Icarus Projects
ActiveSummary
Icarus Projects has been active since 2013 and the Belgian State Gazette contains no insolvency or warning signals. The 2025 annual accounts show equity of €14k and a net result of €248. Equity is shrinking by ~7.2% per year across the filed fiscal years. Its solvency ranks better than 30% of 3489 sector peers (fiscal year 2025). The computed 12-month bankruptcy probability is 0.3% (very low).
Checked score
Score 2025
Axes · tick = 2024
Profitability69▲+50
Solvency50▲+7
Growth32=
Track record100
Bankruptcy probability, 12 months
0.3%
Very low
0%0.5%1.5%4%10%≥ 25%
Credit up to €500 at 30 days acceptable
Liquidity short (current ratio 0.4 against 0.34 in 2024; short-term debt: 61.6% and cash: 6.7% of total assets), and 75.3% of the assets are financed with debt.
Credit check for your own amount and term
Open the credit simulator : see how the verdict changes with amount, term and advance.
Signals
Three signals. The signal on the left, the evidence on the right.
−lowers risk○neutral
lowers risk · Lower-failure-rate sector
In this sector companies fail less often than the Belgian average.
Gazette · bankruptcies per sector, NACE 74
Relative position
BE, all sectors
reference
Other professional, scientific and technical activities (NACE 74)
about 48% fewer bankruptcies
← fewer bankruptcies
more bankruptcies →
lowers risk · Long track record
A company with a long track record statistically fails less often than a young one.
KBO · incorporation dateAge against the risk zone
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 14-07-2026, 17 days ahead of the deadline.
NBB · 10 filingsDeviation from the deadline
2025
17 d early
2024
37 d early
2023
159 d early
2022
42 d early
2021
33 d early
2020
39 d early
2019
15 d early
← before the deadline
after the deadline →
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.
Companies Code · seven monthsPosition in the running window
25-09-2026 today31-12-2026 close31-07-2027 deadline
History
Go further with this company
How much credit can you give this customer, and on what term?Credit simulator What should you check before you do business with this company?Supplier due diligence Accepting this client? The AML file with identity, beneficial owners and sanctions lists.AML client file How does this company compare with its sector?Sector benchmark What changed in the latest annual accounts?What changed Roughly what is this company worth?Value indication
Financials · fiscal year 2025, micro schema
Equity
€14k▲ 1.8%
2024 · €14k
Total assets
€56k▼ 24.4%
2024 · €74k
Net result
€248
2024 · €-25k
Working capital
€-21k▲ 21.1%
2024 · €-26k
Trend over the years
Click a name to add, emphasise or remove a line.
Every figure with its change against the fiscal year before
favourable
unfavourable
Line20212022202320242025
Operating result€35k€3k▼ 92.1%€4k▲ 37.2%€-23k€2k
Net result€28k€2k▼ 92.1%€2k▼ 27.3%€-25k€248
Equity€53k▲ 111%€46k▼ 14.4%€39k▼ 14.4%€14k▼ 65.3%€14k▲ 1.8%
Total assets€82k▲ 94.6%€105k▲ 28.0%€113k▲ 7.4%€74k▼ 34.5%€56k▼ 24.4%
Debt€29k▲ 70.0%€59k▲ 107%€74k▲ 24.1%€60k▼ 18.2%€42k▼ 30.3%
Working capital€18k▲ 139%€3k▼ 83.4%€-4k€-26k▼ 547%€-21k▲ 21.1%
Turnover and EBIT margin not published: the micro schema does not require them.
Result per fiscal year
Operating resultNet result
The operating result returns to profit in 2025: €2k after a loss of €23k in 2024.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €56k
Fixed assets
€42k ▼ 30.2%
Current assets
€14k ▲ 1.7%
Equity and liabilities €56k
Equity
€14k ▲ 1.8%
Debt
€42k ▼ 30.3%
Debt's share of the balance-sheet total falls from 81.6% to 75.3%. Equity is higher and debt is lower.
Key figures and ratios
EBITDA
€24k▲
2024 · €5k
Cash flow
€23k▲
2024 · €3k
Current ratio
0.40▲
2024 · 0.34
Debt to equity
3.05▼
2024 · 4.45
ROE
1.8%▲
2024 · -188.1%
ROA
0.4%▲
2024 · -34.5%
Interest coverage
14.01▲
2024 · 2.32
Debt ≤ 1 year
€34k▼
2024 · €40k
Debt > 1 year
€8k▼
2024 · €21k
Income taxes
€0▼
2024 · €130
Green means a favourable move, even when the figure itself falls: as with debt or debt to equity.
