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INDIC

Active Private limited companyfounded 2003active for 22 yearsMolenberglei 21, 2627 SchelleKBO/BCE: BE 0861.568.846 #4 employer in Schelle, Wholesale and retail trade sector
INDIC
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Overview

Lifetime

20 annual accounts with figures on one time axis, 22 filings since 2004
peak €2.0m (2023)
€1.8m▼ 3.4%
peak €684,507 (2025)
€684,507▲ 24×
peak €2.2m (2025)
€2.2m▲ 43.8%
€3.1m▲ 82.0%
peak 19.2 FTE (2025)
19.2 FTE▲ 6.1%
Board3 names since 2020
3 directorsCLAES Luc and 2 others
Documentsfilings and deeds
23-09-202654 days late
2025financial year
Result from €28,360 to €684,507Equity from €1.6m to €2.2mDebts from €1.7m to €3.1mInvestments €2.3mCash from €233,344 to €348,021

Key points

from the 2025 annual accounts

Equity

€2.2m ▲ 43.8%

INDIC has made a profit in every financial year since 2006.

Result

€684,507 ▲ 24×
€28,4002024€685,0002025

The result rose in 2025: different schema filed.

Turnover

≈ €7.5m estimated

The accounts state no turnover.

Debts

€3.1m ▲ 82.0%
Financial debts
+0.9
Suppliers
+0.2
Other debts
+0.05
The rest
+0.2

Debts rose by €1.4m in 2025.

Staff

21 employees on 31-12-2025
13202151202211122023412024322025

In 2025, 3 people joined and 2 left.

Filings

22 annual accounts since 2004
AprilJune31 JulyOctober20102020

Three of the last ten came late. The 2025 accounts came latest: 54 days after the end of the period.

Checked score

87
Excellent
Financially stronger than 58% of small companies in wholesale trade (NACE 46)
Probability in this band: under 0.55%
Bankruptcy probability within 12 months
0.3% Very low
0%0.5%1.5%4%10%≥ 25%

The dashed line is the sector median: 0.2% across 4,374 companies (NACE 46, small).

About 3 in 1,000 comparable companies go bankrupt within 12 months (an estimate).

Last 24 months 12-2024: 0.1%lowest value 01-2025: 0.1%● unchanged vs 12-2024lowest value 02-2025: 0.1%● unchanged vs 01-2025lowest value 03-2025: 0.1%● unchanged vs 02-2025 04-2025: 0.1%● unchanged vs 03-2025 05-2025: 0.1%● unchanged vs 04-2025 06-2025: 0.1%● unchanged vs 05-2025 07-2025: 0.2%▲ +0.1 percentage points vs 06-2025 08-2025: 0.3%▲ +0.1 percentage points vs 07-2025 09-2025: 0.2%▼ -0.1 percentage points vs 08-2025 10-2025: 0.2%● unchanged vs 09-2025 11-2025: 0.2%● unchanged vs 10-2025 12-2025: 0.2%● unchanged vs 11-2025 01-2026: 0.2%● unchanged vs 12-2025 02-2026: 0.2%● unchanged vs 01-2026 03-2026: 0.2%● unchanged vs 02-2026 04-2026: 0.3%▲ +0.1 percentage points vs 03-2026 05-2026: 0.3%● unchanged vs 04-2026 06-2026: 0.3%● unchanged vs 05-2026 07-2026: 0.3%● unchanged vs 06-2026 08-2026: 0.8%▲ +0.5 percentage points vs 07-2026 09-2026: 1.0%▲ +0.2 percentage points vs 08-2026highest value 10-2026: 0.3%▼ -0.7 percentage points vs 09-2026 11-2026: 0.3%● unchanged vs 10-2026

Financial strength
Average

67-6equity 41.9% of total assets
48+1short-term debt 26.9% · cash 6.5%
50-20return on assets 12.8%

Score breakdown

raises risk
Liquidity: current ratio 1.44, cash €348,021
Last filed accounts filed 54 days late; 1 of the last 3 accounts late
lowers risk
Founded in 2003
Profit of €684,507 (financial year 2025)
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 46, small). It does better than 49% of them on solvency, 57% on liquidity, 34% on profitability and 92% on growth.

The bankruptcy probability was computed on 09-11-2026 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 very low class on 30-06-2025, 0.1% 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, 20,137 companies had the same profile as INDIC has now. Each dot stands for 51 companies, two years later.

95.1%
were still trading
4.7%
stopped another way
0.2%
went bankrupt
  • Small
  • 20 years or older
  • solvency 30% or more
  • a profit of 5% of the balance sheet or more

That fits the bankruptcy probability of INDIC itself: 0.3% 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.

The companies in ten equal groups, from the lowest to the highest expected share
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 20,137 companies, not a prediction for INDIC. 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 €190,000 on 30-day terms is acceptable

Liquidity is tight, with a current ratio of 1.44 (2.14 in 2024), below the usual 1.5. Short-term debt is 26.9% and cash 6.5% of total assets. 58.1% of the assets are financed with debt and provisions.

Credit check for an amount and term of your choice

Show the recommended maximum and see how the verdict changes with amount, term and advance.

The scores and ratios are Checked's own calculations, not a credit decision.

