IW
ActiveSummary
IW has been active since 2004 and the Belgian State Gazette contains no insolvency or warning signals. The 2025 annual accounts show equity of €394,688 and a net result of €122,311. Equity is growing by ~12.7% per year across the filed fiscal years. Its solvency ranks better than 49% of 436 sector peers (fiscal year 2025). The computed 12-month bankruptcy probability is 0.1% (very low).
Checked score
Score 2025
Axes · tick = 2024
Profitability68▼-14
Solvency77▲+21
Growth43▼-1
Track record100
Bankruptcy probability, 12 months
0.1%
Very low
0%0.5%1.5%4%10%≥ 25%
Credit up to €25,000 at 30 days acceptable
Liquidity ample (current ratio 1.98 against 1.37 in 2024; short-term debt: 47.6% and cash: 1.3% of total assets), and 47.6% of the assets are financed with debt.
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Signals
Six signals. The signal on the left, the evidence on the right.
−lowers risk+raises risk○neutral
lowers risk · Lower-failure-rate sector
In this sector companies fail less often than the Belgian average.
Gazette · bankruptcies per sector, NACE 85
Relative position
BE, all sectors
reference
Education (NACE 85)
about 77% fewer bankruptcies
← fewer bankruptcies
more bankruptcies →
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
lowers risk · Annual accounts: healthy financial profile
The latest annual accounts show a healthy profile in solvency, result and liquidity.
NBB · annual accounts 2025Solvency, return and age of the figures
Solvency
52.4%
Return on assets
16.2%
Age of the figures
9 mo
neutral · Filed after the deadline
The financial year that closed on 31-12-2025 was due by 31-07-2026 and was filed on 24-08-2026, 24 days later. For context: 47% of the Belgian market files late and the whole 1-to-90-day band measures 2.0% abnormal legal state against a 1.66% average. We show this as a fact and do not score it.
NBB · 10 filingsDeviation from the deadline
2025
24 d late
2024
26 d late
2023
28 d late
2022
8 d late
2021
25 d late
2020
6 d late
2019
18 d early
← 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 14 days after the deadline; the sector median for financial year 2024 is 16 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
26-09-2026 today31-12-2026 close31-07-2027 deadline
History
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How much credit can you give this customer, and on what term?Credit simulator What should you check before you do business with this company?Supplier due diligence Can you accept this company as a client under the anti-money-laundering law?AML client file What other support did companies like this one receive, and it did not?Subsidy mirror How does this company compare with its sector?Sector benchmark What changed in the latest annual accounts?What changed
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Financials · fiscal year 2025, full schema
Turnover
€2.5m▼ 5.9%
2024 · €2.6m
EBIT margin
6.5%▼ 2.1pp
2024 · 8.6%
Net result
€122,311▼ 33.8%
2024 · €184,673
Working capital
€352,904▲ 60.3%
2024 · €220,219
Trend over the years
Click a name to add, emphasise or remove a line.
Every figure with its change against the fiscal year before
favourable
unfavourable
Line20212022202320242025
Turnover€2.8m▼ 23.3%€2.6m▼ 8.8%€2.6m▲ 0.7%€2.6m▲ 2.0%€2.5m▼ 5.9%
Operating result€302,919▼ 35.4%€72,736▼ 76.0%€114,194▲ 57.0%€228,692▲ 100%€162,925▼ 28.8%
Net result€216,346▼ 45.5%€31,418▼ 85.5%€44,909▲ 42.9%€184,673▲ 311%€122,311▼ 33.8%
EBIT margin10.7%▼ 2.0pp2.8%▼ 7.9pp4.4%▲ 1.6pp8.6%▲ 4.2pp6.5%▼ 2.1pp
Equity€461,377▲ 88.3%€492,795▲ 6.8%€537,704▲ 9.1%€272,377▼ 49.3%€394,688▲ 44.9%
Total assets€977,763▼ 12.1%€1.1m▲ 14.6%€970,409▼ 13.4%€868,296▼ 10.5%€753,095▼ 13.3%
Debt€516,386▼ 40.5%€627,886▲ 21.6%€432,705▼ 31.1%€595,919▲ 37.7%€358,407▼ 39.9%
Working capital€423,799▲ 103%€451,990▲ 6.7%€491,599▲ 8.8%€220,219▼ 55.2%€352,904▲ 60.3%
Staff (FTE)19.2▼ 22.6%16.9▼ 12.0%17.9▲ 5.9%18.2▲ 1.7%16.7▼ 8.2%
Result per fiscal year
Operating resultNet result
The operating result falls in 2025; 2025 is 29% below 2024.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €753,095
Fixed assets
€41,784 ▼ 19.9%
Current assets
€711,311 ▼ 12.8%
Equity and liabilities €753,095
Equity
€394,688 ▲ 44.9%
Debt
€358,407 ▼ 39.9%
Debt's share of the balance-sheet total falls from 68.6% to 47.6%. Equity is higher and debt is lower.
