INNOCHEM
ActiveFinancials · financial year 2026, full format
Annual accounts 2026 filed on 10-09-2026 at the NBB all 38 filings
Turnover
€34.3m▼ 24.7%
2025 · €45.5m
EBIT margin
10.4%▼ 2.0pp
2025 · 12.4%
Net result
€2.7m▼ 41.6%
2025 · €4.6m
Working capital
€16.3m▼ 39.0%
2025 · €26.7m
In the rankings
#1 company by equity in Westerlo, Wholesale and retail trade sector#2 company by total assets in Westerlo, Wholesale and retail trade sector
Multi-year overview
2019 to 2026, 8 financial yearsTurnover
€34.3m
▼ 24.7%
2026
20192026
Operating result
€3.6m
▼ 37.1%
2026
20192026
Net result
€2.7m
▼ 41.6%
2026
20192026
EBIT margin
10.4%
▼ 2.0pp
2026
20192026
Equity
€29.5m
▲ 9.5%
2026
20192026
Total assets
€30.7m
▲ 5.3%
2026
20192026
Debt
€1.2m
▼ 46.8%
2026
20192026
Working capital
€16.3m
▼ 39.0%
2026
20192026
Solvency
96.2%
▲ 3.7pp
2026
20192026
Current ratio
15.51
▲ 1.84
2026
20192026
Return on assets (ROA)
8.7%
▼ 7.0pp
2026
20192026
Staff (FTE)
5.9
▲ 3.5%
2026
20192026
Every figure per financial year
Every figure with its change against the financial year before
favourable
unfavourable
Line20192020202120222023202420252026
Turnover€28.7m-€29.4m▲ 2.7%€15.3m▼ 48.1%€26.8m▲ 75.7%€43.2m▲ 61.0%€35.2m▼ 18.4%€45.5m▲ 29.2%€34.3m▼ 24.7%
Operating result€2.7m-€3.6m▲ 31.2%€1.9m▼ 47.3%€3.2m▲ 70.7%€4.2m▲ 32.5%€3.8m▼ 9.7%€5.7m▲ 47.6%€3.6m▼ 37.1%
Net result€2.0m-€2.6m▲ 29.0%€1.5mabove the sector's middle half▼ 41.6%€2.3mabove the sector's middle half▲ 54.8%€3.1mabove the sector's middle half▲ 32.5%€2.9mabove the sector's middle half▼ 7.1%€4.6mabove the sector's middle half▲ 59.9%€2.7m▼ 41.6%
EBIT margin9.5%-12.1%▲ 2.6pp12.3%▲ 0.2pp11.9%▼ 0.3pp9.8%▼ 2.1pp10.9%▲ 1.1pp12.4%▲ 1.5pp10.4%▼ 2.0pp
Equity€10.5m-€13.1m▲ 24.5%€14.5mabove the sector's middle half▲ 11.1%€16.7mabove the sector's middle half▲ 15.4%€19.7mabove the sector's middle half▲ 17.8%€22.5mabove the sector's middle half▲ 14.0%€27.0mabove the sector's middle half▲ 19.9%€29.5m▲ 9.5%
Total assets€14.9m-€14.5m▼ 2.3%€16.1mabove the sector's middle half▲ 10.9%€19.3mabove the sector's middle half▲ 19.7%€22.0mabove the sector's middle half▲ 13.9%€25.2mabove the sector's middle half▲ 14.4%€29.2mabove the sector's middle half▲ 15.9%€30.7m▲ 5.3%
Debt€4.4m-€1.5m▼ 66.4%€1.6m▲ 9.1%€2.6m▲ 59.4%€2.3m▼ 11.4%€2.7m▲ 17.7%€2.2m▼ 17.7%€1.2m▼ 46.8%
