ACTIVE

CIPAL

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Financial year 2025 · closed on 31/12/2025
Net result
441,4 k €
-77.7% YoY
Revenue
2,6 M €
-32.0% YoY
Equity
16,2 M €
+2.8% YoY
Workforce
19,8 ETP
-14.7% YoY

What does CIPAL do?

CIPAL is a Services provider organization, Flemish Region incorporated in 1979. Its main activity is: Computer consultancy activities. Its registered office is in Geel. It employs on average 19,8 ETP workers (FTE).

Legal situation
● Normal situation
BCE/KBO no. / VAT
BE 0219.395.192
Incorporation
13/02/1979
Legal form
Services provider organization, Flemish Region
Registered office
Cipalstraat 3
2440 Geel · FlandreSee on map
Contributed capital
1 069 000,00 €
Latest accounts
31/12/2025
Average workforce
19,8 ETP
Activities (NACE)
62020Computer consultancy activities· main62200Computer programming, consultancy and related activities63100Data processing, hosting and related activities; web portals63110Data processing, hosting and related activities72300Scientific research and development
Signals
ProfitableSolid equityLow riskGood liquidityPositive cashflowHealthy social debtsHigh revenue
View the BCE/KBO Public Search record →
Health score
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Recommended credit limit
✦ Verdict · Analyst summary
Financials

Trend over 8 financial years

20252024202320222021202020122010
Income statement
Revenue2,6 M €3,8 M €5,8 M €5 M €4,9 M €9,5 M €25,1 M €29,3 M €
EBITDA-2 M €-2 M €-668 k €381,9 k €-89,5 k €-117,1 k €-1 M €-2,1 M €
Operating result-2,1 M €-1,5 M €-663,3 k €-16,7 M €-1,3 M €-322,8 k €-1,7 M €-3,2 M €
Net result441,4 k €2 M €656 k €-16,6 M €823,2 k €-45,3 k €-281,5 k €956,9 k €
Balance sheet
Equity16,2 M €15,8 M €15,8 M €15,2 M €10,3 M €9,5 M €24,9 M €18,9 M €
Total assets52,9 M €52,9 M €55,4 M €55,4 M €34,8 M €34 M €39,9 M €34,9 M €
Cash5,1 M €9,9 M €6,5 M €6,4 M €4,2 M €3,8 M €20,4 M €19,1 M €
Debts4,3 M €4,5 M €5,9 M €6,1 M €7 M €7,8 M €6,7 M €8,8 M €
Other
Workforce19,8 ETP23,2 ETP23,0 ETP23,8 ETP24,1 ETP25,1 ETP206,8 ETP267,1 ETP
Estimate

Indicative valuation

As an indication, this company is worth

between 10 M€ and 25 M€
See the valuation
Governance

Board of directors

Seen on filing of 31/12/2025 · 27 active · 79 ended

Active mandates

Brughmans Bart

Director · since 31 mars 2025 · until 30 mars 2031

Active
Charlotte Beyers

Director · since 31 mars 2025 · until 30 mars 2031

Active
Dieter Wijckmans

Director · since 31 mars 2025 · until 30 mars 2031

Active
Dymfna Meynen

Director · since 31 mars 2025 · until 30 mars 2031

Active
Inge Van Goubergen

Vice-chairman of the board of directors · since 31 mars 2025 · until 30 mars 2031

