ICK
ActiveFinancials · financial year 2025, micro format
Annual accounts 2025 filed on 29-01-2026 PDF all 16 filings
Turnover
≈ €110,000
Estimated: probably between €73,000 and €180,000
Total assets
€164,973▼ 21.9%
2024 · €211,192
Net result
€25,555▼ 46.8%
2024 · €48,032
Working capital
€47,335▼ 44.0%
2024 · €84,587
Multi-year overview
2019 to 2025, 7 financial yearsOperating result
€35,718
▼ 41.5%
2025
20192025
Net result
€25,555
▼ 46.8%
2025
middle half of the sector
20192025
Equity
€84,729
▼ 36.2%
2025
middle half of the sector
20192025
Total assets
€164,973
▼ 21.9%
2025
middle half of the sector
20192025
Debt
€80,244
▲ 2.5%
2025
20192025
Working capital
€47,335
▼ 44.0%
2025
middle half of the sector
20192025
Solvency
51.4%
▼ 11.6pp
2025
middle half of the sector
20192025
Current ratio
1.59
▼ 0.50
2025
middle half of the sector
20192025
Return on assets (ROA)
15.5%
▼ 7.3pp
2025
highest quarter of the sector
20192025
Every figure per financial year
Every figure with its change against the financial year before
favourable
unfavourable
Line2019202020212022202320242025
Operating result€93,305-€27,325▼ 70.7%€91,079▲ 233%€20,346▼ 77.7%-€18,482€61,089€35,718▼ 41.5%
Net result€53,622-€12,244within the sector's middle half▼ 77.2%€61,459above the sector's middle half▲ 402%€14,949within the sector's middle half▼ 75.7%-€16,767below the sector's middle half€48,032above the sector's middle half€25,555within the sector's middle half▼ 46.8%
Equity€328,723-€335,966above the sector's middle half▲ 2.2%€361,212above the sector's middle half▲ 7.5%€227,931within the sector's middle half▼ 36.9%€145,967within the sector's middle half▼ 36.0%€132,877within the sector's middle half▼ 9.0%€84,729within the sector's middle half▼ 36.2%
Total assets€530,745-€530,285within the sector's middle half▼ 0.1%€409,884within the sector's middle half▼ 22.7%€252,300within the sector's middle half▼ 38.4%€179,842within the sector's middle half▼ 28.7%€211,192within the sector's middle half▲ 17.4%€164,973within the sector's middle half▼ 21.9%
Debt€202,022-€194,319▼ 3.8%€48,672▼ 75.0%€24,370▼ 49.9%€33,875▲ 39.0%€78,315▲ 131%€80,244▲ 2.5%
Working capital€235,460-€241,144above the sector's middle half▲ 2.4%€357,971above the sector's middle half▲ 48.4%€221,676above the sector's middle half▼ 38.1%€145,621above the sector's middle half▼ 34.3%€84,587within the sector's middle half▼ 41.9%€47,335within the sector's middle half▼ 44.0%
Solvency61.9%-63.4%above the sector's middle half▲ 1.4pp88.1%above the sector's middle half▲ 24.8pp90.3%above the sector's middle half▲ 2.2pp81.2%above the sector's middle half▼ 9.2pp62.9%within the sector's middle half▼ 18.2pp51.4%within the sector's middle half▼ 11.6pp
Current ratio10.54-8.30above the sector's middle half▼ 2.248.35above the sector's middle half▲ 0.0610.16above the sector's middle half▲ 1.805.30above the sector's middle half▼ 4.862.09within the sector's middle half▼ 3.211.59within the sector's middle half▼ 0.50
Return on assets (ROA)10.1%-2.3%within the sector's middle half▼ 7.8pp15.0%above the sector's middle half▲ 12.7pp5.9%within the sector's middle half▼ 9.1pp-9.3%below the sector's middle half▼ 15.2pp22.7%above the sector's middle half▲ 32.1pp15.5%above the sector's middle half▼ 7.3pp
above
within
below
The sector band is the middle half of the companies in Real estate activities (NACE 68). 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 42% lower than in 2024.
Turnover and EBIT margin are not published. The micro format does not require them. The turnover shown is an estimate from the gross margin.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €164,973
Fixed assets
€37,394 ▼ 23.2%
Current assets
€127,579 ▼ 21.5%
Equity and liabilities €164,973
Equity
€84,729 ▼ 36.2%
Debt
€80,244 ▲ 2.5%
Debt's share of the balance-sheet total rises from 37.1% to 48.6%. Equity is lower and debt is higher.
