INTERMAT has been active since 1999 and the Belgian Official Gazette contains no insolvency or warning signals. The 2025 annual accounts show equity of €5.9m and a net result of €684,176, of which €672,809 non-recurring income. Equity has been growing by about 14% per year since 2018. Its solvency ranks better than 61% of 543 sector peers (NACE 77, financial year 2025). The computed 12-month bankruptcy probability is 0.1% (very low).
Score breakdownraises riskLiquidity: current ratio 1.84, cash €680,989lowers riskFounded in 1999Profit of €684,176 (financial year 2025)Equity €5.9m (55.1% of total assets)Show the evidence
Checked score
Score 2025
Checked score
The higher the Checked score (0 to 100), the smaller the chance that the company goes bankrupt within twelve months. That chance sets the band, from Critical to Excellent, and within the band how the company does against its sector peers counts too. With a low score, agree a shorter payment term, an advance or security.
94/ 100
Excellent
Probability in this band: under 0.55%
Financially stronger than 53% of small companies in rental and leasing (NACE 77)
Financial strength measures the balance sheet and the results with three figures out of 100 from the latest annual accounts: solvency, liquidity and profitability. It does not directly set the Checked score's band. How the company does against its sector peers on these and on growth does count for its place within the band.
Strong
Solvency80+3
equity 55.1% of total assets
Liquidity40-1
short-term debt 38.5% · cash 6.4%
Profitability61+37
return on assets 6.4%
Bankruptcy probability within 12 months
Bankruptcy probability
It is the chance that the company goes bankrupt within twelve months, estimated from the registers, the annual accounts and the Belgian Official Gazette. At 0.2%, about 2 in 1,000 comparable companies go bankrupt. The higher it is, the shorter the payment term to agree.
0.1%Very low
0%0.5%1.5%4%10%≥ 25%
About 1 in 1,000 comparable companies go bankrupt within 12 months (an estimate).
Sector median 0.2% (465 companies, NACE 77, small)
Last 24 months11-2024: 0.3%12-2024: 0.3%● unchanged vs 11-202401-2025: 0.3%● unchanged vs 12-202402-2025: 0.2%▼ -0.1 percentage points vs 01-202503-2025: 0.2%● unchanged vs 02-202504-2025: 0.3%▲ +0.1 percentage points vs 03-202505-2025: 0.1%▼ -0.2 percentage points vs 04-202506-2025: 0.1%● unchanged vs 05-202507-2025: 0.4%▲ +0.3 percentage points vs 06-202508-2025: 0.4%● unchanged vs 07-202509-2025: 0.4%● unchanged vs 08-202510-2025: 0.4%● unchanged vs 09-202511-2025: 0.4%● unchanged vs 10-202512-2025: 0.4%● unchanged vs 11-202501-2026: 0.4%● unchanged vs 12-202502-2026: 0.3%▼ -0.1 percentage points vs 01-202603-2026: 0.3%● unchanged vs 02-202604-2026: 0.4%▲ +0.1 percentage points vs 03-202605-2026: 0.4%● unchanged vs 04-202606-2026: 0.4%● unchanged vs 05-2026highest value07-2026: 0.1%▼ -0.3 percentage points vs 06-2026lowest value08-2026: 0.1%● unchanged vs 07-2026lowest value09-2026: 0.1%● unchanged vs 08-2026lowest value10-2026: 0.1%● unchanged vs 09-2026lowest value
Credit of up to €550,000 on 30-day terms is acceptable
Liquidity is ample, with a current ratio of 1.84 (1.67 in 2024), above the usual 1.5. Short-term debt is 38.5% and cash 6.4% of total assets. 44.9% of the assets are financed with debt and provisions.
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 77, small). It does better than 69% of them on solvency, 40% on liquidity, 34% on profitability and 69% on growth.
The bankruptcy probability was computed on 31-10-2026 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. 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).
