Equity
€5.4m from €15.1m in 2024
Equity fell by 64% in 1 year.
Indaver Plastics2Chemicals
Lifetime
5 annual accounts with figures on one time axispeak -€4,245 (2021)
-€4.7m▼ €3.2m
lowest -€10.9m (2025)
-€10.9m▼ €5.3m
peak €15.1m (2024)
€5.4m▼ 64.2%
€87.8m▲ 51.0%
peak 36.5 FTE (2025)
36.5 FTE▲ 12.0%
Board90 names since 2020all names
6 directorsGavilán Consulting and 5 others
Owners2 names in the annual accounts
100%Indaver Holding and 1 other
Documentsfilings and deeds
27-04-202695 days before the deadline
2025abbreviated format
Gross margin from -€1.5m to -€4.7mLoss of €10.9mStaff from 32.6 FTE to 36.5 FTEAppointment: Wouter Van Zundert (program manager p2c) 22-073 directors appointed 25-03Appointment: Tsundoku Ventures BV (additional director) 22-01
Key points
from the 2025 annual accountsLosses
-€22.2m in five years
Every financial year from 2021 to 2025 closed with a loss. 2025 was the heaviest.
Debts
€87.8m 94% of the balance sheet
Financial debts 55%Suppliers 6%Taxes and wages 1%Other 38%
Of this, €30.7m falls due within a year.
Investments
€18.0m 8.0 × depreciation
Green is investment, beige is depreciation.
Staff
39 employees on 31-12-2025
In 2025, 12 people joined and 9 left.
Position in the sector
-€10.9m
Lower net result than 95% of companies in waste collection and treatment. Sector median €34,397 · 259 companies.
Turnover not published (abbreviated format)
Checked score
52
Fair
Financially stronger than 28% of small companies in waste collection and treatment (NACE 38)
Probability in this band: 1.5% to 4.2%
Bankruptcy probability within 12 months
2.2% Moderate
0%0.5%1.5%4%10%≥ 25%
The dashed line is the sector median: 0.3% across 200 companies (NACE 38, small).
About 2 in 100 comparable companies go bankrupt within 12 months (an estimate).
Last 24 months
12-2024: 2.1%
01-2025: 2.1%● unchanged vs 12-2024
02-2025: 2.1%● unchanged vs 01-2025
03-2025: 2.0%▼ -0.1 percentage points vs 02-2025
04-2025: 2.0%● unchanged vs 03-2025
05-2025: 1.7%▼ -0.3 percentage points vs 04-2025
06-2025: 1.7%● unchanged vs 05-2025lowest value
07-2025: 1.7%● unchanged vs 06-2025lowest value
08-2025: 1.7%● unchanged vs 07-2025lowest value
09-2025: 1.7%● unchanged vs 08-2025lowest value
10-2025: 1.7%● unchanged vs 09-2025lowest value
11-2025: 1.7%● unchanged vs 10-2025lowest value
12-2025: 1.7%● unchanged vs 11-2025
01-2026: 1.7%● unchanged vs 12-2025
02-2026: 1.7%● unchanged vs 01-2026
03-2026: 1.8%▲ +0.1 percentage points vs 02-2026
04-2026: 1.9%▲ +0.1 percentage points vs 03-2026
05-2026: 1.9%● unchanged vs 04-2026
06-2026: 2.3%▲ +0.4 percentage points vs 05-2026highest value
07-2026: 2.3%● unchanged vs 06-2026
08-2026: 2.3%● unchanged vs 07-2026
09-2026: 2.3%● unchanged vs 08-2026
10-2026: 2.2%▼ -0.1 percentage points vs 09-2026
11-2026: 2.2%● unchanged vs 10-2026
Financial strengthWeak
Score breakdown
raises risk
Liquidity: current ratio 0.30
Equity €5.4m (5.8% of total assets)
Loss of €10.9m, the second in a row (financial year 2025)
lowers risk
Size: 36.5 FTE, total assets €93.2m
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 (NACE 38, small). It does better than 10% of them on solvency, 91% on liquidity, 8% on profitability and 3% on growth.
The bankruptcy probability was computed on 06-11-2026 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 moderate class on 30-06-2025, 2.4% 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, 450 companies had the same profile as Indaver Plastics2Chemicals has now. Each dot is one company, two years later.
87.1%
were still trading
5.3%
stopped another way
6.4%
went bankrupt
Another 1.1% stopped without a precise date, possibly only after those two years.
That fits the bankruptcy probability of Indaver Plastics2Chemicals itself: 2.2% 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 450 companies, not a prediction for Indaver Plastics2Chemicals. 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 €280,000 on 30-day terms, only on tighter conditions
Net loss of at least half of total assets or of the equity at the start of the financial year.
Liquidity is insufficient, with a current ratio of 0.3 (0.09 in 2024), below 1. Short-term debt is 32.9% of total assets. 94.2% 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
Seven signals.
lowers riskraises riskneutral
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
2122232425
2021 to 2025 · latest year -€10.9m
raises risk · Weak solvency compared with the sector
Solvency (equity / total assets) is in the sector's weakest quartile: better than 17% of 258 sector peers (2025).
NBB · sector comparisonPosition among 258 sector peers
Solvency
better than 17%
← weakest
strongest →
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 27-04-2026, 95 days ahead of the deadline.
