ACTIVE

ICF

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Financial year 2025 · closed on 31/12/2025
Net result
4,5 M €
+429.6% YoY
Revenue
41,3 M €
-6.2% YoY
Equity
36,6 M €
-8.2% YoY
Workforce
70,1 ETP
-10.1% YoY

What does ICF do?

ICF is a Public limited company incorporated in 2009. Its main activity is: Management consultancy activities. Its registered office is in Bruxelles. It employs on average 70,1 ETP workers (FTE).

Legal situation
● Normal situation
BCE/KBO no. / VAT
BE 0820.347.311
Incorporation
05/11/2009
Legal form
Public limited company
Registered office
Avenue Marnix 17
1000 Bruxelles · BruxellesSee on map
Contributed capital
18 539 936,00 €
Latest accounts
31/12/2025
Average workforce
70,1 ETP
Activities (NACE)
70200Management consultancy activities· main70220Business and other management consultancy activities
Joint committees (1)
  • 200
Signals
ProfitableSolid equityLow riskGood liquidityPositive cashflowPositive EBITDAHealthy social debtsHigh revenue
View the BCE/KBO Public Search record →
Health score
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✦ Verdict · Analyst summary
Financials

Trend over 15 financial years

202520242023202220212019201820172016201520142013201220112010
Income statement
Revenue41,3 M €44,1 M €39,9 M €40,2 M €34 M €21,4 M €14,5 M €3,8 M €–120 k €120 k €120 k €120 k €120 k €120 k €
EBITDA964,4 k €1,6 M €2,8 M €2,7 M €2,8 M €1,3 M €738 k €173,8 k €-62,3 k €114,1 k €112,7 k €117 k €116,5 k €115,2 k €12,3 k €
Operating result794,2 k €1,5 M €2,5 M €2,5 M €2,4 M €1 M €546,4 k €173,8 k €-62,3 k €114,1 k €112,7 k €117 k €116,5 k €115,2 k €12,3 k €
Net result4,5 M €850,8 k €1,8 M €1,7 M €1,5 M €515,4 k €367,5 k €178,1 k €-43,5 k €314,1 k €-121,9 k €1,5 M €2 M €3,3 M €6,8 M €
Balance sheet
Equity36,6 M €39,8 M €39 M €37,2 M €25,9 M €23,7 M €23,2 M €22,8 M €22,6 M €17,6 M €17,3 M €17 M €15,5 M €13,5 M €10,3 M €
Total assets50,4 M €59,2 M €57,5 M €52,8 M €46,5 M €40,6 M €34,2 M €24,7 M €22,7 M €22,7 M €22,5 M €22 M €22 M €22 M €22 M €
Cash619,3 k €280,9 k €2 M €571,4 k €805,8 k €964,7 k €773,1 k €189,5 k €9,9 k €40,2 k €39 k €7,4 k €11,2 k €8,8 k €34,9 k €
Debts4,6 M €7,6 M €8,6 M €6,6 M €10,9 M €11,9 M €7,6 M €1,8 M €59 k €5 M €5 M €5 M €6,5 M €8,5 M €11,8 M €
Other
Workforce70,1 ETP78,0 ETP85,0 ETP80,0 ETP63,6 ETP53,8 ETP53,9 ETP33,8 ETP–––––––
Estimate

Indicative valuation

As an indication, this company is worth

between 5 M€ and 10 M€
See the valuation
Governance

Board of directors

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

Active mandates

Warren Marshall

Director · since 01 octobre 2022 · until 30 septembre 2028

Active
Barry Broadus

Director · since 01 mars 2022 · until 01 mars 2026

Active
Tobias Schafer

Director · since 01 janvier 2021 · until 31 décembre 2026

Active
James Morgan

Managing director · since 06 février 2020 · until 05 février 2032

Active

Ended mandates

Barry Broadus

Director · since 01 mars 2022 · until 28 février 2028

Ended
Bettina Welsh

Director · since 01 janvier 2021 · until 28 février 2022

Ended
James Morgan

Managing director · since 06 février 2020 · until 05 février 2026

Ended
Eleanor Siobhan BREEN

Director · since 30 septembre 2016 · until 08 juin 2018

Ended
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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 date30/07/202605/08/202503/07/202408/08/202309/06/202202/07/2021
General meeting24/07/202624/07/202512/06/202419/07/202308/06/202229/06/2021
Currency of the financial yearEUREUREUREUREUREUR
NBB quality labelSatisfying controlsSatisfying controlsSatisfying controlsSatisfying controlsSatisfying controlsSatisfying controls
Ratios

