IBW

Active

Public limited companyfounded 199135 yrs activeHandelsstraat 21, 8020 Oostkamp, BelgiumKBO/BCE: BE 0445.991.350

IBW has been active since 1991 and the Belgian State Gazette contains no insolvency or warning signals. The 2025 annual accounts show equity of €78k and a net result of €910k. The figures fluctuate too strongly year-on-year for a reliable trend projection. Its solvency ranks better than 10% of 168 sector peers (fiscal year 2025). The computed 12-month bankruptcy probability is 0.2% (very low).

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Checked score

Score 2025

61 / 100

Healthy

The score weighs solvency, liquidity and profitability. Bankruptcy probability contributes 35%. Every signal that weighs is under Signals.

Axes · tick = 2024

Profitability100▲+100

Solvency28▲+28

Growth42▲+20

Track record100

Bankruptcy probability, 12 months

0.2% Very low

0%0.5%1.5%4%10%≥ 25%

Credit up to €4.5k at 30 days acceptable

Liquidity short (current ratio 0.78 against 0.48 in 2024; short-term debt: 78.5% and cash: 0.2% of total assets), and 96.7% of the assets are financed with debt.

How do we compute the score and the probability?

Credit advice for your own amount and term

Signals

Eight signals. The signal on the left, the evidence on the right.

−lowers risk+raises risk○neutral

Long track record

A company with a long track record statistically fails less often than a young one.

KBO · incorporation date

Age against the risk zone

Annual accounts: healthy financial profile

The latest annual accounts show a healthy profile in solvency, result and liquidity.

NBB · annual accounts 2025

Solvency, return and age of the figures

Solvency

3.3%

Return on assets

38.2%

Age of the figures

9 mo

Lower-risk legal form

Companies with this legal form statistically fail less often than a BV.

KBO · legal form

Lower-failure-rate sector

In this sector companies fail less often than the Belgian average.

Gazette · bankruptcies per sector, NACE 18

Relative position

BE, all sectors

reference

Sector 18

lower

← fewer bankruptcies more bankruptcies →

Weak solvency vs sector

Solvency (equity / total assets) is in the sector's weakest quartile: better than 10% of 168 sector peers (2025).

NBB · sector comparison

Position among 168 sector peers

Solvency

better than 10%

← weakest strongest →

Latest accounts filed on time

The financial year that closed on 31-12-2025 was due by 31-07-2026 and was filed on 09-07-2026, 22 days ahead of the deadline.

NBB · 10 filings

Deviation from the deadline

2025

22 d early

2024

7 d early

2023

23 d late

2022

18 d early

2021

13 d early

2020

30 d early

2019

8 d early

← before the deadline after the deadline →

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 months

Position in the running window

20-09-2026 today31-12-2026 close31-07-2027 deadline

No strike-offs in the KBO publications

We found no ex-officio strike-off or cessation. Our series starts in 2021 and has gaps, so this is not a confirmation that there is nothing.

KBO publications · our coverage

Financials · fiscal year 2025, full schema

Turnover

€5.66M▲ 15.5%

2024 · €4.90M

2018: €9.20M 2019: €8.45M 2020: €5.49M 2021: €5.98M 2022: €6.16M 2023: €5.75M 2024: €4.90M

2018 → 2025

EBIT margin

17.6%▲ 28.5pp

2024 · -10.9%

2018: 2.6% 2019: -5.5% 2020: -14.6% 2021: -3.2% 2022: 7.4% 2023: -11.5% 2024: -10.9%

2018 → 2025

Net result

€910k

2024 · €-1.20M

2018: €171k 2019: €-412k 2020: €-769k 2021: €-172k 2022: €208k 2023: €-1.11M 2024: €-1.20M

2018 → 2025

Working capital

€-420k▲ 67.3%

2024 · €-1.28M

2018: €2.10M 2019: €1.37M 2020: €613k 2021: €696k 2022: €938k 2023: €-90k 2024: €-1.28M

2018 → 2025

Multi-year overview

Every figure with its change against the year before

▲ rise ▼ fall

Line20212022202320242025Trend

Turnover€5.98M-€6.16M▲ 3.0%€5.75M▼ 6.6%€4.90M▼ 14.8%€5.66M▲ 15.5%

Equity€1.29M-€1.50M▲ 16.2%€382k▼ 74.4%€-832k€78k

Operating result€-189k-€455k€-663k€-536k▲ 19.2%€994k

Net result€-172k-€208k€-1.11M€-1.20M▼ 7.4%€910k

Result per fiscal year

Operating resultNet result

The operating result returns to profit in 2025: €994k after a loss of €536k in 2024, the highest result in the available series.

