ITC Co
ActiveSummary
ITC Co has been active since 2021 and the Belgian State Gazette contains no insolvency or warning signals. The 2025 annual accounts show equity of €29.2m and a net result of -€5.3m. Equity is shrinking by ~9.5% per year across the filed fiscal years. Its solvency ranks better than 30% of 154 sector peers (fiscal year 2025). The computed 12-month bankruptcy probability is 0.7% (low).
Checked score
Score 2025
Axes · tick = 2024
Profitability29▼-32
Solvency63▼-7
Growth22▼-16
Track record94
Bankruptcy probability, 12 months
0.7%
Low
0%0.5%1.5%4%10%≥ 25%
Credit up to €1,500,000 at 30 days acceptable
Liquidity short (current ratio 0.81 against 1.26 in 2024; short-term debt: 37.6% and cash: 0.2% of total assets), and 62.2% of the assets are financed with debt.
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Signals
Six signals. The signal on the left, the evidence on the right.
−lowers risk+raises risk○neutral
lowers risk · Lower-failure-rate sector
In this sector companies fail less often than the Belgian average.
Gazette · bankruptcies per sector, NACE 13
Relative position
BE, all sectors
reference
Manufacture of textiles (NACE 13)
about 62% fewer bankruptcies
← fewer bankruptcies
more bankruptcies →
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 · 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
37.8%
Return on assets
-6.8%
Age of the figures
9 mo
raises risk · Persistent losses
Two consecutive loss-making years (2024 and 2025); equity is also lower. May indicate structural pressure on profitability.
NBB · annual accounts 2025Net result per financial year
22232425
2022 to 2025 · latest year -€5.3m
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 14-07-2026, 17 days ahead of the deadline.
NBB · 4 filingsDeviation from the deadline
2025
17 d early
2024
23 d early
2023
34 d early
2022
39 d early
← before the deadline
after the deadline →
tick = median of all Belgian filingsring = median in the sector
This company filed its last 4 accounts on average 28 days before the deadline; the sector median for financial year 2024 is 13 days before the deadline, and 32% of the sector filed late.
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
27-09-2026 today31-12-2026 close31-07-2027 deadline
History
Go further with this company
How much credit can you give this customer, and on what term?Credit simulator What should you check before you do business with this company?Supplier due diligence Can you accept this company as a client under the anti-money-laundering law?AML client file Which of your other customers can you e-invoice via Peppol?Peppol check What other support did companies like this one receive, and it did not?Subsidy mirror Which other companies belong to the same group?Belysse Group · 5 companies
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Financials · fiscal year 2025, full schema
In the rankings
#1 employer in Tielt, Manufacturing sector#1 company by total assets in Tielt, Manufacturing sector#3 company by equity in Tielt, Manufacturing sector
Turnover
€69.2m▼ 20.3%
2024 · €86.9m
EBIT margin
-4.4%▼ 6.7pp
2024 · 2.3%
Net result
-€5.3m▼ 793%
2024 · -€591,693
Working capital
-€5.6m
2024 · €5.1m
Trend over the years
Click a name to add, emphasise or remove a line.
Every figure with its change against the fiscal year before
favourable
unfavourable
Line2022202320242025
Turnover€138.7m-€94.3m▼ 32.0%€86.9m▼ 7.9%€69.2m▼ 20.3%
Operating result€2.3m--€2.6m€2.0m-€3.1m
Net result-€1.1m--€5.2m▼ 386%-€591,693▲ 88.6%-€5.3m▼ 793%
EBIT margin1.7%--2.7%▼ 4.4pp2.3%▲ 5.0pp-4.4%▼ 6.7pp
Equity€40.3m-€35.1m▼ 12.9%€34.5m▼ 1.7%€29.2m▼ 15.3%
Total assets€104.7m-€84.8m▼ 19.0%€76.4m▼ 9.9%€77.3m▲ 1.2%
Debt€64.4m-€49.7m▼ 22.9%€41.9m▼ 15.7%€46.5m▲ 11.1%
Working capital€20.9m-€11.8m▼ 43.5%€5.1m▼ 56.8%-€5.6m
Staff (FTE)499.2-472.5▼ 5.3%460.5▼ 2.5%431.8▼ 6.2%
Why a figure moved sharply
- 2023 Net result -386% on 2022. Part of BALTA INDUSTRIES received in a demerger, effective 31-03-2022, in the previous fiscal year; now counts for a full year for the first time.
