IMMO D
ActiveFinancials · financial year 2025, micro format
Annual accounts 2025 filed on 30-01-2026 PDF all 34 filings
Turnover
≈ €150,000
Estimated: probably between €100,000 and €260,000
Total assets
€1.3m▼ 11.9%
2024 · €1.5m
Net result
-€310,626▼ 550%
2024 · -€47,765
Working capital
-€792,531▼ 370%
2024 · -€168,775
Multi-year overview
2019 to 2025, 7 financial yearsOperating result
-€149,329
▼ 615%
2025
20192025
Net result
-€310,626
▼ 550%
2025
20192025
Equity
-€377,605
▼ 464%
2025
20192025
Total assets
€1.3m
▼ 11.9%
2025
20192025
Debt
€1.7m
▲ 8.6%
2025
20192025
Working capital
-€792,531
▼ 370%
2025
20192025
Every figure per financial year
Every figure with its change against the financial year before
favourable
unfavourable
Line2019202020212022202320242025
Operating result€0.05m-€0.08m▲ 54.1%-€0.04m-€0.2m▼ 451%€0.03m-€0.02m-€0.1m▼ 615%
Net result-€0.02m--€0.01m▲ 40.6%-€0.06m▼ 464%-€0.5m▼ 720%€0.002m-€0.05m-€0.3m▼ 550%
Equity€0.05m-€0.04m▼ 21.9%-€0.02m-€0.5m▼ 2,236%-€0.02m▲ 96.3%-€0.07m▼ 249%-€0.4m▼ 464%
Total assets€2.2m-€2.3m▲ 3.0%€2.2m▼ 1.7%€1.8m▼ 20.4%€1.6m▼ 12.9%€1.5m▼ 3.9%€1.3m▼ 11.9%
Debt€2.1m-€2.2m▲ 5.7%€2.3m▲ 1.0%€2.3m▲ 1.8%€1.6m▼ 31.8%€1.6m▼ 0.8%€1.7m▲ 8.6%
Working capital€0.4m-€0.4m▲ 1.9%€0.4m▼ 2.8%-€0.2m-€0.09m▲ 58.4%-€0.2m▼ 95.9%-€0.8m▼ 370%
The operating result for 2025 is a loss of €149,329, larger than the loss of €20,890 in 2024.
Turnover and EBIT margin are not published. The abbreviated or 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 €1.3m
Fixed assets
€826,071 ▼ 42.2%
Current assets
€490,885 ▲ 655%
Equity and liabilities
Equity-€377,605
Debt€1.7m
Equity is negative. Debt (€1.7m) exceeds the balance-sheet total (€1.3m).
Key figures and ratios
EBITDA
-€118,692▼
2024 · €20,023
Cash flow
-€279,988▼
2024 · -€6,852
Solvency
-28.7%▼
2024 · -4.5%
Current ratio
0.38▲
2024 · 0.28
ROA
-23.6%▼
2024 · -3.2%
Interest coverage
-0.74▼
2024 · 0.75
Debt ≤ 1 year
€1.3m▲
2024 · €233,826
Debt > 1 year
€411,145▼
2024 · €1.3m
Debt to equity is not shown because equity is negative. Debt divided by negative equity means nothing.
Green means a favourable move, even when the figure itself falls, as with debt or debt to equity.
