INDUMAR
ActiveSummary
INDUMAR has been active since 1998 and the Belgian Official Gazette contains no insolvency or warning signals. The 2025 annual accounts show negative equity (-€37,696) and a net result of -€11,471. Equity is growing by about 45% per year across the filed financial years. Its solvency ranks better than 5% of 4,083 sector peers (NACE 69, financial year 2025). The computed 12-month bankruptcy probability is 0.5% (very low).
Overview
- Equity
- -€37,696
- Loss
- -€11,471
Why 52raises riskCapped at 59: negative equityLiquidity: current ratio 0.85, cash €383Negative equity -€37,696lowers riskSize: total assets €212,096Sector: Legal and accounting activities (NACE 69)Show the evidence
Checked score
About 5 in 1,000 comparable companies go bankrupt within 12 months (an estimate).
How it is calculated
The band follows from the bankruptcy probability, on a scale where 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 69, micro): better than 2% on solvency, 0% on liquidity, 6% on profitability and 12% on growth.
The bankruptcy probability was computed on 19-10-2026 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.
Some facts cap the score, however low the probability. Negative or zero equity, a heavy loss, a special status in the KBO, one missing filing or accounts filed more than 90 days late hold it at Fair at most (59); two missing filings, at Weak (44). An ongoing judicial reorganisation or the company's end (bankruptcy, dissolution, liquidation) holds it at Critical at most (24).
Credit check for your own amount and term
Show the recommended maximum and see how the verdict changes with amount, term and advance.
Signals
This company filed its last 7 accounts on average 35 days before the deadline; the sector median (NACE 69) for financial year 2024 is 9 days before the deadline, and 32% of those companies filed late.
Searched, nothing found (2)
- RestructuringAppointment: Moore Audit BV (opstellen…
- Annual accounts filedfinancial year 2025 · abbreviated…
- Annual accounts filedfinancial year 2024 · abbreviated…
Financials · financial year 2025, abbreviated format
Source amounts without an identifiable currency are assumed to be EUR.
2021 to 2025, 5 financial years 2018 to 2025, 8 financial years
The operating result stays negative: a loss of €10,702 in 2025 against €4,660 in 2024; the loss grows.
What the company sold each financial year and what was left of it. A loss stands below the zero line.
What the company owns (total assets), how much of it is its own (equity) and how much it owes.
Short-term assets minus short-term debts. Above zero the company can pay its bills in the short term.
How much of each euro of turnover is left from operations (EBIT margin) and what the assets earn (return on assets).
The share of the company financed with its own means. The higher it is, the better it absorbs a shock.
Short-term assets per euro of short-term debt. Above 1 the short-term debts are covered.
Use the arrow keys on the chart for the figures per year.
Sector: the middle half of NACE 69, Legal and accounting activities: a quarter of companies sit below it, a quarter above. Each year compared with accounts in the same format, and only where there are at least 30. Dashed line: the median. Available for Net result, Equity, Total assets, Working capital, Solvency, Current ratio, Return on assets (ROA).
Peer companies
Historical observationOf the 2,796 companies that looked in July 2024 the way this one looks now, 2.1% went bankrupt within 24 months and 90.3% are still going.
- Micro
- 20 years or older
- negative equity
- a small loss
A further 1.5% stopped, but we cannot tell whether within those 24 months.
For this company itself Checked computes a bankruptcy probability of 0.5% over twelve months; the group does not contradict it.
How reliable is this rule?
Tested on the year before, without using that year itself: the groups of July 2023 gave each of the 497,472 companies of July 2024 its group's bankruptcy share. Expected: 1.6%; actually bankrupt within 24 months: 1.7%.
| 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% | 1.0% |
| 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% |
The rule ranks well: a company that went bankrupt got a higher share than one that kept going in 74.5% of comparisons. The level follows the economy: in a year with more bankruptcies, the actual share is higher than the year before.
An observation about 2,796 comparable companies, not a prediction for this company. The sector does not count: the register keeps no sector for companies that stopped, so it would make the outcome look better than it was.