Key figures and ratios
EBITDA
€183,072▼
2024 · €249,083
Cash flow
€142,458▼
2024 · €205,065
Current ratio
1.98▲
2024 · 1.37
Debt to equity
0.91▼
2024 · 2.19
ROE
31.0%▼
2024 · 67.8%
ROA
16.2%▼
2024 · 21.3%
Interest coverage
4.52▼
2024 · 5.80
Debt ≤ 1 year
€358,407▼
2024 · €595,919
Income taxes
€3,568▼
2024 · €4,032
Staff costs
€1.6m▼
2024 · €1.7m
Green means a favourable move, even when the figure itself falls: as with debt or debt to equity.
Annual accounts
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Turnover70 | €2.8m | €2.6m | €2.6m | €2.6m | €2.5m | ▼ 5.9% |
| Non-recurring operating income76A | €46 | - | - | €181 | €145 | ▼ 19.9% |
| Goods, raw materials, services and sundry goods60/61 | €1.0m | €1.1m | €978,785 | €731,362 | €705,164 | ▼ 3.6% |
| Remuneration, social security and pensions62 | €1.5m | €1.4m | €1.5m | €1.7m | €1.6m | ▼ 4.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €15,058 | €15,424 | €17,904 | €20,391 | €20,147 | ▼ 1.2% |
| Other operating charges640/8 | €5,896 | €11,752 | €8,197 | €10,320 | €10,700 | ▲ 3.7% |
| Non-recurring operating charges66A | €250 | €1,679 | - | €18,995 | €47,938 | ▲ 152% |
| Gross operating margin9900 | €1.8m | €1.5m | €1.7m | €2.0m | €1.8m | ▼ 5.9% |
| Operating profit (loss)9901 | €302,919 | €72,736 | €114,194 | €228,692 | €162,925 | ▼ 28.8% |
| Financial income75/76B | €549 | €659 | €6,646 | €2,953 | €3,472 | ▲ 17.6% |
| Recurring financial income75 | €549 | €659 | €6,646 | €2,953 | €3,472 | ▲ 17.6% |
| Financial charges65/66B | €17,725 | €20,003 | €34,292 | €42,939 | €40,519 | ▼ 5.6% |
| Recurring financial charges65 | €17,725 | €20,003 | €34,292 | €42,939 | €40,519 | ▼ 5.6% |
| Profit (loss) for the period before taxes9903 | €285,743 | €53,392 | €86,548 | €188,706 | €125,878 | ▼ 33.3% |
| Income taxes67/77 | €69,398 | €21,974 | €41,639 | €4,032 | €3,568 | ▼ 11.5% |
| Profit (loss) for the period9904 | €216,346 | €31,418 | €44,909 | €184,673 | €122,311 | ▼ 33.8% |
| Profit (loss) for the period to be appropriated9905 | €216,346 | €31,418 | €44,909 | €184,673 | €122,311 | ▼ 33.8% |
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Assets | ||||||
| Total assets20/58 | €977,763 | €1.1m | €970,409 | €868,296 | €753,095 | ▼ 13.3% |
| Fixed assets21/28 | €37,578 | €40,805 | €46,105 | €52,158 | €41,784 | ▼ 19.9% |
| Tangible fixed assets22/27 | €28,032 | €31,259 | €36,558 | €39,142 | €28,768 | ▼ 26.5% |
| Plant, machinery and equipment23 | €21,343 | €27,738 | €36,206 | €37,067 | €27,155 | ▼ 26.7% |
| Furniture and vehicles24 | €6,689 | €3,520 | €352 | €2,075 | €1,613 | ▼ 22.3% |
| Financial fixed assets28 | €9,546 | €9,546 | €9,546 | €13,016 | €13,016 | = |
| Current assets29/58 | €940,185 | €1.1m | €924,304 | €816,138 | €711,311 | ▼ 12.8% |
| Amounts receivable within one year40/41 | €899,507 | €1.0m | €872,420 | €777,501 | €676,228 | ▼ 13.0% |
