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in BW Association Intercommunale

Active
Cooperative companyfounded 1968active for 58 yearsRue de la Religion 10, 1400 Nivelles, BelgiumKBO/BCE: BE 0200.362.210

From the official registers: KBO 50 annual accounts at the National Bank publications in the Belgian Official Gazette

Summary

in BW Association Intercommunale has been active since 1968 and the Belgian Official Gazette contains no insolvency or warning signals. The 2025 annual accounts show equity of €219.5m and a net result of €4.8m. Equity has been growing by about 3.1% per year since 2018. Its solvency ranks better than 45% of 30 sector peers (NACE 37, financial year 2025). The computed 12-month bankruptcy probability is 0.2% (very low).

Risk analysisFollow ReportCompare
in BW Association IntercommunaleActiveChecked score 90/100
Risk analysis ReportCompare

Overview

Official details

KBO
Status
Active since 26-02-1968 Normal situation
Activity
Sewerage NACE 37000
Establishment units
32 establishment units
Financial year end
31 December
Peppol
Reachable
Company details

Board and ownership

Board
and 18 other directors
Auditor
RSM INTERAUDIT
Holdings
Shares in 20 companies including DIGINNOV and SMART ENERGY INVEST II
Board & ownership

Financial position

90 Excellent Checked score 2025
Bankruptcy probabilitywithin 12 months
0.2%
Annual accounts 2025
Turnover
€135.7m
▲ 5.1%
Profit
€4.8m
▲ 22.5%
Equity
€219.5m
▲ 7.8%
Total assets
€576.1m
▲ 1.8%
Staff
488 FTE
▲ 1.1%
Filed on 06-07-2026, 25 days before the deadlineat the National Bank
Financials
Score breakdownraises riskLiquidity: current ratio 2.41, cash €2.8mLegal form: cooperative companylowers riskSize: turnover €135.7m, 488 FTE, total assets €576.1mFounded in 1968Show the evidence

Checked score

Score 2025
90 / 100
Excellent
Probability in this band: under 0.55%
Financially stronger than 49% of companies in sewerage (NACE 37)
Every signal that counts is listed under Signals.
Financial strength · tick: 2024
Strong
Solvency 63+2
equity 38.1% of total assets
Liquidity 49-2
short-term debt 11.8% · cash 0.5%
Profitability 67+1
return on assets 0.8%
Bankruptcy probability within 12 months
0.2% Very low
0%0.5%1.5%4%10%≥ 25%

About 2 in 1,000 comparable companies go bankrupt within 12 months (an estimate).

Sector median 0.2% (3 companies, NACE 37, large)
Last 24 months 11-2024: 0.2% 12-2024: 0.2%● unchanged vs 11-2024 01-2025: 0.2%● unchanged vs 12-2024 02-2025: 0.2%● unchanged vs 01-2025lowest value 03-2025: 0.2%● unchanged vs 02-2025 04-2025: 0.2%● unchanged vs 03-2025 05-2025: 0.2%● unchanged vs 04-2025 06-2025: 0.2%● unchanged vs 05-2025 07-2025: 0.2%● unchanged vs 06-2025highest value 08-2025: 0.2%● unchanged vs 07-2025 09-2025: 0.2%● unchanged vs 08-2025 10-2025: 0.2%● unchanged vs 09-2025 11-2025: 0.2%● unchanged vs 10-2025 12-2025: 0.2%● unchanged vs 11-2025 01-2026: 0.2%● unchanged vs 12-2025 02-2026: 0.2%● unchanged vs 01-2026 03-2026: 0.2%● unchanged vs 02-2026 04-2026: 0.2%● unchanged vs 03-2026 05-2026: 0.2%● unchanged vs 04-2026 06-2026: 0.2%● unchanged vs 05-2026 07-2026: 0.2%● unchanged vs 06-2026 08-2026: 0.2%● unchanged vs 07-2026 09-2026: 0.2%● unchanged vs 08-2026 10-2026: 0.2%● unchanged vs 09-2026
Credit of up to €13,550,000 on 30-day terms is acceptable
Liquidity is ample, with a current ratio of 2.41 (3.78 in 2024), above the usual 1.5. Short-term debt is 11.8% and cash 0.5% of total assets. However, 61.9% of the assets are financed with debt and provisions.
Calculation

The band follows from the bankruptcy probability. 10 more points roughly halve it.

75-100 Excellent under 0.55%
60-74 Healthy 0.55% to 1.5%
45-59 Fair 1.5% to 4.2%
25-44 Weak 4.2% to 15.0%
0-24 Critical over 15.0%

Where the company stands within its band depends half on the bankruptcy probability and half on how it does against its sector peers (NACE 37). It does better than 50% of them on solvency, 67% on liquidity, 28% on profitability and 53% on growth.

The bankruptcy probability was computed on 31-10-2026 by the bankruptcy model of 2 October 2026, which learns from Belgian bankruptcies and reads the registers, the annual accounts and the Belgian Official Gazette.

