IPCOS
Absorbed by Process Automation SolutionsFinancials · financial year 2026, full format
Annual accounts 2026 filed on 09-10-2026 at the NBB all 30 filings
Turnover
€4.0m▼ 11.6%
2025 · €4.6m
EBIT margin
8.7%▲ 0.8pp
2025 · 7.9%
Net result
€175,462
2025 · -€1.2m
Working capital
€1.2m▲ 127%
2025 · €537,068
Multi-year overview
2018 to 2026, 8 financial yearsTurnover
€4.0m
▼ 11.6%
2026
20182026
Operating result
€352,368
▼ 2.6%
2026
20182026
Net result
€175,462
2026
20182026
EBIT margin
8.7%
▲ 0.8pp
2026
20182026
Equity
€3.4m
▲ 5.4%
2026
20182026
Total assets
€3.9m
▼ 13.5%
2026
20182026
Debt
€473,325
▼ 62.4%
2026
20182026
Working capital
€1.2m
▲ 127%
2026
20182026
Staff (FTE)
15.6
▼ 17.9%
2026
20182026
Every figure per financial year
Every figure with its change against the financial year before
favourable
unfavourable
Line20182019202020212022202420252026
Turnover€5.5m€7.1m▲ 30.5%€7.3m-€4.6m▼ 37.6%€4.0m▼ 11.6%
Operating result€0.3m-€0.3m▲ 1.4%€0.4m▲ 44.4%€0.5m▲ 11.3%€0.9m▲ 101%€0.3m-€0.4m▲ 36.8%€0.4m▼ 2.6%
Net result€3.3m-€0.2m▼ 94.3%€0.3m▲ 42.0%€1.7m▲ 541%€1.7m▲ 1.6%-€0.04m--€1.2m▼ 2,971%€0.2m
EBIT margin8.5%13.2%▲ 4.6pp3.6%-7.9%▲ 4.3pp8.7%▲ 0.8pp
Equity€0.9m-€1.1m▲ 19.9%€1.4m▲ 23.6%€2.6m▲ 87.9%€4.5m▲ 68.7%€4.4m-€3.3m▼ 26.1%€3.4m▲ 5.4%
Total assets€7.1m-€7.7m▲ 9.0%€7.7m▲ 0.6%€7.7m▼ 0.6%€7.6m▼ 1.1%€6.5m-€4.5m▼ 30.1%€3.9m▼ 13.5%
Debt€6.1m-€6.6m▲ 7.3%€6.3m▼ 3.3%€5.1m▼ 20.2%€3.2m▼ 37.5%€2.1m-€1.3m▼ 38.6%€0.5m▼ 62.4%
Working capital-€1.3m--€1.4m▼ 7.2%-€1.8m▼ 27.2%-€1.2m▲ 33.9%€0.5m€1.1m-€0.5m▼ 48.9%€1.2m▲ 127%
Staff (FTE)14-12▼ 14.3%12.9▲ 7.5%13.9▲ 7.8%16.5▲ 18.7%23.3-19▼ 18.5%15.6▼ 17.9%
The operating result for 2026 is 3% lower than in 2025.
Large changes and their cause
- 2025 Net result -2,971% on 2024. The previous financial year ran 15 months, this one 12.
- 2021 Net result +541% on 2020. The accounts now follow the full format, last year the abbreviated format.
Balance-sheet composition
2026 in colour, 2025 as the grey bar beneath
Assets €3.9m
Fixed assets
€2.3m ▼ 20.5%
Current assets
€1.6m ▼ 1.0%
Equity and liabilities €3.9m
Equity
€3.4m ▲ 5.4%
Debt
€473,325 ▼ 62.4%
Debt's share of the balance-sheet total falls from 27.8% to 12.1%. Equity is higher and debt is lower.
