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Indaver Plastics2Chemicals

Active
Public limited company·Andere afvalverwijdering· 5 yrs active
Poldervlietweg 5 ·2030 Antwerpen, Belgium
KBO/BCE: BE 0770.489.311
Watch Print / PDF
Age5 yrs
Board3
Connections8
Real estate2 parcels · 68.0 ha

Summary

Conclusion

the dossier summarised in one paragraph

The computed 12-month bankruptcy probability of Indaver Plastics2Chemicals is 1.3% (low). The 2025 annual accounts show equity of €5.42M and a net result of €-10.91M. The figures fluctuate too strongly year-on-year for a reliable trend projection. Its solvency ranks better than 12% of 56 sector peers (fiscal year 2025). The company has been active since 2021 and the Belgian State Gazette contains no insolvency or warning signals.

Based on the State Gazette, CBE and 5 annual accounts.

Bankruptcy probability (12 mo)

Checked model v1 · free for everyone
1.3% Low
0%0,5%1,5%4%10%≥25%
Young company +Multiple establishment units +Lower-risk legal form −

Statistical estimate based on public sources, not credit advice nor a finding of fact. How do we compute this?

Signals

2 signals · with evidence
Persistent losses
Two consecutive loss-making years (2024 and 2025); equity fell accordingly. May indicate structural pressure on profitability.
View the result trend
Weak solvency vs sector
Solvency (equity / total assets) is in the sector's weakest quartile: better than 12% of 56 sector peers (2025).
View the sector comparison

Signals are derived from the filed annual accounts and the sector comparison. No composite score: each signal is separately verifiable at the source.

Filing behaviour

From the deposit records, complete market-wide
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. This speaks to administrative punctuality and says nothing about the financial position.
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.
How we compute the deadline
The year end is derived from 5 filed financial years, each closing on 31-12. The statutory deadline is seven months after the close of the financial year (art. 3:10 par. 1 CAC, art. 3:47 par. 7 for ASBL and foundations). Applied to the financial year that closed on 31-12-2025, that is 31-07-2026.
Deadline per financial year
Year closed Due by Filed Variance Reference
31-12-2025 31-07-2026 27-04-2026 95 d early 2026-00104211
31-12-2024 31-07-2025 01-04-2025 121 d early 2025-00063048
31-12-2023 31-07-2024 03-07-2024 28 d early 2024-00227872
31-12-2022 31-07-2023 27-03-2023 126 d early 2023-00049511
31-12-2021 31-07-2022 17-10-2022 78 d late 2022-20468607

Source: the National Bank's deposit records. Those records are complete, including for years whose figures we have not read yet. Filing late covers nearly half the market and is therefore not scored; only not filing, being more than 90 days late and breaking a punctual record carry weight.

Trust signals

2 signals
More than 3 years active
Founded in 2021, past the statistically most fragile first 3 years.
No legal incidents
No bankruptcy, reorganisation or interim measure in the Belgisch Staatsblad, and the KBO register records a normal legal situation.

Administrative Flags

No strikeouts found in the KBO publications we processed. That series starts in 2021 and has gaps, so this is not a confirmation that there is nothing.

Financials

TurnoverNot published (abbreviated filing)
EBIT marginNot published (abbreviated filing)
Net result€-10.91M-96.1%
Working capital€-21.58M+55.7%

Annual accounts & ratios

Source: NBB · 2025
Annual accounts filed on 27-04-2026 with the NBB · fiscal year 2025 · verkort
€-15.00M€-10.00M€-5.00M€0Operating result 2021: €-4k€-4kNet result 2021: €-4k€-4kOperating result 2022: €-2.02M€-2.02MNet result 2022: €-2.08M€-2.08MOperating result 2023: €-3.58M€-3.58MNet result 2023: €-3.66M€-3.66MOperating result 2024: €-5.70M€-5.70MNet result 2024: €-5.56M€-5.56MOperating result 2025: €-11.55M€-11.55MNet result 2025: €-10.91M€-10.91M20212022202320242025
Operating resultNet result
Trajectory (indicative)
Projection over 3 fiscal years from the filed annual accounts, not a forecast, the extended trend.
volatile Too volatile to project: the yearly deviation from the trend is ~72% of the level (threshold 35%). We therefore deliberately show no projection line.
€-5.00M€0€5.00M€10.00M€15.00M2021: €57k2022: €-1.95M2023: €14.39M2024: €15.13M2025: €5.42M20212022202320242025
How do we compute this?

