INDÉ
ActiveSummary
INDÉ has been active since 2016 and the Belgian State Gazette contains no insolvency or warning signals. The 2026 annual accounts show equity of €25,647 and a net result of €35,073. The figures fluctuate too strongly year-on-year for a reliable trend projection. The computed 12-month bankruptcy probability is 0.8% (low).
Checked score
Score 2026
Axes · tick = 2025
Profitability54▼-12
Solvency31▼-20
Growth78=
Track record100
Bankruptcy probability, 12 months
0.8%
Low
0%0.5%1.5%4%10%≥ 25%
Credit up to €1,000 at 30 days acceptable
Liquidity tight (current ratio 1.08 against 1.41 in 2025; short-term debt: 90.2% and cash: 27.3% of total assets), and 93.7% of the assets are financed with debt.
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Signals
Four signals. The signal on the left, the evidence on the right.
−lowers risk+raises risk○neutral
lowers risk · Lower-failure-rate sector
In this sector companies fail less often than the Belgian average.
Gazette · bankruptcies per sector, NACE 14
Relative position
BE, all sectors
reference
Manufacture of wearing apparel (NACE 14)
about 12% fewer bankruptcies
← fewer bankruptcies
more bankruptcies →
lowers risk · Annual accounts: healthy financial profile
The latest annual accounts show a healthy profile in solvency, result and liquidity.
NBB · annual accounts 2026Solvency, return and age of the figures
Solvency
6.3%
Return on assets
8.6%
Age of the figures
7 mo
neutral · Latest accounts filed on time
The financial year that closed on 28-02-2026 was due by 30-09-2026 and was filed on 24-08-2026, 37 days ahead of the deadline.
NBB · 10 filingsDeviation from the deadline
2026
37 d early
2025
5 d early
2024
31 d early
2023
31 d early
2022
72 d early
2021
4 d late
2020
33 d late
← 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 20 days before the deadline; the sector median for financial year 2024 is 6 days before the deadline, and 35% of the sector filed late.
Checked, nothing found (2)
neutral · The next deadline is still running
The next financial year closes on 28-02-2027 and is due by 30-09-2027. Nothing is late today.
Companies Code · seven monthsPosition in the running window
28-09-2026 today28-02-2027 close30-09-2027 deadline
History
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Financials · fiscal year 2026, micro schema
Equity
€25,647▼ 75.9%
2025 · €106,574
Total assets
€408,294▼ 0.6%
2025 · €410,605
Net result
€35,073▼ 4.4%
2025 · €36,688
Working capital
€30,991▼ 73.2%
2025 · €115,513
Trend over the years
Click a name to add, emphasise or remove a line.Band: the middle half (P25 to P75) of NACE 14, Manufacture of wearing apparel, each year against the same schema; no band under 30 filings. Dashed line: the median.
Every figure with its change against the fiscal year before
favourable
unfavourable
Line20222023202420252026
Operating result-€13,317-€4,451▲ 66.6%€64,855€44,124▼ 32.0%€67,406▲ 52.8%
Net result-€27,348below the sector's middle half-€10,765below the sector's middle half▲ 60.6%€54,789above the sector's middle half€36,688above the sector's middle half▼ 33.0%€35,073▼ 4.4%
Equity€25,862within the sector's middle half▼ 51.4%€15,098within the sector's middle half▼ 41.6%€69,886within the sector's middle half▲ 363%€106,574above the sector's middle half▲ 52.5%€25,647▼ 75.9%
Total assets€338,424above the sector's middle half▼ 20.3%€363,117above the sector's middle half▲ 7.3%€404,101above the sector's middle half▲ 11.3%€410,605above the sector's middle half▲ 1.6%€408,294▼ 0.6%
Debt€312,562▼ 15.8%€348,019▲ 11.3%€334,215▼ 4.0%€304,030▼ 9.0%€382,647▲ 25.9%
Working capital€91,341▲ 73.1%€51,401▼ 43.7%€106,414▲ 107%€115,513▲ 8.6%€30,991▼ 73.2%
Solvency7.6%within the sector's middle half▼ 4.9pp4.2%within the sector's middle half▼ 3.5pp17.3%within the sector's middle half▲ 13.1pp26.0%within the sector's middle half▲ 8.7pp6.3%▼ 19.7pp
Staff (FTE)0.7
above
within
below
the middle half (P25 to P75) of NACE 14, Manufacture of wearing apparel, each year against the same schema; no band under 30 filings.
Turnover and EBIT margin not published: the micro schema does not require them.
Result per fiscal year
Operating resultNet result
The operating result recovers in 2026; 2026 is 53% above 2025 and is the highest result in the available series.
