IMMO4M
ActiveSummary
IMMO4M has been active since 2012 and the Belgian State Gazette contains no insolvency or warning signals. The 2025 annual accounts show equity of €36,109 and a net result of €4,229. Equity is growing by ~12.1% per year across the filed fiscal years. Its solvency ranks better than 31% of 14220 sector peers (fiscal year 2025). The computed 12-month bankruptcy probability is 0.3% (very low).
Checked score
Score 2025
Axes · tick = 2024
Profitability70▲+2
Solvency34▼-26
Growth52=
Track record100
Bankruptcy probability, 12 months
0.3%
Very low
0%0.5%1.5%4%10%≥ 25%
Credit up to €1,500 at 30 days acceptable
Liquidity tight (current ratio 1.09 against 1.52 in 2024; short-term debt: 91.2% and cash: 13% of total assets), and 91.2% of the assets are financed with debt.
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Signals
Five signals. The signal on the left, the evidence on the right.
−lowers risk+raises risk○neutral
lowers risk · Lower-failure-rate sector
In this sector companies fail less often than the Belgian average.
Gazette · bankruptcies per sector, NACE 68
Relative position
BE, all sectors
reference
Real estate activities (NACE 68)
about 43% fewer bankruptcies
← fewer bankruptcies
more bankruptcies →
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
8.8%
Return on assets
1%
Age of the figures
9 mo
neutral · A punctual record breaks
This company filed 6 consecutive financial years on time. The year that closed on 31-12-2025 was due by 31-07-2026 and was filed on 26-08-2026, 26 days late. Weigh it accordingly: a break into the 1-to-90-day band measures 1.41% abnormal legal state, below the 1.66% market average. It is a change in behaviour, not evidence of elevated risk.
NBB · 10 filingsDeviation from the deadline
2025
26 d late
2024
50 d early
2023
45 d early
2022
36 d early
2021
44 d early
2020
42 d early
2019
17 d early
← before the deadline
after the deadline →
tick = median of all Belgian filingsring = median in the sector
This company filed its last 7 accounts on average 30 days before the deadline; the sector median for financial year 2024 is 7 days before the deadline, and 36% of the sector filed late.
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
27-09-2026 today31-12-2026 close31-07-2027 deadline
History
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Financials · fiscal year 2025, micro schema
Turnover
Not included in this filing
EBIT margin
Not included in this filing
Net result
€4,229▲ 146%
2024 · €1,722
Working capital
€35,240▲ 14.7%
2024 · €30,737
Trend over the years
Click a name to add, emphasise or remove a line.Band: the middle half (P25 to P75) of NACE 68, Real estate activities, each year against the same schema; no band under 30 filings. Dashed line: the median.
Every figure with its change against the fiscal year before
favourable
unfavourable
Line20212022202320242025
Operating result-€349-€3,070▼ 781%€4,584€2,584▼ 43.6%€6,418▲ 148%
Net result-€463within the sector's middle half-€3,219within the sector's middle half▼ 595%€4,072within the sector's middle half€1,722within the sector's middle half▼ 57.7%€4,229within the sector's middle half▲ 146%
Equity€29,306within the sector's middle half▼ 1.6%€26,086within the sector's middle half▼ 11.0%€30,159within the sector's middle half▲ 15.6%€31,881within the sector's middle half▲ 5.7%€36,109within the sector's middle half▲ 13.3%
Total assets€101,052below the sector's middle half▲ 43.2%€64,059below the sector's middle half▼ 36.6%€79,686below the sector's middle half▲ 24.4%€90,858below the sector's middle half▲ 14.0%€410,147within the sector's middle half▲ 351%
Debt€71,746▲ 75.9%€37,972▼ 47.1%€49,527▲ 30.4%€58,977▲ 19.1%€374,037▲ 534%
Working capital€25,514▲ 6.4%€24,294▼ 4.8%€30,159▲ 24.1%€30,737▲ 1.9%€35,240▲ 14.7%
Solvency29.0%within the sector's middle half▼ 13.2pp40.7%within the sector's middle half▲ 11.7pp37.8%within the sector's middle half▼ 2.9pp35.1%within the sector's middle half▼ 2.8pp8.8%within the sector's middle half▼ 26.3pp
above
within
below
the middle half (P25 to P75) of NACE 68, Real estate activities, each year against the same schema; no band under 30 filings.
