ALPABA
ActiveSummary
ALPABA has been active since 2011 and the Belgian State Gazette contains no insolvency or warning signals. The 2025 annual accounts show negative equity (-€316,915) and a net result of -€246,020. The figures fluctuate too strongly year-on-year for a reliable trend projection. Its solvency ranks better than 12% of 14254 sector peers (fiscal year 2025). The computed 12-month bankruptcy probability is 0.6% (low).
Checked score
Score 2025
Axes · tick = 2024
Profitability6▼-5
Solvency12▼-4
Growth32=
Track record100
Bankruptcy probability, 12 months
0.6%
Low
0%0.5%1.5%4%10%≥ 25%
No credit on open account
Liquidity short (current ratio 0.01 against 0.03 in 2024; short-term debt: 72.4% and cash: 0.1% of total assets), and equity is negative.
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Signals
Six signals. The signal on the left, the evidence on the right.
−lowers risk+raises risk○neutral
lowers risk · Lower-failure-rate sector
In this sector companies fail less often than the Belgian average.
Gazette · bankruptcies per sector, NACE 68
Relative position
BE, all sectors
reference
Real estate activities (NACE 68)
about 43% fewer bankruptcies
← fewer bankruptcies
more bankruptcies →
raises risk · Annual accounts: weaker financial profile
The latest annual accounts show a weaker profile in solvency, result or liquidity than companies that stay afloat.
NBB · annual accounts 2025Solvency, return and age of the figures
Solvency
-13.5%
Return on assets
-10.5%
Age of the figures
9 mo
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
raises risk · Negative equity
The 2025 annual accounts show negative equity and a net loss.
NBB · annual accounts 2025Equity per financial year
1819202122232425
2018 to 2025 · latest year -€316,915
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 06-07-2026, 25 days ahead of the deadline.
NBB · 10 filingsDeviation from the deadline
2025
25 d early
2024
7 d early
2023
2 d early
2022
on the day
2021
23 d late
2020
33 d late
2019
60 d late
← before the deadline
after the deadline →
tick = median of all Belgian filingsring = median in the sector
This company filed its last 7 accounts on average 12 days after the deadline; the sector median for financial year 2024 is 7 days before the deadline, and 36% of the sector filed late.
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
28-09-2026 today31-12-2026 close31-07-2027 deadline
History
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Financials · fiscal year 2025, micro schema
Turnover
€12,375
EBIT margin
165.2%
Net result
-€246,020▼ 131%
2024 · -€106,602
Working capital
-€1.7m▼ 85.2%
2024 · -€913,479
Trend over the years
Click a name to add, emphasise or remove a line.Band: the middle half (P25 to P75) of NACE 68, Real estate activities, each year against the same schema; no band under 30 filings. Dashed line: the median.
Every figure with its change against the fiscal year before
favourable
unfavourable
Line20212022202320242025
Turnover€12,375
Operating result€20,439▲ 326%€4,051▼ 80.2%-€49,872-€90,296▼ 81.1%-€212,996▼ 136%
Net result-€7,537within the sector's middle half▲ 19.1%-€13,073below the sector's middle half▼ 73.4%-€64,118below the sector's middle half▼ 390%-€106,602below the sector's middle half▼ 66.3%-€246,020below the sector's middle half▼ 131%
EBIT margin165.2%
Equity€29,833within the sector's middle half▼ 20.2%€16,760within the sector's middle half▼ 43.8%-€47,358below the sector's middle half-€153,960below the sector's middle half▼ 225%-€316,915below the sector's middle half▼ 106%
Total assets€695,846within the sector's middle half▼ 5.0%€742,267within the sector's middle half▲ 6.7%€978,250within the sector's middle half▲ 31.8%€1.6mabove the sector's middle half▲ 66.6%€2.4mabove the sector's middle half▲ 44.3%
Debt€666,013▼ 4.2%€725,507▲ 8.9%€1.0m▲ 41.4%€1.8m▲ 73.9%€2.7m▲ 49.6%
Working capital-€88,060below the sector's middle half▼ 6.6%-€395,656below the sector's middle half▼ 349%-€1.0mbelow the sector's middle half▼ 154%-€913,479below the sector's middle half▲ 8.9%-€1.7mbelow the sector's middle half▼ 85.2%
Solvency4.3%below the sector's middle half▼ 0.8pp2.3%below the sector's middle half▼ 2.0pp-4.8%below the sector's middle half▼ 7.1pp-9.4%below the sector's middle half▼ 4.6pp-13.5%below the sector's middle half▼ 4.0pp
Current ratio0.01below the sector's middle half▼ 0.150.07below the sector's middle half▲ 0.060.02below the sector's middle half▼ 0.050.03below the sector's middle half▲ 0.010.01below the sector's middle half▼ 0.03
Return on assets (ROA)-1.1%within the sector's middle half▲ 0.2pp-1.8%within the sector's middle half▼ 0.7pp-6.6%below the sector's middle half▼ 4.8pp-6.5%below the sector's middle half=-10.5%below the sector's middle half▼ 3.9pp
Staff (FTE)0.7
above
within
below
the middle half (P25 to P75) of NACE 68, Real estate activities, each year against the same schema; no band under 30 filings.
