IMAF
ActiveSummary
IMAF has been active since 1987 and the Belgian State Gazette contains no insolvency or warning signals. The 2025 annual accounts show equity of €443,658 and a net result of -€8,757. Equity is shrinking by ~4.9% per year across the filed fiscal years. Its solvency ranks better than 92% of 4565 sector peers (fiscal year 2025). The computed 12-month bankruptcy probability is 0.2% (very low).
Checked score
Score 2025
Axes · tick = 2024
Profitability66▼-3
Solvency100=
Growth32=
Track record100
Bankruptcy probability, 12 months
0.2%
Very low
0%0.5%1.5%4%10%≥ 25%
Credit up to €35,000 at 30 days acceptable
Liquidity ample (current ratio 10.08 against 2.1 in 2024; short-term debt: 2.6% and cash: 0.7% of total assets), and 4.4% of the assets are financed with debt.
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Signals
Six signals. The signal on the left, the evidence on the right.
−lowers risk+raises risk○neutral
lowers risk · Lower-failure-rate sector
In this sector companies fail less often than the Belgian average.
Gazette · bankruptcies per sector, NACE 68
Relative position
BE, all sectors
reference
Real estate activities (NACE 68)
about 43% fewer bankruptcies
← fewer bankruptcies
more bankruptcies →
lowers risk · Long track record
A company with a long track record statistically fails less often than a young one.
KBO · incorporation dateAge against the risk zone
lowers risk · Annual accounts: healthy financial profile
The latest annual accounts show a healthy profile in solvency, result and liquidity.
NBB · annual accounts 2025Solvency, return and age of the figures
Solvency
95.6%
Return on assets
-1.9%
Age of the figures
11 mo
neutral · Latest accounts filed on time
The financial year that closed on 31-10-2025 was due by 31-05-2026 and was filed on 12-05-2026, 19 days ahead of the deadline.
NBB · 10 filingsDeviation from the deadline
2025
19 d early
2024
17 d late
2023
20 d late
2022
2 d late
2021
on the day
2020
8 d late
2019
20 d early
← before the deadline
after the deadline →
tick = median of all Belgian filingsring = median in the sector
This company filed its last 7 accounts on average 1 day after the deadline; the sector median for financial year 2024 is 7 days before the deadline, and 36% of the sector filed late.
Checked, nothing found (2)
neutral · The next deadline is still running
The next financial year closes on 31-10-2026 and is due by 31-05-2027. Nothing is late today.
Companies Code · seven monthsPosition in the running window
26-09-2026 today31-10-2026 close31-05-2027 deadline
History
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Financials · fiscal year 2025, full schema
In the rankings
#2 oldest company in Herstal, Real estate sector
Turnover
Not included in this filing
EBIT margin
Not included in this filing
Net result
-€8,757
2024 · €2,249
Working capital
€109,611▲ 88.9%
2024 · €58,013
Trend over the years
Click a name to add, emphasise or remove a line.
Every figure with its change against the fiscal year before
favourable
unfavourable
Line20212022202320242025
Operating result€17,172€36,430▲ 112%-€11,611-€380▲ 96.7%-€14,533▼ 3,724%
Net result€10,443€33,394▲ 220%-€12,296€2,249-€8,757
Equity€525,069▼ 9.4%€462,462▼ 11.9%€450,166▼ 2.7%€452,415▲ 0.5%€443,658▼ 1.9%
Total assets€743,053▼ 14.7%€708,285▼ 4.7%€597,595▼ 15.6%€520,678▼ 12.9%€464,217▼ 10.8%
Debt€192,477▼ 26.4%€224,569▲ 16.7%€130,430▼ 41.9%€55,518▼ 57.4%€12,068▼ 78.3%
Working capital-€8,853€4,698€11,228▲ 139%€58,013▲ 417%€109,611▲ 88.9%
Result per fiscal year
Operating resultNet result
The operating result stays negative: a loss of €14,533 in 2025 against €380 in 2024; the loss grows and 2025 has the lowest result in the available series.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €464,217
Fixed assets
€342,538 ▼ 16.4%
Current assets
€121,680 ▲ 9.8%
Equity and liabilities €464,217
Equity
€443,658 ▼ 1.9%
Provisions
€8,491 ▼ 33.4%
Debt
€12,068 ▼ 78.3%
Debt's share of the balance-sheet total falls from 10.7% to 2.6%. Equity and debt are lower.