Active
Johan Sauwens

Chairman of the board of directors · since 31 mars 2025 · until 30 mars 2031

Active
Kelly Verheyen

Director · since 31 mars 2025 · until 30 mars 2031

Active
Pietro Iacopucci

Director · since 31 mars 2025 · until 30 mars 2031

Active
Ronald Slootmans

Director · since 31 mars 2025 · until 30 mars 2031

Active
Sven Pletincx

Director · since 31 mars 2025 · until 30 mars 2031

Active
Tine Paredis

Director · since 31 mars 2025 · until 30 mars 2031

Active
Peter Nies

Director · since 25 janvier 2024 · until 30 mars 2031

Active
Vandromme Jeroen

Director · since 23 juin 2022 · until 30 mars 2031

Active
Peter Prévot

Director · since 28 novembre 2019 · until 31 mars 2025

Active
Dieter Mannaert

Director · since 22 mars 2019 · until 30 mars 2031

Active
Francis Stijnen

Director · since 22 mars 2019 · until 31 mars 2025

Active
Greet Geypen

Vice-chairman of the board of directors · since 22 mars 2019 · until 31 mars 2025

Active
Heidi Thijs

Director · since 22 mars 2019 · until 31 mars 2025

Active
Jan Moons

Director · since 22 mars 2019 · until 31 mars 2025

Active
Karolien Eens

Director · since 22 mars 2019 · until 31 mars 2025

Active
Koen Paredaens

Director · since 22 mars 2019 · until 31 mars 2025

Active
Lawrence Vancraeyenest

Vice-chairman of the board of directors · since 22 mars 2019 · until 30 mars 2031

Active
Lieven Janssens

Director · since 22 mars 2019 · until 31 mars 2025

Active
Lore Fourie

Director · since 22 mars 2019 · until 31 mars 2025

Active
Paul Verbeeck

Chairman of the board of directors · since 22 mars 2019 · until 31 mars 2025

Active
Sien Jacques

Director · since 22 mars 2019 · until 31 mars 2025

Active
Sofie Vandeweerd

Vice-chairman of the board of directors · since 22 mars 2019 · until 30 mars 2031

Active

Ended mandates

Dymfna Meynen

Director · since 31 mars 2025 · until 30 mars 2031

Ended
Peter Nies

Director · since 25 janvier 2024 · until 21 mars 2025

Ended
Vandromme Jeroen

Director · since 23 juin 2022 · until 21 mars 2025

Ended
Peter Prévot

Director · since 28 novembre 2019 · until 21 mars 2025

Ended
At this address

Other companies at this address

CompanyCBE no.
CIPAL● Active
0442.802.030
Magics Technologies● Active
0634.891.526
RideOnTrack● Active
0845.290.761
SC ONE● Active
1028.159.220
Stichting Magics Technologies● Active
1028.264.831
TSS Belgium● Active
1037.665.913
Vriendenkring Cipal Schaubroeck● Active
0439.537.781
Annual accounts

Full financial information

202520242023202220212020
Type of accountFull modelFull modelFull modelFull modelFull modelm120-f-p
Start of the financial year01/01/202501/01/202401/01/202301/01/202201/01/202101/01/2020
Closing of the financial year31/12/202531/12/202431/12/202331/12/202231/12/202131/12/2020
Length of the financial year12 months12 months12 months12 months12 months12 months
Filing date15/07/202614/07/202517/07/202411/07/202312/07/202215/07/2021
General meeting25/06/202624/06/202520/06/202422/06/202323/06/202224/06/2021
Currency of the financial yearEUREUREUREUREUREUR
NBB quality labelSatisfying controlsSatisfying controlsSatisfying controlsSatisfying controlsSatisfying controlsSatisfying controls
Ratios

