FTIMMO
ActiveFinancials · financial year 2025, abbreviated format
Annual accounts 2025 filed on 11-07-2026 at the NBB all 24 filings
Turnover
≈ €600,000
Estimated: probably between €460,000 and €1.0m
Total assets
€1.6m▲ 10.4%
2024 · €1.4m
Net result
€176,864▼ 15.5%
2024 · €209,251
Working capital
€1.3m▲ 13.0%
2024 · €1.2m
Multi-year overview
2018 to 2025, 8 financial yearsOperating result
€195,882
▼ 20.6%
2025
20182025
Net result
€176,864
▼ 15.5%
2025
highest quarter of the sector
20182025
Equity
€1.5m
▲ 11.6%
2025
highest quarter of the sector
20182025
Total assets
€1.6m
▲ 10.4%
2025
middle half of the sector
20182025
Debt
€117,237
▼ 1.9%
2025
20182025
Working capital
€1.3m
▲ 13.0%
2025
highest quarter of the sector
20182025
Solvency
92.6%
▲ 0.9pp
2025
highest quarter of the sector
20182025
Current ratio
14.27
▲ 0.85
2025
highest quarter of the sector
20182025
Return on assets (ROA)
11.2%
▼ 3.4pp
2025
highest quarter of the sector
20182025
Staff (FTE)
1.8
▲ 63.6%
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-€0.1m▼ 35.1%€0.2m▲ 41.4%€0.1m▼ 6.0%€0.2m▲ 50.6%€0.2m▲ 8.6%€0.2m▲ 1.7%€0.2m▼ 20.6%
Net result€0.1m-€0.09m▼ 36.6%€0.1mabove the sector's middle half▲ 26.3%€0.2mabove the sector's middle half▲ 97.0%€0.2mabove the sector's middle half▼ 12.4%€0.2mabove the sector's middle half▲ 5.0%€0.2mabove the sector's middle half▲ 7.0%€0.2mabove the sector's middle half▼ 15.5%
Equity€0.4m-€0.5m▲ 20.5%€0.6mwithin the sector's middle half▲ 18.5%€0.8mwithin the sector's middle half▲ 33.1%€0.9mwithin the sector's middle half▲ 19.7%€1.1mwithin the sector's middle half▲ 19.0%€1.3mwithin the sector's middle half▲ 16.3%€1.5mabove the sector's middle half▲ 11.6%
Total assets€0.8m-€0.8m▲ 0.3%€1.0mwithin the sector's middle half▲ 15.7%€0.9mwithin the sector's middle half▼ 3.4%€1.1mwithin the sector's middle half▲ 14.3%€1.3mwithin the sector's middle half▲ 18.4%€1.4mwithin the sector's middle half▲ 11.8%€1.6mwithin the sector's middle half▲ 10.4%
Debt€0.4m-€0.3m▼ 19.4%€0.4m▲ 11.7%€0.2m▼ 59.9%€0.1m▼ 13.4%€0.2m▲ 14.4%€0.1m▼ 21.9%€0.1m▼ 1.9%
Working capital€0.3m-€0.4m▲ 29.0%€0.5mwithin the sector's middle half▲ 30.3%€0.7mabove the sector's middle half▲ 42.7%€0.8mabove the sector's middle half▲ 24.1%€1.0mabove the sector's middle half▲ 22.2%€1.2mabove the sector's middle half▲ 17.1%€1.3mabove the sector's middle half▲ 13.0%
Solvency49.4%-59.3%▲ 9.9pp60.8%within the sector's middle half▲ 1.4pp83.7%above the sector's middle half▲ 22.9pp87.7%above the sector's middle half▲ 3.9pp88.1%above the sector's middle half▲ 0.4pp91.7%above the sector's middle half▲ 3.6pp92.6%above the sector's middle half▲ 0.9pp
Current ratio1.79-2.26▲ 0.472.40within the sector's middle half▲ 0.147.14above the sector's middle half▲ 4.749.72above the sector's middle half▲ 2.589.32above the sector's middle half▼ 0.4013.42above the sector's middle half▲ 4.1014.27above the sector's middle half▲ 0.85
Return on assets (ROA)15.9%-10.1%▼ 5.9pp11.0%above the sector's middle half▲ 0.9pp22.4%above the sector's middle half▲ 11.4pp17.2%above the sector's middle half▼ 5.2pp15.2%above the sector's middle half▼ 1.9pp14.6%above the sector's middle half▼ 0.6pp11.2%above the sector's middle half▼ 3.4pp
Staff (FTE)1.5-1.5=1.4within the sector's middle half▼ 6.7%1within the sector's middle half▼ 28.6%1within the sector's middle half=1within the sector's middle half=1.1within the sector's middle half▲ 10.0%1.8within the sector's middle half▲ 63.6%
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 21% lower than in 2024.
