INCUBEL
ActiveINCUBEL has been active since 2009 and the Belgian State Gazette contains no insolvency or warning signals. The 2025 annual accounts show equity of €3.71M and a net result of €1.89M. Equity is growing by ~3.8% per year across the filed fiscal years. Its solvency ranks better than 78% of 651 sector peers (fiscal year 2025). The computed 12-month bankruptcy probability is 0.5% (very low).
Checked score
Score 2025
83
/ 100
Excellent
The score weighs solvency, liquidity, profitability and financial development. Bankruptcy probability contributes 35%. Every signal that weighs is under Signals.
Axes · tick = 2024
Profitability100=
Solvency94▲+19
Growth59▼-4
Track record100
Bankruptcy probability, 12 months
0.5%
Very low
0%0.5%1.5%4%10%≥ 25%
Credit up to €300k 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.
Credit advice for your own amount and term
Signals
Seven signals. The signal on the left, the evidence on the right.
−lowers risk+raises risk○neutral
raises risk · Higher-failure-rate sector
In this sector companies fail more often than the Belgian average.
Gazette · bankruptcies per sector, NACE 52
Relative position
BE, all sectors
reference
Sector 52
higher
← fewer bankruptcies
more bankruptcies →
lowers risk · Annual accounts: healthy financial profile
The latest annual accounts show a healthy profile in solvency, result and liquidity.
NBB · annual accounts 2025Solvency, return and age of the figures
Solvency
68.9%
Return on assets
35.2%
Age of the figures
9 mo
lowers risk · Long track record
A company with a long track record statistically fails less often than a young one.
KBO · incorporation dateAge against the risk zone
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 filingsDeviation 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 →
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.
Companies Code · seven monthsPosition in the running window
22-09-2026 today31-12-2026 close31-07-2027 deadline
Financials · fiscal year 2025, full schema
Turnover
€27.00M▼ 22.7%
2024 · €34.91M
2018: €35.32M
2019: €33.20M
2020: €25.53M
2021: €35.65M
2022: €21.67M
2023: €22.47M
2024: €34.91M
2018 → 2025
EBIT margin
10.0%▼ 2.1pp
2024 · 12.1%
2018: -0.5%
2019: 2.5%
2020: -3.4%
2021: 6.8%
2022: -1.4%
2023: -2.1%
2024: 12.1%
2018 → 2025
Net result
€1.89M▼ 45.4%
2024 · €3.47M
2018: €-145k
2019: €610k
2020: €-907k
2021: €2.05M
2022: €-273k
2023: €-437k
2024: €3.47M
2018 → 2025
Working capital
€3.71M▼ 14.1%
2024 · €4.31M
2018: €3.30M
2019: €2.91M
2020: €2.01M
2021: €4.07M
2022: €3.78M
2023: €3.34M
2024: €4.31M
2018 → 2025
Multi-year overview
Every figure with its change against the year before
▲ rise
▼ fall
Line20212022202320242025Trend
Turnover€35.65M-€21.67M▼ 39.2%€22.47M▲ 3.7%€34.91M▲ 55.4%€27.00M▼ 22.7%
Equity€4.05M-€3.78M▼ 6.7%€3.34M▼ 11.6%€4.31M▲ 29.0%€3.71M▼ 14.1%
Operating result€2.43M-€-300k€-462k▼ 53.8%€4.22M€2.70M▼ 36.0%
Net result€2.05M-€-273k€-437k▼ 60.1%€3.47M€1.89M▼ 45.4%
Result per fiscal year
Operating resultNet result
The operating result falls in 2025; 2025 is 36% below 2024.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Equity and liabilities €5.38M
Equity
€3.71M▼ 14.1%
Debt
€1.68M▼ 61.2%
The debt ratio falls from 50.1% to 31.1%. Equity and debt are lower.
