ICOR
ActiveSummary
ICOR has been active since 1989 and the Belgian State Gazette contains no insolvency or warning signals. The 2025 annual accounts show equity of €1.4m and a net result of €578,841. Equity is growing by ~2.9% per year across the filed fiscal years. Its solvency ranks better than 55% of 5046 sector peers (fiscal year 2025). The computed 12-month bankruptcy probability is 0.3% (very low).
Checked score
Score 2025
Axes · tick = 2024
Profitability95▲+36
Solvency76▲+24
Growth78▲+20
Track record100
Bankruptcy probability, 12 months
0.3%
Very low
0%0.5%1.5%4%10%≥ 25%
Credit up to €100,000 at 30 days acceptable
Liquidity ample (current ratio 2.0 against 1.35 in 2024; short-term debt: 48.8% and cash: 2.6% of total assets), and 49.4% of the assets are financed with debt.
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Signals
Six signals. The signal on the left, the evidence on the right.
−lowers risk+raises risk○neutral
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
raises risk · Higher-failure-rate sector
In this sector companies fail more often than the Belgian average.
Gazette · bankruptcies per sector, NACE 46
Relative position
BE, all sectors
reference
Wholesale trade (NACE 46)
about 21% more 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
50.6%
Return on assets
21.2%
Age of the figures
18 mo
neutral · Latest accounts filed on time
The financial year that closed on 31-03-2025 was due by 31-10-2025 and was filed on 31-10-2025, 0 days ahead of the deadline.
NBB · 10 filingsDeviation from the deadline
2025
on the day
2024
8 d early
2023
29 d late
2022
14 d early
2021
2 d early
2020
27 d late
2019
22 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 8 days after the deadline; the sector median for financial year 2024 is 3 days before the deadline, and 39% of the sector filed late.
Checked, nothing found (2)
neutral · The next deadline is still running
The next financial year closes on 31-03-2026 and is due by 31-10-2026. Nothing is late today.
Companies Code · seven monthsPosition in the running window
31-03-2026 close28-09-2026 today31-10-2026 deadline
History
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Financials · fiscal year 2025, full schema
Turnover
Not included in this filing
EBIT margin
Not included in this filing
Net result
€578,841▲ 226%
2024 · €177,503
Working capital
€1.3m▲ 81.2%
2024 · €737,727
Trend over the years
Click a name to add, emphasise or remove a line.Band: the middle half (P25 to P75) of NACE 46, Wholesale trade, 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€3,233▼ 96.3%€41,435▲ 1,182%€124,535▲ 201%€274,080▲ 120%€776,942▲ 183%
Net result€53,416within the sector's middle half▲ 10.0%€57,569within the sector's middle half▲ 7.8%€57,538within the sector's middle half▼ 0.1%€177,503within the sector's middle half▲ 208%€578,841within the sector's middle half▲ 226%
Equity€1.2mwithin the sector's middle half▲ 4.5%€715,752within the sector's middle half▼ 42.7%€773,290within the sector's middle half▲ 8.0%€800,793within the sector's middle half▲ 3.6%€1.4mwithin the sector's middle half▲ 72.3%
Total assets€2.6mwithin the sector's middle half▼ 19.3%€3.3mwithin the sector's middle half▲ 27.4%€3.4mwithin the sector's middle half▲ 2.5%€2.9mwithin the sector's middle half▼ 14.7%€2.7mwithin the sector's middle half▼ 6.5%
Debt€1.4m▼ 33.2%€2.6m▲ 91.2%€2.6m▲ 1.0%€2.1m▼ 20.0%€1.3m▼ 36.3%
Working capital€1.1mwithin the sector's middle half▼ 1.8%€702,808within the sector's middle half▼ 38.0%€697,127within the sector's middle half▼ 0.8%€737,727within the sector's middle half▲ 5.8%€1.3mwithin the sector's middle half▲ 81.2%
Solvency47.7%within the sector's middle half▲ 10.8pp21.5%within the sector's middle half▼ 26.2pp22.6%within the sector's middle half▲ 1.2pp27.5%within the sector's middle half▲ 4.8pp50.6%within the sector's middle half▲ 23.1pp
Current ratio1.83within the sector's middle half▲ 0.261.28within the sector's middle half▼ 0.561.27within the sector's middle half▼ 0.011.35within the sector's middle half▲ 0.092.00within the sector's middle half▲ 0.65
Return on assets (ROA)2.0%within the sector's middle half▲ 0.5pp1.7%within the sector's middle half▼ 0.3pp1.7%within the sector's middle half=6.1%within the sector's middle half▲ 4.4pp21.2%above the sector's middle half▲ 15.1pp
Staff (FTE)0below the sector's middle half15.5within the sector's middle half14.7within the sector's middle half▼ 5.2%
above
within
below
the middle half (P25 to P75) of NACE 46, Wholesale trade, each year against the same schema; no band under 30 filings.
