INDAO
Judicial reorganisationSummary
The file of INDAO contains 1 judicial reorganisation, as published in the Belgian State Gazette. During the judicial reorganisation Checked does not compute a bankruptcy probability from the figures: of the Belgian companies that opened one in 2023 and 2024, about one in four went bankrupt within twelve months. The 2025 annual accounts show equity of €2.07M and a net result of €-309k. Equity is growing by ~38.8% per year across the filed fiscal years. Its solvency ranks better than 71% of 1424 sector peers (fiscal year 2025).
Checked score
Score 2025
44
/ 100
Weak
An ongoing judicial reorganisation from the Belgian State Gazette caps the score. Every signal that weighs is under Signals.
Axes · tick = 2024
Profitability58▲+58
Solvency84▲+10
Growth35=
Track record60
Credit verdict
No credit on open account during an ongoing judicial reorganisation
Liquidity tight (current ratio 1.0 against 1.0 in 2024; short-term debt: 33.8% and cash: 5% of total assets), and 40.9% of the assets are financed with debt.
Credit check for your own amount and term
Signals
Two signals. The signal on the left, the evidence on the right.
+raises risk○neutral
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 03-06-2026, 58 days ahead of the deadline.
NBB · 10 filingsDeviation from the deadline
2025
58 d early
2024
58 d early
2023
64 d early
2022
61 d early
2021
19 d early
2020
29 d early
2019
91 d late
← before the deadline
after the deadline →
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
25-09-2026 today31-12-2026 close31-07-2027 deadline
Financials · fiscal year 2025, full schema
Turnover
€641k▼ 38.9%
2020 · €1.05M
2018: €985k
2019: €534k▼ -45.7% vs 2018lowest in 4 years
2020: €1.05M▲ +96.3% vs 2019highest in 4 years
2021: €641k▼ -38.9% vs 2020
2018 → 2021
EBIT margin
25.8%▲ 17.4pp
2020 · 8.4%
2018: -18.0%
2019: -131.9%▼ -633% vs 2018lowest in 4 years
2020: 8.4%▲ +106% vs 2019
2021: 25.8%▲ +207% vs 2020highest in 4 years
2018 → 2021
Net result
€-309k▲ 68.6%
2024 · €-985k
2018: €-188k
2019: €-760k▼ -305% vs 2018
2020: €5k▲ +101% vs 2019
2021: €101k▲ +1927% vs 2020
2022: €86k▼ -14.5% vs 2021
2023: €171k▲ +98.2% vs 2022highest in 8 years
2024: €-985k▼ -675% vs 2023lowest in 8 years
2025: €-309k▲ +68.6% vs 2024
2018 → 2025
Working capital
€2k
2024 · €-4k
2018: €-467k
2019: €-830k▼ -77.8% vs 2018lowest in 8 years
2020: €-110k▲ +86.7% vs 2019
2021: €225k▲ +304% vs 2020
2022: €312k▲ +38.2% vs 2021highest in 8 years
2023: €-498k▼ -260% vs 2022
2024: €-4k▲ +99.2% vs 2023
2025: €2k▲ +161% vs 2024
2018 → 2025
Trend over the years
Multi-year overview
Every figure with its change against the year before
▲ rise
▼ fall
Line20212022202320242025Trend
Turnover€641k-
Equity€683k-€1.17M▲ 71.2%€1.34M▲ 14.6%€1.88M▲ 40.1%€2.07M▲ 10.2%
2021: €683klowest in 5 years
2022: €1.17M▲ +71.2% vs 2021
2023: €1.34M▲ +14.6% vs 2022
2024: €1.88M▲ +40.1% vs 2023
2025: €2.07M▲ +10.2% vs 2024highest in 5 years
Operating result€165k-€133k▼ 19.7%€223k▲ 68.2%€-626k€-221k▲ 64.7%
2021: €165k
2022: €133k▼ -19.7% vs 2021
2023: €223k▲ +68.2% vs 2022highest in 5 years
2024: €-626k▼ -381% vs 2023lowest in 5 years
2025: €-221k▲ +64.7% vs 2024
Net result€101k-€86k▼ 14.5%€171k▲ 98.2%€-985k€-309k▲ 68.6%
2021: €101k
2022: €86k▼ -14.5% vs 2021
2023: €171k▲ +98.2% vs 2022highest in 5 years
2024: €-985k▼ -675% vs 2023lowest in 5 years
2025: €-309k▲ +68.6% vs 2024
Result per fiscal year
Operating resultNet result
The operating result stays negative: a loss of €221k in 2025 against €626k in 2024; the loss shrinks.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €3.50M
Fixed assets
€2.32M ▲ 6.2%
Current assets
€1.18M ▼ 27.7%
Equity and liabilities €3.50M
Equity
€2.07M ▲ 10.2%
Debt
€1.43M ▼ 26.3%
Debt's share of the balance-sheet total falls from 50.8% to 40.9%. Equity is higher and debt is lower.
