IETC
ActiveSummary
IETC has been active since 2017 and the Belgian Official Gazette contains no insolvency or warning signals. The 2025 annual accounts show equity of €177,920 and a net result of €146,637. The figures fluctuate too strongly year-on-year for a reliable trend projection. Its solvency ranks better than 26% of 39,184 sector peers (NACE 70, financial year 2025). The computed 12-month bankruptcy probability is below 0.1% (very low).
Financials · financial year 2025, micro format
Turnover
≈ €380,000
Estimated: probably between €330,000 and €460,000
Total assets
€717,053▲ 21.4%
2024 · €590,460
Net result
€146,637▼ 46.4%
2024 · €273,719
Working capital
-€228,497
2024 · €238,842
Trend over the years
2021 to 2025, 5 financial years 2018 to 2025, 8 financial years
The operating result falls in 2025; 2025 is 44% below 2024.
What the company sold each financial year and what was left of it. A loss stands below the zero line.
Operating result€203,404
2025
Net result€146,637
2025
What the company owns (total assets), how much of it is its own (equity) and how much it owes.
Total assets€717,053
2025
Equity€177,920
2025
Debt€539,134
2025
Short-term assets minus short-term debts. Above zero the company can pay its bills in the short term.
Working capital-€228,497
2025
How much of each euro of turnover is left from operations (EBIT margin) and what the assets earn (return on assets).
Return on assets (ROA)20.5%
2025
The share of the company financed with its own means. The higher it is, the better it absorbs a shock.
Solvency24.8%
2025
Short-term assets per euro of short-term debt. Above 1 the short-term debts are covered.
Current ratio0.57
2025
Use the arrow keys on the chart for the figures per year.
Sector: the middle half of NACE 70, Activities of head offices; management consultancy activities: a quarter of companies sit below it, a quarter above. Each year compared with accounts in the same format, and only where there are at least 30. Dashed line: the median. Available for Net result, Equity, Total assets, Working capital, Solvency, Current ratio, Return on assets (ROA).
Every figure with its change against the financial year before
favourable
unfavourable
Line20182019202020212022202320242025
Operating result€109,493-€132,958▲ 21.4%€144,879▲ 9.0%€182,001▲ 25.6%€300,550▲ 65.1%€240,195▼ 20.1%€361,256▲ 50.4%€203,404▼ 43.7%
Net result€67,104-€92,216▲ 37.4%€111,502above the sector's middle half▲ 20.9%€136,986above the sector's middle half▲ 22.9%€225,909above the sector's middle half▲ 64.9%€181,741above the sector's middle half▼ 19.6%€273,719above the sector's middle half▲ 50.6%€146,637above the sector's middle half▼ 46.4%
Equity€79,504-€171,720▲ 116%€283,222above the sector's middle half▲ 64.9%€177,920within the sector's middle half▼ 37.2%€177,920within the sector's middle half=€359,660above the sector's middle half▲ 102%€527,379above the sector's middle half▲ 46.6%€177,920within the sector's middle half▼ 66.3%
Total assets€134,556-€237,201▲ 76.3%€385,048within the sector's middle half▲ 62.3%€416,314within the sector's middle half▲ 8.1%€581,155above the sector's middle half▲ 39.6%€523,890above the sector's middle half▼ 9.9%€590,460above the sector's middle half▲ 12.7%€717,053above the sector's middle half▲ 21.4%
