ACTIVE

IFS Ultimo

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Financial year 2025 · closed on 31/12/2025

Net result

1,1 M €

+34.1% YoY

Gross margin

3,3 M €

+12.1% YoY

Equity

6,1 M €

+23.1% YoY

Workforce

15,9 ETP

+1.9% YoY

What does IFS Ultimo do?

IFS Ultimo is a Private limited company incorporated in 2006. Its registered office is in Mechelen. It employs on average 15,9 ETP workers (FTE).

Legal situation

● Normal situation

BCE/KBO no. / VAT

BE 0883.477.582

Incorporation

13/09/2006

Legal form

Private limited company

Registered office

Schaliënhoevedreef 20
2800 Mechelen · FlandreSee on map

Contributed capital

18 550,00 €

Latest accounts

31/12/2025

Average workforce

15,9 ETP

Joint committees (2)

Signals

ProfitableSolid equityLow riskGood liquidityPositive cashflowPositive EBITDA

View the BCE/KBO Public Search record →

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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	3,3 M €	+12.1%	3 M €	+0.7%	2,9 M €	-16.6%	3,5 M €	+47.9%	2,4 M €	+7.6%	2,2 M €		–		–		–		–		–		–		898,1 k €	+0.5%	893,8 k €	+16.6%	766,2 k €	+33.2%	575,4 k €	+93.0%	298,1 k €	+981%	-33,9 k €
EBITDA	1,4 M €	+39.1%	1 M €	-5.8%	1,1 M €	+13.9%	948,4 k €	+53.6%	617,4 k €	+3.2%	598 k €	+3.8%	575,9 k €	-2.1%	588,4 k €	+31.3%	448 k €	+18.9%	376,9 k €	+164%	142,7 k €	+232%	43 k €	-72.5%	155,9 k €	-37.9%	251,1 k €	+103%	123,9 k €	+6.7%	116,1 k €	+86.2%	62,4 k €	+168%	-91,9 k €
Operating result	1,4 M €	+38.8%	1 M €	-8.3%	1,1 M €	+15.0%	968,3 k €	+94.1%	498,8 k €	-11.2%	562 k €	+0.8%	557,4 k €	-4.5%	583,7 k €	+32.7%	439,8 k €	+18.7%	370,5 k €	+172%	136,1 k €	+203%	44,9 k €	-67.2%	137,1 k €	-43.7%	243,4 k €	+99.4%	122 k €	+13.5%	107,5 k €	+172%	39,6 k €	+142%	-93,8 k €
Net result	1,1 M €	+34.1%	849,3 k €	-14.9%	997,7 k €	+44.4%	691 k €	+104%	339,1 k €	+14.0%	297,3 k €	-7.4%	321,2 k €	-9.1%	353,2 k €	+34.6%	262,4 k €	+20.5%	217,7 k €	+260%	60,4 k €	+381%	-21,5 k €	-123%	91,6 k €	-34.7%	140,3 k €	+148%	56,5 k €	-10.9%	63,4 k €	+110%	30,2 k €	+132%	-95,5 k €
Balance sheet
Equity	6,1 M €	+23.1%	4,9 M €	+20.9%	4,1 M €	+32.5%	3,1 M €	+29.0%	2,4 M €	+66.1%	1,4 M €	+26.1%	1,1 M €	+39.3%	816,3 k €	+12.8%	724 k €	+28.9%	561,6 k €	+63.3%	343,9 k €	+21.3%	283,5 k €	-7.1%	305 k €	+42.9%	213,4 k €	+192%	73,1 k €	+340%	16,6 k €	+136%	-46,8 k €	+39.2%	-76,9 k €
Total assets	7,6 M €	-3.9%	7,9 M €	+42.0%	5,5 M €	+0.1%	5,5 M €	+32.5%	4,2 M €	+64.8%	2,5 M €	+41.9%	1,8 M €	+42.6%	1,3 M €	+13.6%	1,1 M €	+40.6%	785,5 k €	+21.8%	644,9 k €	+4.5%	617 k €	+36.0%	453,7 k €	-18.5%	557 k €	+24.0%	449,1 k €	+37.7%	326,1 k €	+6.1%	307,4 k €	+281%	80,7 k €
Cash	3,5 M €	+14573%	23,9 k €	-95.5%	531,5 k €	+18.1%	450 k €	-82.2%	2,5 M €	+354%	556,5 k €	-43.5%	984,3 k €	+160%	378,5 k €	-14.2%	441 k €	+109%	210,8 k €	+302%	52,4 k €	+17.2%	44,8 k €	-40.7%	75,5 k €	-26.7%	103,1 k €	-6.1%	109,7 k €	+253%	31,1 k €	+455%	5,6 k €	-68.0%	17,5 k €
Debts	1,2 M €	-59.6%	2,9 M €	+101%	1,5 M €	-40.4%	2,5 M €	+37.2%	1,8 M €	+62.9%	1,1 M €	+125%	489,5 k €	+33.2%	367,6 k €	+11.9%	328,4 k €	+54.5%	212,6 k €	+3.3%	205,9 k €	-27.0%	282,2 k €	+127%	124,2 k €	-35.8%	193,6 k €	-42.8%	338,3 k €	+22.3%	276,7 k €	-21.9%	354,1 k €	+125%	157,7 k €
Other
Workforce	15,9 ETP	+1.9%	15,6 ETP	0.0%	15,6 ETP	-14.3%	18,2 ETP	+1.7%	17,9 ETP	-16.0%	21,3 ETP	+12.7%	18,9 ETP	+9.9%	17,2 ETP	+13.2%	15,2 ETP	+14.3%	13,3 ETP	+9.9%	12,1 ETP	-3.2%	12,5 ETP	+28.9%	9,7 ETP	+12.8%	8,6 ETP	-10.4%	9,6 ETP	+33.3%	7,2 ETP	+67.4%	4,3 ETP	+291%	1,1 ETP

