Equity
ICS PROJECTS has made a profit in every financial year since 2023.
ICS PROJECTS has made a profit in every financial year since 2023.
The micro format states no turnover.
The dashed line is the sector median: 0.7% across 47,693 companies (NACE 43, micro).
About 6 in 1,000 comparable companies go bankrupt within 12 months (an estimate).
The band follows from the bankruptcy probability. 10 more points roughly halve it.
| 75-100 | Excellent | under 0.55% |
| 60-74 | Healthy | 0.55% to 1.5% |
| 45-59 | Fair | 1.5% to 4.2% |
| 25-44 | Weak | 4.2% to 15.0% |
| 0-24 | Critical | over 15.0% |
Where the company stands within its band depends half on the bankruptcy probability and half on how it does against its sector peers (NACE 43, micro). It does better than 37% of them on solvency, 63% on liquidity, 57% on profitability and 74% on growth.
The bankruptcy probability was computed on 08-11-2026 by the bankruptcy model of 2 October 2026, which learns from Belgian bankruptcies and reads the registers, the annual accounts and the Belgian Official Gazette.
The probability rests on the annual accounts with balance sheet date 31-10-2025.
Of the companies with a bankruptcy probability in the low class on 30-06-2025, 0.8% went bankrupt within twelve months.
Some facts cap the score, however low the probability. With negative or zero equity, a heavy loss, a special status in the KBO, one missing filing or accounts filed more than 90 days late, the score is Fair at most (59). With two missing filings, it is Weak at most (44). During a judicial reorganisation or at the company's end (bankruptcy, dissolution, liquidation), it is Critical at most (24).
In July 2024, 39,278 companies had the same profile as ICS PROJECTS has now. Each dot stands for 99 companies, two years later.
Another 0.1% stopped without a precise date, possibly only after those two years.
That fits the bankruptcy probability of ICS PROJECTS itself: 0.6% within 12 months.
The method was tested on the 497,447 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 39,278 companies, not a prediction for ICS PROJECTS. 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.
Liquidity is ample, with a current ratio of 1.58 (1.72 in 2024), above the usual 1.5. Short-term debt is 39% and cash 26.5% of total assets. However, 64.9% of the assets are financed with debt and provisions.
Show the recommended maximum and see how the verdict changes with amount, term and advance.
The scores and ratios are Checked's own calculations, not a credit decision.
The company filed its last 3 accounts on average on the deadline day. In the sector (NACE 43), the median for financial year 2024 was 1 day before the deadline, and 43% of those companies filed late.
| Company | ||||
|---|---|---|---|---|
| ICS PROJECTS Vilvoorde | €153,611 | €44,227 | 35.1% | - |
| DAMARI CONSTRUCT Sint-Pieters-Leeuw | €165,663 | €41,372 | 37.6% | - |
| Studio McBeck Sint-Genesius-Rode | €136,306 | €51,658 | 33.5% | - |
| BENOIT GHISLAIN CONSTRUCT Meise | €146,316 | €46,662 | 57.7% | - |
| M-Z RENOVATION Dilbeek | €164,221 | €51,164 | 38.4% | - |
| ALNEMAT CONSTRUCT Ghent | €164,867 | €48,288 | 49.1% | - |
| HEKO Beton Design De Panne | €158,014 | €53,051 | 48.1% | - |
These companies have the same main activity as ICS PROJECTS: other specialised construction activities (NACE 43990). They are comparable in size and age: total assets between €136,000 and €166,000, founded between 2021 and 2023.
ICS PROJECTS files the micro format. That format states no turnover. The gross margin rose from €34,204 in 2023 to €44,227 in 2025.
The balance sheet grew most in 2024 through fixed assets.
Sources: KBO register, filings at the National Bank, Belgian Official Gazette.
Turnover and EBIT margin are not published. The micro format does not require them. The turnover shown is an estimate from the gross margin.
Turnover ≈ €380,000. Estimated: probably between €260,000 and €680,000.
Higher than 37% of 35,119 companies in 2025.
Higher than 43% of 34,493 companies in 2025.
Higher than 53% of 34,694 companies in 2025.
