INTERSOURCING
ActiveSummary
INTERSOURCING has been active since 2000 and the Belgian State Gazette contains no insolvency or warning signals. The 2025 annual accounts show equity of €142,448 and a net result of €19,488. Equity is growing by ~50.3% per year across the filed fiscal years. Its solvency ranks better than 52% of 4235 sector peers (fiscal year 2025). The computed 12-month bankruptcy probability is 0.6% (low).
Checked score
Score 2025
Axes · tick = 2024
Profitability73▲+7
Solvency62▲+11
Growth78=
Track record100
Bankruptcy probability, 12 months
0.6%
Low
0%0.5%1.5%4%10%≥ 25%
Credit up to €9,000 at 30 days acceptable
Liquidity ample (current ratio 1.79 against 1.53 in 2024; short-term debt: 41% and cash: 12.7% of total assets), but 62.6% of the assets are financed with debt.
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Signals
Seven signals. The signal on the left, the evidence on the right.
−lowers risk+raises risk○neutral
raises risk · Higher-failure-rate sector
In this sector companies fail more often than the Belgian average.
Gazette · bankruptcies per sector, NACE 47
Relative position
BE, all sectors
reference
Retail trade (NACE 47)
about 45% more bankruptcies
← fewer bankruptcies
more bankruptcies →
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
37.4%
Return on assets
5.1%
Age of the figures
9 mo
neutral · Latest accounts filed on time
The financial year that closed on 31-12-2025 was due by 31-07-2026 and was filed on 26-05-2026, 66 days ahead of the deadline.
NBB · 10 filingsDeviation from the deadline
2025
66 d early
2024
20 d early
2023
26 d early
2022
39 d early
2021
39 d early
2020
26 d late
2019
31 d late
← before the deadline
after the deadline →
tick = median of all Belgian filingsring = median in the sector
This company filed its last 7 accounts on average 19 days before the deadline; the sector median for financial year 2024 is on the deadline day, and 46% of the sector filed late.
Checked, nothing found (2)
neutral · The next deadline is still running
The next financial year closes on 31-12-2026 and is due by 31-07-2027. Nothing is late today.
Companies Code · seven monthsPosition in the running window
28-09-2026 today31-12-2026 close31-07-2027 deadline
History
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Financials · fiscal year 2025, full schema
Turnover
Not included in this filing
EBIT margin
Not included in this filing
Net result
€19,488▼ 56.8%
2024 · €45,158
Working capital
€124,181▼ 2.4%
2024 · €127,288
Trend over the years
Click a name to add, emphasise or remove a line.Band: the middle half (P25 to P75) of NACE 47, Retail trade, each year against the same schema; no band under 30 filings. Dashed line: the median.
Every figure with its change against the fiscal year before
favourable
unfavourable
Line20212022202320242025
Operating result€59,299▲ 2.0%€89,196▲ 50.4%€131,725▲ 47.7%€63,025▼ 52.2%€37,674▼ 40.2%
Net result€49,569within the sector's middle half▼ 4.2%€76,537above the sector's middle half▲ 54.4%€116,565within the sector's middle half▲ 52.3%€45,158within the sector's middle half▼ 61.3%€19,488within the sector's middle half▼ 56.8%
Equity-€115,300below the sector's middle half▲ 30.1%-€38,763below the sector's middle half▲ 66.4%€77,802within the sector's middle half€122,960within the sector's middle half▲ 58.0%€142,448within the sector's middle half▲ 15.8%
Total assets€293,113below the sector's middle half▼ 2.0%€447,893above the sector's middle half▲ 52.8%€604,004within the sector's middle half▲ 34.9%€469,959below the sector's middle half▼ 22.2%€380,953below the sector's middle half▼ 18.9%
Debt€408,412▼ 12.0%€486,656▲ 19.2%€526,202▲ 8.1%€346,998▼ 34.1%€238,504▼ 31.3%
Working capital-€69,084below the sector's middle half▲ 57.9%€1,708within the sector's middle half€119,524within the sector's middle half▲ 6,896%€127,288within the sector's middle half▲ 6.5%€124,181within the sector's middle half▼ 2.4%
Solvency-39.3%below the sector's middle half▲ 15.8pp-8.7%below the sector's middle half▲ 30.7pp12.9%within the sector's middle half▲ 21.5pp26.2%within the sector's middle half▲ 13.3pp37.4%within the sector's middle half▲ 11.2pp
Current ratio0.80below the sector's middle half▲ 0.211.00within the sector's middle half▲ 0.211.25within the sector's middle half▲ 0.251.53within the sector's middle half▲ 0.281.79within the sector's middle half▲ 0.26
Return on assets (ROA)16.9%above the sector's middle half▼ 0.4pp17.1%above the sector's middle half▲ 0.2pp19.3%above the sector's middle half▲ 2.2pp9.6%within the sector's middle half▼ 9.7pp5.1%within the sector's middle half▼ 4.5pp
Staff (FTE)
above
within
below
the middle half (P25 to P75) of NACE 47, Retail trade, each year against the same schema; no band under 30 filings.
