INTERCORD
ActiveSummary
INTERCORD has been active since 1993 and the Belgian State Gazette contains no insolvency or warning signals. The 2025 annual accounts show equity of €8.39M and a net result of €1.24M. Equity is growing by ~22.3% per year across the filed fiscal years. Its solvency ranks better than 95% of 4886 sector peers (fiscal year 2025). The computed 12-month bankruptcy probability is 0.2% (very low).
Checked score
Score 2025
Axes · tick = 2024
Profitability81▲+11
Solvency100=
Growth52=
Track record100
Bankruptcy probability, 12 months
0.2%
Very low
0%0.5%1.5%4%10%≥ 25%
Credit up to €750k at 30 days acceptable
Liquidity ample (current ratio 30.8 against 10.67 in 2024; short-term debt: 3.2% and cash: 43.7% of total assets), and 3.2% of the assets are financed with debt.
Credit check for your own amount and term
Signals
Five signals. The signal on the left, the evidence on the right.
−lowers risk+raises risk○neutral
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
96.8%
Return on assets
14.3%
Age of the figures
10 mo
raises risk · Higher-failure-rate sector
In this sector companies fail more often than the Belgian average.
Gazette · bankruptcies per sector, NACE 46
Relative position
BE, all sectors
reference
Wholesale trade (NACE 46)
about 21% more bankruptcies
← fewer bankruptcies
more bankruptcies →
neutral · Latest accounts filed on time
The financial year that closed on 30-11-2025 was due by 30-06-2026 and was filed on 12-05-2026, 49 days ahead of the deadline.
NBB · 10 filingsDeviation from the deadline
2025
49 d early
2024
39 d early
2023
17 d early
2022
9 d early
2021
8 d early
2020
33 d early
2019
32 d early
← before the deadline
after the deadline →
Checked, nothing found (2)
neutral · The next deadline is still running
The next financial year closes on 30-11-2026 and is due by 30-06-2027. Nothing is late today.
Companies Code · seven monthsPosition in the running window
25-09-2026 today30-11-2026 close30-06-2027 deadline
Financials · fiscal year 2025, full schema
Turnover
€11.67M▼ 14.3%
2024 · €13.62M
2022: €19.62Mhighest in 4 years
2023: €13.10M▼ -33.2% vs 2022
2024: €13.62M▲ +3.9% vs 2023
2025: €11.67M▼ -14.3% vs 2024lowest in 4 years
2022 → 2025
EBIT margin
12.5%▲ 3.2pp
2024 · 9.3%
2022: 11.6%
2023: 11.4%▼ -1.5% vs 2022
2024: 9.3%▼ -18.3% vs 2023lowest in 4 years
2025: 12.5%▲ +34.5% vs 2024highest in 4 years
2022 → 2025
Net result
€1.24M▲ 19.9%
2024 · €1.04M
2018: €378klowest in 8 years
2019: €419k▲ +10.8% vs 2018
2020: €696k▲ +66.1% vs 2019
2021: €1.46M▲ +110% vs 2020
2022: €2.05M▲ +40.1% vs 2021highest in 8 years
2023: €1.16M▼ -43.7% vs 2022
2024: €1.04M▼ -10.3% vs 2023
2025: €1.24M▲ +19.9% vs 2024
2018 → 2025
Working capital
€8.39M▲ 17.3%
2024 · €7.15M
2018: €1.37Mlowest in 8 years
2019: €1.59M▲ +16.3% vs 2018
2020: €2.18M▲ +37.3% vs 2019
2021: €3.59M▲ +64.6% vs 2020
2022: €5.43M▲ +51.4% vs 2021
2023: €6.40M▲ +17.8% vs 2022
2024: €7.15M▲ +11.7% vs 2023
2025: €8.39M▲ +17.3% vs 2024highest in 8 years
2018 → 2025
Trend over the years
Multi-year overview
Every figure with its change against the year before
▲ rise
▼ fall
Line20212022202320242025Trend
Turnover€19.62M€13.10M▼ 33.2%€13.62M▲ 3.9%€11.67M▼ 14.3%
2022: €19.62Mhighest in 4 years
2023: €13.10M▼ -33.2% vs 2022
2024: €13.62M▲ +3.9% vs 2023
2025: €11.67M▼ -14.3% vs 2024lowest in 4 years
Equity€3.59M-€5.44M▲ 51.3%€6.40M▲ 17.8%€7.15M▲ 11.7%€8.39M▲ 17.4%
2021: €3.59Mlowest in 5 years
2022: €5.44M▲ +51.3% vs 2021
2023: €6.40M▲ +17.8% vs 2022
2024: €7.15M▲ +11.7% vs 2023
2025: €8.39M▲ +17.4% vs 2024highest in 5 years
Operating result€1.67M-€2.27M▲ 36.3%€1.49M▼ 34.2%€1.27M▼ 15.1%€1.46M▲ 15.3%
2021: €1.67M
2022: €2.27M▲ +36.3% vs 2021highest in 5 years
2023: €1.49M▼ -34.2% vs 2022
2024: €1.27M▼ -15.1% vs 2023lowest in 5 years
2025: €1.46M▲ +15.3% vs 2024