Turnover and EBIT margin are not published. The abbreviated 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 €1.6m
Fixed assets
€152,552 ▼ 5.8%
Current assets
€1.4m ▲ 12.5%
Equity and liabilities €1.6m
Equity
€1.5m ▲ 11.6%
Debt
€117,237 ▼ 1.9%
Debt's share of the balance-sheet total falls from 8.3% to 7.4%. Equity is higher and debt is lower.
Key figures and ratios
EBITDA
€212,748▼
2024 · €260,806
Cash flow
€193,731▼
2024 · €223,443
Debt to equity
0.08▼
2024 · 0.09
ROE
12.1%▼
2024 · 15.9%
Interest coverage
over 100
2024 · over 100
Debt ≤ 1 year
€100,269▲
2024 · €94,736
Debt > 1 year
€16,969▼
2024 · €24,715
Income taxes
€52,083▼
2024 · €64,843
Staff costs
€119,547▲
2024 · €75,861
Green means a favourable move, even when the figure itself falls, as with debt or debt to equity.
Staff
| Item | 31-12-2021 | 31-12-2022 | 31-12-2023 | 31-12-2024 | 31-12-2025 |
|---|---|---|---|---|---|
| Employees at the balance-sheet date | 1 | 1 | 1 | 1 | 1 |
| full-time | 1 | 1 | 1 | 1 | 1 |
| part-time | 0 | 0 | 0 | 0 | 0 |
| in full-time equivalents | 1 | 1 | 1 | 1 | 1 |
| Average over the year, in full-time equivalents | 1 | 1 | 1 | 1.1 | 1.8 |
| On a permanent contract | 1 | 1 | 1 | 1 | 1 |
| Joined | - | - | - | - | 1 |
| Left | - | - | - | - | 2 |
| Training hours | - | - | - | - | 7 |
Source: social balance sheet in the 2021 to 2025 annual accounts
Securities and guarantees
| Item | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Debts secured on the company's own assets | - | - | €39,468 | €32,213 | €24,715 |
| Mortgages, amount registered | €20,375 | €20,375 | €20,375 | €20,375 | €20,375 |
| Carrying value of the mortgaged assets | €40,876 | €35,706 | €33,121 | €30,818 | €28,514 |
Source: notes to the 2021 to 2025 annual accounts (statement of debts and off-balance-sheet rights and commitments)
Investments
| Item | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Tangible fixed assets | €4,509 | €4,581 | €4,487 | €19,713 | €6,900 |
| Intangible fixed assets | €2,662 | €776 | - | - | - |
| Financial fixed assets | - | - | €295 | - | €590 |
| Depreciation and write-downs of the year | €14,822 | €16,192 | €14,045 | €14,192 | €16,867 |
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 | - | - | - | - | - | - | - | €1,740 | - |
| Remuneration, social security and pensions62 | - | - | - | €69,126 | €66,120 | €71,258 | €75,861 | €119,547 | ▲ 57.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €22,587 | €29,170 | €24,303 | €14,822 | €16,192 | €14,045 | €14,192 | €16,867 | ▲ 18.8% |
| Other operating charges640/8 | - | - | - | €3,296 | €8,389 | €7,095 | €6,662 | €8,536 | ▲ 28.1% |
| Gross operating margin9900 | €280,456 | €260,341 | €267,133 | €235,519 | €313,976 | €334,871 | €343,329 | €340,832 | ▼ 0.7% |
| Operating profit (loss)9901 | €171,944 | €111,583 | €157,744 | €148,275 | €223,275 | €242,473 | €246,614 | €195,882 | ▼ 20.6% |
| Financial income75/76B | - | - | - | €137,207 | €19,287 | €19,017 | €29,352 | €34,668 | ▲ 18.1% |
| Recurring financial income75 | €2,101 | €1,179 | €709 | €957 | €19,287 | €19,017 | €29,352 | €34,668 | ▲ 18.1% |
| Non-recurring financial income76B | - | - | - | €136,250 | €0 | - | - | - | - |
