ACTIVE

COST Association

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Financial year 2025 · closed on 31/10/2025

Net result

1 M €

+363.7% YoY

Equity

5,5 M €

+23.4% YoY

Workforce

64,6 ETP

-3.3% YoY

What does COST Association do?

COST Association is a company registered in Belgium. Its main activity is: Research and experimental development on natural sciences and engineering. Its registered office is in Saint-Josse-ten-Noode. It employs on average 64,6 ETP workers (FTE).

Legal situation

● Normal situation

BCE/KBO no. / VAT

BE 0829.090.573

Incorporation

08/09/2010

Registered office

Avenue du Boulevard 21 box 2
1210 Saint-Josse-ten-Noode · BruxellesSee on map

Latest accounts

31/10/2025

Average workforce

64,6 ETP

Activities (NACE)

72109Research and experimental development on natural sciences and engineering· main 72190Other research and experimental development on natural sciences and engineering 94999Activities of other membership organisations n.e.c.94999Activities of other membership organisations n.e.c.72109Research and experimental development on natural sciences and engineering 72190Other research and experimental development on natural sciences and engineering

Joint committees (1)

Contacts

4 public details availableLog in to view

Signals

ProfitableGood liquidityPositive cashflowPositive EBITDAHealthy social debts

View the BCE/KBO Public Search record →

Health score

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✦ Verdict · Analyst summary

Financials

Trend over 11 financial years

	2025		2024		2023		2022		2021		2020		2019		2018		2017		2015		2014
Income statement
EBITDA	706,4 k €	+176%	255,5 k €	+324%	-114,2 k €	-115%	765,9 k €	-35.3%	1,2 M €	+17.5%	1 M €	+26.2%	798,5 k €	+29.0%	618,9 k €	-56.5%	1,4 M €	+247%	409,5 k €	+691%	51,8 k €
Operating result	491,2 k €	+526%	-115,3 k €	+62.7%	-309 k €	-211%	278,1 k €	-74.1%	1,1 M €	+14.4%	938,6 k €	+29.8%	723 k €	+43.5%	503,9 k €	-59.6%	1,2 M €	+305%	308 k €	+1275%	22,4 k €
Net result	1 M €	+364%	223,9 k €	+585%	-46,2 k €	-161%	-17,7 k €	-102%	1 M €	+55.3%	648,3 k €	-8.2%	706,1 k €	+69.8%	415,8 k €	-66.1%	1,2 M €	+363%	265 k €	+24037%	1,1 k €
Balance sheet
Equity	5,5 M €	+23.4%	4,4 M €	+5.3%	4,2 M €	-1.1%	4,3 M €	-0.4%	4,3 M €	+30.9%	3,3 M €	+24.8%	2,6 M €	+37.0%	1,9 M €	+27.8%	1,5 M €	+461%	266,1 k €	+24137%	1,1 k €
Total assets	74,4 M €	+195%	25,2 M €	-54.1%	54,9 M €	-15.6%	65 M €	+83.6%	35,4 M €	+181%	12,6 M €	-61.6%	32,9 M €	+25.9%	26,1 M €	+51.2%	17,3 M €	-33.1%	25,8 M €	-31.6%	37,8 M €
Cash	72,6 M €	+715%	8,9 M €	-82.9%	52,2 M €	-16.2%	62,3 M €	+315%	15 M €	+116%	6,9 M €	-35.9%	10,8 M €	-18.2%	13,2 M €	+83.1%	7,2 M €	+42.0%	5,1 M €	-70.9%	17,5 M €
Debts	14,6 M €	-10.7%	16,4 M €	+27.8%	12,8 M €	+26.0%	10,2 M €	+156%	4 M €	-44.1%	7,1 M €	-75.0%	28,4 M €	+27.7%	22,3 M €	+46.3%	15,2 M €	+27.8%	11,9 M €	-31.5%	17,4 M €
Other
Workforce	64,6 ETP	-3.3%	66,8 ETP	+0.1%	66,7 ETP	+3.3%	64,6 ETP	-0.5%	64,9 ETP	+3.0%	63,0 ETP	-2.3%	64,5 ETP	+1.9%	63,3 ETP	-2.0%	64,6 ETP	+0.8%	64,1 ETP	+293%	16,3 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 31/10/2025 · 10 active · 63 ended

