IMMO - AZ
ActiveFinancials · financial year 2025, micro format
Annual accounts 2025 filed on 05-03-2026 PDF all 33 filings
2021 to 2025, 5 financial years 2019 to 2025, 7 financial years
The operating result for 2025 is 31% higher than in 2024. It is the second rise in a row, after the fall in 2023.
Turnover is what the company sold, the result is what was left of it. A loss stands below the zero line.
Assets, equity and debt per financial year.
Above zero, the company can pay its short-term debts with what it holds in the short term.
Use the arrow keys on the chart for the figures per year.
Investments
| Item | 31-10-2021 | 31-10-2022 | 31-10-2023 | 31-10-2024 | 31-10-2025 |
|---|---|---|---|---|---|
| Tangible fixed assets | €711,518 | - | €261,922 | €81,974 | €619 |
| Depreciation and write-downs of the year | €56,114 | €67,443 | €103,140 | €74,811 | €81,885 |
Source: notes to the 2021 to 2025 annual accounts (statement of fixed assets)
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|
| Non-recurring operating income76A | - | - | €93,663 | €56,800 | €0 | - | - | - |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €65,583 | €56,921 | €56,114 | €67,443 | €103,140 | €74,811 | €81,885 | ▲ 9.5% |
| Other operating charges640/8 | - | - | €27,633 | €28,836 | €31,357 | €29,630 | €29,179 | ▼ 1.5% |
| Gross operating margin9900 | €885,775 | €107,428 | €195,284 | €194,914 | €142,704 | €137,828 | €154,830 | ▲ 12.3% |
| Operating profit (loss)9901 | €790,501 | €21,799 | €111,537 | €98,634 | €8,208 | €33,387 | €43,767 | ▲ 31.1% |
| Financial income75/76B | - | - | €7 | €0 | - | €1 | €0 | ▼ 100% |
| Recurring financial income75 | €0 | €1,903 | €7 | €0 | - | €1 | €0 | ▼ 100% |
| Financial charges65/66B | - | - | €439 | €162 | €148 | €179 | €3,181 | ▲ 18× |
| Recurring financial charges65 | €17,536 | €34 | €439 | €162 | €148 | €179 | €3,181 | ▲ 18× |
| Profit (loss) for the period before taxes9903 | €772,965 | €23,668 | €111,105 | €98,473 | €8,060 | €33,209 | €40,586 | ▲ 22.2% |
| Transfer from deferred taxes780 | - | - | €4,452 | €7,037 | €7,310 | €7,561 | €7,121 | ▼ 5.8% |
| Transfer to deferred taxes680 | - | - | €23,416 | €14,200 | €0 | - | - | - |
| Income taxes67/77 | €15,459 | €10,341 | €11,649 | €23,038 | €12,340 | €20,194 | €22,147 | ▲ 9.7% |
| Profit (loss) for the period9904 | €541,100 | €14,856 | €80,491 | €68,271 | €3,030 | €20,575 | €25,560 | ▲ 24.2% |
| Transfer from tax-exempt reserves789 | - | - | €13,355 | €21,110 | €21,929 | €22,698 | €21,362 | ▼ 5.9% |
| Transfer to tax-exempt reserves689 | - | - | €70,248 | €42,600 | €0 | - | - | - |
| Profit (loss) for the period to be appropriated9905 | €25,912 | €18,495 | €23,599 | €46,781 | €24,959 | €43,273 | €46,922 | ▲ 8.4% |
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|
| Assets | ||||||||
| Total assets20/58 | €2.0m | €2.0m | €2.1m | €2.2m | €2.2m | €2.2m | €2.2m | ▼ 0.3% |
| Fixed assets21/28 | €1.2m | €1.6m | €2.1m | €1.9m | €2.0m | €2.0m | €2.0m | ▼ 4.0% |
| Tangible fixed assets22/27 | €1.2m | €1.6m | €2.1m | €1.9m | €2.0m | €2.0m | €1.9m | ▼ 4.0% |
| Land and buildings22 | - | - | €2.1m | €1.9m | €2.0m | €2.0m | €1.9m | ▼ 4.0% |
| Furniture and vehicles24 | - | - | - | - | - | - | €0.001m | - |
| Financial fixed assets28 | €0.002m | €0.002m | €0.002m | €0.002m | €0.001m | €0.001m | €0.001m | = |
| Current assets29/58 | €0.8m | €0.4m | €0.07m | €0.4m | €0.2m | €0.2m | €0.3m | ▲ 36.8% |
| Amounts receivable within one year40/41 | €0.01m | €0 | - | - | - | - | - | - |
| Current investments50/53 | - | - | - | - | - | - | €0.2m | - |
| Cash at bank and in hand54/58 | €0.8m | €0.4m | €0.07m | €0.4m | €0.2m | €0.2m | €0.06m | ▼ 72.3% |
| Equity and liabilities | ||||||||
