Summary
IPAM 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 €945,447 and a net result of €85,095. Equity is growing by about 18% per year across the filed financial years. Its solvency ranks better than 53% of 9,727 sector peers (NACE 64, financial year 2025). The company has been active since 1998 and the Belgian Official Gazette contains no insolvency or warning signals.
Financials · financial year 2025, micro format
In the rankings
#8 oldest company in Zonhoven, Finance and insurance sector
Equity
€945,447▲ 9.9%
2024 · €860,352
Net result
€85,095▼ 12.0%
2024 · €96,752
Total assets
€1.7m▲ 6.0%
2024 · €1.6m
Solvency
54.2%▲ 1.9pp
2024 · 52.3%
Trend over the years
2021 to 2025, 5 financial years 2019 to 2025, 7 financial years
The operating result recovers in 2025; 2025 is 10% above 2024.
What the company sold each financial year and what was left of it. A loss stands below the zero line.
Operating result€0.1m
2025
Net result€0.09m
2025
What the company owns (total assets), how much of it is its own (equity) and how much it owes.
Total assets€1.7m
2025
Equity€0.9m
2025
Debt€0.8m
2025
Short-term assets minus short-term debts. Above zero the company can pay its bills in the short term.
Working capital-€0.1m
2025
How much of each euro of turnover is left from operations (EBIT margin) and what the assets earn (return on assets).
Return on assets (ROA)4.9%
2025
The share of the company financed with its own means. The higher it is, the better it absorbs a shock.
Solvency54.2%
2025
Short-term assets per euro of short-term debt. Above 1 the short-term debts are covered.
Current ratio0.69
2025
Use the arrow keys on the chart for the figures per year.
Sector: the middle half of NACE 64, Financial service activities, except insurance and pension funding: a quarter of companies sit below it, a quarter above. Each year compared with accounts in the same format, and only where there are at least 30. Dashed line: the median. Available for Net result, Equity, Total assets, Working capital, Solvency, Current ratio, Return on assets (ROA).
Every figure with its change against the financial year before
favourable
unfavourable
Line2019202020212022202320242025
Operating result€0.05m-€0.07m▲ 46.4%€0.5m▲ 635%€0.07m▼ 85.9%€0.3m▲ 265%€0.1m▼ 49.4%€0.1m▲ 10.2%
Net result€0.01m-€0.03mwithin the sector's middle half▲ 108%€0.4mabove the sector's middle half▲ 13×-€0.008mbelow the sector's middle half€0.1mabove the sector's middle half€0.1mabove the sector's middle half▼ 18.7%€0.09mabove the sector's middle half▼ 12.0%
Equity€0.2m-€0.2mwithin the sector's middle half▲ 14.2%€0.7mabove the sector's middle half▲ 168%€0.6mabove the sector's middle half▼ 1.2%€0.8mabove the sector's middle half▲ 18.5%€0.9mabove the sector's middle half▲ 12.7%€0.9mabove the sector's middle half▲ 9.9%
Total assets€1.2m-€1.0mabove the sector's middle half▼ 12.8%€2.3mabove the sector's middle half▲ 120%€2.0mabove the sector's middle half▼ 12.0%€1.5mabove the sector's middle half▼ 23.4%€1.6mabove the sector's middle half▲ 8.3%€1.7mabove the sector's middle half▲ 6.0%
Debt€1.0m-€0.8m▼ 18.8%€1.6m▲ 105%€1.3m▼ 16.4%€0.7m▼ 45.5%€0.8m▲ 4.2%€0.8m▲ 2.1%
Working capital-€0.2m--€0.2mbelow the sector's middle half▼ 26.6%-€0.5mbelow the sector's middle half▼ 153%-€0.6mbelow the sector's middle half▼ 23.8%-€0.3mbelow the sector's middle half▲ 52.3%-€0.2mbelow the sector's middle half▲ 27.7%-€0.1mbelow the sector's middle half▲ 31.8%
Solvency18.2%-23.8%within the sector's middle half▲ 5.6pp28.9%within the sector's middle half▲ 5.1pp32.4%within the sector's middle half▲ 3.5pp50.2%within the sector's middle half▲ 17.8pp52.3%within the sector's middle half▲ 2.0pp54.2%within the sector's middle half▲ 1.9pp
Current ratio0.52-0.20below the sector's middle half▼ 0.320.51below the sector's middle half▲ 0.300.27below the sector's middle half▼ 0.230.20below the sector's middle half▼ 0.070.49below the sector's middle half▲ 0.280.69below the sector's middle half▲ 0.20
Return on assets (ROA)1.2%-3.0%within the sector's middle half▲ 1.7pp18.1%within the sector's middle half▲ 15.2pp-0.4%below the sector's middle half▼ 18.5pp7.8%within the sector's middle half▲ 8.2pp5.9%within the sector's middle half▼ 2.0pp4.9%within the sector's middle half▼ 1.0pp
above
within
below
the middle half of NACE 64, Financial service activities, except insurance and pension funding: a quarter of companies sit below it, a quarter above. Each year compared with accounts in the same format, and only where there are at least 30.
