FORIMMO
ActiveFinancials · financial year 2025, micro format
Annual accounts 2025 filed on 30-06-2026 at the NBB all 37 filings
Turnover
≈ €180,000
Estimated: probably between €120,000 and €310,000
Total assets
€180,685▲ 20.9%
2024 · €149,434
Net result
€29,498▲ 22.3%
2024 · €24,116
Working capital
€57,796▲ 276%
2024 · €15,357
Multi-year overview
2018 to 2025, 8 financial yearsOperating result
€38,366
▲ 18.4%
2025
20182025
Net result
€29,498
▲ 22.3%
2025
20182025
Equity
€171,144
▲ 20.8%
2025
20182025
Total assets
€180,685
▲ 20.9%
2025
20182025
Debt
€9,541
▲ 22.5%
2025
20182025
Working capital
€57,796
▲ 276%
2025
20182025
Every figure per financial year
Every figure with its change against the financial year before
favourable
unfavourable
Line20182019202020212022202320242025
Operating result€21,347-€13,314▼ 37.6%€17,834▲ 33.9%€4,141▼ 76.8%€34,797▲ 740%€24,748▼ 28.9%€32,395▲ 30.9%€38,366▲ 18.4%
Net result€14,338-€8,719▼ 39.2%€12,704▲ 45.7%€2,865▼ 77.4%€25,579▲ 793%€18,407▼ 28.0%€24,116▲ 31.0%€29,498▲ 22.3%
Equity€122,241-€130,959▲ 7.1%€114,964▼ 12.2%€107,829▼ 6.2%€116,265▲ 7.8%€117,530▲ 1.1%€141,646▲ 20.5%€171,144▲ 20.8%
Total assets€141,573-€145,172▲ 2.5%€141,135▼ 2.8%€135,224▼ 4.2%€142,886▲ 5.7%€145,525▲ 1.8%€149,434▲ 2.7%€180,685▲ 20.9%
Debt€19,332-€14,213▼ 26.5%€26,171▲ 84.1%€27,396▲ 4.7%€26,621▼ 2.8%€27,995▲ 5.2%€7,788▼ 72.2%€9,541▲ 22.5%
Working capital-€3,805--€4,300▼ 13.0%-€9,320▼ 117%-€16,069▼ 72.4%€7,272-€9,438€15,357€57,796▲ 276%
The operating result for 2025 is 18% higher than in 2024 and the highest since 2021. It is the second rise in a row, after the fall in 2023.
Turnover and EBIT margin are not published. The 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 €180,685
Fixed assets
€113,348 ▼ 10.3%
Current assets
€67,338 ▲ 191%
Equity and liabilities €180,685
Equity
€171,144 ▲ 20.8%
Debt
€9,541 ▲ 22.5%
Debt's share of the balance-sheet total rises from 5.2% to 5.3%. Equity and debt are higher.
