IP Campus
ActiveFinancials · financial year 2025, abbreviated format
2025 annual accounts filed 31 days after the deadline Filed on 31 August 2026, deadline 31 July 2026 (7 months after the close on 31 December 2025, Companies Code art. 3:10). Source: NBB, 2026-00478517.
Annual accounts 2025 filed on 31-08-2026 at the NBB all 18 filings
Turnover
≈ €150,000
Estimated: probably between €120,000 and €200,000
Total assets
€99,471▼ 16.0%
2024 · €118,430
Net result
-€51,310▼ 129%
2024 · -€22,432
Working capital
-€113,975▼ 58.9%
2024 · -€71,706
Multi-year overview
2018 to 2025, 8 financial yearsOperating result
-€45,482
▼ 205%
2025
20182025
Net result
-€51,310
▼ 129%
2025
lowest quarter of the sector
20182025
Equity
-€102,643
▼ 100.0%
2025
lowest quarter of the sector
20182025
Total assets
€99,471
▼ 16.0%
2025
lowest quarter of the sector
20182025
Debt
€202,114
▲ 19.1%
2025
20182025
Working capital
-€113,975
▼ 58.9%
2025
lowest quarter of the sector
20182025
Solvency
-103.2%
▼ 59.8pp
2025
lowest quarter of the sector
20182025
Current ratio
0.29
▼ 0.16
2025
lowest quarter of the sector
20182025
Return on assets (ROA)
-51.6%
▼ 32.6pp
2025
lowest quarter of the sector
20182025
Staff (FTE)
3.6
▼ 35.7%
2025
middle half of the sector
20182025
Every figure per financial year
Every figure with its change against the financial year before
favourable
unfavourable
Line20182019202020212022202320242025
Operating result-€3,534--€4,578▼ 29.5%-€11,133▼ 143%€9,558€48,156▲ 404%€12,618▼ 73.8%-€14,898-€45,482▼ 205%
Net result-€6,622--€7,994▼ 20.7%-€15,680below the sector's middle half▼ 96.1%€4,240within the sector's middle half€41,617within the sector's middle half▲ 882%€6,745within the sector's middle half▼ 83.8%-€22,432below the sector's middle half-€51,310below the sector's middle half▼ 129%
Equity-€57,829--€65,823▼ 13.8%-€81,502below the sector's middle half▼ 23.8%-€77,262below the sector's middle half▲ 5.2%-€35,645below the sector's middle half▲ 53.9%-€28,900below the sector's middle half▲ 18.9%-€51,332below the sector's middle half▼ 77.6%-€102,643below the sector's middle half▼ 100.0%
Total assets€10,347-€7,140▼ 31.0%€190below the sector's middle half▼ 97.3%€31,278below the sector's middle half▲ 165×€142,661below the sector's middle half▲ 356%€138,633below the sector's middle half▼ 2.8%€118,430below the sector's middle half▼ 14.6%€99,471below the sector's middle half▼ 16.0%
Debt€68,175-€72,963▲ 7.0%€81,692▲ 12.0%€108,541▲ 32.9%€178,306▲ 64.3%€167,533▼ 6.0%€169,762▲ 1.3%€202,114▲ 19.1%
Working capital-€29,218--€35,487▼ 21.5%-€49,508below the sector's middle half▼ 39.5%-€52,271below the sector's middle half▼ 5.6%-€61,613below the sector's middle half▼ 17.9%-€55,880below the sector's middle half▲ 9.3%-€71,706below the sector's middle half▼ 28.3%-€113,975below the sector's middle half▼ 58.9%
Solvency-558.9%--921.9%▼ 363.0pp-247.0%below the sector's middle half-25.0%below the sector's middle half▲ 222.0pp-20.8%below the sector's middle half▲ 4.1pp-43.3%below the sector's middle half▼ 22.5pp-103.2%below the sector's middle half▼ 59.8pp
Current ratio0.26-0.17▼ 0.090.30below the sector's middle half0.57below the sector's middle half▲ 0.270.57below the sector's middle half=0.45below the sector's middle half▼ 0.120.29below the sector's middle half▼ 0.16
Return on assets (ROA)-64.0%--112.0%▼ 48.0pp13.6%above the sector's middle half29.2%above the sector's middle half▲ 15.6pp4.9%within the sector's middle half▼ 24.3pp-18.9%below the sector's middle half▼ 23.8pp-51.6%below the sector's middle half▼ 32.6pp
Staff (FTE)4.5within the sector's middle half6.5within the sector's middle half▲ 44.4%5.6within the sector's middle half▼ 13.8%3.6within the sector's middle half▼ 35.7%
above
within
below
The sector band is the middle half of the companies in Office administrative, office support and other business support activities (NACE 82). 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 loss of €45,482, larger than the loss of €14,898 in 2024. It is the lowest result since 2021.