Key figures and ratios
EBITDA
€408,367▼
2025 · €426,110
Cash flow
€231,461▲
2025 · -€1.1m
Current ratio
4.08▲
2025 · 1.49
Quick ratio
3.88▲
2025 · 1.08
Debt to equity
0.14▼
2025 · 0.39
ROE
5.1%▲
2025 · -35.3%
ROA
4.5%▲
2025 · -25.5%
Interest coverage
33.32▲
2025 · 10.92
Debt ≤ 1 year
€396,121▼
2025 · €1.1m
Debt > 1 year
€58,617▼
2025 · €108,050
Income taxes
€88,799▼
2025 · €93,755
Customer credit
32 days▼
2025 · 70 days
Supplier credit
4 days▼
2025 · 241 days
Staff costs
€1.7m▼
2025 · €1.9m
Green means a favourable move, even when the figure itself falls, as with debt or debt to equity.
Staff
| Item | 31-12-2021 | 31-12-2022 | 31-03-2024 | 31-03-2025 | 31-03-2026 |
|---|---|---|---|---|---|
| Employees at the balance-sheet date | 16 | 18 | 23 | 17 | 16 |
| full-time | 16 | 17 | 20 | 14 | 14 |
| part-time | - | 1 | 3 | 3 | 2 |
| in full-time equivalents | 16 | 17.8 | 22.4 | 16.4 | 15.6 |
| Average over the year, in full-time equivalents | 13.9 | 16.5 | 23.3 | 19 | 15.6 |
| On a permanent contract | 16 | 18 | 23 | 17 | 16 |
| Joined | 3 | 5 | 8 | 0 | 0 |
| Left | 0 | 3 | 3 | 6 | 1 |
| Training hours | 218 | 198 | - | 24 | 52 |
Source: social balance sheet in the 2021 to 2026 annual accounts
Securities and guarantees
| Item | 2021 | 2022 | 31-03-2024 | 31-03-2025 | 31-03-2026 |
|---|---|---|---|---|---|
| Debts secured on the company's own assets | €115,235 | €96,150 | €227,523 | €160,722 | €105,477 |
| Pledge on the business | €3.5m | €3.5m | €3.0m | €3.0m | - |
Source: notes to the 2021 to 2026 annual accounts (statement of debts and off-balance-sheet rights and commitments)
Investments
| Item | 2021 | 2022 | 31-03-2024 | 31-03-2025 | 31-03-2026 |
|---|---|---|---|---|---|
| Tangible fixed assets | €62,363 | €34,754 | €237,176 | €22,053 | €11,031 |
| Financial fixed assets | - | - | - | - | €98 |
| Depreciation and write-downs of the year | €89,108 | €47,290 | €68,349 | €64,314 | €55,999 |
Source: notes to the 2021 to 2026 annual accounts (statement of fixed assets)
Auditor
| Item | 2021 | 2022 | 31-03-2024 | 31-03-2025 | 31-03-2026 |
|---|---|---|---|---|---|
| Fee for the audit | - | - | - | €3,710 | €3,740 |
Source: notes to the 2021 to 2026 annual accounts (relations with the auditor)
Subsidies and aid
Flemish government
2022 · 1 entry · €250 awarded · €250 paidAnnual accounts
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2024 | 2025 | 2026 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Operating income70/76A | - | - | - | €5.8m | €7.6m | €7.7m | €5.2m | €4.2m | ▼ 19.6% |
| Turnover70 | - | - | - | €5.5m | €7.1m | €7.3m | €4.6m | €4.0m | ▼ 11.6% |
| Change in stocks of work in progress, finished goods and contracts in progress71 | - | - | - | - | - | -€0.2m | €0.4m | -€0.1m | - |
| Other operating income74 | - | - | - | €0.4m | €0.4m | €0.6m | €0.2m | €0.3m | ▲ 46.3% |