Turnover and EBIT margin not published: the micro schema does not require them.
Result per fiscal year
Operating resultNet result
The operating result stays negative: a loss of €212,996 in 2025 against €90,296 in 2024; the loss grows and 2025 has the lowest result in the available series.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €2.4m
Fixed assets
€2.3m ▲ 46.4%
Current assets
€10,281 ▼ 66.3%
Key figures and ratios
EBITDA
-€33,565▼
2024 · -€7,127
Cash flow
-€66,590▼
2024 · -€23,433
Debt to equity
-8.42▲
2024 · -11.58
Interest coverage
-0.85▼
2024 · -0.44
Debt ≤ 1 year
€1.7m▲
2024 · €943,956
Debt > 1 year
€965,939▲
2024 · €839,644
Staff costs
€19,513
Green means a favourable move, even when the figure itself falls: as with debt or debt to equity.
Peer companies
Historical observationOf the 6,940 companies that looked in July 2024 the way this one looks now, 5.5% went bankrupt within 24 months and 85% are still going.
- Micro
- 10 to 20 years old
- negative equity
- a loss of 10% of the balance sheet or more
5.5%
went bankrupt
8.0%
stopped otherwise
85%
still going
A further 1.5% stopped, but we cannot tell whether within those 24 months.
For this company itself Checked computes a lower bankruptcy probability: 0.6% over twelve months. The score reads more about this company than the group's four characteristics; both figures are right about what they measure.
How reliable is this rule?
Tested on the year before, without using that year itself: the groups of July 2023 gave each of the 497,662 companies of July 2024 its group's bankruptcy share. Expected: 1.5%; actually bankrupt within 24 months: 1.6%.
| Group | Expected | Actual |
|---|---|---|
| 1 | 0.2% | 0.2% |
| 2 | 0.3% | 0.4% |
| 3 | 0.5% | 0.5% |
| 4 | 0.6% | 0.7% |
| 5 | 0.8% | 0.9% |
| 6 | 1.2% | 1.3% |
| 7 | 1.5% | 1.7% |
| 8 | 1.7% | 1.7% |
| 9 | 2.7% | 2.8% |
| 10 | 5.3% | 5.7% |
The rule ranks well: a company that went bankrupt got a higher share than one that kept going in 75% of comparisons. The level follows the economy: in a year with more bankruptcies, the actual share is higher than the year before.
An observation about 6,940 comparable companies, not a prediction for this company. The sector does not count: the register keeps no sector for companies that stopped, so it would make the outcome look better than it was.