Estimate

Indicative valuation

As an indication, this company is worth

between 10 M€ and 25 M€

See the valuation

Governance

Board of directors

Seen on filing of 31/12/2025 · 3 active · 15 ended

Active mandates

IFS Ultimo B.V.

Director · since 20 novembre 2025

Represented by Will Lorkin

Active

IFS Ultimo Group B.V.

Director · since 20 novembre 2025

Represented by Steven Elsham

Active

Dimitri Raes

Director · since 16 octobre 2023

Active

Ended mandates

Primo Capital B.V.

Director · since 14 mars 2024

Represented by Marinus MATTHEUS BERKHOUT

Ended

IFS Ultimo Group B.V.

Director · since 30 janvier 2024

Represented by Johan ROBERT NIKLAS MADE

Ended

Ultimo Software Solutions Group BV

Director · since 01 janvier 2020

Represented by Willem JAN SCHOLTEN

Ended

ISH personeelparticipatie BV

Manager · since 08 mars 2017

Represented by Ewout Noordermeer

Ended

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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	30/06/2026	16/06/2025	25/06/2024	28/06/2023	28/09/2022	14/07/2021
General meeting	19/06/2026	03/06/2025	21/06/2024	16/06/2023	02/09/2022	18/06/2021
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

20 filings with the NBB

Model	Closing	General meeting	Filed	Language	Document
Abridged model	31/12/2025	19/06/2026	30/06/2026	Dutch	PDF
Abridged model	31/12/2024	03/06/2025	16/06/2025	Dutch	PDF
Abridged model	31/12/2023	21/06/2024	25/06/2024	Dutch	PDF
Abridged model	31/12/2022	16/06/2023	28/06/2023	Dutch	PDF
Abridged model	31/12/2021	02/09/2022	28/09/2022	Dutch	PDF
Abridged model	31/12/2020	18/06/2021	14/07/2021	Dutch	PDF
Abridged model	31/12/2019	26/08/2020	31/08/2020	Dutch	PDF
Abridged model	31/12/2018	28/06/2019	31/07/2019	Dutch	PDF
Full model	31/12/2017	17/05/2018	29/05/2018	Dutch	PDF
Full model	31/12/2016	18/04/2017	15/05/2017	Dutch	PDF
Full model	31/12/2015	21/03/2016	29/03/2016	Dutch	PDF
Full model	31/12/2014	23/03/2015	28/04/2015	Dutch	PDF
Full model	31/12/2013	10/03/2014	21/03/2014	Dutch	PDF
Full model	31/12/2012	21/06/2013	24/06/2013	Dutch	PDF
Abridged model	31/12/2011	15/06/2012	21/08/2012	Dutch	PDF
Abridged model	31/12/2010	17/06/2011	11/07/2011	Dutch	PDF
Abridged model	31/12/2009	08/03/2010	26/04/2010	Dutch	PDF
Abridged model	31/12/2008	19/06/2009	25/06/2009	Dutch	PDF
Abridged model	31/12/2007	20/06/2008	23/07/2008	Dutch	PDF
Abridged model	31/12/2006	15/06/2007	30/07/2007	Dutch	PDF

