Ingran
ActiveFinancials · financial year 2025, abbreviated format
Annual accounts 2025 filed on 22-01-2026 PDF all 5 filings
Turnover
€11.4m▲ 22.8%
2024 · €9.2m
EBIT margin
1.2%▼ 0.7pp
2024 · 1.8%
Net result
€66,771▼ 43.0%
2024 · €117,138
Working capital
€106,205▼ 47.4%
2024 · €201,947
Multi-year overview
2021 to 2025, 5 financial yearsTurnover
€11.4m
▲ 22.8%
2025
20212025
Operating result
€130,657
▼ 21.9%
2025
20212025
Net result
€66,771
▼ 43.0%
2025
middle half of the sector
20212025
EBIT margin
1.2%
▼ 0.7pp
2025
20212025
Equity
€127,243
▼ 43.6%
2025
middle half of the sector
20212025
Total assets
€1.4m
▼ 74.1%
2025
middle half of the sector
20212025
Debt
€1.3m
▼ 75.4%
2025
20212025
Working capital
€106,205
▼ 47.4%
2025
middle half of the sector
20212025
Solvency
9.0%
▲ 4.9pp
2025
lowest quarter of the sector
20212025
Current ratio
1.08
▲ 0.05
2025
lowest quarter of the sector
20212025
Return on assets (ROA)
4.7%
▲ 2.6pp
2025
middle half of the sector
20212025
Staff (FTE)
no figure
2025
20212025
Every figure per financial year
Every figure with its change against the financial year before
favourable
unfavourable
Line20212022202320242025
Turnover€0.1m-€9.2m€11.4m▲ 22.8%
Operating result-€0.01m-€0.1m€0.02m▼ 81.6%€0.2m▲ 580%€0.1m▼ 21.9%
Net result-€0.01mbelow the sector's middle half-€0.1mabove the sector's middle half€0.02mwithin the sector's middle half▼ 83.1%€0.1mabove the sector's middle half▲ 542%€0.07mwithin the sector's middle half▼ 43.0%
EBIT margin-12.6%-1.8%1.2%▼ 0.7pp
Equity-€0.01mbelow the sector's middle half-€0.09mwithin the sector's middle half€0.1mwithin the sector's middle half▲ 17.8%€0.2mabove the sector's middle half▲ 105%€0.1mwithin the sector's middle half▼ 43.6%
Total assets€0.1mwithin the sector's middle half-€0.4mwithin the sector's middle half▲ 261%€1.6mabove the sector's middle half▲ 339%€5.4mabove the sector's middle half▲ 246%€1.4mwithin the sector's middle half▼ 74.1%
Debt€0.1m-€0.3m▲ 136%€1.5m▲ 452%€5.2m▲ 256%€1.3m▼ 75.4%
Working capital-€0.002mwithin the sector's middle half-€0.1mwithin the sector's middle half€0.1mwithin the sector's middle half▼ 4.4%€0.2mabove the sector's middle half▲ 102%€0.1mwithin the sector's middle half▼ 47.4%
Solvency-13.0%below the sector's middle half-26.1%within the sector's middle half▲ 39.0pp7.0%below the sector's middle half▼ 19.1pp4.1%below the sector's middle half▼ 2.8pp9.0%below the sector's middle half▲ 4.9pp
Current ratio0.98within the sector's middle half-1.41within the sector's middle half▲ 0.431.07within the sector's middle half▼ 0.341.04within the sector's middle half▼ 0.031.08below the sector's middle half▲ 0.05
Return on assets (ROA)-15.0%below the sector's middle half-30.1%above the sector's middle half▲ 45.1pp1.2%within the sector's middle half▼ 28.9pp2.2%within the sector's middle half▲ 1.0pp4.7%within the sector's middle half▲ 2.6pp
Staff (FTE)10.9▼ 10.0%
above
within
below
The sector band is the middle half of the companies in Wholesale trade (NACE 46). 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 22% lower than in 2024.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €1.4m
Fixed assets
€51,092 ▼ 15.8%
Current assets
€1.4m ▼ 74.8%
Equity and liabilities €1.4m
Equity
€127,243 ▼ 43.6%
Debt
€1.3m ▼ 75.4%
Debt's share of the balance-sheet total falls from 95.9% to 91.0%. Equity and debt are lower.
