ACTIVE

CIPAL

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Financial year 2025 · closed on 31/12/2025
Net result
101,4 M €
+42275.7% YoY
Revenue
1 M €
-68.0% YoY
Equity
62,7 M €
+253.4% YoY
Workforce
0,3 ETP

What does CIPAL do?

CIPAL is a Public limited company incorporated in 1990. Its main activity is: Computer programming activities. Its registered office is in Geel. It employs on average 0,3 ETP workers (FTE).

Legal situation
● Normal situation
BCE/KBO no. / VAT
BE 0442.802.030
Incorporation
19/12/1990
Legal form
Public limited company
Registered office
Cipalstraat 3
2440 Geel · FlandreSee on map
Contributed capital
15 003 000,00 €
Latest accounts
31/12/2025
Average workforce
0,3 ETP
Activities (NACE)
62010Computer programming activities· main62100Computer programming, consultancy and related activities72220Research and experimental development on social sciences and humanities
Joint committees (1)
  • 218
Contacts
1 public detail availableLog in to view
Signals
ProfitableSolid equityLow riskGood liquidityPositive cashflowHealthy social debtsHigh revenue
View the BCE/KBO Public Search record →
Health score
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✦ Verdict · Analyst summary
Financials

Trend over 13 financial years

2025202420232022202120202012201120102009200820072006
Income statement
Revenue1 M €3,1 M €4,9 M €4,7 M €4,7 M €9,5 M €12,8 M €8,3 M €–––––
EBITDA-1,6 M €412,5 k €971,2 k €363,6 k €1,2 M €1,2 M €260,9 k €1,2 M €-8,6 k €-3,6 k €-9,2 k €-4,2 k €3 k €
Operating result-5,3 M €211,4 k €655 k €40,6 k €976,8 k €778 k €73,2 k €964,2 k €-8,6 k €-3,6 k €-12,8 k €-7,9 k €-1,3 k €
Net result101,4 M €239,4 k €545,7 k €33,1 k €620,4 k €526,5 k €-45 k €587 k €-1,5 k €1,6 k €3,5 k €1,4 k €1,4 k €
Balance sheet
Equity62,7 M €17,7 M €18,5 M €19 M €19,9 M €12,8 M €3,6 M €3,7 M €497,1 k €498,7 k €497,1 k €493,6 k €492,2 k €
Total assets123 M €19,4 M €21,8 M €20,9 M €21,1 M €22,9 M €7,8 M €5,6 M €520,3 k €628,7 k €532,1 k €625,3 k €634,2 k €
Cash416,7 k €4,8 M €5,8 M €6,8 M €6,4 M €9,2 M €529,6 k €1,2 M €457,5 k €542,2 k €475 k €528,4 k €417,1 k €
Debts56,7 M €1,6 M €3,3 M €1,9 M €1,2 M €10,1 M €3,4 M €1,1 M €19,3 k €127,3 k €34,8 k €131,7 k €138,8 k €
Other
Workforce0,3 ETP–––––45,9 ETP20,5 ETP0,4 ETP0,4 ETP0,4 ETP0,4 ETP0,4 ETP
Estimate

Indicative valuation

As an indication, this company is worth

between 50 M€ and 100 M€
See the valuation
Governance

Board of directors

Seen on filing of 31/12/2025 · 11 active · 59 ended

Active mandates

CIPAL

Director · since 18 décembre 2025 · until 20 juin 2031 · 0219.395.192

Represented by Maarten Boonen

Active
Johan Sauwens

Director · since 20 juin 2025 · until 20 juin 2031

Active
Lawrence Vancraeyenest

Chairman of the board of directors · since 20 juin 2025 · until 20 juin 2031

Active
NUTSBEDRIJVEN HOUDSTERMAATSCHAPPIJ

Director · since 20 juin 2025 · until 20 juin 2031 · 0472.325.068

Represented by Ludo Kelchtermans

Active
Paul Verbeeck

Director · since 20 juin 2025 · until 20 juin 2031

Active
Jos Claessens

Director · since 17 juin 2022 · until 20 juin 2025

Active
Jozef Geuens

Vice-chairman of the board of directors · since 17 juin 2022 · until 20 juin 2025