Investments
| Item | 30-06-2022 | 30-06-2023 | 30-06-2024 | 30-06-2025 |
|---|---|---|---|---|
| Tangible fixed assets | €57,227 | €7,630 | €4,778 | €4,407 |
| Depreciation and write-downs of the year | €55,265 | €48,958 | €40,913 | €30,638 |
Source: notes to the 2022 to 2025 annual accounts (statement of fixed assets)
Annual accounts
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|
| Non-recurring operating income76A | - | - | - | €33,285 | €76,783 | €0 | - | - |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €20,327 | €72,753 | €61,014 | €55,265 | €48,958 | €40,913 | €30,638 | ▼ 25.1% |
| Other operating charges640/8 | - | - | - | €39,350 | €35,624 | €23,027 | €169,632 | ▲ 637% |
| Non-recurring operating charges66A | - | - | - | €236,159 | €0 | - | - | - |
| Gross operating margin9900 | €105,411 | €180,198 | €47,989 | €92,348 | €118,009 | €43,049 | €50,941 | ▲ 18.3% |
| Operating profit (loss)9901 | €54,433 | €83,874 | -€43,270 | -€238,426 | €33,427 | -€20,890 | -€149,329 | ▼ 615% |
| Financial income75/76B | - | - | - | €8 | €904 | €0 | €1 | - |
| Recurring financial income75 | - | - | €243 | €8 | €904 | €0 | €1 | - |
| Financial charges65/66B | - | - | - | €31,742 | €31,927 | €26,875 | €161,297 | ▲ 500% |
| Recurring financial charges65 | €72,616 | €93,708 | €17,838 | €31,742 | €31,927 | €26,875 | €161,297 | ▲ 500% |
| Profit (loss) for the period before taxes9903 | -€18,184 | -€9,833 | -€60,866 | -€270,160 | €2,404 | -€47,765 | -€310,626 | ▼ 550% |
| Income taxes67/77 | - | €961 | €0 | €229,128 | €0 | - | - | - |
| Profit (loss) for the period9904 | -€18,184 | -€10,795 | -€60,866 | -€499,288 | €2,404 | -€47,765 | -€310,626 | ▼ 550% |
| Profit (loss) for the period to be appropriated9905 | -€18,184 | -€10,795 | -€60,866 | -€499,288 | €2,404 | -€47,765 | -€310,626 | ▼ 550% |
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|
| Assets | ||||||||
| Total assets20/58 | €2.2m | €2.3m | €2.2m | €1.8m | €1.6m | €1.5m | €1.3m | ▼ 11.9% |
| Fixed assets21/28 | €1.5m | €1.7m | €1.7m | €1.7m | €1.5m | €1.4m | €0.8m | ▼ 42.2% |
| Tangible fixed assets22/27 | €1.5m | €1.7m | €1.7m | €1.7m | €1.5m | €1.4m | €0.8m | ▼ 42.2% |
| Land and buildings22 | - | - | - | €1.7m | €1.4m | €1.4m | €0.8m | ▼ 43.1% |
| Plant, machinery and equipment23 | - | - | - | €0.04m | €0.03m | €0.03m | €0.03m | ▼ 4.4% |
| Current assets29/58 | €0.7m | €0.6m | €0.5m | €0.08m | €0.09m | €0.07m | €0.5m | ▲ 655% |
| Amounts receivable within one year40/41 | €0.5m | €0.6m | €0.5m | €0.06m | €0.06m | €0.06m | €0.5m | ▲ 724% |
| Trade receivables40 | - | - | - | €0.06m | €0.06m | €0.06m | €0.04m | ▼ 27.4% |
| Other amounts receivable41 | - | - | - | €0 | - | - | €0.4m | - |
| Cash at bank and in hand54/58 | €0.1m | €0.004m | €0.004m | €0.02m | €0.03m | €0.006m | €0.002m | ▼ 57.1% |
| Equity and liabilities | ||||||||
| Total equity and liabilities10/49 | €2.2m | €2.3m | €2.2m | €1.8m | €1.6m | €1.5m | €1.3m | ▼ 11.9% |
| Equity10/15 | €0.05m | €0.04m | -€0.02m | -€0.5m | -€0.02m | -€0.07m | -€0.4m | ▼ 464% |
| Contributions10/11 | €0.06m | €0.06m | €0.06m | €0.06m | €0.6m | €0.6m | €0.6m | = |
| Capital10 | - | - | - | €0.06m | €0.6m | €0.6m | €0.6m | = |
| Issued capital100 | - | - | - | €0.06m | €0.6m | €0.6m | €0.6m | = |
