Checked.be
Active
BE 0888.145.361Private limited company
IC PROJECTS
Bilksken 24 ·9920 Lievegem, Belgium· 19 yrs active
Sector: Roofing work
(43410)
Conclusion
IC PROJECTS has been active since 2007 and the Belgian State Gazette contains no insolvency or warning signals. The 2025 annual accounts show equity of €647k and a net result of €12k. Equity is growing by ~2.7% per year across the filed fiscal years. Its solvency ranks better than 84% of 7505 sector peers (fiscal year 2025). The computed 12-month bankruptcy probability is 0.7% (low).
Based on the State Gazette, CBE and 5 annual accounts.
Key figures
| Equity | €647k |
| Net result | €12k |
| Better than sector | 84% |
| Active | 19 yrs |
Financial profile
67
/ 100
Strong profile, led by solvency.
All 5 axes are computed from data Checked has read.
Health
73
Profitability
9
Solvency
100
Growth
52
Stability
100
Bankruptcy probability (12 mo)
Risk Assessment
0 / 100
Low riskTrust signals
Established
Founded in 2007, 19 years in business.
No legal incidents
No bankruptcy, reorganisation or interim measure in the Belgisch Staatsblad, and the KBO register records a normal legal situation.
Administrative Flags
No strikeouts found in the KBO publications we processed. That series starts in 2021 and has gaps, so this is not a confirmation that there is nothing.
Checked score
73
/ 100
Healthy
Computed from 4 of the 6 factors this model weighs. The rest cannot be derived from the filed figures, or need a prior year to compare against.
Indicative credit limit
€45k
estimate, not credit advice
Score history
75
2021
78
2022
53
2023
86
2024
73
2025
purely financial, excl. current insolvency signals
Score components
Liquidity
Current ratio 4.13 (≥ 1.5)
+10
Leverage
Debt/equity 0.32 (< 1.0)
+10
Profitability
ROE 2%
+3
Profit trend
Net profit down YoY
-3
Equity growth
Equity growing YoY
+3
Computed by Checked from the NBB filing for FY 2025. Indicative, not credit advice.
Financial overview
Annual accounts filed on 30-10-2025 with the NBB · fiscal year 2025 · abbreviated schema
Trajectory (indicative)
Projection over 3 fiscal years from the filed annual accounts, not a forecast, the extended trend.
growing
Equity: growth of ~2.7%/year over 5 fiscal years, indicative, assuming unchanged policy.
Solid line = filed figures · dashed = extended trend · area = indicative range.
How do we compute this?
The trend is a robust median of all pairwise slopes between fiscal years (Theil-Sen), so a single odd year cannot hijack the line. For strictly positive series we also fit a log variant (compound annual growth) and keep whichever describes the figures best.
The area around the projection is 1.8 × the median absolute deviation from the trend, widening each year ahead (×1 / ×1.6 / ×2.2), with a minimum of 8% of the last value. It is an indicative range, not a statistical confidence interval.
A series whose deviations exceed 35% of its level is too volatile: we then deliberately show no projection. Every projection assumes unchanged policy and is blind to non-public information (order book, contracts, funding rounds).
Sector comparison
Fiscal year 2025 · NACE 43, Specialised construction activities · compared within the same schema type (abbreviated schema)
| Metric | This company | Sector median | Position in the sector |
|---|---|---|---|
| Solvency | 75.7% | 44.0% | |
| Net result | €12k | €29k | |
| Equity | €647k | €274k | |
| Gross operating margin | €14k | €272k | |
| Total assets | €855k | €739k |
€12k
-31.7%
21-25
€855k
+26.2%
21-25
€647k
+1.9%
21-25
€648k
+2.0%
21-25
€5k
+10.7%
21-25
€100k
-
21-25
€208k
+388.6%
21-25
€207k
+386.8%
21-25
4.13
-74.1%
21-25
0.63
-92.6%
21-25
75.7%
-19.3%
21-25
0.32
+379.7%
21-25
1.8%
-33.0%
21-25
1.4%
-45.9%
21-25
Figures by fiscal year and ratios
| Fiscal year | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|
| Deposit | abbreviated schema | abbreviated schema | abbreviated schema | abbreviated schema | abbreviated schema |
| Revenue | - | - | - | - | - |
| EBITDA | - | - | - | - | - |
| Net profit | €12k | €17k | €15k | €36k | €252k |
| Cash flow | - | - | - | - | - |
| Staff costs | - | - | - | - | - |
| Income taxes | €5k | €5k | €5k | €12k | €11k |
| Dividends | - | - | - | - | €100k |
| Total assets | €855k | €678k | €618k | €636k | €941k |
| Equity | €647k | €635k | €618k | €604k | €568k |
| Debt | €208k | €43k | - | €33k | €374k |
| of which ≤ 1y | €207k | €43k | - | €23k | €324k |
| of which > 1y | - | - | - | - | - |
| Working capital | €648k | €635k | - | €614k | €617k |
| Employees (FTE) | - | - | - | - | - |
Ratios (computed)
| 2025 | 2024 | 2023 | 2022 | 2021 | |
|---|---|---|---|---|---|
| Current ratio | 4.13 | 15.92 | - | 28.02 | 2.90 |
| Quick ratio | 0.63 | 8.60 | - | 25.94 | 2.90 |
| Working capital ratio | 75.8% | 93.7% | - | 96.4% | 65.6% |
| Solvency | 75.7% | 93.7% | 100.0% | 94.8% | 60.3% |
| Debt / equity | 0.32 | 0.07 | - | 0.05 | - |
| Long-term debt ratio | - | - | - | - | - |
| Interest coverage | - | - | - | - | - |
| Gross margin | - | - | - | - | - |
| Net margin | - | - | - | - | - |
| ROA | 1.4% | 2.6% | 2.4% | 5.6% | 26.8% |
| ROE | 1.8% | 2.7% | 2.4% | 6.0% | 44.4% |
| EBITDA margin | - | - | - | - | - |
| Days sales outstanding | - | - | - | - | - |
| Days payable outstanding | - | - | - | - | - |
| Inventory turnover | - | - | - | - | - |
| Days inventory (DSI) | - | - | - | - | - |
Balance-sheet composition 2025
Full annual accounts (20 line items)
Filed balance sheet and income statement, exactly as deposited with the NBB.
