ACTIVE

NICDO

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Financial year 2025 · closed on 31/12/2025

Net result

-1,1 M €

-192.5% YoY

Gross margin

307,7 k €

-65.6% YoY

Equity

29,6 M €

-3.5% YoY

Workforce

0,0 ETP

What does NICDO do?

NICDO is a Public limited company incorporated in 2000. Its main activity is: Management consultancy activities. Its registered office is in Sint-Martens-Latem.

Legal situation

● Normal situation

BCE/KBO no. / VAT

BE 0473.107.008

Incorporation

24/10/2000

Legal form

Public limited company

Registered office

Latemstraat 171
9830 Sint-Martens-Latem · FlandreSee on map

Contributed capital

1 313 000,00 €

Latest accounts

31/12/2025

Average workforce

0,0 ETP

Activities (NACE)

70200Management consultancy activities· main 70220Business and other management consultancy activities 74142Specialised design activities

Joint committees (1)

Signals

Solid equityLow riskGood liquidityPositive EBITDA

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Health score

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✦ Verdict · Analyst summary

Financials

Trend over 18 financial years

	2025		2024		2023		2022		2021		2019		2018		2017		2016		2015		2014		2013		2012		2011		2010		2009		2008		2007
Income statement
Gross margin	307,7 k €	-65.6%	894,3 k €	+256%	251,1 k €	-18.8%	309,2 k €		–		–		–		–		–		–		–		–		–		–		–		–		–		–
EBITDA	291,5 k €	-66.8%	879,1 k €	+273%	235,7 k €	-18.9%	290,5 k €	+33.3%	217,9 k €	-73.3%	816,8 k €	+14.7%	712,0 k €	+2.6%	693,9 k €	-2.3%	710,4 k €	+11.5%	637,3 k €	+33.9%	475,9 k €	-10.6%	532,5 k €	-25.1%	710,8 k €	+36.7%	519,8 k €	+30.8%	397,3 k €	-13.6%	459,6 k €	+6.9%	429,9 k €	+31.7%	326,3 k €
Operating result	68,8 k €	-89.4%	649,0 k €	+21729%	-3,0 k €	-106%	50,9 k €	+268%	-30,3 k €	-108%	392,2 k €	-36.7%	619,4 k €	+3.7%	597,6 k €	-1.9%	609,3 k €	+67.7%	363,4 k €	+0.8%	360,4 k €	-16.3%	430,3 k €	-31.7%	630,1 k €	+34.7%	467,7 k €	+37.1%	341,1 k €	+4.6%	326,0 k €	-15.9%	387,8 k €	+35.4%	286,3 k €
Net result	-1,1 M €	-193%	1,1 M €	+162%	438,9 k €	+87.3%	234,3 k €	+66.2%	141,0 k €	-99.4%	23,1 M €	+5052%	447,8 k €	-70.1%	1,5 M €	+40.9%	1,1 M €	+122%	478,7 k €	-54.8%	1,1 M €	+418%	204,3 k €	-35.6%	317,3 k €	+46.2%	217,0 k €	+37.1%	158,2 k €	-31.9%	232,4 k €	+18.6%	195,9 k €	-15.7%	232,3 k €
Balance sheet
Equity	29,6 M €	-3.5%	30,7 M €	+3.9%	29,5 M €	+1.5%	29,1 M €	+0.8%	28,9 M €	+1.1%	28,5 M €	+421%	5,5 M €	+8.9%	5,0 M €	+38.5%	3,6 M €	+32.1%	2,7 M €	+16.0%	2,4 M €	+53.6%	1,5 M €	+5.8%	1,5 M €	+19.9%	1,2 M €	+13.2%	1,1 M €	+14.8%	936,4 k €	+19.0%	787,2 k €	+33.1%	591,3 k €
Total assets	34,5 M €	+10.7%	31,2 M €	+3.9%	30,0 M €	+1.1%	29,7 M €	+0.2%	29,7 M €	-0.7%	29,9 M €	+195%	10,1 M €	+7.6%	9,4 M €	+53.9%	6,1 M €	+3.1%	5,9 M €	-2.0%	6,0 M €	-1.5%	6,1 M €	+6.4%	5,8 M €	+10.8%	5,2 M €	+3.8%	5,0 M €	+30.9%	3,8 M €	+17.6%	3,3 M €	+2.9%	3,2 M €
Cash	80,0 k €	-96.5%	2,3 M €	+256%	633,8 k €	-80.4%	3,2 M €	+38.8%	2,3 M €	-67.5%	7,2 M €	+21177%	33,7 k €	-86.5%	250,4 k €	+1100%	20,9 k €	-24.8%	27,8 k €	+102%	13,7 k €	+20.8%	11,4 k €	-19.7%	14,2 k €	+6.9%	13,2 k €	+203%	4,4 k €	-58.6%	10,5 k €	-16.5%	12,6 k €	-59.9%	31,4 k €
Debts	4,7 M €	+1086%	398,5 k €	-20.1%	498,5 k €	-20.0%	622,9 k €	-21.8%	797,0 k €	-39.4%	1,3 M €	-71.6%	4,6 M €	+6.0%	4,4 M €	+76.6%	2,5 M €	-22.0%	3,2 M €	-13.3%	3,7 M €	-20.0%	4,6 M €	+6.5%	4,3 M €	+7.9%	4,0 M €	+1.5%	3,9 M €	+36.0%	2,9 M €	+17.6%	2,5 M €	-4.0%	2,6 M €
Other
Workforce	0,0 ETP		0,0 ETP		0,0 ETP	-100%	0,2 ETP	-66.7%	0,6 ETP	-40.0%	1,0 ETP	+66.7%	0,6 ETP		–		–		–		–		–		–		–		–		–		–		–