Key figures and ratios
Solvency
68.9%▲
2024 · 49.9%
Current ratio
3.21▲
2024 · 2.00
Quick ratio
3.21▲
2024 · 2.00
Debt / equity
0.45▼
2024 · 1.00
ROE
51.1%▼
2024 · 80.4%
ROA
35.2%▼
2024 · 40.2%
Debt
€1.68M▼
2024 · €4.32M
Debt ≤ 1 year
€1.68M▼
2024 · €4.32M
Income taxes
€633k▼
2024 · €917k
Staff costs
€228k▼
2024 · €229k
Green means a favourable move, even when the figure itself falls: as with debt or debt / equity.
Filed annual accounts
As filed with the NBB · 2025 against 2024
Balance sheet
Code20242025
Assets
Total assets20/58€8.63M€5.38M▼
Current assets29/58€8.63M€5.38M▼
Stocks and contracts in progress3€0€0=
Amounts receivable within one year40/41€8.41M€5.13M▼
Trade receivables40€2.09M€1.72M▼
Other amounts receivable41€6.32M€3.41M▼
Current investments50/53-€128k
Other investments51/53-€128k
Cash at bank and in hand54/58€15k€122k▲
Deferred charges and accrued income490/1€209k€4k▼
Equity and liabilities
Total equity and liabilities10/49€8.63M€5.38M▼
Equity10/15€4.31M€3.71M▼
Contributions10/11€300k€300k=
Capital10€300k€300k=
Issued capital100€300k€300k=
Reserves13€4.01M€3.41M▼
Non-distributable reserves130/1€30k€30k=
Legal reserve130€30k€30k=
Tax-exempt reserves132€518k€518k=
Distributable reserves133€3.46M€2.86M▼
Amounts payable17/49€4.32M€1.68M▼
Amounts payable within one year42/48€4.32M€1.68M▼
Trade debts44€4.20M€1.55M▼
Suppliers440/4€4.20M€1.55M▼
Advances received on contracts in progress46€101k€101k=
Taxes, remuneration and social security45€25k€25k▲
Remuneration and social security454/9€25k€25k▲
Income statement
Code20242025
Operating income70/76A€35.00M€27.05M▼
Turnover70€34.91M€27.00M▼
Other operating income74€4k€2k▼
Non-recurring operating income76A€83k€43k▼
Operating charges60/66A€30.78M€24.35M▼
Goods for resale, raw materials and consumables60€25.59M€21.02M▼
Purchases600/8€25.59M€21.02M▼
Services and other goods61€4.04M€3.12M▼
Remuneration, social security and pensions62€229k€228k▼
Write-downs on stocks, contracts in progress and trade receivables: additions (reversals)631/4€54k€-24k▼
Other operating charges640/8€857k€1k▼
Non-recurring operating charges66A€8k€0▼
Operating profit (loss)9901€4.22M€2.70M▼
Financial income75/76B€257k€33k▼
Recurring financial income75€257k€33k▼
Income from current assets751€65k€0▼
Other financial income752/9€192k€33k▼
Financial charges65/66B€91k€204k▲
Recurring financial charges65€91k€204k▲
Debt charges650€280€0▼
Other financial charges652/9€90k€204k▲
Profit (loss) for the period before taxes9903€4.39M€2.53M▼
Income taxes67/77€917k€633k▼
Taxes670/3€917k€633k▼
Profit (loss) for the period9904€3.47M€1.89M▼
Transfer to tax-exempt reserves689€518k€0▼
Profit (loss) for the period to be appropriated9905€2.95M€1.89M▼
Appropriation of the result
Profit (loss) to be appropriated9906€2.95M€1.89M▼
Transfer from equity791/2€0€2.50M▲
From reserves792€0€2.50M▲
Transfer to equity691/2€450k€1.89M▲
To other reserves6921€450k€1.89M▲
Profit to be distributed694/7€2.50M€2.50M=
Return on contributions (dividend)694€2.50M€2.50M=
Social balance
Average headcount (FTE)90874.94.0▼
The notes to these accounts (33 items: statements of assets and debts, cost breakdowns, rights and commitments) are not shown here.
