NORMAL SITUATION

INCAVU

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Financial year 2025 · closed on 31/12/2025

Net result

48 k €

+7.7% YoY

Gross margin

126,2 k €

+8.2% YoY

Equity

600,9 k €

+8.7% YoY

Company — Normal situation.

Strike-off: 01 juillet 2026

What does INCAVU do?

INCAVU is a Public limited company incorporated in 1992.

Legal situation

● Normal situation

BCE/KBO no. / VAT

BE 0447.974.407

Incorporation

24/07/1992

Legal form

Public limited company

Contributed capital

483 392,37 €

Latest accounts

31/12/2025

Signals

ProfitableSolid equityGood liquidityPositive cashflowPositive EBITDA

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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
Gross margin	126,2 k €	+8.2%	116,7 k €	+74.4%	66,9 k €	-6.5%	71,5 k €	-10.1%	79,5 k €	+28.3%	62 k €	+25.8%	49,3 k €	-44.0%	88 k €	-5.0%	92,6 k €	-27.3%	127,4 k €	+49.1%	85,5 k €	+3.8%	82,3 k €	-7.6%	89,1 k €	+27.2%	70 k €	+65.0%	42,4 k €	+9.5%	38,8 k €	-39.9%	64,5 k €	-38.8%	105,4 k €	+643%	-19,4 k €	-95.7%	-9,9 k €
EBITDA	121,7 k €	+8.3%	112,4 k €	+85.0%	60,8 k €	-10.4%	67,8 k €	-10.7%	76 k €	+31.3%	57,9 k €	+25.1%	46,2 k €	-45.6%	85 k €	-5.4%	89,9 k €	-27.8%	124,6 k €	+51.6%	82,2 k €	+3.5%	79,4 k €	-8.0%	86,3 k €	+28.2%	67,4 k €	+69.0%	39,8 k €	+10.0%	36,2 k €	-41.1%	61,5 k €	-39.3%	101,4 k €	+559%	-22,1 k €	-60.1%	-13,8 k €
Operating result	66,7 k €	+28.5%	51,9 k €	+386%	-18,2 k €	-47.5%	-12,3 k €	-151%	24 k €	+117%	11 k €	+618%	-2,1 k €	-107%	28,7 k €	+36.5%	21 k €	-64.6%	59,4 k €	+185%	20,8 k €	+15.2%	18,1 k €	-57.7%	42,7 k €	+69.7%	25,2 k €	+1685%	-1,6 k €	+69.5%	-5,2 k €	-125%	20,5 k €	-67.6%	63,4 k €	+228%	-49,7 k €	-20.5%	-41,2 k €
Net result	48 k €	+7.7%	44,6 k €	+307%	-21,5 k €	-55.2%	-13,9 k €	-164%	21,5 k €	+151%	8,6 k €	+45.3%	5,9 k €	-50.7%	12 k €	-4.9%	12,6 k €	-65.6%	36,7 k €	+264%	10,1 k €	+23.7%	8,2 k €	-66.7%	24,5 k €	+22.5%	20 k €	+370%	-7,4 k €	+41.9%	-12,8 k €	-200%	12,8 k €	-77.3%	56,3 k €	+403%	-18,6 k €	+69.8%	-61,5 k €
Balance sheet
Equity	600,9 k €	+8.7%	552,9 k €	+8.8%	508,3 k €	-4.1%	529,8 k €	-2.5%	543,7 k €	+4.1%	522,2 k €	+1.7%	513,6 k €	+1.2%	507,6 k €	+2.4%	495,6 k €	+2.6%	483 k €	+8.2%	446,3 k €	+2.3%	436,2 k €	+1.9%	428 k €	+6.1%	403,5 k €	+5.2%	383,4 k €	-1.9%	390,9 k €	-3.2%	403,6 k €	+3.3%	390,9 k €	+16.8%	334,5 k €	-5.3%	353,1 k €
Total assets	752,7 k €	+8.3%	695,2 k €	+11.1%	625,6 k €	-3.0%	644,8 k €	+6.0%	608,3 k €	+8.3%	561,5 k €	+0.6%	557,9 k €	+2.0%	546,9 k €	+0.6%	543,7 k €	-2.4%	557,2 k €	-12.9%	640 k €	+6.8%	599,4 k €	+1.0%	593,7 k €	+9.3%	542,9 k €	+6.2%	511 k €	-12.6%	585 k €	-2.5%	600,1 k €	+2.4%	585,9 k €	+28.4%	456,3 k €	-32.9%	680,1 k €
Cash	409,2 k €	+40.9%	290,3 k €	+85.5%	156,5 k €	+53.8%	101,8 k €	+372%	21,6 k €	-86.7%	162,5 k €	+47.5%	110,2 k €	+156%	43,1 k €	-8.6%	47,2 k €	+99.9%	23,6 k €	-81.8%	129,5 k €	+362%	28,1 k €	-80.8%	145,9 k €	+87.3%	77,9 k €	+230%	23,6 k €	-53.1%	50,3 k €	+8.7%	46,3 k €	-32.8%	68,9 k €	+107%	33,3 k €	+9.0%	30,5 k €
Debts	151,7 k €	+6.6%	142,3 k €	+21.4%	117,3 k €	+2.0%	114,9 k €	+78.0%	64,6 k €	+64.3%	39,3 k €	-11.3%	44,3 k €	+12.8%	39,3 k €	-18.4%	48,1 k €	-35.2%	74,2 k €	-61.7%	193,7 k €	+18.7%	163,2 k €	-1.5%	165,6 k €	+18.8%	139,5 k €	+9.3%	127,6 k €	-34.3%	194,1 k €	-1.2%	196,5 k €	+0.7%	195,1 k €	+60.1%	121,8 k €	-62.7%	327 k €

