IFTECH has been active since 2000 and the Belgian Official Gazette contains no insolvency or warning signals. The 2025 annual accounts show equity of €2.4m and a net result of €936,291. Equity has been growing by about 6% per year since 2018. Its solvency ranks better than 36% of 2,445 sector peers (NACE 43, financial year 2025). The computed 12-month bankruptcy probability is 0.2% (very low).
Score breakdownraises risk1 change of registered office in 24 monthslowers riskSize: 26.4 FTE, total assets €7.4mFigures for financial year 2025 (filed on 03-07-2026)Profit of €936,291 (financial year 2025)Show the evidence
Checked score
Score 2025
Checked score
The higher the Checked score (0 to 100), the smaller the chance that the company goes bankrupt within twelve months. That chance sets the band, from Critical to Excellent, and within the band how the company does against its sector peers counts too. With a low score, agree a shorter payment term, an advance or security.
90/ 100
Excellent
Probability in this band: under 0.55%
Financially stronger than 50% of small companies in specialised construction (NACE 43)
Financial strength measures the balance sheet and the results with three figures out of 100 from the latest annual accounts: solvency, liquidity and profitability. It does not directly set the Checked score's band. How the company does against its sector peers on these and on growth does count for its place within the band.
Average
Solvency57+11
equity 32.4% of total assets
Liquidity33+15
short-term debt 59.9% · cash 11.5%
Profitability69+21
return on assets 12.6%
Bankruptcy probability within 12 months
Bankruptcy probability
It is the chance that the company goes bankrupt within twelve months, estimated from the registers, the annual accounts and the Belgian Official Gazette. At 0.2%, about 2 in 1,000 comparable companies go bankrupt. The higher it is, the shorter the payment term to agree.
0.2%Very low
0%0.5%1.5%4%10%≥ 25%
About 2 in 1,000 comparable companies go bankrupt within 12 months (an estimate).
Sector median 0.3% (2,651 companies, NACE 43, small)
Last 24 months12-2024: 0.3%01-2025: 0.3%● unchanged vs 12-202402-2025: 0.3%● unchanged vs 01-202503-2025: 0.3%● unchanged vs 02-202504-2025: 0.4%▲ +0.1 percentage points vs 03-202505-2025: 0.8%▲ +0.4 percentage points vs 04-202506-2025: 0.8%● unchanged vs 05-202507-2025: 0.9%▲ +0.1 percentage points vs 06-202508-2025: 0.7%▼ -0.2 percentage points vs 07-202509-2025: 0.7%● unchanged vs 08-202510-2025: 0.7%● unchanged vs 09-202511-2025: 0.7%● unchanged vs 10-202512-2025: 0.7%● unchanged vs 11-202501-2026: 0.7%● unchanged vs 12-202502-2026: 0.7%● unchanged vs 01-202603-2026: 0.7%● unchanged vs 02-202604-2026: 0.8%▲ +0.1 percentage points vs 03-202605-2026: 1.0%▲ +0.2 percentage points vs 04-202606-2026: 1.0%● unchanged vs 05-202607-2026: 1.1%▲ +0.1 percentage points vs 06-2026highest value08-2026: 0.2%▼ -0.9 percentage points vs 07-2026lowest value09-2026: 0.2%● unchanged vs 08-2026lowest value10-2026: 0.2%● unchanged vs 09-2026lowest value11-2026: 0.2%● unchanged vs 10-2026lowest value
Credit of up to €210,000 on 30-day terms is acceptable
Liquidity is ample, with a current ratio of 1.56 (1.29 in 2024), above the usual 1.5. Short-term debt is 59.9% and cash 11.5% of total assets. However, 67.6% of the assets are financed with debt and provisions.
Calculation
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, small). It does better than 42% of them on solvency, 28% on liquidity, 38% on profitability and 93% on growth.
The bankruptcy probability was computed on 03-11-2026 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.
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).
Credit check for an amount and term of your choice
tick = median of all Belgian filingsring = median in the sector
The company filed its last 7 accounts on average 36 days before the deadline. In the sector (NACE 43), the median for financial year 2024 was 1 day before the deadline, and 43% of those companies filed late.
