IGLF
ActiveFinancials · financial year 2025, micro format
Annual accounts 2025 filed on 15-12-2025 PDF all 17 filings
Turnover
€94,883▼ 19.0%
2021 · €117,082
EBIT margin
Not meaningful: turnover is only a small part of operating income
Net result
€6,407
2024 · -€148
Working capital
-€235,385▼ 6.9%
2024 · -€220,287
Multi-year overview
2019 to 2025, 7 financial yearsTurnover
no figure
2025
20192025
Operating result
€29,399
▲ 121%
2025
20192025
Net result
€6,407
2025
20192025
Equity
€175,519
▲ 3.8%
2025
20192025
Total assets
€665,282
▼ 5.0%
2025
20192025
Debt
€470,564
▼ 8.0%
2025
20192025
Working capital
-€235,385
▼ 6.9%
2025
20192025
Every figure per financial year
Every figure with its change against the financial year before
favourable
unfavourable
Line2019202020212022202320242025
Turnover€0.1m-€0.1m▼ 3.1%€0.1m▲ 10.3%€0.09m▼ 19.0%
Operating result€0.02m-€0.02m▼ 9.5%€0.04m▲ 77.9%€0.1m▲ 165%€0.03m▼ 66.7%€0.01m▼ 59.1%€0.03m▲ 121%
Net result€0.01m-€0.004m▼ 74.0%€0.02m▲ 420%€0.07m▲ 242%€0.02m▼ 69.9%-€148€0.006m
Equity€0.07m-€0.07m▲ 5.5%€0.09m▲ 27.1%€0.2m▲ 73.1%€0.2m▲ 8.2%€0.2m▼ 0.1%€0.2m▲ 3.8%
Total assets€1.1m-€1.1m▼ 5.3%€1.0m▼ 4.1%€1.0m▲ 1.0%€0.8m▼ 26.2%€0.7m▼ 8.4%€0.7m▼ 5.0%
Debt€1.1m-€1.0m▼ 5.9%€0.9m▼ 6.4%€0.9m▼ 8.0%€0.6m▼ 33.0%€0.5m▼ 11.1%€0.5m▼ 8.0%
Working capital-€0.4m--€0.5m▼ 2.2%-€0.5m▼ 1.2%-€0.2m▲ 55.9%-€0.2m▼ 0.8%-€0.2m▼ 7.7%-€0.2m▼ 6.9%
The operating result for 2025 is 121% higher than in 2024. It is a recovery after the fall in 2024.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €665,282
Fixed assets
€647,721 ▼ 5.6%
Current assets
€17,561 ▲ 24.4%
Equity and liabilities €665,282
Equity
€175,519 ▲ 3.8%
Provisions
€19,199 =
Debt
€470,564 ▼ 8.0%
Debt's share of the balance-sheet total falls from 73.1% to 70.7%. Equity is higher and debt is lower.
Key figures and ratios
EBITDA
€67,507▲
2024 · €56,463
Cash flow
€44,516▲
2024 · €43,022
Current ratio
0.07▲
2024 · 0.06
Debt to equity
2.68▼
2024 · 3.03
ROE
3.7%▲
2024 · -0.1%
ROA
1.0%▲
2024 · 0.0%
Interest coverage
3.41▼
2024 · 4.20
Debt ≤ 1 year
€252,946▲
2024 · €234,405
Debt > 1 year
€217,618▼
2024 · €277,232
Income taxes
€3,203▲
2024 · €13
Green means a favourable move, even when the figure itself falls, as with debt or debt to equity.
