INDAR
ActiveSummary
INDAR has been active since 2012 and the Belgian State Gazette contains no insolvency or warning signals. The 2025 annual accounts show equity of €74,876 and a net result of -€472. Equity remains stable across the filed fiscal years (±0.2% per year). Its solvency ranks better than 77% of 28184 sector peers (fiscal year 2025). The computed 12-month bankruptcy probability is 1.0% (low).
Checked score
Score 2025
Axes · tick = 2024
Profitability68▲+68
Solvency98▼-2
Growth52=
Track record100
Bankruptcy probability, 12 months
1.0%
Low
0%0.5%1.5%4%10%≥ 25%
Credit up to €5,000 at 30 days acceptable
Liquidity ample (current ratio 3.49 against 5.25 in 2024; short-term debt: 27.4% and cash: 7.6% of total assets), and 27.4% of the assets are financed with debt.
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Signals
Four 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 43
Relative position
BE, all sectors
reference
Specialised construction activities (NACE 43)
about 85% more bankruptcies
← fewer bankruptcies
more bankruptcies →
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
raises risk · Persistent losses
Two consecutive loss-making years (2024 and 2025); equity is also lower. May indicate structural pressure on profitability.
NBB · annual accounts 2025Net result per financial year
1819202122232425
2018 to 2025 · latest year -€472
neutral · Filed after the deadline
The financial year that closed on 31-12-2025 was due by 31-07-2026 and was filed on 31-08-2026, 31 days later. For context: 47% of the Belgian market files late and the whole 1-to-90-day band measures 2.0% abnormal legal state against a 1.66% average. We show this as a fact and do not score it.
NBB · 10 filingsDeviation from the deadline
2025
31 d late
2024
27 d late
2023
23 d late
2022
30 d late
2021
19 d late
2020
30 d late
2019
30 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 19 days after the deadline; the sector median for financial year 2024 is 1 day before the deadline, and 42% 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.
Companies Code · seven monthsPosition in the running window
28-09-2026 today31-12-2026 close31-07-2027 deadline
History
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Financials · fiscal year 2025, micro schema
Equity
€74,876▼ 0.6%
2024 · €75,348
Total assets
€103,105▲ 12.7%
2024 · €91,511
Net result
-€472▲ 96.8%
2024 · -€14,587
Working capital
€70,391▲ 2.4%
2024 · €68,757
Trend over the years
Click a name to add, emphasise or remove a line.Band: the middle half (P25 to P75) of NACE 43, Specialised construction activities, each year against the same schema; no band under 30 filings. Dashed line: the median.
Every figure with its change against the fiscal year before
favourable
unfavourable
Line20212022202320242025
Operating result€15,571▲ 46.7%€2,981▼ 80.9%-€16,803-€14,340▲ 14.7%-€174▲ 98.8%
Net result€10,981within the sector's middle half▲ 43.5%€3,243within the sector's middle half▼ 70.5%-€17,015below the sector's middle half-€14,587below the sector's middle half▲ 14.3%-€472below the sector's middle half▲ 96.8%
Equity€103,708within the sector's middle half▲ 11.8%€106,951within the sector's middle half▲ 3.1%€89,935within the sector's middle half▼ 15.9%€75,348within the sector's middle half▼ 16.2%€74,876within the sector's middle half▼ 0.6%
Total assets€146,938within the sector's middle half▲ 22.9%€121,568within the sector's middle half▼ 17.3%€101,673within the sector's middle half▼ 16.4%€91,511within the sector's middle half▼ 10.0%€103,105within the sector's middle half▲ 12.7%
Debt€43,230▲ 60.8%€14,617▼ 66.2%€11,738▼ 19.7%€16,163▲ 37.7%€28,228▲ 74.6%
Working capital€98,275▲ 14.8%€100,378▲ 2.1%€80,974▼ 19.3%€68,757▼ 15.1%€70,391▲ 2.4%
Solvency70.6%above the sector's middle half▼ 6.9pp88.0%above the sector's middle half▲ 17.4pp88.5%above the sector's middle half▲ 0.5pp82.3%above the sector's middle half▼ 6.1pp72.6%above the sector's middle half▼ 9.7pp
Staff (FTE)1.5▲ 25.0%1.3▼ 13.3%1.2▼ 7.7%1▼ 16.7%1.3▲ 30.0%
above
within
below
the middle half (P25 to P75) of NACE 43, Specialised construction activities, each year against the same schema; no band under 30 filings.
