Immo VF
ActiveFinancials · financial year 2025, micro format
Annual accounts 2025 filed on 09-04-2026 PDF all 16 filings
Turnover
≈ €1.4m
Estimated: probably between €1.1m and €2.0m
EBIT margin
Not included in this filing
Net result
€536,908▲ 120%
2024 · €243,959
Working capital
€103,551
2024 · -€80,412
In the rankings
#7 company by equity in Lasne, Administrative and support services sector#9 company by total assets in Lasne, Administrative and support services sector
Multi-year overview
2019 to 2025, 7 financial yearsOperating result
€792,186
▲ 90.4%
2025
20192025
Net result
€536,908
▲ 120%
2025
highest quarter of the sector
20192025
Equity
€1.4m
▲ 57.6%
2025
highest quarter of the sector
20192025
Total assets
€1.9m
▼ 2.0%
2025
highest quarter of the sector
20192025
Debt
€478,554
▼ 53.6%
2025
20192025
Working capital
€103,551
2025
highest quarter of the sector
20192025
Solvency
74.6%
▲ 28.2pp
2025
middle half of the sector
20192025
Current ratio
1.74
▲ 0.98
2025
middle half of the sector
20192025
Return on assets (ROA)
28.5%
▲ 15.8pp
2025
middle half of the sector
20192025
Staff (FTE)
2.8
=
2025
20192025
Every figure per financial year
Every figure with its change against the financial year before
favourable
unfavourable
Line2019202020212022202320242025
Operating result€0.05m-€0.06m▲ 17.3%€0.03m▼ 46.9%€0.05m▲ 57.1%€0.1m▲ 117%€0.4m▲ 285%€0.8m▲ 90.4%
Net result-€407-€0.02mwithin the sector's middle half-€0.004mbelow the sector's middle half€0.006mwithin the sector's middle half€0.03mwithin the sector's middle half▲ 450%€0.2mabove the sector's middle half▲ 646%€0.5mabove the sector's middle half▲ 120%
Equity€0.6m-€0.6mabove the sector's middle half▲ 2.8%€0.6mwithin the sector's middle half▼ 0.7%€0.6mabove the sector's middle half▲ 1.0%€0.6mabove the sector's middle half▲ 5.3%€0.9mabove the sector's middle half▲ 37.6%€1.4mabove the sector's middle half▲ 57.6%
Total assets€1.6m-€1.6mabove the sector's middle half=€1.8mwithin the sector's middle half▲ 11.0%€1.7mabove the sector's middle half▼ 4.2%€1.8mabove the sector's middle half▲ 2.2%€1.9mabove the sector's middle half▲ 9.2%€1.9mabove the sector's middle half▼ 2.0%
Debt€1.0m-€1.0m▼ 1.6%€1.2m▲ 18.1%€1.1m▼ 6.8%€1.1m▲ 0.4%€1.0m▼ 7.3%€0.5m▼ 53.6%
Working capital-€0.1m--€0.1mbelow the sector's middle half▲ 0.8%-€0.1mbelow the sector's middle half▼ 34.1%-€0.2mbelow the sector's middle half▼ 33.4%-€0.2mbelow the sector's middle half▼ 29.1%-€0.08mbelow the sector's middle half▲ 66.7%€0.1mabove the sector's middle half
Solvency36.8%-37.9%within the sector's middle half▲ 1.0pp33.9%within the sector's middle half▼ 4.0pp35.7%within the sector's middle half▲ 1.8pp36.8%within the sector's middle half▲ 1.1pp46.4%within the sector's middle half▲ 9.6pp74.6%within the sector's middle half▲ 28.2pp
Current ratio0.36-0.32below the sector's middle half▼ 0.040.38below the sector's middle half▲ 0.060.21below the sector's middle half▼ 0.170.19below the sector's middle half▼ 0.020.76below the sector's middle half▲ 0.571.74within the sector's middle half▲ 0.98
Return on assets (ROA)0.0%-1.0%within the sector's middle half▲ 1.1pp-0.2%below the sector's middle half▼ 1.3pp0.3%within the sector's middle half▲ 0.6pp1.9%within the sector's middle half▲ 1.5pp12.7%within the sector's middle half▲ 10.8pp28.5%within the sector's middle half▲ 15.8pp
Staff (FTE)0.8-1within the sector's middle half▲ 25.0%1.1below the sector's middle half▲ 10.0%2.8▲ 155%2.8=2.8=2.8=
above
within
below
The sector band is the middle half of the companies in Office administrative, office support and other business support activities (NACE 82). 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 90% higher than in 2024 and the highest since 2021. It is the fourth rise in a row.
The turnover shown is an estimate from the gross margin.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €1.9m
Fixed assets
€1.6m ▼ 1.9%
Current assets
€244,111 ▼ 2.6%
Equity and liabilities €1.9m
Equity
€1.4m ▲ 57.6%
Debt
€478,554 ▼ 53.6%
Debt's share of the balance-sheet total falls from 53.6% to 25.4%. Equity is higher and debt is lower.
