IMMO SCRATCH
ActiveFinancials · financial year 2025, full format
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, 2026-00463346.
Annual accounts 2025 filed on 31-08-2026 at the NBB all 40 filings
Turnover
≈ €66,000
Estimated: probably between €49,000 and €96,000
EBIT margin
Not included in this filing
Net result
€16,757▼ 30.8%
2024 · €24,202
Working capital
-€4,146
2024 · €6,661
In the rankings
#6 oldest company in Tubize, Real estate sector
Multi-year overview
2018 to 2025, 8 financial yearsOperating result
€24,233
▼ 18.1%
2025
20182025
Net result
€16,757
▼ 30.8%
2025
middle half of the sector
20182025
Equity
€91,185
▼ 16.7%
2025
lowest quarter of the sector
20182025
Total assets
€194,382
▲ 1.5%
2025
lowest quarter of the sector
20182025
Debt
€79,197
▲ 36.4%
2025
20182025
Working capital
-€4,146
2025
middle half of the sector
20182025
Solvency
46.9%
▼ 10.2pp
2025
middle half of the sector
20182025
Current ratio
0.95
▼ 0.17
2025
middle half of the sector
20182025
Return on assets (ROA)
8.6%
▼ 4.0pp
2025
highest quarter of the sector
20182025
Staff (FTE)
no figure
2025
20182025
Every figure per financial year
Every figure with its change against the financial year before
favourable
unfavourable
Line20182019202020212022202320242025
Operating result€39,409-€26,574▼ 32.6%-€10,966-€5,655▲ 48.4%-€4,526▲ 20.0%€11,588€29,578▲ 155%€24,233▼ 18.1%
Net result€27,493-€25,927▼ 5.7%-€10,397within the sector's middle half-€4,834within the sector's middle half▲ 53.5%-€9,165within the sector's middle half▼ 89.6%€12,063within the sector's middle half€24,202within the sector's middle half▲ 101%€16,757within the sector's middle half▼ 30.8%
Equity€368,346-€390,739▲ 6.1%€85,167within the sector's middle half€75,077within the sector's middle half▼ 11.8%€86,216within the sector's middle half▲ 14.8%€109,493within the sector's middle half▲ 27.0%€91,185below the sector's middle half▼ 16.7%
Total assets€972,613-€899,178▼ 7.6%€205,010below the sector's middle half▼ 77.2%€214,312below the sector's middle half▲ 4.5%€194,766below the sector's middle half▼ 9.1%€211,954below the sector's middle half▲ 8.8%€191,564below the sector's middle half▼ 9.6%€194,382below the sector's middle half▲ 1.5%
Debt€580,267-€484,439▼ 16.5%€90,084▼ 81.4%€105,144▲ 16.7%€95,689▼ 9.0%€101,739▲ 6.3%€58,071▼ 42.9%€79,197▲ 36.4%
Working capital€411,085-€413,976▲ 0.7%-€12,418within the sector's middle half-€38,581within the sector's middle half▼ 211%-€28,488within the sector's middle half▲ 26.2%-€15,805within the sector's middle half▲ 44.5%€6,661within the sector's middle half-€4,146within the sector's middle half
Solvency37.9%-43.5%▲ 5.6pp39.7%within the sector's middle half38.5%within the sector's middle half▼ 1.2pp40.7%within the sector's middle half▲ 2.1pp57.2%within the sector's middle half▲ 16.5pp46.9%within the sector's middle half▼ 10.2pp
Current ratio2.08-2.31▲ 0.230.86within the sector's middle half▼ 1.450.55within the sector's middle half▼ 0.310.66within the sector's middle half▲ 0.110.84within the sector's middle half▲ 0.181.11within the sector's middle half▲ 0.280.95within the sector's middle half▼ 0.17
Return on assets (ROA)2.8%-2.9%▲ 0.1pp-5.1%below the sector's middle half▼ 8.0pp-2.3%below the sector's middle half▲ 2.8pp-4.7%below the sector's middle half▼ 2.5pp5.7%above the sector's middle half▲ 10.4pp12.6%above the sector's middle half▲ 6.9pp8.6%above the sector's middle half▼ 4.0pp
Staff (FTE)3.6-3.6=
above
within
below
The sector band is the middle half of the companies in Real estate activities (NACE 68). 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.
The operating result for 2025 is 18% lower than in 2024.
The turnover shown is an estimate from the gross margin.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €194,382
Fixed assets
€119,331 ▼ 5.9%
Current assets
€75,051 ▲ 15.9%
Equity and liabilities €194,382
Equity
€91,185 ▼ 16.7%
Provisions
€24,000 =
Debt
€79,197 ▲ 36.4%
Debt's share of the balance-sheet total rises from 30.3% to 40.7%. Equity is lower and debt is higher.
Key figures and ratios
EBITDA
€31,733▼
2024 · €37,147
Cash flow
€24,258▼
2024 · €31,772
Debt to equity
0.87▲
2024 · 0.53
ROE
18.4%▼
2024 · 22.1%
Interest coverage
97.96▲
2024 · 91.19
Debt ≤ 1 year
€79,197▲
2024 · €58,071
Income taxes
€7,874▲
2024 · €5,893
Green means a favourable move, even when the figure itself falls, as with debt or debt to equity.
