VALIPAT
ActiveSummary
VALIPAT has been active since 2008 and the Belgian State Gazette contains no insolvency or warning signals. The 2025 annual accounts show equity of €9.91M and a net result of €7.53M. Equity is shrinking by ~5.2% per year across the filed fiscal years. Its solvency ranks better than 44% of 928 sector peers (fiscal year 2025). The computed 12-month bankruptcy probability is 0.4% (very low).
Checked score
Score 2025
Axes · tick = 2024
Profitability100=
Solvency63▼-6
Growth42=
Track record100
Bankruptcy probability, 12 months
0.4%
Very low
0%0.5%1.5%4%10%≥ 25%
Credit up to €750k at 30 days acceptable
Liquidity ample (current ratio 5.98 against 5.7 in 2024; short-term debt: 15% and cash: 16.1% of total assets), but 61.8% of the assets are financed with debt.
Credit check for your own amount and term
Signals
Five signals. The signal on the left, the evidence on the right.
−lowers risk+raises risk○neutral
lowers risk · Lower-failure-rate sector
In this sector companies fail less often than the Belgian average.
Gazette · bankruptcies per sector, NACE 82
Relative position
BE, all sectors
reference
Office administrative, office support and other business support activities (NACE 82)
about 37% fewer bankruptcies
← fewer bankruptcies
more bankruptcies →
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
38.2%
Return on assets
29%
Age of the figures
9 mo
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
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 15-05-2026, 77 days ahead of the deadline.
NBB · 6 filingsDeviation from the deadline
2025
77 d early
2024
50 d early
2023
5 d early
2022
19 d early
2021
4 d late
2020
31 d early
← before the deadline
after the deadline →
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.
Companies Code · seven monthsPosition in the running window
25-09-2026 today31-12-2026 close31-07-2027 deadline
Financials · fiscal year 2025, full schema, statutory accounts
Turnover
€31.35M▼ 9.7%
2024 · €34.70M
2018: €52.13Mhighest in 8 years
2019: €47.54M▼ -8.8% vs 2018
2020: €49.55M▲ +4.2% vs 2019
2021: €50.18M▲ +1.3% vs 2020
2022: €38.51M▼ -23.3% vs 2021
2023: €34.88M▼ -9.4% vs 2022
2024: €34.70M▼ -0.5% vs 2023
2025: €31.35M▼ -9.7% vs 2024lowest in 8 years
2018 → 2025
EBIT margin
29.7%▼ 7.7pp
2024 · 37.4%
2018: 12.2%
2019: -4.3%▼ -135% vs 2018lowest in 8 years
2020: 12.3%▲ +385% vs 2019
2021: 13.4%▲ +8.6% vs 2020
2022: 24.9%▲ +86.2% vs 2021
2023: 44.8%▲ +79.6% vs 2022highest in 8 years
2024: 37.4%▼ -16.5% vs 2023
2025: 29.7%▼ -20.6% vs 2024
2018 → 2025
Net result
€7.53M▼ 35.8%
2024 · €11.73M
2018: €5.03M
2019: €-1.47M▼ -129% vs 2018lowest in 8 years
2020: €5.68M▲ +486% vs 2019
2021: €6.68M▲ +17.6% vs 2020
2022: €8.45M▲ +26.5% vs 2021
2023: €32.67M▲ +287% vs 2022highest in 8 years
2024: €11.73M▼ -64.1% vs 2023
2025: €7.53M▼ -35.8% vs 2024
2018 → 2025
Working capital
€19.43M▼ 17.0%
2024 · €23.41M
2018: €5.96Mlowest in 8 years
2019: €16.20M▲ +172% vs 2018
2020: €22.64M▲ +39.8% vs 2019
2021: €32.54M▲ +43.8% vs 2020
2022: €42.86M▲ +31.7% vs 2021highest in 8 years
2023: €18.02M▼ -57.9% vs 2022
2024: €23.41M▲ +29.9% vs 2023
2025: €19.43M▼ -17.0% vs 2024
2018 → 2025
Trend over the years
Multi-year overview
Every figure with its change against the year before
▲ rise
▼ fall
Line20212022202320242025Trend
Turnover€50.18M-€38.51M▼ 23.3%€34.88M▼ 9.4%€34.70M▼ 0.5%€31.35M▼ 9.7%
2021: €50.18Mhighest in 5 years
2022: €38.51M▼ -23.3% vs 2021
2023: €34.88M▼ -9.4% vs 2022
2024: €34.70M▼ -0.5% vs 2023
2025: €31.35M▼ -9.7% vs 2024lowest in 5 years
Equity€26.58M-€35.03M▲ 31.8%€2.38M▼ 93.2%€14.11M▲ 492%€9.91M▼ 29.8%
2021: €26.58M