Key figures and ratios
EBITDA
€884,507▲
2024 · €506,638
Cash flow
€629,229▲
2024 · €334,514
Debt to equity
0.34▼
2024 · 1.16
ROE
38.2%▲
2024 · 27.3%
Interest coverage
22.67▲
2024 · 9.33
Debt ≤ 1 year
€140,561▼
2024 · €330,975
Debt > 1 year
€336,516▼
2024 · €664,714
Income taxes
€216,968▲
2024 · €118,031
Staff costs
€34,818▲
2024 · €33,400
Green means a favourable move, even when the figure itself falls, as with debt or debt to equity.
Staff
| Item | 30-09-2022 | 30-09-2023 | 30-09-2024 | 30-09-2025 |
|---|---|---|---|---|
| Employees at the balance-sheet date | 3 | 3 | 3 | 3 |
| full-time | - | 0 | 0 | 0 |
| part-time | 3 | 3 | 3 | 3 |
| in full-time equivalents | 1.2 | 1.2 | 1.2 | 1.2 |
| Average over the year, in full-time equivalents | 1.2 | 1.2 | 1.2 | 1.2 |
| On a permanent contract | 1 | 1 | 1 | 1 |
| Joined | - | 2 | 2 | 2 |
| Left | - | 2 | 2 | 2 |
| Training hours | - | - | 0 | - |
Source: social balance sheet in the 2022 to 2025 annual accounts
Investments
| Item | 30-09-2022 | 30-09-2023 | 30-09-2024 | 30-09-2025 |
|---|---|---|---|---|
| Tangible fixed assets | €35,705 | €113,714 | €57,448 | €60,257 |
| Depreciation and write-downs of the year | €73,142 | €82,506 | €90,555 | €92,321 |
Source: notes to the 2022 to 2025 annual accounts (statement of fixed assets)
Annual accounts
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|
| Remuneration, social security and pensions62 | - | - | - | €31,993 | €32,064 | €33,400 | €34,818 | ▲ 4.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €64,659 | €65,317 | €63,270 | €73,142 | €82,506 | €90,555 | €92,321 | ▲ 2.0% |
| Other operating charges640/8 | - | - | - | €12,876 | €5,143 | €6,566 | €6,927 | ▲ 5.5% |
| Gross operating margin9900 | €149,966 | €159,014 | €129,737 | €167,855 | €227,920 | €546,604 | €926,253 | ▲ 69.5% |
| Operating profit (loss)9901 | €50,978 | €59,799 | €31,726 | €49,845 | €108,207 | €416,083 | €792,186 | ▲ 90.4% |
| Financial income75/76B | - | - | - | - | €33 | €224 | €708 | ▲ 217% |
| Recurring financial income75 | €14 | €3 | €0 | - | €33 | €224 | €708 | ▲ 217% |
| Financial charges65/66B | - | - | - | €33,979 | €42,106 | €54,316 | €39,019 | ▼ 28.2% |
| Recurring financial charges65 | €49,267 | €33,305 | €35,187 | €33,979 | €42,106 | €54,316 | €39,019 | ▼ 28.2% |
| Profit (loss) for the period before taxes9903 | €1,725 | €26,498 | -€3,461 | €15,865 | €66,134 | €361,990 | €753,875 | ▲ 108% |
| Income taxes67/77 | €2,082 | €9,550 | €600 | €9,918 | €33,443 | €118,031 | €216,968 | ▲ 83.8% |
| Profit (loss) for the period9904 | -€407 | €16,947 | -€4,061 | €5,947 | €32,692 | €243,959 | €536,908 | ▲ 120% |
| Profit (loss) for the period to be appropriated9905 | -€407 | €16,947 | -€4,010 | €5,947 | €32,692 | €243,959 | €536,908 | ▲ 120% |
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|
| Assets | ||||||||
| Total assets20/58 | €1.6m | €1.6m | €1.8m | €1.7m | €1.8m | €1.9m | €1.9m | ▼ 2.0% |
| Fixed assets21/28 | €1.6m | €1.6m | €1.7m | €1.7m | €1.7m | €1.7m | €1.6m | ▼ 1.9% |
| Tangible fixed assets22/27 | €1.6m | €1.6m | €1.7m | €1.7m | €1.7m | €1.7m | €1.6m | ▼ 1.9% |
| Land and buildings22 | - | - | - | €1.2m | €1.1m | €1.1m | €1.1m | ▼ 2.9% |
| Furniture and vehicles24 | - | - | - | €0.02m | €0.07m | €0.05m | €0.03m | ▼ 45.7% |
| Other tangible fixed assets26 | - | - | - | €0.5m | €0.5m | €0.5m | €0.6m | ▲ 4.4% |
| Current assets29/58 | €0.06m | €0.05m | €0.09m | €0.05m | €0.06m | €0.3m | €0.2m | ▼ 2.6% |
| Amounts receivable within one year40/41 | €0.004m | €0.004m | €0.001m | - | - | €0 | €74 | - |
| Trade receivables40 | - | - | - | - | - | €0 | €0 | - |
| Other amounts receivable41 | - | - | - | - | - | €0 | €74 | - |
