CIACO
The computed 12-month bankruptcy probability of CIACO is 0.2% (very low). The 2024 annual accounts show equity of €557k and a net result of €-337k. Equity is shrinking by ~12.3% per year across the filed fiscal years. Its solvency ranks better than 33% of 252 sector peers (fiscal year 2024). The company has been active since 1970 and the Belgian State Gazette contains no insolvency or warning signals.
| Equity | €557k |
| Net result | €-337k |
| Staff (FTE) | 26.1 |
| Better than sector | 33% |
Fragile profile, watch profitability in particular.
All 5 axes are computed from data Checked has read.
Statistical estimate based on public sources, not credit advice nor a finding of fact. How do we compute this?
The full score breakdown, per-year score history and the indicative credit limit are in Kantoor S.
See plans →How do we compute this?
The trend is a robust median of all pairwise slopes between fiscal years (Theil-Sen), so a single odd year cannot hijack the line. For strictly positive series we also fit a log variant (compound annual growth) and keep whichever describes the figures best.
The area around the projection is 1.8 × the median absolute deviation from the trend, widening each year ahead (×1 / ×1.6 / ×2.2), with a minimum of 8% of the last value. It is an indicative range, not a statistical confidence interval.
A series whose deviations exceed 35% of its level is too volatile: we then deliberately show no projection. Every projection assumes unchanged policy and is blind to non-public information (order book, contracts, funding rounds).
| Metric | This company | Sector median | Position in the sector |
|---|---|---|---|
| Solvency | 25.7% | 48.3% | |
| Net result | €-337k | €8k | |
| Equity | €557k | €32k | |
| Gross operating margin | €1.21M | €26k | |
| Staff costs | €1.26M | €70k |
Show 15 other metrics
| Fiscal year | 2024 |
|---|---|
| Deposit | volledig |
| Revenue | €4.60M |
| EBITDA | €-97k |
| Net profit | €-337k |
| Cash flow | €-130k |
| Staff costs | €1.26M |
| Income taxes | €631 |
| Dividends | - |
| Total assets | €2.17M |
| Equity | €557k |
| Debt | €1.59M |
| of which ≤ 1y | €1.11M |
| of which > 1y | €420k |
| Working capital | €286k |
| Employees (FTE) | 26.1 |
| 2024 | |
|---|---|
| Current ratio | 1.26 |
| Quick ratio | 0.50 |
| Working capital ratio | 13.2% |
| Solvency | 25.7% |
| Debt / equity | 2.85 |
| Long-term debt ratio | 0.75 |
| Interest coverage | -2.74 |
| Gross margin | 22.0% |
| Net margin | -7.3% |
| ROA | -15.6% |
| ROE | -60.6% |
| EBITDA margin | -2.1% |
| Days sales outstanding | 23d |
| Days payable outstanding | 55d |
| Inventory turnover | 4.30 |
| Days inventory (DSI) | 85d |
Full annual accounts (29 line items)
| Line item | Code | 2024 |
|---|---|---|
| Balance sheet, Assets | ||
| TOTAL ASSETS | 20/58 | €2.17M |
| Fixed assets | 21/28 | €773k |
| Intangible fixed assets | 21 | €19k |
| Tangible fixed assets | 22/27 | €744k |
| Financial fixed assets | 28 | €10k |
| Current assets | 29/58 | €1.39M |
| Stocks & contracts in progress | 3 | €835k |
| Amounts receivable within one year | 40/41 | €297k |
| Investments | 50/53 | €57k |
| Cash & bank | 54/58 | €159k |
| Balance sheet, Equity & liabilities | ||
| TOTAL EQUITY & LIABILITIES | 10/49 | €2.17M |
| Equity | 10/15 | €557k |
| Contributions / capital | 10/11 | €455k |
| Reserves | 13 | €101k |
| Accumulated profits (losses) | 14 | €410 |
| Provisions & deferred taxes | 16 | €23k |
| Amounts payable | 17/49 | €1.59M |
| Amounts payable after one year | 17 | €420k |
