Exploitatiemaatschappij IW
ActiveSummary
Exploitatiemaatschappij IW has been active since 2014 and the Belgian State Gazette contains no insolvency or warning signals. The 2025 annual accounts show equity of €205,211 and a net result of -€48,253. Equity is shrinking by ~9.3% per year across the filed fiscal years. Its solvency ranks better than 44% of 708 sector peers (fiscal year 2025). The computed 12-month bankruptcy probability is 0.6% (low).
Checked score
Score 2025
Axes · tick = 2024
Profitability63▼-4
Solvency46▼-41
Growth52=
Track record100
Bankruptcy probability, 12 months
0.6%
Low
0%0.5%1.5%4%10%≥ 25%
Credit up to €12,000 at 30 days acceptable
Liquidity short (current ratio 0.62 against 1.65 in 2024; short-term debt: 79.2% and cash: 44.4% of total assets), and 79.4% of the assets are financed with debt.
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Signals
Four signals. The signal on the left, the evidence on the right.
−lowers risk+raises risk○neutral
lowers risk · Long track record
A company with a long track record statistically fails less often than a young one.
KBO · incorporation dateAge against the risk zone
raises risk · Higher-failure-rate sector
In this sector companies fail more often than the Belgian average.
Gazette · bankruptcies per sector, NACE 55
Relative position
BE, all sectors
reference
Accommodation (NACE 55)
about 6% more bankruptcies
← fewer bankruptcies
more bankruptcies →
raises risk · Persistent losses
Two consecutive loss-making years (2024 and 2025); equity is also lower. May indicate structural pressure on profitability.
NBB · annual accounts 2025Net result per financial year
1819202122232425
2018 to 2025 · latest year -€48,253
neutral · Latest accounts filed on time
The financial year that closed on 31-12-2025 was due by 31-07-2026 and was filed on 13-07-2026, 18 days ahead of the deadline.
NBB · 10 filingsDeviation from the deadline
2025
18 d early
2024
51 d early
2023
7 d early
2022
55 d early
2021
4 d early
2020
46 d early
2019
36 d early
← before the deadline
after the deadline →
tick = median of all Belgian filingsring = median in the sector
This company filed its last 7 accounts on average 31 days before the deadline; the sector median for financial year 2024 is 1 day before the deadline, and 45% of the sector filed late.
Checked, nothing found (2)
neutral · The next deadline is still running
The next financial year closes on 31-12-2026 and is due by 31-07-2027. Nothing is late today. Usually files around 13 July (4 of the last 5 filed years within 33 days of that day).
Companies Code · seven monthsPosition in the running window
01-10-2026 today31-12-2026 close31-07-2027 deadline
History
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Financials · fiscal year 2025, abbreviated schema
Equity
€205,211▼ 83.6%
2024 · €1.3m
Total assets
€998,132▼ 51.0%
2024 · €2.0m
Net result
-€48,253▼ 42.5%
2024 · -€33,850
Working capital
-€296,875
2024 · €509,073
Trend over the years
In euros
In per cent
Ratio
In full-time equivalents (FTE)
In euros
No line ticked in this group.
In per cent
No line ticked in this group.
Ratio
No line ticked in this group.
In full-time equivalents (FTE)
No line ticked in this group.
Untick a line to hide it. Point at a year (or use the arrow keys on the chart) for the exact figures; the table below gives them all.Sector: the middle half (P25 to P75) of NACE 55, Accommodation, each year against the same schema; no band under 30 filings. Dashed line: the median. Available for Net result, Equity, Total assets, Working capital, Solvency, Current ratio, Return on assets (ROA), Staff (FTE).
