IVACO
ActiveSummary
IVACO has been active since 1996 and the Belgian State Gazette contains no insolvency or warning signals. The 2025 annual accounts show negative equity (-€20,310) and a net result of -€234,679. Equity is shrinking by ~22.2% per year across the filed fiscal years. Its solvency ranks better than 14% of 219 sector peers (fiscal year 2025). The computed 12-month bankruptcy probability is 0.7% (low).
Checked score
Score 2025
Axes · tick = 2024
Profitability0=
Solvency23▼-16
Growth32=
Track record100
Bankruptcy probability, 12 months
0.7%
Low
0%0.5%1.5%4%10%≥ 25%
No credit on open account
Liquidity tight (current ratio 1.01 against 1.21 in 2024; short-term debt: 52.3% and cash: 7.2% of total assets), and equity is negative.
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Signals
Six signals. The signal on the left, the evidence on the right.
−lowers risk+raises risk○neutral
lowers risk · Long track record
A company with a long track record statistically fails less often than a young one.
KBO · incorporation dateAge against the risk zone
raises risk · Annual accounts: weaker financial profile
The latest annual accounts show a weaker profile in solvency, result or liquidity than companies that stay afloat.
NBB · annual accounts 2025Solvency, return and age of the figures
Solvency
-1.6%
Return on assets
-19%
Age of the figures
9 mo
raises risk · Higher-failure-rate sector
In this sector companies fail more often than the Belgian average.
Gazette · bankruptcies per sector, NACE 38
Relative position
BE, all sectors
reference
Waste collection, recovery and disposal activities (NACE 38)
about 10% more bankruptcies
← fewer bankruptcies
more bankruptcies →
raises risk · Negative equity
The 2025 annual accounts show negative equity and a net loss.
NBB · annual accounts 2025Equity per financial year
1819202122232425
2018 to 2025 · latest year -€20,310
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 · 10 filingsDeviation from the deadline
2025
on the day
2024
13 d late
2023
26 d late
2022
28 d late
2021
27 d late
2020
89 d late
2019
14 d late
← before the deadline
after the deadline →
tick = median of all Belgian filingsring = median in the sector
This company filed its last 7 accounts on average 28 days after the deadline; the sector median for financial year 2024 is 8 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
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Financials · fiscal year 2025, abbreviated schema
Equity
-€20,310
2024 · €214,369
Total assets
€1.2m▼ 19.4%
2024 · €1.5m
Net result
-€234,679▲ 20.6%
2024 · -€295,410
Working capital
€4,775▼ 96.7%
2024 · €144,687
Trend over the years
Click a name to add, emphasise or remove a line.Band: the middle half (P25 to P75) of NACE 38, Waste collection, recovery and disposal activities, each year against the same schema; no band under 30 filings. Dashed line: the median.
Every figure with its change against the fiscal year before
favourable
unfavourable
Line20212022202320242025
Operating result-€158,406▲ 0.6%-€91,871▲ 42.0%-€238,944▼ 160%-€279,112▼ 16.8%-€213,483▲ 23.5%
Net result-€179,561below the sector's middle half▲ 2.5%-€111,397below the sector's middle half▲ 38.0%-€252,843below the sector's middle half▼ 127%-€295,410below the sector's middle half▼ 16.8%-€234,679below the sector's middle half▲ 20.6%
Equity€874,019within the sector's middle half▼ 17.0%€762,622within the sector's middle half▼ 12.7%€509,779within the sector's middle half▼ 33.2%€214,369within the sector's middle half▼ 57.9%-€20,310below the sector's middle half
Total assets€1.8mwithin the sector's middle half▼ 10.4%€1.7mwithin the sector's middle half▼ 7.6%€1.4mwithin the sector's middle half▼ 14.6%€1.5mwithin the sector's middle half▲ 5.9%€1.2mwithin the sector's middle half▼ 19.4%
Debt€956,771▼ 3.4%€928,448▼ 3.0%€934,652▲ 0.7%€1.3m▲ 40.7%€1.3m▼ 4.7%
Working capital-€1,040▲ 98.7%€184,282€270,496▲ 46.8%€144,687▼ 46.5%€4,775▼ 96.7%
Solvency47.7%within the sector's middle half▼ 3.8pp45.1%within the sector's middle half▼ 2.6pp35.3%within the sector's middle half▼ 9.8pp14.0%below the sector's middle half▼ 21.3pp-1.6%below the sector's middle half▼ 15.7pp
above
within
below
the middle half (P25 to P75) of NACE 38, Waste collection, recovery and disposal activities, each year against the same schema; no band under 30 filings.