Key figures and ratios
EBITDA
€528k▲
2024 · €-21k
Cash flow
€440k▲
2024 · €-380k
Current ratio
1.00▲
2024 · 1.00
Debt to equity
0.69▼
2024 · 1.03
ROE
-14.9%▲
2024 · -52.4%
ROA
-8.8%▲
2024 · -25.8%
Interest coverage
25.63▲
2024 · -0.39
Debt ≤ 1 year
€1.18M▼
2024 · €1.64M
Debt > 1 year
€71k▼
2024 · €298k
Income taxes
€-27k▼
2024 · €-25k
Staff costs
€1.54M▲
2024 · €1.13M
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 · 63 lines
Balance sheet
Code20242025
Assets
Total assets20/58€3.82M€3.50M▼
Fixed assets21/28€2.18M€2.32M▲
Intangible fixed assets21€2.03M€2.26M▲
Tangible fixed assets22/27€31k€33k▲
Land and buildings22€779€0▼
Furniture and vehicles24€30k€21k▼
Assets under construction and advance payments27-€12k
Financial fixed assets28€117k€19k▼
Current assets29/58€1.64M€1.18M▼
Amounts receivable after more than one year29€106k€116k▲
Other amounts receivable291€106k€116k▲
Amounts receivable within one year40/41€1.24M€864k▼
Trade receivables40€463k€197k▼
Other amounts receivable41€781k€667k▼
Cash at bank and in hand54/58€252k€175k▼
Deferred charges and accrued income490/1€36k€30k▼
Equity and liabilities
Total equity and liabilities10/49€3.82M€3.50M▼
Equity10/15€1.88M€2.07M▲
Contributions10/11€3.46M€3.96M▲
Capital10€3.46M€3.96M▲
Issued capital100€3.46M€4.46M▲
Uncalled capital101-€500k
Reserves13€435k€435k=
Tax-exempt reserves132€435k€435k=
Profit (loss) carried forward14€-2.02M€-2.33M▼
Amounts payable17/49€1.94M€1.43M▼
Amounts payable after more than one year17€298k€71k▼
Financial debts170/4€230k€71k▼
Trade debts175€23k€0▼
Other amounts payable178/9€44k€0▼
Amounts payable within one year42/48€1.64M€1.18M▼
Current portion of amounts payable after more than one year42€144k€315k▲
Financial debts43€100k€0▼
Credit institutions430/8€100k€0▼
Trade debts44€76k€95k▲
Suppliers440/4€76k€95k▲
Advances received on contracts in progress46€201k€53k▼
Taxes, remuneration and social security45€189k€223k▲
Taxes450/3€44k€42k▼
Remuneration and social security454/9€145k€181k▲
Other amounts payable47/48€933k€496k▼
Accrued charges and deferred income492/3€2k€178k▲
Income statement
Code20242025
Non-recurring operating income76A€10k€5k▼
Remuneration, social security and pensions62€1.13M€1.54M▲
Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630€605k€749k▲
Write-downs on stocks, contracts in progress and trade receivables: additions (reversals)631/4€193k€3k▼
Other operating charges640/8€7k€6k▼
Non-recurring operating charges66A€0€1k▲
Gross operating margin9900€1.30M€2.07M▲
Operating profit (loss)9901€-626k€-221k▲
Financial income75/76B€3k€2k▼
Recurring financial income75€3k€2k▼
Financial charges65/66B€387k€117k▼
Recurring financial charges65€54k€21k▼
Non-recurring financial charges66B€333k€97k▼
Profit (loss) for the period before taxes9903€-1.01M€-336k▲
Income taxes67/77€-25k€-27k▼
Profit (loss) for the period9904€-985k€-309k▲
Transfer to tax-exempt reserves689€5k€0▼
Profit (loss) for the period to be appropriated9905€-990k€-309k▲
Appropriation of the result
Profit (loss) to be appropriated9906€-2.02M€-2.33M▼
Profit (loss) brought forward from the previous period14P€-1.03M€-2.02M▼
Social balance
Average headcount (FTE)908714.416.8▲
The notes to these accounts (32 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 |
|---|---|---|---|---|---|---|
| Turnover70 | €641k | - | - | - | - | - |
