IMMOAM
ActiveFinancials · financial year 2025, micro format
Annual accounts 2025 filed on 18-05-2026 PDF all 14 filings
Turnover
≈ €600,000
Estimated: probably between €510,000 and €830,000
Total assets
€4.5m▲ 62.4%
2024 · €2.8m
Net result
€104,167▲ 14.6%
2024 · €90,910
Working capital
€27,617
2024 · -€150,752
In the rankings
#1 company by equity in Eupen, Accommodation and food service sector#2 company by total assets in Eupen, Accommodation and food service sector
Multi-year overview
2018 to 2025, 8 financial yearsOperating result
€176,577
▲ 13.1%
2025
20182025
Net result
€104,167
▲ 14.6%
2025
highest quarter of the sector
20182025
Equity
€2.2m
▲ 386%
2025
highest quarter of the sector
20182025
Total assets
€4.5m
▲ 62.4%
2025
highest quarter of the sector
20182025
Debt
€2.3m
▼ 1.1%
2025
20182025
Working capital
€27,617
2025
middle half of the sector
20182025
Solvency
49.1%
▲ 32.7pp
2025
middle half of the sector
20182025
Current ratio
1.21
▲ 1.01
2025
middle half of the sector
20182025
Return on assets (ROA)
2.3%
▼ 1.0pp
2025
middle half of the sector
20182025
Staff (FTE)
2.5
▼ 41.9%
2025
20182025
Every figure per financial year
Every figure with its change against the financial year before
favourable
unfavourable
Line20182019202020212022202320242025
Operating result€0.1m-€0.1m▼ 16.5%€0.04m▼ 64.2%€0.07m▲ 91.2%€0.08m▲ 16.5%€0.07m▼ 11.2%€0.2m▲ 110%€0.2m▲ 13.1%
Net result€0.05m-€0.03m▼ 29.0%€0.01mwithin the sector's middle half▼ 68.3%-€0.04mbelow the sector's middle half€0.01mwithin the sector's middle half€0.008mwithin the sector's middle half▼ 42.9%€0.09mabove the sector's middle half▲ 11×€0.1mabove the sector's middle half▲ 14.6%
Equity€0.4m-€0.4m▲ 6.6%€0.4mabove the sector's middle half▲ 0.7%€0.4mabove the sector's middle half▼ 12.3%€0.4mabove the sector's middle half▲ 1.9%€0.4mabove the sector's middle half▲ 2.7%€0.5mabove the sector's middle half▲ 22.3%€2.2mabove the sector's middle half▲ 386%
Total assets€2.8m-€2.6m▼ 6.6%€2.6mabove the sector's middle half▼ 1.0%€2.9mabove the sector's middle half▲ 9.5%€2.9mabove the sector's middle half▼ 0.1%€2.8mabove the sector's middle half▼ 2.0%€2.8mabove the sector's middle half▼ 0.7%€4.5mabove the sector's middle half▲ 62.4%
Debt€2.4m-€2.2m▼ 8.7%€2.2m▼ 1.3%€2.5m▲ 13.5%€2.5m▼ 0.4%€2.4m▼ 2.7%€2.3m▼ 4.2%€2.3m▼ 1.1%
Working capital€0.02m--€0.1m-€0.03mwithin the sector's middle half▲ 66.7%€0.05mabove the sector's middle half-€0.2mbelow the sector's middle half-€0.1mwithin the sector's middle half▲ 28.5%-€0.2mbelow the sector's middle half▼ 28.9%€0.03mwithin the sector's middle half
Solvency13.4%-15.3%▲ 1.9pp15.6%within the sector's middle half▲ 0.3pp12.5%within the sector's middle half▼ 3.1pp12.7%within the sector's middle half▲ 0.3pp13.4%within the sector's middle half▲ 0.6pp16.4%within the sector's middle half▲ 3.1pp49.1%within the sector's middle half▲ 32.7pp
Current ratio1.18-0.27▼ 0.910.63within the sector's middle half▲ 0.361.33within the sector's middle half▲ 0.700.43within the sector's middle half▼ 0.900.54within the sector's middle half▲ 0.100.20within the sector's middle half▼ 0.331.21within the sector's middle half▲ 1.01
Return on assets (ROA)1.6%-1.2%▼ 0.4pp0.4%within the sector's middle half▼ 0.8pp-1.5%within the sector's middle half▼ 1.9pp0.5%within the sector's middle half▲ 2.0pp0.3%within the sector's middle half▼ 0.2pp3.3%within the sector's middle half▲ 3.0pp2.3%within the sector's middle half▼ 1.0pp
Staff (FTE)2.5-3.3▲ 32.0%4.6above the sector's middle half▲ 39.4%8.3▲ 80.4%5.6▼ 32.5%5.8▲ 3.6%4.3▼ 25.9%2.5▼ 41.9%
above
within
below
The sector band is the middle half of the companies in Accommodation (NACE 55). 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 13% higher than in 2024 and the highest since 2021. It is the second rise in a row, after the fall in 2023.
