IFAGO
ActiveSummary
IFAGO has been active since 1995 and the Belgian State Gazette contains no insolvency or warning signals. The 2025 annual accounts show equity of €777,044 and a net result of -€128,365. Equity is shrinking by ~9.2% per year across the filed fiscal years. Its solvency ranks better than 37% of 9354 sector peers (fiscal year 2025). The computed 12-month bankruptcy probability is 0.2% (very low).
Checked score
Score 2025
Axes · tick = 2024
Profitability33▼-5
Solvency43▲+19
Growth52▲+20
Track record100
Bankruptcy probability, 12 months
0.2%
Very low
0%0.5%1.5%4%10%≥ 25%
Credit up to €40,000 at 30 days acceptable
Liquidity short (current ratio 0.05 against 0.07 in 2024; short-term debt: 53.3% and cash: 0% of total assets), and 82% of the assets are financed with debt.
Credit check for your own amount and term
Show the recommended maximum : and see how the verdict changes with amount, term and advance.
Signals
Three signals. The signal on the left, the evidence on the right.
−lowers risk○neutral
lowers risk · Lower-failure-rate sector
In this sector companies fail less often than the Belgian average.
Gazette · bankruptcies per sector, NACE 68
Relative position
BE, all sectors
reference
Real estate activities (NACE 68)
about 43% fewer bankruptcies
← fewer bankruptcies
more bankruptcies →
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
neutral · Latest accounts filed on time
The financial year that closed on 31-12-2025 was due by 31-07-2026 and was filed on 31-07-2026, 0 days ahead of the deadline.
NBB · 10 filingsDeviation from the deadline
2025
on the day
2024
14 d late
2023
58 d late
2022
1 d late
2021
2 d late
2020
4 d early
2019
24 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 14 days after the deadline; the sector median for financial year 2024 is 7 days before the deadline, and 36% of the sector filed late.
Checked, nothing found (2)
neutral · 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. Usually files around 2 August (4 of the last 5 filed years within 30 days of that day).
Companies Code · seven monthsPosition in the running window
30-09-2026 today31-12-2026 close31-07-2027 deadline
History
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Financials · fiscal year 2025, abbreviated schema
Equity
€777,044
2024 · -€19,057
Total assets
€4.3m▲ 25.6%
2024 · €3.4m
Net result
-€128,365▼ 25.4%
2024 · -€102,392
Working capital
-€2.2m▼ 16.4%
2024 · -€1.9m
Trend over the years
In euros
In per cent
Ratio
In euros
No line ticked in this group.
In per cent
No line ticked in this group.
Ratio
No line ticked in this group.
Untick a line to hide it. Point at a year (or use the arrow keys on the chart) for the exact figures; the table below gives them all.Sector: the middle half (P25 to P75) of NACE 68, Real estate activities, each year against the same schema; no band under 30 filings. 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 fiscal year before
favourable
unfavourable
Line20212022202320242025
Operating result€54,824€5,449▼ 90.1%€45,670▲ 738%-€43,434-€37,629▲ 13.4%
Net result€21,076within the sector's middle half-€36,021below the sector's middle half-€10,646within the sector's middle half▲ 70.4%-€102,392below the sector's middle half▼ 862%-€128,365below the sector's middle half▼ 25.4%
Equity€130,002within the sector's middle half▲ 19.3%€93,982within the sector's middle half▼ 27.7%€83,335within the sector's middle half▼ 11.3%-€19,057below the sector's middle half€777,044within the sector's middle half
Total assets€2.1mwithin the sector's middle half▲ 18.3%€2.1mwithin the sector's middle half▼ 1.1%€2.2mwithin the sector's middle half▲ 2.5%€3.4mwithin the sector's middle half▲ 58.6%€4.3mabove the sector's middle half▲ 25.6%
Debt€2.0m▲ 18.3%€2.0m▲ 0.7%€2.1m▲ 3.2%€3.4m▲ 66.2%€3.5m▲ 2.4%
Working capital-€1.0mbelow the sector's middle half▼ 15.9%-€1.2mbelow the sector's middle half▼ 19.9%-€1.4mbelow the sector's middle half▼ 10.6%-€1.9mbelow the sector's middle half▼ 36.8%-€2.2mbelow the sector's middle half▼ 16.4%
Solvency6.1%below the sector's middle half▲ 0.1pp4.5%below the sector's middle half▼ 1.6pp3.9%below the sector's middle half▼ 0.6pp-0.6%below the sector's middle half▼ 4.4pp18.0%within the sector's middle half▲ 18.6pp
Current ratio0.07below the sector's middle half▲ 0.020.04below the sector's middle half▼ 0.030.09below the sector's middle half▲ 0.050.07below the sector's middle half▼ 0.020.05below the sector's middle half▼ 0.03
Return on assets (ROA)1.0%within the sector's middle half▲ 3.5pp-1.7%below the sector's middle half▼ 2.7pp-0.5%within the sector's middle half▲ 1.2pp-3.0%below the sector's middle half▼ 2.5pp-3.0%below the sector's middle half=
above
within
below
the middle half (P25 to P75) of NACE 68, Real estate activities, each year against the same schema; no band under 30 filings.
