Imcodan
ActiveSummary
Imcodan has been active since 1968 and the Belgian State Gazette contains no insolvency or warning signals. The 2025 annual accounts show negative equity (-€40,460) and a net result of -€72,874. Equity is shrinking by ~39.6% per year across the filed fiscal years. The computed 12-month bankruptcy probability is 0.8% (low).
Checked score
Score 2025
Axes · tick = 2024
Profitability32▼-29
Solvency23▼-3
Growth58=
Track record100
Bankruptcy probability, 12 months
0.8%
Low
0%0.5%1.5%4%10%≥ 25%
No credit on open account
Liquidity short (current ratio 0.61 against 0.71 in 2024; short-term debt: 40.9% and cash: 1.9% of total assets), and equity is negative.
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Signals
Six signals. The signal on the left, the evidence on the right.
−lowers risk+raises risk○neutral
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
raises risk · Annual accounts: weaker financial profile
The latest annual accounts show a weaker profile in solvency, result or liquidity than companies that stay afloat.
NBB · annual accounts 2025Solvency, return and age of the figures
Solvency
-1.7%
Return on assets
-3%
Age of the figures
9 mo
raises risk · Negative equity
The 2025 annual accounts show negative equity and a net loss.
NBB · annual accounts 2025Equity per financial year
1819202122232425
2018 to 2025 · latest year -€40,460
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
1 d early
2023
5 d late
2022
83 d early
2021
31 d late
2020
27 d late
2019
83 d late
← before the deadline
after the deadline →
tick = median of all Belgian filings
This company filed its last 7 accounts on average 13 days after the deadline; the Belgian median for financial year 2024 is 4 days before the deadline, and 38% of all filings were 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 6 August (4 of the last 5 filed years within 30 days of that day).
Companies Code · seven monthsPosition in the running window
28-09-2026 today31-12-2026 close31-07-2027 deadline
History
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Financials · fiscal year 2025, micro schema
Turnover
Not included in this filing
EBIT margin
Not included in this filing
Net result
-€72,874▼ 94.2%
2024 · -€37,520
Working capital
-€392,256▼ 29.8%
2024 · -€302,162
Trend over the years
Click a name to add, emphasise or remove a line.
Every figure with its change against the fiscal year before
favourable
unfavourable
Line20212022202320242025
Operating result-€141,672▼ 65.3%-€69,917▲ 50.6%-€64,935▲ 7.1%-€27,466▲ 57.7%-€66,030▼ 140%
Net result-€167,282▼ 47.3%-€96,491▲ 42.3%-€90,538▲ 6.2%-€37,520▲ 58.6%-€72,874▼ 94.2%
Equity€256,963▼ 39.4%€160,472▼ 37.6%€69,933▼ 56.4%€32,414▼ 53.7%-€40,460
Total assets€3.6m▼ 1.8%€3.5m▼ 3.4%€3.4m▼ 2.6%€2.7m▼ 20.6%€2.5m▼ 8.2%
Debt€3.2m▼ 1.5%€3.1m▼ 0.8%€3.1m▲ 0.1%€2.6m▼ 18.1%€2.5m▼ 3.3%
Working capital-€640,267▲ 5.7%-€629,696▲ 1.7%-€472,198▲ 25.0%-€302,162▲ 36.0%-€392,256▼ 29.8%
Result per fiscal year
Operating resultNet result
The operating result stays negative: a loss of €66,030 in 2025 against €27,466 in 2024; the loss grows.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €2.5m
Fixed assets
€1.8m ▼ 4.2%
Current assets
€609,587 ▼ 18.5%
Key figures and ratios
EBITDA
€14,222▼
2024 · €52,786
Cash flow
€7,378▼
2024 · €42,732
Solvency
-1.7%▼
2024 · 1.2%
Current ratio
0.61▼
2024 · 0.71
Quick ratio
0.05▼
2024 · 0.18
Debt to equity
-61.56▼
2024 · 79.43
ROA
-3.0%▼
2024 · -1.4%
Interest coverage
2.08▼
2024 · 5.25
Debt ≤ 1 year
€1.0m▼
2024 · €1.0m
Debt > 1 year
€1.2m=
2024 · €1.2m
Green means a favourable move, even when the figure itself falls: as with debt or debt to equity.
Peer companies
Historical observationOf the 1,242 companies that looked in July 2024 the way this one looks now, 1.6% went bankrupt within 24 months and 93% are still going.
- Small
- 20 years or older
- negative equity
- a small loss
1.6%
went bankrupt
3.8%
stopped otherwise
93%
still going
A further 1.9% stopped, but we cannot tell whether within those 24 months.
