IMMO +
ActiveFinancials · financial year 2025, micro format
Annual accounts 2025 filed on 20-05-2026 PDF all 8 filings
Turnover
≈ €150,000
Estimated: probably between €98,000 and €200,000
Total assets
€168,141▲ 2.2%
2024 · €164,500
Net result
€46,536▲ 37.4%
2024 · €33,880
Working capital
€11,767▲ 39.1%
2024 · €8,461
Multi-year overview
2018 to 2025, 8 financial yearsOperating result
€66,053
▲ 37.9%
2025
20182025
Net result
€46,536
▲ 37.4%
2025
highest quarter of the sector
20182025
Equity
€27,075
▲ 31.8%
2025
middle half of the sector
20182025
Total assets
€168,141
▲ 2.2%
2025
middle half of the sector
20182025
Debt
€141,066
▼ 2.0%
2025
20182025
Working capital
€11,767
▲ 39.1%
2025
middle half of the sector
20182025
Solvency
16.1%
▲ 3.6pp
2025
middle half of the sector
20182025
Current ratio
1.16
▲ 0.04
2025
middle half of the sector
20182025
Return on assets (ROA)
27.7%
▲ 7.1pp
2025
highest quarter of the sector
20182025
Every figure per financial year
Every figure with its change against the financial year before
favourable
unfavourable
Line20182019202020212022202320242025
Operating result€60,155-€13,210▼ 78.0%€9,679▼ 26.7%€70,234▲ 626%€33,132▼ 52.8%€46,680▲ 40.9%€47,883▲ 2.6%€66,053▲ 37.9%
Net result€40,093-€8,437▼ 79.0%€5,742within the sector's middle half▼ 31.9%€52,837above the sector's middle half▲ 820%€19,983within the sector's middle half▼ 62.2%€32,169above the sector's middle half▲ 61.0%€33,880above the sector's middle half▲ 5.3%€46,536above the sector's middle half▲ 37.4%
Equity€46,293-€54,730▲ 18.2%€60,472within the sector's middle half▲ 10.5%€113,308within the sector's middle half▲ 87.4%€20,691within the sector's middle half▼ 81.7%€25,859within the sector's middle half▲ 25.0%€20,539within the sector's middle half▼ 20.6%€27,075within the sector's middle half▲ 31.8%
Total assets€70,675-€171,849▲ 143%€165,823within the sector's middle half▼ 3.5%€229,388within the sector's middle half▲ 38.3%€164,323within the sector's middle half▼ 28.4%€135,798below the sector's middle half▼ 17.4%€164,500within the sector's middle half▲ 21.1%€168,141within the sector's middle half▲ 2.2%
Debt€24,382-€117,119▲ 380%€105,351▼ 10.0%€116,080▲ 10.2%€143,632▲ 23.7%€109,939▼ 23.5%€143,960▲ 30.9%€141,066▼ 2.0%
Working capital€44,124-€52,054▲ 18.0%€56,759within the sector's middle half▲ 9.0%€103,241within the sector's middle half▲ 81.9%€10,175within the sector's middle half▼ 90.1%€15,183within the sector's middle half▲ 49.2%€8,461within the sector's middle half▼ 44.3%€11,767within the sector's middle half▲ 39.1%
Solvency65.5%-31.8%▼ 33.7pp36.5%within the sector's middle half▲ 4.6pp49.4%within the sector's middle half▲ 12.9pp12.6%within the sector's middle half▼ 36.8pp19.0%within the sector's middle half▲ 6.5pp12.5%within the sector's middle half▼ 6.6pp16.1%within the sector's middle half▲ 3.6pp
Current ratio2.81-3.16▲ 0.354.34above the sector's middle half▲ 1.174.21above the sector's middle half▼ 0.131.16within the sector's middle half▼ 3.051.43within the sector's middle half▲ 0.281.11within the sector's middle half▼ 0.321.16within the sector's middle half▲ 0.04
Return on assets (ROA)56.7%-4.9%▼ 51.8pp3.5%within the sector's middle half▼ 1.4pp23.0%above the sector's middle half▲ 19.6pp12.2%above the sector's middle half▼ 10.9pp23.7%above the sector's middle half▲ 11.5pp20.6%above the sector's middle half▼ 3.1pp27.7%above the sector's middle half▲ 7.1pp
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 38% higher than in 2024. It is the third rise in a row, after the fall in 2022.
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 €168,141
Fixed assets
€81,018 ▼ 1.7%
Current assets
€87,123 ▲ 6.1%
Equity and liabilities €168,141
Equity
€27,075 ▲ 31.8%
Debt
€141,066 ▼ 2.0%
Debt's share of the balance-sheet total falls from 87.5% to 83.9%. Equity is higher and debt is lower.
