I2SMD
ActiveFinancials · financial year 2025, micro format
2025 annual accounts filed 28 days after the deadline Filed on 28 August 2026, deadline 31 July 2026 (7 months after the close on 31 December 2025, Companies Code art. 3:10). Source: NBB, 2026-00442176.
Annual accounts 2025 filed on 28-08-2026 at the NBB all 19 filings
Turnover
≈ €560,000
Estimated: probably between €460,000 and €980,000
Total assets
€2.1m▲ 19.6%
2024 · €1.7m
Net result
€154,263▲ 14.5%
2024 · €134,680
Working capital
€150,749▼ 44.1%
2024 · €269,812
Multi-year overview
2018 to 2025, 8 financial yearsOperating result
€265,761
▲ 18.1%
2025
20182025
Net result
€154,263
▲ 14.5%
2025
highest quarter of the sector
20182025
Equity
€602,127
▲ 7.4%
2025
highest quarter of the sector
20182025
Total assets
€2.1m
▲ 19.6%
2025
highest quarter of the sector
20182025
Debt
€1.4m
▲ 25.5%
2025
20182025
Working capital
€150,749
▼ 44.1%
2025
highest quarter of the sector
20182025
Solvency
29.4%
▼ 3.3pp
2025
middle half of the sector
20182025
Current ratio
1.28
▼ 0.44
2025
middle half of the sector
20182025
Return on assets (ROA)
7.5%
▼ 0.3pp
2025
middle half of the sector
20182025
Every figure per financial year
Every figure with its change against the financial year before
favourable
unfavourable
Line20182019202020212022202320242025
Operating result€0.09m-€0.1m▲ 10.6%€0.002m▼ 97.6%€0.1m▲ 62×€0.1m▼ 24.6%€0.2m▲ 119%€0.2m▼ 5.3%€0.3m▲ 18.1%
Net result€0.06m-€0.05m▼ 19.0%-€0.009mbelow the sector's middle half€0.09mabove the sector's middle half€0.07mabove the sector's middle half▼ 22.9%€0.1mabove the sector's middle half▲ 109%€0.1mabove the sector's middle half▼ 7.6%€0.2mabove the sector's middle half▲ 14.5%
Equity€0.3m-€0.2m▼ 12.5%€0.2mabove the sector's middle half▼ 3.5%€0.3mabove the sector's middle half▲ 23.8%€0.3mabove the sector's middle half▲ 1.2%€0.4mabove the sector's middle half▲ 41.6%€0.6mabove the sector's middle half▲ 31.6%€0.6mabove the sector's middle half▲ 7.4%
Total assets€0.4m-€0.8m▲ 95.0%€0.9mabove the sector's middle half▲ 15.4%€0.9mabove the sector's middle half▲ 2.6%€1.1mabove the sector's middle half▲ 26.8%€1.5mabove the sector's middle half▲ 28.4%€1.7mabove the sector's middle half▲ 17.6%€2.1mabove the sector's middle half▲ 19.6%
Debt€0.1m-€0.5m▲ 391%€0.6m▲ 24.7%€0.6m▼ 5.4%€0.8m▲ 39.5%€1.0m▲ 23.7%€1.2m▲ 11.8%€1.4m▲ 25.5%
Working capital€0.3m-€0.2m▼ 33.8%€0.08mwithin the sector's middle half▼ 53.4%€0.09mwithin the sector's middle half▲ 17.7%€0.06mwithin the sector's middle half▼ 37.9%-€0.2mbelow the sector's middle half€0.3mabove the sector's middle half€0.2mabove the sector's middle half▼ 44.1%
Solvency73.4%-32.9%▼ 40.4pp27.5%within the sector's middle half▼ 5.4pp33.2%within the sector's middle half▲ 5.7pp26.5%within the sector's middle half▼ 6.7pp29.2%within the sector's middle half▲ 2.7pp32.7%within the sector's middle half▲ 3.5pp29.4%within the sector's middle half▼ 3.3pp
Current ratio3.92-2.02▼ 1.901.73within the sector's middle half▼ 0.281.81within the sector's middle half▲ 0.081.19within the sector's middle half▼ 0.620.68below the sector's middle half▼ 0.521.72within the sector's middle half▲ 1.041.28within the sector's middle half▼ 0.44
Return on assets (ROA)16.3%-6.8%▼ 9.5pp-1.0%below the sector's middle half▼ 7.8pp10.1%within the sector's middle half▲ 11.1pp6.2%within the sector's middle half▼ 4.0pp10.0%within the sector's middle half▲ 3.8pp7.9%within the sector's middle half▼ 2.1pp7.5%within the sector's middle half▼ 0.3pp
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 2025 is 18% higher than in 2024 and the highest since 2021. It is a recovery after the fall in 2024.
