Overdue debts
€618,525 on 31-12-2025
The annual accounts state €618,525 of overdue social security (RSZ) debts on 31-12-2025.
INDAVER
Lifetime
18 annual accounts with figures on one time axis, 40 filings since 1986peak €330.6m (2025)
€330.6m▲ 4.7%
peak €106.4m (2015)
€11.7m▼ 44.7%
peak €372.8m (2025)
€372.8m▲ 4.1%
€272.8m▼ 1.8%
peak 579.7 FTE (2025)
579.7 FTE▲ 3.4%
Board179 names since 2004all names
6 directorsDE BRUYCKER Paul, Cesar and 5 others
Owners8 names in the annual accountsall names
100%Indaver Holding
Documentsfilings and deeds
11-05-202681 days before the deadline
2025financial year
Result from €21.1m to €11.7mCapital increase 10-11Permanent representatives: Jonathan Van Steelant, Dirk Michie… 03-02Appointment: Tsundoku Ventures BV (additional director) 21-01Dividend €11.0mCash from €902,486 to €1.2m
Key points
from the 2025 annual accountsEquity
€372.8m ▲ 4.1%
INDAVER paid out €11.0m in dividends. That is 94% of the 2025 profit.
Result
€11.7m ▼ 44.7%
The result fell in 2025 from €21.1m to €11.7m.
Board
68 joined
New directors. Latest change 06-03-2026 · 19 in office.
Position in the sector
€11.7m
Higher net result than 95% of companies in waste collection and treatment. Sector median €138,965 · 278 companies.
Public support
€3.9m awarded from 2022 to 2025
Flemish support, mostly Recyclagehub (steun voor ondernemingen die willen investeren in innovatieve recyclagetechnologieën om materiaalkringlopen te sluiten).
Checked score
87
Excellent
Financially stronger than 62% of all companies
Probability in this band: under 0.55%
Bankruptcy probability within 12 months
0.3% Very low
0%0.5%1.5%4%10%≥ 25%
The dashed line is the sector median: 0.3% across 11 companies (NACE 38, large).
About 3 in 1,000 comparable companies go bankrupt within 12 months (an estimate).
Last 24 months
12-2024: 0.5%highest value
01-2025: 0.5%● unchanged vs 12-2024highest value
02-2025: 0.5%● unchanged vs 01-2025
03-2025: 0.5%● unchanged vs 02-2025
04-2025: 0.5%● unchanged vs 03-2025
05-2025: 0.4%▼ -0.1 percentage points vs 04-2025
06-2025: 0.4%● unchanged vs 05-2025
07-2025: 0.4%● unchanged vs 06-2025
08-2025: 0.4%● unchanged vs 07-2025
09-2025: 0.4%● unchanged vs 08-2025
10-2025: 0.4%● unchanged vs 09-2025
11-2025: 0.4%● unchanged vs 10-2025
12-2025: 0.4%● unchanged vs 11-2025
01-2026: 0.4%● unchanged vs 12-2025
02-2026: 0.4%● unchanged vs 01-2026
03-2026: 0.4%● unchanged vs 02-2026
04-2026: 0.4%● unchanged vs 03-2026
05-2026: 0.4%● unchanged vs 04-2026
06-2026: 0.3%▼ -0.1 percentage points vs 05-2026lowest value
07-2026: 0.3%● unchanged vs 06-2026lowest value
08-2026: 0.3%● unchanged vs 07-2026lowest value
09-2026: 0.3%● unchanged vs 08-2026lowest value
10-2026: 0.3%● unchanged vs 09-2026lowest value
11-2026: 0.3%● unchanged vs 10-2026lowest value
Financial strengthStrong
Score breakdown
raises risk
Liquidity: current ratio 1.44, cash €1.2m
Sector: Waste collection, recovery and disposal activities (NACE 38)
9 establishment units
lowers risk
Founded in 1985
Calculation
The band follows from the bankruptcy probability. 10 more points roughly halve it.
| 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% |
Where the company stands within its band depends half on the bankruptcy probability and half on how it does against its sector peers (all companies). It does better than 66% of them on solvency, 52% on liquidity, 72% on profitability and 58% on growth.