Key figures and ratios
EBITDA
€52,765▼
2024 · €66,971
Cash flow
€58,541▼
2024 · €69,600
Current ratio
10.08▲
2024 · 2.10
Debt to equity
0.03▼
2024 · 0.12
ROE
-2.0%▼
2024 · 0.5%
ROA
-1.9%▼
2024 · 0.4%
Interest coverage
49.89▼
2024 · 110.14
Debt ≤ 1 year
€12,068▼
2024 · €52,830
Debt > 1 year
€0▼
2024 · €2,591
Income taxes
€318▼
2024 · €3,336
Green means a favourable move, even when the figure itself falls: as with debt or debt to equity.
Annual accounts
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €67,351 | €67,351 | €67,351 | €67,351 | €67,298 | ▼ 0.1% |
| Other operating charges640/8 | €17,310 | €17,689 | €18,611 | €19,531 | €20,211 | ▲ 3.5% |
| Gross operating margin9900 | €101,832 | €121,470 | €74,351 | €86,502 | €72,976 | ▼ 15.6% |
| Operating profit (loss)9901 | €17,172 | €36,430 | -€11,611 | -€380 | -€14,533 | ▼ 3,724% |
| Financial income75/76B | - | €3,162 | €0 | €2,319 | €2,897 | ▲ 24.9% |
| Recurring financial income75 | - | €3,162 | €0 | €2,319 | €2,897 | ▲ 24.9% |
| Financial charges65/66B | €8,568 | €5,720 | €4,940 | €608 | €1,058 | ▲ 73.9% |
| Recurring financial charges65 | €8,568 | €5,720 | €4,940 | €608 | €1,058 | ▲ 73.9% |
| Profit (loss) for the period before taxes9903 | €8,604 | €33,872 | -€16,551 | €1,331 | -€12,694 | ▼ 1,054% |
| Transfer from deferred taxes780 | €4,254 | €4,254 | €4,254 | €4,254 | €4,254 | = |
| Income taxes67/77 | €2,415 | €4,732 | €0 | €3,336 | €318 | ▼ 90.5% |
| Profit (loss) for the period9904 | €10,443 | €33,394 | -€12,296 | €2,249 | -€8,757 | ▼ 489% |
| Transfer from tax-exempt reserves789 | €9,606 | €9,606 | €9,606 | €9,606 | €9,606 | = |
| Profit (loss) for the period to be appropriated9905 | €20,049 | €43,000 | -€2,691 | €11,855 | €849 | ▼ 92.8% |
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Assets | ||||||
| Total assets20/58 | €743,053 | €708,285 | €597,595 | €520,678 | €464,217 | ▼ 10.8% |
| Fixed assets21/28 | €611,889 | €544,538 | €477,187 | €409,836 | €342,538 | ▼ 16.4% |
| Tangible fixed assets22/27 | €491,284 | €423,933 | €356,582 | €289,231 | €221,933 | ▼ 23.3% |
| Land and buildings22 | €491,284 | €423,933 | €356,582 | €289,231 | €221,933 | ▼ 23.3% |
| Financial fixed assets28 | €120,605 | €120,605 | €120,605 | €120,605 | €120,605 | = |
| Current assets29/58 | €131,165 | €163,748 | €120,409 | €110,843 | €121,680 | ▲ 9.8% |
| Amounts receivable after more than one year29 | €52,000 | €130,400 | €0 | - | €96,723 | - |
| Trade receivables290 | - | - | - | - | €96,723 | - |
| Other amounts receivable291 | €52,000 | €130,400 | €0 | - | - | - |
| Amounts receivable within one year40/41 | €78,420 | €31,504 | €117,245 | €105,303 | €19,504 | ▼ 81.5% |
| Trade receivables40 | €77,222 | €27,577 | €116,470 | €17,205 | €17,745 | ▲ 3.1% |
| Other amounts receivable41 | €1,198 | €3,927 | €775 | €88,097 | €1,758 | ▼ 98.0% |
| Current investments50/53 | €30 | €30 | €30 | €30 | €30 | ▲ 0.5% |
