icapps
ActiveFinancials · financial year 2025, full format
2025 annual accounts filed 26 days after the deadline Filed on 26 August 2026, deadline 31 July 2026 (7 months after the close on 31 December 2025, Companies Code art. 3:10). Source: NBB, 2026-00488197.
Annual accounts 2025 filed on 26-08-2026 at the NBB all 16 filings
Turnover
€9.3m▼ 15.0%
2024 · €10.9m
EBIT margin
-5.0%▼ 8.8pp
2024 · 3.8%
Net result
-€523,662
2024 · €221,329
Working capital
€1.1m▼ 30.6%
2024 · €1.6m
Multi-year overview
2019 to 2025, 8 financial yearsTurnover
€9.3m
▼ 15.0%
2025
20192025
Operating result
-€465,007
2025
20192025
Net result
-€523,662
2025
lowest quarter of the sector
20192025
EBIT margin
-5.0%
▼ 8.8pp
2025
20192025
Equity
€1.0m
▼ 33.6%
2025
middle half of the sector
20192025
Total assets
€2.6m
▼ 27.9%
2025
middle half of the sector
20192025
Debt
€1.5m
▼ 23.6%
2025
20192025
Working capital
€1.1m
▼ 30.6%
2025
highest quarter of the sector
20192025
Solvency
40.5%
▼ 3.5pp
2025
middle half of the sector
20192025
Current ratio
1.89
▼ 0.17
2025
middle half of the sector
20192025
Return on assets (ROA)
-20.5%
▼ 26.7pp
2025
lowest quarter of the sector
20192025
Staff (FTE)
55.3
▼ 9.6%
2025
highest quarter of the sector
20192025
Every figure per financial year
Every figure with its change against the financial year before
favourable
unfavourable
Line20192020202120212022202320242025
Turnover€8.5m-€9.9m▲ 16.7%€9.9m▲ 0.1%€7.7m-€12.6m▲ 63.7%€12.5m▼ 0.8%€10.9m▼ 12.8%€9.3m▼ 15.0%
Operating result€1.1m-€0.8m▼ 30.2%€1.0m▲ 27.5%€0.3m-€0.5m▲ 39.1%€0.5m▲ 6.8%€0.4m▼ 19.0%-€0.5m
Net result€0.7m-€0.4m▼ 39.7%€0.7mabove the sector's middle half▲ 58.0%€0.2mwithin the sector's middle half-€0.2mwithin the sector's middle half▲ 44.3%€0.3mabove the sector's middle half▲ 22.0%€0.2mwithin the sector's middle half▼ 18.7%-€0.5mbelow the sector's middle half
EBIT margin12.9%-7.7%▼ 5.2pp9.8%▲ 2.1pp4.4%-3.8%▼ 0.7pp4.0%▲ 0.3pp3.8%▼ 0.3pp-5.0%▼ 8.8pp
Equity€1.0m-€1.4m▲ 39.9%€2.1mwithin the sector's middle half▲ 43.2%€0.8mwithin the sector's middle half-€1.1mwithin the sector's middle half▲ 26.5%€1.3mwithin the sector's middle half▲ 25.6%€1.6mwithin the sector's middle half▲ 16.5%€1.0mwithin the sector's middle half▼ 33.6%
Total assets€3.4m-€4.1m▲ 20.2%€4.5mwithin the sector's middle half▲ 8.0%€5.7mwithin the sector's middle half-€6.3mwithin the sector's middle half▲ 10.2%€3.7mwithin the sector's middle half▼ 41.5%€3.5mwithin the sector's middle half▼ 3.3%€2.6mwithin the sector's middle half▼ 27.9%
Debt€2.4m-€2.7m▲ 11.8%€2.4m▼ 11.0%€4.8m-€5.2m▲ 7.5%€2.3m▼ 55.3%€2.0m▼ 14.7%€1.5m▼ 23.6%
Working capital€0.8m-€1.2m▲ 58.1%€1.9mabove the sector's middle half▲ 54.4%€1.2mabove the sector's middle half-€1.4mabove the sector's middle half▲ 15.1%€1.2mabove the sector's middle half▼ 12.3%€1.6mabove the sector's middle half▲ 28.9%€1.1mabove the sector's middle half▼ 30.6%
Solvency30.0%-34.9%▲ 4.9pp46.3%within the sector's middle half▲ 11.4pp14.8%below the sector's middle half-17.0%below the sector's middle half▲ 2.2pp36.5%within the sector's middle half▲ 19.5pp44.0%within the sector's middle half▲ 7.5pp40.5%within the sector's middle half▼ 3.5pp
Current ratio1.32-1.45▲ 0.131.79within the sector's middle half▲ 0.341.31within the sector's middle half-1.33within the sector's middle half▲ 0.021.67within the sector's middle half▲ 0.342.06within the sector's middle half▲ 0.401.89within the sector's middle half▼ 0.17
Return on assets (ROA)19.9%-10.0%▼ 9.9pp14.6%above the sector's middle half▲ 4.6pp2.7%within the sector's middle half-3.6%within the sector's middle half▲ 0.8pp7.4%within the sector's middle half▲ 3.9pp6.2%within the sector's middle half▼ 1.2pp-20.5%below the sector's middle half▼ 26.7pp
Staff (FTE)44.5-51.5▲ 15.7%55.4above the sector's middle half▲ 7.6%62.3above the sector's middle half-73.2above the sector's middle half▲ 17.5%72.8above the sector's middle half▼ 0.5%61.2above the sector's middle half▼ 15.9%55.3above the sector's middle half▼ 9.6%
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 a loss of €465,007, after a profit of €409,435 in 2024. It is the lowest result since 2021.
