INALCO

Inactive KBO/BCE: BE 0451.010.705 subsidiary of Vergalle Invest NV

INALCO

Follow Report

Overview

Lifetime

9 annual accounts with figures on one time axis, 22 filings since 1993

Turnoverpeak €31.4m (2009)

€11.9m▼ 41.7%

Resultlowest -€2.9m (2014)

-€2.9m▼ €2.0m

Equitypeak €4.6m (2012)

€770,294▼ 78.9%

Debts

€12.1m▼ 1.5%

Staffpeak 57.7 FTE (2012)

44.8 FTE▼ 16.3%

Owners3 names in the annual accounts

100%VERGALLE INVEST

Documentsfilings and deeds

22-12-2015filed

2014financial year

Turnover from €20.4m to €11.9mLoss of €2.9mStaff from 53.5 FTE to 44.8 FTEEquity from €3.7m to €770,294Cash from €561,279 to €155,313

Key points

from the 2014 annual accounts, the last ones filed

Equity

€770,294 from €4.6m in 2012

Equity fell by 83% in 2 years.

Debts

€12.1m 91% of the balance sheet

After one year 1%Within one year 99%

Of this, €12.0m falls due within a year.

Filings

22 annual accounts since 1993

Two of the last ten came late. The 2014 accounts came latest: 144 days after the end of the period.

No score

Board and ownership

Vergalle Invest NV consolidatesequity €135.7m (2025) · annual accounts 2014

Board & ownership

Recent changes

03-12-2020

Bankruptcy closure (by liquidation) Enterprise Court of Ghent, Dendermonde division · judgment of 30-11-2020 · Bankruptcy

18-01-2016

Bankruptcy published Commercial Court of Ghent, Dendermonde division · judgment of 12-01-2016 · Bankruptcy

23-10-1993

Incorporation 24 publications in the Belgian Official Gazette, the last on 04-02-2015 · Gazette deed

All 29 events

Official details

Source: KBO

Status: Inactivedeed of incorporation of 23-10-1993 · bankruptcy closed on 30-11-2020
Activity: No activity registered in the KBO
Financial year end: 31 December
Peppol: Not found in the Peppol Directory

Company details

Annual accounts 2014

Turnover: €11.9m▼ 41.7%
Loss: €2.9m▲ 212%
Equity: €770,294▼ 78.9%
Total assets: €13.2m▼ 17.8%
Staff: 44.8 FTE▼ 16.3%
Filing: Filed on 22-12-2015

Financials

Insights on INALCO

INALCO reached its highest turnover since 2006 in 2009: €31.4m. A year later it was €28.6m, and in 2011 still €25.9m.

Equity fell from €4.6m in 2012 to €770,294 in 2014.

On 12 January 2016 the court declared INALCO bankrupt.

Sources: KBO register, filings at the National Bank, Belgian Official Gazette.

Financials

Annual accounts 2014

full format, filed on 22-12-2015, 144 days late

Turnover

€11.9m

▼ 41.7%

Operating result

-€2.5m

▼ €1.8m

EBITDA

-€1.8m

▼ €2.0m

Cash flow

-€2.1m

▼ €2.1m

Solvency

5.8%

▼ 16.9 percentage points

Current ratio

0.79

▼ 0.16

Money flows

of every €100 of turnover, €24.32 was lost in 2014

Balance sheet

balance sheet total €13.2m on 31-12-2014

What the company ownsHow it is paid for

Change in equityin €m

Change in cashin €m

Staff

Men and women4% women

42.9 men and 1.9 women in full-time equivalents in 2014.

Staff cost per FTE€64,369

Men €63,576, women €70,264 per full-time equivalent. Jobs differ, so this is not a pay gap.

Joined and left-10

Training hours in 2014: 164. Agency workers: 1.2 on average.

