/10/2024
    nominationWerner Decrem · lid van het Executive Committee
  30. 23/10/2024
    nominationGeert Diericx · lid van het Executive Committee
  31. 23/10/2024
    nominationElke Van de Walle · lid van het Executive Committee
  32. 23/10/2024
    nominationRoald Borré · lid van het Executive Committee
  33. 23/10/2024
    nominationTine Vandenbussche · lid van het Executive Committee
  34. 31/01/2024
    nominationKoen Kennis · bijzondere volmachtdrager Categorie A
  35. 31/01/2024
    nominationMichel Casselman · bijzondere volmachtdrager Categorie A
  36. 31/01/2024
    nominationGeert Diericx · bijzondere volmachtdrager Categorie A, B, E
  37. 31/01/2024
    nominationElke Van de Walle · bijzondere volmachtdrager Categorie A, B, D
  38. 31/01/2024
    nominationFilip Lacquet · bijzondere volmachtdrager Categorie B
  39. 31/01/2024
    nominationWerner Decrem · bijzondere volmachtdrager Categorie B
  40. 31/01/2024
    nominationRoald Borré · bijzondere volmachtdrager Categorie B
  41. 31/01/2024
    nominationTine Vandenbussche · bijzondere volmachtdrager Categorie B
  42. 31/01/2024
    nominationJoeri Covers · bijzondere volmachtdrager Categorie C
  43. 31/01/2024
    nominationTim Moonens · bijzondere volmachtdrager Categorie C
  44. 31/01/2024
    nominationWouter Winnen · bijzondere volmachtdrager Categorie C
  45. 31/01/2024
    nominationEmmanuel Damman · bijzondere volmachtdrager Categorie C
  46. 31/01/2024
    nominationErwin Vrijens · bijzondere volmachtdrager Categorie C
  47. 31/01/2024
    nominationKenneth Wils · bijzondere volmachtdrager Categorie C
  48. 31/01/2024
    nominationMarie Delbeke · bijzondere volmachtdrager Categorie C
  49. 31/01/2024
    nominationTom Mortier · bijzondere volmachtdrager Categorie C
  50. 31/01/2024
    nominationGeert Jacobs · bijzondere volmachtdrager Categorie C
  51. 31/01/2024
    nominationAnthony Van Aerdebrugge · bijzondere volmachtdrager Categorie C
  52. 31/01/2024
    nominationFrank Kindt · bijzondere volmachtdrager Categorie C
  53. 31/01/2024
    nominationKarolien Phlips · bijzondere volmachtdrager Categorie D
  54. 31/01/2024
    nominationAmber De Brabander · bijzondere volmachtdrager Categorie D
  55. 31/01/2024
    nominationTimon Terrens · bijzondere volmachtdrager Categorie D
  56. 31/01/2024
    nominationJan Marien · bijzondere volmachtdrager Categorie D
  57. 31/01/2024
    nominationEvelyne van Wijk · bijzondere volmachtdrager Categorie D
  58. 31/01/2024
    nominationCaroline Daskalides · bijzondere volmachtdrager Categorie D
  59. 31/01/2024
    nominationGodfried Ampe · bijzondere volmachtdrager Categorie D
  60. 31/01/2024
    nominationRuth Van Walle · bijzondere volmachtdrager Categorie D
  61. 31/01/2024
    nominationSimon Ceulemans · bijzondere volmachtdrager Categorie D
  62. 31/01/2024
    nominationTom Leemans · bijzondere volmachtdrager Categorie E
  63. 31/01/2024
    nominationHayal Karahisarli · bijzondere volmachtdrager Categorie E
  64. 31/01/2024
    nominationGeert Ost · bijzondere volmachtdrager Categorie F
  65. 31/01/2024
    nominationSmitha Van den Acker · bijzondere volmachtdrager Categorie F
  66. 31/01/2024
    nominationVeerle Gysemberg · bijzondere volmachtdrager Categorie G
  67. 2023
    Annual accounts 202332,3 M €↓
  68. 2022
    Annual accounts 202236,2 M €↓
  69. 28/11/2022
    reduction_capital
  70. 30/06/2022
    nominationSophie Manigart · bestuurder
  71. 30/06/2022
    reconductionPeter Verhaeghe · bestuurder
  72. 30/06/2022
    reconductionLucien Gijsens · bestuurder
  73. 17/05/2022
    reconductionLucien Gijsens · onafhankelijke bestuurder
  74. 17/05/2022
    reconductionPeter Verhaeghe · onafhankelijke bestuurder
  75. 17/05/2022
    reconductionRosette S'Jegers · onafhankelijke bestuurder
  76. 17/05/2022
    nominationBDO Bedrijfsrevisoren — BDO Réviseurs d'Entreprises · commissaris
  77. 2021
    Annual accounts 202169,9 M €↑
  78. 2020
    Annual accounts 202042,2 M €↓
  79. 2019
    Annual accounts 201944,8 M €↑
  80. 2018
    Annual accounts 2018-2,4 M €↓
  81. 2017
    Annual accounts 201729,9 M €↓
  82. 2016
    Annual accounts 201642,2 M €↑
  83. 2015
    Annual accounts 20157,4 M €↑
  84. 2014
    Annual accounts 2014-5,1 M €↑
  85. 2013
    Annual accounts 2013-6,9 M €↓
  86. 2012
    Annual accounts 20123,3 M €↑
  87. 2011
    Annual accounts 2011-9,4 M €↓
  88. 2010
    Annual accounts 2010-5,3 M €↓
  89. 2009
    Annual accounts 2009-1,5 M €↑
  90. 2008
    Annual accounts 2008-9,7 M €↓
  91. 2007
    Annual accounts 20071,8 M €↓
  92. 2006
    Annual accounts 20062,9 M €
  93. 31/07/1995
    IncorporationPublic limited company