ACTIVE

INCENDIN

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Financial year 2025 · closed on 31/12/2025

Net result

1,9 M €

-70.9% YoY

Revenue

1,1 M €

0.0% YoY

Equity

16,4 M €

+12.9% YoY

Workforce

9,8 ETP

-1.0% YoY

What does INCENDIN do?

INCENDIN is a Public limited company incorporated in 2014. Its main activity is: Activities of holding companies. Its registered office is in Willebroek. It employs on average 9,8 ETP workers (FTE).

Legal situation

● Normal situation

BCE/KBO no. / VAT

BE 0506.792.732

Incorporation

12/12/2014

Legal form

Public limited company

Registered office

Brielen 2
2830 Willebroek · FlandreSee on map

Contributed capital

8 223 048,10 €

Latest accounts

31/12/2025

Average workforce

9,8 ETP

Activities (NACE)

64200Activities of holding companies· main 64210Activities of holding companies

Joint committees (2)

Signals

ProfitableSolid equityPositive cashflowHealthy social debtsHigh revenue

View the BCE/KBO Public Search record →

Health score

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Recommended credit limit

✦ Verdict · Analyst summary

Financials

Trend over 11 financial years

	2025		2024		2023		2022		2021		2020		2019		2018		2017		2016		2015
Income statement
Revenue	1,1 M €	0.0%	1,1 M €	0.0%	1,1 M €	0.0%	1,1 M €	0.0%	1,1 M €	0.0%	1,1 M €	0.0%	1,1 M €	-2.2%	1,1 M €	+3.6%	1,1 M €	+70.8%	624 k €	+189%	216 k €
EBITDA	-306,6 k €	+75.9%	-1,3 M €	-111%	-601,8 k €	-125%	-267,9 k €	-49.1%	-179,7 k €	-438%	-33,4 k €	-168%	49,4 k €	-72.5%	179,9 k €	-34.4%	274,3 k €	+184%	-325,2 k €	-169%	-120,8 k €
Operating result	-446,2 k €	+67.1%	-1,4 M €	-105%	-661,3 k €	-103%	-325,8 k €	-31.7%	-247,4 k €	-143%	-101,8 k €	-1110%	-8,4 k €	-106%	132 k €	-45.3%	241,4 k €	+169%	-350,9 k €	-178%	-126,4 k €
Net result	1,9 M €	-70.9%	6,4 M €	+428%	-2 M €	-297%	-492,9 k €	-30.4%	-377,9 k €	-116%	2,3 M €	+135%	975,9 k €	+11110%	-8,9 k €	-105%	168,9 k €	+146%	-365,7 k €	+4.6%	-383,5 k €
Balance sheet
Equity	16,4 M €	+12.9%	14,5 M €	+79.4%	8,1 M €	-19.5%	10 M €	-70.8%	34,4 M €	-0.3%	34,5 M €	+7.1%	32,2 M €	+3.1%	31,2 M €	+62.3%	19,3 M €	+0.9%	19,1 M €	+20.0%	15,9 M €
Total assets	45,2 M €	-29.6%	64,2 M €	+23.6%	51,9 M €	+10.1%	47,2 M €	+5.8%	44,6 M €	-5.5%	47,2 M €	-2.7%	48,5 M €	+4.3%	46,5 M €	+72.5%	26,9 M €	-4.7%	28,3 M €	+76.2%	16 M €
Cash	2,9 M €	+86.0%	1,6 M €	-82.8%	9,2 M €	+950%	877,2 k €	-32.0%	1,3 M €	+348%	288,1 k €	-78.2%	1,3 M €	+21.9%	1,1 M €	+209%	351,7 k €	-90.5%	3,7 M €	+29.6%	2,8 M €
Debts	28,7 M €	-42.0%	49,5 M €	+13.2%	43,7 M €	+17.7%	37,1 M €	+266%	10,2 M €	-19.6%	12,6 M €	-22.1%	16,2 M €	+6.7%	15,2 M €	+98.3%	7,7 M €	-16.4%	9,2 M €	+6677%	135,3 k €
Other
Workforce	9,8 ETP	-1.0%	9,9 ETP	+607%	1,4 ETP	+40.0%	1,0 ETP	0.0%	1,0 ETP	0.0%	1,0 ETP	0.0%	1,0 ETP	0.0%	1,0 ETP		–		–		–

Estimate

Indicative valuation

As an indication, this company is worth

between 10 M€ and 25 M€

See the valuation

Governance

Board of directors

Seen on filing of 31/12/2025 · 6 active · 21 ended

Active mandates

Sara Van der Heyden

Director · since 23 juin 2023 · until 25 juin 2027

Active

Tom Van Gyseghem

Director · since 30 décembre 2022 · until 25 juin 2027

Active

Erik Van Den Eynden

Director · since 30 mars 2022 · until 25 juin 2027

Active

Maarten Peers

Director · since 30 mars 2022 · until 25 juin 2027

Active

Nicolas De Quinnemar

Director · since 30 mars 2022 · until 25 juin 2027

Active

Pieter Daeseleire

Director · since 30 mars 2022 · until 25 juin 2027

Active

Ended mandates

Hil Foon Wong

Director · since 30 mars 2022 · until 17 février 2023

Ended

Hil Foon Wong

Director · since 30 mars 2022 · until 25 juin 2027

Ended

Tom Paemeleire

Director · since 30 mars 2022 · until 01 juillet 2022

Ended

Tom Paemeleire

Director · since 30 mars 2022 · until 25 juin 2027

Ended

At this address

Other companies at this address

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Administratiekantoor Ocean● Active	1039.848.017
BRIELEN FIRE FIGHTERS● Active	0713.761.137
Burnguard● Active	0653.809.593
ECOCHEM INTERNATIONAL● Active	0471.591.333
OCEAN BIDCO● Active	1030.173.157
OCEAN MIDCO● Active	1030.094.369