Financial ratios

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Filings

Annual accounts filings

32 filings with the NBB

ModelClosingGeneral meetingFiledLanguageDocument
Full model31/12/202524/07/202630/07/2026FrenchPDF
Full model31/12/202424/07/202505/08/2025FrenchPDF
m120-f-p31/12/202424/07/202505/08/2025FrenchPDF
Full model31/12/202312/06/202403/07/2024FrenchPDF
m120-f-p31/12/202312/06/202403/07/2024FrenchPDF
Full model31/12/202219/07/202308/08/2023FrenchPDF
m120-f-p31/12/202219/07/202308/08/2023FrenchPDF
Full model31/12/202108/06/202209/06/2022FrenchPDF
m120-f-p31/12/202108/06/202209/06/2022FrenchPDF
Full model31/12/202029/06/202102/07/2021FrenchPDF
m120-f-p31/12/202029/06/202102/07/2021FrenchPDF
Full model31/12/201910/06/202024/06/2020FrenchPDF
m120-f-p31/12/201910/06/202024/06/2020FrenchPDF
Full model31/12/201812/06/201927/06/2019FrenchPDF
m120-f-p31/12/201812/06/201928/06/2019FrenchPDF
Full model31/12/201717/05/201823/05/2018FrenchPDF
m120-f-p31/12/201717/05/201823/05/2018FrenchPDF
Full model31/12/201617/05/201728/06/2017FrenchPDF
m120-f-p31/12/201617/05/201728/06/2017FrenchPDF
Full model31/12/201523/09/201626/09/2016FrenchPDF
m120-f-p31/12/201501/01/999923/12/2016FrenchPDF
Full model31/12/201425/08/201531/08/2015FrenchPDF
m120-f-p31/12/201401/01/999903/01/2017FrenchPDF
Full model31/12/201318/06/201407/08/2014FrenchPDF

View all 32 filings

Estimate

Indicative valuation

Order of magnitude

As an indication, this company is worth

between 5 M€ and 10 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 · 31 ended

Active mandates

Warren Marshall

Director · since 01 octobre 2022 · until 30 septembre 2028

Active
Barry Broadus

Director · since 01 mars 2022 · until 01 mars 2026

Active
Tobias Schafer

Director · since 01 janvier 2021 · until 31 décembre 2026

Active
James Morgan

Managing director · since 06 février 2020 · until 05 février 2032

Active

Ended mandates

Barry Broadus

Director · since 01 mars 2022 · until 28 février 2028

Ended
Bettina Welsh

Director · since 01 janvier 2021 · until 28 février 2022

Ended
James Morgan

Managing director · since 06 février 2020 · until 05 février 2026

Ended
Eleanor Siobhan BREEN

Director · since 30 septembre 2016 · until 08 juin 2018

Ended
Shareholders

Ownership and network

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Belgian Official Gazette

Belgian Official Gazette publications

  • Mandates13/05/2026
    DEMISSIONS, NOMINATIONS
    PDF
  • Mandates20/05/2025
    DEMISSIONS, NOMINATIONS
    PDF
  • Mandates13/09/2023
    DEMISSIONS, NOMINATIONS
    PDF
  • Capital / shares11/08/2022
    STATUTS (TRADUCTION, COORDINATION, AUTRES MODIFICATIONS, …) - CAPITAL, ACTIONS
    PDF
  • Mandates10/05/2022
    DEMISSIONS, NOMINATIONS
    PDF
  • Mandates26/02/2021
    DEMISSIONS, NOMINATIONS
    PDF
  • Mandates24/08/2020
    DEMISSIONS, NOMINATIONS
    PDF
  • Other18/02/2020
    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

Timeline

  1. 06/02/2026
    reconductionJames MORGAN — administrateur
  2. 2025
    Annual accounts 20254,5 M €↑
  3. 02/04/2025
    nominationPetra VAN NIEROP — mandat spécial
  4. 02/04/2025
    nominationAnita WILSON — mandat spécial
  5. 02/04/2025
    nominationMalcolm DIXON — mandat spécial
  6. 02/04/2025
    nominationAnthony VAN DER HAUWAERT — mandataire spécial
  7. 02/04/2025
    nominationKatrien DE VOS — mandataire spécial
  8. 02/04/2025
    nominationAlexis DEBIER — mandataire spécial
  9. 2024
    Annual accounts 2024850,8 k €↓
  10. 2023
    Annual accounts 20231,8 M €↑
  11. 19/07/2023
    nominationWarren MARSHALL — administrateur
  12. 2022
    Annual accounts 20221,7 M €↑
  13. 26/07/2022
    augmentation_capital
  14. 28/02/2022
    nominationBarry Broadus — administrateur
  15. 2021
    Annual accounts 20211,5 M €↑
  16. 2019
    Annual accounts 2019515,4 k €↑
  17. 2018
    Annual accounts 2018367,5 k €↑
  18. 2017
    Annual accounts 2017178,1 k €↑
  19. 2016
    Annual accounts 2016-43,5 k €↓
  20. 2015
    Annual accounts 2015314,1 k €↑
  21. 2014
    Annual accounts 2014-121,9 k €↓
  22. 2013
    Annual accounts 20131,5 M €↓
  23. 2012
    Annual accounts 20122 M €↓
  24. 2011
    Annual accounts 20113,3 M €↓
  25. 2010
    Annual accounts 20106,8 M €
  26. 05/11/2009
    IncorporationPublic limited company