| Amounts payable within one year | 42/48 | €1.11M |
| Trade debts payable within one year | 44 | €539k |
| Income statement | ||
| Turnover | 70 | €4.60M |
| Gross operating margin | 9900 | €1.21M |
| Operating result | 9901 | €-305k |
| Financial income | 75 | €3k |
| Financial charges | 65 | €35k |
| Result before taxes | 9903 | €-337k |
| Income taxes | 67/77 | €631 |
| Net result for the period | 9904 | €-337k |
| Result to be appropriated | 9905 | €-337k |
-
Current07-01-2025 → present
-
Current07-01-2025 → present
-
Current30-05-2024 → present
-
Current28-12-2015 → present
4 events
- 07-01-2025 Resigned· Director
- 03-06-2022 Mandate renewed· Director
- 14-12-2018 Mandate renewed· Director
- 28-12-2015 Appointed· Director
-
Current28-12-2015 → present
3 events
- 03-06-2022 Mandate renewed· Director
- 14-12-2018 Mandate renewed· Director
- 28-12-2015 Mandate renewed· Director
-
Current30-12-2013 → present
5 events
- 30-01-2026 Mandate renewed· Director
- 23-03-2023 Mandate renewed· Director
- 09-01-2020 Mandate renewed· Director
- 28-11-2016 Mandate renewed· Director
- 30-12-2013 Appointed· Director
Historic, not recently confirmed (4)
-
Not recently confirmedlast confirmed in an act from 2017
2 events
- 23-11-2017 Mandate renewed· Director
- 23-02-2015 Mandate renewed· Director
-
Not recently confirmedlast confirmed in an act from 2016
-
Not recently confirmedlast confirmed in an act from 2015
-
Not recently confirmedlast confirmed in an act from 2013
2 events
- 30-12-2013 Mandate renewed· Director
- 23-03-2011 Mandate renewed· Director
Former directors (4)
-
Former23-03-2023 → 30-01-2026
2 events
- 30-01-2026 Resigned· Director
- 23-03-2023 Appointed· Director
-
Former14-12-2018 → 07-01-2025
3 events
- 07-01-2025 Resigned· Director
- 03-06-2022 Mandate renewed· Director
- 14-12-2018 Appointed· Director
-
Former23-03-2011 → 23-03-2023
5 events
- 23-03-2023 Resigned· Director
- 09-01-2020 Mandate renewed· Director
- 28-11-2016 Mandate renewed· Director
- 30-12-2013 Mandate renewed· Director
- 23-03-2011 Mandate renewed· Director
-
Former23-02-2015 → 14-12-2018
3 events
- 14-12-2018 Resigned· Director
- 23-11-2017 Mandate renewed· Director
- 23-02-2015 Mandate renewed· Director
| Statutory auditor | IRE/IBR number | Tenure |
|---|---|---|
| Srl NumibelCurrent Statutory auditor · represented by Sandrine BASTOGNE |
- | 21-12-2020 → present |
Show 2 earlier auditors
| Numibel Statutory auditor · represented by Sandrire BASTOGNE succeeded by ScPrl NUMIBEL in 2017 |
- | 23-02-2015 → 23-11-2017 |
| ScPrl NUMIBEL Statutory auditor · represented by Sandrine BASTOGNE succeeded by Srl Numibel in 2020 |
- | 23-11-2017 → 21-12-2020 |
| NACE primary | Overige activiteiten op het gebied van drukwerk(18120) |
| Legal form | Cooperative company(706) |
| Incorporation | 01-07-1970 |
| Status | Active |
| Postal code | 1348 |
Parcels linked to this company through its CBE addresses (seat, establishment units, branches), cross-referenced with the cadastral parcel plan. This shows where the company operates, not a deeds register.
| Parcel (capakey) | Region | Area | Buildings | Height / fl. |
|---|---|---|---|---|
| 21018B0088/00G000 | Brussels | 1.6 ha | - | - |
| 25386B0113/00Z003 | Wallonia | 5,578 m² | 1 · 769 m² | 7.1 m · 2 fl. |
| 25386B0066/00B002 | Wallonia | 2,958 m² | 1 · 1,286 m² | 17.6 m · 5 fl. |
| 25386B0122/02C000 | Wallonia | 1,765 m² | 1 · 1,214 m² | - |
A single timeline of everything that happened to this company, publications, insolvency and lifecycle events, administrative changes and filed annual accounts.
