I2M
ActiveFinancials · financial year 2025, abbreviated format
Annual accounts 2025 filed on 14-07-2026 at the NBB all 6 filings
Turnover
Not included in this filing
EBIT margin
Not included in this filing
Net result
-€20,316▼ 106%
2024 · -€9,858
Working capital
€171,762▼ 21.3%
2024 · €218,351
Multi-year overview
2020 to 2025, 6 financial yearsOperating result
-€41,682
▼ 1,207%
2025
20202025
Net result
-€20,316
▼ 106%
2025
lowest quarter of the sector
20202025
Equity
-€48,989
▼ 70.9%
2025
lowest quarter of the sector
20202025
Total assets
€205,083
▼ 16.3%
2025
lowest quarter of the sector
20202025
Debt
€254,071
▼ 7.2%
2025
20202025
Working capital
€171,762
▼ 21.3%
2025
middle half of the sector
20202025
Solvency
-23.9%
▼ 12.2pp
2025
lowest quarter of the sector
20202025
Current ratio
6.15
▼ 3.01
2025
highest quarter of the sector
20202025
Return on assets (ROA)
-9.9%
▼ 5.9pp
2025
lowest quarter of the sector
20202025
Staff (FTE)
0
2025
middle half of the sector
20202025
Every figure per financial year
Every figure with its change against the financial year before
favourable
unfavourable
Line202020212022202320242025
Operating result-€4,391--€2,894▲ 34.1%-€2,858▲ 1.3%-€2,864▼ 0.2%-€3,189▼ 11.4%-€41,682▼ 1,207%
Net result-€5,023within the sector's middle half--€4,896within the sector's middle half▲ 2.5%-€5,187within the sector's middle half▼ 5.9%-€8,708within the sector's middle half▼ 67.9%-€9,858within the sector's middle half▼ 13.2%-€20,316below the sector's middle half▼ 106%
Equity-€23below the sector's middle half--€4,919below the sector's middle half▼ 21,023%-€10,106below the sector's middle half▼ 105%-€18,815below the sector's middle half▼ 86.2%-€28,673below the sector's middle half▼ 52.4%-€48,989below the sector's middle half▼ 70.9%
Total assets€237,085within the sector's middle half-€244,627below the sector's middle half▲ 3.2%€241,602below the sector's middle half▼ 1.2%€238,464below the sector's middle half▼ 1.3%€245,084below the sector's middle half▲ 2.8%€205,083below the sector's middle half▼ 16.3%
Debt€237,109-€249,547▲ 5.2%€251,709▲ 0.9%€257,278▲ 2.2%€273,756▲ 6.4%€254,071▼ 7.2%
Working capital€211,985above the sector's middle half-€242,104within the sector's middle half▲ 14.2%€236,917within the sector's middle half▼ 2.1%€228,209within the sector's middle half▼ 3.7%€218,351within the sector's middle half▼ 4.3%€171,762within the sector's middle half▼ 21.3%
Solvency0.0%below the sector's middle half--2.0%below the sector's middle half▼ 2.0pp-4.2%below the sector's middle half▼ 2.2pp-7.9%below the sector's middle half▼ 3.7pp-11.7%below the sector's middle half▼ 3.8pp-23.9%below the sector's middle half▼ 12.2pp
Current ratio9.45above the sector's middle half-96.96above the sector's middle half▲ 87.5251.57above the sector's middle half▼ 45.3923.25above the sector's middle half▼ 28.329.17above the sector's middle half▼ 14.096.15above the sector's middle half▼ 3.01
Return on assets (ROA)-2.1%below the sector's middle half--2.0%below the sector's middle half▲ 0.1pp-2.1%below the sector's middle half▼ 0.1pp-3.7%below the sector's middle half▼ 1.5pp-4.0%below the sector's middle half▼ 0.4pp-9.9%below the sector's middle half▼ 5.9pp
Staff (FTE)0within 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 a loss of €41,682, larger than the loss of €3,189 in 2024. It is the lowest result since 2020.
Key figures and ratios
Quick ratio
3.76▲
2024 · 0.29
Debt ≤ 1 year
€33,321▲
2024 · €26,733
Debt > 1 year
€220,750▼
2024 · €247,000
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.
