INCOPACK
ActiveSummary
INCOPACK has been active since 1987 and the Belgian State Gazette contains no insolvency or warning signals. The 2025 annual accounts show equity of €65.8m and a net result of €16.5m. Equity is growing by ~22% per year across the filed fiscal years. Its solvency ranks better than 86% of 647 sector peers (fiscal year 2025). The computed 12-month bankruptcy probability is 0.3% (very low).
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Signals
This company filed its last 7 accounts on average 19 days before the deadline; the sector median for financial year 2024 is 5 days before the deadline, and 38% of the sector filed late.
Checked, nothing found (2)
History
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Financials · fiscal year 2025, full schema
Click a name to add, emphasise or remove a line.Band: the middle half (P25 to P75) of NACE 10, Manufacture of food products, each year against the same schema; no band under 30 filings. Dashed line: the median.
Peer companies
Historical observationOf the 1,552 companies that looked in July 2024 the way this one looks now, 0.1% went bankrupt within 24 months and 97% are still going.
- Medium-sized
- 20 years or older
- solvency 30% or more
- a profit of 5% of the balance sheet or more
For this company itself Checked computes a bankruptcy probability of 0.3% over twelve months; the group does not contradict it.
How reliable is this rule?
Tested on the year before, without using that year itself: the groups of July 2023 gave each of the 497,058 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% | 1.6% |
| 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 74% 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 1,552 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.
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Operating income70/76A | €68.4m | €120.8m | €127.9m | €137.1m | €143.9m | ▲ 5.0% |
| Turnover70 | €66.2m | €119.0m | €127.9m | €135.1m | €144.4m | ▲ 6.9% |
| Change in stocks of work in progress, finished goods and contracts in progress71 | €1.3m | €654,746 | -€1.0m | €844,618 | -€1.1m | ▼ 231% |
| Other operating income74 | €541,267 | €718,023 | €878,441 | €526,954 | €609,325 | ▲ 15.6% |
| Non-recurring operating income76A | €266,473 | €404,655 | €75,743 | €629,272 | €18,025 | ▼ 97.1% |
| Operating charges60/66A | €65.5m | €116.3m | €107.2m | €123.5m | €125.6m | ▲ 1.7% |
| Goods for resale, raw materials and consumables60 | €50.8m | €98.0m | €87.2m | €102.9m | €104.3m | ▲ 1.3% |
| Purchases600/8 | €51.5m | €98.9m | €87.5m | €103.0m | €104.4m | ▲ 1.3% |
| Change in stocks: decrease (increase)609 | -€726,904 | -€932,685 | -€249,926 | -€52,928 | -€126,072 | ▼ 138% |
| Services and other goods61 | €8.3m | €10.2m | €9.6m | €9.6m | €10.9m | ▲ 13.3% |
| Remuneration, social security and pensions62 | €3.9m | €5.4m | €6.7m | €7.3m | €8.0m | ▲ 10.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €2.2m | €2.4m | €3.2m | €3.3m | €1.8m | ▼ 45.1% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals)631/4 | - | - | -€800,977 | - | €118,250 | - |
| Provisions for liabilities and charges: additions (uses and reversals)635/8 | -€12,000 | - | €158,266 | -€76,662 | €25,080 | ▲ 133% |
| Other operating charges640/8 | €318,575 | €313,400 | €406,111 | €449,613 | €417,308 | ▼ 7.2% |
| Non-recurring operating charges66A | €16,120 | - | €800,977 | - | - | - |
| Operating profit (loss)9901 | €2.8m | €4.5m | €20.7m | €13.6m | €18.3m | ▲ 34.9% |
| Financial income75/76B | €14,204 | €28,554 | €336,534 | €488,041 | €3.0m | ▲ 521% |