| Non-recurring operating income76A | €429k | €868 | €40k | €10k | €5k | ▼ 52.4% |
| Goods, raw materials, services and sundry goods60/61 | €624k | - | - | - | - | - |
| Remuneration, social security and pensions62 | €661k | €778k | €1.11M | €1.13M | €1.54M | ▲ 36.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €366k | €445k | €536k | €605k | €749k | ▲ 23.8% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals)631/4 | - | - | - | €193k | €3k | ▼ 98.7% |
| Other operating charges640/8 | €13k | €13k | €20k | €7k | €6k | ▼ 20.9% |
| Non-recurring operating charges66A | - | €4k | €23k | €0 | €1k | - |
| Gross operating margin9900 | €1.20M | €1.37M | €1.91M | €1.30M | €2.07M | ▲ 59.0% |
| Operating profit (loss)9901 | €165k | €133k | €223k | €-626k | €-221k | ▲ 64.7% |
| Financial income75/76B | €7k | €2k | €2k | €3k | €2k | ▼ 20.1% |
| Recurring financial income75 | €7k | €2k | €2k | €3k | €2k | ▼ 20.1% |
| Financial charges65/66B | €89k | €71k | €89k | €387k | €117k | ▼ 69.6% |
| Recurring financial charges65 | €89k | €71k | €68k | €54k | €21k | ▼ 61.8% |
| Non-recurring financial charges66B | - | - | €21k | €333k | €97k | ▼ 70.9% |
| Profit (loss) for the period before taxes9903 | €83k | €63k | €136k | €-1.01M | €-336k | ▲ 66.7% |
| Income taxes67/77 | €-18k | €-23k | €-35k | €-25k | €-27k | ▼ 7.5% |
| Profit (loss) for the period9904 | €101k | €86k | €171k | €-985k | €-309k | ▲ 68.6% |
| Transfer to tax-exempt reserves689 | €429k | €0 | - | €5k | €0 | ▼ 100% |
| Profit (loss) for the period to be appropriated9905 | €-328k | €86k | €171k | €-990k | €-309k | ▲ 68.8% |
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Assets | ||||||
| Total assets20/58 | €2.37M | €3.48M | €3.53M | €3.82M | €3.50M | ▼ 8.4% |
| Fixed assets21/28 | €1.61M | €1.90M | €2.25M | €2.18M | €2.32M | ▲ 6.2% |
| Intangible fixed assets21 | €1.16M | €1.44M | €1.80M | €2.03M | €2.26M | ▲ 11.3% |
| Tangible fixed assets22/27 | €9k | €19k | €25k | €31k | €33k | ▲ 6.1% |
| Land and buildings22 | €2k | €1k | €1k | €779 | €0 | ▼ 100% |
| Plant, machinery and equipment23 | €0 | - | - | - | - | - |
| Furniture and vehicles24 | €8k | €17k | €24k | €30k | €21k | ▼ 31.1% |
| Assets under construction and advance payments27 | - | - | - | - | €12k | - |
| Financial fixed assets28 | €440k | €436k | €429k | €117k | €19k | ▼ 83.6% |
| Current assets29/58 | €758k | €1.58M | €1.28M | €1.64M | €1.18M | ▼ 27.7% |
| Amounts receivable after more than one year29 | €72k | €79k | €96k | €106k | €116k | ▲ 8.6% |
| Other amounts receivable291 | €72k | €79k | €96k | €106k | €116k | ▲ 8.6% |
| Amounts receivable within one year40/41 | €564k | €1.37M | €1.10M | €1.24M | €864k | ▼ 30.5% |
| Trade receivables40 | €363k | €412k | €499k | €463k | €197k | ▼ 57.4% |
| Other amounts receivable41 | €201k | €959k | €598k | €781k | €667k | ▼ 14.6% |
| Cash at bank and in hand54/58 | €98k | €77k | €47k | €252k | €175k | ▼ 30.6% |
| Deferred charges and accrued income490/1 | €25k | €52k | €39k | €36k | €30k | ▼ 17.2% |
| Equity and liabilities | ||||||
| Total equity and liabilities10/49 | €2.37M | €3.48M | €3.53M | €3.82M | €3.50M | ▼ 8.4% |
| Equity10/15 | €683k | €1.17M | €1.34M | €1.88M | €2.07M | ▲ 10.2% |
| Contributions10/11 | €1.54M | €1.94M | €1.94M | €3.46M | €3.96M | ▲ 14.4% |
