IPOFA
ActiveSummary
IPOFA has been active since 1998 and the Belgian Official Gazette contains no insolvency or warning signals. The 2025 annual accounts show equity of €4.6m and a net result of €560,044. Equity is growing by about 4.8% per year across the filed financial years. Its solvency ranks better than 85% of 9,770 sector peers (NACE 46, financial year 2025). The computed 12-month bankruptcy probability is 0.1% (very low).
Overview
- Staff
- 6.1 FTE
- Equity
- €4.6m
- Profit
- €560,044
- GILSON Michel Jean Albert JacquesDirector
- SALIXManaging director · permanent representative Michel Gilson
Why 97lowers riskFounded in 1998Profit of €560,044 (financial year 2025)Equity €4.6m (81.6% of total assets)Figures for financial year 2025 (filed 23-05-2026)Show the evidence
Checked score
Fewer than 1 in 1,000 comparable companies go bankrupt within 12 months (an estimate).
How it is calculated
The band follows from the bankruptcy probability, on a scale where 10 more points roughly halve it:
| 75-100 | Excellent | under 0.55% |
| 60-74 | Healthy | 0.55% to 1.5% |
| 45-59 | Fair | 1.5% to 4.2% |
| 25-44 | Weak | 4.2% to 15.0% |
| 0-24 | Critical | over 15.0% |
Where the company stands within its band depends half on the bankruptcy probability and half on how it does against its sector peers (NACE 46, micro): better than 90% on solvency, 59% on liquidity, 74% on profitability and 68% on growth.
The bankruptcy probability was computed on 26-10-2026 by the bankruptcy model of 2 October 2026, which learns from Belgian bankruptcies and reads the registers, the annual accounts and the Belgian Official Gazette.
Some facts cap the score, however low the probability. Negative or zero equity, a heavy loss, a special status in the KBO, one missing filing or accounts filed more than 90 days late hold it at Fair at most (59); two missing filings, at Weak (44). An ongoing judicial reorganisation or the company's end (bankruptcy, dissolution, liquidation) holds it at Critical at most (24).
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Signals
This company filed its last 7 accounts on average 51 days before the deadline; the sector median (NACE 46) for financial year 2024 is 3 days before the deadline, and 39% of those companies filed late.
Searched, nothing found (2)
- Resignation: Michel Gilson (director and managing…Appointment: Salix NV (director) ·…
- Annual accounts filedfinancial year 2025 · abbreviated…
- Highest result from 2018 to 2025net €560,044 ▲8.8%
Financials · financial year 2025, abbreviated format
2021 to 2025, 5 financial years 2018 to 2025, 8 financial years
After the dip in 2023 the operating result has climbed two years in a row; 2025 is 8% above 2024 and is the highest result in the available series.
What the company sold each financial year and what was left of it. A loss stands below the zero line.
What the company owns (total assets), how much of it is its own (equity) and how much it owes.
Short-term assets minus short-term debts. Above zero the company can pay its bills in the short term.
How much of each euro of turnover is left from operations (EBIT margin) and what the assets earn (return on assets).
The share of the company financed with its own means. The higher it is, the better it absorbs a shock.
Short-term assets per euro of short-term debt. Above 1 the short-term debts are covered.
Average staff in full-time equivalents (FTE).
Use the arrow keys on the chart for the figures per year.
Sector: the middle half of NACE 46, Wholesale trade: 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), Staff (FTE).
Peer companies
Historical observationOf the 31,373 companies that looked in July 2024 the way this one looks now, 0.5% went bankrupt within 24 months and 93.5% are still going.
- Micro
- 20 years or older
- solvency 30% or more
- a profit of 5% of the balance sheet or more
A further 0.1% stopped, but we cannot tell whether within those 24 months.
For this company itself Checked computes a bankruptcy probability of 0.1% over twelve months; the group does not contradict it.
How reliable is this rule?
Tested on the year before, without using that year itself: the groups of July 2023 gave each of the 497,475 companies of July 2024 its group's bankruptcy share. Expected: 1.6%; actually bankrupt within 24 months: 1.7%.
| 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% |
The rule ranks well: a company that went bankrupt got a higher share than one that kept going in 74.5% of comparisons. The level follows the economy: in a year with more bankruptcies, the actual share is higher than the year before.
