Summary
IMPAGO is a financial institution; the bankruptcy model is trained on trading and manufacturing companies and does not apply here. The 2025 annual accounts show equity of €309,376 and a net result of €263,649. Equity is shrinking by ~10.7% per year across the filed fiscal years. Its solvency ranks better than 62% of 1502 sector peers (fiscal year 2025). The company has been active since 2015 and the Belgian State Gazette contains no insolvency or warning signals.
Checked score
Outside the general model
Model not applicable to financial institutions
The Checked score weighs liquidity, leverage and margins against norms for trading and manufacturing companies. A bank, insurer or financial holding has a fundamentally different balance-sheet structure, so those ratios, and hence the score, carry no meaning here. That is why we show no financial axes either.
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Signals
Two signals. The signal on the left, the evidence on the right.
−lowers risk○neutral
lowers risk · Growing equity
Reported equity is higher than in 2023 and did not fall compared with 2024. These amounts do not establish the cause of the change.
NBB · annual accounts 2025Equity per financial year
1819202122232425
2018 to 2025 · latest year €309,376
neutral · A punctual record breaks
This company filed 9 consecutive financial years on time. The year that closed on 31-12-2025 was due by 31-07-2026 and was filed on 25-08-2026, 25 days late. Weigh it accordingly: a break into the 1-to-90-day band measures 1.41% abnormal legal state, below the 1.66% market average. It is a change in behaviour, not evidence of elevated risk.
NBB · 10 filingsDeviation from the deadline
2025
25 d late
2024
34 d early
2023
42 d early
2022
49 d early
2021
48 d early
2020
44 d early
2019
2 d early
← before the deadline
after the deadline →
tick = median of all Belgian filingsring = median in the sector
This company filed its last 7 accounts on average 28 days before the deadline; the sector median for financial year 2024 is 5 days before the deadline, and 38% of the sector filed 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. Usually files around 20 June (4 of the last 5 filed years within 30 days of that day).
Companies Code · seven monthsPosition in the running window
28-09-2026 today31-12-2026 close31-07-2027 deadline
History
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Financials · fiscal year 2025, abbreviated schema
Source amounts without an identifiable currency are assumed to be EUR.
Equity
€309,376▲ 1.2%
2024 · €305,727
Net result
€263,649▲ 55.7%
2024 · €169,366
Total assets
€593,697▲ 27.6%
2024 · €465,262
Solvency
52.1%▼ 13.6pp
2024 · 65.7%
Trend over the years
Click a name to add, emphasise or remove a line.Band: the middle half (P25 to P75) of NACE 66, Activities auxiliary to financial services and insurance activities, each year against the same schema; no band under 30 filings. Dashed line: the median.
Every figure with its change against the fiscal year before
favourable
unfavourable
Line20212022202320242025
Operating result€123,937▼ 47.3%€174,853▲ 41.1%€467,386▲ 167%€212,530▼ 54.5%€311,079▲ 46.4%
Net result€86,990within the sector's middle half▼ 63.4%€168,363within the sector's middle half▲ 93.5%€419,028above the sector's middle half▲ 149%€169,366within the sector's middle half▼ 59.6%€263,649above the sector's middle half▲ 55.7%
Equity€507,969within the sector's middle half▼ 18.6%€526,333within the sector's middle half▲ 3.6%€270,361within the sector's middle half▼ 48.6%€305,727within the sector's middle half▲ 13.1%€309,376within the sector's middle half▲ 1.2%
Total assets€644,577within the sector's middle half▼ 24.8%€687,098within the sector's middle half▲ 6.6%€969,871within the sector's middle half▲ 41.2%€465,262below the sector's middle half▼ 52.0%€593,697within the sector's middle half▲ 27.6%
Debt€136,608▼ 41.2%€160,765▲ 17.7%€699,510▲ 335%€159,535▼ 77.2%€284,321▲ 78.2%
Working capital€93,391within the sector's middle half▼ 11.1%€163,090within the sector's middle half▲ 74.6%-€27,829below the sector's middle half€10,515within the sector's middle half€16,630within the sector's middle half▲ 58.2%
Solvency78.8%above the sector's middle half▲ 6.0pp76.6%above the sector's middle half▼ 2.2pp27.9%within the sector's middle half▼ 48.7pp65.7%within the sector's middle half▲ 37.8pp52.1%within the sector's middle half▼ 13.6pp
Current ratio1.68within the sector's middle half▲ 0.232.01within the sector's middle half▲ 0.330.96within the sector's middle half▼ 1.051.07within the sector's middle half▲ 0.111.06within the sector's middle half▼ 0.01
Return on assets (ROA)13.5%within the sector's middle half▼ 14.3pp24.5%above the sector's middle half▲ 11.0pp43.2%above the sector's middle half▲ 18.7pp36.4%above the sector's middle half▼ 6.8pp44.4%above the sector's middle half▲ 8.0pp
Staff (FTE)0below the sector's middle half0below the sector's middle half
above
within
below
the middle half (P25 to P75) of NACE 66, Activities auxiliary to financial services and insurance activities, each year against the same schema; no band under 30 filings.
