ACTIVE

CAAAP

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Financial year 2025 · closed on 31/12/2025

Net result

819,7 k €

+6.8% YoY

Revenue

52,4 M €

+63.2% YoY

Equity

17,1 M €

+5.0% YoY

Workforce

15,1 ETP

-13.7% YoY

What does CAAAP do?

CAAAP is a Public limited company incorporated in 2012. Its main activity is: Development of building projects. Its registered office is in Gent. It employs on average 15,1 ETP workers (FTE).

Legal situation

● Normal situation

BCE/KBO no. / VAT

BE 0508.557.736

Incorporation

18/12/2012

Legal form

Public limited company

Registered office

Poortakkerstraat 94
9051 Gent · FlandreSee on map

Contributed capital

705 387,72 €

Latest accounts

31/12/2025

Average workforce

15,1 ETP

Activities (NACE)

41101Development of building projects· main 68121Buying and selling of own real estate 68100Buying and selling of own real estate 68110Buying and selling of own real estate

Joint committees (1)

Signals

ProfitableGood liquidityPositive cashflowPositive EBITDAHealthy 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

	2025		2024		2023		2022		2021		2020		2019		2018		2017		2016		2015		2014		2013
Income statement
Revenue	52,4 M €	+63.2%	32,1 M €	+42.5%	22,6 M €	-35.5%	34,9 M €	+48.4%	23,6 M €	+156%	9,2 M €	+26.4%	7,3 M €	-1.4%	7,4 M €	-45.7%	13,6 M €	-57.9%	32,3 M €	+16.6%	27,7 M €	+53.4%	18,1 M €	-19.3%	22,4 M €
EBITDA	964,7 k €	+387%	-336,2 k €	-170%	483,3 k €	-42.1%	834,5 k €	+177%	-1,1 M €	+21.3%	-1,4 M €	+3.1%	-1,4 M €	-273%	-379,5 k €	-117%	2,2 M €	-52.8%	4,7 M €	+22.6%	3,8 M €	+302%	946,5 k €	+16.6%	811,7 k €
Operating result	775,7 k €	+335%	-329,8 k €	+0.5%	-331,5 k €	-154%	615 k €	+147%	-1,3 M €	+11.4%	-1,5 M €	-0.9%	-1,5 M €	-446%	-269,1 k €	-113%	2,1 M €	-55.9%	4,7 M €	+38.4%	3,4 M €	+176%	1,2 M €	+364%	-468,9 k €
Net result	819,7 k €	+6.8%	767,8 k €	-55.3%	1,7 M €	+287%	-919,3 k €	+22.8%	-1,2 M €	+6.3%	-1,3 M €	-283%	695,8 k €	-71.1%	2,4 M €	-28.5%	3,4 M €	-14.0%	3,9 M €	+71.6%	2,3 M €	+186%	796,8 k €	-21.2%	1 M €
Balance sheet
Equity	17,1 M €	+5.0%	16,3 M €	+5.0%	15,5 M €	+12.4%	13,8 M €	-6.3%	14,7 M €	-7.5%	15,9 M €	-7.4%	17,2 M €	+4.2%	16,5 M €	+17.1%	14,1 M €	+31.4%	10,7 M €	+57.6%	6,8 M €	+29.7%	5,2 M €	-7.6%	5,7 M €
Total assets	76,3 M €	+18.0%	64,7 M €	+29.9%	49,8 M €	+38.2%	36 M €	+4.9%	34,3 M €	+31.6%	26,1 M €	+6.4%	24,5 M €	+7.4%	22,8 M €	+15.0%	19,8 M €	-3.1%	20,5 M €	-14.7%	24 M €	+9.1%	22 M €	+11.4%	19,7 M €
Cash	2,7 M €	-62.9%	7,2 M €	-10.7%	8 M €	+42.1%	5,6 M €	+29.8%	4,4 M €	+398%	874,5 k €	-5.2%	922,5 k €	-70.4%	3,1 M €	-9.8%	3,4 M €	-3.2%	3,6 M €	-10.2%	4 M €	+67.9%	2,4 M €	+645%	317,1 k €
Debts	58,6 M €	+23.1%	47,6 M €	+41.4%	33,7 M €	+52.9%	22 M €	+13.0%	19,5 M €	+91.8%	10,2 M €	+38.7%	7,3 M €	+16.4%	6,3 M €	+9.9%	5,7 M €	-40.7%	9,6 M €	-43.1%	17 M €	+4.2%	16,3 M €	+19.2%	13,7 M €
Other
Workforce	15,1 ETP	-13.7%	17,5 ETP	-15.0%	20,6 ETP	-6.8%	22,1 ETP	+20.8%	18,3 ETP	+5.2%	17,4 ETP	+6.7%	16,3 ETP	-12.4%	18,6 ETP	-2.6%	19,1 ETP	-4.5%	20,0 ETP	+22.7%	16,3 ETP	+25.4%	13,0 ETP	+183%	4,6 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 · 3 active · 15 ended

Active mandates

MASITI

Managing director · since 29 mai 2024 · until 26 mai 2027 · 0479.826.039

Represented by Lode Waes

Active

Matthias HOORNAERT

Managing director · since 29 mai 2024 · until 26 mai 2027

Active

Robert HOORNAERT

Director · since 29 mai 2024 · until 26 mai 2027

Active

Ended mandates

MASITI

Managing director · since 30 mai 2018 · until 29 mai 2024 · 0479.826.039

Represented by Lode Waes

Ended

MASITI

Managing director · since 30 mai 2018 · until 29 mai 2024 · 0479.826.039

Represented by Lode Waes

Ended

MASITI

Managing director · since 30 mai 2018 · until 29 mai 2024 · 0479.826.039

Represented by Lode Waes

Ended

Robert HOORNAERT

Managing director · since 30 mai 2018 · until 29 mai 2024

Ended

At this address

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Annual accounts

Full financial information

	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	07/07/2026	01/07/2025	17/06/2024	19/06/2023	15/06/2022	14/06/2021
General meeting	27/05/2026	28/05/2025	29/05/2024	31/05/2023	25/05/2022	26/05/2021
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

