Active BE 0433.235.256Coöperatieve vennootschap met beperkte aansprakelijkheid

IMERAY

Jetselaan 40 ·1081 Koekelberg, Belgium· 38 yrs active

Sector: Manufacture of leather and related products (15120)

Conclusion Checked

IMERAY has been active since 1988 and the Belgian State Gazette contains no insolvency or warning signals. The 2025 annual accounts show equity of €40k and a net result of €-3k. Equity is shrinking by ~4.9% per year across the filed fiscal years. Its solvency ranks better than 95% of 41 sector peers (fiscal year 2025). The computed 12-month bankruptcy probability is 0.3% (very low).

Based on the State Gazette, CBE and 3 annual accounts.

Key figures

Equity	€40k
Net result	€-3k
Better than sector	95%
Active	38 yrs

Financial profile 5 of 5 axes measured · computed by Checked

63 / 100

Strong profile, led by solvency.

All 5 axes are computed from data Checked has read.

Health 62

Profitability 0

Solvency 100

Growth 54

Stability 100

Bankruptcy probability (12 mo) Checked model v1 · free

0.3% Very low

0%0,5%1,5%4%10%≥25%

How do we compute this?

Risk Assessment rule-based

0 / 100

Low risk

Trust signals 2 signals

Long-established

Founded in 1988, 38 years in business.

No legal incidents

No bankruptcy, reorganisation or interim measure in the Belgisch Staatsblad, and the KBO register records a normal legal situation.

Administrative Flags0 events

No strikeouts found in the KBO publications we processed. That series starts in 2021 and has gaps, so this is not a confirmation that there is nothing.

Checked score FY 2025 · computed

62 / 100 Healthy

050100

Computed from 4 of the 6 factors this model weighs. The rest cannot be derived from the filed figures, or need a prior year to compare against.

Indicative credit limit

€500

estimate, not credit advice

Score history

65 2023

70 2024

62 2025

purely financial, excl. current insolvency signals

Score components

Liquidity Current ratio 145.74 (≥ 1.5) +10

Quick ratio Quick ratio 104.08 (≥ 1.0) +5

Leverage Debt/equity 0.01 (< 1.0) +10

Profitability Negatieve ROE -7% -10

Profit trend Net profit down YoY -3

Computed by Checked from the NBB filing for FY 2025. Indicative, not credit advice.

Financial overview26 NBB filings

Annual accounts filed on 10-01-2026 with the NBB · fiscal year 2025 · micro schema

RevenueOperating resultNet result

Trajectory (indicative)

Projection over 3 fiscal years from the filed annual accounts, not a forecast, the extended trend.

declining Equity: declining trend of ~4.9%/year over 3 fiscal years, indicative, assuming unchanged policy.

Solid line = filed figures · dashed = extended trend · area = indicative range.

How do we compute this?

The trend is a robust median of all pairwise slopes between fiscal years (Theil-Sen), so a single odd year cannot hijack the line. For strictly positive series we also fit a log variant (compound annual growth) and keep whichever describes the figures best.

The area around the projection is 1.8 × the median absolute deviation from the trend, widening each year ahead (×1 / ×1.6 / ×2.2), with a minimum of 8% of the last value. It is an indicative range, not a statistical confidence interval.

A series whose deviations exceed 35% of its level is too volatile: we then deliberately show no projection. Every projection assumes unchanged policy and is blind to non-public information (order book, contracts, funding rounds).

Sector comparison

Fiscal year 2025 · NACE 15, Manufacture of leather and related products · compared across all schema types (micro, abbreviated and full combined)

Metric	This company	Sector median	Position in the sector
Solvency	99.3%	33.4%	better than 95% of 41 sector peers
Net result	€-3k	€645	better than 35% of 41 sector peers
Equity	€40k	€47k	better than 43% of 41 sector peers
Gross operating margin	€-2k	€13k	better than 20% of 39 sector peers
Total assets	€40k	€260k	better than 20% of 41 sector peers

Revenue

€6k

-30.7% 23-25

Net profit

€-3k

-143.8% 23-25

Total assets

€40k

-7.2% 23-25

Equity

€40k

-6.9% 23-25

Working capital

€40k

-6.9% 23-25

Debt

€277

-34.8% 23-25

Debt ≤ 1y

€277

-34.8% 23-25

Current ratio

145.74

+42.4% 23-25

Quick ratio

104.08

+42.0% 23-25

Solvency

99.3%

+0.3% 23-25

Debt / equity

0.01

-30.0% 23-25

ROE

-7.4%

-162.0% 23-25

ROA

-7.4%

-162.7% 23-25

Net margin

-50.0%

-251.7% 23-25

Figures by fiscal year and ratios

Highlight YoY changes (±10%)

