Summary
IPAL is a financial institution; the bankruptcy model is trained on trading and manufacturing companies and does not apply here. The 2025 annual accounts show equity of €1.8m and a net result of €190,155. Equity is growing by ~14.5% per year across the filed fiscal years. Its solvency ranks better than 68% of 5587 sector peers (fiscal year 2025). The company has been active since 1991 and the Belgian State Gazette contains no insolvency or warning signals.
Checked score
Outside the general model
Model not applicable to financial institutions
The Checked score weighs liquidity, leverage and margins against norms for trading and manufacturing companies. A bank, insurer or financial holding has a fundamentally different balance-sheet structure, so those ratios, and hence the score, carry no meaning here. That is why we show no financial axes either.
Credit check for your own amount and term
Show the recommended maximum : and see how the verdict changes with amount, term and advance.
Signals
1 signal. The signal on the left, the evidence on the right.
○neutral
neutral · Latest accounts filed on time
The financial year that closed on 31-12-2025 was due by 31-07-2026 and was filed on 07-07-2026, 24 days ahead of the deadline.
NBB · 10 filingsDeviation from the deadline
2025
24 d early
2024
16 d early
2023
7 d early
2022
33 d early
2021
30 d late
2020
31 d late
2019
39 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 3 days after the deadline; the sector median for financial year 2024 is 14 days before the deadline, and 28% of the sector filed late.
Checked, nothing found (2)
neutral · The next deadline is still running
The next financial year closes on 31-12-2026 and is due by 31-07-2027. Nothing is late today. Usually files around 15 July (4 of the last 5 filed years within 30 days of that day).
Companies Code · seven monthsPosition in the running window
28-09-2026 today31-12-2026 close31-07-2027 deadline
History
Go further with this company
How much credit can you give this customer, and on what term?Credit check What should you check before you do business with this company?Supplier due diligence Can you accept this company as a client under the anti-money-laundering law?AML client file Which of your other customers can you e-invoice via Peppol?Peppol check What changed in the latest annual accounts?What changed What held for this company on a given day: board, seat, name?Company as of a date
Is this your company? See how customers and banks see it.
Investigating this company? Keep it with today's facts in a case file.
Financials · fiscal year 2025, abbreviated schema
Equity
€1.8m▲ 11.8%
2024 · €1.6m
Net result
€190,155▲ 106%
2024 · €92,390
Total assets
€2.5m▲ 0.9%
2024 · €2.5m
Solvency
71.2%▲ 6.9pp
2024 · 64.3%
Trend over the years
Click a name to add, emphasise or remove a line.Band: the middle half (P25 to P75) of NACE 64, Financial service activities, except insurance and pension funding, 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
Line20212022202320242025
Operating result€494,802▲ 258%€241,769▼ 51.1%€13,162▼ 94.6%-€42,940€128,361
Net result€688,027above the sector's middle half▲ 739%€208,921within the sector's middle half▼ 69.6%€23,250within the sector's middle half▼ 88.9%€92,390within the sector's middle half▲ 297%€190,155above the sector's middle half▲ 106%
Equity€1.3mabove the sector's middle half▲ 100.0%€1.5mwithin the sector's middle half▲ 16.3%€1.5mwithin the sector's middle half▲ 1.5%€1.6mwithin the sector's middle half▲ 6.0%€1.8mwithin the sector's middle half▲ 11.8%
Total assets€2.1mabove the sector's middle half▲ 60.3%€2.2mwithin the sector's middle half▲ 1.7%€2.5mwithin the sector's middle half▲ 15.2%€2.5mwithin the sector's middle half▼ 0.8%€2.5mwithin the sector's middle half▲ 0.9%
Debt€715,680▲ 40.0%€544,845▼ 23.9%€853,614▲ 56.7%€744,455▼ 12.8%€580,086▼ 22.1%
Working capital-€130,677below the sector's middle half▼ 10.2%€104,677within the sector's middle half-€112,933within the sector's middle half€414,218within the sector's middle half-€82,804within the sector's middle half
Solvency59.8%within the sector's middle half▲ 11.9pp68.3%within the sector's middle half▲ 8.6pp60.2%within the sector's middle half▼ 8.2pp64.3%within the sector's middle half▲ 4.1pp71.2%within the sector's middle half▲ 6.9pp
Current ratio0.49below the sector's middle half▲ 0.061.58within the sector's middle half▲ 1.100.31below the sector's middle half▼ 1.273.11above the sector's middle half▲ 2.800.47within the sector's middle half▼ 2.65
Return on assets (ROA)32.3%above the sector's middle half▲ 26.1pp9.6%above the sector's middle half▼ 22.6pp0.9%within the sector's middle half▼ 8.7pp3.7%within the sector's middle half▲ 2.8pp7.6%within the sector's middle half▲ 3.9pp
above
within
below
the middle half (P25 to P75) of NACE 64, Financial service activities, except insurance and pension funding, each year against the same schema; no band under 30 filings.