Turnover and EBIT margin not published: the abbreviated schema does not require them.
Result per fiscal year
Operating resultNet result
The operating result recovers in 2025; 2025 is 46% above 2024.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €593,697
Fixed assets
€292,746 ▼ 0.8%
Current assets
€300,951 ▲ 77.0%
Equity and liabilities €593,697
Equity
€309,376 ▲ 1.2%
Debt
€284,321 ▲ 78.2%
Debt's share of the balance-sheet total rises from 34.3% to 47.9%. Equity and debt are higher.
Key figures and ratios
ROE
85.2%▲
2024 · 55.4%
Debt ≤ 1 year
€284,321▲
2024 · €159,535
Income taxes
€47,883▲
2024 · €46,915
Green means a favourable move, even when the figure itself falls: as with debt or debt to equity.
Annual accounts
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Non-recurring operating income76A | - | - | €358,126 | €0 | - | - |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €51,690 | €51,336 | €23,179 | €2,977 | €2,467 | ▼ 17.1% |
| Other operating charges640/8 | €23,435 | €23,454 | €25,539 | €26,304 | €27,957 | ▲ 6.3% |
| Gross operating margin9900 | €199,061 | €249,643 | €516,104 | €241,811 | €341,503 | ▲ 41.2% |
| Operating profit (loss)9901 | €123,937 | €174,853 | €467,386 | €212,530 | €311,079 | ▲ 46.4% |
| Financial income75/76B | - | - | €206 | €4,313 | €1,056 | ▼ 75.5% |
| Recurring financial income75 | - | - | €206 | €4,313 | €1,056 | ▼ 75.5% |
| Financial charges65/66B | €302 | €329 | €533 | €561 | €604 | ▲ 7.6% |
| Recurring financial charges65 | €302 | €329 | €533 | €561 | €604 | ▲ 7.6% |
| Profit (loss) for the period before taxes9903 | €123,634 | €174,524 | €467,059 | €216,281 | €311,532 | ▲ 44.0% |
| Income taxes67/77 | €36,644 | €6,161 | €48,031 | €46,915 | €47,883 | ▲ 2.1% |
| Profit (loss) for the period9904 | €86,990 | €168,363 | €419,028 | €169,366 | €263,649 | ▲ 55.7% |
| Transfer from tax-exempt reserves789 | €37,680 | - | - | - | - | - |
| Profit (loss) for the period to be appropriated9905 | €124,670 | €168,363 | €419,028 | €169,366 | €263,649 | ▲ 55.7% |
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Assets | ||||||
| Total assets20/58 | €644,577 | €687,098 | €969,871 | €465,262 | €593,697 | ▲ 27.6% |
| Fixed assets21/28 | €414,578 | €363,242 | €298,189 | €295,212 | €292,746 | ▼ 0.8% |
| Tangible fixed assets22/27 | €414,578 | €363,242 | €298,189 | €295,212 | €292,746 | ▼ 0.8% |
| Land and buildings22 | €414,578 | €363,242 | €298,189 | €295,212 | €292,746 | ▼ 0.8% |
| Current assets29/58 | €229,998 | €323,856 | €671,681 | €170,050 | €300,951 | ▲ 77.0% |
| Amounts receivable within one year40/41 | €18,149 | €50,803 | €526,333 | €128,202 | €29,975 | ▼ 76.6% |
| Trade receivables40 | €14,749 | €12,003 | €24,433 | €26,217 | €27,858 | ▲ 6.3% |
| Other amounts receivable41 | €3,400 | €38,800 | €501,900 | €101,985 | €2,117 | ▼ 97.9% |
| Cash at bank and in hand54/58 | €211,850 | €273,053 | €145,142 | €37,535 | €269,249 | ▲ 617% |
| Deferred charges and accrued income490/1 | - | - | €205 | €4,313 | €1,727 | ▼ 60.0% |
| Equity and liabilities | ||||||
| Total equity and liabilities10/49 | €644,577 | €687,098 | €969,871 | €465,262 | €593,697 | ▲ 27.6% |
| Equity10/15 | €507,969 | €526,333 | €270,361 | €305,727 | €309,376 | ▲ 1.2% |
| Contributions10/11 | €114,513 | €114,513 | €114,513 | €114,513 | €114,513 | = |
| Reserves13 | €44,747 | €44,747 | €155,848 | €191,214 | €194,863 | ▲ 1.9% |
| Distributable reserves133 | €44,747 | €44,747 | €155,848 | €191,214 | €194,863 | ▲ 1.9% |
| Profit (loss) carried forward14 | €348,710 | €367,073 | - | €0 | €0 | - |
| Amounts payable17/49 | €136,608 | €160,765 | €699,510 | €159,535 | €284,321 | ▲ 78.2% |
| Amounts payable within one year42/48 | €136,608 | €160,765 | €699,510 | €159,535 | €284,321 | ▲ 78.2% |