Working capital€13.9m-€13.0m▼ 6.3%€14.5mabove the sector's middle half▲ 11.1%€16.6mabove the sector's middle half▲ 14.3%€19.4mabove the sector's middle half▲ 17.4%€22.2mabove the sector's middle half▲ 14.0%€26.7mabove the sector's middle half▲ 20.5%€16.3m▼ 39.0%
Solvency70.5%-89.9%▲ 19.4pp90.0%above the sector's middle half▲ 0.2pp86.7%above the sector's middle half▼ 3.3pp89.7%above the sector's middle half▲ 3.0pp89.4%above the sector's middle half▼ 0.3pp92.5%above the sector's middle half▲ 3.1pp96.2%▲ 3.7pp
Current ratio16.12-9.84▼ 6.2810.01above the sector's middle half▲ 0.177.51above the sector's middle half▼ 2.509.61above the sector's middle half▲ 2.109.50above the sector's middle half▼ 0.1113.67above the sector's middle half▲ 4.1715.51▲ 1.84
Return on assets (ROA)13.4%-17.7%▲ 4.3pp9.3%within the sector's middle half▼ 8.4pp12.1%above the sector's middle half▲ 2.7pp14.0%above the sector's middle half▲ 2.0pp11.4%above the sector's middle half▼ 2.6pp15.7%above the sector's middle half▲ 4.3pp8.7%▼ 7.0pp
Staff (FTE)2.9-2.9=2.9below the sector's middle half=3.7within the sector's middle half▲ 27.6%3.9within the sector's middle half▲ 5.4%4.7within the sector's middle half▲ 20.5%5.7within the sector's middle half▲ 21.3%5.9▲ 3.5%
above
within
below
The sector band is the middle half of the companies in Wholesale trade (NACE 46). A quarter of them sit below it, a quarter above. Each year counts only accounts in the same format, and only where there are at least 30.
The operating result for 2026 is 37% lower than in 2025.
Large changes and their cause
- 2022 Turnover +76%, Net result +55% on 2021. The previous financial year ran 8 months, this one 12.
Balance-sheet composition
2026 in colour, 2025 as the grey bar beneath
Assets €30.7m
Fixed assets
€13.3m ▲ 39×
Current assets
€17.4m ▼ 39.5%
Equity and liabilities €30.7m
Equity
€29.5m ▲ 9.5%
Debt
€1.2m ▼ 46.8%
Debt's share of the balance-sheet total falls from 7.5% to 3.8%. Equity is higher and debt is lower.
Key figures and ratios
EBITDA
€3.6m▼
2025 · €5.7m
Cash flow
€2.7m▼
2025 · €4.6m
Quick ratio
9.51▼
2025 · 9.90
Debt to equity
0.04▼
2025 · 0.08
ROE
9.1%▼
2025 · 17.0%
Interest coverage
over 100
2025 · over 100
Debt ≤ 1 year
€1.1m▼
2025 · €2.1m
Income taxes
€867,897▼
2025 · €1.2m
Customer credit
73 days▼
2025 · 81 days
Supplier credit
11 days▼
2025 · 18 days
Staff costs
€601,673▲
2025 · €539,350
Green means a favourable move, even when the figure itself falls, as with debt or debt to equity.
