IBOO
ActiveFinancials · financial year 2025, abbreviated 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, 2026-00443288.
Annual accounts 2025 filed on 28-08-2026 at the NBB all 7 filings
Turnover
≈ €6.2m
Estimated: probably between €4.2m and €10.0m
EBIT margin
Not included in this filing
Net result
€203,385▲ 10.2%
2024 · €184,556
Working capital
€144,809▼ 8.2%
2024 · €157,724
Multi-year overview
2019 to 2025, 7 financial yearsOperating result
€253,920
▲ 6.2%
2025
20192025
Net result
€203,385
▲ 10.2%
2025
highest quarter of the sector
20192025
Equity
€280,212
▲ 40.6%
2025
middle half of the sector
20192025
Total assets
€1.1m
▼ 6.3%
2025
middle half of the sector
20192025
Debt
€837,403
▼ 15.7%
2025
20192025
Working capital
€144,809
▼ 8.2%
2025
middle half of the sector
20192025
Solvency
25.1%
▲ 8.4pp
2025
middle half of the sector
20192025
Current ratio
1.21
▲ 0.03
2025
middle half of the sector
20192025
Return on assets (ROA)
18.2%
▲ 2.7pp
2025
middle half of the sector
20192025
Staff (FTE)
2.8
▲ 7.7%
2025
middle half of the sector
20192025
Every figure per financial year
Every figure with its change against the financial year before
favourable
unfavourable
Line2019202020212022202320242025
Operating result€0.03m-€0.05m▲ 44.9%€0.06m▲ 24.6%€0.2m▲ 152%€0.1m▼ 7.3%€0.2m▲ 66.7%€0.3m▲ 6.2%
Net result€0.03m-€0.04mabove the sector's middle half▲ 44.8%€0.05mwithin the sector's middle half▲ 37.0%€0.2mwithin the sector's middle half▲ 180%€0.1mwithin the sector's middle half▼ 36.2%€0.2mwithin the sector's middle half▲ 90.2%€0.2mabove the sector's middle half▲ 10.2%
Equity€0.02m-€0.04mwithin the sector's middle half▲ 88.8%€0.07mbelow the sector's middle half▲ 49.7%€0.08mbelow the sector's middle half▲ 15.9%€0.1mwithin the sector's middle half▲ 50.6%€0.2mwithin the sector's middle half▲ 73.7%€0.3mwithin the sector's middle half▲ 40.6%
Total assets€0.1m-€0.2mwithin the sector's middle half▲ 131%€0.4mbelow the sector's middle half▲ 69.0%€0.5mwithin the sector's middle half▲ 38.5%€0.7mwithin the sector's middle half▲ 41.0%€1.2mwithin the sector's middle half▲ 63.6%€1.1mwithin the sector's middle half▼ 6.3%
Debt€0.07m-€0.2m▲ 144%€0.3m▲ 73.8%€0.4m▲ 43.4%€0.6m▲ 39.4%€1.0m▲ 61.7%€0.8m▼ 15.7%
Working capital€0.04m-€0.02mwithin the sector's middle half▼ 47.4%€0.007mbelow the sector's middle half▼ 67.8%€0.05mwithin the sector's middle half▲ 615%€0.02mbelow the sector's middle half▼ 65.3%€0.2mwithin the sector's middle half▲ 833%€0.1mwithin the sector's middle half▼ 8.2%
Solvency24.3%-19.9%within the sector's middle half▼ 4.4pp17.6%within the sector's middle half▼ 2.3pp14.7%within the sector's middle half▼ 2.9pp15.7%within the sector's middle half▲ 1.0pp16.7%within the sector's middle half▲ 1.0pp25.1%within the sector's middle half▲ 8.4pp
Current ratio2.33-1.26within the sector's middle half▼ 1.081.03below the sector's middle half▼ 0.231.12within the sector's middle half▲ 0.091.03below the sector's middle half▼ 0.091.18within the sector's middle half▲ 0.151.21within the sector's middle half▲ 0.03
Return on assets (ROA)28.6%-18.0%within the sector's middle half▼ 10.7pp14.6%above the sector's middle half▼ 3.4pp29.4%above the sector's middle half▲ 14.8pp13.3%above the sector's middle half▼ 16.1pp15.5%above the sector's middle half▲ 2.2pp18.2%within the sector's middle half▲ 2.7pp
Staff (FTE)0.4-0.9within the sector's middle half▲ 125%1.3below the sector's middle half▲ 44.4%2below the sector's middle half▲ 53.8%2.8below the sector's middle half▲ 40.0%2.6below the sector's middle half▼ 7.1%2.8within the sector's middle half▲ 7.7%
above
within
below
The sector band is the middle half of the companies in Employment activities (NACE 78). 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 6% higher than in 2024 and the highest since 2021. It is the second rise in a row, after the fall in 2023.
