Equity
IMMO COMMERCE paid out €420,000 in dividends. That is 92% of the 2025 profit.
IMMO COMMERCE paid out €420,000 in dividends. That is 92% of the 2025 profit.
The accounts state no turnover.
Of this, €1.5m falls due within a year.
Seven of the last ten came late. The 2022 accounts came latest: 150 days after the end of the period.
Higher net result than 93% of companies in real estate. Sector median €9,997 · 11,290 companies.
The dashed line is the sector median: 0.1% across 6,995 companies (NACE 68, small).
Fewer than 1 in 1,000 comparable companies go bankrupt within 12 months (an estimate).
The band follows from the bankruptcy probability. 10 more points roughly halve it.
| 75-100 | Excellent | under 0.55% |
| 60-74 | Healthy | 0.55% to 1.5% |
| 45-59 | Fair | 1.5% to 4.2% |
| 25-44 | Weak | 4.2% to 15.0% |
| 0-24 | Critical | over 15.0% |
Where the company stands within its band depends half on the bankruptcy probability and half on how it does against its sector peers (NACE 68, small). It does better than 22% of them on solvency, 88% on liquidity, 61% on profitability and 75% on growth.
The bankruptcy probability was computed on 08-11-2026 by the bankruptcy model of 2 October 2026, which learns from Belgian bankruptcies and reads the registers, the annual accounts and the Belgian Official Gazette.
The probability rests on the annual accounts with balance sheet date 31-12-2025.
Of the companies with a bankruptcy probability in the very low class on 30-06-2025, 0.1% went bankrupt within twelve months.
Some facts cap the score, however low the probability. With negative or zero equity, a heavy loss, a special status in the KBO, one missing filing or accounts filed more than 90 days late, the score is Fair at most (59). With two missing filings, it is Weak at most (44). During a judicial reorganisation or at the company's end (bankruptcy, dissolution, liquidation), it is Critical at most (24).
In July 2024, 166 companies had the same profile as IMMO COMMERCE has now. Each dot is one company, two years later.
Another 0.6% stopped without a precise date, possibly only after those two years.
The bankruptcy probability of IMMO COMMERCE itself is lower: < 0.1% within 12 months. It rests on far more data about IMMO COMMERCE than the profile alone.
The method was tested on the 497,447 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 166 companies, not a prediction for IMMO COMMERCE. 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.
Liquidity is tight, with a current ratio of 1.2 (1.93 in 2024), below the usual 1.5. Short-term debt is 18.2% and cash 13% of total assets. 95.8% of the assets are financed with debt and provisions.
Show the recommended maximum and see how the verdict changes with amount, term and advance.
The scores and ratios are Checked's own calculations, not a credit decision.
The company filed its last 7 accounts on average 56 days after the deadline. In the sector (NACE 68), the median for financial year 2024 was 7 days before the deadline, and 36% of those companies filed late.
| Company | ||||
|---|---|---|---|---|
| IMMO COMMERCE Ixelles | €8.2m | €1.7m | 4.2% | - |
| IMMO EE 59 Anderlecht | €8.5m | €1.3m | 31.5% | - |
| DIONYSIUS Ghent | €8.4m | €1.7m | 92.9% | - |
| DE BIEKORF Schilde | €8.2m | €1.5m | 65.4% | 0 |
| GHIMLO Zedelgem | €8.6m | €1.5m | 47.1% | - |
| Dinavier Mol | €6.8m | €1.5m | 26.9% | - |
| FLO - MAT - BOIS Merchtem | €6.7m | €2.0m | 43.2% | - |
These companies have the same main activity as IMMO COMMERCE: renting and operating of own or leased non-residential real estate, excluding land (NACE 68203). They are comparable in size and age: total assets between €6.7m and €8.6m, founded between 1991 and 1996.
IMMO COMMERCE files the abbreviated format. That format states no turnover. The gross margin rose from €1.2m in 2016 to €1.7m in 2025.
MAG-REEN holds 98% of the shares.
Sources: KBO register, filings at the National Bank, Belgian Official Gazette.
