IBC
ActiveFinancials · financial year 2025, micro format
Annual accounts 2025 filed on 09-03-2026 PDF all 28 filings
Turnover
€30,245
EBIT margin
50.6%
Net result
€7,319▼ 21.1%
2024 · €9,276
Working capital
-€76,630▲ 18.0%
2024 · -€93,458
Multi-year overview
2019 to 2025, 7 financial yearsTurnover
no figure
2025
20192025
Operating result
€10,583
▼ 21.3%
2025
20192025
Net result
€7,319
▼ 21.1%
2025
20192025
EBIT margin
no figure
2025
20192025
Equity
€130,386
▲ 5.9%
2025
20192025
Total assets
€213,787
▼ 4.5%
2025
20192025
Debt
€83,401
▼ 17.2%
2025
20192025
Working capital
-€76,630
▲ 18.0%
2025
20192025
Every figure per financial year
Every figure with its change against the financial year before
favourable
unfavourable
Line2019202020212022202320242025
Turnover€30,245
Operating result€13,653-€15,311▲ 12.1%€15,087▼ 1.5%€15,357▲ 1.8%€14,527▼ 5.4%€13,453▼ 7.4%€10,583▼ 21.3%
Net result€7,659-€8,989▲ 17.4%€9,695▲ 7.9%€10,332▲ 6.6%€9,809▼ 5.1%€9,276▼ 5.4%€7,319▼ 21.1%
EBIT margin50.6%
Equity€74,966-€83,955▲ 12.0%€93,650▲ 11.5%€103,982▲ 11.0%€113,791▲ 9.4%€123,067▲ 8.2%€130,386▲ 5.9%
Total assets€264,243-€257,712▼ 2.5%€249,542▼ 3.2%€236,853▼ 5.1%€232,226▼ 2.0%€223,745▼ 3.7%€213,787▼ 4.5%
Debt€189,276-€173,757▼ 8.2%€155,892▼ 10.3%€132,871▼ 14.8%€118,435▼ 10.9%€100,678▼ 15.0%€83,401▼ 17.2%
Working capital-€86,876--€93,649▼ 7.8%-€93,879▼ 0.2%-€93,575▲ 0.3%-€93,365▲ 0.2%-€93,458▼ 0.1%-€76,630▲ 18.0%
The operating result for 2025 is 21% lower than in 2024 and the lowest since 2019. It is the third fall in a row.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €213,787
Fixed assets
€207,815 ▼ 4.0%
Current assets
€5,973 ▼ 17.3%
Equity and liabilities €213,787
Equity
€130,386 ▲ 5.9%
Debt
€83,401 ▼ 17.2%
Debt's share of the balance-sheet total falls from 45.0% to 39.0%. Equity is higher and debt is lower.
Key figures and ratios
EBITDA
€19,293▼
2024 · €22,163
Cash flow
€16,030▼
2024 · €17,986
Current ratio
0.07▲
2024 · 0.07
Debt to equity
0.64▼
2024 · 0.82
ROE
5.6%▼
2024 · 7.5%
ROA
3.4%▼
2024 · 4.1%
Interest coverage
37.00▲
2024 · 27.68
Debt ≤ 1 year
€82,603▼
2024 · €100,678
Income taxes
€2,742▼
2024 · €3,377
Green means a favourable move, even when the figure itself falls, as with debt or debt to equity.
Annual accounts
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|
| Turnover70 | - | €30,245 | - | - | - | - | - | - |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €8,361 | €8,443 | €8,710 | €8,710 | €8,710 | €8,710 | €8,710 | = |
| Other operating charges640/8 | - | - | - | €3,617 | €3,801 | €4,401 | €4,529 | ▲ 2.9% |
| Gross operating margin9900 | €25,204 | €27,115 | €27,220 | €27,685 | €27,037 | €26,565 | €23,821 | ▼ 10.3% |
| Operating profit (loss)9901 | €13,653 | €15,311 | €15,087 | €15,357 | €14,527 | €13,453 | €10,583 | ▼ 21.3% |
| Financial income75/76B | - | - | - | - | €0 | €0 | - | - |
| Recurring financial income75 | - | - | - | - | €0 | €0 | - | - |
| Financial charges65/66B | - | - | - | €1,287 | €1,162 | €801 | €521 | ▼ 34.9% |
| Recurring financial charges65 | €2,482 | €2,174 | €1,874 | €1,287 | €1,162 | €801 | €521 | ▼ 34.9% |
| Profit (loss) for the period before taxes9903 | €11,171 | €13,137 | €13,213 | €14,070 | €13,365 | €12,653 | €10,061 | ▼ 20.5% |
| Income taxes67/77 | €3,512 | €4,148 | €3,517 | €3,738 | €3,556 | €3,377 | €2,742 | ▼ 18.8% |
| Profit (loss) for the period9904 | €7,659 | €8,989 | €9,695 | €10,332 | €9,809 | €9,276 | €7,319 | ▼ 21.1% |
| Profit (loss) for the period to be appropriated9905 | €7,659 | €8,989 | €9,695 | €10,332 | €9,809 | €9,276 | €7,319 | ▼ 21.1% |
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|
| Assets | ||||||||
| Total assets20/58 | €264,243 | €257,712 | €249,542 | €236,853 | €232,226 | €223,745 | €213,787 | ▼ 4.5% |
| Fixed assets21/28 | €256,314 | €251,365 | €242,655 | €233,945 | €225,235 | €216,525 | €207,815 | ▼ 4.0% |
| Tangible fixed assets22/27 | €256,314 | €251,365 | €242,655 | €233,945 | €225,235 | €216,525 | €207,815 | ▼ 4.0% |
| Land and buildings22 | - | - | - | €226,823 | €219,894 | €212,964 | €206,034 | ▼ 3.3% |