The trend is a robust median of all pairwise slopes between fiscal years (Theil-Sen), so a single odd year cannot hijack the line. For strictly positive series we also fit a log variant (compound annual growth) and keep whichever describes the figures best.

The area around the projection is 1.8 × the median absolute deviation from the trend, widening each year ahead (×1 / ×1.6 / ×2.2), with a minimum of 8% of the last value. It is an indicative range, not a statistical confidence interval.

A series whose deviations exceed 35% of its level is too volatile: we then deliberately show no projection. Every projection assumes unchanged policy and is blind to non-public information (order book, contracts, funding rounds).

Sector comparison
Fiscal year 2025 · NACE 38 · compared across all schema types (micro, abbreviated and full combined)
Metric This company Sector median Position in the sector
Solvency 5.8% 35.8%
better than 12% of 56 sector peers
Net result €-10.91M €11k
better than 5% of 54 sector peers
Equity €5.42M €740k
better than 75% of 56 sector peers
Gross operating margin €-4.67M €45k
better than 5% of 34 sector peers
Staff costs €4.62M €2.90M
higher than 60% of 38 sector peers
Median and position computed from NBB annual accounts filed by sector peers; own figures from the latest filed accounts.
Sector position over time
Percentile per fiscal year versus peers that filed figures, computed year by year (a year without enough peers is absent).
Solvency P12
2021: P95 · n=772022: P9 · n=1122023: P55 · n=1432024: P41 · n=1522025: P12 · n=562021 2025
Weakening position over 2021-2025 · n=56-152
Net result P5
2021: P25 · n=742022: P5 · n=1092023: P5 · n=1422024: P5 · n=1512025: P5 · n=542021 2025
Stable position over 2021-2025 · n=54-151
Equity P75
2021: P25 · n=772022: P5 · n=1122023: P93 · n=1432024: P93 · n=1522025: P75 · n=562021 2025
Improving position over 2021-2025 · n=56-152
Gross operating margin P5
2021: P16 · n=522022: P5 · n=892023: P5 · n=1182024: P5 · n=1242025: P5 · n=342021 2025
Stable position over 2021-2025 · n=34-124
Describes the position versus peers, not a forecast.
EBITDA
€-9.30M
-64.6% 21-25
Net profit
€-10.91M
-96.1% 21-25
Cash flow
€-8.66M
-57.2% 21-25
Total assets
€93.23M
+27.2% 21-25
Equity
€5.42M
-64.2% 21-25
Working capital
€-21.58M
+55.7% 21-25
Employees (FTE)
37
+12.0% 21-25
Staff costs
€4.62M
+12.8% 21-25
Show 11 other metrics
Income taxes
€-603k
-278.3% 21-25
Debt
€87.81M
+51.0% 21-25
Debt ≤ 1y
€30.68M
-42.8% 21-25
Debt > 1y
€48.60M
- 21-25
Current ratio
0.30
+226.2% 21-25
Quick ratio
0.09
+87.6% 21-25
Solvency
5.8%
-71.8% 21-25
Debt / equity
16.20
+321.5% 21-25
ROE
-201.3%
-447.3% 21-25
ROA
-11.7%
-54.1% 21-25
Interest coverage
-11150.01
-3629.5% 21-25
Figures by fiscal year
Fiscal year2025
Depositverkort
Revenue-
EBITDA€-9.30M
Net profit€-10.91M
Cash flow€-8.66M
Staff costs€4.62M
Income taxes€-603k
Dividends-
Total assets€93.23M
Equity€5.42M
Debt€87.81M
of which ≤ 1y€30.68M
of which > 1y€48.60M
Working capital€-21.58M
Employees (FTE)36.5
Ratios (computed)
2025
Current ratio0.30
Quick ratio0.09
Working capital ratio-23.2%
Solvency5.8%
Debt / equity16.20
Long-term debt ratio8.97
Interest coverage-11150.01
Gross margin-
Net margin-
ROA-11.7%
ROE-201.3%
EBITDA margin-
Days sales outstanding-
Days payable outstanding-
Inventory turnover-
Days inventory (DSI)-
Balance-sheet composition 2025
Full annual accounts (24 line items)
Filed balance sheet and income statement, exactly as deposited with the NBB.
Line item Code2025
Balance sheet, Assets
TOTAL ASSETS 20/58€93.23M
Fixed assets 21/28€84.14M
Intangible fixed assets 21€8.33M
Tangible fixed assets 22/27€75.81M
Current assets 29/58€9.09M
Stocks & contracts in progress 3€6.22M
Amounts receivable within one year 40/41€2.81M
Balance sheet, Equity & liabilities
TOTAL EQUITY & LIABILITIES 10/49€93.23M
Equity 10/15€5.42M
Contributions / capital 10/11€20.09M
Reserves 13€26k
Accumulated profits (losses) 14€-22.19M
Amounts payable 17/49€87.81M
Amounts payable after one year 17€48.60M
Amounts payable within one year 42/48€30.68M
Trade debts payable within one year 44€5.31M
Income statement
Gross operating margin 9900€-4.67M
Operating result 9901€-11.55M
Financial income 75€39k
Financial charges 65€834
Result before taxes 9903€-11.51M
Income taxes 67/77€-603k
Net result for the period 9904€-10.91M
Result to be appropriated 9905€-10.91M
This table shows the latest fiscal year. 4 prior years, with figures and ratios, belong to a paid plan. See plans →
Ratios computed by Checked.

