Equity
InterCargo paid out €145,000 in dividends. That is 80% of the 2026 profit.
InterCargo paid out €145,000 in dividends. That is 80% of the 2026 profit.
The result rose in 2026 from €767 to €180,406.
The micro format states no turnover.
Of this, €422,253 falls due within a year.
In 2026, 36 people joined and 30 left.
Higher net result than 95% of companies in land transport. Sector median €9,993 · 124 companies.
The dashed line is the sector median: 1.8% across 9,092 companies (NACE 49, micro).
About 1 in 100 comparable companies go bankrupt within 12 months (an estimate).
The band follows from the bankruptcy probability. 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 49, micro). It does better than 24% of them on solvency, 17% on liquidity, 94% on profitability and 88% on growth.
The bankruptcy probability was computed on 08-11-2026 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.
The probability rests on the annual accounts with balance sheet date 31-03-2026.
Of the companies with a bankruptcy probability in the low class on 30-06-2025, 0.8% went bankrupt within twelve months.
Some facts cap the score, however low the probability. With negative or zero equity, a heavy loss, a special status in the KBO, one missing filing or accounts filed more than 90 days late, the score is Fair at most (59). With two missing filings, it is Weak at most (44). During a judicial reorganisation or at the company's end (bankruptcy, dissolution, liquidation), it is Critical at most (24).
In July 2024, 6,713 companies had the same profile as InterCargo has now. Each dot stands for 17 companies, two years later.
Another 0.2% stopped without a precise date, possibly only after those two years.
That fits the bankruptcy probability of InterCargo itself: 1.3% within 12 months.
The method was tested on the 497,447 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 6,713 companies, not a prediction for InterCargo. 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.
Liquidity is insufficient, with a current ratio of 0.84 (0.74 in 2025), below 1. Short-term debt is 70% and cash 5.8% of total assets. 88% of the assets are financed with debt and provisions.
Show the recommended maximum and see how the verdict changes with amount, term and advance.
The scores and ratios are Checked's own calculations, not a credit decision.
The company filed its last 5 accounts on average 47 days before the deadline. In the sector (NACE 49), the median for financial year 2024 was on the deadline day, and 49% of those companies filed late.
| Company | ||||
|---|---|---|---|---|
| InterCargo Ghent | €603,345 | €634,672 | 12.0% | - |
| Déménagements Michaux Namur | €698,290 | €617,904 | 88.3% | - |
| TPROFIJT Izegem | €715,951 | €686,312 | 17.1% | 6.5 |
| MDO Move Zottegem | €667,477 | €647,220 | 50.5% | 6.9 |
| TRANSVIA Liège | €486,767 | €955,814 | -335.8% | 26.7 |
| NETTIS Ixelles | €760,856 | €450,952 | 28.6% | - |
| MJTRANS Perwez | €484,669 | €449,561 | 42.5% | 4.5 |
These companies have the same main activity as InterCargo: removal services (NACE 49420). They are comparable in size and age: total assets between €485,000 and €761,000, founded between 2018 and 2022.
InterCargo files the micro format. That format states no turnover. The gross margin rose from €82,360 in 2022 to €634,672 in 2026.
The balance sheet grew most from 2023 to 2025 through fixed assets.
Sources: KBO register, filings at the National Bank, Belgian Official Gazette.
Turnover and EBIT margin are not published. The micro format does not require them. The turnover shown is an estimate from the gross margin.
Turnover ≈ €1.4m. Estimated: probably between €1.2m and €1.8m.
Higher than 20% of 5,940 companies in 2025.
Higher than 25% of 5,694 companies in 2025.
Higher than 30% of 5,757 companies in 2025.
Staff costs divided by the average number of full-time equivalents.
