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IPM Group

Active
Public limited companyfounded 1968active for 58 yearsFrankenstraat 79, 1040 Etterbeek, BelgiumKBO/BCE: BE 0403.508.716

Financials · financial year 2025, full format, standalone accounts

Annual accounts 2025 filed on 28-07-2026 at the NBB Consolidated accounts 2025 at the NBB all 84 filings

Turnover
€48.8m▼ 6.9%
2024 · €52.5m
EBIT margin
15.3%▲ 7.8pp
2024 · 7.4%
Net result
-€4.4m▼ 62.1%
2024 · -€2.7m
Working capital
-€1.7m
2024 · €9.6m
Trend over the years

2021 to 2025, 5 financial years 2018 to 2025, 8 financial years

The operating result for 2025 is 91% higher than in 2024 and the highest since 2021. It is the second rise in a row, after the fall in 2023.

Turnover€48.8m 2025 Operating result€7.5m 2025 Net result-€4.4m 2025

Turnover is what the company sold, the result is what was left of it. A loss stands below the zero line.

Use the arrow keys on the chart for the figures per year.

The sector band is the middle half of the companies in Publishing activities (NACE 58). A quarter of them sit below it, a quarter above. Each year counts only accounts in the same format, and only where there are at least 30. The dashed line is the median. There is a sector band for net result, equity, total assets, working capital, solvency, current ratio, return on assets (ROA) and staff (FTE).

Every figure with its change against the financial year before
favourable unfavourable
Line20182019202020212022202320242025
Turnover€60.4m-€59.2m▼ 2.0%€58.0m▼ 2.0%€61.6m▲ 6.1%€57.9m▼ 5.9%€56.5m▼ 2.4%€52.5m▼ 7.2%€48.8m▼ 6.9%
Operating result-€2.2m--€2.1m▲ 3.1%€11.0m-€0.1m-€3.9m▼ 3,105%-€14.1m▼ 260%€3.9m€7.5m▲ 91.3%
Net result€0.3m-€4.4m▲ 15×€14.6mabove the sector's middle half▲ 232%-€0.3mbelow the sector's middle half-€3.5mbelow the sector's middle half▼ 1,133%€15.3mabove the sector's middle half-€2.7mbelow the sector's middle half-€4.4mbelow the sector's middle half▼ 62.1%
EBIT margin-3.7%--3.6%=18.9%▲ 22.5pp-0.2%▼ 19.1pp-6.8%▼ 6.6pp-24.9%▼ 18.2pp7.4%▲ 32.3pp15.3%▲ 7.8pp
Equity€33.4m-€29.9m▼ 10.3%€27.3mabove the sector's middle half▼ 8.9%€27.0mabove the sector's middle half▼ 1.1%€23.4mabove the sector's middle half▼ 13.1%€25.4mabove the sector's middle half▲ 8.3%€22.5mabove the sector's middle half▼ 11.1%€3.1mabove the sector's middle half▼ 86.1%
Total assets€80.1m-€76.3m▼ 4.7%€80.7mabove the sector's middle half▲ 5.7%€82.7mabove the sector's middle half▲ 2.5%€76.3mabove the sector's middle half▼ 7.8%€65.3mabove the sector's middle half▼ 14.4%€61.4mabove the sector's middle half▼ 6.0%€35.6mabove the sector's middle half▼ 42.0%
Debt€46.6m-€46.2m▼ 0.7%€53.3m▲ 15.2%€55.6m▲ 4.4%€52.8m▼ 5.0%€39.9m▼ 24.5%€38.7m▼ 3.0%€32.5m▼ 16.1%
Working capital-€14.6m--€5.5m▲ 62.2%€6.5mabove the sector's middle half€0.5mwithin the sector's middle half▼ 91.9%-€7.2mbelow the sector's middle half€10.2mabove the sector's middle half€9.6mabove the sector's middle half▼ 6.0%-€1.7mbelow the sector's middle half
Solvency41.6%-39.2%▼ 2.4pp33.8%within the sector's middle half▼ 5.4pp32.6%within the sector's middle half▼ 1.2pp30.7%within the sector's middle half▼ 1.9pp38.8%within the sector's middle half▲ 8.1pp36.7%within the sector's middle half▼ 2.1pp8.8%below the sector's middle half▼ 27.9pp
Current ratio0.57-0.81▲ 0.241.17within the sector's middle half▲ 0.361.01below the sector's middle half▼ 0.150.82below the sector's middle half▼ 0.191.37within the sector's middle half▲ 0.541.35within the sector's middle half▼ 0.020.93below the sector's middle half▼ 0.42
Return on assets (ROA)0.4%-5.7%▲ 5.4pp18.0%above the sector's middle half▲ 12.3pp-0.3%within the sector's middle half▼ 18.4pp-4.6%below the sector's middle half▼ 4.3pp23.4%above the sector's middle half▲ 28.1pp-4.5%below the sector's middle half▼ 27.9pp-12.4%below the sector's middle half▼ 8.0pp
Staff (FTE)159.5-155.8▼ 2.3%158.3above the sector's middle half▲ 1.6%156.3above the sector's middle half▼ 1.3%160.9above the sector's middle half▲ 2.9%154.8above the sector's middle half▼ 3.8%149.7above the sector's middle half▼ 3.3%151.2above the sector's middle half▲ 1.0%
above within below The sector band is the middle half of the companies in Publishing activities (NACE 58). A quarter of them sit below it, a quarter above. Each year counts only accounts in the same format, and only where there are at least 30.
Large changes and their cause
  • 2025 Net result -62%, Equity -86% on 2024. Partial demerger to MAJA Group, Official Gazette 16-12-2025.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €35.6m
Fixed assets €12.6m ▼ 48.3%
Current assets €23.0m ▼ 37.9%
Equity and liabilities €35.6m
Equity €3.1m ▼ 86.1%
Provisions €0 ▼ 100%
Debt €32.5m ▼ 16.1%
Debt's share of the balance-sheet total rises from 63.1% to 91.2%. Equity and debt are lower.
Key figures and ratios
2025 value · change against 2024
EBITDA
€10.1m▲
2024 · €6.5m
Cash flow
-€1.8m▼
2024 · -€169,395
Quick ratio
0.93▼
2024 · 1.34
Debt to equity
10.37▲
2024 · 1.72
ROE
-141.4%▼
2024 · -12.1%
Interest coverage
17.82▲
2024 · 11.04
Debt ≤ 1 year
€24.8m▼
2024 · €27.5m
Debt > 1 year
€114,370▼
2024 · €3.3m
Income taxes
€147,234▲
2024 · €49,394
Customer credit
61 days▼
2024 · 72 days
Supplier credit
353 days▲
2024 · 349 days
Staff costs
€13.1m▲
2024 · €12.3m
Green means a favourable move, even when the figure itself falls, as with debt or debt to equity.