Turnover and EBIT margin not published: the abbreviated or micro schema does not require them.
Result per fiscal year
Operating resultNet result
The operating result stays negative: a loss of €37,629 in 2025 against €43,434 in 2024; the loss shrinks.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €4.3m
Fixed assets
€4.2m ▲ 28.0%
Current assets
€106,139 ▼ 27.7%
Equity and liabilities €4.3m
Equity
€777,044
Provisions
€7,245
Debt
€3.5m
Debt finances 81.8% of the balance-sheet total.
Key figures and ratios
EBITDA
€155,046▲
2024 · €125,010
Cash flow
€64,309▼
2024 · €66,052
Debt to equity
4.53
ROE
-16.5%
Interest coverage
2.10▼
2024 · 2.81
Debt ≤ 1 year
€2.3m▲
2024 · €2.0m
Debt > 1 year
€1.2m▼
2024 · €1.4m
Income taxes
€13,239▼
2024 · €14,845
Green means a favourable move, even when the figure itself falls: as with debt or debt to equity.
Peer companies
Historical observationOf the 2,507 companies that looked in July 2024 the way this one looks now, 1.6% went bankrupt within 24 months and 96% are still going.
- Small
- 20 years or older
- solvency 10 to 30%
- a small loss
1.6%
went bankrupt
1.8%
stopped otherwise
96%
still going
A further 0.3% stopped, but we cannot tell whether within those 24 months.
For this company itself Checked computes a lower bankruptcy probability: 0.2% over twelve months. The score reads more about this company than the group's four characteristics; both figures are right about what they measure.
How reliable is this rule?
Tested on the year before, without using that year itself: the groups of July 2023 gave each of the 497,340 companies of July 2024 its group's bankruptcy share. Expected: 1.6%; actually bankrupt within 24 months: 1.7%.
| 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% | 1.0% |
| 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% |
The rule ranks well: a company that went bankrupt got a higher share than one that kept going in 74% 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 2,507 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 |
|---|---|---|---|---|---|---|
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €108,940 | €127,254 | €135,021 | €168,444 | €192,674 | ▲ 14.4% |
| Other operating charges640/8 | €40,784 | €19,937 | €24,324 | €22,098 | €25,001 | ▲ 13.1% |
| Gross operating margin9900 | €204,548 | €152,639 | €205,015 | €147,107 | €180,047 | ▲ 22.4% |
| Operating profit (loss)9901 | €54,824 | €5,449 | €45,670 | -€43,434 | -€37,629 | ▲ 13.4% |
| Financial income75/76B | €0 | €3,447 | €0 | €73 | €36 | ▼ 49.9% |
| Recurring financial income75 | €0 | €5 | €0 | €73 | €36 | ▼ 49.9% |
| Non-recurring financial income76B | - | €3,442 | - | - | - | - |
| Financial charges65/66B | €33,841 | €37,863 | €25,132 | €44,510 | €77,858 | ▲ 74.9% |
| Recurring financial charges65 | €33,841 | €31,719 | €25,132 | €44,510 | €73,858 | ▲ 65.9% |
| Non-recurring financial charges66B | - | €6,144 | - | - | €4,000 | - |
| Profit (loss) for the period before taxes9903 | €20,983 | -€28,967 | €20,538 | -€87,871 | -€115,450 | ▼ 31.4% |
| Transfer from deferred taxes780 | €324 | €324 | €324 | €324 | €324 | = |
| Income taxes67/77 | €232 | €7,378 | €31,509 | €14,845 | €13,239 | ▼ 10.8% |
| Profit (loss) for the period9904 | €21,076 | -€36,021 | -€10,646 | -€102,392 | -€128,365 | ▼ 25.4% |
| Transfer from tax-exempt reserves789 | €630 | €630 | €7,901 | €630 | €630 | = |
| Profit (loss) for the period to be appropriated9905 | €21,706 | -€35,391 | -€2,745 | -€101,762 | -€127,735 | ▼ 25.5% |
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Assets | ||||||
| Total assets20/58 | €2.1m | €2.1m | €2.2m | €3.4m | €4.3m | ▲ 25.6% |
| Fixed assets21/28 | €2.0m | €2.1m | €2.0m | €3.3m | €4.2m | ▲ 28.0% |
| Intangible fixed assets21 | €18,838 | €14,838 | €10,838 | €6,838 | €2,838 | ▼ 58.5% |
| Tangible fixed assets22/27 | €2.0m | €2.0m | €2.0m | €3.3m | €4.2m | ▲ 28.2% |
| Land and buildings22 | €1.9m | €1.9m | €1.9m | €3.2m | €4.1m | ▲ 29.3% |
