ACTIVE

CAP 43

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Financial year 2025 · closed on 31/12/2025

Net result

56,5 k €

+285.0% YoY

Gross margin

356,3 k €

+20.2% YoY

Equity

172,4 k €

-20.1% YoY

Workforce

6,9 ETP

+4.5% YoY

What does CAP 43 do?

CAP 43 is a Public limited company incorporated in 2004. Its registered office is in Braine-l'Alleud. It employs on average 6,9 ETP workers (FTE).

Legal situation

● Normal situation

BCE/KBO no. / VAT

BE 0863.241.701

Incorporation

05/02/2004

Legal form

Public limited company

Registered office

Chaussée de Nivelles 21
1420 Braine-l'Alleud · WallonieSee on map

Contributed capital

64 000,00 €

Latest accounts

31/12/2025

Average workforce

6,9 ETP

Joint committees (1)

Signals

ProfitableSolid equityLow riskGood liquidityPositive cashflowPositive EBITDAHealthy social debts

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✦ Verdict · Analyst summary

Financials

Trend over 20 financial years

	2025		2024		2023		2022		2021		2020		2019		2019		2018		2017		2016		2015		2014		2013		2012		2011		2010		2009		2008		2007
Income statement
Gross margin	356,3 k €	+20.2%	296,5 k €	-6.5%	317,2 k €	+4.5%	303,4 k €	+19.4%	254,2 k €	+46.6%	173,3 k €	+5.7%	164 k €	-31.7%	240,3 k €	+3.1%	233,1 k €	-16.6%	279,6 k €	-1.6%	284 k €	+3.7%	274 k €	-5.6%	290,3 k €	-18.9%	357,9 k €	+18.8%	301,4 k €	+40.8%	214,1 k €	+58.5%	135,1 k €	+3.9%	130,1 k €	+13.0%	115,1 k €	+12.2%	102,6 k €
EBITDA	99 k €	+97.0%	50,3 k €	-17.9%	61,2 k €	+107%	29,6 k €	+17.3%	25,2 k €	+27.9%	19,7 k €	-37.8%	31,7 k €	-51.8%	65,7 k €	+99.0%	33 k €	-66.1%	97,4 k €	+48.0%	65,8 k €	+5.3%	62,5 k €	-5.0%	65,7 k €	-48.3%	127,2 k €	-0.8%	128,2 k €	+63.7%	78,3 k €	+188%	27,2 k €	-12.7%	31,2 k €	+16.9%	26,7 k €	+1480%	-1,9 k €
Operating result	80,6 k €	+186%	28,1 k €	-21.9%	36 k €	+785%	4,1 k €	+208%	-3,8 k €	+50.9%	-7,7 k €	-188%	8,7 k €	-73.7%	33,3 k €	+6688%	490,3 €	-99.4%	83,7 k €	+53.5%	54,5 k €	-1.3%	55,2 k €	-4.8%	58 k €	-52.2%	121,3 k €	-1.9%	123,7 k €	+65.3%	74,9 k €	+208%	24,3 k €	-13.4%	28,1 k €	+21.5%	23,1 k €	+359%	-8,9 k €