Net result€1.46M-€2.05M▲ 40.1%€1.16M▼ 43.7%€1.04M▼ 10.3%€1.24M▲ 19.9%
2021: €1.46M
2022: €2.05M▲ +40.1% vs 2021highest in 5 years
2023: €1.16M▼ -43.7% vs 2022
2024: €1.04M▼ -10.3% vs 2023lowest in 5 years
2025: €1.24M▲ +19.9% vs 2024
Result per fiscal year
Operating resultNet result
The operating result recovers in 2025; 2025 is 15% above 2024.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €8.67M
Fixed assets
€4k
Current assets
€8.67M
Equity and liabilities €8.67M
Equity
€8.39M ▲ 17.4%
Debt
€281k ▼ 61.9%
Debt's share of the balance-sheet total falls from 9.4% to 3.2%. Equity is higher and debt is lower.
Key figures and ratios
EBITDA
€1.46M
Cash flow
€1.24M
Current ratio
30.80▲
2024 · 10.67
Quick ratio
24.57▲
2024 · 8.35
Debt to equity
0.03▼
2024 · 0.10
ROE
14.8%▲
2024 · 14.5%
ROA
14.3%▲
2024 · 13.1%
Interest coverage
112.77
Debt ≤ 1 year
€281k▼
2024 · €739k
Income taxes
€415k▲
2024 · €348k
Green means a favourable move, even when the figure itself falls: as with debt or debt to equity.
Filed annual accounts As filed with the NBB · 2025 against 2024 · 66 lines
Balance sheet
Code20242025
Assets
Total assets20/58€7.89M€8.67M▲
Fixed assets21/28€0€4k▲
Tangible fixed assets22/27€0€4k▲
Plant, machinery and equipment23€0€4k▲
Furniture and vehicles24€0€0=
Current assets29/58€7.89M€8.67M▲
Stocks and contracts in progress3€1.72M€1.75M▲
Stocks30/36€1.72M€1.75M▲
Goods purchased for resale34€1.72M€1.75M▲
Amounts receivable within one year40/41€4.53M€3.09M▼
Trade receivables40€4.20M€3.06M▼
Other amounts receivable41€330k€40k▼
Cash at bank and in hand54/58€1.63M€3.79M▲
Deferred charges and accrued income490/1€8k€29k▲
Equity and liabilities
Total equity and liabilities10/49€7.89M€8.67M▲
Equity10/15€7.15M€8.39M▲
Contributions10/11€62k€62k=
Capital10€62k€62k=
Issued capital100€62k€62k=
Reserves13€7.09M€8.33M▲
Non-distributable reserves130/1€6k€6k=
Legal reserve130€6k€6k=
Tax-exempt reserves132€449€449=
Distributable reserves133€7.08M€8.32M▲
Amounts payable17/49€739k€281k▼
Amounts payable within one year42/48€739k€281k▼
Financial debts43€85k-
Credit institutions430/8€85k-
Trade debts44€102k€94k▼
Suppliers440/4€102k€94k▼
Taxes, remuneration and social security45€60k€164▼
Taxes450/3€60k€164▼
Other amounts payable47/48€493k€188k▼
Income statement
Code20242025
Operating income70/76A€13.64M€11.74M▼
Turnover70€13.62M€11.67M▼
Other operating income74€10k€624▼
Non-recurring operating income76A€12k€73k▲
Operating charges60/66A€12.37M€10.28M▼
Goods for resale, raw materials and consumables60€11.38M€9.57M▼
Purchases600/8€10.35M€9.61M▼
Change in stocks: decrease (increase)609€1.04M€-37k▼
Services and other goods61€961k€707k▼
Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630-€279
Write-downs on stocks, contracts in progress and trade receivables: additions (reversals)631/4€10k€-19k▼
Other operating charges640/8€15k€26k▲
Non-recurring operating charges66A€371€40▼
Operating profit (loss)9901€1.27M€1.46M▲
Financial income75/76B€214k€216k▲
Recurring financial income75€214k€216k▲
Other financial income752/9€214k€216k▲
Financial charges65/66B€99k€21k▼
Recurring financial charges65€99k€21k▼
Debt charges650€95k€13k▼
Other financial charges652/9€4k€8k▲
Profit (loss) for the period before taxes9903€1.38M€1.66M▲
Income taxes67/77€348k€415k▲
Taxes670/3€348k€415k▲
Profit (loss) for the period9904€1.04M€1.24M▲
Profit (loss) for the period to be appropriated9905€1.04M€1.24M▲
Appropriation of the result
Profit (loss) to be appropriated9906€1.04M€1.24M▲
Transfer from equity791/2€290k-
From reserves792€290k-
Transfer to equity691/2€1.04M€1.24M▲
To other reserves6921€1.04M€1.24M▲
Profit to be distributed694/7€290k-
Return on contributions (dividend)694€290k-
The notes to these accounts (27 items: statements of assets and debts, cost breakdowns, rights and commitments) are not shown here.
