IMMOCEVA
ActiveFinancials · financial year 2025, abbreviated format
Annual accounts 2025 filed on 19-06-2026 at the NBB all 6 filings
Turnover
€38,665▼ 5.7%
2022 · €40,985
EBIT margin
-25.6%▼ 35.0pp
2022 · 9.4%
Net result
€6,086
2024 · -€39,195
Working capital
-€32,695▲ 53.8%
2024 · -€70,808
Multi-year overview
2020 to 2025, 6 financial yearsTurnover
no figure
2025
20202025
Operating result
€5,998
2025
20202025
Net result
€6,086
2025
20202025
EBIT margin
no figure
2025
20202025
Equity
€370,331
▲ 1.7%
2025
20202025
Total assets
€484,786
▲ 5.7%
2025
20202025
Debt
€114,455
▲ 21.4%
2025
20202025
Working capital
-€32,695
▲ 53.8%
2025
20202025
Every figure per financial year
Every figure with its change against the financial year before
favourable
unfavourable
Line202020212022202320242025
Turnover€40,985€38,665▼ 5.7%
Operating result-€5,024-€421,209€3,841▼ 99.1%-€9,897-€38,591▼ 290%€5,998
Net result-€43,829-€297,867-€4,359-€16,209▼ 272%-€39,195▼ 142%€6,086
EBIT margin9.4%-25.6%▼ 35.0pp
Equity-€23,060-€274,007€269,648▼ 1.6%€403,440▲ 49.6%€364,245▼ 9.7%€370,331▲ 1.7%
Total assets€519,266-€736,906▲ 41.9%€510,496▼ 30.7%€405,607▼ 20.5%€458,497▲ 13.0%€484,786▲ 5.7%
Debt€542,326-€462,898▼ 14.6%€240,847▼ 48.0%€2,167▼ 99.1%€94,253▲ 44×€114,455▲ 21.4%
Working capital-€216,478--€21,957▲ 89.9%-€63,198▼ 188%€14,098-€70,808-€32,695▲ 53.8%
The operating result for 2025 is a profit of €5,998, after a loss of €38,591 in 2024.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €484,786
Fixed assets
€403,026 ▼ 7.4%
Current assets
€81,760 ▲ 249%
Equity and liabilities €484,786
Equity
€370,331 ▲ 1.7%
Debt
€114,455 ▲ 21.4%
Debt's share of the balance-sheet total rises from 20.6% to 23.6%. Equity and debt are higher.
Key figures and ratios
EBITDA
€38,025▲
2024 · -€9,996
Cash flow
€38,113▲
2024 · -€10,600
Current ratio
0.71▲
2024 · 0.25
Debt to equity
0.31▲
2024 · 0.26
ROE
1.6%▲
2024 · -10.8%
ROA
1.3%▲
2024 · -8.5%
Interest coverage
78.72▲
2024 · -16.55
Debt ≤ 1 year
€114,455▲
2024 · €94,253
Green means a favourable move, even when the figure itself falls, as with debt or debt to equity.
