Equity
Debts exceed assets in financial year 2025.
Debts exceed assets in financial year 2025.
Of this, €201,356 falls due within a year.
Lower solvency than 95% of companies in real estate. Sector median 28.9% · 17,185 companies.
Negative equity caps the score at 59.
The dashed line is the sector median: 0.2% across 26,625 companies (NACE 68, micro).
About 2 in 1,000 comparable companies go bankrupt within 12 months (an estimate).
The band follows from the bankruptcy probability. 10 more points roughly halve it.
| 75-100 | Excellent | under 0.55% |
| 60-74 | Healthy | 0.55% to 1.5% |
| 45-59 | Fair | 1.5% to 4.2% |
| 25-44 | Weak | 4.2% to 15.0% |
| 0-24 | Critical | over 15.0% |
Where the company stands within its band depends half on the bankruptcy probability and half on how it does against its sector peers (NACE 68, micro). It does better than 5% of them on solvency, 49% on liquidity, 38% on profitability and 53% on growth.
The bankruptcy probability was computed on 08-11-2026 by the bankruptcy model of 2 October 2026, which learns from Belgian bankruptcies and reads the registers, the annual accounts and the Belgian Official Gazette.
The probability rests on the annual accounts with balance sheet date 30-09-2025.
Of the companies with a bankruptcy probability in the very low class on 30-06-2025, 0.1% went bankrupt within twelve months.
Some facts cap the score, however low the probability. With negative or zero equity, a heavy loss, a special status in the KBO, one missing filing or accounts filed more than 90 days late, the score is Fair at most (59). With two missing filings, it is Weak at most (44). During a judicial reorganisation or at the company's end (bankruptcy, dissolution, liquidation), it is Critical at most (24).
In July 2024, 1,379 companies had the same profile as IMAGE IMMO has now. Each dot stands for 4 companies, two years later.
Another 0.1% stopped without a precise date, possibly only after those two years.
The bankruptcy probability of IMAGE IMMO itself is lower: 0.2% within 12 months. It rests on far more data about IMAGE IMMO than the profile alone.
The method was tested on the 497,447 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 1,379 companies, not a prediction for IMAGE IMMO. 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.
Liquidity is insufficient, with a current ratio of 0.46 (0.21 in 2024), below 1. Short-term debt is 211.6% and cash 93.6% of total assets. Equity is negative.
Show the recommended maximum and see how the verdict changes with amount, term and advance.
The scores and ratios are Checked's own calculations, not a credit decision.
The company filed its last 7 accounts on average 5 days after the deadline. In the sector (NACE 68), the median for financial year 2024 was 7 days before the deadline, and 36% of those companies filed late.
| Company | ||||
|---|---|---|---|---|
| IMAGE IMMO Staden | €95,173 | €93,966 | -134.1% | - |
| SARAH BRUSSELMANS IMMOBILIER Wasseiges | €104,738 | €101,093 | 38.7% | - |
| WALLTER Hasselt | €104,305 | €89,705 | 66.0% | - |
| OR BLEU Verviers | €106,528 | €92,802 | 16.8% | 1.6 |
| IMMOEXPAT Ixelles | €100,178 | €119,796 | 23.6% | - |
| VASTGOEDPARTNERS STUBBE Bruges | €95,420 | €109,715 | -269.0% | - |
| BINCHE ASSURANCES - BINCHE IMMO Binche | €82,318 | €76,957 | -208.2% | - |
These companies have the same main activity as IMAGE IMMO: real estate agency activities (NACE 68310). They are comparable in size and age: total assets between €82,300 and €107,000, founded between 2010 and 2016.
IMAGE IMMO files the micro format. That format states no turnover. The gross margin fell from €189,294 in 2013 to €93,966 in 2025.
Sources: KBO register, filings at the National Bank, Belgian Official Gazette.
Turnover and EBIT margin are not published. The micro format does not require them. The turnover shown is an estimate from the gross margin.
Turnover ≈ €200,000. Estimated: probably between €130,000 and €270,000.
Lower than 95% of 17,185 companies in 2025.
Higher than 28% of 16,482 companies in 2025.
Higher than 58% of 16,861 companies in 2025.
Net result: middle half · Equity: bottom quarter · Balance sheet total: bottom quarter · Working capital: bottom quarter
Staff costs divided by the average number of full-time equivalents.
