ACTIVE

Cardoen

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Financial year 2025 · closed on 31/12/2025

Net result

679,6 k €

-28.5% YoY

Gross margin

1,8 M €

+12.5% YoY

Equity

10,8 M €

+6.7% YoY

What does Cardoen do?

Cardoen is a Public limited company incorporated in 1967. Its registered office is in Zonnebeke.

Legal situation

● Normal situation

BCE/KBO no. / VAT

BE 0405.817.217

Incorporation

12/06/1967

Legal form

Public limited company

Registered office

Houtemstraat 38
8980 Zonnebeke · FlandreSee on map

Contributed capital

111 552,08 €

Latest accounts

31/12/2025

Joint committees (3)

Signals

ProfitableSolid equityLow riskGood liquidityPositive cashflowPositive EBITDAHealthy social debts

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Health score

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✦ 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	1,8 M €	+12.5%	1,6 M €	+1.8%	1,6 M €	+22.8%	1,3 M €	-20.9%	1,6 M €	-3.6%	1,7 M €	-24.5%	2,3 M €	-7.4%	2,4 M €	-3.6%	2,5 M €	+4.9%	2,4 M €	+13.9%	2,1 M €	+19.2%	1,8 M €	-9.5%	2 M €	-10.2%	2,2 M €	+14.7%	1,9 M €	-19.7%	2,4 M €	+19.0%	2 M €	-6.0%	2,1 M €
EBITDA	1,1 M €	+37.7%	821,4 k €	+6.5%	771,4 k €	+96.7%	392,2 k €	-45.6%	720,5 k €	-2.6%	739,5 k €	-38.5%	1,2 M €	-5.8%	1,3 M €	-15.0%	1,5 M €	+5.6%	1,4 M €	+13.1%	1,3 M €	+65.1%	760,4 k €	-19.5%	944,5 k €	-7.7%	1 M €	+15.6%	885,6 k €	-36.8%	1,4 M €	+34.5%	1 M €	+2.1%	1 M €
Operating result	821,4 k €	+58.1%	519,4 k €	+7.3%	484 k €	+271%	130,3 k €	-73.3%	487,6 k €	-0.1%	488 k €	-44.3%	875,7 k €	-5.2%	924,2 k €	-12.8%	1,1 M €	-3.7%	1,1 M €	+28.6%	855,9 k €	+101%	426,4 k €	-34.0%	646 k €	-7.7%	700,2 k €	+56.2%	448,3 k €	-46.3%	834,6 k €	+36.6%	611 k €	+61.5%	378,3 k €
Net result	679,6 k €	-28.5%	950 k €	+153%	375,8 k €	+98.1%	189,7 k €	-56.6%	437,5 k €	+4.9%	417,2 k €	-49.0%	818,3 k €	+39.7%	585,6 k €	-20.2%	733,5 k €	-12.9%	842 k €	+20.9%	696,3 k €	+89.7%	367,1 k €	-34.7%	561,9 k €	+6.8%	525,9 k €	+32.1%	398 k €	-40.2%	665,9 k €	+22.5%	543,6 k €	-25.0%	724,3 k €
Balance sheet
Equity	10,8 M €	+6.7%	10,1 M €	+10.4%	9,1 M €	+4.3%	8,7 M €	-17.1%	10,6 M €	+4.3%	10,1 M €	+4.4%	9,7 M €	+9.2%	8,9 M €	+7.1%	8,3 M €	+9.7%	7,6 M €	+12.5%	6,7 M €	+6.3%	6,3 M €	+6.2%	6 M €	+10.4%	5,4 M €	+0.5%	5,4 M €	+7.6%	5 M €	-3.1%	5,1 M €	+11.2%	4,6 M €
Total assets	13,3 M €	+7.2%	12,4 M €	+8.6%	11,4 M €	-2.1%	11,6 M €	-0.9%	11,7 M €	+6.2%	11,1 M €	-4.0%	11,5 M €	+6.6%	10,8 M €	+12.0%	9,6 M €	+4.0%	9,3 M €	+3.5%	8,9 M €	+19.8%	7,5 M €	+8.1%	6,9 M €	+2.1%	6,8 M €	+2.8%	6,6 M €	+0.4%	6,6 M €	+10.5%	5,9 M €	-1.9%	6,1 M €
Cash	5,9 M €	-0.7%	6 M €	+6.8%	5,6 M €	-4.8%	5,9 M €	+7.0%	5,5 M €	-6.4%	5,8 M €	-20.9%	7,4 M €	+1.0%	7,3 M €	+12.0%	6,5 M €	+2.6%	6,4 M €	+2.5%	6,2 M €	+39.9%	4,4 M €	+0.7%	4,4 M €	+7.9%	4,1 M €	+18.1%	3,5 M €	+8.7%	3,2 M €	+7.7%	3 M €	+123%	1,3 M €
Debts	2,5 M €	+9.2%	2,3 M €	+1.5%	2,3 M €	-20.8%	2,9 M €	+146%	1,2 M €	+26.4%	920,7 k €	-48.5%	1,8 M €	-4.8%	1,9 M €	+45.9%	1,3 M €	-21.9%	1,6 M €	-23.6%	2,2 M €	+97.6%	1,1 M €	+19.1%	916,3 k €	-32.1%	1,4 M €	+14.7%	1,2 M €	-21.3%	1,5 M €	+133%	641,4 k €	-50.8%	1,3 M €
Other
Workforce	–		–		–		14,2 ETP	-13.4%	16,4 ETP	-6.3%	17,5 ETP	-4.9%	18,4 ETP	-7.1%	19,8 ETP	+7.0%	18,5 ETP	-4.1%	19,3 ETP	+4.3%	18,5 ETP	-10.6%	20,7 ETP	-14.8%	24,3 ETP	-2.4%	24,9 ETP	+5.5%	23,6 ETP	+3.1%	22,9 ETP	+0.4%	22,8 ETP	-3.4%	23,6 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 · 1 active · 12 ended

