B4IMMO
ActiveFinancials · financial year 2025, abbreviated format
Annual accounts 2025 filed on 18-06-2026 at the NBB all 14 filings
Turnover
Not included in this filing
EBIT margin
Not included in this filing
Net result
-€79,110
2024 · €23,955
Working capital
€728,651▼ 10.2%
2024 · €811,036
In the rankings
#5 company by equity in Libramont-Chevigny, Real estate sector
Multi-year overview
2018 to 2025, 8 financial yearsOperating result
-€73,429
2025
20182025
Net result
-€79,110
2025
lowest quarter of the sector
20182025
Equity
€748,424
▼ 9.6%
2025
middle half of the sector
20182025
Total assets
€921,262
▼ 7.4%
2025
middle half of the sector
20182025
Debt
€172,838
▲ 3.0%
2025
20182025
Working capital
€728,651
▼ 10.2%
2025
highest quarter of the sector
20182025
Solvency
81.2%
▼ 1.9pp
2025
highest quarter of the sector
20182025
Current ratio
6.11
▼ 1.34
2025
highest quarter of the sector
20182025
Return on assets (ROA)
-8.6%
▼ 11.0pp
2025
lowest quarter of the sector
20182025
Every figure per financial year
Every figure with its change against the financial year before
favourable
unfavourable
Line20182019202020212022202320242025
Operating result€0.2m-€0.1m▼ 23.2%€0.2m▲ 41.8%€0.3m▲ 61.5%€0.2m▼ 36.2%€0.1m▼ 36.1%€0.03m▼ 73.6%-€0.07m
Net result€0.1m-€0.09m▼ 25.5%€0.1mabove the sector's middle half▲ 49.5%€0.2mabove the sector's middle half▲ 60.9%€0.07mwithin the sector's middle half▼ 69.3%€0.08mwithin the sector's middle half▲ 19.8%€0.02mwithin the sector's middle half▼ 70.4%-€0.08mbelow the sector's middle half
Equity€0.2m-€0.3m▲ 43.1%€0.4mwithin the sector's middle half▲ 45.0%€0.7mwithin the sector's middle half▲ 50.0%€0.7mwithin the sector's middle half▲ 10.2%€0.8mwithin the sector's middle half▲ 11.1%€0.8mwithin the sector's middle half▲ 2.5%€0.7mwithin the sector's middle half▼ 9.6%
Total assets€0.5m-€1.0m▲ 102%€0.6mwithin the sector's middle half▼ 37.1%€1.4mwithin the sector's middle half▲ 126%€0.9mwithin the sector's middle half▼ 35.1%€1.0mwithin the sector's middle half▲ 7.3%€1.0mwithin the sector's middle half▲ 2.3%€0.9mwithin the sector's middle half▼ 7.4%
Debt€0.3m-€0.7m▲ 148%€0.2m▼ 73.8%€0.7m▲ 316%€0.2m▼ 75.6%€0.2m▼ 8.0%€0.2m▲ 1.4%€0.2m▲ 3.0%
Working capital€0.2m-€0.3m▲ 31.2%€0.4mwithin the sector's middle half▲ 43.8%€0.8mwithin the sector's middle half▲ 83.7%€0.7mwithin the sector's middle half▼ 9.5%€0.8mwithin the sector's middle half▲ 11.2%€0.8mwithin the sector's middle half▲ 0.7%€0.7mabove the sector's middle half▼ 10.2%
Solvency43.7%-30.9%▼ 12.8pp71.3%above the sector's middle half▲ 40.4pp47.2%within the sector's middle half▼ 24.1pp80.1%above the sector's middle half▲ 32.9pp83.0%above the sector's middle half▲ 2.8pp83.1%above the sector's middle half▲ 0.2pp81.2%above the sector's middle half▼ 1.9pp
Current ratio1.91-1.45▼ 0.463.46above the sector's middle half▲ 2.012.35within the sector's middle half▼ 1.115.03above the sector's middle half▲ 2.685.87above the sector's middle half▲ 0.847.46above the sector's middle half▲ 1.596.11above the sector's middle half▼ 1.34
Return on assets (ROA)25.3%-9.3%▼ 16.0pp22.1%above the sector's middle half▲ 12.8pp15.7%above the sector's middle half▼ 6.4pp7.4%above the sector's middle half▼ 8.3pp8.3%above the sector's middle half▲ 0.9pp2.4%within the sector's middle half▼ 5.9pp-8.6%below the sector's middle half▼ 11.0pp
above
within
below
The sector band is the middle half of the companies in Real estate activities (NACE 68). A quarter of them sit below it, a quarter above. Each year counts only accounts in the same format, and only where there are at least 30.
