ACTIVE

IPOFA

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Financial year 2025 · closed on 31/12/2025

Net result

560 k €

+8.8% YoY

Gross margin

1,3 M €

+6.2% YoY

Equity

4,6 M €

+12.5% YoY

Workforce

6,1 ETP

+8.9% YoY

What does IPOFA do?

IPOFA is a Public limited company incorporated in 1998. Its main activity is: Wholesale of watches and jewellery. Its registered office is in Knokke-Heist. It employs on average 6,1 ETP workers (FTE).

Legal situation

● Normal situation

BCE/KBO no. / VAT

BE 0464.761.147

Incorporation

07/12/1998

Legal form

Public limited company

Registered office

Kustlaan 265
8300 Knokke-Heist · FlandreSee on map

Contributed capital

700 000,00 €

Latest accounts

31/12/2025

Average workforce

6,1 ETP

Activities (NACE)

46480Wholesale of watches and jewellery· main 46480Wholesale of watches and jewellery 47770Retail sale of watches and jewellery in specialised stores 47770Retail sale of watches and jewellery in specialised stores 51474Air transport 52484Warehousing and support activities for transportation+3

Joint committees (3)

14903
201
2010

Contacts

2 public details availableLog in to view

Signals

ProfitableSolid equityLow riskGood liquidityPositive cashflowPositive EBITDAHealthy social debts

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Health score

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✦ Verdict · Analyst summary

Financials

Trend over 18 financial years

	2025		2024		2023		2022		2021		2018		2017		2016		2015		2014		2013		2012		2011		2010		2009		2008		2007		2006
Income statement
Gross margin	1,3 M €	+6.2%	1,2 M €	+29.0%	940,5 k €	-9.5%	1 M €	+32.4%	784,6 k €	+24.7%	629,2 k €	+21.6%	517,6 k €	+34.7%	384,1 k €	-18.9%	473,7 k €	+5.3%	449,9 k €	-35.7%	700 k €	-2.8%	720,2 k €	+7.9%	667,2 k €	+21.4%	549,7 k €	+23.9%	443,8 k €	-12.0%	504 k €	-23.2%	656,4 k €	+4.3%	629,1 k €
EBITDA	992,9 k €	+7.0%	927,8 k €	+49.4%	621,2 k €	-19.2%	769,1 k €	+38.4%	555,6 k €	+40.2%	396,1 k €	+4.9%	377,8 k €	+44.8%	261 k €	-28.0%	362,7 k €	+14.5%	316,9 k €	-40.6%	533,3 k €	-1.3%	540,1 k €	+18.2%	457 k €	+27.3%	359,1 k €	+40.8%	255,1 k €	-11.3%	287,6 k €	-35.0%	442,7 k €	+12.4%	393,7 k €
Operating result	849,7 k €	+7.8%	788,5 k €	+62.7%	484,6 k €	-25.2%	647,7 k €	+48.8%	435,3 k €	+58.1%	275,3 k €	+10.0%	250,2 k €	+34.7%	185,7 k €	-34.6%	283,9 k €	+18.3%	240 k €	-47.4%	456,3 k €	+2.7%	444,2 k €	+7.0%	415,1 k €	+27.4%	325,7 k €	+57.4%	206,9 k €	-13.1%	238,2 k €	-37.3%	380,1 k €	+16.8%	325,4 k €
Net result	560 k €	+8.8%	514,6 k €	+64.5%	312,9 k €	-26.8%	427,5 k €	+52.2%	280,8 k €	+85.2%	151,6 k €	+13.9%	133,1 k €	+30.4%	102 k €	-31.7%	149,4 k €	-27.9%	207,2 k €	-47.1%	391,6 k €	-2.7%	402,3 k €	+36.5%	294,8 k €	+25.6%	234,7 k €	+50.0%	156,5 k €	-1.5%	158,9 k €	-40.1%	265,2 k €	+16.6%	227,5 k €
Balance sheet
Equity	4,6 M €	+12.5%	4,1 M €	+9.8%	3,7 M €	+2.2%	3,6 M €	+2.4%	3,5 M €	+12.2%	3,1 M €	+5.1%	3 M €	+4.7%	2,9 M €	+3.7%	2,8 M €	+5.7%	2,6 M €	+0.1%	2,6 M €	+3.6%	2,5 M €	+4.2%	2,4 M €	+13.9%	2,1 M €	+12.5%	1,9 M €	+9.1%	1,7 M €	+10.2%	1,6 M €	+20.4%	1,3 M €
Total assets	5,6 M €	+12.1%	5 M €	+4.9%	4,8 M €	+2.1%	4,7 M €	+4.7%	4,4 M €	+2.9%	4,3 M €	+2.6%	4,2 M €	+4.2%	4 M €	-0.6%	4,1 M €	-6.4%	4,3 M €	-3.2%	4,5 M €	+9.0%	4,1 M €	-0.6%	4,1 M €	+41.7%	2,9 M €	+1.1%	2,9 M €	-3.0%	3 M €	+13.2%	2,6 M €	+6.5%	2,5 M €
Cash	386,6 k €	-2.7%	397,1 k €	+7.7%	368,7 k €	-63.5%	1 M €	-11.1%	1,1 M €	+86.3%	610,8 k €	+161%	233,9 k €	+0.9%	231,8 k €	-10.1%	257,8 k €	-19.8%	321,5 k €	+1.4%	317,2 k €	+363%	68,5 k €	-46.3%	127,6 k €	+387%	26,2 k €	-86.8%	198,6 k €	+308%	48,6 k €	+139%	20,3 k €	-77.5%	90,2 k €
Debts	983,8 k €	+10.4%	891,1 k €	-13.2%	1 M €	+1.0%	1 M €	+14.0%	892 k €	-21.9%	1,1 M €	-3.0%	1,2 M €	-0.0%	1,2 M €	-9.8%	1,3 M €	-23.7%	1,7 M €	-8.0%	1,9 M €	+16.3%	1,6 M €	-7.3%	1,7 M €	+117%	794,8 k €	-20.5%	1 M €	-20.1%	1,3 M €	+17.5%	1,1 M €	-8.9%	1,2 M €
Other
Workforce	6,1 ETP	+8.9%	5,6 ETP	-1.8%	5,7 ETP	+39.0%	4,1 ETP	-6.8%	4,4 ETP	+7.3%	4,1 ETP	+20.6%	3,4 ETP	-10.5%	3,8 ETP	+2.7%	3,7 ETP	-9.8%	4,1 ETP	-10.9%	4,6 ETP	-13.2%	5,3 ETP	-18.5%	6,5 ETP	0.0%	6,5 ETP	+6.6%	6,1 ETP	-11.6%	6,9 ETP	+3.0%	6,7 ETP	-8.2%	7,3 ETP

