IMMETA
ActiveFinancials · financial year 2025, full format
Annual accounts 2025 filed on 19-06-2026 at the NBB all 34 filings
Turnover
≈ €92,000
Estimated: probably between €48,000 and €170,000
EBIT margin
Not included in this filing
Net result
€5,275
2024 · -€84,292
Working capital
€1.4m▲ 2.2%
2024 · €1.4m
Multi-year overview
2018 to 2025, 8 financial yearsOperating result
-€19,992
▲ 82.8%
2025
20182025
Net result
€5,275
2025
20182025
Equity
€2.8m
▲ 0.2%
2025
20182025
Total assets
€3.0m
▲ 0.2%
2025
20182025
Debt
€17,017
▲ 159%
2025
20182025
Working capital
€1.4m
▲ 2.2%
2025
20182025
Every figure per financial year
Every figure with its change against the financial year before
favourable
unfavourable
Line20182019202020212022202320242025
Operating result€0.05m-€0.008m▼ 85.1%-€0.03m-€0.02m▲ 14.7%-€0.03m▼ 38.7%€0.02m-€0.1m-€0.02m▲ 82.8%
Net result€0.07m-€0.03m▼ 61.1%-€0.03m-€0.008m▲ 67.6%-€0.01m▼ 51.0%€0.02m-€0.08m€0.005m
Equity€2.9m-€2.9m▲ 0.9%€2.9m▼ 0.9%€2.9m▼ 0.3%€2.9m▼ 0.4%€2.9m▲ 0.7%€2.8m▼ 2.9%€2.8m▲ 0.2%
Total assets€3.2m-€3.2m▲ 0.1%€3.2m▼ 0.4%€3.1m▼ 0.9%€3.1m▼ 1.1%€3.1m▲ 0.3%€3.0m▼ 3.4%€3.0m▲ 0.2%
Debt€0.04m-€0.03m▼ 33.2%€0.05m▲ 82.6%€0.04m▼ 26.7%€0.02m▼ 38.0%€0.02m▼ 9.3%€0.007m▼ 67.5%€0.02m▲ 159%
Working capital€1.4m-€1.4m▲ 1.3%€1.4m▼ 0.4%€1.4m▲ 1.8%€1.4m▼ 1.0%€1.5m▲ 6.4%€1.4m▼ 3.9%€1.4m▲ 2.2%
The operating result for 2025 is a loss of €19,992, smaller than the loss of €116,538 in 2024.
The turnover shown is an estimate from the gross margin.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €3.0m
Fixed assets
€1.6m ▼ 2.0%
Current assets
€1.4m ▲ 2.7%
Equity and liabilities €3.0m
Equity
€2.8m ▲ 0.2%
Provisions
€178,015 ▼ 4.5%
Debt
€17,017 ▲ 159%
Debt's share of the balance-sheet total rises from 0.2% to 0.6%. Equity and debt are higher.
Key figures and ratios
EBITDA
€15,840▲
2024 · -€80,309
Cash flow
€41,106▲
2024 · -€48,063
Debt to equity
0.01▲
2024 · 0.00
ROE
0.2%▲
2024 · -3.0%
ROA
0.2%▲
2024 · -2.8%
Interest coverage
over 100▲
2024 · -532.27
Debt ≤ 1 year
€14,157▲
2024 · €6,569
Income taxes
€7,930▲
2024 · -€111
A ratio outside any meaningful range has been withheld (balance sheet total €3.0m, equity €2.8m).