Credit check for an amount and term of your choice
tick = median of all Belgian filingsring = median in the sector
The company filed its last 7 accounts on average 52 days before the deadline. In the sector (NACE 77), 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 31-12-2026 and is due by 31-07-2027. Nothing is late today. The company usually files around 6 June (5 of the last 5 filed years within 30 days of that day).
The EBIT margin is the share of each euro of revenue left from ordinary operations. The higher it is, the more room the company has to absorb a setback.
The net result is what is left after all costs and taxes. One loss year is not an alarm on its own. After several loss years in a row, it pays to find out why.
Working capital is what is left when the company pays its short-term debts with its short-term assets. Positive means it can pay its bills in the short term.
Total assets€10.7m2025Equity€5.9m2025Debt€4.8m2025
Above zero, the company can pay its short-term debts with what it holds in the short term.
Working capital€3.5m2025
The EBIT margin is the share of each euro of turnover left from operations. The return on assets is what the assets earn.
EBIT margin0.3%2025Return on assets (ROA)6.4%2025
The higher the solvency, the better the company absorbs a setback.
Solvency55.1%2025
A ratio above 1 means the short-term assets cover the short-term debts.
Current ratio1.842025
Average staff per financial year, in full-time equivalents (FTE).
Staff (FTE)37.42025
Use the arrow keys on the chart for the figures per year.
The sector band is the middle half of the companies in Rental and leasing activities (NACE 77). 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 dashed line is the median. There is a sector band for net result, equity, total assets, working capital, solvency, current ratio, return on assets (ROA) and staff (FTE).
Every figure with its change against the financial year before
Net result€0.6m-€0.4m▼ 30.8%€1.0mabove the sector's middle half▲ 150%€1.3mabove the sector's middle half▲ 30.0%€1.3mabove the sector's middle half▼ 0.2%€0.6mabove the sector's middle half▼ 55.6%-€0.4mbelow the sector's middle half€0.7mabove the sector's middle half
Equity€1.6m-€2.0m▲ 24.9%€3.0mwithin the sector's middle half▲ 49.9%€4.3mabove the sector's middle half▲ 39.9%€5.4mabove the sector's middle half▲ 27.3%€5.8mabove the sector's middle half▲ 8.0%€5.4mabove the sector's middle half▼ 7.5%€5.9mabove the sector's middle half▲ 8.8%
Total assets€10.2m-€9.4m▼ 8.0%€10.5mabove the sector's middle half▲ 12.6%€10.6mabove the sector's middle half▲ 0.8%€11.3mabove the sector's middle half▲ 6.4%€10.7mabove the sector's middle half▼ 5.4%€10.4mabove the sector's middle half▼ 2.8%€10.7mwithin the sector's middle half▲ 2.5%
Working capital€0.1m-€1.0m▲ 605%€1.0mabove the sector's middle half▼ 3.3%€1.9mabove the sector's middle half▲ 103%€2.7mabove the sector's middle half▲ 38.7%€2.8mabove the sector's middle half▲ 5.6%€2.2mabove the sector's middle half▼ 21.4%€3.5mabove the sector's middle half▲ 55.7%
Solvency15.9%-21.6%▲ 5.7pp28.8%within the sector's middle half▲ 7.2pp40.0%within the sector's middle half▲ 11.2pp47.8%within the sector's middle half▲ 7.8pp54.6%within the sector's middle half▲ 6.8pp51.9%within the sector's middle half▼ 2.7pp55.1%within the sector's middle half▲ 3.2pp
Current ratio1.02-1.21▲ 0.191.22within the sector's middle half▲ 0.011.51within the sector's middle half▲ 0.291.71within the sector's middle half▲ 0.201.95within the sector's middle half▲ 0.241.67within the sector's middle half▼ 0.281.84within the sector's middle half▲ 0.18
Return on assets (ROA)5.7%-4.3%▼ 1.4pp9.6%above the sector's middle half▲ 5.3pp12.3%above the sector's middle half▲ 2.8pp11.6%above the sector's middle half▼ 0.8pp5.4%within the sector's middle half▼ 6.1pp-4.2%below the sector's middle half▼ 9.7pp6.4%within the sector's middle half▲ 10.6pp
Staff (FTE)33.8-34.4▲ 1.8%35.7above the sector's middle half▲ 3.8%38.7above the sector's middle half▲ 8.4%37.2above the sector's middle half▼ 3.9%35.6above the sector's middle half▼ 4.3%34.7above the sector's middle half▼ 2.5%37.4above the sector's middle half▲ 7.8%
abovewithinbelowThe sector band is the middle half of the companies in Rental and leasing activities (NACE 77). 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.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €10.7m
29.0%
71.0%
Fixed assets€3.1m ▼ 35.9%
Current assets€7.6m ▲ 35.9%
Equity and liabilities €10.7m
55.1%
44.9%
Equity€5.9m ▲ 8.8%
Debt€4.8m ▼ 4.2%
Debt's share of the balance-sheet total falls from 48.1% to 44.9%. Equity is higher and debt is lower.
