ACTIVE

Fonds voor wetenschappelijk Onderzoek - Vlaanderen

Financial year 2025 · Closed on 31/12/2025

Net result23,4 M €+16,3 %over 1 year

Equity183,9 M €+14,5 %over 1 year

Workforce2 772,6 ETP-0,3 %over 1 year

Identity

Source · BCE/KBO

Fonds voor wetenschappelijk Onderzoek - Vlaanderen is a Public utility foundation incorporated in 2006. Its main activity is: Research and experimental development on natural sciences and engineering. Its registered office is in Bruxelles. It employs on average 2 772,6 ETP workers (FTE).

Legal situation: Normal situation
BCE/KBO no. / VAT: BE 0880.212.840
Incorporation: 24/03/2006
Legal form: Public utility foundation
Registered office: Rue de Louvain 38
1000 Bruxelles · BruxellesSee on map
Latest accounts: 31/12/2025
Average workforce: 2 772,6 ETP

Activities (NACE)

72109Research and experimental development on natural sciences and engineering· main 72190Other research and experimental development on natural sciences and engineering 73100Advertising

Signals

ProfitableSolid equityLow riskGood liquidityPositive cashflowPositive EBITDAHealthy social debts

Financials

Source · NBB, 14 filings

Trend over 13 financial years

	2025		2024		2023		2022		2021
Income statement
EBITDA	26,2 M €	+33.4%	19,7 M €	+18.6%	16,6 M €	+24.7%	13,3 M €	-36.3%	20,9 M €
Operating result	22,7 M €	+39.3%	16,3 M €	+20.7%	13,5 M €	+25.8%	10,7 M €	-44.0%	19,1 M €
Net result	23,4 M €	+16.3%	20,1 M €	+48.8%	13,5 M €	+26.0%	10,7 M €	-44.0%	19,1 M €
Balance sheet
Equity	183,9 M €	+14.5%	160,5 M €	+14.3%	140,4 M €	+10.6%	127 M €	+9.2%	116,2 M €
Total assets	260,3 M €	+8.0%	240,9 M €	+4.9%	229,7 M €	+16.1%	197,9 M €	+10.1%	179,8 M €
Cash	11,6 M €	-41.9%	19,9 M €	+1309%	1,4 M €	-80.2%	7,1 M €	-56.4%	16,4 M €
Debts	75,7 M €	-4.3%	79,1 M €	-9.0%	87 M €	+27.6%	68,2 M €	+8.3%	63 M €
Other
Workforce	2 772,6 ETP	-0.3%	2 779,9 ETP	+0.4%	2 769,3 ETP	+1.2%	2 737,2 ETP	+3.5%	2 645,5 ETP

Valuation

Indicative valuation

As an indication, this company is worth

between 250 M€ and 500 M€

See the valuation

Board of directors

Source · NBB, accounts to 31/12/2025

11 active · 51 ended

Active mandates

Director	Mandates in this company	Period	Other mandatescurrentendedstruck offbankruptcies
Bram Pareyt	Vice-chairman of the board of directors16/05/2025 → 31/03/2030
Dorien Luyckx	Director16/05/2025 → 31/03/2030
Karolien Vasseur	Director16/05/2025 → 31/03/2030
Veronique Van Speybroeck	Director21/03/2025 → 31/03/2030
Bruno Blondé	Chairman of the board of directors01/01/2025 → 31/03/2030Director21/10/2016 → 20/03/2030ended
Katrien Lagrou	Director17/06/2024 → 31/03/2030
Christine Durinx	Director01/01/2024 → 31/03/2030
Tom Vander Beken	Director01/01/2024 → 31/03/2030
Karin Vanderkerken	Director16/09/2022 → 31/03/2030
Jos van Sas	Director27/05/2016 → 31/03/2030
Marlies Van Bael	Director21/10/2016 → 31/03/2030

Ended mandates

Director	Mandates in this company	Period	Other mandatescurrentendedstruck offbankruptcies
Ann Meulemans	Director15/05/2020 → 14/05/2025
Leon Dhaene	Director15/05/2020 → 14/05/2025

Full financial information

Source · NBB

	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	26/03/2026	27/03/2025	27/03/2024	30/03/2023	08/04/2022	25/03/2021
General meeting	25/03/2026	26/03/2025	27/03/2024	29/03/2023	30/03/2022	24/03/2021
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, 14 filings

Model	Closing	General meeting	Filed	Language	Document
Full model	31/12/2025	25/03/2026	26/03/2026	Dutch	PDF
Full model	31/12/2024	26/03/2025	27/03/2025	Dutch	PDF
Full model	31/12/2023	27/03/2024	27/03/2024	Dutch	PDF
Full model	31/12/2022	29/03/2023	30/03/2023	Dutch	PDF
Full model	31/12/2021	30/03/2022	08/04/2022	Dutch	PDF
Full model	31/12/2020	24/03/2021	25/03/2021	Dutch	PDF
Full model	31/12/2019	25/03/2020	30/03/2020	Dutch	PDF
Full model	31/12/2018	27/03/2019	28/03/2019	Dutch	PDF
Full model	31/12/2017	28/03/2018	28/03/2018	Dutch	PDF
Full model	31/12/2016	27/03/2017	29/03/2017	Dutch	PDF
Full modelCorrection	31/12/2015	23/03/2016	06/04/2016	Dutch	PDF
Full model	31/12/2015	23/03/2016	30/03/2016	Dutch	PDF
Full model	31/12/2014	24/06/2015	24/06/2015	Dutch	PDF
Full model	31/12/2013	25/06/2014	01/07/2014	Dutch	PDF