An observation about 31,373 comparable companies, not a prediction for this company. The sector does not count: the register keeps no sector for companies that stopped, so it would make the outcome look better than it was.
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Remuneration, social security and pensions62 | - | - | - | €0.2m | €0.3m | €0.3m | €0.3m | €0.3m | ▲ 3.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €0.1m | €0.1m | €0.1m | €0.1m | €0.1m | €0.1m | €0.1m | €0.1m | ▲ 2.8% |
| Other operating charges640/8 | - | - | - | €0.008m | €0.008m | €0.006m | €0.007m | €0.007m | ▲ 4.4% |
| Non-recurring operating charges66A | - | - | - | - | €0.009m | €0 | - | - | - |
| Gross operating margin9900 | €0.6m | €0.5m | €0.4m | €0.8m | €1.0m | €0.9m | €1.2m | €1.3m | ▲ 6.2% |
| Operating profit (loss)9901 | €0.3m | €0.1m | €0.1m | €0.4m | €0.6m | €0.5m | €0.8m | €0.8m | ▲ 7.8% |
| Financial income75/76B | - | - | - | €0.03m | €0.03m | €0.03m | €0.03m | €0.04m | ▲ 22.1% |
| Recurring financial income75 | €0.01m | €0.02m | €0.009m | €0.03m | €0.03m | €0.03m | €0.03m | €0.04m | ▲ 22.1% |
| Financial charges65/66B | - | - | - | €0.05m | €0.05m | €0.05m | €0.07m | €0.06m | ▼ 7.9% |
| Recurring financial charges65 | €0.06m | €0.05m | €0.04m | €0.05m | €0.05m | €0.05m | €0.07m | €0.06m | ▼ 7.9% |
| Profit (loss) for the period before taxes9903 | €0.2m | €0.07m | €0.06m | €0.4m | €0.6m | €0.5m | €0.8m | €0.8m | ▲ 9.7% |
| Income taxes67/77 | €0.08m | €0.02m | €0.01m | €0.1m | €0.2m | €0.1m | €0.2m | €0.3m | ▲ 11.7% |
| Profit (loss) for the period9904 | €0.2m | €0.05m | €0.05m | €0.3m | €0.4m | €0.3m | €0.5m | €0.6m | ▲ 8.8% |
| Profit (loss) for the period to be appropriated9905 | €0.2m | €0.05m | €0.05m | €0.3m | €0.4m | €0.3m | €0.5m | €0.6m | ▲ 8.8% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Assets | |||||||||
| Total assets20/58 | €4.3m | €4.2m | €4.4m | €4.4m | €4.7m | €4.8m | €5.0m | €5.6m | ▲ 12.1% |
| Fixed assets21/28 | €0.9m | €0.8m | €0.7m | €0.6m | €0.5m | €0.5m | €0.3m | €0.2m | ▼ 27.5% |
| Tangible fixed assets22/27 | €0.9m | €0.8m | €0.7m | €0.6m | €0.5m | €0.5m | €0.3m | €0.2m | ▼ 27.8% |
| Land and buildings22 | - | - | - | €0.3m | €0.2m | €0.2m | €0.1m | €0.05m | ▼ 54.0% |
| Plant, machinery and equipment23 | - | - | - | €0.2m | €0.2m | €0.2m | €0.2m | €0.1m | ▼ 12.5% |
| Furniture and vehicles24 | - | - | - | €0.04m | €0.02m | €0.07m | €0.05m | €0.04m | ▼ 13.6% |
| Financial fixed assets28 | €0.003m | €0.003m | €0.003m | €0.003m | €0.003m | €0.003m | €0.003m | €0.003m | = |
| Current assets29/58 | €3.4m | €3.4m | €3.7m | €3.9m | €4.2m | €4.3m | €4.7m | €5.3m | ▲ 14.9% |
| Stocks and contracts in progress3 | €2.6m | €2.5m | €2.4m | €2.6m | €3.0m | €3.2m | €3.0m | €2.9m | ▼ 4.4% |
