ACTIVE

Cartamundi Services

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Financial year 2025 · closed on 31/12/2025

Net result

1,5 M €

+421.9% YoY

Equity

3,8 M €

+66.3% YoY

Workforce

66,4 ETP

+6.6% YoY

What does Cartamundi Services do?

Cartamundi Services is a Public limited company incorporated in 2005. Its main activity is: Activities of head offices. Its registered office is in Turnhout. It employs on average 66,4 ETP workers (FTE).

Legal situation

● Normal situation

BCE/KBO no. / VAT

BE 0877.568.403

Incorporation

29/11/2005

Legal form

Public limited company

Registered office

Turnovatoren 14 box 1
2300 Turnhout · FlandreSee on map

Contributed capital

571 000,00 €

Latest accounts

31/12/2025

Average workforce

66,4 ETP

Activities (NACE)

70100Activities of head offices· main 70100Activities of head offices 74151Specialised design activities 69201Accounting, bookkeeping and auditing activities; tax consultancy 69202Accounting, bookkeeping and auditing activities; tax consultancy 73200Market research and public opinion polling+5

Joint committees (3)

Signals

ProfitablePositive cashflowPositive EBITDA

View the BCE/KBO Public Search record →

Health score

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✦ Verdict · Analyst summary

Financials

Trend over 16 financial years

	2025		2024		2023		2022		2021		2020		2019		2018		2017		2016		2015		2014		2010		2009		2007		2006
Income statement
EBITDA	3,4 M €	+123%	1,5 M €	-38.1%	2,4 M €	-18.2%	3 M €	-1.1%	3 M €	+21.7%	2,5 M €	+24.1%	2 M €	-7.2%	2,2 M €	+3.3%	2,1 M €	+77.2%	1,2 M €	+49.9%	787,4 k €	+545%	122,1 k €	-76.0%	508,7 k €	+2.6%	495,8 k €	-27.6%	685,1 k €	-5.0%	721,5 k €
Operating result	1,4 M €	+409%	-460,9 k €	-242%	323,6 k €	-68.0%	1 M €	+64.5%	614,2 k €	+26.8%	484,4 k €	+64.3%	294,7 k €	-24.0%	387,8 k €	+38.4%	280,1 k €	+8.0%	259,4 k €	-11.6%	293,5 k €	+201%	-289,7 k €	-331%	125,2 k €	+8.9%	115 k €	-5.9%	122,1 k €	-11.7%	138,3 k €
Net result	1,5 M €	+422%	-468,7 k €	-232%	355,2 k €	-38.4%	577 k €	+104%	283,5 k €	+20.8%	234,7 k €	+101%	116,6 k €	-30.2%	167,2 k €	+97.4%	84,7 k €	+14.7%	73,8 k €	-15.0%	86,8 k €	+2.5%	84,7 k €	+130%	36,8 k €	-7.6%	39,8 k €	+129%	17,4 k €	-31.0%	25,2 k €
Balance sheet
Equity	3,8 M €	+66.3%	2,3 M €	-17.1%	2,7 M €	+14.9%	2,4 M €	+31.8%	1,8 M €	+18.5%	1,5 M €	+18.1%	1,3 M €	+9.9%	1,2 M €	+16.5%	1 M €	+9.1%	925,8 k €	+8.7%	851,9 k €	+11.3%	765,2 k €	+0.5%	761,2 k €	+5.1%	724,4 k €	+13.2%	639,7 k €	+2.8%	622,3 k €
Total assets	18,7 M €	+14.3%	16,4 M €	-16.5%	19,6 M €	+13.8%	17,2 M €	+25.0%	13,8 M €	+2.7%	13,4 M €	+43.4%	9,4 M €	-9.4%	10,3 M €	+8.5%	9,5 M €	-8.9%	10,5 M €	+30.4%	8 M €	+12.8%	7,1 M €	+119%	3,2 M €	+33.6%	2,4 M €	-33.7%	3,7 M €	+32.1%	2,8 M €
Cash	10 k €	-39.9%	16,7 k €	-34.6%	25,5 k €	-19.2%	31,6 k €	+21.6%	26 k €	-53.2%	55,5 k €	+100.0%	27,7 k €	-56.9%	64,3 k €	+64.2%	39,1 k €	-2.1%	40 k €	+21.0%	33 k €	+296%	8,3 k €	-24.6%	11,1 k €	-9.9%	12,3 k €	-58.3%	29,5 k €	-35.3%	45,5 k €
Debts	14,9 M €	+6.0%	14,1 M €	-16.3%	16,8 M €	+14.6%	14,7 M €	+26.8%	11,6 M €	+0.8%	11,5 M €	+47.2%	7,8 M €	-12.3%	8,9 M €	+7.7%	8,3 M €	-10.4%	9,2 M €	+30.8%	7,1 M €	+13.6%	6,2 M €	+159%	2,4 M €	+44.4%	1,7 M €	-44.9%	3 M €	+41.4%	2,1 M €
Other
Workforce	66,4 ETP	+6.6%	62,3 ETP	-7.2%	67,1 ETP	-3.2%	69,3 ETP	+19.1%	58,2 ETP	+4.7%	55,6 ETP	+7.1%	51,9 ETP	+0.6%	51,6 ETP	-1.9%	52,6 ETP	+8.7%	48,4 ETP	+3.6%	46,7 ETP	+9.6%	42,6 ETP	+43.0%	29,8 ETP	+9.2%	27,3 ETP	-11.7%	30,9 ETP	+3.7%	29,8 ETP

