ACTIVE

Incofin Microfinance Fund

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Financial year 2025 · Closed on 31/12/2025

Net result-1,2 M €-87,2 %over 1 year
Gross margin-1,3 M €+14,8 %over 1 year
Equity53,5 M €-4,5 %over 1 year

Identity

Source · BCE/KBO

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
Contributed capital
49 952 920,69 €
Latest accounts
31/12/2025
Joint committees (2)
  • 218
  • 329
Signals
Solid equityLow riskGood liquidityPositive cashflow

Financials

Source · NBB, 22 filings

Trend over 19 financial years

20252024202320222020
Income statement
Gross margin-1,3 M €-1,5 M €-1,6 M €-1,5 M €-1,6 M €
EBITDA-1,3 M €-1,5 M €-1,6 M €-1,6 M €-1,6 M €
Operating result-4,3 M €-3,8 M €-2,5 M €-2,2 M €-4,4 M €
Net result-1,2 M €-658,2 k €1 M €711,3 k €-1,6 M €
Balance sheet
Equity53,5 M €56 M €56 M €55,4 M €53,2 M €
Total assets65,5 M €66,6 M €74,7 M €78,1 M €86,7 M €
Cash2,7 M €8,2 M €3,8 M €8 M €10,5 M €
Debts11,6 M €10,2 M €17 M €21,7 M €31,2 M €
Other
Workforce–––––

Valuation

Indicative valuation

As an indication, this company is worth

between 50 M€ and 100 M€
See the valuation

Board of directors

Source · NBB, accounts to 31/12/2025

14 active · 177 ended

Active mandates

Maurice Vrolix

Director · since 30 avril 2025 · until 30 avril 2031

Active
Steven Bruselle

Director · since 20 mars 2024 · until 24 avril 2030

Active
Annette Terpstra

Director · since 26 avril 2023 · until 09 décembre 2025

Active
Frank Degraeve

Director · since 26 avril 2023 · until 26 avril 2029

Active
Frank Vereecken

Director · since 27 avril 2022 · until 26 avril 2028

Active
Nancy Govaerts

Director · since 27 avril 2022 · until 26 avril 2028

Active
Patrick Vandenberghe

Director · since 27 avril 2022 · until 26 avril 2028

Active
Anne Van Autreve

Director · since 27 avril 2016 · until 26 avril 2028

Active
Frans Samyn

Director · since 24 avril 2013 · until 30 avril 2025

Active
Frank De Leenheer

Director · since 28 avril 2010 · until 26 avril 2028

Active
Guy Pourveur

Director · since 28 avril 2010 · until 26 avril 2028

Active
Michiel Geers

Chairman of the board of directors · since 23 juin 2009 · until 26 avril 2028

Active
Willy Bosmans

Director · since 29 avril 2009 · until 26 avril 2028

Active
Peter van den Brock

Director · since 25 avril 2007 · until 30 avril 2025

Active

Ended mandates

Annette Terpstra

Director · since 26 avril 2023 · until 26 avril 2029

Ended
Annette Terpstra

Director · since 07 juin 2022 · until 26 avril 2028

Ended
Luc Versele

Director · since 27 avril 2022 · until 01 janvier 2023

Ended
Patrick Haesen

Director · since 27 avril 2022 · until 26 avril 2028

Ended

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Ravensteinstraat 2 9000 Gent
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0400.067.986
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0408.145.514
VZW de Kade● Active
0410.676.818
Your Totem● Active
1004.005.725

Full financial information

Source · NBB
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 date06/05/202620/06/202514/06/202426/06/202325/05/202215/03/2022
General meeting29/04/202630/04/202524/04/202426/04/202327/04/202230/04/2021
Currency of the financial yearEUREUREUREUREUREUR
NBB quality labelSatisfying controlsSatisfying controlsSatisfying controlsSatisfying controlsSatisfying controlsSatisfying controls

Financial ratios

Source · NBB

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Annual accounts filings

Source · NBB, 22 filings
ModelClosingGeneral meetingFiledLanguageDocument
Abridged model31/12/202529/04/202606/05/2026DutchPDF
Abridged model31/12/202430/04/202520/06/2025DutchPDF
Abridged model31/12/202324/04/202414/06/2024DutchPDF
Abridged model31/12/202226/04/202326/06/2023DutchPDF
Abridged model31/12/202127/04/202225/05/2022DutchPDF
Abridged modelCorrection31/12/202030/04/202115/03/2022DutchPDF
Abridged model31/12/202030/04/202101/06/2021DutchPDF
Abridged model31/12/201929/04/202002/06/2020DutchPDF
Abridged model31/12/201824/04/201923/05/2019DutchPDF
Abridged model31/12/201725/04/201827/06/2018DutchPDF
Abridged model31/12/201626/04/201729/05/2017DutchPDF
Abridged model31/12/201527/04/201626/05/2016DutchPDF
Abridged model31/12/201429/04/201527/05/2015DutchPDF
Abridged model31/12/201330/04/201403/06/2014DutchPDF
Abridged model31/12/201224/04/201327/05/2013DutchPDF
Abridged model31/12/201125/04/201225/06/2012DutchPDF
Abridged model31/12/201027/04/201106/05/2011DutchPDF
Abridged model31/12/200928/04/201010/05/2010DutchPDF
Abridged model31/12/200829/04/200913/05/2009DutchPDF
Abridged model31/12/200730/04/200829/05/2008DutchPDF
Abridged model31/12/200625/04/200729/06/2007DutchPDF
Abridged modelCorrection31/12/200526/04/200626/06/2007DutchPDF

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.

