ACTIVE

INPICO

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Financial year 2025 · closed on 31/12/2025
Net result
1,2 M €
+6.1% YoY
Gross margin
3,1 M €
+3.6% YoY
Equity
2,2 M €
+0.5% YoY
Workforce
24,9 ETP
+3.7% YoY

What does INPICO do?

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· main25300Manufacture of steam generators, except central heating hot water boilers28300Manufacture of agricultural and forestry machinery42220Construction of utility projects for electricity and telecommunications42220Construction of utility projects for electricity and telecommunications45215Maintenance and repair of motor vehicles
Joint committees (2)
  • 111
  • 209
Signals
ProfitableSolid equityLow riskGood liquidityPositive cashflowPositive EBITDAHealthy social debts
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Health score
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✦ Verdict · Analyst summary
Financials

Trend over 19 financial years

2025202420232022202120202019201820172016201520142013201220112010200920082007
Income statement
Gross margin3,1 M €3 M €2,8 M €2,5 M €2,7 M €2,4 M €2,8 M €1,9 M €2,2 M €2 M €2,4 M €1,6 M €1,6 M €1,5 M €1,6 M €1,2 M €1,2 M €1,8 M €981,6 k €
EBITDA1,5 M €1,5 M €1,4 M €1,1 M €1,3 M €1,2 M €1,4 M €802,4 k €1,1 M €856,5 k €1,4 M €695,5 k €634,7 k €538,4 k €749,7 k €574,8 k €465,4 k €893,2 k €322,6 k €
Operating result1,5 M €1,4 M €1,3 M €1,1 M €1,3 M €1,2 M €1,4 M €781 k €1,1 M €843,9 k €1,4 M €669,5 k €609,9 k €519,7 k €725,3 k €564,1 k €452,6 k €871,1 k €314,6 k €
Net result1,2 M €1,1 M €1 M €818,9 k €1 M €924,9 k €1,1 M €685 k €695,3 k €802,9 k €1,3 M €643,5 k €588,8 k €482,9 k €684,7 k €560,2 k €462,2 k €851,5 k €193,2 k €
Balance sheet
Equity2,2 M €2,2 M €2,2 M €1,9 M €1,8 M €1,6 M €1,5 M €1,2 M €1,1 M €381,5 k €368,6 k €366,4 k €362,9 k €359,1 k €356,2 k €321,5 k €316,3 k €314,1 k €312,6 k €
Total assets6 M €6,4 M €7 M €4,2 M €5,2 M €4,3 M €6,1 M €5,6 M €4,2 M €3,7 M €4,4 M €4,2 M €3,2 M €3,3 M €2,9 M €3,2 M €1,9 M €1,5 M €711,5 k €
Cash1,1 M €1,3 M €125,2 k €624,6 k €300,2 k €1,1 M €1,1 M €217,2 k €35,7 k €463,1 k €321,6 k €213,6 k €94,1 k €124,4 k €163 k €247,1 k €608,3 k €130,5 k €40,8 k €
Debts3 M €3,5 M €3,6 M €2 M €2,9 M €2,1 M €3,5 M €3,3 M €2,6 M €3,2 M €3,8 M €3,3 M €2,4 M €2,8 M €2,4 M €2,8 M €1,6 M €1,1 M €343,4 k €
Other
Workforce24,9 ETP24,0 ETP25,0 ETP24,5 ETP23,8 ETP24,6 ETP25,3 ETP23,4 ETP23,0 ETP23,3 ETP22,6 ETP20,5 ETP20,8 ETP20,5 ETP19,0 ETP16,5 ETP15,8 ETP19,4 ETP16,8 ETP
Estimate

