CIPAL
ActiveFinancials · financial year 2025, full format
Annual accounts 2025 filed on 07-04-2026 PDF all 39 filings
2021 to 2025, 5 financial years 2018 to 2025, 7 financial years
The operating result for 2025 is a loss of €5.3m, after a profit of €211,434 in 2024. It is the lowest result since 2021.
Turnover is what the company sold, the result is what was left of it. A loss stands below the zero line.
Assets, equity and debt per financial year.
Above zero, the company can pay its short-term debts with what it holds in the short term.
The EBIT margin is the share of each euro of turnover left from operations. The return on assets is what the assets earn.
The higher the solvency, the better the company absorbs a setback.
A ratio above 1 means the short-term assets cover the short-term debts.
Average staff per financial year, in full-time equivalents (FTE).
Use the arrow keys on the chart for the figures per year.
The sector band is the middle half of the companies in Computer programming, consultancy and related activities (NACE 62). A quarter of them sit below it, a quarter above. Each year counts only accounts in the same format, and only where there are at least 30. The dashed line is the median. There is a sector band for net result, equity, total assets, working capital, solvency, current ratio, return on assets (ROA) and staff (FTE).
Staff
| Item | 31-12-2025 |
|---|---|
| Employees at the balance-sheet date | 1 |
| full-time | 1 |
| in full-time equivalents | 1 |
| Average over the year, in full-time equivalents | 0.3 |
| On a permanent contract | 1 |
| Joined | 1 |
| Left | 0 |
| Agency workers, average number | 0.1 |
Source: social balance sheet in the 2025 annual accounts
Securities and guarantees
| Item | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Pledge on the business | €2.5m | €2.5m | €2.5m | €2.5m | €2.6m |
Source: notes to the 2021 to 2025 annual accounts (statement of debts and off-balance-sheet rights and commitments)
Investments
| Item | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Tangible fixed assets | €365,777 | €237,664 | €196,059 | €371,058 | €183,457 |
| Financial fixed assets | €452,637 | €250,000 | €0 | €705,418 | €1.2m |
| Depreciation and write-downs of the year | €259,285 | €328,885 | €316,229 | €201,101 | €178,504 |
Source: notes to the 2021 to 2025 annual accounts (statement of fixed assets)
Auditor
| Item | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Fee for the audit | €9,600 | €9,000 | €9,000 | €9,600 | €9,880 |
Source: notes to the 2021 to 2025 annual accounts (relations with the auditor)
Comparable companies
These companies have the same main activity as CIPAL: computer programming (NACE 62100). They are comparable in size and age: total assets between €18m and €88m, founded between 1985 and 2006.
| Company | Founded | Total assets | Equity | Gross margin | Turnover | Net result | FTE | Financial year |
|---|---|---|---|---|---|---|---|---|
| CIPAL Geel | 1990 | €123.0m | €62.7m | - | €1.0m | €101.4m | 0.3 | 2025 |
| PAVELL Sint-Martens-Latem | 1985 | €85.1m | €80.1m | €0.2m | - | €0.4m | 0 | 2025 |
| LISAM CONNECT Ecaussinnes | 1988 | €24.3m | €14.9m | €2.4m | €1.9m | €1.7m | 1 | 2025 |
| i-Move Edegem | 2006 | €18.0m | €11.2m | €0.3m | €0.9m | €1.1m | 0 | 2025 |
| Monni Zaventem | 1996 | €25.7m | €20.4m | - | €2.8m | €7.2m | - | 2025 |
| Pyramid Machelen (Brab.) | 2000 | €88.3m | €20.2m | - | €6.1m | €4.5m | 9.2 | 2025 |
| IMAGE LINE Gent | 1994 | €71.1m | €30.5m | - | €46.7m | €30.4m | 5 | 2025 |
They were chosen from the 9,111 other active companies with that main activity and annual accounts from the past two years. All companies with this main activity
Companies with the same profile, two years later
Historical observationIn July 2024, 31,368 companies had the same profile as CIPAL has now. Two years later, 0.5% had gone bankrupt and 93.5% were still going.
- Micro
- 20 years or older
- solvency 30% or more
- a profit of 5% of the balance sheet or more
Another 0.1% stopped without a precise date, possibly only after those two years.
That fits the bankruptcy probability of CIPAL itself: 0.1% within 12 months.
