inclusion
ActiveSummary
inclusion has been active since 1989 and the Belgian State Gazette contains no insolvency or warning signals. The 2025 annual accounts show equity of €1.8m and a net result of -€420,518. Equity is growing by ~9.6% per year across the filed fiscal years. Its solvency ranks better than 95% of 468 sector peers (fiscal year 2025). The computed 12-month bankruptcy probability is < 0.1% (very low).
Checked score
Score 2025
Axes · tick = 2024
Profitability0▼-41
Solvency100=
Growth52=
Track record100
Bankruptcy probability, 12 months
< 0.1%
Very low
0%0.5%1.5%4%10%≥ 25%
Credit up to €130,000 at 30 days acceptable
Liquidity ample (current ratio 10.82 against 13.27 in 2024; short-term debt: 7% and cash: 21.5% of total assets), and 9% of the assets are financed with debt.
Credit check for your own amount and term
Show the recommended maximum : and see how the verdict changes with amount, term and advance.
Signals
Seven signals. The signal on the left, the evidence on the right.
−lowers risk+raises risk○neutral
lowers risk · Lower-failure-rate sector
In this sector companies fail less often than the Belgian average.
Gazette · bankruptcies per sector, NACE 88
Relative position
BE, all sectors
reference
Social work activities without accommodation (NACE 88)
about 62% fewer bankruptcies
← fewer bankruptcies
more bankruptcies →
lowers risk · Long track record
A company with a long track record statistically fails less often than a young one.
KBO · incorporation dateAge against the risk zone
lowers risk · Annual accounts: healthy financial profile
The latest annual accounts show a healthy profile in solvency, result and liquidity.
NBB · annual accounts 2025Solvency, return and age of the figures
Solvency
91%
Return on assets
-20.8%
Age of the figures
9 mo
neutral · A punctual record breaks
This company filed 3 consecutive financial years on time. The year that closed on 31-12-2025 was due by 31-07-2026 and was filed on 24-08-2026, 24 days late. Weigh it accordingly: a break into the 1-to-90-day band measures 1.41% abnormal legal state, below the 1.66% market average. It is a change in behaviour, not evidence of elevated risk.
NBB · 10 filingsDeviation from the deadline
2025
24 d late
2024
13 d early
2023
6 d early
2022
21 d early
2021
9 d late
2020
12 d early
2019
91 d late
← before the deadline
after the deadline →
tick = median of all Belgian filingsring = median in the sector
This company filed its last 7 accounts on average 10 days after the deadline; the sector median for financial year 2024 is 24 days before the deadline, and 25% of the sector filed late.
Checked, nothing found (2)
neutral · The next deadline is still running
The next financial year closes on 31-12-2026 and is due by 31-07-2027. Nothing is late today. Usually files around 26 July (5 of the last 5 filed years within 30 days of that day).
Companies Code · seven monthsPosition in the running window
28-09-2026 today31-12-2026 close31-07-2027 deadline
History
Go further with this company
How much credit can you give this customer, and on what term?Credit check What should you check before you do business with this company?Supplier due diligence Is the workforce growing, and do people stay?Employer check Can you accept this company as a client under the anti-money-laundering law?AML client file Which of your other customers can you e-invoice via Peppol?Peppol check What other support did companies like this one receive, and it did not?Public money
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Investigating this company? Keep it with today's facts in a case file.
