CIPAL
ActiveSummary
For the legal form of CIPAL, Checked does not compute a bankruptcy probability. The 2025 annual accounts show equity of €16.2m and a net result of €441,362. Equity is growing by ~2.8% per year across the filed fiscal years. Its solvency ranks better than 39% of 184 sector peers (fiscal year 2025). The company has been active since 1979 and the Belgian State Gazette contains no insolvency or warning signals.
Checked score
Score 2025
Axes · tick = 2024
Profitability13▼-3
Solvency56▲+1
Growth52=
Track record100
Credit verdict
Credit up to €250,000 at 30 days only on tighter terms
Liquidity ample (current ratio 10.25 against 12.01 in 2024; short-term debt: 2.7% and cash: 9.6% of total assets), but 69.3% of the assets are financed with debt.
Credit check for your own amount and term
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Signals
1 signal. The signal on the left, the evidence on the right.
○neutral
neutral · Latest accounts filed on time
The financial year that closed on 31-12-2025 was due by 31-07-2026 and was filed on 15-07-2026, 16 days ahead of the deadline.
NBB · 5 filingsDeviation from the deadline
2025
16 d early
2024
17 d early
2023
14 d early
2022
20 d early
2021
19 d early
← before the deadline
after the deadline →
tick = median of all Belgian filingsring = median in the sector
This company filed its last 5 accounts on average 17 days before the deadline; the sector median for financial year 2024 is 10 days before the deadline, and 32% of the sector filed late.
Checked, nothing found (2)
neutral · The next deadline is still running
The next financial year closes on 31-12-2026 and is due by 31-07-2027. Nothing is late today. Usually files around 14 July (5 of the last 5 filed years within 30 days of that day).
Companies Code · seven monthsPosition in the running window
29-09-2026 today31-12-2026 close31-07-2027 deadline
History
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Financials · fiscal year 2025, full schema, statutory accounts
In the rankings
#1 oldest company in Geel, Telecoms and IT sector#2 company by equity in the province of Antwerp, Computing infrastructure and information services sector#2 company by total assets in Geel, Telecoms and IT sector
Turnover
€2.6m▼ 32.0%
2024 · €3.8m
EBIT margin
-80.8%▼ 42.0pp
2024 · -38.7%
Net result
€441,362▼ 77.7%
2024 · €2.0m
Working capital
€13.3m▼ 0.6%
2024 · €13.3m
Trend over the years
Click a name to add, emphasise or remove a line.Band: the middle half (P25 to P75) of NACE 63, Computing infrastructure, data processing, hosting and other information service activities, each year against the same schema; no band under 30 filings. Dashed line: the median.
Every figure with its change against the fiscal year before
favourable
unfavourable
Line20212022202320242025
Turnover€4.9m▼ 48.8%€5.0m▲ 2.9%€5.8m▲ 16.5%€3.8m▼ 35.5%€2.6m▼ 32.0%
Operating result-€1.3m▼ 298%-€16.7m▼ 1,202%-€663,271▲ 96.0%-€1.5m▼ 120%-€2.1m▼ 41.9%
Net result€823,191above the sector's middle half-€16.6mbelow the sector's middle half€656,031above the sector's middle half€2.0mabove the sector's middle half▲ 202%€441,362above the sector's middle half▼ 77.7%
