Flanders Make
0860.286.268 · rovalta.com · 22/09/2026
ACTIVE
Flanders Make
Financial year 2025 · closed on 31/12/2025
Net result
1,5 M €
-10.5% YoY
Revenue
32,3 M €
+4.6% YoY
Equity
26 M €
+11.0% YoY
Workforce
218,6 ETP
+6.7% YoY
Overview
What does Flanders Make do?
Flanders Make is a Non-profit organization incorporated in 2003. Its main activity is: Research and experimental development on natural sciences and engineering. Its registered office is in Lommel. It employs on average 218,6 ETP workers (FTE).
Legal situation
● Normal situation
BCE/KBO no. / VAT
BE 0860.286.268
Incorporation
29/08/2003
Legal form
Non-profit organization
Registered office
Oude Diestersebaan 133
3920 Lommel · FlandreSee on map
3920 Lommel · FlandreSee on map
Latest accounts
31/12/2025
Average workforce
218,6 ETP
Activities (NACE)
Joint committees (1)
- 335
Signals
ProfitableGood liquidityPositive cashflowPositive EBITDAHealthy social debtsHigh revenue
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Financials
Trend over 19 financial years
| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 | 2013 | 2012 | 2011 | 2010 | 2009 | 2008 | 2007 | |||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Income statement | |||||||||||||||||||||||||||||||||||||
| Revenue | 32,3 M € | +4.6% | 30,9 M € | +10.5% | 28 M € | +10.9% | 25,2 M € | +15.6% | 21,8 M € | +14.1% | 19,1 M € | +17.5% | 16,3 M € | +16.1% | 14 M € | +9.1% | 12,9 M € | +0.7% | 12,8 M € | +41.5% | 9 M € | +49.6% | 6 M € | +162% | 2,3 M € | -0.2% | 2,3 M € | +21.8% | 1,9 M € | +12.3% | 1,7 M € | +79.1% | 942,5 k € | +6.9% | 881,5 k € | -2.9% | 907,7 k € |
| EBITDA | 2,9 M € | +20.7% | 2,4 M € | +199% | 807,6 k € | -68.6% | 2,6 M € | +34.5% | 1,9 M € | +116% | 885,2 k € | +27.7% | 693,3 k € | +29.7% | 534,4 k € | -48.6% | 1 M € | -22.8% | 1,3 M € | -17.7% | 1,6 M € | +120% | 742,6 k € | -18.0% | 905,4 k € | +13.1% | 800,4 k € | +107% | 386,8 k € | -13.5% | 447,5 k € | +35.3% | 330,8 k € | -54.9% | 734,2 k € | +31.8% | 557 k € |
| Operating result | 191 k € | +205% | -182,1 k € | +87.7% | -1,5 M € | -1774% | 88,1 k € | +124% | -366,3 k € | +72.3% | -1,3 M € | -13.9% | -1,2 M € | -124% | -518,2 k € | -203% | 502,9 k € | -23.4% | 656,2 k € | -50.1% | 1,3 M € | +148% | 530 k € | -24.3% | 700,3 k € | +6.0% | 660,4 k € | +141% | 274,4 k € | -25.7% | 369,2 k € | +43.6% | 257,1 k € | -60.0% | 642,6 k € | +30.0% | 494,2 k € |
| Net result | 1,5 M € | -10.5% | 1,7 M € | +5867% | 28,9 k € | +104% | -674,5 k € | -196% | 702,3 k € | +396% | -237,5 k € | +3.6% | -246,2 k € | -65.7% | -148,6 k € | -106% | 2,3 M € | -61.3% | 6 M € | +1415% | 398,8 k € | -27.8% | 552,2 k € | -25.0% | 736,1 k € | +2.4% | 719 k € | +103% | 353,7 k € | -23.2% | 460,2 k € | +31.8% | 349,3 k € | -56.5% | 803,4 k € | +29.1% | 622,5 k € |
| Balance sheet | |||||||||||||||||||||||||||||||||||||