Result per fiscal year
Operating resultNet result
The operating result turns negative in 2025: a loss of €3.1m after €2.0m in 2024, the lowest result in the available series.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €77.3m
Fixed assets
€53.9m ▲ 4.0%
Current assets
€23.4m ▼ 4.6%
Equity and liabilities €77.3m
Equity
€29.2m ▼ 15.3%
Provisions
€1.5m
Debt
€46.5m ▲ 11.1%
Debt's share of the balance-sheet total rises from 54.9% to 60.2%. Equity is lower and debt is higher.
Key figures and ratios
EBITDA
€1.6m▼
2024 · €6.2m
Cash flow
-€648,760▼
2024 · €3.6m
Current ratio
0.81▼
2024 · 1.26
Quick ratio
0.25▼
2024 · 0.31
Debt to equity
1.59▲
2024 · 1.22
ROE
-18.1%▼
2024 · -1.7%
ROA
-6.8%▼
2024 · -0.8%
Interest coverage
2.16▼
2024 · 10.47
Debt ≤ 1 year
€29.1m▲
2024 · €19.5m
Debt > 1 year
€6.9m▼
2024 · €9.1m
Income taxes
€15,503▼
2024 · €17,146
Staff costs
€27.5m▼
2024 · €28.5m
Green means a favourable move, even when the figure itself falls: as with debt or debt to equity.
Peer companies
Historical observationOf the 247 companies that looked in July 2024 the way this one looks now, 0.4% went bankrupt within 24 months and 94% are still going.
- Large
- solvency 30% or more
- a small loss
- without age
0.4%
went bankrupt
4.9%
stopped otherwise
94%
still going
A further 0.8% stopped, but we cannot tell whether within those 24 months.
For this company itself Checked computes a bankruptcy probability of 0.7% over twelve months; the group does not contradict it.
How reliable is this rule?
Tested on the year before, without using that year itself: the groups of July 2023 gave each of the 497,058 companies of July 2024 its group's bankruptcy share. Expected: 1.5%; actually bankrupt within 24 months: 1.6%.
| Group | Expected | Actual |
|---|---|---|
| 1 | 0.2% | 0.2% |
| 2 | 0.3% | 0.4% |
| 3 | 0.5% | 0.5% |
| 4 | 0.6% | 0.7% |
| 5 | 0.8% | 0.9% |
| 6 | 1.2% | 1.3% |
| 7 | 1.5% | 1.6% |
| 8 | 1.7% | 1.7% |
| 9 | 2.7% | 2.8% |
| 10 | 5.3% | 5.7% |
The rule ranks well: a company that went bankrupt got a higher share than one that kept going in 74% of comparisons. The level follows the economy: in a year with more bankruptcies, the actual share is higher than the year before.
An observation about 247 comparable companies, not a prediction for this company. The sector does not count: the register keeps no sector for companies that stopped, so it would make the outcome look better than it was.
