IMMEK
ActiveFinancials · financial year 2025, micro format
Annual accounts 2025 filed on 17-07-2026 at the NBB all 34 filings
Turnover
≈ €120,000
Estimated: probably between €91,000 and €150,000
Total assets
€208,773▲ 84.6%
2024 · €113,117
Net result
€35,378▼ 27.5%
2024 · €48,796
Working capital
€60,865▲ 8.1%
2024 · €56,325
Multi-year overview
2018 to 2025, 8 financial yearsOperating result
€36,548
▼ 25.3%
2025
20182025
Net result
€35,378
▼ 27.5%
2025
middle half of the sector
20182025
Equity
€141,703
▲ 33.3%
2025
middle half of the sector
20182025
Total assets
€208,773
▲ 84.6%
2025
middle half of the sector
20182025
Debt
€67,070
▲ 887%
2025
20182025
Working capital
€60,865
▲ 8.1%
2025
middle half of the sector
20182025
Solvency
67.9%
▼ 26.1pp
2025
middle half of the sector
20182025
Current ratio
2.77
▼ 6.52
2025
middle half of the sector
20182025
Return on assets (ROA)
16.9%
▼ 26.2pp
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-€6,857--€19,617▼ 186%-€27,312▼ 39.2%-€10,982▲ 59.8%-€1,098▲ 90.0%-€117▲ 89.3%€48,923€36,548▼ 25.3%
Net result-€2,479--€19,679▼ 694%-€27,375below the sector's middle half▼ 39.1%-€11,019below the sector's middle half▲ 59.7%-€1,164below the sector's middle half▲ 89.4%-€281below the sector's middle half▲ 75.9%€48,796within the sector's middle half€35,378within the sector's middle half▼ 27.5%
Equity€117,047-€97,368▼ 16.8%€69,993within the sector's middle half▼ 28.1%€58,974within the sector's middle half▼ 15.7%€57,810within the sector's middle half▼ 2.0%€57,529within the sector's middle half▼ 0.5%€106,325within the sector's middle half▲ 84.8%€141,703within the sector's middle half▲ 33.3%
Total assets€117,047-€97,368▼ 16.8%€70,341below the sector's middle half▼ 27.8%€59,322below the sector's middle half▼ 15.7%€58,158below the sector's middle half▼ 2.0%€57,529below the sector's middle half▼ 1.1%€113,117within the sector's middle half▲ 96.6%€208,773within the sector's middle half▲ 84.6%
Debt€348€348=€348=€6,792€67,070▲ 887%
Working capital€19,993within the sector's middle half€8,974within the sector's middle half▼ 55.1%€7,810within the sector's middle half▼ 13.0%€56,325within the sector's middle half€60,865within the sector's middle half▲ 8.1%
Solvency100.0%-100.0%=99.5%above the sector's middle half▼ 0.5pp99.4%above the sector's middle half▼ 0.1pp99.4%above the sector's middle half=100.0%above the sector's middle half▲ 0.6pp94.0%above the sector's middle half▼ 6.0pp67.9%within the sector's middle half▼ 26.1pp
Current ratio58.45above the sector's middle half26.79above the sector's middle half▼ 31.6623.44above the sector's middle half▼ 3.349.29above the sector's middle half2.77within the sector's middle half▼ 6.52
Return on assets (ROA)-2.1%--20.2%▼ 18.1pp-38.9%below the sector's middle half▼ 18.7pp-18.6%below the sector's middle half▲ 20.3pp-2.0%below the sector's middle half▲ 16.6pp-0.5%below the sector's middle half▲ 1.5pp43.1%above the sector's middle half▲ 43.6pp16.9%within the sector's middle half▼ 26.2pp
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 25% lower than in 2024.
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 €208,773
Fixed assets
€113,595 ▲ 127%
Current assets
€95,178 ▲ 50.8%
Equity and liabilities €208,773
Equity
€141,703 ▲ 33.3%
Debt
€67,070 ▲ 887%
Debt's share of the balance-sheet total rises from 6.0% to 32.1%. Equity and debt are higher.