The turnover shown is an estimate from the gross margin.
Turnover ≈ €2.1m. Estimated: probably between €1.7m and €2.4m.
Higher than 23% of 11,299 companies in 2025.
Higher than 52% of 10,851 companies in 2025.
Higher than 75% of 11,184 companies in 2025.
Net result: top quarter · Equity: middle half · Balance sheet total: top quarter · Working capital: middle half
| Line | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Balance sheet: assets | |||||||||||
20/58 |
8.2m | 8.7m | 9.1m | 9.3m | 9.8m | 9.9m | 10.0m | 10.4m | 11.2m | 11.5m | |
21/28 |
6.4m | 6.4m | 6.8m | 7.1m | 7.4m | 7.7m | 8.1m | 8.4m | 8.7m | 8.9m | |
22/27 |
6.4m | 6.4m | 6.8m | 7.1m | 7.4m | 7.7m | 8.1m | 8.4m | 8.7m | 8.9m | |
22 |
6.4m | 6.4m | 6.7m | 7.1m | 7.4m | 7.7m | 8.0m | 8.3m | 8.7m | 8.9m | |
23 |
- | - | - | - | - | 17,857 | - | - | - | - | |
24 |
6,676 | 7,246 | 9,899 | 12,552 | 15,205 | - | 20,510 | 23,163 | 25,816 | - | |
29/58 |
1.8m | 2.3m | 2.3m | 2.2m | 2.5m | 2.2m | 2.0m | 2.0m | 2.5m | 2.6m | |
29 |
14,870 | 30,102 | 314,614 | 12,575 | 1,825 | 1,714 | 1,514 | - | - | - | |
291 |
14,870 | 30,102 | 314,614 | 12,575 | 1,825 | 1,714 | 1,514 | - | - | - | |
40/41 |
393,757 | 475,710 | 609,451 | 905,153 | 1.1m | 798,389 | 526,294 | 521,930 | 952,314 | 508,313 | |
40 |
343,538 | 414,677 | 521,004 | 867,600 | 1.0m | 586,389 | 526,294 | 517,226 | 952,314 | 468,786 | |
41 |
50,219 | 61,033 | 88,447 | 37,553 | 26,838 | 212,000 | - | 4,704 | - | 39,527 | |
54/58 |
1.1m | 1.3m | 734,927 | 440,813 | 413,580 | 301,882 | 149,842 | 993,403 | 1.4m | 1.9m | |
490/1 |
312,001 | 476,161 | 643,332 | 812,442 | 976,744 | 1.1m | 1.3m | 524,400 | 149,262 | 172,556 | |
| Balance sheet: equity and liabilities | |||||||||||
10/49 |
8.2m | 8.7m | 9.1m | 9.3m | 9.8m | 9.9m | 10.0m | 10.4m | 11.2m | 11.5m | |
10/15 |
341,544 | 303,204 | 255,726 | 251,731 | 243,461 | 203,390 | 162,362 | -80,694 | -80,802 | -700,716 | |
10/11 |
857,000 | 857,000 | 857,000 | 857,000 | 857,000 | 857,000 | 857,000 | 857,000 | 857,000 | 857,000 | |
100 |
- | - | - | - | - | 857,000 | 857,000 | 857,000 | 857,000 | 857,000 | |
14 |
-515,456 | -553,796 | -601,274 | -605,269 | -613,539 | -653,610 | -694,638 | -937,694 | -937,802 | -1.6m | |
17/49 |
7.8m | 8.4m | 8.8m | 9.0m | 9.6m | 9.7m | 9.8m | 10.5m | 11.3m | 12.2m | |
17 |
6.0m | 6.4m | 6.8m | 7.2m | 7.7m | 8.1m | 8.5m | 9.0m | 10.2m | 11.2m | |
170/4 |
6.0m | 6.4m | 6.8m | 7.2m | 7.7m | 8.1m | 8.5m | 9.0m | 10.2m | 11.2m | |
42/48 |
1.5m | 1.2m | 1.6m | 1.4m | 1.5m | 1.3m | 964,853 | 1.3m | 770,441 | 658,937 | |
42 |
420,000 | 420,000 | 420,000 | 420,000 | 420,000 | 420,000 | 420,000 | 420,000 | 420,000 | 420,000 | |
