I - PROJECTS
ActiveSummary
I - PROJECTS has been active since 1990 and the Belgian State Gazette contains no insolvency or warning signals. The 2025 annual accounts show equity of €5.8m and a net result of €724,114. Equity is shrinking by ~8.1% per year across the filed fiscal years. Its solvency ranks better than 46% of 9336 sector peers (fiscal year 2025). The computed 12-month bankruptcy probability is 0.1% (very low).
Checked score
Score 2025
Axes · tick = 2024
Profitability45▲+8
Solvency52▼-16
Growth58=
Track record100
Bankruptcy probability, 12 months
0.1%
Very low
0%0.5%1.5%4%10%≥ 25%
Credit up to €370,000 at 30 days acceptable
Liquidity ample (current ratio 5.38 against 8.28 in 2024; short-term debt: 6.4% and cash: 0.6% of total assets), but 73.1% of the assets are financed with debt.
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Show the recommended maximum : and see how the verdict changes with amount, term and advance.
Signals
Five signals. The signal on the left, the evidence on the right.
−lowers risk○neutral
lowers risk · Lower-failure-rate sector
In this sector companies fail less often than the Belgian average.
Gazette · bankruptcies per sector, NACE 68
Relative position
BE, all sectors
reference
Real estate activities (NACE 68)
about 43% fewer bankruptcies
← fewer bankruptcies
more bankruptcies →
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
lowers risk · Annual accounts: healthy financial profile
The latest annual accounts show a healthy profile in solvency, result and liquidity.
NBB · annual accounts 2025Solvency, return and age of the figures
Solvency
26.9%
Return on assets
3.4%
Age of the figures
9 mo
lowers risk · Growing equity
Reported equity is higher than in 2023 and did not fall compared with 2024. These amounts do not establish the cause of the change.
NBB · annual accounts 2025Equity per financial year
1819202122232425
2018 to 2025 · latest year €5.8m
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 16-07-2026, 15 days ahead of the deadline.
NBB · 10 filingsDeviation from the deadline
2025
15 d early
2024
18 d late
2023
29 d early
2022
32 d early
2021
34 d early
2020
18 d early
2019
14 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 18 days before the deadline; the sector median for financial year 2024 is 7 days before the deadline, and 36% 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.
Companies Code · seven monthsPosition in the running window
28-09-2026 today31-12-2026 close31-07-2027 deadline
History
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Financials · fiscal year 2025, abbreviated schema
Equity
€5.8m▲ 14.3%
2024 · €5.1m
Total assets
€21.5m▲ 80.9%
2024 · €11.9m
Net result
€724,114▲ 331%
2024 · €167,993
Working capital
€6.1m▲ 2.5%
2024 · €5.9m
Trend over the years
Click a name to add, emphasise or remove a line.Band: the middle half (P25 to P75) of NACE 68, Real estate activities, each year against the same schema; no band under 30 filings. Dashed line: the median.
Every figure with its change against the fiscal year before
favourable
unfavourable
Line20212022202320242025
Operating result€6.2m-€143,530€47,014€245,264▲ 422%€535,923▲ 119%
Net result€4.5mabove the sector's middle half-€145,187below the sector's middle half-€626,788below the sector's middle half▼ 332%€167,993above the sector's middle half€724,114above the sector's middle half▲ 331%
Equity€5.9mabove the sector's middle half▼ 30.6%€5.5mabove the sector's middle half▼ 7.0%€4.9mabove the sector's middle half▼ 11.4%€5.1mabove the sector's middle half▲ 3.4%€5.8mabove the sector's middle half▲ 14.3%
Total assets€8.7mabove the sector's middle half▼ 5.9%€8.3mabove the sector's middle half▼ 4.9%€12.4mabove the sector's middle half▲ 49.9%€11.9mabove the sector's middle half▼ 3.9%€21.5mabove the sector's middle half▲ 80.9%
Debt€128,820▼ 68.6%€123,124▼ 4.4%€5.0m▲ 3,926%€4.7m▼ 4.7%€14.0m▲ 196%
Working capital€7.4mabove the sector's middle half▲ 2,156%€7.1mabove the sector's middle half▼ 3.8%€6.2mabove the sector's middle half▼ 13.3%€5.9mabove the sector's middle half▼ 4.1%€6.1mabove the sector's middle half▲ 2.5%
Solvency68.4%above the sector's middle half▼ 24.4pp66.9%above the sector's middle half▼ 1.5pp39.6%within the sector's middle half▼ 27.3pp42.6%within the sector's middle half▲ 3.0pp26.9%within the sector's middle half▼ 15.7pp
Current ratio62.26above the sector's middle half▲ 60.3658.83above the sector's middle half▼ 3.4311.21above the sector's middle half▼ 47.628.28above the sector's middle half▼ 2.935.38above the sector's middle half▼ 2.90
Return on assets (ROA)52.3%above the sector's middle half▲ 53.3pp-1.8%within the sector's middle half▼ 54.1pp-5.1%below the sector's middle half▼ 3.3pp1.4%within the sector's middle half▲ 6.5pp3.4%within the sector's middle half▲ 2.0pp
Staff (FTE)1▲ 100%1=1=0.8within the sector's middle half▼ 20.0%0.8within the sector's middle half=
above
within
below
the middle half (P25 to P75) of NACE 68, Real estate activities, each year against the same schema; no band under 30 filings.
