ICARUS CONSULTING
ActiveSummary
ICARUS CONSULTING has been active since 2017 and the Belgian State Gazette contains no insolvency or warning signals. The 2025 annual accounts show equity of €19,075 and a net result of €45,278. Equity is growing by ~4.4% per year across the filed fiscal years. Its solvency ranks better than 18% of 17213 sector peers (fiscal year 2025). The computed 12-month bankruptcy probability is 0.2% (very low).
Checked score
Score 2025
Axes · tick = 2024
Profitability100=
Solvency40▼-7
Growth78=
Track record100
Bankruptcy probability, 12 months
0.2%
Very low
0%0.5%1.5%4%10%≥ 25%
Credit up to €1,000 at 30 days acceptable
Liquidity tight (current ratio 1.04 against 1.08 in 2024; short-term debt: 75.2% and cash: 46% of total assets), and 84.9% of the assets are financed with debt.
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Signals
Five signals. The signal on the left, the evidence on the right.
−lowers risk+raises risk○neutral
lowers risk · Lower-failure-rate sector
In this sector companies fail less often than the Belgian average.
Gazette · bankruptcies per sector, NACE 62
Relative position
BE, all sectors
reference
Computer programming, consultancy and related activities (NACE 62)
about 64% fewer bankruptcies
← fewer bankruptcies
more bankruptcies →
lowers risk · Annual accounts: healthy financial profile
The latest annual accounts show a healthy profile in solvency, result and liquidity.
NBB · annual accounts 2025Solvency, return and age of the figures
Solvency
15.1%
Return on assets
35.9%
Age of the figures
9 mo
raises risk · Weak solvency vs sector
Solvency (equity / total assets) is in the sector's weakest quartile: better than 18% of 17213 sector peers (2025).
NBB · sector comparisonPosition among 17213 sector peers
Solvency
better than 18%
← weakest
strongest →
neutral · Latest accounts filed on time
The financial year that closed on 31-12-2025 was due by 31-07-2026 and was filed on 05-05-2026, 87 days ahead of the deadline.
NBB · 8 filingsDeviation from the deadline
2025
87 d early
2024
7 d late
2023
61 d early
2022
137 d early
2021
20 d early
2020
30 d late
2019
54 d late
← before the deadline
after the deadline →
tick = median of all Belgian filingsring = median in the sector
This company filed its last 7 accounts on average 31 days before the deadline; the sector median for financial year 2024 is 9 days before the deadline, and 33% of the sector filed late.
Checked, nothing found (2)
neutral · The next deadline is still running
The next financial year closes on 31-12-2026 and is due by 31-07-2027. Nothing is late today. Usually files around 1 June (4 of the last 5 filed years within 67 days of that day).
Companies Code · seven monthsPosition in the running window
28-09-2026 today31-12-2026 close31-07-2027 deadline
History
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Financials · fiscal year 2025, micro schema
Equity
€19,075▼ 8.3%
2024 · €20,797
Total assets
€126,149▲ 34.3%
2024 · €93,936
Net result
€45,278▲ 3.7%
2024 · €43,667
Working capital
€3,948▼ 4.9%
2024 · €4,151
Trend over the years
Click a name to add, emphasise or remove a line.Band: the middle half (P25 to P75) of NACE 62, Computer programming, consultancy and related activities, each year against the same schema; no band under 30 filings. Dashed line: the median.