Filed annual accounts

as filed with the National Bank, click a year to choose it

Line	2014	2013	2012	2011	2010	2009	2008	2007	2006
Balance sheet: assets
Total assets`20/58`	13.2m	16.1m	17.3m	20.1m	16.8m	10.5m	14.2m	10.5m	3.3m
Formation expenses`20`	-	-	-	-	-	24,692	58,071	91,451	124,831
Fixed assets`21/28`	3.8m	5.3m	5.1m	5.8m	5.6m	1.9m	1.6m	1.2m	495,473
Intangible fixed assets`21`	461,954	664,926	290,728	396,839	430,246	216,281	11,176	12,256	5,431
Tangible fixed assets`22/27`	3.3m	3.7m	3.8m	4.4m	4.1m	1.7m	1.5m	1.1m	365,174
Plant, machinery and equipment`23`	1.6m	1.8m	1.7m	2.1m	1.7m	1.3m	1.1m	781,441	276,834
Furniture and vehicles`24`	446,442	534,001	627,670	649,929	616,698	285,226	234,568	88,257	83,642
Other tangible fixed assets`26`	1.2m	1.3m	1.5m	1.7m	1.7m	37,288	47,772	12,054	4,698
Financial fixed assets`28`	1,779	922,557	1.0m	1.0m	1.0m	7,311	23,711	12,917	37
Affiliated companies`280/1`	-	920,000	920,000	920,000	920,000	-	-	-	-
Participating interests`280`	-	920,000	920,000	920,000	920,000	-	-	-	-
Other financial fixed assets`284/8`	1,779	2,557	84,298	84,298	82,414	7,311	23,711	12,917	37
Amounts receivable and cash guarantees`285/8`	1,779	2,557	84,298	84,298	82,414	7,311	23,711	12,917	37
Current assets`29/58`	9.4m	10.8m	12.2m	14.3m	11.2m	8.5m	12.6m	9.3m	2.8m
Stocks and contracts in progress`3`	1.5m	1.2m	1.5m	3.0m	1.8m	2.0m	6.9m	3.3m	505,614
Stocks`30/36`	807,082	1.1m	1.4m	1.5m	575,148	476,127	438,490	284,293	55,118
Raw materials and consumables`30/31`	807,082	1.1m	1.4m	1.5m	575,148	476,127	438,490	284,293	55,118
Contracts in progress`37`	734,321	36,904	131,399	1.5m	1.2m	1.5m	6.4m	3.0m	450,496
Amounts receivable within one year`40/41`	7.7m	9.0m	9.5m	10.0m	7.9m	5.9m	4.4m	5.8m	2.3m
Trade receivables`40`	7.1m	7.4m	5.0m	7.4m	7.3m	5.6m	4.0m	5.4m	2.2m
Other amounts receivable`41`	591,142	1.6m	4.5m	2.6m	584,670	293,140	409,479	381,731	97,266
Cash at bank and in hand`54/58`	155,313	561,279	1.1m	1.2m	1.5m	587,628	1.2m	194,905	3,615
Deferred charges and accrued income`490/1`	60,592	75,543	37,180	36,739	37,859	10,630	4,778	8,808	6,659
Balance sheet: equity and liabilities
Total equity and liabilities`10/49`	13.2m	16.1m	17.3m	20.1m	16.8m	10.5m	14.2m	10.5m	3.3m
Equity`10/15`	770,294	3.7m	4.6m	4.3m	4.2m	1.1m	886,277	671,920	642,204
Contributions`10/11`	3.1m	3.1m	3.1m	3.1m	3.1m	111,552	111,552	111,552	111,552
Issued capital`100`	3.1m	3.1m	3.1m	3.1m	3.1m	111,552	111,552	111,552	111,552
Reserves`13`	530,901	530,901	1.5m	1.2m	1.1m	983,035	774,725	560,368	530,652
Legal reserve`130`	35,430	35,430	35,430	23,609	17,750	11,155	11,155	11,155	11,155
Tax-exempt reserves`132`	4,958	4,958	4,958	4,958	4,958	4,958	4,958	4,958	4,958
Distributable reserves`133`	490,512	490,512	1.4m	1.2m	1.1m	966,922	758,612	544,255	514,539
Profit (loss) carried forward`14`	-2.9m	-	-	-	-	-	-	-	-