Annual accounts
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Turnover70 | €12,375 | - | - | - | - | - |
| Goods, raw materials, services and sundry goods60/61 | €18,181 | - | - | - | - | - |
| Remuneration, social security and pensions62 | - | - | - | - | €19,513 | - |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €21,940 | €23,264 | €31,799 | €83,169 | €179,431 | ▲ 116% |
| Other operating charges640/8 | €7,429 | €4,282 | €1,815 | €5,011 | €7,055 | ▲ 40.8% |
| Gross operating margin9900 | €49,808 | €31,597 | -€16,258 | -€2,117 | -€6,997 | ▼ 231% |
| Operating profit (loss)9901 | €20,439 | €4,051 | -€49,872 | -€90,296 | -€212,996 | ▼ 136% |
| Financial income75/76B | €1 | - | €1 | - | €6,677 | - |
| Recurring financial income75 | €1 | - | €1 | - | €6,677 | - |
| Financial charges65/66B | €27,978 | €17,124 | €14,247 | €16,306 | €39,701 | ▲ 143% |
| Recurring financial charges65 | €27,978 | €17,124 | €14,247 | €16,306 | €39,701 | ▲ 143% |
| Profit (loss) for the period before taxes9903 | -€7,537 | -€13,073 | -€64,118 | -€106,602 | -€246,020 | ▼ 131% |
| Profit (loss) for the period9904 | -€7,537 | -€13,073 | -€64,118 | -€106,602 | -€246,020 | ▼ 131% |
| Profit (loss) for the period to be appropriated9905 | -€7,537 | -€13,073 | -€64,118 | -€106,602 | -€246,020 | ▼ 131% |
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Assets | ||||||
| Total assets20/58 | €695,846 | €742,267 | €978,250 | €1.6m | €2.4m | ▲ 44.3% |
| Fixed assets21/28 | €694,664 | €711,667 | €955,812 | €1.6m | €2.3m | ▲ 46.4% |
| Tangible fixed assets22/27 | €694,664 | €711,667 | €955,812 | €1.6m | €2.3m | ▲ 46.4% |
| Land and buildings22 | €694,664 | €711,667 | €952,786 | €1.6m | €2.3m | ▲ 46.3% |
| Furniture and vehicles24 | - | - | €3,026 | €6,227 | €10,274 | ▲ 65.0% |
| Current assets29/58 | €1,182 | €30,600 | €22,438 | €30,477 | €10,281 | ▼ 66.3% |
| Amounts receivable within one year40/41 | €1,150 | €5,683 | €9,757 | €7,824 | €7,553 | ▼ 3.5% |
| Trade receivables40 | €1,150 | €5,683 | €1,815 | €3,630 | €4,840 | ▲ 33.3% |
| Other amounts receivable41 | - | - | €7,942 | €4,194 | €2,713 | ▼ 35.3% |
| Cash at bank and in hand54/58 | €32 | €24,917 | €10,315 | €21,639 | €2,728 | ▼ 87.4% |
| Deferred charges and accrued income490/1 | - | - | €2,366 | €1,014 | - | - |
| Equity and liabilities | ||||||
| Total equity and liabilities10/49 | €695,846 | €742,267 | €978,250 | €1.6m | €2.4m | ▲ 44.3% |
| Equity10/15 | €29,833 | €16,760 | -€47,358 | -€153,960 | -€316,915 | ▼ 106% |
| Contributions10/11 | €18,600 | €18,600 | €18,600 | €18,600 | €18,600 | = |
| Capital10 | €18,600 | - | - | - | - | - |
| Issued capital100 | €18,600 | - | - | - | - | - |
| Reserves13 | €1,860 | €1,860 | €1,860 | €1,860 | €1,860 | = |
| Non-distributable reserves130/1 | €1,860 | €1,860 | €1,860 | €1,860 | €1,860 | = |
| Legal reserve130 | €1,860 | - | - | - | - | - |
| Reserves not available under the articles1311 | - | €1,860 | €1,860 | €1,860 | €1,860 | = |
| Profit (loss) carried forward14 | €9,373 | -€3,700 | -€67,818 | -€174,420 | -€420,440 | ▼ 141% |
| Investment grants15 | - | - | - | - | €83,065 | - |
| Amounts payable17/49 | €666,013 | €725,507 | €1.0m | €1.8m | €2.7m | ▲ 49.6% |
| Amounts payable after more than one year17 | €576,713 | €299,251 | - | €839,644 | €965,939 | ▲ 15.0% |
| Financial debts170/4 | €368,507 | €299,251 | - | €839,644 | €965,939 | ▲ 15.0% |
| Other amounts payable178/9 | €208,207 | - | - | - | - | - |
| Amounts payable within one year42/48 | €89,243 | €426,256 | €1.0m | €943,956 | €1.7m | ▲ 80.3% |
