IP groep
ActiveFinancials · financial year 2025, micro format
Annual accounts 2025 filed on 17-06-2026 at the NBB all 10 filings
Turnover
€130,169
EBIT margin
23.4%
Net result
€2,181
2024 · -€47,019
Working capital
€36,105▼ 36.5%
2024 · €56,842
Multi-year overview
2019 to 2025, 7 financial yearsTurnover
no figure
2025
20192025
Operating result
€2,584
2025
20192025
Net result
€2,181
2025
middle half of the sector
20192025
EBIT margin
no figure
2025
20192025
Equity
€36,105
▼ 37.4%
2025
middle half of the sector
20192025
Total assets
€43,422
▼ 36.9%
2025
lowest quarter of the sector
20192025
Debt
€7,317
▼ 34.4%
2025
20192025
Working capital
€36,105
▼ 36.5%
2025
middle half of the sector
20192025
Solvency
83.1%
▼ 0.6pp
2025
highest quarter of the sector
20192025
Current ratio
5.93
▼ 0.16
2025
highest quarter of the sector
20192025
Return on assets (ROA)
5.0%
▲ 73.4pp
2025
middle half of the sector
20192025
Every figure per financial year
Every figure with its change against the financial year before
favourable
unfavourable
Line2019202020212022202320242025
Turnover€130,169
Operating result€20,204-€30,471▲ 50.8%€34,456▲ 13.1%€11,335▼ 67.1%€14,274▲ 25.9%-€34,485€2,584
Net result€18,588-€22,460within the sector's middle half▲ 20.8%€17,782within the sector's middle half▼ 20.8%€641below the sector's middle half▼ 96.4%€4,558within the sector's middle half▲ 611%-€47,019below the sector's middle half€2,181within the sector's middle half
EBIT margin23.4%
Equity€65,619-€81,679within the sector's middle half▲ 24.5%€99,462within the sector's middle half▲ 21.8%€100,103within the sector's middle half▲ 0.6%€104,661within the sector's middle half▲ 4.6%€57,642within the sector's middle half▼ 44.9%€36,105within the sector's middle half▼ 37.4%
Total assets€527,294-€499,658above the sector's middle half▼ 5.2%€498,637above the sector's middle half▼ 0.2%€463,165above the sector's middle half▼ 7.1%€440,005above the sector's middle half▼ 5.0%€68,801within the sector's middle half▼ 84.4%€43,422below the sector's middle half▼ 36.9%
Debt€461,675-€417,979▼ 9.5%€399,175▼ 4.5%€363,062▼ 9.0%€335,344▼ 7.6%€11,159▼ 96.7%€7,317▼ 34.4%
Working capital-€33,313--€8,469below the sector's middle half▲ 74.6%-€34,013below the sector's middle half▼ 302%-€21,424below the sector's middle half▲ 37.0%-€7,986below the sector's middle half▲ 62.7%€56,842within the sector's middle half€36,105within the sector's middle half▼ 36.5%
Solvency12.4%-16.3%below the sector's middle half▲ 3.9pp19.9%below the sector's middle half▲ 3.6pp21.6%below the sector's middle half▲ 1.7pp23.8%within the sector's middle half▲ 2.2pp83.8%above the sector's middle half▲ 60.0pp83.1%above the sector's middle half▼ 0.6pp
Current ratio0.75-0.92below the sector's middle half▲ 0.170.67below the sector's middle half▼ 0.240.76below the sector's middle half▲ 0.080.91below the sector's middle half▲ 0.156.09above the sector's middle half▲ 5.195.93above the sector's middle half▼ 0.16
Return on assets (ROA)3.5%-4.5%within the sector's middle half▲ 1.0pp3.6%within the sector's middle half▼ 0.9pp0.1%below the sector's middle half▼ 3.4pp1.0%within the sector's middle half▲ 0.9pp-68.3%below the sector's middle half▼ 69.4pp5.0%within the sector's middle half▲ 73.4pp
above
within
below
The sector band is the middle half of the companies in Specialised construction activities (NACE 43). 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 profit of €2,584, after a loss of €34,485 in 2024.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Equity and liabilities €43,422
Equity
€36,105 ▼ 37.4%
Debt
€7,317 ▼ 34.4%
Debt's share of the balance-sheet total rises from 16.2% to 16.9%. Equity and debt are lower.
Key figures and ratios
EBITDA
€3,385▲
2024 · -€31,282
Cash flow
€2,981▲
2024 · -€43,816
Debt to equity
0.20▲
2024 · 0.19
ROE
6.0%▲
2024 · -81.6%
Interest coverage
3.22▲
2024 · -3.98
Debt ≤ 1 year
€7,317▼
2024 · €11,159
Green means a favourable move, even when the figure itself falls, as with debt or debt to equity.
