IMALPA
ActiveSummary
IMALPA has been active since 1987 and the Belgian State Gazette contains no insolvency or warning signals. The 2025 annual accounts show equity of €485,259 and a net result of €282,973. Equity is shrinking by ~5.5% per year across the filed fiscal years. Its solvency ranks better than 26% of 466 sector peers (fiscal year 2025). The computed 12-month bankruptcy probability is 0.7% (low).
Checked score
Score 2025
Axes · tick = 2024
Profitability84▼-5
Solvency46▲+4
Growth58=
Track record100
Bankruptcy probability, 12 months
0.7%
Low
0%0.5%1.5%4%10%≥ 25%
Credit up to €30,000 at 30 days acceptable
Liquidity short (current ratio 0.68 against 0.8 in 2024; short-term debt: 34.2% and cash: 9.1% of total assets), and 79.4% 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
raises risk · Higher-failure-rate sector
In this sector companies fail more often than the Belgian average.
Gazette · bankruptcies per sector, NACE 81
Relative position
BE, all sectors
reference
Services to buildings and landscape activities (NACE 81)
about 79% more 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
20.6%
Return on assets
12%
Age of the figures
9 mo
neutral · Filed after the deadline
The financial year that closed on 31-12-2025 was due by 31-07-2026 and was filed on 31-08-2026, 31 days later. For context: 47% of the Belgian market files late and the whole 1-to-90-day band measures 2.0% abnormal legal state against a 1.66% average. We show this as a fact and do not score it.
NBB · 10 filingsDeviation from the deadline
2025
31 d late
2024
29 d late
2023
75 d late
2022
70 d late
2021
317 d late
2020
122 d late
2019
91 d late
← 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 105 days after the deadline; the sector median for financial year 2024 is 1 day before the deadline, and 43% of the sector filed late.
Checked, nothing found (2)
neutral · The next deadline is still running
The next financial year closes on 31-12-2026 and is due by 31-07-2027. Nothing is late today. Usually files around 9 October (4 of the last 5 filed years within 41 days of that day).
Companies Code · seven monthsPosition in the running window
29-09-2026 today31-12-2026 close31-07-2027 deadline
History
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Financials · fiscal year 2025, full schema
Turnover
Not included in this filing
EBIT margin
Not included in this filing
Net result
€282,973▼ 38.2%
2024 · €457,870
Working capital
-€261,414▼ 18.3%
2024 · -€220,886
Trend over the years
Click a name to add, emphasise or remove a line.Band: the middle half (P25 to P75) of NACE 81, Services to buildings and landscape activities, each year against the same schema; no band under 30 filings. Dashed line: the median.
Every figure with its change against the fiscal year before
favourable
unfavourable
Line20212022202320242025
Operating result€167,164▼ 58.4%-€15,293€331,339€491,489▲ 48.3%€324,031▼ 34.1%
Net result€144,439above the sector's middle half▼ 48.6%€51,449above the sector's middle half▼ 64.4%€304,234above the sector's middle half▲ 491%€457,870above the sector's middle half▲ 50.5%€282,973above the sector's middle half▼ 38.2%
Equity€620,732above the sector's middle half▲ 0.1%€630,181above the sector's middle half▲ 1.5%€569,415above the sector's middle half▼ 9.6%€492,286within the sector's middle half▼ 13.5%€485,259within the sector's middle half▼ 1.4%
Total assets€3.2mabove the sector's middle half▼ 1.3%€3.4mabove the sector's middle half▲ 7.6%€3.1mabove the sector's middle half▼ 8.8%€2.8mwithin the sector's middle half▼ 9.9%€2.4mwithin the sector's middle half▼ 16.9%
Debt€2.6m▼ 1.7%€2.4m▼ 7.0%€2.2m▼ 10.1%€1.9m▼ 10.9%€1.5m▼ 24.5%
Working capital-€156,064below the sector's middle half▼ 45.2%-€50,287below the sector's middle half▲ 67.8%-€104,859below the sector's middle half▼ 109%-€220,886below the sector's middle half▼ 111%-€261,414below the sector's middle half▼ 18.3%
Solvency19.4%within the sector's middle half▲ 0.3pp18.3%within the sector's middle half▼ 1.1pp18.1%within the sector's middle half▼ 0.2pp17.4%within the sector's middle half▼ 0.7pp20.6%within the sector's middle half▲ 3.2pp
Current ratio0.87below the sector's middle half▼ 0.030.96within the sector's middle half▲ 0.090.91within the sector's middle half▼ 0.050.80below the sector's middle half▼ 0.110.68below the sector's middle half▼ 0.12
Return on assets (ROA)4.5%within the sector's middle half▼ 4.2pp1.5%within the sector's middle half▼ 3.0pp9.7%within the sector's middle half▲ 8.2pp16.2%above the sector's middle half▲ 6.5pp12.0%above the sector's middle half▼ 4.1pp
Staff (FTE)0below the sector's middle half0below the sector's middle half
above
within
below
the middle half (P25 to P75) of NACE 81, Services to buildings and landscape activities, each year against the same schema; no band under 30 filings.
