IPS BELGIUM

Active

Public limited companyfounded 199828 yrs activeAvenue Robert Schuman 42, 1400 Nivelles, BelgiumKBO/BCE: BE 0464.078.979

IPS BELGIUM has been active since 1998 and the Belgian State Gazette contains no insolvency or warning signals. The 2025 annual accounts show equity of €529k and a net result of €-471k. Equity is shrinking by ~22.2% per year and would, assuming unchanged policy, indicatively turn negative around fiscal year 2027. Its solvency ranks better than 11% of 454 sector peers (fiscal year 2025). The computed 12-month bankruptcy probability is 0.2% (very low).

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Checked score

Score 2025

45 / 100

Fair

The score weighs solvency, liquidity, profitability and financial development. Bankruptcy probability contributes 35%. Every signal that weighs is under Signals.

Axes · tick = 2024

Profitability16▼-39

Solvency31▼-5

Growth36▲+1

Track record100

Bankruptcy probability, 12 months

0.2% Very low

0%0.5%1.5%4%10%≥ 25%

Credit up to €23k at 30 days acceptable

Liquidity tight (current ratio 1.19 against 1.13 in 2024; short-term debt: 75.3% and cash: 6.8% of total assets), and 94.3% of the assets are financed with debt.

How do we compute the score and the probability?

Credit advice for your own amount and term

Signals

Ten 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 71

Relative position

BE, all sectors

reference

Sector 71

lower

← 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

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

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

5.7%

Return on assets

-5.1%

Age of the figures

9 mo

Persistent losses

Two consecutive loss-making years (2024 and 2025); equity is also lower. May indicate structural pressure on profitability.

NBB · annual accounts 2025

Net result per financial year

1819202122232425

2018 to 2025 · latest year €-471k

Weak solvency vs sector

Solvency (equity / total assets) is in the sector's weakest quartile: better than 11% of 454 sector peers (2025).

NBB · sector comparison

Position among 454 sector peers

Solvency

better than 11%

← weakest strongest →

Latest accounts filed on time

The financial year that closed on 31-12-2025 was due by 31-07-2026 and was filed on 03-07-2026, 28 days ahead of the deadline.

NBB · 10 filings

Deviation from the deadline

2025

28 d early

2024

6 d early

2023

20 d early

2022

106 d late

2021

152 d late

2020

292 d late

2019

9 d early

← before the deadline after the deadline →

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

16-09-2026 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

Financials · fiscal year 2025, full schema

Turnover

€18.88M▲ 7.9%

2024 · €17.49M

2018: €15.81M 2019: €17.35M 2020: €10.25M 2021: €8.61M 2022: €9.54M 2023: €18.20M 2024: €17.49M

2018 → 2025

EBIT margin

-1.5%▼ 3.7pp

2024 · 2.2%

2018: 2.3% 2019: -2.3% 2020: -5.2% 2021: 10.8% 2022: -6.4% 2023: 1.0% 2024: 2.2%

2018 → 2025

Net result

€-471k▼ 69.3%

2024 · €-278k

2018: €21k 2019: €-519k 2020: €-745k 2021: €393k 2022: €-753k 2023: €-113k 2024: €-278k

2018 → 2025

Working capital

€1.30M▲ 40.0%

2024 · €932k

2018: €10k 2019: €-1k 2020: €1.39M 2021: €1.86M 2022: €1.40M 2023: €1.43M 2024: €932k

2018 → 2025

Multi-year overview

Every figure with its change against the year before

▲ rise ▼ fall

Line20212022202320242025Trend

Turnover€8.61M-€9.54M▲ 10.8%€18.20M▲ 90.7%€17.49M▼ 3.9%€18.88M▲ 7.9%

Equity€2.41M-€1.49M▼ 38.3%€1.38M▼ 7.6%€1.02M▼ 25.6%€529k▼ 48.4%

Operating result€926k-€-615k€187k€385k▲ 105%€-283k

Net result€393k-€-753k€-113k▲ 85.0%€-278k▼ 147%€-471k▼ 69.3%

Result per fiscal year

Operating resultNet result

The operating result turns negative in 2025: a loss of €283k after €385k in 2024.

Balance-sheet composition

2025 in colour, 2024 as the grey bar beneath

Assets €9.26M

11%

89.4%

Fixed assets €981k▼ 27.1%

Current assets €8.28M▲ 4.2%

Equity and liabilities €9.26M

13.5%

80.8%

Equity €529k▼ 48.4%

Provisions €1.25M=

Debt €7.48M▲ 6.6%

The debt ratio rises from 75.5% to 80.8%. Equity is lower and debt is higher.