Balance-sheet composition
2026 in colour, 2025 as the grey bar beneath
Assets €408,294
Fixed assets
€9,038 ▼ 36.2%
Current assets
€399,256 ▲ 0.7%
Equity and liabilities €408,294
Equity
€25,647 ▼ 75.9%
Debt
€382,647 ▲ 25.9%
Debt's share of the balance-sheet total rises from 74.0% to 93.7%. Equity is lower and debt is higher.
Key figures and ratios
EBITDA
€74,990▲
2025 · €52,530
Cash flow
€42,657▼
2025 · €45,094
Current ratio
1.08▼
2025 · 1.41
Quick ratio
0.93▼
2025 · 1.08
Debt to equity
14.92▲
2025 · 2.85
ROE
136.8%▲
2025 · 34.4%
ROA
8.6%▼
2025 · 8.9%
Interest coverage
2.89▼
2025 · 4.31
Debt ≤ 1 year
€368,266▲
2025 · €280,927
Debt > 1 year
€14,381▼
2025 · €23,103
Income taxes
€10,662
Staff costs
€51,212▲
2025 · €41,161
Green means a favourable move, even when the figure itself falls: as with debt or debt to equity.
Peer companies
Historical observationOf the 1,324 companies that looked in July 2024 the way this one looks now, 1.3% went bankrupt within 24 months and 95% are still going.
- Micro
- 10 to 20 years old
- solvency under 10%
- a profit of 5% of the balance sheet or more
1.3%
went bankrupt
3.1%
stopped otherwise
95%
still going
A further 0.5% stopped, but we cannot tell whether within those 24 months.
For this company itself Checked computes a bankruptcy probability of 0.8% over twelve months; the group does not contradict it.
How reliable is this rule?
Tested on the year before, without using that year itself: the groups of July 2023 gave each of the 497,662 companies of July 2024 its group's bankruptcy share. Expected: 1.5%; actually bankrupt within 24 months: 1.6%.
| Group | Expected | Actual |
|---|---|---|
| 1 | 0.2% | 0.2% |
| 2 | 0.3% | 0.4% |
| 3 | 0.5% | 0.5% |
| 4 | 0.6% | 0.7% |
| 5 | 0.8% | 0.9% |
| 6 | 1.2% | 1.3% |
| 7 | 1.5% | 1.7% |
| 8 | 1.7% | 1.7% |
| 9 | 2.7% | 2.8% |
| 10 | 5.3% | 5.7% |
The rule ranks well: a company that went bankrupt got a higher share than one that kept going in 75% of comparisons. The level follows the economy: in a year with more bankruptcies, the actual share is higher than the year before.
An observation about 1,324 comparable companies, not a prediction for this company. The sector does not count: the register keeps no sector for companies that stopped, so it would make the outcome look better than it was.
Annual accounts
| Line | 2022 | 2023 | 2024 | 2025 | 2026 | Change |
|---|---|---|---|---|---|---|
| Remuneration, social security and pensions62 | €14,702 | €32,605 | €33,797 | €41,161 | €51,212 | ▲ 24.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €3,029 | €5,021 | €7,370 | €8,407 | €7,585 | ▼ 9.8% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals)631/4 | - | €12,558 | €17,649 | €3,292 | €14,522 | ▲ 341% |
| Other operating charges640/8 | €17,484 | €116 | €4,741 | €24,724 | €400 | ▼ 98.4% |
| Non-recurring operating charges66A | - | - | €1,640 | €514 | - | - |
| Gross operating margin9900 | €21,898 | €45,849 | €130,052 | €122,221 | €141,125 | ▲ 15.5% |
| Operating profit (loss)9901 | -€13,317 | -€4,451 | €64,855 | €44,124 | €67,406 | ▲ 52.8% |
| Financial income75/76B | €1,105 | €1,788 | €52 | €4,752 | €4,280 | ▼ 9.9% |
| Recurring financial income75 | €1,105 | €1,788 | €52 | €4,752 | €4,280 | ▼ 9.9% |
| Financial charges65/66B | €15,137 | €8,102 | €10,118 | €12,187 | €25,951 | ▲ 113% |
| Recurring financial charges65 | €15,137 | €7,911 | €9,915 | €12,187 | €25,951 | ▲ 113% |
| Non-recurring financial charges66B | - | €191 | €203 | - | - | - |
| Profit (loss) for the period before taxes9903 | -€27,348 | -€10,765 | €54,789 | €36,688 | €45,734 | ▲ 24.7% |
| Income taxes67/77 | - | - | - | - | €10,662 | - |
| Profit (loss) for the period9904 | -€27,348 | -€10,765 | €54,789 | €36,688 | €35,073 | ▼ 4.4% |
| Profit (loss) for the period to be appropriated9905 | -€27,348 | -€10,765 | €54,789 | €36,688 | €35,073 | ▼ 4.4% |
| Line | 2022 | 2023 | 2024 | 2025 | 2026 | Change |