The turnover shown is an estimate from the gross margin.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €1.1m
Fixed assets
€268,635 ▲ 83.8%
Current assets
€848,980 ▼ 18.9%
Equity and liabilities €1.1m
Equity
€280,212 ▲ 40.6%
Debt
€837,403 ▼ 15.7%
Debt's share of the balance-sheet total falls from 83.3% to 74.9%. Equity is higher and debt is lower.
Key figures and ratios
EBITDA
€315,195▲
2024 · €276,854
Cash flow
€264,660▲
2024 · €222,285
Debt to equity
2.99▼
2024 · 4.98
ROE
72.6%▼
2024 · 92.6%
Interest coverage
over 100
2024 · over 100
Debt ≤ 1 year
€704,171▼
2024 · €889,037
Debt > 1 year
€89,756▲
2024 · €17,610
Income taxes
€47,503▼
2024 · €53,089
Staff costs
€3.3m▲
2024 · €2.5m
Green means a favourable move, even when the figure itself falls, as with debt or debt to equity.
Staff
| Item | 31-12-2021 | 31-12-2022 | 31-12-2023 | 31-12-2024 | 31-12-2025 |
|---|---|---|---|---|---|
| Employees at the balance-sheet date | 2 | 2 | 3 | 3 | 3 |
| full-time | 2 | 2 | 2 | 2 | 2 |
| part-time | - | - | 1 | 1 | 1 |
| in full-time equivalents | 2 | 2 | 2.8 | 2.8 | 2.8 |
| Average over the year, in full-time equivalents | 1.3 | 2 | 2.9 | 2.6 | 2.8 |
| On a permanent contract | 2 | 2 | 3 | 3 | 3 |
| Joined | 2 | 1 | 4 | 2 | 1 |
| Left | 1 | 1 | 3 | 2 | 1 |
Source: social balance sheet in the 2021 to 2025 annual accounts
Investments
| Item | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Tangible fixed assets | €3,608 | €36,468 | €113,911 | €4,562 | €229,611 |
| Financial fixed assets | - | - | - | €40,000 | - |
| Depreciation and write-downs of the year | €12,840 | €11,573 | €34,658 | €37,729 | €61,275 |
Source: notes to the 2021 to 2025 annual accounts (statement of fixed assets)
Annual accounts
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|
| Remuneration, social security and pensions62 | - | - | €0.7m | €1.2m | €2.0m | €2.5m | €3.3m | ▲ 29.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €0.005m | €0.01m | €0.01m | €0.01m | €0.03m | €0.04m | €0.06m | ▲ 62.4% |
| Other operating charges640/8 | - | - | €0.002m | €0.002m | €0.006m | €0.003m | €0.005m | ▲ 62.1% |
| Gross operating margin9900 | €0.05m | €0.1m | €0.7m | €1.3m | €2.2m | €2.8m | €3.6m | ▲ 28.1% |
| Operating profit (loss)9901 | €0.03m | €0.05m | €0.06m | €0.2m | €0.1m | €0.2m | €0.3m | ▲ 6.2% |
| Financial income75/76B | - | - | €0.004m | - | €129 | €28 | €24 | ▼ 14.3% |
| Recurring financial income75 | - | - | €0.004m | - | €129 | €28 | €24 | ▼ 14.3% |
| Financial charges65/66B | - | - | €0.003m | €0.003m | €0.003m | €0.002m | €0.003m | ▲ 103% |
| Recurring financial charges65 | €0.001m | €0.004m | €0.003m | €0.003m | €0.003m | €0.002m | €0.003m | ▲ 103% |