Test of the method
The method was tested on the 497,446 companies of July 2024. Each company was given the bankruptcy share of the same profile a year earlier, in July 2023. The expectation was that 1.6% would go bankrupt within 24 months. In fact 1.7% went bankrupt.
| Group | Expected | Actual |
|---|---|---|
| 1 | 0.2% | 0.2% |
| 2 | 0.3% | 0.5% |
| 3 | 0.5% | 0.6% |
| 4 | 0.7% | 0.8% |
| 5 | 0.9% | 0.9% |
| 6 | 1.3% | 1.5% |
| 7 | 1.6% | 1.8% |
| 8 | 1.8% | 1.8% |
| 9 | 3.0% | 3.1% |
| 10 | 5.6% | 6.2% |
A company that went bankrupt had a higher expected share than one that kept going in 74.5% of comparisons. The level depends on the economy. In a year with more bankruptcies than the year before, the actual share is higher than the expected one.
This is an observation about 31,368 companies, not a prediction for CIPAL. The sector does not count, because the KBO no longer lists a sector for a company that has stopped. By sector, mostly the survivors would count, which would paint too rosy a picture.
| Line | 2018 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|
| Operating income70/76A | €22.7m | - | €9.8m | €8.5m | €8.7m | €5.1m | €1.8m | ▼ 65.7% |
| Turnover70 | €17.6m | €9.5m | €4.7m | €4.7m | €4.9m | €3.1m | €1.0m | ▼ 68.0% |
| Other operating income74 | €5.0m | - | €5.1m | €3.9m | €3.7m | €2.0m | €0.8m | ▼ 62.3% |
| Operating charges60/66A | €22.2m | - | €8.8m | €8.5m | €8.0m | €4.9m | €7.1m | ▲ 44.4% |
| Goods for resale, raw materials and consumables60 | €17.7m | - | €4.4m | €4.3m | €4.6m | €2.8m | €0.002m | ▼ 99.9% |
| Purchases600/8 | €17.7m | - | €4.4m | €4.3m | €4.6m | €2.8m | €0.002m | ▼ 99.9% |
| Services and other goods61 | €4.2m | - | €4.2m | €3.8m | €3.1m | €1.9m | €3.3m | ▲ 70.7% |
| Remuneration, social security and pensions62 | €0.06m | - | - | - | - | - | €0.06m | - |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €0.3m | €0.4m | €0.3m | €0.3m | €0.3m | €0.2m | €0.2m | ▼ 11.2% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals)631/4 | -€0.003m | - | €495 | -€0.006m | €0 | - | - | - |
| Provisions for liabilities and charges: additions (uses and reversals)635/8 | - | - | - | - | - | - | €3.5m | - |
| Other operating charges640/8 | €0.003m | - | €0.001m | €0.01m | €0.001m | €0.001m | €0.05m | ▲ 43× |
| Operating profit (loss)9901 | €0.4m | €0.8m | €1.0m | €0.04m | €0.7m | €0.2m | -€5.3m | - |
| Financial income75/76B | - | - | €0.001m | €0.02m | €0.09m | €0.1m | €106.8m | ▲ 870× |
| Recurring financial income75 | €0.5m | €0.04m | €0.001m | €0.008m | €0.09m | €0.1m | €1.4m | ▲ 12× |
| Income from financial fixed assets750 | €0.4m | - | €445 | €4 | €0 | - | - | - |
| Income from current assets751 | €0.02m | - | €0.001m | €0.005m | €0.09m | €0.1m | €1.4m | ▲ 12× |
| Other financial income752/9 | €0.04m | - | - | €0.003m | €95 | - | €0.003m | - |
| Non-recurring financial income76B | - | - | - | €0.009m | €0 | - | €105.4m | - |
| Financial charges65/66B | €0.5m | - | €0.1m | €0.02m | €0.01m | €0.01m | €0.02m | ▲ 32.4% |
| Recurring financial charges65 | €0.5m | €0.1m | €0.1m | €0.02m | €0.01m | €0.01m | €0.02m | ▲ 32.4% |
| Debt charges650 | €0.4m | €0.1m | €0.1m | €30 | €0 | - | - | - |
| Other financial charges652/9 | €0.02m | - | €0.02m | €0.02m | €0.01m | €0.01m | €0.02m | ▲ 32.4% |
