IPSYS
ActiveFinancials · financial year 2025, micro format
Annual accounts 2025 filed on 26-06-2026 at the NBB all 32 filings
Turnover
€220,868▲ 7.7%
2024 · €205,139
EBIT margin
29.3%▲ 14.7pp
2024 · 14.7%
Net result
€44,186▲ 191%
2024 · €15,202
Working capital
-€250,869▲ 20.6%
2024 · -€316,125
In the rankings
#3 oldest company in Lincent, Professional and technical services sector#4 company by total assets in Lincent, Professional and technical services sector
Multi-year overview
2018 to 2025, 8 financial yearsTurnover
€220,868
▲ 7.7%
2025
20182025
Operating result
€64,748
▲ 115%
2025
20182025
Net result
€44,186
▲ 191%
2025
middle half of the sector
20182025
EBIT margin
29.3%
▲ 14.7pp
2025
20182025
Equity
-€34,585
▲ 56.1%
2025
lowest quarter of the sector
20182025
Total assets
€484,064
▼ 7.3%
2025
highest quarter of the sector
20182025
Debt
€518,649
▼ 13.7%
2025
20182025
Working capital
-€250,869
▲ 20.6%
2025
lowest quarter of the sector
20182025
Solvency
-7.1%
▲ 7.9pp
2025
lowest quarter of the sector
20182025
Current ratio
0.14
▼ 0.01
2025
lowest quarter of the sector
20182025
Return on assets (ROA)
9.1%
▲ 6.2pp
2025
middle half of the sector
20182025
Staff (FTE)
1
▲ 25.0%
2025
20182025
Every figure per financial year
Every figure with its change against the financial year before
favourable
unfavourable
Line20182019202020212022202320242025
Turnover€138,219-€153,400▲ 11.0%€179,709▲ 17.2%€116,601▼ 35.1%€205,297▲ 76.1%€203,245▼ 1.0%€205,139▲ 0.9%€220,868▲ 7.7%
Operating result€817--€29,940-€31,550▼ 5.4%-€80,555▼ 155%-€13,080▲ 83.8%-€17,047▼ 30.3%€30,078€64,748▲ 115%
Net result-€3,818--€44,158▼ 1,057%-€44,911below the sector's middle half▼ 1.7%-€93,746below the sector's middle half▼ 109%-€22,459below the sector's middle half▲ 76.0%-€31,720below the sector's middle half▼ 41.2%€15,202within the sector's middle half€44,186within the sector's middle half▲ 191%
EBIT margin0.6%--19.5%▼ 20.1pp-17.6%▲ 2.0pp-69.1%▼ 51.5pp-6.4%▲ 62.7pp-8.4%▼ 2.0pp14.7%▲ 23.0pp29.3%▲ 14.7pp
Equity€143,021-€98,863▼ 30.9%€53,952within the sector's middle half▼ 45.4%-€39,794below the sector's middle half-€62,253below the sector's middle half▼ 56.4%-€93,973below the sector's middle half▼ 51.0%-€78,771below the sector's middle half▲ 16.2%-€34,585below the sector's middle half▲ 56.1%
Total assets€428,025-€611,549▲ 42.9%€554,048within the sector's middle half▼ 9.4%€573,463within the sector's middle half▲ 3.5%€543,276within the sector's middle half▼ 5.3%€509,724within the sector's middle half▼ 6.2%€522,444within the sector's middle half▲ 2.5%€484,064above the sector's middle half▼ 7.3%
Debt€285,004-€512,686▲ 79.9%€500,096▼ 2.5%€613,257▲ 22.6%€605,529▼ 1.3%€603,697▼ 0.3%€601,215▼ 0.4%€518,649▼ 13.7%
Working capital-€12,437--€14,334▼ 15.3%-€66,340below the sector's middle half▼ 363%-€267,420below the sector's middle half▼ 303%-€289,032below the sector's middle half▼ 8.1%-€326,015below the sector's middle half▼ 12.8%-€316,125below the sector's middle half▲ 3.0%-€250,869below the sector's middle half▲ 20.6%
Solvency33.4%-16.2%▼ 17.2pp9.7%below the sector's middle half▼ 6.4pp-6.9%below the sector's middle half▼ 16.7pp-11.5%below the sector's middle half▼ 4.5pp-18.4%below the sector's middle half▼ 7.0pp-15.1%below the sector's middle half▲ 3.4pp-7.1%below the sector's middle half▲ 7.9pp
Current ratio0.83-0.89▲ 0.050.45below the sector's middle half▼ 0.440.10below the sector's middle half▼ 0.340.09below the sector's middle half▼ 0.010.06below the sector's middle half▼ 0.020.15below the sector's middle half▲ 0.090.14below the sector's middle half▼ 0.01
Return on assets (ROA)-0.9%--7.2%▼ 6.3pp-8.1%below the sector's middle half▼ 0.9pp-16.3%below the sector's middle half▼ 8.2pp-4.1%below the sector's middle half▲ 12.2pp-6.2%below the sector's middle half▼ 2.1pp2.9%within the sector's middle half▲ 9.1pp9.1%within the sector's middle half▲ 6.2pp
Staff (FTE)0.5-1.6▲ 220%1.7below the sector's middle half▲ 6.3%1.7below the sector's middle half=1below the sector's middle half▼ 41.2%1below the sector's middle half=0.8below the sector's middle half▼ 20.0%1▲ 25.0%
above
within
below
The sector band is the middle half of the companies in Advertising, market research and public relations activities (NACE 73). 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 operating result for 2025 is 115% higher than in 2024 and the highest since 2021. It is the second rise in a row, after the fall in 2023.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €484,064
Fixed assets
€442,467 ▼ 4.9%
Current assets
€41,597 ▼ 27.5%
Equity and liabilities
Equity-€34,585
Debt€518,649
Equity is negative. Debt (€518,649) exceeds the balance-sheet total (€484,064).
