IMMODAAL
ActiveFinancials · financial year 2025, micro format
Annual accounts 2025 filed on 21-05-2026 PDF all 36 filings
Turnover
≈ €270,000
Estimated: probably between €180,000 and €460,000
Total assets
€292,680▲ 11.0%
2024 · €263,662
Net result
€45,648▼ 1.1%
2024 · €46,149
Working capital
€110,449▲ 70.7%
2024 · €64,707
Multi-year overview
2018 to 2025, 8 financial yearsOperating result
€68,101
▼ 1.2%
2025
20182025
Net result
€45,648
▼ 1.1%
2025
20182025
Equity
€253,583
▲ 22.0%
2025
20182025
Total assets
€292,680
▲ 11.0%
2025
20182025
Debt
€24,293
▼ 38.6%
2025
20182025
Working capital
€110,449
▲ 70.7%
2025
20182025
Every figure per financial year
Every figure with its change against the financial year before
favourable
unfavourable
Line20182019202020212022202320242025
Operating result€18,458-€22,606▲ 22.5%€34,250▲ 51.5%€47,797▲ 39.6%€56,036▲ 17.2%€56,482▲ 0.8%€68,919▲ 22.0%€68,101▼ 1.2%
Net result€16,088-€12,801▼ 20.4%€22,428▲ 75.2%€35,746▲ 59.4%€40,866▲ 14.3%€37,855▼ 7.4%€46,149▲ 21.9%€45,648▼ 1.1%
Equity€3,864-€24,892▲ 544%€47,320▲ 90.1%€83,066▲ 75.5%€123,931▲ 49.2%€161,786▲ 30.5%€207,934▲ 28.5%€253,583▲ 22.0%
Total assets€277,763-€252,125▼ 9.2%€228,944▼ 9.2%€215,123▼ 6.0%€205,430▼ 4.5%€235,375▲ 14.6%€263,662▲ 12.0%€292,680▲ 11.0%
Debt€240,963-€204,354▼ 15.2%€160,091▼ 21.7%€111,870▼ 30.1%€62,657▼ 44.0%€56,094▼ 10.5%€39,577▼ 29.4%€24,293▼ 38.6%
Working capital-€157,310--€131,257▲ 16.6%-€95,704▲ 27.1%-€60,327▲ 37.0%-€19,000▲ 68.5%€18,344€64,707▲ 253%€110,449▲ 70.7%
The operating result for 2025 is 1% lower than in 2024.
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 €292,680
Fixed assets
€165,849 ▼ 6.7%
Current assets
€126,832 ▲ 47.6%
Equity and liabilities €292,680
Equity
€253,583 ▲ 22.0%
Provisions
€14,804 ▼ 8.3%
Debt
€24,293 ▼ 38.6%
Debt's share of the balance-sheet total falls from 15.0% to 8.3%. Equity is higher and debt is lower.
Key figures and ratios
EBITDA
€79,981▼
2024 · €80,799
Cash flow
€57,528▼
2024 · €58,029
Current ratio
7.74▲
2024 · 4.05
Debt to equity
0.10▼
2024 · 0.19
ROE
18.0%▼
2024 · 22.2%
ROA
15.6%▼
2024 · 17.5%
Interest coverage
over 100
2024 · over 100
Debt ≤ 1 year
€16,383▼
2024 · €21,226
Debt > 1 year
€7,911▼
2024 · €18,352
Income taxes
€23,187▼
2024 · €23,420
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 |
|---|---|---|---|---|---|
| Mortgages, amount registered | €100,000 | €100,000 | - | - | - |
| Carrying value of the mortgaged assets | €202,200 | €190,320 | - | - | - |
Source: notes to the 2021 to 2025 annual accounts (statement of debts and off-balance-sheet rights and commitments)
Annual accounts
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €25,035 | €25,035 | €25,035 | €11,880 | €11,880 | €11,880 | €11,880 | €11,880 | = |
| Other operating charges640/8 | - | - | - | €7,378 | €7,360 | €8,062 | €8,383 | €8,644 | ▲ 3.1% |
| Gross operating margin9900 | €50,645 | €54,744 | €66,518 | €67,055 | €75,276 | €76,424 | €89,181 | €88,625 | ▼ 0.6% |
| Operating profit (loss)9901 | €18,458 | €22,606 | €34,250 | €47,797 | €56,036 | €56,482 | €68,919 | €68,101 | ▼ 1.2% |
