ACTIVE

FINAO

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Financial year 2025 · closed on 31/12/2025

Net result

17,5 M €

+26428.9% YoY

Gross margin

115 k €

+6.2% YoY

Equity

18,4 M €

+1946.2% YoY

What does FINAO do?

FINAO is a Private limited company incorporated in 2004. Its main activity is: Activities of holding companies. Its registered office is in Bornem.

Legal situation

● Normal situation

BCE/KBO no. / VAT

BE 0863.160.834

Incorporation

03/02/2004

Legal form

Private limited company

Registered office

Vitsdam(BOR) 1 box A
2880 Bornem · FlandreSee on map

Contributed capital

130 000,00 €

Latest accounts

31/12/2025

Activities (NACE)

64200Activities of holding companies· main 64210Activities of holding companies 74151Specialised design activities

Contacts

1 public detail availableLog in to view

Signals

ProfitableSolid equityLow riskGood liquidityPositive cashflowPositive EBITDA

View the BCE/KBO Public Search record →

Health score

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✦ Verdict · Analyst summary

Financials

Trend over 18 financial years

	2025		2024		2023		2022		2021		2018		2017		2016		2015		2014		2013		2012		2011		2010		2009		2008		2007		2006
Income statement
Gross margin	115 k €	+6.2%	108,4 k €	+79.2%	60,5 k €	+77.7%	34 k €	+58.9%	21,4 k €	-49.2%	42,1 k €	-24.2%	55,5 k €	+74.6%	31,8 k €	-17.0%	38,3 k €	+1.7%	37,7 k €	-76.1%	157,5 k €	+2.2%	154,1 k €	-11.7%	174,5 k €	-13.6%	202 k €	-26.2%	273,7 k €	+30.4%	209,9 k €	+5.8%	198,4 k €	+35.2%	146,7 k €
EBITDA	113 k €	+5.6%	107 k €	+81.3%	59 k €	+81.1%	32,6 k €	+61.9%	20,1 k €	-50.8%	40,9 k €	-24.7%	54,3 k €	+77.8%	30,5 k €	-17.2%	36,9 k €	+2.0%	36,2 k €	-76.8%	156,1 k €	-7.6%	169 k €	-2.2%	172,8 k €	+20.9%	142,9 k €	-29.4%	202,4 k €	+86.7%	108,4 k €	+28.4%	84,4 k €	+128%	37 k €
Operating result	103,1 k €	+11.7%	92,3 k €	+102%	45,7 k €	+128%	20,1 k €	+159%	7,8 k €	-81.0%	40,8 k €	-24.1%	53,8 k €	+111%	25,5 k €	-19.5%	31,6 k €	-0.2%	31,7 k €	-79.1%	151,2 k €	-7.8%	164,1 k €	-1.6%	166,8 k €	+21.9%	136,9 k €	-30.1%	195,9 k €	+111%	93 k €	+35.9%	68,5 k €	+392%	13,9 k €
Net result	17,5 M €	+26429%	66,1 k €	+42.7%	46,3 k €	-86.3%	337,9 k €	+1282%	24,4 k €	+29.8%	18,8 k €	-33.0%	28,1 k €	+152%	11,2 k €	+170%	4,1 k €	-39.4%	6,8 k €	-92.1%	86,6 k €	-21.3%	110 k €	+12.5%	97,8 k €	+22.9%	79,6 k €	-43.4%	140,6 k €	+103%	69,1 k €	+54.6%	44,7 k €	+409%	8,8 k €
Balance sheet
Equity	18,4 M €	+1946%	901,5 k €	+7.9%	835,4 k €	-16.4%	999,6 k €	+51.1%	661,7 k €	+8.1%	612,2 k €	+3.2%	593,3 k €	+3.2%	575,2 k €	+2.0%	564 k €	+0.7%	559,9 k €	+63.5%	342,5 k €	-30.1%	489,9 k €	+29.0%	379,9 k €	+7.0%	355,1 k €	+28.9%	275,5 k €	+41.3%	194,9 k €	+215%	61,8 k €	+112%	29,1 k €
Total assets	18,7 M €	+1489%	1,2 M €	-0.9%	1,2 M €	+3.1%	1,1 M €	+32.5%	867,9 k €	-10.5%	969,5 k €	+3.1%	940,4 k €	-6.6%	1 M €	+6.0%	949,9 k €	+1.8%	932,9 k €	-0.1%	933,6 k €	+8.7%	858,8 k €	-4.8%	901,8 k €	+11.6%	808,1 k €	+5.8%	763,9 k €	-0.1%	764,9 k €	+1.0%	757,2 k €	+438%	140,8 k €
Cash	21,1 k €	-95.3%	449,1 k €	-45.7%	827,5 k €	+71409%	1,2 k €	-99.6%	306,2 k €	+2616%	11,3 k €	+342%	2,5 k €	-96.3%	68,4 k €	+150%	27,3 k €	+79.6%	15,2 k €	-91.8%	186,4 k €	+64.4%	113,4 k €	+149%	45,5 k €	+133%	19,5 k €	+37.9%	14,2 k €	+531%	2,2 k €	+6.5%	2,1 k €	-82.1%	11,8 k €
Debts	221 k €	-19.1%	273,2 k €	-21.9%	349,8 k €	+133%	150,3 k €	-27.1%	206,2 k €	-42.3%	357,3 k €	+2.9%	347,1 k €	-19.5%	431,4 k €	+11.8%	385,9 k €	+3.5%	373 k €	-36.9%	591,1 k €	+60.2%	368,8 k €	-17.3%	445,9 k €	+12.3%	397 k €	-16.0%	472,4 k €	-15.9%	561,9 k €	-19.2%	695,4 k €	+556%	106 k €
Other
Workforce	–		–		–		–		–		–		–		–		–		–		–		–		–		1,0 ETP	0.0%	1,0 ETP	-33.3%	1,5 ETP	-16.7%	1,8 ETP	0.0%	1,8 ETP

