INCIPIUM
ActiveSummary
The computed 12-month bankruptcy probability of INCIPIUM is 1.6% (moderate). The 2025 annual accounts show negative equity (-€24,493) and a net result of -€4,325. Equity is shrinking by ~93.6% per year across the filed fiscal years. Its solvency ranks better than 15% of 14284 sector peers (fiscal year 2025). The company has been active since 2022 and the Belgian State Gazette contains no insolvency or warning signals.
Checked score
Score 2025
Axes · tick = 2024
Profitability62▲+58
Solvency19=
Growth72▲+50
Track record94
Bankruptcy probability, 12 months
1.6%
Moderate
0%0.5%1.5%4%10%≥ 25%
No credit on open account
Liquidity short (current ratio 0.1 against 0.02 in 2024; short-term debt: 106.2% and cash: 2.1% of total assets), and equity is negative.
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Signals
Seven signals. The signal on the left, the evidence on the right.
−lowers risk+raises risk○neutral
raises risk · Limited track record
This company has not been active as long as an established one and statistically fails somewhat more often.
KBO · incorporation dateAge against the risk zone
lowers risk · Lower-failure-rate sector
In this sector companies fail less often than the Belgian average.
Gazette · bankruptcies per sector, NACE 68
Relative position
BE, all sectors
reference
Real estate activities (NACE 68)
about 43% fewer bankruptcies
← fewer bankruptcies
more bankruptcies →
raises risk · Annual accounts: weaker financial profile
The latest annual accounts show a weaker profile in solvency, result or liquidity than companies that stay afloat.
NBB · annual accounts 2025Solvency, return and age of the figures
Solvency
-6.2%
Return on assets
-1.1%
Age of the figures
15 mo
raises risk · Negative equity
The 2025 annual accounts show negative equity and a net loss.
NBB · annual accounts 2025Equity per financial year
232425
2023 to 2025 · latest year -€24,493
neutral · Filed after the deadline
The financial year that closed on 30-06-2025 was due by 31-01-2026 and was filed on 11-03-2026, 39 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 · 3 filingsDeviation from the deadline
2025
39 d late
2024
26 d early
2023
76 d early
← before the deadline
after the deadline →
tick = median of all Belgian filingsring = median in the sector
This company filed its last 3 accounts on average 21 days before the deadline; the sector median for financial year 2024 is 7 days before the deadline, and 36% of the sector filed late.
Checked, nothing found (2)
neutral · The next deadline is still running
The next financial year closes on 30-06-2026 and is due by 31-01-2027. Nothing is late today. Usually files around 5 January (3 of the last 3 filed years within 65 days of that day).
Companies Code · seven monthsPosition in the running window
30-06-2026 close30-09-2026 today31-01-2027 deadline
History
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Financials · fiscal year 2025, micro schema
Turnover
€63,329▲ 242%
2024 · €18,535
EBIT margin
-6.7%▲ 173.2pp
2024 · -179.9%
Net result
-€4,325▲ 87.1%
2024 · -€33,437
Working capital
-€376,074▼ 6.5%
2024 · -€353,066
Trend over the years
In euros
In per cent
Ratio
In euros
No line ticked in this group.
In per cent
No line ticked in this group.
Ratio
No line ticked in this group.
Untick a line to hide it. Point at a year (or use the arrow keys on the chart) for the exact figures; the table below gives them all.Sector: the middle half (P25 to P75) of NACE 68, Real estate activities, each year against the same schema; no band under 30 filings. Dashed line: the median. Available for Net result, Equity, Total assets, Working capital, Solvency, Current ratio, Return on assets (ROA).
