ICOPAL
0417.979.235 · rovalta.com · 22/09/2026
NORMAL SITUATION
ICOPAL
Financial year 2025 · closed on 18/12/2025
Net result
1,4 M €
+107.5% YoY
Gross margin
1,9 M €
Equity
41 k €
+100.2% YoY
Workforce
0,0 ETP
-100.0% YoY
Company — Normal situation.
Overview
What does ICOPAL do?
ICOPAL is a company registered in Belgium.
Legal situation
● Normal situation
BCE/KBO no. / VAT
BE 0417.979.235
Legal form
Private limited company
Contributed capital
20 792 107,00 €
Latest accounts
18/12/2025
Average workforce
0,0 ETP
Joint committees (2)
- 111
- 209
Signals
ProfitableSolid equityHealthy social debts
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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 | 1,9 M € | – | – | – | – | – | – | – | – | – | – | – | – | – | – | – | – | – | – | – | |||||||||||||||||||
| EBITDA | -1,6 M € | +84.6% | -10,6 M € | -291% | -2,7 M € | -501% | 678,3 k € | -60.5% | 1,7 M € | +365% | -647,2 k € | -29.3% | -500,6 k € | +59.2% | -1,2 M € | -143% | -503,9 k € | +13.3% | -581,1 k € | +4.2% | -606,5 k € | -170% | 864,9 k € | +157% | -1,5 M € | -284% | 819,9 k € | +32.7% | 618 k € | -57.2% | 1,4 M € | +308% | 353,7 k € | -75.4% | 1,4 M € | +21.5% | 1,2 M € | -13.3% | 1,4 M € |
| Operating result | 2,5 M € | +114% | -17,3 M € | -357% | -3,8 M € | -8142% | -46 k € | -106% | 823 k € | +162% | -1,3 M € | +10.4% | -1,5 M € | +32.9% | -2,2 M € | -20.8% | -1,8 M € | +5.7% | -1,9 M € | +5.4% | -2,1 M € | -196% | -695,2 k € | +77.1% | -3 M € | -187% | -1,1 M € | +28.3% | -1,5 M € | -337% | -339 k € | -194% | -115,1 k € | -111% | 1 M € | +37.9% | 747,2 k € | -12.2% | 850,6 k € |
| Net result | 1,4 M € | +107% | -18,2 M € | -307% | -4,5 M € | -1472% | -285,2 k € | -136% | 788,6 k € | +154% | -1,5 M € | +12.1% | -1,7 M € | +38.5% | -2,7 M € | +11.5% | -3 M € | -16.2% | -2,6 M € | +7.5% | -2,8 M € | -97.4% | -1,4 M € | +62.2% | -3,8 M € | -116% | -1,8 M € | +0.5% | -1,8 M € | -149% | -706,2 k € | +28.9% | -993,1 k € | -324% | 443,1 k € | -7.1% | 477,1 k € | -55.5% | 1,1 M € |
| Balance sheet | |||||||||||||||||||||||||||||||||||||||
| Equity | 41 k € | +100% | -21,4 M € | -577% | -3,2 M € | -337% | 1,3 M € | -18.7% | 1,6 M € | +201% | -1,6 M € | -943% | -156,2 k € | -110% | 1,5 M € | +167% | -2,3 M € | -383% | 800,4 k € | -76.8% | 3,4 M € | +241% | 1 M € | +109% | 484,1 k € | +129% | -1,7 M € | -1349% | 134,6 k € | -90.6% | 1,4 M € | -33.0% | 2,1 M € | -31.7% | 3,1 M € | +16.2% | 2,7 M € | +21.2% | 2,2 M € |
| Total assets | 41 k € | -97.1% | 1,4 M € | -87.5% | 11,4 M € | -18.8% | 14 M € | +32.6% | 10,6 M € | +4.4% | 10,1 M € | -8.7% | 11,1 M € | -13.5% | 12,8 M € | -16.7% | 15,4 M € | +21.9% | 12,6 M € | -4.8% | 13,2 M € | -2.8% | 13,6 M € | -10.1% | 15,1 M € | -17.9% | 18,4 M € | +4.8% | 17,6 M € | +0.8% | 17,5 M € | +8.1% | 16,2 M € | +36.4% | 11,8 M € | -4.7% | 12,4 M € | +23.6% | 10,1 M € |
| Cash | – | – | – | – | – | 10,8 k € | -97.0% | 359,4 k € | -81.7% | 2 M € | +55.9% | 1,3 M € | +559% | 190,9 k € | +82.8% | 104,4 k € | -15.1% | 123 k € | +39.6% | 88,1 k € | -75.9% | 364,9 k € | -42.5% | 634,3 k € | +130% | 275,9 k € | +115% | 128,4 k € | -63.1% | 348 k € | +159% | 134,2 k € | -73.3% | 503,2 k € | |||||
| Debts | – | 19,6 M € | +36.5% | 14,4 M € | +15.5% | 12,4 M € | +43.8% | 8,6 M € | -24.6% | 11,5 M € | +7.9% | 10,6 M € | -0.1% | 10,6 M € | -37.4% | 17 M € | +53.7% | 11,1 M € | +21.9% | 9,1 M € | -27.4% | 12,5 M € | -11.8% | 14,2 M € | -26.7% | 19,4 M € | +18.8% | 16,3 M € | +5.1% | 15,5 M € | +15.0% | 13,5 M € | +65.9% | 8,1 M € | -11.8% | 9,2 M € | +26.1% | 7,3 M € | |
| Other | |||||||||||||||||||||||||||||||||||||||
| Workforce | 0,0 ETP | -100% | 42,9 ETP | -16.7% | 51,5 ETP | -4.8% | 54,1 ETP | -10.0% | 60,1 ETP | -5.4% | 63,5 ETP | -2.8% | 65,3 ETP | -6.8% | 70,1 ETP | -4.8% | 73,6 ETP | +1.9% | 72,2 ETP | +0.7% | 71,7 ETP | -2.7% | 73,7 ETP | -0.9% | 74,4 ETP | +10.9% | 67,1 ETP | +1.5% | 66,1 ETP | +10.9% | 59,6 ETP | +18.7% | 50,2 ETP | 0.0% | 50,2 ETP | +1.8% | 49,3 ETP | -8.7% | 54,0 ETP |
Governance
Board of directors
Seen on filing of 18/12/2025 · 2 active · 45 ended