Turnover and EBIT margin are not published. The abbreviated 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 €99,471
Fixed assets
€52,036 ▼ 12.2%
Current assets
€47,435 ▼ 19.9%
Equity and liabilities
Equity-€102,643
Debt€202,114
Equity is negative. Debt (€202,114) exceeds the balance-sheet total (€99,471).
Key figures and ratios
EBITDA
-€38,277▼
2024 · -€7,242
Cash flow
-€44,105▼
2024 · -€14,776
Interest coverage
-6.55▼
2024 · -0.95
Debt ≤ 1 year
€161,411▲
2024 · €130,895
Debt > 1 year
€40,421▲
2024 · €38,867
Staff costs
€108,689▲
2024 · €84,207
Debt to equity is not shown because equity is negative. Debt divided by negative equity means nothing.
Green means a favourable move, even when the figure itself falls, as with debt or debt to equity.
Staff
| Item | 31-12-2022 | 31-12-2023 | 31-12-2024 | 31-12-2025 |
|---|---|---|---|---|
| Employees at the balance-sheet date | 10 | 8 | 13 | 12 |
| full-time | 10 | 0 | 0 | 0 |
| part-time | 0 | 8 | 13 | 12 |
| in full-time equivalents | 4.5 | 4 | 6.5 | 3.5 |
| Average over the year, in full-time equivalents | 4.5 | 6.5 | 5.6 | 3.6 |
| On a permanent contract | 10 | 7 | 4 | 1 |
| Joined | 10 | 8 | 8 | 16 |
| Left | 0 | 0 | 3 | 5 |
Source: social balance sheet in the 2022 to 2025 annual accounts
Investments
| Item | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Tangible fixed assets | - | €54,226 | €8,060 | €2,161 | - |
| Financial fixed assets | €8,970 | - | €1,246 | - | €0 |
| Depreciation and write-downs of the year | - | €1,217 | €6,549 | €7,656 | €7,205 |
Source: notes to the 2021 to 2025 annual accounts (statement of fixed assets)
Annual accounts
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Remuneration, social security and pensions62 | - | - | - | - | €34,962 | €73,256 | €84,207 | €108,689 | ▲ 29.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | - | - | - | - | €1,217 | €6,549 | €7,656 | €7,205 | ▼ 5.9% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals)631/4 | - | - | - | €0 | - | - | - | - | - |
| Other operating charges640/8 | - | - | - | €459 | €348 | €6,307 | €4,359 | €4,527 | ▲ 3.8% |
| Non-recurring operating charges66A | - | - | - | €0 | - | - | - | - | - |
| Gross operating margin9900 | -€2,171 | -€974 | -€3,573 | €10,017 | €84,683 | €98,730 | €81,324 | €74,939 | ▼ 7.9% |
| Operating profit (loss)9901 | -€3,534 | -€4,578 | -€11,133 | €9,558 | €48,156 | €12,618 | -€14,898 | -€45,482 | ▼ 205% |
| Financial income75/76B | - | - | - | - | €50 | €162 | €81 | €16 | ▼ 80.6% |
| Recurring financial income75 | - | - | - | - | €50 | €162 | €81 | €16 | ▼ 80.6% |
| Financial charges65/66B | - | - | - | €5,318 | €6,589 | €6,036 | €7,615 | €5,844 | ▼ 23.3% |
| Recurring financial charges65 | €3,088 | €3,416 | €4,547 | €5,318 | €6,589 | €6,036 | €7,615 | €5,844 | ▼ 23.3% |
