IMCA
ActiveFinancials · financial year 2025, abbreviated format
Annual accounts 2025 filed on 24-06-2026 at the NBB all 49 filings
Turnover
≈ €430,000
Estimated: probably between €330,000 and €780,000
Total assets
€1.2m▲ 26.5%
2024 · €980,837
Net result
€140,091▼ 23.4%
2024 · €182,827
Working capital
€176,849▲ 18×
2024 · €10,020
Multi-year overview
2018 to 2025, 8 financial yearsOperating result
€196,800
▼ 21.6%
2025
20182025
Net result
€140,091
▼ 23.4%
2025
highest quarter of the sector
20182025
Equity
€904,602
▲ 18.3%
2025
middle half of the sector
20182025
Total assets
€1.2m
▲ 26.5%
2025
middle half of the sector
20182025
Debt
€336,427
▲ 55.5%
2025
20182025
Working capital
€176,849
▲ 18×
2025
middle half of the sector
20182025
Solvency
72.9%
▼ 5.1pp
2025
middle half of the sector
20182025
Current ratio
1.54
▲ 0.49
2025
middle half of the sector
20182025
Return on assets (ROA)
11.3%
▼ 7.4pp
2025
middle half of the sector
20182025
Every figure per financial year
Every figure with its change against the financial year before
favourable
unfavourable
Line20182019202020212022202320242025
Operating result€1.1m--€0.003m-€0.002m▲ 25.6%€0.1m€0.2m▲ 78.2%€0.3m▲ 16.0%€0.3m▼ 11.6%€0.2m▼ 21.6%
Net result€0.8m--€0.003m-€0.006mbelow the sector's middle half▼ 93.7%€0.1mabove the sector's middle half€0.2mabove the sector's middle half▲ 74.3%€0.2mabove the sector's middle half▲ 16.8%€0.2mabove the sector's middle half▼ 14.0%€0.1mabove the sector's middle half▼ 23.4%
Equity€0.09m-€0.09m▼ 3.5%€0.08mwithin the sector's middle half▼ 7.0%€0.2mwithin the sector's middle half▲ 126%€0.4mabove the sector's middle half▲ 97.3%€0.6mabove the sector's middle half▲ 57.6%€0.8mabove the sector's middle half▲ 31.4%€0.9mwithin the sector's middle half▲ 18.3%
Total assets€0.09m-€0.1m▲ 36.7%€0.2mwithin the sector's middle half▲ 32.8%€0.3mwithin the sector's middle half▲ 76.4%€0.4mwithin the sector's middle half▲ 42.5%€0.7mabove the sector's middle half▲ 76.1%€1.0mabove the sector's middle half▲ 32.6%€1.2mwithin the sector's middle half▲ 26.5%
Debt€0.04m€0.08m▲ 129%€0.1m▲ 27.5%€0.05m▼ 52.7%€0.2m▲ 210%€0.2m▲ 36.9%€0.3m▲ 55.5%
Working capital-€0.02m-€0.08mbelow the sector's middle half▼ 412%-€0.1mbelow the sector's middle half▼ 30.9%-€0.02mbelow the sector's middle half▲ 80.0%€0.07mwithin the sector's middle half€0.01mwithin the sector's middle half▼ 86.2%€0.2mwithin the sector's middle half▲ 18×
Solvency100.0%-70.6%▼ 29.4pp49.4%within the sector's middle half▼ 21.2pp63.4%within the sector's middle half▲ 14.0pp87.8%above the sector's middle half▲ 24.4pp78.6%above the sector's middle half▼ 9.2pp77.9%within the sector's middle half▼ 0.7pp72.9%within the sector's middle half▼ 5.1pp
Current ratio0.590.08below the sector's middle half▼ 0.510.05below the sector's middle half▼ 0.020.60below the sector's middle half▲ 0.551.46within the sector's middle half▲ 0.861.05below the sector's middle half▼ 0.411.54within the sector's middle half▲ 0.49
Return on assets (ROA)850.8%--2.6%▼ 853.4pp-3.7%below the sector's middle half▼ 1.2pp35.4%above the sector's middle half▲ 39.1pp43.3%above the sector's middle half▲ 7.9pp28.7%within the sector's middle half▼ 14.6pp18.6%within the sector's middle half▼ 10.1pp11.3%within the sector's middle half▼ 7.4pp
above
within
below
The sector band is the middle half of the companies in Activities of head offices; management consultancy activities (NACE 70). 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 22% lower than in 2024. It is the second fall in a row.
Turnover and EBIT margin are not published. The abbreviated or 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 €1.2m
Fixed assets
€737,738 ▼ 3.0%
Current assets
€503,292 ▲ 128%
Equity and liabilities €1.2m
Equity
€904,602 ▲ 18.3%
Debt
€336,427 ▲ 55.5%
Debt's share of the balance-sheet total rises from 22.1% to 27.1%. Equity and debt are higher.