| Recurring financial income75 | €14,204 | €28,554 | €281,252 | €488,041 | €715,756 | ▲ 46.7% |
| Income from current assets751 | - | - | €29,845 | €227,188 | €490,947 | ▲ 116% |
| Other financial income752/9 | €14,204 | €28,554 | €251,407 | €260,853 | €224,810 | ▼ 13.8% |
| Non-recurring financial income76B | - | - | €55,282 | - | €2.3m | - |
| Financial charges65/66B | €354,470 | €466,405 | €441,026 | €298,624 | €286,116 | ▼ 4.2% |
| Recurring financial charges65 | €354,470 | €466,405 | €441,026 | €298,624 | €286,116 | ▼ 4.2% |
| Debt charges650 | €144,524 | €206,529 | €187,186 | €127,774 | €100,864 | ▼ 21.1% |
| Other financial charges652/9 | €209,946 | €259,876 | €253,840 | €170,850 | €185,253 | ▲ 8.4% |
| Profit (loss) for the period before taxes9903 | €2.5m | €4.0m | €20.6m | €13.8m | €21.1m | ▲ 52.9% |
| Income taxes67/77 | €333,153 | €644,623 | €4.5m | €3.3m | €4.6m | ▲ 38.6% |
| Taxes670/3 | €333,153 | €644,623 | €4.5m | €3.3m | €4.6m | ▲ 38.6% |
| Profit (loss) for the period9904 | €2.2m | €3.4m | €16.0m | €10.5m | €16.5m | ▲ 57.4% |
| Profit (loss) for the period to be appropriated9905 | €2.2m | €3.4m | €16.0m | €10.5m | €16.5m | ▲ 57.4% |
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Assets | ||||||
| Total assets20/58 | €55.2m | €63.1m | €66.5m | €74.2m | €85.4m | ▲ 15.0% |
| Fixed assets21/28 | €36.2m | €36.3m | €34.6m | €33.5m | €30.9m | ▼ 7.8% |
| Tangible fixed assets22/27 | €12.4m | €12.5m | €10.8m | €9.7m | €9.8m | ▲ 1.2% |
| Land and buildings22 | €2.7m | €2.6m | €2.5m | €2.9m | €2.8m | ▼ 3.9% |
| Plant, machinery and equipment23 | €6.5m | €4.4m | €4.2m | €4.1m | €4.8m | ▲ 18.3% |
| Furniture and vehicles24 | €260,845 | €330,235 | €336,417 | €313,514 | €238,196 | ▼ 24.0% |
| Leasing and similar rights25 | €3.0m | €5.2m | €3.8m | €2.4m | €1.9m | ▼ 21.6% |
| Assets under construction and advance payments27 | - | - | - | - | €78,520 | - |
| Financial fixed assets28 | €23.7m | €23.7m | €23.7m | €23.7m | €21.0m | ▼ 11.5% |
| Affiliated companies280/1 | €23.7m | €23.7m | €23.7m | €23.7m | €21.0m | ▼ 11.5% |
| Participating interests280 | €23.7m | €23.7m | €23.7m | €23.7m | €21.0m | ▼ 11.5% |
| Current assets29/58 | €19.0m | €26.8m | €31.9m | €40.7m | €54.5m | ▲ 33.8% |
| Amounts receivable after more than one year29 | - | - | - | - | €10.7m | - |
| Other amounts receivable291 | - | - | - | - | €10.7m | - |
| Stocks and contracts in progress3 | €4.5m | €6.0m | €5.3m | €6.2m | €5.2m | ▼ 15.8% |
| Stocks30/36 | €4.5m | €6.0m | €5.3m | €6.2m | €5.2m | ▼ 15.8% |
| Raw materials and consumables30/31 | €2.1m | €3.0m | €3.3m | €3.3m | €3.5m | ▲ 3.8% |
| Finished goods33 | €2.4m | €3.0m | €2.0m | €2.9m | €1.8m | ▼ 38.6% |
| Amounts receivable within one year40/41 | €13.9m | €19.6m | €18.0m | €21.1m | €26.2m | ▲ 24.5% |
| Trade receivables40 | €13.1m | €18.9m | €17.5m | €20.5m | €20.6m | ▲ 0.6% |
| Other amounts receivable41 | €812,664 | €612,654 | €480,802 | €563,407 | €5.6m | ▲ 894% |
| Current investments50/53 | - | - | €2.1m | €81,678 | €106,745 | ▲ 30.7% |
| Other investments51/53 | - | - | €2.1m | €81,678 | €106,745 | ▲ 30.7% |
| Cash at bank and in hand54/58 | €464,768 | €1.1m | €6.3m | €13.2m | €12.0m | ▼ 8.8% |
| Deferred charges and accrued income490/1 | €160,836 | €117,357 | €238,258 | €182,739 | €198,074 | ▲ 8.4% |
| Equity and liabilities | ||||||
| Total equity and liabilities10/49 | €55.2m | €63.1m | €66.5m | €74.2m | €85.4m | ▲ 15.0% |
| Equity10/15 | €22.6m | €24.8m | €38.8m | €49.3m | €65.8m | ▲ 33.5% |
| Contributions10/11 | €2.5m | €2.5m | €2.5m | €2.5m | €2.5m | = |
