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 €38,000 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.
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, 95.1% 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
95.1%
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 |