Equity
B4F IMMO has made a profit in every financial year since 2022.
B4F IMMO has made a profit in every financial year since 2022.
The micro format states no turnover.
Of this, €11,527 falls due within a year.
The last four annual accounts were filed 56 to 87 days before the end of the period.
The dashed line is the sector median: 0.2% across 26,626 companies (NACE 68, micro).
About 8 in 1,000 comparable companies go bankrupt within 12 months (an estimate).
The band follows from the bankruptcy probability. 10 more points roughly halve it.
| 75-100 | Excellent | under 0.55% |
| 60-74 | Healthy | 0.55% to 1.5% |
| 45-59 | Fair | 1.5% to 4.2% |
| 25-44 | Weak | 4.2% to 15.0% |
| 0-24 | Critical | over 15.0% |
Where the company stands within its band depends half on the bankruptcy probability and half on how it does against its sector peers (NACE 68, micro). It does better than 44% of them on solvency, 70% on liquidity, 76% on profitability and 86% on growth.
The bankruptcy probability was computed on 09-11-2026 by the bankruptcy model of 2 October 2026, which learns from Belgian bankruptcies and reads the registers, the annual accounts and the Belgian Official Gazette.
The probability rests on the annual accounts with balance sheet date 31-12-2025.
Of the companies with a bankruptcy probability in the low class on 30-06-2025, 0.8% went bankrupt within twelve months.
Some facts cap the score, however low the probability. With negative or zero equity, a heavy loss, a special status in the KBO, one missing filing or accounts filed more than 90 days late, the score is Fair at most (59). With two missing filings, it is Weak at most (44). During a judicial reorganisation or at the company's end (bankruptcy, dissolution, liquidation), it is Critical at most (24).
In July 2024, 7,976 companies had the same profile as B4F IMMO has now. Each dot stands for 20 companies, two years later.
Another 0.3% stopped without a precise date, possibly only after those two years.
That fits the bankruptcy probability of B4F IMMO itself: 0.8% within 12 months.
The method was tested on the 497,447 companies of July 2024. Each company was given the bankruptcy share of the same profile a year earlier, in July 2023. The expectation was that 1.6% would go bankrupt within 24 months. In fact 1.7% went bankrupt.
| Group | Expected | Actual |
|---|---|---|
| 1 | 0.2% | 0.2% |
| 2 | 0.3% | 0.5% |
| 3 | 0.5% | 0.6% |
| 4 | 0.7% | 0.8% |
| 5 | 0.9% | 0.9% |
| 6 | 1.3% | 1.5% |
| 7 | 1.6% | 1.8% |
| 8 | 1.8% | 1.8% |
| 9 | 3.0% | 3.1% |
| 10 | 5.6% | 6.2% |
A company that went bankrupt had a higher expected share than one that kept going in 74.5% of comparisons. The level depends on the economy. In a year with more bankruptcies than the year before, the actual share is higher than the expected one.
This is an observation about 7,976 companies, not a prediction for B4F IMMO. The sector does not count, because the KBO no longer lists a sector for a company that has stopped. By sector, mostly the survivors would count, which would paint too rosy a picture.
Liquidity is ample, with a current ratio of 1.5 (1.29 in 2024), above the usual 1.5. Short-term debt is 5.7% and cash 6.9% of total assets. However, 76.2% of the assets are financed with debt and provisions.
Show the recommended maximum and see how the verdict changes with amount, term and advance.
The scores and ratios are Checked's own calculations, not a credit decision.
The company filed its last 4 accounts on average 71 days before the deadline. In the sector (NACE 68), the median for financial year 2024 was 7 days before the deadline, and 36% of those companies filed late.
| Company | ||||
|---|---|---|---|---|
| B4F IMMO Auderghem | €203,474 | €31,138 | 23.8% | - |
| BM Vastgoed Waasmunster | €197,148 | €29,093 | -4.0% | - |
| GO-WELL CENTER Nivelles | €174,807 | €33,790 | 15.0% | - |
| IMMO BEYNE Beyne-Heusay | €229,619 | €27,334 | 14.7% | - |
| Headroom Mechelen | €247,273 | €29,237 | 2.2% | - |
| RNM Management Zemst | €164,970 | €35,512 | 23.7% | - |
| CAMESO Uccle | €276,497 | €43,125 | 11.3% | - |
These companies have the same main activity as B4F IMMO: renting and operating of own or leased non-residential real estate, excluding land (NACE 68203). They are comparable in size and age: total assets between €165,000 and €276,000, founded between 2021 and 2023.
B4F IMMO files the micro format. That format states no turnover. The gross margin rose from €6,279 in 2022 to €31,138 in 2025.
Sources: KBO register, filings at the National Bank, Belgian Official Gazette.
Turnover and EBIT margin are not published. The micro format does not require them. The turnover shown is an estimate from the gross margin.
Turnover ≈ €51,000. Estimated: probably between €38,000 and €74,000.
Higher than 46% of 17,194 companies in 2025.
Higher than 59% of 16,491 companies in 2025.
Higher than 72% of 16,870 companies in 2025.
