INCENTIVE CAPITAL RETURN
Open bankruptcyA bankruptcy procedure is open for INCENTIVE CAPITAL RETURN according to publications in the Belgian State Gazette; curator: PETER VERSTRAETEN.
Summary
The 2024 annual accounts show equity of €557 and a net result of -€9,702.
Are you a creditor?
Open bankruptcy
Source: Belgian Official Gazette
If this company owes you money, you are not paid automatically: you file your claim yourself, within the deadline the judgment sets.
The procedure
- Court
- Enterprise Court of Antwerp, Antwerp division
- Declared bankrupt
- 25 June 2026
- Supervising judge
- Katia Waegemans
- Official Gazette
- 01-07-2026 (pdf) ↗search the document for 2026/129424
Deadlines
- Provisional date payments stopped
- 25 June 2026A later judgment can change the date.art. XX.105 CEL
- Appeal or third-party opposition until
- passed on 16 July 2026Fifteen days after the publication in the Official Gazette.art. XX.108 CEL
- File the claim in RegSol until
- passed on 25 July 2026art. XX.104 and XX.155 CEL
- First verification report
- passed on 21 August 2026Goods that belong to you, such as those delivered under retention of title, are reclaimed before this day.art. XX.104 and XX.194 CEL
- Late claim until
- 25 June 2027Late, you share only in what has not been paid out yet, and the costs are yours.art. XX.165 CEL
Curator
- Peter VerstraetenDesguinlei 214, 2018 Antwerpen 1peter.verstraeten@ponet-law.be
What to do now
- Do not deliver on credit any more without an agreement with the curator.
- Gather your documents: invoices, purchase orders, contract, delivery notes and reminders.
- File your proof of claim in RegSol (regsol.be), yourself with eID or itsme, or through your lawyer. State principal, interest and costs separately, and any preferential right you hold.
- Delivered under retention of title? Reclaim your goods before the first report on the verification of claims.
- Ask your accountant about the VAT on the unpaid invoices: in a bankruptcy it can be recovered under conditions.
- Follow the file in RegSol: the verification report (admitted or disputed) and the curator's reports appear there.
The deadlines above come from the publication of the judgment. Check them in RegSol before you file anything; a passed deadline no longer applies.
File a claim in RegSol ↗
Watch
Follow this bankruptcy: you are alerted when it is closed or reversed.
General information, not legal advice. If in doubt, the curator, your lawyer or your accountant can help.Creditor guide for this company
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Signals
Five signals. The signal on the left, the evidence on the right.
+raises risk○neutral
raises risk · Persistent losses
Two consecutive loss-making years (2023 and 2024); equity is also lower. May indicate structural pressure on profitability.
NBB · annual accounts 2024Net result per financial year
2021222324
2020 to 2024 · latest year -€9,702
raises risk · Weak solvency vs sector
Solvency (equity / total assets) is in the sector's weakest quartile: better than 10% of 37965 sector peers (2024).
NBB · sector comparisonPosition among 37965 sector peers
Solvency
better than 10%
← weakest
strongest →
neutral · Latest accounts filed on time
The financial year that closed on 31-12-2024 was due by 31-07-2025 and was filed on 10-07-2025, 21 days ahead of the deadline.
NBB · 5 filingsDeviation from the deadline
2025
not confirmed
2024
21 d early
2023
33 d early
2022
11 d early
2021
97 d late
2020
15 d late
← before the deadline
after the deadline →
tick = median of all Belgian filingsring = median in the sector
This company filed its last 5 accounts on average 9 days after the deadline; the sector median for financial year 2024 is 9 days before the deadline, and 32% of the sector filed late.
Checked, nothing found (1)
History
Go further with this company
Who ran this company, and where was it based, on a date before the end?Company as of a date Is the registered address a letterbox address or a business centre?Addresses Are there other customers at risk in your own list?List enrichment How is the Business and other management consultancy sector doing?Sector figures
Investigating this company? Keep it with today's facts in a case file.
Financials · fiscal year 2024, micro schema
Equity
€557▼ 94.6%
2023 · €10,259
Total assets
€33,870▲ 75.6%
2023 · €19,286
Net result
-€9,702▼ 722%
2023 · -€1,181
Working capital
€557▼ 94.4%
2023 · €10,010
Trend over the years
Click a name to add, emphasise or remove a line.Band: the middle half (P25 to P75) of NACE 70, Activities of head offices; management consultancy activities, each year against the same schema; no band under 30 filings. Dashed line: the median.
