ACTIVE

NICAM

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Financial year 2025 · closed on 31/12/2025

Net result

86 k €

+55.0% YoY

Gross margin

146 k €

+26.0% YoY

Equity

528,2 k €

+18.9% YoY

What does NICAM do?

NICAM is a Private limited company incorporated in 1999. Its main activity is: Management consultancy activities. Its registered office is in Zemst.

Legal situation

● Normal situation

BCE/KBO no. / VAT

BE 0466.984.922

Incorporation

04/10/1999

Legal form

Private limited company

Registered office

Watermolenstraat 31
1982 Zemst · FlandreSee on map

Contributed capital

6 200,00 €

Latest accounts

31/12/2025

Activities (NACE)

70200Management consultancy activities· main 70220Business and other management consultancy activities 74142Specialised design activities 62020Computer consultancy activities 62200Computer programming, consultancy and related activities 72100Research and experimental development on natural sciences and engineering

Signals

ProfitableSolid equityLow riskGood liquidityPositive cashflowPositive EBITDA

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✦ Verdict · Analyst summary

Financials

Trend over 19 financial years

	2025		2024		2023		2022		2021		2019		2018		2017		2016		2015		2014		2013		2012		2011		2010		2009		2008		2007		2006
Income statement
Gross margin	146 k €	+26.0%	115,9 k €	+129%	50,7 k €	-33.8%	76,5 k €	+12.1%	68,2 k €	+22.0%	55,9 k €	+11.6%	50,1 k €	+166%	18,8 k €	+27.9%	14,7 k €	-85.5%	101,7 k €	+21.2%	83,9 k €	+6.5%	78,8 k €	+37.2%	57,4 k €	-39.0%	94,2 k €	-7.9%	102,3 k €	-8.2%	111,4 k €	+34.0%	83,1 k €	+2.2%	81,3 k €	-0.8%	82 k €
EBITDA	143,7 k €	+26.4%	113,7 k €	+134%	48,6 k €	-34.7%	74,4 k €	+12.0%	66,4 k €	+24.5%	53,3 k €	+9.7%	48,6 k €	+187%	16,9 k €	+52.0%	11,1 k €	-88.7%	98,2 k €	+18.7%	82,7 k €	+7.5%	76,9 k €	+37.1%	56,1 k €	-21.9%	71,8 k €	-15.9%	85,4 k €	-8.4%	93,3 k €	+35.2%	69 k €	+2.1%	67,5 k €	+6.6%	63,4 k €
Operating result	104,8 k €	+37.3%	76,3 k €	+389%	15,6 k €	-70.3%	52,6 k €	+16.8%	45 k €	+38.3%	32,6 k €	+15.4%	28,2 k €	+690%	-4,8 k €	+61.9%	-12,5 k €	-117%	74,3 k €	+50.5%	49,4 k €	+11.1%	44,5 k €	+23.2%	36,1 k €	-36.7%	57 k €	-12.9%	65,5 k €	-9.2%	72,1 k €	+62.9%	44,3 k €	+5.7%	41,9 k €	+3.3%	40,5 k €
Net result	86 k €	+55.0%	55,5 k €	+240%	16,3 k €	+370%	-6,1 k €	-120%	30,9 k €	+40.0%	22,1 k €	+3.4%	21,4 k €	+300%	-10,7 k €	+59.1%	-26,1 k €	-150%	52,1 k €	+76.2%	29,6 k €	-15.7%	35,1 k €	+38.0%	25,4 k €	-41.2%	43,2 k €	-13.8%	50,1 k €	-18.8%	61,7 k €	+45.7%	42,4 k €	+18.0%	35,9 k €	-10.0%	39,9 k €
Balance sheet
Equity	528,2 k €	+18.9%	444,2 k €	+14.3%	388,7 k €	+4.4%	372,4 k €	-1.6%	378,4 k €	-8.0%	411,5 k €	-23.1%	535 k €	+2.9%	520,1 k €	-2.0%	530,7 k €	-4.7%	556,8 k €	+10.3%	504,8 k €	+6.2%	475,2 k €	+8.0%	440,1 k €	+6.1%	414,7 k €	+7.3%	386,5 k €	+8.4%	356,4 k €	+14.2%	312,2 k €	+8.7%	287,3 k €	+5.9%	271,4 k €
Total assets	690,1 k €	+12.7%	612,3 k €	+9.6%	558,7 k €	+1.7%	549,2 k €	-4.7%	576,2 k €	-5.6%	610,1 k €	-17.8%	742,6 k €	-0.8%	748,4 k €	-4.4%	782,8 k €	-6.0%	832,9 k €	+4.2%	799,3 k €	+4.7%	763,3 k €	+26.6%	602,7 k €	-1.3%	610,8 k €	+31.4%	464,7 k €	+12.8%	411,9 k €	+8.1%	381,1 k €	+6.8%	357 k €	+11.7%	319,6 k €
Cash	97,6 k €	-8.9%	107,2 k €	+131%	46,4 k €	-51.8%	96,3 k €	+30.8%	73,6 k €	+63.9%	44,9 k €	-3.8%	46,7 k €	-59.9%	116,5 k €	-15.4%	137,6 k €	-18.9%	169,7 k €	+196%	57,3 k €	+94.6%	29,4 k €	-74.6%	116,1 k €	-8.4%	126,7 k €	-29.3%	179,1 k €	+26.0%	142,1 k €	+61.6%	87,9 k €	-40.5%	147,7 k €	+48.7%	99,3 k €
Debts	160,9 k €	-3.7%	167,1 k €	-1.7%	170 k €	-3.9%	176,8 k €	-10.6%	197,8 k €	-0.0%	197,8 k €	-4.7%	207,6 k €	-9.0%	228,1 k €	-9.4%	251,8 k €	-8.8%	276,1 k €	-6.3%	294,5 k €	+2.2%	288,1 k €	+77.2%	162,6 k €	-17.0%	195,8 k €	+151%	78,1 k €	+40.9%	55,5 k €	-19.6%	69 k €	-1.0%	69,7 k €	+44.5%	48,3 k €