Searched, nothing found (2)
neutral · Next filing not due yet
The next financial year closes on 31-12-2026 and is due by 31-07-2027. Nothing is late today. The company usually files around 1 July (5 of the last 5 accounts filed within 30 days either side of that date).
The EBIT margin is the share of each euro of revenue left from ordinary operations. The higher it is, the more room the company has to absorb a setback.
The net result is what is left after all costs and taxes. One loss year is not an alarm on its own. After several loss years in a row, it pays to find out why.
Working capital is what is left when the company pays its short-term debts with its short-term assets. Positive means it can pay its bills in the short term.
Net result€0.09m-€0.1m▲ 46.4%€0.1mabove the sector's middle half▲ 10.1%-€0.02mbelow the sector's middle half-€0.04mbelow the sector's middle half▼ 86.8%€0.005mbelow the sector's middle half€0.3mabove the sector's middle half▲ 55×€0.9mabove the sector's middle half▲ 223%
EBIT margin0.6%
Equity€1.0m-€1.1m▲ 12.3%€1.3mabove the sector's middle half▲ 12.1%€1.3mabove the sector's middle half▼ 1.5%€1.2mabove the sector's middle half▼ 2.9%€1.2mabove the sector's middle half▲ 0.4%€1.5mabove the sector's middle half▲ 20.1%€2.4mabove the sector's middle half▲ 63.6%
Total assets€3.0m-€2.8m▼ 5.7%€2.8mabove the sector's middle half▲ 0.2%€3.1mabove the sector's middle half▲ 8.1%€3.7mabove the sector's middle half▲ 20.5%€3.9mabove the sector's middle half▲ 6.5%€7.1mabove the sector's middle half▲ 79.8%€7.4mabove the sector's middle half▲ 5.0%
Working capital€1.3m-€1.0m▼ 20.7%€1.2mabove the sector's middle half▲ 16.5%€1.1mabove the sector's middle half▼ 8.1%€1.3mabove the sector's middle half▲ 13.4%€1.2mabove the sector's middle half▼ 1.3%€1.5mabove the sector's middle half▲ 20.2%€2.5mabove the sector's middle half▲ 68.1%
Solvency33.8%-40.2%▲ 6.4pp45.0%within the sector's middle half▲ 4.8pp41.0%within the sector's middle half▼ 4.0pp33.0%within the sector's middle half▼ 7.9pp31.2%within the sector's middle half▼ 1.9pp20.8%below the sector's middle half▼ 10.3pp32.4%within the sector's middle half▲ 11.6pp
Current ratio1.85-1.72▼ 0.131.92within the sector's middle half▲ 0.191.72within the sector's middle half▼ 0.201.64within the sector's middle half▼ 0.081.54within the sector's middle half▼ 0.101.29within the sector's middle half▼ 0.251.56within the sector's middle half▲ 0.28
Return on assets (ROA)2.8%-4.4%▲ 1.6pp4.8%within the sector's middle half▲ 0.4pp-0.6%below the sector's middle half▼ 5.5pp-1.0%below the sector's middle half▼ 0.4pp0.1%below the sector's middle half▲ 1.1pp4.1%within the sector's middle half▲ 4.0pp12.6%above the sector's middle half▲ 8.5pp
Staff (FTE)5-8.9▲ 78.0%12.5above the sector's middle half▲ 40.4%15.4above the sector's middle half▲ 23.2%15.2above the sector's middle half▼ 1.3%18.2above the sector's middle half▲ 19.7%21.4above the sector's middle half▲ 17.6%26.4within the sector's middle half▲ 23.4%
abovewithinbelowThe sector band is the middle half of the companies in Specialised construction activities (NACE 43). A quarter of them sit below it, a quarter above. Each year counts only accounts in the same format, and only where there are at least 30.
The operating result for 2025 is 191% higher than in 2024 and the highest since 2021. It is the third rise in a row, after the fall in 2022.
Large changes and their cause
2025Net result +223% on 2024.The accounts now follow the full format, last year the abbreviated format.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €7.4m
6%
93.7%
Fixed assets€471,630 ▲ 14.6%
Current assets€7.0m ▲ 4.4%
Equity and liabilities €7.4m
32.4%
67.6%
Equity€2.4m ▲ 63.6%
Debt€5.0m ▼ 10.3%
Debt's share of the balance-sheet total falls from 79.2% to 67.6%. Equity is higher and debt is lower.
