ICARUS
ActiveSummary
ICARUS has been active since 1985 and the Belgian State Gazette contains no insolvency or warning signals. The 2025 annual accounts show equity of €5.83M and a net result of €36k. Equity remains stable across the filed fiscal years (±1.2% per year). Its solvency ranks better than 19% of 311 sector peers (fiscal year 2025). The computed 12-month bankruptcy probability is 0.2% (very low).
Checked score
Score 2025
51
/ 100
Fair
The score weighs solvency, liquidity and profitability. Bankruptcy probability contributes 35%. Every signal that weighs is under Signals.
Axes · tick = 2024
Profitability29▼-25
Solvency44▲+6
Growth72▲+5
Track record100
Bankruptcy probability, 12 months
0.2%
Very low
0%0.5%1.5%4%10%≥ 25%
Credit up to €290k at 30 days acceptable
Liquidity short (current ratio 0.41 against 0.7 in 2024; short-term debt: 69.6% and cash: 1.7% of total assets), and 81.4% of the assets are financed with debt.
Credit advice for your own amount and term
Signals
Six signals. The signal on the left, the evidence on the right.
−lowers risk+raises risk○neutral
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
18.6%
Return on assets
0.1%
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 19% of 311 sector peers (2025).
NBB · sector comparisonPosition among 311 sector peers
Solvency
better than 19%
← 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 20-05-2026, 72 days ahead of the deadline.
NBB · 10 filingsDeviation from the deadline
2025
72 d early
2024
15 d early
2023
on the day
2022
6 d early
2021
11 d early
2020
128 d early
2019
69 d late
← before the deadline
after the deadline →
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
24-09-2026 today31-12-2026 close31-07-2027 deadline
Financials · fiscal year 2025, full schema
Turnover
€29.17M▲ 33.8%
2024 · €21.79M
2018: €17.09M
2019: €14.81M
2020: €29.40M
2021: €23.29M
2022: €46.27M
2023: €33.17M
2024: €21.79M
2018 → 2025
EBIT margin
2.9%▼ 10.5pp
2024 · 13.4%
2018: -9.4%
2019: -6.6%
2020: 7.2%
2021: 5.8%
2022: 9.6%
2023: -7.4%
2024: 13.4%
2018 → 2025
Net result
€36k▼ 97.6%
2024 · €1.48M
2018: €-1.13M
2019: €-5.31M
2020: €1.32M
2021: €799k
2022: €3.32M
2023: €-1.71M
2024: €1.48M
2018 → 2025
Working capital
€-12.92M▼ 23.6%
2024 · €-10.45M
2018: €-5.55M
2019: €-8.27M
2020: €-9.14M
2021: €-8.94M
2022: €-6.50M
2023: €-11.42M
2024: €-10.45M
2018 → 2025
Multi-year overview
Every figure with its change against the year before
▲ rise
▼ fall
Line20212022202320242025Trend
Turnover€23.29M-€46.27M▲ 98.6%€33.17M▼ 28.3%€21.79M▼ 34.3%€29.17M▲ 33.8%
Equity€6.27M-€7.25M▲ 15.6%€5.50M▼ 24.1%€5.79M▲ 5.2%€5.83M▲ 0.6%
Operating result€1.34M-€4.44M▲ 230%€-2.47M€2.92M€847k▼ 71.0%
Net result€799k-€3.32M▲ 315%€-1.71M€1.48M€36k▼ 97.6%
Result per fiscal year
Operating resultNet result
The operating result falls in 2025; 2025 is 71% below 2024.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €31.25M
Fixed assets
€22.41M ▲ 7.7%
Current assets
€8.84M ▼ 63.0%
Equity and liabilities €31.25M
Equity
€5.83M ▲ 0.6%
Provisions
€1.39M =
Debt
€24.03M ▼ 35.9%
Debt's share of the balance-sheet total falls from 83.9% to 76.9%. Equity is higher and debt is lower.