Active mandates

Maria Rachele Nocera

Director · since 24 juin 2025 · until 23 juin 2028

Active

Ase Gornitzka

Director · since 22 juin 2025 · until 21 juin 2027

Active

Anna Maude Grimmault

Director · since 28 novembre 2024 · until 27 novembre 2027

Active

Pascale Van Dinter

Director · since 28 novembre 2024 · until 27 novembre 2027

Active

Zoran Popovski

Director · since 28 novembre 2024 · until 27 novembre 2027

Active

Aisté Vilkanauskytè

Director · since 16 novembre 2023 · until 15 novembre 2026

Active

Salvatore Grimaldi

Director · since 22 juin 2023 · until 21 juin 2025

Active

Mikko Tapani Ylikangas

Director · since 27 janvier 2023 · until 26 janvier 2026

Active

Brigitte Weiss

Director · since 22 juin 2019 · until 21 juin 2025

Active

RSM INTERAUDIT

Réviseur d'entreprise · 0436.391.122

Represented by Karine Morris

Active

Ended mandates

COST Association

Director · since 28 novembre 2024 · until 27 novembre 2027 · 0829.090.573

Ended

COST Association

Director · since 28 novembre 2024 · until 27 novembre 2027 · 0829.090.573

Ended

COST Association

Director · since 28 novembre 2024 · until 27 novembre 2027 · 0829.090.573

Ended

COST Association

Director · since 16 novembre 2023 · until 15 novembre 2026 · 0829.090.573

Ended

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Annual accounts

Full financial information

	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	01/11/2024	01/11/2023	01/11/2022	01/05/2021	01/05/2020	01/05/2019
Closing of the financial year	31/10/2025	31/10/2024	31/10/2023	31/10/2022	30/04/2021	30/04/2020
Length of the financial year	12 months	12 months	12 months	18 months	12 months	12 months
Filing date	10/06/2026	27/08/2025	29/07/2024	15/06/2023	07/12/2021	05/11/2020
General meeting	13/03/2026	15/03/2025	22/03/2024	23/03/2023	17/11/2021	27/10/2020
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

11 filings with the NBB

Model	Closing	General meeting	Filed	Language	Document
Full model	31/10/2025	13/03/2026	10/06/2026	French	PDF
Full model	31/10/2024	15/03/2025	27/08/2025	French	PDF
Full model	31/10/2023	22/03/2024	29/07/2024	French	PDF
Full model	31/10/2022	23/03/2023	15/06/2023	French	PDF
Full model	30/04/2021	17/11/2021	07/12/2021	French	PDF
Full model	30/04/2020	27/10/2020	05/11/2020	French	PDF
Full model	30/04/2019	08/11/2019	27/11/2019	French	PDF
Full model	30/04/2018	08/11/2018	02/01/2019	French	PDF
Full model	30/04/2017	19/10/2017	09/11/2017	French	PDF
Full model	31/12/2015	14/04/2016	29/07/2016	French	PDF
Full model	31/12/2014	13/05/2015	02/06/2015	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 31/10/2025 · 10 active · 63 ended