Every figure with its change against the fiscal year before
favourable
unfavourable
Line20212022202320242025
Operating result-€271,234▲ 8.9%-€150,846▲ 44.4%-€16,159▲ 89.3%-€48,840▼ 202%-€61,222▼ 25.4%
Net result-€274,193below the sector's middle half▲ 11.2%-€152,002below the sector's middle half▲ 44.6%-€13,378within the sector's middle half▲ 91.2%-€33,850below the sector's middle half▼ 153%-€48,253below the sector's middle half▼ 42.5%
Equity€1.5mabove the sector's middle half▼ 15.9%€1.3mabove the sector's middle half▼ 10.5%€1.3mabove the sector's middle half▼ 1.0%€1.3mabove the sector's middle half▼ 2.6%€205,211within the sector's middle half▼ 83.6%
Total assets€1.8mwithin the sector's middle half▼ 3.3%€1.8mwithin the sector's middle half▲ 0.9%€2.0mwithin the sector's middle half▲ 12.6%€2.0mwithin the sector's middle half▲ 2.0%€998,132within the sector's middle half▼ 51.0%
Debt€303,984▲ 236%€472,592▲ 55.5%€709,378▲ 50.1%€782,636▲ 10.3%€792,921▲ 1.3%
Working capital€83,875within the sector's middle half€147,542within the sector's middle half▲ 75.9%€356,517above the sector's middle half▲ 142%€509,073above the sector's middle half▲ 42.8%-€296,875below the sector's middle half
Solvency82.7%above the sector's middle half▼ 12.3pp73.3%above the sector's middle half▼ 9.3pp64.5%above the sector's middle half▼ 8.9pp61.6%above the sector's middle half▼ 2.9pp20.6%within the sector's middle half▼ 41.0pp
Current ratio1.34within the sector's middle half▲ 0.411.34within the sector's middle half=1.52within the sector's middle half▲ 0.181.65within the sector's middle half▲ 0.130.62within the sector's middle half▼ 1.03
Return on assets (ROA)-15.6%below the sector's middle half▲ 1.4pp-8.6%below the sector's middle half▲ 7.0pp-0.7%within the sector's middle half▲ 7.9pp-1.7%within the sector's middle half▼ 1.0pp-4.8%below the sector's middle half▼ 3.2pp
Staff (FTE)8.3within the sector's middle half▼ 8.8%9.7within the sector's middle half▲ 16.9%8.5within the sector's middle half▼ 12.4%8.5within the sector's middle half=8.9within the sector's middle half▲ 4.7%
above
within
below
the middle half (P25 to P75) of NACE 55, Accommodation, each year against the same schema; no band under 30 filings.
Turnover and EBIT margin not published: the abbreviated schema does not require them.
Result per fiscal year
Operating resultNet result
The operating result stays negative: a loss of €61,222 in 2025 against €48,840 in 2024; the loss grows.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €998,132
Fixed assets
€504,622 ▼ 32.4%
Current assets
€493,510 ▼ 61.7%
Equity and liabilities €998,132
Equity
€205,211 ▼ 83.6%
Debt
€792,921 ▲ 1.3%
Debt's share of the balance-sheet total rises from 38.4% to 79.4%. Equity is lower and debt is higher.
Key figures and ratios
EBITDA
€189,032▼
2024 · €190,038
Cash flow
€202,001▼
2024 · €205,027
Quick ratio
0.62▼
2024 · 1.65
Debt to equity
3.86▲
2024 · 0.62
ROE
-23.5%▼
2024 · -2.7%
Interest coverage
200.12▼
2024 · 251.83
Debt ≤ 1 year
€790,385▲
2024 · €780,100
Income taxes
€170▲
2024 · €160
Staff costs
€525,646▼
2024 · €543,070
Green means a favourable move, even when the figure itself falls: as with debt or debt to equity.
Peer companies
Historical observationOf the 2,165 companies that looked in July 2024 the way this one looks now, 2.6% went bankrupt within 24 months and 94% are still going.
- Micro
- 10 to 20 years old
- solvency 10 to 30%
- a small loss
2.6%
went bankrupt
3.0%
stopped otherwise
94%
still going
A further 0.2% stopped, but we cannot tell whether within those 24 months.
For this company itself Checked computes a bankruptcy probability of 0.6% over twelve months; the group does not contradict it.
How reliable is this rule?
