iGuards
ActiveFinancials · financial year 2025, micro format
Annual accounts 2025 filed on 09-12-2025 PDF all 7 filings
Turnover
≈ €120,000
Estimated: probably between €100,000 and €170,000
Total assets
€167,256▼ 8.7%
2024 · €183,279
Net result
€26,605
2024 · -€23,433
Working capital
-€43,442▲ 53.8%
2024 · -€94,047
Multi-year overview
2019 to 2025, 7 financial yearsOperating result
€29,009
2025
20192025
Net result
€26,605
2025
middle half of the sector
20192025
Equity
€36,641
▲ 265%
2025
middle half of the sector
20192025
Total assets
€167,256
▼ 8.7%
2025
middle half of the sector
20192025
Debt
€130,615
▼ 24.6%
2025
20192025
Working capital
-€43,442
▲ 53.8%
2025
lowest quarter of the sector
20192025
Solvency
21.9%
▲ 16.4pp
2025
middle half of the sector
20192025
Current ratio
0.67
▲ 0.23
2025
lowest quarter of the sector
20192025
Return on assets (ROA)
15.9%
▲ 28.7pp
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€9,222--€6,959€482-€17,096€50,204-€21,927€29,009
Net result€6,981--€7,851below the sector's middle half-€90within the sector's middle half▲ 98.9%-€17,974below the sector's middle half▼ 19,911%€46,203above the sector's middle half-€23,433below the sector's middle half€26,605within the sector's middle half
Equity€13,181-€5,331below the sector's middle half▼ 59.6%€5,241below the sector's middle half▼ 1.7%-€12,733below the sector's middle half€33,470within the sector's middle half€10,037below the sector's middle half▼ 70.0%€36,641within the sector's middle half▲ 265%
Total assets€464,945-€328,051within the sector's middle half▼ 29.4%€296,929within the sector's middle half▼ 9.5%€185,008within the sector's middle half▼ 37.7%€245,458within the sector's middle half▲ 32.7%€183,279within the sector's middle half▼ 25.3%€167,256within the sector's middle half▼ 8.7%
Debt€451,763-€322,720▼ 28.6%€291,688▼ 9.6%€197,741▼ 32.2%€211,988▲ 7.2%€173,242▼ 18.3%€130,615▼ 24.6%
Working capital-€221,902--€229,753below the sector's middle half▼ 3.5%-€198,842below the sector's middle half▲ 13.5%-€185,816below the sector's middle half▲ 6.6%-€103,614below the sector's middle half▲ 44.2%-€94,047below the sector's middle half▲ 9.2%-€43,442below the sector's middle half▲ 53.8%
Solvency2.8%-1.6%below the sector's middle half▼ 1.2pp1.8%below the sector's middle half▲ 0.1pp-6.9%below the sector's middle half▼ 8.6pp13.6%below the sector's middle half▲ 20.5pp5.5%below the sector's middle half▼ 8.2pp21.9%within the sector's middle half▲ 16.4pp
Current ratio0.47-0.29below the sector's middle half▼ 0.180.32below the sector's middle half▲ 0.030.06below the sector's middle half▼ 0.260.50below the sector's middle half▲ 0.440.43below the sector's middle half▼ 0.070.67below the sector's middle half▲ 0.23
Return on assets (ROA)1.5%--2.4%below the sector's middle half▼ 3.9pp0.0%within the sector's middle half▲ 2.4pp-9.7%below the sector's middle half▼ 9.7pp18.8%within the sector's middle half▲ 28.5pp-12.8%below the sector's middle half▼ 31.6pp15.9%within the sector's middle half▲ 28.7pp
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 a profit of €29,009, after a loss of €21,927 in 2024.
Turnover and EBIT margin are not published. The abbreviated or 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 €167,256
Fixed assets
€80,083 ▼ 27.9%
Current assets
€87,173 ▲ 20.7%
Equity and liabilities €167,256
Equity
€36,641 ▲ 265%
Debt
€130,615 ▼ 24.6%
Debt's share of the balance-sheet total falls from 94.5% to 78.1%. Equity is higher and debt is lower.
