ACTIVE

KIPAN

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Financial year 2025 · closed on 31/12/2025

Net result

-714,9 k €

-16.3% YoY

Gross margin

1 M €

+866.1% YoY

Equity

-1,1 M €

-206.4% YoY

Workforce

24,9 ETP

+164.9% YoY

What does KIPAN do?

KIPAN is a Public limited company incorporated in 1993. Its main activity is: Manufacture of doors and windows of metal. Its registered office is in Kinrooi. It employs on average 24,9 ETP workers (FTE).

Legal situation

● Normal situation

BCE/KBO no. / VAT

BE 0450.004.378

Incorporation

27/04/1993

Legal form

Public limited company

Registered office

Leuerbroek (Oph) 1028
3640 Kinrooi · FlandreSee on map

Contributed capital

100 000,00 €

Latest accounts

31/12/2025

Average workforce

24,9 ETP

Activities (NACE)

25120Manufacture of doors and windows of metal· main 25120Manufacture of doors and windows of metal 28120Manufacture of fluid power equipment

Joint committees (7)

111
111109
111,15
11601
20701
209
20909

Signals

Healthy social debts

View the BCE/KBO Public Search record →

Health score

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✦ Verdict · Analyst summary

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 M €	+866%	106,1 k €	-82.4%	603,2 k €	-17.4%	730,5 k €	-12.5%	834,5 k €	-9.5%	921,9 k €	+18.8%	775,9 k €	-11.9%	881,1 k €	+2.5%	859,9 k €	+13.3%	758,8 k €	+3.0%	736,4 k €	+6.0%	694,8 k €	-17.3%	840,5 k €	-0.5%	844,6 k €	-5.6%	895 k €	+5.4%	849 k €	-40.6%	1,4 M €	+27.5%	1,1 M €	+17.2%	956,3 k €	+51.9%	629,8 k €
EBITDA	-522,5 k €	+1.5%	-530,7 k €	-376%	-111,5 k €	-184%	132,9 k €	+32.2%	100,6 k €	-63.0%	271,9 k €	+316%	65,4 k €	-8.8%	71,8 k €	-54.9%	159,3 k €	+2.3%	155,7 k €	+44.1%	108 k €	+278%	28,6 k €	-82.6%	164,5 k €	+2.8%	160 k €	-25.5%	214,7 k €	+31.4%	163,5 k €	-77.9%	739,1 k €	+32.7%	557,2 k €	+13.8%	489,4 k €	+200%	163,3 k €
Operating result	-681,3 k €	-16.7%	-583,7 k €	-248%	-167,6 k €	-302%	82,9 k €	+62.3%	51 k €	-75.7%	210,4 k €	+638%	28,5 k €	+152%	11,3 k €	-87.2%	88,7 k €	+10.9%	80 k €	+150%	32 k €	+140%	-81,1 k €	-288%	43 k €	+72.9%	24,9 k €	-41.9%	42,8 k €	+352%	-17 k €	-103%	588,8 k €	+46.8%	401,2 k €	+6.6%	376,4 k €	+1280%	27,3 k €