Balance-sheet composition

2025 in colour, 2024 as the grey bar beneath

Assets €2.38M

39.1%

60.9%

Fixed assets €932k▼ 19.2%

Current assets €1.45M▲ 21.7%

Equity and liabilities €2.38M

96.7%

Equity €78k

Debt €2.31M

Debt finances 96.7% of the balance-sheet total.

Key figures and ratios

2025 value · change against 2024

EBITDA

€1.33M▲

2024 · €-244k

Cash flow

€1.24M▲

2024 · €-903k

Solvency

3.3%▲

2024 · -35.5%

Current ratio

0.78▲

2024 · 0.48

Quick ratio

0.64▲

2024 · 0.35

Debt / equity

29.54▲

2024 · -3.82

ROA

38.2%▲

2024 · -50.9%

Interest coverage

23.34▲

2024 · -3.36

Debt

€2.31M▼

2024 · €3.18M

Debt ≤ 1 year

€1.87M▼

2024 · €2.48M

Debt > 1 year

€434k▼

2024 · €702k

Income taxes

€2k▲

2024 · €733

Staff costs

€3.64M▲

2024 · €3.53M

A ratio outside any meaningful range has been withheld (balance sheet total €2.38M, equity €78k).

Green means a favourable move, even when the figure itself falls: as with debt or debt / equity.

Filed annual accounts

As filed with the NBB · 2025 against 2024

Balance sheet Code20242025

Assets

Total assets20/58€2.35M€2.38M▲

Fixed assets21/28€1.15M€932k▼

Tangible fixed assets22/27€1.15M€932k▼

Plant, machinery and equipment23€182k€82k▼

Furniture and vehicles24€33k€30k▼

Leasing and similar rights25€939k€676k▼

Other tangible fixed assets26-€145k

Financial fixed assets28€1€0▼

Affiliated companies280/1€1€0▼

Participating interests280€1€0▼

Current assets29/58€1.19M€1.45M▲

Stocks and contracts in progress3€320k€262k▼

Stocks30/36€261k€247k▼

Raw materials and consumables30/31€261k€247k▼

Contracts in progress37€59k€16k▼

Amounts receivable within one year40/41€829k€1.17M▲

Trade receivables40€803k€566k▼

Other amounts receivable41€26k€605k▲

Current investments50/53€5k€0▼

Own shares50€5k€0▼

Cash at bank and in hand54/58€18k€5k▼

Deferred charges and accrued income490/1€20k€13k▼

Equity and liabilities

Total equity and liabilities10/49€2.35M€2.38M▲

Equity10/15€-832k€78k▲

Contributions10/11€221k€221k=

Capital10€221k€221k=

Issued capital100€221k€221k=

Reserves13€142k€142k=

Non-distributable reserves130/1€30k€25k▼

Legal reserve130€25k€25k=

Own shares acquired1312€5k€0▼

Distributable reserves133€112k€117k▲

Profit (loss) carried forward14€-1.20M€-285k▲

Investment grants15€0-

Provisions and deferred taxes16€0-

Deferred taxes168€0-

Amounts payable17/49€3.18M€2.31M▼

Amounts payable after more than one year17€702k€434k▼

Financial debts170/4€702k€434k▼

Leasing and similar obligations172€702k€434k▼

Amounts payable within one year42/48€2.48M€1.87M▼

Current portion of amounts payable after more than one year42€258k€267k▲

Financial debts43€0-

Credit institutions430/8€0-

Trade debts44€741k€399k▼

Suppliers440/4€741k€399k▼

Taxes, remuneration and social security45€699k€1.20M▲

Taxes450/3€217k€553k▲

Remuneration and social security454/9€482k€651k▲

Other amounts payable47/48€779k€0▼

Accrued charges and deferred income492/3€0-

Income statement Code20242025

Operating income70/76A€5.40M€8.44M▲

Turnover70€4.90M€5.66M▲

Change in stocks of work in progress, finished goods and contracts in progress71€47k€-43k▼