Turnover and EBIT margin not published: the abbreviated or micro schema does not require them.
Result per fiscal year
Operating resultNet result
After the dip in 2022 the operating result has climbed three years in a row; 2025 is 119% above 2024.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €21.5m
Fixed assets
€14.1m ▲ 173%
Current assets
€7.4m ▲ 10.6%
Equity and liabilities €21.5m
Equity
€5.8m ▲ 14.3%
Provisions
€1.8m ▼ 16.3%
Debt
€14.0m ▲ 196%
Debt's share of the balance-sheet total rises from 39.7% to 64.9%. Equity and debt are higher.
Key figures and ratios
EBITDA
€757,219▲
2024 · €383,017
Cash flow
€945,409▲
2024 · €305,746
Debt to equity
2.41▲
2024 · 0.93
ROE
12.5%▲
2024 · 3.3%
Interest coverage
2.69▲
2024 · 2.03
Debt ≤ 1 year
€1.4m▲
2024 · €813,411
Debt > 1 year
€12.6m▲
2024 · €3.9m
Staff costs
€52,467▲
2024 · €50,763
Green means a favourable move, even when the figure itself falls: as with debt or debt to equity.
Peer companies
Historical observationOf the 3,980 companies that looked in July 2024 the way this one looks now, 1.1% went bankrupt within 24 months and 96% are still going.
- Micro
- 20 years or older
- solvency 10 to 30%
- a profit under 5% of the balance sheet
1.1%
went bankrupt
2.2%
stopped otherwise
96%
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 0.1% 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 497,662 companies of July 2024 its group's bankruptcy share. Expected: 1.5%; actually bankrupt within 24 months: 1.6%.
| Group | Expected | Actual |
|---|---|---|
| 1 | 0.2% | 0.2% |
| 2 | 0.3% | 0.4% |
| 3 | 0.5% | 0.5% |
| 4 | 0.6% | 0.7% |
| 5 | 0.8% | 0.9% |
| 6 | 1.2% | 1.3% |
| 7 | 1.5% | 1.7% |
| 8 | 1.7% | 1.7% |
| 9 | 2.7% | 2.8% |
| 10 | 5.3% | 5.7% |
The rule ranks well: a company that went bankrupt got a higher share than one that kept going in 75% 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 3,980 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 |
|---|---|---|---|---|---|---|
| Non-recurring operating income76A | €47,241 | €10,000 | €192,387 | €535,464 | €306,151 | ▼ 42.8% |
| Remuneration, social security and pensions62 | €28,309 | €28,249 | €43,719 | €50,763 | €52,467 | ▲ 3.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €24,630 | €24,055 | €81,747 | €137,753 | €221,295 | ▲ 60.6% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals)631/4 | - | - | - | €2,465 | €0 | ▼ 100% |
| Other operating charges640/8 | €182,858 | €15,236 | €264,181 | €119,181 | €157,627 | ▲ 32.3% |
| Non-recurring operating charges66A | €60,569 | €4,015 | €485 | €83,199 | €0 | ▼ 100% |
| Gross operating margin9900 | €6.5m | -€71,976 | €437,145 | €638,625 | €967,313 | ▲ 51.5% |
| Operating profit (loss)9901 | €6.2m | -€143,530 | €47,014 | €245,264 | €535,923 | ▲ 119% |
| Financial income75/76B | €24 | €9 | €4,439 | €90,795 | €445,199 | ▲ 390% |
| Recurring financial income75 | €24 | €9 | €4,439 | €90,795 | €445,199 | ▲ 390% |
| Financial charges65/66B | €2,194 | €1,666 | €689,201 | €189,084 | €293,856 | ▲ 55.4% |
| Recurring financial charges65 | €2,194 | €1,666 | €112,044 | €189,084 | €281,581 | ▲ 48.9% |
