IMALDA
ActiveFinancials · financial year 2025, micro format
Annual accounts 2025 filed on 28-10-2025 PDF all 40 filings
Turnover
≈ €180,000
Estimated: probably between €81,000 and €430,000
Total assets
€1.6m▼ 12.2%
2024 · €1.8m
Net result
€54,235
2024 · -€31,372
Working capital
€390,002▼ 57.5%
2024 · €918,021
Multi-year overview
2019 to 2025, 7 financial yearsOperating result
-€21,748
▲ 2.8%
2025
20192025
Net result
€54,235
2025
20192025
Equity
€1.1m
▼ 3.4%
2025
20192025
Total assets
€1.6m
▼ 12.2%
2025
20192025
Debt
€286,199
▼ 38.1%
2025
20192025
Working capital
€390,002
▼ 57.5%
2025
20192025
Every figure per financial year
Every figure with its change against the financial year before
favourable
unfavourable
Line2019202020212022202320242025
Operating result€0.01m-€0.04m▲ 210%€0.2m▲ 418%€0.8m▲ 266%-€0.1m-€0.02m▲ 77.1%-€0.02m▲ 2.8%
Net result€0.01m-€0.03m▲ 157%€0.2m▲ 519%€0.6m▲ 267%-€0.1m-€0.03m▲ 70.9%€0.05m
Equity€0.6m-€0.6m▲ 0.5%€0.7m▲ 20.9%€1.3m▲ 82.7%€1.2m▼ 14.1%€1.1m▼ 2.7%€1.1m▼ 3.4%
Total assets€0.7m-€0.7m▼ 1.8%€0.8m▲ 21.2%€1.6m▲ 97.5%€1.9m▲ 23.9%€1.8m▼ 7.3%€1.6m▼ 12.2%
Debt€0.03m-€0.03m▼ 6.8%€0.03m▲ 9.3%€478▼ 98.5%€0.6m▲ 1,188×€0.5m▼ 18.5%€0.3m▼ 38.1%
Working capital€0.4m-€0.5m▲ 7.4%€0.7m▲ 56.4%€1.5m▲ 110%€0.9m▼ 38.1%€0.9m▼ 2.4%€0.4m▼ 57.5%
The operating result for 2025 is a loss of €21,748, smaller than the loss of €22,371 in 2024.
Turnover and EBIT margin are not published. The micro format does not require them. The turnover shown is an estimate from the gross margin.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €1.6m
Fixed assets
€1.1m ▲ 24.6%
Current assets
€512,406 ▼ 45.7%
Equity and liabilities €1.6m
Equity
€1.1m ▼ 3.4%
Provisions
€215,174 ▼ 2.8%
Debt
€286,199 ▼ 38.1%
Debt's share of the balance-sheet total falls from 25.7% to 18.1%. Equity and debt are lower.
Key figures and ratios
EBITDA
€19,301▲
2024 · €15,046
Cash flow
€95,284▲
2024 · €6,045
Current ratio
4.19▼
2024 · 36.39
Debt to equity
0.26▼
2024 · 0.41
ROE
5.0%▲
2024 · -2.8%
ROA
3.4%▲
2024 · -1.7%
Interest coverage
1.23▲
2024 · 1.03
Debt ≤ 1 year
€122,404▲
2024 · €25,940
Debt > 1 year
€162,730▼
2024 · €436,451
Income taxes
€10▼
2024 · €490
Green means a favourable move, even when the figure itself falls, as with debt or debt to equity.