| Plant, machinery and equipment23 | - | - | - | €7,122 | €5,341 | €3,561 | €1,780 | ▼ 50.0% |
| Current assets29/58 | €7,929 | €6,347 | €6,887 | €2,908 | €6,991 | €7,220 | €5,973 | ▼ 17.3% |
| Cash at bank and in hand54/58 | €6,537 | €6,034 | €3,168 | €2,552 | €6,601 | €6,055 | €5,602 | ▼ 7.5% |
| Deferred charges and accrued income490/1 | - | - | - | €356 | €391 | €1,165 | €370 | ▼ 68.2% |
| Equity and liabilities | ||||||||
| Total equity and liabilities10/49 | €264,243 | €257,712 | €249,542 | €236,853 | €232,226 | €223,745 | €213,787 | ▼ 4.5% |
| Equity10/15 | €74,966 | €83,955 | €93,650 | €103,982 | €113,791 | €123,067 | €130,386 | ▲ 5.9% |
| Contributions10/11 | €18,600 | - | - | €18,600 | €18,600 | €18,600 | €18,600 | = |
| Reserves13 | €56,366 | €65,355 | €75,050 | €85,382 | €95,191 | €104,467 | €111,786 | ▲ 7.0% |
| Non-distributable reserves130/1 | - | - | - | €1,860 | €1,860 | €0 | - | - |
| Reserves not available under the articles1311 | - | - | - | €1,860 | €1,860 | €0 | - | - |
| Distributable reserves133 | - | - | - | €83,522 | €93,331 | €104,467 | €111,786 | ▲ 7.0% |
| Amounts payable17/49 | €189,276 | €173,757 | €155,892 | €132,871 | €118,435 | €100,678 | €83,401 | ▼ 17.2% |
| Amounts payable after more than one year17 | €93,326 | €73,211 | €53,280 | €35,837 | €18,079 | €0 | - | - |
| Financial debts170/4 | - | - | - | €35,837 | €18,079 | €0 | - | - |
| Amounts payable within one year42/48 | €94,805 | €99,997 | €100,766 | €96,484 | €100,357 | €100,678 | €82,603 | ▼ 18.0% |
| Current portion of amounts payable after more than one year42 | - | - | - | €17,443 | €17,758 | €18,079 | €0 | ▼ 100% |
| Trade debts44 | €3,128 | €3,708 | €3,708 | €62 | €3,801 | €3,955 | €4,594 | ▲ 16.2% |
| Suppliers440/4 | - | - | - | €62 | €3,801 | €3,955 | €4,594 | ▲ 16.2% |
| Taxes, remuneration and social security45 | - | - | - | €3,738 | €3,556 | €3,377 | €2,742 | ▼ 18.8% |
| Taxes450/3 | - | - | - | €3,738 | €3,556 | €3,377 | €2,742 | ▼ 18.8% |
| Other amounts payable47/48 | - | - | - | €75,241 | €75,241 | €75,268 | €75,268 | = |
| Accrued charges and deferred income492/3 | - | - | - | €550 | €0 | - | €798 | - |
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €7,659 | €8,989 | €9,695 | €10,332 | €9,809 | €9,276 | €7,319 | ▼ 21.1% |
| + Depreciation and write-downs630 | €8,361 | €8,443 | €8,710 | €8,710 | €8,710 | €8,710 | €8,710 | = |
| Operating cash flow (approximation) | €16,020 | €17,432 | €18,405 | €19,042 | €18,519 | €17,986 | €16,030 | ▼ 10.9% |
| Investment in fixed assets (approximation) | - | -€3,494 | €0 | €0 | €0 | €0 | €0 | - |
| Change in cash | - | -€503 | -€2,866 | -€615 | €4,048 | -€546 | -€453 | ▲ 17.1% |
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, 17,041 companies had the same profile as IBC has now. Two years later, 94.4% were still going and 0.5% had gone bankrupt.
- Micro
- 20 years or older
- solvency 30% or more
- a profit under 5% of the balance sheet
94.4%
was still going
4.9%
stopped otherwise
0.5%
went bankrupt
Another 0.2% stopped without a precise date, possibly only after those two years.
That fits the bankruptcy probability of IBC itself: 0.2% 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 17,041 companies, not a prediction for IBC. 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 28 filings with the National Bank
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 30-09-2025 | micro format | 09-03-2026 | 2026-00050768 | |
| 30-09-2024 | micro format | 07-03-2025 | 2025-00045196 | |
| 30-09-2023 | micro format | 19-03-2024 | 2024-00045559 | |
| 30-09-2022 | micro format | 28-03-2023 | 2023-00046721 | |
| 30-09-2021 | micro format | 31-03-2022 | 2022-09300435 | |
| 30-09-2020 | micro format | 09-04-2021 | 2021-10000137 | |
| 30-09-2019 | micro format | 02-04-2020 | 2020-08300069 | |
| 30-09-2018 | micro format | 29-03-2019 | 2019-08100482 | |
| 30-09-2017 | micro format | 22-03-2018 | 2018-07300158 | |
| 30-09-2016 | abbreviated format | 29-03-2017 | 2017-07600567 |