IMABA
ActiveFinancials · financial year 2025, abbreviated format
2025 annual accounts filed 10 days after the deadline Filed on 10 August 2026, deadline 31 July 2026 (7 months after the close on 31 December 2025, Companies Code art. 3:10). Source: NBB, 2026-00390414.
Annual accounts 2025 filed on 10-08-2026 at the NBB all 14 filings
Turnover
≈ €410,000
Estimated: probably between €320,000 and €750,000
EBIT margin
Not included in this filing
Net result
€109,316▲ 1.0%
2024 · €108,241
Working capital
-€834,737▼ 100%
2024 · -€416,400
In the rankings
#10 company by total assets in Frasnes-lez-Anvaing, Professional and technical services sector
Multi-year overview
2019 to 2025, 7 financial yearsOperating result
€147,558
▲ 21.9%
2025
20192025
Net result
€109,316
▲ 1.0%
2025
middle half of the sector
20192025
Equity
€591,446
▼ 41.8%
2025
middle half of the sector
20192025
Total assets
€1.9m
▲ 0.2%
2025
middle half of the sector
20192025
Debt
€1.3m
▲ 48.9%
2025
20192025
Working capital
-€834,737
▼ 100%
2025
lowest quarter of the sector
20192025
Solvency
31.2%
▼ 22.5pp
2025
middle half of the sector
20192025
Current ratio
0.27
▼ 0.12
2025
lowest quarter of the sector
20192025
Return on assets (ROA)
5.8%
=
2025
middle half of the sector
20192025
Staff (FTE)
no figure
2025
20192025
Every figure per financial year
Every figure with its change against the financial year before
favourable
unfavourable
Line2019202020212022202320242025
Operating result€0.2m-€0.2m▲ 15.5%€0.1m▼ 36.5%€0.1m▲ 21.0%€0.3m▲ 130%€0.1m▼ 63.8%€0.1m▲ 21.9%
Net result€0.1m-€0.2mabove the sector's middle half▲ 46.2%€0.1mwithin the sector's middle half▼ 26.9%€0.1mwithin the sector's middle half▼ 11.9%€0.2mwithin the sector's middle half▲ 84.2%€0.1mwithin the sector's middle half▼ 41.9%€0.1mwithin the sector's middle half▲ 1.0%
Equity€0.5m-€0.7mabove the sector's middle half▲ 30.0%€0.8mwithin the sector's middle half▲ 16.9%€0.9mwithin the sector's middle half▲ 12.7%€0.9mwithin the sector's middle half▲ 1.4%€1.0mwithin the sector's middle half▲ 11.9%€0.6mwithin the sector's middle half▼ 41.8%
Total assets€1.4m-€1.4mabove the sector's middle half▼ 0.7%€1.9mwithin the sector's middle half▲ 37.0%€2.1mwithin the sector's middle half▲ 6.5%€1.9mwithin the sector's middle half▼ 10.3%€1.9mwithin the sector's middle half▲ 2.1%€1.9mwithin the sector's middle half▲ 0.2%
Debt€0.9m-€0.7m▼ 18.5%€1.1m▲ 55.5%€1.2m▲ 2.2%€0.9m▼ 19.3%€0.9m▼ 7.4%€1.3m▲ 48.9%
Working capital€0.06m--€0.4mbelow the sector's middle half-€0.4mbelow the sector's middle half▼ 25.9%-€0.6mbelow the sector's middle half▼ 46.7%-€0.6mbelow the sector's middle half▲ 13.9%-€0.4mbelow the sector's middle half▲ 25.2%-€0.8mbelow the sector's middle half▼ 100%
Solvency36.7%-48.0%within the sector's middle half▲ 11.3pp41.0%within the sector's middle half▼ 7.0pp43.3%within the sector's middle half▲ 2.4pp49.0%within the sector's middle half▲ 5.7pp53.7%within the sector's middle half▲ 4.7pp31.2%within the sector's middle half▼ 22.5pp
Current ratio1.09-0.33below the sector's middle half▼ 0.760.41below the sector's middle half▲ 0.080.24below the sector's middle half▼ 0.170.21below the sector's middle half▼ 0.030.39below the sector's middle half▲ 0.170.27below the sector's middle half▼ 0.12
Return on assets (ROA)7.5%-11.1%within the sector's middle half▲ 3.6pp5.9%within the sector's middle half▼ 5.2pp4.9%within the sector's middle half▼ 1.0pp10.1%within the sector's middle half▲ 5.2pp5.7%within the sector's middle half▼ 4.3pp5.8%within the sector's middle half=
Staff (FTE)0below the sector's middle half
above
within
below
The sector band is the middle half of the companies in Activities of head offices; management consultancy activities (NACE 70). 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 22% higher than in 2024. It is a recovery after the fall 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 €1.9m
Fixed assets
€1.6m ▼ 2.3%
Current assets
€302,947 ▲ 15.1%
Equity and liabilities €1.9m
Equity
€591,446 ▼ 41.8%
Debt
€1.3m ▲ 48.9%
Debt's share of the balance-sheet total rises from 46.3% to 68.8%. Equity is lower and debt is higher.
