INDEFF
ActiveFinancials · financial year 2024, abbreviated format
2025 annual accounts not yet filed, deadline passed on 31 July 2026 The financial year closed on 31 December 2025. The accounts are due at the latest 7 months after the close (Companies Code art. 3:10). Source: NBB filings, as of 4 November 2026.
Annual accounts 2024 filed on 23-03-2026 PDF all 10 filings
Turnover
≈ €5.8m
Estimated: probably between €4.5m and €8.5m
Total assets
€3.8m▲ 11.2%
2023 · €3.4m
Net result
-€62,376▲ 88.8%
2023 · -€554,529
Working capital
-€190,367
2023 · €37,850
Multi-year overview
2018 to 2024, 7 financial yearsOperating result
€61,746
2024
20182024
Net result
-€62,376
▲ 88.8%
2024
lowest quarter of the sector
20182024
Equity
-€188,690
▼ 49.4%
2024
lowest quarter of the sector
20182024
Total assets
€3.8m
▲ 11.2%
2024
highest quarter of the sector
20182024
Debt
€3.9m
▲ 12.6%
2024
20182024
Working capital
-€190,367
2024
lowest quarter of the sector
20182024
Solvency
-5.0%
▼ 1.3pp
2024
lowest quarter of the sector
20182024
Current ratio
0.95
▼ 0.06
2024
lowest quarter of the sector
20182024
Return on assets (ROA)
-1.7%
▲ 14.8pp
2024
lowest quarter of the sector
20182024
Staff (FTE)
23.7
▼ 9.2%
2024
highest quarter of the sector
20182024
Every figure per financial year
Every figure with its change against the financial year before
favourable
unfavourable
Line2018201920202021202220232024
Operating result€0.2m-€0.2m▼ 14.0%€0.1m▼ 35.9%€0.3m▲ 163%€0.4m▲ 39.2%-€0.4m€0.06m
Net result€0.02m-€0.06m▲ 162%-€0.04mbelow the sector's middle half€0.08mwithin the sector's middle half€0.2mabove the sector's middle half▲ 127%-€0.6mbelow the sector's middle half-€0.06mbelow the sector's middle half▲ 88.8%
Equity€0.2m-€0.2m▲ 37.1%€0.2mwithin the sector's middle half▼ 17.2%€0.3mwithin the sector's middle half▲ 45.6%€0.4mwithin the sector's middle half▲ 71.1%-€0.1mbelow the sector's middle half-€0.2mbelow the sector's middle half▼ 49.4%
Total assets€2.5m-€2.2m▼ 13.4%€2.5mabove the sector's middle half▲ 14.3%€3.4mabove the sector's middle half▲ 37.6%€3.0mabove the sector's middle half▼ 11.3%€3.4mabove the sector's middle half▲ 10.9%€3.8mabove the sector's middle half▲ 11.2%
Debt€2.4m-€2.0m▼ 16.6%€2.3m▲ 17.6%€3.2m▲ 37.0%€2.6m▼ 17.8%€3.5m▲ 33.9%€3.9m▲ 12.6%
Working capital€0.1m-€0.2m▲ 42.7%€0.1mwithin the sector's middle half▼ 24.0%€0.6mabove the sector's middle half▲ 409%€0.7mabove the sector's middle half▲ 12.2%€0.04mwithin the sector's middle half▼ 94.5%-€0.2mbelow the sector's middle half
Solvency6.0%-9.5%▲ 3.5pp6.9%below the sector's middle half▼ 2.6pp7.3%below the sector's middle half▲ 0.4pp14.1%below the sector's middle half▲ 6.8pp-3.7%below the sector's middle half▼ 17.8pp-5.0%below the sector's middle half▼ 1.3pp
Current ratio1.05-1.08▲ 0.031.05below the sector's middle half▼ 0.031.22within the sector's middle half▲ 0.171.29within the sector's middle half▲ 0.071.01within the sector's middle half▼ 0.280.95below the sector's middle half▼ 0.06
Return on assets (ROA)0.9%-2.6%▲ 1.7pp-1.4%below the sector's middle half▼ 4.0pp2.3%within the sector's middle half▲ 3.7pp5.8%within the sector's middle half▲ 3.6pp-16.4%below the sector's middle half▼ 22.3pp-1.7%below the sector's middle half▲ 14.8pp
Staff (FTE)29.1-28.8▼ 1.0%32.1above the sector's middle half▲ 11.5%28.9above the sector's middle half▼ 10.0%26.8above the sector's middle half▼ 7.3%26.1above the sector's middle half▼ 2.6%23.7above the sector's middle half▼ 9.2%
above
within
below
The sector band is the middle half of the companies in Computer programming, consultancy and related activities (NACE 62). A quarter of them sit below it, a quarter above. Each year counts only accounts in the same format, and only where there are at least 30.