In 2026, 36 people joined and 30 left.
| Line | Trend | 2026 | 2025 | 2024 | 2023 | 2022 |
|---|---|---|---|---|---|---|
| Balance sheet: assets | ||||||
20/58 |
603,345 | 556,412 | 376,092 | 369,807 | 207,078 | |
21/28 |
248,106 | 304,344 | 260,656 | 175,576 | 70,414 | |
22/27 |
248,106 | 304,344 | 260,656 | 175,576 | 70,414 | |
23 |
952 | 1,877 | 2,852 | 4,098 | 1,608 | |
24 |
57,203 | 66,556 | 152,920 | 129,502 | 45,791 | |
25 |
189,952 | 235,911 | 104,885 | 41,977 | 23,015 | |
29/58 |
355,239 | 252,067 | 115,435 | 194,231 | 136,664 | |
40/41 |
320,121 | 241,701 | 111,030 | 114,036 | 87,688 | |
40 |
170,152 | 9,530 | 410 | 110,729 | 87,688 | |
41 |
149,969 | 232,171 | 110,620 | 3,307 | - | |
54/58 |
35,118 | 10,366 | 4,405 | 6,986 | 14,511 | |
490/1 |
- | - | - | 73,209 | 34,465 | |
| Balance sheet: equity and liabilities | ||||||
10/49 |
603,345 | 556,412 | 376,092 | 369,807 | 207,078 | |
10/15 |
72,415 | 37,008 | 36,242 | 31,348 | 17,659 | |
10/11 |
1,000 | 1,000 | 1,000 | 1,000 | 1,000 | |
13 |
70,000 | 35,000 | 35,000 | - | - | |
133 |
70,000 | 35,000 | 35,000 | - | - | |
14 |
1,415 | 1,008 | 242 | 30,348 | 16,659 | |
17/49 |
530,931 | 519,403 | 339,850 | 338,459 | 189,419 | |
17 |
108,678 | 178,994 | 114,440 | 63,921 | 34,254 | |
170/4 |
108,678 | 178,994 | 114,440 | 63,921 | 34,254 | |
42/48 |
422,253 | 340,409 | 225,410 | 274,538 | 155,165 | |
42 |
98,764 | 129,566 | 83,384 | 40,633 | 15,627 | |
43 |
- | 431 | - | - | - | |
430/8 |
- | 431 | - | - | - | |
44 |
201,128 | 30,305 | 79,382 | 122,009 | 58,147 | |
440/4 |
201,128 | 30,305 | 79,382 | 122,009 | 58,147 | |
46 |
- | 130,765 | 21,546 | 86,888 | 43,191 | |
45 |
121,322 | 49,341 | 41,098 | 21,299 | 23,521 | |
450/3 |
83,383 | 24,512 | 17,709 | 3,908 | 6,069 | |
454/9 |
37,939 | 24,830 | 23,389 | 17,391 | 17,452 | |
47/48 |
1,039 | - | - | 3,709 | 14,679 | |
| Income statement | ||||||
76A |
- | - | - | 1,211 | - | |
9900 |
634,672 | 364,219 | 262,186 | 152,665 | 82,360 | |
62 |
254,460 | 216,786 | 166,303 | 93,517 | 40,832 | |
630 |
85,820 | 73,841 | 59,182 | 33,683 | 18,701 | |
640/8 |
13,341 | 29,649 | 12,402 | 2,021 | 1,718 | |
9901 |
281,051 | 43,943 | 24,300 | 23,444 | 21,109 | |
75/76B |
108 | 2 | 938 | - | 688 | |
75 |
108 | 2 | 938 | - | 688 | |
65/66B |
20,338 | 25,079 | 13,721 | 6,259 | 2,408 | |
65 |
20,338 | 25,079 | 13,721 | 6,259 | 2,408 | |
9903 |
260,821 | 18,866 | 11,516 | 17,186 | 19,390 | |
67/77 |
80,415 | 18,099 | 6,623 | 3,497 | 2,730 | |
9904 |
180,406 | 767 | 4,894 | 13,689 | 16,659 | |
9905 |
180,406 | 767 | 4,894 | 13,689 | 16,659 | |
| Appropriation of the result | ||||||
9906 |
181,415 | 1,008 | 35,242 | 30,348 | 16,659 | |
14P |
1,008 | 242 | 30,348 | 16,659 | - | |
791/2 |
35,000 | - | - | - | - | |
691/2 |
70,000 | - | 35,000 | - | - | |
6921 |
70,000 | - | 35,000 | - | - | |
694/7 |
145,000 | - | - | - | - | |
694 |
145,000 | - | - | - | - | |
| Social balance sheet | ||||||
9087 |
6.4 | 6.4 | 5 | - | - | |
Hours worked1013 |
10,367 | 9,261 | 7,442 | - | - | |
| Document | ||||||
The notes to these accounts have 8 items, including the statement of assets and debts, the cost breakdown and rights and commitments. You find them in the filed accounts (PDF).
