I C Work
ActiveFinancials · financial year 2026, micro format
Annual accounts 2026 filed on 27-10-2026 at the NBB all 15 filings
Turnover
≈ €78,000
Estimated: probably between €37,000 and €160,000
Total assets
€98,885▲ 38.8%
2025 · €71,249
Net result
€2,500
2025 · -€3,246
Working capital
-€52,415▼ 62.8%
2025 · -€32,188
Multi-year overview
2019 to 2026, 8 financial yearsOperating result
€3,442
2026
20192026
Net result
€2,500
2026
20192026
Equity
€36,192
▲ 7.4%
2026
20192026
Total assets
€98,885
▲ 38.8%
2026
20192026
Debt
€62,693
▲ 66.9%
2026
20192026
Working capital
-€52,415
▼ 62.8%
2026
20192026
Solvency
36.6%
▼ 10.7pp
2026
20192026
Current ratio
0.16
▲ 0.02
2026
20192026
Return on assets (ROA)
2.5%
▲ 7.1pp
2026
20192026
Staff (FTE)
no figure
2026
20192026
Every figure per financial year
Every figure with its change against the financial year before
favourable
unfavourable
Line20192020202120222023202420252026
Operating result€12,397-€11,214▼ 9.5%€10,060▼ 10.3%€18,707▲ 86.0%€11,161▼ 40.3%-€1,916-€1,576▲ 17.8%€3,442
Net result€3,599-€1,950▼ 45.8%€3,140within the sector's middle half▲ 61.1%€10,586within the sector's middle half▲ 237%€3,664within the sector's middle half▼ 65.4%-€3,971below the sector's middle half-€3,246below the sector's middle half▲ 18.3%€2,500
Equity€21,568-€23,518▲ 9.0%€26,658below the sector's middle half▲ 13.4%€37,244within the sector's middle half▲ 39.7%€40,908within the sector's middle half▲ 9.8%€36,938within the sector's middle half▼ 9.7%€33,692within the sector's middle half▼ 8.8%€36,192▲ 7.4%
Total assets€106,046-€91,864▼ 13.4%€75,231below the sector's middle half▼ 18.1%€73,989below the sector's middle half▼ 1.7%€72,169below the sector's middle half▼ 2.5%€70,957below the sector's middle half▼ 1.7%€71,249below the sector's middle half▲ 0.4%€98,885▲ 38.8%
Debt€84,478-€68,346▼ 19.1%€48,572▼ 28.9%€36,744▼ 24.4%€31,260▼ 14.9%€34,019▲ 8.8%€37,557▲ 10.4%€62,693▲ 66.9%
Working capital-€21,131--€29,840▼ 41.2%-€39,222below the sector's middle half▼ 31.4%-€28,636below the sector's middle half▲ 27.0%-€24,972below the sector's middle half▲ 12.8%-€28,942below the sector's middle half▼ 15.9%-€32,188below the sector's middle half▼ 11.2%-€52,415▼ 62.8%
Solvency20.3%-25.6%▲ 5.3pp35.4%within the sector's middle half▲ 9.8pp50.3%within the sector's middle half▲ 14.9pp56.7%within the sector's middle half▲ 6.3pp52.1%within the sector's middle half▼ 4.6pp47.3%within the sector's middle half▼ 4.8pp36.6%▼ 10.7pp
Current ratio0.46-0.38▼ 0.080.19below the sector's middle half▼ 0.190.22below the sector's middle half▲ 0.030.20below the sector's middle half▼ 0.020.15below the sector's middle half▼ 0.050.14below the sector's middle half▼ 0.010.16▲ 0.02
Return on assets (ROA)3.4%-2.1%▼ 1.3pp4.2%within the sector's middle half▲ 2.1pp14.3%within the sector's middle half▲ 10.1pp5.1%within the sector's middle half▼ 9.2pp-5.6%below the sector's middle half▼ 10.7pp-4.6%below the sector's middle half▲ 1.0pp2.5%▲ 7.1pp
Staff (FTE)1.1-0.3▼ 72.7%0.3=1▲ 233%1=1=1=
above
within
below
The sector band is the middle half of the companies in Activities of head offices; management consultancy activities (NACE 70). A quarter of them sit below it, a quarter above. Each year counts only accounts in the same format, and only where there are at least 30.