Key figures and ratios
EBITDA
€89,270▲
2024 · €52,490
Cash flow
€68,708▲
2024 · €37,614
Interest coverage
4.34▲
2024 · 3.53
Debt ≤ 1 year
€292,466▼
2024 · €373,529
Debt > 1 year
€226,183▲
2024 · €225,752
Customer credit
69 days▼
2024 · 81 days
Supplier credit
164 days▼
2024 · 218 days
Staff costs
€18,822▼
2024 · €28,521
Debt to equity is not shown because equity is negative. Debt divided by negative equity means nothing.
Green means a favourable move, even when the figure itself falls, as with debt or debt to equity.
Staff
| Item | 31-12-2021 | 31-12-2022 | 31-12-2023 | 31-12-2024 | 31-12-2025 |
|---|---|---|---|---|---|
| Employees at the balance-sheet date | 2 | 2 | 2 | 1 | 1 |
| part-time | 2 | 2 | 2 | 1 | 1 |
| in full-time equivalents | 1 | 1 | 1 | 0.8 | 0.5 |
| Average over the year, in full-time equivalents | 1 | 1 | 1 | 0.8 | 0.5 |
| On a permanent contract | 2 | 2 | 2 | 1 | 1 |
| Joined | - | - | - | 1 | - |
| Left | - | - | - | 2 | - |
Source: social balance sheet in the 2021 to 2025 annual accounts
Investments
| Item | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Tangible fixed assets | €69,194 | - | - | - | €1,949 |
| Financial fixed assets | - | €500 | - | - | - |
| Depreciation and write-downs of the year | €26,429 | €28,325 | €28,325 | €22,412 | €24,522 |
Source: notes to the 2021 to 2025 annual accounts (statement of fixed assets)
Annual accounts
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Turnover70 | €138,219 | €153,400 | €179,709 | €116,601 | €205,297 | €203,245 | €205,139 | €220,868 | ▲ 7.7% |
| Goods, raw materials, services and sundry goods60/61 | - | - | - | €139,945 | €150,994 | €140,901 | €122,566 | €110,666 | ▼ 9.7% |
| Remuneration, social security and pensions62 | - | - | - | €30,440 | €28,996 | €39,135 | €28,521 | €18,822 | ▼ 34.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €3,743 | €13,694 | €22,505 | €26,429 | €28,325 | €28,325 | €22,412 | €24,522 | ▲ 9.4% |
| Other operating charges640/8 | - | - | - | €261 | €10,062 | €9,421 | €403 | €2,110 | ▲ 424% |
| Non-recurring operating charges66A | - | - | - | €81 | - | €2,510 | €1,160 | - | - |
| Gross operating margin9900 | €42,615 | €19,182 | €35,813 | -€23,344 | €54,303 | €62,344 | €82,574 | €110,202 | ▲ 33.5% |
| Operating profit (loss)9901 | €817 | -€29,940 | -€31,550 | -€80,555 | -€13,080 | -€17,047 | €30,078 | €64,748 | ▲ 115% |
| Financial income75/76B | - | - | - | - | €10 | - | €3 | - | - |
| Recurring financial income75 | €7 | €1 | - | - | €10 | - | €3 | - | - |
| Financial charges65/66B | - | - | - | €13,191 | €9,308 | €14,673 | €14,879 | €20,562 | ▲ 38.2% |
| Recurring financial charges65 | €4,642 | €13,005 | €13,361 | €13,191 | €9,308 | €14,673 | €14,879 | €20,562 | ▲ 38.2% |
| Profit (loss) for the period before taxes9903 | -€3,818 | -€42,944 | -€44,911 | -€93,746 | -€22,378 | -€31,720 | €15,202 | €44,186 | ▲ 191% |
| Income taxes67/77 | - | €1,214 | - | - | €81 | - | - | - | - |
| Profit (loss) for the period9904 | -€3,818 | -€44,158 | -€44,911 | -€93,746 | -€22,459 | -€31,720 | €15,202 | €44,186 | ▲ 191% |
