Warning lights
Signals from the annual accounts, the CBE and the Official Gazette, each with its threshold and source. No score, no verdict.
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Two loss years in a row NBB
Negative result in 2024 and 2025.
Financials
Financial year 2025
Incofin Microfinance Fund from Gent, company number BE0448125845, closed financial year 2025 with a result of € -1.2 million after tax. For that financial year Incofin Microfinance Fund recorded a gross margin of € -1.3 million and equity of € 53.5 million. Compared with financial year 2024, the result moved from € -658,242 to € -1.2 million. The company made a loss. The company holds a healthy buffer. A strong own buffer against the debts. The most recent annual accounts were filed with the National Bank of Belgium on May 6, 2026.
€ 53.5 million
▼ 4% vs 2024
Assets minus debts, by the books. What is left if everything were sold and paid today.
€ -1.2 million
▼ 87 % more loss than in 2024
Profit after tax over the fiscal year.
€ 2.7 million
▼ 67% vs 2024
Cash and bank balances on the last day of the fiscal year.
Loss, nothing to pay out
Reserves fell to € 3.5 million.
Debts at end 2025
€ 10.1 million
▲ 17% vs 2024
€ 2.5 million is repaid this year. At this pace the long-term loan is gone in ≈ 4 years.
€ 467,712
▼ 5% vs 2024
Supplier invoices still open on the last day of the fiscal year.
| 2022 | 2023 | 2024 | 2025 | Change 2024 → 2025 | |
|---|---|---|---|---|---|
| Gross margin | € -1,546,972 | € -1,638,732 | € -1,479,433 | € -1,260,710 | ▲ € 218,723 |
| Profit after taxes | € 711,262 | € 1,030,390 | € -658,242 | € -1,232,006 | ▼ € 573,763 |
| Equity | € 55,364,181 | € 56,033,050 | € 55,992,086 | € 53,495,578 | ▼ 4% |
| Total debts | € 22,639,431 | € 18,489,001 | € 10,464,000 | € 11,985,253 | ▲ 15% |
| Cash | € 8,001,730 | € 3,791,094 | € 8,239,310 | € 2,701,120 | ▼ 67% |
| Retained profit | € 5,409,566 | € 5,432,905 | € 4,774,663 | € 3,542,657 | ▼ 26% |
| Dividend | € 750,696 | € 1,007,051 | € 0 | € 0 | |
| Bank debt | € 16,600,000 | € 11,650,002 | € 8,600,000 | € 10,100,000 | ▲ 17% |
| Balance sheet total | € 78,134,046 | € 74,714,985 | € 66,556,085 | € 65,540,831 | ▼ 2% |
Key figures of Incofin Microfinance Fund, fiscal years 2022 to 2025, from the annual accounts filed with the National Bank of Belgium.Next annual account (fiscal year 2026) expected before 31 July 2027.
What happened to Incofin Microfinance Fund?
What happened at Incofin Microfinance Fund in recent years, according to the Belgian Official Gazette, the CBE and the National Bank:
- Maurice Vrolix stepped down as director. NBB
- Steven Bruselle stepped down as director. NBB
- Frank Degraeve stepped down as director. NBB
- Willy Bosmans stepped down as director. NBB
- Patrick Vandenberghe stepped down as director. NBB
- Guy Pourveur stepped down as director. NBB
- Michiel Geers stepped down as director. NBB
- Frank Vereecken stepped down as director. NBB
In short
From € 711,262 profit in 2022 to € 1.2 million loss in 2025.
Paid € 426,097 in corporate taxes since 2022.
Best year ever: 2023, with € 1 million profit.
Paid out € 1.8 million in dividends to the owners in total.
Management
It owns 32.1% of Juhudi Kilimo, 25% of Incofin Investment Management, 18.2% of Association pour la Coopération avec la Micro Entreprise (ACME), 8.7% of Lovcen Banka, 7% of Impulse Microfinance Investment Fund and 5.7% of Banco FIE SA itself.
Directors
According to the 2025 annual accounts
Willy Bosmans
Director
since 2009 · until 2028
Patrick Vandenberghe
Director
Also active at: Vooruitzicht en Voorzorg, Vayamundo Oostende, VAYAMUNDO HOUFFALIZE, VACA, VACA Immo Houffalize, VACA Immo Oostende
since 2022 · until 2028
since 2010 · until 2028
Frank Degraeve
Director
since 2023 · until 2029
Michiel Geers
Chairman of the board
Also active at: Centrale voor Huisvesting-Arrondissement Gent, Dimensa Woonmaatschappij, SDG Frontier Fund, Incofin Investment Management
since 2009 · until 2028
Frank Vereecken
Director
Also active at: VECTIS PRIVATE EQUITY III ARKIV, Incofin Investment Management
since 2022 · until 2028
Annette Terpstra
Director
since 2023 · until 2025
Anne Van Autreve
Director
since 2016 · until 2028
Maurice Vrolix
Director
since 2025 · until 2031
Nancy Govaerts
Director
since 2022 · until 2028
Peter van den Brock
Director
since 2007 · until 2025
since 2010 · until 2028
Steven Bruselle
Director
since 2024 · until 2030
since 2013 · until 2025
Establishments
Establishment units
Physical locations of this company
Ravensteinstraat 2 box 5
9000 Gent
Sneeuwbeslaan 20
2610 Antwerpen
Active since 21 June 1995
Who else lives here?
A building full of entrepreneurs or one very busy letterbox? Another 5 companies are registered at this address.
All companies at this address →What is an establishment unit? An establishment unit is a geographically identifiable place where activities of the enterprise are carried out.
Details
- Company number
- 0448.125.845
- VAT number
- BE 0448.125.845
- Registered office
- Ravensteinstraat 2 bus 5, 9000 Gent
- Names & denominations
- Incofin Microfinance Fund
- Enterprise type
- Rechtspersoon
- Legal form
- Cooperative company
- Legal situation
- Normale toestand
- Start date
- 27 August 1992
- Peppol
- Active · Active since 21 Oct 2026
- Activities · NACE
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Overige zakelijke dienstverlening, n.e.g.