ACTIVE

De Bolster

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Financial year 2025 · closed on 31/12/2025

Net result

656,6 k €

+11.9% YoY

Revenue

3,7 M €

+6.7% YoY

Equity

20,4 M €

+2.7% YoY

Workforce

308,6 ETP

+4.5% YoY

What does De Bolster do?

De Bolster is a Non-profit organization incorporated in 2003. Its main activity is: General secondary education. Its registered office is in Zwalm. It employs on average 308,6 ETP workers (FTE).

Legal situation

● Normal situation

BCE/KBO no. / VAT

BE 0861.680.989

Incorporation

17/11/2003

Legal form

Non-profit organization

Registered office

Kasteeldreef(Beerl) 2
9630 Zwalm · FlandreSee on map

Latest accounts

31/12/2025

Average workforce

308,6 ETP

Activities (NACE)

85314General secondary education· main 87202Residential care activities for mental retardation, mental health and substance abuse 87202Residential care activities for mental retardation, mental health and substance abuse 55209Holiday and other short-stay accommodation 55209Holiday and other short-stay accommodation

Joint committees (1)

31901

Signals

ProfitableSolid 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 €	+6.7%	3,5 M €	+2.6%	3,4 M €	+17.0%	2,9 M €	+7.4%	2,7 M €	+7.4%	2,5 M €	+0.6%	2,5 M €	-0.3%	2,5 M €	+4.5%	2,4 M €	+3.1%	2,3 M €	+2.6%	2,3 M €	+2.3%	2,2 M €	+0.5%	2,2 M €	+1.8%	2,2 M €	+3.6%	2,1 M €	+3.1%	2 M €	+0.3%	2 M €	+2.9%	2 M €	+5.1%	1,9 M €
EBITDA	1,5 M €	+5.4%	1,4 M €	+20.5%	1,1 M €	-17.9%	1,4 M €	-30.1%	2 M €	+20.0%	1,7 M €	+4.8%	1,6 M €	-8.3%	1,7 M €	+29.0%	1,3 M €	+0.7%	1,3 M €	-1.0%	1,3 M €	+21.9%	1,1 M €	+3.2%	1,1 M €	+22.9%	871,7 k €	+6.4%	819,3 k €	+4.7%	782,5 k €	-7.4%	844,7 k €	+50.1%	562,6 k €	-34.1%	853,1 k €
Operating result	540,8 k €	+51.9%	356 k €	+77.2%	200,9 k €	-69.2%	651,8 k €	-51.1%	1,3 M €	+24.5%	1,1 M €	+9.5%	978,5 k €	-12.8%	1,1 M €	+50.6%	745,2 k €	-1.0%	752,5 k €	-0.8%	758,5 k €	+43.4%	528,9 k €	-2.5%	542,2 k €	+49.7%	362,1 k €	+17.4%	308,3 k €	+18.2%	260,8 k €	-17.8%	317,3 k €	+1167%	-29,7 k €	-111%	266,7 k €
Net result	656,6 k €	+11.9%	586,8 k €	+87.4%	313,1 k €	-53.8%	677,9 k €	-49.8%	1,4 M €	+22.7%	1,1 M €	-19.9%	1,4 M €	-14.2%	1,6 M €	+74.5%	917,9 k €	+15.4%	795,2 k €	-1.0%	802,9 k €	+19.4%	672,5 k €	+8.7%	618,4 k €	+32.3%	467,3 k €	+14.1%	409,7 k €	-52.2%	856,8 k €	+115%	398,8 k €	+333%	92 k €	-80.4%	469,3 k €
Balance sheet
Equity	20,4 M €	+2.7%	19,9 M €	+2.3%	19,4 M €	+0.9%	19,3 M €	+2.8%	18,7 M €	+6.8%	17,5 M €	+5.6%	16,6 M €	+7.8%	15,4 M €	+10.2%	14 M €	+5.6%	13,3 M €	+4.8%	12,6 M €	+5.0%	12 M €	+3.7%	11,6 M €	+33.0%	8,7 M €	+3.6%	8,4 M €	+2.9%	8,2 M €	+8.8%	7,5 M €	+2.9%	7,3 M €	-0.3%	7,3 M €
Total assets	28,5 M €	+7.1%	26,6 M €	-5.0%	28 M €	+6.6%	26,3 M €	-2.1%	26,8 M €	+4.0%	25,8 M €	+18.7%	21,7 M €	+6.8%	20,4 M €	+6.5%	19,1 M €	+3.9%	18,4 M €	+2.2%	18 M €	+0.1%	18 M €	+4.9%	17,1 M €	+36.1%	12,6 M €	+0.4%	12,5 M €	+4.2%	12 M €	+5.2%	11,4 M €	+3.7%	11 M €	+4.0%	10,6 M €
Cash	1,5 M €	+11.5%	1,3 M €	-78.4%	6 M €	+262%	1,7 M €	-71.3%	5,8 M €	+51.3%	3,8 M €	+167%	1,4 M €	+4.8%	1,4 M €	+0.8%	1,4 M €	-21.0%	1,7 M €	+32.6%	1,3 M €	+17.0%	1,1 M €	+9.6%	1 M €	+8.4%	933,2 k €	-8.4%	1 M €	+90.1%	536,1 k €	-41.8%	921,9 k €	+79.5%	513,7 k €	-5.9%	546 k €
Debts	8,1 M €	+20.3%	6,7 M €	-21.7%	8,6 M €	+22.5%	7 M €	-13.3%	8,1 M €	-2.0%	8,3 M €	+61.6%	5,1 M €	+4.0%	4,9 M €	-3.2%	5,1 M €	+0.3%	5,1 M €	-3.1%	5,2 M €	-9.2%	5,8 M €	+11.0%	5,2 M €	+46.6%	3,5 M €	-5.1%	3,7 M €	+8.2%	3,4 M €	-1.5%	3,5 M €	+3.1%	3,4 M €	+9.5%	3,1 M €
Other
Workforce	308,6 ETP	+4.5%	295,2 ETP	+0.7%	293,1 ETP	+6.0%	276,4 ETP	+1.9%	271,3 ETP	+0.5%	270,0 ETP	-1.0%	272,7 ETP	+0.8%	270,6 ETP	-0.7%	272,6 ETP	+0.8%	270,4 ETP	-1.1%	273,3 ETP	-1.0%	276,0 ETP	-2.5%	283,0 ETP	+14.1%	248,0 ETP	-8.8%	272,0 ETP	+8.8%	250,0 ETP	+3.3%	242,0 ETP	+0.4%	241,0 ETP	+1.7%	237,0 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 · 9 active · 49 ended