Health barometer

FY 2025 · computed
2 / 100 Critical
050100
Computed from 5 of the 6 factors this model weighs. The rest cannot be derived from the filed figures, or need a prior year to compare against.

The full score breakdown, per-year score history and the indicative credit limit are in Kantoor S.

See plans →
Computed by Checked from the NBB filing for FY 2025. Indicative, not credit advice.

Directors

Directors & mandates

3 directors
Current directors & mandates
  • Tsundoku VenturesLegal entity
    Director· perm. rep.: Hilde Vangilbergen
    State Gazette act 25010153 (22-01-2025)
    Current
    01-01-2025 → present
  • Gavilán ConsultingLegal entity
    Director· perm. rep.: Karl Huts
    State Gazette act 24124244 (21-08-2024)
    Current
    01-07-2024 → present
  • ENTRA MOBILE BVLegal entity
    Director· perm. rep.: Dirk Michielsens
    State Gazette act 22105313 (02-09-2022)
    Current
    02-09-2022 → present
Full appointment history from the Belgian State Gazette. Permanent representatives are shown for corporate directors.

Statutory auditor

1 auditor
Statutory auditor IRE/IBR number Tenure
Ernst et Young Reviseurs d'EntreprisesCurrent
Statutory auditor · represented by Ronald Van den Ecker
 - 21-05-2024 → present
Appointed statutory auditor from the Belgian State Gazette. The IRE/IBR number refers to the register of the Institute of Registered Auditors.

Insolvency mandates

No insolvency mandates (liquidators, administrators) on record for this company.

Legal Structure

NACE primary Andere afvalverwijdering(38330)
Legal form Public limited company(014)
Incorporation29-06-2021
StatusActive
Postal code2030

Structure & network

Connections & network

8 connected companies
Gavilán Consulting, Sits on the board GCGavilánConsultingTsundoku Ventures, Sits on the board TVTsundokuVenturesDRANCO, Shared corporate director DDRANCOINDAVER, Shared corporate director IINDAVERIndaver Energy, Shared corporate director IEIndaver EnergyIndaver Plastics Recycling, Shared corporate director IPIndaverPlastics…clingIndaver Plastics2Chemicals IndaverPlastic…cals0770.489.311
Group structureShared directors

2 further connections in this company's network. Available in Kantoor S.

See plans →
Group structure
Gavilán Consulting
Sits on the board · 6 subsidiaries · 1 location
Control→
Tsundoku Ventures
Sits on the board · 5 subsidiaries · 1 location
Control→
Network connections
DRANCO
Shared corporate director
→
INDAVER
Shared corporate director
→
Indaver Energy
Shared corporate director
→
Indaver Plastics Recycling
Shared corporate director
→
Show 2 more network connections
Indaver Separation Technologies
Shared corporate director
→
NxtPort
Shared corporate director
→
Connections derived from shared directors, addresses, shareholders and group structure in the Belgian State Gazette.