| Capital10 | €1.54M | €1.94M | €1.94M | €3.46M | €3.96M | ▲ 14.4% |
| Issued capital100 | €1.54M | €1.94M | €1.94M | €3.46M | €4.46M | ▲ 28.9% |
| Uncalled capital101 | - | - | - | - | €500k | - |
| Reserves13 | €429k | €429k | €429k | €435k | €435k | = |
| Tax-exempt reserves132 | €429k | €429k | €429k | €435k | €435k | = |
| Profit (loss) carried forward14 | €-1.29M | €-1.20M | €-1.03M | €-2.02M | €-2.33M | ▼ 15.3% |
| Amounts payable17/49 | €1.68M | €2.31M | €2.19M | €1.94M | €1.43M | ▼ 26.3% |
| Amounts payable after more than one year17 | €1.09M | €1.02M | €378k | €298k | €71k | ▼ 76.1% |
| Financial debts170/4 | €787k | €728k | €303k | €230k | €71k | ▼ 69.1% |
| Trade debts175 | €25k | €25k | €25k | €23k | €0 | ▼ 100% |
| Advances received on contracts in progress176 | €234k | - | - | - | - | - |
| Other amounts payable178/9 | €44k | €263k | €49k | €44k | €0 | ▼ 100% |
| Amounts payable within one year42/48 | €533k | €1.27M | €1.78M | €1.64M | €1.18M | ▼ 28.0% |
| Current portion of amounts payable after more than one year42 | €39k | €261k | €909k | €144k | €315k | ▲ 119% |
| Financial debts43 | €215k | €228k | €225k | €100k | €0 | ▼ 100% |
| Credit institutions430/8 | €215k | €228k | €225k | €100k | €0 | ▼ 100% |
| Trade debts44 | €62k | €76k | €81k | €76k | €95k | ▲ 25.8% |
| Suppliers440/4 | €62k | €76k | €81k | €76k | €95k | ▲ 25.8% |
| Advances received on contracts in progress46 | €76k | €32k | €160k | €201k | €53k | ▼ 73.7% |
| Taxes, remuneration and social security45 | €91k | €117k | €155k | €189k | €223k | ▲ 17.8% |
| Taxes450/3 | €3k | €4k | €6k | €44k | €42k | ▼ 4.0% |
| Remuneration and social security454/9 | €89k | €113k | €149k | €145k | €181k | ▲ 24.3% |
| Other amounts payable47/48 | €50k | €556k | €248k | €933k | €496k | ▼ 46.8% |
| Accrued charges and deferred income492/3 | €58k | €25k | €33k | €2k | €178k | ▲ 11,132% |
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €101k | €86k | €171k | €-985k | €-309k | ▲ 68.6% |
| + Depreciation and write-downs630 | €366k | €445k | €536k | €605k | €749k | ▲ 23.8% |
| Operating cash flow (approximation) | €467k | €532k | €707k | €-380k | €440k | ▲ 216% |
| Investment in fixed assets (approximation) | - | €-736k | €-887k | €-537k | €-883k | ▼ 64.5% |
| Change in cash | - | €-21k | €-30k | €204k | €-77k | ▼ 138% |
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
21-09
State Gazette act
Appointment: Bart Wouters (independent director)Power of attorney5 facts ▸
State Gazette act
Appointment: Bart Wouters (independent director)
Power of attorney5 facts ▸
- General meeting, 19-05-2026
- Director appointment, Bart Wouters (independent director)
- Power of attorney, Laurent BOUVEROUX
- Power of attorney, Jean-Philippe Weicker
- Power of attorney, Valentin Laval
03-06
NBB filing
Annual accounts filed
fiscal year 2025 · full schema
2025
31-12
Financial
Equity above €2MEq €2.07M ▲10.2%
Equity rises from €1.88M to €2.07M.
03-06
NBB filing
Annual accounts filed
fiscal year 2024 · full schema
2024
31-12
Financial
Weakest financial yearnet €-985k
Net result drops to €-985k, the lowest in the series; recovery starts the following year.
28-05
NBB filing
Annual accounts filed
fiscal year 2023 · full schema
2023
31-12
Financial
Highest result since 2018net €171k ▲98.2%
Operating result €223k, net result €171k, both a record.