Securities and guarantees
| Item | 30-06-2021 | 30-06-2022 | 30-06-2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Mortgages, amount registered | €55,000 | €55,000 | - | - | - |
| Carrying value of the mortgaged assets | €339,054 | €333,145 | - | - | - |
Source: notes to the 2021 to 2025 annual accounts (statement of debts and off-balance-sheet rights and commitments)
Investments
| Item | 30-06-2021 | 30-06-2022 | 30-06-2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Tangible fixed assets | €58,140 | €2,650 | - | - | - |
| Depreciation and write-downs of the year | €31,666 | €34,132 | €32,730 | €3,203 | €801 |
Source: notes to the 2021 to 2025 annual accounts (statement of fixed assets)
Annual accounts
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|
| Turnover70 | - | €130,169 | - | - | - | - | - | - |
| Non-recurring operating income76A | - | - | - | €1,189 | - | €11,926 | - | - |
| Goods, raw materials, services and sundry goods60/61 | - | €90,905 | - | - | - | - | - | - |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €29,253 | €24,518 | €31,666 | €34,132 | €32,730 | €3,203 | €801 | ▼ 75.0% |
| Other operating charges640/8 | - | €685 | €5,358 | €3,699 | €4,672 | €5,781 | €730 | ▼ 87.4% |
| Non-recurring operating charges66A | - | - | €9,177 | - | €3,440 | €64,896 | - | - |
| Gross operating margin9900 | €52,787 | €55,674 | €80,657 | €49,167 | €55,116 | €39,394 | €4,115 | ▼ 89.6% |
| Operating profit (loss)9901 | €20,204 | €30,471 | €34,456 | €11,335 | €14,274 | -€34,485 | €2,584 | - |
| Financial income75/76B | - | €3,730 | €1,420 | €49 | €5 | €573 | €647 | ▲ 12.8% |
| Recurring financial income75 | €2,720 | €3,730 | €1,420 | €49 | €5 | €573 | €647 | ▲ 12.8% |
| Financial charges65/66B | - | €9,028 | €8,768 | €7,308 | €6,119 | €12,916 | €1,050 | ▼ 91.9% |
| Recurring financial charges65 | €2,952 | €9,028 | €8,768 | €7,308 | €6,119 | €7,851 | €1,050 | ▼ 86.6% |
| Non-recurring financial charges66B | - | - | - | - | - | €5,065 | - | - |
| Profit (loss) for the period before taxes9903 | €19,971 | €25,173 | €27,109 | €4,077 | €8,160 | -€46,827 | €2,181 | - |
| Income taxes67/77 | €1,383 | €2,713 | €9,327 | €3,436 | €3,602 | €191 | - | - |
| Profit (loss) for the period9904 | €18,588 | €22,460 | €17,782 | €641 | €4,558 | -€47,019 | €2,181 | - |
| Profit (loss) for the period to be appropriated9905 | €18,588 | €22,460 | €17,782 | €641 | €4,558 | -€47,019 | €2,181 | - |
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|
| Assets | ||||||||
| Total assets20/58 | €527,294 | €499,658 | €498,637 | €463,165 | €440,005 | €68,801 | €43,422 | ▼ 36.9% |
| Fixed assets21/28 | €425,008 | €402,814 | €428,034 | €396,552 | €363,822 | €801 | - | - |
| Tangible fixed assets22/27 | €425,008 | €402,814 | €428,034 | €396,552 | €363,822 | €801 | - | - |
| Land and buildings22 | - | €399,298 | €377,423 | €356,875 | €337,571 | - | - | - |
| Plant, machinery and equipment23 | - | €2,429 | €16,938 | €14,660 | €12,382 | €291 | - | - |
| Furniture and vehicles24 | - | €1,087 | €33,673 | €25,017 | €13,869 | €510 | - | - |
| Current assets29/58 | €102,286 | €96,844 | €70,602 | €66,613 | €76,183 | €68,000 | €43,422 | ▼ 36.1% |
| Stocks and contracts in progress3 | €3,961 | €5,251 | €5,130 | €5,065 | €5,065 | - | - | - |
| Stocks30/36 | - | €5,251 | €5,130 | €5,065 | €5,065 | - | - | - |
| Amounts receivable within one year40/41 | €96,530 | €76,567 | €57,566 | €49,772 | €46,682 | €19,089 | €522 | ▼ 97.3% |
| Trade receivables40 | - | €32,859 | €49,868 | €40,284 | €39,239 | €5,976 | - | - |
| Other amounts receivable41 | - | €43,708 | €7,697 | €9,489 | €7,443 | €13,113 | €522 | ▼ 96.0% |
| Cash at bank and in hand54/58 | €469 | €13,701 | €7,403 | €11,388 | €19,167 | €44,341 | €40,650 | ▼ 8.3% |
| Deferred charges and accrued income490/1 | - | €1,325 | €503 | €388 | €5,269 | €4,570 | €2,250 | ▼ 50.8% |
