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INDAVER

Active
Public limited companyfounded 1985active for 41 yearsKetenislaan(KAL) 1, 9130 Beveren-Kruibeke-Zwijndrecht, Belgium33 active companies are registered at this addressKBO/BCE: BE 0427.973.304
Summary

INDAVER has been active since 1985 and the Belgian Official Gazette contains no insolvency or warning signals. The 2025 annual accounts show equity of €372.8m and a net result of €11.7m. Equity is growing by about 7% per year across the filed financial years. Its solvency ranks better than 64% of 279 sector peers (NACE 38, financial year 2025). The computed 12-month bankruptcy probability is 0.3% (very low).

Risk analysisFollow ReportCompare
INDAVERActiveChecked score 87/100
Risk analysis ReportCompare

Overview

Activity
Waste collection, recovery and disposal activities
NACE 38330
Largest employer in East Flanders, Waste collection and treatment sector9 sites
Size
€330.6mturnover 2025
Staff
579.7 FTE
Equity
€372.8m
Profit
€11.7m
Financial health
87 Excellent Checked score 2025
Bankruptcy probabilitywithin 12 months
0.3%
Structure
Parent
Indaver Holding · 100%
Board
21 members
Holdings
13
Auditor: Ernst et Young Reviseurs d'Entreprises2025 accounts 81 days early
Why 87raises riskLiquidity: current ratio 1.44, cash €1.2mSector: Waste collection, recovery and disposal activities (NACE 38)9 establishment unitslowers riskFounded in 1985Show the evidence

Checked score

Score 2025
87 / 100
Excellent
Probability in this band: under 0.55%
Financially better than 62% of its sector peers (all companies)
Every signal that counts is listed under Signals.
Financial strength · tick = 2024
Strong
Solvency 75=
equity 49.6% of total assets
Liquidity 46+3
short-term debt 17.0% · cash 0.2%
Profitability 73-2
return on assets 1.6%
Bankruptcy probability, 12 months
0.3% Very low
0%0.5%1.5%4%10%≥ 25%

About 3 in 1,000 comparable companies go bankrupt within 12 months (an estimate).

Sector median 0.3% (11 companies, NACE 38, large)
Last 24 months 11-2024: 0.5%highest value 12-2024: 0.5%● unchanged vs 11-2024highest 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
Credit of up to €32,400,000 on 30-day terms is acceptable
Liquidity tight (current ratio 1.44, compared with 1.0 in 2024, below the usual 1.5; short-term debt: 17% and cash: 0.2% of total assets), and 50.4% of the assets are financed with debt and provisions.
How it is calculated

The band follows from the bankruptcy probability, on a scale where 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): better than 66% on solvency, 53% on liquidity, 72% on profitability and 58% on growth.

The bankruptcy probability was computed on 25-10-2026 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.

Some facts cap the score, however low the probability. Negative or zero equity, a heavy loss, a special status in the KBO, one missing filing or accounts filed more than 90 days late hold it at Fair at most (59); two missing filings, at Weak (44). An ongoing judicial reorganisation or the company's end (bankruptcy, dissolution, liquidation) holds it at Critical at most (24).

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Signals

Five signals.
lowers riskraises riskneutral
raises risk · Liquidity: current ratio 1.44, cash €1.2m
NBB · annual accounts
lowers risk · Founded in 1985
Companies that have existed this long fail less often; how much that weighs depends on the rest of its profile.
KBO
raises risk · Sector: Waste collection, recovery and disposal activities (NACE 38)
KBO
raises risk · 9 establishment units
KBO · seat and establishments
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 filings
Deviation 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

This company filed its last 7 accounts on average 50 days before the deadline; the sector median (NACE 38) for financial year 2024 is 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 filed years within 30 days of that day).
Companies Code · seven months
Where today falls in the filing period
26-10-2026 today31-12-2026 year end31-07-2027 deadline
neutral · No strike-offs in the KBO publications
Searched since 2021.
KBO publications · our coverage
  1. Reappointment: PDB BV (director)Permanent representatives: Dirk Michielsens and…
  2. Annual accounts filedfinancial year 2025 · full…
  3. Permanent representatives: Jonathan Van Steelant, Dirk…Appointments: GOETHALS Bart, HEYLEN Philippe…

Key points

  • Positive: Largest employer in East Flanders, Waste collection and treatment sectorin the Checked rankings No. 1 View
  • New directorslatest change 06-03-2026 · 21 in office 68 joined View
  • Positive: 5 years of growth in a rowturnover 2025: €330.6m 5 years View
  • Caution: Result fell in 2025from €21.1m to €11.7m ▼ 44.7% View
  • Controlled by Indaver Holdingultimately: Katoen Natie International SA 100% View
  • Flemish supportawarded from 2022 to 2025 €3.9m View

By topic

Financials

Financial year
2025
Turnover
€330.6m
Profit
€11.7m
Solvency
49.6%
Turnover▲ 4.7%
Net result
20182025
Go to Financials

Board & ownership

Board
21 members
Parent
Indaver Holding · 100%
Auditor
Ernst et Young Reviseurs…
  • Annick Van DriessenDirector
  • Kristien SchoonjansDirector
  • Entra MobileDirector
  • Fabian LeroyDirector
  • AvelinDirector

and 16 other directors

Go to Board & ownership

Network & group

Group
Katoen Natie International SA
Subsidiaries
5
Direct holdings
13
Connected companies
65

13 holdings

Go to Network & group

Timeline

Events
149
Since
1987
Next accounts
by 31-07-2027
  1. 10-11-2025Capital & shares
  2. 24-04-2025Annual accounts filed
  3. 03-02-2025Permanent representatives: Jonathan Van Steelant, Dirk Michielsens…
Go to Timeline

Company details

Sites
9
Legal form
Public limited company
Activity
Waste collection, recovery and disposal activitiesNACE 38330
Founded
24-10-1985
Year ends
31-12
Peppol
Reachable for e-invoices
Go to Company details

Articles of association

Provisions read
79
Purpose
“De vennootschap heeft tot voorwerp, zowel in Vlaanderen als daarbuiten, voor eigen…” (deed in Dutch)
Go to Articles of association

Key facts about INDAVER

What is the company number of INDAVER?
0427.973.304. In Belgium the VAT number is the company number with BE in front: BE 0427.973.304.
Where is INDAVER based?
The registered office is at Ketenislaan(KAL) 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?
Public limited company (NV).
When was INDAVER 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?
On average 579.7 full-time equivalents in financial year 2025, according to the filed annual accounts.Financials
What is the turnover of INDAVER?
€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?
By 31-07-2027, for financial year 2026.Timeline

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