Imbec
ActiveFinancials · financial year 2025, micro format
Annual accounts 2025 filed on 15-01-2026 PDF all 33 filings
Turnover
≈ €57,000
Estimated: probably between €39,000 and €94,000
Total assets
€119,783▼ 7.6%
2024 · €129,625
Net result
€6,479▲ 20.8%
2024 · €5,364
Working capital
-€30,464▲ 15.9%
2024 · -€36,233
Multi-year overview
2019 to 2025, 7 financial yearsOperating result
€10,880
▲ 14.1%
2025
20192025
Net result
€6,479
▲ 20.8%
2025
middle half of the sector
20192025
Equity
€70,082
▲ 10.2%
2025
middle half of the sector
20192025
Total assets
€119,783
▼ 7.6%
2025
lowest quarter of the sector
20192025
Debt
€49,701
▼ 24.7%
2025
20192025
Working capital
-€30,464
▲ 15.9%
2025
middle half of the sector
20192025
Solvency
58.5%
▲ 9.4pp
2025
middle half of the sector
20192025
Current ratio
0.04
▼ 0.41
2025
lowest quarter of the sector
20192025
Return on assets (ROA)
5.4%
▲ 1.3pp
2025
middle half of the sector
20192025
Every figure per financial year
Every figure with its change against the financial year before
favourable
unfavourable
Line2019202020212022202320242025
Operating result€2,597-€187▼ 92.8%-€5,134€7,715€1,264▼ 83.6%€9,536▲ 655%€10,880▲ 14.1%
Net result-€511--€2,793within the sector's middle half▼ 446%-€7,196within the sector's middle half▼ 158%€6,319within the sector's middle half€933within the sector's middle half▼ 85.2%€5,364within the sector's middle half▲ 475%€6,479within the sector's middle half▲ 20.8%
Equity€60,976-€58,183within the sector's middle half▼ 4.6%€50,987within the sector's middle half▼ 12.4%€57,306within the sector's middle half▲ 12.4%€58,239within the sector's middle half▲ 1.6%€63,603within the sector's middle half▲ 9.2%€70,082within the sector's middle half▲ 10.2%
Total assets€173,297-€158,209within the sector's middle half▼ 8.7%€150,428below the sector's middle half▼ 4.9%€132,320below the sector's middle half▼ 12.0%€113,686below the sector's middle half▼ 14.1%€129,625below the sector's middle half▲ 14.0%€119,783below the sector's middle half▼ 7.6%
Debt€112,321-€100,026▼ 10.9%€99,441▼ 0.6%€75,014▼ 24.6%€55,447▼ 26.1%€66,022▲ 19.1%€49,701▼ 24.7%
Working capital-€53,646--€55,654within the sector's middle half▼ 3.7%-€79,695below the sector's middle half▼ 43.2%-€71,394below the sector's middle half▲ 10.4%-€52,398within the sector's middle half▲ 26.6%-€36,233within the sector's middle half▲ 30.9%-€30,464within the sector's middle half▲ 15.9%
Solvency35.2%-36.8%within the sector's middle half▲ 1.6pp33.9%within the sector's middle half▼ 2.9pp43.3%within the sector's middle half▲ 9.4pp51.2%within the sector's middle half▲ 7.9pp49.1%within the sector's middle half▼ 2.2pp58.5%within the sector's middle half▲ 9.4pp
Current ratio0.05-0.08below the sector's middle half▲ 0.030.06below the sector's middle half▼ 0.020.05below the sector's middle half▼ 0.020.05below the sector's middle half▲ 0.010.45within the sector's middle half▲ 0.400.04below the sector's middle half▼ 0.41
Return on assets (ROA)-0.3%--1.8%within the sector's middle half▼ 1.5pp-4.8%below the sector's middle half▼ 3.0pp4.8%within the sector's middle half▲ 9.6pp0.8%within the sector's middle half▼ 4.0pp4.1%within the sector's middle half▲ 3.3pp5.4%within the sector's middle half▲ 1.3pp
above
within
below
The sector band is the middle half of the companies in Real estate activities (NACE 68). 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 14% higher than in 2024 and the highest since 2021. It is the second rise in a row, after the fall in 2023.
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 €119,783
Fixed assets
€118,374 ▲ 18.6%
Current assets
€1,409 ▼ 95.3%
Equity and liabilities €119,783
Equity
€70,082 ▲ 10.2%
Debt
€49,701 ▼ 24.7%
Debt's share of the balance-sheet total falls from 50.9% to 41.5%. Equity is higher and debt is lower.
