ACTIVE

Incubate

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Financial year 2025 · closed on 30/09/2025
Net result
28,1 k €
-3.1% YoY
Gross margin
179,7 k €
+4.8% YoY
Equity
-24,2 k €
+53.7% YoY
Workforce
1,0 ETP
0.0% YoY

What does Incubate do?

Incubate is a Private limited company incorporated in 2012. Its main activity is: Computer programming activities. Its registered office is in Bruxelles. It employs on average 1,0 ETP workers (FTE).

Legal situation
● Normal situation
BCE/KBO no. / VAT
BE 0842.467.269
Incorporation
06/01/2012
Legal form
Private limited company
Registered office
Quai des Péniches 69 box 26AF
1000 Bruxelles · BruxellesSee on map
Contributed capital
12 400,00 €
Latest accounts
30/09/2025
Average workforce
1,0 ETP
Activities (NACE)
62010Computer programming activities· main62100Computer programming, consultancy and related activities63920Other information service activities63990Other information service activities n.e.c.62010Computer programming activities62100Computer programming, consultancy and related activities
Joint committees (2)
  • 200
  • 20000
Signals
ProfitablePositive cashflowPositive EBITDAHealthy social debts
View the BCE/KBO Public Search record →
Health score
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✦ Verdict · Analyst summary
Financials

Trend over 12 financial years

202520242023202220202019201820172016201420132012
Income statement
Gross margin179,7 k €171,4 k €-20,3 k €255,3 k €215,3 k €88,5 k €76,3 k €108 k €17,7 k €6,9 k €18,3 k €35,3 k €
EBITDA90,6 k €84,1 k €-116,7 k €182 k €173,7 k €36,4 k €31,1 k €85,9 k €17,6 k €6,4 k €8,1 k €34,8 k €
Operating result32,5 k €29,3 k €-220,4 k €38 k €120,5 k €25,8 k €21,1 k €75,9 k €6,8 k €5 k €7,1 k €32,1 k €
Net result28,1 k €29 k €-221,2 k €29,5 k €101,4 k €14,8 k €11,3 k €44,9 k €3,7 k €3,4 k €4,6 k €22,8 k €
Balance sheet
Equity-24,2 k €-52,3 k €-81,3 k €208,4 k €171,4 k €107 k €92,3 k €80,9 k €36,1 k €26,2 k €22,8 k €28,2 k €
Total assets459,9 k €320,2 k €233,8 k €428,6 k €593,3 k €505,5 k €765,8 k €603,5 k €109 k €33,5 k €40,6 k €41,6 k €
Cash203,1 k €84,6 k €57,3 k €138,7 k €91,7 k €158 k €394 k €183,3 k €11,1 k €11,8 k €19,8 k €22 k €
Debts484,1 k €369 k €256,6 k €151,2 k €387,7 k €307,8 k €431 k €507,7 k €38,1 k €7 k €17,5 k €13,4 k €
Other
Workforce1,0 ETP1,0 ETP–1,0 ETP––––––0,3 ETP–
Estimate

Indicative valuation

As an indication, this company is worth

between 250 k€ and 500 k€
See the valuation
Governance

Board of directors

Seen on filing of 30/09/2025 · 1 active · 6 ended

Active mandates

AMADEUS

Director · since 30 novembre 2017 · 0447.831.578

Represented by Manders Alain Camiel

Active

Ended mandates

AMADEUS

Director · since 30 novembre 2017 · 0447.831.578

Represented by Manders ALAIN CAMIEL

Ended
AMADEUS

Manager · since 30 novembre 2017 · 0447.831.578

Represented by Alain Manders

Ended
Alain Manders

Manager · since 04 décembre 2015 · until 30 novembre 2017

Ended
Alain Manders

Manager · since 04 décembre 2015

Ended
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Annual accounts

Full financial information

202520242023202220212020
Type of accountAbridged modelAbridged modelMicro modelAbridged modelAbridged modelMicro model
Start of the financial year01/10/202401/10/202301/10/202201/10/202101/10/202001/10/2019
Closing of the financial year30/09/202530/09/202430/09/202330/09/202230/09/202130/09/2020
Length of the financial year12 months12 months12 months12 months12 months12 months
Filing date30/04/202609/04/202518/03/202420/03/202331/03/202223/04/2021
General meeting30/03/202631/03/202515/03/202417/03/202318/03/202231/03/2021
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

