IMMO GRAY
ActiveSummary
IMMO GRAY has been active since 1988 and the Belgian State Gazette contains no insolvency or warning signals. The 2025 annual accounts show equity of €473k and a net result of €1k. Equity is growing by ~4.5% per year across the filed fiscal years. The computed 12-month bankruptcy probability is 0.9% (low).
Checked score
Score 2025
Axes · tick = 2024
Profitability69▲+1
Solvency98▲+5
Growth78=
Track record100
Bankruptcy probability, 12 months
0.9%
Low
0%0.5%1.5%4%10%≥ 25%
Credit up to €35k at 30 days acceptable
Liquidity short (current ratio 0.99 against 0.76 in 2024; short-term debt: 16.8% and cash: 6.6% of total assets), and 27.4% of the assets are financed with debt.
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Signals
Six 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
lowers risk · Annual accounts: healthy financial profile
The latest annual accounts show a healthy profile in solvency, result and liquidity.
NBB · annual accounts 2025Solvency, return and age of the figures
Solvency
72.6%
Return on assets
0.2%
Age of the figures
9 mo
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
61 d late
2023
30 d late
2022
31 d late
2021
12 d late
2020
45 d early
2019
27 d late
← before the deadline
after the deadline →
Checked, nothing found (2)
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.
Companies Code · seven monthsPosition in the running window
25-09-2026 today31-12-2026 close31-07-2027 deadline
Financials · fiscal year 2025, abbreviated schema
Equity
€473k▲ 0.2%
2024 · €472k
Total assets
€651k▼ 5.6%
2024 · €689k
Net result
€1k
2024 · €-2k
Working capital
€-726▲ 97.9%
2024 · €-34k
Trend over the years
Click a name to add, emphasise or remove a line.
Every figure with its change against the fiscal year before
favourable
unfavourable
Line20212022202320242025
Operating result€-19k▼ 13.3%€232k€-21k€-8k▲ 63.2%€-4k▲ 53.7%
Net result€-13k▼ 22.6%€186k€-19k€-2k▲ 92.3%€1k
Equity€300k▼ 4.1%€486k▲ 62.0%€473k▼ 2.6%€472k▼ 0.3%€473k▲ 0.2%
Total assets€796k▼ 4.5%€829k▲ 4.2%€772k▼ 6.9%€689k▼ 10.7%€651k▼ 5.6%
Debt€391k▼ 4.3%€254k▼ 35.0%€216k▼ 14.8%€142k▼ 34.3%€110k▼ 22.9%
Working capital€-327k▲ 3.7%€84k€1k▼ 98.6%€-34k€-726▲ 97.9%
Turnover and EBIT margin not published: the abbreviated or micro schema does not require them.
Result per fiscal year
Operating resultNet result
The operating result stays negative: a loss of €4k in 2025 against €8k in 2024; the loss shrinks.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €651k
Fixed assets
€542k ▼ 6.7%
Current assets
€109k ▲ 0.6%
Equity and liabilities €651k
Equity
€473k ▲ 0.2%
Provisions
€69k ▼ 9.2%
Debt
€110k ▼ 22.9%
Debt's share of the balance-sheet total falls from 20.6% to 16.8%. Equity is higher and debt is lower.
Key figures and ratios
EBITDA
€11k▲
2024 · €5k
Cash flow
€15k▲
2024 · €12k
Current ratio
0.99▲
2024 · 0.76
Debt to equity
0.23▼
2024 · 0.30
ROE
0.2%▲
2024 · -0.3%
ROA
0.2%▲
2024 · -0.2%
Interest coverage
187.58▲
2024 · 115.50
Debt ≤ 1 year
€110k▼
2024 · €142k
Income taxes
€5k▲
2024 · €4k
Green means a favourable move, even when the figure itself falls: as with debt or debt to equity.