We know of 20 Belgian State Gazette acts for this company. None of them has been read yet: what they contain is neither established nor disproved here.
30-01-2026 1 resigning, 1 reappointed
- Olivier ANDRE, Bestuurder
- François BRAGHINI, Bestuurder
Technical details
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"evidence_quote": "L\u0027Assembl\u00E9e acte la d\u00E9mission de M.Olivier ANDRE"
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"name": "Fran\u00E7ois BRAGHINI",
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"evidence_quote": "reconduit le mandat de M. Fran\u00E7ois BRAGHINI, pour une p\u00E9riode de trois ans."
}
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"kbo": "0407.236.187",
"name_full": "CIACO",
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}07-01-2025 1 director appointed, 2 resigning, 1 reappointed
- Sylvie DELATTRE, Bestuurder
- Ugo SETTI, Bestuurder
- Maria Eva JAUREGUI, Bestuurder
- P XHONNEUX, Bestuurder
Technical details
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"evidence_quote": "Le mandat de M. P XHONNEUX, Administrateur, est reconduit pour une dur\u00E9e de trois ans."
},
{
"kind": "director_out",
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"person": {
"rrn": null,
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"evidence_quote": "L\u0027Assembl\u00E9e acte les d\u00E9missions de M.Ugo SETTI"
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{
"kind": "director_out",
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"name": "Sylvie DELATTRE",
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"evidence_quote": "et nomme Mme Sylvie DELATTRE, domicili\u00E9e Clos du Haras 5, \u00E0 1301 BIERGES, Administratrice."
}
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}30-05-2024 1 director appointed, 1 reappointed
- Claire VANGRUNDELBEKE, Bestuurder
- Sandrine BASTOGNE, Commissaris
Technical details
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"name": "Sandrine BASTOGNE",
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},
"via_org": {
"kbo": "0407236187",
"name": "SRL NUMIBEL",
"address": null,
"country": null,
"legal_form": null
},
"evidence_quote": "Le mandat de commissaire aux comptes de la SRL NUMIBEL, repr\u00E9sent\u00E9e par Madame Sandrine BASTOGNE, est reconduit pour une dur\u00E9e de trois ans."
},
{
"kind": "director_in",
"role": "bestuurder",
"person": {
"rrn": null,
"name": "Claire VANGRUNDELBEKE",
"address": null,
"birth_date": null
},
"evidence_quote": "Madame Claire VANGRUNDELBEKE, domicili\u00E9e rue de la Bruy\u00E8re 7 \u00E0 1367 Bomal, est \u00E9lue Administratrice pour une dur\u00E9e de trois ans."
}
],
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}03-04-2023 Change in the board of directors
Technical details
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}
}03-04-2023 Articles of association amended
Technical details
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"bedrijfsrevisor": null,
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"signature_regime": null,
"special_mandates": [],
"governance_change": {
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}23-03-2023 1 director appointed, 1 resigning, 1 reappointed
- Olivier ANDRE, Bestuurder
- Jérôme CLARINVAL, Bestuurder
- François BRAGHINI, Bestuurder
Technical details
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"events": [
{
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"role": "bestuurder",
"person": {
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"name": "Fran\u00E7ois BRAGHINI",
"address": null,
"birth_date": null
},
"evidence_quote": "Monsieur Fran\u00E7ois BRAGHINI est r\u00E9\u00E9lu au poste d\u0027administrateur."
},
{
"kind": "director_out",
"role": "bestuurder",
"person": {
"rrn": null,
"name": "J\u00E9r\u00F4me CLARINVAL",
"address": null,
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},
"evidence_quote": "L\u0027Assembl\u00E9e acte la d\u00E9mission de M.J\u00E9r\u00F4me CLARINVAL"
},
{
"kind": "director_in",
"role": "bestuurder",
"person": {
"rrn": null,
"name": "Olivier ANDRE",
"address": null,
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},
"evidence_quote": "nomme M.Olivier ANDRE, domicili\u00E9 rue les Tiennes 70 E, \u00E0 1421 OPHAIN, aux fonctions d\u0027Administrateur."