The operating result for 2025 is a loss of €73,429, after a profit of €32,994 in 2024. It is the lowest result since 2018.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €921,262
Fixed assets
€50,089 ▼ 14.6%
Current assets
€871,173 ▼ 7.0%
Equity and liabilities €921,262
Equity
€748,424 ▼ 9.6%
Debt
€172,838 ▲ 3.0%
Debt's share of the balance-sheet total rises from 16.9% to 18.8%. Equity is lower and debt is higher.
Key figures and ratios
EBITDA
-€59,392▼
2024 · €42,869
Cash flow
-€65,073▼
2024 · €33,830
Quick ratio
4.77▲
2024 · 1.62
Debt to equity
0.23▲
2024 · 0.20
ROE
-10.6%▼
2024 · 2.9%
Interest coverage
-10.25▼
2024 · 8.15
Debt ≤ 1 year
€142,522▲
2024 · €125,629
Debt > 1 year
€30,316▼
2024 · €42,127
Income taxes
-€26▼
2024 · €7,151
Green means a favourable move, even when the figure itself falls, as with debt or debt to equity.
Investments
| Item | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Tangible fixed assets | - | - | €840 | €66,685 | €5,499 |
| Depreciation and write-downs of the year | €816 | €816 | €937 | €9,875 | €14,037 |
Source: notes to the 2021 to 2025 annual accounts (statement of fixed assets)
Annual accounts
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | - | - | €535 | €816 | €816 | €937 | €9,875 | €14,037 | ▲ 42.1% |
| Other operating charges640/8 | - | - | - | €912 | €366 | €5,010 | €2,989 | €2,728 | ▼ 8.7% |
| Non-recurring operating charges66A | - | - | - | - | - | - | €153 | €129 | ▼ 15.7% |
| Gross operating margin9900 | €174,476 | €134,273 | €191,888 | €308,073 | €196,540 | €130,876 | €46,011 | -€56,535 | - |
| Operating profit (loss)9901 | €174,062 | €133,727 | €189,678 | €306,345 | €195,358 | €124,929 | €32,994 | -€73,429 | - |
| Financial income75/76B | - | - | - | €5,457 | €4,083 | €233 | €3,372 | €88 | ▼ 97.4% |
| Recurring financial income75 | €5,346 | €3,852 | €1,356 | €5,457 | €4,083 | €233 | €3,372 | €88 | ▼ 97.4% |
| Financial charges65/66B | - | - | - | €18,859 | €18,418 | €2,971 | €5,260 | €5,795 | ▲ 10.2% |
| Recurring financial charges65 | €5,056 | €7,372 | €8,157 | €18,859 | €18,418 | €2,971 | €5,260 | €5,795 | ▲ 10.2% |
| Profit (loss) for the period before taxes9903 | €174,352 | €130,207 | €182,877 | €292,943 | €181,023 | €122,191 | €31,106 | -€79,136 | - |
| Income taxes67/77 | €51,891 | €39,000 | €46,498 | €73,441 | €113,535 | €41,326 | €7,151 | -€26 | - |
| Profit (loss) for the period9904 | €122,461 | €91,207 | €136,379 | €219,502 | €67,488 | €80,865 | €23,955 | -€79,110 | - |
| Profit (loss) for the period to be appropriated9905 | €122,461 | €91,207 | €136,379 | €219,502 | €67,488 | €80,865 | €23,955 | -€79,110 | - |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Assets | |||||||||
| Total assets20/58 | €0.5m | €1.0m | €0.6m | €1.4m | €0.9m | €1.0m | €1.0m | €0.9m | ▼ 7.4% |
