IPPAS INDUSTRIAL ACQUISITIONS
ActiveIPPAS INDUSTRIAL ACQUISITIONS has been active since 1985 and the Belgian State Gazette contains no insolvency or warning signals. The 2025 annual accounts show equity of €117.42M and a net result of €308k. Equity is shrinking by ~17.5% per year across the filed fiscal years. Its solvency ranks better than 95% of 73 sector peers (fiscal year 2025). The computed 12-month bankruptcy probability is 0.2% (very low).
Checked score
Score 2025
72
/ 100
Healthy
The score weighs solvency, liquidity and profitability. Bankruptcy probability contributes 35%. Every signal that weighs is under Signals.
Axes · tick = 2023
Profitability38▲+38
Solvency100=
Growth22▼-10
Track record100
Bankruptcy probability, 12 months
0.2%
Very low
0%0.5%1.5%4%10%≥ 25%
Credit up to €180k at 30 days acceptable
Liquidity ample (current ratio 22.99 against 35.59 in 2023; short-term debt: 4.4% and cash: 0% of total assets), and 4.4% of the assets are financed with debt.
Credit advice for your own amount and term
Signals
Seven signals. The signal on the left, the evidence on the right.
−lowers risk+raises risk○neutral
lowers risk · Annual accounts: healthy financial profile
The latest annual accounts show a healthy profile in solvency, result and liquidity.
NBB · annual accounts 2025Solvency, return and age of the figures
Solvency
95.6%
Return on assets
0.3%
Age of the figures
12 mo
lowers risk · Long track record
A company with a long track record statistically fails less often than a young one.
KBO · incorporation dateAge against the risk zone
raises risk · Higher-failure-rate sector
In this sector companies fail more often than the Belgian average.
Gazette · bankruptcies per sector, NACE 17
Relative position
BE, all sectors
reference
Sector 17
higher
← fewer bankruptcies
more bankruptcies →
neutral · Latest accounts filed on time
The financial year that closed on 30-09-2025 was due by 30-04-2026 and was filed on 30-04-2026, 0 days ahead of the deadline.
NBB · 10 filingsDeviation from the deadline
2025
on the day
2024
12 d early
2023
35 d early
2022
81 d early
2021
81 d early
2020
84 d early
2019
80 d early
← before the deadline
after the deadline →
neutral · The next deadline is still running
The next financial year closes on 30-09-2026 and is due by 30-04-2027. Nothing is late today.
Companies Code · seven monthsPosition in the running window
19-09-2026 today30-09-2026 close30-04-2027 deadline
Financials · fiscal year 2025, full schema
Turnover
€1.80M▼ 98.9%
2023 · €167.71M
2018: €174.05M
2019: €113.97M
2020: €129.16M
2021: €153.64M
2022: €333.90M
2023: €167.71M
2018 → 2025
EBIT margin
2.7%▲ 112.2pp
2023 · -109.5%
2018: 5.9%
2019: -20.6%
2020: -53.4%
2021: -40.7%
2022: -2.7%
2023: -109.5%
2018 → 2025
Net result
€308k
2023 · €-179.75M
2018: €8.72M
2019: €-24.20M
2020: €-68.38M
2021: €-61.72M
2022: €-7.99M
2023: €-179.75M
2018 → 2025
Working capital
€117.42M▲ 33.7%
2023 · €87.85M
2018: €370.22M
2019: €304.92M
2020: €236.79M
2021: €182.29M
2022: €183.14M
2023: €87.85M
2018 → 2025
Multi-year overview
Every figure with its change against the year before
▲ rise
▼ fall
Line20202021202220232025Trend
Turnover€129.16M-€153.64M▲ 18.9%€333.90M▲ 117%€167.71M▼ 49.8%€1.80M▼ 98.9%
Equity€338.40M-€276.68M▼ 18.2%€268.69M▼ 2.9%€88.94M▼ 66.9%€117.42M▲ 32.0%
Operating result€-69.02M-€-62.58M▲ 9.3%€-8.93M▲ 85.7%€-183.58M▼ 1,955%€49k
Net result€-68.38M-€-61.72M▲ 9.7%€-7.99M▲ 87.0%€-179.75M▼ 2,148%€308k
Result per fiscal year
Operating resultNet result
The operating result is €49k in 2025, compared with €-183.58M in 2023. Comparable figures for the intervening years are unavailable.
