ACTIVE

PHINCO

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Financial year 2025 · closed on 31/12/2025

Net result

140,9 k €

-2.9% YoY

Gross margin

191,4 k €

-2.6% YoY

Equity

2,8 M €

+5.4% YoY

What does PHINCO do?

PHINCO is a Private limited company incorporated in 1997. Its main activity is: Market research and public opinion polling. Its registered office is in Waterloo.

Legal situation

● Normal situation

BCE/KBO no. / VAT

BE 0459.710.318

Incorporation

07/01/1997

Legal form

Private limited company

Registered office

Clos du Pré Fichin 2
1410 Waterloo · WallonieSee on map

Contributed capital

1 327 915,19 €

Latest accounts

31/12/2025

Activities (NACE)

73200Market research and public opinion polling· main 73200Market research and public opinion polling 74131Specialised design activities 68201Rental and operating of own or leased real estate 68201Rental and operating of own or leased real estate 70201Management consultancy activities

Signals

ProfitableSolid equityPositive cashflowPositive EBITDA

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
Gross margin	191,4 k €	-2.6%	196,5 k €	+3.1%	190,5 k €	+16.6%	163,5 k €	+3.2%	158,4 k €	+2.0%	155,2 k €	+5.6%	146,9 k €	+2.7%	143 k €	+0.2%	142,8 k €	+0.8%	141,7 k €	+0.8%	140,6 k €	+0.7%	139,6 k €	+5.3%	132,6 k €	+0.4%	132 k €	+111%	62,7 k €	+15065%	413,2 €	-0.5%	415,4 €	-43.8%	738,8 €	+58.0%	467,4 €	+64.4%	284,4 €
EBITDA	190,2 k €	-2.7%	195,4 k €	+3.2%	189,4 k €	+16.6%	162,5 k €	+3.2%	157,3 k €	+2.1%	154,2 k €	+5.7%	145,9 k €	+2.8%	142 k €	+0.2%	141,7 k €	+0.6%	140,8 k €	+1.1%	139,3 k €	+0.6%	138,4 k €	+5.5%	131,2 k €	+0.2%	130,9 k €	+111%	62,2 k €	+19085%	324,2 €	+1633%	-21,1 €	-107%	302,3 €	+877%	30,9 €	-70.6%	105,3 €
Operating result	188,6 k €	-2.8%	194,1 k €	+2.9%	188,7 k €	+16.3%	162,3 k €	+3.2%	157,3 k €	+5.3%	149,3 k €	+5.8%	141,1 k €	+2.8%	137,2 k €	+0.4%	136,7 k €	+1.1%	135,1 k €	-0.8%	136,2 k €	+0.6%	135,4 k €	+5.1%	128,8 k €	+0.2%	128,6 k €	+114%	60 k €	+18406%	324,2 €	+1633%	-21,1 €	-107%	302,3 €	+877%	30,9 €	-70.6%	105,3 €
Net result	140,9 k €	-2.9%	145,1 k €	+2.9%	141,1 k €	+16.2%	121,4 k €	+3.1%	117,7 k €	+7.0%	110 k €	+12.1%	98,2 k €	+1.0%	97,2 k €	+8.7%	89,4 k €	+2.4%	87,3 k €	-6.8%	93,8 k €	+1.2%	92,7 k €	+5.6%	87,8 k €	+4.1%	84,3 k €	+113%	39,5 k €	+16053%	244,6 €	+343%	-100,7 €	-145%	222,7 €	+569%	-47,5 €	-167%	70,5 €
Balance sheet
Equity	2,8 M €	+5.4%	2,6 M €	+5.9%	2,5 M €	+6.1%	2,3 M €	+5.5%	2,2 M €	+5.6%	2,1 M €	+5.6%	2 M €	+5.2%	1,9 M €	+5.5%	1,8 M €	+5.3%	1,7 M €	-46.3%	3,1 M €	+3.1%	3,1 M €	+3.1%	3 M €	+3.1%	2,9 M €	+34259%	8,4 k €	+238%	2,5 k €	+11.0%	2,2 k €	-4.3%	2,3 k €	+10.6%	2,1 k €	-2.2%	2,2 k €
Total assets	3,1 M €	+1.7%	3,1 M €	+2.1%	3 M €	+2.4%	2,9 M €	-1.3%	3 M €	-0.5%	3 M €	+0.7%	3 M €	-1.7%	3 M €	+0.9%	3 M €	+1.5%	2,9 M €	-7.1%	3,2 M €	+2.6%	3,1 M €	+3.6%	3 M €	+1.9%	2,9 M €	+10384%	27,8 k €	+1023%	2,5 k €	-6.3%	2,6 k €	+13.3%	2,3 k €	+10.6%	2,1 k €	-2.2%	2,2 k €
Cash	208,5 k €	+26.3%	165,1 k €	+43.7%	114,9 k €	+137%	48,4 k €	-44.3%	87 k €	-15.4%	102,8 k €	+35.6%	75,8 k €	-36.6%	119,5 k €	+24.7%	95,9 k €	+104%	46,9 k €	-77.3%	206,5 k €	+37.1%	150,6 k €	+253%	42,6 k €	+4.2%	40,9 k €	+158%	15,9 k €	+4040%	383,8 €	-26.7%	523,3 €	+55.9%	335,7 €	+60.4%	209,3 €	-86.8%	1,6 k €
Debts	350,9 k €	-20.2%	439,9 k €	-15.8%	522,4 k €	-12.1%	594,1 k €	-21.3%	755,3 k €	-15.0%	888,4 k €	-9.0%	976,6 k €	-13.2%	1,1 M €	-5.9%	1,2 M €	-3.6%	1,2 M €	+16289%	7,6 k €	-64.6%	21,4 k €	+249%	6,1 k €	-84.5%	39,6 k €	+104%	19,4 k €		–		410,6 €		–		–		–

