INSTRUCTION
INSTRUCTION has been active since 2003 and the Belgian State Gazette contains no insolvency or warning signals. The 2024 annual accounts show equity of €38.60M and a net result of €8.35M. Equity is growing by ~31.1% per year across the filed fiscal years. Its solvency ranks better than 70% of 4834 sector peers (fiscal year 2024). The computed 12-month bankruptcy probability is 0.3% (very low).
| Equity | €38.60M |
| Net result | €8.35M |
| Better than sector | 70% |
| Active | 23 yrs |
Exceptional profile, strong across almost every axis.
All 5 axes are computed from data Checked has read.
How do we compute this?
The trend is a robust median of all pairwise slopes between fiscal years (Theil-Sen), so a single odd year cannot hijack the line. For strictly positive series we also fit a log variant (compound annual growth) and keep whichever describes the figures best.
The area around the projection is 1.8 × the median absolute deviation from the trend, widening each year ahead (×1 / ×1.6 / ×2.2), with a minimum of 8% of the last value. It is an indicative range, not a statistical confidence interval.
A series whose deviations exceed 35% of its level is too volatile: we then deliberately show no projection. Every projection assumes unchanged policy and is blind to non-public information (order book, contracts, funding rounds).
| Metric | This company | Sector median | Position in the sector |
|---|---|---|---|
| Solvency | 57.4% | 30.8% | |
| Net result | €8.35M | €11k | |
| Equity | €38.60M | €513k | |
| Total assets | €67.29M | €2.53M |
Figures by fiscal year and ratios
| Fiscal year | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|
| Deposit | full schema | full schema | full schema | full schema |
| Revenue | €16.26M | €16.01M | €16.23M | €15.32M |
| EBITDA | €15.16M | €14.95M | €15.05M | €13.97M |
| Net profit | €8.35M | €7.77M | €8.59M | €7.85M |
| Cash flow | €12.02M | €11.41M | €12.18M | €11.45M |
| Staff costs | - | - | - | - |
| Income taxes | €2.98M | €2.77M | €3.04M | €2.80M |
| Dividends | - | - | - | €7.85M |
| Total assets | €67.29M | €66.70M | €59.35M | €60.88M |
| Equity | €38.60M | €30.25M | €22.48M | €13.89M |
| Debt | €28.69M | €36.45M | €36.87M | €46.99M |
| of which ≤ 1y | €675k | €297k | €1.21M | €8.67M |
| of which > 1y | €23.50M | €31.50M | €31.50M | €34.50M |
| Working capital | €30.48M | €27.04M | €15.37M | €6.15M |
| Employees (FTE) | - | - | - | - |
| 2024 | 2023 | 2022 | 2021 | |
|---|---|---|---|---|
| Current ratio | 46.12 | 92.04 | 13.75 | 1.71 |
| Quick ratio | 46.12 | 92.04 | 13.75 | 1.71 |
| Working capital ratio | 45.3% | 40.5% | 25.9% | 10.1% |
| Solvency | 57.4% | 45.3% | 37.9% | 22.8% |
| Debt / equity | 0.74 | 1.21 | 1.64 | 3.38 |
| Long-term debt ratio | 0.61 | 1.04 | 1.40 | 2.48 |
| Interest coverage | 12.55 | 13.36 | 190.59 | 7254.38 |
| Gross margin | - | - | - | - |
| Net margin | 51.4% | 48.6% | 52.9% | 51.3% |
| ROA | 12.4% | 11.7% | 14.5% | 12.9% |
| ROE | 21.6% | 25.7% | 38.2% | 56.6% |
| EBITDA margin | 93.2% | 93.4% | 92.7% | 91.2% |
| Days sales outstanding | 1d | 18d | 63d | 2d |
| Days payable outstanding | - | - | - | - |
| Inventory turnover | - | - | - | - |
| Days inventory (DSI) | - | - | - | - |
Full annual accounts (23 line items)
| Line item | Code | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|
| Balance sheet, Assets | |||||
| TOTAL ASSETS | 20/58 | €67.29M | €66.70M | €59.35M | €60.88M |