Why a figure moved sharply
- 2024 Net result +50% on 2023. The accounts now follow the full schema, last year the micro schema.
Result per fiscal year
Operating resultNet result
The operating result falls in 2025; 2025 is 34% below 2024.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €2.4m
Fixed assets
€1.8m ▼ 7.6%
Current assets
€544,060 ▼ 37.7%
Equity and liabilities €2.4m
Equity
€485,259 ▼ 1.4%
Provisions
€415,686 =
Debt
€1.5m ▼ 24.5%
Debt's share of the balance-sheet total falls from 67.9% to 61.7%. Equity and debt are lower.
Key figures and ratios
EBITDA
€471,929▼
2024 · €658,227
Cash flow
€430,871▼
2024 · €624,609
Debt to equity
2.99▼
2024 · 3.91
ROE
58.3%▼
2024 · 93.0%
Interest coverage
18.14▼
2024 · 22.61
Debt ≤ 1 year
€805,474▼
2024 · €1.1m
Debt > 1 year
€647,085▼
2024 · €828,484
Income taxes
€15,044▲
2024 · €4,635
Green means a favourable move, even when the figure itself falls: as with debt or debt to equity.
Peer companies
Historical observationOf the 2,613 companies that looked in July 2024 the way this one looks now, 0.7% went bankrupt within 24 months and 97% are still going.
- Small
- 20 years or older
- solvency 10 to 30%
- a profit of 5% of the balance sheet or more
0.7%
went bankrupt
2.0%
stopped otherwise
97%
still going
For this company itself Checked computes a bankruptcy probability of 0.7% over twelve months; the group does not contradict it.
How reliable is this rule?
Tested on the year before, without using that year itself: the groups of July 2023 gave each of the 497,338 companies of July 2024 its group's bankruptcy share. Expected: 1.6%; actually bankrupt within 24 months: 1.7%.
| 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% | 1.0% |
| 6 | 1.3% | 1.5% |
| 7 | 1.6% | 1.8% |
| 8 | 1.8% | 1.9% |
| 9 | 3.0% | 3.1% |
| 10 | 5.6% | 6.2% |
The rule ranks well: a company that went bankrupt got a higher share than one that kept going in 74% of comparisons. The level follows the economy: in a year with more bankruptcies, the actual share is higher than the year before.
An observation about 2,613 comparable companies, not a prediction for this company. The sector does not count: the register keeps no sector for companies that stopped, so it would make the outcome look better than it was.
Annual accounts
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Non-recurring operating income76A | - | €260 | - | €50,000 | €0 | ▼ 100% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €106,127 | €111,083 | €184,404 | €166,739 | €147,898 | ▼ 11.3% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals)631/4 | - | - | - | - | €12,613 | - |
| Provisions for liabilities and charges: additions (uses and reversals)635/8 | - | €415,686 | - | - | - | - |
| Other operating charges640/8 | €53,848 | €89,250 | €88,561 | €85,724 | €86,251 | ▲ 0.6% |
| Non-recurring operating charges66A | €4 | €2,097 | €0 | €0 | - | - |
| Gross operating margin9900 | €327,142 | €602,823 | €604,304 | €743,952 | €570,794 | ▼ 23.3% |
| Operating profit (loss)9901 | €167,164 | -€15,293 | €331,339 | €491,489 | €324,031 | ▼ 34.1% |
| Financial income75/76B | €33 | - | €207 | €133 | €0 | ▼ 100% |
| Recurring financial income75 | €33 | - | €207 | €133 | €0 | ▼ 100% |
| Financial charges65/66B | €19,795 | €20,049 | €27,312 | €29,115 | €26,014 | ▼ 10.7% |
| Recurring financial charges65 | €19,795 | €20,049 | €27,312 | €29,115 | €26,014 | ▼ 10.7% |
| Profit (loss) for the period before taxes9903 | €147,402 | -€35,342 | €304,234 | €462,506 | €298,017 | ▼ 35.6% |
| Income taxes67/77 | €2,963 | -€86,791 | - | €4,635 | €15,044 | ▲ 225% |
| Profit (loss) for the period9904 | €144,439 | €51,449 | €304,234 | €457,870 | €282,973 | ▼ 38.2% |
| Profit (loss) for the period to be appropriated9905 | €144,439 | €51,449 | €304,234 | €457,870 | €282,973 | ▼ 38.2% |
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Assets | ||||||
| Total assets20/58 | €3.2m | €3.4m | €3.1m | €2.8m | €2.4m | ▼ 16.9% |
