ACTIVE

SPINE

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Financial year 2025 · closed on 30/06/2025

Net result

179,8 k €

+35.2% YoY

Gross margin

439,1 k €

+16.5% YoY

Equity

1 M €

-14.5% YoY

What does SPINE do?

SPINE is a Private limited company incorporated in 2002. Its main activity is: Management consultancy activities. Its registered office is in Uccle.

Legal situation

● Normal situation

BCE/KBO no. / VAT

BE 0478.700.839

Incorporation

04/11/2002

Legal form

Private limited company

Registered office

Rue Geleytsbeek 232
1180 Uccle · BruxellesSee on map

Contributed capital

6 200,00 €

Latest accounts

30/06/2025

Activities (NACE)

70200Management consultancy activities· main 70220Business and other management consultancy activities 74142Specialised design activities 68310Real estate agencies 68311Real estate agencies 68321Management of real estate on a fee or contract basis+2

Signals

ProfitableSolid equityLow riskGood liquidityPositive cashflowPositive EBITDAHealthy social debts

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✦ Verdict · Analyst summary

Financials

Trend over 17 financial years

	2025		2024		2023		2022		2021		2020		2019		2018		2017		2016		2015		2014		2013		2012		2011		2009		2008
Income statement
Gross margin	439,1 k €	+16.5%	376,8 k €	-4.9%	396,2 k €	+84.8%	214,4 k €	-33.5%	322,4 k €	+56.1%	206,5 k €	-77.6%	920,1 k €	+344%	207,3 k €	-24.9%	275,9 k €	+3.7%	266 k €	+8.4%	245,5 k €	+16.4%	210,9 k €	+10.3%	191,3 k €	-51.8%	397,1 k €	+19.1%	333,5 k €	+92.5%	173,3 k €	+8.8%	159,3 k €
EBITDA	299,1 k €	+6.6%	280,5 k €	+2.4%	273,8 k €	+114%	128,1 k €	-42.4%	222,5 k €	+79.3%	124,1 k €	-85.3%	844,9 k €	+527%	134,6 k €	-34.8%	206,6 k €	+6.8%	193,4 k €	+7.7%	179,6 k €	+31.5%	136,5 k €	+17.3%	116,4 k €	-60.1%	291,9 k €	+18.3%	246,8 k €	+69.5%	145,6 k €	+11.8%	130,3 k €
Operating result	273,3 k €	+6.6%	256,5 k €	+1.5%	252,6 k €	+135%	107,7 k €	-47.1%	203,6 k €	+86.7%	109,1 k €	-86.9%	829,8 k €	+570%	123,9 k €	-30.0%	177,1 k €	+9.5%	161,7 k €	+9.0%	148,3 k €	+42.4%	104,2 k €	+24.8%	83,5 k €	-68.6%	266,3 k €	+17.9%	225,8 k €	+79.2%	126 k €	+12.8%	111,7 k €
Net result	179,8 k €	+35.2%	133 k €	+4.5%	127,2 k €	+227%	39 k €	-57.6%	91,9 k €	+99.0%	46,2 k €	-91.6%	550,6 k €	+906%	54,7 k €	-50.1%	109,8 k €	-1.7%	111,7 k €	+23.8%	90,2 k €	+45.4%	62,1 k €	+44.9%	42,8 k €	-74.1%	165,3 k €	+46.2%	113,1 k €	+78.1%	63,5 k €	+18.6%	53,5 k €
Balance sheet
Equity	1 M €	-14.5%	1,2 M €	+9.3%	1,1 M €	+12.0%	1 M €	-10.3%	1,1 M €	+7.5%	1 M €	+4.6%	995,1 k €	+92.9%	516 k €	+11.9%	461,2 k €	+8.2%	426,5 k €	-8.2%	464,8 k €	+24.1%	374,5 k €	+19.9%	312,4 k €	-3.7%	324,6 k €	-9.6%	359,3 k €	+49.6%	240,1 k €	+10.8%	216,6 k €
Total assets	1,2 M €	-11.5%	1,3 M €	+6.4%	1,3 M €	+10.8%	1,1 M €	-5.0%	1,2 M €	+9.5%	1,1 M €	-1.2%	1,1 M €	+89.5%	581,7 k €	-57.3%	1,4 M €	+6.6%	1,3 M €	-4.9%	1,3 M €	+6.1%	1,3 M €	+0.7%	1,3 M €	-15.1%	1,5 M €	+27.1%	1,2 M €	+8.6%	1,1 M €	+3.0%	1 M €
Cash	552,2 k €	+105%	269,3 k €	-37.5%	430,7 k €	+100%	215,3 k €	-25.6%	289,2 k €	-10.3%	322,3 k €	-43.6%	571,2 k €	+1553%	34,5 k €	-21.6%	44,1 k €	+24.7%	35,3 k €	-65.9%	103,7 k €	+1368%	7,1 k €	-68.2%	22,2 k €	-91.2%	252,6 k €	+153%	99,9 k €	+115%	46,5 k €	+251%	13,2 k €
Debts	132,6 k €	+22.8%	108 k €	-18.4%	132,3 k €	+1.0%	131 k €	+75.3%	74,7 k €	+53.6%	48,6 k €	-54.8%	107,6 k €	+70.0%	63,3 k €	-92.9%	897 k €	+5.8%	847,9 k €	-3.1%	874,6 k €	-1.6%	889,1 k €	-5.6%	942,3 k €	-18.4%	1,2 M €	+43.2%	806,1 k €	-3.3%	833,3 k €	+1.0%	825,1 k €
Other
Workforce	–		–		–		–		–		–		–		1,0 ETP	0.0%	1,0 ETP	-9.1%	1,1 ETP	+10.0%	1,0 ETP	0.0%	1,0 ETP	0.0%	1,0 ETP	-50.0%	2,0 ETP	0.0%	2,0 ETP	+100%	1,0 ETP	0.0%	1,0 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 30/06/2025 · 1 active · 3 ended