Why a figure moved sharply
- 2022 Net result -70% on 2021. The accounts now follow the full schema, last year the micro schema.
Result per fiscal year
Operating resultNet result
The operating result returns to profit in 2025: €128,361 after a loss of €42,940 in 2024.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €2.5m
Fixed assets
€2.4m ▲ 30.0%
Current assets
€72,234 ▼ 88.2%
Equity and liabilities €2.5m
Equity
€1.8m ▲ 11.8%
Provisions
€141,781 =
Debt
€580,086 ▼ 22.1%
Debt's share of the balance-sheet total falls from 30.0% to 23.2%. Equity is higher and debt is lower.
Key figures and ratios
ROE
10.7%▲
2024 · 5.8%
Debt ≤ 1 year
€155,037▼
2024 · €196,090
Debt > 1 year
€425,049▼
2024 · €548,365
Income taxes
€29,769▲
2024 · €24,196
Green means a favourable move, even when the figure itself falls: as with debt or debt to equity.
Annual accounts
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Non-recurring operating income76A | - | €158,473 | - | - | - | - |
| Remuneration, social security and pensions62 | €1,822 | €92 | - | €2 | - | - |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €57,543 | €75,432 | €74,546 | €80,144 | €67,724 | ▼ 15.5% |
| Other operating charges640/8 | €14,883 | €7,083 | €7,224 | €48,237 | €7,500 | ▼ 84.5% |
| Gross operating margin9900 | €569,051 | €324,376 | €94,931 | €85,442 | €203,585 | ▲ 138% |
| Operating profit (loss)9901 | €494,802 | €241,769 | €13,162 | -€42,940 | €128,361 | ▲ 399% |
| Financial income75/76B | €272,013 | €36 | €32,253 | €182,225 | €109,869 | ▼ 39.7% |
| Recurring financial income75 | €272,013 | €36 | €32,253 | €176,649 | €109,869 | ▼ 37.8% |
| Non-recurring financial income76B | - | - | - | €5,576 | - | - |
| Financial charges65/66B | €14,809 | €13,551 | €12,523 | €22,699 | €18,307 | ▼ 19.4% |
| Recurring financial charges65 | €14,809 | €13,551 | €12,523 | €22,699 | €18,307 | ▼ 19.4% |
| Non-recurring financial charges66B | €1 | - | - | - | - | - |
| Profit (loss) for the period before taxes9903 | €752,006 | €228,254 | €32,892 | €116,585 | €219,924 | ▲ 88.6% |
| Transfer from deferred taxes780 | €70,553 | - | - | - | - | - |
| Transfer to deferred taxes680 | €120,141 | - | - | - | - | - |
| Income taxes67/77 | €14,391 | €19,333 | €9,642 | €24,196 | €29,769 | ▲ 23.0% |
| Profit (loss) for the period9904 | €688,027 | €208,921 | €23,250 | €92,390 | €190,155 | ▲ 106% |
| Transfer to tax-exempt reserves689 | €360,426 | - | - | - | - | - |
| Profit (loss) for the period to be appropriated9905 | €327,601 | €208,921 | €23,250 | €92,390 | €190,155 | ▲ 106% |
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Assets | ||||||
| Total assets20/58 | €2.1m | €2.2m | €2.5m | €2.5m | €2.5m | ▲ 0.9% |
| Fixed assets21/28 | €2.0m | €1.9m | €2.4m | €1.9m | €2.4m | ▲ 30.0% |
| Tangible fixed assets22/27 | €572,440 | €497,008 | €459,605 | €406,369 | €355,851 | ▼ 12.4% |
| Land and buildings22 | €459,463 | €410,145 | €388,248 | €361,790 | €338,830 | ▼ 6.3% |
| Plant, machinery and equipment23 | €123 | - | - | - | - | - |
| Furniture and vehicles24 | €2,812 | €1,614 | €10,902 | €8,918 | €6,153 | ▼ 31.0% |
| Leasing and similar rights25 | €110,042 | €85,249 | €60,455 | €35,662 | €10,868 | ▼ 69.5% |
| Financial fixed assets28 | €1.4m | €1.4m | €2.0m | €1.5m | €2.1m | ▲ 41.8% |
| Current assets29/58 | €124,023 | €284,199 | €51,777 | €610,309 | €72,234 | ▼ 88.2% |
| Amounts receivable within one year40/41 | €72,167 | €236,319 | €14,236 | €77,195 | €25,020 | ▼ 67.6% |
| Trade receivables40 | €37,648 | €42,474 | - | - | - | - |
| Other amounts receivable41 | €34,519 | €193,845 | €14,236 | €77,195 | €25,020 | ▼ 67.6% |