Key figures and ratios
EBITDA
€60,009▲
2024 · €9,073
Cash flow
€57,605▲
2024 · €7,567
Debt to equity
3.56▼
2024 · 17.26
ROE
72.6%▲
2024 · -233.5%
Interest coverage
49.35▲
2024 · 6.03
Debt ≤ 1 year
€130,615▼
2024 · €166,242
Income taxes
€1,188
Green means a favourable move, even when the figure itself falls, as with debt or debt to equity.
Annual accounts
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €45,341 | €31,000 | €31,000 | €31,000 | €31,000 | €31,000 | €31,000 | = |
| Other operating charges640/8 | - | - | - | €740 | €629 | €723 | €702 | ▼ 2.9% |
| Gross operating margin9900 | €55,258 | €24,538 | €32,098 | €14,644 | €81,833 | €9,796 | €60,711 | ▲ 520% |
| Operating profit (loss)9901 | €9,222 | -€6,959 | €482 | -€17,096 | €50,204 | -€21,927 | €29,009 | - |
| Recurring financial income75 | €7 | €118 | - | - | - | - | - | - |
| Financial charges65/66B | - | - | - | €878 | €1,531 | €1,505 | €1,216 | ▼ 19.2% |
| Recurring financial charges65 | €446 | €1,009 | €571 | €878 | €1,531 | €1,505 | €1,216 | ▼ 19.2% |
| Profit (loss) for the period before taxes9903 | €8,782 | -€7,850 | -€90 | -€17,974 | €48,672 | -€23,433 | €27,793 | - |
| Income taxes67/77 | €1,801 | €0 | - | - | €2,470 | - | €1,188 | - |
| Profit (loss) for the period9904 | €6,981 | -€7,851 | -€90 | -€17,974 | €46,203 | -€23,433 | €26,605 | - |
| Profit (loss) for the period to be appropriated9905 | €6,981 | -€7,851 | -€90 | -€17,974 | €46,203 | -€23,433 | €26,605 | - |
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|
| Assets | ||||||||
| Total assets20/58 | €464,945 | €328,051 | €296,929 | €185,008 | €245,458 | €183,279 | €167,256 | ▼ 8.7% |
| Fixed assets21/28 | €266,083 | €235,083 | €204,083 | €173,083 | €142,083 | €111,083 | €80,083 | ▼ 27.9% |
| Intangible fixed assets21 | €266,083 | €235,083 | €204,083 | €173,083 | €142,083 | €111,083 | €80,083 | ▼ 27.9% |
| Current assets29/58 | €198,861 | €92,968 | €92,846 | €11,925 | €103,375 | €72,195 | €87,173 | ▲ 20.7% |
| Amounts receivable within one year40/41 | €124,988 | €48,703 | €69,532 | €1,582 | €93,159 | €60,996 | €82,299 | ▲ 34.9% |
| Trade receivables40 | - | - | - | - | €10,890 | €16,867 | €37,751 | ▲ 124% |
| Other amounts receivable41 | - | - | - | €1,582 | €82,269 | €44,129 | €44,548 | ▲ 0.9% |
| Current investments50/53 | - | - | - | - | €0 | €0 | €0 | ▼ 100% |
| Cash at bank and in hand54/58 | €73,873 | €44,265 | €23,314 | €10,343 | €10,216 | €1,199 | €4,874 | ▲ 306% |
| Deferred charges and accrued income490/1 | - | - | - | - | - | €10,000 | €0 | ▼ 100% |
| Equity and liabilities | ||||||||
| Total equity and liabilities10/49 | €464,945 | €328,051 | €296,929 | €185,008 | €245,458 | €183,279 | €167,256 | ▼ 8.7% |
| Equity10/15 | €13,181 | €5,331 | €5,241 | -€12,733 | €33,470 | €10,037 | €36,641 | ▲ 265% |
| Contributions10/11 | €6,200 | - | - | €6,200 | €6,200 | €6,200 | €6,200 | = |
| Contributions outside capital11 | - | - | - | - | - | - | €6,200 | - |
| Other1109/19 | - | - | - | - | - | - | €6,200 | - |
| Reserves13 | €1,860 | €1,860 | €1,860 | €1,860 | €1,860 | €1,860 | €1,860 | = |