Key figures and ratios
EBITDA
€278,408▼
2024 · €313,368
Cash flow
€221,698▼
2024 · €245,023
Debt to equity
0.37▲
2024 · 0.28
ROE
15.5%▼
2024 · 23.9%
Interest coverage
27.88▼
2024 · 52.00
Debt ≤ 1 year
€326,443▲
2024 · €210,299
Income taxes
€46,725▼
2024 · €62,318
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 | €140,699 | €125,410 | €160,889 | €313,883 | €58,827 |
| Depreciation and write-downs of the year | €12,131 | €25,204 | €41,620 | €62,196 | €81,607 |
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 |
|---|---|---|---|---|---|---|---|---|---|
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €0.001m | €0.002m | €0.004m | €0.01m | €0.03m | €0.04m | €0.06m | €0.08m | ▲ 31.2% |
| Other operating charges640/8 | - | - | - | €0.002m | €0.002m | €0.002m | €0.002m | €0.002m | ▲ 3.0% |
| Gross operating margin9900 | €1.1m | €0.001m | €0.003m | €0.2m | €0.3m | €0.3m | €0.3m | €0.3m | ▼ 11.1% |
| Operating profit (loss)9901 | €1.1m | -€0.003m | -€0.002m | €0.1m | €0.2m | €0.3m | €0.3m | €0.2m | ▼ 21.6% |
| Recurring financial income75 | €0.007m | - | - | - | - | - | - | - | - |
| Financial charges65/66B | - | - | - | - | - | - | €0.006m | €0.01m | ▲ 65.7% |
| Recurring financial charges65 | €253 | - | €0.004m | - | - | - | €0.006m | €0.01m | ▲ 65.7% |
| Profit (loss) for the period before taxes9903 | €1.1m | -€0.003m | -€0.006m | €0.1m | €0.2m | €0.3m | €0.2m | €0.2m | ▼ 23.8% |
| Income taxes67/77 | €0.3m | - | -€150 | €0.03m | €0.06m | €0.07m | €0.06m | €0.05m | ▼ 25.0% |
| Profit (loss) for the period9904 | €0.8m | -€0.003m | -€0.006m | €0.1m | €0.2m | €0.2m | €0.2m | €0.1m | ▼ 23.4% |
| Profit (loss) for the period to be appropriated9905 | €0.8m | -€0.003m | -€0.006m | €0.1m | €0.2m | €0.2m | €0.2m | €0.1m | ▼ 23.4% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Assets | |||||||||
| Total assets20/58 | €0.09m | €0.1m | €0.2m | €0.3m | €0.4m | €0.7m | €1.0m | €1.2m | ▲ 26.5% |
| Fixed assets21/28 | €0.06m | €0.1m | €0.2m | €0.3m | €0.4m | €0.5m | €0.8m | €0.7m | ▼ 3.0% |
| Tangible fixed assets22/27 | €0.06m | €0.1m | €0.2m | €0.3m | €0.4m | €0.5m | €0.8m | €0.7m | ▼ 3.0% |
| Land and buildings22 | - | - | - | €0.3m | €0.4m | €0.5m | €0.7m | €0.7m | ▼ 2.8% |
| Plant, machinery and equipment23 | - | - | - | €0.002m | €0.001m | €0 | - | - | - |
| Furniture and vehicles24 | - | - | - | - | - | - | €0.03m | €0.03m | ▼ 14.3% |
| Other tangible fixed assets26 | - | - | - | - | - | - | - | €0.002m | - |
| Current assets29/58 | €0.03m | €0.02m | €0.006m | €0.006m | €0.03m | €0.2m | €0.2m | €0.5m | ▲ 128% |
| Amounts receivable within one year40/41 | €0.02m | €0.02m | - | - | - | €0.03m | €0.008m | €0.02m | ▲ 105% |
| Trade receivables40 | - | - | - | - | - | €0.03m | €0.008m | €0.007m | ▼ 5.2% |
| Other amounts receivable41 | - | - | - | - | - | - | - | €0.008m | - |
| Current investments50/53 | - | - | - | - | - | €0.2m | €0.2m | €0.4m | ▲ 100% |
| Cash at bank and in hand54/58 | €0.01m | €0.002m | €0.006m | €0.005m | €0.03m | €0.02m | €0.03m | €0.1m | ▲ 299% |
| Deferred charges and accrued income490/1 | - | - | - | €0.001m | €0.001m | €0.001m | €0.001m | €0.001m | ▲ 4.3% |
| Equity and liabilities | |||||||||
| Total equity and liabilities10/49 | €0.09m | €0.1m | €0.2m | €0.3m | €0.4m | €0.7m | €1.0m | €1.2m | ▲ 26.5% |
| Equity10/15 | €0.09m | €0.09m | €0.08m | €0.2m | €0.4m | €0.6m | €0.8m | €0.9m | ▲ 18.3% |
