IPAC
Annual accounts 2025
micro format, filed on 24-02-2026, 144 days before the deadlineGross margin
-€16,241
▼ €14,845
Operating result
-€16,891
▼ €12,947
Loss
-€8,676
▼ €6,083
Working capital
-
Solvency
100.0%
▲ 4.1 percentage points
Current ratio
-
Turnover and EBIT margin are not published. The micro format does not require them.
Balance sheet
balance sheet total €201,652 on 18-12-2025What the company ownsHow it is paid for
Change in equityin euro
Change in cashin euro
Filed annual accounts
as filed with the National Bank, click a year to choose it| Line | Trend | 2025 | 2024 | 2023 |
|---|---|---|---|---|
| Balance sheet: assets | ||||
Total assets20/58 |
201,652 | 219,255 | 254,764 | |
Fixed assets21/28 |
7,237 | 9,403 | 10,329 | |
Tangible fixed assets22/27 |
7,237 | 8,763 | 10,295 | |
Furniture and vehicles24 |
7,237 | 7,237 | 7,237 | |
Other tangible fixed assets26 |
- | 1,525 | 3,057 | |
Financial fixed assets28 |
- | 640 | 35 | |
Current assets29/58 |
194,414 | 209,852 | 244,435 | |
Amounts receivable after more than one year29 |
40,650 | 40,650 | 53,477 | |
Other amounts receivable291 |
40,650 | 40,650 | 53,477 | |
Amounts receivable within one year40/41 |
117,024 | 108,203 | 126,659 | |
Trade receivables40 |
- | 20,723 | 59,320 | |
Other amounts receivable41 |
117,024 | 87,480 | 67,339 | |
Current investments50/53 |
10,134 | 3,699 | 3,699 | |
Cash at bank and in hand54/58 |
26,606 | 55,165 | 58,704 | |
Deferred charges and accrued income490/1 |
- | 2,134 | 1,896 | |
| Balance sheet: equity and liabilities | ||||
Total equity and liabilities10/49 |
201,652 | 219,255 | 254,764 | |
Equity10/15 |
201,652 | 210,328 | 212,922 | |
Contributions10/11 |
18,600 | 18,600 | 18,600 | |
Reserves13 |
77,529 | 77,529 | 77,529 | |
Non-distributable reserves130/1 |
1,860 | 1,860 | 1,860 | |
Reserves not available under the articles1311 |
1,860 | 1,860 | 1,860 | |
Distributable reserves133 |
75,669 | 75,669 | 75,669 | |
Profit (loss) carried forward14 |
105,523 | 114,200 | 116,793 | |
Amounts payable17/49 |
- | 8,926 | 41,842 | |
Amounts payable within one year42/48 |
- | 8,926 | 41,842 | |
Financial debts43 |
- | 740 | 764 | |
Credit institutions430/8 |
- | 740 | 764 | |
Trade debts44 |
- | 1,362 | 6,908 | |
Suppliers440/4 |
- | 1,362 | 6,908 | |
Taxes, remuneration and social security45 |
- | 6,824 | 15,536 | |
Taxes450/3 |
- | 6,824 | 15,536 | |
Other amounts payable47/48 |
- | - | 18,634 | |
| Income statement | ||||
Gross operating margin9900 |
-16,241 | -1,396 | 26,063 | |
Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 |
- | 1,532 | 2,093 | |
Other operating charges640/8 |
650 | 1,016 | 982 | |
Operating profit (loss)9901 |
-16,891 | -3,944 | 22,988 | |
Financial income75/76B |
8,685 | 52,369 | 8,956 | |
Recurring financial income75 |
2,251 | 2,369 | 8,956 | |
Non-recurring financial income76B |
6,435 | 50,000 | - | |
Financial charges65/66B |
96 | 50,216 | 50 | |
Recurring financial charges65 |
96 | 216 | 50 | |
Non-recurring financial charges66B |
- | 50,000 | - | |
Profit (loss) for the period before taxes9903 |
-8,301 | -1,792 | 31,894 | |
Income taxes67/77 |
375 | 802 | 9,324 | |
Profit (loss) for the period9904 |
-8,676 | -2,593 | 22,570 | |
Profit (loss) for the period to be appropriated9905 |
-8,676 | -2,593 | 22,570 | |
| Appropriation of the result | ||||
Profit (loss) to be appropriated9906 |
105,523 | 114,200 | 139,363 | |
Profit (loss) brought forward from the previous period14P |
114,200 | 116,793 | 116,793 | |
Transfer to equity691/2 |
- | - | 22,570 | |
To other reserves6921 |
- | - | 22,570 | |
| Document | ||||
The notes to these accounts have 6 items, including the statement of assets and debts, the cost breakdown and rights and commitments. You find them in the accounts filed with the NBB.
Source: Annual accounts 2025 at the NBB, filed on 24-02-2026.
Filings
each dot is a set of accounts, on the day it reached the National BankKey figures and ratios
per financial year, computed from the annual accounts| Line | Trend | 2025 | 2024 | 2023 |
|---|---|---|---|---|
| EBITDA | - | -2,412 | 25,081 | |
| Cash flow | - | -1,062 | 24,663 | |
| Investment in fixed assets | - | 605 | - | |
| Change in cash | -28,559 | -3,539 | - | |
| Working capital | - | 200,925 | 202,592 | |
| Solvency | 100.0% | 95.9% | 83.6% | |
| Current ratio | - | 23.51 | 5.84 | |
| Debt to equity | - | 0.04 | 0.20 | |
| ROE | -4.3% | -1.2% | 10.6% | |
| ROA | -4.3% | -1.2% | 8.9% | |
| Interest coverage | - | -11.16 | over 100 |
A Belgian filing has no cash-flow statement. Cash flow is therefore an approximation, derived from the income statement. Investment is the acquisitions in the notes and, without them, the balance-sheet move.
Investments
fixed assets acquired| Item | 18-12-2025 | 2024 | 2023 |
|---|---|---|---|
| Financial fixed assets | - | €605 | - |
| Depreciation and write-downs of the year | - | €1,532 | €2,093 |
Source: notes to the 2023 to 2025 annual accounts (statement of fixed assets)
Insights on IPAC
The operating result for 2025 is a loss of €16,891, larger than the loss of €3,944 in 2024. It is the lowest result since 2023.