Net result	-714,9 k €	-16.3%	-614,7 k €	-225%	-188,9 k €	-336%	80,2 k €	+87.9%	42,7 k €	-72.1%	153,2 k €	+1100%	12,8 k €	+114%	6 k €	-92.3%	77,4 k €	+24.3%	62,3 k €	+988%	5,7 k €	+103%	-173,3 k €	-703%	-21,6 k €	+50.1%	-43,2 k €	-3142%	1,4 k €	+105%	-26,3 k €	-107%	363,4 k €	+45.9%	249 k €	+15.0%	216,6 k €	+3323%	-6,7 k €
Balance sheet
Equity	-1,1 M €	-206%	-346,3 k €	-229%	268,4 k €	-41.3%	457,3 k €	+1.1%	452,1 k €	+0.6%	449,4 k €	+26.2%	356,3 k €	-9.5%	393,5 k €	+1.5%	387,5 k €	+25.0%	310,1 k €	+25.1%	247,8 k €	+2.4%	242,1 k €	-41.7%	415,4 k €	-4.9%	437 k €	-9.0%	480,2 k €	-0.4%	482,2 k €	-6.3%	514,4 k €	-32.0%	756,2 k €	+47.5%	512,5 k €	+85.6%	276,2 k €
Total assets	3,2 M €	+385%	653,1 k €	-47.8%	1,3 M €	-23.4%	1,6 M €	-11.8%	1,9 M €	+4.3%	1,8 M €	+7.8%	1,6 M €	+1.6%	1,6 M €	+27.3%	1,3 M €	-1.7%	1,3 M €	+3.8%	1,2 M €	-17.3%	1,5 M €	-20.4%	1,9 M €	-14.9%	2,2 M €	+10.3%	2 M €	+16.8%	1,7 M €	+14.1%	1,5 M €	+21.7%	1,2 M €	+4.5%	1,2 M €	+5.3%	1,1 M €
Cash	143,9 k €	+355%	31,6 k €	-46.6%	59,2 k €	-61.1%	152 k €	-48.2%	293,5 k €	-59.5%	725,3 k €	+75.8%	412,6 k €	+32.2%	312,3 k €	+2.7%	304,1 k €	+51.9%	200,2 k €	+2.6%	195,1 k €	-7.5%	211 k €	+39.8%	150,9 k €	+4629%	3,2 k €	-93.9%	52,3 k €	+45.5%	36 k €	-78.2%	164,6 k €	+31.4%	125,2 k €	+411%	24,5 k €		–
Debts	4,2 M €	+318%	999,4 k €	+1.9%	980,5 k €	-16.3%	1,2 M €	-16.0%	1,4 M €	+5.7%	1,3 M €	+4.0%	1,3 M €	+3.5%	1,2 M €	+38.7%	884,4 k €	-10.2%	984,5 k €	-1.5%	1 M €	-21.0%	1,3 M €	-14.4%	1,5 M €	-17.1%	1,8 M €	+16.5%	1,5 M €	+23.0%	1,2 M €	+25.0%	996,1 k €	+107%	482 k €	-28.0%	669,5 k €	-18.8%	824,1 k €
Other
Workforce	24,9 ETP	+165%	9,4 ETP	-1.1%	9,5 ETP	-18.8%	11,7 ETP	-15.2%	13,8 ETP	-0.7%	13,9 ETP	+2.2%	13,6 ETP	-9.3%	15,0 ETP	+4.9%	14,3 ETP	+11.7%	12,8 ETP	-7.2%	13,8 ETP	-7.4%	14,9 ETP	-5.1%	15,7 ETP	+1.9%	15,4 ETP	+4.8%	14,7 ETP	-5.2%	15,5 ETP	-6.1%	16,5 ETP	+28.9%	12,8 ETP	+6.7%	12,0 ETP	0.0%	12,0 ETP