| Profit (loss) for the period to be appropriated9905 | -€3,818 | -€44,158 | -€44,911 | -€93,746 | -€22,459 | -€31,720 | €15,202 | €44,186 | ▲ 191% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Assets | |||||||||
| Total assets20/58 | €428,025 | €611,549 | €554,048 | €573,463 | €543,276 | €509,724 | €522,444 | €484,064 | ▼ 7.3% |
| Fixed assets21/28 | €365,170 | €500,994 | €500,838 | €543,603 | €515,778 | €487,452 | €465,040 | €442,467 | ▼ 4.9% |
| Tangible fixed assets22/27 | €365,170 | €500,994 | €500,838 | €543,603 | €515,278 | €486,952 | €464,540 | €441,967 | ▼ 4.9% |
| Land and buildings22 | - | - | - | €165,000 | €165,000 | €165,000 | €165,000 | €165,000 | = |
| Plant, machinery and equipment23 | - | - | - | €343,681 | €322,554 | €301,427 | €283,585 | €264,122 | ▼ 6.9% |
| Furniture and vehicles24 | - | - | - | €29,922 | €22,724 | €15,525 | €10,955 | €7,845 | ▼ 28.4% |
| Other tangible fixed assets26 | - | - | - | €5,000 | €5,000 | €5,000 | €5,000 | €5,000 | = |
| Financial fixed assets28 | - | - | - | - | €500 | €500 | €500 | €500 | = |
| Current assets29/58 | €62,855 | €110,555 | €53,210 | €29,860 | €27,498 | €22,272 | €57,404 | €41,597 | ▼ 27.5% |
| Amounts receivable within one year40/41 | €58,200 | €109,335 | €52,115 | €29,585 | €27,498 | €22,195 | €53,710 | €41,500 | ▼ 22.7% |
| Trade receivables40 | - | - | - | €14,227 | €20,363 | €17,084 | €45,420 | €41,500 | ▼ 8.6% |
| Other amounts receivable41 | - | - | - | €15,358 | €7,135 | €5,111 | €8,290 | - | - |
| Cash at bank and in hand54/58 | €4,560 | €623 | €147 | €24 | - | €77 | €3,551 | €97 | ▼ 97.3% |
| Deferred charges and accrued income490/1 | - | - | - | €251 | - | - | €143 | - | - |
| Equity and liabilities | |||||||||
| Total equity and liabilities10/49 | €428,025 | €611,549 | €554,048 | €573,463 | €543,276 | €509,724 | €522,444 | €484,064 | ▼ 7.3% |
| Equity10/15 | €143,021 | €98,863 | €53,952 | -€39,794 | -€62,253 | -€93,973 | -€78,771 | -€34,585 | ▲ 56.1% |
| Contributions10/11 | €18,600 | €18,600 | €18,600 | €18,600 | €18,600 | €18,600 | €18,600 | €18,600 | = |
| Capital10 | - | - | - | €18,600 | €18,600 | €18,600 | €18,600 | - | - |
| Issued capital100 | - | - | - | €18,600 | €18,600 | €18,600 | €18,600 | - | - |
| Reserves13 | €121,860 | €81,860 | €31,860 | €1,860 | €1,860 | €1,860 | €1,860 | €1,860 | = |
| Non-distributable reserves130/1 | - | - | - | €1,860 | €1,860 | €1,860 | €1,860 | €1,860 | = |
| Legal reserve130 | - | - | - | €1,860 | €1,860 | €1,860 | €1,860 | - | - |
| Reserves not available under the articles1311 | - | - | - | - | - | - | - | €1,860 | - |
| Profit (loss) carried forward14 | €2,561 | -€1,597 | €3,492 | -€60,254 | -€82,713 | -€114,433 | -€99,231 | -€55,045 | ▲ 44.5% |
| Amounts payable17/49 | €285,004 | €512,686 | €500,096 | €613,257 | €605,529 | €603,697 | €601,215 | €518,649 | ▼ 13.7% |
| Amounts payable after more than one year17 | €207,351 | €387,797 | €376,487 | €313,405 | €284,247 | €255,030 | €225,752 | €226,183 | ▲ 0.2% |
| Financial debts170/4 | - | - | - | €313,405 | €284,247 | €255,030 | €225,752 | €226,183 | ▲ 0.2% |
| Amounts payable within one year42/48 | €75,292 | €124,889 | €119,550 | €297,280 | €316,530 | €348,287 | €373,529 | €292,466 | ▼ 21.7% |