Net result: middle half · Equity: middle half · Balance sheet total: middle half · Working capital: middle half
| Line | Trend | 2025 | 2024 | 2023 |
|---|---|---|---|---|
| Balance sheet: assets | ||||
20/58 |
153,611 | 177,063 | 95,933 | |
21/28 |
58,788 | 79,158 | 2,650 | |
22/27 |
58,788 | 79,158 | 2,650 | |
23 |
661 | 1,655 | 2,650 | |
25 |
58,127 | 77,502 | - | |
29/58 |
94,823 | 97,905 | 93,283 | |
40/41 |
51,419 | 64,590 | 74,035 | |
40 |
28,332 | 44,272 | 54,281 | |
41 |
23,088 | 20,318 | 19,754 | |
54/58 |
40,678 | 30,125 | 18,493 | |
490/1 |
2,726 | 3,190 | 755 | |
| Balance sheet: equity and liabilities | ||||
10/49 |
153,611 | 177,063 | 95,933 | |
10/15 |
53,921 | 41,622 | 28,570 | |
10/11 |
5,000 | 5,000 | 5,000 | |
13 |
29,700 | 18,700 | - | |
133 |
29,700 | 18,700 | - | |
14 |
19,221 | 17,922 | 23,570 | |
17/49 |
99,690 | 135,441 | 67,363 | |
17 |
39,753 | 78,504 | - | |
170/4 |
39,753 | 78,504 | - | |
42/48 |
59,937 | 56,937 | 67,363 | |
42 |
19,376 | - | - | |
44 |
33,856 | 49,858 | 58,276 | |
440/4 |
33,856 | 49,858 | 58,276 | |
45 |
6,705 | 7,080 | 9,087 | |
450/3 |
6,705 | 7,080 | 9,087 | |
| Income statement | ||||
9900 |
44,227 | 44,928 | 34,204 | |
630 |
20,370 | 20,370 | 333 | |
640/8 |
387 | 766 | 1,074 | |
9901 |
23,470 | 23,792 | 32,797 | |
65/66B |
5,465 | 3,661 | 2,140 | |
65 |
5,465 | 3,661 | 2,140 | |
9903 |
18,004 | 20,131 | 30,657 | |
67/77 |
5,705 | 7,080 | 7,087 | |
9904 |
12,299 | 13,052 | 23,570 | |
9905 |
12,299 | 13,052 | 23,570 | |
| Appropriation of the result | ||||
9906 |
30,221 | 36,622 | 23,570 | |
14P |
17,922 | 23,570 | - | |
691/2 |
11,000 | 18,700 | - | |
6920 |
11,000 | - | - | |
6921 |
- | 18,700 | - | |
| Document | ||||
The notes to these accounts have 5 items, including the statement of assets and debts, the cost breakdown and rights and commitments. You find them in the filed accounts (PDF).
Source: Annual accounts 2025 (PDF), filed on 31-05-2026.
| Line | Trend | 2025 | 2024 | 2023 |
|---|---|---|---|---|
| 43,839 | 44,162 | 33,130 | ||
| 32,669 | 33,422 | 23,903 | ||
| 0 | 96,878 | 2,983 | ||
| 10,553 | 11,632 | - | ||
| 34,886 | 40,968 | 25,921 | ||
| 35.1% | 23.5% | 29.8% | ||
| 1.58 | 1.72 | 1.38 | ||
| 1.85 | 3.25 | 2.36 | ||
| 22.8% | 31.4% | 82.5% | ||
| 8.0% | 7.4% | 24.6% | ||
| 8.02 | 12.06 | 15.48 |
A Belgian filing has no cash-flow statement. Cash flow is therefore an approximation, derived from the income statement. Investment is the acquisitions in the notes and, without them, the balance-sheet move.
| Item | 31-10-2025 | 31-10-2024 | 31-10-2023 |
|---|---|---|---|
| Tangible fixed assets | - | €96,878 | €2,983 |
| €20,370 | €20,370 | €333 |
Source: notes to the 2023 to 2025 annual accounts (statement of fixed assets)
The operating result for 2025 is 1% lower than in 2024 and the lowest since 2023. It is the second fall in a row.
Debt's share of the balance-sheet total falls from 76.5% to 64.9%. Equity is higher and debt is lower.
ICS PROJECTS has no parent and no holdings in its annual accounts. HUJA Nelu Florin is the only director. ICS PROJECTS shares no director with another company.
| Demian, Petru-Marius (sole trader)
establishment since 16-01-2025 |
founded in 2025 0781.415.865 |
Deadline for the 2026 accounts: 31-05-2027
Sources: Publications in the Belgian Official GazetteFilings with the National Bank
On 26 April 2022, ICS PROJECTS was incorporated as a private limited company by one natural person, with a starting capital of €5,000.12 HUJA Nelu Florin is director of the company, appointed by deed of 28-04-2022.2 Total assets went from €95,933 in 2023 to €153,611 in 2025.3
| Establishment | Since | Unit number |
|---|---|---|
| Mercatorstraat 9 registered office 1800 Vilvoorde | 26-04-2022 | 2.331.730.936 |
| Cadastral parcel | Area | Buildings | Height / floors |
|---|---|---|---|
| 23088A0117/00E002 | 124 m² | 1 · 58 m² | 10.9 m · 3 |
Check the withholding obligation If you pay this company for building or cleaning work, check before every payment whether you must withhold part of the invoice. Use the enterprise number 0785.407.911
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