Ownership & control

2 parties
Control over this companysits on this company's board2
Gavilán Consulting
6 subsidiaries · 1 location
Tsundoku Ventures
5 subsidiaries · 1 location
controls
Indaver Plastics2ChemicalsBE 0770.489.311

Each band states what its claims rest on. A board seat is influence over the board, not ownership. Court mandates (receiver, interim administrator) and liquidation mandates do not link companies and are therefore absent here; they belong under Directors & mandates.

Locations & real estate

Registered office

from the Crossroads Bank
Cannot be placed on the map

This address could not be matched to a point in the Belgian address register (BOSA BEST). The address below comes straight from the Crossroads Bank.

Poldervlietweg 52030 Antwerpen

Establishment units

2 locations
Indaver Plastics2Chemicals
Poldervlietweg 5, 2030 AntwerpenVervaardiging van geraffineerde aardolieproducten en van producten uit fossiele brandstoffen
since 20212.318.928.124
Indaver Plastics2Chemicals
Moerstraat 99, 2030 AntwerpenOverig speur- en ontwikkelingswerk op natuurwetenschappelijk gebied
since 20242.365.343.515
Physical sites registered in the Crossroads Bank for Enterprises (CBE).
Parcels2
Ground area68.0 ha
Buildings2
Building footprint9,259 m²
Volume (LiDAR)240 m³
Tallest building7.2 m

Real-estate footprint

Source: CBE × cadastre · address linking

Parcels linked to this company through its CBE addresses (seat, establishment units, branches), cross-referenced with the cadastral parcel plan. This shows where the company operates, not a deeds register.

Flanders 2 (100%)
Parcel (capakey) Region Area Buildings Height / fl.
11816B0138/00K000 Flanders 42.8 ha 1 · 267 m² 7.2 m
11816C0032/00B000 Flanders 25.2 ha 1 · 8,992 m² -
Methodology
via registered seat: 1 · via establishment units: 1
2 of 2 parcels with an exact address match; the rest are indicative.
Linked through address data, this is not proof of ownership.

