ACTIVE

INCE

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Financial year 2024 · closed on 31/12/2024

Net result

262,7 k €

+3.9% YoY

Gross margin

475,9 k €

+5.4% YoY

Equity

861,9 k €

+43.8% YoY

What does INCE do?

INCE is a Private limited company incorporated in 2006. Its main activity is: Construction of railways and underground railways. Its registered office is in Gent.

Legal situation

● Normal situation

BCE/KBO no. / VAT

BE 0885.923.170

Incorporation

26/12/2006

Legal form

Private limited company

Registered office

Frans van Ryhovelaan 167 box /001
9000 Gent · FlandreSee on map

Contributed capital

18 600,00 €

Latest accounts

31/12/2024

Activities (NACE)

42120Construction of railways and underground railways· main 42120Construction of railways and underground railways 45230Maintenance and repair of motor vehicles 42110Construction of roads and motorways 42110Construction of roads and motorways

Signals

ProfitableSolid equityLow riskGood liquidityPositive cashflowPositive EBITDA

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Health score

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✦ Verdict · Analyst summary

Financials

Trend over 18 financial years

	2024		2023		2022		2021		2020		2019		2018		2017		2016		2015		2014		2013		2012		2011		2010		2009		2008		2007
Income statement
Gross margin	475,9 k €	+5.4%	451,7 k €	+176%	163,5 k €	-12.4%	186,6 k €	+44.0%	129,6 k €	-12.1%	147,5 k €	-15.1%	173,7 k €	+46.0%	119 k €	+105%	58,1 k €	-42.8%	101,5 k €	+8.8%	93,3 k €	+5.5%	88,4 k €	-19.4%	109,6 k €	+8.1%	101,4 k €	-8.9%	111,3 k €	-11.0%	125,1 k €	+6.8%	117,1 k €	+753%	13,7 k €
EBITDA	467,4 k €	+3.5%	451,6 k €	+187%	157,4 k €	-11.7%	178,3 k €	+44.2%	123,6 k €	-10.1%	137,5 k €	-19.1%	170 k €	+79.5%	94,7 k €	+83.4%	51,6 k €	-11.2%	58,1 k €	+7.6%	54 k €	+47.6%	36,6 k €	-15.3%	43,2 k €	+14.7%	37,7 k €	-49.8%	75,1 k €	+75.4%	42,8 k €	-25.9%	57,8 k €	+598%	8,3 k €
Operating result	403,6 k €	+6.9%	377,4 k €	+235%	112,5 k €	+3.4%	108,8 k €	+74.5%	62,4 k €	-3.3%	64,5 k €	-51.0%	131,5 k €	+156%	51,5 k €	+62.1%	31,8 k €	-23.5%	41,5 k €	+32.4%	31,4 k €	+16.6%	26,9 k €	+98.1%	13,6 k €	+2.3%	13,3 k €	-74.4%	51,9 k €	+135%	22,1 k €	-54.9%	48,9 k €	+575%	7,2 k €
Net result	262,7 k €	+3.9%	252,8 k €	+161%	96,7 k €	+19.0%	81,3 k €	+79.2%	45,4 k €	-5.5%	48 k €	-49.1%	94,3 k €	+317%	22,6 k €	+9.3%	20,7 k €	-27.5%	28,5 k €	+37.3%	20,8 k €	+32.3%	15,7 k €	+116%	7,3 k €	-47.2%	13,7 k €	-40.6%	23,1 k €	+29.4%	17,8 k €	-63.0%	48,2 k €	+605%	6,8 k €
Balance sheet
Equity	861,9 k €	+43.8%	599,2 k €	+73.0%	346,4 k €	+38.7%	249,7 k €	+7.0%	233,4 k €	-1.1%	236 k €	-30.2%	338 k €	+38.7%	243,8 k €	+10.2%	221,2 k €	+10.3%	200,5 k €	+16.6%	172 k €	+13.7%	151,2 k €	+22.8%	123,1 k €	-4.0%	128,3 k €	+25.6%	102,2 k €	+29.2%	79,1 k €	+29.1%	61,2 k €	+370%	13 k €
Total assets	2,7 M €	+117%	1,3 M €	+21.2%	1 M €	+53.3%	675,2 k €	-10.5%	754,6 k €	-1.7%	767,4 k €	+7.8%	712,1 k €	+40.4%	507,2 k €	-15.5%	600,3 k €	-19.5%	745,4 k €	+96.6%	379 k €	-2.8%	390 k €	-14.2%	454,4 k €	+1.2%	449,1 k €	+20.1%	374 k €	+72.3%	217,1 k €	+38.8%	156,4 k €	+326%	36,8 k €
Cash	498,7 k €	+174%	182,1 k €	+68.9%	107,8 k €	-73.2%	402,3 k €	+582%	59 k €	-88.1%	494,7 k €	+71.7%	288,1 k €	+62.1%	177,8 k €	-20.6%	223,8 k €	-40.8%	378 k €	+93.6%	195,2 k €	-6.4%	208,7 k €	-38.6%	340,1 k €	+32.8%	256 k €	+28.4%	199,3 k €	+165%	75,2 k €	+70.6%	44,1 k €	+365%	9,5 k €
Debts	1,9 M €	+183%	655,1 k €	-4.8%	688,5 k €	+61.8%	425,5 k €	-18.4%	521,2 k €	-1.9%	531,3 k €	+42.1%	374 k €	+42.0%	263,4 k €	-30.5%	379,1 k €	-30.4%	544,9 k €	+163%	207,1 k €	-13.3%	238,8 k €	-27.9%	331,3 k €	+3.2%	320,9 k €	+18.1%	271,8 k €	+96.9%	138 k €	+45.0%	95,2 k €	+301%	23,7 k €
Other
Workforce	–		–		–		–		–		–		–		–		–		1,0 ETP	0.0%	1,0 ETP	0.0%	1,0 ETP	-50.0%	2,0 ETP	0.0%	2,0 ETP	0.0%	2,0 ETP	0.0%	2,0 ETP	0.0%	2,0 ETP		–