Indicative valuation

As an indication, this company is worth

between 5 M€ and 10 M€
See the valuation
Governance

Board of directors

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

Active mandates

D&C

Director · 0895.959.405

Represented by Wim Kestermans

Active
INPICO GROUP

Director · 0727.378.452

Represented by Chris Ulens

Active

Ended mandates

D&C

Director · since 30 mai 2019 · until 30 mai 2024 · 0895.959.405

Represented by Wim Kestermans

Ended
D&C

Director · since 30 mai 2019 · until 01 juin 2024 · 0895.959.405

Represented by Wim Kestermans

Ended
D&C

Director · since 30 mai 2019 · until 01 juin 2030 · 0895.959.405

Represented by Wim Kestermans

Ended
INPICO GROUP

Director · since 30 mai 2019 · until 30 mai 2024 · 0727.378.452

Represented by Chris Ulens

Ended
At this address

Other companies at this address

CompanyCBE 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
Annual accounts

Full financial information

202520242023202220212020
Type of accountAbridged modelAbridged modelAbridged modelAbridged modelAbridged modelAbridged model
Start of the financial year01/01/202501/01/202401/01/202301/01/202201/01/202101/01/2020
Closing of the financial year31/12/202531/12/202431/12/202331/12/202231/12/202131/12/2020
Length of the financial year12 months12 months12 months12 months12 months12 months
Filing date31/08/202614/07/202527/08/202421/08/202329/06/202224/08/2021
General meeting01/06/202630/06/202501/06/202430/06/202301/06/202201/06/2021
Currency of the financial yearEUREUREUREUREUREUR
NBB quality labelSatisfying controlsSatisfying controlsSatisfying controlsSatisfying controlsSatisfying controlsSatisfying controls
Ratios

Financial ratios

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Filings

Annual accounts filings

20 filings with the NBB

ModelClosingGeneral meetingFiledLanguageDocument
Abridged model31/12/202501/06/202631/08/2026DutchPDF
Abridged model31/12/202430/06/202514/07/2025DutchPDF
Abridged model31/12/202301/06/202427/08/2024DutchPDF
Abridged model31/12/202230/06/202321/08/2023DutchPDF
Abridged model31/12/202101/06/202229/06/2022DutchPDF
Abridged model31/12/202001/06/202124/08/2021DutchPDF
Abridged model31/12/201913/07/202028/08/2020DutchPDF
Abridged model31/12/201828/05/201916/07/2019DutchPDF
Abridged model31/12/201722/06/201813/07/2018DutchPDF
Abridged model31/12/201601/06/201728/07/2017DutchPDF
Abridged model31/12/201501/06/201614/06/2016DutchPDF
Abridged model31/12/201401/06/201527/07/2015DutchPDF
Abridged model31/12/201301/06/201427/06/2014DutchPDF
Abridged model31/12/201201/06/201325/06/2013DutchPDF
Abridged model31/12/201101/06/201209/08/2012DutchPDF
Abridged model31/12/201001/06/201124/06/2011DutchPDF
Abridged model31/12/200901/06/201013/07/2010DutchPDF
Abridged model31/12/200801/06/200930/06/2009DutchPDF
Abridged model30/09/200701/03/200804/03/2008DutchPDF
Abridged model30/09/200601/03/200730/03/2007DutchPDF
Estimate

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.

Governance

Board of directors

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

Active mandates

D&C

Director · 0895.959.405

Represented by Wim Kestermans

Active
INPICO GROUP

Director · 0727.378.452

Represented by Chris Ulens

Active

Ended mandates

D&C

Director · since 30 mai 2019 · until 30 mai 2024 · 0895.959.405

Represented by Wim Kestermans

Ended
D&C

Director · since 30 mai 2019 · until 01 juin 2024 · 0895.959.405

Represented by Wim Kestermans

Ended
D&C

Director · since 30 mai 2019 · until 01 juin 2030 · 0895.959.405

Represented by Wim Kestermans

Ended
INPICO GROUP

Director · since 30 mai 2019 · until 30 mai 2024 · 0727.378.452

Represented by Chris Ulens

Ended
Shareholders

Ownership and network

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Belgian Official Gazette

Belgian Official Gazette publications

  • 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

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

Timeline

  1. 2025
    Annual accounts 20251,2 M €↑
  2. 2024
    Annual accounts 20241,1 M €↑
  3. 2023
    Annual accounts 20231 M €↑
  4. 2022
    Annual accounts 2022818,9 k €↓
  5. 2021
    Annual accounts 20211 M €↑
  6. 2020
    Annual accounts 2020924,9 k €↓
  7. 2019
    Annual accounts 20191,1 M €↑
  8. 2018
    Annual accounts 2018685 k €↓
  9. 2017
    Annual accounts 2017695,3 k €↓
  10. 2016
    Annual accounts 2016802,9 k €↓
  11. 2015
    Annual accounts 20151,3 M €↑
  12. 2014
    Annual accounts 2014643,5 k €↑
  13. 2013
    Annual accounts 2013588,8 k €↑
  14. 2012
    Annual accounts 2012482,9 k €↓
  15. 2011
    Annual accounts 2011684,7 k €↑
  16. 2010
    Annual accounts 2010560,2 k €↑
  17. 2009
    Annual accounts 2009462,2 k €↓
  18. 2008
    Annual accounts 2008851,5 k €↑
  19. 2007
    Annual accounts 2007193,2 k €
  20. 24/09/1991
    IncorporationPublic limited company