IMMO KAPLAN
ActiveFinancials · financial year 2025, micro format
Annual accounts 2025 filed on 13-07-2026 at the NBB all 24 filings
Turnover
€233,648▼ 3.1%
2024 · €241,111
EBIT margin
-9.1%▼ 12.8pp
2024 · 3.8%
Net result
-€37,917▼ 145%
2024 · -€15,503
Working capital
-€199,772▼ 19.9%
2024 · -€166,595
Multi-year overview
2019 to 2025, 8 financial yearsTurnover
€233,648
▼ 3.1%
2025
20192025
Operating result
-€21,161
2025
20192025
Net result
-€37,917
▼ 145%
2025
lowest quarter of the sector
20192025
EBIT margin
-9.1%
▼ 12.8pp
2025
20192025
Equity
€192,476
▼ 18.6%
2025
middle half of the sector
20192025
Total assets
€702,824
▼ 9.5%
2025
middle half of the sector
20192025
Debt
€483,105
▼ 5.5%
2025
20192025
Working capital
-€199,772
▼ 19.9%
2025
lowest quarter of the sector
20192025
Solvency
27.4%
▼ 3.1pp
2025
middle half of the sector
20192025
Current ratio
0.16
▼ 0.09
2025
lowest quarter of the sector
20192025
Return on assets (ROA)
-5.4%
▼ 3.4pp
2025
lowest quarter of the sector
20192025
Staff (FTE)
4
▲ 14.3%
2025
20192025
Every figure per financial year
Every figure with its change against the financial year before
favourable
unfavourable
Line20192020202120222023202320242025
Turnover€0.2m€0.2m▲ 7.7%€0.06m-€0.2m▲ 307%€0.2m▼ 3.1%
Operating result€0.1m-€0.03m▼ 75.4%€0.2m▲ 764%€0.02m▼ 92.8%-€0.02m-€0.03m-€0.009m-€0.02m
Net result€0.08m-€0.002m▼ 98.1%€0.2mabove the sector's middle half▲ 109×€0.002mwithin the sector's middle half▼ 98.9%-€0.04mbelow the sector's middle half-€0.02mbelow the sector's middle half--€0.02mwithin the sector's middle half▲ 26.3%-€0.04mbelow the sector's middle half▼ 145%
EBIT margin9.3%-12.7%▼ 22.0pp-50.1%-3.8%▲ 53.9pp-9.1%▼ 12.8pp
Equity€0.2m-€0.1m▼ 36.0%€0.3mabove the sector's middle half▲ 155%€0.3mabove the sector's middle half▲ 20.0%€0.3mabove the sector's middle half▼ 12.7%€0.3mabove the sector's middle half-€0.2mwithin the sector's middle half▼ 9.4%€0.2mwithin the sector's middle half▼ 18.6%
Total assets€1.3m-€1.2m▼ 9.1%€0.9mabove the sector's middle half▼ 23.9%€0.9mwithin the sector's middle half▲ 1.4%€0.9mwithin the sector's middle half▼ 4.0%€0.8mwithin the sector's middle half-€0.8mwithin the sector's middle half▼ 5.3%€0.7mwithin the sector's middle half▼ 9.5%
Debt€1.1m-€1.1m▼ 5.1%€0.6m▼ 45.0%€0.5m▼ 7.3%€0.5m▲ 1.2%€0.5m-€0.5m▼ 3.1%€0.5m▼ 5.5%
Working capital-€0.3m--€0.3m▼ 23.7%-€0.2mbelow the sector's middle half▲ 48.2%-€0.08mwithin the sector's middle half▲ 50.9%-€0.1mwithin the sector's middle half▼ 43.1%-€0.2mbelow the sector's middle half--€0.2mbelow the sector's middle half▼ 10.0%-€0.2mbelow the sector's middle half▼ 19.9%
Solvency13.0%-9.2%▼ 3.8pp30.7%within the sector's middle half▲ 21.5pp36.4%within the sector's middle half▲ 5.6pp33.1%within the sector's middle half▼ 3.3pp31.9%within the sector's middle half-30.5%within the sector's middle half▼ 1.4pp27.4%within the sector's middle half▼ 3.1pp
Current ratio0.19-0.06▼ 0.130.13below the sector's middle half▲ 0.070.53within the sector's middle half▲ 0.410.32within the sector's middle half▼ 0.220.20within the sector's middle half-0.24within the sector's middle half▲ 0.040.16below the sector's middle half▼ 0.09
Return on assets (ROA)6.2%-0.1%▼ 6.1pp18.7%above the sector's middle half▲ 18.5pp0.2%within the sector's middle half▼ 18.5pp-4.5%within the sector's middle half▼ 4.7pp-2.6%within the sector's middle half--2.0%within the sector's middle half▲ 0.6pp-5.4%below the sector's middle half▼ 3.4pp
Staff (FTE)1.4-1.4=1.6▲ 14.3%3.4-3.5▲ 2.9%4▲ 14.3%
above
within
below
The sector band is the middle half of the companies in Accommodation (NACE 55). A quarter of them sit below it, a quarter above. Each year counts only accounts in the same format, and only where there are at least 30.
