ITovate · Checked.be

Summary

Conclusion

the dossier summarised in one paragraph

The computed 12-month bankruptcy probability of ITovate is 0.8% (low). The 2024 annual accounts show equity of €67k and a net result of €-330. Equity is growing by ~3.5% per year across the filed fiscal years. Its solvency ranks better than 23% of 7351 sector peers (fiscal year 2024). The company has been active since 2020 and the Belgian State Gazette contains no insolvency or warning signals.

Based on the State Gazette, CBE and 4 annual accounts.

Signals

1 signal · with evidence

Weak solvency vs sector

Solvency (equity / total assets) is in the sector's weakest quartile: better than 23% of 7351 sector peers (2024).

View the sector comparison

Signals are derived from the filed annual accounts and the sector comparison. No composite score: each signal is separately verifiable at the source.

Filing behaviour

From the deposit records, complete market-wide

Deadline passed, not yet counted as missing

The deadline for the year that closed on 31-12-2025 passed on 31-07-2026, 24 days ago. Our copy of the deposit register trails the National Bank (measured: median 14 days, p99 45 days), so we only call this filing missing from 45 days past the deadline.

Filed after the deadline

The financial year that closed on 31-12-2024 was due by 31-07-2025 and was filed on 25-08-2025, 25 days later. For context: 47% of the Belgian market files late and the whole 1-to-90-day band measures 2.0% abnormal legal state against a 1.66% average. We show this as a fact and do not score it.

How we compute the deadline

The year end is derived from 5 filed financial years, each closing on 31-12. The statutory deadline is seven months after the close of the financial year (art. 3:10 par. 1 CAC, art. 3:47 par. 7 for ASBL and foundations). Applied to the financial year that closed on 31-12-2024, that is 31-07-2025.

Deadline per financial year

Year closed	Due by	Filed	Variance	Reference
31-12-2025	31-07-2026	nothing on record	not filed	-
31-12-2024	31-07-2025	25-08-2025	25 d late	2025-00397720
31-12-2023	31-07-2024	20-08-2024	20 d late	2024-00351555
31-12-2022	31-07-2023	28-07-2023	3 d early	2023-00305563
31-12-2021	31-07-2022	25-07-2022	6 d early	2022-20218579
31-12-2020	31-07-2021	23-07-2021	8 d early	2021-41800133

Source: the National Bank's deposit records. Those records are complete, including for years whose figures we have not read yet. Filing late covers nearly half the market and is therefore not scored; only not filing, being more than 90 days late and breaking a punctual record carry weight.

Trust signals

2 signals

More than 3 years active

Founded in 2020, past the statistically most fragile first 3 years.

No legal incidents

No bankruptcy, reorganisation or interim measure in the Belgisch Staatsblad, and the KBO register records a normal legal situation.

Administrative Flags

No strikeouts found in the KBO publications we processed. That series starts in 2021 and has gaps, so this is not a confirmation that there is nothing.

Bankruptcy probability (12 mo)

Checked model v1 · free for everyone

0.8% Low

0%0,5%1,5%4%10%≥25%

Lower-failure-rate sector −Young company +Multiple establishment units +

Statistical estimate based on public sources, not credit advice nor a finding of fact. How do we compute this?

Financials

TurnoverNot published (abbreviated filing)

EBIT marginNot published (abbreviated filing)

Net result€-330

Working capital€5k-41.6%

CSV export

Annual accounts & ratios

Source: NBB · 2024

Annual accounts filed on 25-08-2025 with the NBB · fiscal year 2024 · micro

Operating resultNet result

Trajectory (indicative)

Projection over 3 fiscal years from the filed annual accounts, not a forecast, the extended trend.

growing Equity: growth of ~3.5%/year over 4 fiscal years, indicative, assuming unchanged policy.

Solid line = filed figures · dashed = extended trend · area = indicative range.

How do we compute this?

The trend is a robust median of all pairwise slopes between fiscal years (Theil-Sen), so a single odd year cannot hijack the line. For strictly positive series we also fit a log variant (compound annual growth) and keep whichever describes the figures best.

The area around the projection is 1.8 × the median absolute deviation from the trend, widening each year ahead (×1 / ×1.6 / ×2.2), with a minimum of 8% of the last value. It is an indicative range, not a statistical confidence interval.

A series whose deviations exceed 35% of its level is too volatile: we then deliberately show no projection. Every projection assumes unchanged policy and is blind to non-public information (order book, contracts, funding rounds).

Sector comparison

Fiscal year 2024 · NACE 62, Computer programming & consultancy · compared within the same schema type (micro schema)

Metric	This company	Sector median	Position in the sector
Solvency	34.6%	65.0%	better than 23% of 7351 sector peers
Net result	€-330	€32k	better than 15% of 7348 sector peers
Equity	€67k	€58k	better than 55% of 7353 sector peers
Gross operating margin	€14k	€52k	better than 20% of 7342 sector peers
Total assets	€193k	€103k	better than 79% of 7354 sector peers

Median and position computed from NBB annual accounts filed by sector peers; own figures from the latest filed accounts.

Sector position over time

Percentile per fiscal year versus peers that filed figures, computed year by year (a year without enough peers is absent).

Solvency P23

Stable position over 2021-2024 · n=1763-7351

Net result P15

Weakening position over 2021-2024 · n=1758-7348

Equity P55

Weakening position over 2021-2024 · n=1763-7353

Gross operating margin P20

Weakening position over 2021-2024 · n=1756-7342

Describes the position versus peers, not a forecast.

