ACTIVE

WHY5RESEARCH

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Financial year 2025 · closed on 31/12/2025

Net result

61,6 k €

+119.4% YoY

Gross margin

666,8 k €

+25.4% YoY

Equity

242 k €

+25.5% YoY

Workforce

8,0 ETP

+9.6% YoY

What does WHY5RESEARCH do?

WHY5RESEARCH is a Public limited company incorporated in 2007. Its main activity is: Market research and public opinion polling. Its registered office is in Antwerpen. It employs on average 8,0 ETP workers (FTE).

Legal situation

● Normal situation

BCE/KBO no. / VAT

BE 0893.412.362

Incorporation

13/11/2007

Legal form

Public limited company

Registered office

Posthofbrug 6-8 box 5/138
2600 Antwerpen · FlandreSee on map

Contributed capital

96 667,00 €

Latest accounts

31/12/2025

Average workforce

8,0 ETP

Activities (NACE)

73200Market research and public opinion polling· main 73200Market research and public opinion polling 74131Specialised design activities

Joint committees (3)

200
20000
218

Signals

ProfitableLow riskGood liquidityPositive cashflowPositive EBITDAHealthy social debts

View the BCE/KBO Public Search record →

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	666,8 k €	+25.4%	531,9 k €	+17.9%	451 k €	+40.8%	320,2 k €	-13.1%	368,3 k €	-7.9%	400 k €	-32.6%	593 k €	-27.4%	817 k €	+15.4%	708,2 k €	-13.1%	815,1 k €	-1.4%	826,7 k €	+93.5%	427,1 k €	-42.5%	742,6 k €	-7.8%	805,2 k €	+17.9%	682,8 k €	-29.2%	964,7 k €	+28.2%	752,6 k €	+20.9%	622,4 k €
EBITDA	85,5 k €	+136%	36,3 k €	+93864%	38,6 €	-99.5%	7,1 k €	+68.8%	4,2 k €	-75.3%	17 k €	+130%	-57 k €	-105%	-27,8 k €	+59.9%	-69,4 k €	-172%	96,8 k €	+112%	45,6 k €	+125%	-179,1 k €	-238%	129,7 k €	-29.1%	183 k €	+108%	87,8 k €	-81.4%	471,4 k €	+59.6%	295,5 k €	-4.7%	310,1 k €
Operating result	79,5 k €	+174%	29 k €	+599%	-5,8 k €	-86.9%	-3,1 k €	+40.3%	-5,2 k €	-12.5%	-4,6 k €	+95.5%	-103,5 k €	+9.4%	-114,1 k €	+18.8%	-140,5 k €	-420%	43,9 k €	+58.0%	27,8 k €	+114%	-196,6 k €	-289%	103,9 k €	-36.0%	162,4 k €	+146%	65,9 k €	-85.3%	449,6 k €	+62.7%	276,4 k €	-8.5%	301,9 k €
Net result	61,6 k €	+119%	28,1 k €	+327%	-12,4 k €	-178%	-4,4 k €	+33.1%	-6,6 k €	-129%	-2,9 k €	+97.2%	-102,3 k €	+9.8%	-113,4 k €	+27.5%	-156,5 k €	-474%	41,8 k €	+69.6%	24,6 k €	+112%	-197,3 k €	-396%	66,6 k €	-42.2%	115,2 k €	+126%	50,9 k €	-82.0%	283,3 k €	+53.8%	184,3 k €	-5.3%	194,5 k €
Balance sheet
Equity	242 k €	+25.5%	192,8 k €	+9.1%	176,7 k €	-6.5%	189 k €	-2.3%	193,5 k €	-3.3%	200,1 k €	-52.6%	421,8 k €	-19.5%	524,1 k €	-17.8%	637,6 k €	-19.7%	794 k €	+5.6%	752,2 k €	+3.4%	727,6 k €	-21.3%	924,9 k €	+7.8%	858,3 k €	+1.8%	843,1 k €	+6.4%	792,1 k €	+26.0%	628,8 k €	+41.5%	444,5 k €
Total assets	1,4 M €	+70.8%	794 k €	+7.3%	739,8 k €	+22.8%	602,5 k €	+1.9%	591,4 k €	+30.0%	455,1 k €	-45.3%	832,3 k €	-22.3%	1,1 M €	-5.9%	1,1 M €	-12.2%	1,3 M €	+4.8%	1,2 M €	-0.2%	1,2 M €	-31.4%	1,8 M €	-0.4%	1,8 M €	+11.0%	1,6 M €	-4.9%	1,7 M €	+19.3%	1,4 M €	+10.7%	1,3 M €
Cash	496,5 k €	+92.7%	257,7 k €	+47.3%	174,9 k €	-31.4%	255,1 k €	+46.9%	173,7 k €	+80.8%	96,1 k €	-71.2%	333,7 k €	-0.1%	333,8 k €	-27.0%	457 k €	-20.2%	572,9 k €	-14.3%	668,5 k €	+35.8%	492,5 k €	-38.0%	793,9 k €	+83.0%	433,9 k €	-35.7%	675,3 k €	-11.5%	763 k €	+9.3%	697,9 k €	-1.4%	707,9 k €
Debts	852,8 k €	+85.4%	459,9 k €	+20.4%	381,9 k €	+38.9%	275 k €	-0.9%	277,3 k €	+8.8%	254,9 k €	-21.7%	325,6 k €	-30.3%	466,9 k €	+16.3%	401,4 k €	+11.3%	360,5 k €	+10.5%	326,1 k €	+2.0%	319,8 k €	-30.1%	457,3 k €	-23.1%	594,5 k €	+2.8%	578,2 k €	-5.6%	612,5 k €	+38.2%	443,3 k €	+8.6%	408,1 k €
Other
Workforce	8,0 ETP	+9.6%	7,3 ETP	0.0%	7,3 ETP	+19.7%	6,1 ETP	-1.6%	6,2 ETP	-11.4%	7,0 ETP	-21.3%	8,9 ETP	-27.6%	12,3 ETP	+24.2%	9,9 ETP	-3.9%	10,3 ETP	-1.9%	10,5 ETP	0.0%	10,5 ETP	+15.4%	9,1 ETP	-16.5%	10,9 ETP	+11.2%	9,8 ETP	+34.2%	7,3 ETP	+10.6%	6,6 ETP	+187%	2,3 ETP

