ACTIVE

Le Rucher

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Financial year 2025 · closed on 31/12/2025

Net result

-193,7 k €

-667.1% YoY

Revenue

3,7 M €

-12.6% YoY

Equity

8,8 M €

-2.8% YoY

Workforce

245,6 ETP

-3.6% YoY

What does Le Rucher do?

Le Rucher is a Non-profit organization incorporated in 2003. Its main activity is: Technical and vocational secondary education. Its registered office is in Leuze-en-Hainaut. It employs on average 245,6 ETP workers (FTE).

Legal situation

● Normal situation

BCE/KBO no. / VAT

BE 0860.345.458

Incorporation

04/09/2003

Legal form

Non-profit organization

Registered office

Zone industrielle de l'Europe(L) 1
7900 Leuze-en-Hainaut · WallonieSee on map

Latest accounts

31/12/2025

Average workforce

245,6 ETP

Activities (NACE)

85322Technical and vocational secondary education· main 88993Other social work activities without accommodation n.e.c.88995Other social work activities without accommodation n.e.c.

Joint committees (2)

327
32703

Signals

Solid equityLow riskGood liquidityPositive cashflowPositive EBITDAHealthy social debtsHigh revenue

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✦ Verdict · Analyst summary

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	3,7 M €	-12.6%	4,3 M €	-8.5%	4,7 M €	-16.7%	5,6 M €	-1.2%	5,7 M €	+8.4%	5,3 M €	-12.9%	6 M €	-6.0%	6,4 M €	+5.8%	6,1 M €	+14.6%	5,3 M €	+6.8%	5 M €	+19.2%	4,2 M €	+3.3%	4 M €	+24.4%	3,2 M €	+17.7%	2,8 M €	+23.8%	2,2 M €	+26.2%	1,8 M €	+3.0%	1,7 M €	-27.3%	2,4 M €
EBITDA	99 k €	-74.6%	389,5 k €	-38.1%	629 k €	+25.6%	500,9 k €	-23.0%	650,5 k €	-0.7%	654,8 k €	-47.1%	1,2 M €	-13.9%	1,4 M €	+6.2%	1,4 M €	+77.5%	762,3 k €	-15.2%	898,7 k €	+0.5%	894,2 k €	-18.9%	1,1 M €	+1.1%	1,1 M €	+67.2%	652,1 k €	+4.7%	622,8 k €	+61.2%	386,3 k €	-19.0%	476,6 k €	+47.1%	323,9 k €
Operating result	-316,2 k €	-305%	-78 k €	-154%	144 k €	+586%	21 k €	-82.3%	118,5 k €	-8.0%	128,8 k €	-80.3%	653,7 k €	-33.5%	982,9 k €	+7.9%	911 k €	+138%	382,7 k €	-35.4%	592 k €	-19.1%	732,2 k €	-8.7%	801,6 k €	-9.5%	886 k €	+88.7%	469,5 k €	+3.4%	454,2 k €	+58.4%	286,8 k €	-10.4%	320 k €	+31.1%	244,1 k €