Publications

Lifecycle & Insolvency Signals

No insolvency signals in the Belgian State Gazette

Belgisch Staatsblad · acts

14 acts
Capital history · 1
17-08-2022
v3.2
All acts · 14 updated 2 months ago
2026
27-05-2026 Act object · Power of attorney Open-capture extraction
  • Publication: 2026-05-27
  • Act object: Beslissing van de Raad van Bestuur dd 11/02/2026 - volmachtenprocedure
  • Power of attorney · INDAVER PLASTICS2CHEMICALS
  • Power of attorney · INDAVER PLASTICS2CHEMICALS
  • Power of attorney · INDAVER PLASTICS2CHEMICALS
  • Power of attorney · INDAVER PLASTICS2CHEMICALS
  • Power of attorney · INDAVER PLASTICS2CHEMICALS
  • Power of attorney · INDAVER PLASTICS2CHEMICALS
  • Power of attorney · INDAVER PLASTICS2CHEMICALS
  • Power of attorney · INDAVER PLASTICS2CHEMICALS
  • Power of attorney · INDAVER PLASTICS2CHEMICALS
  • Power of attorney · INDAVER PLASTICS2CHEMICALS
  • Power of attorney · INDAVER PLASTICS2CHEMICALS
  • Power of attorney · INDAVER PLASTICS2CHEMICALS
  • Power of attorney · INDAVER PLASTICS2CHEMICALS
  • Power of attorney · INDAVER PLASTICS2CHEMICALS
  • Power of attorney · INDAVER PLASTICS2CHEMICALS
  • Power of attorney · INDAVER PLASTICS2CHEMICALS
  • Power of attorney · INDAVER PLASTICS2CHEMICALS
  • Power of attorney · INDAVER PLASTICS2CHEMICALS
  • Power of attorney · INDAVER PLASTICS2CHEMICALS
  • Power of attorney · INDAVER PLASTICS2CHEMICALS
  • Power of attorney · INDAVER PLASTICS2CHEMICALS
  • Power of attorney · INDAVER PLASTICS2CHEMICALS
  • Power of attorney · INDAVER PLASTICS2CHEMICALS
  • Power of attorney · INDAVER PLASTICS2CHEMICALS
  • Power of attorney · INDAVER PLASTICS2CHEMICALS
  • Power of attorney · INDAVER PLASTICS2CHEMICALS
  • Power of attorney · INDAVER PLASTICS2CHEMICALS
  • Power of attorney · INDAVER PLASTICS2CHEMICALS
  • Power of attorney · INDAVER PLASTICS2CHEMICALS
  • Power of attorney · INDAVER PLASTICS2CHEMICALS
  • Power of attorney · INDAVER PLASTICS2CHEMICALS
  • Power of attorney · INDAVER PLASTICS2CHEMICALS
  • Power of attorney · INDAVER PLASTICS2CHEMICALS
  • Power of attorney · INDAVER PLASTICS2CHEMICALS
  • Power of attorney · INDAVER PLASTICS2CHEMICALS
  • Power of attorney · INDAVER PLASTICS2CHEMICALS
  • Power of attorney · INDAVER PLASTICS2CHEMICALS
  • Power of attorney · INDAVER PLASTICS2CHEMICALS
  • Power of attorney · INDAVER PLASTICS2CHEMICALS
  • Power of attorney · INDAVER PLASTICS2CHEMICALS
  • Power of attorney · INDAVER PLASTICS2CHEMICALS
  • Power of attorney · INDAVER PLASTICS2CHEMICALS
  • Power of attorney · INDAVER PLASTICS2CHEMICALS
  • Power of attorney · INDAVER PLASTICS2CHEMICALS
  • Power of attorney · INDAVER PLASTICS2CHEMICALS
  • Power of attorney · INDAVER PLASTICS2CHEMICALS
  • Power of attorney · INDAVER PLASTICS2CHEMICALS
  • Power of attorney · INDAVER PLASTICS2CHEMICALS
  • Power of attorney · INDAVER PLASTICS2CHEMICALS
  • Power of attorney · INDAVER PLASTICS2CHEMICALS
  • Power of attorney · INDAVER PLASTICS2CHEMICALS
  • Power of attorney · INDAVER PLASTICS2CHEMICALS
  • Power of attorney · INDAVER PLASTICS2CHEMICALS
  • Power of attorney · INDAVER PLASTICS2CHEMICALS
  • Power of attorney · INDAVER PLASTICS2CHEMICALS
  • Power of attorney · INDAVER PLASTICS2CHEMICALS
  • Power of attorney · INDAVER PLASTICS2CHEMICALS
  • Power of attorney · INDAVER PLASTICS2CHEMICALS
  • Power of attorney · INDAVER PLASTICS2CHEMICALS
  • Power of attorney · INDAVER PLASTICS2CHEMICALS
  • Power of attorney · INDAVER PLASTICS2CHEMICALS
  • Power of attorney · INDAVER PLASTICS2CHEMICALS
  • Power of attorney · INDAVER PLASTICS2CHEMICALS
  • Power of attorney · INDAVER PLASTICS2CHEMICALS
  • Power of attorney · INDAVER PLASTICS2CHEMICALS
  • Power of attorney · INDAVER PLASTICS2CHEMICALS
  • Power of attorney · INDAVER PLASTICS2CHEMICALS
  • Power of attorney · INDAVER PLASTICS2CHEMICALS
  • Power of attorney · INDAVER PLASTICS2CHEMICALS
  • Power of attorney · INDAVER PLASTICS2CHEMICALS
  • Power of attorney · INDAVER PLASTICS2CHEMICALS
Summary: Act object · Power of attorney
2025
22-07-2025 Change in the board of directors Director changes
Summary: v3.2
25-03-2025 Publication in the Belgian Official Gazette, Miscellaneous Miscellaneous
