ACTIVE

BUREAU D'EXPERTISES NICOLAI ET ASSOCIES

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Financial year 2025 · closed on 31/12/2025

Net result

201,4 k €

+38.1% YoY

Gross margin

521,2 k €

+23.9% YoY

Equity

1,2 M €

+19.4% YoY

Workforce

2,1 ETP

0.0% YoY

What does BUREAU D'EXPERTISES NICOLAI ET ASSOCIES do?

BUREAU D'EXPERTISES NICOLAI ET ASSOCIES is a Private limited company incorporated in 2000. Its main activity is: Risk and damage evaluation. Its registered office is in Wavre. It employs on average 2,1 ETP workers (FTE).

Legal situation

● Normal situation

BCE/KBO no. / VAT

BE 0469.808.612

Incorporation

18/01/2000

Legal form

Private limited company

Registered office

Avenue Seigneurie de Walhain 12
1300 Wavre · WallonieSee on map

Contributed capital

12 455,32 €

Latest accounts

31/12/2025

Average workforce

2,1 ETP

Activities (NACE)

66210Risk and damage evaluation· main 66210Risk and damage evaluation 67202Experts en dommages et risques

Joint committees (1)

Contacts

2 public details availableLog in to view

Signals

ProfitableSolid equityLow riskGood liquidityPositive cashflowPositive EBITDAHealthy social debts

