IPEX

Active

Public limited companyfounded 198640 yrs activeAvenue Landas 5, 1480 Tubize, BelgiumKBO/BCE: BE 0429.119.090

Summary

IPEX has been active since 1986 and the Belgian State Gazette contains no insolvency or warning signals. The 2025 annual accounts show equity of €23.1m and a net result of €401,498. Equity is growing by ~19.6% per year across the filed fiscal years. Its solvency ranks better than 60% of 181 sector peers (fiscal year 2025). The computed 12-month bankruptcy probability is 0.1% (very low).

Risk analysis Watch Report Compare

IPEXActiveChecked score 77/100

Risk analysis Report Compare

Checked score

Score 2025

77 / 100

Excellent

Every signal that weighs is under Signals.

Axes · tick = 2024

Profitability66▼-2

Solvency77▲+30

Growth80▼-2

Track record100

Bankruptcy probability, 12 months

0.1% Very low

0%0.5%1.5%4%10%≥ 25%

Credit up to €1,750,000 at 30 days acceptable

Liquidity short (current ratio 0.84 against 0.84 in 2024; short-term debt: 20% and cash: 2.3% of total assets), and 48% of the assets are financed with debt.

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Signals

Six signals. The signal on the left, the evidence on the right.

−lowers risk+raises risk○neutral

Lower-failure-rate sector

In this sector companies fail less often than the Belgian average.

Gazette · bankruptcies per sector, NACE 63

Relative position

BE, all sectors

reference

Computing infrastructure, data processing, hosting and other information service activities (NACE 63)

about 52% fewer bankruptcies

← fewer bankruptcies more bankruptcies →

Long track record

A company with a long track record statistically fails less often than a young one.

KBO · incorporation date

Age against the risk zone

Annual accounts: healthy financial profile

The latest annual accounts show a healthy profile in solvency, result and liquidity.

NBB · annual accounts 2025

Solvency, return and age of the figures

Solvency

52%

Return on assets

0.9%

Age of the figures

9 mo

Lower-risk legal form

Companies with this legal form statistically fail less often than a BV.

KBO · legal form

Higher-failure-rate region

In this region companies fail more often than in the rest of the country.

KBO · registered office

Latest accounts filed on time

The financial year that closed on 31-12-2025 was due by 31-07-2026 and was filed on 28-05-2026, 64 days ahead of the deadline.

NBB · 10 filings

Deviation from the deadline

2025

64 d early

2024

59 d early

2023

58 d early

2022

75 d early

2021

61 d early

2020

30 d early

2019

7 d early

← 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 51 days before the deadline; the sector median for financial year 2024 is 10 days before the deadline, and 32% of the sector filed late.

Checked, nothing found (2)

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.

Companies Code · seven months

Position in the running window

27-09-2026 today31-12-2026 close31-07-2027 deadline

No strike-offs in the KBO publications

We found no ex-officio strike-off or cessation. Our series starts in 2021 and has gaps, so this is not a confirmation that there is nothing.

KBO publications · our coverage

History

IPEX was incorporated on 3 July 1986.¹ Between 2004 and 2005 the company absorbed ETINCO and CARTOPRINT by merger.²³ The capital was increased 5 times between 2007 and 2025, most recently to EUR 20 million.⁴⁵⁶ The board currently has 6 members; SPARAXIS has served longest, since 2017.⁷ Revenue grew from EUR 12 million in 2018 to EUR 32 million in 2025 and headcount from 41.4 to 49.1 full-time equivalents.⁸

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Financials · fiscal year 2025, full schema

In the rankings #1 company by total assets in Tubize, Telecoms and IT sector #1 company by equity in Tubize, Telecoms and IT sector #1 oldest company in Tubize, Telecoms and IT sector

Turnover

€31.7m▲ 4.9%

2024 · €30.2m

EBIT margin

2.2%▼ 0.1pp

2024 · 2.3%

Net result

€401,498▼ 7.2%

2024 · €432,868

Working capital

-€1.4m▼ 12.1%

2024 · -€1.3m

Trend over the years

Chart Table

Click a name to add, emphasise or remove a line.

Every figure with its change against the fiscal year before

favourable unfavourable

Line20212022202320242025

Turnover€20.8m▲ 27.9%€22.3m▲ 7.1%€26.6m▲ 19.1%€30.2m▲ 13.7%€31.7m▲ 4.9%

Operating result€626,712▲ 1,447%€122,031▼ 80.5%€768,581▲ 530%€687,817▼ 10.5%€691,990▲ 0.6%

Net result€602,922▲ 1,930%€61,224▼ 89.8%€550,222▲ 799%€432,868▼ 21.3%€401,498▼ 7.2%

EBIT margin3.0%▲ 2.8pp0.5%▼ 2.5pp2.9%▲ 2.3pp2.3%▼ 0.6pp2.2%▼ 0.1pp

Equity€1.8m▲ 49.7%€1.9m▲ 3.5%€2.3m▲ 25.7%€2.7m▲ 16.0%€23.1m▲ 754%

Total assets€9.4m▲ 14.9%€9.4m▼ 0.3%€12.7m▲ 34.5%€12.5m▼ 1.5%€44.5m▲ 257%

Debt€7.6m▲ 8.9%€7.5m▼ 1.5%€10.3m▲ 37.1%€9.8m▼ 5.5%€21.3m▲ 119%

Working capital€368,985▼ 11.8%-€267,848-€857,553▼ 220%-€1.3m▼ 47.9%-€1.4m▼ 12.1%

Staff (FTE)46.5▼ 0.4%45.2▼ 2.8%47▲ 4.0%46.3▼ 1.5%49.1▲ 6.0%

Why a figure moved sharply

2025 Equity +754% on 2024. Capital increase of €8,000,000 (Official Gazette 30-10-2025). Capital increase of €12,000,000 (Official Gazette 30-10-2025).
2025 Total assets +257% on 2024. Capital increase of €12,000,000 (Official Gazette 30-10-2025).
2023 Net result +799% on 2022. Cause not known from the registers.
2022 Net result -90% on 2021. Cause not known from the registers.
2021 Net result +1,930% on 2020. Cause not known from the registers.