Several financial years end in the same calendar year, so there is no annual trend.
Large changes and their cause
- 2024 Turnover +307% on 2023. The previous financial year ran 6 months, this one 12.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €702,824
Fixed assets
€665,788 ▼ 7.9%
Current assets
€37,035 ▼ 30.6%
Equity and liabilities €702,824
Equity
€192,476 ▼ 18.6%
Provisions
€27,242 ▼ 5.3%
Debt
€483,105 ▼ 5.5%
Debt's share of the balance-sheet total rises from 65.8% to 68.7%. Equity and debt are lower.
Key figures and ratios
EBITDA
€35,999▼
2024 · €66,887
Cash flow
€19,243▼
2024 · €42,328
Debt to equity
2.51▲
2024 · 2.16
ROE
-19.7%▼
2024 · -6.6%
Interest coverage
1.97▼
2024 · 2.49
Debt ≤ 1 year
€236,807▲
2024 · €219,965
Debt > 1 year
€246,298▼
2024 · €291,168
Customer credit
51 days▼
2024 · 66 days
Staff costs
€115,691▲
2024 · €113,352
Green means a favourable move, even when the figure itself falls, as with debt or debt to equity.
Staff
| Item | 31-12-2023 | 31-12-2024 | 31-12-2025 |
|---|---|---|---|
| Employees at the balance-sheet date | 3 | 4 | 4 |
| part-time | 3 | 4 | 4 |
| in full-time equivalents | 2 | 2.3 | 2.3 |
| Average over the year, in full-time equivalents | 2.1 | 2.2 | 2.3 |
| On a permanent contract | 3 | 3 | 3 |
| Joined | 1 | 2 | - |
| Left | 1 | 1 | - |
Source: social balance sheet in the 2023 to 2025 annual accounts
Investments
| Item | 30-06-2022 | 30-06-2023 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Tangible fixed assets | €4,213 | €56,790 | €2,641 | - | - |
| Depreciation and write-downs of the year | €51,805 | €52,993 | €28,848 | €57,831 | €57,160 |
Source: notes to the 2022 to 2025 annual accounts (statement of fixed assets)
Annual accounts
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Turnover70 | - | - | - | €175,398 | €188,888 | €59,243 | €241,111 | €233,648 | ▼ 3.1% |
| Goods, raw materials, services and sundry goods60/61 | - | - | - | €86,204 | €123,933 | €37,693 | €52,752 | €71,546 | ▲ 35.6% |
| Remuneration, social security and pensions62 | - | - | - | €74,909 | €86,238 | €46,022 | €113,352 | €115,691 | ▲ 2.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €71,413 | €70,479 | €56,512 | €51,805 | €52,993 | €28,848 | €57,831 | €57,160 | ▼ 1.2% |
| Other operating charges640/8 | - | - | - | €5,939 | €9,519 | €6,545 | €8,119 | €10,413 | ▲ 28.2% |
| Gross operating margin9900 | €240,492 | €132,257 | €360,441 | €148,972 | €124,756 | €51,712 | €188,359 | €162,103 | ▼ 13.9% |
| Operating profit (loss)9901 | €106,907 | €26,346 | €227,753 | €16,318 | -€23,994 | -€29,702 | €9,056 | -€21,161 | - |
| Financial income75/76B | - | - | - | €4 | - | €0 | €0 | €4 | ▲ 12× |
| Recurring financial income75 | €15 | - | €130 | €4 | - | €0 | €0 | €4 | ▲ 12× |
| Financial charges65/66B | - | - | - | €12,491 | €15,643 | -€7,904 | €26,824 | €18,270 | ▼ 31.9% |
| Recurring financial charges65 | €26,869 | €23,525 | €19,684 | €12,491 | €15,643 | -€7,904 | €26,824 | €18,270 | ▼ 31.9% |