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

14 active · 177 ended

Active mandates

Maurice Vrolix

Director · since 30 avril 2025 · until 30 avril 2031

Active
Steven Bruselle

Director · since 20 mars 2024 · until 24 avril 2030

Active
Annette Terpstra

Director · since 26 avril 2023 · until 09 décembre 2025

Active
Frank Degraeve

Director · since 26 avril 2023 · until 26 avril 2029

Active
Frank Vereecken

Director · since 27 avril 2022 · until 26 avril 2028

Active
Nancy Govaerts

Director · since 27 avril 2022 · until 26 avril 2028

Active
Patrick Vandenberghe

Director · since 27 avril 2022 · until 26 avril 2028

Active
Anne Van Autreve

Director · since 27 avril 2016 · until 26 avril 2028

Active
Frans Samyn

Director · since 24 avril 2013 · until 30 avril 2025

Active
Frank De Leenheer

Director · since 28 avril 2010 · until 26 avril 2028

Active
Guy Pourveur

Director · since 28 avril 2010 · until 26 avril 2028

Active
Michiel Geers

Chairman of the board of directors · since 23 juin 2009 · until 26 avril 2028

Active
Willy Bosmans

Director · since 29 avril 2009 · until 26 avril 2028

Active
Peter van den Brock

Director · since 25 avril 2007 · until 30 avril 2025

Active

Ended mandates

Annette Terpstra

Director · since 26 avril 2023 · until 26 avril 2029

Ended
Annette Terpstra

Director · since 07 juin 2022 · until 26 avril 2028

Ended
Luc Versele

Director · since 27 avril 2022 · until 01 janvier 2023

Ended
Patrick Haesen

Director · since 27 avril 2022 · until 26 avril 2028

Ended

Ownership and network

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Belgian Official Gazette publications

Source · Belgian Official Gazette
  • Other19/08/2026
    Notulen van de algemene vergadering van 29 april 2026
    PDF
  • Mandates24/09/2025
    ONTSLAGEN - BENOEMINGEN
    PDF
  • Other23/05/2025
    STATUTEN (VERTALING, COÖRDINATIE, OVERIGE WIJZIGINGEN, …) - WIJZIGING RECHTSVORM - BENAMING - DIVERSEN
    PDF
  • Mandates21/08/2024
    MAATSCHAPPELIJKE ZETEL - ONTSLAGEN - BENOEMINGEN
    PDF
  • Mandates15/09/2023
    ONTSLAGEN - BENOEMINGEN
    PDF
  • Mandates20/07/2022
    ONTSLAGEN - BENOEMINGEN
    PDF
  • Mandates25/10/2019
    ONTSLAGEN - BENOEMINGEN
    PDF
  • Mandates12/07/2018
    ONTSLAGEN - BENOEMINGEN
    PDF

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 2025-1,2 M €↓
  2. 2024
    Annual accounts 2024-658,2 k €↓
  3. 24/04/2024
    nominationSteven Brusselle — bestuurder
  4. 2024
    Name changeIncofin Microfinance Fund
  5. 2023
    Annual accounts 20231 M €↑
  6. 2023
    Name changeIncofin cvso
  7. 2022
    Annual accounts 2022711,3 k €↑
  8. 27/04/2022
    nominationFrank Vereecken — bestuurder
  9. 27/04/2022
    nominationPatrick Vandenberghe — bestuurder
  10. 27/04/2022
    nominationNancy Govaerts — bestuurder
  11. 27/04/2022
    reconductionFrank De Leeriheer — bestuurder
  12. 27/04/2022
    reconductionGuy Pourveur — bestuurder
  13. 27/04/2022
    reconductionLuc Versele — bestuurder
  14. 27/04/2022
    reconductionAnne Van Autreve — bestuurder
  15. 27/04/2022
    reconductionMichiel Geers — bestuurder
  16. 27/04/2022
    reconductionWilly Bosmans — bestuurder
  17. 27/04/2022
    reconductionPatrik Haesen — bestuurder
  18. 27/04/2022
    reconductionVic Van de Moortel — bestuurder
  19. 2022
    Name changeIncofin
  20. 2020
    Annual accounts 2020-1,6 M €↓
  21. 2019
    Annual accounts 2019724,9 k €↓
  22. 2018
    Annual accounts 2018809 k €↓
  23. 2017
    Annual accounts 20172,8 M €↑
  24. 2016
    Annual accounts 20161,9 M €↑
  25. 2015
    Annual accounts 20151,1 M €↑
  26. 2014
    Annual accounts 2014730,4 k €↓
  27. 2013
    Annual accounts 20131,8 M €↑
  28. 2012
    Annual accounts 2012815,8 k €↑
  29. 2011
    Annual accounts 2011396,7 k €↓
  30. 2010
    Annual accounts 20101,9 M €↑
  31. 2009
    Annual accounts 2009687,3 k €↑
  32. 2008
    Annual accounts 2008320 k €↑
  33. 2007
    Annual accounts 2007261,9 k €↑
  34. 2006
    Annual accounts 2006214,2 k €
  35. 27/08/1992
    IncorporationCooperative society