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 · 2 ended

Active mandates

Niels Meulemans

Director · since 29 septembre 1999

Active

Ended mandates

NIELS MEULEMANS

Manager

Ended

NILS MEULEMANS

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	30/07/2026	31/07/2025	26/07/2024	17/08/2023	16/06/2022	31/05/2021
General meeting	30/06/2026	30/06/2025	30/06/2024	30/06/2023	10/05/2022	11/05/2021
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

20 filings with the NBB

Model	Closing	General meeting	Filed	Language	Document
Micro model	31/12/2025	30/06/2026	30/07/2026	Dutch	PDF
Micro model	31/12/2024	30/06/2025	31/07/2025	Dutch	PDF
Micro model	31/12/2023	30/06/2024	26/07/2024	Dutch	PDF
Micro model	31/12/2022	30/06/2023	17/08/2023	Dutch	PDF
Micro model	31/12/2021	10/05/2022	16/06/2022	Dutch	PDF
Micro model	31/12/2020	11/05/2021	31/05/2021	Dutch	PDF
Micro model	31/12/2019	30/06/2020	27/08/2020	Dutch	PDF
Micro model	31/12/2018	14/05/2019	06/06/2019	Dutch	PDF
Micro model	31/12/2017	08/05/2018	01/06/2018	Dutch	PDF
Micro model	31/12/2016	30/05/2017	09/06/2017	Dutch	PDF
Abridged model	31/12/2015	13/05/2016	10/06/2016	Dutch	PDF
Abridged model	31/12/2014	26/05/2015	25/06/2015	Dutch	PDF
Abridged model	31/12/2013	30/06/2014	29/08/2014	Dutch	PDF
Abridged model	31/12/2012	30/06/2013	19/09/2013	Dutch	PDF
Abridged model	31/12/2011	08/05/2012	28/09/2012	Dutch	PDF
Abridged model	31/12/2010	10/05/2011	30/11/2011	Dutch	PDF
Abridged model	31/12/2009	11/05/2010	25/08/2010	Dutch	PDF
Abridged model	31/12/2008	12/05/2009	15/09/2009	Dutch	PDF
Abridged model	31/12/2007	13/05/2008	20/08/2008	Dutch	PDF
Abridged model	31/12/2006	14/06/2007	27/08/2007	Dutch	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 · 2 ended

Active mandates

Niels Meulemans

Director · since 29 septembre 1999

Active

Ended mandates

NIELS MEULEMANS

Manager

Ended

NILS MEULEMANS

Manager

Ended

Shareholders

Ownership and network

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Try for 7 days

Belgian Official Gazette

Belgian Official Gazette publications

Mandates11/12/2023
STATUTEN (VERTALING, COÖRDINATIE, OVERIGE WIJZIGINGEN, ) - WIJZIGING RECHTSVORM - DOEL - ONTSLAGEN - BENOEMINGEN - ALGEMENE VERGADERING
PDF
Other08/10/2010
DOEL
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 202586 k €↑
2024
Annual accounts 202455,5 k €↑
2023
Annual accounts 202316,3 k €↑
2022
Annual accounts 2022-6,1 k €↓
2021
Annual accounts 202130,9 k €↑
2019
Annual accounts 201922,1 k €↑
2018
Annual accounts 201821,4 k €↑
2017
Annual accounts 2017-10,7 k €↑
2016
Annual accounts 2016-26,1 k €↓
2015
Annual accounts 201552,1 k €↑
2014
Annual accounts 201429,6 k €↓
2013
Annual accounts 201335,1 k €↑
2012
Annual accounts 201225,4 k €↓
2011
Annual accounts 201143,2 k €↓
2010
Annual accounts 201050,1 k €↓
2009
Annual accounts 200961,7 k €↑
2008
Annual accounts 200842,4 k €↑
2007
Annual accounts 200735,9 k €↓
2006
Annual accounts 200639,9 k €
04/10/1999
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

NICAM

Overview

What does NICAM do?

Trend over 19 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