IMMO SUNSET
ActiveFinancials · financial year 2024, micro format
2025 annual accounts not yet filed, deadline passed on 31 July 2026 The financial year closed on 31 December 2025. The accounts are due at the latest 7 months after the close (Companies Code art. 3:10). Source: NBB filings, as of 3 November 2026.
Annual accounts 2024 filed on 13-03-2026 PDF all 29 filings
Amounts without an identifiable currency are taken as euros.
Turnover
€0
Total assets
€184,567▲ 11.8%
2023 · €165,069
Net result
€2,162
2023 · -€29,103
Working capital
-€35,862▲ 24.6%
2023 · -€47,564
Multi-year overview
2018 to 2024, 7 financial yearsTurnover
no figure
2024
20182024
Operating result
€2,225
2024
20182024
Net result
€2,162
2024
middle half of the sector
20182024
Equity
€76,806
▲ 2.9%
2024
middle half of the sector
20182024
Total assets
€184,567
▲ 11.8%
2024
middle half of the sector
20182024
Debt
€107,761
▲ 19.2%
2024
20182024
Working capital
-€35,862
▲ 24.6%
2024
middle half of the sector
20182024
Solvency
41.6%
▼ 3.6pp
2024
middle half of the sector
20182024
Current ratio
0.67
▲ 0.19
2024
middle half of the sector
20182024
Return on assets (ROA)
1.2%
▲ 18.8pp
2024
middle half of the sector
20182024
Every figure per financial year
Every figure with its change against the financial year before
favourable
unfavourable
Line2018201920202021202220232024
Turnover€0-
Operating result€1,144-€5,201▲ 355%-€21,793-€25,387▼ 16.5%-€11,685▲ 54.0%-€27,340▼ 134%€2,225
Net result€1,777-€5,519▲ 211%-€23,196below the sector's middle half-€25,988below the sector's middle half▼ 12.0%-€11,950below the sector's middle half▲ 54.0%-€29,103below the sector's middle half▼ 144%€2,162within the sector's middle half
Equity€209,362-€164,881▼ 21.2%€141,685within the sector's middle half▼ 14.1%€115,697within the sector's middle half▼ 18.3%€103,748within the sector's middle half▼ 10.3%€74,644within the sector's middle half▼ 28.1%€76,806within the sector's middle half▲ 2.9%
Total assets€259,957-€215,568▼ 17.1%€142,375below the sector's middle half▼ 34.0%€136,666below the sector's middle half▼ 4.0%€149,354below the sector's middle half▲ 9.3%€165,069within the sector's middle half▲ 10.5%€184,567within the sector's middle half▲ 11.8%
Debt€50,595-€50,686▲ 0.2%€690▼ 98.6%€20,969▲ 30×€45,606▲ 117%€90,425▲ 98.3%€107,761▲ 19.2%
Working capital€19,522-€4,940▼ 74.7%€9,641within the sector's middle half▲ 95.2%-€15,991within the sector's middle half-€27,941within the sector's middle half▼ 74.7%-€47,564within the sector's middle half▼ 70.2%-€35,862within the sector's middle half▲ 24.6%
Solvency80.5%-76.5%▼ 4.0pp99.5%above the sector's middle half▲ 23.0pp84.7%above the sector's middle half▼ 14.9pp69.5%above the sector's middle half▼ 15.2pp45.2%within the sector's middle half▼ 24.2pp41.6%within the sector's middle half▼ 3.6pp
Current ratio1.39-1.10▼ 0.2914.98above the sector's middle half▲ 13.880.24below the sector's middle half▼ 14.740.39below the sector's middle half▲ 0.150.47within the sector's middle half▲ 0.090.67within the sector's middle half▲ 0.19
Return on assets (ROA)0.7%-2.6%▲ 1.9pp-16.3%below the sector's middle half▼ 18.9pp-19.0%below the sector's middle half▼ 2.7pp-8.0%below the sector's middle half▲ 11.0pp-17.6%below the sector's middle half▼ 9.6pp1.2%within the sector's middle half▲ 18.8pp
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 2024 is a profit of €2,225, after a loss of €27,340 in 2023. It is the highest result since 2020.
Balance-sheet composition
2024 in colour, 2023 as the grey bar beneath
Assets €184,567
Fixed assets
€112,668 ▼ 7.8%
Current assets
€71,899 ▲ 67.7%
Equity and liabilities €184,567
Equity
€76,806 ▲ 2.9%
Debt
€107,761 ▲ 19.2%
Debt's share of the balance-sheet total rises from 54.8% to 58.4%. Equity and debt are higher.