Estimate

Indicative valuation

As an indication, this company is worth

between 5 M€ and 10 M€

See the valuation

Governance

Board of directors

Seen on filing of 31/12/2025 · 1 active · 15 ended

Active mandates

Michel Gilson

Managing director · since 13 décembre 2023

Active

Ended mandates

Christos Baltogiannis

Director · since 08 mai 2017 · until 10 mai 2027

Ended

CHRISTOS BALTOGIANNIS

Director · since 08 mai 2017 · until 10 mai 2021

Ended

ANDREE CATRY

Director · since 11 mai 2015 · until 08 mai 2017

Ended

ANDREE CATRY

Director · since 11 mai 2015 · until 10 mai 2021

Ended

Annual accounts

Full financial information

	2025	2024	2023	2022	2021	2020
Type of account	Abridged model	Abridged model	Abridged model	Abridged model	Abridged model	Abridged model
Start of the financial year	01/01/2025	01/01/2024	01/01/2023	01/01/2022	01/01/2021	01/01/2020
Closing of the financial year	31/12/2025	31/12/2024	31/12/2023	31/12/2022	31/12/2021	31/12/2020
Length of the financial year	12 months	12 months	12 months	12 months	12 months	12 months
Filing date	18/05/2026	15/05/2025	12/06/2024	08/06/2023	13/07/2022	30/09/2021
General meeting	11/05/2026	12/05/2025	13/05/2024	08/05/2023	09/05/2022	26/05/2021
Currency of the financial year	EUR	EUR	EUR	EUR	EUR	EUR
NBB quality label	Satisfying controls	Satisfying controls	Satisfying controls	Satisfying controls	Satisfying controls	Satisfying controls