Source: Annual accounts 2026 (PDF), filed on 10-06-2026.
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-03-2026 | micro format | 10-06-2026 | 2026-00154399 | |
| 31-03-2025 | micro format | 29-10-2025 | 2025-00558004 | |
| 31-03-2024 | micro format | 30-09-2024 | 2024-00487359 | |
| 31-03-2023 | micro format | 17-10-2023 | 2023-00487241 | |
| 31-03-2022 | micro format | 15-09-2022 | 2022-20429623 |
| Line | Trend | 2026 | 2025 | 2024 | 2023 | 2022 |
|---|---|---|---|---|---|---|
| 366,871 | 117,784 | 83,481 | 57,127 | 39,810 | ||
| 266,226 | 74,608 | 64,075 | 47,372 | 35,360 | ||
| 51,056 | 234,343 | 187,365 | 167,634 | 89,115 | ||
| 24,752 | 5,961 | -2,581 | -7,525 | - | ||
| -67,014 | -88,342 | -109,975 | -80,307 | -18,501 | ||
| 12.0% | 6.7% | 9.6% | 8.5% | 8.5% | ||
| 0.84 | 0.74 | 0.51 | 0.71 | 0.88 | ||
| 7.33 | 14.03 | 9.38 | 10.80 | 10.73 | ||
| 249.1% | 2.1% | 13.5% | 43.7% | 94.3% | ||
| 29.9% | 0.1% | 1.3% | 3.7% | 8.0% | ||
| 18.04 | 4.70 | 6.08 | 9.13 | 16.53 |
A Belgian filing has no cash-flow statement. Cash flow is therefore an approximation, derived from the income statement. Investment is the acquisitions in the notes and, without them, the balance-sheet move.
| Item | 31-03-2026 | 31-03-2025 | 31-03-2024 | 31-03-2022 |
|---|---|---|---|---|
| Employees at the balance-sheet date | 11 | 5 | 7 | 2 |
| full-time | 7 | 4 | 2 | - |
| part-time | 4 | 1 | 5 | 2 |
| in full-time equivalents | 10.1 | 5 | 5.9 | 1.3 |
| 6.4 | 6.4 | 5 | - | |
| On a permanent contract | 1 | 1 | 1 | - |
| Joined | 36 | 37 | 16 | 6 |
| Left | 30 | 39 | 15 | 4 |
Source: social balance sheet in the 2022 to 2026 annual accounts
| Item | 31-03-2026 | 31-03-2025 | 31-03-2024 | 31-03-2023 | 31-03-2022 |
|---|---|---|---|---|---|
| Tangible fixed assets | €51,056 | €234,343 | €187,365 | €167,634 | €89,115 |
| €85,820 | €73,841 | €59,182 | €33,683 | €18,701 |
Source: notes to the 2022 to 2026 annual accounts (statement of fixed assets)
The operating result for 2026 is 6.4 times that of 2025 and the highest since 2022. It is the fourth rise in a row.
Debt's share of the balance-sheet total falls from 93.3% to 88.0%. Equity and debt are higher.
InterCargo has no parent and no holdings in its annual accounts. SEVER Kaan is the only director.
| Intercargo Logistics
registered office since 12-01-2026 |
founded in 2026 1032.900.639 |
The connected companies are in the list below.
Deadline for the 2027 accounts: 31-10-2027
Financial milestones sit on the financial year-end date, not the filing date.
Sources: Publications in the Belgian Official GazetteFilings with the National Bank
InterCargo was incorporated on 9 September 2020 as a private limited company by one natural person, with a starting capital of €1,000.12 SEVER Kaan is statutory director of the company, appointed by deed of 11-09-2020.2 Total assets rose from €207,078 in 2022 to €603,345 in 2026 and headcount from 5 full-time equivalents in 2024 to 6.4 in 2026.3
| Establishment | Since | Unit number |
|---|---|---|
| Désiré Mercierlaan 122 registered office 9050 Ghent | 01-10-2020 | 2.306.907.349 |
| Cadastral parcel | Area | Buildings | Height / floors |
|---|---|---|---|
| 44363B0519/00Z004 | 367 m² | 1 · 87 m² | 10.5 m · 2 |
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