Tested on the year before, without using that year itself: the groups of July 2023 gave each of the 497,341 companies of July 2024 its group's bankruptcy share. Expected: 1.6%; actually bankrupt within 24 months: 1.7%.
| Group | Expected | Actual |
|---|---|---|
| 1 | 0.2% | 0.2% |
| 2 | 0.3% | 0.5% |
| 3 | 0.5% | 0.6% |
| 4 | 0.7% | 0.8% |
| 5 | 0.9% | 1.0% |
| 6 | 1.3% | 1.5% |
| 7 | 1.6% | 1.8% |
| 8 | 1.8% | 1.8% |
| 9 | 3.0% | 3.1% |
| 10 | 5.6% | 6.2% |
The rule ranks well: a company that went bankrupt got a higher share than one that kept going in 74% of comparisons. The level follows the economy: in a year with more bankruptcies, the actual share is higher than the year before.
An observation about 2,165 comparable companies, not a prediction for this company. The sector does not count: the register keeps no sector for companies that stopped, so it would make the outcome look better than it was.
Annual accounts
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Remuneration, social security and pensions62 | €267,941 | €422,358 | €519,575 | €543,070 | €525,646 | ▼ 3.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €309,056 | €238,723 | €238,669 | €238,878 | €250,254 | ▲ 4.8% |
| Other operating charges640/8 | €94,264 | €167,216 | €453,462 | €410,600 | €376,278 | ▼ 8.4% |
| Gross operating margin9900 | €400,027 | €677,450 | €1.2m | €1.1m | €1.1m | ▼ 4.6% |
| Operating profit (loss)9901 | -€271,234 | -€150,846 | -€16,159 | -€48,840 | -€61,222 | ▼ 25.4% |
| Financial income75/76B | €15 | €114 | €3,903 | €15,904 | €14,083 | ▼ 11.5% |
| Recurring financial income75 | €15 | €114 | €3,903 | €15,904 | €14,083 | ▼ 11.5% |
| Financial charges65/66B | €2,573 | €1,053 | €958 | €755 | €945 | ▲ 25.2% |
| Recurring financial charges65 | €2,573 | €1,053 | €958 | €755 | €945 | ▲ 25.2% |
| Profit (loss) for the period before taxes9903 | -€273,792 | -€151,785 | -€13,215 | -€33,690 | -€48,083 | ▼ 42.7% |
| Income taxes67/77 | €401 | €217 | €163 | €160 | €170 | ▲ 6.0% |
| Profit (loss) for the period9904 | -€274,193 | -€152,002 | -€13,378 | -€33,850 | -€48,253 | ▼ 42.5% |
| Transfer from tax-exempt reserves789 | - | - | €5,500 | €0 | - | - |
| Profit (loss) for the period to be appropriated9905 | -€274,193 | -€152,002 | -€7,878 | -€33,850 | -€48,253 | ▼ 42.5% |
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Assets | ||||||
| Total assets20/58 | €1.8m | €1.8m | €2.0m | €2.0m | €998,132 | ▼ 51.0% |
| Fixed assets21/28 | €1.4m | €1.2m | €952,804 | €746,927 | €504,622 | ▼ 32.4% |
| Intangible fixed assets21 | €0 | - | - | €30,507 | €20,339 | ▼ 33.3% |
| Tangible fixed assets22/27 | €1.4m | €1.2m | €952,804 | €716,420 | €484,283 | ▼ 32.4% |
| Land and buildings22 | €1.4m | €1.2m | €948,437 | €711,327 | €474,218 | ▼ 33.3% |
| Plant, machinery and equipment23 | €1,559 | €5,010 | €3,921 | €2,833 | €8,636 | ▲ 205% |
| Furniture and vehicles24 | €1,401 | €917 | €446 | €2,260 | €1,429 | ▼ 36.8% |
| Current assets29/58 | €331,063 | €581,811 | €1.0m | €1.3m | €493,510 | ▼ 61.7% |
| Stocks and contracts in progress3 | €3,371 | €3,417 | €1,810 | €1,617 | €1,658 | ▲ 2.5% |
| Stocks30/36 | €3,371 | €3,417 | €1,810 | €1,617 | €1,658 | ▲ 2.5% |