| Fixed assets | 21/28 | €36.13M | €39.36M | €42.77M | €46.05M |
| Tangible fixed assets | 22/27 | €36.13M | €39.36M | €42.77M | €46.05M |
| Current assets | 29/58 | €31.15M | €27.34M | €16.58M | €14.83M |
| Amounts receivable within one year | 40/41 | €97k | €803k | €2.83M | €106k |
| Cash & bank | 54/58 | €23.87M | €19.43M | €6.62M | €7.43M |
| Balance sheet, Equity & liabilities | |||||
| TOTAL EQUITY & LIABILITIES | 10/49 | €67.29M | €66.70M | €59.35M | €60.88M |
| Equity | 10/15 | €38.60M | €30.25M | €22.48M | €13.89M |
| Contributions / capital | 10/11 | €12.62M | €12.62M | €12.62M | €12.62M |
| Reserves | 13 | €1.26M | €1.26M | €1.26M | €1.26M |
| Accumulated profits (losses) | 14 | €24.71M | €16.36M | €8.59M | €106 |
| Amounts payable | 17/49 | €28.69M | €36.45M | €36.87M | €46.99M |
| Amounts payable after one year | 17 | €23.50M | €31.50M | €31.50M | €34.50M |
| Amounts payable within one year | 42/48 | €675k | €297k | €1.21M | €8.67M |
| Trade debts payable within one year | 44 | €356k | €23k | €474k | €320k |
| Income statement | |||||
| Turnover | 70 | €16.26M | €16.01M | €16.23M | €15.32M |
| Operating result | 9901 | €11.49M | €11.31M | €11.45M | €10.38M |
| Financial income | 75 | €1.06M | €359k | €293k | €276k |
| Financial charges | 65 | €1.21M | €1.12M | €113k | €2k |
| Result before taxes | 9903 | €11.34M | €10.55M | €11.63M | €10.65M |
| Income taxes | 67/77 | €2.98M | €2.77M | €3.04M | €2.80M |
| Net result for the period | 9904 | €8.35M | €7.77M | €8.59M | €7.85M |
| Result to be appropriated | 9905 | €8.35M | €7.77M | €8.59M | €7.85M |
-
Bernard D'OCQUIERDirectorState Gazette act 25076921 (19-06-2025)Current19-06-2025 → present
-
Vincent VROMANAuditorState Gazette act 23101377 (04-08-2023)Current04-08-2023 → present
-
Armelle MOALICDirectorState Gazette act 21113157 (22-09-2021)Current22-09-2021 → present
-
Christophe MIGNOTBoard memberState Gazette act 23101377 (04-08-2023)Current19-11-2020 → present
3 events
- 04-08-2023 Appointed· Board member
- 22-09-2021 Appointed· Director
- 19-11-2020 Appointed· Director
Historic, not recently confirmed (2)
-
Mario ANTHUENISDirectorState Gazette act 20099716 (31-08-2020)Not recently confirmedlast confirmed in an act from 2020
-
Bemard D'OCQUIERDirectorState Gazette act 19126194 (23-09-2019)Not recently confirmedlast confirmed in an act from 2019
Former directors (8)
-
Gaëtan VANDELOISEDirectorState Gazette act 17091415 (28-06-2017)Former28-06-2017 → 22-09-2021
2 events
- 22-09-2021 Resigned· Director
- 28-06-2017 Appointed· Director
-
Alain VERHEULPENDirectorState Gazette act 17091415 (28-06-2017)Former28-06-2017 → 19-11-2020
2 events
- 19-11-2020 Resigned· Director
- 28-06-2017 Appointed· Director
-
Nicolas RENDERSDirectorState Gazette act 19098635 (22-07-2019)Former19-03-2019 → 23-09-2019
3 events
- 23-09-2019 Resigned· Director
- 22-07-2019 Appointed· Director
- 19-03-2019 Appointed· Director
-
Jean SterbelleDirectorState Gazette act 19008012 (17-01-2019)Former- → 17-01-2019
-
Guy Van Wymersch-MoonsDirectorState Gazette act 18047998 (19-03-2018)Former- → 19-03-2018
| Madame Sarah DUPUISCurrent Commissaire | 27-06-2024 → present |
| SRL Ernst et Young Reviseurs d'EntreprisesCurrent Commissaire | 27-06-2024 → present |
Show 4 earlier auditors
| SRL PwC Reviseurs d'Entreprises Commissaire | - → 27-06-2024 |