For this company itself Checked computes a bankruptcy probability of 0.8% 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 497,662 companies of July 2024 its group's bankruptcy share. Expected: 1.5%; actually bankrupt within 24 months: 1.6%.
| Group | Expected | Actual |
|---|---|---|
| 1 | 0.2% | 0.2% |
| 2 | 0.3% | 0.4% |
| 3 | 0.5% | 0.5% |
| 4 | 0.6% | 0.7% |
| 5 | 0.8% | 0.9% |
| 6 | 1.2% | 1.3% |
| 7 | 1.5% | 1.7% |
| 8 | 1.7% | 1.7% |
| 9 | 2.7% | 2.8% |
| 10 | 5.3% | 5.7% |
The rule ranks well: a company that went bankrupt got a higher share than one that kept going in 75% 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 1,242 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 |
|---|---|---|---|---|---|---|
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €109,679 | €111,515 | €111,972 | €80,251 | €80,251 | = |
| Provisions for liabilities and charges: additions (uses and reversals)635/8 | €150,000 | €0 | - | -€88,363 | -€61,637 | ▲ 30.2% |
| Other operating charges640/8 | €4,196 | €5,006 | €5,456 | €5,070 | €11,502 | ▲ 127% |
| Non-recurring operating charges66A | - | - | - | €73,554 | €61,637 | ▼ 16.2% |
| Gross operating margin9900 | €122,203 | €46,604 | €52,492 | €43,046 | €25,723 | ▼ 40.2% |
| Operating profit (loss)9901 | -€141,672 | -€69,917 | -€64,935 | -€27,466 | -€66,030 | ▼ 140% |
| Financial income75/76B | €0 | €1 | €0 | €0 | €0 | ▲ 900% |
| Recurring financial income75 | €0 | €1 | €0 | €0 | €0 | ▲ 900% |
| Financial charges65/66B | €25,609 | €26,574 | €25,603 | €10,054 | €6,844 | ▼ 31.9% |
| Recurring financial charges65 | €25,609 | €26,574 | €25,603 | €10,054 | €6,844 | ▼ 31.9% |
| Profit (loss) for the period before taxes9903 | -€167,282 | -€96,491 | -€90,538 | -€37,520 | -€72,874 | ▼ 94.2% |
| Profit (loss) for the period9904 | -€167,282 | -€96,491 | -€90,538 | -€37,520 | -€72,874 | ▼ 94.2% |
| Profit (loss) for the period to be appropriated9905 | -€167,282 | -€96,491 | -€90,538 | -€37,520 | -€72,874 | ▼ 94.2% |
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Assets | ||||||
| Total assets20/58 | €3.6m | €3.5m | €3.4m | €2.7m | €2.5m | ▼ 8.2% |
| Fixed assets21/28 | €2.9m | €2.8m | €2.7m | €1.9m | €1.8m | ▼ 4.2% |
| Tangible fixed assets22/27 | €2.9m | €2.8m | €2.7m | €1.9m | €1.8m | ▼ 4.2% |
| Land and buildings22 | €2.9m | €2.8m | €2.7m | €1.9m | €1.8m | ▼ 4.1% |
| Plant, machinery and equipment23 | €2,177 | €1,866 | €1,555 | €0 | - | - |
| Furniture and vehicles24 | - | €3,448 | €2,666 | €1,885 | €1,103 | ▼ 41.5% |
| Financial fixed assets28 | €800 | €800 | €800 | €800 | €800 | = |
| Current assets29/58 | €626,264 | €611,014 | €630,818 | €747,598 | €609,587 | ▼ 18.5% |
| Stocks and contracts in progress3 | €540,749 | €540,749 | €540,749 | €559,829 | €561,940 | ▲ 0.4% |
| Stocks30/36 | €540,749 | €540,749 | €540,749 | €559,829 | €561,940 | ▲ 0.4% |
| Amounts receivable within one year40/41 | €0 | - | - | €13,577 | €0 | ▼ 100% |
| Trade receivables40 | €0 | - | - | - | - | - |
| Other amounts receivable41 | - | - | - | €13,577 | €0 | ▼ 100% |
| Cash at bank and in hand54/58 | €85,081 | €69,602 | €89,377 | €174,191 | €45,715 | ▼ 73.8% |
| Deferred charges and accrued income490/1 | €434 | €663 | €691 | €0 | €1,932 | - |
| Equity and liabilities | ||||||
| Total equity and liabilities10/49 | €3.6m | €3.5m | €3.4m | €2.7m | €2.5m | ▼ 8.2% |
| Equity10/15 | €256,963 | €160,472 | €69,933 | €32,414 | -€40,460 | ▼ 225% |
| Contributions10/11 | €875,000 | €875,000 | €875,000 | €875,000 | €875,000 | = |
| Capital10 | €875,000 | €875,000 | - | - | - | - |
| Issued capital100 | €875,000 | €875,000 | - | - | - | - |
| Reserves13 | €41,634 | €41,634 | €41,634 | €41,634 | €41,634 | = |
| Non-distributable reserves130/1 | €2,829 | €2,829 | €0 | - | - | - |
| Legal reserve130 | €2,829 | €2,829 | - | - | - | - |
| Reserves not available under the articles1311 | - | - | €0 | - | - | - |
| Tax-exempt reserves132 | €38,806 | €38,806 | €38,806 | €38,806 | €38,806 | = |
| Distributable reserves133 | - | - | €2,829 | €2,829 | €2,829 | = |
| Profit (loss) carried forward14 | -€659,672 | -€756,163 | -€846,701 | -€884,220 | -€957,094 | ▼ 8.2% |
| Provisions and deferred taxes16 | €150,000 | €150,000 | €150,000 | €61,637 | €0 | ▼ 100% |