| Non-recurring operating income76A | - | - | - | €0.01m | €0.001m | €0.02m | €0.02m | €0.003m | ▼ 85.1% |
| Operating charges60/66A | - | - | - | €5.4m | €6.6m | €7.5m | €4.9m | €3.9m | ▼ 20.9% |
| Goods for resale, raw materials and consumables60 | - | - | - | €0.3m | €0.3m | €0.5m | €0.3m | €0.2m | ▼ 53.3% |
| Purchases600/8 | - | - | - | €0.3m | €0.3m | €0.5m | €0.3m | €0.2m | ▼ 53.3% |
| Services and other goods61 | - | - | - | €3.8m | €4.8m | €4.0m | €2.5m | €1.9m | ▼ 25.5% |
| Remuneration, social security and pensions62 | - | - | - | €1.2m | €1.4m | €2.8m | €1.9m | €1.7m | ▼ 10.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €0.09m | €0.06m | €0.09m | €0.09m | €0.05m | €0.07m | €0.06m | €0.06m | ▼ 12.9% |
| Other operating charges640/8 | - | - | - | €0.07m | €0.1m | €0.1m | €0.06m | €0.08m | ▲ 25.4% |
| Non-recurring operating charges66A | - | - | - | €0.004m | - | - | €464 | €0.002m | ▲ 330% |
| Gross operating margin9900 | €1.6m | €1.5m | €1.6m | - | - | - | - | - | - |
| Operating profit (loss)9901 | €0.3m | €0.3m | €0.4m | €0.5m | €0.9m | €0.3m | €0.4m | €0.4m | ▼ 2.6% |
| Financial income75/76B | - | - | - | €1.5m | €1.3m | €0.06m | €0.02m | €0.02m | ▲ 7.2% |
| Recurring financial income75 | €3.1m | €0.04m | €0.04m | €1.5m | €1.3m | €0.06m | €0.02m | €0.02m | ▲ 7.2% |
| Income from financial fixed assets750 | - | - | - | €1.4m | €1.1m | - | - | - | - |
| Other financial income752/9 | - | - | - | €0.1m | €0.2m | €0.06m | €0.02m | €0.02m | ▲ 7.2% |
| Financial charges65/66B | - | - | - | €0.1m | €0.2m | €0.2m | €1.4m | €0.1m | ▼ 92.6% |
| Recurring financial charges65 | €0.08m | €0.1m | €0.2m | €0.1m | €0.2m | €0.2m | €0.08m | €0.09m | ▲ 14.3% |
| Debt charges650 | - | - | - | €0.05m | €0.03m | €0.07m | €0.04m | €0.01m | ▼ 68.6% |
| Other financial charges652/9 | - | - | - | €0.09m | €0.2m | €0.2m | €0.04m | €0.08m | ▲ 95.5% |
| Non-recurring financial charges66B | - | - | - | - | - | - | €1.4m | €0.02m | ▼ 98.8% |
| Profit (loss) for the period before taxes9903 | €3.3m | €0.2m | €0.3m | €1.8m | €2.0m | €0.08m | -€1.1m | €0.3m | - |
| Income taxes67/77 | €0.04m | €0.01m | €0.02m | €0.1m | €0.3m | €0.1m | €0.09m | €0.09m | ▼ 5.3% |
| Taxes670/3 | - | - | - | €0.1m | €0.3m | €0.1m | €0.09m | €0.09m | ▼ 5.3% |
| Profit (loss) for the period9904 | €3.3m | €0.2m | €0.3m | €1.7m | €1.7m | -€0.04m | -€1.2m | €0.2m | - |
| Profit (loss) for the period to be appropriated9905 | €3.3m | €0.2m | €0.3m | €1.7m | €1.7m | -€0.04m | -€1.2m | €0.2m | - |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2024 | 2025 | 2026 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Assets | |||||||||
| Total assets20/58 | €7.1m | €7.7m | €7.7m | €7.7m | €7.6m | €6.5m | €4.5m | €3.9m | ▼ 13.5% |
| Fixed assets21/28 | €4.2m | €4.2m | €4.2m | €4.2m | €4.2m | €4.3m | €2.9m | €2.3m | ▼ 20.5% |
| Intangible fixed assets21 | - | - | €0.03m | €0.001m | - | - | - | - | - |
