IMMO B.C.
ActiveSummary
IMMO B.C. has been active since 1990 and the Belgian State Gazette contains no insolvency or warning signals. The 2025 annual accounts show equity of €466,989 and a net result of -€88,385. Equity is shrinking by ~6.3% per year across the filed fiscal years. Its solvency ranks better than 46% of 701 sector peers (fiscal year 2025). The computed 12-month bankruptcy probability is 1.0% (low).
Checked score
Score 2025
Axes · tick = 2024
Profitability45▲+12
Solvency48▼-2
Growth32▼-26
Track record100
Bankruptcy probability, 12 months
1.0%
Low
0%0.5%1.5%4%10%≥ 25%
Credit up to €25,000 at 30 days acceptable
Liquidity short (current ratio 0.27 against 0.37 in 2024; short-term debt: 21.4% and cash: 3.2% of total assets), and 77% of the assets are financed with debt.
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Signals
Five signals. The signal on the left, the evidence on the right.
−lowers risk+raises risk○neutral
lowers risk · Long track record
A company with a long track record statistically fails less often than a young one.
KBO · incorporation dateAge against the risk zone
raises risk · Annual accounts: weaker financial profile
The latest annual accounts show a weaker profile in solvency, result or liquidity than companies that stay afloat.
NBB · annual accounts 2025Solvency, return and age of the figures
Solvency
23%
Return on assets
-4.4%
Age of the figures
18 mo
raises risk · Higher-failure-rate sector
In this sector companies fail more often than the Belgian average.
Gazette · bankruptcies per sector, NACE 55
Relative position
BE, all sectors
reference
Accommodation (NACE 55)
about 6% more bankruptcies
← fewer bankruptcies
more bankruptcies →
neutral · Latest accounts filed on time
The financial year that closed on 31-03-2025 was due by 31-10-2025 and was filed on 13-10-2025, 18 days ahead of the deadline.
NBB · 10 filingsDeviation from the deadline
2025
18 d early
2024
63 d early
2023
on the day
2022
4 d early
2021
23 d early
2020
18 d early
2019
9 d early
← before the deadline
after the deadline →
tick = median of all Belgian filingsring = median in the sector
This company filed its last 7 accounts on average 19 days before the deadline; the sector median for financial year 2024 is 1 day before the deadline, and 45% of the sector filed late.
Checked, nothing found (2)
neutral · The next deadline is still running
The next financial year closes on 31-03-2026 and is due by 31-10-2026. Nothing is late today. Usually files around 13 October (4 of the last 5 filed years within 30 days of that day).
Companies Code · seven monthsPosition in the running window
31-03-2026 close29-09-2026 today31-10-2026 deadline
History
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Financials · fiscal year 2025, abbreviated schema
Equity
€466,989▼ 15.9%
2024 · €555,374
Total assets
€2.0m▼ 9.9%
2024 · €2.3m
Net result
-€88,385
2024 · €2,252
Working capital
-€315,356▲ 6.6%
2024 · -€337,637
Trend over the years
Click a name to add, emphasise or remove a line.Band: the middle half (P25 to P75) of NACE 55, Accommodation, each year against the same schema; no band under 30 filings. Dashed line: the median.
