Summary
IPAM 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 €945k and a net result of €85k. Equity is growing by ~18.2% per year across the filed fiscal years. Its solvency ranks better than 52% of 8048 sector peers (fiscal year 2025). The company has been active since 1998 and the Belgian State Gazette contains no insolvency or warning signals.
Checked score
Outside the general model
Model not applicable to financial institutions
The health score weighs liquidity, leverage and margins against norms for trading and manufacturing companies. A bank, insurer or financial holding has a fundamentally different balance-sheet structure, so those ratios, and hence the score, carry no meaning here. That is why we show no financial axes either.
Credit check for your own amount and term
Signals
1 signal. The signal on the left, the evidence on the right.
○neutral
neutral · Latest accounts filed on time
The financial year that closed on 30-06-2025 was due by 31-01-2026 and was filed on 07-01-2026, 24 days ahead of the deadline.
NBB · 10 filingsDeviation from the deadline
2025
24 d early
2024
26 d late
2023
on the day
2022
on the day
2021
365 d late
2020
1 d late
2019
on the day
← before the deadline
after the deadline →
Checked, nothing found (2)
neutral · The next deadline is still running
The next financial year closes on 30-06-2026 and is due by 31-01-2027. Nothing is late today.
Companies Code · seven monthsPosition in the running window
30-06-2026 close25-09-2026 today31-01-2027 deadline
Financials · fiscal year 2025, micro schema
Equity
€945k▲ 9.9%
2024 · €860k
2019: €213klowest in 7 years
2020: €244k▲ +14.2% vs 2019
2021: €653k▲ +168% vs 2020
2022: €645k▼ -1.2% vs 2021
2023: €764k▲ +18.5% vs 2022
2024: €860k▲ +12.7% vs 2023
2025: €945k▲ +9.9% vs 2024highest in 7 years
2019 → 2025
Net result
€85k▼ 12.0%
2024 · €97k
2019: €15k
2020: €30k▲ +108% vs 2019
2021: €409k▲ +1247% vs 2020highest in 7 years
2022: €-8k▼ -102% vs 2021lowest in 7 years
2023: €119k▲ +1576% vs 2022
2024: €97k▼ -18.7% vs 2023
2025: €85k▼ -12.0% vs 2024
2019 → 2025
Total assets
€1.75M▲ 6.0%
2024 · €1.65M
2019: €1.17M
2020: €1.02M▼ -12.8% vs 2019lowest in 7 years
2021: €2.26M▲ +120% vs 2020highest in 7 years
2022: €1.99M▼ -12.0% vs 2021
2023: €1.52M▼ -23.4% vs 2022
2024: €1.65M▲ +8.3% vs 2023
2025: €1.75M▲ +6.0% vs 2024
2019 → 2025
Solvency
54.2%▲ 1.9pp
2024 · 52.3%
2019: 18.2%lowest in 7 years
2020: 23.8%▲ +30.9% vs 2019
2021: 28.9%▲ +21.6% vs 2020
2022: 32.4%▲ +12.2% vs 2021
2023: 50.2%▲ +54.7% vs 2022
2024: 52.3%▲ +4.1% vs 2023
2025: 54.2%▲ +3.6% vs 2024highest in 7 years
2019 → 2025
Trend over the years
Multi-year overview
Every figure with its change against the year before
▲ rise
▼ fall
Line20212022202320242025Trend
Equity€653k-€645k▼ 1.2%€764k▲ 18.5%€860k▲ 12.7%€945k▲ 9.9%
2021: €653k
2022: €645k▼ -1.2% vs 2021lowest in 5 years
2023: €764k▲ +18.5% vs 2022
2024: €860k▲ +12.7% vs 2023
2025: €945k▲ +9.9% vs 2024highest in 5 years
Operating result€497k-€70k▼ 85.9%€256k▲ 265%€129k▼ 49.4%€143k▲ 10.2%
2021: €497khighest in 5 years
2022: €70k▼ -85.9% vs 2021lowest in 5 years
2023: €256k▲ +265% vs 2022
2024: €129k▼ -49.4% vs 2023
2025: €143k▲ +10.2% vs 2024
Net result€409k-€-8k€119k€97k▼ 18.7%€85k▼ 12.0%
2021: €409khighest in 5 years
2022: €-8k▼ -102% vs 2021lowest in 5 years
2023: €119k▲ +1576% vs 2022
2024: €97k▼ -18.7% vs 2023
2025: €85k▼ -12.0% vs 2024
Turnover and EBIT margin not published: the micro schema does not require them.
