IVB.TEC
ActiveFinancials · financial year 2025, micro format
Annual accounts 2025 filed on 28-07-2026 at the NBB all 5 filings
Turnover
≈ €250,000
Estimated: probably between €180,000 and €430,000
Total assets
€135,357▲ 15.4%
2024 · €117,316
Net result
€16,549▼ 47.4%
2024 · €31,439
Working capital
€62,324▲ 1.0%
2024 · €61,701
Multi-year overview
2021 to 2025, 5 financial yearsOperating result
€23,530
▼ 46.9%
2025
20212025
Net result
€16,549
▼ 47.4%
2025
middle half of the sector
20212025
Equity
€118,737
▲ 16.2%
2025
middle half of the sector
20212025
Total assets
€135,357
▲ 15.4%
2025
middle half of the sector
20212025
Debt
€16,620
▲ 9.9%
2025
20212025
Working capital
€62,324
▲ 1.0%
2025
middle half of the sector
20212025
Solvency
87.7%
▲ 0.6pp
2025
highest quarter of the sector
20212025
Current ratio
4.77
▼ 0.31
2025
highest quarter of the sector
20212025
Return on assets (ROA)
12.2%
▼ 14.6pp
2025
middle half of the sector
20212025
Every figure per financial year
Every figure with its change against the financial year before
favourable
unfavourable
Line20212022202320242025
Operating result€37,586-€46,343▲ 23.3%€9,654▼ 79.2%€44,278▲ 359%€23,530▼ 46.9%
Net result€27,307within the sector's middle half-€33,950above the sector's middle half▲ 24.3%€6,992within the sector's middle half▼ 79.4%€31,439above the sector's middle half▲ 350%€16,549within the sector's middle half▼ 47.4%
Equity€29,807within the sector's middle half-€63,757within the sector's middle half▲ 114%€70,748within the sector's middle half▲ 11.0%€102,187within the sector's middle half▲ 44.4%€118,737within the sector's middle half▲ 16.2%
Total assets€39,386below the sector's middle half-€83,857within the sector's middle half▲ 113%€86,342within the sector's middle half▲ 3.0%€117,316within the sector's middle half▲ 35.9%€135,357within the sector's middle half▲ 15.4%
Debt€9,580-€20,101▲ 110%€15,594▼ 22.4%€15,128▼ 3.0%€16,620▲ 9.9%
Working capital€23,168within the sector's middle half-€53,603within the sector's middle half▲ 131%€43,144within the sector's middle half▼ 19.5%€61,701within the sector's middle half▲ 43.0%€62,324within the sector's middle half▲ 1.0%
Solvency75.7%above the sector's middle half-76.0%above the sector's middle half▲ 0.4pp81.9%above the sector's middle half▲ 5.9pp87.1%above the sector's middle half▲ 5.2pp87.7%above the sector's middle half▲ 0.6pp
Current ratio3.42above the sector's middle half-3.67above the sector's middle half▲ 0.243.77above the sector's middle half▲ 0.115.09above the sector's middle half▲ 1.314.77above the sector's middle half▼ 0.31
Return on assets (ROA)69.3%above the sector's middle half-40.5%above the sector's middle half▼ 28.8pp8.1%within the sector's middle half▼ 32.4pp26.8%above the sector's middle half▲ 18.7pp12.2%within the sector's middle half▼ 14.6pp
above
within
below
The sector band is the middle half of the companies in Specialised construction activities (NACE 43). 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 47% 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 €135,357
Fixed assets
€56,519 ▲ 39.5%
Current assets
€78,838 ▲ 2.7%
Equity and liabilities €135,357
Equity
€118,737 ▲ 16.2%
Debt
€16,620 ▲ 9.9%
Debt's share of the balance-sheet total falls from 12.9% to 12.3%. Equity and debt are higher.
Key figures and ratios
EBITDA
€39,996▼
2024 · €58,817
Cash flow
€33,015▼
2024 · €45,978
Debt to equity
0.14▼
2024 · 0.15
ROE
13.9%▼
2024 · 30.8%
Interest coverage
over 100
2024 · over 100
Debt ≤ 1 year
€16,514▲
2024 · €15,097
Income taxes
€6,910▼
2024 · €12,770
Green means a favourable move, even when the figure itself falls, as with debt or debt to equity.