Active mandates

Maria Rachele Nocera

Director · since 24 juin 2025 · until 23 juin 2028

Active

Ase Gornitzka

Director · since 22 juin 2025 · until 21 juin 2027

Active

Anna Maude Grimmault

Director · since 28 novembre 2024 · until 27 novembre 2027

Active

Pascale Van Dinter

Director · since 28 novembre 2024 · until 27 novembre 2027

Active

Zoran Popovski

Director · since 28 novembre 2024 · until 27 novembre 2027

Active

Aisté Vilkanauskytè

Director · since 16 novembre 2023 · until 15 novembre 2026

Active

Salvatore Grimaldi

Director · since 22 juin 2023 · until 21 juin 2025

Active

Mikko Tapani Ylikangas

Director · since 27 janvier 2023 · until 26 janvier 2026

Active

Brigitte Weiss

Director · since 22 juin 2019 · until 21 juin 2025

Active

RSM INTERAUDIT

Réviseur d'entreprise · 0436.391.122

Represented by Karine Morris

Active

Ended mandates

COST Association

Director · since 28 novembre 2024 · until 27 novembre 2027 · 0829.090.573

Ended

COST Association

Director · since 28 novembre 2024 · until 27 novembre 2027 · 0829.090.573

Ended

COST Association

Director · since 28 novembre 2024 · until 27 novembre 2027 · 0829.090.573

Ended

COST Association

Director · since 16 novembre 2023 · until 15 novembre 2026 · 0829.090.573

Ended

Shareholders

Ownership and network

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Try for 7 days

Belgian Official Gazette

Belgian Official Gazette publications

Other19/08/2026
Fin de mandat de la personne déléguée à la gestion journalière et
PDF
Mandates19/03/2026
DEMISSIONS, NOMINATIONS
PDF
Mandates03/11/2025
DEMISSIONS, NOMINATIONS
PDF
Mandates09/01/2025
DEMISSIONS, NOMINATIONS
PDF
Mandates11/01/2024
DEMISSIONS, NOMINATIONS
PDF
Mandates06/04/2023
DEMISSIONS, NOMINATIONS
PDF
Mandates16/03/2023
DEMISSIONS, NOMINATIONS
PDF
Mandates11/05/2022
STATUTS (TRADUCTION, COORDINATION, AUTRES MODIFICATIONS, ) - DEMISSIONS, NOMINATIONS - ANNEE COMPTABLE - SIEGE SOCIAL
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

13/11/2025
nominationHannah Lea SCHMIDT — Membre du Conseil d'Administration
2025
Annual accounts 20251 M €↑
24/06/2025
nominationMaria Rachele NOCERA — membre du Conseil d'Administration
22/06/2025
nominationÂse GORNITZKA — Présidente
28/11/2024
nominationZoran POPOVSKI — Vice-Président et Membre du Conseil d'Administration
28/11/2024
nominationAnna GRIMAULT — Membre du Conseil d'administration
28/11/2024
nominationPascale VAN DINTER — Membre du Conseil d'administration
2024
Annual accounts 2024223,9 k €↑
16/11/2023
nominationAisté VILKANAUSKYSTE — membre du Conseil d'Administration
2023
Annual accounts 2023-46,2 k €↓
18/07/2023
nominationSalvatore GRIMALDI — Président de l'Association COST et membre du Conseil d'Administration
27/01/2023
demissionMikko YLIKANGAS — Membre du Conseil d'Administration
27/01/2023
nominationMikko Tapani YLIKANGAS — Membre du Conseil d'Administration
10/11/2022
reconductionIoannis BARTZIS — Vice-Président par intérim
2022
Annual accounts 2022-17,7 k €↓
23/10/2021
demissionGeorges Joseph Nico KLEIN
2021
Annual accounts 20211 M €↑
24/03/2021
nominationIoannis BARTZIS — Vice-Président par intérim
2020
Annual accounts 2020648,3 k €↓
2019
Annual accounts 2019706,1 k €↑
2018
Annual accounts 2018415,8 k €↓
2017
Annual accounts 20171,2 M €↑
2015
Annual accounts 2015265 k €↑
2014
Annual accounts 20141,1 k €
08/09/2010
Incorporation

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

COST Association

Overview

What does COST Association do?

Trend over 11 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