CIPAPI
ActiveCIPAPI has been active since 1999 and the Belgian State Gazette contains no insolvency or warning signals. The 2025 annual accounts show equity of €4.59M and a net result of €602k. Equity is growing by ~3.9% per year across the filed fiscal years. The computed 12-month bankruptcy probability is 1.2% (low).
Checked score
Score 2025
66
/ 100
Healthy
The score weighs solvency, liquidity, profitability and financial development. Bankruptcy probability contributes 35%. Every signal that weighs is under Signals.
Axes · tick = 2024
Profitability70▼-4
Solvency83▲+4
Growth49▼-1
Track record100
Bankruptcy probability, 12 months
1.2%
Low
0%0.5%1.5%4%10%≥ 25%
Credit up to €300k at 30 days acceptable
Liquidity ample (current ratio 2.67 against 2.91 in 2024; short-term debt: 35.2% and cash: 5.8% of total assets), and 42.2% of the assets are financed with debt.
Credit advice for your own amount and term
Signals
Nine signals. The signal on the left, the evidence on the right.
−lowers risk+raises risk○neutral
raises risk · Higher-failure-rate sector
In this sector companies fail more often than the Belgian average.
Gazette · bankruptcies per sector, NACE 56
Relative position
BE, all sectors
reference
Sector 56
higher
← fewer bankruptcies
more bankruptcies →
lowers risk · Long track record
A company with a long track record statistically fails less often than a young one.
KBO · incorporation dateAge against the risk zone
lowers risk · Annual accounts: healthy financial profile
The latest annual accounts show a healthy profile in solvency, result and liquidity.
NBB · annual accounts 2025Solvency, return and age of the figures
Solvency
57.8%
Return on assets
7.6%
Age of the figures
20 mo
neutral · Latest accounts filed on time
The financial year that closed on 31-01-2026 was due by 31-08-2026 and was filed on 17-08-2026, 14 days ahead of the deadline.
NBB · 10 filingsDeviation from the deadline
2026
14 d early
2025
60 d late
2024
2 d early
2023
20 d early
2022
5 d early
2021
12 d early
2020
11 d late
← before the deadline
after the deadline →
neutral · The next deadline is still running
The next financial year closes on 31-01-2027 and is due by 31-08-2027. Nothing is late today.
Companies Code · seven monthsPosition in the running window
22-09-2026 today31-01-2027 close31-08-2027 deadline
Financials · fiscal year 2025, full schema
Turnover
€13.89M▼ 1.5%
2024 · €14.10M
2019: €11.84M
2020: €11.90M
2021: €3.67M
2022: €7.06M
2023: €12.27M
2024: €14.10M
2019 → 2025
EBIT margin
6.2%▼ 0.4pp
2024 · 6.6%
2019: 14.5%
2020: 14.4%
2021: -25.1%
2022: -7.5%
2023: 4.6%
2024: 6.6%
2019 → 2025
Net result
€602k▼ 26.7%
2024 · €822k
2019: €1.18M
2020: €1.18M
2021: €-969k
2022: €-567k
2023: €220k
2024: €822k
2019 → 2025
Working capital
€4.66M▲ 6.0%
2024 · €4.39M
2019: €2.30M
2020: €3.42M
2021: €3.74M
2022: €4.30M
2023: €3.93M
2024: €4.39M
2019 → 2025
Multi-year overview
Every figure with its change against the year before
▲ rise
▼ fall
Line20212022202320242025Trend
Turnover€3.67M-€7.06M▲ 92.3%€12.27M▲ 73.8%€14.10M▲ 14.9%€13.89M▼ 1.5%
Equity€3.51M-€2.94M▼ 16.2%€3.16M▲ 7.5%€3.98M▲ 26.0%€4.59M▲ 15.1%
Operating result€-923k-€-530k▲ 42.5%€566k€934k▲ 65.0%€863k▼ 7.6%
Net result€-969k-€-567k▲ 41.5%€220k€822k▲ 273%€602k▼ 26.7%
Result per fiscal year
Operating resultNet result
The operating result falls in 2025; 2025 is 8% below 2024.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €7.94M
Fixed assets
€484k▼ 33.3%
Current assets
€7.45M▲ 11.3%
Equity and liabilities €7.94M
Equity
€4.59M▲ 15.1%
Debt
€3.35M▼ 2.5%
The debt ratio falls from 46.3% to 42.2%. Equity is higher and debt is lower.
Key figures and ratios
EBITDA
€1.19M▼
2024 · €1.33M
Cash flow
€928k▼
2024 · €1.21M
Solvency
57.8%▲
2024 · 53.7%
Current ratio
2.67▼
2024 · 2.91
Quick ratio
2.55▼
2024 · 2.66
Debt / equity
0.73▼
2024 · 0.86
ROE
13.1%▼
2024 · 20.6%
ROA
7.6%▼
2024 · 11.1%
Interest coverage
39.28▲
2024 · 30.17
Debt
€3.35M▼
2024 · €3.43M
Debt ≤ 1 year
€2.79M▲
2024 · €2.30M
Debt > 1 year
€556k▼
2024 · €1.14M
Income taxes
€226k▲
2024 · €97k
Staff costs
€2.57M▲
2024 · €2.53M
Green means a favourable move, even when the figure itself falls: as with debt or debt / equity.