Financial ratios

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Filings

Annual accounts filings

35 filings with the NBB

ModelClosingGeneral meetingFiledLanguageDocument
Full model31/12/202525/06/202615/07/2026DutchPDF
Full model31/12/202424/06/202514/07/2025DutchPDF
m120-f-p31/12/202424/06/202514/07/2025DutchPDF
Full model31/12/202320/06/202417/07/2024DutchPDF
m120-f-p31/12/2023—17/07/2024DutchPDF
Full model31/12/202222/06/202311/07/2023DutchPDF
m120-f-p31/12/202222/06/202311/07/2023DutchPDF
Full model31/12/202123/06/202212/07/2022DutchPDF
m120-f-p31/12/202123/06/202212/07/2022DutchPDF
Full model31/12/202024/06/202109/07/2021DutchPDF
m120-f-p31/12/202024/06/202115/07/2021DutchPDF
Full model31/12/201925/06/202022/07/2020DutchPDF
m120-f-p31/12/201925/06/202022/07/2020DutchPDF
Full model31/12/201827/06/201929/07/2019DutchPDF
m120-f-p31/12/201827/06/201929/07/2019DutchPDF
Full model31/12/201715/06/201806/07/2018DutchPDF
m120-f-p31/12/201715/06/201806/07/2018DutchPDF
Full model31/12/201616/06/201718/07/2017DutchPDF
m120-f-p31/12/201616/06/201718/07/2017DutchPDF
Full model31/12/201517/06/201624/08/2016DutchPDF
m120-f-p31/12/201517/06/201624/08/2016DutchPDF
Full model31/12/201412/06/201523/06/2015DutchPDF
m120-f-p31/12/201412/06/201523/06/2015DutchPDF
Full model31/12/201313/06/201423/06/2014DutchPDF

View all 35 filings

Estimate

Indicative valuation

Order of magnitude

As an indication, this company is worth

between 10 M€ and 25 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 · 27 active · 79 ended

Active mandates

Brughmans Bart

Director · since 31 mars 2025 · until 30 mars 2031

Active
Charlotte Beyers

Director · since 31 mars 2025 · until 30 mars 2031

Active
Dieter Wijckmans

Director · since 31 mars 2025 · until 30 mars 2031

Active
Dymfna Meynen

Director · since 31 mars 2025 · until 30 mars 2031

Active
Inge Van Goubergen

Vice-chairman of the board of directors · since 31 mars 2025 · until 30 mars 2031

Active
Johan Sauwens

Chairman of the board of directors · since 31 mars 2025 · until 30 mars 2031

Active
Kelly Verheyen

Director · since 31 mars 2025 · until 30 mars 2031

Active
Pietro Iacopucci

Director · since 31 mars 2025 · until 30 mars 2031

Active
Ronald Slootmans

Director · since 31 mars 2025 · until 30 mars 2031

Active
Sven Pletincx

Director · since 31 mars 2025 · until 30 mars 2031

Active
Tine Paredis

Director · since 31 mars 2025 · until 30 mars 2031

Active
Peter Nies

Director · since 25 janvier 2024 · until 30 mars 2031

Active
Vandromme Jeroen

Director · since 23 juin 2022 · until 30 mars 2031

Active
Peter Prévot

Director · since 28 novembre 2019 · until 31 mars 2025

Active
Dieter Mannaert

Director · since 22 mars 2019 · until 30 mars 2031

Active
Francis Stijnen

Director · since 22 mars 2019 · until 31 mars 2025

Active
Greet Geypen

Vice-chairman of the board of directors · since 22 mars 2019 · until 31 mars 2025

Active
Heidi Thijs

Director · since 22 mars 2019 · until 31 mars 2025

Active
Jan Moons

Director · since 22 mars 2019 · until 31 mars 2025

Active
Karolien Eens

Director · since 22 mars 2019 · until 31 mars 2025

Active
Koen Paredaens

Director · since 22 mars 2019 · until 31 mars 2025

Active
Lawrence Vancraeyenest

Vice-chairman of the board of directors · since 22 mars 2019 · until 30 mars 2031

Active
Lieven Janssens

Director · since 22 mars 2019 · until 31 mars 2025

Active
Lore Fourie

Director · since 22 mars 2019 · until 31 mars 2025

Active
Paul Verbeeck

Chairman of the board of directors · since 22 mars 2019 · until 31 mars 2025

Active
Sien Jacques

Director · since 22 mars 2019 · until 31 mars 2025

Active
Sofie Vandeweerd

Vice-chairman of the board of directors · since 22 mars 2019 · until 30 mars 2031

Active

Ended mandates

Dymfna Meynen

Director · since 31 mars 2025 · until 30 mars 2031

Ended
Peter Nies

Director · since 25 janvier 2024 · until 21 mars 2025

Ended
Vandromme Jeroen

Director · since 23 juin 2022 · until 21 mars 2025

Ended
Peter Prévot

Director · since 28 novembre 2019 · until 21 mars 2025

Ended
Shareholders

Ownership and network

Looking for more information about this company?