Every figure with its change against the fiscal year before
favourable
unfavourable
Line20212022202320242025
Operating result€30,449▲ 5.7%€35,615▲ 17.0%€50,039▲ 40.5%€60,007▲ 19.9%€61,856▲ 3.1%
Net result€22,883within the sector's middle half▲ 3.7%€27,284within the sector's middle half▲ 19.2%€38,900within the sector's middle half▲ 42.6%€43,667within the sector's middle half▲ 12.3%€45,278within the sector's middle half▲ 3.7%
Equity€18,946below the sector's middle half▼ 36.1%€19,230below the sector's middle half▲ 1.5%€20,130below the sector's middle half▲ 4.7%€20,797below the sector's middle half▲ 3.3%€19,075below the sector's middle half▼ 8.3%
Total assets€91,086within the sector's middle half▲ 30.7%€68,937within the sector's middle half▼ 24.3%€102,247within the sector's middle half▲ 48.3%€93,936within the sector's middle half▼ 8.1%€126,149within the sector's middle half▲ 34.3%
Debt€72,140▲ 80.2%€49,707▼ 31.1%€82,117▲ 65.2%€73,138▼ 10.9%€107,074▲ 46.4%
Working capital€9,943below the sector's middle half▼ 32.0%€16,581within the sector's middle half▲ 66.8%-€1,074below the sector's middle half€4,151below the sector's middle half€3,948below the sector's middle half▼ 4.9%
Solvency20.8%below the sector's middle half▼ 21.8pp27.9%below the sector's middle half▲ 7.1pp19.7%below the sector's middle half▼ 8.2pp22.1%below the sector's middle half▲ 2.5pp15.1%below the sector's middle half▼ 7.0pp
Current ratio1.14below the sector's middle half▼ 0.231.33below the sector's middle half▲ 0.200.98below the sector's middle half▼ 0.351.08below the sector's middle half▲ 0.101.04below the sector's middle half▼ 0.04
Return on assets (ROA)25.1%within the sector's middle half▼ 6.5pp39.6%above the sector's middle half▲ 14.5pp38.0%above the sector's middle half▼ 1.5pp46.5%above the sector's middle half▲ 8.4pp35.9%above the sector's middle half▼ 10.6pp
above
within
below
the middle half (P25 to P75) of NACE 62, Computer programming, consultancy and related activities, each year against the same schema; no band under 30 filings.
Turnover and EBIT margin not published: the micro schema does not require them.
Result per fiscal year
Operating resultNet result
The operating result has risen four years in a row; 2025 is 3% above 2024 and is the highest result in the available series.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €126,149
Fixed assets
€27,359 ▼ 25.4%
Current assets
€98,790 ▲ 72.6%
Equity and liabilities €126,149
Equity
€19,075 ▼ 8.3%
Debt
€107,074 ▲ 46.4%
Debt's share of the balance-sheet total rises from 77.9% to 84.9%. Equity is lower and debt is higher.
Key figures and ratios
EBITDA
€72,606▲
2024 · €70,674
Cash flow
€56,028▲
2024 · €54,334
Debt to equity
5.61▲
2024 · 3.52
ROE
237.4%▲
2024 · 210.0%
Interest coverage
58.52▲
2024 · 52.94
Debt ≤ 1 year
€94,843▲
2024 · €53,091
Debt > 1 year
€11,931▼
2024 · €20,047
Income taxes
€15,523▲
2024 · €15,056
Green means a favourable move, even when the figure itself falls: as with debt or debt to equity.
Peer companies
Historical observationOf the 6,706 companies that looked in July 2024 the way this one looks now, 1.7% went bankrupt within 24 months and 96% are still going.
- Micro
- 5 to 10 years old
- solvency 10 to 30%
- a profit of 5% of the balance sheet or more
1.7%
went bankrupt
2.2%
stopped otherwise
96%
still going
A further 0.3% stopped, but we cannot tell whether within those 24 months.
For this company itself Checked computes a lower bankruptcy probability: 0.2% over twelve months. The score reads more about this company than the group's four characteristics; both figures are right about what they measure.
How reliable is this rule?
Tested on the year before, without using that year itself: the groups of July 2023 gave each of the 497,662 companies of July 2024 its group's bankruptcy share. Expected: 1.5%; actually bankrupt within 24 months: 1.6%.
| Group | Expected | Actual |
|---|---|---|
| 1 | 0.2% | 0.2% |
| 2 | 0.3% | 0.4% |
| 3 | 0.5% | 0.5% |
| 4 | 0.6% | 0.7% |
| 5 | 0.8% | 0.9% |
| 6 | 1.2% | 1.3% |
| 7 | 1.5% | 1.7% |
| 8 | 1.7% | 1.7% |
| 9 | 2.7% | 2.8% |
| 10 | 5.3% | 5.7% |
The rule ranks well: a company that went bankrupt got a higher share than one that kept going in 75% of comparisons. The level follows the economy: in a year with more bankruptcies, the actual share is higher than the year before.
An observation about 6,706 comparable companies, not a prediction for this company. The sector does not count: the register keeps no sector for companies that stopped, so it would make the outcome look better than it was.