Signals

Five signals.
lowers riskraises risk
lowers risk · Founded in 2003
Companies that have existed this long fail less often. How much that weighs depends on the rest of the company's profile.
KBO
raises risk · Liquidity: current ratio 1.44, cash €348,021
NBB · annual accounts
raises risk · Last filed accounts filed 54 days late; 1 of the last 3 accounts late
NBB · filings
lowers risk · Profit of €684,507 (financial year 2025)
NBB · annual accounts
raises risk · 2025 accounts filed 54 days late
The financial year that closed on 31-12-2025 was due by 31-07-2026 and was filed on 23-09-2026, 54 days later. Nearly half (47%) of Belgian companies file late; of those that file 1 to 90 days late, 2.0% are now bankrupt, dissolved or in another special legal status, against 1.66% of all filers. A delay like this does not count in the score.
NBB · 10 filings
Deviation from the deadline
2025
54 days late
2024
22 days late
2023
12 days early
2022
28 days late
2021
20 days early
2020
33 days early
2019
25 days early
← before the deadline after the deadline →
tick = median of all Belgian filingsring = median in the sector

The company filed its last 7 accounts on average 2 days after the deadline. In the sector (NACE 46), the median for financial year 2024 was 3 days before the deadline, and 39% 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 22 August (4 of the last 5 accounts filed within 33 days either side of that date).
Companies Code · seven months
Where today falls in the filing period
10-11-2026 today31-12-2026 year end31-07-2027 deadline
neutral · No strike-offs in the KBO publications
That holds for every publication since 2021.
KBO publications

Board and ownership

CL
CLAES Luc
Director
BC
BV CLAAR
Director, Arno Claes, since 17-04-2026
WV
Willemien Verhaeghe
Director

Shares in 2 companies, Irugasa Group Ltd and IRCS Ltd

Board & ownership

Recent changes

2 directors appointed BV CLAAR (director) and Willemien Verhaeghe (director) · Permanent representative: Arno Claes · General meeting of 17-04-2026 · Gazette deed
Registered in the Peppol Directory Reachable for e-invoices through 0208:0861568846
Merger: INDIC takes over INCASYS The company holds all the shares of INCASYS · General meeting of 30-09-2020 · Gazette deed
Environmental permit granted Verbouwen en/of uitbreiden zonder functiewijziging en zonder wijziging van aantal woongelegenheden · Schelle
All 35 events

Comparable companies

same main activity, similar in size and age
Company
INDIC Schelle €5.4m €1.8m 41.9% 19.2
VALVES CO Lint €4.5m €2.0m 67.3% 13.6
VS ELECTRONICS Heist-op-den-Berg €5.2m €3.4m 63.1% 15
DIGI CONSULT Denderleeuw €9.8m €3.3m 28.9% 12.3
KOZMOZ DESIGN & DISPLAY Mechelen €3.5m €2.0m 61.3% 8.8
DE CEUSTER NXT Geel €5.0m €1.9m 3.1% 15.8
AJSOLUTIONS Zandhoven €2.9m €1.1m 32.4% 9

These companies have the same main activity as INDIC: agents in the wholesale of industrial machinery, ships and aircraft (NACE 46140). They are comparable in size and age: total assets between €2.9m and €9.8m, founded between 1985 and 2006.

Official details

Source: KBO
Status
Active since 18-11-2003Normal situation
Activity
Agents in the wholesale of industrial machinery, ships and aircraftNACE 46140and 4 others
Establishment unit
2.134.210.6282627 Schelle, since 08-12-2003
Financial year end
31 December
Peppol
Reachable since 26-09-2025
Company details

Annual accounts 2025

€1.8m▼ 3.4%
€684,507▲ 24×
€2.2m▲ 43.8%
€5.4m▲ 63.8%
Employeeson 31-12-2025
21▲ 5.0%
Filing
Filed on 23-09-2026
Financials

Insights on INDIC

INDIC has existed since 2003. The gross margin grew from €687,811 in 2006 to €1.8m in 2025 and staff from 5.9 to 19.2 full-time equivalents.

Solvency fell in 2025 from 47.7% to 41.9% because of higher long-term debts.

Sources: KBO register, filings at the National Bank, Belgian Official Gazette.

Financials

Annual accounts 2025

full format, filed on 23-09-2026, 54 days late
€1.8m
▼ 3.4%
-€168,141
▼ €231,714
€684,507
▲ 24×
€639,184
▼ 41.8%
41.9%
▼ 5.8 percentage points
1.44
▼ 0.69

The turnover shown is an estimate from the gross margin.

Turnover ≈ €7.5m. Estimated: probably between €4.6m and €13.0m.

In the rankings #4 employer in Schelle, Wholesale and retail trade sector#6 company by equity in Schelle, Wholesale and retail trade sector#7 company by staff growth in Schelle

Balance sheet

balance sheet total €5.4m on 31-12-2025
What the company ownsHow it is paid for

in €m

in €m

Position in the sector

Compare with sector

41.9%

Higher than 46% of 6,192 companies in 2025.

1.44

Higher than 37% of 6,112 companies in 2025.

12.8%

Higher than 84% of 6,176 companies in 2025.

INDIC Middle half of the sector 80% of the sector Full accounts in wholesale trade (NACE 46)

Net result: top quarter · Equity: middle half · Balance sheet total: middle half · Working capital: middle half · Staff: middle half

Staff

€87,703

Staff costs divided by the average number of full-time equivalents.

+1 person

people who joined people who left

In 2025, 3 people joined and 2 left.