Indicative valuation

Order of magnitude

As an indication, this company is worth

between 250 M€ and 500 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

11 active · 51 ended

Active mandates

Director	Mandates in this company	Period	Other mandatescurrentendedstruck offbankruptcies
Bram Pareyt	Vice-chairman of the board of directors16/05/2025 → 31/03/2030
Dorien Luyckx	Director16/05/2025 → 31/03/2030
Karolien Vasseur	Director16/05/2025 → 31/03/2030
Veronique Van Speybroeck	Director21/03/2025 → 31/03/2030
Bruno Blondé	Chairman of the board of directors01/01/2025 → 31/03/2030Director21/10/2016 → 20/03/2030ended
Katrien Lagrou	Director17/06/2024 → 31/03/2030
Christine Durinx	Director01/01/2024 → 31/03/2030
Tom Vander Beken	Director01/01/2024 → 31/03/2030
Karin Vanderkerken	Director16/09/2022 → 31/03/2030
Jos van Sas	Director27/05/2016 → 31/03/2030
Marlies Van Bael	Director21/10/2016 → 31/03/2030

Ended mandates

Director	Mandates in this company	Period	Other mandatescurrentendedstruck offbankruptcies
Ann Meulemans	Director15/05/2020 → 14/05/2025
Leon Dhaene	Director15/05/2020 → 14/05/2025

Ownership and network

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Belgian Official Gazette publications

Source · Belgian Official Gazette

Mandates10/10/2025
ONTSLAGEN - BENOEMINGEN
PDF
Mandates11/02/2025
ONTSLAGEN - BENOEMINGEN
PDF
Mandates17/06/2024
ONTSLAGEN - BENOEMINGEN
PDF
Mandates13/06/2024
ONTSLAGEN - BENOEMINGEN
PDF
Registered office25/11/2022
STATUTEN (VERTALING, COÖRDINATIE, OVERIGE WIJZIGINGEN, ) - MAATSCHAPPELIJKE ZETEL
PDF
Mandates11/03/2021
ONTSLAGEN - BENOEMINGEN
PDF
Mandates24/12/2020
ONTSLAGEN - BENOEMINGEN
PDF
Mandates13/10/2017
ONTSLAGEN - BENOEMINGEN
PDF

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

See the Business plan

Timeline

Source · CBE, NBB annual accounts

Year

Identity

Incorporation

Name

Registered office

Annual accounts

Filings13 filings

Mandates

Bram Pareyt

Dorien Luyckx

Karolien Vasseur

Veronique Van Speybroeck

Bruno Blondé

Katrien Lagrou

Christine Durinx

Tom Vander Beken

Karin Vanderkerken

Jos van Sas

Marlies Van Bael

Ann Meulemans

and 50 more mandates

20052006200720082009201020112012201320142015201620172018201920202021202220232024202520262027202820292030

FONDS WETENSCHAPPELIJK ONDERZOEK - VLAANDEREN

Rue de Louvain 38, 1000 Brussels

Vice-chairman of the board of directors

Director

Chairman of the board of directorsDirector

Director

CurrentPlanned, not yet servedEndedAccounts filedToday

Registered offices

Source · NBB annual accounts, CBE

Registered address	Period	Source
Rue de Louvain 38, 1000 BrusselsCurrent	accounts 2022 → 2025	Accounts 2025 · 2026-00062742
Egmontstraat 5, 1000 Brussels	accounts 2021	Accounts 2021 · 2022-20001632

Company names

Source · NBB annual accounts, CBE

Name	Period	Source
Fonds voor wetenschappelijk Onderzoek - VlaanderenCurrent		CBE
FWO	accounts 2025	Accounts 2025 · 2026-00062742
Fonds voor wetenschappelijk Onderzoek - Vlaanderen	accounts 2024	Accounts 2024 · 2025-00055523
FONDS WETENSCHAPPELIJK ONDERZOEK - VLAANDEREN	accounts 2021 → 2023	Accounts 2023 · 2024-00050338

Events

2025
Annual accounts 202523,4 M €↑
2025
Name changeFWO
2024
Annual accounts 202420,1 M €↑
2024
Name changeFonds voor wetenschappelijk Onderzoek - Vlaanderen
07/06/2024
nominationKatrien Lagrou · lid van de raad van bestuur
2023
Annual accounts 202313,5 M €↑
29/03/2023
nominationCallens, Vandelanotte & Theunissen BV · commissaris
2022
Annual accounts 202210,7 M €↓
2021
Annual accounts 202119,1 M €↑
2020
Annual accounts 2020-17,2 M €↓
2019
Annual accounts 2019-10,1 M €↑
2018
Annual accounts 2018-34,4 M €↑
2017
Annual accounts 2017-38,2 M €↓
2016
Annual accounts 2016-18,7 M €↓
2015
Annual accounts 2015-7 M €↓
2014
Annual accounts 2014278,2 k €↓
2013
Annual accounts 20134,4 M €
24/03/2006
IncorporationPublic utility foundation

Fonds voor wetenschappelijk Onderzoek - Vlaanderen

Overview

Identity

Financials

Valuation

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

Timeline

Registered offices

Company names

Events