IMAPRO
ActiveFinancials · financial year 2025, micro format
Annual accounts 2025 filed on 14-07-2026 at the NBB all 31 filings
Equity
€294,852▼ 0.5%
2024 · €296,230
Total assets
€302,614▼ 0.1%
2024 · €303,026
Net result
-€1,378
2024 · €1,322
Working capital
€294,852▲ 0.4%
2024 · €293,744
Multi-year overview
2018 to 2025, 8 financial yearsOperating result
-€5,330
▼ 324%
2025
20182025
Net result
-€1,378
2025
lowest quarter of the sector
20182025
Equity
€294,852
▼ 0.5%
2025
highest quarter of the sector
20182025
Total assets
€302,614
▼ 0.1%
2025
middle half of the sector
20182025
Debt
€7,762
▲ 14.2%
2025
20182025
Working capital
€294,852
▲ 0.4%
2025
highest quarter of the sector
20182025
Solvency
97.4%
▼ 0.3pp
2025
highest quarter of the sector
20182025
Current ratio
38.99
▼ 5.24
2025
highest quarter of the sector
20182025
Return on assets (ROA)
-0.5%
▼ 0.9pp
2025
lowest quarter of the sector
20182025
Every figure per financial year
Every figure with its change against the financial year before
favourable
unfavourable
Line20182019202020212022202320242025
Operating result€2,969-€7,997▲ 169%€5,172▼ 35.3%€226,481▲ 44×€607▼ 99.7%-€1,050-€1,257▼ 19.7%-€5,330▼ 324%
Net result-€3,669-€922€1,918within the sector's middle half▲ 108%€155,956above the sector's middle half▲ 81×€2,496within the sector's middle half▼ 98.4%€1,468within the sector's middle half▼ 41.2%€1,322within the sector's middle half▼ 9.9%-€1,378below the sector's middle half
Equity€132,147-€133,069▲ 0.7%€134,987within the sector's middle half▲ 1.4%€290,943above the sector's middle half▲ 116%€293,439above the sector's middle half▲ 0.9%€294,908above the sector's middle half▲ 0.5%€296,230above the sector's middle half▲ 0.4%€294,852above the sector's middle half▼ 0.5%
Total assets€319,152-€308,664▼ 3.3%€294,402within the sector's middle half▼ 4.6%€352,408above the sector's middle half▲ 19.7%€304,783within the sector's middle half▼ 13.5%€302,803within the sector's middle half▼ 0.6%€303,026within the sector's middle half▲ 0.1%€302,614within the sector's middle half▼ 0.1%
Debt€187,005-€175,595▼ 6.1%€159,414▼ 9.2%€61,465▼ 61.4%€11,343▼ 81.5%€7,895▼ 30.4%€6,796▼ 13.9%€7,762▲ 14.2%
Working capital-€133,686--€124,933▲ 6.5%-€115,781below the sector's middle half▲ 7.3%€290,695above the sector's middle half€293,192above the sector's middle half▲ 0.9%€295,017above the sector's middle half▲ 0.6%€293,744above the sector's middle half▼ 0.4%€294,852above the sector's middle half▲ 0.4%
Solvency41.4%-43.1%▲ 1.7pp45.9%within the sector's middle half▲ 2.7pp82.6%above the sector's middle half▲ 36.7pp96.3%above the sector's middle half▲ 13.7pp97.4%above the sector's middle half▲ 1.1pp97.8%above the sector's middle half▲ 0.4pp97.4%above the sector's middle half▼ 0.3pp
Current ratio0.29-0.29=0.27below the sector's middle half▼ 0.015.73above the sector's middle half▲ 5.4626.85above the sector's middle half▲ 21.1238.89above the sector's middle half▲ 12.0444.22above the sector's middle half▲ 5.3438.99above the sector's middle half▼ 5.24
Return on assets (ROA)-1.1%-0.3%▲ 1.4pp0.7%within the sector's middle half▲ 0.4pp44.3%above the sector's middle half▲ 43.6pp0.8%within the sector's middle half▼ 43.4pp0.5%within the sector's middle half▼ 0.3pp0.4%within the sector's middle half=-0.5%below the sector's middle half▼ 0.9pp
above
within
below
The sector band is the middle half of the companies in Advertising, market research and public relations activities (NACE 73). 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 a loss of €5,330, larger than the loss of €1,257 in 2024. It is the lowest result since 2021.