Key figures and ratios
EBITDA
€967k▼
2024 · €3.04M
Cash flow
€156k▼
2024 · €1.61M
Current ratio
0.41▼
2024 · 0.70
Quick ratio
0.22▼
2024 · 0.34
Debt to equity
4.12▼
2024 · 6.47
ROE
0.6%▼
2024 · 25.6%
ROA
0.1%▼
2024 · 3.3%
Interest coverage
0.90▼
2024 · 2.50
Debt ≤ 1 year
€21.76M▼
2024 · €34.32M
Debt > 1 year
€2.22M▼
2024 · €3.07M
Income taxes
€10k▲
2024 · €4k
Staff costs
€2.62M▲
2024 · €2.60M
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 · 90 lines
Balance sheet
Code20242025
Assets
Total assets20/58€44.68M€31.25M▼
Fixed assets21/28€20.81M€22.41M▲
Intangible fixed assets21€7k€129▼
Tangible fixed assets22/27€544k€502k▼
Land and buildings22€0-
Plant, machinery and equipment23€126k€119k▼
Furniture and vehicles24€47k€36k▼
Other tangible fixed assets26€150k€124k▼
Assets under construction and advance payments27€221k€223k▲
Financial fixed assets28€20.26M€21.91M▲
Affiliated companies280/1€20.26M€21.91M▲
Participating interests280€3.54M€3.54M=
Amounts receivable281€16.72M€18.37M▲
Current assets29/58€23.87M€8.84M▼
Stocks and contracts in progress3€12.16M€4.03M▼
Stocks30/36€1.93M€2.44M▲
Raw materials and consumables30/31€1.24M€1.50M▲
Finished goods33€689k€934k▲
Contracts in progress37€10.24M€1.59M▼
Amounts receivable within one year40/41€11.19M€4.14M▼
Trade receivables40€7.21M€4.01M▼
Other amounts receivable41€3.98M€130k▼
Cash at bank and in hand54/58€320k€545k▲
Deferred charges and accrued income490/1€201k€120k▼
Equity and liabilities
Total equity and liabilities10/49€44.68M€31.25M▼
Equity10/15€5.79M€5.83M▲
Contributions10/11€7.64M€7.64M=
Capital10€7.64M€7.64M=
Issued capital100€7.64M€7.64M=
Reserves13€5.45M€5.45M=
Non-distributable reserves130/1€514k€514k=
Legal reserve130€514k€514k=
Tax-exempt reserves132€4.18M€4.18M=
Distributable reserves133€754k€754k=
Profit (loss) carried forward14€-7.38M€-7.35M▲
Investment grants15€86k€86k=
Provisions and deferred taxes16€1.39M€1.39M=
Deferred taxes168€1.39M€1.39M=
Amounts payable17/49€37.50M€24.03M▼
Amounts payable after more than one year17€3.07M€2.22M▼
Financial debts170/4€3.07M€2.22M▼
Credit institutions173€1.56M€1.10M▼
Other loans174€1.50M€1.12M▼
Amounts payable within one year42/48€34.32M€21.76M▼
Current portion of amounts payable after more than one year42€2.20M€1.11M▼
Financial debts43€7.24M€5.62M▼
Credit institutions430/8€7.24M€5.62M▼
Trade debts44€19.93M€13.41M▼
Suppliers440/4€19.93M€13.41M▼
Advances received on contracts in progress46€4.28M€1.18M▼
Taxes, remuneration and social security45€529k€432k▼
Taxes450/3€75k€74k▼
Remuneration and social security454/9€453k€359k▼
Other amounts payable47/48€154k-
Accrued charges and deferred income492/3€108k€45k▼
Income statement
Code20242025
Operating income70/76A€29.42M€20.93M▼
Turnover70€21.79M€29.17M▲
Change in stocks of work in progress, finished goods and contracts in progress71€4.70M€-8.40M▼
Other operating income74€111k€156k▲
Non-recurring operating income76A€2.82M-
Operating charges60/66A€26.50M€20.08M▼
Goods for resale, raw materials and consumables60€20.41M€14.12M▼
Purchases600/8€20.45M€14.33M▼
Change in stocks: decrease (increase)609€-42k€-208k▼
Services and other goods61€2.94M€3.06M▲
Remuneration, social security and pensions62€2.60M€2.62M▲
Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630€126k€120k▼
Write-downs on stocks, contracts in progress and trade receivables: additions (reversals)631/4€43k€-60k▼
Other operating charges640/8€73k€79k▲
Non-recurring operating charges66A€304k€147k▼
Operating profit (loss)9901€2.92M€847k▼
Financial income75/76B€661k€439k▼
Recurring financial income75€661k€439k▼
Income from financial fixed assets750€609k€394k▼
Other financial income752/9€52k€45k▼
Financial charges65/66B€1.39M€1.24M▼
Recurring financial charges65€1.39M€1.18M▼
Debt charges650€1.22M€1.08M▼
Other financial charges652/9€172k€104k▼
Non-recurring financial charges66B-€59k
Profit (loss) for the period before taxes9903€2.19M€46k▼
Transfer to deferred taxes680€704k-
Income taxes67/77€4k€10k▲
Taxes670/3€4k€10k▲
Profit (loss) for the period9904€1.48M€36k▼
Transfer to tax-exempt reserves689€2.11M-
Profit (loss) for the period to be appropriated9905€-628k€36k▲
Appropriation of the result
Profit (loss) to be appropriated9906€-7.38M€-7.35M▲
Profit (loss) brought forward from the previous period14P€-6.76M€-7.38M▼
Social balance
Average headcount (FTE)908735.436.6▲
The notes to these accounts (80 items: statements of assets and debts, cost breakdowns, rights and commitments) are not shown here.
