ACTIVE

INPICO

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Financial year 2025 · Closed on 31/12/2025

Net result1,2 M €+6,1 %over 1 year

Gross margin3,1 M €+3,6 %over 1 year

Equity2,2 M €+0,5 %over 1 year

Workforce24,9 ETP+3,7 %over 1 year

Identity

Source · BCE/KBO

INPICO is a Public limited company incorporated in 1991. Its main activity is: Manufacture of central heating radiators and boilers. Its registered office is in Halen. It employs on average 24,9 ETP workers (FTE).

Legal situation: Normal situation
BCE/KBO no. / VAT: BE 0445.178.926
Incorporation: 24/09/1991
Legal form: Public limited company
Registered office: Stadsbeemd 1207
3545 Halen · FlandreSee on map
Contributed capital: 150 000,00 €
Latest accounts: 31/12/2025
Average workforce: 24,9 ETP

Activities (NACE)

25210Manufacture of central heating radiators and boilers· main 25300Manufacture of steam generators, except central heating hot water boilers 28300Manufacture of agricultural and forestry machinery 42220Construction of utility projects for electricity and telecommunications 42220Construction of utility projects for electricity and telecommunications 45215Maintenance and repair of motor vehicles

Joint committees (2)

Signals

ProfitableSolid equityLow riskGood liquidityPositive cashflowPositive EBITDAHealthy social debts

Financials

Source · NBB, 20 filings

Trend over 19 financial years

	2025		2024		2023		2022		2021
Income statement
Gross margin	3,1 M €	+3.6%	3 M €	+4.5%	2,8 M €	+13.1%	2,5 M €	-6.2%	2,7 M €
EBITDA	1,5 M €	+5.3%	1,5 M €	+5.9%	1,4 M €	+25.9%	1,1 M €	-19.0%	1,3 M €
Operating result	1,5 M €	+5.2%	1,4 M €	+5.3%	1,3 M €	+24.2%	1,1 M €	-20.1%	1,3 M €
Net result	1,2 M €	+6.1%	1,1 M €	+9.8%	1 M €	+22.2%	818,9 k €	-21.8%	1 M €
Balance sheet
Equity	2,2 M €	+0.5%	2,2 M €	+0.1%	2,2 M €	+15.9%	1,9 M €	+6.8%	1,8 M €
Total assets	6 M €	-6.5%	6,4 M €	-8.0%	7 M €	+64.4%	4,2 M €	-18.3%	5,2 M €
Cash	1,1 M €	-11.4%	1,3 M €	+927%	125,2 k €	-80.0%	624,6 k €	+108%	300,2 k €
Debts	3 M €	-15.5%	3,5 M €	-0.7%	3,6 M €	+82.9%	2 M €	-33.4%	2,9 M €
Other
Workforce	24,9 ETP	+3.7%	24,0 ETP	-4.0%	25,0 ETP	+2.0%	24,5 ETP	+2.9%	23,8 ETP

Valuation

Indicative valuation

As an indication, this company is worth

between 5 M€ and 10 M€

See the valuation

Board of directors

Source · NBB, accounts to 31/12/2025

2 active · 6 ended

Active mandates

Director	Mandates in this company	Period	Other mandatescurrentendedstruck offbankruptcies
D&C0895.959.405Represented by Wim Kestermans	Directorsince 30/09/2008
INPICO GROUP0727.378.452Represented by Chris Ulens	Directorsince 30/05/2019

Ended mandates

Director	Mandates in this company	Period	Other mandatescurrentendedstruck offbankruptcies
WK CONSULTING0895.958.217Represented by Wim Kestermans	Director31/03/2011 → 2018 accounts
WW CONSULTING0895.960.096Represented by WARD (Eduard) WAUTERS	Director01/06/2017 → 2018 accounts

Other companies at this address

Stadsbeemd 1207 3545 Halen

Company	CBE no.
D&C● Active	0895.959.405
INPICO GROUP● Active	0727.378.452
INPICO INVEST● Active	0807.459.870
Inpico NL Holding● Active	1032.872.925

Full financial information

Source · NBB

	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	31/08/2026	14/07/2025	27/08/2024	21/08/2023	29/06/2022	24/08/2021
General meeting	01/06/2026	30/06/2025	01/06/2024	30/06/2023	01/06/2022	01/06/2021
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