| Contributions10/11 | €0.06m | €0.06m | €0.06m | €0.06m | €0.06m | €0.06m | €0.06m | €0.06m | = |
| Capital10 | - | - | - | €0.06m | €0.06m | €0.06m | €0.06m | €0.06m | = |
| Issued capital100 | - | - | - | €0.06m | €0.06m | €0.06m | €0.06m | €0.06m | = |
| Reserves13 | €0.03m | €0.03m | €0.02m | €0.1m | €0.3m | €0.5m | €0.7m | €0.8m | ▲ 19.9% |
| Non-distributable reserves130/1 | - | - | - | €0.008m | €0.008m | €0.2m | €0.2m | €0.4m | ▲ 96.0% |
| Legal reserve130 | - | - | - | €0.006m | €0.006m | €0.006m | €0.006m | €0.006m | = |
| Reserves not available under the articles1311 | - | - | - | €0.001m | €0.001m | €0.2m | €0.2m | €0.4m | ▲ 99.2% |
| Distributable reserves133 | - | - | - | €0.1m | €0.3m | €0.3m | €0.5m | €0.5m | ▼ 7.7% |
| Amounts payable17/49 | - | €0.04m | €0.08m | €0.1m | €0.05m | €0.2m | €0.2m | €0.3m | ▲ 55.5% |
| Amounts payable within one year42/48 | - | €0.04m | €0.08m | €0.1m | €0.05m | €0.2m | €0.2m | €0.3m | ▲ 55.2% |
| Trade debts44 | - | €0.02m | €0.005m | €425 | €0.001m | €0.002m | €0.001m | €0.002m | ▲ 233% |
| Suppliers440/4 | - | - | - | €425 | €0.001m | €0.002m | €0.001m | €0.002m | ▲ 233% |
| Taxes, remuneration and social security45 | - | - | - | €0.03m | €0.05m | €0.04m | €0.04m | €0.02m | ▼ 51.0% |
| Taxes450/3 | - | - | - | €0.03m | €0.05m | €0.04m | €0.04m | €0.02m | ▼ 51.0% |
| Other amounts payable47/48 | - | - | - | €0.08m | €0 | €0.1m | €0.2m | €0.3m | ▲ 78.8% |
| Accrued charges and deferred income492/3 | - | - | - | - | - | - | €0.006m | €0.01m | ▲ 65.7% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €783,420 | -€3,227 | -€6,249 | €104,411 | €182,040 | €212,632 | €182,827 | €140,091 | ▼ 23.4% |
| + Depreciation and write-downs630 | €1,448 | €2,232 | €3,890 | €12,131 | €25,204 | €41,620 | €62,196 | €81,607 | ▲ 31.2% |
| Operating cash flow (approximation) | €784,868 | -€995 | -€2,358 | €116,543 | €207,244 | €254,251 | €245,023 | €221,698 | ▼ 9.5% |
| Investment in fixed assets (approximation) | - | -€47,091 | -€60,543 | -€140,699 | -€125,410 | -€160,889 | -€313,883 | -€58,827 | ▲ 81.3% |
| Change in cash | - | -€11,079 | €4,018 | -€901 | €24,953 | -€4,997 | €7,002 | €95,045 | ▲ 14× |
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, 20,136 companies had the same profile as IMCA has now. Two years later, 95.0% were still going and 0.2% had gone bankrupt.
- Small
- 20 years or older
- solvency 30% or more
- a profit of 5% of the balance sheet or more
95.0%
was still going
4.7%
stopped otherwise
0.2%
went bankrupt
That fits the bankruptcy probability of IMCA 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 20,136 companies, not a prediction for IMCA. 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 49 filings with the National Bank
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-12-2025 | abbreviated format | 24-06-2026 | 2026-00192290 | |
| 31-12-2024 | micro format | 09-07-2025 | 2025-00247174 | |
| 31-12-2023 | micro format | 17-07-2024 | 2024-00253762 | |
| 31-12-2022 | micro format | 12-04-2023 | 2023-00057247 | |
| 31-12-2021 | micro format | 02-05-2022 | 2022-20017714 | |
| 31-12-2020 | micro format | 29-07-2021 | 2021-42200175 | |
| 31-12-2019 | abbreviated format | 26-05-2020 | 2020-13000421 | |
| 31-12-2018 | abbreviated format | 29-05-2019 | 2019-15000303 | |
| 31-12-2017 | abbreviated format | 06-06-2018 | 2018-16100369 | |
| 31-12-2016 | abbreviated format | 30-05-2017 | 2017-13600195 |