iTRUST GROUP
ActiveSummary
iTRUST GROUP has been active since 2011 and the Belgian Official Gazette contains no insolvency or warning signals. The 2025 annual accounts show equity of €323,939 and a net result of €22,259. Equity has been growing by about 3.1% per year since 2018. Its solvency ranks better than 46% of 17,149 sector peers (NACE 68, financial year 2025). The computed 12-month bankruptcy probability is 0.1% (very low).
Overview
Overview
Official details
Source: KBO- Status
- Active since 16-05-2011 Normal situation
- Activity
- Development of residential building projects NACE 68121and 2 others
- Establishment unit
- 2.199.132.530 8870 Izegem, since 24-05-2011
- Financial year end
- 31 December
- Peppol
- Reachable
Board and ownership
- BenD ProjectsDirector · since 16-05-2011
- BS-HoldingsDirector · since 16-05-2011
- Carver InvestDirector · since 16-05-2011
- NOBLE HOUSE INVESTMENTS50%· score 8530-09-2025 annual accounts of NOBLE HOUSE INVESTMENTS
- BenD PROJECTS25%· score 862025 annual accounts of BenD PROJECTS
- CARVER INVEST25%· score 8131-03-2026 annual accounts of CARVER INVEST
- Holdings
- Shares in 1 company DE VLASGAARD
Financial position
- Bankruptcy probabilitywithin 12 months
- 0.1%
- Gross margin
- €44,458
- ▲ 2.2%
- Turnover
- ≈ €120,000
- estimated
- Profit
- €22,259
- ▲ 3.9%
- Equity
- €323,939
- ▲ 7.4%
- Total assets
- €1.3m
- ▲ 0.3%
Score breakdownraises riskLiquidity: current ratio 31.50, cash €45,771lowers riskSize: total assets €1.3mFigures for financial year 2025 (filed on 30-06-2026)Sector: Real estate activities (NACE 68)Show the evidence
Checked score
Fewer than 1 in 1,000 comparable companies go bankrupt within 12 months (an estimate).
Calculation
The band follows from the bankruptcy probability. 10 more points roughly halve it.
| 75-100 | Excellent | under 0.55% |
| 60-74 | Healthy | 0.55% to 1.5% |
| 45-59 | Fair | 1.5% to 4.2% |
| 25-44 | Weak | 4.2% to 15.0% |
| 0-24 | Critical | over 15.0% |
Where the company stands within its band depends half on the bankruptcy probability and half on how it does against its sector peers (NACE 68, micro). It does better than 45% of them on solvency, 64% on liquidity, 61% on profitability and 63% on growth.
The bankruptcy probability was computed on 04-11-2026 by the bankruptcy model of 2 October 2026, which learns from Belgian bankruptcies and reads the registers, the annual accounts and the Belgian Official Gazette.
The probability rests on the annual accounts with balance sheet date 31-12-2025.
Of the companies with a bankruptcy probability in the very low class on 30-06-2025, 0.1% went bankrupt within twelve months.
Some facts cap the score, however low the probability. With negative or zero equity, a heavy loss, a special status in the KBO, one missing filing or accounts filed more than 90 days late, the score is Fair at most (59). With two missing filings, it is Weak at most (44). During a judicial reorganisation or at the company's end (bankruptcy, dissolution, liquidation), it is Critical at most (24).
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Show the recommended maximum and see how the verdict changes with amount, term and advance.
The scores and ratios are Checked's own calculations, not a credit decision.
Signals
The company filed its last 7 accounts on average 28 days before the deadline. In the sector (NACE 68), the median for financial year 2024 was 7 days before the deadline, and 36% of those companies filed late.
Searched, nothing found (2)
Financials
Financials · financial year 2025, micro format
Annual accounts 2025 filed on 30-06-2026 at the NBB all 15 filings
Every figure per financial year
The operating result for 2025 is 3% higher than in 2024 and the highest since 2018. It is the third rise in a row, after the fall in 2022.
Turnover and EBIT margin are not published. The abbreviated or micro format does not require them. The turnover shown is an estimate from the gross margin.