Key figures and ratios
EBITDA
€257,890▲
2024 · €228,170
Cash flow
€219,649▲
2024 · €215,374
Debt to equity
2.20▲
2024 · 0.86
ROE
18.5%▲
2024 · 10.7%
Interest coverage
6.03▲
2024 · 4.19
Debt ≤ 1 year
€1.1m▲
2024 · €679,497
Debt > 1 year
€125,963▼
2024 · €145,807
Income taxes
€39,019▲
2024 · €29,164
Green means a favourable move, even when the figure itself falls, as with debt or debt to equity.
Investments
| Item | 31-03-2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|
| Tangible fixed assets | €377,147 | €29,099 | €17,724 | €73,703 |
| Financial fixed assets | - | €3,585 | €15,000 | - |
| Depreciation and write-downs of the year | €152,163 | €187,032 | €107,133 | €110,333 |
Source: notes to the 2022 to 2025 annual accounts (statement of fixed assets)
Annual accounts
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €41,824 | €191,405 | €159,498 | €152,163 | €187,032 | €107,133 | €110,333 | ▲ 3.0% |
| Other operating charges640/8 | - | - | - | €10,842 | €34,795 | €20,956 | €13,719 | ▼ 34.5% |
| Gross operating margin9900 | €212,185 | €390,644 | €292,290 | €308,747 | €556,547 | €249,126 | €271,609 | ▲ 9.0% |
| Operating profit (loss)9901 | €164,266 | €189,737 | €120,416 | €145,742 | €334,720 | €121,036 | €147,558 | ▲ 21.9% |
| Financial income75/76B | - | - | - | €26,870 | €20,356 | €70,857 | €43,559 | ▼ 38.5% |
| Recurring financial income75 | €156 | €1,724 | €19,102 | €26,870 | €20,356 | €70,857 | €43,559 | ▼ 38.5% |
| Non-recurring financial income76B | - | - | - | €0 | - | - | - | - |
| Financial charges65/66B | - | - | - | €31,680 | €67,937 | €54,488 | €42,782 | ▼ 21.5% |
| Recurring financial charges65 | €23,131 | €18,649 | €29,279 | €31,680 | €67,937 | €54,488 | €42,782 | ▼ 21.5% |
| Profit (loss) for the period before taxes9903 | €141,291 | €172,813 | €145,039 | €140,932 | €287,139 | €137,405 | €148,335 | ▲ 8.0% |
| Income taxes67/77 | €34,042 | €15,971 | €30,345 | €39,862 | €100,946 | €29,164 | €39,019 | ▲ 33.8% |
| Profit (loss) for the period9904 | €107,248 | €156,842 | €114,694 | €101,070 | €186,193 | €108,241 | €109,316 | ▲ 1.0% |
| Profit (loss) for the period to be appropriated9905 | €107,248 | €156,842 | €114,694 | €101,070 | €186,193 | €108,241 | €109,316 | ▲ 1.0% |
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|
| Assets | ||||||||
| Total assets20/58 | €1.4m | €1.4m | €1.9m | €2.1m | €1.9m | €1.9m | €1.9m | ▲ 0.2% |
| Fixed assets21/28 | €0.7m | €1.2m | €1.6m | €1.9m | €1.7m | €1.6m | €1.6m | ▼ 2.3% |
| Tangible fixed assets22/27 | €0.7m | €1.2m | €1.6m | €1.8m | €1.7m | €1.6m | €1.5m | ▼ 2.3% |
| Land and buildings22 | - | - | - | €1.8m | €1.7m | €1.6m | €1.5m | ▼ 5.8% |
| Plant, machinery and equipment23 | - | - | - | - | €0.001m | €0.001m | €265 | ▼ 68.2% |
| Furniture and vehicles24 | - | - | - | €0.006m | €0.005m | €0.009m | €0.06m | ▲ 607% |
| Financial fixed assets28 | €0.07m | €0.04m | €0.04m | €0.04m | €0.04m | €0.06m | €0.06m | = |
| Current assets29/58 | €0.7m | €0.2m | €0.3m | €0.2m | €0.2m | €0.3m | €0.3m | ▲ 15.1% |
| Stocks and contracts in progress3 | €0.2m | €0 | - | - | - | - | - | - |
| Amounts receivable within one year40/41 | €0.2m | €0.1m | €0.03m | €0.04m | €0.05m | €0.1m | €0.2m | ▲ 52.6% |
| Trade receivables40 | - | - | - | €0.03m | €0.05m | €0.1m | €0.2m | ▲ 32.4% |
| Other amounts receivable41 | - | - | - | €0.009m | €0 | €0.02m | €0.06m | ▲ 162% |
| Current investments50/53 | €0.03m | €0.04m | €0.05m | €0.05m | €0.05m | €0.06m | €0 | ▼ 100% |
| Cash at bank and in hand54/58 | €0.2m | €0.03m | €0.2m | €0.1m | €0.05m | €0.05m | €0.07m | ▲ 50.2% |
| Deferred charges and accrued income490/1 | - | - | - | €0.004m | €0.001m | €0.006m | €0.006m | ▼ 5.8% |