| Profit (loss) for the period before taxes9903 | -€6,622 | -€7,994 | -€15,680 | €4,240 | €41,617 | €6,745 | -€22,432 | -€51,310 | ▼ 129% |
| Profit (loss) for the period9904 | -€6,622 | -€7,994 | -€15,680 | €4,240 | €41,617 | €6,745 | -€22,432 | -€51,310 | ▼ 129% |
| Profit (loss) for the period to be appropriated9905 | -€6,622 | -€7,994 | -€15,680 | €4,240 | €41,617 | €6,745 | -€22,432 | -€51,310 | ▼ 129% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Assets | |||||||||
| Total assets20/58 | €10,347 | €7,140 | €190 | €31,278 | €142,661 | €138,633 | €118,430 | €99,471 | ▼ 16.0% |
| Fixed assets21/28 | - | - | - | €8,970 | €61,979 | €64,736 | €59,241 | €52,036 | ▼ 12.2% |
| Tangible fixed assets22/27 | - | - | - | - | €53,009 | €54,520 | €49,024 | €41,819 | ▼ 14.7% |
| Plant, machinery and equipment23 | - | - | - | - | €1,163 | €610 | €56 | €0 | ▼ 100% |
| Other tangible fixed assets26 | - | - | - | - | €51,846 | €53,910 | €48,968 | €41,819 | ▼ 14.6% |
| Financial fixed assets28 | - | - | - | €8,970 | €8,970 | €10,216 | €10,216 | €10,216 | = |
| Current assets29/58 | €10,347 | €7,140 | €190 | €22,308 | €80,682 | €73,896 | €59,189 | €47,435 | ▼ 19.9% |
| Amounts receivable within one year40/41 | €10,252 | €7,103 | - | €13,611 | €48,327 | €40,007 | €33,343 | €14,573 | ▼ 56.3% |
| Trade receivables40 | - | - | - | €13,000 | €47,024 | €39,153 | €30,730 | €12,583 | ▼ 59.1% |
| Other amounts receivable41 | - | - | - | €611 | €1,303 | €855 | €2,613 | €1,991 | ▼ 23.8% |
| Cash at bank and in hand54/58 | €95 | €37 | €190 | €6,342 | €20,079 | €19,954 | €11,437 | €16,753 | ▲ 46.5% |
| Deferred charges and accrued income490/1 | - | - | - | €2,355 | €12,276 | €13,935 | €14,409 | €16,109 | ▲ 11.8% |
| Equity and liabilities | |||||||||
| Total equity and liabilities10/49 | €10,347 | €7,140 | €190 | €31,278 | €142,661 | €138,633 | €118,430 | €99,471 | ▼ 16.0% |
| Equity10/15 | -€57,829 | -€65,823 | -€81,502 | -€77,262 | -€35,645 | -€28,900 | -€51,332 | -€102,643 | ▼ 100.0% |
| Contributions10/11 | €168,600 | €168,600 | - | €168,600 | €168,600 | €168,600 | €168,600 | €168,600 | = |
| Reserves13 | €4,860 | €4,860 | €4,860 | €4,860 | €4,860 | €4,860 | €4,860 | €4,860 | = |
| Distributable reserves133 | - | - | - | €4,860 | €4,860 | €4,860 | €4,860 | €4,860 | = |
| Profit (loss) carried forward14 | -€231,289 | -€239,283 | -€254,962 | -€250,722 | -€209,105 | -€202,360 | -€224,792 | -€276,103 | ▼ 22.8% |
| Amounts payable17/49 | €68,175 | €72,963 | €81,692 | €108,541 | €178,306 | €167,533 | €169,762 | €202,114 | ▲ 19.1% |
| Amounts payable after more than one year17 | €28,463 | €30,171 | €31,981 | €33,900 | €35,934 | €37,372 | €38,867 | €40,421 | ▲ 4.0% |
| Financial debts170/4 | - | - | - | €33,900 | €35,934 | €37,372 | €38,867 | €40,421 | ▲ 4.0% |
