IORGU
ActiveSummary
The computed 12-month bankruptcy probability of IORGU is 1.6% (moderate). The 2025 annual accounts show equity of €234,154 and a net result of €88,246. Equity is growing by ~54.3% per year across the filed fiscal years. Its solvency ranks better than 72% of 18626 sector peers (fiscal year 2025). The company has been active since 2010 and the Belgian State Gazette contains no insolvency or warning signals.
Checked score
Score 2025
Axes · tick = 2023
Profitability97▲+17
Solvency86▲+7
Growth85=
Track record100
Bankruptcy probability, 12 months
1.6%
Moderate
0%0.5%1.5%4%10%≥ 25%
Credit up to €18,000 at 30 days acceptable
Liquidity ample (current ratio 2.37 against 1.95 in 2023; short-term debt: 39.4% and cash: 89.5% of total assets), and 39.4% of the assets are financed with debt.
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Signals
Six signals. The signal on the left, the evidence on the right.
−lowers risk+raises risk○neutral
raises risk · Higher-failure-rate sector
In this sector companies fail more often than the Belgian average.
Gazette · bankruptcies per sector, NACE 47
Relative position
BE, all sectors
reference
Retail trade (NACE 47)
about 45% more bankruptcies
← fewer bankruptcies
more bankruptcies →
lowers risk · Long track record
A company with a long track record statistically fails less often than a young one.
KBO · incorporation dateAge against the risk zone
lowers risk · Annual accounts: healthy financial profile
The latest annual accounts show a healthy profile in solvency, result and liquidity.
NBB · annual accounts 2025Solvency, return and age of the figures
Solvency
60.6%
Return on assets
22.8%
Age of the figures
18 mo
neutral · Filed after the deadline
The financial year that closed on 31-03-2025 was due by 31-10-2025 and was filed on 19-11-2025, 19 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 · 10 filingsDeviation from the deadline
2025
19 d late
2023
28 d late
2022
111 d late
2021
21 d late
2020
24 d late
2019
30 d late
2018
29 d late
← 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 37 days after the deadline; the sector median for financial year 2023 is on the deadline day, and 48% of the sector filed late.
Checked, nothing found (1)
History
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Financials · fiscal year 2025, micro schema
Turnover
€951,232▲ 29.2%
2022 · €736,515
EBIT margin
7.9%▼ 1.0pp
2022 · 8.9%
Net result
€88,246▲ 70.4%
2023 · €51,788
Working capital
€208,161▲ 78.5%
2023 · €116,649
Trend over the years
Click a name to add, emphasise or remove a line.Band: the middle half (P25 to P75) of NACE 47, Retail trade, 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
Line20202021202220232025
Turnover€218,131▲ 8.0%€443,278▲ 103%€736,515▲ 66.2%€951,232▲ 29.2%
Operating result€6,360▼ 30.1%€32,139▲ 405%€65,584▲ 104%€75,218▲ 14.7%€133,778-
Net result€4,648within the sector's middle half▼ 19.6%€22,138within the sector's middle half▲ 376%€45,202above the sector's middle half▲ 104%€51,788above the sector's middle half▲ 14.6%€88,246above the sector's middle half-
EBIT margin2.9%▼ 1.6pp7.3%▲ 4.3pp8.9%▲ 1.7pp7.9%▼ 1.0pp
Equity€26,780within the sector's middle half▲ 21.0%€48,918within the sector's middle half▲ 82.7%€94,120within the sector's middle half▲ 92.4%€145,908above the sector's middle half▲ 55.0%€234,154above the sector's middle half-
Total assets€57,982below the sector's middle half▲ 29.7%€99,352within the sector's middle half▲ 71.3%€199,134within the sector's middle half▲ 100%€268,952within the sector's middle half▲ 35.1%€386,530above the sector's middle half-
Debt€31,202▲ 38.1%€50,434▲ 61.6%€105,014▲ 108%€123,044▲ 17.2%€152,376-
Working capital€19,976within the sector's middle half▼ 8.8%€41,654within the sector's middle half▲ 109%€80,953within the sector's middle half▲ 94.3%€116,649above the sector's middle half▲ 44.1%€208,161above the sector's middle half-
Solvency46.2%within the sector's middle half▼ 3.3pp49.2%within the sector's middle half▲ 3.1pp47.3%within the sector's middle half▼ 2.0pp54.3%within the sector's middle half▲ 7.0pp60.6%within the sector's middle half-
Current ratio1.64within the sector's middle half▼ 0.331.83within the sector's middle half▲ 0.191.77within the sector's middle half▼ 0.061.95within the sector's middle half▲ 0.182.37within the sector's middle half-
Return on assets (ROA)8.0%within the sector's middle half▼ 4.9pp22.3%above the sector's middle half▲ 14.3pp22.7%above the sector's middle half▲ 0.4pp19.3%above the sector's middle half▼ 3.4pp22.8%above the sector's middle half-
Staff (FTE)1-
above
within
below
the middle half (P25 to P75) of NACE 47, Retail trade, 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 is €133,778 in 2025, compared with €75,218 in 2023. Comparable figures for the intervening years are unavailable.
