ACTIVE

INDAO

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Financial year 2025 · closed on 31/12/2025
Net result
-309,3 k €
+68.6% YoY
Gross margin
2,1 M €
+59.0% YoY
Equity
2,1 M €
+10.2% YoY
Workforce
16,8 ETP
+16.7% YoY

What does INDAO do?

INDAO is a Public limited company incorporated in 2002. Its main activity is: Computer programming activities. Its registered office is in Liège. It employs on average 16,8 ETP workers (FTE).

Legal situation
● Normal situation
BCE/KBO no. / VAT
BE 0478.472.789
Incorporation
30/09/2002
Legal form
Public limited company
Registered office
Rue de l'Académie 53
4000 Liège · WallonieSee on map
Contributed capital
3 961 935,60 €
Latest accounts
31/12/2025
Average workforce
16,8 ETP
Activities (NACE)
62010Computer programming activities· main62020Computer consultancy activities62100Computer programming, consultancy and related activities62200Computer programming, consultancy and related activities72100Research and experimental development on natural sciences and engineering72220Research and experimental development on social sciences and humanities+3
Joint committees (4)
  • 100
  • 200
  • 2000
  • 218
Signals
Solid equityPositive cashflowPositive EBITDAHealthy social debts
View the BCE/KBO Public Search record →
Health score
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✦ Verdict · Analyst summary
Financials

Trend over 20 financial years

20252024202320222021202020192018201720162015201420132012201120102009200820072006
Income statement
Gross margin2,1 M €1,3 M €1,9 M €1,4 M €1,2 M €1,2 M €418,2 k €751 k €807,4 k €1,2 M €746,4 k €586,5 k €528,6 k €454,1 k €-195,1 k €456,1 k €405,4 k €323,9 k €239 k €75,6 k €
EBITDA530,2 k €171,5 k €758,6 k €577,8 k €530,9 k €394,1 k €-333 k €114,7 k €383,9 k €770,1 k €327,4 k €223,8 k €286,9 k €267,4 k €-437,3 k €129,6 k €50,8 k €131,7 k €141,9 k €-64,3 k €
Operating result-221,2 k €-625,8 k €223 k €132,6 k €165,1 k €88 k €-704,5 k €-177,1 k €129,8 k €529,5 k €117,8 k €40,7 k €134,3 k €155,3 k €-526,7 k €53,9 k €-35,1 k €61,4 k €48,6 k €-160,2 k €
Net result-309,3 k €-984,6 k €171,3 k €86,5 k €101,1 k €5 k €-760,4 k €-187,5 k €86,4 k €508,3 k €74,1 k €24,2 k €114,4 k €137,8 k €-558,5 k €34 k €-36,2 k €54,1 k €46,3 k €-163 k €
Balance sheet
Equity2,1 M €1,9 M €1,3 M €1,2 M €683,5 k €-189,1 k €-205,4 k €555,1 k €742,6 k €656,2 k €147,9 k €73,9 k €49,7 k €-64,8 k €-430,8 k €127,7 k €93,8 k €130 k €75,9 k €29,6 k €
Total assets3,5 M €3,8 M €3,5 M €3,5 M €2,4 M €2 M €2,4 M €2,1 M €1,7 M €1,8 M €1,3 M €1,3 M €878,1 k €830,1 k €644,8 k €1 M €710,7 k €446,6 k €345,3 k €341,4 k €
Cash174,5 k €251,5 k €47,2 k €77,3 k €98,1 k €28,6 k €113,4 k €101,4 k €115 k €81,4 k €5,8 k €17,7 k €41,5 k €89,1 k €10,9 k €4,2 k €33,4 k €76,9 k €56 k €77,4 k €
Debts1,3 M €1,9 M €2,2 M €2,3 M €1,6 M €2,1 M €2,6 M €1,6 M €929 k €1,1 M €1,1 M €1,2 M €823,3 k €893,2 k €1,1 M €882,2 k €592,8 k €315,8 k €269,4 k €309,1 k €
Other
Workforce16,8 ETP14,4 ETP14,1 ETP10,4 ETP9,5 ETP10,3 ETP10,9 ETP10,2 ETP6,6 ETP5,6 ETP6,3 ETP6,9 ETP3,8 ETP2,8 ETP3,3 ETP5,5 ETP5,1 ETP3,8 ETP1,9 ETP2,8 ETP
Estimate

Indicative valuation

As an indication, this company is worth

between 2,5 M€ and 5 M€
See the valuation
Governance

Board of directors

Seen on filing of 31/12/2025 · 6 active · 55 ended

Active mandates

Amandine MONTULET

Director · since 10 juin 2024 · until 05 août 2027

Active
COBLALIS

Managing director · since 01 septembre 2021 · until 31 août 2027 · 0771.747.143

Represented by Baptiste FOSSEPREZ

Active
A&P SYNTONY

Chairman of the board of directors · since 06 août 2021 · until 05 août 2027 · 0685.404.275