Turnover and EBIT margin not published: the abbreviated schema does not require them.
Result per fiscal year
Operating resultNet result
The operating result stays negative: a loss of €213,483 in 2025 against €279,112 in 2024; the loss shrinks.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €1.2m
Fixed assets
€583,545 ▼ 16.2%
Current assets
€649,945 ▼ 22.0%
Key figures and ratios
EBITDA
-€54,732▼
2024 · -€36,183
Cash flow
-€75,929▼
2024 · -€52,480
Current ratio
1.01▼
2024 · 1.21
Quick ratio
1.01▼
2024 · 1.21
Debt to equity
-61.73▼
2024 · 6.13
ROA
-19.0%▲
2024 · -19.3%
Interest coverage
-1.97▼
2024 · -1.60
Debt ≤ 1 year
€645,169▼
2024 · €688,313
Debt > 1 year
€608,630▼
2024 · €626,804
Income taxes
€141▲
2024 · €140
Green means a favourable move, even when the figure itself falls: as with debt or debt to equity.
Peer companies
Historical observationOf the 682 companies that looked in July 2024 the way this one looks now, 6.3% went bankrupt within 24 months and 84% are still going.
- Small
- 20 years or older
- negative equity
- a loss of 10% of the balance sheet or more
6.3%
went bankrupt
6.2%
stopped otherwise
84%
still going
A further 3.8% stopped, but we cannot tell whether within those 24 months.
For this company itself Checked computes a lower bankruptcy probability: 0.7% over twelve months. The score reads more about this company than the group's four characteristics; both figures are right about what they measure.
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 682 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 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €324,363 | €324,483 | €338,521 | €242,929 | €158,751 | ▼ 34.7% |
| Other operating charges640/8 | €3,466 | €18,662 | €26,859 | €12,540 | €7,114 | ▼ 43.3% |
| Gross operating margin9900 | €169,422 | €251,274 | €126,436 | -€23,643 | -€47,618 | ▼ 101% |
| Operating profit (loss)9901 | -€158,406 | -€91,871 | -€238,944 | -€279,112 | -€213,483 | ▲ 23.5% |
| Financial income75/76B | €0 | €0 | €6,218 | €6,466 | €6,725 | ▲ 4.0% |
| Recurring financial income75 | €0 | €0 | €6,218 | €6,466 | €6,725 | ▲ 4.0% |
| Financial charges65/66B | €21,045 | €19,406 | €19,985 | €22,624 | €27,781 | ▲ 22.8% |
| Recurring financial charges65 | €21,045 | €19,406 | €19,985 | €22,624 | €27,781 | ▲ 22.8% |
| Profit (loss) for the period before taxes9903 | -€179,451 | -€111,277 | -€252,712 | -€295,270 | -€234,539 | ▲ 20.6% |
| Income taxes67/77 | €110 | €120 | €132 | €140 | €141 | ▲ 1.0% |
| Profit (loss) for the period9904 | -€179,561 | -€111,397 | -€252,843 | -€295,410 | -€234,679 | ▲ 20.6% |
| Profit (loss) for the period to be appropriated9905 | -€179,561 | -€111,397 | -€252,843 | -€295,410 | -€234,679 | ▲ 20.6% |
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Assets | ||||||
| Total assets20/58 | €1.8m | €1.7m | €1.4m | €1.5m | €1.2m | ▼ 19.4% |
| Fixed assets21/28 | €1.3m | €1.0m | €715,225 | €696,485 | €583,545 | ▼ 16.2% |
| Tangible fixed assets22/27 | €1.3m | €1.0m | €715,225 | €684,385 | €571,445 | ▼ 16.5% |
| Land and buildings22 | €814,529 | €641,820 | €421,846 | €287,296 | €283,041 | ▼ 1.5% |