Net result	56,5 k €	+285%	14,7 k €	-49.3%	29 k €	+1051%	2,5 k €	+137%	-6,7 k €	+42.3%	-11,7 k €	-2023%	608,9 €	-97.0%	20,5 k €	+365%	-7,7 k €	-114%	54,4 k €	+76.9%	30,8 k €	-11.3%	34,7 k €	+83.5%	18,9 k €	-79.0%	90,1 k €	+17.3%	76,8 k €	+66.8%	46,1 k €	+286%	11,9 k €	-44.2%	21,4 k €	+15.8%	18,5 k €	+224%	-14,9 k €
Balance sheet
Equity	172,4 k €	-20.1%	215,8 k €	+7.3%	201,1 k €	+16.8%	172,1 k €	+1.5%	169,6 k €	-3.8%	176,4 k €	-6.2%	188,1 k €	+0.3%	187,5 k €	+12.3%	166,9 k €	-4.4%	174,7 k €	-10.5%	195,3 k €	-1.8%	198,7 k €	+21.1%	164,1 k €	-6.3%	175,2 k €	+106%	85,1 k €	+24.6%	68,2 k €	+19.3%	57,2 k €	+26.4%	45,3 k €	+89.6%	23,9 k €	+342%	5,4 k €
Total assets	427,9 k €	+13.9%	375,6 k €	-6.4%	401,4 k €	+5.9%	379 k €	-0.7%	381,5 k €	+14.3%	333,9 k €	-14.2%	389 k €	-8.7%	425,9 k €	+0.1%	425,4 k €	+45.0%	293,5 k €	-7.0%	315,4 k €	+22.5%	257,4 k €	-11.8%	291,9 k €	+11.6%	261,6 k €	+5.2%	248,6 k €	+39.9%	177,8 k €	+13.8%	156,2 k €	+11.6%	140 k €	+36.7%	102,4 k €	-0.5%	102,9 k €
Cash	38,7 k €	-34.0%	58,7 k €	-41.4%	100,1 k €	+11.9%	89,5 k €	-8.1%	97,3 k €	+74.7%	55,7 k €	-22.8%	72,2 k €	+58.1%	45,7 k €	+197%	15,4 k €	-37.9%	24,7 k €	-68.9%	79,6 k €	+35.4%	58,8 k €	-11.6%	66,5 k €	-21.2%	84,4 k €	-11.9%	95,8 k €	+375%	20,2 k €	-12.1%	22,9 k €	+337%	5,2 k €	+15.5%	4,5 k €	+46.6%	3,1 k €
Debts	255,5 k €	+59.9%	159,7 k €	-20.2%	200,3 k €	-3.2%	206,8 k €	-2.3%	211,6 k €	+45.4%	145,5 k €	-23.0%	188,9 k €	-16.5%	226,2 k €	-12.5%	258,5 k €	+118%	118,8 k €	-1.1%	120,1 k €	+157%	46,7 k €	-63.4%	127,8 k €	+47.9%	86,4 k €	-47.2%	163,6 k €	+49.3%	109,5 k €	+10.7%	99 k €	+5.4%	93,9 k €	+20.8%	77,7 k €	-20.3%	97,5 k €
Other
Workforce	6,9 ETP	+4.5%	6,6 ETP	+1.5%	6,5 ETP	-9.7%	7,2 ETP	-1.4%	7,3 ETP	+7.4%	6,8 ETP	-2.9%	7,0 ETP		–		–		–		6,6 ETP	0.0%	6,6 ETP	-8.3%	7,2 ETP	+5.9%	6,8 ETP	+33.3%	5,1 ETP	+13.3%	4,5 ETP	+4.7%	4,3 ETP	+4.9%	4,1 ETP	+7.9%	3,8 ETP	-13.6%	4,4 ETP