Turnover and EBIT margin not published: the micro schema does not require them.
Result per fiscal year
Operating resultNet result
The operating result stays negative: a loss of €174 in 2025 against €14,340 in 2024; the loss shrinks.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €103,105
Fixed assets
€4,485 ▼ 32.0%
Current assets
€98,620 ▲ 16.1%
Equity and liabilities €103,105
Equity
€74,876 ▼ 0.6%
Debt
€28,228 ▲ 74.6%
Debt's share of the balance-sheet total rises from 17.7% to 27.4%. Equity is lower and debt is higher.
Key figures and ratios
EBITDA
€3,488▲
2024 · -€8,879
Cash flow
€3,191▲
2024 · -€9,126
Current ratio
3.49▼
2024 · 5.25
Quick ratio
2.44▼
2024 · 2.70
Debt to equity
0.38▲
2024 · 0.21
ROE
-0.6%▲
2024 · -19.4%
ROA
-0.5%▲
2024 · -15.9%
Interest coverage
11.65▲
2024 · -34.48
Debt ≤ 1 year
€28,228▲
2024 · €16,163
Staff costs
€51,618▲
2024 · €49,010
Green means a favourable move, even when the figure itself falls: as with debt or debt to equity.
Peer companies
Historical observationOf the 6,915 companies that looked in July 2024 the way this one looks now, 1.1% went bankrupt within 24 months and 91% are still going.
- Micro
- 10 to 20 years old
- solvency 30% or more
- a small loss
1.1%
went bankrupt
7.8%
stopped otherwise
91%
still going
A further 0.4% stopped, but we cannot tell whether within those 24 months.
For this company itself Checked computes a bankruptcy probability of 1.0% over twelve months; the group does not contradict it.
How reliable is this rule?
Tested on the year before, without using that year itself: the groups of July 2023 gave each of the 497,662 companies of July 2024 its group's bankruptcy share. Expected: 1.5%; actually bankrupt within 24 months: 1.6%.
| Group | Expected | Actual |
|---|---|---|
| 1 | 0.2% | 0.2% |
| 2 | 0.3% | 0.4% |
| 3 | 0.5% | 0.5% |
| 4 | 0.6% | 0.7% |
| 5 | 0.8% | 0.9% |
| 6 | 1.2% | 1.3% |
| 7 | 1.5% | 1.7% |
| 8 | 1.7% | 1.7% |
| 9 | 2.7% | 2.8% |
| 10 | 5.3% | 5.7% |
The rule ranks well: a company that went bankrupt got a higher share than one that kept going in 75% of comparisons. The level follows the economy: in a year with more bankruptcies, the actual share is higher than the year before.
An observation about 6,915 comparable companies, not a prediction for this company. The sector does not count: the register keeps no sector for companies that stopped, so it would make the outcome look better than it was.