Key figures and ratios
EBITDA
€140,221▼
2024 · €178,182
Cash flow
€76,334▼
2024 · €128,099
Quick ratio
0.38▲
2024 · 0.23
Debt to equity
10.07▼
2024 · 23.12
ROE
52.5%▲
2024 · 52.0%
Interest coverage
9.34▼
2024 · 15.44
Debt ≤ 1 year
€1.3m▼
2024 · €5.2m
Debt > 1 year
€30,053▼
2024 · €37,130
Income taxes
€50,553▲
2024 · €40,901
Customer credit
8 days▼
2024 · 37 days
Supplier credit
31 days▼
2024 · 206 days
Staff costs
€22,542▲
2024 · €14,209
Green means a favourable move, even when the figure itself falls, as with debt or debt to equity.
Staff
| Item | 31-12-2023 | 31-12-2024 |
|---|---|---|
| Employees at the balance-sheet date | 1 | 0 |
| full-time | - | 0 |
| part-time | 1 | 0 |
| in full-time equivalents | 0.2 | 0 |
| Average over the year, in full-time equivalents | 0.2 | 0.4 |
| On a permanent contract | - | 0 |
| Joined | 1 | 0 |
| Left | 0 | 1 |
| Training hours | - | 0 |
Source: social balance sheet in the 2023 to 2024 annual accounts
Investments
| Item | 2021 | 2022 | 2023 | 2024 | 31-08-2025 |
|---|---|---|---|---|---|
| Tangible fixed assets | - | - | €11,175 | €61,485 | - |
| Depreciation and write-downs of the year | - | - | €1,043 | €10,961 | €9,563 |
Source: notes to the 2021 to 2025 annual accounts (statement of fixed assets)
Annual accounts
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Turnover70 | €0.1m | - | - | €9.2m | €11.4m | ▲ 22.8% |
| Goods, raw materials, services and sundry goods60/61 | €0.1m | €0.9m | €6.0m | €9.0m | €11.2m | ▲ 23.8% |
| Remuneration, social security and pensions62 | - | - | €0.01m | €0.01m | €0.02m | ▲ 58.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | - | - | €0.001m | €0.01m | €0.01m | ▼ 12.7% |
| Other operating charges640/8 | €101 | €279 | €0.02m | €0.007m | €0.004m | ▼ 45.6% |
| Gross operating margin9900 | -€0.01m | €0.1m | €0.06m | €0.2m | €0.2m | ▼ 16.4% |
| Operating profit (loss)9901 | -€0.01m | €0.1m | €0.02m | €0.2m | €0.1m | ▼ 21.9% |
| Financial income75/76B | - | €0.001m | €135 | €0.002m | €0.002m | ▼ 28.7% |
| Recurring financial income75 | - | €0.001m | €135 | €0.002m | €0.002m | ▼ 28.7% |
| Financial charges65/66B | €237 | €0.001m | €0.006m | €0.01m | €0.02m | ▲ 30.1% |
| Recurring financial charges65 | €237 | €0.001m | €0.006m | €0.01m | €0.02m | ▲ 30.1% |
| Profit (loss) for the period before taxes9903 | -€0.01m | €0.1m | €0.02m | €0.2m | €0.1m | ▼ 25.8% |
| Income taxes67/77 | - | €0.02m | €0.001m | €0.04m | €0.05m | ▲ 23.6% |
| Profit (loss) for the period9904 | -€0.01m | €0.1m | €0.02m | €0.1m | €0.07m | ▼ 43.0% |
| Profit (loss) for the period to be appropriated9905 | -€0.01m | €0.1m | €0.02m | €0.1m | €0.07m | ▼ 43.0% |
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Assets | ||||||
| Total assets20/58 | €0.1m | €0.4m | €1.6m | €5.4m | €1.4m | ▼ 74.1% |
| Fixed assets21/28 | - | - | €0.01m | €0.06m | €0.05m | ▼ 15.8% |
| Tangible fixed assets22/27 | - | - | €0.01m | €0.06m | €0.05m | ▼ 15.8% |
| Plant, machinery and equipment23 | - | - | €0.006m | €0.005m | €0.004m | ▼ 17.0% |
| Furniture and vehicles24 | - | - | €0.004m | €0.06m | €0.05m | ▼ 15.7% |
| Current assets29/58 | €0.1m | €0.4m | €1.6m | €5.4m | €1.4m | ▼ 74.8% |
| Stocks and contracts in progress3 | €0.08m | €0.1m | €0.8m | €4.2m | €0.9m | ▼ 78.9% |
| Stocks30/36 | €0.08m | €0.1m | €0.8m | €4.2m | €0.9m | ▼ 78.9% |