EBIT margin-26.4%▼ 23.0pp-333.8%▼ 307.4pp-11.4%▲ 322.4pp-38.7%▼ 27.4pp-80.8%▼ 42.0pp
Equity€10.3mabove the sector's middle half▲ 8.7%€15.2mabove the sector's middle half▲ 46.7%€15.8mabove the sector's middle half▲ 4.3%€15.8mabove the sector's middle half▼ 0.3%€16.2mabove the sector's middle half▲ 2.8%
Total assets€34.8mabove the sector's middle half▲ 2.5%€55.4mabove the sector's middle half▲ 59.0%€55.4mabove the sector's middle half=€52.9mabove the sector's middle half▼ 4.5%€52.9mabove the sector's middle half=
Debt€8.5m▼ 10.2%€7.3m▼ 13.7%€6.9m▼ 5.7%€5.3m▼ 23.6%€4.8m▼ 8.4%
Working capital€12.1mabove the sector's middle half▲ 23.6%€11.9mabove the sector's middle half▼ 1.5%€11.9mabove the sector's middle half▼ 0.1%€13.3mabove the sector's middle half▲ 12.0%€13.3mabove the sector's middle half▼ 0.6%
Solvency29.7%within the sector's middle half▲ 1.7pp27.4%within the sector's middle half▼ 2.3pp28.6%within the sector's middle half▲ 1.2pp29.8%within the sector's middle half▲ 1.3pp30.7%within the sector's middle half▲ 0.8pp
Current ratio6.08above the sector's middle half▲ 1.467.29above the sector's middle half▲ 1.216.54above the sector's middle half▼ 0.7512.01above the sector's middle half▲ 5.4710.25above the sector's middle half▼ 1.76
Return on assets (ROA)2.4%within the sector's middle half▲ 2.5pp-30.0%below the sector's middle half▼ 32.4pp1.2%within the sector's middle half▲ 31.2pp3.7%within the sector's middle half▲ 2.6pp0.8%within the sector's middle half▼ 2.9pp
Staff (FTE)24.1within the sector's middle half▼ 4.0%23.8above the sector's middle half▼ 1.2%23within the sector's middle half▼ 3.4%23.2within the sector's middle half▲ 0.9%19.8within the sector's middle half▼ 14.7%
above
within
below
the middle half (P25 to P75) of NACE 63, Computing infrastructure, data processing, hosting and other information service activities, each year against the same schema; no band under 30 filings.
Why a figure moved sharply
- 2025 Net result -78% on 2024. Demerger to Cipal Schaubroeck, Official Gazette 03-09-2024, in the previous fiscal year; now counts for a full year for the first time.
- 2024 Net result +202% on 2023. Demerger to Cipal Schaubroeck, Official Gazette 03-09-2024.
Result per fiscal year
Operating resultNet result
The operating result stays negative: a loss of €2.1m in 2025 against €1.5m in 2024; the loss grows.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €52.9m
Fixed assets
€38.2m ▼ 0.4%
Current assets
€14.7m ▲ 1.0%
Equity and liabilities €52.9m
Equity
€16.2m ▲ 2.8%
Provisions
€31.9m =
Debt
€4.8m ▼ 8.4%
Debt's share of the balance-sheet total falls from 9.9% to 9.1%. Equity is higher and debt is lower.
Key figures and ratios
EBITDA
-€1.9m▼
2024 · -€1.3m
Cash flow
€653,825▼
2024 · €2.2m
Debt to equity
0.30▼
2024 · 0.33
ROE
2.7%▼
2024 · 12.6%
Interest coverage
-26.62▲
2024 · -61.33
Debt ≤ 1 year
€1.4m▲
2024 · €1.2m
Debt > 1 year
€2.8m▼
2024 · €3.2m
Income taxes
€2,365▼
2024 · €2,375
Staff costs
€3.8m▼
2024 · €4.1m
Green means a favourable move, even when the figure itself falls: as with debt or debt to equity.
