ACTIVE

OBSERVATORIUM

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Financial year 2025 · closed on 31/12/2025

Net result

16,9 M €

+1671.0% YoY

Revenue

1,1 M €

-21.6% YoY

Equity

39,1 M €

+74.8% YoY

Workforce

3,6 ETP

+12.5% YoY

What does OBSERVATORIUM do?

OBSERVATORIUM is a Public limited company incorporated in 2000. Its main activity is: Management consultancy activities. Its registered office is in Ixelles. It employs on average 3,6 ETP workers (FTE).

Legal situation

● Normal situation

BCE/KBO no. / VAT

BE 0471.981.214

Incorporation

26/05/2000

Legal form

Public limited company

Registered office

Rue Saint-Georges 6-8
1050 Ixelles · BruxellesSee on map

Contributed capital

398 025,60 €

Latest accounts

31/12/2025

Average workforce

3,6 ETP

Activities (NACE)

70200Management consultancy activities· main 70220Business and other management consultancy activities 74142Specialised design activities 64200Activities of holding companies 64210Activities of holding companies 68203Rental and operating of own or leased real estate+2

Joint committees (4)

200
2000
20018
218

Signals

ProfitableSolid equityLow riskGood liquidityPositive cashflowPositive EBITDAHealthy social debtsHigh revenue

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Health score

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✦ Verdict · Analyst summary

Financials

Trend over 18 financial years

	2025		2024		2023		2022		2021		2018		2017		2016		2015		2014		2013		2012		2011		2010		2009		2008		2007		2006
Income statement
Revenue	1,1 M €	-21.6%	1,4 M €	-26.5%	1,9 M €	-1.5%	2 M €	+16.4%	1,7 M €	+214%	534 k €	+22.8%	434,7 k €		–		362,2 k €	+2.2%	354,3 k €	+7.4%	329,9 k €		–		–		–		–		–		–		–
EBITDA	377,2 k €	+4.2%	361,8 k €	-20.4%	454,8 k €	-29.6%	646,5 k €	+2.8%	628,7 k €	+78.3%	352,7 k €	-15.8%	418,7 k €	-4.4%	438,1 k €	+55.4%	281,9 k €	-33.1%	421,3 k €	+8.9%	386,9 k €	-37.4%	618 k €	+44.1%	428,7 k €	-20.9%	541,9 k €	+101%	269,2 k €	+86.7%	144,2 k €	-15.2%	169,9 k €	+21.5%	139,9 k €
Operating result	227,6 k €	+7.5%	211,8 k €	+121%	95,7 k €	-80.6%	493,5 k €	+2.7%	480,7 k €	+454%	86,7 k €	-41.7%	148,8 k €	-11.2%	167,5 k €	+629%	23 k €	-89.1%	211,6 k €	-0.8%	213,3 k €	-51.0%	435,3 k €	+35.2%	322 k €	-27.5%	444,2 k €	+159%	171,5 k €	+69.1%	101,4 k €	-18.9%	125 k €	+35.7%	92,1 k €
Net result	16,9 M €	+1671%	952,1 k €	-88.7%	8,4 M €	+18.3%	7,1 M €	+62.2%	4,4 M €	+245%	1,3 M €	+3505%	35,1 k €	-9.6%	38,8 k €	-99.3%	5,3 M €	+33445%	15,7 k €	-81.9%	86,5 k €	-57.6%	204,1 k €	+33.2%	153,2 k €	-35.1%	236,2 k €	+192%	81 k €	+130%	35,2 k €	-33.9%	53,3 k €	+67.8%	31,8 k €
Balance sheet
Equity	39,1 M €	+74.8%	22,4 M €	-22.7%	28,9 M €	+25.5%	23 M €	+27.2%	18,1 M €	+203%	6 M €	+21.7%	4,9 M €	+0.7%	4,9 M €	-15.0%	5,7 M €	+419%	1,1 M €	+0.1%	1,1 M €	-17.2%	1,3 M €	+18.1%	1,1 M €	-17.9%	1,4 M €	+11.0%	1,2 M €	+7.0%	1,2 M €	+3.1%	1,1 M €	+5.0%	1,1 M €
Total assets	47 M €	+32.3%	35,5 M €	+3.3%	34,4 M €	+10.9%	31 M €	+22.3%	25,3 M €	+195%	8,6 M €	-4.0%	8,9 M €	-4.5%	9,4 M €	-2.6%	9,6 M €	-5.9%	10,2 M €	+24.9%	8,2 M €	+52.8%	5,4 M €	+48.0%	3,6 M €	+6.6%	3,4 M €	-1.3%	3,4 M €	+58.5%	2,2 M €	-1.9%	2,2 M €	-6.6%	2,4 M €
Cash	23,2 M €	+15848%	145,4 k €	-36.6%	229,4 k €	-84.5%	1,5 M €	+29.2%	1,1 M €	+3238%	34,4 k €	-57.0%	80,1 k €	+23.8%	64,7 k €	-46.4%	120,7 k €	-57.2%	281,9 k €	+2221%	12,1 k €	-99.0%	1,3 M €	+2189%	55,8 k €	+108%	26,8 k €	+171%	9,9 k €	+82.9%	5,4 k €	-83.4%	32,5 k €	+44.8%	22,4 k €
Debts	7,9 M €	-40.0%	13,1 M €	+146%	5,3 M €	-31.9%	7,8 M €	+10.5%	7,1 M €	+171%	2,6 M €	-35.1%	4 M €	-10.3%	4,5 M €	+15.7%	3,9 M €	-57.3%	9,1 M €	+28.6%	7,1 M €	+76.1%	4 M €	+61.6%	2,5 M €	+23.3%	2 M €	-8.1%	2,2 M €	+117%	1 M €	-7.1%	1,1 M €	-16.2%	1,3 M €
Other
Workforce	3,6 ETP	+12.5%	3,2 ETP	-31.9%	4,7 ETP	-2.1%	4,8 ETP	+84.6%	2,6 ETP	+85.7%	1,4 ETP	+180%	0,5 ETP	0.0%	0,5 ETP	0.0%	0,5 ETP	0.0%	0,5 ETP	0.0%	0,5 ETP	0.0%	0,5 ETP	0.0%	0,5 ETP	0.0%	0,5 ETP	0.0%	0,5 ETP	0.0%	0,5 ETP	+25.0%	0,4 ETP	-42.9%	0,7 ETP

