Equity
€65.8m ▲ 33.5%
INCOPACK has made a profit without a break since 2012.
INCOPACK
Lifetime
20 annual accounts with figures on one time axis, 38 filings since 1988peak €144.4m (2025)
€144.4m▲ 6.9%
lowest -€2.2m (2010)
€16.5m▲ 57.4%
peak €65.8m (2025)
€65.8m▲ 33.5%
€19.4m▼ 21.7%
peak 118.3 FTE (2025)
118.3 FTE▲ 2.3%
Board5 names since 2020
2 directorsGILBERT'S MANAGEMENT COMPANY and 1 other
Owners3 names in the annual accounts
100%GILBERT'S MANAGEMENT COMPANY and 1 other
Documentsfilings and deeds
01-06-202660 days before the deadline
2025financial year
Result from €10.5m to €16.5mAppointment: Deloitte Bedrijfsrevisoren (statutory auditor) 25-111 director appointed, 1 resignation 09-05Equity from €49.3m to €65.8mDebts from €24.8m to €19.4m
Key points
from the 2025 annual accountsResult
€16.5m ▲ 57.4%
The result rose in 2025 from €10.5m to €16.5m.
Growth
10 years
10 years of growth in a row. Turnover 2025: €144.4m.
Liquidity
4.71 was 2.85 in 2024
Short-term debts fell from €14.3m to €11.6m.
Restructuring
2026
Merger with INCOROCK. Merger on 24-07-2026.
Position in the sector
€16.5m
Higher net result than 95% of companies in food products. Sector median €134,776 · 795 companies.
Checked score
98
Excellent
Financially stronger than 88% of medium-sized companies in food products (NACE 10)
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: 0.3% across 226 companies (NACE 10, medium-sized).
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 03-2025
05-2025: 0.1%● unchanged vs 04-2025
06-2025: 0.1%● unchanged vs 05-2025highest value
07-2025: < 0.1%▼ -0.1 percentage points 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 06-2026lowest value
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
raises risk
Sector: Manufacture of food products (NACE 10)
lowers risk
Founded in 1987
Liquidity: current ratio 4.71, cash €12.0m
Equity €65.8m (77.1% of total assets)
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 10, medium-sized). It does better than 93% of them on solvency, 91% on liquidity, 93% on profitability and 73% on growth.
The bankruptcy probability was computed on 06-11-2026 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 31-12-2025.
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 INCOPACK has now. Each dot stands for 4 companies, two years later.
96.7%
were still trading
3.2%
stopped another way
0.1%
went bankrupt
That fits the bankruptcy probability of INCOPACK 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 INCOPACK. 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 €6,450,000 on 30-day terms is acceptable
Liquidity is ample, with a current ratio of 4.71 (2.85 in 2024), above the usual 1.5. Short-term debt is 13.6% and cash 14.1% of total assets. 22.9% 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
Five signals.
lowers riskraises riskneutral
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 01-06-2026, 60 days ahead of the deadline.