| Non-recurring financial charges66B | - | - | €577,157 | €0 | €12,276 | - |
| Profit (loss) for the period before taxes9903 | €6.2m | -€145,187 | -€637,749 | €146,976 | €687,265 | ▲ 368% |
| Transfer from deferred taxes780 | - | - | €10,961 | €21,017 | €36,848 | ▲ 75.3% |
| Transfer to deferred taxes680 | €1.7m | €0 | - | - | - | - |
| Profit (loss) for the period9904 | €4.5m | -€145,187 | -€626,788 | €167,993 | €724,114 | ▲ 331% |
| Transfer from tax-exempt reserves789 | - | - | €32,882 | €63,052 | €110,544 | ▲ 75.3% |
| Transfer to tax-exempt reserves689 | €5.0m | €0 | - | - | - | - |
| Profit (loss) for the period to be appropriated9905 | -€414,870 | -€145,187 | -€593,907 | €231,045 | €834,658 | ▲ 261% |
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Assets | ||||||
| Total assets20/58 | €8.7m | €8.3m | €12.4m | €11.9m | €21.5m | ▲ 80.9% |
| Fixed assets21/28 | €1.2m | €1.0m | €5.6m | €5.2m | €14.1m | ▲ 173% |
| Tangible fixed assets22/27 | €315,211 | €292,755 | €4.9m | €4.9m | €14.0m | ▲ 188% |
| Land and buildings22 | €314,464 | €290,744 | €4.9m | €4.9m | €13.9m | ▲ 186% |
| Plant, machinery and equipment23 | €746 | €1,239 | €14,960 | €14,705 | €52,736 | ▲ 259% |
| Furniture and vehicles24 | - | €772 | €2,327 | €2,592 | €34,702 | ▲ 1,239% |
| Other tangible fixed assets26 | €0 | - | - | €11,873 | €58,663 | ▲ 394% |
| Financial fixed assets28 | €837,500 | €714,385 | €664,736 | €270,917 | €16,696 | ▼ 93.8% |
| Current assets29/58 | €7.5m | €7.2m | €6.8m | €6.7m | €7.4m | ▲ 10.6% |
| Amounts receivable within one year40/41 | €765,266 | €736,854 | €835,324 | €858,430 | €1.1m | ▲ 32.1% |
| Trade receivables40 | €3,964 | €34,306 | €37,922 | €187,551 | €396,545 | ▲ 111% |
| Other amounts receivable41 | €761,302 | €702,548 | €797,401 | €670,878 | €737,418 | ▲ 9.9% |
| Current investments50/53 | €6.5m | €6.5m | €5.8m | €5.9m | €6.2m | ▲ 5.5% |
| Cash at bank and in hand54/58 | €257,585 | €5,222 | €123,520 | €10,005 | €125,056 | ▲ 1,150% |
| Deferred charges and accrued income490/1 | €2,140 | €1,618 | €3,998 | €3,876 | €6,016 | ▲ 55.2% |
| Equity and liabilities | ||||||
| Total equity and liabilities10/49 | €8.7m | €8.3m | €12.4m | €11.9m | €21.5m | ▲ 80.9% |
| Equity10/15 | €5.9m | €5.5m | €4.9m | €5.1m | €5.8m | ▲ 14.3% |
| Contributions10/11 | €449,723 | €179,723 | €179,723 | €179,723 | €179,723 | = |
| Capital10 | €449,723 | - | - | - | - | - |
| Issued capital100 | €449,723 | - | - | - | - | - |
| Revaluation surpluses12 | €474,400 | €474,400 | €474,400 | €474,400 | €474,400 | = |
| Reserves13 | €5.0m | €5.0m | €4.9m | €4.9m | €5.1m | ▲ 5.6% |
| Non-distributable reserves130/1 | €19,144 | €0 | - | - | - | - |
| Legal reserve130 | €19,144 | - | - | - | - | - |
| Reserves not available under the articles1311 | - | €0 | - | - | - | - |
| Tax-exempt reserves132 | €5.0m | €5.0m | €4.9m | €4.9m | €4.8m | ▼ 2.3% |
| Distributable reserves133 | - | - | - | - | €380,841 | - |
| Profit (loss) carried forward14 | €35,088 | -€90,955 | -€684,862 | -€453,817 | €0 | ▲ 100% |
