ImmoActivity
ActiveFinancials · financial year 2025, full format
Annual accounts 2025 filed on 08-04-2026 PDF all 18 filings
Turnover
€807,239▲ 4.5%
2023 · €772,215
EBIT margin
71.6%▲ 1.3pp
2023 · 70.3%
Net result
€459,534▲ 8.1%
2024 · €425,010
Working capital
€710,873▼ 64.7%
2024 · €2.0m
Multi-year overview
2018 to 2025, 8 financial yearsTurnover
€807,239
2025
20182025
Operating result
€578,008
▲ 5.2%
2025
20182025
Net result
€459,534
▲ 8.1%
2025
highest quarter of the sector
20182025
EBIT margin
71.6%
2025
20182025
Equity
€4.5m
▲ 11.2%
2025
highest quarter of the sector
20182025
Total assets
€8.0m
▼ 16.0%
2025
middle half of the sector
20182025
Debt
€3.4m
▼ 36.6%
2025
20182025
Working capital
€710,873
▼ 64.7%
2025
middle half of the sector
20182025
Solvency
57.1%
▲ 14.0pp
2025
middle half of the sector
20182025
Current ratio
no figure
2025
20182025
Return on assets (ROA)
5.8%
▲ 1.3pp
2025
highest quarter of the sector
20182025
Every figure per financial year
Every figure with its change against the financial year before
favourable
unfavourable
Line20182019202020212022202320242025
Turnover€0.6m-€0.7m▲ 2.2%€0.7m▲ 0.5%€0.7m▲ 0.8%€0.8m€0.8m
Operating result€0.4m-€0.4m▲ 8.1%€0.4m▼ 0.6%€0.4m▲ 1.7%€0.5m▲ 7.7%€0.5m▲ 15.5%€0.5m▲ 1.3%€0.6m▲ 5.2%
Net result€0.1m-€0.2m▲ 30.3%€0.1mabove the sector's middle half▼ 10.9%€0.1mwithin the sector's middle half▲ 4.2%€0.2mabove the sector's middle half▲ 42.3%€0.4mabove the sector's middle half▲ 97.6%€0.4mabove the sector's middle half▲ 4.8%€0.5mabove the sector's middle half▲ 8.1%
EBIT margin62.1%-65.7%▲ 3.6pp64.9%▼ 0.7pp65.5%▲ 0.5pp70.3%71.6%
Equity€2.6m-€2.8m▲ 6.0%€2.9mabove the sector's middle half▲ 5.0%€3.0mabove the sector's middle half▲ 5.0%€3.3mabove the sector's middle half▲ 6.7%€3.7mabove the sector's middle half▲ 12.5%€4.1mabove the sector's middle half▲ 11.6%€4.5mabove the sector's middle half▲ 11.2%
Total assets€11.5m-€11.6m▲ 1.3%€11.9mabove the sector's middle half▲ 1.8%€11.9mabove the sector's middle half▲ 0.7%€8.8mwithin the sector's middle half▼ 26.0%€9.1mwithin the sector's middle half▲ 2.5%€9.5mabove the sector's middle half▲ 4.7%€8.0mwithin the sector's middle half▼ 16.0%
Debt€8.9m-€8.9m▼ 0.1%€9.0m▲ 0.8%€8.9m▼ 0.7%€5.6m▼ 37.2%€5.4m▼ 3.3%€5.4m=€3.4m▼ 36.6%
Working capital€2.7m-€3.1m▲ 13.8%€3.5mabove the sector's middle half▲ 11.7%€3.8mabove the sector's middle half▲ 10.7%€0.9mabove the sector's middle half▼ 75.4%€1.4mabove the sector's middle half▲ 46.0%€2.0mabove the sector's middle half▲ 46.8%€0.7mwithin the sector's middle half▼ 64.7%
Solvency22.7%-23.8%▲ 1.0pp24.5%within the sector's middle half▲ 0.7pp25.5%within the sector's middle half▲ 1.0pp36.8%within the sector's middle half▲ 11.3pp40.4%within the sector's middle half▲ 3.6pp43.1%within the sector's middle half▲ 2.7pp57.1%within the sector's middle half▲ 14.0pp
Current ratio48.58above the sector's middle half
Return on assets (ROA)1.0%-1.3%▲ 0.3pp1.2%within the sector's middle half▼ 0.2pp1.2%within the sector's middle half=2.3%within the sector's middle half▲ 1.1pp4.5%within the sector's middle half▲ 2.2pp4.5%above the sector's middle half=5.8%above the sector's middle half▲ 1.3pp
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 5% higher than in 2024 and the highest since 2018. It is the fifth rise in a row, after the fall in 2020.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €8.0m
Fixed assets
€7.2m ▼ 2.9%
Current assets
€715,060 ▼ 64.5%
Equity and liabilities €8.0m
Equity
€4.5m ▲ 11.2%
Debt
€3.4m ▼ 36.6%
Debt's share of the balance-sheet total falls from 56.9% to 42.9%. Equity is higher and debt is lower.