Turnover and EBIT margin are not published. The micro format does not require them. The turnover shown is an estimate from the gross margin.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €4.5m
Fixed assets
€4.3m ▲ 58.8%
Current assets
€160,954 ▲ 322%
Equity and liabilities €4.5m
Equity
€2.2m ▲ 386%
Debt
€2.3m ▼ 1.1%
Debt's share of the balance-sheet total falls from 83.6% to 50.9%. Equity is higher and debt is lower.
Key figures and ratios
EBITDA
€294,956▲
2024 · €289,212
Cash flow
€222,546▼
2024 · €224,008
Quick ratio
1.20▲
2024 · 0.20
Debt to equity
1.04▼
2024 · 5.08
ROE
4.7%▼
2024 · 19.9%
Interest coverage
4.26▲
2024 · 3.95
Debt ≤ 1 year
€133,337▼
2024 · €188,885
Debt > 1 year
€2.2m▲
2024 · €2.1m
Income taxes
€10,965▲
2024 · €35
Staff costs
€36,145▼
2024 · €73,863
Green means a favourable move, even when the figure itself falls, as with debt or debt to equity.
Staff
| Item | 31-12-2021 | 31-12-2022 | 31-12-2023 | 31-12-2024 | 31-12-2025 |
|---|---|---|---|---|---|
| Employees at the balance-sheet date | 6 | 7 | 5 | 3 | 3 |
| part-time | 6 | 7 | 5 | 3 | 3 |
| in full-time equivalents | 3.3 | 2.8 | 2.5 | 1.6 | 2.2 |
| Average over the year, in full-time equivalents | 4 | 2.8 | 2.9 | 2.1 | 1.7 |
| On a permanent contract | 3 | 6 | 4 | 3 | 2 |
| Joined | 3 | 5 | 1 | 1 | 1 |
| Left | 8 | 4 | 3 | 3 | 1 |
Source: social balance sheet in the 2021 to 2025 annual accounts
Securities and guarantees
| Item | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Mortgages, amount registered | €1.3m | €1.3m | €1.3m | €1.1m | €1.1m |
| Carrying value of the mortgaged assets | €2.5m | €2.6m | €2.6m | €2.7m | €4.2m |
Source: notes to the 2021 to 2025 annual accounts (statement of debts and off-balance-sheet rights and commitments)
Investments
| Item | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Tangible fixed assets | €226,960 | €176,958 | €61,208 | €216,516 | €66,000 |
| Financial fixed assets | €5,000 | - | - | - | - |
| Depreciation and write-downs of the year | €110,942 | €122,288 | €128,408 | €133,099 | €118,379 |
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 | - | - | - | €80,206 | €100,824 | €113,251 | €73,863 | €36,145 | ▼ 51.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €87,553 | €88,381 | €90,619 | €110,942 | €122,288 | €128,408 | €133,099 | €118,379 | ▼ 11.1% |
| Other operating charges640/8 | - | - | - | €1,784 | €11,343 | €10,601 | €12,173 | €17,033 | ▲ 39.9% |
| Gross operating margin9900 | €278,882 | €275,162 | €195,476 | €264,842 | €318,210 | €326,594 | €375,247 | €348,133 | ▼ 7.2% |
| Operating profit (loss)9901 | €125,735 | €104,955 | €37,602 | €71,910 | €83,756 | €74,334 | €156,113 | €176,577 | ▲ 13.1% |
| Financial income75/76B | - | - | - | €7,492 | €7,492 | €10,372 | €7,969 | €7,852 | ▼ 1.5% |
| Recurring financial income75 | €7,492 | €7,492 | €7,492 | €7,492 | €7,492 | €10,372 | €7,969 | €7,852 | ▼ 1.5% |
| Financial charges65/66B | - | - | - | €121,882 | €76,908 | €76,524 | €73,138 | €69,297 | ▼ 5.3% |
