ACTIVE

DZH

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Financial year 2025 · closed on 31/12/2025

Net result

8,4 M €

+222.4% YoY

Gross margin

11,6 M €

+221.5% YoY

Equity

18,3 M €

+67.6% YoY

Workforce

1,0 ETP

0.0% YoY

What does DZH do?

DZH is a Private limited company incorporated in 2008. Its main activity is: Management consultancy activities. Its registered office is in Etterbeek. It employs on average 1,0 ETP workers (FTE).

Legal situation

● Normal situation

BCE/KBO no. / VAT

BE 0807.169.662

Incorporation

16/10/2008

Legal form

Private limited company

Registered office

Rue des Bataves 17 box 3
1040 Etterbeek · BruxellesSee on map

Contributed capital

3 906 200,00 €

Latest accounts

31/12/2025

Average workforce

1,0 ETP

Activities (NACE)

70200Management consultancy activities· main 70220Business and other management consultancy activities

Joint committees (2)

Signals

ProfitableSolid equityLow riskGood liquidityPositive cashflowPositive EBITDA

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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		2010		2009
Income statement
Gross margin	11,6 M €	+221%	3,6 M €	+10.1%	3,3 M €	+480%	563,9 k €	-16.8%	678,0 k €	+39.6%	485,8 k €	-32.7%	722,3 k €	+4.0%	694,7 k €	+66.6%	417,1 k €	+10.2%	378,4 k €	+64.4%	230,2 k €	-37.9%	370,5 k €	+18.6%	312,4 k €	+130%	136,0 k €	-5.7%	144,3 k €	+1.6%	142,0 k €	-15.2%	167,5 k €
EBITDA	11,5 M €	+224%	3,6 M €	+10.1%	3,2 M €	+518%	522,3 k €	-18.4%	640,1 k €	+33.8%	478,3 k €	-33.1%	714,9 k €	+5.1%	680,1 k €	+69.1%	402,1 k €	-17.7%	488,8 k €	+341%	111,0 k €	-69.4%	362,8 k €	+17.4%	309,2 k €	+139%	129,6 k €	-8.1%	140,9 k €	-0.5%	141,6 k €	-15.1%	166,8 k €
Operating result	11,5 M €	+229%	3,5 M €	+10.3%	3,2 M €	+623%	437,3 k €	-15.2%	516,0 k €	+27.5%	404,8 k €	-30.3%	581,2 k €	+7.6%	540,3 k €	+114%	251,9 k €	-31.4%	367,2 k €	+1431%	-27,6 k €	-112%	225,2 k €	+25.8%	179,0 k €	+95.3%	91,7 k €	+8.7%	84,3 k €	-40.3%	141,4 k €	-15.2%	166,8 k €
Net result	8,4 M €	+222%	2,6 M €	+16.9%	2,2 M €	+557%	338,5 k €	-15.3%	399,4 k €	+11.8%	357,3 k €	-21.0%	452,1 k €	+16.7%	387,4 k €	+123%	173,6 k €	-17.6%	210,6 k €	+494%	-53,4 k €	-129%	186,5 k €	+8.8%	171,5 k €	+112%	80,8 k €	-4.9%	85,0 k €	-58.4%	204,2 k €	+478%	35,4 k €
Balance sheet
Equity	18,3 M €	+67.6%	10,9 M €	+28.2%	8,5 M €	+31.9%	6,5 M €	-0.5%	6,5 M €	+4.8%	6,2 M €	+6.1%	5,8 M €	+8.4%	5,4 M €	+7.7%	5,0 M €	+3.6%	4,8 M €	+4.6%	4,6 M €	-1.1%	4,7 M €	+4.2%	4,5 M €	+4.0%	4,3 M €	+93.3%	2,2 M €	+4.0%	2,1 M €	+10.5%	1,9 M €
Total assets	21,4 M €	+58.4%	13,5 M €	+26.8%	10,6 M €	+25.4%	8,5 M €	-1.9%	8,7 M €	+6.4%	8,1 M €	-0.1%	8,1 M €	+1.2%	8,0 M €	+4.1%	7,7 M €	+2.6%	7,5 M €	-3.4%	7,8 M €	-3.2%	8,0 M €	-1.7%	8,2 M €	+18.4%	6,9 M €	+45.6%	4,7 M €	+12.1%	4,2 M €	+3.3%	4,1 M €
Cash	65,6 k €	-13.6%	76,0 k €	-78.2%	348,0 k €	+695%	43,8 k €	-72.7%	160,6 k €	-41.4%	273,9 k €	-61.7%	714,4 k €	+35.8%	526,1 k €	+214%	167,8 k €	+306%	41,3 k €	+18.3%	34,9 k €	+18.5%	29,4 k €	-68.8%	94,5 k €	+71.9%	55,0 k €	+357%	12,0 k €	-89.9%	118,9 k €	+275%	31,7 k €
Debts	3,0 M €	+20.5%	2,5 M €	+21.5%	2,0 M €	+4.7%	1,9 M €	-7.7%	2,1 M €	+10.9%	1,9 M €	-16.0%	2,3 M €	-13.5%	2,6 M €	-2.6%	2,7 M €	+1.4%	2,7 M €	-10.1%	3,0 M €	-9.8%	3,3 M €	-7.9%	3,5 M €	+40.8%	2,5 M €	+1.0%	2,5 M €	+22.4%	2,0 M €	-0.1%	2,0 M €
Other
Workforce	1,0 ETP	0.0%	1,0 ETP	0.0%	1,0 ETP	0.0%	1,0 ETP		–		–		–		–		–		–		–		–		–		–		–		–		–

