ACTIVE

CAIRN

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Financial year 2025 · closed on 31/12/2025

Net result

113 k €

+13.2% YoY

Gross margin

178,8 k €

+9.6% YoY

Equity

545,7 k €

+4.4% YoY

What does CAIRN do?

CAIRN is a Private company with limited liability incorporated in 2002. Its main activity is: Management consultancy activities. Its registered office is in Rumst.

Legal situation

● Normal situation

BCE/KBO no. / VAT

BE 0478.810.806

Incorporation

20/11/2002

Legal form

Private company with limited liability

Registered office

Schensbossen 14
2840 Rumst · FlandreSee on map

Contributed capital

12 400,00 €

Latest accounts

31/12/2025

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+5

Signals

ProfitableSolid equityLow riskGood liquidityPositive cashflowPositive EBITDA

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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	178,8 k €	+9.6%	163,2 k €	-5.7%	173 k €	+16.9%	148 k €	+2.9%	143,9 k €	+10.9%	129,7 k €	+17.3%	110,6 k €	+7.5%	102,9 k €	-3.0%	106 k €	-22.4%	136,7 k €	+11.5%	122,6 k €	+14.7%	106,9 k €	+68.6%	63,4 k €	-44.8%	114,8 k €	+1.6%	113 k €	+14.4%	98,8 k €	+21.1%	81,6 k €	-7.7%	88,4 k €	+66.5%	53,1 k €	+28.9%	41,2 k €
EBITDA	176,9 k €	+9.8%	161,2 k €	-5.7%	171 k €	+16.8%	146,4 k €	+3.9%	140,8 k €	+7.8%	130,6 k €	+17.8%	110,9 k €	+11.5%	99,5 k €	-2.8%	102,3 k €	-23.4%	133,5 k €	+12.4%	118,9 k €	+34.9%	88,1 k €	+46.5%	60,2 k €	-45.7%	110,8 k €	+0.5%	110,3 k €	+16.9%	94,3 k €	+39.3%	67,7 k €	-21.9%	86,7 k €	+73.0%	50,1 k €	+30.3%	38,5 k €
Operating result	144,3 k €	+19.9%	120,4 k €	-12.9%	138,1 k €	+10.5%	125,1 k €	+3.7%	120,6 k €	+12.6%	107,1 k €	+24.0%	86,4 k €	+12.0%	77,1 k €	+10.8%	69,6 k €	-31.0%	100,9 k €	+16.7%	86,5 k €	+27.0%	68,1 k €	+60.9%	42,3 k €	-52.8%	89,8 k €	-3.6%	93,1 k €	+22.8%	75,9 k €	+74.6%	43,4 k €	-38.8%	71 k €	+111%	33,7 k €	+46.5%	23 k €
Net result	113 k €	+13.2%	99,8 k €	-12.6%	114,2 k €	+21.7%	93,8 k €	+5.1%	89,2 k €	+14.1%	78,2 k €	+27.5%	61,3 k €	+22.5%	50,1 k €	+22.6%	40,8 k €	-30.2%	58,5 k €	+34.1%	43,6 k €	+123%	19,6 k €	-12.9%	22,5 k €	-56.1%	51,2 k €	-24.7%	67,9 k €	+78.9%	38 k €	+83.8%	20,7 k €	-51.4%	42,5 k €	+156%	16,6 k €	+70.2%	9,8 k €
Balance sheet
Equity	545,7 k €	+4.4%	522,6 k €	+2.5%	509,7 k €	+4.9%	485,8 k €	+5.8%	459,1 k €	+8.6%	422,9 k €	+12.4%	376,1 k €	+18.9%	316,4 k €	+18.8%	266,4 k €	-17.3%	322 k €	+22.2%	263,5 k €	+19.8%	219,8 k €	+9.8%	200,2 k €	+6.2%	188,5 k €	+37.3%	137,3 k €	+97.9%	69,4 k €	-19.2%	85,9 k €	-16.5%	102,9 k €	+70.4%	60,4 k €	+38.0%	43,8 k €
Total assets	586,1 k €	-0.1%	586,9 k €	-3.1%	605,7 k €	+8.2%	560 k €	+2.7%	545,4 k €	+4.7%	521,2 k €	+8.2%	481,6 k €	+8.4%	444,2 k €	+3.3%	429,9 k €	-21.5%	547,3 k €	+2.7%	533 k €	+13.6%	469,3 k €	-7.1%	505,2 k €	+4.1%	485,1 k €	-1.8%	493,9 k €	-8.0%	537,1 k €	-13.2%	618,8 k €	+97.0%	314,1 k €	+5.0%	299,3 k €	+3.5%	289,1 k €
Cash	105,3 k €	-6.0%	112 k €	+6.1%	105,5 k €	+10.7%	95,3 k €	-38.9%	156,1 k €	+20.8%	129,2 k €	+3.2%	125,2 k €	+4.3%	120 k €	+53.7%	78,1 k €	-38.9%	127,7 k €	+43.7%	88,9 k €	+16.2%	76,5 k €	+20.2%	63,6 k €	+17.6%	54,1 k €	+98.6%	27,2 k €	-12.3%	31,1 k €	-73.5%	117,2 k €	+50.4%	77,9 k €	+131%	33,7 k €	+58.9%	21,2 k €
Debts	38,8 k €	-37.2%	61,8 k €	-33.5%	92,9 k €	+31.4%	70,7 k €	-14.1%	82,3 k €	-12.1%	93,6 k €	-5.5%	99,1 k €	-18.2%	121,1 k €	-22.5%	156,3 k €	-28.2%	217,8 k €	-17.0%	262,4 k €	+8.5%	241,8 k €	-18.5%	296,8 k €	+2.9%	288,4 k €	-17.2%	348,4 k €	-25.5%	467,7 k €	-12.2%	532,9 k €	+153%	211 k €	-11.6%	238,7 k €	-2.6%	245,1 k €

