IPM Printing
Open bankruptcyA bankruptcy procedure is open for IPM Printing according to publications in the Belgian State Gazette; curator: BART DE MOOR.
Summary
The 2024 annual accounts show negative equity (-€163,491) and a net result of -€203,374.
Are you a creditor?
Open bankruptcy
Source: Belgian Official Gazette
If this company owes you money, you are not paid automatically: you file your claim yourself, within the deadline the judgment sets.
The procedure
- Court
- Enterprise Court of Brussels
- Declared bankrupt
- 14 July 2026
- Supervising judge
- Frank Van Gool
- Official Gazette
- 27-07-2026 (pdf) ↗search the document for 2026/133191
Deadlines
- Provisional date payments stopped
- 14 July 2026A later judgment can change the date.art. XX.105 CEL
- Appeal or third-party opposition until
- passed on 11 August 2026Fifteen days after the publication in the Official Gazette.art. XX.108 CEL
- File the claim in RegSol until
- passed on 13 August 2026art. XX.104 and XX.155 CEL
- First verification report
- passed on 19 August 2026Goods that belong to you, such as those delivered under retention of title, are reclaimed before this day.art. XX.104 and XX.194 CEL
- Late claim until
- 14 July 2027Late, you share only in what has not been paid out yet, and the costs are yours.art. XX.165 CEL
Curator
- Bart De MoorRegentschapsstraat 52, 1000 Brussel 1bart.demoor@strelia.com
What to do now
- Do not deliver on credit any more without an agreement with the curator.
- Gather your documents: invoices, purchase orders, contract, delivery notes and reminders.
- File your proof of claim in RegSol (regsol.be), yourself with eID or itsme, or through your lawyer. State principal, interest and costs separately, and any preferential right you hold.
- Delivered under retention of title? Reclaim your goods before the first report on the verification of claims.
- Ask your accountant about the VAT on the unpaid invoices: in a bankruptcy it can be recovered under conditions.
- Follow the file in RegSol: the verification report (admitted or disputed) and the curator's reports appear there.
The deadlines above come from the publication of the judgment. Check them in RegSol before you file anything; a passed deadline no longer applies.
File a claim in RegSol ↗
Watch
Follow this bankruptcy: you are alerted when it is closed or reversed.
General information, not legal advice. If in doubt, the curator, your lawyer or your accountant can help.Creditor guide for this company
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Signals
Four signals. The signal on the left, the evidence on the right.
+raises risk○neutral
raises risk · Negative equity
The 2024 annual accounts show negative equity and a net loss.
NBB · annual accounts 2024Equity per financial year
18192021222324
2018 to 2024 · latest year -€163,491
neutral · Filed after the deadline
The financial year that closed on 31-12-2024 was due by 31-07-2025 and was filed on 29-09-2025, 60 days later. For context: 47% of the Belgian market files late and the whole 1-to-90-day band measures 2.0% abnormal legal state against a 1.66% average. We show this as a fact and do not score it.
NBB · 5 filingsDeviation from the deadline
2025
not confirmed
2024
60 d late
2023
26 d early
2022
60 d late
2021
31 d late
2020
19 d early
← before the deadline
after the deadline →
tick = median of all Belgian filingsring = median in the sector
This company filed its last 5 accounts on average 21 days after the deadline; the sector median for financial year 2024 is 6 days before the deadline, and 38% of the sector filed late.
Checked, nothing found (1)
History
Go further with this company
Who ran this company, and where was it based, on a date before the end?Company as of a date Is the registered address a letterbox address or a business centre?Addresses Are there other customers at risk in your own list?List enrichment How is the Printing and reproduction of recorded media sector doing?Sector figures
Investigating this company? Keep it with today's facts in a case file.
