ACTIVE

CIPAT

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Financial year 2025 · closed on 31/12/2025

Net result

118,7 k €

-29.1% YoY

Gross margin

308,7 k €

Equity

1,7 M €

+7.6% YoY

What does CIPAT do?

CIPAT is a Private limited company incorporated in 1999. Its registered office is in Tournai.

Legal situation

● Normal situation

BCE/KBO no. / VAT

BE 0466.503.484

Incorporation

15/07/1999

Legal form

Private limited company

Registered office

Rue du Progrès(FRY) 4B
7503 Tournai · WallonieSee on map

Contributed capital

218 157,00 €

Latest accounts

31/12/2025

Joint committees (1)

Signals

ProfitableSolid equityPositive cashflowPositive EBITDA

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✦ Verdict · Analyst summary

Financials

Trend over 18 financial years

	2025		2024		2023		2022		2021		2018		2017		2016		2015		2014		2013		2012		2011		2010		2009		2008		2007		2006
Income statement
Gross margin	308,7 k €		–		–		–		–		223,1 k €	+3.1%	216,4 k €	+61.9%	133,7 k €	-50.0%	267,5 k €	+15.0%	232,5 k €	+5.9%	219,5 k €	+10.1%	199,3 k €	-25.3%	266,9 k €	+9.7%	243,4 k €	+13.7%	214 k €	-23.0%	278,1 k €	-4.2%	290,4 k €	-1.2%	293,9 k €
EBITDA	281 k €	-11.2%	316,4 k €	+16.0%	272,7 k €	-12.2%	310,5 k €	+6.4%	291,9 k €	+36.4%	214 k €	+34.1%	159,6 k €	+1319%	11,3 k €	-91.1%	126,9 k €	+29.2%	98,3 k €	-12.8%	112,7 k €	-5.2%	118,9 k €	-34.6%	181,7 k €	+3.9%	174,9 k €	+38.3%	126,5 k €	-34.4%	192,8 k €	-6.0%	205,2 k €	-3.3%	212,1 k €
Operating result	191,6 k €	-15.6%	227 k €	+22.7%	185 k €	-19.6%	230,2 k €	-4.7%	241,6 k €	+58.3%	152,6 k €	+55.9%	97,9 k €	+320%	-44,4 k €	-163%	70,1 k €	+69.5%	41,4 k €	-32.9%	61,7 k €	+5.9%	58,3 k €	-47.1%	110,2 k €	+9.8%	100,4 k €	+108%	48,3 k €	-57.6%	114 k €	+2.3%	111,5 k €	-4.1%	116,3 k €
Net result	118,7 k €	-29.1%	167,4 k €	+26.9%	131,9 k €	-20.3%	165,6 k €	-6.1%	176,3 k €	+78.5%	98,8 k €	+24.1%	79,6 k €	+229%	-61,9 k €	-264%	37,8 k €	+77.4%	21,3 k €	-42.2%	36,9 k €	+210%	11,9 k €	-60.8%	30,4 k €	-32.4%	45 k €	+486%	-11,7 k €	-128%	41,4 k €	-46.1%	76,8 k €	+48.4%	51,8 k €
Balance sheet
Equity	1,7 M €	+7.6%	1,6 M €	+12.0%	1,4 M €	+10.4%	1,3 M €	+15.0%	1,1 M €	+90.7%	578,5 k €	+20.6%	479,7 k €	+19.9%	400,2 k €	-13.4%	462,1 k €	+5.5%	438 k €	+5.1%	416,7 k €	+9.7%	379,8 k €	+3.2%	367,9 k €	+9.0%	337,4 k €	+15.4%	292,4 k €	-3.8%	304,1 k €	+18.7%	256,3 k €	+42.8%	179,4 k €
Total assets	5,3 M €	+209%	1,7 M €	+6.5%	1,6 M €	+19.0%	1,3 M €	+10.4%	1,2 M €	+15.9%	1 M €	+18.4%	884,3 k €	+2.0%	867,2 k €	-0.1%	867,7 k €	-7.0%	933,1 k €	-0.9%	941,5 k €	-0.9%	950,5 k €	-12.0%	1,1 M €	-6.1%	1,1 M €	-7.5%	1,2 M €	-4.7%	1,3 M €	+4.7%	1,2 M €	-3.4%	1,3 M €
Cash	110,3 k €	-86.8%	833,7 k €	+66.7%	500,1 k €	-5.1%	527,2 k €	-10.5%	589 k €	+1324%	41,4 k €	+444%	7,6 k €	-87.7%	61,9 k €	+63457%	97,4 €	-99.1%	11 k €	-46.2%	20,5 k €	+107722%	19 €	-90.3%	196,3 €	-96.4%	5,5 k €	+23.2%	4,5 k €		–		31,3 k €	+36.2%	23 k €
Debts	3,6 M €	+2632%	130,5 k €	-32.7%	193,9 k €	+173%	70,9 k €	-35.5%	109,9 k €	-76.5%	468,5 k €	+15.8%	404,6 k €	-13.4%	467,1 k €	+15.2%	405,6 k €	-18.1%	495,1 k €	-5.7%	524,8 k €	-8.0%	570,7 k €	-19.8%	711,7 k €	-12.4%	812,2 k €	-14.5%	950,4 k €	-4.9%	999,9 k €	+1.7%	982,9 k €	-11.5%	1,1 M €
Other
Workforce	–		–		–		–		–		–		–		–		3,5 ETP	+2.9%	3,4 ETP	+13.3%	3,0 ETP	0.0%	3,0 ETP	+50.0%	2,0 ETP	-25.9%	2,7 ETP	-15.6%	3,2 ETP	-20.0%	4,0 ETP	+17.6%	3,4 ETP	-8.1%	3,7 ETP