Annual accounts
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Operating income70/76A | €7.7m | €7.6m | €8.1m | €5.8m | €3.8m | ▼ 34.3% |
| Turnover70 | €4.9m | €5.0m | €5.8m | €3.8m | €2.6m | ▼ 32.0% |
| Other operating income74 | €2.8m | €2.6m | €2.2m | €1.6m | €1.2m | ▼ 23.4% |
| Non-recurring operating income76A | - | - | €157,993 | €400,741 | - | - |
| Operating charges60/66A | €9.0m | €24.3m | €8.8m | €7.2m | €5.9m | ▼ 18.9% |
| Goods for resale, raw materials and consumables60 | €4.2m | €4.3m | €4.6m | €2.9m | €370,985 | ▼ 87.2% |
| Purchases600/8 | €4.2m | €4.3m | €4.6m | €2.9m | €370,985 | ▼ 87.2% |
| Services and other goods61 | €278,148 | €302,692 | €465,428 | €707,022 | €1.5m | ▲ 114% |
| Remuneration, social security and pensions62 | €3.2m | €2.5m | €3.7m | €4.1m | €3.8m | ▼ 6.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €205,775 | €205,775 | €222,923 | €205,387 | €212,463 | ▲ 3.4% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals)631/4 | - | €8,450 | -€5,574 | €114,724 | -€117,600 | ▼ 203% |
| Provisions for liabilities and charges: additions (uses and reversals)635/8 | €989,527 | €16.9m | -€222,088 | -€830,956 | -€14,237 | ▲ 98.3% |
| Other operating charges640/8 | €41,964 | €46,042 | €48,358 | €50,494 | €85,469 | ▲ 69.3% |
| Operating profit (loss)9901 | -€1.3m | -€16.7m | -€663,271 | -€1.5m | -€2.1m | ▼ 41.9% |
| Financial income75/76B | €2.1m | €106,867 | €1.4m | €3.5m | €2.6m | ▼ 25.9% |
| Recurring financial income75 | €185,757 | €98,576 | €1.4m | €1.5m | €2.6m | ▲ 76.7% |
| Income from financial fixed assets750 | €83,335 | €83,335 | €1.2m | €1.2m | €2.4m | ▲ 99.4% |
| Income from current assets751 | €100,068 | €14,901 | €169,725 | €256,236 | €178,215 | ▼ 30.4% |
| Other financial income752/9 | €2,354 | €340 | €0 | €6,908 | €13,748 | ▲ 99.0% |
| Non-recurring financial income76B | €2.0m | €8,291 | - | €2.0m | - | - |
| Financial charges65/66B | €27,599 | €25,901 | €30,433 | €51,594 | €74,586 | ▲ 44.6% |
| Recurring financial charges65 | €27,599 | €25,901 | €30,433 | €51,594 | €74,586 | ▲ 44.6% |
| Debt charges650 | €26,096 | €24,849 | €29,581 | €20,423 | €69,747 | ▲ 242% |
| Other financial charges652/9 | €1,503 | €1,052 | €853 | €31,171 | €4,839 | ▼ 84.5% |
| Profit (loss) for the period before taxes9903 | €824,362 | -€16.6m | €657,827 | €2.0m | €443,727 | ▼ 77.6% |
| Income taxes67/77 | €1,171 | €1,288 | €1,796 | €2,375 | €2,365 | ▼ 0.4% |
| Taxes670/3 | €1,355 | €1,288 | €1,808 | €2,375 | €2,365 | ▼ 0.4% |
| Tax adjustments and reversals of tax provisions77 | €184 | - | €12 | - | - | - |
| Profit (loss) for the period9904 | €823,191 | -€16.6m | €656,031 | €2.0m | €441,362 | ▼ 77.7% |
| Profit (loss) for the period to be appropriated9905 | €823,191 | -€16.6m | €656,031 | €2.0m | €441,362 | ▼ 77.7% |
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Assets | ||||||
| Total assets20/58 | €34.8m | €55.4m | €55.4m | €52.9m | €52.9m | = |
