Summary
INDEPCO is a financial institution; the bankruptcy model is trained on trading and manufacturing companies and does not apply here. The 2025 annual accounts show equity of €2.8m and a net result of €246,237. Equity is growing by ~18.2% per year across the filed fiscal years. Its solvency ranks better than 47% of 5587 sector peers (fiscal year 2025). The company has been active since 2012 and the Belgian State Gazette contains no insolvency or warning signals.
Checked score
Outside the general model
Model not applicable to financial institutions
The Checked score weighs liquidity, leverage and margins against norms for trading and manufacturing companies. A bank, insurer or financial holding has a fundamentally different balance-sheet structure, so those ratios, and hence the score, carry no meaning here. That is why we show no financial axes either.
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Signals
1 signal. The signal on the left, the evidence on the right.
○neutral
neutral · A punctual record breaks
This company filed 9 consecutive financial years on time. The year that closed on 31-12-2025 was due by 31-07-2026 and was filed on 25-08-2026, 25 days late. Weigh it accordingly: a break into the 1-to-90-day band measures 1.41% abnormal legal state, below the 1.66% market average. It is a change in behaviour, not evidence of elevated risk.
NBB · 10 filingsDeviation from the deadline
2025
25 d late
2024
34 d early
2023
34 d early
2022
49 d early
2021
48 d early
2020
39 d early
2019
4 d 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 26 days before the deadline; the sector median for financial year 2024 is 14 days before the deadline, and 28% of the sector filed late.
Checked, nothing found (2)
neutral · 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. Usually files around 27 June (4 of the last 5 filed years within 30 days of that day).
Companies Code · seven monthsPosition in the running window
28-09-2026 today31-12-2026 close31-07-2027 deadline
History
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Financials · fiscal year 2025, abbreviated schema
Source amounts without an identifiable currency are assumed to be EUR.
Equity
€2.8m▲ 8.2%
2024 · €2.6m
Net result
€246,237▼ 63.5%
2024 · €674,294
Total assets
€5.8m▼ 3.3%
2024 · €6.0m
Solvency
48.5%▲ 5.2pp
2024 · 43.3%
Trend over the years
Click a name to add, emphasise or remove a line.Band: the middle half (P25 to P75) of NACE 64, Financial service activities, except insurance and pension funding, 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
Line20212022202320242025
Operating result€310,097▼ 5.1%€528,558▲ 70.4%€289,370▼ 45.3%€303,149▲ 4.8%€307,327▲ 1.4%
Net result€169,248above the sector's middle half▼ 19.3%€434,523above the sector's middle half▲ 157%€166,424within the sector's middle half▼ 61.7%€674,294above the sector's middle half▲ 305%€246,237above the sector's middle half▼ 63.5%
Equity€1.4mwithin the sector's middle half▲ 13.4%€1.8mwithin the sector's middle half▲ 30.9%€2.0mwithin the sector's middle half▲ 8.6%€2.6mabove the sector's middle half▲ 33.1%€2.8mabove the sector's middle half▲ 8.2%
Total assets€6.9mabove the sector's middle half▼ 1.2%€6.7mabove the sector's middle half▼ 3.1%€6.6mabove the sector's middle half▼ 1.5%€6.0mabove the sector's middle half▼ 8.5%€5.8mabove the sector's middle half▼ 3.3%
Debt€5.5m▼ 4.3%€4.9m▼ 11.6%€4.6m▼ 5.3%€3.4m▼ 26.2%€3.0m▼ 12.1%
Working capital-€4.9mbelow the sector's middle half▲ 8.4%-€4.4mbelow the sector's middle half▲ 8.5%-€4.1mbelow the sector's middle half▲ 7.9%-€2.9mbelow the sector's middle half▲ 28.0%-€2.2mbelow the sector's middle half▲ 24.0%
Solvency20.0%below the sector's middle half▲ 2.6pp27.0%within the sector's middle half▲ 7.0pp29.8%within the sector's middle half▲ 2.8pp43.3%within the sector's middle half▲ 13.6pp48.5%within the sector's middle half▲ 5.2pp
Current ratio0.09below the sector's middle half▲ 0.030.08below the sector's middle half▼ 0.020.10below the sector's middle half▲ 0.030.04below the sector's middle half▼ 0.070.04below the sector's middle half=
Return on assets (ROA)2.4%within the sector's middle half▼ 0.5pp6.5%within the sector's middle half▲ 4.0pp2.5%within the sector's middle half▼ 4.0pp11.1%within the sector's middle half▲ 8.6pp4.2%within the sector's middle half▼ 6.9pp
Staff (FTE)1within the sector's middle half▼ 9.1%1within the sector's middle half=1.3within the sector's middle half▲ 30.0%2above the sector's middle half▲ 53.8%2above the sector's middle half=
above
within
below
the middle half (P25 to P75) of NACE 64, Financial service activities, except insurance and pension funding, each year against the same schema; no band under 30 filings.