Result per fiscal year

Operating resultNet result

The operating result recovers in 2025; 2025 is 1% above 2024.

Balance-sheet composition

2025 in colour, 2024 as the grey bar beneath

Assets €44.5m

83.2%

16.8%

Fixed assets €37.0m ▲ 556%

Current assets €7.5m ▲ 9.7%

Equity and liabilities €44.5m

52.0%

48.0%

Equity €23.1m ▲ 754%

Debt €21.3m ▲ 119%

Debt's share of the balance-sheet total falls from 78.3% to 48.0%. Equity and debt are higher.

Key figures and ratios

2025 value · change against 2024

EBITDA

€3.1m▲

2024 · €2.8m

Cash flow

€2.8m▲

2024 · €2.5m

Current ratio

0.84▼

2024 · 0.84

Quick ratio

0.78▲

2024 · 0.77

Debt to equity

0.92▼

2024 · 3.60

ROE

1.7%▼

2024 · 16.0%

ROA

0.9%▼

2024 · 3.5%

Interest coverage

11.74▲

2024 · 11.20

Debt ≤ 1 year

€8.9m▲

2024 · €8.1m

Debt > 1 year

€12.3m▲

2024 · €1.6m

Income taxes

€5,906▲

2024 · €4,745

Staff costs

€3.9m▲

2024 · €3.6m

Green means a favourable move, even when the figure itself falls: as with debt or debt to equity.

Annual accounts

OverviewIncome statement Balance sheet Cash flow

Filed annual accounts As filed with the NBB · 2025 against 2024 · 87 lines

Balance sheet Code20242025

Assets

Total assets20/58€12.5m€44.5m▲

Fixed assets21/28€5.6m€37.0m▲

Intangible fixed assets21€2.2m€3.4m▲

Tangible fixed assets22/27€2.5m€2.6m▲

Plant, machinery and equipment23€70,564€46,445▼

Furniture and vehicles24€1.1m€911,381▼

Leasing and similar rights25€518,324€499,207▼

Other tangible fixed assets26€828,765€1.1m▲

Financial fixed assets28€903,375€31.0m▲

Affiliated companies280/1€897,727€31.0m▲

Participating interests280€897,727€31.0m▲

Other financial fixed assets284/8€5,648€5,648=

Amounts receivable and cash guarantees285/8€5,648€5,648=

Current assets29/58€6.8m€7.5m▲

Stocks and contracts in progress3€609,270€537,361▼

Stocks30/36€609,270€537,361▼

Goods purchased for resale34€609,270€537,361▼

Amounts receivable within one year40/41€4.6m€5.6m▲

Trade receivables40€4.6m€5.4m▲

Other amounts receivable41-€160,000

Cash at bank and in hand54/58€1.2m€1.0m▼

Deferred charges and accrued income490/1€406,765€356,912▼

Equity and liabilities

Total equity and liabilities10/49€12.5m€44.5m▲

Equity10/15€2.7m€23.1m▲

Contributions10/11€254,000€20.3m▲

Capital10€254,000€20.3m▲

Issued capital100€254,000€20.3m▲

Reserves13€34,876€54,951▲

Non-distributable reserves130/1€25,400€45,475▲

Legal reserve130€25,400€45,475▲

Distributable reserves133€9,476€9,476=

Profit (loss) carried forward14€2.4m€2.8m▲

Investment grants15€26,831€62,292▲

Amounts payable17/49€9.8m€21.3m▲

Amounts payable after more than one year17€1.6m€12.3m▲

Financial debts170/4€1.6m€12.3m▲

Subordinated loans170€66,667€33,333▼

Leasing and similar obligations172€240,409€342,616▲

Credit institutions173€1.3m€11.9m▲

Amounts payable within one year42/48€8.1m€8.9m▲

Current portion of amounts payable after more than one year42€714,451€2.2m▲

Financial debts43€2.2m€1.7m▼

Credit institutions430/8€2.2m€1.7m▼

Trade debts44€3.5m€3.5m▲

Suppliers440/4€3.5m€3.5m▲

Advances received on contracts in progress46€890,185€819,216▼

Taxes, remuneration and social security45€695,452€805,789▲

Taxes450/3€252,057€254,034▲

Remuneration and social security454/9€443,395€551,754▲

Other amounts payable47/48€153,495-

Accrued charges and deferred income492/3€95,889€115,947▲

Income statement Code20242025

Operating income70/76A€31.4m€33.5m▲

Turnover70€30.2m€31.7m▲

Own construction capitalised72€199,711€170,829▼

Other operating income74€934,862€869,591▼

Non-recurring operating income76A€11,610€761,338▲

Operating charges60/66A€30.7m€32.8m▲

Goods for resale, raw materials and consumables60€20.4m€20.8m▲

Purchases600/8€20.4m€20.8m▲

Change in stocks: decrease (increase)609-€59,496€71,909▲

Services and other goods61€4.6m€5.7m▲

Remuneration, social security and pensions62€3.6m€3.9m▲

Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630€2.1m€2.4m▲

Write-downs on stocks, contracts in progress and trade receivables: additions (reversals)631/4€322€9,847▲