Filed annual accounts

as filed with the National Bank, click a year to choose it
Line Trend20252024202320222021202020192018201720162015201420132012201120102009200820072006
Balance sheet: assets
20/58 5.4m3.3m3.6m3.6m2.5m2.1m1.8m2.0m2.2m2.0m2.0m2.1m2.2m2.1m2.2m2.2m2.0m2.1m1.6m1.4m
21/28 3.3m1.2m1.4m1.3m675,316697,082458,038512,621565,319517,370572,953657,138709,938714,905759,858753,886562,961583,635468,635449,213
21 31,80472,612110,542115,825148,457117,99511,3153,2498,10215,34822,59425,564-6,66714,66722,66730,667154,91746,66754,666
22/27 1.0m1.1m1.3m1.2m526,859579,087129,923192,572240,418185,222233,559314,774393,138391,438428,391484,419532,294428,718421,968394,547
22 803,033913,4751.0m996,460425,584475,79813,81741,67072,207110,677169,271227,865286,514345,903408,199456,277468,236317,783345,417373,050
23 34,07156,01079,16078,46722,44919,3191,0662,3983,996-154346576---9584,82710,36711,735
24 58,02875,49770,18346,157-24,91760,192101,704143,93554,59338,26269,179104,70443,51320,19228,14263,100106,10866,1849,762
25 134,98893,339110,07691,76478,825---------------
28 2.2m-----316,800316,800316,800316,800316,800316,800316,800316,800316,800246,800----
29/58 2.1m2.1m2.2m2.3m1.9m1.4m1.3m1.5m1.6m1.5m1.5m1.5m1.5m1.4m1.4m1.4m1.4m1.5m1.2m939,249
29 -------------32,00064,00096,000128,000---
290 -------------32,00064,00096,000128,000---
3 779,208737,098831,986762,450645,673471,830496,413380,525356,223444,992347,931353,861374,973331,618320,219293,150351,344411,596320,342315,366
30/36 779,208737,098831,986762,450645,673471,830496,413380,525356,223444,992347,931353,861374,973331,618320,219293,150351,344411,596320,342315,366
40/41 776,849890,946779,8951.0m793,663582,993424,065682,519919,216585,949584,531458,973491,224451,362470,646473,729436,746419,736513,666423,297
40 716,858809,426733,1021.0m793,041559,440418,731669,832907,584580,428578,461454,302491,183441,215458,258464,764435,772404,434503,967422,357
41 59,99181,52146,79211,77762223,5535,33312,68611,6315,5216,0704,6704010,14712,3878,96597415,3039,699940
50/53 133,359133,359150,27990,000----------------
54/58 348,021233,344440,698367,624433,986364,107412,793389,505369,204435,635516,391647,705589,581570,083537,762500,399496,802672,793327,498200,426
490/1 44,24471,30022,49918,555--1,06820,111-3,0441,6712,2231,8071,31329,73148,30826,7004,345620160
Balance sheet: equity and liabilities
10/49 5.4m3.3m3.6m3.6m2.5m2.1m1.8m2.0m2.2m2.0m2.0m2.1m2.2m2.1m2.2m2.2m2.0m2.1m1.6m1.4m
10/15 2.2m1.6m1.8m1.6m1.2m1.0m962,349974,1491.0m991,632988,205983,8311.1m1.0m836,7921.0m914,263742,653467,963338,149
10/11 20,00020,00020,00020,00020,00020,00020,00020,00020,00020,00020,00020,00020,00020,00020,00020,00020,00020,00020,00020,000
100 ------20,00020,00020,00020,00020,00020,00020,00020,00020,00020,00020,00020,00020,00020,000
11 20,00020,00020,00020,00020,00020,000--------------
1109/19 20,00020,00020,00020,00020,00020,000--------------
13 2.2m1.5m1.8m1.6m1.2m986,837942,349954,149983,98639,50039,50039,50039,50039,50039,50039,50039,50039,50039,50039,500
130/1 2,0002,0002,0002,0002,0002,000--------------
130 ------2,0002,0002,0002,0002,0002,0002,0002,0002,0002,0002,0002,0002,0002,000
1311 2,0002,0002,0002,0002,0002,000--------------
132 14,39214,39214,39214,39214,39214,39251,89247,24742,24037,50037,50037,50037,50037,50037,50037,50037,50037,50037,50037,500
133 2.2m1.5m1.8m1.6m1.2m970,445888,458904,903939,746-----------
14 ---------932,132928,705924,3311.0m941,256777,292947,934854,763683,153408,463278,649
16 -----------------1,0003,6005,200
160/5 -----------------1,000--
168 ------------------3,6005,200
17/49 3.1m1.7m1.8m2.0m1.3m1.1m830,0271.0m1.2m995,3581.0m1.1m1.1m1.1m1.3m1.2m1.1m1.3m1.2m1.0m
17 1.6m740,604822,262903,485344,119421,04525,38681,638154,951120,225166,057211,889257,721312,842387,065479,259363,896405,891288,807311,670
170/4 1.6m740,604822,262903,485344,119421,04525,38681,638154,951120,225166,057211,889257,721312,842387,065479,259363,896405,891288,807311,670
