ACTIVE

INDAVER

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Financial year 2025 · closed on 31/12/2025

Net result

11,7 M €

-44.7% YoY

Revenue

330,6 M €

+4.7% YoY

Equity

372,8 M €

+4.1% YoY

Workforce

579,7 ETP

+3.4% YoY

What does INDAVER do?

INDAVER is a Public limited company incorporated in 1985. Its main activity is: Treatment and disposal of non-hazardous waste. Its registered office is in Beveren-Kruibeke-Zwijndrecht. It employs on average 579,7 ETP workers (FTE).

Legal situation

● Normal situation

BCE/KBO no. / VAT

BE 0427.973.304

Incorporation

24/10/1985

Legal form

Public limited company

Registered office

Ketenislaan(KAL) 1
9130 Beveren-Kruibeke-Zwijndrecht · FlandreSee on map

Contributed capital

316 494 704,31 €

Latest accounts

31/12/2025

Average workforce

579,7 ETP

Activities (NACE)

38219Treatment and disposal of non-hazardous waste· main 38330Materials recovery 90021Support activities to performing arts

Joint committees (5)

100
116
14204
200
207

Signals

ProfitableSolid equityLow riskGood liquidityPositive cashflowPositive EBITDAHigh revenue

View the BCE/KBO Public Search record →

Health score

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✦ Verdict · Analyst summary

Financials

Trend over 17 financial years

	2025		2024		2023		2022		2021		2019		2018		2017		2016		2015		2014		2013		2012		2011		2010		2009		2008
Income statement
Revenue	330,6 M €	+4.7%	315,8 M €	+8.1%	292,1 M €	+17.6%	248,4 M €	+18.3%	209,9 M €	+10.8%	189,5 M €	+3.0%	184,1 M €	-1.1%	186,1 M €	+5.6%	176,3 M €	-2.4%	180,6 M €	+3.3%	174,8 M €	+0.3%	174,3 M €	+0.7%	173,2 M €	-3.7%	179,8 M €	+12.3%	160,2 M €	+12.9%	142 M €	-14.2%	165,4 M €
EBITDA	66,7 M €	-12.0%	75,8 M €	+140%	31,5 M €	+17.5%	26,9 M €	-21.8%	34,3 M €	+48.8%	23,1 M €	-19.6%	28,7 M €	-63.3%	78,2 M €	+82.3%	42,9 M €	+158%	16,6 M €	-50.4%	33,6 M €	+17.1%	28,7 M €	-18.3%	35,1 M €	-3.9%	36,6 M €	+18.4%	30,9 M €	+12.7%	27,4 M €	+0.4%	27,3 M €
Operating result	26 M €	-10.7%	29,1 M €	+131%	12,6 M €	+1120%	-1,2 M €	-111%	11 M €	+51.2%	7,3 M €	-54.9%	16,2 M €	-75.6%	66,3 M €	+133%	28,5 M €	+34057%	83,4 k €	-99.5%	17,4 M €	+19.2%	14,6 M €	-32.5%	21,6 M €	+4.5%	20,7 M €	+35.6%	15,2 M €	+37.7%	11,1 M €	-1.1%	11,2 M €
Net result	11,7 M €	-44.7%	21,1 M €	+26.8%	16,7 M €	+1711%	919,7 k €	-90.8%	10 M €	-73.8%	38,1 M €	+182%	13,5 M €	-80.1%	67,6 M €	+131%	29,3 M €	-72.5%	106,4 M €	+1705%	5,9 M €	-68.1%	18,5 M €	+6.9%	17,3 M €	-11.9%	19,6 M €	-29.1%	27,6 M €	+128%	12,1 M €	+47.6%	8,2 M €
Balance sheet
Equity	372,8 M €	+4.1%	358,1 M €	+2.0%	351 M €	+0.8%	348,3 M €	+317%	83,4 M €	-68.4%	264,2 M €	+16.9%	226 M €	+6.3%	212,5 M €	+11.9%	189,9 M €	-7.7%	205,7 M €	-1.0%	207,8 M €	+2.9%	201,9 M €	+6.0%	190,5 M €	+6.2%	179,3 M €	+8.8%	164,9 M €	+20.0%	137,4 M €	+9.6%	125,4 M €
Total assets	751 M €	+3.8%	723,3 M €	+5.2%	687,7 M €	-6.3%	733,9 M €	+36.6%	537,3 M €	-29.6%	763,2 M €	+0.1%	762,4 M €	+0.1%	761,8 M €	+20.8%	630,7 M €	-0.6%	634,3 M €	+3.9%	610,6 M €	-4.0%	635,9 M €	+0.6%	632,3 M €	-2.4%	647,6 M €	+11.4%	581,2 M €	+27.8%	454,7 M €	+11.6%	407,4 M €
Cash	1,2 M €	+32.2%	902,5 k €	+13.3%	796,5 k €	+572%	118,6 k €	-96.3%	3,2 M €	-59.9%	8 M €	-34.8%	12,3 M €	-36.3%	19,3 M €	-41.6%	33 M €	-19.9%	41,2 M €	+196%	13,9 M €	-32.4%	20,6 M €	-11.0%	23,1 M €	-54.9%	51,3 M €	+94.2%	26,4 M €	+990%	2,4 M €	-41.0%	4,1 M €
Debts	182,7 M €	+2.0%	179,1 M €	-1.1%	181,2 M €	-20.1%	226,9 M €	-24.7%	301,3 M €	-10.9%	338,3 M €	-8.8%	371 M €	-2.6%	380,8 M €	+1.1%	376,4 M €	+5.0%	358,5 M €	+3.8%	345,3 M €	-6.4%	368,9 M €	+0.6%	366,6 M €	-5.6%	388,6 M €	+15.7%	335,8 M €	+45.2%	231,3 M €	+21.6%	190,2 M €
Other
Workforce	579,7 ETP	+3.4%	560,4 ETP	+7.4%	521,8 ETP	+8.8%	479,5 ETP	+2.6%	467,4 ETP	-7.3%	504,4 ETP	+4.7%	481,7 ETP	+1.7%	473,5 ETP	+0.6%	470,9 ETP	-1.2%	476,7 ETP	-1.1%	482,0 ETP	-1.6%	489,9 ETP	+2.0%	480,4 ETP	+2.7%	467,7 ETP	+1.4%	461,4 ETP	+0.1%	460,9 ETP	+5.6%	436,4 ETP

