IND-TEC
ActiveFinancials · financial year 2025, micro format
Annual accounts 2025 filed on 30-07-2026 at the NBB all 37 filings
Amounts without an identifiable currency are taken as euros.
Equity
€15,681▼ 10.6%
2024 · €17,546
Total assets
€72,687▲ 0.1%
2024 · €72,602
Net result
-€1,865
2024 · €827
Working capital
€15,681▼ 10.6%
2024 · €17,546
Multi-year overview
2018 to 2025, 8 financial yearsOperating result
-€1,734
2025
20182025
Net result
-€1,865
2025
middle half of the sector
20182025
Equity
€15,681
▼ 10.6%
2025
middle half of the sector
20182025
Total assets
€72,687
▲ 0.1%
2025
middle half of the sector
20182025
Debt
€57,006
▲ 3.5%
2025
20182025
Working capital
€15,681
▼ 10.6%
2025
middle half of the sector
20182025
Solvency
21.6%
▼ 2.6pp
2025
middle half of the sector
20182025
Current ratio
1.28
▼ 0.04
2025
middle half of the sector
20182025
Return on assets (ROA)
-2.6%
▼ 3.7pp
2025
middle half of the sector
20182025
Every figure per financial year
Every figure with its change against the financial year before
favourable
unfavourable
Line20182019202020212022202320242025
Operating result€7,603-€7,782▲ 2.4%-€5,641-€90▲ 98.4%-€3,989▼ 4,355%-€1,576▲ 60.5%€1,006-€1,734
Net result€4,458-€4,454▼ 0.1%-€6,085within the sector's middle half-€573within the sector's middle half▲ 90.6%-€4,264below the sector's middle half▼ 644%-€1,815within the sector's middle half▲ 57.4%€827within the sector's middle half-€1,865within the sector's middle half
Equity€25,001-€29,455▲ 17.8%€23,370within the sector's middle half▼ 20.7%€22,797within the sector's middle half▼ 2.5%€18,533within the sector's middle half▼ 18.7%€16,718within the sector's middle half▼ 9.8%€17,546within the sector's middle half▲ 4.9%€15,681within the sector's middle half▼ 10.6%
Total assets€96,120-€107,666▲ 12.0%€103,346within the sector's middle half▼ 4.0%€79,854within the sector's middle half▼ 22.7%€72,648below the sector's middle half▼ 9.0%€70,264below the sector's middle half▼ 3.3%€72,602within the sector's middle half▲ 3.3%€72,687within the sector's middle half▲ 0.1%
Debt€71,119-€78,211▲ 10.0%€79,976▲ 2.3%€57,057▼ 28.7%€54,114▼ 5.2%€53,545▼ 1.1%€55,057▲ 2.8%€57,006▲ 3.5%
Working capital€25,001-€29,455▲ 17.8%€23,619within the sector's middle half▼ 19.8%€19,309within the sector's middle half▼ 18.2%€17,319within the sector's middle half▼ 10.3%€16,718within the sector's middle half▼ 3.5%€17,546within the sector's middle half▲ 4.9%€15,681within the sector's middle half▼ 10.6%
Solvency26.0%-27.4%▲ 1.3pp22.6%within the sector's middle half▼ 4.7pp28.5%within the sector's middle half▲ 5.9pp25.5%within the sector's middle half▼ 3.0pp23.8%within the sector's middle half▼ 1.7pp24.2%within the sector's middle half▲ 0.4pp21.6%within the sector's middle half▼ 2.6pp
Current ratio1.35-1.38▲ 0.031.30within the sector's middle half▼ 0.081.34within the sector's middle half▲ 0.041.32within the sector's middle half▼ 0.021.31within the sector's middle half▼ 0.011.32within the sector's middle half▲ 0.011.28within the sector's middle half▼ 0.04
Return on assets (ROA)4.6%-4.1%▼ 0.5pp-5.9%within the sector's middle half▼ 10.0pp-0.7%within the sector's middle half▲ 5.2pp-5.9%below the sector's middle half▼ 5.2pp-2.6%within the sector's middle half▲ 3.3pp1.1%within the sector's middle half▲ 3.7pp-2.6%within the sector's middle half▼ 3.7pp
above
within
below
The sector band is the middle half of the companies in Rental and leasing activities (NACE 77). A quarter of them sit below it, a quarter above. Each year counts only accounts in the same format, and only where there are at least 30.
The operating result for 2025 is a loss of €1,734, after a profit of €1,006 in 2024.