Active mandates

Christine Vander Massen

Director · since 01 janvier 2025 · until 31 décembre 2028

Active

Dirk Portier

Director · since 01 janvier 2025 · until 31 décembre 2028

Active

Dirk Steuperaert

Director · since 01 janvier 2025 · until 31 décembre 2028

Active

Guy Taerwe

Director · since 01 janvier 2025 · until 31 décembre 2028

Active

Hans 't Kindt

Director · since 01 janvier 2025 · until 31 décembre 2028

Active

Hilde Gordts

Director · since 01 janvier 2025 · until 31 décembre 2028

Active

Johan Veeckman

Chairman of the board of directors · since 01 janvier 2025 · until 31 décembre 2028

Active

Melissa Billau

Director · since 01 janvier 2025 · until 31 décembre 2028

Active

Paul Vande Walle

Vice-chairman of the board of directors · since 01 janvier 2025 · until 31 décembre 2028

Active

Ended mandates

Dirk Steuperaert

Director · since 15 juin 2023 · until 31 décembre 2024

Ended

Hans 't Kindt

Director · since 15 juin 2023 · until 31 décembre 2024

Ended

Christine Vander Massen

Director · since 01 janvier 2021 · until 31 décembre 2024

Ended

Dirk Portier

Director · since 01 janvier 2021 · until 31 décembre 2024

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	29/06/2026	23/06/2025	15/07/2024	10/07/2023	12/07/2022	07/07/2021
General meeting	11/06/2026	12/06/2025	20/06/2024	15/06/2023	16/06/2022	17/06/2021
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

