ACTIVE

INULA

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Financial year 2025 · closed on 31/12/2025

Net result

32,8 M €

-26.7% YoY

Equity

23 M €

+344.7% YoY

What does INULA do?

INULA is a Public limited company incorporated in 2011. Its main activity is: Management consultancy activities. Its registered office is in Ath.

Legal situation

● Normal situation

BCE/KBO no. / VAT

BE 0833.570.389

Incorporation

08/02/2011

Legal form

Public limited company

Registered office

Avenue des Artisans(GHI) 37
7822 Ath · WallonieSee on map

Contributed capital

4 528 699,42 €

Latest accounts

31/12/2025

Activities (NACE)

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

Signals

ProfitableSolid equityLow riskGood liquidityPositive cashflow

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✦ Verdict · Analyst summary

Financials

Trend over 14 financial years

	2025		2024		2023		2022		2021		2019		2018		2017		2016		2015		2014		2014		2013		2012
Income statement
Revenue	–		0 €	-100%	8 k €	-97.8%	361,7 k €	-65.1%	1 M €	-16.0%	1,2 M €	-48.3%	2,4 M €	-40.2%	4 M €	+54.0%	2,6 M €	-21.4%	3,3 M €	+726%	399,1 k €	+448%	72,8 k €		–		–
EBITDA	-102,5 k €	-0.2%	-102,3 k €	+2.4%	-104,8 k €	-128%	-46 k €	+87.5%	-368,3 k €	-95.2%	-188,7 k €	-127%	692,7 k €	-28.3%	965,7 k €	+61.3%	598,7 k €	-14.9%	703,9 k €	+428%	133,4 k €	-30.1%	190,8 k €	-1.4%	193,6 k €	+162%	-313,9 k €
Operating result	-102,5 k €	-5.2%	-97,4 k €	+7.1%	-104,8 k €	-128%	-46 k €	+87.5%	-368,3 k €	-95.2%	-188,7 k €	-127%	692,7 k €	-28.0%	962,1 k €	+61.1%	597,1 k €	-15.1%	703,5 k €	+428%	133,1 k €	-30.1%	190,6 k €	-1.6%	193,6 k €	+162%	-313,9 k €
Net result	32,8 M €	-26.7%	44,8 M €	+369%	9,6 M €	-61.0%	24,5 M €	+26.8%	19,3 M €	+2889%	-693,5 k €	+87.7%	-5,7 M €	-706%	932,9 k €	+72.1%	542,1 k €	+11.9%	484,6 k €	+259%	-305,6 k €	-120%	1,6 M €	+18.3%	1,3 M €	+214%	-1,2 M €
Balance sheet
Equity	23 M €	+345%	5,2 M €	0.0%	5,2 M €	+12.0%	4,6 M €	0.0%	4,6 M €	+199%	1,5 M €	-31.0%	2,2 M €	-71.6%	7,9 M €	-45.4%	14,5 M €	+3.9%	13,9 M €	+3.6%	13,4 M €	-2.2%	13,7 M €	+99.3%	6,9 M €	+25.4%	5,5 M €
Total assets	52,2 M €	-18.1%	63,7 M €	+133%	27,4 M €	-4.2%	28,6 M €	+54.3%	18,5 M €	+6.4%	17,4 M €	-5.6%	18,4 M €	-1.7%	18,7 M €	+9.0%	17,2 M €	-31.7%	25,2 M €	+6.1%	23,7 M €	+2.3%	23,2 M €	+16.2%	20 M €	+13.0%	17,7 M €
Cash	139,7 k €	-35.7%	217,5 k €	-55.3%	486,8 k €	-70.0%	1,6 M €	+9.6%	1,5 M €	+298%	372,1 k €	-77.3%	1,6 M €	+1473%	104,3 k €		–		881,8 k €	+495%	148,2 k €	+13.9%	130,2 k €	+22776%	569,1 €	-62.2%	1,5 k €
Debts	29,1 M €	-50.1%	58,2 M €	+164%	22 M €	-8.0%	23,9 M €	+72.3%	13,9 M €	-12.4%	15,9 M €	-2.1%	16,2 M €	+49.0%	10,9 M €	+296%	2,7 M €	-75.7%	11,3 M €	+9.4%	10,3 M €	+8.9%	9,5 M €	-27.2%	13 M €	+7.0%	12,2 M €
Other
Workforce	–		–		–		–		–		–		–		–		0,5 ETP	-50.0%	1,0 ETP	0.0%	1,0 ETP	+42.9%	0,7 ETP		–		–

Estimate

Indicative valuation

As an indication, this company is worth

between 10 M€ and 25 M€

See the valuation

Governance

Board of directors

Seen on filing of 31/12/2025 · 2 active · 28 ended

Active mandates

Christine Le Flecher

Managing director · since 22 décembre 2023 · until 15 juin 2029

Active

INULA HOLDING

Managing director · since 22 décembre 2023 · until 15 juin 2029

Represented by Tranvouez PATRICIA

Active

Ended mandates

Stéphanie Gheysens

Managing director · since 22 décembre 2023 · until 15 juin 2029

Ended

Christine Le Flecher

Managing director · since 23 septembre 2022 · until 16 juin 2028

Ended

Stéphanie Gheysens

Director · since 23 septembre 2022 · until 16 juin 2028

Ended

INULA

Director · since 24 décembre 2021 · until 18 juin 2027 · 0833.570.389

Represented by Tranvouez PATRICIA

Ended

At this address

Other companies at this address

Company	CBE no.
INULA SERVICES● Active	0567.657.658
PRANAROM● Active	0506.942.190
PRANAROM INTERNATIONAL● Active	0430.155.012

