ACTIVE

HIVAG

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Financial year 2025 · closed on 30/06/2025

Net result

1,3 M €

+6227.1% YoY

Gross margin

45,4 k €

-68.0% YoY

Equity

2,4 M €

+119.6% YoY

What does HIVAG do?

HIVAG is a Public limited company incorporated in 2007. Its main activity is: Management consultancy activities. Its registered office is in Bernissart.

Legal situation

● Normal situation

BCE/KBO no. / VAT

BE 0892.121.668

Incorporation

18/09/2007

Legal form

Public limited company

Registered office

Rue Buissonnet(HAR) 63
7321 Bernissart · WallonieSee on map

Contributed capital

62 000,00 €

Latest accounts

30/06/2025

Activities (NACE)

70200Management consultancy activities· main 70220Business and other management consultancy activities 74142Specialised design activities

Joint committees (2)

Signals

ProfitableSolid equityLow riskGood liquidityPositive cashflowPositive EBITDAHealthy social debts

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Health score

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Recommended credit limit

✦ Verdict · Analyst summary

Financials

Trend over 18 financial years

	2025		2024		2023		2022		2021		2020		2019		2018		2017		2016		2015		2014		2013		2012		2011		2010		2009		2008
Income statement
Gross margin	45,4 k €	-68.0%	142,2 k €	-35.4%	220 k €	+48.2%	148,5 k €	-19.0%	183,4 k €	+66.0%	110,5 k €	+13.1%	97,7 k €	+1.5%	96,2 k €	+22.7%	78,5 k €	+61.0%	48,7 k €	-44.8%	88,3 k €	+15.2%	76,6 k €	+15.2%	66,5 k €	-0.6%	66,9 k €	+77.1%	37,8 k €	-32.4%	55,9 k €	+74.4%	32 k €	+340%	-13,4 k €
EBITDA	13,3 k €	-76.7%	57 k €	-41.2%	97 k €	+270%	26,2 k €	-75.4%	106,8 k €	-1.1%	108 k €	+14.8%	94,1 k €	+1.4%	92,8 k €	+22.4%	75,8 k €	+86.4%	40,6 k €	-17.1%	49 k €	-12.4%	55,9 k €	-12.3%	63,8 k €	+3.3%	61,7 k €	+80.1%	34,3 k €	-34.8%	52,6 k €	+97.1%	26,7 k €	+293%	-13,8 k €
Operating result	-8,2 k €	-121%	40 k €	-54.3%	87,5 k €	+466%	15,5 k €	-84.2%	98 k €	+24.5%	78,7 k €	+38.0%	57 k €	+1.5%	56,2 k €	+85.1%	30,4 k €	+410%	6 k €	-77.7%	26,7 k €	-38.6%	43,4 k €	+61.4%	26,9 k €	+4.0%	25,9 k €	+1831%	-1,5 k €	-105%	29,2 k €	+95.0%	15 k €	+208%	-13,9 k €
Net result	1,3 M €	+6227%	21,1 k €	-72.1%	75,5 k €	-82.5%	431,8 k €	+79.7%	240,3 k €	+166%	90,3 k €	+61.6%	55,9 k €	+187%	19,5 k €	+4588%	415,8 €	+107%	-5,6 k €	-526%	1,3 k €	-88.4%	11,4 k €	+1400%	-878,8 €	-114%	6,4 k €	-86.4%	46,9 k €	-77.1%	204,9 k €	+160%	78,9 k €	+670%	-13,9 k €
Balance sheet
Equity	2,4 M €	+120%	1,1 M €	-0.8%	1,1 M €	+2.4%	1,1 M €	+54.7%	697,9 k €	+37.5%	507,6 k €	+8.6%	467,3 k €	+13.6%	411,4 k €	+5.0%	392 k €	+0.1%	391,5 k €	-1.4%	397,2 k €	+0.3%	395,8 k €	+3.0%	384,4 k €	-0.2%	385,3 k €	+1.7%	378,9 k €	+14.1%	332 k €	+161%	127,1 k €	+164%	48,1 k €
Total assets	2,5 M €	+104%	1,2 M €	-2.8%	1,2 M €	-0.9%	1,3 M €	+31.6%	957,1 k €	+9.4%	874,8 k €	-9.8%	969,3 k €	-12.8%	1,1 M €	-6.5%	1,2 M €	+37.6%	863,7 k €	-8.6%	945,3 k €	+4.6%	903,9 k €	+11.8%	808,9 k €	-10.0%	899,1 k €	+2.2%	880,1 k €	+7.4%	819,5 k €	+6.7%	767,9 k €	+92.5%	399 k €
Cash	46,7 k €	-59.2%	114,4 k €	+121%	51,7 k €	-46.3%	96,3 k €	-10.2%	107,2 k €	+34.7%	79,6 k €	+1016%	7,1 k €	-5.9%	7,6 k €	-40.6%	12,8 k €	+1106%	1,1 k €	-91.3%	12,1 k €	-37.1%	19,3 k €	-52.9%	40,9 k €	+551%	6,3 k €	-36.8%	9,9 k €	-51.1%	20,3 k €	+149%	8,2 k €	+113%	3,8 k €
Debts	62,5 k €	-45.6%	115 k €	-18.9%	141,8 k €	-20.7%	178,7 k €	-30.8%	258,4 k €	-29.6%	367,1 k €	-24.7%	487,7 k €	-27.3%	670,4 k €	-13.7%	776,9 k €	+66.4%	466,9 k €	-14.0%	542,8 k €	+11.3%	487,6 k €	+19.2%	409 k €	-17.7%	497,2 k €	+2.4%	485,6 k €	+2.5%	473,9 k €	-24.1%	624,2 k €	+78.0%	350,7 k €
Other
Workforce	–		–		–		–		–		–		–		–		–		–		–		–		–		–		–		–		0,1 ETP		–