The operating result for 2024 is a profit of €61,746, after a loss of €390,525 in 2023.
Turnover and EBIT margin are not published. The abbreviated format does not require them. The turnover shown is an estimate from the gross margin.
Balance-sheet composition
2024 in colour, 2023 as the grey bar beneath
Assets €3.8m
Fixed assets
€9,013 ▼ 39.6%
Current assets
€3.7m ▲ 11.4%
Equity and liabilities
Equity-€188,690
Debt€3.9m
Equity is negative. Debt (€3.9m) exceeds the balance-sheet total (€3.8m).
Key figures and ratios
EBITDA
€67,663▲
2023 · -€379,089
Cash flow
-€56,458▲
2023 · -€543,094
Interest coverage
0.46▲
2023 · -2.38
Debt ≤ 1 year
€3.9m▲
2023 · €3.3m
Income taxes
€6,252▼
2023 · €6,942
Staff costs
€2.3m▼
2023 · €2.6m
Debt to equity is not shown because equity is negative. Debt divided by negative equity means nothing.
Green means a favourable move, even when the figure itself falls, as with debt or debt to equity.
Staff
| Item | 31-12-2021 | 31-12-2022 | 31-12-2023 | 31-12-2024 |
|---|---|---|---|---|
| Employees at the balance-sheet date | 27 | 27 | 27 | 20 |
| full-time | 26 | 26 | 23 | 17 |
| part-time | 1 | 1 | 4 | 3 |
| in full-time equivalents | 26.8 | 26.8 | 26 | 19.3 |
| Average over the year, in full-time equivalents | 28.9 | 25.9 | 26.1 | 23.7 |
| On a permanent contract | 27 | 27 | 27 | 20 |
| Joined | 1 | 3 | 3 | 0 |
| Left | 8 | 3 | 3 | 7 |
Source: social balance sheet in the 2021 to 2024 annual accounts
Overdue debts
| Item | 2021 | 2022 | 2023 | 2024 |
|---|---|---|---|---|
| Overdue tax debts | €679,053 | €326,326 | €592,190 | €1.1m |
| Overdue social security (RSZ) debts | €240,656 | €287,131 | €159,866 | €728,739 |
Source: notes to the 2021 to 2024 annual accounts (statement of debts)
Securities and guarantees
| Item | 2021 | 2022 | 2023 | 2024 |
|---|---|---|---|---|
| Debts secured on the company's own assets | €137,500 | €137,500 | €137,500 | - |
| Pledge on the business | €137,500 | €137,500 | €137,500 | - |
Source: notes to the 2021 to 2024 annual accounts (statement of debts and off-balance-sheet rights and commitments)
Investments
| Item | 2021 | 2022 | 2023 | 2024 |
|---|---|---|---|---|
| Tangible fixed assets | €10,541 | - | - | - |
| Financial fixed assets | - | - | €1,460 | - |
| Depreciation and write-downs of the year | €19,179 | €20,451 | €11,436 | €5,918 |
Source: notes to the 2021 to 2024 annual accounts (statement of fixed assets)
Subsidies and aid
Flemish government
2024 · 1 entry · €1,295 awarded · €1,295 paidSchemes
Annual accounts
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | Change |
|---|---|---|---|---|---|---|---|---|
| Remuneration, social security and pensions62 | - | - | - | €2.3m | €2.4m | €2.6m | €2.3m | ▼ 9.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €0.01m | €0.01m | €0.02m | €0.02m | €0.02m | €0.01m | €0.006m | ▼ 48.3% |
| Other operating charges640/8 | - | - | - | €0.02m | €0.05m | €0.07m | €0.05m | ▼ 16.6% |
| Gross operating margin9900 | €2.7m | €2.6m | €2.8m | €2.7m | €2.9m | €2.3m | €2.5m | ▲ 8.0% |