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	01/01/2025	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	23/06/2026	23/06/2025	24/06/2024	19/06/2023	01/07/2022	08/07/2021
General meeting	19/06/2026	20/06/2025	21/06/2024	16/06/2023	17/06/2022	18/06/2021
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

22 filings with the NBB

Model	Closing	General meeting	Filed	Language	Document
Full model	31/12/2025	19/06/2026	23/06/2026	French	PDF
Full model	31/12/2024	20/06/2025	23/06/2025	French	PDF
Full model	31/12/2023	21/06/2024	24/06/2024	French	PDF
Full model	31/12/2022	16/06/2023	19/06/2023	French	PDF
Full model	31/12/2021	17/06/2022	01/07/2022	French	PDF
Full model	31/12/2020	18/06/2021	08/07/2021	French	PDF
Full model	31/12/2019	19/06/2020	07/07/2020	French	PDF
Full model	31/12/2018	21/06/2019	01/07/2019	French	PDF
m120-f-p	31/12/2018	12/07/2019	05/02/2020	French	PDF
Full model	31/12/2017	15/06/2018	27/06/2018	French	PDF
m120-f-p	31/12/2017	15/06/2018	27/06/2018	French	PDF
Full model	31/12/2016	16/06/2017	27/07/2017	French	PDF
m120-f-p	31/12/2016	16/06/2017	24/08/2017	French	PDF
Full model	31/12/2015	17/06/2016	28/06/2016	French	PDF
m120-f-p	31/12/2015	17/06/2016	02/11/2016	French	PDF
Full model	31/12/2014	19/06/2015	08/07/2015	French	PDF
m120-f-p	31/12/2014	19/06/2015	08/07/2015	French	PDF
Full model	31/03/2014	05/09/2014	24/09/2014	French	PDF
m120-f-p	31/03/2014	11/12/2014	29/01/2015	French	PDF
Full modelCorrection	31/03/2013	04/11/2013	31/12/2013	French	PDF
Full model	31/03/2013	06/09/2013	10/10/2013	French	PDF
Full model	31/03/2012	28/09/2012	29/10/2012	French	PDF

Estimate

Indicative valuation

Order of magnitude

As an indication, this company is worth

between 10 M€ and 25 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 · 2 active · 28 ended

Active mandates

Christine Le Flecher

Managing director · since 22 décembre 2023 · until 15 juin 2029

Active

INULA HOLDING

Managing director · since 22 décembre 2023 · until 15 juin 2029

Represented by Tranvouez PATRICIA

Active

Ended mandates

Stéphanie Gheysens

Managing director · since 22 décembre 2023 · until 15 juin 2029

Ended

Christine Le Flecher

Managing director · since 23 septembre 2022 · until 16 juin 2028

Ended

Stéphanie Gheysens

Director · since 23 septembre 2022 · until 16 juin 2028

Ended

INULA

Director · since 24 décembre 2021 · until 18 juin 2027 · 0833.570.389

Represented by Tranvouez PATRICIA

Ended

Shareholders

Ownership and network

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Belgian Official Gazette

Belgian Official Gazette publications

Mandates24/09/2025
DEMISSIONS, NOMINATIONS
PDF
Mandates24/06/2025
DEMISSIONS, NOMINATIONS
PDF
Mandates15/02/2024
DEMISSIONS, NOMINATIONS
PDF
Mandates07/08/2023
DEMISSIONS, NOMINATIONS
PDF
Mandates28/10/2022
DEMISSIONS, NOMINATIONS
PDF
Mandates03/06/2022
DEMISSIONS, NOMINATIONS
PDF
Mandates05/01/2022
DEMISSIONS, NOMINATIONS
PDF
Other02/04/2019
DIVERS
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 202532,8 M €↓
07/05/2025
nominationPaul-François Cossa — représentant permanent
2024
Annual accounts 202444,8 M €↑
15/12/2024
nominationStéphane Mathieu — représentant permanent
2023
Annual accounts 20239,6 M €↓
16/06/2023
nominationEY Réviseurs d'entreprises SRL — commissaire
2022
Annual accounts 202224,5 M €↑
15/03/2022
nominationPatricia Tranvouëz — représentant permanent d'Inula Holding (administrateur)
2021
Annual accounts 202119,3 M €↑
2019
Annual accounts 2019-693,5 k €↑
2018
Annual accounts 2018-5,7 M €↓
2017
Annual accounts 2017932,9 k €↑
2016
Annual accounts 2016542,1 k €↑
2015
Annual accounts 2015484,6 k €↑
2014
Annual accounts 2014-305,6 k €↓
2014
Annual accounts 20141,6 M €↑
2014
Name changeInula
2013
Annual accounts 20131,3 M €↑
2012
Annual accounts 2012-1,2 M €
2012
Name changeNatural Essential
08/02/2011
IncorporationPublic 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

INULA

Overview

What does INULA do?

Trend over 14 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