Turnover and EBIT margin not published: the micro format does not require them.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €1.7m
Fixed assets
€1.4m ▼ 1.3%
Current assets
€313,827 ▲ 59.9%
Equity and liabilities €1.7m
Equity
€945,447 ▲ 9.9%
Provisions
€22,712 ▼ 6.9%
Debt
€777,611 ▲ 2.1%
Debt's share of the balance-sheet total falls from 46.3% to 44.5%. Equity and debt are higher.
Key figures and ratios
ROE
9.0%▼
2024 · 11.2%
Debt ≤ 1 year
€454,737▲
2024 · €402,696
Debt > 1 year
€322,874▼
2024 · €357,975
Income taxes
€50,957▲
2024 · €21,657
Green means a favourable move, even when the figure itself falls: as with debt or debt to equity.
Annual accounts
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|
| Non-recurring operating income76A | - | - | €468,000 | €62,721 | €121,346 | - | - | - |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €49,774 | €47,059 | €41,729 | €55,862 | €45,440 | €44,802 | €52,085 | ▲ 16.3% |
| Other operating charges640/8 | - | - | €6,339 | €10,010 | €10,663 | €15,651 | €3,699 | ▼ 76.4% |
| Non-recurring operating charges66A | - | - | - | - | - | €10,020 | - | - |
| Gross operating margin9900 | €121,615 | €118,142 | €544,610 | €135,945 | €311,966 | €199,920 | €198,419 | ▼ 0.8% |
| Operating profit (loss)9901 | €46,114 | €67,532 | €496,541 | €70,072 | €255,863 | €129,447 | €142,634 | ▲ 10.2% |
| Financial income75/76B | - | - | €4 | €7,720 | €5,056 | €11,971 | €17,222 | ▲ 43.9% |
| Recurring financial income75 | €4,737 | €5,817 | €4 | €7,720 | €5,056 | €11,971 | €17,222 | ▲ 43.9% |
| Financial charges65/66B | - | - | €39,438 | €28,677 | €57,345 | €24,692 | €25,487 | ▲ 3.2% |
| Recurring financial charges65 | €24,467 | €29,670 | €39,438 | €28,677 | €57,345 | €24,692 | €25,487 | ▲ 3.2% |
| Profit (loss) for the period before taxes9903 | €26,385 | €43,679 | €457,108 | €49,116 | €203,574 | €116,726 | €134,370 | ▲ 15.1% |
| Transfer from deferred taxes780 | - | - | - | - | €1,682 | €1,682 | €1,682 | = |
| Transfer to deferred taxes680 | - | - | - | - | €27,759 | - | - | - |
| Income taxes67/77 | €11,824 | €13,332 | €48,195 | €57,182 | €58,465 | €21,657 | €50,957 | ▲ 135% |
| Profit (loss) for the period9904 | €14,561 | €30,347 | €408,913 | -€8,066 | €119,033 | €96,752 | €85,095 | ▼ 12.0% |
| Transfer from tax-exempt reserves789 | - | - | - | €18,750 | €5,047 | €5,047 | €5,047 | = |
| Transfer to tax-exempt reserves689 | - | - | - | - | €83,276 | - | - | - |
| Profit (loss) for the period to be appropriated9905 | €14,561 | €30,347 | €408,913 | €10,684 | €40,804 | €101,799 | €90,142 | ▼ 11.5% |
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|
| Assets | ||||||||
| Total assets20/58 | €1.2m | €1.0m | €2.3m | €2.0m | €1.5m | €1.6m | €1.7m | ▲ 6.0% |
