Warning lights
Signals from the annual accounts, the CBE and the Official Gazette, each with its threshold and source. No score, no verdict.
-
Negative equity NBB
More debt than assets in 1 of the last 4 fiscal years.
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Two loss years in a row NBB
Negative result in 2024 and 2025.
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Tight liquidity NBB
Cash and receivables cover 42 % of short-term debt in 2025; threshold 65 %.
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Shrinking team NBB
FTE fell two years in a row, from 31.9 to 11.1.
Financials
Financial year 2025
Indigo Diabetes from Gent, company number BE0666442557, closed financial year 2025 with a result of € -5.2 million after tax. For that financial year Indigo Diabetes recorded revenue of € 1,523 and equity of € -1.7 million. Compared with financial year 2024, the result moved from € -4.1 million to € -5.2 million. The company made a loss. More debts than assets. High debts against a small own buffer. The most recent annual accounts were filed with the National Bank of Belgium on May 21, 2026.
€ -1.7 million
▼ € 5.4 million vs 2024
Assets minus debts, by the books. What is left if everything were sold and paid today.
€ -5.2 million
▼ 27 % more loss than in 2024
Profit after tax over the fiscal year.
€ 2.5 million
▲ 129% vs 2024
Cash and bank balances on the last day of the fiscal year.
Loss, nothing to pay out
Reserves fell to € -8.9 million.
People and assets in 2025
11.1
▼ 4.8 vs 2024
Average over the fiscal year, from the social balance sheet.
€ 2.2 million
▼ 20% vs 2024
€ 200,400 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.
€ 263,024
▼ 22% vs 2024
Of which on lease € 262,760.
Debts at end 2025
€ 6 million
▲ € 6 million vs 2024
Loans from banks and other lenders, long and short.
€ 539,190
▲ 76% vs 2024
Supplier invoices still open on the last day of the fiscal year.
€ 157,820
▼ 35% vs 2024
Taxes, VAT and social contributions still to pay.
| 2022 | 2023 | 2024 | 2025 | Change 2024 → 2025 | |
|---|---|---|---|---|---|
| Revenue | - | - | - | € 1,523 | |
| Gross margin | € -3,637,868 | € -817,717 | € 318,542 | € -716,654 | ▼ € 1 million |
| Profit after taxes | € -13,052,562 | € -10,405,975 | € -4,081,991 | € -5,198,405 | ▼ € 1.1 million |
| Equity | € 13,664,159 | € 4,005,458 | € 3,618,622 | € -1,737,695 | ▼ € 5.4 million |
| Total debts | € 2,421,268 | € 1,133,955 | € 576,716 | € 6,730,610 | ▲ € 6.2 million |
| Cash | € 12,528,321 | € 1,727,996 | € 1,110,993 | € 2,543,164 | ▲ 129% |
| Retained profit | € -17,205,263 | € -27,611,238 | € -3,657,208 | € -8,855,613 | ▼ € 5.2 million |
| Bank debt | € 215,855 | € 109,855 | € 27,970 | € 6,033,600 | ▲ € 6 million |
| Balance sheet total | € 16,085,428 | € 5,147,975 | € 4,209,287 | € 5,012,251 | ▲ 19% |
| Employees (FTE) | 32.6 | 31.9 | 15.9 | 11.1 | ▼ 4.8 |
Key figures of Indigo Diabetes, 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 Indigo Diabetes?
What happened at Indigo Diabetes in recent years, according to the Belgian Official Gazette, the CBE and the National Bank:
- Charles-Lambert Beauduin stepped down as director. NBB
- SENSINNOVAT BV stepped down as director. NBB
- Qbic Venture Partners II NV stepped down as director. NBB
- Thuja Capital Management B.V. stepped down as director. NBB
- New annual accounts for financial year 2025: loss of € 5.2 million. Source: NBB ↗
- Charles-Lambert Beauduin became a director. NBB
- SENSINNOVAT BV became a director. NBB
- Qbic Venture Partners II NV became a director. NBB
In short
From € 13.1 million loss in 2022 to € 5.2 million loss in 2025.
On average € 20,000 of value added per employee in 2024.
Management
The stake of VANDEWIELE GROUP, SENSINNOVAT, AvH Growth Capital, Participatiemaatschappij Vlaanderen, QBIC II FUND ARKIV, Fund+, QBIC Arkiv Fund, QBIC Feeder Fund comes from that shareholder’s own annual accounts; small companies do not report their shareholders themselves.
Indigo DiabetesBehind Indigo Diabetes is Dictys. The shares are held by VANDEWIELE GROUP (27%), SENSINNOVAT (22.7%), AvH Growth Capital (13.2%), Participatiemaatschappij Vlaanderen (12.9%), QBIC II FUND ARKIV (10.1%) and Fund+ (3.1%). It owns 100% of Indigo Medical US Inc. itself.
Directors
According to the 2025 annual accounts
Managing director · represented by Danaè Delbeke
since 2020
Charles-Lambert Beauduin
Director
since 2024 · until 2030
Director · represented by Françoise Chombar
Also active at: Melexis Technologies, BYTEFLIES, Azalea Vision, X-Fab Silicon Foundries
since 2024 · until 2030
Director · represented by Sofie Baeten
Also active at: EYED PHARMA, Accelleran, QBIC II FUND ARKIV, Blue Foot Membranes, Aloxy, Sentea, UniD Manufacturing, CROWDSCAN +4 more
since 2024 · until 2030
Director · represented by Evan Michael Castiglia
since 2024 · until 2030
Shareholders
27%
22.7%
13.2%
10.1%
3.1%
0.4%
0.2%
Participations
Indigo Medical US Inc.
100%
Establishments
Establishment units
Physical locations of this company
Bollebergen 2B box 5
9052 Gent
Bollebergen 2B box 30
9052 Gent
Active since 17 November 2016
Who else lives here?
A building full of entrepreneurs or one very busy letterbox? Another 4 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.
Website
Technologies
Hosting & Email
Email provider
Microsoft 365
Hosting
AS-UNIXSOLUTIONS Unix-Solutions Network, BE
Domain
Domain
indigomed.com
Registered
2002-05-01
Registrar
Key-Systems GmbH
Expires
2026-05-01
Website info
Features
Security
Network
Details
- Company number
- 0666.442.557
- VAT number
- BE 0666.442.557
- Registered office
- Bollebergen 2B bus 5, 9052 Gent
- Names & denominations
- Indigo Diabetes
- Enterprise type
- Rechtspersoon
- Legal form
- Public limited company
- Legal situation
- Normale toestand
- Start date
- 17 November 2016
- Peppol
- Active · Active since 27 Mar 2026
- Contact
- indigomed.com
- Activities · NACE
Vervaardiging van medische en tandheelkundige instrumenten en benodigdheden
Overig speur- en ontwikkelingswerk op natuurwetenschappelijk gebied
Overig speur- en ontwikkelingswerk op natuurwetenschappelijk gebied