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INCUBEL

Active
Public limited companyfounded 200917 yrs activeSteenweg op Hoogstraten 141, 2330 Merksplas, BelgiumKBO/BCE: BE 0812.385.886
Summary

INCUBEL has been active since 2009 and the Belgian State Gazette contains no insolvency or warning signals. The 2025 annual accounts show equity of €3.7m and a net result of €1.9m. Equity is growing by ~3.8% per year across the filed fiscal years. Its solvency ranks better than 78% of 846 sector peers (fiscal year 2025). The computed 12-month bankruptcy probability is 0.3% (very low).

Risk analysisWatch ReportCompare
INCUBELActiveChecked score 86/100
Risk analysis ReportCompare

Overview

Activity
Logistics services
NACE 52250Crop and animal production, hunting and related service activities NACE 01471NACE 52290
1 site
Size
€27.0mturnover 2025
Staff
4 FTE
Equity
€3.7m
Profit
€1.9m
Financial health
86 Excellent Checked score 2025
Bankruptcy chance 12 m
0.3%
Structure
Parent
BELGABROED · 100%
Board
1 member
Accounts 29 d early1 of 11 deeds read
Why 86- 1 of the last 3 late- Sector Warehousing and support activities for transportation (NACE 52)- Liquidity: current ratio 3.21, cash €122,165+ Founded in 2009Show the evidence

Checked score

Score 2025
86 / 100
Excellent
Probability in this band: under 0.55%
Better than 55% of its sector peers (NACE 52, micro)
Performance against the sector, not lower risk
Every signal that weighs is under Signals.
Financial strength · tick = 2024
Strong
Solvency 94+19
equity 68.9% of total assets
Liquidity 40+15
short-term debt 31.1% · cash 2.3%
Profitability 100=
return on assets 35.2%
Bankruptcy probability, 12 months
0.3% Very low
0%0.5%1.5%4%10%≥ 25%

About 3 in 1,000 comparable companies go bankrupt within 12 months (an estimate).

Sector median 0.9% (2,281 companies)
Last 24 months 11-2024: 0.4% 12-2024: 0.4%▼ -1.1% vs 11-2024 01-2025: 0.4%● 0.0% vs 12-2024 02-2025: 0.3%▼ -7.9% vs 01-2025 03-2025: 0.3%▼ -0.6% vs 02-2025 04-2025: 0.3%● 0.0% vs 03-2025 05-2025: 0.3%▲ +0.3% vs 04-2025 06-2025: 0.4%▲ +12.0% vs 05-2025 07-2025: 0.4%▲ +8.5% vs 06-2025 08-2025: 0.6%▲ +48.6% vs 07-2025 09-2025: 0.6%● 0.0% vs 08-2025 10-2025: 0.6%● 0.0% vs 09-2025 11-2025: 0.6%● 0.0% vs 10-2025 12-2025: 0.6%● 0.0% vs 11-2025 01-2026: 0.6%● 0.0% vs 12-2025 02-2026: 0.6%▲ +1.0% vs 01-2026 03-2026: 0.6%▲ +1.9% vs 02-2026 04-2026: 0.6%▼ -2.5% vs 03-2026 05-2026: 0.6%▲ +0.7% vs 04-2026 06-2026: 0.6%▲ +3.7% vs 05-2026 07-2026: 0.7%▲ +6.7% vs 06-2026highest value 08-2026: 0.3%▼ -54.3% vs 07-2026lowest value 09-2026: 0.3%● 0.0% vs 08-2026lowest value 10-2026: 0.3%● 0.0% vs 09-2026lowest value
  • 1 of the last 3 late raises the probability
  • Sector Warehousing and support activities for transportation (NACE 52) raises the probability
  • Liquidity: current ratio 3.21, cash €122,165 raises the probability
  • Founded in 2009 lowers the probability for this profile
Credit up to €310,000 at 30 days acceptable
Liquidity ample (current ratio 3.21 against 2.0 in 2024; short-term debt: 31.1% and cash: 2.3% of total assets), and 31.1% of the assets are financed with debt.
How it is calculated

The band comes from the bankruptcy probability on a scale of 0 to 100: every 10 points more double the odds of getting through the year without bankruptcy.

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%

Place inside the band: half the bankruptcy probability, half how the company does against its sector peers (NACE 52, micro). Better than this share of them on solvency 74%, liquidity 33%, profitability 93%, growth against the median 18%. That is performance, not lower risk; the band itself always comes from the probability.

Bankruptcy probability: model pd-v3.202610021621, computed on 03-10-2026. The model learns from Belgian bankruptcies and reads the registers, the annual accounts and the gazette.

Ceilings: negative or zero equity, a heavy loss, a special KBO legal situation and a missing filing 59 (two missing 44), an ongoing judicial reorganisation or an ending 24. Financial strength does not count in the score.

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Signals

Five signals. The signal on the left, the evidence on the right.
−lowers risk+raises risk○neutral
raises risk · 1 of the last 3 late
In the bankruptcy model this factor raises the probability.
NBB · filings
raises risk · Sector Warehousing and support activities for transportation (NACE 52)
In the bankruptcy model this factor raises the probability.
KBO
raises risk · Liquidity: current ratio 3.21, cash €122,165
In the bankruptcy model this factor raises the probability.
NBB · annual accounts
lowers risk · Founded in 2009
In the bankruptcy model this factor lowers the probability for this profile.
KBO
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 02-07-2026, 29 days ahead of the deadline.
NBB · 10 filings
Deviation from the deadline
2025
29 d early
2024
11 d early
2023
68 d late
2022
2 d late
2021
45 d early
2020
25 d early
2019
37 d early
← 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 11 days before the deadline; the sector median for financial year 2024 is 8 days before the deadline, and 36% 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 20 July (4 of the last 5 filed years within 34 days of that day).
Companies Code · seven months
Position in the running window
04-10-2026 today31-12-2026 close31-07-2027 deadline
neutral · No strike-offs in the KBO publications
We found no ex-officio strike-off or cessation. Our series starts in 2021 and has gaps, so this is not a confirmation that there is nothing.
KBO publications · our coverage
  1. Annual accounts filedfiscal year 2025 · full…
  2. Appointment: BV Yellow Bird (non-statutory director)Permanent representatives: Destrooper Jan and…
  3. Annual accounts filedfiscal year 2024 · full…

Key points

  • Positive: Among the best 13% on net resultsector median €111,762 · 839 companies €1.9m View
  • Caution: Result fell in 2025from €3.5m to €1.9m ▼ 45.4% View
  • Controlled by BELGABROEDultimately: Yellow Bird 100% View
  • New directorlatest change 19-12-2025 · 1 in office 1 joined View

By topic

Financials

Fiscal year
2025
Turnover
€27.0m
Profit
€1.9m
Solvency
68.9%
Turnover▼ 22.7%
Net result
20182025
Go to Financials

Timeline

Events
15
Since
2017
Next accounts
by 31-07-2027
  1. 02-07-2026Annual accounts filed
  2. 24-02-2026Appointment: BV Yellow Bird (non-statutory director)
  3. 20-07-2025Annual accounts filed
Go to Timeline

Company details

Sites
1
Legal form
Public limited company
Activity
Logistics servicesNACE 52250
Founded
15-06-2009
Year ends
31-12
Peppol
Reachable for e-invoices
Go to Company details

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