Annual accounts
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Non-recurring operating income76A | - | - | - | - | €2,000 | - |
| Remuneration, social security and pensions62 | €42,909 | €39,663 | €44,877 | €49,010 | €51,618 | ▲ 5.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €4,274 | €3,123 | €4,146 | €5,461 | €3,663 | ▼ 32.9% |
| Other operating charges640/8 | €867 | €583 | €854 | €646 | €1,084 | ▲ 67.8% |
| Gross operating margin9900 | €63,621 | €46,349 | €33,074 | €40,777 | €56,190 | ▲ 37.8% |
| Operating profit (loss)9901 | €15,571 | €2,981 | -€16,803 | -€14,340 | -€174 | ▲ 98.8% |
| Financial income75/76B | €513 | €2,096 | €0 | €10 | €2 | ▼ 79.1% |
| Recurring financial income75 | €513 | €80 | €0 | €10 | €2 | ▼ 79.1% |
| Non-recurring financial income76B | €0 | €2,016 | €0 | - | - | - |
| Financial charges65/66B | €864 | €357 | €264 | €258 | €299 | ▲ 16.2% |
| Recurring financial charges65 | €864 | €357 | €264 | €258 | €299 | ▲ 16.2% |
| Profit (loss) for the period before taxes9903 | €15,220 | €4,720 | -€17,067 | -€14,587 | -€472 | ▲ 96.8% |
| Income taxes67/77 | €4,239 | €1,478 | -€52 | €0 | - | - |
| Profit (loss) for the period9904 | €10,981 | €3,243 | -€17,015 | -€14,587 | -€472 | ▲ 96.8% |
| Profit (loss) for the period to be appropriated9905 | €10,981 | €3,243 | -€17,015 | -€14,587 | -€472 | ▲ 96.8% |
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Assets | ||||||
| Total assets20/58 | €146,938 | €121,568 | €101,673 | €91,511 | €103,105 | ▲ 12.7% |
| Fixed assets21/28 | €5,433 | €6,573 | €8,961 | €6,591 | €4,485 | ▼ 32.0% |
| Tangible fixed assets22/27 | €4,158 | €5,298 | €7,686 | €5,316 | €3,210 | ▼ 39.6% |
| Plant, machinery and equipment23 | €4,158 | €2,373 | €354 | €1,574 | €1,746 | ▲ 10.9% |
| Furniture and vehicles24 | - | €2,925 | €7,332 | €3,742 | €1,464 | ▼ 60.9% |
| Financial fixed assets28 | €1,275 | €1,275 | €1,275 | €1,275 | €1,275 | = |
| Current assets29/58 | €141,505 | €114,995 | €92,712 | €84,920 | €98,620 | ▲ 16.1% |
| Stocks and contracts in progress3 | €40,870 | €38,404 | €35,803 | €41,303 | €29,803 | ▼ 27.8% |
| Stocks30/36 | €40,870 | €38,404 | €35,803 | €41,303 | €29,803 | ▼ 27.8% |
| Amounts receivable within one year40/41 | €97,742 | €74,678 | €51,009 | €40,708 | €59,445 | ▲ 46.0% |
| Trade receivables40 | €93,959 | €66,671 | €39,861 | €39,402 | €51,661 | ▲ 31.1% |
| Other amounts receivable41 | €3,783 | €8,007 | €11,148 | €1,307 | €7,784 | ▲ 496% |
| Cash at bank and in hand54/58 | €2,893 | €1,913 | €5,900 | €2,908 | €7,833 | ▲ 169% |
| Deferred charges and accrued income490/1 | - | - | - | - | €1,538 | - |
| Equity and liabilities | ||||||
| Total equity and liabilities10/49 | €146,938 | €121,568 | €101,673 | €91,511 | €103,105 | ▲ 12.7% |
| Equity10/15 | €103,708 | €106,951 | €89,935 | €75,348 | €74,876 | ▼ 0.6% |
| Contributions10/11 | €6,200 | €6,200 | €6,200 | €6,200 | €6,200 | = |
| Reserves13 | €12,841 | €16,084 | €16,084 | €16,084 | €16,084 | = |
| Non-distributable reserves130/1 | €1,860 | €1,860 | €0 | - | - | - |
| Reserves not available under the articles1311 | €1,860 | €1,860 | €0 | - | - | - |
| Distributable reserves133 | €10,981 | €14,224 | €16,084 | €16,084 | €16,084 | = |
| Profit (loss) carried forward14 | €84,667 | €84,667 | €67,651 | €53,064 | €52,592 | ▼ 0.9% |
| Amounts payable17/49 | €43,230 | €14,617 | €11,738 | €16,163 | €28,228 | ▲ 74.6% |
| Amounts payable within one year42/48 | €43,230 | €14,617 | €11,738 | €16,163 | €28,228 | ▲ 74.6% |
| Trade debts44 | €28,079 | €3,421 | €4,503 | €5,081 | €12,374 | ▲ 144% |
| Suppliers440/4 | €28,079 | €3,421 | €4,503 | €5,081 | €12,374 | ▲ 144% |
| Taxes, remuneration and social security45 | €9,609 | €11,196 | €7,235 | €11,082 | €15,854 | ▲ 43.1% |
| Taxes450/3 | €3,147 | €1,478 | €0 | - | €733 | - |
| Remuneration and social security454/9 | €6,462 | €9,719 | €7,235 | €11,082 | €15,121 | ▲ 36.4% |
| Other amounts payable47/48 | €5,542 | €0 | - | - | - | - |
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €10,981 | €3,243 | -€17,015 | -€14,587 | -€472 | ▲ 96.8% |
| + Depreciation and write-downs630 | €4,274 | €3,123 | €4,146 | €5,461 | €3,663 | ▼ 32.9% |
| Operating cash flow (approximation) | €15,256 | €6,366 | -€12,869 | -€9,126 | €3,191 | ▲ 135% |
| Investment in fixed assets (approximation) | - | -€4,263 | -€6,534 | -€3,091 | -€1,557 | ▲ 49.6% |
| Change in cash | - | -€980 | €3,987 | -€2,991 | €4,925 | ▲ 265% |
Simplified and derived: a Belgian filing has no cash-flow statement, so these rows come from the income statement and the balance-sheet moves.
