ACTIVE

INSTRUCTION

Export PDF
Financial year 2025 · closed on 31/12/2025
Net result
9 M €
+7.9% YoY
Revenue
16,7 M €
+3.0% YoY
Equity
47,6 M €
+23.3% YoY

What does INSTRUCTION do?

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· main68110Buying and selling of own real estate68201Rental and operating of own or leased real estate68201Rental and operating of own or leased real estate70120Activities of head offices
Signals
ProfitableSolid equityLow riskGood liquidityPositive cashflowPositive EBITDAHigh revenue
View the BCE/KBO Public Search record →
Health score
Available with a Rovalta subscriptionTry for 7 days
Recommended credit limit
✦ Verdict · Analyst summary
Financials

Trend over 18 financial years

202520242023202220212020201820172016201520142013201120102009200820072006
Income statement
Revenue16,7 M €16,3 M €16 M €16,2 M €15,3 M €15,2 M €14,8 M €14,5 M €14,3 M €14 M €13,9 M €13,8 M €7,1 M €7 M €6,9 M €6,8 M €7,4 M €7,6 M €
EBITDA15,8 M €15,2 M €14,9 M €15 M €14 M €14,2 M €13,5 M €13,4 M €13,3 M €13 M €13,2 M €13,3 M €7,1 M €6,9 M €6,9 M €7,4 M €7,3 M €7,2 M €
Operating result12,1 M €11,5 M €11,3 M €11,5 M €10,4 M €10,7 M €8,6 M €8,5 M €8,4 M €8,2 M €8,1 M €7,7 M €2,5 M €2,4 M €2,3 M €2,8 M €4,3 M €1,8 M €
Net result9 M €8,4 M €7,8 M €8,6 M €7,9 M €8,1 M €5,2 M €3,8 M €3,5 M €3 M €3,3 M €3,5 M €-2,2 M €-2,5 M €-3,1 M €-3,2 M €-570,1 k €-928,6 k €
Balance sheet
Equity47,6 M €38,6 M €30,2 M €22,5 M €13,9 M €13,9 M €13,3 M €13,1 M €12,9 M €12,9 M €9,9 M €6,6 M €385,8 k €2,6 M €5,1 M €-1,9 M €1,4 M €-557,7 k €
Total assets76,3 M €67,3 M €66,7 M €59,3 M €60,9 M €61,6 M €65,7 M €68,2 M €74,2 M €78,4 M €84,9 M €89,4 M €94,2 M €103,1 M €102,9 M €113 M €112,2 M €114,6 M €
Cash36,6 M €23,9 M €19,4 M €6,6 M €7,4 M €5,4 M €3 M €571,9 k €1,3 M €527,6 k €2 M €1,4 M €329,3 k €7,2 M €2,8 M €325,1 k €44,8 k €56,4 k €
Debts24,2 M €24,2 M €31,8 M €32,7 M €43,2 M €43,9 M €48,8 M €50,3 M €56,3 M €60,4 M €69,5 M €77,2 M €91,2 M €97,7 M €95,1 M €111,7 M €110,8 M €115,2 M €
Estimate

Indicative valuation

As an indication, this company is worth

between 100 M€ and 250 M€
See the valuation
Governance

Board of directors

Seen on filing of 31/12/2025 · 4 active · 36 ended

Active mandates

CHRISTOPHE MIGNOT

Director · since 05 juin 2023 · until 04 mai 2029

Active
Armelle MOALIC

Director · since 07 mai 2021 · until 07 mai 2027

Active
Mario ANTHUENIS

Director · since 08 mai 2020 · until 04 mai 2026

Active
BERNARD D'OCQUIER

Director · since 02 août 2019 · until 02 mai 2031

Active

Ended mandates

CHRISTOPHE MIGNOT

Director · since 05 juin 2023 · until 04 juin 2029

Ended
CHRISTOPHE MIGNOT

Director · since 27 août 2020 · until 05 mai 2023

Ended
CHRISTOPHE MIGNOT

Director · since 27 août 2020 · until 05 juin 2023

Ended
BERNARD D'OCQUIER

Director · since 02 août 2019 · until 02 mai 2025

Ended
At this address

Other companies at this address

CompanyCBE no.
AXA BELGIUM● Active
0404.483.367
AXA GROUP OPERATIONS BELGIUM● Active
0688.713.559
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
UNITE TVA : GROUPE AXA BELGIUM● Active
0554.677.573
Vakantie - Vacances● Active
0457.426.561
Annual accounts

Full financial information

202520242023202220212020
Type of accountFull modelFull modelFull modelFull modelFull modelFull model
Start of the financial year01/01/202501/01/202401/01/202301/01/202201/01/202101/01/2020
Closing of the financial year31/12/202531/12/202431/12/202331/12/202231/12/202131/12/2020
Length of the financial year12 months12 months12 months12 months12 months12 months
Filing date11/06/202617/06/202507/06/202412/06/202331/05/202227/05/2021
General meeting04/06/202605/06/202505/06/202405/06/202306/05/202207/05/2021
Currency of the financial yearEUREUREUREUREUREUR
NBB quality labelSatisfying controlsSatisfying controlsSatisfying controlsSatisfying controlsSatisfying controlsSatisfying controls
Ratios

Financial ratios

Looking for more information about this company?

