Public limited company · founded 2012 · 13 yrs activeRue des Alouettes 100, 4041 Herstal, BelgiumKBO/BCE: BE 0508.780.539
Summary
ICARUS GROUP has been active since 2012 and the Belgian State Gazette contains no insolvency or warning signals. The 2025 annual accounts show equity of €11.3m and a net result of -€525,781. Equity is shrinking by ~3.4% per year across the filed fiscal years. Its solvency ranks better than 46% of 3241 sector peers (fiscal year 2025). The computed 12-month bankruptcy probability is 0.1% (very low).
How financially healthy the company is, how likely a bankruptcy is and how much credit is sensible. Start here to know whether you can do business safely.
Score 2025
Checked score
A figure from 0 to 100 for financial health from the latest annual accounts: the higher, the healthier. Without a figure, the card says why. A low score is a reason to look closely at payment terms and security.
Four sides of financial health side by side. You see at a glance where the company is strong and where it is vulnerable.
Profitability11▲+1
Solvency73▼-2
Growth42=
Track record100
Bankruptcy probability, 12 months
Bankruptcy probability
The chance that this company goes bankrupt within twelve months. A low chance is reassuring; with a higher one, agree shorter payment terms or an advance.
0.1%Very low
0%0.5%1.5%4%10%≥ 25%
Credit up to €110,000 at 30 days acceptable
Liquidity short (current ratio 0.98 against 0.79 in 2024; short-term debt: 3.2% and cash: 0% of total assets), and 51.8% of the assets are financed with debt.
tick = median of all Belgian filingsring = median in the sector
This company filed its last 6 accounts on average 34 days before the deadline; the sector median for financial year 2024 is 9 days before the deadline, and 32% 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 20 July (4 of the last 5 filed years within 30 days of that day).
We found no ex-officio strike-off or cessation. Our series starts in 2021 and has gaps, so this is not a confirmation that there is nothing.
KBO publications · our coverage
History
History
The company's story in a few sentences, from the company register, the Belgian State Gazette and the filed annual accounts. Each number opens the document the sentence rests on.
ICARUS GROUP was incorporated on 28 December 2012, with a starting capital of EUR 6.7 million.12Between 2013 and 2019 the capital was increased 4 times, most recently to EUR 15 million.345The board currently has 10 members; BESSEMANS Yves Emile Armand has served longest, since 2012.6Revenue fell from EUR 1.8 million in 2018 to EUR 1.1 million in 2025 and headcount from 9.6 to 5.8 full-time equivalents.7
Click a name to add, emphasise or remove a line.Band: the middle half (P25 to P75) of NACE 70, Activities of head offices; management consultancy 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
Net result-€114,961below the sector's middle half-€162,349below the sector's middle half▼ 41.2%-€1.4mbelow the sector's middle half▼ 792%-€647,483below the sector's middle half▲ 55.3%-€525,781below the sector's middle half▲ 18.8%
Equity€14.1mabove the sector's middle half▼ 0.8%€14.0mabove the sector's middle half▼ 1.1%€12.5mabove the sector's middle half▼ 10.4%€11.9mabove the sector's middle half▼ 5.2%€11.3mabove the sector's middle half▼ 4.4%
Total assets€24.2mabove the sector's middle half▼ 0.9%€23.2mabove the sector's middle half▼ 3.9%€23.5mabove the sector's middle half▲ 1.3%€23.7mabove the sector's middle half▲ 0.8%€23.5mabove the sector's middle half▼ 0.8%
Working capital-€1.2mbelow the sector's middle half▼ 23.2%-€193,812below the sector's middle half▲ 84.3%€309,889within the sector's middle half-€240,317below the sector's middle half-€16,339within the sector's middle half▲ 93.2%
Solvency58.4%within the sector's middle half=60.1%within the sector's middle half▲ 1.7pp53.2%within the sector's middle half▼ 6.9pp50.1%within the sector's middle half▼ 3.2pp48.2%within the sector's middle half▼ 1.8pp
Current ratio0.14below the sector's middle half▼ 0.150.71within the sector's middle half▲ 0.571.75within the sector's middle half▲ 1.040.79within the sector's middle half▼ 0.960.98within the sector's middle half▲ 0.18
Return on assets (ROA)-0.5%below the sector's middle half▼ 0.6pp-0.7%below the sector's middle half▼ 0.2pp-6.2%below the sector's middle half▼ 5.5pp-2.7%below the sector's middle half▲ 3.4pp-2.2%below the sector's middle half▲ 0.5pp
Staff (FTE)7.2within the sector's middle half▼ 7.7%6.8within the sector's middle half▼ 5.6%6.8within the sector's middle half=6.1within the sector's middle half▼ 10.3%5.8within the sector's middle half▼ 4.9%
abovewithinbelowthe middle half (P25 to P75) of NACE 70, Activities of head offices; management consultancy activities, each year against the same schema; no band under 30 filings.
