You can reverse engineer anything if you have the know-how. (As I understand it) the license actually has no bearing on whether they can do it in your particular case - the license key is not used to "encrypt" (actually, the code is not "encrypted" as such) the ionCube files.
Any program can be reduced to a set of machine code instructions, then (if you know how) you can build it up to assembler, and from there (again, if you know how) you can translate it into just about any language at any level you want. However, in order to do this you need to have an intimate knowledge of very low level programming, and the kind of people who are capable of doing this (of which I am not one) are highly unlikely to care about your specific application. Unless you are making multiple millions of [insert currency unit here] from your application you are pretty safe.
There are programs that will assist one in doing this, but there is no way to retrieve things like variable/function names so what you end up with is pretty un-readable.
To sum up, you can never be 100% sure that no-one can retrieve the source code of any program built in any language. But you can be 100% sure that it is ridiculously unlikely that anyone will bother to try, and even more unlikely that they would be successful.