ACTIVE

WHITE RESEARCH

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Financial year 2025 · closed on 31/12/2025
Net result
459,1 k €
+1.3% YoY
Gross margin
1,7 M €
+21.2% YoY
Equity
467,2 k €
-8.3% YoY
Workforce
12,5 ETP
+38.9% YoY

What does WHITE RESEARCH do?

WHITE RESEARCH is a Private limited company incorporated in 2012. Its main activity is: Management consultancy activities. Its registered office is in Saint-Gilles. It employs on average 12,5 ETP workers (FTE).

Legal situation
● Normal situation
BCE/KBO no. / VAT
BE 0845.692.421
Incorporation
03/05/2012
Legal form
Private limited company
Registered office
Avenue de la Toison d'Or 67
1060 Saint-Gilles · BruxellesSee on map
Contributed capital
6 200,00 €
Latest accounts
31/12/2025
Average workforce
12,5 ETP
Activities (NACE)
70200Management consultancy activities· main70220Business and other management consultancy activities82990Other business support service activities n.e.c.82990Other business support service activities n.e.c.62090Other information technology and computer service activities62900Computer programming, consultancy and related activities
Signals
ProfitableLow riskGood liquidityPositive cashflowPositive EBITDAHealthy social debts
View the BCE/KBO Public Search record →
Health score
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✦ Verdict · Analyst summary
Financials

Trend over 12 financial years

202520242023202220212020201920182017201620152014
Income statement
Gross margin1,7 M €1,4 M €736,9 k €564,2 k €536,8 k €555,3 k €245,9 k €265,4 k €92,5 k €12,6 k €10,1 k €6,7 k €
EBITDA601,3 k €604,2 k €96,1 k €157 k €134,9 k €210 k €43 k €140,7 k €14,6 k €12,3 k €9,6 k €6,2 k €
Operating result583,9 k €589,6 k €79 k €143,5 k €123,5 k €202,7 k €37,8 k €139,6 k €14,2 k €11,9 k €9,2 k €5,8 k €
Net result459,1 k €453,3 k €48,1 k €99,1 k €85,3 k €131,3 k €25,9 k €89,6 k €10,9 k €9,3 k €7,6 k €5,7 k €
Balance sheet
Equity467,2 k €509,5 k €171,1 k €222 k €208,3 k €289,5 k €158,2 k €132,3 k €42,7 k €31,8 k €22,4 k €14,9 k €
Total assets4,9 M €5,8 M €2,5 M €2,5 M €1,5 M €1,6 M €572,6 k €314,3 k €390,4 k €145,2 k €103,9 k €54,1 k €
Cash4,2 M €4,4 M €1,1 M €2,2 M €1,3 M €1,5 M €503,5 k €272,4 k €380,3 k €77,3 k €75,3 k €50,7 k €
Debts1,6 M €2,2 M €92 k €91 k €52,1 k €67 k €65,9 k €47,3 k €27,4 k €12 k €9,1 k €16,6 k €
Other
Workforce12,5 ETP9,0 ETP8,5 ETP7,9 ETP8,9 ETP7,8 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 · 2 active · 5 ended

Active mandates

Efthymios Altsitsiadis

Director

Active
Konstantinos Bougiouklis

Director

Active

Ended mandates

Efthymios ALTSITSIADIS

Director · since 03 mai 2012

Ended
Konstantinos BOUGIOUKLIS

Director · since 03 mai 2012

Ended
Efthymios ALTSITSIADIS

Manager · since 25 avril 2012

Ended
Konstantinos BOUGIOUKLIS

Manager · since 25 avril 2012

Ended
At this address

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0757.808.441
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0705.837.524
First Louise● Bankrupt
0428.009.233
SACC by EJC● Active
0704.757.359
SATELLITE INDUSTRIES● Active
0894.561.417
Unité Chrétienne pour le Développement● Active
0795.591.921
Annual accounts

Full financial information

202520242023202220212020
Type of accountAbridged modelAbridged modelAbridged modelAbridged modelAbridged modelAbridged 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 date27/07/202623/07/202510/07/202404/08/202302/08/202217/08/2021
General meeting29/06/202630/06/202524/06/202430/06/202329/06/202225/06/2021
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

14 filings with the NBB

ModelClosingGeneral meetingFiledLanguageDocument
Abridged model31/12/202529/06/202627/07/2026FrenchPDF
Abridged model31/12/202430/06/202523/07/2025FrenchPDF
Abridged model31/12/202324/06/202410/07/2024FrenchPDF
Abridged model31/12/202230/06/202304/08/2023FrenchPDF
Abridged model31/12/202129/06/202202/08/2022FrenchPDF
Abridged model31/12/202025/06/202117/08/2021FrenchPDF
Abridged model31/12/201930/06/202027/08/2020FrenchPDF
Abridged modelCorrection31/12/201830/06/201916/09/2019FrenchPDF
Abridged model31/12/201830/06/201930/08/2019FrenchPDF
Abridged model31/12/201730/06/201820/07/2018FrenchPDF
Abridged model31/12/201630/06/201730/08/2017FrenchPDF
Abridged model31/12/201530/06/201626/08/2016FrenchPDF
Abridged model31/12/201430/06/201530/09/2015FrenchPDF
Abridged model31/12/201330/06/201429/08/2014FrenchPDF
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 · 2 active · 5 ended

Active mandates

Efthymios Altsitsiadis

Director

Active
Konstantinos Bougiouklis

Director

Active

Ended mandates

Efthymios ALTSITSIADIS

Director · since 03 mai 2012

Ended
Konstantinos BOUGIOUKLIS

Director · since 03 mai 2012

Ended
Efthymios ALTSITSIADIS

Manager · since 25 avril 2012

Ended
Konstantinos BOUGIOUKLIS

Manager · since 25 avril 2012

Ended
Shareholders

Ownership and network

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Belgian Official Gazette

Belgian Official Gazette publications

  • Mandates18/04/2025
    DEMISSIONS, NOMINATIONS
    PDF
  • Mandates09/12/2021
    STATUTS (TRADUCTION, COORDINATION, AUTRES MODIFICATIONS, …) - MODIFICATION FORME JURIDIQUE - COMPTES ANNUELS - DIVERS - OBJET - CAPITAL, ACTIONS - DEMISSIONS, NOMINATIONS
    PDF
  • Mandates28/07/2020
    DEMISSIONS, NOMINATIONS
    PDF
  • Mandates09/06/2020
    DEMISSIONS, NOMINATIONS - MODIFICATION FORME JURIDIQUE
    PDF
  • Registered office22/07/2019
    SIEGE SOCIAL
    PDF
  • Registered office05/07/2017
    SIEGE SOCIAL
    PDF
  • Capital / shares01/02/2017
    CAPITAL, ACTIONS
    PDF
  • Mandates29/03/2013
    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 2025459,1 k €↑
  2. 2024
    Annual accounts 2024453,3 k €↑
  3. 2023
    Annual accounts 202348,1 k €↓
  4. 2022
    Annual accounts 202299,1 k €↑
  5. 2021
    Annual accounts 202185,3 k €↓
  6. 2020
    Annual accounts 2020131,3 k €↑
  7. 2019
    Annual accounts 201925,9 k €↓
  8. 2018
    Annual accounts 201889,6 k €↑
  9. 2017
    Annual accounts 201710,9 k €↑
  10. 2016
    Annual accounts 20169,3 k €↑
  11. 2015
    Annual accounts 20157,6 k €↑
  12. 2014
    Annual accounts 20145,7 k €
  13. 03/05/2012
    IncorporationPrivate limited company