Key figures and ratios
EBITDA
€47,008▼
2024 · €68,586
Cash flow
€36,846▼
2024 · €55,529
Debt to equity
0.95▲
2024 · 0.59
ROE
30.2%▼
2024 · 36.1%
Interest coverage
over 100
2024 · over 100
Debt ≤ 1 year
€80,244▲
2024 · €77,920
Income taxes
€11,623▼
2024 · €14,117
Green means a favourable move, even when the figure itself falls, as with debt or debt to equity.
Investments
| Item | 30-06-2022 | 30-06-2023 | 30-06-2024 | 30-06-2025 |
|---|---|---|---|---|
| Tangible fixed assets | €6,648 | - | €55,836 | - |
| Depreciation and write-downs of the year | €3,473 | €223 | €7,497 | €11,291 |
Source: notes to the 2022 to 2025 annual accounts (statement of fixed assets)
Annual accounts
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|
| Non-recurring operating income76A | - | - | - | €0 | €7,403 | €6,612 | €0 | ▼ 100% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €17,615 | €14,493 | €4,074 | €3,473 | €223 | €7,497 | €11,291 | ▲ 50.6% |
| Other operating charges640/8 | - | - | - | €1,603 | €1,130 | €1,561 | €991 | ▼ 36.5% |
| Gross operating margin9900 | €118,838 | €43,780 | €106,928 | €25,422 | -€17,130 | €70,147 | €47,999 | ▼ 31.6% |
| Operating profit (loss)9901 | €93,305 | €27,325 | €91,079 | €20,346 | -€18,482 | €61,089 | €35,718 | ▼ 41.5% |
| Financial income75/76B | - | - | - | €3,749 | €2,256 | €1,372 | €1,649 | ▲ 20.1% |
| Recurring financial income75 | €222 | €128 | €5,240 | €3,749 | €2,256 | €1,372 | €1,649 | ▲ 20.1% |
| Financial charges65/66B | - | - | - | €468 | €173 | €312 | €188 | ▼ 39.7% |
| Recurring financial charges65 | €6,064 | €5,280 | €3,357 | €468 | €173 | €312 | €188 | ▼ 39.7% |
| Profit (loss) for the period before taxes9903 | €87,463 | €22,173 | €92,961 | €23,627 | -€16,399 | €62,149 | €37,178 | ▼ 40.2% |
| Income taxes67/77 | €33,842 | €9,929 | €31,502 | €8,678 | €368 | €14,117 | €11,623 | ▼ 17.7% |
| Profit (loss) for the period9904 | €53,622 | €12,244 | €61,459 | €14,949 | -€16,767 | €48,032 | €25,555 | ▼ 46.8% |
| Profit (loss) for the period to be appropriated9905 | €53,622 | €12,244 | €61,459 | €14,949 | -€16,767 | €48,032 | €25,555 | ▼ 46.8% |
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|
| Assets | ||||||||
| Total assets20/58 | €530,745 | €530,285 | €409,884 | €252,300 | €179,842 | €211,192 | €164,973 | ▼ 21.9% |
| Fixed assets21/28 | €270,596 | €256,102 | €3,241 | €6,416 | €346 | €48,685 | €37,394 | ▼ 23.2% |
| Tangible fixed assets22/27 | €270,596 | €256,102 | €3,241 | €6,416 | €346 | €48,685 | €37,394 | ▼ 23.2% |
| Plant, machinery and equipment23 | - | - | - | - | - | €1,736 | €1,310 | ▼ 24.5% |
| Furniture and vehicles24 | - | - | - | €6,416 | €346 | €46,949 | €36,084 | ▼ 23.1% |
| Current assets29/58 | €260,149 | €274,183 | €406,642 | €245,884 | €179,496 | €162,508 | €127,579 | ▼ 21.5% |
| Amounts receivable after more than one year29 | - | - | - | €33,000 | €0 | - | - | - |
| Other amounts receivable291 | - | - | - | €33,000 | €0 | - | - | - |
| Amounts receivable within one year40/41 | €54 | €33,366 | €147,987 | €30,885 | €36,479 | €505 | €4,843 | ▲ 858% |
| Trade receivables40 | - | - | - | €0 | €1,950 | €0 | - | - |
| Other amounts receivable41 | - | - | - | €30,885 | €34,529 | €505 | €4,843 | ▲ 858% |
| Current investments50/53 | - | - | - | - | - | €50,000 | €0 | ▼ 100% |
| Cash at bank and in hand54/58 | €258,515 | €239,130 | €193,465 | €180,160 | €141,084 | €110,159 | €121,427 | ▲ 10.2% |
| Deferred charges and accrued income490/1 | - | - | - | €1,839 | €1,934 | €1,843 | €1,308 | ▼ 29.0% |
| Equity and liabilities | ||||||||
