Immocel
ActiveSummary
Immocel has been active since 1984 and the Belgian State Gazette contains no insolvency or warning signals. The 2025 annual accounts show equity of €6.5m and a net result of €146,541. Equity is growing by ~33.2% per year across the filed fiscal years. Its solvency ranks better than 74% of 9354 sector peers (fiscal year 2025). The computed 12-month bankruptcy probability is 0.1% (very low).
Checked score
Score 2025
Axes · tick = 2024
Profitability71▲+2
Solvency87▼-2
Growth78▲+26
Track record100
Bankruptcy probability, 12 months
0.1%
Very low
0%0.5%1.5%4%10%≥ 25%
Credit up to €500,000 at 30 days acceptable
Liquidity short (current ratio 0.09 against 0.05 in 2024; short-term debt: 24.6% and cash: 2% of total assets), and 38.2% of the assets are financed with debt.
Credit check for your own amount and term
Show the recommended maximum : and see how the verdict changes with amount, term and advance.
Signals
Five signals. The signal on the left, the evidence on the right.
−lowers 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
61.8%
Return on assets
1.4%
Age of the figures
9 mo
neutral · Filed after the deadline
The financial year that closed on 31-12-2025 was due by 31-07-2026 and was filed on 31-08-2026, 31 days later. For context: 47% of the Belgian market files late and the whole 1-to-90-day band measures 2.0% abnormal legal state against a 1.66% average. We show this as a fact and do not score it.
NBB · 10 filingsDeviation from the deadline
2025
31 d late
2024
on the day
2023
22 d early
2022
31 d late
2021
29 d late
2020
20 d late
2019
91 d late
← 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 26 days after 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. Usually files around 29 August (4 of the last 5 filed years within 30 days of that day).
Companies Code · seven monthsPosition in the running window
01-10-2026 today31-12-2026 close31-07-2027 deadline
History
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Financials · fiscal year 2025, abbreviated schema
Equity
€6.5m▲ 2.3%
2024 · €6.3m
Total assets
€10.5m▲ 6.6%
2024 · €9.8m
Net result
€146,541
2024 · -€14,358
Working capital
-€2.3m▲ 5.9%
2024 · -€2.5m
Trend over the years
In euros
In per cent
Ratio
In full-time equivalents (FTE)
In euros
No line ticked in this group.
In per cent
No line ticked in this group.
Ratio
No line ticked in this group.
In full-time equivalents (FTE)
No line ticked in this group.
Untick a line to hide it. Point at a year (or use the arrow keys on the chart) for the exact figures; the table below gives them all.Sector: 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. Available for Net result, Equity, Total assets, Working capital, Solvency, Current ratio, Return on assets (ROA), Staff (FTE).
Every figure with its change against the fiscal year before
favourable
unfavourable
Line20212022202320242025
Operating result€107,808▼ 56.1%€501,533▲ 365%€147,910▼ 70.5%€8,334▼ 94.4%€288,055▲ 3,356%
Net result€57,059above the sector's middle half▼ 46.9%€357,419above the sector's middle half▲ 526%€86,137within the sector's middle half▼ 75.9%-€14,358within the sector's middle half€146,541above the sector's middle half
Equity€582,494above the sector's middle half▲ 10.9%€939,912within the sector's middle half▲ 61.4%€1.0mwithin the sector's middle half▲ 9.2%€6.3mabove the sector's middle half▲ 516%€6.5mabove the sector's middle half▲ 2.3%
Total assets€2.6mabove the sector's middle half▼ 21.7%€3.0mwithin the sector's middle half▲ 15.8%€3.2mwithin the sector's middle half▲ 4.0%€9.8mabove the sector's middle half▲ 212%€10.5mabove the sector's middle half▲ 6.6%
Debt€2.0m▼ 27.7%€2.0m▼ 3.1%€2.0m▲ 2.1%€3.4m▲ 68.5%€3.9m▲ 14.9%
Working capital-€1.9mbelow the sector's middle half▼ 0.1%-€1.8mbelow the sector's middle half▲ 5.8%-€1.9mbelow the sector's middle half▼ 9.4%-€2.5mbelow the sector's middle half▼ 28.6%-€2.3mbelow the sector's middle half▲ 5.9%
Solvency22.3%within the sector's middle half▲ 6.5pp31.0%within the sector's middle half▲ 8.8pp32.6%within the sector's middle half▲ 1.5pp64.4%above the sector's middle half▲ 31.8pp61.8%within the sector's middle half▼ 2.6pp
Current ratio0.03below the sector's middle half▼ 0.260.05below the sector's middle half▲ 0.020.04below the sector's middle half▼ 0.010.05below the sector's middle half▲ 0.010.09below the sector's middle half▲ 0.05
Return on assets (ROA)2.2%within the sector's middle half▼ 1.0pp11.8%above the sector's middle half▲ 9.6pp2.7%within the sector's middle half▼ 9.1pp-0.1%within the sector's middle half▼ 2.9pp1.4%within the sector's middle half▲ 1.5pp
Staff (FTE)0below the sector's middle half0within the sector's middle half0.2within the sector's middle half0.2within the sector's middle half=
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.