Balance-sheet composition
2025 in colour, 2023 as the grey bar beneath
Equity and liabilities €122.76M
Equity
€117.42M▲ 32.0%
Provisions
€0▼ 100%
Debt
€5.34M▲ 102%
The debt ratio rises from 2.7% to 4.4%. Equity and debt are higher.
Key figures and ratios
Solvency
95.6%▲
2023 · 92.3%
Current ratio
22.99▼
2023 · 35.59
Quick ratio
22.66▼
2023 · 32.07
Debt / equity
0.05▲
2023 · 0.03
ROE
0.3%▲
2023 · -202.1%
ROA
0.3%▲
2023 · -186.5%
Debt
€5.34M▲
2023 · €2.65M
Debt ≤ 1 year
€5.34M▲
2023 · €2.54M
Staff costs
€96k
Green means a favourable move, even when the figure itself falls: as with debt or debt / equity.
Filed annual accounts
As filed with the NBB · 2025 against 2023
Balance sheet
Code20232025
Assets
Total assets20/58€96.39M€122.76M▲
Fixed assets21/28€6.00M€0▼
Tangible fixed assets22/27€6.00M€0▼
Land and buildings22€0-
Plant, machinery and equipment23€6.00M€0▼
Furniture and vehicles24€0-
Assets under construction and advance payments27€0-
Current assets29/58€90.39M€122.76M▲
Stocks and contracts in progress3€8.93M€1.74M▼
Stocks30/36€8.93M€1.74M▼
Work in progress32€2.71M-
Finished goods33€5.89M-
Goods purchased for resale34€328k€1.74M▲
Amounts receivable within one year40/41€81.03M€120.98M▲
Trade receivables40€3.62M€725k▼
Other amounts receivable41€77.41M€120.26M▲
Cash at bank and in hand54/58-€30k
Deferred charges and accrued income490/1€430k€82▼
Equity and liabilities
Total equity and liabilities10/49€96.39M€122.76M▲
Equity10/15€88.94M€117.42M▲
Contributions10/11€346.05M€346.05M=
Capital10€57.18M€57.18M=
Issued capital100€57.18M€57.18M=
Outside capital11€288.88M€288.88M=
Share premium1100/10€288.88M€288.88M=
Reserves13€5.72M€5.72M=
Non-distributable reserves130/1€5.72M€5.72M=
Legal reserve130€5.72M€5.72M=
Profit (loss) carried forward14€-262.83M€-234.35M▲
Provisions and deferred taxes16€4.80M-
Provisions for liabilities and charges160/5€4.80M-
Environmental obligations163€0-
Other liabilities and charges164/5€4.80M-
Amounts payable17/49€2.65M€5.34M▲
Amounts payable within one year42/48€2.54M€5.34M▲
Trade debts44€821k€754k▼
Suppliers440/4€821k€754k▼
Taxes, remuneration and social security45€1.72M€7k▼
Taxes450/3€1.72M-
Remuneration and social security454/9-€7k
Other amounts payable47/48-€4.58M
Accrued charges and deferred income492/3€108k-
Income statement
Code20232025
Operating income70/76A€160.95M€2.32M▼
Turnover70€167.71M€1.80M▼
Change in stocks of work in progress, finished goods and contracts in progress71€-11.31M€0▲
Other operating income74€1.44M€525k▼
Non-recurring operating income76A€3.10M€0▼
Operating charges60/66A€344.53M€2.28M▼
Goods for resale, raw materials and consumables60€130.01M€1.70M▼
Purchases600/8€130.34M€3.44M▼
Change in stocks: decrease (increase)609€-328k€-1.74M▼
Services and other goods61€25.45M€293k▼
Remuneration, social security and pensions62-€96k
Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630€9.08M-
Provisions for liabilities and charges: additions (uses and reversals)635/8€4k-
Other operating charges640/8€27.65M€191k▼
Non-recurring operating charges66A€152.32M€0▼
Operating profit (loss)9901€-183.58M€49k▲
Financial income75/76B€7.47M€259k▼
Recurring financial income75€7.47M€259k▼
Income from financial fixed assets750€169k€259k▲
Income from current assets751€7.30M€0▼
Other financial income752/9€259€48▼
Financial charges65/66B€3.64M€218▼
Recurring financial charges65€3.64M€218▼
Debt charges650-€23
Other financial charges652/9€3.64M€195▼
Profit (loss) for the period before taxes9903€-179.75M€308k▲
Profit (loss) for the period9904€-179.75M€308k▲
Profit (loss) for the period to be appropriated9905€-179.75M€308k▲
Appropriation of the result
Profit (loss) to be appropriated9906€-262.83M€-234.35M▲
Profit (loss) brought forward from the previous period14P€-83.09M€-234.66M▼
Social balance
Average headcount (FTE)9087-1.1
The notes to these accounts (51 items: statements of assets and debts, cost breakdowns, rights and commitments) are not shown here.