| Capital10 | €2.5m | €2.5m | €2.5m | €2.5m | €2.5m | = |
| Issued capital100 | €2.5m | €2.5m | €2.5m | €2.5m | €2.5m | = |
| Reserves13 | €20.1m | €22.3m | €36.3m | €46.8m | €63.3m | ▲ 35.3% |
| Non-distributable reserves130/1 | €247,900 | €247,900 | €247,900 | €247,900 | €247,900 | = |
| Legal reserve130 | €247,900 | €247,900 | €247,900 | €247,900 | €247,900 | = |
| Distributable reserves133 | €19.9m | €22.1m | €36.1m | €46.6m | €63.1m | ▲ 35.5% |
| Provisions and deferred taxes16 | - | - | €158,266 | €81,604 | €106,684 | ▲ 30.7% |
| Provisions for liabilities and charges160/5 | - | - | €158,266 | €81,604 | €106,684 | ▲ 30.7% |
| Other liabilities and charges164/5 | - | - | €158,266 | €81,604 | €106,684 | ▲ 30.7% |
| Amounts payable17/49 | €32.6m | €38.3m | €27.5m | €24.8m | €19.4m | ▼ 21.7% |
| Amounts payable after more than one year17 | €15.4m | €14.9m | €11.8m | €10.5m | €7.8m | ▼ 26.1% |
| Financial debts170/4 | €11.1m | €10.6m | €7.5m | €6.2m | €3.4m | ▼ 44.7% |
| Leasing and similar obligations172 | €2.9m | €5.5m | €4.8m | €4.1m | €3.4m | ▼ 17.4% |
| Credit institutions173 | €5.6m | €2.5m | €2.7m | €2.1m | - | - |
| Other loans174 | €2.6m | €2.6m | - | - | - | - |
| Other amounts payable178/9 | €4.3m | €4.3m | €4.3m | €4.3m | €4.4m | ▲ 0.5% |
| Amounts payable within one year42/48 | €17.2m | €23.3m | €15.7m | €14.3m | €11.6m | ▼ 18.9% |
| Current portion of amounts payable after more than one year42 | €1.0m | €1.4m | €1.3m | €1.3m | €720,940 | ▼ 44.5% |
| Financial debts43 | €3.2m | €3.8m | - | - | - | - |
| Credit institutions430/8 | €3.2m | €3.8m | - | - | - | - |
| Trade debts44 | €9.1m | €12.9m | €11.2m | €12.0m | €9.4m | ▼ 21.1% |
| Suppliers440/4 | €9.1m | €12.9m | €11.2m | €12.0m | €9.4m | ▼ 21.1% |
| Taxes, remuneration and social security45 | €637,114 | €858,601 | €1.2m | €1.0m | €1.4m | ▲ 39.8% |
| Taxes450/3 | €15,903 | €26,243 | €213,704 | €55,365 | €410,067 | ▲ 641% |
| Remuneration and social security454/9 | €621,211 | €832,358 | €993,426 | €954,290 | €1.0m | ▲ 4.9% |
| Other amounts payable47/48 | €3.2m | €4.4m | €2.0m | - | - | - |
| Accrued charges and deferred income492/3 | €16,777 | €25,446 | €10,090 | €3,816 | €74,314 | ▲ 1,847% |
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €2.2m | €3.4m | €16.0m | €10.5m | €16.5m | ▲ 57.4% |
| + Depreciation and write-downs630 | €2.2m | €2.4m | €3.2m | €3.3m | €1.8m | ▼ 45.1% |
| Operating cash flow (approximation) | €4.4m | €5.8m | €19.2m | €13.8m | €18.3m | ▲ 32.8% |
| Investment in fixed assets (approximation) | - | -€2.5m | -€1.5m | -€2.2m | €791,031 | ▲ 136% |
| Change in cash | - | €589,059 | €5.3m | €6.9m | -€1.2m | ▼ 117% |
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
24-07
State Gazette act
Purpose · Statutes amendment · RestructuringMerger · Purpose change · Capital20 facts ▸
- General meeting, 29-06-2026
- Merger, verrichting gelijkgesteld met fusie door overneming, goedkeuring fusievoorstel
- Purpose change
- Statutes amendment
- Capital, €2.479.000
- Other statement, VIJFDE BESLISSING: Volmacht voor de coördinatie van de statuten
- Other statement, ZESDE BESLISSING: Machten aan het bestuursorgaan
- Power of attorney, Jasper Voorhout
- Power of attorney, Lieven Serrien
- Power of attorney, Andre Lorier
- Power of attorney, Patrick Geeraert
- Power of attorney, Karolien De Backer
- +8 further facts in this act
About the unread acts
Of the 15 Belgian State Gazette acts we know for this company, 1 has been read. The other 14 have not been read yet: what they contain is neither established nor disproved here.