Result per fiscal year
Operating resultNet result
The operating result stays negative: a loss of €248,132 in 2025 against €228,652 in 2024; the loss grows and 2025 has the lowest result in the available series.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €23.5m
96.8%
Fixed assets€22.8m =
Current assets€743,384 ▼ 19.5%
Equity and liabilities €23.5m
48.2%
51.8%
Equity€11.3m ▼ 4.4%
Debt€12.2m ▲ 2.8%
Debt's share of the balance-sheet total rises from 49.9% to 51.8%. Equity is lower and debt is higher.
Key figures and ratios
2025 value · change against 2024
EBITDA
-€239,452▼
2024 · -€219,973
Cash flow
-€517,101▲
2024 · -€638,803
Debt to equity
1.07▲
2024 · 1.00
ROE
-4.6%▲
2024 · -5.5%
Interest coverage
-0.87▼
2024 · -0.53
Debt ≤ 1 year
€759,723▼
2024 · €1.2m
Debt > 1 year
€11.4m▲
2024 · €10.7m
Income taxes
€3,136▲
2024 · €976
Staff costs
€509,022▼
2024 · €577,381
Green means a favourable move, even when the figure itself falls: as with debt or debt to equity.
Annual accounts
Filed annual accountsAs filed with the NBB · 2025 against 2024 · 63 lines
Balance sheetCode20242025
Assets
Total assets20/58€23.7m€23.5m▼
Fixed assets21/28€22.8m€22.8m=
Tangible fixed assets22/27€33,995€25,316▼
Furniture and vehicles24€33,995€25,316▼
Financial fixed assets28€22.7m€22.7m=
Affiliated companies280/1€22.7m€22.7m=
Participating interests280€22.7m€22.7m=
Current assets29/58€923,750€743,384▼
Amounts receivable within one year40/41€897,143€728,196▼
Trade receivables40€750,859€718,196▼
Other amounts receivable41€146,284€10,000▼
Cash at bank and in hand54/58€594€1,017▲
Deferred charges and accrued income490/1€26,013€14,172▼
Equity and liabilities
Total equity and liabilities10/49€23.7m€23.5m▼
Equity10/15€11.9m€11.3m▼
Contributions10/11€15.4m€15.4m=
Capital10€15.4m€15.4m=
Issued capital100€15.4m€15.4m=
Reserves13€1.3m€1.3m=
Non-distributable reserves130/1€73,693€73,693=
Legal reserve130€73,693€73,693=
Distributable reserves133€1.2m€1.2m=
Profit (loss) carried forward14-€4.8m-€5.3m▼
Amounts payable17/49€11.8m€12.2m▲
Amounts payable after more than one year17€10.7m€11.4m▲
Financial debts170/4€275,942€27,625▼
Subordinated loans170€260,500€20,038▼
Credit institutions173€15,442€7,586▼
Other amounts payable178/9€10.4m€11.4m▲
Amounts payable within one year42/48€1.2m€759,723▼
Current portion of amounts payable after more than one year42€425,210€361,472▼
Financial debts43€3,096€2,565▼
Credit institutions430/8€3,096€2,565▼
Trade debts44€622,713€317,452▼
Suppliers440/4€622,713€317,452▼
Taxes, remuneration and social security45€113,048€78,234▼
Taxes450/3€16,936€14,422▼
Remuneration and social security454/9€96,112€63,813▼
Accrued charges and deferred income492/3€9,443€12,404▲
Income statementCode20242025
Operating income70/76A€1.2m€1.1m▼
Turnover70€1.2m€1.1m▼
Other operating income74€6,767€6,638▼
Operating charges60/66A€1.4m€1.4m▼
Services and other goods61€799,296€848,802▲
Remuneration, social security and pensions62€577,381€509,022▼
Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630€8,680€8,680=
Other operating charges640/8€3,252€530▼
Operating profit (loss)9901-€228,652-€248,132▼
Financial income75/76B-€507
Recurring financial income75-€507
Other financial income752/9-€507
Financial charges65/66B€417,855€275,021▼
Recurring financial charges65€417,855€275,021▼
Debt charges650€416,473€274,915▼
Other financial charges652/9€1,382€106▼
Profit (loss) for the period before taxes9903-€646,507-€522,645▲
Income taxes67/77€976€3,136▲
Taxes670/3€976€3,136▲
Profit (loss) for the period9904-€647,483-€525,781▲
Profit (loss) for the period to be appropriated9905-€647,483-€525,781▲
Appropriation of the result
Profit (loss) to be appropriated9906-€4.8m-€5.3m▼
Profit (loss) brought forward from the previous period14P-€4.1m-€4.8m▼
Social balance
Average headcount (FTE)90876.15.8▼
The notes to these accounts (50 items: statements of assets and debts, cost breakdowns, rights and commitments) are not shown here.
