CORPACK - IMMO
ActiveFinancials · financial year 2025, abbreviated format
Annual accounts 2025 filed on 18-06-2026 at the NBB all 27 filings
Turnover
≈ €570,000
Estimated: probably between €510,000 and €630,000
Total assets
€3.7m▲ 9.1%
2024 · €3.4m
Net result
€363,793▲ 5.3%
2024 · €345,334
Working capital
€1.1m▲ 43.3%
2024 · €800,633
Multi-year overview
2018 to 2025, 8 financial yearsOperating result
€320,164
▼ 6.2%
2025
20182025
Net result
€363,793
▲ 5.3%
2025
highest quarter of the sector
20182025
Equity
€1.9m
▲ 24.3%
2025
highest quarter of the sector
20182025
Total assets
€3.7m
▲ 9.1%
2025
highest quarter of the sector
20182025
Debt
€1.8m
▼ 2.1%
2025
20182025
Working capital
€1.1m
▲ 43.3%
2025
highest quarter of the sector
20182025
Solvency
49.7%
▲ 6.1pp
2025
middle half of the sector
20182025
Current ratio
3.71
▲ 0.23
2025
highest quarter of the sector
20182025
Return on assets (ROA)
9.7%
▼ 0.3pp
2025
highest 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€0.4m-€0.4m▼ 5.8%€0.4m▼ 1.4%€0.3m▼ 20.2%€0.4m▲ 12.4%€0.4m▲ 14.9%€0.3m▼ 15.5%€0.3m▼ 6.2%
Net result€0.8m-€0.3m▼ 62.5%€0.3mabove the sector's middle half▼ 7.6%€0.2mabove the sector's middle half▼ 29.8%€0.3mabove the sector's middle half▲ 48.0%€0.4mabove the sector's middle half▲ 20.6%€0.3mabove the sector's middle half▼ 1.9%€0.4mabove the sector's middle half▲ 5.3%
Equity€0.6m-€1.0m▲ 46.8%€1.2mwithin the sector's middle half▲ 29.5%€0.5mwithin the sector's middle half▼ 59.0%€0.8mwithin the sector's middle half▲ 57.6%€1.2mwithin the sector's middle half▲ 44.1%€1.5mwithin the sector's middle half▲ 30.0%€1.9mabove the sector's middle half▲ 24.3%
Total assets€3.3m-€3.2m▼ 3.5%€3.0mwithin the sector's middle half▼ 5.0%€2.3mwithin the sector's middle half▼ 24.9%€2.9mwithin the sector's middle half▲ 26.3%€3.1mwithin the sector's middle half▲ 7.1%€3.4mwithin the sector's middle half▲ 11.8%€3.7mabove the sector's middle half▲ 9.1%
Debt€2.5m-€2.1m▼ 16.8%€1.7m▼ 20.5%€1.6m▼ 0.6%€2.0m▲ 19.3%€1.8m▼ 6.9%€1.9m▲ 1.6%€1.8m▼ 2.1%
Working capital-€0.4m-€0.2m€0.3mwithin the sector's middle half▲ 14.3%-€1.5mbelow the sector's middle half€0.7mabove the sector's middle half€0.8mabove the sector's middle half▲ 25.7%€0.8mabove the sector's middle half▼ 2.8%€1.1mabove the sector's middle half▲ 43.3%
Solvency19.7%-30.0%▲ 10.3pp40.9%within the sector's middle half▲ 10.9pp22.3%within the sector's middle half▼ 18.5pp27.9%within the sector's middle half▲ 5.5pp37.5%within the sector's middle half▲ 9.6pp43.6%within the sector's middle half▲ 6.1pp49.7%within the sector's middle half▲ 6.1pp
Current ratio0.46-1.35▲ 0.891.56within the sector's middle half▲ 0.210.07below the sector's middle half▼ 1.495.38above the sector's middle half▲ 5.316.38above the sector's middle half▲ 1.003.48above the sector's middle half▼ 2.903.71above the sector's middle half▲ 0.23
Return on assets (ROA)24.6%-9.6%▼ 15.1pp9.3%above the sector's middle half▼ 0.3pp8.7%above the sector's middle half▼ 0.6pp10.2%above the sector's middle half▲ 1.5pp11.5%above the sector's middle half▲ 1.3pp10.1%above the sector's middle half▼ 1.4pp9.7%above the sector's middle half▼ 0.3pp
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 6% lower than in 2024 and the lowest since 2021. It is the second fall in a row.