Turnover and EBIT margin not published: the abbreviated schema does not require them.
Result per fiscal year
Operating resultNet result
After the dip in 2023 the operating result has climbed two years in a row; 2025 is 1% above 2024.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €5.8m
Fixed assets
€5.8m ▼ 3.0%
Current assets
€88,637 ▼ 18.6%
Equity and liabilities €5.8m
Equity
€2.8m ▲ 8.2%
Debt
€3.0m ▼ 12.1%
Debt's share of the balance-sheet total falls from 56.7% to 51.5%. Equity is higher and debt is lower.
Key figures and ratios
ROE
8.7%▼
2024 · 25.7%
Debt ≤ 1 year
€2.3m▼
2024 · €3.1m
Debt > 1 year
€600,000▲
2024 · €300,000
Income taxes
€83,698▲
2024 · €58,633
Staff costs
€176,617▲
2024 · €172,623
Green means a favourable move, even when the figure itself falls: as with debt or debt to equity.
Annual accounts
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Remuneration, social security and pensions62 | €74,569 | €77,420 | €104,291 | €172,623 | €176,617 | ▲ 2.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €240,087 | €230,625 | €200,337 | €195,107 | €179,146 | ▼ 8.2% |
| Other operating charges640/8 | €22,484 | €22,985 | €25,070 | €26,260 | €26,848 | ▲ 2.2% |
| Gross operating margin9900 | €647,237 | €859,587 | €619,068 | €697,138 | €689,938 | ▼ 1.0% |
| Operating profit (loss)9901 | €310,097 | €528,558 | €289,370 | €303,149 | €307,327 | ▲ 1.4% |
| Financial income75/76B | €5,813 | €130,188 | €4,500 | €501,313 | €107,125 | ▼ 78.6% |
| Recurring financial income75 | €5,813 | €130,188 | €4,500 | €501,313 | €107,125 | ▼ 78.6% |
| Financial charges65/66B | €87,947 | €77,320 | €71,285 | €71,534 | €84,517 | ▲ 18.1% |
| Recurring financial charges65 | €87,947 | €77,320 | €71,285 | €71,534 | €84,517 | ▲ 18.1% |
| Profit (loss) for the period before taxes9903 | €227,963 | €581,426 | €222,585 | €732,927 | €329,935 | ▼ 55.0% |
| Income taxes67/77 | €58,715 | €146,902 | €56,162 | €58,633 | €83,698 | ▲ 42.7% |
| Profit (loss) for the period9904 | €169,248 | €434,523 | €166,424 | €674,294 | €246,237 | ▼ 63.5% |
| Profit (loss) for the period to be appropriated9905 | €169,248 | €434,523 | €166,424 | €674,294 | €246,237 | ▼ 63.5% |
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Assets | ||||||
| Total assets20/58 | €6.9m | €6.7m | €6.6m | €6.0m | €5.8m | ▼ 3.3% |
| Fixed assets21/28 | €6.4m | €6.3m | €6.1m | €5.9m | €5.8m | ▼ 3.0% |
| Tangible fixed assets22/27 | €2.5m | €2.4m | €2.2m | €2.0m | €1.8m | ▼ 8.9% |
| Land and buildings22 | €2.4m | €2.2m | €2.0m | €1.9m | €1.7m | ▼ 8.6% |
| Plant, machinery and equipment23 | €38,915 | €159,054 | €136,538 | €115,343 | €106,244 | ▼ 7.9% |
| Furniture and vehicles24 | €34,802 | €25,951 | €17,101 | €10,986 | €2,444 | ▼ 77.8% |
| Financial fixed assets28 | €3.9m | €3.9m | €3.9m | €3.9m | €3.9m | = |
| Current assets29/58 | €505,199 | €381,121 | €479,277 | €108,938 | €88,637 | ▼ 18.6% |