Financials · fiscal year 2025, full schema
In the rankings
#3 company by equity in Evere, Health and social work sector#5 oldest company in Evere, Health and social work sector#7 company by total assets in Evere, Health and social work sector
Turnover
€153,679
EBIT margin
-439.1%
Net result
-€420,518
2024 · €34,682
Working capital
€1.4m▼ 23.6%
2024 · €1.8m
Trend over the years
Click a name to add, emphasise or remove a line.Band: the middle half (P25 to P75) of NACE 88, Social work activities without accommodation, 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
Line20212022202320242025
Turnover
Operating result€740,387▲ 495%-€75,194€152,253-€6,672-€428,685▼ 6,325%
Net result€708,686above the sector's middle half▲ 493%-€212,023below the sector's middle half€217,439above the sector's middle half€34,682within the sector's middle half▼ 84.0%-€420,518below the sector's middle half
EBIT margin
Equity€2.3mabove the sector's middle half▲ 43.3%€2.1mabove the sector's middle half▼ 10.1%€2.3mabove the sector's middle half▲ 9.9%€2.3mabove the sector's middle half▲ 0.9%€1.8mabove the sector's middle half▼ 19.3%
Total assets€2.6mabove the sector's middle half▲ 31.0%€2.4mabove the sector's middle half▼ 8.1%€2.5mabove the sector's middle half▲ 4.4%€2.5mabove the sector's middle half▼ 2.2%€2.0mabove the sector's middle half▼ 18.1%
Debt€319,245▼ 15.5%€312,857▼ 2.0%€264,918▼ 15.3%€189,726▼ 28.4%€182,691▼ 3.7%
Working capital€1.9mabove the sector's middle half▲ 56.0%€1.7mabove the sector's middle half▼ 12.8%€1.8mabove the sector's middle half▲ 7.5%€1.8mabove the sector's middle half▼ 0.4%€1.4mabove the sector's middle half▼ 23.6%
Solvency86.9%above the sector's middle half▲ 7.4pp85.0%above the sector's middle half▼ 1.9pp89.5%above the sector's middle half▲ 4.5pp92.3%above the sector's middle half▲ 2.8pp91.0%above the sector's middle half▼ 1.4pp
Current ratio13.77above the sector's middle half▲ 7.039.83above the sector's middle half▼ 3.9411.03above the sector's middle half▲ 1.1913.27above the sector's middle half▲ 2.2510.82above the sector's middle half▼ 2.45
Return on assets (ROA)26.9%above the sector's middle half▲ 21.0pp-8.8%below the sector's middle half▼ 35.7pp8.6%above the sector's middle half▲ 17.4pp1.4%within the sector's middle half▼ 7.2pp-20.8%below the sector's middle half▼ 22.2pp
Staff (FTE)14.9within the sector's middle half▼ 1.3%15.1within the sector's middle half▲ 1.3%15.3within the sector's middle half▲ 1.3%14.7within the sector's middle half▼ 3.9%16.6within the sector's middle half▲ 12.9%
above
within
below
the middle half (P25 to P75) of NACE 88, Social work activities without accommodation, each year against the same schema; no band under 30 filings.
Result per fiscal year
Operating resultNet result
The operating result stays negative: a loss of €428,685 in 2025 against €6,672 in 2024; the loss grows and 2025 has the lowest result in the available series.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €2.0m
Fixed assets
€488,499 ▼ 2.3%
Current assets
€1.5m ▼ 22.1%
Equity and liabilities €2.0m
Equity
€1.8m ▼ 19.3%
Debt
€182,691 ▼ 3.7%
Debt's share of the balance-sheet total rises from 7.7% to 9.0%. Equity and debt are lower.
Key figures and ratios
EBITDA
-€405,863▼
2024 · €16,078
Cash flow
-€397,695▼
2024 · €57,432
Debt to equity
0.10▲
2024 · 0.08
ROE
-22.9%▼
2024 · 1.5%
Interest coverage
-458.53▼
2024 · -0.34
Debt ≤ 1 year
€141,497▼
2024 · €148,168
Income taxes
€503▼
2024 · €874
Staff costs
€999,498▲
2024 · €922,723
Green means a favourable move, even when the figure itself falls: as with debt or debt to equity.
Peer companies
Historical observationOf the 928 companies that looked in July 2024 the way this one looks now, 1.1% went bankrupt within 24 months and 90% are still going.
- Small
- 20 years or older
- solvency 30% or more
- a loss of 10% of the balance sheet or more
1.1%
went bankrupt
8.7%
stopped otherwise
90%
still going
A further 0.2% stopped, but we cannot tell whether within those 24 months.
For this company itself Checked computes a lower bankruptcy probability: < 0.1% over twelve months. The score reads more about this company than the group's four characteristics; both figures are right about what they measure.
How reliable is this rule?
