ACTIVE

CORRELATIONS

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Financial year 2025 · closed on 31/12/2025

Net result

155 k €

+217.4% YoY

Gross margin

206,8 k €

+140.0% YoY

Equity

220,6 k €

+60.9% YoY

What does CORRELATIONS do?

CORRELATIONS is a Private limited company incorporated in 1998. Its main activity is: Other education n.e.c.. Its registered office is in Uccle.

Legal situation

● Normal situation

BCE/KBO no. / VAT

BE 0463.824.702

Incorporation

31/07/1998

Legal form

Private limited company

Registered office

Avenue de Boetendael 27
1180 Uccle · BruxellesSee on map

Contributed capital

8 197,33 €

Latest accounts

31/12/2025

Activities (NACE)

85599Other education n.e.c.· main 85599Other education n.e.c.

Joint committees (1)

Signals

ProfitableSolid equityLow riskGood liquidityPositive cashflowPositive EBITDA

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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	206,8 k €	+140%	86,2 k €	-8.2%	93,9 k €	-28.8%	132 k €	+51.8%	86,9 k €	-31.1%	126,2 k €	-21.3%	160,3 k €		–		166 k €	-1.8%	168,9 k €	-2.2%	172,7 k €	-6.7%	185,2 k €	+10.9%	166,9 k €	-24.9%	222,2 k €	+232%	66,8 k €	-35.7%	104 k €	-0.6%	104,6 k €	+0.3%	104,3 k €	-3.2%	107,8 k €	+155%	42,3 k €
EBITDA	205,6 k €	+151%	82,1 k €	-9.9%	91 k €	-29.9%	129,9 k €	+56.6%	83 k €	-32.5%	122,9 k €	-20.6%	154,6 k €		–		162,4 k €	+1.6%	159,9 k €	-5.7%	169,6 k €	-6.9%	182,1 k €	+11.1%	163,9 k €	-25.1%	219 k €	+236%	65,1 k €	-35.3%	100,7 k €	-2.3%	103 k €	+7.5%	95,8 k €	+2.1%	93,8 k €	+302%	23,4 k €
Operating result	191,7 k €	+179%	68,6 k €	-20.2%	86 k €	-32.3%	127,1 k €	+57.9%	80,5 k €	-33.4%	120,8 k €	-14.2%	140,9 k €		–		150 k €	+1.9%	147,2 k €	-11.5%	166,3 k €	-7.4%	179,7 k €	+10.3%	162,9 k €	-22.7%	210,7 k €	+277%	55,8 k €	-36.8%	88,3 k €	-4.2%	92,2 k €	+4.4%	88,2 k €	+1.8%	86,7 k €	+537%	13,6 k €
Net result	155 k €	+217%	48,8 k €	-25.2%	65,3 k €	-35.8%	101,7 k €	+53.4%	66,3 k €	-30.0%	94,7 k €	-16.1%	112,9 k €		–		114,7 k €	+10.6%	103,8 k €	+31.6%	78,9 k €	-38.4%	128 k €	+28.0%	100 k €	-46.5%	186,9 k €	+492%	31,6 k €	-42.1%	54,5 k €	+23.2%	44,2 k €	-29.2%	62,5 k €	-2.1%	63,8 k €	+843%	6,8 k €
Balance sheet
Equity	220,6 k €	+60.9%	137,1 k €	+24.9%	109,8 k €	+7.1%	102,5 k €	0.0%	102,5 k €	-22.7%	132,7 k €	-7.0%	142,7 k €	+95.5%	73 k €	0.0%	73 k €	-0.4%	73,3 k €	-25.7%	98,6 k €	-44.8%	178,8 k €	+17.0%	152,7 k €	+13.3%	134,8 k €	+45.2%	92,8 k €	-8.3%	101,3 k €	+28.6%	78,8 k €	-1.0%	79,5 k €	+28.1%	62,1 k €	-0.3%	62,2 k €
Total assets	327,9 k €	+63.0%	201,2 k €	-10.0%	223,4 k €	+52.0%	147 k €	-11.2%	165,5 k €	-28.1%	230,1 k €	-11.3%	259,5 k €	+36.1%	190,7 k €	0.0%	190,7 k €	-11.6%	215,7 k €	-1.0%	217,9 k €	-21.3%	276,9 k €	+52.6%	181,4 k €	+0.7%	180,1 k €	+43.5%	125,6 k €	+0.6%	124,7 k €	-5.2%	131,6 k €	-3.8%	136,7 k €	+17.2%	116,7 k €	-8.9%	128,1 k €
Cash	174,3 k €	+243%	50,9 k €	+52.7%	33,3 k €	-67.1%	101,3 k €	+25.8%	80,6 k €	-41.1%	136,7 k €	-16.5%	163,7 k €	+999%	14,9 k €	0.0%	14,9 k €	-59.7%	36,9 k €	-53.5%	79,4 k €	+153%	31,4 k €	-51.6%	64,9 k €	+3.1%	63 k €	+190%	21,7 k €	+5.0%	20,6 k €	-25.5%	27,7 k €	+554%	4,2 k €	-55.2%	9,5 k €		–
Debts	93,5 k €	+46.0%	64 k €	-43.6%	113,6 k €	+156%	44,4 k €	-28.4%	62,1 k €	-36.3%	97,5 k €	+30.2%	74,9 k €	-36.4%	117,7 k €	0.0%	117,7 k €	-16.6%	141,2 k €	+18.4%	119,3 k €	+21.5%	98,1 k €	+242%	28,7 k €	-36.8%	45,3 k €	+38.5%	32,7 k €	+39.4%	23,5 k €	-55.5%	52,8 k €	+25.0%	42,2 k €	-22.7%	54,6 k €	-17.1%	65,9 k €
Other
Workforce	–		–		–		–		–		–		–		–		–		–		–		–		–		–		–		–		–		0,2 ETP	-50.0%	0,4 ETP	-20.0%	0,5 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 · 1 active · 3 ended