Every figure with its change against the fiscal year before
favourable
unfavourable
Line20202021202220232024
Operating result-€3,413-€5,354€13,490▲ 152%-€218-€9,534▼ 4,282%
Net result-€3,412below the sector's middle half-€5,177within the sector's middle half€9,575within the sector's middle half▲ 85.0%-€1,181below the sector's middle half-€9,702below the sector's middle half▼ 722%
Equity-€3,312below the sector's middle half-€1,865below the sector's middle half€11,440below the sector's middle half▲ 514%€10,259below the sector's middle half▼ 10.3%€557below the sector's middle half▼ 94.6%
Total assets€2,158below the sector's middle half-€11,211below the sector's middle half▲ 420%€23,027below the sector's middle half▲ 105%€19,286below the sector's middle half▼ 16.2%€33,870below the sector's middle half▲ 75.6%
Debt€5,470-€9,346▲ 70.9%€11,587▲ 24.0%€9,027▼ 22.1%€33,312▲ 269%
Working capital-€5,194within the sector's middle half-€527within the sector's middle half€10,647within the sector's middle half▲ 1,920%€10,010within the sector's middle half▼ 6.0%€557below the sector's middle half▼ 94.4%
Solvency16.6%below the sector's middle half49.7%within the sector's middle half▲ 33.0pp53.2%within the sector's middle half▲ 3.5pp1.6%below the sector's middle half▼ 51.5pp
Current ratio1.06within the sector's middle half1.92within the sector's middle half▲ 0.862.11within the sector's middle half▲ 0.191.02below the sector's middle half▼ 1.09
Return on assets (ROA)46.2%above the sector's middle half41.6%above the sector's middle half▼ 4.6pp-6.1%below the sector's middle half▼ 47.7pp-28.6%below the sector's middle half▼ 22.5pp
above
within
below
the middle half (P25 to P75) of NACE 70, Activities of head offices; management consultancy activities, each year against the same schema; no band under 30 filings.
Turnover and EBIT margin not published: the abbreviated or micro schema does not require them.
Result per fiscal year
Operating resultNet result
The operating result stays negative: a loss of €9,534 in 2024 against €218 in 2023; the loss grows and 2024 has the lowest result in the available series.
Balance-sheet composition
2024 in colour, 2023 as the grey bar beneath
Equity and liabilities €33,870
Equity
€557 ▼ 94.6%
Debt
€33,312 ▲ 269%
Debt's share of the balance-sheet total rises from 46.8% to 98.4%. Equity is lower and debt is higher.
Key figures and ratios
EBITDA
-€9,285▼
2023 · €327
Cash flow
-€9,453▼
2023 · -€636
Interest coverage
-55.34▼
2023 · 0.34
Debt ≤ 1 year
€33,312▲
2023 · €9,027
Equity ratios withheld: equity of €557 is too small for a meaningful ratio.
Green means a favourable move, even when the figure itself falls: as with debt or debt to equity.
Annual accounts
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | Change |
|---|---|---|---|---|---|---|
| Remuneration, social security and pensions62 | - | €709 | - | - | - | - |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €296 | €545 | €545 | €545 | €248 | ▼ 54.4% |
| Other operating charges640/8 | - | €101 | €308 | - | €286 | - |
| Non-recurring operating charges66A | - | - | - | - | €23,989 | - |
| Gross operating margin9900 | -€2,993 | €6,708 | €14,342 | €327 | €14,990 | ▲ 4,485% |
| Operating profit (loss)9901 | -€3,413 | €5,354 | €13,490 | -€218 | -€9,534 | ▼ 4,282% |
| Recurring financial income75 | €1 | - | - | - | - | - |
| Financial charges65/66B | - | €177 | €429 | €963 | €168 | ▼ 82.6% |
| Recurring financial charges65 | €0 | €177 | €429 | €963 | €168 | ▼ 82.6% |
| Profit (loss) for the period before taxes9903 | -€3,412 | €5,177 | €13,061 | -€1,181 | -€9,702 | ▼ 722% |
| Income taxes67/77 | - | - | €3,486 | - | - | - |
| Profit (loss) for the period9904 | -€3,412 | €5,177 | €9,575 | -€1,181 | -€9,702 | ▼ 722% |
| Profit (loss) for the period to be appropriated9905 | -€3,412 | €5,177 | €9,575 | -€1,181 | -€9,702 | ▼ 722% |
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | Change |
|---|---|---|---|---|---|---|
| Assets | ||||||
| Total assets20/58 | €2,158 | €11,211 | €23,027 | €19,286 | €33,870 | ▲ 75.6% |
| Fixed assets21/28 | €1,882 | €1,337 | €793 | €248 | - | - |
| Tangible fixed assets22/27 | €1,882 | €1,337 | €793 | €248 | - | - |
| Plant, machinery and equipment23 | - | €1,337 | €793 | €248 | - | - |
| Current assets29/58 | €276 | €9,873 | €22,234 | €19,037 | €33,870 | ▲ 77.9% |
| Amounts receivable within one year40/41 | - | €8,834 | €22,137 | €18,878 | €33,781 | ▲ 78.9% |
| Other amounts receivable41 | - | €8,834 | €22,137 | €18,878 | €33,781 | ▲ 78.9% |