Staff
| Item | 28-02-2022 | 28-02-2023 | 29-02-2024 | 28-02-2025 | 28-02-2026 |
|---|---|---|---|---|---|
| Employees at the balance-sheet date | - | 4 | 5 | 6 | 7 |
| full-time | - | 3 | 3 | 4 | 6 |
| part-time | - | 1 | 2 | 2 | 1 |
| in full-time equivalents | - | 3.9 | 4.7 | 5.7 | 6.5 |
| Average over the year, in full-time equivalents | 3.7 | 3.9 | 4 | 4.9 | 6.4 |
| On a permanent contract | - | 4 | 5 | 6 | 7 |
| Joined | 1 | - | 1 | 1 | 2 |
| Left | 0 | - | 0 | 0 | 1 |
Source: social balance sheet in the 2022 to 2026 annual accounts
Securities and guarantees
| Item | 28-02-2022 | 28-02-2023 | 29-02-2024 | 28-02-2025 | 28-02-2026 |
|---|---|---|---|---|---|
| Mandates to pledge the business | €1.8m | €1.8m | €1.8m | €1.8m | €1.8m |
Source: notes to the 2022 to 2026 annual accounts (statement of debts and off-balance-sheet rights and commitments)
Investments
| Item | 28-02-2022 | 28-02-2023 | 29-02-2024 | 28-02-2025 | 28-02-2026 |
|---|---|---|---|---|---|
| Tangible fixed assets | - | €118,887 | - | €16,644 | - |
| Intangible fixed assets | €183,333 | - | €150,000 | - | - |
| Financial fixed assets | - | - | - | - | €1,000 |
| Depreciation and write-downs of the year | €8,366 | €30,921 | €52,152 | €60,363 | €62,104 |
Source: notes to the 2022 to 2026 annual accounts (statement of fixed assets)
Auditor
| Item | 28-02-2022 | 28-02-2023 | 29-02-2024 | 28-02-2025 | 28-02-2026 |
|---|---|---|---|---|---|
| Fee for the audit | €12,771 | €14,015 | €10,500 | - | €10,500 |
Source: notes to the 2022 to 2026 annual accounts (relations with the auditor)
Annual accounts
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Operating income70/76A | - | - | - | €26.9m | €43.3m | €35.3m | €45.7m | €34.5m | ▼ 24.5% |
| Turnover70 | €28.7m | €29.4m | €15.3m | €26.8m | €43.2m | €35.2m | €45.5m | €34.3m | ▼ 24.7% |
| Other operating income74 | - | - | - | €0.1m | €0.05m | €0.1m | €0.1m | €0.2m | ▲ 60.4% |
| Non-recurring operating income76A | - | - | - | €0.002m | €0.02m | - | - | - | - |
| Operating charges60/66A | - | - | - | €23.7m | €39.0m | €31.5m | €40.0m | €30.9m | ▼ 22.7% |
| Goods for resale, raw materials and consumables60 | - | - | - | €22.6m | €37.0m | €29.5m | €37.7m | €28.4m | ▼ 24.5% |
| Purchases600/8 | - | - | - | €26.2m | €38.5m | €28.1m | €37.4m | €27.2m | ▼ 27.2% |
| Change in stocks: decrease (increase)609 | - | - | - | -€3.6m | -€1.5m | €1.4m | €0.3m | €1.2m | ▲ 305% |
| Services and other goods61 | - | - | - | €0.9m | €1.6m | €1.5m | €1.7m | €1.8m | ▲ 4.6% |
| Remuneration, social security and pensions62 | - | - | - | €0.3m | €0.4m | €0.4m | €0.5m | €0.6m | ▲ 11.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €0.02m | €0.02m | €0.01m | €0.008m | €0.03m | €0.05m | €0.06m | €0.06m | ▲ 2.9% |
| Other operating charges640/8 | - | - | - | €0.001m | €0.002m | €0.001m | €0.002m | €0.002m | ▼ 4.0% |