| Amounts receivable within one year40/41 | €492,188 | €337,452 | €330,686 | €79,645 | €78,249 | ▼ 1.8% |
| Trade receivables40 | €40,888 | €14,452 | €27,086 | €39,630 | €41,436 | ▲ 4.6% |
| Other amounts receivable41 | €451,300 | €323,000 | €303,600 | €40,015 | €36,813 | ▼ 8.0% |
| Cash at bank and in hand54/58 | €7,011 | €32,481 | €132,904 | €27,605 | €8,201 | ▼ 70.3% |
| Deferred charges and accrued income490/1 | €6,000 | €11,188 | €15,688 | €1,688 | €2,188 | ▲ 29.6% |
| Equity and liabilities | ||||||
| Total equity and liabilities10/49 | €6.9m | €6.7m | €6.6m | €6.0m | €5.8m | ▼ 3.3% |
| Equity10/15 | €1.4m | €1.8m | €2.0m | €2.6m | €2.8m | ▲ 8.2% |
| Contributions10/11 | €325,000 | €325,000 | €325,000 | €325,000 | €325,000 | = |
| Reserves13 | €32,500 | €32,500 | €32,500 | €32,500 | €32,500 | = |
| Non-distributable reserves130/1 | €32,500 | €32,500 | €32,500 | €32,500 | €32,500 | = |
| Reserves not available under the articles1311 | €32,500 | €32,500 | €32,500 | €32,500 | €32,500 | = |
| Profit (loss) carried forward14 | €1.0m | €1.5m | €1.6m | €2.3m | €2.5m | ▲ 9.6% |
| Amounts payable17/49 | €5.5m | €4.9m | €4.6m | €3.4m | €3.0m | ▼ 12.1% |
| Amounts payable after more than one year17 | €100,000 | - | - | €300,000 | €600,000 | ▲ 100% |
| Financial debts170/4 | €100,000 | - | - | €300,000 | €600,000 | ▲ 100% |
| Amounts payable within one year42/48 | €5.4m | €4.8m | €4.6m | €3.1m | €2.3m | ▼ 23.8% |
| Trade debts44 | €1,579 | €1,971 | €9,843 | €2,348 | €6,834 | ▲ 191% |
| Suppliers440/4 | €1,579 | €1,971 | €9,843 | €2,348 | €6,834 | ▲ 191% |
| Taxes, remuneration and social security45 | €16,746 | €13,887 | €25,146 | €31,450 | €40,101 | ▲ 27.5% |
| Taxes450/3 | €7,881 | €2,816 | €7,512 | €6,128 | €14,991 | ▲ 145% |
| Remuneration and social security454/9 | €8,865 | €11,071 | €17,634 | €25,322 | €25,110 | ▼ 0.8% |
| Other amounts payable47/48 | €5.3m | €4.8m | €4.5m | €3.0m | €2.3m | ▼ 24.5% |
| Accrued charges and deferred income492/3 | €87,889 | €76,956 | €71,034 | €71,276 | €84,255 | ▲ 18.2% |
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €169,248 | €434,523 | €166,424 | €674,294 | €246,237 | ▼ 63.5% |
| + Depreciation and write-downs630 | €240,087 | €230,625 | €200,337 | €195,107 | €179,146 | ▼ 8.2% |
| Operating cash flow (approximation) | €409,335 | €665,148 | €366,760 | €869,401 | €425,383 | ▼ 51.1% |
| Investment in fixed assets (approximation) | - | -€136,487 | €0 | -€2,892 | €0 | ▲ 100% |
| Change in cash | - | €25,470 | €100,423 | -€105,299 | -€19,404 | ▲ 81.6% |
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 2026, expected by
2026
25-08
NBB filing
Annual accounts filed
fiscal year 2025 · abbreviated schema · 25 days late
2025
27-06
NBB filing
Annual accounts filed
fiscal year 2024 · abbreviated schema
2024
31-12
Financial
Highest result since 2018net €674,294 ▲305%
Net result €674,294, the highest in the series.