44 |
468,875 | 292,672 | 338,050 | 205,788 | 328,605 | 133,478 | 125,539 | 35,542 | 80,239 | 104,181 | |
440/4 |
468,875 | 292,672 | 163,716 | 205,788 | 328,605 | 128,850 | 125,539 | 35,542 | 80,239 | 104,181 | |
441 |
- | - | 174,334 | - | - | 4,628 | - | - | - | - | |
46 |
- | - | 316,795 | 314,512 | 272,000 | 272,000 | 227,300 | 299,500 | 265,000 | 130,000 | |
45 |
- | - | 12,382 | 9,622 | 10,444 | 148,164 | 31,483 | 8,433 | 5,202 | 4,757 | |
450/3 |
- | - | 12,382 | 9,622 | 10,444 | 148,164 | 31,483 | 8,433 | 5,202 | 4,757 | |
47/48 |
597,300 | 460,532 | 492,772 | 467,772 | 467,772 | 290,532 | 160,532 | 575,000 | - | - | |
492/3 |
303,846 | 785,687 | 397,260 | 368,916 | 426,955 | 374,223 | 373,035 | 98,272 | 334,741 | 328,463 | |
| Income statement | |||||||||||
9900 |
1.7m | 1.7m | 1.5m | 1.5m | 1.5m | 1.4m | 1.4m | 1.4m | 1.5m | 1.2m | |
630 |
361,196 | 356,698 | 356,698 | 352,609 | 347,318 | 346,904 | 344,494 | 342,747 | 336,416 | 328,757 | |
640/8 |
530,046 | 433,637 | 419,294 | 391,694 | 357,364 | 346,119 | 343,514 | 341,785 | 298,003 | 297,656 | |
9901 |
810,107 | 922,345 | 727,712 | 790,052 | 815,321 | 748,259 | 740,085 | 754,390 | 842,019 | 555,077 | |
75/76B |
63,133 | 99,130 | 97,263 | 6,882 | 111 | 104 | 2,420 | - | 0 | - | |
75 |
63,133 | 99,130 | 97,263 | 6,882 | 111 | 104 | 2,420 | - | 0 | - | |
65/66B |
260,176 | 362,387 | 351,880 | 148,665 | 130,577 | 140,603 | 157,199 | 171,182 | 222,102 | 254,339 | |
65 |
260,176 | 362,387 | 351,880 | 148,665 | 130,577 | 140,603 | 157,199 | 171,182 | 222,102 | 254,339 | |
9903 |
613,065 | 659,088 | 473,096 | 648,269 | 684,855 | 607,759 | 585,306 | 583,208 | 619,916 | 300,737 | |
67/77 |
154,724 | 161,610 | 134,101 | 180,000 | 184,783 | 166,732 | 192,250 | 8,100 | 3 | - | |
9904 |
458,341 | 497,478 | 338,995 | 468,269 | 500,072 | 441,028 | 393,056 | 575,108 | 619,914 | 300,737 | |
9905 |
458,341 | 497,478 | 338,995 | 468,269 | 500,072 | 441,028 | 393,056 | 575,108 | 619,914 | 300,737 | |
| Appropriation of the result | |||||||||||
9906 |
-95,456 | -103,796 | -266,274 | -145,269 | -153,539 | -253,610 | -544,638 | -362,694 | -937,802 | -1.6m | |
14P |
-553,796 | -601,274 | -605,269 | -613,538 | -653,610 | - | - | - | - | - | |
694/7 |
420,000 | 450,000 | 335,000 | 460,000 | 460,000 | 400,000 | 150,000 | 575,000 | - | - | |
694 |
420,000 | 450,000 | 335,000 | 460,000 | 460,000 | 400,000 | 150,000 | 575,000 | - | - | |
| Document | |||||||||||
The accounts for 18 older financial years (1992-2011) were filed as documents without figures as data, scans for example.