Result per fiscal year
Operating resultNet result
The operating result recovers in 2025; 2025 is 10% above 2024.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €1.75M
Fixed assets
€1.43M ▼ 1.3%
Current assets
€314k ▲ 59.9%
Equity and liabilities €1.75M
Equity
€945k ▲ 9.9%
Provisions
€23k ▼ 6.9%
Debt
€778k ▲ 2.1%
Debt's share of the balance-sheet total falls from 46.3% to 44.5%. Equity and debt are higher.
Key figures and ratios
ROE
9.0%▼
2024 · 11.2%
ROA
4.9%▼
2024 · 5.9%
Debt ≤ 1 year
€455k▲
2024 · €403k
Debt > 1 year
€323k▼
2024 · €358k
Income taxes
€51k▲
2024 · €22k
Green means a favourable move, even when the figure itself falls: as with debt or debt to equity.
Filed annual accounts As filed with the NBB · 2025 against 2024 · 56 lines
Balance sheet
Code20242025
Assets
Total assets20/58€1.65M€1.75M▲
Fixed assets21/28€1.45M€1.43M▼
Tangible fixed assets22/27€1.19M€1.16M▼
Land and buildings22€1.16M€1.12M▼
Plant, machinery and equipment23€1k€965▼
Furniture and vehicles24€22k€42k▲
Other tangible fixed assets26€237€95▼
Financial fixed assets28€263k€270k▲
Current assets29/58€196k€314k▲
Amounts receivable within one year40/41€188k€295k▲
Trade receivables40€16k€69k▲
Other amounts receivable41€171k€226k▲
Cash at bank and in hand54/58€1k€1k▲
Deferred charges and accrued income490/1€7k€17k▲
Equity and liabilities
Total equity and liabilities10/49€1.65M€1.75M▲
Equity10/15€860k€945k▲
Contributions10/11€19k€19k=
Reserves13€841k€926k▲
Tax-exempt reserves132€73k€68k▼
Distributable reserves133€768k€858k▲
Provisions and deferred taxes16€24k€23k▼
Deferred taxes168€24k€23k▼
Amounts payable17/49€762k€778k▲
Amounts payable after more than one year17€358k€323k▼
Financial debts170/4€358k€323k▼
Amounts payable within one year42/48€403k€455k▲
Current portion of amounts payable after more than one year42€87k€35k▼
Financial debts43€25k€137k▲
Credit institutions430/8€25k€87k▲
Other loans439-€50k
Trade debts44€51k€23k▼
Suppliers440/4€51k€23k▼
Advances received on contracts in progress46-€100k
Taxes, remuneration and social security45€101k€23k▼
Taxes450/3€98k€21k▼
Remuneration and social security454/9€3k€1k▼
Other amounts payable47/48€139k€137k▼
Accrued charges and deferred income492/3€1k-
Income statement
Code20242025
Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630€45k€52k▲
Other operating charges640/8€16k€4k▼
Non-recurring operating charges66A€10k-
Gross operating margin9900€200k€198k▼
Operating profit (loss)9901€129k€143k▲
Financial income75/76B€12k€17k▲
Recurring financial income75€12k€17k▲
Financial charges65/66B€25k€25k▲
Recurring financial charges65€25k€25k▲
Profit (loss) for the period before taxes9903€117k€134k▲
Transfer from deferred taxes780€2k€2k=
Income taxes67/77€22k€51k▲
Profit (loss) for the period9904€97k€85k▼
Transfer from tax-exempt reserves789€5k€5k=
Profit (loss) for the period to be appropriated9905€102k€90k▼
Appropriation of the result
Profit (loss) to be appropriated9906€102k€90k▼
Transfer to equity691/2€102k€90k▼
To other reserves6921€102k€90k▼
The notes to these accounts (9 items: statements of assets and debts, cost breakdowns, rights and commitments) are not shown here.