Turnover and EBIT margin not published: the abbreviated or micro schema does not require them.
Why a figure moved sharply
- 2022 Net result +526% on 2021. The accounts now follow the abbreviated schema, last year the micro schema.
Result per fiscal year
Operating resultNet result
The operating result recovers in 2025; 2025 is 3,356% above 2024.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €10.5m
Fixed assets
€10.2m ▲ 5.4%
Current assets
€243,496 ▲ 96.9%
Equity and liabilities €10.5m
Equity
€6.5m ▲ 2.3%
Provisions
€100,387 ▼ 5.9%
Debt
€3.9m ▲ 14.9%
Debt's share of the balance-sheet total rises from 34.5% to 37.2%. Equity and debt are higher.
Key figures and ratios
EBITDA
€633,380▲
2024 · €230,706
Cash flow
€491,866▲
2024 · €208,014
Debt to equity
0.60▲
2024 · 0.54
ROE
2.3%▲
2024 · -0.2%
Interest coverage
8.98▲
2024 · 8.58
Debt ≤ 1 year
€2.6m▼
2024 · €2.6m
Debt > 1 year
€1.3m▲
2024 · €787,955
Income taxes
€77,228▲
2024 · €2,084
Staff costs
€30,329▲
2024 · €8,198
Green means a favourable move, even when the figure itself falls: as with debt or debt to equity.
Peer companies
Historical observationOf the 17,040 companies that looked in July 2024 the way this one looks now, 0.5% went bankrupt within 24 months and 94% are still going.
- Micro
- 20 years or older
- solvency 30% or more
- a profit under 5% of the balance sheet
0.5%
went bankrupt
4.9%
stopped otherwise
94%
still going
A further 0.2% stopped, but we cannot tell whether within those 24 months.
For this company itself Checked computes a bankruptcy probability of 0.1% over twelve months; the group does not contradict it.
How reliable is this rule?
Tested on the year before, without using that year itself: the groups of July 2023 gave each of the 497,341 companies of July 2024 its group's bankruptcy share. Expected: 1.6%; actually bankrupt within 24 months: 1.7%.