Other operating income74€431k€2.81M▲

Non-recurring operating income76A€19k€7k▼

Operating charges60/66A€5.93M€7.44M▲

Goods for resale, raw materials and consumables60€651k€584k▼

Purchases600/8€548k€569k▲

Change in stocks: decrease (increase)609€103k€15k▼

Services and other goods61€1.46M€2.06M▲

Remuneration, social security and pensions62€3.53M€3.64M▲

Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630€292k€334k▲

Write-downs on stocks, contracts in progress and trade receivables: additions (reversals)631/4€0-

Other operating charges640/8€5k€7k▲

Non-recurring operating charges66A€0€822k▲

Operating profit (loss)9901€-536k€994k▲

Financial income75/76B€408k€223k▼

Recurring financial income75€36k€3k▼

Income from current assets751€857€0▼

Other financial income752/9€35k€3k▼

Non-recurring financial income76B€372k€220k▼

Financial charges65/66B€1.07M€304k▼

Recurring financial charges65€693k€84k▼

Debt charges650€72k€57k▼

Write-downs on current assets other than stocks, contracts in progress and trade receivables: additions (reversals)651€612k€-673k▼

Other financial charges652/9€8k€700k▲

Non-recurring financial charges66B€381k€220k▼

Profit (loss) for the period before taxes9903€-1.20M€913k▲

Transfer from deferred taxes780€8k€0▼

Income taxes67/77€733€2k▲

Taxes670/3€733€2k▲

Tax adjustments and reversals of tax provisions77€0-

Profit (loss) for the period9904€-1.20M€910k▲

Profit (loss) for the period to be appropriated9905€-1.20M€910k▲

Appropriation of the result

Profit (loss) to be appropriated9906€-1.20M€-285k▲

Profit (loss) brought forward from the previous period14P€0€-1.20M▼

Transfer from equity791/2€0-

From reserves792€0-

Social balance

Average headcount (FTE)908766.773.4▲

The notes to these accounts (79 items: statements of assets and debts, cost breakdowns, rights and commitments) are not shown here.

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Timeline · acts, filings and financial milestones

All 13Financial 3Filings 10

Next filing, fiscal year 2026, expected by 31-07-2027

2026

09-07

NBB filing Annual accounts filed

fiscal year 2025 · full schema

2025

31-12

Financial Back to profitnet €910k

Net result €910k after 2 loss-making years.

24-07

NBB filing Annual accounts filed

fiscal year 2024 · full schema

2024

31-12

Financial Weakest financial yearnet €-1.20M

Net result drops to €-1.20M, the lowest in the series; recovery starts the following year.

23-08

NBB filing Annual accounts filed

fiscal year 2023 · full schema · 23 days late

2023

13-07

NBB filing Annual accounts filed

fiscal year 2022 · full schema

2022

31-12

Financial Back to profitnet €208k

Net result €208k after 3 loss-making years.

18-07

NBB filing Annual accounts filed

fiscal year 2021 · full schema

2021

01-07

NBB filing Annual accounts filed

fiscal year 2020 · full schema

2020

23-07

NBB filing Annual accounts filed

fiscal year 2019 · full schema

2019

25-06

NBB filing Annual accounts filed

fiscal year 2018 · full schema

2018

20-06

NBB filing Annual accounts filed

fiscal year 2017 · full schema

2017

12-06

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.

Directors · office · real estate

Directors

19 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, Oostkamp · 1 establishment unit since 1992

establishment The establishment unit on the map

Cannot be placed on the map

This address could not be matched to a point in the Belgian address register (BOSA BEST). The address below comes straight from the Crossroads Bank.

Handelsstraat 218020 Oostkamp

Ground area

2.2 ha

Building footprint

1.1 ha

Parcel 31403E0101/00N002, Flanders. Linked by address, not a title deed.

1 establishment unit