| Fixed assets21/28 | €2.2m | €2.3m | €2.1m | €2.0m | €1.8m | ▼ 7.6% |
| Tangible fixed assets22/27 | €2.2m | €2.3m | €2.1m | €2.0m | €1.8m | ▼ 7.6% |
| Land and buildings22 | €2.1m | €2.0m | €1.9m | €1.9m | €1.8m | ▼ 3.4% |
| Furniture and vehicles24 | €25,041 | €266,675 | €169,987 | €76,950 | €0 | ▼ 100% |
| Other tangible fixed assets26 | €56,519 | €43,484 | €30,447 | €19,406 | €11,118 | ▼ 42.7% |
| Current assets29/58 | €1.0m | €1.1m | €1.0m | €873,692 | €544,060 | ▼ 37.7% |
| Amounts receivable within one year40/41 | €761,634 | €850,300 | €596,021 | €533,826 | €307,794 | ▼ 42.3% |
| Trade receivables40 | - | €15,014 | €87,245 | €100,254 | €68,294 | ▼ 31.9% |
| Other amounts receivable41 | €761,634 | €835,286 | €508,776 | €433,572 | €239,500 | ▼ 44.8% |
| Cash at bank and in hand54/58 | €275,025 | €285,646 | €415,972 | €333,327 | €214,469 | ▼ 35.7% |
| Deferred charges and accrued income490/1 | €11,611 | €1,777 | €7,170 | €6,540 | €21,796 | ▲ 233% |
| Equity and liabilities | ||||||
| Total equity and liabilities10/49 | €3.2m | €3.4m | €3.1m | €2.8m | €2.4m | ▼ 16.9% |
| Equity10/15 | €620,732 | €630,181 | €569,415 | €492,286 | €485,259 | ▼ 1.4% |
| Contributions10/11 | €199,157 | €199,157 | €199,157 | €199,157 | €199,157 | = |
| Capital10 | €199,157 | €199,157 | €199,157 | €199,157 | €199,157 | = |
| Issued capital100 | €199,157 | €199,157 | €199,157 | €199,157 | €199,157 | = |
| Reserves13 | €139,916 | €139,916 | €139,916 | €139,916 | €139,916 | = |
| Non-distributable reserves130/1 | €139,916 | €139,916 | €139,916 | €139,916 | €139,916 | = |
| Legal reserve130 | €139,916 | €139,916 | €139,916 | €139,916 | €139,916 | = |
| Profit (loss) carried forward14 | €281,659 | €291,108 | €230,342 | €153,212 | €146,186 | ▼ 4.6% |
| Provisions and deferred taxes16 | - | €415,686 | €415,686 | €415,686 | €415,686 | = |
| Provisions for liabilities and charges160/5 | - | €415,686 | €415,686 | €415,686 | €415,686 | = |
| Environmental obligations163 | - | €415,686 | - | - | - | - |
| Other liabilities and charges164/5 | - | - | €415,686 | €415,686 | €415,686 | = |
| Amounts payable17/49 | €2.6m | €2.4m | €2.2m | €1.9m | €1.5m | ▼ 24.5% |
| Amounts payable after more than one year17 | €1.4m | €1.2m | €1.0m | €828,484 | €647,085 | ▼ 21.9% |
| Financial debts170/4 | €1.2m | €1.0m | €859,676 | €683,044 | €501,645 | ▼ 26.6% |
| Other amounts payable178/9 | €167,245 | €174,445 | €174,445 | €145,440 | €145,440 | = |
| Amounts payable within one year42/48 | €1.2m | €1.2m | €1.1m | €1.1m | €805,474 | ▼ 26.4% |
| Current portion of amounts payable after more than one year42 | €175,212 | €172,641 | €178,210 | €176,631 | €181,399 | ▲ 2.7% |
| Trade debts44 | €273,076 | €342,197 | €236,527 | €80,374 | €91,195 | ▲ 13.5% |
| Suppliers440/4 | €273,076 | €342,197 | €236,527 | €80,374 | €91,195 | ▲ 13.5% |
| Taxes, remuneration and social security45 | €110,619 | €8,497 | €895 | €0 | €15,044 | - |
| Taxes450/3 | €110,619 | €8,497 | €895 | €0 | €15,044 | - |
| Other amounts payable47/48 | €645,427 | €664,675 | €708,390 | €837,574 | €517,836 | ▼ 38.2% |
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €144,439 | €51,449 | €304,234 | €457,870 | €282,973 | ▼ 38.2% |
| + Depreciation and write-downs630 | €106,127 | €111,083 | €184,404 | €166,739 | €147,898 | ▼ 11.3% |
| Operating cash flow (approximation) | €250,566 | €162,531 | €488,639 | €624,609 | €430,871 | ▼ 31.0% |
| Investment in fixed assets (approximation) | - | -€265,000 | €0 | €0 | €0 | - |
| Change in cash | - | €10,621 | €130,326 | -€82,645 | -€118,857 | ▼ 43.8% |
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
31-08
NBB filing
Annual accounts filed
fiscal year 2025 · full schema · 31 days late
2025
29-08
NBB filing
Annual accounts filed
fiscal year 2024 · full schema · 29 days late
2024
31-12
Financial
Highest result since 2018net €457,870 ▲50.5%
Operating result €491,489, net result €457,870, both a record.