Timeline · acts, filings and financial milestones
Next filing, fiscal year 2026, expected by
2026
31-08
NBB filing
Annual accounts filed
fiscal year 2025 · micro schema · 31 days late
2025
27-08
NBB filing
Annual accounts filed
fiscal year 2024 · micro schema · 27 days late
2024
23-08
NBB filing
Annual accounts filed
fiscal year 2023 · micro schema · 23 days late
2023
31-12
Financial
Weakest financial yearnet -€17,015
Net result drops to -€17,015, the lowest in the series; recovery starts the following year.
30-08
NBB filing
Annual accounts filed
fiscal year 2022 · micro schema · 30 days late
2022
31-12
Financial
Liquidity doublescurrent ratio 7.87
Current ratio from 3.27 to 7.87; short-term debt falls from €43,230 to €14,617.
19-08
NBB filing
Annual accounts filed
fiscal year 2021 · micro schema · 19 days late
2021
31-12
Financial
Equity above €100,000Eq €103,708 ▲11.8%
4 profitable years in a row build equity to €103,708.
30-08
NBB filing
Annual accounts filed
fiscal year 2020 · micro schema · 30 days late
2020
01-07
NBB filing
Annual accounts filed
fiscal year 2019 · micro schema
2019
31-12
Financial
Highest result since 2018net €15,817 ▲42.3%
Operating result €16,876, net result €15,817, both a record.
28-06
NBB filing
Annual accounts filed
fiscal year 2018 · micro schema
2018
22-08
NBB filing
Annual accounts filed
fiscal year 2017 · micro schema · 22 days late
2017
19-07
NBB filing
Annual accounts filed
fiscal year 2016 · micro schema
Financial milestoneNBB filingFinancial milestones sit on the fiscal year-end date, not the filing date.
0 of 3 acts read
About the unread acts
We know of 3 Belgian State Gazette acts for this company. None of them has been read yet: what they contain is neither established nor disproved here.
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Directors · office · real estate
Directors
3 acts for this company are in the Belgian State Gazette, of which we have read 0. We have therefore not extracted its directors from those acts yet.
Location & real-estate footprint
Registered office, Antwerpen · 1 establishment unit since 2014
Ground area
285 m²
Building footprint
87 m²
Volume, LiDAR
429 m³
Parcel 11003A0357/00H002, Flanders · tallest building 7.3 m, ±2 floors. Linked by address, not a title deed.
1 establishment unit
Indar
since 20142.226.853.447
1 parcel
Flanders
1
(100%)
| Parcel (capakey) | Region | Area | Buildings | Height / fl. |
|---|---|---|---|---|
| 11003A0357/00H002 | Flanders | 285 m² | 1 · 87 m² | 7.3 m · 2 fl. |
Linked by address, not proof of ownership
Good to know
1 of 1 parcel with an exact address match; the rest are indicative.
Linked through address data, this is not proof of ownership.
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Of 11,141 companies in sector 43910 we hold annual accounts for 5,493. 4,803 are within a factor 10 of this equity. The 5 above are the closest to it. See the whole sector
Identification & contact
Identification
Legal formPrivate limited company
Founded22-02-2012
Fiscal year end31-12
Activities, NACEBEL 2025
43910Bricklaying and masonry work
E-invoicing
Reachable via Peppol
Peppol ID
0208:0843937216
Register as of 27 September 2026 · Peppol Directory
Scores and ratios are computed by Checked and are not a credit decision.