GROUP IMMO S.M.
ActiveFinancials · financial year 2025, abbreviated format
Annual accounts 2025 filed on 23-07-2026 at the NBB all 15 filings
Turnover
≈ €350,000
Estimated: probably between €220,000 and €810,000
EBIT margin
Not included in this filing
Net result
-€19,317▲ 50.6%
2024 · -€39,138
Working capital
-€114,880▼ 14.4%
2024 · -€100,405
In the rankings
#5 company by total assets in Thuin, Real estate sector#9 oldest company in Thuin, Real estate sector
Multi-year overview
2018 to 2025, 8 financial yearsOperating result
€65,870
▼ 56.9%
2025
20182025
Net result
-€19,317
▲ 50.6%
2025
lowest quarter of the sector
20182025
Equity
-€104,511
▼ 22.7%
2025
lowest quarter of the sector
20182025
Total assets
€2.5m
▼ 38.2%
2025
middle half of the sector
20182025
Debt
€2.6m
▼ 37.0%
2025
20182025
Working capital
-€114,880
▼ 14.4%
2025
middle half of the sector
20182025
Solvency
-4.1%
▼ 2.0pp
2025
lowest quarter of the sector
20182025
Current ratio
0.96
▼ 0.02
2025
middle half of the sector
20182025
Return on assets (ROA)
-0.8%
▲ 0.2pp
2025
middle half of the sector
20182025
Staff (FTE)
3.5
=
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€0.1m-€0.1m▲ 37.0%-€0.06m€0.2m€0.1m▼ 4.6%€0.04m▼ 71.2%€0.2m▲ 268%€0.07m▼ 56.9%
Net result€0.05m-€0.05m▼ 15.1%-€0.1mbelow the sector's middle half€0.09mwithin the sector's middle half€0.06mwithin the sector's middle half▼ 31.8%-€0.2mbelow the sector's middle half-€0.04mbelow the sector's middle half▲ 82.7%-€0.02mbelow the sector's middle half▲ 50.6%
Equity€0.08m-€0.1m▲ 59.3%€0.02mbelow the sector's middle half▼ 80.9%€0.1mwithin the sector's middle half▲ 398%€0.2mwithin the sector's middle half▲ 54.5%-€0.05mbelow the sector's middle half-€0.09mbelow the sector's middle half▼ 85.0%-€0.1mbelow the sector's middle half▼ 22.7%
Total assets€3.2m-€2.2m▼ 31.0%€2.4mwithin the sector's middle half▲ 7.5%€3.6mwithin the sector's middle half▲ 49.9%€5.3mwithin the sector's middle half▲ 47.5%€4.1mwithin the sector's middle half▼ 22.0%€4.1mwithin the sector's middle half▼ 0.6%€2.5mwithin the sector's middle half▼ 38.2%
Debt€3.1m-€1.9m▼ 39.5%€2.2m▲ 14.0%€3.3m▲ 50.7%€5.1m▲ 56.1%€4.2m▼ 18.3%€4.2m▲ 0.3%€2.6m▼ 37.0%
Working capital-€0.4m--€0.2m▲ 57.9%€0.3mwithin the sector's middle half€0.3mwithin the sector's middle half▲ 3.6%€0.2mwithin the sector's middle half▼ 43.2%-€0.07mwithin the sector's middle half-€0.1mwithin the sector's middle half▼ 52.8%-€0.1mwithin the sector's middle half▼ 14.4%
Solvency2.4%-5.5%▲ 3.1pp1.0%below the sector's middle half▼ 4.5pp3.3%below the sector's middle half▲ 2.3pp3.4%below the sector's middle half▲ 0.2pp-1.1%below the sector's middle half▼ 4.5pp-2.1%below the sector's middle half▼ 1.0pp-4.1%below the sector's middle half▼ 2.0pp
Current ratio0.84-0.87▲ 0.021.17within the sector's middle half▲ 0.301.09within the sector's middle half▼ 0.081.03within the sector's middle half▼ 0.060.98within the sector's middle half▼ 0.050.98within the sector's middle half▼ 0.010.96within the sector's middle half▼ 0.02
Return on assets (ROA)1.7%-2.1%▲ 0.4pp-4.2%below the sector's middle half▼ 6.2pp2.6%within the sector's middle half▲ 6.8pp1.2%within the sector's middle half▼ 1.4pp-5.5%below the sector's middle half▼ 6.7pp-1.0%within the sector's middle half▲ 4.5pp-0.8%within the sector's middle half▲ 0.2pp
Staff (FTE)1.8-2.4▲ 33.3%3within the sector's middle half▲ 25.0%3within the sector's middle half=3within the sector's middle half=3.4within the sector's middle half▲ 13.3%3.5within the sector's middle half▲ 2.9%3.5above the sector's middle half=
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 57% lower than in 2024.