Financial ratios

Source · NBB

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Annual accounts filings

Source · NBB, 20 filings

Model	Closing	General meeting	Filed	Language	Document
Abridged model	31/12/2025	01/06/2026	31/08/2026	Dutch	PDF
Abridged model	31/12/2024	30/06/2025	14/07/2025	Dutch	PDF
Abridged model	31/12/2023	01/06/2024	27/08/2024	Dutch	PDF
Abridged model	31/12/2022	30/06/2023	21/08/2023	Dutch	PDF
Abridged model	31/12/2021	01/06/2022	29/06/2022	Dutch	PDF
Abridged model	31/12/2020	01/06/2021	24/08/2021	Dutch	PDF
Abridged model	31/12/2019	13/07/2020	28/08/2020	Dutch	PDF
Abridged model	31/12/2018	28/05/2019	16/07/2019	Dutch	PDF
Abridged model	31/12/2017	22/06/2018	13/07/2018	Dutch	PDF
Abridged model	31/12/2016	01/06/2017	28/07/2017	Dutch	PDF
Abridged model	31/12/2015	01/06/2016	14/06/2016	Dutch	PDF
Abridged model	31/12/2014	01/06/2015	27/07/2015	Dutch	PDF
Abridged model	31/12/2013	01/06/2014	27/06/2014	Dutch	PDF
Abridged model	31/12/2012	01/06/2013	25/06/2013	Dutch	PDF
Abridged model	31/12/2011	01/06/2012	09/08/2012	Dutch	PDF
Abridged model	31/12/2010	01/06/2011	24/06/2011	Dutch	PDF
Abridged model	31/12/2009	01/06/2010	13/07/2010	Dutch	PDF
Abridged model	31/12/2008	01/06/2009	30/06/2009	Dutch	PDF
Abridged model	30/09/2007	01/03/2008	04/03/2008	Dutch	PDF
Abridged model	30/09/2006	01/03/2007	30/03/2007	Dutch	PDF

Indicative valuation

Order of magnitude

As an indication, this company is worth

between 5 M€ and 10 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.

Board of directors

Source · NBB, accounts to 31/12/2025

2 active · 6 ended

Active mandates

Director	Mandates in this company	Period	Other mandatescurrentendedstruck offbankruptcies
D&C0895.959.405Represented by Wim Kestermans	Directorsince 30/09/2008
INPICO GROUP0727.378.452Represented by Chris Ulens	Directorsince 30/05/2019

Ended mandates

Director	Mandates in this company	Period	Other mandatescurrentendedstruck offbankruptcies
WK CONSULTING0895.958.217Represented by Wim Kestermans	Director31/03/2011 → 2018 accounts
WW CONSULTING0895.960.096Represented by WARD (Eduard) WAUTERS	Director01/06/2017 → 2018 accounts

Ownership and network

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Belgian Official Gazette publications

Source · Belgian Official Gazette

Mandates24/01/2024
ONTSLAGEN - BENOEMINGEN
PDF
Mandates13/11/2019
ONTSLAGEN - BENOEMINGEN
PDF
Mandates21/11/2018
ONTSLAGEN - BENOEMINGEN
PDF
Registered office25/11/2011
MAATSCHAPPELIJKE ZETEL
PDF
Mandates27/05/2011
ONTSLAGEN - BENOEMINGEN
PDF
Mandates09/12/2008
ONTSLAGEN - BENOEMINGEN
PDF
Mandates09/12/2008
ONTSLAGEN - BENOEMINGEN
PDF
Capital / shares08/10/2008
KAPITAAL - AANDELEN - BOEKJAAR
PDF

Similar companies

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

See the Business plan

Timeline

Source · CBE, NBB annual accounts

Year

Identity

Incorporation

Name

Registered office

Annual accounts

Filings19 filings

Mandates

INPICO GROUP

D&C

WK CONSULTING

WW CONSULTING

INPICO INVEST

Eduard Wauters

Dirk Buelens

Wim Kestermans

199119921993199419951996199719981999200020012002200320042005200620072008200920102011201220132014201520162017201820192020202120222023202420252026

INPICO

Stadsbeemd 1207, 3545 Halen

Director

CurrentPlanned, not yet servedEndedAccounts filedToday

Registered offices

Source · NBB annual accounts, CBE

Registered address	Period	Source
Stadsbeemd 1207, 3545 HalenCurrent	accounts 2021 → 2025	Accounts 2025 · 2026-00498876

Company names

Source · NBB annual accounts, CBE

Name	Period	Source
INPICOCurrent	accounts 2007 → 2025	Accounts 2025 · 2026-00498876

Events

2025
Annual accounts 20251,2 M €↑
2024
Annual accounts 20241,1 M €↑
2023
Annual accounts 20231 M €↑
2022
Annual accounts 2022818,9 k €↓
2021
Annual accounts 20211 M €↑
2020
Annual accounts 2020924,9 k €↓
2019
Annual accounts 20191,1 M €↑
2018
Annual accounts 2018685 k €↓
2017
Annual accounts 2017695,3 k €↓
2016
Annual accounts 2016802,9 k €↓
2015
Annual accounts 20151,3 M €↑
2014
Annual accounts 2014643,5 k €↑
2013
Annual accounts 2013588,8 k €↑
2012
Annual accounts 2012482,9 k €↓
2011
Annual accounts 2011684,7 k €↑
2010
Annual accounts 2010560,2 k €↑
2009
Annual accounts 2009462,2 k €↓
2008
Annual accounts 2008851,5 k €↑
2007
Annual accounts 2007193,2 k €
24/09/1991
IncorporationPublic limited company

INPICO

Overview

Identity

Financials

Valuation

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

Timeline

Registered offices

Company names

Events