Key figures and ratios
EBITDA
€70,602▲
2024 · €52,495
Cash flow
€51,085▲
2024 · €38,493
Debt to equity
5.21▼
2024 · 7.01
ROE
171.9%▲
2024 · 165.0%
Interest coverage
13.35▼
2024 · 19.04
Debt ≤ 1 year
€75,356▲
2024 · €73,615
Debt > 1 year
€65,710▼
2024 · €70,345
Income taxes
€14,230▲
2024 · €11,254
Green means a favourable move, even when the figure itself falls, as with debt or debt to equity.
Securities and guarantees
| Item | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Mortgages, amount registered | €106,700 | €106,700 | €106,700 | €106,700 | - |
| Carrying value of the mortgaged assets | €76,956 | €82,450 | €82,450 | €80,520 | €80,520 |
Source: notes to the 2021 to 2025 annual accounts (statement of debts and off-balance-sheet rights and commitments)
Investments
| Item | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Tangible fixed assets | €9,212 | €30,067 | €313 | €5,285 | €11,502 |
| Depreciation and write-downs of the year | €3,866 | €4,300 | €4,705 | €4,613 | €4,549 |
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 | €1,314 | €4,143 | €4,088 | €3,866 | €4,300 | €4,705 | €4,613 | €4,549 | ▼ 1.4% |
| Other operating charges640/8 | - | - | - | €2,784 | €3,062 | €2,175 | €1,485 | €3,177 | ▲ 114% |
| Gross operating margin9900 | €63,759 | €32,200 | €18,345 | €76,883 | €40,494 | €53,560 | €53,981 | €73,779 | ▲ 36.7% |
| Operating profit (loss)9901 | €60,155 | €13,210 | €9,679 | €70,234 | €33,132 | €46,680 | €47,883 | €66,053 | ▲ 37.9% |
| Financial income75/76B | - | - | - | €3 | €1 | €0 | €9 | - | - |
| Recurring financial income75 | - | - | - | €3 | €1 | €0 | €9 | - | - |
| Financial charges65/66B | - | - | - | €2,030 | €5,149 | €3,074 | €2,757 | €5,287 | ▲ 91.8% |
| Recurring financial charges65 | €243 | €759 | €1,700 | €2,030 | €4,342 | €3,074 | €2,757 | €5,287 | ▲ 91.8% |
| Non-recurring financial charges66B | - | - | - | - | €807 | - | - | - | - |
| Profit (loss) for the period before taxes9903 | €59,912 | €12,451 | €7,979 | €68,207 | €27,983 | €43,605 | €45,134 | €60,766 | ▲ 34.6% |
| Income taxes67/77 | €19,819 | €4,014 | €2,237 | €15,371 | €8,000 | €11,437 | €11,254 | €14,230 | ▲ 26.4% |
| Profit (loss) for the period9904 | €40,093 | €8,437 | €5,742 | €52,837 | €19,983 | €32,169 | €33,880 | €46,536 | ▲ 37.4% |
| Profit (loss) for the period to be appropriated9905 | €40,093 | €8,437 | €5,742 | €52,837 | €19,983 | €32,169 | €33,880 | €46,536 | ▲ 37.4% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Assets | |||||||||
| Total assets20/58 | €70,675 | €171,849 | €165,823 | €229,388 | €164,323 | €135,798 | €164,500 | €168,141 | ▲ 2.2% |
| Fixed assets21/28 | €2,169 | €95,729 | €92,053 | €93,984 | €89,993 | €85,601 | €82,423 | €81,018 | ▼ 1.7% |
| Tangible fixed assets22/27 | €2,169 | €95,729 | €92,053 | €93,984 | €89,993 | €85,601 | €82,423 | €81,018 | ▼ 1.7% |
| Land and buildings22 | - | - | - | €88,761 | €86,015 | €83,269 | €80,521 | €77,773 | ▼ 3.4% |
| Furniture and vehicles24 | - | - | - | €5,224 | €3,978 | €2,332 | €1,902 | €3,245 | ▲ 70.6% |
| Current assets29/58 | €68,506 | €76,120 | €73,770 | €135,404 | €74,330 | €50,197 | €82,076 | €87,123 | ▲ 6.1% |
| Amounts receivable after more than one year29 | - | - | - | €1,322 | - | - | - | - | - |
| Other amounts receivable291 | - | - | - | €1,322 | - | - | - | - | - |
| Amounts receivable within one year40/41 | €38,174 | €36,842 | €42,748 | €34,386 | €56,073 | €28,257 | €43,725 | €36,797 | ▼ 15.8% |
| Trade receivables40 | - | - | - | €2,904 | - | €4,571 | €5,821 | €8,936 | ▲ 53.5% |
| Other amounts receivable41 | - | - | - | €31,482 | €56,073 | €23,685 | €37,904 | €27,861 | ▼ 26.5% |
| Cash at bank and in hand54/58 | €30,332 | €37,745 | €28,833 | €98,619 | €17,359 | €21,127 | €37,659 | €50,013 | ▲ 32.8% |
| Deferred charges and accrued income490/1 | - | - | - | €1,076 | €898 | €814 | €693 | €313 | ▼ 54.9% |