Key figures and ratios
EBITDA
€11,765▲
2023 · -€17,860
Cash flow
€11,702▲
2023 · -€19,623
Debt to equity
1.40▲
2023 · 1.21
ROE
2.8%▲
2023 · -39.0%
Interest coverage
60.31▲
2023 · -10.13
Debt ≤ 1 year
€107,761▲
2023 · €90,425
Income taxes
€216
Green means a favourable move, even when the figure itself falls, as with debt or debt to equity.
Annual accounts
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | Change |
|---|---|---|---|---|---|---|---|---|
| Turnover70 | €0 | - | - | - | - | - | - | - |
| Non-recurring operating income76A | - | - | - | €0 | - | - | - | - |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €39,304 | €29,898 | €0 | €356 | €0 | €9,480 | €9,540 | ▲ 0.6% |
| Other operating charges640/8 | - | - | - | €18,008 | €2,532 | €42,292 | €11,813 | ▼ 72.1% |
| Non-recurring operating charges66A | - | - | - | €0 | - | - | - | - |
| Gross operating margin9900 | €51,923 | €50,048 | €31,267 | -€7,023 | -€9,153 | €24,432 | €23,578 | ▼ 3.5% |
| Operating profit (loss)9901 | €1,144 | €5,201 | -€21,793 | -€25,387 | -€11,685 | -€27,340 | €2,225 | - |
| Financial income75/76B | - | - | - | - | - | - | €348 | - |
| Recurring financial income75 | €729 | €418 | €0 | - | - | - | €348 | - |
| Financial charges65/66B | - | - | - | €601 | €265 | €1,763 | €195 | ▼ 88.9% |
| Recurring financial charges65 | €96 | €99 | €1,404 | €601 | €265 | €1,763 | €195 | ▼ 88.9% |
| Profit (loss) for the period before taxes9903 | €1,777 | €5,519 | -€23,196 | -€25,988 | -€11,950 | -€29,103 | €2,378 | - |
| Transfer from deferred taxes780 | - | - | - | €0 | - | - | - | - |
| Income taxes67/77 | €0 | - | - | - | - | - | €216 | - |
| Profit (loss) for the period9904 | €1,777 | €5,519 | -€23,196 | -€25,988 | -€11,950 | -€29,103 | €2,162 | - |
| Profit (loss) for the period to be appropriated9905 | €7,281 | €11,033 | -€15,317 | -€25,988 | -€11,950 | -€29,103 | €2,162 | - |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | Change |
|---|---|---|---|---|---|---|---|---|
| Assets | ||||||||
| Total assets20/58 | €259,957 | €215,568 | €142,375 | €136,666 | €149,354 | €165,069 | €184,567 | ▲ 11.8% |
| Formation expenses20 | €0 | - | - | - | - | - | - | - |
| Fixed assets21/28 | €189,840 | €159,941 | €132,044 | €131,688 | €131,688 | €122,208 | €112,668 | ▼ 7.8% |
| Intangible fixed assets21 | €0 | - | - | - | - | - | - | - |
| Tangible fixed assets22/27 | €187,912 | €158,013 | €132,044 | €131,688 | €131,688 | €122,208 | €112,668 | ▼ 7.8% |
| Land and buildings22 | - | - | - | €131,008 | €131,194 | €121,868 | €112,498 | ▼ 7.7% |
| Plant, machinery and equipment23 | - | - | - | €680 | €494 | €340 | €170 | ▼ 50.0% |
| Financial fixed assets28 | €1,928 | €1,928 | €0 | - | - | - | - | - |
| Current assets29/58 | €70,117 | €55,626 | €10,331 | €4,978 | €17,666 | €42,861 | €71,899 | ▲ 67.7% |
| Stocks and contracts in progress3 | €0 | - | - | - | - | - | - | - |
| Amounts receivable within one year40/41 | €15,519 | €11,112 | €847 | €3,907 | €3,495 | €41,258 | €70,774 | ▲ 71.5% |
| Trade receivables40 | - | - | - | €2,254 | €620 | €37,240 | €0 | ▼ 100% |
| Other amounts receivable41 | - | - | - | €1,654 | €2,875 | €4,019 | €70,774 | ▲ 18× |
| Current investments50/53 | €0 | - | - | - | - | - | - | - |
| Cash at bank and in hand54/58 | €54,598 | €44,514 | €9,484 | €1,070 | €14,171 | €1,603 | €1,125 | ▼ 29.8% |
| Equity and liabilities | ||||||||
| Total equity and liabilities10/49 | €259,957 | €215,568 | €142,375 | €136,666 | €149,354 | €165,069 | €184,567 | ▲ 11.8% |