Staff

social balance sheet
Item31-12-202131-12-202231-12-202331-12-202431-12-2025
Employees at the balance-sheet date163167155153159
full-time140144131126127
part-time2323242732
in full-time equivalents156.2160.3149146.3151.7
Average over the year, in full-time equivalents156.3160.9154.8149.7151.2
On a permanent contract159166154152159
Joined3864347394
Left4260467588
Agency workers, average number---4-
Training hours1,19511,4405,8663,4484,038

Source: social balance sheet in the 2021 to 2025 annual accounts

Securities and guarantees

on own assets and for others
Item20212022202320242025
Pledge on the business----€7.1m
Carrying value of the other pledged assets€7.1m€7.1m€7.1m€20.8m€3.4m

Source: notes to the 2021 to 2025 annual accounts (statement of debts and off-balance-sheet rights and commitments)

Investments

fixed assets acquired
Item20212022202320242025
Tangible fixed assets€877,730€305,279€209,717€201,217€124,698
Intangible fixed assets€677,915€2.3m€2.2m€1.6m€1.2m
Financial fixed assets€11.6m€1.0m€4.9m€9.3m€9.1m
Depreciation and write-downs of the year€1.4m€1.3m€2.2m€2.6m€2.6m

Source: notes to the 2021 to 2025 annual accounts (statement of fixed assets)

Auditor

fees

The auditor is RSM INTERAUDIT.

Item20212022202320242025
Fee for the audit€38,816€50,990€41,430€44,799€40,475
Work by persons linked to the auditor----€30,093

Source: notes to the 2021 to 2025 annual accounts (relations with the auditor)

Group figures

consolidated accounts

IPM Group heads a group. The consolidated accounts add up the company and its subsidiaries.

