IMMO D5
ActiveSummary
IMMO D5 has been active since 1974 and the Belgian State Gazette contains no insolvency signals. The CBE does carry 2 administrative register entries (see administrative flags). The 2025 annual accounts show equity of €371,575 and a net result of -€48,266. Equity is growing by ~13.9% per year across the filed fiscal years. Its solvency ranks better than 35% of 7098 sector peers (fiscal year 2025). The computed 12-month bankruptcy probability is 1.0% (low).
Checked score
Score 2025
Axes · tick = 2024
Profitability13▲+5
Solvency60▼-17
Growth52=
Track record84
Bankruptcy probability, 12 months
1.0%
Low
0%0.5%1.5%4%10%≥ 25%
Credit up to €16,000 at 30 days only on tighter terms
Liquidity short (current ratio 0.44 against 0.11 in 2024; short-term debt: 64.9% and cash: 1.9% of total assets), and 64.9% of the assets are financed with debt.
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Signals
Seven 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 · Persistent losses
Two consecutive loss-making years (2024 and 2025); equity is also lower. May indicate structural pressure on profitability.
NBB · annual accounts 2025Net result per financial year
1819202122232425
2018 to 2025 · latest year -€48,266
neutral · Filed after the deadline
The financial year that closed on 31-12-2025 was due by 31-07-2026 and was filed on 31-08-2026, 31 days later. For context: 47% of the Belgian market files late and the whole 1-to-90-day band measures 2.0% abnormal legal state against a 1.66% average. We show this as a fact and do not score it.
NBB · 10 filingsDeviation from the deadline
2025
31 d late
2024
31 d late
2023
51 d late
2022
60 d late
2021
31 d late
2020
153 d late
2019
188 d late
← 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 78 days after the deadline; the sector median for financial year 2024 is 6 days before the deadline, and 36% of the sector filed late.
raises risk · Administrative warnings in the KBO publications
2 publications by the FPS Economy about this company, such as a strike-off for address, accounts or UBO, or their withdrawal.
KBO publicationsPublications
UBO non-compliance×2
Checked, nothing found (1)
neutral · The next deadline is still running
The next financial year closes on 31-12-2026 and is due by 31-07-2027. Nothing is late today. Usually files around 31 August (5 of the last 5 filed years within 30 days of that day).
Companies Code · seven monthsPosition in the running window
29-09-2026 today31-12-2026 close31-07-2027 deadline
History
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Financials · fiscal year 2025, micro schema
Equity
€371,575▼ 11.5%
2024 · €419,842
Total assets
€1.1m▲ 30.3%
2024 · €812,465
Net result
-€48,266▲ 30.6%
2024 · -€69,504
Working capital
-€383,404▼ 9.2%
2024 · -€351,261
Trend over the years
Click a name to add, emphasise or remove a line.Band: the middle half (P25 to P75) of NACE 73, Advertising, market research and public relations activities, 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-€100,993▲ 66.1%€39,408€101,208▲ 157%-€60,395-€35,079▲ 41.9%
Net result-€101,104below the sector's middle half▼ 0.8%€65,593above the sector's middle half€101,096above the sector's middle half▲ 54.1%-€69,504below the sector's middle half-€48,266below the sector's middle half▲ 30.6%
Equity€322,655above the sector's middle half▼ 23.9%€388,249above the sector's middle half▲ 20.3%€489,345above the sector's middle half▲ 26.0%€419,842above the sector's middle half▼ 14.2%€371,575above the sector's middle half▼ 11.5%
Total assets€633,548above the sector's middle half▲ 5.2%€556,521above the sector's middle half▼ 12.2%€694,375above the sector's middle half▲ 24.8%€812,465above the sector's middle half▲ 17.0%€1.1mabove the sector's middle half▲ 30.3%
Debt€310,893▲ 87.4%€168,272▼ 45.9%€205,030▲ 21.8%€392,623▲ 91.5%€687,002▲ 75.0%
Working capital-€225,142below the sector's middle half▼ 262%-€168,272below the sector's middle half▲ 25.3%-€201,233below the sector's middle half▼ 19.6%-€351,261below the sector's middle half▼ 74.6%-€383,404below the sector's middle half▼ 9.2%
Solvency50.9%within the sector's middle half▼ 19.4pp69.8%within the sector's middle half▲ 18.8pp70.5%within the sector's middle half▲ 0.7pp51.7%within the sector's middle half▼ 18.8pp35.1%within the sector's middle half▼ 16.6pp
Current ratio0.28below the sector's middle half▼ 0.350.00below the sector's middle half▼ 0.280.02below the sector's middle half▲ 0.020.11below the sector's middle half▲ 0.090.44below the sector's middle half▲ 0.34
Return on assets (ROA)-16.0%below the sector's middle half▲ 0.7pp11.8%within the sector's middle half▲ 27.7pp14.6%within the sector's middle half▲ 2.8pp-8.6%below the sector's middle half▼ 23.1pp-4.6%below the sector's middle half▲ 4.0pp
above
within
below
the middle half (P25 to P75) of NACE 73, Advertising, market research and public relations activities, each year against the same schema; no band under 30 filings.