Estimate

Indicative valuation

As an indication, this company is worth

between 10 M€ and 25 M€

See the valuation

Governance

Board of directors

Seen on filing of 31/12/2025 · 3 active · 28 ended

Active mandates

MERCKATOR

Chairman of the board of directors · since 05 mai 2025 · until 02 mai 2028 · 0700.183.513

Represented by Stefaan Merckx

Active

Jef Volders

Director · since 25 novembre 2024 · until 10 mai 2027

Active

Tinneke Baeyens

Director · since 02 mars 2023 · until 04 mai 2026

Active

Ended mandates

Istvan Lagaert

Managing director · since 02 mai 2023 · until 04 mai 2026

Ended

Tinneke Baeyens

Director · since 02 mai 2023 · until 04 mai 2026

Ended

Istvan Lagaert

Managing director · since 02 mai 2022 · until 05 mai 2025

Ended

MERCKATOR

Chairman of the board of directors · since 02 mai 2022 · until 05 mai 2025 · 0700.183.513

Represented by Stefaan Merckx

Ended

At this address

Other companies at this address

Company	CBE no.
Cartamundi● Active	0437.358.548
Cartamundi Benelux● Active	0825.550.667
Cartamundi Digital Ventures● Active	0789.254.653
CM● Active	0826.025.967

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	01/06/2026	03/06/2025	29/05/2024	30/05/2023	20/05/2022	02/06/2021
General meeting	04/05/2026	05/05/2025	06/05/2024	02/05/2023	02/05/2022	03/05/2021
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