| Fixed assets21/28 | - | - | €0.004m | €0.003m | €0.002m | €0.002m | €0.06m | €0.05m | ▼ 14.6% |
| Tangible fixed assets22/27 | - | - | €0.004m | €0.003m | €0.002m | €0.002m | €0.06m | €0.05m | ▼ 14.6% |
| Plant, machinery and equipment23 | - | - | - | - | - | €0.001m | €0.001m | €0.002m | ▲ 207% |
| Furniture and vehicles24 | - | - | - | €0.003m | €0.002m | €0.001m | €0.06m | €0.05m | ▼ 16.7% |
| Current assets29/58 | €0.5m | €1.0m | €0.6m | €1.4m | €0.9m | €1.0m | €0.9m | €0.9m | ▼ 7.0% |
| Stocks and contracts in progress3 | €0.4m | €0.7m | €0.5m | €0.6m | €0.8m | €0.2m | €0.7m | €0.2m | ▼ 73.9% |
| Stocks30/36 | - | - | - | €0.6m | €0.8m | €0.2m | €0.7m | €0.2m | ▼ 73.9% |
| Amounts receivable within one year40/41 | €0.07m | €0.2m | €0.03m | €0 | €0.008m | €0.06m | €0.2m | €0.002m | ▼ 98.8% |
| Trade receivables40 | - | - | - | - | €0.003m | €0.001m | €0.1m | €0.002m | ▼ 98.5% |
| Other amounts receivable41 | - | - | - | - | €0.004m | €0.06m | €0.04m | - | - |
| Cash at bank and in hand54/58 | €0.03m | €0.06m | €0.04m | €0.8m | €0.08m | €0.7m | €0.005m | €0.7m | ▲ 133× |
| Deferred charges and accrued income490/1 | - | - | - | €0.005m | €493 | €0.005m | €0.006m | €0.004m | ▼ 25.0% |
| Equity and liabilities | |||||||||
| Total equity and liabilities10/49 | €0.5m | €1.0m | €0.6m | €1.4m | €0.9m | €1.0m | €1.0m | €0.9m | ▼ 7.4% |
| Equity10/15 | €0.2m | €0.3m | €0.4m | €0.7m | €0.7m | €0.8m | €0.8m | €0.7m | ▼ 9.6% |
| Contributions10/11 | €0.04m | €0.04m | €0.04m | €0.04m | €0.04m | €0.04m | €0.04m | €0.04m | = |
| Capital10 | - | - | - | €0.04m | €0.04m | €0.04m | - | - | - |
| Issued capital100 | - | - | - | €0.04m | €0.04m | €0.04m | - | - | - |
| Reserves13 | €0.004m | €0.004m | €0.004m | €0.004m | €0.7m | €0.8m | €0.8m | €0.8m | = |
| Non-distributable reserves130/1 | - | - | - | €0.004m | €0.004m | €0.004m | €0.004m | €0.004m | = |
| Legal reserve130 | - | - | - | €0.004m | €0.004m | €0.004m | - | - | - |
| Reserves not available under the articles1311 | - | - | - | - | - | - | €0.004m | €0.004m | = |
| Distributable reserves133 | - | - | - | - | €0.7m | €0.8m | €0.8m | €0.8m | = |
| Profit (loss) carried forward14 | €0.2m | €0.3m | €0.4m | €0.6m | €0.002m | €0.003m | €0.03m | -€0.05m | - |
| Amounts payable17/49 | €0.3m | €0.7m | €0.2m | €0.7m | €0.2m | €0.2m | €0.2m | €0.2m | ▲ 3.0% |
| Amounts payable after more than one year17 | - | - | - | €0.1m | - | - | €0.04m | €0.03m | ▼ 28.0% |
| Financial debts170/4 | - | - | - | €0.1m | - | - | €0.04m | €0.03m | ▼ 28.0% |
| Amounts payable within one year42/48 | €0.3m | €0.7m | €0.2m | €0.6m | €0.2m | €0.2m | €0.1m | €0.1m | ▲ 13.4% |
| Current portion of amounts payable after more than one year42 | - | - | - | - | - | - | €0.01m | €0.01m | ▲ 3.6% |