Large changes and their cause
- 2022 Turnover +64% on 2021. The previous financial year ran 9 months, this one 12.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €2.6m
Fixed assets
€220,832 ▼ 53.1%
Current assets
€2.3m ▼ 24.0%
Equity and liabilities €2.6m
Equity
€1.0m ▼ 33.6%
Provisions
€2,449 ▲ 954%
Debt
€1.5m ▼ 23.6%
Debt's share of the balance-sheet total rises from 56.0% to 59.4%. Equity and debt are lower.
Key figures and ratios
EBITDA
-€199,583▼
2024 · €738,568
Cash flow
-€258,239▼
2024 · €550,462
Debt to equity
1.47▲
2024 · 1.27
ROE
-50.6%▼
2024 · 14.2%
Interest coverage
-2.76▼
2024 · 9.04
Debt ≤ 1 year
€1.2m▼
2024 · €1.5m
Income taxes
-€8,628▼
2024 · €77,530
Customer credit
78 days▼
2024 · 85 days
Supplier credit
52 days▼
2024 · 79 days
Staff costs
€4.3m▼
2024 · €4.6m
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 | 68 | 84 | 71 | 59 | 53 |
| full-time | 62 | 74 | 61 | 53 | 48 |
| part-time | 6 | 10 | 10 | 6 | 5 |
| in full-time equivalents | 66.9 | 82.1 | 68.6 | 57.8 | 52 |
| Average over the year, in full-time equivalents | 62.3 | 73.2 | 72.8 | 61.2 | 55.3 |
| On a permanent contract | 68 | 84 | 71 | 59 | 53 |
| Joined | 19 | 31 | 10 | 7 | 10 |
| Left | 9 | 15 | 23 | 19 | 16 |
| Training hours | 701 | 1,330 | 1,391 | 950 | 1,870 |
Source: social balance sheet in the 2021 to 2025 annual accounts
Investments
| Item | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Tangible fixed assets | €307,993 | €113,983 | €106,751 | €48,998 | €22,206 |
| Intangible fixed assets | €185,854 | €210,644 | €222,759 | €164,312 | - |
| Depreciation and write-downs of the year | €134,413 | €266,125 | €324,389 | €329,133 | €265,423 |
Source: notes to the 2021 to 2025 annual accounts (statement of fixed assets)
Auditor
| Item | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Fee for the audit | €3,800 | €4,800 | €4,890 | €5,065 | - |
Source: notes to the 2021 to 2025 annual accounts (relations with the auditor)
Subsidies and aid
Flemish government
2022 to 2025 · 10 entries · €82,324 awarded · €82,324 paid| Year | Entries | Awarded | Paid |
|---|---|---|---|
| 2025 | 4 | €4,103 | €28,862 |
| 2024 | 3 | €58,986 | €34,227 |
| 2023 | 2 | €16,761 | €16,761 |
| 2022 | 1 | €2,474 | €2,474 |
Annual accounts
| Line | 2019 | 2020 | 2021 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Operating income70/76A | - | - | - | €8.0m | €12.0m | €12.1m | €11.2m | - | - |
| Turnover70 | €8.5m | €9.9m | €9.9m | €7.7m | €12.6m | €12.5m | €10.9m | €9.3m | ▼ 15.0% |
| Change in stocks of work in progress, finished goods and contracts in progress71 | - | - | - | €305 | -€1.0m | -€0.7m | - | - | - |
| Own construction capitalised72 | - | - | - | €0.2m | €0.2m | €0.2m | €0.2m | - | - |
| Other operating income74 | - | - | - | €0.1m | €0.1m | €0.1m | €0.1m | - | - |
| Non-recurring operating income76A | - | - | - | €475 | €0.02m | €0.004m | €0.004m | €0.001m | ▼ 84.7% |
| Operating charges60/66A | - | - | - | €7.7m | €11.5m | €11.6m | €10.8m | - | - |