Every figure with its change against the fiscal year before
favourable
unfavourable
Line20212022202320242025
Operating result-€39,633▲ 11.2%€46,946-€65,221-€101,689▼ 55.9%-€60,558▲ 40.4%
Net result-€54,393below the sector's middle half▲ 12.7%€31,011within the sector's middle half-€81,089below the sector's middle half€2,252within the sector's middle half-€88,385below the sector's middle half
Equity€603,199within the sector's middle half▼ 8.3%€634,211within the sector's middle half▲ 5.1%€553,122within the sector's middle half▼ 12.8%€555,374within the sector's middle half▲ 0.4%€466,989within the sector's middle half▼ 15.9%
Total assets€2.1mwithin the sector's middle half▼ 6.3%€2.1mwithin the sector's middle half▲ 0.4%€2.4mwithin the sector's middle half▲ 15.2%€2.3mwithin the sector's middle half▼ 6.9%€2.0mwithin the sector's middle half▼ 9.9%
Debt€1.4m▼ 5.5%€1.4m▼ 1.4%€1.8m▲ 28.5%€1.7m▼ 6.5%€1.6m▼ 7.9%
Working capital-€582,810below the sector's middle half▼ 8.5%-€322,512below the sector's middle half▲ 44.7%-€756,535below the sector's middle half▼ 135%-€337,637below the sector's middle half▲ 55.4%-€315,356below the sector's middle half▲ 6.6%
Solvency28.9%within the sector's middle half▼ 0.6pp30.2%within the sector's middle half▲ 1.4pp22.9%within the sector's middle half▼ 7.3pp24.7%within the sector's middle half▲ 1.8pp23.0%within the sector's middle half▼ 1.7pp
Current ratio0.36within the sector's middle half▼ 0.070.43within the sector's middle half▲ 0.070.25below the sector's middle half▼ 0.180.37within the sector's middle half▲ 0.120.27within the sector's middle half▼ 0.09
Return on assets (ROA)-2.6%within the sector's middle half▲ 0.2pp1.5%within the sector's middle half▲ 4.1pp-3.4%within the sector's middle half▼ 4.8pp0.1%within the sector's middle half▲ 3.5pp-4.4%below the sector's middle half▼ 4.5pp
Staff (FTE)2.8below the sector's middle half▼ 17.6%4.3within the sector's middle half▲ 53.6%4.8within the sector's middle half▲ 11.6%6.7within the sector's middle half▲ 39.6%5.7within the sector's middle half▼ 14.9%
above
within
below
the middle half (P25 to P75) of NACE 55, Accommodation, each year against the same schema; no band under 30 filings.
Turnover and EBIT margin not published: the abbreviated schema does not require them.
Result per fiscal year
Operating resultNet result
The operating result stays negative: a loss of €60,558 in 2025 against €101,689 in 2024; the loss shrinks.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €2.0m
Fixed assets
€1.9m ▼ 7.0%
Current assets
€118,588 ▼ 39.5%
Equity and liabilities €2.0m
Equity
€466,989 ▼ 15.9%
Debt
€1.6m ▼ 7.9%
Debt's share of the balance-sheet total rises from 75.3% to 77.0%. Equity and debt are lower.
Key figures and ratios
EBITDA
€103,964▲
2024 · €56,539
Cash flow
€76,137▼
2024 · €160,480
Debt to equity
3.34▲
2024 · 3.05
ROE
-18.9%▼
2024 · 0.4%
Interest coverage
3.82▲
2024 · 1.72
Debt ≤ 1 year
€433,944▼
2024 · €533,737
Debt > 1 year
€1.1m▼
2024 · €1.2m
Income taxes
€602▲
2024 · €212
Staff costs
€142,858▼
2024 · €197,897
Green means a favourable move, even when the figure itself falls: as with debt or debt to equity.
Peer companies
Historical observationOf the 2,450 companies that looked in July 2024 the way this one looks now, 1.5% went bankrupt within 24 months and 93% are still going.
- Micro
- 20 years or older
- solvency 10 to 30%
- a small loss
1.5%
went bankrupt
5.0%
stopped otherwise
93%
still going
A further 0.2% stopped, but we cannot tell whether within those 24 months.
For this company itself Checked computes a bankruptcy probability of 1.0% over twelve months; the group does not contradict it.
How reliable is this rule?
Tested on the year before, without using that year itself: the groups of July 2023 gave each of the 497,338 companies of July 2024 its group's bankruptcy share. Expected: 1.6%; actually bankrupt within 24 months: 1.7%.
| 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% | 1.0% |
| 6 | 1.3% | 1.5% |
| 7 | 1.6% | 1.8% |
| 8 | 1.8% | 1.9% |
| 9 | 3.0% | 3.1% |
| 10 | 5.6% | 6.2% |
The rule ranks well: a company that went bankrupt got a higher share than one that kept going in 74% of comparisons. The level follows the economy: in a year with more bankruptcies, the actual share is higher than the year before.
An observation about 2,450 comparable companies, not a prediction for this company. The sector does not count: the register keeps no sector for companies that stopped, so it would make the outcome look better than it was.