42/48 1.4m967,341956,5381.1m954,735682,094800,491925,4541.0m870,300865,416919,671779,003729,009904,058630,267680,358902,855833,835692,374
42 284,04395,45381,22290,63476,92694,96156,25273,31373,10445,83245,83245,83255,08674,190162,188104,04092,84697,70048,34125,248
44 804,924564,108720,282794,074713,472477,527634,885582,142714,987626,523499,603503,873519,853399,071464,352474,133473,435634,481480,707498,190
440/4 804,924564,108720,282794,074713,472477,527634,885582,142714,987626,523499,603503,873519,853399,071464,352474,133473,435634,481480,707498,190
46 -3,93415,04132,1172,9941,250--------------
45 155,885153,846139,993162,576161,344108,357109,35474,999114,49285,57069,98189,96624,06415,74926,0172,09524,07745,752104,788135,936
450/3 1,083--46,06653,29423,65439,98117,96746,81033,54512,98745,52624,06415,08426,0171,28924,07639,646104,778135,228
454/9 154,802153,846139,993116,510108,04984,70369,37457,03267,68252,02556,99344,441-665-80616,1069708
47/48 197,645150,000-----195,000144,482112,375250,000280,000180,000240,000251,50050,00090,000124,922200,00033,000
492/3 28,1385,7009,3204,8904,6206,0364,1504,0403,9604,8333,8004,50964,86758,67454,30248,51244,03639,70836,55541,069
Income statement
9900 1.8m1.9m2.0m1.7m1.6m1.1m1.1m963,134965,157915,618943,344877,810940,0561.0m931,805752,535909,9441.2m927,333687,811
62 1.7m1.5m1.4m1.1m1.0m777,689662,796630,786646,868583,627558,981544,409575,303447,826451,566387,199384,008399,264318,881276,965
630 269,061267,849239,198161,747157,776125,724119,137114,927123,207127,840114,356106,692104,95187,930109,981131,066127,585118,53673,12556,149
631/4 -22,8661,692--1,450-2,9432,328-1,621--12,28010,0675,267-3,05212,7543,514
640/8 16,45514,65913,1189,1118,32211,2368,95114,0579,57913,59210,6119,29010,8168,8047,8227,6808,43110,3957,8806,010
66A -----96,452-----------3,12725-
9901 -168,14163,573342,630477,882357,044105,881322,021200,422183,176190,559257,776217,419248,986481,614352,368221,323389,921641,435514,693345,173
75/76B 927,6829,9029,5905,2743,9272,19645742141,00232,75194,36958,19288,205105,69611,09810,87917,88823,42110,4081,981
75 927,6829,9029,5905,2743,9272,19645742141,00232,75194,36958,19288,205105,69611,09810,87917,88823,42110,4081,981
65/66B 53,47323,07024,27514,0406,9876,7882,1592,5873,0853,4943,6155,9055,95913,47617,32316,47919,74829,19221,68015,551
65 53,47323,07024,27514,0406,9876,7882,1592,5873,0853,4943,6155,9055,95913,47617,32316,47919,74829,19221,68015,551
9903 706,06950,404327,945469,116353,984101,290320,320198,256221,093219,816348,530269,706331,232573,834346,144215,723388,060632,537503,397331,603
67/77 21,56222,044117,346114,904115,65756,802112,12068,09368,73971,38994,15671,80786,056169,870116,78772,552126,450217,847173,584104,920
9904 684,50728,360210,599354,212238,32744,487208,200130,163152,354148,427254,374197,899245,176403,964229,357143,172261,610414,690329,814226,683
789 -----37,500--------------
689 ------4,6455,0064,740-----------
9905 684,50728,360210,599354,212238,32781,987203,555125,157147,614148,427254,374197,899245,176403,964229,357143,172261,610414,690329,814226,683
Appropriation of the result
9906 684,50728,360210,599354,212238,32781,987203,555125,1571.1m1.1m1.2m1.2m1.2m1.2m1.2m997,934944,763823,153608,463311,649
791/2 -275,000----220,000159,843------------
691/2 684,50728,360210,599354,212238,32781,987203,555125,000939,746-----------
6921 684,50728,360210,599354,212238,32781,987203,555125,000939,746-----------
694/7 -275,000----220,000160,000140,000145,000250,000280,000180,000240,000400,00050,00090,000140,000200,00033,000
694 -275,000----220,000160,000140,000145,000250,000280,000180,000240,000400,00050,00090,000140,000200,000-
695 -------------------33,000
Social balance sheet
9087 19.218.116.215.514.812.410.910109.58.98.19.97.37.86.77.17.86.65.9
Hours worked1013 31,81130,44627,44824,79325,68720,12918,15716,95617,57516,04315,18714,22616,91112,67313,70911,72812,288140,27911,3029,776
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The accounts for 2 older financial years (2004-2005) were filed as documents without figures as data, scans for example.