Debt€55,052-€65,481▲ 18.9%€101,826▲ 55.5%€238,394▲ 134%€403,235▲ 69.1%€164,230▼ 59.3%€63,080▼ 61.6%€539,134▲ 755%
Working capital€78,402-€118,528▲ 51.2%€230,853above the sector's middle half▲ 94.8%€118,730within the sector's middle half▼ 48.6%€15,170within the sector's middle half▼ 87.2%€159,790above the sector's middle half▲ 953%€238,842above the sector's middle half▲ 49.5%-€228,497below the sector's middle half
Solvency59.1%-72.4%▲ 13.3pp73.6%within the sector's middle half▲ 1.2pp42.7%within the sector's middle half▼ 30.8pp30.6%within the sector's middle half▼ 12.1pp68.7%within the sector's middle half▲ 38.0pp89.3%above the sector's middle half▲ 20.7pp24.8%within the sector's middle half▼ 64.5pp
Current ratio2.42-2.81▲ 0.393.27within the sector's middle half▲ 0.461.50within the sector's middle half▼ 1.771.04within the sector's middle half▼ 0.452.24within the sector's middle half▲ 1.196.33above the sector's middle half▲ 4.090.57below the sector's middle half▼ 5.76
Return on assets (ROA)49.9%-38.9%▼ 11.0pp29.0%above the sector's middle half▼ 9.9pp32.9%above the sector's middle half▲ 3.9pp38.9%above the sector's middle half▲ 6.0pp34.7%above the sector's middle half▼ 4.2pp46.4%above the sector's middle half▲ 11.7pp20.5%within the sector's middle half▼ 25.9pp
above
within
below
the middle half of NACE 70, Activities of head offices; management consultancy activities: a quarter of companies sit below it, a quarter above. Each year compared with accounts in the same format, and only where there are at least 30.
Turnover and EBIT margin 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 €717,053
Fixed assets
€413,646 ▲ 34.8%
Current assets
€303,408 ▲ 7.0%
Equity and liabilities €717,053
Equity
€177,920 ▼ 66.3%
Debt
€539,134 ▲ 755%
Debt's share of the balance-sheet total rises from 10.7% to 75.2%. Equity is lower and debt is higher.
Key figures and ratios
EBITDA
€224,714▼
2024 · €383,684
Cash flow
€167,948▼
2024 · €296,147
Debt to equity
3.03▲
2024 · 0.12
ROE
82.4%▲
2024 · 51.9%
Interest coverage
over 100
2024 · over 100
Debt ≤ 1 year
€531,905▲
2024 · €44,839
Debt > 1 year
€1,411▼
2024 · €18,241
Income taxes
€57,949▼
2024 · €88,580
Green means a favourable move, even when the figure itself falls: as with debt or debt to equity.
Annual accounts
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Non-recurring operating income76A | - | - | - | - | - | €6,825 | - | - | - |
| Remuneration, social security and pensions62 | - | - | - | €49 | - | - | - | - | - |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €844 | €1,018 | €823 | €762 | €21,395 | €22,108 | €22,428 | €21,310 | ▼ 5.0% |
| Other operating charges640/8 | - | - | - | €348 | €7,684 | €1,503 | €387 | €1,368 | ▲ 253% |
| Gross operating margin9900 | €111,969 | €134,413 | €146,467 | €183,159 | €329,629 | €263,806 | €384,071 | €226,082 | ▼ 41.1% |
| Operating profit (loss)9901 | €109,493 | €132,958 | €144,879 | €182,001 | €300,550 | €240,195 | €361,256 | €203,404 | ▼ 43.7% |
| Financial income75/76B | - | - | - | €21 | €4 | €1,490 | €2,908 | €3,206 | ▲ 10.2% |
| Recurring financial income75 | €1 | €266 | €0 | €21 | €4 | €1,490 | €2,908 | €3,206 | ▲ 10.2% |