Turnover and EBIT margin are not published. The abbreviated or micro format does not require them. The turnover shown is an estimate from the gross margin.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €3.7m
Fixed assets
€2.2m ▼ 5.9%
Current assets
€1.6m ▲ 39.8%
Equity and liabilities €3.7m
Equity
€1.9m ▲ 24.3%
Provisions
€62,009 ▼ 17.6%
Debt
€1.8m ▼ 2.1%
Debt's share of the balance-sheet total falls from 54.2% to 48.6%. Equity is higher and debt is lower.
Key figures and ratios
EBITDA
€458,731▼
2024 · €464,195
Cash flow
€502,360▲
2024 · €468,343
Debt to equity
0.98▼
2024 · 1.24
ROE
19.6%▼
2024 · 23.1%
Interest coverage
12.50▲
2024 · 12.17
Debt ≤ 1 year
€423,097▲
2024 · €322,275
Debt > 1 year
€1.4m▼
2024 · €1.5m
Income taxes
€143,880▲
2024 · €135,320
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 | - | €7,721 | €137,700 | €476,596 | €2,968 |
| Financial fixed assets | - | - | - | - | €0 |
| Depreciation and write-downs of the year | €106,236 | €106,640 | €107,008 | €123,009 | €138,567 |
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 | €192,058 | €100,692 | €104,111 | €106,236 | €106,640 | €107,008 | €123,009 | €138,567 | ▲ 12.6% |
| Other operating charges640/8 | - | - | - | €36,369 | €990 | €41,787 | €43,452 | €49,375 | ▲ 13.6% |
| Gross operating margin9900 | €641,097 | €531,124 | €531,619 | €455,081 | €458,964 | €552,417 | €507,647 | €508,106 | ▲ 0.1% |
| Operating profit (loss)9901 | €421,451 | €396,805 | €391,408 | €312,476 | €351,335 | €403,623 | €341,186 | €320,164 | ▼ 6.2% |
| Financial income75/76B | - | - | - | - | €77,917 | €97,943 | €164,399 | €210,994 | ▲ 28.3% |
| Recurring financial income75 | - | - | - | - | €77,917 | €97,943 | €164,399 | €210,994 | ▲ 28.3% |
| Financial charges65/66B | - | - | - | €52,710 | €40,733 | €40,929 | €38,145 | €36,698 | ▼ 3.8% |
| Recurring financial charges65 | €31,439 | €27,716 | €18,745 | €52,710 | €40,733 | €40,929 | €38,145 | €36,698 | ▼ 3.8% |
| Profit (loss) for the period before taxes9903 | €951,660 | €447,387 | €372,663 | €259,766 | €388,518 | €460,637 | €467,440 | €494,460 | ▲ 5.8% |
| Transfer from deferred taxes780 | - | - | - | €13,213 | €13,213 | €13,213 | €13,213 | €13,213 | = |
| Income taxes67/77 | - | €142,096 | €104,878 | €75,826 | €109,909 | €121,797 | €135,320 | €143,880 | ▲ 6.3% |
| Profit (loss) for the period9904 | €811,451 | €304,211 | €280,999 | €197,154 | €291,823 | €352,053 | €345,334 | €363,793 | ▲ 5.3% |
| Transfer from tax-exempt reserves789 | - | - | - | €31,457 | €31,457 | €31,457 | €31,457 | €31,457 | = |
| Profit (loss) for the period to be appropriated9905 | €477,662 | €301,639 | €312,456 | €228,610 | €323,279 | €383,509 | €376,791 | €395,250 | ▲ 4.9% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Assets | |||||||||
