IPWT
ActiveFinancials · financial year 2025, micro format
2025 annual accounts filed 8 days after the deadline Filed on 8 November 2025, deadline 31 October 2025 (7 months after the close on 31 March 2025, Companies Code art. 3:10). Source: NBB, 2025-00564989.
Annual accounts 2025 filed on 08-11-2025 PDF all 7 filings
Turnover
≈ €320,000
Estimated: probably between €230,000 and €470,000
Total assets
€670,979▲ 56.9%
2024 · €427,687
Net result
€81,532▼ 33.8%
2024 · €123,246
Working capital
€68,102▼ 77.9%
2024 · €307,529
Multi-year overview
2019 to 2025, 7 financial yearsOperating result
€109,716
▼ 31.8%
2025
20192025
Net result
€81,532
▼ 33.8%
2025
highest quarter of the sector
20192025
Equity
€258,570
▼ 21.1%
2025
highest quarter of the sector
20192025
Total assets
€670,979
▲ 56.9%
2025
highest quarter of the sector
20192025
Debt
€350,460
▲ 251%
2025
20192025
Working capital
€68,102
▼ 77.9%
2025
middle half of the sector
20192025
Solvency
38.5%
▼ 38.1pp
2025
middle half of the sector
20192025
Current ratio
1.36
▼ 2.82
2025
middle half of the sector
20192025
Return on assets (ROA)
12.2%
▼ 16.7pp
2025
middle half of the sector
20192025
Every figure per financial year
Every figure with its change against the financial year before
favourable
unfavourable
Line2019202020212022202320242025
Operating result€34,492-€66,099▲ 91.6%€95,246▲ 44.1%€92,468▼ 2.9%€90,945▼ 1.6%€160,895▲ 76.9%€109,716▼ 31.8%
Net result€23,179-€49,467above the sector's middle half▲ 113%€74,493above the sector's middle half▲ 50.6%€69,918above the sector's middle half▼ 6.1%€70,568above the sector's middle half▲ 0.9%€123,246above the sector's middle half▲ 74.6%€81,532above the sector's middle half▼ 33.8%
Equity€38,179-€87,646within the sector's middle half▲ 130%€65,739within the sector's middle half▼ 25.0%€134,857within the sector's middle half▲ 105%€204,625above the sector's middle half▲ 51.7%€327,871above the sector's middle half▲ 60.2%€258,570above the sector's middle half▼ 21.1%
Total assets€121,779-€177,149within the sector's middle half▲ 45.5%€243,727within the sector's middle half▲ 37.6%€222,729within the sector's middle half▼ 8.6%€301,201within the sector's middle half▲ 35.2%€427,687above the sector's middle half▲ 42.0%€670,979above the sector's middle half▲ 56.9%
Debt€83,600-€89,503▲ 7.1%€177,988▲ 98.9%€87,872▼ 50.6%€96,576▲ 9.9%€99,816▲ 3.4%€350,460▲ 251%
Working capital€27,492-€78,855within the sector's middle half▲ 187%€42,186within the sector's middle half▼ 46.5%€108,140above the sector's middle half▲ 156%€175,048above the sector's middle half▲ 61.9%€307,529above the sector's middle half▲ 75.7%€68,102within the sector's middle half▼ 77.9%
Solvency31.4%-49.5%within the sector's middle half▲ 18.1pp27.0%within the sector's middle half▼ 22.5pp60.5%within the sector's middle half▲ 33.6pp67.9%within the sector's middle half▲ 7.4pp76.7%above the sector's middle half▲ 8.7pp38.5%within the sector's middle half▼ 38.1pp
Current ratio1.49-2.15within the sector's middle half▲ 0.651.30within the sector's middle half▼ 0.852.67within the sector's middle half▲ 1.373.02within the sector's middle half▲ 0.354.18above the sector's middle half▲ 1.161.36within the sector's middle half▼ 2.82
Return on assets (ROA)19.0%-27.9%above the sector's middle half▲ 8.9pp30.6%above the sector's middle half▲ 2.6pp31.4%above the sector's middle half▲ 0.8pp23.4%within the sector's middle half▼ 8.0pp28.8%above the sector's middle half▲ 5.4pp12.2%within the sector's middle half▼ 16.7pp
above
within
below
The sector band is the middle half of the companies in Office administrative, office support and other business support activities (NACE 82). 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 32% lower than in 2024.
Turnover and EBIT margin are not published. The micro format does not require them. The turnover shown is an estimate from the gross margin.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €670,979
Fixed assets
€411,570 ▲ 18×
Current assets
€259,409 ▼ 35.8%
Equity and liabilities €670,979
Equity
€258,570 ▼ 21.1%
Provisions
€61,949
Debt
€350,460 ▲ 251%
Debt's share of the balance-sheet total rises from 23.3% to 52.2%. Equity is lower and debt is higher.