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
2025 in colour, 2024 as the grey bar beneath
Assets €2.1m
Fixed assets
€1.4m ▲ 26.6%
Current assets
€696,904 ▲ 8.0%
Equity and liabilities €2.1m
Equity
€602,127 ▲ 7.4%
Debt
€1.4m ▲ 25.5%
Debt's share of the balance-sheet total rises from 67.3% to 70.6%. Equity and debt are higher.
Key figures and ratios
EBITDA
€363,055▲
2024 · €304,204
Cash flow
€251,557▲
2024 · €213,839
Debt to equity
2.40▲
2024 · 2.06
ROE
25.6%▲
2024 · 24.0%
Interest coverage
11.11▲
2024 · 9.93
Debt ≤ 1 year
€546,155▲
2024 · €375,701
Debt > 1 year
€901,796▲
2024 · €777,719
Income taxes
€82,510▲
2024 · €73,726
Green means a favourable move, even when the figure itself falls, as with debt or debt to equity.
Investments
| Item | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Tangible fixed assets | €31,901 | €134,746 | €419,468 | €505,116 | €397,121 |
| Depreciation and write-downs of the year | €29,875 | €45,006 | €52,434 | €79,159 | €97,294 |
Source: notes to the 2021 to 2025 annual accounts (statement of fixed assets)
Subsidies and aid
Flemish government
2022 · 1 entry · €100 awarded · €100 paidAnnual accounts
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Non-recurring operating income76A | - | - | - | - | - | - | €37,917 | - | - |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €16,321 | €22,517 | €71,236 | €29,875 | €45,006 | €52,434 | €79,159 | €97,294 | ▲ 22.9% |
| Other operating charges640/8 | - | - | - | €3,772 | €6,512 | €49,226 | €8,907 | €12,765 | ▲ 43.3% |
| Non-recurring operating charges66A | - | - | - | - | €14,784 | €8,532 | €13,113 | €15,206 | ▲ 16.0% |
| Gross operating margin9900 | €110,815 | €161,575 | €77,009 | €177,638 | €174,896 | €347,801 | €326,225 | €391,026 | ▲ 19.9% |
| Operating profit (loss)9901 | €87,682 | €96,972 | €2,332 | €143,990 | €108,595 | €237,610 | €225,045 | €265,761 | ▲ 18.1% |
| Financial income75/76B | - | - | - | €2,605 | €3,594 | €3,594 | €13,999 | €3,703 | ▼ 73.6% |
| Recurring financial income75 | €7,667 | €5,480 | €2,527 | €2,605 | €3,594 | €3,594 | €13,999 | €3,703 | ▼ 73.6% |
| Financial charges65/66B | - | - | - | €9,941 | €10,495 | €14,410 | €30,638 | €32,691 | ▲ 6.7% |
| Recurring financial charges65 | €5,129 | €3,518 | €9,689 | €9,941 | €10,495 | €14,410 | €30,638 | €32,691 | ▲ 6.7% |
| Profit (loss) for the period before taxes9903 | €90,220 | €98,934 | -€4,829 | €136,654 | €101,693 | €226,794 | €208,406 | €236,773 | ▲ 13.6% |
| Income taxes67/77 | €27,101 | €47,832 | €3,811 | €46,029 | €31,841 | €80,989 | €73,726 | €82,510 | ▲ 11.9% |
| Profit (loss) for the period9904 | €63,119 | €51,102 | -€8,641 | €90,625 | €69,852 | €145,805 | €134,680 | €154,263 | ▲ 14.5% |