| Financial debts43 | - | - | - | €0.1m | €0.01m | - | - | - | - |
| Credit institutions430/8 | - | - | - | €0.1m | €0.01m | - | - | - | - |
| Trade debts44 | €0.04m | €0.07m | €0.09m | €0.09m | €0.03m | €0.06m | €0.004m | €0.01m | ▲ 206% |
| Suppliers440/4 | - | - | - | €0.09m | €0.03m | €0.06m | €0.004m | €0.01m | ▲ 206% |
| Taxes, remuneration and social security45 | - | - | - | €0.2m | €0.07m | €0.07m | €0.01m | €0.08m | ▲ 446% |
| Taxes450/3 | - | - | - | €0.2m | €0.07m | €0.07m | €0.01m | €0.07m | ▲ 402% |
| Remuneration and social security454/9 | - | - | - | - | - | - | - | €0.006m | - |
| Other amounts payable47/48 | - | - | - | €0.1m | €0.07m | €0.03m | €0.1m | €0.04m | ▼ 56.4% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €122,461 | €91,207 | €136,379 | €219,502 | €67,488 | €80,865 | €23,955 | -€79,110 | - |
| + Depreciation and write-downs630 | - | - | €535 | €816 | €816 | €937 | €9,875 | €14,037 | ▲ 42.1% |
| Operating cash flow (approximation) | €122,461 | €91,207 | €136,914 | €220,318 | €68,304 | €81,802 | €33,830 | -€65,073 | - |
| Investment in fixed assets (approximation) | - | - | - | €0 | -€1 | -€840 | -€66,685 | -€5,501 | ▲ 91.8% |
| Change in cash | - | €27,960 | -€19,229 | €751,660 | -€705,714 | €606,915 | -€684,128 | €668,216 | - |
A Belgian filing has no cash-flow statement. These rows are therefore an approximation, derived from the income statement and the balance-sheet moves.
Historical observation
In July 2024, 2,686 companies had the same profile as B4IMMO has now. Two years later, 93.7% were still going and 0.6% had gone bankrupt.
- Small
- 10 to 20 years old
- solvency 30% or more
- a small loss
93.7%
was still going
5.4%
stopped otherwise
0.6%
went bankrupt
Another 0.3% stopped without a precise date, possibly only after those two years.
That fits the bankruptcy probability of B4IMMO itself: 0.1% within 12 months.
Test of the method
The method was tested on the 497,446 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 2,686 companies, not a prediction for B4IMMO. 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.
Latest 10 of 14 filings with the National Bank
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-12-2025 | abbreviated format | 18-06-2026 | 2026-00190359 | |
| 31-12-2024 | full format | 31-07-2025 | 2025-00352417 | |
| 31-12-2023 | full format | 08-10-2024 | 2024-00502790 | |
| 31-12-2022 | full format | 27-07-2023 | 2023-00301955 | |
| 31-12-2021 | full format | 25-07-2022 | 2022-20220804 | |
| 31-12-2020 | full format | 30-07-2021 | 2021-43400044 | |
| 31-12-2019 | full format | 24-07-2020 | 2020-36900108 | |
| 31-12-2018 | full format | 25-07-2019 | 2019-37800362 | |
| 31-12-2017 | full format | 02-08-2018 | 2018-42600062 | |
| 31-12-2016 | full format | 27-07-2017 | 2017-38000295 |