ACTIVE

INBELCO

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Financial year 2025 · closed on 31/12/2025

Net result

8,5 k €

+148.6% YoY

Gross margin

59 k €

+81.6% YoY

Equity

269,4 k €

+3.3% YoY

What does INBELCO do?

INBELCO is a Public limited company incorporated in 1995. Its main activity is: Management consultancy activities. Its registered office is in Hasselt.

Legal situation

● Normal situation

BCE/KBO no. / VAT

BE 0455.835.662

Incorporation

28/08/1995

Legal form

Public limited company

Registered office

Runkstersteenweg 411
3500 Hasselt · FlandreSee on map

Contributed capital

62 000,00 €

Latest accounts

31/12/2025

Activities (NACE)

70200Management consultancy activities· main 70220Business and other management consultancy activities 68201Rental and operating of own or leased real estate 68201Rental and operating of own or leased real estate

Signals

ProfitableSolid equityPositive cashflowPositive EBITDA

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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	59 k €	+81.6%	32,5 k €	-54.3%	71,2 k €	+876%	7,3 k €	+399%	1,5 k €	-97.0%	48,8 k €	+5.8%	46,1 k €	-28.8%	64,7 k €	+84.3%	35,1 k €	-50.0%	70,2 k €	-67.0%	213,2 k €	+100%	106,4 k €	+48.4%	71,7 k €	+6.7%	67,2 k €	+25.0%	53,7 k €	+171%	19,9 k €	-49.0%	38,9 k €	+37.2%	28,4 k €	-22.1%	36,4 k €	+33.5%	27,3 k €
EBITDA	54,2 k €	+159%	20,9 k €	-66.9%	63,2 k €	+1607%	3,7 k €	+229%	-2,9 k €	-106%	44,6 k €	+5.5%	42,3 k €	-16.5%	50,6 k €	+59.9%	31,7 k €	-49.5%	62,8 k €	-69.7%	207,4 k €	+99.7%	103,9 k €	+51.0%	68,8 k €	+5.7%	65,1 k €	+27.8%	50,9 k €	+199%	17,1 k €	-52.9%	36,3 k €	+41.8%	25,6 k €	-18.8%	31,5 k €	+36.3%	23,1 k €
Operating result	24,7 k €	+382%	-8,8 k €	-120%	43,5 k €	+501%	-10,8 k €	+50.6%	-22 k €	-198%	22,4 k €	+338%	5,1 k €	-63.2%	13,9 k €	+213%	-12,3 k €	-167%	18,4 k €	-88.7%	162,8 k €	+108%	78,3 k €	+67.0%	46,9 k €	-0.4%	47,1 k €	+96.7%	23,9 k €	+339%	-10 k €	-214%	8,8 k €	+658%	-1,6 k €	-306%	760,4 €	-92.7%	10,4 k €
Net result	8,5 k €	+149%	-17,5 k €	-158%	30,1 k €	+326%	-13,4 k €	+38.6%	-21,7 k €	-230%	16,7 k €	+356%	3,7 k €	+134%	-10,7 k €	+29.1%	-15,1 k €	-910%	-1,5 k €	-102%	96,4 k €	+97.8%	48,7 k €	+66.2%	29,3 k €	+4.1%	28,2 k €	+753%	3,3 k €	+126%	-12,5 k €	-224%	10 k €	-40.5%	16,9 k €	+167%	6,3 k €	+248%	1,8 k €
Balance sheet
Equity	269,4 k €	+3.3%	260,9 k €	-6.3%	278,4 k €	+12.1%	248,2 k €	-35.1%	382,3 k €	-5.4%	404,1 k €	+4.3%	387,4 k €	+1.0%	383,7 k €	-2.7%	394,5 k €	-3.7%	409,6 k €	-0.4%	411,1 k €	+30.6%	314,7 k €	+18.3%	265,9 k €	+12.4%	236,6 k €	+13.5%	208,4 k €	+1.6%	205,1 k €	-5.7%	217,6 k €	+4.8%	207,5 k €	+8.8%	190,7 k €	+3.4%	184,4 k €
Total assets	350,2 k €	-7.4%	378,3 k €	-5.8%	401,7 k €	+24.9%	321,5 k €	-25.3%	430,7 k €	-3.4%	445,6 k €	+4.0%	428,4 k €	+2.1%	419,5 k €	-5.0%	441,6 k €	-4.3%	461,6 k €	-12.7%	529,1 k €	+31.1%	403,4 k €	+5.0%	384,1 k €	+1.2%	379,5 k €	-1.0%	383,2 k €	-5.7%	406,6 k €	-8.3%	443,5 k €	-4.0%	462,2 k €	-1.0%	467 k €	+28.4%	363,8 k €
Cash	4 k €	-56.9%	9,4 k €	-62.9%	25,2 k €	+1301%	1,8 k €	-62.8%	4,8 k €	-8.2%	5,3 k €	-50.2%	10,6 k €	+130%	4,6 k €	+79.1%	2,6 k €	+382%	534,7 €	-98.0%	26,3 k €	+1817%	1,4 k €	+105%	669,9 €	-50.8%	1,4 k €	-51.2%	2,8 k €	+198%	935,7 €	+287%	241,5 €	-88.5%	2,1 k €	+3.4%	2 k €	-32.8%	3 k €
Debts	80,9 k €	-31.1%	117,4 k €	-4.8%	123,3 k €	+68.2%	73,3 k €	+51.7%	48,3 k €	+16.4%	41,5 k €	+1.3%	41 k €	+14.7%	35,8 k €	-22.5%	46,2 k €	-10.3%	51,4 k €	-56.4%	117,8 k €	+32.8%	88,8 k €	-24.9%	118,2 k €	-17.2%	142,7 k €	-18.4%	174,8 k €	-13.2%	201,5 k €	-10.8%	225,9 k €	-7.1%	243,3 k €	-10.1%	270,5 k €	+54.6%	175 k €