Annual accounts
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Remuneration, social security and pensions62 | - | €134,290 | €180,864 | €197,897 | €142,858 | ▼ 27.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €97,357 | €104,392 | €110,871 | €158,228 | €164,522 | ▲ 4.0% |
| Other operating charges640/8 | - | €18,652 | €40,326 | €22,506 | €23,374 | ▲ 3.9% |
| Gross operating margin9900 | €145,926 | €304,281 | €266,840 | €276,942 | €270,196 | ▼ 2.4% |
| Operating profit (loss)9901 | -€39,633 | €46,946 | -€65,221 | -€101,689 | -€60,558 | ▲ 40.4% |
| Financial income75/76B | - | €1,582 | €1,908 | €86,756 | €0 | ▼ 100% |
| Recurring financial income75 | €627 | €1,582 | €1,908 | €1,726 | €0 | ▼ 100% |
| Non-recurring financial income76B | - | - | - | €85,030 | €0 | ▼ 100% |
| Financial charges65/66B | - | €19,964 | €20,241 | €32,794 | €27,224 | ▼ 17.0% |
| Recurring financial charges65 | €17,818 | €19,964 | €20,241 | €32,794 | €27,224 | ▼ 17.0% |
| Profit (loss) for the period before taxes9903 | -€56,824 | €28,563 | -€83,554 | -€47,727 | -€87,782 | ▼ 83.9% |
| Transfer from deferred taxes780 | - | €2,677 | €2,677 | €50,191 | €0 | ▼ 100% |
| Income taxes67/77 | €245 | €229 | €212 | €212 | €602 | ▲ 184% |
| Profit (loss) for the period9904 | -€54,393 | €31,011 | -€81,089 | €2,252 | -€88,385 | ▼ 4,024% |
| Transfer from tax-exempt reserves789 | - | €8,031 | €8,031 | €150,573 | €0 | ▼ 100% |
| Profit (loss) for the period to be appropriated9905 | -€46,362 | €39,042 | -€73,058 | €152,825 | -€88,385 | ▼ 158% |
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Assets | ||||||
| Total assets20/58 | €2.1m | €2.1m | €2.4m | €2.3m | €2.0m | ▼ 9.9% |
| Fixed assets21/28 | €1.8m | €1.9m | €2.2m | €2.1m | €1.9m | ▼ 7.0% |
| Tangible fixed assets22/27 | €1.5m | €1.5m | €1.8m | €1.8m | €1.6m | ▼ 8.2% |
| Land and buildings22 | - | €1.3m | €1.3m | €1.2m | €1.2m | ▼ 2.6% |
| Plant, machinery and equipment23 | - | €10,454 | €8,295 | €6,569 | €5,128 | ▼ 21.9% |
| Furniture and vehicles24 | - | €131,111 | €219,830 | €163,524 | €115,004 | ▼ 29.7% |
| Other tangible fixed assets26 | - | €11,986 | €299,977 | €391,127 | €328,047 | ▼ 16.1% |
| Financial fixed assets28 | €293,500 | €363,500 | €363,500 | €278,530 | €278,530 | = |
| Current assets29/58 | €329,474 | €241,943 | €246,818 | €196,100 | €118,588 | ▼ 39.5% |
| Amounts receivable within one year40/41 | €106,039 | €105,658 | €149,789 | €65,290 | €38,133 | ▼ 41.6% |
| Trade receivables40 | - | €0 | €6,936 | €0 | - | - |
| Other amounts receivable41 | - | €105,658 | €142,853 | €65,290 | €38,133 | ▼ 41.6% |
| Cash at bank and in hand54/58 | €219,296 | €129,477 | €85,074 | €119,336 | €65,862 | ▼ 44.8% |
| Deferred charges and accrued income490/1 | - | €6,808 | €11,955 | €11,475 | €14,593 | ▲ 27.2% |
| Equity and liabilities | ||||||
| Total equity and liabilities10/49 | €2.1m | €2.1m | €2.4m | €2.3m | €2.0m | ▼ 9.9% |
| Equity10/15 | €603,199 | €634,211 | €553,122 | €555,374 | €466,989 | ▼ 15.9% |
| Contributions10/11 | - | €18,600 | €18,600 | €18,600 | €18,600 | = |