| Fixed assets21/28 | €20.4m | €41.6m | €41.4m | €38.4m | €38.2m | ▼ 0.4% |
| Intangible fixed assets21 | €3,202 | €2,038 | €776 | - | - | - |
| Tangible fixed assets22/27 | €5.8m | €5.5m | €5.3m | €5.1m | €5.0m | ▼ 3.3% |
| Land and buildings22 | €5.8m | €5.5m | €5.3m | €5.1m | €4.9m | ▼ 4.1% |
| Plant, machinery and equipment23 | - | - | - | - | €40,545 | - |
| Other tangible fixed assets26 | - | - | - | - | €1,671 | - |
| Financial fixed assets28 | €14.6m | €36.0m | €36.0m | €33.2m | €33.3m | = |
| Affiliated companies280/1 | €14.4m | €35.8m | €35.8m | €33.0m | €33.0m | = |
| Participating interests280 | €14.4m | €35.8m | €35.8m | €33.0m | €33.0m | = |
| Companies linked by participating interests282/3 | €181,956 | €181,956 | €181,956 | €181,956 | €181,956 | = |
| Participating interests282 | €181,956 | €181,956 | €181,956 | €181,956 | €181,956 | = |
| Other financial fixed assets284/8 | €46,599 | €31,570 | €31,570 | €30,850 | €40,270 | ▲ 30.5% |
| Amounts receivable and cash guarantees285/8 | €46,599 | €31,570 | €31,570 | €30,850 | €40,270 | ▲ 30.5% |
| Current assets29/58 | €14.5m | €13.8m | €14.1m | €14.6m | €14.7m | ▲ 1.0% |
| Amounts receivable after more than one year29 | €1.3m | €1.1m | €925,000 | €740,000 | €555,000 | ▼ 25.0% |
| Other amounts receivable291 | €1.3m | €1.1m | €925,000 | €740,000 | €555,000 | ▼ 25.0% |
| Amounts receivable within one year40/41 | €3.8m | €1.0m | €2.1m | €1.4m | €2.5m | ▲ 77.1% |
| Trade receivables40 | €874,806 | €842,655 | €1.6m | €671,100 | €1.0m | ▲ 54.9% |
| Other amounts receivable41 | €2.9m | €189,327 | €531,184 | €748,043 | €1.5m | ▲ 96.9% |
| Current investments50/53 | €5.3m | €5.3m | €4.5m | €2.5m | €6.5m | ▲ 160% |
| Other investments51/53 | €5.3m | €5.3m | €4.5m | €2.5m | €6.5m | ▲ 160% |
| Cash at bank and in hand54/58 | €4.2m | €6.4m | €6.5m | €9.9m | €5.1m | ▼ 48.8% |
| Deferred charges and accrued income490/1 | €23,288 | €33,422 | €52,126 | €4,432 | €69,494 | ▲ 1,468% |
| Equity and liabilities | ||||||
| Total equity and liabilities10/49 | €34.8m | €55.4m | €55.4m | €52.9m | €52.9m | = |
| Equity10/15 | €10.3m | €15.2m | €15.8m | €15.8m | €16.2m | ▲ 2.8% |
| Contributions10/11 | €1.0m | €1.1m | €1.1m | €1.1m | €1.1m | ▲ 0.6% |
| Capital10 | €1.0m | €1.1m | - | - | - | - |
| Issued capital100 | €1.0m | €1.1m | - | - | - | - |
| Revaluation surpluses12 | - | €21.4m | €21.4m | €19.4m | €19.4m | = |
| Reserves13 | €8.5m | €8.5m | €8.5m | €8.5m | €8.5m | = |
| Non-distributable reserves130/1 | €8.1m | €8.1m | €8.1m | €8.1m | €8.1m | = |
| Legal reserve130 | €103,900 | €103,900 | - | - | - | - |
| Reserves not available under the articles1311 | - | - | €106,313 | €106,313 | €106,900 | ▲ 0.6% |
| Other1319 | €8.0m | €8.0m | €8.0m | €8.0m | €8.0m | = |
| Distributable reserves133 | €379,655 | €379,655 | €379,655 | €379,655 | €379,655 | = |
| Profit (loss) carried forward14 | €817,391 | -€15.8m | -€15.2m | -€13.2m | -€12.8m | ▲ 3.3% |