Balance-sheet composition
2025 in colour, 2023 as the grey bar beneath
Assets €386,530
Fixed assets
€25,993 ▲ 158%
Current assets
€360,537 ▲ 50.4%
Equity and liabilities €386,530
Equity
€234,154 ▲ 60.5%
Debt
€152,376 ▲ 23.8%
Debt's share of the balance-sheet total falls from 45.7% to 39.4%. Equity and debt are higher.
Key figures and ratios
EBITDA
€143,015▲
2023 · €80,230
Cash flow
€97,483▲
2023 · €56,800
Debt to equity
0.65▼
2023 · 0.84
ROE
37.7%▲
2023 · 35.5%
Interest coverage
18.18▲
2023 · 11.66
Debt ≤ 1 year
€152,376▲
2023 · €123,044
Income taxes
€37,664▲
2023 · €16,055
Staff costs
€32,960
Green means a favourable move, even when the figure itself falls: as with debt or debt to equity.
Peer companies
Historical observationOf the 34,696 companies that looked in July 2024 the way this one looks now, 0.7% went bankrupt within 24 months and 95% are still going.
- Micro
- 10 to 20 years old
- solvency 30% or more
- a profit of 5% of the balance sheet or more
0.7%
went bankrupt
3.9%
stopped otherwise
95%
still going
For this company itself Checked computes a higher bankruptcy probability: 1.6% over twelve months. The score reads more about this company than the group's four characteristics; both figures are right about what they measure.
How reliable is this rule?
Tested on the year before, without using that year itself: the groups of July 2023 gave each of the 497,338 companies of July 2024 its group's bankruptcy share. Expected: 1.6%; actually bankrupt within 24 months: 1.7%.
| 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% | 1.0% |
| 6 | 1.3% | 1.5% |
| 7 | 1.6% | 1.8% |
| 8 | 1.8% | 1.9% |
| 9 | 3.0% | 3.1% |
| 10 | 5.6% | 6.2% |
The rule ranks well: a company that went bankrupt got a higher share than one that kept going in 74% of comparisons. The level follows the economy: in a year with more bankruptcies, the actual share is higher than the year before.
An observation about 34,696 comparable companies, not a prediction for this company. The sector does not count: the register keeps no sector for companies that stopped, so it would make the outcome look better than it was.
