Ilvero
ActiveFinancials · financial year 2025, micro format
2025 annual accounts filed 4 days after the deadline Filed on 4 February 2026, deadline 31 January 2026 (7 months after the close on 30 June 2025, Companies Code art. 3:10). Source: NBB, 2026-00031635.
Annual accounts 2025 filed on 04-02-2026 PDF all 12 filings
Turnover
≈ €260,000
Estimated: probably between €180,000 and €440,000
Total assets
€171,189▲ 8.1%
2024 · €158,415
Net result
€19,360
2024 · -€13,452
Working capital
€94,322▲ 55.7%
2024 · €60,561
Multi-year overview
2019 to 2025, 7 financial yearsOperating result
€26,757
2025
20192025
Net result
€19,360
2025
middle half of the sector
20192025
Equity
€78,764
▲ 32.6%
2025
middle half of the sector
20192025
Total assets
€171,189
▲ 8.1%
2025
middle half of the sector
20192025
Debt
€92,424
▼ 6.7%
2025
20192025
Working capital
€94,322
▲ 55.7%
2025
highest quarter of the sector
20192025
Solvency
46.0%
▲ 8.5pp
2025
middle half of the sector
20192025
Current ratio
3.62
▲ 1.27
2025
highest quarter of the sector
20192025
Return on assets (ROA)
11.3%
▲ 19.8pp
2025
middle half of the sector
20192025
Staff (FTE)
no figure
2025
20192025
Every figure per financial year
Every figure with its change against the financial year before
favourable
unfavourable
Line2019202020212022202320242025
Operating result€23,453-€37,425▲ 59.6%€43,754▲ 16.9%-€15,202€14,284-€8,874€26,757
Net result€14,921-€20,058within the sector's middle half▲ 34.4%€28,459above the sector's middle half▲ 41.9%-€17,683below the sector's middle half€11,335within the sector's middle half-€13,452below the sector's middle half€19,360within the sector's middle half
Equity€30,689-€50,746within the sector's middle half▲ 65.4%€79,205within the sector's middle half▲ 56.1%€61,522within the sector's middle half▼ 22.3%€72,857within the sector's middle half▲ 18.4%€59,404within the sector's middle half▼ 18.5%€78,764within the sector's middle half▲ 32.6%
Total assets€98,134-€126,487within the sector's middle half▲ 28.9%€153,824within the sector's middle half▲ 21.6%€129,931within the sector's middle half▼ 15.5%€206,135within the sector's middle half▲ 58.6%€158,415within the sector's middle half▼ 23.1%€171,189within the sector's middle half▲ 8.1%
Debt€67,445-€75,740▲ 12.3%€74,618▼ 1.5%€68,409▼ 8.3%€133,278▲ 94.8%€99,011▼ 25.7%€92,424▼ 6.7%
Working capital€44,809-€77,676within the sector's middle half▲ 73.3%€112,911above the sector's middle half▲ 45.4%€80,380within the sector's middle half▼ 28.8%€102,426above the sector's middle half▲ 27.4%€60,561within the sector's middle half▼ 40.9%€94,322above the sector's middle half▲ 55.7%
Solvency31.3%-40.1%within the sector's middle half▲ 8.8pp51.5%within the sector's middle half▲ 11.4pp47.3%within the sector's middle half▼ 4.1pp35.3%within the sector's middle half▼ 12.0pp37.5%within the sector's middle half▲ 2.2pp46.0%within the sector's middle half▲ 8.5pp
Current ratio2.24-3.35above the sector's middle half▲ 1.114.16above the sector's middle half▲ 0.812.73within the sector's middle half▼ 1.433.60above the sector's middle half▲ 0.862.35within the sector's middle half▼ 1.253.62above the sector's middle half▲ 1.27
Return on assets (ROA)15.2%-15.9%within the sector's middle half▲ 0.7pp18.5%above the sector's middle half▲ 2.6pp-13.6%below the sector's middle half▼ 32.1pp5.5%within the sector's middle half▲ 19.1pp-8.5%below the sector's middle half▼ 14.0pp11.3%within the sector's middle half▲ 19.8pp
Staff (FTE)1.3-0.8below the sector's middle half▼ 38.5%1▲ 25.0%1=0.5
above
within
below
The 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 a profit of €26,757, after a loss of €8,874 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 €171,189
Fixed assets
€40,845 ▼ 22.8%
Current assets
€130,344 ▲ 23.5%
Equity and liabilities €171,189
Equity
€78,764 ▲ 32.6%
Debt
€92,424 ▼ 6.7%
Debt's share of the balance-sheet total falls from 62.5% to 54.0%. Equity is higher and debt is lower.