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €14,275 | €14,275 | €14,275 | €14,275 | €14,275 | €14,275 | €14,275 | €14,275 | = |
| Other operating charges640/8 | - | - | - | €5,252 | €5,386 | €5,366 | €5,442 | €5,603 | ▲ 3.0% |
| Gross operating margin9900 | €36,492 | -€49,609 | €35,877 | €38,204 | €34,518 | €40,517 | €43,503 | €44,458 | ▲ 2.2% |
| Operating profit (loss)9901 | €5,401 | -€68,339 | €16,373 | €18,678 | €14,857 | €20,876 | €23,786 | €24,581 | ▲ 3.3% |
| Financial income75/76B | - | - | - | €0 | - | €0 | €166 | €0 | ▼ 100% |
| Recurring financial income75 | €0 | - | - | €0 | - | €0 | €166 | €0 | ▼ 100% |
| Financial charges65/66B | - | - | - | €7,357 | €3,731 | €3,084 | €2,529 | €2,321 | ▼ 8.2% |
| Recurring financial charges65 | €63,955 | €62,465 | €7,805 | €7,357 | €3,731 | €3,084 | €2,529 | €2,321 | ▼ 8.2% |
| Profit (loss) for the period before taxes9903 | -€58,553 | -€130,804 | €8,568 | €11,321 | €11,126 | €17,792 | €21,424 | €22,259 | ▲ 3.9% |
| Profit (loss) for the period9904 | -€58,553 | -€130,804 | €8,568 | €11,321 | €11,126 | €17,792 | €21,424 | €22,259 | ▲ 3.9% |
| Profit (loss) for the period to be appropriated9905 | -€58,553 | -€130,804 | €8,568 | €11,321 | €11,126 | €17,792 | €21,424 | €22,259 | ▲ 3.9% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Assets | |||||||||
| Total assets20/58 | €1.8m | €1.6m | €2.0m | €1.9m | €1.3m | €1.3m | €1.3m | €1.3m | ▲ 0.3% |
| Fixed assets21/28 | €0.6m | €0.6m | €0.6m | €0.6m | €0.6m | €0.6m | €0.5m | €0.5m | ▼ 2.6% |
| Tangible fixed assets22/27 | €0.4m | €0.4m | €0.4m | €0.4m | €0.4m | €0.4m | €0.4m | €0.4m | ▼ 3.9% |
| Land and buildings22 | - | - | - | €0.4m | €0.4m | €0.4m | €0.4m | €0.4m | ▼ 3.9% |
| Financial fixed assets28 | €0.2m | €0.2m | €0.2m | €0.2m | €0.2m | €0.2m | €0.2m | €0.2m | = |
| Current assets29/58 | €1.3m | €0.9m | €1.4m | €1.3m | €0.7m | €0.7m | €0.8m | €0.8m | ▲ 2.3% |
| Amounts receivable after more than one year29 | - | - | - | €0.7m | €0.7m | €0.7m | €0.7m | €0.7m | ▲ 1.2% |
| Other amounts receivable291 | - | - | - | €0.7m | €0.7m | €0.7m | €0.7m | €0.7m | ▲ 1.2% |
| Stocks and contracts in progress3 | €1.0m | €0.7m | €0.7m | €0.5m | - | - | - | - | - |
| Stocks30/36 | - | - | - | €0.5m | - | - | - | - | - |
| Amounts receivable within one year40/41 | €0.04m | €0.04m | €0.04m | €0.04m | €0.03m | €0.04m | €0.03m | €0.04m | ▲ 14.4% |
| Trade receivables40 | - | - | - | €433 | €0.001m | €0.004m | €414 | €0.005m | ▲ 13× |
| Other amounts receivable41 | - | - | - | €0.04m | €0.03m | €0.03m | €0.03m | €0.03m | ▼ 0.4% |
| Cash at bank and in hand54/58 | €0.09m | €0.06m | €0.02m | €0.06m | €0.02m | €0.02m | €0.04m | €0.05m | ▲ 11.5% |
| Equity and liabilities | |||||||||
| Total equity and liabilities10/49 | €1.8m | €1.6m | €2.0m | €1.9m | €1.3m | €1.3m | €1.3m | €1.3m | ▲ 0.3% |