Annual accounts
| Line | 2020 | 2021 | 2022 | 2023 | 2025 | Change |
|---|---|---|---|---|---|---|
| Turnover70 | €218,131 | €443,278 | €736,515 | €951,232 | - | - |
| Non-recurring operating income76A | - | €1,500 | - | - | - | - |
| Goods, raw materials, services and sundry goods60/61 | - | €410,894 | €667,182 | €869,979 | - | - |
| Remuneration, social security and pensions62 | - | - | - | - | €32,960 | - |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | - | €1,435 | €2,219 | €5,012 | €9,237 | - |
| Other operating charges640/8 | - | €310 | €813 | €1,023 | €1,286 | - |
| Non-recurring operating charges66A | - | - | €717 | - | €1,241 | - |
| Gross operating margin9900 | €7,585 | €33,884 | €69,333 | €81,253 | €178,502 | - |
| Operating profit (loss)9901 | €6,360 | €32,139 | €65,584 | €75,218 | €133,778 | - |
| Financial income75/76B | - | €1,300 | €3 | €598 | - | - |
| Recurring financial income75 | €303 | €1,300 | €3 | €598 | - | - |
| Financial charges65/66B | - | €3,216 | €5,685 | €7,973 | €7,868 | - |
| Recurring financial charges65 | €414 | €2,645 | €5,685 | €6,881 | €7,868 | - |
| Non-recurring financial charges66B | - | €571 | - | €1,092 | - | - |
| Profit (loss) for the period before taxes9903 | €6,249 | €30,223 | €59,902 | €67,843 | €125,910 | - |
| Income taxes67/77 | €1,601 | €8,085 | €14,700 | €16,055 | €37,664 | - |
| Profit (loss) for the period9904 | €4,648 | €22,138 | €45,202 | €51,788 | €88,246 | - |
| Profit (loss) for the period to be appropriated9905 | €4,648 | €22,138 | €45,202 | €51,788 | €88,246 | - |
| Line | 2020 | 2021 | 2022 | 2023 | 2025 | Change |
|---|---|---|---|---|---|---|
| Assets | ||||||
| Total assets20/58 | €57,982 | €99,352 | €199,134 | €268,952 | €386,530 | - |
| Formation expenses20 | - | - | - | €19,167 | - | - |
| Fixed assets21/28 | €6,804 | €7,264 | €13,167 | €10,092 | €25,993 | - |
| Intangible fixed assets21 | - | - | - | - | €15,625 | - |
| Tangible fixed assets22/27 | €5,279 | €5,739 | €11,642 | €8,792 | €8,748 | - |
| Land and buildings22 | - | €5,739 | €4,304 | €2,869 | €2,789 | - |
| Plant, machinery and equipment23 | - | - | €1,588 | €2,200 | €4,263 | - |
| Furniture and vehicles24 | - | - | €5,750 | €3,723 | €1,696 | - |
| Financial fixed assets28 | €1,525 | €1,525 | €1,525 | €1,300 | €1,620 | - |
| Current assets29/58 | €51,178 | €92,088 | €185,967 | €239,693 | €360,537 | - |
| Stocks and contracts in progress3 | €4,985 | - | - | - | - | - |
| Amounts receivable within one year40/41 | €10,040 | €34,652 | €28,266 | €26,330 | €13,745 | - |
| Trade receivables40 | - | €594 | €3,536 | €7,963 | - | - |
| Other amounts receivable41 | - | €34,058 | €24,730 | €18,367 | €13,745 | - |
| Cash at bank and in hand54/58 | €35,543 | €56,643 | €155,518 | €212,955 | €345,921 | - |
| Deferred charges and accrued income490/1 | - | €793 | €2,183 | €408 | €871 | - |
| Equity and liabilities | ||||||
| Total equity and liabilities10/49 | €57,982 | €99,352 | €199,134 | €268,952 | €386,530 | - |
| Equity10/15 | €26,780 | €48,918 | €94,120 | €145,908 | €234,154 | - |
| Contributions10/11 | €6,200 | €6,200 | €6,200 | €6,200 | €6,200 | - |
| Capital10 | - | €6,200 | €6,200 | €6,200 | €6,200 | - |
| Issued capital100 | - | €18,600 | €18,600 | €18,600 | €18,600 | - |
| Uncalled capital101 | - | €12,400 | €12,400 | €12,400 | €12,400 | - |
| Reserves13 | €1,860 | €1,860 | €1,860 | €1,860 | €51,860 | - |
| Non-distributable reserves130/1 | - | €1,860 | €1,860 | €1,860 | €1,860 | - |
| Legal reserve130 | - | €1,860 | €1,860 | €1,860 | €1,860 | - |
| Distributable reserves133 | - | - | - | - | €50,000 | - |
| Profit (loss) carried forward14 | €18,720 | €40,858 | €86,060 | €137,848 | €176,094 | - |
| Amounts payable17/49 | €31,202 | €50,434 | €105,014 | €123,044 | €152,376 | - |
| Amounts payable within one year42/48 | €31,202 | €50,434 | €105,014 | €123,044 | €152,376 | - |
