ACTIVE

HEC-Ecole de gestion de l'Université de Liège

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Financial year 2025 · Closed on 31/12/2025

Net result20,5 k €-6,4 %over 1 year

Revenue2,2 M €+3,4 %over 1 year

Equity1,2 M €+1,6 %over 1 year

Workforce13,4 ETP+8,9 %over 1 year

Identity

Source · BCE/KBO

HEC-Ecole de gestion de l'Université de Liège is a Non-profit organization incorporated in 2004. Its registered office is in Liège. It employs on average 13,4 ETP workers (FTE).

Legal situation: Normal situation
BCE/KBO no. / VAT: BE 0870.785.925
Incorporation: 24/12/2004
Legal form: Non-profit organization
Registered office: Rue Louvrex 14
4000 Liège · WallonieSee on map
Latest accounts: 31/12/2025
Average workforce: 13,4 ETP

Joint committees (1)

32902

Signals

ProfitableSolid equityLow riskGood liquidityPositive cashflowPositive EBITDAHealthy social debts

Financials

Source · NBB, 20 filings

Trend over 18 financial years

	2025		2024		2023		2022		2021
Income statement
Revenue	2,2 M €	+3.4%	2,1 M €	+23.5%	1,7 M €		–		–
EBITDA	16,5 k €	-93.7%	260,9 k €	+111%	123,6 k €	+4.5%	118,3 k €	+204%	38,9 k €
Operating result	1,4 k €	+214%	-1,3 k €	-101%	89,6 k €	-5.0%	94,3 k €	+146%	38,4 k €
Net result	20,5 k €	-6.4%	21,9 k €	-77.2%	96,4 k €	+5.7%	91,2 k €	+151%	36,4 k €
Balance sheet
Equity	1,2 M €	+1.6%	1,2 M €	+1.8%	1,2 M €	+9.3%	1,1 M €	+9.0%	1 M €
Total assets	2,5 M €	-2.1%	2,6 M €	+0.0%	2,6 M €	+4.5%	2,5 M €	-2.7%	2,6 M €
Cash	67,9 k €	-64.8%	192,7 k €	+9.8%	175,5 k €	-84.0%	1,1 M €	+9.2%	1 M €
Debts	510,7 k €	-22.1%	655,6 k €	+5.9%	619 k €	-4.9%	651,1 k €	-23.3%	848,4 k €
Other
Workforce	13,4 ETP	+8.9%	12,3 ETP	+15.0%	10,7 ETP	-3.6%	11,1 ETP	+7.8%	10,3 ETP

Valuation

Indicative valuation

As an indication, this company is worth

between 1 M€ and 2,5 M€

See the valuation

Board of directors

Source · NBB, accounts to 31/12/2025

10 active · 52 ended

Active mandates

Anne-Sophie NYSSEN

Mandate

Active

Frédéric SCHOENAERS

Mandate

Active

Julien DEMOULIN

Mandate

Active

Laurie-Anne MATOT

Mandate

Active

Marie MASSON

Mandate

Active

Marie MAWHIN

Mandate

Active

Michaël SCHYNS

Mandate

Active

Sylvie-Anne PIETTE

Mandate

Active

Wilfried NIESSEN

Mandate

Active

Willy DELFLYS

Mandate

Active

Ended mandates

Anne-sophie NYSSEN

Director · since 01 octobre 2022

Ended

Dominique SELBIANI

Director · since 01 octobre 2022

Ended

Frédéric SCHOENAERS

Director · since 01 octobre 2022

Ended

Julien DEMOULIN

Director · since 01 octobre 2022

Ended

Other companies at this address

Rue Louvrex 14 4000 Liège

Company	CBE no.
Association des Etudiants HEC - ULg, asbl● Active	0876.457.059
ASSOCIATION ROYALE DES DIPLOMES DE HEC- Ecole de gestion de l'Université de LIEGE- Alumni● Liquidation	0431.787.778
CAMPUS RECRUITMENT HEC LIEGE● Active	0451.347.532
EMES INTERNATIONAL RESEARCH NETWORK● Active	0478.267.210
ESTIEM Local Group Liège, Association sans but lucratif● Active	0671.997.588
Hautes Etudes Commerciales - Université de LIège Campus Recruitment● Active	0448.105.554
HEC Connect● Active	0414.654.511
HEC CONSULTING● Active	0475.271.294
HEC Liège Advisory● Active	0443.167.858
HEC Liège Business Game● Active	0791.867.220
USTART LIEGE● Active	0867.699.939

Full financial information

Source · NBB

	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	05/06/2026	28/05/2025	08/07/2024	29/06/2023	16/06/2022	11/06/2021
General meeting	26/05/2026	20/05/2025	21/05/2024	30/05/2023	24/05/2022	27/05/2021
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

