Equity
€8.4m ▲ 17.4%
INTERCORD has made a profit in every financial year since 2006.
INTERCORD
Lifetime
20 annual accounts with figures on one time axis, 31 filings since 1994peak €1.7m (2021)
-not published
peak €2.1m (2022)
€1.2m▲ 19.9%
peak €8.4m (2025)
€8.4m▲ 17.4%
€281,350▼ 61.9%
peak 0.9 FTE (2021)
-not published
Board4 names since 2019
1 directorBV Cedem-Plastics
Owners2 names in the annual accounts
96%CHRISTOPHE DE MULDER and 1 other
Documentsfilings and deeds
12-05-202649 days before the deadline
2025financial year
Turnover from €13.6m to €11.7mReappointment: Baker Tilly Bedrijfsrevisoren (statutory auditor) 24-06Equity from €7.1m to €8.4mDebts from €739,237 to €281,350Investments €4,637Cash from €1.6m to €3.8m
Key points
from the 2025 annual accountsInvestments
€4,637 16.6 × depreciation
Green is investment, beige is depreciation.
Payment terms
3 days to suppliers
Customers pay 17 days earlier.
Liquidity
30.80 was 10.67 in 2024
Short-term debts fell from €739,237 to €281,350.
Filings
31 annual accounts since 1994
The last five annual accounts were filed 8 to 49 days before the end of the period.
Position in the sector
96.8%
Higher solvency than 95% of companies in wholesale trade. Sector median 45.2% · 6,192 companies.
Checked score
97
Excellent
Financially stronger than 80% of small companies in wholesale trade (NACE 46)
Probability in this band: under 0.55%
Bankruptcy probability within 12 months
< 0.1% Very low
0%0.5%1.5%4%10%≥ 25%
The dashed line is the sector median: 0.2% across 4,374 companies (NACE 46, small).
Fewer than 1 in 1,000 comparable companies go bankrupt within 12 months (an estimate).
Last 24 months
12-2024: 0.1%
01-2025: 0.1%● unchanged vs 12-2024
02-2025: 0.1%● unchanged vs 01-2025
03-2025: 0.1%● unchanged vs 02-2025
04-2025: 0.1%● unchanged vs 03-2025highest value
05-2025: 0.1%● unchanged vs 04-2025
06-2025: < 0.1%▼ -0.1 percentage points vs 05-2025
07-2025: < 0.1%● unchanged vs 06-2025
08-2025: < 0.1%● unchanged vs 07-2025
09-2025: < 0.1%● unchanged vs 08-2025
10-2025: < 0.1%● unchanged vs 09-2025
11-2025: < 0.1%● unchanged vs 10-2025
12-2025: < 0.1%● unchanged vs 11-2025
01-2026: < 0.1%● unchanged vs 12-2025
02-2026: < 0.1%● unchanged vs 01-2026
03-2026: < 0.1%● unchanged vs 02-2026
04-2026: < 0.1%● unchanged vs 03-2026
05-2026: < 0.1%● unchanged vs 04-2026
06-2026: < 0.1%● unchanged vs 05-2026
07-2026: < 0.1%● unchanged vs 06-2026
08-2026: < 0.1%● unchanged vs 07-2026lowest value
09-2026: < 0.1%● unchanged vs 08-2026lowest value
10-2026: < 0.1%● unchanged vs 09-2026lowest value
11-2026: < 0.1%● unchanged vs 10-2026lowest value
Financial strengthStrong
Score breakdown
lowers risk
Liquidity: current ratio 30.80, cash €3.8m
Founded in 1993
Equity €8.4m (96.8% of total assets)
Size: turnover €11.7m, total assets €8.7m
Calculation
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 46, small). It does better than 92% of them on solvency, 99% on liquidity, 83% on profitability and 46% 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 30-11-2025.
Of the companies with a bankruptcy probability in the very low class on 30-06-2025, 0.1% 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).
Comparable companies, two years later
In July 2024, 1,579 companies had the same profile as INTERCORD has now. Each dot stands for 4 companies, two years later.
96.6%
were still trading
3.2%
stopped another way
0.1%
went bankrupt
That fits the bankruptcy probability of INTERCORD itself: < 0.1% within 12 months.
Test of the method
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 1,579 companies, not a prediction for INTERCORD. 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.
Credit verdict
Credit of up to €800,000 on 30-day terms is acceptable
Liquidity is ample, with a current ratio of 30.8 (10.67 in 2024), above the usual 1.5. Short-term debt is 3.2% and cash 43.7% of total assets. 3.2% of the assets are financed with debt and provisions.
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The scores and ratios are Checked's own calculations, not a credit decision.
Signals
5 signals, none raises the risk
Five signals.
lowers riskneutral
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 days early
2024
39 days early
2023
17 days early
2022
9 days early
2021
8 days early
2020
33 days early
2019
32 days early
← before the deadline
after the deadline →
tick = median of all Belgian filingsring = median in the sector
The company filed its last 7 accounts on average 27 days before the deadline. In the sector (NACE 46), the median for financial year 2024 was 3 days before the deadline, and 39% of those companies filed late.
