IMEXPLAN
ActiveFinancials · financial year 2025, full format
Annual accounts 2025 filed on 31-07-2026 at the NBB all 44 filings
Turnover
≈ €1.5m
Estimated: probably between €1.4m and €1.6m
EBIT margin
Not included in this filing
Net result
€1.1m▲ 66×
2024 · €16,032
Working capital
€39,092▲ 325%
2024 · €9,208
In the rankings
#10 oldest company in Waterloo, Real estate sector
Multi-year overview
2018 to 2025, 8 financial yearsOperating result
€1.4m
▲ 56×
2025
20182025
Net result
€1.1m
▲ 66×
2025
highest quarter of the sector
20182025
Equity
€678,474
▼ 14.1%
2025
middle half of the sector
20182025
Total assets
€945,197
▲ 13.7%
2025
lowest quarter of the sector
20182025
Debt
€266,723
▲ 548%
2025
20182025
Working capital
€39,092
▲ 325%
2025
middle half of the sector
20182025
Solvency
71.8%
▼ 23.3pp
2025
highest quarter of the sector
20182025
Current ratio
1.98
▲ 0.72
2025
middle half of the sector
20182025
Return on assets (ROA)
112.1%
▲ 110.2pp
2025
highest quarter of the sector
20182025
Staff (FTE)
0
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€0.1m-€0.1m▲ 13.1%€0.07m▼ 36.9%€0.07m▼ 7.6%€0.07m▲ 2.0%€0.03m▼ 49.7%€0.03m▼ 25.1%€1.4m▲ 56×
Net result€0.07m-€0.08m▲ 16.1%€0.06mabove the sector's middle half▼ 23.3%€0.05mabove the sector's middle half▼ 16.7%€0.05mabove the sector's middle half▼ 0.6%€0.02mwithin the sector's middle half▼ 52.0%€0.02mwithin the sector's middle half▼ 31.9%€1.1mabove the sector's middle half▲ 66×
Equity€0.7m-€0.7m▲ 11.8%€0.8mabove the sector's middle half▲ 8.1%€0.8mabove the sector's middle half▼ 3.9%€0.8mabove the sector's middle half▼ 1.4%€0.8mabove the sector's middle half▲ 3.1%€0.8mabove the sector's middle half▲ 2.1%€0.7mwithin the sector's middle half▼ 14.1%
Total assets€0.8m-€0.8m▲ 6.9%€0.9mwithin the sector's middle half▲ 2.4%€0.9mwithin the sector's middle half▲ 1.2%€0.8mwithin the sector's middle half▼ 4.9%€0.8mwithin the sector's middle half▼ 0.7%€0.8mwithin the sector's middle half▲ 0.7%€0.9mbelow the sector's middle half▲ 13.7%
Debt€0.1m-€0.1m▼ 17.1%€0.07m▼ 35.2%€0.1m▲ 56.6%€0.08m▼ 28.2%€0.05m▼ 36.4%€0.04m▼ 19.7%€0.3m▲ 548%
Working capital-€0.02m-€0.04m€0.08mwithin the sector's middle half▲ 124%€0.04mwithin the sector's middle half▼ 52.5%€0.02mwithin the sector's middle half▼ 56.2%€0.02mwithin the sector's middle half▲ 41.8%€0.009mwithin the sector's middle half▼ 61.4%€0.04mwithin the sector's middle half▲ 325%
Solvency83.1%-86.9%▲ 3.8pp91.7%above the sector's middle half▲ 4.8pp87.1%above the sector's middle half▼ 4.6pp90.3%above the sector's middle half▲ 3.2pp93.8%above the sector's middle half▲ 3.5pp95.0%above the sector's middle half▲ 1.3pp71.8%above the sector's middle half▼ 23.3pp
Current ratio0.62-1.57▲ 0.952.60within the sector's middle half▲ 1.031.34within the sector's middle half▼ 1.261.21within the sector's middle half▼ 0.131.48within the sector's middle half▲ 0.271.26within the sector's middle half▼ 0.211.98within the sector's middle half▲ 0.72
Return on assets (ROA)8.4%-9.1%▲ 0.7pp6.9%within the sector's middle half▼ 2.3pp5.6%within the sector's middle half▼ 1.2pp5.9%within the sector's middle half▲ 0.3pp2.9%within the sector's middle half▼ 3.0pp1.9%within the sector's middle half▼ 0.9pp112.1%above the sector's middle half▲ 110.2pp
Staff (FTE)0within the sector's middle half
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 56 times that of 2024 and the highest since 2021. It is a recovery after the fall in 2024.
Large changes and their cause
- 2025 Net result +6,508% on 2024. The accounts now follow the full format, last year the micro format.
The turnover shown is an estimate from the gross margin.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €945,197
Fixed assets
€866,210 ▲ 10.1%
Current assets
€78,987 ▲ 78.7%
Equity and liabilities €945,197
Equity
€678,474 ▼ 14.1%
Debt
€266,723 ▲ 548%
Debt's share of the balance-sheet total rises from 5.0% to 28.2%. Equity is lower and debt is higher.