Securities and guarantees
| Item | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Debts secured on the company's own assets | - | €145,010 | - | - | - |
| Mortgages, amount registered | - | €414,120 | €385,000 | - | - |
| Mortgage mandates | - | €385,000 | €385,000 | - | - |
| Carrying value of the mortgaged assets | - | €385,000 | €389,156 | - | - |
| Pledge on other assets, amount secured | - | €82,000 | - | - | - |
| Carrying value of the other pledged assets | - | €82,000 | - | - | - |
| Guarantees given for others' debts | - | €790,000 | - | - | - |
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 | €7,884 | - | - | €74,306 | - |
| Depreciation and write-downs of the year | €27,698 | €27,414 | €24,965 | €28,595 | €32,027 |
Source: notes to the 2021 to 2025 annual accounts (statement of fixed assets)
Annual accounts
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|
| Operating income70/76A | - | - | €40,985 | €38,665 | - | - | - |
| Turnover70 | - | - | €40,985 | €38,665 | - | - | - |
| Non-recurring operating income76A | - | €418,797 | - | - | - | - | - |
| Operating charges60/66A | - | - | €37,144 | €48,562 | - | - | - |
| Goods, raw materials, services and sundry goods60/61 | €36,663 | - | - | - | - | - | - |
| Services and other goods61 | - | - | €7,024 | €17,734 | - | - | - |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €64,324 | €27,698 | €27,414 | €24,965 | €28,595 | €32,027 | ▲ 12.0% |
| Other operating charges640/8 | €8,099 | €3,485 | €2,706 | €5,863 | €20,222 | €4,098 | ▼ 79.7% |
| Non-recurring operating charges66A | - | €110 | €0 | €0 | - | - | - |
| Gross operating margin9900 | €67,399 | €452,502 | - | - | €10,225 | €42,123 | ▲ 312% |
| Operating profit (loss)9901 | -€5,024 | €421,209 | €3,841 | -€9,897 | -€38,591 | €5,998 | - |
| Financial income75/76B | - | - | - | €100 | - | €571 | - |
| Recurring financial income75 | - | - | - | €100 | - | €571 | - |
| Income from current assets751 | - | - | - | €100 | - | - | - |
| Other financial income752/9 | - | - | - | €0 | - | - | - |
| Financial charges65/66B | €38,805 | €13,987 | €8,200 | €6,412 | €604 | €483 | ▼ 20.0% |
| Recurring financial charges65 | €31,098 | €13,987 | €8,200 | €6,412 | €604 | €483 | ▼ 20.0% |
| Debt charges650 | - | - | €8,075 | €6,156 | - | - | - |
| Other financial charges652/9 | - | - | €125 | €256 | - | - | - |
| Non-recurring financial charges66B | €7,707 | - | - | - | - | - | - |
| Profit (loss) for the period before taxes9903 | -€43,829 | €407,222 | -€4,359 | -€16,209 | -€39,195 | €6,086 | - |
| Income taxes67/77 | - | €109,355 | - | - | - | - | - |
| Profit (loss) for the period9904 | -€43,829 | €297,867 | -€4,359 | -€16,209 | -€39,195 | €6,086 | - |
| Profit (loss) for the period to be appropriated9905 | -€43,829 | €297,867 | -€4,359 | -€16,209 | -€39,195 | €6,086 | - |
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|
| Assets | |||||||
| Total assets20/58 | €519,266 | €736,906 | €510,496 | €405,607 | €458,497 | €484,786 | ▲ 5.7% |
| Fixed assets21/28 | €504,222 | €447,314 | €419,899 | €389,341 | €435,052 | €403,026 | ▼ 7.4% |
| Tangible fixed assets22/27 | €504,036 | €447,128 | €419,713 | €389,156 | €434,866 | €402,840 | ▼ 7.4% |
| Land and buildings22 | €498,885 | €436,374 | €414,120 | €389,156 | €434,866 | €402,840 | ▼ 7.4% |
| Furniture and vehicles24 | €1,338 | €7,616 | €5,593 | - | - | - | - |
| Other tangible fixed assets26 | €3,813 | €3,138 | - | - | - | - | - |
| Financial fixed assets28 | €186 | €186 | €186 | €186 | €186 | €186 | = |
| Other financial fixed assets284/8 | - | - | €186 | €186 | - | - | - |
| Amounts receivable and cash guarantees285/8 | - | - | €186 | €186 | - | - | - |
| Current assets29/58 | €15,044 | €289,592 | €90,597 | €16,265 | €23,445 | €81,760 | ▲ 249% |
| Amounts receivable after more than one year29 | - | - | - | - | €12,472 | €13,044 | ▲ 4.6% |