Key figures and ratios
EBITDA
€118,829▼
2024 · €177,562
Cash flow
€90,645▼
2024 · €139,913
Debt to equity
1.36▲
2024 · 0.30
ROE
31.5%▼
2024 · 37.6%
Interest coverage
8.86▼
2024 · over 100
Debt ≤ 1 year
€191,307▲
2024 · €96,795
Debt > 1 year
€151,930▲
2024 · €2,897
Income taxes
€44,595▲
2024 · €40,085
Green means a favourable move, even when the figure itself falls, as with debt or debt to equity.
Investments
| Item | 31-03-2022 | 31-03-2023 | 31-03-2024 | 31-03-2025 |
|---|---|---|---|---|
| Tangible fixed assets | €2,689 | €1,566 | €526 | €1,569 |
| Financial fixed assets | - | €4,250 | - | €400,000 |
| Depreciation and write-downs of the year | €13,332 | €16,282 | €16,667 | €9,113 |
Source: notes to the 2022 to 2025 annual accounts (statement of fixed assets)
Annual accounts
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €1,779 | €8,888 | €12,414 | €13,332 | €16,282 | €16,667 | €9,113 | ▼ 45.3% |
| Provisions for liabilities and charges: additions (uses and reversals)635/8 | - | - | - | - | - | - | €61,949 | - |
| Other operating charges640/8 | - | - | - | €643 | €1,115 | €1,119 | €3,477 | ▲ 211% |
| Gross operating margin9900 | €41,275 | €76,633 | €110,704 | €106,443 | €108,342 | €178,681 | €184,254 | ▲ 3.1% |
| Operating profit (loss)9901 | €34,492 | €66,099 | €95,246 | €92,468 | €90,945 | €160,895 | €109,716 | ▼ 31.8% |
| Financial income75/76B | - | - | - | €0 | - | €2,650 | €29,829 | ▲ 11× |
| Recurring financial income75 | - | €0 | €6 | €0 | - | €2,650 | €29,829 | ▲ 11× |
| Financial charges65/66B | - | - | - | €520 | €397 | €214 | €13,418 | ▲ 63× |
| Recurring financial charges65 | €153 | €637 | €411 | €520 | €397 | €214 | €13,418 | ▲ 63× |
| Profit (loss) for the period before taxes9903 | €34,339 | €65,462 | €94,841 | €91,949 | €90,548 | €163,330 | €126,127 | ▼ 22.8% |
| Income taxes67/77 | €11,160 | €15,995 | €20,349 | €22,031 | €19,980 | €40,085 | €44,595 | ▲ 11.3% |
| Profit (loss) for the period9904 | €23,179 | €49,467 | €74,493 | €69,918 | €70,568 | €123,246 | €81,532 | ▼ 33.8% |
| Transfer to tax-exempt reserves689 | - | - | - | - | - | - | €67,360 | - |
| Profit (loss) for the period to be appropriated9905 | €23,179 | €49,467 | €74,493 | €69,918 | €70,568 | €123,246 | €14,172 | ▼ 88.5% |
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|
| Assets | ||||||||
| Total assets20/58 | €121,779 | €177,149 | €243,727 | €222,729 | €301,201 | €427,687 | €670,979 | ▲ 56.9% |
| Formation expenses20 | €879 | - | - | - | - | - | - | - |
| Fixed assets21/28 | €37,436 | €29,427 | €60,614 | €49,971 | €39,505 | €23,364 | €411,570 | ▲ 18× |
| Tangible fixed assets22/27 | €37,436 | €29,427 | €60,614 | €49,971 | €35,255 | €19,114 | €11,570 | ▼ 39.5% |
| Furniture and vehicles24 | - | - | - | €42,156 | €28,308 | €13,036 | €6,361 | ▼ 51.2% |
| Other tangible fixed assets26 | - | - | - | €7,815 | €6,946 | €6,078 | €5,209 | ▼ 14.3% |
| Financial fixed assets28 | - | - | - | - | €4,250 | €4,250 | €400,000 | ▲ 94× |
| Current assets29/58 | €83,464 | €147,722 | €183,113 | €172,757 | €261,696 | €404,323 | €259,409 | ▼ 35.8% |
| Amounts receivable within one year40/41 | €56,084 | €45,980 | €66,520 | €65,340 | €78,958 | €95,954 | €67,306 | ▼ 29.9% |
| Trade receivables40 | - | - | - | €65,340 | €78,958 | €95,954 | €63,763 | ▼ 33.5% |
| Other amounts receivable41 | - | - | - | - | - | - | €3,543 | - |
| Current investments50/53 | - | - | - | - | €100,000 | €75,000 | - | - |
| Cash at bank and in hand54/58 | €27,380 | €101,432 | €115,672 | €106,095 | €82,059 | €231,310 | €191,075 | ▼ 17.4% |