| Current portion of amounts payable after more than one year42 | - | - | - | €70,988 | €57,104 | €81,603 | €73,914 | €36,423 | ▼ 50.7% |
| Financial debts43 | - | - | - | €24,979 | €23,483 | €2,349 | - | €2,014 | - |
| Credit institutions430/8 | - | - | - | €24,979 | €23,483 | €2,349 | - | - | - |
| Other loans439 | - | - | - | - | - | - | - | €2,014 | - |
| Trade debts44 | €44,591 | €40,884 | €40,806 | €24,803 | €34,475 | €48,614 | €73,251 | €49,627 | ▼ 32.3% |
| Suppliers440/4 | - | - | - | €24,803 | €34,475 | €48,614 | €73,251 | €49,627 | ▼ 32.3% |
| Taxes, remuneration and social security45 | - | - | - | €22,464 | €16,677 | €49,587 | €18,901 | €24,300 | ▲ 28.6% |
| Taxes450/3 | - | - | - | €17,824 | €12,439 | €18,213 | €14,985 | €22,740 | ▲ 51.8% |
| Remuneration and social security454/9 | - | - | - | €4,640 | €4,238 | €31,374 | €3,916 | €1,560 | ▼ 60.2% |
| Other amounts payable47/48 | - | - | - | €154,046 | €184,791 | €166,134 | €207,463 | €180,102 | ▼ 13.2% |
| Accrued charges and deferred income492/3 | - | - | - | €2,572 | €4,752 | €380 | €1,934 | - | - |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | -€3,818 | -€44,158 | -€44,911 | -€93,746 | -€22,459 | -€31,720 | €15,202 | €44,186 | ▲ 191% |
| + Depreciation and write-downs630 | €3,743 | €13,694 | €22,505 | €26,429 | €28,325 | €28,325 | €22,412 | €24,522 | ▲ 9.4% |
| Operating cash flow (approximation) | -€75 | -€30,464 | -€22,406 | -€67,317 | €5,866 | -€3,395 | €37,614 | €68,708 | ▲ 82.7% |
| Investment in fixed assets (approximation) | - | -€149,518 | -€22,349 | -€69,194 | -€500 | €1 | €0 | -€1,949 | - |
| Change in cash | - | -€3,937 | -€476 | -€123 | - | - | €3,474 | -€3,454 | - |
A Belgian filing has no cash-flow statement. These rows are therefore an approximation, derived from the income statement and the balance-sheet moves.
Historical observation
In July 2024, 3,794 companies had the same profile as IPSYS has now. Two years later, 91.5% were still going and 2.7% had gone bankrupt.
- Micro
- 20 years or older
- negative equity
- a profit of 5% of the balance sheet or more
91.5%
was still going
5.3%
stopped otherwise
2.7%
went bankrupt
Another 0.6% stopped without a precise date, possibly only after those two years.
That fits the bankruptcy probability of IPSYS itself: 1.7% within 12 months.
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.
| 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 3,794 companies, not a prediction for IPSYS. 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 32 filings with the National Bank
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-12-2025 | micro format | 26-06-2026 | 2026-00204419 | |
| 31-12-2024 | full format | 31-12-2025 | 2025-00593106 | |
| 31-12-2023 | full format | 24-09-2025 | 2025-00503736 | |
| 31-12-2022 | full format | 17-11-2023 | 2023-00512848 | |
| 31-12-2021 | full format | 14-11-2022 | 2022-20519616 | |
| 31-12-2020 | full format | 28-12-2021 | 2021-82200399 | |
| 31-12-2019 | full format | 29-12-2020 | 2020-77300311 | |
| 31-12-2018 | full format | 16-12-2019 | 2019-76200384 | |
| 31-12-2017 | full format | 28-12-2018 | 2018-75900541 | |
| 31-12-2016 | full format | 30-09-2017 | 2017-65600406 |