| Profit (loss) for the period before taxes9903 | €0.03m | €0.05m | €0.06m | €0.2m | €0.1m | €0.2m | €0.3m | ▲ 5.6% |
| Income taxes67/77 | €0.005m | €0.006m | €0.008m | -€174 | €0.04m | €0.05m | €0.05m | ▼ 10.5% |
| Profit (loss) for the period9904 | €0.03m | €0.04m | €0.05m | €0.2m | €0.1m | €0.2m | €0.2m | ▲ 10.2% |
| Profit (loss) for the period to be appropriated9905 | €0.03m | €0.04m | €0.05m | €0.2m | €0.1m | €0.2m | €0.2m | ▲ 10.2% |
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|
| Assets | ||||||||
| Total assets20/58 | €0.1m | €0.2m | €0.4m | €0.5m | €0.7m | €1.2m | €1.1m | ▼ 6.3% |
| Formation expenses20 | €193 | - | - | - | - | - | - | - |
| Fixed assets21/28 | €0.03m | €0.1m | €0.1m | €0.06m | €0.1m | €0.1m | €0.3m | ▲ 83.8% |
| Intangible fixed assets21 | - | - | €0 | - | - | - | - | - |
| Tangible fixed assets22/27 | €0.02m | €0.04m | €0.03m | €0.06m | €0.1m | €0.1m | €0.3m | ▲ 162% |
| Furniture and vehicles24 | - | - | €0.03m | €0.06m | €0.1m | €0.1m | €0.2m | ▲ 133% |
| Other tangible fixed assets26 | - | - | - | - | - | - | €0.03m | - |
| Financial fixed assets28 | €0.003m | €0.07m | €0.07m | €0.004m | €0.004m | €0.04m | €0.002m | ▼ 96.4% |
| Current assets29/58 | €0.07m | €0.1m | €0.3m | €0.5m | €0.6m | €1.0m | €0.8m | ▼ 18.9% |
| Amounts receivable within one year40/41 | €89 | €0.04m | €0.2m | €0.2m | €0.3m | €0.6m | €0.7m | ▲ 21.5% |
| Trade receivables40 | - | - | €0.2m | €0.2m | €0.3m | €0.6m | €0.7m | ▲ 21.9% |
| Other amounts receivable41 | - | - | €499 | €0.006m | - | €0.002m | - | - |
| Cash at bank and in hand54/58 | €0.04m | €0.06m | €0.1m | €0.2m | €0.1m | €0.4m | €0.1m | ▼ 75.2% |
| Deferred charges and accrued income490/1 | - | - | - | €0.009m | €0.1m | €0.002m | - | - |
| Equity and liabilities | ||||||||
| Total equity and liabilities10/49 | €0.1m | €0.2m | €0.4m | €0.5m | €0.7m | €1.2m | €1.1m | ▼ 6.3% |
| Equity10/15 | €0.02m | €0.04m | €0.07m | €0.08m | €0.1m | €0.2m | €0.3m | ▲ 40.6% |
| Contributions10/11 | €0.01m | - | €0.01m | €0.02m | €0.02m | €0.02m | €0.02m | = |
| Reserves13 | €0.01m | €0.03m | €0.06m | €0.06m | €0.06m | €0.06m | €0.06m | = |
| Non-distributable reserves130/1 | - | - | - | €0.002m | €0.002m | €0.002m | €0.002m | = |
| Other1319 | - | - | - | €0.002m | €0.002m | €0.002m | €0.002m | = |
| Distributable reserves133 | - | - | €0.06m | €0.06m | €0.06m | €0.06m | €0.06m | = |
| Profit (loss) carried forward14 | - | - | - | - | €0.04m | €0.1m | €0.2m | ▲ 65.7% |
| Amounts payable17/49 | €0.07m | €0.2m | €0.3m | €0.4m | €0.6m | €1.0m | €0.8m | ▼ 15.7% |
| Amounts payable after more than one year17 | €0.04m | €0.09m | €0.05m | €0.04m | €0.04m | €0.02m | €0.09m | ▲ 410% |