Estimate

Indicative valuation

As an indication, this company is worth

between 0 € and 100 k€

See the valuation

Governance

Board of directors

Seen on filing of 31/12/2025 · 2 active · 14 ended

Active mandates

Charles-Alfred De Crepy

Director · since 04 juin 2025

Active

Maxime Clemenceau

Director · since 04 juin 2025

Active

Ended mandates

ALEX IMMOBILIER

Director · since 04 juin 2025 · 0536.299.340

Represented by Maxime CLEMENCEAU

Ended

VINCENT BULTOT

Managing director · since 12 décembre 2016 · until 11 décembre 2022

Ended

Vincent BULTOT

Director · since 24 novembre 2016 · until 31 décembre 2022

Ended

Vincent BULTOT

Director · since 24 novembre 2016

Ended

At this address

Other companies at this address

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GANEMEDE BELGIUM● Active	0893.651.595
JMCG 2● Active	0728.589.269
MAJENTA & CO● Active	0894.628.129
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SAPI MASNUY IMMO● Active	0757.680.757

Annual accounts

Full financial information

	2025	2024	2023	2022	2021	2020
Type of account	Micro 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	20/08/2026	30/07/2025	26/07/2024	08/08/2023	14/07/2022	08/03/2022
General meeting	26/06/2026	17/06/2025	18/06/2024	20/06/2023	21/06/2022	30/06/2021
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

