ACTIVE

CIPAL

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Financial year 2025 · Closed on 31/12/2025

Net result101,4 M €+42 275,7 %over 1 year

Revenue1 M €-68,0 %over 1 year

Equity62,7 M €+253,4 %over 1 year

Workforce0,3 ETP

Identity

Source · BCE/KBO

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· main 62100Computer programming, consultancy and related activities 72220Research and experimental development on social sciences and humanities

Joint committees (1)

Contacts

1 public detail availableLog in to view

Signals

ProfitableSolid equityLow riskGood liquidityPositive cashflowHealthy social debtsHigh revenue

Financials

Source · NBB, 25 filings

Trend over 13 financial years

	2025		2024		2023		2022		2021
Income statement
Revenue	1 M €	-68.0%	3,1 M €	-36.4%	4,9 M €	+5.9%	4,7 M €	-0.3%	4,7 M €
EBITDA	-1,6 M €	-497%	412,5 k €	-57.5%	971,2 k €	+167%	363,6 k €	-70.6%	1,2 M €
Operating result	-5,3 M €	-2629%	211,4 k €	-67.7%	655 k €	+1512%	40,6 k €	-95.8%	976,8 k €
Net result	101,4 M €	+42276%	239,4 k €	-56.1%	545,7 k €	+1549%	33,1 k €	-94.7%	620,4 k €
Balance sheet
Equity	62,7 M €	+253%	17,7 M €	-4.1%	18,5 M €	-2.4%	19 M €	-4.9%	19,9 M €
Total assets	123 M €	+536%	19,4 M €	-11.4%	21,8 M €	+4.7%	20,9 M €	-1.2%	21,1 M €
Cash	416,7 k €	-91.3%	4,8 M €	-17.0%	5,8 M €	-15.7%	6,8 M €	+7.1%	6,4 M €
Debts	56,7 M €	+3419%	1,6 M €	-51.8%	3,3 M €	+74.3%	1,9 M €	+59.9%	1,2 M €
Other
Workforce	0,3 ETP		–		–		–		–

Valuation

Indicative valuation

As an indication, this company is worth

between 50 M€ and 100 M€

See the valuation

Board of directors

Source · NBB, accounts to 31/12/2025

11 active · 14 ended

Active mandates

Director	Mandates in this company	Period	Other mandatescurrentendedstruck offbankruptcies
C-smart0219.395.192Represented by Maarten Boonen	Director18/12/2025 → 20/06/2031
Johan Sauwens	Director20/06/2025 → 20/06/2031
Lawrence Vancraeyenest	Chairman of the board of directors20/06/2025 → 20/06/2031Director26/10/2022 → 2024 accountsended
NUTSBEDRIJVEN HOUDSTERMAATSCHAPPIJ0472.325.068Represented by Ludo Kelchtermans	Director14/01/2022 → 20/06/2031
Paul Verbeeck	Director15/12/2021 → 20/06/2031
Jos Claessens	Director23/06/2017 → 16/06/2028
Jozef Geuens	Vice-chairman of the board of directors23/06/2017 → 16/06/2028
Katelijne Weyns	Director23/06/2017 → 16/06/2028
Ludo Helsen	Chairman of the board of directors17/12/2004 → 16/06/2028Mandate17/12/2004 → 2010 accountsended
Marc Vandeput	Vice-chairman of the board of directors04/05/2007 → 16/06/2028
Nico Cras	Managing director21/01/2011 → 16/06/2028

Ended mandates

Director	Mandates in this company	Period	Other mandatescurrentendedstruck offbankruptcies
Wim Dries	Director17/02/2020 → 2020 accountsAdministrator - manager17/02/2020 → 15/12/2021
Francy Van der Wildt	Vice-chairman of the board of directors29/06/2011 → 2012 accounts
Jozef Petrus Corneel Maria Geuens	Mandate29/06/2011 → 2012 accounts

Other companies at this address

Cipalstraat 3 2440 Geel

Company	CBE no.
C-smart● 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

Full financial information

Source · NBB

	2025	2024	2023	2022	2021	2020
Type of account	Full 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	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	07/04/2026	14/07/2025	05/07/2024	01/08/2023	12/07/2022	09/07/2021
General meeting	26/03/2026	20/06/2025	21/06/2024	23/06/2023	17/06/2022	18/06/2021
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

Financial ratios

Source · NBB

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Annual accounts filings

Source · NBB, 25 filings

Model	Closing	General meeting	Filed	Language	Document
Full model	31/12/2025	26/03/2026	07/04/2026	Dutch	PDF
Full model	31/12/2024	20/06/2025	14/07/2025	Dutch	PDF
Full model	31/12/2023	21/06/2024	05/07/2024	Dutch	PDF
Full model	31/12/2022	23/06/2023	01/08/2023	Dutch	PDF
Full model	31/12/2021	17/06/2022	12/07/2022	Dutch	PDF
Full model	31/12/2020	18/06/2021	09/07/2021	Dutch	PDF
Full model	31/12/2019	26/06/2020	24/07/2020	Dutch	PDF
Full model	31/12/2018	28/06/2019	16/07/2019	Dutch	PDF
Full model	31/12/2017	22/06/2018	09/07/2018	Dutch	PDF
Full model	31/12/2016	23/06/2017	05/07/2017	Dutch	PDF
Consolidated accounts	31/12/2016	23/06/2017	05/07/2017	Dutch	PDF
Full model	31/12/2015	17/06/2016	25/08/2016	Dutch	PDF
Consolidated accounts	31/12/2015	17/06/2016	25/08/2016	Dutch	PDF
Full model	31/12/2014	19/06/2015	23/06/2015	Dutch	PDF
Consolidated accounts	31/12/2014	19/06/2015	23/06/2015	Dutch	PDF
Full model	31/12/2013	02/05/2014	20/05/2014	Dutch	PDF
Consolidated accounts	31/12/2013	02/05/2014	20/05/2014	Dutch	PDF
Full modelCorrection	31/12/2012	03/05/2013	13/03/2014	Dutch	PDF
Full model	31/12/2012	03/05/2013	04/07/2013	Dutch	PDF
Full model	31/12/2011	04/05/2012	25/05/2012	Dutch	PDF
Abridged model	31/12/2010	29/06/2011	19/07/2011	Dutch	PDF
Abridged model	31/12/2009	07/05/2010	01/06/2010	Dutch	PDF
Abridged model	31/12/2008	04/05/2009	18/05/2009	Dutch	PDF
Abridged model	31/12/2007	05/05/2008	03/06/2008	Dutch	PDF