Net result	-193,7 k €	-667%	34,2 k €	-76.4%	145 k €	+1032%	-15,6 k €	-123%	67,1 k €	-9.6%	74,2 k €	-86.9%	567,9 k €	-36.8%	898,1 k €	+11.2%	807,9 k €	+205%	264,8 k €	-45.1%	482,7 k €	-42.3%	836,9 k €	-1.0%	845,7 k €	-2.9%	870,6 k €	+87.7%	463,9 k €	+10.3%	420,4 k €	+61.4%	260,5 k €	-20.7%	328,3 k €	+49.2%	220,1 k €
Balance sheet
Equity	8,8 M €	-2.8%	9 M €	-0.3%	9,1 M €	+1.0%	9 M €	-0.8%	9,1 M €	+0.1%	9 M €	+0.3%	9 M €	+6.1%	8,5 M €	+11.1%	7,6 M €	+11.3%	6,9 M €	+3.4%	6,7 M €	+6.6%	6,2 M €	+14.9%	5,4 M €	+21.4%	4,5 M €	+23.2%	3,6 M €	+21.5%	3 M €	+19.8%	2,5 M €	+134%	1,1 M €	+43.6%	743,2 k €
Total assets	18,5 M €	+7.1%	17,2 M €	+2.4%	16,8 M €	+4.8%	16,1 M €	+6.7%	15 M €	-4.8%	15,8 M €	-0.9%	16 M €	+2.3%	15,6 M €	+5.3%	14,8 M €	+0.8%	14,7 M €	+0.9%	14,6 M €	+4.7%	13,9 M €	+56.0%	8,9 M €	+28.9%	6,9 M €	+13.6%	6,1 M €	+12.1%	5,4 M €	+24.6%	4,4 M €	+89.9%	2,3 M €	+72.2%	1,3 M €
Cash	6,8 M €	+59.9%	4,3 M €	+18.6%	3,6 M €	-41.2%	6,1 M €	+32.3%	4,6 M €	+37.9%	3,4 M €	-18.8%	4,1 M €	-6.6%	4,4 M €	+29224%	15,1 k €	-96.8%	469,7 k €	+160%	180,5 k €	-83.8%	1,1 M €	+23.8%	897,1 k €	+1128%	73 k €	-74.9%	291,4 k €	+1633%	16,8 k €	-95.5%	369,7 k €	+420%	71,1 k €	+41.2%	50,3 k €
Debts	9 M €	+20.8%	7,4 M €	+5.9%	7 M €	+15.3%	6,1 M €	+23.5%	4,9 M €	-13.3%	5,7 M €	-2.9%	5,8 M €	-1.7%	5,9 M €	-4.9%	6,2 M €	-9.3%	6,9 M €	-6.7%	7,4 M €	+2.6%	7,2 M €	+126%	3,2 M €	+43.8%	2,2 M €	-3.6%	2,3 M €	-1.9%	2,3 M €	+33.4%	1,8 M €	+42.9%	1,2 M €	+108%	591,4 k €
Other
Workforce	245,6 ETP	-3.6%	254,8 ETP	-5.0%	268,1 ETP	-9.7%	296,9 ETP	-11.3%	334,6 ETP	-4.8%	351,6 ETP	+3.3%	340,5 ETP	+2.9%	330,9 ETP	+7.3%	308,5 ETP	+4.1%	296,3 ETP	+1.9%	290,8 ETP	+20.5%	241,3 ETP	+13.2%	213,2 ETP	+31.5%	162,1 ETP	+16.9%	138,7 ETP	+32.6%	104,6 ETP	+10.5%	94,7 ETP	+1.5%	93,3 ETP	+10.5%	84,4 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 · 6 active · 55 ended

