Active BE 0476.226.646Private limited company (pre-2019)

IP INITIAL

Dennenstraat 27 ·2260 Westerlo, Belgium· 24 yrs active

Sector: Computer consultancy and computer facilities management (62200)

Conclusion Checked

IP INITIAL has been active since 2001 and the Belgian State Gazette contains no insolvency or warning signals. The 2025 annual accounts show equity of €266k and a net result of €35k. Equity is growing by ~2.7% per year across the filed fiscal years. Its solvency ranks better than 71% of 16619 sector peers (fiscal year 2025). The computed 12-month bankruptcy probability is 0.1% (very low).

Based on the State Gazette, CBE and 4 annual accounts.

Key figures

Equity	€266k
Net result	€35k
Better than sector	71%
Active	24 yrs

Financial profile 5 of 5 axes measured · computed by Checked

83 / 100

Exceptional profile, strong across almost every axis.

All 5 axes are computed from data Checked has read.

Health 93

Profitability 66

Solvency 80

Growth 78

Stability 100

Bankruptcy probability (12 mo) Checked model v1 · free

0.1% Very low

0%0,5%1,5%4%10%≥25%

How do we compute this?

Risk Assessment rule-based

0 / 100

Low risk

Trust signals 2 signals

Long-established

Founded in 2001, 24 years in business.

No legal incidents

No bankruptcy, reorganisation or interim measure in the Belgisch Staatsblad, and the KBO register records a normal legal situation.

Administrative Flags0 events

No strikeouts found in the KBO publications we processed. That series starts in 2021 and has gaps, so this is not a confirmation that there is nothing.

Checked score FY 2025 · computed

93 / 100 Excellent

050100

Computed from 5 of the 6 factors this model weighs. The rest cannot be derived from the filed figures, or need a prior year to compare against.

Indicative credit limit

€25k

estimate, not credit advice

Score history

68 2022

76 2023

93 2024

93 2025

purely financial, excl. current insolvency signals

Score components

Liquidity Current ratio 1.11 (≥ 1.0) +5

Quick ratio Quick ratio 1.11 (≥ 1.0) +5

Leverage Debt/equity 0.20 (< 1.0) +10

Profitability ROE 13% (≥ 10%) +10

Interest coverage Interest coverage 29.9× (≥ 3×) +8

Profit trend Net profit up YoY +5

Computed by Checked from the NBB filing for FY 2025. Indicative, not credit advice.

Financial overview22 NBB filings

Annual accounts filed on 20-12-2025 with the NBB · fiscal year 2025 · micro schema

Operating resultNet result

Trajectory (indicative)

Projection over 3 fiscal years from the filed annual accounts, not a forecast, the extended trend.

growing Equity: growth of ~2.7%/year over 4 fiscal years, indicative, assuming unchanged policy.

Solid line = filed figures · dashed = extended trend · area = indicative range.

How do we compute this?

The trend is a robust median of all pairwise slopes between fiscal years (Theil-Sen), so a single odd year cannot hijack the line. For strictly positive series we also fit a log variant (compound annual growth) and keep whichever describes the figures best.

The area around the projection is 1.8 × the median absolute deviation from the trend, widening each year ahead (×1 / ×1.6 / ×2.2), with a minimum of 8% of the last value. It is an indicative range, not a statistical confidence interval.

A series whose deviations exceed 35% of its level is too volatile: we then deliberately show no projection. Every projection assumes unchanged policy and is blind to non-public information (order book, contracts, funding rounds).

Sector comparison

Fiscal year 2025 · NACE 62, Computer programming, consultancy and related activities · compared within the same schema type (micro schema)

Metric	This company	Sector median	Position in the sector
Solvency	78.0%	60.0%	better than 71% of 16619 sector peers
Net result	€35k	€29k	better than 56% of 16630 sector peers
Equity	€266k	€72k	better than 86% of 16625 sector peers
Gross operating margin	€76k	€55k	better than 65% of 16616 sector peers
Total assets	€342k	€141k	better than 80% of 16633 sector peers

EBITDA

€74k

+25.0% 22-25

Net profit

€35k

+16.8% 22-25

Cash flow

€57k

+26.2% 22-25

Total assets

€342k

+4.1% 22-25

Equity

€266k

-4.3% 22-25

Working capital

€4k

-71.3% 22-25

Income taxes

€14k

+14.2% 22-25

Dividends

€47k

+132.2% 22-25

Debt

€53k

+90.1% 22-25

Debt ≤ 1y

€38k

+41.8% 22-25

Debt > 1y

€14k

+163.4% 22-25

Current ratio

1.11

-27.9% 22-25

Quick ratio

1.11

-27.9% 22-25

Solvency

78.0%

-8.0% 22-25

Debt / equity

0.20

+98.6% 22-25

ROE

13.2%

+22.0% 22-25

ROA

10.3%

+12.1% 22-25

Interest coverage

29.94

-28.8% 22-25

Figures by fiscal year and ratios

Change versus the prior fiscal year, coloured by direction (green = favourable).