Turnover and EBIT margin are not published. The micro format does not require them.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Equity and liabilities €302,614
Equity
€294,852 ▼ 0.5%
Debt
€7,762 ▲ 14.2%
Debt's share of the balance-sheet total rises from 2.2% to 2.6%. Equity is lower and debt is higher.
Key figures and ratios
EBITDA
-€2,844▼
2024 · €5,937
Cash flow
€1,108▼
2024 · €8,516
Debt to equity
0.03▲
2024 · 0.02
ROE
-0.5%▼
2024 · 0.4%
Interest coverage
-26.65▼
2024 · 23.82
Debt ≤ 1 year
€7,762▲
2024 · €6,796
Income taxes
€171▼
2024 · €1,411
Green means a favourable move, even when the figure itself falls, as with debt or debt to equity.
Investments
| Item | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Tangible fixed assets | - | - | - | €9,680 | - |
| Depreciation and write-downs of the year | - | - | - | €7,194 | €2,486 |
Source: notes to the 2021 to 2025 annual accounts (statement of fixed assets)
Annual accounts
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Non-recurring operating income76A | - | - | - | €266,777 | - | - | - | - | - |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €7,831 | €7,831 | €7,234 | - | - | - | €7,194 | €2,486 | ▼ 65.4% |
| Other operating charges640/8 | - | - | - | €809 | €450 | €741 | €505 | €578 | ▲ 14.3% |
| Gross operating margin9900 | €13,086 | €18,214 | €14,967 | €227,289 | €1,056 | -€308 | €6,443 | -€2,267 | - |
| Operating profit (loss)9901 | €2,969 | €7,997 | €5,172 | €226,481 | €607 | -€1,050 | -€1,257 | -€5,330 | ▼ 324% |
| Financial income75/76B | - | - | - | €4,620 | €5,476 | €4,305 | €4,239 | €4,231 | ▼ 0.2% |
| Recurring financial income75 | - | - | €13 | €4,620 | €5,476 | €4,305 | €4,239 | €4,231 | ▼ 0.2% |
| Financial charges65/66B | - | - | - | €1,947 | €2,247 | €507 | €249 | €107 | ▼ 57.2% |
| Recurring financial charges65 | €5,850 | €5,728 | €1,964 | €1,947 | €2,247 | €507 | €249 | €107 | ▼ 57.2% |
| Profit (loss) for the period before taxes9903 | -€2,881 | €2,269 | €3,221 | €229,154 | €3,836 | €2,748 | €2,733 | -€1,206 | - |
| Income taxes67/77 | €789 | €1,347 | €1,303 | €73,198 | €1,339 | €1,280 | €1,411 | €171 | ▼ 87.9% |
| Profit (loss) for the period9904 | -€3,669 | €922 | €1,918 | €155,956 | €2,496 | €1,468 | €1,322 | -€1,378 | - |
| Profit (loss) for the period to be appropriated9905 | -€3,669 | €922 | €1,918 | €155,956 | €2,496 | €1,468 | €1,322 | -€1,378 | - |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Assets | |||||||||
| Total assets20/58 | €319,152 | €308,664 | €294,402 | €352,408 | €304,783 | €302,803 | €303,026 | €302,614 | ▼ 0.1% |
| Fixed assets21/28 | €265,833 | €258,002 | €250,768 | €248 | €248 | - | €2,486 | €0 | ▼ 100% |
| Tangible fixed assets22/27 | €265,586 | €257,754 | €250,520 | - | - | - | €2,486 | €0 | ▼ 100% |
| Furniture and vehicles24 | - | - | - | - | - | - | €2,486 | €0 | ▼ 100% |
| Financial fixed assets28 | €248 | €248 | €248 | €248 | €248 | - | - | - | - |
| Current assets29/58 | €53,319 | €50,661 | €43,634 | €352,160 | €304,535 | €302,803 | €300,539 | €302,614 | ▲ 0.7% |
| Amounts receivable after more than one year29 | - | - | - | €310,547 | €287,268 | €290,833 | €282,896 | €285,090 | ▲ 0.8% |
| Other amounts receivable291 | - | - | - | €310,547 | €287,268 | €290,833 | €282,896 | €285,090 | ▲ 0.8% |
| Amounts receivable within one year40/41 | €40,377 | €39,179 | €31,367 | €28,707 | €2,080 | €3,575 | €6,311 | €3,471 | ▼ 45.0% |
| Trade receivables40 | - | - | - | €28,707 | €2,080 | €3,575 | €6,311 | €3,471 | ▼ 45.0% |