Try for 7 days
Belgian Official Gazette

Belgian Official Gazette publications

  • Mandates09/09/2025
    ONTSLAGEN - BENOEMINGEN
    PDF
  • Capital / shares02/09/2024
    KAPITAAL - AANDELEN
    PDF
  • Restructuring31/07/2024
    RUBRIEK HERSTRUCTURERING (FUSIE, SPLITSING, OVERDRACHT VERMOGEN, ENZ...) - DIVERSEN
    PDF
  • Registered office13/03/2024
    MAATSCHAPPELIJKE ZETEL - STATUTEN (VERTALING, COÖRDINATIE, OVERIGE WIJZIGINGEN, …)
    PDF
  • Mandates29/01/2019
    MAATSCHAPPELIJKE ZETEL - ONTSLAGEN - BENOEMINGEN - STATUTEN (VERTALING, COÖRDINATIE, OVERIGE WIJZIGINGEN, …) - DIVERSEN
    PDF
  • Mandates11/07/2018
    ONTSLAGEN - BENOEMINGEN
    PDF
  • Mandates12/01/2018
    ONTSLAGEN - BENOEMINGEN - DIVERSEN
    PDF
  • Mandates23/08/2016
    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

Timeline

  1. 2025
    Annual accounts 2025441,4 k €↓
  2. 03/04/2025
    nominationJohan Sauwens — Voorzitter
  3. 03/04/2025
    nominationLawrence Vancraeyenest — Eerste ondervoorzitter (en secretaris)
  4. 03/04/2025
    nominationSofie Vandeweerd — Tweede ondervoorzitter
  5. 03/04/2025
    nominationInge Van Goubergen — Derde ondervoorzitter
  6. 31/03/2025
    nominationBart Brughmans — bestuurder
  7. 31/03/2025
    nominationPietro Iacopucci — bestuurder
  8. 31/03/2025
    nominationDieter Mannaert — bestuurder
  9. 31/03/2025
    nominationDymfna Meynen — bestuurder
  10. 31/03/2025
    nominationPeter Nies — bestuurder
  11. 31/03/2025
    nominationTine Paredis — bestuurder
  12. 31/03/2025
    nominationSven Pletincx — bestuurder
  13. 31/03/2025
    nominationJohan Sauwens — bestuurder
  14. 31/03/2025
    nominationRonny Slootmans — bestuurder
  15. 31/03/2025
    nominationLawrence Vancraeyenest — bestuurder
  16. 31/03/2025
    nominationSofie Vandeweerd — bestuurder
  17. 31/03/2025
    nominationJeroen Vandromme — bestuurder
  18. 31/03/2025
    nominationInge Van Goubergen — bestuurder
  19. 31/03/2025
    nominationKelly Verheyen — bestuurder
  20. 31/03/2025
    nominationDieter Wijckmans — bestuurder
  21. 2024
    Annual accounts 20242 M €↑
  22. 2023
    Annual accounts 2023656 k €↑
  23. 2022
    Annual accounts 2022-16,6 M €↓
  24. 2021
    Annual accounts 2021823,2 k €↑
  25. 2021
    Name changeCipal DV
  26. 2020
    Annual accounts 2020-45,3 k €↑
  27. 2012
    Annual accounts 2012-281,5 k €↓
  28. 2010
    Annual accounts 2010956,9 k €
  29. 2010
    Name changeCIPAL
  30. 13/02/1979
    IncorporationServices provider organization, Flemish Region