Warning lights
Signals from the annual accounts, the CBE and the Official Gazette, each with its threshold and source. No score, no verdict.
-
Two loss years in a row NBB
Negative result in 2024 and 2025.
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Busy address KBO
21 other companies have their registered office at the same address; threshold 10.
Financials
Financial year 2025
INDAO from Liège, company number BE0478472789, closed financial year 2025 with a result of € -309,277 after tax. For that financial year INDAO recorded a gross margin of € 2.1 million and equity of € 2.1 million. Compared with financial year 2024, the result moved from € -984,570 to € -309,277. The company made a loss. The buffer is growing. A strong own buffer against the debts. The most recent annual accounts were filed with the National Bank of Belgium on June 3, 2026.
€ 2.1 million
▲ 10% vs 2024
Assets minus debts, by the books. What is left if everything were sold and paid today.
€ -309,277
▲ 69 % less loss than in 2024
Profit after tax over the fiscal year.
€ 174,548
▼ 31% vs 2024
Cash and bank balances on the last day of the fiscal year.
Loss, nothing to pay out
Reserves fell to € -1.9 million.
People and assets in 2025
16.8
▲ 2.4 vs 2024
Average over the fiscal year, from the social balance sheet.
€ 1.5 million
▲ 37% vs 2024
€ 91,500 per full-time equivalent. Payroll staff only. What the director pays themselves is already netted into the gross margin and is not shown separately in the accounts.
€ 20,714
▼ 31% vs 2024
Book value of vehicles, furniture and equipment.
Debts at end 2025
€ 386,189
▼ 19% vs 2024
€ 314,950 is repaid this year. At this pace the long-term loan is gone in ≈ 1 years.
€ 95,371
▲ 26% vs 2024
Supplier invoices still open on the last day of the fiscal year.
€ 222,656
▲ 18% vs 2024
Taxes, VAT and social contributions still to pay.
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| 2022 | 2023 | 2024 | 2025 | Change 2024 → 2025 | |
|---|---|---|---|---|---|
| Gross margin | € 1,373,068 | € 1,913,482 | € 1,304,810 | € 2,074,309 | ▲ 59% |
| Profit after taxes | € 86,455 | € 171,312 | € -984,570 | € -309,277 | ▲ € 675,293 |
| Equity | € 1,169,954 | € 1,341,266 | € 1,878,920 | € 2,069,659 | ▲ 10% |
| Total debts | € 2,309,859 | € 2,187,937 | € 1,941,697 | € 1,431,319 | ▼ 26% |
| Cash | € 77,318 | € 47,228 | € 251,546 | € 174,548 | ▼ 31% |
| Land & buildings | € 1,298 | € 1,039 | € 779 | € 0 | ▼ 100% |
| Retained profit | € -769,742 | € -598,429 | € -1,582,999 | € -1,892,276 | ▼ € 309,277 |
| Bank debt | € 1,216,201 | € 1,436,663 | € 473,947 | € 386,189 | ▼ 19% |
| Balance sheet total | € 3,479,813 | € 3,529,203 | € 3,820,617 | € 3,500,979 | ▼ 8% |
| Employees (FTE) | 10.4 | 14.1 | 14.4 | 16.8 | ▲ 2.4 |
Key figures of INDAO, 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 INDAO?
What happened at INDAO in recent years, according to the Belgian Official Gazette, the CBE and the National Bank:
- COBLALIS SRL stepped down as director. NBB
- Philippe MACK stepped down as director. NBB
- A&P SYNTONY SRL stepped down as director. NBB
- SMB Finance SRL stepped down as director. NBB
- Amandine MONTULET stepped down as director. NBB
- New annual accounts for financial year 2025: loss of € 309,277. Source: NBB ↗
- Astrid MARECHAL stepped down as director. NBB
- Amandine MONTULET became a director. NBB
In short
From € 86,455 profit in 2022 to € 309,277 loss in 2025.
Best year ever: 2023, with € 171,312 profit.
On average € 123,500 of value added per employee in 2025.
A new publication or filing at INDAO? We notify you, reason included.
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De Lijn 8 June 2026 New annual account 2025
filed on 8 June 2026
What was left
€ 20 k ▼ 91%
Money in the bank
€ 178 k ▼ 98%
Open the dossier →
NMBS 8 June 2026 New annual account 2025 What was left ▼ 80%
bpost 18 May 2026 New annual account 2025 What was left from loss to profit
Management
The stake of SUSTINVEST, SMB Finance, Wallonie Entreprendre, MW Engineering, ARCHI'S AGENCY comes from that shareholder’s own annual accounts; small companies do not report their shareholders themselves.
INDAOThe shares are held by SUSTINVEST (26.5%), SMB Finance (12.6%), Wallonie Entreprendre (11.9%), MW Engineering (6%) and ARCHI'S AGENCY (1%). It owns 100% of PEPITe TECHNOLOGIES Inc. and 15.8% of WINTELL SA itself.
Directors
According to the 2025 annual accounts
since 2021 · until 2027
Chairman of the board · represented by André PETITJEAN
Also active at: DEQUACHIM, ELOY GROUP, GROUP-IPS, DEQUENNE CHIMIE
since 2021 · until 2027
Managing director · represented by Baptiste FOSSEPREZ
since 2021 · until 2027
Astrid MARECHAL
Director
since 2021 · until 2025
Director · represented by Jan Magnus BJÖRKMAN
since 2021 · until 2027
since 2024 · until 2027
Shareholders
Participations
PEPITe TECHNOLOGIES Inc.
100%
15.8%
Establishments
Establishment units
Physical locations of this company
Rue de l'Académie 53
4000 Liège
Who else lives here?
A building full of entrepreneurs or one very busy letterbox? Another 21 companies are registered at this address.
All companies at this address →FEBECOOP WALLONIE-BRUXELLES
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€ 1.6 million gross margin · 2025
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€ 296,795 gross margin · 2025
RESCOOP WALLONIE
NOVACITIS
€ 154,986 gross margin · 2025
+16 more
What is an establishment unit? An establishment unit is a geographically identifiable place where activities of the enterprise are carried out.
Website
Technologies
Hosting & Email
Email provider
Google Workspace
Hosting
GANDI-AS Domain name registrar - www.gandi.net, FR
Domain
Domain
pepite.be
Registered
2001-05-29
Website info
Features
Security
Details
- Company number
- 0478.472.789
- VAT number
- BE 0478.472.789
- Registered office
- Rue de l'Académie 53, 4000 Liège
- Names & denominations
- INDAO
- Enterprise type
- Rechtspersoon
- Legal form
- Public limited company
- Legal situation
- Normale toestand
- Start date
- 30 September 2002
- Peppol
- Active · Active since 20 Nov 2020
- Contact
- pepite.be
- Activities · NACE
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