| Operating profit (loss)9901 | €0.2m | €0.2m | €0.1m | €0.3m | €0.4m | -€0.4m | €0.06m | - |
| Financial income75/76B | - | - | - | €251 | €0.01m | €0.002m | €0.03m | ▲ 12× |
| Recurring financial income75 | €1 | €78 | €0.007m | €251 | €0.01m | €0.002m | €0.03m | ▲ 12× |
| Financial charges65/66B | - | - | - | €0.1m | €0.1m | €0.2m | €0.1m | ▼ 8.5% |
| Recurring financial charges65 | €0.04m | €0.06m | €0.08m | €0.1m | €0.1m | €0.2m | €0.1m | ▼ 8.5% |
| Profit (loss) for the period before taxes9903 | €0.2m | €0.1m | €0.03m | €0.2m | €0.3m | -€0.5m | -€0.06m | ▲ 89.8% |
| Income taxes67/77 | €0.1m | €0.05m | €0.07m | €0.1m | €0.1m | €0.007m | €0.006m | ▼ 9.9% |
| Profit (loss) for the period9904 | €0.02m | €0.06m | -€0.04m | €0.08m | €0.2m | -€0.6m | -€0.06m | ▲ 88.8% |
| Profit (loss) for the period to be appropriated9905 | €0.02m | €0.06m | -€0.04m | €0.08m | €0.2m | -€0.6m | -€0.06m | ▲ 88.8% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | Change |
|---|---|---|---|---|---|---|---|---|
| Assets | ||||||||
| Total assets20/58 | €2.5m | €2.2m | €2.5m | €3.4m | €3.0m | €3.4m | €3.8m | ▲ 11.2% |
| Fixed assets21/28 | €0.04m | €0.05m | €0.05m | €0.08m | €0.02m | €0.01m | €0.009m | ▼ 39.6% |
| Intangible fixed assets21 | €0.02m | €0.009m | €0.002m | - | - | - | - | - |
| Tangible fixed assets22/27 | €0.02m | €0.04m | €0.05m | €0.05m | €0.02m | €0.01m | €0.008m | ▼ 43.9% |
| Plant, machinery and equipment23 | - | - | - | €0.03m | €0.01m | €0.003m | - | - |
| Furniture and vehicles24 | - | - | - | €0.02m | €0.01m | €0.01m | €0.008m | ▼ 27.2% |
| Financial fixed assets28 | - | - | - | €0.04m | - | €0.001m | €0.001m | = |
| Current assets29/58 | €2.5m | €2.1m | €2.4m | €3.3m | €3.0m | €3.4m | €3.7m | ▲ 11.4% |
| Amounts receivable within one year40/41 | €2.4m | €2.1m | €2.4m | €3.3m | €3.0m | €3.2m | €3.7m | ▲ 14.5% |
| Trade receivables40 | - | - | - | €3.3m | €3.0m | €3.2m | €3.7m | ▲ 14.5% |
| Other amounts receivable41 | - | - | - | €7 | €0.001m | - | - | - |
| Cash at bank and in hand54/58 | €0.02m | €0.02m | €0.01m | €0.02m | €0.008m | €0.07m | €0.001m | ▼ 98.0% |
| Deferred charges and accrued income490/1 | - | - | - | €0.02m | €0.05m | €0.04m | €0.02m | ▼ 47.2% |
| Equity and liabilities | ||||||||
| Total equity and liabilities10/49 | €2.5m | €2.2m | €2.5m | €3.4m | €3.0m | €3.4m | €3.8m | ▲ 11.2% |
| Equity10/15 | €0.2m | €0.2m | €0.2m | €0.3m | €0.4m | -€0.1m | -€0.2m | ▼ 49.4% |
| Contributions10/11 | €0.02m | €0.02m | - | €0.02m | €0.02m | €0.02m | €0.02m | = |
| Reserves13 | €0.1m | €0.2m | €0.2m | €0.2m | €0.4m | €0.002m | €0.002m | = |
| Non-distributable reserves130/1 | - | - | - | €0.002m | €0.002m | €0.002m | - | - |
| Reserves not available under the articles1311 | - | - | - | €0.002m | €0.002m | €0.002m | - | - |
| Distributable reserves133 | - | - | - | €0.2m | €0.4m | - | €0.002m | - |
| Profit (loss) carried forward14 | - | - | - | - | - | -€0.1m | -€0.2m | ▼ 42.5% |
| Amounts payable17/49 | €2.4m | €2.0m | €2.3m | €3.2m | €2.6m | €3.5m | €3.9m | ▲ 12.6% |
| Amounts payable within one year42/48 | €2.4m | €2.0m | €2.3m | €2.7m | €2.3m | €3.3m | €3.9m | ▲ 18.4% |
