VOLUME 15
ActiveSummary
VOLUME 15 has been active since 1992 and the Belgian State Gazette contains no insolvency or warning signals. The 2025 annual accounts show equity of €234,984 and a net result of -€14,103. Equity is shrinking by ~9.2% per year across the filed fiscal years. The computed 12-month bankruptcy probability is 0.7% (low).
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Signals
This company filed its last 7 accounts on average 53 days after the deadline; the Belgian median for financial year 2024 is 4 days before the deadline, and 38% of all filings were late.
Checked, nothing found (2)
History
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Financials · fiscal year 2025, abbreviated schema
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Peer companies
Historical observationOf the 12,321 companies that looked in July 2024 the way this one looks now, 0.7% went bankrupt within 24 months and 90% are still going.
- Micro
- 20 years or older
- solvency 30% or more
- a small loss
A further 0.5% stopped, but we cannot tell whether within those 24 months.
For this company itself Checked computes a bankruptcy probability of 0.7% 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 497,338 companies of July 2024 its group's bankruptcy share. Expected: 1.6%; actually bankrupt within 24 months: 1.7%.
| 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% | 1.0% |
| 6 | 1.3% | 1.5% |
| 7 | 1.6% | 1.8% |
| 8 | 1.8% | 1.9% |
| 9 | 3.0% | 3.1% |
| 10 | 5.6% | 6.2% |
The rule ranks well: a company that went bankrupt got a higher share than one that kept going in 74% 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 12,321 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.
| Line | 2020 | 2021 | 2022 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Non-recurring operating income76A | - | €47,922 | - | - | - | - |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €3,986 | €3,986 | €3,778 | €3,772 | €3,772 | = |
| Other operating charges640/8 | - | €25,418 | €10,726 | €8,589 | €8,883 | ▲ 3.4% |
| Gross operating margin9900 | -€37,748 | €11,000 | -€47,420 | -€1,271 | -€1,258 | ▲ 1.0% |
| Operating profit (loss)9901 | -€47,451 | -€18,404 | -€61,924 | -€13,632 | -€13,913 | ▼ 2.1% |
| Financial income75/76B | - | €541 | €802 | €353 | - | - |
| Recurring financial income75 | €799 | €541 | €802 | €353 | - | - |
| Financial charges65/66B | - | €204 | €225 | €190 | €190 | = |
| Recurring financial charges65 | €251 | €204 | €199 | €190 | €190 | = |
| Non-recurring financial charges66B | - | - | €26 | - | - | - |
| Profit (loss) for the period before taxes9903 | -€46,903 | -€18,067 | -€61,347 | -€13,469 | -€14,103 | ▼ 4.7% |
| Income taxes67/77 | - | - | €821 | - | - | - |
| Profit (loss) for the period9904 | -€46,903 | -€18,067 | -€62,168 | -€13,469 | -€14,103 | ▼ 4.7% |
| Profit (loss) for the period to be appropriated9905 | -€46,903 | -€18,067 | -€62,168 | -€13,469 | -€14,103 | ▼ 4.7% |
| Line | 2020 | 2021 | 2022 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Assets | ||||||
| Total assets20/58 | €472,209 | €474,370 | €397,856 | €356,669 | €350,833 | ▼ 1.6% |
| Fixed assets21/28 | €56,417 | €52,431 | €48,653 | €41,109 | €37,338 | ▼ 9.2% |
| Tangible fixed assets22/27 | €56,417 | €52,431 | €48,653 | €41,109 | €37,338 | ▼ 9.2% |
| Land and buildings22 | - | €52,424 | €48,653 | €41,109 | €37,338 | ▼ 9.2% |
| Furniture and vehicles24 | - | €7 | - | - | - | - |
| Current assets29/58 | €415,792 | €421,939 | €349,203 | €315,560 | €313,495 | ▼ 0.7% |
| Stocks and contracts in progress3 | €323,994 | €313,382 | €313,382 | €313,383 | €313,383 | = |
| Stocks30/36 | - | €313,382 | €313,382 | €313,383 | €313,383 | = |
| Amounts receivable within one year40/41 | €21,299 | €8,879 | €14,373 | €1,845 | - | - |