| Amounts receivable within one year40/41 | €0.02m | €0.2m | €0.7m | €1.0m | €0.2m | ▼ 76.1% |
| Trade receivables40 | €0.02m | €0.2m | €0.6m | €0.9m | €0.2m | ▼ 73.4% |
| Other amounts receivable41 | €0.001m | - | €0.02m | €0.1m | €0.001m | ▼ 99.0% |
| Current investments50/53 | - | €0.05m | - | - | - | - |
| Cash at bank and in hand54/58 | €0.003m | - | €0.1m | €0.2m | €0.2m | ▲ 39.5% |
| Deferred charges and accrued income490/1 | - | - | €86 | €0.003m | €0.003m | ▼ 19.6% |
| Equity and liabilities | ||||||
| Total equity and liabilities10/49 | €0.1m | €0.4m | €1.6m | €5.4m | €1.4m | ▼ 74.1% |
| Equity10/15 | -€0.01m | €0.09m | €0.1m | €0.2m | €0.1m | ▼ 43.6% |
| Contributions10/11 | €0.002m | €0.002m | €0.002m | €0.002m | €0.002m | = |
| Profit (loss) carried forward14 | -€0.01m | €0.09m | €0.1m | €0.2m | €0.1m | ▼ 44.0% |
| Amounts payable17/49 | €0.1m | €0.3m | €1.5m | €5.2m | €1.3m | ▼ 75.4% |
| Amounts payable after more than one year17 | €0.01m | €0.01m | - | €0.04m | €0.03m | ▼ 19.1% |
| Financial debts170/4 | €0.01m | €0.01m | - | €0.04m | €0.03m | ▼ 19.1% |
| Amounts payable within one year42/48 | €0.1m | €0.3m | €1.5m | €5.2m | €1.3m | ▼ 75.8% |
| Current portion of amounts payable after more than one year42 | - | - | - | €0.01m | €0.01m | ▲ 2.4% |
| Financial debts43 | - | - | €37 | - | €0.007m | - |
| Credit institutions430/8 | - | - | €37 | - | - | - |
| Other loans439 | - | - | - | - | €0.007m | - |
| Trade debts44 | €0.1m | €0.2m | €1.4m | €5.1m | €0.9m | ▼ 81.4% |
| Suppliers440/4 | €0.1m | €0.2m | €1.4m | €5.1m | €0.9m | ▼ 81.4% |
| Taxes, remuneration and social security45 | €0.004m | €0.05m | €0.05m | €0.06m | €0.3m | ▲ 388% |
| Taxes450/3 | €0.004m | €0.05m | €0.05m | €0.06m | €0.3m | ▲ 382% |
| Remuneration and social security454/9 | - | - | €0.001m | €311 | €0.005m | ▲ 16× |
| Other amounts payable47/48 | - | €0.01m | €0.006m | €0.002m | €0.004m | ▲ 112% |
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | -€14,888 | €107,899 | €18,242 | €117,138 | €66,771 | ▼ 43.0% |
| + Depreciation and write-downs630 | - | - | €1,043 | €10,961 | €9,563 | ▼ 12.7% |
| Operating cash flow (approximation) | -€14,888 | €107,899 | €19,285 | €128,099 | €76,334 | ▼ 40.4% |
| Investment in fixed assets (approximation) | - | - | - | -€61,485 | €0 | - |
| Change in cash | - | - | - | €53,933 | €64,199 | ▲ 19.0% |
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, 1,603 companies had the same profile as Ingran has now. Two years later, 96.1% were still going and 1.9% had gone bankrupt.
- Small
- 5 to 10 years old
- solvency under 10%
- a profit under 5% of the balance sheet
96.1%
was still going
1.8%
stopped otherwise
1.9%
went bankrupt
Another 0.2% stopped without a precise date, possibly only after those two years.
That fits the bankruptcy probability of Ingran itself: 0.9% 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 1,603 companies, not a prediction for Ingran. 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 (5)
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-08-2025 | abbreviated format | 22-01-2026 | 2026-00012681 | |
| 31-12-2024 | micro format | 09-09-2025 | 2025-00486996 | |
| 31-12-2023 | micro format | 22-08-2024 | 2024-00363475 | |
| 31-12-2022 | micro format | 30-08-2023 | 2023-00400888 | |
| 31-12-2021 | micro format | 12-09-2022 | 2022-20431794 |