| Plant, machinery and equipment23 | €499,313 | €394,716 | €293,379 | €397,089 | €285,510 | ▼ 28.1% |
| Furniture and vehicles24 | €2,676 | €0 | - | - | €2,894 | - |
| Financial fixed assets28 | - | - | - | €12,100 | €12,100 | = |
| Current assets29/58 | €514,272 | €654,534 | €729,206 | €833,001 | €649,945 | ▼ 22.0% |
| Stocks and contracts in progress3 | €1,000 | €1,000 | €1,000 | €1,000 | €1,000 | = |
| Stocks30/36 | €1,000 | €1,000 | €1,000 | €1,000 | €1,000 | = |
| Amounts receivable within one year40/41 | €420,864 | €504,702 | €636,402 | €686,723 | €550,988 | ▼ 19.8% |
| Trade receivables40 | €265,328 | €347,530 | €461,734 | €518,597 | €376,137 | ▼ 27.5% |
| Other amounts receivable41 | €155,537 | €157,173 | €174,669 | €168,126 | €174,851 | ▲ 4.0% |
| Cash at bank and in hand54/58 | €76,308 | €141,032 | €80,103 | €141,747 | €89,137 | ▼ 37.1% |
| Deferred charges and accrued income490/1 | €16,100 | €7,800 | €11,700 | €3,531 | €8,819 | ▲ 150% |
| Equity and liabilities | ||||||
| Total equity and liabilities10/49 | €1.8m | €1.7m | €1.4m | €1.5m | €1.2m | ▼ 19.4% |
| Equity10/15 | €874,019 | €762,622 | €509,779 | €214,369 | -€20,310 | ▼ 109% |
| Contributions10/11 | €810,000 | €810,000 | €810,000 | €810,000 | €810,000 | = |
| Capital10 | €700,000 | €700,000 | - | - | - | - |
| Issued capital100 | €700,000 | €700,000 | - | - | - | - |
| Outside capital11 | €110,000 | €110,000 | - | - | - | - |
| Share premium1100/10 | €110,000 | €110,000 | - | - | - | - |
| Reserves13 | €70,000 | €70,000 | €70,000 | €70,000 | €70,000 | = |
| Non-distributable reserves130/1 | €70,000 | €70,000 | €0 | - | - | - |
| Legal reserve130 | €70,000 | €70,000 | - | - | - | - |
| Reserves not available under the articles1311 | - | - | €0 | - | - | - |
| Distributable reserves133 | €0 | - | €70,000 | €70,000 | €70,000 | = |
| Profit (loss) carried forward14 | -€5,981 | -€117,378 | -€370,221 | -€665,631 | -€900,310 | ▼ 35.3% |
| Amounts payable17/49 | €956,771 | €928,448 | €934,652 | €1.3m | €1.3m | ▼ 4.7% |
| Amounts payable after more than one year17 | €440,967 | €458,196 | €475,942 | €626,804 | €608,630 | ▼ 2.9% |
| Financial debts170/4 | €440,967 | €458,196 | €475,942 | €626,804 | €608,630 | ▼ 2.9% |
| Amounts payable within one year42/48 | €515,312 | €470,252 | €458,710 | €688,313 | €645,169 | ▼ 6.3% |
| Current portion of amounts payable after more than one year42 | €0 | - | - | €37,000 | €37,000 | = |
| Trade debts44 | €173,338 | €93,529 | €78,237 | €155,341 | €111,075 | ▼ 28.5% |
| Suppliers440/4 | €173,338 | €93,529 | €78,237 | €155,341 | €111,075 | ▼ 28.5% |
| Taxes, remuneration and social security45 | €9,579 | €298 | €2,258 | €16,305 | €16,001 | ▼ 1.9% |
| Taxes450/3 | €9,579 | €298 | €2,258 | €16,305 | €16,001 | ▼ 1.9% |
| Other amounts payable47/48 | €332,395 | €376,425 | €378,216 | €479,667 | €481,093 | ▲ 0.3% |
| Accrued charges and deferred income492/3 | €492 | €0 | - | - | - | - |
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | -€179,561 | -€111,397 | -€252,843 | -€295,410 | -€234,679 | ▲ 20.6% |
| + Depreciation and write-downs630 | €324,363 | €324,483 | €338,521 | €242,929 | €158,751 | ▼ 34.7% |