Line
2021
2022
2023
2024
2025
Change
Operating income70/76A
€1.3m
€1.4m
€1.3m
€1.2m
€1.1m
▼ 3.5%
Turnover70
€1.3m
€1.3m
€1.3m
€1.2m
€1.1m
▼ 3.5%
Other operating income74
€18,471
€13,558
€8,963
€6,767
€6,638
▼ 1.9%
Operating charges60/66A
€1.2m
€1.2m
€1.4m
€1.4m
€1.4m
▼ 1.6%
Services and other goods61
€678,147
€681,747
€895,551
€799,296
€848,802
▲ 6.2%
Remuneration, social security and pensions62
€571,721
€517,210
€473,491
€577,381
€509,022
▼ 11.8%
Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630
€12
-
€723
€8,680
€8,680
=
Write-downs on stocks, contracts in progress and trade receivables: additions (reversals)631/4
€0
-
-
-
-
-
Other operating charges640/8
-
€316
-
€3,252
€530
▼ 83.7%
Operating profit (loss)9901
€74,943
€163,195
-€102,775
-€228,652
-€248,132
▼ 8.5%
Financial income75/76B
€14,249
€37
-
-
€507
-
Recurring financial income75
€14,249
€37
-
-
€507
-
Income from financial fixed assets750
€14,249
€0
-
-
-
-
Other financial income752/9
-
€37
-
-
€507
-
Financial charges65/66B
€203,229
€324,725
€1.3m
€417,855
€275,021
▼ 34.2%
Recurring financial charges65
€203,229
€324,725
€339,275
€417,855
€275,021
▼ 34.2%
Debt charges650
€203,229
€324,725
€338,835
€416,473
€274,915
▼ 34.0%
Other financial charges652/9
€0
-
€440
€1,382
€106
▼ 92.3%
Non-recurring financial charges66B
-
-
€1.0m
-
-
-
Profit (loss) for the period before taxes9903
-€114,037
-€161,493
-€1.4m
-€646,507
-€522,645
▲ 19.2%
Income taxes67/77
€924
€856
€718
€976
€3,136
▲ 221%
Taxes670/3
€924
€856
€718
€976
€3,136
▲ 221%
Profit (loss) for the period9904
-€114,961
-€162,349
-€1.4m
-€647,483
-€525,781
▲ 18.8%
Profit (loss) for the period to be appropriated9905
-€114,961
-€162,349
-€1.4m
-€647,483
-€525,781
▲ 18.8%
Line
2021
2022
2023
2024
2025
Change
Assets
Total assets20/58
€24.2m
€23.2m
€23.5m
€23.7m
€23.5m
▼ 0.8%
Formation expenses20
€0
-
-
-
-
-
Fixed assets21/28
€24.0m
€22.7m
€22.8m
€22.8m
€22.8m
=
Tangible fixed assets22/27
-
-
€42,675
€33,995
€25,316
▼ 25.5%
Furniture and vehicles24
€0
-
€42,675
€33,995
€25,316
▼ 25.5%
Financial fixed assets28
€24.0m
€22.7m
€22.7m
€22.7m
€22.7m
=
Affiliated companies280/1
€24.0m
€22.7m
€22.7m
€22.7m
€22.7m
=
Participating interests280
€22.7m
€22.7m
€22.7m
€22.7m
€22.7m
=
Amounts receivable281
€1.2m
€0
-
-
-
-
Current assets29/58
€199,154
€472,660
€721,323
€923,750
€743,384
▼ 19.5%
Amounts receivable within one year40/41
€145,336
€442,462
€690,450
€897,143
€728,196
▼ 18.8%
Trade receivables40
€136,687
€440,129
€665,130
€750,859
€718,196
▼ 4.4%
Other amounts receivable41
€8,649
€2,333
€25,320
€146,284
€10,000
▼ 93.2%
Cash at bank and in hand54/58
€26,676
€989
€5,933
€594
€1,017
▲ 71.3%
Deferred charges and accrued income490/1
€27,142
€29,210
€24,940
€26,013
€14,172
▼ 45.5%
Equity and liabilities
Total equity and liabilities10/49
€24.2m
€23.2m
€23.5m
€23.7m
€23.5m
▼ 0.8%
Equity10/15
€14.1m
€14.0m
€12.5m
€11.9m
€11.3m
▼ 4.4%
Contributions10/11
€15.4m
€15.4m
€15.4m
€15.4m
€15.4m
=
Capital10
€15.4m
€15.4m
€15.4m
€15.4m
€15.4m
=
Issued capital100
€15.4m
€15.4m
€15.4m
€15.4m
€15.4m
=
Reserves13
€1.3m
€1.3m
€1.3m
€1.3m
€1.3m
=
Non-distributable reserves130/1
€73,693
€73,693
€73,693
€73,693
€73,693
=
Legal reserve130
€73,693
€73,693
€73,693
€73,693
€73,693
=
Distributable reserves133
€1.2m
€1.2m
€1.2m
€1.2m
€1.2m
=
