ACTIVE

VITAZ

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Financial year 2025 · closed on 31/12/2025

Net result

12,9 M €

+14.6% YoY

Revenue

474,7 M €

+4.3% YoY

Equity

181,9 M €

+6.9% YoY

Workforce

2 227,4 ETP

+0.9% YoY

What does VITAZ do?

VITAZ is a Non-profit organization incorporated in 2006. Its main activity is: Pre-primary education. Its registered office is in Sint-Niklaas. It employs on average 2 227,4 ETP workers (FTE).

Legal situation

● Normal situation

BCE/KBO no. / VAT

BE 0881.291.322

Incorporation

12/05/2006

Legal form

Non-profit organization

Registered office

Moerlandstraat 1
9100 Sint-Niklaas · FlandreSee on map

Latest accounts

31/12/2025

Average workforce

2 227,4 ETP

Activities (NACE)

85110Pre-primary education· main 86101Hospital activities 86101Hospital activities 56220Event catering and other food service activities 56290Other food service activities 68204Rental and operating of own or leased real estate+5

Joint committees (1)

Signals

ProfitableSolid equityLow riskGood liquidityPositive cashflowPositive EBITDAHealthy social debtsHigh revenue

View the BCE/KBO Public Search record →

Health score

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✦ Verdict · Analyst summary

Financials

Trend over 13 financial years

	2025		2024		2017		2016		2015		2014		2013		2012		2011		2010		2009		2008		2007
Income statement
Revenue	474,7 M €	+4.3%	455 M €	+72.0%	264,6 M €	+2.2%	258,8 M €	+2.8%	251,8 M €	+1.6%	247,8 M €	+4.0%	238,3 M €	+4.8%	227,3 M €	+3.8%	219 M €	+4.7%	209,2 M €	+6.6%	196,2 M €	+5.5%	186 M €	+6.4%	174,9 M €
EBITDA	29,6 M €	+8.3%	27,3 M €	+37.9%	19,8 M €	+3.2%	19,2 M €	-17.6%	23,3 M €	-5.5%	24,6 M €	+18.4%	20,8 M €	+15.4%	18 M €	+1.0%	17,8 M €	+8.0%	16,5 M €	+20.5%	13,7 M €	+38.6%	9,9 M €	-14.7%	11,6 M €
Operating result	10,8 M €	+16.6%	9,3 M €	+143%	3,8 M €	-20.5%	4,8 M €	-40.4%	8,1 M €	-14.1%	9,4 M €	+62.4%	5,8 M €	+50.8%	3,8 M €	-2.3%	3,9 M €	+34.9%	2,9 M €	+57.7%	1,8 M €	+539%	-419,3 k €	-128%	1,5 M €
Net result	12,9 M €	+14.6%	11,2 M €	+678%	1,4 M €	-63.1%	3,9 M €	-1.4%	4 M €	-53.3%	8,5 M €	+512%	1,4 M €	-65.1%	4 M €	+48.9%	2,7 M €	-11.4%	3 M €	+4723%	62,4 k €	-98.0%	3,1 M €	+385%	630,8 k €
Balance sheet
Equity	181,9 M €	+6.9%	170,2 M €	+42.9%	119,1 M €	-0.7%	119,9 M €	+2.3%	117,2 M €	+2.5%	114,3 M €	+6.9%	106,9 M €	+24.4%	85,9 M €	+3.3%	83,2 M €	+1.7%	81,8 M €	+2.1%	80,1 M €	-1.2%	81,1 M €	+11.3%	72,9 M €
Total assets	380,4 M €	+1.2%	375,8 M €	+17.4%	320,1 M €	-0.0%	320,2 M €	+6.0%	302,1 M €	+3.7%	291,2 M €	+8.5%	268,3 M €	+11.0%	241,8 M €	+4.7%	231 M €	+2.8%	224,8 M €	+2.2%	219,8 M €	+3.4%	212,6 M €	+15.8%	183,6 M €
Cash	40,5 M €	+74.4%	23,2 M €	+248%	6,7 M €	+36.2%	4,9 M €	-44.0%	8,7 M €	-1.4%	8,9 M €	-6.4%	9,5 M €	+293%	2,4 M €	-30.0%	3,4 M €	+116%	1,6 M €	-86.2%	11,6 M €	+218%	3,6 M €	+70.6%	2,1 M €
Debts	182,4 M €	-2.2%	186,4 M €	+10.3%	169,1 M €	-1.6%	171,8 M €	+6.6%	161,2 M €	+3.3%	156 M €	+8.4%	144 M €	+1.8%	141,4 M €	+6.8%	132,5 M €	+2.3%	129,5 M €	+0.9%	128,4 M €	+6.9%	120,1 M €	+23.5%	97,2 M €
Other
Workforce	2 227,4 ETP	+0.9%	2 207,0 ETP	+26.9%	1 739,1 ETP	+3.6%	1 678,8 ETP	+2.0%	1 646,3 ETP	+0.9%	1 631,2 ETP	+3.4%	1 578,0 ETP	+1.2%	1 560,0 ETP	+5.4%	1 480,5 ETP	+2.3%	1 447,7 ETP	-1.0%	1 463,0 ETP	+1.6%	1 439,5 ETP	+3.6%	1 389,8 ETP