Other operating charges640/8€16,330€22,256▲

Non-recurring operating charges66A€9,242€569▼

Operating profit (loss)9901€687,817€691,990▲

Financial income75/76B€27,761€39,881▲

Recurring financial income75€27,761€39,881▲

Income from financial fixed assets750€20,852€34▼

Other financial income752/9€6,910€39,847▲

Financial charges65/66B€277,965€324,468▲

Recurring financial charges65€277,965€324,468▲

Debt charges650€248,719€266,599▲

Other financial charges652/9€29,246€57,869▲

Profit (loss) for the period before taxes9903€437,612€407,404▼

Income taxes67/77€4,745€5,906▲

Taxes670/3€4,745€5,906▲

Profit (loss) for the period9904€432,868€401,498▼

Profit (loss) for the period to be appropriated9905€432,868€401,498▼

Appropriation of the result

Profit (loss) to be appropriated9906€2.4m€2.8m▲

Profit (loss) brought forward from the previous period14P€2.0m€2.4m▲

Transfer to equity691/2-€20,075

To the legal reserve6920-€20,075

Profit to be distributed694/7€40,000-

Directors or managers695€40,000-

Social balance

Average headcount (FTE)908746.349.1▲

The notes to these accounts (106 items: statements of assets and debts, cost breakdowns, rights and commitments) are not shown here.

Line	2021	2022	2023	2024	2025	Change
Operating income70/76A	€21.4m	€22.9m	€27.7m	€31.4m	€33.5m	▲ 6.9%
Turnover70	€20.8m	€22.3m	€26.6m	€30.2m	€31.7m	▲ 4.9%
Change in stocks of work in progress, finished goods and contracts in progress71	-€29,736	-€28,665	-€31,680	-	-	-
Own construction capitalised72	€160,814	€200,802	€212,524	€199,711	€170,829	▼ 14.5%
Other operating income74	€445,055	€455,177	€904,758	€934,862	€869,591	▼ 7.0%
Non-recurring operating income76A	€16,156	€8,629	€20,192	€11,610	€761,338	▲ 6,458%
Operating charges60/66A	€20.8m	€22.8m	€26.9m	€30.7m	€32.8m	▲ 7.0%
Goods for resale, raw materials and consumables60	€13.6m	€14.5m	€17.6m	€20.4m	€20.8m	▲ 2.4%
Purchases600/8	€13.7m	€14.6m	€17.7m	€20.4m	€20.8m	▲ 1.7%
Change in stocks: decrease (increase)609	-€57,000	-€60,089	-€99,593	-€59,496	€71,909	▲ 221%
Services and other goods61	€3.0m	€3.7m	€4.0m	€4.6m	€5.7m	▲ 23.5%
Remuneration, social security and pensions62	€3.0m	€3.2m	€3.6m	€3.6m	€3.9m	▲ 6.6%
Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630	€1.1m	€1.4m	€1.7m	€2.1m	€2.4m	▲ 16.2%
Write-downs on stocks, contracts in progress and trade receivables: additions (reversals)631/4	€1,547	-€3,106	-€148	€322	€9,847	▲ 2,954%
Other operating charges640/8	€23,465	€29,889	€29,730	€16,330	€22,256	▲ 36.3%
Non-recurring operating charges66A	-	€5,774	€9,497	€9,242	€569	▼ 93.8%
Operating profit (loss)9901	€626,712	€122,031	€768,581	€687,817	€691,990	▲ 0.6%
Financial income75/76B	€180,627	€109,594	€50,558	€27,761	€39,881	▲ 43.7%
Recurring financial income75	€180,627	€109,594	€50,558	€27,761	€39,881	▲ 43.7%
Income from financial fixed assets750	€96,000	€69,000	€42,000	€20,852	€34	▼ 99.8%
Other financial income752/9	€84,627	€40,594	€8,558	€6,910	€39,847	▲ 477%
Financial charges65/66B	€184,414	€167,171	€260,254	€277,965	€324,468	▲ 16.7%
Recurring financial charges65	€184,414	€167,171	€260,254	€277,965	€324,468	▲ 16.7%
Debt charges650	€155,606	€135,985	€229,389	€248,719	€266,599	▲ 7.2%
Other financial charges652/9	€28,808	€31,186	€30,866	€29,246	€57,869	▲ 97.9%
Profit (loss) for the period before taxes9903	€622,926	€64,454	€558,885	€437,612	€407,404	▼ 6.9%
Income taxes67/77	€20,004	€3,230	€8,663	€4,745	€5,906	▲ 24.5%
Taxes670/3	€20,004	€3,230	€8,663	€4,745	€5,906	▲ 24.5%
Profit (loss) for the period9904	€602,922	€61,224	€550,222	€432,868	€401,498	▼ 7.2%
Profit (loss) for the period to be appropriated9905	€602,922	€61,224	€550,222	€432,868	€401,498	▼ 7.2%

