Incofin Microfinance Fund
0448.125.845 · rovalta.com · 22/09/2026
ACTIVE
Incofin Microfinance Fund
Financial year 2025 · closed on 31/12/2025
Net result
-1,2 M €
-87.2% YoY
Gross margin
-1,3 M €
+14.8% YoY
Equity
53,5 M €
-4.5% YoY
Overview
What does Incofin Microfinance Fund do?
Incofin Microfinance Fund is a Cooperative society incorporated in 1992. Its main activity is: Other professional, scientific and technical activities. Its registered office is in Gent.
Legal situation
● Normal situation
BCE/KBO no. / VAT
BE 0448.125.845
Incorporation
27/08/1992
Legal form
Cooperative society
Registered office
Ravensteinstraat 2 box 5
9000 Gent · FlandreSee on map
9000 Gent · FlandreSee on map
Contributed capital
49 952 920,69 €
Latest accounts
31/12/2025
Activities (NACE)
Joint committees (2)
- 218
- 329
Signals
Solid equityLow riskGood liquidityPositive cashflow
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Financials
Trend over 19 financial years
| 2025 | 2024 | 2023 | 2022 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 | 2013 | 2012 | 2011 | 2010 | 2009 | 2008 | 2007 | 2006 | |||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Income statement | |||||||||||||||||||||||||||||||||||||
| Gross margin | -1,3 M € | +14.8% | -1,5 M € | +9.7% | -1,6 M € | -5.9% | -1,5 M € | +2.3% | -1,6 M € | +21.3% | -2 M € | +1.6% | -2 M € | -3.4% | -2 M € | -26.5% | -1,6 M € | -160% | -602 k € | +55.8% | -1,4 M € | -5.2% | -1,3 M € | -34.1% | -965,4 k € | -40.7% | -686,1 k € | -54.1% | -445,2 k € | -195% | -151,1 k € | -135% | 432,1 k € | +204% | 142,1 k € | -29.8% | 202,6 k € |
| EBITDA | -1,3 M € | +12.8% | -1,5 M € | +9.5% | -1,6 M € | -4.7% | -1,6 M € | +0.0% | -1,6 M € | +24.8% | -2,1 M € | +10.6% | -2,3 M € | -14.2% | -2 M € | +5.0% | -2,2 M € | -241% | -630,5 k € | +53.7% | -1,4 M € | -3.9% | -1,3 M € | -26.3% | -1 M € | -37.5% | -755,1 k € | +4.2% | -788,6 k € | +2.2% | -806,1 k € | -234% | -241,1 k € | +52.9% | -511,3 k € | -133% | -219,2 k € |
| Operating result | -4,3 M € | -15.8% | -3,8 M € | -50.3% | -2,5 M € | -14.3% | -2,2 M € | +50.8% | -4,4 M € | -54.9% | -2,9 M € | -2.7% | -2,8 M € | -0.9% | -2,8 M € | -31.3% | -2,1 M € | -14.2% | -1,8 M € | -8.6% | -1,7 M € | -1.2% | -1,7 M € | -43.8% | -1,2 M € | -10.6% | -1,1 M € | +6.4% | -1,1 M € | -18.8% | -947,6 k € | -48.9% | -636,5 k € | -21.7% | -522,8 k € | -137% | -220,6 k € |
| Net result | -1,2 M € | -87.2% | -658,2 k € | -164% | 1 M € | +44.9% | 711,3 k € | +146% | -1,6 M € | -314% | 724,9 k € | -10.4% | 809 k € | -71.5% | 2,8 M € | +46.7% | 1,9 M € | +78.3% | 1,1 M € | +48.7% | 730,4 k € | -60.3% | 1,8 M € | +126% | 815,8 k € | +106% | 396,7 k € | -79.1% | 1,9 M € | +176% | 687,3 k € | +115% | 320 k € | +22.2% | 261,9 k € | +22.3% | 214,2 k € |
| Balance sheet | |||||||||||||||||||||||||||||||||||||
| Equity | 53,5 M € | -4.5% | 56 M € | -0.1% | 56 M € | +1.2% | 55,4 M € | +4.0% | 53,2 M € | -4.6% | 55,8 M € | +6.8% | 52,3 M € | +5.4% | 49,6 M € | +11.3% | 44,6 M € | +21.8% | 36,6 M € | +24.9% | 29,3 M € | +12.7% | 26 M € | +20.7% | 21,5 M € | +17.9% | 18,3 M € | +6.9% | 17,1 M € | +31.4% | 13 M € | +15.7% | 11,2 M € | +32.6% | 8,5 M € | +22.8% | 6,9 M € |
| Total assets | 65,5 M € | -1.5% | 66,6 M € | -10.9% | 74,7 M € | -4.4% | 78,1 M € | -9.8% | 86,7 M € | -10.0% | 96,3 M € | +13.1% | 85,1 M € | -0.9% | 85,9 M € | +34.9% | 63,7 M € | +7.9% | 59 M € | +19.9% | 49,2 M € | +4.9% | 46,9 M € | +28.7% | 36,4 M € | +19.0% | 30,6 M € | +1.4% | 30,2 M € | +37.4% | 22 M € | +10.2% | 19,9 M € | +53.1% | 13 M € | +57.3% | 8,3 M € |
| Cash | 2,7 M € | -67.2% | 8,2 M € | +117% | 3,8 M € | -52.6% | 8 M € | -23.7% | 10,5 M € | +3.6% | 10,1 M € | +80.5% | 5,6 M € | -49.2% | 11 M € | +216% | 3,5 M € | -48.3% | 6,8 M € | +67.7% | 4 M € | +322% | 956 k € | -38.3% | 1,5 M € | +68.0% | 922 k € | +65.4% | 557,4 k € | -59.1% | 1,4 M € | +345% | 306,6 k € | -33.5% | 461,2 k € | +204% | 151,5 k € |