| Total equity and liabilities10/49 | €530,745 | €530,285 | €409,884 | €252,300 | €179,842 | €211,192 | €164,973 | ▼ 21.9% |
| Equity10/15 | €328,723 | €335,966 | €361,212 | €227,931 | €145,967 | €132,877 | €84,729 | ▼ 36.2% |
| Contributions10/11 | €18,600 | - | - | €18,600 | €18,600 | €18,600 | €18,600 | = |
| Reserves13 | €310,123 | €317,366 | €342,612 | €209,331 | €127,367 | €114,277 | €66,129 | ▼ 42.1% |
| Non-distributable reserves130/1 | - | - | - | €1,860 | €0 | - | - | - |
| Reserves not available under the articles1311 | - | - | - | €1,860 | €0 | - | - | - |
| Distributable reserves133 | - | - | - | €207,471 | €127,367 | €114,277 | €66,129 | ▼ 42.1% |
| Profit (loss) carried forward14 | - | - | - | €0 | €0 | €0 | €0 | - |
| Amounts payable17/49 | €202,022 | €194,319 | €48,672 | €24,370 | €33,875 | €78,315 | €80,244 | ▲ 2.5% |
| Amounts payable after more than one year17 | €177,051 | €161,280 | €0 | - | - | - | - | - |
| Amounts payable within one year42/48 | €24,689 | €33,038 | €48,672 | €24,208 | €33,875 | €77,920 | €80,244 | ▲ 3.0% |
| Financial debts43 | - | - | - | €192 | €254 | €0 | €47 | - |
| Credit institutions430/8 | - | - | - | €192 | €254 | €0 | €47 | - |
| Trade debts44 | €251 | €163 | €245 | €691 | €132 | €1,050 | €893 | ▼ 14.9% |
| Suppliers440/4 | - | - | - | €691 | €132 | €1,050 | €893 | ▼ 14.9% |
| Taxes, remuneration and social security45 | - | - | - | €10,392 | €1,290 | €15,749 | €5,367 | ▼ 65.9% |
| Taxes450/3 | - | - | - | €10,392 | €1,290 | €13,151 | €5,367 | ▼ 59.2% |
| Remuneration and social security454/9 | - | - | - | - | - | €2,598 | €0 | ▼ 100% |
| Other amounts payable47/48 | - | - | - | €12,934 | €32,199 | €61,122 | €73,936 | ▲ 21.0% |
| Accrued charges and deferred income492/3 | - | - | - | €161 | €0 | €395 | €0 | ▼ 100% |
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €53,622 | €12,244 | €61,459 | €14,949 | -€16,767 | €48,032 | €25,555 | ▼ 46.8% |
| + Depreciation and write-downs630 | €17,615 | €14,493 | €4,074 | €3,473 | €223 | €7,497 | €11,291 | ▲ 50.6% |
| Operating cash flow (approximation) | €71,236 | €26,737 | €65,533 | €18,423 | -€16,544 | €55,529 | €36,846 | ▼ 33.6% |
| Investment in fixed assets (approximation) | - | €0 | €248,787 | -€6,648 | €5,847 | -€55,836 | €0 | - |
| Change in cash | - | -€19,386 | -€45,665 | -€13,305 | -€39,076 | -€30,925 | €11,268 | - |
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, 34,693 companies had the same profile as ICK has now. Two years later, 95.3% were still going and 0.7% had gone bankrupt.
- Micro
- 10 to 20 years old
- solvency 30% or more
- a profit of 5% of the balance sheet or more
95.3%
was still going
3.9%
stopped otherwise
0.7%
went bankrupt
That fits the bankruptcy probability of ICK itself: < 0.1% 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 34,693 companies, not a prediction for ICK. 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 |
|---|---|---|---|---|
| 30-06-2025 | micro format | 29-01-2026 | 2026-00017575 | |
| 30-06-2024 | micro format | 24-01-2025 | 2025-00009275 | |
| 30-06-2023 | micro format | 26-01-2024 | 2024-00006986 | |
| 30-06-2022 | micro format | 27-01-2023 | 2023-00005965 | |
| 30-06-2021 | micro format | 31-01-2022 | 2022-02800197 | |
| 30-06-2020 | micro format | 28-01-2021 | 2021-02100448 | |
| 30-06-2019 | micro format | 22-01-2020 | 2020-01800026 | |
| 30-06-2018 | micro format | 09-01-2019 | 2019-00600390 | |
| 30-06-2017 | micro format | 20-12-2017 | 2017-72100296 | |
| 30-06-2016 | abbreviated format | 09-01-2017 | 2017-00400469 |