Fiscal year	2025 Δ	2024 Δ	2023 Δ	2022 Δ
Deposit	micro schema	micro schema	micro schema	micro schema
Revenue	-	-	-	-
EBITDA	+25.0%	-7.6%	+9.3%	-
Net profit	+16.8%	-12.2%	+22.4%	-
Cash flow	+26.2%	-7.0%	+9.0%	-
Staff costs	-	-	-	-
Income taxes	+14.2%	-10.7%	+16.5%	-
Dividends	+132.2%	+9.8%	-62.8%	-
Total assets	+4.1%	-1.5%	-2.1%	-
Equity	-4.3%	+3.7%	+6.3%	-
Debt	+90.1%	-34.4%	-34.7%	-
of which ≤ 1y	+41.8%	-35.4%	-27.6%	-
of which > 1y	-	-	-	-
Working capital	-71.3%	-	+77.6%	-
Employees (FTE)	-	-	-	-

Ratios (computed)

	2025	2024	2023	2022
Current ratio	1.11	1.54	0.89	0.65
Quick ratio	1.11	1.54	0.89	0.65
Working capital ratio	1.2%	4.4%	-1.3%	-5.9%
Solvency	78.0%	84.8%	80.6%	74.3%
Debt / equity	0.20	0.10	0.16	0.26
Long-term debt ratio	0.05	-	-	0.02
Interest coverage	29.94	42.08	50.82	31.92
Gross margin	-	-	-	-
Net margin	-	-	-	-
ROA	10.3%	9.2%	10.3%	8.2%
ROE	13.2%	10.8%	12.8%	11.1%
EBITDA margin	-	-	-	-
Days sales outstanding	-	-	-	-
Days payable outstanding	-	-	-	-
Inventory turnover	-	-	-	-
Days inventory (DSI)	-	-	-	-

Balance-sheet composition 2025

Assets

Fixed assets €299k · 87.6% Current assets €42k · 12.4%

Equity & liabilities

Equity €266k · 78.0% Provisions €22k · 6.4% Debt €53k · 15.7%

Full annual accounts (25 line items)

Filed balance sheet and income statement, exactly as deposited with the NBB.

Line item	Code	2025	2024	2023	2022
Balance sheet, Assets
TOTAL ASSETS	20/58	€342k	€328k	€333k	€340k
Fixed assets	21/28	€299k	€287k	€296k	€302k
Tangible fixed assets	22/27	€274k	€261k	€271k	€277k
Financial fixed assets	28	€25k	€25k	€25k	€25k
Current assets	29/58	€42k	€42k	€37k	€38k
Amounts receivable within one year	40/41	€20k	€21k	€22k	€18k
Cash & bank	54/58	€22k	€20k	€15k	€20k
Balance sheet, Equity & liabilities
TOTAL EQUITY & LIABILITIES	10/49	€342k	€328k	€333k	€340k
Equity	10/15	€266k	€278k	€268k	€253k
Contributions / capital	10/11	€38k	€38k	€38k	€38k
Reserves	13	€173k	€185k	€175k	€159k
Accumulated profits (losses)	14	€56k	€56k	€56k	€56k
Provisions & deferred taxes	16	€22k	€22k	€22k	€22k
Amounts payable	17/49	€53k	€28k	€43k	€66k
Amounts payable after one year	17	€14k	-	-	€5k
Amounts payable within one year	42/48	€38k	€27k	€42k	€58k
Trade debts payable within one year	44	€4k	€4k	€5k	€2k
Income statement
Gross operating margin	9900	€76k	€62k	€67k	€61k
Operating result	9901	€52k	€44k	€49k	€42k
Financial income	75	€26	€89	€1	-
Financial charges	65	€2k	€1k	€1k	€2k
Result before taxes	9903	€49k	€43k	€48k	€40k
Income taxes	67/77	€14k	€12k	€14k	€12k
Net result for the period	9904	€35k	€30k	€34k	€28k
Result to be appropriated	9905	€35k	€30k	€34k	€28k

Legal Structure

NACE primary	Computer consultancy and computer facilities management(62200)
Legal form	Private limited company (pre-2019)(015)
Incorporation	03-12-2001
Status	Active
Postal code	2260

Establishment units 1 location

IP INITIAL

Dennenstraat 27, 2260 WesterloManufacture of other transport equipment

since 20012.093.388.375

Real-estate footprint Source: CBE × cadastre

Flanders 1 (100%)

Parcel (capakey)	Region	Area	Buildings	Height / fl.
13028A0142/00A000	Flanders	1,782 m²	1 · 183 m²	6.6 m · 2 fl.

Methodology

via registered seat: 1

1 of 1 parcel with an exact address match; the rest are indicative.

Linked through address data, this is not proof of ownership.

Updates 10 events

All 11Financial 1Filings 10

Next filing, fiscal year 2026, expected by 31-01-2027

2025

20-12