Result per fiscal year
Operating resultNet result
The operating result has risen four years in a row; 2025 is 183% above 2024 and is the highest result in the available series.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €2.7m
Fixed assets
€59,057 ▼ 32.0%
Current assets
€2.7m ▼ 5.7%
Equity and liabilities €2.7m
Equity
€1.4m ▲ 72.3%
Debt
€1.3m ▼ 36.3%
Debt's share of the balance-sheet total falls from 72.5% to 49.4%. Equity is higher and debt is lower.
Key figures and ratios
EBITDA
€806,290▲
2024 · €304,905
Cash flow
€608,190▲
2024 · €208,329
Quick ratio
0.71▲
2024 · 0.68
Debt to equity
0.98▼
2024 · 2.64
ROE
42.0%▲
2024 · 22.2%
Interest coverage
18.52▲
2024 · 3.96
Debt ≤ 1 year
€1.3m▼
2024 · €2.1m
Debt > 1 year
€6,072▼
2024 · €13,112
Income taxes
€198,473▲
2024 · €66,249
Staff costs
€913,209▲
2024 · €906,375
Green means a favourable move, even when the figure itself falls: as with debt or debt to equity.
Peer companies
Historical observationOf the 20,129 companies that looked in July 2024 the way this one looks now, 0.2% went bankrupt within 24 months and 95% are still going.
- Small
- 20 years or older
- solvency 30% or more
- a profit of 5% of the balance sheet or more
0.2%
went bankrupt
4.7%
stopped otherwise
95%
still going
For this company itself Checked computes a bankruptcy probability of 0.3% over twelve months; the group does not contradict it.
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 20,129 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 |
|---|---|---|---|---|---|---|
| Remuneration, social security and pensions62 | - | €980,514 | €1.0m | €906,375 | €913,209 | ▲ 0.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €31,910 | €35,235 | €39,957 | €30,826 | €29,348 | ▼ 4.8% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals)631/4 | - | - | €99,378 | - | - | - |
| Other operating charges640/8 | - | €13,644 | €11,377 | €36,564 | €16,759 | ▼ 54.2% |
| Non-recurring operating charges66A | - | €437 | €700 | €10 | - | - |
| Gross operating margin9900 | €796,542 | €1.1m | €1.3m | €1.2m | €1.7m | ▲ 39.1% |
| Operating profit (loss)9901 | €3,233 | €41,435 | €124,535 | €274,080 | €776,942 | ▲ 183% |
| Financial income75/76B | - | €79,653 | €16,413 | €46,622 | €46,933 | ▲ 0.7% |
| Recurring financial income75 | €91,957 | €79,653 | €16,413 | €46,622 | €39,041 | ▼ 16.3% |
| Non-recurring financial income76B | - | - | - | - | €7,893 | - |
| Financial charges65/66B | - | €51,515 | €59,774 | €76,950 | €46,561 | ▼ 39.5% |
| Recurring financial charges65 | €21,841 | €51,515 | €59,774 | €76,950 | €43,526 | ▼ 43.4% |
| Non-recurring financial charges66B | - | - | - | - | €3,035 | - |
| Profit (loss) for the period before taxes9903 | €71,243 | €69,573 | €81,175 | €243,751 | €777,314 | ▲ 219% |
| Income taxes67/77 | €17,827 | €12,004 | €23,637 | €66,249 | €198,473 | ▲ 200% |
| Profit (loss) for the period9904 | €53,416 | €57,569 | €57,538 | €177,503 | €578,841 | ▲ 226% |
| Profit (loss) for the period to be appropriated9905 | €53,416 | €57,569 | €57,538 | €177,503 | €578,841 | ▲ 226% |
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Assets | ||||||
| Total assets20/58 | €2.6m | €3.3m | €3.4m | €2.9m | €2.7m | ▼ 6.5% |
| Fixed assets21/28 | €124,279 | €89,751 | €94,675 | €86,852 | €59,057 | ▼ 32.0% |
| Intangible fixed assets21 | €76,012 | €59,947 | €68,542 | €49,948 | €31,354 | ▼ 37.2% |