| Total assets20/58 | €3.3m | €3.2m | €3.0m | €2.3m | €2.9m | €3.1m | €3.4m | €3.7m | ▲ 9.1% |
| Fixed assets21/28 | €2.9m | €2.3m | €2.3m | €2.2m | €2.1m | €2.1m | €2.3m | €2.2m | ▼ 5.9% |
| Tangible fixed assets22/27 | €2.9m | €2.3m | €2.3m | €2.2m | €2.1m | €2.1m | €2.3m | €2.2m | ▼ 5.9% |
| Land and buildings22 | - | - | - | €2.2m | €2.1m | €2.0m | €1.9m | €1.8m | ▼ 5.6% |
| Plant, machinery and equipment23 | - | - | - | - | - | - | €0.4m | €0.4m | ▼ 6.9% |
| Assets under construction and advance payments27 | - | - | - | - | - | €0.1m | €0 | - | - |
| Financial fixed assets28 | €0.003m | €0.003m | €0.003m | €0.003m | €0.003m | €0.003m | €0.003m | €0.003m | = |
| Current assets29/58 | €0.4m | €0.9m | €0.8m | €0.1m | €0.8m | €1.0m | €1.1m | €1.6m | ▲ 39.8% |
| Amounts receivable within one year40/41 | €0.4m | €0.8m | €0.6m | €0.1m | €0.8m | €0.7m | €1.1m | €1.6m | ▲ 42.6% |
| Trade receivables40 | - | - | - | €0.08m | €0.2m | €0.1m | €0.2m | €0.6m | ▲ 205% |
| Other amounts receivable41 | - | - | - | €0.02m | €0.6m | €0.6m | €0.9m | €1.0m | ▲ 5.9% |
| Cash at bank and in hand54/58 | €0.02m | €0.07m | €0.2m | €0.003m | €0.05m | €0.3m | €0.02m | €0.002m | ▼ 89.5% |
| Equity and liabilities | |||||||||
| Total equity and liabilities10/49 | €3.3m | €3.2m | €3.0m | €2.3m | €2.9m | €3.1m | €3.4m | €3.7m | ▲ 9.1% |
| Equity10/15 | €0.6m | €1.0m | €1.2m | €0.5m | €0.8m | €1.2m | €1.5m | €1.9m | ▲ 24.3% |
| Contributions10/11 | €0.1m | €0.1m | - | €0.1m | €0.1m | €0.1m | €0.1m | €0.1m | = |
| Reserves13 | €0.3m | €0.3m | €0.3m | €0.3m | €0.3m | €0.2m | €0.2m | €0.2m | ▼ 16.4% |
| Non-distributable reserves130/1 | - | - | - | €0.01m | €0.01m | €0.01m | €0.01m | €0.01m | = |
| Reserves not available under the articles1311 | - | - | - | €0.01m | €0.01m | €0.01m | €0.01m | €0.01m | = |
| Tax-exempt reserves132 | - | - | - | €0.3m | €0.2m | €0.2m | €0.2m | €0.1m | ▼ 17.6% |
| Profit (loss) carried forward14 | €0.2m | €0.5m | €0.8m | €0.09m | €0.4m | €0.8m | €1.2m | €1.6m | ▲ 33.7% |
| Provisions and deferred taxes16 | €0.1m | €0.1m | €0.1m | €0.1m | €0.1m | €0.09m | €0.08m | €0.06m | ▼ 17.6% |
| Deferred taxes168 | - | - | - | €0.1m | €0.1m | €0.09m | €0.08m | €0.06m | ▼ 17.6% |
| Amounts payable17/49 | €2.5m | €2.1m | €1.7m | €1.6m | €2.0m | €1.8m | €1.9m | €1.8m | ▼ 2.1% |
| Amounts payable after more than one year17 | €1.7m | €1.4m | €1.2m | €0 | €1.8m | €1.7m | €1.5m | €1.4m | ▼ 9.1% |
| Financial debts170/4 | - | - | - | €0 | €1.8m | €1.7m | €1.5m | €1.4m | ▼ 9.1% |
| Amounts payable within one year42/48 | €0.8m | €0.7m | €0.5m | €1.6m | €0.1m | €0.2m | €0.3m | €0.4m | ▲ 31.3% |