Estimate

Indicative valuation

As an indication, this company is worth

between 250 M€ and 500 M€

See the valuation

Governance

Board of directors

Seen on filing of 31/12/2025 · 13 active · 32 ended

Active mandates

Bart Merckx

Mandate

Active

Claessens Patricia

Mandate

Active

De Caluwe Robby

Mandate

Active

De Meyer Jos

Mandate

Active

Filip Boelaert

Mandate

Active

Geert Vercauteren

Mandate

Active

Ivo Duysburgh

Mandate

Active

Koen Michiels

Mandate

Active

Luc De Block

Mandate

Active

Nina Van der Sypt

Mandate

Active

Van Den Poel Carl

Mandate

Active

Vermeire Tom

Mandate

Active

Volkaert Pieter-Jan

Mandate

Active

Ended mandates

VEERLE VAN HELSLAND

Director · since 04 mars 2016

Ended

LUC DE BLOCK

Director · since 04 février 2016

Ended

KOEN MICHIELS HEALTH CARE MANAGEMENT

Managing director · since 07 janvier 2010 · 0821.855.165

Represented by KOEN MICHIELS

Ended

ANTON MOORTGAT

Director

Ended

At this address

Other companies at this address

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Abdo Nikolaas● Active	0723.591.096
Burgerlijke Maatschap ANENIS● Active	0655.989.323
CMF Research and Teaching Center● Active	0682.925.728
Dienst NKO Sint-Niklaas● Active	0826.596.980
Dokters MKA Waasland● Active	0525.825.023
GROEP VAAT THORAX HEELKUNDE● Active	0825.878.784
Maatschap Urologie Waasland● Active	0895.939.510
Van Buyten - Smet – Jerjir● Active	0538.566.764
VZW Team Vitaz● Active	0664.917.380
Zydeco● Active	0860.330.711

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	16/07/2026	15/07/2025	22/07/2024	18/07/2023	11/07/2022	20/07/2021
General meeting	25/06/2026	26/06/2025	27/06/2024	29/06/2023	30/06/2022	24/06/2021
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

19 filings with the NBB

Model	Closing	General meeting	Filed	Language	Document
Full model	31/12/2025	25/06/2026	16/07/2026	Dutch	PDF
Full model	31/12/2024	26/06/2025	15/07/2025	Dutch	PDF
Full model	31/12/2023	27/06/2024	22/07/2024	Dutch	PDF
Full model	31/12/2022	29/06/2023	18/07/2023	Dutch	PDF
Full model	31/12/2021	30/06/2022	11/07/2022	Dutch	PDF
Full model	31/12/2020	24/06/2021	20/07/2021	Dutch	PDF
Full model	31/12/2019	25/06/2020	17/07/2020	Dutch	PDF
Full model	31/12/2018	27/06/2019	04/07/2019	Dutch	PDF
Full model	31/12/2017	28/06/2018	04/07/2018	Dutch	PDF
Full model	31/12/2016	29/06/2017	06/07/2017	Dutch	PDF
Full model	31/12/2015	02/06/2016	09/06/2016	Dutch	PDF
Full model	31/12/2014	04/06/2015	11/06/2015	Dutch	PDF
Full model	31/12/2013	05/06/2014	25/09/2014	Dutch	PDF
Full model	31/12/2012	06/06/2013	09/07/2013	Dutch	PDF
Full model	31/12/2011	07/06/2012	27/06/2012	Dutch	PDF
Full model	31/12/2010	16/06/2011	20/07/2011	Dutch	PDF
Full model	31/12/2009	03/06/2010	06/08/2010	Dutch	PDF
Full model	31/12/2008	04/06/2009	03/07/2009	Dutch	PDF
Full model	31/12/2007	05/06/2008	29/07/2008	Dutch	PDF

Estimate

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.