Profit (loss) carried forward14
-€2.5m
-€2.7m
-€4.1m
-€4.8m
-€5.3m
▼ 11.0%
Amounts payable17/49
€10.0m
€9.3m
€11.0m
€11.8m
€12.2m
▲ 2.8%
Amounts payable after more than one year17
€8.6m
€8.6m
€10.6m
€10.7m
€11.4m
▲ 6.9%
Financial debts170/4
€1.6m
€621,192
€523,845
€275,942
€27,625
▼ 90.0%
Subordinated loans170
€780,000
€621,192
€500,962
€260,500
€20,038
▼ 92.3%
Credit institutions173
€816,800
-
€22,883
€15,442
€7,586
▼ 50.9%
Other amounts payable178/9
€7.0m
€8.0m
€10.1m
€10.4m
€11.4m
▲ 9.5%
Amounts payable within one year42/48
€1.4m
€666,472
€411,434
€1.2m
€759,723
▼ 34.7%
Current portion of amounts payable after more than one year42
€804,000
€266,500
€203,393
€425,210
€361,472
▼ 15.0%
Financial debts43
€169,753
€9,158
€18,916
€3,096
€2,565
▼ 17.2%
Credit institutions430/8
€169,753
€9,158
€18,916
€3,096
€2,565
▼ 17.2%
Trade debts44
€350,136
€269,788
€95,332
€622,713
€317,452
▼ 49.0%
Suppliers440/4
€350,136
€269,788
€95,332
€622,713
€317,452
▼ 49.0%
Taxes, remuneration and social security45
€111,122
€121,026
€93,793
€113,048
€78,234
▼ 30.8%
Taxes450/3
€15,734
€23,408
€15,038
€16,936
€14,422
▼ 14.8%
Remuneration and social security454/9
€95,388
€97,617
€78,755
€96,112
€63,813
▼ 33.6%
Other amounts payable47/48
€0
-
-
-
-
-
Accrued charges and deferred income492/3
€19,426
€8,367
€6,683
€9,443
€12,404
▲ 31.4%
Line
2021
2022
2023
2024
2025
Change
Profit (loss) for the period9904
-€114,961
-€162,349
-€1.4m
-€647,483
-€525,781
▲ 18.8%
+ Depreciation and write-downs630
€12
-
€723
€8,680
€8,680
=
Operating cash flow (approximation)
-€114,949
-€162,349
-€1.4m
-€638,803
-€517,101
▲ 19.1%
Investment in fixed assets (approximation)
-
€1.2m
-€43,398
€0
€0
-
Change in cash
-
-€25,687
€4,944
-€5,339
€423
▲ 108%
Simplified and derived: a Belgian filing has no cash-flow statement, so these rows come from the income statement and the balance-sheet moves.
Permanent representative: FUGER Joanne Emma · Capital · Statutes amendment11 facts ▸
General meeting, 06-02-2013
Capital, €6.700.000
Statutes amendment
Statutes amendment
Capital increase, €3.300.000
Bank account, 363-1160872-16 (ING)
Director appointment, SPARAXIS (director)
Permanent representative, FUGER Joanne Emma
Mandate compensation, SPARAXIS
Power of attorney, ICARUS GROUP
Preemptive rights renunciation, Renonciation irrévocable et totale au droit de préférence (art. 592 Code des sociétés) au profit exclusif de FIN.MB et associés, SRIW, et Jean-Pierre BROUZES
10-01
State Gazette actIncorporation
Appointments: Léopold THISE, BROUZES Jean Pierre and 2 others · Permanent representative: Pierre ALCOVER · Founding capital13 facts ▸
Incorporation, 27-12-2012
Founding capital, €6.700.000
Share issue, 9032 actions de la société anonyme ICARUS, 5000
Share issue, 1500, 1500000
Share issue, 200, 200000
Bank account, BE 32 0016 8747 0402
Director appointment, Léopold THISE (director)
Director appointment, BROUZES Jean Pierre (director)
Director appointment, BESSEMANS Yves Emile Armand (director)
Director appointment, Léopold THISE (chair)
Director appointment, Léopold THISE (managing director)
Auditor appointment, Moore Stephens RSP (commissaire reviseur)
+1 further facts in this act
Financial milestoneState Gazette actNBB filingFinancial milestones sit on the fiscal year-end date, not the filing date.