Estimate

Indicative valuation

As an indication, this company is worth

between 500 k€ and 1 M€

See the valuation

Governance

Board of directors

Seen on filing of 31/12/2025 · 3 active · 15 ended

Active mandates

Groen & Zo B.V.

Director · since 17 mars 2026 · until 17 mars 2032

Represented by Réné Groen

Active

Invenio

Director · since 17 mars 2026 · until 17 mars 2032 · 0808.663.957

Represented by Tom Meere

Active

The Growth Squad

Director · since 17 mars 2026 · until 17 mars 2032 · 0826.086.048

Represented by Bart Vandecruys

Active

Ended mandates

C&D

Managing director · since 30 novembre 2013 · until 10 juin 2019 · 0890.764.163

Represented by JAN CALLEBAUT

Ended

JADIMAR

Director · since 30 novembre 2013 · until 10 juin 2019 · 0466.541.492

Represented by MADELEINE JANSSENS

Ended

JADIMAR

Director · since 20 novembre 2008 · 0466.541.492

Represented by Madeleine Janssens

Ended

JADIMAR

Chairman of the board of directors · since 01 juillet 2008 · until 10 juin 2013 · 0466.541.492

Ended

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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	25/06/2026	26/06/2025	08/07/2024	20/07/2023	26/08/2022	27/08/2021
General meeting	08/06/2026	10/06/2025	10/06/2024	26/06/2023	13/06/2022	14/06/2021
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