Governance

Board of directors

Seen on filing of 31/12/2025 · 13 active · 32 ended

Active mandates

Bart Merckx

Mandate

Active

Claessens Patricia

Mandate

Active

De Caluwe Robby

Mandate

Active

De Meyer Jos

Mandate

Active

Filip Boelaert

Mandate

Active

Geert Vercauteren

Mandate

Active

Ivo Duysburgh

Mandate

Active

Koen Michiels

Mandate

Active

Luc De Block

Mandate

Active

Nina Van der Sypt

Mandate

Active

Van Den Poel Carl

Mandate

Active

Vermeire Tom

Mandate

Active

Volkaert Pieter-Jan

Mandate

Active

Ended mandates

VEERLE VAN HELSLAND

Director · since 04 mars 2016

Ended

LUC DE BLOCK

Director · since 04 février 2016

Ended

KOEN MICHIELS HEALTH CARE MANAGEMENT

Managing director · since 07 janvier 2010 · 0821.855.165

Represented by KOEN MICHIELS

Ended

ANTON MOORTGAT

Director

Ended

Shareholders

Ownership and network

Looking for more information about this company?

Try for 7 days

Belgian Official Gazette

Belgian Official Gazette publications

Mandates21/08/2026
Herbenoeming revisor boekjaren 2024 - 2026
PDF
Mandates18/08/2025
ONTSLAGEN - BENOEMINGEN
PDF
Mandates26/06/2025
ONTSLAGEN - BENOEMINGEN
PDF
Mandates26/06/2025
ONTSLAGEN - BENOEMINGEN
PDF
Other08/11/2022
BENAMING - STATUTEN (VERTALING, COÖRDINATIE, OVERIGE WIJZIGINGEN, )
PDF
Mandates01/04/2022
ONTSLAGEN - BENOEMINGEN
PDF
Mandates17/05/2021
ONTSLAGEN - BENOEMINGEN
PDF
Mandates28/06/2019
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 202512,9 M €↑
26/06/2025
nominationSarah Willockx — lid Algemene Vergadering
26/06/2025
nominationLuc De Block — Ondervoorzitter van de Algemene Vergadering
26/06/2025
nominationBart Merckx — Secretaris-penningmeester van de Algemene Vergadering
26/06/2025
nominationFilip Boelaert — stemgerechtigde vertegenwoordiger van de deelgenoten-bestuurders
26/06/2025
nominationIvo Duysburgh — stemgerechtigde vertegenwoordiger van de deelgenoten-bestuurders
03/04/2025
nominationGaby Bogaert — vertegenwoordiger van de deelgenoten-bestuurder
03/04/2025
nominationPatricia Claessens — vertegenwoordiger van de deelgenoten-bestuurder
03/04/2025
nominationLuc De Block — vertegenwoordiger van de deelgenoten-bestuurder
03/04/2025
nominationKoen Michiels — gedelegeerd bestuurder
03/04/2025
nominationHerman Nys — vertegenwoordiger van de deelgenoten-bestuurder
03/04/2025
nominationMurielle Thienpont — vertegenwoordiger van de deelgenoten-bestuurder
03/04/2025
nominationCarl Van den Poel — vertegenwoordiger van de deelgenoten-bestuurder
03/04/2025
nominationGeert Vercauteren — vertegenwoordiger van de deelgenoten-bestuurder
03/04/2025
nominationJos De Meyer — vertegenwoordiger van de deelgenoten-bestuurder
03/04/2025
nominationSarah Willockx — vertegenwoordiger van de deelgenoten-bestuurder
03/04/2025
nominationPieter-Jan Volkaert — vertegenwoordiger van de deelgenoten-bestuurder
03/04/2025
nominationTom Vermeire — vertegenwoordiger van de deelgenoten-bestuurder
03/04/2025
nominationKoen Mertens — vertegenwoordiger van de deelgenoten-bestuurder
03/04/2025
nominationNina Van der Sypt — vertegenwoordiger van de deelgenoten-bestuurder
03/04/2025
nominationRobby De Caluwe — vertegenwoordiger van de deelgenoten-bestuurder
2024
Annual accounts 202411,2 M €↑
2024
Name changeVITAZ
2017
Annual accounts 20171,4 M €↓
2017
Name changeVerenigde Ziekenhuizen van Waas en Durme
2016
Annual accounts 20163,9 M €↓
2015
Annual accounts 20154 M €↓
2014
Annual accounts 20148,5 M €↑
2013
Annual accounts 20131,4 M €↓
2012
Annual accounts 20124 M €↑
2011
Annual accounts 20112,7 M €↓
2010
Annual accounts 20103 M €↑
2009
Annual accounts 200962,4 k €↓
2008
Annual accounts 20083,1 M €↑
2007
Annual accounts 2007630,8 k €
2007
Name changeALGEMEEN ZIEKENHUIS NIKOLAAS
12/05/2006
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

VITAZ

Overview

What does VITAZ do?

Trend over 13 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