Key figures and ratios

2025 value · change against 2024

EBITDA

€29k▼

2024 · €676k

Cash flow

€-158k▼

2024 · €13k

Solvency

5.7%▼

2024 · 11.0%

Current ratio

1.19▲

2024 · 1.13

Quick ratio

0.98▲

2024 · 0.83

Debt / equity

14.14▲

2024 · 6.85

ROE

-89.0%▼

2024 · -27.1%

ROA

-5.1%▼

2024 · -3.0%

Interest coverage

0.20▼

2024 · 5.90

Debt

€7.48M▲

2024 · €7.02M

Debt ≤ 1 year

€6.98M▼

2024 · €7.02M

Debt > 1 year

€503k

Income taxes

€64k▼

2024 · €606k

Staff costs

€10.18M▲

2024 · €8.73M

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 2024

Balance sheet Code20242025

Assets

Total assets20/58€9.29M€9.26M▼

Fixed assets21/28€1.35M€981k▼

Intangible fixed assets21-€32

Tangible fixed assets22/27€1.24M€974k▼

Land and buildings22€1.10M€869k▼

Plant, machinery and equipment23€1k€773▼

Furniture and vehicles24€135k€105k▼

Financial fixed assets28€105k€7k▼

Affiliated companies280/1€100k€0▼

Participating interests280€100k€0▼

Other financial fixed assets284/8€5k€7k▲

Amounts receivable and cash guarantees285/8€5k€7k▲

Current assets29/58€7.95M€8.28M▲

Stocks and contracts in progress3€2.10M€1.43M▼

Contracts in progress37€2.10M€1.43M▼

Amounts receivable within one year40/41€5.33M€5.89M▲

Trade receivables40€5.30M€5.65M▲

Other amounts receivable41€36k€245k▲

Cash at bank and in hand54/58€229k€627k▲

Deferred charges and accrued income490/1€286k€326k▲

Equity and liabilities

Total equity and liabilities10/49€9.29M€9.26M▼

Equity10/15€1.02M€529k▼

Contributions10/11€1.76M€1.76M=

Capital10€1.76M€1.76M=

Issued capital100€1.76M€1.76M=

Revaluation surpluses12€84k€0▼

Reserves13€32k€116k▲

Non-distributable reserves130/1€32k€32k=

Legal reserve130€32k€32k=

Distributable reserves133-€84k

Profit (loss) carried forward14€-911k€-1.38M▼

Investment grants15€57k€32k▼

Provisions and deferred taxes16€1.25M€1.25M=

Provisions for liabilities and charges160/5€1.25M€1.25M=

Other liabilities and charges164/5€1.25M€1.25M=

Amounts payable17/49€7.02M€7.48M▲

Amounts payable after more than one year17-€503k

Financial debts170/4-€503k

Credit institutions173-€23k

Other loans174-€480k

Amounts payable within one year42/48€7.02M€6.98M▼

Financial debts43€677k€795k▲

Credit institutions430/8€677k€795k▲

Trade debts44€3.15M€3.14M▼

Suppliers440/4€3.15M€3.14M▼

Advances received on contracts in progress46€684k€585k▼

Taxes, remuneration and social security45€2.10M€2.14M▲

Taxes450/3€899k€821k▼

Remuneration and social security454/9€1.20M€1.32M▲

Other amounts payable47/48€398k€310k▼

Income statement Code20242025

Operating income70/76A€20.62M€21.26M▲

Turnover70€17.49M€18.88M▲

Change in stocks of work in progress, finished goods and contracts in progress71€311k€-667k▼

Other operating income74€2.82M€3.05M▲

Non-recurring operating income76A€0-

Operating charges60/66A€20.24M€21.55M▲

Goods for resale, raw materials and consumables60€8.27M€8.00M▼

Purchases600/8€8.27M€8.00M▼

Services and other goods61€3.15M€3.02M▼

Remuneration, social security and pensions62€8.73M€10.18M▲

Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630€291k€313k▲

Write-downs on stocks, contracts in progress and trade receivables: additions (reversals)631/4€-178k-

Provisions for liabilities and charges: additions (uses and reversals)635/8€-70k-

Other operating charges640/8€48k€38k▼

Operating profit (loss)9901€385k€-283k▼

Financial income75/76B€85k€50k▼

Recurring financial income75€85k€50k▼

Income from financial fixed assets750€118€76▼

Other financial income752/9€85k€49k▼

Non-recurring financial income76B€0-

Financial charges65/66B€142k€173k▲

Recurring financial charges65€142k€173k▲

Debt charges650€115k€145k▲

Other financial charges652/9€28k€28k▲

Profit (loss) for the period before taxes9903€328k€-406k▼

Income taxes67/77€606k€64k▼

Taxes670/3€623k€64k▼

Tax adjustments and reversals of tax provisions77€17k-

Profit (loss) for the period9904€-278k€-471k▼

Profit (loss) for the period to be appropriated9905€-278k€-471k▼

Appropriation of the result

Profit (loss) to be appropriated9906€-995k€-1.38M▼

Profit (loss) brought forward from the previous period14P€-717k€-911k▼

Transfer from equity791/2€84k-

From reserves792€84k-

Social balance

Average headcount (FTE)908781.896.8▲

The notes to these accounts (61 items: statements of assets and debts, cost breakdowns, rights and commitments) are not shown here.

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Timeline · acts, filings and financial milestones

All 12Financial 2Filings 10

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

2026

03-07

NBB filing Annual accounts filed

fiscal year 2025 · full schema

2025

25-07

NBB filing Annual accounts filed

fiscal year 2024 · full schema

2024

11-07

NBB filing Annual accounts filed

fiscal year 2023 · full schema

2023

14-11

NBB filing Annual accounts filed

fiscal year 2022 · full schema · 106 days late

2022

31-12

Financial Weakest financial yearnet €-753k ▼292%

Net result drops to €-753k, the lowest in the series; recovery starts the following year.

30-12

NBB filing Annual accounts filed

fiscal year 2021 · full schema · 152 days late

19-05

NBB filing Annual accounts filed

fiscal year 2020 · full schema · 292 days late

2021

31-12

Financial Back to profitnet €393k

Net result €393k after 2 loss-making years.

2020

22-07

NBB filing Annual accounts filed

fiscal year 2019 · full schema

2019

25-07

NBB filing Annual accounts filed

fiscal year 2018 · full schema

2018

27-07

NBB filing Annual accounts filed

fiscal year 2017 · full schema

2017

25-07

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

28 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, Nivelles · 1 establishment unit since 1998

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.

Avenue Robert Schuman 421400 Nivelles

1 establishment unit

I.P.S. NV

Avenue Robert Schuman 42, 1400 NivellesNACE 74203

since 19982.089.049.606