Represented by André PETITJEAN

Active
Astrid MARECHAL

Director · since 06 août 2021 · until 06 juin 2025

Active
Philippe MACK

Director · since 06 août 2021 · until 05 août 2027

Active
SMB Finance

Director · since 06 août 2021 · until 05 août 2027 · 0547.967.450

Represented by Jan Magnus BJÖRKMAN

Active

Ended mandates

Astrid MARECHAL

Director · since 06 août 2021 · until 05 août 2027

Ended
COBLALIS

Managing director · since 06 août 2021 · until 05 août 2027 · 0771.747.143

Represented by BAPTISTE FOSSEPREZ

Ended
A&P SYNTONY

Director · since 29 octobre 2020 · until 05 août 2027 · 0685.404.275

Represented by ANDRE PETITJEAN

Ended
A&P SYNTONY

Director · since 29 octobre 2020 · until 31 mai 2025 · 0685.404.275

Represented by ANDRE PETITJEAN

Ended
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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 date03/06/202603/06/202528/05/202431/05/202312/07/202202/07/2021
General meeting19/05/202620/05/202521/05/202416/05/202331/05/202215/06/2021
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 model31/12/202519/05/202603/06/2026FrenchPDF
Abridged model31/12/202420/05/202503/06/2025FrenchPDF
Abridged model31/12/202321/05/202428/05/2024FrenchPDF
Abridged model31/12/202216/05/202331/05/2023FrenchPDF
Abridged model31/12/202131/05/202212/07/2022FrenchPDF
Abridged model31/12/202015/06/202102/07/2021FrenchPDF
Abridged model31/12/201929/10/202030/10/2020FrenchPDF
Abridged model31/12/201811/06/201921/06/2019FrenchPDF
Abridged model31/12/201728/06/201830/07/2018FrenchPDF
Abridged model31/12/201629/06/201714/07/2017FrenchPDF
Abridged model31/12/201522/06/201627/07/2016FrenchPDF
Abridged model31/12/201430/06/201516/07/2015FrenchPDF
Abridged model31/12/201326/05/201427/08/2014FrenchPDF
Abridged model31/12/201231/05/201301/07/2013FrenchPDF
Abridged model31/12/201130/05/201227/08/2012FrenchPDF
Abridged model31/12/201005/09/201101/12/2011FrenchPDF
Abridged model31/12/200918/06/201023/07/2010FrenchPDF
Abridged model31/12/200802/06/200931/08/2009FrenchPDF
Abridged model31/12/200716/06/200828/07/2008FrenchPDF
Abridged model31/12/200615/05/200728/06/2007FrenchPDF
Estimate

Indicative valuation

Order of magnitude

As an indication, this company is worth

between 2,5 M€ and 5 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 · 6 active · 55 ended

Active mandates

Amandine MONTULET

Director · since 10 juin 2024 · until 05 août 2027

Active
COBLALIS

Managing director · since 01 septembre 2021 · until 31 août 2027 · 0771.747.143

Represented by Baptiste FOSSEPREZ

Active
A&P SYNTONY

Chairman of the board of directors · since 06 août 2021 · until 05 août 2027 · 0685.404.275

Represented by André PETITJEAN

Active
Astrid MARECHAL

Director · since 06 août 2021 · until 06 juin 2025

Active
Philippe MACK

Director · since 06 août 2021 · until 05 août 2027

Active
SMB Finance

Director · since 06 août 2021 · until 05 août 2027 · 0547.967.450

Represented by Jan Magnus BJÖRKMAN

Active

Ended mandates

Astrid MARECHAL

Director · since 06 août 2021 · until 05 août 2027

Ended
COBLALIS

Managing director · since 06 août 2021 · until 05 août 2027 · 0771.747.143

Represented by BAPTISTE FOSSEPREZ

Ended
A&P SYNTONY

Director · since 29 octobre 2020 · until 05 août 2027 · 0685.404.275

Represented by ANDRE PETITJEAN

Ended
A&P SYNTONY

Director · since 29 octobre 2020 · until 31 mai 2025 · 0685.404.275

Represented by ANDRE PETITJEAN

Ended
Shareholders

Ownership and network

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Belgian Official Gazette

Belgian Official Gazette publications

  • Mandates21/09/2026
    Nomination d'un administrateur
    PDF
  • Mandates13/05/2026
    DENOMINATION
    PDF
  • Mandates11/06/2025
    STATUTS (TRADUCTION, COORDINATION, AUTRES MODIFICATIONS, …) - CAPITAL, ACTIONS - DEMISSIONS, NOMINATIONS
    PDF
  • Registered office22/04/2025
    SIEGE SOCIAL
    PDF
  • Mandates12/06/2024
    STATUTS (TRADUCTION, COORDINATION, AUTRES MODIFICATIONS, …) - CAPITAL, ACTIONS - DEMISSIONS, NOMINATIONS
    PDF
  • Registered office08/08/2022
    SIEGE SOCIAL
    PDF
  • Capital / shares22/04/2022
    CAPITAL, ACTIONS
    PDF
  • Mandates25/11/2021
    DEMISSIONS, NOMINATIONS
    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 2025-309,3 k €↑
  2. 2025
    Name changeINDAO
  3. 2024
    Annual accounts 2024-984,6 k €↓
  4. 2023
    Annual accounts 2023171,3 k €↑
  5. 2022
    Annual accounts 202286,5 k €↓
  6. 2021
    Annual accounts 2021101,1 k €↑
  7. 2021
    Name changePEPITE
  8. 2020
    Annual accounts 20205 k €↑
  9. 2019
    Annual accounts 2019-760,4 k €↓
  10. 2018
    Annual accounts 2018-187,5 k €↓
  11. 2017
    Annual accounts 201786,4 k €↓
  12. 2016
    Annual accounts 2016508,3 k €↑
  13. 2015
    Annual accounts 201574,1 k €↑
  14. 2014
    Annual accounts 201424,2 k €↓
  15. 2013
    Annual accounts 2013114,4 k €↓
  16. 2012
    Annual accounts 2012137,8 k €↑
  17. 2011
    Annual accounts 2011-558,5 k €↓
  18. 2010
    Annual accounts 201034 k €↑
  19. 2009
    Annual accounts 2009-36,2 k €↓
  20. 2008
    Annual accounts 200854,1 k €↑
  21. 2007
    Annual accounts 200746,3 k €↑
  22. 2006
    Annual accounts 2006-163 k €
  23. 30/09/2002
    IncorporationPublic limited company