Key figures and ratios
2025 value · change against 2024
EBITDA
€1.2m▲
2024 · €464,659
Cash flow
€1.0m▲
2024 · €361,919
Quick ratio
1.27▲
2024 · 0.88
Debt to equity
2.09▼
2024 · 3.81
ROE
38.9%▲
2024 · 19.7%
Interest coverage
-166.80▼
2024 · -132.08
Debt ≤ 1 year
€4.5m▼
2024 · €5.2m
Debt > 1 year
€230,096▲
2024 · €184,769
Income taxes
€347,751▲
2024 · €139,346
Staff costs
€2.1m▲
2024 · €1.7m
Green means a favourable move, even when the figure itself falls, as with debt or debt to equity.
Staff
social balance sheet
Item
31-12-2021
31-12-2022
31-12-2023
31-12-2024
31-12-2025
Employees at the balance-sheet date
17
18
20
24
32
full-time
16
15
16
20
30
part-time
1
3
4
4
2
in full-time equivalents
16.8
17.1
18.9
22.9
31.3
Average over the year, in full-time equivalents
15.4
15.2
18.2
21.4
26.4
On a permanent contract
16
18
20
24
32
Joined
3
5
4
10
18
Left
0
4
2
6
10
Training hours
252
147
262
86
-
Source: social balance sheet in the 2021 to 2025 annual accounts
Securities and guarantees
on own assets and for others
Item
2021
2022
2023
2024
2025
Debts secured on the company's own assets
€111,776
€65,255
€33,662
€54,054
€224,487
Debts guaranteed by Belgian public bodies
-
€277,478
€277,478
€277,478
€108,933
Pledge on the business
€150,000
€150,000
€150,000
€350,000
€500,000
Mandates to pledge the business
€150,000
€150,000
€150,000
€350,000
€500,000
Source: notes to the 2021 to 2025 annual accounts (statement of debts and off-balance-sheet rights and commitments)
Investments
fixed assets acquired
Item
2021
2022
2023
2024
2025
Tangible fixed assets
€186,004
€83,358
€21,242
€61,799
€210,091
Financial fixed assets
€9,195
€100,000
-
€31,180
-
Depreciation and write-downs of the year
€98,193
€116,223
€96,390
€72,355
€68,834
Source: notes to the 2021 to 2025 annual accounts (statement of fixed assets)
Subsidies and aid
Flemish government
Flemish government
The Flemish government granted these subsidies and aid to the company. Such aid usually goes with a project, with conditions the company must meet.
2 entries · €1,875 · €1,875 paid · Departement Werk en Sociale Economie
Public contracts
1 award · 2026
HET PRODUCEREN, DISTRIBUEREN EN LEVEREN VAN DUURZAME WARMTE (EN EVT. KOELTE) DOOR DE INSTALLATIE VAN DUURZAME WARMTEBRONNEN EN DE AANLEG VAN EEN WARMTENET IN CENTRUM GEEL: 202405_CON - 1
Source: TED (Tenders Electronic Daily), Publications Office of the European Union. The values are as the buyer published them. For a framework agreement, the value is a ceiling.