| Profit (loss) for the period before taxes9903 | €80,053 | €2,821 | €208,199 | €3,831 | -€39,637 | -€21,798 | -€17,768 | -€39,426 | ▼ 122% |
| Transfer from deferred taxes780 | - | - | - | - | €728 | €755 | €2,265 | €1,510 | ▼ 33.3% |
| Income taxes67/77 | - | €1,310 | €10,395 | €2,060 | €0 | - | - | - | - |
| Profit (loss) for the period9904 | €80,053 | €1,511 | €165,304 | €1,771 | -€38,909 | -€21,043 | -€15,503 | -€37,917 | ▼ 145% |
| Transfer from tax-exempt reserves789 | - | - | - | - | €2,184 | - | - | - | - |
| Profit (loss) for the period to be appropriated9905 | €80,053 | €1,511 | €67,804 | €1,771 | -€36,725 | -€21,043 | -€15,503 | -€37,917 | ▼ 145% |
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Assets | |||||||||
| Total assets20/58 | €1.3m | €1.2m | €0.9m | €0.9m | €0.9m | €0.8m | €0.8m | €0.7m | ▼ 9.5% |
| Fixed assets21/28 | €1.2m | €1.1m | €0.9m | €0.8m | €0.8m | €0.8m | €0.7m | €0.7m | ▼ 7.9% |
| Intangible fixed assets21 | €0.1m | €0.09m | €0.08m | €0.06m | €0.05m | €0.04m | €0.02m | €0.008m | ▼ 66.7% |
| Tangible fixed assets22/27 | €1.1m | €1.1m | €0.8m | €0.7m | €0.8m | €0.7m | €0.7m | €0.7m | ▼ 6.0% |
| Land and buildings22 | - | - | - | €0.7m | €0.8m | €0.7m | €0.7m | €0.7m | ▼ 5.8% |
| Plant, machinery and equipment23 | - | - | - | - | - | €0.003m | €0.003m | €0.002m | ▼ 35.4% |
| Furniture and vehicles24 | - | - | - | - | - | €0.002m | €0.001m | €146 | ▼ 80.8% |
| Financial fixed assets28 | €296 | €296 | €296 | €296 | €296 | €296 | €296 | €296 | = |
| Current assets29/58 | €0.06m | €0.02m | €0.02m | €0.1m | €0.06m | €0.04m | €0.05m | €0.04m | ▼ 30.6% |
| Amounts receivable within one year40/41 | - | €0.01m | €0.007m | €0.01m | €0.04m | €0.03m | €0.04m | €0.03m | ▼ 24.9% |
| Trade receivables40 | - | - | - | €0.007m | €0.04m | €0.03m | €0.04m | €0.03m | ▼ 24.6% |
| Other amounts receivable41 | - | - | - | €0.003m | €0.004m | €133 | €0.001m | €0.001m | ▼ 34.9% |
| Cash at bank and in hand54/58 | €0.04m | €0.009m | €0.02m | €0.08m | €0.01m | €0.01m | €0.008m | €0.003m | ▼ 60.8% |
| Equity and liabilities | |||||||||
| Total equity and liabilities10/49 | €1.3m | €1.2m | €0.9m | €0.9m | €0.9m | €0.8m | €0.8m | €0.7m | ▼ 9.5% |
| Equity10/15 | €0.2m | €0.1m | €0.3m | €0.3m | €0.3m | €0.3m | €0.2m | €0.2m | ▼ 18.6% |
| Contributions10/11 | €0.2m | €0.2m | €0.2m | €0.2m | €0.2m | €0.2m | €0.2m | €0.2m | = |
| Reserves13 | - | - | €0.1m | €0.1m | €0.1m | €0.1m | €0.1m | €0.1m | = |
| Tax-exempt reserves132 | - | - | - | €0.1m | €0.1m | €0.1m | €0.1m | €0.1m | = |
| Profit (loss) carried forward14 | -€33 | -€0.06m | €0.008m | €0.01m | -€0.03m | -€0.05m | -€0.06m | -€0.1m | ▼ 59.5% |
| Investment grants15 | - | - | - | €0.05m | €0.05m | €0.05m | €0.04m | €0.03m | ▼ 15.9% |
| Provisions and deferred taxes16 | - | - | €0.03m | €0.03m | €0.03m | €0.03m | €0.03m | €0.03m | ▼ 5.3% |
| Deferred taxes168 | - | - | - | €0.03m | €0.03m | €0.03m | €0.03m | €0.03m | ▼ 5.3% |
| Amounts payable17/49 | €1.1m | €1.1m | €0.6m | €0.5m | €0.5m | €0.5m | €0.5m | €0.5m | ▼ 5.5% |