| Cash at bank and in hand54/58 | €715 | €1,814 | €1,281 | €3,710 | €3,277 | ▼ 11.7% |
| Deferred charges and accrued income490/1 | - | - | €1,853 | €1,800 | €2,145 | ▲ 19.2% |
| Equity and liabilities | ||||||
| Total equity and liabilities10/49 | €743,053 | €708,285 | €597,595 | €520,678 | €464,217 | ▼ 10.8% |
| Equity10/15 | €525,069 | €462,462 | €450,166 | €452,415 | €443,658 | ▼ 1.9% |
| Contributions10/11 | €309,867 | €309,867 | €309,867 | €309,867 | €309,867 | = |
| Capital10 | €309,867 | €309,867 | €309,867 | €309,867 | €309,867 | = |
| Issued capital100 | €309,867 | €309,867 | €309,867 | €309,867 | €309,867 | = |
| Reserves13 | €194,641 | €152,035 | €140,229 | €130,623 | €121,017 | ▼ 7.4% |
| Non-distributable reserves130/1 | €30,987 | €30,987 | €30,987 | €30,987 | €30,987 | = |
| Legal reserve130 | €30,987 | €30,987 | €30,987 | €30,987 | €30,987 | = |
| Tax-exempt reserves132 | €60,654 | €51,049 | €41,443 | €31,837 | €22,231 | ▼ 30.2% |
| Distributable reserves133 | €103,000 | €70,000 | €67,800 | €67,800 | €67,800 | = |
| Profit (loss) carried forward14 | €20,561 | €560 | €70 | €11,925 | €12,774 | ▲ 7.1% |
| Provisions and deferred taxes16 | €25,508 | €21,254 | €17,000 | €12,745 | €8,491 | ▼ 33.4% |
| Deferred taxes168 | €25,508 | €21,254 | €17,000 | €12,745 | €8,491 | ▼ 33.4% |
| Amounts payable17/49 | €192,477 | €224,569 | €130,430 | €55,518 | €12,068 | ▼ 78.3% |
| Amounts payable after more than one year17 | €52,459 | €65,520 | €18,000 | €2,591 | €0 | ▼ 100% |
| Financial debts170/4 | €52,459 | €65,520 | €18,000 | €2,591 | €0 | ▼ 100% |
| Amounts payable within one year42/48 | €140,018 | €159,049 | €109,181 | €52,830 | €12,068 | ▼ 77.2% |
| Current portion of amounts payable after more than one year42 | €54,299 | €52,459 | €0 | - | - | - |
| Trade debts44 | €17,985 | €5,859 | €72,542 | €49,480 | €11,750 | ▼ 76.3% |
| Suppliers440/4 | €17,985 | €5,859 | €72,542 | €49,480 | €11,750 | ▼ 76.3% |
| Taxes, remuneration and social security45 | €2,734 | €4,732 | €4,746 | €3,350 | €318 | ▼ 90.5% |
| Taxes450/3 | €2,734 | €4,732 | €4,746 | €3,350 | €318 | ▼ 90.5% |
| Other amounts payable47/48 | €65,000 | €96,000 | €31,892 | €0 | - | - |
| Accrued charges and deferred income492/3 | - | - | €3,249 | €97 | €0 | ▼ 100% |
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €10,443 | €33,394 | -€12,296 | €2,249 | -€8,757 | ▼ 489% |
| + Depreciation and write-downs630 | €67,351 | €67,351 | €67,351 | €67,351 | €67,298 | ▼ 0.1% |
| Operating cash flow (approximation) | €77,794 | €100,745 | €55,055 | €69,600 | €58,541 | ▼ 15.9% |
| Investment in fixed assets (approximation) | - | €0 | €0 | €0 | €0 | - |
| Change in cash | - | €1,099 | -€533 | €2,429 | -€433 | ▼ 118% |
Simplified and derived: a Belgian filing has no cash-flow statement, so these rows come from the income statement and the balance-sheet moves.