The operating result for 2026 is a profit of €3,442, after a loss of €1,576 in 2025. It is the highest result since 2023.
Turnover and EBIT margin are not published. The micro format does not require them. The turnover shown is an estimate from the gross margin.
Balance-sheet composition
2026 in colour, 2025 as the grey bar beneath
Assets €98,885
Fixed assets
€88,607 ▲ 34.5%
Current assets
€10,277 ▲ 91.4%
Equity and liabilities €98,885
Equity
€36,192 ▲ 7.4%
Debt
€62,693 ▲ 66.9%
Debt's share of the balance-sheet total rises from 52.7% to 63.4%. Equity and debt are higher.
Key figures and ratios
EBITDA
€12,196
Cash flow
€11,255
Debt to equity
1.73▲
2025 · 1.11
ROE
6.9%▲
2025 · -9.6%
Interest coverage
22.24
Debt ≤ 1 year
€62,693▲
2025 · €37,557
Income taxes
€393▲
2025 · €237
Staff costs
€1,795▼
2025 · €11,819
Green means a favourable move, even when the figure itself falls, as with debt or debt to equity.
Staff
| Item | 31-03-2022 | 31-03-2023 | 31-03-2024 | 31-03-2025 |
|---|---|---|---|---|
| Employees at the balance-sheet date | 1 | 1 | 1 | 1 |
| part-time | 1 | 1 | 1 | 1 |
| in full-time equivalents | 0.3 | 0.4 | 0.4 | 0.2 |
| Average over the year, in full-time equivalents | 0.3 | 0.4 | 0.4 | 0.3 |
| On a permanent contract | 1 | 1 | 1 | 1 |
Source: social balance sheet in the 2022 to 2025 annual accounts
Investments
| Item | 31-03-2022 | 31-03-2023 | 31-03-2024 | 31-03-2025 | 31-03-2026 |
|---|---|---|---|---|---|
| Tangible fixed assets | - | - | - | - | €31,482 |
| Depreciation and write-downs of the year | - | - | - | - | €8,755 |
Source: notes to the 2022 to 2026 annual accounts (statement of fixed assets)
Annual accounts
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Non-recurring operating income76A | - | - | - | - | €1,500 | - | - | - | - |
| Remuneration, social security and pensions62 | - | - | - | €12,426 | €13,738 | €14,291 | €11,819 | €1,795 | ▼ 84.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €14,762 | €14,762 | €7,381 | - | - | - | - | €8,755 | - |
| Other operating charges640/8 | - | - | - | €1,787 | €2,848 | €2,525 | €2,805 | €2,675 | ▼ 4.6% |
| Gross operating margin9900 | €73,021 | €42,402 | €28,445 | €32,920 | €27,747 | €14,900 | €13,048 | €16,667 | ▲ 27.7% |
| Operating profit (loss)9901 | €12,397 | €11,214 | €10,060 | €18,707 | €11,161 | -€1,916 | -€1,576 | €3,442 | - |
| Financial income75/76B | - | - | - | €0 | - | - | €0 | €0 | - |
| Recurring financial income75 | €8 | €36 | - | €0 | - | - | €0 | €0 | - |
| Financial charges65/66B | - | - | - | €2,744 | €2,281 | €1,805 | €1,433 | €548 | ▼ 61.7% |
| Recurring financial charges65 | €6,845 | €5,504 | €3,676 | €2,744 | €2,281 | €1,805 | €1,433 | €548 | ▼ 61.7% |
| Profit (loss) for the period before taxes9903 | €5,560 | €5,746 | €6,383 | €15,963 | €8,880 | -€3,722 | -€3,009 | €2,894 | - |
| Income taxes67/77 | €1,961 | €3,796 | €3,243 | €5,377 | €5,216 | €249 | €237 | €393 | ▲ 66.3% |
