IGOV
ActiveSummary
IGOV has been active since 1984 and the Belgian State Gazette contains no insolvency or warning signals. The 2025 annual accounts show equity of €2.2m and a net result of €114,105. Equity is growing by ~11.6% per year across the filed fiscal years. The computed 12-month bankruptcy probability is 0.4% (very low).
Checked score
Score 2025
Axes · tick = 2024
Profitability71▼-7
Solvency55▼-14
Growth52▼-26
Track record100
Bankruptcy probability, 12 months
0.4%
Very low
0%0.5%1.5%4%10%≥ 25%
Credit up to €140,000 at 30 days acceptable
Liquidity short (current ratio 0.38 against 0.19 in 2024; short-term debt: 17% and cash: 3.3% of total assets), and 70.2% of the assets are financed with debt.
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Signals
Five signals. The signal on the left, the evidence on the right.
−lowers risk+raises risk○neutral
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
lowers risk · Annual accounts: healthy financial profile
The latest annual accounts show a healthy profile in solvency, result and liquidity.
NBB · annual accounts 2025Solvency, return and age of the figures
Solvency
29.8%
Return on assets
1.6%
Age of the figures
9 mo
neutral · Filed after the deadline
The financial year that closed on 31-12-2025 was due by 31-07-2026 and was filed on 31-08-2026, 31 days later. For context: 47% of the Belgian market files late and the whole 1-to-90-day band measures 2.0% abnormal legal state against a 1.66% average. We show this as a fact and do not score it.
NBB · 10 filingsDeviation from the deadline
2025
31 d late
2024
12 d late
2023
8 d late
2022
62 d early
2021
25 d early
2020
118 d late
2019
122 d late
← before the deadline
after the deadline →
tick = median of all Belgian filings
This company filed its last 7 accounts on average 29 days after the deadline; the Belgian median for financial year 2024 is 4 days before the deadline, and 38% of all filings were 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.
Companies Code · seven monthsPosition in the running window
27-09-2026 today31-12-2026 close31-07-2027 deadline
History
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Financials · fiscal year 2025, full schema
Turnover
Not included in this filing
EBIT margin
Not included in this filing
Net result
€114,105▼ 65.9%
2024 · €334,150
Working capital
-€768,674▲ 21.2%
2024 · -€975,364
Trend over the years
Click a name to add, emphasise or remove a line.
Every figure with its change against the fiscal year before
favourable
unfavourable
Line20212022202320242025
Operating result€150,634▲ 132%€278,958▲ 85.2%€368,825▲ 32.2%€549,079▲ 48.9%€214,861▼ 60.9%
Net result€98,833▲ 484%€124,153▲ 25.6%€230,577▲ 85.7%€334,150▲ 44.9%€114,105▼ 65.9%
Equity€1.2m▲ 8.8%€1.4m▲ 10.1%€1.7m▲ 26.9%€2.0m▲ 19.5%€2.2m▲ 5.6%
Total assets€3.8m▲ 10.2%€4.2m▲ 8.3%€4.2m▲ 1.1%€4.7m▲ 11.4%€7.3m▲ 55.2%
Debt€2.5m▲ 11.7%€2.7m▲ 8.1%€2.4m▼ 11.5%€2.5m▲ 6.3%€5.0m▲ 97.4%
Working capital-€617,662▲ 19.0%-€1.1m▼ 71.6%-€1.1m▼ 2.8%-€975,364▲ 10.4%-€768,674▲ 21.2%
Staff (FTE)00
Why a figure moved sharply
- 2025 Net result -66% on 2024. The accounts now follow the full schema, last year the abbreviated schema.
Result per fiscal year
Operating resultNet result
The operating result falls in 2025; 2025 is 61% below 2024.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €7.3m
Fixed assets
€6.8m ▲ 52.7%
Current assets
€463,279 ▲ 105%
Equity and liabilities €7.3m
Equity
€2.2m ▲ 5.6%
Provisions
€82,519 ▼ 7.3%
Debt
€5.0m ▲ 97.4%
Debt's share of the balance-sheet total rises from 54.3% to 69.1%. Equity and debt are higher.