Annual accounts
| Line | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|
| Operating income70/76A | €146.3m | €93.7m | €91.3m | €75.6m | ▼ 17.2% |
| Turnover70 | €138.7m | €94.3m | €86.9m | €69.2m | ▼ 20.3% |
| Change in stocks of work in progress, finished goods and contracts in progress71 | €1.6m | -€5.4m | -€330,715 | -€3.2m | ▼ 862% |
| Other operating income74 | €3.3m | €2.6m | €2.5m | €7.2m | ▲ 187% |
| Non-recurring operating income76A | €2.7m | €2.2m | €2.3m | €2.3m | ▲ 1.1% |
| Operating charges60/66A | €144.0m | €96.3m | €89.3m | €78.6m | ▼ 12.0% |
| Goods for resale, raw materials and consumables60 | €71.8m | €45.3m | €36.7m | €24.8m | ▼ 32.4% |
| Purchases600/8 | €76.0m | €36.7m | €34.4m | €25.1m | ▼ 27.1% |
| Change in stocks: decrease (increase)609 | -€4.2m | €8.7m | €2.3m | -€249,495 | ▼ 111% |
| Services and other goods61 | €36.1m | €22.2m | €20.4m | €20.5m | ▲ 0.6% |
| Remuneration, social security and pensions62 | €30.8m | €25.3m | €28.5m | €27.5m | ▼ 3.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €4.2m | €3.4m | €4.2m | €4.6m | ▲ 9.3% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals)631/4 | €792,960 | -€103,348 | -€624,659 | -€439,840 | ▲ 29.6% |
| Other operating charges640/8 | €396,034 | €167,235 | €161,292 | €114,687 | ▼ 28.9% |
| Non-recurring operating charges66A | €32,638 | €10,275 | €0 | €1.5m | - |
| Operating profit (loss)9901 | €2.3m | -€2.6m | €2.0m | -€3.1m | ▼ 253% |
| Financial income75/76B | €167,479 | €172,492 | €127,094 | €121,320 | ▼ 4.5% |
| Recurring financial income75 | €167,479 | €172,492 | €127,094 | €121,320 | ▼ 4.5% |
| Other financial income752/9 | €167,479 | €172,492 | €127,094 | €121,320 | ▼ 4.5% |
| Financial charges65/66B | €3.5m | €2.8m | €2.7m | €2.3m | ▼ 13.8% |
| Recurring financial charges65 | €3.5m | €2.8m | €2.7m | €2.3m | ▼ 13.8% |
| Debt charges650 | €549,595 | €522,567 | €596,608 | €730,750 | ▲ 22.5% |
| Other financial charges652/9 | €3.0m | €2.3m | €2.1m | €1.6m | ▼ 24.1% |
| Non-recurring financial charges66B | €0 | - | - | - | - |
| Profit (loss) for the period before taxes9903 | -€1.1m | -€5.2m | -€574,547 | -€5.3m | ▼ 817% |
| Income taxes67/77 | €15,976 | €13,560 | €17,146 | €15,503 | ▼ 9.6% |
| Taxes670/3 | €15,976 | €13,560 | €17,146 | €15,503 | ▼ 9.6% |
| Profit (loss) for the period9904 | -€1.1m | -€5.2m | -€591,693 | -€5.3m | ▼ 793% |
| Profit (loss) for the period to be appropriated9905 | -€1.1m | -€5.2m | -€591,693 | -€5.3m | ▼ 793% |
| Line | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|
| Assets | |||||
| Total assets20/58 | €104.7m | €84.8m | €76.4m | €77.3m | ▲ 1.2% |
| Fixed assets21/28 | €51.9m | €50.7m | €51.8m | €53.9m | ▲ 4.0% |
| Intangible fixed assets21 | €33,609 | €23,230 | €2.3m | €5.3m | ▲ 129% |
| Tangible fixed assets22/27 | €19.2m | €18.0m | €16.8m | €15.9m | ▼ 5.4% |
| Plant, machinery and equipment23 | €4.3m | €4.8m | €5.5m | €6.5m | ▲ 19.1% |
| Furniture and vehicles24 | €28,499 | €19,844 | €215,307 | €280,872 | ▲ 30.5% |
| Leasing and similar rights25 | €14.4m | €12.7m | €10.6m | €8.4m | ▼ 20.2% |
| Other tangible fixed assets26 | €406,068 | €406,068 | €561,486 | €687,364 | ▲ 22.4% |
| Assets under construction and advance payments27 | - | €50,535 | €18,500 | - | - |
| Financial fixed assets28 | €32.7m | €32.7m | €32.7m | €32.7m | = |
| Affiliated companies280/1 | €32.6m | €32.6m | €32.6m | €32.6m | = |
| Participating interests280 | €32.6m | €32.6m | €32.6m | €32.6m | = |
| Other financial fixed assets284/8 | €49,224 | €49,224 | €49,224 | €49,224 | = |
