Financials
- Fiscal year
- 2025
- Turnover
- €24.2m
- Profit
- €986,141
- Solvency
- 8.0%
Turnover▲ 8.2%
Net result
20182025
INDINOX
ActiveSummary
INDINOX has been active since 1987 and the Belgian State Gazette contains no insolvency or warning signals. The 2025 annual accounts show equity of €1.2m and a net result of €986,141. Equity remains stable across the filed fiscal years (±0% per year). Its solvency ranks better than 10% of 379 sector peers (fiscal year 2025). The computed 12-month bankruptcy probability is 0.2% (very low).
Overview
Activity
Manufacture of machinery and equipment not elsewhere classified
NACE 28990NACE 29564Construction of utility projects for electricity and telecommunications NACE 42220
#5 company by staff growth in Lokeren, Manufacturing sector1 site
Size
€24.2mturnover 2025
- Staff
- 52.3 FTE
- Equity
- €1.2m
- Profit
- €986,141
Structure
- Parent
- FRO · 89.6%
Accounts 1 d early0 of 14 deeds read
Why 90- Equity €1.2m (8.0% of total assets)- Sector Manufacture of machinery and equipment not elsewhere classified (NACE 28)+ Liquidity: current ratio 1.02, cash €5.7m+ Founded in 1987Show the evidence
Checked score
Score 2025
90
/ 100
Excellent
Probability in this band: under 0.55%
Better than 46% of its sector peers (NACE 28, medium-sized)
Performance against the sector, not lower risk
Financial strength · tick = 2024
Weak
Solvency
33-1
equity 8.0% of total assets
Liquidity
48+21
short-term debt 92.0% · cash 38.1%
Profitability
50-31
return on assets 6.6%
Bankruptcy probability, 12 months
0.2%
Very low
0%0.5%1.5%4%10%≥ 25%
About 2 in 1,000 comparable companies go bankrupt within 12 months (an estimate).
Last 24 months
11-2024: 0.2%
12-2024: 0.2%● 0.0% vs 11-2024
01-2025: 0.2%● 0.0% vs 12-2024
02-2025: 0.2%▼ -4.4% vs 01-2025
03-2025: 0.2%● 0.0% vs 02-2025
04-2025: 0.1%▼ -1.3% vs 03-2025
05-2025: 0.1%▼ -2.0% vs 04-2025
06-2025: 0.1%▼ -1.4% vs 05-2025lowest value
07-2025: 0.2%▲ +22.2% vs 06-2025highest value
08-2025: 0.2%▼ -5.1% vs 07-2025
09-2025: 0.2%● 0.0% vs 08-2025
10-2025: 0.2%● 0.0% vs 09-2025
11-2025: 0.2%● 0.0% vs 10-2025
12-2025: 0.2%● 0.0% vs 11-2025
01-2026: 0.2%● 0.0% vs 12-2025
02-2026: 0.2%▼ -4.2% vs 01-2026
03-2026: 0.2%● 0.0% vs 02-2026
04-2026: 0.2%▼ -1.3% vs 03-2026
05-2026: 0.2%▼ -1.9% vs 04-2026
06-2026: 0.2%▼ -1.9% vs 05-2026
07-2026: 0.2%▲ +5.9% vs 06-2026
08-2026: 0.2%▼ -0.6% vs 07-2026
09-2026: 0.2%● 0.0% vs 08-2026
10-2026: 0.2%● 0.0% vs 09-2026
- Equity €1.2m (8.0% of total assets) raises the probability
- Liquidity: current ratio 1.02, cash €5.7m lowers the probability
- Sector Manufacture of machinery and equipment not elsewhere classified (NACE 28) raises the probability
- Founded in 1987 lowers the probability for this profile
Credit up to €100,000 at 30 days acceptable
Liquidity tight (current ratio 1.02 against 1.05 in 2024; short-term debt: 92% and cash: 38.1% of total assets), and 92% of the assets are financed with debt.
How it is calculated
The band comes from the bankruptcy probability on a scale of 0 to 100: every 10 points more double the odds of getting through the year without bankruptcy.
| 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% |
Place inside the band: half the bankruptcy probability, half how the company does against its sector peers (NACE 28, medium-sized). Better than this share of them on solvency 10%, liquidity 72%, profitability 35%, growth against the median 66%. That is performance, not lower risk; the band itself always comes from the probability.
Bankruptcy probability: model pd-v3.202610021621, computed on 03-10-2026. The model learns from Belgian bankruptcies and reads the registers, the annual accounts and the gazette.
Ceilings: negative or zero equity, a heavy loss, a special KBO legal situation and a missing filing 59 (two missing 44), an ongoing judicial reorganisation or an ending 24. Financial strength does not count in the score.
Credit check for your own amount and term
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Signals
Seven signals. The signal on the left, the evidence on the right.
−lowers risk+raises risk○neutral
raises risk · Weak solvency vs sector
Solvency (equity / total assets) is in the sector's weakest quartile: better than 10% of 379 sector peers (2025).
NBB · sector comparisonPosition among 379 sector peers
Solvency
better than 10%
← weakest
strongest →
lowers risk · Growing equity
Reported equity is higher than in 2023 and did not fall compared with 2024. These amounts do not establish the cause of the change.
NBB · annual accounts 2025Equity per financial year
1819202122232425
2018 to 2025 · latest year €1.2m
neutral · Latest accounts filed on time
The financial year that closed on 31-12-2025 was due by 31-07-2026 and was filed on 30-07-2026, 1 day ahead of the deadline.
NBB · 10 filingsDeviation from the deadline
2025
1 d early
2024
8 d early
2023
20 d early
2022
12 d early
2021
18 d early
2020
18 d early
2019
16 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 13 days before the deadline; the sector median for financial year 2024 is 11 days before the deadline, and 32% 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 19 July (5 of the last 5 filed years within 30 days of that day).
Companies Code · seven monthsPosition in the running window
04-10-2026 today31-12-2026 close31-07-2027 deadline
- Annual accounts filedfiscal year 2025 · full…
- Annual accounts filedfiscal year 2024 · full…
- Highest result since 2018net €1.9m ▲27.4%
Key points
- Caution: Among the weakest 10% on solvencysector median 41.6% · 379 companies 8.0% View
- Caution: Result fell in 2025from €1.9m to €986,141 ▼ 47.7% View
- Positive: Always filed on timeaccounts within the deadline every year 8 years View
- Positive: 8 profitable years in a rowprofit 2025: €986,141 8 years View
- Controlled by FROultimately: MASC-INVEST 89.6% View
By topic
Board & ownership
- Parent
- FRO · 89.6%
Network & group
- Group
- MASC-INVEST
Timeline
- Events
- 12
- Since
- 2017
- Next accounts
- by 31-07-2027
- 30-07-2026Annual accounts filed
- 23-07-2025Annual accounts filed
- 31-12-2024Highest result since 2018
Company details
- Sites
- 1
- Legal form
- Public limited company
- Activity
- Manufacture of machinery and equipment not elsewhere classifiedNACE 28990
- Founded
- 24-03-1987
- Year ends
- 31-12
- Peppol
- Reachable for e-invoices
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