Estimate

Indicative valuation

As an indication, this company is worth

between 500 M€ and 1.000 M€

See the valuation

Governance

Board of directors

Seen on filing of 31/12/2025 · 3 active · 92 ended

Active mandates

Tsundoku Ventures

Director · since 02 décembre 2024 · until 17 avril 2030 · 0702.764.208

Represented by Hilde Vangilbergen

Active

Paul De Bruycker

Chairman of the board of directors · since 01 septembre 2024 · until 17 avril 2030

Active

Gavilán Consulting

Director · since 01 juillet 2024 · until 17 avril 2030 · 0636.863.792

Represented by Karl Huts

Active

Ended mandates

PDB

Chairman of the board of directors · since 01 septembre 2024 · until 17 avril 2030 · 1009.136.728

Represented by Paul De Bruycker

Ended

Karl Huts

Director · since 13 juillet 2020 · until 15 avril 2026

Ended

Karl Huts

Director · since 13 juillet 2020 · until 13 juillet 2027

Ended

Paul De Bruycker

Director · since 13 février 2020 · until 15 avril 2026

Ended

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Annual accounts

Full financial information

	2025	2024	2023	2022	2021	2020
Type of account	Full model	Full model	Full model	Full model	Full model	Full model
Start of the financial year	01/01/2025	01/01/2024	01/01/2023	01/01/2022	01/01/2021	01/01/2020
Closing of the financial year	31/12/2025	31/12/2024	31/12/2023	31/12/2022	31/12/2021	31/12/2020
Length of the financial year	12 months	12 months	12 months	12 months	12 months	12 months
Filing date	11/05/2026	24/04/2025	30/04/2024	25/01/2024	20/02/2023	04/05/2021
General meeting	15/04/2026	16/04/2025	17/04/2024	29/11/2023	20/04/2022	21/04/2021
Currency of the financial year	EUR	EUR	EUR	EUR	EUR	EUR
NBB quality label	Satisfying controls	Satisfying controls	Satisfying controls	Satisfying controls	Satisfying controls	Satisfying controls

Ratios

Financial ratios

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Filings

Annual accounts filings

31 filings with the NBB

Model	Closing	General meeting	Filed	Language	Document
Full model	31/12/2025	15/04/2026	11/05/2026	Dutch	PDF
Full model	31/12/2024	16/04/2025	24/04/2025	Dutch	PDF
Full model	31/12/2023	17/04/2024	30/04/2024	Dutch	PDF
Full modelCorrection	31/12/2022	29/11/2023	25/01/2024	Dutch	PDF
Full model	31/12/2022	19/04/2023	02/05/2023	Dutch	PDF
Full modelCorrection	31/12/2021	20/04/2022	20/02/2023	Dutch	PDF
Full model	31/12/2021	20/04/2022	12/05/2022	Dutch	PDF
Full model	31/12/2020	21/04/2021	04/05/2021	Dutch	PDF
Full model	31/12/2019	18/04/2020	05/05/2020	Dutch	PDF
Full model	31/12/2018	17/04/2019	06/05/2019	Dutch	PDF
Full model	31/12/2017	18/04/2018	04/06/2018	Dutch	PDF
Full model	31/12/2016	19/04/2017	07/06/2017	Dutch	PDF
Full model	31/12/2015	20/04/2016	08/06/2016	Dutch	PDF
Full model	31/12/2014	15/04/2015	21/05/2015	Dutch	PDF
m120-f-p	31/12/2014	15/04/2015	07/05/2015	Dutch	PDF
Full model	31/12/2013	16/04/2014	06/05/2014	Dutch	PDF
m120-f-p	31/12/2013	16/04/2014	23/04/2014	Dutch	PDF
Full model	31/12/2012	18/04/2013	24/05/2013	Dutch	PDF
m120-f-p	31/12/2012	17/04/2013	13/05/2013	Dutch	PDF
Full model	31/12/2011	18/04/2012	03/05/2012	Dutch	PDF
m120-f-p	31/12/2011	18/04/2012	03/05/2012	Dutch	PDF
Full model	31/12/2010	20/04/2011	05/05/2011	Dutch	PDF
m120-f-p	31/12/2010	20/04/2011	02/05/2011	Dutch	PDF
Full model	31/12/2009	21/04/2010	09/06/2010	Dutch	PDF