| Tangible fixed assets22/27 | €0.1m | €0.1m | €0.1m | €0.1m | €0.1m | €0.3m | €0.2m | €0.1m | ▼ 30.6% |
| Plant, machinery and equipment23 | - | - | - | €0.01m | €0.007m | €0.02m | €0.01m | €0.01m | ▼ 2.7% |
| Furniture and vehicles24 | - | - | - | - | €0.007m | €0.008m | €0.005m | €0.005m | ▲ 17.4% |
| Leasing and similar rights25 | - | - | - | €0.1m | €0.09m | €0.2m | €0.2m | €0.1m | ▼ 34.5% |
| Financial fixed assets28 | €4.1m | €4.1m | €4.1m | €4.1m | €4.1m | €4.1m | €2.7m | €2.2m | ▼ 19.9% |
| Affiliated companies280/1 | - | - | - | €4.1m | €4.1m | €4.1m | €2.7m | €2.2m | ▼ 20.1% |
| Participating interests280 | - | - | - | €4.1m | €4.1m | €4.1m | €2.7m | €2.2m | ▼ 20.1% |
| Other financial fixed assets284/8 | - | - | - | €0.02m | €0.02m | €0.02m | €0.02m | €0.02m | ▲ 0.7% |
| Amounts receivable and cash guarantees285/8 | - | - | - | €0.02m | €0.02m | €0.02m | €0.02m | €0.02m | ▲ 0.7% |
| Current assets29/58 | €2.9m | €3.5m | €3.5m | €3.5m | €3.4m | €2.1m | €1.6m | €1.6m | ▼ 1.0% |
| Stocks and contracts in progress3 | - | - | - | - | - | €0.6m | €0.4m | €0.08m | ▼ 82.3% |
| Contracts in progress37 | - | - | - | - | - | €0.6m | €0.4m | €0.08m | ▼ 82.3% |
| Amounts receivable within one year40/41 | €2.1m | €2.7m | €2.3m | €3.0m | €2.3m | €1.0m | €0.9m | €1.2m | ▲ 35.3% |
| Trade receivables40 | - | - | - | €2.2m | €2.3m | €1.0m | €0.9m | €0.4m | ▼ 59.2% |
| Other amounts receivable41 | - | - | - | €0.8m | €0.04m | €0.03m | €0.04m | €0.9m | ▲ 20× |
| Cash at bank and in hand54/58 | €0.6m | €0.7m | €1.2m | €0.5m | €0.7m | €0.4m | €0.2m | €0.3m | ▲ 87.5% |
| Deferred charges and accrued income490/1 | - | - | - | €0.06m | €0.4m | €0.1m | €0.1m | €0.008m | ▼ 92.8% |
| Equity and liabilities | |||||||||
| Total equity and liabilities10/49 | €7.1m | €7.7m | €7.7m | €7.7m | €7.6m | €6.5m | €4.5m | €3.9m | ▼ 13.5% |
| Equity10/15 | €0.9m | €1.1m | €1.4m | €2.6m | €4.5m | €4.4m | €3.3m | €3.4m | ▲ 5.4% |
| Contributions10/11 | €0.5m | €0.5m | €0.5m | €0.7m | €0.8m | €0.8m | €0.8m | €0.8m | = |
| Capital10 | - | - | - | €0.5m | €0.6m | €0.6m | €0.6m | €0.6m | = |
| Issued capital100 | - | - | - | €0.5m | €0.6m | €0.6m | €0.6m | €0.6m | = |
| Contributions outside capital11 | - | - | - | €0.2m | €0.2m | €0.2m | €0.2m | €0.2m | = |
| Share premium1100/10 | - | - | - | €0.2m | €0.2m | €0.2m | €0.2m | €0.2m | = |
| Reserves13 | €0.09m | €0.09m | €0.09m | €0.09m | €0.1m | €0.1m | €0.1m | €0.1m | = |
| Non-distributable reserves130/1 | - | - | - | €0.05m | €0.06m | €0.06m | €0.06m | €0.06m | = |
| Legal reserve130 | - | - | - | €0.05m | €0.06m | €0.06m | €0.06m | €0.06m | = |
| Distributable reserves133 | - | - | - | €0.04m | €0.04m | €0.04m | €0.04m | €0.04m | = |
| Profit (loss) carried forward14 | €0.1m | €0.3m | €0.6m | €1.8m | €3.6m | €3.5m | €2.4m | €2.6m | ▲ 7.4% |
| Amounts payable17/49 | €6.1m | €6.6m | €6.3m | €5.1m | €3.2m | €2.1m | €1.3m | €0.5m | ▼ 62.4% |