Timeline · acts, filings and financial milestones
Next filing, fiscal year 2026, expected by
2026
27-08
State Gazette act
Reappointments: BDO Réviseurs d'Entreprises, WALLONIE ENTREPRENDRE and 4 othersPermanent representatives: Christophe COLSON and Renaud SCHETTER · Auditor fee16 facts ▸
State Gazette act
Reappointments: BDO Réviseurs d'Entreprises, WALLONIE ENTREPRENDRE and 4 others
Permanent representatives: Christophe COLSON and Renaud SCHETTER · Auditor fee16 facts ▸
- General meeting, 28-11-2025
- Auditor reappointment, BDO Réviseurs d'Entreprises (commissaire des comptes consolidés)
- Permanent representative, Christophe COLSON
- General meeting, 19-05-2026
- Director reappointment, WALLONIE ENTREPRENDRE (director)
- Permanent representative, Renaud SCHETTER
- Director reappointment, Léopold Thise (director)
- Director reappointment, Yves Bessemans (director)
- Director reappointment, SPARAXIS (director)
- Director reappointment, HY9 SRL (director)
- Board composition, Léopold Thise (director)
- Board composition, Yves Bessemans (director)
- +4 further facts in this act
20-05
NBB filing
Annual accounts filed
fiscal year 2025 · full schema
2025
16-07
NBB filing
Annual accounts filed
fiscal year 2024 · full schema
2024
31-12
Financial
Back to profitnet €1.48M
Net result €1.48M after one loss-making year.
31-07
NBB filing
Annual accounts filed
fiscal year 2023 · full schema
2023
25-07
NBB filing
Annual accounts filed
fiscal year 2022 · full schema
2022
31-12
Financial
Highest result since 2018net €3.32M ▲315%
Operating result €4.44M, net result €3.32M, both a record.
20-07
NBB filing
Annual accounts filed
fiscal year 2021 · full schema
2021
25-03
NBB filing
Annual accounts filed
fiscal year 2020 · full schema
2020
31-12
Financial
Back to profitnet €1.32M
Net result €1.32M after 2 loss-making years.
31-12
Financial
Equity above €5MEq €5.51M ▲30.6%
Equity rises from €4.22M to €5.51M.
08-10
NBB filing
Annual accounts filed
fiscal year 2019 · full schema · 69 days late
Show earlier events
2019
31-12
Financial
Weakest financial yearnet €-5.31M
Net result drops to €-5.31M, the lowest in the series; recovery starts the following year.
02-07
NBB filing
Annual accounts filed
fiscal year 2018 · full schema
2018
01-08
NBB filing
Annual accounts filed
fiscal year 2017 · full schema · 1 day late
2017
01-08
NBB filing
Annual accounts filed
fiscal year 2016 · full schema · 1 day late
Financial milestoneState Gazette actNBB filingFinancial milestones sit on the fiscal year-end date, not the filing date.
Directors · office · real estate
Directors
under verification, no change since 2026
This board is reconstructed from a single act (26109013). A Gazette act generally publishes only CHANGES, not a full roll call, so directors unchanged since then may be missing here. The KBO register holds the complete list of function holders.
Wallonie Entreprendre
CurrentDirector · since 19-05-2026 · Public limited company · perm. rep.: Renaud SCHETTER
HY9 SRL
CurrentDirector · Legal entity
Léopold Thise
CurrentDirector
SPARAXIS
CurrentDirector · Legal entity
Yves Bessemans
CurrentDirector
19-05-2026
Wallonie Entreprendre: Mandate renewed as Director
Location & real-estate footprint
Registered office, Herstal · 1 establishment unit since 1985
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.
Rue des Alouettes 1004041 HerstalGround area
1.2 ha
Building footprint
717 m²
Volume, LiDAR
4,415 m³
Parcel 62071A0209/06_000, Wallonia · tallest building 7.0 m, ±2 floors. Linked by address, not a title deed.
1 establishment unit
ICARUS
since 19852.027.166.574
1 parcel
Wallonia
1
(100%)
| Parcel (capakey) | Region | Area | Buildings | Height / fl. |
|---|---|---|---|---|
| 62071A0209/06_000 | Wallonia | 1.2 ha | 1 · 717 m² | 7.0 m · 2 fl. |
Linked by address, not proof of ownership
Methodology
via registered seat: 1
1 of 1 parcel with an exact address match; the rest are indicative.
Linked through address data, this is not proof of ownership.
Statutory auditor
1 auditor| BDO Réviseurs d'EntreprisesCurrent Commissaire des comptes consolidés · represented by Christophe COLSON | 28-11-2025 → present |
Structure & network
Connections & network
15 connected companiesLinked via shared directors
Shared corporate director
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Show 11 more companies with a shared director
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Ownership & control
1 parent companyControl over this companyparent company per the LEI register1
Herstal · LEI lapsed
controls
ICARUSBE 0427.223.434
Recognitions · licences · registrations
Legal Entity Identifier
549300736HRZIFDO2S55
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Of 21 companies in sector 28140 we hold annual accounts for 15. 8 are within a factor 10 of this equity. The 5 above are the closest to it. See the whole sector
Company data · Crossroads Bank
Identification
Legal formPublic limited company
Founded23-05-1985
Fiscal year end31-12
Activities, NACEBEL 2025
28140Manufacture of machinery and equipment not elsewhere classified
46820Wholesale trade
46649Wholesale of other machinery and equipment
Sources
Crossroads Bank for EnterprisesNational Bank · 43 filingsAddress and cadastre registers
Scores and ratios are computed by Checked and are not a credit decision.