Provisions and deferred taxes`16`	356,485	148,329	143,923	70,273	81,975	119,655	58,460	15,000	12,500
Provisions for liabilities and charges`160/5`	356,485	148,329	143,923	70,273	81,975	119,655	58,460	15,000	12,500
Pensions and similar obligations`160`	78,485	100,329	95,923	70,273	81,975	66,435	43,460	-	-
Other liabilities and charges`164/5`	278,000	48,000	48,000	-	-	53,220	15,000	15,000	12,500
Amounts payable`17/49`	12.1m	12.3m	12.6m	15.7m	12.4m	9.2m	13.2m	9.8m	2.7m
Amounts payable after more than one year`17`	63,669	871,316	1.5m	2.3m	1.9m	383,127	401,578	210,263	156,453
Financial debts`170/4`	63,669	871,316	1.5m	2.3m	1.9m	383,127	401,578	210,263	156,453
Leasing and similar obligations`172`	36,281	61,918	-	-	15,471	46,926	82,221	-	-
Credit institutions`173`	27,388	809,397	1.5m	2.3m	1.9m	336,200	319,357	210,263	156,453
Amounts payable within one year`42/48`	12.0m	11.4m	11.1m	13.4m	10.6m	8.9m	12.8m	9.6m	2.5m
Current portion of amounts payable after more than one year`42`	413,003	705,978	760,679	846,801	693,231	196,822	172,349	112,312	66,268
Financial debts`43`	7.2m	5.8m	3.8m	6.9m	2.3m	2.7m	300,000	349,437	269,505
Credit institutions`430/8`	7.2m	5.8m	3.8m	6.9m	2.3m	2.7m	300,000	349,437	269,505
Trade debts`44`	2.1m	3.3m	2.1m	4.7m	4.9m	5.0m	5.6m	3.2m	743,352
Suppliers`440/4`	2.1m	3.3m	2.1m	4.7m	4.9m	5.0m	5.6m	3.2m	743,352
Advances received on contracts in progress`46`	1.9m	1.2m	3.8m	447,078	1.3m	751,380	6.5m	5.8m	1.3m
Taxes, remuneration and social security`45`	231,662	372,511	501,618	327,424	423,595	206,349	233,926	172,146	105,767
Taxes`450/3`	71,383	33,484	146,206	204	106,853	15,212	27,564	11,126	19,098
Remuneration and social security`454/9`	160,279	339,027	355,412	327,220	316,742	191,137	206,361	161,020	86,669
Other amounts payable`47/48`	52,454	44,529	112,096	205,020	870,000	-	-	-	-
Accrued charges and deferred income`492/3`	62,412	19,174	14,506	18,093	10,509	6,212	29,039	19,516	15,754
Income statement
Operating income`70/76A`	12.7m	20.8m	24.6m	26.6m	28.7m	26.8m	22.5m	14.6m	6.6m
Turnover`70`	11.9m	20.4m	25.9m	25.9m	28.6m	31.4m	19.1m	11.9m	6.9m
Change in stocks of work in progress, finished goods and contracts in progress`71`	697,417	-94,494	-1.4m	329,821	-344,785	-4.9m	3.4m	2.6m	-317,247
Own construction capitalised`72`	-	444,741	-	257,275	379,485	159,800	38,502	137,528	-
Non-recurring operating income`76A`	3,077	2,409	-	2,538	33,000	14,586	1,033	1,340	3,475
Operating charges`60/66A`	15.2m	21.5m	23.9m	25.9m	28.2m	26.2m	21.8m	14.5m	6.4m
Goods for resale, raw materials and consumables`60`	8.5m	12.7m	14.7m	15.9m	20.8m	18.6m	15.1m	11.0m	4.1m
Purchases`600/8`	8.2m	12.4m	14.6m	16.8m	20.9m	18.7m	15.3m	11.2m	4.2m
Change in stocks: decrease (increase)`609`	309,974	280,721	56,047	-878,677	-99,021	-37,637	-154,196	-229,175	-11,551