| Amounts payable after more than one year17 | €1.8m | €1.5m | €0.7m | €0.07m | €0.06m | €0.9m | €0.1m | €0.06m | ▼ 45.7% |
| Financial debts170/4 | - | - | - | €0.07m | €0.06m | €0.2m | €0.1m | €0.06m | ▼ 45.7% |
| Leasing and similar obligations172 | - | - | - | €0.07m | €0.06m | €0.2m | €0.1m | €0.06m | ▼ 45.7% |
| Other amounts payable178/9 | - | - | - | - | - | €0.7m | - | - | - |
| Amounts payable within one year42/48 | €4.2m | €4.9m | €5.3m | €4.7m | €3.0m | €1.1m | €1.1m | €0.4m | ▼ 63.8% |
| Current portion of amounts payable after more than one year42 | - | - | - | €0.04m | €0.04m | €0.06m | €0.05m | €0.05m | ▼ 11.0% |
| Trade debts44 | €1.5m | €1.9m | €2.3m | €2.6m | €0.4m | €0.2m | €0.2m | €0.002m | ▼ 99.1% |
| Suppliers440/4 | - | - | - | €2.6m | €0.4m | €0.2m | €0.2m | €0.002m | ▼ 99.1% |
| Advances received on contracts in progress46 | - | - | - | - | - | €0.5m | €0.3m | €0.06m | ▼ 78.3% |
| Taxes, remuneration and social security45 | - | - | - | €0.3m | €0.4m | €0.4m | €0.3m | €0.3m | ▼ 7.2% |
| Taxes450/3 | - | - | - | €0.1m | €0.2m | €0.04m | €0.03m | - | - |
| Remuneration and social security454/9 | - | - | - | €0.2m | €0.2m | €0.3m | €0.3m | €0.3m | ▲ 4.5% |
| Other amounts payable47/48 | - | - | - | €1.7m | €2.1m | €30 | €0.2m | €0.006m | ▼ 97.4% |
| Accrued charges and deferred income492/3 | - | - | - | €0.3m | €0.1m | €0.1m | €0.06m | €0.02m | ▼ 67.6% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2024 | 2025 | 2026 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €3.3m | €0.2m | €0.3m | €1.7m | €1.7m | -€0.04m | -€1.2m | €0.2m | - |
| + Depreciation and write-downs630 | €0.09m | €0.06m | €0.09m | €0.09m | €0.05m | €0.07m | €0.06m | €0.06m | ▼ 12.9% |
| Operating cash flow (approximation) | €3.4m | €0.2m | €0.4m | €1.8m | €1.8m | €0.03m | -€1.1m | €0.2m | - |
| Investment in fixed assets (approximation) | - | -€0.06m | -€0.1m | -€0.05m | -€0.03m | - | €1.4m | €0.5m | ▼ 60.7% |
| Change in cash | - | €0.1m | €0.5m | -€0.7m | €0.2m | - | -€0.2m | €0.1m | - |
A Belgian filing has no cash-flow statement. These rows are therefore an approximation, derived from the income statement and the balance-sheet moves.
Latest 10 of 30 filings with the National Bank
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-03-2026 | full format | 09-10-2026 | 2026-00555601 | |
| 31-03-2025 | full format | 17-10-2025 | 2025-00549308 | |
| 31-03-2024 | full format | 24-10-2024 | 2024-00518521 | |
| 31-12-2022 | full format | 05-06-2023 | 2023-00109761 | |
| 31-12-2021 | full format | 09-06-2022 | 2022-20060299 | |
| 31-12-2020 | abbreviated format | 04-06-2021 | 2021-17500542 | |
| 31-12-2019 | abbreviated format | 11-06-2020 | 2020-16700039 | |
| 31-12-2018 | abbreviated format | 16-05-2019 | 2019-13300560 | |
| 31-12-2017 | abbreviated format | 04-06-2018 | 2018-15700310 | |
| 31-12-2016 | full format | 08-06-2017 | 2017-16100497 |