The bankruptcy probability was computed on 08-11-2026 by the bankruptcy model of 2 October 2026, which learns from Belgian bankruptcies and reads the registers, the annual accounts and the Belgian Official Gazette.
The probability rests on the annual accounts with balance sheet date 31-12-2025.
Of the companies with a bankruptcy probability in the very low class on 30-06-2025, 0.1% went bankrupt within twelve months.
Some facts cap the score, however low the probability. With negative or zero equity, a heavy loss, a special status in the KBO, one missing filing or accounts filed more than 90 days late, the score is Fair at most (59). With two missing filings, it is Weak at most (44). During a judicial reorganisation or at the company's end (bankruptcy, dissolution, liquidation), it is Critical at most (24).
Credit verdict
Credit of up to €32,400,000 on 30-day terms is acceptable
Liquidity is tight, with a current ratio of 1.44 (1.0 in 2024), below the usual 1.5. Short-term debt is 17% and cash 0.2% of total assets. 50.4% of the assets are financed with debt and provisions.
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The scores and ratios are Checked's own calculations, not a credit decision.
Signals
Five signals.
lowers riskraises riskneutral
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 11-05-2026, 81 days ahead of the deadline.
NBB · 10 filingsDeviation from the deadline
2025
81 days early
2024
98 days early
2023
92 days early
2022
178 days late
2021
80 days early
2020
88 days early
2019
87 days early
← before the deadline
after the deadline →
tick = median of all Belgian filingsring = median in the sector
The company filed its last 7 accounts on average 50 days before the deadline. In the sector (NACE 38), the median for financial year 2024 was 8 days before the deadline, and 32% of those companies filed late.
Searched, nothing found (2)
neutral · Next filing not due yet
The next financial year closes on 31-12-2026 and is due by 31-07-2027. Nothing is late today. The company usually files around 11 May (4 of the last 5 accounts filed within 30 days either side of that date).
Companies Code · seven monthsWhere today falls in the filing period
09-11-2026 today31-12-2026 year end31-07-2027 deadline
Board and ownership
and 14 others
- Indaver Holding 100%equity €1.22bn (2025) · annual accounts 2025
- KATOEN NATIE GROUP SA consolidatesannual accounts 2018
Shares in 13 companies, including INDAVER LOGISTICS and Indaver Municipal Services
Board & ownershipRecent changes
1 director reappointed
PDB BV · Permanent representatives: Dirk Michielsens and Paul De Bruycker · General meeting of 15-04-2026 · Gazette deed
81 directors appointed
Permanent representatives: Jonathan Van Steelant, Dirk Michielsens, Paul De Bruycker, Karl Huts and Hilde Vangilbergen · GOETHALS Bart (general manager bl iws), HEYLEN Philippe (general manager bl msws global), OOMS Wim (general manager bl msws regio belgië), GEORG Gerrit-Jan (general manager bl msws regio nederland), FLYNN Seamus (general manager bl msws regio irl en regio uk), MOERMAN Erik (general manager bl p2c) and 75 others · Board meeting of 27-01-2026 · Gazette deed
Environmental permit granted
Nieuwbouw van bijgebouwen, niet-overdekte lage constructies en andere handelingen · Provincie Oost-Vlaanderen
Capital increase
General meeting of 28-10-2025 · Gazette deed
Comparable companies
same main activity, similar in size and age| Company | ||||
|---|---|---|---|---|
| INDAVER Beveren-Kruibeke-Zwijndrecht | €330.6m | 7.9% | 49.6% | 579.7 |
| Renewi Lommel | €409.1m | 0.8% | 36.5% | 1,525.5 |
| DEME Environmental Beveren-Kruibeke-Zwijndrecht | €165.8m | 15.7% | 47.2% | 264.8 |
| Veolia Environmental Services Belux Sint-Gillis (bij-Brussel) | €130.1m | 4.5% | 76.3% | 626.7 |
| Intercommunale de Gestion de l'Environnement Tournai | €83.0m | 8.1% | 48.8% | 406.3 |
| Intergemeentelijke Vereniging voor Afvalbeheer in Gent en Omstreken Ghent | €81.1m | 0.1% | 65.3% | 399 |
| INTERGEMEENTELIJK SAMENWERKINGSVERBAND VOOR VUILVERWIJDERING EN- VERWERKING IN BRUGGE EN OMMELAND Bruges | €55.6m | 1.8% | 59.0% | 232.7 |
Grey: the largest companies of the sector (waste collection and treatment (NACE 38)), without their names. Blue: the sector peers from the table.