Estimate

Indicative valuation

As an indication, this company is worth

between 10 M€ and 25 M€

See the valuation

Governance

Board of directors

Seen on filing of 31/12/2025 · 2 active · 16 ended

Active mandates

Alexander Dochy

Managing director · since 05 juin 2023 · until 05 juin 2029

Active

Nicholas Dochy

Director · since 05 juin 2023 · until 05 juin 2029

Active

Ended mandates

Nicholas Dochy

Director · since 19 avril 2021 · until 05 juin 2023

Ended

Alexander Dochy

Managing director · since 06 septembre 2017 · until 05 juin 2023

Ended

Alexander Dochy

Managing director · since 06 septembre 2017 · until 06 septembre 2023

Ended

Maxime Dochy

Director · since 06 septembre 2017 · until 19 avril 2021

Ended

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Annual accounts

Full financial information

	2025	2024	2023	2022	2021	2020
Type of account	Abridged model	Abridged model	Abridged model	Abridged 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	27/07/2026	30/06/2025	17/07/2024	19/06/2023	28/06/2022	30/06/2021
General meeting	01/06/2026	02/06/2025	03/06/2024	05/06/2023	06/06/2022	07/06/2021
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

19 filings with the NBB

Model	Closing	General meeting	Filed	Language	Document
Abridged model	31/12/2025	01/06/2026	27/07/2026	Dutch	PDF
Abridged model	31/12/2024	02/06/2025	30/06/2025	Dutch	PDF
Abridged model	31/12/2023	03/06/2024	17/07/2024	Dutch	PDF
Abridged model	31/12/2022	05/06/2023	19/06/2023	Dutch	PDF
Full model	31/12/2021	06/06/2022	28/06/2022	Dutch	PDF
Full model	31/12/2020	07/06/2021	30/06/2021	Dutch	PDF
Full model	31/12/2019	02/06/2020	27/07/2020	Dutch	PDF
Full model	31/03/2018	05/09/2018	26/10/2018	Dutch	PDF
Full model	31/03/2017	06/09/2017	09/10/2017	Dutch	PDF
Full model	31/03/2016	07/09/2016	27/10/2016	Dutch	PDF
Full model	31/03/2015	14/09/2015	30/09/2015	Dutch	PDF
Full model	31/03/2014	03/09/2014	02/10/2014	Dutch	PDF
Full model	31/03/2013	04/09/2013	30/10/2013	Dutch	PDF
Full model	31/03/2012	05/09/2012	30/10/2012	Dutch	PDF
Full model	31/03/2011	07/09/2011	28/10/2011	Dutch	PDF
Full model	31/03/2010	01/09/2010	29/10/2010	Dutch	PDF
Full model	31/03/2009	02/09/2009	29/10/2009	Dutch	PDF
Full model	31/03/2008	03/09/2008	28/11/2008	Dutch	PDF
Full model	31/03/2007	05/09/2007	28/09/2007	Dutch	PDF

Estimate

Indicative valuation

Order of magnitude

As an indication, this company is worth

between 10 M€ and 25 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 · 16 ended

Active mandates

Alexander Dochy

Managing director · since 05 juin 2023 · until 05 juin 2029

Active

Nicholas Dochy

Director · since 05 juin 2023 · until 05 juin 2029

Active

Ended mandates

Nicholas Dochy

Director · since 19 avril 2021 · until 05 juin 2023

Ended

Alexander Dochy

Managing director · since 06 septembre 2017 · until 05 juin 2023

Ended

Alexander Dochy

Managing director · since 06 septembre 2017 · until 06 septembre 2023

Ended

Maxime Dochy

Director · since 06 septembre 2017 · until 19 avril 2021

Ended

Shareholders

Ownership and network

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Try for 7 days

Belgian Official Gazette

Belgian Official Gazette publications

Mandates10/11/2023
STATUTEN (VERTALING, COÖRDINATIE, OVERIGE WIJZIGINGEN, ) - ONTSLAGEN - BENOEMINGEN
PDF
Mandates19/07/2021
MAATSCHAPPELIJKE ZETEL - ONTSLAGEN - BENOEMINGEN
PDF
Registered office02/10/2018
MAATSCHAPPELIJKE ZETEL - ALGEMENE VERGADERING - BOEKJAAR
PDF
Mandates25/10/2017
ONTSLAGEN - BENOEMINGEN
PDF
Capital / shares28/04/2014
KAPITAAL - AANDELEN
PDF
Mandates18/10/2012
ONTSLAGEN - BENOEMINGEN
PDF
Mandates16/10/2008
ONTSLAGEN - BENOEMINGEN
PDF
Mandates05/12/2005
ONTSLAGEN - BENOEMINGEN
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 2025-1,1 M €↓
2024
Annual accounts 20241,1 M €↑
2023
Annual accounts 2023438,9 k €↑
2022
Annual accounts 2022234,3 k €↑
2021
Annual accounts 2021141,0 k €↓
2019
Annual accounts 201923,1 M €↑
2018
Annual accounts 2018447,8 k €↓
2017
Annual accounts 20171,5 M €↑
2016
Annual accounts 20161,1 M €↑
2015
Annual accounts 2015478,7 k €↓
2014
Annual accounts 20141,1 M €↑
2013
Annual accounts 2013204,3 k €↓
2012
Annual accounts 2012317,3 k €↑
2011
Annual accounts 2011217,0 k €↑
2010
Annual accounts 2010158,2 k €↓
2009
Annual accounts 2009232,4 k €↑
2008
Annual accounts 2008195,9 k €↓
2007
Annual accounts 2007232,3 k €
24/10/2000
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

NICDO

Overview

What does NICDO do?

Trend over 18 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