| Financial charges65/66B | - | - | - | €991 | €845 | €730 | €695 | €611 | ▼ 12.1% |
| Recurring financial charges65 | €3,110 | €3,091 | €2,030 | €991 | €845 | €730 | €695 | €611 | ▼ 12.1% |
| Profit (loss) for the period before taxes9903 | €15,348 | €19,514 | €32,220 | €46,806 | €55,191 | €55,753 | €68,223 | €67,489 | ▼ 1.1% |
| Transfer from deferred taxes780 | - | - | - | €1,346 | €1,346 | €1,346 | €1,346 | €1,346 | = |
| Income taxes67/77 | €1,090 | €8,543 | €11,138 | €12,406 | €15,671 | €19,244 | €23,420 | €23,187 | ▼ 1.0% |
| Profit (loss) for the period9904 | €16,088 | €12,801 | €22,428 | €35,746 | €40,866 | €37,855 | €46,149 | €45,648 | ▼ 1.1% |
| Transfer from tax-exempt reserves789 | - | - | - | €4,038 | €4,038 | €4,038 | €4,038 | €4,038 | = |
| Profit (loss) for the period to be appropriated9905 | €19,641 | €16,355 | €26,465 | €39,783 | €44,903 | €41,892 | €50,186 | €49,686 | ▼ 1.0% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Assets | |||||||||
| Total assets20/58 | €277,763 | €252,125 | €228,944 | €215,123 | €205,430 | €235,375 | €263,662 | €292,680 | ▲ 11.0% |
| Fixed assets21/28 | €275,318 | €250,284 | €225,249 | €213,369 | €201,489 | €189,609 | €177,729 | €165,849 | ▼ 6.7% |
| Tangible fixed assets22/27 | €275,318 | €250,284 | €225,249 | €213,369 | €201,489 | €189,609 | €177,729 | €165,849 | ▼ 6.7% |
| Land and buildings22 | - | - | - | €213,369 | €201,489 | €189,609 | €177,729 | €165,849 | ▼ 6.7% |
| Current assets29/58 | €2,445 | €1,842 | €3,695 | €1,754 | €3,941 | €45,766 | €85,933 | €126,832 | ▲ 47.6% |
| Amounts receivable within one year40/41 | - | - | - | - | - | - | €1,598 | €25,532 | ▲ 16× |
| Trade receivables40 | - | - | - | - | - | - | - | €23,750 | - |
| Other amounts receivable41 | - | - | - | - | - | - | €1,598 | €1,782 | ▲ 11.5% |
| Cash at bank and in hand54/58 | €1,454 | €831 | €2,651 | €1,754 | €3,941 | €45,766 | €84,335 | €101,300 | ▲ 20.1% |
| Equity and liabilities | |||||||||
| Total equity and liabilities10/49 | €277,763 | €252,125 | €228,944 | €215,123 | €205,430 | €235,375 | €263,662 | €292,680 | ▲ 11.0% |
| Equity10/15 | €3,864 | €24,892 | €47,320 | €83,066 | €123,931 | €161,786 | €207,934 | €253,583 | ▲ 22.0% |
| Contributions10/11 | €61,516 | €61,516 | €61,516 | €61,516 | €61,516 | €61,516 | €61,516 | €61,516 | = |
| Capital10 | - | - | - | €61,516 | €61,516 | €61,516 | €61,516 | €61,516 | = |
| Issued capital100 | - | - | - | €61,516 | €61,516 | €61,516 | €61,516 | €61,516 | = |
| Reserves13 | €64,111 | €68,784 | €64,747 | €60,709 | €62,415 | €100,269 | €146,418 | €192,067 | ▲ 31.2% |
| Non-distributable reserves130/1 | - | - | - | €147 | €461 | €2,754 | €6,152 | €6,152 | = |
| Legal reserve130 | - | - | - | €147 | €461 | €2,754 | €6,152 | €6,152 | = |
| Tax-exempt reserves132 | - | - | - | €60,563 | €56,525 | €52,488 | €48,450 | €44,413 | ▼ 8.3% |
| Distributable reserves133 | - | - | - | - | €5,428 | €45,028 | €91,816 | €141,502 | ▲ 54.1% |
| Profit (loss) carried forward14 | -€121,763 | -€105,409 | -€78,944 | -€39,160 | - | - | - | - | - |
| Provisions and deferred taxes16 | €32,936 | €22,879 | €21,533 | €20,188 | €18,842 | €17,496 | €16,150 | €14,804 | ▼ 8.3% |