| Current portion of amounts payable after more than one year42 | - | - | - | €0 | €0.1m | €0.1m | €0.1m | €0.1m | = |
| Financial debts43 | - | - | - | €0.03m | €0 | - | - | - | - |
| Credit institutions430/8 | - | - | - | €0.03m | €0 | - | - | - | - |
| Trade debts44 | €0.1m | €66 | €0.004m | €0.04m | €0 | - | €0.04m | €0 | ▼ 100% |
| Suppliers440/4 | - | - | - | €0.04m | €0 | - | €0.04m | €0 | ▼ 100% |
| Taxes, remuneration and social security45 | - | - | - | €0 | €0.01m | €0.01m | €0.1m | €0.3m | ▲ 103% |
| Taxes450/3 | - | - | - | €0 | €0.01m | €0.01m | €0.1m | €0.3m | ▲ 103% |
| Remuneration and social security454/9 | - | - | - | €0 | - | - | - | - | - |
| Other amounts payable47/48 | - | - | - | €1.6m | €0 | - | - | - | - |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €0.8m | €0.3m | €0.3m | €0.2m | €0.3m | €0.4m | €0.3m | €0.4m | ▲ 5.3% |
| + Depreciation and write-downs630 | €0.2m | €0.1m | €0.1m | €0.1m | €0.1m | €0.1m | €0.1m | €0.1m | ▲ 12.6% |
| Operating cash flow (approximation) | €1.0m | €0.4m | €0.4m | €0.3m | €0.4m | €0.5m | €0.5m | €0.5m | ▲ 7.3% |
| Investment in fixed assets (approximation) | - | €0.5m | -€0.1m | €0 | -€0.008m | -€0.1m | -€0.3m | -€0.003m | ▲ 99.1% |
| Change in cash | - | €0.05m | €0.1m | -€0.2m | €0.05m | €0.2m | -€0.2m | -€0.02m | ▲ 91.3% |
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, 20,136 companies had the same profile as CORPACK - IMMO has now. Two years later, 95.0% were still going and 0.2% had gone bankrupt.
- Small
- 20 years or older
- solvency 30% or more
- a profit of 5% of the balance sheet or more
95.0%
was still going
4.7%
stopped otherwise
0.2%
went bankrupt
That fits the bankruptcy probability of CORPACK - IMMO itself: 0.2% 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 20,136 companies, not a prediction for CORPACK - 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.
Latest 10 of 27 filings with the National Bank
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-12-2025 | abbreviated format | 18-06-2026 | 2026-00172632 | |
| 31-12-2024 | abbreviated format | 27-06-2025 | 2025-00219379 | |
| 31-12-2023 | abbreviated format | 07-06-2024 | 2024-00119417 | |
| 31-12-2022 | abbreviated format | 26-06-2023 | 2023-00157548 | |
| 31-12-2021 | abbreviated format | 28-06-2022 | 2022-20100871 | |
| 31-12-2020 | abbreviated format | 22-07-2021 | 2021-39400537 | |
| 31-12-2019 | micro format | 06-07-2020 | 2020-26800338 | |
| 31-12-2018 | micro format | 29-07-2019 | 2019-40100227 | |
| 31-12-2017 | micro format | 23-07-2018 | 2018-35600558 | |
| 31-12-2016 | micro format | 18-07-2017 | 2017-32400150 |