| Line item | Code | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|---|
| Balance sheet, Assets | ||||||
| TOTAL ASSETS | 20/58 | €855k | €678k | €618k | €636k | €941k |
| Current assets | 29/58 | €855k | €678k | €618k | €636k | €941k |
| Stocks & contracts in progress | 3 | €724k | €312k | €56k | €47k | - |
| Amounts receivable within one year | 40/41 | €89k | €264k | €65k | €1k | €7k |
| Cash & bank | 54/58 | €43k | €102k | €497k | €588k | €685k |
| Balance sheet, Equity & liabilities | ||||||
| TOTAL EQUITY & LIABILITIES | 10/49 | €855k | €678k | €618k | €636k | €941k |
| Equity | 10/15 | €647k | €635k | €618k | €604k | €568k |
| Contributions / capital | 10/11 | €500k | €500k | €500k | €500k | - |
| Reserves | 13 | €147k | €135k | €118k | €104k | €68k |
| Amounts payable | 17/49 | €208k | €43k | - | €33k | €374k |
| Amounts payable within one year | 42/48 | €207k | €43k | - | €23k | €324k |
| Trade debts payable within one year | 44 | €46k | €38k | - | €18k | €1k |
| Income statement | ||||||
| Gross operating margin | 9900 | €14k | €16k | €20k | €50k | €281k |
| Operating result | 9901 | €14k | €16k | €19k | €50k | €281k |
| Financial income | 75 | €3k | €7k | €223 | €900 | €13 |
| Financial charges | 65 | €34 | €48 | €116 | €3k | €18k |
| Result before taxes | 9903 | €17k | €22k | €20k | €48k | €263k |
| Income taxes | 67/77 | €5k | €5k | €5k | €12k | €11k |
| Net result for the period | 9904 | €12k | €17k | €15k | €36k | €252k |
| Result to be appropriated | 9905 | €12k | €17k | €15k | €36k | €252k |
Legal Structure
| NACE primary | Roofing work(43410) |
| Legal form | Private limited company(610) |
| Incorporation | 21-03-2007 |
| Status | Active |
| Postal code | 9920 |
Establishment units
IC Projects
since 20072.161.044.192
Real-estate footprint
Flanders
1
(100%)
| Parcel (capakey) | Region | Area | Buildings | Height / fl. |
|---|---|---|---|---|
| 44452B1506/00B000 | Flanders | 1,653 m² | 1 · 671 m² | 8.1 m · 1 fl. |
Methodology
via registered seat: 1
1 of 1 parcel with an exact address match; the rest are indicative.
Linked through address data, this is not proof of ownership.
Updates
Next filing, fiscal year 2026, expected by
2025
30-10
NBB filing
Annual accounts filed
fiscal year 2025 · abbreviated schema
31-03
Financial
Weakest financial yearnet €12k ▼31.7%
Net result drops to €12k, the lowest in the series.
2024
31-10
NBB filing
Annual accounts filed
fiscal year 2024 · abbreviated schema
2023
30-10
NBB filing
Annual accounts filed
fiscal year 2023 · abbreviated schema
2022
30-09
NBB filing
Annual accounts filed
fiscal year 2022 · abbreviated schema
31-03
Financial
Liquidity times 10current ratio 28.02
Current ratio from 2.90 to 28.02; short-term debt falls from €324k to €23k.
2021
30-09
NBB filing
Annual accounts filed
fiscal year 2021 · abbreviated schema
2020
30-10
NBB filing
Annual accounts filed
fiscal year 2020 · abbreviated schema
2019
30-09
NBB filing
Annual accounts filed
fiscal year 2019 · abbreviated schema
2018
28-09
NBB filing
Annual accounts filed
fiscal year 2018 · abbreviated schema
2017
02-10
NBB filing
Annual accounts filed
fiscal year 2017 · abbreviated schema
2016
27-09
NBB filing
Annual accounts filed
fiscal year 2016 · abbreviated schema
Financial milestoneNBB filingFinancial milestones sit on the fiscal year-end date, not the filing date.
Belgian State Gazette reading coverage
We know of 6 Belgian State Gazette acts for this company. None of them has been read yet: what they contain is neither established nor disproved here.
Credit advice
Company registry (CBE)
Activities
Roofing work4341045220Plumbing work43221Installation of electric heating, air conditioning, cooling and ventilation4322245332
Names & trade names
| Legal nameNL | IC PROJECTS |
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