| Debts | 11,6 M € | +14.2% | 10,2 M € | -40.2% | 17 M € | -21.4% | 21,7 M € | -30.6% | 31,2 M € | -21.8% | 39,9 M € | +23.7% | 32,3 M € | -9.7% | 35,7 M € | +90.9% | 18,7 M € | -15.3% | 22,1 M € | +12.7% | 19,6 M € | -4.4% | 20,5 M € | +40.1% | 14,6 M € | +20.4% | 12,2 M € | -4.1% | 12,7 M € | +43.2% | 8,9 M € | +3.4% | 8,6 M € | +98.9% | 4,3 M € | +240% | 1,3 M € |
| Other | |||||||||||||||||||||||||||||||||||||
| Workforce | – | – | – | – | – | – | – | – | – | – | – | – | – | – | – | 6,5 ETP | -34.3% | 9,9 ETP | +41.4% | 7,0 ETP | +66.7% | 4,2 ETP | |||||||||||||||
Estimate
Indicative valuation
As an indication, this company is worth
between 50 M€ and 100 M€
See the valuationGovernance
Board of directors
Seen on filing of 31/12/2025 · 14 active · 177 ended
Active mandates
Maurice Vrolix
ActiveSteven Bruselle
ActiveAnnette Terpstra
ActiveFrank Degraeve
ActiveFrank Vereecken
ActiveNancy Govaerts
ActivePatrick Vandenberghe
ActiveAnne Van Autreve
ActiveFrans Samyn
ActiveFrank De Leenheer
ActiveGuy Pourveur
ActiveMichiel Geers
ActiveWilly Bosmans
ActivePeter van den Brock
ActiveEnded mandates
Annette Terpstra
EndedAnnette Terpstra
EndedLuc Versele
EndedPatrick Haesen
EndedAt this address
Other companies at this address
| Company | CBE no. |
|---|---|
Alkmist● Active | 1026.308.203 |
Volksvermogen● Active | 0400.067.986 |
Vrede en Broederliefde te Gent● Active | 0408.145.514 |
VZW de Kade● Active | 0410.676.818 |
Your Totem● Active | 1004.005.725 |
Financials
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 | 06/05/2026 | 20/06/2025 | 14/06/2024 | 26/06/2023 | 25/05/2022 | 15/03/2022 |
| General meeting | 29/04/2026 | 30/04/2025 | 24/04/2024 | 26/04/2023 | 27/04/2022 | 30/04/2021 |
| 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
Looking for more information about this company?
Try for 7 daysFilings
Annual accounts filings
22 filings with the NBB
| Model | Closing | General meeting | Filed | Language | Document |
|---|---|---|---|---|---|
| Abridged model | 31/12/2025 | 29/04/2026 | 06/05/2026 | Dutch | |
| Abridged model | 31/12/2024 | 30/04/2025 | 20/06/2025 | Dutch | |
| Abridged model | 31/12/2023 | 24/04/2024 | 14/06/2024 | Dutch | |
| Abridged model | 31/12/2022 | 26/04/2023 | 26/06/2023 | Dutch | |
| Abridged model | 31/12/2021 | 27/04/2022 | 25/05/2022 | Dutch | |
| Abridged modelCorrection | 31/12/2020 | 30/04/2021 | 15/03/2022 | Dutch | |
| Abridged model | 31/12/2020 | 30/04/2021 | 01/06/2021 | Dutch | |
| Abridged model | 31/12/2019 | 29/04/2020 | 02/06/2020 | Dutch | |
| Abridged model | 31/12/2018 | 24/04/2019 | 23/05/2019 | Dutch | |
| Abridged model | 31/12/2017 | 25/04/2018 | 27/06/2018 | Dutch | |
| Abridged model | 31/12/2016 | 26/04/2017 | 29/05/2017 | Dutch | |
| Abridged model | 31/12/2015 | 27/04/2016 | 26/05/2016 | Dutch | |
| Abridged model | 31/12/2014 | 29/04/2015 | 27/05/2015 | Dutch | |
| Abridged model | 31/12/2013 | 30/04/2014 | 03/06/2014 | Dutch | |
| Abridged model | 31/12/2012 | 24/04/2013 | 27/05/2013 | Dutch | |
| Abridged model | 31/12/2011 | 25/04/2012 | 25/06/2012 | Dutch | |
| Abridged model | 31/12/2010 | 27/04/2011 | 06/05/2011 | Dutch | |
| Abridged model | 31/12/2009 | 28/04/2010 | 10/05/2010 | Dutch | |
| Abridged model | 31/12/2008 | 29/04/2009 | 13/05/2009 | Dutch | |
| Abridged model | 31/12/2007 | 30/04/2008 | 29/05/2008 | Dutch | |
| Abridged model | 31/12/2006 | 25/04/2007 | 29/06/2007 | Dutch | |
| Abridged modelCorrection | 31/12/2005 | 26/04/2006 | 26/06/2007 | Dutch |
Valuation
Estimate
Indicative valuation
Order of magnitude
As an indication, this company is worth
between 50 M€ and 100 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.