Every figure with its change against the fiscal year before
favourable
unfavourable
Line202320242025
Turnover€38,136-€18,535▼ 51.4%€63,329▲ 242%
Operating result-€6,655--€33,348▼ 401%-€4,244▲ 87.3%
Net result-€6,731within the sector's middle half--€33,437below the sector's middle half▼ 397%-€4,325within the sector's middle half▲ 87.1%
EBIT margin-17.5%--179.9%▼ 162.5pp-6.7%▲ 173.2pp
Equity€13,269within the sector's middle half--€20,168below the sector's middle half-€24,493below the sector's middle half▼ 21.4%
Total assets€49,457below the sector's middle half-€340,438within the sector's middle half▲ 588%€392,597within the sector's middle half▲ 15.3%
Debt€36,188-€360,606▲ 896%€417,090▲ 15.7%
Working capital-€28,599within the sector's middle half--€353,066below the sector's middle half▼ 1,135%-€376,074below the sector's middle half▼ 6.5%
Solvency26.8%within the sector's middle half--5.9%below the sector's middle half▼ 32.8pp-6.2%below the sector's middle half▼ 0.3pp
Current ratio0.21below the sector's middle half-0.02below the sector's middle half▼ 0.190.10below the sector's middle half▲ 0.08
Return on assets (ROA)-13.6%below the sector's middle half--9.8%below the sector's middle half▲ 3.8pp-1.1%within the sector's middle half▲ 8.7pp
above
within
below
the middle half (P25 to P75) of NACE 68, Real estate activities, each year against the same schema; no band under 30 filings.
Turnover and EBIT margin not published: the micro schema does not require them.
Result per fiscal year
Operating resultNet result
The operating result stays negative: a loss of €4,244 in 2025 against €33,348 in 2024; the loss shrinks.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €392,597
Fixed assets
€351,581 ▲ 5.6%
Current assets
€41,016 ▲ 444%
Key figures and ratios
EBITDA
€4,852▲
2024 · -€21,926
Cash flow
€4,771▲
2024 · -€22,015
Debt to equity
-17.03▲
2024 · -17.88
Interest coverage
59.90▲
2024 · -246.36
Debt ≤ 1 year
€417,090▲
2024 · €360,606
Green means a favourable move, even when the figure itself falls: as with debt or debt to equity.
Annual accounts
| Line | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|
| Turnover70 | €38,136 | €18,535 | €63,329 | ▲ 242% |
| Goods, raw materials, services and sundry goods60/61 | €28,159 | €39,728 | €58,091 | ▲ 46.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €15,244 | €11,422 | €9,096 | ▼ 20.4% |
| Other operating charges640/8 | €1,388 | €733 | €386 | ▼ 47.3% |
| Gross operating margin9900 | €9,977 | -€21,193 | €5,238 | ▲ 125% |
| Operating profit (loss)9901 | -€6,655 | -€33,348 | -€4,244 | ▲ 87.3% |
| Financial charges65/66B | €76 | €89 | €81 | ▼ 9.0% |
| Recurring financial charges65 | €76 | €89 | €81 | ▼ 9.0% |
| Profit (loss) for the period before taxes9903 | -€6,731 | -€33,437 | -€4,325 | ▲ 87.1% |
| Profit (loss) for the period9904 | -€6,731 | -€33,437 | -€4,325 | ▲ 87.1% |
| Profit (loss) for the period to be appropriated9905 | -€6,731 | -€33,437 | -€4,325 | ▲ 87.1% |
| Line | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|
| Assets | ||||
| Total assets20/58 | €49,457 | €340,438 | €392,597 | ▲ 15.3% |
| Fixed assets21/28 | €41,868 | €332,898 | €351,581 | ▲ 5.6% |
| Tangible fixed assets22/27 | €41,868 | €32,998 | €51,681 | ▲ 56.6% |
| Furniture and vehicles24 | €41,868 | €32,998 | €51,681 | ▲ 56.6% |
| Financial fixed assets28 | - | €299,900 | €299,900 | = |
| Current assets29/58 | €7,589 | €7,540 | €41,016 | ▲ 444% |
| Amounts receivable within one year40/41 | €2,867 | €4,252 | €32,928 | ▲ 674% |
| Trade receivables40 | €1,193 | - | €25,650 | - |
| Other amounts receivable41 | €1,674 | €4,252 | €7,278 | ▲ 71.2% |