Turnover and EBIT margin not published: the micro schema does not require them.
Result per fiscal year
Operating resultNet result
The operating result stays negative: a loss of €35,079 in 2025 against €60,395 in 2024; the loss shrinks.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €1.1m
Fixed assets
€754,979 ▼ 2.1%
Current assets
€303,599 ▲ 634%
Equity and liabilities €1.1m
Equity
€371,575 ▼ 11.5%
Debt
€687,002 ▲ 75.0%
Debt's share of the balance-sheet total rises from 48.3% to 64.9%. Equity is lower and debt is higher.
Key figures and ratios
EBITDA
-€18,956▲
2024 · -€49,274
Cash flow
-€32,143▲
2024 · -€58,383
Quick ratio
0.04▼
2024 · 0.11
Debt to equity
1.85▲
2024 · 0.94
ROE
-13.0%▲
2024 · -16.6%
Interest coverage
-1.43▲
2024 · -5.41
Debt ≤ 1 year
€687,002▲
2024 · €392,623
Green means a favourable move, even when the figure itself falls: as with debt or debt to equity.
Peer companies
Historical observationOf the 8,611 companies that looked in July 2024 the way this one looks now, 0.4% went bankrupt within 24 months and 94% are still going.
- Small
- 20 years or older
- solvency 30% or more
- a small loss
0.4%
went bankrupt
5.1%
stopped otherwise
94%
still going
A further 0.2% stopped, but we cannot tell whether within those 24 months.
For this company itself Checked computes a higher bankruptcy probability: 1.0% over twelve months. The score reads more about this company than the group's four characteristics; both figures are right about what they measure.
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 8,611 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 |
|---|---|---|---|---|---|---|
| Goods, raw materials, services and sundry goods60/61 | - | - | €0 | - | - | - |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €26,512 | - | - | €11,121 | €16,123 | ▲ 45.0% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals)631/4 | - | - | -€134,057 | - | - | - |
| Other operating charges640/8 | €348 | €22,763 | €1,525 | €10,282 | €2,358 | ▼ 77.1% |
| Operating charges capitalised as restructuring costs649 | -€12,546 | - | - | - | - | - |
| Non-recurring operating charges66A | €20,518 | €1,400 | - | - | - | - |
| Gross operating margin9900 | -€66,161 | €63,572 | -€31,324 | -€38,991 | -€16,599 | ▲ 57.4% |
| Operating profit (loss)9901 | -€100,993 | €39,408 | €101,208 | -€60,395 | -€35,079 | ▲ 41.9% |
| Financial income75/76B | - | €26,265 | - | €1 | €40 | ▲ 6,633% |
| Recurring financial income75 | - | €26,265 | - | €1 | €40 | ▲ 6,633% |
| Financial charges65/66B | €111 | €80 | €112 | €9,110 | €13,227 | ▲ 45.2% |
| Recurring financial charges65 | €111 | €80 | €112 | €9,110 | €13,227 | ▲ 45.2% |
| Profit (loss) for the period before taxes9903 | -€101,104 | €65,593 | €101,096 | -€69,504 | -€48,266 | ▲ 30.6% |
| Profit (loss) for the period9904 | -€101,104 | €65,593 | €101,096 | -€69,504 | -€48,266 | ▲ 30.6% |
| Profit (loss) for the period to be appropriated9905 | -€101,104 | €65,593 | €101,096 | -€69,504 | -€48,266 | ▲ 30.6% |
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Assets | ||||||
| Total assets20/58 | €633,548 | €556,521 | €694,375 | €812,465 | €1.1m | ▲ 30.3% |
| Fixed assets21/28 | €547,797 | €556,521 | €690,578 | €771,102 | €754,979 | ▼ 2.1% |
| Tangible fixed assets22/27 | €547,267 | €555,991 | €690,048 | €770,572 | €754,449 | ▼ 2.1% |
| Land and buildings22 | €476,443 | €509,943 | €650,959 | €650,959 | €650,959 | = |
| Plant, machinery and equipment23 | €181 | €0 | €0 | - | - | - |