| Goods, raw materials, services and sundry goods60/61 | - | - | - | - | - | - | - | €5.4m | - |
| Goods for resale, raw materials and consumables60 | - | - | - | €3.1m | €4.4m | €3.9m | €3.7m | - | - |
| Purchases600/8 | - | - | - | €3.1m | €4.4m | €3.9m | €3.7m | - | - |
| Services and other goods61 | - | - | - | €1.7m | €2.4m | €2.3m | €2.1m | - | - |
| Remuneration, social security and pensions62 | - | - | - | €2.8m | €4.8m | €4.9m | €4.6m | €4.3m | ▼ 6.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €0.08m | €0.09m | €0.1m | €0.1m | €0.3m | €0.3m | €0.3m | €0.3m | ▼ 19.4% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals)631/4 | - | - | - | -€0.2m | -€0.4m | €0.03m | €0.01m | €0.01m | ▲ 20.0% |
| Provisions for liabilities and charges: additions (uses and reversals)635/8 | - | - | - | - | - | €482 | -€250 | - | - |
| Other operating charges640/8 | - | - | - | €0.08m | €0.03m | €0.03m | €0.04m | €0.03m | ▼ 36.5% |
| Non-recurring operating charges66A | - | - | - | €173 | €0.001m | €0.004m | €0.002m | €0.002m | ▲ 14.1% |
| Gross operating margin9900 | - | - | - | - | - | - | - | €4.1m | - |
| Operating profit (loss)9901 | €1.1m | €0.8m | €1.0m | €0.3m | €0.5m | €0.5m | €0.4m | -€0.5m | - |
| Financial income75/76B | - | - | - | €0.008m | €0.001m | €0.001m | €0.001m | €0.005m | ▲ 538% |
| Recurring financial income75 | €209 | €397 | €0.005m | €0.008m | €0.001m | €0.001m | €0.001m | €0.004m | ▲ 391% |
| Income from current assets751 | - | - | - | €0.006m | - | - | - | - | - |
| Other financial income752/9 | - | - | - | €0.002m | €0.001m | €0.001m | €0.001m | - | - |
| Non-recurring financial income76B | - | - | - | - | - | - | - | €0.001m | - |
| Financial charges65/66B | - | - | - | €0.04m | €0.1m | €0.1m | €0.1m | €0.07m | ▼ 35.1% |
| Recurring financial charges65 | €0.03m | €0.04m | €0.05m | €0.04m | €0.1m | €0.1m | €0.08m | €0.07m | ▼ 13.9% |
| Debt charges650 | €0.02m | €0.04m | €0.04m | €0.04m | €0.09m | €0.1m | €0.08m | - | - |
| Other financial charges652/9 | - | - | - | €0.002m | €0.005m | €0.003m | €0.002m | - | - |
| Non-recurring financial charges66B | - | - | - | - | - | - | €0.03m | - | - |
| Profit (loss) for the period before taxes9903 | €1.1m | €0.7m | €0.9m | €0.3m | €0.4m | €0.4m | €0.3m | -€0.5m | - |
| Income taxes67/77 | €0.4m | €0.3m | €0.3m | €0.2m | €0.2m | €0.1m | €0.08m | -€0.009m | - |
| Taxes670/3 | - | - | - | €0.2m | €0.2m | €0.2m | €0.09m | - | - |
| Tax adjustments and reversals of tax provisions77 | - | - | - | €0.007m | €0.02m | €0.03m | €0.01m | - | - |
| Profit (loss) for the period9904 | €0.7m | €0.4m | €0.7m | €0.2m | €0.2m | €0.3m | €0.2m | -€0.5m | - |
| Transfer from tax-exempt reserves789 | - | - | - | - | - | - | - | €0.02m | - |
| Transfer to tax-exempt reserves689 | - | - | - | - | €0.02m | - | - | - | - |
| Profit (loss) for the period to be appropriated9905 | €0.7m | €0.4m | €0.7m | €0.2m | €0.2m | €0.3m | €0.2m | -€0.5m | - |
| Line | 2019 | 2020 | 2021 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Assets | |||||||||
