ACTIVE

INCOPACK

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Financial year 2025 · closed on 31/12/2025

Net result

16,5 M €

+57.4% YoY

Revenue

144,4 M €

+6.9% YoY

Equity

65,8 M €

+33.5% YoY

Workforce

118,3 ETP

+2.3% YoY

What does INCOPACK do?

INCOPACK is a Public limited company incorporated in 1987. Its main activity is: Operation of dairies and cheese making. Its registered office is in Dilsen-Stokkem. It employs on average 118,3 ETP workers (FTE).

Legal situation

● Normal situation

BCE/KBO no. / VAT

BE 0432.863.488

Incorporation

21/12/1987

Legal form

Public limited company

Registered office

Siemenslaan 21
3650 Dilsen-Stokkem · FlandreSee on map

Contributed capital

2 479 000,00 €

Latest accounts

31/12/2025

Average workforce

118,3 ETP

Activities (NACE)

10510Operation of dairies and cheese making· main 10510Operation of dairies and cheese making 10890Manufacture of other food products n.e.c.10890Manufacture of other food products n.e.c.15510Manufacture of leather and related products 15890Manufacture of leather and related products+3

Joint committees (2)

Signals

ProfitableSolid equityLow riskGood liquidityPositive cashflowPositive EBITDAHealthy social debtsHigh revenue

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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
Revenue	144,4 M €	+6.9%	135,1 M €	+5.6%	127,9 M €	+7.5%	119 M €	+79.7%	66,2 M €	+23.6%	53,6 M €	+22.6%	43,7 M €	+4.7%	41,7 M €	+3.0%	40,5 M €	+6.3%	38,1 M €	+4.6%	36,4 M €	-17.9%	44,4 M €	-16.2%	53 M €	+18.2%	44,9 M €	+16.9%	38,4 M €	+11.3%	34,5 M €	-17.5%	41,8 M €	+5.9%	39,4 M €	+4.5%	37,7 M €	+7.2%	35,2 M €
EBITDA	20,3 M €	+20.6%	16,8 M €	-27.5%	23,2 M €	+239%	6,9 M €	+36.6%	5 M €	-36.4%	7,9 M €	+32.8%	6 M €	+56.3%	3,8 M €	+10.5%	3,4 M €	-35.0%	5,3 M €	+0.0%	5,3 M €	-15.9%	6,3 M €	+52.6%	4,1 M €	-13.3%	4,8 M €	+101%	2,4 M €	+111%	1,1 M €	-80.5%	5,8 M €	+2.6%	5,6 M €	+59.6%	3,5 M €	-12.6%	4 M €
Operating result	18,3 M €	+34.9%	13,6 M €	-34.1%	20,7 M €	+361%	4,5 M €	+57.6%	2,8 M €	-56.8%	6,6 M €	+32.4%	5 M €	+75.3%	2,8 M €	+30.9%	2,2 M €	-46.8%	4,1 M €	-3.6%	4,2 M €	-8.0%	4,6 M €	+79.8%	2,6 M €	-8.7%	2,8 M €	+4765%	-59,9 k €	+97.0%	-2 M €	-179%	2,5 M €	-38.2%	4,1 M €	+157%	1,6 M €	-14.6%	1,9 M €
Net result	16,5 M €	+57.4%	10,5 M €	-34.5%	16 M €	+371%	3,4 M €	+56.7%	2,2 M €	-58.7%	5,3 M €	+37.7%	3,8 M €	+82.0%	2,1 M €	+31.0%	1,6 M €	-45.4%	2,9 M €	+5.4%	2,8 M €	-18.8%	3,4 M €	+82.0%	1,9 M €	-10.5%	2,1 M €	+386%	-734,8 k €	+65.9%	-2,2 M €	-233%	1,6 M €	-49.4%	3,2 M €	+183%	1,1 M €	-16.0%	1,3 M €
Balance sheet
Equity	65,8 M €	+33.5%	49,3 M €	+27.0%	38,8 M €	+56.6%	24,8 M €	+9.7%	22,6 M €	+5.5%	21,4 M €	+17.9%	18,2 M €	+13.9%	16 M €	+5.9%	15,1 M €	+4.1%	14,5 M €	+9.2%	13,2 M €	+15.9%	11,4 M €	+9.7%	10,4 M €	+7.0%	9,7 M €	+24.0%	7,8 M €	-8.6%	8,6 M €	-20.1%	10,8 M €	+3.9%	10,3 M €	+8.7%	9,5 M €	+2.0%	9,3 M €
Total assets	85,4 M €	+15.0%	74,2 M €	+11.6%	66,5 M €	+5.4%	63,1 M €	+14.2%	55,2 M €	+21.3%	45,5 M €	+23.5%	36,8 M €	+3.1%	35,7 M €	+0.8%	35,4 M €	-2.9%	36,5 M €	+7.9%	33,8 M €	-0.4%	34 M €	-9.8%	37,7 M €	+16.6%	32,3 M €	+4.2%	31 M €	-9.0%	34,1 M €	-0.3%	34,2 M €	+13.7%	30,1 M €	+48.4%	20,3 M €	-3.0%	20,9 M €
Cash	12 M €	-8.8%	13,2 M €	+109%	6,3 M €	+498%	1,1 M €	+127%	464,8 k €	+18.9%	390,9 k €	-28.3%	545,3 k €	-20.5%	685,6 k €	+44.1%	475,7 k €	-9.2%	524 k €	+111%	248,5 k €	-16.9%	299 k €	+27.5%	234,6 k €	+4.3%	224,9 k €	+49.0%	150,9 k €	-61.8%	395 k €	+19.5%	330,5 k €	-38.9%	541,1 k €	-11.7%	612,4 k €	+145%	250,1 k €
Debts	19,4 M €	-22.0%	24,8 M €	-9.8%	27,5 M €	-28.1%	38,2 M €	+17.3%	32,6 M €	+35.4%	24,1 M €	+29.1%	18,6 M €	-5.6%	19,7 M €	-0.9%	19,9 M €	-7.7%	21,6 M €	+6.6%	20,3 M €	-8.8%	22,2 M €	-18.3%	27,2 M €	+20.6%	22,5 M €	-2.5%	23,1 M €	-9.0%	25,4 M €	+8.8%	23,3 M €	+19.2%	19,6 M €	+85.8%	10,5 M €	-7.5%	11,4 M €
Other
Workforce	118,3 ETP	+2.3%	115,6 ETP	+4.4%	110,7 ETP	+9.4%	101,2 ETP	+29.2%	78,3 ETP	+6.7%	73,4 ETP	+0.7%	72,9 ETP	-0.4%	73,2 ETP	+1.1%	72,4 ETP	-6.9%	77,8 ETP	-5.0%	81,9 ETP	+3.4%	79,2 ETP	+5.2%	75,3 ETP	+3.7%	72,6 ETP	+1.5%	71,5 ETP	+1.4%	70,5 ETP	-0.8%	71,1 ETP	+11.8%	63,6 ETP	-1.4%	64,5 ETP	+0.9%	63,9 ETP