| Deferred taxes168 | - | - | - | €20,188 | €18,842 | €17,496 | €16,150 | €14,804 | ▼ 8.3% |
| Amounts payable17/49 | €240,963 | €204,354 | €160,091 | €111,870 | €62,657 | €56,094 | €39,577 | €24,293 | ▼ 38.6% |
| Amounts payable after more than one year17 | €79,311 | €69,585 | €59,745 | €49,789 | €39,717 | €28,672 | €18,352 | €7,911 | ▼ 56.9% |
| Financial debts170/4 | - | - | - | €49,789 | €39,717 | €28,672 | €18,352 | €7,911 | ▼ 56.9% |
| Amounts payable within one year42/48 | €159,755 | €133,098 | €99,399 | €62,081 | €22,941 | €27,422 | €21,226 | €16,383 | ▼ 22.8% |
| Current portion of amounts payable after more than one year42 | - | - | - | €9,956 | €10,072 | €11,045 | €11,170 | €11,290 | ▲ 1.1% |
| Trade debts44 | - | €839 | €543 | - | €43 | €0 | €1,117 | €0 | ▼ 100% |
| Suppliers440/4 | - | - | - | - | €43 | €0 | €1,117 | €0 | ▼ 100% |
| Taxes, remuneration and social security45 | - | - | - | €4,406 | €671 | €4,244 | €5,019 | €4,969 | ▼ 1.0% |
| Taxes450/3 | - | - | - | €4,406 | €671 | €4,244 | €5,019 | €4,969 | ▼ 1.0% |
| Other amounts payable47/48 | - | - | - | €47,720 | €12,154 | €12,133 | €3,920 | €124 | ▼ 96.8% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €16,088 | €12,801 | €22,428 | €35,746 | €40,866 | €37,855 | €46,149 | €45,648 | ▼ 1.1% |
| + Depreciation and write-downs630 | €25,035 | €25,035 | €25,035 | €11,880 | €11,880 | €11,880 | €11,880 | €11,880 | = |
| Operating cash flow (approximation) | €41,122 | €37,836 | €47,462 | €47,626 | €52,746 | €49,735 | €58,029 | €57,528 | ▼ 0.9% |
| Investment in fixed assets (approximation) | - | €0 | €0 | €0 | €0 | €0 | €0 | €0 | - |
| Change in cash | - | -€623 | €1,820 | -€897 | €2,187 | €41,825 | €38,568 | €16,965 | ▼ 56.0% |
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, 31,368 companies had the same profile as IMMODAAL has now. Two years later, 93.5% were still going and 0.5% had gone bankrupt.
- Micro
- 20 years or older
- solvency 30% or more
- a profit of 5% of the balance sheet or more
93.5%
was still going
5.9%
stopped otherwise
0.5%
went bankrupt
Another 0.1% stopped without a precise date, possibly only after those two years.
That fits the bankruptcy probability of IMMODAAL 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 31,368 companies, not a prediction for IMMODAAL. 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 36 filings with the National Bank
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-12-2025 | micro format | 21-05-2026 | 2026-00116231 | |
| 31-12-2024 | micro format | 21-05-2025 | 2025-00100081 | |
| 31-12-2023 | micro format | 21-05-2024 | 2024-00091030 | |
| 31-12-2022 | micro format | 24-05-2023 | 2023-00092828 | |
| 31-12-2021 | micro format | 30-05-2022 | 2022-20037116 | |
| 31-12-2020 | micro format | 19-07-2021 | 2021-37400012 | |
| 31-12-2019 | micro format | 29-05-2020 | 2020-13600357 | |
| 31-12-2018 | micro format | 28-06-2019 | 2019-25600498 | |
| 31-12-2017 | micro format | 05-07-2018 | 2018-28900525 | |
| 31-12-2016 | micro format | 02-06-2017 | 2017-14800083 |