| Total assets20/58 | €3.4m | €4.1m | €4.5m | €5.7m | €6.3m | €3.7m | €3.5m | €2.6m | ▼ 27.9% |
| Fixed assets21/28 | €0.3m | €0.2m | €0.2m | €0.6m | €0.6m | €0.6m | €0.5m | €0.2m | ▼ 53.1% |
| Intangible fixed assets21 | - | - | - | €0.2m | €0.3m | €0.3m | €0.3m | €0.1m | ▼ 57.9% |
| Tangible fixed assets22/27 | €0.3m | €0.2m | €0.2m | €0.4m | €0.3m | €0.3m | €0.2m | €0.1m | ▼ 45.9% |
| Plant, machinery and equipment23 | - | - | - | €0.2m | €0.2m | €0.1m | €0.09m | €0.06m | ▼ 39.6% |
| Furniture and vehicles24 | - | - | - | €0.2m | €0.2m | €0.1m | €0.08m | €0.03m | ▼ 58.3% |
| Other tangible fixed assets26 | - | - | - | €0.03m | €0.007m | €0.02m | €0.01m | €0.01m | ▼ 18.3% |
| Financial fixed assets28 | €0.02m | €25 | €25 | €25 | €25 | €25 | €25 | €25 | = |
| Other financial fixed assets284/8 | - | - | - | €25 | €25 | €25 | €25 | - | - |
| Amounts receivable and cash guarantees285/8 | - | - | - | €25 | €25 | €25 | €25 | - | - |
| Current assets29/58 | €3.2m | €3.9m | €4.3m | €5.1m | €5.7m | €3.1m | €3.1m | €2.3m | ▼ 24.0% |
| Stocks and contracts in progress3 | - | €0.3m | €0.09m | €1.2m | €0.1m | - | - | - | - |
| Contracts in progress37 | - | - | - | €1.2m | €0.1m | - | - | - | - |
| Amounts receivable within one year40/41 | €2.9m | €3.4m | €4.1m | €3.4m | €4.9m | €2.8m | €2.7m | €2.2m | ▼ 20.1% |
| Trade receivables40 | - | - | - | €3.3m | €4.9m | €2.7m | €2.5m | €2.0m | ▼ 21.1% |
| Other amounts receivable41 | - | - | - | €0.1m | €0.008m | €0.01m | €0.2m | €0.2m | ▼ 6.0% |
| Cash at bank and in hand54/58 | €0.2m | €0.1m | €0.04m | €0.3m | €0.5m | €0.2m | €0.3m | €0.03m | ▼ 87.0% |
| Deferred charges and accrued income490/1 | - | - | - | €0.1m | €0.09m | €0.1m | €0.1m | €0.1m | ▲ 29.6% |
| Equity and liabilities | |||||||||
| Total equity and liabilities10/49 | €3.4m | €4.1m | €4.5m | €5.7m | €6.3m | €3.7m | €3.5m | €2.6m | ▼ 27.9% |
| Equity10/15 | €1.0m | €1.4m | €2.1m | €0.8m | €1.1m | €1.3m | €1.6m | €1.0m | ▼ 33.6% |
| Contributions10/11 | €0.02m | €0.02m | €0.06m | €0.06m | €0.06m | €0.06m | €0.06m | €0.06m | = |
| Capital10 | - | - | - | €0.06m | €0.06m | €0.06m | €0.06m | €0.06m | = |
| Issued capital100 | - | - | - | €0.06m | €0.06m | €0.06m | €0.06m | €0.06m | = |
| Reserves13 | €1.0m | €1.4m | €2.0m | €0.8m | €1.0m | €1.3m | €1.5m | €1.0m | ▼ 35.0% |
| Non-distributable reserves130/1 | - | - | - | €0.006m | €0.006m | €0.006m | €0.006m | €0.006m | = |
| Legal reserve130 | - | - | - | €0.006m | €0.006m | €0.006m | €0.006m | €0.006m | = |
| Tax-exempt reserves132 | - | - | - | - | €0.02m | €0.02m | €0.02m | - | - |
| Distributable reserves133 | - | - | - | €0.8m | €1.0m | €1.2m | €1.5m | €1.0m | ▼ 34.2% |
| Profit (loss) carried forward14 | €196 | €0.001m | €28 | €40 | €22 | €34 | €63 | €1 | ▼ 97.8% |
| Provisions and deferred taxes16 | - | - | €0.001m | €0.001m | - | €482 | €232 | €0.002m | ▲ 954% |
| Provisions for liabilities and charges160/5 | - | - | - | €0.001m | - | €482 | €232 | €0.002m | ▲ 954% |
