IPWal
ActiveSummary
IPWal has been active since 2019 and the Belgian State Gazette contains no insolvency or warning signals. The 2025 annual accounts show equity of €107k and a net result of €17k. Equity is growing by ~50.5% per year across the filed fiscal years. Its solvency ranks better than 22% of 634 sector peers (fiscal year 2025). The computed 12-month bankruptcy probability is 0.6% (low).
Checked score
Score 2025
Axes · tick = 2024
Profitability66▼-13
Solvency34▲+2
Growth78=
Track record100
Bankruptcy probability, 12 months
0.6%
Low
0%0.5%1.5%4%10%≥ 25%
Credit up to €6k at 30 days acceptable
Liquidity short (current ratio 0.99 against 1.44 in 2024; short-term debt: 9.9% and cash: 8.9% of total assets), and 90.6% of the assets are financed with debt.
Credit check for your own amount and term
Signals
Six signals. The signal on the left, the evidence on the right.
−lowers risk+raises risk○neutral
raises risk · Limited track record
This company has not been active as long as an established one and statistically fails somewhat more often.
KBO · incorporation dateAge against the risk zone
lowers risk · Lower-failure-rate sector
In this sector companies fail less often than the Belgian average.
Gazette · bankruptcies per sector, NACE 74
Relative position
BE, all sectors
reference
Other professional, scientific and technical activities (NACE 74)
about 48% fewer bankruptcies
← fewer bankruptcies
more bankruptcies →
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
9.4%
Return on assets
1.5%
Age of the figures
9 mo
raises risk · Weak solvency vs sector
Solvency (equity / total assets) is in the sector's weakest quartile: better than 22% of 634 sector peers (2025).
NBB · sector comparisonPosition among 634 sector peers
Solvency
better than 22%
← weakest
strongest →
neutral · Latest accounts filed on time
The financial year that closed on 31-12-2025 was due by 31-07-2026 and was filed on 31-07-2026, 0 days ahead of the deadline.
NBB · 7 filingsDeviation from the deadline
2025
on the day
2024
17 d early
2023
14 d late
2022
21 d late
2021
3 d late
2020
16 d late
2019
60 d late
← before the deadline
after the deadline →
Checked, nothing found (2)
neutral · 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 monthsPosition in the running window
25-09-2026 today31-12-2026 close31-07-2027 deadline
Financials · fiscal year 2025, abbreviated schema
Turnover
Not included in this filing
EBIT margin
Not included in this filing
Net result
€17k▼ 84.3%
2024 · €109k
2019: €-71k
2020: €-90k▼ -26.3% vs 2019lowest in 7 years
2021: €45k▲ +150% vs 2020
2022: €33k▼ -26.6% vs 2021
2023: €58k▲ +73.1% vs 2022
2024: €109k▲ +88.7% vs 2023highest in 7 years
2025: €17k▼ -84.3% vs 2024
2019 → 2025
Working capital
€-886
2024 · €76k
2019: €-189klowest in 7 years
2020: €-178k▲ +5.8% vs 2019
2021: €-157k▲ +11.6% vs 2020
2022: €-126k▲ +20.0% vs 2021
2023: €-115k▲ +8.1% vs 2022
2024: €76k▲ +166% vs 2023highest in 7 years
2025: €-886▼ -101% vs 2024
2019 → 2025
Trend over the years
Multi-year overview
Every figure with its change against the year before
▲ rise
▼ fall
Line20212022202320242025Trend
Equity€-110k-€-76k▲ 30.4%€-19k▲ 75.5%€90k€107k▲ 19.0%
2021: €-110klowest in 5 years
2022: €-76k▲ +30.4% vs 2021
2023: €-19k▲ +75.5% vs 2022
2024: €90k▲ +581% vs 2023
2025: €107k▲ +19.0% vs 2024highest in 5 years
Operating result€65k-€52k▼ 21.0%€75k▲ 45.1%€125k▲ 67.0%€42k▼ 66.8%
2021: €65k
2022: €52k▼ -21.0% vs 2021
2023: €75k▲ +45.1% vs 2022
2024: €125k▲ +67.0% vs 2023highest in 5 years
2025: €42k▼ -66.8% vs 2024lowest in 5 years
Net result€45k-€33k▼ 26.6%€58k▲ 73.1%€109k▲ 88.7%€17k▼ 84.3%
2021: €45k
2022: €33k▼ -26.6% vs 2021
2023: €58k▲ +73.1% vs 2022
2024: €109k▲ +88.7% vs 2023highest in 5 years
2025: €17k▼ -84.3% vs 2024lowest in 5 years
Result per fiscal year
Operating resultNet result
The operating result falls in 2025; 2025 is 67% below 2024 and is the lowest result in the available series.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €1.15M
Fixed assets
€1.03M ▼ 5.6%
Current assets
€113k ▼ 54.3%
Equity and liabilities €1.15M
Equity
€107k ▲ 19.0%
Debt
€1.04M ▼ 17.0%
Debt's share of the balance-sheet total falls from 93.3% to 90.6%. Equity is higher and debt is lower.