Key figures and ratios
EBITDA
€1.4m▲
2024 · €40,285
Cash flow
€1.1m▲
2024 · €31,123
Debt to equity
0.39▲
2024 · 0.05
ROE
156.1%▲
2024 · 2.0%
Interest coverage
over 100▲
2024 · 27.78
Debt ≤ 1 year
€39,895▲
2024 · €34,980
Debt > 1 year
€225,528
Income taxes
€350,968▲
2024 · €7,712
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 | €2,560 | €24,575 | €36,587 | €62,163 | €328,275 |
| Financial fixed assets | - | - | - | - | €1,300 |
| Depreciation and write-downs of the year | €11,862 | €13,929 | €18,754 | €15,091 | €27,073 |
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 | €0.01m | €0.01m | €0.01m | €0.01m | €0.01m | €0.02m | €0.02m | €0.03m | ▲ 79.4% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals)631/4 | - | - | - | - | - | - | €0.008m | €127 | ▼ 98.3% |
| Other operating charges640/8 | - | - | - | €0.02m | €0.02m | €0.02m | €0.03m | €0.007m | ▼ 75.3% |
| Non-recurring operating charges66A | - | - | - | - | - | - | €0.01m | €0 | ▼ 100% |
| Gross operating margin9900 | €0.1m | €0.1m | €0.1m | €0.09m | €0.1m | €0.07m | €0.09m | €1.5m | ▲ 17× |
| Operating profit (loss)9901 | €0.1m | €0.1m | €0.07m | €0.07m | €0.07m | €0.03m | €0.03m | €1.4m | ▲ 56× |
| Financial income75/76B | - | - | - | €0.003m | €0.001m | €0.001m | €0 | - | - |
| Recurring financial income75 | - | €0.002m | €0.005m | €0.003m | €0.001m | €0.001m | €0 | - | - |
| Financial charges65/66B | - | - | - | €0.002m | €0.001m | €0.001m | €0.001m | €0.007m | ▲ 411% |
| Recurring financial charges65 | €0.005m | €0.004m | €0.003m | €0.002m | €0.001m | €0.001m | €0.001m | €0.007m | ▲ 411% |
| Profit (loss) for the period before taxes9903 | €0.1m | €0.1m | €0.07m | €0.07m | €0.07m | €0.03m | €0.02m | €1.4m | ▲ 59× |
| Income taxes67/77 | €0.03m | €0.03m | €0.01m | €0.02m | €0.02m | €0.009m | €0.008m | €0.4m | ▲ 46× |
| Profit (loss) for the period9904 | €0.07m | €0.08m | €0.06m | €0.05m | €0.05m | €0.02m | €0.02m | €1.1m | ▲ 66× |
| Profit (loss) for the period to be appropriated9905 | €0.07m | €0.08m | €0.06m | €0.05m | €0.05m | €0.02m | €0.02m | €1.1m | ▲ 66× |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Assets | |||||||||
| Total assets20/58 | €789,325 | €843,718 | €863,969 | €873,938 | €831,210 | €825,375 | €831,281 | €945,197 | ▲ 13.7% |
| Fixed assets21/28 | €755,586 | €744,266 | €732,353 | €723,051 | €733,697 | €751,530 | €787,092 | €866,210 | ▲ 10.1% |
| Tangible fixed assets22/27 | €755,586 | €744,266 | €732,353 | €723,051 | €733,697 | €751,530 | €787,092 | €864,910 | ▲ 9.9% |
| Land and buildings22 | - | - | - | €712,518 | €704,359 | €696,536 | €748,479 | €816,208 | ▲ 9.0% |
| Plant, machinery and equipment23 | - | - | - | €8,486 | €6,529 | €39,472 | €35,176 | €46,110 | ▲ 31.1% |
| Furniture and vehicles24 | - | - | - | €2,047 | €17,325 | €11,155 | €187 | €460 | ▲ 146% |
| Other tangible fixed assets26 | - | - | - | - | €5,484 | €4,367 | €3,250 | €2,133 | ▼ 34.4% |
| Financial fixed assets28 | - | - | - | - | - | - | - | €1,300 | - |
| Current assets29/58 | €33,739 | €99,452 | €131,616 | €150,887 | €97,513 | €73,845 | €44,189 | €78,987 | ▲ 78.7% |
| Amounts receivable within one year40/41 | €8,390 | €50,492 | €62,762 | €59,886 | €17,184 | €19,741 | €27,592 | €15,985 | ▼ 42.1% |
| Trade receivables40 | - | - | - | €3,796 | €7,171 | €6,558 | €967 | €1,921 | ▲ 98.7% |
| Other amounts receivable41 | - | - | - | €56,090 | €10,013 | €13,183 | €26,625 | €14,064 | ▼ 47.2% |
| Cash at bank and in hand54/58 | €22,332 | €46,853 | €66,101 | €88,533 | €77,935 | €50,919 | €11,382 | €61,328 | ▲ 439% |
| Deferred charges and accrued income490/1 | - | - | - | €2,468 | €2,394 | €3,185 | €5,215 | €1,673 | ▼ 67.9% |
| Equity and liabilities | |||||||||