2022: €35.03M▲ +31.8% vs 2021highest in 5 years
2023: €2.38M▼ -93.2% vs 2022lowest in 5 years
2024: €14.11M▲ +492% vs 2023
2025: €9.91M▼ -29.8% vs 2024
Operating result€6.72M-€9.60M▲ 42.9%€15.62M▲ 62.7%€12.98M▼ 16.9%€9.31M▼ 28.3%
2021: €6.72Mlowest in 5 years
2022: €9.60M▲ +42.9% vs 2021
2023: €15.62M▲ +62.7% vs 2022highest in 5 years
2024: €12.98M▼ -16.9% vs 2023
2025: €9.31M▼ -28.3% vs 2024
Net result€6.68M-€8.45M▲ 26.5%€32.67M▲ 287%€11.73M▼ 64.1%€7.53M▼ 35.8%
2021: €6.68Mlowest in 5 years
2022: €8.45M▲ +26.5% vs 2021
2023: €32.67M▲ +287% vs 2022highest in 5 years
2024: €11.73M▼ -64.1% vs 2023
2025: €7.53M▼ -35.8% vs 2024
Result per fiscal year
Operating resultNet result
The operating result has fallen two years in a row; 2025 is 28% below 2024.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €25.93M
Fixed assets
€2.60M ▼ 26.9%
Current assets
€23.33M ▼ 17.9%
Equity and liabilities €25.93M
Equity
€9.91M ▼ 29.8%
Debt
€16.01M ▼ 10.3%
Debt's share of the balance-sheet total rises from 55.8% to 61.8%. Equity and debt are lower.
Key figures and ratios
EBITDA
€10.48M▼
2024 · €13.92M
Cash flow
€8.69M▼
2024 · €12.66M
Current ratio
5.98▲
2024 · 5.70
Debt to equity
1.62▲
2024 · 1.26
ROE
76.0%▼
2024 · 83.1%
ROA
29.0%▼
2024 · 36.7%
Interest coverage
5264206.64▲
2024 · 70047.86
Debt ≤ 1 year
€3.90M▼
2024 · €4.99M
Income taxes
€1.79M▼
2024 · €2.00M
Staff costs
€651k▼
2024 · €858k
Green means a favourable move, even when the figure itself falls: as with debt or debt to equity.
Filed annual accounts As filed with the NBB · 2025 against 2024 · 65 lines
Balance sheet
Code20242025
Assets
Total assets20/58€31.95M€25.93M▼
Fixed assets21/28€3.55M€2.60M▼
Intangible fixed assets21€3.54M€2.58M▼
Tangible fixed assets22/27-€4k
Furniture and vehicles24-€4k
Financial fixed assets28€8k€9k▲
Other financial fixed assets284/8€8k€9k▲
Amounts receivable and cash guarantees285/8€8k€9k▲
Current assets29/58€28.40M€23.33M▼
Amounts receivable within one year40/41€21.63M€18.57M▼
Trade receivables40€5.58M€7.75M▲
Other amounts receivable41€16.04M€10.82M▼
Current investments50/53€249k€249k=
Own shares50€249k€249k=
Cash at bank and in hand54/58€6.19M€4.18M▼
Deferred charges and accrued income490/1€337k€326k▼
Equity and liabilities
Total equity and liabilities10/49€31.95M€25.93M▼
Equity10/15€14.11M€9.91M▼
Contributions10/11€2.07M€2.07M=
Reserves13€309k€309k=
Non-distributable reserves130/1€309k€309k=
Own shares acquired1312€309k€309k=
Profit (loss) carried forward14€11.73M€7.53M▼
Amounts payable17/49€17.84M€16.01M▼
Amounts payable within one year42/48€4.99M€3.90M▼
Trade debts44€4.75M€3.81M▼
Suppliers440/4€4.75M€3.81M▼
Taxes, remuneration and social security45€239k€90k▼
Taxes450/3€9k-
Remuneration and social security454/9€229k€90k▼
Accrued charges and deferred income492/3€12.86M€12.11M▼
Income statement
Code20242025
Operating income70/76A€34.89M€31.58M▼
Turnover70€34.70M€31.35M▼
Other operating income74€97k€229k▲
Non-recurring operating income76A€93k-
Operating charges60/66A€21.91M€22.27M▲
Goods for resale, raw materials and consumables60€16.07M€15.38M▼
Purchases600/8€16.07M€15.38M▼
Services and other goods61€3.98M€5.24M▲
Remuneration, social security and pensions62€858k€651k▼
Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630€934k€1.16M▲
Write-downs on stocks, contracts in progress and trade receivables: additions (reversals)631/4€48k€-169k▼
Other operating charges640/8€18k€120▼
Non-recurring operating charges66A€8k-
Operating profit (loss)9901€12.98M€9.31M▼
Financial income75/76B€876k€867k▼
Recurring financial income75€876k€867k▼
Income from financial fixed assets750-€513k
Income from current assets751€399k€248k▼