| Cash at bank and in hand54/58 | €0.05m | €0.04m | €0.08m | €0.04m | €0.05m | €0.2m | €0.2m | ▼ 2.7% |
| Deferred charges and accrued income490/1 | - | - | - | €0.006m | €0.009m | €0.009m | €0.009m | ▲ 0.9% |
| Equity and liabilities | ||||||||
| Total equity and liabilities10/49 | €1.6m | €1.6m | €1.8m | €1.7m | €1.8m | €1.9m | €1.9m | ▼ 2.0% |
| Equity10/15 | €0.6m | €0.6m | €0.6m | €0.6m | €0.6m | €0.9m | €1.4m | ▲ 57.6% |
| Contributions10/11 | €0.5m | - | - | €0.5m | €0.5m | €0.5m | €0.5m | = |
| Reserves13 | €0.006m | €0.02m | €0.02m | €0.03m | €0.06m | €0.3m | €0.6m | ▲ 93.4% |
| Distributable reserves133 | - | - | - | €0.03m | €0.06m | €0.3m | €0.6m | ▲ 93.4% |
| Profit (loss) carried forward14 | €0.05m | €0.05m | €0.05m | €0.05m | €0.05m | €0.06m | €0.3m | ▲ 423% |
| Amounts payable17/49 | €1.0m | €1.0m | €1.2m | €1.1m | €1.1m | €1.0m | €0.5m | ▼ 53.6% |
| Amounts payable after more than one year17 | €0.8m | €0.8m | €1.0m | €0.9m | €0.8m | €0.7m | €0.3m | ▼ 49.4% |
| Financial debts170/4 | - | - | - | €0.9m | €0.8m | €0.7m | €0.3m | ▼ 49.4% |
| Amounts payable within one year42/48 | €0.2m | €0.2m | €0.2m | €0.2m | €0.3m | €0.3m | €0.1m | ▼ 57.5% |
| Current portion of amounts payable after more than one year42 | - | - | - | €0.1m | €0.1m | €0.1m | €0.05m | ▼ 56.6% |
| Trade debts44 | €0.003m | €0.007m | €0.007m | €0.01m | €0.02m | €0.006m | €0.007m | ▲ 17.6% |
| Suppliers440/4 | - | - | - | €0.01m | €0.02m | €0.006m | €0.007m | ▲ 17.6% |
| Taxes, remuneration and social security45 | - | - | - | €0.02m | €0.04m | €0.2m | €0.04m | ▼ 81.0% |
| Taxes450/3 | - | - | - | €0.02m | €0.04m | €0.2m | €0.03m | ▼ 82.4% |
| Remuneration and social security454/9 | - | - | - | €0.003m | €0.003m | €0.003m | €0.003m | ▲ 1.1% |
| Other amounts payable47/48 | - | - | - | €0.09m | €0.1m | €0.02m | €0.05m | ▲ 139% |
| Accrued charges and deferred income492/3 | - | - | - | €0.02m | €0.04m | €0.04m | €0.001m | ▼ 95.8% |
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | -€407 | €16,947 | -€4,061 | €5,947 | €32,692 | €243,959 | €536,908 | ▲ 120% |
| + Depreciation and write-downs630 | €64,659 | €65,317 | €63,270 | €73,142 | €82,506 | €90,555 | €92,321 | ▲ 2.0% |
| Operating cash flow (approximation) | €64,251 | €82,264 | €59,210 | €79,089 | €115,198 | €334,514 | €629,229 | ▲ 88.1% |
| Investment in fixed assets (approximation) | - | -€76,766 | -€203,886 | -€35,620 | -€113,714 | -€57,448 | -€60,257 | ▼ 4.9% |
| Change in cash | - | -€12,163 | €38,938 | -€35,303 | €2,377 | €195,409 | -€6,609 | - |
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, 34,693 companies had the same profile as Immo VF has now. Two years later, 95.3% were still going and 0.7% had gone bankrupt.
- Micro
- 10 to 20 years old
- solvency 30% or more
- a profit of 5% of the balance sheet or more
95.3%
was still going
3.9%
stopped otherwise
0.7%
went bankrupt
That fits the bankruptcy probability of Immo VF 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 34,693 companies, not a prediction for Immo VF. 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 16 filings with the National Bank
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 30-09-2025 | micro format | 09-04-2026 | 2026-00077221 | |
| 30-09-2024 | micro format | 11-04-2025 | 2025-00069029 | |
| 30-09-2023 | micro format | 11-04-2024 | 2024-00062184 | |
| 30-09-2022 | micro format | 24-03-2023 | 2023-00046181 | |
| 30-09-2021 | full format | 26-03-2022 | 2022-09100375 | |
| 30-09-2020 | micro format | 26-03-2021 | 2021-08700254 | |
| 30-09-2019 | micro format | 01-04-2020 | 2020-08600013 | |
| 30-09-2018 | micro format | 04-04-2019 | 2019-09200495 | |
| 30-09-2017 | micro format | 15-03-2018 | 2018-06900321 | |
| 30-09-2016 | full format | 14-03-2017 | 2017-06300173 |