Key figures and ratios
EBITDA
€41,460▲
2024 · €6,252
Cash flow
€34,063▲
2024 · €1,674
Debt to equity
1.17▼
2024 · 1.67
ROE
24.6%▲
2024 · -22.6%
Interest coverage
11.45▲
2024 · 1.41
Debt ≤ 1 year
€36,021▼
2024 · €44,951
Debt > 1 year
€31,758▼
2024 · €43,551
Income taxes
€5,158▲
2024 · €174
Staff costs
€149▼
2024 · €31,590
Green means a favourable move, even when the figure itself falls, as with debt or debt to equity.
Staff
| Item | 30-06-2022 | 30-06-2024 |
|---|---|---|
| Employees at the balance-sheet date | 1 | - |
| full-time | 1 | - |
| in full-time equivalents | 1 | - |
| Average over the year, in full-time equivalents | 1 | 0.5 |
| Joined | - | 0 |
| Left | - | 1 |
Source: social balance sheet in the 2022 to 2024 annual accounts
Investments
| Item | 30-06-2022 | 30-06-2023 | 30-06-2024 | 30-06-2025 |
|---|---|---|---|---|
| Tangible fixed assets | €684 | €65,759 | €3,776 | €2,645 |
| Financial fixed assets | €100 | - | - | - |
| Depreciation and write-downs of the year | €2,854 | €4,622 | €15,126 | €14,703 |
Source: notes to the 2022 to 2025 annual accounts (statement of fixed assets)
Annual accounts
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|
| Non-recurring operating income76A | - | - | - | - | €4,072 | - | €1,805 | - |
| Remuneration, social security and pensions62 | - | - | - | €52,962 | €51,580 | €31,590 | €149 | ▼ 99.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €10,022 | €9,516 | €10,534 | €2,854 | €4,622 | €15,126 | €14,703 | ▼ 2.8% |
| Other operating charges640/8 | - | - | - | €4,324 | €1,643 | €1,488 | €1,647 | ▲ 10.7% |
| Gross operating margin9900 | €88,992 | €94,148 | €113,860 | €44,937 | €72,129 | €39,329 | €43,256 | ▲ 10.0% |
| Operating profit (loss)9901 | €23,453 | €37,425 | €43,754 | -€15,202 | €14,284 | -€8,874 | €26,757 | - |
| Financial income75/76B | - | - | - | €9 | €307 | €23 | €1,383 | ▲ 61× |
| Recurring financial income75 | €1 | €4 | €3 | €9 | €307 | €23 | €383 | ▲ 17× |
| Non-recurring financial income76B | - | - | - | - | - | - | €1,000 | - |
| Financial charges65/66B | - | - | - | €2,296 | €3,051 | €4,426 | €3,622 | ▼ 18.2% |
| Recurring financial charges65 | €2,955 | €3,239 | €1,822 | €2,296 | €3,051 | €4,426 | €3,622 | ▼ 18.2% |
| Profit (loss) for the period before taxes9903 | €20,498 | €34,190 | €41,934 | -€17,488 | €11,540 | -€13,278 | €24,518 | - |
| Income taxes67/77 | €5,578 | €14,132 | €13,476 | €195 | €205 | €174 | €5,158 | ▲ 30× |
| Profit (loss) for the period9904 | €14,921 | €20,058 | €28,459 | -€17,683 | €11,335 | -€13,452 | €19,360 | - |
| Profit (loss) for the period to be appropriated9905 | €14,921 | €20,058 | €28,459 | -€17,683 | €11,335 | -€13,452 | €19,360 | - |
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|
| Assets | ||||||||
| Total assets20/58 | €98,134 | €126,487 | €153,824 | €129,931 | €206,135 | €158,415 | €171,189 | ▲ 8.1% |
| Fixed assets21/28 | €17,173 | €15,719 | €5,185 | €3,115 | €64,253 | €52,903 | €40,845 | ▼ 22.8% |
| Tangible fixed assets22/27 | €17,173 | €15,719 | €5,185 | €3,015 | €64,153 | €52,803 | €40,745 | ▼ 22.8% |
| Plant, machinery and equipment23 | - | - | - | €1,702 | €1,862 | €825 | €1,149 | ▲ 39.3% |
| Furniture and vehicles24 | - | - | - | €1,313 | €60,869 | €50,711 | €36,807 | ▼ 27.4% |
| Other tangible fixed assets26 | - | - | - | - | €1,422 | €1,267 | €2,789 | ▲ 120% |
| Financial fixed assets28 | - | - | - | €100 | €100 | €100 | €100 | = |
| Current assets29/58 | €80,961 | €110,767 | €148,639 | €126,816 | €141,882 | €105,512 | €130,344 | ▲ 23.5% |
| Amounts receivable within one year40/41 | €77,340 | €109,497 | €138,202 | €124,700 | €127,309 | €102,325 | €117,650 | ▲ 15.0% |
| Trade receivables40 | - | - | - | €28,081 | €53,023 | €31,779 | €43,583 | ▲ 37.1% |
