INDONAR
ActiveSummary
INDONAR has been active since 1997 and the Belgian State Gazette contains no insolvency or warning signals. The 2025 annual accounts show equity of €1.8m and a net result of €1.2m. Equity is growing by ~6.3% per year across the filed fiscal years. Its solvency ranks better than 61% of 8765 sector peers (fiscal year 2025). The computed 12-month bankruptcy probability is 0.1% (very low).
Checked score
Score 2025
Axes · tick = 2024
Profitability68▼-10
Solvency89▲+1
Growth60=
Track record100
Bankruptcy probability, 12 months
0.1%
Very low
0%0.5%1.5%4%10%≥ 25%
Credit up to €140,000 at 30 days acceptable
Liquidity short (current ratio 0.16 against 0.18 in 2024; short-term debt: 18.9% and cash: 1% of total assets), and 36.2% of the assets are financed with debt.
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Show the recommended maximum : and see how the verdict changes with amount, term and advance.
Signals
Four signals. The signal on the left, the evidence on the right.
−lowers risk○neutral
lowers risk · Lower-failure-rate sector
In this sector companies fail less often than the Belgian average.
Gazette · bankruptcies per sector, NACE 70
Relative position
BE, all sectors
reference
Activities of head offices; management consultancy activities (NACE 70)
about 69% fewer bankruptcies
← fewer bankruptcies
more bankruptcies →
lowers risk · Long track record
A company with a long track record statistically fails less often than a young one.
KBO · incorporation dateAge against the risk zone
lowers risk · Annual accounts: healthy financial profile
The latest annual accounts show a healthy profile in solvency, result and liquidity.
NBB · annual accounts 2025Solvency, return and age of the figures
Solvency
63.8%
Return on assets
42.5%
Age of the figures
9 mo
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 12-05-2026, 80 days ahead of the deadline.
NBB · 10 filingsDeviation from the deadline
2025
80 d early
2024
14 d late
2023
20 d early
2022
on the day
2021
18 d early
2020
6 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 16 days before the deadline; the sector median for financial year 2024 is 9 days before the deadline, and 32% of the sector filed late.
Checked, nothing found (1)
History
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Financials · fiscal year 2025, abbreviated schema
In the rankings
#4 company by equity in Stekene, Professional and technical services sector#5 company by total assets in Stekene, Professional and technical services sector
Turnover
€263,723▼ 3.5%
2023 · €273,369
EBIT margin
16.2%▼ 2.9pp
2023 · 19.1%
Net result
€1.2m▲ 449%
2024 · €220,589
Working capital
-€449,665▼ 5.9%
2024 · -€424,517
Trend over the years
Click a name to add, emphasise or remove a line.Band: the middle half (P25 to P75) of NACE 70, Activities of head offices; management consultancy activities, 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
Turnover€529,070▲ 82.1%€399,726▼ 24.4%€273,369▼ 31.6%€263,723▼ 3.5%
Operating result€365,067▲ 207%€218,842▼ 40.1%€52,165▼ 76.2%€42,759▼ 18.0%€66,747▲ 56.1%
Net result€458,706above the sector's middle half▲ 617%€284,627above the sector's middle half▼ 37.9%€162,479within the sector's middle half▼ 42.9%€220,589within the sector's middle half▲ 35.8%€1.2mabove the sector's middle half▲ 449%
EBIT margin69.0%▲ 28.0pp54.7%▼ 14.3pp19.1%▼ 35.7pp16.2%▼ 2.9pp
Equity€1.7mwithin the sector's middle half▲ 38.0%€2.0mwithin the sector's middle half▲ 17.1%€1.8mwithin the sector's middle half▼ 9.1%€1.8mwithin the sector's middle half▲ 1.2%€1.8mabove the sector's middle half▲ 1.2%
Total assets€2.7mwithin the sector's middle half▲ 10.1%€2.9mwithin the sector's middle half▲ 10.0%€2.6mwithin the sector's middle half▼ 11.5%€2.9mwithin the sector's middle half▲ 10.3%€2.8mabove the sector's middle half▼ 0.3%
Debt€993,570▼ 17.8%€974,020▼ 2.0%€816,265▼ 16.2%€1.1m▲ 30.0%€1.0m▼ 2.8%
Working capital€218,646within the sector's middle half€451,594within the sector's middle half▲ 107%€12,854within the sector's middle half▼ 97.2%-€424,517below the sector's middle half-€449,665below the sector's middle half▼ 5.9%
Solvency62.6%within the sector's middle half▲ 12.7pp66.7%within the sector's middle half▲ 4.1pp68.5%within the sector's middle half▲ 1.8pp62.8%within the sector's middle half▼ 5.6pp63.8%within the sector's middle half▲ 0.9pp
Current ratio2.90within the sector's middle half▲ 2.653.91above the sector's middle half▲ 1.011.06within the sector's middle half▼ 2.850.18below the sector's middle half▼ 0.870.16below the sector's middle half▼ 0.02
Return on assets (ROA)17.2%above the sector's middle half▲ 14.6pp9.7%within the sector's middle half▼ 7.5pp6.3%within the sector's middle half▼ 3.5pp7.7%within the sector's middle half▲ 1.4pp42.5%above the sector's middle half▲ 34.8pp
Staff (FTE)2within the sector's middle half▲ 5.3%2within the sector's middle half=1.7within the sector's middle half▼ 15.0%1.7within the sector's middle half=1.4within the sector's middle half▼ 17.6%
above
within
below
the middle half (P25 to P75) of NACE 70, Activities of head offices; management consultancy activities, each year against the same schema; no band under 30 filings.
