Equity
€254.9m from €641.7m in 2020
Equity fell by 60% in 5 years.
IVC
Lifetime
20 annual accounts with figures on one time axis, 22 filings since 2004peak €435.6m (2022)
€349.8m▼ 10.0%
lowest -€60.5m (2019)
€23.8m▲ 34.2%
peak €641.7m (2020)
€254.9m▼ 0.9%
€30.7m▼ 17.4%
peak 913.5 FTE (2022)
678.3 FTE▼ 12.7%
Board34 names since 2004all names
4 directorsPATTON Rodney David and 3 others
Owners3 names in the annual accounts
100%UNILIN and 1 other
Documentsfilings and deeds
02-07-202629 days before the deadline
2025financial year
Result from €17.7m to €23.8mStaff from 777.3 FTE to 678.3 FTE1 director resigning 19-11Demerger: IVC splits off to UNILIN 25-02Debts from €37.2m to €30.7mCash from €6,593 to €22,782
Key points
from the 2025 annual accountsResult
€23.8m ▲ 34.2%
The result rose in 2025 from €17.7m to €23.8m.
Staff
678.3 FTE from 913.5 in 2022
Between 2022 and 2025, 26% of the full-time equivalents disappeared.
Restructuring
2025
Restructuring with UNILIN. Restructuring on 01-01-2025.
Board
1 joined · 1 left
Board changed. Latest change 05-02-2026 · 3 in office.
Position in the sector
€23.8m
Higher net result than 95% of companies in rubber and plastics. Sector median €147,657 · 232 companies.
Checked score
92
Excellent
Financially stronger than 65% of all companies
Probability in this band: under 0.55%
Bankruptcy probability within 12 months
0.2% Very low
0%0.5%1.5%4%10%≥ 25%
The dashed line is the sector median: 0.3% across 17 companies (NACE 22, large).
About 2 in 1,000 comparable companies go bankrupt within 12 months (an estimate).
Last 24 months
12-2024: 0.2%
01-2025: 0.2%● unchanged vs 12-2024
02-2025: 0.2%● unchanged vs 01-2025
03-2025: 0.2%● unchanged vs 02-2025
04-2025: 0.2%● unchanged vs 03-2025
05-2025: 0.2%● unchanged vs 04-2025
06-2025: 0.3%▲ +0.1 percentage points vs 05-2025
07-2025: 0.3%● unchanged vs 06-2025highest value
08-2025: 0.2%▼ -0.1 percentage points vs 07-2025
09-2025: 0.2%● unchanged vs 08-2025
10-2025: 0.2%● unchanged vs 09-2025
11-2025: 0.2%● unchanged vs 10-2025
12-2025: 0.2%● unchanged vs 11-2025
01-2026: 0.2%● unchanged vs 12-2025
02-2026: 0.2%● unchanged vs 01-2026lowest value
03-2026: 0.2%● unchanged vs 02-2026
04-2026: 0.2%● unchanged vs 03-2026
05-2026: 0.2%● unchanged vs 04-2026
06-2026: 0.2%● unchanged vs 05-2026
07-2026: 0.2%● unchanged vs 06-2026
08-2026: 0.2%● unchanged vs 07-2026
09-2026: 0.2%● unchanged vs 08-2026
10-2026: 0.2%● unchanged vs 09-2026
11-2026: 0.2%● unchanged vs 10-2026
Financial strengthStrong
Score breakdown
raises risk
Liquidity: current ratio 6.18, cash €22,782
lowers risk
Founded in 2004
Size: turnover €349.8m, 678.3 FTE, total assets €288.0m
Equity €254.9m (88.5% of total assets)
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 (all companies). It does better than 93% of them on solvency, 59% on liquidity, 75% on profitability and 32% on growth.
The bankruptcy probability was computed on 09-11-2026 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).
Comparable companies, two years later
In July 2024, 321 companies had the same profile as IVC has now. Each dot is one company, two years later.
97.5%
were still trading
2.5%
stopped another way
0.0%
went bankrupt
That fits the bankruptcy probability of IVC itself: 0.2% within 12 months.
Test of the method
The method was tested on the 497,447 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 321 companies, not a prediction for IVC. 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.
Credit verdict
Credit of up to €23,400,000 on 30-day terms is acceptable
Liquidity is ample, with a current ratio of 6.18 (5.06 in 2024), above the usual 1.5. Short-term debt is 10.2% and cash 0% of total assets. 11.5% of the assets are financed with debt and provisions.