Try for 7 days
Filings

Annual accounts filings

22 filings with the NBB

ModelClosingGeneral meetingFiledLanguageDocument
Full model31/12/202504/06/202611/06/2026FrenchPDF
Full model31/12/202405/06/202517/06/2025FrenchPDF
Full model31/12/202305/06/202407/06/2024FrenchPDF
Full model31/12/202205/06/202312/06/2023FrenchPDF
Full model31/12/202106/05/202231/05/2022FrenchPDF
Full model31/12/202007/05/202127/05/2021FrenchPDF
Full model31/12/201904/05/202026/05/2020FrenchPDF
Full model31/12/201803/05/201927/05/2019FrenchPDF
Full model31/12/201704/05/201806/06/2018FrenchPDF
Full model31/12/201605/05/201701/06/2017FrenchPDF
Full model31/12/201506/05/201601/06/2016FrenchPDF
Full modelCorrection31/12/201404/05/201508/10/2015FrenchPDF
Full model31/12/201401/05/201526/06/2015FrenchPDF
Full model31/12/201302/05/201422/05/2014FrenchPDF
Full model31/12/201203/05/201303/06/2013FrenchPDF
Full modelCorrection31/12/201104/05/201218/10/2012FrenchPDF
Full model31/12/201104/05/201210/05/2012FrenchPDF
Full model31/12/201006/05/201127/05/2011FrenchPDF
Full model31/12/200907/05/201017/05/2010FrenchPDF
Full model31/12/200830/09/200930/09/2009FrenchPDF
Full model31/12/200702/05/200813/06/2008FrenchPDF
Full model31/12/200604/05/200718/06/2007FrenchPDF
Estimate

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.

Governance

Board of directors

Seen on filing of 31/12/2025 · 4 active · 36 ended

Active mandates

CHRISTOPHE MIGNOT

Director · since 05 juin 2023 · until 04 mai 2029

Active
Armelle MOALIC

Director · since 07 mai 2021 · until 07 mai 2027

Active
Mario ANTHUENIS

Director · since 08 mai 2020 · until 04 mai 2026

Active
BERNARD D'OCQUIER

Director · since 02 août 2019 · until 02 mai 2031

Active

Ended mandates

CHRISTOPHE MIGNOT

Director · since 05 juin 2023 · until 04 juin 2029

Ended
CHRISTOPHE MIGNOT

Director · since 27 août 2020 · until 05 mai 2023

Ended
CHRISTOPHE MIGNOT

Director · since 27 août 2020 · until 05 juin 2023

Ended
BERNARD D'OCQUIER

Director · since 02 août 2019 · until 02 mai 2025

Ended
Shareholders

Ownership and network

Looking for more information about this company?

Try for 7 days
Belgian Official Gazette

Belgian Official Gazette publications

  • 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

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

Timeline

  1. 2025
    Annual accounts 20259 M €↑
  2. 05/06/2025
    reconductionBernard D'OCQUIER — administrateur
  3. 2024
    Annual accounts 20248,4 M €↑
  4. 05/06/2024
    nominationSRL Ernst et Young Reviseurs d'Entreprises — commissaire
  5. 2023
    Annual accounts 20237,8 M €↓
  6. 05/06/2023
    reconductionChristophe MIGNOT — administrateur
  7. 05/06/2023
    nominationVincent VROMAN — commissaire
  8. 2022
    Annual accounts 20228,6 M €↑
  9. 2021
    Annual accounts 20217,9 M €↓
  10. 2020
    Annual accounts 20208,1 M €↑
  11. 2018
    Annual accounts 20185,2 M €↑
  12. 2017
    Annual accounts 20173,8 M €↑
  13. 2016
    Annual accounts 20163,5 M €↑
  14. 2015
    Annual accounts 20153 M €↓
  15. 2014
    Annual accounts 20143,3 M €↓
  16. 2013
    Annual accounts 20133,5 M €↑
  17. 2011
    Annual accounts 2011-2,2 M €↑
  18. 2010
    Annual accounts 2010-2,5 M €↑
  19. 2009
    Annual accounts 2009-3,1 M €↑
  20. 2008
    Annual accounts 2008-3,2 M €↓
  21. 2007
    Annual accounts 2007-570,1 k €↑
  22. 2006
    Annual accounts 2006-928,6 k €
  23. 07/05/2003
    IncorporationPublic limited company