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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	521,2 k €	+23.9%	420,8 k €	+13.3%	371,5 k €	-5.0%	390,9 k €	+19.1%	328,2 k €	+6.3%	308,7 k €	+0.5%	307,3 k €	+82.1%	168,7 k €	-26.0%	228,1 k €	+32.5%	172,1 k €	+17.0%	147,1 k €	-19.4%	182,4 k €	+171%	67,3 k €	-55.4%	150,8 k €	+19.5%	126,1 k €	+18.3%	106,6 k €	+6.8%	99,9 k €	+22.8%	81,3 k €	-20.1%	101,8 k €	+9.4%	93,1 k €
EBITDA	325,4 k €	+21.5%	267,8 k €	+16.9%	229 k €	-17.1%	276,4 k €	+24.2%	222,6 k €	+14.6%	194,2 k €	-10.3%	216,4 k €	+169%	80,5 k €	-47.3%	152,9 k €	+94.9%	78,4 k €	+31.9%	59,5 k €	-40.2%	99,5 k €	+180%	35,6 k €	-76.1%	149,1 k €	+19.4%	124,8 k €	+46.6%	85,1 k €	+15.6%	73,6 k €	+2864%	-2,7 k €	-106%	45,1 k €	+12.7%	40,1 k €
Operating result	258,6 k €	+20.4%	214,8 k €	+12.7%	190,6 k €	-20.4%	239,6 k €	+32.5%	180,8 k €	+26.6%	142,8 k €	-10.8%	160,1 k €	+535%	25,2 k €	-79.0%	119,8 k €	+194%	40,7 k €	+11.2%	36,6 k €	-52.3%	76,8 k €	+200%	25,6 k €	-79.6%	125,4 k €	+21.9%	102,8 k €	+82.5%	56,3 k €	+13.5%	49,6 k €	+314%	-23,2 k €	-191%	25,4 k €	+10.2%	23 k €
Net result	201,4 k €	+38.1%	145,9 k €	+3.8%	140,6 k €	-16.4%	168,2 k €	+23.7%	136 k €	+42.9%	95,2 k €	-13.9%	110,6 k €	+983%	10,2 k €	-86.1%	73,2 k €	+171%	27,1 k €	+31.2%	20,6 k €	-51.8%	42,8 k €	+13588%	312,5 €	-99.5%	58,6 k €	-16.6%	70,3 k €	+114%	32,8 k €	-10.4%	36,6 k €	+273%	-21,1 k €	-218%	17,8 k €	+18.4%	15,1 k €
Balance sheet
Equity	1,2 M €	+19.4%	1 M €	+16.4%	890,8 k €	+18.7%	750,2 k €	+27.1%	590,3 k €	+29.9%	454,3 k €	+18.3%	384,2 k €	-6.0%	408,6 k €	+2.4%	399 k €	+22.5%	325,8 k €	+9.1%	298,7 k €	+7.4%	278,1 k €	+177%	100,3 k €	-59.9%	250 k €	+30.6%	191,4 k €	+58.0%	121,1 k €	-25.8%	163,4 k €	+33.7%	122,2 k €	-14.7%	143,3 k €	+14.2%	125,5 k €
Total assets	1,6 M €	+10.7%	1,4 M €	+2.2%	1,4 M €	+12.5%	1,3 M €	+6.8%	1,2 M €	+35.2%	866,8 k €	+14.2%	758,7 k €	+0.4%	755,7 k €	+4.2%	725,6 k €	+4.4%	695 k €	+44.9%	479,7 k €	+24.1%	386,4 k €	+25.6%	307,7 k €	-14.8%	361,1 k €	+42.2%	253,9 k €	+5.9%	239,9 k €	+30.9%	183,2 k €	-8.0%	199,2 k €	-15.1%	234,7 k €	+20.4%	194,9 k €
Cash	343,9 k €	+2.4%	335,8 k €	+121%	152 k €	-35.6%	235,9 k €	-0.3%	236,7 k €	+35.9%	174,2 k €	+185%	61,2 k €	-32.9%	91,3 k €	+35.6%	67,3 k €	+152%	26,7 k €	-56.6%	61,5 k €	+71.1%	35,9 k €	-22.6%	46,4 k €	+6.7%	43,5 k €	+109%	20,8 k €	+50.5%	13,8 k €	-54.7%	30,5 k €	+79.9%	17 k €	+13.8%	14,9 k €	+6.7%	14 k €
Debts	354,9 k €	-11.8%	402,5 k €	-22.2%	517,2 k €	+3.1%	501,6 k €	-13.8%	581,8 k €	+41.1%	412,4 k €	+10.1%	374,5 k €	+7.9%	347,1 k €	+6.3%	326,6 k €	-11.6%	369,3 k €	+104%	181 k €	+67.0%	108,3 k €	-47.8%	207,4 k €	+86.7%	111,1 k €	+77.7%	62,5 k €	-47.3%	118,6 k €	+507%	19,5 k €	-74.6%	77 k €	-15.8%	91,4 k €	+35.6%	67,4 k €
Other
Workforce	2,1 ETP	0.0%	2,1 ETP	0.0%	2,1 ETP	+5.0%	2,0 ETP	0.0%	2,0 ETP	0.0%	2,0 ETP	+11.1%	1,8 ETP	+5.9%	1,7 ETP		–		–		2,0 ETP	0.0%	2,0 ETP	+567%	0,3 ETP		–		–		0,8 ETP	-11.1%	0,9 ETP	-52.6%	1,9 ETP	+35.7%	1,4 ETP	-33.3%	2,1 ETP

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

Michael NICOLAI

Director

Active

Ended mandates

MICHAEL NICOLAI

Mandate

Ended

Michaël NICOLAI

Manager

Ended

Annual accounts

Full financial information

	2025	2024	2023	2022	2021	2020
Type of account	Abridged model	Abridged model	Abridged model	Abridged model	Abridged model	Abridged 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	21/09/2026	28/07/2025	24/06/2024	26/06/2023	24/06/2022	18/06/2021
General meeting	13/06/2026	14/06/2025	08/06/2024	25/05/2023	11/06/2022	12/06/2021
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