31-05
NBB filing
Annual accounts filed
fiscal year 2022 · full schema
2022
31-12
Financial
Equity above €1MEq €1.17M ▲71.2%
3 profitable years in a row build equity to €1.17M.
12-07
NBB filing
Annual accounts filed
fiscal year 2021 · full schema
2021
31-12
Financial
Equity above €500kEq €683k
2 profitable years in a row build equity to €683k.
02-07
NBB filing
Annual accounts filed
fiscal year 2020 · full schema
Show earlier events
2020
31-12
Financial
Back to profitnet €5k
Net result €5k after 2 loss-making years.
01-12
Judicial reorganisation
Opening
Tribunal de l’entreprise de Liège · collective agreement · event 24-11-2020
30-10
NBB filing
Annual accounts filed
fiscal year 2019 · full schema · 91 days late
2019
21-06
NBB filing
Annual accounts filed
fiscal year 2018 · full schema
2018
30-07
NBB filing
Annual accounts filed
fiscal year 2017 · full schema
2017
14-07
NBB filing
Annual accounts filed
fiscal year 2016 · full schema
SignalFinancial milestoneState Gazette actNBB filingFinancial milestones sit on the fiscal year-end date, not the filing date.
1 of 23 acts read
About the unread acts
Of the 23 Belgian State Gazette acts we know for this company, 1 has been read. The other 22 have not been read yet: what they contain is neither established nor disproved here.
Have them read with priority
Sign in to place this company at the front of the reading queue.
Directors · office · real estate
Directors
1 director, last change in 2026
Bart Wouters
CurrentIndependent director · since 19-05-2026
19-05-2026
Appointed as Independent director
Not every act has been read: a resignation may be missing here
22 of this company's 23 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, Liège · 1 establishment unit since 2002
Ground area
79 m²
Building footprint
68 m²
Volume, LiDAR
754 m³
Parcel 62802B0186/00T000, Wallonia · tallest building 15.4 m, ±4 floors. Linked by address, not a title deed.
32
companies at this address
See who is registered here
1 establishment unit
Rue de l'Académie 53, 4000 Liège
since 20022.115.065.994
1 parcel
Wallonia
1
(100%)
| Parcel (capakey) | Region | Area | Buildings | Height / fl. |
|---|---|---|---|---|
| 62802B0186/00T000 | Wallonia | 79 m² | 1 · 68 m² | 15.4 m · 4 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.
Structure & network
Connections & network
4 connected companiesThis company
Company
Director
Shareholding
Click a node to look further, drag to arrange, scroll to zoom.
Linked via shared directors
via Bart Wouters · Director
→
via Bart Wouters · Director
→
via Bart Wouters · Permanent representative
→
via Bart Wouters · Class A director
former→
Public money · subsidies and aid
European Union, budget
2023 · 2 entries · 368,215 EUR in total| Year | Entries | awarded |
|---|---|---|
| 2023 | 2 | 368,215 EUR |
Projects
DILAPRO - DIGITAL LASER PRODUCTION: DIGITAL TWINS OF LASER PROCESSING FOR MULTI-CAPABILITY MANUFACTURING OF COMPLEX COMPONENTS AND CERTIFICATION
European research
3 projects · 1,897,883 EUR EU contributionProgrammes
Seventh Framework Programme
Horizon Europe
Projects
Innovative Tools for Electrical System Security within Large Areas
DIgital LAser PROduction: Digital Twins of Laser Processing for Multi-Capability Manufacturing of Complex Components and Certification
A cutting edge platform for data management and analysis to assist European fish aquaculture in its development towards higher performance and competitiveness
Similar companies · same sector, comparable size
TIMESEER.AI
BE 0742.836.094
Hasselt · Eq €2,066,088
HUDICOR
BE 0600.907.476
Antwerpen · Eq €2,075,151
Asfalys
BE 0536.866.690
Brussel · Eq €2,075,979
Geo-IT
BE 0867.526.230
Antwerpen · Eq €2,076,568
Superlinear
BE 0660.746.974
Brussel · Eq €2,078,670
Of 29,993 companies in sector 62200 we hold annual accounts for 18,396. 4,738 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
Founded30-09-2002
Fiscal year end31-12
Legal name FR
PEPITE
Activities, NACEBEL 2025
62100Computer programming
62200Computer consultancy and computer facilities management
Contact
E-mail
info@pepite.comLiège
Scores and ratios are computed by Checked and are not a credit decision.