| Reserves13 | €584,599 | €615,611 | €534,522 | €536,774 | €448,389 | ▼ 16.5% |
| Non-distributable reserves130/1 | - | €0 | - | - | - | - |
| Reserves not available under the articles1311 | - | €0 | - | - | - | - |
| Tax-exempt reserves132 | - | €207,237 | €199,206 | €48,633 | €48,633 | = |
| Distributable reserves133 | - | €408,374 | €335,315 | €488,141 | €399,756 | ▼ 18.1% |
| Provisions and deferred taxes16 | €55,545 | €52,868 | €50,191 | €0 | - | - |
| Deferred taxes168 | - | €52,868 | €50,191 | €0 | - | - |
| Amounts payable17/49 | €1.4m | €1.4m | €1.8m | €1.7m | €1.6m | ▼ 7.9% |
| Amounts payable after more than one year17 | €516,950 | €840,541 | €801,809 | €1.2m | €1.1m | ▼ 3.0% |
| Financial debts170/4 | - | €465,541 | €426,809 | €386,106 | €343,755 | ▼ 11.0% |
| Other amounts payable178/9 | - | €375,000 | €375,000 | €775,000 | €783,000 | ▲ 1.0% |
| Amounts payable within one year42/48 | €912,284 | €564,455 | €1.0m | €533,737 | €433,944 | ▼ 18.7% |
| Current portion of amounts payable after more than one year42 | - | €51,409 | €39,075 | €40,703 | €42,351 | ▲ 4.0% |
| Trade debts44 | €73,672 | €104,019 | €384,945 | €230,084 | €98,429 | ▼ 57.2% |
| Suppliers440/4 | - | €104,019 | €384,945 | €230,084 | €98,429 | ▼ 57.2% |
| Advances received on contracts in progress46 | - | €34,170 | €30,052 | €0 | - | - |
| Taxes, remuneration and social security45 | - | €15,354 | €31,676 | €19,796 | €15,542 | ▼ 21.5% |
| Taxes450/3 | - | €395 | €231 | €502 | €692 | ▲ 38.0% |
| Remuneration and social security454/9 | - | €14,959 | €31,445 | €19,294 | €14,849 | ▼ 23.0% |
| Other amounts payable47/48 | - | €359,504 | €517,605 | €243,154 | €277,623 | ▲ 14.2% |
| Accrued charges and deferred income492/3 | - | €5,950 | €7,737 | €0 | €231 | - |
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | -€54,393 | €31,011 | -€81,089 | €2,252 | -€88,385 | ▼ 4,024% |
| + Depreciation and write-downs630 | €97,357 | €104,392 | €110,871 | €158,228 | €164,522 | ▲ 4.0% |
| Operating cash flow (approximation) | €42,964 | €135,403 | €29,782 | €160,480 | €76,137 | ▼ 52.6% |
| Investment in fixed assets (approximation) | - | -€200,170 | -€424,182 | -€42,951 | -€19,737 | ▲ 54.0% |
| Change in cash | - | -€89,819 | -€44,403 | €34,261 | -€53,473 | ▼ 256% |
Simplified and derived: a Belgian filing has no cash-flow statement, so these rows come from the income statement and the balance-sheet moves.
Timeline · acts, filings and financial milestones
Next filing, fiscal year 2026, expected by
2025
13-10
NBB filing
Annual accounts filed
fiscal year 2025 · abbreviated schema
31-03
Financial
Weakest financial yearnet -€88,385
Net result drops to -€88,385, the lowest in the series.
2024
29-08
NBB filing
Annual accounts filed
fiscal year 2024 · abbreviated schema
31-03
Financial
Back to profitnet €2,252
Net result €2,252 after one loss-making year.
2023
31-10
NBB filing
Annual accounts filed
fiscal year 2023 · abbreviated schema
2022
27-10
NBB filing
Annual accounts filed
fiscal year 2022 · abbreviated schema
31-03
Financial
Back to profitnet €31,011
Net result €31,011 after 3 loss-making years.