Tested on the year before, without using that year itself: the groups of July 2023 gave each of the 497,662 companies of July 2024 its group's bankruptcy share. Expected: 1.5%; actually bankrupt within 24 months: 1.6%.
| Group | Expected | Actual |
|---|---|---|
| 1 | 0.2% | 0.2% |
| 2 | 0.3% | 0.4% |
| 3 | 0.5% | 0.5% |
| 4 | 0.6% | 0.7% |
| 5 | 0.8% | 0.9% |
| 6 | 1.2% | 1.3% |
| 7 | 1.5% | 1.7% |
| 8 | 1.7% | 1.7% |
| 9 | 2.7% | 2.8% |
| 10 | 5.3% | 5.7% |
The rule ranks well: a company that went bankrupt got a higher share than one that kept going in 75% of comparisons. The level follows the economy: in a year with more bankruptcies, the actual share is higher than the year before.
An observation about 928 comparable companies, not a prediction for this company. The sector does not count: the register keeps no sector for companies that stopped, so it would make the outcome look better than it was.
Annual accounts
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Non-recurring operating income76A | €45,087 | €28,417 | €75,518 | €2,051 | €2,234 | ▲ 9.0% |
| Remuneration, social security and pensions62 | €766,298 | €817,624 | €841,273 | €922,723 | €999,498 | ▲ 8.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €19,092 | €20,101 | €20,506 | €22,750 | €22,822 | ▲ 0.3% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals)631/4 | €2,800 | - | €660 | - | - | - |
| Other operating charges640/8 | €22,433 | €7,467 | €17,789 | €7,878 | €321,482 | ▲ 3,981% |
| Gross operating margin9900 | €1.5m | €793,498 | €1.0m | €946,680 | €915,117 | ▼ 3.3% |
| Operating profit (loss)9901 | €740,387 | -€75,194 | €152,253 | -€6,672 | -€428,685 | ▼ 6,325% |
| Financial income75/76B | €44 | - | €512 | €2,916 | €12,598 | ▲ 332% |
| Recurring financial income75 | €44 | - | €512 | €2,916 | €12,598 | ▲ 332% |
| Financial charges65/66B | €31,746 | €136,830 | -€65,064 | -€39,312 | €3,928 | ▲ 110% |
| Recurring financial charges65 | €3,701 | €120,967 | -€70,887 | -€46,873 | €885 | ▲ 102% |
| Non-recurring financial charges66B | €28,045 | €15,862 | €5,824 | €7,560 | €3,043 | ▼ 59.8% |
| Profit (loss) for the period before taxes9903 | €708,686 | -€212,023 | €217,829 | €35,557 | -€420,015 | ▼ 1,281% |
| Income taxes67/77 | - | - | €389 | €874 | €503 | ▼ 42.5% |
| Profit (loss) for the period9904 | €708,686 | -€212,023 | €217,439 | €34,682 | -€420,518 | ▼ 1,312% |
| Profit (loss) for the period to be appropriated9905 | €708,686 | -€212,023 | €217,439 | €34,682 | -€420,518 | ▼ 1,312% |
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Assets | ||||||
| Total assets20/58 | €2.6m | €2.4m | €2.5m | €2.5m | €2.0m | ▼ 18.1% |
| Fixed assets21/28 | €529,580 | €526,080 | €515,159 | €500,029 | €488,499 | ▼ 2.3% |
| Tangible fixed assets22/27 | €484,580 | €481,080 | €470,159 | €460,029 | €448,499 | ▼ 2.5% |
| Land and buildings22 | €468,557 | €472,276 | €457,413 | €452,842 | €434,273 | ▼ 4.1% |
| Furniture and vehicles24 | €9,882 | €8,804 | €7,147 | €7,187 | €6,209 | ▼ 13.6% |
| Assets under construction and advance payments27 | €6,142 | - | €5,600 | - | €8,017 | - |
| Financial fixed assets28 | €45,000 | €45,000 | €45,000 | €40,000 | €40,000 | = |
| Current assets29/58 | €2.1m | €1.9m | €2.0m | €2.0m | €1.5m | ▼ 22.1% |
| Amounts receivable after more than one year29 | €14,487 | €11,367 | - | - | - | - |