Turnover and EBIT margin are not published. The micro format does not require them.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Equity and liabilities €72,687
Equity
€15,681 ▼ 10.6%
Debt
€57,006 ▲ 3.5%
Debt's share of the balance-sheet total rises from 75.8% to 78.4%. Equity is lower and debt is higher.
Key figures and ratios
Debt to equity
3.64▲
2024 · 3.14
ROE
-11.9%▼
2024 · 4.7%
Debt ≤ 1 year
€57,006▲
2024 · €55,057
Green means a favourable move, even when the figure itself falls, as with debt or debt to equity.
Investments
| Item | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Tangible fixed assets | €4,547 | - | - | - | - |
| Depreciation and write-downs of the year | €1,059 | €2,274 | €1,215 | €0 | - |
Source: notes to the 2021 to 2025 annual accounts (statement of fixed assets)
Annual accounts
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Non-recurring operating income76A | - | - | - | - | - | - | €2,500 | €0 | ▼ 100% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €0 | €0 | - | €1,059 | €2,274 | €1,215 | €0 | - | - |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals)631/4 | - | - | - | €10,500 | €0 | - | - | - | - |
| Other operating charges640/8 | - | - | - | €348 | €348 | €384 | €0 | €387 | - |
| Gross operating margin9900 | €7,950 | €8,130 | -€5,294 | €11,817 | -€1,368 | €23 | €1,006 | -€1,346 | - |
| Operating profit (loss)9901 | €7,603 | €7,782 | -€5,641 | -€90 | -€3,989 | -€1,576 | €1,006 | -€1,734 | - |
| Financial income75/76B | - | - | - | €0 | €0 | - | - | - | - |
| Recurring financial income75 | €0 | €0 | €0 | €0 | €0 | - | - | - | - |
| Financial charges65/66B | - | - | - | €334 | €208 | €166 | €178 | €131 | ▼ 26.5% |
| Recurring financial charges65 | €164 | €300 | €325 | €334 | €208 | €166 | €178 | €131 | ▼ 26.5% |
| Profit (loss) for the period before taxes9903 | €7,439 | €7,482 | -€5,966 | -€424 | -€4,196 | -€1,742 | €827 | -€1,865 | - |
| Income taxes67/77 | €2,980 | €3,028 | €119 | €149 | €67 | €73 | €0 | - | - |
| Profit (loss) for the period9904 | €4,458 | €4,454 | -€6,085 | -€573 | -€4,264 | -€1,815 | €827 | -€1,865 | - |
| Profit (loss) for the period to be appropriated9905 | €4,458 | €4,454 | -€6,085 | -€573 | -€4,264 | -€1,815 | €827 | -€1,865 | - |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Assets | |||||||||
| Total assets20/58 | €96,120 | €107,666 | €103,346 | €79,854 | €72,648 | €70,264 | €72,602 | €72,687 | ▲ 0.1% |
| Formation expenses20 | €0 | €0 | - | - | - | - | - | - | - |
| Fixed assets21/28 | - | - | - | €3,488 | €1,215 | €0 | - | - | - |
| Intangible fixed assets21 | €0 | €0 | - | - | - | - | - | - | - |
| Tangible fixed assets22/27 | - | - | - | €3,488 | €1,215 | €0 | - | - | - |
| Furniture and vehicles24 | - | - | - | €3,488 | €1,215 | €0 | - | - | - |
| Financial fixed assets28 | €0 | €0 | - | - | - | - | - | - | - |
| Current assets29/58 | €96,120 | €107,666 | €103,346 | €76,366 | €71,433 | €70,264 | €72,602 | €72,687 | ▲ 0.1% |
| Stocks and contracts in progress3 | €0 | €0 | - | - | - | - | - | - | - |
| Amounts receivable within one year40/41 | €87,297 | €104,981 | €97,107 | €73,547 | €70,259 | €70,046 | €72,532 | €72,436 | ▼ 0.1% |
| Trade receivables40 | - | - | - | €73,526 | €69,906 | €69,906 | €72,406 | €72,406 | = |
| Other amounts receivable41 | - | - | - | €21 | €353 | €140 | €126 | €30 | ▼ 75.8% |
| Current investments50/53 | €0 | €0 | - | - | - | - | - | - | - |
| Cash at bank and in hand54/58 | €7,773 | €1,681 | €5,701 | €1,988 | €1,174 | €218 | €71 | €251 | ▲ 254% |
| Deferred charges and accrued income490/1 | - | - | - | €831 | €0 | - | - | - | - |
| Equity and liabilities | |||||||||
