ACTIVE

INDAO

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Financial year 2025 · Closed on 31/12/2025

Net result-309,3 k €+68,6 %over 1 year

Gross margin2,1 M €+59,0 %over 1 year

Equity2,1 M €+10,2 %over 1 year

Workforce16,8 ETP+16,7 %over 1 year

Identity

Source · BCE/KBO

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· main 62020Computer consultancy activities 62100Computer programming, consultancy and related activities 62200Computer programming, consultancy and related activities 72100Research and experimental development on natural sciences and engineering 72220Research and experimental development on social sciences and humanities+3

Joint committees (4)

100
200
2000
218

Signals

Solid equityPositive cashflowPositive EBITDAHealthy social debts

Financials

Source · NBB, 20 filings

Trend over 20 financial years

	2025		2024		2023		2022		2021
Income statement
Gross margin	2,1 M €	+59.0%	1,3 M €	-31.8%	1,9 M €	+39.4%	1,4 M €	+14.0%	1,2 M €
EBITDA	530,2 k €	+209%	171,5 k €	-77.4%	758,6 k €	+31.3%	577,8 k €	+8.8%	530,9 k €
Operating result	-221,2 k €	+64.7%	-625,8 k €	-381%	223 k €	+68.2%	132,6 k €	-19.7%	165,1 k €
Net result	-309,3 k €	+68.6%	-984,6 k €	-675%	171,3 k €	+98.2%	86,5 k €	-14.5%	101,1 k €
Balance sheet
Equity	2,1 M €	+10.2%	1,9 M €	+40.1%	1,3 M €	+14.6%	1,2 M €	+71.2%	683,5 k €
Total assets	3,5 M €	-8.4%	3,8 M €	+8.3%	3,5 M €	+1.4%	3,5 M €	+47.1%	2,4 M €
Cash	174,5 k €	-30.6%	251,5 k €	+433%	47,2 k €	-38.9%	77,3 k €	-21.2%	98,1 k €
Debts	1,3 M €	-35.4%	1,9 M €	-10.0%	2,2 M €	-5.7%	2,3 M €	+40.7%	1,6 M €
Other
Workforce	16,8 ETP	+16.7%	14,4 ETP	+2.1%	14,1 ETP	+35.6%	10,4 ETP	+9.5%	9,5 ETP

Valuation

Indicative valuation

As an indication, this company is worth

between 2,5 M€ and 5 M€

See the valuation

Board of directors

Source · NBB, accounts to 31/12/2025

6 active · 14 ended

Active mandates

Director	Mandates in this company	Period	Other mandatescurrentendedstruck offbankruptcies
Amandine MONTULET	Director10/06/2024 → 05/08/2027
COBLALIS0771.747.143Represented by Baptiste FOSSEPREZ	Managing director06/08/2021 → 31/08/2027
A&P SYNTONY0685.404.275Represented by André PETITJEAN	Chairman of the board of directors06/08/2021 → 05/08/2027Director29/10/2020 → 2021 accountsended
Astrid MARECHAL	Director18/06/2010 → 05/08/2027
Philippe MACK	Director01/10/2002 → 05/08/2027Managing director01/10/2002 → 2020 accountsended
SMB Finance0547.967.450Represented by Jan Magnus BJÖRKMAN	Director29/10/2020 → 05/08/2027

Ended mandates

Director	Mandates in this company	Period	Other mandatescurrentendedstruck offbankruptcies
NOSHAQ PARTNERS0808.219.836Represented by JOANNA TYREKIDIS	Director30/05/2012 → 2017 accounts
ULRIKA WISING	Managing director30/05/2012 → 2012 accounts

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Full financial information

Source · NBB

	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	03/06/2026	03/06/2025	28/05/2024	31/05/2023	12/07/2022	02/07/2021
General meeting	19/05/2026	20/05/2025	21/05/2024	16/05/2023	31/05/2022	15/06/2021
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

Financial ratios

Source · NBB

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Annual accounts filings

Source · NBB, 20 filings

Model	Closing	General meeting	Filed	Language	Document
Abridged model	31/12/2025	19/05/2026	03/06/2026	French	PDF
Abridged model	31/12/2024	20/05/2025	03/06/2025	French	PDF
Abridged model	31/12/2023	21/05/2024	28/05/2024	French	PDF
Abridged model	31/12/2022	16/05/2023	31/05/2023	French	PDF
Abridged model	31/12/2021	31/05/2022	12/07/2022	French	PDF
Abridged model	31/12/2020	15/06/2021	02/07/2021	French	PDF
Abridged model	31/12/2019	29/10/2020	30/10/2020	French	PDF
Abridged model	31/12/2018	11/06/2019	21/06/2019	French	PDF
Abridged model	31/12/2017	28/06/2018	30/07/2018	French	PDF
Abridged model	31/12/2016	29/06/2017	14/07/2017	French	PDF
Abridged model	31/12/2015	22/06/2016	27/07/2016	French	PDF
Abridged model	31/12/2014	30/06/2015	16/07/2015	French	PDF
Abridged model	31/12/2013	26/05/2014	27/08/2014	French	PDF
Abridged model	31/12/2012	31/05/2013	01/07/2013	French	PDF
Abridged model	31/12/2011	30/05/2012	27/08/2012	French	PDF
Abridged model	31/12/2010	05/09/2011	01/12/2011	French	PDF
Abridged model	31/12/2009	18/06/2010	23/07/2010	French	PDF
Abridged model	31/12/2008	02/06/2009	31/08/2009	French	PDF
Abridged model	31/12/2007	16/06/2008	28/07/2008	French	PDF
Abridged model	31/12/2006	15/05/2007	28/06/2007	French	PDF

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.

