IGNO
ActiveFinancials · financial year 2025, micro format
Annual accounts 2025 filed on 29-01-2026 PDF all 14 filings
Turnover
≈ €100,000
Estimated: probably between €84,000 and €140,000
Total assets
€311,574▼ 3.8%
2024 · €323,765
Net result
€28,943▼ 66.1%
2024 · €85,382
Working capital
€143,052▼ 37.3%
2024 · €228,205
Multi-year overview
2019 to 2025, 7 financial yearsOperating result
€37,822
▼ 67.7%
2025
20192025
Net result
€28,943
▼ 66.1%
2025
middle half of the sector
20192025
Equity
€177,658
▼ 34.7%
2025
highest quarter of the sector
20192025
Total assets
€311,574
▼ 3.8%
2025
middle half of the sector
20192025
Debt
€133,916
▲ 160%
2025
20192025
Working capital
€143,052
▼ 37.3%
2025
highest quarter of the sector
20192025
Solvency
57.0%
▼ 27.1pp
2025
middle half of the sector
20192025
Current ratio
2.07
▼ 3.36
2025
middle half of the sector
20192025
Return on assets (ROA)
9.3%
▼ 17.1pp
2025
middle half of the sector
20192025
Every figure per financial year
Every figure with its change against the financial year before
favourable
unfavourable
Line2019202020212022202320242025
Operating result€57,595-€50,499▼ 12.3%€24,219▼ 52.0%€97,688▲ 303%€85,425▼ 12.6%€116,940▲ 36.9%€37,822▼ 67.7%
Net result€41,005-€36,211above the sector's middle half▼ 11.7%€17,065within the sector's middle half▼ 52.9%€70,214above the sector's middle half▲ 311%€61,472above the sector's middle half▼ 12.4%€85,382above the sector's middle half▲ 38.9%€28,943within the sector's middle half▼ 66.1%
Equity€229,238-€199,785above the sector's middle half▼ 12.8%€178,487above the sector's middle half▼ 10.7%€224,260above the sector's middle half▲ 25.6%€234,028above the sector's middle half▲ 4.4%€272,205above the sector's middle half▲ 16.3%€177,658above the sector's middle half▼ 34.7%
Total assets€257,388-€290,056within the sector's middle half▲ 12.7%€234,645within the sector's middle half▼ 19.1%€284,373within the sector's middle half▲ 21.2%€315,595within the sector's middle half▲ 11.0%€323,765within the sector's middle half▲ 2.6%€311,574within the sector's middle half▼ 3.8%
Debt€28,150-€90,270▲ 221%€56,159▼ 37.8%€60,114▲ 7.0%€81,567▲ 35.7%€51,560▼ 36.8%€133,916▲ 160%
Working capital€225,388-€203,982above the sector's middle half▼ 9.5%€187,004above the sector's middle half▼ 8.3%€229,684above the sector's middle half▲ 22.8%€242,317above the sector's middle half▲ 5.5%€228,205above the sector's middle half▼ 5.8%€143,052above the sector's middle half▼ 37.3%
Solvency89.1%-68.9%within the sector's middle half▼ 20.2pp76.1%above the sector's middle half▲ 7.2pp78.9%above the sector's middle half▲ 2.8pp74.2%within the sector's middle half▼ 4.7pp84.1%above the sector's middle half▲ 9.9pp57.0%within the sector's middle half▼ 27.1pp
Current ratio18.14-3.72within the sector's middle half▼ 14.425.54above the sector's middle half▲ 1.825.97above the sector's middle half▲ 0.424.57above the sector's middle half▼ 1.405.43above the sector's middle half▲ 0.862.07within the sector's middle half▼ 3.36
Return on assets (ROA)15.9%-12.5%within the sector's middle half▼ 3.4pp7.3%within the sector's middle half▼ 5.2pp24.7%above the sector's middle half▲ 17.4pp19.5%within the sector's middle half▼ 5.2pp26.4%within the sector's middle half▲ 6.9pp9.3%within the sector's middle half▼ 17.1pp
above
within
below
The sector band is the middle half of the companies in Office administrative, office support and other business support activities (NACE 82). 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 68% lower than in 2024.