| Trade debts44 | €10,528 | €10,217 | €19,072 | €20,037 | €6,486 | ▼ 67.6% |
| Suppliers440/4 | €10,528 | €10,217 | €19,072 | €20,037 | €6,486 | ▼ 67.6% |
| Taxes, remuneration and social security45 | €1,079 | €549 | €5,438 | €5,498 | €17,835 | ▲ 224% |
| Taxes450/3 | €1,079 | €549 | €5,438 | €5,498 | €17,835 | ▲ 224% |
| Other amounts payable47/48 | €125,000 | €150,000 | €675,000 | €134,000 | €260,000 | ▲ 94.0% |
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €86,990 | €168,363 | €419,028 | €169,366 | €263,649 | ▲ 55.7% |
| + Depreciation and write-downs630 | €51,690 | €51,336 | €23,179 | €2,977 | €2,467 | ▼ 17.1% |
| Operating cash flow (approximation) | €138,680 | €219,699 | €442,207 | €172,344 | €266,115 | ▲ 54.4% |
| Investment in fixed assets (approximation) | - | €0 | €41,874 | €0 | €0 | - |
| Change in cash | - | €61,203 | -€127,910 | -€107,608 | €231,714 | ▲ 315% |
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
25-08
NBB filing
Annual accounts filed
fiscal year 2025 · abbreviated schema · 25 days late
2025
27-06
NBB filing
Annual accounts filed
fiscal year 2024 · abbreviated schema
2024
19-06
NBB filing
Annual accounts filed
fiscal year 2023 · abbreviated schema
2023
31-12
Financial
Highest result since 2018net €419,028 ▲149%
Operating result €467,386, net result €419,028, both a record.
12-06
NBB filing
Annual accounts filed
fiscal year 2022 · abbreviated schema
2022
13-06
NBB filing
Annual accounts filed
fiscal year 2021 · abbreviated schema
2021
31-12
Financial
Weakest financial yearnet €86,990 ▼63.4%
Net result drops to €86,990, the lowest in the series; recovery starts the following year.
17-06
NBB filing
Annual accounts filed
fiscal year 2020 · abbreviated schema
2020
29-07
NBB filing
Annual accounts filed
fiscal year 2019 · abbreviated schema
2019
27-06
NBB filing
Annual accounts filed
fiscal year 2018 · abbreviated schema
2018
21-06
NBB filing
Annual accounts filed
fiscal year 2017 · abbreviated schema
2017
28-06
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 6 acts read
About the unread acts
We know of 6 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
6 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, Sint-Niklaas · 1 establishment unit since 2015
Ground area
1.7 ha
Building footprint
1.0 ha
Volume, LiDAR
49,679 m³
Parcel 46445D1832/00E000, Flanders · tallest building 37.8 m, ±2 floors. Linked by address, not a title deed.
4
companies at this address
See who is registered here
1 establishment unit
IMPAGO BVBA
since 20152.247.474.360
1 parcel
Flanders
1
(100%)
| Parcel (capakey) | Region | Area | Buildings | Height / fl. |
|---|---|---|---|---|
| 46445D1832/00E000 | Flanders | 1.7 ha | 1 · 1.0 ha | 37.8 m · 2 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
- INDEPCO
- IMPAGO
Highest known parent: INDEPCO. The sources do not say who stands above it.
Owners 1
- INDEPCOparentSourceaccounts INDEPCO 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.
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Of 592 companies in sector 66300 we hold annual accounts for 366. 242 are within a factor 10 of this equity. The 5 above are the closest to it. See the whole sector
Identification & contact
Identification
Legal formPrivate limited company
Founded02-10-2015
Fiscal year end31-12
Activities, NACEBEL 2025
66300Activities auxiliary to financial services and insurance activities
E-invoicing
Reachable via Peppol
Peppol ID
0208:0639832091
Registered
27-03-2026
If you follow this company, Checked tells you the day it leaves the Peppol register.
Register as of 28 September 2026 · Peppol Directory
Scores and ratios are computed by Checked and are not a credit decision.