IBF
ActiveFinancials · financial year 2025, full format
Annual accounts 2025 filed on 10-07-2026 at the NBB all 35 filings
Turnover
≈ €810,000
Estimated: probably between €480,000 and €1.4m
EBIT margin
Not included in this filing
Net result
€573,269▲ 3.8%
2024 · €552,262
Working capital
€286,051▲ 12×
2024 · €24,234
Multi-year overview
2018 to 2025, 8 financial yearsOperating result
€36,367
▲ 186%
2025
20182025
Net result
€573,269
▲ 3.8%
2025
20182025
Equity
€11.7m
=
2025
20182025
Total assets
€12.3m
▲ 0.2%
2025
20182025
Debt
€606,889
▲ 5.4%
2025
20182025
Working capital
€286,051
▲ 12×
2025
20182025
Every figure per financial year
Every figure with its change against the financial year before
favourable
unfavourable
Line20182019202020212022202320242025
Operating result€0.3m-€0.2m▼ 25.0%€0.2m▲ 12.6%€0.2m▼ 14.2%€0.2m▲ 21.3%€0.07m▼ 69.1%€0.01m▼ 83.0%€0.04m▲ 186%
Net result€0.5m-€0.8m▲ 69.3%€0.9m▲ 15.6%€0.9m▼ 2.6%€1.2m▲ 26.2%€0.8m▼ 30.0%€0.6m▼ 31.6%€0.6m▲ 3.8%
Equity€2.6m-€2.6m=€2.6m▲ 0.1%€2.6m▼ 0.1%€2.6m▼ 0.1%€11.7m▲ 349%€11.7m=€11.7m=
Total assets€3.3m-€3.6m▲ 9.4%€3.6m▲ 1.3%€3.6m▼ 1.9%€3.8m▲ 6.4%€12.9m▲ 240%€12.3m▼ 4.7%€12.3m▲ 0.2%
Debt€0.6m-€1.0m▲ 51.3%€1.0m▲ 4.5%€1.0m▼ 6.7%€1.2m▲ 24.0%€1.2m▼ 0.3%€0.6m▼ 51.1%€0.6m▲ 5.4%
Working capital-€0.07m--€0.06m▲ 2.3%-€0.1m▼ 58.6%-€0.1m▼ 19.9%-€0.1m▲ 7.8%-€0.3m▼ 122%€0.02m€0.3m▲ 12×
The operating result for 2025 is 186% higher than in 2024. It is a recovery after the fall in 2024.
The turnover shown is an estimate from the gross margin.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €12.3m
Fixed assets
€11.4m ▼ 2.3%
Current assets
€892,941 ▲ 48.8%
Equity and liabilities €12.3m
Equity
€11.7m =
Debt
€606,889 ▲ 5.4%
Debt's share of the balance-sheet total rises from 4.7% to 4.9%. Debt is higher.
Key figures and ratios
EBITDA
€302,115▲
2024 · €293,663
Cash flow
€839,017▲
2024 · €833,227
Current ratio
1.47▲
2024 · 1.04
Debt to equity
0.05▲
2024 · 0.05
ROE
4.9%▲
2024 · 4.7%
ROA
4.7%▲
2024 · 4.5%
Interest coverage
over 100
2024 · over 100
Debt ≤ 1 year
€606,889▲
2024 · €575,676
Income taxes
€77,236▲
2024 · €71,260
Green means a favourable move, even when the figure itself falls, as with debt or debt to equity.
