ACTIVE

CECODAL

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Financial year 2025 · closed on 31/12/2025

Net result

2,7 M €

+113.7% YoY

Gross margin

-14,5 k €

-40.0% YoY

Equity

34,2 M €

+8.5% YoY

What does CECODAL do?

CECODAL is a Public limited company incorporated in 1981. Its registered office is in Floreffe.

Legal situation

● Normal situation

BCE/KBO no. / VAT

BE 0422.034.033

Incorporation

02/10/1981

Legal form

Public limited company

Registered office

Allée des Cerisiers 1
5150 Floreffe · WallonieSee on map

Contributed capital

11 110 200,00 €

Latest accounts

31/12/2025

Joint committees (3)

Signals

ProfitableSolid equityLow riskGood liquidityPositive cashflowHealthy social debts

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Health score

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✦ Verdict · Analyst summary

Financials

Trend over 16 financial years

	2025		2024		2023		2022		2021		2020		2019		2018		2017		2016		2015		2014		2013		2012		2011		2010
Income statement
Gross margin	-14,5 k €	-40.0%	-10,4 k €	-52.3%	-6,8 k €	+32.2%	-10,1 k €	-4.6%	-9,6 k €	-11.3%	-8,6 k €	-40.3%	-6,2 k €	+48.3%	-11,9 k €	-45.5%	-8,2 k €	+36.2%	-12,8 k €		–		–		–		–		–		–
EBITDA	-25,8 k €	-19.9%	-21,5 k €	+16.1%	-25,7 k €	+85.7%	-179,4 k €	-545%	-27,8 k €	-48.3%	-18,8 k €	-16.2%	-16,2 k €	+25.1%	-21,6 k €	-20.4%	-17,9 k €	+23.4%	-23,4 k €	-38.4%	-16,9 k €	+52.8%	-35,8 k €	-33.5%	-26,8 k €	-1.1%	-26,5 k €	-3.9%	-25,5 k €	-2.0%	-25 k €
Operating result	-25,8 k €	-19.9%	-21,5 k €	+16.1%	-25,7 k €	+85.7%	-179,4 k €	-545%	-27,8 k €	-48.3%	-18,8 k €	-16.2%	-16,2 k €	+25.1%	-21,6 k €	-20.4%	-17,9 k €	+23.4%	-23,4 k €	-38.4%	-16,9 k €	+52.8%	-35,8 k €	-33.5%	-26,8 k €	-1.1%	-26,5 k €	-3.9%	-25,5 k €	-2.0%	-25 k €
Net result	2,7 M €	+114%	1,2 M €	+97.1%	633,3 k €	+67.2%	378,9 k €	-37.3%	603,8 k €	+11.1%	543,6 k €	-12.1%	618,5 k €	+385%	127,6 k €	-70.4%	431,6 k €	-11.5%	487,7 k €	-19.3%	604,3 k €	-42.1%	1 M €	-23.9%	1,4 M €	-21.4%	1,7 M €	-19.4%	2,2 M €	-3.8%	2,2 M €
Balance sheet
Equity	34,2 M €	+8.5%	31,5 M €	+4.1%	30,3 M €	+2.1%	29,6 M €	-0.4%	29,8 M €	-12.9%	34,2 M €	-1.3%	34,6 M €	-3.8%	36 M €	-4.9%	37,9 M €	-4.0%	39,4 M €	-3.7%	41 M €	+1.5%	40,3 M €	-14.7%	47,3 M €	-12.3%	53,9 M €	-10.4%	60,2 M €	+3.7%	58 M €
Total assets	36,3 M €	+4.8%	34,6 M €	-4.7%	36,3 M €	+1.0%	36 M €	+3.5%	34,8 M €	-1.1%	35,2 M €	-4.0%	36,6 M €	-3.6%	38 M €	-4.7%	39,9 M €	-3.8%	41,4 M €	+1.2%	41 M €	-15.5%	48,5 M €	-12.5%	55,4 M €	-10.6%	61,9 M €	+2.9%	60,2 M €	-8.8%	66 M €
Cash	1,4 M €	+111%	684 k €	-42.1%	1,2 M €	+319%	282,2 k €	+11.4%	253,2 k €	-45.9%	468,5 k €	+2985%	15,2 k €	+712%	1,9 k €	-99.5%	360,3 k €	-19.5%	447,4 k €	+5324%	8,2 k €	+87.2%	4,4 k €	-59.3%	10,8 k €	+34.1%	8,1 k €	-20.7%	10,2 k €	+631%	1,4 k €
Debts	2,1 M €	-31.7%	3,1 M €	-48.6%	6,1 M €	-4.6%	6,3 M €	+26.9%	5 M €	+396%	1 M €	-49.8%	2 M €	+0.2%	2 M €	+0.2%	2 M €	-0.1%	2 M €	+12737%	15,6 k €	-99.8%	8,1 M €	+0.4%	8,1 M €	+1.0%	8 M €	+247796%	3,2 k €	-100.0%	8 M €
Other
Workforce	–		–		0,1 ETP	0.0%	0,1 ETP	0.0%	0,1 ETP	0.0%	0,1 ETP	0.0%	0,1 ETP	0.0%	0,1 ETP	0.0%	0,1 ETP	0.0%	0,1 ETP	0.0%	0,1 ETP	-50.0%	0,2 ETP	+100%	0,1 ETP	0.0%	0,1 ETP	0.0%	0,1 ETP	0.0%	0,1 ETP