| Cash at bank and in hand54/58 | €4,722 | €3,288 | €8,088 | ▲ 146% |
| Equity and liabilities | ||||
| Total equity and liabilities10/49 | €49,457 | €340,438 | €392,597 | ▲ 15.3% |
| Equity10/15 | €13,269 | -€20,168 | -€24,493 | ▼ 21.4% |
| Contributions10/11 | €20,000 | €20,000 | €20,000 | = |
| Profit (loss) carried forward14 | -€6,731 | -€40,168 | -€44,493 | ▼ 10.8% |
| Amounts payable17/49 | €36,188 | €360,606 | €417,090 | ▲ 15.7% |
| Amounts payable within one year42/48 | €36,188 | €360,606 | €417,090 | ▲ 15.7% |
| Trade debts44 | €688 | €3,885 | €14,734 | ▲ 279% |
| Suppliers440/4 | €688 | €3,885 | €14,734 | ▲ 279% |
| Other amounts payable47/48 | €35,500 | €356,721 | €402,356 | ▲ 12.8% |
| Line | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|
| Profit (loss) for the period9904 | -€6,731 | -€33,437 | -€4,325 | ▲ 87.1% |
| + Depreciation and write-downs630 | €15,244 | €11,422 | €9,096 | ▼ 20.4% |
| Operating cash flow (approximation) | €8,513 | -€22,015 | €4,771 | ▲ 122% |
| Investment in fixed assets (approximation) | - | -€302,452 | -€27,779 | ▲ 90.8% |
| Change in cash | - | -€1,434 | €4,800 | ▲ 435% |
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
29-07
State Gazette act
General meeting · Director appointment
Permanent representative · Director resignation
11-03
NBB filing
Annual accounts filed
fiscal year 2025 · micro schema · 39 days late
2025
05-01
NBB filing
Annual accounts filed
fiscal year 2024 · micro schema
2024
30-06
Financial
Weakest financial yearnet -€33,437
Net result drops to -€33,437, the lowest in the series; recovery starts the following year.
2023
16-11
NBB filing
Annual accounts filed
fiscal year 2023 · micro schema
Financial milestoneState Gazette actNBB filingFinancial milestones sit on the fiscal year-end date, not the filing date.
0 of 2 acts read
About the unread acts
We know of 2 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
2 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, Grez-Doiceau · 2 establishment units since 2022
Ground area
4,111 m²
Building footprint
816 m²
2 parcels, Wallonia. Linked by address, not a title deed.
2 establishment units
INCIPIUM
since 20222.327.626.153
INCIPIUM
since 20242.357.227.484
2 parcels
Wallonia
2
(100%)
| Parcel (capakey) | Region | Area | Buildings | Height / fl. |
|---|---|---|---|---|
| 92073B0149/00L000 | Wallonia | 2,883 m² | 1 · 471 m² | - |
| 25037D0030/00A010 | Wallonia | 1,228 m² | 1 · 345 m² | - |
Linked by address, not proof of ownership
Good to know
2 of 2 parcels with an exact address match; the rest are indicative.
Linked through address data, this is not proof of ownership.
Structure & network
Connections & network
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Ownership & control
1 board mandateBoard mandates of this companythis company sits on their board1
1 location
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Of 7,326 companies in sector 68110 we hold annual accounts for 5,390. 2,124 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
Founded03-02-2022
Fiscal year end30-06
Activities, NACEBEL 2025
68110Buying and selling of own real estate
02100Forestry and logging
46392Non-specialised wholesale
68201Renting and operating of own or leased residential real estate, excluding social housing
68310Real estate agency activities
70200Business and other management consultancy
E-invoicing
Reachable via Peppol
Peppol ID
0208:0781564137
Registered
31-03-2026
If you follow this company, Checked tells you the day it leaves the Peppol register.
Register as of 30 September 2026 · Peppol Directory
Scores and ratios are computed by Checked and are not a credit decision.