| Financial charges65/66B | - | - | - | €135 | €1,006 | €1,266 | €1,866 | €2,023 | ▲ 8.4% |
| Recurring financial charges65 | €146 | €233 | €440 | €135 | €1,006 | €1,266 | €1,866 | €2,023 | ▲ 8.4% |
| Profit (loss) for the period before taxes9903 | €109,349 | €132,990 | €144,440 | €181,887 | €299,549 | €240,418 | €362,299 | €204,587 | ▼ 43.5% |
| Income taxes67/77 | €42,245 | €40,774 | €32,938 | €44,901 | €73,640 | €58,678 | €88,580 | €57,949 | ▼ 34.6% |
| Profit (loss) for the period9904 | €67,104 | €92,216 | €111,502 | €136,986 | €225,909 | €181,741 | €273,719 | €146,637 | ▼ 46.4% |
| Profit (loss) for the period to be appropriated9905 | €67,104 | €92,216 | €111,502 | €136,986 | €225,909 | €181,741 | €273,719 | €146,637 | ▼ 46.4% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Assets | |||||||||
| Total assets20/58 | €134,556 | €237,201 | €385,048 | €416,314 | €581,155 | €523,890 | €590,460 | €717,053 | ▲ 21.4% |
| Fixed assets21/28 | €1,102 | €53,192 | €52,369 | €59,190 | €214,109 | €234,760 | €306,778 | €413,646 | ▲ 34.8% |
| Tangible fixed assets22/27 | €1,102 | €1,192 | €369 | €4,740 | €87,159 | €65,115 | €44,208 | €22,898 | ▼ 48.2% |
| Furniture and vehicles24 | - | - | - | €1,452 | €83,247 | €62,182 | €42,252 | €21,920 | ▼ 48.1% |
| Other tangible fixed assets26 | - | - | - | €3,288 | €3,911 | €2,933 | €1,955 | €977 | ▼ 50.0% |
| Financial fixed assets28 | - | €52,000 | €52,000 | €54,450 | €126,950 | €169,645 | €262,570 | €390,748 | ▲ 48.8% |
| Current assets29/58 | €133,455 | €184,009 | €332,678 | €357,124 | €367,046 | €289,130 | €283,682 | €303,408 | ▲ 7.0% |
| Amounts receivable after more than one year29 | - | - | - | €135,000 | €85,000 | €31,489 | €65,280 | €71,410 | ▲ 9.4% |
| Trade receivables290 | - | - | - | - | - | €30,000 | €60,885 | €63,810 | ▲ 4.8% |
| Other amounts receivable291 | - | - | - | €135,000 | €85,000 | €1,489 | €4,395 | €7,601 | ▲ 72.9% |
| Amounts receivable within one year40/41 | €53,928 | €2,466 | €197 | €103,334 | €135,751 | €166,808 | €158,918 | €135,502 | ▼ 14.7% |
| Trade receivables40 | - | - | - | €101,117 | €124,691 | €163,337 | €152,520 | €121,680 | ▼ 20.2% |
| Other amounts receivable41 | - | - | - | €2,217 | €11,061 | €3,471 | €6,398 | €13,822 | ▲ 116% |
| Cash at bank and in hand54/58 | €76,841 | €110,337 | €151,940 | €118,720 | €146,275 | €88,296 | €59,266 | €96,218 | ▲ 62.4% |
| Deferred charges and accrued income490/1 | - | - | - | €70 | €20 | €2,537 | €218 | €276 | ▲ 26.8% |
| Equity and liabilities | |||||||||
| Total equity and liabilities10/49 | €134,556 | €237,201 | €385,048 | €416,314 | €581,155 | €523,890 | €590,460 | €717,053 | ▲ 21.4% |
| Equity10/15 | €79,504 | €171,720 | €283,222 | €177,920 | €177,920 | €359,660 | €527,379 | €177,920 | ▼ 66.3% |
| Contributions10/11 | €12,400 | €12,400 | - | €18,600 | €18,600 | €18,600 | €18,600 | €18,600 | = |
| Reserves13 | €67,104 | €159,320 | €270,822 | €159,320 | €159,320 | €159,320 | €159,320 | €159,320 | = |
| Non-distributable reserves130/1 | - | - | - | €1,860 | €1,860 | €1,860 | €1,860 | €1,860 | = |
| Reserves not available under the articles1311 | - | - | - | €1,860 | €1,860 | €1,860 | €1,860 | €1,860 | = |
| Distributable reserves133 | - | - | - | €157,460 | €157,460 | €157,460 | €157,460 | €157,460 | = |