| Other amounts receivable41 | - | €8,879 | €14,373 | €1,845 | - | - |
| Cash at bank and in hand54/58 | €70,499 | €93,423 | €21,443 | €332 | €112 | ▼ 66.3% |
| Deferred charges and accrued income490/1 | - | €6,255 | €5 | - | - | - |
| Equity and liabilities | ||||||
| Total equity and liabilities10/49 | €472,209 | €474,370 | €397,856 | €356,669 | €350,833 | ▼ 1.6% |
| Equity10/15 | €363,027 | €344,960 | €282,792 | €249,087 | €234,984 | ▼ 5.7% |
| Contributions10/11 | €155,000 | €155,000 | €155,000 | €155,000 | €155,000 | = |
| Capital10 | - | €155,000 | €155,000 | €155,000 | €155,000 | = |
| Issued capital100 | - | €155,000 | €155,000 | €155,000 | €155,000 | = |
| Reserves13 | €15,500 | €15,500 | €15,500 | €15,500 | €15,500 | = |
| Non-distributable reserves130/1 | - | €15,500 | €15,500 | €15,500 | €15,500 | = |
| Legal reserve130 | - | €15,500 | €15,500 | €15,500 | €15,500 | = |
| Profit (loss) carried forward14 | €192,527 | €174,460 | €112,292 | €78,587 | €64,484 | ▼ 17.9% |
| Amounts payable17/49 | €109,182 | €129,410 | €115,064 | €107,582 | €115,849 | ▲ 7.7% |
| Amounts payable within one year42/48 | €109,182 | €129,410 | €115,064 | €107,582 | €115,848 | ▲ 7.7% |
| Trade debts44 | - | €21,827 | €7,482 | - | - | - |
| Suppliers440/4 | - | €21,827 | €7,482 | - | - | - |
| Other amounts payable47/48 | - | €107,583 | €107,582 | €107,582 | €115,848 | ▲ 7.7% |
| Accrued charges and deferred income492/3 | - | - | - | - | €1 | - |
| Line | 2020 | 2021 | 2022 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | -€46,903 | -€18,067 | -€62,168 | -€13,469 | -€14,103 | ▼ 4.7% |
| + Depreciation and write-downs630 | €3,986 | €3,986 | €3,778 | €3,772 | €3,772 | = |
| Operating cash flow (approximation) | -€42,917 | -€14,081 | -€58,390 | -€9,697 | -€10,331 | ▼ 6.5% |
| Investment in fixed assets (approximation) | - | €0 | €0 | - | -€1 | - |
| Change in cash | - | €22,924 | -€71,980 | - | -€220 | - |
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
26-03
State Gazette act
Reappointments: Joséphine IOVINO (director) and Sabine IOVINO (director)Mandate compensation · Director discharge · Power of attorney11 facts ▸
- General meeting, 02/02/2026
- Director reappointment, Joséphine IOVINO (director)
- Director reappointment, Sabine IOVINO (director)
- Mandate compensation, Joséphine IOVINO
- Mandate compensation, Sabine IOVINO
- Director discharge, Joséphine IOVINO
- Director discharge, Sabine IOVINO
- Board meeting, 02/02/2026
- Director reappointment, Joséphine IOVINO (managing director)
- Mandate compensation, Joséphine IOVINO
- Power of attorney, COMPAGNIE FIDUCIAIRE ET DE GESTION
About the unread acts
Of the 7 Belgian State Gazette acts we know for this company, 1 has been read. The other 6 have not been read yet: what they contain is neither established nor disproved here.
Directors · office · real estate
Board 2
Day-to-day management 1
Not every act has been read: a resignation may be missing here
1 establishment unit
1 parcel
| Parcel (capakey) | Region | Area | Buildings | Height / fl. |
|---|---|---|---|---|
| 52392D0073/00B041 | Wallonia | 1,659 m² | 1 · 59 m² | 18.2 m · 2 fl. |
Linked by address, not proof of ownership
Mandate history
- Board
- Day-to-day management
- began earlier
| Name | Functions and periods |
|---|---|
| Joséphine IOVINO |
|
| Sabine IOVINO |
|
Structure & network
Connections & network
2 current directorsThe network starts from this company’s directors. Other companies they run appear here as nodes.
Identification & contact
No Peppol card under this enterprise or VAT number. That proves nothing: publishing a card is voluntary.
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Register as of 29 September 2026 · Peppol Directory
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