Board of directors

Source · NBB, accounts to 31/12/2025

6 active · 14 ended

Active mandates

Director	Mandates in this company	Period	Other mandatescurrentendedstruck offbankruptcies
Amandine MONTULET	Director10/06/2024 → 05/08/2027
COBLALIS0771.747.143Represented by Baptiste FOSSEPREZ	Managing director06/08/2021 → 31/08/2027
A&P SYNTONY0685.404.275Represented by André PETITJEAN	Chairman of the board of directors06/08/2021 → 05/08/2027Director29/10/2020 → 2021 accountsended
Astrid MARECHAL	Director18/06/2010 → 05/08/2027
Philippe MACK	Director01/10/2002 → 05/08/2027Managing director01/10/2002 → 2020 accountsended
SMB Finance0547.967.450Represented by Jan Magnus BJÖRKMAN	Director29/10/2020 → 05/08/2027

Ended mandates

Director	Mandates in this company	Period	Other mandatescurrentendedstruck offbankruptcies
NOSHAQ PARTNERS0808.219.836Represented by JOANNA TYREKIDIS	Director30/05/2012 → 2017 accounts
ULRIKA WISING	Managing director30/05/2012 → 2012 accounts

Ownership and network

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Belgian Official Gazette publications

Source · Belgian Official Gazette

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

Similar companies

A company's peers, by sector and size, are included in the Business plan.

See the Business plan

Timeline

Source · CBE, NBB annual accounts

Year

Identity

Incorporation

Name

Registered office

Annual accounts

Filings20 filings

Mandates

Amandine MONTULET

COBLALIS

SMB Finance

A&P SYNTONY

Astrid MARECHAL

Philippe MACK

NOSHAQ PARTNERS

ULRIKA WISING

VENTURE COACHING

RAYMOND JONKERS

SEBASTIEN LAFOURCADE

DOMINIQUE ARCHAMBEAU

Show the 8 other mandates

20022003200420052006200720082009201020112012201320142015201620172018201920202021202220232024202520262027

INDAOPEPITE

Rue de l'Académie 53, 4000 LiègeRue Forgeur 4a, 4000 Liège

Director

Managing director

Director

Chairman of the board of directors

Director

DirectorManaging director

Director

CurrentPlanned, not yet servedEndedAccounts filedToday

Registered offices

Source · NBB annual accounts, CBE

Registered address	Period	Source
Rue de l'Académie 53, 4000 LiègeCurrent	accounts 2024 → 2025	Accounts 2025 · 2026-00136867
Rue Forgeur 4a, 4000 Liège	accounts 2022 → 2023	Accounts 2023 · 2024-00098109
RUE FORGEUR 4 bte 1, 4000 Liège	accounts 2021	Accounts 2021 · 2022-20173609

Company names

Source · NBB annual accounts, CBE

Name	Period	Source
INDAOCurrent	accounts 2025	Accounts 2025 · 2026-00136867
PEPITE	accounts 2021 → 2024	Accounts 2024 · 2025-00115924

Events

2025
Annual accounts 2025-309,3 k €↑
2025
Name changeINDAO
2024
Annual accounts 2024-984,6 k €↓
2023
Annual accounts 2023171,3 k €↑
2022
Annual accounts 202286,5 k €↓
2021
Annual accounts 2021101,1 k €↑
2020
Annual accounts 20205 k €↑
2019
Annual accounts 2019-760,4 k €↓
2018
Annual accounts 2018-187,5 k €↓
2017
Annual accounts 201786,4 k €↓
2016
Annual accounts 2016508,3 k €↑
2015
Annual accounts 201574,1 k €↑
2014
Annual accounts 201424,2 k €↓
2013
Annual accounts 2013114,4 k €↓
2012
Annual accounts 2012137,8 k €↑
2011
Annual accounts 2011-558,5 k €↓
2010
Annual accounts 201034 k €↑
2009
Annual accounts 2009-36,2 k €↓
2008
Annual accounts 200854,1 k €↑
2007
Annual accounts 200746,3 k €↑
2006
Annual accounts 2006-163 k €
30/09/2002
IncorporationPublic limited company

INDAO

Overview

Identity

Financials

Valuation

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

Timeline

Registered offices

Company names

Events