ACTIVE

HUNGRY MINDS

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Financial year 2025 · closed on 31/12/2025

Net result

214,6 k €

-41.1% YoY

Gross margin

1,9 M €

-7.0% YoY

Equity

420,9 k €

-16.9% YoY

Workforce

21,2 ETP

+4.4% YoY

What does HUNGRY MINDS do?

HUNGRY MINDS is a Public limited company incorporated in 2002. Its main activity is: Public relations and communication activities. Its registered office is in Namur. It employs on average 21,2 ETP workers (FTE).

Legal situation

● Normal situation

BCE/KBO no. / VAT

BE 0476.615.339

Incorporation

25/01/2002

Legal form

Public limited company

Registered office

Route de Louvain-la-Neuve(BL) 4
5001 Namur · WallonieSee on map

Contributed capital

260 179,32 €

Latest accounts

31/12/2025

Average workforce

21,2 ETP

Activities (NACE)

70210Public relations and communication activities· main 73110Advertising agencies 73110Advertising agencies 73300Advertising and market research 74141Specialised design activities 70200Management consultancy activities+2

Joint committees (2)

Signals

ProfitableLow 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	1,9 M €	-7.0%	2 M €	-10.2%	2,2 M €	+33.8%	1,7 M €	-6.7%	1,8 M €	+24.4%	1,4 M €	+16.8%	1,2 M €	+2.1%	1,2 M €	+54.6%	779,7 k €	+6.6%	731,8 k €	+15.4%	634 k €	+35.1%	469,4 k €	+30.0%	361,1 k €	+6.7%	338,3 k €	-10.8%	379,2 k €	-7.6%	410,6 k €	+2.1%	402,3 k €	+7.6%	373,9 k €	+80.0%	207,7 k €	+36.3%	152,4 k €
EBITDA	345,6 k €	-36.9%	547,3 k €	-40.1%	913,4 k €	+147%	370,2 k €	-47.1%	699,8 k €	+33.5%	524,3 k €	+6.8%	490,8 k €	-2.3%	502,3 k €	+90.0%	264,3 k €	-2.0%	269,7 k €	+60.8%	167,7 k €	+108%	80,8 k €	+81.4%	44,5 k €	+394%	-15,1 k €	-152%	29,2 k €	-57.1%	68 k €	+112%	32 k €	-32.8%	47,6 k €	+139%	19,9 k €	-45.4%	36,4 k €
Operating result	320,5 k €	-38.3%	519,6 k €	-41.2%	883,8 k €	+159%	340,8 k €	-49.2%	671 k €	+33.4%	502,9 k €	+8.9%	461,9 k €	+5.6%	437,2 k €	+123%	196,3 k €	-4.0%	204,6 k €	+141%	85 k €	+173%	31,1 k €	+68.3%	18,5 k €	+141%	-44,8 k €	-284%	-11,7 k €	-138%	30,5 k €	+650%	-5,6 k €	-122%	24,8 k €	+513%	-6 k €	-140%	15,1 k €