In 2025, nobody joined and nobody left.
| Line | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 | 2013 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Balance sheet: assets | ||||||||||||||
20/58 |
95,173 | 35,315 | 86,656 | 163,045 | 191,094 | 138,900 | 214,481 | 247,153 | 194,610 | 214,177 | 285,457 | 259,600 | 325,074 | |
21/28 |
2,149 | 7,926 | 14,629 | 24,483 | 37,498 | 37,445 | 63,164 | 76,085 | 104,177 | 132,960 | 173,760 | 217,152 | 255,047 | |
21 |
- | - | 0 | 451 | 7,152 | 20,103 | 33,054 | 43,750 | 56,250 | 68,750 | 81,250 | 93,750 | 106,250 | |
22/27 |
2,149 | 7,926 | 14,629 | 24,032 | 30,346 | 17,342 | 30,110 | 32,335 | 47,927 | 64,210 | 92,510 | 123,402 | 148,797 | |
22 |
34 | 384 | 734 | 1,085 | 1,435 | 1,794 | 2,243 | 2,803 | - | - | - | - | - | |
23 |
38 | 204 | 371 | 538 | 704 | 310 | 762 | 1,214 | 2,286 | 815 | 738 | 1,230 | 11,722 | |
24 |
1,162 | 1,968 | 3,701 | 4,576 | 2,342 | 4,332 | 4,564 | 3,143 | 3,694 | 2,719 | 7,885 | 13,018 | 7,534 | |
25 |
915 | 5,369 | 9,823 | 17,833 | 25,843 | - | - | - | - | - | - | - | - | |
26 |
- | - | - | 0 | 21 | 239 | 8,318 | 25,175 | 41,947 | 58,724 | 75,558 | 94,447 | 115,878 | |
29/58 |
93,025 | 27,389 | 72,026 | 138,563 | 153,597 | 101,455 | 151,317 | 171,068 | 90,433 | 81,217 | 111,697 | 42,447 | 70,027 | |
40/41 |
3,387 | 24,056 | 10,352 | 63,980 | 107,267 | 74,195 | 81,489 | 70,798 | 56,979 | 39,036 | 35,162 | 39,192 | 58,341 | |
40 |
3,387 | 4,553 | 7,981 | 61,354 | 56,474 | 26,098 | 46,729 | 36,006 | 11,213 | 12,007 | 12,703 | 22,291 | 37,704 | |
41 |
0 | 19,503 | 2,371 | 2,626 | 50,793 | 48,097 | 34,760 | 34,792 | 45,766 | 27,029 | 22,459 | 16,901 | 20,637 | |
54/58 |
89,052 | 2,755 | 58,947 | 70,929 | 42,251 | 23,355 | 65,401 | 100,270 | 33,454 | 42,181 | 76,141 | 3,255 | 11,686 | |
490/1 |
586 | 578 | 2,727 | 3,653 | 4,079 | 3,905 | 4,427 | - | - | - | 394 | - | - | |
| Balance sheet: equity and liabilities | ||||||||||||||
10/49 |
95,173 | 35,315 | 86,656 | 163,045 | 191,094 | 138,900 | 214,481 | 247,153 | 194,610 | 214,177 | 285,457 | 259,600 | 325,074 | |
10/15 |
-127,652 | -130,623 | -98,830 | 42,481 | 46,557 | 37,361 | 35,291 | 54,317 | 33,457 | 30,641 | 4,890 | -1,769 | 24,023 | |
10/11 |
18,600 | 18,600 | 18,600 | 18,600 | 18,600 | 18,600 | 18,600 | 18,600 | 18,600 | 18,600 | 18,600 | 18,600 | 18,600 | |
100 |
- | - | - | - | - | - | 18,600 | 18,600 | 18,600 | 18,600 | 18,600 | 18,600 | 18,600 | |
13 |
23,881 | 23,881 | 23,881 | 23,881 | 27,957 | 19,424 | 22,275 | 22,275 | 12,041 | 12,041 | 5,190 | 1,860 | 1,860 | |
130/1 |
0 | 1,860 | 1,860 | 1,860 | 1,860 | 1,860 | - | - | - | - | - | - | - | |
130 |
- | - | - | - | - | - | 1,860 | 1,860 | 1,860 | 1,860 | 1,860 | 1,860 | 1,860 | |
1311 |
0 | 1,860 | 1,860 | 1,860 | 1,860 | 1,860 | - | - | - | - | - | - | - | |
132 |
17,564 | 17,564 | 17,564 | 17,564 | 17,564 | 17,564 | 17,564 | 17,564 | 7,330 | 7,330 | 3,330 | - | - | |
133 |
6,318 | 4,458 | 4,458 | 4,458 | 8,533 | - | 2,852 | 2,852 | 2,852 | 2,852 | - | - | - | |
14 |
-170,133 | -173,104 | -141,311 | - | - | -662 | -5,584 | 13,441 | 2,815 | - | -18,899 | -22,229 | 3,563 | |