| 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% | 1.0% |
| 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% |
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 17,040 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 | - | €501,937 | €0 | - | €345,000 | - |
| Remuneration, social security and pensions62 | - | - | - | €8,198 | €30,329 | ▲ 270% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €79,420 | €173,379 | €40,498 | €222,371 | €345,325 | ▲ 55.3% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals)631/4 | €4,700 | €0 | - | - | - | - |
| Other operating charges640/8 | €21,735 | €23,733 | €23,027 | €50,790 | €52,976 | ▲ 4.3% |
| Gross operating margin9900 | €213,662 | €698,645 | €211,436 | €289,694 | €716,685 | ▲ 147% |
| Operating profit (loss)9901 | €107,808 | €501,533 | €147,910 | €8,334 | €288,055 | ▲ 3,356% |
| Financial charges65/66B | €24,179 | €26,316 | €19,677 | €26,882 | €70,560 | ▲ 162% |
| Recurring financial charges65 | €24,179 | €26,316 | €19,677 | €26,882 | €70,560 | ▲ 162% |
| Profit (loss) for the period before taxes9903 | €83,629 | €475,217 | €128,233 | -€18,548 | €217,495 | ▲ 1,273% |
| Transfer from deferred taxes780 | - | €6,274 | €6,274 | €6,274 | €6,274 | = |
| Transfer to deferred taxes680 | - | €125,484 | €0 | - | - | - |
| Income taxes67/77 | €26,569 | -€1,412 | €48,371 | €2,084 | €77,228 | ▲ 3,606% |
| Profit (loss) for the period9904 | €57,059 | €357,419 | €86,137 | -€14,358 | €146,541 | ▲ 1,121% |
| Transfer from tax-exempt reserves789 | - | €18,823 | €18,823 | €18,823 | €18,823 | = |
| Transfer to tax-exempt reserves689 | - | €376,453 | €0 | - | - | - |
| Profit (loss) for the period to be appropriated9905 | €57,059 | -€211 | €104,959 | €4,465 | €165,364 | ▲ 3,604% |
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Assets | ||||||
| Total assets20/58 | €2.6m | €3.0m | €3.2m | €9.8m | €10.5m | ▲ 6.6% |
| Fixed assets21/28 | €2.6m | €2.9m | €3.1m | €9.7m | €10.2m | ▲ 5.4% |
| Intangible fixed assets21 | €145,298 | €0 | - | - | - | - |
| Tangible fixed assets22/27 | €1.1m | €1.6m | €1.7m | €8.4m | €8.9m | ▲ 6.3% |
| Land and buildings22 | €631,351 | €1.1m | €1.3m | €7.9m | €8.4m | ▲ 6.7% |
| Plant, machinery and equipment23 | - | - | €14,766 | €11,744 | €8,722 | ▼ 25.7% |
| Furniture and vehicles24 | - | - | €3,563 | €2,321 | €1,078 | ▼ 53.5% |
| Other tangible fixed assets26 | €460,324 | €460,324 | €460,324 | €460,324 | €460,324 | = |
| Financial fixed assets28 | €1.3m | €1.3m | €1.3m | €1.3m | €1.3m | = |
| Current assets29/58 | €57,941 | €102,267 | €84,768 | €123,636 | €243,496 | ▲ 96.9% |
| Amounts receivable within one year40/41 | €11,836 | €54,134 | €48,780 | €37,916 | €37,916 | = |
| Trade receivables40 | €11,836 | €14,134 | €8,780 | €0 | - | - |
| Other amounts receivable41 | - | €40,000 | €40,000 | €37,916 | €37,916 | = |
| Cash at bank and in hand54/58 | €38,314 | €40,194 | €35,657 | €85,370 | €205,579 | ▲ 141% |
| Deferred charges and accrued income490/1 | €7,792 | €7,939 | €331 | €349 | €0 | ▼ 100% |
| Equity and liabilities | ||||||
| Total equity and liabilities10/49 | €2.6m | €3.0m | €3.2m | €9.8m | €10.5m | ▲ 6.6% |
| Equity10/15 | €582,494 | €939,912 | €1.0m | €6.3m | €6.5m | ▲ 2.3% |
| Contributions10/11 | €78,125 | €78,125 | €78,125 | €5.4m | €5.4m | = |
| Capital10 | €78,125 | €78,125 | €78,125 | €5.4m | €5.4m | = |
| Issued capital100 | €78,125 | €78,125 | €78,125 | €5.4m | €5.4m | = |
| Reserves13 | €504,369 | €861,999 | €947,924 | €933,566 | €1.1m | ▲ 15.7% |