Line	2021	2022	2023	2024	2025	Change
Assets
Total assets20/58	€9.4m	€9.4m	€12.7m	€12.5m	€44.5m	▲ 257%
Fixed assets21/28	€3.1m	€3.1m	€5.5m	€5.6m	€37.0m	▲ 556%
Intangible fixed assets21	€1.3m	€1.6m	€2.1m	€2.2m	€3.4m	▲ 53.5%
Tangible fixed assets22/27	€1.8m	€1.4m	€2.5m	€2.5m	€2.6m	▲ 2.7%
Plant, machinery and equipment23	€107,666	€85,867	€103,259	€70,564	€46,445	▼ 34.2%
Furniture and vehicles24	€96,189	€190,460	€1.3m	€1.1m	€911,381	▼ 14.8%
Leasing and similar rights25	€1.0m	€625,782	€669,481	€518,324	€499,207	▼ 3.7%
Other tangible fixed assets26	€584,926	€491,569	€452,786	€828,765	€1.1m	▲ 32.4%
Financial fixed assets28	€67,087	€128,587	€903,375	€903,375	€31.0m	▲ 3,330%
Affiliated companies280/1	€61,439	€122,939	€897,727	€897,727	€31.0m	▲ 3,351%
Participating interests280	€61,439	€122,939	€897,727	€897,727	€31.0m	▲ 3,351%
Other financial fixed assets284/8	€5,648	€5,648	€5,648	€5,648	€5,648	=
Amounts receivable and cash guarantees285/8	€5,648	€5,648	€5,648	€5,648	€5,648	=
Current assets29/58	€6.3m	€6.3m	€7.2m	€6.8m	€7.5m	▲ 9.7%
Amounts receivable after more than one year29	€600,000	€300,000	-	-	-	-
Other amounts receivable291	€600,000	€300,000	-	-	-	-
Stocks and contracts in progress3	€450,436	€481,860	€549,773	€609,270	€537,361	▼ 11.8%
Stocks30/36	€450,436	€481,860	€549,773	€609,270	€537,361	▼ 11.8%
Finished goods33	€60,345	€31,680	-	-	-	-
Goods purchased for resale34	€390,091	€450,180	€549,773	€609,270	€537,361	▼ 11.8%
Amounts receivable within one year40/41	€4.0m	€4.3m	€5.7m	€4.6m	€5.6m	▲ 21.5%
Trade receivables40	€3.3m	€3.3m	€5.4m	€4.6m	€5.4m	▲ 18.0%
Other amounts receivable41	€660,999	€920,948	€309,162	-	€160,000	-
Cash at bank and in hand54/58	€1.1m	€1.1m	€795,870	€1.2m	€1.0m	▼ 16.7%
Deferred charges and accrued income490/1	€146,888	€178,515	€153,466	€406,765	€356,912	▼ 12.3%
Equity and liabilities
Total equity and liabilities10/49	€9.4m	€9.4m	€12.7m	€12.5m	€44.5m	▲ 257%
Equity10/15	€1.8m	€1.9m	€2.3m	€2.7m	€23.1m	▲ 754%
Contributions10/11	€254,000	€254,000	€254,000	€254,000	€20.3m	▲ 7,874%
Capital10	€254,000	€254,000	€254,000	€254,000	€20.3m	▲ 7,874%
Issued capital100	€254,000	€254,000	€254,000	€254,000	€20.3m	▲ 7,874%
Reserves13	€34,876	€34,876	€34,876	€34,876	€54,951	▲ 57.6%
Non-distributable reserves130/1	€25,400	€25,400	€25,400	€25,400	€45,475	▲ 79.0%
Legal reserve130	€25,400	€25,400	€25,400	€25,400	€45,475	▲ 79.0%
Distributable reserves133	€9,476	€9,476	€9,476	€9,476	€9,476	=
Profit (loss) carried forward14	€1.4m	€1.5m	€2.0m	€2.4m	€2.8m	▲ 15.9%
Investment grants15	€67,658	€68,866	€46,134	€26,831	€62,292	▲ 132%
Provisions and deferred taxes16	-	€24,500	-	-	-	-
Provisions for liabilities and charges160/5	-	€24,500	-	-	-	-
Other liabilities and charges164/5	-	€24,500	-	-	-	-
Amounts payable17/49	€7.6m	€7.5m	€10.3m	€9.8m	€21.3m	▲ 119%
Amounts payable after more than one year17	€1.7m	€926,351	€1.6m	€1.6m	€12.3m	▲ 687%
Financial debts170/4	€1.7m	€926,351	€1.6m	€1.6m	€12.3m	▲ 687%
Subordinated loans170	€766,667	€433,333	€100,000	€66,667	€33,333	▼ 50.0%
Leasing and similar obligations172	€869,358	€486,414	€283,047	€240,409	€342,616	▲ 42.5%
Credit institutions173	€51,318	€6,603	€1.2m	€1.3m	€11.9m	▲ 849%
Amounts payable within one year42/48	€5.9m	€6.6m	€8.0m	€8.1m	€8.9m	▲ 10.1%
Current portion of amounts payable after more than one year42	€884,441	€762,048	€982,609	€714,451	€2.2m	▲ 204%
Financial debts43	€1.2m	€1.6m	€2.4m	€2.2m	€1.7m	▼ 24.6%
Credit institutions430/8	€1.2m	€1.6m	€2.4m	€2.2m	€1.7m	▼ 24.6%
Trade debts44	€2.3m	€2.4m	€2.8m	€3.5m	€3.5m	▲ 0.5%
Suppliers440/4	€2.3m	€2.4m	€2.8m	€3.5m	€3.5m	▲ 0.5%
Advances received on contracts in progress46	€776,180	€840,493	€786,189	€890,185	€819,216	▼ 8.0%
Taxes, remuneration and social security45	€726,859	€623,475	€1.0m	€695,452	€805,789	▲ 15.9%
Taxes450/3	€256,295	€143,854	€491,619	€252,057	€254,034	▲ 0.8%
Remuneration and social security454/9	€470,564	€479,621	€514,343	€443,395	€551,754	▲ 24.4%
Other amounts payable47/48	€35,000	€347,342	€50,000	€153,495	-	-
Accrued charges and deferred income492/3	€15,305	€38,170	€658,593	€95,889	€115,947	▲ 20.9%

Line	2021	2022	2023	2024	2025	Change
Profit (loss) for the period9904	€602,922	€61,224	€550,222	€432,868	€401,498	▼ 7.2%
+ Depreciation and write-downs630	€1.1m	€1.4m	€1.7m	€2.1m	€2.4m	▲ 16.2%
Operating cash flow (approximation)	€1.7m	€1.4m	€2.2m	€2.5m	€2.8m	▲ 12.2%
Investment in fixed assets (approximation)	-	-€1.4m	-€4.1m	-€2.3m	-€33.8m	▼ 1,400%
Change in cash	-	-€65,947	-€278,466	€411,908	-€202,125	▼ 149%

Simplified and derived: a Belgian filing has no cash-flow statement, so these rows come from the income statement and the balance-sheet moves.