Estimate

Indicative valuation

Order of magnitude

As an indication, this company is worth

between 10 M€ and 25 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 · 3 active · 15 ended

Active mandates

IFS Ultimo B.V.

Director · since 20 novembre 2025

Represented by Will Lorkin

Active

IFS Ultimo Group B.V.

Director · since 20 novembre 2025

Represented by Steven Elsham

Active

Dimitri Raes

Director · since 16 octobre 2023

Active

Ended mandates

Primo Capital B.V.

Director · since 14 mars 2024

Represented by Marinus MATTHEUS BERKHOUT

Ended

IFS Ultimo Group B.V.

Director · since 30 janvier 2024

Represented by Johan ROBERT NIKLAS MADE

Ended

Ultimo Software Solutions Group BV

Director · since 01 janvier 2020

Represented by Willem JAN SCHOLTEN

Ended

ISH personeelparticipatie BV

Manager · since 08 mars 2017

Represented by Ewout Noordermeer

Ended

Shareholders

Ownership and network

Looking for more information about this company?

Try for 7 days

Belgian Official Gazette

Belgian Official Gazette publications

Mandates23/12/2025
ONTSLAGEN - BENOEMINGEN
PDF
Mandates18/11/2025
ONTSLAGEN - BENOEMINGEN
PDF
Mandates08/09/2025
ONTSLAGEN - BENOEMINGEN
PDF
Mandates22/04/2024
ONTSLAGEN - BENOEMINGEN
PDF
Mandates25/10/2023
STATUTEN (VERTALING, COÖRDINATIE, OVERIGE WIJZIGINGEN, ) - WIJZIGING RECHTSVORM - BENAMING - DOEL - ONTSLAGEN - BENOEMINGEN
PDF
Mandates24/12/2021
ONTSLAGEN - BENOEMINGEN
PDF
Mandates05/10/2020
ONTSLAGEN - BENOEMINGEN
PDF
Other07/01/2019
BENAMING - 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 20251,1 M €↑
2024
Annual accounts 2024849,3 k €↓
2023
Annual accounts 2023997,7 k €↑
2023
Name changeIFS Ultimo
2022
Annual accounts 2022691 k €↑
2021
Annual accounts 2021339,1 k €↑
2018
Annual accounts 2018297,3 k €↓
2018
Name changeUltimo Software Solutions
2017
Annual accounts 2017321,2 k €↓
2016
Annual accounts 2016353,2 k €↑
2015
Annual accounts 2015262,4 k €↑
2014
Annual accounts 2014217,7 k €↑
2013
Annual accounts 201360,4 k €↑
2012
Annual accounts 2012-21,5 k €↓
2011
Annual accounts 201191,6 k €↓
2010
Annual accounts 2010140,3 k €↑
2009
Annual accounts 200956,5 k €↓
2008
Annual accounts 200863,4 k €↑
2007
Annual accounts 200730,2 k €↑
2006
Annual accounts 2006-95,5 k €
13/09/2006
IncorporationPrivate limited company
2006
Name changeULTIMO BELGIUM

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

IFS Ultimo

Overview

What does IFS Ultimo do?

Trend over 18 financial years

Indicative valuation

Board of directors

Other companies at this address

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