Accounts by statement
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Non-recurring operating income76A | €468k | €63k | €121k | - | - | - |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €42k | €56k | €45k | €45k | €52k | ▲ 16.3% |
| Other operating charges640/8 | €6k | €10k | €11k | €16k | €4k | ▼ 76.4% |
| Non-recurring operating charges66A | - | - | - | €10k | - | - |
| Gross operating margin9900 | €545k | €136k | €312k | €200k | €198k | ▼ 0.8% |
| Operating profit (loss)9901 | €497k | €70k | €256k | €129k | €143k | ▲ 10.2% |
| Financial income75/76B | €4 | €8k | €5k | €12k | €17k | ▲ 43.9% |
| Recurring financial income75 | €4 | €8k | €5k | €12k | €17k | ▲ 43.9% |
| Financial charges65/66B | €39k | €29k | €57k | €25k | €25k | ▲ 3.2% |
| Recurring financial charges65 | €39k | €29k | €57k | €25k | €25k | ▲ 3.2% |
| Profit (loss) for the period before taxes9903 | €457k | €49k | €204k | €117k | €134k | ▲ 15.1% |
| Transfer from deferred taxes780 | - | - | €2k | €2k | €2k | = |
| Transfer to deferred taxes680 | - | - | €28k | - | - | - |
| Income taxes67/77 | €48k | €57k | €58k | €22k | €51k | ▲ 135% |
| Profit (loss) for the period9904 | €409k | €-8k | €119k | €97k | €85k | ▼ 12.0% |
| Transfer from tax-exempt reserves789 | - | €19k | €5k | €5k | €5k | = |
| Transfer to tax-exempt reserves689 | - | - | €83k | - | - | - |
| Profit (loss) for the period to be appropriated9905 | €409k | €11k | €41k | €102k | €90k | ▼ 11.5% |
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Assets | ||||||
| Total assets20/58 | €2.26M | €1.99M | €1.52M | €1.65M | €1.75M | ▲ 6.0% |
| Fixed assets21/28 | €1.76M | €1.76M | €1.45M | €1.45M | €1.43M | ▼ 1.3% |
| Tangible fixed assets22/27 | €1.76M | €1.51M | €1.19M | €1.19M | €1.16M | ▼ 2.1% |
| Land and buildings22 | €1.72M | €1.48M | €1.16M | €1.16M | €1.12M | ▼ 3.8% |
| Plant, machinery and equipment23 | - | - | - | €1k | €965 | ▼ 35.3% |
| Furniture and vehicles24 | €44k | €29k | €25k | €22k | €42k | ▲ 91.6% |
| Other tangible fixed assets26 | €665 | €522 | €380 | €237 | €95 | ▼ 60.1% |
| Financial fixed assets28 | - | €255k | €259k | €263k | €270k | ▲ 2.3% |
| Current assets29/58 | €494k | €226k | €74k | €196k | €314k | ▲ 59.9% |
| Amounts receivable after more than one year29 | €480k | €152k | - | - | - | - |
| Other amounts receivable291 | €480k | €152k | - | - | - | - |
| Amounts receivable within one year40/41 | €11k | €66k | €70k | €188k | €295k | ▲ 57.3% |
| Trade receivables40 | €10k | €65k | €57k | €16k | €69k | ▲ 319% |
| Other amounts receivable41 | €796 | €605 | €13k | €171k | €226k | ▲ 32.1% |
| Cash at bank and in hand54/58 | €2k | €327 | €2k | €1k | €1k | ▲ 30.1% |
| Deferred charges and accrued income490/1 | €522 | €8k | €2k | €7k | €17k | ▲ 133% |
| Equity and liabilities | ||||||
| Total equity and liabilities10/49 | €2.26M | €1.99M | €1.52M | €1.65M | €1.75M | ▲ 6.0% |
| Equity10/15 | €653k | €645k | €764k | €860k | €945k | ▲ 9.9% |
| Contributions10/11 | €19k | €19k | €19k | €19k | €19k | = |
| Reserves13 | €634k | €626k | €745k | €841k | €926k | ▲ 10.1% |
| Non-distributable reserves130/1 | €5k | €5k | €5k | - | - | - |
| Reserves not available under the articles1311 | €5k | €5k | €5k | - | - | - |
| Tax-exempt reserves132 | €19k | - | €78k | €73k | €68k | ▼ 6.9% |
| Distributable reserves133 | €610k | €621k | €661k | €768k | €858k | ▲ 11.7% |
| Provisions and deferred taxes16 | - | - | €26k | €24k | €23k | ▼ 6.9% |
| Deferred taxes168 | - | - | €26k | €24k | €23k | ▼ 6.9% |
| Amounts payable17/49 | €1.60M | €1.34M | €731k | €762k | €778k | ▲ 2.1% |
| Amounts payable after more than one year17 | €624k | €516k | €370k | €358k | €323k | ▼ 9.8% |
| Financial debts170/4 | €624k | €516k | €370k | €358k | €323k | ▼ 9.8% |
| Amounts payable within one year42/48 | €979k | €826k | €359k | €403k | €455k | ▲ 12.9% |
| Current portion of amounts payable after more than one year42 | €108k | €115k | €71k | €87k | €35k | ▼ 59.5% |
| Financial debts43 | €470k | €242k | €10k | €25k | €137k | ▲ 444% |
| Credit institutions430/8 | €470k | €242k | €10k | €25k | €87k | ▲ 245% |