| Fixed assets21/28 | €1.0m | €1.0m | €1.8m | €1.8m | €1.4m | €1.5m | €1.4m | ▼ 1.3% |
| Tangible fixed assets22/27 | €1.0m | €1.0m | €1.8m | €1.5m | €1.2m | €1.2m | €1.2m | ▼ 2.1% |
| Land and buildings22 | - | - | €1.7m | €1.5m | €1.2m | €1.2m | €1.1m | ▼ 3.8% |
| Plant, machinery and equipment23 | - | - | - | - | - | €0.001m | €0.001m | ▼ 35.3% |
| Furniture and vehicles24 | - | - | €0.04m | €0.03m | €0.03m | €0.02m | €0.04m | ▲ 91.6% |
| Other tangible fixed assets26 | - | - | €0.001m | €0.001m | €380 | €237 | €95 | ▼ 60.1% |
| Financial fixed assets28 | €0.006m | €0.01m | - | €0.3m | €0.3m | €0.3m | €0.3m | ▲ 2.3% |
| Current assets29/58 | €0.2m | €0.05m | €0.5m | €0.2m | €0.07m | €0.2m | €0.3m | ▲ 59.9% |
| Amounts receivable after more than one year29 | - | - | €0.5m | €0.2m | - | - | - | - |
| Other amounts receivable291 | - | - | €0.5m | €0.2m | - | - | - | - |
| Amounts receivable within one year40/41 | €0.2m | €0.04m | €0.01m | €0.07m | €0.07m | €0.2m | €0.3m | ▲ 57.3% |
| Trade receivables40 | - | - | €0.01m | €0.07m | €0.06m | €0.02m | €0.07m | ▲ 319% |
| Other amounts receivable41 | - | - | €0.001m | €0.001m | €0.01m | €0.2m | €0.2m | ▲ 32.1% |
| Cash at bank and in hand54/58 | €0.003m | €0.002m | €0.002m | €327 | €0.002m | €0.001m | €0.001m | ▲ 30.1% |
| Deferred charges and accrued income490/1 | - | - | €0.001m | €0.008m | €0.002m | €0.007m | €0.02m | ▲ 133% |
| Equity and liabilities | ||||||||
| Total equity and liabilities10/49 | €1.2m | €1.0m | €2.3m | €2.0m | €1.5m | €1.6m | €1.7m | ▲ 6.0% |
| Equity10/15 | €0.2m | €0.2m | €0.7m | €0.6m | €0.8m | €0.9m | €0.9m | ▲ 9.9% |
| Contributions10/11 | €0.02m | €0.02m | €0.02m | €0.02m | €0.02m | €0.02m | €0.02m | = |
| Reserves13 | €0.2m | €0.2m | €0.6m | €0.6m | €0.7m | €0.8m | €0.9m | ▲ 10.1% |
| Non-distributable reserves130/1 | - | - | €0.005m | €0.005m | €0.005m | - | - | - |
| Reserves not available under the articles1311 | - | - | €0.005m | €0.005m | €0.005m | - | - | - |
| Tax-exempt reserves132 | - | - | €0.02m | - | €0.08m | €0.07m | €0.07m | ▼ 6.9% |
| Distributable reserves133 | - | - | €0.6m | €0.6m | €0.7m | €0.8m | €0.9m | ▲ 11.7% |
| Provisions and deferred taxes16 | - | - | - | - | €0.03m | €0.02m | €0.02m | ▼ 6.9% |
| Deferred taxes168 | - | - | - | - | €0.03m | €0.02m | €0.02m | ▼ 6.9% |
| Amounts payable17/49 | €1.0m | €0.8m | €1.6m | €1.3m | €0.7m | €0.8m | €0.8m | ▲ 2.1% |
| Amounts payable after more than one year17 | €0.6m | €0.5m | €0.6m | €0.5m | €0.4m | €0.4m | €0.3m | ▼ 9.8% |
| Financial debts170/4 | - | - | €0.6m | €0.5m | €0.4m | €0.4m | €0.3m | ▼ 9.8% |
| Amounts payable within one year42/48 | €0.3m | €0.2m | €1.0m | €0.8m | €0.4m | €0.4m | €0.5m | ▲ 12.9% |
