Warning lights
Signals from the annual accounts, the CBE and the Official Gazette, each with its threshold and source. No score, no verdict.
-
Tight liquidity NBB
Cash and receivables cover 28 % of short-term debt in 2025; threshold 65 %.
-
Shrinking team NBB
FTE fell two years in a row, from 20.6 to 15.1.
-
Busy address KBO
13 other companies have their registered office at the same address; threshold 10.
Financials
Financial year 2025
CAAAP from Gent, company number BE0508557736, closed financial year 2025 with a result of € 819,743 after tax. For that financial year CAAAP recorded revenue of € 52.4 million and equity of € 17.1 million. Compared with financial year 2024, the result moved from € 767,839 to € 819,743. Profitable, and profit is growing. The buffer is growing. Debts are under control. The most recent annual accounts were filed with the National Bank of Belgium on July 7, 2026.
€ 17.1 million
▲ 5% vs 2024
Assets minus debts, by the books. What is left if everything were sold and paid today.
€ 819,743
▲ 7% vs 2024
Profit after tax over the fiscal year.
€ 2.7 million
▼ 63% vs 2024
Cash and bank balances on the last day of the fiscal year.
Stays in the company
No dividend for 2025. Retained profit grew to € 16.4 million.
People and assets in 2025
15.1
▼ 2.4 vs 2024
Average over the fiscal year, from the social balance sheet.
€ 1.4 million
▼ 6% vs 2024
€ 92,300 per full-time equivalent. Payroll staff only. What the director pays themselves is already netted into the gross margin and is not shown separately in the accounts.
€ 124,412
▼ 17% vs 2024
Book value of vehicles, furniture and equipment.
Debts at end 2025
€ 23.2 million
▲ € 20.5 million vs 2024
Loans from banks and other lenders, long and short.
€ 17.8 million
▲ 10% vs 2024
Supplier invoices still open on the last day of the fiscal year. Pays suppliers within 101 days on average.
€ 717,145
▲ 19% vs 2024
Taxes, VAT and social contributions still to pay.
| 2022 | 2023 | 2024 | 2025 | Change 2024 → 2025 | |
|---|---|---|---|---|---|
| Revenue | € 34,944,697 | € 22,550,918 | € 32,132,048 | € 52,435,279 | ▲ 63% |
| Profit after taxes | € -919,264 | € 1,716,242 | € 767,839 | € 819,743 | ▲ 7% |
| Equity | € 13,787,002 | € 15,503,243 | € 16,271,082 | € 17,090,825 | ▲ 5% |
| Total debts | € 22,141,953 | € 34,183,273 | € 48,291,822 | € 59,105,605 | ▲ 22% |
| Cash | € 5,648,574 | € 8,026,084 | € 7,165,484 | € 2,659,805 | ▼ 63% |
| Retained profit | € 13,081,614 | € 14,797,855 | € 15,565,695 | € 16,385,438 | ▲ 5% |
| Bank debt | € 303,237 | € 800,000 | € 2,724,168 | € 23,182,211 | ▲ € 20.5 million |
| Balance sheet total | € 36,028,954 | € 49,786,516 | € 64,662,904 | € 76,296,430 | ▲ 18% |
| Employees (FTE) | 22.1 | 20.6 | 17.5 | 15.1 | ▼ 2.4 |
Key figures of CAAAP, fiscal years 2022 to 2025, from the annual accounts filed with the National Bank of Belgium.Next annual account (fiscal year 2026) expected before 31 July 2027.
What happened to CAAAP?
What happened at CAAAP in recent years, according to the Belgian Official Gazette, the CBE and the National Bank:
- MASITI BV stepped down as director. NBB
- Robert HOORNAERT stepped down as director. NBB
- Matthias HOORNAERT stepped down as director. NBB
- New annual accounts for financial year 2025: profit of € 819,743 (▲ 7% vs 2024). Source: NBB ↗
- MASITI BV became a director. NBB
- Robert HOORNAERT became a director. NBB
- Matthias HOORNAERT became a director. NBB
- New establishment in Gent. KBO
In short
From € 919,264 loss in 2022 to € 819,743 profit in 2025.
Paid € 13,190 in corporate taxes since 2022.
Best year ever: 2023, with € 1.7 million profit.
Pays suppliers within 101 days on average.
Management
The stake of ARTES GROUP, MASITI comes from that shareholder’s own annual accounts; small companies do not report their shareholders themselves.
CAAAPThe shares are held by ARTES GROUP (70%) and MASITI (30%). It owns 100% of Pannenkot, 99% of Oleander, 51% of Militair Hospitaal Antwerpen, 49% of Wisselkouter, 33.3% of Schipperskaai Development and 25% of Infra Ron itself.
Directors
According to the 2025 annual accounts
Managing director · represented by Lode Waes
Also active at: Oleander, Artes Terra, SCHIPPERSKAAI DEVELOPMENT, KASTEEL WISSELBEKE, SCHIPPERSKAAI LAND, WISSELKOUTER, ARTES RENO, INFRA RON +3 more
since 2024 · until 2027
Robert HOORNAERT
Director
Also active at: AELTERMAN, Artes Roegiers, ARTES GROUP, BEDRIJVENCENTRUM REGIO BRUGGE, Artes Uptech, GROUP Depré, Artes TWT, Oleander +12 more
since 2024 · until 2027
Matthias HOORNAERT
Managing director
Also active at: Artes Depret, AELTERMAN, Artes Roegiers, ARTES GROUP, Artes Woudenberg, Artes Uptech, Oleander, Artes Terra +7 more
since 2024 · until 2027
Shareholders
70%
30%
Participations
100%
99%
49%
25%
Establishments
Establishment units
Physical locations of this company
Poortakkerstraat 94
9051 Gent
Who else lives here?
A building full of entrepreneurs or one very busy letterbox? Another 13 companies are registered at this address.
All companies at this address →Oleander same network
€ 235,110 revenue · 2025
SCHIPPERSKAAI DEVELOPMENT same network
€ 16.1 million revenue · 2025
DuCoop
€ 480,605 gross margin · 2025
SCHIPPERSKAAI LAND same network
€ 340,850 revenue · 2025
THV TRAGEL 8
+8 more
What is an establishment unit? An establishment unit is a geographically identifiable place where activities of the enterprise are carried out.
Website
Technologies
Hosting & Email
Email provider
Microsoft 365
Hosting
COMBELL-AS, BE
Website info
Features
Security
Details
- Company number
- 0508.557.736
- VAT number
- BE 0508.557.736
- Registered office
- Poortakkerstraat 94, 9051 Gent
- Names & denominations
- CAAAP
- Enterprise type
- Rechtspersoon
- Legal form
- Public limited company
- Legal situation
- Normale toestand
- Start date
- 18 December 2012
- Peppol
- Active · Active since 1 Jan 2001
- Contact
- caaap.be +3292429030
- Activities · NACE
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