| Trade debts44 | €10,880 | €32,587 | €70,206 | €91,417 | €86,541 | - |
| Suppliers440/4 | - | €32,587 | €70,206 | €91,417 | €86,541 | - |
| Advances received on contracts in progress46 | - | - | €17,441 | - | €11,446 | - |
| Taxes, remuneration and social security45 | - | €6,945 | €17,367 | €16,000 | €54,389 | - |
| Taxes450/3 | - | €6,945 | €17,367 | €16,000 | €54,389 | - |
| Other amounts payable47/48 | - | €10,902 | - | €15,627 | - | - |
| Line | 2020 | 2021 | 2022 | 2023 | 2025 | Change |
|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €4,648 | €22,138 | €45,202 | €51,788 | €88,246 | - |
| + Depreciation and write-downs630 | - | €1,435 | €2,219 | €5,012 | €9,237 | - |
| Operating cash flow (approximation) | €4,648 | €23,573 | €47,421 | €56,800 | €97,483 | - |
| Investment in fixed assets (approximation) | - | -€1,895 | -€8,122 | -€1,937 | - | - |
| Change in cash | - | €21,100 | €98,875 | €57,437 | - | - |
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
2025
19-11
NBB filing
Annual accounts filed
fiscal year 2025 · micro schema · 19 days late
31-03
Financial
Highest result since 2018net €88,246 ▲70.4%
Operating result €133,778, net result €88,246, both a record.
31-03
Financial
Equity above €200,000Eq €234,154 ▲60.5%
6 profitable years in a row build equity to €234,154.
2024
28-06
NBB filing
Annual accounts filed
fiscal year 2023 · micro schema · 28 days late
2023
31-10
Financial
Equity above €100,000Eq €145,908 ▲55%
5 profitable years in a row build equity to €145,908.
19-09
NBB filing
Annual accounts filed
fiscal year 2022 · micro schema · 111 days late
2022
21-06
NBB filing
Annual accounts filed
fiscal year 2021 · micro schema · 21 days late
2021
24-06
NBB filing
Annual accounts filed
fiscal year 2020 · micro schema · 24 days late
2020
30-06
NBB filing
Annual accounts filed
fiscal year 2019 · micro schema · 30 days late
2019
31-10
Financial
Back to profitnet €5,778
Net result €5,778 after one loss-making year.
29-06
NBB filing
Annual accounts filed
fiscal year 2018 · micro schema · 29 days late
2018
30-05
NBB filing
Annual accounts filed
fiscal year 2017 · micro schema
2017
13-06
NBB filing
Annual accounts filed
fiscal year 2016 · full schema · 13 days late
2016
10-05
NBB filing
Annual accounts filed
fiscal year 2015 · full schema
Financial milestoneNBB filingFinancial milestones sit on the fiscal year-end date, not the filing date.
0 of 5 acts read
About the unread acts
We know of 5 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
5 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, Elsene · 2 establishment units since 2011
Ground area
1,047 m²
Building footprint
288 m²
Volume, LiDAR
3,515 m³
2 parcels, Brussels · tallest building 19.4 m, ±5 floors. Linked by address, not a title deed.
3
companies at this address
See who is registered here
2 establishment units
Iorgu
since 20112.195.649.735
Windows touch
since 20202.357.865.904
2 parcels
Brussels
2
(100%)
| Parcel (capakey) | Region | Area | Buildings | Height / fl. |
|---|---|---|---|---|
| 21446D0030/00B011 | Brussels | 819 m² | 1 · 186 m² | 19.4 m · 5 fl. |
| 21018A0121/03H008 | Brussels | 227 m² | 1 · 101 m² | 8.8 m · 2 fl. |
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.
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Of 276 companies in sector 47519 we hold annual accounts for 130. 85 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
Founded17-12-2010
Fiscal year end31-03
Activities, NACEBEL 2025
47519Retail trade
43990Other specialised construction activities
53200Other postal and courier activities
81220Other building cleaning and industrial cleaning
E-invoicing
Reachable via Peppol
Peppol ID
0208:0831991764
Also
9925:BE0831991764
Registered
21-10-2025
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.