| Profit (loss) for the period9904 | €3,599 | €1,950 | €3,140 | €10,586 | €3,664 | -€3,971 | -€3,246 | €2,500 | - |
| Profit (loss) for the period to be appropriated9905 | €3,599 | €1,950 | €3,140 | €10,586 | €3,664 | -€3,971 | -€3,246 | €2,500 | - |
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Assets | |||||||||
| Total assets20/58 | €106,046 | €91,864 | €75,231 | €73,989 | €72,169 | €70,957 | €71,249 | €98,885 | ▲ 38.8% |
| Fixed assets21/28 | €88,023 | €73,261 | €65,880 | €65,880 | €65,880 | €65,880 | €65,880 | €88,607 | ▲ 34.5% |
| Tangible fixed assets22/27 | €88,023 | €73,261 | €65,880 | €65,880 | €65,880 | €65,880 | €65,880 | €88,607 | ▲ 34.5% |
| Land and buildings22 | - | - | - | €65,880 | €65,880 | €65,880 | €65,880 | €65,880 | = |
| Furniture and vehicles24 | - | - | - | - | €0 | €0 | €0 | €22,727 | - |
| Other tangible fixed assets26 | - | - | - | - | €0 | €0 | €0 | €0 | - |
| Current assets29/58 | €18,023 | €18,603 | €9,351 | €8,109 | €6,289 | €5,077 | €5,369 | €10,277 | ▲ 91.4% |
| Amounts receivable within one year40/41 | €12,806 | €12,012 | €5,279 | €2,746 | €4,457 | €2,500 | €2,779 | €5,117 | ▲ 84.1% |
| Trade receivables40 | - | - | - | €246 | €1,957 | - | €279 | €2,617 | ▲ 839% |
| Other amounts receivable41 | - | - | - | €2,500 | €2,500 | €2,500 | €2,500 | €2,500 | = |
| Cash at bank and in hand54/58 | €5,217 | €6,591 | €4,072 | €5,363 | €1,832 | €2,577 | €2,590 | €5,161 | ▲ 99.3% |
| Equity and liabilities | |||||||||
| Total equity and liabilities10/49 | €106,046 | €91,864 | €75,231 | €73,989 | €72,169 | €70,957 | €71,249 | €98,885 | ▲ 38.8% |
| Equity10/15 | €21,568 | €23,518 | €26,658 | €37,244 | €40,908 | €36,938 | €33,692 | €36,192 | ▲ 7.4% |
| Contributions10/11 | €6,200 | €6,200 | - | €6,200 | €6,200 | €6,200 | €6,200 | €6,200 | = |
| Reserves13 | €14,205 | €16,155 | €19,295 | €29,295 | €32,959 | €32,959 | €32,959 | €32,959 | = |
| Non-distributable reserves130/1 | - | - | - | €1,860 | €1,860 | €1,860 | €1,860 | €1,860 | = |
| Reserves not available under the articles1311 | - | - | - | €1,860 | €1,860 | €1,860 | €1,860 | €1,860 | = |
| Distributable reserves133 | - | - | - | €27,435 | €31,099 | €31,099 | €31,099 | €31,099 | = |
| Profit (loss) carried forward14 | €1,163 | €1,163 | €1,163 | €1,749 | €1,749 | -€2,222 | -€5,468 | -€2,967 | ▲ 45.7% |
| Amounts payable17/49 | €84,478 | €68,346 | €48,572 | €36,744 | €31,260 | €34,019 | €37,557 | €62,693 | ▲ 66.9% |
| Amounts payable after more than one year17 | €45,323 | €19,903 | - | - | - | - | - | - | - |
| Amounts payable within one year42/48 | €39,154 | €48,443 | €48,572 | €36,744 | €31,260 | €34,019 | €37,557 | €62,693 | ▲ 66.9% |
| Trade debts44 | €6,814 | €3,290 | €9,447 | €16,580 | €11,300 | €11,531 | €6,630 | €1,445 | ▼ 78.2% |
| Suppliers440/4 | - | - | - | €16,580 | €11,300 | €11,531 | €6,630 | €1,445 | ▼ 78.2% |
| Taxes, remuneration and social security45 | - | - | - | €7,750 | €11,015 | €9,567 | €14,246 | €4,122 | ▼ 71.1% |
