ACTIVE

HAYSTACK

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Financial year 2025 · closed on 31/12/2025

Net result

928,6 k €

-2.4% YoY

Gross margin

5,2 M €

+13.5% YoY

Equity

2,3 M €

+27.2% YoY

Workforce

44,1 ETP

+11.1% YoY

What does HAYSTACK do?

HAYSTACK is a Public limited company incorporated in 2001. Its main activity is: Market research and public opinion polling. Its registered office is in Leuven. It employs on average 44,1 ETP workers (FTE).

Legal situation

● Normal situation

BCE/KBO no. / VAT

BE 0474.816.879

Incorporation

26/04/2001

Legal form

Public limited company

Registered office

Romeinse straat 4
3001 Leuven · FlandreSee on map

Contributed capital

62 000,00 €

Latest accounts

31/12/2025

Average workforce

44,1 ETP

Activities (NACE)

73200Market research and public opinion polling· main 73200Market research and public opinion polling 74131Specialised design activities

Joint committees (3)

Signals

ProfitableSolid equityLow riskGood liquidityPositive cashflowPositive EBITDAHealthy social debts

View the BCE/KBO Public Search record →

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	5,2 M €	+13.5%	4,6 M €	+24.6%	3,7 M €	-2.6%	3,8 M €	+7.7%	3,5 M €	+19.1%	2,9 M €	-6.7%	3,2 M €	+17.4%	2,7 M €	-6.0%	2,9 M €	-9.3%	3,2 M €	+34.1%	2,4 M €	-1.5%	2,4 M €	+57.7%	1,5 M €	+16.8%	1,3 M €	+23.4%	1,1 M €	+20.2%	873,9 k €	-11.3%	985,5 k €	+4.4%	943,8 k €	-3.6%	979,1 k €	-1.9%	998,2 k €
EBITDA	1,1 M €	-3.9%	1,1 M €	+138%	481,7 k €	-1.9%	491,3 k €	-16.3%	587,1 k €	+151%	234,2 k €	+517%	38,0 k €	+294%	9,6 k €	-97.6%	395,1 k €	-33.8%	596,7 k €	+1256%	44,0 k €	-84.0%	275,8 k €	+112%	130,1 k €	-69.2%	423,0 k €	+88.3%	224,7 k €	+12.8%	199,1 k €	-4.2%	208,0 k €	+6.3%	195,6 k €	-18.8%	240,9 k €	-15.9%	286,2 k €
Operating result	876,2 k €	-8.4%	956,8 k €	+203%	315,4 k €	+21.8%	258,9 k €	-7.8%	280,7 k €	+645%	-51,5 k €	+68.8%	-165,1 k €	-19.2%	-138,5 k €	-165%	213,2 k €	-51.5%	439,5 k €	+503%	-109,0 k €	-195%	114,7 k €	+251%	-75,9 k €	-158%	131,9 k €	+53.6%	85,9 k €	-12.1%	97,7 k €	-9.0%	107,4 k €	+27.1%	84,5 k €	-20.4%	106,1 k €	-32.9%	158,2 k €
Net result	928,6 k €	-2.4%	951,6 k €	+99.1%	478,0 k €	+31.8%	362,8 k €	-2.1%	370,7 k €	+2958%	12,1 k €	-46.1%	22,5 k €	+107%	-332,6 k €	-497%	83,7 k €	-63.1%	227,0 k €	+622%	-43,5 k €	-916%	5,3 k €	+104%	-126,4 k €	-442%	37,0 k €	+32.5%	27,9 k €	-31.5%	40,7 k €	-15.5%	48,2 k €	+56.1%	30,9 k €	+254%	8,7 k €	-88.7%	77,0 k €
Balance sheet
Equity	2,3 M €	+27.2%	1,8 M €	+66.3%	1,1 M €	+34.2%	800,5 k €	+36.2%	587,7 k €	+18.3%	497,0 k €	+2.5%	484,9 k €	+4.9%	462,4 k €	-41.8%	794,9 k €	+11.8%	711,2 k €	+46.9%	484,2 k €	-14.3%	565,2 k €	+1.0%	559,9 k €	-18.4%	686,3 k €	+5.7%	649,4 k €	+4.5%	621,5 k €	+7.0%	580,7 k €	+9.1%	532,5 k €	+6.2%	501,6 k €	+1.8%	492,9 k €
Total assets	5,4 M €	-8.2%	5,8 M €	+35.4%	4,3 M €	+1.0%	4,3 M €	-3.8%	4,4 M €	-16.7%	5,3 M €	+18.6%	4,5 M €	+2.1%	4,4 M €	-4.9%	4,6 M €	+22.2%	3,8 M €	+3.1%	3,7 M €	-13.5%	4,3 M €	+49.4%	2,8 M €	+4.9%	2,7 M €	+28.0%	2,1 M €	+6.6%	2,0 M €	+12.7%	1,8 M €	+3.8%	1,7 M €	-9.6%	1,9 M €	+3.9%	1,8 M €
Cash	463,9 k €	+178%	166,7 k €	-52.6%	351,5 k €	-24.6%	466,3 k €	-10.0%	518,1 k €	+165%	195,7 k €	+305%	48,4 k €	-75.3%	195,7 k €	-18.5%	239,9 k €	-58.9%	583,5 k €	+86.5%	312,9 k €	-9.2%	344,5 k €	+353%	76,0 k €	-19.2%	94,1 k €	-67.2%	286,6 k €	+794%	32,1 k €	+290%	8,2 k €	+291%	2,1 k €	-82.1%	11,7 k €	+201%	3,9 k €
Debts	2,4 M €	-4.6%	2,6 M €	+23.2%	2,1 M €	+5.0%	2,0 M €	-19.5%	2,5 M €	-28.0%	3,4 M €	+19.5%	2,8 M €	+1.3%	2,8 M €	-0.0%	2,8 M €	+43.5%	2,0 M €	-34.3%	3,0 M €	-18.7%	3,7 M €	+60.6%	2,3 M €	+15.8%	2,0 M €	+40.4%	1,4 M €	+7.9%	1,3 M €	+14.4%	1,1 M €	-2.6%	1,2 M €	-15.3%	1,4 M €	+4.7%	1,3 M €
Other
Workforce	44,1 ETP	+11.1%	39,7 ETP	+10.3%	36,0 ETP	-9.3%	39,7 ETP	+0.5%	39,5 ETP	-5.7%	41,9 ETP	-8.9%	46,0 ETP	+7.0%	43,0 ETP	+0.5%	42,8 ETP	+8.9%	39,3 ETP	-9.0%	43,2 ETP	+22.7%	35,2 ETP	+54.4%	22,8 ETP	+34.9%	16,9 ETP	+9.0%	15,5 ETP	+23.0%	12,6 ETP	-3.8%	13,1 ETP	-13.8%	15,2 ETP	+5.6%	14,4 ETP	+19.0%	12,1 ETP