| Trade receivables40 | €433,249 | €357,435 | €516,768 | €386,485 | €359,199 | ▼ 7.1% |
| Other amounts receivable41 | €466,258 | €685,645 | €355,652 | €391,016 | €317,029 | ▼ 18.9% |
| Cash at bank and in hand54/58 | €16,583 | €12,549 | €25,995 | €9,519 | €9,738 | ▲ 2.3% |
| Deferred charges and accrued income490/1 | €24,095 | €24,248 | €25,889 | €29,118 | €25,345 | ▼ 13.0% |
| Equity and liabilities | ||||||
| Total equity and liabilities10/49 | €977,763 | €1.1m | €970,409 | €868,296 | €753,095 | ▼ 13.3% |
| Equity10/15 | €461,377 | €492,795 | €537,704 | €272,377 | €394,688 | ▲ 44.9% |
| Contributions10/11 | €62,000 | €62,000 | €62,000 | €62,000 | €62,000 | = |
| Capital10 | €62,000 | €62,000 | €62,000 | €62,000 | €62,000 | = |
| Issued capital100 | €62,000 | €62,000 | €62,000 | €62,000 | €62,000 | = |
| Reserves13 | €398,860 | €429,860 | €474,860 | €209,860 | €331,860 | ▲ 58.1% |
| Non-distributable reserves130/1 | €6,260 | €6,260 | €6,260 | €6,260 | €6,260 | = |
| Legal reserve130 | €6,260 | €6,260 | €6,260 | €6,260 | €6,260 | = |
| Distributable reserves133 | €392,600 | €423,600 | €468,600 | €203,600 | €325,600 | ▲ 59.9% |
| Profit (loss) carried forward14 | €517 | €935 | €844 | €517 | €828 | ▲ 60.1% |
| Amounts payable17/49 | €516,386 | €627,886 | €432,705 | €595,919 | €358,407 | ▼ 39.9% |
| Amounts payable within one year42/48 | €516,386 | €627,886 | €432,705 | €595,919 | €358,407 | ▼ 39.9% |
| Trade debts44 | €261,277 | €456,333 | €179,399 | €212,343 | €156,212 | ▼ 26.4% |
| Suppliers440/4 | €261,277 | €456,333 | €179,399 | €212,343 | €156,212 | ▼ 26.4% |
| Taxes, remuneration and social security45 | €255,109 | €171,553 | €253,306 | €215,249 | €202,195 | ▼ 6.1% |
| Taxes450/3 | €67,835 | €18,134 | €71,621 | €39,502 | €28,797 | ▼ 27.1% |
| Remuneration and social security454/9 | €187,274 | €153,419 | €181,685 | €175,748 | €173,398 | ▼ 1.3% |
| Other amounts payable47/48 | - | - | - | €168,327 | - | - |
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €216,346 | €31,418 | €44,909 | €184,673 | €122,311 | ▼ 33.8% |
| + Depreciation and write-downs630 | €15,058 | €15,424 | €17,904 | €20,391 | €20,147 | ▼ 1.2% |
| Operating cash flow (approximation) | €231,403 | €46,842 | €62,813 | €205,065 | €142,458 | ▼ 30.5% |
| Investment in fixed assets (approximation) | - | -€18,651 | -€23,204 | -€26,445 | -€9,773 | ▲ 63.0% |
| Change in cash | - | -€4,034 | €13,446 | -€16,476 | €218 | ▲ 101% |
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
24-08
NBB filing
Annual accounts filed
fiscal year 2025 · full schema · 24 days late
2025
26-08
NBB filing
Annual accounts filed
fiscal year 2024 · abbreviated schema · 26 days late
2024
28-08
NBB filing
Annual accounts filed
fiscal year 2023 · abbreviated schema · 28 days late
2023
31-12
Financial
Equity above €500,000Eq €537,704 ▲9.1%
6 profitable years in a row build equity to €537,704.
