Summary
IVECA is a financial institution; the bankruptcy model is trained on trading and manufacturing companies and does not apply here. The 2025 annual accounts show equity of €326,203 and a net result of €150,053. Equity is growing by about 6.9% per year across the filed financial years. Its solvency ranks better than 69% of 9,737 sector peers (NACE 64, financial year 2025). The company has been active since 2012 and the Belgian Official Gazette contains no insolvency or warning signals.
Financials · financial year 2025, micro format
Equity
€326,203▲ 30.8%
2024 · €249,385
Net result
€150,053▲ 179%
2024 · €53,745
Total assets
€454,641▲ 30.4%
2024 · €348,694
Solvency
71.7%▲ 0.2pp
2024 · 71.5%
Trend over the years
2021 to 2025, 5 financial years 2018 to 2025, 8 financial years
The operating result recovers in 2025; 2025 is 183% above 2024 and is the highest result in the available series.
What the company sold each financial year and what was left of it. A loss stands below the zero line.
Operating result€217,565
2025
Net result€150,053
2025
What the company owns (total assets), how much of it is its own (equity) and how much it owes.
Total assets€454,641
2025
Equity€326,203
2025
Debt€128,439
2025
Short-term assets minus short-term debts. Above zero the company can pay its bills in the short term.
Working capital€253,746
2025
How much of each euro of turnover is left from operations (EBIT margin) and what the assets earn (return on assets).
Return on assets (ROA)33.0%
2025
The share of the company financed with its own means. The higher it is, the better it absorbs a shock.
Solvency71.7%
2025
Short-term assets per euro of short-term debt. Above 1 the short-term debts are covered.
Current ratio4.13
2025
Use the arrow keys on the chart for the figures per year.
Sector: the middle half of NACE 64, Financial service activities, except insurance and pension funding: a quarter of companies sit below it, a quarter above. Each year compared with accounts in the same format, and only where there are at least 30. Dashed line: the median. Available for Net result, Equity, Total assets, Working capital, Solvency, Current ratio, Return on assets (ROA).
Every figure with its change against the financial year before
favourable
unfavourable
Line20182019202020212022202320242025
Operating result€63,607-€97,362▲ 53.1%€40,523▼ 58.4%€46,613▲ 15.0%€85,571▲ 83.6%€84,379▼ 1.4%€76,987▼ 8.8%€217,565▲ 183%
Net result€48,787-€80,079▲ 64.1%€29,024within the sector's middle half▼ 63.8%€32,970within the sector's middle half▲ 13.6%€60,526within the sector's middle half▲ 83.6%€59,879within the sector's middle half▼ 1.1%€53,745within the sector's middle half▼ 10.2%€150,053above the sector's middle half▲ 179%
Equity€179,319-€210,598▲ 17.4%€239,622within the sector's middle half▲ 13.8%€175,592within the sector's middle half▼ 26.7%€187,118within the sector's middle half▲ 6.6%€246,997within the sector's middle half▲ 32.0%€249,385within the sector's middle half▲ 1.0%€326,203within the sector's middle half▲ 30.8%
Total assets€210,870-€256,731▲ 21.7%€285,700within the sector's middle half▲ 11.3%€210,740within the sector's middle half▼ 26.2%€220,222within the sector's middle half▲ 4.5%€276,278within the sector's middle half▲ 25.5%€348,694within the sector's middle half▲ 26.2%€454,641within the sector's middle half▲ 30.4%
Debt€31,552-€46,133▲ 46.2%€46,079▼ 0.1%€35,149▼ 23.7%€33,104▼ 5.8%€29,281▼ 11.5%€99,309▲ 239%€128,439▲ 29.3%
Working capital€170,136-€204,393▲ 20.1%€225,121above the sector's middle half▲ 10.1%€165,423above the sector's middle half▼ 26.5%€179,348above the sector's middle half▲ 8.4%€226,244above the sector's middle half▲ 26.1%€208,464above the sector's middle half▼ 7.9%€253,746above the sector's middle half▲ 21.7%
Solvency85.0%-82.0%▼ 3.0pp83.9%above the sector's middle half▲ 1.8pp83.3%above the sector's middle half▼ 0.6pp85.0%above the sector's middle half▲ 1.6pp89.4%above the sector's middle half▲ 4.4pp71.5%within the sector's middle half▼ 17.9pp71.7%within the sector's middle half▲ 0.2pp
Current ratio6.48-5.48▼ 1.005.94above the sector's middle half▲ 0.465.77above the sector's middle half▼ 0.176.52above the sector's middle half▲ 0.758.83above the sector's middle half▲ 2.316.94above the sector's middle half▼ 1.894.13above the sector's middle half▼ 2.81
Return on assets (ROA)23.1%-31.2%▲ 8.1pp10.2%within the sector's middle half▼ 21.0pp15.6%within the sector's middle half▲ 5.5pp27.5%above the sector's middle half▲ 11.8pp21.7%within the sector's middle half▼ 5.8pp15.4%within the sector's middle half▼ 6.3pp33.0%above the sector's middle half▲ 17.6pp
above
within
below
the middle half of NACE 64, Financial service activities, except insurance and pension funding: a quarter of companies sit below it, a quarter above. Each year compared with accounts in the same format, and only where there are at least 30.