24 filings with the NBB

Model	Closing	General meeting	Filed	Language	Document
Full model	31/12/2025	27/05/2026	07/07/2026	Dutch	PDF
Full model	31/12/2024	28/05/2025	01/07/2025	Dutch	PDF
m120-f-pCorrection	31/12/2024	28/05/2025	03/09/2025	Dutch	PDF
m120-f-p	31/12/2024	28/05/2025	01/07/2025	Dutch	PDF
Full model	31/12/2023	29/05/2024	17/06/2024	Dutch	PDF
m120-f-p	31/12/2023	29/05/2024	17/06/2024	Dutch	PDF
Full model	31/12/2022	31/05/2023	19/06/2023	Dutch	PDF
m120-f-p	31/12/2022	31/05/2023	19/06/2023	Dutch	PDF
Full model	31/12/2021	25/05/2022	15/06/2022	Dutch	PDF
m120-f-p	31/12/2021	25/05/2022	16/06/2022	Dutch	PDF
Full model	31/12/2020	26/05/2021	14/06/2021	Dutch	PDF
m120-f-p	31/12/2020	01/01/9999	14/06/2021	Dutch	PDF
Full model	31/12/2019	27/05/2020	26/06/2020	Dutch	PDF
m120-f-p	31/12/2019	27/05/2020	26/06/2020	Dutch	PDF
Full model	31/12/2018	29/05/2019	19/06/2019	Dutch	PDF
m120-f-p	31/12/2018	29/05/2019	19/06/2019	Dutch	PDF
Full model	31/12/2017	30/05/2018	20/06/2018	Dutch	PDF
m120-f-p	31/12/2017	30/05/2018	20/06/2018	Dutch	PDF
Full model	31/12/2016	24/05/2017	28/06/2017	Dutch	PDF
m120-f-p	31/12/2016	24/05/2017	28/06/2017	Dutch	PDF
Full model	31/12/2015	25/05/2016	24/06/2016	Dutch	PDF
m120-f-p	31/12/2015	25/05/2016	07/07/2016	Dutch	PDF
Full model	31/12/2014	27/05/2015	29/06/2015	Dutch	PDF
Full model	31/12/2013	28/05/2014	10/07/2014	Dutch	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 · 3 active · 15 ended

Active mandates

MASITI

Managing director · since 29 mai 2024 · until 26 mai 2027 · 0479.826.039

Represented by Lode Waes

Active

Matthias HOORNAERT

Managing director · since 29 mai 2024 · until 26 mai 2027

Active

Robert HOORNAERT

Director · since 29 mai 2024 · until 26 mai 2027

Active

Ended mandates

MASITI

Managing director · since 30 mai 2018 · until 29 mai 2024 · 0479.826.039

Represented by Lode Waes

Ended

MASITI

Managing director · since 30 mai 2018 · until 29 mai 2024 · 0479.826.039

Represented by Lode Waes

Ended

MASITI

Managing director · since 30 mai 2018 · until 29 mai 2024 · 0479.826.039

Represented by Lode Waes

Ended

Robert HOORNAERT

Managing director · since 30 mai 2018 · until 29 mai 2024

Ended

Shareholders

Ownership and network

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Belgian Official Gazette

Belgian Official Gazette publications

Mandates24/09/2025
ONTSLAGEN - BENOEMINGEN
PDF
Mandates05/11/2024
ONTSLAGEN - BENOEMINGEN
PDF
Other24/11/2023
STATUTEN (VERTALING, COÖRDINATIE, OVERIGE WIJZIGINGEN, )
PDF
Mandates29/08/2022
ONTSLAGEN - BENOEMINGEN
PDF
Mandates09/02/2021
ONTSLAGEN - BENOEMINGEN
PDF
Mandates06/04/2020
ONTSLAGEN - BENOEMINGEN
PDF
Mandates25/11/2019
ONTSLAGEN - BENOEMINGEN
PDF
Mandates10/07/2019
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 2025819,7 k €↑
28/05/2025
reconductionRia Verheyen — vaste vertegenwoordiger (revisor)
2024
Annual accounts 2024767,8 k €↓
29/05/2024
reconductionRobert Hoornaert — bestuurder
29/05/2024
reconductionMasiti BV — bestuurder
29/05/2024
nominationMatthias Hoornaert — bestuurder
2023
Annual accounts 20231,7 M €↑
2022
Annual accounts 2022-919,3 k €↑
25/05/2022
reconductionRia Verheyen — revisor
2021
Annual accounts 2021-1,2 M €↑
2020
Annual accounts 2020-1,3 M €↓
2019
Annual accounts 2019695,8 k €↓
2018
Annual accounts 20182,4 M €↓
2018
Name changeCAAAP NV
2017
Annual accounts 20173,4 M €↓
2016
Annual accounts 20163,9 M €↑
2015
Annual accounts 20152,3 M €↑
2014
Annual accounts 2014796,8 k €↓
2013
Annual accounts 20131 M €
2013
Name changeVANHAERENTS DEVELOPMENT
18/12/2012
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

CAAAP

Overview

What does CAAAP do?

Trend over 13 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