Result
-€420,518 -€420,518
From profit to loss in 2025, after a profit of €34,682 in 2024.
inclusion
Lifetime
18 annual accounts with figures on one time axis, 20 filings since 2006peak €1.5m (2021)
€915,117▼ 3.3%
lowest -€420,518 (2025)
-€420,518▼ €455,200
peak €2.3m (2021)
€1.8m▼ 19.3%
€182,691▼ 3.7%
peak 23.2 FTE (2016)
16.6 FTE▲ 12.9%
Board20 names since 2021all names
10 directorsELSEN Jean-Marie and 9 others
Documentsfilings and deeds
24-08-202624 days late
2025financial year
Loss of €420,518Staff from 14.7 FTE to 16.6 FTEEquity from €2.3m to €1.8mCash from €855,200 to €434,291
Key points
from the 2025 annual accountsStaff
25 employees on 31-12-2025
In 2025, 10 people joined and 8 left.
Filings
20 annual accounts since 2006
Five of the last ten came late. The 2018 accounts came latest: 211 days after the end of the period.
At the same address
55 companies
Board
3 joined · 3 left
Board changed. Latest change 05-10-2026 · 10 in office.
Position in the sector
-€420,518
Lower net result than 95% of companies in social work without accommodation. Sector median €13,143 · 659 companies.
Checked score
93
Excellent
Financially stronger than 41% of small companies in social work without accommodation (NACE 88)
Probability in this band: under 0.55%
Bankruptcy probability within 12 months
< 0.1% Very low
0%0.5%1.5%4%10%≥ 25%
The dashed line is the sector median: < 0.1% across 589 companies (NACE 88, small).
Fewer than 1 in 1,000 comparable companies go bankrupt within 12 months (an estimate).
Last 24 months
12-2024: < 0.1%
01-2025: < 0.1%● unchanged vs 12-2024lowest value
02-2025: < 0.1%● unchanged vs 01-2025lowest value
03-2025: < 0.1%● unchanged vs 02-2025
04-2025: < 0.1%● unchanged vs 03-2025
05-2025: < 0.1%● unchanged vs 04-2025
06-2025: < 0.1%● unchanged vs 05-2025
07-2025: < 0.1%● unchanged vs 06-2025
08-2025: < 0.1%● unchanged vs 07-2025
09-2025: < 0.1%● unchanged vs 08-2025
10-2025: < 0.1%● unchanged vs 09-2025
11-2025: < 0.1%● unchanged vs 10-2025
12-2025: < 0.1%● unchanged vs 11-2025
01-2026: < 0.1%● unchanged vs 12-2025
02-2026: < 0.1%● unchanged vs 01-2026
03-2026: < 0.1%● unchanged vs 02-2026
04-2026: < 0.1%● unchanged vs 03-2026
05-2026: < 0.1%● unchanged vs 04-2026
06-2026: < 0.1%● unchanged vs 05-2026
07-2026: < 0.1%● unchanged vs 06-2026
08-2026: < 0.1%● unchanged vs 07-2026
09-2026: < 0.1%● unchanged vs 08-2026highest value
10-2026: < 0.1%● unchanged vs 09-2026highest value
11-2026: < 0.1%● unchanged vs 10-2026highest value
Financial strengthAverage
Score breakdown
raises risk
Loss of €420,518 (financial year 2025)
lowers risk
Legal form: non-profit association
Liquidity: current ratio 10.82, cash €434,291
Equity €1.8m (91.0% of total assets)
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 88, small). It does better than 88% of them on solvency, 63% on liquidity, 3% on profitability and 11% on growth.
The bankruptcy probability was computed on 08-11-2026 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.
The probability rests on the annual accounts with balance sheet date 31-12-2025.
Of the companies with a bankruptcy probability in the very low class on 30-06-2025, 0.1% went bankrupt within twelve months.
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).
Comparable companies, two years later
In July 2024, 929 companies had the same profile as inclusion has now. Each dot stands for 3 companies, two years later.
90.1%
were still trading
8.8%
stopped another way
1.1%
went bankrupt
The bankruptcy probability of inclusion itself is lower: < 0.1% within 12 months. It rests on far more data about inclusion than the profile alone.
Test of the method
The method was tested on the 497,447 companies of July 2024. Each company was given the bankruptcy share of the same profile a year earlier, in July 2023. The expectation was that 1.6% would go bankrupt within 24 months. In fact 1.7% went bankrupt.
| Group | Expected | Actual |
|---|---|---|
| 1 | 0.2% | 0.2% |
| 2 | 0.3% | 0.5% |
| 3 | 0.5% | 0.6% |
| 4 | 0.7% | 0.8% |
| 5 | 0.9% | 0.9% |
| 6 | 1.3% | 1.5% |
| 7 | 1.6% | 1.8% |
| 8 | 1.8% | 1.8% |
| 9 | 3.0% | 3.1% |
| 10 | 5.6% | 6.2% |
A company that went bankrupt had a higher expected share than one that kept going in 74.5% of comparisons. The level depends on the economy. In a year with more bankruptcies than the year before, the actual share is higher than the expected one.
This is an observation about 929 companies, not a prediction for inclusion. The sector does not count, because the KBO no longer lists a sector for a company that has stopped. By sector, mostly the survivors would count, which would paint too rosy a picture.
Credit verdict
Credit of up to €170,000 on 30-day terms is acceptable
Liquidity is ample, with a current ratio of 10.82 (13.27 in 2024), above the usual 1.5. Short-term debt is 7% and cash 21.5% of total assets. 9% of the assets are financed with debt and provisions.
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The scores and ratios are Checked's own calculations, not a credit decision.