Download as CSV

Timeline · acts, filings and financial milestones

All 40Financial 4Gazette 26Filings 10

Next filing, fiscal year 2026, expected by 31-07-2027

2026

20-07

State Gazette act Reappointment: C2 Réviseurs et Associés SRL (statutory auditor)

2 facts ▸

General meeting, 19-05-2026
Auditor reappointment, C2 Réviseurs et Associés SRL

28-05

NBB filing Annual accounts filed

fiscal year 2025 · full schema

2025

31-12

Financial Equity above €10mEq €23.1m ▲754%

8 profitable years in a row build equity to €23.1m.

30-10

State Gazette act Resignation: Wallonie Entreprendre (director)

Appointment: ON LINE MANAGEMENT (non-statutory director) · Permanent representative: Colin Cobbaert · Reappointments: VADIMO (director) and SPARAXIS (director)18 facts ▸

General meeting, 16-10-2025
Capital increase, €8.000.000
Capital increase, €12.000.000
Capital, €20.254.000
Director resignation, Wallonie Entreprendre (director)
Director appointment, ON LINE MANAGEMENT (non-statutory director)
Permanent representative, Colin Cobbaert
Director reappointment, VADIMO (director)
Director reappointment, SPARAXIS (director)
Board composition, ON LINE MANAGEMENT (director)
Board composition, VADIMO (managing director)
Board composition, SPARAXIS (director)
+6 further facts in this act

02-06

NBB filing Annual accounts filed

fiscal year 2024 · full schema

2024

19-06

State Gazette act Reappointment: C2 Réviseurs et associé SRL (statutory auditor)

2 facts ▸

General meeting, 21-05-2024
Auditor reappointment, C2 Réviseurs et associé SRL

03-06

NBB filing Annual accounts filed

fiscal year 2023 · full schema

2023

31-12

Financial Equity above €2mEq €2.3m ▲25.7%

6 profitable years in a row build equity to €2.3m.

07-06

State Gazette act Reappointments: VADIMO SA (managing director) and SPAXARIS SA (director)

Permanent representatives: Rodolphe van der Straten Waillet, Yves Meurice and Vincent Vandrepol · Resignation: SOGEPA SA (Société Wallonne de Gestion et de Participations SA) (director) · Appointment: Wallonie Entreprendre (director)8 facts ▸

General meeting, 16-05-2023
Director reappointment, VADIMO SA (managing director)
Permanent representative, Rodolphe van der Straten Waillet
Director reappointment, SPAXARIS SA (director)
Permanent representative, Yves Meurice
Director resignation, SOGEPA SA (Société Wallonne de Gestion et de Participations SA) (director)
Director appointment, Wallonie Entreprendre (director)
Permanent representative, Vincent Vandrepol

17-05

NBB filing Annual accounts filed

fiscal year 2022 · full schema

06-01

State Gazette act Purpose · Statutes amendment

Purpose change · Capital · Power of attorney5 facts ▸

General meeting, 15-11-2022
Purpose change, La société a pour objet et pourra accomplir, en Belgique et à l'étranger, tant pour elle-même que pour le compte de tous tiers ou en participation avec ceux-ci,…
Statutes amendment
Capital, €254.000
Power of attorney, Organe d'administration

2022

31-05

NBB filing Annual accounts filed

fiscal year 2021 · full schema

Show earlier events

2021

31-12

Financial Highest result since 2018net €602,922 ▲1,930%

Net result €602,922, the highest in the series.

26-07

State Gazette act Reappointment: C2 REVISEURS ET ASSOCIES (statutory auditor)

2 facts ▸

General meeting, 25-06-2021
Auditor reappointment, C2 REVISEURS ET ASSOCIES

01-07

NBB filing Annual accounts filed

fiscal year 2020 · full schema

2020

24-07

NBB filing Annual accounts filed

fiscal year 2019 · full schema

2019

31-12

Financial Weakest financial yearnet €29,457 ▼91.7%

Net result drops to €29,457, the lowest in the series; recovery starts the following year.

06-06

NBB filing Annual accounts filed

fiscal year 2018 · full schema

2018

12-11

State Gazette act Permanent representative: VANDREPOL Vincent

1 fact ▸

Permanent representative, VANDREPOL Vincent (permanent representative)

05-11

State Gazette act Reappointment: Cabinet C² Réviseurs et Associés SCRL (statutory auditor)

2 facts ▸

General meeting, 15-05-2018
Auditor reappointment, Cabinet C² Réviseurs et Associés SCRL

29-05

NBB filing Annual accounts filed

fiscal year 2017 · full schema

2017

26-06

State Gazette act Resignation: RODINVEST (director)

Appointment: VADIMO S.A. (director) · Reappointments: SOCIETE WALLONNE DE GESTION ET DE PARTICIPATIONS S.A. (SOGEPA) (director) and SPARAXIS S.A. (director)6 facts ▸

General meeting, 16-05-2017
Director resignation, RODINVEST (director)
Director appointment, VADIMO S.A. (director)
Director reappointment, SOCIETE WALLONNE DE GESTION ET DE PARTICIPATIONS S.A. (SOGEPA) (director)
Director reappointment, SPARAXIS S.A. (director)
Director appointment, VADIMO S.A. (managing director)