Annual accounts

Full financial information

	2025	2024	2023	2022	2021	2020
Type of account	Full model	Full model	Full model	Full model	Full model	Full 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	01/07/2026	05/08/2025	26/09/2024	13/07/2023	05/07/2022	02/07/2021
General meeting	25/06/2026	18/07/2025	22/08/2024	23/06/2023	25/06/2022	25/06/2021
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

Ratios

Financial ratios

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Filings

Annual accounts filings

20 filings with the NBB

Model	Closing	General meeting	Filed	Language	Document
Full model	31/12/2025	25/06/2026	01/07/2026	Dutch	PDF
Full model	31/12/2024	18/07/2025	05/08/2025	Dutch	PDF
m120-f-p	31/12/2024	18/07/2025	05/08/2025	Dutch	PDF
Full model	31/12/2023	22/08/2024	26/09/2024	Dutch	PDF
m120-f-p	31/12/2023	22/08/2024	26/09/2024	Dutch	PDF
Full model	31/12/2022	23/06/2023	13/07/2023	Dutch	PDF
m120-f-p	31/12/2022	23/06/2023	14/07/2023	Dutch	PDF
Full model	31/12/2021	25/06/2022	05/07/2022	Dutch	PDF
m120-f-p	31/12/2021	25/06/2022	05/07/2022	Dutch	PDF
Full model	31/12/2020	25/06/2021	02/07/2021	Dutch	PDF
m120-f-p	31/12/2020	25/06/2021	02/07/2021	Dutch	PDF
Full model	31/12/2019	25/06/2020	03/07/2020	Dutch	PDF
m120-f-p	31/12/2019	25/06/2020	03/07/2020	Dutch	PDF
Full model	31/12/2018	25/06/2019	08/07/2019	Dutch	PDF
m120-f-p	31/12/2018	25/06/2019	08/07/2019	Dutch	PDF
Full model	31/12/2017	25/06/2018	29/06/2018	Dutch	PDF
m120-f-p	31/12/2017	25/06/2018	29/06/2018	Dutch	PDF
Full model	31/12/2016	26/06/2017	07/07/2017	Dutch	PDF
m120-f-p	31/12/2016	26/06/2017	07/07/2017	Dutch	PDF
Full model	31/12/2015	27/06/2016	19/07/2016	Dutch	PDF

Estimate

Indicative valuation

Order of magnitude

As an indication, this company is worth

between 10 M€ and 25 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 · 21 ended

Active mandates

Sara Van der Heyden

Director · since 23 juin 2023 · until 25 juin 2027

Active

Tom Van Gyseghem

Director · since 30 décembre 2022 · until 25 juin 2027

Active

Erik Van Den Eynden

Director · since 30 mars 2022 · until 25 juin 2027

Active

Maarten Peers

Director · since 30 mars 2022 · until 25 juin 2027

Active

Nicolas De Quinnemar

Director · since 30 mars 2022 · until 25 juin 2027

Active

Pieter Daeseleire

Director · since 30 mars 2022 · until 25 juin 2027

Active

Ended mandates

Hil Foon Wong

Director · since 30 mars 2022 · until 17 février 2023

Ended

Hil Foon Wong

Director · since 30 mars 2022 · until 25 juin 2027

Ended

Tom Paemeleire

Director · since 30 mars 2022 · until 01 juillet 2022

Ended

Tom Paemeleire

Director · since 30 mars 2022 · until 25 juin 2027

Ended

Shareholders

Ownership and network

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Try for 7 days

Belgian Official Gazette

Belgian Official Gazette publications

Other12/08/2026
STATUTEN (VERTALING, COORDINATIE, OVERIGE
PDF
Mandates03/06/2026
ONTSLAGEN - BENOEMINGEN
PDF
Mandates27/07/2023
ONTSLAGEN - BENOEMINGEN
PDF
Mandates17/03/2023
ONTSLAGEN - BENOEMINGEN
PDF
Mandates31/01/2023
ONTSLAGEN - BENOEMINGEN
PDF
Capital / shares30/12/2022
STATUTEN (VERTALING, COÖRDINATIE, OVERIGE WIJZIGINGEN, ) - KAPITAAL - AANDELEN
PDF
Capital / shares16/12/2022
STATUTEN (VERTALING, COÖRDINATIE, OVERIGE WIJZIGINGEN, ) - KAPITAAL - AANDELEN
PDF
Mandates12/09/2022
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 20251,9 M €↓
2024
Annual accounts 20246,4 M €↑
2023
Annual accounts 2023-2 M €↓
23/06/2023
nominationSara Van der Heyden — B-Bestuurder
2022
Annual accounts 2022-492,9 k €↓
30/12/2022
nominationTom Van Gyseghem — B-Bestuurder
13/12/2022
reduction_capital
03/11/2022
nominationEY Bedrijfsrevisoren BV — commissaris
2021
Annual accounts 2021-377,9 k €↓
2020
Annual accounts 20202,3 M €↑
2019
Annual accounts 2019975,9 k €↑
2018
Annual accounts 2018-8,9 k €↓
2017
Annual accounts 2017168,9 k €↑
2016
Annual accounts 2016-365,7 k €↑
2015
Annual accounts 2015-383,5 k €
12/12/2014
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

INCENDIN

Overview

What does INCENDIN do?

Trend over 11 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