| Equity and liabilities | |||||||||
| Total equity and liabilities10/49 | €70,675 | €171,849 | €165,823 | €229,388 | €164,323 | €135,798 | €164,500 | €168,141 | ▲ 2.2% |
| Equity10/15 | €46,293 | €54,730 | €60,472 | €113,308 | €20,691 | €25,859 | €20,539 | €27,075 | ▲ 31.8% |
| Contributions10/11 | €6,200 | €6,200 | - | €6,200 | €18,600 | €18,600 | €18,600 | €18,600 | = |
| Reserves13 | €1,860 | €1,860 | €1,860 | €1,860 | €1,860 | €1,860 | €1,860 | €1,860 | = |
| Non-distributable reserves130/1 | - | - | - | €1,860 | €1,860 | €1,860 | €1,860 | €1,860 | = |
| Reserves not available under the articles1311 | - | - | - | €1,860 | €1,860 | €1,860 | €1,860 | €1,860 | = |
| Profit (loss) carried forward14 | €38,233 | €46,670 | €52,412 | €105,248 | €231 | €5,399 | €79 | €6,615 | ▲ 83× |
| Amounts payable17/49 | €24,382 | €117,119 | €105,351 | €116,080 | €143,632 | €109,939 | €143,960 | €141,066 | ▼ 2.0% |
| Amounts payable after more than one year17 | - | €93,053 | €88,331 | €83,917 | €79,448 | €74,925 | €70,345 | €65,710 | ▼ 6.6% |
| Financial debts170/4 | - | - | - | €83,917 | €79,448 | €74,925 | €70,345 | €65,710 | ▼ 6.6% |
| Amounts payable within one year42/48 | €24,382 | €24,066 | €17,011 | €32,163 | €64,156 | €35,015 | €73,615 | €75,356 | ▲ 2.4% |
| Current portion of amounts payable after more than one year42 | - | - | - | €18,392 | €16,469 | €4,524 | €4,579 | €8,001 | ▲ 74.7% |
| Trade debts44 | - | €10,637 | €3,908 | €1,891 | €96 | €773 | €309 | - | - |
| Suppliers440/4 | - | - | - | €1,891 | €96 | €773 | €309 | - | - |
| Taxes, remuneration and social security45 | - | - | - | €11,879 | €16,342 | €20,718 | €26,830 | €24,953 | ▼ 7.0% |
| Taxes450/3 | - | - | - | €11,879 | €16,342 | €20,718 | €26,830 | €24,953 | ▼ 7.0% |
| Other amounts payable47/48 | - | - | - | - | €31,250 | €9,000 | €41,897 | €42,402 | ▲ 1.2% |
| Accrued charges and deferred income492/3 | - | - | - | - | €29 | - | - | - | - |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €40,093 | €8,437 | €5,742 | €52,837 | €19,983 | €32,169 | €33,880 | €46,536 | ▲ 37.4% |
| + Depreciation and write-downs630 | €1,314 | €4,143 | €4,088 | €3,866 | €4,300 | €4,705 | €4,613 | €4,549 | ▼ 1.4% |
| Operating cash flow (approximation) | €41,407 | €12,580 | €9,830 | €56,702 | €24,283 | €36,874 | €38,493 | €51,085 | ▲ 32.7% |
| Investment in fixed assets (approximation) | - | -€97,703 | -€412 | -€5,797 | -€309 | -€313 | -€1,435 | -€3,144 | ▼ 119% |
| Change in cash | - | €7,413 | -€8,912 | €69,786 | -€81,260 | €3,768 | €16,532 | €12,355 | ▼ 25.3% |
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, 6,713 companies had the same profile as IMMO + has now. Two years later, 95.8% were still going and 1.8% had gone bankrupt.
- Micro
- 5 to 10 years old
- solvency 10 to 30%
- a profit of 5% of the balance sheet or more
95.8%
was still going
2.2%
stopped otherwise
1.8%
went bankrupt
Another 0.2% stopped without a precise date, possibly only after those two years.
The bankruptcy probability of IMMO + itself is lower: 0.3% within 12 months. It rests on far more data about IMMO + than the profile alone.
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 6,713 companies, not a prediction for IMMO +. 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.
Filings with the National Bank (8)
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-12-2025 | micro format | 20-05-2026 | 2026-00114934 | |
| 31-12-2024 | micro format | 10-07-2025 | 2025-00265588 | |
| 31-12-2023 | micro format | 26-06-2024 | 2024-00170820 | |
| 31-12-2022 | micro format | 06-06-2023 | 2023-00114577 | |
| 31-12-2021 | micro format | 21-06-2022 | 2022-20091519 | |
| 31-12-2020 | micro format | 13-08-2021 | 2021-48400514 | |
| 31-12-2019 | micro format | 20-08-2020 | 2020-43400316 | |
| 31-12-2018 | micro format | 19-08-2019 | 2019-48500384 |