| Recurring financial charges65 | €87,648 | €80,094 | €34,840 | €78,691 | €76,908 | €76,524 | €73,138 | €69,297 | ▼ 5.3% |
| Non-recurring financial charges66B | - | - | - | €43,191 | - | - | - | - | - |
| Profit (loss) for the period before taxes9903 | €45,579 | €32,353 | €10,254 | -€42,480 | €14,339 | €8,182 | €90,945 | €115,132 | ▲ 26.6% |
| Income taxes67/77 | - | - | - | - | - | - | €35 | €10,965 | ▲ 312× |
| Profit (loss) for the period9904 | €45,579 | €32,353 | €10,254 | -€42,480 | €14,339 | €8,182 | €90,910 | €104,167 | ▲ 14.6% |
| Profit (loss) for the period to be appropriated9905 | €45,579 | €32,353 | €10,254 | -€42,480 | €14,339 | €8,182 | €90,910 | €104,167 | ▲ 14.6% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Assets | |||||||||
| Total assets20/58 | €2.8m | €2.6m | €2.6m | €2.9m | €2.9m | €2.8m | €2.8m | €4.5m | ▲ 62.4% |
| Fixed assets21/28 | €2.7m | €2.6m | €2.5m | €2.7m | €2.7m | €2.7m | €2.7m | €4.3m | ▲ 58.8% |
| Tangible fixed assets22/27 | €2.7m | €2.6m | €2.5m | €2.7m | €2.7m | €2.7m | €2.7m | €4.3m | ▲ 58.8% |
| Land and buildings22 | - | - | - | €2.6m | €2.6m | €2.6m | €2.7m | €4.2m | ▲ 58.2% |
| Furniture and vehicles24 | - | - | - | €0.03m | €0.06m | €0.05m | €0.06m | €0.05m | ▼ 20.8% |
| Assets under construction and advance payments27 | - | - | - | - | €0.02m | €0.04m | - | €0.07m | - |
| Financial fixed assets28 | - | - | - | €0.005m | €0.005m | €0.005m | - | - | - |
| Current assets29/58 | €0.2m | €0.04m | €0.06m | €0.2m | €0.1m | €0.1m | €0.04m | €0.2m | ▲ 322% |
| Stocks and contracts in progress3 | €300 | €300 | €300 | €300 | €300 | €300 | €300 | €300 | = |
| Stocks30/36 | - | - | - | €300 | €300 | €300 | €300 | €300 | = |
| Amounts receivable within one year40/41 | €0.1m | €0.02m | €0.01m | €0.001m | €0.006m | €0.01m | €0.02m | €0.005m | ▼ 73.9% |
| Trade receivables40 | - | - | - | €0.001m | €0.006m | €0.003m | €0.008m | €0.003m | ▼ 59.8% |
| Other amounts receivable41 | - | - | - | - | €0.001m | €0.006m | €0.01m | €0.002m | ▼ 82.8% |
| Current investments50/53 | €32 | €32 | €40 | €0.03m | €0.04m | €0.06m | €34 | €34 | ▲ 0.2% |
| Cash at bank and in hand54/58 | €0.01m | €0.01m | €0.04m | €0.2m | €0.08m | €0.07m | €0.01m | €0.2m | ▲ 12× |
| Deferred charges and accrued income490/1 | - | - | - | - | - | €0.002m | €0.005m | €0.004m | ▼ 24.4% |
| Equity and liabilities | |||||||||
| Total equity and liabilities10/49 | €2.8m | €2.6m | €2.6m | €2.9m | €2.9m | €2.8m | €2.8m | €4.5m | ▲ 62.4% |
| Equity10/15 | €0.4m | €0.4m | €0.4m | €0.4m | €0.4m | €0.4m | €0.5m | €2.2m | ▲ 386% |
| Contributions10/11 | €0.2m | €0.2m | - | €0.2m | €0.2m | €0.2m | €0.2m | €0.2m | = |
| Revaluation surpluses12 | - | - | - | - | - | - | - | €1.7m | - |
| Profit (loss) carried forward14 | -€0.05m | -€0.02m | -€0.006m | -€0.05m | -€0.03m | -€0.03m | €0.07m | €0.2m | ▲ 160% |
| Investment grants15 | - | - | - | €0.2m | €0.2m | €0.2m | €0.2m | €0.2m | ▼ 4.1% |
| Amounts payable17/49 | €2.4m | €2.2m | €2.2m | €2.5m | €2.5m | €2.4m | €2.3m | €2.3m | ▼ 1.1% |
| Amounts payable after more than one year17 | €2.3m | €2.1m | €2.1m | €2.3m | €2.2m | €2.2m | €2.1m | €2.2m | ▲ 1.3% |
