Active BE 0875.711.050Private limited company

INDACO CONSTRUCTIE

Bedrijvenpark 'Coupure' 6 ·9700 Oudenaarde, Belgium· 21 yrs active

Sector: General construction of other non-residential buildings (41003)

Conclusion Checked

INDACO CONSTRUCTIE has been active since 2005 and the Belgian State Gazette contains no insolvency or warning signals. The 2025 annual accounts show equity of €6.50M and a net result of €624k. Equity is growing by ~8.5% per year across the filed fiscal years. Its solvency ranks better than 76% of 2079 sector peers (fiscal year 2025). The computed 12-month bankruptcy probability is 0.7% (low).

Based on the State Gazette, CBE and 3 annual accounts.

Key figures

Equity	€6.50M
Net result	€624k
Staff (FTE)	10.6
Better than sector	76%

Financial profile 5 of 5 axes measured · computed by Checked

84 / 100

Exceptional profile, strong across almost every axis.

All 5 axes are computed from data Checked has read.

Health 94

Profitability 48

Solvency 99

Growth 78

Stability 100

Bankruptcy probability (12 mo) Checked model v1 · free

0.7% Low

0%0,5%1,5%4%10%≥25%

How do we compute this?

Risk Assessment rule-based

0 / 100

Low risk

Trust signals 2 signals

Long-established

Founded in 2005, 21 years in business.

No legal incidents

No bankruptcy, reorganisation or interim measure in the Belgisch Staatsblad, and the KBO register records a normal legal situation.

Administrative Flags0 events

No strikeouts found in the KBO publications we processed. That series starts in 2021 and has gaps, so this is not a confirmation that there is nothing.

Checked score FY 2025 · computed

94 / 100 Excellent

050100

Computed from 5 of the 6 factors this model weighs. The rest cannot be derived from the filed figures, or need a prior year to compare against.

Indicative credit limit

€600k

estimate, not credit advice

Score history

86 2023

94 2024

94 2025

purely financial, excl. current insolvency signals

Score components

Liquidity Current ratio 2.59 (≥ 1.5) +10

Quick ratio Quick ratio 2.02 (≥ 1.0) +5

Leverage Debt/equity 0.56 (< 1.0) +10

Profitability ROE 10% +3

Interest coverage Interest coverage 13.4× (≥ 3×) +8

Profit trend Net profit up YoY +5

Equity growth Equity growing YoY +3

Computed by Checked from the NBB filing for FY 2025. Indicative, not credit advice.

Financial overview18 NBB filings

Annual accounts filed on 30-01-2026 with the NBB · fiscal year 2025 · abbreviated schema

Operating resultNet result

Trajectory (indicative)

Projection over 3 fiscal years from the filed annual accounts, not a forecast, the extended trend.

growing Net result: growth of ~35.4%/year over 3 fiscal years, indicative, assuming unchanged policy.

Solid line = filed figures · dashed = extended trend · area = indicative range.

How do we compute this?

The trend is a robust median of all pairwise slopes between fiscal years (Theil-Sen), so a single odd year cannot hijack the line. For strictly positive series we also fit a log variant (compound annual growth) and keep whichever describes the figures best.

The area around the projection is 1.8 × the median absolute deviation from the trend, widening each year ahead (×1 / ×1.6 / ×2.2), with a minimum of 8% of the last value. It is an indicative range, not a statistical confidence interval.

A series whose deviations exceed 35% of its level is too volatile: we then deliberately show no projection. Every projection assumes unchanged policy and is blind to non-public information (order book, contracts, funding rounds).