Result per fiscal year
Operating resultNet result
The operating result recovers in 2025; 2025 is 148% above 2024 and is the highest result in the available series.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €410,147
Fixed assets
€869 ▼ 24.0%
Current assets
€409,277 ▲ 356%
Equity and liabilities €410,147
Equity
€36,109 ▲ 13.3%
Debt
€374,037 ▲ 534%
Debt's share of the balance-sheet total rises from 64.9% to 91.2%. Equity and debt are higher.
Key figures and ratios
EBITDA
€6,692▲
2024 · €2,813
Cash flow
€4,503▲
2024 · €1,951
Current ratio
1.09▼
2024 · 1.52
Debt to equity
10.36▲
2024 · 1.85
ROE
11.7%▲
2024 · 5.4%
ROA
1.0%▼
2024 · 1.9%
Interest coverage
10.44▲
2024 · 5.66
Debt ≤ 1 year
€374,037▲
2024 · €58,977
Income taxes
€1,873▲
2024 · €777
Green means a favourable move, even when the figure itself falls: as with debt or debt to equity.
Peer companies
Historical observationOf the 1,375 companies that looked in July 2024 the way this one looks now, 2.0% went bankrupt within 24 months and 96% are still going.
- Micro
- 10 to 20 years old
- solvency under 10%
- a profit under 5% of the balance sheet
2.0%
went bankrupt
1.6%
stopped otherwise
96%
still going
A further 0.7% stopped, but we cannot tell whether within those 24 months.
For this company itself Checked computes a lower bankruptcy probability: 0.3% over twelve months. The score reads more about this company than the group's four characteristics; both figures are right about what they measure.
How reliable is this rule?
Tested on the year before, without using that year itself: the groups of July 2023 gave each of the 497,058 companies of July 2024 its group's bankruptcy share. Expected: 1.5%; actually bankrupt within 24 months: 1.6%.
| Group | Expected | Actual |
|---|---|---|
| 1 | 0.2% | 0.2% |
| 2 | 0.3% | 0.4% |
| 3 | 0.5% | 0.5% |
| 4 | 0.6% | 0.7% |
| 5 | 0.8% | 0.9% |
| 6 | 1.2% | 1.3% |
| 7 | 1.5% | 1.6% |
| 8 | 1.7% | 1.7% |
| 9 | 2.7% | 2.8% |
| 10 | 5.3% | 5.7% |
The rule ranks well: a company that went bankrupt got a higher share than one that kept going in 74% of comparisons. The level follows the economy: in a year with more bankruptcies, the actual share is higher than the year before.
An observation about 1,375 comparable companies, not a prediction for this company. The sector does not count: the register keeps no sector for companies that stopped, so it would make the outcome look better than it was.
Annual accounts
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Non-recurring operating income76A | - | - | - | - | €0 | - |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €2,000 | €2,000 | €1,792 | €229 | €275 | ▲ 20.0% |
| Other operating charges640/8 | €199 | €149 | €149 | €224 | €548 | ▲ 145% |
| Gross operating margin9900 | €1,850 | -€921 | €6,524 | €3,037 | €7,241 | ▲ 138% |
| Operating profit (loss)9901 | -€349 | -€3,070 | €4,584 | €2,584 | €6,418 | ▲ 148% |
| Financial income75/76B | €8 | €8 | €43 | €411 | €325 | ▼ 21.0% |
| Recurring financial income75 | €8 | €8 | €43 | €411 | €325 | ▼ 21.0% |
| Non-recurring financial income76B | - | - | - | €411 | - | - |
| Financial charges65/66B | €127 | €157 | €255 | €497 | €641 | ▲ 29.0% |
| Recurring financial charges65 | €127 | €157 | €255 | €497 | €641 | ▲ 29.0% |
| Profit (loss) for the period before taxes9903 | -€467 | -€3,219 | €4,372 | €2,499 | €6,102 | ▲ 144% |
| Income taxes67/77 | -€4 | - | €300 | €777 | €1,873 | ▲ 141% |
| Profit (loss) for the period9904 | -€463 | -€3,219 | €4,072 | €1,722 | €4,229 | ▲ 146% |