| Other amounts receivable291 | €14,487 | €11,367 | - | - | - | - |
| Amounts receivable within one year40/41 | €232,881 | €148,755 | €137,088 | €91,953 | €78,178 | ▼ 15.0% |
| Trade receivables40 | €11,141 | €10,973 | €8,521 | €21,740 | €27,126 | ▲ 24.8% |
| Other amounts receivable41 | €221,740 | €137,783 | €128,567 | €70,213 | €51,052 | ▼ 27.3% |
| Current investments50/53 | €1.0m | €880,391 | €952,049 | €1.0m | - | - |
| Cash at bank and in hand54/58 | €818,583 | €812,482 | €910,567 | €855,200 | €434,291 | ▼ 49.2% |
| Deferred charges and accrued income490/1 | €34,252 | €36,990 | €7,867 | €19,632 | €1.0m | ▲ 5,091% |
| Equity and liabilities | ||||||
| Total equity and liabilities10/49 | €2.6m | €2.4m | €2.5m | €2.5m | €2.0m | ▼ 18.1% |
| Equity10/15 | €2.3m | €2.1m | €2.3m | €2.3m | €1.8m | ▼ 19.3% |
| Contributions10/11 | - | €824,765 | €824,765 | €824,765 | €824,765 | = |
| Capital10 | - | €824,765 | €824,765 | €824,765 | €824,765 | = |
| Reserves13 | €122,117 | €122,117 | €122,117 | €122,117 | €122,117 | = |
| Profit (loss) carried forward14 | €860,229 | €648,206 | €865,645 | €900,328 | €479,810 | ▼ 46.7% |
| Investment grants15 | €477,299 | €458,492 | €445,285 | €429,878 | €410,654 | ▼ 4.5% |
| Provisions and deferred taxes16 | €26,127 | €49,627 | - | - | - | - |
| Provisions for liabilities and charges160/5 | €26,127 | €49,627 | - | - | - | - |
| Other liabilities and charges164/5 | €26,127 | €49,627 | - | - | - | - |
| Amounts payable17/49 | €319,245 | €312,857 | €264,918 | €189,726 | €182,691 | ▼ 3.7% |
| Amounts payable within one year42/48 | €152,538 | €192,208 | €182,056 | €148,168 | €141,497 | ▼ 4.5% |
| Trade debts44 | €39,780 | €76,230 | €66,283 | €42,609 | €21,123 | ▼ 50.4% |
| Suppliers440/4 | €39,780 | €76,230 | €66,283 | €42,609 | €21,123 | ▼ 50.4% |
| Taxes, remuneration and social security45 | €86,373 | €106,416 | €104,544 | €100,499 | €115,330 | ▲ 14.8% |
| Remuneration and social security454/9 | €86,373 | €106,416 | €104,544 | €100,499 | €115,330 | ▲ 14.8% |
| Accrued charges and deferred income492/3 | €166,707 | €120,649 | €82,862 | €41,558 | €41,194 | ▼ 0.9% |
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €708,686 | -€212,023 | €217,439 | €34,682 | -€420,518 | ▼ 1,312% |
| + Depreciation and write-downs630 | €19,092 | €20,101 | €20,506 | €22,750 | €22,822 | ▲ 0.3% |
| Operating cash flow (approximation) | €727,778 | -€191,922 | €237,945 | €57,432 | -€397,695 | ▼ 792% |
| Investment in fixed assets (approximation) | - | -€16,601 | -€9,585 | -€7,620 | -€11,292 | ▼ 48.2% |
| Change in cash | - | -€6,101 | €98,085 | -€55,367 | -€420,909 | ▼ 660% |
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
Next filing, fiscal year 2026, expected by
2026
24-08
NBB filing
Annual accounts filed
fiscal year 2025 · full schema · 24 days late
26-06
State Gazette act
General meeting · Director reappointment
Permanent representative · Director resignation
25-06
State Gazette act
General meeting · Director appointment
Member resignation · Director reappointment
25-06
State Gazette act
General meeting · Director appointment
Other statement · Director reappointment
2025
31-12
Financial
Weakest financial yearnet -€420,518
Net result drops to -€420,518, the lowest in the series.