| Plant, machinery and equipment23 | €62,877 | €41,405 | €27,187 | €17,220 | €14,563 | ▼ 15.4% |
| Furniture and vehicles24 | €30,014 | €19,745 | €18,542 | €20,296 | €15,843 | ▼ 21.9% |
| Assets under construction and advance payments27 | €39,337 | €44,742 | €53,978 | €51,887 | €48,365 | ▼ 6.8% |
| Current assets29/58 | €81,817 | €56,091 | €144,208 | €146,801 | €106,139 | ▼ 27.7% |
| Amounts receivable after more than one year29 | - | - | - | - | €345 | - |
| Other amounts receivable291 | - | - | - | - | €345 | - |
| Amounts receivable within one year40/41 | €70,156 | €39,941 | €96,362 | €95,429 | €97,289 | ▲ 1.9% |
| Trade receivables40 | €68,515 | €39,856 | €96,277 | €91,382 | €96,387 | ▲ 5.5% |
| Other amounts receivable41 | €1,640 | €84 | €86 | €4,047 | €902 | ▼ 77.7% |
| Current investments50/53 | €5,894 | €5,894 | €5,894 | €5,894 | €5,894 | = |
| Cash at bank and in hand54/58 | €464 | €2,123 | €40,159 | €43,286 | €369 | ▼ 99.1% |
| Deferred charges and accrued income490/1 | €5,303 | €8,134 | €1,793 | €2,192 | €2,242 | ▲ 2.3% |
| Equity and liabilities | ||||||
| Total equity and liabilities10/49 | €2.1m | €2.1m | €2.2m | €3.4m | €4.3m | ▲ 25.6% |
| Equity10/15 | €130,002 | €93,982 | €83,335 | -€19,057 | €777,044 | ▲ 4,178% |
| Contributions10/11 | €124,443 | €124,443 | €124,443 | €124,443 | €124,443 | = |
| Revaluation surpluses12 | - | - | - | - | €908,191 | - |
| Reserves13 | €28,804 | €28,174 | €20,274 | €19,644 | €35,289 | ▲ 79.6% |
| Non-distributable reserves130/1 | €2,133 | €2,133 | - | - | - | - |
| Reserves not available under the articles1311 | €2,133 | €2,133 | - | - | - | - |
| Tax-exempt reserves132 | €23,861 | €23,231 | €15,330 | €14,700 | €14,070 | ▼ 4.3% |
| Distributable reserves133 | €2,810 | €2,810 | €4,943 | €4,943 | €21,219 | ▲ 329% |
| Profit (loss) carried forward14 | -€23,245 | -€58,635 | -€61,381 | -€163,143 | -€290,878 | ▼ 78.3% |
| Provisions and deferred taxes16 | €8,543 | €8,219 | €7,894 | €7,570 | €7,245 | ▼ 4.3% |
| Deferred taxes168 | €8,543 | €8,219 | €7,894 | €7,570 | €7,245 | ▼ 4.3% |
| Amounts payable17/49 | €2.0m | €2.0m | €2.1m | €3.4m | €3.5m | ▲ 2.4% |
| Amounts payable after more than one year17 | €872,422 | €705,315 | €549,525 | €1.4m | €1.2m | ▼ 13.2% |
| Financial debts170/4 | €836,860 | €669,753 | €513,963 | €1.4m | €1.2m | ▼ 13.5% |
| Other amounts payable178/9 | €35,562 | €35,562 | €35,562 | €35,562 | €35,562 | = |
| Amounts payable within one year42/48 | €1.1m | €1.3m | €1.5m | €2.0m | €2.3m | ▲ 13.2% |
| Current portion of amounts payable after more than one year42 | €183,545 | €168,676 | €153,576 | €183,062 | €189,074 | ▲ 3.3% |
| Financial debts43 | €7,264 | €1,580 | - | - | €15,467 | - |
| Credit institutions430/8 | €7,264 | €1,580 | - | - | €15,467 | - |
| Trade debts44 | €22,446 | €32,395 | €77,759 | €69,029 | €45,474 | ▼ 34.1% |
| Suppliers440/4 | €22,446 | €32,395 | €77,759 | €69,029 | €45,474 | ▼ 34.1% |
| Advances received on contracts in progress46 | €25,000 | - | €25,815 | €24,000 | €30,766 | ▲ 28.2% |
| Taxes, remuneration and social security45 | €542 | €11,282 | €26,345 | €239 | €20,784 | ▲ 8,580% |
| Taxes450/3 | €542 | €11,282 | €26,345 | €239 | €20,784 | ▲ 8,580% |
| Other amounts payable47/48 | €881,231 | €1.1m | €1.2m | €1.8m | €2.0m | ▲ 13.8% |
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €21,076 | -€36,021 | -€10,646 | -€102,392 | -€128,365 | ▼ 25.4% |
| + Depreciation and write-downs630 | €108,940 | €127,254 | €135,021 | €168,444 | €192,674 | ▲ 14.4% |
| Operating cash flow (approximation) | €130,016 | €91,233 | €124,375 | €66,052 | €64,309 | ▼ 2.6% |
| Investment in fixed assets (approximation) | - | -€129,938 | -€99,745 | -€1.4m | -€1.1m | ▲ 22.5% |
| Change in cash | - | €1,659 | €38,036 | €3,127 | -€42,917 | ▼ 1,473% |
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
2026
31-07
NBB filing
Annual accounts filed
fiscal year 2025 · abbreviated schema
2025
31-12
Financial
Weakest financial yearnet -€128,365
Net result drops to -€128,365, the lowest in the series.