Fiscal year	2025	2024	2023
Deposit	micro schema	micro schema	micro schema
Revenue	€6k	€9k	€5k
EBITDA	-	-	-
Net profit	€-3k	€-1k	€-4k
Cash flow	-	-	-
Staff costs	-	-	-
Income taxes	-	-	-
Dividends	-	-	-
Total assets	€40k	€43k	€45k
Equity	€40k	€43k	€44k
Debt	€277	€425	€484
of which ≤ 1y	€277	€425	€484
of which > 1y	-	-	-
Working capital	€40k	€43k	€44k
Employees (FTE)	-	-	-

Ratios (computed)

	2025	2024	2023
Current ratio	145.74	102.33	92.35
Quick ratio	104.08	73.31	64.13
Working capital ratio	99.3%	99.0%	98.9%
Solvency	99.3%	99.0%	98.9%
Debt / equity	0.01	0.01	0.01
Long-term debt ratio	-	-	-
Interest coverage	-	-	-
Gross margin	-45.9%	-12.1%	-69.2%
Net margin	-50.0%	-14.2%	-79.7%
ROA	-7.4%	-2.8%	-9.8%
ROE	-7.4%	-2.8%	-9.9%
EBITDA margin	-	-	-
Days sales outstanding	311d	203d	298d
Days payable outstanding	-	-	-
Inventory turnover	0.75	0.78	0.68
Days inventory (DSI)	485d	467d	537d

Balance-sheet composition 2025

Equity & liabilities

Equity €40k · 99.3% Debt €277 · 0.7%

Full annual accounts (20 line items)

Filed balance sheet and income statement, exactly as deposited with the NBB.

Line item	Code	2025	2024	2023
Balance sheet, Assets
TOTAL ASSETS	20/58	€40k	€43k	€45k
Current assets	29/58	€40k	€43k	€45k
Stocks & contracts in progress	3	€12k	€12k	€14k
Amounts receivable within one year	40/41	€5k	€5k	€4k
Cash & bank	54/58	€24k	€26k	€27k
Balance sheet, Equity & liabilities
TOTAL EQUITY & LIABILITIES	10/49	€40k	€43k	€45k
Equity	10/15	€40k	€43k	€44k
Contributions / capital	10/11	€89k	€89k	€89k
Reserves	13	€2k	€2k	€2k
Accumulated profits (losses)	14	€-52k	€-49k	€-47k
Amounts payable	17/49	€277	€425	€484
Amounts payable within one year	42/48	€277	€425	€484
Income statement
Turnover	70	€6k	€9k	€5k
Gross operating margin	9900	€-2k	€-681	€-4k
Operating result	9901	€-3k	€-1k	€-4k
Financial income	75	-	€6	-
Financial charges	65	€159	€162	€230
Result before taxes	9903	€-3k	€-1k	€-4k
Net result for the period	9904	€-3k	€-1k	€-4k
Result to be appropriated	9905	€-3k	€-1k	€-4k

Legal Structure

NACE primary	Manufacture of leather and related products(15120)
Legal form	Coöperatieve vennootschap met beperkte aansprakelijkheid(008)
Incorporation	10-02-1988
Status	Active
Postal code	1081

Establishment units 1 location

IMERAY SCRL

Jetsesteenweg 40, 1081 KoekelbergManufacture of coke and refined petroleum products

since 19882.034.398.618

Real-estate footprint Source: CBE × cadastre

Brussels 2 (100%)

Parcel (capakey)	Region	Area	Buildings	Height / fl.
21492B0008/00L015	Brussels	266 m²	1 · 137 m²	21.0 m · 2 fl.
21492B0045/00F002indicative	Brussels	55 m²	1 · 42 m²	15.9 m · 5 fl.

Methodology

via registered seat: 1 · via establishment units: 1

1 of 2 parcels with an exact address match; the rest are indicative.

Linked through address data, this is not proof of ownership.

Updates 10 events

All 10Filings 10

Next filing, fiscal year 2026, expected by 31-01-2027

2026

10-01