Key figures and ratios
EBITDA
€22,141▲
2024 · €20,337
Cash flow
€17,740▲
2024 · €16,165
Debt to equity
0.71▼
2024 · 1.04
ROE
9.2%▲
2024 · 8.4%
Interest coverage
18.19▼
2024 · 36.08
Debt ≤ 1 year
€31,873▼
2024 · €66,022
Debt > 1 year
€17,747
Income taxes
€3,184▼
2024 · €3,608
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 | €1,785 | - | - | €29,799 |
| Depreciation and write-downs of the year | €18,062 | €18,063 | €10,801 | €11,261 |
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 | - | - | - | €0 | - | - | - | - |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €19,239 | €19,653 | €22,114 | €18,062 | €18,063 | €10,801 | €11,261 | ▲ 4.3% |
| Other operating charges640/8 | - | - | - | €2,657 | €3,108 | €3,543 | €3,329 | ▼ 6.1% |
| Non-recurring operating charges66A | - | - | - | €0 | - | - | - | - |
| Gross operating margin9900 | €24,703 | €22,274 | €21,168 | €28,434 | €22,435 | €23,881 | €25,469 | ▲ 6.7% |
| Operating profit (loss)9901 | €2,597 | €187 | -€5,134 | €7,715 | €1,264 | €9,536 | €10,880 | ▲ 14.1% |
| Financial income75/76B | - | - | - | €0 | €499 | - | €0 | - |
| Recurring financial income75 | - | €3 | €3 | €0 | €499 | - | €0 | - |
| Non-recurring financial income76B | - | - | - | - | - | - | €0 | - |
| Financial charges65/66B | - | - | - | €1,021 | €385 | €564 | €1,217 | ▲ 116% |
| Recurring financial charges65 | €2,949 | €2,762 | €1,887 | €1,021 | €385 | €564 | €1,217 | ▲ 116% |
| Profit (loss) for the period before taxes9903 | -€352 | -€2,572 | -€7,018 | €6,694 | €1,378 | €8,973 | €9,663 | ▲ 7.7% |
| Income taxes67/77 | €159 | €221 | €178 | €375 | €445 | €3,608 | €3,184 | ▼ 11.8% |
| Profit (loss) for the period9904 | -€511 | -€2,793 | -€7,196 | €6,319 | €933 | €5,364 | €6,479 | ▲ 20.8% |
| Profit (loss) for the period to be appropriated9905 | -€511 | -€2,793 | -€7,196 | €6,319 | €933 | €5,364 | €6,479 | ▲ 20.8% |
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|
| Assets | ||||||||
| Total assets20/58 | €173,297 | €158,209 | €150,428 | €132,320 | €113,686 | €129,625 | €119,783 | ▼ 7.6% |
| Fixed assets21/28 | €170,377 | €153,259 | €144,977 | €128,700 | €110,637 | €99,836 | €118,374 | ▲ 18.6% |
| Tangible fixed assets22/27 | €170,005 | €152,887 | €144,605 | €128,328 | €110,265 | €99,464 | €118,002 | ▲ 18.6% |
| Land and buildings22 | - | - | - | €116,182 | €102,901 | €94,400 | €87,514 | ▼ 7.3% |
| Plant, machinery and equipment23 | - | - | - | €3,419 | €2,792 | €2,270 | €28,850 | ▲ 13× |
| Furniture and vehicles24 | - | - | - | €8,510 | €4,464 | €2,794 | €1,638 | ▼ 41.4% |
| Other tangible fixed assets26 | - | - | - | €217 | €109 | - | - | - |
| Financial fixed assets28 | €372 | €372 | €372 | €372 | €372 | €372 | €372 | = |
| Current assets29/58 | €2,920 | €4,950 | €5,451 | €3,620 | €3,050 | €29,789 | €1,409 | ▼ 95.3% |
| Amounts receivable within one year40/41 | €2,023 | €587 | €3,007 | €1,217 | €394 | €5,016 | €1,123 | ▼ 77.6% |
| Trade receivables40 | - | - | - | €552 | €120 | €4,746 | - | - |
| Other amounts receivable41 | - | - | - | €665 | €274 | €270 | €1,123 | ▲ 316% |
| Cash at bank and in hand54/58 | €711 | €2,340 | €511 | €753 | €1,006 | €23,129 | €286 | ▼ 98.8% |
| Deferred charges and accrued income490/1 | - | - | - | €1,650 | €1,650 | €1,644 | - | - |
| Equity and liabilities | ||||||||
| Total equity and liabilities10/49 | €173,297 | €158,209 | €150,428 | €132,320 | €113,686 | €129,625 | €119,783 | ▼ 7.6% |