Services and other goods`61`	2.8m	4.1m	4.4m	5.8m	3.7m	4.3m	4.1m	1.5m	830,238
Remuneration, social security and pensions`62`	2.9m	3.7m	3.7m	3.3m	2.9m	2.6m	2.2m	1.7m	1.3m
Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets`630`	744,289	919,845	985,595	981,980	777,625	571,374	370,260	240,860	123,336
Provisions for liabilities and charges: additions (uses and reversals)`635/8`	208,156	4,406	73,650	-11,702	-37,680	61,195	43,460	2,500	12,500
Other operating charges`640/8`	45,235	22,635	15,679	10,493	19,546	10,944	12,782	7,277	5,746
Non-recurring operating charges`66A`	-	920	-	-	-	-	-	-	320
Operating profit (loss)`9901`	-2.5m	-670,727	690,604	647,349	430,785	595,306	706,608	137,902	150,407
Financial income`75/76B`	2,131	45,334	97,493	109,738	78,872	8,744	12,883	2,953	1,750
Recurring financial income`75`	2,131	45,334	97,493	109,738	78,872	8,744	12,883	2,953	1,750
Income from current assets`751`	42	33,525	78,628	65,629	13,066	-	41	208	85
Other financial income`752/9`	2,089	11,809	18,865	44,109	65,806	8,744	12,842	2,746	1,665
Financial charges`65/66B`	371,552	300,312	434,369	609,685	384,246	306,611	394,668	105,155	61,593
Recurring financial charges`65`	371,552	300,312	434,369	609,685	384,246	306,611	394,668	105,155	61,593
Debt charges`650`	233,600	191,630	253,995	342,001	147,444	194,189	187,946	70,170	39,647
Other financial charges`652/9`	137,953	108,682	180,374	267,683	236,802	112,423	206,722	34,985	21,946
Profit (loss) for the period before taxes`9903`	-2.9m	-924,216	353,727	149,941	158,412	312,025	325,856	37,040	93,719
Income taxes`67/77`	2,003	-28	117,302	32,767	26,509	103,715	111,499	7,325	28,862
Taxes`670/3`	2,003	2,301	117,506	33,313	27,682	104,003	111,499	7,325	29,063
Tax adjustments and reversals of tax provisions`77`	-	2,329	204	546	1,173	288	-	-	201
Profit (loss) for the period`9904`	-2.9m	-924,188	236,425	117,174	131,903	208,310	214,357	29,716	64,857
Profit (loss) for the period to be appropriated`9905`	-2.9m	-924,188	236,425	117,174	131,903	208,310	214,357	29,716	64,857
Appropriation of the result
Profit (loss) to be appropriated`9906`	-2.9m	-924,188	236,425	117,174	131,903	208,310	214,357	29,716	64,857
Transfer from equity`791/2`	-	924,188	-	-	-	-	-	-	-
From reserves`792`	-	924,188	-	-	-	-	-	-	-
Transfer to equity`691/2`	-	-	236,425	117,174	131,903	208,310	214,357	29,716	64,857
To the legal reserve`6920`	-	-	11,821	5,859	6,595	-	-	-	-
To other reserves`6921`	-	-	224,604	111,315	125,308	208,310	214,357	29,716	64,857
Social balance sheet
Average staff (FTE)`9087`	44.8	53.5	57.7	53.4	49.1	48.6	37.5	32.1	27
Men (FTE)`1003`	42.9	50.6	54.6	-	-	-	-	-	-
Women (FTE)`1003`	1.9	2.9	3.1	-	-	-	-	-	-
Agency workers`1501`	1.2	2.3	1.4	3.8	1.3	1	0.8	1.1	1.6
Hours worked`1013`	67,032	86,115	91,253	85,781	77,327	73,202	59,069	51,255	39,736
Document	PDF	PDF	PDF	PDF	PDF	PDF	PDF	PDF	PDF