| Furniture and vehicles24 | €70,643 | €46,047 | €39,089 | €119,613 | €103,490 | ▼ 13.5% |
| Leasing and similar rights25 | - | - | €0 | - | - | - |
| Financial fixed assets28 | €530 | €530 | €530 | €530 | €530 | = |
| Current assets29/58 | €85,751 | €0 | €3,797 | €41,363 | €303,599 | ▲ 634% |
| Amounts receivable after more than one year29 | - | - | €0 | - | - | - |
| Trade receivables290 | - | - | €0 | - | - | - |
| Other amounts receivable291 | - | - | €0 | - | - | - |
| Stocks and contracts in progress3 | - | - | €0 | - | €273,669 | - |
| Stocks30/36 | - | - | €0 | - | €273,669 | - |
| Contracts in progress37 | - | - | €0 | - | - | - |
| Amounts receivable within one year40/41 | €85,751 | €0 | €0 | €39,000 | €9,000 | ▼ 76.9% |
| Trade receivables40 | €2,500 | €0 | €0 | - | - | - |
| Other amounts receivable41 | €83,251 | €0 | €0 | €39,000 | €9,000 | ▼ 76.9% |
| Cash at bank and in hand54/58 | - | - | €3,797 | €2,363 | €20,482 | ▲ 767% |
| Deferred charges and accrued income490/1 | - | - | - | - | €448 | - |
| Equity and liabilities | ||||||
| Total equity and liabilities10/49 | €633,548 | €556,521 | €694,375 | €812,465 | €1.1m | ▲ 30.3% |
| Equity10/15 | €322,655 | €388,249 | €489,345 | €419,842 | €371,575 | ▼ 11.5% |
| Contributions10/11 | €24,789 | €0 | €24,789 | €24,789 | €24,789 | = |
| Capital10 | €24,789 | €0 | €0 | - | - | - |
| Issued capital100 | €24,789 | €0 | €0 | - | - | - |
| Uncalled capital101 | - | - | €0 | - | - | - |
| Outside capital11 | - | - | €24,789 | €24,789 | - | - |
| Share premium1100/10 | - | - | €0 | - | - | - |
| Other1109/19 | - | - | €24,789 | €24,789 | - | - |
| Revaluation surpluses12 | - | - | €0 | - | - | - |
| Reserves13 | €675,894 | €700,683 | €675,894 | €675,894 | €675,894 | = |
| Non-distributable reserves130/1 | €6,197 | €4,338 | €4,338 | €4,338 | €4,338 | = |
| Legal reserve130 | €1,859 | €0 | €0 | - | - | - |
| Reserves not available under the articles1311 | - | €4,338 | €4,338 | €4,338 | €4,338 | = |
| Other1319 | €4,338 | - | - | - | - | - |
| Tax-exempt reserves132 | €636,697 | €636,697 | €636,697 | €636,697 | €636,697 | = |
| Distributable reserves133 | €33,000 | €59,649 | €34,859 | €34,859 | €34,859 | = |
| Profit (loss) carried forward14 | -€378,028 | -€312,434 | -€211,338 | -€280,842 | -€329,108 | ▼ 17.2% |
| Amounts payable17/49 | €310,893 | €168,272 | €205,030 | €392,623 | €687,002 | ▲ 75.0% |
| Amounts payable after more than one year17 | - | - | €0 | - | - | - |
| Advances received on contracts in progress176 | - | - | €0 | - | - | - |
| Other amounts payable178/9 | - | - | €0 | - | - | - |
| Amounts payable within one year42/48 | €310,893 | €168,272 | €205,030 | €392,623 | €687,002 | ▲ 75.0% |
| Current portion of amounts payable after more than one year42 | - | - | - | €199,457 | €459,187 | ▲ 130% |
| Financial debts43 | €169 | €423 | - | - | - | - |
| Credit institutions430/8 | €169 | €423 | - | - | - | - |
| Trade debts44 | €205,413 | €3,232 | €3,413 | €2,874 | €4,023 | ▲ 40.0% |
| Suppliers440/4 | €205,413 | €3,232 | €3,413 | €2,874 | €4,023 | ▲ 40.0% |
| Advances received on contracts in progress46 | €4,000 | - | - | - | - | - |
| Taxes, remuneration and social security45 | €702 | - | - | - | - | - |
| Taxes450/3 | €702 | - | - | - | - | - |
| Other amounts payable47/48 | €100,609 | €164,616 | €201,616 | €190,292 | €223,792 | ▲ 17.6% |
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | -€101,104 | €65,593 | €101,096 | -€69,504 | -€48,266 | ▲ 30.6% |