| Financial charges65/66B | - | - | - | €2,930 | €2,261 | €1,997 | €1,872 | €1,603 | ▼ 14.4% |
| Recurring financial charges65 | €4,426 | €3,214 | €3,716 | €2,930 | €2,261 | €1,997 | €1,872 | €1,603 | ▼ 14.4% |
| Profit (loss) for the period before taxes9903 | €169,619 | €109,548 | €154,737 | €282,552 | €240,301 | €259,493 | €274,094 | €228,947 | ▼ 16.5% |
| Income taxes67/77 | €34,996 | €24,173 | €46,941 | €70,183 | €54,194 | €64,020 | €64,843 | €52,083 | ▼ 19.7% |
| Profit (loss) for the period9904 | €134,623 | €85,375 | €107,796 | €212,369 | €186,106 | €195,473 | €209,251 | €176,864 | ▼ 15.5% |
| Profit (loss) for the period to be appropriated9905 | €134,623 | €85,375 | €107,796 | €212,369 | €186,106 | €195,473 | €209,251 | €176,864 | ▼ 15.5% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Assets | |||||||||
| Total assets20/58 | €0.8m | €0.8m | €1.0m | €0.9m | €1.1m | €1.3m | €1.4m | €1.6m | ▲ 10.4% |
| Fixed assets21/28 | €0.2m | €0.2m | €0.2m | €0.2m | €0.2m | €0.2m | €0.2m | €0.2m | ▼ 5.8% |
| Intangible fixed assets21 | €0.001m | €0.001m | €0 | €0.003m | €0.003m | €0.002m | €0.001m | €0.001m | ▼ 49.9% |
| Tangible fixed assets22/27 | €0.2m | €0.2m | €0.2m | €0.2m | €0.2m | €0.2m | €0.2m | €0.1m | ▼ 5.9% |
| Land and buildings22 | - | - | - | €0.02m | €0.02m | €0.02m | €0.02m | €0.02m | = |
| Plant, machinery and equipment23 | - | - | - | €0.001m | €0.004m | €0.002m | €126 | €0.006m | ▲ 47× |
| Furniture and vehicles24 | - | - | - | €0.005m | €0.002m | €0.002m | €0.02m | €0.02m | ▼ 22.6% |
| Other tangible fixed assets26 | - | - | - | €0.1m | €0.1m | €0.1m | €0.1m | €0.1m | ▼ 9.1% |
| Financial fixed assets28 | €0.004m | €0.004m | €0.004m | €0.004m | €0.004m | €0.004m | €0.004m | €0.004m | ▲ 15.7% |
| Current assets29/58 | €0.6m | €0.6m | €0.8m | €0.8m | €0.9m | €1.1m | €1.3m | €1.4m | ▲ 12.5% |
| Amounts receivable after more than one year29 | - | - | - | €0.3m | €0.3m | €0.3m | €0.3m | €0.3m | ▲ 4.0% |
| Other amounts receivable291 | - | - | - | €0.3m | €0.3m | €0.3m | €0.3m | €0.3m | ▲ 4.0% |
| Amounts receivable within one year40/41 | €0.08m | €0.07m | €0.1m | €0.03m | €0.3m | €0.4m | €0.4m | €0.8m | ▲ 99.6% |
| Trade receivables40 | - | - | - | €0.02m | €0.2m | €0.2m | €0.05m | €0.2m | ▲ 249% |
| Other amounts receivable41 | - | - | - | €0.01m | €0.2m | €0.2m | €0.3m | €0.6m | ▲ 77.5% |
| Current investments50/53 | €0.05m | €0.05m | €0.05m | €0.05m | €0.05m | €0.2m | €0.04m | €0.04m | = |
| Cash at bank and in hand54/58 | €0.5m | €0.5m | €0.6m | €0.4m | €0.2m | €0.3m | €0.5m | €0.3m | ▼ 45.3% |
| Deferred charges and accrued income490/1 | - | - | - | €0.009m | €0.03m | €0.02m | €0.04m | €0.04m | ▲ 21.0% |
| Equity and liabilities | |||||||||
| Total equity and liabilities10/49 | €0.8m | €0.8m | €1.0m | €0.9m | €1.1m | €1.3m | €1.4m | €1.6m | ▲ 10.4% |
| Equity10/15 | €0.4m | €0.5m | €0.6m | €0.8m | €0.9m | €1.1m | €1.3m | €1.5m | ▲ 11.6% |
| Contributions10/11 | €0.2m | €0.2m | - | €0.2m | €0.2m | €0.2m | €0.2m | €0.2m | = |
| Reserves13 | €0.3m | €0.3m | €0.4m | €0.6m | €0.8m | €1.0m | €1.2m | €1.3m | ▲ 13.1% |
| Non-distributable reserves130/1 | - | - | - | €0.02m | €0.02m | €0 | - | - | - |