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €1,914 | €845 | €204 | €204 | €204 | - | - | - | - |
| Other operating charges640/8 | - | - | - | €449 | €450 | €533 | €899 | €520 | ▼ 42.2% |
| Gross operating margin9900 | €81,026 | €81,026 | €75,407 | -€31,747 | -€26,212 | €10,477 | -€3,761 | -€10,183 | ▼ 171% |
| Operating profit (loss)9901 | €79,738 | €79,738 | €74,683 | -€32,399 | -€26,865 | €9,944 | -€4,660 | -€10,702 | ▼ 130% |
| Financial income75/76B | - | - | - | €294 | €182,511 | - | - | - | - |
| Recurring financial income75 | €0 | €1 | €1 | €294 | €195 | - | - | - | - |
| Non-recurring financial income76B | - | - | - | - | €182,316 | - | - | - | - |
| Financial charges65/66B | - | - | - | €529 | €242 | €210 | €91 | €769 | ▲ 748% |
| Recurring financial charges65 | €243 | €334 | €358 | €529 | €242 | €210 | €91 | €769 | ▲ 748% |
| Profit (loss) for the period before taxes9903 | €79,501 | €79,501 | €74,349 | -€32,634 | €155,404 | €9,733 | -€4,751 | -€11,471 | ▼ 141% |
| Income taxes67/77 | €174 | €0 | €0 | - | €11,545 | €2,598 | - | - | - |
| Profit (loss) for the period9904 | €79,501 | €79,501 | €74,349 | -€32,634 | €143,859 | €7,136 | -€4,751 | -€11,471 | ▼ 141% |
| Profit (loss) for the period to be appropriated9905 | €79,501 | €79,501 | €74,349 | -€32,634 | €143,859 | €7,136 | -€4,751 | -€11,471 | ▼ 141% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Assets | |||||||||
| Total assets20/58 | €241,640 | €291,972 | €324,036 | €327,463 | €243,189 | €264,160 | €227,929 | €212,096 | ▼ 6.9% |
| Formation expenses20 | €0 | €0 | €0 | - | - | - | - | - | - |
| Fixed assets21/28 | €817 | €817 | €613 | €204 | - | - | - | - | - |
| Intangible fixed assets21 | €817 | €817 | €613 | €204 | - | - | - | - | - |
| Tangible fixed assets22/27 | €641 | - | - | - | - | - | - | - | - |
| Financial fixed assets28 | €0 | €0 | €0 | - | - | - | - | - | - |
| Current assets29/58 | €240,824 | €291,359 | €323,627 | €327,259 | €243,189 | €264,160 | €227,929 | €212,096 | ▼ 6.9% |
| Stocks and contracts in progress3 | €210,549 | €210,549 | €210,549 | €210,549 | €210,549 | €210,549 | €210,549 | €210,549 | = |
| Stocks30/36 | - | - | - | €210,549 | €210,549 | €210,549 | €210,549 | €210,549 | = |
| Amounts receivable within one year40/41 | €1,797 | €80,810 | €113,078 | €116,415 | €31,389 | €53,059 | €17,373 | €682 | ▼ 96.1% |
| Trade receivables40 | - | - | - | €1,475 | - | €34,857 | €3,831 | - | - |
| Other amounts receivable41 | - | - | - | €114,940 | €31,389 | €18,202 | €13,542 | €682 | ▼ 95.0% |
| Current investments50/53 | €0 | €0 | €0 | - | - | - | - | - | - |
| Cash at bank and in hand54/58 | €28,478 | €28,478 | €0 | - | €1,251 | €429 | €7 | €383 | ▲ 5,360% |
| Deferred charges and accrued income490/1 | - | - | - | €294 | - | €122 | - | €481 | - |
| Equity and liabilities | |||||||||
| Total equity and liabilities10/49 | €241,640 | €291,972 | €324,036 | €327,463 | €243,189 | €264,160 | €227,929 | €212,096 | ▼ 6.9% |