| Amounts receivable within one year40/41 | €49,454 | €56,008 | €306,159 | €404,923 | €40,908 | ▼ 89.9% |
| Trade receivables40 | €39,544 | €35,128 | €46,881 | €20,505 | €27,255 | ▲ 32.9% |
| Other amounts receivable41 | €9,910 | €20,880 | €259,278 | €384,418 | €13,653 | ▼ 96.4% |
| Current investments50/53 | - | - | €115,062 | €191,291 | €0 | ▼ 100% |
| Cash at bank and in hand54/58 | €261,618 | €516,599 | €612,188 | €683,485 | €443,153 | ▼ 35.2% |
| Deferred charges and accrued income490/1 | €16,619 | €5,787 | €8,668 | €7,857 | €7,791 | ▼ 0.8% |
| Equity and liabilities | ||||||
| Total equity and liabilities10/49 | €1.8m | €1.8m | €2.0m | €2.0m | €998,132 | ▼ 51.0% |
| Equity10/15 | €1.5m | €1.3m | €1.3m | €1.3m | €205,211 | ▼ 83.6% |
| Contributions10/11 | €2.0m | €2.0m | €2.0m | €2.0m | €1.0m | ▼ 49.5% |
| Capital10 | €2.0m | €2.0m | - | - | - | - |
| Issued capital100 | €2.0m | €2.0m | - | - | - | - |
| Outside capital11 | €0 | - | - | - | - | - |
| Share premium1100/10 | €0 | - | - | - | - | - |
| Other1109/19 | €0 | - | - | - | - | - |
| Reserves13 | €7,355 | €7,355 | €1,855 | €1,855 | €1,855 | = |
| Non-distributable reserves130/1 | €1,855 | €1,855 | €1,855 | €1,855 | €0 | ▼ 100% |
| Legal reserve130 | €1,855 | €1,855 | - | - | - | - |
| Reserves not available under the articles1311 | €0 | - | €1,855 | €1,855 | €0 | ▼ 100% |
| Tax-exempt reserves132 | €5,500 | €5,500 | €0 | - | - | - |
| Distributable reserves133 | - | - | - | - | €1,855 | - |
| Profit (loss) carried forward14 | -€573,212 | -€725,213 | -€733,091 | -€766,942 | -€815,194 | ▼ 6.3% |
| Amounts payable17/49 | €303,984 | €472,592 | €709,378 | €782,636 | €792,921 | ▲ 1.3% |
| Amounts payable within one year42/48 | €247,187 | €434,269 | €687,371 | €780,100 | €790,385 | ▲ 1.3% |
| Trade debts44 | €79,457 | €148,646 | €170,906 | €175,015 | €175,957 | ▲ 0.5% |
| Suppliers440/4 | €79,457 | €148,646 | €170,906 | €175,015 | €175,957 | ▲ 0.5% |
| Advances received on contracts in progress46 | €14,197 | €8,716 | €0 | €24,083 | €19,189 | ▼ 20.3% |
| Taxes, remuneration and social security45 | €64,278 | €64,716 | €101,858 | €111,560 | €96,064 | ▼ 13.9% |
| Taxes450/3 | €3,707 | €8,725 | €15,828 | €11,023 | €12,221 | ▲ 10.9% |
| Remuneration and social security454/9 | €60,571 | €55,991 | €86,030 | €100,537 | €83,844 | ▼ 16.6% |
| Other amounts payable47/48 | €89,255 | €212,192 | €414,607 | €469,442 | €499,175 | ▲ 6.3% |
| Accrued charges and deferred income492/3 | €56,797 | €38,323 | €22,007 | €2,537 | €2,537 | = |
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | -€274,193 | -€152,002 | -€13,378 | -€33,850 | -€48,253 | ▼ 42.5% |
| + Depreciation and write-downs630 | €309,056 | €238,723 | €238,669 | €238,878 | €250,254 | ▲ 4.8% |
| Operating cash flow (approximation) | €34,863 | €86,721 | €225,291 | €205,027 | €202,001 | ▼ 1.5% |
| Investment in fixed assets (approximation) | - | -€4,581 | €0 | -€33,001 | -€7,949 | ▲ 75.9% |
| Change in cash | - | €254,981 | €95,589 | €71,297 | -€240,332 | ▼ 437% |
Simplified and derived: a Belgian filing has no cash-flow statement, so these rows come from the income statement and the balance-sheet moves.