Estimate

Indicative valuation

As an indication, this company is worth

between 1 M€ and 2,5 M€

See the valuation

Governance

Board of directors

Seen on filing of 31/12/2024 · 1 active · 5 ended

Active mandates

Murat INCE

Director

Active

Ended mandates

Ince Murat Ahmet

Administrator - manager · since 26 décembre 2006

Ended

Murat INCE

Director · since 26 décembre 2006

Ended

Murat INCE

Manager · since 26 décembre 2006

Ended

Murat INCE

Director · since 18 décembre 2006

Ended

At this address

Other companies at this address

Company	CBE no.
BERKCO● Active	0518.931.984

Annual accounts

Full financial information

	2024	2023	2022	2021	2020	2019
Type of account	Abridged model	Abridged model	Abridged model	Abridged model	Abridged model	Abridged model
Start of the financial year	01/01/2024	01/01/2023	01/01/2022	01/01/2021	01/01/2020	01/01/2019
Closing of the financial year	31/12/2024	31/12/2023	31/12/2022	31/12/2021	31/12/2020	31/12/2019
Length of the financial year	12 months	12 months	12 months	12 months	12 months	12 months
Filing date	30/09/2025	14/09/2024	08/09/2023	31/08/2022	22/10/2021	10/12/2020
General meeting	30/09/2025	13/09/2024	08/09/2023	26/08/2022	11/10/2021	10/12/2020
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

18 filings with the NBB

Model	Closing	General meeting	Filed	Language	Document
Abridged model	31/12/2024	30/09/2025	30/09/2025	Dutch	PDF
Abridged model	31/12/2023	13/09/2024	14/09/2024	Dutch	PDF
Abridged model	31/12/2022	08/09/2023	08/09/2023	Dutch	PDF
Abridged model	31/12/2021	26/08/2022	31/08/2022	Dutch	PDF
Abridged model	31/12/2020	11/10/2021	22/10/2021	Dutch	PDF
Abridged model	31/12/2019	10/12/2020	10/12/2020	Dutch	PDF
Abridged model	31/12/2018	06/09/2019	09/09/2019	Dutch	PDF
Micro model	31/12/2017	01/10/2018	01/10/2018	Dutch	PDF
Micro model	31/12/2016	13/10/2017	24/10/2017	Dutch	PDF
Abridged model	31/12/2015	09/09/2016	13/09/2016	Dutch	PDF
Abridged model	31/12/2014	31/07/2015	24/08/2015	Dutch	PDF
Abridged model	31/12/2013	03/10/2014	31/10/2014	Dutch	PDF
Abridged model	31/12/2012	08/09/2013	30/09/2013	Dutch	PDF
Abridged model	31/12/2011	15/06/2012	27/07/2012	Dutch	PDF
Abridged model	31/12/2010	15/05/2011	02/12/2011	Dutch	PDF
Abridged model	31/12/2009	15/05/2010	21/06/2010	Dutch	PDF
Abridged model	31/12/2008	04/03/2009	27/03/2009	Dutch	PDF
Abridged model	31/12/2007	26/06/2008	17/09/2008	Dutch	PDF

Estimate

Indicative valuation

Order of magnitude

As an indication, this company is worth

between 1 M€ and 2,5 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 31/12/2024 · 1 active · 5 ended

Active mandates

Murat INCE

Director

Active

Ended mandates

Ince Murat Ahmet

Administrator - manager · since 26 décembre 2006

Ended

Murat INCE

Director · since 26 décembre 2006

Ended

Murat INCE

Manager · since 26 décembre 2006

Ended

Murat INCE

Director · since 18 décembre 2006

Ended

Shareholders

Ownership and network

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Try for 7 days

Belgian Official Gazette

Belgian Official Gazette publications

Mandates12/01/2024
STATUTEN (VERTALING, COÖRDINATIE, OVERIGE WIJZIGINGEN, ) - WIJZIGING RECHTSVORM - ONTSLAGEN - BENOEMINGEN
PDF
Registered office14/11/2016
MAATSCHAPPELIJKE ZETEL
PDF
Registered office19/02/2013
MAATSCHAPPELIJKE ZETEL
PDF
Capital / shares21/10/2010
KAPITAAL - AANDELEN
PDF
Capital / shares22/06/2010
KAPITAAL - AANDELEN
PDF
Other14/04/2010
DIVERSEN
PDF
Registered office06/02/2008
MAATSCHAPPELIJKE ZETEL
PDF
Other05/01/2007
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

2024
Annual accounts 2024262,7 k €↑
2023
Annual accounts 2023252,8 k €↑
2022
Annual accounts 202296,7 k €↑
2021
Annual accounts 202181,3 k €↑
2020
Annual accounts 202045,4 k €↓
2019
Annual accounts 201948 k €↓
2018
Annual accounts 201894,3 k €↑
2017
Annual accounts 201722,6 k €↑
2016
Annual accounts 201620,7 k €↓
2015
Annual accounts 201528,5 k €↑
2014
Annual accounts 201420,8 k €↑
2013
Annual accounts 201315,7 k €↑
2012
Annual accounts 20127,3 k €↓
2011
Annual accounts 201113,7 k €↓
2010
Annual accounts 201023,1 k €↑
2009
Annual accounts 200917,8 k €↓
2008
Annual accounts 200848,2 k €↑
2007
Annual accounts 20076,8 k €
26/12/2006
IncorporationPrivate 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

INCE

Overview

What does INCE do?

Trend over 18 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