| Equity | 26 M € | +11.0% | 23,5 M € | +17.7% | 19,9 M € | -3.3% | 20,6 M € | +8.5% | 19 M € | +1.9% | 18,6 M € | -8.1% | 20,3 M € | +0.6% | 20,2 M € | +40.8% | 14,3 M € | +19.5% | 12 M € | +102% | 5,9 M € | +7.1% | 5,5 M € | +11.0% | 5 M € | +16.9% | 4,3 M € | +19.5% | 3,6 M € | +9.8% | 3,3 M € | +15.0% | 2,8 M € | +11.2% | 2,6 M € | +45.7% | 1,8 M € |
| Total assets | 234,7 M € | +2.5% | 229 M € | +12.4% | 203,7 M € | +35.1% | 150,8 M € | +23.7% | 121,9 M € | +18.6% | 102,8 M € | +10.0% | 93,4 M € | +13.5% | 82,4 M € | +52.9% | 53,9 M € | +19.9% | 44,9 M € | +37.5% | 32,7 M € | +63.8% | 19,9 M € | +67.5% | 11,9 M € | +50.3% | 7,9 M € | +20.1% | 6,6 M € | +14.4% | 5,8 M € | -10.8% | 6,5 M € | +4.1% | 6,2 M € | +23.0% | 5 M € |
| Cash | 184,6 k € | -98.1% | 9,5 M € | -53.4% | 20,4 M € | -53.0% | 43,4 M € | -41.0% | 73,6 M € | +22.4% | 60,2 M € | +28.9% | 46,7 M € | +18.1% | 39,5 M € | +7.4% | 36,8 M € | +33.0% | 27,7 M € | +61.6% | 17,1 M € | +99.3% | 8,6 M € | +93.2% | 4,4 M € | +3.7% | 4,3 M € | +11.4% | 3,8 M € | +9.8% | 3,5 M € | +143% | 1,4 M € | -22.9% | 1,9 M € | +32.8% | 1,4 M € |
| Debts | 122,1 M € | +3.4% | 118,1 M € | +9.1% | 108,3 M € | +49.8% | 72,3 M € | +42.7% | 50,7 M € | +31.7% | 38,5 M € | +14.3% | 33,6 M € | +25.3% | 26,8 M € | +61.9% | 16,6 M € | +35.6% | 12,2 M € | -22.6% | 15,8 M € | +56.9% | 10,1 M € | +45.7% | 6,9 M € | +89.6% | 3,6 M € | +21.1% | 3 M € | +21.6% | 2,5 M € | -31.4% | 3,6 M € | -1.0% | 3,6 M € | +10.6% | 3,3 M € |
| Other | |||||||||||||||||||||||||||||||||||||
| Workforce | 218,6 ETP | +6.7% | 204,9 ETP | +6.4% | 192,6 ETP | +9.6% | 175,7 ETP | +13.3% | 155,1 ETP | +11.1% | 139,6 ETP | +17.1% | 119,2 ETP | +6.0% | 112,4 ETP | +16.5% | 96,5 ETP | +9.2% | 88,4 ETP | +82.3% | 48,5 ETP | +41.4% | 34,3 ETP | -3.7% | 35,6 ETP | -1.4% | 36,1 ETP | +9.4% | 33,0 ETP | +9.6% | 30,1 ETP | +12.7% | 26,7 ETP | +16.1% | 23,0 ETP | +21.1% | 19,0 ETP |
Estimate
Indicative valuation
As an indication, this company is worth
between 100 M€ and 250 M€
See the valuationGovernance
Board of directors
Seen on filing of 31/12/2025 · 13 active · 124 ended
Active mandates
Thomas Beauduin
ActiveJolyce Demely
ActiveGeert Bruyneel
ActiveGeert Van Poelvoorde
ActiveJan Vercammen
ActiveJulie Lietaer
ActiveKoen Christiaensen
ActiveElke Piessens
ActiveAndré Bouffioux
ActiveGeert Ostyn
ActiveIgnace Lemahieu
ActiveKatrien Wyckaert
ActiveKoenraad Debackere
ActiveEnded mandates
Elke Piessens
EndedKaren Maex
EndedKaren Maex
EndedAndré Bouffioux
EndedAt this address
Other companies at this address
| Company | CBE no. |
|---|---|
REDESIM● Active | 0428.907.571 |
Financials
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 | 27/05/2026 | 19/05/2025 | 06/06/2024 | 25/05/2023 | 25/05/2022 | 14/06/2021 |
| General meeting | 08/05/2026 | 09/05/2025 | 13/05/2024 | 17/05/2023 | 18/05/2022 | 19/05/2021 |
| 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
Looking for more information about this company?