Item20212022202320242025
Turnover€167.0m€176.2m€164.8m€146.2m€155.8m
Operating result€4.6m-€6.7m-€4.8m-€4.7m€461,000
Result for the year-€102,000-€12.3m€17.9m-€5.0m-€1.9m
Equity€251,000-€12.3m€9.2m€5.7m€3.5m
Total assets€108.0m€92.2m€87.7m€82.5m€87.2m

Source: 2021 to 2025 consolidated accounts

Subsidies and aid

Wallonia-Brussels Federation

2021 to 2025 · 14 entries · €10.6m in total
Year Entries Paid
2025 2 €3.5m
2024 3 €3.5m
2023 5 €3.3m
2021 4 €0.3m
Annual accounts
Filed annual accounts As filed with the NBB · 2025 against 2024 · 103 lines
Balance sheet Code20242025
Assets
Total assets20/58€61.4m€35.6m▼
Formation expenses20€0€0=
Fixed assets21/28€24.3m€12.6m▼
Intangible fixed assets21€3.5m€2.3m▼
Tangible fixed assets22/27€0.5m€0.1m▼
Plant, machinery and equipment23€0.3m€0.07m▼
Furniture and vehicles24€0.03m€0.03m▲
Other tangible fixed assets26€0.009m€0▼
Assets under construction and advance payments27€0.2m€0▼
Financial fixed assets28€20.3m€10.2m▼
Affiliated companies280/1€19.2m€9.5m▼
Participating interests280€19.2m€9.5m▼
Amounts receivable281€0€0=
Companies linked by participating interests282/3€0.4m€0.4m=
Participating interests282€0.4m€0.4m=
Other financial fixed assets284/8€0.7m€0.3m▼
Shares284€0.5m€0.03m▼
Amounts receivable and cash guarantees285/8€0.2m€0.2m=
Current assets29/58€37.1m€23.0m▼
Amounts receivable after more than one year29€413€3.7m▲
Other amounts receivable291€413€3.7m▲
Stocks and contracts in progress3€0.1m€0.06m▼
Stocks30/36€0.1m€0.06m▼
Goods purchased for resale34€0.1m€0.06m▼
Amounts receivable within one year40/41€32.7m€13.6m▼
Trade receivables40€10.4m€8.2m▼
Other amounts receivable41€22.3m€5.4m▼
Current investments50/53€0.003m€0.005m▲
Other investments51/53€0.003m€0.005m▲
Cash at bank and in hand54/58€3.8m€5.3m▲
Deferred charges and accrued income490/1€0.4m€0.4m▼
Equity and liabilities
Total equity and liabilities10/49€61.4m€35.6m▼
Equity10/15€22.5m€3.1m▼
Contributions10/11€2.8m€0.4m▼
Capital10€2.8m€0.4m▼
Issued capital100€2.8m€0.4m▼
Contributions outside capital11€0.06m€0.008m▼
Share premium1100/10€0.06m€0.008m▼
Revaluation surpluses12€0.4m€0.4m=
Reserves13€2.8m€0.4m▼
Non-distributable reserves130/1€0.3m€0.3m=
Legal reserve130€0.3m€0.3m=
Distributable reserves133€2.5m€0.08m▼
Profit (loss) carried forward14€16.5m€2.0m▼
Provisions and deferred taxes16€0.1m€0▼
Provisions for liabilities and charges160/5€0.1m€0▼
Environmental obligations163-€0
Other liabilities and charges164/5€0.1m€0▼
Amounts payable17/49€38.7m€32.5m▼
Amounts payable after more than one year17€3.3m€0.1m▼
Financial debts170/4€0.5m€0▼
Subordinated loans170€0.5m€0▼
Credit institutions173€0-
Other amounts payable178/9€2.8m€0.1m▼
Amounts payable within one year42/48€27.5m€24.8m▼
Current portion of amounts payable after more than one year42€0.06m€0.09m▲
Financial debts43€5.7m€8.4m▲
Credit institutions430/8€4.7m€5.3m▲
Other loans439€1.0m€3.1m▲
Trade debts44€10.7m€8.7m▼
Suppliers440/4€10.7m€8.7m▼
Taxes, remuneration and social security45€2.6m€2.6m▲
Taxes450/3€0.5m€0.5m▼
Remuneration and social security454/9€2.1m€2.1m▲
Other amounts payable47/48€8.4m€5.0m▼
Accrued charges and deferred income492/3€7.9m€7.6m▼
Income statement Code20242025
Operating income70/76A€70.5m€67.9m▼
Turnover70€52.5m€48.8m▼
Own construction capitalised72€0.3m€0.3m▼
Other operating income74€10.9m€9.8m▼
Non-recurring operating income76A€6.8m€9.0m▲
Operating charges60/66A€66.6m€60.5m▼
Goods for resale, raw materials and consumables60€11.2m€9.0m▼
Purchases600/8€11.2m€8.9m▼
Change in stocks: decrease (increase)609€0.002m€0.08m▲
Services and other goods61€36.0m€34.9m▼
Remuneration, social security and pensions62€12.3m€13.1m▲
Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630€2.6m€2.6m▲
Write-downs on stocks, contracts in progress and trade receivables: additions (reversals)631/4-€0.07m-€0.07m▼
Provisions for liabilities and charges: additions (uses and reversals)635/8€0.03m-€0.04m▼
Other operating charges640/8€0.4m€0.4m▼
Non-recurring operating charges66A€4.2m€0.6m▼
Operating profit (loss)9901€3.9m€7.5m▲
Financial income75/76B€2.5m€9.6m▲
Recurring financial income75€0.8m€0.7m▼
Income from financial fixed assets750€18-
Income from current assets751€0.8m€0.7m▼
Other financial income752/9€0.002m€0.02m▲
Non-recurring financial income76B€1.8m€8.9m▲
Financial charges65/66B€9.1m€21.3m▲
Recurring financial charges65€0.8m€0.7m▼
Debt charges650€0.6m€0.6m▼
Other financial charges652/9€0.2m€0.2m▼
Non-recurring financial charges66B€8.3m€20.6m▲
Profit (loss) for the period before taxes9903-€2.7m-€4.3m▼
Income taxes67/77€0.05m€0.1m▲
Taxes670/3€0.06m€0.2m▲
Tax adjustments and reversals of tax provisions77€0.007m€0.05m▲
Profit (loss) for the period9904-€2.7m-€4.4m▼
Profit (loss) for the period to be appropriated9905-€2.7m-€4.4m▼
Appropriation of the result
Profit (loss) to be appropriated9906€16.5m€2.0m▼
Profit (loss) brought forward from the previous period14P€19.2m€6.5m▼
Social balance sheet
Average headcount (FTE)9087149.7151.2▲