| Cash at bank and in hand54/58 | €51,857 | €30,239 | €18,965 | €515,076 | €21,343 | ▼ 95.9% |
| Deferred charges and accrued income490/1 | - | €17,641 | €18,576 | €18,038 | €25,870 | ▲ 43.4% |
| Equity and liabilities | ||||||
| Total equity and liabilities10/49 | €2.1m | €2.2m | €2.5m | €2.5m | €2.5m | ▲ 0.9% |
| Equity10/15 | €1.3m | €1.5m | €1.5m | €1.6m | €1.8m | ▲ 11.8% |
| Contributions10/11 | €30,987 | €30,987 | €30,987 | €30,987 | €30,987 | = |
| Reserves13 | €598,691 | €598,691 | €598,691 | €1.6m | €1.8m | ▲ 12.0% |
| Non-distributable reserves130/1 | €3,099 | €3,099 | €3,099 | €3,099 | €3,099 | = |
| Reserves not available under the articles1311 | €3,099 | €3,099 | €3,099 | €3,099 | €3,099 | = |
| Tax-exempt reserves132 | €360,426 | €360,426 | €360,426 | €360,426 | €360,426 | = |
| Distributable reserves133 | €235,166 | €235,166 | €235,166 | €1.2m | €1.4m | ▲ 15.6% |
| Profit (loss) carried forward14 | €645,062 | €852,382 | €874,032 | - | - | - |
| Provisions and deferred taxes16 | €141,781 | €141,781 | €141,781 | €141,781 | €141,781 | = |
| Provisions for liabilities and charges160/5 | €21,641 | €21,641 | €21,641 | €21,641 | €21,641 | = |
| Pensions and similar obligations160 | €21,641 | €21,641 | €21,641 | €21,641 | €21,641 | = |
| Deferred taxes168 | €120,141 | €120,141 | €120,141 | €120,141 | €120,141 | = |
| Amounts payable17/49 | €715,680 | €544,845 | €853,614 | €744,455 | €580,086 | ▼ 22.1% |
| Amounts payable after more than one year17 | €460,980 | €365,323 | €687,943 | €548,365 | €425,049 | ▼ 22.5% |
| Financial debts170/4 | €460,980 | €365,323 | €537,943 | €398,365 | €275,049 | ▼ 31.0% |
| Other amounts payable178/9 | - | - | €150,000 | €150,000 | €150,000 | = |
| Amounts payable within one year42/48 | €254,700 | €179,522 | €164,710 | €196,090 | €155,037 | ▼ 20.9% |
| Current portion of amounts payable after more than one year42 | €114,601 | €98,324 | €90,379 | €112,169 | €123,317 | ▲ 9.9% |
| Financial debts43 | €11,721 | €11,730 | €11,797 | €11,794 | - | - |
| Credit institutions430/8 | €11,721 | €11,730 | €11,797 | €11,794 | - | - |
| Trade debts44 | €73,176 | €6,526 | €5,787 | €12,822 | €5,074 | ▼ 60.4% |
| Suppliers440/4 | €73,176 | €6,526 | €5,787 | €12,822 | €5,074 | ▼ 60.4% |
| Advances received on contracts in progress46 | - | - | - | - | €5,709 | - |
| Taxes, remuneration and social security45 | €17,140 | €18,678 | €5,758 | €3,518 | €11,191 | ▲ 218% |
| Taxes450/3 | €17,140 | €18,678 | €3,546 | €3,518 | €11,191 | ▲ 218% |
| Remuneration and social security454/9 | - | - | €2,212 | - | - | - |
| Other amounts payable47/48 | €38,064 | €44,265 | €50,989 | €55,787 | €9,747 | ▼ 82.5% |
| Accrued charges and deferred income492/3 | - | - | €960 | - | - | - |
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €688,027 | €208,921 | €23,250 | €92,390 | €190,155 | ▲ 106% |
| + Depreciation and write-downs630 | €57,543 | €75,432 | €74,546 | €80,144 | €67,724 | ▼ 15.5% |
| Operating cash flow (approximation) | €745,570 | €284,353 | €97,796 | €172,533 | €257,879 | ▲ 49.5% |
| Investment in fixed assets (approximation) | - | €48,258 | -€637,387 | €497,158 | -€628,808 | ▼ 226% |
| Change in cash | - | -€21,617 | -€11,274 | €496,110 | -€493,732 | ▼ 200% |
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
Next filing, fiscal year 2026, expected by
2026
25-09
State Gazette act
Founder · Incorporation
Other statement · Legal form clause
07-07
NBB filing
Annual accounts filed
fiscal year 2025 · abbreviated schema
2025
15-07
NBB filing
Annual accounts filed
fiscal year 2024 · full schema
2024
31-12
Financial
Liquidity times 10current ratio 3.11
Current ratio from 0.31 to 3.11.