| Current portion of amounts payable after more than one year42 | - | - | €0.1m | €0.1m | €0.07m | €0.09m | €0.04m | ▼ 59.5% |
| Financial debts43 | - | - | €0.5m | €0.2m | €0.01m | €0.03m | €0.1m | ▲ 444% |
| Credit institutions430/8 | - | - | €0.5m | €0.2m | €0.01m | €0.03m | €0.09m | ▲ 245% |
| Other loans439 | - | - | - | - | - | - | €0.05m | - |
| Trade debts44 | €0.02m | €0.005m | €0.06m | €0.03m | €0.04m | €0.05m | €0.02m | ▼ 55.4% |
| Suppliers440/4 | - | - | €0.06m | €0.03m | €0.04m | €0.05m | €0.02m | ▼ 55.4% |
| Advances received on contracts in progress46 | - | - | - | - | - | - | €0.1m | - |
| Taxes, remuneration and social security45 | - | - | €0.06m | €0.1m | €0.1m | €0.1m | €0.02m | ▼ 77.4% |
| Taxes450/3 | - | - | €0.06m | €0.1m | €0.1m | €0.1m | €0.02m | ▼ 78.3% |
| Remuneration and social security454/9 | - | - | - | €0.003m | - | €0.003m | €0.001m | ▼ 50.0% |
| Other amounts payable47/48 | - | - | €0.3m | €0.3m | €0.1m | €0.1m | €0.1m | ▼ 0.8% |
| Accrued charges and deferred income492/3 | - | - | €0.002m | €434 | €0.001m | €0.001m | - | - |
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €14,561 | €30,347 | €408,913 | -€8,066 | €119,033 | €96,752 | €85,095 | ▼ 12.0% |
| + Depreciation and write-downs630 | €49,774 | €47,059 | €41,729 | €55,862 | €45,440 | €44,802 | €52,085 | ▲ 16.3% |
| Operating cash flow (approximation) | €64,335 | €77,406 | €450,642 | €47,796 | €164,473 | €141,554 | €137,181 | ▼ 3.1% |
| Investment in fixed assets (approximation) | - | -€13,986 | -€828,313 | -€53,500 | €267,725 | -€47,978 | -€33,775 | ▲ 29.6% |
| Change in cash | - | -€200 | €148 | -€2,146 | €1,736 | -€922 | €343 | - |
Simplified and derived: a Belgian filing has no cash-flow statement, so these rows come from the income statement and the balance-sheet moves.
Latest 10 of 26 filings with the National Bank
| Financial year | Type | Filed | Reference |
|---|---|---|---|
| 30-06-2025 | micro format | 07-01-2026 | 2026-00006358 |
| 30-06-2024 | micro format | 26-02-2025 | 2025-00042437 |
| 30-06-2023 | micro format | 31-01-2024 | 2024-00025645 |
| 30-06-2022 | micro format | 31-01-2023 | 2023-00013966 |
| 30-06-2021 | micro format | 31-01-2023 | 2023-00015041 |
| 30-06-2020 | micro format | 01-02-2021 | 2021-03800054 |
| 30-06-2019 | micro format | 31-01-2020 | 2020-03600018 |
| 30-06-2018 | micro format | 15-01-2019 | 2019-01500287 |
| 30-06-2017 | micro format | 15-01-2018 | 2018-01400578 |
| 30-06-2016 | abbreviated format | 25-04-2017 | 2017-10300536 |
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Public contracts: No European public contracts awarded found since October 2016. Contracts below the EU thresholds are not in TED.