| Amounts payable after more than one year17 | €0.8m | €0.7m | €0.4m | €0.4m | €0.4m | €0.3m | €0.3m | €0.2m | ▼ 15.4% |
| Financial debts170/4 | - | - | - | €0.4m | €0.4m | €0.3m | €0.3m | €0.2m | ▼ 15.4% |
| Amounts payable within one year42/48 | €0.3m | €0.3m | €0.2m | €0.2m | €0.2m | €0.2m | €0.2m | €0.2m | ▲ 7.7% |
| Financial debts43 | - | - | - | €0.03m | €0.04m | €0.03m | €0.04m | €0.04m | ▲ 0.9% |
| Credit institutions430/8 | - | - | - | €0.03m | €0.04m | €0.03m | €0.04m | €0.04m | ▲ 0.9% |
| Trade debts44 | €0.001m | - | €0.004m | €0.02m | €286 | - | - | - | - |
| Suppliers440/4 | - | - | - | €0.02m | €286 | - | - | - | - |
| Taxes, remuneration and social security45 | - | - | - | €0.02m | €0.02m | €0.01m | €0.006m | €0.01m | ▲ 89.5% |
| Taxes450/3 | - | - | - | €0.001m | €0.007m | €0.003m | €379 | €0.001m | ▲ 59.9% |
| Remuneration and social security454/9 | - | - | - | €0.02m | €0.01m | €0.008m | €0.005m | €0.01m | ▲ 91.5% |
| Other amounts payable47/48 | - | - | - | €0.1m | €0.1m | €0.1m | €0.2m | €0.2m | ▲ 6.6% |
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €80,053 | €1,511 | €165,304 | €1,771 | -€38,909 | -€21,043 | -€15,503 | -€37,917 | ▼ 145% |
| + Depreciation and write-downs630 | €71,413 | €70,479 | €56,512 | €51,805 | €52,993 | €28,848 | €57,831 | €57,160 | ▼ 1.2% |
| Operating cash flow (approximation) | €151,466 | €71,990 | €221,816 | €53,576 | €14,084 | €7,805 | €42,328 | €19,243 | ▼ 54.5% |
| Investment in fixed assets (approximation) | - | €4,319 | €224,816 | €6,551 | -€56,790 | - | €0 | €0 | - |
| Change in cash | - | -€27,170 | €7,752 | €68,127 | -€72,393 | - | -€4,446 | -€5,137 | ▼ 15.5% |
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, 2,450 companies had the same profile as IMMO KAPLAN has now. Two years later, 93.3% were still going and 1.5% had gone bankrupt.
- Micro
- 20 years or older
- solvency 10 to 30%
- a small loss
93.3%
was still going
5.1%
stopped otherwise
1.5%
went bankrupt
Another 0.2% stopped without a precise date, possibly only after those two years.
That fits the bankruptcy probability of IMMO KAPLAN itself: 0.4% 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 2,450 companies, not a prediction for IMMO KAPLAN. 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 24 filings with the National Bank
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-12-2025 | micro format | 13-07-2026 | 2026-00312134 | |
| 31-12-2024 | micro format | 08-07-2025 | 2025-00250208 | |
| 31-12-2023 | micro format | 30-08-2024 | 2024-00425853 | |
| 30-06-2023 | micro format | 01-02-2024 | 2024-00024353 | |
| 30-06-2022 | micro format | 01-02-2024 | 2024-00023727 | |
| 30-06-2021 | micro format | 11-01-2022 | 2022-00700491 | |
| 30-06-2020 | micro format | 23-12-2020 | 2020-76900101 | |
| 30-06-2019 | micro format | 24-01-2020 | 2020-02300372 | |
| 30-06-2018 | micro format | 08-03-2019 | 2019-06600169 | |
| 30-06-2017 | micro format | 31-01-2018 | 2018-03800589 |