Financials · fiscal year 2024, full schema
Turnover
€3.3m▼ 40.4%
2019 · €5.6m
EBIT margin
-1.3%▼ 0.9pp
2019 · -0.3%
Net result
-€203,374
2023 · €877
Working capital
-€289,074▼ 256%
2023 · -€81,180
Trend over the years
Click a name to add, emphasise or remove a line.Band: the middle half (P25 to P75) of NACE 18, Printing and reproduction of recorded media, 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
Line20202021202220232024
Turnover€3.3m▼ 40.4%
Operating result-€42,841▼ 124%-€49,842▼ 16.3%-€24,751▲ 50.3%€3,144-€195,509
Net result-€29,826below the sector's middle half▼ 29.0%-€54,297below the sector's middle half▼ 82.0%-€10,075below the sector's middle half▲ 81.4%€877within the sector's middle half-€203,374below the sector's middle half
EBIT margin-1.3%▼ 0.9pp
Equity€103,378within the sector's middle half▼ 22.4%€49,080below the sector's middle half▼ 52.5%€39,006below the sector's middle half▼ 20.5%€39,882below the sector's middle half▲ 2.2%-€163,491below the sector's middle half
Total assets€944,298within the sector's middle half▼ 33.3%€1.2mwithin the sector's middle half▲ 26.3%€918,754within the sector's middle half▼ 22.9%€952,523within the sector's middle half▲ 3.7%€656,338within the sector's middle half▼ 31.1%
Debt€840,921▼ 34.5%€1.1m▲ 35.9%€879,748▼ 23.0%€912,641▲ 3.7%€819,829▼ 10.2%
Working capital-€200,780below the sector's middle half▲ 6.1%-€204,740below the sector's middle half▼ 2.0%-€125,516below the sector's middle half▲ 38.7%-€81,180below the sector's middle half▲ 35.3%-€289,074below the sector's middle half▼ 256%
Solvency10.9%below the sector's middle half▲ 1.5pp4.1%below the sector's middle half▼ 6.8pp4.2%below the sector's middle half▲ 0.1pp4.2%below the sector's middle half▼ 0.1pp-24.9%below the sector's middle half▼ 29.1pp
Current ratio0.74below the sector's middle half▼ 0.080.81below the sector's middle half▲ 0.070.84below the sector's middle half▲ 0.030.91below the sector's middle half▲ 0.060.65below the sector's middle half▼ 0.26
Return on assets (ROA)-3.2%below the sector's middle half▼ 1.5pp-4.6%below the sector's middle half▼ 1.4pp-1.1%below the sector's middle half▲ 3.5pp0.1%within the sector's middle half▲ 1.2pp-31.0%below the sector's middle half▼ 31.1pp
Staff (FTE)5.7within the sector's middle half▼ 36.0%5within the sector's middle half▼ 12.3%3.8within the sector's middle half▼ 24.0%6.1within the sector's middle half▲ 60.5%6.6within the sector's middle half▲ 8.2%
above
within
below
the middle half (P25 to P75) of NACE 18, Printing and reproduction of recorded media, each year against the same schema; no band under 30 filings.
Result per fiscal year
Operating resultNet result
The operating result turns negative in 2024: a loss of €195,509 after €3,144 in 2023, the lowest result in the available series.
Balance-sheet composition
2024 in colour, 2023 as the grey bar beneath
Assets €656,338
Fixed assets
€128,378 ▼ 26.8%
Current assets
€527,960 ▼ 32.1%
Key figures and ratios
EBITDA
-€148,659▼
2023 · €54,470
Cash flow
-€156,524▼
2023 · €52,203
Debt to equity
-5.01▼
2023 · 22.88
Interest coverage
-20.66▼
2023 · 6.08
Debt ≤ 1 year
€817,034▼
2023 · €858,315
Income taxes
€738▲
2023 · €500
Staff costs
€584,509▲
2023 · €555,106
Green means a favourable move, even when the figure itself falls: as with debt or debt to equity.