Key figures and ratios
EBITDA
€495,141▼
2024 · €701,241
Cash flow
€394,385▼
2024 · €486,313
Current ratio
0.38▲
2024 · 0.19
Debt to equity
2.32▲
2024 · 1.24
ROE
5.3%▼
2024 · 16.3%
ROA
1.6%▼
2024 · 7.1%
Interest coverage
7.63▼
2024 · 10.64
Debt ≤ 1 year
€1.2m▲
2024 · €1.2m
Debt > 1 year
€3.8m▲
2024 · €1.3m
Income taxes
€44,566▼
2024 · €157,709
Green means a favourable move, even when the figure itself falls: as with debt or debt to equity.
Peer companies
Historical observationOf the 719 companies that looked in July 2024 the way this one looks now, 0.8% went bankrupt within 24 months and 97% are still going.
- Medium-sized
- 20 years or older
- solvency 10 to 30%
- a profit under 5% of the balance sheet
0.8%
went bankrupt
1.4%
stopped otherwise
97%
still going
A further 0.6% stopped, but we cannot tell whether within those 24 months.
For this company itself Checked computes a bankruptcy probability of 0.4% over twelve months; the group does not contradict it.
How reliable is this rule?
Tested on the year before, without using that year itself: the groups of July 2023 gave each of the 497,058 companies of July 2024 its group's bankruptcy share. Expected: 1.5%; actually bankrupt within 24 months: 1.6%.
| Group | Expected | Actual |
|---|---|---|
| 1 | 0.2% | 0.2% |
| 2 | 0.3% | 0.4% |
| 3 | 0.5% | 0.5% |
| 4 | 0.6% | 0.7% |
| 5 | 0.8% | 0.9% |
| 6 | 1.2% | 1.3% |
| 7 | 1.5% | 1.6% |
| 8 | 1.7% | 1.7% |
| 9 | 2.7% | 2.8% |
| 10 | 5.3% | 5.7% |
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 719 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 |
|---|---|---|---|---|---|---|
| Non-recurring operating income76A | - | - | - | €247,189 | €0 | ▼ 100% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €222,110 | €96,507 | €53,824 | €152,162 | €280,280 | ▲ 84.2% |
| Other operating charges640/8 | €68,899 | €61,200 | €67,609 | €81,900 | €73,354 | ▼ 10.4% |
| Gross operating margin9900 | €441,644 | €436,665 | €490,258 | €783,142 | €568,495 | ▼ 27.4% |
| Operating profit (loss)9901 | €150,634 | €278,958 | €368,825 | €549,079 | €214,861 | ▼ 60.9% |
| Financial income75/76B | €18,646 | €0 | €0 | €2,200 | €2,257 | ▲ 2.6% |
| Recurring financial income75 | €18,646 | €0 | €0 | €2,200 | €2,257 | ▲ 2.6% |
| Financial charges65/66B | €33,920 | €113,551 | €56,763 | €65,902 | €64,929 | ▼ 1.5% |
| Recurring financial charges65 | €33,920 | €113,551 | €56,763 | €65,902 | €64,929 | ▼ 1.5% |
| Profit (loss) for the period before taxes9903 | €135,360 | €165,406 | €312,062 | €485,377 | €152,189 | ▼ 68.6% |
| Transfer from deferred taxes780 | €6,483 | €6,483 | €6,483 | €6,483 | €6,483 | = |
| Income taxes67/77 | €43,010 | €47,736 | €87,968 | €157,709 | €44,566 | ▼ 71.7% |
| Profit (loss) for the period9904 | €98,833 | €124,153 | €230,577 | €334,150 | €114,105 | ▼ 65.9% |
| Transfer from tax-exempt reserves789 | €19,448 | €19,448 | €33,166 | €34,361 | €26,305 | ▼ 23.4% |
| Profit (loss) for the period to be appropriated9905 | €118,281 | €143,601 | €263,743 | €368,511 | €140,410 | ▼ 61.9% |
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Assets | ||||||
| Total assets20/58 | €3.8m | €4.2m | €4.2m | €4.7m | €7.3m | ▲ 55.2% |
| Fixed assets21/28 | €3.6m | €4.1m | €4.2m | €4.5m | €6.8m | ▲ 52.7% |
| Tangible fixed assets22/27 | €3.6m | €4.0m | €4.2m | €4.5m | €6.8m | ▲ 52.7% |
| Land and buildings22 | €2.9m | €4.0m | €4.2m | €4.4m | €6.8m | ▲ 52.8% |
| Plant, machinery and equipment23 | €4,344 | €1,610 | €4,118 | €3,038 | €2,161 | ▼ 28.9% |
| Assets under construction and advance payments27 | €672,190 | €0 | - | - | - | - |