The accounts for 13 older financial years (1993-2005) were filed as documents without figures as data, scans for example.

Source: Annual accounts 2014 (PDF), filed on 22-12-2015.

Download as CSV

Filings

each dot is a set of accounts, on the day it reached the National Bank

Financial year	Type	Filed	Reference	Document
31-12-2014	full format	22-12-2015	2015-70000466	PDF
31-12-2013	full format	09-07-2014	2014-28800257	PDF
31-12-2012	full format	16-07-2013	2013-31500568	PDF
31-12-2011	full format	20-07-2012	2012-33100236	PDF
31-12-2010	full format	25-08-2011	2011-44400122	PDF
31-12-2009	full format	14-07-2010	2010-29900529	PDF
31-12-2008	full format	07-07-2009	2009-36600265	PDF
31-12-2007	full format	16-06-2008	2008-24600024	PDF
31-12-2006	full format	18-06-2007	2007-24300298	PDF
31-12-2005	full format	19-05-2006	2006-15200155	PDF
31-12-2004	full format	06-07-2005	2005-41702832	PDF
31-12-2003	full format	26-08-2004	2004-61604013	PDF
31-12-2002	full format	09-07-2003	2003-43302520	PDF
31-12-2001	abbreviated format	18-06-2002	2002-24003617	PDF
31-12-2000	abbreviated format	29-06-2001	2001-30703496	PDF
31-12-1999	abbreviated format	07-07-2000	2000-40001889	PDF
31-12-1998	abbreviated format	25-06-1999	1999-25101028	PDF
31-12-1997	abbreviated format	01-07-1998	1998-29005110	PDF
31-12-1996	abbreviated format	03-07-1997	1997-28400928	PDF
31-12-1995	abbreviated format	05-07-1996	1996-33003698	PDF
31-12-1994	abbreviated format	03-07-1995	1995-35204386	PDF
31-12-1993	abbreviated format	13-07-1994	1994-28804624	PDF

Key figures and ratios

per financial year, computed from the annual accounts

Line	2014	2013	2012	2011	2010	2009	2008	2007	2006
EBITDA	-1.8m	249,118	1.7m	1.6m	1.2m	1.2m	1.1m	378,762	273,743
Cash flow	-2.1m	-4,343	1.2m	1.1m	909,528	779,684	584,618	270,575	188,193
Investment in fixed assets	132,799	1.2m	257,399	1.2m	4.3m	928,803	791,783	903,441	169,729
Change in cash	-405,966	-575,763	-72,927	-287,590	909,931	-652,686	1.0m	191,290	-
Working capital	-2.5m	-622,763	1.1m	868,548	644,123	-340,699	-227,896	-254,235	331,438
EBIT margin	-21.2%	-3.3%	2.7%	2.5%	1.5%	1.9%	3.7%	1.2%	2.2%
Solvency	5.8%	22.7%	26.5%	21.6%	25.2%	10.5%	6.3%	6.4%	19.3%
Current ratio	0.79	0.95	1.10	1.06	1.06	0.96	0.98	0.97	1.13
Quick ratio	0.66	0.84	0.97	0.84	0.89	0.73	0.44	0.63	0.93
Debt to equity	15.70	3.36	2.74	3.60	2.95	8.45	14.90	14.63	4.15
ROE	-374.6%	-25.3%	5.2%	2.7%	3.1%	19.0%	24.2%	4.4%	10.1%
ROA	-21.8%	-5.7%	1.4%	0.6%	0.8%	2.0%	1.5%	0.3%	2.0%
Interest coverage	-7.59	1.30	6.60	4.76	8.20	6.01	5.73	5.40	6.90
Customer credit	218 days	133 days	70 days	104 days	93 days	65 days	77 days	167 days	118 days
Supplier credit	69 days	72 days	41 days	79 days	73 days	80 days	106 days	93 days	55 days

A Belgian filing has no cash-flow statement. Cash flow is therefore an approximation, derived from the income statement. Investment is the acquisitions in the notes and, without them, the balance-sheet move.

Insights on INALCO

The operating result for 2014 is a loss of €2.5m, larger than the loss of €670,727 in 2013. It is the lowest result since 2006.

Debt's share of the balance-sheet total rises from 76.4% to 91.5%. Equity and debt are lower.

Board & ownership

Curator

1 mandate

Mr Pieters Marga

Curator, Affligemdreef 144, 9300 Aalst

from 12-01-2016 to 30-11-2020

Also on 215 other cases

Control

Consolidating parent

Vergalle Invest NV

Equity €135.7m

Profit €572,907 in 2025 (profit €9.2m in 2024)

Source: parent in own accounts 2014

consolidates

This company

INALCO

Equity €770,294

Loss €2.9m in 2014

Capital

Capital: €3,125,000
Source: 2014 annual accounts

Owners through the years

as the annual accounts name them

99.95%

100% until 2012

consolidates until 2007

Owners as a list

VERGALLE INVEST
INOMETAL-SOGEREC
- 2008 to 2009: 99.78%
- 2010 to 2012: 100%
STOKOTA
- 2006 to 2007: consolidates

Source: parent in its own accounts, lists of holdings in the owners' accounts

Office holders in the KBO →

Network & group

Holdings

own 2013 accounts, the bar shows equity in euros

This companyINALCO1 holding, 1 country 2013 accounts

Belgium 1 Equity Result

BE Decatecno longer active €827,330 result -€5,294

Source: list of holdings in its own 2013 accounts. Every holding stands with its own latest accounts.