Active
Katelijne Weyns

Director · since 17 juin 2022 · until 20 juin 2025

Active
Ludo Helsen

Chairman of the board of directors · since 17 juin 2022 · until 20 juin 2025

Active
Marc Vandeput

Vice-chairman of the board of directors · since 17 juin 2022 · until 20 juin 2025

Active
Nico Cras

Managing director · since 17 juin 2022 · until 19 juin 2025

Active

Ended mandates

Lawrence Vancraeyenest

Director · since 26 octobre 2022 · until 16 juin 2028

Ended
Jos Claessens

Director · since 17 juin 2022 · until 16 juin 2028

Ended
Jozef Geuens

Vice-chairman of the board of directors · since 17 juin 2022 · until 16 juin 2028

Ended
Katelijne Weyns

Director · since 17 juin 2022 · until 16 juin 2028

Ended
At this address

Other companies at this address

CompanyCBE no.
CIPAL● Active
0219.395.192
Magics Technologies● Active
0634.891.526
RideOnTrack● Active
0845.290.761
SC ONE● Active
1028.159.220
Stichting Magics Technologies● Active
1028.264.831
TSS Belgium● Active
1037.665.913
Vriendenkring Cipal Schaubroeck● Active
0439.537.781
Annual accounts

Full financial information

202520242023202220212020
Type of accountFull 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 year31/12/202531/12/202431/12/202331/12/202231/12/202131/12/2020
Length of the financial year12 months12 months12 months12 months12 months12 months
Filing date07/04/202614/07/202505/07/202401/08/202312/07/202209/07/2021
General meeting26/03/202620/06/202521/06/202423/06/202317/06/202218/06/2021
Currency of the financial yearEUREUREUREUREUREUR
NBB quality labelSatisfying controlsSatisfying controlsSatisfying controlsSatisfying controlsSatisfying controlsSatisfying controls
Ratios

Financial ratios

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Filings

Annual accounts filings

25 filings with the NBB

ModelClosingGeneral meetingFiledLanguageDocument
Full model31/12/202526/03/202607/04/2026DutchPDF
Full model31/12/202420/06/202514/07/2025DutchPDF
Full model31/12/202321/06/202405/07/2024DutchPDF
Full model31/12/202223/06/202301/08/2023DutchPDF
Full model31/12/202117/06/202212/07/2022DutchPDF
Full model31/12/202018/06/202109/07/2021DutchPDF
Full model31/12/201926/06/202024/07/2020DutchPDF
Full model31/12/201828/06/201916/07/2019DutchPDF
Full model31/12/201722/06/201809/07/2018DutchPDF
Full model31/12/201623/06/201705/07/2017DutchPDF
m120-f-p31/12/201623/06/201705/07/2017DutchPDF
Full model31/12/201517/06/201625/08/2016DutchPDF
m120-f-p31/12/201517/06/201625/08/2016DutchPDF
Full model31/12/201419/06/201523/06/2015DutchPDF
m120-f-p31/12/201419/06/201523/06/2015DutchPDF
Full model31/12/201302/05/201420/05/2014DutchPDF
m120-f-p31/12/201302/05/201420/05/2014DutchPDF
Full modelCorrection31/12/201203/05/201313/03/2014DutchPDF
Full model31/12/201203/05/201304/07/2013DutchPDF
Full model31/12/201104/05/201225/05/2012DutchPDF
Abridged model31/12/201029/06/201119/07/2011DutchPDF
Abridged model31/12/200907/05/201001/06/2010DutchPDF
Abridged model31/12/200804/05/200918/05/2009DutchPDF
Abridged model31/12/200705/05/200803/06/2008DutchPDF

View all 25 filings

Estimate

Indicative valuation

Order of magnitude

As an indication, this company is worth

between 50 M€ and 100 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 · 11 active · 59 ended

Active mandates

CIPAL

Director · since 18 décembre 2025 · until 20 juin 2031 · 0219.395.192

Represented by Maarten Boonen

Active
Johan Sauwens

Director · since 20 juin 2025 · until 20 juin 2031

Active
Lawrence Vancraeyenest

Chairman of the board of directors · since 20 juin 2025 · until 20 juin 2031

Active
NUTSBEDRIJVEN HOUDSTERMAATSCHAPPIJ

Director · since 20 juin 2025 · until 20 juin 2031 · 0472.325.068

Represented by Ludo Kelchtermans

Active
Paul Verbeeck

Director · since 20 juin 2025 · until 20 juin 2031

Active
Jos Claessens

Director · since 17 juin 2022 · until 20 juin 2025

Active
Jozef Geuens

Vice-chairman of the board of directors · since 17 juin 2022 · until 20 juin 2025