| Operating cash flow (approximation) | €144,802 | €213,086 | €85,678 | -€52,480 | -€75,929 | ▼ 44.7% |
| Investment in fixed assets (approximation) | - | -€44,501 | -€17,211 | -€224,189 | -€45,810 | ▲ 79.6% |
| Change in cash | - | €64,724 | -€60,928 | €61,644 | -€52,610 | ▼ 185% |
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
13-08
NBB filing
Annual accounts filed
fiscal year 2024 · abbreviated schema · 13 days late
2024
31-12
Financial
Weakest financial yearnet -€295,410
Net result drops to -€295,410, the lowest in the series; recovery starts the following year.
26-08
NBB filing
Annual accounts filed
fiscal year 2023 · abbreviated schema · 26 days late
2023
28-08
NBB filing
Annual accounts filed
fiscal year 2022 · abbreviated schema · 28 days late
2022
27-08
NBB filing
Annual accounts filed
fiscal year 2021 · abbreviated schema · 27 days late
2021
28-10
NBB filing
Annual accounts filed
fiscal year 2020 · abbreviated schema · 89 days late
2020
14-08
NBB filing
Annual accounts filed
fiscal year 2019 · abbreviated schema · 14 days late
2019
13-05
NBB filing
Annual accounts filed
fiscal year 2018 · abbreviated schema
2018
21-08
NBB filing
Annual accounts filed
fiscal year 2017 · abbreviated schema · 21 days late
2017
29-08
NBB filing
Annual accounts filed
fiscal year 2016 · abbreviated schema · 29 days late
Financial milestoneNBB filingFinancial milestones sit on the fiscal year-end date, not the filing date.
0 of 2 acts read
About the unread acts
We know of 2 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
2 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, Ichtegem · 2 establishment units since 1996
Ground area
5.3 ha
Building footprint
390 m²
Volume, LiDAR
1,662 m³
2 parcels, Flanders · tallest building 14.2 m, ±1 floor. Linked by address, not a title deed.
2 establishment units
IVACO
since 19962.077.843.235
IVACO
since 20132.218.169.670
2 parcels
Flanders
2
(100%)
| Parcel (capakey) | Region | Area | Buildings | Height / fl. |
|---|---|---|---|---|
| 35027A0296/00V000 | Flanders | 3.5 ha | 1 · 57 m² | 14.2 m · 1 fl. |
| 35003D0477/00C002 | Flanders | 1.8 ha | 1 · 334 m² | 10.5 m · 1 fl. |
Linked by address, not proof of ownership
Good to know
2 of 2 parcels with an exact address match; the rest are indicative.
Linked through address data, this is not proof of ownership.
Structure & network
Owners and holdings
1 ownerOwners 1
- Sourceaccounts DEVANO 20220.14%
Holdings 0
No holding stated in the accounts, acts or LEI register we read.
According to the annual accounts 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.
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Of 279 companies in sector 38330 we hold annual accounts for 240. 146 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
Founded18-07-1996
Fiscal year end31-12
Activities, NACEBEL 2025
38330Waste collection, recovery and disposal activities
35110Production of electricity from non-renewable sources
E-invoicing
Reachable via Peppol
Peppol ID
0208:0458317278
Also
9925:BE0458317278
Registered
23-12-2025
Register as of 27 September 2026 · Peppol Directory
Scores and ratios are computed by Checked and are not a credit decision.