31-12
Financial
Equity above €2mEq €2.6m ▲33.1%
7 profitable years in a row build equity to €2.6m.
27-06
NBB filing
Annual accounts filed
fiscal year 2023 · abbreviated schema
2023
12-06
NBB filing
Annual accounts filed
fiscal year 2022 · abbreviated schema
2022
13-06
NBB filing
Annual accounts filed
fiscal year 2021 · abbreviated schema
2021
22-06
NBB filing
Annual accounts filed
fiscal year 2020 · abbreviated schema
2020
27-07
NBB filing
Annual accounts filed
fiscal year 2019 · abbreviated schema
2019
12-07
NBB filing
Annual accounts filed
fiscal year 2018 · abbreviated schema
2018
29-03
NBB filing
Annual accounts filed
fiscal year 2017 · abbreviated schema
2017
28-06
NBB filing
Annual accounts filed
fiscal year 2016 · abbreviated schema
Financial milestoneNBB filingFinancial milestones sit on the fiscal year-end date, not the filing date.
0 of 4 acts read
About the unread acts
We know of 4 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
4 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, Sint-Niklaas · 1 establishment unit since 2012
Ground area
6,009 m²
Building footprint
255 m²
Volume, LiDAR
1,782 m³
Parcel 46002A0781/00M000, Flanders · tallest building 16.7 m, ±2 floors. Linked by address, not a title deed.
7
companies at this address
See who is registered here
1 establishment unit
INDEPCO
since 20122.207.236.780
1 parcel
Flanders
1
(100%)
| Parcel (capakey) | Region | Area | Buildings | Height / fl. |
|---|---|---|---|---|
| 46002A0781/00M000 | Flanders | 6,009 m² | 1 · 255 m² | 16.6 m · 2 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.
Structure & network
Owners and holdings
2 holdingsOwners 0
The accounts to 31-12-2025 list no shareholders, and no other source names one.
Holdings 2
-
100%
-
100%
According to the 2025 annual accounts of INDEPCO and those of the other companies, the acts in the Belgian Gazette and the LEI register. The register of ultimate beneficial owners (UBO) is not public: who ultimately stands behind a natural person or a foreign parent is not stated here. A company that does not fill in these statements, or need not, is missing.
Connections & network
No current directors or connected companies found in the register.
Public money · subsidies and aid
Flemish government
2022 to 2025 · 3 entries · 19,983 EUR awarded · 18,205 EUR paid| Year | Entries | awarded | paid |
|---|---|---|---|
| 2025 | 1 | 2,371 EUR | 593 EUR |
| 2024 | 1 | 0 EUR | 17,612 EUR |
| 2022 | 1 | 17,612 EUR | 0 EUR |
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Of 24,729 companies in sector 64210 we hold annual accounts for 19,799. 9,868 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
Founded06-02-2012
Fiscal year end31-12
Activities, NACEBEL 2025
64210Activities of holding companies
E-invoicing
Reachable via Peppol
Peppol ID
0208:0843399459
Registered
27-03-2026
If you follow this company, Checked tells you the day it leaves the Peppol register.
Register as of 28 September 2026 · Peppol Directory
Scores and ratios are computed by Checked and are not a credit decision.