The notes to these accounts have 117 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 28-07-2026.

Line20182019202020212022202320242025Change
Operating income70/76A---€69.3m€65.8m€65.2m€70.5m€67.9m▼ 3.6%
Turnover70€60.4m€59.2m€58.0m€61.6m€57.9m€56.5m€52.5m€48.8m▼ 6.9%
Own construction capitalised72---€0.2m€0.4m€0.3m€0.3m€0.3m▼ 1.1%
Other operating income74---€7.6m€7.4m€8.3m€10.9m€9.8m▼ 10.3%
Non-recurring operating income76A----€0.07m€0.04m€6.8m€9.0m▲ 32.7%
Operating charges60/66A---€69.4m€69.7m€79.3m€66.6m€60.5m▼ 9.2%
Goods for resale, raw materials and consumables60---€20.3m€20.0m€15.7m€11.2m€9.0m▼ 19.4%
Purchases600/8---€20.2m€20.0m€15.7m€11.2m€8.9m▼ 20.1%
Change in stocks: decrease (increase)609---€0.09m€66€0.04m€0.002m€0.08m▲ 33×
Services and other goods61---€35.5m€35.2m€35.4m€36.0m€34.9m▼ 3.0%
Remuneration, social security and pensions62---€11.3m€12.0m€12.6m€12.3m€13.1m▲ 6.5%
Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630€0.8m€1.1m€1.3m€1.4m€1.3m€2.2m€2.6m€2.6m▲ 1.7%
Write-downs on stocks, contracts in progress and trade receivables: additions (reversals)631/4---€0.04m-€0.7m-€0.6m-€0.07m-€0.07m▼ 5.7%
Provisions for liabilities and charges: additions (uses and reversals)635/8-----€0.2m-€0.03m-€0.04m-
Other operating charges640/8---€0.4m€1.0m€0.5m€0.4m€0.4m▼ 8.9%
Non-recurring operating charges66A---€0.5m€1.0m€13.3m€4.2m€0.6m▼ 86.2%
Operating profit (loss)9901-€2.2m-€2.1m€11.0m-€0.1m-€3.9m-€14.1m€3.9m€7.5m▲ 91.3%
Financial income75/76B---€0.9m€1.7m€36.7m€2.5m€9.6m▲ 280%
Recurring financial income75€0.6m€0.5m€0.3m€0.9m€1.3m€0.7m€0.8m€0.7m▼ 11.5%
Income from financial fixed assets750---€0€0.8m-€18--
Income from current assets751---€0.9m€0.5m€0.7m€0.8m€0.7m▼ 13.7%
Other financial income752/9---€0.001m€0.02m€0.01m€0.002m€0.02m▲ 732%
Non-recurring financial income76B----€0.4m€36.0m€1.8m€8.9m▲ 408%
Financial charges65/66B---€0.8m€0.8m€7.3m€9.1m€21.3m▲ 134%
Recurring financial charges65€1.5m€1.4m€0.8m€0.6m€0.5m€0.6m€0.8m€0.7m▼ 7.3%
Debt charges650€1.3m€1.3m€0.6m€0.4m€0.3m€0.4m€0.6m€0.6m▼ 3.5%
Other financial charges652/9---€0.2m€0.2m€0.2m€0.2m€0.2m▼ 18.4%
Non-recurring financial charges66B---€0.2m€0.4m€6.7m€8.3m€20.6m▲ 148%
Profit (loss) for the period before taxes9903€0.3m€4.4m€14.9m-€0.05m-€3.1m€15.3m-€2.7m-€4.3m▼ 59.6%
Income taxes67/77€0.01m€0.04m€0.4m€0.2m€0.5m-€0.01m€0.05m€0.1m▲ 198%
Taxes670/3---€0.2m€0.5m€0.02m€0.06m€0.2m▲ 245%
Tax adjustments and reversals of tax provisions77-----€0.03m€0.007m€0.05m▲ 566%