| Other amounts receivable291 | - | - | - | - | €12,472 | €13,044 | ▲ 4.6% |
| Amounts receivable within one year40/41 | - | €3,069 | - | €30 | €5,551 | €19,128 | ▲ 245% |
| Trade receivables40 | - | €3,069 | - | - | €5,521 | €19,128 | ▲ 246% |
| Other amounts receivable41 | - | - | - | €30 | €30 | - | - |
| Cash at bank and in hand54/58 | €826 | €286,523 | €89,135 | €15,239 | €5,422 | €521 | ▼ 90.4% |
| Deferred charges and accrued income490/1 | €14,218 | - | €1,462 | €996 | - | €49,067 | - |
| Equity and liabilities | |||||||
| Total equity and liabilities10/49 | €519,266 | €736,906 | €510,496 | €405,607 | €458,497 | €484,786 | ▲ 5.7% |
| Equity10/15 | -€23,060 | €274,007 | €269,648 | €403,440 | €364,245 | €370,331 | ▲ 1.7% |
| Contributions10/11 | €80,111 | €80,111 | €80,111 | €230,111 | €230,111 | €230,111 | = |
| Reserves13 | €1,256 | €191,256 | €191,256 | €173,329 | €134,134 | €134,134 | = |
| Non-distributable reserves130/1 | €1,256 | €1,256 | €1,256 | - | - | - | - |
| Reserves not available under the articles1311 | €1,256 | €1,256 | €1,256 | - | - | - | - |
| Distributable reserves133 | - | €190,000 | €190,000 | €173,329 | €134,134 | €134,134 | = |
| Profit (loss) carried forward14 | -€104,427 | €2,640 | -€1,718 | - | - | €6,086 | - |
| Amounts payable17/49 | €542,326 | €462,898 | €240,847 | €2,167 | €94,253 | €114,455 | ▲ 21.4% |
| Amounts payable after more than one year17 | €310,400 | €145,010 | €81,714 | - | - | - | - |
| Financial debts170/4 | €310,400 | €145,010 | €81,714 | - | - | - | - |
| Credit institutions173 | - | - | €81,714 | - | - | - | - |
| Amounts payable within one year42/48 | €231,522 | €311,549 | €153,795 | €2,167 | €94,253 | €114,455 | ▲ 21.4% |
| Current portion of amounts payable after more than one year42 | €72,886 | €60,331 | €63,296 | - | - | - | - |
| Trade debts44 | €16,000 | €3,361 | €192 | - | €93,380 | €94,487 | ▲ 1.2% |
| Suppliers440/4 | €16,000 | €3,361 | €192 | - | €93,380 | €94,487 | ▲ 1.2% |
| Taxes, remuneration and social security45 | - | €109,595 | - | - | - | - | - |
| Taxes450/3 | - | €109,595 | - | - | - | - | - |
| Other amounts payable47/48 | €142,636 | €138,262 | €90,307 | €2,167 | €873 | €19,968 | ▲ 23× |
| Accrued charges and deferred income492/3 | €404 | €6,339 | €5,339 | - | - | - | - |
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | -€43,829 | €297,867 | -€4,359 | -€16,209 | -€39,195 | €6,086 | - |
| + Depreciation and write-downs630 | €64,324 | €27,698 | €27,414 | €24,965 | €28,595 | €32,027 | ▲ 12.0% |
| Operating cash flow (approximation) | €20,495 | €325,565 | €23,056 | €8,756 | -€10,600 | €38,113 | - |
| Investment in fixed assets (approximation) | - | €29,210 | €0 | €5,593 | -€74,306 | €0 | - |
| Change in cash | - | €285,697 | -€197,388 | -€73,895 | -€9,818 | -€4,900 | ▲ 50.1% |
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, 1,639 companies had the same profile as IMMOCEVA has now. Two years later, 95.5% were still going and 0.5% had gone bankrupt.
- Small
- 5 to 10 years old
- solvency 30% or more
- a profit under 5% of the balance sheet
95.5%
was still going
3.7%
stopped otherwise
0.5%
went bankrupt
Another 0.2% stopped without a precise date, possibly only after those two years.
That fits the bankruptcy probability of IMMOCEVA itself: 0.6% 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 1,639 companies, not a prediction for IMMOCEVA. 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.
Filings with the National Bank (6)
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-12-2025 | abbreviated format | 19-06-2026 | 2026-00206984 | |
| 31-12-2024 | full format | 31-07-2025 | 2025-00341755 | |
| 31-12-2023 | unclassified schema | 15-07-2024 | 2024-00243530 | |
| 31-12-2022 | unclassified schema | 05-10-2023 | 2023-00472156 | |
| 31-12-2021 | micro format | 29-08-2022 | 2022-20357300 | |
| 31-12-2020 | micro format | 30-09-2021 | 2021-70500555 |