NBB · 10 filingsDeviation from the deadline
2025
60 days early
2024
34 days early
2023
23 days early
2022
19 days early
2021
2 days late
2020
1 day early
2019
on the day
← 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 19 days before the deadline. In the sector (NACE 10), the median for financial year 2024 was 4 days before the deadline, and 38% 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 9 July (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
07-11-2026 today31-12-2026 year end31-07-2027 deadline
Board and ownership
GN
GIMACO NV
Director, since 28-04-2025
- GILBERT'S MANAGEMENT COMPANY 100%equity €23.4m (2025) · annual accounts 2025
- Royal Aware Food Group BV consolidatesannual accounts 2025
Shares in 2 companies, KGS and EURODESSERTS
Board & ownershipRecent changes
Merger: INCOPACK takes over INCOROCK
“Het ontwikkelen, produceren, verwerken, verpakken, conditioneren, bewaren, opslaan, distribueren en…” (deed in Dutch) · General meeting of 29-06-2026 · Gazette deed
Merger proposal: INCOPACK takes over INCOROCK
“De vennootschap kan, in België of in het buitenland, voor eigen rekening en voor rekening van derden, de…” (deed in Dutch) · Gazette deed
Registered in the Peppol Directory
Reachable for e-invoices through 0208:0432863488
Appointment: Deloitte Bedrijfsrevisoren (statutory auditor)
Permanent representative: Hannes Poelmans · Board meeting of 06-10-2025 · Gazette deed
Comparable companies
same main activity, similar in size and age| Company | ||||
|---|---|---|---|---|
| INCOPACK Dilsen-Stokkem | €144.4m | 12.7% | 77.1% | 118.3 |
| ALGIST BRUGGEMAN N.V. Ghent | €140.5m | 19.6% | 52.3% | 198.2 |
| Kemin Europa Herentals | €173.7m | 4.6% | 54.2% | 191 |
| UNITED BEET SEEDS BELGIUM Tienen | €189.5m | 17.4% | 48.8% | 224.7 |
| SIGNATURE FOODS BELGIUM Turnhout | €110.9m | 8.2% | 41.9% | 210.2 |
| MULDER NATURAL FOODS Roeselare | €178.4m | 7.3% | 70.1% | 254.4 |
| Griffith Foods Herentals | €111.2m | 0.5% | 36.5% | 224.1 |
Grey: the largest companies of the sector (food products (NACE 10)), without their names. Blue: the sector peers from the table.
These companies have the same main activity as INCOPACK: manufacture of food products (NACE 10890). They are comparable in size and age: total assets between €59m and €174m, founded between 1971 and 2000.
Official details
Source: KBO- Status
- Active since 21-12-1987Normal situation
- Activity
- Manufacture of food productsNACE 10890and 2 others
- Joint committees
- 118Food industry
- 220White-collar workers in the food industry · annual accounts 2025
- Establishment unit
- 2.102.615.7483650 Dilsen-Stokkem, since 04-01-1988
- Financial year end
- 31 December
- Peppol
- Reachable since 31-12-2025
Annual accounts 2025
- €85.4m▲ 15.0%
- Employeeson 31-12-2025
- 125▲ 3.3%
- Filing
- Filed on 01-06-2026, 60 days before the end of the filing period
Companies linked to INCOPACK
Parent and group
Insights on INCOPACK
INCOPACK has existed since 1987. Turnover grew from €35.2m in 2006 to €144.4m in 2025 and staff from 63.9 to 118.3 full-time equivalents.
Turnover has grown every year since 2015. Solvency rose in 2025 from 66.4% to 77.1% because of the retained profit and lower debts.
GILBERT'S MANAGEMENT COMPANY holds all the shares.
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 INCOPACK
- What is the company number of INCOPACK?
- The company number of INCOPACK is 0432.863.488. The VAT number is the same number with BE in front: BE 0432.863.488.
- Where is INCOPACK based?
- The registered office is at Siemenslaan 21, 3650 Dilsen-Stokkem.Company details
- What does INCOPACK do?
- According to the KBO register, the main activity is manufacture of food products (NACE 10890).
- What is the legal form of INCOPACK?
- INCOPACK is a public limited company (NV).
- When was INCOPACK founded?
- INCOPACK was founded on 21-12-1987.
- Is INCOPACK still active?
- Yes, INCOPACK is an active enterprise in the KBO register.
- How many employees does INCOPACK have?
- INCOPACK had an average of 118.3 full-time equivalents in financial year 2025, according to the filed annual accounts.Financials
- Which joint committee does INCOPACK fall under?
- In its 2025 annual accounts, INCOPACK states joint committees 118 (Food industry) and 220 (White-collar workers in the food industry).
- What is the turnover of INCOPACK?
- The turnover of INCOPACK was €144.4m in financial year 2025, according to the filed annual accounts.
- Is INCOPACK profitable?
- In financial year 2025, INCOPACK made a profit of €16.5m.
- Where can I find the annual accounts of INCOPACK?
- INCOPACK filed 47 annual accounts with the National Bank of Belgium, the latest for financial year 2025.
- When are the next annual accounts of INCOPACK due?
- INCOPACK must file the annual accounts for financial year 2026 by 31-07-2027.Timeline
Next steps
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