Some facts cap the score, however low the probability. With negative or zero equity, a heavy loss, a special status in the KBO, one missing filing or accounts filed more than 90 days late, the score is Fair at most (59). With two missing filings, it is Weak at most (44). During a judicial reorganisation or at the company's end (bankruptcy, dissolution, liquidation), it is Critical at most (24).

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The scores and ratios are Checked's own calculations, not a credit decision.

Signals

Five signals.
lowers riskraises riskneutral
raises risk · Liquidity: current ratio 2.41, cash €2.8m
NBB · annual accounts
lowers risk · Size: turnover €135.7m, 488 FTE, total assets €576.1m
Companies of this size fail less often. How much that weighs depends on the rest of the company's profile.
NBB · annual accounts
lowers risk · Founded in 1968
Companies that have existed this long fail less often. How much that weighs depends on the rest of the company's profile.
KBO
raises risk · Legal form: cooperative company
KBO
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 06-07-2026, 25 days ahead of the deadline.
NBB · 10 filings
Deviation from the deadline
2025
25 days early
2024
19 days early
2023
21 days early
2022
28 days early
2021
30 days early
2020
31 days early
2019
61 days late
← before the deadline after the deadline →
tick = median of all Belgian filingsring = median in the sector

The company filed its last 7 accounts on average 13 days before the deadline. In the sector (NACE 37), the median for financial year 2024 was 4 days before the deadline, and 38% of those companies filed late.

Searched, nothing found (2)
neutral · Next filing not due yet
The next financial year closes on 31-12-2026 and is due by 31-07-2027. Nothing is late today. The company usually files around 6 July (5 of the last 5 accounts filed within 30 days either side of that date).
Companies Code · seven months
Where today falls in the filing period
01-11-2026 today31-12-2026 year end31-07-2027 deadline
neutral · No strike-offs in the KBO publications
That holds for every publication since 2021.
KBO publications

Key points

  • Positive: Largest company by total assets in Walloon Brabant, Water and waste sectorin the Checked rankings No. 1 View
  • Positive: 6 years of growth in a rowturnover 2025: €135.7m 6 years View
  • Positive: Filed on time since financial year 2020accounts within the deadline every year 6 years View

Companies linked to in BW Association Intercommunale

Comparable companies

These companies have the same main activity as in BW Association Intercommunale: sewerage (NACE 37000). They are comparable in size and age: total assets between €109m and €4.5bn, founded between 1928 and 2005.

CompanyTotal assetsTurnover
in BW Association Intercommunale Nivelles€576.1m€135.7m
ASSOCIATION INTERCOMMUNALE POUR LE DEMERGEMENT ET L'EPURATION DES COMMUNES DE LA PROVINCE DE LIEGE Saint-Nicolas€454.1m€78.7m
Fluvius Riobra Lubbeek€383.3m€22.1m
AQUAFIN Aartselaar€4,476.7m€636.9m
IDELUX Eau Arlon€115.5m€26.3m
Ekopak Deinze€114.5m€17.7m
T.W.Z. Evergem€108.6m€22.3m
Full comparison

Documents

Annual accounts at the NBB

All 50 annual accounts

Acts in the Belgian Official Gazette

All publications in the Belgian Official Gazette

Articles and registers

Key facts about in BW Association Intercommunale
What is the company number of in BW Association Intercommunale?
The company number of in BW Association Intercommunale is 0200.362.210. The VAT number is the same number with BE in front: BE 0200.362.210.
Where is in BW Association Intercommunale based?
The registered office is at Rue de la Religion 10, 1400 Nivelles.Company details
What does in BW Association Intercommunale do?
According to the KBO register, the main activity is sewerage (NACE 37000).
What is the legal form of in BW Association Intercommunale?
The legal form of in BW Association Intercommunale is Cooperative company (CV).
When was in BW Association Intercommunale founded?
in BW Association Intercommunale was founded on 26-02-1968.
Is in BW Association Intercommunale still active?
Yes, in BW Association Intercommunale is an active enterprise in the KBO register.
How many employees does in BW Association Intercommunale have?
in BW Association Intercommunale had an average of 488 full-time equivalents in financial year 2025, according to the filed annual accounts.Financials
What is the turnover of in BW Association Intercommunale?
The turnover of in BW Association Intercommunale was €135.7m in financial year 2025, according to the filed annual accounts.
Is in BW Association Intercommunale profitable?
In financial year 2025, in BW Association Intercommunale made a profit of €4.8m.
Where can I find the annual accounts of in BW Association Intercommunale?
in BW Association Intercommunale filed 50 annual accounts with the National Bank of Belgium, the latest for financial year 2025.Annual accounts at the National Bank
When are the next annual accounts of in BW Association Intercommunale due?
in BW Association Intercommunale must file the annual accounts for financial year 2026 by 31-07-2027.Timeline

Next steps

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