17/49 |
222,825 | 165,938 | 185,485 | 120,564 | 144,538 | 101,538 | 179,190 | 192,837 | 161,153 | 183,535 | 280,567 | 261,369 | 301,051 | |
17 |
21,469 | 29,991 | 5,990 | 10,306 | 19,299 | 18,386 | 30,438 | 28,483 | 39,170 | 49,233 | 92,383 | 141,586 | 184,749 | |
170/4 |
21,469 | 29,991 | 5,990 | 10,306 | 19,299 | 18,386 | 30,438 | 28,483 | 39,170 | 49,233 | 92,383 | 141,586 | 184,749 | |
42/48 |
201,356 | 128,001 | 173,759 | 110,258 | 125,238 | 80,974 | 147,663 | 163,264 | 121,983 | 134,302 | 188,184 | 119,783 | 112,552 | |
42 |
8,153 | 10,413 | 4,316 | 8,993 | 17,138 | 12,052 | 13,692 | 10,350 | 15,086 | 43,150 | 49,203 | 48,672 | 46,406 | |
43 |
0 | 5 | 35,000 | - | - | - | - | - | - | - | - | - | - | |
430/8 |
0 | 5 | 35,000 | - | - | - | - | - | - | - | - | - | - | |
44 |
12,695 | 48,494 | 87,907 | 72,937 | 64,329 | 39,524 | 93,900 | 108,886 | 76,484 | 66,442 | 95,629 | 34,509 | 37,998 | |
440/4 |
12,695 | 48,494 | 87,907 | 72,937 | 64,329 | 39,524 | 93,900 | 108,886 | 76,484 | 66,442 | 95,629 | 34,509 | 37,998 | |
46 |
- | - | - | 0 | 166 | 166 | - | 12,162 | 12,162 | 12,162 | - | - | - | |
45 |
36,013 | 54,089 | 46,460 | 28,327 | 43,606 | 29,232 | 40,070 | 29,866 | 18,251 | 12,548 | 43,352 | 36,602 | 24,308 | |
450/3 |
12,644 | 18,048 | 18,968 | 8,311 | 21,157 | 6,539 | 17,342 | 13,821 | 8,145 | 7,410 | 19,848 | 12,336 | 13,824 | |
454/9 |
23,369 | 36,041 | 27,492 | 20,017 | 22,449 | 22,693 | 22,728 | 16,045 | 10,107 | 5,138 | 23,504 | 24,266 | 10,483 | |
47/48 |
144,496 | 15,000 | 75 | - | - | - | - | 2,000 | - | - | - | - | 3,840 | |
492/3 |
0 | 7,946 | 5,737 | - | - | 2,179 | 1,090 | 1,090 | - | - | - | - | 3,750 | |
| Income statement | ||||||||||||||
76A |
0 | 10,006 | - | 0 | 7,000 | - | - | 1,240 | - | - | - | - | - | |
9900 |
93,966 | 113,497 | 1,278 | 131,006 | 149,917 | 120,339 | 119,361 | 146,608 | 86,799 | 119,805 | 140,540 | 121,724 | 189,294 | |
62 |
72,021 | 128,997 | 126,425 | 115,243 | 114,347 | 89,456 | 101,939 | 83,469 | 42,297 | 39,927 | 79,240 | 91,327 | 89,136 | |
630 |
5,777 | 5,966 | 10,672 | 16,371 | 23,050 | 27,341 | 36,042 | 32,495 | 35,570 | 41,511 | 43,392 | 48,115 | 82,520 | |
640/8 |
8,579 | 4,456 | 3,180 | 2,422 | 2,194 | 2,090 | 1,528 | 1,980 | 1,707 | 1,592 | 3,046 | 1,835 | 1,917 | |
9901 |
7,589 | -25,922 | -138,999 | -3,030 | 10,326 | 1,453 | -20,148 | 28,664 | 7,224 | 36,775 | 14,861 | -19,553 | 15,720 | |
75/76B |
1,026 | 1,127 | 20 | 3,342 | 3,055 | 3,055 | 2,999 | 1,855 | 864 | 898 | 796 | 359 | 1,443 | |
75 |
1,026 | 1,127 | 20 | 3,342 | 3,055 | 3,055 | 2,999 | 1,855 | 864 | 898 | 796 | 359 | 1,443 | |
65/66B |
5,502 | 6,165 | 2,273 | 1,813 | 1,873 | 1,961 | 1,505 | 1,663 | 2,738 | 8,316 | 8,785 | 6,541 | 8,159 | |
65 |
5,502 | 6,165 | 2,273 | 1,813 | 1,873 | 1,961 | 1,505 | 1,663 | 2,738 | 8,316 | 8,785 | 6,541 | 8,159 | |
9903 |
3,114 | -30,960 | -141,252 | -1,501 | 11,508 | 2,546 | -18,654 | 28,856 | 5,350 | 29,358 | 6,873 | -25,735 | 9,004 | |
67/77 |
143 | 833 | 59 | 2,575 | 2,313 | 476 | 372 | 5,996 | 2,535 | 3,607 | 214 | 56 | 3,581 | |