| Profit (loss) carried forward14 | - | - | - | - | - | €181,741 | €349,459 | - | - |
| Amounts payable17/49 | €55,052 | €65,481 | €101,826 | €238,394 | €403,235 | €164,230 | €63,080 | €539,134 | ▲ 755% |
| Amounts payable after more than one year17 | - | - | - | - | €51,359 | €34,890 | €18,241 | €1,411 | ▼ 92.3% |
| Financial debts170/4 | - | - | - | - | €51,359 | €34,890 | €18,241 | €1,411 | ▼ 92.3% |
| Amounts payable within one year42/48 | €55,052 | €65,481 | €101,826 | €238,394 | €351,876 | €129,340 | €44,839 | €531,905 | ▲ 12× |
| Current portion of amounts payable after more than one year42 | - | - | - | - | €16,292 | €71,292 | €16,292 | €50,731 | ▲ 211% |
| Financial debts43 | - | - | - | €4 | €4 | €4 | €830 | €2,241 | ▲ 170% |
| Credit institutions430/8 | - | - | - | €4 | €4 | €4 | €830 | €2,241 | ▲ 170% |
| Trade debts44 | €6,517 | €4,258 | €5,270 | €1,938 | €7,915 | €11,065 | €6,737 | - | - |
| Suppliers440/4 | - | - | - | €1,938 | €7,915 | €11,065 | €6,737 | - | - |
| Taxes, remuneration and social security45 | - | - | - | €99,467 | €101,758 | €46,980 | €16,022 | €8,606 | ▼ 46.3% |
| Taxes450/3 | - | - | - | €99,467 | €101,758 | €44,579 | €13,579 | €6,142 | ▼ 54.8% |
| Remuneration and social security454/9 | - | - | - | - | - | €2,400 | €2,442 | €2,464 | ▲ 0.9% |
| Other amounts payable47/48 | - | - | - | €136,986 | €225,909 | - | €4,960 | €470,327 | ▲ 95× |
| Accrued charges and deferred income492/3 | - | - | - | - | - | - | - | €5,818 | - |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €67,104 | €92,216 | €111,502 | €136,986 | €225,909 | €181,741 | €273,719 | €146,637 | ▼ 46.4% |
| + Depreciation and write-downs630 | €844 | €1,018 | €823 | €762 | €21,395 | €22,108 | €22,428 | €21,310 | ▼ 5.0% |
| Operating cash flow (approximation) | €67,948 | €93,234 | €112,325 | €137,748 | €247,304 | €203,848 | €296,147 | €167,948 | ▼ 43.3% |
| Investment in fixed assets (approximation) | - | -€53,108 | €0 | -€7,583 | -€176,314 | -€42,759 | -€94,445 | -€128,178 | ▼ 35.7% |
| Change in cash | - | €33,496 | €41,602 | -€33,219 | €27,554 | -€57,979 | -€29,031 | €36,953 | - |
Simplified and derived: a Belgian filing has no cash-flow statement, so these rows come from the income statement and the balance-sheet moves.
Filings with the National Bank (8)
| Financial year | Type | Filed | Reference |
|---|---|---|---|
| 31-12-2025 | micro format | 20-05-2026 | 2026-00120331 |
| 31-12-2024 | micro format | 18-07-2025 | 2025-00284507 |
| 31-12-2023 | micro format | 29-06-2024 | 2024-00198327 |
| 31-12-2022 | micro format | 17-07-2023 | 2023-00241071 |
| 31-12-2021 | micro format | 30-08-2022 | 2022-20378057 |
| 31-12-2020 | micro format | 27-08-2021 | 2021-55200197 |
| 31-12-2019 | micro format | 13-08-2020 | 2020-41200103 |
| 31-12-2018 | micro format | 09-07-2019 | 2019-31700235 |
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Of the 82,516 active companies whose main activity is business and other management consultancy (NACE 70200), figures are known for 54,493. 41,773 are within a factor 10 of this equity. These 5 are the closest to it. See the whole sector
Public contracts: No European public contracts awarded found since October 2016. Contracts below the EU thresholds are not in TED.