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 | €1,403 | €42,625 | €3,344 | - | €4,395 |
| Depreciation and write-downs of the year | €42,419 | €49,711 | €37,223 | €36,229 | €35,831 |
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 |
|---|---|---|---|---|---|---|---|---|---|
| Non-recurring operating income76A | - | - | - | - | - | €12,580 | - | - | - |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €36,975 | €42,794 | €43,930 | €42,419 | €49,711 | €37,223 | €36,229 | €35,831 | ▼ 1.1% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals)631/4 | - | - | - | - | - | - | €22,841 | - | - |
| Other operating charges640/8 | €9,743 | €1,469 | €7,654 | €7,739 | €9,216 | €9,124 | €9,717 | €8,639 | ▼ 11.1% |
| Non-recurring operating charges66A | - | - | - | - | €9,673 | - | €19,000 | €1,109 | ▼ 94.2% |
| Gross operating margin9900 | €98,247 | €51,924 | €25,331 | €27,762 | €37,546 | €61,848 | -€28,751 | €25,588 | - |
| Operating profit (loss)9901 | €51,529 | €7,661 | -€26,253 | -€22,396 | -€31,053 | €15,501 | -€116,538 | -€19,992 | ▲ 82.8% |
| Financial income75/76B | €9,512 | €11,882 | €17,806 | €10,348 | €17,383 | €15,727 | €23,924 | €24,873 | ▲ 4.0% |
| Recurring financial income75 | €9,512 | €11,882 | €17,806 | €10,348 | €17,383 | €15,727 | €23,924 | €24,873 | ▲ 4.0% |
| Financial charges65/66B | €2,254 | €1,802 | €1,187 | €801 | €942 | €5,733 | €266 | €153 | ▼ 42.4% |
| Recurring financial charges65 | €2,254 | €1,802 | €1,187 | €801 | €942 | €232 | €151 | €153 | ▲ 1.4% |
| Non-recurring financial charges66B | - | - | - | - | - | €5,502 | €115 | - | - |
| Profit (loss) for the period before taxes9903 | €58,787 | €17,741 | -€9,634 | -€12,849 | -€14,612 | €25,495 | -€92,880 | €4,728 | - |
| Transfer from deferred taxes780 | €8,477 | €8,477 | €8,477 | €8,477 | €8,477 | €8,477 | €8,477 | €8,477 | = |
| Income taxes67/77 | €41 | €78 | €24,954 | €4,100 | €6,658 | €13,263 | -€111 | €7,930 | - |
| Profit (loss) for the period9904 | €67,222 | €26,139 | -€26,111 | -€8,472 | -€12,793 | €20,709 | -€84,292 | €5,275 | - |
| Transfer from tax-exempt reserves789 | €16,462 | €16,462 | €16,462 | €16,462 | €16,462 | €16,462 | €16,462 | €16,462 | = |
| Profit (loss) for the period to be appropriated9905 | €83,685 | €42,602 | -€9,649 | €7,990 | €3,669 | €37,171 | -€67,830 | €21,737 | - |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Assets | |||||||||
| Total assets20/58 | €3.2m | €3.2m | €3.2m | €3.1m | €3.1m | €3.1m | €3.0m | €3.0m | ▲ 0.2% |
| Fixed assets21/28 | €1.8m | €1.8m | €1.8m | €1.7m | €1.7m | €1.6m | €1.6m | €1.6m | ▼ 2.0% |
| Tangible fixed assets22/27 | €1.8m | €1.8m | €1.8m | €1.7m | €1.7m | €1.6m | €1.6m | €1.6m | ▼ 2.0% |
| Land and buildings22 | €1.8m | €1.8m | €1.7m | €1.7m | €1.7m | €1.6m | €1.6m | €1.6m | ▼ 1.9% |
| Furniture and vehicles24 | - | €0.02m | €0.02m | €0.01m | €0.04m | €0.003m | €0.002m | €0.002m | ▼ 30.1% |
| Current assets29/58 | €1.4m | €1.4m | €1.4m | €1.4m | €1.4m | €1.5m | €1.4m | €1.4m | ▲ 2.7% |
| Amounts receivable within one year40/41 | €0.5m | €0.5m | €0.6m | €0.6m | €0.6m | €0.7m | €0.8m | €0.8m | ▲ 8.7% |
| Trade receivables40 | €0.008m | €0.008m | €0.01m | €0.01m | €0.02m | €0.03m | €0.03m | €0.05m | ▲ 55.6% |
| Other amounts receivable41 | €0.5m | €0.5m | €0.6m | €0.6m | €0.6m | €0.7m | €0.7m | €0.8m | ▲ 6.8% |
| Cash at bank and in hand54/58 | €0.9m | €0.8m | €0.8m | €0.8m | €0.7m | €0.8m | €0.6m | €0.6m | ▼ 4.5% |
| Deferred charges and accrued income490/1 | €0.02m | €0.03m | €0.01m | €0.004m | €0.02m | €0.04m | €424 | €423 | ▼ 0.2% |
| Equity and liabilities | |||||||||
| Total equity and liabilities10/49 | €3.2m | €3.2m | €3.2m | €3.1m | €3.1m | €3.1m | €3.0m | €3.0m | ▲ 0.2% |
| Equity10/15 | €2.9m | €2.9m | €2.9m | €2.9m | €2.9m | €2.9m | €2.8m | €2.8m | ▲ 0.2% |
| Contributions10/11 | €2.3m | €2.3m | €2.3m | €2.3m | €2.3m | €2.3m | €2.3m | €2.3m | = |