18 filings with the NBB

Model	Closing	General meeting	Filed	Language	Document
Abridged model	31/12/2025	08/06/2026	25/06/2026	Dutch	PDF
Abridged model	31/12/2024	10/06/2025	26/06/2025	Dutch	PDF
Abridged model	31/12/2023	10/06/2024	08/07/2024	Dutch	PDF
Abridged model	31/12/2022	26/06/2023	20/07/2023	Dutch	PDF
Abridged model	31/12/2021	13/06/2022	26/08/2022	Dutch	PDF
Abridged model	31/12/2020	14/06/2021	27/08/2021	Dutch	PDF
Abridged model	31/12/2019	08/06/2020	11/08/2020	Dutch	PDF
Abridged model	31/12/2018	11/06/2019	29/07/2019	Dutch	PDF
Abridged model	31/12/2017	11/06/2018	04/07/2018	Dutch	PDF
Abridged model	31/12/2016	22/03/2017	05/07/2017	Dutch	PDF
Abridged model	31/12/2015	31/01/2016	25/05/2016	Dutch	PDF
Abridged model	31/12/2014	08/06/2015	12/06/2015	Dutch	PDF
Abridged model	31/12/2013	10/06/2014	12/06/2014	Dutch	PDF
Abridged model	31/12/2012	31/07/2013	06/08/2013	Dutch	PDF
Abridged model	31/12/2011	11/06/2012	28/06/2012	Dutch	PDF
Abridged model	31/12/2010	14/06/2011	26/07/2011	Dutch	PDF
Abridged model	31/12/2009	14/06/2010	15/06/2010	Dutch	PDF
Abridged model	31/12/2008	08/06/2009	10/06/2009	Dutch	PDF

Estimate

Indicative valuation

Order of magnitude

As an indication, this company is worth

between 500 k€ and 1 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 · 3 active · 15 ended

Active mandates

Groen & Zo B.V.

Director · since 17 mars 2026 · until 17 mars 2032

Represented by Réné Groen

Active

Invenio

Director · since 17 mars 2026 · until 17 mars 2032 · 0808.663.957

Represented by Tom Meere

Active

The Growth Squad

Director · since 17 mars 2026 · until 17 mars 2032 · 0826.086.048

Represented by Bart Vandecruys

Active

Ended mandates

C&D

Managing director · since 30 novembre 2013 · until 10 juin 2019 · 0890.764.163

Represented by JAN CALLEBAUT

Ended

JADIMAR

Director · since 30 novembre 2013 · until 10 juin 2019 · 0466.541.492

Represented by MADELEINE JANSSENS

Ended

JADIMAR

Director · since 20 novembre 2008 · 0466.541.492

Represented by Madeleine Janssens

Ended

JADIMAR

Chairman of the board of directors · since 01 juillet 2008 · until 10 juin 2013 · 0466.541.492

Ended

Shareholders

Ownership and network

Looking for more information about this company?

Try for 7 days

Belgian Official Gazette

Belgian Official Gazette publications

Registered office18/09/2020
MAATSCHAPPELIJKE ZETEL
PDF
Mandates17/04/2020
KAPITAAL - AANDELEN - ONTSLAGEN - BENOEMINGEN - STATUTEN (VERTALING, COÖRDINATIE, OVERIGE WIJZIGINGEN, )
PDF
Mandates10/10/2019
ONTSLAGEN - BENOEMINGEN
PDF
Registered office24/04/2018
MAATSCHAPPELIJKE ZETEL
PDF
Mandates18/02/2014
ONTSLAGEN - BENOEMINGEN
PDF
Mandates26/05/2011
ONTSLAGEN - BENOEMINGEN
PDF
Mandates05/01/2009
MAATSCHAPPELIJKE ZETEL - ONTSLAGEN - BENOEMINGEN
PDF
Mandates10/01/2008
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 202561,6 k €↑
2024
Annual accounts 202428,1 k €↑
2023
Annual accounts 2023-12,4 k €↓
2022
Annual accounts 2022-4,4 k €↑
2021
Annual accounts 2021-6,6 k €↓
2020
Annual accounts 2020-2,9 k €↑
2019
Annual accounts 2019-102,3 k €↑
2018
Annual accounts 2018-113,4 k €↑
2017
Annual accounts 2017-156,5 k €↓
2016
Annual accounts 201641,8 k €↑
2015
Annual accounts 201524,6 k €↑
2014
Annual accounts 2014-197,3 k €↓
2013
Annual accounts 201366,6 k €↓
2012
Annual accounts 2012115,2 k €↑
2011
Annual accounts 201150,9 k €↓
2010
Annual accounts 2010283,3 k €↑
2009
Annual accounts 2009184,3 k €↓
2008
Annual accounts 2008194,5 k €
13/11/2007
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

WHY5RESEARCH

Overview

What does WHY5RESEARCH 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