Key figures and ratios
EBITDA
€103k▼
2024 · €186k
Cash flow
€79k▼
2024 · €170k
Current ratio
0.99▼
2024 · 1.44
Debt to equity
9.68▼
2024 · 13.88
ROE
16.0%▼
2024 · 120.8%
ROA
1.5%▼
2024 · 8.1%
Interest coverage
5.49▼
2024 · 11.69
Debt ≤ 1 year
€114k▼
2024 · €171k
Debt > 1 year
€919k▼
2024 · €1.07M
Income taxes
€6k▲
2024 · €162
Green means a favourable move, even when the figure itself falls: as with debt or debt to equity.
Filed annual accounts As filed with the NBB · 2025 against 2024 · 41 lines
Balance sheet
Code20242025
Assets
Total assets20/58€1.34M€1.15M▼
Fixed assets21/28€1.09M€1.03M▼
Tangible fixed assets22/27€1.09M€1.03M▼
Land and buildings22€1.09M€1.03M▼
Furniture and vehicles24€4k€4k▼
Current assets29/58€247k€113k▼
Amounts receivable within one year40/41€243k€10k▼
Trade receivables40€28k€8k▼
Other amounts receivable41€216k€2k▼
Cash at bank and in hand54/58€4k€102k▲
Equity and liabilities
Total equity and liabilities10/49€1.34M€1.15M▼
Equity10/15€90k€107k▲
Contributions10/11€6k€6k=
Profit (loss) carried forward14€84k€101k▲
Amounts payable17/49€1.25M€1.04M▼
Amounts payable after more than one year17€1.07M€919k▼
Financial debts170/4€1.07M€919k▼
Amounts payable within one year42/48€171k€114k▼
Current portion of amounts payable after more than one year42€113k€105k▼
Financial debts43€7k€7k▼
Credit institutions430/8€7k€7k▼
Trade debts44€1k€81▼
Suppliers440/4€1k€81▼
Taxes, remuneration and social security45€9k€2k▼
Taxes450/3€9k€2k▼
Other amounts payable47/48€41k€0▼
Accrued charges and deferred income492/3€15k€5k▼
Income statement
Code20242025
Non-recurring operating income76A€66k-
Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630€61k€62k▲
Other operating charges640/8€12k€11k▼
Gross operating margin9900€198k€115k▼
Operating profit (loss)9901€125k€42k▼
Financial charges65/66B€16k€19k▲
Recurring financial charges65€16k€19k▲
Profit (loss) for the period before taxes9903€109k€23k▼
Income taxes67/77€162€6k▲
Profit (loss) for the period9904€109k€17k▼
Profit (loss) for the period to be appropriated9905€109k€17k▼
Appropriation of the result
Profit (loss) to be appropriated9906€84k€101k▲
Profit (loss) brought forward from the previous period14P€-25k€84k▲
Social balance
Average headcount (FTE)90870.0-
The notes to these accounts (18 items: statements of assets and debts, cost breakdowns, rights and commitments) are not shown here.
