INDULEK PROJECTS
ActiveSummary
INDULEK PROJECTS has been active since 2007 and the Belgian State Gazette contains no insolvency or warning signals. The 2024 annual accounts show equity of €980,607 and a net result of €142,622. Equity is growing by ~14.8% per year across the filed fiscal years. Its solvency ranks better than 40% of 2097 sector peers (fiscal year 2024). The computed 12-month bankruptcy probability is 0.7% (low).
Checked score
Score 2024
Axes · tick = 2023
Profitability61=
Solvency55▼-3
Growth78▲+26
Track record100
Bankruptcy probability, 12 months
0.7%
Low
0%0.5%1.5%4%10%≥ 25%
Credit up to €50,000 at 30 days acceptable
Liquidity tight (current ratio 1.32 against 1.36 in 2023; short-term debt: 70.2% and cash: 0.4% of total assets), and 70.2% of the assets are financed with debt.
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Signals
Four signals. The signal on the left, the evidence on the right.
−lowers risk+raises risk○neutral
raises risk · Higher-failure-rate sector
In this sector companies fail more often than the Belgian average.
Gazette · bankruptcies per sector, NACE 41
Relative position
BE, all sectors
reference
Construction of residential and non-residential buildings (NACE 41)
about 67% more 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 2024Solvency, return and age of the figures
Solvency
29.8%
Return on assets
4.3%
Age of the figures
21 mo
neutral · Filed after the deadline
The financial year that closed on 31-12-2024 was due by 31-07-2025 and was filed on 25-09-2025, 56 days later. For context: 47% of the Belgian market files late and the whole 1-to-90-day band measures 2.0% abnormal legal state against a 1.66% average. We show this as a fact and do not score it.
NBB · 10 filingsDeviation from the deadline
2025
not confirmed
2024
56 d late
2023
57 d late
2022
70 d late
2021
58 d late
2020
80 d late
2019
25 d late
← before the deadline
after the deadline →
tick = median of all Belgian filingsring = median in the sector
This company filed its last 6 accounts on average 58 days after the deadline; the sector median for financial year 2024 is on the deadline day, and 46% of the sector filed late.
Checked, nothing found (1)
History
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Financials · fiscal year 2024, abbreviated schema
In the rankings
#7 employer in Zottegem, Construction sector#7 company by equity in Zottegem, Construction sector#8 company by total assets in Zottegem, Construction sector
Equity
€980,607▲ 17.0%
2023 · €837,986
Total assets
€3.3m▲ 29.2%
2023 · €2.5m
Net result
€142,622▲ 51.8%
2023 · €93,932
Working capital
€749,421▲ 22.2%
2023 · €613,392
Trend over the years
Click a name to add, emphasise or remove a line.
Every figure with its change against the fiscal year before
favourable
unfavourable
Line20202021202220232024
Operating result€200,447▲ 19.3%€79,436▼ 60.4%€163,540▲ 106%€142,474▼ 12.9%€221,465▲ 55.4%
Net result€127,052▲ 16.5%€9,580▼ 92.5%€100,832▲ 953%€93,932▼ 6.8%€142,622▲ 51.8%
Equity€633,642▲ 25.1%€643,222▲ 1.5%€744,054▲ 15.7%€837,986▲ 12.6%€980,607▲ 17.0%
Total assets€2.1m▲ 23.8%€2.3m▲ 6.2%€2.9m▲ 27.9%€2.5m▼ 11.8%€3.3m▲ 29.2%
Debt€1.5m▲ 23.3%€1.6m▲ 8.1%€2.1m▲ 32.8%€1.7m▼ 20.3%€2.3m▲ 35.2%
Working capital€465,498▲ 51.0%€453,133▼ 2.7%€526,966▲ 16.3%€613,392▲ 16.4%€749,421▲ 22.2%
Staff (FTE)17.1▼ 8.1%16.9▼ 1.2%14.4▼ 14.8%15.3▲ 6.3%14.4▼ 5.9%
Turnover and EBIT margin not published: the abbreviated schema does not require them.
Result per fiscal year
Operating resultNet result
The operating result recovers in 2024; 2024 is 55% above 2023 and is the highest result in the available series.