Investments
| Item | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Tangible fixed assets | €7,454 | €5,681 | €26,816 | €27,421 | €33,900 |
| Depreciation and write-downs of the year | €790 | €2,191 | €9,334 | €14,539 | €16,466 |
Source: notes to the 2021 to 2025 annual accounts (statement of fixed assets)
Annual accounts
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €790 | €2,191 | €9,334 | €14,539 | €16,466 | ▲ 13.3% |
| Other operating charges640/8 | €46 | €254 | €439 | €1,795 | €1,458 | ▼ 18.8% |
| Gross operating margin9900 | €38,422 | €48,789 | €19,426 | €60,612 | €41,453 | ▼ 31.6% |
| Operating profit (loss)9901 | €37,586 | €46,343 | €9,654 | €44,278 | €23,530 | ▼ 46.9% |
| Financial income75/76B | €27 | €172 | €0 | €0 | €0 | ▲ 333% |
| Recurring financial income75 | €27 | €172 | €0 | €0 | €0 | ▲ 333% |
| Financial charges65/66B | €92 | €69 | €65 | €69 | €71 | ▲ 2.8% |
| Recurring financial charges65 | €92 | €69 | €65 | €69 | €71 | ▲ 2.8% |
| Profit (loss) for the period before taxes9903 | €37,521 | €46,446 | €9,589 | €44,209 | €23,459 | ▼ 46.9% |
| Income taxes67/77 | €10,214 | €12,496 | €2,597 | €12,770 | €6,910 | ▼ 45.9% |
| Profit (loss) for the period9904 | €27,307 | €33,950 | €6,992 | €31,439 | €16,549 | ▼ 47.4% |
| Profit (loss) for the period to be appropriated9905 | €27,307 | €33,950 | €6,992 | €31,439 | €16,549 | ▼ 47.4% |
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Assets | ||||||
| Total assets20/58 | €39,386 | €83,857 | €86,342 | €117,316 | €135,357 | ▲ 15.4% |
| Fixed assets21/28 | €6,664 | €10,154 | €27,636 | €40,518 | €56,519 | ▲ 39.5% |
| Tangible fixed assets22/27 | €6,664 | €10,154 | €27,636 | €40,518 | €56,519 | ▲ 39.5% |
| Plant, machinery and equipment23 | €364 | €1,044 | €1,919 | €2,283 | €1,572 | ▼ 31.2% |
| Furniture and vehicles24 | €6,301 | €9,110 | €25,717 | €38,235 | €54,948 | ▲ 43.7% |
| Current assets29/58 | €32,722 | €73,704 | €58,707 | €76,798 | €78,838 | ▲ 2.7% |
| Amounts receivable within one year40/41 | €8,730 | €23,124 | €6,167 | €18,814 | €14,877 | ▼ 20.9% |
| Trade receivables40 | €8,405 | €19,586 | €1,260 | €11,676 | €12,057 | ▲ 3.3% |
| Other amounts receivable41 | €326 | €3,538 | €4,907 | €7,137 | €2,820 | ▼ 60.5% |
| Cash at bank and in hand54/58 | €22,705 | €48,932 | €50,060 | €55,522 | €60,927 | ▲ 9.7% |
| Deferred charges and accrued income490/1 | €1,287 | €1,648 | €2,480 | €2,463 | €3,034 | ▲ 23.2% |
| Equity and liabilities | ||||||
| Total equity and liabilities10/49 | €39,386 | €83,857 | €86,342 | €117,316 | €135,357 | ▲ 15.4% |
| Equity10/15 | €29,807 | €63,757 | €70,748 | €102,187 | €118,737 | ▲ 16.2% |
| Contributions10/11 | €2,500 | €2,500 | €2,500 | €2,500 | €2,500 | = |
| Reserves13 | €27,307 | €61,257 | €68,248 | €99,687 | €116,237 | ▲ 16.6% |
| Distributable reserves133 | €27,307 | €61,257 | €68,248 | €99,687 | €116,237 | ▲ 16.6% |
| Amounts payable17/49 | €9,580 | €20,101 | €15,594 | €15,128 | €16,620 | ▲ 9.9% |
| Amounts payable within one year42/48 | €9,554 | €20,101 | €15,563 | €15,097 | €16,514 | ▲ 9.4% |
| Trade debts44 | €2,189 | €7,175 | €3,066 | €1,716 | €3,811 | ▲ 122% |
| Suppliers440/4 | €2,189 | €7,175 | €3,066 | €1,716 | €3,811 | ▲ 122% |
| Taxes, remuneration and social security45 | €7,365 | €12,926 | €10,791 | €10,601 | €10,285 | ▼ 3.0% |
| Taxes450/3 | €7,365 | €12,926 | €8,290 | €8,101 | €7,786 | ▼ 3.9% |
| Remuneration and social security454/9 | - | - | €2,501 | €2,500 | €2,500 | = |
| Other amounts payable47/48 | - | - | €1,706 | €2,780 | €2,417 | ▼ 13.1% |
| Accrued charges and deferred income492/3 | €25 | €0 | €31 | €31 | €107 | ▲ 243% |
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €27,307 | €33,950 | €6,992 | €31,439 | €16,549 | ▼ 47.4% |
| + Depreciation and write-downs630 | €790 | €2,191 | €9,334 | €14,539 | €16,466 | ▲ 13.3% |
| Operating cash flow (approximation) | €28,097 | €36,141 | €16,326 | €45,978 | €33,015 | ▼ 28.2% |
| Investment in fixed assets (approximation) | - | -€5,681 | -€26,816 | -€27,421 | -€32,467 | ▼ 18.4% |
| Change in cash | - | €26,227 | €1,128 | €5,462 | €5,405 | ▼ 1.0% |
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, 26,972 companies had the same profile as IVB.TEC has now. Two years later, 94.9% were still going and 1.6% had gone bankrupt.
- Micro
- 5 to 10 years old
- solvency 30% or more
- a profit of 5% of the balance sheet or more
94.9%
was still going
3.4%
stopped otherwise
1.6%
went bankrupt
Another 0.1% stopped without a precise date, possibly only after those two years.
The bankruptcy probability of IVB.TEC itself is lower: 0.1% within 12 months. It rests on far more data about IVB.TEC than the profile alone.
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 26,972 companies, not a prediction for IVB.TEC. 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.
Filings with the National Bank (5)
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-12-2025 | micro format | 28-07-2026 | 2026-00340332 | |
| 31-12-2024 | micro format | 29-08-2025 | 2025-00437006 | |
| 31-12-2023 | micro format | 24-07-2024 | 2024-00277320 | |
| 31-12-2022 | micro format | 28-08-2023 | 2023-00357655 | |
| 31-12-2021 | micro format | 22-07-2022 | 2022-20212177 |