Other financial income752/9€477k€106k▼
Financial charges65/66B€134k€862k▲
Recurring financial charges65€134k€862k▲
Debt charges650€199€2▼
Other financial charges652/9€133k€862k▲
Profit (loss) for the period before taxes9903€13.73M€9.32M▼
Income taxes67/77€2.00M€1.79M▼
Taxes670/3€2.77M€1.79M▼
Tax adjustments and reversals of tax provisions77€774k-
Profit (loss) for the period9904€11.73M€7.53M▼
Profit (loss) for the period to be appropriated9905€11.73M€7.53M▼
Appropriation of the result
Profit (loss) to be appropriated9906€11.73M€19.26M▲
Profit (loss) brought forward from the previous period14P-€11.73M
Profit to be distributed694/7-€11.73M
Return on contributions (dividend)694-€11.73M
Social balance
Average headcount (FTE)90877.05.8▼
The notes to these accounts (45 items: statements of assets and debts, cost breakdowns, rights and commitments) are not shown here.
Accounts by statement
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Operating income70/76A | €50.51M | €38.83M | €38.99M | €34.89M | €31.58M | ▼ 9.5% |
| Turnover70 | €50.18M | €38.51M | €34.88M | €34.70M | €31.35M | ▼ 9.7% |
| Own construction capitalised72 | €251k | €132k | - | - | - | - |
| Other operating income74 | €30k | €18k | €69k | €97k | €229k | ▲ 137% |
| Non-recurring operating income76A | €58k | €170k | €4.04M | €93k | - | - |
| Operating charges60/66A | €43.79M | €29.23M | €23.37M | €21.91M | €22.27M | ▲ 1.6% |
| Goods for resale, raw materials and consumables60 | €30.15M | €21.69M | €18.64M | €16.07M | €15.38M | ▼ 4.3% |
| Purchases600/8 | €30.15M | €21.69M | €18.64M | €16.07M | €15.38M | ▼ 4.3% |
| Services and other goods61 | €4.08M | €2.60M | €2.17M | €3.98M | €5.24M | ▲ 31.9% |
| Remuneration, social security and pensions62 | €7.57M | €2.41M | €1.22M | €858k | €651k | ▼ 24.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €1.89M | €1.23M | €786k | €934k | €1.16M | ▲ 24.6% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals)631/4 | €48k | €442k | €76k | €48k | €-169k | ▼ 455% |
| Other operating charges640/8 | €53k | €69k | €90 | €18k | €120 | ▼ 99.3% |
| Non-recurring operating charges66A | - | €782k | €466k | €8k | - | - |
| Operating profit (loss)9901 | €6.72M | €9.60M | €15.62M | €12.98M | €9.31M | ▼ 28.3% |
| Financial income75/76B | €1.58M | €1.55M | €21.87M | €876k | €867k | ▼ 1.0% |
| Recurring financial income75 | €1.58M | €1.55M | €2.30M | €876k | €867k | ▼ 1.0% |
| Income from financial fixed assets750 | €111k | €1.00M | - | - | €513k | - |
| Income from current assets751 | €258k | - | €2.30M | €399k | €248k | ▼ 37.8% |
| Other financial income752/9 | €1.21M | €543k | - | €477k | €106k | ▼ 77.8% |
| Non-recurring financial income76B | - | - | €19.57M | - | - | - |
| Financial charges65/66B | €591k | €949k | €114k | €134k | €862k | ▲ 544% |
| Recurring financial charges65 | €591k | €949k | €114k | €134k | €862k | ▲ 544% |
| Debt charges650 | €29k | €112k | €577 | €199 | €2 | ▼ 99.0% |
| Other financial charges652/9 | €562k | €837k | €114k | €133k | €862k | ▲ 545% |
| Profit (loss) for the period before taxes9903 | €7.71M | €10.20M | €37.38M | €13.73M | €9.32M | ▼ 32.1% |
| Income taxes67/77 | €1.03M | €1.75M | €4.71M | €2.00M | €1.79M | ▼ 10.6% |
| Taxes670/3 | €1.33M | €1.75M | €4.71M | €2.77M | €1.79M | ▼ 35.5% |
| Tax adjustments and reversals of tax provisions77 | €296k | - | - | €774k | - | - |
| Profit (loss) for the period9904 | €6.68M | €8.45M | €32.67M | €11.73M | €7.53M | ▼ 35.8% |
| Profit (loss) for the period to be appropriated9905 | €6.68M | €8.45M | €32.67M | €11.73M | €7.53M | ▼ 35.8% |
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Assets | ||||||