Disclaimer
Indicative estimate based on public sector multiples and the filed annual accounts. It is neither a certified valuation nor financial or investment advice.
Directors & structure
Governance
Board of directors
Seen on filing of 31/12/2025 · 14 active · 177 ended
Active mandates
Maurice Vrolix
ActiveSteven Bruselle
ActiveAnnette Terpstra
ActiveFrank Degraeve
ActiveFrank Vereecken
ActiveNancy Govaerts
ActivePatrick Vandenberghe
ActiveAnne Van Autreve
ActiveFrans Samyn
ActiveFrank De Leenheer
ActiveGuy Pourveur
ActiveMichiel Geers
ActiveWilly Bosmans
ActivePeter van den Brock
ActiveEnded mandates
Annette Terpstra
EndedAnnette Terpstra
EndedLuc Versele
EndedPatrick Haesen
EndedShareholders
Ownership and network
Looking for more information about this company?
Try for 7 daysPublications
Belgian Official Gazette
Belgian Official Gazette publications
- Other19/08/2026Notulen van de algemene vergadering van 29 april 2026
- Mandates24/09/2025ONTSLAGEN - BENOEMINGEN
- Other23/05/2025STATUTEN (VERTALING, COÖRDINATIE, OVERIGE WIJZIGINGEN, ) - WIJZIGING RECHTSVORM - BENAMING - DIVERSEN
- Mandates21/08/2024MAATSCHAPPELIJKE ZETEL - ONTSLAGEN - BENOEMINGEN
- Mandates15/09/2023ONTSLAGEN - BENOEMINGEN
- Mandates20/07/2022ONTSLAGEN - BENOEMINGEN
- Mandates25/10/2019ONTSLAGEN - BENOEMINGEN
- Mandates12/07/2018ONTSLAGEN - BENOEMINGEN
Source: Belgian Official Gazette
Similar companies
Competition
Similar companies
A company's peers, by sector and size, are included in the Business plan.
See the Business planTimeline
Timeline
- 2025Annual accounts 2025-1,2 M €↓
- 2024Annual accounts 2024-658,2 k €↓
- 24/04/2024nominationSteven Brusselle — bestuurder
- 2024Name changeIncofin Microfinance Fund
- 2023Annual accounts 20231 M €↑
- 2023Name changeIncofin cvso
- 2022Annual accounts 2022711,3 k €↑
- 27/04/2022nominationFrank Vereecken — bestuurder
- 27/04/2022nominationPatrick Vandenberghe — bestuurder
- 27/04/2022nominationNancy Govaerts — bestuurder
- 27/04/2022reconductionFrank De Leeriheer — bestuurder
- 27/04/2022reconductionGuy Pourveur — bestuurder
- 27/04/2022reconductionLuc Versele — bestuurder
- 27/04/2022reconductionAnne Van Autreve — bestuurder
- 27/04/2022reconductionMichiel Geers — bestuurder
- 27/04/2022reconductionWilly Bosmans — bestuurder
- 27/04/2022reconductionPatrik Haesen — bestuurder
- 27/04/2022reconductionVic Van de Moortel — bestuurder
- 2022Name changeIncofin
- 2020Annual accounts 2020-1,6 M €↓
- 2019Annual accounts 2019724,9 k €↓
- 2018Annual accounts 2018809 k €↓
- 2017Annual accounts 20172,8 M €↑
- 2016Annual accounts 20161,9 M €↑
- 2015Annual accounts 20151,1 M €↑
- 2014Annual accounts 2014730,4 k €↓
- 2013Annual accounts 20131,8 M €↑
- 2012Annual accounts 2012815,8 k €↑
- 2011Annual accounts 2011396,7 k €↓
- 2010Annual accounts 20101,9 M €↑
- 2009Annual accounts 2009687,3 k €↑
- 2008Annual accounts 2008320 k €↑
- 2007Annual accounts 2007261,9 k €↑
- 2006Annual accounts 2006214,2 k €
- 27/08/1992IncorporationCooperative society