Key figures and ratios
EBITDA
€50,864▲
2024 · €47,381
Cash flow
€41,996▲
2024 · €39,102
Current ratio
7.06▲
2024 · 2.98
Debt to equity
0.06▲
2024 · 0.05
ROE
17.2%▲
2024 · 17.0%
ROA
16.3%▲
2024 · 16.1%
Interest coverage
over 100
2024 · over 100
Debt ≤ 1 year
€9,541▲
2024 · €7,774
Income taxes
€9,833▲
2024 · €8,643
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 | €12,844 | - | €32,670 | €14,240 | - |
| Depreciation and write-downs of the year | €13,228 | €14,105 | €15,026 | €14,986 | €12,498 |
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 | €10,167 | €12,513 | €12,535 | €13,228 | €14,105 | €15,026 | €14,986 | €12,498 | ▼ 16.6% |
| Other operating charges640/8 | - | - | - | €3,784 | €3,869 | €11,752 | €9,436 | €8,210 | ▼ 13.0% |
| Non-recurring operating charges66A | - | - | - | - | - | - | - | €457 | - |
| Gross operating margin9900 | €35,349 | €29,380 | €34,128 | €21,153 | €52,770 | €51,526 | €56,817 | €59,531 | ▲ 4.8% |
| Operating profit (loss)9901 | €21,347 | €13,314 | €17,834 | €4,141 | €34,797 | €24,748 | €32,395 | €38,366 | ▲ 18.4% |
| Financial income75/76B | - | - | - | - | - | €410 | €416 | €1,056 | ▲ 154% |
| Recurring financial income75 | €26 | €12 | - | - | - | €410 | €416 | €1,056 | ▲ 154% |
| Financial charges65/66B | - | - | - | €63 | €68 | €71 | €52 | €92 | ▲ 75.9% |
| Recurring financial charges65 | €125 | €64 | €42 | €63 | €68 | €71 | €52 | €92 | ▲ 75.9% |
| Profit (loss) for the period before taxes9903 | €21,247 | €13,261 | €17,792 | €4,079 | €34,729 | €25,087 | €32,759 | €39,330 | ▲ 20.1% |
| Income taxes67/77 | €6,910 | €4,543 | €5,087 | €1,214 | €9,149 | €6,679 | €8,643 | €9,833 | ▲ 13.8% |
| Profit (loss) for the period9904 | €14,338 | €8,719 | €12,704 | €2,865 | €25,579 | €18,407 | €24,116 | €29,498 | ▲ 22.3% |
| Profit (loss) for the period to be appropriated9905 | €14,338 | €8,719 | €12,704 | €2,865 | €25,579 | €18,407 | €24,116 | €29,498 | ▲ 22.3% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Assets | |||||||||
| Total assets20/58 | €141,573 | €145,172 | €141,135 | €135,224 | €142,886 | €145,525 | €149,434 | €180,685 | ▲ 20.9% |
| Fixed assets21/28 | €126,076 | €135,556 | €124,345 | €123,961 | €109,856 | €127,048 | €126,303 | €113,348 | ▼ 10.3% |
| Tangible fixed assets22/27 | €126,076 | €135,556 | €124,345 | €123,961 | €109,856 | €127,048 | €126,303 | €113,348 | ▼ 10.3% |
| Land and buildings22 | - | - | - | €89,418 | €83,298 | €77,177 | €71,057 | €66,920 | ▼ 5.8% |
| Plant, machinery and equipment23 | - | - | - | €33,841 | €26,107 | €49,001 | €54,686 | €46,427 | ▼ 15.1% |
| Furniture and vehicles24 | - | - | - | €701 | €451 | €869 | €560 | - | - |
| Current assets29/58 | €15,497 | €9,616 | €16,790 | €11,264 | €33,030 | €18,476 | €23,132 | €67,338 | ▲ 191% |
| Amounts receivable within one year40/41 | €2,478 | €5,056 | €7,287 | €7,699 | €8,238 | €7,270 | €17,028 | €22,352 | ▲ 31.3% |
| Other amounts receivable41 | - | - | - | €7,699 | €8,238 | €7,270 | €17,028 | €22,352 | ▲ 31.3% |
| Cash at bank and in hand54/58 | €10,622 | €3,921 | €3,511 | €1,163 | €21,948 | €3,798 | €3,265 | €42,597 | ▲ 13× |
| Deferred charges and accrued income490/1 | - | - | - | €2,401 | €2,844 | €7,409 | €2,839 | €2,388 | ▼ 15.9% |
| Equity and liabilities | |||||||||
| Total equity and liabilities10/49 | €141,573 | €145,172 | €141,135 | €135,224 | €142,886 | €145,525 | €149,434 | €180,685 | ▲ 20.9% |
