IWEL
ActiveSummary
IWEL has been active since 2004 and the Belgian State Gazette contains no insolvency or warning signals. The 2025 annual accounts show equity of €45,795 and a net result of €36,013. The figures fluctuate too strongly year-on-year for a reliable trend projection. Its solvency ranks better than 20% of 12819 sector peers (fiscal year 2025). The computed 12-month bankruptcy probability is 0.1% (very low).
Checked score
Score 2025
Axes · tick = 2024
Profitability87▼-3
Solvency44▲+15
Growth78=
Track record100
Bankruptcy probability, 12 months
0.1%
Very low
0%0.5%1.5%4%10%≥ 25%
Credit up to €3,000 at 30 days acceptable
Liquidity short (current ratio 0.07 against 0.07 in 2024; short-term debt: 64.2% and cash: 3.8% of total assets), and 81.2% 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 69
Relative position
BE, all sectors
reference
Legal and accounting activities (NACE 69)
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
18.8%
Return on assets
14.8%
Age of the figures
9 mo
raises risk · Weak solvency vs sector
Solvency (equity / total assets) is in the sector's weakest quartile: better than 20% of 12819 sector peers (2025).
NBB · sector comparisonPosition among 12819 sector peers
Solvency
better than 20%
← weakest
strongest →
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 23-07-2026, 8 days ahead of the deadline.
NBB · 10 filingsDeviation from the deadline
2025
8 d early
2024
16 d early
2023
28 d early
2022
25 d early
2021
31 d late
2020
37 d late
2019
90 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 12 days after the deadline; the sector median for financial year 2024 is 9 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. Usually files around 15 July (4 of the last 5 filed years within 30 days of that day).
Companies Code · seven monthsPosition in the running window
28-09-2026 today31-12-2026 close31-07-2027 deadline
History
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Financials · fiscal year 2025, micro schema
Equity
€45,795▲ 368%
2024 · €9,782
Total assets
€243,812▲ 9.4%
2024 · €222,865
Net result
€36,013▼ 5.2%
2024 · €37,972
Working capital
-€145,155▲ 13.5%
2024 · -€167,828
Trend over the years
Click a name to add, emphasise or remove a line.Band: the middle half (P25 to P75) of NACE 69, Legal and accounting 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€11,663€23,194▲ 98.9%€34,416▲ 48.4%€42,243▲ 22.7%€42,247=
Net result€3,861below the sector's middle half€16,483within the sector's middle half▲ 327%€28,836within the sector's middle half▲ 74.9%€37,972within the sector's middle half▲ 31.7%€36,013within the sector's middle half▼ 5.2%
Equity-€73,509below the sector's middle half▲ 5.0%-€57,026below the sector's middle half▲ 22.4%-€28,190below the sector's middle half▲ 50.6%€9,782below the sector's middle half€45,795within the sector's middle half▲ 368%
Total assets€254,378within the sector's middle half▼ 11.4%€256,872within the sector's middle half▲ 1.0%€249,403within the sector's middle half▼ 2.9%€222,865within the sector's middle half▼ 10.6%€243,812within the sector's middle half▲ 9.4%
Debt€327,887▼ 10.0%€313,898▼ 4.3%€277,593▼ 11.6%€213,083▼ 23.2%€198,017▼ 7.1%
Working capital-€171,034below the sector's middle half▲ 1.4%-€192,964below the sector's middle half▼ 12.8%-€194,136below the sector's middle half▼ 0.6%-€167,828below the sector's middle half▲ 13.6%-€145,155below the sector's middle half▲ 13.5%
Solvency-28.9%below the sector's middle half▼ 2.0pp-22.2%below the sector's middle half▲ 6.7pp-11.3%below the sector's middle half▲ 10.9pp4.4%below the sector's middle half▲ 15.7pp18.8%below the sector's middle half▲ 14.4pp
Current ratio0.07below the sector's middle half=0.06below the sector's middle half▼ 0.010.06below the sector's middle half=0.07below the sector's middle half▲ 0.010.07below the sector's middle half▲ 0.01
Return on assets (ROA)1.5%below the sector's middle half▲ 8.8pp6.4%within the sector's middle half▲ 4.9pp11.6%within the sector's middle half▲ 5.1pp17.0%within the sector's middle half▲ 5.5pp14.8%within the sector's middle half▼ 2.3pp
above
within
below
the middle half (P25 to P75) of NACE 69, Legal and accounting activities, each year against the same schema; no band under 30 filings.
Turnover and EBIT margin not published: the micro schema does not require them.
Result per fiscal year
Operating resultNet result
The operating result has risen four years in a row; 2025 is 0% above 2024 and is the highest result in the available series.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €243,812
Fixed assets
€232,386 ▲ 10.1%
Current assets
€11,426 ▼ 3.5%
Equity and liabilities €243,812
Equity
€45,795 ▲ 368%
Debt
€198,017 ▼ 7.1%
Debt's share of the balance-sheet total falls from 95.6% to 81.2%. Equity is higher and debt is lower.