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 31/12/2025 · 1 active · 2 ended

Active mandates

Roel Mulders

Administrator - manager · since 14 novembre 2002

Active

Ended mandates

Roel Mulders

Manager · since 14 novembre 2002

Ended

Roel Mulders

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	01/01/2025	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	08/06/2026	26/06/2025	19/06/2024	26/06/2023	13/07/2022	12/07/2021
General meeting	04/06/2026	05/06/2025	06/06/2024	01/06/2023	02/06/2022	03/06/2021
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
Micro model	31/12/2025	04/06/2026	08/06/2026	Dutch	PDF
Micro model	31/12/2024	05/06/2025	26/06/2025	Dutch	PDF
Micro model	31/12/2023	06/06/2024	19/06/2024	Dutch	PDF
Micro model	31/12/2022	01/06/2023	26/06/2023	Dutch	PDF
Micro model	31/12/2021	02/06/2022	13/07/2022	Dutch	PDF
Micro model	31/12/2020	03/06/2021	12/07/2021	Dutch	PDF
Micro model	31/12/2019	04/06/2020	18/06/2020	Dutch	PDF
Micro model	31/12/2018	06/06/2019	25/10/2019	Dutch	PDF
Micro model	31/12/2017	27/06/2018	27/07/2018	Dutch	PDF
Micro model	31/12/2016	30/06/2017	31/07/2017	Dutch	PDF
Abridged modelCorrection	31/12/2015	30/06/2016	31/08/2016	Dutch	PDF
Abridged model	31/12/2015	30/06/2016	30/07/2016	Dutch	PDF
Abridged model	31/12/2014	22/06/2015	22/07/2015	Dutch	PDF
Abridged modelCorrection	31/12/2013	30/06/2014	07/08/2014	Dutch	PDF
Abridged model	31/12/2013	30/06/2014	30/07/2014	Dutch	PDF
Abridged model	31/12/2012	30/06/2013	29/07/2013	Dutch	PDF
Abridged model	31/12/2011	30/06/2012	30/07/2012	Dutch	PDF
Abridged model	31/12/2010	30/06/2011	29/07/2011	Dutch	PDF
Abridged model	31/12/2009	03/06/2010	18/06/2010	Dutch	PDF
Abridged model	31/12/2008	04/06/2009	05/06/2009	Dutch	PDF
Abridged model	31/12/2007	05/06/2008	10/06/2008	Dutch	PDF
Abridged model	31/12/2006	07/06/2007	31/08/2007	Dutch	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 31/12/2025 · 1 active · 2 ended

Active mandates

Roel Mulders

Administrator - manager · since 14 novembre 2002

Active

Ended mandates

Roel Mulders

Manager · since 14 novembre 2002

Ended

Roel Mulders

Manager

Ended

Shareholders

Ownership and network

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Try for 7 days

Belgian Official Gazette

Belgian Official Gazette publications

Registered office20/03/2015
MAATSCHAPPELIJKE ZETEL - ADRESSEN ANDERS DAN MAATSCHAPPELIJKE ZETEL
PDF
Capital / shares13/12/2013
KAPITAAL - AANDELEN - STATUTEN (VERTALING, COÖRDINATIE, OVERIGE WIJZIGINGEN, )
PDF
Registered office01/04/2005
MAATSCHAPPELIJKE ZETEL
PDF
Other27/11/2002
RUBRIEK OPRICHTING (NIEUWE RECHTSPERSOON, OPENING BIJKANTOOR, ENZ...)
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 2025113 k €↑
2024
Annual accounts 202499,8 k €↓
2023
Annual accounts 2023114,2 k €↑
2022
Annual accounts 202293,8 k €↑
2021
Annual accounts 202189,2 k €↑
2020
Annual accounts 202078,2 k €↑
2019
Annual accounts 201961,3 k €↑
2018
Annual accounts 201850,1 k €↑
2017
Annual accounts 201740,8 k €↓
2016
Annual accounts 201658,5 k €↑
2015
Annual accounts 201543,6 k €↑
2014
Annual accounts 201419,6 k €↓
2013
Annual accounts 201322,5 k €↓
2012
Annual accounts 201251,2 k €↓
2011
Annual accounts 201167,9 k €↑
2010
Annual accounts 201038 k €↑
2009
Annual accounts 200920,7 k €↓
2008
Annual accounts 200842,5 k €↑
2007
Annual accounts 200716,6 k €↑
2006
Annual accounts 20069,8 k €
20/11/2002
IncorporationPrivate company with limited liability

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

CAIRN

Overview

What does CAIRN do?

Trend over 20 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