| Equity10/15 | €0.3m | €0.2m | €0.2m | €0.3m | €0.3m | €0.3m | €0.3m | €0.3m | ▲ 7.4% |
| Contributions10/11 | €0.3m | €0.3m | - | €0.3m | €0.3m | €0.3m | €0.3m | €0.3m | = |
| Revaluation surpluses12 | - | - | - | €0.1m | €0.1m | €0.1m | €0.1m | €0.1m | = |
| Reserves13 | €0.09m | €0.09m | €0.09m | €0.09m | €0.09m | €0.09m | €0.09m | €0.09m | = |
| Non-distributable reserves130/1 | - | - | - | €0.008m | €0.008m | - | - | - | - |
| Reserves not available under the articles1311 | - | - | - | €0.008m | €0.008m | - | - | - | - |
| Distributable reserves133 | - | - | - | €0.08m | €0.08m | €0.09m | €0.09m | €0.09m | = |
| Profit (loss) carried forward14 | -€0.2m | -€0.3m | -€0.3m | -€0.3m | -€0.3m | -€0.2m | -€0.2m | -€0.2m | ▲ 10.1% |
| Amounts payable17/49 | €1.6m | €1.3m | €1.8m | €1.6m | €1.0m | €1.0m | €1.0m | €1.0m | ▼ 1.9% |
| Amounts payable after more than one year17 | €0.2m | €1.1m | €1.5m | €1.6m | €1.0m | €1.0m | €1.0m | €1.0m | ▼ 2.1% |
| Financial debts170/4 | - | - | - | €0.2m | €0.2m | €0.1m | €0.1m | €0.1m | ▼ 16.7% |
| Other amounts payable178/9 | - | - | - | €1.4m | €0.8m | €0.9m | €0.9m | €0.9m | = |
| Amounts payable within one year42/48 | €1.3m | €0.2m | €0.3m | €0.02m | €0.02m | €0.02m | €0.02m | €0.02m | ▲ 9.0% |
| Current portion of amounts payable after more than one year42 | - | - | - | €0.02m | €0.02m | €0.02m | €0.02m | €0.02m | ▲ 1.1% |
| Trade debts44 | €0.008m | €0.002m | €0.004m | - | €0.001m | - | €392 | €0.002m | ▲ 459% |
| Suppliers440/4 | - | - | - | - | €0.001m | - | €392 | €0.002m | ▲ 459% |
| Taxes, remuneration and social security45 | - | - | - | - | - | €66 | - | - | - |
| Taxes450/3 | - | - | - | - | - | €66 | - | - | - |
| Other amounts payable47/48 | - | - | - | €0.001m | €166 | €166 | - | - | - |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | -€58,553 | -€130,804 | €8,568 | €11,321 | €11,126 | €17,792 | €21,424 | €22,259 | ▲ 3.9% |
| + Depreciation and write-downs630 | €14,275 | €14,275 | €14,275 | €14,275 | €14,275 | €14,275 | €14,275 | €14,275 | = |
| Operating cash flow (approximation) | -€44,278 | -€116,530 | €22,843 | €25,595 | €25,401 | €32,066 | €35,699 | €36,534 | ▲ 2.3% |
| Investment in fixed assets (approximation) | - | -€50,000 | €0 | €0 | €0 | €0 | €0 | €0 | - |
| Change in cash | - | -€29,195 | -€44,216 | €42,520 | -€38,713 | €2,842 | €17,124 | €4,716 | ▼ 72.5% |
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, 4,107 companies had the same profile as iTRUST GROUP has now. Two years later, 98.0% were still going and 1.0% had gone bankrupt.
- Small
- 10 to 20 years old
- solvency 10 to 30%
- a profit under 5% of the balance sheet
Another 0.2% stopped without a precise date, possibly only after those two years.