Annual accounts
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €33k | €13k | €13k | €13k | €14k | ▲ 6.7% |
| Other operating charges640/8 | €2k | €2k | €6k | €2k | €2k | ▲ 3.1% |
| Gross operating margin9900 | €15k | €247k | €-2k | €7k | €12k | ▲ 70.0% |
| Operating profit (loss)9901 | €-19k | €232k | €-21k | €-8k | €-4k | ▲ 53.7% |
| Financial income75/76B | - | €709 | €2k | €4k | €3k | ▼ 17.2% |
| Recurring financial income75 | - | €709 | €2k | €4k | €3k | ▼ 17.2% |
| Financial charges65/66B | €672 | €1k | €347 | €48 | €56 | ▲ 18.5% |
| Recurring financial charges65 | €672 | €1k | €347 | €48 | €56 | ▲ 18.5% |
| Profit (loss) for the period before taxes9903 | €-20k | €232k | €-19k | €-4k | €-535 | ▲ 86.8% |
| Transfer from deferred taxes780 | €7k | €15k | - | €7k | €7k | = |
| Income taxes67/77 | - | €61k | €391 | €4k | €5k | ▲ 22.8% |
| Profit (loss) for the period9904 | €-13k | €186k | €-19k | €-2k | €1k | ▲ 168% |
| Transfer from tax-exempt reserves789 | €14k | €26k | - | €14k | €14k | = |
| Profit (loss) for the period to be appropriated9905 | €2k | €212k | €-19k | €12k | €15k | ▲ 20.9% |
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Assets | ||||||
| Total assets20/58 | €796k | €829k | €772k | €689k | €651k | ▼ 5.6% |
| Fixed assets21/28 | €732k | €492k | €555k | €581k | €542k | ▼ 6.7% |
| Tangible fixed assets22/27 | €732k | €390k | €382k | €368k | €354k | ▼ 3.8% |
| Land and buildings22 | €729k | €388k | €376k | €363k | €349k | ▼ 3.9% |
| Plant, machinery and equipment23 | €3k | €2k | €846 | - | - | - |
| Other tangible fixed assets26 | - | - | €5k | €5k | €5k | = |
| Financial fixed assets28 | - | €102k | €173k | €213k | €188k | ▼ 11.8% |
| Current assets29/58 | €64k | €338k | €218k | €108k | €109k | ▲ 0.6% |
| Amounts receivable after more than one year29 | €64k | €64k | €64k | €64k | €64k | = |
| Other amounts receivable291 | €64k | €64k | €64k | €64k | €64k | = |
| Amounts receivable within one year40/41 | - | - | - | - | €2k | - |
| Other amounts receivable41 | - | - | - | - | €2k | - |
| Cash at bank and in hand54/58 | - | €274k | €154k | €44k | €43k | ▼ 3.0% |
| Equity and liabilities | ||||||
| Total equity and liabilities10/49 | €796k | €829k | €772k | €689k | €651k | ▼ 5.6% |
| Equity10/15 | €300k | €486k | €473k | €472k | €473k | ▲ 0.2% |
| Contributions10/11 | €62k | €62k | €62k | €62k | €62k | = |
| Capital10 | €62k | €62k | €62k | €62k | €62k | = |
| Issued capital100 | €62k | €62k | €62k | €62k | €62k | = |
| Reserves13 | €282k | €256k | €242k | €229k | €215k | ▼ 5.9% |
| Non-distributable reserves130/1 | €6k | €6k | €6k | €6k | €6k | = |
| Legal reserve130 | €6k | €6k | €6k | €6k | €6k | = |
| Tax-exempt reserves132 | €199k | €174k | €160k | €147k | €133k | ▼ 9.2% |
| Distributable reserves133 | €76k | €76k | €76k | €76k | €76k | = |
| Profit (loss) carried forward14 | €-44k | €168k | €169k | €181k | €196k | ▲ 8.0% |
| Provisions and deferred taxes16 | €105k | €89k | €82k | €75k | €69k | ▼ 9.2% |
| Deferred taxes168 | €105k | €89k | €82k | €75k | €69k | ▼ 9.2% |
| Amounts payable17/49 | €391k | €254k | €216k | €142k | €110k | ▼ 22.9% |
| Amounts payable within one year42/48 | €391k | €254k | €216k | €142k | €110k | ▼ 22.9% |
| Financial debts43 | €64k | - | - | - | - | - |
| Credit institutions430/8 | €64k | - | - | - | - | - |