| Non-distributable reserves130/1 | €7,813 | €7,813 | €7,813 | €7,813 | €7,813 | = |
| Legal reserve130 | €7,813 | €7,813 | €7,813 | €7,813 | €7,813 | = |
| Tax-exempt reserves132 | €217,947 | €575,577 | €556,755 | €537,932 | €519,109 | ▼ 3.5% |
| Distributable reserves133 | €278,609 | €278,609 | €383,357 | €387,822 | €553,185 | ▲ 42.6% |
| Profit (loss) carried forward14 | - | -€211 | €0 | - | - | - |
| Provisions and deferred taxes16 | - | €119,210 | €112,936 | €106,662 | €100,387 | ▼ 5.9% |
| Deferred taxes168 | - | €119,210 | €112,936 | €106,662 | €100,387 | ▼ 5.9% |
| Amounts payable17/49 | €2.0m | €2.0m | €2.0m | €3.4m | €3.9m | ▲ 14.9% |
| Amounts payable after more than one year17 | €105,381 | €105,381 | €0 | €787,955 | €1.3m | ▲ 67.7% |
| Financial debts170/4 | €105,381 | €105,381 | €0 | €787,955 | €1.3m | ▲ 67.7% |
| Amounts payable within one year42/48 | €1.9m | €1.9m | €2.0m | €2.6m | €2.6m | ▼ 1.0% |
| Current portion of amounts payable after more than one year42 | €84,295 | €13,135 | €39,689 | €0 | €123,745 | - |
| Financial debts43 | - | €6,724 | €6,935 | €6,830 | €8,429 | ▲ 23.4% |
| Credit institutions430/8 | - | €6,724 | €6,935 | €6,830 | €8,429 | ▲ 23.4% |
| Trade debts44 | €10,585 | €6,257 | €3,140 | €118,843 | €59,406 | ▼ 50.0% |
| Suppliers440/4 | €10,585 | €6,257 | €3,140 | €118,843 | €59,406 | ▼ 50.0% |
| Taxes, remuneration and social security45 | €73,662 | €6,569 | €8,327 | €8,811 | €32,228 | ▲ 266% |
| Taxes450/3 | €73,662 | €6,569 | €8,327 | €8,327 | €32,228 | ▲ 287% |
| Remuneration and social security454/9 | - | - | - | €484 | €0 | ▼ 100% |
| Other amounts payable47/48 | €1.8m | €1.8m | €2.0m | €2.5m | €2.4m | ▼ 4.7% |
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €57,059 | €357,419 | €86,137 | -€14,358 | €146,541 | ▲ 1,121% |
| + Depreciation and write-downs630 | €79,420 | €173,379 | €40,498 | €222,371 | €345,325 | ▲ 55.3% |
| Operating cash flow (approximation) | €136,480 | €530,797 | €126,635 | €208,014 | €491,866 | ▲ 136% |
| Investment in fixed assets (approximation) | - | -€541,937 | -€179,751 | -€6.9m | -€871,982 | ▲ 87.3% |
| Change in cash | - | €1,880 | -€4,537 | €49,713 | €120,209 | ▲ 142% |
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
31-08
NBB filing
Annual accounts filed
fiscal year 2025 · abbreviated schema · 31 days late
20-03
State Gazette act
Reappointments: Steven De Roo (director) and Kim De Roo (director)Permanent representative: Dieter De Bock · Power of attorney8 facts ▸
State Gazette act
Reappointments: Steven De Roo (director) and Kim De Roo (director)
Permanent representative: Dieter De Bock · Power of attorney8 facts ▸
- General meeting, 23/07/2025
- Director reappointment, Steven De Roo (director)
- Director reappointment, Kim De Roo (director)
- Board meeting, 23/07/2025
- Director reappointment, Steven De Roo (managing director)
- Director reappointment, Kim De Roo (managing director)
- Power of attorney, BV Accountantskantoor De Bock
- Permanent representative, Dieter De Bock
2025
31-12
Financial
Back to profitnet €146,541
Net result €146,541 after one loss-making year.
31-07
NBB filing
Annual accounts filed
fiscal year 2024 · abbreviated schema
2024
31-12
Financial
Weakest financial yearnet -€14,358
Net result drops to -€14,358, the lowest in the series; recovery starts the following year.
31-12
Financial
Equity above €5mEq €6.3m ▲516%
Equity rises from €1.0m to €6.3m.
09-07
NBB filing
Annual accounts filed
fiscal year 2023 · abbreviated schema
2023
31-12
Financial
Equity above €1mEq €1.0m ▲9.2%
6 profitable years in a row build equity to €1.0m.