9904 |
2,971 | -31,793 | -141,311 | -4,075 | 9,195 | 2,070 | -19,026 | 22,860 | 2,815 | 25,751 | 6,659 | -25,792 | 5,423 | |
689 |
- | - | - | - | - | - | - | 10,234 | - | 4,000 | 3,330 | - | - | |
9905 |
2,971 | -31,793 | -141,311 | -4,075 | 9,195 | 2,070 | -19,026 | 12,626 | 2,815 | 21,751 | 3,330 | -25,792 | 5,423 | |
| Appropriation of the result | ||||||||||||||
9906 |
-170,133 | -173,104 | -141,311 | -4,075 | 8,533 | -3,514 | -5,584 | 15,441 | 2,815 | 2,852 | -18,899 | -22,229 | 5,423 | |
14P |
-173,104 | -141,311 | - | 0 | -662 | - | - | - | - | - | - | - | - | |
791/2 |
- | - | 0 | 4,075 | - | 2,852 | - | - | - | - | - | - | - | |
691/2 |
- | - | - | 0 | 8,533 | - | - | - | - | 2,852 | - | - | 1,860 | |
6920 |
- | - | - | - | - | - | - | - | - | - | - | - | 1,860 | |
6921 |
- | - | - | 0 | 8,533 | - | - | - | - | 2,852 | - | - | - | |
694/7 |
- | - | - | - | - | - | - | 2,000 | - | - | - | - | - | |
694 |
- | - | - | - | - | - | - | 2,000 | - | - | - | - | - | |
| Social balance sheet | ||||||||||||||
9087 |
2 | 2.8 | 3 | 2.7 | 2.6 | 2.2 | 2.2 | 1.8 | 1 | 1 | 1.9 | 2.5 | 1.4 | |
Hours worked1013 |
1,647 | 3,258 | 3,320 | 2,947 | 3,494 | 2,814 | 3,774 | 3,192 | 1,677 | 1,854 | 3,368 | 4,207 | 3,898 | |
| Document | ||||||||||||||
The notes to these accounts have 11 items, including the statement of assets and debts, the cost breakdown and rights and commitments. You find them in the filed accounts (PDF).
Source: Annual accounts 2025 (PDF), filed on 29-05-2026.
2025 annual accounts filed 29 days after the deadline. Filed on 29 May 2026, deadline 30 April 2026 (7 months after the close on 30 September 2025, Companies Code art. 3:10). Source: NBB, 2026-00126290.
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 30-09-2025 | micro format | 29-05-2026 | 2026-00126290 | |
| 30-09-2024 | micro format | 30-04-2025 | 2025-00087699 | |
| 30-09-2023 | micro format | 30-04-2024 | 2024-00077536 | |
| 30-09-2022 | micro format | 08-05-2023 | 2023-00083968 | |
| 30-09-2021 | micro format | 29-04-2022 | 2022-20017405 | |
| 30-09-2020 | micro format | 30-04-2021 | 2021-12800417 | |
| 30-09-2019 | micro format | 30-04-2020 | 2020-11100530 | |
| 30-09-2018 | micro format | 19-04-2019 | 2019-10400519 | |
| 30-09-2017 | micro format | 13-04-2018 | 2018-09900139 | |
| 30-09-2016 | abbreviated format | 24-03-2017 | 2017-07300560 | |
| 30-09-2015 | abbreviated format | 31-03-2016 | 2016-08800035 | |
| 30-09-2014 | abbreviated format | 27-03-2015 | 2015-07700289 | |
| 30-09-2013 | abbreviated format | 25-03-2014 | 2014-07800348 |
| Line | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 | 2013 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 13,366 | -19,956 | -128,327 | 13,341 | 33,376 | 28,793 | 15,893 | 61,159 | 42,795 | 78,286 | 58,254 | 28,562 | 98,241 | ||
| 8,748 | -25,827 | -130,639 | 12,295 | 32,246 | 29,411 | 17,016 | 55,355 | 38,386 | 67,262 | 50,052 | 22,323 | 87,943 | ||
| 0 | -737 | 819 | 3,355 | 23,103 | 1,622 | 23,121 | 4,403 | 6,787 | 711 | 0 | 10,220 | 337,567 | ||