Timeline · acts, filings and financial milestones
Next filing, fiscal year 2026, expected by
2026
02-07
NBB filing
Annual accounts filed
fiscal year 2025 · full schema
2025
20-07
NBB filing
Annual accounts filed
fiscal year 2024 · full schema
2024
31-12
Financial
Back to profitnet €3.47M
Net result €3.47M after 2 loss-making years.
07-10
NBB filing
Annual accounts filed
fiscal year 2023 · full schema · 68 days late
2023
02-08
NBB filing
Annual accounts filed
fiscal year 2022 · full schema · 2 days late
2022
16-06
NBB filing
Annual accounts filed
fiscal year 2021 · full schema
2021
31-12
Financial
Back to profitnet €2.05M
Net result €2.05M after one loss-making year.
06-07
NBB filing
Annual accounts filed
fiscal year 2020 · full schema
2020
31-12
Financial
Weakest financial yearnet €-907k ▼249%
Net result drops to €-907k, the lowest in the series; recovery starts the following year.
24-06
NBB filing
Annual accounts filed
fiscal year 2019 · full schema
2019
31-12
Financial
Back to profitnet €610k
Net result €610k after one loss-making year.
28-06
NBB filing
Annual accounts filed
fiscal year 2018 · full schema
2018
19-07
NBB filing
Annual accounts filed
fiscal year 2017 · full schema
2017
31-08
NBB filing
Annual accounts filed
fiscal year 2016 · full schema · 31 days late
Financial milestoneNBB filingFinancial milestones sit on the fiscal year-end date, not the filing date.
Directors · office · real estate
Directors
no sitting director, no change since 2023
We have established no sitting directors for this company. We derive directors from published Gazette acts; while there are none, or none read, nothing appears here. That does not mean the company has none: the CBE keeps its own list of function holders, which we do not read.
09-08-2023
BELGABROED: Resigned as Director
09-08-2023
IMMO INCUBO: Resigned as Director
31-05-2017
Pollo: Resigned as Daily management
Location & real-estate footprint
Registered office, Merksplas · 1 establishment unit since 2009
Cannot be placed on the map
This address could not be matched to a point in the Belgian address register (BOSA BEST). The address below comes straight from the Crossroads Bank.
Steenweg op Hoogstraten 1412330 MerksplasGround area
1,865 m²
Building footprint
11 m²
Volume, LiDAR
119 m³
Parcel 13023G0123/00H010, Flanders · tallest building 15.6 m, ±4 floors. Linked by address, not a title deed.
1 establishment unit
INCUBEL
since 20092.179.157.359
1 parcel
Flanders
1
(100%)
| Parcel (capakey) | Region | Area | Buildings | Height / fl. |
|---|---|---|---|---|
| 13023G0123/00H010 | Flanders | 1,865 m² | 1 · 11 m² | 15.6 m · 4 fl. |
Linked by address, not proof of ownership
Methodology
via registered seat: 1
1 of 1 parcel with an exact address match; the rest are indicative.
Linked through address data, this is not proof of ownership.
Recognitions · licences · registrations
Food safety, FASFC
1 siteMerksplas2.179.157.359
Legal Entity Identifier
9845001BFB15EBC65190
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Of 3,191 companies in sector 52250 we hold annual accounts for 1,956. 808 are within a factor 10 of this equity.See the whole sector
Company data · Crossroads Bank
Identification
Legal formPublic limited company
Founded15-06-2009
Fiscal year end31-12
Activities, NACEBEL
01471Crop and animal production, hunting and related service activities
52250Logistics services
52290Warehousing and support activities for transportation
01472Crop and animal production, hunting and related service activities
01479Crop and animal production, hunting and related service activities
Sources
Crossroads Bank for EnterprisesNational Bank · 16 filingsAddress and cadastre registers
Data from official sources, last processed on 22-09-2026. Scores and ratios are computed by Checked and are not a credit decision.