Balance-sheet composition
2024 in colour, 2023 as the grey bar beneath
Assets €3.3m
Fixed assets
€231,186 ▲ 1.0%
Current assets
€3.1m ▲ 32.0%
Equity and liabilities €3.3m
Equity
€980,607 ▲ 17.0%
Debt
€2.3m ▲ 35.2%
Debt's share of the balance-sheet total rises from 67.1% to 70.2%. Equity and debt are higher.
Key figures and ratios
EBITDA
€242,961▲
2023 · €166,598
Cash flow
€164,117▲
2023 · €118,055
Current ratio
1.32▼
2023 · 1.36
Quick ratio
1.20▲
2023 · 1.01
Debt to equity
2.35▲
2023 · 2.04
ROE
14.5%▲
2023 · 11.2%
ROA
4.3%▲
2023 · 3.7%
Interest coverage
4.40▼
2023 · 4.50
Debt ≤ 1 year
€2.3m▲
2023 · €1.7m
Debt > 1 year
€0▼
2023 · €4,242
Income taxes
€65,202▲
2023 · €46,477
Staff costs
€792,328▼
2023 · €906,963
Green means a favourable move, even when the figure itself falls: as with debt or debt to equity.
Annual accounts
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | Change |
|---|---|---|---|---|---|---|
| Non-recurring operating income76A | - | €9,998 | €2,811 | €25,224 | €0 | ▼ 100% |
| Remuneration, social security and pensions62 | - | €956,367 | €863,657 | €906,963 | €792,328 | ▼ 12.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €48,459 | €37,943 | €29,414 | €24,124 | €21,495 | ▼ 10.9% |
| Other operating charges640/8 | - | €7,521 | €4,903 | €6,938 | €5,440 | ▼ 21.6% |
| Operating charges capitalised as restructuring costs649 | - | - | - | €0 | - | - |
| Non-recurring operating charges66A | - | €7,057 | €2,684 | - | - | - |
| Gross operating margin9900 | €1.2m | €1.1m | €1.1m | €1.1m | €1.0m | ▼ 3.7% |
| Operating profit (loss)9901 | €200,447 | €79,436 | €163,540 | €142,474 | €221,465 | ▲ 55.4% |
| Financial income75/76B | - | €13,478 | €16,729 | €35,751 | €43,091 | ▲ 20.5% |
| Recurring financial income75 | €9,547 | €13,478 | €16,729 | €17,017 | €18,892 | ▲ 11.0% |
| Non-recurring financial income76B | - | - | - | €18,734 | €24,199 | ▲ 29.2% |
| Financial charges65/66B | - | €31,446 | €28,645 | €37,817 | €56,733 | ▲ 50.0% |
| Recurring financial charges65 | €21,214 | €31,446 | €28,645 | €36,984 | €55,201 | ▲ 49.3% |
| Non-recurring financial charges66B | - | - | - | €833 | €1,532 | ▲ 84.0% |
| Profit (loss) for the period before taxes9903 | €188,781 | €61,469 | €151,624 | €140,408 | €207,824 | ▲ 48.0% |
| Income taxes67/77 | €61,729 | €51,889 | €50,792 | €46,477 | €65,202 | ▲ 40.3% |
| Profit (loss) for the period9904 | €127,052 | €9,580 | €100,832 | €93,932 | €142,622 | ▲ 51.8% |
| Transfer from tax-exempt reserves789 | - | €37,200 | €53,400 | €53,400 | €63,150 | ▲ 18.3% |
| Profit (loss) for the period to be appropriated9905 | €63,902 | €46,780 | €154,232 | €147,332 | €205,772 | ▲ 39.7% |
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | Change |
|---|---|---|---|---|---|---|
| Assets | ||||||
| Total assets20/58 | €2.1m | €2.3m | €2.9m | €2.5m | €3.3m | ▲ 29.2% |
| Fixed assets21/28 | €197,531 | €243,112 | €241,023 | €228,835 | €231,186 | ▲ 1.0% |
| Intangible fixed assets21 | €7,185 | €4,378 | €1,572 | €0 | €2,863 | - |
| Tangible fixed assets22/27 | €51,517 | €71,905 | €72,623 | €62,106 | €61,595 | ▼ 0.8% |
| Plant, machinery and equipment23 | - | €32,060 | €23,718 | €24,442 | €24,155 | ▼ 1.2% |
| Furniture and vehicles24 | - | €32,280 | €24,677 | €17,135 | €14,218 | ▼ 17.0% |
| Other tangible fixed assets26 | - | €7,565 | €24,227 | €20,529 | €23,222 | ▲ 13.1% |
| Financial fixed assets28 | €138,829 | €166,829 | €166,829 | €166,729 | €166,729 | = |