Key figures and ratios
EBITDA
€794,593▲
2024 · €765,886
Cash flow
€676,120▲
2024 · €641,596
Debt to equity
0.75▼
2024 · 1.32
ROE
10.1%▼
2024 · 10.4%
Interest coverage
5.54▲
2024 · 4.32
Debt ≤ 1 year
€4,187▲
2024 · €88
Debt > 1 year
€3.4m▼
2024 · €5.4m
Customer credit
11 days
Supplier credit
121 days
A ratio outside any meaningful range has been withheld (balance sheet total €8.0m, equity €4.5m).
Green means a favourable move, even when the figure itself falls, as with debt or debt to equity.
Revenue breakdown
By activity 2017
- Loyer €668,083100.0%
Source: 2017 accounts, page 15, filing 2018-10500119
Annual accounts
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Turnover70 | €643,098 | €657,328 | €660,479 | €665,993 | - | €772,215 | - | €807,239 | - |
| Goods, raw materials, services and sundry goods60/61 | - | - | - | €13,334 | - | €13,115 | - | €12,645 | - |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €215,622 | €216,586 | €216,586 | €216,586 | €216,586 | €216,586 | €216,586 | €216,586 | = |
| Other operating charges640/8 | - | - | - | €69,312 | €68,227 | €87,279 | €90,818 | €93,667 | ▲ 3.1% |
| Gross operating margin9900 | €681,472 | €716,022 | €714,310 | €721,971 | €754,546 | €846,379 | €856,703 | €888,261 | ▲ 3.7% |
| Operating profit (loss)9901 | €399,392 | €431,613 | €428,926 | €436,073 | €469,733 | €542,514 | €549,300 | €578,008 | ▲ 5.2% |
| Financial income75/76B | - | - | - | - | - | €32,125 | €52,969 | €25,038 | ▼ 52.7% |
| Recurring financial income75 | - | - | - | - | - | €32,125 | €52,969 | €25,038 | ▼ 52.7% |
| Financial charges65/66B | - | - | - | €291,770 | €264,399 | €168,954 | €177,259 | €143,512 | ▼ 19.0% |
| Recurring financial charges65 | €280,128 | €276,204 | €290,392 | €291,770 | €264,399 | €168,954 | €177,259 | €143,512 | ▼ 19.0% |
| Profit (loss) for the period before taxes9903 | €119,264 | €155,409 | €138,534 | €144,303 | €205,334 | €405,685 | €425,010 | €459,534 | ▲ 8.1% |
| Income taxes67/77 | - | - | - | - | €4 | - | - | - | - |
| Profit (loss) for the period9904 | €119,264 | €155,409 | €138,534 | €144,303 | €205,330 | €405,685 | €425,010 | €459,534 | ▲ 8.1% |
| Profit (loss) for the period to be appropriated9905 | €119,264 | €155,409 | €138,534 | €144,303 | €205,330 | €405,685 | €425,010 | €459,534 | ▲ 8.1% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Assets | |||||||||
| Total assets20/58 | €11.5m | €11.6m | €11.9m | €11.9m | €8.8m | €9.1m | €9.5m | €8.0m | ▼ 16.0% |
| Fixed assets21/28 | €8.8m | €8.5m | €8.3m | €8.1m | €7.9m | €7.7m | €7.5m | €7.2m | ▼ 2.9% |
| Tangible fixed assets22/27 | €8.8m | €8.5m | €8.3m | €8.1m | €7.9m | €7.7m | €7.5m | €7.2m | ▼ 2.9% |
| Other tangible fixed assets26 | - | - | - | €8.1m | €7.9m | €7.7m | €7.5m | €7.2m | ▼ 2.9% |
| Current assets29/58 | €2.7m | €3.1m | €3.5m | €3.8m | €0.9m | €1.4m | €2.0m | €0.7m | ▼ 64.5% |
| Amounts receivable within one year40/41 | €4 | €4 | €4 | €4 | - | €0.01m | €0.03m | €0.02m | ▼ 8.3% |
| Other amounts receivable41 | - | - | - | €4 | - | €0.01m | €0.03m | €0.02m | ▼ 8.3% |
| Cash at bank and in hand54/58 | €2.7m | €3.1m | €3.5m | €3.8m | €0.9m | €1.4m | €2.0m | €0.7m | ▼ 65.1% |
| Deferred charges and accrued income490/1 | - | - | - | - | - | €0.01m | €0.01m | €0.002m | ▼ 81.2% |
| Equity and liabilities | |||||||||