| Pensions and similar obligations160 | - | - | - | €0.001m | - | €482 | €232 | €0.002m | ▲ 954% |
| Amounts payable17/49 | €2.4m | €2.7m | €2.4m | €4.8m | €5.2m | €2.3m | €2.0m | €1.5m | ▼ 23.6% |
| Amounts payable within one year42/48 | €2.4m | €2.7m | €2.4m | €3.9m | €4.3m | €1.8m | €1.5m | €1.2m | ▼ 17.1% |
| Trade debts44 | €1.1m | €1.4m | €1.5m | €0.9m | €1.5m | €0.8m | €0.8m | €0.8m | ▼ 5.5% |
| Suppliers440/4 | - | - | - | €0.9m | €1.5m | €0.8m | €0.8m | €0.8m | ▼ 5.5% |
| Advances received on contracts in progress46 | - | - | - | €1.2m | €0.1m | - | - | - | - |
| Taxes, remuneration and social security45 | - | - | - | €0.8m | €0.9m | €0.9m | €0.7m | €0.5m | ▼ 28.1% |
| Taxes450/3 | - | - | - | €0.4m | €0.4m | €0.3m | €0.2m | €0.07m | ▼ 58.1% |
| Remuneration and social security454/9 | - | - | - | €0.4m | €0.6m | €0.6m | €0.5m | €0.4m | ▼ 17.2% |
| Other amounts payable47/48 | - | - | - | €1.0m | €1.7m | €0.2m | €0.03m | - | - |
| Accrued charges and deferred income492/3 | - | - | - | €0.9m | €1.0m | €0.5m | €0.5m | €0.3m | ▼ 42.9% |
| Line | 2019 | 2020 | 2021 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €683,902 | €412,542 | €651,683 | €154,594 | €223,132 | €272,212 | €221,329 | -€523,662 | - |
| + Depreciation and write-downs630 | €84,644 | €94,186 | €108,603 | €134,413 | €266,125 | €324,389 | €329,133 | €265,423 | ▼ 19.4% |
| Operating cash flow (approximation) | €768,545 | €506,728 | €760,286 | €289,007 | €489,258 | €596,601 | €550,462 | -€258,239 | - |
| Investment in fixed assets (approximation) | - | -€42,005 | -€93,465 | - | -€312,438 | -€299,778 | -€207,593 | -€15,325 | ▲ 92.6% |
| Change in cash | - | -€74,389 | -€79,719 | - | €188,918 | -€308,423 | €38,654 | -€230,726 | - |
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, 147 companies had the same profile as icapps has now. Two years later, 91.8% were still going and 2.0% had gone bankrupt.
- Medium-sized
- solvency 30% or more
- a loss of 10% of the balance sheet or more
- without age
91.8%
was still going
5.4%
stopped otherwise
2.0%
went bankrupt
Another 0.7% stopped without a precise date, possibly only after those two years.
That fits the bankruptcy probability of icapps itself: 0.6% 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 147 companies, not a prediction for icapps. 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 16 filings with the National Bank
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-12-2025 | full format | 26-08-2026 | 2026-00488197 | |
| 31-12-2024 | full format | 22-08-2025 | 2025-00405641 | |
| 31-12-2023 | full format | 24-07-2024 | 2024-00299305 | |
| 31-12-2022 | full format | 03-08-2023 | 2023-00314185 | |
| 31-12-2021 | full format | 03-08-2022 | 2022-20270806 | |
| 31-03-2021 | full format | 15-09-2021 | 2021-67300355 | |
| 31-03-2020 | full format | 14-09-2020 | 2020-53500411 | |
| 31-03-2019 | full format | 04-11-2019 | 2019-73000151 | |
| 31-03-2018 | full format | 05-10-2018 | 2018-68800131 | |
| 31-03-2017 | abbreviated format | 28-11-2017 | 2017-70400420 |