Why a figure moved sharply
- 2025 Net result +449% on 2024. This fiscal year ran 18 months, the previous one 12. The accounts now follow the abbreviated schema, last year the full schema.
Result per fiscal year
Operating resultNet result
The operating result recovers in 2025; 2025 is 56% above 2024.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €2.8m
Fixed assets
€2.8m =
Current assets
€88,808 ▼ 7.6%
Equity and liabilities €2.8m
Equity
€1.8m ▲ 1.2%
Debt
€1.0m ▼ 2.8%
Debt's share of the balance-sheet total falls from 37.2% to 36.2%. Equity is higher and debt is lower.
Key figures and ratios
EBITDA
€75,316▲
2024 · €61,697
Cash flow
€1.2m▲
2024 · €239,526
Debt to equity
0.57▼
2024 · 0.59
ROE
66.7%▲
2024 · 12.3%
Interest coverage
2.17▼
2024 · 4.67
Debt ≤ 1 year
€538,473▲
2024 · €520,624
Debt > 1 year
€473,268▼
2024 · €536,267
Income taxes
€8,090▲
2024 · €7,680
Staff costs
€211,435▲
2024 · €159,429
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 |
|---|---|---|---|---|---|---|
| Operating income70/76A | - | €402,928 | €276,357 | €266,589 | - | - |
| Turnover70 | €529,070 | €399,726 | €273,369 | €263,723 | - | - |
| Other operating income74 | - | €3,202 | €2,988 | €2,867 | - | - |
| Operating charges60/66A | - | €184,086 | €224,192 | €223,830 | - | - |
| Services and other goods61 | - | €27,569 | €47,878 | €39,933 | - | - |
| Remuneration, social security and pensions62 | - | €142,437 | €162,637 | €159,429 | €211,435 | ▲ 32.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €9,636 | €8,171 | €8,171 | €18,938 | €8,569 | ▼ 54.8% |
| Other operating charges640/8 | - | €5,909 | €5,506 | €5,530 | €11,772 | ▲ 113% |
| Gross operating margin9900 | - | - | - | - | €298,522 | - |
| Operating profit (loss)9901 | €365,067 | €218,842 | €52,165 | €42,759 | €66,747 | ▲ 56.1% |
| Financial income75/76B | - | €137,831 | €137,286 | €199,200 | €1.2m | ▲ 496% |
| Recurring financial income75 | €200,932 | €137,831 | €137,286 | €199,200 | €1.2m | ▲ 496% |
| Income from financial fixed assets750 | - | €132,800 | €132,800 | €199,200 | - | - |
| Income from current assets751 | - | €5,031 | €4,485 | - | - | - |
| Other financial income752/9 | - | - | €2 | €0 | - | - |
| Financial charges65/66B | - | €20,046 | €15,635 | €13,690 | €34,631 | ▲ 153% |
| Recurring financial charges65 | €19,787 | €20,046 | €15,635 | €13,690 | €34,631 | ▲ 153% |
| Debt charges650 | €19,787 | €19,913 | €15,512 | €13,224 | - | - |
| Other financial charges652/9 | - | €133 | €123 | €467 | - | - |
| Profit (loss) for the period before taxes9903 | €546,212 | €336,627 | €173,816 | €228,269 | €1.2m | ▲ 434% |
| Income taxes67/77 | €87,506 | €52,000 | €11,336 | €7,680 | €8,090 | ▲ 5.3% |
| Taxes670/3 | - | €52,000 | €12,000 | €8,000 | - | - |
| Tax adjustments and reversals of tax provisions77 | - | - | €664 | €320 | - | - |
| Profit (loss) for the period9904 | €458,706 | €284,627 | €162,479 | €220,589 | €1.2m | ▲ 449% |
| Profit (loss) for the period to be appropriated9905 | €458,706 | €284,627 | €162,479 | €220,589 | €1.2m | ▲ 449% |
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Assets | ||||||
| Total assets20/58 | €2.7m | €2.9m | €2.6m | €2.9m | €2.8m | ▼ 0.3% |
| Fixed assets21/28 | €2.3m | €2.3m | €2.3m | €2.8m | €2.8m | = |
| Tangible fixed assets22/27 | €904,736 | €896,565 | €888,394 | €888,581 | €887,603 | ▼ 0.1% |
| Land and buildings22 | - | €896,565 | €888,394 | €888,581 | €887,603 | ▼ 0.1% |