| Total equity and liabilities10/49 | €11.5m | €11.6m | €11.9m | €11.9m | €8.8m | €9.1m | €9.5m | €8.0m | ▼ 16.0% |
| Equity10/15 | €2.6m | €2.8m | €2.9m | €3.0m | €3.3m | €3.7m | €4.1m | €4.5m | ▲ 11.2% |
| Contributions10/11 | €4.7m | €4.7m | €4.7m | €4.7m | €4.7m | €4.7m | €4.7m | €4.7m | = |
| Capital10 | - | - | - | €4.7m | €4.7m | €4.7m | €4.7m | €4.7m | = |
| Issued capital100 | - | - | - | €4.7m | €4.7m | €4.7m | €4.7m | €4.7m | = |
| Reserves13 | €0.05m | €0.05m | €0.05m | €0.05m | €0.05m | €0.05m | €0.05m | €0.05m | = |
| Non-distributable reserves130/1 | - | - | - | €0.05m | €0.05m | €0.05m | €0.05m | €0.05m | = |
| Legal reserve130 | - | - | - | €0.05m | €0.05m | €0.05m | €0.05m | €0.05m | = |
| Profit (loss) carried forward14 | -€2.1m | -€2.0m | -€1.8m | -€1.7m | -€1.5m | -€1.1m | -€0.6m | -€0.2m | ▲ 71.6% |
| Amounts payable17/49 | €8.9m | €8.9m | €9.0m | €8.9m | €5.6m | €5.4m | €5.4m | €3.4m | ▼ 36.6% |
| Amounts payable after more than one year17 | €8.7m | €8.7m | €8.7m | €8.7m | €5.4m | €5.4m | €5.4m | €3.4m | ▼ 36.7% |
| Financial debts170/4 | - | - | - | €8.7m | €5.4m | €5.4m | €5.4m | €3.4m | ▼ 36.7% |
| Amounts payable within one year42/48 | €0.01m | €0.004m | €0.07m | €0.004m | €85 | €0.003m | €88 | €0.004m | ▲ 48× |
| Trade debts44 | €0.01m | €0.004m | €0.07m | €0.004m | €85 | €0.003m | €88 | €0.004m | ▲ 48× |
| Suppliers440/4 | - | - | - | €0.004m | €85 | €0.003m | €88 | €0.004m | ▲ 48× |
| Accrued charges and deferred income492/3 | - | - | - | €0.2m | €0.2m | €0.04m | €0.04m | €0.02m | ▼ 40.7% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €0.1m | €0.2m | €0.1m | €0.1m | €0.2m | €0.4m | €0.4m | €0.5m | ▲ 8.1% |
| + Depreciation and write-downs630 | €0.2m | €0.2m | €0.2m | €0.2m | €0.2m | €0.2m | €0.2m | €0.2m | = |
| Operating cash flow (approximation) | €0.3m | €0.4m | €0.4m | €0.4m | €0.4m | €0.6m | €0.6m | €0.7m | ▲ 5.4% |
| Investment in fixed assets (approximation) | - | €0 | -€1 | €0 | €0 | -€0 | €0 | €0 | - |
| Change in cash | - | €0.4m | €0.4m | €0.3m | -€2.9m | €0.4m | €0.6m | -€1.3m | - |
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, 546 companies had the same profile as ImmoActivity has now. Two years later, 95.2% were still going and 0.4% had gone bankrupt.
- Medium-sized
- 10 to 20 years old
- solvency 30% or more
- a profit of 5% of the balance sheet or more
95.2%
was still going
4.2%
stopped otherwise
0.4%
went bankrupt
Another 0.2% stopped without a precise date, possibly only after those two years.
That fits the bankruptcy probability of ImmoActivity 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 546 companies, not a prediction for ImmoActivity. 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 18 filings with the National Bank
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-12-2025 | full format | 08-04-2026 | 2026-00073808 | |
| 31-12-2024 | full format | 01-04-2025 | 2025-00059795 | |
| 31-12-2023 | full format | 02-04-2024 | 2024-00053925 | |
| 31-12-2022 | full format | 04-04-2023 | 2023-00052774 | |
| 31-12-2021 | full format | 21-04-2022 | 2022-20005441 | |
| 31-12-2020 | full format | 22-04-2021 | 2021-11000060 | |
| 31-12-2019 | full format | 23-04-2020 | 2020-09700541 | |
| 31-12-2018 | full format | 11-04-2019 | 2019-10000251 | |
| 31-12-2017 | full format | 23-04-2018 | 2018-10500119 | |
| 31-12-2016 | full format | 24-04-2017 | 2017-10200049 |