| Total assets20/58 | €52.50M | €56.73M | €24.18M | €31.95M | €25.93M | ▼ 18.9% |
| Fixed assets21/28 | €8.91M | €7.94M | €966k | €3.55M | €2.60M | ▼ 26.9% |
| Intangible fixed assets21 | €2.48M | €1.31M | €911k | €3.54M | €2.58M | ▼ 27.1% |
| Tangible fixed assets22/27 | €39k | €245k | €17k | - | €4k | - |
| Furniture and vehicles24 | €9k | - | - | - | €4k | - |
| Leasing and similar rights25 | €30k | - | - | - | - | - |
| Assets under construction and advance payments27 | - | €245k | €17k | - | - | - |
| Financial fixed assets28 | €6.39M | €6.39M | €37k | €8k | €9k | ▲ 10.0% |
| Affiliated companies280/1 | €6.36M | €6.36M | €7k | - | - | - |
| Participating interests280 | €6.36M | €6.36M | €7k | - | - | - |
| Other financial fixed assets284/8 | €30k | €30k | €30k | €8k | €9k | ▲ 10.0% |
| Amounts receivable and cash guarantees285/8 | €30k | €30k | €30k | €8k | €9k | ▲ 10.0% |
| Current assets29/58 | €43.59M | €48.78M | €23.21M | €28.40M | €23.33M | ▼ 17.9% |
| Amounts receivable after more than one year29 | €7.04M | €381k | - | - | - | - |
| Other amounts receivable291 | €7.04M | €381k | - | - | - | - |
| Amounts receivable within one year40/41 | €24.58M | €41.07M | €12.24M | €21.63M | €18.57M | ▼ 14.1% |
| Trade receivables40 | €13.51M | €7.69M | €8.34M | €5.58M | €7.75M | ▲ 38.7% |
| Other amounts receivable41 | €11.06M | €33.38M | €3.90M | €16.04M | €10.82M | ▼ 32.5% |
| Current investments50/53 | - | - | €249k | €249k | €249k | = |
| Own shares50 | - | - | €249k | €249k | €249k | = |
| Cash at bank and in hand54/58 | €11.97M | €7.29M | €10.66M | €6.19M | €4.18M | ▼ 32.4% |
| Deferred charges and accrued income490/1 | - | €34k | €63k | €337k | €326k | ▼ 3.4% |
| Equity and liabilities | ||||||
| Total equity and liabilities10/49 | €52.50M | €56.73M | €24.18M | €31.95M | €25.93M | ▼ 18.9% |
| Equity10/15 | €26.58M | €35.03M | €2.38M | €14.11M | €9.91M | ▼ 29.8% |
| Contributions10/11 | €5.01M | €5.01M | €2.07M | €2.07M | €2.07M | = |
| Reserves13 | €525k | €525k | €309k | €309k | €309k | = |
| Non-distributable reserves130/1 | €525k | €58k | €309k | €309k | €309k | = |
| Reserves not available under the articles1311 | €466k | - | - | - | - | - |
| Own shares acquired1312 | €58k | €58k | €309k | €309k | €309k | = |
| Distributable reserves133 | - | €466k | - | - | - | - |
| Profit (loss) carried forward14 | €21.04M | €29.49M | - | €11.73M | €7.53M | ▼ 35.8% |
| Amounts payable17/49 | €25.93M | €21.70M | €21.79M | €17.84M | €16.01M | ▼ 10.3% |
| Amounts payable after more than one year17 | €8k | €8k | - | - | - | - |
| Financial debts170/4 | €8k | €8k | - | - | - | - |
| Leasing and similar obligations172 | €8k | €8k | - | - | - | - |
| Amounts payable within one year42/48 | €11.05M | €5.92M | €5.19M | €4.99M | €3.90M | ▼ 21.8% |
| Current portion of amounts payable after more than one year42 | €24k | €4k | - | - | - | - |
| Trade debts44 | €9.42M | €5.78M | €4.94M | €4.75M | €3.81M | ▼ 19.7% |
| Suppliers440/4 | €9.42M | €5.78M | €4.94M | €4.75M | €3.81M | ▼ 19.7% |
| Taxes, remuneration and social security45 | €1.29M | €142k | €245k | €239k | €90k | ▼ 62.4% |
| Taxes450/3 | €329k | - | €46k | €9k | - | - |
| Remuneration and social security454/9 | €961k | €142k | €199k | €229k | €90k | ▼ 60.9% |
| Other amounts payable47/48 | €321k | - | - | - | - | - |
| Accrued charges and deferred income492/3 | €14.87M | €15.77M | €16.61M | €12.86M | €12.11M | ▼ 5.8% |
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €6.68M | €8.45M | €32.67M | €11.73M | €7.53M | ▼ 35.8% |
| + Depreciation and write-downs630 | €1.89M | €1.23M | €786k | €934k | €1.16M | ▲ 24.6% |