Investments
| Item | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Tangible fixed assets | €66,313 | - | - | €2,493 | - |
| Depreciation and write-downs of the year | €26,992 | €26,898 | €7,859 | €7,570 | €7,501 |
Source: notes to the 2021 to 2025 annual accounts (statement of fixed assets)
Annual accounts
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Remuneration, social security and pensions62 | - | - | -€113 | €0 | - | - | - | - | - |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €27,780 | €33,499 | €24,957 | €26,992 | €26,898 | €7,859 | €7,570 | €7,501 | ▼ 0.9% |
| Other operating charges640/8 | - | - | €8,408 | €8,086 | €7,908 | €8,460 | €8,940 | €8,667 | ▼ 3.1% |
| Gross operating margin9900 | €253,058 | €271,147 | €22,286 | €29,423 | €30,279 | €27,907 | €46,087 | €40,400 | ▼ 12.3% |
| Operating profit (loss)9901 | €39,409 | €26,574 | -€10,966 | -€5,655 | -€4,526 | €11,588 | €29,578 | €24,233 | ▼ 18.1% |
| Financial income75/76B | - | - | €925 | €1,279 | €961 | €925 | €925 | €723 | ▼ 21.9% |
| Recurring financial income75 | €11,560 | €19,820 | €925 | €1,279 | €961 | €925 | €925 | €723 | ▼ 21.9% |
| Financial charges65/66B | - | - | €356 | €457 | €5,600 | €450 | €407 | €324 | ▼ 20.5% |
| Recurring financial charges65 | €4,641 | €3,823 | €356 | €457 | €5,600 | €450 | €407 | €324 | ▼ 20.5% |
| Profit (loss) for the period before taxes9903 | €46,327 | €42,571 | -€10,397 | -€4,834 | -€9,165 | €12,063 | €30,095 | €24,632 | ▼ 18.2% |
| Income taxes67/77 | €18,834 | €16,645 | - | - | - | - | €5,893 | €7,874 | ▲ 33.6% |
| Profit (loss) for the period9904 | €27,493 | €25,927 | -€10,397 | -€4,834 | -€9,165 | €12,063 | €24,202 | €16,757 | ▼ 30.8% |
| Profit (loss) for the period to be appropriated9905 | €27,493 | €25,927 | -€10,397 | -€4,834 | -€9,165 | €12,063 | €24,202 | €16,757 | ▼ 30.8% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Assets | |||||||||
| Total assets20/58 | €972,613 | €899,178 | €205,010 | €214,312 | €194,766 | €211,954 | €191,564 | €194,382 | ▲ 1.5% |
| Fixed assets21/28 | €182,448 | €169,718 | €127,344 | €166,665 | €139,767 | €131,908 | €126,831 | €119,331 | ▼ 5.9% |
| Tangible fixed assets22/27 | €181,198 | €168,468 | €127,344 | €166,665 | €139,767 | €131,908 | €126,831 | €119,331 | ▼ 5.9% |
| Land and buildings22 | - | - | €127,344 | €102,491 | €77,734 | €72,014 | €71,325 | €70,705 | ▼ 0.9% |
| Plant, machinery and equipment23 | - | - | - | €64,173 | €62,033 | €59,894 | €55,506 | €48,625 | ▼ 12.4% |
| Financial fixed assets28 | €1,250 | €1,250 | - | - | - | - | - | - | - |
| Current assets29/58 | €790,165 | €729,460 | €77,666 | €47,647 | €54,999 | €80,046 | €64,732 | €75,051 | ▲ 15.9% |
| Stocks and contracts in progress3 | €87,857 | €76,325 | - | - | - | - | - | - | - |
| Amounts receivable within one year40/41 | €453,307 | €354,758 | €53,043 | €17,033 | €2,423 | €7,921 | €7,686 | €6,921 | ▼ 9.9% |
| Trade receivables40 | - | - | €53,040 | €16,840 | €2,420 | €6,893 | €6,893 | €6,893 | = |
| Other amounts receivable41 | - | - | €3 | €193 | €3 | €1,028 | €792 | €28 | ▼ 96.5% |
| Cash at bank and in hand54/58 | €244,870 | €293,934 | €24,623 | €30,614 | €52,576 | €72,125 | €57,046 | €68,130 | ▲ 19.4% |
| Equity and liabilities | |||||||||
| Total equity and liabilities10/49 | €972,613 | €899,178 | €205,010 | €214,312 | €194,766 | €211,954 | €191,564 | €194,382 | ▲ 1.5% |
| Equity10/15 | €368,346 | €390,739 | - | €85,167 | €75,077 | €86,216 | €109,493 | €91,185 | ▼ 16.7% |
| Contributions10/11 | €100,397 | €100,397 | €61,500 | €61,500 | €61,500 | €61,500 | €61,500 | €61,500 | = |
| Capital10 | - | - | €61,500 | €61,500 | €61,500 | €61,500 | €61,500 | €61,500 | = |
| Issued capital100 | - | - | €61,500 | €61,500 | €61,500 | €61,500 | €61,500 | €61,500 | = |