| Equity10/15 | -€321,881 | -€242,380 | -€168,031 | -€172,468 | -€28,609 | -€21,474 | -€26,225 | -€37,696 | ▼ 43.7% |
| Contributions10/11 | €61,973 | €61,973 | - | €61,973 | €61,973 | €61,973 | €61,973 | €61,973 | = |
| Capital10 | - | - | - | - | €61,973 | €61,973 | €61,973 | €61,973 | = |
| Issued capital100 | - | - | - | - | €61,973 | €61,973 | €61,973 | €61,973 | = |
| Profit (loss) carried forward14 | -€389,961 | -€383,854 | -€304,354 | -€234,441 | -€90,583 | -€83,447 | -€88,198 | -€99,669 | ▼ 13.0% |
| Amounts payable17/49 | €533,071 | €484,021 | €463,869 | €499,931 | €271,799 | €285,634 | €254,153 | €249,791 | ▼ 1.7% |
| Amounts payable within one year42/48 | €533,071 | €484,021 | €463,869 | €499,931 | €271,799 | €285,634 | €254,153 | €249,791 | ▼ 1.7% |
| Financial debts43 | - | - | - | €1,963 | - | - | - | - | - |
| Credit institutions430/8 | - | - | - | €1,963 | - | - | - | - | - |
| Trade debts44 | €3,368 | €3,368 | €2,028 | €8,494 | €2,856 | €4,524 | €426 | €517 | ▲ 21.2% |
| Suppliers440/4 | - | - | - | €8,494 | €2,856 | €4,524 | €426 | €517 | ▲ 21.2% |
| Advances received on contracts in progress46 | - | - | - | - | - | - | €7,500 | €7,500 | = |
| Taxes, remuneration and social security45 | - | - | - | - | €11,900 | €14,255 | €2,598 | €1 | ▼ 100.0% |
| Taxes450/3 | - | - | - | - | €11,900 | €14,255 | €2,598 | €1 | ▼ 100.0% |
| Other amounts payable47/48 | - | - | - | €489,475 | €257,043 | €266,855 | €243,630 | €241,774 | ▼ 0.8% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €79,501 | €79,501 | €74,349 | -€32,634 | €143,859 | €7,136 | -€4,751 | -€11,471 | ▼ 141% |
| + Depreciation and write-downs630 | €1,914 | €845 | €204 | €204 | €204 | - | - | - | - |
| Operating cash flow (approximation) | €81,415 | €80,346 | €74,553 | -€32,430 | €144,063 | €7,136 | -€4,751 | -€11,471 | ▼ 141% |
| Investment in fixed assets (approximation) | - | -€845 | €0 | €204 | - | - | - | - | - |
| Change in cash | - | €0 | -€28,478 | - | - | -€822 | -€422 | €376 | - |
Simplified and derived: a Belgian filing has no cash-flow statement, so these rows come from the income statement and the balance-sheet moves.
Latest 10 of 27 filings with the National Bank
| Financial year | Type | Filed | Reference |
|---|---|---|---|
| 31-12-2025 | abbreviated format | 27-05-2026 | 2026-00121737 |
| 31-12-2024 | abbreviated format | 27-05-2025 | 2025-00107329 |
| 31-12-2023 | abbreviated format | 28-06-2024 | 2024-00175424 |
| 31-12-2022 | abbreviated format | 05-06-2023 | 2023-00109637 |
| 31-12-2021 | abbreviated format | 20-06-2022 | 2022-20073332 |
| 31-12-2020 | abbreviated format | 09-08-2021 | 2021-46700165 |
| 31-12-2019 | abbreviated format | 07-08-2020 | 2020-39600027 |
| 31-12-2018 | abbreviated format | 26-08-2019 | 2019-50000019 |
| 31-12-2017 | abbreviated format | 27-08-2018 | 2018-49700369 |
| 31-12-2016 | abbreviated format | 28-07-2017 | 2017-40400195 |
Similar companies · same sector and region
Public contracts: No European public contracts awarded found since October 2016. Contracts below the EU thresholds are not in TED.
