ACTIVE

FARNAS DEVELOPMENT

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Financial year 2025 · closed on 31/12/2025

Net result

88,8 k €

-3.9% YoY

Gross margin

132,8 k €

-3.4% YoY

Equity

1,2 M €

+8.2% YoY

What does FARNAS DEVELOPMENT do?

FARNAS DEVELOPMENT is a Private limited company incorporated in 2003. Its main activity is: Market research and public opinion polling. Its registered office is in Oupeye.

Legal situation

● Normal situation

BCE/KBO no. / VAT

BE 0859.555.602

Incorporation

02/07/2003

Legal form

Private limited company

Registered office

Square Roi Baudouin 22
4684 Oupeye · WallonieSee on map

Contributed capital

12 400,00 €

Latest accounts

31/12/2025

Activities (NACE)

73200Market research and public opinion polling· main 73200Market research and public opinion polling 74131Specialised design activities

Signals

ProfitableSolid equityLow riskGood liquidityPositive cashflowPositive EBITDA

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✦ Verdict · Analyst summary

Financials

Trend over 20 financial years

	2025		2024		2023		2022		2021		2020		2019		2018		2017		2016		2015		2014		2013		2012		2011		2010		2009		2008		2007		2006
Income statement
Gross margin	132,8 k €	-3.4%	137,5 k €	-1.5%	139,6 k €	-4.9%	146,7 k €	-0.0%	146,8 k €	+9.2%	134,4 k €	-9.0%	147,6 k €	+5.8%	139,4 k €	-14.9%	163,8 k €	+9.9%	149 k €	-1.5%	151,3 k €	+1.2%	149,6 k €	+78.4%	83,8 k €	+130%	36,4 k €	+173%	13,3 k €	+169%	5 k €	+2030%	-256,5 €	-134%	748,3 €	-48.5%	1,5 k €	-4.6%	1,5 k €
EBITDA	130,8 k €	-3.7%	135,8 k €	-1.7%	138,1 k €	-4.2%	144 k €	-0.5%	144,8 k €	+9.6%	132,1 k €	-9.2%	145,5 k €	+5.1%	138,5 k €	-14.6%	162,2 k €	+9.3%	148,4 k €	-1.5%	150,7 k €	+1.3%	148,8 k €	+78.7%	83,3 k €	+132%	35,8 k €	+184%	12,6 k €	+233%	3,8 k €	+528%	-885,9 €	-1493%	63,6 €	-93.0%	909,8 €	+9.1%	833,9 €
Operating result	129,4 k €	-3.9%	134,6 k €	-1.5%	136,6 k €	-3.0%	140,8 k €	-1.0%	142,2 k €	+7.7%	132,1 k €	-9.2%	145,5 k €	+5.1%	138,5 k €	-14.6%	162,2 k €	+10.6%	146,8 k €	-1.3%	148,7 k €	+0.5%	148 k €	+78.9%	82,7 k €	+132%	35,6 k €	+192%	12,2 k €	+257%	3,4 k €	+279%	-1,9 k €	-225%	-586,4 €	-326%	259,8 €	-68.8%	833,9 €
Net result	88,8 k €	-3.9%	92,4 k €	-1.7%	94 k €	-2.0%	96 k €	-0.9%	96,8 k €	+7.1%	90,4 k €	-6.1%	96,3 k €	+6.1%	90,7 k €	-4.9%	95,5 k €	+12.2%	85,1 k €	+3.1%	82,5 k €	-1.4%	83,7 k €	+77.2%	47,2 k €	+227%	14,4 k €	+368%	3,1 k €	+705%	-510,7 €	+88.9%	-4,6 k €	-35.4%	-3,4 k €	-52.5%	-2,2 k €	-1.0%	-2,2 k €
Balance sheet
Equity	1,2 M €	+8.2%	1,1 M €	+9.3%	985 k €	+10.5%	891,8 k €	+11.9%	796,6 k €	+13.8%	699,9 k €	+14.7%	610,3 k €	+18.5%	514,8 k €	+21.2%	424,9 k €	+29.0%	329,4 k €	+34.8%	244,4 k €	+51.0%	161,9 k €	+107%	78,2 k €	+152%	31 k €	+87.3%	16,5 k €	+22.9%	13,5 k €	-3.7%	14 k €	-24.9%	18,6 k €	-15.5%	22 k €	-9.2%	24,2 k €
Total assets	1,2 M €	+8.7%	1,1 M €	+7.5%	1 M €	+9.5%	943,7 k €	+10.5%	854,1 k €	+12.2%	761,2 k €	+12.3%	678 k €	+11.8%	606,3 k €	+12.3%	539,8 k €	+15.7%	466,4 k €	+27.6%	365,5 k €	+37.0%	266,8 k €	+56.9%	170 k €	+61.5%	105,3 k €	+88.8%	55,8 k €	+30.8%	42,6 k €	+1.8%	41,9 k €	-1.2%	42,4 k €	-17.9%	51,7 k €	+5.9%	48,8 k €
Cash	–		–		124,9 €	-99.1%	13,8 k €	+38.5%	10 k €		–		14 k €		–		15,4 k €	+17.2%	13,1 k €	-3.5%	13,6 k €	-13.9%	15,8 k €		–		10,6 k €		–		7,7 k €	+398%	1,6 k €	-75.0%	6,2 k €	+428%	1,2 k €	-38.1%	1,9 k €
Debts	41,2 k €	+27.5%	32,3 k €	-31.5%	47,1 k €	-6.5%	50,4 k €	-10.0%	56 k €	-6.9%	60,1 k €	-8.3%	65,6 k €	-27.0%	89,8 k €	-20.8%	113,4 k €	-16.4%	135,6 k €	+13.8%	119,1 k €	+15.0%	103,6 k €	+14.6%	90,4 k €	+26.6%	71,4 k €	+85.8%	38,4 k €	+36.6%	28,1 k €	+5.7%	26,6 k €	+19.0%	22,4 k €	-21.4%	28,5 k €	+17.9%	24,1 k €