Estimate

Indicative valuation

As an indication, this company is worth

between 1 M€ and 2,5 M€

See the valuation

Governance

Board of directors

Seen on filing of 31/12/2025 · 1 active · 6 ended

Active mandates

Philippe MASSIN

Mandate

Active

Ended mandates

Marianne De Boeck

Director · since 07 décembre 2023

Ended

Philippe Massin

Director · since 28 janvier 2008

Ended

Philippe Massin

Manager · since 28 janvier 2004

Ended

Philippe MASSIN

Administrator - manager · since 28 janvier 2004

Ended

At this address

Other companies at this address

Company	CBE no.
MAS Y MAS● Active	0757.909.795

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	01/07/2026	26/06/2025	10/06/2024	22/06/2023	07/06/2022	16/06/2021
General meeting	11/05/2026	04/06/2025	05/06/2024	07/06/2023	01/06/2022	02/06/2021
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

22 filings with the NBB

Model	Closing	General meeting	Filed	Language	Document
Micro modelCorrection	31/12/2025	11/05/2026	01/07/2026	Dutch	PDF
Micro model	31/12/2025	11/05/2026	29/06/2026	Dutch	PDF
Micro model	31/12/2024	04/06/2025	26/06/2025	Dutch	PDF
Micro model	31/12/2023	05/06/2024	10/06/2024	Dutch	PDF
Micro model	31/12/2022	07/06/2023	22/06/2023	Dutch	PDF
Micro model	31/12/2021	01/06/2022	07/06/2022	Dutch	PDF
Micro model	31/12/2020	02/06/2021	16/06/2021	Dutch	PDF
Micro model	31/12/2019	03/06/2020	02/07/2020	Dutch	PDF
Micro model	31/12/2018	05/06/2019	20/06/2019	Dutch	PDF
Abridged model	31/12/2017	06/06/2018	06/07/2018	Dutch	PDF
Abridged model	31/12/2016	07/06/2017	29/06/2017	Dutch	PDF
Abridged model	31/12/2015	02/05/2016	23/06/2016	Dutch	PDF
Abridged model	31/12/2014	02/05/2015	29/06/2015	Dutch	PDF
Abridged model	31/12/2013	02/05/2014	12/06/2014	Dutch	PDF
Abridged model	31/12/2012	02/05/2013	08/07/2013	Dutch	PDF
Abridged model	31/12/2011	02/05/2012	19/07/2012	Dutch	PDF
Abridged model	31/12/2010	02/05/2011	27/06/2011	Dutch	PDF
Abridged model	31/12/2009	03/05/2010	06/07/2010	Dutch	PDF
Abridged model	31/12/2008	02/05/2009	02/07/2009	Dutch	PDF
Abridged model	31/12/2007	02/05/2008	14/08/2008	Dutch	PDF
Abridged modelCorrection	31/12/2006	02/05/2007	21/11/2007	Dutch	PDF
Abridged model	31/12/2006	02/05/2007	04/07/2007	Dutch	PDF

Estimate

Indicative valuation

Order of magnitude

As an indication, this company is worth

between 1 M€ and 2,5 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 · 6 ended

Active mandates

Philippe MASSIN

Mandate

Active

Ended mandates

Marianne De Boeck

Director · since 07 décembre 2023

Ended

Philippe Massin

Director · since 28 janvier 2008

Ended

Philippe Massin

Manager · since 28 janvier 2004

Ended

Philippe MASSIN

Administrator - manager · since 28 janvier 2004

Ended

Shareholders

Ownership and network

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Try for 7 days

Belgian Official Gazette

Belgian Official Gazette publications

Mandates15/01/2024
STATUTEN (VERTALING, COÖRDINATIE, OVERIGE WIJZIGINGEN, ) - WIJZIGING RECHTSVORM - DIVERSEN - ONTSLAGEN - BENOEMINGEN
PDF
Capital / shares02/04/2014
KAPITAAL - AANDELEN - STATUTEN (VERTALING, COÖRDINATIE, OVERIGE WIJZIGINGEN, ) - DIVERSEN
PDF
Mandates14/08/2008
KAPITAAL - AANDELEN - ONTSLAGEN - BENOEMINGEN
PDF
Other10/02/2004
RUBRIEK OPRICHTING (NIEUWE RECHTSPERSOON, OPENING BIJKANTOOR, ENZ...)
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 202517,5 M €↑
2024
Annual accounts 202466,1 k €↑
2023
Annual accounts 202346,3 k €↓
2022
Annual accounts 2022337,9 k €↑
2021
Annual accounts 202124,4 k €↑
2018
Annual accounts 201818,8 k €↓
2017
Annual accounts 201728,1 k €↑
2016
Annual accounts 201611,2 k €↑
2015
Annual accounts 20154,1 k €↓
2014
Annual accounts 20146,8 k €↓
2013
Annual accounts 201386,6 k €↓
2012
Annual accounts 2012110 k €↑
2011
Annual accounts 201197,8 k €↑
2010
Annual accounts 201079,6 k €↓
2009
Annual accounts 2009140,6 k €↑
2008
Annual accounts 200869,1 k €↑
2007
Annual accounts 200744,7 k €↑
2006
Annual accounts 20068,8 k €
03/02/2004
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

FINAO

Overview

What does FINAO do?

Trend over 18 financial years

Indicative valuation

Board of directors

Other companies at this address

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