| Provisions and deferred taxes16 | €2.6m | €2.6m | €2.5m | €2.1m | €1.8m | ▼ 16.3% |
| Provisions for liabilities and charges160/5 | €961,569 | €955,584 | €875,000 | €481,181 | €175,030 | ▼ 63.6% |
| Environmental obligations163 | €961,569 | €955,584 | €875,000 | €481,181 | €0 | ▼ 100% |
| Other liabilities and charges164/5 | - | - | - | - | €175,030 | - |
| Deferred taxes168 | €1.7m | €1.7m | €1.6m | €1.6m | €1.6m | ▼ 2.3% |
| Amounts payable17/49 | €128,820 | €123,124 | €5.0m | €4.7m | €14.0m | ▲ 196% |
| Amounts payable after more than one year17 | €5,749 | €0 | €4.3m | €3.9m | €12.6m | ▲ 222% |
| Financial debts170/4 | €5,749 | €0 | €4.3m | €3.9m | €12.4m | ▲ 222% |
| Other amounts payable178/9 | - | - | €44,059 | €44,059 | €139,863 | ▲ 217% |
| Amounts payable within one year42/48 | €120,868 | €123,124 | €604,403 | €813,411 | €1.4m | ▲ 70.3% |
| Current portion of amounts payable after more than one year42 | €16,869 | €5,749 | €234,211 | €234,211 | €629,147 | ▲ 169% |
| Financial debts43 | - | - | €210,000 | €250,000 | €150,000 | ▼ 40.0% |
| Credit institutions430/8 | - | - | €210,000 | €250,000 | €150,000 | ▼ 40.0% |
| Trade debts44 | €100,685 | €113,929 | €77,701 | €306,824 | €393,302 | ▲ 28.2% |
| Suppliers440/4 | €100,685 | €113,929 | €77,701 | €306,824 | €393,302 | ▲ 28.2% |
| Advances received on contracts in progress46 | - | - | €56,677 | €7,083 | €164,813 | ▲ 2,227% |
| Taxes, remuneration and social security45 | €3,314 | €3,445 | €25,814 | €15,293 | €47,600 | ▲ 211% |
| Taxes450/3 | - | - | €20,561 | €9,080 | €41,700 | ▲ 359% |
| Remuneration and social security454/9 | €3,314 | €3,445 | €5,253 | €6,213 | €5,899 | ▼ 5.1% |
| Accrued charges and deferred income492/3 | €2,202 | €0 | €10,114 | €0 | - | - |
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €4.5m | -€145,187 | -€626,788 | €167,993 | €724,114 | ▲ 331% |
| + Depreciation and write-downs630 | €24,630 | €24,055 | €81,747 | €137,753 | €221,295 | ▲ 60.6% |
| Operating cash flow (approximation) | €4.6m | -€121,132 | -€545,042 | €305,746 | €945,409 | ▲ 209% |
| Investment in fixed assets (approximation) | - | €121,516 | -€4.7m | €300,766 | -€9.1m | ▼ 3,134% |
| Change in cash | - | -€252,363 | €118,298 | -€113,514 | €115,051 | ▲ 201% |
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
16-07
NBB filing
Annual accounts filed
fiscal year 2025 · abbreviated schema
30-03
State Gazette act
Appointment: Inge Ibens (non-statutory director)Mandate compensation · Power of attorney4 facts ▸
State Gazette act
Appointment: Inge Ibens (non-statutory director)
Mandate compensation · Power of attorney4 facts ▸
- General meeting, 31/12/2025
- Director appointment, Inge Ibens (non-statutory director)
- Mandate compensation, Inge Ibens
- Power of attorney, BV ANTWERPS BOEKHOUDKANTOOR
2025
18-08
NBB filing
Annual accounts filed
fiscal year 2024 · abbreviated schema · 18 days late
2024
31-12
Financial
Back to profitnet €167,993
Net result €167,993 after 2 loss-making years.
31-12
Financial
Equity above €5mEq €5.1m ▲3.4%
Equity rises from €4.9m to €5.1m.