Annual accounts
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €15k | €25k | €31k | €29k | €22k | ▼ 21.9% |
| Other operating charges640/8 | €843 | €941 | €1k | €3k | €1k | ▼ 58.0% |
| Gross operating margin9900 | €51k | €28k | €36k | €8k | €25k | ▲ 221% |
| Operating profit (loss)9901 | €35k | €3k | €4k | €-23k | €2k | ▲ 109% |
| Financial income75/76B | €5 | €0 | - | €223 | €0 | ▼ 100.0% |
| Recurring financial income75 | €5 | €0 | - | €223 | €0 | ▼ 100.0% |
| Financial charges65/66B | €509 | €440 | €1k | €2k | €2k | ▼ 25.8% |
| Recurring financial charges65 | €509 | €440 | €1k | €2k | €2k | ▼ 25.8% |
| Profit (loss) for the period before taxes9903 | €35k | €2k | €2k | €-25k | €248 | ▲ 101% |
| Income taxes67/77 | €7k | €121 | €803 | €130 | €0 | ▼ 100% |
| Profit (loss) for the period9904 | €28k | €2k | €2k | €-25k | €248 | ▲ 101% |
| Profit (loss) for the period to be appropriated9905 | €28k | €2k | €2k | €-25k | €248 | ▲ 101% |
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Assets | ||||||
| Total assets20/58 | €82k | €105k | €113k | €74k | €56k | ▼ 24.4% |
| Fixed assets21/28 | €39k | €80k | €82k | €60k | €42k | ▼ 30.2% |
| Tangible fixed assets22/27 | €38k | €79k | €82k | €60k | €42k | ▼ 30.2% |
| Plant, machinery and equipment23 | €30k | €27k | €12k | €9k | €9k | ▼ 0.5% |
| Furniture and vehicles24 | €8k | €52k | €70k | €52k | €33k | ▼ 35.2% |
| Financial fixed assets28 | €750 | €750 | €0 | - | - | - |
| Current assets29/58 | €43k | €25k | €31k | €14k | €14k | ▲ 1.7% |
| Amounts receivable within one year40/41 | €26k | €11k | €21k | €11k | €8k | ▼ 21.5% |
| Trade receivables40 | €26k | €5k | €19k | €9k | €7k | ▼ 26.8% |
| Other amounts receivable41 | €0 | €6k | €2k | €2k | €2k | ▲ 6.0% |
| Cash at bank and in hand54/58 | €16k | €12k | €8k | €2k | €4k | ▲ 116% |
| Deferred charges and accrued income490/1 | €855 | €2k | €1k | €1k | €2k | ▲ 46.7% |
| Equity and liabilities | ||||||
| Total equity and liabilities10/49 | €82k | €105k | €113k | €74k | €56k | ▼ 24.4% |
| Equity10/15 | €53k | €46k | €39k | €14k | €14k | ▲ 1.8% |
| Contributions10/11 | €6k | €6k | €6k | €6k | €6k | = |
| Reserves13 | €47k | €37k | €31k | €31k | €31k | = |
| Distributable reserves133 | €47k | €37k | €31k | €31k | €31k | = |
| Profit (loss) carried forward14 | €0 | €2k | €2k | €-23k | €-23k | ▲ 1.1% |
| Amounts payable17/49 | €29k | €59k | €74k | €60k | €42k | ▼ 30.3% |
| Amounts payable after more than one year17 | €4k | €37k | €39k | €21k | €8k | ▼ 62.9% |
| Financial debts170/4 | €4k | €37k | €39k | €21k | €8k | ▼ 62.9% |
| Amounts payable within one year42/48 | €25k | €22k | €35k | €40k | €34k | ▼ 13.3% |
| Current portion of amounts payable after more than one year42 | €11k | €14k | €17k | €18k | €13k | ▼ 29.0% |
| Financial debts43 | €3k | €587 | €143 | €620 | €1k | ▲ 92.2% |
| Credit institutions430/8 | €3k | €587 | €143 | €620 | €1k | ▲ 92.2% |
| Trade debts44 | €272 | €1k | €2k | €2k | €4k | ▲ 118% |
| Suppliers440/4 | €272 | €1k | €2k | €2k | €4k | ▲ 118% |
| Taxes, remuneration and social security45 | €9k | €6k | €6k | €8k | €8k | ▲ 3.9% |
| Taxes450/3 | €9k | €6k | €6k | €8k | €8k | ▲ 3.9% |
| Other amounts payable47/48 | €1k | €757 | €10k | €11k | €8k | ▼ 28.4% |
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €28k | €2k | €2k | €-25k | €248 | ▲ 101% |
| + Depreciation and write-downs630 | €15k | €25k | €31k | €29k | €22k | ▼ 21.9% |
| Operating cash flow (approximation) | €43k | €27k | €32k | €3k | €23k | ▲ 612% |
| Investment in fixed assets (approximation) | - | €-66k | €-32k | €-7k | €-4k | ▲ 41.1% |
| Change in cash | - | €-4k | €-4k | €-7k | €2k | ▲ 130% |
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
14-07
NBB filing
Annual accounts filed
fiscal year 2025 · micro schema
2025
31-12
Financial
Back to profitnet €248
Net result €248 after one loss-making year.