| Trade debts44 | €543 | €61k | - | - | - | - |
| Suppliers440/4 | €543 | - | - | - | - | - |
| Bills of exchange payable441 | - | €61k | - | - | - | - |
| Taxes, remuneration and social security45 | - | - | €62k | €4k | €9k | ▲ 127% |
| Taxes450/3 | - | - | €62k | €4k | €9k | ▲ 127% |
| Other amounts payable47/48 | €327k | €193k | €155k | €138k | €100k | ▼ 27.5% |
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €-13k | €186k | €-19k | €-2k | €1k | ▲ 168% |
| + Depreciation and write-downs630 | €33k | €13k | €13k | €13k | €14k | ▲ 6.7% |
| Operating cash flow (approximation) | €20k | €199k | €-6k | €12k | €15k | ▲ 29.0% |
| Investment in fixed assets (approximation) | - | €227k | €-76k | €-40k | €25k | ▲ 163% |
| Change in cash | - | - | €-120k | €-109k | €-1k | ▲ 98.8% |
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 · abbreviated schema · 31 days late
2025
31-12
Financial
Back to profitnet €1k
Net result €1k after 2 loss-making years.
30-09
NBB filing
Annual accounts filed
fiscal year 2024 · micro schema · 61 days late
2024
30-08
NBB filing
Annual accounts filed
fiscal year 2023 · abbreviated schema · 30 days late
2023
31-08
NBB filing
Annual accounts filed
fiscal year 2022 · abbreviated schema · 31 days late
2022
31-12
Financial
Back to profitnet €186k
Net result €186k after 4 loss-making years.
31-12
Financial
Liquidity times 8current ratio 1.33
Current ratio from 0.16 to 1.33; short-term debt falls from €391k to €254k.
12-08
NBB filing
Annual accounts filed
fiscal year 2021 · abbreviated schema · 12 days late
2021
16-06
NBB filing
Annual accounts filed
fiscal year 2020 · abbreviated schema
2020
27-08
NBB filing
Annual accounts filed
fiscal year 2019 · abbreviated schema · 27 days late
2019
31-12
Financial
Weakest financial yearnet €-47k
Net result drops to €-47k, the lowest in the series; recovery starts the following year.
30-08
NBB filing
Annual accounts filed
fiscal year 2018 · abbreviated schema · 30 days late
2018
30-08
NBB filing
Annual accounts filed
fiscal year 2017 · full schema · 30 days late
2017
30-08
NBB filing
Annual accounts filed
fiscal year 2016 · full schema · 30 days late
Financial milestoneNBB filingFinancial milestones sit on the fiscal year-end date, not the filing date.
0 of 4 acts read
About the unread acts
We know of 4 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
4 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, Elsene · 1 establishment unit since 1989
Ground area
3,804 m²
Building footprint
2,180 m²
Volume, LiDAR
40,079 m³
2 parcels, Brussels, Flanders · tallest building 44.7 m, ±4 floors. Linked by address, not a title deed.
42
companies at this address
See who is registered here
1 establishment unit
IMMO GRAY
since 19892.045.937.262
2 parcels
Flanders
1
(50%)
Brussels
1
(50%)
| Parcel (capakey) | Region | Area | Buildings | Height / fl. |
|---|---|---|---|---|
| 21822R0224/00M007 | Brussels | 2,178 m² | 1 · 1,973 m² | 44.7 m · 4 fl. |
| 22302C0215/00S000 | Flanders | 1,626 m² | 1 · 208 m² | 8.2 m · 2 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.
Recognitions · licences · registrations
Legal Entity Identifier
894500ZLIJJ27CYEEP09
Identification & contact
Identification
Legal formPublic limited company
Founded29-12-1988
Fiscal year end31-12
Scores and ratios are computed by Checked and are not a credit decision.