| Non-distributable reserves130/1 | - | - | - | €1,860 | €1,860 | €1,860 | €1,860 | = |
| Reserves not available under the articles1311 | - | - | - | €1,860 | €1,860 | €1,860 | €1,860 | = |
| Profit (loss) carried forward14 | €5,121 | -€2,729 | -€2,819 | -€20,793 | €25,410 | €1,977 | €28,581 | ▲ 14× |
| Amounts payable17/49 | €451,763 | €322,720 | €291,688 | €197,741 | €211,988 | €173,242 | €130,615 | ▼ 24.6% |
| Amounts payable after more than one year17 | €31,000 | - | - | - | - | - | - | - |
| Amounts payable within one year42/48 | €420,763 | €322,720 | €291,688 | €197,741 | €206,988 | €166,242 | €130,615 | ▼ 21.4% |
| Financial debts43 | - | - | - | - | - | €4,000 | €0 | ▼ 100% |
| Credit institutions430/8 | - | - | - | - | - | €4,000 | €0 | ▼ 100% |
| Trade debts44 | €122,914 | €35,123 | €348 | €475 | €42,527 | €16,248 | €16,813 | ▲ 3.5% |
| Suppliers440/4 | - | - | - | €475 | €42,527 | €16,248 | €16,813 | ▲ 3.5% |
| Taxes, remuneration and social security45 | - | - | - | - | €10,176 | - | €2,314 | - |
| Taxes450/3 | - | - | - | - | €10,176 | - | €2,314 | - |
| Other amounts payable47/48 | - | - | - | €197,267 | €154,285 | €145,994 | €111,488 | ▼ 23.6% |
| Accrued charges and deferred income492/3 | - | - | - | - | €5,000 | €7,000 | €0 | ▼ 100% |
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €6,981 | -€7,851 | -€90 | -€17,974 | €46,203 | -€23,433 | €26,605 | - |
| + Depreciation and write-downs630 | €45,341 | €31,000 | €31,000 | €31,000 | €31,000 | €31,000 | €31,000 | = |
| Operating cash flow (approximation) | €52,322 | €23,150 | €30,910 | €13,026 | €77,203 | €7,567 | €57,605 | ▲ 661% |
| Investment in fixed assets (approximation) | - | €0 | €0 | €0 | €0 | €0 | €0 | - |
| Change in cash | - | -€29,608 | -€20,951 | -€12,971 | -€128 | -€9,017 | €3,675 | - |
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, 6,713 companies had the same profile as iGuards has now. Two years later, 95.8% were still going and 1.8% had gone bankrupt.
- Micro
- 5 to 10 years old
- solvency 10 to 30%
- a profit of 5% of the balance sheet or more
95.8%
was still going
2.2%
stopped otherwise
1.8%
went bankrupt
Another 0.2% stopped without a precise date, possibly only after those two years.
The bankruptcy probability of iGuards itself is lower: 0.3% within 12 months. It rests on far more data about iGuards than the profile alone.
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 6,713 companies, not a prediction for iGuards. 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.
Filings with the National Bank (7)
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-05-2025 | micro format | 09-12-2025 | 2025-00581989 | |
| 31-05-2024 | micro format | 10-12-2024 | 2024-00612734 | |
| 31-05-2023 | micro format | 18-12-2023 | 2023-00529314 | |
| 31-05-2022 | micro format | 04-01-2023 | 2023-20555625 | |
| 31-05-2021 | micro format | 23-12-2021 | 2021-81700320 | |
| 31-05-2020 | micro format | 05-01-2021 | 2021-00200292 | |
| 31-05-2019 | abbreviated format | 11-01-2020 | 2020-01500295 |