Key figures and ratios
2025 value · change against 2024
EBITDA
€541,223▲
2024 · €128,020
Cash flow
€1.2m▲
2024 · €65,420
Quick ratio
0.96▲
2024 · 0.78
Debt to equity
0.82▼
2024 · 0.93
ROE
11.6%▲
2024 · -8.1%
Interest coverage
9.00▲
2024 · 1.33
Debt ≤ 1 year
€4.1m▲
2024 · €3.3m
Debt > 1 year
€682,789▼
2024 · €1.6m
Income taxes
€1,810▲
2024 · €1,569
Staff costs
€3.1m▲
2024 · €2.8m
Green means a favourable move, even when the figure itself falls, as with debt or debt to equity.
Companies with the same profile, two years later
Historical observation
Companies with the same profile, two years later
The figures are counted, not predicted. They describe the group, not INTERMAT.
In July 2024, 20,136 companies had the same profile as INTERMAT has now. Two years later, 0.2% had gone bankrupt and 95.0% were still going.
Small
20 years or older
solvency 30% or more
a profit of 5% of the balance sheet or more
0.2%went bankrupt
4.7%stopped otherwise
95.0%was still going
That fits the bankruptcy probability of INTERMAT itself: 0.1% within 12 months.
Test of the method
The method was tested on the 497,445 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.
The companies in ten equal groups, from the lowest to the highest expected share
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 20,136 companies, not a prediction for INTERMAT. 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.
Annual accounts
Filed annual accountsAs filed with the NBB · 2025 against 2024 · 88 lines
Amounts receivable and cash guarantees285/8€0.03m€0.03m▲
Current assets29/58€5.6m€7.6m▲
Stocks and contracts in progress3€3.0m€3.6m▲
Stocks30/36€3.0m€3.6m▲
Goods purchased for resale34€3.0m€3.6m▲
Amounts receivable within one year40/41€2.1m€3.2m▲
Trade receivables40€2.1m€3.1m▲
Other amounts receivable41€0.05m€0.09m▲
Cash at bank and in hand54/58€0.4m€0.7m▲
Deferred charges and accrued income490/1€0.05m€0.1m▲
Equity and liabilities
Total equity and liabilities10/49€10.4m€10.7m▲
Equity10/15€5.4m€5.9m▲
Contributions10/11€0.8m€0.8m=
Capital10€0.8m€0.8m=
Issued capital100€0.8m€0.8m=
Reserves13€4.6m€5.1m▲
Non-distributable reserves130/1€0.08m€0.08m=
Legal reserve130€0.08m€0.08m=
Tax-exempt reserves132€1.2m€0.3m▼
Distributable reserves133€3.3m€4.7m▲
Amounts payable17/49€5.0m€4.8m▼
Amounts payable after more than one year17€1.6m€0.7m▼
Financial debts170/4€1.6m€0.7m▼
Leasing and similar obligations172€0.3m€0.5m▲
Credit institutions173€1.3m€0.2m▼
Amounts payable within one year42/48€3.3m€4.1m▲
Current portion of amounts payable after more than one year42€0.5m€0.5m▼
Financial debts43€0.2m€0.06m▼
Credit institutions430/8€0.2m€0.06m▼
Trade debts44€2.2m€2.6m▲
Suppliers440/4€2.2m€2.6m▲
Advances received on contracts in progress46€0.03m€0.04m▲
Taxes, remuneration and social security45€0.5m€0.7m▲
Taxes450/3€0.1m€0.4m▲
Remuneration and social security454/9€0.3m€0.4m▲
Other amounts payable47/48-€0.2m
Accrued charges and deferred income492/3€0.01m€0.005m▼
Income statementCode20242025
Operating income70/76A€19.7m€22.7m▲
Turnover70€19.2m€22.1m▲
Other operating income74€0.5m€0.5m▲
Non-recurring operating income76A€0.01m€0.02m▲
Operating charges60/66A€20.1m€22.6m▲
Goods for resale, raw materials and consumables60€13.9m€16.3m▲