Accounts by statement
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Non-recurring operating income76A | €946 | €184 | €0 | €66k | - | - |
| Remuneration, social security and pensions62 | €49k | €34 | €0 | - | - | - |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €68k | €68k | €68k | €61k | €62k | ▲ 1.1% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals)631/4 | €630 | €-5k | €0 | - | - | - |
| Other operating charges640/8 | €11k | €16k | €11k | €12k | €11k | ▼ 4.5% |
| Gross operating margin9900 | €194k | €131k | €155k | €198k | €115k | ▼ 42.1% |
| Operating profit (loss)9901 | €65k | €52k | €75k | €125k | €42k | ▼ 66.8% |
| Financial income75/76B | - | €496 | €0 | - | - | - |
| Recurring financial income75 | - | €496 | €0 | - | - | - |
| Financial charges65/66B | €20k | €19k | €17k | €16k | €19k | ▲ 18.2% |
| Recurring financial charges65 | €20k | €19k | €17k | €16k | €19k | ▲ 18.2% |
| Profit (loss) for the period before taxes9903 | €46k | €33k | €58k | €109k | €23k | ▼ 79.2% |
| Income taxes67/77 | €81 | €0 | - | €162 | €6k | ▲ 3,345% |
| Profit (loss) for the period9904 | €45k | €33k | €58k | €109k | €17k | ▼ 84.3% |
| Profit (loss) for the period to be appropriated9905 | €45k | €33k | €58k | €109k | €17k | ▼ 84.3% |
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Assets | ||||||
| Total assets20/58 | €1.58M | €1.44M | €1.32M | €1.34M | €1.15M | ▼ 14.6% |
| Fixed assets21/28 | €1.46M | €1.35M | €1.29M | €1.09M | €1.03M | ▼ 5.6% |
| Tangible fixed assets22/27 | €1.46M | €1.35M | €1.29M | €1.09M | €1.03M | ▼ 5.6% |
| Land and buildings22 | €1.45M | €1.35M | €1.28M | €1.09M | €1.03M | ▼ 5.6% |
| Furniture and vehicles24 | €5k | €5k | €5k | €4k | €4k | ▼ 17.3% |
| Current assets29/58 | €119k | €87k | €31k | €247k | €113k | ▼ 54.3% |
| Amounts receivable within one year40/41 | €113k | €86k | €14k | €243k | €10k | ▼ 95.7% |
| Trade receivables40 | €107k | €86k | €11k | €28k | €8k | ▼ 70.3% |
| Other amounts receivable41 | €6k | €340 | €2k | €216k | €2k | ▼ 98.9% |
| Cash at bank and in hand54/58 | €6k | €1k | €18k | €4k | €102k | ▲ 2,677% |
| Deferred charges and accrued income490/1 | €52 | €0 | - | - | - | - |
| Equity and liabilities | ||||||
| Total equity and liabilities10/49 | €1.58M | €1.44M | €1.32M | €1.34M | €1.15M | ▼ 14.6% |
| Equity10/15 | €-110k | €-76k | €-19k | €90k | €107k | ▲ 19.0% |
| Contributions10/11 | €6k | €6k | €6k | €6k | €6k | = |
| Profit (loss) carried forward14 | €-116k | €-83k | €-25k | €84k | €101k | ▲ 20.4% |
| Amounts payable17/49 | €1.69M | €1.51M | €1.34M | €1.25M | €1.04M | ▼ 17.0% |
| Amounts payable after more than one year17 | €1.40M | €1.29M | €1.18M | €1.07M | €919k | ▼ 13.7% |
| Financial debts170/4 | €1.40M | €1.29M | €1.18M | €1.07M | €919k | ▼ 13.7% |
| Amounts payable within one year42/48 | €277k | €213k | €147k | €171k | €114k | ▼ 33.6% |
| Current portion of amounts payable after more than one year42 | €110k | €111k | €112k | €113k | €105k | ▼ 6.7% |
| Financial debts43 | €6k | €6k | €7k | €7k | €7k | ▼ 1.4% |
| Credit institutions430/8 | €6k | €6k | €7k | €7k | €7k | ▼ 1.4% |
| Trade debts44 | €89k | €79k | €7k | €1k | €81 | ▼ 93.2% |
| Suppliers440/4 | €89k | €79k | €7k | €1k | €81 | ▼ 93.2% |
| Taxes, remuneration and social security45 | €10k | €5k | €10k | €9k | €2k | ▼ 83.0% |
| Taxes450/3 | €10k | €5k | €10k | €9k | €2k | ▼ 83.0% |