| Financial fixed assets28 | €1.4m | €1.4m | €1.5m | €1.9m | €1.9m | = |
| Affiliated companies280/1 | - | €1.4m | €1.5m | €1.9m | - | - |
| Participating interests280 | - | €1.4m | €1.5m | €1.9m | - | - |
| Current assets29/58 | €333,796 | €607,044 | €239,939 | €96,107 | €88,808 | ▼ 7.6% |
| Amounts receivable after more than one year29 | - | €256,986 | €7,500 | - | - | - |
| Other amounts receivable291 | - | €256,986 | €7,500 | - | - | - |
| Amounts receivable within one year40/41 | €89,163 | €250,888 | €74,692 | €71,409 | €61,006 | ▼ 14.6% |
| Trade receivables40 | - | €110,088 | €74,692 | €64,409 | €54,148 | ▼ 15.9% |
| Other amounts receivable41 | - | €140,800 | - | €7,000 | €6,858 | ▼ 2.0% |
| Cash at bank and in hand54/58 | €43,283 | €91,174 | €157,748 | €24,698 | €27,611 | ▲ 11.8% |
| Deferred charges and accrued income490/1 | - | €7,996 | - | - | €192 | - |
| Equity and liabilities | ||||||
| Total equity and liabilities10/49 | €2.7m | €2.9m | €2.6m | €2.9m | €2.8m | ▼ 0.3% |
| Equity10/15 | €1.7m | €2.0m | €1.8m | €1.8m | €1.8m | ▲ 1.2% |
| Contributions10/11 | - | €6,200 | €6,200 | €6,200 | €6,200 | = |
| Reserves13 | €1.6m | €1.9m | €1.8m | €1.8m | €1.8m | = |
| Non-distributable reserves130/1 | - | €1,859 | €1,859 | - | - | - |
| Reserves not available under the articles1311 | - | €1,859 | €1,859 | - | - | - |
| Distributable reserves133 | - | €1.9m | €1.8m | €1.8m | €1.8m | = |
| Profit (loss) carried forward14 | €18,107 | €42,735 | €5,214 | €13,462 | €35,011 | ▲ 160% |
| Amounts payable17/49 | €993,570 | €974,020 | €816,265 | €1.1m | €1.0m | ▼ 2.8% |
| Amounts payable after more than one year17 | €873,221 | €813,070 | €584,679 | €536,267 | €473,268 | ▼ 11.7% |
| Financial debts170/4 | - | €813,070 | €584,679 | €536,267 | €473,268 | ▼ 11.7% |
| Credit institutions173 | - | €280,104 | €207,590 | €133,504 | - | - |
| Other loans174 | - | €532,966 | €377,089 | €402,763 | - | - |
| Amounts payable within one year42/48 | €115,149 | €155,450 | €227,086 | €520,624 | €538,473 | ▲ 3.4% |
| Current portion of amounts payable after more than one year42 | - | €71,001 | €72,513 | €74,086 | €76,491 | ▲ 3.2% |
| Financial debts43 | - | €50,000 | - | €12,543 | €7,787 | ▼ 37.9% |
| Credit institutions430/8 | - | €50,000 | - | €12,543 | €7,787 | ▼ 37.9% |
| Trade debts44 | €5,727 | €7,383 | €8,383 | €3,827 | €7,710 | ▲ 101% |
| Suppliers440/4 | - | €7,383 | €8,383 | €3,827 | €7,710 | ▲ 101% |
| Taxes, remuneration and social security45 | - | €27,067 | €144,692 | €20,107 | €36,426 | ▲ 81.2% |
| Taxes450/3 | - | €12,871 | €125,592 | €176 | €18,584 | ▲ 10,437% |
| Remuneration and social security454/9 | - | €14,196 | €19,100 | €19,931 | €17,842 | ▼ 10.5% |
| Other amounts payable47/48 | - | - | €1,498 | €410,060 | €410,060 | = |
| Accrued charges and deferred income492/3 | - | €5,500 | €4,500 | €4,400 | €19,724 | ▲ 348% |
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €458,706 | €284,627 | €162,479 | €220,589 | €1.2m | ▲ 449% |
| + Depreciation and write-downs630 | €9,636 | €8,171 | €8,171 | €18,938 | €8,569 | ▼ 54.8% |
| Operating cash flow (approximation) | €468,342 | €292,798 | €170,650 | €239,526 | €1.2m | ▲ 409% |
| Investment in fixed assets (approximation) | - | €0 | -€40,000 | -€429,185 | -€7,590 | ▲ 98.2% |
| Change in cash | - | €47,891 | €66,574 | -€133,050 | €2,913 | ▲ 102% |
