ACTIVE

INSTRUCTION

Financial year 2025 · Closed on 31/12/2025

Net result9 M €+7,9 %over 1 year

Revenue16,7 M €+3,0 %over 1 year

Equity47,6 M €+23,3 %over 1 year

Identity

Source · BCE/KBO

INSTRUCTION is a Public limited company incorporated in 2003. Its main activity is: Buying and selling of own real estate. Its registered office is in Bruxelles.

Legal situation: Normal situation
BCE/KBO no. / VAT: BE 0480.161.381
Incorporation: 07/05/2003
Legal form: Public limited company
Registered office: Place du Trône 1
1000 Bruxelles · BruxellesSee on map
Contributed capital: 12 624 000,00 €
Latest accounts: 31/12/2025

Activities (NACE)

68100Buying and selling of own real estate· main 68110Buying and selling of own real estate 68201Rental and operating of own or leased real estate 68201Rental and operating of own or leased real estate 70120Activities of head offices

Signals

ProfitableSolid equityLow riskGood liquidityPositive cashflowPositive EBITDAHigh revenue

Financials

Source · NBB, 22 filings

Trend over 18 financial years

	2025		2024		2023		2022		2021
Income statement
Revenue	16,7 M €	+3.0%	16,3 M €	+1.6%	16 M €	-1.4%	16,2 M €	+5.9%	15,3 M €
EBITDA	15,8 M €	+4.0%	15,2 M €	+1.4%	14,9 M €	-0.7%	15 M €	+7.7%	14 M €
Operating result	12,1 M €	+5.1%	11,5 M €	+1.6%	11,3 M €	-1.3%	11,5 M €	+10.4%	10,4 M €
Net result	9 M €	+7.9%	8,4 M €	+7.4%	7,8 M €	-9.5%	8,6 M €	+9.4%	7,9 M €
Balance sheet
Equity	47,6 M €	+23.3%	38,6 M €	+27.6%	30,2 M €	+34.6%	22,5 M €	+61.9%	13,9 M €
Total assets	76,3 M €	+13.4%	67,3 M €	+0.9%	66,7 M €	+12.4%	59,3 M €	-2.5%	60,9 M €
Cash	36,6 M €	+53.4%	23,9 M €	+22.9%	19,4 M €	+194%	6,6 M €	-11.0%	7,4 M €
Debts	24,2 M €	-0.1%	24,2 M €	-24.0%	31,8 M €	-2.8%	32,7 M €	-24.2%	43,2 M €

Valuation

Indicative valuation

As an indication, this company is worth

between 100 M€ and 250 M€

See the valuation

Board of directors

Source · NBB, accounts to 31/12/2025

4 active · 14 ended

Active mandates

Director	Mandates in this company	Period	Other mandatescurrentendedstruck offbankruptcies
CHRISTOPHE MIGNOT	Director27/08/2020 → 04/06/2029
Armelle MOALIC	Director07/05/2021 → 07/05/2027
Mario ANTHUENIS	Director30/06/2008 → 04/05/2026
BERNARD D'OCQUIER	Director02/08/2019 → 02/05/2031

Ended mandates

Director	Mandates in this company	Period	Other mandatescurrentendedstruck offbankruptcies
Gaëtan VANDELOISE	Director05/05/2017 → 2018 accounts
Jean-Luc Brossel	Director26/10/2012 → 2013 accounts

Other companies at this address

Place du Trône 1 1000 Bruxelles

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AXA HOLDINGS BELGIUM● Active	0403.292.346
AXA IM SELECT BELGIUM● Active	0475.585.456
BNP PARIBAS ASSET MANAGEMENT Real Assets Belgium● Active	0466.770.631
Caisse de Prévoyance des Indépendants et des Entreprises● Active	0422.895.254
Desclée Frères et Cie● Liquidation	0405.864.133
Electricité d'Odessa● Liquidation	0406.506.709
EVERE SQUARE● Active	0463.591.605
FONDS DE SECOURS LES PROVINCES - HULPFONDS DE PROVINCIEN● Active	0422.703.432
FROISSART LEOPOLD● Active	0880.128.510
IMMO RAC HASSELT● Active	0878.175.939
LEX 65● Active	0479.006.784
L-PARK● Active	0822.141.712
Mutualiteit Gazelec-Mutualité Gazelec● Active	0411.781.529
ROYAWYN● Active	0450.383.371
TOEKOMSTATELIERDEAVENIR● Active	0847.950.640
TRANSGA● Active	0403.309.568
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Vakantie - Vacances● Active	0457.426.561

Full financial information

Source · NBB

	2025	2024	2023	2022	2021	2020
Type of account	Full model	Full model	Full model	Full 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	11/06/2026	17/06/2025	07/06/2024	12/06/2023	31/05/2022	27/05/2021
General meeting	04/06/2026	05/06/2025	05/06/2024	05/06/2023	06/05/2022	07/05/2021
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