Timeline · acts, filings and financial milestones
Next filing, fiscal year 2026, expected by
2026
13-07
NBB filing
Annual accounts filed
fiscal year 2025 · abbreviated schema
2025
10-06
NBB filing
Annual accounts filed
fiscal year 2024 · abbreviated schema
2024
24-07
NBB filing
Annual accounts filed
fiscal year 2023 · abbreviated schema
2023
06-06
NBB filing
Annual accounts filed
fiscal year 2022 · abbreviated schema
2022
27-07
NBB filing
Annual accounts filed
fiscal year 2021 · abbreviated schema
2021
15-06
NBB filing
Annual accounts filed
fiscal year 2020 · abbreviated schema
2020
31-12
Financial
Weakest financial yearnet -€308,734
Net result drops to -€308,734, the lowest in the series; recovery starts the following year.
25-06
NBB filing
Annual accounts filed
fiscal year 2019 · abbreviated schema
2019
31-12
Financial
Equity above €2mEq €2.0m ▲2,265%
Equity rises from €86,071 to €2.0m.
25-07
NBB filing
Annual accounts filed
fiscal year 2018 · abbreviated schema
2018
30-06
NBB filing
Annual accounts filed
fiscal year 2017 · abbreviated schema
2017
20-07
NBB filing
Annual accounts filed
fiscal year 2016 · abbreviated schema
Financial milestoneNBB filingFinancial milestones sit on the fiscal year-end date, not the filing date.
0 of 7 acts read
About the unread acts
We know of 7 Belgian State Gazette acts for this company. None of them has been read yet: what they contain is neither established nor disproved here.
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Directors · office · real estate
Directors
No directors read yet: 0 of 7 Gazette acts processed. See the function holders in the CBE →
Location & real-estate footprint
Registered office, Gent · 1 establishment unit since 2014
Ground area
2,012 m²
Building footprint
827 m²
Volume, LiDAR
8,582 m³
2 parcels, Flanders, Wallonia · tallest building 15.2 m, ±4 floors. Linked by address, not a title deed.
14
companies at this address
See who is registered here
1 establishment unit
Exploitatiemaatschappij IW cvba
since 20142.238.008.150
2 parcels
Flanders
1
(50%)
Wallonia
1
(50%)
| Parcel (capakey) | Region | Area | Buildings | Height / fl. |
|---|---|---|---|---|
| 44062B0356/00S003 | Flanders | 1,074 m² | 1 · 160 m² | 10.1 m · 2 fl. |
| 25006E0042/00N000 | Wallonia | 938 m² | 1 · 667 m² | 15.2 m · 4 fl. |
Linked by address, not proof of ownership
Good to know
2 of 2 parcels with an exact address match; the rest are indicative.
Linked through address data, this is not proof of ownership.
Structure & network
Part of the group
EUROPESE PARTICIPATIEMAATSCHAPPIJ
16 companies
Group, risk and exposure
Owners and holdings
1 ownerChain of control
- EUROPESE PARTICIPATIEMAATSCHAPPIJ
- Exploitatiemaatschappij IW
Highest known parent: EUROPESE PARTICIPATIEMAATSCHAPPIJ. The sources do not say who stands above it.
Owners 1
-
100%
Holdings 0
No holding stated in the accounts, acts or LEI register we read.
According to the annual accounts of the other companies, the acts in the Belgian Gazette and the LEI register. The register of ultimate beneficial owners (UBO) is not public: who ultimately stands behind a natural person or a foreign parent is not stated here. A company that does not fill in these statements, or need not, is missing.
Connections & network
No current directors or connected companies found in the register.
Recognitions · licences · registrations
Food safety, FASFC
1 siteWavre2.238.008.150
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Of 2,392 companies in this sector we hold annual accounts for 1,519. 1,100 are within a factor 10 of this equity. The 5 above are the closest to it. See the whole sector
Company details
Identification
Legal formPrivate limited company
Founded12-12-2014
Fiscal year end31-12
Activities, NACEBEL 2025
55100Hotels and similar accommodation
E-invoicing
Reachable via Peppol
Peppol ID
0208:0506809558
Registered
27-03-2026
If you follow this company, Checked tells you the day it leaves the Peppol register.
Register as of 1 October 2026 · Peppol Directory
Scores and ratios are computed by Checked and are not a credit decision.