The notes to these accounts have 12 items, including the statement of assets and debts, the cost breakdown and rights and commitments. You find them in the accounts filed with the NBB.

Source: Annual accounts 2025 at the NBB, filed on 23-09-2026.

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Filings

each dot is a set of accounts, on the day it reached the National Bank

2025 annual accounts filed 54 days after the deadline. Filed on 23 September 2026, deadline 31 July 2026 (7 months after the close on 31 December 2025, Companies Code art. 3:10). Source: NBB, 2026-00520488.

Financial year Type Filed Reference Document
31-12-2025 full format 23-09-2026 2026-00520488 PDF
31-12-2024 abbreviated format 22-08-2025 2025-00391915 PDF
31-12-2023 abbreviated format 19-07-2024 2024-00262734 PDF
31-12-2022 abbreviated format 28-08-2023 2023-00358051 PDF
31-12-2021 abbreviated format 11-07-2022 2022-20167858 PDF
31-12-2020 abbreviated format 28-06-2021 2021-26200195 PDF
31-12-2019 abbreviated format 06-07-2020 2020-26900145 PDF
31-12-2018 abbreviated format 02-07-2019 2019-27400529 PDF
31-12-2017 abbreviated format 11-06-2018 2018-17500097 PDF
31-12-2016 abbreviated format 19-07-2017 2017-34400041 PDF
31-12-2015 abbreviated format 01-07-2016 2016-24200473 PDF
31-12-2014 abbreviated format 10-07-2015 2015-28700333 PDF
31-12-2013 abbreviated format 23-07-2014 2014-32700147 PDF
31-12-2012 abbreviated format 24-06-2013 2013-19900037 PDF
31-12-2011 abbreviated format 24-07-2012 2012-32300574 PDF
31-12-2010 abbreviated format 10-06-2011 2011-15100033 PDF
31-12-2009 abbreviated format 10-06-2010 2010-16000265 PDF
31-12-2008 abbreviated format 05-06-2009 2009-18800239 PDF
31-12-2007 abbreviated format 02-06-2008 2008-17100003 PDF
31-12-2006 abbreviated format 18-06-2007 2007-22300375 PDF
31-12-2005 abbreviated format 08-06-2006 2006-21500135 PDF
31-12-2004 abbreviated format 09-06-2005 2005-23103467 PDF

Subsidies and aid

Flemish government 2024 to 2025, 2 entries, €662 awarded, €662 paid

Subsidie voor opleiding en advies voor kmo's en zelfstandigen (kmo-portefeuille)
€662
Year Entries AwardedPaid
2025 1 €150€150
2024 1 €512€512

Key figures and ratios

per financial year, computed from the annual accounts
Line Trend20252024202320222021202020192018201720162015201420132012201120102009200820072006
100,920331,421581,828639,629514,820231,605441,159315,348306,382318,398372,132324,111353,937569,544462,350352,389517,505759,971587,819401,322
953,568296,208449,797515,959396,103170,211327,337245,090275,560276,267368,730304,591350,127491,895339,339274,237389,195533,226402,939282,832
2.3m106,043283,263815,104136,010685,30864,55562,228171,15676,45530,17158,85699,98542,978115,953321,661223,160238,86495,04621,710
114,676-207,35473,074-66,36169,879-48,68623,28820,302-66,432-80,756-131,31458,12419,49732,32137,3633,597-175,991345,295127,072-
639,1841.1m1.3m1.2m918,587736,835533,847547,207597,578599,321585,109543,091678,581657,366518,301781,320759,235605,616328,290246,875
41.9%47.7%50.3%44.6%48.9%47.6%53.7%49.1%45.4%49.9%48.8%46.4%49.2%47.6%38.3%46.5%45.7%35.5%28.7%24.4%
1.442.142.332.091.962.081.671.591.571.691.681.591.871.901.572.242.121.671.391.36
0.901.371.461.391.291.391.051.181.231.181.271.211.391.451.221.771.601.211.010.90
1.391.100.991.241.051.100.861.041.201.001.051.151.031.101.611.151.191.822.483.09
30.5%1.8%11.6%22.1%19.1%4.4%21.6%13.4%15.2%15.0%25.7%20.1%23.0%40.4%27.4%14.2%28.6%55.8%70.5%67.0%
12.8%0.9%5.9%9.9%9.4%2.1%11.6%6.6%6.9%7.5%12.6%9.3%11.3%19.2%10.5%6.6%13.1%19.8%20.2%16.3%
1.8914.3723.9745.5673.68---------------

EBIT margin: not included in this filing.

A Belgian filing has no cash-flow statement. Cash flow is therefore an approximation, derived from the income statement. Investment is the acquisitions in the notes and, without them, the balance-sheet move.

Social balance sheet

Item31-12-202531-12-202431-12-202331-12-202231-12-2021
Employees at the balance-sheet date2120171814
full-time1717141713
part-time43311
in full-time equivalents18.918.715.717.513.5
19.218.116.215.514.8
On a permanent contract2120171814
Joined341151
Left211213

Source: social balance sheet in the 2021 to 2025 annual accounts

Investments

fixed assets acquired
Item20252024202320222021
Tangible fixed assets€120,053€97,649€246,795€807,349€70,963
Intangible fixed assets-€8,394€36,468€7,756€65,047
Financial fixed assets€2.2m----
€269,061€267,849€239,198€161,747€157,776

Source: notes to the 2021 to 2025 annual accounts (statement of fixed assets)

Insights on INDIC

The operating result for 2025 is a loss of €168,141, after a profit of €63,573 in 2024. It is the lowest result since 2006.

Debt's share of the balance-sheet total rises from 52.3% to 58.1%. Equity and debt are higher.

Large changes and their cause
  • 2025 Net result +2,314% on 2024. The accounts now follow the full format, last year the abbreviated format.
  • 2021 Net result +436% on 2020. Merger absorbing INCASYS, effective 01-10-2020, in the previous financial year. That operation now counts for a full year for the first time.