| Profit (loss) for the period to be appropriated9905 | €63,119 | €51,102 | -€8,641 | €90,625 | €69,852 | €145,805 | €134,680 | €154,263 | ▲ 14.5% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Assets | |||||||||
| Total assets20/58 | €0.4m | €0.8m | €0.9m | €0.9m | €1.1m | €1.5m | €1.7m | €2.1m | ▲ 19.6% |
| Fixed assets21/28 | €0.04m | €0.4m | €0.7m | €0.7m | €0.8m | €1.1m | €1.1m | €1.4m | ▲ 26.6% |
| Tangible fixed assets22/27 | €0.04m | €0.4m | €0.7m | €0.7m | €0.8m | €1.1m | €1.1m | €1.4m | ▲ 26.6% |
| Land and buildings22 | - | - | - | €0.6m | €0.6m | €0.9m | €0.8m | €1.2m | ▲ 43.8% |
| Plant, machinery and equipment23 | - | - | - | €0.03m | €0.03m | €0.02m | €0.04m | €0.02m | ▼ 36.2% |
| Furniture and vehicles24 | - | - | - | €0.009m | €0.1m | €0.1m | €0.2m | €0.2m | ▼ 28.4% |
| Current assets29/58 | €0.3m | €0.3m | €0.2m | €0.2m | €0.4m | €0.4m | €0.6m | €0.7m | ▲ 8.0% |
| Amounts receivable after more than one year29 | - | - | - | €0.1m | €0.1m | €0.1m | €0.1m | €0.1m | = |
| Other amounts receivable291 | - | - | - | €0.1m | €0.1m | €0.1m | €0.1m | €0.1m | = |
| Amounts receivable within one year40/41 | €0.06m | €0.01m | €0.1m | €0.09m | €0.2m | €0.2m | €0.3m | €0.2m | ▼ 40.2% |
| Trade receivables40 | - | - | - | €0.06m | €0.2m | €0.05m | €0.06m | €0.2m | ▲ 184% |
| Other amounts receivable41 | - | - | - | €0.03m | €206 | €0.1m | €0.2m | €0.001m | ▼ 99.6% |
| Current investments50/53 | - | - | - | €390 | €390 | €390 | €390 | €390 | = |
| Cash at bank and in hand54/58 | €0.05m | €0.2m | €0.04m | €0.02m | €0.04m | €0.08m | €0.2m | €0.4m | ▲ 88.7% |
| Deferred charges and accrued income490/1 | - | - | - | €0.001m | €0.002m | €0.005m | €0.003m | €0.003m | ▲ 2.7% |
| Equity and liabilities | |||||||||
| Total equity and liabilities10/49 | €0.4m | €0.8m | €0.9m | €0.9m | €1.1m | €1.5m | €1.7m | €2.1m | ▲ 19.6% |
| Equity10/15 | €0.3m | €0.2m | €0.2m | €0.3m | €0.3m | €0.4m | €0.6m | €0.6m | ▲ 7.4% |
| Contributions10/11 | €0.01m | €0.01m | - | €0.01m | €0.01m | €0.01m | €0.01m | €0.01m | = |
| Reserves13 | €0.3m | €0.2m | €0.2m | €0.3m | €0.3m | €0.4m | €0.5m | €0.6m | ▲ 7.6% |
| Non-distributable reserves130/1 | - | - | - | €0.002m | €0.002m | €0.002m | €0.002m | - | - |
| Reserves not available under the articles1311 | - | - | - | €0.002m | €0.002m | €0.002m | €0.002m | - | - |
| Distributable reserves133 | - | - | - | €0.3m | €0.3m | €0.4m | €0.5m | €0.6m | ▲ 7.9% |
| Profit (loss) carried forward14 | - | - | -€0.007m | - | - | - | - | - | - |
| Amounts payable17/49 | €0.1m | €0.5m | €0.6m | €0.6m | €0.8m | €1.0m | €1.2m | €1.4m | ▲ 25.5% |
| Amounts payable after more than one year17 | €0.01m | €0.3m | €0.5m | €0.5m | €0.5m | €0.5m | €0.8m | €0.9m | ▲ 16.0% |