Investments
| Item | 30-06-2022 | 30-06-2023 | 30-06-2024 | 30-06-2025 |
|---|---|---|---|---|
| Tangible fixed assets | €6,018 | - | - | - |
| Depreciation and write-downs of the year | €47,378 | €45,544 | €43,170 | €38,108 |
Source: notes to the 2022 to 2025 annual accounts (statement of fixed assets)
Annual accounts
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|
| Turnover70 | €109,575 | €106,143 | €117,082 | €94,883 | - | - | - | - |
| Non-recurring operating income76A | - | - | - | - | €2,040 | - | - | - |
| Goods, raw materials, services and sundry goods60/61 | - | - | - | €23,303 | - | - | - | - |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €62,065 | €57,974 | €57,494 | €47,378 | €45,544 | €43,170 | €38,108 | ▼ 11.7% |
| Other operating charges640/8 | - | - | - | €4,711 | €3,965 | €4,609 | €4,677 | ▲ 1.5% |
| Gross operating margin9900 | €89,806 | €83,763 | €99,346 | €149,748 | €82,038 | €61,073 | €72,184 | ▲ 18.2% |
| Operating profit (loss)9901 | €22,886 | €20,720 | €36,870 | €97,659 | €32,529 | €13,294 | €29,399 | ▲ 121% |
| Financial income75/76B | - | - | - | - | - | €1 | - | - |
| Recurring financial income75 | - | €1 | €10 | - | - | €1 | - | - |
| Financial charges65/66B | - | - | - | €8,611 | €7,638 | €13,429 | €19,788 | ▲ 47.4% |
| Recurring financial charges65 | €8,470 | €10,932 | €9,619 | €8,611 | €7,638 | €13,429 | €19,788 | ▲ 47.4% |
| Profit (loss) for the period before taxes9903 | €14,416 | €9,789 | €27,261 | €89,048 | €24,891 | -€135 | €9,611 | - |
| Transfer to deferred taxes680 | - | - | - | €19,199 | - | - | - | - |
| Income taxes67/77 | €174 | €6,080 | €7,977 | €3,810 | €4,998 | €13 | €3,203 | ▲ 252× |
| Profit (loss) for the period9904 | €14,242 | €3,709 | €19,284 | €66,038 | €19,893 | -€148 | €6,407 | - |
| Transfer to tax-exempt reserves689 | - | - | - | €57,598 | - | - | - | - |
| Profit (loss) for the period to be appropriated9905 | €14,242 | €3,709 | €19,284 | €8,440 | €19,893 | -€148 | €6,407 | - |
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|
| Assets | ||||||||
| Total assets20/58 | €1.1m | €1.1m | €1.0m | €1.0m | €0.8m | €0.7m | €0.7m | ▼ 5.0% |
| Fixed assets21/28 | €1.1m | €1.1m | €1.0m | €0.8m | €0.7m | €0.7m | €0.6m | ▼ 5.6% |
| Tangible fixed assets22/27 | €1.1m | €1.1m | €1.0m | €0.8m | €0.7m | €0.7m | €0.6m | ▼ 5.6% |
| Land and buildings22 | - | - | - | €0.5m | €0.5m | €0.5m | €0.4m | ▼ 4.6% |
| Plant, machinery and equipment23 | - | - | - | €0.1m | €0.1m | €0.1m | €0.08m | ▼ 16.9% |
| Furniture and vehicles24 | - | - | - | €0 | - | - | - | - |
| Other tangible fixed assets26 | - | - | - | €0.1m | €0.1m | €0.1m | €0.1m | = |
| Current assets29/58 | €0.01m | €0.009m | €0.01m | €0.3m | €0.03m | €0.01m | €0.02m | ▲ 24.4% |
| Amounts receivable within one year40/41 | - | - | - | - | €304 | - | - | - |
| Other amounts receivable41 | - | - | - | - | €304 | - | - | - |
| Cash at bank and in hand54/58 | €0.01m | €0.009m | €0.01m | €0.3m | €0.03m | €0.01m | €0.01m | ▲ 28.2% |
| Deferred charges and accrued income490/1 | - | - | - | €0.002m | €0.003m | €0.003m | €0.003m | ▲ 10.3% |
| Equity and liabilities | ||||||||
| Total equity and liabilities10/49 | €1.1m | €1.1m | €1.0m | €1.0m | €0.8m | €0.7m | €0.7m | ▼ 5.0% |
| Equity10/15 | €0.07m | €0.07m | €0.09m | €0.2m | €0.2m | €0.2m | €0.2m | ▲ 3.8% |
| Contributions10/11 | €0.05m | €0.05m | €0.05m | €0.05m | €0.05m | €0.06m | €0.06m | = |
| Capital10 | - | - | - | €0.05m | €0.05m | - | - | - |
| Issued capital100 | - | - | - | €0.05m | €0.05m | - | - | - |
| Contributions outside capital11 | - | - | - | - | - | €0.06m | - | - |
| Share premium1100/10 | - | - | - | - | - | €0.06m | - | - |