| Amounts receivable and cash guarantees285/8 | €49,224 | €49,224 | €49,224 | €49,224 | = |
| Current assets29/58 | €52.8m | €34.0m | €24.6m | €23.4m | ▼ 4.6% |
| Stocks and contracts in progress3 | €34.4m | €20.4m | €18.4m | €16.0m | ▼ 13.2% |
| Stocks30/36 | €34.4m | €20.4m | €18.4m | €16.0m | ▼ 13.2% |
| Raw materials and consumables30/31 | €20.7m | €11.6m | €9.6m | €10.0m | ▲ 4.0% |
| Work in progress32 | €5.2m | €4.1m | €3.0m | €3.1m | ▲ 3.1% |
| Finished goods33 | €8.5m | €4.7m | €5.8m | €2.9m | ▼ 49.8% |
| Amounts receivable within one year40/41 | €4.8m | €5.3m | €4.8m | €7.2m | ▲ 51.0% |
| Trade receivables40 | €4.4m | €4.9m | €4.5m | €6.4m | ▲ 41.3% |
| Other amounts receivable41 | €380,712 | €401,684 | €286,695 | €870,596 | ▲ 204% |
| Cash at bank and in hand54/58 | €13.6m | €8.3m | €1.3m | €152,818 | ▼ 88.2% |
| Deferred charges and accrued income490/1 | €27,267 | €31,203 | €21,259 | €18,046 | ▼ 15.1% |
| Equity and liabilities | |||||
| Total equity and liabilities10/49 | €104.7m | €84.8m | €76.4m | €77.3m | ▲ 1.2% |
| Equity10/15 | €40.3m | €35.1m | €34.5m | €29.2m | ▼ 15.3% |
| Contributions10/11 | €21.0m | €21.0m | €21.0m | €21.0m | = |
| Reserves13 | €3.0m | €3.0m | €3.0m | €3.0m | = |
| Non-distributable reserves130/1 | €1.5m | €1.5m | €1.5m | €1.5m | = |
| Other1319 | €1.5m | €1.5m | €1.5m | €1.5m | = |
| Distributable reserves133 | €1.4m | €1.4m | €1.4m | €1.4m | = |
| Profit (loss) carried forward14 | €16.3m | €11.1m | €10.5m | €5.2m | ▼ 50.3% |
| Provisions and deferred taxes16 | - | - | - | €1.5m | - |
| Provisions for liabilities and charges160/5 | - | - | - | €1.5m | - |
| Environmental obligations163 | - | - | - | €1.5m | - |
| Amounts payable17/49 | €64.4m | €49.7m | €41.9m | €46.5m | ▲ 11.1% |
| Amounts payable after more than one year17 | €13.1m | €11.3m | €9.1m | €6.9m | ▼ 24.3% |
| Financial debts170/4 | €13.1m | €11.3m | €9.1m | €6.9m | ▼ 24.3% |
| Leasing and similar obligations172 | €13.1m | €11.3m | €9.1m | €6.9m | ▼ 24.3% |
| Amounts payable within one year42/48 | €31.9m | €22.2m | €19.5m | €29.1m | ▲ 49.4% |
| Current portion of amounts payable after more than one year42 | €2.0m | €2.1m | €2.2m | €2.2m | ▲ 2.9% |
| Financial debts43 | - | - | - | €7.4m | - |
| Other loans439 | - | - | - | €7.4m | - |
| Trade debts44 | €23.7m | €14.2m | €10.7m | €13.8m | ▲ 28.1% |
| Suppliers440/4 | €23.7m | €14.2m | €10.7m | €13.8m | ▲ 28.1% |
| Taxes, remuneration and social security45 | €6.1m | €6.0m | €6.6m | €5.6m | ▼ 14.5% |
| Taxes450/3 | €591,113 | €352,240 | €710,377 | €544,719 | ▼ 23.3% |
| Remuneration and social security454/9 | €5.5m | €5.6m | €5.8m | €5.1m | ▼ 13.5% |
| Other amounts payable47/48 | €113,436 | €2,241 | €0 | €32,461 | - |
| Accrued charges and deferred income492/3 | €19.5m | €16.2m | €13.3m | €10.6m | ▼ 20.5% |
| Line | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|
| Profit (loss) for the period9904 | -€1.1m | -€5.2m | -€591,693 | -€5.3m | ▼ 793% |
| + Depreciation and write-downs630 | €4.2m | €3.4m | €4.2m | €4.6m | ▲ 9.3% |
| Operating cash flow (approximation) | €3.1m | -€1.8m | €3.6m | -€648,760 | ▼ 118% |
| Investment in fixed assets (approximation) | - | -€2.2m | -€5.3m | -€6.7m | ▼ 25.5% |
| Change in cash | - | -€5.2m | -€7.0m | -€1.1m | ▲ 83.7% |
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
14-07
NBB filing
Annual accounts filed
fiscal year 2025 · full schema
2025
31-12
Financial
Weakest financial yearnet -€5.3m
Net result drops to -€5.3m, the lowest in the series.