| Profit (loss) for the period to be appropriated9905 | -€463 | -€3,219 | €4,072 | €1,722 | €4,229 | ▲ 146% |
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Assets | ||||||
| Total assets20/58 | €101,052 | €64,059 | €79,686 | €90,858 | €410,147 | ▲ 351% |
| Fixed assets21/28 | €3,792 | €1,792 | - | €1,144 | €869 | ▼ 24.0% |
| Tangible fixed assets22/27 | €3,792 | €1,792 | - | €1,144 | €869 | ▼ 24.0% |
| Plant, machinery and equipment23 | - | - | - | €1,144 | €869 | ▼ 24.0% |
| Furniture and vehicles24 | €3,792 | €1,792 | - | - | - | - |
| Current assets29/58 | €97,260 | €62,267 | €79,686 | €89,714 | €409,277 | ▲ 356% |
| Stocks and contracts in progress3 | €18,000 | €26,000 | €7,513 | €25,900 | €0 | ▼ 100% |
| Stocks30/36 | - | - | - | €3,900 | €0 | ▼ 100% |
| Contracts in progress37 | €18,000 | €26,000 | €7,513 | €22,000 | €0 | ▼ 100% |
| Amounts receivable within one year40/41 | €66,523 | €21,236 | €13,549 | €41,837 | €355,072 | ▲ 749% |
| Trade receivables40 | €34,238 | €19,248 | €9,381 | €35,991 | €10,105 | ▼ 71.9% |
| Other amounts receivable41 | €32,285 | €1,987 | €4,167 | €5,846 | €344,967 | ▲ 5,801% |
| Cash at bank and in hand54/58 | €12,736 | €15,031 | €58,625 | €21,977 | €53,307 | ▲ 143% |
| Deferred charges and accrued income490/1 | - | - | - | - | €898 | - |
| Equity and liabilities | ||||||
| Total equity and liabilities10/49 | €101,052 | €64,059 | €79,686 | €90,858 | €410,147 | ▲ 351% |
| Equity10/15 | €29,306 | €26,086 | €30,159 | €31,881 | €36,109 | ▲ 13.3% |
| Contributions10/11 | €18,600 | €18,600 | €18,600 | €18,600 | €18,600 | = |
| Reserves13 | €1,000 | €1,000 | €1,000 | €1,000 | €17,509 | ▲ 1,651% |
| Non-distributable reserves130/1 | €1,000 | €1,000 | - | - | - | - |
| Reserves not available under the articles1311 | €1,000 | €1,000 | - | - | - | - |
| Distributable reserves133 | - | - | €1,000 | €1,000 | €17,509 | ▲ 1,651% |
| Profit (loss) carried forward14 | €9,706 | €6,486 | €10,559 | €12,281 | €0 | ▼ 100% |
| Amounts payable17/49 | €71,746 | €37,972 | €49,527 | €58,977 | €374,037 | ▲ 534% |
| Amounts payable within one year42/48 | €71,746 | €37,972 | €49,527 | €58,977 | €374,037 | ▲ 534% |
| Trade debts44 | €18,637 | €4,787 | €18,413 | €6,036 | €66,479 | ▲ 1,001% |
| Suppliers440/4 | €18,637 | €4,787 | €18,413 | €6,036 | €66,479 | ▲ 1,001% |
| Taxes, remuneration and social security45 | - | - | €300 | €778 | €7,095 | ▲ 812% |
| Taxes450/3 | - | - | €300 | €778 | €7,095 | ▲ 812% |
| Other amounts payable47/48 | €53,109 | €33,185 | €30,815 | €52,164 | €300,464 | ▲ 476% |
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | -€463 | -€3,219 | €4,072 | €1,722 | €4,229 | ▲ 146% |
| + Depreciation and write-downs630 | €2,000 | €2,000 | €1,792 | €229 | €275 | ▲ 20.0% |
| Operating cash flow (approximation) | €1,537 | -€1,219 | €5,864 | €1,951 | €4,503 | ▲ 131% |
| Investment in fixed assets (approximation) | - | €0 | - | - | €0 | - |
| Change in cash | - | €2,294 | €43,594 | -€36,648 | €31,330 | ▲ 185% |
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
07-09
State Gazette act
Appointment: Malo Moulard (day-to-day manager)2 facts ▸
State Gazette act
Appointment: Malo Moulard (day-to-day manager)
2 facts ▸
- Board meeting, 01-09-2026
- Director appointment, Malo Moulard (day-to-day manager)
26-08
NBB filing
Annual accounts filed
fiscal year 2025 · micro schema · 26 days late
2025
11-06
NBB filing
Annual accounts filed
fiscal year 2024 · micro schema
2024
16-06
NBB filing
Annual accounts filed
fiscal year 2023 · micro schema
2023
31-12
Financial
Back to profitnet €4,072
Net result €4,072 after 2 loss-making years.