Estimate

Indicative valuation

As an indication, this company is worth

between 100 M€ and 250 M€

See the valuation

Governance

Board of directors

Seen on filing of 31/12/2025 · 2 active · 21 ended

Active mandates

GILBERT'S MANAGEMENT COMPANY

Director · since 28 avril 2025 · until 27 avril 2031 · 0441.609.722

Represented by Antonio Rodriguez

Active

GILBERT'S MANAGEMENT COMPANY

Director · since 17 mai 2024 · until 28 avril 2025 · 0441.609.722

Represented by Nathalie Nijs

Active

Ended mandates

GILBERT'S MANAGEMENT COMPANY

Managing director · since 28 avril 2025 · until 27 avril 2031 · 0441.609.722

Represented by Antonio RODRIGUEZ

Ended

GILBERT'S MANAGEMENT COMPANY

Managing director · since 17 mai 2024 · until 28 avril 2025 · 0441.609.722

Represented by Nathalie NIJS

Ended

GILBERT'S MANAGEMENT COMPANY

Managing director · since 17 mai 2024 · 0441.609.722

Represented by Nathalie NIJS

Ended

GILBERT'S MANAGEMENT COMPANY

Managing director · since 23 mars 2020 · until 17 mai 2024 · 0441.609.722

Represented by Nathalie NIJS

Ended

At this address

Other companies at this address

Company	CBE no.
GILBERT'S MANAGEMENT COMPANY● Active	0441.609.722

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	01/06/2026	27/06/2025	08/07/2024	12/07/2023	02/08/2022	30/07/2021
General meeting	20/05/2026	16/05/2025	11/06/2024	30/06/2023	20/05/2022	21/05/2021
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

23 filings with the NBB

Model	Closing	General meeting	Filed	Language	Document
Full model	31/12/2025	20/05/2026	01/06/2026	Dutch	PDF
Full model	31/12/2024	16/05/2025	27/06/2025	Dutch	PDF
Full model	31/12/2023	11/06/2024	08/07/2024	Dutch	PDF
Full model	31/12/2022	30/06/2023	12/07/2023	Dutch	PDF
Full model	31/12/2021	20/05/2022	02/08/2022	Dutch	PDF
Full model	31/12/2020	21/05/2021	30/07/2021	Dutch	PDF
Full model	31/12/2019	15/05/2020	31/07/2020	Dutch	PDF
Full model	31/12/2018	21/06/2019	12/07/2019	Dutch	PDF
Full model	31/12/2017	18/05/2018	27/07/2018	Dutch	PDF
Full model	31/12/2016	19/05/2017	18/07/2017	Dutch	PDF
Full model	31/12/2015	20/05/2016	25/07/2016	Dutch	PDF
Full model	31/12/2014	15/05/2015	24/08/2015	Dutch	PDF
Full model	31/12/2013	30/06/2014	31/07/2014	Dutch	PDF
Full model	31/12/2012	17/05/2013	31/07/2013	Dutch	PDF
Full model	31/12/2011	18/05/2012	26/07/2012	Dutch	PDF
Full model	31/12/2010	20/05/2011	29/08/2011	Dutch	PDF
Full model	31/12/2009	21/05/2010	14/07/2010	Dutch	PDF
Full model	31/12/2008	15/05/2009	16/07/2009	Dutch	PDF
Consolidated accounts	31/12/2008	15/05/2009	31/08/2009	Dutch	PDF
Full model	31/12/2007	16/05/2008	24/06/2008	Dutch	PDF
Consolidated accounts	31/12/2007	16/05/2008	27/08/2008	Dutch	PDF
Full model	31/12/2006	18/05/2007	23/07/2007	Dutch	PDF
Consolidated accounts	31/12/2006	18/05/2007	31/07/2007	Dutch	PDF