Estimate

Indicative valuation

As an indication, this company is worth

between 250 k€ and 500 k€

See the valuation

Governance

Board of directors

Seen on filing of 31/12/2025 · 2 active · 27 ended

Active mandates

CARABI

Andere functie · 0881.941.717

Active

UpcircleS

Managing director · 0734.410.259

Represented by Kevin Kaeses

Active

Ended mandates

CARABI

Director · since 02 octobre 2019 · until 30 septembre 2025 · 0881.941.717

Represented by Emmanuel Schellekens

Ended

CARABI

Director · since 02 octobre 2019 · 0881.941.717

Represented by Emmanuel Schellekens

Ended

UpcircleS

Director · since 02 octobre 2019 · until 30 septembre 2025 · 0734.410.259

Represented by Kevin Kaeses

Ended

UpcircleS

Director · since 02 octobre 2019 · 0734.410.259

Represented by Kevin Kaeses

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	19/06/2026	25/06/2025	26/06/2024	26/06/2023	22/06/2022	15/06/2021
General meeting	16/06/2026	17/06/2025	18/06/2024	20/06/2023	21/06/2022	15/06/2021
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

22 filings with the NBB

Model	Closing	General meeting	Filed	Language	Document
Abridged model	31/12/2025	16/06/2026	19/06/2026	French	PDF
Abridged model	31/12/2024	17/06/2025	25/06/2025	French	PDF
Abridged model	31/12/2023	18/06/2024	26/06/2024	French	PDF
Abridged model	31/12/2022	20/06/2023	26/06/2023	French	PDF
Abridged model	31/12/2021	21/06/2022	22/06/2022	French	PDF
Abridged model	31/12/2020	15/06/2021	15/06/2021	French	PDF
Abridged modelCorrection	31/12/2019	16/06/2020	30/10/2020	French	PDF
Abridged model	31/12/2019	16/06/2020	17/08/2020	French	PDF
Micro model	31/03/2019	13/09/2019	02/10/2019	French	PDF
Micro model	31/03/2018	14/09/2018	25/09/2018	French	PDF
Micro model	31/03/2017	08/09/2017	04/10/2017	French	PDF
Abridged model	31/03/2016	09/09/2016	31/10/2016	French	PDF
Abridged modelCorrection	31/03/2015	11/09/2015	05/02/2016	French	PDF
Abridged model	31/03/2015	11/09/2015	25/09/2015	French	PDF
Abridged model	31/03/2014	12/09/2014	29/09/2014	French	PDF
Abridged model	31/03/2013	13/09/2013	08/11/2013	French	PDF
Abridged model	31/03/2012	14/09/2012	31/10/2012	French	PDF
Abridged model	31/03/2011	09/09/2011	28/10/2011	French	PDF
Abridged model	31/03/2010	10/09/2010	30/09/2010	French	PDF
Abridged model	31/03/2009	11/09/2009	23/10/2009	French	PDF
Abridged model	31/03/2008	12/09/2008	31/10/2008	French	PDF
Abridged model	31/03/2007	14/09/2007	29/10/2007	French	PDF

Estimate

Indicative valuation

Order of magnitude

As an indication, this company is worth

between 250 k€ and 500 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 · 27 ended

Active mandates

CARABI

Andere functie · 0881.941.717

Active

UpcircleS

Managing director · 0734.410.259

Represented by Kevin Kaeses

Active

Ended mandates

CARABI

Director · since 02 octobre 2019 · until 30 septembre 2025 · 0881.941.717

Represented by Emmanuel Schellekens

Ended

CARABI

Director · since 02 octobre 2019 · 0881.941.717

Represented by Emmanuel Schellekens

Ended

UpcircleS

Director · since 02 octobre 2019 · until 30 septembre 2025 · 0734.410.259

Represented by Kevin Kaeses

Ended

UpcircleS

Director · since 02 octobre 2019 · 0734.410.259

Represented by Kevin Kaeses

Ended

Shareholders

Ownership and network

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Try for 7 days

Belgian Official Gazette

Belgian Official Gazette publications

Mandates24/07/2026
DEMISSIONS, NOMINATIONS
PDF
Mandates28/01/2020
DEMISSIONS, NOMINATIONS - STATUTS (TRADUCTION, COORDINATION, AUTRES MODIFICATIONS, )
PDF
Mandates14/10/2019
DEMISSIONS, NOMINATIONS
PDF
Mandates18/05/2016
DEMISSIONS, NOMINATIONS
PDF
Mandates26/06/2014
DEMISSIONS, NOMINATIONS
PDF
Mandates14/03/2011
DEMISSIONS, NOMINATIONS
PDF
Mandates28/06/2010
DEMISSIONS, NOMINATIONS
PDF
Other12/02/2004
RUBRIQUE CONSTITUTION (NOUVELLE PERSONNE MORALE, OUVERTURE SUCCURSALE, ETC...)
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 202556,5 k €↑
2024
Annual accounts 202414,7 k €↓
2023
Annual accounts 202329 k €↑
2022
Annual accounts 20222,5 k €↑
2021
Annual accounts 2021-6,7 k €↑
2021
Name changeCAP43
2020
Annual accounts 2020-11,7 k €↓
2019
Annual accounts 2019608,9 €↓
2019
Annual accounts 201920,5 k €↑
2018
Annual accounts 2018-7,7 k €↓
2017
Annual accounts 201754,4 k €↑
2016
Annual accounts 201630,8 k €↓
2015
Annual accounts 201534,7 k €↑
2014
Annual accounts 201418,9 k €↓
2013
Annual accounts 201390,1 k €↑
2012
Annual accounts 201276,8 k €↑
2011
Annual accounts 201146,1 k €↑
2010
Annual accounts 201011,9 k €↓
2009
Annual accounts 200921,4 k €↑
2008
Annual accounts 200818,5 k €↑
2007
Annual accounts 2007-14,9 k €
2007
Name changeCAP 43
05/02/2004
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

CAP 43

Overview

What does CAP 43 do?

Trend over 20 financial years

Indicative valuation

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