31-08
NBB filing
Annual accounts filed
fiscal year 2022 · abbreviated schema · 31 days late
2022
31-12
Financial
Highest result since 2018net €357,419 ▲526%
Operating result €501,533, net result €357,419, both a record.
29-08
NBB filing
Annual accounts filed
fiscal year 2021 · micro schema · 29 days late
2021
20-08
NBB filing
Annual accounts filed
fiscal year 2020 · micro schema · 20 days late
Show earlier events
2020
31-12
Financial
Equity above €500,000Eq €525,434 ▲25.7%
3 profitable years in a row build equity to €525,434.
30-10
NBB filing
Annual accounts filed
fiscal year 2019 · micro schema · 91 days late
2019
26-08
NBB filing
Annual accounts filed
fiscal year 2018 · micro schema · 26 days late
2018
31-08
NBB filing
Annual accounts filed
fiscal year 2017 · micro schema · 31 days late
2017
29-08
NBB filing
Annual accounts filed
fiscal year 2016 · micro schema · 29 days late
Financial milestoneState Gazette actNBB filingFinancial milestones sit on the fiscal year-end date, not the filing date.
1 of 12 acts read
About the unread acts
Of the 12 Belgian State Gazette acts we know for this company, 1 has been read. The other 11 have not been read yet: what they contain is neither established nor disproved here.
Have them read with priority
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Directors · office · real estate
Directors
2 directors, 2 in day-to-day management, last change in 2025
Board 2
Kim De Roo
CurrentDirector · since 23-07-2025
Steven De Roo
CurrentDirector · since 23-07-2025
Day-to-day management 2
Kim De Roo
CurrentManaging director · since 23-07-2025
Steven De Roo
CurrentManaging director · since 23-07-2025
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
11 of this company's 12 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, Antwerpen · 1 establishment unit since 1995
Ground area
385 m²
Building footprint
303 m²
Volume, LiDAR
2,332 m³
Parcel 11006A0296/00R009, Flanders · tallest building 12.7 m, ±2 floors. Linked by address, not a title deed.
7
companies at this address
See who is registered here
1 establishment unit
immocel
since 19952.132.729.991
1 parcel
Flanders
1
(100%)
| Parcel (capakey) | Region | Area | Buildings | Height / fl. |
|---|---|---|---|---|
| 11006A0296/00R009 | Flanders | 385 m² | 1 · 302 m² | 12.7 m · 2 fl. |
Linked by address, not proof of ownership
Good to know
1 of 1 parcel with an exact address match; the rest are indicative.
Linked through address data, this is not proof of ownership.
Mandate history
2 people since 2025, 2 in office
- Board
- Day-to-day management
- began earlier
| Name | Functions and periods |
|---|---|
| Kim De Roo |
|
| Steven De Roo |
|
Structure & network
Owners and holdings
1 holdingOwners 0
The accounts to 31-12-2024 list no shareholders, and no other source names one.
Holdings 1
-
100%
According to the 2024 annual accounts of Immocel and those of the other companies, the acts in the Belgian Gazette and the LEI register. The register of ultimate beneficial owners (UBO) is not public: who ultimately stands behind a natural person or a foreign parent is not stated here. A company that does not fill in these statements, or need not, is missing.
Connections & network
2 current directorsThe network starts from this company’s directors. Other companies they run appear here as nodes.
This company
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Shareholding
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Company details
Identification
Legal formPublic limited company
Founded25-06-1984
Fiscal year end31-12
Activities, NACEBEL 2025
68110Buying and selling of own real estate
E-invoicing
Reachable via Peppol
Peppol ID
0208:0427007064
Registered
12-02-2026
If you follow this company, Checked tells you the day it leaves the Peppol register.
Register as of 30 September 2026 · Peppol Directory
General meetings
1 convocationGeneral meeting
Jaarverslag. Goedkeuring jaarrekening. Bestemming resultaat. Kwijting bestuurders. Divers. (AOPC-1-8-02783/22.04)
Scores and ratios are computed by Checked and are not a credit decision.