| Other loans439 | - | - | - | - | €50k | - |
| Trade debts44 | €64k | €34k | €38k | €51k | €23k | ▼ 55.4% |
| Suppliers440/4 | €64k | €34k | €38k | €51k | €23k | ▼ 55.4% |
| Advances received on contracts in progress46 | - | - | - | - | €100k | - |
| Taxes, remuneration and social security45 | €61k | €142k | €111k | €101k | €23k | ▼ 77.4% |
| Taxes450/3 | €61k | €140k | €111k | €98k | €21k | ▼ 78.3% |
| Remuneration and social security454/9 | - | €3k | - | €3k | €1k | ▼ 50.0% |
| Other amounts payable47/48 | €276k | €293k | €130k | €139k | €137k | ▼ 0.8% |
| Accrued charges and deferred income492/3 | €2k | €434 | €1k | €1k | - | - |
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €409k | €-8k | €119k | €97k | €85k | ▼ 12.0% |
| + Depreciation and write-downs630 | €42k | €56k | €45k | €45k | €52k | ▲ 16.3% |
| Operating cash flow (approximation) | €451k | €48k | €164k | €142k | €137k | ▼ 3.1% |
| Investment in fixed assets (approximation) | - | €-54k | €268k | €-48k | €-34k | ▲ 29.6% |
| Change in cash | - | €-2k | €2k | €-922 | €343 | ▲ 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
07-01
NBB filing
Annual accounts filed
fiscal year 2025 · micro schema
2025
26-02
NBB filing
Annual accounts filed
fiscal year 2024 · micro schema · 26 days late
2024
31-01
NBB filing
Annual accounts filed
fiscal year 2023 · micro schema
2023
30-06
Financial
Back to profitnet €119k
Net result €119k after one loss-making year.
31-01
NBB filing
Annual accounts filed
fiscal year 2022 · micro schema
31-01
NBB filing
Annual accounts filed
fiscal year 2021 · micro schema · 365 days late
2022
30-06
Financial
Weakest financial yearnet €-8k
Net result drops to €-8k, the lowest in the series; recovery starts the following year.
2021
30-06
Financial
Highest result since 2019net €409k ▲1,247%
Operating result €497k, net result €409k, both a record.
30-06
Financial
Equity above €500kEq €653k ▲168%
3 profitable years in a row build equity to €653k.
01-02
NBB filing
Annual accounts filed
fiscal year 2020 · micro schema · 1 day late
2020
31-01
NBB filing
Annual accounts filed
fiscal year 2019 · micro schema
2019
15-01
NBB filing
Annual accounts filed
fiscal year 2018 · micro schema
Show earlier events
2018
07-11
State Gazette act
General meeting · Board meeting
Director reappointment · Permanent representative
07-11
State Gazette act
General meeting · Board meeting
Director reappointment · Permanent representative
21-03
State Gazette act
Board meeting · Power of attorney
Permanent representative
15-02
State Gazette act
Board meeting · Power of attorney
Permanent representative
15-01
NBB filing
Annual accounts filed
fiscal year 2017 · micro schema
2017
25-04
NBB filing
Annual accounts filed
fiscal year 2016 · abbreviated schema · 84 days late
21-04
State Gazette act
Board meeting · Power of attorney
Permanent representative · Mandate term
21-04
State Gazette act
Board meeting · Power of attorney
Permanent representative
2016
19-05
State Gazette act
Board meeting · Power of attorney
Permanent representative
19-05
State Gazette act
Board meeting · Power of attorney
Permanent representative
Financial milestoneState Gazette actNBB 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, Zonhoven · 1 establishment unit since 1998
Ground area
321 m²
Building footprint
113 m²
Volume, LiDAR
105 m³
Parcel 71443E0668/00Y000, Flanders · tallest building 4.1 m. Linked by address, not a title deed.
1 establishment unit
IPAM
since 19982.089.685.351
1 parcel
Flanders
1
(100%)
| Parcel (capakey) | Region | Area | Buildings | Height / fl. |
|---|---|---|---|---|
| 71443E0668/00Y000indicative | Flanders | 321 m² | 1 · 113 m² | 4.1 m |
Linked by address, not proof of ownership
Good to know
0 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 24,727 companies in sector 64210 we hold annual accounts for 19,768. 12,809 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
Founded15-12-1998
Fiscal year end30-06
Activities, NACEBEL 2025
64210Activities of holding companies
68121Development of residential building projects
Scores and ratios are computed by Checked and are not a credit decision.