| Provisions and deferred taxes16 | €16.0m | €32.9m | €32.7m | €31.9m | €31.9m | = |
| Provisions for liabilities and charges160/5 | €16.0m | €32.9m | €32.7m | €31.9m | €31.9m | = |
| Pensions and similar obligations160 | €15.4m | €32.3m | €31.9m | €31.0m | €31.5m | ▲ 1.4% |
| Other liabilities and charges164/5 | €660,522 | €660,522 | €855,522 | €855,522 | €404,803 | ▼ 52.7% |
| Amounts payable17/49 | €8.5m | €7.3m | €6.9m | €5.3m | €4.8m | ▼ 8.4% |
| Amounts payable after more than one year17 | €4.6m | €4.2m | €3.7m | €3.2m | €2.8m | ▼ 12.9% |
| Financial debts170/4 | €4.6m | €4.2m | €3.7m | €3.2m | €2.8m | ▼ 12.9% |
| Credit institutions173 | €3.5m | €3.3m | €3.0m | €2.7m | €2.5m | ▼ 8.7% |
| Other loans174 | €1.1m | €925,000 | €740,000 | €555,000 | €370,000 | ▼ 33.3% |
| Amounts payable within one year42/48 | €2.4m | €1.9m | €2.1m | €1.2m | €1.4m | ▲ 18.4% |
| Current portion of amounts payable after more than one year42 | €463,315 | €465,872 | €466,437 | €468,010 | €443,637 | ▼ 5.2% |
| Trade debts44 | €439,985 | €610,465 | €1.2m | €210,988 | €440,349 | ▲ 109% |
| Suppliers440/4 | €439,985 | €610,465 | €1.2m | €210,988 | €440,349 | ▲ 109% |
| Taxes, remuneration and social security45 | €1.5m | €819,688 | €463,845 | €532,762 | €547,093 | ▲ 2.7% |
| Taxes450/3 | €24,507 | €1,962 | €89,740 | €136,172 | €184,703 | ▲ 35.6% |
| Remuneration and social security454/9 | €1.5m | €817,726 | €374,105 | €396,591 | €362,390 | ▼ 8.6% |
| Other amounts payable47/48 | €460 | €444 | €204 | - | €3,375 | - |
| Accrued charges and deferred income492/3 | €1.4m | €1.2m | €1.0m | €798,765 | €555,000 | ▼ 30.5% |
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €823,191 | -€16.6m | €656,031 | €2.0m | €441,362 | ▼ 77.7% |
| + Depreciation and write-downs630 | €205,775 | €205,775 | €222,923 | €205,387 | €212,463 | ▲ 3.4% |
| Operating cash flow (approximation) | €1.0m | -€16.4m | €878,954 | €2.2m | €653,825 | ▼ 70.1% |
| Investment in fixed assets (approximation) | - | -€21.4m | €0 | €2.8m | -€54,976 | ▼ 102% |
| Change in cash | - | €2.2m | €55,883 | €3.4m | -€4.8m | ▼ 240% |
Simplified and derived: a Belgian filing has no cash-flow statement, so these rows come from the income statement and the balance-sheet moves.
Timeline · acts, filings and financial milestones
Next filing, fiscal year 2026, expected by
2026
23-09
State Gazette act
General meeting · Name change3 facts ▸
State Gazette act
General meeting · Name change
3 facts ▸
- General meeting, 25-06-2026
- Name change, C-smart
- Other statement, statutenwijziging advies en verzending, e-mail
15-07
NBB filing
Annual accounts filed
fiscal year 2025 · full schema
15-07
NBB filing
Annual accounts filed
fiscal year 2025 · consolidated
2025
14-07
NBB filing
Annual accounts filed
fiscal year 2024 · full schema
14-07
NBB filing
Annual accounts filed
fiscal year 2024 · consolidated
2024
31-12
Financial
Highest result since 2018net €2.0m ▲202%
Net result €2.0m, the highest in the series.