Timeline · acts, filings and financial milestones
Next filing, fiscal year 2026, expected by
2026
12-05
NBB filing
Annual accounts filed
fiscal year 2025 · full schema
2025
31-10
Financial
Liquidity times 5current ratio 10.08
Current ratio from 2.10 to 10.08; short-term debt falls from €52,830 to €12,068.
17-06
NBB filing
Annual accounts filed
fiscal year 2024 · full schema · 17 days late
2024
31-10
Financial
Back to profitnet €2,249
Net result €2,249 after one loss-making year.
20-06
NBB filing
Annual accounts filed
fiscal year 2023 · full schema · 20 days late
2023
02-06
NBB filing
Annual accounts filed
fiscal year 2022 · full schema · 2 days late
2022
31-10
Financial
Highest result since 2018net €33,394 ▲220%
Operating result €36,430, net result €33,394, both a record.
31-05
NBB filing
Annual accounts filed
fiscal year 2021 · full schema
2021
31-10
Financial
Back to profitnet €10,443
Net result €10,443 after one loss-making year.
08-06
NBB filing
Annual accounts filed
fiscal year 2020 · full schema · 8 days late
2020
31-10
Financial
Weakest financial yearnet -€23,014
Net result drops to -€23,014, the lowest in the series; recovery starts the following year.
11-05
NBB filing
Annual accounts filed
fiscal year 2019 · micro schema
Show earlier events
2019
16-04
NBB filing
Annual accounts filed
fiscal year 2018 · micro schema
2018
24-05
NBB filing
Annual accounts filed
fiscal year 2017 · micro schema
2017
05-05
NBB filing
Annual accounts filed
fiscal year 2016 · full schema
Financial milestoneNBB filingFinancial milestones sit on the fiscal year-end date, not the filing date.
0 of 9 acts read
About the unread acts
We know of 9 Belgian State Gazette acts for this company. None of them has been read yet: what they contain is neither established nor disproved here.
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Directors · office · real estate
Directors
9 acts for this company are in the Belgian State Gazette, of which we have read 0. We have therefore not extracted its directors from those acts yet.
Location & real-estate footprint
Registered office, Herstal · 1 establishment unit since 1988
Ground area
2,708 m²
Building footprint
1,108 m²
2 parcels, Wallonia. Linked by address, not a title deed.
1 establishment unit
En Haute Marexhe 182, 4040 Herstal
since 19882.032.800.690
2 parcels
Wallonia
2
(100%)
| Parcel (capakey) | Region | Area | Buildings | Height / fl. |
|---|---|---|---|---|
| 62051D1800/00X000 | Wallonia | 2,617 m² | 1 · 1,043 m² | - |
| 62051D1400/00P004indicative | Wallonia | 91 m² | 1 · 65 m² | - |
Linked by address, not proof of ownership
Good to know
1 of 2 parcels with an exact address match; the rest are indicative.
Linked through address data, this is not proof of ownership.
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Of 12,042 companies in sector 68203 we hold annual accounts for 5,995. 4,420 are within a factor 10 of this equity. The 5 above are the closest to it. See the whole sector
Identification & contact
Identification
Legal formPublic limited company
Founded01-12-1987
Fiscal year end31-10
Activities, NACEBEL 2025
68203Renting and operating of own or leased non-residential real estate, excluding land
68201Renting and operating of own or leased residential real estate, excluding social housing
Scores and ratios are computed by Checked and are not a credit decision.