Active mandates

PHILIPPE FRYDMAN

Andere functie

Active

Ended mandates

PHILIPPE FRYDMAN

Director · since 07 mai 2007

Ended

Philipe FRYDMAN

Mandate

Ended

PHILIPPE FRYDMAN

Director

Ended

At this address

Other companies at this address

Company	CBE no.
CRAF● Active	0462.281.115
EPSYSERV● Active	0642.967.765

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	27/08/2026	26/08/2025	31/10/2024	04/07/2023	29/03/2022	05/08/2021
General meeting	02/03/2026	03/03/2025	04/03/2024	06/03/2023	07/03/2022	01/03/2021
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

22 filings with the NBB

Model	Closing	General meeting	Filed	Language	Document
Micro model	31/12/2025	02/03/2026	27/08/2026	French	PDF
Micro model	31/12/2024	03/03/2025	26/08/2025	French	PDF
Micro model	31/12/2023	04/03/2024	31/10/2024	French	PDF
Micro model	31/12/2022	06/03/2023	04/07/2023	French	PDF
Micro model	31/12/2021	07/03/2022	29/03/2022	French	PDF
Micro model	31/12/2020	01/03/2021	05/08/2021	French	PDF
Micro modelCorrection	31/12/2019	08/09/2020	30/11/2020	French	PDF
Micro model	31/12/2019	08/09/2020	29/10/2020	French	PDF
Micro model	31/12/2018	28/06/2019	30/08/2019	French	PDF
Abridged model	31/12/2017	29/06/2018	29/08/2018	French	PDF
Micro model	31/12/2016	30/06/2017	31/08/2017	French	PDF
Abridged model	31/12/2015	27/06/2016	25/08/2016	French	PDF
Abridged model	31/12/2014	26/06/2015	25/08/2015	French	PDF
Abridged modelCorrection	31/12/2013	26/06/2014	29/08/2014	French	PDF
Abridged model	31/12/2013	26/06/2014	26/08/2014	French	PDF
Abridged model	31/12/2012	24/06/2013	06/09/2013	French	PDF
Abridged model	31/12/2011	24/06/2012	29/08/2012	French	PDF
Abridged model	31/12/2010	24/06/2011	25/08/2011	French	PDF
Abridged model	31/12/2009	26/06/2010	16/08/2010	French	PDF
Abridged model	31/12/2008	30/06/2009	18/09/2009	French	PDF
Abridged model	31/12/2007	30/06/2008	28/08/2008	French	PDF
Abridged model	31/12/2006	30/06/2007	30/08/2007	French	PDF

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 · 1 active · 3 ended

Active mandates

PHILIPPE FRYDMAN

Andere functie

Active

Ended mandates

PHILIPPE FRYDMAN

Director · since 07 mai 2007

Ended

Philipe FRYDMAN

Mandate

Ended

PHILIPPE FRYDMAN

Director

Ended

Shareholders

Ownership and network

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Belgian Official Gazette

Belgian Official Gazette publications

Mandates03/12/2024
MODIFICATION FORME JURIDIQUE - DEMISSIONS, NOMINATIONS
PDF
Registered office16/11/2010
SIEGE SOCIAL
PDF
Registered office11/06/2007
SIEGE SOCIAL - CAPITAL, ACTIONS - DIVERS - STATUTS (TRADUCTION, COORDINATION, AUTRES MODIFICATIONS, )
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 2025155 k €↑
2024
Annual accounts 202448,8 k €↓
2023
Annual accounts 202365,3 k €↓
2022
Annual accounts 2022101,7 k €↑
2021
Annual accounts 202166,3 k €↓
2020
Annual accounts 202094,7 k €↓
2019
Annual accounts 2019112,9 k €↓
2018
Annual accounts 2018
2017
Annual accounts 2017114,7 k €↑
2016
Annual accounts 2016103,8 k €↑
2015
Annual accounts 201578,9 k €↓
2014
Annual accounts 2014128 k €↑
2013
Annual accounts 2013100 k €↓
2012
Annual accounts 2012186,9 k €↑
2011
Annual accounts 201131,6 k €↓
2010
Annual accounts 201054,5 k €↑
2009
Annual accounts 200944,2 k €↓
2008
Annual accounts 200862,5 k €↓
2007
Annual accounts 200763,8 k €↑
2006
Annual accounts 20066,8 k €
31/07/1998
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

CORRELATIONS

Overview

What does CORRELATIONS 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