Sector comparison

Fiscal year 2025 · NACE 41, Construction of residential and non-residential buildings · compared within the same schema type (abbreviated schema)

Metric	This company	Sector median	Position in the sector
Solvency	64.0%	37.5%	better than 76% of 2079 sector peers
Net result	€624k	€21k	better than 95% of 2075 sector peers
Equity	€6.50M	€220k	better than 95% of 2079 sector peers
Gross operating margin	€1.93M	€151k	better than 95% of 2076 sector peers
Staff costs	€700k	€192k	higher than 84% of 1118 sector peers

EBITDA

€1.20M

+42.7% 23-25

Net profit

€624k

+64.6% 23-25

Cash flow

€921k

+41.8% 23-25

Total assets

€10.15M

+1.8% 23-25

Equity

€6.50M

+10.6% 23-25

Working capital

€3.06M

+21.5% 23-25

Employees (FTE)

11

-13.8% 23-25

Staff costs

€700k

-10.3% 23-25

Income taxes

€242k

+116.9% 23-25

Debt

€3.65M

-10.8% 23-25

Debt ≤ 1y

€1.92M

-13.6% 23-25

Debt > 1y

€1.53M

-16.8% 23-25

Current ratio

2.59

+21.5% 23-25

Quick ratio

2.02

+28.9% 23-25

Solvency

64.0%

+8.6% 23-25

Debt / equity

0.56

-19.3% 23-25

ROE

9.6%

+48.8% 23-25

ROA

6.1%

+61.6% 23-25

Interest coverage

13.39

+63.4% 23-25

Figures by fiscal year and ratios

Highlight YoY changes (±10%)

Fiscal year	2025	2024	2023
Deposit	abbreviated schema	abbreviated schema	abbreviated schema
Revenue	-	-	-
EBITDA	€1.20M	€838k	€766k
Net profit	€624k	€379k	€356k
Cash flow	€921k	€650k	€638k
Staff costs	€700k	€780k	€800k
Income taxes	€242k	€112k	€112k
Dividends	-	-	-
Total assets	€10.15M	€9.97M	€9.82M
Equity	€6.50M	€5.88M	€5.50M
Debt	€3.65M	€4.09M	€4.32M
of which ≤ 1y	€1.92M	€2.23M	€2.61M
of which > 1y	€1.53M	€1.84M	€1.69M
Working capital	€3.06M	€2.52M	€2.22M
Employees (FTE)	10.6	12.3	13.8

Ratios (computed)

	2025	2024	2023
Current ratio	2.59	2.13	1.85
Quick ratio	2.02	1.57	1.46
Working capital ratio	30.2%	25.3%	22.6%
Solvency	64.0%	59.0%	56.0%
Debt / equity	0.56	0.70	0.79
Long-term debt ratio	0.24	0.31	0.31
Interest coverage	13.39	8.19	16.93
Gross margin	-	-	-
Net margin	-	-	-
ROA	6.1%	3.8%	3.6%
ROE	9.6%	6.5%	6.5%
EBITDA margin	-	-	-
Days sales outstanding	-	-	-
Days payable outstanding	-	-	-
Inventory turnover	-	-	-
Days inventory (DSI)	-	-	-

Balance-sheet composition 2025

Assets

Fixed assets €5.16M · 50.9% Current assets €4.99M · 49.1%

Equity & liabilities

Equity €6.50M · 64.0% Debt €3.65M · 36.0%

Full annual accounts (26 line items)

Filed balance sheet and income statement, exactly as deposited with the NBB.

Line item	Code	2025	2024	2023
Balance sheet, Assets
TOTAL ASSETS	20/58	€10.15M	€9.97M	€9.82M
Fixed assets	21/28	€5.16M	€5.22M	€4.99M
Intangible fixed assets	21	€26k	€33k	-
Tangible fixed assets	22/27	€5.14M	€5.19M	€4.99M
Current assets	29/58	€4.99M	€4.75M	€4.83M
Stocks & contracts in progress	3	€1.09M	€1.25M	€1.01M
Amounts receivable within one year	40/41	€1.14M	€692k	€1.22M
Investments	50/53	€860k	€987k	€1.05M
Cash & bank	54/58	€787k	€706k	€431k
Balance sheet, Equity & liabilities
TOTAL EQUITY & LIABILITIES	10/49	€10.15M	€9.97M	€9.82M
Equity	10/15	€6.50M	€5.88M	€5.50M
Contributions / capital	10/11	€435k	€435k	€435k
Reserves	13	€6.06M	€5.44M	€5.06M
Accumulated profits (losses)	14	€0	-	-
Amounts payable	17/49	€3.65M	€4.09M	€4.32M
Amounts payable after one year	17	€1.53M	€1.84M	€1.69M
Amounts payable within one year	42/48	€1.92M	€2.23M	€2.61M
Trade debts payable within one year	44	€1.11M	€1.37M	€1.10M
Income statement
Gross operating margin	9900	€1.93M	€1.67M	€1.64M
Operating result	9901	€898k	€567k	€483k
Financial income	75	€58k	€26k	€29k
Financial charges	65	€89k	€102k	€45k
Result before taxes	9903	€866k	€491k	€467k
Income taxes	67/77	€242k	€112k	€112k
Net result for the period	9904	€624k	€379k	€356k
Result to be appropriated	9905	€350k	€169k	€187k