20 filings with the NBB

Model	Closing	General meeting	Filed	Language	Document
Full model	31/12/2025	11/06/2026	29/06/2026	Dutch	PDF
Full model	31/12/2024	12/06/2025	23/06/2025	Dutch	PDF
Full model	31/12/2023	20/06/2024	15/07/2024	Dutch	PDF
Full model	31/12/2022	15/06/2023	10/07/2023	Dutch	PDF
Full model	31/12/2021	16/06/2022	12/07/2022	Dutch	PDF
Full model	31/12/2020	17/06/2021	07/07/2021	Dutch	PDF
Full model	31/12/2019	11/06/2020	06/07/2020	Dutch	PDF
Full model	31/12/2018	20/06/2019	27/06/2019	Dutch	PDF
Full model	31/12/2017	21/06/2018	26/06/2018	Dutch	PDF
Full model	31/12/2016	15/06/2017	12/07/2017	Dutch	PDF
Full model	31/12/2015	16/06/2016	22/06/2016	Dutch	PDF
Full model	31/12/2014	18/06/2015	09/07/2015	Dutch	PDF
Full model	31/12/2013	23/06/2014	03/07/2014	Dutch	PDF
Full model	31/12/2012	20/06/2013	04/07/2013	Dutch	PDF
Full model	31/12/2011	21/06/2012	27/06/2012	Dutch	PDF
Full model	31/12/2010	16/06/2011	22/06/2011	Dutch	PDF
Full model	31/12/2009	03/06/2010	10/06/2010	Dutch	PDF
Full model	31/12/2008	18/06/2009	24/06/2009	Dutch	PDF
Full model	31/12/2007	05/06/2008	24/06/2008	Dutch	PDF
Full model	31/12/2006	19/06/2007	12/07/2007	Dutch	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 · 9 active · 49 ended

Active mandates

Christine Vander Massen

Director · since 01 janvier 2025 · until 31 décembre 2028

Active

Dirk Portier

Director · since 01 janvier 2025 · until 31 décembre 2028

Active

Dirk Steuperaert

Director · since 01 janvier 2025 · until 31 décembre 2028

Active

Guy Taerwe

Director · since 01 janvier 2025 · until 31 décembre 2028

Active

Hans 't Kindt

Director · since 01 janvier 2025 · until 31 décembre 2028

Active

Hilde Gordts

Director · since 01 janvier 2025 · until 31 décembre 2028

Active

Johan Veeckman

Chairman of the board of directors · since 01 janvier 2025 · until 31 décembre 2028

Active

Melissa Billau

Director · since 01 janvier 2025 · until 31 décembre 2028

Active

Paul Vande Walle

Vice-chairman of the board of directors · since 01 janvier 2025 · until 31 décembre 2028

Active

Ended mandates

Dirk Steuperaert

Director · since 15 juin 2023 · until 31 décembre 2024

Ended

Hans 't Kindt

Director · since 15 juin 2023 · until 31 décembre 2024

Ended

Christine Vander Massen

Director · since 01 janvier 2021 · until 31 décembre 2024

Ended

Dirk Portier

Director · since 01 janvier 2021 · until 31 décembre 2024

Ended

Shareholders

Ownership and network

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Belgian Official Gazette

Belgian Official Gazette publications

Mandates29/06/2026
ONTSLAGEN - BENOEMINGEN
PDF
Mandates04/03/2026
ONTSLAGEN - BENOEMINGEN
PDF
Mandates22/07/2025
ONTSLAGEN - BENOEMINGEN
PDF
Mandates13/01/2025
ONTSLAGEN - BENOEMINGEN
PDF
Mandates18/07/2024
ONTSLAGEN - BENOEMINGEN
PDF
Mandates31/07/2023
ONTSLAGEN - BENOEMINGEN
PDF
Mandates24/03/2023
ONTSLAGEN - BENOEMINGEN
PDF
Mandates16/02/2023
ONTSLAGEN - BENOEMINGEN
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 2025656,6 k €↑
2024
Annual accounts 2024586,8 k €↑
2023
Annual accounts 2023313,1 k €↓
2022
Annual accounts 2022677,9 k €↓
2021
Annual accounts 20211,4 M €↑
2020
Annual accounts 20201,1 M €↓
2019
Annual accounts 20191,4 M €↓
2018
Annual accounts 20181,6 M €↑
2017
Annual accounts 2017917,9 k €↑
2016
Annual accounts 2016795,2 k €↓
2015
Annual accounts 2015802,9 k €↑
2014
Annual accounts 2014672,5 k €↑
2013
Annual accounts 2013618,4 k €↑
2012
Annual accounts 2012467,3 k €↑
2012
Name changeDe Bolster
2011
Annual accounts 2011409,7 k €↓
2010
Annual accounts 2010856,8 k €↑
2009
Annual accounts 2009398,8 k €↑
2008
Annual accounts 200892 k €↓
2007
Annual accounts 2007469,3 k €
2007
Name changeDienstencentrum Mariaheem - Ter Wilgen
17/11/2003
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

De Bolster

Overview

What does De Bolster 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