ACTIVE

INDULEC

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Financial year 2025 · closed on 31/12/2025

Net result

220,4 k €

+259.9% YoY

Gross margin

1,1 M €

+33.3% YoY

Equity

993,9 k €

+28.5% YoY

Workforce

10,8 ETP

+8.0% YoY

What does INDULEC do?

INDULEC is a Private limited company incorporated in 1987. Its registered office is in Heusden-Zolder. It employs on average 10,8 ETP workers (FTE).

Legal situation

● Normal situation

BCE/KBO no. / VAT

BE 0432.835.774

Incorporation

14/12/1987

Legal form

Private limited company

Registered office

Magazijnstraat 1
3550 Heusden-Zolder · FlandreSee on map

Contributed capital

18 600,00 €

Latest accounts

31/12/2025

Average workforce

10,8 ETP

Joint committees (5)

12501
14901
200
2000
218

Signals

ProfitableSolid equityLow riskGood liquidityPositive cashflowPositive EBITDAHealthy social debts

View the BCE/KBO Public Search record →

Health score

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✦ Verdict · Analyst summary

Financials

Trend over 20 financial years

	2025		2024		2023		2022		2021		2020		2019		2018		2017		2016		2015		2014		2013		2012		2011		2010		2009		2008		2007		2006
Income statement
Gross margin	1,1 M €	+33.3%	838,9 k €	+13.9%	736,5 k €	+20.1%	613,5 k €	+89.6%	323,6 k €	-44.3%	580,8 k €	-14.4%	678,3 k €	-2.3%	693,9 k €	+10.0%	630,6 k €	+11.8%	564,2 k €	-6.8%	605,4 k €	+9.5%	553,1 k €	-8.7%	605,6 k €	+22.0%	496,5 k €	+4.7%	474 k €	-11.1%	533,4 k €	-4.9%	560,9 k €	+36.0%	412,3 k €	-5.3%	435,4 k €	+3.8%	419,4 k €
EBITDA	361,4 k €	+131%	156,3 k €	+90.0%	82,3 k €	-51.0%	168 k €	+306%	-81,4 k €	-176%	107,4 k €	-10.7%	120,3 k €	-30.6%	173,4 k €	+107%	83,8 k €	+6.7%	78,6 k €	-4.1%	81,9 k €	+0.1%	81,8 k €	-28.4%	114,4 k €	+103%	56,3 k €	+738%	-8,8 k €	-112%	71,4 k €	+5.0%	68 k €	+87.3%	36,3 k €	-12.8%	41,6 k €	-48.4%	80,7 k €
Operating result	303,9 k €	+213%	97,1 k €	+237%	28,8 k €	-78.8%	136,3 k €	+967%	-15,7 k €	-126%	61 k €	-9.6%	67,5 k €	-39.6%	111,7 k €	+165%	42,1 k €	-7.7%	45,6 k €	-8.0%	49,6 k €	+10.5%	44,9 k €	-44.7%	81,2 k €	+304%	20,1 k €	+146%	-43,4 k €	-196%	45 k €	+13.8%	39,5 k €	+108%	19 k €	-7.6%	20,6 k €	-66.2%	60,7 k €