| Financial debts43 | - | - | - | €0.6m | €0.7m | €0.6m | €0.5m | ▼ 21.2% |
| Credit institutions430/8 | - | - | - | €0.6m | €0.7m | €0.6m | €0.5m | ▼ 21.2% |
| Trade debts44 | €1.2m | €0.6m | €0.3m | €0.5m | €0.4m | €1.1m | €0.9m | ▼ 18.2% |
| Suppliers440/4 | - | - | - | €0.5m | €0.4m | €1.1m | €0.9m | ▼ 18.2% |
| Taxes, remuneration and social security45 | - | - | - | €1.6m | €1.3m | €1.5m | €2.4m | ▲ 55.7% |
| Taxes450/3 | - | - | - | €1.0m | €0.7m | €0.8m | €1.2m | ▲ 49.8% |
| Remuneration and social security454/9 | - | - | - | €0.6m | €0.6m | €0.7m | €1.1m | ▲ 62.6% |
| Other amounts payable47/48 | - | - | - | €192 | €382 | €0.06m | €0.2m | ▲ 182% |
| Accrued charges and deferred income492/3 | - | - | - | €0.4m | €0.3m | €0.2m | €0.007m | ▼ 95.9% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | Change |
|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €21,426 | €56,157 | -€35,636 | €78,412 | €177,928 | -€554,529 | -€62,376 | ▲ 88.8% |
| + Depreciation and write-downs630 | €10,015 | €10,324 | €19,340 | €19,179 | €20,451 | €11,436 | €5,918 | ▼ 48.3% |
| Operating cash flow (approximation) | €31,440 | €66,481 | -€16,296 | €97,591 | €198,380 | -€543,094 | -€56,458 | ▲ 89.6% |
| Investment in fixed assets (approximation) | - | -€20,730 | -€22,557 | -€48,429 | €37,888 | -€1,460 | €0 | - |
| Change in cash | - | €345 | -€2,698 | €7,251 | -€13,402 | €61,341 | -€67,862 | - |
A Belgian filing has no cash-flow statement. These rows are therefore an approximation, derived from the income statement and the balance-sheet moves.
Historical observation
In July 2024, 1,216 companies had the same profile as INDEFF has now. Two years later, 95.7% were still going and 1.1% had gone bankrupt.
- Small
- 10 to 20 years old
- negative equity
- a small loss
95.7%
was still going
2.6%
stopped otherwise
1.1%
went bankrupt
Another 0.6% stopped without a precise date, possibly only after those two years.
The bankruptcy probability of INDEFF itself is higher: 23.3% within 12 months. It rests on far more data about INDEFF than the profile alone.
Test of the method
The method was tested on the 497,446 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 1,216 companies, not a prediction for INDEFF. 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.
Filings with the National Bank (10)
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-12-2024 | abbreviated format | 23-03-2026 | 2026-00060147 | |
| 31-12-2023 | abbreviated format | 31-08-2024 | 2024-00456049 | |
| 31-12-2022 | abbreviated format | 22-11-2023 | 2023-00514439 | |
| 31-12-2021 | abbreviated format | 13-12-2022 | 2022-20536823 | |
| 31-12-2020 | abbreviated format | 08-06-2021 | 2021-18400028 | |
| 31-12-2019 | abbreviated format | 15-06-2020 | 2020-16600176 | |
| 31-12-2018 | abbreviated format | 27-03-2019 | 2019-07900334 | |
| 31-12-2017 | abbreviated format | 14-05-2018 | 2018-12500485 | |
| 31-12-2016 | abbreviated format | 12-06-2017 | 2017-16300546 | |
| 31-12-2015 | abbreviated format | 29-06-2016 | 2016-25400240 |