Estimate

Indicative valuation

As an indication, this company is worth

between 250 k€ and 500 k€

See the valuation

Governance

Board of directors

Seen on filing of 30/06/2025 · 2 active · 10 ended

Active mandates

Nathalie VAN CEUNEBROECKE

Director · since 04 octobre 2024 · until 04 octobre 2030

Active

Pascal FORNER

Managing director · since 04 octobre 2024 · until 04 octobre 2030

Active

Ended mandates

Nathalie VAN CEUNEBROECKE

Director · since 04 octobre 2024 · until 02 octobre 2031

Ended

Pascal FORNER

Managing director · since 04 octobre 2024 · until 02 octobre 2031

Ended

Pascal FORNER

Managing director · since 05 octobre 2019 · until 05 octobre 2024

Ended

Nathalie VAN CEUNEBROECKE

Director · since 04 octobre 2019 · until 04 octobre 2024

Ended

At this address

Other companies at this address

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ETECH● Active	0466.922.465
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IMMOGANP● Active	0760.810.590
NEW TUBE● Active	0455.545.652

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	01/07/2024	01/07/2023	01/07/2022	01/07/2021	01/07/2020	01/07/2019
Closing of the financial year	30/06/2025	30/06/2024	30/06/2023	30/06/2022	30/06/2021	30/06/2020
Length of the financial year	12 months	12 months	12 months	12 months	12 months	12 months
Filing date	24/12/2025	28/11/2024	30/11/2023	06/12/2022	24/11/2021	08/12/2020
General meeting	03/10/2025	04/10/2024	06/10/2023	07/10/2022	01/10/2021	02/10/2020
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