08-08
NBB filing
Annual accounts filed
fiscal year 2022 · abbreviated schema · 8 days late
2022
31-12
Financial
Weakest financial yearnet €31,418 ▼85.5%
Net result drops to €31,418, the lowest in the series; recovery starts the following year.
25-08
NBB filing
Annual accounts filed
fiscal year 2021 · abbreviated schema · 25 days late
2021
06-08
NBB filing
Annual accounts filed
fiscal year 2020 · abbreviated schema · 6 days late
2020
31-12
Financial
Highest result since 2018net €396,620 ▲46.5%
Operating result €468,696, net result €396,620, both a record.
31-12
Financial
Equity above €200,000Eq €245,032 ▲30.1%
3 profitable years in a row build equity to €245,032.
13-07
NBB filing
Annual accounts filed
fiscal year 2019 · abbreviated schema
2019
08-07
NBB filing
Annual accounts filed
fiscal year 2018 · abbreviated schema
2018
24-07
NBB filing
Annual accounts filed
fiscal year 2017 · abbreviated schema
2017
03-07
NBB filing
Annual accounts filed
fiscal year 2016 · full schema
Financial milestoneNBB filingFinancial milestones sit on the fiscal year-end date, not the filing date.
0 of 15 acts read
About the unread acts
We know of 15 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
15 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, Kontich · 2 establishment units since 2004
Ground area
2.4 ha
Building footprint
3,414 m²
Volume, LiDAR
24,729 m³
3 parcels, Flanders · tallest building 14.2 m, ±4 floors. Linked by address, not a title deed.
2 establishment units
IW BVBA
since 20042.138.866.826
Stedestraat 51, 8530 Harelbeke
since 20182.341.068.373
3 parcels
Flanders
3
(100%)
| Parcel (capakey) | Region | Area | Buildings | Height / fl. |
|---|---|---|---|---|
| 34323D0008/00X002 | Flanders | 1.7 ha | 1 · 1,745 m² | 10.3 m · 2 fl. |
| 11024B0079/00F000 | Flanders | 3,333 m² | 1 · 932 m² | 10.3 m · 3 fl. |
| 11024B0130/00E002 | Flanders | 3,317 m² | 1 · 736 m² | 14.2 m · 4 fl. |
Linked by address, not proof of ownership
Good to know
3 of 3 parcels with an exact address match; the rest are indicative.
Linked through address data, this is not proof of ownership.
Public money · subsidies and aid
Flemish government
2022 to 2025 · 8 entries · 77,216 EUR awarded · 77,216 EUR paid| Year | Entries | awarded | paid |
|---|---|---|---|
| 2025 | 1 | 12,555 EUR | 12,555 EUR |
| 2024 | 3 | 20,989 EUR | 20,989 EUR |
| 2023 | 2 | 24,952 EUR | 24,952 EUR |
| 2022 | 2 | 18,720 EUR | 18,720 EUR |
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Of 3,020 companies in sector 85592 we hold annual accounts for 988. 660 are within a factor 10 of this equity. The 5 above are the closest to it. See the whole sector
Identification & contact
Identification
Legal formPublic limited company
Founded02-08-2004
Fiscal year end31-12
Activities, NACEBEL 2025
70200Business and other management consultancy
85592Vocational training
58290Other software publishing
62200Computer consultancy and computer facilities management
Scores and ratios are computed by Checked and are not a credit decision.