Estimate

Indicative valuation

As an indication, this company is worth

between 100 k€ and 250 k€

See the valuation

Governance

Board of directors

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

Active mandates

Jaak Appermont

Andere functie · since 23 décembre 2023 · until 23 décembre 2029

Active

Niels Appermont

Andere functie · since 23 décembre 2023 · until 23 décembre 2029

Active

Rita Raskin

Andere functie · since 23 décembre 2023 · until 23 décembre 2029

Active

Ended mandates

Jaak Appermont

Andere functie · since 11 mai 2019 · until 11 mai 2024

Ended

Jaak Appermont

Managing director · since 11 mai 2019 · until 11 mai 2024

Ended

Niels Appermont

Andere functie · since 11 mai 2019 · until 11 mai 2024

Ended

Niels Appermont

Director · since 11 mai 2019 · until 11 mai 2024

Ended

At this address

Other companies at this address

Company	CBE no.
ALL IN COMPANY● Active	0450.570.641
ATOZZ● Active	0899.095.968
ATOZZ BTW EENHEID● Active	0682.862.677

Annual accounts

Full financial information

	2025	2024	2023	2022	2021	2020
Type of account	Abridged model	Abridged model	Abridged 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	06/08/2026	29/07/2025	31/08/2024	22/06/2023	26/08/2022	31/08/2021
General meeting	09/05/2026	10/05/2025	11/05/2024	13/05/2023	14/05/2022	08/05/2021
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
Abridged model	31/12/2025	09/05/2026	06/08/2026	Dutch	PDF
Abridged model	31/12/2024	10/05/2025	29/07/2025	Dutch	PDF
Abridged model	31/12/2023	11/05/2024	31/08/2024	Dutch	PDF
Micro model	31/12/2022	13/05/2023	22/06/2023	Dutch	PDF
Micro model	31/12/2021	14/05/2022	26/08/2022	Dutch	PDF
Micro model	31/12/2020	08/05/2021	31/08/2021	Dutch	PDF
Abridged model	31/12/2019	09/05/2020	27/08/2020	Dutch	PDF
Abridged model	31/12/2018	11/05/2019	28/08/2019	Dutch	PDF
Abridged model	31/12/2017	12/05/2018	31/08/2018	Dutch	PDF
Abridged model	31/12/2016	13/05/2017	31/08/2017	Dutch	PDF
Abridged model	31/12/2015	14/05/2016	31/08/2016	Dutch	PDF
Abridged model	31/12/2014	09/05/2015	01/07/2015	Dutch	PDF
Abridged model	31/12/2013	10/05/2014	21/08/2014	Dutch	PDF
Abridged model	31/12/2012	11/05/2013	18/06/2013	Dutch	PDF
Abridged model	31/12/2011	12/05/2012	30/08/2012	Dutch	PDF
Abridged model	31/12/2010	14/05/2011	31/08/2011	Dutch	PDF
Abridged model	31/12/2009	08/05/2010	27/08/2010	Dutch	PDF