| Taxes450/3 | - | - | - | €3,737 | €9,039 | €4,374 | €5,561 | €4,122 | ▼ 25.9% |
| Remuneration and social security454/9 | - | - | - | €4,013 | €1,976 | €5,193 | €8,685 | - | - |
| Other amounts payable47/48 | - | - | - | €12,415 | €8,946 | €12,921 | €16,681 | €57,125 | ▲ 242% |
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €3,599 | €1,950 | €3,140 | €10,586 | €3,664 | -€3,971 | -€3,246 | €2,500 | - |
| + Depreciation and write-downs630 | €14,762 | €14,762 | €7,381 | - | - | - | - | €8,755 | - |
| Operating cash flow (approximation) | €18,361 | €16,712 | €10,521 | €10,586 | €3,664 | -€3,971 | -€3,246 | €11,255 | - |
| Investment in fixed assets (approximation) | - | €0 | €0 | €0 | €0 | €0 | €0 | -€31,482 | - |
| Change in cash | - | €1,374 | -€2,519 | €1,291 | -€3,531 | €745 | €13 | €2,571 | ▲ 193× |
A Belgian filing has no cash-flow statement. These rows are therefore an approximation, derived from the income statement and the balance-sheet moves.
Historical observation
In July 2024, 10,904 companies had the same profile as I C Work has now. Two years later, 95.2% were still going and 0.7% had gone bankrupt.
- Micro
- 10 to 20 years old
- solvency 30% or more
- a profit under 5% of the balance sheet
95.2%
was still going
4.0%
stopped otherwise
0.7%
went bankrupt
That fits the bankruptcy probability of I C Work itself: 0.1% within 12 months.
Test of the method
The method was tested on the 497,446 companies of July 2024. Each company was given the bankruptcy share of the same profile a year earlier, in July 2023. The expectation was that 1.6% would go bankrupt within 24 months. In fact 1.7% went bankrupt.
| 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% | 0.9% |
| 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% |
A company that went bankrupt had a higher expected share than one that kept going in 74.5% of comparisons. The level depends on the economy. In a year with more bankruptcies than the year before, the actual share is higher than the expected one.
This is an observation about 10,904 companies, not a prediction for I C Work. The sector does not count, because the KBO no longer lists a sector for a company that has stopped. By sector, mostly the survivors would count, which would paint too rosy a picture.
Latest 10 of 15 filings with the National Bank
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-03-2026 | micro format | 27-10-2026 | 2026-00569526 | |
| 31-03-2025 | micro format | 29-10-2025 | 2025-00552038 | |
| 31-03-2024 | micro format | 22-10-2024 | 2024-00511385 | |
| 31-03-2023 | micro format | 31-10-2023 | 2023-00499600 | |
| 31-03-2022 | micro format | 28-10-2022 | 2022-20475863 | |
| 31-03-2021 | micro format | 26-10-2021 | 2021-75700272 | |
| 31-03-2020 | micro format | 30-10-2020 | 2020-66200593 | |
| 31-03-2019 | micro format | 30-10-2019 | 2019-71800382 | |
| 31-03-2018 | micro format | 16-10-2018 | 2018-69400289 | |
| 31-03-2017 | micro format | 14-11-2017 | 2017-69500202 |