08-07
NBB filing
Annual accounts filed
fiscal year 2024 · full schema
2024
27-06
NBB filing
Annual accounts filed
fiscal year 2023 · full schema
2023
22-06
NBB filing
Annual accounts filed
fiscal year 2022 · full schema
2022
20-04
State Gazette act
General meeting · Demerger
Accounting effect · Share issue · Bob Bultereys
2021
16-12
State Gazette act
Demerger · Corporate purpose
Accounting effect · Auditor appointment · Bob Bultereys
Financial milestoneState Gazette actNBB filingFinancial milestones sit on the fiscal year-end date, not the filing date.
0 of 9 acts read
About the unread acts
We know of 9 Belgian State Gazette acts for this company. None of them has been read yet: what they contain is neither established nor disproved here.
Have them read with priority
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Directors · office · real estate
Directors
9 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, Tielt · 3 establishment units since 2021
Ground area
13.0 ha
Building footprint
6.5 ha
Volume, LiDAR
524,694 m³
3 parcels, Flanders · tallest building 22.6 m, ±4 floors. Linked by address, not a title deed.
2
companies at this address
See who is registered here
3 establishment units
ITC Co
since 20212.328.748.977
ITC Co
since 20222.333.401.613
ITC Co
since 20222.341.018.091
3 parcels
Flanders
3
(100%)
| Parcel (capakey) | Region | Area | Buildings | Height / fl. |
|---|---|---|---|---|
| 37302E0650/00G000 | Flanders | 6.9 ha | 1 · 4.6 ha | 22.6 m · 3 fl. |
| 42028A1280/00V004 | Flanders | 5.6 ha | 1 · 1.8 ha | 14.3 m · 2 fl. |
| 34452B0650/00F006 | Flanders | 4,777 m² | 1 · 707 m² | 15.8 m · 4 fl. |
Linked by address, not proof of ownership
Good to know
3 of 3 parcels with an exact address match; the rest are indicative.
Linked through address data, this is not proof of ownership.
Structure & network
Part of the group
Belysse Group
5 companies
Group, risk and exposure
Owners and holdings
1 owner · 1 holdingChain of control
- Belysse Group
- BELYSSE
- ITC Co
Highest known parent: Belysse Group. The sources do not say who stands above it.
Owners 1
- BELYSSEparentSourceaccounts BELYSSE 2025100%
Holdings 1
-
100%
According to the 2025 annual accounts of ITC Co and those of the other companies, the acts in the Belgian Gazette and the LEI register. The register of ultimate beneficial owners (UBO) is not public: who ultimately stands behind a natural person or a foreign parent is not stated here. A company that does not fill in these statements, or need not, is missing.
Connections & network
No current directors or connected companies found in the register.
Acquisitions and mergers
1 transactionReceived in a demerger part of:BALTA INDUSTRIES
Public money · subsidies and aid
Flemish government
2023 to 2025 · 6 entries · 104,928 EUR awarded · 104,928 EUR paid| Year | Entries | awarded | paid |
|---|---|---|---|
| 2025 | 2 | 23,607 EUR | 23,607 EUR |
| 2024 | 3 | 41,712 EUR | 41,712 EUR |
| 2023 | 1 | 39,609 EUR | 39,609 EUR |
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Of 598 companies in sector 13929 we hold annual accounts for 236. 19 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
Founded01-12-2021
Fiscal year end31-12
Activities, NACEBEL 2025
13929Manufacture of textiles
13930Manufacture of textiles
Contact
E-mail
charlotte.veys@belysse.com
E-invoicing
Reachable via Peppol
Peppol ID
0208:0777929607
Register as of 27 September 2026 · Peppol Directory
Scores and ratios are computed by Checked and are not a credit decision.