13 filings with the NBB

ModelClosingGeneral meetingFiledLanguageDocument
Abridged model30/09/202530/03/202630/04/2026DutchPDF
Abridged model30/09/202431/03/202509/04/2025DutchPDF
Micro model30/09/202315/03/202418/03/2024DutchPDF
Abridged model30/09/202217/03/202320/03/2023DutchPDF
Abridged model30/09/202118/03/202231/03/2022DutchPDF
Micro model30/09/202031/03/202123/04/2021DutchPDF
Micro model30/09/201931/03/202030/04/2020DutchPDF
Micro model30/09/201815/03/201902/04/2019DutchPDF
Micro model30/09/201716/03/201819/03/2018DutchPDF
Abridged model30/09/201617/03/201727/04/2017DutchPDF
Abridged model31/12/201430/06/201528/07/2015DutchPDF
Abridged model31/12/201316/06/201423/07/2014DutchPDF
Abridged model31/12/201203/06/201330/07/2013DutchPDF
Estimate

Indicative valuation

Order of magnitude

As an indication, this company is worth

between 250 k€ and 500 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 30/09/2025 · 1 active · 6 ended

Active mandates

AMADEUS

Director · since 30 novembre 2017 · 0447.831.578

Represented by Manders Alain Camiel

Active

Ended mandates

AMADEUS

Director · since 30 novembre 2017 · 0447.831.578

Represented by Manders ALAIN CAMIEL

Ended
AMADEUS

Manager · since 30 novembre 2017 · 0447.831.578

Represented by Alain Manders

Ended
Alain Manders

Manager · since 04 décembre 2015 · until 30 novembre 2017

Ended
Alain Manders

Manager · since 04 décembre 2015

Ended
Shareholders

Ownership and network

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Belgian Official Gazette

Belgian Official Gazette publications

  • Mandates07/07/2020
    STATUTEN (VERTALING, COÖRDINATIE, OVERIGE WIJZIGINGEN, …) - WIJZIGING RECHTSVORM - ONTSLAGEN - BENOEMINGEN
    PDF
  • Mandates08/01/2018
    ONTSLAGEN - BENOEMINGEN
    PDF
  • Mandates21/12/2015
    BENAMING - MAATSCHAPPELIJKE ZETEL - DOEL - ONTSLAGEN - BENOEMINGEN - BOEKJAAR - STATUTEN (VERTALING, COÖRDINATIE, OVERIGE WIJZIGINGEN, …)
    PDF
  • Other10/01/2012
    RUBRIEK OPRICHTING (NIEUWE RECHTSPERSOON, OPENING BIJKANTOOR, ENZ...)
    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 202528,1 k €↓
  2. 2024
    Annual accounts 202429 k €↑
  3. 2023
    Annual accounts 2023-221,2 k €↓
  4. 2022
    Annual accounts 202229,5 k €↓
  5. 2020
    Annual accounts 2020101,4 k €↑
  6. 2019
    Annual accounts 201914,8 k €↑
  7. 2018
    Annual accounts 201811,3 k €↓
  8. 2017
    Annual accounts 201744,9 k €↑
  9. 2016
    Annual accounts 20163,7 k €↑
  10. 2014
    Annual accounts 20143,4 k €↓
  11. 2013
    Annual accounts 20134,6 k €↓
  12. 2012
    Annual accounts 201222,8 k €
  13. 06/01/2012
    IncorporationPrivate limited company