Flaximmo
ActiveFinancials · financial year 2025, full format
Annual accounts 2025 filed on 17-06-2026 at the NBB all 14 filings
Turnover
≈ €1.5m
Estimated: probably between €1.4m and €1.6m
EBIT margin
Not included in this filing
Net result
€167,350
2024 · -€9,036
Working capital
-€1.2m▲ 11.7%
2024 · -€1.4m
In the rankings
#6 company by equity in Tielt, Real estate sector
Multi-year overview
2018 to 2025, 8 financial yearsOperating result
€378,751
▲ 41.4%
2025
20182025
Net result
€167,350
2025
middle half of the sector
20182025
Equity
€5.9m
▲ 3.8%
2025
highest quarter of the sector
20182025
Total assets
€12.5m
▼ 4.6%
2025
highest quarter of the sector
20182025
Debt
€6.4m
▼ 11.6%
2025
20182025
Working capital
-€1.2m
▲ 11.7%
2025
lowest quarter of the sector
20182025
Solvency
47.1%
▲ 3.8pp
2025
middle half of the sector
20182025
Current ratio
0.05
▼ 0.04
2025
lowest quarter of the sector
20182025
Return on assets (ROA)
1.3%
▲ 1.4pp
2025
middle half 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-€0.2m▼ 6.8%€0.2m▲ 39.5%€0.09m▼ 63.5%€0.3m▲ 203%€0.3m▲ 7.1%€0.3m▼ 6.3%€0.4m▲ 41.4%
Net result€0.1m-€0.09m▼ 17.1%€0.1mabove the sector's middle half▲ 36.7%€0.03mwithin the sector's middle half▼ 77.9%€0.1mabove the sector's middle half▲ 409%€0.07mwithin the sector's middle half▼ 54.4%-€0.009mwithin the sector's middle half€0.2mwithin the sector's middle half
Equity€2.3m-€2.3m▲ 0.1%€2.5mabove the sector's middle half▲ 5.6%€2.5mabove the sector's middle half▲ 1.2%€2.6mabove the sector's middle half▲ 5.8%€2.7mwithin the sector's middle half▲ 2.5%€5.7mabove the sector's middle half▲ 111%€5.9mabove the sector's middle half▲ 3.8%
Total assets€4.9m-€5.8m▲ 18.7%€5.6mabove the sector's middle half▼ 3.9%€6.3mabove the sector's middle half▲ 12.5%€9.7mabove the sector's middle half▲ 55.1%€12.6mabove the sector's middle half▲ 29.9%€13.1mabove the sector's middle half▲ 4.1%€12.5mabove the sector's middle half▼ 4.6%
Debt€2.5m-€3.4m▲ 36.5%€3.0m▼ 12.2%€3.7m▲ 22.2%€7.0m▲ 89.9%€9.8m▲ 40.7%€7.2m▼ 26.8%€6.4m▼ 11.6%
Working capital€0.7m-€0.9m▲ 29.9%€1.2mabove the sector's middle half▲ 25.3%-€0.6mbelow the sector's middle half-€1.4mbelow the sector's middle half▼ 113%-€3.5mbelow the sector's middle half▼ 153%-€1.4mbelow the sector's middle half▲ 60.8%-€1.2mbelow the sector's middle half▲ 11.7%
Solvency47.6%-40.1%▼ 7.4pp44.1%within the sector's middle half▲ 4.0pp39.6%within the sector's middle half▼ 4.4pp27.0%within the sector's middle half▼ 12.6pp21.3%within the sector's middle half▼ 5.7pp43.2%within the sector's middle half▲ 21.9pp47.1%within the sector's middle half▲ 3.8pp
Current ratio2.68-3.37▲ 0.695.04above the sector's middle half▲ 1.670.49below the sector's middle half▼ 4.560.18below the sector's middle half▼ 0.300.02below the sector's middle half▼ 0.170.09below the sector's middle half▲ 0.070.05below the sector's middle half▼ 0.04
Return on assets (ROA)2.3%-1.6%▼ 0.7pp2.3%within the sector's middle half▲ 0.7pp0.5%within the sector's middle half▼ 1.9pp1.5%within the sector's middle half▲ 1.0pp0.5%within the sector's middle half▼ 1.0pp-0.1%within the sector's middle half▼ 0.6pp1.3%within the sector's middle half▲ 1.4pp
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 41% higher than in 2024 and the highest since 2021. It is a recovery after the fall in 2024.