| Capital10 | €2.3m | €2.3m | €2.3m | €2.3m | €2.3m | €2.3m | €2.3m | €2.3m | = |
| Issued capital100 | €2.3m | €2.3m | €2.3m | €2.3m | €2.3m | €2.3m | €2.3m | €2.3m | = |
| Reserves13 | €0.5m | €0.5m | €0.5m | €0.5m | €0.5m | €0.4m | €0.4m | €0.4m | ▼ 2.0% |
| Non-distributable reserves130/1 | €0.02m | €0.02m | €0.02m | €0.02m | €0.02m | €0.02m | €0.02m | €0.03m | ▲ 36.9% |
| Legal reserve130 | €0.02m | €0.02m | €0.02m | €0.02m | €0.02m | €0.02m | €0.02m | €0.03m | ▲ 36.9% |
| Tax-exempt reserves132 | €0.5m | €0.4m | €0.4m | €0.4m | €0.4m | €0.4m | €0.4m | €0.3m | ▼ 4.5% |
| Distributable reserves133 | €0.04m | €0.04m | €0.04m | €0.04m | €0.04m | €0.04m | €0.04m | €0.04m | = |
| Profit (loss) carried forward14 | €0.1m | €0.2m | €0.2m | €0.2m | €0.2m | €0.2m | €0.1m | €0.2m | ▲ 9.8% |
| Provisions and deferred taxes16 | €0.2m | €0.2m | €0.2m | €0.2m | €0.2m | €0.2m | €0.2m | €0.2m | ▼ 4.5% |
| Deferred taxes168 | €0.2m | €0.2m | €0.2m | €0.2m | €0.2m | €0.2m | €0.2m | €0.2m | ▼ 4.5% |
| Amounts payable17/49 | €0.04m | €0.03m | €0.05m | €0.04m | €0.02m | €0.02m | €0.007m | €0.02m | ▲ 159% |
| Amounts payable after more than one year17 | €0.02m | €0.007m | - | - | - | - | - | - | - |
| Financial debts170/4 | €0.02m | €0.007m | - | - | - | - | - | - | - |
| Amounts payable within one year42/48 | €0.02m | €0.02m | €0.05m | €0.04m | €0.02m | €0.02m | €0.007m | €0.01m | ▲ 116% |
| Current portion of amounts payable after more than one year42 | €0.01m | €0.01m | €0.007m | - | - | - | - | - | - |
| Trade debts44 | €0.001m | €0.001m | €0.01m | €2 | €0.002m | €0.001m | €403 | €0.001m | ▲ 147% |
| Suppliers440/4 | €0.001m | €0.001m | €0.01m | €2 | €0.002m | €0.001m | €403 | €0.001m | ▲ 147% |
| Taxes, remuneration and social security45 | - | - | €0.02m | €0.03m | €0.01m | €0.01m | - | €0.007m | - |
| Taxes450/3 | - | - | €0.02m | €0.03m | €0.01m | €0.01m | - | €0.007m | - |
| Other amounts payable47/48 | €0.006m | €0.006m | €0.006m | €0.006m | €0.006m | €0.006m | €0.006m | €0.006m | = |
| Accrued charges and deferred income492/3 | €1 | €0 | - | - | - | - | - | €0.003m | - |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €67,222 | €26,139 | -€26,111 | -€8,472 | -€12,793 | €20,709 | -€84,292 | €5,275 | - |
| + Depreciation and write-downs630 | €36,975 | €42,794 | €43,930 | €42,419 | €49,711 | €37,223 | €36,229 | €35,831 | ▼ 1.1% |
| Operating cash flow (approximation) | €104,197 | €68,933 | €17,819 | €33,946 | €36,918 | €57,932 | -€48,063 | €41,106 | - |
| Investment in fixed assets (approximation) | - | -€29,098 | -€8,729 | -€1,403 | -€42,625 | €37,977 | €115 | -€4,395 | - |
| Change in cash | - | -€27,357 | -€4,790 | -€16,023 | -€70,343 | €29,562 | -€121,116 | -€28,703 | ▲ 76.3% |
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, 14,766 companies had the same profile as IMMETA has now. Two years later, 96.2% were still going and 0.2% had gone bankrupt.
- Small
- 20 years or older
- solvency 30% or more
- a profit under 5% of the balance sheet
96.2%
was still going
3.5%
stopped otherwise
0.2%
went bankrupt
Another 0.1% stopped without a precise date, possibly only after those two years.
That fits the bankruptcy probability of IMMETA 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 14,766 companies, not a prediction for IMMETA. 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 | full format | 19-06-2026 | 2026-00189415 | |
| 31-12-2024 | full format | 28-11-2025 | 2025-00572334 | |
| 31-12-2023 | full format | 30-08-2024 | 2024-00409274 | |
| 31-12-2022 | full format | 29-09-2023 | 2023-00464632 | |
| 31-12-2021 | full format | 29-09-2023 | 2023-00464630 | |
| 31-12-2020 | full format | 29-09-2023 | 2023-00464628 | |
| 31-12-2019 | micro format | 26-09-2022 | 2022-20438030 | |
| 31-12-2018 | full format | 26-09-2022 | 2022-20438029 | |
| 31-12-2017 | full format | 26-09-2022 | 2022-20439606 | |
| 31-12-2016 | micro format | 21-09-2017 | 2017-61800283 |