Net result	214,6 k €	-41.1%	364,3 k €	-41.3%	620,7 k €	+162%	236,7 k €	-51.1%	484,5 k €	+35.0%	358,8 k €	-11.6%	406 k €	+13.1%	358,9 k €	+139%	150,1 k €	+1.6%	147,7 k €	+291%	37,7 k €	+2015%	1,8 k €	-72.7%	6,5 k €	+110%	-63,8 k €	-464%	-11,3 k €	-185%	13,3 k €	+234%	-10 k €	-185%	11,7 k €	+201%	-11,6 k €	-256%	7,4 k €
Balance sheet
Equity	420,9 k €	-16.9%	506,4 k €	-32.9%	754,1 k €	+3.4%	729,2 k €	+48.1%	492,5 k €	-19.0%	608 k €	+19.4%	509,2 k €	+20.3%	423,2 k €	+34.6%	314,3 k €	+10.6%	284,2 k €	+22.8%	231,5 k €	+19.5%	193,7 k €	+0.9%	192 k €	+118%	87,9 k €	-42.1%	151,7 k €	-6.9%	163 k €	+8.9%	149,7 k €	-6.2%	159,7 k €	+4018%	3,9 k €	-79.0%	18,5 k €
Total assets	2,1 M €	-20.0%	2,6 M €	-15.0%	3,1 M €	+44.0%	2,1 M €	+4.0%	2 M €	+1.8%	2 M €	+21.7%	1,6 M €	+26.6%	1,3 M €	+24.7%	1 M €	+10.1%	946,6 k €	+53.5%	616,5 k €	+14.2%	540 k €	-14.2%	629,1 k €	+10.5%	569,6 k €	+1.9%	558,7 k €	-5.3%	589,9 k €	-16.4%	706 k €	+26.3%	559,2 k €	+111%	265,4 k €	+33.3%	199,2 k €
Cash	476,2 k €	+11.2%	428,2 k €	-29.0%	603,2 k €	+12.8%	534,6 k €	-40.8%	902,5 k €	+63.4%	552,2 k €	-30.3%	792 k €	+148%	319 k €	+61.8%	197,1 k €	+23.2%	160 k €	-20.5%	201,2 k €	+87.0%	107,6 k €		–		9,4 k €	+420%	1,8 k €	-88.7%	16,1 k €	-65.5%	46,6 k €	-47.5%	88,8 k €	+1774%	4,7 k €	+92.7%	2,5 k €
Debts	1,7 M €	-20.8%	2,1 M €	-9.1%	2,3 M €	+65.3%	1,4 M €	-10.0%	1,5 M €	+10.9%	1,4 M €	+22.8%	1,1 M €	+29.7%	876,1 k €	+20.5%	727,3 k €	+9.8%	662,3 k €	+72.1%	384,9 k €	+11.2%	346,1 k €	-20.0%	432,5 k €	-10.2%	481,7 k €	+18.3%	407 k €	-1.5%	413,2 k €	-25.7%	556,3 k €	+39.5%	398,9 k €	+52.8%	261 k €	+45.8%	179 k €
Other
Workforce	21,2 ETP	+4.4%	20,3 ETP	+14.0%	17,8 ETP	-10.1%	19,8 ETP	+8.2%	18,3 ETP	+18.8%	15,4 ETP	+14.1%	13,5 ETP	+1.5%	13,3 ETP	+14.7%	11,6 ETP	+11.5%	10,4 ETP	-1.9%	10,6 ETP	+26.2%	8,4 ETP	+16.7%	7,2 ETP	-8.9%	7,9 ETP	-8.1%	8,6 ETP	-5.5%	9,1 ETP	-9.0%	10,0 ETP	+1.0%	9,9 ETP	+80.0%	5,5 ETP	+48.6%	3,7 ETP

