ACTIVE

Epicuris

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Financial year 2025 · closed on 31/12/2025

Net result

-286,1 k €

-174.7% YoY

Revenue

164,2 k €

+43.7% YoY

Equity

2,9 M €

-13.5% YoY

Workforce

12,6 ETP

-6.0% YoY

What does Epicuris do?

Epicuris is a Non-profit organization incorporated in 2004. Its main activity is: Research and experimental development on social sciences and humanities. Its registered office is in Ans. It employs on average 12,6 ETP workers (FTE).

Legal situation

● Normal situation

BCE/KBO no. / VAT

BE 0867.271.753

Incorporation

16/09/2004

Legal form

Non-profit organization

Registered office

Rue du Parc 50
4432 Ans · WallonieSee on map

Latest accounts

31/12/2025

Average workforce

12,6 ETP

Activities (NACE)

72200Research and experimental development on social sciences and humanities· main 72200Research and experimental development on social sciences and humanities 80421Security and investigation activities 85592Other education n.e.c.85592Other education n.e.c.

Joint committees (1)

32902

Signals

Solid equityLow riskGood liquidityHealthy social debts

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Health score

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✦ Verdict · Analyst summary

Financials

Trend over 16 financial years

	2025		2024		2023		2022		2021		2020		2019		2018		2017		2016		2015		2014		2013		2012		2011		2010
Income statement
Revenue	164,2 k €	+43.7%	114,2 k €	+4.3%	109,5 k €	+28.1%	85,4 k €	-5.2%	90,1 k €	+24.3%	72,5 k €	-12.4%	82,7 k €	-25.2%	110,5 k €	+23.3%	89,6 k €	-19.6%	111,5 k €	-29.1%	157,2 k €	-10.2%	175,1 k €	+32.8%	131,9 k €	+137%	55,6 k €	+36.8%	40,7 k €	+30.0%	31,3 k €
EBITDA	-72,6 k €	-112%	617,8 k €	-15.8%	733,6 k €	+130%	319,1 k €	-41.7%	546,9 k €	-6.9%	587,4 k €	+14.6%	512,8 k €	-23.9%	674 k €	+20.1%	561,4 k €	+55.0%	362,2 k €	+326%	85 k €	-16.8%	102,2 k €	+92.6%	53,1 k €	-44.9%	96,4 k €	-4.8%	101,3 k €	+493%	-25,8 k €
Operating result	-289,5 k €	-177%	377,2 k €	-37.3%	601,4 k €	+375%	126,7 k €	-41.1%	215,2 k €	+38.8%	155 k €	+73.5%	89,3 k €	-2.6%	91,7 k €	-19.4%	113,8 k €	+27.6%	89,2 k €	+50.5%	59,3 k €	-24.3%	78,3 k €	+94.1%	40,4 k €	-51.4%	83 k €	-7.2%	89,4 k €	+316%	-41,3 k €
Net result	-286,1 k €	-175%	382,9 k €	-36.4%	602 k €	+409%	118,2 k €	-43.1%	207,8 k €	+35.0%	153,9 k €	+72.7%	89,2 k €	-2.7%	91,7 k €	-20.1%	114,7 k €	+27.9%	89,6 k €	+50.4%	59,6 k €	-24.5%	78,9 k €	+89.5%	41,6 k €	-50.8%	84,6 k €	-4.1%	88,2 k €	+322%	-39,8 k €
Balance sheet
Equity	2,9 M €	-13.5%	3,4 M €	+70.7%	2 M €	+45.8%	1,4 M €	-1.6%	1,4 M €	-4.8%	1,5 M €	-14.0%	1,7 M €	-15.1%	2 M €	-17.2%	2,4 M €	+35.3%	1,8 M €	+256%	501,7 k €	+13.5%	442,1 k €	+21.7%	363,2 k €	+13.0%	321,5 k €	+34.1%	239,7 k €	+55.3%	154,4 k €
Total assets	5,3 M €	-5.7%	5,6 M €	-10.4%	6,2 M €	+0.8%	6,2 M €	-8.1%	6,7 M €	-11.2%	7,6 M €	-2.9%	7,8 M €	-7.6%	8,4 M €	-5.7%	9 M €	+32.1%	6,8 M €	+83.6%	3,7 M €	+43.5%	2,6 M €	+50.2%	1,7 M €	-18.8%	2,1 M €	+57.6%	1,3 M €	+59.5%	838,8 k €
Cash	4,3 M €	+8.1%	4 M €	+24.2%	3,2 M €	+2.6%	3,1 M €	-2.7%	3,2 M €	-20.1%	4 M €	-2.5%	4,1 M €	-15.3%	4,9 M €	+73.8%	2,8 M €	-6.6%	3 M €	+302%	748,7 k €	+114%	350,7 k €	+67.7%	209,2 k €	-28.5%	292,5 k €	+5.6%	277 k €	+95.1%	142 k €
Debts	2 M €	+4.7%	1,9 M €	-49.1%	3,7 M €	-14.4%	4,3 M €	-11.9%	4,9 M €	-13.9%	5,7 M €	-0.5%	5,7 M €	-2.8%	5,9 M €	-4.2%	6,2 M €	+32.4%	4,7 M €	+48.9%	3,1 M €	+50.2%	2,1 M €	+65.4%	1,3 M €	-26.2%	1,7 M €	+58.4%	1,1 M €	+60.4%	672,3 k €
Other
Workforce	12,6 ETP	-6.0%	13,4 ETP	-1.5%	13,6 ETP	+7.1%	12,7 ETP	-13.6%	14,7 ETP	+2.8%	14,3 ETP	+6.7%	13,4 ETP	+0.8%	13,3 ETP	-4.3%	13,9 ETP	+0.7%	13,8 ETP	+26.6%	10,9 ETP	+31.3%	8,3 ETP	+2.5%	8,1 ETP	+26.6%	6,4 ETP	-3.0%	6,6 ETP	0.0%	6,6 ETP