Financial ratios

Source · NBB

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Annual accounts filings

Source · NBB, 22 filings

Model	Closing	General meeting	Filed	Language	Document
Full model	31/12/2025	04/06/2026	11/06/2026	French	PDF
Full model	31/12/2024	05/06/2025	17/06/2025	French	PDF
Full model	31/12/2023	05/06/2024	07/06/2024	French	PDF
Full model	31/12/2022	05/06/2023	12/06/2023	French	PDF
Full model	31/12/2021	06/05/2022	31/05/2022	French	PDF
Full model	31/12/2020	07/05/2021	27/05/2021	French	PDF
Full model	31/12/2019	04/05/2020	26/05/2020	French	PDF
Full model	31/12/2018	03/05/2019	27/05/2019	French	PDF
Full model	31/12/2017	04/05/2018	06/06/2018	French	PDF
Full model	31/12/2016	05/05/2017	01/06/2017	French	PDF
Full model	31/12/2015	06/05/2016	01/06/2016	French	PDF
Full modelCorrection	31/12/2014	04/05/2015	08/10/2015	French	PDF
Full model	31/12/2014	01/05/2015	26/06/2015	French	PDF
Full model	31/12/2013	02/05/2014	22/05/2014	French	PDF
Full model	31/12/2012	03/05/2013	03/06/2013	French	PDF
Full modelCorrection	31/12/2011	04/05/2012	18/10/2012	French	PDF
Full model	31/12/2011	04/05/2012	10/05/2012	French	PDF
Full model	31/12/2010	06/05/2011	27/05/2011	French	PDF
Full model	31/12/2009	07/05/2010	17/05/2010	French	PDF
Full model	31/12/2008	30/09/2009	30/09/2009	French	PDF
Full model	31/12/2007	02/05/2008	13/06/2008	French	PDF
Full model	31/12/2006	04/05/2007	18/06/2007	French	PDF

Indicative valuation

Order of magnitude

As an indication, this company is worth

between 100 M€ and 250 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.

Board of directors

Source · NBB, accounts to 31/12/2025

4 active · 14 ended

Active mandates

Director	Mandates in this company	Period	Other mandatescurrentendedstruck offbankruptcies
CHRISTOPHE MIGNOT	Director27/08/2020 → 04/06/2029
Armelle MOALIC	Director07/05/2021 → 07/05/2027
Mario ANTHUENIS	Director30/06/2008 → 04/05/2026
BERNARD D'OCQUIER	Director02/08/2019 → 02/05/2031

Ended mandates

Director	Mandates in this company	Period	Other mandatescurrentendedstruck offbankruptcies
Gaëtan VANDELOISE	Director05/05/2017 → 2018 accounts
Jean-Luc Brossel	Director26/10/2012 → 2013 accounts

Ownership and network

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Belgian Official Gazette publications

Source · Belgian Official Gazette

Mandates08/09/2026
Nomination statutaire
PDF
Mandates19/06/2025
DEMISSIONS, NOMINATIONS
PDF
Mandates27/06/2024
DEMISSIONS, NOMINATIONS
PDF
Mandates04/08/2023
DEMISSIONS, NOMINATIONS
PDF
Other22/09/2021
STATUTS (TRADUCTION, COORDINATION, AUTRES MODIFICATIONS, )
PDF
Mandates22/09/2021
DEMISSIONS, NOMINATIONS
PDF
Mandates19/11/2020
DEMISSIONS, NOMINATIONS
PDF
Mandates31/08/2020
DEMISSIONS, NOMINATIONS
PDF

Similar companies

A company's peers, by sector and size, are included in the Business plan.

See the Business plan

Timeline

Source · CBE, NBB annual accounts

Year

Identity

Incorporation

Name

Registered office

Annual accounts

Filings18 filings

Mandates

CHRISTOPHE MIGNOT

Armelle MOALIC

Mario ANTHUENIS

BERNARD D'OCQUIER

Gaëtan VANDELOISE

Jean-Luc Brossel

ALAIN VERHEULPEN

Johan PILLAERT

Sophie LAMBRIGHS

Jean STERBELLE

Guy DELIRE

Thierry ROUSSELLE

Show the 6 other mandates

20032004200520062007200820092010201120122013201420152016201720182019202020212022202320242025202620272028202920302031

INSTRUCTION

Place du Trône 1, 1000 Brussels

Director

CurrentPlanned, not yet servedEndedAccounts filedToday

Registered offices

Source · NBB annual accounts, CBE

Registered address	Period	Source
Place du Trône 1, 1000 BrusselsCurrent	accounts 2021 → 2025	Accounts 2025 · 2026-00161942

Company names

Source · NBB annual accounts, CBE

Name	Period	Source
INSTRUCTIONCurrent	accounts 2021 → 2025	Accounts 2025 · 2026-00161942

Events

2025
Annual accounts 20259 M €↑
05/06/2025
reconductionBernard D'OCQUIER · administrateur
2024
Annual accounts 20248,4 M €↑
05/06/2024
nominationSRL Ernst et Young Reviseurs d'Entreprises · commissaire
2023
Annual accounts 20237,8 M €↓
05/06/2023
reconductionChristophe MIGNOT · administrateur
05/06/2023
nominationVincent VROMAN · commissaire
2022
Annual accounts 20228,6 M €↑
2021
Annual accounts 20217,9 M €↓
2020
Annual accounts 20208,1 M €↑
2018
Annual accounts 20185,2 M €↑
2017
Annual accounts 20173,8 M €↑
2016
Annual accounts 20163,5 M €↑
2015
Annual accounts 20153 M €↓
2014
Annual accounts 20143,3 M €↓
2013
Annual accounts 20133,5 M €↑
2011
Annual accounts 2011-2,2 M €↑
2010
Annual accounts 2010-2,5 M €↑
2009
Annual accounts 2009-3,1 M €↑
2008
Annual accounts 2008-3,2 M €↓
2007
Annual accounts 2007-570,1 k €↑
2006
Annual accounts 2006-928,6 k €
07/05/2003
IncorporationPublic limited company

INSTRUCTION

Overview

Identity

Financials

Valuation

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

Timeline

Registered offices

Company names

Events