| Financial debts170/4 | - | - | €0.05m | €0.04m | €0.04m | €0.02m | €0.09m | ▲ 410% |
| Amounts payable within one year42/48 | €0.03m | €0.08m | €0.3m | €0.4m | €0.6m | €0.9m | €0.7m | ▼ 20.8% |
| Current portion of amounts payable after more than one year42 | - | - | €0.05m | €0.04m | €0.03m | €0.03m | €0.05m | ▲ 69.6% |
| Trade debts44 | €0.005m | €0.02m | €0.02m | €0.09m | €0.3m | €0.4m | €0.3m | ▼ 23.7% |
| Suppliers440/4 | - | - | €0.02m | €0.09m | €0.3m | €0.4m | €0.3m | ▼ 23.7% |
| Taxes, remuneration and social security45 | - | - | €0.2m | €0.2m | €0.3m | €0.5m | €0.4m | ▼ 23.4% |
| Taxes450/3 | - | - | €0.07m | €0.09m | €0.1m | €0.2m | €0.05m | ▼ 71.8% |
| Remuneration and social security454/9 | - | - | €0.1m | €0.09m | €0.1m | €0.3m | €0.3m | ▲ 5.5% |
| Other amounts payable47/48 | - | - | - | €0.1m | €356 | €0.002m | €0.001m | ▼ 43.0% |
| Accrued charges and deferred income492/3 | - | - | - | - | - | €0.09m | €0.04m | ▼ 50.0% |
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €27,389 | €39,666 | €54,332 | €152,010 | €97,053 | €184,556 | €203,385 | ▲ 10.2% |
| + Depreciation and write-downs630 | €4,613 | €10,490 | €12,840 | €11,573 | €34,658 | €37,729 | €61,275 | ▲ 62.4% |
| Operating cash flow (approximation) | €32,002 | €50,156 | €67,172 | €163,583 | €131,711 | €222,285 | €264,660 | ▲ 19.1% |
| Investment in fixed assets (approximation) | - | -€102,610 | -€3,433 | €33,532 | -€113,911 | -€41,751 | -€183,743 | ▼ 340% |
| Change in cash | - | €21,153 | €47,081 | €93,312 | -€101,219 | €335,025 | -€327,308 | - |
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, 6,713 companies had the same profile as IBOO has now. Two years later, 95.8% were still going and 1.8% had gone bankrupt.
- Micro
- 5 to 10 years old
- solvency 10 to 30%
- a profit of 5% of the balance sheet or more
95.8%
was still going
2.2%
stopped otherwise
1.8%
went bankrupt
Another 0.2% stopped without a precise date, possibly only after those two years.
That fits the bankruptcy probability of IBOO itself: 0.7% 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 6,713 companies, not a prediction for IBOO. 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.
Filings with the National Bank (7)
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-12-2025 | abbreviated format | 28-08-2026 | 2026-00443288 | |
| 31-12-2024 | full format | 29-09-2025 | 2025-00509597 | |
| 31-12-2023 | full format | 31-08-2024 | 2024-00425374 | |
| 31-12-2022 | full format | 30-08-2023 | 2023-00374752 | |
| 31-12-2021 | full format | 31-08-2022 | 2022-20364115 | |
| 31-12-2020 | micro format | 31-08-2021 | 2021-61500193 | |
| 31-12-2019 | micro format | 17-06-2020 | 2020-17200452 |