Estimate

Indicative valuation

As an indication, this company is worth

between 500 k€ and 1 M€

See the valuation

Governance

Board of directors

Seen on filing of 31/12/2025 · 1 active · 2 ended

Active mandates

Michel D'HULSTER

Director · since 18 juillet 2024

Active

Ended mandates

Michel D'HULSTER

Director

Ended

Michel D'HULSTER

Manager

Ended

Annual accounts

Full financial information

	2025	2024	2023	2022	2021	2020
Type of account	Micro model	Micro model	Micro model	Micro model	Micro model	Micro 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	07/06/2026	05/05/2025	16/04/2024	20/04/2023	01/06/2022	16/08/2021
General meeting	05/06/2026	08/04/2025	11/04/2024	05/04/2023	27/05/2022	28/05/2021
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

20 filings with the NBB

Model	Closing	General meeting	Filed	Language	Document
Micro model	31/12/2025	05/06/2026	07/06/2026	French	PDF
Micro model	31/12/2024	08/04/2025	05/05/2025	French	PDF
Micro model	31/12/2023	11/04/2024	16/04/2024	French	PDF
Micro model	31/12/2022	05/04/2023	20/04/2023	French	PDF
Micro model	31/12/2021	27/05/2022	01/06/2022	French	PDF
Micro model	31/12/2020	28/05/2021	16/08/2021	French	PDF
Micro model	31/12/2019	22/05/2020	07/08/2020	French	PDF
Micro model	31/12/2018	30/06/2019	24/07/2019	French	PDF
Micro model	31/12/2017	30/06/2018	24/08/2018	French	PDF
Micro model	31/12/2016	26/05/2017	07/08/2017	French	PDF
Abridged model	31/12/2015	15/06/2016	11/07/2016	French	PDF
Abridged model	31/12/2014	22/05/2015	01/06/2015	French	PDF
Abridged model	31/12/2013	30/06/2014	07/08/2014	French	PDF
Abridged model	31/12/2012	30/04/2013	02/05/2013	French	PDF
Abridged model	31/12/2011	30/06/2012	10/08/2012	French	PDF
Abridged model	31/12/2010	30/06/2011	08/08/2011	French	PDF
Abridged model	31/12/2009	30/06/2010	23/07/2010	French	PDF
Abridged model	31/12/2008	30/06/2009	23/07/2009	French	PDF
Abridged model	31/12/2007	30/06/2008	18/07/2008	French	PDF
Abridged model	31/12/2006	29/06/2007	19/07/2007	French	PDF

Estimate

Indicative valuation

Order of magnitude

As an indication, this company is worth

between 500 k€ and 1 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 · 2 ended

Active mandates

Michel D'HULSTER

Director · since 18 juillet 2024

Active

Ended mandates

Michel D'HULSTER

Director

Ended

Michel D'HULSTER

Manager

Ended

Shareholders

Ownership and network

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Try for 7 days

Belgian Official Gazette

Belgian Official Gazette publications

Mandates26/07/2024
STATUTS (TRADUCTION, COORDINATION, AUTRES MODIFICATIONS, ) - MODIFICATION FORME JURIDIQUE - DEMISSIONS, NOMINATIONS
PDF
Registered office01/09/2006
SIEGE SOCIAL
PDF
Other22/07/2003
RUBRIQUE CONSTITUTION (NOUVELLE PERSONNE MORALE, OUVERTURE SUCCURSALE, ETC...)
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 202588,8 k €↓
2024
Annual accounts 202492,4 k €↓
2023
Annual accounts 202394 k €↓
2022
Annual accounts 202296 k €↓
2021
Annual accounts 202196,8 k €↑
2020
Annual accounts 202090,4 k €↓
2019
Annual accounts 201996,3 k €↑
2018
Annual accounts 201890,7 k €↓
2017
Annual accounts 201795,5 k €↑
2016
Annual accounts 201685,1 k €↑
2015
Annual accounts 201582,5 k €↓
2014
Annual accounts 201483,7 k €↑
2013
Annual accounts 201347,2 k €↑
2012
Annual accounts 201214,4 k €↑
2011
Annual accounts 20113,1 k €↑
2010
Annual accounts 2010-510,7 €↑
2009
Annual accounts 2009-4,6 k €↓
2008
Annual accounts 2008-3,4 k €↓
2007
Annual accounts 2007-2,2 k €↓
2006
Annual accounts 2006-2,2 k €
02/07/2003
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

FARNAS DEVELOPMENT

Overview

What does FARNAS DEVELOPMENT do?

Trend over 20 financial years

Indicative valuation

Board of directors

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