Net result	220,4 k €	+260%	61,2 k €	+511%	10 k €	-90.8%	109,1 k €	-69.4%	356,2 k €	+862%	37 k €	-22.7%	47,9 k €	-44.6%	86,5 k €	+341%	19,6 k €	-28.4%	27,4 k €	+140%	11,4 k €	-48.3%	22 k €	-64.5%	62,1 k €	+362%	13,4 k €	+120%	-67,9 k €	-435%	20,3 k €	-5.0%	21,3 k €	+440%	4 k €	-47.6%	7,5 k €	-56.1%	17,2 k €
Balance sheet
Equity	993,9 k €	+28.5%	773,5 k €	+8.6%	712,3 k €	+1.4%	702,2 k €	-5.5%	743,1 k €	+92.1%	386,9 k €	+10.6%	349,9 k €	+15.9%	302 k €	-19.2%	373,5 k €	+5.5%	353,9 k €	+8.4%	326,5 k €	+6.1%	307,7 k €	+23.3%	249,5 k €	+23.5%	202 k €	+7.1%	188,6 k €	-26.5%	256,5 k €	+8.6%	236,2 k €	+21.2%	194,8 k €	+2.1%	190,9 k €	+4.1%	183,3 k €
Total assets	1,6 M €	+9.5%	1,5 M €	+26.6%	1,2 M €	-18.5%	1,4 M €	+28.8%	1,1 M €	+14.9%	964,5 k €	-28.0%	1,3 M €	+14.2%	1,2 M €	+15.1%	1 M €	+14.7%	888,4 k €	-0.2%	890,3 k €	+1.2%	880 k €	-27.5%	1,2 M €	+53.3%	791,4 k €	-13.9%	919,4 k €	-5.6%	973,8 k €	-9.2%	1,1 M €	+59.9%	670,6 k €	-5.2%	707,1 k €	+6.8%	661,8 k €
Cash	583,3 k €	-13.4%	673,6 k €	+462%	119,8 k €	-69.6%	394,2 k €	-14.1%	458,7 k €	+101%	228,6 k €	-16.0%	272,2 k €	+24.6%	218,5 k €	+44.3%	151,4 k €	+4.3%	145,2 k €	+107%	70,1 k €	+107%	33,9 k €	-91.6%	403 k €		–		197,8 k €	+869%	20,4 k €	-83.3%	122 k €	+68.7%	72,3 k €	+277%	19,2 k €	-75.8%	79,4 k €
Debts	619,1 k €	-10.9%	694,6 k €	+56.8%	443,1 k €	-32.1%	652,9 k €	+79.4%	364 k €	-24.0%	478,6 k €	-46.2%	890,1 k €	+15.4%	771,5 k €	+42.9%	540 k €	+24.1%	435,2 k €	-6.4%	464,8 k €	-0.6%	467,7 k €	-45.5%	857,7 k €	+75.2%	489,5 k €	-21.6%	624,3 k €	+1.2%	616,7 k €	-16.7%	740,7 k €	+58.7%	466,8 k €	-8.5%	510 k €	+7.6%	474,1 k €
Other
Workforce	10,8 ETP	+8.0%	10,0 ETP	+1.0%	9,9 ETP	+20.7%	8,2 ETP	+15.5%	7,1 ETP	-20.2%	8,9 ETP	-11.0%	10,0 ETP		–		–		–		9,6 ETP	-3.0%	9,9 ETP	+1.0%	9,8 ETP	0.0%	9,8 ETP	0.0%	9,8 ETP	+5.4%	9,3 ETP	+8.1%	8,6 ETP	0.0%	8,6 ETP	-5.5%	9,1 ETP	0.0%	9,1 ETP