| Other amounts payable47/48 | €62k | €11k | €11k | €41k | €0 | ▼ 100% |
| Accrued charges and deferred income492/3 | €10k | €11k | €11k | €15k | €5k | ▼ 64.9% |
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €45k | €33k | €58k | €109k | €17k | ▼ 84.3% |
| + Depreciation and write-downs630 | €68k | €68k | €68k | €61k | €62k | ▲ 1.1% |
| Operating cash flow (approximation) | €113k | €102k | €126k | €170k | €79k | ▼ 53.6% |
| Investment in fixed assets (approximation) | - | €40k | €-4k | €130k | €0 | ▼ 100% |
| Change in cash | - | €-5k | €16k | €-14k | €99k | ▲ 808% |
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
Next filing, fiscal year 2026, expected by
2026
31-07
NBB filing
Annual accounts filed
fiscal year 2025 · abbreviated schema
2025
31-12
Financial
Equity above €100kEq €107k ▲19%
5 profitable years in a row build equity to €107k.
14-07
NBB filing
Annual accounts filed
fiscal year 2024 · full schema
2024
31-12
Financial
Highest result since 2019net €109k ▲88.7%
Operating result €125k, net result €109k, both a record.
31-12
Financial
Liquidity times 7current ratio 1.44
Current ratio from 0.21 to 1.44.
14-08
NBB filing
Annual accounts filed
fiscal year 2023 · full schema · 14 days late
2023
21-08
NBB filing
Annual accounts filed
fiscal year 2022 · full schema · 21 days late
2022
03-08
NBB filing
Annual accounts filed
fiscal year 2021 · full schema · 3 days late
2021
31-12
Financial
Back to profitnet €45k
Net result €45k after 2 loss-making years.
16-08
NBB filing
Annual accounts filed
fiscal year 2020 · full schema · 16 days late
2020
31-12
Financial
Weakest financial yearnet €-90k
Net result drops to €-90k, the lowest in the series; recovery starts the following year.
29-09
NBB filing
Annual accounts filed
fiscal year 2019 · full schema · 60 days late
Financial milestoneNBB filingFinancial milestones sit on the fiscal year-end date, not the filing date.
0 of 4 acts read
About the unread acts
We know of 4 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
4 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, Gembloux · 1 establishment unit since 2019
Ground area
3,747 m²
Building footprint
882 m²
Parcel 92253D0229/00L000, Wallonia. Linked by address, not a title deed.
1 establishment unit
IPWal
since 20192.289.685.592
1 parcel
Wallonia
1
(100%)
| Parcel (capakey) | Region | Area | Buildings | Height / fl. |
|---|---|---|---|---|
| 92253D0229/00L000 | Wallonia | 3,747 m² | 1 · 882 m² | - |
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.
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Of 4,564 companies in sector 74999 we hold annual accounts for 1,936. 1,549 are within a factor 10 of this equity. The 5 above are the closest to it. See the whole sector
Identification & contact
Identification
Legal formPrivate limited company
Founded05-02-2019
Fiscal year end31-12
Activities, NACEBEL 2025
74999Other professional, scientific and technical activities
41001General construction of residential buildings
43230Insulation installation
47521Retail sale of hardware, building materials, paint and glass (general range)
68110Buying and selling of own real estate
68201Renting and operating of own or leased residential real estate, excluding social housing
68203Renting and operating of own or leased non-residential real estate, excluding land
Scores and ratios are computed by Checked and are not a credit decision.