| Equity10/15 | €60,976 | €58,183 | €50,987 | €57,306 | €58,239 | €63,603 | €70,082 | ▲ 10.2% |
| Contributions10/11 | €18,592 | - | - | €18,592 | €18,592 | €18,592 | €18,592 | = |
| Reserves13 | €1,882 | €1,882 | €1,882 | €1,882 | €39,647 | €39,647 | €39,647 | = |
| Non-distributable reserves130/1 | - | - | - | €1,882 | €1,882 | - | - | - |
| Reserves not available under the articles1311 | - | - | - | €1,882 | €1,882 | - | - | - |
| Distributable reserves133 | - | - | - | - | €37,765 | €39,647 | €39,647 | = |
| Profit (loss) carried forward14 | €40,503 | €37,709 | €30,514 | €36,832 | - | €5,364 | €11,844 | ▲ 121% |
| Amounts payable17/49 | €112,321 | €100,026 | €99,441 | €75,014 | €55,447 | €66,022 | €49,701 | ▼ 24.7% |
| Amounts payable after more than one year17 | €55,736 | €39,422 | €14,239 | €0 | - | - | €17,747 | - |
| Financial debts170/4 | - | - | - | €0 | - | - | €17,747 | - |
| Amounts payable within one year42/48 | €56,566 | €60,604 | €85,146 | €75,014 | €55,447 | €66,022 | €31,873 | ▼ 51.7% |
| Current portion of amounts payable after more than one year42 | - | - | - | €14,231 | - | €28,641 | €5,790 | ▼ 79.8% |
| Trade debts44 | €2,111 | €653 | €7,040 | €3,551 | €2,731 | €669 | €378 | ▼ 43.5% |
| Suppliers440/4 | - | - | - | €3,551 | €2,731 | €669 | €378 | ▼ 43.5% |
| Taxes, remuneration and social security45 | - | - | - | €369 | €444 | €2,553 | - | - |
| Taxes450/3 | - | - | - | €369 | €444 | €2,553 | - | - |
| Other amounts payable47/48 | - | - | - | €56,863 | €52,272 | €34,159 | €25,706 | ▼ 24.7% |
| Accrued charges and deferred income492/3 | - | - | - | €0 | - | - | €80 | - |
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | -€511 | -€2,793 | -€7,196 | €6,319 | €933 | €5,364 | €6,479 | ▲ 20.8% |
| + Depreciation and write-downs630 | €19,239 | €19,653 | €22,114 | €18,062 | €18,063 | €10,801 | €11,261 | ▲ 4.3% |
| Operating cash flow (approximation) | €18,728 | €16,860 | €14,919 | €24,380 | €18,996 | €16,165 | €17,740 | ▲ 9.7% |
| Investment in fixed assets (approximation) | - | -€2,536 | -€13,832 | -€1,785 | €0 | €0 | -€29,799 | - |
| Change in cash | - | €1,630 | -€1,830 | €242 | €252 | €22,123 | -€22,843 | - |
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, 31,368 companies had the same profile as Imbec has now. Two years later, 93.5% were still going and 0.5% had gone bankrupt.
- Micro
- 20 years or older
- solvency 30% or more
- a profit of 5% of the balance sheet or more
93.5%
was still going
5.9%
stopped otherwise
0.5%
went bankrupt
Another 0.1% stopped without a precise date, possibly only after those two years.
That fits the bankruptcy probability of Imbec itself: 0.2% 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 31,368 companies, not a prediction for Imbec. 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 33 filings with the National Bank
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 30-06-2025 | micro format | 15-01-2026 | 2026-00009011 | |
| 30-06-2024 | micro format | 06-01-2025 | 2025-00630343 | |
| 30-06-2023 | micro format | 29-02-2024 | 2024-00038192 | |
| 30-06-2022 | micro format | 17-02-2023 | 2023-00031248 | |
| 30-06-2021 | micro format | 07-03-2022 | 2022-07400474 | |
| 30-06-2020 | micro format | 29-01-2021 | 2021-03100420 | |
| 30-06-2019 | micro format | 31-01-2020 | 2020-04400093 | |
| 30-06-2018 | micro format | 28-02-2019 | 2019-06200286 | |
| 30-06-2017 | micro format | 31-01-2018 | 2018-04000081 | |
| 30-06-2016 | abbreviated format | 27-02-2017 | 2017-05400073 |