Governance

Board of directors

Seen on filing of 31/12/2025 · 2 active · 34 ended

Active mandates

MASOMA

Director · since 10 juillet 2025 · 0811.362.834

Represented by Frank Nees

Active

SUNPOWER@RENT

Director · since 27 mai 2021 · until 10 juillet 2025 · 0830.098.680

Represented by Harald Van Geluwe

Active

Ended mandates

SUNPOWER@RENT

Director · since 29 mai 2021 · 0830.098.680

Represented by Harald Van Geluwe

Ended

SUNPOWER@RENT

Director · since 27 mai 2021 · 0830.098.680

Represented by Harald Van Geluwe

Ended

Addingmoore

Director · since 08 juin 2019 · until 07 juin 2025 · 0472.185.409

Represented by Harald VAN GELUWE

Ended

CENNINI

Director · since 08 juin 2019 · until 07 juin 2025 · 0463.634.462

Represented by Joris CLAEYS

Ended

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	03/08/2026	29/07/2025	24/07/2024	28/07/2023	18/05/2022	17/05/2021
General meeting	30/06/2026	27/06/2025	28/06/2024	24/06/2023	14/04/2022	30/04/2021
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	30/06/2026	03/08/2026	Dutch	PDF
Abridged model	31/12/2024	27/06/2025	29/07/2025	Dutch	PDF
Abridged model	31/12/2023	28/06/2024	24/07/2024	Dutch	PDF
Abridged model	31/12/2022	24/06/2023	28/07/2023	Dutch	PDF
Abridged model	31/12/2021	14/04/2022	18/05/2022	Dutch	PDF
Abridged model	31/12/2020	30/04/2021	17/05/2021	Dutch	PDF
Abridged model	31/12/2019	12/03/2020	18/03/2020	Dutch	PDF
Abridged model	31/12/2018	08/06/2019	17/06/2019	Dutch	PDF
Abridged model	31/12/2017	12/03/2018	12/03/2018	Dutch	PDF
Abridged model	31/12/2016	10/06/2017	22/08/2017	Dutch	PDF
Abridged model	31/12/2015	11/06/2016	27/06/2016	Dutch	PDF
Abridged model	31/12/2014	13/06/2015	13/07/2015	Dutch	PDF
Abridged model	31/12/2013	14/06/2014	14/07/2014	Dutch	PDF
Abridged model	31/12/2012	20/09/2013	27/09/2013	Dutch	PDF
Abridged model	31/12/2011	09/06/2012	09/07/2012	Dutch	PDF
Abridged model	31/12/2010	11/06/2011	20/06/2011	Dutch	PDF
Abridged model	31/12/2009	12/06/2010	28/06/2010	Dutch	PDF
Abridged model	31/12/2008	13/06/2009	16/06/2009	Dutch	PDF
Abridged model	31/12/2007	14/06/2008	24/06/2008	Dutch	PDF
Abridged model	31/12/2006	09/06/2007	02/07/2007	Dutch	PDF

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.

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 · 2 active · 34 ended

Active mandates

MASOMA

Director · since 10 juillet 2025 · 0811.362.834

Represented by Frank Nees

Active

SUNPOWER@RENT

Director · since 27 mai 2021 · until 10 juillet 2025 · 0830.098.680

Represented by Harald Van Geluwe

Active

Ended mandates

SUNPOWER@RENT

Director · since 29 mai 2021 · 0830.098.680

Represented by Harald Van Geluwe

Ended

SUNPOWER@RENT

Director · since 27 mai 2021 · 0830.098.680

Represented by Harald Van Geluwe

Ended

Addingmoore

Director · since 08 juin 2019 · until 07 juin 2025 · 0472.185.409

Represented by Harald VAN GELUWE

Ended

CENNINI

Director · since 08 juin 2019 · until 07 juin 2025 · 0463.634.462

Represented by Joris CLAEYS

Ended

Shareholders

Ownership and network

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Belgian Official Gazette

Belgian Official Gazette publications

Mandates07/10/2025
MAATSCHAPPELIJKE ZETEL - ONTSLAGEN - BENOEMINGEN
PDF
Mandates02/06/2021
STATUTEN (VERTALING, COÖRDINATIE, OVERIGE WIJZIGINGEN, ) - ONTSLAGEN - BENOEMINGEN
PDF
Mandates29/07/2019
ONTSLAGEN - BENOEMINGEN
PDF
Mandates10/09/2013
ONTSLAGEN - BENOEMINGEN
PDF
Mandates20/12/2011
ONTSLAGEN - BENOEMINGEN
PDF
Registered office09/06/2011
MAATSCHAPPELIJKE ZETEL
PDF
Mandates15/04/2010
ONTSLAGEN - BENOEMINGEN
PDF
Mandates12/01/2010
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

2025
Annual accounts 2025-714,9 k €↓
2024
Annual accounts 2024-614,7 k €↓
2023
Annual accounts 2023-188,9 k €↓
2022
Annual accounts 202280,2 k €↑
2021
Annual accounts 202142,7 k €↓
2020
Annual accounts 2020153,2 k €↑
2019
Annual accounts 201912,8 k €↑
2018
Annual accounts 20186 k €↓
2017
Annual accounts 201777,4 k €↑
2016
Annual accounts 201662,3 k €↑
2015
Annual accounts 20155,7 k €↑
2014
Annual accounts 2014-173,3 k €↓
2013
Annual accounts 2013-21,6 k €↑
2012
Annual accounts 2012-43,2 k €↓
2011
Annual accounts 20111,4 k €↑
2010
Annual accounts 2010-26,3 k €↓
2009
Annual accounts 2009363,4 k €↑
2008
Annual accounts 2008249 k €↑
2007
Annual accounts 2007216,6 k €↑
2006
Annual accounts 2006-6,7 k €
27/04/1993
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

KIPAN

Overview

What does KIPAN do?

Trend over 20 financial years

Board of directors

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