| + Depreciation and write-downs630 | €26,512 | - | - | €11,121 | €16,123 | ▲ 45.0% |
| Operating cash flow (approximation) | -€74,592 | €65,593 | €101,096 | -€58,383 | -€32,143 | ▲ 44.9% |
| Investment in fixed assets (approximation) | - | -€8,724 | -€134,057 | -€91,645 | €0 | ▲ 100% |
| Change in cash | - | - | - | -€1,434 | €18,119 | ▲ 1,363% |
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
2026
31-08
NBB filing
Annual accounts filed
fiscal year 2025 · micro schema · 31 days late
2025
31-08
NBB filing
Annual accounts filed
fiscal year 2024 · micro schema · 31 days late
29-08
KBO administration
UBO non-compliance
event 18-08-2025
2024
20-09
NBB filing
Annual accounts filed
fiscal year 2023 · micro schema · 51 days late
01-03
KBO administration
UBO non-compliance
event 22-02-2024
2023
31-12
Financial
Highest result since 2018net €101,096 ▲54.1%
Operating result €101,208, net result €101,096, both a record.
29-09
NBB filing
Annual accounts filed
fiscal year 2022 · micro schema · 60 days late
2022
31-12
Financial
Back to profitnet €65,593
Net result €65,593 after 4 loss-making years.
31-08
NBB filing
Annual accounts filed
fiscal year 2021 · micro schema · 31 days late
2021
31-12
Financial
Weakest financial yearnet -€101,104
Net result drops to -€101,104, the lowest in the series; recovery starts the following year.
31-12
NBB filing
Annual accounts filed
fiscal year 2020 · micro schema · 153 days late
04-02
NBB filing
Annual accounts filed
fiscal year 2019 · micro schema · 188 days late
Show earlier events
2020
31-12
Financial
Equity above €200,000Eq €423,759 ▲1,914%
Equity rises from €21,040 to €423,759.
2019
28-08
NBB filing
Annual accounts filed
fiscal year 2018 · micro schema · 28 days late
2018
30-08
NBB filing
Annual accounts filed
fiscal year 2017 · micro schema · 30 days late
2017
10-10
NBB filing
Annual accounts filed
fiscal year 2016 · micro schema · 71 days late
SignalFinancial milestoneNBB filingFinancial milestones sit on the fiscal year-end date, not the filing date.
0 of 2 acts read
About the unread acts
We know of 2 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
2 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, Waterloo · 1 establishment unit since 1975
Ground area
2,663 m²
Building footprint
399 m²
Volume, LiDAR
4,595 m³
2 parcels, Brussels, Wallonia · tallest building 26.4 m, ±6 floors. Linked by address, not a title deed.
7
companies at this address
See who is registered here
1 establishment unit
DS T GS OU DSGS
since 19752.010.620.453
2 parcels
Wallonia
1
(50%)
Brussels
1
(50%)
| Parcel (capakey) | Region | Area | Buildings | Height / fl. |
|---|---|---|---|---|
| 25764N0549/00G000 | Wallonia | 2,371 m² | 1 · 265 m² | 12.2 m · 3 fl. |
| 21447B0211/00A006 | Brussels | 292 m² | 1 · 135 m² | 26.4 m · 6 fl. |
Linked by address, not proof of ownership
Good to know
2 of 2 parcels with an exact address match; the rest are indicative.
Linked through address data, this is not proof of ownership.
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Of 9,863 companies in sector 73110 we hold annual accounts for 3,758. 2,386 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
Founded05-12-1974
Fiscal year end31-12
Abbreviation FR
DESIGN STUDIO ou GROUP SIGN ou PIROUX
Activities, NACEBEL 2025
73110Advertising agencies
E-invoicing
Reachable via Peppol
Peppol ID
0208:0414690539
Also
9925:BE0414690539
Registered
12-03-2026
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.