The turnover shown is an estimate from the gross margin.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €2.5m
Fixed assets
€10,369 ▼ 44.3%
Current assets
€2.5m ▼ 38.2%
Equity and liabilities
Equity-€104,511
Debt€2.6m
Equity is negative. Debt (€2.6m) exceeds the balance-sheet total (€2.5m).
Key figures and ratios
EBITDA
€74,131▼
2024 · €163,180
Cash flow
-€11,056▲
2024 · -€28,620
Quick ratio
0.18▲
2024 · 0.07
Interest coverage
0.87▲
2024 · 0.85
Debt ≤ 1 year
€2.6m▼
2024 · €4.2m
Debt > 1 year
€0▼
2024 · €3,420
Staff costs
€89,495▲
2024 · €85,103
Debt to equity is not shown because equity is negative. Debt divided by negative equity means nothing.
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 | 3 | 3 | 4 | 4 | 3 |
| full-time | 3 | 3 | 3 | 3 | 2 |
| part-time | - | - | 1 | 1 | 1 |
| in full-time equivalents | 3 | 3 | 3.5 | 3.5 | 2.5 |
| Average over the year, in full-time equivalents | 3 | 3 | 3.4 | 3.5 | 3.5 |
| On a permanent contract | 2 | 2 | 3 | 3 | 3 |
| Joined | - | - | 1 | - | 0 |
| Left | - | - | 0 | - | 1 |
Source: social balance sheet in the 2021 to 2025 annual accounts
Investments
| Item | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Tangible fixed assets | €3,898 | - | €27,834 | - | - |
| Depreciation and write-downs of the year | €2,652 | €3,559 | €8,153 | €10,518 | €8,261 |
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 |
|---|---|---|---|---|---|---|---|---|---|
| Remuneration, social security and pensions62 | - | - | - | €47,972 | €67,995 | €84,843 | €85,103 | €89,495 | ▲ 5.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €30,253 | €30,477 | €13,663 | €2,652 | €3,559 | €8,153 | €10,518 | €8,261 | ▼ 21.5% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals)631/4 | - | - | - | - | -€195,841 | - | - | - | - |
| Other operating charges640/8 | - | - | - | €4,556 | €2,480 | €1,988 | €2,368 | €1,298 | ▼ 45.2% |
| Non-recurring operating charges66A | - | - | - | - | - | - | - | €342 | - |
| Gross operating margin9900 | €177,171 | €491,891 | €48,116 | €206,213 | €22,238 | €136,506 | €250,651 | €165,266 | ▼ 34.1% |
| Operating profit (loss)9901 | €106,551 | €145,997 | -€62,214 | €151,034 | €144,044 | €41,522 | €152,662 | €65,870 | ▼ 56.9% |
| Financial income75/76B | - | - | - | - | €223 | €9 | €400 | €213 | ▼ 46.8% |
| Recurring financial income75 | €0 | €929 | €26 | - | €223 | €9 | €400 | €213 | ▼ 46.8% |
| Financial charges65/66B | - | - | - | €49,291 | €80,821 | €207,725 | €192,201 | €85,400 | ▼ 55.6% |
| Recurring financial charges65 | €52,801 | €58,787 | €37,240 | €49,291 | €80,821 | €207,725 | €190,977 | €85,400 | ▼ 55.3% |
| Non-recurring financial charges66B | - | - | - | - | - | - | €1,224 | - | - |
| Profit (loss) for the period before taxes9903 | €53,751 | €88,139 | -€99,428 | €101,744 | €63,446 | -€166,194 | -€39,138 | -€19,317 | ▲ 50.6% |
| Income taxes67/77 | - | €42,529 | -€273 | €8,677 | - | €59,742 | - | - | - |
| Profit (loss) for the period9904 | €53,751 | €45,610 | -€99,154 | €93,066 | €63,446 | -€225,936 | -€39,138 | -€19,317 | ▲ 50.6% |