| Profit (loss) for the period before taxes9903 | €0.4m | €0.7m | €0.8m | €0.04m | €0.7m | €0.3m | €101.4m | ▲ 314× |
| Income taxes67/77 | €0.006m | €0.2m | €0.2m | €0.008m | €0.2m | €0.08m | -€0.04m | - |
| Taxes670/3 | €0.007m | - | €0.2m | €0.008m | €0.2m | €0.08m | €30 | ▼ 100.0% |
| Tax adjustments and reversals of tax provisions77 | €0.001m | - | - | - | - | - | €0.04m | - |
| Profit (loss) for the period9904 | €0.4m | €0.5m | €0.6m | €0.03m | €0.5m | €0.2m | €101.4m | ▲ 424× |
| Transfer from tax-exempt reserves789 | - | - | - | - | - | €0.3m | - | - |
| Profit (loss) for the period to be appropriated9905 | €0.4m | €0.3m | €0.6m | €0.03m | €0.5m | €0.5m | €101.4m | ▲ 206× |
| Line | 2018 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|
| Assets | ||||||||
| Total assets20/58 | €19.7m | €22.9m | €21.1m | €20.9m | €21.8m | €19.4m | €123.0m | ▲ 536% |
| Fixed assets21/28 | - | €9.4m | €9.9m | €9.6m | €9.3m | €10.4m | €4.7m | ▼ 55.0% |
| Tangible fixed assets22/27 | €1.6m | €1.9m | €2.0m | €1.9m | €1.7m | €1.8m | €1.8m | ▲ 0.3% |
| Land and buildings22 | - | - | €0.5m | €0.4m | €0.4m | €0.3m | €0.3m | ▼ 12.4% |
| Plant, machinery and equipment23 | - | - | €0.4m | €0.3m | €0.01m | €0.006m | €0.004m | ▼ 31.9% |
| Furniture and vehicles24 | - | - | €0.03m | €0.02m | €0.03m | €0.02m | €0.01m | ▼ 22.4% |
| Other tangible fixed assets26 | - | - | €0.9m | €0.9m | €0.9m | €0.9m | €0.8m | ▼ 12.0% |
| Assets under construction and advance payments27 | - | - | €0.2m | €0.3m | €0.3m | €0.5m | €0.7m | ▲ 30.4% |
| Financial fixed assets28 | - | €7.5m | €7.9m | €7.7m | €7.7m | €8.5m | €2.8m | ▼ 66.8% |
| Companies linked by participating interests282/3 | - | - | €7.5m | €7.0m | €7.0m | €7.0m | €1.2m | ▼ 82.1% |
| Participating interests282 | - | - | €7.5m | €7.0m | €7.0m | €7.0m | €1.2m | ▼ 82.1% |
| Other financial fixed assets284/8 | - | - | €0.5m | €0.7m | €0.7m | €1.6m | €1.6m | ▲ 1.1% |
| Shares284 | - | - | €0.5m | €0.7m | €0.7m | €1.4m | €1.6m | ▲ 12.6% |
| Amounts receivable and cash guarantees285/8 | - | - | - | - | - | €0.2m | - | - |
| Current assets29/58 | €10.0m | €13.6m | €11.2m | €11.3m | €12.5m | €9.0m | €118.3m | ▲ 13× |
| Amounts receivable after more than one year29 | - | - | - | - | - | - | €20.5m | - |
| Trade receivables290 | - | - | - | - | - | - | €20.5m | - |
| Amounts receivable within one year40/41 | €3.4m | €1.4m | €1.0m | €0.7m | €2.0m | €0.4m | €0.7m | ▲ 69.4% |
| Trade receivables40 | €2.9m | - | €0.9m | €0.7m | €2.0m | €0.4m | €0.4m | ▲ 11.5% |
| Other amounts receivable41 | €0.6m | - | €0.1m | €0.02m | €0.002m | €0.06m | €0.3m | ▲ 449% |
| Current investments50/53 | €2.5m | €3.0m | €3.8m | €3.8m | €4.8m | €3.8m | €96.5m | ▲ 26× |
| Other investments51/53 | €2.5m | - | €3.8m | €3.8m | €4.8m | €3.8m | €96.5m | ▲ 26× |
| Cash at bank and in hand54/58 | €4.0m | €9.2m | €6.4m | €6.8m | €5.8m | €4.8m | €0.4m | ▼ 91.3% |
| Deferred charges and accrued income490/1 | €0.05m | - | €0.07m | €0.02m | €0.02m | €0.009m | €0.2m | ▲ 17× |
| Equity and liabilities | ||||||||
| Total equity and liabilities10/49 | €19.7m | €22.9m | €21.1m | €20.9m | €21.8m | €19.4m | €123.0m | ▲ 536% |
| Equity10/15 | €11.6m | €12.8m | €19.9m | €19.0m | €18.5m | €17.7m | €62.7m | ▲ 253% |