Estimate

Indicative valuation

As an indication, this company is worth

between 5 M€ and 10 M€

See the valuation

Governance

Board of directors

Seen on filing of 31/12/2025 · 1 active · 38 ended

Active mandates

THE GOOD FACTORY

Director · since 26 avril 2021 · 0505.778.289

Represented by Ludovic Depoortere

Active

Ended mandates

THE GOOD FACTORY

Managing director · since 26 avril 2021 · 0505.778.289

Represented by Ludovic Depoortere

Ended

THE GOOD FACTORY

Director · since 26 avril 2021 · 0505.778.289

Represented by Ludovic Depoortere

Ended

SENSGROUP

Director · since 20 octobre 2019 · until 20 juin 2025 · 0461.626.562

Represented by Nele Vandaele

Ended

SENSGROUP

Director · since 20 juin 2019 · until 20 juin 2025 · 0461.626.562

Represented by Vandaele Nele

Ended

At this address

Other companies at this address

Company	CBE no.
Haystack Partnership● Active	1011.712.077
Haystack Ventures● Active	1013.811.039
Oriental Nuts Trading● Active	0848.204.721

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	14/07/2026	10/07/2025	19/07/2024	26/06/2023	01/07/2022	16/07/2021
General meeting	20/06/2026	20/06/2025	20/06/2024	20/06/2023	20/06/2022	20/06/2021
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