| Stocks30/36 | - | - | - | €2.6m | €3.0m | €3.2m | €3.0m | €2.9m | ▼ 4.4% |
| Amounts receivable within one year40/41 | €0.2m | €0.09m | €0.2m | €0.2m | €0.2m | €0.2m | €0.06m | €0.09m | ▲ 47.1% |
| Trade receivables40 | - | - | - | €0.1m | €0.1m | €0.1m | €0.02m | €0.05m | ▲ 118% |
| Other amounts receivable41 | - | - | - | €0.04m | €0.05m | €0.1m | €0.04m | €0.05m | ▲ 11.1% |
| Current investments50/53 | - | - | - | - | - | €0.5m | €1.2m | €2.0m | ▲ 66.7% |
| Cash at bank and in hand54/58 | €0.6m | €0.8m | €1.1m | €1.1m | €1.0m | €0.4m | €0.4m | €0.4m | ▼ 2.7% |
| Deferred charges and accrued income490/1 | - | - | - | €0.01m | €0.008m | €0.001m | €0.001m | €0.008m | ▲ 13× |
| Equity and liabilities | |||||||||
| Total equity and liabilities10/49 | €4.3m | €4.2m | €4.4m | €4.4m | €4.7m | €4.8m | €5.0m | €5.6m | ▲ 12.1% |
| Equity10/15 | €3.1m | €3.2m | €3.2m | €3.5m | €3.6m | €3.7m | €4.1m | €4.6m | ▲ 12.5% |
| Contributions10/11 | €0.7m | €0.7m | €0.7m | €0.7m | €0.7m | €0.7m | €0.7m | €0.7m | = |
| Capital10 | - | - | - | €0.7m | €0.7m | €0.7m | €0.7m | €0.7m | = |
| Issued capital100 | - | - | - | €0.7m | €0.7m | €0.7m | €0.7m | €0.7m | = |
| Reserves13 | €2.4m | €2.5m | €2.5m | €2.8m | €2.9m | €3.0m | €3.4m | €3.9m | ▲ 15.2% |
| Non-distributable reserves130/1 | - | - | - | €0.07m | €0.07m | €0.07m | €0.07m | €0.07m | = |
| Legal reserve130 | - | - | - | €0.07m | €0.07m | €0.07m | €0.07m | €0.07m | = |
| Tax-exempt reserves132 | - | - | - | €0.001m | €0.001m | €0.001m | €0.001m | €0.001m | = |
| Distributable reserves133 | - | - | - | €2.8m | €2.8m | €2.9m | €3.3m | €3.8m | ▲ 15.5% |
| Profit (loss) carried forward14 | - | - | - | - | €0 | €0 | €0 | €0 | - |
| Amounts payable17/49 | €1.2m | €1.0m | €1.1m | €0.9m | €1.0m | €1.1m | €0.9m | €1.0m | ▲ 10.3% |
| Amounts payable after more than one year17 | €0.1m | €0.06m | €0.002m | €0.002m | €0.002m | €0.002m | €0.002m | €0.002m | = |
| Other amounts payable178/9 | - | - | - | €0.002m | €0.002m | €0.002m | €0.002m | €0.002m | = |
| Amounts payable within one year42/48 | €1.0m | €0.9m | €1.1m | €0.9m | €1.0m | €1.0m | €0.9m | €1.0m | ▲ 10.4% |
| Current portion of amounts payable after more than one year42 | - | - | - | €0 | - | - | - | - | - |
| Trade debts44 | €0.2m | €0.1m | €0.2m | €0.1m | €0.1m | €0.1m | €0.1m | €0.2m | ▲ 34.8% |
| Suppliers440/4 | - | - | - | €0.1m | €0.1m | €0.1m | €0.1m | €0.2m | ▲ 34.8% |
| Advances received on contracts in progress46 | - | - | - | €0.04m | €0.1m | €0.1m | €0.06m | €0.09m | ▲ 54.4% |
| Taxes, remuneration and social security45 | - | - | - | €0.2m | €0.2m | €0.2m | €0.2m | €0.2m | ▲ 14.0% |
| Taxes450/3 | - | - | - | €0.1m | €0.1m | €0.2m | €0.2m | €0.2m | ▲ 8.8% |