Directors & mandates 2 directors

Current directors & mandates

Kristof Nachtergaele
Director
State Gazette act 22379436 (07-12-2022)

Current
07-12-2022 → present
VOF KNL ConsultLegal entity
Director
State Gazette act 22379436 (07-12-2022)

Current
07-12-2022 → present

Legal Structure

NACE primary	General construction of other non-residential buildings(41003)
Legal form	Private limited company(610)
Incorporation	25-08-2005
Status	Active
Postal code	9700

Establishment units 2 locations

INDACO CONSTRUCTIE

Bedrijvenpark 'Coupure' 6, 9700 OudenaardeNACE 4521302

since 20052.148.936.317

Indaco Constructie BV

Berchemweg 117, 9700 OudenaardeRenting and operating of own or leased non-residential real estate, excluding land

since 20232.347.671.402

Real-estate footprint Source: CBE × cadastre

Flanders 2 (100%)

Parcel (capakey)	Region	Area	Buildings	Height / fl.
45508B0447/00G000	Flanders	1.8 ha	1 · 4,978 m²	13.0 m · 4 fl.
45023A1404/00S000	Flanders	190 m²	-	-

Methodology

via registered seat: 1 · via establishment units: 1

2 of 2 parcels with an exact address match; the rest are indicative.

Linked through address data, this is not proof of ownership.

Updates 11 events

All 12Financial 1Gazette 1Filings 10

Next filing, fiscal year 2026, expected by 31-01-2027

2026

30-01

NBB filing Annual accounts filed

fiscal year 2025 · abbreviated schema

2025

30-06

Financial Highest result since 2023net €624k ▲64.6%

Operating result €898k, net result €624k, both a record.

31-01

NBB filing Annual accounts filed

fiscal year 2024 · abbreviated schema

2024

30-01

NBB filing Annual accounts filed

fiscal year 2023 · abbreviated schema

2023

31-01

NBB filing Annual accounts filed

fiscal year 2022 · abbreviated schema

2022

07-12

State Gazette act Director changes

Marieke Monteyne

31-01

NBB filing Annual accounts filed

fiscal year 2021 · abbreviated schema

2021

29-01

NBB filing Annual accounts filed

fiscal year 2020 · abbreviated schema

2020

31-01

NBB filing Annual accounts filed

fiscal year 2019 · abbreviated schema

2019

31-01

NBB filing Annual accounts filed

fiscal year 2018 · abbreviated schema

2017

16-03

NBB filing Annual accounts filed

fiscal year 2016 · abbreviated schema · 16 days late

2016

08-02

NBB filing Annual accounts filed

fiscal year 2015 · abbreviated schema

Financial milestoneState Gazette actNBB filingFinancial milestones sit on the fiscal year-end date, not the filing date.

Belgian State Gazette reading coverage 0 of 7 acts read

We know of 7 Belgian State Gazette acts for this company. None of them has been read yet: what they contain is neither established nor disproved here.

Belgisch Staatsblad, acts 1 acts

All acts · 1 updated 3 years ago

2022

07-12-2022 2 directors appointed Director changes·Marieke Monteyne

Kristof Nachtergaele, Bestuurder
VOF KNL Consult, Bestuurder

Notary: Marieke Monteyne · Avelgem

Original publication ↗

Technical details

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Credit advice verdict per customer and amount

Company registry (CBE) Crossroads Bank

Activities

General construction of residential buildings41001General construction of other non-residential buildings410034521145213

Names & trade names

Legal nameNL

INDACO CONSTRUCTIE

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