| Non-recurring operating charges66A | - | - | - | €148 | €37 | - | - | €0.003m | - |
| Operating profit (loss)9901 | €2.7m | €3.6m | €1.9m | €3.2m | €4.2m | €3.8m | €5.7m | €3.6m | ▼ 37.1% |
| Financial income75/76B | - | - | - | €1.1m | €0.4m | €0.02m | €0.2m | €0.2m | ▲ 6.1% |
| Recurring financial income75 | €0.3m | €0.2m | €0.3m | €1.1m | €0.4m | €0.02m | €0.2m | €0.2m | ▲ 7.7% |
| Income from financial fixed assets750 | - | - | - | - | - | - | - | €0.02m | - |
| Income from current assets751 | - | - | - | - | - | €0.02m | €0.1m | €0.2m | ▲ 34.2% |
| Other financial income752/9 | - | - | - | €1.1m | €0.4m | €0.006m | €0.06m | €0.01m | ▼ 79.4% |
| Non-recurring financial income76B | - | - | - | - | - | - | €0.003m | - | - |
| Financial charges65/66B | - | - | - | €1.2m | €0.3m | €0.05m | €0.03m | €0.2m | ▲ 659% |
| Recurring financial charges65 | €0.1m | €0.1m | €0.2m | €1.2m | €0.3m | €0.05m | €0.03m | €0.2m | ▲ 659% |
| Debt charges650 | €0.1m | €0.1m | - | - | - | - | €25 | €273 | ▲ 992% |
| Other financial charges652/9 | - | - | - | €1.2m | €0.3m | €0.05m | €0.03m | €0.2m | ▲ 659% |
| Profit (loss) for the period before taxes9903 | €2.8m | €3.7m | €2.0m | €3.1m | €4.3m | €3.8m | €5.8m | €3.5m | ▼ 39.2% |
| Income taxes67/77 | €0.8m | €1.1m | €0.5m | €0.8m | €1.2m | €0.9m | €1.2m | €0.9m | ▼ 30.5% |
| Taxes670/3 | - | - | - | €0.8m | €1.2m | €1.0m | €1.4m | €0.9m | ▼ 39.5% |
| Tax adjustments and reversals of tax provisions77 | - | - | - | - | - | €0.007m | €0.2m | - | - |
| Profit (loss) for the period9904 | €2.0m | €2.6m | €1.5m | €2.3m | €3.1m | €2.9m | €4.6m | €2.7m | ▼ 41.6% |
| Transfer from tax-exempt reserves789 | - | - | - | €0.6m | - | - | - | - | - |
| Profit (loss) for the period to be appropriated9905 | €2.0m | €2.6m | €1.7m | €2.9m | €3.1m | €2.9m | €4.6m | €2.7m | ▼ 41.6% |
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Assets | |||||||||
| Total assets20/58 | €14.9m | €14.5m | €16.1m | €19.3m | €22.0m | €25.2m | €29.2m | €30.7m | ▲ 5.3% |
| Fixed assets21/28 | €0.04m | €0.03m | €0.02m | €0.2m | €0.3m | €0.4m | €0.3m | €13.3m | ▲ 39× |
| Intangible fixed assets21 | - | - | - | €0.2m | €0.2m | €0.3m | €0.3m | €0.2m | ▼ 13.1% |
| Tangible fixed assets22/27 | €0.04m | €0.03m | €0.02m | €0.01m | €0.1m | €0.09m | €0.08m | €0.05m | ▼ 34.4% |
| Land and buildings22 | - | - | - | - | €0.04m | €0.03m | €0.03m | €0.03m | ▼ 14.4% |
| Plant, machinery and equipment23 | - | - | - | €0.008m | €0.002m | €0.001m | €0.002m | €0.001m | ▼ 40.1% |
| Furniture and vehicles24 | - | - | - | €0.003m | €0.08m | €0.06m | €0.05m | €0.03m | ▼ 46.4% |
| Leasing and similar rights25 | - | - | - | - | - | - | €0 | €0 | - |
| Financial fixed assets28 | €37 | €37 | €37 | €37 | €0.005m | €0.005m | €0.005m | €13.0m | ▲ 2,601× |
| Affiliated companies280/1 | - | - | - | - | - | - | - | €13.0m | - |
| Amounts receivable281 | - | - | - | - | - | - | - | €13.0m | - |