Annual accounts
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €6,314 | €6,153 | €6,143 | €10,667 | €10,750 | ▲ 0.8% |
| Other operating charges640/8 | €650 | €595 | €3,229 | €999 | €1,132 | ▲ 13.4% |
| Gross operating margin9900 | €37,413 | €42,364 | €59,411 | €71,673 | €73,738 | ▲ 2.9% |
| Operating profit (loss)9901 | €30,449 | €35,615 | €50,039 | €60,007 | €61,856 | ▲ 3.1% |
| Financial income75/76B | - | - | €22 | €50 | €186 | ▲ 269% |
| Recurring financial income75 | - | - | €22 | €50 | €186 | ▲ 269% |
| Financial charges65/66B | €112 | €92 | €996 | €1,335 | €1,241 | ▼ 7.1% |
| Recurring financial charges65 | €112 | €92 | €996 | €1,335 | €1,241 | ▼ 7.1% |
| Profit (loss) for the period before taxes9903 | €30,336 | €35,523 | €49,064 | €58,723 | €60,801 | ▲ 3.5% |
| Income taxes67/77 | €7,454 | €8,239 | €10,164 | €15,056 | €15,523 | ▲ 3.1% |
| Profit (loss) for the period9904 | €22,883 | €27,284 | €38,900 | €43,667 | €45,278 | ▲ 3.7% |
| Profit (loss) for the period to be appropriated9905 | €22,883 | €27,284 | €38,900 | €43,667 | €45,278 | ▲ 3.7% |
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Assets | ||||||
| Total assets20/58 | €91,086 | €68,937 | €102,247 | €93,936 | €126,149 | ▲ 34.3% |
| Fixed assets21/28 | €9,002 | €2,849 | €47,361 | €36,693 | €27,359 | ▼ 25.4% |
| Tangible fixed assets22/27 | €9,002 | €2,849 | €47,111 | €36,443 | €27,109 | ▼ 25.6% |
| Plant, machinery and equipment23 | €683 | €358 | €306 | €145 | €572 | ▲ 293% |
| Furniture and vehicles24 | €8,319 | €2,491 | €46,804 | €36,298 | €25,791 | ▼ 28.9% |
| Other tangible fixed assets26 | - | - | - | - | €746 | - |
| Financial fixed assets28 | - | - | €250 | €250 | €250 | = |
| Current assets29/58 | €82,084 | €66,087 | €54,887 | €57,242 | €98,790 | ▲ 72.6% |
| Amounts receivable within one year40/41 | €11,229 | €10,905 | €16,472 | €15,496 | €13,349 | ▼ 13.9% |
| Trade receivables40 | €11,229 | €10,905 | €12,629 | €11,631 | €12,786 | ▲ 9.9% |
| Other amounts receivable41 | - | - | €3,843 | €3,865 | €563 | ▼ 85.4% |
| Current investments50/53 | - | €700 | €9,115 | €17,550 | €26,080 | ▲ 48.6% |
| Cash at bank and in hand54/58 | €70,110 | €49,388 | €28,042 | €23,161 | €58,030 | ▲ 151% |
| Deferred charges and accrued income490/1 | €744 | €5,095 | €1,258 | €1,036 | €1,332 | ▲ 28.6% |
| Equity and liabilities | ||||||
| Total equity and liabilities10/49 | €91,086 | €68,937 | €102,247 | €93,936 | €126,149 | ▲ 34.3% |
| Equity10/15 | €18,946 | €19,230 | €20,130 | €20,797 | €19,075 | ▼ 8.3% |
| Contributions10/11 | €18,600 | €18,600 | €18,620 | €18,620 | €18,620 | = |
| Reserves13 | €20 | €20 | - | - | - | - |
| Non-distributable reserves130/1 | €20 | €20 | - | - | - | - |
| Reserves not available under the articles1311 | €20 | €20 | - | - | - | - |
| Profit (loss) carried forward14 | €326 | €610 | €1,510 | €2,177 | €455 | ▼ 79.1% |
| Amounts payable17/49 | €72,140 | €49,707 | €82,117 | €73,138 | €107,074 | ▲ 46.4% |
| Amounts payable after more than one year17 | - | - | €25,856 | €20,047 | €11,931 | ▼ 40.5% |
| Financial debts170/4 | - | - | €25,856 | €20,047 | €11,931 | ▼ 40.5% |
| Amounts payable within one year42/48 | €72,140 | €49,507 | €55,961 | €53,091 | €94,843 | ▲ 78.6% |
| Current portion of amounts payable after more than one year42 | - | - | €6,514 | €5,809 | €7,116 | ▲ 22.5% |
| Trade debts44 | €500 | €446 | €434 | €278 | €255 | ▼ 8.6% |
| Suppliers440/4 | €500 | €446 | €434 | €278 | €255 | ▼ 8.6% |
| Taxes, remuneration and social security45 | €27,359 | €20,320 | €11,213 | €9,848 | €7,280 | ▼ 26.1% |
| Taxes450/3 | €27,359 | €18,220 | €8,863 | €9,848 | €4,930 | ▼ 49.9% |