02-07
NBB filing
Annual accounts filed
fiscal year 2023 · micro schema
2023
31-12
Financial
Weakest financial yearnet -€626,788
Net result drops to -€626,788, the lowest in the series; recovery starts the following year.
29-06
NBB filing
Annual accounts filed
fiscal year 2022 · micro schema
2022
27-06
NBB filing
Annual accounts filed
fiscal year 2021 · micro schema
2021
31-12
Financial
Back to profitnet €4.5m
Net result €4.5m after 2 loss-making years.
31-12
Financial
Liquidity times 33current ratio 62.26
Current ratio from 1.89 to 62.26; short-term debt falls from €367,081 to €120,868.
13-07
NBB filing
Annual accounts filed
fiscal year 2020 · abbreviated schema
Show earlier events
2020
17-07
NBB filing
Annual accounts filed
fiscal year 2019 · micro schema
2019
28-06
NBB filing
Annual accounts filed
fiscal year 2018 · micro schema
2018
31-07
NBB filing
Annual accounts filed
fiscal year 2017 · micro schema
2017
30-06
NBB filing
Annual accounts filed
fiscal year 2016 · micro schema
Financial milestoneState Gazette actNBB filingFinancial milestones sit on the fiscal year-end date, not the filing date.
1 of 7 acts read
About the unread acts
Of the 7 Belgian State Gazette acts we know for this company, 1 has been read. The other 6 have not been read yet: what they contain is neither established nor disproved here.
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Directors · office · real estate
Directors
1 director, last change in 2026
Inge Ibens
CurrentNon-statutory director · since 01-01-2026
Derived from published Gazette acts. The CBE keeps the official list of function holders; we do not read it, so the two can differ.
See the function holders in the CBE →
Not every act has been read: a resignation may be missing here
6 of this company's 7 Belgian State Gazette acts have not been read yet. Appointments and resignations recorded in them are missing above: a director who resigned there may therefore still show here as sitting. The acts are in the Timeline.
Location & real-estate footprint
Registered office, Antwerpen · 1 establishment unit since 1991
Ground area
44 m²
Building footprint
61 m²
Volume, LiDAR
298 m³
Parcel 11364F0565/00B002, Flanders · tallest building 9.5 m, ±1 floor. Linked by address, not a title deed.
1 establishment unit
I-PROJECTS
since 19912.051.589.392
1 parcel
Flanders
1
(100%)
| Parcel (capakey) | Region | Area | Buildings | Height / fl. |
|---|---|---|---|---|
| 11364F0565/00B002 | Flanders | 44 m² | 1 · 61 m² | 9.4 m · 1 fl. |
Linked by address, not proof of ownership
Good to know
1 of 1 parcel with an exact address match; the rest are indicative.
Linked through address data, this is not proof of ownership.
Mandate history
1 person since 2026, 1 in office
- Board
| Name | Functions and periods |
|---|---|
| Inge Ibens |
|
Structure & network
Owners and holdings
1 ownerChain of control
- GROEP SWINNEN
- I - PROJECTS
Highest known parent: GROEP SWINNEN. The sources do not say who stands above it.
Owners 1
- GROEP SWINNENparent100%
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
1 current directorThe network starts from this company’s directors. Other companies they run appear here as nodes.
This company
Company
Director
Shareholding
+N: links not shown yet
Click a node to look further, drag to arrange, scroll to zoom.
Public money · subsidies and aid
Flemish government
2022 · 1 entry · 358 EUR awarded · 358 EUR paid| Year | Entries | awarded | paid |
|---|---|---|---|
| 2022 | 1 | 358 EUR | 358 EUR |
Recognitions · licences · registrations
Legal Entity Identifier
9845009551DDBWC6B047
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Of 7,326 companies in sector 68110 we hold annual accounts for 5,390. 1,658 are within a factor 10 of this equity. The 5 above are the closest to it. See the whole sector
Identification & contact
Identification
Legal formPrivate limited company
Founded03-10-1990
Fiscal year end31-12
Activities, NACEBEL 2025
68110Buying and selling of own real estate
68203Renting and operating of own or leased non-residential real estate, excluding land
68121Development of residential building projects
E-invoicing
Reachable via Peppol
Peppol ID
0208:0454987309
Registered
27-03-2026
Register as of 27 September 2026 · Peppol Directory
Scores and ratios are computed by Checked and are not a credit decision.