| Financial fixed assets28 | €894 | €894 | €894 | €894 | €894 | = |
| Current assets29/58 | €283,993 | €106,027 | €38,898 | €226,428 | €463,279 | ▲ 105% |
| Amounts receivable within one year40/41 | €12,305 | €7,264 | €10,313 | €22,173 | €63,931 | ▲ 188% |
| Trade receivables40 | €532 | €0 | €10,313 | €0 | €5,648 | - |
| Other amounts receivable41 | €11,773 | €7,264 | €0 | €22,173 | €58,283 | ▲ 163% |
| Current investments50/53 | - | - | - | €147,759 | €149,336 | ▲ 1.1% |
| Cash at bank and in hand54/58 | €265,208 | €93,393 | €18,369 | €48,467 | €237,225 | ▲ 389% |
| Deferred charges and accrued income490/1 | €6,480 | €5,370 | €10,216 | €8,029 | €12,788 | ▲ 59.3% |
| Equity and liabilities | ||||||
| Total equity and liabilities10/49 | €3.8m | €4.2m | €4.2m | €4.7m | €7.3m | ▲ 55.2% |
| Equity10/15 | €1.2m | €1.4m | €1.7m | €2.0m | €2.2m | ▲ 5.6% |
| Contributions10/11 | €63,311 | €63,311 | €65,405 | €65,405 | €65,405 | = |
| Capital10 | €62,000 | €62,000 | €64,094 | €64,094 | €64,094 | = |
| Issued capital100 | €62,000 | €62,000 | €64,094 | €64,094 | €64,094 | = |
| Outside capital11 | €1,311 | €1,311 | €1,311 | €1,311 | €1,311 | = |
| Share premium1100/10 | €1,311 | €1,311 | €1,311 | €1,311 | €1,311 | = |
| Reserves13 | €856,549 | €1.3m | €1.6m | €2.0m | €2.1m | ▲ 5.8% |
| Non-distributable reserves130/1 | €6,200 | €6,200 | €6,409 | €6,409 | €6,409 | = |
| Legal reserve130 | €6,200 | €6,200 | €6,409 | €6,409 | €6,409 | = |
| Tax-exempt reserves132 | €325,349 | €305,900 | €308,396 | €274,035 | €247,730 | ▼ 9.6% |
| Distributable reserves133 | €525,000 | €975,531 | €1.3m | €1.7m | €1.8m | ▲ 8.2% |
| Profit (loss) carried forward14 | €307,582 | €0 | - | - | - | - |
| Provisions and deferred taxes16 | €108,449 | €101,967 | €95,484 | €89,001 | €82,519 | ▼ 7.3% |
| Deferred taxes168 | €108,449 | €101,967 | €95,484 | €89,001 | €82,519 | ▼ 7.3% |
| Amounts payable17/49 | €2.5m | €2.7m | €2.4m | €2.5m | €5.0m | ▲ 97.4% |
| Amounts payable after more than one year17 | €1.6m | €1.5m | €1.3m | €1.3m | €3.8m | ▲ 182% |
| Financial debts170/4 | €1.5m | €1.5m | €1.2m | €1.3m | €3.7m | ▲ 189% |
| Other amounts payable178/9 | €48,401 | €51,901 | €50,001 | €50,001 | €55,459 | ▲ 10.9% |
| Amounts payable within one year42/48 | €901,656 | €1.2m | €1.1m | €1.2m | €1.2m | ▲ 2.5% |
| Current portion of amounts payable after more than one year42 | €296,180 | €294,660 | €296,007 | €231,615 | €98,913 | ▼ 57.3% |
| Financial debts43 | - | €241,254 | €175,379 | €221,652 | €157,599 | ▼ 28.9% |
| Credit institutions430/8 | - | €223,708 | €175,379 | €147,355 | €130,685 | ▼ 11.3% |
| Other loans439 | - | €17,546 | €0 | €74,297 | €26,914 | ▼ 63.8% |
| Trade debts44 | €42,138 | €32,680 | €0 | €26,507 | €31,121 | ▲ 17.4% |
| Suppliers440/4 | €42,138 | €32,680 | €0 | €26,507 | €31,121 | ▲ 17.4% |
| Taxes, remuneration and social security45 | €48,835 | €44,184 | €41,152 | €71,034 | €2,171 | ▼ 96.9% |
| Taxes450/3 | €46,644 | €44,184 | €41,152 | €71,034 | €0 | ▼ 100% |
| Remuneration and social security454/9 | €2,191 | - | - | - | €2,171 | - |
| Other amounts payable47/48 | €514,503 | €552,962 | €615,460 | €650,984 | €942,149 | ▲ 44.7% |
| Accrued charges and deferred income492/3 | €11,688 | €2,955 | €4,598 | €4,853 | €12,988 | ▲ 168% |
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €98,833 | €124,153 | €230,577 | €334,150 | €114,105 | ▼ 65.9% |
| + Depreciation and write-downs630 | €222,110 | €96,507 | €53,824 | €152,162 | €280,280 | ▲ 84.2% |
| Operating cash flow (approximation) | €320,943 | €220,660 | €284,401 | €486,313 | €394,385 | ▼ 18.9% |