| Profit (loss) for the period to be appropriated9905 | €53,751 | €45,610 | -€99,154 | €93,066 | €63,446 | -€225,936 | -€39,138 | -€19,317 | ▲ 50.6% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Assets | |||||||||
| Total assets20/58 | €3.2m | €2.2m | €2.4m | €3.6m | €5.3m | €4.1m | €4.1m | €2.5m | ▼ 38.2% |
| Fixed assets21/28 | €1.2m | €1.2m | €0.4m | €0.01m | €0.01m | €0.03m | €0.02m | €0.01m | ▼ 44.3% |
| Tangible fixed assets22/27 | €1.2m | €1.2m | €0.4m | €0.01m | €0.009m | €0.03m | €0.02m | €0.01m | ▼ 45.0% |
| Land and buildings22 | - | - | - | €0.001m | €0.001m | €0.001m | €0.001m | €0.001m | ▼ 15.4% |
| Plant, machinery and equipment23 | - | - | - | €0.01m | €0.008m | €0.005m | €0.001m | €0 | ▼ 100% |
| Furniture and vehicles24 | - | - | - | €0 | €0 | €0.02m | €0.02m | €0.009m | ▼ 42.7% |
| Financial fixed assets28 | €0.002m | €0.001m | €0.001m | €0.001m | €0.001m | €0.001m | €288 | €288 | = |
| Current assets29/58 | €2.0m | €1.0m | €2.0m | €3.6m | €5.3m | €4.1m | €4.1m | €2.5m | ▼ 38.2% |
| Stocks and contracts in progress3 | €1.9m | €0.8m | €1.8m | €3.1m | €4.9m | €3.9m | €3.8m | €2.1m | ▼ 45.9% |
| Stocks30/36 | - | - | - | €3.1m | €4.9m | €3.9m | €3.8m | €2.1m | ▼ 45.9% |
| Amounts receivable within one year40/41 | €0.02m | €0.08m | €0.05m | €0.4m | €0.3m | €0.1m | €0.2m | €0.1m | ▼ 17.1% |
| Trade receivables40 | - | - | - | €0.2m | €0.2m | €0.06m | €0.04m | €0.06m | ▲ 49.0% |
| Other amounts receivable41 | - | - | - | €0.2m | €0.1m | €0.09m | €0.1m | €0.08m | ▼ 38.4% |
| Cash at bank and in hand54/58 | €0.03m | €0.1m | €0.1m | €0.07m | €0.1m | €0.02m | €0.1m | €0.3m | ▲ 200% |
| Deferred charges and accrued income490/1 | - | - | - | €0 | €0.001m | €0.001m | €0.02m | €0.02m | ▲ 36.5% |
| Equity and liabilities | |||||||||
| Total equity and liabilities10/49 | €3.2m | €2.2m | €2.4m | €3.6m | €5.3m | €4.1m | €4.1m | €2.5m | ▼ 38.2% |
| Equity10/15 | €0.08m | €0.1m | €0.02m | €0.1m | €0.2m | -€0.05m | -€0.09m | -€0.1m | ▼ 22.7% |
| Contributions10/11 | €0.02m | €0.02m | - | €0.02m | €0.02m | €0.02m | €0.02m | €0.02m | = |
| Revaluation surpluses12 | - | - | - | €0 | - | - | - | - | - |
| Reserves13 | - | - | - | €0.002m | €0.002m | €0.002m | €0.002m | €0.002m | = |
| Non-distributable reserves130/1 | - | - | - | €0.002m | €0.002m | €0.002m | €0.002m | €0.002m | = |
| Reserves not available under the articles1311 | - | - | - | €0.002m | €0.002m | €0.002m | €0.002m | €0.002m | = |
| Profit (loss) carried forward14 | €0.06m | €0.1m | €0.005m | €0.1m | €0.2m | -€0.07m | -€0.1m | -€0.1m | ▼ 18.3% |
| Provisions and deferred taxes16 | - | €0.2m | €0.2m | €0.2m | €0 | - | - | - | - |
| Deferred taxes168 | - | - | - | €0.2m | €0 | - | - | - | - |
| Amounts payable17/49 | €3.1m | €1.9m | €2.2m | €3.3m | €5.1m | €4.2m | €4.2m | €2.6m | ▼ 37.0% |
| Amounts payable after more than one year17 | €0.8m | €0.7m | €0.5m | €0 | - | €0.01m | €0.003m | €0 | ▼ 100% |