}
],
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}
}03-06-2022 3 reappointed
- Maria-Eva JAUREGUI, Bestuurder
- Patrick XHONNEUX, Bestuurder
- Ugo SETTI, Bestuurder
Technical details
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"evidence_quote": "Madame Maria-Eva JAUREGUI, Messieurs Patrick XHONNEUX et Ugo SETTI, sont r\u00E9\u00E9lus aux fonctions d\u0027Administrateur."
},
{
"kind": "director_renew",
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"evidence_quote": "Madame Maria-Eva JAUREGUI, Messieurs Patrick XHONNEUX et Ugo SETTI, sont r\u00E9\u00E9lus aux fonctions d\u0027Administrateur."
},
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],
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}
}21-12-2020 Sandrine BASTOGNE reappointed as statutory auditor
- Sandrine BASTOGNE, Commissaris
Technical details
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}
}09-01-2020 2 reappointed
- François BRAGHINI, Bestuurder
- Jérôme CLARINVAL, Bestuurder
Technical details
{
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"role": "bestuurder",
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}14-12-2018 1 director appointed, 1 resigning, 2 reappointed
- Ugo SETTI, Bestuurder
- alfred HACHEZ, Bestuurder
- Maria-Eva JAUREGUI, Bestuurder
- Patrick XHONNEUX, Bestuurder
Technical details
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"events": [
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"role": "bestuurder",
"person": {
"rrn": null,
"name": "Maria-Eva JAUREGUI",
"address": null,
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},
"evidence_quote": "Madame Maria-Eva JAUREGUI et Monsieur Patrick XHONNEUX sont r\u00E9\u00E9lus aux fonctions d\u0027Administrateur."
},
{
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},
{
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},
"evidence_quote": "L\u0027Assembl\u00E9e acte la d\u00E9mission de M. alfred HACHEZ"
},
{
"kind": "director_in",
"role": "bestuurder",
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},
"evidence_quote": "nomme M Ugo SETTI, domicili\u00E9 Avenue du Duc de Brabant 49, \u00E0 1300 Wavre, au poste d\u0027Administrateur."
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}23-11-2017 3 reappointed
- Pierre-Eugène JOIRIS, Bestuurder
- Alfred HACHEZ, Bestuurder
- Sandrine BASTOGNE, Commissaris
Technical details
{
"events": [
{
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"role": "bestuurder",
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"name": "Pierre-Eug\u00E8ne JOIRIS",
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},
"evidence_quote": "Messieurs Pierre-Eug\u00E8ne JOIRIS et Alfred HACHEZ sont r\u00E9\u00E9lus aux fonctions d\u0027Administrateur."
},
{
"kind": "director_renew",
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"person": {
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"name": "Alfred HACHEZ",
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},
"evidence_quote": "Messieurs Pierre-Eug\u00E8ne JOIRIS et Alfred HACHEZ sont r\u00E9\u00E9lus aux fonctions d\u0027Administrateur."
},
{
"kind": "commissaris_renew",
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"via_org": {
"kbo": null,
"name": "ScPrl NUMIBEL",
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},
"evidence_quote": "Le mandat de commissaire aux comptes de la ScPRL NUMIBEL, repr\u00E9sent\u00E9e par Madame Sandrine BASTOGNE, est reconduit pour une dur\u00E9e de trois ans, ses \u00E9moluements sont fix\u00E9s par I\u0027AG."
}
],
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}
}28-11-2016 1 director appointed, 2 reappointed
- Clarisse VAN TICHELEN, Bestuurder
- François BRAGHINI, Bestuurder
- Jérôme CLARINVAL, Bestuurder
Technical details
{
"events": [
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},
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},
{
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},
"evidence_quote": "Messieurs Fran\u00E7ois BRAGHINI et J\u00E9r\u00F4me CLARINVAL sont r\u00E9\u00E9lus aux fonctions d\u0027Administrateur."
