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Incofin Microfinance Fund

Active
Cooperative companyfounded 1992active for 34 yearsRavensteinstraat 2, 9000 Gent, Belgium11 active companies are registered at this addressKBO/BCE: BE 0448.125.845

From the official registers: KBO 34 annual accounts at the National Bank publications in the Belgian Official Gazette

Summary

Incofin Microfinance Fund has been active since 1992 and the Belgian Official Gazette contains no insolvency or warning signals. The 2025 annual accounts show equity of €53.5m and a net result of -€1.2m. Equity has been stable since 2018 (±0.7% per year). Its solvency ranks better than 83% of 2,812 sector peers (NACE 82, financial year 2025). The computed 12-month bankruptcy probability is below 0.1% (very low).

Risk analysisFollow ReportCompare
Incofin Microfinance FundActiveChecked score 94/100
Risk analysis ReportCompare

Overview

Official details

KBO
Status
Active since 27-08-1992 Normal situation
Legal form
Cooperative company
Registered office
Ravensteinstraat 2, 9000 Gent
Activity
Other business support services NACE 82990
Establishment unit
2.061.504.475 2610 Antwerpen, since 21-06-1995
Financial year end
31 December
Peppol
Reachable since 21-10-2026
Company details

Board and ownership

Board
and 9 other directors
Auditor
Deloitte Bedrijfsreviseren BV
Holdings
Shares in 11 companies including Juhudi Kilimo and Incofin Investment Management
Board & ownership

Financial position

94 Excellent Checked score 2025
Bankruptcy probabilitywithin 12 months
< 0.1%
Annual accounts 2025
Gross margin
-€1.3m
▲ 14.8%
Loss
€1.2m
▲ 87.2%
Equity
€53.5m
▼ 4.5%
Total assets
€65.5m
▼ 1.5%
Turnover not published (abbreviated format)2025 accounts filed 86 days before the deadline
Filed on 06-05-2026PDF
Financials
Score breakdownraises riskLiquidity: current ratio 11.91, cash €2.7m, halvedlowers riskSize: total assets €65.5mSector: Office administrative, office support and other business support activities (NACE 82)Figures for financial year 2025 (filed on 13-05-2026)Show the evidence

Checked score

Score 2025
94 / 100
Excellent
Probability in this band: under 0.55%
Financially stronger than 50% of large companies in office administrative support (NACE 82)
Every signal that counts is listed under Signals.
Financial strength · tick: 2024
Strong
Solvency 100=
equity 81.6% of total assets
Liquidity 55-10
short-term debt 6.2% · cash 4.1%
Profitability 33-2
return on assets -1.9%
Bankruptcy probability within 12 months
< 0.1% Very low
0%0.5%1.5%4%10%≥ 25%

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

Sector median 0.1% (51 companies, NACE 82, large)
Last 24 months 11-2024: 0.1% 12-2024: 0.1%● unchanged vs 11-2024 01-2025: 0.1%● unchanged vs 12-2024 02-2025: 0.1%● unchanged vs 01-2025 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 05-2025highest value 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%▼ -0.1 percentage points vs 08-2026lowest value 10-2026: < 0.1%● unchanged vs 09-2026lowest value
Credit of up to €5,000,000 on 30-day terms is acceptable
Liquidity is ample, with a current ratio of 11.91 (23.36 in 2024), above the usual 1.5. Short-term debt is 6.2% and cash 4.1% of total assets. 18.4% 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 82, large). It does better than 84% of them on solvency, 82% on liquidity, 20% on profitability and 15% 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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Signals

Five signals.
lowers riskraises riskneutral
lowers risk · Size: total assets €65.5m
Companies of this size fail less often. How much that weighs depends on the rest of the company's profile.
NBB · annual accounts
raises risk · Liquidity: current ratio 11.91, cash €2.7m, halved
NBB · annual accounts
lowers risk · Sector: Office administrative, office support and other business support activities (NACE 82)
KBO
lowers risk · Figures for financial year 2025 (filed on 13-05-2026)
NBB · annual accounts
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 06-05-2026, 86 days ahead of the deadline.
NBB · 10 filings
Deviation from the deadline
2025
86 days early
2024
41 days early
2023
47 days early
2022
35 days early
2021
67 days early
2020
60 days early
2019
59 days early
← 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 56 days before the deadline. In the sector (NACE 82), the median for financial year 2024 was 7 days before the deadline, and 35% 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 15 June (4 of the last 5 filed years within 30 days of that day).
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

  • Caution: Result fell in 2025from -€658,242 to -€1.2m ▼ 87.2% View
  • Caution: Lower net result than 95% of companies in office administrative supportsector median €21,082 · 2,814 companies -€1.2m View
  • Board changedlatest change 19-08-2026 · 13 in office 2 joined · 1 left View
  • Positive: Filed on time since financial year 2018accounts within the deadline every year 8 years View
  • Caution: 2 loss-making years in a rowloss in financial year 2025 -€1.2m View

Documents

Annual accounts at the NBB

All 34 annual accounts

Acts in the Belgian Official Gazette

All publications in the Belgian Official Gazette

Articles and registers

Key facts about Incofin Microfinance Fund

What is the company number of Incofin Microfinance Fund?
The company number of Incofin Microfinance Fund is 0448.125.845. The VAT number is the same number with BE in front: BE 0448.125.845.
Where is Incofin Microfinance Fund based?
The registered office is at Ravensteinstraat 2, 9000 Gent.Company details
What does Incofin Microfinance Fund do?
According to the KBO register, the main activity is other business support services (NACE 82990).
What is the legal form of Incofin Microfinance Fund?
The legal form of Incofin Microfinance Fund is Cooperative company (CV).
When was Incofin Microfinance Fund founded?
Incofin Microfinance Fund was founded on 27-08-1992.
Is Incofin Microfinance Fund still active?
Yes, Incofin Microfinance Fund is an active enterprise in the KBO register.
What is the turnover of Incofin Microfinance Fund?
The annual accounts for financial year 2025 state no turnover. The abbreviated format does not require it.Financials
Is Incofin Microfinance Fund profitable?
In financial year 2025, Incofin Microfinance Fund made a loss of €1.2m.
Where can I find the annual accounts of Incofin Microfinance Fund?
Incofin Microfinance Fund filed 34 annual accounts with the National Bank of Belgium, the latest for financial year 2025.Annual accounts 2025 (PDF)
When are the next annual accounts of Incofin Microfinance Fund due?
Incofin Microfinance Fund must file the annual accounts for financial year 2026 by 31-07-2027.Timeline

Companies linked to Incofin Microfinance Fund

Comparable companies

These companies have the same main activity as Incofin Microfinance Fund: other business support services (NACE 82990). They are comparable in size and age: total assets between €26m and €52m, founded between 1989 and 2006.

CompanyTotal assetsGross margin
Incofin Microfinance Fund Gent€65.5m-€1.3m
INFORMATION INVESTMENTS Schilde€51.6m-€0.1m
LIMBURG DIEPENBEEK CAMPUS Hasselt€36.4m-€1.2m
HENKES & CO Eupen€36.9m-€0.3m
VIKING HOLDING Knokke-Heist€42.5m-€0.1m
KIALA Tournai€26.5m-€0.1m
GRAND - POSTE Liège€34.9m-€0.1m
Full comparison

Next steps

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