| Provisions for liabilities and charges160/5 | €150,000 | €150,000 | €150,000 | €61,637 | €0 | ▼ 100% |
| Other liabilities and charges164/5 | €150,000 | €150,000 | €150,000 | €61,637 | €0 | ▼ 100% |
| Amounts payable17/49 | €3.2m | €3.1m | €3.1m | €2.6m | €2.5m | ▼ 3.3% |
| Amounts payable after more than one year17 | €1.9m | €1.9m | €1.7m | €1.2m | €1.2m | = |
| Financial debts170/4 | €1.9m | €1.9m | €1.7m | €1.2m | €1.2m | = |
| Amounts payable within one year42/48 | €1.3m | €1.2m | €1.1m | €1.0m | €1.0m | ▼ 4.6% |
| Financial debts43 | €300,000 | €250,000 | €200,000 | €150,000 | €100,000 | ▼ 33.3% |
| Credit institutions430/8 | €300,000 | €250,000 | €200,000 | €150,000 | €100,000 | ▼ 33.3% |
| Trade debts44 | €315 | €151 | €3,257 | €0 | €2,084 | - |
| Suppliers440/4 | €315 | €151 | €3,257 | €0 | €2,084 | - |
| Taxes, remuneration and social security45 | €7,200 | €7,200 | €0 | - | - | - |
| Taxes450/3 | €7,200 | €7,200 | €0 | - | - | - |
| Other amounts payable47/48 | €959,016 | €983,359 | €899,760 | €899,760 | €899,760 | = |
| Accrued charges and deferred income492/3 | €0 | - | €305,835 | €290,835 | €255,000 | ▼ 12.3% |
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | -€167,282 | -€96,491 | -€90,538 | -€37,520 | -€72,874 | ▼ 94.2% |
| + Depreciation and write-downs630 | €109,679 | €111,515 | €111,972 | €80,251 | €80,251 | = |
| Operating cash flow (approximation) | -€57,602 | €15,024 | €21,434 | €42,732 | €7,378 | ▼ 82.7% |
| Investment in fixed assets (approximation) | - | -€4,453 | -€3,771 | €730,668 | €0 | ▼ 100% |
| Change in cash | - | -€15,478 | €19,775 | €84,814 | -€128,476 | ▼ 251% |
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 · micro schema · 31 days late
2025
30-07
NBB filing
Annual accounts filed
fiscal year 2024 · micro schema
2024
05-08
NBB filing
Annual accounts filed
fiscal year 2023 · micro schema · 5 days late
2023
09-05
NBB filing
Annual accounts filed
fiscal year 2022 · micro schema
2022
31-08
NBB filing
Annual accounts filed
fiscal year 2021 · micro schema · 31 days late
2021
31-12
Financial
Weakest financial yearnet -€167,282
Net result drops to -€167,282, the lowest in the series; recovery starts the following year.
27-08
NBB filing
Annual accounts filed
fiscal year 2020 · micro schema · 27 days late
2020
22-10
NBB filing
Annual accounts filed
fiscal year 2019 · full schema · 83 days late
2019
31-12
Financial
Back to profitnet €272,839
Net result €272,839 after one loss-making year.
31-12
Financial
Equity above €500,000Eq €537,843 ▲103%
Equity rises from €265,005 to €537,843.
30-08
NBB filing
Annual accounts filed
fiscal year 2018 · micro schema · 30 days late
2018
28-08
NBB filing
Annual accounts filed
fiscal year 2017 · micro schema · 28 days late
2017
09-08
NBB filing
Annual accounts filed
fiscal year 2016 · micro schema · 9 days late
Financial milestoneNBB filingFinancial milestones sit on the fiscal year-end date, not the filing date.
0 of 10 acts read
About the unread acts
We know of 10 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
10 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, Comines-Warneton · 1 establishment unit since 1968
Ground area
2,753 m²
Building footprint
196 m²
Volume, LiDAR
1,180 m³
Parcel 54005B0101/00V000, Wallonia · tallest building 8.2 m, ±2 floors. Linked by address, not a title deed.
1 establishment unit
Petit Cornet weg(HTM) 2, 7781 Comines-Warneton
since 19682.040.031.546
1 parcel
Wallonia
1
(100%)
| Parcel (capakey) | Region | Area | Buildings | Height / fl. |
|---|---|---|---|---|
| 54005B0101/00V000 | Wallonia | 2,753 m² | 1 · 196 m² | 8.2 m · 2 fl. |
Linked by address, not proof of ownership
Good to know
1 of 1 parcel with an exact address match; the rest are indicative.
Linked through address data, this is not proof of ownership.
Identification & contact
Identification
Legal formPrivate limited company
Founded19-03-1968
Fiscal year end31-12
E-invoicing
Reachable via Peppol
Peppol ID
0208:0405571153
Also
9925:BE0405571153
Registered
10-04-2025
If you follow this company, Checked tells you the day it leaves the Peppol register.
Register as of 28 September 2026 · Peppol Directory
Scores and ratios are computed by Checked and are not a credit decision.