| Equity10/15 | €209,362 | €164,881 | €141,685 | €115,697 | €103,748 | €74,644 | €76,806 | ▲ 2.9% |
| Contributions10/11 | €61,500 | €61,500 | €61,500 | €61,500 | €61,500 | €61,500 | €61,500 | = |
| Capital10 | - | - | - | €61,500 | €61,500 | €61,500 | €61,500 | = |
| Issued capital100 | - | - | - | €61,500 | €61,500 | €61,500 | €61,500 | = |
| Reserves13 | €147,862 | €103,381 | €80,185 | €54,197 | €42,248 | €13,144 | €15,306 | ▲ 16.4% |
| Non-distributable reserves130/1 | - | - | - | €6,150 | €6,150 | €6,150 | €6,150 | = |
| Legal reserve130 | - | - | - | €6,150 | €6,150 | €6,150 | €6,150 | = |
| Distributable reserves133 | - | - | - | €48,047 | €36,098 | €6,994 | €9,156 | ▲ 30.9% |
| Profit (loss) carried forward14 | €0 | - | - | - | - | - | - | - |
| Amounts payable17/49 | €50,595 | €50,686 | €690 | €20,969 | €45,606 | €90,425 | €107,761 | ▲ 19.2% |
| Amounts payable within one year42/48 | €50,595 | €50,686 | €690 | €20,969 | €45,606 | €90,425 | €107,761 | ▲ 19.2% |
| Trade debts44 | - | - | €690 | €3,265 | €663 | €11,258 | €14,939 | ▲ 32.7% |
| Suppliers440/4 | - | - | - | €3,265 | €663 | €11,258 | €14,939 | ▲ 32.7% |
| Advances received on contracts in progress46 | - | - | - | - | €750 | €0 | - | - |
| Taxes, remuneration and social security45 | - | - | - | - | - | €974 | €216 | ▼ 77.8% |
| Taxes450/3 | - | - | - | - | - | €974 | €216 | ▼ 77.8% |
| Other amounts payable47/48 | - | - | - | €17,704 | €44,193 | €78,193 | €92,605 | ▲ 18.4% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | Change |
|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €1,777 | €5,519 | -€23,196 | -€25,988 | -€11,950 | -€29,103 | €2,162 | - |
| + Depreciation and write-downs630 | €39,304 | €29,898 | €0 | €356 | €0 | €9,480 | €9,540 | ▲ 0.6% |
| Operating cash flow (approximation) | €41,081 | €35,418 | -€23,196 | -€25,632 | -€11,950 | -€19,623 | €11,702 | - |
| Investment in fixed assets (approximation) | - | €0 | €27,897 | €0 | €0 | €0 | €0 | - |
| Change in cash | - | -€10,084 | -€35,031 | -€8,413 | €13,101 | -€12,568 | -€478 | ▲ 96.2% |
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, 17,041 companies had the same profile as IMMO SUNSET has now. Two years later, 94.3% were still going and 0.5% had gone bankrupt.
- Micro
- 20 years or older
- solvency 30% or more
- a profit under 5% of the balance sheet
94.3%
was still going
4.9%
stopped otherwise
0.5%
went bankrupt
Another 0.2% stopped without a precise date, possibly only after those two years.
The bankruptcy probability of IMMO SUNSET itself is higher: 2.5% within 12 months. It rests on far more data about IMMO SUNSET than the profile alone.
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 17,041 companies, not a prediction for IMMO SUNSET. 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 29 filings with the National Bank
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-12-2024 | micro format | 13-03-2026 | 2026-00053755 | |
| 31-12-2023 | micro format | 30-08-2024 | 2024-00402442 | |
| 31-12-2022 | micro format | 17-07-2023 | 2023-00243419 | |
| 31-12-2021 | micro format | 31-08-2022 | 2022-20362275 | |
| 31-12-2020 | micro format | 16-04-2021 | 2021-10500407 | |
| 31-12-2019 | micro format | 12-02-2020 | 2020-04900123 | |
| 31-12-2018 | micro format | 28-03-2019 | 2019-08400313 | |
| 31-12-2017 | micro format | 28-02-2018 | 2018-06200023 | |
| 31-12-2016 | abbreviated format | 22-03-2017 | 2017-07200108 | |
| 31-12-2015 | abbreviated format | 29-06-2016 | 2016-26100364 |