18-07
NBB filing
Annual accounts filed
fiscal year 2024 · full schema
2024
25-07
NBB filing
Annual accounts filed
fiscal year 2023 · full schema
2023
31-12
Financial
Back to profitnet €217,439
Net result €217,439 after one loss-making year.
10-07
NBB filing
Annual accounts filed
fiscal year 2022 · full schema
2022
09-08
NBB filing
Annual accounts filed
fiscal year 2021 · full schema · 9 days late
2021
31-12
Financial
Highest result since 2018net €708,686 ▲493%
Operating result €740,387, net result €708,686, both a record.
31-12
Financial
Liquidity doublescurrent ratio 13.77
Current ratio from 6.74 to 13.77; short-term debt falls from €217,349 to €152,538.
Show earlier events
31-12
Financial
Equity above €2mEq €2.3m ▲43.3%
2 profitable years in a row build equity to €2.3m.
19-07
NBB filing
Annual accounts filed
fiscal year 2020 · full schema
2020
31-12
Financial
Equity above €1mEq €1.6m ▲68.4%
Equity rises from €946,879 to €1.6m.
30-10
NBB filing
Annual accounts filed
fiscal year 2019 · full schema · 91 days late
27-02
NBB filing
Annual accounts filed
fiscal year 2018 · full schema · 211 days late
2018
02-07
NBB filing
Annual accounts filed
fiscal year 2017 · full schema
2017
25-09
NBB filing
Annual accounts filed
fiscal year 2016 · full schema · 56 days late
Financial milestoneState Gazette actNBB filingFinancial milestones sit on the fiscal year-end date, not the filing date.
0 of 17 acts read
About the unread acts
We know of 17 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
17 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, Evere · 3 establishment units since 2003
Ground area
4,992 m²
Building footprint
2,145 m²
Volume, LiDAR
26,840 m³
3 parcels, Brussels, Wallonia · tallest building 21.1 m, ±5 floors. Linked by address, not a title deed.
59
companies at this address
See who is registered here
3 establishment units
Inclusion asbl
since 20032.177.649.703
Inclusion asbl
since 20122.221.343.451
Inclusion - La Louvière
since 20242.363.153.689
3 parcels
Wallonia
2
(66.7%)
Brussels
1
(33.3%)
| Parcel (capakey) | Region | Area | Buildings | Height / fl. |
|---|---|---|---|---|
| 21372C0122/00D000 | Brussels | 2,809 m² | 1 · 1,531 m² | 21.1 m · 5 fl. |
| 62002B0105/00X000 | Wallonia | 1,987 m² | 1 · 418 m² | 19.0 m · 5 fl. |
| 55022A0471/00P045 | Wallonia | 196 m² | 1 · 196 m² | 15.5 m · 4 fl. |
Linked by address, not proof of ownership
Good to know
3 of 3 parcels with an exact address match; the rest are indicative.
Linked through address data, this is not proof of ownership.
Public money · subsidies and aid
Wallonia-Brussels Federation
2023 to 2025 · 11 entries · 1,211,197 EUR in total| Year | Entries | paid |
|---|---|---|
| 2025 | 3 | 422,601 EUR |
| 2024 | 3 | 395,229 EUR |
| 2023 | 5 | 393,368 EUR |
Budget allocations
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Of 2,201 companies in sector 88999 we hold annual accounts for 806. 483 are within a factor 10 of this equity. The 5 above are the closest to it. See the whole sector
Identification & contact
Identification
Legal formNon-profit association
Founded29-09-1989
Fiscal year end31-12
Activities, NACEBEL 2025
88999Other social work without accommodation
Contact
E-mail
mpe@inclusion-asbl.beLa Louvière
Phone
02 247 28 19La Louvière
E-invoicing
Reachable via Peppol
Peppol ID
0208:0441427501
If you follow this company, Checked tells you the day it leaves the Peppol register.
Register as of 28 September 2026 · Peppol Directory
Scores and ratios are computed by Checked and are not a credit decision.