Estimate

Indicative valuation

As an indication, this company is worth

between 25 M€ and 50 M€

See the valuation

Governance

Board of directors

Seen on filing of 31/12/2025 · 2 active · 26 ended

Active mandates

ARTS OFFICE

Director · 0840.231.618

Represented by Devolder SIMON JOAN

Active

François-Xavier Hufkens

Managing director

Active

Ended mandates

ARTS OFFICE

Director · since 19 décembre 2017 · until 23 juin 2023 · 0840.231.618

Represented by Simon Devolder

Ended

ARTS OFFICE

Director · since 19 décembre 2017 · until 23 juin 2023 · 0840.231.618

Represented by Simon Devolder

Ended

Elisabeth Van Caelenberge

Director · since 19 décembre 2017 · until 28 février 2022

Ended

Elisabeth Van Caelenberge

Director · since 19 décembre 2017 · until 23 juin 2023

Ended

Annual accounts

Full financial information

	2025	2024	2023	2022	2021	2020
Type of account	Full model	Full model	Full model	Full model	Full model	Full 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	04/08/2026	30/07/2025	31/07/2024	18/07/2023	25/07/2022	29/07/2021
General meeting	30/06/2026	30/06/2025	28/06/2024	30/06/2023	24/06/2022	25/06/2021
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