Summary: Substantive delegation
22-01-2025 Hilde Vangilbergen appointed as director Director changes
  • Hilde Vangilbergen, Bestuurder
Summary: v3.2
2024
21-08-2024 Karl Huts appointed as director Director changes
  • Karl Huts, Bestuurder
Summary: v3.2
21-05-2024 Ronald Van den Ecker reappointed as statutory auditor Director changes
  • Ronald Van den Ecker, Commissaris
Summary: v3.2
10-05-2024 Change in the board of directors Director changes
Summary: v3.2
15-04-2024 Change in the board of directors Director changes
Summary: v3.2
2023
11-05-2023 Change in the board of directors Director changes
Summary: v3.2
2022
02-09-2022 Dirk Michielsens appointed as director Director changes
  • Dirk Michielsens, Bestuurder
Summary: v3.2
17-08-2022 Capital increase of €24,966.18 to €86,466.18 Capital & shares
  • €61.500 → €86.466,18
Summary: v3.2
29-07-2022 Notarial deed · General meeting · Demerger · Accounting effect Open-capture extraction·Stephane Van Roosbroeck
  • Publication: 29/07/2022 · INDAVER
  • Filing: 19/07/2022 · INDAVER
  • Notarial deed: 30/06/2022 · INDAVER
  • General meeting: 30/06/2022 · INDAVER
  • Demerger: description: partiële splitsing door overdracht van activa en passiva, consideration: 730 nieuwe aandelen zonder vermelding van waarde, volgestort · INDAVER
  • Accounting effect: 01/01/2022 · INDAVER
  • Net asset statement: date: 31/12/2021, amount: 67846.08, currency: EUR, description: netto inbrengwaarde · INDAVER
Summary: Notarial deed · General meeting · Demerger · Accounting effectNotary: Stephane Van Roosbroeck
24-05-2022 Act object · Board meeting · Demerger · Net asset statement Open-capture extraction
  • Act object: Neerlegging van een gezamenlijk voorstel tot partiële splitsing in overeenstemming met artikelen 12:8, 1° juncto 12:59 van het Wetboek van Vennootschappen en Verenigingen tussen INDAVER NV (als Partieel te Splitsen Vennootschap) en INDAVER Plastics2Chemicals NV (als Verkrijgende Vennootschap) · INDAVER NV
  • Publication: 24/05/2022 · INDAVER NV
  • Filing: 16/05/2022 · INDAVER NV
  • Board meeting: 06/05/2022 · INDAVER NV
  • Demerger · INDAVER NV
  • Net asset statement: date: 31/12/2021, amount: 67846.08, currency: EUR · INDAVER NV
  • Accounting effect: 01/01/2022 · INDAVER NV
  • Filing representative: neerlegging van de publicatieformulieren · Carine Aters
  • Filing representative: neerlegging van de publicatieformulieren · Wendy Op 't Eynde
  • Legal effect: 01/07/2022 · INDAVER NV
  • Share issuance: count: 730, exchange_ratio: 0.0003828514 · INDAVER Plastics2Chemicals NV
  • Dividend entitlement: 01/01/2022 · INDAVER Plastics2Chemicals NV
  • Waiver auditor report: ja · INDAVER NV
  • Special report: kapitaalverhoging door middel van inbreng in natura · INDAVER Plastics2Chemicals NV
Summary: Act object · Board meeting · Demerger · Net asset statement
2021
01-07-2021 Incorporation of a new NV Incorporation
Summary: oprichting

Analysis

Financial profile

5 of 5 axes measured
Health2Profitability0Solvency4Growth52Stability94
30 / 100

Fragile profile, watch profitability in particular.

All 5 axes are computed from data Checked has read.

Health 2
Profitability 0
Solvency 4
Growth 52
Stability 94

Credit advice

verdict per customer and amount

May this customer buy amount X on invoice? Enter the amount and the payment term. This page computes a GREEN, AMBER or RED verdict from them, with a suggested ceiling and concrete conditions.

Based on official sources (NBB, CBE, State Gazette). Indicative, not credit advice.

Similar

Similar companies

Comparable size, same sector
We hold annual accounts for 35 of the 282 companies in this sector. 26 of them are within a factor 10 of this company's equity.

Company registry

Company registry (CBE)

Crossroads Bank
Activities
Overige verwerking en verwijdering van ongevaarlijk afval38219Andere afvalverwijdering38330
Primary activity highlighted.
Names & trade names
Legal nameNL Indaver Plastics2Chemicals
Registered office
Poldervlietweg 5 bus Haven 550
2030 Antwerpen, Belgium
Official data from the Crossroads Bank for Enterprises (CBE). Available for every registered company.