Try for 7 daysFilings
Annual accounts filings
21 filings with the NBB
| Model | Closing | General meeting | Filed | Language | Document |
|---|---|---|---|---|---|
| Full model | 31/12/2025 | 08/05/2026 | 27/05/2026 | Dutch | |
| Full model | 31/12/2024 | 09/05/2025 | 19/05/2025 | Dutch | |
| Full modelCorrection | 31/12/2023 | 13/05/2024 | 06/06/2024 | Dutch | |
| Full model | 31/12/2023 | 13/05/2024 | 27/05/2024 | Dutch | |
| Full model | 31/12/2022 | 17/05/2023 | 25/05/2023 | Dutch | |
| Full model | 31/12/2021 | 18/05/2022 | 25/05/2022 | Dutch | |
| Full model | 31/12/2020 | 19/05/2021 | 14/06/2021 | Dutch | |
| Full modelCorrection | 31/12/2019 | 20/05/2020 | 31/08/2020 | Dutch | |
| Full model | 31/12/2019 | 13/05/2020 | 03/06/2020 | Dutch | |
| Full model | 31/12/2018 | 15/05/2019 | 11/06/2019 | Dutch | |
| Full model | 31/12/2017 | 16/05/2018 | 11/06/2018 | Dutch | |
| Full model | 31/12/2016 | 17/05/2017 | 12/06/2017 | Dutch | |
| Full model | 31/12/2015 | 18/05/2016 | 17/06/2016 | Dutch | |
| Full model | 31/12/2014 | 18/05/2015 | 09/06/2015 | Dutch | |
| Full model | 31/12/2013 | 24/04/2014 | 05/06/2014 | Dutch | |
| Full model | 31/12/2012 | 30/05/2013 | 13/06/2013 | Dutch | |
| Full model | 31/12/2011 | 24/05/2012 | 11/06/2012 | Dutch | |
| Full model | 31/12/2010 | 26/05/2011 | 17/08/2011 | Dutch | |
| Full model | 31/12/2009 | 20/05/2010 | 28/07/2010 | Dutch | |
| Full model | 31/12/2008 | 28/05/2009 | 16/07/2009 | Dutch | |
| Full model | 31/12/2007 | 22/05/2008 | 27/08/2008 | Dutch |
Valuation
Estimate
Indicative valuation
Order of magnitude
As an indication, this company is worth
between 100 M€ and 250 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.
Disclaimer
Indicative estimate based on public sector multiples and the filed annual accounts. It is neither a certified valuation nor financial or investment advice.
Directors & structure
Governance
Board of directors
Seen on filing of 31/12/2025 · 13 active · 124 ended
Active mandates
Thomas Beauduin
ActiveJolyce Demely
ActiveGeert Bruyneel
ActiveGeert Van Poelvoorde
ActiveJan Vercammen
ActiveJulie Lietaer
ActiveKoen Christiaensen
ActiveElke Piessens
ActiveAndré Bouffioux
ActiveGeert Ostyn
ActiveIgnace Lemahieu
ActiveKatrien Wyckaert
ActiveKoenraad Debackere
ActiveEnded mandates
Elke Piessens
EndedKaren Maex
EndedKaren Maex
EndedAndré Bouffioux
EndedShareholders
Ownership and network
Looking for more information about this company?
Try for 7 daysPublications
Belgian Official Gazette
Belgian Official Gazette publications
- Mandates03/07/2025ONTSLAGEN - BENOEMINGEN - STATUTEN (VERTALING, COÖRDINATIE, OVERIGE WIJZIGINGEN, )
- Mandates02/12/2024ONTSLAGEN - BENOEMINGEN
- Other24/06/2024DIVERSEN
- Mandates20/06/2024ONTSLAGEN - BENOEMINGEN
- Mandates21/05/2024ONTSLAGEN - BENOEMINGEN
- Other08/07/2022STATUTEN (VERTALING, COÖRDINATIE, OVERIGE WIJZIGINGEN, )
- Mandates04/02/2021ONTSLAGEN - BENOEMINGEN
- Mandates08/07/2019ONTSLAGEN - BENOEMINGEN
Source: Belgian Official Gazette
Similar companies
Competition
Similar companies
A company's peers, by sector and size, are included in the Business plan.
See the Business planTimeline
Timeline
- 2025Annual accounts 20251,5 M €↓
- 09/05/2025nominationBEAUDUIN Thomas — bestuurder
- 2024Annual accounts 20241,7 M €↑
- 07/10/2024nominationDEMELY Jolyce — bestuurder
- 13/05/2024nominationVAN POELVOORDE Geert — bestuurder
- 13/05/2024nominationLIETAER Julie — bestuurder
- 13/05/2024nominationVERCAMMEN Jan — bestuurder
- 13/05/2024nominationBRUYNEEL Geert — bestuurder
- 13/05/2024nominationCHRISTIAENSEN Koen — bestuurder
- 2023Annual accounts 202328,9 k €↑
- 17/05/2023nominationMAEX Karen — bestuurder
- 17/05/2023nominationPIESSENS Elke — bestuurder
- 17/05/2023nominationLOBBESTAEL Grisja — dagelijks bestuurder
- 2022Annual accounts 2022-674,5 k €↓
- 2021Annual accounts 2021702,3 k €↑
- 2020Annual accounts 2020-237,5 k €↑
- 2019Annual accounts 2019-246,2 k €↓
- 2018Annual accounts 2018-148,6 k €↓
- 2017Annual accounts 20172,3 M €↓
- 2016Annual accounts 20166 M €↑
- 2015Annual accounts 2015398,8 k €↓
- 2014Annual accounts 2014552,2 k €↓
- 2013Annual accounts 2013736,1 k €↑
- 2012Annual accounts 2012719 k €↑
- 2011Annual accounts 2011353,7 k €↓
- 2010Annual accounts 2010460,2 k €↑
- 2009Annual accounts 2009349,3 k €↓
- 2008Annual accounts 2008803,4 k €↑
- 2007Annual accounts 2007622,5 k €
- 29/08/2003IncorporationNon-profit organization