| Other financial fixed assets284/8 | - | - | - | €37 | €0.005m | €0.005m | €0.005m | €0.006m | ▲ 20.0% |
| Shares284 | - | - | - | - | - | - | - | €0.006m | - |
| Amounts receivable and cash guarantees285/8 | - | - | - | €37 | €0.005m | €0.005m | €0.005m | - | - |
| Current assets29/58 | €14.8m | €14.5m | €16.1m | €19.1m | €21.7m | €24.8m | €28.8m | €17.4m | ▼ 39.5% |
| Amounts receivable after more than one year29 | - | - | - | - | - | - | - | €0.02m | - |
| Trade receivables290 | - | - | - | - | - | - | - | €0.02m | - |
| Stocks and contracts in progress3 | €2.8m | €4.0m | €4.5m | €8.2m | €9.7m | €8.3m | €8.0m | €6.7m | ▼ 15.3% |
| Stocks30/36 | - | - | - | €8.2m | €9.7m | €8.3m | €8.0m | €6.7m | ▼ 15.3% |
| Goods purchased for resale34 | - | - | - | €8.2m | €9.7m | €8.3m | €8.0m | €6.7m | ▼ 15.3% |
| Amounts receivable within one year40/41 | €5.7m | €4.9m | €3.9m | €6.7m | €7.2m | €7.3m | €10.2m | €7.0m | ▼ 31.3% |
| Trade receivables40 | - | - | - | €6.7m | €7.1m | €7.3m | €10.1m | €6.8m | ▼ 32.4% |
| Other amounts receivable41 | - | - | - | - | €0.08m | €0.01m | €0.1m | €0.2m | ▲ 76.0% |
| Current investments50/53 | - | - | - | - | - | €2.0m | €6.0m | - | - |
| Other investments51/53 | - | - | - | - | - | €2.0m | €6.0m | - | - |
| Cash at bank and in hand54/58 | €6.3m | €5.6m | €7.6m | €4.2m | €4.8m | €7.2m | €4.6m | €3.6m | ▼ 21.8% |
| Deferred charges and accrued income490/1 | - | - | - | €0.02m | €0.03m | €0.03m | €0.05m | €0.04m | ▼ 1.8% |
| Equity and liabilities | |||||||||
| Total equity and liabilities10/49 | €14.9m | €14.5m | €16.1m | €19.3m | €22.0m | €25.2m | €29.2m | €30.7m | ▲ 5.3% |
| Equity10/15 | €10.5m | €13.1m | €14.5m | €16.7m | €19.7m | €22.5m | €27.0m | €29.5m | ▲ 9.5% |
| Contributions10/11 | €0.6m | €0.6m | €0.6m | €0.6m | €0.6m | €0.6m | €0.6m | €0.6m | = |
| Capital10 | - | - | - | €0.6m | €0.6m | €0.6m | €0.6m | €0.6m | = |
| Issued capital100 | - | - | - | €0.6m | €0.6m | €0.6m | €0.6m | €0.6m | = |
| Reserves13 | €1.0m | €1.0m | €1.0m | €1.0m | €1.0m | €1.0m | €1.0m | €1.0m | = |
| Non-distributable reserves130/1 | - | - | - | €0.06m | €0.06m | €0.06m | €0.06m | €0.06m | = |
| Legal reserve130 | - | - | - | €0.06m | €0.06m | €0.06m | €0.06m | €0.06m | = |
| Tax-exempt reserves132 | - | - | - | €0.01m | €0.01m | €0.01m | €0.01m | €0.01m | = |
| Distributable reserves133 | - | - | - | €0.9m | €0.9m | €0.9m | €0.9m | €0.9m | = |
| Profit (loss) carried forward14 | €8.9m | €11.4m | €12.9m | €15.1m | €18.1m | €20.9m | €25.3m | €27.9m | ▲ 10.2% |
| Amounts payable17/49 | €4.4m | €1.5m | €1.6m | €2.6m | €2.3m | €2.7m | €2.2m | €1.2m | ▼ 46.8% |
| Amounts payable after more than one year17 | €3.5m | - | - | - | - | - | - | - | - |
| Amounts payable within one year42/48 | €0.9m | €1.5m | €1.6m | €2.5m | €2.3m | €2.6m | €2.1m | €1.1m | ▼ 46.7% |
| Trade debts44 | €0.8m | €1.1m | €1.2m | €2.0m | €1.3m | €2.2m | €1.8m | €0.9m | ▼ 53.1% |