EBITDA

€13k

-37.0% 21-24

Net profit

€-330

- 21-24

Cash flow

€11k

-35.2% 21-24

Total assets

€193k

+23.0% 21-24

Equity

€67k

-0.5% 21-24

Working capital

€5k

-41.6% 21-24

Income taxes

€2k

-51.7% 21-24

Debt

€126k

+40.6% 21-24

Show 9 other metrics

Debt ≤ 1y

€90k

0.0% 21-24

Debt > 1y

€36k

- 21-24

Current ratio

1.06

-4.0% 21-24

Quick ratio

1.06

-4.0% 21-24

Solvency

34.6%

-19.1% 21-24

Debt / equity

1.89

+41.3% 21-24

ROE

-0.5%

- 21-24

ROA

-0.2%

- 21-24

Interest coverage

21.12

-54.0% 21-24

Figures by fiscal year

Highlight YoY changes (±10%)

Fiscal year	2024
Deposit	micro
Revenue	-
EBITDA	€13k
Net profit	€-330
Cash flow	€11k
Staff costs	-
Income taxes	€2k
Dividends	-
Total assets	€193k
Equity	€67k
Debt	€126k
of which ≤ 1y	€90k
of which > 1y	€36k
Working capital	€5k
Employees (FTE)	-

Ratios (computed)

	2024
Current ratio	1.06
Quick ratio	1.06
Working capital ratio	2.9%
Solvency	34.6%
Debt / equity	1.89
Long-term debt ratio	0.55
Interest coverage	21.12
Gross margin	-
Net margin	-
ROA	-0.2%
ROE	-0.5%
EBITDA margin	-
Days sales outstanding	-
Days payable outstanding	-
Inventory turnover	-
Days inventory (DSI)	-

Balance-sheet composition 2024

Assets

Fixed assets €98k · 50.6% Current assets €95k · 49.4%

Equity & liabilities

Equity €67k · 34.6% Debt €126k · 65.5%

Full annual accounts (23 line items)

Filed balance sheet and income statement, exactly as deposited with the NBB.

Line item	Code	2024
Balance sheet, Assets
TOTAL ASSETS	20/58	€193k
Fixed assets	21/28	€98k
Intangible fixed assets	21	€45k
Tangible fixed assets	22/27	€52k
Current assets	29/58	€95k
Amounts receivable within one year	40/41	€67k
Cash & bank	54/58	€19k
Balance sheet, Equity & liabilities
TOTAL EQUITY & LIABILITIES	10/49	€193k
Equity	10/15	€67k
Contributions / capital	10/11	€2k
Accumulated profits (losses)	14	€65k
Amounts payable	17/49	€126k
Amounts payable after one year	17	€36k
Amounts payable within one year	42/48	€90k
Trade debts payable within one year	44	€1k
Income statement
Gross operating margin	9900	€14k
Operating result	9901	€2k
Financial income	75	€225
Financial charges	65	€624
Result before taxes	9903	€1k
Income taxes	67/77	€2k
Net result for the period	9904	€-330
Result to be appropriated	9905	€-330

This table shows the latest fiscal year. 3 prior years, with figures and ratios, belong to a paid plan. See plans →

Ratios computed by Checked.

Health barometer

FY 2024 · computed

58 / 100 Fair

050100

Computed from 5 of the 6 factors this model weighs. The rest cannot be derived from the filed figures, or need a prior year to compare against.

The full score breakdown, per-year score history and the indicative credit limit are in Kantoor S.

See plans →

Computed by Checked from the NBB filing for FY 2024. Indicative, not credit advice.

Structure & network

Locations & real estate

Registered office

from the Crossroads Bank

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.

Schoolstraat 231780 Wemmel

Establishment units

2 locations

XEFI Aalst

Schoolstraat 23, 1780 WemmelVervaardiging van computers en randapparatuur

since 20202.307.460.546

XEFI Aalst

Industrielaan 4, 9320 AalstActiviteiten op het gebied van computerconsultancy en beheer van computerfaciliteiten

since 20252.371.603.181

Physical sites registered in the Crossroads Bank for Enterprises (CBE).

Parcels2

Ground area9,210 m²

Buildings2

Building footprint1,684 m²

Volume (LiDAR)11,798 m³

Tallest building13.7 m · ±4 fl.

Real-estate footprint

Source: CBE × cadastre · address linking

Parcels linked to this company through its CBE addresses (seat, establishment units, branches), cross-referenced with the cadastral parcel plan. This shows where the company operates, not a deeds register.

Flanders 2 (100%)

Parcel (capakey)	Region	Area	Buildings	Height / fl.
41342B1195/00M000	Flanders	9,053 m²	1 · 1,601 m²	7.8 m · 2 fl.
22005A0518/00D002	Flanders	157 m²	1 · 83 m²	13.7 m · 4 fl.

Methodology

via registered seat: 1 · via establishment units: 1

2 of 2 parcels with an exact address match; the rest are indicative.

Linked through address data, this is not proof of ownership.

Publications

Lifecycle & Insolvency Signals

No insolvency signals in the Belgian State Gazette

Belgian State Gazette · acts

No structured acts for this company yet

That means one of two things: the company has published no company deeds, or its deeds are still queued for reading. The insolvency signals above come from a separate source; the KBO register is the second source and appears as the legal situation on this page.