Board & ownership

Board

3 directors, no change since April 2026
CLAES Luc
Director (not named in the articles)
appointed by deed of 08-09-2020 term without a fixed end
earlier manager, until 08-09-2020
listed in the 2025 annual accounts, filed on 23-09-2026
1 other company bankrupt
BV CLAAR
Director (not named in the articles), permanent representative Arno Claes
since 17-04-2026 term without a fixed end
listed in the 2025 annual accounts, filed on 23-09-2026
Willemien Verhaeghe
Director (not named in the articles)
current term since 17-04-2026 term without a fixed end
listed in the 2025 annual accounts, filed on 23-09-2026
Signing authorityThe articles say who may bind the company, for example by signing a contract.
Each director alone
deed of 08-09-2020
Permanent representatives 1
Arno Claes
Permanent representative, for BV CLAAR
appointed by deed of 01-06-2026

Office holders in the KBO →

Mandates through the years

3 names, the dashed line is today
CLAES Luc
Director (not named in the articles)
Willemien Verhaeghe
Alternate director
BV CLAAR
Director (not named in the articles)
BoardEarliermandate already running before its first mention
Mandates as a list
  • CLAES Luc
    • Director (not named in the articles), appointed by deed of 08-09-2020, still in office
    • Manager, until 08-09-2020
  • Willemien Verhaeghe
    • Alternate director, appointed by deed of 08-09-2020, still in office
  • BV CLAAR
    • Director (not named in the articles), since before 31-12-2025

See the board, name and registered office on a given date →

Control

See the annual accounts at the National Bank and the publications in the Belgian Official Gazette.

Capital

Contribution
€20,000
Source
2025 annual accounts

Articles of association

deed of 08-09-2020 (in Dutch)
DurationMost companies exist for an unlimited period, until they are dissolved.
Unlimited
Annual meetingThe shareholders approve the annual accounts, among other things, at the annual meeting.
Second Friday of May at 11:00

The directors' other companies

1 current director with another company that went bankrupt, was dissolved or struck off

1 other company of this director went bankrupt (2026).

Source: Belgian Official Gazette (bankruptcies, judicial dissolutions, board mandates), FPS Economy (strike-offs) and the KBO register. A bankruptcy, dissolution or strike-off says nothing about the director's part in it.

Network & group

Holdings

own 2025 accounts, the bar shows equity in euros
This companyINDIC2 holdings, 1 country 2025 accounts

Europe 2 Equity Result

  • GB IRCS Ltd75% €1.2m result €483,916
  • GB Irugasa Group Ltd €344,105 result €30,534

Source: list of holdings in its own 2025 accounts. The amounts are in that list and come from the holdings' accounts at 31-12-2025, in their own currency.

At the same address

Molenberglei 21, 2627 Schelle · 1 other company
INCOSA SOLUTIONS
registered office since 01-01-2009 · founded in 2008
 4.3 FTE (2026)
0808.556.960

Earlier ties

ReCenter
via CLAES Luc, no longer at ReCenter · Director (not named in the articles) · deed of 18-09-2023
Open bankruptcy · founded in 2023
 total assets €3.1m (2025)

Holdings and subsidiaries

2 holdings

Holdings 2

Share, source and own figures per holding (2)

Source for every holding own accounts 2025

  • Irugasa Group LtdGBsubsidiary
    Equity €344,105Result €30,534
    100%
  • IRCS LtdGBsubsidiary
    Equity €1.2mResult €483,916
    75%+ 75% via subsidiaries
Holdings through the years 2010 to 2025
Holdings through the years
Name2010201120122013201420152016201720182019202020212022202320242025
Irugasa Group LtdGB 100%
IRCS LtdGB 75%
INCASYS 99%

Source: list of holdings in its own accounts

Acquisitions and mergers

1 transaction
Took over:INCASYS
BE 0886.227.434merger by absorption · Gazette deed of 15-04-2021 (2 deeds) · effective 01-10-2020

Control of UK companies

1 UK company
75 to 100% of the shares (through a firm), 75 to 100% of the voting rights (through a firm), right to appoint and remove directors (through a firm)
UK company 08208286 · active · notified on 14-01-2025

Source: Companies House (VK), Contains public sector information licensed under the Open Government Licence v3.0

Connections & network

5 connected companies
Depth
ANDERSKAN, Shared director AANDERSKANBOEKABOE, Shared director BBOEKABOEINCOSA SOLUTIONS, Shared director ISINCOSASOLUTIONSNEKTARI, Shared director NNEKTARIVolksvermogen, Shared director VVolksvermogenReCenter, Shared director · open bankruptcy RReCenterINDIC INDIC0861.568.846
Shared directorsIn bankruptcy
This company Company Director Shareholding +N: links not shown yet Click a node to look further, drag to arrange, zoom with the mouse wheel.
Linked via shared directors
Volksvermogen
via CLAES Luc · Director · deed of 08-05-2024
Founded in 1930 · total assets €62.1m (2025)
→
NEKTARI
via CLAES Luc · Director · deed of 18-11-2025
Founded in 1969 · 603 FTE (2025)
→
INCOSA SOLUTIONS
via CLAES Luc · Director (not named in the articles) · deed of 29-05-2020
Founded in 2008 · 4.3 FTE (2026)
→
BOEKABOE
via CLAES Luc · Permanent representative · deed of 14-09-2018
Founded in 2018 · total assets €76,023 (2025)
→
Show 1 more company with a shared director
ANDERSKAN
via CLAES Luc · Director (not named in the articles) · deed of 27-08-2026
Founded in 2015
→

Timeline

Timeline

35 events since 2003

Deadline for the 2026 accounts: 31-07-2027

2026
Annual accounts 2025 filed NBBfull format · 54 days late
2 directors appointedBV CLAAR (director) and Willemien Verhaeghe (director) · Permanent representative: Arno Claes · General meeting of 17-04-20264 points ▸
  • General meeting, 17-04-2026
  • Director appointment, BV CLAAR (director (not named in the articles))
  • Permanent representative, Arno Claes
  • Director appointment, Willemien Verhaeghe (director (not named in the articles))
  • The deed holds 1 more point.