Annual accounts
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|
| Other operating charges640/8 | - | €1,013 | €1,209 | €1,131 | €1,164 | €847 | ▼ 27.3% |
| Gross operating margin9900 | -€3,869 | -€1,881 | -€1,649 | -€1,733 | -€2,025 | -€40,835 | ▼ 1,916% |
| Operating profit (loss)9901 | -€4,391 | -€2,894 | -€2,858 | -€2,864 | -€3,189 | -€41,682 | ▼ 1,207% |
| Financial income75/76B | - | - | - | - | - | €26,250 | - |
| Recurring financial income75 | - | - | - | - | - | €26,250 | - |
| Non-recurring financial income76B | - | - | - | - | - | €26,250 | - |
| Financial charges65/66B | - | €2,002 | €2,329 | €5,844 | €6,669 | €4,884 | ▼ 26.8% |
| Recurring financial charges65 | €633 | €2,002 | €2,329 | €5,844 | €6,669 | €4,884 | ▼ 26.8% |
| Profit (loss) for the period before taxes9903 | -€5,023 | -€4,896 | -€5,187 | -€8,708 | -€9,858 | -€20,316 | ▼ 106% |
| Profit (loss) for the period9904 | -€5,023 | -€4,896 | -€5,187 | -€8,708 | -€9,858 | -€20,316 | ▼ 106% |
| Profit (loss) for the period to be appropriated9905 | -€5,023 | -€4,896 | -€5,187 | -€8,708 | -€9,858 | -€20,316 | ▼ 106% |
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|
| Assets | |||||||
| Total assets20/58 | €237,085 | €244,627 | €241,602 | €238,464 | €245,084 | €205,083 | ▼ 16.3% |
| Current assets29/58 | €237,085 | €244,627 | €241,602 | €238,464 | €245,084 | €205,083 | ▼ 16.3% |
| Stocks and contracts in progress3 | €221,769 | €231,888 | €231,888 | €231,888 | €237,198 | €79,690 | ▼ 66.4% |
| Stocks30/36 | - | €231,888 | €231,888 | €231,888 | €237,198 | €79,690 | ▼ 66.4% |
| Amounts receivable within one year40/41 | €9,684 | €174 | €364 | €393 | €55 | €15 | ▼ 72.9% |
| Other amounts receivable41 | - | €174 | €364 | €393 | €55 | €15 | ▼ 72.9% |
| Cash at bank and in hand54/58 | €5,632 | €12,566 | €9,351 | €6,183 | €7,831 | €125,378 | ▲ 16× |
| Equity and liabilities | |||||||
| Total equity and liabilities10/49 | €237,085 | €244,627 | €241,602 | €238,464 | €245,084 | €205,083 | ▼ 16.3% |
| Equity10/15 | -€23 | -€4,919 | -€10,106 | -€18,815 | -€28,673 | -€48,989 | ▼ 70.9% |
| Contributions10/11 | - | €5,000 | €5,000 | €5,000 | €5,000 | €5,000 | = |
| Profit (loss) carried forward14 | -€5,023 | -€9,919 | -€15,106 | -€23,815 | -€33,673 | -€53,989 | ▼ 60.3% |
| Amounts payable17/49 | €237,109 | €249,547 | €251,709 | €257,278 | €273,756 | €254,071 | ▼ 7.2% |
| Amounts payable after more than one year17 | €212,000 | €247,000 | €247,000 | €247,000 | €247,000 | €220,750 | ▼ 10.6% |
| Other amounts payable178/9 | - | €247,000 | €247,000 | €247,000 | €247,000 | €220,750 | ▼ 10.6% |
| Amounts payable within one year42/48 | €25,100 | €2,523 | €4,685 | €10,255 | €26,733 | €33,321 | ▲ 24.6% |
| Trade debts44 | €24,481 | €103 | €29 | €36 | €127 | €2,073 | ▲ 16× |
| Suppliers440/4 | - | €103 | €29 | €36 | €127 | €2,073 | ▲ 16× |
| Other amounts payable47/48 | - | €2,420 | €4,656 | €10,218 | €26,606 | €31,249 | ▲ 17.5% |
| Accrued charges and deferred income492/3 | - | €24 | €24 | €24 | €24 | €0 | ▼ 99.4% |
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | -€5,023 | -€4,896 | -€5,187 | -€8,708 | -€9,858 | -€20,316 | ▼ 106% |
| Operating cash flow (approximation) | -€5,023 | -€4,896 | -€5,187 | -€8,708 | -€9,858 | -€20,316 | ▼ 106% |
| Change in cash | - | €6,933 | -€3,215 | -€3,167 | €1,648 | €117,547 | ▲ 71× |
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, 1,564 companies had the same profile as I2M has now. Two years later, 88.9% were still going and 5.1% had gone bankrupt.
- Micro
- 5 to 10 years old
- negative equity
- a small loss
88.9%
was still going
5.4%
stopped otherwise
5.1%
went bankrupt
Another 0.6% stopped without a precise date, possibly only after those two years.
The bankruptcy probability of I2M itself is lower: 0.9% within 12 months. It rests on far more data about I2M than the profile alone.
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 1,564 companies, not a prediction for I2M. 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.
Filings with the National Bank (6)
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-12-2025 | abbreviated format | 14-07-2026 | 2026-00296771 | |
| 31-12-2024 | full format | 23-06-2025 | 2025-00171558 | |
| 31-12-2023 | full format | 10-07-2024 | 2024-00236574 | |
| 31-12-2022 | full format | 26-06-2023 | 2023-00163980 | |
| 31-12-2021 | full format | 20-07-2022 | 2022-20214070 | |
| 31-12-2020 | micro format | 07-07-2021 | 2021-33100381 |