31-12
Financial
Equity above €500,000Eq €777,044
Equity rises from -€19,057 to €777,044.
14-08
NBB filing
Annual accounts filed
fiscal year 2024 · abbreviated schema · 14 days late
2024
27-09
NBB filing
Annual accounts filed
fiscal year 2023 · abbreviated schema · 58 days late
2023
01-08
NBB filing
Annual accounts filed
fiscal year 2022 · abbreviated schema · 1 day late
2022
02-08
NBB filing
Annual accounts filed
fiscal year 2021 · abbreviated schema · 2 days late
2021
31-12
Financial
Back to profitnet €21,076
Net result €21,076 after one loss-making year.
27-07
NBB filing
Annual accounts filed
fiscal year 2020 · abbreviated schema
2020
24-08
NBB filing
Annual accounts filed
fiscal year 2019 · abbreviated schema · 24 days late
2019
31-12
Financial
Equity above €150,000Eq €154,507 ▲11.8%
2 profitable years in a row build equity to €154,507.
21-08
NBB filing
Annual accounts filed
fiscal year 2018 · micro schema · 21 days late
2018
08-08
NBB filing
Annual accounts filed
fiscal year 2017 · micro schema · 8 days late
2017
21-08
NBB filing
Annual accounts filed
fiscal year 2016 · micro schema · 21 days late
Financial milestoneNBB filingFinancial milestones sit on the fiscal year-end date, not the filing date.
0 of 7 acts read
About the unread acts
We know of 7 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
7 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, Leuven · 1 establishment unit since 1997
Ground area
1,802 m²
Building footprint
939 m²
Volume, LiDAR
5,939 m³
2 parcels, Flanders · tallest building 11.3 m, ±2 floors. Linked by address, not a title deed.
1 establishment unit
Jules Vandenbemptlaan 6, 3001 Leuven
since 19972.082.858.135
2 parcels
Flanders
2
(100%)
| Parcel (capakey) | Region | Area | Buildings | Height / fl. |
|---|---|---|---|---|
| 24434F0268/00B003 | Flanders | 1,120 m² | 1 · 251 m² | 10.1 m · 2 fl. |
| 24434F0266/00M000 | Flanders | 682 m² | 1 · 688 m² | 11.3 m · 2 fl. |
Linked by address, not proof of ownership
Good to know
2 of 2 parcels with an exact address match; the rest are indicative.
Linked through address data, this is not proof of ownership.
Public money · subsidies and aid
Flemish government
2022 to 2023 · 2 entries · 1,050 EUR awarded · 525 EUR paid| Year | Entries | awarded | paid |
|---|---|---|---|
| 2023 | 1 | 0 EUR | 525 EUR |
| 2022 | 1 | 1,050 EUR | 0 EUR |
Similar companies · same sector, comparable size
CALMAN
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De Panne · Eq €777,529
MAHA
BE 0445.047.084
Elsene · Eq €776,443
JJ ASSIST
BE 0438.096.738
De Haan · Eq €778,293
SCHUTTE
BE 0405.479.004
Kortrijk · Eq €778,403
HESTIA
BE 0881.425.142
Heusden-Zolder · Eq €775,510
Of 9,144 companies in sector 68201 we hold annual accounts for 6,775. 4,948 are within a factor 10 of this equity. The 5 above are the closest to it. See the whole sector
Identification & contact
Identification
Legal formPrivate limited company
Founded19-10-1995
Fiscal year end31-12
Activities, NACEBEL 2025
68201Renting and operating of own or leased residential real estate, excluding social housing
64999Other financial services
E-invoicing
Reachable via Peppol
Peppol ID
0208:0456263848
Also
9925:BE0456263848
Registered
25-11-2025
If you follow this company, Checked tells you the day it leaves the Peppol register.
Register as of 30 September 2026 · Peppol Directory
Scores and ratios are computed by Checked and are not a credit decision.