| Equity and liabilities | ||||||||
| Total equity and liabilities10/49 | €527,294 | €499,658 | €498,637 | €463,165 | €440,005 | €68,801 | €43,422 | ▼ 36.9% |
| Equity10/15 | €65,619 | €81,679 | €99,462 | €100,103 | €104,661 | €57,642 | €36,105 | ▼ 37.4% |
| Contributions10/11 | €30,000 | €30,000 | €30,000 | €30,000 | €30,000 | €30,000 | €8,000 | ▼ 73.3% |
| Reserves13 | €35,619 | €51,679 | €69,462 | €70,103 | €74,661 | €27,642 | €28,105 | ▲ 1.7% |
| Non-distributable reserves130/1 | - | €3,000 | €3,000 | €3,000 | €3,000 | - | - | - |
| Reserves not available under the articles1311 | - | €3,000 | €3,000 | €3,000 | €3,000 | - | - | - |
| Distributable reserves133 | - | €48,679 | €66,462 | €67,103 | €71,661 | €27,642 | €28,105 | ▲ 1.7% |
| Amounts payable17/49 | €461,675 | €417,979 | €399,175 | €363,062 | €335,344 | €11,159 | €7,317 | ▼ 34.4% |
| Amounts payable after more than one year17 | €326,076 | €305,161 | €294,560 | €273,065 | €251,175 | - | - | - |
| Financial debts170/4 | - | €305,161 | €294,560 | €273,065 | €251,175 | - | - | - |
| Amounts payable within one year42/48 | €135,599 | €105,313 | €104,615 | €88,037 | €84,169 | €11,159 | €7,317 | ▼ 34.4% |
| Current portion of amounts payable after more than one year42 | - | €26,084 | €21,106 | €21,495 | €21,890 | - | - | - |
| Financial debts43 | - | €11,660 | €19,223 | €10,679 | €7,136 | - | - | - |
| Credit institutions430/8 | - | €11,660 | €19,223 | €10,679 | €7,136 | - | - | - |
| Trade debts44 | €9,715 | €23,463 | €32,945 | €20,304 | €20,124 | €10,258 | €968 | ▼ 90.6% |
| Suppliers440/4 | - | €23,463 | €32,945 | €20,304 | €20,124 | €10,258 | €968 | ▼ 90.6% |
| Advances received on contracts in progress46 | - | €24,883 | €175 | €331 | - | - | - | - |
| Taxes, remuneration and social security45 | - | €8,023 | €7,900 | €7,676 | €2,400 | €900 | €173 | ▼ 80.8% |
| Taxes450/3 | - | €8,023 | €7,900 | €7,676 | €2,400 | €900 | €173 | ▼ 80.8% |
| Other amounts payable47/48 | - | €11,200 | €23,266 | €27,553 | €32,619 | - | €6,176 | - |
| Accrued charges and deferred income492/3 | - | €7,505 | - | €1,960 | - | - | - | - |
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €18,588 | €22,460 | €17,782 | €641 | €4,558 | -€47,019 | €2,181 | - |
| + Depreciation and write-downs630 | €29,253 | €24,518 | €31,666 | €34,132 | €32,730 | €3,203 | €801 | ▼ 75.0% |
| Operating cash flow (approximation) | €47,841 | €46,978 | €49,448 | €34,773 | €37,288 | -€43,816 | €2,981 | - |
| Investment in fixed assets (approximation) | - | -€2,324 | -€56,886 | -€2,650 | €0 | €359,819 | - | - |
| Change in cash | - | €13,232 | -€6,298 | €3,985 | €7,779 | €25,174 | -€3,691 | - |
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, 34,693 companies had the same profile as IP groep has now. Two years later, 95.3% were still going and 0.7% had gone bankrupt.
- Micro
- 10 to 20 years old
- solvency 30% or more
- a profit of 5% of the balance sheet or more
95.3%
was still going
3.9%
stopped otherwise
0.7%
went bankrupt
That fits the bankruptcy probability of IP groep itself: 0.2% 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 34,693 companies, not a prediction for IP groep. 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 (10)
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-12-2025 | micro format | 17-06-2026 | 2026-00168605 | |
| 31-12-2024 | micro format | 30-10-2025 | 2025-00554665 | |
| 30-06-2023 | micro format | 12-03-2024 | 2024-00042470 | |
| 30-06-2022 | micro format | 08-03-2023 | 2023-00037089 | |
| 30-06-2021 | micro format | 11-05-2022 | 2022-20024709 | |
| 30-06-2020 | micro format | 09-08-2021 | 2021-47000280 | |
| 30-06-2019 | micro format | 29-02-2020 | 2020-06100375 | |
| 30-06-2018 | micro format | 31-01-2019 | 2019-04200262 | |
| 30-06-2017 | micro format | 12-12-2017 | 2017-71600320 | |
| 30-06-2016 | abbreviated format | 26-01-2017 | 2017-02300263 |