Icsem · Checked.be

Summary

Conclusion

the dossier summarised in one paragraph

Icsem is a financial institution; the bankruptcy model is trained on trading and manufacturing companies and does not apply here. The 2025 annual accounts show equity of €80k and a net result of €44k. The figures fluctuate too strongly year-on-year for a reliable trend projection. Its solvency ranks better than 87% of 223 sector peers (fiscal year 2025). The company has been active since 2020 and the Belgian State Gazette contains no insolvency or warning signals.

Based on the State Gazette, CBE and 6 annual accounts.

Signals

3 signals · with evidence

Strong solvency vs sector

Solvency is in the sector's strongest quartile: better than 87% of 223 peers (2025). A comfortable equity buffer.

View the sector comparison

Consistently profitable

Positive net result in the two most recent financial years (2024 and 2025).

View the result trend

Growing equity

Equity grew over 2023-2025. Profits are largely retained rather than distributed.

View the equity trend

Signals are derived from the filed annual accounts and the sector comparison. No composite score: each signal is separately verifiable at the source.

Filing behaviour

From the deposit records, complete market-wide

Latest accounts filed on time

The financial year that closed on 31-12-2025 was due by 31-07-2026 and was filed on 02-04-2026, 120 days ahead of the deadline. This speaks to administrative punctuality and says nothing about the financial position.

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.

How we compute the deadline

The year end is derived from 6 filed financial years, each closing on 31-12. The statutory deadline is seven months after the close of the financial year (art. 3:10 par. 1 CAC, art. 3:47 par. 7 for ASBL and foundations). Applied to the financial year that closed on 31-12-2025, that is 31-07-2026.

Deadline per financial year

Year closed	Due by	Filed	Variance	Reference
31-12-2025	31-07-2026	02-04-2026	120 d early	2026-00072163
31-12-2024	31-07-2025	17-07-2025	14 d early	2025-00281444
31-12-2023	31-07-2024	28-03-2024	125 d early	2024-00051304
31-12-2022	31-07-2023	02-06-2023	59 d early	2023-00103343
31-12-2021	31-07-2022	01-08-2022	1 d late	2022-20257195
31-12-2020	31-07-2021	24-08-2021	24 d late	2021-52400014

Source: the National Bank's deposit records. Those records are complete, including for years whose figures we have not read yet. Filing late covers nearly half the market and is therefore not scored; only not filing, being more than 90 days late and breaking a punctual record carry weight.

Trust signals

2 signals

More than 3 years active

Founded in 2020, past the statistically most fragile first 3 years.

No legal incidents

No bankruptcy, reorganisation or interim measure in the Belgisch Staatsblad, and the KBO register records a normal legal situation.

Administrative Flags

No strikeouts found in the KBO publications we processed. That series starts in 2021 and has gaps, so this is not a confirmation that there is nothing.

Bankruptcy probability (12 mo)

Checked model v1 · free for everyone

This is a financial institution (bank, insurer or financial holding). Our bankruptcy model is trained on ordinary trading and manufacturing companies; a bank balance sheet falls outside that scope. We therefore show no bankruptcy probability rather than a misleading figure.

Financials

Equity€80k+119.2%

Net result€44k+65.2%

Total assets€91k+43.4%

Solvency88.2%+30.5pp

CSV export

Annual accounts & ratios

Source: NBB · 2025

Annual accounts filed on 02-04-2026 with the NBB · fiscal year 2025 · micro

Operating resultNet result

Trajectory (indicative)

Projection over 3 fiscal years from the filed annual accounts, not a forecast, the extended trend.

volatile Too volatile to project: the yearly deviation from the trend is ~35% of the level (threshold 35%). We therefore deliberately show no projection line.

How do we compute this?

The trend is a robust median of all pairwise slopes between fiscal years (Theil-Sen), so a single odd year cannot hijack the line. For strictly positive series we also fit a log variant (compound annual growth) and keep whichever describes the figures best.

The area around the projection is 1.8 × the median absolute deviation from the trend, widening each year ahead (×1 / ×1.6 / ×2.2), with a minimum of 8% of the last value. It is an indicative range, not a statistical confidence interval.

A series whose deviations exceed 35% of its level is too volatile: we then deliberately show no projection. Every projection assumes unchanged policy and is blind to non-public information (order book, contracts, funding rounds).

Sector comparison

Fiscal year 2025 · NACE 66 · compared within the same schema type (micro schema)

Metric	This company	Sector median	Position in the sector
Solvency	88.2%	47.6%	better than 87% of 223 sector peers
Net result	€44k	€43k	better than 51% of 223 sector peers
Equity	€80k	€83k	better than 48% of 223 sector peers
Gross operating margin	€52k	€89k	better than 32% of 223 sector peers
Total assets	€91k	€204k	better than 21% of 223 sector peers

Median and position computed from NBB annual accounts filed by sector peers; own figures from the latest filed accounts.

Sector position over time

Percentile per fiscal year versus peers that filed figures, computed year by year (a year without enough peers is absent).

Solvency P87

Improving position over 2020-2025 · n=116-768

Net result P51

Improving position over 2020-2025 · n=116-767

Equity P48

Improving position over 2020-2025 · n=116-768

Gross operating margin P32

Improving position over 2020-2025 · n=116-765

Describes the position versus peers, not a forecast.