| Reserves13 | €0.04m | €0.04m | €0.04m | €0.04m | €0.04m | €0.04m | €0.04m | = |
| Non-distributable reserves130/1 | - | - | - | €0.004m | €0.004m | €0.004m | €0.004m | = |
| Legal reserve130 | - | - | - | €0.004m | €0.004m | €0.004m | €0.004m | = |
| Distributable reserves133 | - | - | - | €0.04m | €0.04m | €0.04m | €0.04m | = |
| Profit (loss) carried forward14 | -€0.05m | -€0.06m | -€0.1m | -€0.6m | -€0.6m | -€0.7m | -€1.0m | ▼ 46.5% |
| Provisions and deferred taxes16 | €0.04m | €0 | - | - | - | - | - | - |
| Amounts payable17/49 | €2.1m | €2.2m | €2.3m | €2.3m | €1.6m | €1.6m | €1.7m | ▲ 8.6% |
| Amounts payable after more than one year17 | €1.8m | €2.0m | €2.1m | €2.0m | €1.4m | €1.3m | €0.4m | ▼ 69.0% |
| Financial debts170/4 | - | - | - | €2.0m | €1.4m | €1.3m | €0.4m | ▼ 69.0% |
| Amounts payable within one year42/48 | €0.3m | €0.2m | €0.2m | €0.3m | €0.2m | €0.2m | €1.3m | ▲ 449% |
| Current portion of amounts payable after more than one year42 | - | - | - | €0.1m | €0.08m | €0.1m | €1.1m | ▲ 12× |
| Trade debts44 | €0.09m | €0.09m | €0.06m | €0.06m | €0.02m | €0.04m | €0.01m | ▼ 69.9% |
| Suppliers440/4 | - | - | - | €0.06m | €0.02m | €0.04m | €0.01m | ▼ 69.9% |
| Taxes, remuneration and social security45 | - | - | - | €0.02m | €0 | - | - | - |
| Taxes450/3 | - | - | - | €0.02m | €0 | - | - | - |
| Other amounts payable47/48 | - | - | - | €0.09m | €0.07m | €0.1m | €0.1m | ▲ 29.9% |
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | -€18,184 | -€10,795 | -€60,866 | -€499,288 | €2,404 | -€47,765 | -€310,626 | ▼ 550% |
| + Depreciation and write-downs630 | €20,327 | €72,753 | €61,014 | €55,265 | €48,958 | €40,913 | €30,638 | ▼ 25.1% |
| Operating cash flow (approximation) | €2,143 | €61,959 | €149 | -€444,023 | €51,362 | -€6,852 | -€279,988 | ▼ 3,986% |
| Investment in fixed assets (approximation) | - | -€246,238 | -€60,211 | -€57,227 | €190,587 | -€4,778 | €572,278 | - |
| Change in cash | - | -€136,795 | €96 | €14,698 | €9,955 | -€22,961 | -€3,296 | ▲ 85.6% |
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, 678 companies had the same profile as IMMO D has now. Two years later, 84.4% were still going and 6.8% had gone bankrupt.
- Small
- 20 years or older
- negative equity
- a loss of 10% of the balance sheet or more
84.4%
was still going
6.2%
stopped otherwise
6.8%
went bankrupt
Another 2.7% stopped without a precise date, possibly only after those two years.
That fits the bankruptcy probability of IMMO D itself: 1.7% 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 678 companies, not a prediction for IMMO D. 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 |
|---|---|---|---|---|
| 30-06-2025 | micro format | 30-01-2026 | 2026-00019560 | |
| 30-06-2024 | micro format | 20-01-2025 | 2025-00006712 | |
| 30-06-2023 | micro format | 20-12-2023 | 2023-00531955 | |
| 30-06-2022 | micro format | 23-01-2023 | 2023-00001564 | |
| 30-06-2021 | micro format | 31-01-2022 | 2022-02900197 | |
| 30-06-2020 | micro format | 30-06-2021 | 2021-26900126 | |
| 30-06-2019 | abbreviated format | 06-05-2020 | 2020-11400346 | |
| 30-06-2018 | abbreviated format | 26-03-2019 | 2019-07800111 | |
| 30-06-2017 | abbreviated format | 04-04-2018 | 2018-09000538 | |
| 30-06-2016 | abbreviated format | 10-08-2017 | 2017-42700505 |