Securities and guarantees
| Item | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Debts secured on the company's own assets | - | €25,389 | €14,981 | €4,435 | - |
Source: notes to the 2021 to 2025 annual accounts (statement of debts and off-balance-sheet rights and commitments)
Annual accounts
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €0.02m | €0.02m | €0.02m | €0.02m | €0.02m | €0.2m | €0.3m | €0.3m | ▼ 5.4% |
| Other operating charges640/8 | - | - | - | €0.03m | €0.03m | €0.04m | €0.04m | €0.04m | ▲ 3.1% |
| Gross operating margin9900 | €0.3m | €0.3m | €0.3m | €0.3m | €0.3m | €0.3m | €0.3m | €0.3m | ▲ 2.9% |
| Operating profit (loss)9901 | €0.3m | €0.2m | €0.2m | €0.2m | €0.2m | €0.07m | €0.01m | €0.04m | ▲ 186% |
| Financial income75/76B | - | - | - | €0.8m | €1.0m | €0.8m | €0.6m | €0.6m | ▲ 0.5% |
| Recurring financial income75 | €0.3m | €0.7m | €0.8m | €0.8m | €1.0m | €0.8m | €0.6m | €0.6m | ▲ 0.5% |
| Financial charges65/66B | - | - | - | €0.002m | €0.001m | €0.001m | €487 | €192 | ▼ 60.6% |
| Recurring financial charges65 | €0.001m | €0.02m | €0.001m | €0.002m | €0.001m | €0.001m | €487 | €192 | ▼ 60.6% |
| Profit (loss) for the period before taxes9903 | €0.6m | €0.9m | €1.0m | €1.0m | €1.2m | €0.9m | €0.6m | €0.7m | ▲ 4.3% |
| Income taxes67/77 | €0.08m | €0.05m | €0.06m | €0.05m | €0.06m | €0.07m | €0.07m | €0.08m | ▲ 8.4% |
| Profit (loss) for the period9904 | €0.5m | €0.8m | €0.9m | €0.9m | €1.2m | €0.8m | €0.6m | €0.6m | ▲ 3.8% |
| Profit (loss) for the period to be appropriated9905 | €0.5m | €0.8m | €0.9m | €0.9m | €1.2m | €0.8m | €0.6m | €0.6m | ▲ 3.8% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Assets | |||||||||
| Total assets20/58 | €3.3m | €3.6m | €3.6m | €3.6m | €3.8m | €12.9m | €12.3m | €12.3m | ▲ 0.2% |
| Fixed assets21/28 | €2.8m | €2.8m | €2.8m | €2.8m | €2.7m | €12.0m | €11.7m | €11.4m | ▼ 2.3% |
| Tangible fixed assets22/27 | €0.4m | €0.4m | €0.4m | €0.4m | €0.4m | €7.7m | €7.4m | €7.1m | ▼ 3.6% |
| Land and buildings22 | - | - | - | €0.4m | €0.4m | €7.7m | €7.4m | €7.1m | ▼ 3.6% |
| Financial fixed assets28 | €2.4m | €2.4m | €2.4m | €2.4m | €2.4m | €4.3m | €4.3m | €4.3m | = |
| Current assets29/58 | €0.5m | €0.8m | €0.9m | €0.8m | €1.1m | €0.9m | €0.6m | €0.9m | ▲ 48.8% |
| Amounts receivable after more than one year29 | - | - | - | - | - | €0.4m | €0.4m | €0.5m | ▲ 14.0% |
| Trade receivables290 | - | - | - | - | - | €0.4m | €0.4m | €0.5m | ▲ 14.0% |
| Stocks and contracts in progress3 | €0.07m | €0.2m | €0.04m | - | - | - | - | - | - |
| Amounts receivable within one year40/41 | €0.01m | €0.01m | €0.005m | €0.01m | €0.01m | - | - | - | - |
| Other amounts receivable41 | - | - | - | €0.01m | €0.01m | - | - | - | - |
| Cash at bank and in hand54/58 | €0.4m | €0.6m | €0.8m | €0.8m | €1.0m | €0.5m | €0.2m | €0.4m | ▲ 143% |
| Deferred charges and accrued income490/1 | - | - | - | - | - | €0.007m | €0.007m | €0.007m | ▼ 3.1% |
| Equity and liabilities | |||||||||
| Total equity and liabilities10/49 | €3.3m | €3.6m | €3.6m | €3.6m | €3.8m | €12.9m | €12.3m | €12.3m | ▲ 0.2% |
| Equity10/15 | €2.6m | €2.6m | €2.6m | €2.6m | €2.6m | €11.7m | €11.7m | €11.7m | = |
| Contributions10/11 | €0.3m | €0.3m | €0.3m | €0.3m | €0.3m | €0.3m | €0.3m | €0.3m | = |
| Capital10 | - | - | - | €0.3m | €0.3m | €0.3m | €0.3m | €0.3m | = |
| Issued capital100 | - | - | - | €0.3m | €0.3m | €0.3m | €0.3m | €0.3m | = |
| Revaluation surpluses12 | - | - | - | - | - | €9.4m | €9.0m | €8.7m | ▼ 2.9% |