| Total equity and liabilities10/49 | €2.0m | €2.0m | €2.1m | €2.2m | €2.2m | €2.2m | €2.2m | ▼ 0.3% |
| Equity10/15 | €1.8m | €1.8m | €1.9m | €2.0m | €2.0m | €2.0m | €2.0m | ▲ 1.3% |
| Contributions10/11 | €0.4m | €0.4m | €0.4m | €0.4m | €0.4m | €0.4m | €0.4m | = |
| Capital10 | - | - | €0.4m | €0.4m | €0.4m | €0.4m | €0.4m | = |
| Issued capital100 | - | - | €0.4m | €0.4m | €0.4m | €0.4m | €0.4m | = |
| Reserves13 | €0.7m | €0.8m | €0.9m | €0.9m | €0.9m | €1.6m | €1.6m | ▲ 1.6% |
| Non-distributable reserves130/1 | - | - | €0.04m | €0.04m | €0.04m | €0.04m | €0.04m | = |
| Legal reserve130 | - | - | €0.04m | €0.04m | €0.04m | €0.04m | €0.04m | = |
| Tax-exempt reserves132 | - | - | €0.6m | €0.6m | €0.6m | €0.6m | €0.6m | ▼ 3.7% |
| Distributable reserves133 | - | - | €0.2m | €0.3m | €0.3m | €1.0m | €1.0m | ▲ 4.8% |
| Profit (loss) carried forward14 | €0.6m | €0.6m | €0.6m | €0.6m | €0.6m | €0 | - | - |
| Provisions and deferred taxes16 | €0.2m | €0.2m | €0.2m | €0.2m | €0.2m | €0.2m | €0.2m | ▼ 3.7% |
| Deferred taxes168 | - | - | €0.2m | €0.2m | €0.2m | €0.2m | €0.2m | ▼ 3.7% |
| Amounts payable17/49 | €0.02m | €0.02m | €0.02m | €0.05m | €0.03m | €0.03m | €0.004m | ▼ 85.4% |
| Amounts payable after more than one year17 | €0 | - | - | - | - | - | - | - |
| Amounts payable within one year42/48 | €0.02m | €0.02m | €0.02m | €0.03m | €0.02m | €0.03m | €0.004m | ▼ 84.8% |
| Trade debts44 | €0.003m | €0.002m | €0.004m | €0.008m | €0.005m | €0.02m | €0.002m | ▼ 91.0% |
| Suppliers440/4 | - | - | €0.004m | €0.008m | €0.005m | €0.02m | €0.002m | ▼ 91.0% |
| Taxes, remuneration and social security45 | - | - | €0.01m | €0.02m | €0.01m | €0.005m | €0.002m | ▼ 58.7% |
| Taxes450/3 | - | - | €0.01m | €0.02m | €0.01m | €0.005m | €0.002m | ▼ 58.7% |
| Other amounts payable47/48 | - | - | €0.004m | €0 | - | - | - | - |
| Accrued charges and deferred income492/3 | - | - | €111 | €0.02m | €0.02m | €0.001m | €0 | ▼ 100% |
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €541,100 | €14,856 | €80,491 | €68,271 | €3,030 | €20,575 | €25,560 | ▲ 24.2% |
| + Depreciation and write-downs630 | €65,583 | €56,921 | €56,114 | €67,443 | €103,140 | €74,811 | €81,885 | ▲ 9.5% |
| Operating cash flow (approximation) | €606,683 | €71,777 | €136,605 | €135,714 | €106,170 | €95,387 | €107,445 | ▲ 12.6% |
| Investment in fixed assets (approximation) | - | -€507,741 | -€489,467 | €143,200 | -€261,309 | -€81,974 | -€619 | ▲ 99.2% |
| Change in cash | - | -€431,893 | -€332,722 | €314,012 | -€175,710 | €353 | -€148,228 | - |
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 IMMO - AZ has now. Two years later, 0.2% had gone bankrupt and 96.2% were still going.
- Small
- 20 years or older
- solvency 30% or more
- a profit under 5% of the balance sheet
Another 0.1% stopped without a precise date, possibly only after those two years.
That fits the bankruptcy probability of IMMO - AZ 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 IMMO - AZ. 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 33 filings with the National Bank
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-10-2025 | micro format | 05-03-2026 | 2026-00049120 | |
| 31-10-2024 | micro format | 01-04-2025 | 2025-00059818 | |
| 31-10-2023 | micro format | 16-04-2024 | 2024-00063244 | |
| 31-10-2022 | micro format | 17-02-2023 | 2023-00028343 | |
| 31-10-2021 | micro format | 10-05-2022 | 2022-20023846 | |
| 31-10-2020 | micro format | 24-03-2021 | 2021-08300302 | |
| 31-10-2019 | micro format | 03-03-2020 | 2020-06100343 | |
| 31-10-2018 | micro format | 22-02-2019 | 2019-05600558 | |
| 31-10-2017 | micro format | 27-02-2018 | 2018-06200071 | |
| 31-10-2016 | abbreviated format | 27-02-2017 | 2017-05300403 |