17-07
NBB filing
Annual accounts filed
fiscal year 2023 · full schema
17-07
NBB filing
Annual accounts filed
fiscal year 2023 · consolidated
2023
31-12
Financial
Back to profitnet €656,031
Net result €656,031 after one loss-making year.
11-07
NBB filing
Annual accounts filed
fiscal year 2022 · full schema
11-07
NBB filing
Annual accounts filed
fiscal year 2022 · consolidated
2022
31-12
Financial
Weakest financial yearnet -€16.6m
Net result drops to -€16.6m, the lowest in the series; recovery starts the following year.
Show earlier events
12-07
NBB filing
Annual accounts filed
fiscal year 2021 · full schema
12-07
NBB filing
Annual accounts filed
fiscal year 2021 · consolidated
2021
31-12
Financial
Back to profitnet €823,191
Net result €823,191 after 2 loss-making years.
31-12
Financial
Equity above €10mEq €10.3m ▲8.7%
Equity rises from €9.5m to €10.3m.
Financial milestoneState Gazette actNBB filingFinancial milestones sit on the fiscal year-end date, not the filing date.
1 of 32 acts read
About the unread acts
Of the 32 Belgian State Gazette acts we know for this company, 1 has been read. The other 31 have not been read yet: what they contain is neither established nor disproved here.
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Directors · office · real estate
Directors
32 acts for this company are in the Belgian State Gazette, of which we have read 1. We have therefore not extracted its directors from those acts yet.
Location & real-estate footprint
Registered office, Geel · 1 establishment unit since 1993
Ground area
9,123 m²
Building footprint
1,785 m²
Volume, LiDAR
19,791 m³
Parcel 13373K0054/00R000, Flanders · tallest building 14.2 m, ±4 floors. Linked by address, not a title deed.
12
companies at this address
See who is registered here
1 establishment unit
CIPAL DV
since 19932.163.685.661
1 parcel
Flanders
1
(100%)
| Parcel (capakey) | Region | Area | Buildings | Height / fl. |
|---|---|---|---|---|
| 13373K0054/00R000 | Flanders | 9,123 m² | 1 · 1,785 m² | 14.2 m · 4 fl. |
Linked by address, not proof of ownership
Good to know
1 of 1 parcel with an exact address match; the rest are indicative.
Linked through address data, this is not proof of ownership.
Articles of association
Statutes amendment
Artikel 1
Structure & network
Owners and holdings
1 owner · 4 holdingsOwners 1
- Sourceaccounts VLOTTER 20250.65%
Holdings 4
-
90%
- Sourceown accounts 202544.1%
- Sourceown accounts 2025Equity €10.4mResult €946,58420.47%
-
15%
According to the 2025 annual accounts of CIPAL and those of the other companies, the acts in the Belgian Gazette and the LEI register. The register of ultimate beneficial owners (UBO) is not public: who ultimately stands behind a natural person or a foreign parent is not stated here. A company that does not fill in these statements, or need not, is missing.
Connections & network
No current directors or connected companies found in the register.
Acquisitions and mergers
2 transactionsSplit off to:Cipal Schaubroeck
Split off to:CIPAL
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Identification & contact
Identification
Legal formDienstverlenende vereniging (Vlaams Gewest)
Founded13-02-1979
Fiscal year end31-12
Abbreviation NL
C.I.P.A.L.
Trade name NL
C-smart
Activities, NACEBEL 2025
62200Computer consultancy and computer facilities management
63100Computing infrastructure, data processing, hosting and related activities
E-invoicing
Reachable via Peppol
Peppol ID
0208:0219395192
Also
9925:BE0219395192
If you follow this company, Checked tells you the day it leaves the Peppol register.
Register as of 28 September 2026 · Peppol Directory
Scores and ratios are computed by Checked and are not a credit decision.