| Reserves13 | €2.3m | €2.3m | €2.3m | €2.3m | €2.3m | €2.0m | €2.4m | €2.7m | ▲ 10.7% |
| Non-distributable reserves130/1 | - | - | - | €0.03m | €0.03m | €0.03m | €0.03m | €0.03m | = |
| Legal reserve130 | - | - | - | €0.03m | €0.03m | €0.03m | €0.03m | €0.03m | = |
| Distributable reserves133 | - | - | - | €2.3m | €2.3m | €1.9m | €2.4m | €2.6m | ▲ 10.8% |
| Profit (loss) carried forward14 | €0.004m | €0.004m | €0.006m | €0.004m | €0.003m | €0.005m | €0.006m | €0.002m | ▼ 65.7% |
| Investment grants15 | - | - | - | €0.002m | €0.001m | €0.001m | - | - | - |
| Provisions and deferred taxes16 | €0.02m | - | - | - | - | - | - | - | - |
| Amounts payable17/49 | €0.6m | €1.0m | €1.0m | €1.0m | €1.2m | €1.2m | €0.6m | €0.6m | ▲ 5.4% |
| Amounts payable after more than one year17 | €0.06m | €0.05m | €0.04m | €0.03m | €0.01m | €0.004m | - | - | - |
| Financial debts170/4 | - | - | - | €0.03m | €0.01m | €0.004m | - | - | - |
| Amounts payable within one year42/48 | €0.6m | €0.9m | €1.0m | €0.9m | €1.2m | €1.2m | €0.6m | €0.6m | ▲ 5.4% |
| Current portion of amounts payable after more than one year42 | - | - | - | €0.01m | €0.01m | €0.01m | €0.004m | - | - |
| Trade debts44 | €0.006m | €0.03m | €0.004m | €0.001m | €385 | €0.002m | €47 | €0.002m | ▲ 35× |
| Suppliers440/4 | - | - | - | €0.001m | €385 | €0.002m | €47 | €0.002m | ▲ 35× |
| Taxes, remuneration and social security45 | - | - | - | - | €287 | €0.009m | €0.02m | €0.03m | ▲ 40.2% |
| Taxes450/3 | - | - | - | - | €287 | €0.009m | €0.02m | €0.03m | ▲ 40.2% |
| Other amounts payable47/48 | - | - | - | €0.9m | €1.2m | €1.2m | €0.6m | €0.6m | ▲ 4.7% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €0.5m | €0.8m | €0.9m | €0.9m | €1.2m | €0.8m | €0.6m | €0.6m | ▲ 3.8% |
| + Depreciation and write-downs630 | €0.02m | €0.02m | €0.02m | €0.02m | €0.02m | €0.2m | €0.3m | €0.3m | ▼ 5.4% |
| Operating cash flow (approximation) | €0.5m | €0.8m | €1.0m | €0.9m | €1.2m | €1.0m | €0.8m | €0.8m | ▲ 0.7% |
| Investment in fixed assets (approximation) | - | €0 | -€0.05m | €0 | €0 | -€9.4m | €0 | €0 | - |
| Change in cash | - | €0.2m | €0.2m | -€0.01m | €0.2m | -€0.6m | -€0.3m | €0.2m | - |
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, 1,887 companies had the same profile as IBF has now. Two years later, 97.9% were still going and 0.1% had gone bankrupt.
- Medium-sized
- 20 years or older
- solvency 30% or more
- a profit under 5% of the balance sheet
97.9%
was still going
2.0%
stopped otherwise
0.1%
went bankrupt
That fits the bankruptcy probability of IBF 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 1,887 companies, not a prediction for IBF. 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 35 filings with the National Bank
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-12-2025 | full format | 10-07-2026 | 2026-00295614 | |
| 31-12-2024 | abbreviated format | 30-06-2025 | 2025-00220355 | |
| 31-12-2023 | abbreviated format | 28-06-2024 | 2024-00183502 | |
| 31-12-2022 | abbreviated format | 30-06-2023 | 2023-00187219 | |
| 31-12-2021 | abbreviated format | 05-07-2022 | 2022-20174835 | |
| 31-12-2020 | abbreviated format | 30-06-2021 | 2021-29300275 | |
| 31-12-2019 | abbreviated format | 30-06-2020 | 2020-24600223 | |
| 31-12-2018 | abbreviated format | 28-06-2019 | 2019-26600438 | |
| 31-12-2017 | abbreviated format | 22-06-2018 | 2018-22400006 | |
| 31-12-2016 | full format | 30-06-2017 | 2017-27600524 |