| Operating cash flow (approximation) | €8.57M | €9.69M | €33.46M | €12.66M | €8.69M | ▼ 31.3% |
| Investment in fixed assets (approximation) | - | €-266k | €6.19M | €-3.52M | €-209k | ▲ 94.1% |
| Change in cash | - | €-4.68M | €3.36M | €-4.47M | €-2.00M | ▲ 55.1% |
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
15-05
NBB filing
Annual accounts filed
fiscal year 2025 · full schema
2025
11-06
NBB filing
Annual accounts filed
fiscal year 2024 · full schema
2024
31-12
Financial
Equity above €10MEq €14.11M ▲492%
5 profitable years in a row build equity to €14.11M.
29-07
NBB filing
Annual accounts filed
fiscal year 2023 · full schema
26-07
NBB filing
Annual accounts filed
fiscal year 2023 · consolidated
2023
31-12
Financial
Highest result since 2018net €32.67M ▲287%
Operating result €15.62M, net result €32.67M, both a record.
19-07
NBB filing
Annual accounts filed
fiscal year 2022 · consolidated
12-07
NBB filing
Annual accounts filed
fiscal year 2022 · full schema
2022
31-12
Financial
Liquidity doublescurrent ratio 8.24
Current ratio from 3.94 to 8.24; short-term debt falls from €11.05M to €5.92M.
21-12
NBB filing
Annual accounts filed
fiscal year 2021 · consolidated · 4 days late
04-08
NBB filing
Annual accounts filed
fiscal year 2021 · full schema · 4 days late
2021
31-12
Financial
Equity above €25MEq €26.58M ▲33.6%
2 profitable years in a row build equity to €26.58M.
Show earlier events
22-09
NBB filing
Annual accounts filed
fiscal year 2020 · consolidated
30-06
NBB filing
Annual accounts filed
fiscal year 2020 · unclassified schema
2020
31-12
Financial
Back to profitnet €5.68M
Net result €5.68M after one loss-making year.
2019
31-12
Financial
Weakest financial yearnet €-1.47M
Net result drops to €-1.47M, the lowest in the series; recovery starts the following year.
Financial milestoneNBB filingFinancial milestones sit on the fiscal year-end date, not the filing date.
0 of 48 acts read
About the unread acts
We know of 48 Belgian State Gazette acts for this company. None of them has been read yet: what they contain is neither established nor disproved here.
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Directors · office · real estate
Directors
48 acts for this company are in the Belgian State Gazette, of which we have read 0. We have therefore not extracted its directors from those acts yet.
Location & real-estate footprint
Registered office, Elsene · 1 establishment unit since 2008
Ground area
1,625 m²
Building footprint
1,286 m²
Volume, LiDAR
34,999 m³
Parcel 21807G0001/00L000, Brussels · tallest building 33.9 m, ±9 floors. Linked by address, not a title deed.
376
companies at this address
See who is registered here
1 establishment unit
CPA Global
since 20082.173.642.415
1 parcel
Brussels
1
(100%)
| Parcel (capakey) | Region | Area | Buildings | Height / fl. |
|---|---|---|---|---|
| 21807G0001/00L000 | Brussels | 1,625 m² | 1 · 1,286 m² | 33.9 m · 9 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.
Recognitions · licences · registrations
Legal Entity Identifier
549300BVCSWI2USMC873
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Of 24,497 companies in sector 82990 we hold annual accounts for 9,406. 1,148 are within a factor 10 of this equity. The 5 above are the closest to it. See the whole sector
Identification & contact
Identification
Legal formPrivate limited company
Founded01-10-2008
Fiscal year end31-12
Trade name NL
CPA Global
Activities, NACEBEL 2025
82990Other business support services
62900Other information technology and computer services
70200Business and other management consultancy
Contact
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