Large changes and their cause
- 2024 Equity +111% on 2023. Capital increase of €3,000,000 (Official Gazette 27-11-2024).
The turnover shown is an estimate from the gross margin.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €12.5m
Fixed assets
€12.5m ▼ 4.1%
Current assets
€64,198 ▼ 53.2%
Equity and liabilities €12.5m
Equity
€5.9m ▲ 3.8%
Provisions
€264,296 ▲ 4.9%
Debt
€6.4m ▼ 11.6%
Debt's share of the balance-sheet total falls from 54.9% to 50.8%. Equity is higher and debt is lower.
Key figures and ratios
EBITDA
€1.2m▲
2024 · €1.2m
Cash flow
€976,673▲
2024 · €885,957
Debt to equity
1.08▼
2024 · 1.27
ROE
2.8%▲
2024 · -0.2%
Interest coverage
7.49▲
2024 · 4.17
Debt ≤ 1 year
€1.3m▼
2024 · €1.5m
Debt > 1 year
€5.1m▼
2024 · €5.7m
Income taxes
€60,345
Supplier credit
193 days▼
2024 · 659 days
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 | €1.9m | €5.8m | €8.0m | €1.0m | €380,108 |
| Depreciation and write-downs of the year | €315,603 | €384,048 | €609,039 | €894,993 | €809,324 |
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 |
|---|---|---|---|---|---|---|---|---|---|
| Non-recurring operating income76A | - | - | - | €0.02m | - | - | - | - | - |
| Goods, raw materials, services and sundry goods60/61 | - | - | - | €0.2m | €0.1m | €0.2m | €0.1m | €0.2m | ▲ 51.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €0.2m | €0.3m | €0.3m | €0.3m | €0.4m | €0.6m | €0.9m | €0.8m | ▼ 9.6% |
| Provisions for liabilities and charges: additions (uses and reversals)635/8 | - | - | - | - | - | - | €0.2m | - | - |
| Other operating charges640/8 | - | - | - | €0.1m | €0.1m | €0.1m | €0.1m | €0.3m | ▲ 73.0% |
| Gross operating margin9900 | €0.5m | €0.6m | €0.7m | €0.5m | €0.8m | €1.0m | €1.5m | €1.4m | ▼ 2.2% |
| Operating profit (loss)9901 | €0.2m | €0.2m | €0.2m | €0.09m | €0.3m | €0.3m | €0.3m | €0.4m | ▲ 41.4% |
| Financial income75/76B | - | - | - | - | - | - | - | €0.002m | - |
| Recurring financial income75 | - | - | - | - | - | - | - | €0.002m | - |
| Financial charges65/66B | - | - | - | €0.05m | €0.07m | €0.2m | €0.3m | €0.2m | ▼ 43.2% |
| Recurring financial charges65 | €0.02m | €0.05m | €0.05m | €0.05m | €0.07m | €0.2m | €0.3m | €0.2m | ▼ 43.2% |
| Profit (loss) for the period before taxes9903 | €0.2m | €0.1m | €0.2m | €0.03m | €0.2m | €0.07m | -€0.01m | €0.2m | - |
| Transfer from deferred taxes780 | - | - | - | €0.003m | €0.003m | €0.003m | €0.002m | €0.006m | ▲ 145% |
| Income taxes67/77 | €0.05m | €0.04m | -€494 | €0.008m | €0.05m | €0.006m | - | €0.06m | - |
| Profit (loss) for the period9904 | €0.1m | €0.09m | €0.1m | €0.03m | €0.1m | €0.07m | -€0.009m | €0.2m | - |
| Transfer from tax-exempt reserves789 | - | - | - | €0.009m | €0.008m | €0.008m | €0.007m | €0.01m | ▲ 115% |
| Profit (loss) for the period to be appropriated9905 | €0.1m | €0.1m | -€0.06m | €0.04m | €0.2m | €0.07m | -€0.002m | €0.2m | - |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Assets | |||||||||