| Investment in fixed assets (approximation) | - | -€594,571 | -€166,838 | -€441,873 | -€2.6m | ▼ 494% |
| Change in cash | - | -€171,816 | -€75,024 | €30,098 | €188,758 | ▲ 527% |
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
31-08
NBB filing
Annual accounts filed
fiscal year 2025 · full schema · 31 days late
2025
12-08
NBB filing
Annual accounts filed
fiscal year 2024 · abbreviated schema · 12 days late
2024
31-12
Financial
Highest result since 2018net €334,150 ▲44.9%
Operating result €549,079, net result €334,150, both a record.
31-12
Financial
Equity above €2mEq €2.0m ▲19.5%
7 profitable years in a row build equity to €2.0m.
08-08
NBB filing
Annual accounts filed
fiscal year 2023 · abbreviated schema · 8 days late
2023
30-05
NBB filing
Annual accounts filed
fiscal year 2022 · abbreviated schema
2022
06-07
NBB filing
Annual accounts filed
fiscal year 2021 · micro schema
2021
26-11
NBB filing
Annual accounts filed
fiscal year 2020 · micro schema · 118 days late
2020
31-12
Financial
Weakest financial yearnet €16,917 ▼75.8%
Net result drops to €16,917, the lowest in the series; recovery starts the following year.
30-11
NBB filing
Annual accounts filed
fiscal year 2019 · abbreviated schema · 122 days late
2019
02-10
NBB filing
Annual accounts filed
fiscal year 2018 · abbreviated schema · 63 days late
2018
31-08
NBB filing
Annual accounts filed
fiscal year 2017 · micro schema · 31 days late
2017
12-07
NBB filing
Annual accounts filed
fiscal year 2016 · abbreviated schema
Financial milestoneNBB filingFinancial milestones sit on the fiscal year-end date, not the filing date.
0 of 10 acts read
About the unread acts
We know of 10 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
10 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, Wichelen · 1 establishment unit since 1984
Ground area
489 m²
Building footprint
89 m²
Volume, LiDAR
676 m³
Parcel 42020B0496/00P000, Flanders · tallest building 10.1 m, ±3 floors. Linked by address, not a title deed.
4
companies at this address
See who is registered here
1 establishment unit
Wolfgat 14, 9260 Wichelen
since 19842.025.055.043
1 parcel
Flanders
1
(100%)
| Parcel (capakey) | Region | Area | Buildings | Height / fl. |
|---|---|---|---|---|
| 42020B0496/00P000 | Flanders | 489 m² | 1 · 88 m² | 10.1 m · 3 fl. |
Linked by address, not proof of ownership
Good to know
1 of 1 parcel with an exact address match; the rest are indicative.
Linked through address data, this is not proof of ownership.
Structure & network
Owners and holdings
1 ownerChain of control
- Govimmo
- IGOV
Highest known parent: Govimmo. The sources do not say who stands above it.
Owners 1
- GovimmoparentSourceaccounts Govimmo 2025100%
Holdings 0
No holding stated in the accounts, acts or LEI register we read.
According to the annual accounts of the other companies, the acts in the Belgian Gazette and the LEI register. The register of ultimate beneficial owners (UBO) is not public: who ultimately stands behind a natural person or a foreign parent is not stated here. A company that does not fill in these statements, or need not, is missing.
Connections & network
No current directors or connected companies found in the register.
Identification & contact
Identification
Legal formPublic limited company
Founded19-04-1984
Fiscal year end31-12
E-invoicing
Reachable via Peppol
Peppol ID
0208:0426046665
Registered
25-11-2025
Register as of 27 September 2026 · Peppol Directory
Scores and ratios are computed by Checked and are not a credit decision.