| Contributions10/11 | €8.5m | €8.5m | €15.0m | €15.0m | €15.0m | €15.0m | €15.0m | = |
| Capital10 | €8.5m | - | €15.0m | €15.0m | €15.0m | €15.0m | €15.0m | = |
| Issued capital100 | €8.5m | - | €15.0m | €15.0m | €15.0m | €15.0m | €15.0m | = |
| Reserves13 | €3.1m | €4.3m | €4.9m | €4.0m | €3.5m | €2.7m | €47.7m | ▲ 17× |
| Non-distributable reserves130/1 | - | - | €0.3m | €0.3m | €0.3m | €0.3m | €1.5m | ▲ 390% |
| Legal reserve130 | €0.2m | - | €0.3m | €0.3m | €0.3m | €0.3m | €1.5m | ▲ 390% |
| Tax-exempt reserves132 | - | - | €0.3m | €0.3m | €0.3m | - | - | - |
| Distributable reserves133 | €2.9m | - | €4.4m | €3.4m | €3.0m | €2.4m | €46.2m | ▲ 19× |
| Provisions and deferred taxes16 | - | - | - | - | - | - | €3.5m | - |
| Provisions for liabilities and charges160/5 | - | - | - | - | - | - | €3.5m | - |
| Other liabilities and charges164/5 | - | - | - | - | - | - | €3.5m | - |
| Amounts payable17/49 | €8.1m | €10.1m | €1.2m | €1.9m | €3.3m | €1.6m | €56.8m | ▲ 35× |
| Amounts payable after more than one year17 | €6.5m | €6.5m | - | - | - | - | - | - |
| Financial debts170/4 | €6.5m | - | - | - | - | - | - | - |
| Subordinated loans170 | €6.5m | - | - | - | - | - | - | - |
| Amounts payable within one year42/48 | - | €3.6m | €1.2m | €1.9m | €3.3m | €1.6m | €56.7m | ▲ 35× |
| Trade debts44 | €1.5m | €1.0m | €1.0m | €0.9m | €2.1m | €0.3m | €0.2m | ▼ 44.4% |
| Suppliers440/4 | €1.5m | - | €1.0m | €0.9m | €2.1m | €0.3m | €0.2m | ▼ 44.4% |
| Taxes, remuneration and social security45 | €0.004m | - | €0.2m | €0.009m | €0.2m | €0.2m | €0.008m | ▼ 96.8% |
| Taxes450/3 | €0.004m | - | €0.2m | €0.008m | €0.2m | €0.2m | - | - |
| Remuneration and social security454/9 | - | - | - | €0.001m | €0 | - | €0.008m | - |
| Other amounts payable47/48 | €0.001m | - | €0.04m | €1.0m | €1.0m | €1.0m | €56.5m | ▲ 54× |
| Accrued charges and deferred income492/3 | €0.06m | - | - | - | - | - | €0.04m | - |
| Line | 2018 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €0.4m | €0.5m | €0.6m | €0.03m | €0.5m | €0.2m | €101.4m | ▲ 424× |
| + Depreciation and write-downs630 | €0.3m | €0.4m | €0.3m | €0.3m | €0.3m | €0.2m | €0.2m | ▼ 11.2% |
| Operating cash flow (approximation) | €0.7m | €0.9m | €0.9m | €0.4m | €0.9m | €0.4m | €101.6m | ▲ 231× |
| Investment in fixed assets (approximation) | - | - | -€0.8m | €0.01m | -€0.08m | -€1.2m | €5.5m | - |
| Change in cash | - | - | -€2.8m | €0.5m | -€1.1m | -€1.0m | -€4.4m | ▼ 345% |
A Belgian filing has no cash-flow statement. These rows are therefore an approximation, derived from the income statement and the balance-sheet moves.
Latest 10 of 39 filings with the National Bank
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-12-2025 | full format | 07-04-2026 | 2026-00073357 | |
| 31-12-2024 | full format | 14-07-2025 | 2025-00272752 | |
| 31-12-2023 | full format | 05-07-2024 | 2024-00223203 | |
| 31-12-2022 | full format | 01-08-2023 | 2023-00308830 | |
| 31-12-2021 | full format | 12-07-2022 | 2022-20175307 | |
| 31-12-2020 | full format | 09-07-2021 | 2021-34400105 | |
| 31-12-2019 | full format | 24-07-2020 | 2020-36000482 | |
| 31-12-2018 | full format | 16-07-2019 | 2019-33600292 | |
| 31-12-2017 | full format | 09-07-2018 | 2018-31700264 | |
| 31-12-2016 | full format | 05-07-2017 | 2017-28900009 |