Ratios

Financial ratios

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Filings

Annual accounts filings

21 filings with the NBB

Model	Closing	General meeting	Filed	Language	Document
Abridged model	31/12/2025	11/05/2026	18/05/2026	Dutch	PDF
Abridged model	31/12/2024	12/05/2025	15/05/2025	Dutch	PDF
Abridged model	31/12/2023	13/05/2024	12/06/2024	Dutch	PDF
Abridged model	31/12/2022	08/05/2023	08/06/2023	Dutch	PDF
Abridged model	31/12/2021	09/05/2022	13/07/2022	Dutch	PDF
Abridged modelCorrection	31/12/2020	26/05/2021	30/09/2021	Dutch	PDF
Abridged model	31/12/2020	26/05/2021	24/06/2021	Dutch	PDF
Abridged model	31/12/2019	11/05/2020	09/06/2020	Dutch	PDF
Abridged model	31/12/2018	29/05/2019	26/06/2019	Dutch	PDF
Abridged model	31/12/2017	14/05/2018	06/06/2018	Dutch	PDF
Abridged model	31/12/2016	08/05/2017	09/06/2017	Dutch	PDF
Abridged model	31/12/2015	09/05/2016	02/06/2016	Dutch	PDF
Abridged model	31/12/2014	11/05/2015	25/06/2015	Dutch	PDF
Abridged model	31/12/2013	12/05/2014	28/05/2014	Dutch	PDF
Abridged model	31/12/2012	13/05/2013	25/06/2013	Dutch	PDF
Abridged model	31/12/2011	14/05/2012	15/06/2012	Dutch	PDF
Abridged model	31/12/2010	09/05/2011	06/06/2011	Dutch	PDF
Abridged model	31/12/2009	10/05/2010	12/07/2010	Dutch	PDF
Abridged model	31/12/2008	11/05/2009	19/06/2009	Dutch	PDF
Abridged model	31/12/2007	13/05/2008	24/06/2008	Dutch	PDF
Abridged model	31/12/2006	14/05/2007	04/07/2007	Dutch	PDF

Estimate

Indicative valuation

Order of magnitude

As an indication, this company is worth

between 5 M€ and 10 M€

The detail comes with the Business plan: low and high bounds, the valuation bridge for each financial year, transaction multiples by sector and size, group valuation and exports.

Discover the Business plan

Disclaimer

Indicative estimate based on public sector multiples and the filed annual accounts. It is neither a certified valuation nor financial or investment advice.

Governance

Board of directors

Seen on filing of 31/12/2025 · 1 active · 15 ended

Active mandates

Michel Gilson

Managing director · since 13 décembre 2023

Active

Ended mandates

Christos Baltogiannis

Director · since 08 mai 2017 · until 10 mai 2027

Ended

CHRISTOS BALTOGIANNIS

Director · since 08 mai 2017 · until 10 mai 2021

Ended

ANDREE CATRY

Director · since 11 mai 2015 · until 08 mai 2017

Ended

ANDREE CATRY

Director · since 11 mai 2015 · until 10 mai 2021

Ended

Shareholders

Ownership and network

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Belgian Official Gazette

Belgian Official Gazette publications

Mandates16/06/2026
ONTSLAGEN - BENOEMINGEN
PDF
Mandates22/01/2024
STATUTEN (VERTALING, COÖRDINATIE, OVERIGE WIJZIGINGEN, ) - ONTSLAGEN - BENOEMINGEN
PDF
Mandates20/07/2021
ONTSLAGEN - BENOEMINGEN
PDF
Mandates19/06/2017
ONTSLAGEN - BENOEMINGEN
PDF
Mandates08/06/2015
ONTSLAGEN - BENOEMINGEN
PDF
Mandates17/07/2009
ONTSLAGEN - BENOEMINGEN
PDF
Registered office17/07/2008
MAATSCHAPPELIJKE ZETEL
PDF
Mandates23/01/2004
ONTSLAGEN - BENOEMINGEN - ALGEMENE VERGADERING - KAPITAAL - AANDELEN - STATUTEN (VERTALING, COÖRDINATIE, OVERIGE WIJZIGINGEN, )
PDF

Source: Belgian Official Gazette

Competition

Similar companies

A company's peers, by sector and size, are included in the Business plan.

See the Business plan

2025
Annual accounts 2025560 k €↑
2024
Annual accounts 2024514,6 k €↑
2023
Annual accounts 2023312,9 k €↓
2022
Annual accounts 2022427,5 k €↑
2021
Annual accounts 2021280,8 k €↑
2018
Annual accounts 2018151,6 k €↑
2017
Annual accounts 2017133,1 k €↑
2016
Annual accounts 2016102 k €↓
2015
Annual accounts 2015149,4 k €↓
2014
Annual accounts 2014207,2 k €↓
2013
Annual accounts 2013391,6 k €↓
2012
Annual accounts 2012402,3 k €↑
2011
Annual accounts 2011294,8 k €↑
2010
Annual accounts 2010234,7 k €↑
2009
Annual accounts 2009156,5 k €↓
2008
Annual accounts 2008158,9 k €↓
2007
Annual accounts 2007265,2 k €↑
2006
Annual accounts 2006227,5 k €
07/12/1998
IncorporationPublic limited company

10/15	1 240 000	1 180 000	1 050 000
70	8 630 000	8 120 000	7 940 000
9904	412 000	388 000	301 000
17/49	2 970 000	3 140 000	3 380 000
9087	24,3	23,1	21,8

IPOFA

Overview

What does IPOFA do?

Trend over 18 financial years

Indicative valuation

Board of directors

Financials

Full financial information

Financial ratios

Annual accounts filings

Valuation

Indicative valuation

Directors & structure

Board of directors

Ownership and network

Publications

Belgian Official Gazette publications

Similar companies

Similar companies

Timeline