Directors · office · real estate
1 establishment unit
1 parcel
| Parcel (capakey) | Region | Area | Buildings | Height / fl. |
|---|---|---|---|---|
| 73043B0216/00G000 | Flanders | 2.5 ha | 1 · 1.2 ha | - |
Linked by address, not proof of ownership
Articles of association
Full purpose (8 activities)
- Het ontwikkelen, produceren, verwerken, verpakken, conditioneren, bewaren, opslaan, distribueren en commercialiseren, in de ruimste zin, van voedingsproducten, dranken en aanverwante consumptiegoederen, ongeacht de vorm of presentatie, zowel voor eigen merken als in opdracht van derden (private label of contract manufacturing);
- Het commercialiseren, licentiëren en valoriseren van know-how, technologieën, merken, modellen, domeinnamen, procédés en andere intellectuele eigendomsrechten die verband houden met de voedings-, verpakkings- en logistieke sector of met de overige activiteiten van de vennootschap;
- De aankoop, verkoop, ontwikkeling, (her)ontwikkeling, inrichting, het beheer, de uitbating, de huur en verhuur, leasing en onderleasing, alsook het nemen en verlenen van alle onroerende en roerende zakelijke rechten (waaronder, zonder hiertoe beperkt te zijn, erfpacht-, opstal- en vruchtgebruikrechten) op alle roerende en onroerende goederen, met inbegrip van industriële gebouwen, magazijnen, productie-eenheden, kantoren, commerciële panden, logistieke infrastructuur en gronden;
- Het verrichten van alle administratieve, boekhoudkundige, financiële, juridische, commerciële, logistieke, IT-, personeels- en andere ondersteunende diensten voor eigen rekening en ten behoeve van andere ondernemingen, in het bijzonder maar niet beperkt tot vennootschappen waarmee zij in een groep of controleverhouding verbonden is;
- Het verlenen van advies- en managementdiensten in de ruimste zin, met inbegrip van strategisch en operationeel bedrijfsadvies, organisatie- en procesoptimalisatie, projectmanagement, directie- en managementondersteuning, en het waarnemen van bestuurs-, zaakvoerder- en andere mandaten in vennootschappen en organisaties;
- Het verlenen aan ondernemingen van alle nuttige bijstand, zowel financieel (met inbegrip van borgstelling, avalgeving, garanties en andere zekerheden), als technisch, industrieel, commercieel, marketing- en administratief, in welke vorm ook;
- Het fungeren als financieringsmaatschappij in de ruimste zin, daaronder begrepen: het opnemen van leningen en andere financieringen onder om het even welke vorm; het verstrekken van leningen, kredieten, voorschotten en andere financieringen aan vennootschappen en ondernemingen, in het bijzonder binnen de groep; het verlenen van zekerheden, waarborgen, borgstellingen en garanties, in welke vorm ook, met inbegrip van panden en hypotheken op haar goederen; het beheer van thesaurie- en cashpoolingactiviteiten binnen een groep van vennootschappen, met dien verstande dat de vennootschap geen activiteiten uitoefent die wettelijk voorbehouden zijn aan gereglementeerde financiële instellingen.
- Het optreden als tussenpersoon en bemiddelaar in de handel in de ruimste zin, met inbegrip van handelsbemiddeling, commissionair-, agentuur- en makelaarsactiviteiten bij de aankoop, verkoop, import, export en distributie van goederen en diensten die verband houden met haar voorwerp.
Structure & network
Owners and holdings
1 owner · 3 holdings · 2 subsidiaries in the treeChain of control
Highest known parent: A-ware Dairy Products Belgium Holding. The sources do not say who stands above it.
Owners 1
- 100%
Holdings 3
-
63%
-
20%
-
0.01%
All subsidiaries, including indirect ones 2
Companies in which this company or one of its subsidiaries holds more than half, or which it consolidates according to the LEI register.
According to the 2025 annual accounts of INCOPACK and those of the other companies, the acts in the Belgian Gazette and the LEI register. The register of ultimate beneficial owners (UBO) is not public: who ultimately stands behind a natural person or a foreign parent is not stated here. A company that does not fill in these statements, or need not, is missing.
Connections & network
No current directors or connected companies found in the register.
Acquisitions and mergers
1 transactionCapital and shareholders
- 24-07-2026 Capital stated in the act · 2,479,000 EUR · 106,000 shares
Public money · subsidies and aid
Flemish government
2022 to 2025 · 9 entries · 53,320 EUR awarded · 53,320 EUR paid| Year | Entries | awarded | paid |
|---|---|---|---|
| 2025 | 3 | 10,839 EUR | 10,839 EUR |
| 2024 | 2 | 8,837 EUR | 8,837 EUR |
| 2023 | 2 | 21,889 EUR | 21,889 EUR |
| 2022 | 2 | 11,755 EUR | 11,755 EUR |
Recognitions · licences · registrations
Food safety, FASFC
1 siteLegal Entity Identifier
Similar companies · same sector, comparable size
Identification & contact
Register as of 27 September 2026 · Peppol Directory
Scores and ratios are computed by Checked and are not a credit decision.