| Total equity and liabilities10/49 | €96,120 | €107,666 | €103,346 | €79,854 | €72,648 | €70,264 | €72,602 | €72,687 | ▲ 0.1% |
| Equity10/15 | €25,001 | €29,455 | €23,370 | €22,797 | €18,533 | €16,718 | €17,546 | €15,681 | ▼ 10.6% |
| Contributions10/11 | €12,395 | €12,395 | - | €12,395 | €12,395 | €12,395 | €12,395 | €12,395 | = |
| Reserves13 | €1,859 | €1,859 | €1,859 | €1,859 | €1,859 | €1,859 | €1,859 | €1,859 | = |
| Non-distributable reserves130/1 | - | - | - | €1,859 | €1,859 | €1,859 | €1,859 | €1,859 | = |
| Reserves not available under the articles1311 | - | - | - | €1,859 | €1,859 | €1,859 | €1,859 | €1,859 | = |
| Profit (loss) carried forward14 | €10,748 | €15,202 | €9,117 | €8,543 | €4,280 | €2,464 | €3,292 | €1,427 | ▼ 56.7% |
| Amounts payable17/49 | €71,119 | €78,211 | €79,976 | €57,057 | €54,114 | €53,545 | €55,057 | €57,006 | ▲ 3.5% |
| Amounts payable within one year42/48 | €71,119 | €78,211 | €79,727 | €57,057 | €54,114 | €53,545 | €55,057 | €57,006 | ▲ 3.5% |
| Financial debts43 | - | - | - | €64 | €0 | - | - | - | - |
| Credit institutions430/8 | - | - | - | €64 | €0 | - | - | - | - |
| Trade debts44 | €12,101 | €19,528 | €25,484 | €7,628 | €7,840 | €8,953 | €7,880 | €8,452 | ▲ 7.3% |
| Suppliers440/4 | - | - | - | €7,628 | €7,840 | €8,953 | €7,880 | €8,452 | ▲ 7.3% |
| Taxes, remuneration and social security45 | - | - | - | €629 | €528 | €788 | €73 | €0 | ▼ 100% |
| Taxes450/3 | - | - | - | €629 | €528 | €788 | €73 | €0 | ▼ 100% |
| Other amounts payable47/48 | - | - | - | €48,737 | €45,746 | €43,804 | €47,104 | €48,554 | ▲ 3.1% |
| Accrued charges and deferred income492/3 | - | - | - | €0 | - | - | - | - | - |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €4,458 | €4,454 | -€6,085 | -€573 | -€4,264 | -€1,815 | €827 | -€1,865 | - |
| + Depreciation and write-downs630 | €0 | €0 | - | €1,059 | €2,274 | €1,215 | €0 | - | - |
| Operating cash flow (approximation) | €4,458 | €4,454 | -€6,085 | €486 | -€1,990 | -€601 | €827 | -€1,865 | - |
| Investment in fixed assets (approximation) | - | - | - | - | €0 | €0 | - | - | - |
| Change in cash | - | -€6,091 | €4,020 | -€3,714 | -€813 | -€956 | -€147 | €180 | - |
A Belgian filing has no cash-flow statement. These rows are therefore an approximation, derived from the income statement and the balance-sheet moves.
Historical observation
In July 2024, 2,450 companies had the same profile as IND-TEC has now. Two years later, 93.3% were still going and 1.5% had gone bankrupt.
- Micro
- 20 years or older
- solvency 10 to 30%
- a small loss
93.3%
was still going
5.1%
stopped otherwise
1.5%
went bankrupt
Another 0.2% stopped without a precise date, possibly only after those two years.
That fits the bankruptcy probability of IND-TEC itself: 0.4% within 12 months.
Test of the method
The method was tested on the 497,446 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 2,450 companies, not a prediction for IND-TEC. 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.
Latest 10 of 37 filings with the National Bank
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-12-2025 | micro format | 30-07-2026 | 2026-00380544 | |
| 31-12-2024 | micro format | 28-08-2025 | 2025-00419311 | |
| 31-12-2023 | micro format | 31-07-2024 | 2024-00309153 | |
| 31-12-2022 | micro format | 31-08-2023 | 2023-00388204 | |
| 31-12-2021 | micro format | 11-08-2022 | 2022-20282578 | |
| 31-12-2020 | micro format | 31-08-2021 | 2021-63500351 | |
| 31-12-2019 | micro format | 22-09-2020 | 2020-54400046 | |
| 31-12-2018 | micro format | 30-08-2019 | 2019-55500129 | |
| 31-12-2017 | micro format | 30-08-2018 | 2018-53100599 | |
| 31-12-2016 | micro format | 31-08-2017 | 2017-52100389 |