NORMAL SITUATION

ICOPAL

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Company — Normal situation.

Financial year 2025 · Closed on 18/12/2025

Net result1,4 M €+107,5 %over 1 year
Gross margin1,9 M €
Equity41 k €+100,2 %over 1 year
Workforce0,0 ETP-100,0 %over 1 year

Identity

Source · BCE/KBO

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

Financials

Source · NBB, 50 filings

Trend over 20 financial years

20252024202320222021
Income statement
Gross margin1,9 M €––––
EBITDA-1,6 M €-10,6 M €-2,7 M €678,3 k €1,7 M €
Operating result2,5 M €-17,3 M €-3,8 M €-46 k €823 k €
Net result1,4 M €-18,2 M €-4,5 M €-285,2 k €788,6 k €
Balance sheet
Equity41 k €-21,4 M €-3,2 M €1,3 M €1,6 M €
Total assets41 k €1,4 M €11,4 M €14 M €10,6 M €
Cash–––––
Debts–19,6 M €14,4 M €12,4 M €8,6 M €
Other
Workforce0,0 ETP42,9 ETP51,5 ETP54,1 ETP60,1 ETP

Board of directors

Source · NBB, accounts to 18/12/2025

2 active · 45 ended

Active mandates

Bart JANSSEN

Mandate

Active
Michiel FLINKERBUSCH

Mandate

Active

Ended mandates

Michiel FLINKERBUSCH

Director · since 27 septembre 2024

Ended
Viola FERRARIO

Director · since 19 juillet 2024

Ended
Paul Stel

Director · since 15 décembre 2023 · until 08 mai 2024

Ended
Herman Schutte

Director · since 10 mai 2023 · until 08 mai 2024

Ended

Full financial information

Source · NBB
202520242023202220212020
Type of accountAbridged modelFull modelFull modelFull modelFull modelFull model
Start of the financial year01/01/202501/01/202401/01/202301/01/202201/01/202101/01/2020
Closing of the financial year18/12/202531/12/202431/12/202331/12/202231/12/202131/12/2020
Length of the financial year12 months12 months12 months12 months12 months12 months
Filing date11/01/202616/07/202502/07/202422/11/202330/06/202229/06/2021
General meeting18/12/202530/06/202528/06/202410/05/202311/05/202226/05/2021
Currency of the financial yearEUREUREUREUREUREUR
NBB quality labelSatisfying controlsSatisfying controlsSatisfying controlsSatisfying controlsSatisfying controlsSatisfying controls

Financial ratios

Source · NBB

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Annual accounts filings

Source · NBB, 50 filings
ModelClosingGeneral meetingFiledLanguageDocument
Abridged model18/12/202518/12/202511/01/2026FrenchPDF
Full model31/12/202430/06/202516/07/2025FrenchPDF
Full model31/12/202328/06/202402/07/2024FrenchPDF
Full modelCorrection31/12/202210/05/202322/11/2023FrenchPDF
Full model31/12/202210/05/202305/06/2023FrenchPDF
Full model31/12/202111/05/202230/06/2022FrenchPDF
Full model31/12/202026/05/202129/06/2021FrenchPDF
Full model31/12/201927/05/202012/08/2020FrenchPDF
Full model31/12/201808/05/201921/06/2019FrenchPDF
Full model31/12/201726/06/201810/07/2018FrenchPDF
Full model31/12/201610/05/201708/06/2017FrenchPDF
Full model31/12/201511/05/201610/06/2016FrenchPDF
Full model31/12/201413/05/201508/06/2015FrenchPDF
Full model31/12/201314/05/201404/07/2014FrenchPDF
Full model31/12/201226/06/201319/07/2013FrenchPDF
Full model31/12/201109/05/201226/07/2012FrenchPDF
Full model31/12/201011/05/201108/07/2011FrenchPDF
Full model31/12/200912/05/201009/08/2010FrenchPDF
Full model31/12/200813/05/200905/06/2009FrenchPDF
Full model31/12/200714/05/200814/08/2008FrenchPDF
Full modelCorrection31/12/200609/05/200729/01/2008FrenchPDF
Full model31/12/200609/05/200723/08/2007FrenchPDF
Full model31/12/200510/05/200619/07/2006FrenchPDF
Full model31/12/200411/05/200514/06/2005FrenchPDF
Full model31/12/200312/05/200417/06/2004FrenchPDF
Full model31/12/200214/05/200311/06/2003FrenchPDF
Full model31/12/200108/05/200215/07/2002FrenchPDF
Full model31/12/200009/05/200119/06/2001FrenchPDF
Full model31/12/199910/05/200026/06/2000FrenchPDF
Full model31/12/199812/05/199917/06/1999FrenchPDF
Full model31/12/199703/06/199830/06/1998French—
Full model31/12/199609/04/199711/08/1997French—
Full model31/12/199529/05/199617/07/1996French—
Full model31/12/199401/01/999926/06/1995French—
Full model31/12/199317/05/199413/06/1994French—
Full model31/12/199225/06/199330/12/1993French—
Full model31/12/199111/05/199205/06/1992French—
Full model31/12/199016/05/199119/06/1991French—
Full model31/12/198923/04/199010/05/1990French—
Full model31/12/198816/05/198926/05/1989French—
Full model31/12/198727/04/198826/05/1988French—
Full model31/12/198629/06/198730/07/1987French—
Full model31/12/198509/04/198604/06/1986French—
Full model31/12/198410/04/198511/06/1985English—
m904-p31/12/198311/04/198426/04/1984English—
m904-p31/12/198227/04/198326/05/1983English—
m904-p31/12/198126/04/198212/05/1982English—
m904-p31/12/198001/01/999912/05/1981English—
m904-p31/12/197901/01/999930/05/1980English—
m904-p31/12/197801/01/999907/06/1979English—