Estimate

Indicative valuation

Order of magnitude

As an indication, this company is worth

between 100 M€ and 250 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 · 2 active · 21 ended

Active mandates

GILBERT'S MANAGEMENT COMPANY

Director · since 28 avril 2025 · until 27 avril 2031 · 0441.609.722

Represented by Antonio Rodriguez

Active

GILBERT'S MANAGEMENT COMPANY

Director · since 17 mai 2024 · until 28 avril 2025 · 0441.609.722

Represented by Nathalie Nijs

Active

Ended mandates

GILBERT'S MANAGEMENT COMPANY

Managing director · since 28 avril 2025 · until 27 avril 2031 · 0441.609.722

Represented by Antonio RODRIGUEZ

Ended

GILBERT'S MANAGEMENT COMPANY

Managing director · since 17 mai 2024 · until 28 avril 2025 · 0441.609.722

Represented by Nathalie NIJS

Ended

GILBERT'S MANAGEMENT COMPANY

Managing director · since 17 mai 2024 · 0441.609.722

Represented by Nathalie NIJS

Ended

GILBERT'S MANAGEMENT COMPANY

Managing director · since 23 mars 2020 · until 17 mai 2024 · 0441.609.722

Represented by Nathalie NIJS

Ended

Shareholders

Ownership and network

Looking for more information about this company?

Try for 7 days

Belgian Official Gazette

Belgian Official Gazette publications

Restructuring24/07/2026
DOEL - STATUTEN (VERTALING, COÖRDINATIE, OVERIGE WIJZIGINGEN, ) - RUBRIEK HERSTRUCTURERING (FUSIE, SPLITSING, OVERDRACHT VERMOGEN, ENZ...)
PDF
Restructuring26/05/2026
STATUTEN (VERTALING, COÖRDINATIE, OVERIGE WIJZIGINGEN, ) - RUBRIEK HERSTRUCTURERING (FUSIE, SPLITSING, OVERDRACHT VERMOGEN, ENZ...)
PDF
Mandates25/11/2025
ONTSLAGEN - BENOEMINGEN
PDF
Mandates09/05/2025
KAPITAAL - AANDELEN - ONTSLAGEN - BENOEMINGEN
PDF
Mandates03/12/2024
ONTSLAGEN - BENOEMINGEN
PDF
Mandates23/02/2023
ONTSLAGEN - BENOEMINGEN
PDF
Other27/01/2022
DIVERSEN
PDF
Mandates08/04/2020
STATUTEN (VERTALING, COÖRDINATIE, OVERIGE WIJZIGINGEN, ) - DIVERSEN - 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

31/12/2025
nominationHannes Poelmans — commissaris
2025
Annual accounts 202516,5 M €↑
28/04/2025
nominationGILBERT'S MANAGEMENT COMPANY NV — bestuurder
2024
Annual accounts 202410,5 M €↓
11/06/2024
reconductionGILBERT'S MANAGEMENT COMPANY nv — bestuurder
2023
Annual accounts 202316 M €↑
2022
Annual accounts 20223,4 M €↑
30/12/2022
nominationFOEDERER DFK BEDRIJFSREVISOREN CVBA — commissaris
2021
Annual accounts 20212,2 M €↓
2020
Annual accounts 20205,3 M €↑
24/07/2020
cessionGILBERT'S MANAGEMENT COMPANY NV
2019
Annual accounts 20193,8 M €↑
2018
Annual accounts 20182,1 M €↑
2017
Annual accounts 20171,6 M €↓
2016
Annual accounts 20162,9 M €↑
2015
Annual accounts 20152,8 M €↓
2014
Annual accounts 20143,4 M €↑
2013
Annual accounts 20131,9 M €↓
2012
Annual accounts 20122,1 M €↑
2011
Annual accounts 2011-734,8 k €↑
2010
Annual accounts 2010-2,2 M €↓
2009
Annual accounts 20091,6 M €↓
2008
Annual accounts 20083,2 M €↑
2007
Annual accounts 20071,1 M €↓
2006
Annual accounts 20061,3 M €
21/12/1987
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

INCOPACK

Overview

What does INCOPACK 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