Filed annual accounts
As filed with the NBB · 2025 against 2024
Balance sheet
Code20242025
Assets
Total assets20/58€7.42M€7.94M▲
Fixed assets21/28€726k€484k▼
Intangible fixed assets21€9k€6k▼
Tangible fixed assets22/27€705k€466k▼
Land and buildings22€246k€195k▼
Plant, machinery and equipment23€201k€164k▼
Furniture and vehicles24€182k€96k▼
Leasing and similar rights25€76k-
Other tangible fixed assets26€1k€11k▲
Financial fixed assets28€12k€12k=
Companies linked by participating interests282/3€11k€11k=
Participating interests282€11k€11k=
Other financial fixed assets284/8€2k€2k=
Amounts receivable and cash guarantees285/8€2k€2k=
Current assets29/58€6.69M€7.45M▲
Amounts receivable after more than one year29€1.24M€1.14M▼
Trade receivables290-€1.14M
Other amounts receivable291€1.24M-
Stocks and contracts in progress3€575k€339k▼
Stocks30/36€575k€339k▼
Goods purchased for resale34€575k€339k▼
Amounts receivable within one year40/41€4.69M€5.42M▲
Trade receivables40€3.76M€5.27M▲
Other amounts receivable41€938k€150k▼
Cash at bank and in hand54/58€112k€458k▲
Deferred charges and accrued income490/1€75k€100k▲
Equity and liabilities
Total equity and liabilities10/49€7.42M€7.94M▲
Equity10/15€3.98M€4.59M▲
Contributions10/11€181k€181k=
Capital10€181k€181k=
Issued capital100€181k€181k=
Reserves13€917k€917k=
Non-distributable reserves130/1€18k€18k=
Legal reserve130€18k€18k=
Tax-exempt reserves132€155k€155k=
Distributable reserves133€744k€744k=
Profit (loss) carried forward14€2.89M€3.49M▲
Amounts payable17/49€3.43M€3.35M▼
Amounts payable after more than one year17€1.14M€556k▼
Financial debts170/4€1.14M€556k▼
Subordinated loans170€444k€222k▼
Credit institutions173€692k€334k▼
Amounts payable within one year42/48€2.30M€2.79M▲
Current portion of amounts payable after more than one year42€655k€581k▼
Trade debts44€1.17M€1.78M▲
Suppliers440/4€1.17M€1.78M▲
Taxes, remuneration and social security45€470k€431k▼
Taxes450/3€15k€16k▲
Remuneration and social security454/9€455k€414k▼
Other amounts payable47/48€1k€3k▲
Income statement
Code20242025
Operating income70/76A€14.17M€13.96M▼
Turnover70€14.10M€13.89M▼
Other operating income74€67k€70k▲
Operating charges60/66A€13.24M€13.10M▼
Goods for resale, raw materials and consumables60€7.16M€7.28M▲
Purchases600/8€7.27M€7.04M▼
Change in stocks: decrease (increase)609€-102k€236k▲
Services and other goods61€3.19M€2.89M▼
Remuneration, social security and pensions62€2.53M€2.57M▲
Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630€393k€326k▼
Write-downs on stocks, contracts in progress and trade receivables: additions (reversals)631/4€-63k-
Other operating charges640/8€17k€22k▲
Non-recurring operating charges66A-€14k
Operating profit (loss)9901€934k€863k▼
Financial income75/76B€39k€3k▼
Recurring financial income75€39k€3k▼
Income from current assets751€37k€2k▼
Other financial income752/9€2k€1k▼
Financial charges65/66B€54k€37k▼
Recurring financial charges65€54k€37k▼
Debt charges650€44k€30k▼
Other financial charges652/9€10k€7k▼
Profit (loss) for the period before taxes9903€919k€828k▼
Income taxes67/77€97k€226k▲
Taxes670/3€97k€226k▲
Profit (loss) for the period9904€822k€602k▼
Profit (loss) for the period to be appropriated9905€822k€602k▼
Appropriation of the result
Profit (loss) to be appropriated9906€2.89M€3.49M▲
Profit (loss) brought forward from the previous period14P€2.06M€2.89M▲
Social balance
Average headcount (FTE)908754.750.0▼
The notes to these accounts (76 items: statements of assets and debts, cost breakdowns, rights and commitments) are not shown here.