| Deferred charges and accrued income490/1 | - | - | - | €1,322 | €680 | €2,059 | €1,029 | ▼ 50.1% |
| Equity and liabilities | ||||||||
| Total equity and liabilities10/49 | €121,779 | €177,149 | €243,727 | €222,729 | €301,201 | €427,687 | €670,979 | ▲ 56.9% |
| Equity10/15 | €38,179 | €87,646 | €65,739 | €134,857 | €204,625 | €327,871 | €258,570 | ▼ 21.1% |
| Contributions10/11 | €15,000 | €15,000 | - | €18,600 | €18,600 | €18,600 | €18,600 | = |
| Reserves13 | €1,159 | €1,159 | €1,159 | €1,159 | €1,159 | €1,159 | €68,519 | ▲ 59× |
| Non-distributable reserves130/1 | - | - | - | €1,159 | €1,159 | €1,159 | - | - |
| Reserves not available under the articles1311 | - | - | - | €1,159 | €1,159 | €1,159 | - | - |
| Tax-exempt reserves132 | - | - | - | - | - | - | €67,360 | - |
| Distributable reserves133 | - | - | - | - | - | - | €1,159 | - |
| Profit (loss) carried forward14 | €22,020 | €71,487 | €45,980 | €115,098 | €184,866 | €308,112 | €171,451 | ▼ 44.4% |
| Provisions and deferred taxes16 | - | - | - | - | - | - | €61,949 | - |
| Provisions for liabilities and charges160/5 | - | - | - | - | - | - | €61,949 | - |
| Environmental obligations163 | - | - | - | - | - | - | €61,949 | - |
| Amounts payable17/49 | €83,600 | €89,503 | €177,988 | €87,872 | €96,576 | €99,816 | €350,460 | ▲ 251% |
| Amounts payable after more than one year17 | €27,457 | €20,513 | €36,937 | €23,131 | €9,804 | €2,897 | €151,930 | ▲ 52× |
| Financial debts170/4 | - | - | - | €23,131 | €9,804 | €2,897 | €151,930 | ▲ 52× |
| Amounts payable within one year42/48 | €55,972 | €68,866 | €140,927 | €64,617 | €86,648 | €96,795 | €191,307 | ▲ 97.6% |
| Current portion of amounts payable after more than one year42 | - | - | - | €13,806 | €13,327 | €6,906 | €29,472 | ▲ 327% |
| Trade debts44 | €7,125 | €473 | €1,968 | €1,199 | €1,943 | €1,563 | €3,334 | ▲ 113% |
| Suppliers440/4 | - | - | - | €1,199 | €1,943 | €1,563 | €3,334 | ▲ 113% |
| Taxes, remuneration and social security45 | - | - | - | €36,236 | €15,147 | €34,754 | €19,747 | ▼ 43.2% |
| Taxes450/3 | - | - | - | €36,236 | €15,147 | €19,754 | €19,747 | = |
| Remuneration and social security454/9 | - | - | - | - | - | €15,000 | - | - |
| Other amounts payable47/48 | - | - | - | €13,376 | €56,231 | €53,572 | €138,754 | ▲ 159% |
| Accrued charges and deferred income492/3 | - | - | - | €124 | €124 | €124 | €7,224 | ▲ 58× |
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €23,179 | €49,467 | €74,493 | €69,918 | €70,568 | €123,246 | €81,532 | ▼ 33.8% |
| + Depreciation and write-downs630 | €1,779 | €8,888 | €12,414 | €13,332 | €16,282 | €16,667 | €9,113 | ▼ 45.3% |
| Operating cash flow (approximation) | €24,958 | €58,355 | €86,907 | €83,250 | €86,851 | €139,913 | €90,645 | ▼ 35.2% |
| Investment in fixed assets (approximation) | - | -€879 | -€43,601 | -€2,689 | -€5,816 | -€526 | -€397,319 | ▼ 75,402% |
| Change in cash | - | €74,052 | €14,240 | -€9,577 | -€24,036 | €149,251 | -€40,235 | - |
A Belgian filing has no cash-flow statement. These rows are therefore an approximation, derived from the income statement and the balance-sheet moves.
Filings with the National Bank (7)
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-03-2025 | micro format | 08-11-2025 | 2025-00564989 | |
| 31-03-2024 | micro format | 28-09-2024 | 2024-00487832 | |
| 31-03-2023 | micro format | 19-10-2023 | 2023-00489591 | |
| 31-03-2022 | micro format | 28-10-2022 | 2022-20479822 | |
| 31-03-2021 | micro format | 15-11-2021 | 2021-77300250 | |
| 31-03-2020 | micro format | 30-10-2020 | 2020-66600503 | |
| 31-03-2019 | micro format | 29-10-2019 | 2019-72000145 |