Searched, nothing found (2)
neutral · Next filing not due yet
The next financial year closes on 30-11-2026 and is due by 30-06-2027. Nothing is late today. The company usually files around 14 June (4 of the last 5 accounts filed within 30 days either side of that date).
Companies Code · seven monthsWhere today falls in the filing period
09-11-2026 today30-11-2026 year end30-06-2027 deadline
Board and ownership
- CHRISTOPHE DE MULDER 96%annual accounts 30-11-2025
- EDILBERT DE MULDER 4%annual accounts 30-11-2025
Recent changes
1 director appointed, 1 reappointment
Reappointment: BV Cedem-Plastics · Appointment: BV Cedem-Plastics · Permanent representative: Christophe De Mulder · General meeting of 17-12-2025 · Gazette deed
Registered in the Peppol Directory
Reachable for e-invoices through 0208:0449096439
Reappointment: Baker Tilly Bedrijfsrevisoren (statutory auditor)
Permanent representative: Christophe De Mulder · General meeting of 27-05-2024 · Gazette deed
Appointment: Baker Tilly Belgium Bedrijfsrevisoren CVBA (statutory auditor)
Permanent representative: Christophe De Muider · General meeting of 10-05-2022 · Gazette deed
Comparable companies
same main activity, similar in size and age| Company | ||||
|---|---|---|---|---|
| INTERCORD Dendermonde | €11.7m | 12.5% | 96.8% | - |
| ShowTex Beveren-Kruibeke-Zwijndrecht | €23.4m | 1.2% | 45.1% | 92.6 |
| TEX DEVELOPMENT Brussels | €12.3m | 0.9% | 45.0% | 1.8 |
| Verachtert Geel | €8.1m | -7.9% | 29.7% | 27.1 |
| WITRADE Ronse | €15.8m | 4.5% | 53.5% | 4.2 |
| GLOBALTEX Waregem | €34.0m | 4.1% | 17.2% | 1 |
| DECOLIS Wielsbeke | €28.7m | 6.2% | 46.4% | 2.7 |
Grey: the largest companies of the sector (wholesale trade (NACE 46)), without their names. Blue: the sector peers from the table.
These companies have the same main activity as INTERCORD: wholesale trade (NACE 46411). They are comparable in size and age: total assets between €4m and €18m, founded between 1963 and 2013.
Official details
Source: KBO- Status
- Active since 14-01-1993Normal situation
- Activity
- Wholesale tradeNACE 46411and 3 others
- Joint committee
- 200Auxiliary committee for white-collar workers · annual accounts 30-11-2023
- Establishment unit
- 2.060.507.2569200 Dendermonde, since 28-01-1993
- Financial year end
- 30 November
- Peppol
- Reachable since 04-11-2025
Annual accounts to 30-11-2025
- €8.7m▲ 9.9%
- Filing
- Filed on 12-05-2026, 49 days before the end of the filing period
Insights on INTERCORD
INTERCORD has existed since 1993. In 2008 the gross margin rose from €143,581 to €358,451.
Solvency rose in 2025 from 90.6% to 96.8% because of the retained profit and lower debts.
Sources: KBO register, filings at the National Bank, Belgian Official Gazette. Click a figure with a dotted line for the item and the filing.
Key facts about INTERCORD
- What is the company number of INTERCORD?
- The company number of INTERCORD is 0449.096.439. The VAT number is the same number with BE in front: BE 0449.096.439.
- Where is INTERCORD based?
- The registered office is at Zogsebaan 17, 9200 Dendermonde.Company details
- What does INTERCORD do?
- According to the KBO register, the main activity is wholesale trade (NACE 46411).
- What is the legal form of INTERCORD?
- INTERCORD is a public limited company (NV).
- When was INTERCORD founded?
- INTERCORD was founded on 14-01-1993.
- Is INTERCORD still active?
- Yes, INTERCORD is an active enterprise in the KBO register.
- How many employees does INTERCORD have?
- INTERCORD had an average of 0.1 full-time equivalents in financial year 2022, according to the filed annual accounts.Financials
- Which joint committee does INTERCORD fall under?
- In its 30-11-2023 annual accounts, INTERCORD states joint committee 200 (Auxiliary committee for white-collar workers).
- What is the turnover of INTERCORD?
- The turnover of INTERCORD was €11.7m in financial year 2025, according to the filed annual accounts.
- Is INTERCORD profitable?
- In financial year 2025, INTERCORD made a profit of €1.2m.
- Where can I find the annual accounts of INTERCORD?
- INTERCORD filed 31 annual accounts with the National Bank of Belgium, the latest for financial year 2025.
- When are the next annual accounts of INTERCORD due?
- INTERCORD must file the annual accounts for financial year 2026 by 30-06-2027.Timeline
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