Key figures and ratios
EBITDA
€75,527▲
2024 · €69,031
Cash flow
€69,293▲
2024 · €64,760
Debt to equity
4.32▼
2024 · 21.78
ROE
78.6%▼
2024 · 388.2%
Interest coverage
20.07▲
2024 · 16.71
Debt ≤ 1 year
€156,581▼
2024 · €179,672
Debt > 1 year
€41,436▲
2024 · €33,411
Income taxes
€2,472▲
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 3,815 companies that looked in July 2024 the way this one looks now, 0.8% went bankrupt within 24 months and 95% are still going.
- Micro
- 20 years or older
- solvency 10 to 30%
- a profit of 5% of the balance sheet or more
0.8%
went bankrupt
3.8%
stopped otherwise
95%
still going
A further 0.4% stopped, but we cannot tell whether within those 24 months.
For this company itself Checked computes a bankruptcy probability of 0.1% over twelve months; the group does not contradict it.
How reliable is this rule?
Tested on the year before, without using that year itself: the groups of July 2023 gave each of the 497,662 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% | 1.7% |
| 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 75% 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 3,815 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 | €45,457 | €34,788 | €27,166 | €26,788 | €33,281 | ▲ 24.2% |
| Other operating charges640/8 | €1,394 | €1,211 | €1,262 | €1,675 | €4,564 | ▲ 173% |
| Gross operating margin9900 | €58,513 | €59,193 | €62,844 | €70,706 | €80,091 | ▲ 13.3% |
| Operating profit (loss)9901 | €11,663 | €23,194 | €34,416 | €42,243 | €42,247 | = |
| Financial income75/76B | €1 | €0 | €1 | €0 | €1 | - |
| Recurring financial income75 | €1 | €0 | €1 | €0 | €1 | - |
| Financial charges65/66B | €7,686 | €6,591 | €5,449 | €4,132 | €3,762 | ▼ 8.9% |
| Recurring financial charges65 | €7,686 | €6,591 | €5,449 | €4,132 | €3,762 | ▼ 8.9% |
| Profit (loss) for the period before taxes9903 | €3,978 | €16,603 | €28,968 | €38,111 | €38,485 | ▲ 1.0% |
| Income taxes67/77 | €117 | €120 | €132 | €140 | €2,472 | ▲ 1,672% |
| Profit (loss) for the period9904 | €3,861 | €16,483 | €28,836 | €37,972 | €36,013 | ▼ 5.2% |
| Profit (loss) for the period to be appropriated9905 | €3,861 | €16,483 | €28,836 | €37,972 | €36,013 | ▼ 5.2% |
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Assets | ||||||
| Total assets20/58 | €254,378 | €256,872 | €249,403 | €222,865 | €243,812 | ▲ 9.4% |
| Fixed assets21/28 | €242,352 | €244,921 | €237,808 | €211,020 | €232,386 | ▲ 10.1% |
| Tangible fixed assets22/27 | €242,352 | €244,921 | €237,808 | €211,020 | €232,386 | ▲ 10.1% |
| Land and buildings22 | €209,665 | €236,753 | €231,314 | €206,833 | €199,889 | ▼ 3.4% |
| Plant, machinery and equipment23 | €20,811 | €8,168 | €5,441 | €3,389 | €1,479 | ▼ 56.4% |
| Furniture and vehicles24 | €1,872 | €0 | €1,053 | €798 | €31,018 | ▲ 3,789% |
| Assets under construction and advance payments27 | €10,004 | €0 | - | - | - | - |
| Current assets29/58 | €12,026 | €11,951 | €11,595 | €11,845 | €11,426 | ▼ 3.5% |
| Amounts receivable within one year40/41 | €9,249 | €9,886 | €9,324 | €3,939 | €377 | ▼ 90.4% |
| Trade receivables40 | €9,249 | €9,886 | €9,324 | €3,939 | €377 | ▼ 90.4% |
| Cash at bank and in hand54/58 | €881 | €0 | - | €7,080 | €9,217 | ▲ 30.2% |
| Deferred charges and accrued income490/1 | €1,896 | €2,065 | €2,271 | €825 | €1,832 | ▲ 122% |
| Equity and liabilities | ||||||
| Total equity and liabilities10/49 | €254,378 | €256,872 | €249,403 | €222,865 | €243,812 | ▲ 9.4% |
| Equity10/15 | -€73,509 | -€57,026 | -€28,190 | €9,782 | €45,795 | ▲ 368% |
| Contributions10/11 | €18,600 | €18,600 | €18,600 | €18,600 | €18,600 | = |
| Reserves13 | €5,740 | €5,740 | €5,740 | €5,740 | €27,195 | ▲ 374% |
| Non-distributable reserves130/1 | €1,860 | €1,860 | €0 | - | - | - |
| Reserves not available under the articles1311 | €1,860 | €1,860 | €0 | - | - | - |
| Tax-exempt reserves132 | €3,880 | €3,880 | €3,880 | €3,880 | €3,880 | = |
| Distributable reserves133 | - | - | €1,860 | €1,860 | €23,315 | ▲ 1,154% |
| Profit (loss) carried forward14 | -€97,849 | -€81,365 | -€52,529 | -€14,557 | €0 | ▲ 100% |
