IM-CAT
ActiveFinancials · financial year 2025, abbreviated format
Annual accounts 2025 filed on 13-07-2026 at the NBB all 35 filings
Equity
€170,900▲ 3.2%
2024 · €165,554
Total assets
€171,166▲ 1.8%
2024 · €168,109
Net result
€5,346▲ 81.1%
2024 · €2,953
Working capital
€170,900▲ 3.2%
2024 · €165,554
Multi-year overview
2018 to 2025, 8 financial yearsOperating result
-€665
▲ 63.1%
2025
20182025
Net result
€5,346
▲ 81.1%
2025
middle half of the sector
20182025
Equity
€170,900
▲ 3.2%
2025
middle half of the sector
20182025
Total assets
€171,166
▲ 1.8%
2025
middle half of the sector
20182025
Debt
€266
▼ 89.6%
2025
20182025
Working capital
€170,900
▲ 3.2%
2025
middle half of the sector
20182025
Solvency
99.8%
▲ 1.4pp
2025
highest quarter of the sector
20182025
Current ratio
no figure
2025
20182025
Return on assets (ROA)
3.1%
▲ 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-€547--€452▲ 17.4%-€398▲ 12.0%-€513▼ 29.2%-€470▲ 8.4%-€384▲ 18.3%-€1,801▼ 369%-€665▲ 63.1%
Net result-€6,163-€3,699€2,627within the sector's middle half▼ 29.0%€3,688within the sector's middle half▲ 40.4%€3,651within the sector's middle half▼ 1.0%€4,247within the sector's middle half▲ 16.3%€2,953within the sector's middle half▼ 30.5%€5,346within the sector's middle half▲ 81.1%
Equity€144,689-€148,388▲ 2.6%€151,015within the sector's middle half▲ 1.8%€154,703within the sector's middle half▲ 2.4%€158,354within the sector's middle half▲ 2.4%€162,601within the sector's middle half▲ 2.7%€165,554within the sector's middle half▲ 1.8%€170,900within the sector's middle half▲ 3.2%
Total assets€144,816-€148,569▲ 2.6%€151,895within the sector's middle half▲ 2.2%€155,844within the sector's middle half▲ 2.6%€159,531within the sector's middle half▲ 2.4%€163,759within the sector's middle half▲ 2.7%€168,109within the sector's middle half▲ 2.7%€171,166within the sector's middle half▲ 1.8%
Debt€127-€181▲ 42.6%€881▲ 385%€1,141▲ 29.5%€1,177▲ 3.1%€1,158▼ 1.6%€2,555▲ 121%€266▼ 89.6%
Working capital€144,689-€148,388▲ 2.6%€151,015above the sector's middle half▲ 1.8%€154,703above the sector's middle half▲ 2.4%€158,354above the sector's middle half▲ 2.4%€162,601above the sector's middle half▲ 2.7%€165,554above the sector's middle half▲ 1.8%€170,900within the sector's middle half▲ 3.2%
Solvency99.9%-99.9%=99.4%above the sector's middle half▼ 0.5pp99.3%above the sector's middle half▼ 0.2pp99.3%above the sector's middle half=99.3%above the sector's middle half=98.5%above the sector's middle half▼ 0.8pp99.8%above the sector's middle half▲ 1.4pp
Current ratio65.79above the sector's middle half
Return on assets (ROA)-4.3%-2.5%▲ 6.7pp1.7%within the sector's middle half▼ 0.8pp2.4%within the sector's middle half▲ 0.6pp2.3%within the sector's middle half▼ 0.1pp2.6%within the sector's middle half▲ 0.3pp1.8%within the sector's middle half▼ 0.8pp3.1%within the sector's middle half▲ 1.4pp
above
within
below
The sector band is the middle half of the companies in Advertising, market research and public relations activities (NACE 73). 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 €665, smaller than the loss of €1,801 in 2024.
Turnover and EBIT margin are not published. The abbreviated or micro format does not require them.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Equity and liabilities €171,166
Equity
€170,900 ▲ 3.2%
Debt
€266 ▼ 89.6%
Debt's share of the balance-sheet total falls from 1.5% to 0.2%. Equity is higher and debt is lower.
Key figures and ratios
Debt to equity
0.00▼
2024 · 0.02
ROE
3.1%▲
2024 · 1.8%
Debt ≤ 1 year
€266▼
2024 · €2,555
Income taxes
€2,845▲
2024 · €1,768
A ratio outside any meaningful range has been withheld (balance sheet total €171,166, equity €170,900).
Green means a favourable move, even when the figure itself falls, as with debt or debt to equity.