Accounts by statement
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Operating income70/76A | - | €19.66M | €13.21M | €13.64M | €11.74M | ▼ 13.9% |
| Turnover70 | - | €19.62M | €13.10M | €13.62M | €11.67M | ▼ 14.3% |
| Other operating income74 | - | €24k | €11k | €10k | €624 | ▼ 94.0% |
| Non-recurring operating income76A | €164k | €18k | €96k | €12k | €73k | ▲ 525% |
| Operating charges60/66A | - | €17.39M | €11.72M | €12.37M | €10.28M | ▼ 16.9% |
| Goods for resale, raw materials and consumables60 | - | €16.19M | €10.80M | €11.38M | €9.57M | ▼ 15.9% |
| Purchases600/8 | - | €17.28M | €11.26M | €10.35M | €9.61M | ▼ 7.1% |
| Change in stocks: decrease (increase)609 | - | €-1.09M | €-457k | €1.04M | €-37k | ▼ 104% |
| Services and other goods61 | - | €1.01M | €712k | €961k | €707k | ▼ 26.4% |
| Remuneration, social security and pensions62 | €31k | €5k | - | - | - | - |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €4k | €4k | €1k | - | €279 | - |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals)631/4 | €7k | €156k | €-126k | €10k | €-19k | ▼ 302% |
| Other operating charges640/8 | €36k | €26k | €328k | €15k | €26k | ▲ 73.2% |
| Non-recurring operating charges66A | - | - | €97 | €371 | €40 | ▼ 89.2% |
| Gross operating margin9900 | €1.74M | - | - | - | - | - |
| Operating profit (loss)9901 | €1.67M | €2.27M | €1.49M | €1.27M | €1.46M | ▲ 15.3% |
| Financial income75/76B | €346k | €585k | €244k | €214k | €216k | ▲ 1.0% |
| Recurring financial income75 | €346k | €585k | €244k | €214k | €216k | ▲ 1.0% |
| Income from current assets751 | - | €5k | - | - | - | - |
| Other financial income752/9 | - | €580k | €244k | €214k | €216k | ▲ 1.0% |
| Financial charges65/66B | €70k | €118k | €197k | €99k | €21k | ▼ 78.9% |
| Recurring financial charges65 | €70k | €118k | €197k | €99k | €21k | ▼ 78.9% |
| Debt charges650 | - | €77k | €191k | €95k | €13k | ▼ 86.4% |
| Other financial charges652/9 | - | €41k | €5k | €4k | €8k | ▲ 121% |
| Profit (loss) for the period before taxes9903 | €1.94M | €2.74M | €1.54M | €1.38M | €1.66M | ▲ 19.8% |
| Transfer from deferred taxes780 | €48k | - | - | - | - | - |
| Income taxes67/77 | €527k | €686k | €386k | €348k | €415k | ▲ 19.4% |
| Taxes670/3 | - | €686k | €386k | €348k | €415k | ▲ 19.4% |
| Profit (loss) for the period9904 | €1.46M | €2.05M | €1.16M | €1.04M | €1.24M | ▲ 19.9% |
| Transfer from tax-exempt reserves789 | €115k | - | - | - | - | - |
| Profit (loss) for the period to be appropriated9905 | €1.58M | €2.05M | €1.16M | €1.04M | €1.24M | ▲ 19.9% |
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Assets | ||||||
| Total assets20/58 | €5.26M | €8.23M | €8.11M | €7.89M | €8.67M | ▲ 9.9% |
| Fixed assets21/28 | €5k | €2k | €150 | €0 | €4k | - |
| Tangible fixed assets22/27 | €5k | €1k | - | €0 | €4k | - |
| Plant, machinery and equipment23 | - | - | - | €0 | €4k | - |
| Furniture and vehicles24 | €5k | €1k | - | €0 | €0 | - |
| Financial fixed assets28 | €150 | €150 | €150 | - | - | - |
| Other financial fixed assets284/8 | - | €150 | €150 | - | - | - |
| Amounts receivable and cash guarantees285/8 | - | €150 | €150 | - | - | - |
| Current assets29/58 | €5.26M | €8.23M | €8.11M | €7.89M | €8.67M | ▲ 9.9% |
| Stocks and contracts in progress3 | €1.21M | €2.30M | €2.76M | €1.72M | €1.75M | ▲ 2.2% |
| Stocks30/36 | €1.21M | €2.30M | €2.76M | €1.72M | €1.75M | ▲ 2.2% |