| Current assets29/58 | €1.9m | €2.0m | €2.6m | €2.3m | €3.1m | ▲ 32.0% |
| Stocks and contracts in progress3 | €115,339 | €568,284 | €624,534 | €598,950 | €280,697 | ▼ 53.1% |
| Stocks30/36 | - | €193,284 | €299,534 | €223,950 | €205,697 | ▼ 8.2% |
| Contracts in progress37 | - | €375,000 | €325,000 | €375,000 | €75,000 | ▼ 80.0% |
| Amounts receivable within one year40/41 | €1.3m | €1.3m | €1.8m | €1.6m | €2.7m | ▲ 63.8% |
| Trade receivables40 | - | €1.1m | €1.6m | €1.4m | €2.4m | ▲ 75.4% |
| Other amounts receivable41 | - | €157,913 | €252,500 | €266,257 | €277,008 | ▲ 4.0% |
| Cash at bank and in hand54/58 | €155,389 | €118,015 | €137,681 | €23,196 | €13,150 | ▼ 43.3% |
| Deferred charges and accrued income490/1 | - | €28,358 | €36,805 | €51,362 | €71,414 | ▲ 39.0% |
| Equity and liabilities | ||||||
| Total equity and liabilities10/49 | €2.1m | €2.3m | €2.9m | €2.5m | €3.3m | ▲ 29.2% |
| Equity10/15 | €633,642 | €643,222 | €744,054 | €837,986 | €980,607 | ▲ 17.0% |
| Contributions10/11 | - | €200,000 | €200,000 | €200,000 | €200,000 | = |
| Reserves13 | €433,642 | €443,222 | €544,054 | €637,986 | €780,607 | ▲ 22.4% |
| Tax-exempt reserves132 | - | €169,950 | €116,550 | €63,150 | €0 | ▼ 100% |
| Distributable reserves133 | - | €273,272 | €427,504 | €574,836 | €780,607 | ▲ 35.8% |
| Profit (loss) carried forward14 | €86,955 | - | - | - | - | - |
| Amounts payable17/49 | €1.5m | €1.6m | €2.1m | €1.7m | €2.3m | ▲ 35.2% |
| Amounts payable after more than one year17 | €29,387 | €49,036 | €23,935 | €4,242 | €0 | ▼ 100% |
| Financial debts170/4 | - | €49,036 | €23,935 | €4,242 | €0 | ▼ 100% |
| Amounts payable within one year42/48 | €1.5m | €1.6m | €2.1m | €1.7m | €2.3m | ▲ 35.5% |
| Current portion of amounts payable after more than one year42 | - | €601,768 | €603,229 | €561,909 | €559,154 | ▼ 0.5% |
| Financial debts43 | - | €5,642 | - | €2,287 | €12,362 | ▲ 441% |
| Credit institutions430/8 | - | €5,642 | - | €2,287 | €12,362 | ▲ 441% |
| Trade debts44 | €738,826 | €782,603 | €1.3m | €946,381 | €1.5m | ▲ 61.6% |
| Suppliers440/4 | - | €782,603 | €1.3m | €946,381 | €1.5m | ▲ 61.6% |
| Advances received on contracts in progress46 | - | €4,307 | €10,000 | €0 | - | - |
| Taxes, remuneration and social security45 | - | €71,975 | €63,131 | €91,635 | €105,850 | ▲ 15.5% |
| Taxes450/3 | - | €17,502 | €19,371 | €28,170 | €47,688 | ▲ 69.3% |
| Remuneration and social security454/9 | - | €54,473 | €43,761 | €63,465 | €58,162 | ▼ 8.4% |
| Other amounts payable47/48 | - | €92,965 | €100,465 | €100,465 | €100,465 | = |
| Accrued charges and deferred income492/3 | - | €3,988 | - | - | - | - |
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | Change |
|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €127,052 | €9,580 | €100,832 | €93,932 | €142,622 | ▲ 51.8% |
| + Depreciation and write-downs630 | €48,459 | €37,943 | €29,414 | €24,124 | €21,495 | ▼ 10.9% |
| Operating cash flow (approximation) | €175,511 | €47,523 | €130,246 | €118,055 | €164,117 | ▲ 39.0% |
| Investment in fixed assets (approximation) | - | -€83,525 | -€27,325 | -€11,936 | -€23,847 | ▼ 99.8% |
| Change in cash | - | -€37,375 | €19,666 | -€114,485 | -€10,045 | ▲ 91.2% |
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
2025
25-09
NBB filing
Annual accounts filed
fiscal year 2024 · abbreviated schema · 56 days late
2024
31-12
Financial
Highest result since 2018net €142,622 ▲51.8%
Net result €142,622, the highest in the series.