Open the deed in the Belgian Official Gazette

2025
Highest result from 2006 to 2025 net €684,507 ▲2,314% The net result of €684,507 is the highest of those years.
Equity above €2m equity €2.2m ▲43.8% Equity rises from €1.6m to €2.2m.
Registered in the Peppol Directory Reachable for e-invoices through 0208:0861568846
Annual accounts 2024 filed PDFabbreviated format · 22 days late
2024
Weakest financial year net €28,360 ▼86.5% The net result drops to €28,360, the lowest from 2006 to 2025. It recovers the following year.
Annual accounts 2023 filed PDFabbreviated format · 12 days before the deadline
2023
Annual accounts 2022 filed PDFabbreviated format · 28 days late
2022
Annual accounts 2021 filed PDFabbreviated format · 20 days before the deadline
2021
Annual accounts 2020 filed PDFabbreviated format · 33 days before the deadline
Merger: INDIC takes over INCASYSThe company holds all the shares of INCASYS · General meeting of 30-09-20203 points ▸
  • General meeting, 30-09-2020, mentioned twice in the deed
  • The company holds all the shares of INCASYS
  • Power of attorney, Jan KINDERMANS
  • The deed holds 12 more points.

Open the deed in the Belgian Official Gazette

Environmental permit granted OmgevingsloketVerbouwen en/of uitbreiden zonder functiewijziging en zonder wijziging van aantal woongelegenheden · Schelle
2020
Change of role: Luc CLAES, from manager to directorIssue of 200 shares · Appointment: VERHAEGHE Willemien (alternate director) · Legal-form conversion: from private limited company (pre-2019) to private limited company · General meeting of 28-01-20208 points ▸
  • General meeting, 28-01-2020
  • Legal-form conversion, from private limited company (pre-2019) to private limited company
  • Power of attorney, Jan KINDERMANS
  • Director resignation, Luc CLAES (manager)
  • Director appointment, Luc CLAES (director (not named in the articles))
  • Director appointment, VERHAEGHE Willemien (alternate director)
  • Director discharge, Luc CLAES
  • Registered office clause, Molenberglei 21, 2627 Schelle
  • The deed holds 6 more points.

Open the deed in the Belgian Official Gazette

Deed on restructuring PDFCapital €20,000, annual accounts 2019
Annual accounts 2019 filed PDFabbreviated format · 25 days before the deadline
2019
Annual accounts 2018 filed PDFabbreviated format · 29 days before the deadline
2018
Annual accounts 2017 filed PDFabbreviated format · 50 days before the deadline
2017
Annual accounts 2016 filed PDFabbreviated format · 12 days before the deadline
2016
Annual accounts 2015 filed PDFabbreviated format · 30 days before the deadline
2015
Annual accounts 2014 filed PDFabbreviated format · 21 days before the deadline
2014
Annual accounts 2013 filed PDFabbreviated format · 8 days before the deadline
2013
Annual accounts 2012 filed PDFabbreviated format · 37 days before the deadline
2012
Annual accounts 2011 filed PDFabbreviated format · 7 days before the deadline
2011
Annual accounts 2010 filed PDFabbreviated format · 51 days before the deadline
2010
Equity above €1m equity €1.0m ▲10.2% With a profit in every financial year since 2006, equity grows to €1.0m.
Annual accounts 2009 filed PDFabbreviated format · 51 days before the deadline
2009
Annual accounts 2008 filed PDFabbreviated format · 56 days before the deadline
2008
Equity above €500,000 equity €742,653 ▲58.7% With a profit in every financial year since 2006, equity grows to €742,653.
Annual accounts 2007 filed PDFabbreviated format · 59 days before the deadline
2007
Annual accounts 2006 filed PDFabbreviated format · 43 days before the deadline
2006
Annual accounts 2005 filed PDFabbreviated format
2005
Annual accounts 2004 filed PDFabbreviated format
2003
First establishment Molenberglei 21, Schelle
Incorporation PDFpublished on 25-11-2003

Financial milestones sit on the financial year-end date, not the filing date.