| Reserves not available under the articles1311 | - | - | - | €0.02m | €0.02m | €0 | - | - | - |
| Tax-exempt reserves132 | - | - | - | €23 | €23 | €23 | €23 | €23 | = |
| Distributable reserves133 | - | - | - | €0.6m | €0.8m | €1.0m | €1.2m | €1.3m | ▲ 13.1% |
| Profit (loss) carried forward14 | €0.002m | €0.002m | €449 | €0.001m | €94 | €0 | €0 | €0 | - |
| Amounts payable17/49 | €0.4m | €0.3m | €0.4m | €0.2m | €0.1m | €0.2m | €0.1m | €0.1m | ▼ 1.9% |
| Amounts payable after more than one year17 | €0.08m | €0.06m | €0.05m | €0.05m | €0.04m | €0.03m | €0.02m | €0.02m | ▼ 31.3% |
| Financial debts170/4 | - | - | - | €0.05m | €0.04m | €0.03m | €0.02m | €0.02m | ▼ 31.3% |
| Amounts payable within one year42/48 | €0.3m | €0.3m | €0.3m | €0.1m | €0.09m | €0.1m | €0.09m | €0.1m | ▲ 5.8% |
| Current portion of amounts payable after more than one year42 | - | - | - | €0.007m | €0.007m | €0.007m | €0.007m | €0.008m | ▲ 3.3% |
| Trade debts44 | €0.04m | €0.05m | €0.06m | €0.03m | €0.04m | €0.06m | €0.05m | €0.05m | ▼ 5.5% |
| Suppliers440/4 | - | - | - | €0.03m | €0.04m | €0.06m | €0.05m | €0.05m | ▼ 5.5% |
| Taxes, remuneration and social security45 | - | - | - | €0.03m | €0.01m | €0.03m | €0.01m | €0.02m | ▲ 81.0% |
| Taxes450/3 | - | - | - | €0.03m | €0.006m | €0.02m | €0.001m | €0.008m | ▲ 924% |
| Remuneration and social security454/9 | - | - | - | €0.007m | €0.008m | €0.009m | €0.009m | €0.01m | ▲ 11.2% |
| Other amounts payable47/48 | - | - | - | €0.03m | €0.03m | €0.02m | €0.03m | €0.03m | ▲ 0.2% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €134,623 | €85,375 | €107,796 | €212,369 | €186,106 | €195,473 | €209,251 | €176,864 | ▼ 15.5% |
| + Depreciation and write-downs630 | €22,587 | €29,170 | €24,303 | €14,822 | €16,192 | €14,045 | €14,192 | €16,867 | ▲ 18.8% |
| Operating cash flow (approximation) | €157,210 | €114,545 | €132,099 | €227,190 | €202,298 | €209,518 | €223,443 | €193,731 | ▼ 13.3% |
| Investment in fixed assets (approximation) | - | -€17,887 | €0 | -€7,171 | -€5,357 | -€4,782 | -€19,043 | -€7,490 | ▲ 60.7% |
| Change in cash | - | €11,834 | €121,854 | -€193,279 | -€188,024 | €30,812 | €264,767 | -€245,265 | - |
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 FTIMMO 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 FTIMMO 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 FTIMMO. 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 24 filings with the National Bank
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-12-2025 | abbreviated format | 11-07-2026 | 2026-00291409 | |
| 31-12-2024 | abbreviated format | 16-07-2025 | 2025-00281300 | |
| 31-12-2023 | abbreviated format | 25-07-2024 | 2024-00285049 | |
| 31-12-2022 | abbreviated format | 25-08-2023 | 2023-00352801 | |
| 31-12-2021 | abbreviated format | 18-07-2022 | 2022-20194667 | |
| 31-12-2020 | abbreviated format | 08-07-2021 | 2021-32700550 | |
| 31-12-2019 | abbreviated format | 07-07-2020 | 2020-27500003 | |
| 31-12-2018 | abbreviated format | 31-07-2019 | 2019-41500227 | |
| 31-12-2017 | abbreviated format | 06-06-2018 | 2018-16400312 | |
| 31-12-2016 | abbreviated format | 17-05-2017 | 2017-12300545 |