| Revaluation surpluses12 | - | - | - | €0.02m | €0.02m | €0.02m | €0.02m | = |
| Reserves13 | €0.005m | €0.005m | €0.005m | €0.06m | €0.06m | €0.06m | €0.06m | = |
| Non-distributable reserves130/1 | - | - | - | €0.005m | €0.005m | - | - | - |
| Legal reserve130 | - | - | - | €0.005m | €0.005m | - | - | - |
| Tax-exempt reserves132 | - | - | - | €0.06m | €0.06m | €0.06m | €0.06m | = |
| Profit (loss) carried forward14 | -€0.01m | -€0.009m | €0.01m | €0.02m | €0.03m | €0.03m | €0.04m | ▲ 20.4% |
| Provisions and deferred taxes16 | - | - | - | €0.02m | €0.02m | €0.02m | €0.02m | = |
| Deferred taxes168 | - | - | - | €0.02m | €0.02m | €0.02m | €0.02m | = |
| Amounts payable17/49 | €1.1m | €1.0m | €0.9m | €0.9m | €0.6m | €0.5m | €0.5m | ▼ 8.0% |
| Amounts payable after more than one year17 | €0.6m | €0.5m | €0.5m | €0.4m | €0.3m | €0.3m | €0.2m | ▼ 21.5% |
| Financial debts170/4 | - | - | - | €0.4m | €0.3m | €0.3m | €0.2m | ▼ 21.5% |
| Amounts payable within one year42/48 | €0.5m | €0.5m | €0.5m | €0.5m | €0.2m | €0.2m | €0.3m | ▲ 7.9% |
| Current portion of amounts payable after more than one year42 | - | - | - | €0.07m | €0.06m | €0.05m | €0.06m | ▲ 9.2% |
| Trade debts44 | €0.002m | €0.004m | €0.001m | €0.006m | €170 | €264 | €0.002m | ▲ 506% |
| Suppliers440/4 | - | - | - | €0.006m | €170 | €264 | €0.002m | ▲ 506% |
| Taxes, remuneration and social security45 | - | - | - | €0.004m | €0.009m | - | €0.007m | - |
| Taxes450/3 | - | - | - | €0.004m | €0.009m | - | €0.007m | - |
| Other amounts payable47/48 | - | - | - | €0.4m | €0.2m | €0.2m | €0.2m | ▲ 3.0% |
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €14,242 | €3,709 | €19,284 | €66,038 | €19,893 | -€148 | €6,407 | - |
| + Depreciation and write-downs630 | €62,065 | €57,974 | €57,494 | €47,378 | €45,544 | €43,170 | €38,108 | ▼ 11.7% |
| Operating cash flow (approximation) | €76,307 | €61,683 | €76,778 | €113,416 | €65,437 | €43,022 | €44,516 | ▲ 3.5% |
| Investment in fixed assets (approximation) | - | €0 | -€9,912 | €192,184 | -€2,040 | €0 | €0 | - |
| Change in cash | - | -€1,216 | €3,255 | €248,093 | -€228,484 | -€20,332 | €3,131 | - |
A Belgian filing has no cash-flow statement. These rows are therefore an approximation, derived from the income statement and the balance-sheet moves.
Historical observation
In July 2024, 4,107 companies had the same profile as IGLF has now. Two years later, 98.0% were still going and 1.0% had gone bankrupt.
- Small
- 10 to 20 years old
- solvency 10 to 30%
- a profit under 5% of the balance sheet
98.0%
was still going
0.9%
stopped otherwise
1.0%
went bankrupt
Another 0.2% stopped without a precise date, possibly only after those two years.
That fits the bankruptcy probability of IGLF itself: 0.3% 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.
| 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 4,107 companies, not a prediction for IGLF. 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.
Latest 10 of 17 filings with the National Bank
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 30-06-2025 | micro format | 15-12-2025 | 2025-00582266 | |
| 30-06-2024 | full format | 22-11-2024 | 2024-00605914 | |
| 30-06-2023 | abbreviated format | 18-06-2025 | 2025-00148420 | |
| 30-06-2023 | micro format | 31-01-2024 | 2024-00025954 | |
| 30-06-2022 | micro format | 31-01-2023 | 2023-00011874 | |
| 30-06-2021 | micro format | 28-01-2022 | 2022-02300458 | |
| 30-06-2020 | micro format | 31-01-2021 | 2021-03100500 | |
| 30-06-2019 | micro format | 31-01-2020 | 2020-03800488 | |
| 30-06-2018 | micro format | 14-01-2019 | 2019-01400204 | |
| 30-06-2017 | micro format | 29-01-2018 | 2018-02900252 |