Profit (loss) for the period9904€0.3m€4.4m€14.6m-€0.3m-€3.5m€15.3m-€2.7m-€4.4m▼ 62.1%
Profit (loss) for the period to be appropriated9905€0.3m€4.4m€14.6m-€0.3m-€3.5m€15.3m-€2.7m-€4.4m▼ 62.1%
Line20182019202020212022202320242025Change
Assets
Total assets20/58€80.1m€76.3m€80.7m€82.7m€76.3m€65.3m€61.4m€35.6m▼ 42.0%
Formation expenses20€0.06m-----€0€0-
Fixed assets21/28€60.5m€53.1m€35.5m€40.8m€43.1m€27.2m€24.3m€12.6m▼ 48.3%
Intangible fixed assets21€1.5m€2.6m€3.0m€2.3m€3.9m€4.3m€3.5m€2.3m▼ 34.1%
Tangible fixed assets22/27€1.4m€0.7m€0.5m€1.0m€0.7m€0.4m€0.5m€0.1m▼ 79.9%
Plant, machinery and equipment23---€0.1m€0.3m€0.3m€0.3m€0.07m▼ 78.1%
Furniture and vehicles24---€0.04m€0.04m€0.05m€0.03m€0.03m▲ 31.2%
Other tangible fixed assets26---€0.02m€0.01m€0.01m€0.009m€0▼ 100%
Assets under construction and advance payments27---€0.9m€0.4m€0.05m€0.2m€0▼ 100%
Financial fixed assets28€57.6m€49.8m€31.9m€37.4m€38.4m€22.4m€20.3m€10.2m▼ 49.9%
Affiliated companies280/1---€34.6m€34.6m€18.3m€19.2m€9.5m▼ 50.5%
Participating interests280---€34.6m€34.6m€18.3m€19.2m€9.5m▼ 50.5%
Amounts receivable281------€0€0-
Companies linked by participating interests282/3---€2.1m€3.1m€3.4m€0.4m€0.4m=
Participating interests282---€2.1m€3.1m€3.4m€0.4m€0.4m=
Other financial fixed assets284/8---€0.7m€0.7m€0.7m€0.7m€0.3m▼ 63.1%
Shares284---€0.5m€0.5m€0.5m€0.5m€0.03m▼ 93.4%
Amounts receivable and cash guarantees285/8---€0.2m€0.2m€0.2m€0.2m€0.2m=
Current assets29/58€19.5m€23.2m€45.2m€42.0m€33.2m€38.1m€37.1m€23.0m▼ 37.9%
Amounts receivable after more than one year29---€413€413€413€413€3.7m▲ 9,041×
Other amounts receivable291---€413€413€413€413€3.7m▲ 9,041×
Stocks and contracts in progress3€0.3m€0.3m€0.3m€0.2m€0.2m€0.1m€0.1m€0.06m▼ 56.5%
Stocks30/36---€0.2m€0.2m€0.1m€0.1m€0.06m▼ 56.5%
Goods purchased for resale34---€0.2m€0.2m€0.1m€0.1m€0.06m▼ 56.5%
Amounts receivable within one year40/41€17.3m€21.4m€34.8m€37.7m€31.8m€26.7m€32.7m€13.6m▼ 58.4%
Trade receivables40---€18.0m€12.0m€11.5m€10.4m€8.2m▼ 21.5%
Other amounts receivable41---€19.7m€19.8m€15.2m€22.3m€5.4m▼ 75.6%
Current investments50/53€0.006m€0.006m---€10.0m€0.003m€0.005m▲ 51.3%
Other investments51/53-----€10.0m€0.003m€0.005m▲ 51.3%
Cash at bank and in hand54/58€1.3m€1.2m€9.6m€3.7m€0.7m€0.7m€3.8m€5.3m▲ 37.8%
Deferred charges and accrued income490/1---€0.4m€0.5m€0.5m€0.4m€0.4m▼ 6.8%
Equity and liabilities
Total equity and liabilities10/49€80.1m€76.3m€80.7m€82.7m€76.3m€65.3m€61.4m€35.6m▼ 42.0%
Equity10/15€33.4m€29.9m€27.3m€27.0m€23.4m€25.4m€22.5m€3.1m▼ 86.1%
Contributions10/11€2.8m€2.8m€2.8m€2.8m€2.8m€2.8m€2.8m€0.4m▼ 87.3%