Net result: middle half · Equity: middle half · Balance sheet total: middle half · Working capital: middle half
| Line | Trend | 2025 | 2024 | 2023 | 2022 |
|---|---|---|---|---|---|
| Balance sheet: assets | |||||
20/58 |
203,474 | 206,449 | 203,577 | 215,385 | |
21/28 |
186,128 | 191,526 | 196,924 | 202,322 | |
22/27 |
186,128 | 191,526 | 196,924 | 202,322 | |
22 |
186,128 | 191,526 | 196,924 | 202,322 | |
29/58 |
17,345 | 14,923 | 6,653 | 13,063 | |
40/41 |
3,297 | 3,025 | 3,025 | 3,025 | |
40 |
3,297 | 3,025 | 3,025 | 3,025 | |
54/58 |
14,048 | 11,898 | 3,628 | 10,038 | |
| Balance sheet: equity and liabilities | |||||
10/49 |
203,474 | 206,449 | 203,577 | 215,385 | |
10/15 |
48,444 | 31,959 | 17,636 | 3,463 | |
10/11 |
3,000 | 3,000 | 3,000 | 3,000 | |
14 |
45,444 | 28,959 | 14,636 | 463 | |
17/49 |
155,030 | 174,490 | 185,941 | 211,922 | |
17 |
140,777 | 160,427 | 169,792 | 198,870 | |
170/4 |
140,777 | 160,427 | 169,792 | 198,870 | |
42/48 |
11,527 | 11,563 | 13,649 | 10,551 | |
42 |
9,650 | 9,366 | 9,078 | 8,823 | |
44 |
94 | 86 | - | 79 | |
440/4 |
94 | 86 | - | 79 | |
45 |
1,784 | 2,111 | 4,571 | 1,650 | |
450/3 |
1,784 | 2,111 | 4,571 | 1,650 | |
492/3 |
2,725 | 2,500 | 2,500 | 2,500 | |
| Income statement | |||||
9900 |
31,138 | 28,697 | 28,733 | 6,279 | |
630 |
5,398 | 5,398 | 5,398 | 2,825 | |
640/8 |
943 | 914 | 879 | 381 | |
9901 |
24,797 | 22,385 | 22,456 | 3,073 | |
65/66B |
4,192 | 4,480 | 4,741 | 2,494 | |
65 |
4,192 | 4,480 | 4,741 | 2,494 | |
9903 |
20,606 | 17,905 | 17,716 | 579 | |
67/77 |
4,121 | 3,581 | 3,543 | 116 | |
9904 |
16,484 | 14,324 | 14,172 | 463 | |
9905 |
16,484 | 14,324 | 14,172 | 463 | |
| Appropriation of the result | |||||
9906 |
45,444 | 28,959 | 14,636 | 463 | |
14P |
28,959 | 14,636 | 463 | - | |
| Document | |||||
The notes to these accounts have 6 items, including the statement of assets and debts, the cost breakdown and rights and commitments. You find them in the filed accounts (PDF).
Source: Annual accounts 2025 (PDF), filed on 12-05-2026.
| Line | Trend | 2025 | 2024 | 2023 | 2022 |
|---|---|---|---|---|---|
| 30,195 | 27,782 | 27,854 | 5,898 | ||
| 21,882 | 19,722 | 19,570 | 3,288 | ||
| 0 | 0 | 0 | 205,147 | ||
| 2,150 | 8,270 | -6,410 | - | ||
| 5,818 | 3,360 | -6,996 | 2,512 | ||
| 23.8% | 15.5% | 8.7% | 1.6% | ||
| 1.50 | 1.29 | 0.49 | 1.24 | ||
| 3.20 | 5.46 | 10.54 | 61.19 | ||
| 34.0% | 44.8% | 80.4% | 13.4% | ||
| 8.1% | 6.9% | 7.0% | 0.2% | ||
| 7.20 | 6.20 | 5.88 | 2.36 |
A Belgian filing has no cash-flow statement. Cash flow is therefore an approximation, derived from the income statement. Investment is the acquisitions in the notes and, without them, the balance-sheet move.
| Item | 2025 | 2024 | 2023 | 2022 |
|---|---|---|---|---|
| Tangible fixed assets | - | - | - | €205,147 |
| €5,398 | €5,398 | €5,398 | €2,825 |
Source: notes to the 2022 to 2025 annual accounts (statement of fixed assets)
The operating result for 2025 is 11% higher than in 2024 and the highest since 2022. It is a recovery after the fall in 2024.
Debt's share of the balance-sheet total falls from 84.5% to 76.2%. Equity is higher and debt is lower.
B4F IMMO has no parent and no holdings in its annual accounts. B4F IMMO shares no director with another company.
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Deadline for the 2026 accounts: 31-07-2027
Financial milestones sit on the financial year-end date, not the filing date.
Sources: Publications in the Belgian Official GazetteFilings with the National Bank
| Establishment | Since | Unit number |
|---|---|---|
| Edmond Van Nieuwenhuyselaan 30 registered office 1160 Auderghem | 07-04-2022 | 2.330.757.471 |
| Cadastral parcel | Area | Buildings | Height / floors |
|---|---|---|---|
| 21332B0498/00B000 | 5,641 m² | 1 · 1,517 m² | 25.8 m · 5 |
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