Key figures and ratios
EBITDA
€43,614
Cash flow
€42,444
Debt to equity
0.47▲
2024 · 0.06
ROE
25.0%▼
2024 · 45.9%
Interest coverage
37.28
Debt ≤ 1 year
€34,313▲
2024 · €6,792
Debt > 1 year
€32,757
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 | - | - | - | - | €70,661 |
| Depreciation and write-downs of the year | - | - | - | - | €7,066 |
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 | - | - | - | - | - | - | - | €7,066 | - |
| Other operating charges640/8 | - | - | - | €296 | - | €74 | €693 | €6,772 | ▲ 877% |
| Non-recurring operating charges66A | - | - | - | - | - | - | - | €8,928 | - |
| Gross operating margin9900 | -€6,857 | -€19,026 | -€27,016 | -€10,686 | -€1,098 | -€43 | €49,616 | €59,314 | ▲ 19.5% |
| Operating profit (loss)9901 | -€6,857 | -€19,617 | -€27,312 | -€10,982 | -€1,098 | -€117 | €48,923 | €36,548 | ▼ 25.3% |
| Recurring financial income75 | €4,454 | - | - | - | - | - | - | - | - |
| Financial charges65/66B | - | - | - | €37 | €66 | €164 | €127 | €1,170 | ▲ 821% |
| Recurring financial charges65 | €76 | €62 | €63 | €37 | €66 | €164 | €127 | €1,170 | ▲ 821% |
| Profit (loss) for the period before taxes9903 | -€2,479 | -€19,679 | -€27,375 | -€11,019 | -€1,164 | -€281 | €48,796 | €35,378 | ▼ 27.5% |
| Profit (loss) for the period9904 | -€2,479 | -€19,679 | -€27,375 | -€11,019 | -€1,164 | -€281 | €48,796 | €35,378 | ▼ 27.5% |
| Profit (loss) for the period to be appropriated9905 | -€2,479 | -€19,679 | -€27,375 | -€11,019 | -€1,164 | -€281 | €48,796 | €35,378 | ▼ 27.5% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Assets | |||||||||
| Total assets20/58 | €117,047 | €97,368 | €70,341 | €59,322 | €58,158 | €57,529 | €113,117 | €208,773 | ▲ 84.6% |
| Fixed assets21/28 | €50,000 | €50,000 | €50,000 | €50,000 | €50,000 | €50,000 | €50,000 | €113,595 | ▲ 127% |
| Tangible fixed assets22/27 | €50,000 | €50,000 | €50,000 | €50,000 | €50,000 | €50,000 | €50,000 | €113,595 | ▲ 127% |
| Land and buildings22 | - | - | - | €50,000 | €50,000 | €50,000 | €50,000 | €50,000 | = |
| Leasing and similar rights25 | - | - | - | - | - | - | - | €63,595 | - |
| Current assets29/58 | €67,047 | €47,368 | €20,341 | €9,322 | €8,158 | €7,529 | €63,117 | €95,178 | ▲ 50.8% |
| Amounts receivable within one year40/41 | €58,011 | €47,118 | €20,304 | €8,267 | €8,073 | €7,507 | €50,305 | €93,495 | ▲ 85.9% |
| Trade receivables40 | - | - | - | €1,000 | €1,000 | €1,000 | - | - | - |
| Other amounts receivable41 | - | - | - | €7,267 | €7,073 | €6,507 | €50,305 | €93,495 | ▲ 85.9% |
| Cash at bank and in hand54/58 | €9,036 | €250 | €37 | €1,055 | €85 | €22 | €12,812 | €1,683 | ▼ 86.9% |
| Equity and liabilities | |||||||||
| Total equity and liabilities10/49 | €117,047 | €97,368 | €70,341 | €59,322 | €58,158 | €57,529 | €113,117 | €208,773 | ▲ 84.6% |
| Equity10/15 | €117,047 | €97,368 | €69,993 | €58,974 | €57,810 | €57,529 | €106,325 | €141,703 | ▲ 33.3% |
| Contributions10/11 | €50,000 | €50,000 | - | €50,000 | €50,000 | €50,000 | €50,000 | €50,000 | = |
| Reserves13 | €1,071 | €1,071 | €1,071 | €1,071 | €1,071 | €1,071 | €1,071 | €1,071 | = |
| Non-distributable reserves130/1 | - | - | - | €1,071 | €1,071 | €1,071 | €1,071 | €1,071 | = |
| Reserves not available under the articles1311 | - | - | - | €1,071 | €1,071 | €1,071 | €1,071 | €1,071 | = |
| Profit (loss) carried forward14 | €65,976 | €46,297 | €18,922 | €7,903 | €6,739 | €6,458 | €55,254 | €90,632 | ▲ 64.0% |
| Amounts payable17/49 | - | - | €348 | €348 | €348 | - | €6,792 | €67,070 | ▲ 887% |
| Amounts payable after more than one year17 | - | - | - | - | - | - | - | €32,757 | - |
| Financial debts170/4 | - | - | - | - | - | - | - | €32,757 | - |
| Amounts payable within one year42/48 | - | - | €348 | €348 | €348 | - | €6,792 | €34,313 | ▲ 405% |
| Current portion of amounts payable after more than one year42 | - | - | - | - | - | - | - | €11,687 | - |
| Trade debts44 | - | - | €348 | €348 | €348 | - | €2,276 | - | - |
| Suppliers440/4 | - | - | - | €348 | €348 | - | €2,276 | - | - |
| Advances received on contracts in progress46 | - | - | - | - | - | - | - | €2,276 | - |
| Taxes, remuneration and social security45 | - | - | - | - | - | - | €4,516 | - | - |
| Taxes450/3 | - | - | - | - | - | - | €4,516 | - | - |
| Other amounts payable47/48 | - | - | - | - | - | - | - | €20,350 | - |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | -€2,479 | -€19,679 | -€27,375 | -€11,019 | -€1,164 | -€281 | €48,796 | €35,378 | ▼ 27.5% |
| + Depreciation and write-downs630 | - | - | - | - | - | - | - | €7,066 | - |
| Operating cash flow (approximation) | -€2,479 | -€19,679 | -€27,375 | -€11,019 | -€1,164 | -€281 | €48,796 | €42,444 | ▼ 13.0% |
| Investment in fixed assets (approximation) | - | €0 | €0 | €0 | €0 | €0 | €0 | -€70,661 | - |
| Change in cash | - | -€8,786 | -€213 | €1,018 | -€970 | -€63 | €12,790 | -€11,129 | - |
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 IMMEK 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 IMMEK 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 IMMEK. 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 34 filings with the National Bank
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-12-2025 | micro format | 17-07-2026 | 2026-00305073 | |
| 31-12-2024 | micro format | 29-08-2025 | 2025-00433369 | |
| 31-12-2023 | micro format | 30-09-2024 | 2024-00479093 | |
| 31-12-2022 | micro format | 22-05-2024 | 2024-00095992 | |
| 31-12-2021 | micro format | 29-12-2022 | 2022-20549299 | |
| 31-12-2020 | micro format | 26-10-2021 | 2021-73400416 | |
| 31-12-2019 | micro format | 18-12-2020 | 2020-76300450 | |
| 31-12-2018 | micro format | 22-10-2019 | 2019-71000386 | |
| 31-12-2017 | micro format | 29-08-2018 | 2018-55800329 | |
| 31-12-2015 | full format | 28-03-2017 | 2017-08200309 |