Annual accounts
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Goods, raw materials, services and sundry goods60/61 | - | - | - | €160 | - | - | - | - | - |
| Other operating charges640/8 | - | - | - | €353 | €470 | €384 | €1,801 | €665 | ▼ 63.1% |
| Gross operating margin9900 | -€149 | -€104 | -€50 | -€160 | - | - | - | - | - |
| Operating profit (loss)9901 | -€547 | -€452 | -€398 | -€513 | -€470 | -€384 | -€1,801 | -€665 | ▲ 63.1% |
| Financial income75/76B | - | - | - | €6,304 | €6,053 | €6,557 | €7,206 | €9,220 | ▲ 27.9% |
| Recurring financial income75 | - | - | - | €6,304 | €6,053 | €6,557 | €7,206 | €9,220 | ▲ 27.9% |
| Non-recurring financial income76B | - | - | - | €6,304 | - | - | - | - | - |
| Financial charges65/66B | - | - | - | €382 | €292 | €354 | €684 | €364 | ▼ 46.9% |
| Recurring financial charges65 | - | - | - | €382 | €292 | €354 | €684 | €364 | ▼ 46.9% |
| Non-recurring financial charges66B | - | - | - | €382 | - | - | - | - | - |
| Profit (loss) for the period before taxes9903 | -€4,158 | €5,663 | €4,037 | €5,409 | €5,290 | €5,819 | €4,720 | €8,191 | ▲ 73.5% |
| Income taxes67/77 | €2,005 | €1,964 | €1,410 | €1,720 | €1,639 | €1,572 | €1,768 | €2,845 | ▲ 60.9% |
| Profit (loss) for the period9904 | -€6,163 | €3,699 | €2,627 | €3,688 | €3,651 | €4,247 | €2,953 | €5,346 | ▲ 81.1% |
| Profit (loss) for the period to be appropriated9905 | -€6,163 | €3,699 | €2,627 | €3,688 | €3,651 | €4,247 | €2,953 | €5,346 | ▲ 81.1% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Assets | |||||||||
| Total assets20/58 | €144,816 | €148,569 | €151,895 | €155,844 | €159,531 | €163,759 | €168,109 | €171,166 | ▲ 1.8% |
| Current assets29/58 | €144,816 | €148,569 | €151,895 | €155,844 | €159,531 | €163,759 | €168,109 | €171,166 | ▲ 1.8% |
| Current investments50/53 | €136,033 | €143,986 | €145,849 | €135,595 | €153,710 | €109,046 | €157,546 | €169,587 | ▲ 7.6% |
| Cash at bank and in hand54/58 | €8,783 | €4,583 | €6,047 | €20,249 | €5,821 | €54,713 | €10,563 | €1,579 | ▼ 85.1% |
| Equity and liabilities | |||||||||
| Total equity and liabilities10/49 | €144,816 | €148,569 | €151,895 | €155,844 | €159,531 | €163,759 | €168,109 | €171,166 | ▲ 1.8% |
| Equity10/15 | €144,689 | €148,388 | €151,015 | €154,703 | €158,354 | €162,601 | €165,554 | €170,900 | ▲ 3.2% |
| Contributions10/11 | €18,592 | €18,592 | €18,592 | €18,592 | €18,592 | €18,592 | €18,592 | €18,592 | = |
| Capital10 | - | - | - | €18,592 | €18,592 | €18,592 | €18,592 | €18,592 | = |
| Issued capital100 | - | - | - | €18,592 | €18,592 | €18,592 | €18,592 | €18,592 | = |
| Reserves13 | €132,260 | €132,260 | €129,796 | €132,423 | €136,111 | €139,762 | €144,009 | €146,962 | ▲ 2.1% |
| Non-distributable reserves130/1 | - | - | - | - | - | - | - | €4,247 | - |
| Legal reserve130 | - | - | - | - | - | - | - | €4,247 | - |
| Distributable reserves133 | - | - | - | €132,423 | €136,111 | €139,762 | €144,009 | €142,715 | ▼ 0.9% |
| Profit (loss) carried forward14 | -€6,163 | -€2,464 | €2,627 | €3,688 | €3,651 | €4,247 | €2,953 | €5,346 | ▲ 81.1% |
| Amounts payable17/49 | €127 | €181 | €881 | €1,141 | €1,177 | €1,158 | €2,555 | €266 | ▼ 89.6% |
| Amounts payable within one year42/48 | €127 | €181 | €881 | €1,141 | €1,177 | €1,158 | €2,555 | €266 | ▼ 89.6% |
| Trade debts44 | - | - | - | €425 | - | - | - | - | - |
| Suppliers440/4 | - | - | - | €425 | - | - | - | - | - |
| Other amounts payable47/48 | - | - | - | €716 | €1,177 | €1,158 | €2,555 | €266 | ▼ 89.6% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | -€6,163 | €3,699 | €2,627 | €3,688 | €3,651 | €4,247 | €2,953 | €5,346 | ▲ 81.1% |
| Operating cash flow (approximation) | -€6,163 | €3,699 | €2,627 | €3,688 | €3,651 | €4,247 | €2,953 | €5,346 | ▲ 81.1% |
| Change in cash | - | -€4,200 | €1,464 | €14,202 | -€14,428 | €48,892 | -€44,150 | -€8,985 | ▲ 79.6% |
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, 17,041 companies had the same profile as IM-CAT has now. Two years later, 94.3% were still going and 0.5% had gone bankrupt.
- Micro
- 20 years or older
- solvency 30% or more
- a profit under 5% of the balance sheet
94.3%
was still going
4.9%
stopped otherwise
0.5%
went bankrupt
Another 0.2% stopped without a precise date, possibly only after those two years.
That fits the bankruptcy probability of IM-CAT 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 17,041 companies, not a prediction for IM-CAT. 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 35 filings with the National Bank
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-12-2025 | abbreviated format | 13-07-2026 | 2026-00283586 | |
| 31-12-2024 | micro format | 10-07-2025 | 2025-00252288 | |
| 31-12-2023 | micro format | 15-07-2024 | 2024-00243100 | |
| 31-12-2022 | micro format | 16-07-2023 | 2023-00238920 | |
| 31-12-2021 | micro format | 20-07-2022 | 2022-20203252 | |
| 31-12-2020 | micro format | 27-07-2021 | 2021-40000333 | |
| 31-12-2019 | micro format | 18-07-2020 | 2020-30900018 | |
| 31-12-2018 | micro format | 17-07-2019 | 2019-33300130 | |
| 31-12-2017 | abbreviated format | 18-07-2018 | 2018-33400160 | |
| 31-12-2016 | abbreviated format | 17-07-2017 | 2017-31300461 |