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The scores and ratios are Checked's own calculations, not a credit decision.
Signals
Five signals.
lowers riskraises riskneutral
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 02-07-2026, 29 days ahead of the deadline.
NBB · 10 filingsDeviation from the deadline
2025
29 days early
2024
31 days early
2023
30 days early
2022
4 days late
2021
24 days early
2020
11 days early
2019
22 days early
← before the deadline
after the deadline →
tick = median of all Belgian filingsring = median in the sector
The company filed its last 7 accounts on average 20 days before the deadline. In the sector (NACE 22), the median for financial year 2024 was 14 days before the deadline, and 34% of those companies filed late.
Searched, nothing found (2)
neutral · Next filing not due yet
The next financial year closes on 31-12-2026 and is due by 31-07-2027. Nothing is late today. The company usually files around 2 July (4 of the last 5 accounts filed within 30 days either side of that date).
Companies Code · seven monthsWhere today falls in the filing period
10-11-2026 today31-12-2026 year end31-07-2027 deadline
Board and ownership
- UNILIN 100%score 88equity €4.32bn (2025) · annual accounts 2025
- MOHAWK INDUSTRIES, INC. consolidatedLEI register
Shares in 3 companies, including IVC France SARL and IVC Group Ltd
Board & ownershipRecent changes
New managing director
Hoveco Management BV appointed, CAMAT BV resigned · Permanent representatives: Veronique Hoflack, Wim Messiaen and Sven De Smet · Gazette deed
1 director resigning
RUDEMA BV (class B director and managing director) · Permanent representatives: Ruben Desmet, Wim Messiaen and Sven De Smet · Gazette deed
Demerger: IVC splits off to UNILIN
General meeting of 23-12-2024 · Gazette deed
Comparable companies
same main activity, similar in size and ageGrey: the largest companies of the sector (rubber and plastics (NACE 22)), without their names. Blue: the sector peers from the table.
These companies have the same main activity as IVC: manufacture of rubber and plastic products (NACE 22240). They are comparable in size and age: total assets between €39m and €164m, founded between 1956 and 1996.
Official details
Source: KBO- Status
- Active since 06-08-2004Normal situation
- Activity
- Manufacture of rubber and plastic productsNACE 22240and 2 others
- Establishment units
- 2.138.794.5708580 Avelgem, since 06-08-2004
- 2.264.353.6477700 Mouscron, since 01-10-2016
- Financial year end
- 31 December
- Peppol
- Reachable
Annual accounts 2025
- €288.0m▼ 3.3%
- Employeeson 31-12-2025
- 671▼ 12.1%
- Filing
- Filed on 02-07-2026, 29 days before the end of the filing period
Insights on IVC
IVC has existed since 2004. Turnover grew from €137.8m in 2006 to €349.8m in 2025 and staff from 237 to 678.3 full-time equivalents.
Turnover has fallen every year since 2022.
UNILIN holds all the shares. In February 2026, the Official Gazette published the appointment of HOVECO MANAGEMENT as managing director.
Sources: KBO register, filings at the National Bank, Belgian Official Gazette. Click a figure with a dotted line for the item and the filing.
Key facts about IVC
- What is the company number of IVC?
- The company number of IVC is 0866.682.231. The VAT number is the same number with BE in front: BE 0866.682.231.
- Where is IVC based?
- The registered office is at Nijverheidslaan 29, 8580 Avelgem.Company details
- What does IVC do?
- According to the KBO register, the main activity is manufacture of rubber and plastic products (NACE 22240).
- What is the legal form of IVC?
- IVC is a private limited company (BV).
- When was IVC founded?
- IVC was founded on 06-08-2004.
- Is IVC still active?
- Yes, IVC is an active enterprise in the KBO register.
- How many employees does IVC have?
- IVC had an average of 678.3 full-time equivalents in financial year 2025, according to the filed annual accounts.Financials
- What is the turnover of IVC?
- The turnover of IVC was €349.8m in financial year 2025, according to the filed annual accounts.
- Is IVC profitable?
- In financial year 2025, IVC made a profit of €23.8m.
- Where can I find the annual accounts of IVC?
- IVC filed 27 annual accounts with the National Bank of Belgium, the latest for financial year 2025.
- When are the next annual accounts of IVC due?
- IVC must file the annual accounts for financial year 2026 by 31-07-2027.Timeline
Next steps
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