View all 25 filings

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.

Board of directors

Source · NBB, accounts to 31/12/2025

11 active · 14 ended

Active mandates

Director	Mandates in this company	Period	Other mandatescurrentendedstruck offbankruptcies
C-smart0219.395.192Represented by Maarten Boonen	Director18/12/2025 → 20/06/2031
Johan Sauwens	Director20/06/2025 → 20/06/2031
Lawrence Vancraeyenest	Chairman of the board of directors20/06/2025 → 20/06/2031Director26/10/2022 → 2024 accountsended
NUTSBEDRIJVEN HOUDSTERMAATSCHAPPIJ0472.325.068Represented by Ludo Kelchtermans	Director14/01/2022 → 20/06/2031
Paul Verbeeck	Director15/12/2021 → 20/06/2031
Jos Claessens	Director23/06/2017 → 16/06/2028
Jozef Geuens	Vice-chairman of the board of directors23/06/2017 → 16/06/2028
Katelijne Weyns	Director23/06/2017 → 16/06/2028
Ludo Helsen	Chairman of the board of directors17/12/2004 → 16/06/2028Mandate17/12/2004 → 2010 accountsended
Marc Vandeput	Vice-chairman of the board of directors04/05/2007 → 16/06/2028
Nico Cras	Managing director21/01/2011 → 16/06/2028

Ended mandates

Director	Mandates in this company	Period	Other mandatescurrentendedstruck offbankruptcies
Wim Dries	Director17/02/2020 → 2020 accountsAdministrator - manager17/02/2020 → 15/12/2021
Francy Van der Wildt	Vice-chairman of the board of directors29/06/2011 → 2012 accounts
Jozef Petrus Corneel Maria Geuens	Mandate29/06/2011 → 2012 accounts

Ownership and network

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Belgian Official Gazette publications

Source · Belgian Official Gazette

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

Similar companies

A company's peers, by sector and size, are included in the Business plan.

See the Business plan

Timeline

Source · CBE, NBB annual accounts

Year

Identity

Incorporation

Name

Registered office

Annual accounts

Filings13 filings

Mandates

C-smart

NUTSBEDRIJVEN HOUDSTERMAATSCHAPPIJ

Lawrence Vancraeyenest

Paul Verbeeck

Johan Sauwens

Marc Vandeput

Nico Cras

Ludo Helsen

Katelijne Weyns

Jozef Geuens

Jos Claessens

Wim Dries

Show the 13 other mandates

199019911992199319941995199619971998199920002001200220032004200520062007200820092010201120122013201420152016201720182019202020212022202320242025202620272028202920302031

CIPAL

Cipalstraat 3, 2440 Geel

Director

Chairman of the board of directorsDirector

Director

Vice-chairman of the board of directors

Managing director

Chairman of the board of directors

Director

Vice-chairman of the board of directors

Director

Administrator - manager

CurrentPlanned, not yet servedEndedAccounts filedToday

Registered offices

Source · NBB annual accounts, CBE

Registered address	Period	Source
Cipalstraat 3, 2440 GeelCurrent	accounts 2021 → 2025	Accounts 2025 · 2026-00073357

Company names

Source · NBB annual accounts, CBE

Name	Period	Source
CIPALCurrent	accounts 2021 → 2025	Accounts 2025 · 2026-00073357

Events

01/01/2026
nominationMaarten Boonen · afgevaardigd bestuurder
2025
Annual accounts 2025101,4 M €↑
18/12/2025
nominationMaarten Boonen · bestuurder
20/06/2025
nominationJohan Sauwens · bestuurder
20/06/2025
nominationPaul Verbeeck · bestuurder
20/06/2025
nominationLawrence Vancraeyenest · bestuurder
2024
Annual accounts 2024239,4 k €↓
2023
Annual accounts 2023545,7 k €↑
2022
Annual accounts 202233,1 k €↓
17/06/2022
reconductionHelsen Ludo · bestuurder
17/06/2022
reconductionCras Nico · bestuurder
17/06/2022
reconductionVandeput Marc · bestuurder
17/06/2022
reconductionGeuens Jos · bestuurder
17/06/2022
reconductionClaessens Jos · bestuurder
17/06/2022
reconductionWeyns Katelijne · bestuurder
17/06/2022
reconductionVerbeeck Paul · bestuurder
2021
Annual accounts 2021620,4 k €↑
2020
Annual accounts 2020526,5 k €↑
2012
Annual accounts 2012-45 k €↓
2011
Annual accounts 2011587 k €↑
2010
Annual accounts 2010-1,5 k €↓
2009
Annual accounts 20091,6 k €↓
2008
Annual accounts 20083,5 k €↑
2007
Annual accounts 20071,4 k €↑
2006
Annual accounts 20061,4 k €
19/12/1990
IncorporationPublic limited company

CIPAL

Overview

Identity

Financials

Valuation

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

Timeline

Registered offices

Company names

Events