Equity
INCOPACK has made a profit without a break since 2012.
INCOPACK has made a profit without a break since 2012.
The result rose in 2025 from €10.5m to €16.5m.
10 years of growth in a row. Turnover 2025: €144.4m.
Short-term debts fell from €14.3m to €11.6m.
Merger with INCOROCK. Merger on 24-07-2026.
Higher net result than 95% of companies in food products. Sector median €134,776 · 795 companies.
The dashed line is the sector median: 0.3% across 226 companies (NACE 10, medium-sized).
Fewer than 1 in 1,000 comparable companies go bankrupt within 12 months (an estimate).
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 10, medium-sized). It does better than 93% of them on solvency, 91% on liquidity, 93% on profitability and 73% on growth.
The bankruptcy probability was computed on 06-11-2026 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).
In July 2024, 1,579 companies had the same profile as INCOPACK has now. Each dot stands for 4 companies, two years later.
That fits the bankruptcy probability of INCOPACK itself: < 0.1% within 12 months.
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 1,579 companies, not a prediction for INCOPACK. 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.
Liquidity is ample, with a current ratio of 4.71 (2.85 in 2024), above the usual 1.5. Short-term debt is 13.6% and cash 14.1% of total assets. 22.9% of the assets are financed with debt and provisions.
Show the recommended maximum and see how the verdict changes with amount, term and advance.
The scores and ratios are Checked's own calculations, not a credit decision.
The company filed its last 7 accounts on average 19 days before the deadline. In the sector (NACE 10), the median for financial year 2024 was 4 days before the deadline, and 38% of those companies filed late.
Shares in 2 companies, KGS and EURODESSERTS
Board & ownership| Company | ||||
|---|---|---|---|---|
| INCOPACK Dilsen-Stokkem | €144.4m | 12.7% | 77.1% | 118.3 |
| ALGIST BRUGGEMAN N.V. Ghent | €140.5m | 19.6% | 52.3% | 198.2 |
| Kemin Europa Herentals | €173.7m | 4.6% | 54.2% | 191 |
| UNITED BEET SEEDS BELGIUM Tienen | €189.5m | 17.4% | 48.8% | 224.7 |
| SIGNATURE FOODS BELGIUM Turnhout | €110.9m | 8.2% | 41.9% | 210.2 |
| MULDER NATURAL FOODS Roeselare | €178.4m | 7.3% | 70.1% | 254.4 |
| Griffith Foods Herentals | €111.2m | 0.5% | 36.5% | 224.1 |
Grey: the largest companies of the sector (food products (NACE 10)), without their names. Blue: the sector peers from the table.
These companies have the same main activity as INCOPACK: manufacture of food products (NACE 10890). They are comparable in size and age: total assets between €59m and €174m, founded between 1971 and 2000.
INCOPACK has existed since 1987. Turnover grew from €35.2m in 2006 to €144.4m in 2025 and staff from 63.9 to 118.3 full-time equivalents.
Turnover has grown every year since 2015. Solvency rose in 2025 from 66.4% to 77.1% because of the retained profit and lower debts.
GILBERT'S MANAGEMENT COMPANY holds all the shares.
Sources: KBO register, filings at the National Bank, Belgian Official Gazette. Click a figure with a dotted line for the item and the filing.
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