NBB · 5 filingsDeviation from the deadline
2025
95 days early
2024
121 days early
2023
28 days early
2022
126 days early
2021
78 days late
← before the deadline
after the deadline →
tick = median of all Belgian filingsring = median in the sector
The company filed its last 5 accounts on average 58 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 27 April (4 of the last 5 accounts filed within 68 days either side of that date).
Companies Code · seven monthsWhere today falls in the filing period
07-11-2026 today31-12-2026 year end31-07-2027 deadline
Board and ownership
and 1 other
- Indaver Holding 100%equity €1.22bn (2025) · annual accounts 2025
- KATOEN NATIE GROUP SA consolidatesannual accounts 2025
Recent changes
Resignations & appointments
Director in office: GOETHALS Bart (general manager bl iws) · Director in office: HEYLEN Philip (general manager bl msws global) · Director in office: OOMS Wim (general manager bl msws regio belgië) · Board meeting of 11-02-2026 · Gazette deed
Appointment: Wouter Van Zundert (program manager p2c)
Board meeting of 29-04-2025 · Gazette deed
3 directors appointed
AVELIN BV, ENTRA MOBILE BV and PDB BV · Permanent representatives: Jonathan Van Steelant, Dirk Michielsens, Paul De Bruycker, Karl Huts and Hilde Vangilbergen · Board meeting of 22-01-2025 · Gazette deed
Appointment: Tsundoku Ventures BV (additional director)
Permanent representative: Hilde Vangilbergen · General meeting of 03-12-2024 · Gazette deed
Comparable companies
same main activity, the nearest in size| Company | ||||
|---|---|---|---|---|
| Indaver Plastics2Chemicals Antwerp | - | - | 5.8% | 36.5 |
| SYNPET Ixelles | €0.006m | - | 70.9% | 2 |
| FKL Beveren | €26.0m | 8.5% | 25.6% | 24.4 |
| TOP-MIX RECYCLING Ostend | - | - | -176.3% | 3 |
| VALODIRECT Zwalm | €18.5m | 11.9% | 43.8% | 5.4 |
| BioFertiCol Lubbeek | - | - | -38.4% | 0 |
| VALTRIS Charleroi | €16.2m | 1.1% | 2.0% | - |
These companies have the same main activity as Indaver Plastics2Chemicals: waste collection, recovery and disposal activities (NACE 38330). They are smaller than Indaver Plastics2Chemicals: total assets between €10m and €34m, founded between 2012 and 2023.
Official details
Source: KBO- Status
- Active since 29-06-2021Normal situation
- Activity
- Waste collection, recovery and disposal activitiesNACE 38330
- Joint committee
- 207White-collar workers in the chemical industry · annual accounts 2025
- Establishment units
- 2.318.928.1242030 Antwerp, since 29-06-2021
- 2.365.343.5152030 Antwerp, since 14-10-2024
- Financial year end
- 31 December
- Peppol
- Reachable
Annual accounts 2025
- €93.2m▲ 27.2%
- Employeeson 31-12-2025
- 39▲ 8.3%
- Filing
- Filed on 27-04-2026, 95 days before the end of the filing period
Insights on Indaver Plastics2Chemicals
Indaver Plastics2Chemicals files the abbreviated format. That format states no turnover. The gross margin fell from -€4,245 in 2021 to -€4.7m in 2025.
The balance sheet grew most from 2023 to 2025 through fixed assets.
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 Plastics2Chemicals
- What is the company number of Indaver Plastics2Chemicals?
- The company number of Indaver Plastics2Chemicals is 0770.489.311. The VAT number is the same number with BE in front: BE 0770.489.311.
- Where is Indaver Plastics2Chemicals based?
- The registered office is at Poldervlietweg 5, 2030 Antwerp.Company details
- What does Indaver Plastics2Chemicals 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 Plastics2Chemicals?
- Indaver Plastics2Chemicals is a public limited company (NV).
- When was Indaver Plastics2Chemicals founded?
- Indaver Plastics2Chemicals was founded on 29-06-2021.
- Is Indaver Plastics2Chemicals still active?
- Yes, Indaver Plastics2Chemicals is an active enterprise in the KBO register.
- How many employees does Indaver Plastics2Chemicals have?
- Indaver Plastics2Chemicals had an average of 36.5 full-time equivalents in financial year 2025, according to the filed annual accounts.Financials
- Which joint committee does Indaver Plastics2Chemicals fall under?
- In its 2025 annual accounts, Indaver Plastics2Chemicals states joint committee 207 (White-collar workers in the chemical industry).
- What is the turnover of Indaver Plastics2Chemicals?
- The annual accounts for financial year 2025 state no turnover. The abbreviated format does not require it.
- Is Indaver Plastics2Chemicals profitable?
- In financial year 2025, Indaver Plastics2Chemicals made a loss of €10.9m.
- Where can I find the annual accounts of Indaver Plastics2Chemicals?
- Indaver Plastics2Chemicals filed 5 annual accounts with the National Bank of Belgium, the latest for financial year 2025.
- When are the next annual accounts of Indaver Plastics2Chemicals due?
- Indaver Plastics2Chemicals must file the annual accounts for financial year 2026 by 31-07-2027.Timeline
Next steps
Work out how much credit to give this customer and on what payment terms.Credit check Check what to know before you do business with this company.Supplier due diligence See whether the workforce is growing and whether people stay.Employer check Check whether you can accept this company as a client under the anti-money-laundering law.AML client file Check which of your other customers you can e-invoice via Peppol.Peppol check See the other companies in the same group.Indaver Holding · 35 companies
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