Active
Katelijne Weyns

Director · since 17 juin 2022 · until 20 juin 2025

Active
Ludo Helsen

Chairman of the board of directors · since 17 juin 2022 · until 20 juin 2025

Active
Marc Vandeput

Vice-chairman of the board of directors · since 17 juin 2022 · until 20 juin 2025

Active
Nico Cras

Managing director · since 17 juin 2022 · until 19 juin 2025

Active

Ended mandates

Lawrence Vancraeyenest

Director · since 26 octobre 2022 · until 16 juin 2028

Ended
Jos Claessens

Director · since 17 juin 2022 · until 16 juin 2028

Ended
Jozef Geuens

Vice-chairman of the board of directors · since 17 juin 2022 · until 16 juin 2028

Ended
Katelijne Weyns

Director · since 17 juin 2022 · until 16 juin 2028

Ended
Shareholders

Ownership and network

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Belgian Official Gazette

Belgian Official Gazette publications

  • Other01/09/2026
    DIVERSEN
    PDF
  • Mandates13/03/2026
    ONTSLAGEN - BENOEMINGEN
    PDF
  • Mandates21/10/2025
    ONTSLAGEN - BENOEMINGEN
    PDF
  • Mandates24/10/2022
    ONTSLAGEN - BENOEMINGEN
    PDF
  • Mandates26/01/2022
    STATUTEN (VERTALING, COÖRDINATIE, OVERIGE WIJZIGINGEN, …) - KAPITAAL - AANDELEN - ONTSLAGEN - BENOEMINGEN
    PDF
  • Mandates06/01/2022
    STATUTEN (VERTALING, COÖRDINATIE, OVERIGE WIJZIGINGEN, …) - KAPITAAL - AANDELEN - ONTSLAGEN - BENOEMINGEN
    PDF
  • Mandates06/07/2021
    ONTSLAGEN - BENOEMINGEN
    PDF
  • Mandates21/02/2020
    STATUTEN (VERTALING, COÖRDINATIE, OVERIGE WIJZIGINGEN, …) - MAATSCHAPPELIJKE ZETEL - 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

Timeline

  1. 01/01/2026
    nominationMaarten Boonen — afgevaardigd bestuurder
  2. 2025
    Annual accounts 2025101,4 M €↑
  3. 18/12/2025
    nominationMaarten Boonen — bestuurder
  4. 20/06/2025
    nominationJohan Sauwens — bestuurder
  5. 20/06/2025
    nominationPaul Verbeeck — bestuurder
  6. 20/06/2025
    nominationLawrence Vancraeyenest — bestuurder
  7. 2024
    Annual accounts 2024239,4 k €↓
  8. 2023
    Annual accounts 2023545,7 k €↑
  9. 2022
    Annual accounts 202233,1 k €↓
  10. 17/06/2022
    reconductionHelsen Ludo — bestuurder
  11. 17/06/2022
    reconductionCras Nico — bestuurder
  12. 17/06/2022
    reconductionVandeput Marc — bestuurder
  13. 17/06/2022
    reconductionGeuens Jos — bestuurder
  14. 17/06/2022
    reconductionClaessens Jos — bestuurder
  15. 17/06/2022
    reconductionWeyns Katelijne — bestuurder
  16. 17/06/2022
    reconductionVerbeeck Paul — bestuurder
  17. 2021
    Annual accounts 2021620,4 k €↑
  18. 2020
    Annual accounts 2020526,5 k €↑
  19. 2012
    Annual accounts 2012-45 k €↓
  20. 2011
    Annual accounts 2011587 k €↑
  21. 2010
    Annual accounts 2010-1,5 k €↓
  22. 2009
    Annual accounts 20091,6 k €↓
  23. 2008
    Annual accounts 20083,5 k €↑
  24. 2007
    Annual accounts 20071,4 k €↑
  25. 2006
    Annual accounts 20061,4 k €
  26. 19/12/1990
    IncorporationPublic limited company