| Remuneration and social security454/9 | - | - | - | €0.03m | €0.04m | €0.07m | €0.02m | €0.04m | ▲ 49.0% |
| Other amounts payable47/48 | - | - | - | €0.6m | €0.6m | €0.5m | €0.5m | €0.5m | ▼ 2.6% |
| Accrued charges and deferred income492/3 | - | - | - | €0.03m | €0.03m | €0.04m | €0.04m | €0.04m | ▲ 7.3% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €151,601 | €52,232 | €54,588 | €280,834 | €427,538 | €312,851 | €514,615 | €560,044 | ▲ 8.8% |
| + Depreciation and write-downs630 | €120,865 | €114,718 | €112,202 | €120,320 | €121,362 | €136,522 | €139,301 | €143,177 | ▲ 2.8% |
| Operating cash flow (approximation) | €272,466 | €166,950 | €166,790 | €401,154 | €548,900 | €449,373 | €653,916 | €703,221 | ▲ 7.5% |
| Investment in fixed assets (approximation) | - | -€978 | -€27,890 | -€15,000 | -€31,501 | -€96,517 | -€13,877 | -€52,363 | ▼ 277% |
| Change in cash | - | €219,524 | €249,432 | €57,995 | -€126,639 | -€642,375 | €28,404 | -€10,552 | - |
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 27 filings with the National Bank
| Financial year | Type | Filed | Reference |
|---|---|---|---|
| 31-12-2025 | abbreviated format | 18-05-2026 | 2026-00119034 |
| 31-12-2024 | abbreviated format | 15-05-2025 | 2025-00097947 |
| 31-12-2023 | abbreviated format | 12-06-2024 | 2024-00130764 |
| 31-12-2022 | abbreviated format | 08-06-2023 | 2023-00116802 |
| 31-12-2021 | abbreviated format | 13-07-2022 | 2022-20191856 |
| 31-12-2020 | abbreviated format | 24-06-2021 | 2021-24200054 |
| 31-12-2019 | abbreviated format | 09-06-2020 | 2020-16200499 |
| 31-12-2018 | abbreviated format | 26-06-2019 | 2019-24200323 |
| 31-12-2017 | abbreviated format | 06-06-2018 | 2018-16600591 |
| 31-12-2016 | abbreviated format | 09-06-2017 | 2017-16500174 |
Similar companies · same sector, comparable size
Subsidies and aid
Flemish government
2025 · 1 entry · €273 awarded · €273 paidPublic contracts: No European public contracts awarded found since October 2016. Contracts below the EU thresholds are not in TED.
Directors
Board 2
Day-to-day management 1
Permanent representatives 1
Not every act has been read: a resignation may still be missing
Mandate history
- Board
- Day-to-day management
- began earlier
| Name | Functions and periods |
|---|---|
| GILSON Michel Jean Albert Jacques |
|
| SALIX |
|
| Michel Gilson |
|
| BALTOGIANNIS Christos |
|
Owners and capital
Capital and shareholders
- GILSON Michel Jean Albert Jacques 2,260 shares
The Belgian Official Gazette names shareholders only when an act mentions them; the share register itself is not published.
- 22-01-2024 Capital stated in the deed · €1,200,000 · 2,260 shares
Group and network
Connections & network
1 connected companyThe connected companies are in the list below.