Annual accounts
Filed annual accountsAs filed with the NBB · 2025 against 2024 · 65 lines
Balance sheetCode20242025
Assets
Total assets20/58€7.1m€7.4m▲
Fixed assets21/28€0.4m€0.5m▲
Tangible fixed assets22/27€0.2m€0.3m▲
Land and buildings22€0.09m-
Plant, machinery and equipment23€0.01m€0.02m▲
Furniture and vehicles24€0.08m€0.2m▲
Leasing and similar rights25€0.05m€0.04m▼
Financial fixed assets28€0.2m€0.2m=
Current assets29/58€6.7m€7.0m▲
Amounts receivable after more than one year29€0.2m€0.2m=
Trade receivables290€0.2m€0.2m=
Stocks and contracts in progress3€2.1m€1.3m▼
Stocks30/36€0.2m€0.1m▼
Contracts in progress37€2.0m€1.2m▼
Amounts receivable within one year40/41€3.9m€4.6m▲
Trade receivables40€3.6m€4.2m▲
Other amounts receivable41€0.3m€0.3m▼
Cash at bank and in hand54/58€0.4m€0.9m▲
Deferred charges and accrued income490/1€0.03m€0.04m▲
Equity and liabilities
Total equity and liabilities10/49€7.1m€7.4m▲
Equity10/15€1.5m€2.4m▲
Contributions10/11€0.8m€0.8m=
Capital10€0.8m€0.8m=
Issued capital100€0.8m€0.8m=
Reserves13€0.04m€0.08m▲
Non-distributable reserves130/1€0.04m€0.08m▲
Legal reserve130€0.04m€0.08m▲
Profit (loss) carried forward14€0.6m€1.5m▲
Amounts payable17/49€5.6m€5.0m▼
Amounts payable after more than one year17€0.2m€0.2m▲
Financial debts170/4€0.2m€0.2m▲
Amounts payable within one year42/48€5.2m€4.5m▼
Current portion of amounts payable after more than one year42€0.09m€0.1m▲
Financial debts43€0.3m-
Credit institutions430/8€0.3m-
Trade debts44€3.2m€2.7m▼
Suppliers440/4€3.2m€2.7m▼
Advances received on contracts in progress46€1.1m€0.8m▼
Taxes, remuneration and social security45€0.4m€0.7m▲
Taxes450/3€0.2m€0.4m▲
Remuneration and social security454/9€0.2m€0.3m▲
Other amounts payable47/48€0.07m€0.04m▼
Accrued charges and deferred income492/3€0.2m€0.3m▲
Income statementCode20242025
Remuneration, social security and pensions62€1.7m€2.1m▲
Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630€0.07m€0.07m▼
Write-downs on stocks, contracts in progress and trade receivables: additions (reversals)631/4€0.03m-€0.008m▼
Other operating charges640/8€0.003m€0.02m▲
Non-recurring operating charges66A-€0.08m
Gross operating margin9900€2.2m€3.4m▲
Operating profit (loss)9901€0.4m€1.1m▲
Financial income75/76B€0.03m€0.1m▲
Recurring financial income75€0.03m€0.1m▲
Financial charges65/66B-€0.004m-€0.007m▼
Recurring financial charges65-€0.004m-€0.007m▼
Profit (loss) for the period before taxes9903€0.4m€1.3m▲
Income taxes67/77€0.1m€0.3m▲
Profit (loss) for the period9904€0.3m€0.9m▲
Profit (loss) for the period to be appropriated9905€0.3m€0.9m▲
Appropriation of the result
Profit (loss) to be appropriated9906€0.7m€1.5m▲
Profit (loss) brought forward from the previous period14P€0.4m€0.6m▲
Transfer to equity691/2€0.01m€0.04m▲
To the legal reserve6920€0.01m€0.04m▲
Profit to be distributed694/7€0.04m-
Directors or managers695€0.04m-
Social balance sheet
Average headcount (FTE)908721.426.4▲
The notes to these accounts have 20 items, including the statement of assets and debts, the cost breakdown and rights and commitments. You find them in the accounts filed with the NBB.
The figures are counted, not predicted. They describe the group, not IFTECH.
In July 2024, 20,136 companies had the same profile as IFTECH has now. Two years later, 95.0% were still going and 0.2% had gone bankrupt.
Small
20 years or older
solvency 30% or more
a profit of 5% of the balance sheet or more
95.0%was still going
4.7%stopped otherwise
0.2%went bankrupt
That fits the bankruptcy probability of IFTECH itself: 0.2% within 12 months.
Test of the method
The method was tested on the 497,446 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.
The companies in ten equal groups, from the lowest to the highest expected share
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 20,136 companies, not a prediction for IFTECH. 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.