| Suppliers440/4 | - | - | - | €2.0m | €1.3m | €2.2m | €1.8m | €0.9m | ▼ 53.1% |
| Advances received on contracts in progress46 | - | - | - | €0.09m | - | - | - | - | - |
| Taxes, remuneration and social security45 | - | - | - | €0.3m | €0.9m | €0.3m | €0.2m | €0.2m | ▼ 7.9% |
| Taxes450/3 | - | - | - | €0.3m | €0.8m | €0.3m | €0.1m | €0.09m | ▼ 18.6% |
| Remuneration and social security454/9 | - | - | - | €0.04m | €0.04m | €0.04m | €0.07m | €0.07m | ▲ 9.3% |
| Other amounts payable47/48 | - | - | - | €0.1m | €0.1m | €0.1m | €0.1m | €0.1m | = |
| Accrued charges and deferred income492/3 | - | - | - | €0.02m | €0.01m | €0.06m | €0.09m | €0.05m | ▼ 48.5% |
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €2.0m | €2.6m | €1.5m | €2.3m | €3.1m | €2.9m | €4.6m | €2.7m | ▼ 41.6% |
| + Depreciation and write-downs630 | €0.02m | €0.02m | €0.01m | €0.008m | €0.03m | €0.05m | €0.06m | €0.06m | ▲ 2.9% |
| Operating cash flow (approximation) | €2.0m | €2.6m | €1.5m | €2.3m | €3.1m | €2.9m | €4.6m | €2.7m | ▼ 41.0% |
| Investment in fixed assets (approximation) | - | -€0.002m | -€0.003m | -€0.2m | -€0.1m | -€0.2m | -€0.02m | -€13.0m | ▼ 78,026% |
| Change in cash | - | -€0.7m | €2.0m | -€3.4m | €0.6m | €2.4m | -€2.6m | -€1.0m | ▲ 61.7% |
A Belgian filing has no cash-flow statement. These rows are therefore an approximation, derived from the income statement and the balance-sheet moves.
Historical observation
In July 2024, 31,368 companies had the same profile as INNOCHEM has now. Two years later, 93.5% were still going and 0.5% had gone bankrupt.
- Micro
- 20 years or older
- solvency 30% or more
- a profit of 5% of the balance sheet or more
93.5%
was still going
5.9%
stopped otherwise
0.5%
went bankrupt
Another 0.1% stopped without a precise date, possibly only after those two years.
That fits the bankruptcy probability of INNOCHEM itself: 0.1% within 12 months.
Test of the method
The method was tested on the 497,446 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.
| 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 31,368 companies, not a prediction for INNOCHEM. 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.
Latest 10 of 38 filings with the National Bank
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 28-02-2026 | full format | 10-09-2026 | 2026-00510091 | |
| 28-02-2025 | full format | 16-09-2025 | 2025-00493645 | |
| 29-02-2024 | full format | 16-09-2024 | 2024-00463272 | |
| 28-02-2023 | full format | 30-08-2023 | 2023-00376359 | |
| 28-02-2022 | full format | 28-09-2022 | 2022-20441616 | |
| 28-02-2021 | full format | 21-09-2021 | 2021-67800220 | |
| 30-06-2020 | full format | 12-11-2020 | 2020-70100572 | |
| 30-06-2019 | full format | 03-01-2020 | 2020-00100408 | |
| 30-06-2018 | full format | 21-12-2018 | 2018-75300314 | |
| 30-06-2017 | full format | 19-12-2017 | 2017-72200367 |