History
Acts, filings and financial milestones
16-06
Gazette deed
Resignation: Michel Gilson (director and managing director)Appointment: Salix NV (director) · Permanent representative: Michel Gilson6 facts ▸
- General meeting, 11-05-2026
- Director resignation, Michel Gilson (director and managing director)
- Director appointment, Salix NV (director)
- Board meeting, 11-05-2026
- Director appointment, Salix NV (managing director)
- Permanent representative, Michel Gilson
22-01
Gazette deed
Resignations: GILSON Michel Jean Albert Jacques (director) and BALTOGIANNIS Christos (director)Appointment: GILSON Michel Jean Albert Jacques (statutory director) · Purpose change · Shareholding16 facts ▸
- General meeting, “eenparigheid van stemmen, buitengewone algemene vergadering van de aandeelhouders” (deed in Dutch)
- Other provision, “ontslag van voorlezing verslag wijziging doel, artikel 7:154 Wetboek van Vennootschappen en Verenigingen” (deed in Dutch)
- Purpose change
- Other provision, “verviervoudiging aantal aandelen”, 4 (deed in Dutch)
- Shareholding, 2260, “Stapelvoorde 12,8380 Brugge” (deed in Dutch)
- Capital, €1,200,000
- Director resignation, GILSON Michel Jean Albert Jacques (director (not named in the articles))
- Director resignation, BALTOGIANNIS Christos (director (not named in the articles))
- Director discharge, GILSON Michel Jean Albert Jacques
- Director discharge, BALTOGIANNIS Christos
- Director appointment, GILSON Michel Jean Albert Jacques (statutory director)
- Other provision, “aanpassing statuten aan Wetboek van vennootschappen en verenigingen, Naamloze vennootschap” (deed in Dutch)
- +4 further facts in this act
About the unread acts
Of the 6 Belgian Official Gazette deeds we know for this company, 2 have been read. The other 4 have not been read yet: what they contain is neither established nor disproved here.
Register details
If you follow this company, Checked tells you the day it leaves the Peppol register.
Register as of 26 October 2026 · Peppol Directory
Scores and ratios are computed by Checked and are not a credit decision.
Environmental permits: No permit applications found in Flanders. Brussels and Wallonia do not publish the applicant.
Sites & property
2 establishment units
2 parcels
| Cadastral parcel | Region | Area | Buildings | Height / floors |
|---|---|---|---|---|
| 31332E0075/00_000 | Flanders | 135 m² | 1 · 135 m² | 22.6 m · 6 |
| 31332E0076/00A000 | Flanders | 128 m² | 1 · 128 m² | 26.4 m · 7 |
How the parcels are linked
Articles of association
What the company does
- DurationHow long the company exists; usually unlimited, so until it is dissolved.
- Unlimited
- Name clauseThe name the company operates under according to its articles.
- IPOFA
- Registered office clauseThe region of the registered office; it decides among other things the language of official documents.
- “Vlaams Gewest” (deed in Dutch)
Who represents it, and how
- Who signsWho may bind the company towards others, for example by signing a contract.
- The sole director“*De enige bestuurder mag het dagelijks bestuur van de vennootschap, evenals de vertegenwoordiging wat dat bestuur aangaat, aan één of…”
Full text
*De enige bestuurder mag het dagelijks bestuur van de vennootschap, evenals de vertegenwoordiging wat dat bestuur aangaat, aan één of meerdere personen opdragen die dan de titel van “dagelijks bestuurder” of “directeur” draagt, die gezamenlijk of als college optreden. *De vennootschap wordt in en buiten rechte rechtsgeldig verbonden door de enige bestuurder alleen. *De vennootschap wordt eveneens in en buiten rechte rechtsgeldig vertegenwoordigd wat het dagelijks bestuur aangaat door de dagelijks bestuurders en/of directeurs die optreden als bepaald bij hun benoeming.
- Board ruleHow the board is made up, meets and takes decisions.
- “1, geheel bevoegdheden bestuursorgaan aan enige bestuurder” (deed in Dutch)“Alle rechtshandelingen noodzakelijk of nuttig voor verwezenlijking voorwerp, bij wet voorbehouden aan algemene vergadering” (deed in Dutch)
Capital, shares and profit
- Kind of sharesWhich classes of shares exist and what rights each class carries.
- “Bestaande aandelen” (deed in Dutch)
Meetings and financial year
- Annual meetingWhen the shareholders meet each year, among other things to approve the annual accounts.
- Second Monday of May
Oversight and winding up
- Dissolution ruleWhen and by whom the company can be dissolved.
- “Vrijwillige ontbinding slechts door buitengewone algemene vergadering van aandeelhouders mits naleving voorschriften Wetboek van…” (deed in Dutch)