| Goods purchased for resale34 | - | €2.30M | €2.76M | €1.72M | €1.75M | ▲ 2.2% |
| Amounts receivable within one year40/41 | €2.97M | €5.00M | €5.16M | €4.53M | €3.09M | ▼ 31.6% |
| Trade receivables40 | €2.74M | €4.90M | €4.71M | €4.20M | €3.06M | ▼ 27.2% |
| Other amounts receivable41 | €236k | €107k | €445k | €330k | €40k | ▼ 87.9% |
| Cash at bank and in hand54/58 | €1.05M | €921k | €177k | €1.63M | €3.79M | ▲ 132% |
| Deferred charges and accrued income490/1 | €23k | €4k | €14k | €8k | €29k | ▲ 269% |
| Equity and liabilities | ||||||
| Total equity and liabilities10/49 | €5.26M | €8.23M | €8.11M | €7.89M | €8.67M | ▲ 9.9% |
| Equity10/15 | €3.59M | €5.44M | €6.40M | €7.15M | €8.39M | ▲ 17.4% |
| Contributions10/11 | €62k | €62k | €62k | €62k | €62k | = |
| Capital10 | €62k | €62k | €62k | €62k | €62k | = |
| Issued capital100 | €62k | €62k | €62k | €62k | €62k | = |
| Reserves13 | €3.53M | €5.37M | €6.34M | €7.09M | €8.33M | ▲ 17.5% |
| Non-distributable reserves130/1 | €6k | €6k | €6k | €6k | €6k | = |
| Legal reserve130 | €6k | €6k | €6k | €6k | €6k | = |
| Tax-exempt reserves132 | €449 | €449 | €449 | €449 | €449 | = |
| Distributable reserves133 | €3.53M | €5.37M | €6.33M | €7.08M | €8.32M | ▲ 17.5% |
| Amounts payable17/49 | €1.67M | €2.79M | €1.71M | €739k | €281k | ▼ 61.9% |
| Amounts payable within one year42/48 | €1.67M | €2.79M | €1.71M | €739k | €281k | ▼ 61.9% |
| Financial debts43 | €909k | €2.28M | €994k | €85k | - | - |
| Credit institutions430/8 | €909k | €2.28M | €994k | €85k | - | - |
| Trade debts44 | €751k | €144k | €242k | €102k | €94k | ▼ 7.9% |
| Suppliers440/4 | €751k | €144k | €242k | €102k | €94k | ▼ 7.9% |
| Taxes, remuneration and social security45 | €7k | €47 | €14k | €60k | €164 | ▼ 99.7% |
| Taxes450/3 | €320 | €47 | €14k | €60k | €164 | ▼ 99.7% |
| Remuneration and social security454/9 | €6k | - | - | - | - | - |
| Other amounts payable47/48 | - | €366k | €455k | €493k | €188k | ▼ 61.9% |
| Accrued charges and deferred income492/3 | €995 | - | - | - | - | - |
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €1.46M | €2.05M | €1.16M | €1.04M | €1.24M | ▲ 19.9% |
| + Depreciation and write-downs630 | €4k | €4k | €1k | - | €279 | - |
| Operating cash flow (approximation) | €1.47M | €2.06M | €1.16M | €1.04M | €1.24M | ▲ 19.9% |
| Investment in fixed assets (approximation) | - | €0 | €0 | €150 | €-5k | ▼ 3,191% |
| Change in cash | - | €-129k | €-744k | €1.46M | €2.15M | ▲ 47.9% |
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
Next filing, fiscal year 2026, expected by
2026
10-09
State Gazette act
Reappointment: BV Cedem-Plastics (director)Appointment: BV Cedem-Plastics (director) · Permanent representative: Christophe De Mulder4 facts ▸
State Gazette act
Reappointment: BV Cedem-Plastics (director)
Appointment: BV Cedem-Plastics (director) · Permanent representative: Christophe De Mulder4 facts ▸
- General meeting, 17-12-2025
- Director reappointment, BV Cedem-Plastics (director)
- Director appointment, BV Cedem-Plastics (director)
- Permanent representative, Christophe De Mulder (permanent representative)
12-05
NBB filing
Annual accounts filed
fiscal year 2025 · full schema
2025
30-11
Financial
Liquidity triplescurrent ratio 30.80
Current ratio from 10.67 to 30.80; short-term debt falls from €739k to €281k.