| Total assets20/58 | €4.9m | €5.8m | €5.6m | €6.3m | €9.7m | €12.6m | €13.1m | €12.5m | ▼ 4.6% |
| Fixed assets21/28 | €3.7m | €4.5m | €4.1m | €5.7m | €9.4m | €12.6m | €13.0m | €12.5m | ▼ 4.1% |
| Tangible fixed assets22/27 | €3.7m | €4.5m | €4.1m | €5.7m | €9.4m | €12.6m | €13.0m | €12.5m | ▼ 4.1% |
| Land and buildings22 | - | - | - | €4.0m | €5.2m | €12.6m | €12.7m | €12.5m | ▼ 1.6% |
| Assets under construction and advance payments27 | - | - | - | €1.7m | €4.2m | - | €0.3m | - | - |
| Financial fixed assets28 | €0.006m | €0.006m | €0.005m | €0.005m | €0.005m | €0.005m | €0.005m | €0.005m | = |
| Current assets29/58 | €1.2m | €1.3m | €1.5m | €0.6m | €0.3m | €0.07m | €0.1m | €0.06m | ▼ 53.2% |
| Amounts receivable within one year40/41 | €0.005m | €0.007m | €0.006m | €0.02m | €0.01m | €0.05m | €0.02m | €0.003m | ▼ 85.9% |
| Other amounts receivable41 | - | - | - | €0.02m | €0.01m | €0.05m | €0.02m | €0.003m | ▼ 85.9% |
| Cash at bank and in hand54/58 | €1.1m | €1.3m | €1.5m | €0.6m | €0.3m | €0.02m | €0.1m | €0.06m | ▼ 47.3% |
| Deferred charges and accrued income490/1 | - | - | - | €305 | €0.002m | €359 | €0.001m | €0.001m | ▲ 16.4% |
| Equity and liabilities | |||||||||
| Total equity and liabilities10/49 | €4.9m | €5.8m | €5.6m | €6.3m | €9.7m | €12.6m | €13.1m | €12.5m | ▼ 4.6% |
| Equity10/15 | €2.3m | €2.3m | €2.5m | €2.5m | €2.6m | €2.7m | €5.7m | €5.9m | ▲ 3.8% |
| Contributions10/11 | €1.9m | €1.9m | €1.9m | €1.9m | €1.9m | €1.9m | €4.9m | €4.9m | = |
| Capital10 | - | - | - | €1.9m | €1.9m | €1.9m | €4.9m | €4.9m | = |
| Issued capital100 | - | - | - | €1.9m | €1.9m | €1.9m | €4.9m | €4.9m | = |
| Reserves13 | €0.4m | €0.4m | €0.6m | €0.6m | €0.7m | €0.8m | €0.8m | €0.9m | ▲ 21.2% |
| Non-distributable reserves130/1 | - | - | - | €0.04m | €0.05m | €0.05m | €0.05m | €0.06m | ▲ 16.7% |
| Legal reserve130 | - | - | - | €0.04m | €0.05m | €0.05m | €0.05m | €0.06m | ▲ 16.7% |
| Tax-exempt reserves132 | - | - | - | €0.3m | €0.3m | €0.3m | €0.3m | €0.2m | ▼ 5.6% |
| Distributable reserves133 | - | - | - | €0.3m | €0.4m | €0.5m | €0.5m | €0.6m | ▲ 36.7% |
| Profit (loss) carried forward14 | - | - | -€0.06m | -€0.02m | - | - | -€0.002m | - | - |
| Investment grants15 | - | - | - | - | - | - | - | €0.05m | - |
| Provisions and deferred taxes16 | €0.05m | €0.03m | €0.1m | €0.09m | €0.09m | €0.09m | €0.3m | €0.3m | ▲ 4.9% |
| Provisions for liabilities and charges160/5 | - | - | - | - | - | - | €0.2m | €0.2m | = |
| Environmental obligations163 | - | - | - | - | - | - | €0.2m | €0.2m | = |
| Deferred taxes168 | - | - | - | €0.09m | €0.09m | €0.09m | €0.09m | €0.1m | ▲ 14.1% |
| Amounts payable17/49 | €2.5m | €3.4m | €3.0m | €3.7m | €7.0m | €9.8m | €7.2m | €6.4m | ▼ 11.6% |
| Amounts payable after more than one year17 | €2.1m | €2.9m | €2.7m | €2.4m | €5.3m | €6.3m | €5.7m | €5.1m | ▼ 10.6% |
