Losses
-€2.4m in two years
The 2024 and 2025 financial years closed with a loss. 2024 was the heaviest.
Indaver Municipal Services
Lifetime
18 annual accounts with figures on one time axis, 46 filings since 1980peak €21.8m (2020)
-not published
lowest -€1.6m (2024)
-€793,236▲ €800,565
peak €82.4m (2023)
€80.0m▼ 1.0%
€24.1m▲ 1.6%
peak 17 FTE (2008)
-not published
Board99 names since 2007all names
2 directorsWim Ooms and 1 other
Owners2 names in the annual accounts
100%INDAVER and 1 other
Documentsfilings and deeds
11-05-202681 days before the deadline
2025financial year
Loss of €793,236Resignation: Alexander Bom (director) 01-12Resignation: Alain Konings (director) 16-05Permanent representatives: Jonathan Van Steelant, Dirk Michie… 14-02
Key points
from the 2025 annual accountsPayment terms
25 days to suppliers
Indaver Municipal Services pays its suppliers 24 days later than in 2024.
Liquidity
8.75 was 5.92 in 2024
Short-term debts rose from €1.0m to €1.4m.
Filings
46 annual accounts since 1980
The last five annual accounts were filed 44 to 98 days before the end of the period.
Board
83 joined
New directors. Latest change 23-02-2026 · 16 in office.
Position in the sector
-€793,236
Lower net result than 91% of companies in waste collection and treatment. Sector median €138,965 · 278 companies.
Checked score
92
Excellent
Financially stronger than 72% of all companies
Probability in this band: under 0.55%
Bankruptcy probability within 12 months
0.2% 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 2 in 1,000 comparable companies go bankrupt within 12 months (an estimate).
Last 24 months
12-2024: 0.2%
01-2025: 0.2%● unchanged vs 12-2024
02-2025: 0.2%● unchanged vs 01-2025
03-2025: 0.2%● unchanged vs 02-2025
04-2025: 0.2%● unchanged vs 03-2025highest value
05-2025: 0.2%● unchanged vs 04-2025
06-2025: 0.2%● unchanged vs 05-2025
07-2025: 0.2%● unchanged vs 06-2025
08-2025: 0.2%● unchanged vs 07-2025
09-2025: 0.2%● unchanged vs 08-2025
10-2025: 0.2%● unchanged vs 09-2025
11-2025: 0.2%● unchanged vs 10-2025
12-2025: 0.2%● unchanged vs 11-2025
01-2026: 0.2%● unchanged vs 12-2025
02-2026: 0.2%● unchanged vs 01-2026lowest value
03-2026: 0.2%● unchanged vs 02-2026
04-2026: 0.2%● unchanged vs 03-2026
05-2026: 0.2%● unchanged vs 04-2026
06-2026: 0.2%● unchanged vs 05-2026
07-2026: 0.2%● unchanged vs 06-2026
08-2026: 0.2%● unchanged vs 07-2026
09-2026: 0.2%● unchanged vs 08-2026
10-2026: 0.2%● unchanged vs 09-2026
11-2026: 0.2%● unchanged vs 10-2026
Financial strengthStrong
Score breakdown
raises risk
Liquidity: current ratio 8.75
Sector: Waste collection, recovery and disposal activities (NACE 38)
lowers risk
Size: total assets €104.2m
Founded in 1979
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 93% of them on solvency, 99% on liquidity, 61% on profitability and 33% on growth.
The bankruptcy probability was computed on 07-11-2026 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).
Comparable companies, two years later
In July 2024, 151 companies had the same profile as Indaver Municipal Services has now. Each dot is one company, two years later.
94.0%
were still trading
4.0%
stopped another way
1.3%
went bankrupt
Another 0.7% stopped without a precise date, possibly only after those two years.
That fits the bankruptcy probability of Indaver Municipal Services itself: 0.2% within 12 months.
Test of the method
The method was tested on the 497,447 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 151 companies, not a prediction for Indaver Municipal Services. 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.