| Financial debts170/4 | - | - | - | €0.5m | €0.5m | €0.5m | €0.8m | €0.9m | ▲ 16.0% |
| Amounts payable within one year42/48 | €0.09m | €0.2m | €0.1m | €0.1m | €0.3m | €0.6m | €0.4m | €0.5m | ▲ 45.4% |
| Current portion of amounts payable after more than one year42 | - | - | - | €0.05m | €0.06m | €0.4m | €0.1m | €0.1m | ▲ 28.3% |
| Trade debts44 | €0.03m | €0.03m | €0.03m | €0.03m | €0.2m | €0.01m | €0.08m | €0.2m | ▲ 143% |
| Suppliers440/4 | - | - | - | €0.03m | €0.2m | €0.01m | €0.08m | €0.2m | ▲ 143% |
| Taxes, remuneration and social security45 | - | - | - | €0.05m | €0.08m | €0.2m | €0.2m | €0.2m | ▲ 14.4% |
| Taxes450/3 | - | - | - | €0.05m | €0.08m | €0.2m | €0.2m | €0.2m | ▲ 14.4% |
| Other amounts payable47/48 | - | - | - | - | €0.006m | - | - | - | - |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €63,119 | €51,102 | -€8,641 | €90,625 | €69,852 | €145,805 | €134,680 | €154,263 | ▲ 14.5% |
| + Depreciation and write-downs630 | €16,321 | €22,517 | €71,236 | €29,875 | €45,006 | €52,434 | €79,159 | €97,294 | ▲ 22.9% |
| Operating cash flow (approximation) | €79,440 | €73,620 | €62,595 | €120,500 | €114,858 | €198,239 | €213,839 | €251,557 | ▲ 17.6% |
| Investment in fixed assets (approximation) | - | -€398,015 | -€339,494 | -€31,901 | -€134,746 | -€357,236 | -€67,817 | -€381,916 | ▼ 463% |
| Change in cash | - | €168,134 | -€181,460 | -€22,768 | €18,122 | €43,891 | €118,418 | €175,624 | ▲ 48.3% |
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, 2,609 companies had the same profile as I2SMD has now. Two years later, 96.8% were still going and 1.0% had gone bankrupt.
- Small
- 10 to 20 years old
- solvency 10 to 30%
- a profit of 5% of the balance sheet or more
96.8%
was still going
2.1%
stopped otherwise
1.0%
went bankrupt
That fits the bankruptcy probability of I2SMD 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 2,609 companies, not a prediction for I2SMD. 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 19 filings with the National Bank
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-12-2025 | micro format | 28-08-2026 | 2026-00442176 | |
| 31-12-2024 | micro format | 29-08-2025 | 2025-00434689 | |
| 31-12-2023 | micro format | 30-08-2024 | 2024-00408789 | |
| 31-12-2022 | micro format | 31-08-2023 | 2023-00428521 | |
| 31-12-2021 | micro format | 26-08-2022 | 2022-20322271 | |
| 31-12-2020 | micro format | 31-08-2021 | 2021-63000290 | |
| 31-12-2019 | micro format | 31-08-2020 | 2020-48700582 | |
| 31-12-2018 | micro format | 21-08-2019 | 2019-48300463 | |
| 31-12-2017 | micro format | 31-08-2018 | 2018-59600565 | |
| 31-12-2016 | micro format | 31-08-2017 | 2017-59000509 |