Turnover and EBIT margin are 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 €311,574
Fixed assets
€34,606 ▼ 21.3%
Current assets
€276,968 ▼ 1.0%
Equity and liabilities €311,574
Equity
€177,658 ▼ 34.7%
Debt
€133,916 ▲ 160%
Debt's share of the balance-sheet total rises from 15.9% to 43.0%. Equity is lower and debt is higher.
Key figures and ratios
EBITDA
€50,496▼
2024 · €125,229
Cash flow
€41,617▼
2024 · €93,672
Debt to equity
0.75▲
2024 · 0.19
ROE
16.3%▼
2024 · 31.4%
Interest coverage
over 100
2024 · over 100
Debt ≤ 1 year
€133,916▲
2024 · €51,560
Income taxes
€11,532▼
2024 · €33,351
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 | €7,733 | - | €46,926 | €3,281 |
| Depreciation and write-downs of the year | €5,766 | €3,087 | €8,290 | €12,674 |
Source: notes to the 2022 to 2025 annual accounts (statement of fixed assets)
Annual accounts
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €7,700 | €7,700 | €6,195 | €5,766 | €3,087 | €8,290 | €12,674 | ▲ 52.9% |
| Other operating charges640/8 | - | - | - | €273 | €297 | €886 | €562 | ▼ 36.6% |
| Gross operating margin9900 | €65,557 | €58,466 | €30,683 | €103,727 | €88,809 | €126,116 | €51,058 | ▼ 59.5% |
| Operating profit (loss)9901 | €57,595 | €50,499 | €24,219 | €97,688 | €85,425 | €116,940 | €37,822 | ▼ 67.7% |
| Financial income75/76B | - | - | - | €426 | €0 | €1,939 | €2,793 | ▲ 44.1% |
| Recurring financial income75 | €143 | €218 | €130 | €426 | €0 | €1,939 | €2,793 | ▲ 44.1% |
| Financial charges65/66B | - | - | - | €132 | €108 | €145 | €140 | ▼ 3.7% |
| Recurring financial charges65 | €119 | €40 | €39 | €132 | €108 | €145 | €140 | ▼ 3.7% |
| Profit (loss) for the period before taxes9903 | €57,618 | €50,677 | €24,309 | €97,983 | €85,317 | €118,733 | €40,475 | ▼ 65.9% |
| Income taxes67/77 | €16,613 | €14,466 | €7,244 | €27,769 | €23,845 | €33,351 | €11,532 | ▼ 65.4% |
| Profit (loss) for the period9904 | €41,005 | €36,211 | €17,065 | €70,214 | €61,472 | €85,382 | €28,943 | ▼ 66.1% |
| Profit (loss) for the period to be appropriated9905 | €41,005 | €36,211 | €17,065 | €70,214 | €61,472 | €85,382 | €28,943 | ▼ 66.1% |
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|
| Assets | ||||||||
| Total assets20/58 | €257,388 | €290,056 | €234,645 | €284,373 | €315,595 | €323,765 | €311,574 | ▼ 3.8% |
| Fixed assets21/28 | €18,850 | €11,150 | €6,483 | €8,450 | €5,363 | €44,000 | €34,606 | ▼ 21.3% |
| Tangible fixed assets22/27 | €18,850 | €11,150 | €6,483 | €8,450 | €5,363 | €44,000 | €34,606 | ▼ 21.3% |
| Plant, machinery and equipment23 | - | - | - | - | - | €3,111 | €2,783 | ▼ 10.6% |
| Furniture and vehicles24 | - | - | - | €8,450 | €5,363 | €40,888 | €31,823 | ▼ 22.2% |
| Current assets29/58 | €238,538 | €278,905 | €228,163 | €275,923 | €310,232 | €279,765 | €276,968 | ▼ 1.0% |
| Amounts receivable within one year40/41 | €42,690 | €27,817 | €27,351 | €19,102 | €35,919 | €38,534 | €56,306 | ▲ 46.1% |
| Trade receivables40 | - | - | - | €14,066 | €35,919 | €29,656 | €20,313 | ▼ 31.5% |
| Other amounts receivable41 | - | - | - | €5,036 | €0 | €8,878 | €35,993 | ▲ 305% |
| Current investments50/53 | - | - | €3,999 | €12,996 | €30,995 | €35,995 | €35,995 | = |
| Cash at bank and in hand54/58 | €195,848 | €251,088 | €196,594 | €243,825 | €243,318 | €205,236 | €184,454 | ▼ 10.1% |
| Deferred charges and accrued income490/1 | - | - | - | €0 | - | - | €214 | - |