Estimate

Indicative valuation

As an indication, this company is worth

between 5 M€ and 10 M€

See the valuation

Governance

Board of directors

Seen on filing of 31/12/2025 · 5 active · 9 ended

Active mandates

CENTRE WALLON DE FORMATION ET DE PERFECTIONNEMENT DU SECTEUR HORECA

Mandate · 0861.434.135

Represented by Pierre PORIAU

Active

Initiatieven voor Professionele Vorming van de Voedingsnijverheid

Mandate · 0442.973.363

Represented by Laurent GALL

Active

Institut wallon de formation en alternance et des indépendants et petites et moyennes entreprises

Mandate · 0869.559.171

Represented by Laurie DELSTANCHE

Active

Office wallon de la Formation professionnelle et de l'Emploi

Mandate · 0236.363.165

Represented by Christine MATHIEU

Active

Waarborg- en Sociaal Fonds voor de industriële bakkerijen kleinbakkerij en kleinbanketbakkerij

Mandate · 0419.458.682

Represented by Albert DENONCIN

Active

Ended mandates

Vincent MINET

Director · since 17 juillet 2012

Ended

Centre Wallon de Formation et de Perfectionnement du secteur HORECA - ASBL

Mandate

Represented by Raymond DOCQUIER

Ended

Fonds Social et de Garantie de la Boulangerie, Pâtisserie et Salons de consommations annexes - Fonds de sécurité d'existance

Mandate

Represented by Tangui CORNU

Ended

Fonds Social et de Garantie de la Boulangerie, Pâtisserie et Salons de consommations annexes - Fonds de sécurité d'existence

Mandate

Represented by Tangui CORNU

Ended

At this address

Other companies at this address

Company	CBE no.
SAGI● Active	0418.765.529
SAGI EXPORT● Active	0865.284.045

Annual accounts

Full financial information

	2025	2024	2023	2022	2021	2020
Type of account	Abridged model	Abridged model	Abridged model	Abridged model	Abridged model	Abridged 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	10/06/2026	04/06/2025	20/06/2024	14/06/2023	08/06/2022	28/06/2021
General meeting	10/06/2026	04/06/2025	19/06/2024	14/06/2023	08/06/2022	16/06/2021
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
Abridged model	31/12/2025	10/06/2026	10/06/2026	French	PDF
Abridged model	31/12/2024	04/06/2025	04/06/2025	French	PDF
Abridged model	31/12/2023	19/06/2024	20/06/2024	French	PDF
Abridged model	31/12/2022	14/06/2023	14/06/2023	French	PDF
Abridged model	31/12/2021	08/06/2022	08/06/2022	French	PDF
Abridged model	31/12/2020	16/06/2021	28/06/2021	French	PDF
Abridged model	31/12/2019	17/06/2020	23/06/2020	French	PDF
Abridged model	31/12/2018	12/06/2019	19/06/2019	French	PDF
Abridged model	31/12/2017	13/06/2018	18/06/2018	French	PDF
Abridged modelCorrection	31/12/2016	14/06/2017	30/03/2018	French	PDF
Abridged model	31/12/2016	14/06/2017	15/06/2017	French	PDF
Abridged model	31/12/2015	15/06/2016	20/06/2016	French	PDF
Abridged model	31/12/2014	16/06/2015	16/06/2015	French	PDF
Abridged model	31/12/2013	17/06/2014	19/06/2014	French	PDF
Abridged model	31/12/2012	25/06/2013	25/06/2013	French	PDF
Abridged model	31/12/2011	20/06/2012	20/06/2012	French	PDF
Abridged model	31/12/2010	21/06/2011	22/06/2011	French	PDF
Abridged model	31/12/2009	04/06/2010	11/06/2010	French	PDF
Abridged model	31/12/2008	25/06/2009	16/07/2009	French	PDF
Abridged model	31/12/2007	12/06/2008	14/07/2008	French	PDF
Abridged model	31/12/2006	21/06/2007	06/07/2007	French	PDF