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 · 1 active · 4 ended

Active mandates

Phlippe NIVELLES

Director · since 12 janvier 2009

Active

Ended mandates

Phlippe NIVELLES

Administrator - manager · since 12 janvier 2009

Ended

Phlippe NIVELLES

Manager · since 12 janvier 2009

Ended

Michel NIVELLES

Manager · until 07 juin 2011

Ended

Michel NIVELLES

Manager

Ended

Annual accounts

Full financial information

	2025	2024	2023	2022	2021	2020
Type of account	Micro model	Micro model	Micro model	Micro model	Micro model	Micro 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	26/06/2026	24/06/2025	21/06/2024	30/06/2023	30/06/2022	25/06/2021
General meeting	18/06/2026	19/06/2025	20/06/2024	12/06/2023	13/06/2022	14/06/2021
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
Micro model	31/12/2025	18/06/2026	26/06/2026	French	PDF
Micro model	31/12/2024	19/06/2025	24/06/2025	French	PDF
Micro model	31/12/2023	20/06/2024	21/06/2024	French	PDF
Micro model	31/12/2022	12/06/2023	30/06/2023	French	PDF
Micro model	31/12/2021	13/06/2022	30/06/2022	French	PDF
Micro model	31/12/2020	14/06/2021	25/06/2021	French	PDF
Micro model	31/12/2019	08/06/2020	03/07/2020	French	PDF
Micro model	31/12/2018	11/06/2019	23/07/2019	French	PDF
Micro model	31/12/2017	11/06/2018	04/07/2018	French	PDF
Micro model	31/12/2016	12/06/2017	23/08/2017	French	PDF
Abridged model	31/12/2015	13/06/2016	07/07/2016	French	PDF
Abridged model	31/12/2014	09/06/2015	13/08/2015	French	PDF
Abridged model	31/12/2013	10/06/2014	14/08/2014	French	PDF
Abridged model	31/12/2012	11/06/2013	30/08/2013	French	PDF
Abridged model	31/12/2011	12/06/2012	07/08/2012	French	PDF
Abridged model	31/12/2010	07/06/2011	25/08/2011	French	PDF
Abridged model	31/12/2009	09/06/2010	27/08/2010	French	PDF
Abridged model	31/12/2008	09/06/2009	15/07/2009	French	PDF
Abridged model	31/12/2007	10/06/2008	26/06/2008	French	PDF
Abridged model	31/12/2006	12/06/2007	26/07/2007	French	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 · 1 active · 4 ended

Active mandates

Phlippe NIVELLES

Director · since 12 janvier 2009

Active

Ended mandates

Phlippe NIVELLES

Administrator - manager · since 12 janvier 2009

Ended

Phlippe NIVELLES

Manager · since 12 janvier 2009

Ended

Michel NIVELLES

Manager · until 07 juin 2011

Ended

Michel NIVELLES

Manager

Ended

Shareholders

Ownership and network

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Belgian Official Gazette

Belgian Official Gazette publications

Registered office10/07/2024
SIEGE SOCIAL
PDF
Mandates14/09/2023
STATUTS (TRADUCTION, COORDINATION, AUTRES MODIFICATIONS, ) - MODIFICATION FORME JURIDIQUE - DEMISSIONS, NOMINATIONS - ASSEMBLEE GENERALE
PDF
Capital / shares06/04/2016
CAPITAL, ACTIONS - STATUTS (TRADUCTION, COORDINATION, AUTRES MODIFICATIONS, )
PDF
Capital / shares11/12/2012
CAPITAL, ACTIONS - STATUTS (TRADUCTION, COORDINATION, AUTRES MODIFICATIONS, )
PDF
Mandates18/08/2011
DENOMINATION - SIEGE SOCIAL - CAPITAL, ACTIONS - DEMISSIONS, NOMINATIONS
PDF
Mandates10/02/2009
DEMISSIONS, NOMINATIONS
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 2025140,9 k €↓
2024
Annual accounts 2024145,1 k €↑
2023
Annual accounts 2023141,1 k €↑
2022
Annual accounts 2022121,4 k €↑
2021
Annual accounts 2021117,7 k €↑
2020
Annual accounts 2020110 k €↑
2019
Annual accounts 201998,2 k €↑
2018
Annual accounts 201897,2 k €↑
2017
Annual accounts 201789,4 k €↑
2016
Annual accounts 201687,3 k €↓
2015
Annual accounts 201593,8 k €↑
2014
Annual accounts 201492,7 k €↑
2013
Annual accounts 201387,8 k €↑
2012
Annual accounts 201284,3 k €↑
2011
Annual accounts 201139,5 k €↑
2010
Annual accounts 2010244,6 €↑
2010
Name changePHINCO
2009
Annual accounts 2009-100,7 €↓
2008
Annual accounts 2008222,7 €↑
2007
Annual accounts 2007-47,5 €↓
2006
Annual accounts 200670,5 €
2006
Name changeM. NIVELLES et consorts
07/01/1997
IncorporationPrivate 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

PHINCO

Overview

What does PHINCO do?

Trend over 20 financial years

Indicative valuation

Board of directors

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