Capital10---€2.8m€2.8m€2.8m€2.8m€0.4m▼ 87.3%
Issued capital100---€2.8m€2.8m€2.8m€2.8m€0.4m▼ 87.3%
Contributions outside capital11---€0.06m€0.06m€0.06m€0.06m€0.008m▼ 87.3%
Share premium1100/10---€0.06m€0.06m€0.06m€0.06m€0.008m▼ 87.3%
Revaluation surpluses12---€13.8m€13.8m€0.5m€0.4m€0.4m=
Reserves13€2.8m€2.8m€2.8m€2.8m€2.8m€2.8m€2.8m€0.4m▼ 87.3%
Non-distributable reserves130/1---€0.3m€0.3m€0.3m€0.3m€0.3m=
Legal reserve130---€0.3m€0.3m€0.3m€0.3m€0.3m=
Distributable reserves133---€2.5m€2.5m€2.5m€2.5m€0.08m▼ 96.8%
Profit (loss) carried forward14-€11.2m-€6.8m€7.8m€7.5m€3.9m€19.2m€16.5m€2.0m▼ 87.7%
Provisions and deferred taxes16€0.2m€0.2m€0.2m€0.2m€0.01m€0.01m€0.1m€0▼ 100%
Provisions for liabilities and charges160/5---€0.2m€0.01m€0.01m€0.1m€0▼ 100%
Environmental obligations163-------€0-
Other liabilities and charges164/5---€0.2m€0.01m€0.01m€0.1m€0▼ 100%
Amounts payable17/49€46.6m€46.2m€53.3m€55.6m€52.8m€39.9m€38.7m€32.5m▼ 16.1%
Amounts payable after more than one year17€4.1m€9.6m€6.8m€6.6m€4.9m€4.5m€3.3m€0.1m▼ 96.6%
Financial debts170/4---€1.7m€0.9m€0.5m€0.5m€0▼ 100%
Subordinated loans170---€0.5m€0.5m€0.5m€0.5m€0▼ 100%
Credit institutions173---€1.2m€0.4m€0.02m€0--
Other amounts payable178/9---€5.0m€4.0m€4.0m€2.8m€0.1m▼ 96.0%
Amounts payable within one year42/48€34.2m€28.8m€38.7m€41.4m€40.4m€27.9m€27.5m€24.8m▼ 9.9%
Current portion of amounts payable after more than one year42---€0.8m€0.9m€0.4m€0.06m€0.09m▲ 44.4%
Financial debts43---€9.2m€6.0m€4.6m€5.7m€8.4m▲ 47.5%
Credit institutions430/8---€9.2m€6.0m€4.6m€4.7m€5.3m▲ 12.2%
Other loans439------€1.0m€3.1m▲ 221%
Trade debts44€10.8m€12.2m€14.3m€14.3m€12.8m€13.2m€10.7m€8.7m▼ 18.4%
Suppliers440/4---€14.3m€12.8m€13.2m€10.7m€8.7m▼ 18.4%
Taxes, remuneration and social security45---€3.1m€2.4m€2.6m€2.6m€2.6m▲ 0.3%
Taxes450/3---€1.2m€0.5m€0.5m€0.5m€0.5m▼ 1.1%
Remuneration and social security454/9---€1.9m€2.0m€2.1m€2.1m€2.1m▲ 0.7%
Other amounts payable47/48---€14.1m€18.4m€7.1m€8.4m€5.0m▼ 41.2%
Accrued charges and deferred income492/3---€7.5m€7.5m€7.5m€7.9m€7.6m▼ 3.8%
Line20182019202020212022202320242025Change
Profit (loss) for the period9904€0.3m€4.4m€14.6m-€0.3m-€3.5m€15.3m-€2.7m-€4.4m▼ 62.1%
+ Depreciation and write-downs630€0.8m€1.1m€1.3m€1.4m€1.3m€2.2m€2.6m€2.6m▲ 1.7%
Operating cash flow (approximation)€1.1m€5.4m€15.9m€1.1m-€2.2m€17.5m-€0.2m-€1.8m▼ 975%
Investment in fixed assets (approximation)-€6.4m€16.3m-€6.7m-€3.6m€13.6m€0.3m€9.1m▲ 28×
Change in cash--€0.2m€8.5m-€5.9m-€3.0m-€0.02m€3.1m€1.5m▼ 53.7%