| SRL PwC Réviseurs d'Entreprises Commissaire succeeded by SRL Ernst et Young Reviseurs d'Entreprises in 2024 | 31-08-2020 → 27-06-2024 |
| Tom MEULEMAN Commissaire | - → 26-08-2016 |
| Vincent VROMAN Commissaire succeeded by SRL PwC Réviseurs d'Entreprises in 2020 | 26-08-2016 → 31-08-2020 |
| NACE primary | Buying and selling of own real estate(68110) |
| Legal form | Public limited company(014) |
| Incorporation | 07-05-2003 |
| Status | Active |
| Postal code | 1000 |
| Parcel (capakey) | Region | Area | Buildings | Height / fl. |
|---|---|---|---|---|
| 21804D0268/00M000 ProtectedMonumentNeoclassistische hoekgebouwen |
Brussels | 6,646 m² | 1 · 6,661 m² | 36.6 m · 9 fl. |
We know of 27 Belgian State Gazette acts for this company. None of them has been read yet: what they contain is neither established nor disproved here.
19-06-2025 Bernard D'OCQUIER appointed as director
- Bernard D'OCQUIER, Bestuurder
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- SRL Ernst et Young Reviseurs d'Entreprises, Commissaire
- Madame Sarah DUPUIS, Commissaire
- SRL PwC Reviseurs d'Entreprises, Commissaire
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}04-08-2023 2 directors appointed
- Christophe MIGNOT, Board member
- Vincent VROMAN, Auditor
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}22-09-2021 2 directors appointed, 1 resigning
- Christophe MIGNOT, Bestuurder
- Armelle MOALIC, Bestuurder
- Gaëtan VANDELOISE, Bestuurder
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}22-09-2021 Articles of association amended
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}19-11-2020 1 director appointed, 1 resigning
- Christophe MIGNOT, Bestuurder
- Alain VERHEULPEN, Bestuurder
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}31-08-2020 3 directors appointed
- Mario ANTHUENIS, Bestuurder
- SRL PwC Réviseurs d'Entreprises, Commissaire
- Vincent VROMAN, Commissaire
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}23-09-2019 1 director appointed, 1 resigning
- Bemard D'OCQUIER, Bestuurder
- Nicolas RENDERS, Bestuurder
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}22-07-2019 Nicolas RENDERS appointed as director
- Nicolas RENDERS, Bestuurder
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}19-03-2019 Nicolas RENDERS appointed as director
- Nicolas RENDERS, Bestuurder
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}17-01-2019 Jean Sterbelle resigns as director
- Jean Sterbelle, Bestuurder
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}19-03-2018 Guy Van Wymersch-Moons resigns as director
- Guy Van Wymersch-Moons, Bestuurder
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}13-07-2017 Registered office moved within Bruxelles
- Boulevard du Souverain 25- 1170 Bruxelles (Watermael-Boitsfort) → Place du Trône 1; 1000 Bruxelles
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}28-06-2017 3 directors appointed, 1 resigning
- Gaëtan VANDELOISE, Bestuurder
- Alain VERHEULPEN, Bestuurder
- Vincent VROMAN, Commissaire réviseur
- Guy DELIRE, Bestuurder
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}18-11-2016 Johan Pillaert resigns as director
- Johan Pillaert, Bestuurder
Technical details
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}26-08-2016 1 director appointed, 2 resigning
- Vincent VROMAN, Commissaire
- Jean-Luc BROSSEL, Bestuurder
- Tom MEULEMAN, Commissaire
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}| Legal nameFR | INSTRUCTION |