31-05

NBB filing Annual accounts filed

fiscal year 2016 · full schema

2016

12-04

State Gazette act Reappointment: C² REVISEURS & ASSOCIES (statutory auditor)

Capital decrease · Capital · Statutes amendment6 facts ▸

General meeting, 17-03-2016
Capital decrease, €900.114,03
Capital, €254.000
Statutes amendment
Auditor reappointment, C² REVISEURS & ASSOCIES
Power of attorney, Conseil d'administration

2014

27-10

State Gazette act Permanent representative: SERVAIS Simon

1 fact ▸

Permanent representative, SERVAIS Simon (permanent representative)

2013

18-12

State Gazette act Permanent representative: CLOSSEN Charles

Mandate term2 facts ▸

Permanent representative, CLOSSEN Charles (permanent representative)
Mandate term, jusqu'à notification, par lettre recommandée, au Conseil d'administration de la S.A. IPEX, du retrait des pouvoirs de CLOSSEN Charles

2012

02-07

State Gazette act Reappointments: RODINVEST (managing director) and C2 Réviseurs et Associés (commissaire aux comptes)

Permanent representative: Rodolphe van der Straten Waillet4 facts ▸

General meeting, 06-06-2012
Director reappointment, RODINVEST (managing director)
Permanent representative, Rodolphe van der Straten Waillet
Auditor reappointment, C2 Réviseurs et Associés (commissaire aux comptes)

25-01

State Gazette act Capital & shares · Statutes amendment

Capital increase · Capital decrease · Power of attorney8 facts ▸

General meeting, 14-12-2011
Capital increase, €412.061,11
Capital increase, €253.314,58
Capital increase, €400.000
Capital decrease, €1.200.000
Statutes amendment
Power of attorney, Emmanuel CALAY
Power of attorney, Emmanuel CALAY

2011

12-10

State Gazette act Resignation: SOVERIN (director)

Permanent representative: Huyts Jean-François3 facts ▸

Board meeting, 08-09-2011
Director resignation, SOVERIN (director)
Permanent representative, Huyts Jean-François

10-08

State Gazette act Appointments: SOCIETE WALLONNE DE GESTION ET DE PARTICIPATIONS (director) and SPARAXIS SA (director)

Permanent representatives: TRINON Sophie, MEURICE Yves and 3 others · Resignations: W. INVEST SA (director) and WAUKINT SA (director)10 facts ▸

General meeting, 30-06-2011
Director appointment, SOCIETE WALLONNE DE GESTION ET DE PARTICIPATIONS (director)
Permanent representative, TRINON Sophie
Director appointment, SPARAXIS SA (director)
Permanent representative, MEURICE Yves
Director resignation, W. INVEST SA (director)
Permanent representative, WAUCQUEZ Gaëtan
Director resignation, WAUKINT SA (director)
Permanent representative, WAUCQUEZ Loїc
Permanent representative, van der STRATEN Rodolphe

02-02

State Gazette act Resignation: FIJETI (director)

2 facts ▸

Board meeting, 24-11-2010
Director resignation, FIJETI (director)

31-01

State Gazette act Capital & shares · Statutes amendment

Capital increase · Capital decrease · Capital8 facts ▸

General meeting, 23-12-2010
Capital increase, €750.000,05
Capital increase, €836.057,29
Capital decrease, €5.319.000
Capital increase, €400.000
Capital, €1.288.738,34
Statutes amendment
Waiver of preferential subscription, Les actionnaires présents ou représentés ont renoncé à leur droit de souscription préférentielle (résolutions 4 et 12)

2010

14-12

State Gazette act Reappointment: WAUKINT (director)

Permanent representative: Loïc Waucquez3 facts ▸

General meeting, 28-06-2010
Director reappointment, WAUKINT (director)
Permanent representative, Loïc Waucquez

21-01

State Gazette act Capital & shares · Statutes amendment

Capital increase4 facts ▸

General meeting, 23-12-2009
Capital increase, €1.150.000
Statutes amendment
Statutes amendment

2009

31-12

State Gazette act Resignation: Geoffroy Jacobs (director)

2 facts ▸

Board meeting, 06/10/2009
Director resignation, Geoffroy Jacobs (director)

02-02

State Gazette act Capital & shares · Statutes amendment

Share issue · Power of attorney · Partnership agreement6 facts ▸

General meeting, 15-01-2009
Share issue, parts bénéficiaires, 54688
Statutes amendment
Power of attorney
Partnership agreement, Convention de partenariat du 8 décembre 2008 fixant les termes et conditions des parts bénéficiaires
Pre emptive rights renunciation, Renonciation au droit de souscription préférentielle

2007

03-08

State Gazette act Resignation: AMAURY de CROMBRUGGHE (director)

Capital increase · Capital · Director discharge5 facts ▸

General meeting, 19-07-2007
Capital increase, €350.000
Capital, €2.330.000
Director resignation, AMAURY de CROMBRUGGHE (director)
Director discharge, AMAURY de CROMBRUGGHE

2005

10-10

State Gazette act Capital & shares · Statutes amendment · Restructuring

Merger · Accounting effect · Dissolution9 facts ▸

General meeting, 07/09/2005
Merger, 07/09/2005
Accounting effect, 01/01/2005
Dissolution, 07-09-2005
Share cancellation, 605
Power of attorney
Shareholding, 100%
Accounting basis, 31/12/2004
General meeting, 07/09/2005

2004

05-08

State Gazette act Restructuring

Merger · Accounting effect · Dissolution7 facts ▸

General meeting, 30-06-2004
Merger, 30-06-2004
Accounting effect, 01-01-2004
Dissolution, 30-06-2004
Share cancellation, 1250
Power of attorney, SCRL DELVAUX, FRONVILLE, SERVAIS et Associés
Power of attorney, IPEX

08-06

State Gazette act Restructuring · Miscellaneous

Merger1 fact ▸

Merger, 03-05-2004

Financial milestoneState Gazette actNBB filingFinancial milestones sit on the fiscal year-end date, not the filing date.