| Current portion of amounts payable after more than one year42 | €66,569 | €69,256 | - | - | €32,693 | - |
| Trade debts44 | €1,757 | - | €41,108 | €59,406 | €18,731 | ▼ 68.5% |
| Suppliers440/4 | €1,757 | - | €41,108 | €59,406 | €18,731 | ▼ 68.5% |
| Taxes, remuneration and social security45 | €1,728 | - | - | - | €2,058 | - |
| Taxes450/3 | €1,728 | - | - | - | - | - |
| Remuneration and social security454/9 | - | - | - | - | €2,058 | - |
| Other amounts payable47/48 | €19,189 | €357,000 | €984,500 | €884,550 | €1.6m | ▲ 86.4% |
| Accrued charges and deferred income492/3 | €57 | - | - | - | - | - |
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | -€7,537 | -€13,073 | -€64,118 | -€106,602 | -€246,020 | ▼ 131% |
| + Depreciation and write-downs630 | €21,940 | €23,264 | €31,799 | €83,169 | €179,431 | ▲ 116% |
| Operating cash flow (approximation) | €14,402 | €10,191 | -€32,319 | -€23,433 | -€66,590 | ▼ 184% |
| Investment in fixed assets (approximation) | - | -€40,268 | -€275,944 | -€726,521 | -€921,133 | ▼ 26.8% |
| Change in cash | - | €24,885 | -€14,602 | €11,324 | -€18,911 | ▼ 267% |
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
06-07
NBB filing
Annual accounts filed
fiscal year 2025 · micro schema
2025
31-12
Financial
Weakest financial yearnet -€246,020
Net result drops to -€246,020, the lowest in the series.
24-07
NBB filing
Annual accounts filed
fiscal year 2024 · micro schema
2024
29-07
NBB filing
Annual accounts filed
fiscal year 2023 · micro schema
2023
31-07
NBB filing
Annual accounts filed
fiscal year 2022 · micro schema
2022
23-08
NBB filing
Annual accounts filed
fiscal year 2021 · micro schema · 23 days late
2021
02-09
NBB filing
Annual accounts filed
fiscal year 2020 · micro schema · 33 days late
2020
29-09
NBB filing
Annual accounts filed
fiscal year 2019 · micro schema · 60 days late
24-02
NBB filing
Annual accounts filed
fiscal year 2018 · micro schema · 208 days late
2018
08-11
NBB filing
Annual accounts filed
fiscal year 2017 · full schema · 100 days late
2017
13-11
NBB filing
Annual accounts filed
fiscal year 2016 · full schema · 105 days late
Financial milestoneNBB filingFinancial milestones sit on the fiscal year-end date, not the filing date.
0 of 7 acts read
About the unread acts
We know of 7 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
7 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, Watermaal-Bosvoorde · 1 establishment unit since 2011
Ground area
2,590 m²
Building footprint
431 m²
Volume, LiDAR
3,575 m³
Parcel 21017D0055/00Y008, Brussels · tallest building 16.0 m, ±3 floors. Linked by address, not a title deed.
1 establishment unit
INVEST MARKET AVENUE
since 20112.245.190.308
1 parcel
Brussels
1
(100%)
| Parcel (capakey) | Region | Area | Buildings | Height / fl. |
|---|---|---|---|---|
| 21017D0055/00Y008indicative | Brussels | 2,590 m² | 1 · 431 m² | 16.0 m · 3 fl. |
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 9,146 companies in sector 68201 we hold annual accounts for 6,775. 2,020 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
Founded28-04-2011
Fiscal year end31-12
Legal name FR
INVEST MARKET AVENUE
Abbreviation FR
IMA
Activities, NACEBEL 2025
68201Renting and operating of own or leased residential real estate, excluding social housing
E-invoicing
Reachable via Peppol
Peppol ID
0208:0836034189
Registered
04-11-2025
Register as of 28 September 2026 · Peppol Directory
Scores and ratios are computed by Checked and are not a credit decision.