Timeline · acts, filings and financial milestones
Next filing, fiscal year 2026, expected by
2026
30-04
NBB filing
Annual accounts filed
fiscal year 2025 · full schema
2025
30-09
Financial
Back to profitnet €308k
Net result €308k after 5 loss-making years.
30-09
Financial
Equity above €100MEq €117.42M ▲32%
Equity rises from €88.94M to €117.42M.
18-04
NBB filing
Annual accounts filed
fiscal year 2024 · full schema
2024
26-03
NBB filing
Annual accounts filed
fiscal year 2023 · full schema
2023
30-09
Financial
Weakest financial yearnet €-179.75M
Net result drops to €-179.75M, the lowest in the series; recovery starts the following year.
30-09
Financial
Liquidity times 13current ratio 35.59
Current ratio from 2.79 to 35.59; short-term debt falls from €102.36M to €2.54M.
08-02
NBB filing
Annual accounts filed
fiscal year 2022 · full schema
2022
08-02
NBB filing
Annual accounts filed
fiscal year 2021 · full schema
2021
05-02
NBB filing
Annual accounts filed
fiscal year 2020 · full schema
2020
10-02
NBB filing
Annual accounts filed
fiscal year 2019 · full schema
2019
05-02
NBB filing
Annual accounts filed
fiscal year 2018 · full schema
2018
13-03
NBB filing
Annual accounts filed
fiscal year 2017 · full schema
2017
03-02
NBB filing
Annual accounts filed
fiscal year 2016 · full schema
Financial milestoneNBB filingFinancial milestones sit on the fiscal year-end date, not the filing date.
Directors · office · real estate
Directors
32 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, Lanaken · 1 establishment unit since 1985
Cannot be placed on the map
This address could not be matched to a point in the Belgian address register (BOSA BEST). The address below comes straight from the Crossroads Bank.
Montaigneweg 23620 LanakenGround area
21.8 ha
Building footprint
6.0 ha
Volume, LiDAR
915,995 m³
Parcel 73042C0655/00F007, Flanders · tallest building 38.5 m, ±4 floors. Linked by address, not a title deed.
1 establishment unit
Montaigneweg 2, 3620 Lanaken
since 19852.026.630.205
1 parcel
Flanders
1
(100%)
| Parcel (capakey) | Region | Area | Buildings | Height / fl. |
|---|---|---|---|---|
| 73042C0655/00F007 | Flanders | 21.8 ha | 1 · 6.0 ha | 38.5 m · 4 fl. |
Linked by address, not proof of ownership
Methodology
via registered seat: 1
1 of 1 parcel with an exact address match; the rest are indicative.
Linked through address data, this is not proof of ownership.
Similar companies · same sector, comparable size
STORA ENSO LANGERBRUGGE
BE 0417.331.909
Gent · Eq €109.19M
VPK Paper
BE 0454.519.927
Dendermonde · Eq €99.11M
BURGO ARDENNES
BE 0451.821.842
Virton · Eq €87.06M
Smurfit Westrock Turnhout
BE 0437.837.016
Turnhout · Eq €53.29M
ESSITY PLD BELGIUM
BE 0794.400.504
Verviers · Eq €53.12M
Of 125 companies in sector 17120 we hold annual accounts for 92. 19 are within a factor 10 of this equity.See the whole sector
Company data · Crossroads Bank
Identification
Legal formPublic limited company
Founded01-03-1985
Fiscal year end30-09
Activities, NACEBEL
17120Manufacture of paper and paper products
21121
46649Wholesale of other machinery and equipment
Sources
Crossroads Bank for EnterprisesNational Bank · 41 filingsAddress and cadastre registers
Data from official sources, last processed on 18-09-2026. Scores and ratios are computed by Checked and are not a credit decision.