26 of 27 acts read

About the unread acts

Of the 27 Belgian State Gazette acts we know for this company, 26 have been read. The other one 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

6 directors, 1 in day-to-day management, last change in 2025

Board 6

SPARAXIS

Director · since 16-05-2017 · Public limited company · perm. rep.: Yves Meurice

Current

Wallonie Entreprendre

Director · since 16-05-2023 · Public limited company · perm. rep.: Vincent Vandrepol

Current

ON LINE MANAGEMENT

Non-statutory director · since 16-10-2025 · Legal entity · perm. rep.: Colin Cobbaert

Current

SPARAXIS

Director · Legal entity

Current

VADIMO

Director · Legal entity

Current

SPAXARIS SA

Director · Legal entity · from a recent act

Current

4 not recently confirmed

Still in office according to the acts, but no act of the last six years confirms the mandate. It has often ended since, in an act we have not read.

WAUKINT

Director · since 28-06-2010 · Public limited company · perm. rep.: Loïc Waucquez

Not recently confirmed

SOCIETE WALLONNE DE GESTION ET DE PARTICIPATIONS

Director · since 15-02-2011 · Legal entity · perm. rep.: TRINON Sophie

Not recently confirmed

Sparaxis SA

Director · since 15-02-2011 · Legal entity · perm. rep.: MEURICE Yves

Not recently confirmed

VADIMO

Director · since 16-05-2017 · Public limited company · perm. rep.: Rodolphe van der Straten Waillet

Not recently confirmed

Day-to-day management 1

VADIMO

Managing director · since 16-05-2017 · Public limited company · perm. rep.: Rodolphe van der Straten Waillet

Current

1 not recently confirmed

Still in office according to the acts, but no act of the last six years confirms the mandate. It has often ended since, in an act we have not read.

RODINVEST

Managing director · since 06-06-2012 · Legal entity · perm. rep.: Rodolphe van der Straten Waillet

Not recently confirmed

Permanent representatives 3

Yves Meurice

Permanent representative · since 16-05-2017 · for SPARAXIS

Current

Vincent Vandrepol

Permanent representative · since 16-05-2023 · for Wallonie Entreprendre

Current

Colin Cobbaert

Permanent representative · since 16-10-2025 · for ON LINE MANAGEMENT

Current

3 not recently confirmed

Still in office according to the acts, but no act of the last six years confirms the mandate. It has often ended since, in an act we have not read.

Loïc Waucquez

Permanent representative · since 28-06-2010 · for WAUKINT

Not recently confirmed

TRINON Sophie

Permanent representative · since 15-02-2011 · for SOCIETE WALLONNE DE GESTION ET DE PARTICIPATIONS

Not recently confirmed

Rodolphe van der Straten Waillet

Permanent representative · since 16-05-2017 · for VADIMO

Not recently confirmed

Statutory auditor 1

C2 Réviseurs et Associés SRL

Auditor · since 19-05-2026

Current

"From a recent act": read from a Gazette act not yet processed into our list of directors.

Derived from published Gazette acts. The CBE keeps the official list of function holders; we do not read it, so the two can differ. See the function holders in the CBE →

Not every act has been read: a resignation may be missing here

1 of this company's 27 Belgian State Gazette acts has not been read yet. Appointments and resignations recorded in them are missing above: a director who resigned there may therefore still show here as sitting. The acts are in the Timeline.

Location & real-estate footprint

Registered office, Tubize · 1 establishment unit since 2001

seat establishment approximate The establishment unit on the map

Ground area

4,866 m²

Building footprint

1,557 m²

Volume, LiDAR

9,878 m³

Parcel 25097C0567/00R000, Wallonia · tallest building 7.9 m, ±2 floors. Linked by address, not a title deed.

1 establishment unit

IPEX

Avenue Landas 5, 1480 TubizeNACE 3001001

since 20012.036.453.335

1 parcel

Wallonia 1 (100%)

Parcel (capakey)	Region	Area	Buildings	Height / fl.
25097C0567/00R000	Wallonia	4,866 m²	1 · 1,557 m²	7.9 m · 2 fl.

Linked by address, not proof of ownership

Good to know

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

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

Mandate history

24 people since 2007, 12 in office

All 24 In office 12 Ended 12

Board
Day-to-day management
Statutory auditor
not recently confirmed
began earlier

