ACTIVE

CPAPA

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Financial year 2025 · closed on 31/12/2025

Net result

-15,1 k €

-1.4% YoY

Gross margin

3,4 k €

+58.3% YoY

Equity

268,8 k €

-5.3% YoY

What does CPAPA do?

CPAPA is a Private limited company incorporated in 1972. Its registered office is in Uccle.

Legal situation

● Normal situation

BCE/KBO no. / VAT

BE 0413.101.323

Incorporation

01/12/1972

Legal form

Private limited company

Registered office

Avenue Kersbeek 308
1180 Uccle · BruxellesSee on map

Contributed capital

20 000,00 €

Latest accounts

31/12/2025

Signals

Solid equityLow riskGood liquidity

View the BCE/KBO Public Search record →

Health score

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✦ Verdict · Analyst summary

Financials

Trend over 20 financial years

	2025		2024		2023		2022		2021		2020		2019		2018		2017		2016		2015		2014		2013		2012		2011		2010		2009		2008		2007		2006
Income statement
Gross margin	3,4 k €	+58.3%	2,2 k €	-88.3%	18,5 k €	+53.3%	12,1 k €	+104%	5,9 k €	-69.1%	19,1 k €	-26.7%	26,1 k €	-36.0%	40,8 k €	+60.7%	25,4 k €	-40.1%	42,4 k €	+58.8%	26,7 k €	-11.6%	30,2 k €	+9.2%	27,7 k €	+9.9%	25,2 k €	-28.6%	35,2 k €	+5.5%	33,4 k €	-5.8%	35,5 k €	+300%	8,9 k €	-13.3%	10,2 k €	-4.2%	10,7 k €
EBITDA	-948,4 €	-12.5%	-842,9 €	-105%	15,4 k €	+52.9%	10,1 k €	+171%	3,7 k €	-77.3%	16,4 k €	-31.9%	24 k €	-38.0%	38,8 k €	+65.6%	23,4 k €	-42.0%	40,4 k €	+63.5%	24,7 k €	-12.4%	28,2 k €	+9.8%	25,7 k €	+10.5%	23,3 k €	-30.3%	33,4 k €	+5.7%	31,6 k €	-6.2%	33,7 k €	+372%	7,1 k €	-16.3%	8,5 k €	-5.3%	9 k €
Operating result	-16 k €	+0.6%	-16,1 k €	-835%	2,2 k €	+173%	-3 k €	+67.5%	-9,2 k €	-240%	6,6 k €	-56.9%	15,2 k €	-50.9%	31,1 k €	+85.7%	16,7 k €	-52.6%	35,3 k €	+79.9%	19,6 k €	+37.2%	14,3 k €	+21.3%	11,8 k €	-16.9%	14,2 k €	-47.0%	26,8 k €	+7.3%	24,9 k €	-7.8%	27 k €	+991%	2,5 k €	-42.7%	4,3 k €	-11.9%	4,9 k €
Net result	-15,1 k €	-1.4%	-14,9 k €	-714%	2,4 k €	+175%	-3,2 k €	+65.5%	-9,4 k €	-268%	5,6 k €	-53.3%	12 k €	-45.4%	21,9 k €	+90.0%	11,5 k €	-53.5%	24,8 k €	+14.0%	21,7 k €	+84.4%	11,8 k €	+13.2%	10,4 k €	-10.5%	11,6 k €	-43.5%	20,6 k €	+15.6%	17,8 k €	-12.4%	20,4 k €	+390%	4,2 k €	-26.0%	5,6 k €	+15.8%	4,9 k €
Balance sheet
Equity	268,8 k €	-5.3%	283,8 k €	-5.0%	298,7 k €	+0.8%	296,3 k €	-1.1%	299,5 k €	-3.0%	308,9 k €	+1.8%	303,3 k €	+4.1%	291,4 k €	+8.1%	269,5 k €	+4.5%	258 k €	+10.6%	233,2 k €	+10.3%	211,4 k €	+5.9%	199,6 k €	+5.5%	189,2 k €	+6.6%	177,6 k €	+13.1%	157 k €	+12.8%	139,1 k €	+17.1%	118,8 k €	+3.6%	114,6 k €	+5.2%	109 k €
Total assets	284 k €	-0.7%	286 k €	-4.9%	300,8 k €	+1.3%	297,1 k €	-1.5%	301,5 k €	-4.1%	314,3 k €	-0.6%	316,3 k €	-3.9%	329,3 k €	-0.3%	330,2 k €	+6.0%	311,4 k €	+10.1%	282,9 k €	+9.1%	259,2 k €	+5.2%	246,3 k €	+3.3%	238,4 k €	-0.5%	239,6 k €	+12.0%	213,9 k €	+7.8%	198,5 k €	+21.7%	163,1 k €	+1.7%	160,4 k €	+1.2%	158,4 k €
Cash	130,5 k €	-9.0%	143,3 k €	-11.2%	161,4 k €	+8.9%	148,2 k €	+6.1%	139,8 k €	-11.8%	158,6 k €	+234%	47,5 k €	-25.3%	63,6 k €	-5.3%	67,2 k €	+18.0%	56,9 k €	-63.3%	155 k €	+13.1%	137 k €	+24.1%	110,4 k €	+24.6%	88,6 k €	+3.6%	85,5 k €	+61.0%	53,1 k €	+51.1%	35,2 k €	-44.7%	63,6 k €	-18.6%	78,1 k €	-14.3%	91,2 k €
Debts	13,5 k €	+2512%	517,5 €	+1.5%	509,8 €	-33.2%	762,7 €	-61.0%	2 k €	-63.6%	5,4 k €	-58.6%	13 k €	-65.7%	37,9 k €	-36.4%	59,6 k €	+11.6%	53,4 k €	+9.0%	49 k €	+4.1%	47,1 k €	+2.4%	46 k €	-5.1%	48,4 k €	-21.0%	61,3 k €	+9.1%	56,2 k €	-4.1%	58,6 k €	+34.9%	43,5 k €	-3.5%	45 k €	-7.5%	48,7 k €