22-05
NBB filing
Annual accounts filed
fiscal year 2024 · full schema
2024
30-11
Financial
Liquidity doublescurrent ratio 10.67
Current ratio from 4.75 to 10.67; short-term debt falls from €1.71M to €739k.
13-06
NBB filing
Annual accounts filed
fiscal year 2023 · full schema
2023
21-06
NBB filing
Annual accounts filed
fiscal year 2022 · full schema
2022
30-11
Financial
Highest result since 2018net €2.05M ▲40.1%
Operating result €2.27M, net result €2.05M, both a record.
30-11
Financial
Equity above €5MEq €5.44M ▲51.3%
5 profitable years in a row build equity to €5.44M.
22-06
NBB filing
Annual accounts filed
fiscal year 2021 · abbreviated schema
2021
28-05
NBB filing
Annual accounts filed
fiscal year 2020 · abbreviated schema
2020
30-11
Financial
Equity above €2MEq €2.57M ▲37.1%
3 profitable years in a row build equity to €2.57M.
Show earlier events
29-05
NBB filing
Annual accounts filed
fiscal year 2019 · abbreviated schema
2019
04-06
NBB filing
Annual accounts filed
fiscal year 2018 · abbreviated schema
2018
23-05
NBB filing
Annual accounts filed
fiscal year 2017 · abbreviated schema
2017
30-05
NBB filing
Annual accounts filed
fiscal year 2016 · abbreviated schema
Financial milestoneState Gazette actNBB filingFinancial milestones sit on the fiscal year-end date, not the filing date.
1 of 9 acts read
About the unread acts
Of the 9 Belgian State Gazette acts we know for this company, 1 has been read. The other 8 have not been read yet: what they contain is neither established nor disproved here.
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Directors · office · real estate
Directors
1 director, last change in 2025
BV Cedem-Plastics
CurrentDirector · since 17-12-2025 · Legal entity · perm. rep.: Christophe De Mulder
17-12-2025
Mandate renewed as Director
17-12-2025
Appointed as Director
Not every act has been read: a resignation may be missing here
8 of this company's 9 Belgian State Gazette acts have not been read yet. Appointments and resignations recorded in them are missing above: a director who resigned there may therefore still show here as sitting. The acts are in the Timeline.
Location & real-estate footprint
Registered office, Dendermonde · 1 establishment unit since 1993
Ground area
1,422 m²
Building footprint
105 m²
Volume, LiDAR
395 m³
Parcel 42007A0037/00D000, Flanders · tallest building 6.9 m, ±1 floor. Linked by address, not a title deed.
1 establishment unit
Zogsebaan (GRE) 17, 9200 Dendermonde
since 19932.060.507.256
1 parcel
Flanders
1
(100%)
| Parcel (capakey) | Region | Area | Buildings | Height / fl. |
|---|---|---|---|---|
| 42007A0037/00D000 | Flanders | 1,422 m² | 1 · 105 m² | 6.9 m · 1 fl. |
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.
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Of 183 companies in sector 46411 we hold annual accounts for 112. 27 are within a factor 10 of this equity. The 5 above are the closest to it. See the whole sector
Identification & contact
Identification
Legal formPublic limited company
Founded14-01-1993
Fiscal year end30-11
Activities, NACEBEL 2025
46411Wholesale trade
46869Wholesale trade
46214Wholesale trade
46493Wholesale trade
Scores and ratios are computed by Checked and are not a credit decision.