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
2026
11-06
State Gazette act
Board meeting · Merger
Corporate purpose · Shareholding
11-06
State Gazette act
Board meeting · Demerger
Merger · Accounting effect
11-06
State Gazette act
Share issue · Shareholding
Merger · Other statement
11-06
State Gazette act
Board meeting · Demerger
Merger · Accounting effect
12-05
NBB filing
Annual accounts filed
fiscal year 2025 · abbreviated schema
2025
31-12
Financial
Highest result since 2019net €1.2m ▲449%
Net result €1.2m, the highest in the series.
14-02
NBB filing
Annual accounts filed
fiscal year 2024 · full schema · 14 days late
2024
11-01
NBB filing
Annual accounts filed
fiscal year 2023 · full schema
2023
31-01
NBB filing
Annual accounts filed
fiscal year 2022 · full schema
2022
13-01
NBB filing
Annual accounts filed
fiscal year 2021 · full schema
2021
30-06
Financial
Liquidity times 12current ratio 2.90
Current ratio from 0.25 to 2.90; short-term debt falls from €306,050 to €115,149.
25-01
NBB filing
Annual accounts filed
fiscal year 2020 · full schema
Show earlier events
2020
30-06
Financial
Weakest financial yearnet €63,940 ▼36.6%
Net result drops to €63,940, the lowest in the series; recovery starts the following year.
27-01
NBB filing
Annual accounts filed
fiscal year 2019 · full schema
2019
15-01
NBB filing
Annual accounts filed
fiscal year 2018 · full schema
2018
23-01
NBB filing
Annual accounts filed
fiscal year 2017 · full schema
2017
27-02
NBB filing
Annual accounts filed
fiscal year 2016 · full schema · 27 days late
Financial milestoneState Gazette actNBB filingFinancial milestones sit on the fiscal year-end date, not the filing date.
0 of 6 acts read
About the unread acts
We know of 6 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
6 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, Stekene · 1 establishment unit since 1997
Ground area
3,205 m²
Building footprint
526 m²
Volume, LiDAR
2,849 m³
2 parcels, Flanders · tallest building 24.2 m, ±2 floors. Linked by address, not a title deed.
1 establishment unit
Berkenlaan 4, 2390 Malle
since 19972.084.753.494
2 parcels
Flanders
2
(100%)
| Parcel (capakey) | Region | Area | Buildings | Height / fl. |
|---|---|---|---|---|
| 11049C0131/00M002 | Flanders | 1,755 m² | 1 · 198 m² | 24.2 m · 2 fl. |
| 46024A1432/00C000 | Flanders | 1,450 m² | 1 · 328 m² | 4.7 m · 1 fl. |
Linked by address, not proof of ownership
Good to know
2 of 2 parcels 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 owners · 2 holdingsChain of control
- VD PRO GROUP INVEST II
- INDONAR
Highest known parent: VD PRO GROUP INVEST II. The sources do not say who stands above it.
Owners 2
-
100%
- VD Pro Holdparent100%
Holdings 2
-
100%
-
72.15%
According to the 2025 annual accounts of INDONAR 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.
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Of 82,646 companies in sector 70200 we hold annual accounts for 52,627. 21,273 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
Founded10-12-1997
Fiscal year end31-12
Activities, NACEBEL 2025
70200Business and other management consultancy
E-invoicing
Reachable via Peppol
Peppol ID
0208:0462073851
Registered
27-03-2026
If you follow this company, Checked tells you the day it leaves the Peppol register.
Register as of 29 September 2026 · Peppol Directory
Scores and ratios are computed by Checked and are not a credit decision.