| Financial debts170/4 | - | - | - | €2.3m | €2.1m | €2.1m | €2.1m | €2.2m | ▲ 1.3% |
| Other amounts payable178/9 | - | - | - | €0.05m | €0.06m | €0.05m | - | - | - |
| Amounts payable within one year42/48 | €0.1m | €0.1m | €0.09m | €0.1m | €0.3m | €0.3m | €0.2m | €0.1m | ▼ 29.4% |
| Current portion of amounts payable after more than one year42 | - | - | - | €0.09m | €0.2m | €0.2m | €0.1m | €0.1m | ▼ 10.7% |
| Trade debts44 | €0.06m | €0.07m | €0.03m | €0.03m | €0.02m | €0.06m | €0.06m | €0.02m | ▼ 72.3% |
| Suppliers440/4 | - | - | - | €0.03m | €0.02m | €0.06m | €0.06m | €0.02m | ▼ 72.3% |
| Advances received on contracts in progress46 | - | - | - | €0.006m | €0.005m | - | - | - | - |
| Taxes, remuneration and social security45 | - | - | - | €0.01m | €0.02m | €0.02m | €0.006m | €0.01m | ▲ 151% |
| Taxes450/3 | - | - | - | €0.001m | €0.001m | €0.001m | €0.001m | €0.01m | ▲ 952% |
| Remuneration and social security454/9 | - | - | - | €0.01m | €0.02m | €0.01m | €0.005m | €0.004m | ▼ 23.4% |
| Other amounts payable47/48 | - | - | - | - | - | - | €0.02m | €0.005m | ▼ 71.6% |
| Accrued charges and deferred income492/3 | - | - | - | €0.03m | €0.003m | €0.003m | - | €0.003m | - |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €0.05m | €0.03m | €0.01m | -€0.04m | €0.01m | €0.008m | €0.09m | €0.1m | ▲ 14.6% |
| + Depreciation and write-downs630 | €0.09m | €0.09m | €0.09m | €0.1m | €0.1m | €0.1m | €0.1m | €0.1m | ▼ 11.1% |
| Operating cash flow (approximation) | €0.1m | €0.1m | €0.1m | €0.07m | €0.1m | €0.1m | €0.2m | €0.2m | ▼ 0.7% |
| Investment in fixed assets (approximation) | - | -€0.02m | -€0.05m | -€0.2m | -€0.2m | -€0.06m | -€0.2m | -€1.7m | ▼ 717% |
| Change in cash | - | -€60 | €0.03m | €0.1m | -€0.08m | -€0.008m | -€0.05m | €0.1m | - |
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, 10,904 companies had the same profile as IMMOAM has now. Two years later, 95.1% were still going and 0.7% had gone bankrupt.
- Micro
- 10 to 20 years old
- solvency 30% or more
- a profit under 5% of the balance sheet
95.1%
was still going
4.0%
stopped otherwise
0.7%
went bankrupt
That fits the bankruptcy probability of IMMOAM 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 10,904 companies, not a prediction for IMMOAM. 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 14 filings with the National Bank
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-12-2025 | micro format | 18-05-2026 | 2026-00114738 | |
| 31-12-2024 | micro format | 06-06-2025 | 2025-00135398 | |
| 31-12-2023 | micro format | 22-07-2024 | 2024-00267739 | |
| 31-12-2022 | micro format | 28-07-2023 | 2023-00281724 | |
| 31-12-2021 | micro format | 27-06-2022 | 2022-20146397 | |
| 31-12-2020 | micro format | 20-07-2021 | 2021-37800551 | |
| 31-12-2019 | micro format | 01-07-2020 | 2020-24000542 | |
| 31-12-2018 | micro format | 20-06-2019 | 2019-20800091 | |
| 31-12-2017 | micro format | 25-07-2018 | 2018-38000354 | |
| 31-12-2016 | micro format | 24-07-2017 | 2017-35400451 |