| Financial debts170/4 | - | - | - | €2.4m | €5.3m | €6.3m | €5.7m | €5.1m | ▼ 10.6% |
| Other amounts payable178/9 | - | - | - | - | - | - | €0.001m | €0.001m | ▲ 16.7% |
| Amounts payable within one year42/48 | €0.4m | €0.4m | €0.3m | €1.2m | €1.7m | €3.5m | €1.5m | €1.3m | ▼ 15.5% |
| Current portion of amounts payable after more than one year42 | - | - | - | €0.3m | €0.5m | €0.6m | €0.6m | €0.6m | ▲ 0.3% |
| Trade debts44 | €0.04m | €0.04m | €0.03m | €1.0m | €0.6m | €0.04m | €0.2m | €0.1m | ▼ 55.7% |
| Suppliers440/4 | - | - | - | €1.0m | €0.6m | €0.04m | €0.2m | €0.1m | ▼ 55.7% |
| Taxes, remuneration and social security45 | - | - | - | €0.008m | €0.03m | €0.009m | - | €0.005m | - |
| Taxes450/3 | - | - | - | €0.008m | €0.03m | €0.009m | - | €0.005m | - |
| Other amounts payable47/48 | - | - | - | - | €0.5m | €2.9m | €0.7m | €0.5m | ▼ 16.7% |
| Accrued charges and deferred income492/3 | - | - | - | €0.002m | €0.004m | €0.002m | €0.002m | €0.003m | ▲ 80.9% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €0.1m | €0.09m | €0.1m | €0.03m | €0.1m | €0.07m | -€0.009m | €0.2m | - |
| + Depreciation and write-downs630 | €0.2m | €0.3m | €0.3m | €0.3m | €0.4m | €0.6m | €0.9m | €0.8m | ▼ 9.6% |
| Operating cash flow (approximation) | €0.3m | €0.4m | €0.5m | €0.3m | €0.5m | €0.7m | €0.9m | €1.0m | ▲ 10.2% |
| Investment in fixed assets (approximation) | - | -€1.0m | €0.02m | -€1.9m | -€4.1m | -€3.8m | -€1.3m | -€0.3m | ▲ 79.3% |
| Change in cash | - | €0.2m | €0.1m | -€0.9m | -€0.3m | -€0.3m | €0.09m | -€0.05m | - |
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, 544 companies had the same profile as Flaximmo has now. Two years later, 93.6% were still going and 0.2% had gone bankrupt.
- Medium-sized
- 10 to 20 years old
- solvency 30% or more
- a profit under 5% of the balance sheet
93.6%
was still going
5.9%
stopped otherwise
0.2%
went bankrupt
Another 0.4% stopped without a precise date, possibly only after those two years.
That fits the bankruptcy probability of Flaximmo 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 544 companies, not a prediction for Flaximmo. 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 | full format | 17-06-2026 | 2026-00168619 | |
| 31-12-2024 | abbreviated format | 26-05-2025 | 2025-00108506 | |
| 31-12-2023 | full format | 11-10-2024 | 2024-00506192 | |
| 31-12-2023 | abbreviated format | 27-05-2024 | 2024-00098553 | |
| 31-12-2022 | abbreviated format | 26-05-2023 | 2023-00098964 | |
| 31-12-2021 | abbreviated format | 07-06-2022 | 2022-20054210 | |
| 31-12-2020 | abbreviated format | 26-05-2021 | 2021-15400175 | |
| 31-12-2019 | abbreviated format | 26-05-2020 | 2020-13000202 | |
| 31-12-2018 | abbreviated format | 29-05-2019 | 2019-15000265 | |
| 31-12-2017 | abbreviated format | 04-06-2018 | 2018-15700303 |