Estimate

Indicative valuation

As an indication, this company is worth

between 50 M€ and 100 M€

See the valuation

Governance

Board of directors

Seen on filing of 31/12/2025 · 1 active · 1 ended

Active mandates

Rodolphe Collinet

Director · since 16 octobre 2008

Active

Ended mandates

Rodolphe Collinet

Manager · since 16 octobre 2008

Ended

At this address

Other companies at this address

Company	CBE no.
AB Initio Management● Active	1024.944.956
Association des copropriétaires de la Résidence Bataves 15-21 à Etterbeek , rue des Bataves 15-21● Active	0836.351.519
Duffau Consulting● Active	1037.229.710
EAGLE ROCK● Active	0732.976.243
IOS● Active	0740.489.288
LTF● Active	0723.919.314
MEDIATOR● Active	0740.488.595
PARTRAMAR● Active	0449.124.549
Walimco● Active	0787.274.170

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	28/05/2026	07/05/2025	24/04/2024	31/05/2023	02/08/2022	01/06/2021
General meeting	20/05/2026	06/05/2025	22/04/2024	22/05/2023	06/05/2022	25/05/2021
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

Ratios

Financial ratios

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Filings

Annual accounts filings

19 filings with the NBB

Model	Closing	General meeting	Filed	Language	Document
Abridged model	31/12/2025	20/05/2026	28/05/2026	French	PDF
Abridged model	31/12/2024	06/05/2025	07/05/2025	French	PDF
Abridged model	31/12/2023	22/04/2024	24/04/2024	French	PDF
Abridged model	31/12/2022	22/05/2023	31/05/2023	French	PDF
Abridged modelCorrection	31/12/2021	06/05/2022	02/08/2022	French	PDF
Abridged model	31/12/2021	06/05/2022	20/05/2022	French	PDF
Abridged model	31/12/2020	25/05/2021	01/06/2021	French	PDF
Abridged model	31/12/2019	24/03/2020	06/07/2020	French	PDF
Abridged modelCorrection	31/12/2018	01/07/2019	02/07/2019	French	PDF
Abridged model	31/12/2018	01/04/2019	10/04/2019	French	PDF
Abridged model	31/12/2017	12/03/2018	27/03/2018	French	PDF
Abridged model	31/12/2016	21/04/2017	28/04/2017	French	PDF
Abridged model	31/12/2015	30/03/2016	04/04/2016	French	PDF
Abridged model	31/12/2014	19/05/2015	22/05/2015	French	PDF
Abridged model	31/12/2013	14/05/2014	27/05/2014	French	PDF
Abridged model	31/12/2012	18/06/2013	12/07/2013	French	PDF
Abridged model	31/12/2011	19/06/2012	29/06/2012	French	PDF
Abridged model	31/12/2010	21/06/2011	18/07/2011	French	PDF
Abridged model	31/12/2009	31/03/2010	20/08/2010	French	PDF

Estimate

Indicative valuation

Order of magnitude

As an indication, this company is worth

between 50 M€ and 100 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 · 1 ended

Active mandates

Rodolphe Collinet

Director · since 16 octobre 2008

Active

Ended mandates

Rodolphe Collinet

Manager · since 16 octobre 2008

Ended

Shareholders

Ownership and network

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Belgian Official Gazette

Belgian Official Gazette publications

Mandates27/07/2023
STATUTS (TRADUCTION, COORDINATION, AUTRES MODIFICATIONS, ) - MODIFICATION FORME JURIDIQUE - DEMISSIONS, NOMINATIONS
PDF
Other18/08/2014
DIVERS
PDF
Restructuring13/05/2013
RUBRIQUE RESTRUCTURATION (FUSION, SCISSION, TRANSFERT PATRIMOINE, ETC...)
PDF
Other14/03/2013
DIVERS
PDF
Capital / shares04/12/2012
CAPITAL, ACTIONS - STATUTS (TRADUCTION, COORDINATION, AUTRES MODIFICATIONS, )
PDF
Mandates16/11/2010
DEMISSIONS, NOMINATIONS
PDF
Capital / shares14/01/2010
CAPITAL, ACTIONS
PDF
Capital / shares26/11/2008
CAPITAL, ACTIONS - STATUTS (TRADUCTION, COORDINATION, AUTRES MODIFICATIONS, )
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 20258,4 M €↑
2024
Annual accounts 20242,6 M €↑
2023
Annual accounts 20232,2 M €↑
2022
Annual accounts 2022338,5 k €↓
2021
Annual accounts 2021399,4 k €↑
2020
Annual accounts 2020357,3 k €↓
2019
Annual accounts 2019452,1 k €↑
2018
Annual accounts 2018387,4 k €↑
2017
Annual accounts 2017173,6 k €↓
2016
Annual accounts 2016210,6 k €↑
2015
Annual accounts 2015-53,4 k €↓
2014
Annual accounts 2014186,5 k €↑
2013
Annual accounts 2013171,5 k €↑
2012
Annual accounts 201280,8 k €↓
2011
Annual accounts 201185,0 k €↓
2010
Annual accounts 2010204,2 k €↑
2009
Annual accounts 200935,4 k €
16/10/2008
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

DZH

Overview

What does DZH do?

Trend over 17 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