| Amounts payable17/49 | €327,887 | €313,898 | €277,593 | €213,083 | €198,017 | ▼ 7.1% |
| Amounts payable after more than one year17 | €144,827 | €108,983 | €71,862 | €33,411 | €41,436 | ▲ 24.0% |
| Financial debts170/4 | €144,827 | €108,983 | €71,862 | €33,411 | €41,436 | ▲ 24.0% |
| Amounts payable within one year42/48 | €183,060 | €204,916 | €205,731 | €179,672 | €156,581 | ▼ 12.9% |
| Current portion of amounts payable after more than one year42 | €34,618 | €35,844 | €37,121 | €38,451 | €21,345 | ▼ 44.5% |
| Financial debts43 | - | €57 | €263 | €0 | - | - |
| Credit institutions430/8 | - | €57 | €263 | €0 | - | - |
| Trade debts44 | €182 | €256 | €925 | €2,282 | €4,205 | ▲ 84.3% |
| Suppliers440/4 | €182 | €256 | €925 | €2,282 | €4,205 | ▲ 84.3% |
| Taxes, remuneration and social security45 | €4,254 | €6,760 | €6,984 | €2,493 | €2,636 | ▲ 5.7% |
| Taxes450/3 | €4,254 | €6,760 | €6,984 | €2,493 | €2,636 | ▲ 5.7% |
| Other amounts payable47/48 | €144,005 | €161,998 | €160,438 | €136,446 | €128,395 | ▼ 5.9% |
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €3,861 | €16,483 | €28,836 | €37,972 | €36,013 | ▼ 5.2% |
| + Depreciation and write-downs630 | €45,457 | €34,788 | €27,166 | €26,788 | €33,281 | ▲ 24.2% |
| Operating cash flow (approximation) | €49,318 | €51,271 | €56,002 | €64,760 | €69,293 | ▲ 7.0% |
| Investment in fixed assets (approximation) | - | -€37,357 | -€20,053 | €0 | -€54,646 | - |
| Change in cash | - | -€881 | - | - | €2,137 | - |
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
23-07
NBB filing
Annual accounts filed
fiscal year 2025 · micro schema
2025
15-07
NBB filing
Annual accounts filed
fiscal year 2024 · micro schema
2024
31-12
Financial
Highest result since 2018net €37,972 ▲31.7%
Net result €37,972, the highest in the series.
03-07
NBB filing
Annual accounts filed
fiscal year 2023 · micro schema
2023
06-07
NBB filing
Annual accounts filed
fiscal year 2022 · micro schema
2022
31-08
NBB filing
Annual accounts filed
fiscal year 2021 · micro schema · 31 days late
2021
31-12
Financial
Back to profitnet €3,861
Net result €3,861 after one loss-making year.
06-09
NBB filing
Annual accounts filed
fiscal year 2020 · micro schema · 37 days late
2020
31-12
Financial
Weakest financial yearnet -€21,027
Net result drops to -€21,027, the lowest in the series; recovery starts the following year.
29-10
NBB filing
Annual accounts filed
fiscal year 2019 · micro schema · 90 days late
2019
17-07
NBB filing
Annual accounts filed
fiscal year 2018 · micro schema
2018
12-07
NBB filing
Annual accounts filed
fiscal year 2017 · micro schema
2017
20-07
NBB filing
Annual accounts filed
fiscal year 2016 · micro schema
Financial milestoneNBB filingFinancial milestones sit on the fiscal year-end date, not the filing date.
0 of 3 acts read
About the unread acts
We know of 3 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
3 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, Assesse · 1 establishment unit since 2004
Ground area
706 m²
Building footprint
101 m²
Volume, LiDAR
609 m³
Parcel 92030C0017/00E000, Wallonia · tallest building 10.4 m, ±2 floors. Linked by address, not a title deed.
1 establishment unit
IWEL
since 20042.138.991.144
1 parcel
Wallonia
1
(100%)
| Parcel (capakey) | Region | Area | Buildings | Height / fl. |
|---|---|---|---|---|
| 92030C0017/00E000 | Wallonia | 706 m² | 1 · 101 m² | 10.4 m · 2 fl. |
Linked by address, not proof of ownership
Good to know
1 of 1 parcel with an exact address match; the rest are indicative.
Linked through address data, this is not proof of ownership.
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Of 2,771 companies in sector 69109 we hold annual accounts for 1,209. 910 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
Founded20-08-2004
Fiscal year end31-12
Activities, NACEBEL 2025
69109Other legal services
E-invoicing
Reachable via Peppol
Peppol ID
0208:0866868115
Registered
06-01-2026
If you follow this company, Checked tells you the day it leaves the Peppol register.
Register as of 28 September 2026 · Peppol Directory
Scores and ratios are computed by Checked and are not a credit decision.