Active mandates
Bart JANSSEN
ActiveMichiel FLINKERBUSCH
ActiveEnded mandates
Michiel FLINKERBUSCH
EndedViola FERRARIO
EndedPaul Stel
EndedHerman Schutte
EndedFinancials
Annual accounts
Full financial information
| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | |
|---|---|---|---|---|---|---|
| Type of account | Abridged model | Full model | Full model | Full model | Full model | Full 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 | 18/12/2025 | 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 | 11/01/2026 | 16/07/2025 | 02/07/2024 | 22/11/2023 | 30/06/2022 | 29/06/2021 |
| General meeting | 18/12/2025 | 30/06/2025 | 28/06/2024 | 10/05/2023 | 11/05/2022 | 26/05/2021 |
| 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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Try for 7 daysFilings
Annual accounts filings
50 filings with the NBB
| Model | Closing | General meeting | Filed | Language | Document |
|---|---|---|---|---|---|
| Abridged model | 18/12/2025 | 18/12/2025 | 11/01/2026 | French | |
| Full model | 31/12/2024 | 30/06/2025 | 16/07/2025 | French | |
| Full model | 31/12/2023 | 28/06/2024 | 02/07/2024 | French | |
| Full modelCorrection | 31/12/2022 | 10/05/2023 | 22/11/2023 | French | |
| Full model | 31/12/2022 | 10/05/2023 | 05/06/2023 | French | |
| Full model | 31/12/2021 | 11/05/2022 | 30/06/2022 | French | |
| Full model | 31/12/2020 | 26/05/2021 | 29/06/2021 | French | |
| Full model | 31/12/2019 | 27/05/2020 | 12/08/2020 | French | |
| Full model | 31/12/2018 | 08/05/2019 | 21/06/2019 | French | |
| Full model | 31/12/2017 | 26/06/2018 | 10/07/2018 | French | |
| Full model | 31/12/2016 | 10/05/2017 | 08/06/2017 | French | |
| Full model | 31/12/2015 | 11/05/2016 | 10/06/2016 | French | |
| Full model | 31/12/2014 | 13/05/2015 | 08/06/2015 | French | |
| Full model | 31/12/2013 | 14/05/2014 | 04/07/2014 | French | |
| Full model | 31/12/2012 | 26/06/2013 | 19/07/2013 | French | |
| Full model | 31/12/2011 | 09/05/2012 | 26/07/2012 | French | |
| Full model | 31/12/2010 | 11/05/2011 | 08/07/2011 | French | |
| Full model | 31/12/2009 | 12/05/2010 | 09/08/2010 | French | |
| Full model | 31/12/2008 | 13/05/2009 | 05/06/2009 | French | |
| Full model | 31/12/2007 | 14/05/2008 | 14/08/2008 | French | |
| Full modelCorrection | 31/12/2006 | 09/05/2007 | 29/01/2008 | French | |
| Full model | 31/12/2006 | 09/05/2007 | 23/08/2007 | French | |
| Full model | 31/12/2005 | 10/05/2006 | 19/07/2006 | French | |
| Full model | 31/12/2004 | 11/05/2005 | 14/06/2005 | French |
Valuation
Estimate
Indicative valuation
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.
Disclaimer
Indicative estimate based on public sector multiples and the filed annual accounts. It is neither a certified valuation nor financial or investment advice.
Directors & structure
Governance
Board of directors
Seen on filing of 18/12/2025 · 2 active · 45 ended
Active mandates
Bart JANSSEN
ActiveMichiel FLINKERBUSCH
ActiveEnded mandates
Michiel FLINKERBUSCH
EndedViola FERRARIO
EndedPaul Stel
EndedHerman Schutte
EndedShareholders
Ownership and network
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Try for 7 daysPublications
Similar companies
Competition
Similar companies
A company's peers, by sector and size, are included in the Business plan.
See the Business planTimeline
Timeline
- 2025Annual accounts 20251,4 M €↑
- 2024Annual accounts 2024-18,2 M €↓
- 2023Annual accounts 2023-4,5 M €↓
- 2022Annual accounts 2022-285,2 k €↓
- 2021Annual accounts 2021788,6 k €↑
- 2020Annual accounts 2020-1,5 M €↑
- 2019Annual accounts 2019-1,7 M €↑
- 2018Annual accounts 2018-2,7 M €↑
- 2017Annual accounts 2017-3 M €↓
- 2016Annual accounts 2016-2,6 M €↑
- 2015Annual accounts 2015-2,8 M €↓
- 2014Annual accounts 2014-1,4 M €↑
- 2013Annual accounts 2013-3,8 M €↓
- 2012Annual accounts 2012-1,8 M €↑
- 2011Annual accounts 2011-1,8 M €↓
- 2010Annual accounts 2010-706,2 k €↑
- 2009Annual accounts 2009-993,1 k €↓
- 2008Annual accounts 2008443,1 k €↓
- 2007Annual accounts 2007477,1 k €↓
- 2006Annual accounts 20061,1 M €