Net profit

€44k

+65.2% 20-25

Total assets

€91k

+43.4% 20-25

Equity

€80k

+119.2% 20-25

Income taxes

€12k

+288.3% 20-25

Dividends

€833

-3.0% 20-25

Debt

€11k

-59.9% 20-25

Debt ≤ 1y

€11k

-58.6% 20-25

Solvency

88.2%

+52.9% 20-25

ROE

55.4%

-24.6% 20-25

ROA

48.9%

+15.2% 20-25

Figures by fiscal year

Highlight YoY changes (±10%)

Fiscal year	2025
Deposit	micro
Revenue	n/a
EBITDA	n/a
Net profit	€44k
Cash flow	n/a
Staff costs	-
Income taxes	€12k
Dividends	€833
Total assets	€91k
Equity	€80k
Debt	€11k
of which ≤ 1y	€11k
of which > 1y	-
Working capital	n/a
Employees (FTE)	-

Ratios (computed)

	2025
Current ratio	n/a
Quick ratio	n/a
Working capital ratio	n/a
Solvency	88.2%
Debt / equity	n/a
Long-term debt ratio	n/a
Interest coverage	n/a
Gross margin	n/a
Net margin	n/a
ROA	48.9%
ROE	55.4%
EBITDA margin	n/a
Days sales outstanding	n/a
Days payable outstanding	n/a
Inventory turnover	n/a
Days inventory (DSI)	n/a

Balance-sheet composition 2025

Assets

Fixed assets €32k · 34.8% Current assets €59k · 65.2%

Equity & liabilities

Equity €80k · 88.2% Debt €11k · 11.9%

Full annual accounts

Filed balance sheet and income statement, exactly as deposited with the NBB.

Line item	Code	2025
Balance sheet, Assets
TOTAL ASSETS	20/58	€91k
Fixed assets	21/28	€32k
Tangible fixed assets	22/27	€1k
Financial fixed assets	28	€31k
Current assets	29/58	€59k
Amounts receivable within one year	40/41	€45k
Cash & bank	54/58	€14k
Balance sheet, Equity & liabilities
TOTAL EQUITY & LIABILITIES	10/49	€91k
Equity	10/15	€80k
Contributions / capital	10/11	€1k
Accumulated profits (losses)	14	€79k
Amounts payable	17/49	€11k
Amounts payable within one year	42/48	€11k
Income statement
Gross operating margin	9900	€52k
Operating result	9901	€51k
Financial income	75	€6k
Financial charges	65	€607
Result before taxes	9903	€56k
Income taxes	67/77	€12k
Net result for the period	9904	€44k
Result to be appropriated	9905	€44k

You're seeing the latest fiscal year only. Unlock 4 prior years (figures + ratios) with a paid plan. See plans →

Ratios computed by Checked.

Health barometer

FY 2025 · computed

Model not applicable to financial institutions

The health score weighs liquidity, leverage and margins against norms for trading and manufacturing companies. A bank, insurer or financial holding has a fundamentally different balance-sheet structure, so those ratios, and hence the score, carry no meaning here.

Structure & network

Locations & real estate

Registered office

from the Crossroads Bank

Cannot be placed on the map

This address could not be matched to a point in the Belgian address register (BOSA BEST). The address below comes straight from the Crossroads Bank.

Rue Isabelle-Brunelle, Nov. 135380 Fernelmont

Establishment units

1 location

Icsem

Rue Isabelle-Brunelle, Nov. 13, 5380 FernelmontManagementsactiviteiten van holdings : tussenkomen in het dagelijks bestuur, vertegenwoordigen van bedrijven op grond van bezit van of controle over het maatschappelijk kapitaal, enz.

since 20202.315.064.851

Physical sites registered in the Crossroads Bank for Enterprises (CBE).

Publications

Lifecycle & Insolvency Signals

No insolvency signals in the Belgian State Gazette

Belgian State Gazette · acts

No structured acts for this company yet

That means one of two things: the company has published no company deeds, or its deeds are still queued for reading. The insolvency signals above come from a separate source; the KBO register is the second source and appears as the legal situation on this page.

Analysis

Snowflake analysis

financial profile on 5 axes

93 / 100

Strong profile, led by profitability.

Computed on 4 of 5 axes. Not measured: health. An unmeasured axis is not a zero: no data was read for it.

Health -

Profitability 100

Solvency 100

Growth 78

Stability 94

Ask AI about this company

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AI due-diligence brief

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Generate a structured, factual brief from every signal in this dossier: risk, financial health, ownership, mandates and sector comparison.

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The brief is drafted by our AI model at Anthropic in the US, from this dossier's public data. Nothing that identifies you is sent along and we do not keep the brief. Indicative, not legal or investment advice. How it works

Credit advice

verdict per customer and amount

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We hold annual accounts for 236 of the 1,499 companies in this sector. 169 of them are within a factor 10 of this company's equity.

See full sector →

Company registry

Company registry (CBE)

Crossroads Bank

Activities

Overige ondersteunende activiteiten in verband met financiële diensten, exclusief verzekeringen en pensioenfondsen, n.e.g.66199Overige ondersteunende activiteiten in verband met financiële diensten, neg, exclusief verzekeringen en pensioenfondsen66199Holdings64200Activiteiten van holdings64210Handel in eigen onroerend goed68100Handel in eigen onroerend goed68110Beheer van residentieel onroerend goed voor een vast bedrag of op contractbasis68321Activiteiten van syndici van onroerend goed68321Beheer van niet-residentieel onroerend goed voor een vast bedrag of op contractbasis68322Diverse ondersteunende activiteiten ten behoeve van voorzieningen81100Diverse ondersteunende activiteiten ten behoeve van voorzieningen81100

Primary activity highlighted.

Names & trade names

Legal nameFR

Icsem

Registered office

Rue Isabelle-Brunelle, Nov. 13

5380 Fernelmont, Belgium

Official data from the Crossroads Bank for Enterprises (CBE). Available for every registered company.