23 filings with the NBB

Model	Closing	General meeting	Filed	Language	Document
Abridged modelCorrection	31/12/2025	13/06/2026	21/09/2026	French	PDF
Abridged model	31/12/2025	13/06/2026	15/07/2026	French	PDF
Abridged model	31/12/2024	14/06/2025	28/07/2025	French	PDF
Abridged model	31/12/2023	08/06/2024	24/06/2024	French	PDF
Abridged model	31/12/2022	25/05/2023	26/06/2023	French	PDF
Abridged model	31/12/2021	11/06/2022	24/06/2022	French	PDF
Abridged model	31/12/2020	12/06/2021	18/06/2021	French	PDF
Abridged model	31/12/2019	13/06/2020	30/06/2020	French	PDF
Abridged modelCorrection	31/12/2018	08/06/2019	25/02/2020	French	PDF
Abridged model	31/12/2018	08/06/2019	22/08/2019	French	PDF
Micro model	31/12/2017	09/06/2018	02/07/2018	French	PDF
Micro model	31/12/2016	10/06/2017	28/08/2017	French	PDF
Abridged model	31/12/2015	11/06/2016	18/08/2016	French	PDF
Abridged model	31/12/2014	13/06/2015	24/08/2015	French	PDF
Abridged model	31/12/2013	14/06/2014	02/07/2014	French	PDF
Abridged model	31/12/2012	08/06/2013	12/09/2013	French	PDF
Abridged model	31/12/2011	16/06/2012	09/08/2012	French	PDF
Abridged model	31/12/2010	11/06/2011	17/06/2011	French	PDF
Abridged modelCorrection	31/12/2009	14/06/2010	26/07/2010	French	PDF
Abridged model	31/12/2009	14/06/2010	22/07/2010	French	PDF
Abridged model	31/12/2008	13/06/2009	30/06/2009	French	PDF
Abridged model	31/12/2007	14/06/2008	20/07/2008	French	PDF
Abridged model	31/12/2006	09/06/2007	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 · 2 ended

Active mandates

Michael NICOLAI

Director

Active

Ended mandates

MICHAEL NICOLAI

Mandate

Ended

Michaël NICOLAI

Manager

Ended

Shareholders

Ownership and network

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Belgian Official Gazette

Belgian Official Gazette publications

Mandates25/01/2021
DEMISSIONS, NOMINATIONS
PDF
Mandates12/11/2020
MODIFICATION FORME JURIDIQUE - DEMISSIONS, NOMINATIONS
PDF
Capital / shares18/04/2019
STATUTS (TRADUCTION, COORDINATION, AUTRES MODIFICATIONS, ) - CAPITAL, ACTIONS
PDF
Capital / shares04/04/2014
CAPITAL, ACTIONS
PDF
Registered office10/11/2010
SIEGE SOCIAL
PDF
Capital / shares24/05/2006
ASSEMBLEE GENERALE - CAPITAL, ACTIONS - STATUTS (TRADUCTION, COORDINATION, AUTRES MODIFICATIONS, )
PDF
Registered office01/12/2003
SIEGE SOCIAL
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 2025201,4 k €↑
2024
Annual accounts 2024145,9 k €↑
2023
Annual accounts 2023140,6 k €↓
2022
Annual accounts 2022168,2 k €↑
2021
Annual accounts 2021136 k €↑
2020
Annual accounts 202095,2 k €↓
2019
Annual accounts 2019110,6 k €↑
2018
Annual accounts 201810,2 k €↓
2017
Annual accounts 201773,2 k €↑
2016
Annual accounts 201627,1 k €↑
2015
Annual accounts 201520,6 k €↓
2014
Annual accounts 201442,8 k €↑
2013
Annual accounts 2013312,5 €↓
2012
Annual accounts 201258,6 k €↓
2011
Annual accounts 201170,3 k €↑
2010
Annual accounts 201032,8 k €↓
2009
Annual accounts 200936,6 k €↑
2008
Annual accounts 2008-21,1 k €↓
2007
Annual accounts 200717,8 k €↑
2006
Annual accounts 200615,1 k €
18/01/2000
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

BUREAU D'EXPERTISES NICOLAI ET ASSOCIES

Overview

What does BUREAU D'EXPERTISES NICOLAI ET ASSOCIES 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