Investments
| Item | 30-06-2022 | 30-06-2023 | 30-06-2024 | 30-06-2025 |
|---|---|---|---|---|
| Tangible fixed assets | €56,000 | €876,373 | - | €252,217 |
| Depreciation and write-downs of the year | €7,395 | €47,660 | €37,417 | €41,049 |
Source: notes to the 2022 to 2025 annual accounts (statement of fixed assets)
Annual accounts
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|
| Non-recurring operating income76A | - | - | - | - | €35 | €13 | - | - |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €47,266 | €41,386 | €17,872 | €7,395 | €47,660 | €37,417 | €41,049 | ▲ 9.7% |
| Other operating charges640/8 | - | - | - | €19,462 | €1,331 | €3,117 | €3,905 | ▲ 25.3% |
| Gross operating margin9900 | €90,608 | €112,656 | €263,828 | €815,351 | -€48,611 | €18,164 | €23,206 | ▲ 27.8% |
| Operating profit (loss)9901 | €13,432 | €41,677 | €215,711 | €788,494 | -€97,602 | -€22,371 | -€21,748 | ▲ 2.8% |
| Financial income75/76B | - | - | - | €18,596 | €431 | €788 | €85,577 | ▲ 109× |
| Recurring financial income75 | €2,420 | €2,428 | €7,804 | €18,596 | €431 | €788 | €85,577 | ▲ 109× |
| Financial charges65/66B | - | - | - | €189 | €13,897 | €14,565 | €15,707 | ▲ 7.8% |
| Recurring financial charges65 | €582 | €5,367 | €489 | €189 | €13,897 | €14,565 | €15,707 | ▲ 7.8% |
| Profit (loss) for the period before taxes9903 | €15,270 | €38,738 | €223,025 | €806,901 | -€111,068 | -€36,148 | €48,122 | - |
| Transfer from deferred taxes780 | - | - | - | - | €3,470 | €5,266 | €6,123 | ▲ 16.3% |
| Transfer to deferred taxes680 | - | - | - | €200,432 | - | - | - | - |
| Income taxes67/77 | €5,834 | €12,090 | €28,469 | €669 | €172 | €490 | €10 | ▼ 97.9% |
| Profit (loss) for the period9904 | €10,383 | €26,648 | €164,955 | €605,800 | -€107,770 | -€31,372 | €54,235 | - |
| Transfer from tax-exempt reserves789 | - | - | - | - | €11,151 | €16,687 | €19,256 | ▲ 15.4% |
| Transfer to tax-exempt reserves689 | - | - | - | €601,295 | - | - | - | - |
| Profit (loss) for the period to be appropriated9905 | €13,227 | €26,648 | €46,550 | €4,506 | -€96,619 | -€14,686 | €73,490 | - |
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|
| Assets | ||||||||
| Total assets20/58 | €0.7m | €0.7m | €0.8m | €1.6m | €1.9m | €1.8m | €1.6m | ▼ 12.2% |
| Fixed assets21/28 | €0.2m | €0.2m | €0.05m | €0.05m | €0.9m | €0.9m | €1.1m | ▲ 24.6% |
| Intangible fixed assets21 | - | - | - | - | - | - | €0 | - |
| Tangible fixed assets22/27 | €0.2m | €0.2m | €0.05m | €0.05m | €0.9m | €0.9m | €1.1m | ▲ 24.6% |
| Land and buildings22 | - | - | - | - | €0.9m | €0.8m | €1.1m | ▲ 26.7% |
| Furniture and vehicles24 | - | - | - | €0.05m | €0.04m | €0.03m | €0.02m | ▼ 42.7% |
| Financial fixed assets28 | €79 | €79 | €79 | €79 | €79 | €79 | - | - |
| Current assets29/58 | €0.5m | €0.5m | €0.7m | €1.5m | €1.0m | €0.9m | €0.5m | ▼ 45.7% |
| Amounts receivable after more than one year29 | - | - | - | €0.04m | - | - | - | - |
| Other amounts receivable291 | - | - | - | €0.04m | - | - | - | - |
| Amounts receivable within one year40/41 | - | - | €0.03m | €0.08m | - | - | €0 | - |
| Trade receivables40 | - | - | - | €0.07m | - | - | €0 | - |
| Other amounts receivable41 | - | - | - | €0.005m | - | - | - | - |
| Current investments50/53 | €0.4m | €0.4m | €0.6m | €0.9m | €0.9m | €0.9m | €0.5m | ▼ 45.8% |
| Cash at bank and in hand54/58 | €0.09m | €0.03m | €0.01m | €0.5m | €0.1m | €0.04m | €0.02m | ▼ 39.4% |
| Deferred charges and accrued income490/1 | - | - | - | €0.001m | €0.001m | €0.003m | - | - |
| Equity and liabilities | ||||||||
| Total equity and liabilities10/49 | €0.7m | €0.7m | €0.8m | €1.6m | €1.9m | €1.8m | €1.6m | ▼ 12.2% |
| Equity10/15 | €0.6m | €0.6m | €0.7m | €1.3m | €1.2m | €1.1m | €1.1m | ▼ 3.4% |
| Contributions10/11 | €0.3m | €0.3m | €0.3m | €0.4m | €0.4m | €0.4m | €0.4m | = |