That fits the bankruptcy probability of iTRUST GROUP itself: 0.1% 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 4,107 companies, not a prediction for iTRUST GROUP. 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 15 filings with the National Bank
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-12-2025 | micro format | 30-06-2026 | 2026-00236129 | |
| 31-12-2024 | micro format | 07-07-2025 | 2025-00251662 | |
| 31-12-2023 | micro format | 08-07-2024 | 2024-00227006 | |
| 31-12-2022 | micro format | 03-07-2023 | 2023-00205432 | |
| 31-12-2021 | micro format | 27-06-2022 | 2022-20127653 | |
| 31-12-2020 | micro format | 29-06-2021 | 2021-28200383 | |
| 31-12-2019 | abbreviated format | 06-07-2020 | 2020-26800508 | |
| 31-12-2018 | abbreviated format | 18-07-2019 | 2019-34300130 | |
| 31-12-2017 | abbreviated format | 17-09-2018 | 2018-63500253 | |
| 31-12-2016 | abbreviated format | 04-07-2017 | 2017-27500573 |
Board & ownership
Directors
Owners and capital
Shareholders
3 ownersOwners 3
- Equity €327,387 Loss of €4,101 in 2025 (loss of €3,469 in 2024) Checked score 8550%
- Equity €278,052 Profit of €64,005 in 2025 (profit of €55,501 in 2024) Checked score 8625%
- Equity €86,733 Loss of €1,912 in 2026 (loss of €2,065 in 2025) Checked score 8125%
Owners through the years 2011 to 2026
| Name | 2011 | 2012 | 2013 | 2014 | 2015 | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| CARVER INVEST | 25% | |||||||||||||||
| NOBLE HOUSE INVESTMENTS | 50% | |||||||||||||||
| BenD PROJECTS | 25% | |||||||||||||||
| XL INVESTMENT | 25% | |||||||||||||||
Source: lists of holdings in the owners' accounts
Capital transactions
- 07-06-2023 Converted to unavailable equity
Mandate history
- Board
| Name | Functions and periods |
|---|---|
| BenD Projects |
|
| BS-Holdings |
|
| Carver Invest |
|
| XL Investment |
|
Network & group
Holdings and subsidiaries
1 holdingHoldings 1
- Sourceown accounts 2025Equity €311,932 Loss of €15,099 in 2025 (loss of €2,762 in 2024) Checked score 8950%
Holdings through the years 2014 to 2025
| Name | 2014 | 2015 | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| DE VLASGAARD | 50% | |||||||||||
Source: list of holdings in its own accounts
Companies at the same address
2 other companiesConnections & network
4 current directorsThe network starts from the directors of iTRUST GROUP. Every other company they run is a node.
Timeline
Deeds, filings and financial milestones
20-03
Gazette deed
Permanent representatives: Tom Pieters and Steven Brouckaert3 points ▸
- General meeting, 07-02-2024
- Permanent representative, Tom Pieters
- Permanent representative, Steven Brouckaert
07-06
Gazette deed
Amendment of the articles · Legal-form changeGeneral meeting of 31-05-20231 point ▸
- General meeting, 31-05-2023
- The deed holds 4 more points.
26-09
Gazette deed
Permanent representatives: Tom Pieters, Sofie Brouckaert and Gerdy Vandamme4 points ▸
- General meeting, 24-06-2022
- Permanent representative, Tom Pieters
- Permanent representative, Sofie Brouckaert
- Permanent representative, Gerdy Vandamme
Show earlier events
Sources:Publications in the Belgian Official GazetteFilings with the National Bank
History
Company details
Register details
Identity
KBO recordRegistered office and establishments
Activities
NACEBEL 2025Codes under NACEBEL 2008
Invoicing and payment
Check the withholding obligation If you pay this company for building or cleaning work, check before every payment whether you must withhold part of the invoice. Use the enterprise number 0836.284.807
Financial year and general meeting
Accounts at the NBBSites & property
Buildings and parcels at the address
| Cadastral parcel | Region | Area | Buildings | Height / floors |
|---|---|---|---|---|
| 36008A0226/00K003 | Flanders | 596 m² | 1 · 309 m² | 8.2 m · 1 |