| Reserves13 | €165,001 | €165,001 | €34,342 | €34,342 | €34,342 | €34,342 | €47,270 | €29,685 | ▼ 37.2% |
| Distributable reserves133 | - | - | €34,342 | €34,342 | €34,342 | €34,342 | €47,270 | €29,685 | ▼ 37.2% |
| Profit (loss) carried forward14 | €78,979 | €104,906 | -€9,339 | -€14,172 | -€23,338 | -€11,274 | €0 | €0 | - |
| Investment grants15 | - | - | €4,423 | €3,498 | €2,573 | €1,648 | €723 | €0 | ▼ 100% |
| Provisions and deferred taxes16 | €24,000 | €24,000 | €24,000 | €24,000 | €24,000 | €24,000 | €24,000 | €24,000 | = |
| Provisions for liabilities and charges160/5 | - | - | €24,000 | €24,000 | €24,000 | €24,000 | €24,000 | €24,000 | = |
| Environmental obligations163 | - | - | €24,000 | €24,000 | €24,000 | €24,000 | €24,000 | €24,000 | = |
| Amounts payable17/49 | €580,267 | €484,439 | €90,084 | €105,144 | €95,689 | €101,739 | €58,071 | €79,197 | ▲ 36.4% |
| Amounts payable after more than one year17 | €201,053 | €168,955 | - | €18,916 | €12,202 | €5,888 | €0 | - | - |
| Financial debts170/4 | - | - | - | €18,916 | €12,202 | €5,888 | €0 | - | - |
| Amounts payable within one year42/48 | €379,081 | €315,484 | €90,084 | €86,228 | €83,487 | €95,851 | €58,071 | €79,197 | ▲ 36.4% |
| Current portion of amounts payable after more than one year42 | - | - | €8,302 | €5,581 | €6,202 | €6,314 | €5,888 | €0 | ▼ 100% |
| Trade debts44 | €262,338 | €210,379 | €15,752 | €4,052 | €1,925 | €14,012 | €11,599 | €1,419 | ▼ 87.8% |
| Suppliers440/4 | - | - | €15,752 | €4,052 | €1,925 | €14,012 | €11,599 | €1,419 | ▼ 87.8% |
| Taxes, remuneration and social security45 | - | - | €2,964 | €525 | €563 | €728 | €4,731 | €3,561 | ▼ 24.7% |
| Taxes450/3 | - | - | €2,964 | €525 | €563 | €728 | €4,731 | €3,561 | ▼ 24.7% |
| Other amounts payable47/48 | - | - | €63,066 | €76,070 | €74,797 | €74,797 | €35,853 | €74,217 | ▲ 107% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €27,493 | €25,927 | -€10,397 | -€4,834 | -€9,165 | €12,063 | €24,202 | €16,757 | ▼ 30.8% |
| + Depreciation and write-downs630 | €27,780 | €33,499 | €24,957 | €26,992 | €26,898 | €7,859 | €7,570 | €7,501 | ▼ 0.9% |
| Operating cash flow (approximation) | €55,273 | €59,426 | €14,560 | €22,159 | €17,732 | €19,922 | €31,772 | €24,258 | ▼ 23.6% |
| Investment in fixed assets (approximation) | - | -€20,770 | €17,417 | -€66,313 | €0 | €0 | -€2,493 | €0 | - |
| Change in cash | - | €49,064 | -€269,311 | €5,991 | €21,962 | €19,550 | -€15,079 | €11,084 | - |
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, 31,368 companies had the same profile as IMMO SCRATCH has now. Two years later, 93.5% were still going and 0.5% had gone bankrupt.
- Micro
- 20 years or older
- solvency 30% or more
- a profit of 5% of the balance sheet or more
93.5%
was still going
5.9%
stopped otherwise
0.5%
went bankrupt
Another 0.1% stopped without a precise date, possibly only after those two years.
That fits the bankruptcy probability of IMMO SCRATCH itself: < 0.1% 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 31,368 companies, not a prediction for IMMO SCRATCH. 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 40 filings with the National Bank
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-12-2025 | full format | 31-08-2026 | 2026-00463346 | |
| 31-12-2024 | abbreviated format | 31-07-2025 | 2025-00358391 | |
| 31-12-2023 | full format | 31-07-2024 | 2024-00329855 | |
| 31-12-2022 | full format | 28-07-2023 | 2023-00318679 | |
| 31-12-2021 | full format | 29-07-2022 | 2022-20269053 | |
| 31-12-2021 | abbreviated format | 24-06-2022 | 2022-20102370 | |
| 31-12-2020 | full format | 31-08-2021 | 2021-63800058 | |
| 31-12-2019 | full format | 23-07-2020 | 2020-32600181 | |
| 31-12-2018 | full format | 26-07-2019 | 2019-38000525 | |
| 31-12-2017 | full format | 20-07-2018 | 2018-34500040 |