| Cash at bank and in hand54/58 | €12,941 | €11,482 | €12,267 | €12,907 | €15,187 | €8,395 | €11,332 | €14,053 | ▲ 24.0% |
| Equity and liabilities | |||||||||
| Total equity and liabilities10/49 | €319,152 | €308,664 | €294,402 | €352,408 | €304,783 | €302,803 | €303,026 | €302,614 | ▼ 0.1% |
| Equity10/15 | €132,147 | €133,069 | €134,987 | €290,943 | €293,439 | €294,908 | €296,230 | €294,852 | ▼ 0.5% |
| Contributions10/11 | €6,200 | €6,200 | - | €6,200 | €6,200 | €6,200 | €6,200 | €6,200 | = |
| Reserves13 | €125,947 | €126,869 | €128,787 | €284,743 | €287,239 | €288,708 | €290,030 | €288,652 | ▼ 0.5% |
| Non-distributable reserves130/1 | - | - | - | €1,859 | €1,859 | €1,859 | €1,859 | €1,859 | = |
| Reserves not available under the articles1311 | - | - | - | €1,859 | €1,859 | €1,859 | €1,859 | €1,859 | = |
| Distributable reserves133 | - | - | - | €282,884 | €285,380 | €286,848 | €288,171 | €286,793 | ▼ 0.5% |
| Amounts payable17/49 | €187,005 | €175,595 | €159,414 | €61,465 | €11,343 | €7,895 | €6,796 | €7,762 | ▲ 14.2% |
| Amounts payable within one year42/48 | €187,005 | €175,595 | €159,414 | €61,465 | €11,343 | €7,786 | €6,796 | €7,762 | ▲ 14.2% |
| Financial debts43 | - | - | - | €25,000 | - | - | - | - | - |
| Credit institutions430/8 | - | - | - | €25,000 | - | - | - | - | - |
| Trade debts44 | €53,031 | €44,939 | €31,339 | €29,798 | €6,794 | €5,231 | €4,575 | €4,914 | ▲ 7.4% |
| Suppliers440/4 | - | - | - | €29,798 | €6,794 | €5,231 | €4,575 | €4,914 | ▲ 7.4% |
| Taxes, remuneration and social security45 | - | - | - | €6,667 | €4,550 | €2,555 | €2,221 | €2,848 | ▲ 28.2% |
| Taxes450/3 | - | - | - | €6,667 | €4,550 | €2,555 | €2,221 | €2,848 | ▲ 28.2% |
| Accrued charges and deferred income492/3 | - | - | - | - | - | €109 | €0 | - | - |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | -€3,669 | €922 | €1,918 | €155,956 | €2,496 | €1,468 | €1,322 | -€1,378 | - |
| + Depreciation and write-downs630 | €7,831 | €7,831 | €7,234 | - | - | - | €7,194 | €2,486 | ▼ 65.4% |
| Operating cash flow (approximation) | €4,162 | €8,753 | €9,153 | €155,956 | €2,496 | €1,468 | €8,516 | €1,108 | ▼ 87.0% |
| Investment in fixed assets (approximation) | - | €0 | €0 | €250,520 | €0 | - | - | €0 | - |
| Change in cash | - | -€1,459 | €785 | €640 | €2,280 | -€6,792 | €2,937 | €2,721 | ▼ 7.4% |
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, 12,322 companies had the same profile as IMAPRO has now. Two years later, 90.3% were still going and 0.7% had gone bankrupt.
- Micro
- 20 years or older
- solvency 30% or more
- a small loss
90.3%
was still going
8.6%
stopped otherwise
0.7%
went bankrupt
Another 0.5% stopped without a precise date, possibly only after those two years.
That fits the bankruptcy probability of IMAPRO 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 12,322 companies, not a prediction for IMAPRO. 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 31 filings with the National Bank
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-12-2025 | micro format | 14-07-2026 | 2026-00295659 | |
| 31-12-2024 | micro format | 18-06-2025 | 2025-00150876 | |
| 31-12-2023 | micro format | 06-06-2024 | 2024-00113903 | |
| 31-12-2022 | micro format | 14-06-2023 | 2023-00128610 | |
| 31-12-2021 | micro format | 22-06-2022 | 2022-20087238 | |
| 31-12-2020 | micro format | 17-06-2021 | 2021-20900039 | |
| 31-12-2019 | micro format | 29-06-2020 | 2020-22200351 | |
| 31-12-2018 | micro format | 04-07-2019 | 2019-28600253 | |
| 31-12-2017 | micro format | 11-07-2018 | 2018-32300368 | |
| 31-12-2016 | micro format | 23-06-2017 | 2017-20900267 |