|---|---|---|---|---|---|---|
| Assets | ||||||
| Total assets20/58 | €338,424 | €363,117 | €404,101 | €410,605 | €408,294 | ▼ 0.6% |
| Fixed assets21/28 | €13,904 | €15,316 | €20,590 | €14,165 | €9,038 | ▼ 36.2% |
| Intangible fixed assets21 | €10,589 | €11,202 | €14,671 | €8,341 | €2,804 | ▼ 66.4% |
| Tangible fixed assets22/27 | €3,315 | €4,115 | €3,469 | €3,373 | €3,783 | ▲ 12.1% |
| Furniture and vehicles24 | €3,315 | €4,115 | €3,469 | €3,373 | €3,783 | ▲ 12.1% |
| Financial fixed assets28 | - | - | €2,450 | €2,450 | €2,450 | = |
| Current assets29/58 | €324,520 | €347,800 | €383,511 | €396,440 | €399,256 | ▲ 0.7% |
| Stocks and contracts in progress3 | €54,161 | €42,572 | €50,255 | €93,548 | €56,917 | ▼ 39.2% |
| Stocks30/36 | €54,161 | €42,572 | €50,255 | €54,962 | €56,917 | ▲ 3.6% |
| Contracts in progress37 | - | - | - | €38,586 | - | - |
| Amounts receivable within one year40/41 | €168,041 | €248,697 | €304,933 | €271,339 | €230,945 | ▼ 14.9% |
| Trade receivables40 | €166,282 | €248,697 | €297,846 | €254,018 | €230,302 | ▼ 9.3% |
| Other amounts receivable41 | €1,759 | - | €7,087 | €17,321 | €644 | ▼ 96.3% |
| Cash at bank and in hand54/58 | €82,645 | €51,745 | €26,986 | €31,554 | €111,394 | ▲ 253% |
| Deferred charges and accrued income490/1 | €19,673 | €4,786 | €1,338 | - | - | - |
| Equity and liabilities | ||||||
| Total equity and liabilities10/49 | €338,424 | €363,117 | €404,101 | €410,605 | €408,294 | ▼ 0.6% |
| Equity10/15 | €25,862 | €15,098 | €69,886 | €106,574 | €25,647 | ▼ 75.9% |
| Contributions10/11 | €18,600 | €18,600 | €18,600 | €18,600 | €18,600 | = |
| Reserves13 | €1,860 | €1,860 | €1,860 | €1,860 | €1,860 | = |
| Non-distributable reserves130/1 | €1,860 | €1,860 | €1,860 | €1,860 | €1,860 | = |
| Reserves not available under the articles1311 | €1,860 | €1,860 | €1,860 | €1,860 | €1,860 | = |
| Profit (loss) carried forward14 | €5,402 | -€5,362 | €49,426 | €86,114 | €5,187 | ▼ 94.0% |
| Amounts payable17/49 | €312,562 | €348,019 | €334,215 | €304,030 | €382,647 | ▲ 25.9% |
| Amounts payable after more than one year17 | €76,112 | €51,620 | €57,118 | €23,103 | €14,381 | ▼ 37.8% |
| Financial debts170/4 | €76,112 | €51,620 | €57,118 | €23,103 | €14,381 | ▼ 37.8% |
| Amounts payable within one year42/48 | €233,179 | €296,400 | €277,097 | €280,927 | €368,266 | ▲ 31.1% |
| Current portion of amounts payable after more than one year42 | - | €24,492 | €29,502 | €34,015 | €8,722 | ▼ 74.4% |
| Financial debts43 | €63,889 | €65,000 | - | €55,000 | - | - |
| Credit institutions430/8 | €63,889 | €65,000 | - | €55,000 | - | - |
| Trade debts44 | €44,253 | €90,769 | €151,165 | €131,265 | €197,520 | ▲ 50.5% |
| Suppliers440/4 | €44,253 | €90,769 | €151,165 | €131,265 | €197,520 | ▲ 50.5% |
| Taxes, remuneration and social security45 | €8,194 | €9,033 | €9,285 | €9,117 | €45,187 | ▲ 396% |
| Taxes450/3 | €4,543 | €2,634 | €2,111 | €654 | €32,141 | ▲ 4,816% |
| Remuneration and social security454/9 | €3,651 | €6,399 | €7,174 | €8,463 | €13,045 | ▲ 54.2% |
| Other amounts payable47/48 | €116,843 | €107,105 | €87,145 | €51,531 | €116,838 | ▲ 127% |
| Accrued charges and deferred income492/3 | €3,272 | - | - | - | - | - |
| Line | 2022 | 2023 | 2024 | 2025 | 2026 | Change |
|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | -€27,348 | -€10,765 | €54,789 | €36,688 | €35,073 | ▼ 4.4% |
| + Depreciation and write-downs630 | €3,029 | €5,021 | €7,370 | €8,407 | €7,585 | ▼ 9.8% |
| Operating cash flow (approximation) | -€24,319 | -€5,744 | €62,159 | €45,094 | €42,657 | ▼ 5.4% |
| Investment in fixed assets (approximation) | - | -€6,434 | -€12,644 | -€1,981 | -€2,458 | ▼ 24.1% |
| Change in cash | - | -€30,900 | -€24,759 | €4,568 | €79,840 | ▲ 1,648% |
Simplified and derived: a Belgian filing has no cash-flow statement, so these rows come from the income statement and the balance-sheet moves.