Mandates per person, with start and end dates
Name	Functions and periods
SPARAXIS	Director, already before 16-05-2017 to date
VADIMO	Director, from 16-05-2017 not ended, last confirmed 26-06-2017 Managing director, from 16-05-2017 to date
Wallonie Entreprendre	Director, from 16-05-2023 to date
SPAXARIS SAfrom an act	Director, already before 07-06-2023 to date
ON LINE MANAGEMENT	Non-statutory director, from 16-10-2025 to date
SPARAXIS	Director, already before 30-10-2025 to date
VADIMO	Director, already before 30-10-2025 to date
C2 Réviseurs et Associés SRL	Auditor, from 19-05-2026 to date
WAUKINT	Director, already before 28-06-2010 not ended, last confirmed 14-12-2010
SOCIETE WALLONNE DE GESTION ET DE PARTICIPATIONS	Director, from 15-02-2011 not ended, last confirmed 26-06-2017
Sparaxis SA	Director, from 15-02-2011 not ended, last confirmed 10-08-2011
RODINVEST	Managing director, already before 06-06-2012 not ended, last confirmed 02-07-2012
C2 Réviseurs et associé SRL	Auditor, from 21-05-2024 to 19-05-2026
WALLONIE ENTREPRENDRE	Director, until 16-10-2025
Cabinet C² Réviseurs et Associés SCRL	Auditor, from 15-05-2018 to 21-05-2024
SOGEPA SA (Société Wallonne de Gestion et de Participations SA)	Director, until 16-05-2023
C² REVISEURS & ASSOCIES	Auditor, from 06-06-2012 to 15-05-2018
RODINVEST	Director, until 16-05-2017
SOVERIN	Director, until 30-09-2011
W. Invest SA	Director, until 16-06-2011
WAUKINT SA	Director, until 16-06-2011
FIJETI	Director, until 24-11-2010
Geoffroy Jacobs	Director, until 31-12-2009
AMAURY DE CROMBRUGGHE	Director, until 19-07-2007

Show all 24 people Show the first 12See the board, name and seat on a given date →

Structure & network

Owners and holdings

3 owners · 3 holdings · 5 subsidiaries in the tree

Owners 3

Wallonie Entreprendre

Sourceaccounts Wallonie Entreprendre 2025

22.34%+ 4.67% via subsidiaries
SOCIETE REGIONALE D'INVESTISSEMENT DE WALLONIE, EN ABREGE : S.R.I.W.

Sourceaccounts SOCIETE REGIONALE D'INVESTISSEMENT DE WALLONIE, EN ABREGE : S.R.I.W. 2022

19.52%
BELUFLO

Sourceaccounts BELUFLO 31-07-2025

4.97%

Holdings 3

IPEX Vlaanderensubsidiary

Sourceown accounts 2025
Equity €7.0mResult €7,183

100%
VENTURISsubsidiary

Sourceown accounts 2025 accounts VENTURIS 2025
Equity €8.9mResult €1.6m

100%
IPEX Liègesubsidiary

Sourceown accounts 2025
Equity €504,462Result €32,132

99.99%

Stated earlier (1)

An older source named these holdings; newer accounts no longer list them.

CARTOPRINT

Sourceact 10-10-2005

100%

All subsidiaries, including indirect ones 5

Companies in which this company or one of its subsidiaries holds more than half, or which it consolidates according to the LEI register.

IPEX Vlaanderen 100%
VENTURIS 100%2 subsidiaries
- LEXHUB PORTUGALPT 100%
- VENTURIS TUNISIETN 100%
IPEX Liège 99.99%

According to the 2025 annual accounts of IPEX 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

23 connected companies

Depth

Shared directors

This company Company Director Shareholding +N: links not shown yet Click a node to look further, drag to arrange, scroll to zoom.

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Shared corporate director

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Shared corporate director

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Shared corporate director

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Shared corporate director

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Acquisitions and mergers

2 transactions

Took over:CARTOPRINT

BE 0405.010.335merger by absorption · State Gazette act of 10-10-2005 · effective 07-09-2005

Took over:ETINCO

BE 0436.523.457merger by absorption · State Gazette act of 05-08-2004 (2 acts) · effective 30-06-2004

Capital and shareholders

Capital over the years

30-10-2025 Capital increase of 8,000,000 EUR · to 8,254,000 EUR · 16,766,627 new shares · in kind
30-10-2025 Capital increase of 12,000,000 EUR · to 20,254,000 EUR · 25,149,939 new shares · in cash
06-01-2023 Capital stated in the act · 254,000 EUR · 83,833,131 shares
12-04-2016 Capital reduction of 900,114.03 EUR · to 254,000 EUR · to absorb losses
25-01-2012 Capital increase of 412,061.11 EUR · to 1,700,799.45 EUR · 8,305,005 new shares · in kind
25-01-2012 Capital increase of 253,314.58 EUR · to 1,954,114.03 EUR · 5,105,502 new shares · in kind
25-01-2012 Capital increase of 400,000 EUR · to 2,354,114.03 EUR · 38,175,224 new shares · in cash
25-01-2012 Capital reduction of 1,200,000 EUR · to 1,154,114.03 EUR · to absorb losses

Show 6 older capital entries

31-01-2011 Capital increase of 750,000.05 EUR · to 5,371,681.05 EUR · 15,000,001 new shares · in cash
31-01-2011 Capital increase of 836,057.29 EUR · to 6,207,738.34 EUR · 8,061,850 new shares · in kind
31-01-2011 Capital reduction of 5,319,000 EUR · to 888,738.34 EUR · to absorb losses
31-01-2011 Capital increase of 400,000 EUR · to 1,288,738.34 EUR · 8,061,850 new shares · in cash
21-01-2010 Capital increase of 1,150,000 EUR · to 4,621,681 EUR · 359,374 new shares · “apport de créances”
03-08-2007 Capital increase of 350,000 EUR · to 2,330,000 EUR · 54,688 new shares · in kind

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Of 2,727 companies in sector 63100 we hold annual accounts for 1,271. 91 are within a factor 10 of this equity. The 5 above are the closest to it. See the whole sector

Identification & contact

Identification

Legal formPublic limited company

Founded03-07-1986

Fiscal year end31-12

Activities, NACEBEL 2025

63100Computing infrastructure, data processing, hosting and related activities

18120Other printing

53200Other postal and courier activities

82910Office administrative, office support and other business support activities

E-invoicing

Reachable via Peppol

Peppol ID 0208:0429119090

Registered 07-01-2026

Scores and ratios are computed by Checked and are not a credit decision.