| Total equity and liabilities10/49 | €789,325 | €843,718 | €863,969 | €873,938 | €831,210 | €825,375 | €831,281 | €945,197 | ▲ 13.7% |
| Equity10/15 | €655,718 | €732,909 | €792,137 | €761,473 | €750,513 | €774,073 | €790,105 | €678,474 | ▼ 14.1% |
| Contributions10/11 | €62,000 | €62,000 | €62,000 | €62,000 | €62,000 | €62,000 | €62,000 | €62,000 | = |
| Contributions outside capital11 | - | - | - | €62,000 | - | - | €62,000 | €62,000 | = |
| Other1109/19 | - | - | - | €62,000 | - | - | €62,000 | €62,000 | = |
| Reserves13 | €15,545 | €15,545 | €15,545 | €15,545 | €15,545 | €15,545 | €15,545 | €15,545 | = |
| Non-distributable reserves130/1 | - | - | - | €6,200 | €6,200 | €6,200 | €6,200 | €6,200 | = |
| Reserves not available under the articles1311 | - | - | - | €6,200 | €6,200 | €6,200 | €6,200 | €6,200 | = |
| Tax-exempt reserves132 | - | - | - | €9,345 | €9,345 | €9,345 | €9,345 | €9,345 | = |
| Profit (loss) carried forward14 | €578,173 | €655,364 | €714,592 | €683,928 | €672,968 | €696,528 | €712,560 | €600,929 | ▼ 15.7% |
| Amounts payable17/49 | €133,607 | €110,809 | €71,832 | €112,465 | €80,697 | €51,302 | €41,176 | €266,723 | ▲ 548% |
| Amounts payable after more than one year17 | €78,799 | €47,450 | €21,175 | - | - | - | - | €225,528 | - |
| Financial debts170/4 | - | - | - | - | - | - | - | €225,528 | - |
| Amounts payable within one year42/48 | €54,808 | €63,359 | €50,657 | €112,465 | €80,697 | €50,002 | €34,980 | €39,895 | ▲ 14.0% |
| Current portion of amounts payable after more than one year42 | - | - | - | €21,175 | - | - | - | €21,043 | - |
| Trade debts44 | €18,576 | €12,706 | €11,413 | €11,290 | €11,869 | €13,453 | €23,506 | €15,277 | ▼ 35.0% |
| Suppliers440/4 | - | - | - | €11,290 | €11,869 | €13,453 | €23,506 | €15,277 | ▼ 35.0% |
| Taxes, remuneration and social security45 | - | - | - | €24,000 | €18,012 | €1,212 | €874 | €3,027 | ▲ 246% |
| Taxes450/3 | - | - | - | €24,000 | €18,012 | €1,212 | €874 | €3,027 | ▲ 246% |
| Other amounts payable47/48 | - | - | - | €56,000 | €50,816 | €35,337 | €10,600 | €548 | ▼ 94.8% |
| Accrued charges and deferred income492/3 | - | - | - | - | - | €1,300 | €6,196 | €1,300 | ▼ 79.0% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €0.07m | €0.08m | €0.06m | €0.05m | €0.05m | €0.02m | €0.02m | €1.1m | ▲ 66× |
| + Depreciation and write-downs630 | €0.01m | €0.01m | €0.01m | €0.01m | €0.01m | €0.02m | €0.02m | €0.03m | ▲ 79.4% |
| Operating cash flow (approximation) | €0.08m | €0.09m | €0.07m | €0.06m | €0.06m | €0.04m | €0.03m | €1.1m | ▲ 35× |
| Investment in fixed assets (approximation) | - | -€0.001m | €0 | -€0.003m | -€0.02m | -€0.04m | -€0.05m | -€0.1m | ▼ 110% |
| Change in cash | - | €0.02m | €0.02m | €0.02m | -€0.01m | -€0.03m | -€0.04m | €0.05m | - |
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 IMEXPLAN 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 IMEXPLAN 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 IMEXPLAN. 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 44 filings with the National Bank
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-12-2025 | full format | 31-07-2026 | 2026-00372085 | |
| 31-12-2024 | micro format | 31-07-2025 | 2025-00359868 | |
| 31-12-2023 | micro format | 04-07-2024 | 2024-00210456 | |
| 31-12-2022 | micro format | 12-08-2023 | 2023-00326792 | |
| 31-12-2021 | micro format | 07-07-2022 | 2022-20167586 | |
| 31-12-2020 | micro format | 02-07-2021 | 2021-30500391 | |
| 31-12-2019 | micro format | 29-09-2020 | 2020-56600380 | |
| 31-12-2018 | micro format | 12-08-2019 | 2019-45800430 | |
| 31-12-2017 | micro format | 20-08-2018 | 2018-47800174 | |
| 31-12-2016 | micro format | 25-07-2017 | 2017-36300589 |