Result per fiscal year
Operating resultNet result
The operating result has fallen two years in a row; 2025 is 40% below 2024 and is the lowest result in the available series.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €380,953
Fixed assets
€100,427 ▼ 3.7%
Current assets
€280,526 ▼ 23.3%
Equity and liabilities €380,953
Equity
€142,448 ▲ 15.8%
Debt
€238,504 ▼ 31.3%
Debt's share of the balance-sheet total falls from 73.8% to 62.6%. Equity is higher and debt is lower.
Key figures and ratios
EBITDA
€55,503▼
2024 · €76,440
Cash flow
€37,317▼
2024 · €58,573
Quick ratio
0.80▼
2024 · 0.83
Debt to equity
1.67▼
2024 · 2.82
ROE
13.7%▼
2024 · 36.7%
Interest coverage
5.75▲
2024 · 4.22
Debt ≤ 1 year
€156,345▼
2024 · €238,364
Debt > 1 year
€82,077▼
2024 · €108,634
Income taxes
€8,738▲
2024 · €133
Staff costs
€250
Green means a favourable move, even when the figure itself falls: as with debt or debt to equity.
Peer companies
Historical observationOf the 31,349 companies that looked in July 2024 the way this one looks now, 0.4% went bankrupt within 24 months and 93% are still going.
- Micro
- 20 years or older
- solvency 30% or more
- a profit of 5% of the balance sheet or more
0.4%
went bankrupt
5.9%
stopped otherwise
93%
still going
A further 0.2% stopped, but we cannot tell whether within those 24 months.
For this company itself Checked computes a bankruptcy probability of 0.6% over twelve months; the group does not contradict it.
How reliable is this rule?
Tested on the year before, without using that year itself: the groups of July 2023 gave each of the 497,662 companies of July 2024 its group's bankruptcy share. Expected: 1.5%; actually bankrupt within 24 months: 1.6%.
| Group | Expected | Actual |
|---|---|---|
| 1 | 0.2% | 0.2% |
| 2 | 0.3% | 0.4% |
| 3 | 0.5% | 0.5% |
| 4 | 0.6% | 0.7% |
| 5 | 0.8% | 0.9% |
| 6 | 1.2% | 1.3% |
| 7 | 1.5% | 1.7% |
| 8 | 1.7% | 1.7% |
| 9 | 2.7% | 2.8% |
| 10 | 5.3% | 5.7% |
The rule ranks well: a company that went bankrupt got a higher share than one that kept going in 75% of comparisons. The level follows the economy: in a year with more bankruptcies, the actual share is higher than the year before.
An observation about 31,349 comparable companies, not a prediction for this company. The sector does not count: the register keeps no sector for companies that stopped, so it would make the outcome look better than it was.
Annual accounts
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Remuneration, social security and pensions62 | - | - | - | - | €250 | - |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €41,456 | €25,019 | €5,369 | €13,415 | €17,829 | ▲ 32.9% |
| Other operating charges640/8 | €2,862 | €1,898 | €33,440 | €1,210 | €34,366 | ▲ 2,740% |
| Gross operating margin9900 | €103,618 | €116,113 | €170,534 | €77,650 | €90,119 | ▲ 16.1% |
| Operating profit (loss)9901 | €59,299 | €89,196 | €131,725 | €63,025 | €37,674 | ▼ 40.2% |
| Financial income75/76B | €1,612 | €65 | €1 | €386 | €205 | ▼ 47.0% |
| Recurring financial income75 | €1,612 | €65 | €1 | €386 | €205 | ▼ 47.0% |
| Financial charges65/66B | €11,196 | €12,518 | €14,853 | €18,120 | €9,653 | ▼ 46.7% |
| Recurring financial charges65 | €11,196 | €12,518 | €14,853 | €18,120 | €9,653 | ▼ 46.7% |
| Profit (loss) for the period before taxes9903 | €49,716 | €76,743 | €116,873 | €45,291 | €28,226 | ▼ 37.7% |
| Income taxes67/77 | €146 | €206 | €308 | €133 | €8,738 | ▲ 6,454% |
| Profit (loss) for the period9904 | €49,569 | €76,537 | €116,565 | €45,158 | €19,488 | ▼ 56.8% |
| Profit (loss) for the period to be appropriated9905 | €49,569 | €76,537 | €116,565 | €45,158 | €19,488 | ▼ 56.8% |
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Assets | ||||||