Purchases600/8€14.2m€17.1m▲
Change in stocks: decrease (increase)609-€0.2m-€0.7m▼
Services and other goods61€2.6m€2.5m▼
Remuneration, social security and pensions62€2.8m€3.1m▲
Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630€0.5m€0.5m▼
Write-downs on stocks, contracts in progress and trade receivables: additions (reversals)631/4€0.1m€0.1m▼
Other operating charges640/8€0.09m€0.08m▼
Non-recurring operating charges66A-€0.03m
Operating profit (loss)9901-€0.4m€0.07m▲
Financial income75/76B€0.07m€0.7m▲
Recurring financial income75€0.07m€0.06m▼
Income from current assets751€0.01m€0.004m▼
Other financial income752/9€0.05m€0.06m▲
Non-recurring financial income76B-€0.6m
Financial charges65/66B€0.1m€0.09m▼
Recurring financial charges65€0.1m€0.09m▼
Debt charges650€0.1m€0.06m▼
Other financial charges652/9€0.03m€0.03m▲
Profit (loss) for the period before taxes9903-€0.4m€0.7m▲
Income taxes67/77€0.002m€0.002m▲
Taxes670/3€0.002m€0.002m▲
Profit (loss) for the period9904-€0.4m€0.7m▲
Transfer from tax-exempt reserves789€0.4m€0.9m▲
Profit (loss) for the period to be appropriated9905-€0.05m€1.6m▲
Appropriation of the result
Profit (loss) to be appropriated9906-€0.05m€1.6m▲
Transfer from equity791/2€0.05m-
From reserves792€0.05m-
Transfer to equity691/2-€1.4m
To other reserves6921-€1.4m
Profit to be distributed694/7-€0.2m
Directors or managers695-€0.2m
Social balance sheet
Average headcount (FTE)908734.737.4▲
The notes to these accounts have 83 items, including the statement of assets and debts, the cost breakdown and rights and commitments. You find them in the filed accounts (PDF).
These companies have the same main activity as INTERMAT: rental and leasing activities (NACE 77221). They are comparable in size and age: total assets between €4.7m and €36m, founded between 1986 and 2013.
They were chosen from the 128 other active companies with that main activity and annual accounts from the past two years. All companies with this main activity
Subsidies and aid
Flemish government
Flemish government
The Flemish government granted these subsidies and aid to the company. Such aid usually goes with a project, with conditions the company must meet.
Director · since 29-11-2024 · Private limited company · permanent representative: Olivier Strobbe · listed in the 2025 annual accounts, filed on 12-06-2026
Director · since 29-11-2024 · Private limited company · permanent representative: Tom Verhulst · listed in the 2025 annual accounts, filed on 12-06-2026
Director · since 29-11-2024 · Private limited company · permanent representative: Kristof Dockers · listed in the 2025 annual accounts, filed on 12-06-2026
Current
BA
BV ALCYVER
Director (not named in the articles) · since 10-02-2026 · Legal entity · permanent representative: Len Vandekerckhove · listed in the 2025 annual accounts, filed on 12-06-2026
Current
Day-to-day management 2
BA
BV ALCYVER
Managing director · appointed in the act of 16-02-2026 · Legal entity · permanent representative: Len Vandekerckhove
Each bar is one period in a function, from appointment to resignation or to today. An open left edge means the mandate began before its first mention. An open right edge means the mandate ended without a stated end date.