Active mandates

René CUVELIER

Director · since 12 juin 2024 · until 12 mai 2027

Active

Dimitri BAUTERS

Director · since 14 juin 2023 · until 13 juin 2026

Active

Yannick BROQUET

Director · since 14 juin 2023 · until 13 juin 2026

Active

Bernard CORNELUS

Chairman of the board of directors · since 18 avril 2023 · until 17 avril 2026

Active

Damien BATAILLE

Director · since 18 avril 2023 · until 17 avril 2026

Active

Etienne GUISSET

Director · since 18 avril 2023 · until 17 avril 2026

Active

Ended mandates

René CUVELIER

Director · since 12 juin 2024 · until 16 juin 2027

Ended

Claudine VAN MAERCKE

Director · since 18 avril 2023 · until 17 avril 2026

Ended

Michel BATAILLE

Director · since 18 avril 2023 · until 14 juin 2023

Ended

Michel BATAILLE

Director · since 18 avril 2023 · until 17 avril 2026

Ended

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	19/06/2026	07/07/2025	02/07/2024	07/08/2023	21/06/2022	15/06/2021
General meeting	17/06/2026	25/06/2025	12/06/2024	14/06/2023	13/06/2022	01/06/2021
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

21 filings with the NBB

Model	Closing	General meeting	Filed	Language	Document
Full model	31/12/2025	17/06/2026	19/06/2026	French	PDF
Full model	31/12/2024	25/06/2025	07/07/2025	French	PDF
Full model	31/12/2023	12/06/2024	02/07/2024	French	PDF
Full model	31/12/2022	14/06/2023	07/08/2023	French	PDF
Full model	31/12/2021	13/06/2022	21/06/2022	French	PDF
Full model	31/12/2020	01/06/2021	15/06/2021	French	PDF
Full model	31/12/2019	03/08/2020	02/10/2020	French	PDF
Full model	31/12/2018	29/03/2019	31/07/2019	French	PDF
Full model	31/12/2017	19/04/2018	29/08/2018	French	PDF
Full model	31/12/2016	28/03/2017	30/08/2017	French	PDF
Full model	31/12/2015	24/03/2016	06/04/2016	French	PDF
Full model	31/12/2014	27/03/2015	22/04/2015	French	PDF
Full model	31/12/2013	10/03/2014	25/04/2014	French	PDF
Full model	31/12/2012	28/03/2013	19/04/2013	French	PDF
Full model	31/12/2011	21/03/2012	06/04/2012	French	PDF
Full model	31/12/2010	17/03/2011	21/04/2011	French	PDF
Full modelCorrection	31/12/2009	17/03/2010	06/07/2010	French	PDF
Full model	31/12/2009	17/03/2010	13/04/2010	French	PDF
Abridged model	31/12/2008	18/03/2009	14/04/2009	French	PDF
Abridged model	31/12/2007	20/03/2008	15/04/2008	French	PDF
Abridged model	31/12/2006	29/03/2007	30/04/2007	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 · 6 active · 55 ended

Active mandates

René CUVELIER

Director · since 12 juin 2024 · until 12 mai 2027

Active

Dimitri BAUTERS

Director · since 14 juin 2023 · until 13 juin 2026

Active

Yannick BROQUET

Director · since 14 juin 2023 · until 13 juin 2026

Active

Bernard CORNELUS

Chairman of the board of directors · since 18 avril 2023 · until 17 avril 2026

Active

Damien BATAILLE

Director · since 18 avril 2023 · until 17 avril 2026

Active

Etienne GUISSET

Director · since 18 avril 2023 · until 17 avril 2026

Active

Ended mandates

René CUVELIER

Director · since 12 juin 2024 · until 16 juin 2027

Ended

Claudine VAN MAERCKE

Director · since 18 avril 2023 · until 17 avril 2026

Ended

Michel BATAILLE

Director · since 18 avril 2023 · until 14 juin 2023

Ended

Michel BATAILLE

Director · since 18 avril 2023 · until 17 avril 2026

Ended

Shareholders

Ownership and network

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Belgian Official Gazette

Belgian Official Gazette publications

Mandates08/09/2025
DEMISSIONS, NOMINATIONS - OBJET
PDF
Mandates17/04/2025
DEMISSIONS, NOMINATIONS
PDF
Mandates11/10/2024
DEMISSIONS, NOMINATIONS
PDF
Mandates01/08/2023
DEMISSIONS, NOMINATIONS
PDF
Other26/04/2023
DIVERS
PDF
Mandates24/11/2022
DEMISSIONS, NOMINATIONS
PDF
Mandates27/10/2022
DEMISSIONS, NOMINATIONS
PDF
Mandates29/04/2022
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

2025
Annual accounts 2025-193,7 k €↓
2024
Annual accounts 202434,2 k €↓
2023
Annual accounts 2023145 k €↑
2022
Annual accounts 2022-15,6 k €↓
2021
Annual accounts 202167,1 k €↓
2021
Name changeRUCHER
2020
Annual accounts 202074,2 k €↓
2019
Annual accounts 2019567,9 k €↓
2018
Annual accounts 2018898,1 k €↑
2017
Annual accounts 2017807,9 k €↑
2016
Annual accounts 2016264,8 k €↓
2015
Annual accounts 2015482,7 k €↓
2014
Annual accounts 2014836,9 k €↓
2013
Annual accounts 2013845,7 k €↓
2012
Annual accounts 2012870,6 k €↑
2011
Annual accounts 2011463,9 k €↑
2010
Annual accounts 2010420,4 k €↑
2009
Annual accounts 2009260,5 k €↓
2008
Annual accounts 2008328,3 k €↑
2007
Annual accounts 2007220,1 k €
2007
Name changeLE RUCHER
04/09/2003
IncorporationNon-profit organization

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

Le Rucher

Overview

What does Le Rucher do?

Trend over 19 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