| Financial debts170/4 | - | - | - | €0 | - | €0.01m | €0.003m | €0 | ▼ 100% |
| Amounts payable within one year42/48 | €2.4m | €1.2m | €1.7m | €3.3m | €5.1m | €4.2m | €4.2m | €2.6m | ▼ 36.9% |
| Current portion of amounts payable after more than one year42 | - | - | - | €0 | - | €0.008m | €0.008m | €0.003m | ▼ 56.9% |
| Financial debts43 | - | - | - | €3.2m | €4.9m | €3.7m | €3.1m | €1.6m | ▼ 47.8% |
| Credit institutions430/8 | - | - | - | €3.2m | €4.9m | €3.7m | €3.1m | €1.6m | ▼ 47.8% |
| Trade debts44 | €0.03m | €0.01m | €0.01m | €0.06m | €0.01m | €0.03m | €0.03m | €0.02m | ▼ 50.1% |
| Suppliers440/4 | - | - | - | €0.06m | €0.01m | €0.03m | €0.03m | €0.02m | ▼ 50.1% |
| Taxes, remuneration and social security45 | - | - | - | €0.009m | €0.009m | €0.007m | €0.06m | €0.06m | ▼ 1.2% |
| Taxes450/3 | - | - | - | €0.009m | €0.009m | €0 | €0.06m | €0.05m | ▼ 4.5% |
| Remuneration and social security454/9 | - | - | - | €0 | €0 | €0.007m | €0.006m | €0.008m | ▲ 29.1% |
| Other amounts payable47/48 | - | - | - | €0.01m | €0.2m | €0.4m | €1.0m | €0.9m | ▼ 3.6% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €53,751 | €45,610 | -€99,154 | €93,066 | €63,446 | -€225,936 | -€39,138 | -€19,317 | ▲ 50.6% |
| + Depreciation and write-downs630 | €30,253 | €30,477 | €13,663 | €2,652 | €3,559 | €8,153 | €10,518 | €8,261 | ▼ 21.5% |
| Operating cash flow (approximation) | €84,004 | €76,087 | -€85,492 | €95,718 | €67,005 | -€217,782 | -€28,620 | -€11,056 | ▲ 61.4% |
| Investment in fixed assets (approximation) | - | -€1,624 | €782,439 | €396,490 | €0 | -€27,834 | €1,115 | €0 | ▼ 100% |
| Change in cash | - | €62,716 | €17,328 | -€39,180 | €27,103 | -€78,818 | €80,880 | €205,956 | ▲ 155% |
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, 2,333 companies had the same profile as GROUP IMMO S.M. has now. Two years later, 90.5% were still going and 2.8% had gone bankrupt.
- Micro
- 10 to 20 years old
- negative equity
- a small loss
90.5%
was still going
5.8%
stopped otherwise
2.8%
went bankrupt
Another 0.8% stopped without a precise date, possibly only after those two years.
That fits the bankruptcy probability of GROUP IMMO S.M. itself: 0.9% 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 2,333 companies, not a prediction for GROUP IMMO S.M.. 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 15 filings with the National Bank
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-12-2025 | abbreviated format | 23-07-2026 | 2026-00320156 | |
| 31-12-2024 | full format | 26-08-2025 | 2025-00403589 | |
| 31-12-2023 | full format | 16-08-2024 | 2024-00347110 | |
| 31-12-2022 | full format | 25-08-2023 | 2023-00352160 | |
| 31-12-2021 | full format | 11-08-2022 | 2022-20282681 | |
| 31-12-2020 | full format | 27-08-2021 | 2021-54400435 | |
| 31-12-2019 | full format | 13-10-2020 | 2020-61400189 | |
| 31-12-2018 | full format | 26-08-2019 | 2019-49800271 | |
| 31-12-2017 | full format | 13-07-2018 | 2018-32000384 | |
| 31-12-2016 | full format | 29-08-2017 | 2017-49000030 |