| Amounts payable within one year42/48 | €39,564 | €42,627 | €49,697 | €74,579 | €142,295 | €129,777 | €130,895 | €161,411 | ▲ 23.3% |
| Financial debts43 | - | - | - | €0 | - | - | - | - | - |
| Credit institutions430/8 | - | - | - | €0 | - | - | - | - | - |
| Trade debts44 | €1,806 | €295 | €2,046 | €799 | €71,242 | €55,465 | €47,764 | €67,485 | ▲ 41.3% |
| Suppliers440/4 | - | - | - | €799 | €71,242 | €55,465 | €47,764 | €67,485 | ▲ 41.3% |
| Taxes, remuneration and social security45 | - | - | - | - | €5,784 | €12,050 | €14,077 | €22,394 | ▲ 59.1% |
| Taxes450/3 | - | - | - | - | - | €523 | €178 | €450 | ▲ 153% |
| Remuneration and social security454/9 | - | - | - | - | €5,784 | €11,527 | €13,899 | €21,943 | ▲ 57.9% |
| Other amounts payable47/48 | - | - | - | €73,780 | €65,269 | €62,261 | €69,055 | €71,532 | ▲ 3.6% |
| Accrued charges and deferred income492/3 | - | - | - | €61 | €77 | €384 | €0 | €282 | - |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | -€6,622 | -€7,994 | -€15,680 | €4,240 | €41,617 | €6,745 | -€22,432 | -€51,310 | ▼ 129% |
| + Depreciation and write-downs630 | - | - | - | - | €1,217 | €6,549 | €7,656 | €7,205 | ▼ 5.9% |
| Operating cash flow (approximation) | -€6,622 | -€7,994 | -€15,680 | €4,240 | €42,834 | €13,294 | -€14,776 | -€44,105 | ▼ 198% |
| Investment in fixed assets (approximation) | - | - | - | - | -€54,226 | -€9,306 | -€2,161 | €0 | - |
| Change in cash | - | -€58 | €152 | €6,153 | €13,737 | -€125 | -€8,517 | €5,316 | - |
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, 6,907 companies had the same profile as IP Campus has now. Two years later, 85.4% were still going and 5.8% had gone bankrupt.
- Micro
- 10 to 20 years old
- negative equity
- a loss of 10% of the balance sheet or more
85.4%
was still going
8.1%
stopped otherwise
5.8%
went bankrupt
Another 0.6% stopped without a precise date, possibly only after those two years.
That fits the bankruptcy probability of IP Campus itself: 3.6% 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 6,907 companies, not a prediction for IP Campus. 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 18 filings with the National Bank
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-12-2025 | abbreviated format | 31-08-2026 | 2026-00478517 | |
| 31-12-2024 | abbreviated format | 23-10-2025 | 2025-00548228 | |
| 31-12-2023 | abbreviated format | 09-10-2024 | 2024-00501193 | |
| 31-12-2022 | abbreviated format | 31-08-2023 | 2023-00404791 | |
| 31-12-2021 | abbreviated format | 23-08-2022 | 2022-20304932 | |
| 31-12-2020 | abbreviated format | 28-09-2021 | 2021-69200146 | |
| 31-12-2019 | abbreviated format | 27-08-2020 | 2020-45000435 | |
| 31-12-2018 | abbreviated format | 21-08-2019 | 2019-47900558 | |
| 31-12-2017 | abbreviated format | 31-08-2018 | 2018-55500302 | |
| 31-12-2016 | abbreviated format | 30-08-2017 | 2017-54900239 |