| Total assets20/58 | €293,113 | €447,893 | €604,004 | €469,959 | €380,953 | ▼ 18.9% |
| Fixed assets21/28 | €24,119 | €10,200 | €6,800 | €104,306 | €100,427 | ▼ 3.7% |
| Intangible fixed assets21 | €19,327 | - | - | - | €12,325 | - |
| Tangible fixed assets22/27 | €3,312 | €9,120 | €5,620 | €103,332 | €86,128 | ▼ 16.6% |
| Furniture and vehicles24 | €3,312 | €9,120 | €5,620 | €3,164 | €1,527 | ▼ 51.7% |
| Other tangible fixed assets26 | - | - | - | €100,168 | €84,601 | ▼ 15.5% |
| Financial fixed assets28 | €1,480 | €1,080 | €1,180 | €974 | €1,974 | ▲ 103% |
| Current assets29/58 | €268,993 | €437,693 | €597,204 | €365,653 | €280,526 | ▼ 23.3% |
| Stocks and contracts in progress3 | €121,648 | €271,939 | €209,309 | €166,839 | €155,573 | ▼ 6.8% |
| Stocks30/36 | €121,648 | €271,939 | €209,309 | €166,839 | €155,573 | ▼ 6.8% |
| Amounts receivable within one year40/41 | €89,165 | €104,404 | €186,291 | €80,211 | €72,781 | ▼ 9.3% |
| Trade receivables40 | €79,933 | €98,521 | €162,486 | €49,240 | €49,281 | ▲ 0.1% |
| Other amounts receivable41 | €9,232 | €5,882 | €23,805 | €30,971 | €23,500 | ▼ 24.1% |
| Cash at bank and in hand54/58 | €54,555 | €59,847 | €196,277 | €115,760 | €48,531 | ▼ 58.1% |
| Deferred charges and accrued income490/1 | €3,625 | €1,504 | €5,328 | €2,843 | €3,641 | ▲ 28.1% |
| Equity and liabilities | ||||||
| Total equity and liabilities10/49 | €293,113 | €447,893 | €604,004 | €469,959 | €380,953 | ▼ 18.9% |
| Equity10/15 | -€115,300 | -€38,763 | €77,802 | €122,960 | €142,448 | ▲ 15.8% |
| Contributions10/11 | €62,500 | €62,500 | €62,500 | €62,500 | €62,500 | = |
| Capital10 | €62,500 | €62,500 | €62,500 | €62,500 | €62,500 | = |
| Issued capital100 | €62,500 | €62,500 | €62,500 | €62,500 | €62,500 | = |
| Reserves13 | €34,033 | €34,033 | €34,033 | €34,033 | €34,033 | = |
| Non-distributable reserves130/1 | €6,250 | €6,250 | €6,250 | €6,250 | €6,250 | = |
| Legal reserve130 | - | €6,250 | €6,250 | €6,250 | €6,250 | = |
| Reserves not available under the articles1311 | €6,250 | - | - | - | - | - |
| Tax-exempt reserves132 | €27,783 | €27,783 | €27,783 | €27,783 | €27,783 | = |
| Profit (loss) carried forward14 | -€211,832 | -€135,295 | -€18,730 | €26,428 | €45,916 | ▲ 73.7% |
| Amounts payable17/49 | €408,412 | €486,656 | €526,202 | €346,998 | €238,504 | ▼ 31.3% |
| Amounts payable after more than one year17 | €70,334 | €50,672 | €48,523 | €108,634 | €82,077 | ▼ 24.4% |
| Financial debts170/4 | €70,334 | €50,672 | €48,523 | €108,634 | €82,077 | ▼ 24.4% |
| Amounts payable within one year42/48 | €338,078 | €435,984 | €477,679 | €238,364 | €156,345 | ▼ 34.4% |
| Current portion of amounts payable after more than one year42 | €20,699 | €19,663 | €22,149 | €41,625 | €29,936 | ▼ 28.1% |
| Financial debts43 | €125,000 | €125,000 | €125,000 | - | - | - |
| Credit institutions430/8 | €125,000 | €125,000 | €125,000 | - | - | - |
| Trade debts44 | €156,322 | €264,467 | €259,293 | €117,528 | €79,299 | ▼ 32.5% |
| Suppliers440/4 | €156,322 | €264,467 | €259,293 | €117,528 | €79,299 | ▼ 32.5% |
| Advances received on contracts in progress46 | - | - | - | €24,940 | - | - |
| Taxes, remuneration and social security45 | €16,733 | €19,178 | €40,051 | €32,229 | €24,869 | ▼ 22.8% |
| Taxes450/3 | €16,733 | €19,178 | €40,051 | €32,229 | €24,869 | ▼ 22.8% |
| Other amounts payable47/48 | €19,323 | €7,677 | €31,187 | €22,043 | €22,241 | ▲ 0.9% |
| Accrued charges and deferred income492/3 | - | - | - | - | €82 | - |
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €49,569 | €76,537 | €116,565 | €45,158 | €19,488 | ▼ 56.8% |
| + Depreciation and write-downs630 | €41,456 | €25,019 | €5,369 | €13,415 | €17,829 | ▲ 32.9% |