22 filings with the NBB

Model	Closing	General meeting	Filed	Language	Document
Full model	31/12/2025	30/06/2026	04/08/2026	French	PDF
Full model	31/12/2024	30/06/2025	30/07/2025	French	PDF
Full model	31/12/2023	28/06/2024	31/07/2024	French	PDF
Full model	31/12/2022	30/06/2023	18/07/2023	French	PDF
Full model	31/12/2021	24/06/2022	25/07/2022	French	PDF
Full model	31/12/2020	25/06/2021	29/07/2021	French	PDF
Full model	31/12/2019	26/06/2020	15/07/2020	French	PDF
Full model	31/12/2018	28/06/2019	30/07/2019	French	PDF
Abridged model	31/12/2017	29/06/2018	27/07/2018	French	PDF
Abridged model	31/12/2016	30/06/2017	28/07/2017	French	PDF
Full modelCorrection	31/12/2015	30/06/2016	16/12/2016	French	PDF
Full model	31/12/2015	30/06/2016	18/07/2016	French	PDF
Full model	31/12/2014	30/06/2015	06/07/2015	French	PDF
Full model	31/12/2013	30/06/2014	15/07/2014	French	PDF
Abridged model	31/12/2012	31/07/2013	12/09/2013	French	PDF
Abridged model	31/12/2011	29/06/2012	20/08/2012	French	PDF
Abridged model	31/12/2010	30/06/2011	14/07/2011	French	PDF
Abridged modelCorrection	31/12/2009	30/06/2010	20/07/2010	French	PDF
Abridged model	31/12/2009	30/06/2010	30/06/2010	French	PDF
Abridged model	31/12/2008	30/06/2009	08/07/2009	French	PDF
Abridged model	31/12/2007	30/06/2008	15/07/2008	French	PDF
Abridged model	31/12/2006	30/06/2007	12/07/2007	French	PDF

Estimate

Indicative valuation

Order of magnitude

As an indication, this company is worth

between 25 M€ and 50 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 · 2 active · 26 ended

Active mandates

ARTS OFFICE

Director · 0840.231.618

Represented by Devolder SIMON JOAN

Active

François-Xavier Hufkens

Managing director

Active

Ended mandates

ARTS OFFICE

Director · since 19 décembre 2017 · until 23 juin 2023 · 0840.231.618

Represented by Simon Devolder

Ended

ARTS OFFICE

Director · since 19 décembre 2017 · until 23 juin 2023 · 0840.231.618

Represented by Simon Devolder

Ended

Elisabeth Van Caelenberge

Director · since 19 décembre 2017 · until 28 février 2022

Ended

Elisabeth Van Caelenberge

Director · since 19 décembre 2017 · until 23 juin 2023

Ended

Shareholders

Ownership and network

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Belgian Official Gazette

Belgian Official Gazette publications

Other07/05/2026
STATUTS (TRADUCTION, COORDINATION, AUTRES MODIFICATIONS, ) - ASSEMBLEE GENERALE - ANNEE COMPTABLE
PDF
Other15/01/2024
STATUTS (TRADUCTION, COORDINATION, AUTRES MODIFICATIONS, ) - OBJET
PDF
Mandates11/09/2023
DEMISSIONS, NOMINATIONS
PDF
Mandates21/03/2022
DEMISSIONS, NOMINATIONS
PDF
Mandates08/02/2018
DEMISSIONS, NOMINATIONS
PDF
Mandates22/06/2017
DEMISSIONS, NOMINATIONS
PDF
Mandates13/12/2016
DEMISSIONS, NOMINATIONS
PDF
Capital / shares23/05/2014
CAPITAL, ACTIONS - 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 202516,9 M €↑
2024
Annual accounts 2024952,1 k €↓
2023
Annual accounts 20238,4 M €↑
2022
Annual accounts 20227,1 M €↑
2021
Annual accounts 20214,4 M €↑
2018
Annual accounts 20181,3 M €↑
2017
Annual accounts 201735,1 k €↓
2016
Annual accounts 201638,8 k €↓
2015
Annual accounts 20155,3 M €↑
2014
Annual accounts 201415,7 k €↓
2013
Annual accounts 201386,5 k €↓
2012
Annual accounts 2012204,1 k €↑
2011
Annual accounts 2011153,2 k €↓
2010
Annual accounts 2010236,2 k €↑
2009
Annual accounts 200981 k €↑
2008
Annual accounts 200835,2 k €↓
2007
Annual accounts 200753,3 k €↑
2006
Annual accounts 200631,8 k €
26/05/2000
IncorporationPublic 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

OBSERVATORIUM

Overview

What does OBSERVATORIUM do?

Trend over 18 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