| 86,298 | -56,193 | -11,982 | 28,679 | 18,896 | -42,046 | -34,869 | 66,816 | -8,727 | -33,959 | 72,885 | -8,431 | - | ||
| -108,332 | -100,612 | -101,732 | 28,305 | 28,358 | 20,481 | 3,654 | 7,804 | -31,551 | -53,086 | -76,487 | -77,335 | -42,525 | ||
| -134.1% | -369.9% | -114.0% | 26.1% | 24.4% | 26.9% | 16.5% | 22.0% | 17.2% | 14.3% | 1.7% | -0.7% | 7.4% | ||
| 0.46 | 0.21 | 0.41 | 1.26 | 1.23 | 1.25 | 1.02 | 1.05 | 0.74 | 0.60 | 0.59 | 0.35 | 0.62 | ||
| - | - | - | 2.84 | 3.10 | 2.72 | 5.08 | 3.55 | 4.82 | 5.99 | 57.37 | - | 12.53 | ||
| - | - | - | -9.6% | 19.8% | 5.5% | -53.9% | 42.1% | 8.4% | 84.0% | 136.2% | - | 22.6% | ||
| 3.1% | -90.0% | -163.1% | -2.5% | 4.8% | 1.5% | -8.9% | 9.2% | 1.4% | 12.0% | 2.3% | -9.9% | 1.7% | ||
| 2.43 | -3.24 | -56.45 | 7.36 | 17.82 | - | - | - | - | - | - | - | - |
Debt to equity is not shown because equity is negative. Debt divided by negative equity means nothing.
A Belgian filing has no cash-flow statement. Cash flow is therefore an approximation, derived from the income statement. Investment is the acquisitions in the notes and, without them, the balance-sheet move.
| Item | 30-09-2025 | 30-09-2024 | 30-09-2023 | 30-09-2022 | 30-09-2021 |
|---|---|---|---|---|---|
| Employees at the balance-sheet date | 2 | 2 | 3 | 3 | 3 |
| full-time | 0 | 0 | 0 | 1 | - |
| part-time | 2 | 2 | 3 | 2 | 3 |
| in full-time equivalents | 1.2 | 1.2 | 2 | 2.2 | 2.1 |
| 1.2 | 1.8 | 2 | 2.2 | 2.1 | |
| On a permanent contract | 2 | 2 | 3 | 3 | 3 |
| Joined | 0 | 0 | - | - | - |
| Left | 0 | 1 | - | - | - |
Source: social balance sheet in the 2021 to 2025 annual accounts
| Item | 30-09-2025 | 30-09-2024 | 30-09-2023 | 30-09-2022 | 30-09-2021 |
|---|---|---|---|---|---|
| €165,000 | €165,000 | €165,000 | €165,000 | €165,000 |
Source: notes to the 2021 to 2025 annual accounts (statement of debts and off-balance-sheet rights and commitments)
| Item | 30-09-2025 | 30-09-2024 | 30-09-2023 | 30-09-2022 | 30-09-2021 |
|---|---|---|---|---|---|
| Tangible fixed assets | - | - | €819 | €3,355 | €23,103 |
| €5,777 | €5,966 | €10,672 | €16,371 | €23,050 |
Source: notes to the 2021 to 2025 annual accounts (statement of fixed assets)
The operating result for 2025 is a profit of €7,589, after a loss of €25,922 in 2024. It is the highest result since 2021.
Equity is negative. Debt (€222,825) exceeds the balance-sheet total (€95,173).
IMAGE IMMO has no parent and no holdings in its annual accounts. IMAGE IMMO shares no director with another company.
Deadline for the 2026 accounts: 30-04-2027
Financial milestones sit on the financial year-end date, not the filing date.
Sources: Publications in the Belgian Official GazetteFilings with the National Bank
| Establishment | Since | Unit number |
|---|---|---|
| Grote Veldstraat 80 registered office 8840 Staden | ||
| Sint Jansstraat 33 8840 Staden | 17-04-2012 | 2.208.899.044 |
| Cadastral parcel | Area | Buildings | Height / floors |
|---|---|---|---|
| 36019A1050/00V000 | 813 m² | 1 · 207 m² | 10.4 m · 2 |
| 36019A1408/00D000 | 363 m² | 1 · 347 m² | 11.2 m · 2 |
If something looks wrong or is missing, please tell us.