Estimate

Indicative valuation

As an indication, this company is worth

between 2,5 M€ and 5 M€

See the valuation

Governance

Board of directors

Seen on filing of 31/12/2025 · 3 active · 59 ended

Active mandates

BRH HOLDING

Director · since 10 juillet 2024 · until 10 juillet 2030 · 1011.253.704

Represented by Emmanuel BRIARD

Active

Damien Ronday

Director · since 10 juillet 2024 · until 10 juillet 2030

Active

Stéphane Henry

Director · since 10 juillet 2024 · until 10 juillet 2030

Active

Ended mandates

Philippe Pasco

Director · since 26 avril 2023 · until 24 août 2023

Ended

Philippe Pasco

Director · since 26 avril 2023 · until 26 avril 2029

Ended

Yann Rambaud

Managing director · since 26 avril 2023 · until 10 juillet 2024

Ended

Yann Rambaud

Managing director · since 26 avril 2023 · until 26 avril 2029

Ended

At this address

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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	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	20/05/2026	22/04/2025	19/07/2024	06/07/2023	22/04/2022	08/04/2021
General meeting	08/05/2026	10/04/2025	10/07/2024	09/06/2023	31/03/2022	31/03/2021
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	08/05/2026	20/05/2026	French	PDF
Abridged model	31/12/2024	10/04/2025	22/04/2025	French	PDF
Abridged model	31/12/2023	10/07/2024	19/07/2024	French	PDF
Abridged model	31/12/2022	09/06/2023	06/07/2023	French	PDF
Abridged model	31/12/2021	31/03/2022	22/04/2022	French	PDF
Abridged model	31/12/2020	31/03/2021	08/04/2021	French	PDF
Abridged model	31/12/2019	24/04/2020	12/05/2020	French	PDF
Abridged model	31/12/2018	26/04/2019	21/05/2019	French	PDF
Abridged model	31/12/2017	26/04/2018	22/05/2018	French	PDF
Abridged model	31/12/2016	11/05/2017	22/05/2017	French	PDF
Abridged model	31/12/2015	26/05/2016	09/06/2016	French	PDF
Abridged model	31/12/2014	21/05/2015	16/06/2015	French	PDF
Abridged model	31/12/2013	30/04/2014	30/05/2014	French	PDF
Abridged model	31/12/2012	26/04/2013	13/06/2013	French	PDF
Abridged model	31/12/2011	27/04/2012	23/05/2012	French	PDF
Abridged model	31/12/2010	29/04/2011	17/05/2011	French	PDF
Abridged model	31/12/2009	30/04/2010	07/05/2010	French	PDF
Abridged model	31/12/2008	24/04/2009	20/05/2009	French	PDF
Abridged model	31/12/2007	25/04/2008	22/05/2008	French	PDF
Abridged model	31/12/2006	27/04/2007	25/06/2007	French	PDF

Estimate

Indicative valuation

Order of magnitude

As an indication, this company is worth

between 2,5 M€ and 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 · 3 active · 59 ended

Active mandates

BRH HOLDING

Director · since 10 juillet 2024 · until 10 juillet 2030 · 1011.253.704

Represented by Emmanuel BRIARD

Active

Damien Ronday

Director · since 10 juillet 2024 · until 10 juillet 2030

Active

Stéphane Henry

Director · since 10 juillet 2024 · until 10 juillet 2030

Active

Ended mandates

Philippe Pasco

Director · since 26 avril 2023 · until 24 août 2023

Ended

Philippe Pasco

Director · since 26 avril 2023 · until 26 avril 2029

Ended

Yann Rambaud

Managing director · since 26 avril 2023 · until 10 juillet 2024

Ended

Yann Rambaud

Managing director · since 26 avril 2023 · until 26 avril 2029

Ended

Shareholders

Ownership and network

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Belgian Official Gazette

Belgian Official Gazette publications

Mandates23/02/2026
DEMISSIONS, NOMINATIONS
PDF
Mandates06/03/2025
DEMISSIONS, NOMINATIONS
PDF
Mandates29/08/2024
DEMISSIONS, NOMINATIONS
PDF
Mandates01/08/2024
DEMISSIONS, NOMINATIONS
PDF
Mandates03/08/2023
DEMISSIONS, NOMINATIONS
PDF
Mandates31/05/2023
DEMISSIONS, NOMINATIONS
PDF
Capital / shares26/10/2021
CAPITAL, ACTIONS
PDF
Mandates07/05/2021
DEMISSIONS, NOMINATIONS
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 2025214,6 k €↓
2024
Annual accounts 2024364,3 k €↓
2023
Annual accounts 2023620,7 k €↑
2022
Annual accounts 2022236,7 k €↓
2021
Annual accounts 2021484,5 k €↑
2020
Annual accounts 2020358,8 k €↓
2019
Annual accounts 2019406 k €↑
2018
Annual accounts 2018358,9 k €↑
2017
Annual accounts 2017150,1 k €↑
2016
Annual accounts 2016147,7 k €↑
2015
Annual accounts 201537,7 k €↑
2014
Annual accounts 20141,8 k €↓
2013
Annual accounts 20136,5 k €↑
2012
Annual accounts 2012-63,8 k €↓
2011
Annual accounts 2011-11,3 k €↓
2010
Annual accounts 201013,3 k €↑
2009
Annual accounts 2009-10 k €↓
2008
Annual accounts 200811,7 k €↑
2007
Annual accounts 2007-11,6 k €↓
2006
Annual accounts 20067,4 k €
25/01/2002
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

HUNGRY MINDS

Overview

What does HUNGRY MINDS 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