Ratios

Financial ratios

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Filings

Annual accounts filings

21 filings with the NBB

Model	Closing	General meeting	Filed	Language	Document
Micro model	31/12/2025	26/06/2026	20/08/2026	French	PDF
Full model	31/12/2024	17/06/2025	30/07/2025	French	PDF
Full model	31/12/2023	18/06/2024	26/07/2024	French	PDF
Full model	31/12/2022	20/06/2023	08/08/2023	French	PDF
Full model	31/12/2021	21/06/2022	14/07/2022	French	PDF
Full modelCorrection	31/12/2020	30/06/2021	08/03/2022	French	PDF
Full model	31/12/2020	30/06/2021	23/08/2021	French	PDF
Full model	31/12/2019	26/06/2020	30/10/2020	French	PDF
Micro model	31/12/2018	18/06/2019	12/07/2019	French	PDF
Micro model	31/12/2017	19/06/2018	13/07/2018	French	PDF
Micro model	31/12/2016	20/06/2017	26/07/2017	French	PDF
Abridged model	31/12/2015	21/06/2016	18/07/2016	French	PDF
Abridged model	31/12/2014	16/06/2015	01/07/2015	French	PDF
Abridged model	31/12/2013	17/06/2014	30/06/2014	French	PDF
Abridged model	31/12/2012	18/06/2013	01/07/2013	French	PDF
Abridged model	31/12/2011	19/06/2012	05/07/2012	French	PDF
Abridged model	31/12/2010	21/06/2011	04/07/2011	French	PDF
Abridged model	31/12/2009	15/06/2010	07/07/2010	French	PDF
Abridged model	31/12/2008	16/06/2009	30/06/2009	French	PDF
Abridged model	31/12/2007	17/06/2008	23/06/2008	French	PDF
Abridged model	31/12/2006	19/06/2007	17/07/2007	French	PDF

Estimate

Indicative valuation

Order of magnitude

As an indication, this company is worth

between 0 € and 100 k€

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 · 14 ended

Active mandates

Charles-Alfred De Crepy

Director · since 04 juin 2025

Active

Maxime Clemenceau

Director · since 04 juin 2025

Active

Ended mandates

ALEX IMMOBILIER

Director · since 04 juin 2025 · 0536.299.340

Represented by Maxime CLEMENCEAU

Ended

VINCENT BULTOT

Managing director · since 12 décembre 2016 · until 11 décembre 2022

Ended

Vincent BULTOT

Director · since 24 novembre 2016 · until 31 décembre 2022

Ended

Vincent BULTOT

Director · since 24 novembre 2016

Ended

Shareholders

Ownership and network

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Belgian Official Gazette

Belgian Official Gazette publications

Mandates14/07/2025
SIEGE SOCIAL - DEMISSIONS, NOMINATIONS
PDF
Mandates28/12/2023
STATUTS (TRADUCTION, COORDINATION, AUTRES MODIFICATIONS, ) - MODIFICATION FORME JURIDIQUE - SIEGE SOCIAL - DEMISSIONS, NOMINATIONS - ASSEMBLEE GENERALE
PDF
Other18/07/2017
OBJET
PDF
Mandates21/12/2016
CAPITAL, ACTIONS - DEMISSIONS, NOMINATIONS
PDF
Mandates02/06/2014
DEMISSIONS, NOMINATIONS
PDF
Mandates12/01/2012
CAPITAL, ACTIONS - DEMISSIONS, NOMINATIONS
PDF
Mandates10/05/2011
DEMISSIONS, NOMINATIONS
PDF
Mandates14/04/2005
SIEGE SOCIAL - 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 2025118,7 k €↓
2024
Annual accounts 2024167,4 k €↑
2023
Annual accounts 2023131,9 k €↓
2022
Annual accounts 2022165,6 k €↓
2021
Annual accounts 2021176,3 k €↑
2018
Annual accounts 201898,8 k €↑
2017
Annual accounts 201779,6 k €↑
2016
Annual accounts 2016-61,9 k €↓
2015
Annual accounts 201537,8 k €↑
2014
Annual accounts 201421,3 k €↓
2013
Annual accounts 201336,9 k €↑
2012
Annual accounts 201211,9 k €↓
2011
Annual accounts 201130,4 k €↓
2010
Annual accounts 201045 k €↑
2009
Annual accounts 2009-11,7 k €↓
2008
Annual accounts 200841,4 k €↓
2007
Annual accounts 200776,8 k €↑
2006
Annual accounts 200651,8 k €
15/07/1999
IncorporationPrivate 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

CIPAT

Overview

What does CIPAT do?

Trend over 18 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