Estimate

Indicative valuation

As an indication, this company is worth

between 100 k€ and 250 k€

See the valuation

Governance

Board of directors

Seen on filing of 31/12/2025 · 2 active · 4 ended

Active mandates

BLUE ADVICE & SERVICES

Director · since 10 octobre 2025 · 0811.887.129

Represented by Alexis Kachtiane

Active

MP Management

Director · since 10 octobre 2025 · 0749.728.638

Represented by Emmanuel Piechowski

Active

Ended mandates

Catherine Combefis

Director · since 13 octobre 2016

Ended

Catherine COMBEFIS

Manager · since 13 octobre 2016

Ended

Catherine Louise COMBEFIS

Director · since 13 octobre 2016

Ended

Gérard COMBEFIS

Manager · since 29 mars 1973

Ended

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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	01/01/2025	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	31/08/2026	31/07/2025	30/08/2024	31/07/2023	24/08/2022	02/08/2021
General meeting	13/04/2026	14/04/2025	08/04/2024	11/04/2023	11/04/2022	12/04/2021
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
Micro model	31/12/2025	13/04/2026	31/08/2026	French	PDF
Micro model	31/12/2024	14/04/2025	31/07/2025	French	PDF
Micro model	31/12/2023	08/04/2024	30/08/2024	French	PDF
Micro model	31/12/2022	11/04/2023	31/07/2023	French	PDF
Micro model	31/12/2021	11/04/2022	24/08/2022	French	PDF
Micro model	31/12/2020	12/04/2021	02/08/2021	French	PDF
Micro model	31/12/2019	13/04/2020	15/09/2020	French	PDF
Micro model	31/12/2018	08/04/2019	05/08/2019	French	PDF
Micro model	31/12/2017	09/04/2018	06/08/2018	French	PDF
Micro model	31/12/2016	10/04/2017	23/08/2017	French	PDF
Abridged model	31/12/2015	11/04/2016	25/08/2016	French	PDF
Abridged model	31/12/2014	13/04/2015	21/04/2015	French	PDF
Abridged model	31/12/2013	14/04/2014	10/07/2014	French	PDF
Abridged model	31/12/2012	08/04/2013	24/07/2013	French	PDF
Abridged model	31/12/2011	10/04/2012	11/07/2012	French	PDF
Abridged model	31/12/2010	11/04/2011	30/06/2011	French	PDF
Abridged model	31/12/2009	12/04/2010	23/07/2010	French	PDF
Abridged model	31/12/2008	13/04/2009	10/07/2009	French	PDF
Abridged model	31/12/2007	14/04/2008	14/07/2008	French	PDF
Abridged model	31/12/2006	09/04/2007	03/07/2007	French	PDF

Estimate

Indicative valuation

Order of magnitude

As an indication, this company is worth

between 100 k€ and 250 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 31/12/2025 · 2 active · 4 ended

Active mandates

BLUE ADVICE & SERVICES

Director · since 10 octobre 2025 · 0811.887.129

Represented by Alexis Kachtiane

Active

MP Management

Director · since 10 octobre 2025 · 0749.728.638

Represented by Emmanuel Piechowski

Active

Ended mandates

Catherine Combefis

Director · since 13 octobre 2016

Ended

Catherine COMBEFIS

Manager · since 13 octobre 2016

Ended

Catherine Louise COMBEFIS

Director · since 13 octobre 2016

Ended

Gérard COMBEFIS

Manager · since 29 mars 1973

Ended

Shareholders

Ownership and network

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Belgian Official Gazette

Belgian Official Gazette publications

Mandates10/02/2026
SIEGE SOCIAL - DEMISSIONS, NOMINATIONS
PDF
Mandates03/11/2023
STATUTS (TRADUCTION, COORDINATION, AUTRES MODIFICATIONS, ) - MODIFICATION FORME JURIDIQUE - DENOMINATION - SIEGE SOCIAL - DIVERS - DEMISSIONS, NOMINATIONS
PDF
Mandates03/11/2016
DEMISSIONS, NOMINATIONS
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 2025-15,1 k €↓
2024
Annual accounts 2024-14,9 k €↓
2024
Name changeCPAPA (ex. Combefis)
2023
Annual accounts 20232,4 k €↑
2023
Name changeCPAPA
2022
Annual accounts 2022-3,2 k €↑
2021
Annual accounts 2021-9,4 k €↓
2021
Name changeCombefis
2020
Annual accounts 20205,6 k €↓
2019
Annual accounts 201912 k €↓
2018
Annual accounts 201821,9 k €↑
2017
Annual accounts 201711,5 k €↓
2016
Annual accounts 201624,8 k €↑
2015
Annual accounts 201521,7 k €↑
2014
Annual accounts 201411,8 k €↑
2013
Annual accounts 201310,4 k €↓
2012
Annual accounts 201211,6 k €↓
2011
Annual accounts 201120,6 k €↑
2010
Annual accounts 201017,8 k €↓
2009
Annual accounts 200920,4 k €↑
2008
Annual accounts 20084,2 k €↓
2007
Annual accounts 20075,6 k €↑
2006
Annual accounts 20064,9 k €
01/12/1972
IncorporationPrivate 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

CPAPA

Overview

What does CPAPA do?

Trend over 20 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