Director, appointed in the act of 23-12-2024, until 23-12-2024
Persoon belast met bepaalde taken van dagelijks bestuur (zoals nader bepaald door de raad van bestuur), appointed in the act of 23-12-2024, ended, last mentioned on 23-12-2024
Director (not named in the articles), until 10-02-2026
The board according to the articles of association
Signing authorityThe articles say who may bind the company, for example by signing a contract.
“b/ Benoeming van BV ALCYVER als gedelegeerde bestuurder Het bestuursorgaan beslist tot de benoeming van BV ALCYVER, met zetel te 8710…”
“Artikel 26: Vertegenwoordiging van de vennootschap Onverminderd de volmachten verleend aan gevolmachtigden krachtens artikel 25 der…”
Full text
Artikel 26: Vertegenwoordiging van de vennootschap Onverminderd de volmachten verleend aan gevolmachtigden krachtens artikel 25 der statuten, wordt de vennootschap vertegenwoordigd in de handelingen en in rechte door een gedelegeerd bestuurder of twee bestuurders gezamenlijk handelend.” c/ Benoeming van Len Vandekerckhove als vaste vertegenwoordiger van de rechtspersoon Alcyver nv Rechtspersoon Alcyver nv heeft Len Vandekerckhove, met woonplaats te (…), benoemd als vaste vertegenwoordiger belast met de uitvoering van zijn bestuursmandaat in naam en voor rekening van de rechtspersoon, en dit met ingang op ondertekening van huidige besluitvorming.
“Artikel 26: Vertegenwoordiging der vennootschap. Onverminderd de volmachten verleend aan gevolmachtigden krachtens artikel 25 der statuten…”
Full text
Artikel 26: Vertegenwoordiging der vennootschap. Onverminderd de volmachten verleend aan gevolmachtigden krachtens artikel 25 der statuten, wordt de vennootschap vertegenwoordigd in de handelingen en in rechte door een gedelegeerde bestuurder of twee bestuurders gezamenlijk handelend.“ (…) 4/ Volmacht
Board ruleThese rules set how the board is made up, meets and takes decisions.
“Besluitvorming-vertegenwoordiging, tenminste de helft van zijn leden aanwezig of vertegenwoordigd”
“De meest uitgebreide bevoegdheid om alle handelingen te verrichten die nodig of dienstig zijn voor het bereiken van het voorwerp der…”
Source: Belgian Official Gazette (bankruptcies, judicial dissolutions, board mandates), FPS Economy (strike-offs) and the KBO register. A bankruptcy, dissolution or strike-off says nothing about the director's part in it.
Owners and capital
Shareholders
Shareholders
The owners of INTERMAT are in the annual accounts the companies file themselves. The chain of control runs up to the highest known parent.
Each sentence rests on a document from the KBO register, the Belgian Official Gazette or the National Bank. The number after the sentence opens that document.
On 17 November 1999, INTERMAT was incorporated.1In 2023 the registered office moved to Wielsbeke.2Turnover went from €17.0m in 2018 to €22.1m in 2025 and headcount from 33.8 to 37.4 full-time equivalents.3
Director resignation, BV VYBROMAT (managing director)
Director appointment, BV ALCYVER (managing director)
Permanent representative, Len Vandekerckhove
Declaration, “akkoord met benoeming vaste vertegenwoordiger, Het bestuursorgaan verklaart kennis te hebben genomen van en akkoord te gaan met de benoeming door de rechtsperso…” (deed in Dutch)
General meeting, 10-02-2026
Director resignation, Nova Statera BV (director (not named in the articles))
Director discharge, Nova Statera BV (director (not named in the articles))
Director appointment, BV ALCYVER (director (not named in the articles))
Other provision, “meerderheid voor benoeming, eenparigheid van stemmen” (deed in Dutch)