Timeline · acts, filings and financial milestones
Next filing, fiscal year 2027, expected by
2026
17-08
NBB filing
Annual accounts filed
fiscal year 2026 · full schema
14-08
State Gazette act
Resignations & appointmentsGeneral meeting · Director resignation · Director appointment7 facts ▸
State Gazette act
Resignations & appointments
General meeting · Director resignation · Director appointment7 facts ▸
- General meeting, 28/07/2026
- Director resignation, Stanislas Monheim (représentant permanent)
- Director resignation, Luc Dossche (représentant permanent)
- Director resignation, Drinks, Food and Health (administrateur)
- Director appointment, Xavier Royaux (administrateur)
- Director reappointment, EXKI SA (administrateur)
- Director reappointment, Iris Belgium SRL (administrateur)
2025
30-10
NBB filing
Annual accounts filed
fiscal year 2025 · full schema · 60 days late
2024
29-08
NBB filing
Annual accounts filed
fiscal year 2024 · full schema
2023
11-08
NBB filing
Annual accounts filed
fiscal year 2023 · full schema
31-01
Financial
Back to profitnet €220k
Net result €220k after 2 loss-making years.
2022
26-08
NBB filing
Annual accounts filed
fiscal year 2022 · full schema
2021
19-08
NBB filing
Annual accounts filed
fiscal year 2021 · full schema
31-01
Financial
Weakest financial yearnet €-969k ▼182%
Net result drops to €-969k, the lowest in the series; recovery starts the following year.
2020
11-09
NBB filing
Annual accounts filed
fiscal year 2020 · full schema · 11 days late
31-01
Financial
Highest result since 2019net €1.18M ▲0.6%
Operating result €1.72M, net result €1.18M, both a record.
2019
16-08
NBB filing
Annual accounts filed
fiscal year 2019 · full schema
2018
21-09
NBB filing
Annual accounts filed
fiscal year 2018 · full schema · 21 days late
2017
15-09
NBB filing
Annual accounts filed
fiscal year 2017 · full schema · 15 days late
Financial milestoneState Gazette actNBB filingFinancial milestones sit on the fiscal year-end date, not the filing date.
Directors · office · real estate
Directors
under verification, no change since 2026
This board is reconstructed from a single act (26104210). A Gazette act generally publishes only CHANGES, not a full roll call, so directors unchanged since then may be missing here. The KBO register holds the complete list of function holders.
Xavier Royaux
CurrentDirector · since 08-12-2025
EXKI SA
CurrentDirector · since 24-10-2025 · Legal entity
Iris Belgium SRL
CurrentDirector · since 24-10-2025 · Legal entity
14-08-2026
Drinks, Food and Health: Resigned as Director
14-08-2026
Luc Dossche: Resigned as Représentant permanent
14-08-2026
Stanislas Monheim: Resigned as Représentant permanent
08-12-2025
Xavier Royaux: Appointed as Director
24-10-2025
EXKI SA: Mandate renewed as Director
24-10-2025
Iris Belgium SRL: Mandate renewed as Director
Location & real-estate footprint
Registered office, Nivelles · 2 establishment units since 1999
Cannot be placed on the map
This address could not be matched to a point in the Belgian address register (BOSA BEST). The address below comes straight from the Crossroads Bank.
Vieille Cour 761402 NivellesGround area
2.1 ha
Building footprint
1,700 m²
Volume, LiDAR
2,050 m³
2 parcels, Wallonia · tallest building 13.5 m, ±3 floors. Linked by address, not a title deed.
2 establishment units
Vieille Cour 76, 1402 Nivelles
since 19992.092.044.431
CIPAPI T.Edison
since 20202.302.054.973
2 parcels
Wallonia
2
(100%)
| Parcel (capakey) | Region | Area | Buildings | Height / fl. |
|---|---|---|---|---|
| 25099D0060/00G000 | Wallonia | 1.7 ha | 1 · 216 m² | 13.5 m · 3 fl. |
| 25099D0044/00V002 | Wallonia | 4,001 m² | 1 · 1,484 m² | - |
Linked by address, not proof of ownership
Methodology
via registered seat: 1 · via establishment units: 1
2 of 2 parcels with an exact address match; the rest are indicative.
Linked through address data, this is not proof of ownership.
Structure & network
Connections & network
1 connected companyLinked via shared directors
viaXavier Royaux · Personne déléguée à la gestion journalière
→
Recognitions · licences · registrations
Food safety, FASFC
2 sitesNivelles2.092.044.431
Nivelles2.302.054.973
Similar companies · same sector, comparable size
Gestion Loisirs
BE 0414.533.458
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CARESQUICK
BE 0877.650.159
Zaventem · Eq €4.39M
Witte Paard Events
BE 0755.541.017
Antwerpen · Eq €4.35M
SB CONSEIL
BE 0726.939.477
Liège · Eq €4.97M
PUUR
BE 0544.328.861
Halle · Eq €4.12M
Of 21,896 companies in sector 56112 we hold annual accounts for 9,785. 378 are within a factor 10 of this equity.See the whole sector
Company data · Crossroads Bank
Identification
Legal formPublic limited company
Founded28-07-1999
Fiscal year end31-01
Activities, NACEBEL
10130Manufacture of food products
15131
55302
56102Limited-service restaurants
56112Limited-service restaurants, excluding mobile food services
55522
56210Event catering
Sources
Crossroads Bank for EnterprisesNational Bank · 26 filingsAddress and cadastre registers
Data from official sources, last processed on 22-09-2026. Scores and ratios are computed by Checked and are not a credit decision.