These companies have the same main activity as INDAVER: waste collection, recovery and disposal activities (NACE 38330). They are comparable in size and age: total assets between €78m and €520m, founded between 1967 and 1994.
Official details
Source: KBO- Status
- Active since 24-10-1985Normal situation
- Registered office
- 33 active companies are registered at this address1 started in the 12 months before. Source: KBO register, as of 8 November 2026.
- Activity
- Waste collection, recovery and disposal activitiesNACE 38330
- Joint committees
- 100Auxiliary committee for blue-collar workers
- 116Chemical industry
- 142.04Recovery of raw materials · annual accounts 2025and 2 others
- Establishment units
- 2.142.897.6709130 Beveren, since 01-05-1986
- 2.142.897.7699130 Beveren-Kruibeke-Zwijndrecht, since 01-05-1986and 7 others
- Financial year end
- 31 December
- Peppol
- Reachable
Annual accounts 2025
- €751.0m▲ 3.8%
- Employeeson 31-12-2025
- 620▲ 4.0%
- Filing
- Filed on 11-05-2026, 81 days before the end of the filing period
Companies linked to INDAVER
Subsidiaries and holdings
- Indaver Plastics Recycling100%
- Warmtenetwerk Antwerpen Noord70%
- Foster M&O60%
- E-Wood Energiecentrale50%
- ECOV50%
- FOSTER SPV50%
- Slib-en Co - Verwerkings Centrale50%
- SVEX50%
Insights on INDAVER
INDAVER has existed since 1985. Turnover grew from €165.4m in 2008 to €330.6m in 2025 and staff from 436.4 to 579.7 full-time equivalents.
Turnover has grown every year since 2020.
Indaver Holding holds all the shares.
Sources: KBO register, filings at the National Bank, Belgian Official Gazette. Click a figure with a dotted line for the item and the filing.
Key facts about INDAVER
- What is the company number of INDAVER?
- The company number of INDAVER is 0427.973.304. The VAT number is the same number with BE in front: BE 0427.973.304.
- Where is INDAVER based?
- The registered office is at Ketenislaan 1, 9130 Beveren-Kruibeke-Zwijndrecht.Company details
- What does INDAVER do?
- According to the KBO register, the main activity is waste collection, recovery and disposal activities (NACE 38330).
- What is the legal form of INDAVER?
- INDAVER is a public limited company (NV).
- When was INDAVER founded?
- INDAVER was founded on 24-10-1985.
- Is INDAVER still active?
- Yes, INDAVER is an active enterprise in the KBO register.
- How many employees does INDAVER have?
- INDAVER had an average of 579.7 full-time equivalents in financial year 2025, according to the filed annual accounts.Financials
- Which joint committee does INDAVER fall under?
- In its 2025 annual accounts, INDAVER states joint committees 100 (Auxiliary committee for blue-collar workers), 116 (Chemical industry), 142.04 (Recovery of raw materials), 200 (Auxiliary committee for white-collar workers) and 207 (White-collar workers in the chemical industry).
- What is the turnover of INDAVER?
- The turnover of INDAVER was €330.6m in financial year 2025, according to the filed annual accounts.
- Is INDAVER profitable?
- In financial year 2025, INDAVER made a profit of €11.7m.
- Where can I find the annual accounts of INDAVER?
- INDAVER filed 62 annual accounts with the National Bank of Belgium, the latest for financial year 2025.
- When are the next annual accounts of INDAVER due?
- INDAVER must file the annual accounts for financial year 2026 by 31-07-2027.Timeline
Next steps
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