Sources: Publications in the Belgian Official GazetteFilings with the National Bank

History

On 18 November 2003, INDIC was incorporated.1 INCASYS was merged into the company in 2020.2 Today the board has 3 members.3 Total assets went from €2.1m in 2020 to €5.4m in 2025 and headcount from 12.4 to 19.2 full-time equivalents.4

  1. 1KBO register
  2. 2Belgian Official Gazette, 15-04-2021
  3. 3National Bank, annual accounts 2025
  4. 4National Bank, annual accounts 2020 and 2025

Company details

Identity

Enterprise number
0861.568.846
VAT number
BE 0861.568.846
Peppol ID
0208:0861568846
Legal form
Private limited company
Status
Active, normal situation
Founded
18-11-2003
Financial year
ends on 31 December
Annual meetingThe shareholders approve the annual accounts, among other things, at the annual meeting.
Second Friday of May at 11:00
deed of 08-09-2020 (in Dutch)
Peppol
Reachable since 26-09-2025Follow this company and you will hear the next morning if it leaves the Peppol register.
Name
INDIC in Dutch
Entity type
Legal entity
DurationMost companies exist for an unlimited period, until they are dissolved.
Unlimited
deed of 08-09-2020 (in Dutch)
Registered office clauseThe articles name the region of the registered office. The language of official documents depends on that region, among other things.
“Vlaams Gewest”
deed of 08-09-2020 (in Dutch)

Activities

NACEBEL 2025
VAT activities
46140 Agents in the wholesale of industrial machinery, ships and aircraft main activity
46630 Wholesale trade
46900 Non-specialised wholesale trade
77320 Rental and leasing activities
Social security (RSZ) activities
46649 Wholesale of other machinery and equipment main activity
Codes under NACEBEL 2008
VAT activities
46140 Wholesale trade main activity
46630 Wholesale trade
46900 Non-specialised wholesale trade
77320 Rental and leasing activities
Social security (RSZ) activities
46699 Wholesale trade main activity
Codes under NACEBEL 2003
VAT activities
51140 main activity
51820
51900
71320
Social security (RSZ) activities
51872 main activity
PurposeThe purpose describes the activities the company may carry out under its articles.
“Handelsbemiddeling in machines voor de bouwnijverheid; Handelsbemiddeling in elektrisch en elektronisch materiaal, inclusief…”
15 activities
  1. Handelsbemiddeling in machines voor de bouwnijverheid;
  2. Handelsbemiddeling in elektrisch en elektronisch materiaal, inclusief installatiemateriaal voor industrieel gebruik;
  3. De groot- en kleinhandel in materieel voor gebruik op de bouwwerf, kranen, machines voor de wegenbouw, en dergelijke meer;
  4. De groot- en kleinhandel in ander elektrisch en elektronisch materiaal zoals elektromotoren, transformators, schakelborden, elektronische componenten, en dergelijke meer;
  5. De groot- en kleinhandel in hijs, hef- en transportwerktuigen;
  6. De groot- en kleinhandel in meetapparaten, en -instrumenten en in navigatieapparatuur;
  7. Consulting, opleiding, onderzoek, ontwikkeling, vervaardiging, de aan- en verkoop, de exploitatie, de commercialisering en marketing, de in- en uitvoer, het verhuren, leasen, installeren, onderhouden, herstellen, fine-tunen van elektrisch en elektronisch materieel voor industrieel gebruik;
  8. Het aanbieden van totaaloplossingen en maatwerk in verband met elektrisch en elektronisch materieel voor industrieel gebruik;
  9. De creatie, de verwerving, het verhuren, het huren, de installatie, de exploitatie van elke vestiging met betrekking tot de ene of de andere van de opgesomde activiteiten;
  10. De import en export van alle producten en goederen die gelijkaardig zijn of die geen band hebben met de opgesomde activiteiten;
  11. De verhuring van diverse goederen;
  12. Het waarnemen van bestuursopdrachten, het uitoefenen van diverse opdrachten en functies, uitoefenen van beleidstaken voor derde partijen;
  13. Het uitvoeren van projecten in verband met al het voorgaande.
  14. De verkoop, import, export, commissiehandel, agentuur, onderhoud, herstelling en revisie van kabelrupsen, beschermingsslangen, ommantelingen, haspels en radiografische afstandsbesturingen, alsook machines in het algemeen.
  15. Het uitbaten van een zelfstandige werkplaats voor algemene mechaniek de uitvoering van elektrotechnische opdrachten in de meest ruime zin, voor eigen rekening of voor rekening van derden.
deed of 15-04-2021 (in Dutch)

Registered office and establishments

1 establishment
Establishment Since Unit number
Molenberglei 21 registered office 2627 Schelle 4614005 Agents in the wholesale of industrial machinery, ships and aircraft 08-12-2003 2.134.210.628

Buildings and parcels at the address

Ground area
2,060 m²
Buildings
571 m²
Volume, LiDAR
2,785 m³
Tallest building
7.1 m
Buildings to scale, each on its own parcel
571 m², 7.1 m 571 m², 7.1 m

Environmental permits

2 applications in Flanders since 2020 · 1 granted
12-04-2021 Granted Verbouwen en/of uitbreiden zonder functiewijziging en zonder wijziging van aantal woongelegenheden submitted 27-01-2021 · project 2021013177 Schelle
12-01-2021 Discontinued Verbouwen en/of uitbreiden zonder functiewijziging en zonder wijziging van aantal woongelegenheden submitted 10-11-2020 · project 2020145211 Schelle

Source: Omgevingsloket Vlaanderen.

Location

registered office establishment The establishment unit on the map
2 companies at this address See who is registered here

Parcels

Cadastral parcelArea Buildings Height / floors
11038C0315/00K0002,060 m² 1 · 571 m² 7.1 m · 2

Contact

E-mail willemien.verhaeghe@indiconline.com
Phone +32 3 451 93 93
Fax +32 3 887 30 61

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