Turnover and EBIT margin 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 €454,641
Fixed assets
€119,753 ▲ 13.9%
Current assets
€334,888 ▲ 37.5%
Equity and liabilities €454,641
Equity
€326,203 ▲ 30.8%
Debt
€128,439 ▲ 29.3%
Debt's share of the balance-sheet total falls from 28.5% to 28.3%. Equity and debt are higher.
Key figures and ratios
ROE
46.0%▲
2024 · 21.6%
Debt ≤ 1 year
€81,142▲
2024 · €35,094
Debt > 1 year
€47,118▼
2024 · €64,214
Income taxes
€65,797▲
2024 · €21,901
Green means a favourable move, even when the figure itself falls: as with debt or debt to equity.
Annual accounts
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Non-recurring operating income76A | - | - | - | - | - | - | - | €4,708 | - |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €12,830 | €2,957 | €3,888 | €4,333 | €2,286 | €2,379 | €12,585 | €22,303 | ▲ 77.2% |
| Other operating charges640/8 | - | - | - | €976 | €1,058 | €1,065 | €2,597 | €2,231 | ▼ 14.1% |
| Gross operating margin9900 | €77,587 | €100,872 | €45,489 | €51,922 | €88,914 | €87,823 | €92,169 | €242,099 | ▲ 163% |
| Operating profit (loss)9901 | €63,607 | €97,362 | €40,523 | €46,613 | €85,571 | €84,379 | €76,987 | €217,565 | ▲ 183% |
| Financial income75/76B | - | - | - | €0 | €0 | - | €313 | €1,168 | ▲ 273% |
| Recurring financial income75 | - | - | €49 | €0 | €0 | - | €313 | €1,168 | ▲ 273% |
| Financial charges65/66B | - | - | - | €104 | €107 | €44 | €1,654 | €2,884 | ▲ 74.4% |
| Recurring financial charges65 | €292 | €467 | €155 | €104 | €107 | €44 | €1,654 | €2,884 | ▲ 74.4% |
| Profit (loss) for the period before taxes9903 | €63,315 | €96,895 | €40,417 | €46,510 | €85,463 | €84,335 | €75,646 | €215,849 | ▲ 185% |
| Income taxes67/77 | €14,528 | €16,816 | €11,393 | €13,540 | €24,937 | €24,456 | €21,901 | €65,797 | ▲ 200% |
| Profit (loss) for the period9904 | €48,787 | €80,079 | €29,024 | €32,970 | €60,526 | €59,879 | €53,745 | €150,053 | ▲ 179% |
| Profit (loss) for the period to be appropriated9905 | €48,787 | €80,079 | €29,024 | €32,970 | €60,526 | €59,879 | €53,745 | €150,053 | ▲ 179% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Assets | |||||||||
| Total assets20/58 | €210,870 | €256,731 | €285,700 | €210,740 | €220,222 | €276,278 | €348,694 | €454,641 | ▲ 30.4% |
| Fixed assets21/28 | €9,677 | €6,699 | €14,996 | €10,663 | €8,377 | €21,137 | €105,135 | €119,753 | ▲ 13.9% |
| Tangible fixed assets22/27 | €9,657 | €6,699 | €14,996 | €10,663 | €8,377 | €21,137 | €105,135 | €119,753 | ▲ 13.9% |
| Furniture and vehicles24 | - | - | - | €1,820 | €778 | €6,822 | €92,379 | €108,555 | ▲ 17.5% |
| Other tangible fixed assets26 | - | - | - | €8,843 | €7,600 | €14,315 | €12,756 | €11,198 | ▼ 12.2% |
| Financial fixed assets28 | €21 | - | - | - | - | - | - | - | - |
| Current assets29/58 | €201,193 | €250,031 | €270,704 | €200,077 | €211,844 | €255,141 | €243,558 | €334,888 | ▲ 37.5% |
| Amounts receivable within one year40/41 | €65,286 | €98,795 | €130,985 | €129,954 | €65,754 | €110,399 | €29,893 | €146,967 | ▲ 392% |
| Trade receivables40 | - | - | - | €121,000 | €60,500 | €105,875 | €18,987 | €103,741 | ▲ 446% |
| Other amounts receivable41 | - | - | - | €8,954 | €5,254 | €4,524 | €10,906 | €43,226 | ▲ 296% |
| Cash at bank and in hand54/58 | €134,830 | €146,138 | €138,794 | €69,632 | €145,086 | €144,210 | €208,688 | €184,646 | ▼ 11.5% |
| Deferred charges and accrued income490/1 | - | - | - | €492 | €1,004 | €532 | €4,978 | €3,275 | ▼ 34.2% |
| Equity and liabilities | |||||||||
| Total equity and liabilities10/49 | €210,870 | €256,731 | €285,700 | €210,740 | €220,222 | €276,278 | €348,694 | €454,641 | ▲ 30.4% |