Governance

Board of directors

Seen on filing of 31/12/2025 · 3 active · 19 ended

Active mandates

ELDIAUR

Managing director · until 22 mai 2026 · 0883.425.322

Represented by Damien VANDEN DAEL

Active

Matthieu VANDEN DAEL

Director · until 22 mai 2026

Active

Serge DENDAS

Director · until 22 mai 2026

Active

Ended mandates

Serge DENDAS

Director · since 23 mai 2014 · until 23 mai 2020

Ended

ELDIAUR

Chairman of the board of directors · since 14 novembre 2007 · 0883.425.322

Represented by Damien VANDEN DAEL

Ended

Marie-Christine LOEWENSTEIN

Director · since 14 novembre 2007

Ended

Matthieu VANDEN DAEL

Director · since 14 novembre 2007

Ended

Annual accounts

Full financial information

	2025	2024	2023	2022	2021	2020
Type of account	Micro model	Micro model	Micro model	Micro model	Micro model	Micro 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	02/06/2026	05/06/2025	03/06/2024	05/06/2023	21/06/2022	17/06/2021
General meeting	22/05/2026	23/05/2025	31/05/2024	26/05/2023	27/05/2022	28/05/2021
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

20 filings with the NBB

Model	Closing	General meeting	Filed	Language	Document
Micro model	31/12/2025	22/05/2026	02/06/2026	Dutch	PDF
Micro model	31/12/2024	23/05/2025	05/06/2025	Dutch	PDF
Micro model	31/12/2023	31/05/2024	03/06/2024	Dutch	PDF
Micro model	31/12/2022	26/05/2023	05/06/2023	Dutch	PDF
Micro model	31/12/2021	27/05/2022	21/06/2022	Dutch	PDF
Micro model	31/12/2020	28/05/2021	17/06/2021	Dutch	PDF
Micro model	31/12/2019	22/05/2020	18/06/2020	Dutch	PDF
Micro model	31/12/2018	24/05/2019	13/06/2019	Dutch	PDF
Abridged model	31/12/2017	25/05/2018	06/06/2018	Dutch	PDF
Abridged model	31/12/2016	26/05/2017	20/06/2017	Dutch	PDF
Abridged model	31/12/2015	27/05/2016	06/06/2016	Dutch	PDF
Abridged model	31/12/2014	22/05/2015	08/06/2015	Dutch	PDF
Abridged model	31/12/2013	23/05/2014	17/06/2014	Dutch	PDF
Abridged model	31/12/2012	24/05/2013	21/06/2013	Dutch	PDF
Abridged model	31/12/2011	25/05/2012	12/06/2012	Dutch	PDF
Abridged model	31/12/2010	27/05/2011	15/06/2011	Dutch	PDF
Abridged model	31/12/2009	28/05/2010	14/06/2010	Dutch	PDF
Abridged model	31/12/2008	22/05/2009	09/06/2009	Dutch	PDF
Abridged model	31/12/2007	23/05/2008	01/06/2008	Dutch	PDF
Abridged model	31/12/2006	25/05/2007	05/07/2007	Dutch	PDF

Estimate

Indicative valuation

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 · 19 ended

Active mandates

ELDIAUR

Managing director · until 22 mai 2026 · 0883.425.322

Represented by Damien VANDEN DAEL

Active

Matthieu VANDEN DAEL

Director · until 22 mai 2026

Active

Serge DENDAS

Director · until 22 mai 2026

Active

Ended mandates

Serge DENDAS

Director · since 23 mai 2014 · until 23 mai 2020

Ended

ELDIAUR

Chairman of the board of directors · since 14 novembre 2007 · 0883.425.322

Represented by Damien VANDEN DAEL

Ended

Marie-Christine LOEWENSTEIN

Director · since 14 novembre 2007

Ended

Matthieu VANDEN DAEL

Director · since 14 novembre 2007

Ended

Shareholders

Ownership and network

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Belgian Official Gazette

Belgian Official Gazette publications

Dissolution07/07/2026
RUBRIEK EINDE (STOPZETTING, INTREKKING STOPZETTING, NIETIGHEID, GER. AK., GERECHTELIJKE REORGANISATIE, ENZ... - RUBRIEK HERSTRUCTURERING (FUSIE, SPLITSING, OVERDRACHT VERMOGEN, ENZ...)
PDF
Mandates17/06/2026
ONTSLAGEN - BENOEMINGEN
PDF
Restructuring29/04/2026
RUBRIEK HERSTRUCTURERING (FUSIE, SPLITSING, OVERDRACHT VERMOGEN, ENZ...)
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 202548 k €↑
2024
Annual accounts 202444,6 k €↑
2023
Annual accounts 2023-21,5 k €↓
2022
Annual accounts 2022-13,9 k €↓
2021
Annual accounts 202121,5 k €↑
2020
Annual accounts 20208,6 k €↑
2019
Annual accounts 20195,9 k €↓
2018
Annual accounts 201812 k €↓
2017
Annual accounts 201712,6 k €↓
2016
Annual accounts 201636,7 k €↑
2015
Annual accounts 201510,1 k €↑
2014
Annual accounts 20148,2 k €↓
2013
Annual accounts 201324,5 k €↑
2012
Annual accounts 201220 k €↑
2011
Annual accounts 2011-7,4 k €↑
2010
Annual accounts 2010-12,8 k €↓
2009
Annual accounts 200912,8 k €↓
2008
Annual accounts 200856,3 k €↑
2007
Annual accounts 2007-18,6 k €↑
2006
Annual accounts 2006-61,5 k €
24/07/1992
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

INCAVU

Overview

What does INCAVU do?

Trend over 20 financial years

Board of directors

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