Estimate

Indicative valuation

As an indication, this company is worth

between 1 M€ and 2,5 M€

See the valuation

Governance

Board of directors

Seen on filing of 31/12/2025 · 1 active · 6 ended

Active mandates

BeKe Solutions

Director · since 12 mars 2021 · 0739.946.187

Represented by Benny KESSELS

Active

Ended mandates

BeKe Solutions

Director · since 17 mars 2021 · 0739.946.187

Represented by Benny Kessels

Ended

BeKe Solutions

Director · 0739.946.187

Represented by Benny KESSELS

Ended

Ivo Pellens

Director

Ended

Ivo Pellens

Manager

Ended

At this address

Other companies at this address

Company	CBE no.
Sippy● Active	0547.677.737

Annual accounts

Full financial information

	2025	2024	2023	2022	2021	2020
Type of account	Abridged model	Abridged model	Abridged model	Abridged model	Abridged model	Abridged 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	05/06/2026	24/07/2025	30/07/2024	14/07/2023	18/08/2022	28/07/2021
General meeting	04/06/2026	30/06/2025	28/06/2024	30/06/2023	30/06/2022	30/06/2021
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

20 filings with the NBB

Model	Closing	General meeting	Filed	Language	Document
Abridged model	31/12/2025	04/06/2026	05/06/2026	Dutch	PDF
Abridged model	31/12/2024	30/06/2025	24/07/2025	Dutch	PDF
Abridged model	31/12/2023	28/06/2024	30/07/2024	Dutch	PDF
Abridged model	31/12/2022	30/06/2023	14/07/2023	Dutch	PDF
Abridged model	31/12/2021	30/06/2022	18/08/2022	Dutch	PDF
Abridged model	31/12/2020	30/06/2021	28/07/2021	Dutch	PDF
Abridged model	31/12/2019	04/09/2020	01/10/2020	Dutch	PDF
Abridged model	31/12/2018	28/06/2019	30/08/2019	Dutch	PDF
Abridged model	31/12/2017	29/06/2018	19/07/2018	Dutch	PDF
Abridged model	31/12/2016	30/06/2017	14/08/2017	Dutch	PDF
Abridged model	31/12/2015	24/06/2016	22/09/2016	Dutch	PDF
Abridged model	31/12/2014	26/06/2015	28/08/2015	Dutch	PDF
Abridged model	31/12/2013	27/06/2014	03/09/2014	Dutch	PDF
Abridged model	31/12/2012	28/06/2013	30/08/2013	Dutch	PDF
Abridged model	31/12/2011	29/06/2012	08/09/2012	Dutch	PDF
Abridged model	31/12/2010	24/06/2011	30/08/2011	Dutch	PDF
Abridged model	31/12/2009	25/06/2010	29/07/2010	Dutch	PDF
Abridged model	31/12/2008	26/06/2009	23/07/2009	Dutch	PDF
Abridged model	31/12/2007	27/06/2008	30/07/2008	Dutch	PDF
Abridged model	31/12/2006	29/06/2007	20/08/2007	Dutch	PDF

Estimate

Indicative valuation

Order of magnitude

As an indication, this company is worth

between 1 M€ and 2,5 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 · 1 active · 6 ended

Active mandates

BeKe Solutions

Director · since 12 mars 2021 · 0739.946.187

Represented by Benny KESSELS

Active

Ended mandates

BeKe Solutions

Director · since 17 mars 2021 · 0739.946.187

Represented by Benny Kessels

Ended

BeKe Solutions

Director · 0739.946.187

Represented by Benny KESSELS

Ended

Ivo Pellens

Director

Ended

Ivo Pellens

Manager

Ended

Shareholders

Ownership and network

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Try for 7 days

Belgian Official Gazette

Belgian Official Gazette publications

Other18/08/2023
STATUTEN (VERTALING, COÖRDINATIE, OVERIGE WIJZIGINGEN, ) - WIJZIGING RECHTSVORM - BENAMING - DIVERSEN
PDF
Registered office29/04/2022
MAATSCHAPPELIJKE ZETEL
PDF
Mandates25/03/2021
ONTSLAGEN - BENOEMINGEN
PDF
Capital / shares24/12/2018
DIVERSEN - KAPITAAL - AANDELEN
PDF
Capital / shares10/02/2014
KAPITAAL - AANDELEN - STATUTEN (VERTALING, COÖRDINATIE, OVERIGE WIJZIGINGEN, )
PDF
Mandates17/02/2004
KAPITAAL - AANDELEN - ONTSLAGEN - BENOEMINGEN - ALGEMENE VERGADERING - STATUTEN (VERTALING, COÖRDINATIE, OVERIGE WIJZIGINGEN, ) - DIVERSEN
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 2025220,4 k €↑
2024
Annual accounts 202461,2 k €↑
2023
Annual accounts 202310 k €↓
2023
Name changeINDULEC
2022
Annual accounts 2022109,1 k €↓
2021
Annual accounts 2021356,2 k €↑
2021
Name changePELLENS YVO BV
2020
Annual accounts 202037 k €↓
2019
Annual accounts 201947,9 k €↓
2018
Annual accounts 201886,5 k €↑
2017
Annual accounts 201719,6 k €↓
2016
Annual accounts 201627,4 k €↑
2015
Annual accounts 201511,4 k €↓
2014
Annual accounts 201422 k €↓
2013
Annual accounts 201362,1 k €↑
2012
Annual accounts 201213,4 k €↑
2011
Annual accounts 2011-67,9 k €↓
2010
Annual accounts 201020,3 k €↓
2009
Annual accounts 200921,3 k €↑
2008
Annual accounts 20084 k €↓
2007
Annual accounts 20077,5 k €↓
2006
Annual accounts 200617,2 k €
14/12/1987
IncorporationPrivate 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

INDULEC

Overview

What does INDULEC do?

Trend over 20 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