Active mandates

CAJORA

Director · 0448.357.160

Represented by Johnny Cardoen

Active

Ended mandates

ANTONY CARDOEN

Director · since 01 janvier 2014

Ended

ANTHONY CARDOEN

Director · until 13 juillet 2020

Ended

ANTHONY CARDOEN

Director

Ended

CAJORA

Director · 0448.357.160

Represented by JOHNNY CARDOEN

Ended

At this address

Other companies at this address

Company	CBE no.
CAJORA● Active	0448.357.160

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	29/08/2026	30/06/2025	30/08/2024	22/06/2023	11/07/2022	27/09/2021
General meeting	23/05/2026	24/05/2025	25/05/2024	27/05/2023	18/06/2022	28/08/2021
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

20 filings with the NBB

Model	Closing	General meeting	Filed	Language	Document
Abridged model	31/12/2025	23/05/2026	29/08/2026	Dutch	PDF
Abridged model	31/12/2024	24/05/2025	30/06/2025	Dutch	PDF
Abridged model	31/12/2023	25/05/2024	30/08/2024	Dutch	PDF
Abridged model	31/12/2022	27/05/2023	22/06/2023	Dutch	PDF
Abridged model	31/12/2021	18/06/2022	11/07/2022	Dutch	PDF
Abridged model	31/12/2020	28/08/2021	27/09/2021	Dutch	PDF
Abridged model	31/12/2019	30/05/2020	22/06/2020	Dutch	PDF
Abridged model	31/12/2018	15/06/2019	10/07/2019	Dutch	PDF
Abridged model	31/12/2017	16/06/2018	06/07/2018	Dutch	PDF
Abridged model	31/12/2016	27/05/2017	19/06/2017	Dutch	PDF
Abridged model	31/12/2015	28/05/2016	17/06/2016	Dutch	PDF
Abridged model	31/12/2014	30/05/2015	04/06/2015	Dutch	PDF
Abridged model	31/12/2013	21/06/2014	16/07/2014	Dutch	PDF
Abridged model	31/12/2012	25/05/2013	21/06/2013	Dutch	PDF
Abridged model	31/12/2011	26/05/2012	15/06/2012	Dutch	PDF
Abridged model	31/12/2010	25/06/2011	05/07/2011	Dutch	PDF
Abridged model	31/12/2009	26/06/2010	19/07/2010	Dutch	PDF
Abridged model	31/12/2008	30/05/2009	10/06/2009	Dutch	PDF
Abridged model	31/12/2007	17/05/2008	30/09/2008	Dutch	PDF
Abridged model	31/12/2006	19/05/2007	28/09/2007	Dutch	PDF

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 · 1 active · 12 ended

Active mandates

CAJORA

Director · 0448.357.160

Represented by Johnny Cardoen

Active

Ended mandates

ANTONY CARDOEN

Director · since 01 janvier 2014

Ended

ANTHONY CARDOEN

Director · until 13 juillet 2020

Ended

ANTHONY CARDOEN

Director

Ended

CAJORA

Director · 0448.357.160

Represented by JOHNNY CARDOEN

Ended

Shareholders

Ownership and network

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Belgian Official Gazette

Belgian Official Gazette publications

Mandates17/07/2020
STATUTEN (VERTALING, COÖRDINATIE, OVERIGE WIJZIGINGEN, ) - ONTSLAGEN - BENOEMINGEN
PDF
Mandates27/01/2020
ONTSLAGEN - BENOEMINGEN
PDF
Mandates26/02/2015
ONTSLAGEN - BENOEMINGEN
PDF
Other13/12/2011
DOEL
PDF
Mandates08/04/2009
DOEL - ONTSLAGEN - BENOEMINGEN
PDF
Mandates10/04/2008
ONTSLAGEN - BENOEMINGEN
PDF
Mandates01/10/2004
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 2025679,6 k €↓
2024
Annual accounts 2024950 k €↑
2023
Annual accounts 2023375,8 k €↑
2022
Annual accounts 2022189,7 k €↓
2021
Annual accounts 2021437,5 k €↑
2020
Annual accounts 2020417,2 k €↓
2019
Annual accounts 2019818,3 k €↑
2018
Annual accounts 2018585,6 k €↓
2017
Annual accounts 2017733,5 k €↓
2016
Annual accounts 2016842 k €↑
2015
Annual accounts 2015696,3 k €↑
2014
Annual accounts 2014367,1 k €↓
2013
Annual accounts 2013561,9 k €↑
2012
Annual accounts 2012525,9 k €↑
2011
Annual accounts 2011398 k €↓
2010
Annual accounts 2010665,9 k €↑
2009
Annual accounts 2009543,6 k €↓
2008
Annual accounts 2008724,3 k €
12/06/1967
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

Cardoen

Overview

What does Cardoen 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