20 filings with the NBB

Model	Closing	General meeting	Filed	Language	Document
Full model	31/12/2025	04/05/2026	01/06/2026	Dutch	PDF
Full model	31/12/2024	05/05/2025	03/06/2025	Dutch	PDF
Full model	31/12/2023	06/05/2024	29/05/2024	Dutch	PDF
Full model	31/12/2022	02/05/2023	30/05/2023	Dutch	PDF
Full model	31/12/2021	02/05/2022	20/05/2022	Dutch	PDF
Full model	31/12/2020	03/05/2021	02/06/2021	Dutch	PDF
Full model	31/12/2019	04/05/2020	02/06/2020	Dutch	PDF
Full model	31/12/2018	06/05/2019	29/05/2019	Dutch	PDF
Full model	31/12/2017	07/05/2018	23/05/2018	Dutch	PDF
Full model	31/12/2016	02/05/2017	29/05/2017	Dutch	PDF
Full model	31/12/2015	03/05/2016	01/06/2016	Dutch	PDF
Full model	31/12/2014	04/05/2015	02/06/2015	Dutch	PDF
Full model	31/12/2013	05/05/2014	04/06/2014	Dutch	PDF
Full model	31/12/2012	06/05/2013	04/06/2013	Dutch	PDF
Full model	31/12/2011	07/05/2012	05/06/2012	Dutch	PDF
Full model	31/12/2010	02/05/2011	01/06/2011	Dutch	PDF
Full model	31/12/2009	03/05/2010	03/06/2010	Dutch	PDF
Full model	31/12/2008	04/05/2009	02/06/2009	Dutch	PDF
Full model	31/12/2007	05/05/2008	03/06/2008	Dutch	PDF
Full model	31/12/2006	07/05/2007	29/05/2007	Dutch	PDF

Estimate

Indicative valuation

Order of magnitude

As an indication, this company is worth

between 10 M€ and 25 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.

Governance

Board of directors

Seen on filing of 31/12/2025 · 3 active · 28 ended

Active mandates

MERCKATOR

Chairman of the board of directors · since 05 mai 2025 · until 02 mai 2028 · 0700.183.513

Represented by Stefaan Merckx

Active

Jef Volders

Director · since 25 novembre 2024 · until 10 mai 2027

Active

Tinneke Baeyens

Director · since 02 mars 2023 · until 04 mai 2026

Active

Ended mandates

Istvan Lagaert

Managing director · since 02 mai 2023 · until 04 mai 2026

Ended

Tinneke Baeyens

Director · since 02 mai 2023 · until 04 mai 2026

Ended

Istvan Lagaert

Managing director · since 02 mai 2022 · until 05 mai 2025

Ended

MERCKATOR

Chairman of the board of directors · since 02 mai 2022 · until 05 mai 2025 · 0700.183.513

Represented by Stefaan Merckx

Ended

Shareholders

Ownership and network

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Try for 7 days

Belgian Official Gazette

Belgian Official Gazette publications

Mandates15/07/2026
ONTSLAGEN - BENOEMINGEN
PDF
Mandates03/06/2025
ONTSLAGEN - BENOEMINGEN
PDF
Mandates30/12/2024
ONTSLAGEN - BENOEMINGEN
PDF
Mandates26/06/2024
ONTSLAGEN - BENOEMINGEN
PDF
Mandates20/11/2023
ONTSLAGEN - BENOEMINGEN
PDF
Other17/07/2023
STATUTEN (VERTALING, COÖRDINATIE, OVERIGE WIJZIGINGEN, )
PDF
Mandates21/06/2023
MAATSCHAPPELIJKE ZETEL - ONTSLAGEN - BENOEMINGEN
PDF
Mandates02/06/2022
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 20251,5 M €↑
2024
Annual accounts 2024-468,7 k €↓
2023
Annual accounts 2023355,2 k €↓
2022
Annual accounts 2022577 k €↑
2021
Annual accounts 2021283,5 k €↑
2020
Annual accounts 2020234,7 k €↑
2019
Annual accounts 2019116,6 k €↓
2018
Annual accounts 2018167,2 k €↑
2017
Annual accounts 201784,7 k €↑
2016
Annual accounts 201673,8 k €↓
2015
Annual accounts 201586,8 k €↑
2014
Annual accounts 201484,7 k €↑
2010
Annual accounts 201036,8 k €↓
2009
Annual accounts 200939,8 k €↑
2007
Annual accounts 200717,4 k €↓
2006
Annual accounts 200625,2 k €
29/11/2005
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

Cartamundi Services

Overview

What does Cartamundi Services do?

Trend over 16 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