| Operating cash flow (approximation) | €91,025 | €101,555 | €121,934 | €58,573 | €37,317 | ▼ 36.3% |
| Investment in fixed assets (approximation) | - | -€11,100 | -€1,969 | -€110,920 | -€13,950 | ▲ 87.4% |
| Change in cash | - | €5,292 | €136,430 | -€80,517 | -€67,229 | ▲ 16.5% |
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
26-05
NBB filing
Annual accounts filed
fiscal year 2025 · full schema
2025
11-07
NBB filing
Annual accounts filed
fiscal year 2024 · full schema
2024
31-12
Financial
Equity above €100,000Eq €122,960 ▲58%
6 profitable years in a row build equity to €122,960.
05-07
NBB filing
Annual accounts filed
fiscal year 2023 · full schema
2023
31-12
Financial
Highest result since 2018net €116,565 ▲52.3%
Operating result €131,725, net result €116,565, both a record.
22-06
NBB filing
Annual accounts filed
fiscal year 2022 · micro schema
2022
22-06
NBB filing
Annual accounts filed
fiscal year 2021 · full schema
2021
26-08
NBB filing
Annual accounts filed
fiscal year 2020 · full schema · 26 days late
2020
31-08
NBB filing
Annual accounts filed
fiscal year 2019 · full schema · 31 days late
2019
31-12
Financial
Back to profitnet €95,314
Net result €95,314 after one loss-making year.
31-07
NBB filing
Annual accounts filed
fiscal year 2018 · full schema
2018
26-07
NBB filing
Annual accounts filed
fiscal year 2017 · full schema
2017
03-05
NBB filing
Annual accounts filed
fiscal year 2016 · full schema
Financial milestoneNBB filingFinancial milestones sit on the fiscal year-end date, not the filing date.
0 of 12 acts read
About the unread acts
We know of 12 Belgian State Gazette acts for this company. None of them has been read yet: what they contain is neither established nor disproved here.
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Directors · office · real estate
Directors
12 acts for this company are in the Belgian State Gazette, of which we have read 0. We have therefore not extracted its directors from those acts yet.
Location & real-estate footprint
Registered office, Waterloo · 2 establishment units since 2001
Ground area
3,539 m²
Building footprint
927 m²
Volume, LiDAR
7,397 m³
3 parcels, Wallonia · tallest building 12.1 m, ±3 floors. Linked by address, not a title deed.
4
companies at this address
See who is registered here
2 establishment units
INTERSOURCING
since 20012.097.898.677
INTERSOURCING
since 20182.276.155.280
3 parcels
Wallonia
3
(100%)
| Parcel (capakey) | Region | Area | Buildings | Height / fl. |
|---|---|---|---|---|
| 25763L0696/00G000 | Wallonia | 2,747 m² | 1 · 727 m² | 12.1 m · 3 fl. |
| 25762E0009/00Z000 | Wallonia | 628 m² | 1 · 123 m² | - |
| 25763L0700/00_000 | Wallonia | 163 m² | 1 · 77 m² | 9.2 m · 3 fl. |
Linked by address, not proof of ownership
Good to know
3 of 3 parcels with an exact address match; the rest are indicative.
Linked through address data, this is not proof of ownership.
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VANMECHELEN-KELLENS
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ROBOCLEANERS
BE 0824.212.760
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Be-Qwal
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Of 12,955 companies in sector 47120 we hold annual accounts for 2,193. 1,464 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
Founded19-10-2000
Fiscal year end31-12
Activities, NACEBEL 2025
47120Other non-specialised retail sale
46450Wholesale of perfume and cosmetics
46460Wholesale of pharmaceutical and medical goods
46900Non-specialised wholesale trade
E-invoicing
Reachable via Peppol
Peppol ID
0208:0473073156
Also
9925:BE0473073156
Registered
22-10-2025
Register as of 27 September 2026 · Peppol Directory
Scores and ratios are computed by Checked and are not a credit decision.