Directors
Owners and capital
Capital and shareholders
- Suzanna Mertens 50 shares
- Tinca Secuianu 16 shares
- Elena Secuianu 16 shares
- Thomas Secuianu 16 shares
The Belgian Official Gazette names shareholders only when an act mentions them; the share register itself is not published.
- 30-09-2026 Capital stated in the deed · €61,973.38 · 1,000 shares
Group and network
Connections & network
No directors read yet: 1 of 4 Gazette acts processed.
Acquisitions and mergers
1 transactionHistory
Acts, filings and financial milestones
30-09
Gazette deed
RestructuringAppointment: Moore Audit BV (opstellen verslag) · Merger · Incorporation52 facts ▸
- Merger, “fusie door overneming, artikelen 12:2 en 12:7 WVV” (deed in Dutch)
- Board meeting, 31-08-2026
- Other provision, “desirability of merger” (deed in Dutch)
- Other provision, “legitimate economic and financial needs, verantwoord dat de betrokken vennootschappen in één juridische entiteit worden ondergebracht” (deed in Dutch)
- Incorporation, 25-07-1991
- Amendment of the articles (2 times)
- Capital, €18,600
- Shareholding, “vruchtgebruik”, 125 (deed in Dutch)
- Shareholding, “volle eigendom”, 42 (deed in Dutch) (2 times)
- Shareholding, “volle eigendom”, 41 (deed in Dutch)
- Director in office, Suzanna Mertens (sole director) (2 times)
- Other provision, “ovememende vennootschap, designation as absorbing company” (deed in Dutch)
- +40 further facts in this act
About the unread acts
Of the 4 Belgian Official Gazette deeds we know for this company, 1 has been read. The other 3 have not been read yet: what they contain is neither established nor disproved here.
Register details
If you follow this company, Checked tells you the day it leaves the Peppol register.
Register as of 20 October 2026 · Peppol Directory
Scores and ratios are computed by Checked and are not a credit decision.
Environmental permits: No permit applications found in Flanders. Brussels and Wallonia do not publish the applicant.
Sites & property
1 establishment unit
1 parcel
| Cadastral parcel | Region | Area | Buildings | Height / floors |
|---|---|---|---|---|
| 11813N0735/00Z004 | Flanders | 367 m² | 1 · 121 m² | 11.5 m · 2 |
How the parcels are linked
Articles of association
- PurposeThe activities the company may carry out under its articles.
- “-De aan- en verkoop, import en export, zowel groot- als kleinhandel of als bemiddelaar, huur, verhuur en chartering voor eigen rekening of…” (deed in Dutch)
6 activities (deed in Dutch)
- -De aan- en verkoop, import en export, zowel groot- als kleinhandel of als bemiddelaar, huur, verhuur en chartering voor eigen rekening of voor rekening van, van jachten en pleziervaartuigen, alle toebehoren, technische apparaten en onderdelen hiervoor, alle materiaal en toebehoren dienstig bij de uitoefening van de pleziervaart, sportvisserij en duiksport en dit alles zowel in België als in het buitenland.
- -Het bemiddelen, plaatsen en uitzenden van personeel voor deze schepen.
- -De verhuringen aller aard en dienstverlening aan nautische bedrijven en personen, ook voor wetenschappelijk en maritiem onderzoek, de organisatie van cursussen, bedrijfsbouwkundige trainingen, conferenties en seminaries en optreden als zaakwaamemer en beheerder van martieme patrimonia.
- -De consulting, het uitvoeren van expertise en het nazicht en controle van schepen, in het bijzonder betreffende de pleziervaart.
- -Het onderhouden en herstellen en uitgeven in onderhoud en herstelling van alle vaartuigen en hun toebehoren.
- -Het waarnemen van bestuursfuncties in ondernemingen, het verlenen van advies, management en andere diensten.
- Other provisionsOther rules from the articles that fall under none of the themes above.
- 7 more provisions in the deed, see the deed of 30-09-2026
Read from the deeds: 8 provisions, deed of 30-09-2026