Signals
Five signals.
lowers riskraises riskneutral
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: of the companies that move to filing 1 to 90 days late, 1.41% are now bankrupt, dissolved or in another special legal status, below the 1.66% of all filers. It is a change in behaviour, not evidence of elevated risk.
NBB · 10 filingsDeviation from the deadline
2025
24 days late
2024
13 days early
2023
6 days early
2022
21 days early
2021
9 days late
2020
12 days early
2019
91 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 10 days after the deadline. In the sector (NACE 88), the median for financial year 2024 was 24 days before the deadline, and 25% 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 26 July (5 of the last 5 accounts filed within 30 days either side of that date).
Companies Code · seven monthsWhere today falls in the filing period
09-11-2026 today31-12-2026 year end31-07-2027 deadline
Recent changes
5 directors appointed, 2 resignations
Resignations: Jean-Marie ELSEN and Sandy FELACO · Appointments: Emilie Douay, Rébecca Laloum, François Legrand, Judith YASSE (chair) and Robert DORMAL (vice-chair) · Director discharge: Inclusion · General meeting of 25-04-2026 · Gazette deed
Resignations: VAN WASSENHOVEN Claire (director) and BASTENIER Raymond (director)
Director discharge: INCLUSION · General meeting of 14-06-2025 · Gazette deed
5 directors appointed, 3 resignations, 5 reappointments
Appointments: BAUMAL Muriel, DORMAL Robert, YASSE Judith, DETHIER Paul (daily management delegate) and Mathis Petronin (day-to-day manager) · Resignations: DE SMEDT Bernard, Mélanie Papia (daily management delegate) and DETHIER Paul (daily management delegate) · Reappointments: BASTENIER Raymond, DETHIER Paul, ELSEN Jean-Marie (chair), GOETHALS Anne and VERELST Paul · Board meeting of 26-06-2024 · Gazette deed
New establishment in La Louvière
Inclusion - La Louvière, Rue Ernest Milcamps (L.L) 26
Comparable companies
same main activity, similar in size and age| Company | ||||
|---|---|---|---|---|
| inclusion Evere | - | - | 91.0% | 16.6 |
| RESTO DU COEUR DE NAMUR - MAISON DE LA SOLIDARITE Namur | €32,675 | 54.5% | 73.9% | 15.1 |
| Secos , Société d'Economie sociale Mons | - | - | 55.1% | 18 |
| INTEGRATIE EN ZELFSTANDIG WONEN VAN FYSIEK GEHANDICAPTE PERSONEN Leuven | €530,078 | 1.0% | 59.1% | 17.3 |
| Psycho-oncologie Centrum Brussels | - | - | 78.5% | 20.2 |
| SOCIAAL VERVOER BRUSSEL Sint-Gillis (bij-Brussel) | - | - | 93.2% | 16.9 |
| De Loper Anderlecht | - | - | 79.4% | 16.9 |
These companies have the same main activity as inclusion: other social work without accommodation (NACE 88999). They are comparable in size and age: total assets between €1.3m and €2.5m, founded between 1981 and 1997.
Official details
Source: KBO- Status
- Active since 29-09-1989Normal situation
- Registered office
- 57 active companies are registered at this address1 started in the 12 months before. Source: KBO register, as of 9 November 2026.
- Activity
- Other social work without accommodationNACE 88999
- Joint committee
- 329.02Socio-cultural sector · annual accounts 2025
- Establishment units
- 2.177.649.7031140 Evere, since 18-01-2003
- 2.221.343.4514031 Liège, since 19-03-2012and 1 other
- Financial year end
- 31 December
- Peppol
- Reachable
Annual accounts 2025
- ≈ €1.1mestimated
- €2.0m▼ 18.1%
- Employeeson 31-12-2025
- 25
- Filing
- Filed on 24-08-2026
Insights on inclusion
inclusion has existed since 1989. The gross margin grew from €658,615 in 2007 to €915,117 in 2025 and staff from 6.6 to 16.6 full-time equivalents.
In 2026, three directors stepped down.
Sources: KBO register, filings at the National Bank, Belgian Official Gazette. Click a figure with a dotted line for the item and the filing.
Key facts about inclusion
- What is the company number of inclusion?
- The company number of inclusion is 0441.427.501. The VAT number is the same number with BE in front: BE 0441.427.501.
- Where is inclusion based?
- The registered office is at Kolonel Bourgstraat 123, 1140 Evere.Company details
- What does inclusion do?
- According to the KBO register, the main activity is other social work without accommodation (NACE 88999).
- What is the legal form of inclusion?
- inclusion is a non-profit association (VZW).
- When was inclusion founded?
- inclusion was founded on 29-09-1989.
- Is inclusion still active?
- Yes, inclusion is an active enterprise in the KBO register.
- How many employees does inclusion have?
- inclusion had an average of 16.6 full-time equivalents in financial year 2025, according to the filed annual accounts.Financials
- Which joint committee does inclusion fall under?
- In its 2025 annual accounts, inclusion states joint committee 329.02 (Socio-cultural sector).
- What is the turnover of inclusion?
- The turnover in financial year 2025 is ≈ €1.1m. This figure is estimated from the gross margin of €915,117 and 30 comparable companies (NACE 889). It probably lies between €1.0m and €1.2m. In financial year 2019 turnover was €153,679.
- Is inclusion profitable?
- In financial year 2025, inclusion made a loss of €420,518.
- Where can I find the annual accounts of inclusion?
- inclusion filed 20 annual accounts with the National Bank of Belgium, the latest for financial year 2025.
- When are the next annual accounts of inclusion due?
- inclusion must file the annual accounts for financial year 2026 by 31-07-2027.Timeline
Next steps
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