2021
08-10
NBB filing
Annual accounts filed
fiscal year 2021 · abbreviated schema
2020
13-10
NBB filing
Annual accounts filed
fiscal year 2020 · abbreviated schema
2019
22-10
NBB filing
Annual accounts filed
fiscal year 2019 · abbreviated schema
2018
24-08
NBB filing
Annual accounts filed
fiscal year 2018 · abbreviated schema
2017
31-07
NBB filing
Annual accounts filed
fiscal year 2016 · abbreviated schema
2016
20-04
NBB filing
Annual accounts filed
fiscal year 2015 · abbreviated schema
Financial milestoneNBB filingFinancial milestones sit on the fiscal year-end date, not the filing date.
0 of 5 acts read
About the unread acts
We know of 5 Belgian State Gazette acts for this company. None of them has been read yet: what they contain is neither established nor disproved here.
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Directors · office · real estate
Directors
5 acts for this company are in the Belgian State Gazette, of which we have read 0. We have therefore not extracted its directors from those acts yet.
Location & real-estate footprint
Registered office, Middelkerke · 5 establishment units since 2002
Ground area
2,443 m²
Building footprint
1,009 m²
Volume, LiDAR
6,413 m³
5 parcels, Flanders · tallest building 17.5 m, ±5 floors. Linked by address, not a title deed.
4
companies at this address
See who is registered here
5 establishment units
Belcasa Suitehotel
since 20022.047.862.812
B&B
since 20092.255.735.691
Belcasa Family Suites & Lofts
since 20172.278.058.658
B&B
since 20192.294.387.520
Belcasa Beach Hotel
since 20212.330.022.548
5 parcels
Flanders
5
(100%)
| Parcel (capakey) | Region | Area | Buildings | Height / fl. |
|---|---|---|---|---|
| 35022A0034/00V033 | Flanders | 836 m² | 1 · 269 m² | 8.6 m |
| 35022A0048/00K002 | Flanders | 590 m² | 1 · 189 m² | 6.6 m · 2 fl. |
| 35022A0048/00X002 | Flanders | 556 m² | 1 · 143 m² | 6.3 m · 1 fl. |
| 35022A0001/00V032 | Flanders | 278 m² | 1 · 225 m² | 13.6 m · 4 fl. |
| 35022A0001/00R041 | Flanders | 183 m² | 1 · 183 m² | 17.5 m · 5 fl. |
Linked by address, not proof of ownership
Good to know
5 of 5 parcels with an exact address match; the rest are indicative.
Linked through address data, this is not proof of ownership.
2 of these parcels carry protected heritage: expect extra rules on renovation or sale.
Structure & network
Owners and holdings
1 holdingOwners 0
The accounts to 31-03-2025 list no shareholders, and no other source names one.
Holdings 1
-
33.33%
According to the annual accounts to 31-03-2025 of IMMO B.C. and those of the other companies, the acts in the Belgian Gazette and the LEI register. The register of ultimate beneficial owners (UBO) is not public: who ultimately stands behind a natural person or a foreign parent is not stated here. A company that does not fill in these statements, or need not, is missing.
Connections & network
No current directors or connected companies found in the register.
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Of 2,393 companies in sector 55100 we hold annual accounts for 1,517. 1,091 are within a factor 10 of this equity. The 5 above are the closest to it. See the whole sector
Identification & contact
Identification
Legal formPrivate limited company
Founded21-03-1990
Fiscal year end31-03
Trade name NL
Belcasa Hotels
Activities, NACEBEL 2025
55100Hotels and similar accommodation
68121Development of residential building projects
68122Development of non-residential building projects
55203Holiday cottages, homes and apartments
55204Guest rooms (bed and breakfast)
68310Real estate agency activities
E-invoicing
Reachable via Peppol
Peppol ID
0208:0440345356
Also
9925:BE0440345356
Registered
17-07-2026
If you follow this company, Checked tells you the day it leaves the Peppol register.
Register as of 29 September 2026 · Peppol Directory
Scores and ratios are computed by Checked and are not a credit decision.