},
{
"kind": "director_in",
"role": "bestuurder",
"person": {
"rrn": null,
"name": "Clarisse VAN TICHELEN",
"address": null,
"birth_date": null
},
"evidence_quote": "Mademoiselle Clarisse VAN TICHELEN, domicili\u00E9e avenue des H\u00EAtres 2,1340 \u041ETTIGNIES est \u00E9lue au poste d\u0027Administrateur."
}
],
"schema": "v3.2",
"act_meta": {
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},
"subject_company": {
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"name_full": "CENTRALE D\u0027IMPRESSION ET D\u0027ACHATS EN COOPERATIVE, EN ABREGE : CIACO",
"legal_form": "SCRL"
}
}28-12-2015 2 directors appointed, 1 reappointed
- Bernard MATHOT, Bestuurder
- Maria Eva JAUREGUI, Bestuurder
- Patrick XHONNEUX, Bestuurder
Technical details
{
"events": [
{
"kind": "director_renew",
"role": "bestuurder",
"person": {
"rrn": null,
"name": "Patrick XHONNEUX",
"address": null,
"birth_date": null
},
"evidence_quote": "Monsjeur Patrick XHONNEUX est r\u00E9\u00E9lu aux fonctions d\u0027Administrateur."
},
{
"kind": "director_in",
"role": "bestuurder",
"person": {
"rrn": null,
"name": "Bernard MATHOT",
"address": null,
"birth_date": null
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"evidence_quote": "Monsieur Bernard MATHOT, domicili\u00E9 rue Cour du Bia Bouquet 11 \u00E0 1348 LOUVAIN-LA-NEVE et Madame Maria Eva JAUREGUI, domicili\u00E9e rue des Harmonies 23 \u00E0 1348 LOUVAIN-LA-NEUVE, sont \u00E9lus au postes d\u0027Administrateurs."
},
{
"kind": "director_in",
"role": "bestuurder",
"person": {
"rrn": null,
"name": "Maria Eva JAUREGUI",
"address": null,
"birth_date": null
},
"evidence_quote": "Monsieur Bernard MATHOT, domicili\u00E9 rue Cour du Bia Bouquet 11 \u00E0 1348 LOUVAIN-LA-NEVE et Madame Maria Eva JAUREGUI, domicili\u00E9e rue des Harmonies 23 \u00E0 1348 LOUVAIN-LA-NEUVE, sont \u00E9lus au postes d\u0027Administrateurs."
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],
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"subject_company": {
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"legal_form": "SCRL"
}
}23-02-2015 1 director appointed, 2 reappointed
- Sandrire BASTOGNE, Commissaris
- Pierre-Eugène JOIRIS, Bestuurder
- Alfred HACHEZ, Bestuurder
Technical details
{
"events": [
{
"kind": "director_renew",
"role": "bestuurder",
"person": {
"rrn": null,
"name": "Pierre-Eug\u00E8ne JOIRIS",
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},
"evidence_quote": "Sont r\u00E9\u00E9lus aux fonctions d\u0027Administrateur: Messieurs Pierre-Eug\u00E8ne JOIRIS et Alfred HACHEZ."
},
{
"kind": "director_renew",
"role": "bestuurder",
"person": {
"rrn": null,
"name": "Alfred HACHEZ",
"address": null,
"birth_date": null
},
"evidence_quote": "Sont r\u00E9\u00E9lus aux fonctions d\u0027Administrateur: Messieurs Pierre-Eug\u00E8ne JOIRIS et Alfred HACHEZ."
},
{
"kind": "commissaris_in",
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"rrn": null,
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"address": null,
"birth_date": null
},
"via_org": {
"kbo": null,
"name": "NUMIBEL",
"address": null,
"country": null,
"legal_form": null
},
"evidence_quote": "Est nomm\u00E9e au poste de commissaire aux comptes, la ScPRL NUMIBEL, repr\u00E9sent\u00E9e par Madame Sandrire BASTOGNE, dont le si\u00E8ge social est situ\u00E9 rue Egide Van Ophem 40/c \u00E0 1180 Uccle."