Annual accounts
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | Change |
|---|---|---|---|---|---|---|
| Turnover70 | €3.3m | - | - | - | - | - |
| Non-recurring operating income76A | - | €6,250 | €383 | €4,028 | - | - |
| Remuneration, social security and pensions62 | - | €307,233 | €268,841 | €555,106 | €584,509 | ▲ 5.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €57,046 | €57,185 | €56,507 | €51,326 | €46,850 | ▼ 8.7% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals)631/4 | - | €1,714 | - | -€1,970 | €560 | ▲ 128% |
| Other operating charges640/8 | - | €2,122 | €2,242 | - | - | - |
| Gross operating margin9900 | €345,158 | €318,412 | €302,840 | €607,605 | €436,410 | ▼ 28.2% |
| Operating profit (loss)9901 | -€42,841 | -€49,842 | -€24,751 | €3,144 | -€195,509 | ▼ 6,318% |
| Financial income75/76B | - | €4 | €20,044 | €7,187 | €70 | ▼ 99.0% |
| Recurring financial income75 | €20,440 | €4 | €20,044 | €7,187 | €70 | ▼ 99.0% |
| Financial charges65/66B | - | €4,816 | €5,724 | €8,954 | €7,197 | ▼ 19.6% |
| Recurring financial charges65 | €6,623 | €4,816 | €5,724 | €8,954 | €7,197 | ▼ 19.6% |
| Profit (loss) for the period before taxes9903 | -€29,025 | -€54,655 | -€10,431 | €1,377 | -€202,636 | ▼ 14,820% |
| Income taxes67/77 | €801 | -€358 | -€356 | €500 | €738 | ▲ 47.6% |
| Profit (loss) for the period9904 | -€29,826 | -€54,297 | -€10,075 | €877 | -€203,374 | ▼ 23,300% |
| Profit (loss) for the period to be appropriated9905 | -€29,826 | -€54,297 | -€10,075 | €877 | -€203,374 | ▼ 23,300% |
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | Change |
|---|---|---|---|---|---|---|
| Assets | ||||||
| Total assets20/58 | €944,298 | €1.2m | €918,754 | €952,523 | €656,338 | ▼ 31.1% |
| Fixed assets21/28 | €374,319 | €314,645 | €240,086 | €175,388 | €128,378 | ▼ 26.8% |
| Intangible fixed assets21 | €279,650 | €232,800 | €185,950 | €139,100 | €92,250 | ▼ 33.7% |
| Tangible fixed assets22/27 | €27,691 | €18,855 | €7,948 | - | - | - |
| Plant, machinery and equipment23 | - | €115 | - | - | - | - |
| Leasing and similar rights25 | - | €18,740 | €7,948 | - | - | - |
| Financial fixed assets28 | €66,978 | €62,990 | €46,188 | €36,288 | €36,128 | ▼ 0.4% |
| Current assets29/58 | €569,980 | €877,660 | €678,668 | €777,135 | €527,960 | ▼ 32.1% |
| Amounts receivable within one year40/41 | €517,068 | €803,525 | €650,508 | €715,218 | €518,443 | ▼ 27.5% |
| Trade receivables40 | - | €803,525 | €650,508 | €715,218 | €518,443 | ▼ 27.5% |
| Cash at bank and in hand54/58 | €52,911 | €74,135 | €28,080 | €61,755 | €9,349 | ▼ 84.9% |
| Deferred charges and accrued income490/1 | - | - | €79 | €162 | €168 | ▲ 3.6% |
| Equity and liabilities | ||||||
| Total equity and liabilities10/49 | €944,298 | €1.2m | €918,754 | €952,523 | €656,338 | ▼ 31.1% |
| Equity10/15 | €103,378 | €49,080 | €39,006 | €39,882 | -€163,491 | ▼ 510% |
| Contributions10/11 | €62,000 | €62,000 | €62,000 | €62,000 | €62,000 | = |
| Capital10 | - | €62,000 | €62,000 | €62,000 | €62,000 | = |
| Issued capital100 | - | €62,000 | €62,000 | €62,000 | €62,000 | = |
| Reserves13 | €6,200 | €6,200 | €6,200 | €6,200 | €6,200 | = |
| Non-distributable reserves130/1 | - | €6,200 | €6,200 | €6,200 | €6,200 | = |
| Legal reserve130 | - | €6,200 | €6,200 | €6,200 | €6,200 | = |
| Profit (loss) carried forward14 | €35,178 | -€19,120 | -€29,194 | -€28,318 | -€231,691 | ▼ 718% |
| Amounts payable17/49 | €840,921 | €1.1m | €879,748 | €912,641 | €819,829 | ▼ 10.2% |
| Amounts payable after more than one year17 | €13,175 | €619 | - | - | - | - |
| Financial debts170/4 | - | €619 | - | - | - | - |
| Amounts payable within one year42/48 | €770,760 | €1.1m | €804,184 | €858,315 | €817,034 | ▼ 4.8% |
| Current portion of amounts payable after more than one year42 | - | €13,884 | - | - | - | - |
| Financial debts43 | - | €311,661 | €256,185 | €238,089 | €142,153 | ▼ 40.3% |
| Credit institutions430/8 | - | €311,661 | €256,185 | €238,089 | €142,153 | ▼ 40.3% |
| Trade debts44 | €475,446 | €648,939 | €467,245 | €447,649 | €559,359 | ▲ 25.0% |
| Suppliers440/4 | - | €648,939 | €467,245 | €447,649 | €559,359 | ▲ 25.0% |
| Taxes, remuneration and social security45 | - | €107,915 | €80,755 | €172,577 | €115,523 | ▼ 33.1% |