| Equity10/15 | €179,319 | €210,598 | €239,622 | €175,592 | €187,118 | €246,997 | €249,385 | €326,203 | ▲ 30.8% |
| Contributions10/11 | €12,400 | €18,600 | - | €18,600 | €18,600 | €18,600 | €13,266 | €2,000 | ▼ 84.9% |
| Reserves13 | €166,919 | €191,998 | €221,022 | €156,992 | €168,518 | €228,397 | €236,120 | €324,203 | ▲ 37.3% |
| Non-distributable reserves130/1 | - | - | - | €1,860 | €1,860 | €1,860 | €0 | - | - |
| Reserves not available under the articles1311 | - | - | - | €1,860 | €1,860 | €1,860 | €0 | - | - |
| Distributable reserves133 | - | - | - | €155,132 | €166,658 | €226,537 | €236,120 | €324,203 | ▲ 37.3% |
| Profit (loss) carried forward14 | - | - | - | - | €0 | €0 | €0 | €0 | - |
| Amounts payable17/49 | €31,552 | €46,133 | €46,079 | €35,149 | €33,104 | €29,281 | €99,309 | €128,439 | ▲ 29.3% |
| Amounts payable after more than one year17 | - | - | - | - | - | - | €64,214 | €47,118 | ▼ 26.6% |
| Financial debts170/4 | - | - | - | - | - | - | €64,214 | €47,118 | ▼ 26.6% |
| Amounts payable within one year42/48 | €31,057 | €45,638 | €45,584 | €34,654 | €32,496 | €28,897 | €35,094 | €81,142 | ▲ 131% |
| Current portion of amounts payable after more than one year42 | - | - | - | - | - | - | €16,493 | €17,096 | ▲ 3.7% |
| Financial debts43 | - | - | - | €8,322 | €0 | - | - | €25,067 | - |
| Credit institutions430/8 | - | - | - | €8,322 | €0 | - | - | €25,067 | - |
| Trade debts44 | €2,843 | €9,458 | €1,630 | - | €857 | €3,927 | €1,205 | €6,527 | ▲ 442% |
| Suppliers440/4 | - | - | - | - | €857 | €3,927 | €1,205 | €6,527 | ▲ 442% |
| Taxes, remuneration and social security45 | - | - | - | €26,331 | €31,640 | €24,971 | €17,396 | €32,452 | ▲ 86.5% |
| Taxes450/3 | - | - | - | €26,331 | €31,640 | €24,971 | €17,396 | €32,452 | ▲ 86.5% |
| Accrued charges and deferred income492/3 | - | - | - | €495 | €608 | €384 | €0 | €179 | - |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €48,787 | €80,079 | €29,024 | €32,970 | €60,526 | €59,879 | €53,745 | €150,053 | ▲ 179% |
| + Depreciation and write-downs630 | €12,830 | €2,957 | €3,888 | €4,333 | €2,286 | €2,379 | €12,585 | €22,303 | ▲ 77.2% |
| Operating cash flow (approximation) | €61,617 | €83,036 | €32,912 | €37,303 | €62,812 | €62,258 | €66,330 | €172,356 | ▲ 160% |
| Investment in fixed assets (approximation) | - | €21 | -€12,185 | €0 | €0 | -€15,139 | -€96,584 | -€36,921 | ▲ 61.8% |
| Change in cash | - | €11,308 | -€7,344 | -€69,163 | €75,455 | -€876 | €64,478 | -€24,042 | - |
Simplified and derived: a Belgian filing has no cash-flow statement, so these rows come from the income statement and the balance-sheet moves.
Latest 10 of 13 filings with the National Bank
| Financial year | Type | Filed | Reference |
|---|---|---|---|
| 31-12-2025 | micro format | 13-02-2026 | 2026-00040280 |
| 31-12-2024 | micro format | 28-03-2025 | 2025-00061988 |
| 31-12-2023 | micro format | 03-04-2024 | 2024-00059367 |
| 31-12-2022 | micro format | 13-04-2023 | 2023-00060862 |
| 31-12-2021 | micro format | 27-06-2022 | 2022-20095751 |
| 31-12-2020 | micro format | 09-07-2021 | 2021-33400261 |
| 31-12-2019 | micro format | 09-07-2020 | 2020-28000246 |
| 31-12-2018 | micro format | 26-07-2019 | 2019-39300169 |
| 31-12-2017 | micro format | 30-07-2018 | 2018-40700122 |
| 31-12-2016 | micro format | 25-07-2017 | 2017-35600054 |
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Of the 24,456 active companies whose main activity is activities of holding companies (NACE 64210), figures are known for 20,125. 13,974 are within a factor 10 of this equity. These 5 are the closest to it. See the whole sector
Public contracts: No European public contracts awarded found since October 2016. Contracts below the EU thresholds are not in TED.