Timeline · acts, filings and financial milestones
Next filing, fiscal year 2027, expected by
2026
24-08
NBB filing
Annual accounts filed
fiscal year 2026 · micro schema
2025
25-09
NBB filing
Annual accounts filed
fiscal year 2025 · micro schema
28-02
Financial
Equity above €100,000Eq €106,574 ▲52.5%
2 profitable years in a row build equity to €106,574.
2024
30-08
NBB filing
Annual accounts filed
fiscal year 2024 · micro schema
29-02
Financial
Back to profitnet €54,789
Net result €54,789 after 2 loss-making years.
2023
30-08
NBB filing
Annual accounts filed
fiscal year 2023 · micro schema
2022
20-07
NBB filing
Annual accounts filed
fiscal year 2022 · micro schema
28-02
Financial
Weakest financial yearnet -€27,348
Net result drops to -€27,348, the lowest in the series; recovery starts the following year.
2021
04-10
NBB filing
Annual accounts filed
fiscal year 2021 · micro schema · 4 days late
2020
02-11
NBB filing
Annual accounts filed
fiscal year 2020 · micro schema · 33 days late
2019
29-08
NBB filing
Annual accounts filed
fiscal year 2019 · micro schema
2018
02-08
NBB filing
Annual accounts filed
fiscal year 2018 · micro schema
2017
28-08
NBB filing
Annual accounts filed
fiscal year 2017 · micro schema
Financial milestoneNBB filingFinancial milestones sit on the fiscal year-end date, not the filing date.
0 of 3 acts read
About the unread acts
We know of 3 Belgian State Gazette acts for this company. None of them has been read yet: what they contain is neither established nor disproved here.
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Directors · office · real estate
Directors
3 acts for this company are in the Belgian State Gazette, of which we have read 0. We have therefore not extracted its directors from those acts yet.
Location & real-estate footprint
Registered office, Elsene · 1 establishment unit since 2016
Ground area
3,470 m²
Building footprint
1,232 m²
Volume, LiDAR
33,970 m³
Parcel 21447B0305/00K029, Brussels · tallest building 42.4 m, ±12 floors. Linked by address, not a title deed.
42
companies at this address
See who is registered here
1 establishment unit
INDÉ
since 20162.250.963.687
1 parcel
Brussels
1
(100%)
| Parcel (capakey) | Region | Area | Buildings | Height / fl. |
|---|---|---|---|---|
| 21447B0305/00K029 | Brussels | 3,470 m² | 1 · 1,232 m² | 42.4 m · 12 fl. |
Linked by address, not proof of ownership
Good to know
1 of 1 parcel with an exact address match; the rest are indicative.
Linked through address data, this is not proof of ownership.
Recognitions · licences · registrations
Legal Entity Identifier
6488SRPMMG191L325080
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Of 540 companies in sector 14299 we hold annual accounts for 105. 69 are within a factor 10 of this equity. The 5 above are the closest to it. See the whole sector
Identification & contact
Identification
Legal formPrivate limited company
Founded03-02-2016
Fiscal year end28-02
Activities, NACEBEL 2025
14299Manufacture of wearing apparel
47120Other non-specialised retail sale
47519Retail trade
E-invoicing
Reachable via Peppol
Peppol ID
0208:0647755904
Registered
31-10-2025
Register as of 27 September 2026 · Peppol Directory
Scores and ratios are computed by Checked and are not a credit decision.