| Equity10/15 | €122,241 | €130,959 | €114,964 | €107,829 | €116,265 | €117,530 | €141,646 | €171,144 | ▲ 20.8% |
| Contributions10/11 | €60,000 | €60,000 | - | €60,000 | €60,000 | €67,400 | €67,400 | €67,400 | = |
| Reserves13 | €7,400 | €7,400 | €7,400 | €7,400 | €7,400 | - | - | - | - |
| Non-distributable reserves130/1 | - | - | - | €7,400 | €7,400 | - | - | - | - |
| Reserves not available under the articles1311 | - | - | - | €7,400 | €7,400 | - | - | - | - |
| Profit (loss) carried forward14 | €54,841 | €63,559 | €47,564 | €40,429 | €48,865 | €50,130 | €74,246 | €103,744 | ▲ 39.7% |
| Amounts payable17/49 | €19,332 | €14,213 | €26,171 | €27,396 | €26,621 | €27,995 | €7,788 | €9,541 | ▲ 22.5% |
| Amounts payable within one year42/48 | €19,302 | €13,916 | €26,110 | €27,333 | €25,759 | €27,914 | €7,774 | €9,541 | ▲ 22.7% |
| Trade debts44 | €1,900 | €4,087 | €3,925 | €4,446 | €3,481 | €3,958 | €2,967 | €4,581 | ▲ 54.4% |
| Suppliers440/4 | - | - | - | €4,446 | €3,481 | €3,958 | €2,967 | €4,581 | ▲ 54.4% |
| Taxes, remuneration and social security45 | - | - | - | - | €3,149 | €4,829 | €2,822 | €2,975 | ▲ 5.4% |
| Taxes450/3 | - | - | - | - | €3,149 | €4,829 | €2,822 | €2,975 | ▲ 5.4% |
| Other amounts payable47/48 | - | - | - | €22,887 | €19,128 | €19,128 | €1,985 | €1,985 | = |
| Accrued charges and deferred income492/3 | - | - | - | €63 | €862 | €80 | €14 | - | - |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €14,338 | €8,719 | €12,704 | €2,865 | €25,579 | €18,407 | €24,116 | €29,498 | ▲ 22.3% |
| + Depreciation and write-downs630 | €10,167 | €12,513 | €12,535 | €13,228 | €14,105 | €15,026 | €14,986 | €12,498 | ▼ 16.6% |
| Operating cash flow (approximation) | €24,505 | €21,232 | €25,239 | €16,093 | €39,684 | €33,433 | €39,102 | €41,996 | ▲ 7.4% |
| Investment in fixed assets (approximation) | - | -€21,993 | -€1,324 | -€12,844 | €0 | -€32,218 | -€14,240 | €457 | - |
| Change in cash | - | -€6,700 | -€410 | -€2,348 | €20,784 | -€18,150 | -€533 | €39,332 | - |
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, 31,368 companies had the same profile as FORIMMO has now. Two years later, 93.5% were still going and 0.5% had gone bankrupt.
- Micro
- 20 years or older
- solvency 30% or more
- a profit of 5% of the balance sheet or more
93.5%
was still going
5.9%
stopped otherwise
0.5%
went bankrupt
Another 0.1% stopped without a precise date, possibly only after those two years.
That fits the bankruptcy probability of FORIMMO 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 31,368 companies, not a prediction for FORIMMO. 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 37 filings with the National Bank
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-12-2025 | micro format | 30-06-2026 | 2026-00236586 | |
| 31-12-2024 | micro format | 22-08-2025 | 2025-00407258 | |
| 31-12-2023 | micro format | 28-06-2024 | 2024-00199667 | |
| 31-12-2022 | micro format | 05-06-2023 | 2023-00112418 | |
| 31-12-2021 | micro format | 16-06-2022 | 2022-20075133 | |
| 31-12-2020 | micro format | 16-07-2021 | 2021-36800569 | |
| 31-12-2019 | micro format | 07-08-2020 | 2020-40000530 | |
| 31-12-2018 | micro format | 27-06-2019 | 2019-26300548 | |
| 31-12-2017 | micro format | 27-04-2018 | 2018-11300271 | |
| 31-12-2016 | micro format | 11-08-2017 | 2017-43200094 |