Credit verdict
Credit of up to €7,350,000 on 30-day terms is acceptable
Liquidity is ample, with a current ratio of 8.75 (5.92 in 2024), above the usual 1.5. Short-term debt is 1.3% of total assets. 23.2% 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
44 days early
2022
90 days early
2021
80 days early
2020
88 days early
2019
64 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 78 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
08-11-2026 today31-12-2026 year end31-07-2027 deadline
Board and ownership
and 11 others
- INDAVER 100%score 87equity €372.8m (2025) · annual accounts 2025
- KATOEN NATIE GROUP SA consolidatesannual accounts 2025
Recent changes
86 directors appointed
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 80 others · Permanent representatives: Jonathan Van Steelant, Dirk Michielsens, Paul De Bruycker, Karl Huts and Hilde Vangilbergen · Board meeting of 11-02-2026 · Gazette deed
Resignation: Alexander Bom (director)
Appointment: Wim Ooms (director) · Director discharge: Alexander Bom · General meeting of 15-10-2025 · Gazette deed
Resignation: Alain Konings (director)
Reappointment: Alain Konings (director) · General meeting of 16-04-2025 · Gazette deed
Permanent representatives: Jonathan Van Steelant, Dirk Michielsens, Paul De Bruycker, Karl Huts and Hilde Vangilbergen
Board meeting of 22-01-2025 · Gazette deed
Comparable companies
same main activity, similar in size and age| Company | ||||
|---|---|---|---|---|
| Indaver Municipal Services Mechelen | - | - | 76.8% | - |
| INTERGEMEENTELIJK SAMENWERKINGSVERBAND VOOR VUILVERWIJDERING EN- VERWERKING IN BRUGGE EN OMMELAND Bruges | €55.6m | 1.8% | 59.0% | 232.7 |
| Intergemeentelijke opdrachthoudende Vereniging voor huisvuilverwerking Meetjesland Eeklo | €25.0m | -0.9% | 50.5% | 105.1 |
| Veolia Environmental Services Wallonie Grâce-Hollogne | €131.4m | -0.4% | 20.1% | 508.4 |
| Intergemeentelijke Maatschappij voor Openbare Gezondheid in Zuid-West-Vlaanderen Harelbeke | €50.3m | 0.2% | 29.2% | 170 |
| RENEWI VALORISATION & QUARRY Lommel | €3.7m | -41.1% | 47.8% | 22 |
| Intercommunale voor Slib- en Vuilverwijdering van Antwerpse Gemeenten Antwerp | €29.4m | -6.1% | 75.1% | 53.7 |
These companies have the same main activity as Indaver Municipal Services: waste collection, recovery and disposal activities (NACE 38330). They are comparable in size and age: total assets between €43m and €102m, founded between 1969 and 1990.
Official details
Source: KBO- Status
- Active since 14-12-1979Normal situation
- Activity
- Waste collection, recovery and disposal activitiesNACE 38330and 1 other
- Joint committee
- 200Auxiliary committee for white-collar workers · annual accounts 2025
- Establishment unit
- 2.017.417.6782800 Mechelen, since 07-11-1996
- Financial year end
- 31 December
- Peppol
- Reachable
Annual accounts 2025
- €104.2m▼ 0.4%
- ≈ 0.1 FTEestimated
- Filing
- Filed on 11-05-2026, 81 days before the end of the filing period
Companies linked to Indaver Municipal Services
Parent and group
Insights on Indaver Municipal Services
Indaver Municipal Services has existed since 1979. Turnover fell from €4.4m in 2011 to €1.3m in 2012 and staff from 12.5 to 2.4 full-time equivalents.
INDAVER 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 Municipal Services
- What is the company number of Indaver Municipal Services?
- The company number of Indaver Municipal Services is 0420.136.001. The VAT number is the same number with BE in front: BE 0420.136.001.
- Where is Indaver Municipal Services based?
- The registered office is at Dijle 17A, 2800 Mechelen.Company details
- What does Indaver Municipal Services 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 Municipal Services?
- Indaver Municipal Services is a public limited company (NV).
- When was Indaver Municipal Services founded?
- Indaver Municipal Services was founded on 14-12-1979.
- Is Indaver Municipal Services still active?
- Yes, Indaver Municipal Services is an active enterprise in the KBO register.
- How many employees does Indaver Municipal Services have?
- Indaver Municipal Services had an average of 1.2 full-time equivalents in financial year 2024, according to the filed annual accounts.Financials
- Which joint committee does Indaver Municipal Services fall under?
- In its 2025 annual accounts, Indaver Municipal Services states joint committee 200 (Auxiliary committee for white-collar workers).
- What is the turnover of Indaver Municipal Services?
- The annual accounts for financial year 2025 state no turnover. In financial year 2024 turnover was €5.2m.
- Is Indaver Municipal Services profitable?
- In financial year 2025, Indaver Municipal Services made a loss of €793,236.
- Where can I find the annual accounts of Indaver Municipal Services?
- Indaver Municipal Services filed 46 annual accounts with the National Bank of Belgium, the latest for financial year 2025.
- When are the next annual accounts of Indaver Municipal Services due?
- Indaver Municipal Services must file the annual accounts for financial year 2026 by 31-07-2027.Timeline
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