26-09
NBB filing
Annual accounts filed
fiscal year 2023 · abbreviated schema · 57 days late
2023
09-10
NBB filing
Annual accounts filed
fiscal year 2022 · abbreviated schema · 70 days late
2022
27-09
NBB filing
Annual accounts filed
fiscal year 2021 · abbreviated schema · 58 days late
2021
31-12
Financial
Weakest financial yearnet €9,580 ▼92.5%
Net result drops to €9,580, the lowest in the series; recovery starts the following year.
19-10
NBB filing
Annual accounts filed
fiscal year 2020 · abbreviated schema · 80 days late
2020
25-08
NBB filing
Annual accounts filed
fiscal year 2019 · abbreviated schema · 25 days late
2019
31-12
Financial
Equity above €500,000Eq €506,590 ▲27.4%
2 profitable years in a row build equity to €506,590.
19-07
NBB filing
Annual accounts filed
fiscal year 2018 · abbreviated schema
2018
06-07
NBB filing
Annual accounts filed
fiscal year 2017 · abbreviated schema
2017
18-08
NBB filing
Annual accounts filed
fiscal year 2016 · abbreviated schema · 18 days late
2016
28-06
NBB filing
Annual accounts filed
fiscal year 2015 · abbreviated schema
Financial milestoneNBB 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, Zottegem · 1 establishment unit since 2007
Ground area
5,152 m²
Building footprint
190 m²
Volume, LiDAR
269 m³
Parcel 41061A0528/00D000, Flanders · tallest building 6.7 m. Linked by address, not a title deed.
3
companies at this address
See who is registered here
1 establishment unit
INDULEK PROJECTS
since 20072.164.221.933
1 parcel
Flanders
1
(100%)
| Parcel (capakey) | Region | Area | Buildings | Height / fl. |
|---|---|---|---|---|
| 41061A0528/00D000 | Flanders | 5,152 m² | 1 · 190 m² | 6.7 m |
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.
Public money · subsidies and aid
Flemish government
2022 to 2025 · 6 entries · 22,046 EUR awarded · 22,700 EUR paid| Year | Entries | awarded | paid |
|---|---|---|---|
| 2025 | 2 | 7,305 EUR | 7,293 EUR |
| 2024 | 2 | 7,020 EUR | 7,800 EUR |
| 2023 | 1 | 6,416 EUR | 7,301 EUR |
| 2022 | 1 | 1,305 EUR | 306 EUR |
Recognitions · licences · registrations
Recognised contractor
6 categoriesINDULEK PROJECTS BV34513
Dual-learning approval
2 live approvals · 1 endedElektrotechnicus (vwo)
Elektrotechnicus duaal (so)
Show 1 ended approval
Industrieel elektrotechnisch installateur (so)
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Of 2,454 companies in sector 41003 we hold annual accounts for 1,055. 535 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
Founded26-07-2007
Fiscal year end31-12
Activities, NACEBEL 2025
41003General construction of other non-residential buildings
43211General electrical installation work
Scores and ratios are computed by Checked and are not a credit decision.