Class B director · current term since 28-06-2024 · Public limited company · permanent representative: Eddy Cox · also on the board of 26 other companies · listed in the 2025 annual accounts, filed on 03-07-2026
Class B director · current term since 28-06-2024 · Private limited company · permanent representative: Geert Verachtert · also on the board of 4 other companies · listed in the 2025 annual accounts, filed on 03-07-2026
Class B director · since 13-06-2025 · Private limited company · permanent representative: Nancy Vervoort · also on the board of 38 other companies · listed in the 2025 annual accounts, filed on 03-07-2026
Class A director · since 13-06-2025 · Private limited company · permanent representative: Jos (Jozef) Van Steenwinkel · also on the board of 1 other company · listed in the 2025 annual accounts, filed on 03-07-2026
Current
Permanent representatives 4
EC
Eddy Cox
Permanent representative · appointed in the act of 13-03-2024 · for GROEP VAN ROEY
Current
GV
Geert Verachtert
Permanent representative · appointed in the act of 13-03-2024 · for Mercurius Value Creation
Current
J(
Jos (Jozef) Van Steenwinkel
Permanent representative · appointed in the act of 31-07-2025 · for JOS VAN STEENWINKEL BV
Current
NV
Nancy Vervoort
Permanent representative · appointed in the act of 31-07-2025 · for ELBOTECH
Each bar is one period in a function, from appointment to resignation or to today. An open left edge means the mandate began before its first mention. An open right edge means the mandate ended without a stated end date.
Resignations: Aart Snijders, G&R Consult CommV and 2 others · Permanent representatives: Louis Pellens, Jos (Jozef) Van Steenwinkel and Nancy Vervoort · Appointments: Elbotech BV (class B director) and Jos Van Steenwinkel BV (class A director)11 points ▸
General meeting, 13-06-2025
Director resignation, Aart Snijders (bestuurder a en b)
Director resignation, G&R Consult CommV (bestuurder a en b)
Director resignation, A.G.T. nv (bestuurder a en b)
Director resignation, Nancy Vervoort (bestuurder a en b)
Permanent representative, Louis Pellens
Permanent representative, Jos (Jozef) Van Steenwinkel, mentioned 2 times in the deed
Director appointment, Elbotech BV (class B director)
Permanent representative, Nancy Vervoort
Director appointment, Jos Van Steenwinkel BV (class A director)
Other provision, “intrekking en vervanging volmachtenregeling, vernietiging voordien toegekende volmachten en vervanging door nieuwe regeling” (deed in Dutch)
Power of attorney, Raf Schildermans
Power of attorney, Dimitri De Cock
Power of attorney, Michaël Verbiest
Power of attorney, Sven Vervoort
Power of attorney, Bart Allaert, mentioned 3 times in the deed
Reappointments: Adviesbureau inzake Grondwatertechnieken (A.G.T.) NV, G&R Consult CommV and 4 others · Permanent representatives: Jozef Van Steenwinkel, Louis Pellens and 2 others11 points ▸
General meeting, 28-06-2024
Director reappointment, Adviesbureau inzake Grondwatertechnieken (A.G.T.) NV (class A director)
Director reappointment, G&R Consult CommV (class A director)
Director reappointment, Aart Snijders (class A director)
Director reappointment, Groep Van Roey NV (class B director)
Director reappointment, Nancy Vervoort (class B director)
Director reappointment, Mercurius Value Creation BV (class B director)
Each sentence rests on a document from the KBO register, the Belgian Official Gazette or the National Bank. The number after the sentence opens that document.
On 17 May 2000, IFTECH was incorporated.1In 2025 the registered office moved to Beringen.2Total assets went from €3.0m in 2018 to €7.4m in 2025 and headcount from 5 to 26.4 full-time equivalents.3
Registered office clauseThe articles name the region of the registered office. The language of official documents depends on that region, among other things.
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
0471.942.612
The company is recognised to carry out public contracts. In construction, that is a good sign of reliability. For each category, the class sets the highest amount of one contract, excluding VAT. Class 8 has no upper limit.
1 category
IFTECH NVapproval number 38713
D17Central heating, thermal installationsclass 6, up to €3,870,000
decision 04-09-2025
Environmental permits
1 application in Flanders since 2024 · 1 granted
Nieuwbouw van bijgebouwen, niet-overdekte lage constructies en andere handelingen
Granted on 12-12-2024submitted 03-04-2024authority: Provincie Limburgproject 2024030977