14-10
NBB filing
Annual accounts filed
fiscal year 2023 · micro schema · 75 days late
2023
09-10
NBB filing
Annual accounts filed
fiscal year 2022 · micro schema · 70 days late
13-06
NBB filing
Annual accounts filed
fiscal year 2021 · micro schema · 317 days late
2022
31-12
Financial
Weakest financial yearnet €51,449 ▼64.4%
Net result drops to €51,449, the lowest in the series; recovery starts the following year.
2021
30-11
NBB filing
Annual accounts filed
fiscal year 2020 · full schema · 122 days late
2020
31-12
Financial
Equity above €500,000Eq €620,293 ▲82.9%
3 profitable years in a row build equity to €620,293.
30-10
NBB filing
Annual accounts filed
fiscal year 2019 · full schema · 91 days late
2019
11-06
NBB filing
Annual accounts filed
fiscal year 2018 · full schema
2018
26-07
NBB filing
Annual accounts filed
fiscal year 2017 · full schema
2017
18-07
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 12 acts read
About the unread acts
We know of 12 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
12 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, Elsene · 1 establishment unit since 1988
Ground area
559 m²
Building footprint
523 m²
Volume, LiDAR
10,233 m³
2 parcels, Brussels · tallest building 36.4 m, ±11 floors. Linked by address, not a title deed.
92
companies at this address
See who is registered here
1 establishment unit
Ruisbroekse Steenweg 79, 1190 Vorst
since 19882.035.096.127
2 parcels
Brussels
2
(100%)
| Parcel (capakey) | Region | Area | Buildings | Height / fl. |
|---|---|---|---|---|
| 21443A0271/00A002 | Brussels | 454 m² | 1 · 445 m² | 36.4 m · 11 fl. |
| 21384D0087/00K007 | Brussels | 105 m² | 1 · 78 m² | 11.7 m · 3 fl. |
Linked by address, not proof of ownership
Good to know
2 of 2 parcels with an exact address match; the rest are indicative.
Linked through address data, this is not proof of ownership.
Structure & network
Part of the group
NOVO BELGIUM HOLDING
13 companies
Group, risk and exposure
Owners and holdings
2 ownersChain of control
- HELIOPOLIS
- IMALPA
Highest known parent: HELIOPOLIS. The sources do not say who stands above it.
Owners 2
- HELIOPOLISparentSourceaccounts HELIOPOLIS 2023100%
-
100%
Holdings 0
No holding stated in the accounts, acts or LEI register we read.
According to the annual accounts of the other companies, the acts in the Belgian Gazette and the LEI register. The register of ultimate beneficial owners (UBO) is not public: who ultimately stands behind a natural person or a foreign parent is not stated here. A company that does not fill in these statements, or need not, is missing.
Connections & network
No current directors or connected companies found in the register.
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Of 1,279 companies in sector 81100 we hold annual accounts for 679. 467 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
Founded29-09-1987
Fiscal year end31-12
Activities, NACEBEL 2025
81100Combined facilities support activities
41001General construction of residential buildings
E-invoicing
Reachable via Peppol
Peppol ID
0208:0432095903
Registered
14-05-2025
If you follow this company, Checked tells you the day it leaves the Peppol register.
Register as of 29 September 2026 · Peppol Directory
Scores and ratios are computed by Checked and are not a credit decision.