24-06
NBB filing
Annual accounts filed
fiscal year 2024 · micro schema
2024
31-12
Financial
Weakest financial yearnet €-25k
Net result drops to €-25k, the lowest in the series; recovery starts the following year.
23-02
NBB filing
Annual accounts filed
fiscal year 2023 · micro schema
2023
19-06
NBB filing
Annual accounts filed
fiscal year 2022 · micro schema
2022
28-06
NBB filing
Annual accounts filed
fiscal year 2021 · micro schema
2021
31-12
Financial
Back to profitnet €28k
Net result €28k after one loss-making year.
22-06
NBB filing
Annual accounts filed
fiscal year 2020 · micro schema
2020
16-07
NBB filing
Annual accounts filed
fiscal year 2019 · micro schema
2019
17-06
NBB filing
Annual accounts filed
fiscal year 2018 · micro schema
2018
23-05
NBB filing
Annual accounts filed
fiscal year 2017 · micro schema
2017
27-06
NBB filing
Annual accounts filed
fiscal year 2016 · micro schema
Financial milestoneNBB filingFinancial milestones sit on the fiscal year-end date, not the filing date.
0 of 7 acts read
About the unread acts
We know of 7 Belgian State Gazette acts for this company. None of them has been read yet: what they contain is neither established nor disproved here.
Have them read with priority
Sign in to place this company at the front of the reading queue.
Directors · office · real estate
Directors
7 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, Ronse · 1 establishment unit since 2014
Ground area
2,485 m²
Building footprint
567 m²
Volume, LiDAR
3,791 m³
2 parcels, Flanders · tallest building 14.6 m, ±2 floors. Linked by address, not a title deed.
1 establishment unit
Icarus Projects
since 20142.225.650.449
2 parcels
Flanders
2
(100%)
| Parcel (capakey) | Region | Area | Buildings | Height / fl. |
|---|---|---|---|---|
| 45422D0296/00D002 | Flanders | 1,874 m² | 1 · 149 m² | 7.9 m · 2 fl. |
| 45423E0465/00G000 | Flanders | 611 m² | 1 · 418 m² | 14.6 m · 2 fl. |
Linked by address, not proof of ownership
Good to know
2 of 2 parcels with an exact address match; the rest are indicative.
Linked through address data, this is not proof of ownership.
Public money · subsidies and aid
Flemish government
2023 to 2024 · 2 entries · 1,159 EUR awarded · 1,159 EUR paid| Year | Entries | awarded | paid |
|---|---|---|---|
| 2024 | 1 | 1,073 EUR | 1,073 EUR |
| 2023 | 1 | 86 EUR | 86 EUR |
Schemes
Subsidie voor opleiding en advies voor kmo's en zelfstandigen (kmo-portefeuille)
Similar companies · same sector, comparable size
PIXA
BE 0772.453.362
Schaarbeek · Eq €14,712
AIR TO BOX
BE 0730.991.010
Chaumont-Gistoux · Eq €15,045
LEVEL PRODUCTION
BE 1018.398.050
Ottignies-Louvain-la-Neuve · Eq €15,427
DRONE TECHNIXX
BE 0636.782.729
Vorst · Eq €15,507
REMY EXPERTISES
BE 0694.713.703
Frameries · Eq €15,655
Of 981 companies in sector 74209 we hold annual accounts for 143. 100 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
Founded15-11-2013
Fiscal year end31-12
Activities, NACEBEL 2025
74209Other photographic activities
46190Agents in non-specialised wholesale trade
Scores and ratios are computed by Checked and are not a credit decision.