| Taxes450/3 | - | €71,795 | €47,365 | €58,546 | €39,836 | ▼ 32.0% |
| Remuneration and social security454/9 | - | €36,120 | €33,390 | €114,031 | €75,686 | ▼ 33.6% |
| Accrued charges and deferred income492/3 | - | €60,206 | €75,564 | €54,326 | €2,795 | ▼ 94.9% |
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | Change |
|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | -€29,826 | -€54,297 | -€10,075 | €877 | -€203,374 | ▼ 23,300% |
| + Depreciation and write-downs630 | €57,046 | €57,185 | €56,507 | €51,326 | €46,850 | ▼ 8.7% |
| Operating cash flow (approximation) | €27,221 | €2,888 | €46,433 | €52,203 | -€156,524 | ▼ 400% |
| Investment in fixed assets (approximation) | - | €2,488 | €18,052 | €13,372 | €160 | ▼ 98.8% |
| Change in cash | - | €21,223 | -€46,054 | €33,675 | -€52,406 | ▼ 256% |
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
2026
27-07
Bankruptcy
Opening
Ondernemingsrechtbank Brussel · event 14-07-2026
2025
29-09
NBB filing
Annual accounts filed
fiscal year 2024 · full schema · 60 days late
29-09
NBB filing
Annual accounts filed
fiscal year 2024 · abbreviated schema · 60 days late
2024
31-12
Financial
Weakest financial yearnet -€203,374
Net result drops to -€203,374, the lowest in the series.
05-07
NBB filing
Annual accounts filed
fiscal year 2023 · full schema
05-07
NBB filing
Annual accounts filed
fiscal year 2023 · abbreviated schema
2023
31-12
Financial
Back to profitnet €877
Net result €877 after 4 loss-making years.
29-09
NBB filing
Annual accounts filed
fiscal year 2022 · full schema · 60 days late
29-09
NBB filing
Annual accounts filed
fiscal year 2022 · abbreviated schema · 60 days late
2022
31-08
NBB filing
Annual accounts filed
fiscal year 2021 · full schema · 31 days late
31-08
NBB filing
Annual accounts filed
fiscal year 2021 · abbreviated schema · 31 days late
2021
12-07
NBB filing
Annual accounts filed
fiscal year 2020 · full schema
12-07
NBB filing
Annual accounts filed
fiscal year 2020 · abbreviated schema
SignalFinancial milestoneNBB filingFinancial milestones sit on the fiscal year-end date, not the filing date.
0 of 34 acts read
About the unread acts
We know of 34 Belgian State Gazette acts for this company. None of them has been read yet: what they contain is neither established nor disproved here.
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Directors · office · real estate
Directors
34 acts for this company are 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, Brussel · 1 establishment unit since 1923
Ground area
4,653 m²
Building footprint
2,861 m²
Volume, LiDAR
80,518 m³
Parcel 21805E0475/00F000, Brussels · tallest building 34.5 m, ±9 floors. Linked by address, not a title deed.
355
companies at this address
See who is registered here
1 establishment unit
Kunstlaan 56, 1000 Brussel
since 19232.039.104.801
1 parcel
Brussels
1
(100%)
| Parcel (capakey) | Region | Area | Buildings | Height / fl. |
|---|---|---|---|---|
| 21805E0475/00F000 | Brussels | 4,653 m² | 1 · 2,861 m² | 34.5 m · 9 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.
Insolvency mandates
1 mandate| Role | Name | Tenure |
|---|---|---|
| Curator | BART DE MOOR REGENTSCHAPSSTRAAT 52,
1000 BRUSSEL 1 |
14-07-2026 → present |
Structure & network
Owners and holdings
1 ownerChain of control
- Zandberg
- Artoos Group
- ARTOOS
- IPM Printing
Highest known parent: Zandberg. The sources do not say who stands above it.
Owners 1
- ARTOOSparentSourceaccounts ARTOOS 202499.8%
Holdings 0
No holding stated in the accounts, acts or LEI register we read.
According to the annual accounts 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
No current directors or connected companies found in the register.
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Of 195 companies in sector 18110 we hold annual accounts for 134. 87 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
Founded01-01-1968
Fiscal year end31-12
Activities, NACEBEL 2025
18110Printing and reproduction of recorded media
E-invoicing
Not found in the Peppol register
No Peppol card under this enterprise or VAT number. That proves nothing: publishing a card is voluntary.
Register as of 28 September 2026 · Peppol Directory
Scores and ratios are computed by Checked and are not a credit decision.