| Tangible fixed assets22/27 | €44,696 | €26,768 | €23,097 | €33,868 | €27,703 | ▼ 18.2% |
| Plant, machinery and equipment23 | - | €1,084 | - | - | - | - |
| Furniture and vehicles24 | - | €5,480 | €16,897 | €33,868 | €27,703 | ▼ 18.2% |
| Leasing and similar rights25 | - | €4,510 | - | - | - | - |
| Other tangible fixed assets26 | - | €15,694 | €6,200 | - | - | - |
| Financial fixed assets28 | €3,571 | €3,036 | €3,036 | €3,036 | €0 | ▼ 100% |
| Current assets29/58 | €2.5m | €3.2m | €3.3m | €2.8m | €2.7m | ▼ 5.7% |
| Stocks and contracts in progress3 | €1.5m | €2.1m | €2.0m | €1.4m | €1.7m | ▲ 21.6% |
| Stocks30/36 | - | €2.1m | €2.0m | €1.4m | €1.7m | ▲ 21.6% |
| Amounts receivable within one year40/41 | €931,167 | €915,973 | €1.2m | €948,574 | €866,931 | ▼ 8.6% |
| Trade receivables40 | - | €912,695 | €1.2m | €907,549 | €840,050 | ▼ 7.4% |
| Other amounts receivable41 | - | €3,278 | €40,406 | €41,026 | €26,881 | ▼ 34.5% |
| Cash at bank and in hand54/58 | €67,092 | €208,265 | €139,390 | €453,859 | €71,481 | ▼ 84.3% |
| Deferred charges and accrued income490/1 | - | €119 | €506 | €13,315 | €11,407 | ▼ 14.3% |
| Equity and liabilities | ||||||
| Total equity and liabilities10/49 | €2.6m | €3.3m | €3.4m | €2.9m | €2.7m | ▼ 6.5% |
| Equity10/15 | €1.2m | €715,752 | €773,290 | €800,793 | €1.4m | ▲ 72.3% |
| Contributions10/11 | €650,000 | €650,000 | €650,000 | €650,000 | €650,000 | = |
| Capital10 | - | €650,000 | €650,000 | €650,000 | €650,000 | = |
| Issued capital100 | - | €650,000 | €650,000 | €650,000 | €650,000 | = |
| Reserves13 | €31,500 | €31,500 | €31,500 | €31,500 | €60,500 | ▲ 92.1% |
| Non-distributable reserves130/1 | - | €31,500 | €31,500 | €31,500 | €60,500 | ▲ 92.1% |
| Legal reserve130 | - | €31,500 | €31,500 | €31,500 | €60,500 | ▲ 92.1% |
| Profit (loss) carried forward14 | €566,684 | €34,252 | €91,790 | €119,293 | €669,134 | ▲ 461% |
| Amounts payable17/49 | €1.4m | €2.6m | €2.6m | €2.1m | €1.3m | ▼ 36.3% |
| Amounts payable after more than one year17 | €9,160 | €76,807 | €18,511 | €13,112 | €6,072 | ▼ 53.7% |
| Financial debts170/4 | - | €76,807 | €18,511 | €13,112 | €6,072 | ▼ 53.7% |
| Amounts payable within one year42/48 | €1.4m | €2.5m | €2.6m | €2.1m | €1.3m | ▼ 36.3% |
| Current portion of amounts payable after more than one year42 | - | €121,518 | €128,523 | €25,293 | €7,041 | ▼ 72.2% |
| Financial debts43 | - | €625,000 | €625,000 | €490,000 | €405,000 | ▼ 17.3% |
| Credit institutions430/8 | - | €625,000 | €625,000 | €490,000 | €405,000 | ▼ 17.3% |
| Trade debts44 | €944,120 | €1.1m | €1.5m | €1.3m | €722,149 | ▼ 44.0% |
| Suppliers440/4 | - | €1.1m | €1.5m | €1.3m | €722,149 | ▼ 44.0% |
| Advances received on contracts in progress46 | - | €2,307 | €2,307 | €2,307 | €0 | ▼ 100% |
| Taxes, remuneration and social security45 | - | €94,570 | €76,416 | €135,805 | €197,787 | ▲ 45.6% |
| Taxes450/3 | - | €7,139 | €2,413 | €35,204 | €109,554 | ▲ 211% |
| Remuneration and social security454/9 | - | €87,431 | €74,003 | €100,601 | €88,234 | ▼ 12.3% |
| Other amounts payable47/48 | - | €590,235 | €330,123 | €150,000 | €0 | ▼ 100% |
| Accrued charges and deferred income492/3 | - | - | - | €10,673 | €9,973 | ▼ 6.6% |
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €53,416 | €57,569 | €57,538 | €177,503 | €578,841 | ▲ 226% |
| + Depreciation and write-downs630 | €31,910 | €35,235 | €39,957 | €30,826 | €29,348 | ▼ 4.8% |