Financial ratios

Source · NBB

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Annual accounts filings

Source · NBB, 20 filings

Model	Closing	General meeting	Filed	Language	Document
Abridged model	31/12/2025	26/05/2026	05/06/2026	French	PDF
Abridged model	31/12/2024	20/05/2025	28/05/2025	French	PDF
Abridged model	31/12/2023	21/05/2024	08/07/2024	French	PDF
Abridged model	31/12/2022	30/05/2023	29/06/2023	French	PDF
Abridged model	31/12/2021	24/05/2022	16/06/2022	French	PDF
Abridged model	31/12/2020	27/05/2021	11/06/2021	French	PDF
Abridged model	31/12/2019	25/06/2020	28/08/2020	French	PDF
Abridged model	31/12/2018	18/06/2019	20/06/2019	French	PDF
Abridged model	31/12/2017	20/06/2018	27/06/2018	French	PDF
Abridged model	31/12/2016	22/06/2017	28/09/2017	French	PDF
Abridged model	31/12/2015	23/06/2016	30/06/2016	French	PDF
Abridged model	31/12/2014	18/06/2015	23/06/2016	French	PDF
Abridged model	31/12/2013	19/06/2014	30/04/2015	French	PDF
Abridged model	31/12/2012	18/06/2013	19/06/2013	French	PDF
Abridged model	31/12/2011	19/06/2012	19/06/2013	French	PDF
Abridged model	31/12/2010	22/06/2011	05/07/2011	French	PDF
Abridged model	31/12/2009	30/06/2010	29/09/2010	French	PDF
Abridged model	31/12/2008	18/06/2009	19/06/2009	French	PDF
Abridged model	31/12/2007	12/06/2008	02/07/2008	French	PDF
Abridged model	31/12/2006	21/06/2007	19/12/2007	French	PDF

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.

Board of directors

Source · NBB, accounts to 31/12/2025

10 active · 52 ended

Active mandates

Anne-Sophie NYSSEN

Mandate

Active

Frédéric SCHOENAERS

Mandate

Active

Julien DEMOULIN

Mandate

Active

Laurie-Anne MATOT

Mandate

Active

Marie MASSON

Mandate

Active

Marie MAWHIN

Mandate

Active

Michaël SCHYNS

Mandate

Active

Sylvie-Anne PIETTE

Mandate

Active

Wilfried NIESSEN

Mandate

Active

Willy DELFLYS

Mandate

Active

Ended mandates

Anne-sophie NYSSEN

Director · since 01 octobre 2022

Ended

Dominique SELBIANI

Director · since 01 octobre 2022

Ended

Frédéric SCHOENAERS

Director · since 01 octobre 2022

Ended

Julien DEMOULIN

Director · since 01 octobre 2022

Ended

Ownership and network

Looking for more information about this company?

Try for free

Belgian Official Gazette publications

Source · Belgian Official Gazette

Mandates24/01/2025
DEMISSIONS, NOMINATIONS
PDF
Other12/01/2024
STATUTS (TRADUCTION, COORDINATION, AUTRES MODIFICATIONS, )
PDF
Mandates04/05/2023
DEMISSIONS, NOMINATIONS
PDF
Mandates21/10/2022
DEMISSIONS, NOMINATIONS
PDF
Mandates18/11/2021
DEMISSIONS, NOMINATIONS
PDF
Mandates21/05/2021
DEMISSIONS, NOMINATIONS
PDF
Mandates22/03/2021
DEMISSIONS, NOMINATIONS
PDF
Mandates01/07/2020
DEMISSIONS, NOMINATIONS
PDF

Similar companies

A company's peers, by sector and size, are included in the Business plan.

See the Business plan

Timeline

2025
Annual accounts 202520,5 k €↓
2024
Annual accounts 202421,9 k €↓
2023
Annual accounts 202396,4 k €↑
2022
Annual accounts 202291,2 k €↑
2021
Annual accounts 202136,4 k €↑
2020
Annual accounts 202023,3 k €↓
2019
Annual accounts 201984,7 k €↓
2018
Annual accounts 2018166,9 k €↑
2017
Annual accounts 2017146,5 k €↑
2016
Annual accounts 2016145,8 k €↑
2015
Annual accounts 201537,5 k €↑
2013
Annual accounts 2013-124,5 k €↓
2012
Annual accounts 2012-78,4 k €↓
2011
Annual accounts 2011-41,8 k €↓
2010
Annual accounts 2010-23,2 k €↓
2009
Annual accounts 2009-11,9 k €↑
2008
Annual accounts 2008-22,4 k €↑
2007
Annual accounts 2007-25,2 k €
24/12/2004
IncorporationNon-profit organization

HEC-Ecole de gestion de l'Université de Liège

Overview

Identity

Financials

Valuation

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

Timeline