Estimate

Indicative valuation

As an indication, this company is worth

between 25 M€ and 50 M€

See the valuation

Governance

Board of directors

Seen on filing of 31/12/2025 · 3 active · 16 ended

Active mandates

COGEVEST

Managing director · since 25 mai 2023 · until 12 janvier 2026 · 0809.862.502

Represented by Jean-Luc Heymans

Active

Florian Delmas

Director · since 25 mai 2023 · until 21 mai 2026

Active

Jean-Yves HAYS

Chairman of the board of directors · since 25 mai 2023 · until 21 mai 2026

Active

Ended mandates

COGEVEST

Managing director · since 25 mai 2023 · until 21 mai 2026 · 0809.862.502

Represented by Jean-Luc Heymans

Ended

COGEVEST

Managing director · since 25 mai 2023 · until 21 mai 2026 · 0809.862.502

Represented by Jean-Luc Heymans

Ended

Bruno Chapoulart

Director · since 16 mai 2020 · until 15 mai 2023

Ended

COGEVEST

Managing director · since 16 mai 2020 · until 15 mai 2023 · 0809.862.502

Represented by Jean-Luc Heymans

Ended

At this address

Other companies at this address

Company	CBE no.
Materne - Confilux● Active	0401.408.863

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	10/06/2026	30/07/2025	20/06/2024	31/05/2023	01/07/2022	09/06/2021
General meeting	20/05/2026	05/06/2025	30/05/2024	25/05/2023	02/06/2022	27/05/2021
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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Filings