24-07
NBB filing
Annual accounts filed
fiscal year 2023 · full schema
17-01
State Gazette act
General meeting · Merger
Dissolution · Share cancellation
2023
31-12
Financial
Weakest financial yearnet €23,250 ▼88.9%
Net result drops to €23,250, the lowest in the series; recovery starts the following year.
28-06
NBB filing
Annual accounts filed
fiscal year 2022 · full schema
11-05
State Gazette act
General meeting · Board meeting
Director appointment · Director reappointment
2022
31-12
Financial
Liquidity triplescurrent ratio 1.58
Current ratio from 0.49 to 1.58; short-term debt falls from €254,700 to €179,522.
30-08
NBB filing
Annual accounts filed
fiscal year 2021 · micro schema · 30 days late
2021
31-12
Financial
Highest result since 2018net €688,027 ▲739%
Operating result €494,802, net result €688,027, both a record.
Show earlier events
31-12
Financial
Equity above €1mEq €1.3m ▲100%
4 profitable years in a row build equity to €1.3m.
31-08
NBB filing
Annual accounts filed
fiscal year 2020 · micro schema · 31 days late
2020
08-09
NBB filing
Annual accounts filed
fiscal year 2019 · micro schema · 39 days late
2019
31-12
Financial
Equity above €500,000Eq €555,481 ▲32.4%
2 profitable years in a row build equity to €555,481.
23-07
NBB filing
Annual accounts filed
fiscal year 2018 · micro schema
2018
31-08
NBB filing
Annual accounts filed
fiscal year 2017 · micro schema · 31 days late
2017
31-08
NBB filing
Annual accounts filed
fiscal year 2016 · micro schema · 31 days late
Financial milestoneState Gazette actNBB filingFinancial milestones sit on the fiscal year-end date, not the filing date.
0 of 1 act read
About the unread acts
We know of 1 Belgian State Gazette act for this company. It has not been read yet: what they contain is neither established nor disproved here.
Have them read with priority
Sign in to place this company at the front of the reading queue.
Directors · office · real estate
Directors
1 act for this company is 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, Gerpinnes · 1 establishment unit since 1991
Ground area
1.5 ha
Building footprint
3,668 m²
Volume, LiDAR
33,368 m³
2 parcels, Wallonia · tallest building 17.8 m, ±3 floors. Linked by address, not a title deed.
1 establishment unit
Zoning de Jumet,avenue Centrale sn, 6040 Charleroi
since 19912.054.847.208
2 parcels
Wallonia
2
(100%)
| Parcel (capakey) | Region | Area | Buildings | Height / fl. |
|---|---|---|---|---|
| 52034B1039/00Z004 | Wallonia | 9,994 m² | 1 · 3,265 m² | 11.1 m · 3 fl. |
| 52025A0328/00R015 | Wallonia | 4,847 m² | 1 · 403 m² | 17.8 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.
Structure & network
Owners and holdings
1 holdingOwners 0
The accounts to 31-12-2025 list no shareholders, and no other source names one.
Holdings 1
-
42.1%
According to the 2025 annual accounts of IPAL and those of the other companies, the acts in the Belgian Gazette and the LEI register. The register of ultimate beneficial owners (UBO) is not public: who ultimately stands behind a natural person or a foreign parent is not stated here. A company that does not fill in these statements, or need not, is missing.
Connections & network
The group is listed under Ownership & control below; here you explore it as a network.
This company
Company
Director
Shareholding
+N: links not shown yet
Click a node to look further, drag to arrange, scroll to zoom.
Ownership & control
1 board mandateBoard mandates of this companythis company sits on their board1
1 location
Similar companies · same sector, comparable size
Jefiko
BE 0643.973.991
Torhout · Eq €1,781,020
VERSCHINGEL
BE 0443.949.402
Koekelare · Eq €1,782,761
Compagnie Améryse
BE 0892.696.938
Rotselaar · Eq €1,782,994
CROMARMA
BE 0833.599.093
Kinrooi · Eq €1,783,062
E2A Partners
BE 0750.529.085
Schaarbeek · Eq €1,779,797
Of 24,729 companies in sector 64210 we hold annual accounts for 19,799. 11,266 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
Founded15-10-1991
Fiscal year end31-12
Activities, NACEBEL 2025
64210Activities of holding companies
46620Wholesale of machine tools
46630Wholesale trade
46643Wholesale of electrical equipment, including installation materials
47789Other retail sale of new goods
E-invoicing
Reachable via Peppol
Peppol ID
0208:0445492690
Also
9925:BE0445492690
Registered
24-11-2025
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.