Annual Report 2024

Cegeka delivered strong results in a difficult economic climate. What were the key drivers?

André Knaepen: In 2024, Cegeka reached consolidated revenues of €1.3 billion — a 31.5% increase over the previous year. That growth was powered by two key drivers: the successful integration of CTG and strong organic momentum, with over 6% growth despite tough market conditions.

Operating profit came in at €78 million — down from €168 million in 2023 — but that comparison needs context. Last year’s result included a one-off gain of €123.4 million from the sale of our Dutch real estate software business.

It’s also worth highlighting that Gimv transferred its 23.6% stake in Cegeka into a new holding structure, with WorxInvest acquiring a 25% share in that vehicle. That’s a clear signal of long-term confidence in our direction and ambition.

Shaping digital together — the Cegeka tagline. What does that mean in practice? 

Stephan Daems: Shoulder to shoulder with our clients, we design, build, and run resilient digital solutions. That’s our raison d’être. Shaping is about co-designing and co-creating — not in a traditional supplier-client setup, but as equals working toward a shared goal. Digital is what we shape: the platforms, architectures, applications, and ecosystems that help organizations move forward. It’s about building resilient and secure digital capabilities that align with our clients’ strategies and scale over time.

André Knaepen: The together part speaks to how we do it. We work closely with our clients — not just delivering a project, but thinking alongside them and getting things done. It’s a hands-on, no-nonsense way of working that’s been in Cegeka’s DNA from the very beginning. That’s how we make complexity manageable and transformation achievable.

Navigating complexity, timing, visibility: these are core to the Cegeka story. How do you help clients manage them?

Stephan Daems: Over the past three to four decades, IT has created a lot of complexity — multiple IT stacks, programming languages, siloed systems, shadow IT. At Cegeka, we simplify. We make complexity manageable — and where possible, we remove it altogether. We integrate, streamline, and connect the dots. The best complexity is the kind that’s no longer there.

Then comes timing. Technology moves exponentially, but organizations don’t. Legacy systems, culture, compliance — they slow you down. That disconnect creates a gap where organizations have to figure out what technology to adopt and when. We help clients pace their transformation: right technology, right time, right sequence. Timing is an art — and It’s one we master well.

Finally, visibility. You can’t navigate what you can’t see. Clients need insight — high-level and granular, real-time and actionable — across IT operations, security posture, ESG footprint and so on. That’s what our client engagement platform, Horizon, delivers. It’s a single pane of glass designed to give clients clarity and control. It’s a massive corporate investment — and a true game changer for our clients.

In a broad portfolio, we set great focus on AI and cyber resilience as opposing forces — one pushing companies forward, the other keeping them grounded. 

André Knaepen: Cyber resilience and AI are fundamentally horizontal across all of IT. AI is no longer isolated; it’s integrated into almost everything — software development, business process optimization, decision-making, content generation. It has the potential to truly accelerate. It gives wings.

Cybersecurity, on the other hand, keeps organizations grounded. As cyber threats evolve rapidly — with AI used both offensively and defensively — robust end-to-end cyber resilience is absolutely essential. We know how to help clients innovate with AI — while staying secure, compliant, and in control. That’s the balance we bring.

What milestones stood out in those two areas the past year? 

Stephan Daems: We opened a brand-new modern Security Operations Center in the US this April, expanding our global footprint alongside our existing SOCs in Belgium and Romania. We’re not just growing — we’re leading in cyber. For the third consecutive year, we ranked number one in Belgium’s Whitelane survey, a recognition that reflects our expertise.

On the AI front, we’ve accelerated efforts across all our markets. For example, in Belgium, we’re supporting the Flemish government with the rollout of Microsoft Copilot to 10,000 users, backed by hands-on adoption programs. We also made a strategic hire by appointing Gregory Verlinden to lead our Data & AI unit, strengthening our capabilities even further.

Where does Cegeka stand in the ‘sovereign cloud’ debate? 

Stephan Daems: We take a pragmatic approach. Our clients want both control and flexibility — and that’s exactly what we deliver. With over 20 years of experience managing multi-cloud environments, we’ve built strong partnerships with hyperscalers while continuously investing in our own private cloud infrastructure. 

Our own data centers remain a key strength, allowing us to offer clients genuine choice and freedom from vendor lock-in. Additionally, our applications are designed to be cloud-agnostic, ensuring clients always retain full control over their environment.