Annual accounts filings

20 filings with the NBB

Model	Closing	General meeting	Filed	Language	Document
Abridged model	31/12/2025	20/05/2026	10/06/2026	French	PDF
Abridged model	31/12/2024	05/06/2025	30/07/2025	French	PDF
Abridged model	31/12/2023	30/05/2024	20/06/2024	French	PDF
Abridged model	31/12/2022	25/05/2023	31/05/2023	French	PDF
Abridged model	31/12/2021	02/06/2022	01/07/2022	French	PDF
Abridged model	31/12/2020	27/05/2021	09/06/2021	French	PDF
Abridged model	31/12/2019	28/05/2020	05/06/2020	French	PDF
Abridged model	31/12/2018	16/05/2019	27/05/2019	French	PDF
Abridged model	31/12/2017	17/05/2018	24/05/2018	French	PDF
Abridged model	31/12/2016	18/05/2017	06/06/2017	French	PDF
Full model	31/12/2015	19/05/2016	01/06/2016	French	PDF
Full model	31/12/2014	21/05/2015	12/06/2015	French	PDF
Full model	31/12/2013	15/05/2014	22/05/2014	French	PDF
Full model	31/12/2012	17/05/2013	27/05/2013	French	PDF
Full model	31/12/2011	24/05/2012	25/05/2012	French	PDF
Full model	31/12/2010	19/05/2011	14/06/2011	French	PDF
Full model	31/12/2009	20/05/2010	26/05/2010	French	PDF
Full model	31/12/2008	28/05/2009	24/06/2009	French	PDF
Full model	31/12/2007	15/05/2008	28/05/2008	French	PDF
Full model	31/12/2006	24/05/2007	07/06/2007	French	PDF

Estimate

Indicative valuation

Order of magnitude

As an indication, this company is worth

between 25 M€ and 50 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 · 3 active · 16 ended

Active mandates

COGEVEST

Managing director · since 25 mai 2023 · until 12 janvier 2026 · 0809.862.502

Represented by Jean-Luc Heymans

Active

Florian Delmas

Director · since 25 mai 2023 · until 21 mai 2026

Active

Jean-Yves HAYS

Chairman of the board of directors · since 25 mai 2023 · until 21 mai 2026

Active

Ended mandates

COGEVEST

Managing director · since 25 mai 2023 · until 21 mai 2026 · 0809.862.502

Represented by Jean-Luc Heymans

Ended

COGEVEST

Managing director · since 25 mai 2023 · until 21 mai 2026 · 0809.862.502

Represented by Jean-Luc Heymans

Ended

Bruno Chapoulart

Director · since 16 mai 2020 · until 15 mai 2023

Ended

COGEVEST

Managing director · since 16 mai 2020 · until 15 mai 2023 · 0809.862.502

Represented by Jean-Luc Heymans

Ended

Shareholders

Ownership and network

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Try for 7 days

Belgian Official Gazette

Belgian Official Gazette publications

Mandates13/03/2026
DEMISSIONS, NOMINATIONS
PDF
Mandates14/05/2025
DEMISSIONS, NOMINATIONS
PDF
Other21/03/2025
STATUTS (TRADUCTION, COORDINATION, AUTRES MODIFICATIONS, )
PDF
Mandates22/06/2023
DEMISSIONS, NOMINATIONS
PDF
Mandates04/07/2022
DEMISSIONS, NOMINATIONS
PDF
Mandates14/06/2021
DEMISSIONS, NOMINATIONS
PDF
Mandates25/06/2020
DEMISSIONS, NOMINATIONS
PDF
Mandates20/05/2019
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 20252,7 M €↑
2024
Annual accounts 20241,2 M €↑
30/05/2024
nominationFinvision — réviseur
2023
Annual accounts 2023633,3 k €↑
25/05/2023
reconductionJean-Yves Hays — Président du Conseil d’administration
25/05/2023
nominationFlorian Delmas — Administrateur
2022
Annual accounts 2022378,9 k €↓
01/01/2022
nominationJulie Delforge — représentant permanent du commissaire
2021
Annual accounts 2021603,8 k €↑
2020
Annual accounts 2020543,6 k €↓
2019
Annual accounts 2019618,5 k €↑
2018
Annual accounts 2018127,6 k €↓
2017
Annual accounts 2017431,6 k €↓
2016
Annual accounts 2016487,7 k €↓
2015
Annual accounts 2015604,3 k €↓
2014
Annual accounts 20141 M €↓
2013
Annual accounts 20131,4 M €↓
2012
Annual accounts 20121,7 M €↓
2011
Annual accounts 20112,2 M €↓
2010
Annual accounts 20102,2 M €
02/10/1981
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

CECODAL

Overview

What does CECODAL do?

Trend over 16 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