| Equity and liabilities | ||||||||
| Total equity and liabilities10/49 | €257,388 | €290,056 | €234,645 | €284,373 | €315,595 | €323,765 | €311,574 | ▼ 3.8% |
| Equity10/15 | €229,238 | €199,785 | €178,487 | €224,260 | €234,028 | €272,205 | €177,658 | ▼ 34.7% |
| Contributions10/11 | €6,200 | - | - | €6,200 | €6,200 | €0 | - | - |
| Reserves13 | €223,038 | €193,585 | €172,287 | €218,060 | €227,828 | €272,205 | €177,658 | ▼ 34.7% |
| Non-distributable reserves130/1 | - | - | - | €1,860 | €1,860 | €0 | - | - |
| Reserves not available under the articles1311 | - | - | - | €1,860 | €1,860 | €0 | - | - |
| Distributable reserves133 | - | - | - | €216,200 | €225,968 | €272,205 | €177,658 | ▼ 34.7% |
| Profit (loss) carried forward14 | - | - | - | €0 | €0 | €0 | €0 | - |
| Amounts payable17/49 | €28,150 | €90,270 | €56,159 | €60,114 | €81,567 | €51,560 | €133,916 | ▲ 160% |
| Amounts payable within one year42/48 | €13,150 | €74,923 | €41,159 | €46,239 | €67,914 | €51,560 | €133,916 | ▲ 160% |
| Trade debts44 | €2,627 | €210 | €245 | €4,201 | €1,467 | €3,377 | €1,854 | ▼ 45.1% |
| Suppliers440/4 | - | - | - | €4,201 | €1,467 | €3,377 | €1,854 | ▼ 45.1% |
| Taxes, remuneration and social security45 | - | - | - | €17,596 | €14,653 | €7,178 | €8,572 | ▲ 19.4% |
| Taxes450/3 | - | - | - | €17,596 | €14,653 | €7,178 | €8,572 | ▲ 19.4% |
| Other amounts payable47/48 | - | - | - | €24,441 | €51,794 | €41,005 | €123,490 | ▲ 201% |
| Accrued charges and deferred income492/3 | - | - | - | €13,875 | €13,653 | €0 | - | - |
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €41,005 | €36,211 | €17,065 | €70,214 | €61,472 | €85,382 | €28,943 | ▼ 66.1% |
| + Depreciation and write-downs630 | €7,700 | €7,700 | €6,195 | €5,766 | €3,087 | €8,290 | €12,674 | ▲ 52.9% |
| Operating cash flow (approximation) | €48,705 | €43,911 | €23,260 | €75,980 | €64,559 | €93,672 | €41,617 | ▼ 55.6% |
| Investment in fixed assets (approximation) | - | €0 | -€1,528 | -€7,733 | €0 | -€46,926 | -€3,281 | ▲ 93.0% |
| Change in cash | - | €55,241 | -€54,494 | €47,231 | -€507 | -€38,082 | -€20,782 | ▲ 45.4% |
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, 34,693 companies had the same profile as IGNO has now. Two years later, 95.3% were still going and 0.7% had gone bankrupt.
- Micro
- 10 to 20 years old
- solvency 30% or more
- a profit of 5% of the balance sheet or more
95.3%
was still going
3.9%
stopped otherwise
0.7%
went bankrupt
That fits the bankruptcy probability of IGNO itself: < 0.1% 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 34,693 companies, not a prediction for IGNO. 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 14 filings with the National Bank
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 30-06-2025 | micro format | 29-01-2026 | 2026-00018283 | |
| 30-06-2024 | micro format | 09-12-2024 | 2024-00612148 | |
| 30-06-2023 | micro format | 19-12-2023 | 2023-00535061 | |
| 30-06-2022 | micro format | 03-01-2023 | 2023-20552443 | |
| 30-06-2021 | micro format | 22-12-2021 | 2021-81400259 | |
| 30-06-2020 | micro format | 07-12-2020 | 2020-74900353 | |
| 30-06-2019 | micro format | 20-12-2019 | 2019-77500274 | |
| 30-06-2018 | micro format | 18-01-2019 | 2019-01800025 | |
| 30-06-2017 | micro format | 29-12-2017 | 2017-73600179 | |
| 30-06-2016 | abbreviated format | 23-01-2017 | 2017-01900410 |