View all 31 filings

Estimate

Indicative valuation

Order of magnitude

As an indication, this company is worth

between 500 M€ and 1.000 M€

The detail comes with the Business plan: low and high bounds, the valuation bridge for each financial year, transaction multiples by sector and size, group valuation and exports.

Discover the Business plan

Disclaimer

Indicative estimate based on public sector multiples and the filed annual accounts. It is neither a certified valuation nor financial or investment advice.

Governance

Board of directors

Seen on filing of 31/12/2025 · 3 active · 92 ended

Active mandates

Tsundoku Ventures

Director · since 02 décembre 2024 · until 17 avril 2030 · 0702.764.208

Represented by Hilde Vangilbergen

Active

Paul De Bruycker

Chairman of the board of directors · since 01 septembre 2024 · until 17 avril 2030

Active

Gavilán Consulting

Director · since 01 juillet 2024 · until 17 avril 2030 · 0636.863.792

Represented by Karl Huts

Active

Ended mandates

PDB

Chairman of the board of directors · since 01 septembre 2024 · until 17 avril 2030 · 1009.136.728

Represented by Paul De Bruycker

Ended

Karl Huts

Director · since 13 juillet 2020 · until 15 avril 2026

Ended

Karl Huts

Director · since 13 juillet 2020 · until 13 juillet 2027

Ended

Paul De Bruycker

Director · since 13 février 2020 · until 15 avril 2026

Ended

Shareholders

Ownership and network

Looking for more information about this company?

Try for 7 days

Belgian Official Gazette

Belgian Official Gazette publications

Other01/07/2026
—
PDF
Mandates06/03/2026
ONTSLAGEN - BENOEMINGEN
PDF
Capital / shares10/11/2025
KAPITAAL - AANDELEN
PDF
Mandates03/02/2025
ONTSLAGEN - BENOEMINGEN
PDF
Mandates21/01/2025
ONTSLAGEN - BENOEMINGEN
PDF
Mandates05/11/2024
ONTSLAGEN - BENOEMINGEN
PDF
Mandates25/07/2024
ONTSLAGEN - BENOEMINGEN
PDF
Mandates14/06/2024
ONTSLAGEN - BENOEMINGEN
PDF

Source: Belgian Official Gazette

Competition

Similar companies

A company's peers, by sector and size, are included in the Business plan.

See the Business plan

2025
Annual accounts 202511,7 M €↓
28/10/2025
augmentation_capital
2024
Annual accounts 202421,1 M €↑
02/12/2024
nominationTsundoku Ventures BV — bestuurder
01/09/2024
nominationPDB BV — dagelijks bestuurder (CEO)
01/07/2024
nominationGavilan Consulting bv — bestuurder
17/04/2024
reconductionEY Bedrijfsrevisoren BV — commissaris
2023
Annual accounts 202316,7 M €↑
2022
Annual accounts 2022919,7 k €↓
31/08/2022
augmentation_capital
01/01/2022
split
2021
Annual accounts 202110 M €↓
2019
Annual accounts 201938,1 M €↑
2018
Annual accounts 201813,5 M €↓
2017
Annual accounts 201767,6 M €↑
2016
Annual accounts 201629,3 M €↓
2015
Annual accounts 2015106,4 M €↑
2014
Annual accounts 20145,9 M €↓
2013
Annual accounts 201318,5 M €↑
2012
Annual accounts 201217,3 M €↓
2011
Annual accounts 201119,6 M €↓
2010
Annual accounts 201027,6 M €↑
2009
Annual accounts 200912,1 M €↑
2008
Annual accounts 20088,2 M €
24/10/1985
IncorporationPublic limited company

10/15	1 240 000	1 180 000	1 050 000
70	8 630 000	8 120 000	7 940 000
9904	412 000	388 000	301 000
17/49	2 970 000	3 140 000	3 380 000
9087	24,3	23,1	21,8

INDAVER

Overview

What does INDAVER do?

Trend over 17 financial years

Indicative valuation

Board of directors

Other companies at this address

Financials

Full financial information

Financial ratios

Annual accounts filings

Valuation

Indicative valuation

Directors & structure

Board of directors

Ownership and network

Publications

Belgian Official Gazette publications

Similar companies

Similar companies

Timeline