| Capital10 | - | - | - | €0.3m | €0.3m | €0.3m | €0.3m | = |
| Issued capital100 | - | - | - | €0.3m | €0.3m | €0.3m | €0.3m | = |
| Contributions outside capital11 | - | - | - | €0.05m | €0.05m | €0.05m | €0.05m | = |
| Share premium1100/10 | - | - | - | €0.05m | €0.05m | €0.05m | €0.05m | = |
| Reserves13 | €0.2m | €0.2m | €0.3m | €1.0m | €0.9m | €0.8m | €0.7m | ▼ 13.2% |
| Non-distributable reserves130/1 | - | - | - | €0.03m | €0.03m | €0.03m | €0.03m | = |
| Legal reserve130 | - | - | - | €0.03m | €0.03m | €0.03m | €0.03m | = |
| Tax-exempt reserves132 | - | - | - | €0.7m | €0.7m | €0.7m | €0.7m | ▼ 2.7% |
| Distributable reserves133 | - | - | - | €0.2m | €0.1m | €0.1m | €0.02m | ▼ 85.8% |
| Profit (loss) carried forward14 | €0.02m | €0.02m | €0.02m | €0.02m | -€0.08m | -€0.09m | -€0.02m | ▲ 77.6% |
| Provisions and deferred taxes16 | €0.03m | €0.02m | €0.03m | €0.2m | €0.2m | €0.2m | €0.2m | ▼ 2.8% |
| Deferred taxes168 | - | - | - | €0.2m | €0.2m | €0.2m | €0.2m | ▼ 2.8% |
| Amounts payable17/49 | €0.03m | €0.03m | €0.03m | €478 | €0.6m | €0.5m | €0.3m | ▼ 38.1% |
| Amounts payable after more than one year17 | - | - | - | - | €0.5m | €0.4m | €0.2m | ▼ 62.7% |
| Financial debts170/4 | - | - | - | - | €0.5m | €0.4m | €0.2m | ▼ 62.7% |
| Amounts payable within one year42/48 | €0.02m | €0.02m | €0.02m | €478 | €0.1m | €0.03m | €0.1m | ▲ 372% |
| Current portion of amounts payable after more than one year42 | - | - | - | - | €0.02m | €0.02m | €0.02m | ▲ 3.0% |
| Trade debts44 | €0.02m | €0.01m | €0.01m | €478 | €0.005m | €0.003m | €0.005m | ▲ 86.9% |
| Suppliers440/4 | - | - | - | €478 | €0.005m | €0.003m | €0.005m | ▲ 86.9% |
| Taxes, remuneration and social security45 | - | - | - | - | €172 | €254 | €205 | ▼ 19.4% |
| Taxes450/3 | - | - | - | - | €172 | €254 | €205 | ▼ 19.4% |
| Other amounts payable47/48 | - | - | - | - | €0.08m | - | €0.09m | - |
| Accrued charges and deferred income492/3 | - | - | - | - | - | - | €0.001m | - |
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €10,383 | €26,648 | €164,955 | €605,800 | -€107,770 | -€31,372 | €54,235 | - |
| + Depreciation and write-downs630 | €47,266 | €41,386 | €17,872 | €7,395 | €47,660 | €37,417 | €41,049 | ▲ 9.7% |
| Operating cash flow (approximation) | €57,649 | €68,034 | €182,826 | €613,195 | -€60,110 | €6,045 | €95,284 | ▲ 16× |
| Investment in fixed assets (approximation) | - | €0 | €106,994 | -€7,726 | -€894,873 | €0 | -€252,138 | - |
| Change in cash | - | -€57,148 | -€20,520 | €487,485 | -€357,527 | -€106,626 | -€13,848 | ▲ 87.0% |
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, 14,766 companies had the same profile as IMALDA has now. Two years later, 96.2% were still going and 0.2% had gone bankrupt.
- Small
- 20 years or older
- solvency 30% or more
- a profit under 5% of the balance sheet
96.2%
was still going
3.5%
stopped otherwise
0.2%
went bankrupt
Another 0.1% stopped without a precise date, possibly only after those two years.
That fits the bankruptcy probability of IMALDA 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 14,766 companies, not a prediction for IMALDA. 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 40 filings with the National Bank
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 30-06-2025 | micro format | 28-10-2025 | 2025-00551007 | |
| 30-06-2024 | micro format | 06-12-2024 | 2024-00611118 | |
| 30-06-2023 | micro format | 11-01-2024 | 2024-00000014 | |
| 30-06-2022 | micro format | 19-12-2022 | 2022-20539987 | |
| 30-06-2021 | micro format | 05-01-2022 | 2022-00700447 | |
| 30-06-2020 | micro format | 09-12-2020 | 2020-75100125 | |
| 30-06-2019 | micro format | 06-12-2019 | 2019-75800386 | |
| 30-06-2018 | micro format | 13-12-2018 | 2018-74400346 | |
| 30-06-2017 | micro format | 11-12-2017 | 2017-71800151 | |
| 30-06-2016 | full format | 26-12-2016 | 2016-71700229 |