| Cash at bank and in hand54/58 | €276 | €1,040 | €97 | €159 | €89 | ▼ 44.3% |
| Equity and liabilities | ||||||
| Total equity and liabilities10/49 | €2,158 | €11,211 | €23,027 | €19,286 | €33,870 | ▲ 75.6% |
| Equity10/15 | -€3,312 | €1,865 | €11,440 | €10,259 | €557 | ▼ 94.6% |
| Contributions10/11 | €100 | €100 | €100 | €100 | €100 | = |
| Capital10 | - | - | €100 | €100 | €100 | = |
| Issued capital100 | - | - | €100 | €100 | €100 | = |
| Reserves13 | - | €1,765 | €11,340 | €11,340 | €11,340 | = |
| Non-distributable reserves130/1 | - | €10 | €10 | €10 | €10 | = |
| Legal reserve130 | - | - | €10 | €10 | €10 | = |
| Reserves not available under the articles1311 | - | €10 | - | - | - | - |
| Distributable reserves133 | - | €1,755 | €11,330 | €11,330 | €11,330 | = |
| Profit (loss) carried forward14 | -€3,412 | - | - | -€1,181 | -€10,882 | ▼ 822% |
| Amounts payable17/49 | €5,470 | €9,346 | €11,587 | €9,027 | €33,312 | ▲ 269% |
| Amounts payable within one year42/48 | €5,470 | €9,346 | €11,587 | €9,027 | €33,312 | ▲ 269% |
| Trade debts44 | - | - | €2,117 | €3,600 | €1,927 | ▼ 46.5% |
| Suppliers440/4 | - | - | €2,117 | €3,600 | €1,927 | ▼ 46.5% |
| Taxes, remuneration and social security45 | - | €1,430 | €9,470 | €5,427 | €6,686 | ▲ 23.2% |
| Taxes450/3 | - | €1,430 | €9,470 | €5,427 | €6,686 | ▲ 23.2% |
| Other amounts payable47/48 | - | €7,917 | - | - | €24,700 | - |
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | Change |
|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | -€3,412 | €5,177 | €9,575 | -€1,181 | -€9,702 | ▼ 722% |
| + Depreciation and write-downs630 | €296 | €545 | €545 | €545 | €248 | ▼ 54.4% |
| Operating cash flow (approximation) | -€3,116 | €5,721 | €10,120 | -€636 | -€9,453 | ▼ 1,386% |
| Investment in fixed assets (approximation) | - | €0 | €0 | €0 | - | - |
| Change in cash | - | €764 | -€943 | €63 | -€71 | ▼ 213% |
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
2026
01-07
Bankruptcy
Opening
Ondernemingsrechtbank Antwerpen, afdeling Antwerpen · event 25-06-2026
2025
10-07
NBB filing
Annual accounts filed
fiscal year 2024 · micro schema
2024
31-12
Financial
Weakest financial yearnet -€9,702
Net result drops to -€9,702, the lowest in the series.
28-06
NBB filing
Annual accounts filed
fiscal year 2023 · micro schema
2023
20-07
NBB filing
Annual accounts filed
fiscal year 2022 · abbreviated schema
2022
31-12
Financial
Highest result since 2020net €9,575 ▲85%
Operating result €13,490, net result €9,575, both a record.
05-11
NBB filing
Annual accounts filed
fiscal year 2021 · abbreviated schema · 97 days late
2021
31-12
Financial
Back to profitnet €5,177
Net result €5,177 after one loss-making year.
31-12
Financial
Liquidity times 21current ratio 1.06
Current ratio from 0.05 to 1.06.
15-08
NBB filing
Annual accounts filed
fiscal year 2020 · abbreviated schema · 15 days late
SignalFinancial milestoneNBB filingFinancial milestones sit on the fiscal year-end date, not the filing date.
0 of 2 acts read
About the unread acts
We know of 2 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
2 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, Schoten · 1 establishment unit since 2019
Ground area
577 m²
Building footprint
404 m²
Volume, LiDAR
1,798 m³
Parcel 11040D0204/00D004, Flanders · tallest building 8.9 m, ±1 floor. Linked by address, not a title deed.
3
companies at this address
See who is registered here
1 establishment unit
INCENTIVE CAPITAL RETURN
since 20192.298.925.338
1 parcel
Flanders
1
(100%)
| Parcel (capakey) | Region | Area | Buildings | Height / fl. |
|---|---|---|---|---|
| 11040D0204/00D004 | Flanders | 577 m² | 1 · 404 m² | 8.9 m · 1 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.
Insolvency mandates
1 mandate| Role | Name | Tenure |
|---|---|---|
| Curator | PETER VERSTRAETEN DESGUINLEI 214,
2018 ANTWERPEN 1 |
25-06-2026 → present |
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Of 82,641 companies in sector 70200 we hold annual accounts for 52,623. 3,223 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
Founded04-09-2019
Fiscal year end31-12
Abbreviation NL
ICR
Activities, NACEBEL 2025
70200Business and other management consultancy
E-invoicing
Not found in the Peppol register
No Peppol card under this enterprise or VAT number. That proves nothing: publishing a card is voluntary.
Register as of 29 September 2026 · Peppol Directory
Scores and ratios are computed by Checked and are not a credit decision.