20 filings with the NBB

Model	Closing	General meeting	Filed	Language	Document
Abridged model	31/12/2025	20/06/2026	14/07/2026	Dutch	PDF
Abridged model	31/12/2024	20/06/2025	10/07/2025	Dutch	PDF
Abridged model	31/12/2023	20/06/2024	19/07/2024	Dutch	PDF
Abridged model	31/12/2022	20/06/2023	26/06/2023	Dutch	PDF
Abridged model	31/12/2021	20/06/2022	01/07/2022	Dutch	PDF
Abridged model	31/12/2020	20/06/2021	16/07/2021	Dutch	PDF
Abridged model	31/12/2019	20/06/2020	17/07/2020	Dutch	PDF
Abridged model	31/12/2018	20/06/2019	16/07/2019	Dutch	PDF
Abridged model	31/12/2017	20/06/2018	03/07/2018	Dutch	PDF
Abridged model	31/12/2016	20/06/2017	11/07/2017	Dutch	PDF
Abridged model	31/12/2015	20/06/2016	07/07/2016	Dutch	PDF
Abridged model	31/12/2014	27/06/2015	16/07/2015	Dutch	PDF
Abridged model	31/12/2013	20/06/2014	26/06/2014	Dutch	PDF
Abridged model	31/12/2012	08/04/2013	25/06/2013	Dutch	PDF
Abridged model	31/12/2011	16/05/2012	16/07/2012	Dutch	PDF
Abridged model	31/12/2010	08/04/2011	25/08/2011	Dutch	PDF
Abridged model	31/12/2009	08/04/2010	01/07/2010	Dutch	PDF
Abridged model	31/12/2008	08/04/2009	08/05/2009	Dutch	PDF
Abridged model	31/12/2007	08/04/2008	24/06/2008	Dutch	PDF
Abridged model	31/12/2006	10/04/2007	24/05/2007	Dutch	PDF

Estimate

Indicative valuation

Order of magnitude

As an indication, this company is worth

between 5 M€ and 10 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 · 38 ended

Active mandates

THE GOOD FACTORY

Director · since 26 avril 2021 · 0505.778.289

Represented by Ludovic Depoortere

Active

Ended mandates

THE GOOD FACTORY

Managing director · since 26 avril 2021 · 0505.778.289

Represented by Ludovic Depoortere

Ended

THE GOOD FACTORY

Director · since 26 avril 2021 · 0505.778.289

Represented by Ludovic Depoortere

Ended

SENSGROUP

Director · since 20 octobre 2019 · until 20 juin 2025 · 0461.626.562

Represented by Nele Vandaele

Ended

SENSGROUP

Director · since 20 juin 2019 · until 20 juin 2025 · 0461.626.562

Represented by Vandaele Nele

Ended

Shareholders

Ownership and network

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Belgian Official Gazette

Belgian Official Gazette publications

Mandates24/07/2024
ONTSLAGEN - BENOEMINGEN
PDF
Mandates07/05/2021
STATUTEN (VERTALING, COÖRDINATIE, OVERIGE WIJZIGINGEN, ) - KAPITAAL - AANDELEN - ONTSLAGEN - BENOEMINGEN
PDF
Mandates20/07/2020
ONTSLAGEN - BENOEMINGEN
PDF
Mandates09/10/2019
ONTSLAGEN - BENOEMINGEN
PDF
Mandates10/10/2018
ONTSLAGEN - BENOEMINGEN
PDF
Capital / shares13/02/2017
KAPITAAL - AANDELEN
PDF
Mandates14/10/2015
ONTSLAGEN - BENOEMINGEN
PDF
Mandates13/07/2015
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 2025928,6 k €↓
2024
Annual accounts 2024951,6 k €↑
2023
Annual accounts 2023478,0 k €↑
2022
Annual accounts 2022362,8 k €↓
2021
Annual accounts 2021370,7 k €↑
2021
Name changeHaystack International
2020
Annual accounts 202012,1 k €↓
2019
Annual accounts 201922,5 k €↑
2018
Annual accounts 2018-332,6 k €↓
2017
Annual accounts 201783,7 k €↓
2016
Annual accounts 2016227,0 k €↑
2015
Annual accounts 2015-43,5 k €↓
2014
Annual accounts 20145,3 k €↑
2013
Annual accounts 2013-126,4 k €↓
2013
Name changeHAYSTACK
2012
Annual accounts 201237,0 k €↑
2011
Annual accounts 201127,9 k €↓
2010
Annual accounts 201040,7 k €↓
2009
Annual accounts 200948,2 k €↑
2008
Annual accounts 200830,9 k €↑
2007
Annual accounts 20078,7 k €↓
2006
Annual accounts 200677,0 k €
2006
Name changeROGIL RESEARCH
26/04/2001
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

HAYSTACK

Overview

What does HAYSTACK 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