| Equity and liabilities | ||||||||
| Total equity and liabilities10/49 | €1.4m | €1.4m | €1.9m | €2.1m | €1.9m | €1.9m | €1.9m | ▲ 0.2% |
| Equity10/15 | €0.5m | €0.7m | €0.8m | €0.9m | €0.9m | €1.0m | €0.6m | ▼ 41.8% |
| Contributions10/11 | €0.1m | €0 | - | €0.1m | €0.1m | €0.1m | €0.1m | = |
| Reserves13 | €0.4m | €0.5m | €0.6m | €0.7m | €0.7m | €0.8m | €0.4m | ▼ 50.5% |
| Non-distributable reserves130/1 | - | - | - | €0.01m | €0.01m | €0.01m | €0.01m | = |
| Reserves not available under the articles1311 | - | - | - | €0.01m | €0.01m | €0.01m | €0.01m | = |
| Distributable reserves133 | - | - | - | €0.7m | €0.7m | €0.8m | €0.4m | ▼ 51.3% |
| Profit (loss) carried forward14 | €0.04m | €0.04m | €0.05m | €0.05m | €0.05m | €0.05m | €0.05m | = |
| Amounts payable17/49 | €0.9m | €0.7m | €1.1m | €1.2m | €0.9m | €0.9m | €1.3m | ▲ 48.9% |
| Amounts payable after more than one year17 | €0.2m | €0.2m | €0.4m | €0.3m | €0.2m | €0.1m | €0.1m | ▼ 13.6% |
| Financial debts170/4 | - | - | - | €0.3m | €0.2m | €0.1m | €0.1m | ▼ 13.6% |
| Amounts payable within one year42/48 | €0.6m | €0.5m | €0.7m | €0.9m | €0.7m | €0.7m | €1.1m | ▲ 67.4% |
| Current portion of amounts payable after more than one year42 | - | - | - | €0.07m | €0.05m | €0.03m | €0.02m | ▼ 42.6% |
| Trade debts44 | €0.2m | €0.09m | €0.06m | €0.09m | €0.04m | €0.03m | €0.03m | ▲ 8.5% |
| Suppliers440/4 | - | - | - | €0.09m | €0.04m | €0.03m | €0.03m | ▲ 8.5% |
| Taxes, remuneration and social security45 | - | - | - | €0.02m | €0.007m | €0.01m | €0.02m | ▲ 24.0% |
| Taxes450/3 | - | - | - | €0.02m | €0.007m | €0.01m | €0.02m | ▲ 24.0% |
| Other amounts payable47/48 | - | - | - | €0.7m | €0.6m | €0.6m | €1.1m | ▲ 77.7% |
| Accrued charges and deferred income492/3 | - | - | - | €0.03m | €0.06m | €0.05m | €0.04m | ▼ 21.1% |
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €107,248 | €156,842 | €114,694 | €101,070 | €186,193 | €108,241 | €109,316 | ▲ 1.0% |
| + Depreciation and write-downs630 | €41,824 | €191,405 | €159,498 | €152,163 | €187,032 | €107,133 | €110,333 | ▲ 3.0% |
| Operating cash flow (approximation) | €149,072 | €348,247 | €274,192 | €253,233 | €373,225 | €215,374 | €219,649 | ▲ 2.0% |
| Investment in fixed assets (approximation) | - | -€698,443 | -€550,537 | -€377,147 | -€32,684 | -€32,724 | -€73,703 | ▼ 125% |
| Change in cash | - | -€199,675 | €191,214 | -€106,895 | -€73,043 | €1,831 | €23,884 | ▲ 13× |
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, 17,811 companies had the same profile as IMABA has now. Two years later, 96.5% were still going and 0.3% had gone bankrupt.
- Small
- 10 to 20 years old
- solvency 30% or more
- a profit of 5% of the balance sheet or more
96.5%
was still going
3.1%
stopped otherwise
0.3%
went bankrupt
That fits the bankruptcy probability of IMABA 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 17,811 companies, not a prediction for IMABA. 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 14 filings with the National Bank
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-12-2025 | abbreviated format | 10-08-2026 | 2026-00390414 | |
| 31-12-2024 | full format | 02-07-2025 | 2025-00219616 | |
| 31-12-2023 | full format | 20-06-2024 | 2024-00145945 | |
| 31-03-2022 | full format | 27-10-2022 | 2022-20474411 | |
| 31-03-2021 | full format | 26-10-2021 | 2021-75300332 | |
| 31-03-2020 | micro format | 30-10-2020 | 2020-65900172 | |
| 31-03-2019 | micro format | 29-10-2019 | 2019-71900445 | |
| 31-03-2018 | micro format | 31-10-2018 | 2018-71000464 | |
| 31-03-2017 | micro format | 26-10-2017 | 2017-68300352 | |
| 31-03-2016 | full format | 31-10-2016 | 2016-67300364 |