| Operating cash flow (approximation) | €85,326 | €92,804 | €97,495 | €208,329 | €608,190 | ▲ 192% |
| Investment in fixed assets (approximation) | - | -€707 | -€44,881 | -€23,002 | -€1,553 | ▲ 93.2% |
| Change in cash | - | €141,173 | -€68,875 | €314,470 | -€382,378 | ▼ 222% |
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
2025
31-10
NBB filing
Annual accounts filed
fiscal year 2025 · full schema
31-03
Financial
Highest result since 2019net €578,841 ▲226%
Operating result €776,942, net result €578,841, both a record.
31-03
Financial
Equity above €1mEq €1.4m ▲72.3%
7 profitable years in a row build equity to €1.4m.
2024
23-10
NBB filing
Annual accounts filed
fiscal year 2024 · full schema
2023
29-11
NBB filing
Annual accounts filed
fiscal year 2023 · full schema · 29 days late
2022
17-10
NBB filing
Annual accounts filed
fiscal year 2022 · full schema
2021
29-10
NBB filing
Annual accounts filed
fiscal year 2021 · full schema
2020
27-11
NBB filing
Annual accounts filed
fiscal year 2020 · full schema · 27 days late
2019
22-11
NBB filing
Annual accounts filed
fiscal year 2019 · full schema · 22 days late
2018
03-08
NBB filing
Annual accounts filed
fiscal year 2018 · full schema
2017
18-10
NBB filing
Annual accounts filed
fiscal year 2017 · full schema
2016
14-10
NBB filing
Annual accounts filed
fiscal year 2016 · full schema
Financial milestoneNBB filingFinancial milestones sit on the fiscal year-end date, not the filing date.
0 of 9 acts read
About the unread acts
We know of 9 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
9 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, Wavre · 1 establishment unit since 2002
Ground area
7,107 m²
Building footprint
2,676 m²
Volume, LiDAR
21,349 m³
Parcel 25112C0001/05_000, Wallonia · tallest building 9.5 m, ±3 floors. Linked by address, not a title deed.
4
companies at this address
See who is registered here
1 establishment unit
Avenue Lavoisier 37, 1300 Wavre
since 20022.041.863.757
1 parcel
Wallonia
1
(100%)
| Parcel (capakey) | Region | Area | Buildings | Height / fl. |
|---|---|---|---|---|
| 25112C0001/05_000 | Wallonia | 7,107 m² | 1 · 2,676 m² | 9.4 m · 3 fl. |
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.
Structure & network
Owners and holdings
1 owner · 1 holdingChain of control
- S.D.M.
- ICOR
Highest known parent: S.D.M.. The sources do not say who stands above it.
Owners 1
- S.D.M.parentSourceaccounts S.D.M. 2024100%
Holdings 1
-
35%
According to the annual accounts to 31-03-2024 of ICOR 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
No current directors or connected companies found in the register.
Recognitions · licences · registrations
Legal Entity Identifier
549300VKYTO63B8VVZ68
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Of 1,743 companies in sector 46720 we hold annual accounts for 1,083. 741 are within a factor 10 of this equity. The 5 above are the closest to it. See the whole sector
Identification & contact
Identification
Legal formPublic limited company
Founded16-01-1989
Fiscal year end31-03
Abbreviation FR
I.C.O.R.
Activities, NACEBEL 2025
46720Wholesale of motor vehicle parts and accessories
E-invoicing
Reachable via Peppol
Peppol ID
0208:0436398941
Registered
20-11-2020
Register as of 28 September 2026 · Peppol Directory
Scores and ratios are computed by Checked and are not a credit decision.