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.

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.

Board of directors

Source · NBB, accounts to 18/12/2025

2 active · 45 ended

Active mandates

Bart JANSSEN

Mandate

Active
Michiel FLINKERBUSCH

Mandate

Active

Ended mandates

Michiel FLINKERBUSCH

Director · since 27 septembre 2024

Ended
Viola FERRARIO

Director · since 19 juillet 2024

Ended
Paul Stel

Director · since 15 décembre 2023 · until 08 mai 2024

Ended
Herman Schutte

Director · since 10 mai 2023 · until 08 mai 2024

Ended

Ownership and network

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Belgian Official Gazette publications

Source · Belgian Official Gazette
  • Dissolution23/01/2026
    RUBRIQUE FIN (CESSATION, ANNULATION CESSATION, NULLITE, CONC, REORGANISATION JUDICIAIRE, ETC...) - DEMISSIONS, NOMINATIONS
    PDF
  • Mandates09/09/2025
    DEMISSIONS, NOMINATIONS
    PDF
  • Mandates24/10/2024
    DEMISSIONS, NOMINATIONS
    PDF
  • Mandates19/09/2024
    DEMISSIONS, NOMINATIONS
    PDF
  • Mandates05/02/2024
    DEMISSIONS, NOMINATIONS
    PDF
  • Mandates10/08/2023
    DEMISSIONS, NOMINATIONS
    PDF
  • Other03/12/2021
    DIVERS
    PDF
  • Mandates04/10/2021
    DEMISSIONS, NOMINATIONS
    PDF

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 20251,4 M €↑
  2. 2024
    Annual accounts 2024-18,2 M €↓
  3. 2023
    Annual accounts 2023-4,5 M €↓
  4. 2022
    Annual accounts 2022-285,2 k €↓
  5. 2021
    Annual accounts 2021788,6 k €↑
  6. 2020
    Annual accounts 2020-1,5 M €↑
  7. 2019
    Annual accounts 2019-1,7 M €↑
  8. 2018
    Annual accounts 2018-2,7 M €↑
  9. 2017
    Annual accounts 2017-3 M €↓
  10. 2016
    Annual accounts 2016-2,6 M €↑
  11. 2015
    Annual accounts 2015-2,8 M €↓
  12. 2014
    Annual accounts 2014-1,4 M €↑
  13. 2013
    Annual accounts 2013-3,8 M €↓
  14. 2012
    Annual accounts 2012-1,8 M €↑
  15. 2011
    Annual accounts 2011-1,8 M €↓
  16. 2010
    Annual accounts 2010-706,2 k €↑
  17. 2009
    Annual accounts 2009-993,1 k €↓
  18. 2008
    Annual accounts 2008443,1 k €↓
  19. 2007
    Annual accounts 2007477,1 k €↓
  20. 2006
    Annual accounts 20061,1 M €