Estimate

Indicative valuation

Order of magnitude

As an indication, this company is worth

between 5 M€ and 10 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 · 5 active · 9 ended

Active mandates

CENTRE WALLON DE FORMATION ET DE PERFECTIONNEMENT DU SECTEUR HORECA

Mandate · 0861.434.135

Represented by Pierre PORIAU

Active

Initiatieven voor Professionele Vorming van de Voedingsnijverheid

Mandate · 0442.973.363

Represented by Laurent GALL

Active

Institut wallon de formation en alternance et des indépendants et petites et moyennes entreprises

Mandate · 0869.559.171

Represented by Laurie DELSTANCHE

Active

Office wallon de la Formation professionnelle et de l'Emploi

Mandate · 0236.363.165

Represented by Christine MATHIEU

Active

Waarborg- en Sociaal Fonds voor de industriële bakkerijen kleinbakkerij en kleinbanketbakkerij

Mandate · 0419.458.682

Represented by Albert DENONCIN

Active

Ended mandates

Vincent MINET

Director · since 17 juillet 2012

Ended

Centre Wallon de Formation et de Perfectionnement du secteur HORECA - ASBL

Mandate

Represented by Raymond DOCQUIER

Ended

Fonds Social et de Garantie de la Boulangerie, Pâtisserie et Salons de consommations annexes - Fonds de sécurité d'existance

Mandate

Represented by Tangui CORNU

Ended

Fonds Social et de Garantie de la Boulangerie, Pâtisserie et Salons de consommations annexes - Fonds de sécurité d'existence

Mandate

Represented by Tangui CORNU

Ended

Shareholders

Ownership and network

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Try for 7 days

Belgian Official Gazette

Belgian Official Gazette publications

Mandates19/01/2026
DEMISSIONS, NOMINATIONS
PDF
Mandates06/10/2025
DEMISSIONS, NOMINATIONS
PDF
Registered office02/01/2025
SIEGE SOCIAL
PDF
Mandates24/07/2024
DEMISSIONS, NOMINATIONS
PDF
Mandates10/06/2024
DEMISSIONS, NOMINATIONS
PDF
Mandates13/04/2023
DEMISSIONS, NOMINATIONS
PDF
Mandates17/06/2022
SIEGE SOCIAL - DEMISSIONS, NOMINATIONS
PDF
Mandates06/01/2022
DEMISSIONS, NOMINATIONS - STATUTS (TRADUCTION, COORDINATION, AUTRES MODIFICATIONS, )
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 2025-286,1 k €↓
2024
Annual accounts 2024382,9 k €↓
2023
Annual accounts 2023602 k €↑
2022
Annual accounts 2022118,2 k €↓
2021
Annual accounts 2021207,8 k €↑
2020
Annual accounts 2020153,9 k €↑
2019
Annual accounts 201989,2 k €↓
2018
Annual accounts 201891,7 k €↓
2017
Annual accounts 2017114,7 k €↑
2016
Annual accounts 201689,6 k €↑
2015
Annual accounts 201559,6 k €↓
2014
Annual accounts 201478,9 k €↑
2013
Annual accounts 201341,6 k €↓
2012
Annual accounts 201284,6 k €↓
2011
Annual accounts 201188,2 k €↑
2010
Annual accounts 2010-39,8 k €
16/09/2004
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

Epicuris

Overview

What does Epicuris do?

Trend over 16 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