The notes to these accounts have 11 items, including the statement of assets and debts, the cost breakdown and rights and commitments. You find them in the accounts filed with the NBB.
Source: Annual accounts 2025 at the NBB, filed on 31-08-2026.
2025 annual accounts filed 31 days after the deadline. Filed on 31 August 2026, deadline 31 July 2026 (7 months after the close on 31 December 2025, Companies Code art. 3:10). Source: NBB, 2026-00469195.
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-12-2025 | abbreviated format | 31-08-2026 | 2026-00469195 | |
| 31-12-2024 | full format | 25-07-2025 | 2025-00308179 | |
| 31-12-2023 | full format | 22-08-2024 | 2024-00364439 | |
| 31-12-2022 | full format | 28-12-2023 | 2024-00542151 | |
| 31-12-2021 | full format | 30-08-2022 | 2022-20383064 | |
| 31-12-2020 | full format | 29-11-2021 | 2021-78600389 | |
| 31-12-2019 | full format | 16-09-2020 | 2020-54400288 | |
| 31-12-2018 | full format | 22-03-2019 | 2019-07700086 | |
| 31-12-2017 | full format | 31-07-2018 | 2018-41700302 | |
| 31-12-2016 | abbreviated format | 31-08-2017 | 2017-57800528 | |
| 31-12-2011 | full format | 30-07-2012 | 2012-37900598 | |
| 31-12-2010 | full format | 11-08-2011 | 2011-39700249 | |
| 31-12-2007 | full format | 14-04-2010 | 2010-09200490 | |
| 31-12-2006 | full format | 13-04-2010 | 2010-09200473 | |
| 31-12-2005 | full format | 20-06-2006 | 2006-27802902 | |
| 31-12-2004 | full format | 18-07-2005 | 2005-48500191 | |
| 31-12-2003 | full format | 23-08-2004 | 2004-60400236 | |
| 31-12-2002 | full format | 01-07-2003 | 2003-32900131 | |
| 31-12-2001 | full format | 10-07-2002 | 2002-36100015 | |
| 31-12-2000 | full format | 29-06-2001 | 2001-29600045 | |
| 31-12-1999 | full format | 03-10-2000 | 2000-60400097 | |
| 31-12-1998 | full format | 01-09-1999 | 1999-43704816 | |
| 31-12-1997 | full format | 09-07-1998 | 1998-31202114 | |
| 31-12-1996 | full format | 26-06-1997 | 1997-22701377 | |
| 31-12-1995 | full format | 26-07-1996 | 1996-36504550 | |
| 31-12-1994 | full format | 27-06-1995 | 1995-28904932 | |
| 31-12-1993 | full format | 08-06-1994 | 1994-13202714 | |
| 31-12-1992 | full format | 03-11-1993 | 1993-41804258 |
| Line | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| 1.2m | 1.3m | 1.1m | 1.1m | 1.2m | 1.1m | 1.1m | 1.1m | 1.2m | 883,834 | ||
| 819,537 | 854,176 | 695,693 | 820,878 | 847,390 | 787,932 | 737,550 | 917,855 | 956,329 | 629,494 | ||
| 341,530 | 0 | 0 | 91,573 | 2,483 | 11,574 | 33,284 | 5,324 | 100,898 | 52,875 | ||
| -223,586 | 551,232 | 294,114 | 27,233 | 111,699 | 152,039 | -843,561 | -381,107 | -503,856 | - | ||
| 297,026 | 1.1m | 722,325 | 753,289 | 962,023 | 944,384 | 986,838 | 701,258 | 1.7m | 1.9m | ||
| 4.2% | 3.5% | 2.8% | 2.7% | 2.5% | 2.0% | 1.6% | -0.8% | -0.7% | -6.1% | ||
| 1.20 | 1.93 | 1.46 | 1.53 | 1.64 | 1.75 | 2.02 | 1.52 | 3.21 | 3.88 | ||
| 22.90 | 27.59 | 34.42 | 35.88 | 39.39 | 47.81 | 60.62 | - | - | - | ||
| 134.2% | 164.1% | 132.6% | 186.0% | 205.4% | 216.8% | 242.1% | - | - | - | ||
| 5.6% | 5.7% | 3.7% | 5.0% | 5.1% | 4.4% | 3.9% | 5.5% | 5.5% | 2.6% | ||
| 4.50 | 3.53 | 3.08 | 7.69 | 8.90 | - | - | - | - | - |
EBIT margin: not included in this filing.