| Remuneration and social security454/9 | - | €2,100 | €2,350 | - | €2,350 | - |
| Other amounts payable47/48 | €44,281 | €28,741 | €37,801 | €37,156 | €80,192 | ▲ 116% |
| Accrued charges and deferred income492/3 | - | €200 | €300 | - | €300 | - |
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €22,883 | €27,284 | €38,900 | €43,667 | €45,278 | ▲ 3.7% |
| + Depreciation and write-downs630 | €6,314 | €6,153 | €6,143 | €10,667 | €10,750 | ▲ 0.8% |
| Operating cash flow (approximation) | €29,196 | €33,438 | €45,043 | €54,334 | €56,028 | ▲ 3.1% |
| Investment in fixed assets (approximation) | - | €0 | -€50,654 | €0 | -€1,416 | - |
| Change in cash | - | -€20,723 | -€21,345 | -€4,882 | €34,869 | ▲ 814% |
Simplified and derived: a Belgian filing has no cash-flow statement, so these rows come from the income statement and the balance-sheet moves.
Timeline · acts, filings and financial milestones
Next filing, fiscal year 2026, expected by
2026
05-05
NBB filing
Annual accounts filed
fiscal year 2025 · micro schema
2025
31-12
Financial
Highest result since 2018net €45,278 ▲3.7%
Operating result €61,856, net result €45,278, both a record.
07-08
NBB filing
Annual accounts filed
fiscal year 2024 · micro schema · 7 days late
2024
31-05
NBB filing
Annual accounts filed
fiscal year 2023 · micro schema
2023
16-03
NBB filing
Annual accounts filed
fiscal year 2022 · micro schema
2022
11-07
NBB filing
Annual accounts filed
fiscal year 2021 · micro schema
2021
30-08
NBB filing
Annual accounts filed
fiscal year 2020 · micro schema · 30 days late
2020
23-09
NBB filing
Annual accounts filed
fiscal year 2019 · micro schema · 54 days late
2019
20-08
NBB filing
Annual accounts filed
fiscal year 2018 · micro schema · 20 days late
Financial milestoneNBB filingFinancial milestones sit on the fiscal year-end date, not the filing date.
0 of 3 acts read
About the unread acts
We know of 3 Belgian State Gazette acts for this company. None of them has been read yet: what they contain is neither established nor disproved here.
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Directors · office · real estate
Directors
3 acts for this company are in the Belgian State Gazette, of which we have read 0. We have therefore not extracted its directors from those acts yet.
Location & real-estate footprint
Registered office, Nivelles · 1 establishment unit since 2017
Ground area
499 m²
Building footprint
94 m²
Parcel 25072B0507/00N000, Wallonia. Linked by address, not a title deed.
1 establishment unit
ICARUS CONSULTING
since 20172.269.811.579
1 parcel
Wallonia
1
(100%)
| Parcel (capakey) | Region | Area | Buildings | Height / fl. |
|---|---|---|---|---|
| 25072B0507/00N000 | Wallonia | 499 m² | 1 · 94 m² | - |
Linked by address, not proof of ownership
Good to know
1 of 1 parcel with an exact address match; the rest are indicative.
Linked through address data, this is not proof of ownership.
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Of 16,911 companies in sector 62100 we hold annual accounts for 8,787. 5,729 are within a factor 10 of this equity. The 5 above are the closest to it. See the whole sector
Identification & contact
Identification
Legal formPrivate limited company
Founded18-10-2017
Fiscal year end31-12
Activities, NACEBEL 2025
62100Computer programming
E-invoicing
Reachable via Peppol
Peppol ID
0208:0683465166
Registered
04-04-2025
If you follow this company, Checked tells you the day it leaves the Peppol register.
Register as of 28 September 2026 · Peppol Directory
Scores and ratios are computed by Checked and are not a credit decision.