25-06
NBB filing
Annual accounts filed
fiscal year 2022 · micro schema
2022
31-12
Financial
Weakest financial yearnet -€3,219
Net result drops to -€3,219, the lowest in the series; recovery starts the following year.
17-06
NBB filing
Annual accounts filed
fiscal year 2021 · micro schema
2021
19-06
NBB filing
Annual accounts filed
fiscal year 2020 · micro schema
2020
31-12
Financial
Highest result since 2018net €12,880 ▲845%
Operating result €17,918, net result €12,880, both a record.
14-07
NBB filing
Annual accounts filed
fiscal year 2019 · full schema
2019
17-08
NBB filing
Annual accounts filed
fiscal year 2018 · full schema · 17 days late
2018
28-06
NBB filing
Annual accounts filed
fiscal year 2017 · full schema
2017
25-06
NBB filing
Annual accounts filed
fiscal year 2016 · full schema
Financial milestoneState Gazette actNBB filingFinancial milestones sit on the fiscal year-end date, not the filing date.
1 of 4 acts read
About the unread acts
Of the 4 Belgian State Gazette acts we know for this company, 1 has been read. The other 3 have not been read yet: what they contain is neither established nor disproved here.
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Directors · office · real estate
Directors
1 office holder, last change in 2026
Day-to-day management 1
Malo Moulard
CurrentDay-to-day manager · since 01-09-2026
Derived from published Gazette acts. The CBE keeps the official list of function holders; we do not read it, so the two can differ.
See the function holders in the CBE →
Not every act has been read: a resignation may be missing here
3 of this company's 4 Belgian State Gazette acts have not been read yet. Appointments and resignations recorded in them are missing above: a director who resigned there may therefore still show here as sitting. The acts are in the Timeline.
Location & real-estate footprint
Registered office, Ath · 1 establishment unit since 2013
Ground area
6,028 m²
Building footprint
2,425 m²
Volume, LiDAR
8,197 m³
2 parcels, Wallonia · tallest building 6.5 m, ±2 floors. Linked by address, not a title deed.
6
companies at this address
See who is registered here
1 establishment unit
Immo4M
since 20132.215.090.416
2 parcels
Wallonia
2
(100%)
| Parcel (capakey) | Region | Area | Buildings | Height / fl. |
|---|---|---|---|---|
| 51004B0038/00B000 | Wallonia | 3,228 m² | 1 · 1,659 m² | 6.5 m · 2 fl. |
| 51004B0038/00M000 | Wallonia | 2,800 m² | 1 · 766 m² | - |
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.
Mandate history
1 person since 2026, 1 in office
- Day-to-day management
| Name | Functions and periods |
|---|---|
| Malo Moulard |
|
Structure & network
Connections & network
1 current directorThe network starts from this company’s directors. Other companies they run appear here as nodes.
This company
Company
Director
Shareholding
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Of 9,699 companies in sector 68121 we hold annual accounts for 7,385. 4,708 are within a factor 10 of this equity. The 5 above are the closest to it. See the whole sector
Identification & contact
Identification
Legal formPrivate limited company
Founded20-12-2012
Fiscal year end31-12
Activities, NACEBEL 2025
68121Development of residential building projects
68201Renting and operating of own or leased residential real estate, excluding social housing
41001General construction of residential buildings
E-invoicing
Reachable via Peppol
Peppol ID
0208:0508631178
Also
9925:BE0508631178
Registered
14-08-2025
Register as of 27 September 2026 · Peppol Directory
Scores and ratios are computed by Checked and are not a credit decision.