18 filings with the NBB

Model	Closing	General meeting	Filed	Language	Document
Micro model	30/06/2025	03/10/2025	24/12/2025	French	PDF
Micro model	30/06/2024	04/10/2024	28/11/2024	French	PDF
Micro model	30/06/2023	06/10/2023	30/11/2023	French	PDF
Micro model	30/06/2022	07/10/2022	06/12/2022	French	PDF
Micro model	30/06/2021	01/10/2021	24/11/2021	French	PDF
Micro model	30/06/2020	02/10/2020	08/12/2020	French	PDF
Micro model	30/06/2019	04/10/2019	20/11/2019	French	PDF
Micro model	30/06/2018	05/10/2018	03/12/2018	French	PDF
Micro model	30/06/2017	06/10/2017	27/11/2017	French	PDF
Abridged model	30/06/2016	07/10/2016	26/11/2016	French	PDF
Abridged model	30/06/2015	02/10/2015	02/11/2015	French	PDF
Abridged model	30/06/2014	03/10/2014	03/12/2014	French	PDF
Abridged model	30/06/2013	04/10/2013	29/11/2013	French	PDF
Abridged model	30/06/2012	05/10/2012	26/12/2012	French	PDF
Abridged model	30/06/2011	07/10/2011	28/01/2012	French	PDF
Abridged model	30/06/2010	01/10/2010	05/01/2011	French	PDF
Abridged model	30/06/2009	02/10/2009	30/12/2009	French	PDF
Abridged model	30/06/2008	03/10/2008	09/12/2008	French	PDF

Estimate

Indicative valuation

Order of magnitude

As an indication, this company is worth

between 250 k€ and 500 k€

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 30/06/2025 · 2 active · 10 ended

Active mandates

Nathalie VAN CEUNEBROECKE

Director · since 04 octobre 2024 · until 04 octobre 2030

Active

Pascal FORNER

Managing director · since 04 octobre 2024 · until 04 octobre 2030

Active

Ended mandates

Nathalie VAN CEUNEBROECKE

Director · since 04 octobre 2024 · until 02 octobre 2031

Ended

Pascal FORNER

Managing director · since 04 octobre 2024 · until 02 octobre 2031

Ended

Pascal FORNER

Managing director · since 05 octobre 2019 · until 05 octobre 2024

Ended

Nathalie VAN CEUNEBROECKE

Director · since 04 octobre 2019 · until 04 octobre 2024

Ended

Shareholders

Ownership and network

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Belgian Official Gazette

Belgian Official Gazette publications

Mandates12/12/2024
DEMISSIONS, NOMINATIONS
PDF
Mandates28/06/2022
STATUTS (TRADUCTION, COORDINATION, AUTRES MODIFICATIONS, ) - DIVERS - DEMISSIONS, NOMINATIONS
PDF
Mandates13/12/2019
DEMISSIONS, NOMINATIONS
PDF
Mandates29/11/2012
DEMISSIONS, NOMINATIONS
PDF
Other23/11/2007
DIVERS
PDF
Other20/09/2007
RUBRIQUE CONSTITUTION (NOUVELLE PERSONNE MORALE, OUVERTURE SUCCURSALE, ETC...)
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 20251,3 M €↑
2024
Annual accounts 202421,1 k €↓
2023
Annual accounts 202375,5 k €↓
2022
Annual accounts 2022431,8 k €↑
2021
Annual accounts 2021240,3 k €↑
2020
Annual accounts 202090,3 k €↑
2019
Annual accounts 201955,9 k €↑
2018
Annual accounts 201819,5 k €↑
2017
Annual accounts 2017415,8 €↑
2016
Annual accounts 2016-5,6 k €↓
2015
Annual accounts 20151,3 k €↓
2014
Annual accounts 201411,4 k €↑
2013
Annual accounts 2013-878,8 €↓
2012
Annual accounts 20126,4 k €↓
2011
Annual accounts 201146,9 k €↓
2010
Annual accounts 2010204,9 k €↑
2009
Annual accounts 200978,9 k €↑
2008
Annual accounts 2008-13,9 k €
18/09/2007
IncorporationPublic 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

HIVAG

Overview

What does HIVAG 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