A Belgian filing has no cash-flow statement. These rows are therefore an approximation, derived from the income statement and the balance-sheet moves.

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Historical observation

In July 2024, 743 companies had the same profile as IPM Group has now. Two years later, 5.1% had gone bankrupt and 86.3% were still going.

  • 20 years or older
  • solvency under 10%
  • a loss of 10% of the balance sheet or more
  • without size
5.1% went bankrupt
8.1% stopped otherwise
86.3% was still going

Another 0.5% stopped without a precise date, possibly only after those two years.

The bankruptcy probability of IPM Group itself is lower: 0.3% within 12 months. It rests on far more data about IPM Group than the profile alone.

Test of the method

The method was tested on the 497,446 companies of July 2024. Each company was given the bankruptcy share of the same profile a year earlier, in July 2023. The expectation was that 1.6% would go bankrupt within 24 months. In fact 1.7% went bankrupt.

The companies in ten equal groups, from the lowest to the highest expected share
Group Expected Actual
1 0.2% 0.2%
2 0.3% 0.5%
3 0.5% 0.6%
4 0.7% 0.8%
5 0.9% 0.9%
6 1.3% 1.5%
7 1.6% 1.8%
8 1.8% 1.8%
9 3.0% 3.1%
10 5.6% 6.2%

A company that went bankrupt had a higher expected share than one that kept going in 74.5% of comparisons. The level depends on the economy. In a year with more bankruptcies than the year before, the actual share is higher than the expected one.

This is an observation about 743 companies, not a prediction for IPM Group. The sector does not count, because the KBO no longer lists a sector for a company that has stopped. By sector, mostly the survivors would count, which would paint too rosy a picture.

Latest 10 of 84 filings with the National Bank
Financial year Type Filed Reference Document
31-12-2025 full format 28-07-2026 2026-00360598 PDF
31-12-2025 consolidated 28-07-2026 2026-00370691 PDF
31-12-2024 full format 01-07-2025 2025-00232634 PDF
31-12-2024 consolidated 01-07-2025 2025-00233629 PDF
31-12-2023 consolidated 23-10-2024 2024-00514874 PDF
31-12-2023 full format 22-07-2024 2024-00275062 PDF
31-12-2022 full format 28-07-2023 2023-00298217 PDF
31-12-2022 consolidated 28-07-2023 2023-00304557 PDF
31-12-2021 consolidated 03-08-2022 2022-20269575 PDF
31-12-2021 full format 25-07-2022 2022-20232408 PDF

Show all 84 filings

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