Abridged model	31/12/2008	09/05/2009	31/08/2009	Dutch	PDF
Abridged model	31/12/2007	10/05/2008	29/07/2008	Dutch	PDF
Abridged model	31/12/2006	12/05/2007	07/08/2007	Dutch	PDF

Estimate

Indicative valuation

Order of magnitude

As an indication, this company is worth

between 100 k€ and 250 k€

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

Jaak Appermont

Andere functie · since 23 décembre 2023 · until 23 décembre 2029

Active

Niels Appermont

Andere functie · since 23 décembre 2023 · until 23 décembre 2029

Active

Rita Raskin

Andere functie · since 23 décembre 2023 · until 23 décembre 2029

Active

Ended mandates

Jaak Appermont

Andere functie · since 11 mai 2019 · until 11 mai 2024

Ended

Jaak Appermont

Managing director · since 11 mai 2019 · until 11 mai 2024

Ended

Niels Appermont

Andere functie · since 11 mai 2019 · until 11 mai 2024

Ended

Niels Appermont

Director · since 11 mai 2019 · until 11 mai 2024

Ended

Shareholders

Ownership and network

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Belgian Official Gazette

Belgian Official Gazette publications

Mandates18/01/2024
ONTSLAGEN - BENOEMINGEN
PDF
Mandates25/09/2019
ONTSLAGEN - BENOEMINGEN
PDF
Mandates03/07/2013
ONTSLAGEN - BENOEMINGEN
PDF
Mandates26/03/2009
ONTSLAGEN - BENOEMINGEN - STATUTEN (VERTALING, COÖRDINATIE, OVERIGE WIJZIGINGEN, )
PDF
Mandates30/08/2007
ONTSLAGEN - BENOEMINGEN
PDF
Mandates19/06/2003
ONTSLAGEN - BENOEMINGEN
PDF
Mandates19/06/2003
ONTSLAGEN - BENOEMINGEN
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 20258,5 k €↑
2024
Annual accounts 2024-17,5 k €↓
2023
Annual accounts 202330,1 k €↑
2022
Annual accounts 2022-13,4 k €↑
2021
Annual accounts 2021-21,7 k €↓
2020
Annual accounts 202016,7 k €↑
2019
Annual accounts 20193,7 k €↑
2018
Annual accounts 2018-10,7 k €↑
2017
Annual accounts 2017-15,1 k €↓
2016
Annual accounts 2016-1,5 k €↓
2015
Annual accounts 201596,4 k €↑
2014
Annual accounts 201448,7 k €↑
2013
Annual accounts 201329,3 k €↑
2012
Annual accounts 201228,2 k €↑
2011
Annual accounts 20113,3 k €↑
2010
Annual accounts 2010-12,5 k €↓
2009
Annual accounts 200910 k €↓
2008
Annual accounts 200816,9 k €↑
2007
Annual accounts 20076,3 k €↑
2006
Annual accounts 20061,8 k €
28/08/1995
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

INBELCO

Overview

What does INBELCO do?

Trend over 20 financial years

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