Active mandates

Mathias Jeffmar

Director

Active

Ended mandates

Mathias Jeffmar

Director · since 11 octobre 2002

Ended

Mathias Jeffmar

Manager · since 11 octobre 2002

Ended

Mathias JEFFMAR

Manager

Ended

Annual accounts

Full financial information

	2025	2024	2023	2022	2021	2020
Type of account	Micro model	Micro model	Micro model	Micro model	Micro model	Micro model
Start of the financial year	01/07/2024	01/07/2023	01/07/2022	01/07/2021	01/07/2020	01/07/2019
Closing of the financial year	30/06/2025	30/06/2024	30/06/2023	30/06/2022	30/06/2021	30/06/2020
Length of the financial year	12 months	12 months	12 months	12 months	12 months	12 months
Filing date	21/01/2026	29/01/2025	29/01/2024	31/01/2023	31/01/2022	16/02/2021
General meeting	01/12/2025	02/12/2024	04/12/2023	05/12/2022	06/12/2021	07/12/2020
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

18 filings with the NBB

Model	Closing	General meeting	Filed	Language	Document
Micro model	30/06/2025	01/12/2025	21/01/2026	French	PDF
Micro model	30/06/2024	02/12/2024	29/01/2025	French	PDF
Micro model	30/06/2023	04/12/2023	29/01/2024	French	PDF
Micro model	30/06/2022	05/12/2022	31/01/2023	French	PDF
Micro model	30/06/2021	06/12/2021	31/01/2022	French	PDF
Micro model	30/06/2020	07/12/2020	16/02/2021	French	PDF
Micro model	30/06/2019	02/12/2019	31/01/2020	French	PDF
Abridged model	30/06/2018	03/12/2018	22/01/2019	French	PDF
Abridged model	30/06/2017	11/12/2017	13/02/2018	French	PDF
Abridged model	30/06/2016	05/12/2016	23/12/2016	French	PDF
Abridged model	30/06/2015	07/12/2015	29/01/2016	French	PDF
Abridged model	30/06/2014	01/12/2014	18/02/2015	French	PDF
Abridged model	30/06/2013	07/02/2014	13/02/2014	French	PDF
Abridged model	30/06/2012	18/02/2013	28/02/2013	French	PDF
Abridged model	30/06/2011	05/12/2011	28/02/2012	French	PDF
Abridged model	30/06/2009	07/12/2009	01/09/2010	French	PDF
Abridged model	30/06/2008	01/12/2008	01/09/2010	French	PDF
Abridged model	30/06/2006	04/12/2006	28/02/2007	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 30/06/2025 · 1 active · 3 ended

Active mandates

Mathias Jeffmar

Director

Active

Ended mandates

Mathias Jeffmar

Director · since 11 octobre 2002

Ended

Mathias Jeffmar

Manager · since 11 octobre 2002

Ended

Mathias JEFFMAR

Manager

Ended

Shareholders

Ownership and network

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Belgian Official Gazette

Belgian Official Gazette publications

Mandates08/09/2023
STATUTS (TRADUCTION, COORDINATION, AUTRES MODIFICATIONS, ) - MODIFICATION FORME JURIDIQUE - DEMISSIONS, NOMINATIONS
PDF
Registered office05/02/2007
SIEGE SOCIAL
PDF
Capital / shares24/01/2005
ANNEE COMPTABLE - ASSEMBLEE GENERALE - CAPITAL, ACTIONS - STATUTS (TRADUCTION, COORDINATION, AUTRES MODIFICATIONS, )
PDF
Other12/11/2002
RUBRIQUE CONSTITUTION (NOUVELLE PERSONNE MORALE, OUVERTURE SUCCURSALE, ETC...)
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 2025179,8 k €↑
2024
Annual accounts 2024133 k €↑
2023
Annual accounts 2023127,2 k €↑
2022
Annual accounts 202239 k €↓
2021
Annual accounts 202191,9 k €↑
2020
Annual accounts 202046,2 k €↓
2019
Annual accounts 2019550,6 k €↑
2018
Annual accounts 201854,7 k €↓
2017
Annual accounts 2017109,8 k €↓
2016
Annual accounts 2016111,7 k €↑
2015
Annual accounts 201590,2 k €↑
2014
Annual accounts 201462,1 k €↑
2013
Annual accounts 201342,8 k €↓
2012
Annual accounts 2012165,3 k €↑
2011
Annual accounts 2011113,1 k €↑
2009
Annual accounts 200963,5 k €↑
2008
Annual accounts 200853,5 k €
04/11/2002
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

SPINE

Overview

What does SPINE do?

Trend over 17 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