A Belgian filing has no cash-flow statement. Cash flow is therefore an approximation, derived from the income statement. Investment is the acquisitions in the notes and, without them, the balance-sheet move.
| Item | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|
| Mortgages, amount registered | €10.5m | €10.5m | €10.5m | €10.5m | €10.5m |
| Carrying value of the mortgaged assets | €6.4m | €6.4m | €6.7m | €7.4m | €7.4m |
Source: notes to the 2021 to 2025 annual accounts (statement of debts and off-balance-sheet rights and commitments)
| Item | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|
| Tangible fixed assets | €341,530 | - | - | €91,573 | €2,483 |
| €361,196 | €356,698 | €356,698 | €352,609 | €347,318 |
Source: notes to the 2021 to 2025 annual accounts (statement of fixed assets)
The operating result for 2025 is 12% lower than in 2024.
Debt's share of the balance-sheet total falls from 96.5% to 95.8%. Equity is higher and debt is lower.
Source: shareholder structure in its own accounts, lists of holdings in the owners' accounts
Source: list of holdings in the 2025 accounts of MAG-REEN. Every holding stands with its own latest accounts.
| A & C Properties S.A.
registered office since 26-01-2001 · founded in 2001 |
total assets €16.8m (2025) 0473.917.155 |
| CORALES
establishment since 26-12-2019 · founded in 2019 |
total assets €13.5m (2025) 0740.476.719 |
| MAG-REEN
registered office since 17-05-2005 · founded in 2005 |
total assets €6.9m (2025) 0873.833.012 |
| ALS LOUISE
registered office since 15-09-2023 · founded in 2023 · negative equity (2025) |
total assets €3.9m (2025) 0805.900.051 |
| RAND BELGIQUE
registered office since 02-03-2017 · founded in 2017 |
24 FTE (2025) 0671.994.323 |
| ALS REAL ESTATE
registered office since 09-03-2022 · founded in 2022 |
total assets €1.9m (2025) 0783.235.903 |
| ATLANTIS INTERNATIONAL SERVICES
registered office since 09-03-1993 · founded in 1974 |
7.8 FTE (2025) 0414.139.223 |
| HAKUNA MATATA CONSTRUCTION
registered office since 25-09-2020 · founded in 2020 · negative equity (2025) |
total assets €1.5m (2025) 0754.903.884 |
| CALESSA
registered office since 01-10-2025 · founded in 2004 · negative equity (2024) · accounts filed late |
total assets €269,331 (2024) 0866.812.289 |
| STABLEGEAR
registered office since 07-04-1997 · founded in 1997 |
total assets €178,911 (2025) 0460.402.976 |
The network starts from the directors of IMMO COMMERCE. Every other company they run is a node.
Deadline for the 2026 accounts: 31-07-2027
Financial milestones sit on the financial year-end date, not the filing date.
Sources: Publications in the Belgian Official GazetteFilings with the National Bank
| Establishment | Since | Unit number |
|---|---|---|
| Louizalaan 343 registered office 1050 Ixelles | ||
| EUROPOLIS COMMERCE Louizalaan 326, 1050 Brussels 6811001 Buying and selling of own real estate | 23-04-1992 | 2.057.243.997 |
| Cadastral parcel | Area | Buildings | Height / floors |
|---|---|---|---|
| 21807G0178/00E003 | 2,671 m² | 1 · 2,036 m² | 103.3 m · 6 |
| 21807G0215/00D000 | 290 m² | 1 · 144 m² | 37.8 m · 6 |
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