Parent

Vergalle Invest NV

0472.715.147 · equity €135.7m · profit €572,907 (2025)

Holdings through the years

2010 to 2013

Holdings through the years
Name	2010	2011	2012	2013
DECATEC 2010 to 2013: 100%	100%

Source: list of holdings in its own accounts

Connections & network

Depth

The network starts from the shareholders of INALCO. Every company they also own or run is a node.

This company Company Director Shareholding +N: links not shown yet

Timeline

29 events since 1993

Filings

Financial

Insolvency

1995200020052010201520202025

2020

03-12-2020

Bankruptcy closure (by liquidation) Enterprise Court of Ghent, Dendermonde division · judgment of 30-11-2020

2016

18-01-2016

Bankruptcy published Commercial Court of Ghent, Dendermonde division · judgment of 12-01-2016

2015

22-12-2015

Annual accounts 2014 filed PDFfull format · 144 days late

2014

31-12-2014

Weakest financial year net -€2.9m The net result drops to -€2.9m, the lowest from 2006 to 2014.

09-07-2014

Annual accounts 2013 filed PDFfull format · 22 days before the deadline

2013

16-07-2013

Annual accounts 2012 filed PDFfull format · 15 days before the deadline

2012

31-12-2012

Highest result from 2006 to 2014 net €236,425 ▲102% The net result of €236,425 is the highest of those years.

20-07-2012

Annual accounts 2011 filed PDFfull format · 11 days before the deadline

2011

25-08-2011

Annual accounts 2010 filed PDFfull format · 25 days late

2010

31-12-2010

Equity above €2m equity €4.2m ▲286% With a profit in every financial year since 2006, equity grows to €4.2m.

14-07-2010

Annual accounts 2009 filed PDFfull format · 17 days before the deadline

2009

31-12-2009

Equity above €1m equity €1.1m ▲23.5% With a profit in every financial year since 2006, equity grows to €1.1m.

07-07-2009

Annual accounts 2008 filed PDFfull format · 24 days before the deadline

2008

16-06-2008

Annual accounts 2007 filed PDFfull format · 45 days before the deadline

2007

18-06-2007

Annual accounts 2006 filed PDFfull format · 43 days before the deadline

2006

19-05-2006

Annual accounts 2005 filed PDFfull format · 73 days before the deadline

2005

06-07-2005

Annual accounts 2004 filed PDFfull format

2004

26-08-2004

Annual accounts 2003 filed PDFfull format

2003

09-07-2003

Annual accounts 2002 filed PDFfull format

2002

18-06-2002

Annual accounts 2001 filed PDFabbreviated format

2001

29-06-2001

Annual accounts 2000 filed PDFabbreviated format

2000

07-07-2000

Annual accounts 1999 filed PDFabbreviated format

1999

25-06-1999

Annual accounts 1998 filed PDFabbreviated format

1998

01-07-1998

Annual accounts 1997 filed PDFabbreviated format

1997

03-07-1997

Annual accounts 1996 filed PDFabbreviated format

1996

05-07-1996

Annual accounts 1995 filed PDFabbreviated format

1995

03-07-1995

Annual accounts 1994 filed PDFabbreviated format

1994

13-07-1994

Annual accounts 1993 filed PDFabbreviated format

1993

23-10-1993

Incorporation 24 publications in the Belgian Official Gazette, the last on 04-02-2015

Financial milestones sit on the financial year-end date, not the filing date.

Sources: Publications in the Belgian Official Gazette Filings with the National Bank

History

Turnover fell from €28.6m in 2010 to €11.9m in 2014 and headcount from 49.1 to 44.8 full-time equivalents.¹ The bankruptcy of INALCO was declared on 12 January 2016 and closed on 30 November 2020.²³

Company details

Inactive

INALCO is no longer in the KBO register.

Last annual accounts: financial year to 31 December 2014
Last registered office: Dijkstraat 23, 9160 Lokerenas published on 4 February 2015
Legal form: Public limited company
First annual accounts: financial year 1993

Official KBO record