20 of 20 acts read
Directors · office · real estate
Directors and office
Who runs the company and where it is based. It tells you who you are talking to and whether the address checks out.
Directors
Directors
Who runs the company today and since when, grouped the way the CBE groups its function holders. Many recent board changes are a reason to keep a close eye.
11 directors, 1 in day-to-day management, no change since 2025
Permanent representative · since 26-06-2019 · for SPARAXIS
Current
JP
PHILIPPET JeanMarc
Permanent representative · since 07-10-2020 · for OVEA
Current
LA
Alexis van Lede
Permanent representative · since 26-06-2025 · for WALLONIE ENTREPRENDRE
Current
HY
Yves Honhon
Permanent representative · since 26-06-2025 · for HY9 SRL
Current
1 not recently confirmed
Still in office according to the acts, but no act of the last six years confirms the mandate. It has often ended since, in an act we have not read.
KS
Sarah KRINS
Permanent representative · since 26-06-2019 · for SOGEPA
Not recently confirmed
Statutory auditor 1
DB
BDO Réviseurs d'Entreprises
Commissaire des comptes consolidés · since 17-12-2013 · perm. rep.: Christophe COLSON
Current
"From a recent act": read from a Gazette act not yet processed into our list of directors.
Derived from published Gazette acts. The CBE keeps the official list of function holders; we do not read it, so the two can differ.
See the function holders in the CBE →
Location & real-estate footprint
Location & real estate
Where the company is based and which parcels are linked to its addresses. An address shared by many companies is often a registered-office service.
1 of 1 parcel with an exact address match; the rest are indicative.
Linked through address data, this is not proof of ownership.
Mandate history
Mandate history
Who held which function and when, per person: one bar per period, from appointment to resignation or to today. An open left edge means the mandate began before the oldest act we hold.
20 people since 2012, 16 in office
Board
Day-to-day management
Statutory auditor
not recently confirmed
began earlier
Mandates per person, with start and end dates
Name
Functions and periods20122014201620182020202220242026
L’activité d’intermédiaire et/ou de conseil... toute participation à l’administration... la construction, la gestion, l’exploitation... la constitution, la gestion, la mise en…
Full purpose
L’activité d’intermédiaire et/ou de conseil... toute participation à l’administration... la construction, la gestion, l’exploitation... la constitution, la gestion, la mise en valeur d’un portefeuille de titres... la participation à la création et au développement d’entreprises... toute activité, sous forme de mandat ou d’entreprise... la constitution, la gestion, l’exploitation, la mise en valeur d’un patrimoine immobilier...
Who owns the company and which companies it holds shares in, as the companies file it in their annual accounts. It shows which group it belongs to and who ultimately stands behind it.
According to the 2025 annual accounts of ICARUS GROUP and those of the other companies, the acts in the Belgian Gazette and the LEI register.
The register of ultimate beneficial owners (UBO) is not public: who ultimately stands behind a natural person or a foreign parent is not stated here. A company that does not fill in these statements, or need not, is missing.
Connections & network
Connections & network
Which other companies are linked to this one through directors or shares. Look especially for linked companies in trouble.
16 connected companies
Depth
Shared directors
This companyCompanyDirectorShareholding+N: links not shown yetClick a node to look further, drag to arrange, scroll to zoom.
Of 82,646 companies in sector 70200 we hold annual accounts for 52,627. 6,212 are within a factor 10 of this equity. The 5 above are the closest to it. See the whole sector
Identification & contact
Company details
The company's official details: legal form, status, activities and founding date. Useful to draw up an invoice or contract correctly.
Identification
Legal formPublic limited company
Founded28-12-2012
Fiscal year end31-12
Activities, NACEBEL 2025
70100Activities of head offices
70200Business and other management consultancy
E-invoicing
Reachable via Peppol
Peppol ID0208:0508780539
Also9925:BE0508780539
Registered08-12-2025
If you follow this company, Checked tells you the day it leaves the Peppol register.