}
],
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}
}30-12-2013 1 director appointed, 2 reappointed
- François BRAGHINI, Bestuurder
- Guy JOURQUIN, Bestuurder
- Jérôme CLARINVAL, Bestuurder
Technical details
{
"events": [
{
"kind": "director_renew",
"role": "bestuurder",
"person": {
"rrn": null,
"name": "Guy JOURQUIN",
"address": null,
"birth_date": null
},
"evidence_quote": "A l\u0027unanimit\u00E9 Messieurs Guy JOURQUIN et j\u00E9r\u00F4me CLARINVAL sont r\u00E9\u00E9lus aux fonctions d\u0027Administrateur."
},
{
"kind": "director_renew",
"role": "bestuurder",
"person": {
"rrn": null,
"name": "J\u00E9r\u00F4me CLARINVAL",
"address": null,
"birth_date": null
},
"evidence_quote": "A l\u0027unanimit\u00E9 Messieurs Guy JOURQUIN et j\u00E9r\u00F4me CLARINVAL sont r\u00E9\u00E9lus aux fonctions d\u0027Administrateur."
},
{
"kind": "director_in",
"role": "bestuurder",
"person": {
"rrn": null,
"name": "Fran\u00E7ois BRAGHINI",
"address": null,
"birth_date": null
},
"evidence_quote": "Monsieur Fran\u00E7ois BRAGHINI, domicili\u00E9 rue du Genistroit 35 \u00E0 4140 DOLEMBREUX, est \u00E9lu Administrateur."
}
],
"schema": "v3.2",
"act_meta": {
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"subject_company": {
"kbo": "0407.236.187",
"name_full": "CENTRALE D\u0027IMPRESSION ET D\u0027ACHATS EN COOPERATIVE, EN ABREGE : CIACO",
"legal_form": "SCRL"
}
}30-12-2013 Change in the board of directors
Technical details
{
"events": [],
"schema": "v3.2",
"act_meta": {
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"subject_company": {
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"name_full": "CENTRALE D\u0027IMPRESSION ET D\u0027ACHATS EN COOPERATIVE, EN ABREGE : CIACO",
"legal_form": "SCRL"
}
}25-07-2013 Articles of association amended
Technical details
{
"schema": "v3.2",
"act_meta": {
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},
"statute_change": {
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"seat_change": false,
"object_change": false,
"effective_date": "2013-07-25",
"legal_form_change": false
},
"bedrijfsrevisor": null,
"subject_company": {
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"name_full": "CENTRALE D\u0027IMPRESSION ET D\u0027ACHATS EN COOPERATIVE, EN ABREGE : CIACO",
"legal_form": "SCRL"
},
"signature_regime": "joint_two",
"special_mandates": [],
"governance_change": {
"admin_delegated_added": []
}
}23-03-2011 2 reappointed
- Guy JOURQUIN, Bestuurder
- Jérôme CLARINVAL, Bestuurder
Technical details
{
"events": [
{
"kind": "director_renew",
"role": "bestuurder",
"person": {
"rrn": null,
"name": "Guy JOURQUIN",
"address": null,
"birth_date": null
},
"evidence_quote": "Sont r\u00E9\u00E9lus aux fonctior\u0131s d\u0027administrateur; Messieurs Guy JOURQUIN et J\u00E9r\u00F4me CLARINVAL."
},
{
"kind": "director_renew",
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"person": {
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"name": "J\u00E9r\u00F4me CLARINVAL",
"address": null,
"birth_date": null
},
"evidence_quote": "Sont r\u00E9\u00E9lus aux fonctior\u0131s d\u0027administrateur; Messieurs Guy JOURQUIN et J\u00E9r\u00F4me CLARINVAL."
}
],
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"subject_company": {
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"name_full": "CENTRALE D\u0027IMPRESSION ET D\u0027ACHATS EN COOPERATIVE, EN ABREGE : CIACO",
"legal_form": "SCRL"
}
}| Legal nameFR | CIACO |
| AbbreviationFR | Ciaco |