| Other amounts receivable41 | - | - | - | €96,619 | €74,286 | €70,546 | €74,067 | ▲ 5.0% |
| Cash at bank and in hand54/58 | - | - | €4,606 | - | €10,316 | - | - | - |
| Deferred charges and accrued income490/1 | - | - | - | €2,117 | €4,258 | €3,187 | €12,694 | ▲ 298% |
| Equity and liabilities | ||||||||
| Total equity and liabilities10/49 | €98,134 | €126,487 | €153,824 | €129,931 | €206,135 | €158,415 | €171,189 | ▲ 8.1% |
| Equity10/15 | €30,689 | €50,746 | €79,205 | €61,522 | €72,857 | €59,404 | €78,764 | ▲ 32.6% |
| Contributions10/11 | €6,200 | - | - | €6,200 | €6,200 | €6,200 | €6,200 | = |
| Reserves13 | €24,489 | €44,546 | €73,005 | €73,005 | €73,005 | €55,683 | €72,564 | ▲ 30.3% |
| Non-distributable reserves130/1 | - | - | - | €1,860 | €1,860 | - | - | - |
| Reserves not available under the articles1311 | - | - | - | €1,860 | €1,860 | - | - | - |
| Distributable reserves133 | - | - | - | €71,145 | €71,145 | €55,683 | €72,564 | ▲ 30.3% |
| Profit (loss) carried forward14 | - | - | - | -€17,683 | -€6,349 | -€2,479 | - | - |
| Amounts payable17/49 | €67,445 | €75,740 | €74,618 | €68,409 | €133,278 | €99,011 | €92,424 | ▼ 6.7% |
| Amounts payable after more than one year17 | €25,279 | €18,514 | €9,272 | €8,730 | €54,834 | €43,551 | €31,758 | ▼ 27.1% |
| Financial debts170/4 | - | - | - | €8,730 | €54,834 | €43,551 | €31,758 | ▼ 27.1% |
| Amounts payable within one year42/48 | €36,152 | €33,092 | €35,728 | €46,436 | €39,456 | €44,951 | €36,021 | ▼ 19.9% |
| Current portion of amounts payable after more than one year42 | - | - | - | €18,542 | €17,602 | €18,093 | €18,597 | ▲ 2.8% |
| Financial debts43 | - | - | - | €7,955 | - | €3,596 | €214 | ▼ 94.0% |
| Credit institutions430/8 | - | - | - | €7,955 | - | €3,596 | €214 | ▼ 94.0% |
| Trade debts44 | €2,309 | €4,657 | €749 | €3,222 | €3,908 | €3,522 | €6,082 | ▲ 72.7% |
| Suppliers440/4 | - | - | - | €3,222 | €3,908 | €3,522 | €6,082 | ▲ 72.7% |
| Advances received on contracts in progress46 | - | - | - | - | - | - | €9,895 | - |
| Taxes, remuneration and social security45 | - | - | - | €16,717 | €17,946 | €19,740 | €1,232 | ▼ 93.8% |
| Taxes450/3 | - | - | - | €15,147 | €7,597 | €9,560 | €232 | ▼ 97.6% |
| Remuneration and social security454/9 | - | - | - | €1,569 | €10,349 | €10,180 | €1,000 | ▼ 90.2% |
| Accrued charges and deferred income492/3 | - | - | - | €13,243 | €38,989 | €10,508 | €24,645 | ▲ 135% |
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €14,921 | €20,058 | €28,459 | -€17,683 | €11,335 | -€13,452 | €19,360 | - |
| + Depreciation and write-downs630 | €10,022 | €9,516 | €10,534 | €2,854 | €4,622 | €15,126 | €14,703 | ▼ 2.8% |
| Operating cash flow (approximation) | €24,942 | €29,574 | €38,993 | -€14,830 | €15,956 | €1,674 | €34,063 | ▲ 20× |
| Investment in fixed assets (approximation) | - | -€8,062 | €0 | -€784 | -€65,759 | -€3,776 | -€2,645 | ▲ 29.9% |
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 Ilvero 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 Ilvero itself: 0.7% 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 Ilvero. 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 12 filings with the National Bank
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 30-06-2025 | micro format | 04-02-2026 | 2026-00031635 | |
| 30-06-2024 | micro format | 27-02-2025 | 2025-00042019 | |
| 30-06-2023 | micro format | 28-02-2024 | 2024-00036309 | |
| 30-06-2022 | micro format | 02-05-2023 | 2023-00074450 | |
| 30-06-2021 | micro format | 28-02-2022 | 2022-06700287 | |
| 30-06-2020 | micro format | 31-03-2021 | 2021-09200016 | |
| 30-06-2019 | micro format | 21-02-2020 | 2020-05400438 | |
| 30-06-2018 | micro format | 30-01-2019 | 2019-02800376 | |
| 30-06-2017 | micro format | 22-01-2018 | 2018-01800244 | |
| 30-06-2016 | abbreviated format | 20-01-2017 | 2017-01700101 |